DBX ETF Trust

Xtrackers High Beta High Yield Bond ETF

HYUP: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYUP	$21	0.20%

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

This annual shareholder report contains important information about the Xtrackers High Beta High Yield Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market.

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

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.

	Xtrackers High Beta High Yield Bond ETF - NAV	Solactive USD High Yield Corporates Total Market High Beta Index (the Underlying Index)	Bloomberg U.S. Universal Bond Index	Solactive USD High Yield Corporates Total Market Index
1/11/18	$10,000	$10,000	$10,000	$10,000
1/31/18	$10,000	$10,011	$9,939	$9,994
2/28/18	$9,905	$9,914	$9,845	$9,906
3/31/18	$9,808	$9,821	$9,895	$9,846
4/30/18	$9,908	$9,921	$9,829	$9,914
5/31/18	$9,934	$9,944	$9,882	$9,928
6/30/18	$10,000	$10,008	$9,868	$9,966
7/31/18	$10,134	$10,147	$9,889	$10,087
8/31/18	$10,206	$10,214	$9,937	$10,157
9/30/18	$10,275	$10,288	$9,895	$10,212
10/31/18	$10,045	$10,064	$9,812	$10,053
11/30/18	$9,932	$9,949	$9,856	$9,993
12/31/18	$9,621	$9,643	$10,010	$9,774
1/31/19	$10,158	$10,183	$10,148	$10,237
2/28/19	$10,373	$10,394	$10,159	$10,406
3/31/19	$10,467	$10,490	$10,343	$10,506
4/30/19	$10,646	$10,669	$10,357	$10,637
5/31/19	$10,433	$10,457	$10,516	$10,497
6/30/19	$10,744	$10,761	$10,665	$10,766
7/31/19	$10,800	$10,820	$10,696	$10,818
8/31/19	$10,805	$10,814	$10,939	$10,866
9/30/19	$10,820	$10,836	$10,891	$10,888
10/31/19	$10,855	$10,867	$10,926	$10,926
11/30/19	$10,858	$10,884	$10,924	$10,958
12/31/19	$11,190	$11,215	$10,940	$11,175
1/31/20	$11,125	$11,148	$11,137	$11,146
2/29/20	$10,877	$10,897	$11,304	$10,960
3/31/20	$9,552	$9,510	$11,083	$9,840
4/30/20	$9,785	$9,759	$11,305	$10,185
5/31/20	$10,307	$10,278	$11,410	$10,610
6/30/20	$10,363	$10,329	$11,506	$10,630
7/31/20	$10,906	$10,871	$11,708	$11,142
8/31/20	$11,063	$11,028	$11,640	$11,223
9/30/20	$10,929	$10,904	$11,619	$11,099
10/31/20	$10,933	$10,923	$11,578	$11,132
11/30/20	$11,521	$11,510	$11,729	$11,551
12/31/20	$11,824	$11,800	$11,769	$11,752
1/31/21	$11,856	$11,834	$11,695	$11,765
2/28/21	$11,902	$11,882	$11,544	$11,775
3/31/21	$11,973	$11,960	$11,410	$11,822
4/30/21	$12,108	$12,090	$11,506	$11,932
5/31/21	$12,129	$12,106	$11,550	$11,953
6/30/21	$12,283	$12,269	$11,634	$12,094
7/31/21	$12,292	$12,278	$11,751	$12,120
8/31/21	$12,358	$12,352	$11,743	$12,189
9/30/21	$12,371	$12,362	$11,643	$12,181
10/31/21	$12,313	$12,303	$11,633	$12,142
11/30/21	$12,140	$12,126	$11,647	$12,011
12/31/21	$12,449	$12,438	$11,639	$12,258
1/31/22	$12,059	$12,048	$11,384	$11,910
2/28/22	$11,948	$11,941	$11,229	$11,813
3/31/22	$11,859	$11,855	$10,928	$11,724
4/30/22	$11,331	$11,318	$10,520	$11,269
5/31/22	$11,322	$11,307	$10,578	$11,366
6/30/22	$10,394	$10,375	$10,367	$10,561
7/31/22	$11,131	$11,116	$10,627	$11,256
8/31/22	$10,805	$10,802	$10,351	$10,904
9/30/22	$10,315	$10,297	$9,905	$10,471
10/31/22	$10,715	$10,697	$9,796	$10,820
11/30/22	$10,882	$10,872	$10,162	$11,003
12/31/22	$10,768	$10,748	$10,127	$10,910
1/31/23	$11,274	$11,267	$10,441	$11,338
2/28/23	$11,130	$11,127	$10,185	$11,168
3/31/23	$11,151	$11,147	$10,424	$11,327
4/30/23	$11,257	$11,253	$10,487	$11,407
5/31/23	$11,118	$11,118	$10,379	$11,279
6/30/23	$11,424	$11,421	$10,362	$11,476
7/31/23	$11,622	$11,627	$10,373	$11,628
8/31/23	$11,681	$11,687	$10,310	$11,659
9/30/23	$11,558	$11,561	$10,064	$11,519
10/31/23	$11,319	$11,331	$9,913	$11,379
11/30/23	$11,879	$11,893	$10,359	$11,900
12/31/23	$12,426	$12,436	$10,752	$12,342
1/31/24	$12,379	$12,392	$10,727	$12,317
2/29/24	$12,467	$12,483	$10,598	$12,349
3/31/24	$12,612	$12,621	$10,702	$12,485
4/30/24	$12,470	$12,481	$10,452	$12,359
5/31/24	$12,608	$12,617	$10,625	$12,501
6/30/24	$12,712	$12,720	$10,722	$12,619
7/31/24	$13,041	$13,058	$10,966	$12,881
8/31/24	$13,266	$13,271	$11,127	$13,087
9/30/24	$13,570	$13,581	$11,294	$13,309
10/31/24	$13,511	$13,525	$11,037	$13,223
11/30/24	$13,704	$13,711	$11,154	$13,372
12/31/24	$13,648	$13,665	$10,985	$13,313
1/31/25	$13,866	$13,884	$11,051	$13,505
2/28/25	$13,956	$13,981	$11,280	$13,596
3/31/25	$13,710	$13,744	$11,277	$13,458
4/30/25	$13,662	$13,698	$11,317	$13,477
5/31/25	$13,955	$13,993	$11,260	$13,701
6/30/25	$14,258	$14,280	$11,435	$13,945
7/31/25	$14,322	$14,347	$11,419	$13,985
8/31/25	$14,520	$14,536	$11,556	$14,147

Yearly periods ended August 31

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

Average Annual Total Returns

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

Key Fund Statistics

Net Assets ($)	17,010,509
Number of Portfolio Holdings	650
Portfolio Turnover Rate (%)	66
Total Net Advisory Fees Paid ($)	23,733
Modified duration to worst	3.1 years

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

What did the Fund invest in?

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

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
BBB	2%
BB	49%
B	35%
CCC	13%

Sector Allocation

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

Geographical Diversification

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

Additional Information

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

Householding

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

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

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

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

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

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

HYUP-TSRA

R-102629-2 (10/25) DBX006858 (10/26)

Xtrackers Low Beta High Yield Bond ETF

HYDW: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYDW	$21	0.20%

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

This annual shareholder report contains important information about the Xtrackers Low Beta High Yield Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

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

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Low Beta High Yield Bond ETF - NAV	Solactive USD High Yield Corporates Total Market Low Beta Index (the Underlying Index)	Bloomberg U.S. Universal Bond Index	Solactive USD High Yield Corporates Total Market Index
1/11/18	$10,000	$10,000	$10,000	$10,000
1/31/18	$9,972	$9,980	$9,939	$9,994
2/28/18	$9,894	$9,899	$9,845	$9,906
3/31/18	$9,867	$9,877	$9,895	$9,846
4/30/18	$9,892	$9,905	$9,829	$9,914
5/31/18	$9,892	$9,906	$9,882	$9,928
6/30/18	$9,905	$9,913	$9,868	$9,966
7/31/18	$9,998	$10,011	$9,889	$10,087
8/31/18	$10,072	$10,083	$9,937	$10,157
9/30/18	$10,103	$10,115	$9,895	$10,212
10/31/18	$10,006	$10,027	$9,812	$10,053
11/30/18	$10,012	$10,029	$9,856	$9,993
12/31/18	$9,894	$9,912	$10,010	$9,774
1/31/19	$10,256	$10,278	$10,148	$10,237
2/28/19	$10,371	$10,394	$10,159	$10,406
3/31/19	$10,473	$10,497	$10,343	$10,506
4/30/19	$10,543	$10,569	$10,357	$10,637
5/31/19	$10,490	$10,513	$10,516	$10,497
6/30/19	$10,713	$10,737	$10,665	$10,766
7/31/19	$10,752	$10,779	$10,696	$10,818
8/31/19	$10,863	$10,882	$10,939	$10,866
9/30/19	$10,879	$10,901	$10,891	$10,888
10/31/19	$10,921	$10,944	$10,926	$10,926
11/30/19	$10,962	$10,988	$10,924	$10,958
12/31/19	$11,041	$11,073	$10,940	$11,175
1/31/20	$11,053	$11,082	$11,137	$11,146
2/29/20	$10,934	$10,959	$11,304	$10,960
3/31/20	$10,148	$10,121	$11,083	$9,840
4/30/20	$10,578	$10,564	$11,305	$10,185
5/31/20	$10,876	$10,853	$11,410	$10,610
6/30/20	$10,857	$10,838	$11,506	$10,630
7/31/20	$11,332	$11,316	$11,708	$11,142
8/31/20	$11,336	$11,324	$11,640	$11,223
9/30/20	$11,209	$11,195	$11,619	$11,099
10/31/20	$11,254	$11,240	$11,578	$11,132
11/30/20	$11,502	$11,494	$11,729	$11,551
12/31/20	$11,620	$11,609	$11,769	$11,752
1/31/21	$11,611	$11,601	$11,695	$11,765
2/28/21	$11,585	$11,574	$11,544	$11,775
3/31/21	$11,593	$11,590	$11,410	$11,822
4/30/21	$11,682	$11,677	$11,506	$11,932
5/31/21	$11,706	$11,699	$11,550	$11,953
6/30/21	$11,819	$11,815	$11,634	$12,094
7/31/21	$11,863	$11,857	$11,751	$12,120
8/31/21	$11,917	$11,920	$11,743	$12,189
9/30/21	$11,888	$11,891	$11,643	$12,181
10/31/21	$11,868	$11,870	$11,633	$12,142
11/30/21	$11,783	$11,783	$11,647	$12,011
12/31/21	$11,956	$11,957	$11,639	$12,258
1/31/22	$11,656	$11,658	$11,384	$11,910
2/28/22	$11,570	$11,570	$11,229	$11,813
3/31/22	$11,480	$11,482	$10,928	$11,724
4/30/22	$11,114	$11,114	$10,520	$11,269
5/31/22	$11,332	$11,332	$10,578	$11,366
6/30/22	$10,681	$10,676	$10,367	$10,561
7/31/22	$11,319	$11,312	$10,627	$11,256
8/31/22	$10,922	$10,922	$10,351	$10,904
9/30/22	$10,577	$10,568	$9,905	$10,471
10/31/22	$10,865	$10,861	$9,796	$10,820
11/30/22	$11,042	$11,045	$10,162	$11,003
12/31/22	$10,996	$10,986	$10,127	$10,910
1/31/23	$11,313	$11,314	$10,441	$11,338
2/28/23	$11,114	$11,117	$10,185	$11,168
3/31/23	$11,401	$11,406	$10,424	$11,327
4/30/23	$11,458	$11,462	$10,487	$11,407
5/31/23	$11,331	$11,341	$10,379	$11,279
6/30/23	$11,426	$11,435	$10,362	$11,476
7/31/23	$11,515	$11,529	$10,373	$11,628
8/31/23	$11,517	$11,531	$10,310	$11,659
9/30/23	$11,366	$11,375	$10,064	$11,519
10/31/23	$11,307	$11,322	$9,913	$11,379
11/30/23	$11,782	$11,803	$10,359	$11,900
12/31/23	$12,115	$12,134	$10,752	$12,342
1/31/24	$12,106	$12,131	$10,727	$12,317
2/29/24	$12,082	$12,107	$10,598	$12,349
3/31/24	$12,215	$12,240	$10,702	$12,485
4/30/24	$12,106	$12,133	$10,452	$12,359
5/31/24	$12,247	$12,276	$10,625	$12,501
6/30/24	$12,378	$12,407	$10,722	$12,619
7/31/24	$12,542	$12,577	$10,966	$12,881
8/31/24	$12,746	$12,773	$11,127	$13,087
9/30/24	$12,858	$12,893	$11,294	$13,309
10/31/24	$12,738	$12,775	$11,037	$13,222
11/30/24	$12,848	$12,881	$11,154	$13,372
12/31/24	$12,774	$12,809	$10,985	$13,313
1/31/25	$12,932	$12,970	$11,051	$13,505
2/28/25	$13,012	$13,052	$11,280	$13,596
3/31/25	$12,967	$13,015	$11,277	$13,458
4/30/25	$13,048	$13,096	$11,317	$13,477
5/31/25	$13,201	$13,252	$11,260	$13,706
6/30/25	$13,383	$13,438	$11,435	$13,945
7/31/25	$13,393	$13,450	$11,419	$13,985
8/31/25	$13,530	$13,584	$11,556	$14,147

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	146,674,445
Number of Portfolio Holdings	570
Portfolio Turnover Rate (%)	54
Total Net Advisory Fees Paid ($)	523,541
Modified duration to worst	2.8 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
BBB	10%
BB	80%
B	9%
CCC	0%

Sector Allocation

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

Geographical Diversification

Country	% of Net Assets
United States	85%
Canada	5%
Netherlands	2%
Other	4%

Additional Information

Householding

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing involves risk, including the possible loss of principal. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Performance of the Fund may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. See the prospectus for details.

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

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

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

HYDW-TSRA

R-102630-2 (10/25) DBX006859 (10/26)

Xtrackers Risk Managed USD High Yield Strategy ETF

HYRM: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYRM	$25	0.24%

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

This annual shareholder report contains important information about the Xtrackers Risk Managed USD High Yield Strategy ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions.

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Risk Managed USD High Yield Strategy ETF - NAV	Adaptive Wealth Strategies Risk Managed High Yield Index (the Underlying Index)	Bloomberg U.S. Universal Bond Index	Solactive USD High Yield Corporates Total Market Index
2/10/22	$10,000	$10,000	$10,000	$10,000
2/28/22	$9,949	$9,915	$10,044	$9,915
3/31/22	$9,830	$9,840	$9,774	$9,840
4/30/22	$9,409	$9,458	$9,410	$9,458
5/31/22	$9,589	$9,540	$9,462	$9,540
6/30/22	$8,898	$8,864	$9,272	$8,864
7/31/22	$9,483	$9,447	$9,506	$9,447
8/31/22	$9,087	$9,152	$9,258	$9,152
9/30/22	$8,761	$8,789	$8,860	$8,789
10/31/22	$9,057	$9,082	$8,762	$9,081
11/30/22	$9,343	$9,234	$9,089	$9,234
12/31/22	$9,178	$9,157	$9,058	$9,157
1/31/23	$9,521	$9,516	$9,339	$9,516
2/28/23	$9,347	$9,373	$9,110	$9,373
3/31/23	$9,550	$9,507	$9,323	$9,507
4/30/23	$9,558	$9,574	$9,380	$9,574
5/31/23	$9,436	$9,466	$9,283	$9,466
6/30/23	$9,624	$9,632	$9,269	$9,632
7/31/23	$9,723	$9,760	$9,278	$9,759
8/31/23	$9,747	$9,785	$9,222	$9,785
9/30/23	$9,601	$9,668	$9,002	$9,668
10/31/23	$9,503	$9,550	$8,867	$9,550
11/30/23	$9,941	$9,988	$9,266	$9,988
12/31/23	$10,269	$10,359	$9,617	$10,359
1/31/24	$10,273	$10,338	$9,594	$10,338
2/29/24	$10,305	$10,364	$9,479	$10,364
3/31/24	$10,415	$10,479	$9,572	$10,479
4/30/24	$10,281	$10,373	$9,349	$10,373
5/31/24	$10,437	$10,469	$9,504	$10,492
6/30/24	$10,498	$10,591	$9,591	$10,591
7/31/24	$10,741	$10,811	$9,808	$10,811
8/31/24	$10,908	$10,984	$9,953	$10,984
9/30/24	$11,098	$11,171	$10,008	$11,170
10/31/24	$10,984	$11,098	$9,781	$11,098
11/30/24	$11,163	$11,223	$9,884	$11,223
12/31/24	$11,079	$11,174	$9,735	$11,174
1/31/25	$11,230	$11,335	$9,794	$11,335
2/28/25	$11,332	$11,411	$9,996	$11,411
3/31/25	$11,207	$11,296	$9,994	$11,295
4/30/25	$10,963	$11,064	$10,029	$11,311
5/31/25	$11,150	$11,252	$9,978	$11,503
6/30/25	$11,351	$11,449	$10,133	$11,704
7/31/25	$11,360	$11,481	$10,119	$11,737
8/31/25	$11,491	$11,615	$10,241	$11,874

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	47,701,300
Number of Portfolio Holdings	4
Portfolio Turnover Rate (%)	100
Total Net Advisory Fees Paid ($)	109,776
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?

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

Holdings-based data is subject to change.

Credit Quality*

Credit Rating	% of Net Assets
BBB	6%
BB	63%
B	23%
CCC	7%

Sector Allocation*

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

Material Fund Changes

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

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

Additional Information

Householding

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the”Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/or any prospective investor in the Fund.

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

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

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

HYRM-TSRA

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

Xtrackers Short Duration High Yield Bond ETF

SHYL: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SHYL	$21	0.20%

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

This annual shareholder report contains important information about the Xtrackers Short Duration High Yield Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt.

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Short Duration High Yield Bond ETF - NAV	Solactive USD High Yield Corporates Total Market 0-5 Year Index (the Underlying Index)	Bloomberg U.S. Universal Bond Index	Solactive USD High Yield Corporates Total Market Index
1/10/18	$10,000	$10,000	$10,000	$10,000
1/31/18	$10,019	$10,025	$9,952	$9,965
2/28/18	$9,978	$9,986	$9,857	$9,876
3/31/18	$9,954	$9,957	$9,907	$9,817
4/30/18	$10,016	$10,028	$9,841	$9,884
5/31/18	$10,055	$10,065	$9,895	$9,898
6/30/18	$10,093	$10,098	$9,880	$9,936
7/31/18	$10,188	$10,198	$9,901	$10,057
8/31/18	$10,247	$10,249	$9,950	$10,126
9/30/18	$10,308	$10,311	$9,907	$10,181
10/31/18	$10,177	$10,192	$9,824	$10,023
11/30/18	$10,140	$10,147	$9,868	$9,963
12/31/18	$9,939	$9,948	$10,023	$9,745
1/31/19	$10,315	$10,320	$10,161	$10,206
2/28/19	$10,458	$10,463	$10,172	$10,374
3/31/19	$10,514	$10,519	$10,356	$10,475
4/30/19	$10,597	$10,601	$10,370	$10,606
5/31/19	$10,504	$10,503	$10,529	$10,465
6/30/19	$10,676	$10,680	$10,678	$10,734
7/31/19	$10,714	$10,719	$10,710	$10,786
8/31/19	$10,735	$10,734	$10,952	$10,833
9/30/19	$10,741	$10,747	$10,905	$10,856
10/31/19	$10,761	$10,770	$10,940	$10,894
11/30/19	$10,747	$10,772	$10,938	$10,925
12/31/19	$10,931	$10,966	$10,954	$11,141
1/31/20	$10,905	$10,940	$11,151	$11,113
2/29/20	$10,763	$10,804	$11,318	$10,927
3/31/20	$9,732	$9,700	$11,097	$9,810
4/30/20	$9,926	$9,970	$11,319	$10,154
5/31/20	$10,241	$10,278	$11,425	$10,578
6/30/20	$10,314	$10,352	$11,520	$10,598
7/31/20	$10,699	$10,734	$11,722	$11,109
8/31/20	$10,796	$10,832	$11,655	$11,190
9/30/20	$10,721	$10,759	$11,634	$11,065
10/31/20	$10,753	$10,789	$11,592	$11,099
11/30/20	$11,119	$11,160	$11,743	$11,516
12/31/20	$11,308	$11,345	$11,784	$11,717
1/31/21	$11,357	$11,393	$11,710	$11,730
2/28/21	$11,420	$11,457	$11,559	$11,775
3/31/21	$11,499	$11,546	$11,424	$11,787
4/30/21	$11,594	$11,641	$11,520	$11,896
5/31/21	$11,634	$11,679	$11,564	$11,917
6/30/21	$11,721	$11,775	$11,648	$12,057
7/31/21	$11,715	$11,769	$11,765	$12,084
8/31/21	$11,753	$11,823	$11,758	$12,153
9/30/21	$11,768	$11,839	$11,657	$12,144
10/31/21	$11,773	$11,846	$11,648	$12,106
11/30/21	$11,673	$11,744	$11,662	$11,975
12/31/21	$11,832	$11,911	$11,654	$12,221
1/31/22	$11,644	$11,721	$11,398	$11,874
2/28/22	$11,586	$11,658	$11,243	$11,778
3/31/22	$11,556	$11,630	$10,941	$11,689
4/30/22	$11,308	$11,375	$10,533	$11,235
5/31/22	$11,355	$11,422	$10,591	$11,332
6/30/22	$10,759	$10,815	$10,380	$10,530
7/31/22	$11,280	$11,348	$10,641	$11,222
8/31/22	$11,065	$11,143	$10,364	$10,871
9/30/22	$10,795	$10,861	$9,917	$10,440
10/31/22	$11,101	$11,166	$9,809	$10,788
11/30/22	$11,245	$11,309	$10,174	$10,970
12/31/22	$11,205	$11,261	$10,140	$10,877
1/31/23	$11,541	$11,609	$10,454	$11,304
2/28/23	$11,445	$11,506	$10,197	$11,134
3/31/23	$11,544	$11,601	$10,437	$11,293
4/30/23	$11,634	$11,689	$10,500	$11,373
5/31/23	$11,539	$11,602	$10,392	$11,245
6/30/23	$11,731	$11,791	$10,375	$11,442
7/31/23	$11,848	$11,914	$10,386	$11,593
8/31/23	$11,910	$11,975	$10,323	$11,624
9/30/23	$11,850	$11,909	$10,077	$11,485
10/31/23	$11,724	$11,787	$9,925	$11,345
11/30/23	$12,132	$12,200	$10,372	$11,864
12/31/23	$12,512	$12,579	$10,766	$12,305
1/31/24	$12,501	$12,572	$10,740	$12,281
2/29/24	$12,580	$12,654	$10,611	$12,312
3/31/24	$12,683	$12,753	$10,715	$12,448
4/30/24	$12,594	$12,667	$10,465	$12,322
5/31/24	$12,714	$12,790	$10,638	$12,464
6/30/24	$12,823	$12,899	$10,736	$12,581
7/31/24	$13,055	$13,138	$10,979	$12,842
8/31/24	$13,250	$13,324	$11,141	$13,048
9/30/24	$13,474	$13,557	$11,292	$13,309
10/31/24	$13,442	$13,527	$11,036	$13,223
11/30/24	$13,587	$13,665	$11,152	$13,372
12/31/24	$13,563	$13,640	$10,984	$13,313
1/31/25	$13,742	$13,822	$11,050	$13,505
2/28/25	$13,825	$13,912	$11,278	$13,596
3/31/25	$13,681	$13,775	$11,276	$13,458
4/30/25	$13,701	$13,794	$11,315	$13,477
5/31/25	$13,918	$14,014	$11,258	$13,701
6/30/25	$14,134	$14,216	$11,433	$13,945
7/31/25	$14,183	$14,267	$11,417	$13,985
8/31/25	$14,342	$14,422	$11,554	$14,147

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	224,464,085
Number of Portfolio Holdings	793
Portfolio Turnover Rate (%)	48
Total Net Advisory Fees Paid ($)	293,239
Modified duration to worst	2.3 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
BBB	5%
BB	63%
B	21%
CCC	10%

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

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

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

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

SHYL-TSRA

R-102632-2 (10/25) DBX006861 (10/26)

Xtrackers USD High Yield BB-B ex Financials ETF

BHYB: Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BHYB	$21	0.20%

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

This annual shareholder report contains important information about the Xtrackers USD High Yield BB-B ex Financials ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers USD High Yield BB-B ex Financials ETF - NAV	ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the Underlying Index)	Bloomberg U.S. Universal Bond Index
10/27/23	$10,000	$10,000	$10,000
10/31/23	$10,047	$10,052	$9,975
11/30/23	$10,507	$10,515	$10,424
12/31/23	$10,856	$10,862	$10,820
1/31/24	$10,867	$10,876	$10,794
2/29/24	$10,864	$10,877	$10,665
3/31/24	$10,991	$11,002	$10,769
4/30/24	$10,883	$10,897	$10,518
5/31/24	$11,001	$11,012	$10,692
6/30/24	$11,108	$11,119	$10,790
7/31/24	$11,287	$11,302	$11,035
8/31/24	$11,462	$11,474	$11,197
9/30/24	$11,582	$11,600	$11,353
10/31/24	$11,495	$11,513	$11,095
11/30/24	$11,614	$11,631	$11,212
12/31/24	$11,552	$11,569	$11,043
1/31/25	$11,709	$11,723	$11,109
2/28/25	$11,781	$11,802	$11,339
3/31/25	$11,676	$11,700	$11,336
4/30/25	$11,686	$11,711	$11,376
5/31/25	$11,878	$11,898	$11,318
6/30/25	$12,095	$12,122	$11,495
7/31/25	$12,127	$12,155	$11,478
8/31/25	$12,279	$12,302	$11,616

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	1,138,324,192
Number of Portfolio Holdings	1,460
Portfolio Turnover Rate (%)	37
Total Net Advisory Fees Paid ($)	1,604,517
Modified duration to worst	3.1 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
BBB	6%
BB	70%
B	24%

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

ICE Data Indices, LLC, is used with permission. “ICE^®” is a trade mark of ICE Data Indices, LLC or its affiliates and BofA^® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (“Index”) for use by DBX Advisors LLC ("Advisor") in connection with Xtrackers USD High Yield BB-B ex Financials ETF (the “Product”). Neither Advisor, DBX ETF Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.

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

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

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

BHYB-TSRA

R-102633-2 (10/25) DBX006862 (10/26)

Xtrackers USD High Yield Corporate Bond ETF

HYLB: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYLB	$5	0.05%

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

This annual shareholder report contains important information about the Xtrackers USD High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

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

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers USD High Yield Corporate Bond ETF - NAV	Solactive USD High Yield Corporates Total Market Index (the Underlying Index)	Bloomberg U.S. Universal Bond Index	iBoxx USD Liquid High Yield Index
12/7/16	$10,000	$10,000	$10,000	$10,000
12/31/16	$10,121	$10,132	$10,005	$10,086
1/31/17	$10,216	$10,243	$10,040	$10,195
2/28/17	$10,371	$10,396	$10,118	$10,348
3/31/17	$10,347	$10,374	$10,103	$10,320
4/30/17	$10,451	$10,474	$10,198	$10,422
5/31/17	$10,541	$10,568	$10,277	$10,523
6/30/17	$10,550	$10,578	$10,281	$10,534
7/31/17	$10,656	$10,693	$10,319	$10,647
8/31/17	$10,644	$10,684	$10,408	$10,630
9/30/17	$10,726	$10,762	$10,371	$10,713
10/31/17	$10,751	$10,795	$10,384	$10,745
11/30/17	$10,705	$10,753	$10,368	$10,703
12/31/17	$10,725	$10,771	$10,414	$10,723
1/31/18	$10,770	$10,823	$10,314	$10,771
2/28/18	$10,672	$10,727	$10,216	$10,671
3/31/18	$10,608	$10,663	$10,268	$10,612
4/30/18	$10,678	$10,736	$10,199	$10,694
5/31/18	$10,691	$10,751	$10,255	$10,713
6/30/18	$10,736	$10,792	$10,240	$10,759
7/31/18	$10,861	$10,923	$10,261	$10,888
8/31/18	$10,942	$10,999	$10,312	$10,969
9/30/18	$11,000	$11,059	$10,268	$11,028
10/31/18	$10,821	$10,887	$10,182	$10,850
11/30/18	$10,759	$10,822	$10,228	$10,797
12/31/18	$10,520	$10,584	$10,388	$10,564
1/31/19	$11,013	$11,086	$10,531	$11,069
2/28/19	$11,193	$11,268	$10,542	$11,248
3/31/19	$11,301	$11,377	$10,733	$11,356
4/30/19	$11,440	$11,519	$10,748	$11,502
5/31/19	$11,294	$11,367	$10,912	$11,343
6/30/19	$11,583	$11,658	$11,067	$11,631
7/31/19	$11,635	$11,715	$11,100	$11,698
8/31/19	$11,692	$11,767	$11,351	$11,750
9/30/19	$11,710	$11,791	$11,302	$11,785
10/31/19	$11,748	$11,832	$11,338	$11,831
11/30/19	$11,770	$11,866	$11,336	$11,880
12/31/19	$11,999	$12,101	$11,353	$12,112
1/31/20	$11,969	$12,070	$11,556	$12,071
2/29/20	$11,767	$11,868	$11,729	$11,872
3/31/20	$10,616	$10,656	$11,500	$10,659
4/30/20	$10,966	$11,029	$11,731	$11,038
5/31/20	$11,400	$11,489	$11,840	$11,502
6/30/20	$11,407	$11,511	$11,939	$11,485
7/31/20	$11,952	$12,066	$12,149	$12,035
8/31/20	$12,028	$12,154	$12,079	$12,126
9/30/20	$11,891	$12,019	$12,057	$11,974
10/31/20	$11,925	$12,055	$12,014	$12,015
11/30/20	$12,366	$12,508	$12,171	$12,467
12/31/20	$12,584	$12,726	$12,213	$12,677
1/31/21	$12,595	$12,740	$12,136	$12,706
2/28/21	$12,605	$12,752	$11,979	$12,713
3/31/21	$12,645	$12,802	$11,840	$12,763
4/30/21	$12,765	$12,921	$11,939	$12,889
5/31/21	$12,788	$12,944	$11,985	$12,917
6/30/21	$12,932	$13,096	$12,072	$13,062
7/31/21	$12,963	$13,125	$12,194	$13,087
8/31/21	$13,027	$13,200	$12,185	$13,170
9/30/21	$13,018	$13,190	$12,081	$13,148
10/31/21	$12,979	$13,149	$12,072	$13,111
11/30/21	$12,841	$13,007	$12,086	$12,969
12/31/21	$13,102	$13,274	$12,078	$13,244
1/31/22	$12,729	$12,897	$11,813	$12,865
2/28/22	$12,624	$12,792	$11,652	$12,777
3/31/22	$12,525	$12,696	$11,340	$12,664
4/30/22	$12,041	$12,203	$10,917	$12,167
5/31/22	$12,143	$12,308	$10,977	$12,285
6/30/22	$11,286	$11,437	$10,757	$11,412
7/31/22	$12,023	$12,189	$11,028	$12,194
8/31/22	$11,636	$11,808	$10,741	$11,772
9/30/22	$11,184	$11,340	$10,278	$11,333
10/31/22	$11,552	$11,717	$10,166	$11,689
11/30/22	$11,739	$11,915	$10,545	$11,950
12/31/22	$11,649	$11,814	$10,509	$11,824
1/31/23	$12,090	$12,278	$10,835	$12,292
2/28/23	$11,903	$12,094	$10,569	$12,092
3/31/23	$12,071	$12,266	$10,816	$12,253
4/30/23	$12,154	$12,353	$10,883	$12,352
5/31/23	$12,011	$12,214	$10,770	$12,196
6/30/23	$12,223	$12,428	$10,753	$12,403
7/31/23	$12,376	$12,592	$10,764	$12,575
8/31/23	$12,410	$12,626	$10,699	$12,602
9/30/23	$12,261	$12,474	$10,444	$12,450
10/31/23	$12,105	$12,322	$10,287	$12,286
11/30/23	$12,656	$12,887	$10,750	$12,856
12/31/23	$13,132	$13,366	$11,157	$13,350
1/31/24	$13,099	$13,339	$11,131	$13,317
2/29/24	$13,132	$13,373	$10,997	$13,349
3/31/24	$13,282	$13,521	$11,105	$13,503
4/30/24	$13,146	$13,384	$10,846	$13,360
5/31/24	$13,299	$13,538	$11,026	$13,521
6/30/24	$13,428	$13,665	$11,126	$13,654
7/31/24	$13,699	$13,948	$11,379	$13,936
8/31/24	$13,931	$14,172	$11,546	$14,154
9/30/24	$14,161	$14,413	$11,738	$14,447
10/31/24	$14,068	$14,319	$11,471	$14,366
11/30/24	$14,238	$14,481	$11,592	$14,535
12/31/24	$14,170	$14,417	$11,417	$14,469
1/31/25	$14,373	$14,625	$11,486	$14,677
2/28/25	$14,469	$14,723	$11,723	$14,774
3/31/25	$14,315	$14,574	$11,721	$14,635
4/30/25	$14,337	$14,594	$11,762	$14,648
5/31/25	$14,580	$14,842	$11,702	$14,898
6/30/25	$14,845	$15,101	$11,885	$15,174
7/31/25	$14,886	$15,144	$11,868	$15,236
8/31/25	$15,069	$15,320	$12,010	$15,416

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	3,939,732,648
Number of Portfolio Holdings	1,222
Portfolio Turnover Rate (%)	29
Total Net Advisory Fees Paid ($)	1,767,646
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?

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
BBB	6%
BB	64%
B	22%
CCC	7%

Sector Allocation

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

Geographical Diversification

Country	% of Net Assets
United States	82%
Canada	5%
United Kingdom	2%
Luxembourg	2%
Other	6%

Additional Information

Householding

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

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

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

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

HYLB-TSRA

R-102634-2 (10/25) DBX006863 (10/26)

Xtrackers S&P 500 Diversified Sector Weight ETF

SPXD: Nasdaq Stock Market

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SPXD	$1^{Footnote Reference(a)}	0.09%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period July 24, 2025 (commencement of operations) through August 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote^(b)	Annualized.

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

This annual shareholder report contains important information about the Xtrackers S&P 500 Diversified Sector Weight ETF (the "Fund") for the period July 24, 2025 (commencement of operations) to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500^® Diversified Sector Weight Index (the Underlying Index). The Underlying Index is designed to track the performance of the constituent securities of the S&P 500^® Index reweighted to mitigate concentration risk and address sector imbalances. The S&P 500^® Diversified Sector Weight Index’s reweighting approach is intended to provide a return more representative of all the business opportunities inherent to the S&P 500^®, rather than a return tied principally to the business opportunities represented by the S&P 500’s^® largest constituent companies.

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers S&P 500 Diversified Sector Weight ETF - NAV	S&P 500^® Diversified Sector Weight Index (the Underlying Index)	S&P 500^® Index
7/24/25	$10,000	$10,000	$10,000
7/25	$9,784	$9,786	$9,971
8/25	$10,088	$10,091	$10,173

Fund/Index	Since Inception 7/24/25
Xtrackers S&P 500 Diversified Sector Weight ETF - NAV	0.88%
S&P 500^® Diversified Sector Weight Index	0.91%
S&P 500^® Index	1.73%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	6,053,031
Number of Portfolio Holdings	500
Portfolio Turnover Rate (%)	1
Total Net Advisory Fees Paid ($)	477

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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.

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

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

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

SPXD-TSRA

R-107252-1 (10/25) DBX006876 (10/26)

Xtrackers S&P 500 Growth Scored & Screened ETF

SNPG: Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPG	$16	0.15%

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

This annual shareholder report contains important information about the Xtrackers S&P 500 Growth Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500^® Growth Scored & Screened Index (the Underlying Index). The Underlying Index is a market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500^® Growth Index.

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

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

Fund Performance

S&P 500^® 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.

The S&P 500^® Index is a required broad-based index that represents the fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers S&P 500 Growth Scored & Screened ETF - NAV	S&P 500^® Growth Scored & Screened Index (the Underlying Index)	S&P 500^® Index
11/9/22	$10,000	$10,000	$10,000
11/30/22	$10,838	$10,840	$10,676
12/31/22	$9,962	$9,963	$10,061
1/31/23	$10,853	$10,856	$10,693
2/28/23	$10,616	$10,620	$10,432
3/31/23	$11,477	$11,486	$10,815
4/30/23	$11,694	$11,704	$10,984
5/31/23	$12,037	$12,050	$11,031
6/30/23	$12,766	$12,782	$11,760
7/31/23	$13,233	$13,251	$12,138
8/31/23	$13,221	$13,241	$11,945
9/30/23	$12,635	$12,655	$11,375
10/31/23	$12,322	$12,342	$11,136
11/30/23	$13,327	$13,352	$12,153
12/31/23	$13,787	$13,815	$12,705
1/31/24	$14,182	$14,213	$12,919
2/29/24	$15,206	$15,241	$13,609
3/31/24	$15,595	$15,635	$14,047
4/30/24	$15,144	$15,184	$13,473
5/31/24	$16,096	$16,141	$14,141
6/30/24	$17,044	$17,094	$14,648
7/31/24	$16,848	$16,901	$14,827
8/31/24	$17,349	$17,406	$15,186
9/30/24	$17,872	$17,934	$15,511
10/31/24	$17,617	$17,681	$15,370
11/30/24	$18,627	$18,696	$16,272
12/31/24	$18,481	$18,551	$15,884
1/31/25	$19,017	$19,093	$16,327
2/28/25	$18,615	$18,691	$16,114
3/31/25	$17,126	$17,198	$15,206
4/30/25	$17,229	$17,304	$15,103
5/31/25	$18,480	$18,564	$16,053
6/30/25	$19,500	$19,591	$16,870
7/31/25	$20,105	$20,201	$17,248
8/31/25	$20,411	$20,509	$17,598

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	17,493,937
Number of Portfolio Holdings	128
Portfolio Turnover Rate (%)	50
Total Net Advisory Fees Paid ($)	23,567

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

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

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

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

SNPG-TSRA

R-102665-2 (10/25) DBX006872 (10/26)

Xtrackers S&P 500 Scored & Screened ETF

SNPE: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPE	$11	0.10%

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

This annual shareholder report contains important information about the Xtrackers S&P 500 Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500^® Scored & Screened Index (the Underlying Index). The Underlying Index is a market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500^® Index.

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

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

Fund Performance

S&P 500^® 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.

The S&P 500^® Index is a required broad-based index that represents the Fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers S&P 500 Scored & Screened ETF - NAV	S&P 500^® Scored & Screened Index (the Underlying Index)	S&P 500^® Index
6/26/19	$10,000	$10,000	$10,000
8/31/19	$10,119	$10,122	$10,068
2/29/20	$10,401	$10,409	$10,262
8/31/20	$12,724	$12,744	$12,277
2/28/21	$13,728	$13,756	$13,473
8/31/21	$16,560	$16,601	$16,103
2/28/22	$16,493	$16,542	$15,681
8/31/22	$14,972	$15,024	$14,295
2/28/23	$15,163	$15,223	$14,475
8/31/23	$17,666	$17,746	$16,575
2/29/24	$19,969	$20,071	$18,883
8/31/24	$22,398	$22,532	$21,072
2/28/25	$23,330	$23,482	$22,359
8/31/25	$25,434	$25,613	$24,418

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	2,061,864,282
Number of Portfolio Holdings	322
Portfolio Turnover Rate (%)	11
Total Net Advisory Fees Paid ($)	1,677,638

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

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

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

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

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

SNPE-TSRA

R-102664-2 (10/25) DBX006871 (10/26)

Xtrackers S&P 500 Value Scored & Screened ETF

SNPV: Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPV	$16	0.15%

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

This annual shareholder report contains important information about the Xtrackers S&P 500 Value Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500^® Value Scored & Screened Index (the Underlying Index). The Underlying Index is a market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500^® Value Index.

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

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

Fund Performance

S&P 500^® Value Scored & Screened Index is a market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500^® value index.

The S&P 500^® Index is a required broad-based index that represents the Fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers S&P 500 Value Scored & Screened ETF - NAV	S&P 500^® Value Scored & Screened Index (the Underlying Index)	S&P 500^® Index
11/9/22	$10,000	$10,000	$10,000
11/30/22	$10,521	$10,523	$10,676
12/31/22	$10,105	$10,108	$10,061
1/31/23	$10,642	$10,646	$10,693
2/28/23	$10,288	$10,294	$10,432
3/31/23	$10,231	$10,238	$10,815
4/30/23	$10,302	$10,309	$10,984
5/31/23	$10,068	$10,076	$11,031
6/30/23	$10,746	$10,758	$11,760
7/31/23	$11,106	$11,120	$12,138
8/31/23	$10,790	$10,805	$11,945
9/30/23	$10,261	$10,275	$11,375
10/31/23	$10,119	$10,135	$11,136
11/30/23	$11,114	$11,134	$12,153
12/31/23	$11,720	$11,743	$12,705
1/31/24	$11,716	$11,740	$12,919
2/29/24	$12,096	$12,123	$13,609
3/31/24	$12,699	$12,730	$14,047
4/30/24	$12,081	$12,113	$13,473
5/31/24	$12,406	$12,442	$14,141
6/30/24	$12,321	$12,358	$14,648
7/31/24	$12,893	$12,933	$14,827
8/31/24	$13,212	$13,257	$15,186
9/30/24	$13,412	$13,459	$15,511
10/31/24	$13,236	$13,284	$15,370
11/30/24	$14,052	$14,107	$16,272
12/31/24	$13,135	$13,187	$15,884
1/31/25	$13,799	$13,857	$16,327
2/28/25	$13,917	$13,978	$16,114
3/31/25	$13,523	$13,583	$15,206
4/30/25	$12,879	$12,935	$15,103
5/31/25	$13,260	$13,320	$16,053
6/30/25	$13,862	$13,927	$16,870
7/31/25	$13,958	$14,025	$17,248
8/31/25	$14,492	$14,564	$17,598

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	7,202,873
Number of Portfolio Holdings	257
Portfolio Turnover Rate (%)	50
Total Net Advisory Fees Paid ($)	10,997

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

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

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

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

SNPV-TSRA

R-102666-2 (10/25) DBX006873 (10/26)

Xtrackers S&P Dividend Aristocrats Screened ETF

SNPD: Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPD	$15	0.15%

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

This annual shareholder report contains important information about the Xtrackers S&P Dividend Aristocrats Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P High Yield Dividend Aristocrats Screened^® Index (the Underlying Index). The Underlying 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.

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

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

Fund Performance

S&P High Yield Dividend Aristocrats Screened^® 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.

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

The S&P Composite 1500^® Index is a required broad-based index that represents the Fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers S&P Dividend Aristocrats Screened ETF - NAV	S&P High Yield Dividend Aristocrats Screened^® Index (the Underlying Index)	S&P Composite 1500^® Index
11/9/22	$10,000	$10,000	$10,000
11/30/22	$10,554	$10,556	$10,668
12/31/22	$10,204	$10,206	$10,052
1/31/23	$10,428	$10,432	$10,709
2/28/23	$10,093	$10,098	$10,456
3/31/23	$10,060	$10,063	$10,772
4/30/23	$10,192	$10,196	$10,914
5/31/23	$9,556	$9,560	$10,934
6/30/23	$10,219	$10,225	$11,676
7/31/23	$10,582	$10,591	$12,064
8/31/23	$10,201	$10,210	$11,855
9/30/23	$9,650	$9,659	$11,283
10/31/23	$9,300	$9,309	$11,015
11/30/23	$9,857	$9,869	$12,014
12/31/23	$10,457	$10,473	$12,612
1/31/24	$10,414	$10,430	$12,781
2/29/24	$10,640	$10,659	$13,461
3/31/24	$11,154	$11,176	$13,912
4/30/24	$10,745	$10,769	$13,324
5/31/24	$10,908	$10,934	$13,980
6/30/24	$10,718	$10,744	$14,422
7/31/24	$11,295	$11,325	$14,666
8/31/24	$11,644	$11,677	$14,987
9/30/24	$11,825	$11,858	$15,294
10/31/24	$11,384	$11,416	$15,150
11/30/24	$11,884	$11,920	$16,083
12/31/24	$11,048	$11,080	$15,633
1/31/25	$11,252	$11,286	$16,078
2/28/25	$11,502	$11,541	$15,824
3/31/25	$11,288	$11,328	$14,932
4/30/25	$10,835	$10,873	$14,805
5/31/25	$11,138	$11,178	$15,726
6/30/25	$11,289	$11,328	$16,510
7/31/25	$11,329	$11,368	$16,870
8/31/25	$11,722	$11,765	$17,243

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	6,268,114
Number of Portfolio Holdings	100
Portfolio Turnover Rate (%)	31
Total Net Advisory Fees Paid ($)	8,299

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

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

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

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

SNPD-TSRA

R-102667-2 (10/25) DBX006874 (10/26)

Xtrackers S&P MidCap 400 Scored & Screened ETF

MIDE: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
MIDE	$16	0.15%

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

This annual shareholder report contains important information about the Xtrackers S&P MidCap 400 Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400^® Scored & Screened Index (the Underlying Index). The Underlying Index is a market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400^® Index.

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

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

Fund Performance

S&P MidCap 400^® 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.

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

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers S&P MidCap 400 Scored & Screened ETF - NAV	S&P MidCap 400^® Scored & Screened Index (the Underlying Index)	S&P Composite 1500^® Index	S&P MidCap 400^® Index
2/24/21	$10,000	$10,000	$10,000	$10,000
2/21	$9,864	$9,864	$9,708	$9,867
8/21	$10,992	$11,001	$10,295	$10,949
2/22	$10,754	$10,769	$9,734	$10,654
8/22	$9,932	$9,954	$9,597	$9,813
2/23	$10,852	$10,889	$9,763	$10,587
8/23	$10,944	$10,988	$9,827	$10,864
2/24	$11,839	$11,897	$10,532	$11,969
8/24	$12,771	$12,846	$10,218	$13,501
2/25	$12,828	$12,913	$15,949	$12,297
8/25	$13,698	$13,805	$17,380	$13,787

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	4,842,096
Number of Portfolio Holdings	278
Portfolio Turnover Rate (%)	28
Total Net Advisory Fees Paid ($)	9,635

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

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

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

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

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

MIDE-TSRA

R-102669-2 (10/25) DBX006875 (10/26)

Xtrackers FTSE Developed ex US Multifactor ETF

DEEF: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DEEF	$26	0.24%

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

This annual shareholder report contains important information about the Xtrackers FTSE Developed ex US Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers FTSE Developed ex US Multifactor ETF - NAV	FTSE Developed ex US Comprehensive Factor Index (the Underlying Index)	FTSE Developed ex US Net Tax (US RIC) Index
11/24/15	$10,000	$10,000	$10,000
11/30/15	$9,992	$9,987	$9,987
12/31/15	$9,912	$9,940	$9,823
1/31/16	$9,360	$9,403	$9,144
2/29/16	$9,340	$9,370	$9,003
3/31/16	$10,017	$10,075	$9,651
4/30/16	$10,214	$10,270	$9,943
5/31/16	$10,150	$10,232	$9,831
6/30/16	$9,882	$9,979	$9,554
7/31/16	$10,390	$10,488	$10,033
8/31/16	$10,321	$10,398	$10,059
9/30/16	$10,480	$10,594	$10,186
10/31/16	$10,099	$10,218	$9,983
11/30/16	$9,814	$9,934	$9,812
12/31/16	$10,042	$10,165	$10,126
1/31/17	$10,342	$10,471	$10,443
2/28/17	$10,525	$10,669	$10,586
3/31/17	$10,725	$10,876	$10,866
4/30/17	$11,047	$11,204	$11,108
5/31/17	$11,429	$11,595	$11,507
6/30/17	$11,471	$11,636	$11,523
7/31/17	$11,792	$11,964	$11,866
8/31/17	$11,887	$12,061	$11,854
9/30/17	$12,136	$12,309	$12,161
10/31/17	$12,413	$12,603	$12,379
11/30/17	$12,560	$12,762	$12,515
12/31/17	$12,811	$13,010	$12,752
1/31/18	$13,318	$13,546	$13,337
2/28/18	$12,797	$13,026	$12,701
3/31/18	$12,616	$12,855	$12,494
4/30/18	$12,842	$13,094	$12,806
5/31/18	$12,746	$13,003	$12,550
6/30/18	$12,488	$12,742	$12,374
7/31/18	$12,652	$12,913	$12,651
8/31/18	$12,519	$12,780	$12,437
9/30/18	$12,561	$12,828	$12,535
10/31/18	$11,530	$11,777	$11,491
11/30/18	$11,530	$11,781	$11,502
12/31/18	$11,068	$11,307	$10,924
1/31/19	$11,891	$12,152	$11,713
2/28/19	$12,061	$12,328	$11,983
3/31/19	$12,138	$12,414	$12,030
4/30/19	$12,230	$12,508	$12,357
5/31/19	$11,787	$12,057	$11,749
6/30/19	$12,323	$12,605	$12,453
7/31/19	$12,192	$12,479	$12,285
8/31/19	$11,953	$12,239	$11,972
9/30/19	$12,242	$12,540	$12,338
10/31/19	$12,647	$12,957	$12,757
11/30/19	$12,760	$13,077	$12,899
12/31/19	$13,128	$13,457	$13,357
1/31/20	$12,945	$13,274	$13,068
2/29/20	$11,769	$12,066	$11,916
3/31/20	$10,032	$10,287	$10,268
4/30/20	$10,836	$11,116	$11,000
5/31/20	$11,409	$11,709	$11,488
6/30/20	$11,648	$11,950	$11,896
7/31/20	$12,089	$12,404	$12,228
8/31/20	$12,847	$13,185	$12,864
9/30/20	$12,648	$12,989	$12,553
10/31/20	$12,221	$12,551	$12,083
11/30/20	$13,595	$13,964	$13,953
12/31/20	$14,228	$14,616	$14,685
1/31/21	$14,131	$14,521	$14,557
2/28/21	$14,142	$14,533	$14,901
3/31/21	$14,686	$15,105	$15,277
4/30/21	$15,095	$15,531	$15,755
5/31/21	$15,543	$15,999	$16,329
6/30/21	$15,419	$15,873	$16,138
7/31/21	$15,582	$16,056	$16,186
8/31/21	$15,762	$16,243	$16,431
9/30/21	$15,264	$15,742	$15,939
10/31/21	$15,462	$15,947	$16,341
11/30/21	$14,767	$15,231	$15,571
12/31/21	$15,549	$16,048	$16,373
1/31/22	$14,729	$15,203	$15,602
2/28/22	$14,629	$15,109	$15,379
3/31/22	$14,718	$15,210	$15,538
4/30/22	$13,930	$14,405	$14,536
5/31/22	$13,860	$14,330	$14,654
6/30/22	$12,631	$13,062	$13,235
7/31/22	$13,191	$13,644	$13,891
8/31/22	$12,649	$13,089	$13,270
9/30/22	$11,280	$11,677	$11,975
10/31/22	$11,639	$12,050	$12,629
11/30/22	$12,795	$13,245	$14,005
12/31/22	$12,889	$13,349	$13,941
1/31/23	$13,714	$14,203	$15,083
2/28/23	$13,385	$13,869	$14,690
3/31/23	$13,692	$14,198	$15,018
4/30/23	$13,994	$14,509	$15,423
5/31/23	$13,434	$13,934	$14,841
6/30/23	$13,994	$14,514	$15,505
7/31/23	$14,527	$15,069	$16,039
8/31/23	$14,114	$14,649	$15,411
9/30/23	$13,703	$14,236	$14,888
10/31/23	$13,103	$13,614	$14,247
11/30/23	$14,297	$14,857	$15,627
12/31/23	$15,093	$15,688	$16,496
1/31/24	$15,041	$15,636	$16,471
2/29/24	$15,173	$15,775	$16,792
3/31/24	$15,626	$16,256	$17,364
4/30/24	$15,268	$15,892	$16,902
5/31/24	$15,689	$16,332	$17,485
6/30/24	$15,363	$15,998	$17,250
7/31/24	$16,119	$16,794	$17,808
8/31/24	$16,606	$17,302	$18,335
9/30/24	$16,956	$17,673	$18,534
10/31/24	$15,948	$16,634	$17,565
11/30/24	$16,091	$16,792	$17,565
12/31/24	$15,579	$16,266	$17,074
1/31/25	$16,123	$16,836	$17,914
2/28/25	$16,323	$17,046	$18,185
3/31/25	$16,486	$17,226	$18,105
4/30/25	$17,504	$18,297	$18,940
5/31/25	$18,175	$19,001	$19,854
6/30/25	$18,758	$19,619	$20,422
7/31/25	$18,635	$19,502	$20,261
8/31/25	$19,388	$20,292	$21,101

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	52,243,980
Number of Portfolio Holdings	1,188
Portfolio Turnover Rate (%)	47
Total Net Advisory Fees Paid ($)	123,159

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Because the Fund seeks to provide exposure to stocks based on the following multifactors – value, momentum, quality, low volatility and size – it is expected exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Fund’s prospectus. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

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

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

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

DEEF-TSRA

R-102612-2 (10/25) DBX006854 (10/26)

Xtrackers MSCI Kokusai Equity ETF

KOKU: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KOKU	$10	0.09%

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

This annual shareholder report contains important information about the Xtrackers MSCI Kokusai Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the Underlying Index). The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The Underlying Index is also known as the MSCI World ex Japan Index.

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI Kokusai Equity ETF - NAV	MSCI Kokusai Index (the Underlying Index)	MSCI World Index
4/8/20	$10,000	$10,000	$10,000
8/31/20	$13,166	$13,148	$13,043
2/28/21	$14,672	$14,634	$14,572
8/31/21	$17,231	$17,160	$16,925
2/28/22	$16,482	$16,395	$16,138
8/31/22	$14,723	$14,620	$14,374
2/28/23	$15,348	$15,215	$14,955
8/31/23	$17,082	$16,904	$16,616
2/29/24	$19,215	$18,992	$18,687
8/31/24	$21,364	$21,086	$20,677
2/28/25	$22,459	$22,144	$21,607
8/31/25	$24,809	$24,428	$23,918

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	667,303,684
Number of Portfolio Holdings	1,147
Portfolio Turnover Rate (%)	2
Total Net Advisory Fees Paid ($)	563,583

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

Sector	% of Net Assets
Information Technology	27%
Financials	17%
Industrials	11%
Consumer Discretionary	10%
Health Care	9%
Communication Services	8%
Consumer Staples	6%
Energy	4%
Materials	3%
Utilities	3%
Real Estate	2%

Geographical Diversification

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

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

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

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

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

KOKU-TSRA

R-102626-2 (10/25) DBX006855 (10/26)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

QARP: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
QARP	$20	0.19%

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

This annual shareholder report contains important information about the Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000^® 2Qual/Val 5% Capped Factor Index (the Underlying Index). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000^® Index, which is comprised of large-cap equity securities from issuers in the United States.

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

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

Fund Performance

Russell 1000^® 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Russell 1000^® 2Qual/Val 5% Capped Factor Index are derived from its starting universe, the Russell 1000^® Index.

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

The Russell 1000^® Index is a required broad-based index that represents the Fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Russell 1000 US QARP ETF - NAV	Russell 1000^® 2Qual/Val 5% Capped Factor Index (the Underlying Index)	Russell 1000^® Index
4/5/18	$10,000	$10,000	$10,000
4/30/18	$9,948	$9,950	$10,023
5/31/18	$10,184	$10,188	$10,279
6/30/18	$10,253	$10,259	$10,346
7/31/18	$10,620	$10,628	$10,703
8/31/18	$10,953	$10,965	$11,072
9/30/18	$11,023	$11,036	$11,114
10/31/18	$10,326	$10,339	$10,327
11/30/18	$10,481	$10,497	$10,537
12/31/18	$9,525	$9,539	$9,578
1/31/19	$10,273	$10,290	$10,380
2/28/19	$10,630	$10,650	$10,732
3/31/19	$10,776	$10,797	$10,919
4/30/19	$11,086	$11,109	$11,359
5/31/19	$10,312	$10,334	$10,636
6/30/19	$11,057	$11,083	$11,382
7/31/19	$11,294	$11,322	$11,559
8/31/19	$11,063	$11,097	$11,347
9/30/19	$11,296	$11,352	$11,544
10/31/19	$11,618	$11,674	$11,789
11/30/19	$12,085	$12,147	$12,234
12/31/19	$12,441	$12,506	$12,587
1/31/20	$12,209	$12,275	$12,601
2/29/20	$11,200	$11,261	$11,571
3/31/20	$9,680	$9,732	$10,042
4/30/20	$10,986	$11,047	$11,369
5/31/20	$11,655	$11,722	$11,969
6/30/20	$11,829	$11,899	$12,234
7/31/20	$12,252	$12,325	$12,950
8/31/20	$13,134	$13,216	$13,901
9/30/20	$12,626	$12,706	$13,393
10/31/20	$12,236	$12,314	$13,070
11/30/20	$13,746	$13,835	$14,609
12/31/20	$14,271	$14,365	$15,226
1/31/21	$14,135	$14,229	$15,101
2/28/21	$14,822	$14,926	$15,538
3/31/21	$15,663	$15,780	$16,126
4/30/21	$16,337	$16,462	$16,995
5/31/21	$16,547	$16,676	$17,075
6/30/21	$16,930	$17,064	$17,503
7/31/21	$17,310	$17,450	$17,867
8/31/21	$17,766	$17,914	$18,384
9/30/21	$16,863	$17,004	$17,539
10/31/21	$17,888	$18,040	$18,756
11/30/21	$17,806	$17,961	$18,505
12/31/21	$18,779	$18,946	$19,254
1/31/22	$17,859	$18,021	$18,169
2/28/22	$17,341	$17,502	$17,670
3/31/22	$17,989	$18,158	$18,266
4/30/22	$16,709	$16,874	$16,638
5/31/22	$16,676	$16,840	$16,613
6/30/22	$15,349	$15,504	$15,222
7/31/22	$16,630	$16,800	$16,639
8/31/22	$16,020	$16,184	$16,000
9/30/22	$14,601	$14,752	$14,520
10/31/22	$15,897	$16,064	$15,684
11/30/22	$16,962	$17,145	$16,533
12/31/22	$16,056	$16,231	$15,572
1/31/23	$16,984	$17,173	$16,616
2/28/23	$16,454	$16,639	$16,220
3/31/23	$17,192	$17,388	$16,733
4/30/23	$17,510	$17,712	$16,941
5/31/23	$17,313	$17,515	$17,020
6/30/23	$18,420	$18,640	$18,169
7/31/23	$19,083	$19,316	$18,794
8/31/23	$18,845	$19,078	$18,465
9/30/23	$18,231	$18,461	$17,597
10/31/23	$17,659	$17,884	$17,172
11/30/23	$18,862	$19,106	$18,776
12/31/23	$19,703	$19,962	$19,703
1/31/24	$19,897	$20,163	$19,977
2/29/24	$20,847	$21,129	$21,056
3/31/24	$21,597	$21,894	$21,731
4/30/24	$20,569	$20,854	$20,806
5/31/24	$21,393	$21,693	$21,786
6/30/24	$21,840	$22,149	$22,507
7/31/24	$22,372	$22,695	$22,835
8/31/24	$22,888	$23,222	$23,376
9/30/24	$23,283	$23,628	$23,876
10/31/24	$22,933	$23,276	$23,709
11/30/24	$24,339	$24,707	$25,235
12/31/24	$23,329	$23,683	$24,532
1/31/25	$24,364	$24,739	$25,313
2/28/25	$24,205	$24,583	$24,870
3/31/25	$23,203	$23,566	$23,431
4/30/25	$22,632	$22,981	$23,291
5/31/25	$23,432	$23,794	$24,778
6/30/25	$24,111	$24,486	$26,033
7/31/25	$24,376	$24,759	$26,611
8/31/25	$25,239	$25,643	$27,172

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	70,073,698
Number of Portfolio Holdings	352
Portfolio Turnover Rate (%)	19
Total Net Advisory Fees Paid ($)	122,611

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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

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

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

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

QARP-TSRA

R-102627-2 (10/25) DBX006856 (10/26)

Xtrackers Russell US Multifactor ETF

DEUS: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DEUS	$18	0.17%

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

This annual shareholder report contains important information about the Xtrackers Russell US Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000^® Comprehensive Factor Index (the Underlying Index). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000^® Index, which is comprised of large-cap equity securities from issuers in the United States.

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

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

Fund Performance

Russell 1000^® 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.

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

The Russell 1000^® Index is a required broad-based index that represents the Fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Russell US Multifactor ETF - NAV	Russell 1000^® Comprehensive Factor Index (the Underlying Index)	Russell 1000^® Index
11/24/15	$10,000	$10,000	$10,000
11/30/15	$10,004	$10,003	$9,983
12/31/15	$9,856	$9,862	$9,803
1/31/16	$9,448	$9,452	$9,275
2/29/16	$9,608	$9,613	$9,272
3/31/16	$10,273	$10,282	$9,918
4/30/16	$10,257	$10,269	$9,972
5/31/16	$10,438	$10,452	$10,147
6/30/16	$10,563	$10,579	$10,170
7/31/16	$10,878	$10,897	$10,557
8/31/16	$10,806	$10,826	$10,571
9/30/16	$10,734	$10,755	$10,579
10/31/16	$10,498	$10,525	$10,373
11/30/16	$10,953	$10,982	$10,782
12/31/16	$11,118	$11,151	$10,985
1/31/17	$11,344	$11,380	$11,205
2/28/17	$11,759	$11,801	$11,639
3/31/17	$11,756	$11,800	$11,647
4/30/17	$11,899	$11,945	$11,770
5/31/17	$11,983	$12,032	$11,920
6/30/17	$12,057	$12,109	$12,003
7/31/17	$12,223	$12,276	$12,241
8/31/17	$12,185	$12,240	$12,279
9/30/17	$12,526	$12,585	$12,541
10/31/17	$12,812	$12,874	$12,828
11/30/17	$13,307	$13,375	$13,219
12/31/17	$13,334	$13,405	$13,367
1/31/18	$13,871	$13,946	$14,101
2/28/18	$13,320	$13,393	$13,583
3/31/18	$13,274	$13,352	$13,275
4/30/18	$13,189	$13,267	$13,320
5/31/18	$13,413	$13,491	$13,660
6/30/18	$13,444	$13,525	$13,748
7/31/18	$13,883	$13,968	$14,223
8/31/18	$14,250	$14,340	$14,713
9/30/18	$14,162	$14,252	$14,768
10/31/18	$13,137	$13,222	$13,723
11/30/18	$13,445	$13,534	$14,003
12/31/18	$12,166	$12,241	$12,727
1/31/19	$13,185	$13,270	$13,794
2/28/19	$13,707	$13,798	$14,261
3/31/19	$13,831	$13,925	$14,509
4/30/19	$14,316	$14,415	$15,095
5/31/19	$13,553	$13,648	$14,133
6/30/19	$14,469	$14,573	$15,126
7/31/19	$14,657	$14,763	$15,360
8/31/19	$14,471	$14,578	$15,079
9/30/19	$14,794	$14,907	$15,340
10/31/19	$14,944	$15,060	$15,666
11/30/19	$15,384	$15,506	$16,258
12/31/19	$15,658	$15,782	$16,727
1/31/20	$15,464	$15,589	$16,745
2/29/20	$14,038	$14,149	$15,377
3/31/20	$11,454	$11,534	$13,345
4/30/20	$12,942	$13,034	$15,108
5/31/20	$13,810	$13,910	$15,905
6/30/20	$13,918	$14,019	$16,257
7/31/20	$14,733	$14,846	$17,209
8/31/20	$15,185	$15,299	$18,472
9/30/20	$14,830	$14,944	$17,797
10/31/20	$14,759	$14,875	$17,368
11/30/20	$16,339	$16,463	$19,413
12/31/20	$16,983	$17,114	$20,234
1/31/21	$16,828	$16,962	$20,067
2/28/21	$17,392	$17,531	$20,649
3/31/21	$18,451	$18,607	$21,430
4/30/21	$19,299	$19,466	$22,584
5/31/21	$19,541	$19,713	$22,691
6/30/21	$19,542	$19,716	$23,259
7/31/21	$19,891	$20,069	$23,742
8/31/21	$20,474	$20,659	$24,430
9/30/21	$19,518	$19,699	$23,307
10/31/21	$20,671	$20,865	$24,925
11/30/21	$20,263	$20,453	$24,590
12/31/21	$21,495	$21,702	$25,586
1/31/22	$20,159	$20,353	$24,144
2/28/22	$19,860	$20,055	$23,481
3/31/22	$20,373	$20,572	$24,274
4/30/22	$19,140	$19,335	$22,110
5/31/22	$19,417	$19,617	$22,076
6/30/22	$17,877	$18,063	$20,227
7/31/22	$19,242	$19,443	$22,111
8/31/22	$18,673	$18,873	$21,262
9/30/22	$17,074	$17,259	$19,295
10/31/22	$18,810	$19,018	$20,843
11/30/22	$20,040	$20,266	$21,970
12/31/22	$19,112	$19,333	$20,693
1/31/23	$20,209	$20,443	$22,080
2/28/23	$19,695	$19,926	$21,554
3/31/23	$19,646	$19,878	$22,236
4/30/23	$19,664	$19,899	$22,512
5/31/23	$18,895	$19,116	$22,617
6/30/23	$20,501	$20,747	$24,144
7/31/23	$21,017	$21,271	$24,974
8/31/23	$20,562	$20,812	$24,538
9/30/23	$19,739	$19,982	$23,384
10/31/23	$19,044	$19,279	$22,819
11/30/23	$20,660	$20,915	$24,950
12/31/23	$21,932	$22,209	$26,182
1/31/24	$21,968	$22,244	$26,547
2/29/24	$23,063	$23,356	$27,981
3/31/24	$24,071	$24,382	$28,878
4/30/24	$22,705	$22,998	$27,649
5/31/24	$23,378	$23,679	$28,951
6/30/24	$23,334	$23,634	$29,909
7/31/24	$24,486	$24,814	$30,344
8/31/24	$25,040	$25,379	$31,064
9/30/24	$25,476	$25,825	$31,728
10/31/24	$25,132	$25,477	$31,506
11/30/24	$26,980	$27,353	$33,535
12/31/24	$25,088	$25,431	$32,600
1/31/25	$25,964	$26,323	$33,637
2/28/25	$25,717	$26,081	$33,049
3/31/25	$25,122	$25,486	$31,136
4/30/25	$24,841	$25,201	$30,951
5/31/25	$25,785	$26,160	$32,927
6/30/25	$26,438	$26,822	$34,594
7/31/25	$26,544	$26,929	$35,363
8/31/25	$27,262	$27,663	$36,107

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	185,388,961
Number of Portfolio Holdings	860
Portfolio Turnover Rate (%)	35
Total Net Advisory Fees Paid ($)	288,828

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Because the Fund seeks to provide exposure to stocks based on the following multifactors – value, momentum, quality, low volatility and size – it is expected exposure to such investment factors will detract from performance in some market environments, as more fully explained in the fund’s prospectus. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

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

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

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

DEUS-TSRA

R-102628-2 (10/25) DBX006857 (10/26)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

EMCR: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMCR	$17	0.15%

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

This annual shareholder report contains important information about the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF - NAV	Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the Underlying Index)	MSCI Emerging Markets Index
12/6/18	$10,000	$10,000	$10,000
12/31/18	$9,478	$9,481	$9,546
1/31/19	$10,176	$10,179	$10,383
2/28/19	$10,363	$10,366	$10,406
3/31/19	$10,414	$10,413	$10,494
4/30/19	$10,708	$10,713	$10,715
5/31/19	$10,156	$10,164	$9,937
6/30/19	$10,754	$10,763	$10,557
7/31/19	$10,629	$10,640	$10,428
8/31/19	$10,344	$10,356	$9,920
9/30/19	$10,623	$10,633	$10,109
10/31/19	$11,039	$11,052	$10,535
11/30/19	$11,154	$11,172	$10,521
12/31/19	$11,614	$11,634	$11,306
1/31/20	$11,341	$11,368	$10,779
2/29/20	$10,494	$10,516	$10,210
3/31/20	$9,073	$9,087	$8,638
4/30/20	$9,779	$9,794	$9,429
5/31/20	$10,126	$10,142	$9,501
6/30/20	$10,636	$10,650	$10,200
7/31/20	$11,198	$11,215	$11,111
8/31/20	$11,663	$11,685	$11,357
9/30/20	$11,433	$11,450	$10,883
10/31/20	$11,214	$11,229	$10,649
11/30/20	$12,588	$12,602	$12,081
12/31/20	$13,166	$13,180	$12,734
1/31/21	$13,326	$13,344	$12,762
2/28/21	$13,457	$13,478	$13,015
3/31/21	$13,624	$13,646	$13,179
4/30/21	$13,996	$14,015	$13,567
5/31/21	$14,337	$14,359	$13,977
6/30/21	$14,326	$14,360	$13,901
7/31/21	$14,085	$14,123	$13,672
8/31/21	$14,794	$14,878	$13,755
9/30/21	$14,125	$14,223	$13,209
10/31/21	$14,280	$14,377	$13,339
11/30/21	$13,776	$13,871	$12,795
12/31/21	$14,000	$14,104	$13,035
1/31/22	$13,922	$14,022	$12,789
2/28/22	$13,479	$13,617	$12,406
3/31/22	$13,305	$13,400	$12,126
4/30/22	$12,527	$12,620	$11,452
5/31/22	$12,549	$12,647	$11,502
6/30/22	$11,713	$11,803	$10,738
7/31/22	$11,661	$11,750	$10,711
8/31/22	$11,709	$11,806	$10,756
9/30/22	$10,331	$10,417	$9,495
10/31/22	$9,987	$10,070	$9,200
11/30/22	$11,489	$11,590	$10,565
12/31/22	$11,313	$11,416	$10,416
1/31/23	$12,258	$12,369	$11,239
2/28/23	$11,487	$11,594	$10,510
3/31/23	$11,830	$11,941	$10,829
4/30/23	$11,640	$11,750	$10,706
5/31/23	$11,554	$11,669	$10,526
6/30/23	$12,000	$12,122	$10,926
7/31/23	$12,687	$12,822	$11,606
8/31/23	$11,946	$12,074	$10,891
9/30/23	$11,605	$11,734	$10,606
10/31/23	$11,163	$11,284	$10,194
11/30/23	$12,124	$12,270	$11,010
12/31/23	$12,526	$12,704	$11,440
1/31/24	$11,978	$12,158	$10,909
2/29/24	$12,537	$12,738	$11,428
3/31/24	$12,816	$13,022	$11,679
4/30/24	$12,851	$13,059	$11,764
5/31/24	$12,935	$13,143	$11,830
6/30/24	$13,463	$13,719	$12,297
7/31/24	$13,529	$13,804	$12,333
8/31/24	$13,724	$14,059	$12,532
9/30/24	$14,818	$15,205	$13,369
10/31/24	$14,274	$14,601	$12,775
11/30/24	$13,849	$14,130	$12,316
12/31/24	$13,825	$14,114	$12,299
1/31/25	$13,887	$14,299	$12,518
2/28/25	$14,222	$14,483	$12,579
3/31/25	$14,167	$14,431	$12,659
4/30/25	$14,309	$14,592	$12,825
5/31/25	$14,927	$15,238	$13,372
6/30/25	$15,806	$16,149	$14,176
7/31/25	$16,163	$16,506	$14,453
8/31/25	$16,528	$16,878	$14,638

Yearly periods ended August 31

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

Average Annual Total Returns

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

Key Fund Statistics

Net Assets ($)	40,510,298
Number of Portfolio Holdings	1,347
Portfolio Turnover Rate (%)	17
Total Net Advisory Fees Paid ($)	79,409

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

Investing involves risk, including possible loss of principal. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The Underlying Index's methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. Please read the applicable prospectus for more information.

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

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

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

EMCR-TSRA

R-102635-2 (10/25) DBX006864 (10/26)

Xtrackers MSCI EAFE Selection Equity ETF

EASG: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EASG	$14	0.14%

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

This annual shareholder report contains important information about the Xtrackers MSCI EAFE Selection Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Selection Index (the Underlying Index). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States.

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI EAFE Selection Equity ETF - NAV	MSCI EAFE Selection Index (the Underlying Index)	MSCI EAFE Index
9/6/18	$10,000	$10,000	$10,000
9/30/18	$10,245	$10,245	$10,287
10/31/18	$9,399	$9,396	$9,468
11/30/18	$9,461	$9,461	$9,457
12/31/18	$8,988	$8,984	$8,998
1/31/19	$9,532	$9,533	$9,589
2/28/19	$9,773	$9,776	$9,833
3/31/19	$9,817	$9,820	$9,895
4/30/19	$10,120	$10,113	$10,173
5/31/19	$9,691	$9,681	$9,685
6/30/19	$10,274	$10,265	$10,259
7/31/19	$10,121	$10,115	$10,129
8/31/19	$9,911	$9,905	$9,867
9/30/19	$10,256	$10,249	$10,149
10/31/19	$10,687	$10,681	$10,514
11/30/19	$10,797	$10,792	$10,633
12/31/19	$11,134	$11,130	$10,978
1/31/20	$10,964	$10,960	$10,749
2/29/20	$10,016	$10,014	$9,777
3/31/20	$8,799	$8,792	$8,472
4/30/20	$9,363	$9,355	$9,020
5/31/20	$9,802	$9,796	$9,412
6/30/20	$10,152	$10,146	$9,733
7/31/20	$10,413	$10,406	$9,960
8/31/20	$10,911	$10,903	$10,472
9/30/20	$10,687	$10,677	$10,200
10/31/20	$10,190	$10,183	$9,792
11/30/20	$11,774	$11,767	$11,310
12/31/20	$12,298	$12,293	$11,836
1/31/21	$12,174	$12,170	$11,710
2/28/21	$12,322	$12,316	$11,973
3/31/21	$12,620	$12,608	$12,248
4/30/21	$12,931	$12,917	$12,617
5/31/21	$13,371	$13,356	$13,069
6/30/21	$13,200	$13,195	$12,881
7/31/21	$13,331	$13,326	$12,978
8/31/21	$13,672	$13,669	$13,207
9/30/21	$13,262	$13,252	$12,824
10/31/21	$13,619	$13,610	$13,139
11/30/21	$12,987	$12,978	$12,528
12/31/21	$13,689	$13,681	$13,169
1/31/22	$12,913	$12,907	$12,533
2/28/22	$12,567	$12,566	$12,311
3/31/22	$12,654	$12,648	$12,391
4/30/22	$11,856	$11,846	$11,589
5/31/22	$11,849	$11,831	$11,676
6/30/22	$10,797	$10,781	$10,592
7/31/22	$11,372	$11,356	$11,120
8/31/22	$10,743	$10,731	$10,592
9/30/22	$9,683	$9,668	$9,601
10/31/22	$10,210	$10,194	$10,118
11/30/22	$11,376	$11,358	$11,257
12/31/22	$11,371	$11,356	$11,266
1/31/23	$12,332	$12,316	$12,178
2/28/23	$12,078	$12,063	$11,924
3/31/23	$12,409	$12,388	$12,220
4/30/23	$12,824	$12,803	$12,565
5/31/23	$12,310	$12,285	$12,033
6/30/23	$12,813	$12,784	$12,581
7/31/23	$13,184	$13,155	$12,988
8/31/23	$12,657	$12,629	$12,490
9/30/23	$12,183	$12,156	$12,064
10/31/23	$11,713	$11,686	$11,575
11/30/23	$12,814	$12,787	$12,649
12/31/23	$13,521	$13,494	$13,321
1/31/24	$13,642	$13,614	$13,398
2/29/24	$13,839	$13,812	$13,643
3/31/24	$14,219	$14,187	$14,076
4/30/24	$13,952	$13,917	$13,731
5/31/24	$14,527	$14,493	$14,262
6/30/24	$14,439	$14,407	$14,032
7/31/24	$14,752	$14,719	$14,444
8/31/24	$15,230	$15,199	$14,914
9/30/24	$15,310	$15,278	$15,051
10/31/24	$14,300	$14,272	$14,233
11/30/24	$14,235	$14,210	$14,152
12/31/24	$13,821	$13,797	$13,830
1/31/25	$14,425	$14,400	$14,557
2/28/25	$14,582	$14,557	$14,839
3/31/25	$14,395	$14,363	$14,779
4/30/25	$15,019	$14,982	$15,456
5/31/25	$15,642	$15,603	$16,164
6/30/25	$15,989	$15,952	$16,520
7/31/25	$15,695	$15,662	$16,288
8/31/25	$16,291	$16,260	$16,982

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	61,124,411
Number of Portfolio Holdings	359
Portfolio Turnover Rate (%)	11
Total Net Advisory Fees Paid ($)	76,351

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Material Fund Changes

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

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

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

EASG-TSRA

R-102658-2 (10/25) DBX006865 (10/26)

Xtrackers MSCI Emerging Markets Climate Selection ETF

EMCS: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMCS	$16	0.15%

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

This annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Climate Selection ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

MSCI Global Climate 500 Emerging Markets Selection Index is comprised of large and mid-capitalization companies in emerging markets that meet certain environmental, social and governance (“ESG”) criteria as defined by the index provider.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI Emerging Markets Climate Selection ETF - NAV	MSCI Global Climate 500 Emerging Markets Selection Index (the Underlying Index)	MSCI Emerging Markets Index	MSCI Emerging Markets ESG Leaders Index
12/6/18	$10,000	$10,000	$10,000	$10,000
12/31/18	$9,543	$9,542	$9,546	$9,551
1/31/19	$10,391	$10,390	$10,383	$10,399
2/28/19	$10,386	$10,384	$10,406	$10,393
3/31/19	$10,487	$10,494	$10,494	$10,503
4/30/19	$10,756	$10,768	$10,715	$10,778
5/31/19	$9,945	$9,969	$9,937	$9,978
6/30/19	$10,501	$10,533	$10,557	$10,543
7/31/19	$10,452	$10,491	$10,428	$10,500
8/31/19	$9,983	$10,018	$9,920	$10,027
9/30/19	$10,070	$10,107	$10,109	$10,116
10/31/19	$10,522	$10,565	$10,535	$10,575
11/30/19	$10,608	$10,660	$10,521	$10,669
12/31/19	$11,367	$11,427	$11,306	$11,438
1/31/20	$10,827	$10,893	$10,779	$10,903
2/29/20	$10,343	$10,395	$10,210	$10,404
3/31/20	$8,797	$8,839	$8,638	$8,847
4/30/20	$9,664	$9,712	$9,429	$9,721
5/31/20	$9,726	$9,770	$9,501	$9,779
6/30/20	$10,546	$10,598	$10,200	$10,607
7/31/20	$11,695	$11,759	$11,111	$11,769
8/31/20	$12,009	$12,076	$11,357	$12,087
9/30/20	$11,851	$11,918	$11,174	$11,929
10/31/20	$12,296	$12,372	$11,405	$12,383
11/30/20	$12,999	$13,078	$12,459	$13,090
12/31/20	$13,629	$13,723	$13,375	$13,735
1/31/21	$14,457	$14,551	$13,785	$14,563
2/28/21	$14,386	$14,490	$13,891	$14,503
3/31/21	$14,195	$14,295	$13,681	$14,308
4/30/21	$14,586	$14,688	$14,022	$14,701
5/31/21	$14,576	$14,683	$14,183	$14,696
6/30/21	$14,889	$15,009	$14,372	$15,023
7/31/21	$13,847	$13,956	$13,404	$13,968
8/31/21	$14,230	$14,340	$13,755	$14,352
9/30/21	$13,586	$13,709	$13,209	$13,721
10/31/21	$13,827	$13,948	$13,339	$13,961
11/30/21	$13,152	$13,262	$12,795	$13,274
12/31/21	$13,321	$13,440	$13,035	$13,452
1/31/22	$13,180	$13,292	$12,789	$13,304
2/28/22	$12,508	$12,704	$12,406	$12,715
3/31/22	$12,353	$12,472	$12,126	$12,483
4/30/22	$11,523	$11,638	$11,452	$11,649
5/31/22	$11,558	$11,659	$11,502	$11,669
6/30/22	$10,764	$10,853	$10,738	$10,862
7/31/22	$10,607	$10,706	$10,711	$10,716
8/31/22	$10,595	$10,714	$10,756	$10,723
9/30/22	$9,263	$9,356	$9,495	$9,365
10/31/22	$8,871	$8,967	$9,200	$8,975
11/30/22	$10,359	$10,482	$10,565	$10,492
12/31/22	$10,260	$10,376	$10,416	$10,385
1/31/23	$11,198	$11,313	$11,239	$11,323
2/28/23	$10,413	$10,522	$10,510	$10,532
3/31/23	$10,777	$10,891	$10,829	$10,900
4/30/23	$10,481	$10,591	$10,706	$10,601
5/31/23	$10,273	$10,398	$10,526	$10,407
6/30/23	$10,652	$10,785	$10,926	$10,795
7/31/23	$11,283	$11,429	$11,606	$11,439
8/31/23	$10,539	$10,682	$10,891	$10,692
9/30/23	$10,194	$10,335	$10,606	$10,345
10/31/23	$9,814	$9,948	$10,194	$9,957
11/30/23	$10,530	$10,686	$11,010	$10,695
12/31/23	$10,838	$11,015	$11,440	$11,025
1/31/24	$10,374	$10,549	$10,909	$10,559
2/29/24	$10,804	$10,995	$11,428	$11,005
3/31/24	$11,043	$11,239	$11,679	$11,249
4/30/24	$11,140	$11,346	$11,764	$11,356
5/31/24	$11,257	$11,473	$11,830	$11,483
6/30/24	$11,752	$11,995	$12,297	$12,005
7/31/24	$11,767	$12,016	$12,333	$12,027
8/31/24	$12,093	$12,376	$12,532	$12,387
9/30/24	$13,076	$13,400	$14,453	$13,594
10/31/24	$12,516	$12,784	$14,176	$12,969
11/30/24	$11,967	$12,277	$13,372	$12,547
12/31/24	$12,032	$12,328	$12,825	$12,648
1/31/25	$12,158	$12,642	$12,659	$12,919
2/28/25	$12,679	$12,994	$12,579	$13,139
3/31/25	$12,679	$12,992	$12,518	$13,059
4/30/25	$12,703	$13,038	$12,299	$13,270
5/31/25	$13,278	$13,640	$12,316	$13,899
6/30/25	$14,121	$14,521	$12,775	$14,756
7/31/25	$14,325	$14,716	$13,369	$15,145
8/31/25	$14,366	$14,726	$14,638	$15,311

Yearly periods ended August 31

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

Average Annual Total Returns

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

Key Fund Statistics

Net Assets ($)	480,740,720
Number of Portfolio Holdings	64
Portfolio Turnover Rate (%)	171
Total Net Advisory Fees Paid ($)	441,437

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Material Fund Changes

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

Effective November 5, 2024:

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

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

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

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

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

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The Underlying Index's methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of a fund may diverge from that of an underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the applicable prospectus for more information.

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

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

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

EMCS-TSRA

R-102659-2 (10/25) DBX006866 (10/26)

Xtrackers MSCI USA Climate Action Equity ETF

USCA: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
USCA	$8	0.07%

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

This annual shareholder report contains important information about the Xtrackers MSCI USA Climate Action Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the Underlying Index) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition.

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

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

Fund Performance

MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI USA Climate Action Equity ETF - NAV	MSCI USA Climate Action Index (the Underlying Index)	MSCI USA Index
4/4/23	$10,000	$10,000	$10,000
4/30/23	$10,109	$10,109	$10,095
5/31/23	$10,319	$10,320	$10,161
6/30/23	$10,983	$10,985	$10,838
7/31/23	$11,409	$11,412	$11,211
8/31/23	$11,256	$11,260	$11,022
9/30/23	$10,737	$10,741	$10,505
10/31/23	$10,452	$10,456	$10,264
11/30/23	$11,437	$11,437	$11,231
12/31/23	$11,949	$11,950	$11,761
1/31/24	$12,202	$12,204	$11,944
2/29/24	$12,919	$12,922	$12,585
3/31/24	$13,308	$13,312	$12,985
4/30/24	$12,793	$12,798	$12,449
5/31/24	$13,392	$13,398	$13,044
6/30/24	$13,919	$13,926	$13,510
7/31/24	$14,048	$14,056	$13,680
8/31/24	$14,391	$14,400	$14,009
9/30/24	$14,736	$14,747	$14,311
10/31/24	$14,663	$14,674	$14,205
11/30/24	$15,572	$15,584	$15,094
12/31/24	$15,178	$15,192	$14,710
1/31/25	$15,738	$15,755	$15,158
2/28/25	$15,463	$15,482	$14,919
3/31/25	$14,537	$14,555	$14,046
4/30/25	$14,415	$14,434	$13,974
5/31/25	$15,248	$15,270	$14,876
6/30/25	$16,025	$16,049	$15,642
7/31/25	$16,369	$16,396	$16,000
8/31/25	$16,523	$16,550	$16,314

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	3,086,685,461
Number of Portfolio Holdings	274
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	1,883,226

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not follow a carbon reduction strategy. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

USCA-TSRA

R-102662-2 (10/25) DBX006867 (10/26)

Xtrackers MSCI USA Selection Equity ETF

USSG: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
USSG	$10	0.09%

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

This annual shareholder report contains important information about the Xtrackers MSCI USA Selection Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Selection Index (the Underlying Index). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market.

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

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

Fund Performance

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI USA Selection Equity ETF - NAV	MSCI USA Selection Index (the Underlying Index)	MSCI USA Index
3/7/19	$10,000	$10,000	$10,000
3/31/19	$10,228	$10,229	$10,319
4/30/19	$10,608	$10,610	$10,733
5/31/19	$9,984	$9,986	$10,054
6/30/19	$10,634	$10,638	$10,761
7/31/19	$10,834	$10,839	$10,927
8/31/19	$10,722	$10,728	$10,737
9/30/19	$10,908	$10,914	$10,928
10/31/19	$11,109	$11,116	$11,166
11/30/19	$11,514	$11,522	$11,585
12/31/19	$11,847	$11,856	$11,925
1/31/20	$11,947	$11,957	$11,948
2/29/20	$11,042	$11,052	$10,974
3/31/20	$9,662	$9,671	$9,582
4/30/20	$10,863	$10,874	$10,843
5/31/20	$11,436	$11,450	$11,407
6/30/20	$11,626	$11,641	$11,667
7/31/20	$12,105	$12,121	$12,360
8/31/20	$13,019	$13,037	$13,287
9/30/20	$12,569	$12,587	$12,792
10/31/20	$12,220	$12,239	$12,459
11/30/20	$13,559	$13,581	$13,900
12/31/20	$14,067	$14,091	$14,474
1/31/21	$13,950	$13,976	$14,339
2/28/21	$14,392	$14,416	$14,714
3/31/21	$15,048	$15,074	$15,267
4/30/21	$15,831	$15,859	$16,098
5/31/21	$15,958	$15,988	$16,176
6/30/21	$16,378	$16,412	$16,626
7/31/21	$16,860	$16,895	$17,019
8/31/21	$17,378	$17,416	$17,521
9/30/21	$16,524	$16,560	$16,694
10/31/21	$18,072	$18,114	$17,859
11/30/21	$17,768	$17,811	$17,679
12/31/21	$18,517	$18,562	$18,377
1/31/22	$17,372	$17,415	$17,337
2/28/22	$16,792	$16,835	$16,829
3/31/22	$17,424	$17,470	$17,421
4/30/22	$15,922	$15,965	$15,841
5/31/22	$15,814	$15,857	$15,807
6/30/22	$14,642	$14,683	$14,498
7/31/22	$15,852	$15,898	$15,851
8/31/22	$15,069	$15,114	$15,230
9/30/22	$13,718	$13,759	$13,817
10/31/22	$14,719	$14,763	$14,914
11/30/22	$15,704	$15,753	$15,726
12/31/22	$14,764	$14,811	$14,801
1/31/23	$15,724	$15,774	$15,775
2/28/23	$15,349	$15,400	$15,398
3/31/23	$15,969	$16,023	$15,945
4/30/23	$16,129	$16,184	$16,147
5/31/23	$16,287	$16,344	$16,253
6/30/23	$17,366	$17,430	$17,336
7/31/23	$17,966	$18,033	$17,933
8/31/23	$17,883	$17,953	$17,631
9/30/23	$16,983	$17,050	$16,672
10/31/23	$16,557	$16,624	$16,288
11/30/23	$18,252	$18,329	$17,824
12/31/23	$19,045	$19,126	$18,664
1/31/24	$19,472	$19,555	$18,955
2/29/24	$20,558	$20,648	$19,972
3/31/24	$21,312	$21,407	$20,607
4/30/24	$20,341	$20,433	$19,756
5/31/24	$21,326	$21,423	$20,700
6/30/24	$22,107	$22,211	$21,440
7/31/24	$22,182	$22,287	$21,709
8/31/24	$22,625	$22,734	$22,233
9/30/24	$23,147	$23,260	$22,711
10/31/24	$22,910	$23,022	$22,544
11/30/24	$24,280	$24,400	$23,955
12/31/24	$23,519	$23,638	$23,345
1/31/25	$23,930	$24,051	$24,056
2/28/25	$23,380	$23,498	$23,677
3/31/25	$21,979	$22,091	$22,292
4/30/25	$22,012	$22,129	$22,177
5/31/25	$23,800	$23,930	$23,609
6/30/25	$24,905	$25,042	$24,823
7/31/25	$25,582	$25,726	$25,391
8/31/25	$25,951	$26,100	$25,890

Yearly periods ended August 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	577,188,130
Number of Portfolio Holdings	275
Portfolio Turnover Rate (%)	2
Total Net Advisory Fees Paid ($)	642,642

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

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

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

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

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

USSG-TSRA

R-102660-2 (10/25) DBX006868 (10/26)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

USNZ: NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
USNZ	$11	0.10%

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

This annual shareholder report contains important information about the Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ESG“) criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change.

The S&P 500^®Indexis a required broad-based index that represents the fund’s overall equity market.

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Net Zero Pathway Paris Aligned US Equity ETF - NAV	Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the Underlying Index)	S&P 500^® Index
6/28/22	$10,000	$10,000	$10,000
6/30/22	$9,687	$9,685	$9,709
7/31/22	$10,553	$10,552	$10,604
8/31/22	$10,085	$10,084	$10,171
9/30/22	$9,117	$9,116	$9,235
10/31/22	$9,824	$9,824	$9,982
11/30/22	$10,442	$10,444	$10,540
12/31/22	$9,853	$9,854	$9,933
1/31/23	$10,519	$10,522	$10,557
2/28/23	$10,299	$10,303	$10,299
3/31/23	$10,745	$10,751	$10,677
4/30/23	$10,917	$10,924	$10,844
5/31/23	$10,998	$11,006	$10,891
6/30/23	$11,670	$11,679	$11,611
7/31/23	$12,015	$12,026	$11,984
8/31/23	$11,758	$11,769	$11,793
9/30/23	$11,139	$11,151	$11,231
10/31/23	$10,872	$10,884	$10,995
11/30/23	$11,989	$12,000	$11,999
12/31/23	$12,598	$12,611	$12,544
1/31/24	$12,880	$12,895	$12,755
2/29/24	$13,498	$13,516	$13,436
3/31/24	$13,894	$13,914	$13,868
4/30/24	$13,239	$13,258	$13,301
5/31/24	$13,953	$13,975	$13,961
6/30/24	$14,520	$14,545	$14,462
7/31/24	$14,655	$14,681	$14,638
8/31/24	$15,042	$15,070	$14,993
9/30/24	$15,311	$15,339	$15,313
10/31/24	$15,099	$15,128	$15,174
11/30/24	$15,779	$15,811	$16,065
12/31/24	$15,363	$15,394	$15,682
1/31/25	$15,710	$15,743	$16,119
2/28/25	$15,577	$15,612	$15,909
3/31/25	$14,638	$14,671	$15,012
4/30/25	$14,541	$14,575	$14,910
5/31/25	$15,379	$15,417	$15,849
6/30/25	$16,246	$16,287	$16,655
7/31/25	$16,570	$16,614	$17,029
8/31/25	$16,954	$17,000	$17,374

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	265,275,245
Number of Portfolio Holdings	318
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	233,622

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the Fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not follow a carbon reduction strategy. This Fund is non-diversified and can take larger portions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

USNZ-TSRA

R-102661-2 (10/25) DBX006869 (10/26)

Xtrackers RREEF Global Natural Resources ETF

NRES: Nasdaq Stock Market

Annual Shareholder Report — August 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
NRES	$46	0.45%

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

This annual shareholder report contains important information about the Xtrackers RREEF Global Natural Resources ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

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

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

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

Fund Performance

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

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers RREEF Global Natural Resources ETF - NAV	MSCI World Index	S&P Global Natural Resources Net TR index
2/27/24	$10,000	$10,000	$10,000
2/29/24	$9,993	$10,018	$10,046
3/31/24	$10,893	$10,337	$10,872
4/30/24	$10,919	$9,956	$10,865
5/31/24	$11,231	$10,401	$11,159
6/30/24	$10,721	$10,612	$10,664
7/31/24	$10,935	$10,799	$10,811
8/31/24	$10,875	$11,085	$10,794
9/30/24	$11,060	$11,309	$11,028
10/31/24	$10,678	$11,084	$10,534
11/30/24	$10,543	$11,593	$10,455
12/31/24	$9,755	$11,291	$9,716
1/31/25	$10,301	$11,689	$10,259
2/28/25	$10,289	$11,605	$10,238
3/31/25	$10,399	$11,089	$10,390
4/30/25	$9,971	$11,187	$10,072
5/31/25	$10,292	$11,849	$10,366
6/30/25	$10,626	$12,361	$10,729
7/31/25	$10,555	$12,520	$10,806
8/31/25	$11,227	$12,846	$11,511

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	31,616,471
Number of Portfolio Holdings	57
Portfolio Turnover Rate (%)	143
Total Net Advisory Fees Paid ($)	133,438

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

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

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

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

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

NRES-TSRA

R-102663-2 (10/25) DBX006870 (10/26)

(b)

Not applicable

Item 2. Code of Ethics.

(a)

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

(b)

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

(c)

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

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

Audit-Related Fees

(b)

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

Tax Fees

(c)

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

All Other Fees

(d)

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

(e)(1)

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

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

(e)(2)

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

(f)

Not applicable.

(g)

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

(h)

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

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

Item 6. Investments.

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

(b)	Not applicable.

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

(a)

LOGO

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

Table of Contents


	Page

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF		2

Xtrackers Low Beta High Yield Bond ETF		15

Xtrackers Risk Managed USD High Yield Strategy ETF		26

Xtrackers Short Duration High Yield Bond ETF		28

Xtrackers USD High Yield BB-B ex Financials ETF		43

Xtrackers USD High Yield Corporate Bond ETF		68

Statements of Assets and Liabilities		89

Statements of Operations		91

Statements of Changes in Net Assets		93

Financial Highlights		96

Notes to Financial Statements		102

Report of Independent Registered Public Accounting Firm		111

Board Considerations in Approval of Investment Advisory Contracts		113

Tax Information		116
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

DBX ETF Trust | 1

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF

August 31, 2025


	Principal Amount $		Value $

CORPORATE BONDS — 97.5%
Basic Materials — 6.5%
Chemicals — 3.0%
Celanese US Holdings LLC
6.50%, 4/15/30		14,000		14,138
7.05%, 11/15/30		30,000		31,215
6.879%, 7/15/32		35,000		36,178
6.75%, 4/15/33 (a)		31,000		31,242
7.20%, 11/15/33		34,000		35,399
Chemours Co.
5.375%, 5/15/27		26,000		25,923
144A,5.75%, 11/15/28		16,000		15,422
144A,4.625%, 11/15/29		16,000		14,304
Chemours (The) Co.,
144A,8.00%, 1/15/33		17,000		16,640
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		19,000		16,032
144A,12.00%, 2/15/31		16,000		14,725
Huntsman International LLC
4.50%, 5/1/29		20,000		19,250
2.95%, 6/15/31		11,000		9,411
INEOS Finance PLC
144A,6.75%, 5/15/28		20,000		19,684
144A,7.50%, 4/15/29		15,000		15,054
Inversion Escrow Issuer LLC, 144A,6.75%, 8/1/32		33,000		32,707
Methanex US Operations, Inc., 144A,6.25%, 3/15/32		17,000		17,165
NOVA Chemicals Corp., 144A,9.00%, 2/15/30		21,000		22,583
Olin Corp.,144A,6.625%, 4/1/33		20,000		19,999
SCIH Salt Holdings, Inc.,144A,6.625%, 5/1/29		19,000		19,097
Tronox, Inc.,144A,4.625%, 3/15/29		36,000		26,611
WR Grace Holdings LLC
144A,5.625%, 8/15/29		38,000		35,593
144A,6.625%, 8/15/32		16,000		15,968

(Cost $508,056)				504,340

Forest Products & Paper — 0.5%
Domtar Corp.,144A,6.75%, 10/1/28		16,000		13,703
Glatfelter Corp.,144A,4.75%, 11/15/29		20,000		17,678
Magnera Corp.,144A,7.25%, 11/15/31		24,000		22,734
Mercer International, Inc.
144A,12.875%, 10/1/28		16,000		15,564
5.125%, 2/1/29		22,000		17,370

(Cost $93,627)				87,049


	Principal Amount $		Value $
Iron/Steel — 1.4%
Cleveland-Cliffs, Inc.
144A,6.875%, 11/1/29		34,000		34,556
144A,6.75%, 4/15/30		31,000		31,384
144A,7.50%, 9/15/31		25,000		25,368
144A,7.00%, 3/15/32 (a)		33,000		32,848
144A,7.375%, 5/1/33		21,000		20,937
Metinvest BV,144A,7.75%, 10/17/29		16,000		12,304
Mineral Resources Ltd.
144A,8.125%, 5/1/27		12,000		12,015
144A,8.00%, 11/1/27		28,000		28,526
144A,9.25%, 10/1/28		28,000		29,307
144A,8.50%, 5/1/30		17,000		17,660

(Cost $239,724)				244,905

Mining — 1.6%
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		19,000		20,148
144A,11.50%, 10/1/31		14,000		15,587
First Quantum Minerals Ltd.
144A,9.375%, 3/1/29		40,000		42,574
144A,8.625%, 6/1/31 (a)		40,000		41,834
144A,8.00%, 3/1/33		32,000		33,273
144A,7.25%, 2/15/34		27,000		27,284
Vedanta Resources Finance II PLC
144A,10.875%, 9/17/29		38,000		39,108
144A,9.475%, 7/24/30		11,000		10,869
144A,11.25%, 12/3/31		24,000		25,237
144A,9.85%, 4/24/33		13,000		12,972

(Cost $264,139)				268,886

Communications — 23.5%
Advertising — 1.7%
Clear Channel Outdoor Holdings, Inc.
144A,7.75%, 4/15/28 (a)		26,000		25,313
144A,7.50%, 6/1/29 (a)		33,000		30,707
144A,7.875%, 4/1/30		24,000		25,018
144A,7.125%, 2/15/31		34,000		34,567
144A,7.50%, 3/15/33		27,000		27,500
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		80,000		79,610
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,4.25%, 1/15/29		20,000		19,238
144A,4.625%, 3/15/30		10,000		9,550
Stagwell Global LLC, 144A,5.625%, 8/15/29		31,000		29,925

(Cost $276,705)				281,428

Internet — 1.5%
Arches Buyer, Inc.,144A,6.125%, 12/1/28		19,000		18,443

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Cogent Communications Group LLC / Cogent Finance, Inc.		17,000		16,953
144A,7.00%, 6/15/27
144A,6.50%, 7/1/32		13,000		12,392
ION Trading Technologies SARL		14,000		13,591
144A,5.75%, 5/15/28
144A,9.50%, 5/30/29		18,000		18,839
Newfold Digital Holdings Group, Inc., 144A,11.75%, 10/15/28		14,000		9,275
Rakuten Group, Inc.,144A,9.75%, 4/15/29		60,000		66,999
Snap, Inc.
144A,6.875%, 3/1/33		45,000		45,515
144A,6.875%, 3/15/34		12,000		12,061
Wayfair LLC
144A,7.25%, 10/31/29		28,000		28,620
144A,7.75%, 9/15/30		19,000		19,677

(Cost $258,180)				262,365

Media — 14.0%
AMC Networks, Inc.
144A,10.25%, 1/15/29		25,000		26,040
144A,10.50%, 7/15/32		14,000		14,468
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		18,000		14,905
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.00%, 2/1/28		67,000		66,496
144A,5.375%, 6/1/29		36,000		35,743
144A,6.375%, 9/1/29		48,000		48,763
144A,4.75%, 3/1/30		58,000		55,778
144A,4.50%, 8/15/30		75,000		71,043
144A,4.25%, 2/1/31		87,000		80,304
144A,7.375%, 3/1/31 (a)		26,000		26,918
144A,4.75%, 2/1/32		35,000		32,489
4.50%, 5/1/32		75,000		68,631
144A,4.50%, 6/1/33		48,000		42,853
144A,4.25%, 1/15/34 (a)		53,000		46,059
CSC Holdings LLC
144A,5.50%, 4/15/27		61,000		58,710
144A,5.375%, 2/1/28		22,000		20,210
144A,7.50%, 4/1/28		25,000		20,158
144A,11.25%, 5/15/28		20,000		20,006
144A,11.75%, 1/31/29		61,000		55,990
144A,6.50%, 2/1/29		51,000		40,243
144A,5.75%, 1/15/30		72,000		33,899
144A,4.125%, 12/1/30		33,000		21,647
144A,4.625%, 12/1/30		75,000		32,915
144A,3.375%, 2/15/31		31,000		19,851
144A,4.50%, 11/15/31		43,000		27,927
144A,5.00%, 11/15/31 (a)		12,000		5,249
Directv Financing LLC, 144A,8.875%, 2/1/30		25,000		24,835


	Principal Amount $		Value $
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
144A,5.875%, 8/15/27		95,000		94,598
144A,10.00%, 2/15/31		61,000		60,679
Discovery Communications LLC
3.95%, 3/20/28		33,000		31,921
4.125%, 5/15/29		20,000		18,959
3.625%, 5/15/30		23,000		20,764
5.00%, 9/20/37		12,000		8,868
6.35%, 6/1/40		12,000		9,399
DISH DBS Corp.
144A,5.75%, 12/1/28		66,000		62,167
5.125%, 6/1/29		45,000		37,188
DISH Network Corp.,144A,11.75%, 11/15/27		117,000		123,774
EW Scripps (The) Co.,144A,9.875%, 8/15/30		21,000		19,761
Gray Media, Inc.
144A,10.50%, 7/15/29 (a)		38,000		41,391
144A,4.75%, 10/15/30 (a)		29,000		21,839
144A,5.375%, 11/15/31		35,000		25,831
144A,9.625%, 7/15/32		24,000		24,141
144A,7.25%, 8/15/33		20,000		19,718
iHeartCommunications, Inc.
144A,9.125%, 5/1/29		19,000		16,350
144A,10.875%, 5/1/30		20,000		11,852
144A,7.75%, 8/15/30		21,000		16,741
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		38,000		23,731
144A,5.125%, 7/15/29		22,000		12,672
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		25,000		25,147
144A,8.00%, 8/1/29		25,000		25,525
144A,7.375%, 9/1/31		18,000		18,912
Nexstar Media, Inc.,144A,4.75%, 11/1/28 (a)		27,000		26,521
Sinclair Television Group, Inc.
144A,5.50%, 3/1/30		15,000		12,413
144A,8.125%, 2/15/33		38,000		38,964
144A,9.75%, 2/15/33		21,000		23,074
Sirius XM Radio, Inc.
144A,5.50%, 7/1/29 (a)		34,000		33,973
144A,4.125%, 7/1/30		41,000		38,149
144A,3.875%, 9/1/31		51,000		45,898
TEGNA, Inc.
4.625%, 3/15/28		27,000		26,877
5.00%, 9/15/29		33,000		33,055
Univision Communications, Inc.
144A,8.00%, 8/15/28		44,000		45,703
144A,4.50%, 5/1/29		28,000		26,283
144A,7.375%, 6/30/30		23,000		23,144
144A,8.50%, 7/31/31		38,000		39,191

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,9.375%, 8/1/32		50,000		52,686
Virgin Media Finance PLC, 144A,5.00%, 7/15/30		24,000		21,974
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		46,000		45,324
144A,4.50%, 8/15/30		25,000		23,485
VTR Finance NV,144A,6.375%, 7/15/28		10,000		9,778
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		13,000		11,488
Ziggo BV,144A,4.875%, 1/15/30		30,000		28,184

(Cost $2,409,304)				2,390,222

Telecommunications — 6.3%
Altice Financing SA 144A,
5.00%, 1/15/28		38,000		31,067
144A,5.75%, 8/15/29		57,000		45,238
C&W Senior Finance Ltd.,144A,9.00%, 1/15/33		22,000		23,126
CommScope LLC,144A,9.50%, 12/15/31		26,000		26,905
CommScope Technologies LLC,144A,5.00%, 3/15/27		25,000		24,763
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		60,000		62,585
CT Trust,144A,5.125%, 2/3/32		24,000		22,771
EchoStar Corp.,10.75%, 11/30/29		161,000		173,424
Fibercop SpA
144A,6.375%, 11/15/33		15,000		14,800
144A,6.00%, 9/30/34		22,000		20,929
144A,7.20%, 7/18/36		11,000		11,069
144A,7.721%, 6/4/38		13,000		13,239
Level 3 Financing, Inc.
144A,4.875%, 6/15/29		30,000		28,125
144A,4.50%, 4/1/30		30,000		27,075
144A,3.875%, 10/15/30		10,000		8,550
144A,4.00%, 4/15/31		12,000		10,110
144A,6.875%, 6/30/33		45,000		45,448
144A,7.00%, 3/31/34		59,000		59,453
Maya SAS/Paris France
144A,8.50%, 4/15/31		29,000		31,223
144A,7.00%, 4/15/32		26,000		26,773
Millicom International Cellular SA
144A,4.50%, 4/27/31		22,000		20,514
144A,7.375%, 4/2/32		14,000		14,459
Sable International Finance Ltd.,144A,7.125%, 10/15/32		28,000		28,500
Telefonica Moviles Chile SA,144A,3.537%, 11/18/31		16,000		9,580
Viasat, Inc.
144A,5.625%, 4/15/27		20,000		19,971
144A,6.50%, 7/15/28		8,000		7,795


	Principal Amount $		Value $
144A,7.50%, 5/30/31		22,000		20,680
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		47,000		43,417
144A,4.75%, 7/15/31		35,000		32,751
144A,7.75%, 4/15/32		21,000		21,993
Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31		67,000		69,750
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27		36,000		34,853
144A,6.125%, 3/1/28		40,000		37,192

(Cost $1,033,138)				1,068,128

Consumer, Cyclical — 16.1%
Airlines — 0.7%
American Airlines, Inc.
144A,7.25%, 2/15/28		23,000		23,611
144A,8.50%, 5/15/29 (a)		28,000		29,360
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31		62,000		61,657

(Cost $114,803)				114,628

Apparel — 0.3%
Under Armour, Inc.,144A,7.25%, 7/15/30		11,000		11,011
VF Corp.
2.80%, 4/23/27		13,000		12,561
2.95%, 4/23/30		27,000		23,575

(Cost $47,112)				47,147

Auto Manufacturers — 1.1%
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		29,000		28,235
Nissan Motor Co. Ltd.
144A,7.50%, 7/17/30		26,000		27,183
144A,4.81%, 9/17/30		77,000		71,990
144A,7.75%, 7/17/32		20,000		20,963
144A,8.125%, 7/17/35		42,000		44,525

(Cost $190,478)				192,896

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd.
144A,8.25%, 4/15/31 (a)		12,000		12,645
144A,7.50%, 2/15/33		24,000		25,007
American Axle & Manufacturing, Inc.
6.875%, 7/1/28		5,000		5,005
5.00%, 10/1/29		22,000		20,785
Clarios Global LP / Clarios US Finance Co.,
144A,6.75%, 2/15/30		28,000		29,032
Dornoch Debt Merger Sub, Inc., 144A,6.625%, 10/15/29		20,000		17,383
Forvia SE,144A,8.00%, 6/15/30 (a)		12,000		12,669

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Goodyear Tire & Rubber Co.
5.25%, 4/30/31		15,000		14,247
5.25%, 7/15/31		17,000		16,154
5.625%, 4/30/33 (a)		17,000		15,989
Tenneco, Inc.,144A,8.00%, 11/17/28		57,000		57,038
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		17,000		17,232
144A,7.125%, 4/14/30		17,000		16,938
144A,6.75%, 4/23/30		30,000		29,280
144A,6.875%, 4/23/32		19,000		18,233

(Cost $299,439)				307,637

Entertainment — 3.2%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		18,000		18,759
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29		44,000		41,988
144A,6.00%, 10/15/32 (a)		27,000		26,490
Cinemark USA, Inc.
144A,5.25%, 7/15/28		25,000		24,863
144A,7.00%, 8/1/32		10,000		10,368
Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29		13,000		12,417
Light & Wonder International, Inc.
144A,7.25%, 11/15/29		23,000		23,610
144A,7.50%, 9/1/31		11,000		11,490
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC
144A,8.25%, 4/15/30		23,000		23,784
144A,11.875%, 4/15/31		21,000		22,139
Motion Bondco DAC,144A,6.625%, 11/15/27		13,000		12,262
Motion Finco Sarl,144A,8.375%, 2/15/32		11,000		9,496
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30		11,000		11,089
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A,5.625%, 9/1/29		20,000		11,675
144A,5.875%, 9/1/31		25,000		14,531
Six Flags Entertainment Corp.,144A,7.25%, 5/15/31		24,000		24,133
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.,5.25%, 7/15/29		10,000		9,689
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co.,144A,6.625%, 5/1/32		29,000		29,489


	Principal Amount $		Value $
Voyager Parent LLC,144A,9.25%, 7/1/32		55,000		58,080
Warnermedia Holdings, Inc.
4.054%, 3/15/29		47,000		44,687
4.279%, 3/15/32		86,000		74,272
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,144A,7.125%, 2/15/31		30,000		32,311

(Cost $552,455)				547,622

Food Service — 0.2%
TKC Holdings, Inc.
144A,6.875%, 5/15/28		14,000		14,085
144A,10.50%, 5/15/29		15,000		15,334

(Cost $28,507)				29,419

Home Builders — 0.4%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,6.875%, 8/1/33		10,000		10,027
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		16,000		15,950
144A,4.875%, 2/15/30		20,000		18,362
LGI Homes, Inc.
144A,8.75%, 12/15/28		12,000		12,577
144A,7.00%, 11/15/32		14,000		13,670

(Cost $70,986)				70,586

Home Furnishings — 0.1%
Whirlpool Corp.,6.50%, 6/15/33

(Cost $17,087)		17,000		17,135

Housewares — 0.9%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		23,000		17,551
Newell Brands, Inc.
6.375%, 9/15/27		16,000		16,227
144A,8.50%, 6/1/28		41,000		43,387
6.625%, 9/15/29		22,000		22,148
6.375%, 5/15/30		17,000		16,808
6.625%, 5/15/32		12,000		11,744
Scotts Miracle-Gro Co.
4.00%, 4/1/31		20,000		18,420
4.375%, 2/1/32		9,000		8,316

(Cost $156,603)				154,601

Leisure Time — 1.0%
Lindblad Expeditions LLC,144A,7.00%, 9/15/30		20,000		20,497
NCL Corp. Ltd.
144A,7.75%, 2/15/29		22,000		23,515
144A,6.75%, 2/1/32		54,000		55,724

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Sabre GLBL, Inc.
144A,10.75%, 11/15/29		26,000		25,233
144A,11.125%, 7/15/30		39,000		38,273

(Cost $165,200)				163,242

Lodging — 1.9%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,4.875%, 7/1/31		16,000		14,908
144A,6.625%, 1/15/32		27,000		27,568
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 144A,5.00%, 6/1/29		29,000		28,066
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29		14,000		13,539
Melco Resorts Finance Ltd.
144A,5.625%, 7/17/27		12,000		12,009
144A,5.75%, 7/21/28		24,000		23,813
144A,5.375%, 12/4/29		33,000		31,917
144A,7.625%, 4/17/32		30,000		31,257
MGM Resorts International,6.50%, 4/15/32		19,000		19,511
Station Casinos LLC
144A,4.625%, 12/1/31		18,000		17,045
144A,6.625%, 3/15/32		15,000		15,438
Studio City Finance Ltd.
144A,6.50%, 1/15/28		20,000		19,952
144A,5.00%, 1/15/29		29,000		27,506
Travel + Leisure Co.
144A,4.50%, 12/1/29		18,000		17,448
144A,6.125%, 9/1/33		15,000		15,065

(Cost $306,584)				315,042

Retail — 4.5%
Advance Auto Parts, Inc.
3.90%, 4/15/30		16,000		14,770
144A,7.00%, 8/1/30		29,000		29,778
144A,7.375%, 8/1/33		29,000		29,748
Asbury Automotive Group, Inc.,144A,5.00%, 2/15/32		16,000		15,392
Bath & Body Works, Inc.
7.50%, 6/15/29		14,000		14,430
144A,6.625%, 10/1/30		25,000		25,690
EG Global Finance PLC,144A,12.00%, 11/30/28		30,000		33,167
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.875%, 4/1/29		20,000		18,529
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		30,000		28,698
144A,6.75%, 1/15/30		34,000		32,004


	Principal Amount $		Value $
FirstCash, Inc.,144A,6.875%, 3/1/32		15,000		15,584
Gap, Inc.
144A,3.625%, 10/1/29		25,000		23,468
144A,3.875%, 10/1/31		23,000		20,845
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		16,000		14,876
144A,8.75%, 1/15/32		15,000		13,252
Kohl’s Corp.,5.125%, 5/1/31		14,000		11,085
LBM Acquisition LLC
144A,6.25%, 1/15/29		22,000		20,206
144A,9.50%, 6/15/31		28,000		29,380
LCM Investments Holdings II LLC,144A,8.25%, 8/1/31		23,000		24,402
Macy’s Retail Holdings LLC
144A,6.125%, 3/15/32 (a)		14,000		13,680
144A,7.375%, 8/1/33		13,000		13,364
Michaels Cos., Inc.
144A,5.25%, 5/1/28		18,000		14,296
144A,7.875%, 5/1/29		34,000		23,220
Nordstrom, Inc.
4.375%, 4/1/30		18,000		16,667
4.25%, 8/1/31 (a)		10,000		8,859
Patrick Industries, Inc.,144A,6.375%, 11/1/32		11,000		11,167
PetSmart LLC / PetSmart Finance Corp.
144A,7.50%, 9/15/32		58,000		57,543
144A,10.00%, 9/15/33		22,000		21,605
QVC, Inc.,144A,6.875%, 4/15/29		18,000		8,746
Sonic Automotive, Inc.
144A,4.625%, 11/15/29 (a)		19,000		18,483
144A,4.875%, 11/15/31		10,000		9,563
Staples, Inc.
144A,10.75%, 9/1/29		75,000		72,187
144A,12.75%, 1/15/30		21,146		15,158
Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31		20,000		18,936
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		15,000		15,729
White Cap Buyer LLC,144A,6.875%, 10/15/28 (a)		18,000		17,998

(Cost $774,351)				772,505

Consumer, Non-cyclical — 13.6%
Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.,144A,6.25%, 4/1/29

(Cost $17,990)		18,000		18,141

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Commercial Services — 4.5%
Albion Financing 1 Sarl / Aggreko Holdings, Inc., 144A,7.00%, 5/21/30		40,000		41,376
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		76,000		79,926
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,6.00%, 6/1/29		23,000		22,763
144A,6.875%, 6/15/30		29,000		29,888
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		41,000		40,044
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,4.75%, 4/1/28		10,000		9,696
144A,5.375%, 3/1/29		15,000		14,565
144A,8.25%, 1/15/30 (a)		33,000		34,189
144A,8.00%, 2/15/31		14,000		14,458
144A,8.375%, 6/15/32		18,000		18,800
Brink’s Co.,144A,6.75%, 6/15/32		13,000		13,477
Clarivate Science Holdings Corp.,144A,4.875%, 7/1/29		32,000		30,259
EquipmentShare.com, Inc.
144A,8.625%, 5/15/32		13,000		14,019
144A,8.00%, 3/15/33		15,000		15,949
Garda World Security Corp.
144A,6.00%, 6/1/29		15,000		14,889
144A,8.25%, 8/1/32		18,000		18,732
144A,8.375%, 11/15/32		27,000		28,185
GEO Group, Inc.
8.625%, 4/15/29		20,000		21,165
10.25%, 4/15/31		17,000		18,752
Herc Holdings, Inc.,144A,7.25%, 6/15/33		38,000		39,890
Hertz Corp.
144A,4.625%, 12/1/26		19,000		17,629
144A,12.625%, 7/15/29 (a)		38,000		39,520
144A,5.00%, 12/1/29		25,000		18,025
Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31		36,000		36,764
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		32,000		32,495
144A,10.875%, 8/1/29		15,000		14,481
Sotheby’s,144A,7.375%, 10/15/27		21,000		20,874
Veritiv Operating Co.,144A,10.50%, 11/30/30		29,000		31,428
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		39,000		41,364

(Cost $764,343)				773,602


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

(Cost $9,982)		10,000		9,527

Food — 1.5%
B&G Foods, Inc.
5.25%, 9/15/27 (a)		19,000		18,190
144A,8.00%, 9/15/28		21,000		20,667
Fiesta Purchaser, Inc.
144A,7.875%, 3/1/31		20,000		21,247
144A,9.625%, 9/15/32		12,000		12,923
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		30,000		31,619
Post Holdings, Inc.
144A,5.50%, 12/15/29		33,000		32,921
144A,4.625%, 4/15/30		34,000		32,819
144A,4.50%, 9/15/31		40,000		37,338
144A,6.375%, 3/1/33		37,000		37,468
144A,6.25%, 10/15/34		18,000		18,152

(Cost $263,715)				263,344

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

(Cost $43,691)		43,000		44,845

Healthcare-Services — 3.7%
Acadia Healthcare Co., Inc.,144A,7.375%, 3/15/33 (a)		15,000		15,640
CHS/Community Health Systems, Inc.
144A,6.00%, 1/15/29		15,000		14,476
144A,6.875%, 4/15/29 (a)		46,000		36,615
144A,6.125%, 4/1/30		40,000		28,785
144A,5.25%, 5/15/30		52,000		46,658
144A,4.75%, 2/15/31		40,000		34,133
144A,10.875%, 1/15/32		70,000		74,164
144A,9.75%, 1/15/34		55,000		55,772
DaVita, Inc.,144A,6.875%, 9/1/32		27,000		27,953
LifePoint Health, Inc.
144A,5.375%, 1/15/29		10,000		9,511
144A,9.875%, 8/15/30		22,000		23,848
144A,11.00%, 10/15/30		38,000		41,938
144A,8.375%, 2/15/32		21,000		22,271
144A,10.00%, 6/1/32		26,000		26,810
MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30		23,000		20,138
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		45,000		46,477

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Radiology Partners, Inc.,144A,8.50%, 7/15/32		24,000		24,531
Star Parent, Inc.,144A,9.00%, 10/1/30		28,000		29,677
Team Health Holdings, Inc.,144A,8.375%, 6/30/28		13,000		13,170
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		34,000		34,934

(Cost $625,414)				627,501

Household Products/Wares — 0.2%
Central Garden & Pet Co.,144A,4.125%, 4/30/31		9,000		8,395
Kronos Acquisition Holdings, Inc.
144A,8.25%, 6/30/31		19,000		14,202
144A,10.75%, 6/30/32 (a)		12,000		6,074

(Cost $34,975)				28,671

Pharmaceuticals — 3.2%
1261229 BC Ltd.,144A,10.00%, 4/15/32		135,000		140,285
AdaptHealth LLC
144A,4.625%, 8/1/29		16,000		15,142
144A,5.125%, 3/1/30		13,000		12,411
Bausch Health Americas, Inc.,144A,8.50%, 1/31/27		20,000		19,969
Bausch Health Cos., Inc.
144A,5.00%, 1/30/28		8,000		6,978
144A,4.875%, 6/1/28		44,000		39,753
144A,11.00%, 9/30/28		53,000		55,633
144A,5.00%, 2/15/29		12,000		9,213
144A,6.25%, 2/15/29		25,000		19,687
144A,5.25%, 1/30/30		23,000		16,768
144A,5.25%, 2/15/31		13,000		8,787
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a)		28,000		29,844
Grifols SA,144A,4.75%, 10/15/28		25,000		24,247
HLF Financing Sarl LLC / Herbalife International, Inc.
144A,12.25%, 4/15/29		22,000		23,981
144A,4.875%, 6/1/29		17,000		14,970
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,5.125%, 4/30/31		48,000		41,167
144A,6.75%, 5/15/34		12,000		11,376
144A,7.875%, 5/15/34		22,000		19,860
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		20,000		17,006
144A,6.625%, 4/1/30 (a)		15,000		13,025

(Cost $524,557)				540,102


	Principal Amount $		Value $
Diversified — 0.2%
Holding Companies-Diversified — 0.2%
Stena International SA
144A,7.25%, 1/15/31		18,000		18,375
144A,7.625%, 2/15/31		15,000		15,487

(Cost $34,074)				33,862

Energy — 11.7%
Oil & Gas — 6.0%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		30,000		31,313
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,6.625%, 7/15/33		14,000		14,222
Baytex Energy Corp.
144A,8.50%, 4/30/30		26,000		26,562
144A,7.375%, 3/15/32		19,000		18,578
California Resources Corp.,144A,8.25%, 6/15/29		24,000		24,817
Civitas Resources, Inc.
144A,8.375%, 7/1/28		41,000		42,630
144A,8.625%, 11/1/30		28,000		29,168
144A,8.75%, 7/1/31		37,000		38,109
144A,9.625%, 6/15/33		26,000		27,536
Comstock Resources, Inc.
144A,6.75%, 3/1/29		44,000		43,414
144A,6.75%, 3/1/29		8,000		7,881
144A,5.875%, 1/15/30		27,000		25,360
Crescent Energy Finance LLC
144A,7.625%, 4/1/32		45,000		44,847
144A,7.375%, 1/15/33		29,000		28,353
144A,8.375%, 1/15/34		10,000		10,155
CVR Energy, Inc.
144A,5.75%, 2/15/28		14,000		13,654
144A,8.50%, 1/15/29		14,000		14,161
Energean PLC,144A,6.50%, 4/30/27		13,000		12,885
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		20,000		20,118
144A,5.75%, 2/1/29		15,000		14,817
144A,6.00%, 4/15/30		11,000		10,893
144A,6.00%, 2/1/31		25,000		24,150
144A,6.25%, 4/15/32		10,000		9,581
144A,8.375%, 11/1/33		22,000		22,990
144A,7.25%, 2/15/35		29,000		28,316
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		21,000		21,908
Kosmos Energy Ltd.
144A,7.50%, 3/1/28		11,000		9,250
144A,8.75%, 10/1/31 (a)		15,000		11,235

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		12,000		12,577
Noble Finance II LLC,144A,8.00%, 4/15/30		39,000		40,413
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		21,000		21,172
144A,8.75%, 6/15/31		15,000		15,429
Parkland Corp.
144A,4.625%, 5/1/30		20,000		19,371
144A,6.625%, 8/15/32		16,000		16,490
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28		27,000		26,544
144A,9.875%, 3/15/30		27,000		27,898
144A,7.875%, 9/15/30		13,000		12,597
Puma International Financing SA,144A,7.75%, 4/25/29		16,000		16,591
SM Energy Co.,144A,7.00%, 8/1/32 (a)		21,000		21,165
Sunoco LP,144A,7.25%, 5/1/32		19,000		20,112
Talos Production, Inc.
144A,9.00%, 2/1/29		17,000		17,513
144A,9.375%, 2/1/31		18,000		18,667
Transocean, Inc.
144A,8.00%, 2/1/27		25,000		24,976
144A,8.25%, 5/15/29		27,000		26,144
144A,8.50%, 5/15/31		25,000		23,510
Vital Energy, Inc.,144A,7.875%, 4/15/32		30,000		29,578

(Cost $1,001,847)				1,017,650

Oil & Gas Services — 0.8%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.25%, 4/1/28		21,000		21,083
144A,6.625%, 9/1/32		19,000		19,490
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		32,000		32,027
144A,7.125%, 3/15/29		23,000		23,592
Weatherford International Ltd.,144A,8.625%, 4/30/30		46,000		47,175

(Cost $141,909)				143,367

Pipelines — 4.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp.,144A,6.625%, 2/1/32		18,000		18,627
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		15,000		15,659
144A,7.25%, 7/15/32		12,000		12,743
Buckeye Partners LP,144A,6.875%, 7/1/29		18,000		18,666


	Principal Amount $		Value $
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		38,000		37,501
144A,7.50%, 12/15/33		15,000		16,098
Delek Logistics Partners LP / Delek Logistics Finance Corp.
144A,8.625%, 3/15/29		29,000		30,336
144A,7.375%, 6/30/33		28,000		28,039
Genesis Energy LP / Genesis Energy Finance Corp.
8.25%, 1/15/29		12,000		12,537
8.875%, 4/15/30		28,000		29,653
7.875%, 5/15/32		19,000		19,734
8.00%, 5/15/33		15,000		15,678
Global Partners LP / GLP Finance Corp.
144A,8.25%, 1/15/32		16,000		16,831
144A,7.125%, 7/1/33		14,000		14,340
Harvest Midstream I LP
144A,7.50%, 9/1/28		22,000		22,250
144A,7.50%, 5/15/32		14,000		14,426
ITT Holdings LLC,144A,6.50%, 8/1/29		32,000		31,399
New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a)		14,000		4,912
NFE Financing LLC,144A,12.00%, 11/15/29		81,000		29,836
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		24,000		24,501
144A,8.375%, 2/15/32		45,000		45,802
Rockies Express Pipeline LLC, 144A,6.75%, 3/15/33		14,000		14,642
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,5.50%, 1/15/28		26,000		25,972
144A,7.375%, 2/15/29		17,000		17,527
144A,6.00%, 12/31/30		15,000		14,787
144A,6.00%, 9/1/31		22,000		21,628
Venture Global LNG, Inc.
144A,8.375%, 6/1/31		63,000		66,138
144A,9.875%, 2/1/32		68,000		74,086
Venture Global Plaquemines LNG LLC
144A,6.50%, 1/15/34		63,000		65,809
144A,6.75%, 1/15/36		63,000		66,155

(Cost $848,398)				826,312

Financial — 13.0%
Banks — 0.2%
Freedom Mortgage Corp.
144A,6.625%, 1/15/27		16,000		16,052
144A,12.25%, 10/1/30		15,000		16,646

(Cost $30,806)				32,698

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Diversified Financial Services — 5.4%
Aretec Group, Inc.
144A,7.50%, 4/1/29		9,000		9,040
144A,10.00%, 8/15/30		23,000		25,134
Azorra Finance Ltd.
144A,7.75%, 4/15/30		13,000		13,658
144A,7.25%, 1/15/31		22,000		22,777
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		21,000		22,456
Burford Capital Global Finance LLC
144A,9.25%, 7/1/31		18,000		19,184
144A,7.50%, 7/15/33		13,000		13,302
Credit Acceptance Corp.
144A,9.25%, 12/15/28		18,000		19,025
144A,6.625%, 3/15/30		10,000		10,148
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		10,000		10,571
144A,8.50%, 5/15/30		25,000		26,438
Enova International, Inc.
144A,11.25%, 12/15/28		11,000		11,736
144A,9.125%, 8/1/29		14,000		14,774
Focus Financial Partners LLC,144A,6.75%, 9/15/31		35,000		36,197
Freedom Mortgage Holdings LLC
144A,9.25%, 2/1/29		30,000		31,376
144A,9.125%, 5/15/31		25,000		26,329
144A,8.375%, 4/1/32		20,000		20,641
144A,7.875%, 4/1/33		10,000		10,175
goeasy Ltd.
144A,9.25%, 12/1/28		20,000		21,062
144A,7.625%, 7/1/29		22,000		22,798
144A,6.875%, 5/15/30		12,000		12,193
144A,7.375%, 10/1/30		7,000		7,219
144A,6.875%, 2/15/31		13,000		13,009
Jefferies Finance LLC / JFIN Co.- Issuer Corp.
144A,5.00%, 8/15/28		27,000		26,220
144A,6.625%, 10/15/31		14,000		14,051
LD Holdings Group LLC,144A,6.125%, 4/1/28		15,000		13,221
Midcap Financial Issuer Trust
144A,6.50%, 5/1/28		28,000		27,938
144A,5.625%, 1/15/30		11,000		10,474
Navient Corp.
5.50%, 3/15/29 (a)		26,000		25,724
9.375%, 7/25/30		13,000		14,370
11.50%, 3/15/31		13,000		14,683
7.875%, 6/15/32 (a)		15,000		15,842
OneMain Finance Corp.
7.875%, 3/15/30		19,000		20,115


	Principal Amount $		Value $
4.00%, 9/15/30		20,000		18,500
7.50%, 5/15/31		35,000		36,712
7.125%, 11/15/31		19,000		19,749
6.75%, 3/15/32		19,000		19,475
7.125%, 9/15/32		22,000		22,935
Osaic Holdings, Inc.
144A,6.75%, 8/1/32		10,000		10,197
144A,8.00%, 8/1/33		12,000		12,168
PennyMac Financial Services, Inc.
144A,7.125%, 11/15/30		13,000		13,475
144A,5.75%, 9/15/31		21,000		20,619
144A,6.875%, 5/15/32		29,000		29,709
144A,6.875%, 2/15/33		22,000		22,493
144A,6.75%, 2/15/34		19,000		19,144
PRA Group, Inc.,144A,8.875%, 1/31/30		17,000		17,877
Stonex Escrow Issuer LLC,144A,6.875%, 7/15/32		17,000		17,486
Synchrony Financial,7.25%, 2/2/33		22,000		23,195
UWM Holdings LLC,144A,6.625%, 2/1/30		19,000		19,314

(Cost $904,825)				924,928

Insurance — 2.3%
Acrisure LLC / Acrisure Finance, Inc.
144A,8.25%, 2/1/29		39,000		40,584
144A,8.50%, 6/15/29		10,000		10,522
144A,6.00%, 8/1/29		19,000		18,639
144A,7.50%, 11/6/30		26,000		26,962
144A,6.75%, 7/1/32		8,000		8,214
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,5.875%, 11/1/29		9,000		8,900
144A,7.375%, 10/1/32		28,000		28,882
Ardonagh Finco Ltd.,144A,7.75%, 2/15/31		36,000		37,700
Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32		49,000		51,912
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
144A,7.25%, 2/15/31		28,000		28,941
144A,8.125%, 2/15/32		14,000		14,586
Jones Deslauriers Insurance Management, Inc.,144A,10.50%, 12/15/30		15,000		15,939
Panther Escrow Issuer LLC,144A,7.125%, 6/1/31		91,000		94,496

(Cost $378,710)				386,277

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Real Estate — 0.8%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30		24,200		23,845
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.
144A,5.75%, 1/15/29		22,000		20,466
144A,5.25%, 4/15/30		14,000		12,282
144A,9.75%, 4/15/30		8,000		8,505
Hunt Cos., Inc.,144A,5.25%, 4/15/29		23,000		22,537
Kennedy-Wilson, Inc.
4.75%, 3/1/29		22,000		20,969
4.75%, 2/1/30		15,000		14,073
5.00%, 3/1/31 (a)		15,000		14,015

(Cost $134,110)				136,692

Real Estate Investment Trusts — 3.5%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		15,000		14,433
Arbor Realty SR, Inc.,144A,7.875%, 7/15/30		15,000		15,623
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		12,000		12,805
Brandywine Operating Partnership LP,8.875%, 4/12/29		13,000		14,144
Diversified Healthcare Trust
4.75%, 2/15/28		10,000		9,429
4.375%, 3/1/31		23,000		19,550
Hudson Pacific Properties LP
3.95%, 11/1/27		13,000		12,438
4.65%, 4/1/29 (a)		12,000		11,041
3.25%, 1/15/30		13,000		11,010
Millrose Properties, Inc.,144A,6.375%, 8/1/30		33,000		33,319
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27 (a)		35,000		33,179
4.625%, 8/1/29 (a)		26,000		20,519
3.50%, 3/15/31		36,000		25,368
144A,8.50%, 2/15/32		55,000		57,707
Office Properties Income Trust,144A,9.00%, 9/30/29		17,000		11,698
RHP Hotel Properties LP / RHP Finance Corp.
144A,6.50%, 4/1/32		27,000		27,768
144A,6.50%, 6/15/33		17,000		17,571
Rithm Capital Corp.
144A,8.00%, 4/1/29		21,000		21,517
144A,8.00%, 7/15/30		14,000		14,304
Service Properties Trust
4.75%, 10/1/26		14,000		13,881
4.95%, 2/15/27		13,000		12,634


	Principal Amount $		Value $
5.50%, 12/15/27		14,000		13,827
3.95%, 1/15/28		10,000		9,300
8.375%, 6/15/29		17,000		17,555
4.95%, 10/1/29 (a)		11,000		9,742
4.375%, 2/15/30		8,000		6,813
144A,8.625%, 11/15/31		36,000		38,394
8.875%, 6/15/32		19,000		19,620
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital L LC,144A,6.00%, 1/15/30		21,000		19,324
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC,144A,8.625%, 6/15/32 (a)		17,000		16,731
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,144A,6.50%, 2/15/29 (a)		33,000		31,460

(Cost $584,917)				592,704

Venture Capital — 0.8%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
5.25%, 5/15/27		47,000		45,882
9.75%, 1/15/29		19,000		18,912
4.375%, 2/1/29		17,000		14,323
144A,10.00%, 11/15/29		27,000		26,760
9.00%, 6/15/30		28,000		26,699

(Cost $130,904)				132,576

Industrial — 5.5%
Building Materials — 1.6%
Builders FirstSource, Inc.
144A,6.375%, 3/1/34		28,000		28,873
144A,6.75%, 5/15/35		23,000		24,014
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		22,000		21,189
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		14,000		13,487
Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30		71,000		73,008
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31		29,000		30,025
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		13,000		12,812
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		39,000		39,114
144A,8.875%, 11/15/31		29,000		30,956

(Cost $267,792)				273,478

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		12,000		11,813
144A,4.375%, 3/31/29		25,000		23,959

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
WESCO Distribution, Inc.,144A,6.375%, 3/15/33		19,000		19,719

(Cost $54,542)				55,491

Engineering & Construction — 0.7%
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		43,000		42,271
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		26,000		27,015
IHS Holding Ltd.
144A,6.25%, 11/29/28		24,000		23,808
144A,7.875%, 5/29/30		11,000		11,249
144A,8.25%, 11/29/31		15,000		15,540

(Cost $115,595)				119,883

Environmental Control — 0.4%
Madison IAQ LLC,144A,5.875%, 6/30/29		29,000		28,734
Reworld Holding Corp.,5.00%, 9/1/30		13,000		12,574
Waste Pro USA, Inc.,144A,7.00%, 2/1/33		25,000		26,203

(Cost $65,505)				67,511

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

(Cost $25,973)		26,000		26,337

Machinery-Diversified — 0.4%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		33,000		34,670
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		13,000		13,753
SPX FLOW, Inc.,144A,8.75%, 4/1/30		14,000		14,558

(Cost $59,781)				62,981

Packaging & Containers — 1.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,144A,4.00%, 9/1/29		27,000		24,798
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,5.25%, 8/15/27		28,000		12,363
144A,5.25%, 8/15/27		26,000		11,480
LABL, Inc.
144A,5.875%, 11/1/28		12,000		9,540
144A,8.25%, 11/1/29 (a)		17,000		11,063
144A,8.625%, 10/1/31		28,000		20,696
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		86,000		87,131


	Principal Amount $		Value $
144A,9.25%, 4/15/27		36,000		35,870
OI European Group BV,144A,4.75%, 2/15/30		17,000		16,093
Owens-Brockway Glass Container, Inc.,144A,7.25%, 5/15/31 (a)		18,000		18,337
Trivium Packaging Finance BV
144A,8.25%, 7/15/30		17,000		18,072
144A,12.25%, 1/15/31		17,000		18,245

(Cost $308,665)				283,688

Transportation — 0.3%
Brightline East LLC,144A,11.00%, 1/31/30 (a)		35,000		20,142
Seaspan Corp.,144A,5.50%, 8/1/29		19,000		18,031
XPO, Inc.,144A,7.125%, 2/1/32		16,000		16,793

(Cost $63,232)				54,966

Technology — 4.6%
Computers — 0.7%
Amentum Holdings, Inc.,144A,7.25%, 8/1/32		28,000		29,220
CA Magnum Holdings,144A,5.375%, 10/31/26		29,000		28,891
McAfee Corp.,144A,7.375%, 2/15/30		57,000		52,704

(Cost $111,916)				110,815

Office/Business Equipment — 0.3%
Xerox Corp.
144A,10.25%, 10/15/30		9,000		9,350
144A,13.50%, 4/15/31		14,000		14,061
Xerox Holdings Corp.
144A,5.50%, 8/15/28		25,000		16,285
144A,8.875%, 11/30/29 (a)		14,000		8,579

(Cost $54,806)				48,275

Semiconductors — 0.5%
ams-OSRAM AG,144A,12.25%, 3/30/29		22,000		23,934
Kioxia Holdings Corp.
144A,6.25%, 7/24/30		29,000		29,048
144A,6.625%, 7/24/33		39,000		38,812

(Cost $91,501)				91,794

Software — 3.1%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30		73,000		71,676
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		19,000		16,536
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		24,000		20,303
Cloud Software Group, Inc. 144A,6.50%, 3/31/29		114,000		115,344

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,9.00%, 9/30/29		119,000		124,178
144A,6.625%, 8/15/33		30,000		30,440
CoreWeave, Inc.
144A,9.25%, 6/1/30		55,000		55,255
144A,9.00%, 2/1/31		52,000		51,545
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29		26,000		26,705
Rocket Software, Inc.,144A,6.50%, 2/15/29		21,000		20,223
West Technology Group LLC,144A,8.50%, 4/10/27		11,000		825

(Cost $523,861)				533,030

Utilities — 2.8%
Electric — 2.1%
Alpha Generation LLC,144A,6.75%, 10/15/32		34,000		35,078
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		9,000		9,294
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		12,000		12,405
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30		24,000		22,193
Lightning Power LLC,144A,7.25%, 8/15/32		49,000		52,012
NRG Energy, Inc.
144A,6.00%, 2/1/33		29,000		29,409
144A,6.25%, 11/1/34		25,000		25,647
PG&E Corp.,5.25%, 7/1/30		27,000		26,330
Pike Corp.,144A,8.625%, 1/31/31		8,000		8,571
Saavi Energia Sarl,144A,8.875%, 2/10/35		32,000		33,960
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		14,000		13,727
144A,4.50%, 9/15/27		15,000		14,722
144A,7.25%, 1/15/29 (a)		21,000		21,463
144A,8.375%, 1/15/31 (a)		21,000		21,975
144A,8.625%, 3/15/33		30,000		31,659

(Cost $348,939)				358,445

Gas — 0.7%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.75%, 5/20/27		22,000		21,969
144A,9.375%, 6/1/28		10,000		10,328
144A,9.50%, 6/1/30		15,000		15,724
Venture Global Plaquemines LNG LLC 144A,7.50%, 5/1/33		33,000		36,217


	Principal Amount $		Value $
144A,7.75%, 5/1/35		34,000		37,879

(Cost $116,643)				122,117

TOTAL CORPORATE BONDS

(Cost $16,490,396)				16,581,393

	Number of Shares
SECURITIES LENDING COLLATERAL — 5.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)

(Cost $970,915)		970,915		970,915

CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $304,525)		304,525		304,525

TOTAL INVESTMENTS — 105.0%

(Cost $17,765,836)				17,856,833

Other assets and liabilities, net — (5.0%)				(846,324	)

NET ASSETS — 100.0%				17,010,509

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 5.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
1,027,697		—		(56,782	) (d)		—		—		11,315		—		970,915		970,915
CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
127,410		1,858,377		(1,681,262	)		—		—		4,903		—		304,525		304,525

1,155,107		1,858,377		(1,738,044	)		—		—		16,218		—		1,275,440		1,275,440

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $949,389, which is 5.6% of net assets.

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

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

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


144A:		Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2025 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	16,581,393	$	—	$	16,581,393
Short-Term Investments (a)		1,275,440		—		—		1,275,440
TOTAL	$	1,275,440	$	16,581,393	$	—	$	17,856,833

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

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

August 31, 2025


	Principal Amount $		Value $

CORPORATE BONDS — 96.7%
Basic Materials — 4.2%
Chemicals — 2.5%
Ashland, Inc.,144A,3.375%, 9/1/31		128,000		114,286
Avient Corp.
144A,7.125%, 8/1/30		193,000		199,543
144A,6.25%, 11/1/31		185,000		188,569
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		152,000		160,156
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		199,000		188,152
Celanese US Holdings LLC
6.665%, 7/15/27		432,000		444,819
6.85%, 11/15/28		294,000		306,610
6.83%, 7/15/29		213,000		221,898
Methanex Corp.
5.125%, 10/15/27		199,000		198,240
5.25%, 12/15/29		199,000		197,831
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		298,000		298,938
144A,8.50%, 11/15/28		100,000		104,879
144A,4.25%, 5/15/29		163,000		156,615
144A,7.00%, 12/1/31		124,000		130,531
Olin Corp.
5.625%, 8/1/29		200,000		199,691
5.00%, 2/1/30 (a)		149,000		144,731
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28		322,000		314,899
WR Grace Holdings LLC,144A,4.875%, 6/15/27		140,000		139,049

(Cost $3,727,039)				3,709,437

Iron/Steel — 0.2%
Cleveland-Cliffs, Inc.,5.875%, 6/1/27		153,000		152,922
United States Steel Corp.,6.875%, 3/1/29		135,000		136,112

(Cost $291,199)				289,034

Mining — 1.5%
Alcoa Nederland Holding BV
144A,4.125%, 3/31/29		142,000		136,856
144A,7.125%, 3/15/31		213,000		224,811
Alumina Pty Ltd.
144A,6.125%, 3/15/30		142,000		144,402
144A,6.375%, 9/15/32		142,000		144,924
Fortescue Treasury Pty Ltd.
144A,4.50%, 9/15/27		167,000		165,600
144A,5.875%, 4/15/30		199,000		203,376
144A,4.375%, 4/1/31		446,000		424,376
144A,6.125%, 4/15/32		227,000		233,120


	Principal Amount $		Value $
Hudbay Minerals, Inc.,144A,6.125%, 4/1/29		164,000		165,919
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		162,000		159,363
144A,4.50%, 6/1/31		156,000		146,473

(Cost $2,140,899)				2,149,220

Communications — 6.4%
Advertising — 0.6%
Lamar Media Corp.
3.75%, 2/15/28		169,000		164,445
4.00%, 2/15/30		166,000		157,930
3.625%, 1/15/31		156,000		144,557
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		184,000		182,636
144A,7.375%, 2/15/31		138,000		145,714

(Cost $818,031)				795,282

Internet — 1.8%
Arches Buyer, Inc.,144A,4.25%, 6/1/28		270,000		262,774
Gen Digital, Inc.
144A,6.75%, 9/30/27		256,000		260,759
144A,7.125%, 9/30/30		167,000		173,004
144A,6.25%, 4/1/33		280,000		288,625
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		170,000		169,473
144A,3.50%, 3/1/29		227,000		215,244
Match Group Holdings II LLC
144A,5.00%, 12/15/27		128,000		127,403
144A,4.625%, 6/1/28		152,000		149,804
144A,4.125%, 8/1/30		142,000		133,812
144A,3.625%, 10/1/31		142,000		128,259
144A,6.125%, 9/15/33		200,000		202,333
Rakuten Group, Inc.,144A,11.25%, 2/15/27		504,000		545,401

(Cost $2,682,588)				2,656,891

Media — 1.8%
CCO Holdings LLC / CCO Holdings Capital Corp.,144A,5.125%, 5/1/27		943,000		938,837
Nexstar Media, Inc.,144A,5.625%, 7/15/27		487,000		486,776
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		284,000		282,422
144A,5.00%, 8/1/27		436,000		434,305
144A,4.00%, 7/15/28		573,000		553,377

(Cost $2,725,503)				2,695,717

Telecommunications — 2.2%
CommScope LLC
144A,8.25%, 3/1/27		27,000		27,341
144A,7.125%, 7/1/28		19,000		19,076

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,4.75%, 9/1/29		270,000		267,098
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		327,000		327,131
144A,5.00%, 5/1/28		470,000		469,094
144A,6.75%, 5/1/29		284,000		286,958
5.875%, 11/1/29		213,000		215,000
144A,6.00%, 1/15/30		284,000		287,343
144A,8.75%, 5/15/30		281,000		293,906
144A,8.625%, 3/15/31		223,000		236,871
Lumen Technologies, Inc.
144A,4.125%, 4/15/30		55,000		54,175
144A,10.00%, 10/15/32		8,400		8,519
Maya SAS/Paris France,144A,7.00%, 10/15/28		243,000		247,459
Millicom International Cellular SA
144A,5.125%, 1/15/28		111,600		110,681
144A,6.25%, 3/25/29		172,800		173,328
Zegona Finance PLC,144A,8.625%, 7/15/29		236,000		251,408

(Cost $3,274,934)				3,275,388

Consumer, Cyclical — 17.2%

Apparel — 0.1%
Levi Strauss & Co.,144A,3.50%, 3/1/31

(Cost $139,818)		152,000		140,368

Auto Manufacturers — 1.2%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		114,000		113,097
144A,5.875%, 6/1/29		142,000		143,197
144A,3.75%, 1/30/31		294,000		271,526
Nissan Motor Acceptance Co. LLC
144A,5.30%, 9/13/27		114,000		113,506
144A,2.75%, 3/9/28		170,000		158,514
144A,7.05%, 9/15/28		199,000		206,040
Nissan Motor Co. Ltd.,144A,4.345%, 9/17/27		730,000		714,125

(Cost $1,742,158)				1,720,005

Auto Parts & Equipment — 1.6%
Adient Global Holdings Ltd.,144A,7.00%, 4/15/28		142,000		146,408
American Axle & Manufacturing, Inc.,6.50%, 4/1/27		19,000		19,139
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		451,000		453,743
144A,6.75%, 5/15/28		223,000		228,117
Dana, Inc.
5.375%, 11/15/27		124,000		123,887


	Principal Amount $		Value $
5.625%, 6/15/28		114,000		114,014
4.25%, 9/1/30		114,000		112,782
Goodyear Tire & Rubber Co.
4.875%, 3/15/27		199,000		197,721
5.00%, 7/15/29		240,000		232,872
6.625%, 7/15/30		142,000		144,573
Qnity Electronics, Inc.
144A,5.75%, 8/15/32		285,000		290,081
144A,6.25%, 8/15/33		216,000		223,554

(Cost $2,283,591)				2,286,891

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		199,000		194,822
144A,3.875%, 11/15/29		114,000		108,212
RB Global Holdings, Inc.
144A,6.75%, 3/15/28		166,000		170,113
144A,7.75%, 3/15/31		237,000		249,003

(Cost $725,742)				722,150

Entertainment — 3.0%
Brightstar Lottery PLC
144A,6.25%, 1/15/27		223,000		225,377
144A,5.25%, 1/15/29		213,000		211,959
Caesars Entertainment, Inc.
144A,7.00%, 2/15/30		568,000		587,734
144A,6.50%, 2/15/32		446,000		457,511
Churchill Downs, Inc.
144A,5.50%, 4/1/27		170,000		170,021
144A,4.75%, 1/15/28		199,000		196,984
144A,5.75%, 4/1/30		351,000		351,275
144A,6.75%, 5/1/31		180,000		185,224
Light & Wonder International, Inc.,144A,7.00%, 5/15/28		209,000		209,836
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		341,000		344,790
144A,4.75%, 10/15/27		270,000		267,921
144A,3.75%, 1/15/28		162,000		157,970
Six Flags Entertainment Corp.,144A,5.50%, 4/15/27		152,000		151,691
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.,5.375%, 4/15/27		152,000		151,367
Vail Resorts, Inc.
144A,5.625%, 7/15/30		142,000		143,982
144A,6.50%, 5/15/32		170,000		176,191
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		213,000		212,726
144A,6.25%, 3/15/33		227,000		229,938

(Cost $4,431,322)				4,432,497

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Food Service — 0.2%
Aramark Services, Inc.,144A,5.00%, 2/1/28
(Cost $324,655)		327,000		324,895

Home Builders — 0.7%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30		114,000		107,651
Century Communities, Inc.,144A,3.875%, 8/15/29		142,000		132,382
Mattamy Group Corp.
144A,5.25%, 12/15/27		142,000		141,618
144A,4.625%, 3/1/30		180,000		172,552
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		142,000		143,382
144A,5.75%, 1/15/28		128,000		129,701
144A,5.125%, 8/1/30		142,000		141,689

(Cost $968,836)				968,975

Home Furnishings — 0.5%
Somnigroup International, Inc.
144A,4.00%, 4/15/29		227,000		218,419
144A,3.875%, 10/15/31		227,000		207,831
Whirlpool Corp.
4.75%, 2/26/29		199,000		196,619
6.125%, 6/15/30		170,000		172,023

(Cost $783,740)				794,892

Housewares — 0.1%
Scotts Miracle-Gro Co.,4.50%, 10/15/29

(Cost $111,670)		117,000		113,142

Leisure Time — 2.3%
Carnival Corp.
144A,6.00%, 5/1/29		568,000		575,720
144A,5.75%, 3/15/30		284,000		291,335
144A,5.875%, 6/15/31		284,000		291,319
144A,5.75%, 8/1/32		862,000		877,300
144A,6.125%, 2/15/33		593,000		609,325
Life Time, Inc.,144A,6.00%, 11/15/31		142,000		143,599
NCL Corp. Ltd.
144A,5.875%, 2/15/27		284,000		284,774
144A,8.125%, 1/15/29		224,000		235,698

(Cost $3,272,299)				3,309,070

Lodging — 2.7%
Boyd Gaming Corp.
4.75%, 12/1/27		284,000		281,952
144A,4.75%, 6/15/31		256,000		246,554


	Principal Amount $		Value $
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		61,000		61,150
144A,5.875%, 4/1/29		166,000		169,147
144A,3.75%, 5/1/29		237,000		227,441
4.875%, 1/15/30		284,000		283,395
144A,4.00%, 5/1/31		312,000		294,111
144A,3.625%, 2/15/32		436,000		398,239
144A,6.125%, 4/1/32		128,000		131,543
144A,5.875%, 3/15/33		284,000		290,009
144A,5.75%, 9/15/33		279,000		281,476
MGM Resorts International
4.625%, 9/1/26		124,000		123,262
5.50%, 4/15/27		192,000		193,214
4.75%, 10/15/28		213,000		212,147
6.125%, 9/15/29		241,000		246,298
Station Casinos LLC,144A,4.50%, 2/15/28		196,000		193,312
Travel + Leisure Co.,6.00%, 4/1/27		114,000		115,563
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		266,000		266,344

(Cost $4,058,138)				4,015,157

Retail — 4.3%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		440,000		428,659
144A,4.375%, 1/15/28		223,000		219,527
144A,3.50%, 2/15/29		213,000		202,845
144A,6.125%, 6/15/29		351,000		359,864
144A,5.625%, 9/15/29		142,000		143,867
144A,4.00%, 10/15/30		843,000		788,988
Asbury Automotive Group, Inc.
4.50%, 3/1/28		115,000		113,726
144A,4.625%, 11/15/29		227,000		220,983
4.75%, 3/1/30		126,000		123,147
Bath & Body Works, Inc.,5.25%, 2/1/28		126,000		126,752
FirstCash, Inc.
144A,4.625%, 9/1/28		152,000		149,357
144A,5.625%, 1/1/30		166,000		165,842
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		213,000		206,823
144A,6.375%, 1/15/30		162,000		166,292
LCM Investments Holdings II LLC,144A,4.875%, 5/1/29		304,000		298,723
Lithia Motors, Inc.
144A,4.625%, 12/15/27		115,000		114,029
144A,3.875%, 6/1/29		227,000		217,809
144A,4.375%, 1/15/31		156,000		148,365
Murphy Oil USA, Inc. 4.75%, 9/15/29		142,000		139,778

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,3.75%, 2/15/31		142,000		131,599
Penske Automotive Group, Inc.,3.75%, 6/15/29		142,000		135,502
QXO Building Products, Inc.,144A,6.75%, 4/30/32		649,000		671,913
Yum! Brands, Inc.
144A,4.75%, 1/15/30		237,000		235,255
3.625%, 3/15/31		298,000		277,383
4.625%, 1/31/32		312,000		301,806
5.375%, 4/1/32		294,000		296,011

(Cost $6,466,599)				6,384,845

Consumer, Non-cyclical — 21.5%
Agriculture — 0.3%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		131,000		130,799
144A,6.00%, 6/15/30		284,000		287,317

(Cost $419,633)				418,116

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

(Cost $204,466)		212,000		205,194

Commercial Services — 6.7%
ADT Security Corp.,144A,4.125%, 8/1/29		284,000		274,783
Belron UK Finance PLC,144A,5.75%, 10/15/29		317,000		321,255
Block, Inc.
144A,5.625%, 8/15/30		346,000		353,898
3.50%, 6/1/31		284,000		262,538
6.50%, 5/15/32		568,000		588,876
144A,6.00%, 8/15/33		288,000		295,855
Boost Newco Borrower LLC,144A,7.50%, 1/15/31		618,000		656,046
Brink’s Co.
144A,4.625%, 10/15/27		170,000		168,659
144A,6.50%, 6/15/29		114,000		117,318
Clarivate Science Holdings Corp.,144A,3.875%, 7/1/28		272,000		262,601
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28		293,000		310,681
Garda World Security Corp.
144A,4.625%, 2/15/27		162,000		160,957
144A,7.75%, 2/15/28		114,000		117,684
Herc Holdings, Inc.
144A,5.50%, 7/15/27		351,000		350,839
144A,6.625%, 6/15/29		227,000		233,970
144A,7.00%, 6/15/30		469,000		488,426


	Principal Amount $		Value $
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,3.375%, 8/31/27		314,000		304,473
144A,6.25%, 1/15/28		369,000		369,229
Service Corp. International
4.625%, 12/15/27		156,000		155,312
5.125%, 6/1/29		213,000		211,931
3.375%, 8/15/30		251,000		232,088
4.00%, 5/15/31		237,000		222,967
5.75%, 10/15/32		227,000		229,539
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32		479,000		496,958
United Rentals North America, Inc.
5.50%, 5/15/27		129,000		128,986
3.875%, 11/15/27		233,000		229,186
4.875%, 1/15/28		474,000		471,681
5.25%, 1/15/30		233,000		233,852
4.00%, 7/15/30		213,000		203,581
3.875%, 2/15/31		312,000		293,771
3.75%, 1/15/32		223,000		205,661
144A,6.125%, 3/15/34		312,000		323,553
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		142,000		139,828
144A,6.625%, 6/15/29		142,000		145,584
144A,6.625%, 4/15/30		142,000		147,091
144A,7.375%, 10/1/31		162,000		169,550

(Cost $9,991,639)				9,879,207

Cosmetics/Personal Care — 0.9%
Edgewell Personal Care Co.,144A,5.50%, 6/1/28		213,000		212,137
Opal Bidco SAS,144A,6.50%, 3/31/32		322,000		327,876
Perrigo Finance Unlimited Co.
4.90%, 6/15/30		213,000		208,586
6.125%, 9/30/32		213,000		214,519
Prestige Brands, Inc.
144A,5.125%, 1/15/28		124,000		123,294
144A,3.75%, 4/1/31		170,000		156,778

(Cost $1,255,159)				1,243,190

Food — 3.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,4.625%, 1/15/27		383,000		380,981
144A,5.875%, 2/15/28		213,000		213,109
144A,6.50%, 2/15/28		223,000		227,451
144A,3.50%, 3/15/29		393,000		374,018
144A,4.875%, 2/15/30		294,000		289,802
144A,6.25%, 3/15/33		170,000		174,081

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		142,000		141,543
144A,4.125%, 1/31/30		285,000		273,448
144A,4.375%, 1/31/32		199,000		187,325
Performance Food Group, Inc.
144A,5.50%, 10/15/27		301,000		300,780
144A,4.25%, 8/1/29		284,000		275,227
144A,6.125%, 9/15/32		294,000		301,281
Pilgrim’s Pride Corp.
3.50%, 3/1/32		273,000		246,857
6.25%, 7/1/33		262,000		276,447
6.875%, 5/15/34		142,000		155,662
Post Holdings, Inc.,144A,6.25%, 2/15/32		284,000		292,099
US Foods, Inc.
144A,6.875%, 9/15/28		142,000		146,481
144A,4.75%, 2/15/29		266,000		262,192
144A,4.625%, 6/1/30		142,000		138,903
144A,7.25%, 1/15/32		152,000		159,790
144A,5.75%, 4/15/33		142,000		142,819

(Cost $4,982,823)				4,960,296

Healthcare-Products — 2.5%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		470,000		462,862
144A,3.875%, 11/1/29		227,000		215,826
Hologic, Inc.
144A,4.625%, 2/1/28		124,000		122,885
144A,3.25%, 2/15/29		262,000		250,480
Medline Borrower LP
144A,3.875%, 4/1/29		1,278,000		1,227,994
144A,5.25%, 10/1/29		730,000		723,388
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		426,000		438,160
Teleflex, Inc.
4.625%, 11/15/27		142,000		140,565
144A,4.25%, 6/1/28		142,000		139,220

(Cost $3,741,347)				3,721,380

Healthcare-Services — 6.0%
Acadia Healthcare Co., Inc.
144A,5.50%, 7/1/28		131,000		130,440
144A,5.00%, 4/15/29		145,000		141,844
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		152,000		148,557
144A,3.75%, 3/15/29		152,000		144,219
144A,4.00%, 3/15/31		142,000		131,460
Concentra Health Services, Inc.,144A,6.875%, 7/15/32		185,000		192,012
DaVita, Inc.
144A,4.625%, 6/1/30		811,000		781,378
144A,3.75%, 2/15/31		426,000		388,993


	Principal Amount $		Value $
144A,6.75%, 7/15/33		284,000		294,566
Encompass Health Corp.
4.50%, 2/1/28		237,000		234,877
4.75%, 2/1/30		227,000		223,928
4.625%, 4/1/31		114,000		110,603
IQVIA, Inc.
144A,5.00%, 10/15/26		298,000		297,920
144A,5.00%, 5/15/27		312,000		310,936
144A,6.50%, 5/15/30		142,000		147,354
144A,6.25%, 6/1/32		568,000		586,214
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		237,000		231,133
144A,3.875%, 11/15/30		185,000		170,060
144A,3.875%, 5/15/32		213,000		190,582
144A,6.25%, 1/15/33		213,000		214,658
Select Medical Corp.,144A,6.25%, 12/1/32 (a)		156,000		157,040
Tenet Healthcare Corp.
6.25%, 2/1/27		426,000		426,545
5.125%, 11/1/27		426,000		425,040
4.625%, 6/15/28		170,000		168,205
6.125%, 10/1/28		710,000		710,956
4.25%, 6/1/29		408,000		397,487
4.375%, 1/15/30		422,000		410,077
6.125%, 6/15/30		568,000		577,404
6.75%, 5/15/31		383,000		398,335

(Cost $8,805,848)				8,742,823

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

(Cost $131,978)		142,000		134,432

Pharmaceuticals — 1.5%
Jazz Securities DAC,144A,4.375%, 1/15/29		426,000		417,299
Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28		596,000		571,195
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		521,000		511,022
6.75%, 3/1/28		355,000		368,667
6.00%, 12/1/32		142,000		146,125
Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30		219,000		223,806

(Cost $2,257,549)				2,238,114

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Energy — 8.4%
Oil & Gas — 3.9%
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,5.875%, 6/30/29		114,000		113,809
144A,6.625%, 10/15/32		170,000		173,190
Civitas Resources, Inc.,144A,5.00%, 10/15/26		124,000		123,741
CNX Resources Corp.
144A,6.00%, 1/15/29		152,000		152,430
144A,7.375%, 1/15/31		142,000		147,363
144A,7.25%, 3/1/32		170,000		176,509
Crescent Energy Finance LLC,144A,9.25%, 2/15/28		142,000		147,855
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		180,939		180,849
144A,REGS, 6.75%, 6/30/30		156,361		155,442
Matador Resources Co.
144A,6.875%, 4/15/28		142,000		145,385
144A,6.50%, 4/15/32		266,000		270,044
144A,6.25%, 4/15/33		213,000		215,107
Murphy Oil Corp.,6.00%, 10/1/32		170,000		165,661
Parkland Corp.
144A,5.875%, 7/15/27		152,000		151,999
144A,4.50%, 10/1/29		227,000		220,588
Permian Resources Operating LLC
144A,5.875%, 7/1/29		199,000		199,184
144A,7.00%, 1/15/32		284,000		294,632
144A,6.25%, 2/1/33		294,000		299,667
Range Resources Corp.
8.25%, 1/15/29		175,000		179,704
144A,4.75%, 2/15/30		142,000		138,613
SM Energy Co.
6.75%, 9/15/26		119,000		118,860
6.625%, 1/15/27		118,000		118,161
6.50%, 7/15/28		114,000		115,159
144A,6.75%, 8/1/29		213,000		215,259
Sunoco LP
144A,7.00%, 5/1/29		213,000		221,331
144A,6.25%, 7/1/33		284,000		290,433
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		170,000		170,243
144A,7.00%, 9/15/28		142,000		146,794
4.50%, 5/15/29		227,000		221,409
4.50%, 4/30/30		237,000		229,178
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		199,000		194,410

(Cost $5,648,752)				5,693,009


	Principal Amount $		Value $
Pipelines — 4.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		185,000		185,071
144A,5.75%, 1/15/28		185,000		185,626
144A,5.375%, 6/15/29		223,000		221,809
Buckeye Partners LP
3.95%, 12/1/26		170,000		168,064
4.125%, 12/1/27		114,000		112,215
144A,4.50%, 3/1/28		142,000		139,858
144A,6.75%, 2/1/30		142,000		147,581
Genesis Energy LP / Genesis Energy Finance Corp.,7.75%, 2/1/28		218,000		220,531
Hess Midstream Operations LP
144A,5.875%, 3/1/28		237,000		241,121
144A,5.125%, 6/15/28		156,000		155,752
144A,6.50%, 6/1/29		170,000		175,884
144A,4.25%, 2/15/30		223,000		216,680
144A,5.50%, 10/15/30		114,000		114,694
Howard Midstream Energy Partners LLC
144A,7.375%, 7/15/32		170,000		177,395
144A,6.625%, 1/15/34		216,000		219,664
NuStar Logistics LP
5.625%, 4/28/27		156,000		156,931
6.375%, 10/1/30		180,000		186,484
Rockies Express Pipeline LLC,144A,4.95%, 7/15/29		166,000		163,443
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,144A,6.00%, 3/1/27		122,000		121,927
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		355,000		340,557
144A,6.25%, 1/15/30		304,000		316,764
144A,4.125%, 8/15/31		365,000		342,935
144A,3.875%, 11/1/33		355,000		316,458
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		649,000		672,901
144A,9.50%, 2/1/29		852,000		937,233
144A,7.00%, 1/15/30 (a)		436,000		449,567

(Cost $6,753,590)				6,687,145

Financial — 14.8%
Banks — 0.1%
Banco Votorantim SA,144A,5.875%, 4/8/28		186,000		189,804
Freedom Mortgage Corp.,144A,12.00%, 10/1/28		17,000		18,191

(Cost $206,841)				207,995

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Diversified Financial Services — 6.2%
Ally Financial, Inc.,6.70%, 2/14/33		142,000		147,552
Coinbase Global, Inc.
144A,3.375%, 10/1/28		308,000		292,449
144A,3.625%, 10/1/31		209,000		187,211
GGAM Finance Ltd.
144A,8.00%, 2/15/27		209,000		214,536
144A,8.00%, 6/15/28		170,000		180,493
144A,6.875%, 4/15/29		116,000		120,350
144A,5.875%, 3/15/30		114,000		115,421
Jane Street Group / JSG Finance, Inc.
144A,4.50%, 11/15/29		170,000		164,305
144A,7.125%, 4/30/31		398,000		416,080
144A,6.125%, 11/1/32		484,000		486,586
144A,6.75%, 5/1/33		383,000		396,017
Nationstar Mortgage Holdings, Inc.
144A,6.00%, 1/15/27		90,000		89,891
144A,5.50%, 8/15/28		181,000		180,749
144A,6.50%, 8/1/29		237,000		243,372
144A,5.125%, 12/15/30		205,000		208,050
144A,5.75%, 11/15/31		190,000		192,396
144A,7.125%, 2/1/32		316,000		329,629
Navient Corp.
5.00%, 3/15/27		199,000		197,681
4.875%, 3/15/28		142,000		139,365
OneMain Finance Corp.
3.50%, 1/15/27		223,000		218,380
6.625%, 1/15/28		223,000		228,776
3.875%, 9/15/28		180,000		172,682
6.625%, 5/15/29		256,000		263,561
5.375%, 11/15/29		210,000		207,772
6.125%, 5/15/30		210,000		213,406
PennyMac Financial Services, Inc.
144A,4.25%, 2/15/29		185,000		178,569
144A,7.875%, 12/15/29		213,000		226,529
Rocket Cos., Inc.
144A,6.125%, 8/1/30		568,000		584,827
144A,6.375%, 8/1/33		588,000		610,917
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		327,000		320,291
144A,3.625%, 3/1/29		213,000		203,199
144A,3.875%, 3/1/31		365,000		341,309
144A,4.00%, 10/15/33		241,000		217,433
SLM Corp.
3.125%, 11/2/26		142,000		139,314
6.50%, 1/31/30		142,000		148,725


	Principal Amount $		Value $
StoneX Group, Inc.,144A,7.875%, 3/1/31		166,000		175,593
United Wholesale Mortgage LLC
144A,5.75%, 6/15/27		142,000		141,940
144A,5.50%, 4/15/29		199,000		196,134

(Cost $9,068,132)				9,091,490

Insurance — 2.8%
Acrisure LLC / Acrisure Finance, Inc.,144A,4.25%, 2/15/29		209,000		201,840
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,4.25%, 10/15/27		213,000		210,111
144A,6.75%, 4/15/28		355,000		362,394
144A,7.00%, 1/15/31		432,000		447,147
144A,6.50%, 10/1/31		284,000		290,667
AmWINS Group, Inc., 144A,6.375%, 2/15/29		233,000		238,944
HUB International Ltd.
144A,5.625%, 12/1/29		156,000		156,643
144A,7.25%, 6/15/30		940,000		983,831
144A,7.375%, 1/31/32		540,000		568,326
Jones Deslauriers Insurance Management, Inc., 144A,8.50%, 3/15/30		206,000		218,034
Ryan Specialty LLC
144A,4.375%, 2/1/30		124,000		120,001
144A,5.875%, 8/1/32		341,000		343,551

(Cost $4,118,580)				4,141,489

Real Estate — 0.6%
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		185,000		186,941
144A,8.875%, 9/1/31		107,000		114,812
Howard Hughes Corp.
144A,5.375%, 8/1/28		213,000		212,945
144A,4.125%, 2/1/29		185,000		177,101
144A,4.375%, 2/1/31		185,000		172,437

(Cost $877,439)				864,236

Real Estate Investment Trusts — 5.1%
Brandywine Operating Partnership LP,3.95%, 11/15/27		138,000		134,465
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27		141,000		138,671
Global Net Lease, Inc.,144A,4.50%, 9/30/28		142,000		138,130
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		152,000		147,538

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Iron Mountain, Inc.
144A,4.875%, 9/15/27		304,000		302,248
144A,5.25%, 3/15/28		244,000		243,574
144A,5.00%, 7/15/28		142,000		141,029
144A,7.00%, 2/15/29		294,000		303,027
144A,4.875%, 9/15/29		294,000		289,171
144A,5.25%, 7/15/30		379,000		375,311
144A,4.50%, 2/15/31		312,000		297,012
144A,5.625%, 7/15/32		170,000		168,830
144A,6.25%, 1/15/33		341,000		349,155
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		170,000		167,322
144A,4.75%, 6/15/29		180,000		176,139
5.50%, 8/1/30		152,000		154,975
144A,7.00%, 7/15/31		142,000		149,405
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		206,000		205,949
144A,4.875%, 5/15/29		213,000		207,459
144A,7.00%, 2/1/30		156,000		161,200
Pebblebrook Hotel LP / PEB Finance Corp., 144A,6.375%, 10/15/29		114,000		115,577
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		209,000		208,612
144A,7.25%, 7/15/28		111,000		114,323
144A,4.50%, 2/15/29		170,000		166,254
RLJ Lodging Trust LP,144A,4.00%, 9/15/29		142,000		133,355
SBA Communications Corp.
3.875%, 2/15/27		435,000		427,876
3.125%, 2/1/29		436,000		410,073
Starwood Property Trust, Inc.
144A,4.375%, 1/15/27		144,000		142,456
144A,7.25%, 4/1/29		190,000		199,349
144A,6.00%, 4/15/30		114,000		116,193
144A,6.50%, 7/1/30		142,000		147,477
144A,6.50%, 10/15/30		142,000		146,940
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		656,000		690,696
144A,4.75%, 4/15/28		162,000		158,198

(Cost $7,426,528)				7,427,989

Industrial — 15.1%
Aerospace/Defense — 4.5%
ATI, Inc.,7.25%, 8/15/30		121,000		127,554
Bombardier, Inc.
144A,6.00%, 2/15/28		213,000		213,381


	Principal Amount $		Value $
144A,7.50%, 2/1/29		223,000		232,864
144A,8.75%, 11/15/30		223,000		240,603
144A,7.25%, 7/1/31		213,000		224,829
144A,7.00%, 6/1/32		213,000		222,675
144A,6.75%, 6/15/33		142,000		147,838
Spirit AeroSystems, Inc.
4.60%, 6/15/28		199,000		198,623
144A,9.375%, 11/30/29		256,000		271,070
144A,9.75%, 11/15/30		351,000		387,002
TransDigm, Inc.
144A,6.75%, 8/15/28		557,000		573,313
4.625%, 1/15/29		329,000		322,182
144A,6.375%, 3/1/29		730,000		748,311
4.875%, 5/1/29		199,000		195,541
144A,6.875%, 12/15/30		395,000		409,894
144A,7.125%, 12/1/31		275,000		286,993
144A,6.625%, 3/1/32		594,000		612,381
144A,6.00%, 1/15/33		428,000		433,111
144A,6.375%, 5/31/33		704,000		715,115

(Cost $6,521,463)				6,563,280

Building Materials — 2.9%
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		156,000		154,391
144A,4.25%, 2/1/32		369,000		347,061
144A,6.375%, 6/15/32		219,000		225,986
James Hardie International Finance DAC, 144A,5.00%, 1/15/28		114,000		112,658
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 144A,6.75%, 4/1/32		199,000		205,266
Quikrete Holdings, Inc.
144A,6.375%, 3/1/32		1,132,000		1,168,197
144A,6.75%, 3/1/33		436,000		452,261
Standard Building Solutions, Inc.
144A,6.50%, 8/15/32		284,000		293,320
144A,6.25%, 8/1/33		301,000		307,427
Standard Industries, Inc.
144A,4.75%, 1/15/28		284,000		281,532
144A,4.375%, 7/15/30		484,000		464,113
144A,3.375%, 1/15/31		312,000		283,385

(Cost $3,975,097)				4,295,597

Electrical Components & Equipment — 0.6%
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		376,000		382,054
144A,6.375%, 3/15/29		256,000		263,892
144A,6.625%, 3/15/32		241,000		250,188

(Cost $904,560)				896,134

Electronics — 1.0%
Imola Merger Corp.,144A,4.75%, 5/15/29		568,000		554,109

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Sensata Technologies BV
144A,4.00%, 4/15/29		284,000		272,290
144A,5.875%, 9/1/30		152,000		153,456
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		128,000		123,343
144A,3.75%, 2/15/31		213,000		195,947
144A,6.625%, 7/15/32 (a)		152,000		157,125

(Cost $1,487,136)				1,456,270

Engineering & Construction — 0.5%
AECOM,144A,6.00%, 8/1/33		341,000		348,281
Arcosa, Inc.
144A,4.375%, 4/15/29		114,000		110,773
144A,6.875%, 8/15/32		180,000		187,913
Fluor Corp.,4.25%, 9/15/28		139,000		136,862

(Cost $777,265)				783,829

Environmental Control — 1.0%
Clean Harbors, Inc.,144A,6.375%, 2/1/31		142,000		145,617
GFL Environmental, Inc.
144A,4.00%, 8/1/28		223,000		217,560
144A,4.75%, 6/15/29		213,000		209,732
144A,4.375%, 8/15/29		156,000		151,852
144A,6.75%, 1/15/31		294,000		307,284
Madison IAQ LLC,144A,4.125%, 6/30/28		199,000		193,627
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		152,000		158,557

(Cost $1,374,685)				1,384,229

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

(Cost $164,749)		170,000		167,344

Machinery-Diversified — 0.3%
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27

(Cost $450,186)		453,000		452,023

Miscellaneous Manufacturing — 0.5%
Axon Enterprise, Inc.
144A,6.125%, 3/15/30		284,000		292,497
144A,6.25%, 3/15/33		223,000		231,075
Trinity Industries, Inc.,144A,7.75%, 7/15/28		180,000		186,248

(Cost $704,013)				709,820


	Principal Amount $		Value $
Packaging & Containers — 2.9%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		170,000		170,141
144A,3.25%, 9/1/28		170,000		160,804
Ball Corp.
6.875%, 3/15/28		213,000		217,572
6.00%, 6/15/29		294,000		301,958
2.875%, 8/15/30		369,000		334,072
3.125%, 9/15/31		241,000		217,383
5.50%, 9/15/33		216,000		218,743
Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29		227,000		214,004
Clydesdale Acquisition Holdings, Inc.
144A,6.875%, 1/15/30		142,000		146,168
144A,6.75%, 4/15/32		412,000		423,598
Crown Americas LLC
5.25%, 4/1/30		152,000		154,112
144A,5.875%, 6/1/33		199,000		201,472
Graphic Packaging International LLC
144A,3.50%, 3/15/28		128,000		123,318
144A,3.75%, 2/1/30		114,000		107,125
144A,6.375%, 7/15/32		152,000		154,629
Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27		174,000		174,001
Sealed Air Corp.
144A,4.00%, 12/1/27		121,000		118,545
144A,6.125%, 2/1/28		220,000		223,313
144A,5.00%, 4/15/29		121,000		120,110
144A,7.25%, 2/15/31		121,000		127,540
144A,6.50%, 7/15/32		114,000		118,008
Silgan Holdings, Inc.,4.125%, 2/1/28		182,000		177,246

(Cost $4,262,247)				4,203,862

Transportation — 0.1%
XPO, Inc.,144A,7.125%, 6/1/31

(Cost $145,277)		140,000		145,829

Trucking & Leasing — 0.7%
FTAI Aviation Investors LLC
144A,5.50%, 5/1/28		294,000		294,080
144A,7.875%, 12/1/30		152,000		161,679
144A,7.00%, 5/1/31		209,000		218,735
144A,7.00%, 6/15/32		227,000		237,054
144A,5.875%, 4/15/33		142,000		142,392

(Cost $1,041,817)				1,053,940

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Technology — 5.1%
Computers — 1.2%
CACI International, Inc.,144A,6.375%, 6/15/33		284,000		293,285
NCR Atleos Corp.,144A,9.50%, 4/1/29		393,000		426,390
NCR Voyix Corp.
144A,5.00%, 10/1/28		195,000		192,424
144A,5.125%, 4/15/29		124,000		122,564
Seagate Data Storage Technology Pte Ltd.
144A,4.091%, 6/1/29		122,000		116,106
144A,8.25%, 12/15/29		150,000		159,704
144A,5.875%, 7/15/30		114,000		115,653
144A,8.50%, 7/15/31		144,000		153,171
144A,9.625%, 12/1/32		207,094		235,314

(Cost $1,822,236)				1,814,611

Semiconductors — 0.8%
Entegris, Inc.
144A,4.375%, 4/15/28		114,000		110,951
144A,4.75%, 4/15/29		474,000		467,588
144A,3.625%, 5/1/29		114,000		107,574
144A,5.95%, 6/15/30		254,000		257,482
ON Semiconductor Corp.,144A,3.875%, 9/1/28		199,000		193,559

(Cost $1,140,068)				1,137,154

Software — 3.1%
Cloud Software Group, Inc.,144A,8.25%, 6/30/32		511,000		546,713
Fair Isaac Corp.
144A,4.00%, 6/15/28		286,000		278,858
144A,6.00%, 5/15/33		426,000		432,781
Open Text Corp.
144A,3.875%, 2/15/28		256,000		249,016
144A,3.875%, 12/1/29		241,000		227,361
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		262,000		247,551
144A,4.125%, 12/1/31		189,000		174,061
ROBLOX Corp.,144A,3.875%, 5/1/30		295,000		280,710
Rocket Software, Inc.,144A,9.00%, 11/28/28		227,000		233,918
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		568,000		568,576
144A,6.50%, 6/1/32		223,000		231,575
Twilio, Inc.
3.625%, 3/15/29		142,000		135,677
3.875%, 3/15/31		142,000		132,769
UKG, Inc.,144A,6.875%, 2/1/31		715,000		739,832

(Cost $4,488,027)				4,479,398


	Principal Amount $		Value $
Utilities — 4.0%
Electric — 4.0%
Calpine Corp.
144A,4.50%, 2/15/28		355,000		351,818
144A,5.125%, 3/15/28		398,000		397,957
144A,4.625%, 2/1/29		195,000		192,799
144A,5.00%, 2/1/31		251,000		249,109
144A,3.75%, 3/1/31		256,000		243,398
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		241,000		238,465
144A,3.75%, 2/15/31		273,000		251,278
NRG Energy, Inc.
5.75%, 1/15/28		243,000		243,922
144A,3.375%, 2/15/29		152,000		144,118
144A,5.25%, 6/15/29		218,000		217,492
144A,5.75%, 7/15/29		227,000		228,047
144A,3.625%, 2/15/31		292,000		269,526
PG&E Corp.,5.00%, 7/1/28		279,000		275,997
Pike Corp.,144A,5.50%, 9/1/28		206,000		206,213
Talen Energy Supply LLC,144A,8.625%, 6/1/30		341,000		364,370
TransAlta Corp.,7.75%, 11/15/29		114,000		118,598
Vistra Operations Co. LLC 144A,5.625%, 2/15/27		369,000		369,380
144A,5.00%, 7/31/27		379,000		378,213
144A,4.375%, 5/1/29		355,000		347,201
144A,7.75%, 10/15/31		412,000		438,000
144A,6.875%, 4/15/32		284,000		298,237

(Cost $5,821,452)				5,824,138

TOTAL CORPORATE BONDS

(Cost $141,939,343)				141,807,419

	Number of Shares

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)

(Cost $721,426)		721,426		721,426

CASH EQUIVALENTS — 2.2%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $3,249,259)		3,249,259		3,249,259

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025


	Number of Shares	Value $

TOTAL INVESTMENTS — 99.4%

(Cost $145,910,028)			145,778,104

Other assets and liabilities, net — 0.6%			896,341

NET ASSETS — 100.0%			146,674,445

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
4,418,701		—		(3,697,275	) (d)		—		—		4,970		—		721,426		721,426
CASH EQUIVALENTS — 2.2%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
3,352,412		34,026,061		(34,129,214	)		—		—		136,003		—		3,249,259		3,249,259
7,771,113		34,026,061		(37,826,489	)		—		—		140,973		—		3,970,685		3,970,685

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $703,801, which is 0.5% of net assets.

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

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

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

REIT:

Real Estate Investment Trust

REGS:

Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

144A:

Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	141,807,419	$	—	$	141,807,419
Short-Term Investments (a)		3,970,685		—		—		3,970,685

TOTAL	$	3,970,685	$	141,807,419	$	—	$	145,778,104

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

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF

August 31, 2025


	Number of Shares		Value $
EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF(a)(b)		30,756		1,310,661
Xtrackers USD High Yield Corporate Bond ETF(a)(b)		1,245,632		46,088,384

(Cost $46,273,833)				47,399,045

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)

(Cost $74,375)		74,375		74,375


	Number of Shares		Value $
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)

(Cost $310,618)		310,618		310,618

TOTAL INVESTMENTS — 100.2%

(Cost $46,658,826)				47,784,038

Other assets and liabilities, net — (0.2%)				(82,738	)

NET ASSETS — 100.0%				47,701,300

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF (b)
935,948		1,360,396			(981,153	)		(113,113	)		108,583		81,457		—		30,756		1,310,661
Xtrackers USD High Yield Corporate Bond ETF (b)
41,533,720		48,988,493			(43,979,509	)		(3,035,444	)		2,581,124		2,756,470		—		1,245,632		46,088,384
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)
—		74,375	(e)		—			—			—		3,790		—		74,375		74,375
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)
260,490		45,410,096			(45,359,968	)		—			—		91,205		—		310,618		310,618
42,730,158		95,833,360			(90,320,630	)		(3,148,557	)		2,689,707		2,932,922		—		1,661,381		47,784,038

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $72,445, which is 0.2% of net assets.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

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

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

August 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	47,399,045	$	—	$	—	$	47,399,045
Short-Term Investments (a)		384,993		—		—		384,993
TOTAL	$	47,784,038	$	—	$	—	$	47,784,038

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

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

August 31, 2025


	Principal Amount $		Value $

CORPORATE BONDS — 97.6%
Basic Materials — 5.1%
Chemicals — 2.8%
Avient Corp.,144A,7.125%, 8/1/30		238,000		246,069
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		227,000		214,625
Celanese US Holdings LLC
1.40%, 8/5/26		130,000		125,128
6.665%, 7/15/27		463,000		476,739
6.85%, 11/15/28		340,000		354,583
6.83%, 7/15/29		228,000		237,525
6.50%, 4/15/30		245,000		247,411
Chemours Co.
5.375%, 5/15/27		166,000		165,510
144A,5.75%, 11/15/28		232,000		223,623
144A,4.625%, 11/15/29		217,000		193,998
Consolidated Energy Finance SA, 144A,5.625%, 10/15/28		169,000		142,601
Huntsman International LLC, 4.50%, 5/1/29		260,000		250,250
INEOS Finance PLC
144A,6.75%, 5/15/28		149,000		146,649
144A,7.50%, 4/15/29		235,000		235,837
Methanex Corp.
5.125%, 10/15/27		172,000		171,343
5.25%, 12/15/29 (a)		239,000		237,596
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		272,000		272,857
144A,8.50%, 11/15/28		150,000		157,319
144A,4.25%, 5/15/29		210,000		201,774
144A,9.00%, 2/15/30		270,000		290,351
Olin Corp.
5.625%, 8/1/29		225,000		224,652
5.00%, 2/1/30 (a)		185,000		179,700
SCIH Salt Holdings, Inc.
144A,4.875%, 5/1/28		335,000		327,612
144A,6.625%, 5/1/29		207,000		208,056
Tronox, Inc.,144A,4.625%, 3/15/29 (a)		355,000		262,415
WR Grace Holdings LLC
144A,4.875%, 6/15/27		183,000		181,756
144A,5.625%, 8/15/29		380,000		355,931

(Cost $6,312,530)				6,331,910

Forest Products & Paper — 0.3%
Domtar Corp.,144A,6.75%, 10/1/28		214,000		183,273
Glatfelter Corp.,144A,4.75%, 11/15/29		170,000		150,260
Mercer International, Inc. 144A,12.875%, 10/1/28		124,000		120,620


	Principal Amount $		Value $
5.125%, 2/1/29		286,000		225,813

(Cost $727,722)				679,966

Iron/Steel — 0.9%
Cleveland-Cliffs, Inc.
5.875%, 6/1/27		168,000		167,915
144A,6.875%, 11/1/29		279,000		283,561
144A,6.75%, 4/15/30		287,000		290,557
Metinvest BV
144A,8.50%, 4/23/26		172,000		154,308
144A,7.75%, 10/17/29		153,000		117,652
Mineral Resources Ltd.
144A,8.125%, 5/1/27		241,000		241,306
144A,8.00%, 11/1/27		178,000		181,347
144A,9.25%, 10/1/28		335,000		350,633
144A,8.50%, 5/1/30		225,000		233,736
United States Steel Corp.,6.875%, 3/1/29		122,000		123,005

(Cost $2,123,249)				2,144,020

Mining — 1.1%
Alcoa Nederland Holding BV,144A,4.125%, 3/31/29		145,000		139,747
Alumina Pty Ltd.,144A,6.125%, 3/15/30		180,000		183,044
First Quantum Minerals Ltd.,144A,9.375%, 3/1/29		506,000		538,555
Fortescue Treasury Pty Ltd.
144A,4.50%, 9/15/27		203,000		201,299
144A,5.875%, 4/15/30		215,000		219,728
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		197,000		195,807
144A,6.125%, 4/1/29		150,000		151,755
Kaiser Aluminum Corp.,
144A,4.625%, 3/1/28		186,000		182,973
Vedanta Resources Finance II PLC
144A,10.875%, 9/17/29		419,000		431,221
144A,9.475%, 7/24/30		160,000		158,097

(Cost $2,364,574)				2,402,226

Communications — 17.6%
Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc.
144A,7.75%, 4/15/28 (a)		324,000		315,433
144A,7.50%, 6/1/29 (a)		361,000		335,912
144A,7.875%, 4/1/30		236,000		246,011
Lamar Media Corp.
3.75%, 2/15/28		155,000		150,822
4.00%, 2/15/30		200,000		190,277
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		863,000		858,797
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		282,000		279,910

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,4.25%, 1/15/29		182,000		175,061
144A,4.625%, 3/15/30		136,000		129,885
Stagwell Global LLC, 144A,5.625%, 8/15/29		375,000		361,998

(Cost $2,936,567)				3,044,106

Internet — 1.8%
Arches Buyer, Inc.
144A,4.25%, 6/1/28		343,000		333,820
144A,6.125%, 12/1/28		156,000		151,426
Cogent Communications Group LLC / Cogent Finance, Inc., 144A,7.00%, 6/15/27		160,000		159,557
Gen Digital, Inc.,144A,6.75%, 9/30/27		246,000		250,573
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		162,000		161,498
144A,3.50%, 3/1/29		272,000		257,913
ION Trading Technologies SARL
144A,5.75%, 5/15/28		175,000		169,893
144A,9.50%, 5/30/29		230,000		240,721
Match Group Holdings II LLC
144A,5.00%, 12/15/27		179,000		178,165
144A,4.625%, 6/1/28		194,000		191,197
144A,4.125%, 8/1/30		150,000		141,351
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		170,000		112,625
Rakuten Group, Inc.
144A,11.25%, 2/15/27		596,000		644,959
144A,9.75%, 4/15/29		659,000		735,868
Wayfair LLC,144A,7.25%, 10/31/29		258,000		263,709

(Cost $3,929,573)				3,993,275

Media — 9.9%
AMC Networks, Inc.,144A,10.25%, 1/15/29		289,000		301,022
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		217,000		217,358
144A,5.125%, 5/1/27		1,084,000		1,079,214
144A,5.00%, 2/1/28		803,000		796,962
144A,5.375%, 6/1/29		459,000		455,722
144A,6.375%, 9/1/29		448,000		455,124
144A,4.75%, 3/1/30		1,099,000		1,056,901
144A,4.50%, 8/15/30		860,000		814,631
CSC Holdings LLC
144A,5.50%, 4/15/27		428,000		411,931
144A,5.375%, 2/1/28		309,000		283,865
144A,7.50%, 4/1/28		347,000		279,798
144A,11.25%, 5/15/28		351,000		351,113
144A,11.75%, 1/31/29		679,000		623,229
144A,6.50%, 2/1/29		579,000		456,870
144A,5.75%, 1/15/30		730,000		343,702


	Principal Amount $		Value $
Directv Financing LLC,144A,8.875%, 2/1/30		236,000		234,444
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		1,166,000		1,161,067
Discovery Communications LLC
3.95%, 3/20/28		380,000		367,578
4.125%, 5/15/29		250,000		236,985
3.625%, 5/15/30		290,000		261,803
DISH DBS Corp.
144A,5.25%, 12/1/26		845,000		820,379
144A,5.75%, 12/1/28		785,000		739,406
5.125%, 6/1/29		515,000		425,599
DISH Network Corp.,144A,11.75%, 11/15/27		1,215,000		1,285,341
EW Scripps (The) Co.,144A,9.875%, 8/15/30		247,000		232,429
Gray Media, Inc.,144A,10.50%, 7/15/29 (a)		388,000		422,624
iHeartCommunications, Inc.
144A,9.125%, 5/1/29		220,000		189,318
144A,10.875%, 5/1/30		238,000		141,035
144A,7.75%, 8/15/30		210,000		167,413
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		371,000		231,690
144A,5.125%, 7/15/29		282,000		162,426
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		264,000		265,551
144A,8.00%, 8/1/29		215,000		219,515
Nexstar Media, Inc.
144A,5.625%, 7/15/27		542,000		541,751
144A,4.75%, 11/1/28 (a)		380,000		373,253
Sinclair Television Group, Inc.,144A,5.50%, 3/1/30 (a)		167,000		138,192
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		341,000		339,106
144A,5.00%, 8/1/27		446,000		444,266
144A,4.00%, 7/15/28		642,000		620,014
144A,5.50%, 7/1/29 (a)		401,000		400,678
144A,4.125%, 7/1/30		505,000		469,883
TEGNA, Inc.
4.625%, 3/15/28		341,000		339,453
5.00%, 9/15/29		335,000		335,557
Univision Communications, Inc.
144A,8.00%, 8/15/28		562,000		583,748
144A,4.50%, 5/1/29		323,000		303,199
144A,7.375%, 6/30/30		260,000		261,626
Virgin Media Finance PLC,144A,5.00%, 7/15/30		328,000		300,308
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		442,000		435,508
144A,4.50%, 8/15/30		285,000		267,734

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
VTR Finance NV,144A,6.375%, 7/15/28		132,000		129,063
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		156,000		137,855
Ziggo BV,144A,4.875%, 1/15/30		354,000		332,571

(Cost $22,079,422)				22,245,810

Telecommunications — 4.5%
Altice Financing SA
144A,5.00%, 1/15/28		405,000		331,112
144A,5.75%, 8/15/29		672,000		533,333
CommScope LLC
144A,8.25%, 3/1/27 (a)		308,000		311,887
144A,7.125%, 7/1/28		199,000		199,796
144A,4.75%, 9/1/29		303,000		299,743
CommScope Technologies LLC,144A,5.00%, 3/15/27		293,000		290,226
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		590,000		615,417
EchoStar Corp.,10.75%, 11/30/29		1,789,000		1,927,048
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		377,000		377,151
144A,5.00%, 5/1/28		562,000		560,917
144A,6.75%, 5/1/29		356,000		359,708
5.875%, 11/1/29		220,000		222,066
144A,6.00%, 1/15/30 (a)		302,000		305,555
144A,8.75%, 5/15/30		395,000		413,142
Hughes Satellite Systems Corp.
5.25%, 8/1/26		300,000		290,995
6.625%, 8/1/26		261,000		241,821
Level 3 Financing, Inc.
144A,4.875%, 6/15/29		196,000		183,750
144A,4.50%, 4/1/30		240,000		216,600
Lumen Technologies, Inc., 144A,4.125%, 4/15/30		252,000		248,220
Maya SAS/Paris France,144A,7.00%, 10/15/28		316,000		321,799
Millicom International Cellular SA
144A,5.125%, 1/15/28		100,800		99,969
144A,6.25%, 3/25/29		228,600		229,298
Viasat, Inc.
144A,5.625%, 4/15/27		247,000		246,641
144A,6.50%, 7/15/28		185,000		180,249
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27		505,000		488,910
144A,6.125%, 3/1/28		356,000		331,009
Zegona Finance PLC,144A,8.625%, 7/15/29		279,000		297,216

(Cost $9,737,724)				10,123,578


	Principal Amount $		Value $

Consumer, Cyclical — 17.1%
Airlines — 0.4%
Air Canada,144A,3.875%, 8/15/26		382,000		377,632
American Airlines, Inc.
144A,7.25%, 2/15/28		214,000		219,684
144A,8.50%, 5/15/29 (a)		365,000		382,729

(Cost $971,839)				980,045

Apparel — 0.4%
Under Armour, Inc.
3.25%, 6/15/26		258,000		254,818
144A,7.25%, 7/15/30		133,000		133,126
VF Corp.
2.80%, 4/23/27		175,000		169,092
2.95%, 4/23/30		237,000		206,937

(Cost $757,884)				763,973

Auto Manufacturers — 1.5%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		171,000		169,646
144A,5.875%, 6/1/29		153,000		154,290
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		343,000		333,952
Nissan Motor Acceptance Co. LLC
144A,2.00%, 3/9/26		259,000		254,124
144A,1.85%, 9/16/26		244,000		234,813
144A,5.30%, 9/13/27		173,000		172,250
144A,2.75%, 3/9/28		200,000		186,487
144A,7.05%, 9/15/28		225,000		232,960
Nissan Motor Co. Ltd.
144A,3.522%, 9/17/25		520,000		520,432
144A,4.345%, 9/17/27		824,000		806,080
144A,7.50%, 7/17/30		327,000		341,876

(Cost $3,403,295)				3,406,910

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd.,144A,7.00%, 4/15/28		163,000		168,060
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		183,000		184,342
6.875%, 7/1/28 (a)		121,000		121,129
5.00%, 10/1/29		184,000		173,842
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		321,000		322,952
144A,6.75%, 5/15/28		324,000		331,434
144A,6.75%, 2/15/30		283,000		293,427
Dana, Inc.
5.375%, 11/15/27		139,000		138,873
5.625%, 6/15/28		171,000		171,021
Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29		221,000		192,077

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Forvia SE,144A,8.00%, 6/15/30 (a)		152,000		160,479
Goodyear Tire & Rubber Co.
4.875%, 3/15/27		245,000		243,425
5.00%, 7/15/29		292,000		283,328
6.625%, 7/15/30		120,000		122,174
Tenneco, Inc.,144A,8.00%, 11/17/28		651,000		651,432
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		195,000		197,659
144A,7.125%, 4/14/30		190,000		189,310
144A,6.75%, 4/23/30		282,000		275,233

(Cost $4,110,735)				4,220,197

Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		198,000		193,842
144A,3.875%, 11/15/29		166,000		157,572
RB Global Holdings, Inc., 144A,6.75%, 3/15/28		178,000		182,411

(Cost $527,592)				533,825

Entertainment — 3.0%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		217,000		226,153
Brightstar Lottery PLC
144A,6.25%, 1/15/27		234,000		236,494
144A,5.25%, 1/15/29		268,000		266,690
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29 (a)		404,000		385,524
144A,7.00%, 2/15/30		610,000		631,193
Churchill Downs, Inc.
144A,5.50%, 4/1/27		237,000		237,030
144A,4.75%, 1/15/28		230,000		227,670
144A,5.75%, 4/1/30		372,000		372,291
Cinemark USA, Inc.,144A,5.25%, 7/15/28		241,000		239,681
Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29		180,000		171,934
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		186,000		186,744
144A,7.25%, 11/15/29		159,000		163,218
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		379,000		383,212
144A,4.75%, 10/15/27		298,000		295,705
144A,3.75%, 1/15/28		157,000		153,094
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC,144A,8.25%, 4/15/30		253,000		261,626
Motion Bondco DAC,144A,6.625%, 11/15/27		153,000		144,309


	Principal Amount $		Value $
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30		132,000		133,061
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,144A,5.625%, 9/1/29 (a)		245,000		143,019
Six Flags Entertainment Corp., 144A,5.50%, 4/15/27		216,000		215,561
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 4/15/27		156,000		155,351
5.25%, 7/15/29		150,000		145,336
Vail Resorts, Inc.,144A,5.625%, 7/15/30		164,000		166,289
Warnermedia Holdings, Inc.
3.755%, 3/15/27		380,000		374,556
4.054%, 3/15/29		452,000		429,755
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,144A,5.125%, 10/1/29		256,000		255,671

(Cost $6,581,233)				6,601,167

Food Service — 0.3%
Aramark Services, Inc.,144A,5.00%, 2/1/28		352,000		349,734
TKC Holdings, Inc.
144A,6.875%, 5/15/28		173,000		174,047
144A,10.50%, 5/15/29		207,000		211,619

(Cost $722,422)				735,400

Home Builders — 0.8%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30		159,000		150,145
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		192,000		191,394
144A,4.875%, 2/15/30		154,000		141,390
Century Communities, Inc.
6.75%, 6/1/27		233,000		233,635
144A,3.875%, 8/15/29		145,000		135,179
LGI Homes, Inc.,144A,8.75%, 12/15/28		153,000		160,360
Mattamy Group Corp.
144A,5.25%, 12/15/27		150,000		149,597
144A,4.625%, 3/1/30		195,000		186,931
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		137,000		138,333
144A,5.75%, 1/15/28		135,000		136,794
144A,5.125%, 8/1/30		180,000		179,605

(Cost $1,780,845)				1,803,363

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $

Home Furnishings — 0.3%
Somnigroup International, Inc.,144A,4.00%, 4/15/29		248,000		238,625
Whirlpool Corp.
4.75%, 2/26/29		217,000		214,404
6.125%, 6/15/30		216,000		218,571

(Cost $660,466)				671,600

Housewares — 0.6%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		256,000		195,346
Newell Brands, Inc.
6.375%, 9/15/27		185,000		187,623
144A,8.50%, 6/1/28		400,000		423,290
6.625%, 9/15/29		206,000		207,387
6.375%, 5/15/30		210,000		207,633
Scotts Miracle-Gro Co.,4.50%, 10/15/29		130,000		125,714

(Cost $1,369,356)				1,346,993

Leisure Time — 1.1%
Carnival Corp.
144A,6.00%, 5/1/29		661,000		669,984
144A,5.75%, 3/15/30		334,000		342,626
NCL Corp. Ltd.
144A,5.875%, 2/15/27		323,000		323,881
144A,8.125%, 1/15/29		270,000		284,100
144A,7.75%, 2/15/29		192,000		205,224
Sabre GLBL, Inc.
144A,10.75%, 11/15/29		276,000		267,856
144A,11.125%, 7/15/30		435,000		426,887

(Cost $2,537,549)				2,520,558

Lodging — 2.3%
Boyd Gaming Corp.,4.75%, 12/1/27		309,000		306,772
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		196,000		196,482
144A,5.875%, 4/1/29		178,000		181,375
144A,3.75%, 5/1/29		267,000		256,231
4.875%, 1/15/30		317,000		316,325
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 144A,5.00%, 6/1/29		273,000		264,211
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 (a)		165,000		159,568
Melco Resorts Finance Ltd.
144A,5.25%, 4/26/26		135,000		134,986
144A,5.625%, 7/17/27		192,000		192,137
144A,5.75%, 7/21/28		358,000		355,210
144A,5.375%, 12/4/29		383,000		370,435
MGM Resorts International
4.625%, 9/1/26		193,000		191,851


	Principal Amount $		Value $
5.50%, 4/15/27		250,000		251,580
4.75%, 10/15/28		239,000		238,043
6.125%, 9/15/29		239,000		244,254
Station Casinos LLC,144A,4.50%, 2/15/28		264,000		260,379
Studio City Finance Ltd.
144A,6.50%, 1/15/28		237,000		236,433
144A,5.00%, 1/15/29		295,000		279,805
Travel + Leisure Co.
144A,6.625%, 7/31/26		200,000		201,797
6.00%, 4/1/27		132,000		133,810
144A,4.50%, 12/1/29		221,000		214,227
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		250,000		250,323

(Cost $5,118,373)				5,236,234

Retail — 4.3%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		513,000		499,777
144A,4.375%, 1/15/28		285,000		280,561
144A,3.50%, 2/15/29		236,000		224,749
144A,6.125%, 6/15/29		427,000		437,784
144A,5.625%, 9/15/29		114,000		115,499
Advance Auto Parts, Inc.
3.90%, 4/15/30		182,000		168,008
144A,7.00%, 8/1/30		300,000		308,048
Asbury Automotive Group, Inc.
4.50%, 3/1/28		129,000		127,571
144A,4.625%, 11/15/29		283,000		275,498
4.75%, 3/1/30		140,000		136,830
Bath & Body Works, Inc.
5.25%, 2/1/28		149,000		149,890
7.50%, 6/15/29		150,000		154,606
EG Global Finance PLC,144A,12.00%, 11/30/28		391,000		432,274
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		240,000		237,005
144A,5.875%, 4/1/29		277,000		256,629
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		310,000		296,548
144A,6.75%, 1/15/30		417,000		392,514
FirstCash, Inc.
144A,4.625%, 9/1/28		174,000		170,974
144A,5.625%, 1/1/30		207,000		206,803
Gap, Inc.,144A,3.625%, 10/1/29		264,000		247,824
Global Auto Holdings Ltd. / AAG FH UK Ltd.,144A,8.375%, 1/15/29		171,000		158,982

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		226,000		219,446
144A,6.375%, 1/15/30		164,000		168,345
LBM Acquisition LLC, 144A,6.25%, 1/15/29		239,000		219,505
LCM Investments Holdings II LLC, 144A,4.875%, 5/1/29		338,000		332,133
Lithia Motors, Inc.
144A,4.625%, 12/15/27		120,000		118,987
144A,3.875%, 6/1/29		256,000		245,635
Michaels Cos., Inc.
144A,5.25%, 5/1/28		262,000		208,086
144A,7.875%, 5/1/29		331,000		226,054
Murphy Oil USA, Inc.,4.75%, 9/15/29		164,000		161,433
Nordstrom, Inc.,4.375%, 4/1/30		157,000		145,372
Penske Automotive Group, Inc.
3.50%, 9/1/25		212,000		212,000
3.75%, 6/15/29		156,000		148,861
QVC, Inc.,144A,6.875%, 4/15/29		201,000		97,665
Sonic Automotive, Inc.,144A,4.625%, 11/15/29 (a)		210,000		204,285
Staples, Inc.
144A,10.75%, 9/1/29		755,000		726,687
144A,12.75%, 1/15/30		305,000		218,625
Victra Holdings LLC / Victra Finance Corp., 144A,8.75%, 9/15/29 (a)		124,000		130,025
White Cap Buyer LLC,144A,6.875%, 10/15/28 (a)		245,000		244,973
Yum! Brands, Inc.,144A,4.75%, 1/15/30		279,000		276,946

(Cost $9,537,412)				9,583,437

Consumer, Non-cyclical — 17.0%
Agriculture — 0.2%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		169,000		168,741
144A,6.00%, 6/15/30		310,000		313,620

(Cost $481,746)				482,361

Beverages — 0.2%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
144A,6.25%, 4/1/29		223,000		224,752
144A,4.375%, 4/30/29		253,000		244,878

(Cost $462,573)				469,630

Commercial Services — 5.2%
ADT Security Corp.,144A,4.125%, 8/1/29		333,000		322,193
Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30		465,000		480,997


	Principal Amount $		Value $
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,6.00%, 6/1/29 (a)		331,000		327,587
144A,6.875%, 6/15/30		380,000		391,638
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		309,000		301,797
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,4.75%, 4/1/28 (a)		156,000		151,261
144A,5.375%, 3/1/29		216,000		209,736
144A,8.25%, 1/15/30 (a)		195,000		202,029
Belron UK Finance PLC, 144A,5.75%, 10/15/29		384,000		389,155
Block, Inc.
2.75%, 6/1/26		332,000		326,587
144A,5.625%, 8/15/30		395,000		404,016
Brink’s Co.
144A,4.625%, 10/15/27		190,000		188,501
144A,6.50%, 6/15/29		124,000		127,609
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		274,000		264,531
144A,4.875%, 7/1/29		306,000		289,348
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28		329,000		348,854
Garda World Security Corp.
144A,4.625%, 2/15/27		162,000		160,957
144A,7.75%, 2/15/28		169,000		174,462
144A,6.00%, 6/1/29		160,000		158,820
GEO Group, Inc.,8.625%, 4/15/29		203,000		214,821
Herc Holdings, Inc.
144A,5.50%, 7/15/27		409,000		408,812
144A,6.625%, 6/15/29		249,000		256,645
144A,7.00%, 6/15/30		552,000		574,863
Hertz Corp. 144A,4.625%, 12/1/26		175,000		162,377
144A,12.625%, 7/15/29 (a)		418,000		434,722
144A,5.00%, 12/1/29 (a)		324,000		233,610
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,3.375%, 8/31/27		332,000		321,926
144A,6.25%, 1/15/28		398,000		398,247
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		323,000		327,995
144A,10.875%, 8/1/29		166,000		160,256
Service Corp. International
4.625%, 12/15/27		190,000		189,162
5.125%, 6/1/29		259,000		257,700
3.375%, 8/15/30		270,000		249,657
Sotheby’s,144A,7.375%, 10/15/27		247,000		245,516

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
United Rentals North America, Inc.
5.50%, 5/15/27		179,000		178,980
3.875%, 11/15/27		251,000		246,891
4.875%, 1/15/28		522,000		519,447
5.25%, 1/15/30		254,000		254,929
4.00%, 7/15/30		250,000		238,945
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		134,000		131,950
144A,6.625%, 6/15/29		166,000		170,190
144A,6.625%, 4/15/30		182,000		188,525

(Cost $11,430,806)				11,586,244

Cosmetics/Personal Care — 0.3%
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		178,000		177,279
144A,4.125%, 4/1/29		198,000		188,632
Perrigo Finance Unlimited Co.,4.90%, 6/15/30		255,000		249,715
Prestige Brands, Inc.,144A,5.125%, 1/15/28		153,000		152,129

(Cost $760,734)				767,755

Food — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		243,000		241,426
144A,4.625%, 1/15/27		459,000		456,580
144A,5.875%, 2/15/28		233,000		233,119
144A,6.50%, 2/15/28		236,000		240,710
144A,3.50%, 3/15/29		473,000		450,154
144A,4.875%, 2/15/30		310,000		305,574
B&G Foods, Inc.
5.25%, 9/15/27 (a)		173,000		165,624
144A,8.00%, 9/15/28		275,000		270,633
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		317,000		334,108
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		193,000		192,378
144A,4.125%, 1/31/30		310,000		297,435
Performance Food Group, Inc.
144A,5.50%, 10/15/27		336,000		335,755
144A,4.25%, 8/1/29		330,000		319,806
Post Holdings, Inc.
144A,5.50%, 12/15/29		325,000		324,222
144A,4.625%, 4/15/30		471,000		454,641
US Foods, Inc.
144A,6.875%, 9/15/28		203,000		209,406
144A,4.75%, 2/15/29		312,000		307,534


	Principal Amount $		Value $
144A,4.625%, 6/1/30		137,000		134,012

(Cost $5,204,485)				5,273,117

Healthcare-Products — 2.1%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		536,000		527,859
144A,3.875%, 11/1/29		259,000		246,251
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		447,000		466,176
Hologic, Inc.
144A,4.625%, 2/1/28		117,000		115,948
144A,3.25%, 2/15/29		323,000		308,798
Medline Borrower LP
144A,3.875%, 4/1/29		1,470,000		1,412,482
144A,5.25%, 10/1/29		890,000		881,939
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		406,000		417,589
Teleflex, Inc.
4.625%, 11/15/27		168,000		166,302
144A,4.25%, 6/1/28		159,000		155,887

(Cost $4,609,295)				4,699,231

Healthcare-Services — 4.2%
Acadia Healthcare Co., Inc.
144A,5.50%, 7/1/28		193,000		192,175
144A,5.00%, 4/15/29		145,000		141,844
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		163,000		159,308
144A,3.75%, 3/15/29		163,000		154,656
CHS/Community Health Systems, Inc.
144A,6.00%, 1/15/29		258,000		248,987
144A,6.875%, 4/15/29 (a)		365,000		290,530
144A,6.125%, 4/1/30		406,000		292,165
144A,5.25%, 5/15/30		550,000		493,499
DaVita, Inc.,144A,4.625%, 6/1/30		906,000		872,908
Encompass Health Corp.
4.50%, 2/1/28		250,000		247,761
4.75%, 2/1/30		252,000		248,589
IQVIA, Inc.
144A,5.00%, 10/15/26		375,000		374,899
144A,5.00%, 5/15/27		316,000		314,923
144A,6.50%, 5/15/30		156,000		161,882
LifePoint Health, Inc.
144A,5.375%, 1/15/29 (a)		149,000		141,720
144A,9.875%, 8/15/30		300,000		325,206
Molina Healthcare, Inc.,144A,4.375%, 6/15/28		255,000		248,687
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		493,000		509,185
Team Health Holdings, Inc.,144A,8.375%, 6/30/28		141,000		142,849

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Tenet Healthcare Corp.
6.25%, 2/1/27		394,000		394,504
5.125%, 11/1/27		489,000		487,898
4.625%, 6/15/28		211,000		208,772
6.125%, 10/1/28		913,000		914,230
4.25%, 6/1/29		436,000		424,766
4.375%, 1/15/30		498,000		483,929
6.125%, 6/15/30		654,000		664,828
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		335,000		344,204

(Cost $9,374,491)				9,484,904

Pharmaceuticals — 2.4%
AdaptHealth LLC
144A,4.625%, 8/1/29		171,000		161,829
144A,5.125%, 3/1/30		195,000		186,165
Bausch Health Americas, Inc.,144A,8.50%, 1/31/27		237,000		236,630
Bausch Health Cos., Inc.
144A,5.00%, 1/30/28		102,000		88,971
144A,4.875%, 6/1/28		514,000		464,391
144A,11.00%, 9/30/28		663,000		695,941
144A,5.00%, 2/15/29		150,000		115,159
144A,6.25%, 2/15/29 (a)		293,000		230,737
144A,5.25%, 1/30/30		210,000		153,102
Grifols SA,144A,4.75%, 10/15/28		227,000		220,166
HLF Financing Sarl LLC / Herbalife International, Inc.
144A,12.25%, 4/15/29		246,000		268,147
144A,4.875%, 6/1/29		203,000		178,758
Jazz Securities DAC,144A,4.375%, 1/15/29		482,000		472,156
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A,4.125%, 4/30/28		713,000		683,326
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		162,000		137,748
144A,6.625%, 4/1/30 (a)		176,000		152,823
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		535,000		524,754
6.75%, 3/1/28		422,000		438,246

(Cost $5,013,523)				5,409,049

Energy — 9.3%
Oil & Gas — 4.6%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		302,000		315,219
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,5.875%, 6/30/29		165,000		164,723
Baytex Energy Corp.,144A,8.50%, 4/30/30		250,000		255,408
California Resources Corp., 144A,8.25%, 6/15/29		288,000		297,800


	Principal Amount $		Value $
Civitas Resources, Inc.
144A,5.00%, 10/15/26		131,000		130,726
144A,8.375%, 7/1/28		419,000		435,662
CNX Resources Corp.,144A,6.00%, 1/15/29		135,000		135,382
Comstock Resources, Inc.
144A,6.75%, 3/1/29		389,000		383,817
144A,6.75%, 3/1/29		145,000		142,848
144A,5.875%, 1/15/30		324,000		304,319
Crescent Energy Finance LLC, 144A,9.25%, 2/15/28		154,000		160,350
CVR Energy, Inc.
144A,5.75%, 2/15/28		103,000		100,457
144A,8.50%, 1/15/29		205,000		207,362
Energean PLC,144A,6.50%, 4/30/27		150,000		148,673
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		152,000		152,894
144A,5.75%, 2/1/29		199,000		196,566
144A,6.00%, 4/15/30		185,000		183,202
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		233,000		243,079
Kosmos Energy Ltd.,144A,7.50%, 3/1/28		134,000		112,685
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		225,000		224,888
144A,REGS, 6.75%, 6/30/30		170,708		169,705
Matador Resources Co.,144A,6.875%, 4/15/28		153,000		156,647
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		168,000		176,075
Noble Finance II LLC,144A,8.00%, 4/15/30		465,000		481,844
Northern Oil & Gas, Inc.,144A,8.125%, 3/1/28		294,000		296,411
Parkland Corp.
144A,5.875%, 7/15/27		167,000		166,999
144A,4.50%, 10/1/29		285,000		276,949
144A,4.625%, 5/1/30		255,000		246,985
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28		272,000		267,411
144A,9.875%, 3/15/30		267,000		275,879
Permian Resources Operating LLC,144A,5.875%, 7/1/29		227,000		227,210
Puma International Financing SA,144A,7.75%, 4/25/29		196,000		203,239
Range Resources Corp.
8.25%, 1/15/29		185,000		189,973
144A,4.75%, 2/15/30		197,000		192,302
SM Energy Co.
6.75%, 9/15/26		165,000		164,806
6.625%, 1/15/27		104,000		104,142
6.50%, 7/15/28		163,000		164,657

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,6.75%, 8/1/29		246,000		248,609
Sunoco LP,144A,7.00%, 5/1/29		188,000		195,353
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		167,000		167,239
144A,7.00%, 9/15/28		206,000		212,955
4.50%, 5/15/29		268,000		261,399
4.50%, 4/30/30		270,000		261,089
Talos Production, Inc.,144A,9.00%, 2/1/29		205,000		211,191
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		207,000		202,226
Transocean, Inc.
144A,8.00%, 2/1/27		286,000		285,728
144A,8.25%, 5/15/29		290,000		280,801

(Cost $10,213,643)				10,383,884

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.25%, 4/1/28		252,000		253,001
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		249,000		249,209
144A,7.125%, 3/15/29		296,000		303,625
Weatherford International Ltd.,144A,8.625%, 4/30/30		470,000		482,001

(Cost $1,267,558)				1,287,836

Pipelines — 4.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		233,000		233,089
144A,5.75%, 1/15/28		156,000		156,527
144A,5.375%, 6/15/29		264,000		262,590
Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.00%, 7/15/29		136,000		141,974
Buckeye Partners LP
3.95%, 12/1/26		157,000		155,212
4.125%, 12/1/27		136,000		133,871
144A,4.50%, 3/1/28		164,000		161,526
144A,6.875%, 7/1/29		232,000		240,590
144A,6.75%, 2/1/30		136,000		141,345
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		336,000		351,475
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 2/1/28		157,000		158,823
8.25%, 1/15/29		220,000		229,838
8.875%, 4/15/30		180,000		190,624
Harvest Midstream I LP,144A,7.50%, 9/1/28		216,000		218,455


	Principal Amount $		Value $
Hess Midstream Operations LP
144A,5.875%, 3/1/28		250,000		254,347
144A,5.125%, 6/15/28		167,000		166,735
144A,6.50%, 6/1/29		224,000		231,753
144A,4.25%, 2/15/30		236,000		229,312
ITT Holdings LLC,144A,6.50%, 8/1/29		417,000		409,170
New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a)		159,000		55,787
NFE Financing LLC,144A,12.00%, 11/15/29		901,000		331,879
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A,8.125%, 2/15/29		284,000		289,935
NuStar Logistics LP
6.00%, 6/1/26		247,000		248,429
5.625%, 4/28/27		206,000		207,230
Rockies Express Pipeline LLC,144A,4.95%, 7/15/29		194,000		191,012
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		136,000		135,919
144A,5.50%, 1/15/28		308,000		307,675
144A,7.375%, 2/15/29		233,000		240,217
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		350,000		335,760
144A,6.25%, 1/15/30		312,000		325,100
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		794,000		823,241
144A,9.50%, 2/1/29		937,000		1,030,736
144A,7.00%, 1/15/30 (a)		589,000		607,327

(Cost $9,543,755)				9,197,503

Financial — 14.6%
Banks — 0.2%
Banco Votorantim SA,144A,5.875%, 4/8/28		207,000		211,233
Freedom Mortgage Corp.
144A,6.625%, 1/15/27		144,000		144,467
144A,12.00%, 10/1/28		196,000		209,733

(Cost $551,410)				565,433

Diversified Financial Services — 5.6%
AG Issuer LLC,144A,6.25%, 3/1/28		167,000		167,452
Ally Financial, Inc.,5.75%, 11/20/25		353,000		353,565
Aretec Group, Inc.
144A,7.50%, 4/1/29 (a)		153,000		153,672
144A,10.00%, 8/15/30		230,000		251,337
Azorra Finance Ltd.,144A,7.75%, 4/15/30		169,000		177,547

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		242,000		258,777
Coinbase Global, Inc., 144A,3.375%, 10/1/28		359,000		340,874
Credit Acceptance Corp.
144A,9.25%, 12/15/28		227,000		239,924
144A,6.625%, 3/15/30		179,000		181,651
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		158,000		167,028
144A,8.50%, 5/15/30		163,000		172,373
Enova International, Inc.
144A,11.25%, 12/15/28		141,000		150,438
144A,9.125%, 8/1/29		184,000		194,166
Freedom Mortgage Holdings LLC,144A,9.25%, 2/1/29		362,000		378,602
GGAM Finance Ltd.
144A,7.75%, 5/15/26		132,000		132,557
144A,8.00%, 2/15/27		280,000		287,417
144A,8.00%, 6/15/28		209,000		221,900
144A,6.875%, 4/15/29		150,000		155,626
144A,5.875%, 3/15/30		124,000		125,545
goeasy Ltd.
144A,9.25%, 12/1/28		238,000		250,635
144A,7.625%, 7/1/29		180,000		186,529
144A,6.875%, 5/15/30		146,000		148,350
Jane Street Group / JSG Finance, Inc.,144A,4.50%, 11/15/29		170,000		164,306
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28		301,000		292,308
LD Holdings Group LLC,144A,6.125%, 4/1/28 (a)		155,000		136,619
Midcap Financial Issuer Trust
144A,6.50%, 5/1/28		300,000		299,336
144A,5.625%, 1/15/30		140,000		133,302
Nationstar Mortgage Holdings, Inc.
144A,5.00%, 2/1/26		169,000		168,742
144A,6.00%, 1/15/27		224,000		223,729
144A,5.50%, 8/15/28		333,000		332,538
144A,6.50%, 8/1/29		225,000		231,050
Navient Corp.
6.75%, 6/15/26		144,000		145,665
5.00%, 3/15/27		244,000		242,383
4.875%, 3/15/28		152,000		149,180
5.50%, 3/15/29 (a)		277,000		274,061
9.375%, 7/25/30		150,000		165,804
OneMain Finance Corp.
7.125%, 3/15/26		155,000		156,805
3.50%, 1/15/27		224,000		219,360
6.625%, 1/15/28		209,000		214,413
3.875%, 9/15/28		209,000		200,503


	Principal Amount $		Value $
6.625%, 5/15/29		289,000		297,536
5.375%, 11/15/29		265,000		262,189
7.875%, 3/15/30		257,000		272,088
6.125%, 5/15/30		235,000		238,812
PennyMac Financial Services, Inc.
144A,4.25%, 2/15/29		245,000		236,483
144A,7.875%, 12/15/29		228,000		242,482
PRA Group, Inc.,144A,8.875%, 1/31/30		169,000		177,722
Rocket Cos., Inc.,144A,6.125%, 8/1/30		658,000		677,493
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		357,000		349,675
144A,3.625%, 3/1/29		234,000		223,232
SLM Corp.
3.125%, 11/2/26		129,000		126,560
6.50%, 1/31/30		161,000		168,625
United Wholesale Mortgage LLC
144A,5.50%, 11/15/25		252,000		252,268
144A,5.75%, 6/15/27		192,000		191,919
144A,5.50%, 4/15/29		205,000		202,047
UWM Holdings LLC,144A,6.625%, 2/1/30		250,000		254,132

(Cost $12,422,639)				12,619,332

Insurance — 1.8%
Acrisure LLC / Acrisure Finance, Inc.
144A,8.25%, 2/1/29		310,000		322,594
144A,4.25%, 2/15/29		257,000		248,196
144A,8.50%, 6/15/29		204,000		214,656
144A,6.00%, 8/1/29		130,000		127,533
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,4.25%, 10/15/27		211,000		208,138
144A,6.75%, 10/15/27		323,000		323,977
144A,6.75%, 4/15/28		415,000		423,644
144A,5.875%, 11/1/29		203,000		200,736
AmWINS Group, Inc.,144A,6.375%, 2/15/29		204,000		209,204
HUB International Ltd.
144A,5.625%, 12/1/29		200,000		200,824
144A,7.25%, 6/15/30		1,039,000		1,087,448
Jones Deslauriers Insurance Management, Inc.,144A,8.50%, 3/15/30		233,000		246,610
Ryan Specialty LLC,144A,4.375%, 2/1/30		143,000		138,389

(Cost $3,899,910)				3,951,949

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Real Estate — 0.9%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30		215,000		211,849
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.
144A,5.75%, 1/15/29		206,000		191,635
144A,5.25%, 4/15/30		144,000		126,323
144A,9.75%, 4/15/30		145,000		154,154
Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28		220,000		222,308
Howard Hughes Corp.
144A,5.375%, 8/1/28		208,000		207,947
144A,4.125%, 2/1/29		220,000		210,606
Hunt Cos., Inc.,144A,5.25%, 4/15/29		228,000		223,410
Kennedy-Wilson, Inc.
4.75%, 3/1/29		240,000		228,751
4.75%, 2/1/30		166,000		155,738

(Cost $1,844,979)				1,932,721

Real Estate Investment Trusts — 5.3%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		186,000		178,968
Arbor Realty SR, Inc.,144A,7.875%, 7/15/30		164,000		170,814
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		162,000		172,869
Brandywine Operating Partnership LP
3.95%, 11/15/27		177,000		172,465
8.875%, 4/12/29		178,000		193,659
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		273,000		272,988
144A,4.50%, 4/1/27		126,000		123,918
Diversified Healthcare Trust,4.75%, 2/15/28		167,000		157,466
Global Net Lease, Inc.,144A,4.50%, 9/30/28		146,000		142,021
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		178,000		172,774
Hudson Pacific Properties LP
3.95%, 11/1/27		126,000		120,551
4.65%, 4/1/29 (a)		167,000		153,652
3.25%, 1/15/30		133,000		112,641
Iron Mountain, Inc.
144A,4.875%, 9/15/27		376,000		373,834
144A,5.25%, 3/15/28		285,000		284,503
144A,5.00%, 7/15/28		206,000		204,591


	Principal Amount $		Value $
144A,7.00%, 2/15/29		302,000		311,273
144A,4.875%, 9/15/29		342,000		336,383
144A,5.25%, 7/15/30		360,000		356,496
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		139,000		136,810
144A,4.75%, 6/15/29		237,000		231,917
5.50%, 8/1/30		164,000		167,209
Millrose Properties, Inc.,144A,6.375%, 8/1/30		411,000		414,976
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27 (a)		455,000		431,323
4.625%, 8/1/29 (a)		294,000		232,018
Office Properties Income Trust,144A,9.00%, 9/30/29		186,000		127,988
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		299,000		298,926
144A,4.875%, 5/15/29		263,000		256,158
144A,7.00%, 2/1/30		128,000		132,266
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		113,000		114,564
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		162,000		161,700
144A,7.25%, 7/15/28		191,000		196,718
144A,4.50%, 2/15/29		150,000		146,695
Rithm Capital Corp.
144A,8.00%, 4/1/29		280,000		286,892
144A,8.00%, 7/15/30		154,000		157,347
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		169,000		166,976
144A,4.00%, 9/15/29		171,000		160,590
SBA Communications Corp.
3.875%, 2/15/27		464,000		456,401
3.125%, 2/1/29		502,000		472,149
Service Properties Trust
4.75%, 10/1/26		173,000		171,532
4.95%, 2/15/27 (a)		126,000		122,457
5.50%, 12/15/27		193,000		190,621
3.95%, 1/15/28 (a)		142,000		132,056
8.375%, 6/15/29		229,000		236,472
4.95%, 10/1/29 (a)		117,000		103,621
4.375%, 2/15/30		136,000		115,826
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		136,000		134,026
144A,4.375%, 1/15/27		102,000		100,906
144A,7.25%, 4/1/29		210,000		220,333
144A,6.50%, 7/1/30		145,000		150,593

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		228,000		209,798
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		744,000		783,350
144A,4.75%, 4/15/28		177,000		172,846
144A,6.50%, 2/15/29 (a)		366,000		348,924

(Cost $11,717,987)				11,954,850

REITS — 0.1%
Starwood Property Trust, Inc.,144A,6.00%, 4/15/30

(Cost $150,620)		151,000		153,905

Venture Capital — 0.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		243,000		243,156
5.25%, 5/15/27		470,000		458,816
9.75%, 1/15/29		206,000		205,042
4.375%, 2/1/29		233,000		196,315
144A,10.00%, 11/15/29		336,000		333,021
9.00%, 6/15/30		260,000		247,919

(Cost $1,696,145)				1,684,269

Industrial — 8.5%
Aerospace/Defense — 1.6%
ATI, Inc.,7.25%, 8/15/30		140,000		147,584
Bombardier, Inc.
144A,6.00%, 2/15/28		241,000		241,431
144A,7.50%, 2/1/29		242,000		252,705
Spirit AeroSystems, Inc.
4.60%, 6/15/28		222,000		221,580
144A,9.375%, 11/30/29		302,000		319,778
TransDigm, Inc.
144A,6.75%, 8/15/28		714,000		734,911
4.625%, 1/15/29		379,000		371,145
144A,6.375%, 3/1/29		896,000		918,474
4.875%, 5/1/29		283,000		278,081

(Cost $3,421,655)				3,485,689

Building Materials — 0.9%
Builders FirstSource, Inc.,144A,5.00%, 3/1/30		171,000		169,237
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		228,000		219,594
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		175,000		168,591
James Hardie International Finance DAC,144A,5.00%, 1/15/28		101,000		99,811
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		165,000		162,614


	Principal Amount $		Value $
Smyrna Ready Mix Concrete LLC,144A,6.00%, 11/1/28		364,000		365,066
Standard Industries, Inc.
144A,4.75%, 1/15/28		310,000		307,306
144A,4.375%, 7/15/30		522,000		500,551

(Cost $1,969,045)				1,992,770

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		171,000		168,342
144A,4.375%, 3/31/29		249,000		238,629
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		335,000		340,394
144A,6.375%, 3/15/29		289,000		297,909

(Cost $1,026,639)				1,045,274

Electronics — 0.5%
Imola Merger Corp.,144A,4.75%, 5/15/29		634,000		618,495
Sensata Technologies BV,144A,4.00%, 4/15/29		319,000		305,847
Sensata Technologies, Inc.,144A,4.375%, 2/15/30		160,000		154,179

(Cost $1,063,333)				1,078,521

Engineering & Construction — 0.6%
Arcosa, Inc.,144A,4.375%, 4/15/29		140,000		136,037
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		472,000		463,993
Fluor Corp.,4.25%, 9/15/28		169,000		166,400
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		251,000		260,800
IHS Holding Ltd.
144A,6.25%, 11/29/28		175,000		173,601
144A,7.875%, 5/29/30		181,000		185,096

(Cost $1,361,962)				1,385,927

Environmental Control — 0.6%
GFL Environmental, Inc.
144A,4.00%, 8/1/28		296,000		288,779
144A,4.75%, 6/15/29		225,000		221,548
144A,4.375%, 8/15/29		176,000		171,320
Madison IAQ LLC
144A,4.125%, 6/30/28		214,000		208,222
144A,5.875%, 6/30/29		365,000		361,649

(Cost $1,223,985)				1,251,518

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

(Cost $202,545)		209,000		205,735

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Machinery-Diversified — 0.5%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		321,000		337,239
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		169,000		178,794
SPX FLOW, Inc.,144A,8.75%, 4/1/30		200,000		207,976
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		516,000		514,887

(Cost $1,218,262)				1,238,896

Miscellaneous Manufacturing — 0.2%
Axon Enterprise, Inc.,144A,6.125%, 3/15/30		322,000		331,634
Trinity Industries, Inc.,144A,7.75%, 7/15/28		215,000		222,463

(Cost $547,899)				554,097

Packaging & Containers — 2.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		527,000		527,437
144A,3.25%, 9/1/28		231,000		218,504
144A,4.00%, 9/1/29		396,000		363,702
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,5.25%, 8/15/27		310,000		136,880
144A,5.25%, 8/15/27		265,000		117,011
Ball Corp.
6.875%, 3/15/28		250,000		255,366
6.00%, 6/15/29		316,000		324,553
2.875%, 8/15/30		427,000		386,583
Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29		246,000		231,916
Clydesdale Acquisition Holdings, Inc., 144A,6.875%, 1/15/30		155,000		159,549
Crown Americas LLC,5.25%, 4/1/30		162,000		164,251
Graphic Packaging International LLC
144A,3.50%, 3/15/28		191,000		184,014
144A,3.75%, 2/1/30		128,000		120,281
LABL, Inc.
144A,5.875%, 11/1/28		155,000		123,218
144A,8.25%, 11/1/29 (a)		158,000		102,816
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		871,000		882,456
144A,9.25%, 4/15/27		472,000		470,296
OI European Group BV, 144A,4.75%, 2/15/30		153,000		144,834


	Principal Amount $		Value $
Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27		232,000		232,001
Sealed Air Corp.
144A,4.00%, 12/1/27		115,000		112,666
144A,6.125%, 2/1/28		310,000		314,668
144A,5.00%, 4/15/29		105,000		104,228
Silgan Holdings, Inc.,4.125%, 2/1/28		219,000		213,280
Trivium Packaging Finance BV,144A,8.25%, 7/15/30		180,000		191,354

(Cost $6,228,333)				6,081,864

Transportation — 0.2%
Brightline East LLC,144A,11.00%, 1/31/30 (a)		369,000		212,358
Seaspan Corp.,144A,5.50%, 8/1/29		244,000		231,558

(Cost $556,891)				443,916

Trucking & Leasing — 0.1%
FTAI Aviation Investors LLC,144A,5.50%, 5/1/28

(Cost $302,759)		312,000		312,084

Technology — 5.4%
Computers — 1.1%
CA Magnum Holdings,144A,5.375%, 10/31/26		384,000		382,555
McAfee Corp.,144A,7.375%, 2/15/30 (a)		659,000		609,328
NCR Atleos Corp.,144A,9.50%, 4/1/29		443,000		480,638
NCR Voyix Corp.
144A,5.00%, 10/1/28		175,000		172,688
144A,5.125%, 4/15/29		167,000		165,066
Seagate Data Storage Technology Pte Ltd.
144A,4.091%, 6/1/29		162,000		154,174
144A,8.25%, 12/15/29		188,000		200,162
144A,5.875%, 7/15/30		100,000		101,450
Western Digital Corp.,4.75%, 2/15/26		174,000		173,828

(Cost $2,444,475)				2,439,889

Office/Business Equipment — 0.1%
Xerox Holdings Corp.
144A,5.50%, 8/15/28		246,000		160,240
144A,8.875%, 11/30/29 (a)		166,000		101,727

(Cost $344,954)				261,967

Semiconductors — 0.9%
ams-OSRAM AG,144A,12.25%, 3/30/29		247,000		268,718
Entegris, Inc.
144A,4.375%, 4/15/28		154,000		149,882

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,4.75%, 4/15/29		435,000		429,115
144A,3.625%, 5/1/29		193,000		182,122
144A,5.95%, 6/15/30		292,000		296,003
Kioxia Holdings Corp.,144A,6.25%, 7/24/30		368,000		368,612
ON Semiconductor Corp.,144A,3.875%, 9/1/28		257,000		249,973

(Cost $1,914,480)				1,944,425

Software — 3.3%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30		776,000		761,921
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		253,000		220,190
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		244,000		206,416
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		1,253,000		1,267,775
144A,9.00%, 9/30/29		1,326,000		1,383,694
CoreWeave, Inc.,144A,9.25%, 6/1/30		662,000		665,072
Fair Isaac Corp.
144A,5.25%, 5/15/26		130,000		130,243
144A,4.00%, 6/15/28		313,000		305,183
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A,8.75%, 5/1/29		232,000		238,292
Open Text Corp.
144A,3.875%, 2/15/28		241,000		234,425
144A,3.875%, 12/1/29		312,000		294,343
Open Text Holdings, Inc.,144A,4.125%, 2/15/30		262,000		247,551
ROBLOX Corp.,144A,3.875%, 5/1/30		316,000		300,693
Rocket Software, Inc.
144A,9.00%, 11/28/28		280,000		288,533
144A,6.50%, 2/15/29		183,000		176,229
SS&C Technologies, Inc.,144A,5.50%, 9/30/27		594,000		594,603
Twilio, Inc.,3.625%, 3/15/29		149,000		142,366

(Cost $7,392,977)				7,457,529

Utilities — 3.0%
Electric — 2.7%
Calpine Corp.
144A,4.50%, 2/15/28		444,000		440,020
144A,5.125%, 3/15/28		441,000		440,952
144A,4.625%, 2/1/29		211,000		208,619
Clearway Energy Operating LLC,144A,4.75%, 3/15/28		326,000		322,571
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		151,000		155,938
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		159,000		164,366


	Principal Amount $		Value $
NRG Energy, Inc.
5.75%, 1/15/28		310,000		311,176
144A,3.375%, 2/15/29		146,000		138,429
144A,5.25%, 6/15/29		280,000		279,347
144A,5.75%, 7/15/29		215,000		215,992
PG&E Corp.
5.00%, 7/1/28		292,000		288,857
5.25%, 7/1/30		355,000		346,194
Pike Corp.,144A,5.50%, 9/1/28		224,000		224,232
Talen Energy Supply LLC,144A,8.625%, 6/1/30		372,000		397,495
TransAlta Corp.,7.75%, 11/15/29		132,000		137,323
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		224,000		223,813
144A,5.625%, 2/15/27		448,000		448,461
144A,5.00%, 7/31/27		411,000		410,147
144A,4.375%, 5/1/29		400,000		391,213
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		174,000		170,608
144A,4.50%, 9/15/27		148,000		145,255
144A,7.25%, 1/15/29 (a)		256,000		261,640

(Cost $6,036,094)				6,122,648

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.75%, 5/20/27		253,000		252,644
144A,9.375%, 6/1/28		138,000		142,529
144A,9.50%, 6/1/30		165,000		172,958

(Cost $560,072)				568,131

TOTAL CORPORATE BONDS

(Cost $216,753,021)				219,143,446

	Number of Shares
SECURITIES LENDING COLLATERAL — 3.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)

(Cost $8,751,783)		8,751,783		8,751,783

CASH EQUIVALENTS — 2.6%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $5,758,661)		5,758,661		5,758,661

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025


	Number of Shares	Value $
TOTAL INVESTMENTS — 104.1%
(Cost $231,263,465)			233,653,890
Other assets and liabilities, net — (4.1%)			(9,189,805	)

NET ASSETS — 100.0%			224,464,085

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 3.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
4,160,683		4,591,100	(d)		—			—		—		107,801		—		8,751,783		8,751,783
CASH EQUIVALENTS — 2.6%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
1,306,482		34,031,607			(29,579,428	)		—		—		87,323		—		5,758,661		5,758,661
5,467,165		38,622,707			(29,579,428	)		—		—		195,124		—		14,510,444		14,510,444

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $8,563,167, which is 3.8% of net assets.

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

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

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


REIT:		Real Estate Investment Trust
REGS:		Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
144A:		Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	219,143,446	$	—	$	219,143,446
Short-Term Investments (a)		14,510,444		—		—		14,510,444

TOTAL	$	14,510,444	$	219,143,446	$	—	$	233,653,890

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

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF

August 31, 2025


	Principal Amount $		Value $

CORPORATE BONDS — 97.8%
Basic Materials — 6.7%
Aerospace/Defense — 0.1%
ATI, Inc.
5.875%, 12/1/27		264,000		263,619
4.875%, 10/1/29		320,000		313,487
5.125%, 10/1/31		345,000		336,726

(Cost $880,802)				913,832

Chemicals — 3.6%
Ashland, Inc.
144A,3.375%, 9/1/31		443,000		395,142
6.875%, 5/15/43		277,000		290,674
Avient Corp.
144A,7.125%, 8/1/30		714,000		737,653
144A,6.25%, 11/1/31		730,000		743,515
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		492,000		517,784
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		829,000		783,140
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV,144A,4.75%, 6/15/27		492,000		489,761
Celanese US Holdings LLC
6.665%, 7/15/27		1,477,000		1,519,815
6.85%, 11/15/28		1,014,000		1,056,777
6.83%, 7/15/29		738,000		768,331
6.50%, 4/15/30 (a)		709,000		715,394
7.05%, 11/15/30		1,004,000		1,043,906
6.879%, 7/15/32		1,034,000		1,068,088
6.75%, 4/15/33 (a)		1,083,000		1,090,488
7.20%, 11/15/33		1,034,000		1,075,891
Cerdia Finanz GMBH,144A,9.375%, 10/3/31		886,000		937,636
Chemours Co.
5.375%, 5/15/27		667,000		664,539
144A,5.75%, 11/15/28		800,000		770,330
144A,4.625%, 11/15/29		631,000		563,449
Chemours (The) Co., 144A,8.00%, 1/15/33		591,000		578,126
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		517,000		433,657
144A,12.00%, 2/15/31		600,000		551,450
CVR Partners LP / CVR Nitrogen Finance Corp.,144A,6.125%, 6/15/28		521,000		520,281
Element Solutions, Inc.,144A,3.875%, 9/1/28		787,000		762,876
FMC Corp.,8.45%, 11/1/55		738,000		771,051
HB Fuller Co.
4.00%, 2/15/27		295,000		291,023


	Principal Amount $		Value $
4.25%, 10/15/28		295,000		286,507
Herens Holdco SARL,144A,4.75%, 5/15/28		370,000		318,274
Huntsman International LLC
4.50%, 5/1/29		758,000		729,282
2.95%, 6/15/31		414,000		353,969
5.70%, 10/15/34		345,000		319,418
INEOS Finance PLC
144A,6.75%, 5/15/28		418,000		410,699
144A,7.50%, 4/15/29 (a)		734,000		735,697
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29 (a)		434,000		435,008
Ingevity Corp.,144A,3.875%, 11/1/28		541,000		518,281
Inversion Escrow Issuer LLC,144A,6.75%, 8/1/32		1,100,000		1,089,257
Methanex Corp.
5.125%, 10/15/27		689,000		685,937
5.25%, 12/15/29 (a)		719,000		714,328
5.65%, 12/1/44		315,000		262,201
Methanex US Operations, Inc.,144A,6.25%, 3/15/32		611,000		616,541
Minerals Technologies, Inc.,144A,5.00%, 7/1/28		384,000		378,240
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		1,044,000		1,046,635
144A,8.50%, 11/15/28		394,000		412,731
144A,4.25%, 5/15/29		566,000		543,370
144A,9.00%, 2/15/30		640,000		687,440
144A,7.00%, 12/1/31		464,000		487,378
Nufarm Australia Ltd. / Nufarm Americas, Inc.,144A,5.00%, 1/27/30		315,000		290,041
Olin Corp.
5.625%, 8/1/29		679,000		677,475
5.00%, 2/1/30		520,000		504,731
144A,6.625%, 4/1/33		591,000		590,234
Olympus Water US Holding Corp.
144A,7.125%, 10/1/27		312,000		317,633
144A,4.25%, 10/1/28		802,000		768,616
144A,9.75%, 11/15/28		1,673,000		1,753,895
144A,7.25%, 6/15/31		787,000		803,598
Rain Carbon, Inc.,144A,12.25%, 9/1/29 (a)		443,000		475,609
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28		1,083,000		1,058,234
SCIL IV LLC / SCIL USA Holdings LLC,144A,5.375%, 11/1/26		865,000		859,160
SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29		664,000		650,630
SNF Group SACA
144A,3.125%, 3/15/27		355,000		344,723
144A,3.375%, 3/15/30		405,000		373,553

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
WR Grace Holdings LLC
144A,4.875%, 6/15/27		573,000		568,390
144A,7.375%, 3/1/31		266,000		270,750
144A,6.625%, 8/15/32		750,000		747,900

(Cost $40,625,514)				41,227,142

Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy,144A,4.875%, 2/4/28		300,000		288,150
Domtar Corp.,144A,6.75%, 10/1/28		672,000		574,866
Glatfelter Corp.,144A,4.75%, 11/15/29		492,000		434,388
Magnera Corp.,144A,7.25%, 11/15/31		827,000		782,681
Mercer International, Inc.,5.125%, 2/1/29		908,000		716,004

(Cost $2,920,480)				2,796,089

Iron/Steel — 1.2%
Big River Steel LLC / BRS Finance Corp.,144A,6.625%, 1/31/29		709,000		710,145
Carpenter Technology Corp.
6.375%, 7/15/28		315,000		315,937
7.625%, 3/15/30		394,000		405,680
Champion Iron Canada, Inc.,144A,7.875%, 7/15/32		492,000		513,469
Cleveland-Cliffs, Inc.
5.875%, 6/1/27		546,000		545,338
144A,4.625%, 3/1/29		363,000		343,883
144A,6.875%, 11/1/29		911,000		925,247
144A,6.75%, 4/15/30		1,007,000		1,018,223
144A,4.875%, 3/1/31		320,000		292,576
144A,7.50%, 9/15/31		837,000		848,499
144A,7.00%, 3/15/32 (a)		1,403,000		1,394,788
144A,7.375%, 5/1/33		886,000		882,778
Commercial Metals Co.
4.125%, 1/15/30		304,000		290,668
3.875%, 2/15/31		295,000		273,833
4.375%, 3/15/32		295,000		276,343
Mineral Resources Ltd.
144A,8.125%, 5/1/27		689,000		689,391
144A,8.00%, 11/1/27		615,000		625,964
144A,9.25%, 10/1/28		1,108,000		1,158,322
144A,8.50%, 5/1/30 (a)		654,000		678,806
TMS International Corp.,144A,6.25%, 4/15/29		345,000		333,441
United States Steel Corp.
6.875%, 3/1/29		468,000		471,515
6.65%, 6/1/37		300,000		311,828

(Cost $13,163,968)				13,306,674


	Principal Amount $		Value $
Mining — 1.6%
Alcoa Nederland Holding BV
144A,4.125%, 3/31/29		582,000		560,457
144A,7.125%, 3/15/31		738,000		778,385
Alumina Pty Ltd.
144A,6.125%, 3/15/30		492,000		499,935
144A,6.375%, 9/15/32		492,000		501,744
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		689,000		729,779
144A,11.50%, 10/1/31		502,000		558,291
Century Aluminum Co.,144A,6.875%, 8/1/32		394,000		402,700
Coeur Mining, Inc.,144A,5.125%, 2/15/29		289,000		281,495
Compass Minerals International, Inc.,144A,8.00%, 7/1/30		710,000		742,649
Constellium SE
144A,5.625%, 6/15/28		320,000		318,168
144A,3.75%, 4/15/29		492,000		466,379
144A,6.375%, 8/15/32		425,000		433,841
Eldorado Gold Corp.,144A,6.25%, 9/1/29		492,000		493,193
Fortescue Treasury Pty Ltd.
144A,4.50%, 9/15/27		641,000		635,141
144A,5.875%, 4/15/30		690,000		704,670
144A,4.375%, 4/1/31		1,477,000		1,404,437
144A,6.125%, 4/15/32		787,000		807,726
Hecla Mining Co.,7.25%, 2/15/28		199,000		200,976
Hudbay Minerals, Inc.,144A,6.125%, 4/1/29		564,000		570,167
IAMGOLD Corp.,144A,5.75%, 10/15/28		460,000		456,829
Jw Aluminum Continuous Cast Co.,144A,10.25%, 4/1/30		345,000		356,731
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		492,000		483,598
144A,4.50%, 6/1/31		541,000		507,517
New Gold, Inc.,144A,6.875%, 4/1/32		394,000		410,693
Novelis Corp.
144A,4.75%, 1/30/30		1,635,000		1,572,321
144A,6.875%, 1/30/30		738,000		765,758
144A,3.875%, 8/15/31		738,000		669,290
144A,6.375%, 8/15/33		750,000		757,704
Perenti Finance Pty Ltd.,144A,7.50%, 4/26/29		345,000		360,094
Taseko Mines Ltd.,144A,8.25%, 5/1/30		492,000		517,277

(Cost $17,568,547)				17,947,945

Communications — 14.5%
Advertising — 1.0%
Advantage Sales & Marketing, Inc.,144A,6.50%, 11/15/28		600,000		498,041

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Clear Channel Outdoor Holdings, Inc.
144A,7.875%, 4/1/30		851,000		886,461
144A,7.125%, 2/15/31		1,132,000		1,149,861
144A,7.50%, 3/15/33		976,000		993,424
Dotdash Meredith, Inc.,144A,7.625%, 6/15/32		394,000		386,002
Lamar Media Corp.
3.75%, 2/15/28		586,000		569,766
4.875%, 1/15/29		393,000		387,703
4.00%, 2/15/30		541,000		514,297
3.625%, 1/15/31		551,000		510,238
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		2,629,000		2,614,514
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		669,000		663,566
144A,4.25%, 1/15/29		512,000		492,078
144A,4.625%, 3/15/30 (a)		472,000		450,401
144A,7.375%, 2/15/31		443,000		467,465
Stagwell Global LLC,144A,5.625%, 8/15/29		1,083,000		1,044,568

(Cost $11,331,970)				11,628,385

Internet — 2.0%
ANGI Group LLC,144A,3.875%, 8/15/28		492,000		463,309
Arches Buyer, Inc.,144A,4.25%, 6/1/28		935,000		909,345
Cablevision Lightpath LLC,144A,3.875%, 9/15/27		443,000		437,051
Cars.com, Inc.,144A,6.375%, 11/1/28		394,000		393,707
Cogent Communications Group LLC / Cogent Finance, Inc.
144A,7.00%, 6/15/27		443,000		441,368
144A,7.00%, 6/15/27		295,000		293,675
144A,6.50%, 7/1/32		591,000		562,602
Gen Digital, Inc.
144A,6.75%, 9/30/27		956,000		973,023
144A,7.125%, 9/30/30		591,000		611,391
144A,6.25%, 4/1/33		935,000		961,462
Getty Images, Inc.,144A,11.25%, 2/21/30		551,000		504,126
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		591,000		588,645
144A,3.50%, 3/1/29		787,000		745,600
GrubHub Holdings, Inc.,144A,5.50%, 7/1/27 (a)		622,000		619,859
ION Trading Technologies SARL
144A,5.75%, 5/15/28		443,000		429,518
144A,9.50%, 5/30/29		763,000		794,751
Match Group Holdings II LLC
144A,5.00%, 12/15/27		443,000		440,622


	Principal Amount $		Value $
144A,4.625%, 6/1/28		542,000		533,774
144A,5.625%, 2/15/29		345,000		345,309
144A,4.125%, 8/1/30		492,000		463,268
144A,3.625%, 10/1/31		492,000		444,081
144A,6.125%, 9/15/33		750,000		758,248
Rakuten Group, Inc.
144A,6.25%, Perpetual		1,054,000		991,979
144A,8.125%, Perpetual		581,000		597,137
144A,11.25%, 2/15/27		1,824,000		1,972,191
144A,9.75%, 4/15/29		1,975,000		2,194,113
Snap, Inc.
144A,6.875%, 3/1/33		1,477,000		1,492,352
144A,6.875%, 3/15/34		575,000		576,502
Wayfair LLC
144A,7.25%, 10/31/29		787,000		802,448
144A,7.75%, 9/15/30		689,000		711,843
Ziff Davis, Inc.,144A,4.625%, 10/15/30		523,000		492,980

(Cost $21,870,293)				22,546,279

Media — 6.4%
AMC Networks, Inc.
144A,10.25%, 1/15/29		951,000		989,896
144A,10.50%, 7/15/32		394,000		406,919
Block Communications, Inc.,144A,4.875%, 3/1/28		295,000		277,734
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		623,000		515,415
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.125%, 5/1/27		2,893,000		2,878,420
144A,5.00%, 2/1/28		2,163,000		2,145,383
144A,5.375%, 6/1/29		1,338,000		1,327,609
144A,6.375%, 9/1/29		1,418,000		1,439,605
144A,4.75%, 3/1/30		2,719,000		2,613,144
144A,4.50%, 8/15/30		2,379,000		2,251,868
144A,4.25%, 2/1/31		2,676,000		2,468,381
144A,7.375%, 3/1/31		952,000		985,031
144A,4.75%, 2/1/32		1,089,000		1,010,187
4.50%, 5/1/32		2,554,000		2,335,520
144A,4.50%, 6/1/33		1,564,000		1,395,025
144A,4.25%, 1/15/34		1,781,000		1,546,402
Directv Financing LLC,144A,8.875%, 2/1/30		778,000		772,318
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
144A,5.875%, 8/15/27		3,349,000		3,332,252
144A,10.00%, 2/15/31		2,092,000		2,079,697
Discovery Communications LLC
3.95%, 3/20/28		1,229,000		1,187,976
4.125%, 5/15/29		652,000		617,529
3.625%, 5/15/30		903,000		814,569
5.00%, 9/20/37		478,000		352,821
6.35%, 6/1/40		437,000		340,104

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
DISH Network Corp.,144A,11.75%, 11/15/27		3,445,000		3,642,290
Gray Media, Inc.
144A,10.50%, 7/15/29		1,230,000		1,338,795
144A,7.25%, 8/15/33		763,000		751,681
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		815,000		819,242
144A,7.375%, 9/1/31		640,000		671,868
Midcontinent Communications,144A,8.00%, 8/15/32		640,000		666,751
Nexstar Media, Inc.
144A,5.625%, 7/15/27		1,737,000		1,735,117
144A,4.75%, 11/1/28 (a)		984,000		965,908
Paramount Global
6.25%, 2/28/57		640,000		623,005
6.375%, 3/30/62		984,000		985,641
Scripps Escrow II, Inc.,144A,3.875%, 1/15/29 (a)		515,000		456,158
Sinclair Television Group, Inc.,144A,8.125%, 2/15/33		1,458,000		1,493,721
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		1,024,000		1,017,672
144A,5.00%, 8/1/27		1,477,000		1,470,334
144A,4.00%, 7/15/28		1,969,000		1,900,249
144A,5.50%, 7/1/29		1,470,000		1,467,902
144A,4.125%, 7/1/30		1,477,000		1,373,323
144A,3.875%, 9/1/31 (a)		1,517,000		1,364,284
Sunrise FinCo I BV,144A,4.875%, 7/15/31		1,231,000		1,176,171
TEGNA, Inc.
4.625%, 3/15/28		1,004,000		995,679
5.00%, 9/15/29		1,103,000		1,104,145
Univision Communications, Inc.
144A,8.00%, 8/15/28		1,558,000		1,617,090
144A,4.50%, 5/1/29		1,034,000		969,831
144A,7.375%, 6/30/30		885,000		889,832
144A,8.50%, 7/31/31		1,235,000		1,272,619
144A,9.375%, 8/1/32		1,567,000		1,650,195
Virgin Media Finance PLC,144A,5.00%, 7/15/30		961,000		878,971
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		1,433,000		1,410,994
144A,4.50%, 8/15/30		901,000		845,853
Virgin Media Vendor Financing Notes IV DAC,144A,5.00%, 7/15/28		632,000		618,716
VZ Secured Financing BV,144A,5.00%, 1/15/32		1,561,000		1,386,166
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		522,000		460,739
Ziggo BV,144A,4.875%, 1/15/30		995,000		933,769

(Cost $70,911,896)				73,038,516


	Principal Amount $		Value $
Telecommunications — 5.1%
Africell Holding Ltd.,144A,10.50%, 10/23/29		295,000		289,173
Bell Telephone Co. of Canada Or Bell Canada
6.875%, 9/15/55		984,000		1,004,970
7.00%, 9/15/55		1,270,000		1,298,937
British Telecommunications PLC
144A,4.25%, 11/23/81		492,000		486,079
144A,4.875%, 11/23/81 (a)		491,000		460,889
Ciena Corp.,144A,4.00%, 1/31/30		394,000		374,014
CommScope LLC
144A,4.75%, 9/1/29		936,000		924,768
144A,9.50%, 12/15/31		1,094,000		1,131,406
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		1,944,000		2,025,316
EchoStar Corp.
10.75%, 11/30/29		5,569,000		5,993,636
6.75% Cash or PIK, 11/30/30		2,334,968		2,303,609
Fibercop SpA
144A,6.375%, 11/15/33		492,000		482,997
144A,6.00%, 9/30/34		492,000		465,582
144A,7.20%, 7/18/36		492,000		492,605
144A,7.721%, 6/4/38		567,000		576,410
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		1,092,000		1,091,688
144A,5.00%, 5/1/28		1,566,000		1,561,932
144A,6.75%, 5/1/29		1,014,000		1,023,858
5.875%, 11/1/29		738,000		744,432
144A,6.00%, 1/15/30		1,004,000		1,015,075
144A,8.75%, 5/15/30		1,181,000		1,234,304
144A,8.625%, 3/15/31		768,000		815,276
Frontier Florida LLC, Series E, 6.86%, 2/1/28		295,000		305,694
GCI LLC,144A,4.75%, 10/15/28		611,000		595,044
GoTo Group, Inc.,144A,5.50%, 5/1/28		354,000		294,355
Level 3 Financing, Inc.
144A,10.75%, 12/15/30		428,420		483,570
144A,6.875%, 6/30/33		2,028,000		2,046,201
144A,7.00%, 3/31/34		1,910,000		1,922,973
Lumen Technologies, Inc.
144A,4.125%, 4/15/29		675,000		661,500
144A,4.125%, 4/15/30		327,000		320,460
144A,10.00%, 10/15/32		385,000		389,966
Maya SAS/Paris France
144A,7.00%, 10/15/28		841,000		855,832
144A,8.50%, 4/15/31		1,025,000		1,102,767
144A,7.00%, 4/15/32		837,000		860,845

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Millicom International Cellular SA
144A,5.125%, 1/15/28		412,200		408,493
144A,6.25%, 3/25/29		655,200		656,701
144A,4.50%, 4/27/31 (a)		763,000		710,989
144A,7.375%, 4/2/32		472,000		487,107
Rogers Communications, Inc.
7.00%, 4/15/55		1,083,000		1,110,920
7.125%, 4/15/55		1,024,000		1,062,991
144A,5.25%, 3/15/82 (a)		738,000		731,476
Sunrise HoldCo IV BV,144A,5.50%, 1/15/28		389,000		387,428
Telecom Italia Capital SA
6.375%, 11/15/33		491,000		508,807
6.00%, 9/30/34 (a)		492,000		490,077
7.20%, 7/18/36		492,000		520,783
7.721%, 6/4/38		522,000		569,608
TELUS Corp.
6.625%, 10/15/55		689,000		700,944
7.00%, 10/15/55		817,000		838,390
Viasat, Inc.,144A,5.625%, 4/15/27		591,000		589,673
Viavi Solutions, Inc.,144A,3.75%, 10/1/29		345,000		321,492
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		1,329,000		1,226,717
144A,4.75%, 7/15/31		1,438,000		1,344,553
144A,7.75%, 4/15/32		738,000		771,990
Vodafone Group PLC
7.00%, 4/4/79		1,969,000		2,077,642
3.25%, 6/4/81		666,000		650,906
4.125%, 6/4/81		1,044,000		966,483
5.125%, 6/4/81		975,000		756,075
Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31		2,266,000		2,357,041
Zayo Group Holdings, Inc.,144A,4.00%, 3/1/27		1,454,000		1,406,532
Zegona Finance PLC,144A,8.625%, 7/15/29		886,000		942,376

(Cost $56,588,980)				58,232,357

Consumer, Cyclical — 21.7%
Airlines — 0.9%
Allegiant Travel Co.,144A,7.25%, 8/15/27		671,000		682,602
American Airlines, Inc.
144A,7.25%, 2/15/28 (a)		738,000		757,138
144A,8.50%, 5/15/29		984,000		1,031,179
American Airlines, Inc. / AAdvantage Loyalty IP Ltd.,144A,5.75%, 4/20/29		3,033,000		3,049,739
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31		2,039,000		2,026,142


	Principal Amount $		Value $
OneSky Flight LLC,144A,8.875%, 12/15/29		541,000		568,368
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
144A,7.875%, 5/1/27		492,000		497,276
144A,9.50%, 6/1/28 (a)		492,000		511,668
144A,6.375%, 2/1/30 (a)		984,000		947,159

(Cost $9,770,406)				10,071,271

Apparel — 0.7%
Beach Acquisition Bidco LLC,144A,10.00% Cash or 10.75% PIK, 7/15/33		2,256,000		2,394,642
Champ Acquisition Corp.,144A,8.375%, 12/1/31		492,000		523,008
Crocs, Inc.
144A,4.25%, 3/15/29		345,000		328,074
144A,4.125%, 8/15/31		345,000		309,699
Hanesbrands, Inc.,144A,9.00%, 2/15/31 (a)		591,000		628,291
Kontoor Brands, Inc.,144A,4.125%, 11/15/29		394,000		371,376
Levi Strauss & Co.,144A,3.50%, 3/1/31		492,000		453,935
S&s Holdings LLC,144A,8.375%, 10/1/31		631,000		592,637
Under Armour, Inc.,144A,7.25%, 7/15/30		394,000		393,388
VF Corp.
2.80%, 4/23/27		492,000		474,983
2.95%, 4/23/30		828,000		722,368
6.00%, 10/15/33		272,000		258,064
6.45%, 11/1/37		282,000		259,309
William Carter Co.,144A,5.625%, 3/15/27		492,000		491,009

(Cost $8,166,039)				8,200,783

Auto Manufacturers — 1.6%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		394,000		390,612
144A,5.875%, 6/1/29		492,000		495,834
144A,3.75%, 1/30/31		984,000		908,167
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 (a)		1,034,000		1,005,872
Jaguar Land Rover Automotive PLC
144A,4.50%, 10/1/27		492,000		487,040
144A,5.875%, 1/15/28 (a)		664,000		664,819
144A,5.50%, 7/15/29 (a)		428,000		427,563
JB Poindexter & Co., Inc.,144A,8.75%, 12/15/31		851,000		878,905
New Flyer Holdings, Inc.,144A,9.25%, 7/1/30		651,000		698,325
Nissan Motor Acceptance Co. LLC 144A,6.95%, 9/15/26		300,000		302,022

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
144A,1.85%, 9/16/26		985,000		947,292
144A,5.30%, 9/13/27		394,000		392,010
144A,2.75%, 3/9/28		591,000		550,625
144A,2.45%, 9/15/28		365,000		331,613
144A,7.05%, 9/15/28		689,000		712,854
144A,5.55%, 9/13/29		295,000		291,086
Nissan Motor Co. Ltd.
144A,4.345%, 9/17/27		2,461,000		2,405,942
144A,7.50%, 7/17/30		1,044,000		1,090,764
144A,4.81%, 9/17/30		2,461,000		2,299,016
144A,7.75%, 7/17/32		798,000		835,923
144A,8.125%, 7/17/35		1,230,000		1,303,192
Wabash National Corp.,144A,4.50%, 10/15/28		394,000		361,605

(Cost $17,803,503)				17,781,081

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd.
144A,7.00%, 4/15/28		522,000		536,856
144A,8.25%, 4/15/31		492,000		518,099
144A,7.50%, 2/15/33		853,000		888,264
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		376,000		377,756
6.875%, 7/1/28		644,000		644,258
5.00%, 10/1/29 (a)		591,000		557,870
Aptiv Swiss Holdings Ltd.,6.875%, 12/15/54		492,000		497,268
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		780,000		783,281
144A,6.75%, 5/15/28		758,000		774,919
144A,6.75%, 2/15/30		984,000		1,019,640
Cooper-Standard Automotive, Inc.,144A,13.50%, 3/31/27 (a)		500,000		523,695
Dana, Inc.
5.375%, 11/15/27		526,000		525,164
5.625%, 6/15/28		434,000		433,756
4.25%, 9/1/30		414,000		409,317
4.50%, 2/15/32		345,000		338,435
Forvia SE,144A,8.00%, 6/15/30 (a)		492,000		518,829
Garrett Motion Holdings, Inc. / Garrett LX I SARL,144A,7.75%, 5/31/32		877,000		917,045
Goodyear Tire & Rubber Co.
4.875%, 3/15/27		1,010,000		1,002,810
5.00%, 7/15/29		851,000		825,114
6.625%, 7/15/30		492,000		500,531
5.25%, 4/30/31 (a)		561,000		532,472
5.25%, 7/15/31		670,000		636,256
5.625%, 4/30/33 (a)		404,000		379,681


	Principal Amount $		Value $
IHO Verwaltungs GmbH
144A,6.3750% Cash or 7.125% PIK, 5/15/29		393,000		395,090
144A,7.750% Cash or 8.5% PIK, 11/15/30		612,000		636,361
144A,8.000% Cash or 8.750% PIK, 11/15/32		442,000		461,482
Phinia, Inc.
144A,6.75%, 4/15/29		517,000		533,674
144A,6.625%, 10/15/32		443,000		454,973
Qnity Electronics, Inc.
144A,5.75%, 8/15/32		1,000,000		1,016,579
144A,6.25%, 8/15/33		750,000		775,292
Tenneco, Inc.,144A,8.00%, 11/17/28		1,870,000		1,869,960
Titan International, Inc.,7.00%, 4/30/28		393,000		393,783
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		592,000		599,640
144A,7.125%, 4/14/30		611,000		608,276
144A,6.75%, 4/23/30		807,000		786,906
144A,6.875%, 4/23/32		709,000		679,900

(Cost $22,884,832)				23,353,232

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		689,000		674,043
144A,3.875%, 11/15/29		394,000		373,711
Gates Corp.,144A,6.875%, 7/1/29		492,000		511,553
RB Global Holdings, Inc.
144A,6.75%, 3/15/28		541,000		553,729
144A,7.75%, 3/15/31		787,000		825,873
Resideo Funding, Inc.
144A,4.00%, 9/1/29		295,000		282,889
144A,6.50%, 7/15/32		661,000		674,935
Velocity Vehicle Group LLC,144A,8.00%, 6/1/29		492,000		498,659
Windsor Holdings III LLC,144A,8.50%, 6/15/30		787,000		836,328

(Cost $5,150,208)				5,231,720

Entertainment — 4.0%
Banijay Entertainment SAS,144A,8.125%, 5/1/29		394,000		409,879
Boyne USA, Inc.,144A,4.75%, 5/15/29		679,000		666,604
Brightstar Lottery PLC
144A,6.25%, 1/15/27		738,000		745,404
144A,5.25%, 1/15/29		738,000		733,933
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29		1,221,000		1,164,275
144A,7.00%, 2/15/30		1,969,000		2,036,178
144A,6.50%, 2/15/32		1,532,000		1,570,582
144A,6.00%, 10/15/32 (a)		1,113,000		1,091,244

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Churchill Downs, Inc.
144A,5.50%, 4/1/27		831,000		829,031
144A,4.75%, 1/15/28		689,000		681,560
144A,5.75%, 4/1/30		1,201,000		1,201,190
144A,6.75%, 5/1/31		611,000		627,971
Cinemark USA, Inc.
144A,5.25%, 7/15/28		853,000		847,777
144A,7.00%, 8/1/32		502,000		520,116
Empire Resorts, Inc.,144A,7.75%, 11/1/26		294,000		293,783
Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29		532,000		507,734
Jacobs Entertainment, Inc.,144A,6.75%, 2/15/29		502,000		486,775
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		689,000		690,635
144A,7.25%, 11/15/29		592,000		607,333
144A,7.50%, 9/1/31		541,000		564,733
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		1,231,000		1,243,912
144A,4.75%, 10/15/27		935,000		927,215
144A,3.75%, 1/15/28		492,000		478,529
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		522,000		446,272
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.,144A,4.875%, 5/1/29		738,000		713,954
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC
144A,8.25%, 4/15/30		738,000		762,653
144A,11.875%, 4/15/31		689,000		725,822
Motion Finco Sarl,144A,8.375%, 2/15/32		404,000		348,481
Odeon Finco PLC,144A,12.75%, 11/1/27		419,000		434,309
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30		394,000		396,856
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		405,000		404,594
144A,4.125%, 7/1/29 (a)		394,000		367,203
Resorts World Las Vegas LLC / RWLV Capital, Inc.
144A,4.625%, 4/16/29		960,000		863,181
144A,8.45%, 7/27/30		390,000		392,121
144A,4.625%, 4/6/31		390,000		328,871
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.,144A,6.625%, 2/1/33		661,000		668,390
Scientific Games Holdings LP/ Scientific Games US FinCo, Inc.,144A,6.625%, 3/1/30		832,000		798,474


	Principal Amount $		Value $
SeaWorld Parks & Entertainment, Inc.,144A,5.25%, 8/15/29		714,000		700,806
Six Flags Entertainment Corp.
144A,5.50%, 4/15/27		572,000		570,478
144A,7.25%, 5/15/31 (a)		877,000		881,202
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 4/15/27		492,000		489,630
6.50%, 10/1/28		295,000		296,745
5.25%, 7/15/29		492,000		476,367
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co.,144A,6.625%, 5/1/32		837,000		850,602
Speedway Motorsports LLC / Speedway Funding II, Inc.,144A,4.875%, 11/1/27		345,000		341,576
Universal Entertainment Corp.,144A,9.875%, 8/1/29 (a)		315,000		309,499
Vail Resorts, Inc.
144A,5.625%, 7/15/30		492,000		498,519
144A,6.50%, 5/15/32		591,000		612,152
Voyager Parent LLC,144A,9.25%, 7/1/32		1,881,000		1,985,155
Warnermedia Holdings, Inc.
3.755%, 3/15/27		1,520,000		1,497,200
4.054%, 3/15/29		1,337,000		1,270,150
4.279%, 3/15/32		2,819,000		2,432,797
4.279%, 3/15/32		230,000		181,516
5.05%, 3/15/42		4,146,000		2,793,367
5.141%, 3/15/52		979,000		609,241
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		738,000		736,590
144A,7.125%, 2/15/31		983,000		1,058,118
144A,6.25%, 3/15/33		787,000		796,682

(Cost $45,453,245)				45,965,966

Food Service — 0.1%
Aramark Services, Inc.,144A,5.00%, 2/1/28		1,132,000		1,123,684
TKC Holdings, Inc.,144A,6.875%, 5/15/28		418,000		419,892

(Cost $1,506,691)				1,543,576

Home Builders — 1.4%
Adams Homes, Inc.,144A,9.25%, 10/15/28		394,000		409,070
Ashton Woods USA LLC / Ashton Woods Finance Co.
144A,4.625%, 8/1/29		345,000		330,742
144A,4.625%, 4/1/30		394,000		371,753
144A,6.875%, 8/1/33		443,000		443,870

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Beazer Homes USA, Inc.
5.875%, 10/15/27		352,000		351,323
7.25%, 10/15/29		343,000		346,551
144A,7.50%, 3/15/31		246,000		250,022
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		681,000		678,352
144A,5.00%, 6/15/29		375,000		351,475
144A,4.875%, 2/15/30		522,000		478,707
Century Communities, Inc.
6.75%, 6/1/27		487,000		487,986
144A,3.875%, 8/15/29		582,000		542,134
Dream Finders Homes, Inc.,144A,8.25%, 8/15/28		295,000		305,818
Empire Communities Corp.,144A,9.75%, 5/1/29		468,000		477,360
Forestar Group, Inc.
144A,5.00%, 3/1/28		295,000		292,778
144A,6.50%, 3/15/33		492,000		500,944
Installed Building Products, Inc.,144A,5.75%, 2/1/28		394,000		393,293
K Hovnanian Enterprises, Inc.,144A,11.75%, 9/30/29		423,000		457,356
KB Home
6.875%, 6/15/27		295,000		301,182
4.80%, 11/15/29		295,000		289,662
7.25%, 7/15/30		345,000		354,980
4.00%, 6/15/31		384,000		357,269
LGI Homes, Inc.
144A,8.75%, 12/15/28		394,000		412,706
144A,4.00%, 7/15/29		325,000		297,072
144A,7.00%, 11/15/32		404,000		394,003
M/I Homes, Inc.
4.95%, 2/1/28		463,000		458,145
3.95%, 2/15/30		295,000		277,471
Mattamy Group Corp.
144A,5.25%, 12/15/27		522,000		520,233
144A,4.625%, 3/1/30		591,000		566,129
New Home Co., Inc.,144A,9.25%, 10/1/29		369,000		389,679
New Home Co., (The), Inc.,144A,8.50%, 11/1/30		295,000		305,964
Shea Homes LP / Shea Homes Funding Corp.
4.75%, 2/15/28		442,000		436,046
4.75%, 4/1/29		298,000		289,878
STL Holding Co. LLC,144A,8.75%, 2/15/29		271,000		283,862
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		492,000		495,369
144A,5.75%, 1/15/28		443,000		448,584
144A,5.125%, 8/1/30		492,000		490,572


	Principal Amount $		Value $
Thor Industries, Inc.,144A,4.00%, 10/15/29		492,000		464,589
Tri Pointe Homes, Inc.
5.25%, 6/1/27		295,000		294,865
5.70%, 6/15/28		345,000		350,583

(Cost $15,674,908)				15,948,377

Home Furnishings — 0.5%
Somnigroup International, Inc.
144A,4.00%, 4/15/29		788,000		757,443
144A,3.875%, 10/15/31		787,000		719,983
Whirlpool Corp.
4.75%, 2/26/29		902,000		890,578
6.125%, 6/15/30		591,000		597,570
2.40%, 5/15/31		295,000		247,838
4.70%, 5/14/32		295,000		274,025
5.50%, 3/1/33		295,000		284,270
6.50%, 6/15/33		591,000		595,130
5.75%, 3/1/34		295,000		286,107
5.15%, 3/1/43		260,000		219,716
4.50%, 6/1/46		492,000		370,530
4.60%, 5/15/50		492,000		365,953

(Cost $5,513,333)				5,609,143

Housewares — 0.5%
Newell Brands, Inc.
6.375%, 9/15/27		492,000		497,440
144A,8.50%, 6/1/28		1,230,000		1,298,542
6.625%, 9/15/29		492,000		494,391
6.375%, 5/15/30		738,000		727,837
6.625%, 5/15/32 (a)		492,000		480,260
6.875%, 4/1/36		413,000		403,572
7.00%, 4/1/46		686,000		596,121
Scotts Miracle-Gro Co.
5.25%, 12/15/26		246,000		245,613
4.50%, 10/15/29		405,000		391,188
4.00%, 4/1/31		468,000		430,587
4.375%, 2/1/32		394,000		363,661

(Cost $5,802,069)				5,929,212

Leisure Time — 1.9%
Acushnet Co.,144A,7.375%, 10/15/28		254,000		265,487
Amer Sports Co.,144A,6.75%, 2/16/31		787,000		820,348
Carnival Corp.
144A,6.00%, 5/1/29		2,009,000		2,035,051
144A,5.75%, 3/15/30		1,009,000		1,034,429
144A,5.875%, 6/15/31		984,000		1,008,743
144A,5.75%, 8/1/32		3,043,000		3,093,210
144A,6.125%, 2/15/33		2,039,000		2,093,857
Life Time, Inc.,144A,6.00%, 11/15/31		492,000		497,233
Lindblad Expeditions LLC,144A,7.00%, 9/15/30		675,000		691,268

See Notes to Financial Statements.

50 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
NCL Corp. Ltd.
144A,5.875%, 2/15/27		1,044,000		1,046,194
144A,8.125%, 1/15/29		778,000		818,144
144A,7.75%, 2/15/29		591,000		631,302
144A,6.25%, 3/1/30		310,000		314,588
144A,6.75%, 2/1/32		1,822,000		1,879,052
NCL Finance Ltd.,144A,6.125%, 3/15/28		517,000		524,326
Sabre GLBL, Inc.
144A,8.625%, 6/1/27		327,000		330,970
144A,10.75%, 11/15/29		842,000		813,997
144A,11.125%, 7/15/30		1,324,000		1,297,652
Viking Cruises Ltd.
144A,5.875%, 9/15/27		812,000		810,921
144A,7.00%, 2/15/29		503,000		506,430
144A,9.125%, 7/15/31		709,000		763,882
Viking Ocean Cruises Ship VII Ltd.,144A,5.625%, 2/15/29		345,000		344,768
VOC Escrow Ltd.,144A,5.00%, 2/15/28		664,000		660,163

(Cost $22,048,426)				22,282,015

Lodging — 2.0%
Boyd Gaming Corp.
4.75%, 12/1/27		984,000		975,059
144A,4.75%, 6/15/31		976,000		939,378
Genting New York LLC / Genny Capital, Inc.,144A,7.25%, 10/1/29		615,000		638,657
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		492,000		492,903
144A,5.875%, 4/1/29		551,000		561,086
144A,3.75%, 5/1/29		787,000		754,765
4.875%, 1/15/30		984,000		981,289
144A,4.00%, 5/1/31		1,103,000		1,039,068
144A,3.625%, 2/15/32		1,517,000		1,384,668
144A,6.125%, 4/1/32		443,000		454,984
144A,5.875%, 3/15/33		984,000		1,004,204
144A,5.75%, 9/15/33		1,014,000		1,022,366
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,4.875%, 7/1/31		492,000		458,108
144A,6.625%, 1/15/32		886,000		904,072
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29		837,000		809,530
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,4.875%, 4/1/27		591,000		589,430
Marriott Ownership Resorts, Inc.
4.75%, 1/15/28		385,000		377,701
144A,4.50%, 6/15/29 (a)		572,000		552,751


	Principal Amount $		Value $
MGM Resorts International
4.625%, 9/1/26		394,000		391,401
5.50%, 4/15/27		664,000		667,782
4.75%, 10/15/28		738,000		733,514
6.125%, 9/15/29		837,000		854,878
6.50%, 4/15/32 (a)		738,000		757,373
Station Casinos LLC
144A,4.50%, 2/15/28		680,000		670,229
144A,4.625%, 12/1/31		492,000		465,567
144A,6.625%, 3/15/32		562,000		578,033
Travel + Leisure Co.
6.00%, 4/1/27		396,000		401,182
144A,4.50%, 12/1/29		690,000		668,422
144A,4.625%, 3/1/30		345,000		332,351
144A,6.125%, 9/1/33		480,000		481,751
Wyndham Hotels & Resorts, Inc.,144A,4.375%, 8/15/28		532,000		519,398
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		886,000		886,591

(Cost $21,883,055)				22,348,491

Office Furnishings — 0.1%
Interface, Inc.,144A,5.50%, 12/1/28		295,000		293,676
Steelcase, Inc.,5.125%, 1/18/29		553,000		550,594

(Cost $819,547)				844,270

Retail — 5.5%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		1,566,000		1,524,296
144A,4.375%, 1/15/28		938,000		922,504
144A,3.50%, 2/15/29		738,000		702,153
144A,6.125%, 6/15/29		1,181,000		1,209,651
144A,5.625%, 9/15/29		492,000		497,855
144A,4.00%, 10/15/30		3,010,000		2,814,406
Academy Ltd.,144A,6.00%, 11/15/27		385,000		385,404
Advance Auto Parts, Inc.
1.75%, 10/1/27		345,000		321,777
5.95%, 3/9/28		315,000		320,760
3.90%, 4/15/30		522,000		481,505
144A,7.00%, 8/1/30		975,000		1,000,475
3.50%, 3/15/32		365,000		318,528
144A,7.375%, 8/1/33		975,000		999,375
Asbury Automotive Group, Inc.
4.50%, 3/1/28		399,000		394,294
144A,4.625%, 11/15/29		787,000		764,325
4.75%, 3/1/30		448,000		437,550
144A,5.00%, 2/15/32		591,000		568,182
Bath & Body Works, Inc.
6.694%, 1/15/27		279,000		285,175
5.25%, 2/1/28		438,000		440,169

See Notes to Financial Statements.

DBX ETF Trust | 51

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
7.50%, 6/15/29		475,000		487,805
144A,6.625%, 10/1/30		831,000		853,097
6.95%, 3/1/33		280,000		289,820
6.875%, 11/1/35		868,000		904,031
6.75%, 7/1/36		566,000		575,809
BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc.,144A,9.50%, 7/1/32		500,000		518,542
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC,144A,5.125%, 4/15/29		335,000		291,150
BlueLinx Holdings, Inc.,144A,6.00%, 11/15/29		295,000		288,899
Brinker International, Inc.,144A,8.25%, 7/15/30		345,000		366,848
Carvana Co.
144A,9.00%, 12/1/28		550,000		562,523
144A,9.00%, 6/1/30		1,633,000		1,708,190
144A,9.00%, 6/1/31		2,305,500		2,615,793
Cougar JV Subsidiary LLC,144A,8.00%, 5/15/32		664,000		703,722
EG Global Finance PLC,144A,12.00%, 11/30/28		1,083,000		1,196,256
Evergreen Acqco 1 LP / TVI, Inc.,144A,9.75%, 4/26/28		395,000		411,511
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29		1,064,000		1,017,131
Foot Locker, Inc.,144A,4.00%, 10/1/29		394,000		377,129
Gap, Inc.
144A,3.625%, 10/1/29		828,000		776,544
144A,3.875%, 10/1/31		738,000		665,173
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		567,000		526,670
144A,8.75%, 1/15/32		517,000		456,408
Global Auto Holdings Ltd./ Aag Fh UK Ltd.,144A,11.50%, 8/15/29		532,000		527,387
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		738,000		716,088
144A,6.375%, 1/15/30		492,000		504,112
GYP Holdings III Corp.,144A,4.625%, 5/1/29		287,000		289,956
Ken Garff Automotive LLC,144A,4.875%, 9/15/28		454,000		445,145
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,144A,4.75%, 6/1/27		738,000		736,777
Kohl’s Corp.
144A,10.00%, 6/1/30		354,000		380,184
5.125%, 5/1/31		492,000		387,108
5.55%, 7/17/45		460,000		282,121


	Principal Amount $		Value $
LBM Acquisition LLC,144A,9.50%, 6/15/31		950,000		995,619
LCM Investments Holdings II LLC
144A,4.875%, 5/1/29		984,000		966,304
144A,8.25%, 8/1/31		987,000		1,046,549
Lithia Motors, Inc.
144A,4.625%, 12/15/27		394,000		390,405
144A,3.875%, 6/1/29		757,000		725,878
144A,4.375%, 1/15/31		591,000		561,707
Macy’s Retail Holdings LLC
144A,6.125%, 3/15/32 (a)		418,000		407,987
144A,7.375%, 8/1/33		492,000		505,176
4.50%, 12/15/34		361,000		300,637
5.125%, 1/15/42		246,000		179,126
4.30%, 2/15/43		246,000		165,484
Murphy Oil USA, Inc.
5.625%, 5/1/27		295,000		294,749
4.75%, 9/15/29		492,000		483,798
144A,3.75%, 2/15/31		492,000		455,489
Nordstrom, Inc.
4.00%, 3/15/27		345,000		335,041
6.95%, 3/15/28		304,000		312,175
4.375%, 4/1/30		492,000		453,099
4.25%, 8/1/31		418,000		368,216
5.00%, 1/15/44		980,000		665,944
Papa John’s International, Inc.,144A,3.875%, 9/15/29		394,000		378,235
Patrick Industries, Inc.
144A,4.75%, 5/1/29		351,000		344,301
144A,6.375%, 11/1/32		492,000		499,086
Penske Automotive Group, Inc.,3.75%, 6/15/29		492,000		469,117
PetSmart LLC / PetSmart Finance Corp.,144A,7.50%, 9/15/32		1,950,000		1,929,759
QXO Building Products, Inc.,144A,6.75%, 4/30/32		2,275,000		2,349,631
Raising Cane’s Restaurants LLC,144A,9.375%, 5/1/29		492,000		518,623
Sally Holdings LLC / Sally Capital, Inc.,6.75%, 3/1/32 (a)		701,000		727,283
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		640,000		622,153
144A,4.875%, 11/15/31		462,000		441,209
Specialty Building Products Holdings LLC / Sbp Finance Corp.,144A,7.75%, 10/15/29		502,000		503,771
Staples, Inc.,144A,10.75%, 9/1/29		2,507,000		2,400,452
Suburban Propane Partners LP/ Suburban Energy Finance Corp.
5.875%, 3/1/27		345,000		343,240
144A,5.00%, 6/1/31		660,000		624,463

See Notes to Financial Statements.

52 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Superior Plus LP / Superior General Partner, Inc.,144A,4.50%, 3/15/29		591,000		567,850
Victoria’s Secret & Co.,144A,4.625%, 7/15/29 (a)		591,000		560,748
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		443,000		463,274
Vivo Energy Investments BV,144A,5.125%, 9/24/27		345,000		342,287
Yum! Brands, Inc.
144A,4.75%, 1/15/30		787,000		780,589
3.625%, 3/15/31		1,054,000		980,335
4.625%, 1/31/32		1,103,000		1,066,188
5.375%, 4/1/32		984,000		989,890
6.875%, 11/15/37 (a)		320,000		348,098
5.35%, 11/1/43		271,000		259,115

(Cost $61,036,502)				62,373,393

Consumer, Non-cyclical — 16.8%
Agriculture — 0.2%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		526,000		524,785
144A,6.00%, 6/15/30		1,004,000		1,014,886
Turning Point Brands, Inc.,144A,7.625%, 3/15/32		295,000		308,396

(Cost $1,824,830)				1,848,067

Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
144A,6.25%, 4/1/29		702,000		705,696
144A,4.375%, 4/30/29		735,000		710,599

(Cost $1,396,341)				1,416,295

Commercial Services — 5.2%
ADT Security Corp.
144A,4.125%, 8/1/29		984,000		951,191
144A,4.875%, 7/15/32		717,000		689,939
Adtalem Global Education, Inc.,144A,5.50%, 3/1/28		399,000		397,325
Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30		1,378,000		1,421,962
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		2,403,000		2,525,253
Allied Universal Holdco LLC / Allied Universal Finance Corp.,144A,6.875%, 6/15/30		1,154,000		1,188,478
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL
144A,4.625%, 6/1/28		1,207,000		1,177,977
144A,4.625%, 6/1/28		762,000		744,877
Alta Equipment Group, Inc.,144A,9.00%, 6/1/29		522,000		496,640


	Principal Amount $		Value $
AMN Healthcare, Inc.
144A,4.625%, 10/1/27		482,000		474,216
144A,4.00%, 4/15/29		345,000		321,772
APi Group DE, Inc.
144A,4.125%, 7/15/29		332,000		318,686
144A,4.75%, 10/15/29		273,000		268,347
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		341,000		339,581
144A,5.75%, 7/15/27		310,000		308,330
144A,4.75%, 4/1/28		492,000		476,635
144A,5.375%, 3/1/29		641,000		621,910
144A,8.25%, 1/15/30 (a)		689,000		713,202
144A,8.00%, 2/15/31		497,000		512,800
144A,8.375%, 6/15/32		631,000		658,624
Belron UK Finance PLC,144A,5.75%, 10/15/29		1,098,000		1,112,009
Brink’s Co.
144A,4.625%, 10/15/27		591,000		585,913
144A,6.50%, 6/15/29		394,000		405,187
144A,6.75%, 6/15/32		394,000		408,192
Carriage Services, Inc.,144A,4.25%, 5/15/29		419,000		395,181
Cimpress PLC,144A,7.375%, 9/15/32		557,000		558,895
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		907,000		875,058
144A,4.875%, 7/1/29		907,000		856,971
CoreCivic, Inc.,8.25%, 4/15/29		492,000		520,717
Deluxe Corp.,144A,8.125%, 9/15/29		468,000		487,545
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		1,014,000		1,073,923
144A,8.625%, 5/15/32		591,000		636,571
144A,8.00%, 3/15/33		492,000		522,706
Garda World Security Corp.
144A,4.625%, 2/15/27		561,000		556,987
144A,7.75%, 2/15/28		395,000		406,356
GEO Group, Inc.
8.625%, 4/15/29		640,000		676,826
10.25%, 4/15/31		635,000		700,007
Grand Canyon University,5.125%, 10/1/28		319,000		313,398
Herc Holdings, Inc.
144A,5.50%, 7/15/27		1,331,000		1,329,557
144A,6.625%, 6/15/29		787,000		810,671
144A,7.00%, 6/15/30		1,624,000		1,690,185
144A,7.25%, 6/15/33		1,083,000		1,136,052
Hertz Corp.,144A,12.625%, 7/15/29 (a)		1,270,000		1,319,789
Korn Ferry,144A,4.625%, 12/15/27		394,000		387,476
Matthews International Corp.,144A,8.625%, 10/1/27		295,000		305,071

See Notes to Financial Statements.

DBX ETF Trust | 53

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
NESCO Holdings II, Inc.,144A,5.50%, 4/15/29		981,000		957,028
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,3.375%, 8/31/27		984,000		953,253
144A,6.25%, 1/15/28		1,280,000		1,279,609
Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31		1,280,000		1,303,955
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		1,084,000		1,099,800
144A,10.875%, 8/1/29		478,000		461,014
Service Corp. International
4.625%, 12/15/27		566,000		563,085
5.125%, 6/1/29		738,000		732,450
3.375%, 8/15/30		857,000		791,881
4.00%, 5/15/31		787,000		739,909
5.75%, 10/15/32		787,000		794,820
Sotheby’s,144A,7.375%, 10/15/27		753,000		744,712
Sotheby’s/Bidfair Holdings, Inc.,144A,5.875%, 6/1/29		295,000		268,621
StoneMor, Inc.,144A,8.50%, 5/15/29		394,000		380,103
TriNet Group, Inc.
144A,3.50%, 3/1/29		492,000		460,670
144A,7.125%, 8/15/31		504,000		524,098
United Rentals North America, Inc.
5.50%, 5/15/27		492,000		491,639
3.875%, 11/15/27		738,000		725,458
4.875%, 1/15/28		1,668,000		1,658,799
5.25%, 1/15/30		748,000		750,268
4.00%, 7/15/30		738,000		704,904
3.875%, 2/15/31		1,083,000		1,019,046
3.75%, 1/15/32		738,000		680,156
144A,6.125%, 3/15/34		1,133,000		1,173,539
Upbound Group, Inc.,144A,6.375%, 2/15/29		443,000		434,185
Valvoline, Inc.,144A,3.625%, 6/15/31		527,000		480,698
Veritiv Operating Co.,144A,10.50%, 11/30/30		1,034,000		1,119,272
VM Consolidated, Inc.,144A,5.50%, 4/15/29		345,000		341,444
VT Topco, Inc.,144A,8.50%, 8/15/30		492,000		525,035
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		1,230,000		1,301,357
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		492,000		484,088
144A,6.625%, 6/15/29		492,000		504,035
144A,6.625%, 4/15/30		492,000		509,257
144A,7.375%, 10/1/31		602,000		629,681


	Principal Amount $		Value $
ZipRecruiter, Inc.,144A,5.00%, 1/15/30		571,000		462,578

(Cost $57,579,506)				58,729,435

Cosmetics/Personal Care — 0.5%
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		738,000		734,384
144A,4.125%, 4/1/29		492,000		468,170
Opal Bidco SAS,144A,6.50%, 3/31/32		1,153,000		1,173,251
Perrigo Finance Unlimited Co.
4.90%, 6/15/30		818,000		800,536
6.125%, 9/30/32		704,000		708,391
4.90%, 12/15/44		299,000		238,284
Prestige Brands, Inc.
144A,5.125%, 1/15/28		394,000		391,466
144A,3.75%, 4/1/31		671,000		618,367

(Cost $5,041,523)				5,132,849

Food — 2.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,4.625%, 1/15/27		1,359,000		1,350,727
144A,5.875%, 2/15/28 (a)		758,000		757,767
144A,6.50%, 2/15/28		738,000		752,063
144A,3.50%, 3/15/29		1,328,000		1,262,615
144A,4.875%, 2/15/30		984,000		969,084
144A,6.25%, 3/15/33		591,000		604,529
Aragvi Finance International Dac,144A,11.125%, 11/20/29		640,000		646,308
B&G Foods, Inc.,144A,8.00%, 9/15/28		787,000		773,518
Chobani LLC / Chobani Finance Corp., Inc.,144A,4.625%, 11/15/28		418,000		411,685
Fiesta Purchaser, Inc.,144A,7.875%, 3/1/31		492,000		522,137
Froneri Lux FinCo SARL,144A,6.00%, 8/1/32		571,000		574,118
Ingles Markets, Inc.,144A,4.00%, 6/15/31		344,000		322,346
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		984,000		1,035,875
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		492,000		488,961
144A,4.125%, 1/31/30		955,000		915,608
144A,4.375%, 1/31/32		769,000		723,403
Performance Food Group, Inc.
144A,5.50%, 10/15/27		1,043,000		1,041,582
144A,4.25%, 8/1/29		1,004,000		972,248
144A,6.125%, 9/15/32		1,034,000		1,058,316

See Notes to Financial Statements.

54 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Pilgrim’s Pride Corp.
4.25%, 4/15/31		802,000		772,407
3.50%, 3/1/32		896,000		809,638
6.25%, 7/1/33		998,000		1,051,784
6.875%, 5/15/34		502,000		549,672
Post Holdings, Inc.
144A,5.50%, 12/15/29		1,215,000		1,211,228
144A,4.625%, 4/15/30		1,408,000		1,357,852
144A,4.50%, 9/15/31		1,035,000		965,477
144A,6.25%, 2/15/32		984,000		1,010,830
144A,6.375%, 3/1/33		1,181,000		1,192,992
144A,6.25%, 10/15/34		591,000		594,500
Safeway, Inc.,7.25%, 2/1/31		307,000		330,336
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,144A,4.625%, 3/1/29		837,000		803,758
US Foods, Inc.
144A,6.875%, 9/15/28		492,000		506,911
144A,4.75%, 2/15/29		886,000		872,701
144A,4.625%, 6/1/30		492,000		479,825
144A,7.25%, 1/15/32		492,000		516,598
144A,5.75%, 4/15/33		492,000		493,606
Viking Baked Goods Acquisition Corp.,144A,8.625%, 11/1/31		926,000		917,092

(Cost $29,082,999)				29,620,097

Healthcare-Products — 1.5%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		1,526,000		1,501,869
144A,3.875%, 11/1/29		897,000		852,285
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		1,378,000		1,435,394
DENTSPLY SIRONA, Inc.,8.375%, 9/12/55		541,000		550,682
Embecta Corp.,144A,5.00%, 2/15/30 (a)		552,000		517,272
Garden Spinco Corp.,144A,8.625%, 7/20/30		345,000		361,368
Hologic, Inc.
144A,4.625%, 2/1/28		394,000		390,160
144A,3.25%, 2/15/29		935,000		893,267
Insulet Corp.,144A,6.50%, 4/1/33		443,000		459,280
Medline Borrower LP
144A,3.875%, 4/1/29		4,550,000		4,369,123
144A,5.25%, 10/1/29		2,461,000		2,437,074
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		1,477,000		1,517,315
Sotera Health Holdings LLC,144A,7.375%, 6/1/31		738,000		775,743
Teleflex, Inc.
4.625%, 11/15/27		492,000		486,660
144A,4.25%, 6/1/28		496,000		485,915


	Principal Amount $		Value $
Varex Imaging Corp.,144A,7.875%, 10/15/27		362,000		369,120

(Cost $17,046,290)				17,402,527

Healthcare-Services — 4.6%
Acadia Healthcare Co., Inc.
144A,5.50%, 7/1/28		503,000		500,464
144A,5.00%, 4/15/29		468,000		457,427
144A,7.375%, 3/15/33 (a)		561,000		584,216
AHP Health Partners, Inc.,144A,5.75%, 7/15/29		295,000		292,917
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		492,000		480,478
144A,3.75%, 3/15/29		492,000		466,436
144A,4.00%, 3/15/31		492,000		455,151
CHS/Community Health Systems, Inc.
144A,6.00%, 1/15/29		761,000		733,641
144A,5.25%, 5/15/30		1,645,000		1,474,455
144A,4.75%, 2/15/31		1,041,000		887,342
144A,10.875%, 1/15/32		2,245,000		2,375,729
144A,9.75%, 1/15/34		1,720,000		1,741,995
Concentra Health Services, Inc.,144A,6.875%, 7/15/32		640,000		663,459
DaVita, Inc.
144A,4.625%, 6/1/30		2,787,000		2,683,113
144A,3.75%, 2/15/31		1,507,000		1,375,143
144A,6.875%, 9/1/32		1,004,000		1,038,670
144A,6.75%, 7/15/33		1,004,000		1,040,574
Encompass Health Corp.
4.50%, 2/1/28		787,000		779,459
4.75%, 2/1/30		787,000		775,856
4.625%, 4/1/31		394,000		382,000
Fortrea Holdings, Inc.,144A,7.50%, 7/1/30		561,000		534,479
Global Medical Response, Inc.,144A,10.00% PIK, 10/31/28		575,497		575,497
Hah Group Holding Co. LLC,144A,9.75%, 10/1/31		684,000		632,423
HealthEquity, Inc.,144A,4.50%, 10/1/29		701,000		677,649
IQVIA, Inc.
144A,5.00%, 10/15/26		1,053,000		1,052,033
144A,5.00%, 5/15/27		1,083,000		1,078,631
144A,6.50%, 5/15/30		492,000		510,179
144A,6.25%, 6/1/32		1,969,000		2,029,679
Kedrion SpA,144A,6.50%, 9/1/29		858,000		842,288
LifePoint Health, Inc.
144A,9.875%, 8/15/30		787,000		852,141
144A,11.00%, 10/15/30		1,083,000		1,193,872
144A,8.375%, 2/15/32		689,000		730,078

See Notes to Financial Statements.

DBX ETF Trust | 55

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		787,000		767,025
144A,3.875%, 11/15/30		640,000		587,875
144A,3.875%, 5/15/32		798,000		713,512
144A,6.25%, 1/15/33		738,000		743,249
Pediatrix Medical Group, Inc.,144A,5.375%, 2/15/30		529,000		523,300
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		1,497,000		1,544,769
Radiology Partners, Inc.,144A,8.50%, 7/15/32		926,000		945,316
Select Medical Corp.,144A,6.25%, 12/1/32 (a)		581,000		584,359
Star Parent, Inc.,144A,9.00%, 10/1/30		1,104,000		1,168,744
Team Health Holdings, Inc.,144A,8.375%, 6/30/28		423,000		428,190
Tenet Healthcare Corp.
6.25%, 2/1/27		1,497,000		1,497,876
5.125%, 11/1/27		1,507,000		1,502,622
4.625%, 6/15/28		591,000		584,293
6.125%, 10/1/28		2,461,000		2,462,777
4.25%, 6/1/29		1,418,000		1,380,456
4.375%, 1/15/30		1,590,000		1,544,001
6.125%, 6/15/30		1,969,000		1,999,140
6.75%, 5/15/31		1,329,000		1,381,308
6.875%, 11/15/31		356,000		382,284
Toledo Hospital
Series B, 5.325%, 11/15/28		330,000		332,736
4.982%, 11/15/45		269,000		219,184
6.015%, 11/15/48		394,000		365,435
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		984,000		1,009,805

(Cost $51,453,468)				52,565,730

Household Products/Wares — 0.1%
ACCO Brands Corp.,144A,4.25%, 3/15/29		542,000		486,180
Central Garden & Pet Co.
5.125%, 2/1/28		295,000		293,677
4.125%, 10/15/30		592,000		559,939
144A,4.125%, 4/30/31		394,000		367,158

(Cost $1,678,331)				1,706,954

Pharmaceuticals — 2.0%
1261229 BC Ltd.,144A,10.00%, 4/15/32		4,406,000		4,574,975
180 Medical, Inc.,144A,3.875%, 10/15/29		492,000		471,898
AdaptHealth LLC
144A,6.125%, 8/1/28		535,000		532,820
144A,4.625%, 8/1/29		492,000		465,184
144A,5.125%, 3/1/30		591,000		563,705
Amneal Pharmaceuticals LLC,144A,6.875%, 8/1/32		661,000		680,113


	Principal Amount $		Value $
BellRing Brands, Inc.,144A,7.00%, 3/15/30		827,000		855,342
CVS Health Corp.
6.75%, 12/10/54		738,000		748,117
7.00%, 3/10/55		2,295,000		2,389,343
Elanco Animal Health, Inc.,6.65%, 8/28/28		720,000		749,598
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31		984,000		1,047,573
Grifols SA,144A,4.75%, 10/15/28		694,000		672,498
HLF Financing Sarl LLC / Herbalife International, Inc.
144A,12.25%, 4/15/29		787,000		853,918
144A,4.875%, 6/1/29		591,000		517,468
Jazz Securities DAC,144A,4.375%, 1/15/29		1,477,000		1,445,904
Option Care Health, Inc.,144A,4.375%, 10/31/29		592,000		570,861
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		2,067,000		1,979,454
144A,5.125%, 4/30/31		1,781,000		1,526,110
144A,6.75%, 5/15/34		522,000		494,188
144A,7.875%, 5/15/34		492,000		443,540
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		471,000		400,032
144A,6.625%, 4/1/30 (a)		594,000		515,255
Paradigm Parent LLC And Paradigm Parent Co.-Issuer, Inc.,144A,8.75%, 4/17/32		492,000		469,973

(Cost $22,449,229)				22,967,869

Diversified — 0.2%
Holding Companies-Diversified — 0.2%
Clue Opco LLC,144A,9.50%, 10/15/31 (a)		714,000		760,128
Stena International SA
144A,7.25%, 1/15/31		847,000		863,830
144A,7.625%, 2/15/31		394,000		406,444

(Cost $1,971,280)				2,030,402

Energy — 12.8%
Coal — 0.1%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,144A,8.625%, 6/15/29		394,000		416,369
SunCoke Energy, Inc.,144A,4.875%, 6/30/29		492,000		449,140

(Cost $857,541)				865,509

Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC
144A,5.00%, 1/31/28		729,000		722,784
144A,4.75%, 1/15/30		689,000		664,835

See Notes to Financial Statements.

56 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Topaz Solar Farms LLC,144A,5.75%, 9/30/39		489,173		493,527

(Cost $1,837,955)				1,881,146

Oil & Gas — 6.1%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		984,000		1,026,354
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,9.00%, 11/1/27		213,000		257,464
144A,5.875%, 6/30/29		409,000		408,014
144A,6.625%, 10/15/32		590,000		600,624
144A,6.625%, 7/15/33		492,000		499,432
Baytex Energy Corp.
144A,8.50%, 4/30/30		748,000		763,495
144A,7.375%, 3/15/32 (a)		586,000		572,580
Borr IHC Ltd / Borr Finance LLC
144A,10.00%, 11/15/28		1,209,841		1,228,097
144A,10.375%, 11/15/30		633,267		639,970
California Resources Corp.,144A,8.25%, 6/15/29		886,000		915,394
Caturus Energy LLC,144A,8.50%, 2/15/30		492,000		510,451
Chord Energy Corp.,144A,6.75%, 3/15/33		738,000		756,905
CITGO Petroleum Corp.,144A,8.375%, 1/15/29		1,083,000		1,129,476
Civitas Resources, Inc.
144A,5.00%, 10/15/26		394,000		392,913
144A,8.375%, 7/1/28		1,329,000		1,380,189
144A,8.625%, 11/1/30		1,014,000		1,055,618
144A,8.75%, 7/1/31		1,429,000		1,470,044
144A,9.625%, 6/15/33		738,000		781,130
CNX Resources Corp.
144A,6.00%, 1/15/29		602,000		603,296
144A,7.375%, 1/15/31		492,000		510,262
144A,7.25%, 3/1/32		591,000		613,249
Comstock Resources, Inc.
144A,6.75%, 3/1/29		1,205,000		1,187,944
144A,6.75%, 3/1/29		384,000		377,974
144A,5.875%, 1/15/30		980,000		919,750
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		467,000		485,950
144A,7.625%, 4/1/32		1,113,000		1,108,474
144A,7.375%, 1/15/33		994,000		971,206
144A,8.375%, 1/15/34		621,000		630,182
CVR Energy, Inc.
144A,5.75%, 2/15/28		394,000		383,937
144A,8.50%, 1/15/29		591,000		597,367
Diamond Foreign Asset Co. / Diamond Finance LLC,144A,8.50%, 10/1/30		541,000		573,830


	Principal Amount $		Value $
Energean PLC,144A,6.50%, 4/30/27 (a)		443,000		438,094
EnQuest PLC,144A,11.625%, 11/1/27		458,000		473,630
Gulfport Energy Operating Corp.,144A,6.75%, 9/1/29		680,000		695,686
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		591,000		594,106
144A,5.75%, 2/1/29		591,000		583,360
144A,6.00%, 4/15/30		492,000		486,905
144A,6.00%, 2/1/31		591,000		568,685
144A,6.25%, 4/15/32		517,000		494,931
144A,8.375%, 11/1/33		591,000		617,120
144A,6.875%, 5/15/34		572,000		549,042
144A,7.25%, 2/15/35		984,000		960,109
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		738,000		768,079
Karoon USA Finance, Inc.,144A,10.50%, 5/14/29		345,000		358,059
Kraken Oil & Gas Partners LLC,144A,7.625%, 8/15/29		492,000		489,612
Long Ridge Energy LLC,144A,8.75%, 2/15/32		631,000		653,578
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.,144A,6.875%, 12/1/32		394,000		404,789
Matador Resources Co.
144A,6.875%, 4/15/28		492,000		503,401
144A,6.50%, 4/15/32		906,000		919,209
144A,6.25%, 4/15/33		738,000		743,455
MEG Energy Corp.,144A,5.875%, 2/1/29		591,000		594,699
Moss Creek Resources Holdings, Inc.,144A,8.25%, 9/1/31		778,000		769,420
Murphy Oil Corp.
6.00%, 10/1/32		671,000		653,411
5.875%, 12/1/42		334,000		280,257
Nabors Industries, Inc.
144A,7.375%, 5/15/27		675,000		686,250
144A,9.125%, 1/31/30		670,000		686,569
Noble Finance II LLC,144A,8.00%, 4/15/30		1,428,000		1,478,400
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		694,000		699,234
144A,8.75%, 6/15/31		542,000		556,814
Parkland Corp.
144A,5.875%, 7/15/27		562,000		561,645
144A,4.50%, 10/1/29		787,000		764,277
144A,4.625%, 5/1/30		787,000		761,772
144A,6.625%, 8/15/32		492,000		506,724
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		944,000		927,242

See Notes to Financial Statements.

DBX ETF Trust | 57

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
144A,9.875%, 3/15/30		787,000		812,530
144A,7.875%, 9/15/30		492,000		476,398
Permian Resources Operating LLC
144A,8.00%, 4/15/27		551,000		561,292
144A,5.875%, 7/1/29		689,000		689,149
144A,9.875%, 7/15/31		320,000		347,375
144A,7.00%, 1/15/32		984,000		1,020,221
144A,6.25%, 2/1/33		1,054,000		1,073,609
Precision Drilling Corp.,144A,6.875%, 1/15/29		394,000		397,345
Range Resources Corp.
8.25%, 1/15/29		787,000		807,661
144A,4.75%, 2/15/30		492,000		479,941
Saturn Oil & Gas, Inc.,144A,9.625%, 6/15/29		560,000		571,715
Seadrill Finance Ltd.,144A,8.375%, 8/1/30		606,000		629,342
SM Energy Co.
6.75%, 9/15/26		413,000		412,255
6.625%, 1/15/27		465,000		465,341
6.50%, 7/15/28		394,000		397,739
144A,6.75%, 8/1/29		738,000		745,365
144A,7.00%, 8/1/32		758,000		763,451
Sunoco LP
144A,7.00%, 5/1/29		738,000		766,404
144A,7.25%, 5/1/32		738,000		780,715
144A,6.25%, 7/1/33		1,004,000		1,026,113
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		491,000		491,395
5.875%, 3/15/28		393,000		394,377
144A,7.00%, 9/15/28		492,000		508,293
4.50%, 5/15/29		787,000		767,123
4.50%, 4/30/30		967,000		934,479
Talos Production, Inc.
144A,9.00%, 2/1/29		655,000		674,256
144A,9.375%, 2/1/31		635,000		658,038
Teine Energy Ltd.,144A,6.875%, 4/15/29		394,000		387,745
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		689,000		672,633
Transocean Aquila Ltd.,144A,8.00%, 9/30/28		313,108		321,497
Transocean Titan Financing Ltd.,144A,8.375%, 2/1/28		613,619		629,808
Transocean, Inc.,144A,8.75%, 2/15/30		867,750		918,675
Valaris Ltd.,144A,8.375%, 4/30/30		1,083,000		1,127,496
Vermilion Energy, Inc.
144A,6.875%, 5/1/30		394,000		380,370
144A,7.25%, 2/15/33 (a)		384,000		360,908


	Principal Amount $		Value $
Vital Energy, Inc.
144A,7.75%, 7/31/29		294,000		293,969
9.75%, 10/15/30		378,000		393,413
144A,7.875%, 4/15/32 (a)		984,000		969,525
W&T Offshore, Inc.,144A,10.75%, 2/1/29		350,000		328,146
Wildfire Intermediate Holdings LLC,144A,7.50%, 10/15/29		591,000		599,307

(Cost $68,415,149)				69,615,549

Oil & Gas Services — 0.9%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.875%, 4/1/27		295,000		295,269
144A,6.25%, 4/1/28		787,000		789,636
144A,6.625%, 9/1/32		689,000		706,285
Aris Water Holdings LLC,144A,7.25%, 4/1/30		492,000		519,121
Bristow Group, Inc.,144A,6.875%, 3/1/28		394,000		394,606
CHC Group LLC,144A,11.75%, 9/1/30		550,000		547,501
Enerflex Ltd.,144A,9.00%, 10/15/27		554,000		568,646
Helix Energy Solutions Group, Inc.,144A,9.75%, 3/1/29		295,000		307,049
Kodiak Gas Services LLC,144A,7.25%, 2/15/29		788,000		815,076
Oceaneering International, Inc.,6.00%, 2/1/28		295,000		298,055
Star Holding LLC,144A,8.75%, 8/1/31		345,000		343,733
Tgs ASA,144A,8.50%, 1/15/30		541,000		552,160
Tidewater, Inc.,144A,9.125%, 7/15/30		700,000		746,892
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		738,000		738,157
144A,7.125%, 3/15/29		984,000		1,008,675
Viridien,144A,10.00%, 10/15/30		443,000		442,703
Weatherford International Ltd.,144A,8.625%, 4/30/30		1,512,000		1,549,661

(Cost $10,526,645)				10,623,225

Pipelines — 5.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		640,000		639,844
144A,5.75%, 1/15/28		670,000		671,847
144A,5.375%, 6/15/29		738,000		733,598
144A,6.625%, 2/1/32		591,000		611,212
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		492,000		511,860
144A,7.25%, 7/15/32		492,000		522,126

See Notes to Financial Statements.

58 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Buckeye Partners LP
3.95%, 12/1/26		601,000		593,758
4.125%, 12/1/27		394,000		387,573
144A,4.50%, 3/1/28		492,000		484,250
144A,6.875%, 7/1/29		591,000		612,482
144A,6.75%, 2/1/30		492,000		511,013
5.85%, 11/15/43		414,000		370,857
5.60%, 10/15/44		295,000		255,586
CNX Midstream Partners LP,144A,4.75%, 4/15/30		394,000		373,741
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		1,428,000		1,408,374
144A,7.50%, 12/15/33		492,000		527,636
Delek Logistics Partners LP / Delek Logistics Finance Corp.
144A,7.125%, 6/1/28		394,000		395,515
144A,8.625%, 3/15/29		1,034,000		1,080,847
144A,7.375%, 6/30/33		749,000		749,486
Energy Transfer LP
8.00%, 5/15/54		787,000		838,478
7.125%, 10/1/54		394,000		407,037
6.50%, 2/15/56		1,200,000		1,192,178
6.75%, 2/15/56		800,000		796,079
Excelerate Energy LP,144A,8.00%, 5/15/30		787,000		838,066
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 2/1/28		869,000		878,546
8.25%, 1/15/29		591,000		617,029
8.875%, 4/15/30		492,000		520,718
7.875%, 5/15/32		689,000		715,147
8.00%, 5/15/33		591,000		617,330
Global Partners LP / GLP Finance Corp.
6.875%, 1/15/29		345,000		349,625
144A,8.25%, 1/15/32		443,000		465,704
144A,7.125%, 7/1/33		443,000		453,409
Harvest Midstream I LP
144A,7.50%, 9/1/28		802,000		810,614
144A,7.50%, 5/15/32		562,000		578,642
Hess Midstream Operations LP
144A,5.875%, 3/1/28		787,000		800,192
144A,5.125%, 6/15/28		561,000		559,753
144A,6.50%, 6/1/29		601,000		621,410
144A,4.25%, 2/15/30		738,000		716,624
144A,5.50%, 10/15/30		394,000		396,142
Howard Midstream Energy Partners LLC
144A,7.375%, 7/15/32		591,000		616,306
144A,6.625%, 1/15/34		750,000		762,254
ITT Holdings LLC,144A,6.50%, 8/1/29		1,201,000		1,177,339


	Principal Amount $		Value $
Kinetik Holdings LP
144A,6.625%, 12/15/28		1,034,000		1,063,797
144A,5.875%, 6/15/30		984,000		992,428
Martin Midstream Partners LP / Martin Midstream Finance Corp.,144A,11.50%, 2/15/28		394,000		416,107
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		886,000		903,770
144A,8.375%, 2/15/32		1,311,000		1,331,799
Northriver Midstream Finance LP,144A,6.75%, 7/15/32		600,000		616,181
NuStar Logistics LP
5.625%, 4/28/27		571,000		574,053
6.375%, 10/1/30		591,000		611,917
Prairie Acquiror LP,144A,9.00%, 8/1/29		394,000		410,790
Rockies Express Pipeline LLC
144A,4.95%, 7/15/29		541,000		532,304
144A,4.80%, 5/15/30		345,000		335,927
144A,6.75%, 3/15/33		492,000		513,932
144A,7.50%, 7/15/38		276,000		284,807
144A,6.875%, 4/15/40		492,000		495,340
South Bow Canadian Infrastructure Holdings Ltd.
7.50%, 3/1/55		635,000		663,697
7.625%, 3/1/55		530,000		551,516
Summit Midstream Holdings LLC,144A,8.625%, 10/31/29		862,000		859,579
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		403,000		402,493
144A,5.50%, 1/15/28		738,000		736,759
144A,7.375%, 2/15/29		787,000		810,881
144A,6.00%, 12/31/30		714,000		703,431
144A,6.00%, 9/1/31		529,000		519,725
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		1,230,000		1,179,190
144A,6.25%, 1/15/30		984,000		1,024,699
144A,4.125%, 8/15/31		1,270,000		1,192,401
144A,3.875%, 11/1/33		1,230,000		1,095,692
Venture Global LNG, Inc. 144A,8.125%, 6/1/28		2,275,000		2,357,362
144A,9.50%, 2/1/29		2,953,000		3,246,570
144A,7.00%, 1/15/30 (a)		1,477,000		1,521,969
144A,8.375%, 6/1/31		2,375,000		2,491,798
144A,9.875%, 2/1/32		2,159,000		2,350,890
Venture Global Plaquemines LNG LLC
144A,6.50%, 1/15/34		1,994,000		2,081,670
144A,6.75%, 1/15/36		1,999,000		2,097,851

(Cost $60,656,895)				62,141,552

See Notes to Financial Statements.

DBX ETF Trust | 59

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Financial — 4.6%
Real Estate — 0.8%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		659,000		648,771
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.,144A,9.75%, 4/15/30		522,000		554,500
CoreLogic, Inc.,144A,4.50%, 5/1/28		738,000		708,120
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		640,000		646,308
144A,8.875%, 9/1/31		394,000		422,498
Five Point Operating Co. LP / Five Point Capital Corp.,144A,10.50%, 1/15/28 (b)		514,561		518,132
Greystar Real Estate Partners LLC,144A,7.75%, 9/1/30		394,000		417,205
Howard Hughes Corp.
144A,5.375%, 8/1/28		738,000		737,350
144A,4.125%, 2/1/29		640,000		612,205
144A,4.375%, 2/1/31		700,000		651,969
Hunt Cos., Inc.,144A,5.25%, 4/15/29		625,000		611,947
Kennedy-Wilson, Inc.
4.75%, 3/1/29		591,000		562,814
4.75%, 2/1/30		641,000		600,861
5.00%, 3/1/31 (a)		591,000		551,743
Newmark Group, Inc.,7.50%, 1/12/29		467,000		499,331

(Cost $8,407,933)				8,743,754

Real Estate Investment Trusts — 3.8%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a)		592,000		569,140
Arbor Realty SR, Inc.,144A,7.875%, 7/15/30		492,000		512,174
Blackstone Mortgage Trust, Inc.
144A,3.75%, 1/15/27		330,000		322,652
144A,7.75%, 12/1/29		443,000		472,376
Brandywine Operating Partnership LP
3.95%, 11/15/27		443,000		431,329
8.30%, 3/15/28		345,000		366,875
8.875%, 4/12/29		631,000		686,007
4.55%, 10/1/29		345,000		330,833
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27		490,000		481,528
Diversified Healthcare Trust,4.375%, 3/1/31		500,000		424,594


	Principal Amount $		Value $
Global Net Lease, Inc.,144A,4.50%, 9/30/28		492,000		478,238
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		492,000		477,209
Hudson Pacific Properties LP
3.95%, 11/1/27		474,000		453,137
5.95%, 2/15/28		395,000		386,409
4.65%, 4/1/29		492,000		452,189
3.25%, 1/15/30		394,000		333,317
Iron Mountain Information Management Services, Inc.,144A,5.00%, 7/15/32		738,000		709,367
Iron Mountain, Inc.
144A,4.875%, 9/15/27		1,004,000		997,588
144A,5.25%, 3/15/28		832,000		830,029
144A,5.00%, 7/15/28		492,000		488,287
144A,7.00%, 2/15/29		994,000		1,023,879
144A,4.875%, 9/15/29		1,094,000		1,075,347
144A,5.25%, 7/15/30		1,280,000		1,266,614
144A,4.50%, 2/15/31		1,083,000		1,030,296
144A,5.625%, 7/15/32		671,000		665,085
144A,6.25%, 1/15/33		1,181,000		1,208,507
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		590,000		580,331
144A,4.75%, 6/15/29		624,000		610,176
5.50%, 8/1/30		492,000		501,264
144A,7.00%, 7/15/31		492,000		517,308
Millrose Properties, Inc.,144A,6.375%, 8/1/30		1,250,000		1,261,250
MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32		1,497,000		1,569,498
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		884,000		883,100
144A,4.875%, 5/15/29		738,000		718,340
144A,7.00%, 2/1/30		541,000		558,626
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		394,000		398,142
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		739,000		737,116
144A,7.25%, 7/15/28		445,000		458,013
144A,4.50%, 2/15/29		591,000		577,542
144A,6.50%, 4/1/32		1,014,000		1,042,193
144A,6.50%, 6/15/33		615,000		635,214
Rithm Capital Corp.
144A,8.00%, 4/1/29		853,000		873,203
144A,8.00%, 7/15/30		492,000		502,317

See Notes to Financial Statements.

60 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
RLJ Lodging Trust LP,144A,4.00%, 9/15/29		492,000		461,673
SBA Communications Corp.
3.875%, 2/15/27		1,492,000		1,466,634
3.125%, 2/1/29		1,476,000		1,387,101
Service Properties Trust
4.75%, 10/1/26		443,000		438,913
4.95%, 2/15/27		394,000		381,997
5.50%, 12/15/27		443,000		437,210
3.95%, 1/15/28		394,000		366,029
8.375%, 6/15/29		689,000		710,982
4.95%, 10/1/29		418,000		369,817
4.375%, 2/15/30 (a)		464,000		394,716
144A,8.625%, 11/15/31		984,000		1,048,820
8.875%, 6/15/32		492,000		507,757
Starwood Property Trust, Inc.
144A,4.375%, 1/15/27		502,000		496,251
144A,7.25%, 4/1/29		591,000		619,341
144A,6.50%, 7/1/30		492,000		510,639
144A,6.50%, 10/15/30		492,000		507,885
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		2,239,000		2,355,943
144A,4.75%, 4/15/28		561,000		547,308
Vornado Realty LP,3.40%, 6/1/31		345,000		307,627
XHR LP
144A,4.875%, 6/1/29		492,000		478,730
144A,6.625%, 5/15/30		394,000		404,411

(Cost $42,003,512)				43,096,423

REITS — 0.0%
Starwood Property Trust, Inc.,144A,6.00%, 4/15/30

(Cost $390,183)		394,000		400,325

Industrial — 12.0%
Aerospace/Defense — 2.6%
AAR Escrow Issuer LLC,144A,6.75%, 3/15/29		681,000		700,761
ATI, Inc.,7.25%, 8/15/30		443,000		466,657
Bombardier, Inc.
144A,6.00%, 2/15/28		748,000		748,867
144A,7.50%, 2/1/29		738,000		770,173
144A,8.75%, 11/15/30		764,000		823,353
144A,7.25%, 7/1/31		788,000		830,778
144A,7.00%, 6/1/32		738,000		770,600
144A,6.75%, 6/15/33		492,000		511,612
144A,7.45%, 5/1/34		542,000		590,746
Efesto Bidco S.p.A Efesto US LLC,144A, Series XR, 7.50%, 2/15/32		872,000		890,687
Goat Holdco LLC,144A,6.75%, 2/1/32		738,000		750,804


	Principal Amount $		Value $
Moog, Inc.,144A,4.25%, 12/15/27		492,000		484,308
Spirit AeroSystems, Inc.
144A,9.375%, 11/30/29		886,000		937,050
144A,9.75%, 11/15/30		1,201,000		1,322,685
TransDigm, Inc.
144A,6.75%, 8/15/28		2,066,000		2,123,925
4.625%, 1/15/29		1,206,000		1,180,089
144A,6.375%, 3/1/29		2,706,000		2,770,492
4.875%, 5/1/29		818,000		803,099
144A,6.875%, 12/15/30		1,607,000		1,666,451
144A,7.125%, 12/1/31		1,124,000		1,171,613
144A,6.625%, 3/1/32		2,165,000		2,229,287
144A,6.00%, 1/15/33		1,517,000		1,534,031
144A,6.375%, 5/31/33		2,608,000		2,642,658
144A,6.25%, 1/31/34		500,000		513,026
144A,6.75%, 1/31/34		2,000,000		2,064,523

(Cost $28,853,314)				29,298,275

Building Materials — 2.6%
AmeriTex HoldCo Intermediate LLC,144A,7.625%, 8/15/33		758,000		782,114
Boise Cascade Co.,144A,4.875%, 7/1/30 (a)		394,000		385,263
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		541,000		535,045
144A,4.25%, 2/1/32		1,310,000		1,231,295
144A,6.375%, 6/15/32		699,000		720,820
144A,6.375%, 3/1/34		1,064,000		1,095,847
144A,6.75%, 5/15/35		738,000		769,626
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		699,000		672,594
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		512,000		492,784
CP Atlas Buyer, Inc.,144A,9.75%, 7/15/30		500,000		515,900
Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30		2,732,000		2,805,835
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31		492,000		508,900
Griffon Corp.,5.75%, 3/1/28		959,000		957,616
James Hardie International Finance DAC,144A,5.00%, 1/15/28		394,000		389,085
JELD-WEN, Inc.
144A,4.875%, 12/15/27 (a)		464,000		456,510
144A,7.00%, 9/1/32		365,000		315,350
Knife River Corp.,144A,7.75%, 5/1/31		418,000		438,402
Louisiana-Pacific Corp.,144A,3.625%, 3/15/29		345,000		331,768
Masterbrand, Inc.,144A,7.00%, 7/15/32		689,000		713,737
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32		759,000		782,425

See Notes to Financial Statements.

DBX ETF Trust | 61

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		492,000		483,655
New Enterprise Stone & Lime Co., Inc.,144A,5.25%, 7/15/28		716,000		707,747
Quikrete Holdings, Inc.
144A,6.375%, 3/1/32		3,888,000		4,009,893
144A,6.75%, 3/1/33		1,577,000		1,634,611
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		1,133,000		1,135,576
144A,8.875%, 11/15/31		1,083,000		1,155,303
Standard Building Solutions, Inc.
144A,6.50%, 8/15/32		984,000		1,015,598
144A,6.25%, 8/1/33		1,100,000		1,122,672
Standard Industries, Inc.
144A,4.75%, 1/15/28		1,014,000		1,004,555
144A,4.375%, 7/15/30		1,543,000		1,478,626
144A,3.375%, 1/15/31		1,173,000		1,064,532

(Cost $29,206,338)				29,713,684

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,6.50%, 12/31/27		304,000		306,654
144A,4.75%, 6/15/28		605,000		594,913
144A,4.375%, 3/31/29		799,000		764,921
EnerSys
144A,4.375%, 12/15/27		299,000		293,801
144A,6.625%, 1/15/32		295,000		303,857
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		1,304,000		1,324,182
144A,6.375%, 3/15/29		886,000		912,205
144A,6.625%, 3/15/32		837,000		867,865
144A,6.375%, 3/15/33		807,000		837,033

(Cost $6,107,264)				6,205,431

Electronics — 0.6%
Atkore, Inc.,144A,4.25%, 6/1/31		394,000		365,919
Coherent Corp.,144A,5.00%, 12/15/29		1,074,000		1,055,478
Imola Merger Corp.,144A,4.75%, 5/15/29		1,969,000		1,919,587
Sensata Technologies BV
144A,4.00%, 4/15/29		984,000		942,501
144A,5.875%, 9/1/30		532,000		536,618
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		443,000		426,481
144A,3.75%, 2/15/31		738,000		678,318
144A,6.625%, 7/15/32		492,000		508,158
TTM Technologies, Inc.,144A,4.00%, 3/1/29		492,000		470,671

(Cost $6,747,138)				6,903,731


	Principal Amount $		Value $
Engineering & Construction — 0.7%
AECOM,144A,6.00%, 8/1/33		1,181,000		1,205,394
Arcosa, Inc.
144A,4.375%, 4/15/29		394,000		382,553
144A,6.875%, 8/15/32		681,000		710,428
ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C,144A,7.875%, 2/3/30		492,000		500,798
Brundage-Bone Concrete Pumping Holdings, Inc.,144A,7.50%, 2/1/32		418,000		417,061
Dycom Industries, Inc.,144A,4.50%, 4/15/29		496,000		483,846
Fluor Corp.,4.25%, 9/15/28		499,000		490,955
Global Infrastructure Solutions, Inc.
144A,5.625%, 6/1/29		394,000		395,119
144A,7.50%, 4/15/32		295,000		307,085
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		837,000		867,420
Railworks Holdings LP / Railworks Rally, Inc.,144A,8.25%, 11/15/28		320,000		327,165
TopBuild Corp.
144A,3.625%, 3/15/29		394,000		376,277
144A,4.125%, 2/15/32		492,000		458,547
Tutor Perini Corp.,144A,11.875%, 4/30/29		394,000		442,345
Weekley Homes LLC / Weekley Finance Corp.,144A,4.875%, 9/15/28		394,000		383,600

(Cost $7,565,357)				7,748,593

Environmental Control — 0.8%
Clean Harbors, Inc.
144A,4.875%, 7/15/27		537,000		534,474
144A,5.125%, 7/15/29		335,000		331,935
144A,6.375%, 2/1/31		492,000		504,177
Enviri Corp.,144A,5.75%, 7/31/27		468,000		462,739
GFL Environmental, Inc.
144A,4.00%, 8/1/28		748,000		729,285
144A,4.75%, 6/15/29		738,000		726,198
144A,4.375%, 8/15/29		591,000		574,842
144A,6.75%, 1/15/31		1,004,000		1,048,108
Luna 1.5 Sarl,144A,12.00%, 7/1/32		450,000		458,915
Madison IAQ LLC,144A,4.125%, 6/30/28		689,000		669,826
Reworld Holding Corp.
144A,4.875%, 12/1/29		753,000		728,100
5.00%, 9/1/30		424,000		409,190
Waste Pro USA, Inc.,144A,7.00%, 2/1/33		837,000		875,193

See Notes to Financial Statements.

62 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		492,000		512,887

(Cost $8,355,340)				8,565,869

Machinery-Construction & Mining — 0.2%
BWX Technologies, Inc.
144A,4.125%, 6/30/28		394,000		384,901
144A,4.125%, 4/15/29		394,000		379,184
Manitowoc Co., (The), Inc.,144A,9.25%, 10/1/31		345,000		363,117
Terex Corp.
144A,5.00%, 5/15/29		641,000		630,505
144A,6.25%, 10/15/32		718,000		726,826

(Cost $2,432,382)				2,484,533

Machinery-Diversified — 0.6%
ATS Corp.,144A,4.125%, 12/15/28		375,000		358,731
Chart Industries, Inc.
144A,7.50%, 1/1/30		1,634,000		1,712,577
144A,9.50%, 1/1/31		422,000		451,946
Esab Corp.,144A,6.25%, 4/15/29		689,000		708,440
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		1,034,000		1,085,016
Mueller Water Products, Inc.,144A,4.00%, 6/15/29		443,000		425,943
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		1,555,000		1,550,588

(Cost $6,184,892)				6,293,241

Metal Fabricate/Hardware — 0.2%
Advanced Drainage Systems, Inc.
144A,5.00%, 9/30/27		345,000		342,548
144A,6.375%, 6/15/30		306,000		312,090
Park-Ohio Industries, Inc.,144A,8.50%, 8/1/30		345,000		350,837
Roller Bearing Co. of America, Inc.,144A,4.375%, 10/15/29		492,000		478,612
Vallourec SACA,144A,7.50%, 4/15/32		827,000		878,261

(Cost $2,291,768)				2,362,348

Miscellaneous Manufacturing — 0.5%
Amsted Industries, Inc.
144A,4.625%, 5/15/30		394,000		379,374
144A,6.375%, 3/15/33		572,000		585,891
Axon Enterprise, Inc.
144A,6.125%, 3/15/30		984,000		1,010,982
144A,6.25%, 3/15/33		738,000		762,878
Calderys Financing LLC,144A,11.25%, 6/1/28		541,000		572,570
Enpro, Inc.,144A,6.125%, 6/1/33		443,000		452,044


	Principal Amount $		Value $
Hillenbrand, Inc.
6.25%, 2/15/29		493,000		503,621
3.75%, 3/1/31		315,000		289,620
LSB Industries, Inc.,144A,6.25%, 10/15/28		439,000		435,550
Maxam Prill Sarl,144A,7.75%, 7/15/30		492,000		479,906
Trinity Industries, Inc.,144A,7.75%, 7/15/28		611,000		631,826

(Cost $6,001,527)				6,104,262

Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		591,000		590,999
144A,3.25%, 9/1/28 (a)		591,000		558,532
Ball Corp.
6.875%, 3/15/28		688,000		702,330
6.00%, 6/15/29		984,000		1,009,404
2.875%, 8/15/30		1,280,000		1,157,883
3.125%, 9/15/31		837,000		754,454
5.50%, 9/15/33		800,000		809,661
Cascades, Inc./Cascades USA, Inc.
144A,5.375%, 1/15/28		568,000		559,612
144A,6.75%, 7/15/30		394,000		400,269
Clearwater Paper Corp.,144A,4.75%, 8/15/28		271,000		256,510
Clydesdale Acquisition Holdings, Inc.
144A,6.625%, 4/15/29		492,000		499,048
144A,6.875%, 1/15/30		492,000		505,825
144A,8.75%, 4/15/30		1,093,000		1,126,363
144A,6.75%, 4/15/32		1,393,000		1,431,259
Crown Americas LLC
5.25%, 4/1/30		492,000		498,476
144A,5.875%, 6/1/33		689,000		696,927
Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26		394,000		392,183
Crown Cork & Seal Co., Inc.,7.375%, 12/15/26		345,000		355,111
Graphic Packaging International LLC
144A,4.75%, 7/15/27		295,000		291,533
144A,3.50%, 3/15/28		443,000		426,207
144A,3.50%, 3/1/29		345,000		326,288
144A,3.75%, 2/1/30		401,000		376,506
144A,6.375%, 7/15/32		492,000		499,895
Mauser Packaging Solutions Holding Co.,144A,7.875%, 4/15/27		2,654,000		2,685,591
OI European Group BV,144A,4.75%, 2/15/30		474,000		448,264

See Notes to Financial Statements.

DBX ETF Trust | 63

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		602,000		601,529
144A,7.25%, 5/15/31 (a)		679,000		690,878
144A,7.375%, 6/1/32		325,000		327,635
Sealed Air Corp.
144A,4.00%, 12/1/27		418,000		409,208
144A,6.125%, 2/1/28		963,000		976,870
144A,5.00%, 4/15/29		418,000		414,593
144A,7.25%, 2/15/31		419,000		441,124
144A,6.50%, 7/15/32		494,000		510,998
144A,6.875%, 7/15/33		443,000		478,564
Silgan Holdings, Inc.,4.125%, 2/1/28		561,000		545,909
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC,144A,9.50%, 5/15/30		990,000		989,307
TriMas Corp.,144A,4.125%, 4/15/29		419,000		403,215
Trivium Packaging Finance BV,144A,8.25%, 7/15/30		591,000		627,731

(Cost $24,479,658)				24,776,691

Transportation — 0.5%
Beacon Mobility Corp.,144A,7.25%, 8/1/30		541,000		560,631
Danaos Corp.,144A,8.50%, 3/1/28		333,000		338,039
First Student Bidco, Inc. / First Transit Parent, Inc.,144A,4.00%, 7/31/29		615,000		583,048
Genesee & Wyoming, Inc.,144A,6.25%, 4/15/32		689,000		700,576
Rand Parent LLC,144A,8.50%, 2/15/30 (a)		837,000		867,426
RXO, Inc.,144A,7.50%, 11/15/27		349,000		355,806
Stonepeak Nile Parent LLC,144A,7.25%, 3/15/32		572,000		600,512
Watco Cos. LLC / Watco Finance Corp.,144A,7.125%, 8/1/32		689,000		720,375
XPO CNW, Inc.,6.70%, 5/1/34		295,000		308,550
XPO, Inc.
144A,7.125%, 6/1/31		443,000		461,130
144A,7.125%, 2/1/32		576,000		604,141

(Cost $5,972,995)				6,100,234

Technology — 4.3%
Computers — 0.9%
Amentum Holdings, Inc.,144A,7.25%, 8/1/32		1,084,000		1,130,561
ASGN, Inc.,144A,4.625%, 5/15/28		541,000		529,477
CACI International, Inc.,144A,6.375%, 6/15/33		984,000		1,014,939
Conduent Business Services LLC / Conduent State & Local Solutions, Inc.,144A,6.00%, 11/1/29		572,000		547,306


	Principal Amount $		Value $
Crane NXT Co.,4.20%, 3/15/48		345,000		209,227
Crowdstrike Holdings, Inc.,3.00%, 2/15/29		738,000		695,518
Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31		738,000		776,176
Insight Enterprises, Inc.,144A,6.625%, 5/15/32		492,000		506,546
KBR, Inc.,144A,4.75%, 9/30/28		246,000		237,075
NCR Voyix Corp.
144A,5.00%, 10/1/28		650,000		640,792
144A,5.125%, 4/15/29		527,000		520,377
Science Applications International Corp.,144A,4.875%, 4/1/28		394,000		388,692
Seagate Data Storage Technology Pte Ltd.
144A,4.091%, 6/1/29		426,000		404,355
144A,8.25%, 12/15/29		484,000		514,102
144A,5.875%, 7/15/30		450,000		455,400
144A,8.50%, 7/15/31		463,000		491,330
144A,9.625%, 12/1/32		719,000		816,300
144A,5.75%, 12/1/34		362,000		351,535
Unisys Corp.,144A,10.625%, 1/15/31		699,000		727,771

(Cost $10,859,089)				10,957,479

Office/Business Equipment — 0.2%
Pitney Bowes, Inc.
144A,6.875%, 3/15/27		362,000		363,097
144A,7.25%, 3/15/29		321,000		322,550
Xerox Corp.
144A,10.25%, 10/15/30		395,000		409,885
144A,13.50%, 4/15/31		522,000		523,707
Zebra Technologies Corp.,144A,6.50%, 6/1/32		492,000		505,226

(Cost $2,068,043)				2,124,465

Semiconductors — 0.7%
Amkor Technology, Inc.,144A,6.625%, 9/15/27		394,000		393,631
ams-OSRAM AG,144A,12.25%, 3/30/29		738,000		799,199
Entegris, Inc.
144A,4.375%, 4/15/28		394,000		383,091
144A,4.75%, 4/15/29		1,575,000		1,552,363
144A,3.625%, 5/1/29		394,000		371,377
144A,5.95%, 6/15/30		931,000		942,966
Kioxia Holdings Corp.
144A,6.25%, 7/24/30		1,083,000		1,083,725
144A,6.625%, 7/24/33		1,113,000		1,105,949
ON Semiconductor Corp.,144A,3.875%, 9/1/28		689,000		669,513
Synaptics, Inc.,144A,4.00%, 6/15/29		394,000		376,066

(Cost $7,579,408)				7,677,880

See Notes to Financial Statements.

64 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Software — 2.5%
Capstone Borrower, Inc.,144A,8.00%, 6/15/30		812,000		850,223
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		763,000		663,181
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		758,000		638,400
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		3,987,000		4,030,845
144A,8.25%, 6/30/32		1,932,000		2,065,555
144A,6.625%, 8/15/33		1,000,000		1,013,823
Consensus Cloud Solutions, Inc.,144A,6.50%, 10/15/28		343,000		344,305
CoreWeave, Inc.
144A,9.25%, 6/1/30		1,969,000		1,976,059
144A,9.00%, 2/1/31		1,783,000		1,765,164
Dye & Durham Ltd.,144A,8.625%, 4/15/29		546,000		570,645
Elastic NV,144A,4.125%, 7/15/29		566,000		543,905
Ellucian Holdings, Inc.,144A,6.50%, 12/1/29		689,000		700,911
Fair Isaac Corp.
144A,4.00%, 6/15/28		906,000		882,708
144A,6.00%, 5/15/33		1,477,000		1,496,818
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL
144A,4.625%, 5/1/28		345,000		326,089
144A,8.75%, 5/1/29		759,000		778,673
Open Text Corp.
144A,3.875%, 2/15/28		886,000		861,192
144A,3.875%, 12/1/29		837,000		788,988
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		926,000		874,190
144A,4.125%, 12/1/31		640,000		588,819
PTC, Inc.,144A,4.00%, 2/15/28		492,000		482,165
RingCentral, Inc.,144A,8.50%, 8/15/30		345,000		368,165
ROBLOX Corp.,144A,3.875%, 5/1/30		987,000		938,399
Rocket Software, Inc.,144A,9.00%, 11/28/28		787,000		810,260
Twilio, Inc.
3.625%, 3/15/29		492,000		469,616
3.875%, 3/15/31 (a)		492,000		459,534
UKG, Inc.,144A,6.875%, 2/1/31		2,621,000		2,710,271
ZoomInfo Technologies LLC / ZoomInfo Finance Corp.,144A,3.875%, 2/1/29		640,000		600,771

(Cost $28,201,389)				28,599,674


	Principal Amount $		Value $
Utilities — 4.2%
Electric — 3.7%
AES Corp.
7.60%, 1/15/55		935,000		960,737
6.95%, 7/15/55		492,000		476,002
Algonquin Power & Utilities Corp.,4.75%, 1/18/82		738,000		717,663
Alpha Generation LLC,144A,6.75%, 10/15/32		1,034,000		1,066,029
Atlantica Sustainable Infrastructure Ltd.,144A,4.125%, 6/15/28		394,000		381,578
Calpine Corp.
144A,4.50%, 2/15/28		1,230,000		1,218,206
144A,5.125%, 3/15/28		1,398,000		1,396,975
144A,4.625%, 2/1/29		660,000		652,093
144A,5.00%, 2/1/31		862,000		854,965
144A,3.75%, 3/1/31		906,000		860,835
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		837,000		827,674
144A,3.75%, 2/15/31		961,000		883,934
144A,3.75%, 1/15/32		385,000		346,586
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		502,000		518,315
DPL, Inc.,4.35%, 4/15/29		393,000		388,964
Edison International
8.125%, 6/15/53 (a)		492,000		492,175
7.875%, 6/15/54		443,000		437,934
Electricite de France SA,144A,9.125%, Perpetual		1,526,000		1,758,741
EUSHI Finance, Inc.,7.625%, 12/15/54		492,000		514,041
Leeward Renewable Energy Operations LLC,144A,4.25%, 7/1/29		369,000		347,174
Lightning Power LLC,144A,7.25%, 8/15/32		1,567,000		1,662,355
NRG Energy, Inc.
5.75%, 1/15/28		758,000		760,401
144A,3.375%, 2/15/29		502,000		475,621
144A,5.25%, 6/15/29		732,000		729,828
144A,5.75%, 7/15/29		786,000		785,695
144A,3.625%, 2/15/31		1,154,000		1,064,462
144A,3.875%, 2/15/32		472,000		433,536
144A,6.00%, 2/1/33		911,000		923,265
144A,6.25%, 11/1/34		935,000		958,606
Pacificorp,7.375%, 9/15/55		850,000		882,012
Pattern Energy Operations LP / Pattern Energy Operations, Inc.,144A,4.50%, 8/15/28		749,000		729,952
PG&E Corp.
5.00%, 7/1/28		1,159,000		1,145,800
5.25%, 7/1/30		984,000		958,976
7.375%, 3/15/55		1,477,000		1,465,752

See Notes to Financial Statements.

DBX ETF Trust | 65

Schedule of Investments

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

August 31, 2025


	Principal Amount $		Value $
Pike Corp.
144A,5.50%, 9/1/28		714,000		714,207
144A,8.625%, 1/31/31		394,000		421,626
Talen Energy Supply LLC,144A,8.625%, 6/1/30		1,181,000		1,261,118
TransAlta Corp.
7.75%, 11/15/29		424,000		440,169
6.50%, 3/15/40		295,000		290,103
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		1,080,000		1,078,422
144A,5.625%, 2/15/27		1,280,000		1,280,518
144A,5.00%, 7/31/27		1,330,000		1,326,409
144A,4.375%, 5/1/29		1,230,000		1,202,211
144A,7.75%, 10/15/31		1,427,000		1,516,160
144A,6.875%, 4/15/32		1,009,000		1,058,952
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		492,000		482,088
144A,4.50%, 9/15/27		541,000		530,607
144A,7.25%, 1/15/29 (a)		738,000		753,745
144A,8.375%, 1/15/31 (a)		812,000		849,135
144A,8.625%, 3/15/33 (a)		961,000		1,013,507

(Cost $41,445,813)				42,295,859

Gas — 0.5%
Altagas Ltd.,144A,7.20%, 10/15/54		886,000		897,801
AmeriGas Partners LP / AmeriGas Finance Corp.
5.75%, 5/20/27		734,000		732,456
144A,9.375%, 6/1/28		485,000		500,511
144A,9.50%, 6/1/30		541,000		566,715
Venture Global Plaquemines LNG LLC
144A,7.50%, 5/1/33		1,230,000		1,349,154
144A,7.75%, 5/1/35		1,310,000		1,458,612

(Cost $5,325,531)				5,505,249

TOTAL CORPORATE BONDS

(Cost $1,091,672,070)				1,113,624,955

	Number of Shares
SECURITIES LENDING COLLATERAL — 2.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)

(Cost $29,466,868)		29,466,868		29,466,868


	Number of Shares		Value $
CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)

(Cost $21,105,991)		21,105,991		21,105,991

TOTAL INVESTMENTS — 102.3%
(Cost $1,142,244,929)				1,164,197,814

Other assets and liabilities, net — (2.3%)				(25,873,622	)

NET ASSETS — 100.0%				1,138,324,192

See Notes to Financial Statements.

66 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 2.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)
16,776,173		12,690,695	(e)		—			—		—		351,918		—		29,466,868		29,466,868
CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)
9,081,613		120,656,253			(108,631,875	)		—		—		304,721		—		21,105,991		21,105,991
25,857,786		133,346,948			(108,631,875	)		—		—		656,639		—		50,572,859		50,572,859

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $28,346,019, which is 2.5% of net assets.

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

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

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

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

Perpetual: Callable security with no stated maturity date.

PIK:	Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REIT:

Real Estate Investment Trust

144A:

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	1,113,624,955	$	—	$	1,113,624,955
Short-Term Investments (a)		50,572,859		—		—		50,572,859
TOTAL	$	50,572,859	$	1,113,624,955	$	—	$	1,164,197,814

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

See Notes to Financial Statements.

DBX ETF Trust | 67

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

August 31, 2025


	Principal Amount $		Value $
CORPORATE BONDS — 97.8%
Basic Materials — 5.4%
Chemicals — 2.7%
Ashland, Inc.,144A,3.375%, 9/1/31		1,641,000		1,465,180
Avient Corp.
144A,7.125%, 8/1/30		2,622,000		2,710,894
144A,6.25%, 11/1/31		2,350,000		2,395,339
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		1,822,000		1,919,761
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		2,541,000		2,402,477
Celanese US Holdings LLC 6.665%, 7/15/27		5,445,000		5,606,570
6.85%, 11/15/28		3,489,000		3,638,647
6.83%, 7/15/29		2,712,000		2,825,291
6.50%, 4/15/30		2,531,000		2,555,903
7.05%, 11/15/30		3,759,000		3,911,285
6.879%, 7/15/32		3,739,000		3,864,787
6.75%, 4/15/33 (a)		3,977,000		4,007,997
7.20%, 11/15/33		3,616,000		3,764,813
Chemours Co.
5.375%, 5/15/27		1,836,000		1,830,575
144A,5.75%, 11/15/28		2,900,000		2,795,289
144A,4.625%, 11/15/29		2,213,000		1,978,424
Chemours (The) Co.,144A,8.00%, 1/15/33		2,162,000		2,116,256
Consolidated Energy Finance SA
144A,5.625%, 10/15/28 (a)		1,915,000		1,615,867
144A,12.00%, 2/15/31 (a)		2,206,000		2,030,256
Huntsman International LLC
4.50%, 5/1/29		2,600,000		2,502,504
2.95%, 6/15/31		1,452,000		1,242,304
INEOS Finance PLC
144A,6.75%, 5/15/28		1,550,000		1,525,540
144A,7.50%, 4/15/29		2,622,000		2,631,340
Inversion Escrow Issuer LLC,144A,6.75%, 8/1/32		4,000,000		3,964,415
Methanex Corp.
5.125%, 10/15/27		2,531,000		2,521,332
5.25%, 12/15/29 (a)		2,531,000		2,516,135
Methanex US Operations, Inc.,144A,6.25%, 3/15/32 (a)		2,188,000		2,209,210
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		3,797,000		3,808,957
144A,8.50%, 11/15/28		1,427,000		1,496,625
144A,4.25%, 5/15/29		2,097,000		2,014,856
144A,9.00%, 2/15/30		2,350,000		2,527,131
144A,7.00%, 12/1/31		1,446,000		1,522,159
Olin Corp.
5.625%, 8/1/29 (a)		2,441,000		2,437,227


	Principal Amount $		Value $
5.00%, 2/1/30 (a)		1,879,000		1,825,171
144A,6.625%, 4/1/33		2,133,000		2,132,901
SCIH Salt Holdings, Inc.
144A,4.875%, 5/1/28		4,011,000		3,922,545
144A,6.625%, 5/1/29		2,478,000		2,490,638
Tronox, Inc.,144A,4.625%, 3/15/29 (a)		3,887,000		2,873,260
WR Grace Holdings LLC
144A,4.875%, 6/15/27		1,766,000		1,753,998
144A,5.625%, 8/15/29		4,188,000		3,922,735
144A,6.625%, 8/15/32		2,723,000		2,717,459

(Cost $109,993,498)				107,994,053

Forest Products & Paper — 0.3%
Domtar Corp.,144A,6.75%, 10/1/28		2,322,000		1,988,598
Glatfelter Corp.,144A,4.75%, 11/15/29		1,808,000		1,598,058
Magnera Corp.,144A,7.25%, 11/15/31		2,893,000		2,740,467
Mercer International, Inc.
144A,12.875%, 10/1/28		1,446,000		1,406,588
5.125%, 2/1/29		3,160,000		2,494,995

(Cost $11,303,305)				10,228,706

Iron/Steel — 0.9%
Cleveland-Cliffs, Inc.
5.875%, 6/1/27		2,073,000		2,071,949
144A,6.875%, 11/1/29		3,254,000		3,307,200
144A,6.75%, 4/15/30		2,811,000		2,845,842
144A,7.50%, 9/15/31		3,073,000		3,118,259
144A,7.00%, 3/15/32 (a)		5,208,000		5,184,027
144A,7.375%, 5/1/33		3,254,000		3,244,200
Metinvest BV,144A,7.75%, 10/17/29		1,823,000		1,401,829
Mineral Resources Ltd.
144A,8.125%, 5/1/27		2,531,000		2,534,209
144A,8.00%, 11/1/27		2,279,000		2,321,850
144A,9.25%, 10/1/28 (a)		3,977,000		4,162,595
144A,8.50%, 5/1/30 (a)		2,256,000		2,343,589
United States Steel Corp.,6.875%, 3/1/29		1,732,000		1,746,265

(Cost $34,188,447)				34,281,814

Mining — 1.5%
Alcoa Nederland Holding BV
144A,4.125%, 3/31/29		1,814,000		1,748,279
144A,7.125%, 3/15/31		2,711,000		2,861,330
Alumina Pty Ltd.
144A,6.125%, 3/15/30		1,823,000		1,853,834
144A,6.375%, 9/15/32		1,823,000		1,860,536
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		2,531,000		2,683,964
144A,11.50%, 10/1/31		1,638,000		1,823,723

See Notes to Financial Statements.

68 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
First Quantum Minerals Ltd.
144A,9.375%, 3/1/29		4,882,000		5,196,101
144A,8.625%, 6/1/31 (a)		4,701,000		4,916,564
144A,8.00%, 3/1/33		3,578,000		3,720,340
144A,7.25%, 2/15/34		3,700,000		3,738,872
Fortescue Treasury Pty Ltd.
144A,4.50%, 9/15/27		2,187,000		2,168,671
144A,5.875%, 4/15/30		2,543,000		2,598,923
144A,4.375%, 4/1/31		5,424,000		5,161,024
144A,6.125%, 4/15/32 (a)		2,892,000		2,969,968
Hudbay Minerals, Inc.,144A,6.125%, 4/1/29		1,978,000		2,001,141
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		1,823,000		1,793,328
144A,4.50%, 6/1/31		2,006,000		1,883,492
Vedanta Resources Finance II PLC
144A,10.875%, 9/17/29		4,356,000		4,483,056
144A,9.475%, 7/24/30		1,993,000		1,969,298
144A,11.25%, 12/3/31		1,808,000		1,901,177
144A,9.85%, 4/24/33		2,006,000		2,001,614

(Cost $59,272,545)				59,335,235

Communications — 15.9%
Advertising — 1.1%
Clear Channel Outdoor Holdings, Inc.
144A,7.75%, 4/15/28 (a)		3,616,000		3,520,390
144A,7.50%, 6/1/29 (a)		3,797,000		3,533,119
144A,7.875%, 4/1/30		3,128,000		3,260,690
144A,7.125%, 2/15/31		4,150,000		4,219,215
144A,7.50%, 3/15/33		3,300,000		3,361,123
Lamar Media Corp.
3.75%, 2/15/28		2,170,000		2,111,511
4.00%, 2/15/30		2,006,000		1,908,481
3.625%, 1/15/31		2,006,000		1,858,852
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		9,436,000		9,390,047
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		2,369,000		2,351,438
144A,4.25%, 1/15/29		1,931,000		1,857,380
144A,4.625%, 3/15/30		1,815,000		1,733,387
144A,7.375%, 2/15/31		1,641,000		1,732,732
Stagwell Global LLC,144A,5.625%, 8/15/29		3,977,000		3,839,111

(Cost $45,052,172)				44,677,476

Internet — 1.7%
Arches Buyer, Inc.
144A,4.25%, 6/1/28		3,455,000		3,362,531
144A,6.125%, 12/1/28		1,823,000		1,769,544
Cogent Communications Group LLC / Cogent Finance, Inc.
144A,7.00%, 6/15/27		1,641,000		1,636,457


	Principal Amount $		Value $
144A,6.50%, 7/1/32		2,188,000		2,085,602
Gen Digital, Inc.
144A,6.75%, 9/30/27		3,254,000		3,314,495
144A,7.125%, 9/30/30		2,188,000		2,266,665
144A,6.25%, 4/1/33		3,435,000		3,540,805
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		2,188,000		2,181,219
144A,3.50%, 3/1/29		2,893,000		2,743,174
ION Trading Technologies SARL
144A,5.75%, 5/15/28		1,641,000		1,593,108
144A,9.50%, 5/30/29		2,802,000		2,932,610
Match Group Holdings II LLC
144A,5.00%, 12/15/27		1,697,000		1,689,086
144A,4.625%, 6/1/28		1,855,000		1,828,199
144A,4.125%, 8/1/30		1,658,000		1,562,394
144A,3.625%, 10/1/31		1,808,000		1,633,039
144A,6.125%, 9/15/33		2,675,000		2,706,209
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		1,862,000		1,233,575
Rakuten Group, Inc.
144A,11.25%, 2/15/27		6,516,000		7,051,257
144A,9.75%, 4/15/29		7,457,000		8,326,809
Snap, Inc.
144A,6.875%, 3/1/33		5,424,000		5,486,127
144A,6.875%, 3/15/34		2,000,000		2,010,226
Wayfair LLC
144A,7.25%, 10/31/29		2,893,000		2,957,019
144A,7.75%, 9/15/30		2,531,000		2,621,240

(Cost $66,257,891)				66,531,390

Media — 8.5%
AMC Networks, Inc.
144A,10.25%, 1/15/29		3,164,000		3,295,622
144A,10.50%, 7/15/32		1,446,000		1,494,383
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		2,279,000		1,887,127
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.125%, 5/1/27		11,752,000		11,700,118
144A,5.00%, 2/1/28		9,040,000		8,972,024
144A,5.375%, 6/1/29		5,424,000		5,385,267
144A,6.375%, 9/1/29		5,424,000		5,510,247
144A,4.75%, 3/1/30		11,027,000		10,604,589
144A,4.50%, 8/15/30		9,941,000		9,416,570
144A,4.25%, 2/1/31		10,848,000		10,013,134
144A,7.375%, 3/1/31 (a)		3,977,000		4,117,473
144A,4.75%, 2/1/32		4,340,000		4,028,617
4.50%, 5/1/32		10,505,000		9,612,923
144A,4.50%, 6/1/33		6,527,000		5,827,044
144A,4.25%, 1/15/34 (a)		7,232,000		6,284,878
CSC Holdings LLC 144A,5.50%, 4/15/27		4,737,000		4,559,154

See Notes to Financial Statements.

DBX ETF Trust | 69

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,5.375%, 2/1/28 (a)		3,616,000		3,321,859
144A,7.50%, 4/1/28		3,782,000		3,049,557
144A,11.25%, 5/15/28		3,616,000		3,617,161
144A,11.75%, 1/31/29		7,413,000		6,804,121
144A,6.50%, 2/1/29		6,408,000		5,056,349
144A,5.75%, 1/15/30		8,168,000		3,845,697
144A,4.125%, 12/1/30		4,015,000		2,633,750
144A,4.625%, 12/1/30		8,451,000		3,708,828
144A,3.375%, 2/15/31		3,616,000		2,315,501
144A,4.50%, 11/15/31		5,424,000		3,522,701
144A,5.00%, 11/15/31 (a)		1,823,000		797,402
Directv Financing LLC,144A,8.875%, 2/1/30		2,723,000		2,705,047
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
144A,5.875%, 8/15/27		11,972,000		11,921,349
144A,10.00%, 2/15/31		7,499,000		7,459,585
Discovery Communications LLC
3.95%, 3/20/28		4,541,000		4,392,555
4.125%, 5/15/29		2,425,000		2,298,755
3.625%, 5/15/30		3,479,000		3,140,737
5.00%, 9/20/37		1,651,000		1,220,106
6.35%, 6/1/40		1,600,000		1,253,232
DISH DBS Corp.
144A,5.75%, 12/1/28		9,040,000		8,514,948
5.125%, 6/1/29		5,423,000		4,481,598
DISH Network Corp.,144A,11.75%, 11/15/27		12,656,000		13,388,701
EW Scripps (The) Co.,144A,9.875%, 8/15/30		2,723,000		2,562,365
Gray Media, Inc.
144A,10.50%, 7/15/29 (a)		4,794,000		5,221,797
144A,4.75%, 10/15/30 (a)		2,857,000		2,151,492
144A,5.375%, 11/15/31 (a)		4,447,000		3,281,991
144A,9.625%, 7/15/32		3,282,000		3,301,340
144A,7.25%, 8/15/33		2,750,000		2,711,183
iHeartCommunications, Inc.
144A,9.125%, 5/1/29 (a)		2,555,439		2,199,049
144A,10.875%, 5/1/30		2,478,399		1,468,658
144A,7.75%, 8/15/30		2,405,000		1,917,279
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		4,248,000		2,652,885
144A,5.125%, 7/15/29		2,965,000		1,707,774
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		3,021,000		3,038,748
144A,8.00%, 8/1/29		2,116,000		2,160,436
144A,7.375%, 9/1/31		2,370,000		2,490,095
Nexstar Media, Inc.
144A,5.625%, 7/15/27		6,222,000		6,219,143
144A,4.75%, 11/1/28 (a)		3,647,000		3,582,245
Sinclair Television Group, Inc.
144A,5.50%, 3/1/30		1,770,000		1,464,675


	Principal Amount $		Value $
144A,8.125%, 2/15/33		5,171,000		5,302,214
144A,9.75%, 2/15/33 (a)		1,575,000		1,730,531
Sirius XM Radio LLC
144A,3.125%, 9/1/26		3,489,000		3,469,619
144A,5.00%, 8/1/27		5,474,000		5,452,714
144A,4.00%, 7/15/28		7,432,000		7,177,480
144A,5.50%, 7/1/29 (a)		4,520,000		4,516,373
144A,4.125%, 7/1/30		5,424,000		5,046,818
144A,3.875%, 9/1/31 (a)		5,424,000		4,881,356
TEGNA, Inc.
4.625%, 3/15/28		3,646,000		3,629,456
5.00%, 9/15/29		3,977,000		3,983,614
Univision Communications, Inc.
144A,8.00%, 8/15/28		5,253,000		5,456,275
144A,4.50%, 5/1/29		3,991,000		3,746,335
144A,7.375%, 6/30/30		3,280,000		3,300,517
144A,8.50%, 7/31/31		4,577,000		4,720,494
144A,9.375%, 8/1/32		5,341,000		5,627,903
Virgin Media Finance PLC,144A,5.00%, 7/15/30		3,456,000		3,164,216
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		5,153,000		5,077,319
144A,4.50%, 8/15/30		3,309,000		3,108,534
VTR Finance NV,144A,6.375%, 7/15/28		1,754,000		1,714,974
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		1,808,000		1,597,707
Ziggo BV,144A,4.875%, 1/15/30		3,583,000		3,366,107

(Cost $359,099,351)				336,360,420

Telecommunications — 4.6%
Altice Financing SA
144A,5.00%, 1/15/28		4,334,000		3,543,305
144A,5.75%, 8/15/29		7,413,000		5,883,327
C&W Senior Finance Ltd.,144A,9.00%, 1/15/33		2,831,000		2,975,899
CommScope LLC
144A,8.25%, 3/1/27 (a)		3,256,000		3,297,094
144A,7.125%, 7/1/28		2,320,000		2,329,280
144A,4.75%, 9/1/29		3,380,000		3,343,665
144A,9.50%, 12/15/31 (a)		3,616,000		3,741,898
CommScope Technologies LLC,144A,5.00%, 3/15/27		2,712,000		2,686,325
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 (a)		7,304,000		7,618,649
CT Trust,144A,5.125%, 2/3/32		2,690,000		2,552,245
EchoStar Corp.,10.75%, 11/30/29		20,009,000		21,552,994
Fibercop SpA
144A,6.375%, 11/15/33		1,823,000		1,798,756
144A,6.00%, 9/30/34		1,908,000		1,815,088
144A,7.20%, 7/18/36		1,808,000		1,819,264
144A,7.721%, 6/4/38		1,781,000		1,813,729

See Notes to Financial Statements.

70 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		4,194,000		4,195,675
144A,5.00%, 5/1/28		5,653,000		5,642,103
144A,6.75%, 5/1/29		3,647,000		3,684,991
5.875%, 11/1/29		2,735,656		2,761,344
144A,6.00%, 1/15/30 (a)		3,647,000		3,689,929
144A,8.75%, 5/15/30		4,006,000		4,189,996
144A,8.625%, 3/15/31		2,775,000		2,947,613
Level 3 Financing, Inc.
144A,4.875%, 6/15/29		2,470,000		2,315,625
144A,4.50%, 4/1/30		2,748,000		2,480,070
144A,3.875%, 10/15/30		1,657,000		1,416,735
144A,4.00%, 4/15/31		1,636,526		1,378,773
144A,6.875%, 6/30/33		7,260,000		7,332,273
144A,7.00%, 3/31/34		7,112,000		7,166,563
Lumen Technologies, Inc.
144A,4.125%, 4/15/30		1,726,000		1,700,110
144A,10.00%, 10/15/32		1,686,000		1,709,854
Maya SAS/Paris France
144A,7.00%, 10/15/28		3,089,000		3,145,686
144A,8.50%, 4/15/31		3,435,000		3,698,276
144A,7.00%, 4/15/32		3,093,000		3,184,983
Millicom International Cellular SA
144A,5.125%, 1/15/28		1,201,500		1,191,601
144A,6.25%, 3/25/29		2,375,100		2,382,358
144A,4.50%, 4/27/31		2,784,000		2,595,964
144A,7.375%, 4/2/32		1,782,000		1,840,407
Sable International Finance Ltd.,144A,7.125%, 10/15/32		3,616,000		3,680,629
Telefonica Moviles Chile SA,144A,3.537%, 11/18/31		1,808,000		1,082,540
Viasat, Inc.
144A,5.625%, 4/15/27		2,188,000		2,184,818
144A,6.50%, 7/15/28		1,459,000		1,421,532
144A,7.50%, 5/30/31 (a)		2,652,000		2,492,836
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		4,881,000		4,508,934
144A,4.75%, 7/15/31		5,062,000		4,736,697
144A,7.75%, 4/15/32		2,812,000		2,945,027
Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31		7,955,000		8,281,529
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27		5,342,000		5,171,797
144A,6.125%, 3/1/28 (a)		3,905,000		3,630,872
Zegona Finance PLC,144A,8.625%, 7/15/29		2,941,000		3,133,018

(Cost $179,526,534)				180,692,676


	Principal Amount $		Value $
Consumer, Cyclical — 16.6%
Airlines — 0.4%
American Airlines, Inc.
144A,7.25%, 2/15/28		2,712,000		2,784,036
144A,8.50%, 5/15/29 (a)		3,616,000		3,791,633
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31 (a)		7,261,000		7,220,804

(Cost $14,069,685)				13,796,473

Apparel — 0.2%
Levi Strauss & Co.,144A,3.50%, 3/1/31		1,823,000		1,683,488
Under Armour, Inc.,144A,7.25%, 7/15/30		1,446,000		1,447,369
VF Corp.
2.80%, 4/23/27		1,823,000		1,761,459
2.95%, 4/23/30		2,735,000		2,388,067

(Cost $7,338,046)				7,280,383

Auto Manufacturers — 1.1%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		1,459,000		1,447,446
144A,5.875%, 6/1/29		1,823,000		1,838,373
144A,3.75%, 1/30/31		3,616,000		3,339,591
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		3,797,000		3,696,841
Nissan Motor Acceptance Co. LLC
144A,5.30%, 9/13/27		1,446,000		1,439,731
144A,2.75%, 3/9/28		2,169,000		2,022,450
144A,7.05%, 9/15/28		2,532,000		2,621,572
Nissan Motor Co. Ltd.
144A,4.345%, 9/17/27		9,040,000		8,843,406
144A,7.50%, 7/17/30		3,776,000		3,947,781
144A,4.81%, 9/17/30		9,041,000		8,452,698
144A,7.75%, 7/17/32		2,712,000		2,842,575
144A,8.125%, 7/17/35		4,520,000		4,791,791

(Cost $45,846,216)				45,284,255

Auto Parts & Equipment — 1.7%
Adient Global Holdings Ltd.
144A,7.00%, 4/15/28		1,823,000		1,879,593
144A,8.25%, 4/15/31 (a)		1,823,000		1,920,926
144A,7.50%, 2/15/33		2,875,000		2,995,652
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		1,749,000		1,761,829
6.875%, 7/1/28 (a)		1,459,000		1,460,555
5.00%, 10/1/29 (a)		2,170,000		2,050,200
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		5,701,000		5,735,674
144A,6.75%, 5/15/28		2,742,000		2,804,915
144A,6.75%, 2/15/30		3,630,000		3,763,747

See Notes to Financial Statements.

DBX ETF Trust | 71

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Dana, Inc.
5.375%, 11/15/27		1,459,000		1,457,665
5.625%, 6/15/28		1,446,000		1,446,178
4.25%, 9/1/30		1,446,000		1,430,547
Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 (a)		2,358,000		2,049,400
Forvia SE,144A,8.00%, 6/15/30 (a)		1,823,000		1,924,689
Goodyear Tire & Rubber Co.
4.875%, 3/15/27		2,531,000		2,514,728
5.00%, 7/15/29		3,066,000		2,974,943
6.625%, 7/15/30 (a)		1,800,000		1,832,614
5.25%, 4/30/31 (a)		2,006,000		1,905,243
5.25%, 7/15/31		2,188,000		2,079,172
5.625%, 4/30/33 (a)		1,641,000		1,543,384
Qnity Electronics, Inc.
144A,5.75%, 8/15/32		3,630,000		3,694,721
144A,6.25%, 8/15/33		2,700,000		2,794,427
Tenneco, Inc.,144A,8.00%, 11/17/28		6,870,000		6,874,558
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		2,192,000		2,221,888
144A,7.125%, 4/14/30		2,188,000		2,180,051
144A,6.75%, 4/23/30		2,904,000		2,834,318
144A,6.875%, 4/23/32		2,551,000		2,448,020

(Cost $68,813,907)				68,579,637

Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		2,553,000		2,499,393
144A,3.875%, 11/15/29		1,414,000		1,342,212
RB Global Holdings, Inc.
144A,6.75%, 3/15/28		1,989,000		2,038,285
144A,7.75%, 3/15/31		2,893,000		3,039,513

(Cost $8,997,843)				8,919,403

Entertainment — 3.1%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		2,287,000		2,383,469
Brightstar Lottery PLC
144A,6.25%, 1/15/27		2,688,000		2,716,649
144A,5.25%, 1/15/29		2,735,000		2,721,636
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29 (a)		4,339,000		4,140,567
144A,7.00%, 2/15/30		7,294,000		7,547,415
144A,6.50%, 2/15/32		5,470,000		5,611,175
144A,6.00%, 10/15/32 (a)		4,126,000		4,048,011
Churchill Downs, Inc.
144A,5.50%, 4/1/27		1,999,000		1,999,250
144A,4.75%, 1/15/28		2,541,000		2,515,263
144A,5.75%, 4/1/30		4,376,000		4,379,426
144A,6.75%, 5/1/31		2,188,000		2,251,507


	Principal Amount $		Value $
Cinemark USA, Inc.
144A,5.25%, 7/15/28		2,766,000		2,750,860
144A,7.00%, 8/1/32		1,823,000		1,890,145
Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29		1,969,000		1,880,762
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		2,531,000		2,541,119
144A,7.25%, 11/15/29		1,823,000		1,871,357
144A,7.50%, 9/1/31		2,006,000		2,095,313
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		4,356,000		4,404,413
144A,4.75%, 10/15/27		3,455,000		3,428,393
144A,3.75%, 1/15/28		1,823,000		1,777,644
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC
144A,8.25%, 4/15/30		2,712,000		2,804,466
144A,11.875%, 4/15/31		2,531,000		2,668,261
Motion Bondco DAC,144A,6.625%, 11/15/27		1,495,000		1,410,078
Motion Finco Sarl,144A,8.375%, 2/15/32		1,483,000		1,280,290
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30		1,446,000		1,457,626
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A,5.625%, 9/1/29 (a)		2,717,000		1,586,049
144A,5.875%, 9/1/31 (a)		2,678,000		1,556,587
Six Flags Entertainment Corp.
144A,5.50%, 4/15/27		1,815,000		1,811,313
144A,7.25%, 5/15/31 (a)		2,893,000		2,909,059
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 4/15/27		1,823,000		1,815,414
5.25%, 7/15/29		1,808,000		1,751,780
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co.,144A,6.625%, 5/1/32		3,073,000		3,124,860
Vail Resorts, Inc.
144A,5.625%, 7/15/30		1,823,000		1,848,440
144A,6.50%, 5/15/32		2,188,000		2,267,677
Voyager Parent LLC,144A,9.25%, 7/1/32		6,689,000		7,063,564
Warnermedia Holdings, Inc.
4.054%, 3/15/29		4,952,000		4,708,287
4.279%, 3/15/32 (a)		9,769,000		8,436,753
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		2,712,000		2,708,513

See Notes to Financial Statements.

72 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,7.125%, 2/15/31		3,611,000		3,889,199
144A,6.25%, 3/15/33		2,893,000		2,930,444

(Cost $122,800,822)				120,983,034

Food Service — 0.2%
Aramark Services, Inc.,144A,5.00%, 2/1/28		4,158,000		4,131,236
TKC Holdings, Inc.
144A,6.875%, 5/15/28		1,550,000		1,559,380
144A,10.50%, 5/15/29		2,391,000		2,444,355

(Cost $8,253,088)				8,134,971

Home Builders — 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co.
144A,4.625%, 4/1/30		1,446,000		1,365,464
144A,6.875%, 8/1/33		1,600,000		1,604,365
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		2,188,000		2,181,089
144A,4.875%, 2/15/30		1,815,000		1,666,386
Century Communities, Inc.
6.75%, 6/1/27		1,636,000		1,640,458
144A,3.875%, 8/15/29		1,808,000		1,685,546
LGI Homes, Inc.
144A,8.75%, 12/15/28		1,446,000		1,515,557
144A,7.00%, 11/15/32		1,459,000		1,424,582
Mattamy Group Corp.
144A,5.25%, 12/15/27		1,823,000		1,818,095
144A,4.625%, 3/1/30		2,188,000		2,097,466
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		1,823,000		1,840,742
144A,5.75%, 1/15/28		1,641,000		1,662,809
144A,5.125%, 8/1/30		1,823,000		1,819,002

(Cost $22,829,321)				22,321,561

Home Furnishings — 0.3%
Somnigroup International, Inc.
144A,4.00%, 4/15/29		2,893,000		2,783,636
144A,3.875%, 10/15/31		2,849,000		2,608,417
Whirlpool Corp.
4.75%, 2/26/29 (a)		2,531,000		2,500,722
6.125%, 6/15/30		2,334,000		2,361,777
6.50%, 6/15/33		2,170,000		2,187,184

(Cost $12,621,531)				12,441,736

Housewares — 0.5%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		2,806,000		2,141,174
Newell Brands, Inc.
6.375%, 9/15/27		1,808,000		1,833,639
144A,8.50%, 6/1/28		4,538,000		4,802,225
6.625%, 9/15/29		1,808,000		1,820,177


	Principal Amount $		Value $
6.375%, 5/15/30		2,712,000		2,681,433
6.625%, 5/15/32 (a)		1,808,000		1,769,380
Scotts Miracle-Gro Co.
4.50%, 10/15/29		1,488,000		1,438,937
4.00%, 4/1/31		1,732,000		1,595,193
4.375%, 2/1/32		1,446,000		1,336,073

(Cost $20,243,578)				19,418,231

Leisure Time — 1.5%
Carnival Corp.
144A,6.00%, 5/1/29		7,232,000		7,330,297
144A,5.75%, 3/15/30 (a)		3,616,000		3,709,390
144A,5.875%, 6/15/31		3,630,000		3,723,545
144A,5.75%, 8/1/32		10,878,000		11,071,085
144A,6.125%, 2/15/33		7,232,000		7,431,090
Life Time, Inc.,144A,6.00%, 11/15/31		1,823,000		1,843,530
Lindblad Expeditions LLC,144A,7.00%, 9/15/30		2,450,000		2,510,860
NCL Corp. Ltd.
144A,5.875%, 2/15/27		3,616,000		3,625,857
144A,8.125%, 1/15/29		2,681,000		2,821,013
144A,7.75%, 2/15/29		2,188,000		2,338,694
144A,6.75%, 2/1/32		6,529,000		6,737,523
Sabre GLBL, Inc.
144A,10.75%, 11/15/29		2,982,000		2,894,008
144A,11.125%, 7/15/30		4,791,000		4,701,648

(Cost $60,454,638)				60,738,540

Lodging — 2.3%
Boyd Gaming Corp.
4.75%, 12/1/27		3,505,000		3,479,723
144A,4.75%, 6/15/31		3,282,000		3,160,901
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		1,638,000		1,642,031
144A,5.875%, 4/1/29		2,006,000		2,044,034
144A,3.75%, 5/1/29		2,893,000		2,776,314
4.875%, 1/15/30		3,630,000		3,622,267
144A,4.00%, 5/1/31		3,977,000		3,748,971
144A,3.625%, 2/15/32		5,424,000		4,954,240
144A,6.125%, 4/1/32		1,800,000		1,849,819
144A,5.875%, 3/15/33		3,616,000		3,692,507
144A,5.75%, 9/15/33		3,582,000		3,613,790
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
144A,5.00%, 6/1/29		3,073,000		2,974,067
144A,4.875%, 7/1/31		1,823,000		1,698,604
144A,6.625%, 1/15/32		3,254,000		3,322,406
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 (a)		1,823,000		1,762,983
Melco Resorts Finance Ltd. 144A,5.625%, 7/17/27		2,374,000		2,375,697

See Notes to Financial Statements.

DBX ETF Trust | 73

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,5.75%, 7/21/28		3,100,000		3,075,837
144A,5.375%, 12/4/29		4,116,000		3,980,972
144A,7.625%, 4/17/32		2,735,000		2,849,554
MGM Resorts International
4.625%, 9/1/26		1,452,000		1,443,359
5.50%, 4/15/27		2,441,000		2,456,429
4.75%, 10/15/28		2,723,000		2,712,099
6.125%, 9/15/29		3,073,000		3,140,557
6.50%, 4/15/32 (a)		2,712,000		2,784,888
Station Casinos LLC
144A,4.50%, 2/15/28		2,583,000		2,547,576
144A,4.625%, 12/1/31		1,869,000		1,769,801
144A,6.625%, 3/15/32		1,719,000		1,769,176
Studio City Finance Ltd.
144A,6.50%, 1/15/28		1,795,000		1,790,703
144A,5.00%, 1/15/29		3,977,000		3,772,148
Travel + Leisure Co.
6.00%, 4/1/27		1,459,000		1,479,002
144A,4.50%, 12/1/29		2,350,000		2,277,979
144A,6.125%, 9/1/33		1,807,000		1,814,849
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		3,256,000		3,260,207

(Cost $90,748,860)				89,643,490

Retail — 4.5%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		5,605,000		5,460,527
144A,4.375%, 1/15/28		2,709,000		2,666,808
144A,3.50%, 2/15/29		2,712,000		2,582,709
144A,6.125%, 6/15/29		4,339,000		4,448,581
144A,5.625%, 9/15/29		1,823,000		1,846,974
144A,4.00%, 10/15/30		10,528,000		9,853,456
Advance Auto Parts, Inc.
3.90%, 4/15/30		1,823,000		1,682,845
144A,7.00%, 8/1/30		3,450,000		3,542,556
144A,7.375%, 8/1/33		3,540,000		3,631,350
Asbury Automotive Group, Inc.
4.50%, 3/1/28		1,477,000		1,460,644
144A,4.625%, 11/15/29		2,893,000		2,816,314
4.75%, 3/1/30		1,623,000		1,586,246
144A,5.00%, 2/15/32		2,174,000		2,091,421
Bath & Body Works, Inc.
5.25%, 2/1/28		1,607,000		1,616,595
7.50%, 6/15/29		1,759,000		1,813,014
144A,6.625%, 10/1/30		3,052,000		3,136,238
EG Global Finance PLC,144A,12.00%, 11/30/28		3,977,000		4,396,816
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.875%, 4/1/29		2,983,000		2,763,627


	Principal Amount $		Value $
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		3,451,000		3,301,246
144A,6.75%, 1/15/30		4,645,000		4,372,245
FirstCash, Inc.
144A,4.625%, 9/1/28		1,808,000		1,776,559
144A,5.625%, 1/1/30		1,989,000		1,987,104
144A,6.875%, 3/1/32		1,823,000		1,893,979
Gap, Inc.
144A,3.625%, 10/1/29		2,735,000		2,567,414
144A,3.875%, 10/1/31		2,765,000		2,505,972
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		1,915,000		1,780,416
144A,8.75%, 1/15/32		1,865,000		1,647,727
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		2,735,000		2,655,684
144A,6.375%, 1/15/30		1,823,000		1,871,295
Kohl’s Corp.,5.125%, 5/1/31		1,789,000		1,416,541
LBM Acquisition LLC
144A,6.25%, 1/15/29		1,500,000		1,377,649
144A,9.50%, 6/15/31		4,425,000		4,643,020
LCM Investments Holdings II LLC
144A,4.875%, 5/1/29		3,616,000		3,553,233
144A,8.25%, 8/1/31		3,073,000		3,260,324
Lithia Motors, Inc.
144A,4.625%, 12/15/27		1,446,000		1,433,790
144A,3.875%, 6/1/29		2,893,000		2,775,871
144A,4.375%, 1/15/31		2,009,000		1,910,681
Macy’s Retail Holdings LLC
144A,6.125%, 3/15/32 (a)		1,537,000		1,501,871
144A,7.375%, 8/1/33		1,800,000		1,850,456
Michaels Cos., Inc.
144A,5.25%, 5/1/28		3,183,000		2,528,001
144A,7.875%, 5/1/29		3,498,000		2,388,937
Murphy Oil USA, Inc.
4.75%, 9/15/29		1,823,000		1,794,468
144A,3.75%, 2/15/31		1,815,000		1,682,054
Nordstrom, Inc.
4.375%, 4/1/30		1,823,000		1,687,977
4.25%, 8/1/31 (a)		1,537,000		1,361,628
Patrick Industries, Inc.,144A,6.375%, 11/1/32		1,808,000		1,835,451
Penske Automotive Group, Inc.,3.75%, 6/15/29		1,823,000		1,739,579
PetSmart LLC / PetSmart Finance Corp.
144A,7.50%, 9/15/32		7,050,000		6,994,447
144A,10.00%, 9/15/33		2,700,000		2,651,517
QVC, Inc.,144A,6.875%, 4/15/29 (a)		2,188,000		1,063,137

See Notes to Financial Statements.

74 | DBX ETF Trust

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Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
QXO Building Products, Inc.,144A,6.75%, 4/30/32		8,168,000		8,456,369
Sonic Automotive, Inc.
144A,4.625%, 11/15/29 (a)		2,350,000		2,286,043
144A,4.875%, 11/15/31		1,823,000		1,743,294
Staples, Inc.
144A,10.75%, 9/1/29		8,985,000		8,648,062
144A,12.75%, 1/15/30		2,987,624		2,141,537
Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31		2,350,000		2,224,981
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		1,641,000		1,720,736
White Cap Buyer LLC,144A,6.875%, 10/15/28 (a)		2,314,000		2,313,748
Yum! Brands, Inc.
144A,4.75%, 1/15/30		2,913,000		2,891,557
3.625%, 3/15/31		3,797,000		3,534,301
4.625%, 1/31/32		3,977,000		3,847,056
5.375%, 4/1/32		3,716,000		3,741,420

(Cost $181,627,911)				176,756,098

Consumer, Non-cyclical — 17.2%
Agriculture — 0.2%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		1,815,000		1,812,214
144A,6.00%, 6/15/30		3,616,000		3,658,228

(Cost $5,450,841)				5,470,442

Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
144A,6.25%, 4/1/29		2,577,000		2,597,242
144A,4.375%, 4/30/29		2,705,000		2,618,161

(Cost $5,263,141)				5,215,403

Commercial Services — 5.5%
ADT Security Corp.,144A,4.125%, 8/1/29		3,616,000		3,498,651
Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30		5,062,000		5,236,148
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		8,497,000		8,935,913
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,6.00%, 6/1/29 (a)		3,471,000		3,435,208
144A,6.875%, 6/15/30		3,817,000		3,933,903
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		4,432,000		4,328,688
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,4.75%, 4/1/28 (a)		1,806,000		1,751,133


	Principal Amount $		Value $
144A,5.375%, 3/1/29 (a)		2,313,000		2,245,919
144A,8.25%, 1/15/30 (a)		2,508,000		2,598,403
144A,8.00%, 2/15/31 (a)		1,807,000		1,866,062
144A,8.375%, 6/15/32		2,168,000		2,264,374
Belron UK Finance PLC,144A,5.75%, 10/15/29		4,032,000		4,086,126
Block, Inc.
144A,5.625%, 8/15/30		4,375,000		4,474,865
3.50%, 6/1/31		3,616,000		3,342,739
6.50%, 5/15/32		7,232,000		7,497,804
144A,6.00%, 8/15/33		3,630,000		3,729,011
Boost Newco Borrower LLC,144A,7.50%, 1/15/31		7,865,000		8,349,193
Brink’s Co.
144A,4.625%, 10/15/27		2,188,000		2,170,743
144A,6.50%, 6/15/29		1,446,000		1,488,083
144A,6.75%, 6/15/32		1,446,000		1,499,097
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		3,359,000		3,242,924
144A,4.875%, 7/1/29		3,350,000		3,167,696
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		3,726,000		3,950,849
144A,8.625%, 5/15/32		2,188,000		2,359,450
144A,8.00%, 3/15/33		1,813,000		1,927,656
Garda World Security Corp.
144A,4.625%, 2/15/27		2,003,000		1,990,103
144A,7.75%, 2/15/28		1,198,000		1,236,719
144A,6.00%, 6/1/29		1,808,000		1,794,661
144A,8.25%, 8/1/32		1,997,000		2,078,202
144A,8.375%, 11/15/32		3,729,000		3,892,689
GEO Group, Inc.
8.625%, 4/15/29		2,350,000		2,486,843
10.25%, 4/15/31		2,278,000		2,512,755
Herc Holdings, Inc.
144A,5.50%, 7/15/27		4,226,000		4,224,060
144A,6.625%, 6/15/29		2,893,000		2,981,824
144A,7.00%, 6/15/30		5,990,000		6,238,100
144A,7.25%, 6/15/33		3,993,000		4,191,636
Hertz Corp.
144A,4.625%, 12/1/26		1,823,000		1,691,500
144A,12.625%, 7/15/29 (a)		4,520,000		4,700,818
144A,5.00%, 12/1/29 (a)		3,616,000		2,607,199
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,3.375%, 8/31/27		3,616,000		3,506,283
144A,6.25%, 1/15/28		4,687,500		4,690,403
Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31		4,701,000		4,800,732
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		3,797,000		3,855,723
144A,10.875%, 8/1/29		1,732,000		1,672,065

See Notes to Financial Statements.

DBX ETF Trust | 75

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Service Corp. International
4.625%, 12/15/27		2,006,000		1,997,154
5.125%, 6/1/29		2,712,000		2,698,384
3.375%, 8/15/30		3,073,000		2,841,465
4.00%, 5/15/31		2,893,000		2,721,703
5.75%, 10/15/32		2,913,000		2,945,588
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32		5,966,000		6,189,665
Sotheby’s,144A,7.375%, 10/15/27		2,766,000		2,749,384
United Rentals North America, Inc.
5.50%, 5/15/27		1,669,000		1,668,818
3.875%, 11/15/27		2,712,000		2,667,606
4.875%, 1/15/28		6,361,000		6,329,885
5.25%, 1/15/30		2,712,000		2,721,918
4.00%, 7/15/30		2,712,000		2,592,075
3.875%, 2/15/31		3,977,000		3,744,633
3.75%, 1/15/32		2,712,000		2,501,130
144A,6.125%, 3/15/34		3,949,000		4,095,231
Veritiv Operating Co.,144A,10.50%, 11/30/30		3,797,000		4,114,877
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		4,540,000		4,815,142
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		1,823,000		1,795,116
144A,6.625%, 6/15/29		1,823,000		1,869,014
144A,6.625%, 4/15/30		1,853,000		1,919,430
144A,7.375%, 10/1/31		1,823,000		1,907,963

(Cost $218,889,512)				217,419,134

Cosmetics/Personal Care — 0.4%
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		2,712,000		2,701,018
144A,4.125%, 4/1/29		1,823,000		1,736,751
Opal Bidco SAS,144A,6.50%, 3/31/32		3,977,000		4,049,576
Perrigo Finance Unlimited Co.
4.90%, 6/15/30		2,712,000		2,655,796
6.125%, 9/30/32		2,585,000		2,603,436
Prestige Brands, Inc.
144A,5.125%, 1/15/28		1,452,000		1,443,729
144A,3.75%, 4/1/31		2,188,000		2,017,819

(Cost $17,498,201)				17,208,125

Food — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,4.625%, 1/15/27		4,901,000		4,875,158
144A,5.875%, 2/15/28		2,693,000		2,694,380
144A,6.50%, 2/15/28		2,712,000		2,766,131
144A,3.50%, 3/15/29		4,880,000		4,644,292
144A,4.875%, 2/15/30		3,616,000		3,564,369


	Principal Amount $		Value $
144A,6.25%, 3/15/33		2,188,000		2,240,525
B&G Foods, Inc.
5.25%, 9/15/27 (a)		1,930,000		1,847,710
144A,8.00%, 9/15/28		2,888,000		2,842,138
Fiesta Purchaser, Inc.
144A,7.875%, 3/1/31		1,823,000		1,936,710
144A,9.625%, 9/15/32 (a)		1,641,000		1,767,210
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/ 29		3,616,000		3,811,152
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		1,823,000		1,817,126
144A,4.125%, 1/31/30		3,527,000		3,384,040
144A,4.375%, 1/31/32		2,531,000		2,382,509
Performance Food Group, Inc.
144A,5.50%, 10/15/27		3,731,000		3,728,279
144A,4.25%, 8/1/29		3,616,000		3,504,298
144A,6.125%, 9/15/32		3,616,000		3,705,554
Pilgrim’s Pride Corp.
3.50%, 3/1/32		3,216,000		2,908,033
6.25%, 7/1/33		3,336,000		3,519,954
6.875%, 5/15/34		1,825,000		2,000,591
Post Holdings, Inc.
144A,5.50%, 12/15/29		4,350,000		4,339,582
144A,4.625%, 4/15/30		5,009,000		4,835,028
144A,4.50%, 9/15/31		3,546,000		3,310,024
144A,6.25%, 2/15/32		3,616,000		3,719,114
144A,6.375%, 3/1/33		4,359,000		4,414,159
144A,6.25%, 10/15/34		2,270,000		2,289,120
US Foods, Inc.
144A,6.875%, 9/15/28		1,808,000		1,865,055
144A,4.75%, 2/15/29		3,255,000		3,208,405
144A,4.625%, 6/1/30		1,815,000		1,775,420
144A,7.25%, 1/15/32		1,808,000		1,900,655
144A,5.75%, 4/15/33		1,808,000		1,818,423

(Cost $94,321,549)				93,415,144

Healthcare-Products — 1.3%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		5,605,000		5,519,871
144A,3.875%, 11/1/29		2,893,000		2,750,592
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		5,062,000		5,279,160
Hologic, Inc.
144A,4.625%, 2/1/28		1,392,000		1,379,478
144A,3.25%, 2/15/29		3,435,000		3,283,967
Medline Borrower LP
144A,3.875%, 4/1/29		16,521,000		15,874,563
144A,5.25%, 10/1/29		9,040,000		8,958,124
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		5,424,000		5,578,828

See Notes to Financial Statements.

76 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Teleflex, Inc.
4.625%, 11/15/27		1,808,000		1,789,722
144A,4.25%, 6/1/28		1,813,000		1,777,508

(Cost $51,879,898)				52,191,813

Healthcare-Services — 4.8%
Acadia Healthcare Co., Inc.
144A,5.50%, 7/1/28		1,641,000		1,633,988
144A,5.00%, 4/15/29		1,732,000		1,694,301
144A,7.375%, 3/15/33 (a)		2,006,000		2,091,524
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		1,823,000		1,781,711
144A,3.75%, 3/15/29		1,823,000		1,729,683
144A,4.00%, 3/15/31		1,823,000		1,687,686
CHS/Community Health Systems, Inc.
144A,6.00%, 1/15/29		2,030,000		1,959,080
144A,6.875%, 4/15/29 (a)		5,592,000		4,451,084
144A,6.125%, 4/1/30		5,221,000		3,757,122
144A,5.25%, 5/15/30		5,890,000		5,284,920
144A,4.75%, 2/15/31		5,752,000		4,908,320
144A,10.875%, 1/15/32		8,074,000		8,554,250
144A,9.75%, 1/15/34		6,400,000		6,489,842
Concentra Health Services, Inc.,144A,6.875%, 7/15/32		2,350,000		2,439,074
DaVita, Inc.
144A,4.625%, 6/1/30		10,144,000		9,773,484
144A,3.75%, 2/15/31		5,424,000		4,952,809
144A,6.875%, 9/1/32		3,616,000		3,743,616
144A,6.75%, 7/15/33		3,636,000		3,771,270
Encompass Health Corp.
4.50%, 2/1/28		2,893,000		2,867,087
4.75%, 2/1/30		2,893,000		2,853,844
4.625%, 4/1/31		1,446,000		1,402,915
IQVIA, Inc.
144A,5.00%, 10/15/26		3,597,000		3,596,033
144A,5.00%, 5/15/27		4,187,000		4,172,726
144A,6.50%, 5/15/30		1,808,000		1,876,171
144A,6.25%, 6/1/32		7,232,000		7,463,909
LifePoint Health, Inc.
144A,5.375%, 1/15/29 (a)		1,823,000		1,733,928
144A,9.875%, 8/15/30		2,872,000		3,113,308
144A,11.00%, 10/15/30		4,077,000		4,499,479
144A,8.375%, 2/15/32		2,531,000		2,684,227
144A,10.00%, 6/1/32		2,893,000		2,983,097
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		2,893,000		2,821,381
144A,3.875%, 11/15/30		2,350,000		2,160,226
144A,3.875%, 5/15/32		2,712,000		2,426,563
144A,6.25%, 1/15/33		2,723,000		2,744,190
MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30		2,760,000		2,416,615


	Principal Amount $		Value $
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		5,424,000		5,602,070
Radiology Partners, Inc.,144A,8.50%, 7/15/32		3,254,000		3,325,946
Select Medical Corp.,144A,6.25%, 12/1/32 (a)		1,989,000		2,002,261
Star Parent, Inc.,144A,9.00%, 10/1/30 (a)		3,616,000		3,832,580
Team Health Holdings, Inc.,144A,8.375%, 6/30/28		1,500,000		1,519,673
Tenet Healthcare Corp.
6.25%, 2/1/27		5,297,000		5,303,780
5.125%, 11/1/27		5,496,000		5,483,608
4.625%, 6/15/28		2,170,000		2,147,089
6.125%, 10/1/28		9,140,000		9,152,312
4.25%, 6/1/29		5,062,000		4,931,567
4.375%, 1/15/30		5,443,000		5,289,209
6.125%, 6/15/30		7,232,000		7,351,740
6.75%, 5/15/31		4,881,000		5,076,430
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		3,616,000		3,715,350

(Cost $191,050,972)				187,253,078

Household Products/Wares — 0.1%
Central Garden & Pet Co.
4.125%, 10/15/30 (a)		1,823,000		1,725,839
144A,4.125%, 4/30/31		1,446,000		1,348,755
Kronos Acquisition Holdings, Inc.
144A,8.25%, 6/30/31		2,006,000		1,499,485
144A,10.75%, 6/30/32 (a)		1,641,000		830,552

(Cost $6,489,310)				5,404,631

Pharmaceuticals — 2.4%
1261229 BC Ltd.,144A,10.00%, 4/15/32		15,910,000		16,532,813
AdaptHealth LLC
144A,4.625%, 8/1/29		1,815,000		1,717,663
144A,5.125%, 3/1/30		2,188,000		2,088,865
Bausch Health Americas, Inc.,144A,8.50%, 1/31/27		2,343,000		2,339,345
Bausch Health Cos., Inc.
144A,5.00%, 1/30/28		1,566,000		1,365,963
144A,4.875%, 6/1/28		5,808,000		5,247,441
144A,11.00%, 9/30/28		6,547,000		6,872,288
144A,5.00%, 2/15/29		1,623,000		1,246,026
144A,6.25%, 2/15/29 (a)		2,980,000		2,346,750
144A,5.25%, 1/30/30		2,816,000		2,053,019
144A,5.25%, 2/15/31		1,687,000		1,140,235
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a)		3,616,000		3,854,139
Grifols SA,144A,4.75%, 10/15/28		2,569,000		2,491,655
HLF Financing Sarl LLC / Herbalife International, Inc.
144A,12.25%, 4/15/29		2,849,000		3,105,493

See Notes to Financial Statements.

DBX ETF Trust | 77

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,4.875%, 6/1/29		2,188,000		1,926,711
Jazz Securities DAC,144A,4.375%, 1/15/29		5,424,000		5,313,224
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		7,593,000		7,276,987
144A,5.125%, 4/30/31		6,384,000		5,475,198
144A,6.75%, 5/15/34		1,815,000		1,720,564
144A,7.875%, 5/15/34 (a)		1,808,000		1,632,179
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		1,746,000		1,484,613
144A,6.625%, 4/1/30 (a)		2,014,000		1,748,781
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		6,539,000		6,413,768
6.75%, 3/1/28		4,519,000		4,692,972
6.00%, 12/1/32		1,823,000		1,875,956
Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30		2,531,000		2,586,540

(Cost $88,721,294)				94,549,188

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA
144A,7.25%, 1/15/31		3,060,000		3,123,725
144A,7.625%, 2/15/31		1,446,000		1,492,986

(Cost $4,655,533)				4,616,711

Energy — 10.1%
Oil & Gas — 5.0%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		3,616,000		3,774,283
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,5.875%, 6/30/29		1,446,000		1,443,576
144A,6.625%, 10/15/32		2,184,000		2,224,976
144A,6.625%, 7/15/33		1,823,000		1,851,860
Baytex Energy Corp.
144A,8.50%, 4/30/30		2,746,000		2,805,396
144A,7.375%, 3/15/32 (a)		2,097,000		2,050,445
California Resources Corp.,144A,8.25%, 6/15/29		3,254,000		3,364,721
Civitas Resources, Inc.
144A,5.00%, 10/15/26		1,446,000		1,442,981
144A,8.375%, 7/1/28		4,881,000		5,075,103
144A,8.625%, 11/1/30		3,616,000		3,766,888
144A,8.75%, 7/1/31		4,881,000		5,027,293
144A,9.625%, 6/15/33		2,712,000		2,872,216
CNX Resources Corp.
144A,6.00%, 1/15/29		1,823,000		1,828,163
144A,7.375%, 1/15/31		1,823,000		1,891,849


	Principal Amount $		Value $
144A,7.25%, 3/1/32		2,188,000		2,271,781
Comstock Resources, Inc.
144A,6.75%, 3/1/29		4,425,000		4,366,038
144A,6.75%, 3/1/29		1,446,000		1,424,539
144A,5.875%, 1/15/30		3,643,000		3,421,708
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		1,504,000		1,566,016
144A,7.625%, 4/1/32		4,089,000		4,075,113
144A,7.375%, 1/15/33		3,816,000		3,730,917
144A,8.375%, 1/15/34		1,986,000		2,016,783
CVR Energy, Inc.
144A,5.75%, 2/15/28		1,452,000		1,416,157
144A,8.50%, 1/15/29		2,188,000		2,213,212
Energean PLC,144A,6.50%, 4/30/27		1,634,000		1,619,539
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		2,188,000		2,200,868
144A,5.75%, 2/1/29		1,963,000		1,938,987
144A,6.00%, 4/15/30		1,823,000		1,805,279
144A,6.00%, 2/1/31		2,178,000		2,103,930
144A,6.25%, 4/15/32		1,823,000		1,746,586
144A,8.375%, 11/1/33		2,249,000		2,350,173
144A,7.25%, 2/15/35		3,630,000		3,544,369
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		2,899,000		3,024,402
Kosmos Energy Ltd.
144A,7.50%, 3/1/28		1,587,000		1,334,565
144A,8.75%, 10/1/31 (a)		1,730,000		1,295,800
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		2,023,815		2,022,803
144A,REGS, 6.75%, 6/30/30		1,967,059		1,955,503
Matador Resources Co.
144A,6.875%, 4/15/28		1,808,000		1,851,097
144A,6.50%, 4/15/32		3,267,000		3,316,675
144A,6.25%, 4/15/33		2,712,000		2,738,828
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		1,758,000		1,842,495
Murphy Oil Corp.,6.00%, 10/1/32 (a)		2,170,000		2,114,614
Noble Finance II LLC,144A,8.00%, 4/15/30		5,062,000		5,245,366
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		2,498,000		2,518,489
144A,8.75%, 6/15/31		1,823,000		1,875,105
Parkland Corp.
144A,5.875%, 7/15/27		2,125,000		2,124,985
144A,4.50%, 10/1/29		2,893,000		2,811,280
144A,4.625%, 5/1/30		2,893,000		2,802,072
144A,6.625%, 8/15/32		1,823,000		1,878,842
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28		2,999,000		2,948,402

See Notes to Financial Statements.

78 | DBX ETF Trust

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Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
144A,9.875%, 3/15/30		2,893,000		2,989,206
144A,7.875%, 9/15/30		1,765,000		1,710,276
Permian Resources Operating LLC
144A,5.875%, 7/1/29		2,531,000		2,533,344
144A,7.00%, 1/15/32		3,615,000		3,750,328
144A,6.25%, 2/1/33		3,616,000		3,685,695
Puma International Financing SA, 144A,7.75%, 4/25/29		2,040,000		2,115,343
Range Resources Corp.
8.25%, 1/15/29		2,169,000		2,227,309
144A,4.75%, 2/15/30		1,823,000		1,779,522
SM Energy Co.
6.75%, 9/15/26		1,529,000		1,527,206
6.625%, 1/15/27		1,520,000		1,522,079
6.50%, 7/15/28		1,459,000		1,473,832
144A,6.75%, 8/1/29		2,712,000		2,740,758
144A,7.00%, 8/1/32 (a)		2,712,000		2,733,278
Sunoco LP
144A,7.00%, 5/1/29		2,712,000		2,818,074
144A,7.25%, 5/1/32		2,712,000		2,870,663
144A,6.25%, 7/1/33		3,551,000		3,631,430
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		2,084,000		2,086,980
144A,7.00%, 9/15/28		1,808,000		1,869,040
4.50%, 5/15/29		3,193,000		3,114,350
4.50%, 4/30/30		2,891,000		2,795,581
Talos Production, Inc.
144A,9.00%, 2/1/29		2,279,000		2,347,821
144A,9.375%, 2/1/31		2,260,000		2,343,688
TGNR Intermediate Holdings LLC, 144A,5.50%, 10/15/29		2,531,000		2,472,623
Transocean, Inc.
144A,8.00%, 2/1/27		2,369,000		2,366,750
144A,8.25%, 5/15/29		3,304,000		3,199,199
144A,8.50%, 5/15/31		3,254,000		3,059,992
Vital Energy, Inc., 144A,7.875%, 4/15/32 (a)		3,616,000		3,565,123

(Cost $196,816,691)				196,262,558

Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.25%, 4/1/28		2,893,000		2,904,497
144A,6.625%, 9/1/32		2,531,000		2,596,267
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		2,997,000		2,999,511
144A,7.125%, 3/15/29		3,616,000		3,709,152
Weatherford International Ltd., 144A,8.625%, 4/30/30		5,553,000		5,694,785

(Cost $17,915,084)				17,904,212


	Principal Amount $		Value $
Pipelines — 4.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		2,350,000		2,350,897
144A,5.75%, 1/15/28		2,350,000		2,357,945
144A,5.375%, 6/15/29		2,712,000		2,697,518
144A,6.625%, 2/1/32		2,181,000		2,256,953
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		1,823,000		1,903,075
144A,7.25%, 7/15/32		1,815,000		1,927,334
Buckeye Partners LP
3.95%, 12/1/26		2,170,000		2,145,283
4.125%, 12/1/27		1,446,000		1,423,360
144A,4.50%, 3/1/28		1,808,000		1,780,721
144A,6.875%, 7/1/29		2,188,000		2,269,017
144A,6.75%, 2/1/30		1,808,000		1,879,062
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		5,062,000		4,995,593
144A,7.50%, 12/15/33		1,823,000		1,956,418
Delek Logistics Partners LP / Delek Logistics Finance Corp.
144A,8.625%, 3/15/29		3,744,000		3,916,437
144A,7.375%, 6/30/33		2,541,000		2,544,517
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 2/1/28		2,466,000		2,494,630
8.25%, 1/15/29		2,170,000		2,267,036
8.875%, 4/15/30		1,808,000		1,914,717
7.875%, 5/15/32		2,531,000		2,628,719
8.00%, 5/15/33		2,188,000		2,286,935
Global Partners LP / GLP Finance Corp.
144A,8.25%, 1/15/32		1,641,000		1,726,217
144A,7.125%, 7/1/33		1,641,000		1,680,871
Harvest Midstream I LP
144A,7.50%, 9/1/28		2,863,000		2,895,541
144A,7.50%, 5/15/32		1,808,000		1,863,059
Hess Midstream Operations LP
144A,5.875%, 3/1/28		2,917,000		2,967,721
144A,5.125%, 6/15/28		2,006,000		2,002,815
144A,6.50%, 6/1/29		1,877,000		1,941,963
144A,4.25%, 2/15/30		2,853,000		2,772,148
144A,5.50%, 10/15/30		1,459,000		1,467,880
Howard Midstream Energy Partners LLC
144A,7.375%, 7/15/32		2,188,000		2,283,176
144A,6.625%, 1/15/34		2,700,000		2,745,803
ITT Holdings LLC, 144A,6.50%, 8/1/29		4,411,000		4,328,177
New Fortress Energy, Inc., 144A,6.50%, 9/30/26 (a)		1,826,000		640,670

See Notes to Financial Statements.

DBX ETF Trust | 79

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
NFE Financing LLC, 144A,12.00%, 11/15/29 (a)		9,920,000		3,653,982
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		3,254,000		3,321,999
144A,8.375%, 2/15/32 (a)		4,632,000		4,714,519
NuStar Logistics LP
5.625%, 4/28/27		1,989,000		2,000,876
6.375%, 10/1/30		2,188,000		2,266,816
Rockies Express Pipeline LLC
144A,4.95%, 7/15/29		2,006,000		1,975,101
144A,6.75%, 3/15/33		1,808,000		1,890,855
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		1,555,000		1,554,071
144A,5.50%, 1/15/28		2,712,000		2,709,136
144A,7.375%, 2/15/29		2,893,000		2,982,608
144A,6.00%, 12/31/30		2,631,000		2,593,701
144A,6.00%, 9/1/31		1,701,000		1,672,256
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		4,520,000		4,336,108
144A,6.25%, 1/15/30		3,616,000		3,767,821
144A,4.125%, 8/15/31		4,520,000		4,246,758
144A,3.875%, 11/1/33		4,520,000		4,029,271
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		7,912,000		8,203,383
144A,9.50%, 2/1/29		10,848,000		11,933,223
144A,7.00%, 1/15/30 (a)		5,445,000		5,614,427
144A,8.375%, 6/1/31 (a)		8,136,000		8,541,197
144A,9.875%, 2/1/32		7,232,000		7,879,293
Venture Global Plaquemines LNG LLC
144A,6.50%, 1/15/34		7,432,000		7,763,408
144A,6.75%, 1/15/36		7,261,000		7,624,595

(Cost $189,234,033)				182,587,612

Financial — 14.1%
Banks — 0.2%
Banco Votorantim SA, 144A,5.875%, 4/8/28		2,242,000		2,287,849
Freedom Mortgage Corp.
144A,6.625%, 1/15/27		1,943,000		1,949,303
144A,12.00%, 10/1/28		2,893,000		3,095,698
144A,12.25%, 10/1/30		1,809,000		2,007,561

(Cost $9,247,779)				9,340,411

Diversified Financial Services — 5.9%
AG Issuer LLC, 144A,6.25%, 3/1/28		1,815,000		1,819,908
Ally Financial, Inc., 6.70%, 2/14/33 (a)		1,808,000		1,878,687


	Principal Amount $		Value $
Aretec Group, Inc.
144A,7.50%, 4/1/29 (a)		1,446,000		1,452,346
144A,10.00%, 8/15/30		2,531,000		2,765,801
Azorra Finance Ltd.
144A,7.75%, 4/15/30		2,000,000		2,101,152
144A,7.25%, 1/15/31		2,006,000		2,076,876
Bread Financial Holdings, Inc., 144A,9.75%, 3/15/29		2,620,000		2,801,639
Burford Capital Global Finance LLC
144A,9.25%, 7/1/31		2,441,000		2,601,527
144A,7.50%, 7/15/33		1,823,000		1,865,385
Coinbase Global, Inc.
144A,3.375%, 10/1/28		3,616,000		3,433,426
144A,3.625%, 10/1/31		2,667,000		2,388,950
Credit Acceptance Corp.
144A,9.25%, 12/15/28		2,188,000		2,312,574
144A,6.625%, 3/15/30		1,823,000		1,850,001
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		1,808,000		1,911,308
144A,8.50%, 5/15/30		1,823,000		1,927,830
Enova International, Inc.
144A,11.25%, 12/15/28		1,436,000		1,532,116
144A,9.125%, 8/1/29		1,823,000		1,923,721
Focus Financial Partners LLC, 144A,6.75%, 9/15/31		3,616,000		3,739,685
Freedom Mortgage Holdings LLC
144A,9.25%, 2/1/29		4,018,000		4,202,268
144A,9.125%, 5/15/31		2,622,000		2,761,375
144A,8.375%, 4/1/32		2,350,000		2,425,359
144A,7.875%, 4/1/33		1,800,000		1,831,403
GGAM Finance Ltd.
144A,8.00%, 2/15/27		2,529,000		2,595,988
144A,8.00%, 6/15/28		2,188,000		2,323,052
144A,6.875%, 4/15/29		1,446,000		1,500,231
144A,5.875%, 3/15/30		1,446,000		1,464,021
goeasy Ltd.
144A,9.25%, 12/1/28		1,989,000		2,094,596
144A,7.625%, 7/1/29		2,188,000		2,267,359
144A,6.875%, 5/15/30		1,459,000		1,482,486
144A,7.375%, 10/1/30		1,446,000		1,491,174
144A,6.875%, 2/15/31		1,634,000		1,635,066
Jane Street Group / JSG Finance, Inc.
144A,4.50%, 11/15/29		2,170,000		2,097,311
144A,7.125%, 4/30/31		5,327,000		5,568,995
144A,6.125%, 11/1/32		6,046,000		6,078,298
144A,6.75%, 5/1/33		4,770,000		4,932,113
Jefferies Finance LLC / JFIN Co.- Issuer Corp.
144A,5.00%, 8/15/28		3,691,000		3,584,420
144A,6.625%, 10/15/31		1,808,000		1,814,635

See Notes to Financial Statements.

80 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
LD Holdings Group LLC, 144A, 6.125%, 4/1/28 (a)		1,821,000		1,605,054
Midcap Financial Issuer Trust
144A,6.50%, 5/1/28		3,616,000		3,608,002
144A,5.625%, 1/15/30		1,446,000		1,376,823
Nationstar Mortgage Holdings, Inc.
144A,6.00%, 1/15/27		2,188,000		2,185,351
144A,5.50%, 8/15/28		3,073,000		3,068,737
144A,6.50%, 8/1/29		2,758,000		2,832,154
144A,5.125%, 12/15/30		2,244,000		2,277,386
144A,5.75%, 11/15/31		2,215,000		2,242,933
144A,7.125%, 2/1/32		3,677,000		3,835,589
Navient Corp.
5.00%, 3/15/27		2,531,000		2,514,230
4.875%, 3/15/28		1,815,000		1,781,322
5.50%, 3/15/29 (a)		2,712,000		2,683,228
9.375%, 7/25/30		1,808,000		1,998,496
11.50%, 3/15/31		1,823,000		2,059,060
7.875%, 6/15/32 (a)		1,823,000		1,925,352
OneMain Finance Corp.
3.50%, 1/15/27		2,610,000		2,555,932
6.625%, 1/15/28		2,737,000		2,807,888
3.875%, 9/15/28		2,188,000		2,099,044
6.625%, 5/15/29		3,267,000		3,363,497
5.375%, 11/15/29		2,700,000		2,671,356
7.875%, 3/15/30		2,541,000		2,690,174
6.125%, 5/15/30		2,700,000		2,743,798
4.00%, 9/15/30		3,056,000		2,826,849
7.50%, 5/15/31		2,723,000		2,856,179
7.125%, 11/15/31		2,735,000		2,842,847
6.75%, 3/15/32		2,188,000		2,242,650
7.125%, 9/15/32		2,749,000		2,865,861
Osaic Holdings, Inc.
144A,6.75%, 8/1/32		1,500,000		1,529,568
144A,8.00%, 8/1/33		1,674,000		1,697,468
PennyMac Financial Services, Inc.
144A,4.25%, 2/15/29		2,360,000		2,277,959
144A,7.875%, 12/15/29		2,723,000		2,895,960
144A,7.125%, 11/15/30		2,350,000		2,435,897
144A,5.75%, 9/15/31		1,808,000		1,775,187
144A,6.875%, 5/15/32		3,032,000		3,106,169
144A,6.875%, 2/15/33		3,073,000		3,141,832
144A,6.75%, 2/15/34		2,360,000		2,377,897
PRA Group, Inc.,144A,8.875%, 1/31/30		2,001,000		2,104,267
Rocket Cos., Inc.
144A,6.125%, 8/1/30		7,232,000		7,446,248
144A,6.375%, 8/1/33		7,232,000		7,513,868
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		3,799,000		3,721,055


	Principal Amount $		Value $
144A,3.625%, 3/1/29		2,712,000		2,587,207
144A,3.875%, 3/1/31		4,538,000		4,243,455
144A,4.00%, 10/15/33		3,086,000		2,784,220
SLM Corp.
3.125%, 11/2/26		1,692,000		1,659,990
6.50%, 1/31/30		1,823,000		1,909,334
Stonex Escrow Issuer LLC,144A,6.875%, 7/15/32		2,200,000		2,262,872
StoneX Group, Inc.,144A,7.875%, 3/1/31		2,087,000		2,207,601
Synchrony Financial,7.25%, 2/2/33		2,712,000		2,859,321
United Wholesale Mortgage LLC
144A,5.75%, 6/15/27		1,808,000		1,807,241
144A,5.50%, 4/15/29		2,531,000		2,494,544
UWM Holdings LLC,144A,6.625%, 2/1/30		2,893,000		2,940,813

(Cost $229,925,479)				230,872,847

Insurance — 2.6%
Acrisure LLC / Acrisure Finance, Inc.
144A,8.25%, 2/1/29		3,345,000		3,480,897
144A,4.25%, 2/15/29		2,531,000		2,444,293
144A,8.50%, 6/15/29		1,808,000		1,902,443
144A,6.00%, 8/1/29		1,823,000		1,788,411
144A,7.50%, 11/6/30		3,977,000		4,124,177
144A,6.75%, 7/1/32		1,997,000		2,050,480
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,4.25%, 10/15/27		2,712,000		2,675,217
144A,6.75%, 10/15/27		4,845,000		4,859,651
144A,6.75%, 4/15/28		4,520,000		4,614,143
144A,5.875%, 11/1/29		1,641,000		1,622,697
144A,7.00%, 1/15/31		5,259,000		5,443,391
144A,6.50%, 10/1/31		3,630,000		3,715,218
144A,7.375%, 10/1/32		2,531,000		2,610,688
AmWINS Group, Inc.,144A,6.375%, 2/15/29		2,712,000		2,781,188
Ardonagh Finco Ltd.,144A,7.75%, 2/15/31		4,664,000		4,884,197
Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32		5,532,000		5,860,772
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
144A,7.25%, 2/15/31		3,616,000		3,737,508
144A,8.125%, 2/15/32		1,808,000		1,883,630
HUB International Ltd.
144A,5.625%, 12/1/29		2,006,000		2,014,263
144A,7.25%, 6/15/30		11,889,000		12,443,372
144A,7.375%, 1/31/32		6,870,000		7,230,373

See Notes to Financial Statements.

DBX ETF Trust | 81

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Jones Deslauriers Insurance Management, Inc.
144A,8.50%, 3/15/30		2,622,000		2,775,162
144A,10.50%, 12/15/30		1,815,000		1,928,663
Panther Escrow Issuer LLC,144A,7.125%, 6/1/31		10,848,000		11,264,726
Ryan Specialty LLC
144A,4.375%, 2/1/30		1,459,000		1,411,951
144A,5.875%, 8/1/32		4,339,000		4,371,456

(Cost $102,390,413)				103,918,967

Investment Companies — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
5.25%, 5/15/27		5,252,000		5,127,028
4.375%, 2/1/29		2,520,000		2,123,236

(Cost $7,728,472)				7,250,264

Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		2,314,197		2,280,278
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.
144A,5.75%, 1/15/29		2,088,000		1,942,403
144A,5.25%, 4/15/30		1,620,000		1,421,139
144A,9.75%, 4/15/30		1,823,000		1,938,088
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		2,350,000		2,374,654
144A,8.875%, 9/1/31		1,446,000		1,551,567
Howard Hughes Corp.
144A,5.375%, 8/1/28		2,712,000		2,711,305
144A,4.125%, 2/1/29		2,350,000		2,249,656
144A,4.375%, 2/1/31		2,350,000		2,190,421
Hunt Cos., Inc.,144A,5.25%, 4/15/29		2,316,000		2,269,378
Kennedy-Wilson, Inc.
4.75%, 3/1/29		2,188,000		2,085,444
4.75%, 2/1/30		2,188,000		2,052,738
5.00%, 3/1/31 (a)		2,179,000		2,035,961

(Cost $27,622,428)				27,103,032

Real Estate Investment Trusts — 0.9%
Arbor Realty SR, Inc.,144A,7.875%, 7/15/30		1,823,000		1,898,745
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		1,641,000		1,751,096
Iron Mountain, Inc.,144A,6.25%, 1/15/33		4,489,000		4,596,359
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,5.50%, 8/1/30		1,800,000		1,835,226
Millrose Properties, Inc.,144A,6.375%, 8/1/30		4,550,000		4,594,021


	Principal Amount $		Value $
MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32		5,445,000		5,712,943
Office Properties Income Trust,144A,9.00%, 9/30/29		2,089,000		1,437,462
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		1,446,000		1,466,008
RHP Hotel Properties LP / RHP Finance Corp.,144A,6.50%, 6/15/33		2,279,000		2,355,513
Rithm Capital Corp.,144A,8.00%, 7/15/30		1,688,000		1,724,689
Starwood Property Trust, Inc.
144A,6.50%, 7/1/30		1,808,000		1,877,733
144A,6.50%, 10/15/30		1,808,000		1,870,893
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC,144A,8.625%, 6/15/32 (a)		2,178,000		2,143,586

(Cost $33,103,879)				33,264,274

REITS — 3.4%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		1,823,000		1,754,082
Brandywine Operating Partnership LP
3.95%, 11/15/27		1,641,000		1,598,958
8.875%, 4/12/29		2,000,000		2,175,940
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27		1,800,000		1,770,264
Diversified Healthcare Trust
4.75%, 2/15/28		1,823,000		1,718,925
4.375%, 3/1/31		1,823,000		1,549,510
Global Net Lease, Inc.,144A,4.50%, 9/30/28		1,823,000		1,773,322
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		1,823,000		1,769,481
Hudson Pacific Properties LP
3.95%, 11/1/27		1,352,000		1,293,533
4.65%, 4/1/29 (a)		1,823,000		1,677,294
3.25%, 1/15/30 (a)		1,459,000		1,235,660
Iron Mountain, Inc.
144A,4.875%, 9/15/27		3,616,000		3,595,165
144A,5.25%, 3/15/28		2,983,000		2,977,796
144A,5.00%, 7/15/28		1,808,000		1,795,631
144A,7.00%, 2/15/29		3,616,000		3,727,026
144A,4.875%, 9/15/29		3,616,000		3,556,606
144A,5.25%, 7/15/30		4,704,000		4,658,217
144A,4.50%, 2/15/31		4,097,000		3,900,180
144A,5.625%, 7/15/32		2,170,000		2,155,070

See Notes to Financial Statements.

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August 31, 2025


	Principal Amount $		Value $
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		2,168,000		2,133,848
144A,4.75%, 6/15/29		2,292,000		2,242,838
144A,7.00%, 7/15/31		1,808,000		1,902,287
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27 (a)		5,082,000		4,817,545
4.625%, 8/1/29 (a)		3,254,000		2,567,978
3.50%, 3/15/31 (a)		4,719,000		3,325,359
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		2,622,000		2,621,350
144A,4.875%, 5/15/29		2,712,000		2,641,450
144A,7.00%, 2/1/30		2,006,000		2,072,862
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		2,529,500		2,524,808
144A,7.25%, 7/15/28		1,459,000		1,502,680
144A,4.50%, 2/15/29		2,188,000		2,139,784
144A,6.50%, 4/1/32		3,636,000		3,739,368
Rithm Capital Corp.,144A,8.00%, 4/1/29		2,802,000		2,870,971
RLJ Lodging Trust LP,144A,4.00%, 9/15/29		1,815,000		1,704,503
SBA Communications Corp.
3.875%, 2/15/27		5,231,000		5,145,335
3.125%, 2/1/29		5,516,000		5,187,992
Service Properties Trust
4.75%, 10/1/26		1,641,000		1,627,074
4.95%, 2/15/27 (a)		1,459,000		1,417,974
5.50%, 12/15/27		1,641,000		1,620,773
3.95%, 1/15/28 (a)		1,446,000		1,344,739
8.375%, 6/15/29		2,531,000		2,613,584
4.95%, 10/1/29 (a)		1,556,000		1,378,070
4.375%, 2/15/30 (a)		1,442,000		1,228,095
144A,8.625%, 11/15/31		3,616,000		3,856,460
8.875%, 6/15/32 (a)		1,815,000		1,874,262
Starwood Property Trust, Inc.
144A,4.375%, 1/15/27		1,655,000		1,637,255
144A,7.25%, 4/1/29		2,270,000		2,381,693
144A,6.00%, 4/15/30		1,446,000		1,473,818
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		2,531,000		2,328,942
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		8,226,000		8,661,073
144A,4.75%, 4/15/28		1,953,000		1,907,161
144A,6.50%, 2/15/29 (a)		4,048,000		3,859,143

(Cost $136,230,596)				133,033,734


	Principal Amount $		Value $

Venture Capital — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
9.75%, 1/15/29		2,518,000		2,506,291
144A,10.00%, 11/15/29		3,630,000		3,597,817
9.00%, 6/15/30		2,722,000		2,595,523

(Cost $8,918,284)				8,699,631

Industrial — 10.1%
Aerospace/Defense — 2.2%
ATI, Inc.,7.25%, 8/15/30		1,550,000		1,633,960
Bombardier, Inc.
144A,6.00%, 2/15/28		2,712,000		2,716,852
144A,7.50%, 2/1/29		2,712,000		2,831,965
144A,8.75%, 11/15/30		2,723,000		2,937,946
144A,7.25%, 7/1/31		2,712,000		2,862,616
144A,7.00%, 6/1/32 (a)		2,712,000		2,835,187
144A,6.75%, 6/15/33		1,823,000		1,897,945
Spirit AeroSystems, Inc.
4.60%, 6/15/28		2,531,000		2,526,206
144A,9.375%, 11/30/29		3,254,000		3,445,557
144A,9.75%, 11/15/30		4,339,000		4,784,051
TransDigm, Inc.
144A,6.75%, 8/15/28		7,591,000		7,813,320
4.625%, 1/15/29		4,339,000		4,249,075
144A,6.375%, 3/1/29		9,940,000		10,189,325
4.875%, 5/1/29 (a)		2,711,000		2,663,880
144A,6.875%, 12/15/30 (a)		5,243,000		5,440,687
144A,7.125%, 12/1/31		3,616,000		3,773,694
144A,6.625%, 3/1/32		8,155,000		8,407,348
144A,6.00%, 1/15/33		5,424,000		5,488,774
144A,6.375%, 5/31/33		9,620,000		9,771,890

(Cost $85,305,707)				86,270,278

Building Materials — 2.2%
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		2,006,000		1,985,314
144A,4.25%, 2/1/32		4,741,000		4,459,123
144A,6.375%, 6/15/32		2,424,000		2,501,328
144A,6.375%, 3/1/34		3,647,000		3,760,717
144A,6.75%, 5/15/35		2,735,000		2,855,623
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		2,567,000		2,472,361
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		1,808,000		1,741,779
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.
144A,6.625%, 12/15/30		10,074,000		10,358,852
144A,6.75%, 7/15/31		1,823,000		1,887,425
James Hardie International Finance DAC,144A,5.00%, 1/15/28		1,446,000		1,428,980
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32		2,531,000		2,610,696

See Notes to Financial Statements.

DBX ETF Trust | 83

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August 31, 2025


	Principal Amount $		Value $
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 (a)		1,823,000		1,796,637
Quikrete Holdings, Inc.
144A,6.375%, 3/1/32		14,283,000		14,739,713
144A,6.75%, 3/1/33		5,594,000		5,802,639
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		3,977,000		3,988,649
144A,8.875%, 11/15/31		3,977,000		4,245,237
Standard Building Solutions, Inc.
144A,6.50%, 8/15/32		3,616,000		3,734,666
144A,6.25%, 8/1/33		4,073,000		4,159,962
Standard Industries, Inc.
144A,4.75%, 1/15/28		3,616,000		3,584,579
144A,4.375%, 7/15/30		5,785,000		5,547,295
144A,3.375%, 1/15/31		3,977,000		3,612,248

(Cost $87,034,634)				87,273,823

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		2,105,000		2,072,282
144A,4.375%, 3/31/29		2,861,000		2,741,832
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		4,791,000		4,868,145
144A,6.375%, 3/15/29		3,254,000		3,354,311
144A,6.625%, 3/15/32		3,073,000		3,190,160
144A,6.375%, 3/15/33		2,874,000		2,982,755

(Cost $19,331,931)				19,209,485

Electronics — 0.5%
Imola Merger Corp.,144A,4.75%, 5/15/29		7,232,000		7,055,138
Sensata Technologies BV
144A,4.00%, 4/15/29		3,616,000		3,466,899
144A,5.875%, 9/1/30		1,808,000		1,825,313
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		1,641,000		1,581,300
144A,3.75%, 2/15/31		2,717,000		2,499,479
144A,6.625%, 7/15/32 (a)		1,808,000		1,868,959

(Cost $18,544,690)				18,297,088

Engineering & Construction — 0.6%
AECOM,144A,6.00%, 8/1/33		4,339,000		4,431,638
Arcosa, Inc.
144A,4.375%, 4/15/29		1,446,000		1,405,068
144A,6.875%, 8/15/32		2,170,000		2,265,400
Brand Industrial Services,
Inc.,144A,10.375%, 8/1/30		5,209,000		5,120,631
Fluor Corp.,4.25%, 9/15/28		1,849,000		1,820,557
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		3,073,000		3,192,984
IHS Holding Ltd.
144A,6.25%, 11/29/28		1,750,000		1,736,007


	Principal Amount $		Value $
144A,7.875%, 5/29/30		1,989,000		2,034,010
144A,8.25%, 11/29/31 (a)		2,350,000		2,434,576

(Cost $24,277,776)				24,440,871

Environmental Control — 0.7%
Clean Harbors, Inc.,144A,6.375%, 2/1/31		1,823,000		1,869,434
GFL Environmental, Inc.
144A,4.00%, 8/1/28		2,712,000		2,645,839
144A,4.75%, 6/15/29		2,712,000		2,670,392
144A,4.375%, 8/15/29		2,006,000		1,952,660
144A,6.75%, 1/15/31		3,816,000		3,988,414
Madison IAQ LLC
144A,4.125%, 6/30/28		2,531,000		2,462,667
144A,5.875%, 6/30/29		3,742,000		3,707,645
Reworld Holding Corp.,5.00%, 9/1/30		1,355,000		1,310,618
Waste Pro USA, Inc.,144A,7.00%, 2/1/33		3,073,000		3,220,906
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		1,823,000		1,901,641

(Cost $25,544,513)				25,730,216

Machinery-Construction & Mining — 0.1%
Terex Corp.
144A,5.00%, 5/15/29		2,170,000		2,136,100
144A,6.25%, 10/15/32		2,712,000		2,747,139

(Cost $4,806,240)				4,883,239

Machinery-Diversified — 0.4%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		3,616,000		3,798,926
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		1,823,000		1,928,644
SPX FLOW, Inc.,144A,8.75%, 4/1/30		1,823,000		1,895,705
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		5,640,000		5,627,833

(Cost $13,229,274)				13,251,108

Miscellaneous Manufacturing — 0.2%
Axon Enterprise, Inc.
144A,6.125%, 3/15/30		3,616,000		3,724,194
144A,6.25%, 3/15/33		2,712,000		2,810,202
Trinity Industries, Inc.,144A,7.75%, 7/15/28		2,184,000		2,259,807

(Cost $8,669,690)				8,794,203

Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A,6.00%, 6/15/27		2,179,000		2,180,806

See Notes to Financial Statements.

84 | DBX ETF Trust

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August 31, 2025


	Principal Amount $		Value $
144A,3.25%, 9/1/28		2,178,000		2,060,185
144A,4.00%, 9/1/29 (a)		3,830,000		3,517,621
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,5.25%, 8/15/27		3,706,000		1,636,384
144A,5.25%, 8/15/27		2,907,000		1,283,586
Ball Corp.
6.875%, 3/15/28		2,712,000		2,770,210
6.00%, 6/15/29		3,616,000		3,713,875
2.875%, 8/15/30		4,701,000		4,256,030
3.125%, 9/15/31		3,073,000		2,771,858
5.50%, 9/15/33		2,723,000		2,757,587
Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29		2,893,000		2,727,376
Clydesdale Acquisition Holdings, Inc.
144A,6.875%, 1/15/30		1,808,000		1,861,065
144A,6.75%, 4/15/32		5,116,000		5,260,016
Crown Americas LLC
5.25%, 4/1/30		1,823,000		1,848,325
144A,5.875%, 6/1/33		2,549,000		2,580,659
Graphic Packaging International LLC
144A,3.50%, 3/15/28		1,641,000		1,580,978
144A,3.75%, 2/1/30		1,446,000		1,358,802
144A,6.375%, 7/15/32		1,808,000		1,839,273
LABL, Inc.
144A,5.875%, 11/1/28		1,823,000		1,449,199
144A,8.25%, 11/1/29 (a)		1,678,000		1,091,934
144A,8.625%, 10/1/31		3,435,000		2,538,998
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		9,748,000		9,876,215
144A,9.25%, 4/15/27		4,858,000		4,840,467
OI European Group BV,144A,4.75%, 2/15/30		1,446,000		1,368,819
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		2,212,000		2,212,008
144A,7.25%, 5/15/31 (a)		2,495,000		2,541,766
Sealed Air Corp.
144A,4.00%, 12/1/27		1,537,000		1,505,811
144A,6.125%, 2/1/28		2,802,000		2,844,193
144A,5.00%, 4/15/29		1,537,000		1,525,696
144A,7.25%, 2/15/31		1,552,000		1,635,890
144A,6.50%, 7/15/32		1,446,000		1,496,838
Silgan Holdings, Inc.,4.125%, 2/1/28		2,079,000		2,024,694
Trivium Packaging Finance BV
144A,8.25%, 7/15/30		2,170,000		2,306,875
144A,12.25%, 1/15/31		2,188,000		2,348,164

(Cost $92,908,023)				87,612,203


	Principal Amount $		Value $
Transportation — 0.2%
Brightline East LLC,144A,11.00%, 1/31/30 (a)		4,045,000		2,327,885
Seaspan Corp.,144A,5.50%, 8/1/29		2,712,000		2,573,703
XPO, Inc.
144A,7.125%, 6/1/31		1,641,000		1,709,325
144A,7.125%, 2/1/32		2,133,000		2,238,703

(Cost $10,243,447)				8,849,616

Trucking & Leasing — 0.3%
FTAI Aviation Investors LLC
144A,5.50%, 5/1/28		3,387,000		3,387,919
144A,7.875%, 12/1/30		1,808,000		1,923,126
144A,7.00%, 5/1/31		2,531,000		2,648,899
144A,7.00%, 6/15/32		2,893,000		3,021,131
144A,5.875%, 4/15/33		1,808,000		1,812,992

(Cost $12,601,684)				12,794,067

Technology — 4.8%
Computers — 0.9%
Amentum Holdings, Inc.,144A,7.25%, 8/1/32		3,630,000		3,788,188
CA Magnum Holdings,144A,5.375%, 10/31/26		3,652,000		3,638,257
CACI International, Inc.,144A,6.375%, 6/15/33		3,616,000		3,734,215
McAfee Corp.,144A,7.375%, 2/15/30 (a)		7,333,000		6,780,279
NCR Atleos Corp.,144A,9.50%, 4/1/29		4,902,000		5,318,484
NCR Voyix Corp.
144A,5.00%, 10/1/28		2,337,000		2,306,125
144A,5.125%, 4/15/29		1,457,000		1,440,126
Seagate Data Storage Technology Pte Ltd.
144A,4.091%, 6/1/29		1,445,000		1,375,192
144A,8.25%, 12/15/29		1,815,000		1,932,421
144A,5.875%, 7/15/30		1,400,000		1,420,300
144A,8.50%, 7/15/31		1,815,000		1,930,594
144A,9.625%, 12/1/32		2,794,017		3,174,749

(Cost $37,152,884)				36,838,930

Office/Business Equipment — 0.2%
Xerox Corp.
144A,10.25%, 10/15/30		1,462,000		1,518,805
144A,13.50%, 4/15/31 (a)		1,823,000		1,831,003
Xerox Holdings Corp.
144A,5.50%, 8/15/28		2,723,000		1,773,714
144A,8.875%, 11/30/29 (a)		1,816,000		1,112,867

(Cost $7,670,068)				6,236,389

Semiconductors — 0.6%
ams-OSRAM AG,144A,12.25%, 3/30/29		2,736,000		2,976,566

See Notes to Financial Statements.

DBX ETF Trust | 85

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
Entegris, Inc.
144A,4.375%, 4/15/28		1,459,000		1,419,987
144A,4.75%, 4/15/29		5,784,000		5,705,755
144A,3.625%, 5/1/29		1,452,000		1,370,160
144A,5.95%, 6/15/30		3,236,000		3,280,359
Kioxia Holdings Corp.
144A,6.25%, 7/24/30		3,977,000		3,983,618
144A,6.625%, 7/24/33		3,977,000		3,957,771
ON Semiconductor Corp.,144A,3.875%, 9/1/28		2,531,000		2,461,795

(Cost $25,021,151)				25,156,011

Software — 3.1%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 (a)		8,497,000		8,342,840
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		2,781,000		2,420,347
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		2,682,000		2,268,882
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		14,464,000		14,634,559
144A,9.00%, 9/30/29		14,048,000		14,659,226
144A,8.25%, 6/30/32		6,529,000		6,985,299
144A,6.625%, 8/15/33		3,700,000		3,754,310
CoreWeave, Inc.
144A,9.25%, 6/1/30		7,432,000		7,466,484
144A,9.00%, 2/1/31		6,348,000		6,292,432
Fair Isaac Corp.
144A,4.00%, 6/15/28 (a)		3,254,000		3,172,736
144A,6.00%, 5/15/33		5,424,000		5,510,339
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29		2,531,000		2,599,641
Open Text Corp.
144A,3.875%, 2/15/28		3,254,000		3,165,232
144A,3.875%, 12/1/29		3,153,000		2,974,565
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		3,254,000		3,074,541
144A,4.125%, 12/1/31		2,350,000		2,164,254
ROBLOX Corp.,144A,3.875%, 5/1/30		3,626,000		3,450,354
Rocket Software, Inc.
144A,9.00%, 11/28/28		2,893,000		2,981,164
144A,6.50%, 2/15/29		2,097,000		2,019,415
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		7,232,000		7,239,340
144A,6.50%, 6/1/32		2,712,000		2,816,279
Twilio, Inc.
3.625%, 3/15/29		1,808,000		1,727,498
3.875%, 3/15/31		1,808,000		1,690,464


	Principal Amount $		Value $
UKG, Inc.,144A,6.875%, 2/1/31		9,040,000		9,353,959

(Cost $120,580,664)				120,764,160

Utilities — 3.5%
Electric — 3.1%
Alpha Generation LLC,144A,6.75%, 10/15/32		3,756,000		3,875,144
Calpine Corp.
144A,4.50%, 2/15/28		4,520,000		4,479,483
144A,5.125%, 3/15/28		5,062,000		5,061,452
144A,4.625%, 2/1/29		2,350,000		2,323,479
144A,5.00%, 2/1/31		3,323,000		3,297,959
144A,3.75%, 3/1/31		3,180,000		3,023,461
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		3,073,000		3,040,681
144A,3.75%, 2/15/31		3,345,000		3,078,843
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		1,497,000		1,545,959
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		1,860,000		1,922,775
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30		2,550,000		2,358,014
Lightning Power LLC,144A,7.25%, 8/15/32		5,424,000		5,757,451
NRG Energy, Inc.
5.75%, 1/15/28		2,969,000		2,980,261
144A,3.375%, 2/15/29		1,808,000		1,714,240
144A,5.25%, 6/15/29		2,650,000		2,643,822
144A,5.75%, 7/15/29		2,898,000		2,911,365
144A,3.625%, 2/15/31		3,724,000		3,437,384
144A,6.00%, 2/1/33		3,358,000		3,405,307
144A,6.25%, 11/1/34		3,462,000		3,551,569
PG&E Corp.
5.00%, 7/1/28		3,616,000		3,577,079
5.25%, 7/1/30		3,616,000		3,526,302
Pike Corp.
144A,5.50%, 9/1/28		2,622,000		2,624,714
144A,8.625%, 1/31/31		1,446,000		1,549,197
Saavi Energia Sarl,144A,8.875%, 2/10/35		3,977,000		4,220,591
Talen Energy Supply LLC,144A,8.625%, 6/1/30		4,339,000		4,636,369
TransAlta Corp.,7.75%, 11/15/29		1,459,000		1,517,840
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		3,616,000		3,612,976
144A,5.625%, 2/15/27		4,701,000		4,705,842
144A,5.00%, 7/31/27		4,701,000		4,691,244
144A,4.375%, 5/1/29		4,520,000		4,420,706
144A,7.75%, 10/15/31		5,243,000		5,573,865
144A,6.875%, 4/15/32		3,616,000		3,797,277

See Notes to Financial Statements.

86 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025


	Principal Amount $		Value $
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		1,823,000		1,787,467
144A,4.50%, 9/15/27		2,006,000		1,968,787
144A,7.25%, 1/15/29 (a)		2,712,000		2,771,745
144A,8.375%, 1/15/31 (a)		2,983,000		3,121,510
144A,8.625%, 3/15/33		3,358,000		3,543,691

(Cost $122,453,555)				122,055,851

Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.75%, 5/20/27		1,867,000		1,864,372
144A,9.375%, 6/1/28		1,797,000		1,855,972
144A,9.50%, 6/1/30		2,006,000		2,102,753
Venture Global Plaquemines LNG LLC
144A,7.50%, 5/1/33		4,520,000		4,960,691
144A,7.75%, 5/1/35		4,520,000		5,035,615

(Cost $15,169,209)				15,819,403

TOTAL CORPORATE BONDS

(Cost $3,903,237,718)				3,851,657,734


	Principal Amount $		Value $
TERM LOAN — 0.0%
Healthcare-Services — 0.0%

MPH Acquisition Holdings LLC,8.058%, (3 Month SOFR+3.75%), 12/31/30

(Cost $407,621)		358,267		358,715

	Number of Shares

SECURITIES LENDING COLLATERAL — 6.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c) (Cost $244,717,699)		244,717,699		244,717,699

CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b) (Cost $68,804,966)		68,804,966		68,804,966

TOTAL INVESTMENTS — 105.7%

(Cost $4,217,168,004)				4,165,539,114
Other assets and liabilities,net — (5.7%)				(225,806,466	)

NET ASSETS — 100.0%				3,939,732,648

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


Value ($) at 8/31/2024		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
	SECURITIES LENDING COLLATERAL — 6.2%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
	238,972,214		5,745,485	(d)		—			—		—		2,623,193		—		244,717,699		244,717,699

	CASH EQUIVALENTS —1.7%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
	40,830,834		509,175,042			(481,200,910	)		—		—		1,441,632		—		68,804,966		68,804,966
	279,803,048		514,920,527			(481,200,910	)		—		—		4,064,825		—		313,522,665		313,522,665

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $239,416,154, which is 6.1% of net assets.

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 87

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

REIT: Real Estate Investment Trust

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	3,851,657,734	$	—	$	3,851,657,734

Term Loan		—		358,715		—		358,715
Short-Term Investments (a)		313,522,665		—		—		313,522,665

TOTAL	$	313,522,665	$	3,852,016,449	$	—	$	4,165,539,114

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

See Notes to Financial Statements.

88 | DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2025


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF

Assets
Investment in non-affiliated securities at value	$	16,581,393		$	141,807,419		$	—		$	219,143,446
Investment in affiliated securities at value		—			—			47,399,045			—
Investment in DWS Government Money Market Series		304,525			3,249,259			310,618			5,758,661
Investment in DWS Government & Agency Securities Portfolio*		970,915			721,426			74,375			8,751,783
Foreign currency at value		—			3			—			13

Receivables:
Investment securities sold		801,219			2,688,832			—			3,207,188
Interest		315,141			2,083,870			1,120			3,678,017
Affiliated securities lending income		810			104			399			7,939
Other assets		708			—			—			6,924
Total assets	$	18,974,711		$	150,550,913		$	47,785,557		$	240,553,971

Liabilities
Due to custodian	$	2,518		$	—		$	—		$	506
Payable upon return of securities loaned		970,915			721,426			74,375			8,751,783

Payables:
Investment securities purchased		987,965			3,116,588			—			7,301,345
Investment advisory fees		2,804			38,454			9,882			36,252
Total liabilities		1,964,202			3,876,468			84,257			16,089,886
Net Assets, at value	$	17,010,509		$	146,674,445		$	47,701,300		$	224,464,085

Net Assets Consist of
Paid-in capital	$	29,072,548		$	214,177,482		$	49,529,148		$	225,193,461
Distributable earnings (loss)		(12,062,039	)		(67,503,037	)		(1,827,848	)		(729,376	)
Net Assets, at value	$	17,010,509		$	146,674,445		$	47,701,300		$	224,464,085
Number of Common Shares outstanding		400,001			3,100,001			2,025,001			4,950,001
Net Asset Value	$	42.53		$	47.31		$	23.56		$	45.35

Investment in non-affiliated securities at cost	$	16,490,396		$	141,939,343		$	–		$	216,753,021
Investment in affiliated securities at cost	$	–		$	–		$	46,273,833		$	–
Value of securities loaned	$	949,389		$	703,801		$	72,445		$	8,563,167
Investment in DWS Government Money Market Series at cost	$	304,525		$	3,249,259		$	310,618		$	5,758,661
Investment in DWS Government & Agency Securities Portfolio at cost*	$	970,915		$	721,426		$	74,375		$	8,751,783
Foreign currency at cost	$	—		$	3		$	—		$	13

**	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 89

Statements of Assets and Liabilities (Continued)

August 31, 2025


	Xtrackers USD High Yield BB-B ex Financials ETF		Xtrackers USD High Yield Corporate Bond ETF

Assets
Investment in non-affiliated securities at value	$	1,113,624,955	$	3,852,016,449
Investment in DWS Government Money Market Series		21,105,991		68,804,966
Investment in DWS Government & Agency Securities Portfolio*		29,466,868		244,717,699
Cash		—		2,398,220
Foreign currency at value		64		46
Receivables:
Investment securities sold		16,384,733		41,578,532
Interest		18,657,906		65,295,712
Affiliated securities lending income		22,128		162,485
Total assets	$	1,199,262,645	$	4,274,974,109

Liabilities
Due to custodian	$	2	$	—
Payable upon return of securities loaned		29,466,868		244,717,699
Payables:
Investment securities purchased		31,302,632		79,251,559
Capital shares		—		11,111,506
Investment advisory fees		168,951		160,697
Total liabilities		60,938,453		335,241,461
Net Assets, at value	$	1,138,324,192	$	3,939,732,648

Net Assets Consist of
Paid-in capital	$	1,114,289,165	$	4,312,438,849
Distributable earnings (loss)		24,035,027		(372,706,201	)
Net Assets, at value	$	1,138,324,192	$	3,939,732,648
Number of Common Shares outstanding		20,850,001		106,387,501
Net Asset Value	$	54.60	$	37.03

Investment in non-affiliated securities at cost	$	1,091,672,070	$	3,903,645,339
Value of securities loaned	$	28,346,019	$	239,416,154
Investment in DWS Government Money Market Series at cost	$	21,105,991	$	68,804,966
Investment in DWS Government & Agency Securities Portfolio at cost*	$	29,466,868	$	244,717,699
Foreign currency at cost	$	57	$	46

**	Represents collateral on securities loaned.

See Notes to Financial Statements.

90 | DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2025


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF

Investment Income
Unaffiliated interest income	$	943,222		$	14,596,700		$	—		$	10,968,028
Affiliated dividend income		—			—			2,837,927			—
Income distributions from affiliated funds		4,903			136,003			91,205			87,323
Affiliated securities lending income		11,315			4,970			3,790			107,801
Total investment income		959,440			14,737,673			2,932,922			11,163,152

Expenses
Investment advisory fees		23,915			526,936			134,871			295,531
Other expenses		58			228			58			403
Total expenses		23,973			527,164			134,929			295,934
Less fees waived (see note 3):
Waiver		(182	)		(3,395	)		(25,095	)		(2,292	)
Net expenses		23,791			523,769			109,834			293,642
Net investment income (loss)		935,649			14,213,904			2,823,088			10,869,510

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments		(197,828	)		(748,095	)		—			(268,025	)
Investments in affiliates		—			—			(3,148,557	)		—
In-kind redemptions		36,716			2,660,490			—			7,375
Foreign currency transactions		—			28			—			2
Net realized gain (loss)		(161,112	)		1,912,423			(3,148,557	)		(260,648	)
Net change in unrealized appreciation (depreciation) on:
Investments		476,878			(575,136	)		—			1,091,543
Investments in affiliates		—			—			2,689,707			—
Foreign currency translations		—			(40	)		—			(4	)
Net change in unrealized appreciation (depreciation)		476,878			(575,176	)		2,689,707			1,091,539
Net realized and unrealized gain (loss) on investments and foreign currency transactions		315,766			1,337,247			(458,850	)		830,891
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,251,415		$	15,551,151		$	2,364,238		$	11,700,401

See Notes to Financial Statements.

DBX ETF Trust | 91

Statements of Operations (Continued)

For the Year Ended August 31, 2025


	Xtrackers USD High Yield BB-B ex Financials ETF			Xtrackers USD High Yield Corporate Bond ETF

Investment Income
Unaffiliated interest income	$	55,939,574		$	228,955,808
Income distributions from affiliated funds		304,721			1,441,632
Affiliated securities lending income		351,918			2,623,193
Total investment income		56,596,213			233,020,633

Expenses
Investment advisory fees		1,612,351			1,804,490
Other expenses		3,650			4,150
Total expenses		1,616,001			1,808,640
Less fees waived (see note 3):
Waiver		(7,834	)		(36,844	)
Net expenses		1,608,167			1,771,796
Net investment income (loss)		54,988,046			231,248,837

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(890,022	)		(41,352,167	)
In-kind redemptions		245,375			16,268,064
Foreign currency transactions		—			221
Net realized gain (loss)		(644,647	)		(25,083,882	)

Net change in unrealized appreciation (depreciation) on:
Investments		3,182,827			72,987,241
Foreign currency translations		7			(404	)
Net change in unrealized appreciation (depreciation)		3,182,834			72,986,837
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2,538,187			47,902,955
Net Increase (Decrease) in Net Assets Resulting from Operations	$	57,526,233		$	279,151,792

See Notes to Financial Statements.

92 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	Year Ended August 31, 2025			Year Ended August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	935,649		$	940,582		$	14,213,904		$	11,403,697
Net realized gain (loss)		(161,112	)		(219,599	)		1,912,423			(2,711,159	)
Net change in net unrealized appreciation (depreciation)		476,878			822,321			(575,176	)		13,481,551
Net increase (decrease) in net assets resulting from operations		1,251,415			1,543,304			15,551,151			22,174,089
Distributions to Shareholders		(902,850	)		(940,617	)		(14,265,605	)		(12,519,886	)
Fund Shares Transactions
Proceeds from shares sold		6,209,615			—			338,493,864			13,667,202
Value of shares redeemed		(2,129,415	)		—			(414,228,636	)		(25,205,838	)
Net increase (decrease) in net assets resulting from fund share transactions		4,080,200			—			(75,734,772	)		(11,538,636	)
Total net increase (decrease) in Net Assets		4,428,765			602,687			(74,449,226	)		(1,884,433	)
Net Assets
Beginning of year		12,581,744			11,979,057			221,123,671			223,008,104
End of year	$	17,010,509		$	12,581,744		$	146,674,445		$	221,123,671

Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			300,001			4,700,001			4,950,001
Shares sold		150,000			—			7,250,000			300,000
Shares redeemed		(50,000	)		—			(8,850,000	)		(550,000	)
Shares outstanding, end of year		400,001			300,001			3,100,001			4,700,001

See Notes to Financial Statements.

DBX ETF Trust | 93

Statements of Changes in Net Assets (Continued)


	Xtrackers Risk Managed USD High Yield Strategy ETF						Xtrackers Short Duration High Yield Bond ETF
	Year Ended August 31, 2025			Year Ended August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,823,088		$	2,632,841		$	10,869,510		$	7,235,313
Net realized gain (loss)		(3,148,557	)		(15,616	)		(260,648	)		(344,248	)
Net change in net unrealized appreciation (depreciation)		2,689,707			2,328,271			1,091,539			3,611,519
Net increase (decrease) in net assets resulting from operations		2,364,238			4,945,496			11,700,401			10,502,584
Distributions to Shareholders		(2,666,124	)		(2,639,060	)		(10,297,636	)		(7,056,553	)
Fund Shares Transactions
Proceeds from shares sold		5,280,937			2,286,891			128,248,262			28,559,885
Value of shares redeemed		—			(5,797,115	)		(8,760,300	)		(11,133,837	)
Net increase (decrease) in net assets resulting from fund share transactions		5,280,937			(3,510,224	)		119,487,962			17,426,048
Total net increase (decrease) in Net Assets		4,979,051			(1,203,788	)		120,890,727			20,872,079
Net Assets
Beginning of year		42,722,249			43,926,037			103,573,358			82,701,279
End of year	$	47,701,300		$	42,722,249		$	224,464,085		$	103,573,358

Changes in Shares Outstanding
Shares outstanding, beginning of year		1,800,001			1,950,001			2,300,001			1,900,001
Shares sold		225,000			100,000			2,850,000			650,000
Shares redeemed		—			(250,000	)		(200,000	)		(250,000	)
Shares outstanding, end of year		2,025,001			1,800,001			4,950,001			2,300,001

See Notes to Financial Statements.

94 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers USD High Yield BB-B ex Financials ETF						Xtrackers USD High Yield Corporate Bond ETF
	Year Ended August 31, 2025			For the Period October 27, 2023⁽¹⁾to August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	54,988,046		$	32,630,446		$	231,248,837		$	203,501,828
Net realized gain (loss)		(644,647	)		(919,715	)		(25,083,882	)		(107,682,805	)
Net change in net unrealized appreciation (depreciation)		3,182,834			18,770,058			72,986,837			262,068,787
Net increase (decrease) in net assets resulting from operations		57,526,233			50,480,789			279,151,792			357,887,810
Distributions to Shareholders		(54,379,903	)		(27,841,510	)		(230,660,536	)		(206,009,266	)
Fund Shares Transactions
Proceeds from shares sold		485,467,515			659,400,164			2,256,072,540			3,055,914,014
Value of shares redeemed		(5,371,108	)		(26,958,038	)		(1,967,807,703	)		(3,463,978,979	)
Net increase (decrease) in net assets resulting from fund share transactions		480,096,407			632,442,126			288,264,837			(408,064,965	)
Total net increase (decrease) in Net Assets		483,242,737			655,081,405			336,756,093			(256,186,421	)
Net Assets
Beginning of period		655,081,455			50			3,602,976,555			3,859,162,976
End of period	$	1,138,324,192		$	655,081,455		$	3,939,732,648		$	3,602,976,555

Changes in Shares Outstanding
Shares outstanding, beginning of period		12,000,001			1			98,787,501			111,587,501
Shares sold		8,950,000			12,500,000			62,100,000			87,300,000
Shares redeemed		(100,000	)		(500,000	)		(54,500,000	)		(100,100,000	)
Shares outstanding, end of period		20,850,001			12,000,001			106,387,501			98,787,501

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 95

Financial Highlights

Xtrackers High Beta High Yield Bond ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	41.94		$	39.93		$	39.84		$	48.35		$	46.55
Income (loss) from investment operations:
Net investment income (loss)(a)		3.27			3.14			2.90			2.51			2.60
Net realized and unrealized gain (loss)		0.53			2.01			0.15			(8.37	)		2.65
Total from investment operations		3.80			5.15			3.05			(5.86	)		5.25
Less distributions from:
Net investment income		(3.21	)		(3.14	)		(2.96	)		(2.65	)		(3.45	)
Total from distributions		(3.21	)		(3.14	)		(2.96	)		(2.65	)		(3.45	)
Net Asset Value, end of year	$	42.53		$	41.94		$	39.93		$	39.84		$	48.35
Total Return (%)(b)		9.45			13.58			8.11			(12.56	)		11.67

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		17			13			12			12			19
Ratio of expenses before fee waiver (%)		0.20			0.34			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		7.82			7.77			7.40			5.61			5.45
Portfolio turnover rate (%)(c)		66			52			58			55			98

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

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

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

See Notes to Financial Statements.

96 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Low Beta High Yield Bond ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	47.05		$	45.05		$	45.09		$	51.05		$	50.50
Income (loss) from investment operations:
Net investment income (loss)(a)		2.52			2.40			2.24			1.69			1.45
Net realized and unrealized gain (loss)		0.27			2.23			0.14			(5.87	)		1.07
Total from investment operations		2.79			4.63			2.38			(4.18	)		2.52
Less distributions from:
Net investment income		(2.53	)		(2.63	)		(2.42	)		(1.78	)		(1.97	)
Total from distributions		(2.53	)		(2.63	)		(2.42	)		(1.78	)		(1.97	)
Net Asset Value, end of year	$	47.31		$	47.05		$	45.05		$	45.09		$	51.05
Total Return (%)(b)		6.15			10.68			5.44			(8.36	)		5.12

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		147			221			223			1,441			750
Ratio of expenses before fee waiver (%)		0.20			0.25			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		5.39			5.27			4.97			3.53			2.89
Portfolio turnover rate (%)(c)		54			50			52			68			88

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

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

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

See Notes to Financial Statements.

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Financial Highlights (Continued)

Xtrackers Risk Managed USD High Yield Strategy ETF


	Years Ended August 31,									Period Ended
	2025			2024			2023			8/31/2022(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	23.73		$	22.53		$	22.29		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		1.47			1.38			1.28			0.58
Net realized and unrealized gain (loss)		(0.24	)		1.20			0.29			(2.84)
Total from investment operations		1.23			2.58			1.57			(2.26)
Less distributions from:
Net investment income		(1.40	)		(1.38	)		(1.33	)		(0.45)
Total from distributions		(1.40	)		(1.38	)		(1.33	)		(0.45)
Net Asset Value, end of period	$	23.56		$	23.73		$	22.53		$	22.29
Total Return (%)(c)		5.34			11.92			7.27			(9.12)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		48			43			44			50
Ratio of expenses before fee waiver (%)(d)		0.30			0.30			0.30			0.30*
Ratio of expenses after fee waiver (%)(d)		0.24			0.23			0.15			0.15*
Ratio of net investment income (loss) (%)		6.28			6.04			5.74			4.54*
Portfolio turnover rate (%)(e)		100			0	(f)		0	(f)		0**(f)

(a)	For the period February 10, 2022 (commencement of operations) through August 31, 2022.

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

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

(d)	The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

(f)	Amount is less than 0.5%.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

98 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Short Duration High Yield Bond ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	45.03		$	43.53		$	43.04		$	47.89		$	46.57
Income (loss) from investment operations:
Net investment income (loss)(a)		3.29			3.23			2.71			2.04			2.34
Net realized and unrealized gain (loss)		0.28			1.44			0.45			(4.76	)		1.67
Total from investment operations		3.57			4.67			3.16			(2.72	)		4.01
Less distributions from:
Net investment income		(3.25	)		(3.17	)		(2.67	)		(2.13	)		(2.69	)
Total from distributions		(3.25	)		(3.17	)		(2.67	)		(2.13	)		(2.69	)
Net Asset Value, end of year	$	45.35		$	45.03		$	43.53		$	43.04		$	47.89
Total Return (%)(b)		8.24			11.25			7.65			(5.84	)		8.86

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		224			104			83			86			77
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		7.35			7.36			6.30			4.48			4.95
Portfolio turnover rate (%)(c)		48			56			49			46			52

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

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

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

See Notes to Financial Statements.

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Financial Highlights (Continued)

Xtrackers USD High Yield BB-B ex Financials ETF


	Year Ended 8/31/2025			Period Ended 8/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	54.59		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		3.67			3.14
Net realized and unrealized gain (loss)		0.06			4.03
Total from investment operations		3.73			7.17
Less distributions from:
Net investment income		(3.72	)		(2.58	)
Total from distributions		(3.72	)		(2.58	)
Net Asset Value, end of period	$	54.60		$	54.59
Total Return (%)(c)		7.13			14.62	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,138			655
Ratio of expenses before fee waiver (%)		0.20			0.21	*(d)
Ratio of expenses after fee waiver (%)		0.20			0.21	*(d)
Ratio of net investment income (loss) (%)		6.82			6.93	*
Portfolio turnover rate (%)(e)		37			32	**

(a)	For the period October 27, 2023 (commencement of operations) through August 31, 2024.

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

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

(d)	Includes excise tax expense. Excluding this expense, the ratio of expenses would have been 0.20%.

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

100 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers USD High Yield Corporate Bond ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	36.47		$	34.58		$	34.37		$	40.31		$	39.06	(a)
Income (loss) from investment operations:
Net investment income (loss)(b)		2.33			2.16			1.94			1.61			1.70
Net realized and unrealized gain (loss)		0.54			1.91			0.25			(5.80	)		1.79
Total from investment operations		2.87			4.07			2.19			(4.19	)		3.49
Less distributions from:
Net investment income		(2.31	)		(2.18	)		(1.98	)		(1.75	)		(2.24	)
Total from distributions		(2.31	)		(2.18	)		(1.98	)		(1.75	)		(2.24	)
Net Asset Value, end of year	$	37.03		$	36.47		$	34.58		$	34.37		$	40.31
Total Return (%)(c)		8.17			12.26			6.63			(10.67	)		8.31

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		3,940			3,603			3,859			3,615			6,666
Ratio of expenses before fee waiver (%)		0.05			0.19			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.05			0.07			0.15			0.15			0.15
Ratio of net investment income (loss) (%)		6.41			6.15			5.69			4.24			4.27
Portfolio turnover rate (%)(d)		29			31			26			24			37

(a)

On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly.

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 101

Notes to Financial Statements

1. Organization

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

As of August 31, 2025, the Trust consists of forty one investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield BB-B ex Financials ETF

Xtrackers USD High Yield Corporate Bond ETF

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

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

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


Fund		Underlying Index
Xtrackers High Beta High Yield Bond ETF		Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF		Solactive USD High Yield Corporates Total Market Low Beta Index
Xtrackers Risk Managed USD High Yield Strategy ETF		Adaptive Wealth Strategies Risk Managed High Yield Index
Xtrackers Short Duration High Yield Bond ETF		Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield BB-B ex Financials ETF		ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index
Xtrackers USD High Yield Corporate Bond ETF		Solactive USD High Yield Corporates Total Market Index

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

102 | DBX ETF Trust

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

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF are diversified series of the Trust, Xtrackers USD High Yield BB-B ex Financials ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

DBX ETF Trust | 103

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Investment Transactions and Investment Income. Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

104 | 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.

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income^*		Capital and Other Gains (Losses)		Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
Xtrackers High Beta High Yield Bond ETF	$	120,006	$	(12,176,986)	$	(5,059)	$	(12,062,039)
Xtrackers Low Beta High Yield Bond ETF		1,086,980		(68,089,220)		(500,797)		(67,503,037)
Xtrackers Risk Managed USD High Yield Strategy ETF		195,497		(45,548)		(1,977,797)		(1,827,848)
Xtrackers Short Duration High Yield Bond ETF		1,344,681		(4,025,169)		1,951,112		(729,376)
Xtrackers USD High Yield BB-B ex Financials ETF		5,732,966		(2,754,179)		21,056,240		24,035,027
Xtrackers USD High Yield Corporate Bond ETF		22,241,126		(322,496,685)		(72,450,642)		(372,706,201)

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the years ended August 31, 2025 and August 31, 2024 were as follows:


	Year Ended August 31, 2025

	Ordinary Income^*
Xtrackers High Beta High Yield Bond ETF	$	902,850
Xtrackers Low Beta High Yield Bond ETF		14,265,605
Xtrackers Risk Managed USD High Yield Strategy ETF		2,666,124
Xtrackers Short Duration High Yield Bond ETF		10,297,636
Xtrackers USD High Yield BB-B ex Financials ETF		54,379,903
Xtrackers USD High Yield Corporate Bond ETF		230,660,536

	Year Ended August 31, 2024

	Ordinary Income^*
Xtrackers High Beta High Yield Bond ETF	$	940,617
Xtrackers Low Beta High Yield Bond ETF		12,519,886
Xtrackers Risk Managed USD High Yield Strategy ETF		2,639,060
Xtrackers Short Duration High Yield Bond ETF		7,056,553
Xtrackers USD High Yield BB-B ex Financials ETF		27,841,510
Xtrackers USD High Yield Corporate Bond ETF		206,009,266

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,963,916	$	9,213,070	$	12,176,986
Xtrackers Low Beta High Yield Bond ETF		35,317,430		32,771,790		68,089,220
Xtrackers Risk Managed USD High Yield Strategy ETF		1,617		43,931		45,548
Xtrackers Short Duration High Yield Bond ETF		1,214,354		2,810,815		4,025,169
Xtrackers USD High Yield BB-B ex Financials ETF		2,754,179		–		2,754,179
Xtrackers USD High Yield Corporate Bond ETF		41,721,189		280,775,496		322,496,685

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Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended August 31, 2025, the Funds had no post-October capital losses.

For the fiscal year ended August 31, 2025, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and non-deductible excise tax expense.


	Distributable earnings (loss)		Paid-In Capital
Xtrackers High Beta High Yield Bond ETF	$	(33,471)	$	33,471
Xtrackers Low Beta High Yield Bond ETF		(1,937,564)		1,937,564
Xtrackers Short Duration High Yield Bond ETF		69,702		(69,702)
Xtrackers USD High Yield BB-B ex Financials ETF		(245,284)		245,284
Xtrackers USD High Yield Corporate Bond ETF		(3,996,682)		3,996,682

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 Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	17,861,892	$	(5,059)	$	455,721	$	(460,780)
Xtrackers Low Beta High Yield Bond ETF		146,278,901		(500,797)		1,098,707		(1,599,504)
Xtrackers Risk Managed USD High Yield Strategy ETF		49,761,835		(1,977,797)		1,125,212		(3,103,009)
Xtrackers Short Duration High Yield Bond ETF		231,702,778		1,951,112		4,338,563		(2,387,451)
Xtrackers USD High Yield BB-B ex Financials ETF		1,143,141,581		21,056,233		24,364,819		(3,308,586)
Xtrackers USD High Yield Corporate Bond ETF		4,237,989,756		(72,450,642)		49,558,909		(122,009,551)

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of August 31, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG serves as securities lending agent for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below

106 | DBX ETF Trust

specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2025, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of August 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of August 31, 2025, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	970,915	$	—	$	—	$	—	$	970,915
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	970,915
Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	721,426	$	—	$	—	$	—	$	721,426
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	721,426
Xtrackers Risk Managed USD High Yield Strategy ETF
Exchange-Traded Funds	$	74,375	$	—	$	—	$	—	$	74,375
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	74,375
Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	8,751,783	$	—	$	—	$	—	$	8,751,783
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	8,751,783
Xtrackers USD High Yield BB-B ex Financials ETF
Corporate Bonds	$	29,466,868	$	—	$	—	$	—	$	29,466,868
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	29,466,868
Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	244,717,699	$	—	$	—	$	—	$	244,717,699
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	244,717,699

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

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


	Unitary Advisory Fee
Xtrackers High Beta High Yield Bond ETF		0.20%
Xtrackers Low Beta High Yield Bond ETF		0.20%
Xtrackers Risk Managed USD High Yield Strategy ETF		0.30%
Xtrackers Short Duration High Yield Bond ETF		0.20%
Xtrackers USD High Yield BB-B ex Financials ETF		0.20%
Xtrackers USD High Yield Corporate Bond ETF		0.05%

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, 0.01 to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended August 31, 2025, the Advisor waived $22,969 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	182
Xtrackers Low Beta High Yield Bond ETF		3,395
Xtrackers Risk Managed USD High Yield Strategy ETF		2,126
Xtrackers Short Duration High Yield Bond ETF		2,292
Xtrackers USD High Yield BB-B ex Financials ETF		7,834
Xtrackers USD High Yield Corporate Bond ETF		36,844

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

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

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

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

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended August 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Securities Lending Agent Fees
Xtrackers High Beta High Yield Bond ETF	$	831
Xtrackers Low Beta High Yield Bond ETF		346
Xtrackers Short Duration High Yield Bond ETF		8,020
Xtrackers USD High Yield Corporate Bond ETF		193,008

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4. Investment Portfolio Transactions

For the year ended August 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	7,781,711	$	7,860,051
Xtrackers Low Beta High Yield Bond ETF		135,988,040		139,749,381
Xtrackers Risk Managed USD High Yield Strategy ETF		45,124,222		44,960,505
Xtrackers Short Duration High Yield Bond ETF		69,204,919		73,267,427
Xtrackers USD High Yield BB-B ex Financials ETF		293,221,437		299,367,189
Xtrackers USD High Yield Corporate Bond ETF		1,032,784,954		1,031,535,916

For the year ended August 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	6,070,794	$	2,063,188
Xtrackers Low Beta High Yield Bond ETF		331,057,807		403,430,596
Xtrackers Risk Managed USD High Yield Strategy ETF		5,224,668		—
Xtrackers Short Duration High Yield Bond ETF		126,532,216		8,662,635
Xtrackers USD High Yield BB-B ex Financials ETF		476,144,159		5,233,169
Xtrackers USD High Yield Corporate Bond ETF		2,205,748,204		1,924,952,693

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the year ended August 31, 2025, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	931,090	$	2,470,995	$	60,945
Xtrackers Low Beta High Yield Bond ETF		2,470,995		931,090		(21,995	)

5. Fund Share Transactions

As of August 31, 2025, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

DBX ETF Trust | 109

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2025.

110 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield BB-B ex Financials ETF and Xtrackers USD High Yield Corporate Bond ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers High Beta High Yield Bond ETF,

Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield BB-B ex Financials ETF, and Xtrackers USD High Yield Corporate Bond ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers High Beta High Yield Bond ETF Xtrackers Low Beta High Yield Bond ETF Xtrackers Short Duration High Yield Bond ETF Xtrackers USD High Yield Corporate Bond ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the five years in the period ended August 31, 2025
Xtrackers Risk Managed USD High Yield Strategy ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the three years in the period ended August 31, 2025 and the period from February 10, 2022 (commencement of operations) through August 31, 2022
Xtrackers USD High Yield BB-B ex Financials ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and the period from October 27, 2023 (commencement of operations) through August 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

DBX ETF Trust | 111

Report of Independent Registered Public Accounting Firm (Continued)

internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

112 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield BB-B ex Financials ETF and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the Investment Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) for Funds with two years of performance history as of December 31, 2024, each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

In reaching its decision to approve the continuation of the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge, as applicable. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group. The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ operating expenses (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

114 | DBX ETF Trust

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

Economies of Scale. The Board considered that Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield BB-B ex Financials ETF and Xtrackers USD High Yield Corporate Bond ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that Xtrackers High Beta High Yield Bond ETF was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

DBX ETF Trust | 115

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

116 | DBX ETF Trust

This Page is Intentionally Left Blank

LOGO

Xtrackers S&P 500 Diversified Sector Weight ETF (SPXD)

Xtrackers S&P 500 Growth Scored & Screened ETF (SNPG)

Xtrackers S&P 500 Scored & Screened ETF (SNPE)

Xtrackers S&P 500 Value Scored & Screened ETF (SNPV)

Xtrackers S&P Dividend Aristocrats Screened ETF (SNPD)

Xtrackers S&P MidCap 400 Scored & Screened ETF (MIDE)

LOGO

Table of Contents


	Page

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF		2

Xtrackers S&P 500 Growth Scored & Screened ETF		9

Xtrackers S&P 500 Scored & Screened ETF		12

Xtrackers S&P 500 Value Scored & Screened ETF		18

Xtrackers S&P Dividend Aristocrats Screened ETF		22

Xtrackers S&P MidCap 400 Scored & Screened ETF		25

Statements of Assets and Liabilities		30

Statements of Operations		32

Statements of Changes in Net Assets		34

Financial Highlights		37

Notes to Financial Statements		43

Report of Independent Registered Public Accounting Firm		53

Board Considerations in Approval of Investment Advisory Contracts		55

Tax Information		59

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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.3%

Communication Services — 6.6%
Alphabet, Inc., Class A		168		35,769
Alphabet, Inc., Class C		137		29,254
AT&T, Inc.		1,074		31,458
Charter Communications, Inc., Class A *		46		12,217
Comcast Corp., Class A		1,176		39,949
Electronic Arts, Inc.		56		9,629
Fox Corp., Class A		42		2,507
Fox Corp., Class B		25		1,364
Interpublic Group of Cos., Inc.		194		5,207
Live Nation Entertainment, Inc. *		26		4,329
Match Group, Inc.		26		971
Meta Platforms, Inc., Class A		56		41,367
Netflix, Inc. *		2		2,417
News Corp., Class A		556		16,352
News Corp., Class B		167		5,656
Omnicom Group, Inc.		96		7,520
Paramount Skydance Corp., Class B *		722		10,613
Take-Two Interactive Software, Inc. *		27		6,298
TKO Group Holdings, Inc., Class A		4		758
T-Mobile US, Inc.		80		20,159
Verizon Communications, Inc.		769		34,013
Walt Disney Co.		588		69,607
Warner Bros Discovery, Inc. *		1,024		11,919

(Cost $396,630)				399,333

Consumer Discretionary — 10.7%
Airbnb, Inc., Class A *		16		2,088
Amazon.com, Inc. *		167		38,243
Aptiv PLC *		80		6,362
AutoZone, Inc. *		1		4,199
Best Buy Co., Inc.		45		3,314
Booking Holdings, Inc.		1		5,599
Caesars Entertainment, Inc. *		276		7,388
CarMax, Inc. *		183		11,227
Carnival Corp. *		168		5,358
Chipotle Mexican Grill, Inc. *		218		9,187
D.R. Horton, Inc.		126		21,354
Darden Restaurants, Inc.		122		25,247
Deckers Outdoor Corp. *		22		2,632
Domino’s Pizza, Inc.		7		3,208
DoorDash, Inc., Class A *		26		6,376
eBay, Inc.		6		544
Expedia Group, Inc.		16		3,437
Ford Motor Co.		2,049		24,117
Garmin Ltd.		21		5,078
General Motors Co.		479		28,065


	Number of Shares		Value $
Genuine Parts Co.		46		6,409
Hasbro, Inc.		138		11,201
Hilton Worldwide Holdings, Inc.		14		3,865
Home Depot, Inc.		23		9,356
Las Vegas Sands Corp.		150		8,644
Lennar Corp., Class A		197		26,229
LKQ Corp.		112		3,653
Lowe’s Cos., Inc.		24		6,193
Lululemon Athletica, Inc. *		20		4,044
Marriott International, Inc., Class A		25		6,696
McDonald’s Corp.		111		34,803
MGM Resorts International *		374		14,844
Mohawk Industries, Inc. *		29		3,848
NIKE, Inc., Class B		572		44,256
Norwegian Cruise Line Holdings Ltd. *		78		1,938
NVR, Inc. *		1		8,118
O’Reilly Automotive, Inc. *		52		5,391
Pool Corp.		21		6,525
PulteGroup, Inc.		96		12,674
Ralph Lauren Corp.		96		28,505
Ross Stores, Inc.		160		23,546
Royal Caribbean Cruises Ltd.		8		2,906
Starbucks Corp.		357		31,484
Tapestry, Inc.		279		28,408
Tesla, Inc. *		50		16,693
TJX Cos., Inc.		167		22,814
Tractor Supply Co.		611		37,735
Ulta Beauty, Inc. *		15		7,391
Williams-Sonoma, Inc.		4		753
Wynn Resorts Ltd.		53		6,718
Yum! Brands, Inc.		69		10,141

(Cost $636,073)				648,804

Consumer Staples — 11.8%
Altria Group, Inc.		263		17,676
Archer-Daniels-Midland Co.		529		33,137
Brown-Forman Corp., Class B		580		17,365
Bunge Global SA		196		16,507
Church & Dwight Co., Inc.		135		12,577
Clorox Co.		142		16,784
Coca-Cola Co.		85		5,864
Colgate-Palmolive Co.		330		27,743
Conagra Brands, Inc.		208		3,979
Constellation Brands, Inc., Class A		121		19,595
Costco Wholesale Corp.		75		70,749
Dollar General Corp.		49		5,329
Dollar Tree, Inc. *		24		2,620
Estee Lauder Cos., Inc., Class A		183		16,787
General Mills, Inc.		259		12,777
Hershey Co.		7		1,286

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Hormel Foods Corp.		146		3,714
J M Smucker Co.		66		7,294
Kellanova		52		4,134
Kenvue, Inc.		759		15,719
Keurig Dr Pepper, Inc.		306		8,902
Kimberly-Clark Corp.		229		29,573
Kraft Heinz Co.		587		16,418
Kroger Co.		267		18,113
Lamb Weston Holdings, Inc.		92		5,293
McCormick & Co., Inc.		54		3,800
Molson Coors Beverage Co., Class B		165		8,331
Mondelez International, Inc., Class A		119		7,311
Monster Beverage Corp. *		18		1,123
PepsiCo, Inc.		92		13,676
Philip Morris International, Inc.		242		40,445
Procter & Gamble Co.		521		81,818
Sysco Corp.		858		69,043
Target Corp.		166		15,933
The Campbell’s Company		96		3,065
Tyson Foods, Inc., Class A		389		22,087
Walmart, Inc.		622		60,322

(Cost $721,420)				716,889

Energy — 5.6%
APA Corp.		133		3,088
Baker Hughes Co.		432		19,613
Chevron Corp.		173		27,784
ConocoPhillips		150		14,845
Coterra Energy, Inc.		56		1,369
Devon Energy Corp.		119		4,296
Diamondback Energy, Inc.		22		3,273
EOG Resources, Inc.		78		9,736
EQT Corp.		44		2,281
Expand Energy Corp.		16		1,548
Exxon Mobil Corp.		328		37,487
Halliburton Co.		446		10,138
Kinder Morgan, Inc.		1,589		42,871
Marathon Petroleum Corp.		104		18,690
Occidental Petroleum Corp.		192		9,141
ONEOK, Inc.		271		20,699
Phillips 66		455		60,779
Schlumberger NV		444		16,357
Targa Resources Corp.		32		5,368
Texas Pacific Land Corp.		1		933
Valero Energy Corp.		97		14,745
Williams Cos., Inc.		267		15,454

(Cost $332,766)				340,495

Financials — 13.0%
Aflac, Inc.		50		5,343
Allstate Corp.		47		9,562


	Number of Shares		Value $
American Express Co.		28		9,276
American International Group, Inc.		39		3,171
Ameriprise Financial, Inc.		4		2,059
Aon PLC, Class A		5		1,835
Apollo Global Management, Inc.		21		2,861
Arch Capital Group Ltd.		22		2,014
Arthur J Gallagher & Co.		5		1,514
Assurant, Inc.		15		3,234
Bank of America Corp.		349		17,708
Bank of New York Mellon Corp.		111		11,722
Berkshire Hathaway, Inc., Class B *		458		230,365
Blackrock, Inc.		16		18,034
Blackstone, Inc.		5		857
Brown & Brown, Inc.		6		582
Capital One Financial Corp.		65		14,769
Cboe Global Markets, Inc.		8		1,888
Charles Schwab Corp.		115		11,022
Chubb Ltd.		22		6,051
Cincinnati Financial Corp.		20		3,072
Citigroup, Inc.		220		21,245
Citizens Financial Group, Inc.		61		3,189
CME Group, Inc.		15		3,998
Coinbase Global, Inc., Class A *		14		4,263
Corpay, Inc. *		2		651
Erie Indemnity Co., Class A		5		1,772
Everest Group Ltd.		21		7,179
FactSet Research Systems, Inc.		2		747
Fidelity National Information Services, Inc.		16		1,117
Fifth Third Bancorp		96		4,394
Fiserv, Inc. *		100		13,818
Franklin Resources, Inc.		22		564
Global Payments, Inc.		21		1,865
Globe Life, Inc.		17		2,379
Goldman Sachs Group, Inc.		43		32,046
Hartford Insurance Group, Inc.		187		24,742
Huntington Bancshares, Inc.		144		2,565
Intercontinental Exchange, Inc.		31		5,475
Invesco Ltd.		49		1,073
Jack Henry & Associates, Inc.		17		2,775
JPMorgan Chase & Co.		139		41,897
KeyCorp		186		3,601
KKR & Co., Inc.		38		5,301
Loews Corp.		46		4,453
M&T Bank Corp.		13		2,622
MarketAxess Holdings, Inc.		2		368
Marsh & McLennan Cos., Inc.		16		3,293
Mastercard, Inc., Class A		5		2,976
MetLife, Inc.		238		19,364
Moody’s Corp.		13		6,627

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025


	Number of Shares	Value $
Morgan Stanley	116		17,456
MSCI, Inc.	4		2,271
Nasdaq, Inc.	78		7,390
Northern Trust Corp.	67		8,796
PayPal Holdings, Inc. *	51		3,580
PNC Financial Services Group, Inc.	41		8,505
Principal Financial Group, Inc.	56		4,508
Progressive Corp.	63		15,565
Prudential Financial, Inc.	247		27,086
Raymond James Financial, Inc.	54		9,150
Regions Financial Corp.	87		2,383
S&P Global, Inc.	14		7,678
State Street Corp.	53		6,093
Synchrony Financial	28		2,137
T. Rowe Price Group, Inc.	168		18,080
Travelers Cos., Inc.	64		17,377
Truist Financial Corp.	188		8,802
US Bancorp	189		9,229
Visa, Inc., Class A	14		4,925
W.R. Berkley Corp.	28		2,007
Wells Fargo & Co.	262		21,531
Willis Towers Watson PLC	4		1,307

(Cost $771,278)			789,154

Health Care — 12.0%
Abbott Laboratories	804		106,659
AbbVie, Inc.	22		4,629
Agilent Technologies, Inc.	30		3,770
Align Technology, Inc. *	15		2,129
Amgen, Inc.	7		2,014
Baxter International, Inc.	282		6,963
Becton Dickinson & Co.	38		7,333
Biogen, Inc. *	28		3,702
Bio-Techne Corp.	22		1,202
Boston Scientific Corp. *	55		5,803
Bristol-Myers Squibb Co.	665		31,375
Cardinal Health, Inc.	91		13,539
Cencora, Inc.	24		6,999
Centene Corp. *	481		13,968
Charles River Laboratories International, Inc. *	22		3,593
Cigna Group	29		8,725
Cooper Cos., Inc. *	30		2,022
CVS Health Corp.	635		46,450
Danaher Corp.	47		9,674
DaVita, Inc. *	15		2,066
Dexcom, Inc. *	43		3,240
Edwards Lifesciences Corp. *	25		2,034
Elevance Health, Inc.	40		12,746
Eli Lilly & Co.	4		2,930
GE HealthCare Technologies, Inc.	96		7,078


	Number of Shares	Value $
Gilead Sciences, Inc.	19		2,146
HCA Healthcare, Inc.	64		25,853
Henry Schein, Inc. *	183		12,733
Hologic, Inc. *	22		1,477
Humana, Inc.	51		15,487
IDEXX Laboratories, Inc. *	5		3,235
Incyte Corp. *	7		592
Insulet Corp. *	15		5,098
Intuitive Surgical, Inc. *	5		2,366
IQVIA Holdings, Inc. *	87		16,600
Johnson & Johnson	91		16,122
Labcorp Holdings, Inc.	28		7,784
McKesson Corp.	31		21,286
Medtronic PLC	171		15,871
Merck & Co., Inc.	123		10,347
Mettler-Toledo International, Inc. *	1		1,301
Moderna, Inc. *	1,294		31,172
Molina Healthcare, Inc. *	15		2,712
Pfizer, Inc.	1,348		33,376
Quest Diagnostics, Inc.	25		4,541
Regeneron Pharmaceuticals, Inc.	118		68,523
ResMed, Inc.	43		11,804
Revvity, Inc.	14		1,262
Solventum Corp. *	32		2,339
STERIS PLC	6		1,470
Stryker Corp.	19		7,437
Thermo Fisher Scientific, Inc.	55		27,100
UnitedHealth Group, Inc.	124		38,424
Universal Health Services, Inc., Class B	31		5,629
Vertex Pharmaceuticals, Inc. *	1		391
Viatris, Inc.	847		8,936
Waters Corp. *	3		905
West Pharmaceutical Services, Inc.	3		741
Zimmer Biomet Holdings, Inc.	22		2,334
Zoetis, Inc.	56		8,758

(Cost $718,963)			726,795

Industrials — 11.9%
3M Co.	86		13,376
A O Smith Corp.	44		3,137
Allegion PLC	44		7,471
AMETEK, Inc.	19		3,511
Automatic Data Processing, Inc.	70		21,283
Axon Enterprise, Inc. *	4		2,989
Boeing Co. *	26		6,102
Broadridge Financial Solutions, Inc.	24		6,135
Builders FirstSource, Inc. *	47		6,518
C.H. Robinson Worldwide, Inc.	49		6,306
Carrier Global Corp.	88		5,738

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025


	Number of Shares	Value $
Caterpillar, Inc.	50		20,952
Cintas Corp.	49		10,291
Copart, Inc. *	270		13,179
CSX Corp.	193		6,274
Cummins, Inc.	42		16,734
Dayforce, Inc. *	8		558
Deere & Co.	31		14,838
Delta Air Lines, Inc.	378		23,353
Dover Corp.	30		5,366
Eaton Corp. PLC	64		22,345
Emerson Electric Co.	28		3,696
Equifax, Inc.	55		13,546
Expeditors International of Washington, Inc.	22		2,652
Fastenal Co.	28		1,390
FedEx Corp.	52		12,016
Fortive Corp.	19		909
GE Aerospace	13		3,578
GE Vernova, Inc.	19		11,646
Generac Holdings, Inc. *	6		1,111
General Dynamics Corp.	42		13,632
Honeywell International, Inc.	65		14,268
Howmet Aerospace, Inc.	39		6,790
Hubbell, Inc.	6		2,586
Huntington Ingalls Industries, Inc.	2		542
IDEX Corp.	21		3,455
Illinois Tool Works, Inc.	45		11,909
Ingersoll Rand, Inc.	28		2,224
Jacobs Solutions, Inc.	95		13,892
JB Hunt Transport Services, Inc.	44		6,380
Johnson Controls International PLC	110		11,758
L3Harris Technologies, Inc.	54		14,991
Leidos Holdings, Inc.	71		12,845
Lennox International, Inc.	6		3,347
Lockheed Martin Corp.	5		2,278
Masco Corp.	56		4,110
Nordson Corp.	20		4,502
Norfolk Southern Corp.	22		6,160
Northrop Grumman Corp.	27		15,931
Old Dominion Freight Line, Inc.	4		604
Otis Worldwide Corp.	142		12,266
PACCAR, Inc.	70		6,999
Parker-Hannifin Corp.	14		10,631
Paychex, Inc.	39		5,439
Paycom Software, Inc.	2		454
Pentair PLC	111		11,936
Quanta Services, Inc.	15		5,669
Republic Services, Inc.	21		4,913
Rockwell Automation, Inc.	2		687
Rollins, Inc.	73		4,127


	Number of Shares	Value $
RTX Corp.	222		35,209
Snap-on, Inc.	16		5,204
Southwest Airlines Co.	280		9,212
Stanley Black & Decker, Inc.	112		8,320
Textron, Inc.	424		33,988
Trane Technologies PLC	20		8,312
TransDigm Group, Inc.	8		11,191
Uber Technologies, Inc. *	193		18,094
Union Pacific Corp.	50		11,179
United Airlines Holdings, Inc. *	246		25,830
United Parcel Service, Inc., Class B	88		7,695
United Rentals, Inc.	23		21,996
Veralto Corp.	25		2,655
Verisk Analytics, Inc.	4		1,072
W.W. Grainger, Inc.	3		3,041
Waste Management, Inc.	65		14,715
Westinghouse Air Brake Technologies Corp.	79		15,287
Xylem, Inc.	47		6,653

(Cost $724,147)			721,978

Information Technology — 13.7%
Accenture PLC, Class A	26		6,759
Adobe, Inc. *	5		1,784
Advanced Micro Devices, Inc. *	21		3,415
Akamai Technologies, Inc. *	8		633
Amphenol Corp., Class A	98		10,668
Analog Devices, Inc.	41		10,304
Apple, Inc.	286		66,392
Applied Materials, Inc.	96		15,433
Arista Networks, Inc. *	26		3,550
Autodesk, Inc. *	2		629
Broadcom, Inc.	87		25,873
Cadence Design Systems, Inc. *	18		6,308
CDW Corp.	31		5,108
Cisco Systems, Inc.	360		24,872
Cognizant Technology Solutions Corp., Class A	63		4,552
Corning, Inc.	141		9,451
Crowdstrike Holdings, Inc., Class A *	2		847
Dell Technologies, Inc., Class C	199		24,308
Enphase Energy, Inc. *	20		754
EPAM Systems, Inc. *	29		5,115
F5, Inc. *	2		626
First Solar, Inc. *	16		3,123
Fortinet, Inc. *	21		1,654
Gartner, Inc. *	3		754
Gen Digital, Inc.	43		1,299
GoDaddy, Inc., Class A *	148		21,950
Hewlett Packard Enterprise Co.	610		13,768

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025


	Number of Shares	Value $
HP, Inc.	483		13,785
Intel Corp. *	1,332		32,434
International Business Machines Corp.	119		28,975
Intuit, Inc.	5		3,335
Jabil, Inc.	453		92,788
Keysight Technologies, Inc. *	24		3,922
KLA Corp.	23		20,056
Lam Research Corp.	113		11,317
Microchip Technology, Inc.	7		455
Micron Technology, Inc.	92		10,949
Microsoft Corp.	164		83,097
Monolithic Power Systems, Inc.	3		2,507
Motorola Solutions, Inc.	16		7,559
NetApp, Inc.	18		2,030
NVIDIA Corp.	95		16,547
NXP Semiconductors NV	87		20,432
ON Semiconductor Corp. *	126		6,248
Oracle Corp.	46		10,402
Palantir Technologies, Inc., Class A *	52		8,149
Palo Alto Networks, Inc. *	17		3,239
PTC, Inc. *	2		427
QUALCOMM, Inc.	405		65,096
Roper Technologies, Inc.	14		7,368
Salesforce, Inc.	44		11,275
Seagate Technology Holdings PLC	26		4,352
ServiceNow, Inc. *	1		918
Skyworks Solutions, Inc.	53		3,972
Super Micro Computer, Inc. *	101		4,196
Synopsys, Inc. *	16		9,656
TE Connectivity PLC	41		8,467
Teledyne Technologies, Inc. *	6		3,229
Teradyne, Inc.	46		5,439
Texas Instruments, Inc.	119		24,095
Trimble, Inc. *	23		1,859
Tyler Technologies, Inc. *	9		5,066
VeriSign, Inc.	49		13,395
Western Digital Corp.	76		6,106
Workday, Inc., Class A *	6		1,385
Zebra Technologies Corp., Class A *	13		4,122

(Cost $837,125)			828,578

Materials — 3.8%
Air Products and Chemicals, Inc.	4		1,176
Albemarle Corp.	14		1,189
Amcor PLC	572		4,936
Avery Dennison Corp.	263		45,144
Ball Corp.	87		4,580
CF Industries Holdings, Inc.	26		2,252
Corteva, Inc.	94		6,974


	Number of Shares	Value $
Dow, Inc.	216		5,320
DuPont de Nemours, Inc.	68		5,231
Eastman Chemical Co.	27		1,899
Ecolab, Inc.	23		6,372
Freeport-McMoRan, Inc.	382		16,961
International Flavors & Fragrances, Inc.	43		2,903
International Paper Co.	195		9,688
Linde PLC	23		11,001
LyondellBasell Industries NV, Class A	55		3,099
Martin Marietta Materials, Inc.	18		11,095
Mosaic Co.	127		4,242
Newmont Corp.	247		18,377
Nucor Corp.	180		26,771
Packaging Corp. of America	6		1,308
PPG Industries, Inc.	15		1,668
Sherwin-Williams Co.	13		4,756
Smurfit WestRock PLC	103		4,878
Steel Dynamics, Inc.	109		14,270
Vulcan Materials Co.	42		12,229

(Cost $229,421)			228,319

Real Estate — 3.9%
Alexandria Real Estate Equities, Inc. REIT	43		3,545
American Tower Corp. REIT	32		6,523
AvalonBay Communities, Inc. REIT	27		5,288
BXP, Inc. REIT	87		6,308
Camden Property Trust REIT	25		2,800
CBRE Group, Inc., Class A *	245		39,719
CoStar Group, Inc. *	148		13,245
Crown Castle, Inc. REIT	49		4,858
Digital Realty Trust, Inc. REIT	4		671
Equinix, Inc. REIT	1		786
Equity Residential REIT	90		5,951
Essex Property Trust, Inc. REIT	14		3,783
Extra Space Storage, Inc. REIT	78		11,199
Federal Realty Investment Trust REIT	14		1,408
Healthpeak Properties, Inc. REIT	378		6,781
Host Hotels & Resorts, Inc. REIT	638		10,980
Invitation Homes, Inc. REIT	150		4,694
Iron Mountain, Inc. REIT	52		4,801
Kimco Realty Corp. REIT	79		1,777
Mid-America Apartment Communities, Inc. REIT	27		3,937
Prologis, Inc. REIT	149		16,953
Public Storage REIT	63		18,559
Realty Income Corp. REIT	78		4,583
Regency Centers Corp. REIT	20		1,450
SBA Communications Corp. REIT	15		3,073

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025


	Number of Shares	Value $
Simon Property Group, Inc. REIT	26		4,697
UDR, Inc. REIT	74		2,928
Ventas, Inc. REIT	127		8,646
VICI Properties, Inc. REIT	62		2,094
Welltower, Inc. REIT	92		15,482
Weyerhaeuser Co. REIT	602		15,574

(Cost $231,134)			233,093

Utilities — 6.3%
AES Corp.	803		10,873
Alliant Energy Corp.	28		1,822
Ameren Corp.	42		4,191
American Electric Power Co., Inc.	122		13,544
American Water Works Co., Inc.	400		57,404
Atmos Energy Corp.	31		5,150
CenterPoint Energy, Inc.	243		9,163
CMS Energy Corp.	68		4,867
Consolidated Edison, Inc.	143		14,047
Constellation Energy Corp.	21		6,468
Dominion Energy, Inc.	147		8,805
DTE Energy Co.	79		10,795
Duke Energy Corp.	104		12,739
Edison International	306		17,176
Entergy Corp.	50		4,404
Evergy, Inc.	37		2,637
Eversource Energy	145		9,290
Exelon Corp.	540		23,587
FirstEnergy Corp.	136		5,932
NextEra Energy, Inc.	239		17,220


	Number of Shares	Value $
NiSource, Inc.	152		6,425
NRG Energy, Inc.	259		37,700
PG&E Corp.	933		14,256
Pinnacle West Capital Corp.	21		1,877
PPL Corp.	223		8,133
Public Service Enterprise Group, Inc.	115		9,468
Sempra	186		15,356
Southern Co.	141		13,014
Vistra Corp.	103		19,478
WEC Energy Group, Inc.	54		5,752
Xcel Energy, Inc.	94		6,805

(Cost $380,557)			378,378

TOTAL COMMON STOCKS

(Cost $5,979,514)			6,011,816

EXCHANGE-TRADED FUNDS — 0.1%
Invesco S&P 500 Equal Weight ETF (Cost $5,637)	30		5,658

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 4.25% (a) (Cost $28,350)	28,350		28,350

TOTAL INVESTMENTS — 99.9%
(Cost $6,013,501)			6,045,824

Other assets and liabilities, net — 0.1%			7,207

NET ASSETS — 100.0%			6,053,031

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


Value ($) at 7/24/2025 (Commencement of Operations)	Purchases Cost ($)	Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 4.25% (a)
—	30,512		(2,162)		—		—		20		—		28,350		28,350

*	Non-income producing security.

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

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Depreciation ($)

Micro E-Mini S&P 500 Index

USD

32,474

32,364

9/19/2025

(110

)

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

Currency Abbreviations

USD	U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	6,011,816	$	—	$	—	$	6,011,816

Exchange-Traded Funds		5,658		—		—		5,658

Short-Term Investments (a)		28,350		—		—		28,350

TOTAL	$	6,045,824	$	—	$	—	$	6,045,824


Liabilities	Level 1		Level 2		Level 3		Total

Derivatives (b)

Futures Contracts	$	(110)	$	—	$	—	$	(110)

TOTAL	$	(110)	$	—	$	—	$	(110)

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

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

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.4%

Communication Services — 19.3%
Alphabet, Inc., Class A		4,399		936,591
Alphabet, Inc., Class C		3,548		757,604
Electronic Arts, Inc.		104		17,883
Meta Platforms, Inc., Class A		2,161		1,596,331
T-Mobile US, Inc.		287		72,321

(Cost $2,445,460)				3,380,730

Consumer Discretionary — 7.0%
AutoZone, Inc. *		19		79,772
Booking Holdings, Inc.		37		207,165
Carnival Corp. *		1,207		38,491
Darden Restaurants, Inc.		56		11,589
Deckers Outdoor Corp. *		167		19,978
eBay, Inc.		353		31,985
Expedia Group, Inc.		136		29,213
Hilton Worldwide Holdings, Inc.		270		74,536
Home Depot, Inc.		494		200,944
Las Vegas Sands Corp.		376		21,669
Marriott International, Inc., Class A		257		68,840
Norwegian Cruise Line Holdings Ltd. *		482		11,973
O’Reilly Automotive, Inc. *		970		100,570
PulteGroup, Inc.		222		29,309
Ralph Lauren Corp.		43		12,768
Royal Caribbean Cruises Ltd.		282		102,428
Tapestry, Inc.		243		24,742
TJX Cos., Inc.		745		101,775
Tractor Supply Co.		317		19,578
Williams-Sonoma, Inc.		136		25,594
Yum! Brands, Inc.		125		18,371

(Cost $1,024,344)				1,231,290

Consumer Staples — 4.7%
Colgate-Palmolive Co.		413		34,721
Costco Wholesale Corp.		502		473,547
Walmart, Inc.		3,273		317,415

(Cost $822,308)				825,683

Energy — 0.7%
ONEOK, Inc.		401		30,628
Targa Resources Corp.		250		41,940
Williams Cos., Inc.		726		42,021

(Cost $104,627)				114,589

Financials — 13.2%
American Express Co.		626		207,381
Aon PLC, Class A		125		45,875
Apollo Global Management, Inc.		510		69,477
Arch Capital Group Ltd.		431		39,449
Arthur J Gallagher & Co.		131		39,660


	Number of Shares		Value $
Bank of New York Mellon Corp.		443		46,781
FactSet Research Systems, Inc.		20		7,466
Fiserv, Inc. *		627		86,639
Hartford Insurance Group, Inc.		174		23,022
Intercontinental Exchange, Inc.		337		59,514
Jack Henry & Associates, Inc.		32		5,224
Marsh & McLennan Cos., Inc.		245		50,424
Mastercard, Inc., Class A		917		545,881
Moody’s Corp.		91		46,388
Morgan Stanley		628		94,502
MSCI, Inc.		87		49,392
Nasdaq, Inc.		186		17,622
PayPal Holdings, Inc. *		728		51,098
S&P Global, Inc.		167		91,590
Synchrony Financial		427		32,597
Visa, Inc., Class A		1,934		680,343
Willis Towers Watson PLC		52		16,993

(Cost $2,047,279)				2,307,318

Health Care — 7.4%
AbbVie, Inc.		839		176,526
Amgen, Inc.		262		75,380
Boston Scientific Corp. *		1,673		176,501
DaVita, Inc. *		48		6,612
Dexcom, Inc. *		184		13,863
Eli Lilly & Co.		889		651,264
Incyte Corp. *		106		8,969
Insulet Corp. *		81		27,530
Mettler-Toledo International, Inc. *		10		13,010
ResMed, Inc.		166		45,569
Stryker Corp.		206		80,630
Waters Corp. *		30		9,054

(Cost $1,195,161)				1,284,908

Industrials — 9.8%
Allegion PLC		50		8,490
AMETEK, Inc.		119		21,991
Broadridge Financial Solutions, Inc.		57		14,570
Carrier Global Corp.		426		27,775
Caterpillar, Inc.		532		222,929
CSX Corp.		975		31,697
Cummins, Inc.		156		62,157
Dayforce, Inc. *		175		12,210
Deere & Co.		126		60,309
Dover Corp.		68		12,163
Eaton Corp. PLC		442		154,320
Emerson Electric Co.		432		57,024
Fastenal Co.		755		37,493
GE Aerospace		494		135,949
Hubbell, Inc.		60		25,859
Illinois Tool Works, Inc.		127		33,611

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Ingersoll Rand, Inc.		462		36,697
Lennox International, Inc.		35		19,525
Masco Corp.		96		7,046
PACCAR, Inc.		334		33,393
Pentair PLC		117		12,581
Quanta Services, Inc.		168		63,497
Republic Services, Inc.		230		53,813
Trane Technologies PLC		252		104,731
Uber Technologies, Inc. *		2,364		221,625
United Rentals, Inc.		74		70,769
Veralto Corp.		131		13,911
Verisk Analytics, Inc.		68		18,232
W.W. Grainger, Inc.		50		50,675
Waste Management, Inc.		221		50,032
Westinghouse Air Brake Technologies Corp.		196		37,926

(Cost $1,443,125)				1,713,000

Information Technology — 35.0%
Adobe, Inc. *		205		73,124
Apple, Inc.		7,105		1,649,355
Autodesk, Inc. *		242		76,157
Cadence Design Systems, Inc. *		172		60,274
Dell Technologies, Inc., Class C		160		19,544
Fortinet, Inc. *		714		56,242
Gartner, Inc. *		89		22,356
Gen Digital, Inc.		347		10,479
Intuit, Inc.		316		210,772
KLA Corp.		150		130,800
Microsoft Corp.		3,015		1,527,670
NetApp, Inc.		105		11,843
NVIDIA Corp.		9,121		1,588,696
Palo Alto Networks, Inc. *		749		142,699
Salesforce, Inc.		1,085		278,031
ServiceNow, Inc. *		234		214,686
Tyler Technologies, Inc. *		49		27,581
Workday, Inc., Class A *		117		27,006


	Number of Shares		Value $
(Cost $5,069,609)				6,127,315

Materials — 0.5%
Ecolab, Inc.		142		39,340
Sherwin-Williams Co.		150		54,874
(Cost $83,310)				94,214

Real Estate — 1.7%
AvalonBay Communities, Inc. REIT		69		13,514
CBRE Group, Inc., Class A *		337		54,634
Equinix, Inc. REIT		51		40,096
Extra Space Storage, Inc. REIT		105		15,076
Host Hotels & Resorts, Inc. REIT		485		8,347
Iron Mountain, Inc. REIT		341		31,485
Simon Property Group, Inc. REIT		347		62,689
Welltower, Inc. REIT		380		63,946

(Cost $267,087)				289,787

Utilities — 0.1%
Public Service Enterprise Group, Inc.

(Cost $20,665)		257		21,159

TOTAL COMMON STOCKS
(Cost $14,522,975)				17,389,993

EXCHANGE-TRADED FUNDS — 0.1%
SPDR Portfolio S&P 500 Growth ETF

(Cost $29,828)		335		33,329

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.25% (a)

(Cost $44,197)		44,197		44,197

TOTAL INVESTMENTS — 99.8%
(Cost $14,597,000)				17,467,519

Other assets and liabilities, net — 0.2%				26,418

NET ASSETS — 100.0%				17,493,937

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


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
	CASH EQUIVALENTS — 0.3%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (a)
	5,966		259,896		(221,665	)		—		—		517		—		44,197		44,197

*	Non-income producing security.

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

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF (Continued)

August 31, 2025

REIT: Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

Micro E-Mini S&P 500 Index

USD

63,775

64,728

9/19/2025

953

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	17,389,993	$	—	$	—	$	17,389,993

Exchange-Traded Funds		33,329		—		—		33,329

Short-Term Investments (a)		44,197		—		—		44,197

Derivatives (b)
Futures Contracts		953		—		—		953

TOTAL	$	17,468,472	$	—	$	—	$	17,468,472

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

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

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.6%

Communication Services — 12.1%
Alphabet, Inc., Class A		318,235		67,755,414
Alphabet, Inc., Class C		256,474		54,764,893
AT&T, Inc.		393,324		11,520,460
Electronic Arts, Inc.		12,833		2,206,634
Fox Corp., Class A		12,393		739,862
Fox Corp., Class B		5,754		313,881
Interpublic Group of Cos., Inc.		23,257		624,218
Match Group, Inc.		12,942		483,254
Meta Platforms, Inc., Class A		118,696		87,680,735
News Corp., Class A		19,417		571,054
News Corp., Class B (a)		6,957		235,634
Omnicom Group, Inc.		11,213		878,314
Paramount Skydance Corp., Class B * (a)		34,209		502,872
Take-Two Interactive Software, Inc. *		9,240		2,155,415
T-Mobile US, Inc.		26,121		6,582,231
Walt Disney Co.		98,170		11,621,365
Warner Bros Discovery, Inc. *		118,852		1,383,437

(Cost $191,884,749)				250,019,673

Consumer Discretionary — 5.3%
Aptiv PLC *		11,816		939,726
AutoZone, Inc. *		912		3,829,059
Best Buy Co., Inc.		11,011		810,850
Booking Holdings, Inc.		1,759		9,848,729
Caesars Entertainment, Inc. *		11,937		319,554
Carnival Corp. *		59,223		1,888,621
D.R. Horton, Inc.		15,281		2,589,824
Darden Restaurants, Inc.		6,303		1,304,343
Deckers Outdoor Corp. *		8,285		991,135
eBay, Inc.		25,918		2,348,430
Expedia Group, Inc.		6,630		1,424,124
Ford Motor Co.		209,674		2,467,863
General Motors Co.		53,772		3,150,502
Hasbro, Inc.		7,394		600,171
Hilton Worldwide Holdings, Inc.		12,884		3,556,757
Home Depot, Inc.		54,107		22,009,104
Las Vegas Sands Corp.		18,350		1,057,511
LKQ Corp.		14,823		483,526
Lowe’s Cos., Inc.		30,695		7,921,152
Marriott International, Inc., Class A		12,260		3,283,964
MGM Resorts International *		12,874		510,969
NIKE, Inc., Class B		63,786		4,935,123
Norwegian Cruise Line Holdings Ltd. *		23,803		591,267
O’Reilly Automotive, Inc. *		46,797		4,851,913
PulteGroup, Inc.		10,718		1,414,990
Ralph Lauren Corp.		2,313		686,799


	Number of Shares		Value $
Royal Caribbean Cruises Ltd.		13,759		4,997,544
Starbucks Corp.		61,739		5,444,762
Tapestry, Inc.		11,114		1,131,627
TJX Cos., Inc.		61,186		8,358,619
Tractor Supply Co.		28,525		1,761,704
Ulta Beauty, Inc. *		2,517		1,240,201
Williams-Sonoma, Inc.		6,630		1,247,700
Yum! Brands, Inc.		15,156		2,227,477

(Cost $94,435,008)				110,225,640

Consumer Staples — 5.1%
Archer-Daniels-Midland Co.		27,778		1,740,014
Bunge Global SA		6,905		581,539
Church & Dwight Co., Inc.		13,150		1,225,054
Clorox Co.		6,460		763,572
Coca-Cola Co.		210,900		14,549,991
Colgate-Palmolive Co.		43,986		3,697,903
Conagra Brands, Inc.		26,105		499,389
Constellation Brands, Inc., Class A		8,313		1,346,207
Costco Wholesale Corp.		24,175		22,804,761
Estee Lauder Cos., Inc., Class A		13,026		1,194,875
General Mills, Inc.		29,413		1,450,943
Hershey Co.		8,401		1,543,684
Hormel Foods Corp.		16,389		416,936
J M Smucker Co.		6,258		691,572
Kellanova		14,946		1,188,207
Keurig Dr Pepper, Inc.		74,012		2,153,009
Kimberly-Clark Corp.		17,883		2,309,411
Kraft Heinz Co.		50,343		1,408,094
Kroger Co.		33,542		2,275,489
Lamb Weston Holdings, Inc.		8,044		462,771
McCormick & Co., Inc.		13,356		939,862
Molson Coors Beverage Co., Class B		9,959		502,830
Mondelez International, Inc., Class A		70,043		4,303,442
PepsiCo, Inc.		74,330		11,049,154
Target Corp.		24,647		2,365,619
The Campbell’s Company		11,313		361,224
Walmart, Inc.		236,380		22,924,132

(Cost $102,002,165)				104,749,684

Energy — 3.5%
APA Corp.		15,557		361,234
Baker Hughes Co.		53,250		2,417,550
Chevron Corp.		150		24,090
ConocoPhillips		68,949		6,823,883
Devon Energy Corp.		35,875		1,295,088
Diamondback Energy, Inc.		10,629		1,581,170
EOG Resources, Inc.		30,331		3,785,915
EQT Corp.		33,835		1,754,006
Expand Energy Corp.		11,192		1,083,162

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Exxon Mobil Corp.		235,624		26,929,467
Halliburton Co.		50,063		1,137,932
Kinder Morgan, Inc.		105,646		2,850,329
Marathon Petroleum Corp.		16,718		3,004,392
Occidental Petroleum Corp.		38,569		1,836,270
ONEOK, Inc.		33,664		2,571,256
Phillips 66		22,243		2,971,220
Schlumberger NV		82,013		3,021,359
Targa Resources Corp.		11,890		1,994,666
Valero Energy Corp.		16,991		2,582,802
Williams Cos., Inc.		66,617		3,855,792

(Cost $68,720,576)				71,881,583

Financials — 13.9%
Aflac, Inc.		26,914		2,876,030
Allstate Corp.		14,390		2,927,645
American Express Co.		29,982		9,932,437
American International Group, Inc.		32,053		2,606,550
Ameriprise Financial, Inc.		5,181		2,667,231
Aon PLC, Class A		11,786		4,325,462
Apollo Global Management, Inc.		24,208		3,297,856
Arch Capital Group Ltd.		21,312		1,950,687
Arthur J Gallagher & Co.		14,105		4,270,289
Assurant, Inc.		2,948		635,618
Bank of America Corp.		357,218		18,125,241
Bank of New York Mellon Corp.		38,619		4,078,166
Blackrock, Inc.		7,879		8,880,736
Capital One Financial Corp.		34,980		7,948,156
Cboe Global Markets, Inc.		5,952		1,404,374
Charles Schwab Corp.		92,594		8,874,209
Chubb Ltd.		20,322		5,589,973
Citigroup, Inc.		101,842		9,834,882
Citizens Financial Group, Inc.		25,322		1,323,834
CME Group, Inc.		19,621		5,229,193
Everest Group Ltd.		2,447		836,580
FactSet Research Systems, Inc.		2,186		816,078
Fidelity National Information Services, Inc.		28,678		2,002,011
Fifth Third Bancorp		34,716		1,588,951
Fiserv, Inc. *		30,291		4,185,610
Franklin Resources, Inc.		17,325		444,560
Global Payments, Inc.		13,236		1,175,622
Goldman Sachs Group, Inc.		16,797		12,517,964
Hartford Insurance Group, Inc.		15,500		2,050,805
Huntington Bancshares, Inc.		84,856		1,511,285
Intercontinental Exchange, Inc.		31,227		5,514,688
Invesco Ltd.		24,970		546,593
Jack Henry & Associates, Inc.		3,994		652,060
KeyCorp		54,366		1,052,526
M&T Bank Corp.		8,593		1,732,864
MarketAxess Holdings, Inc.		2,315		425,590


	Number of Shares		Value $
Marsh & McLennan Cos., Inc.		26,795		5,514,679
Mastercard, Inc., Class A		44,561		26,526,718
MetLife, Inc.		31,014		2,523,299
Moody’s Corp.		8,385		4,274,338
Morgan Stanley		67,256		10,120,683
MSCI, Inc.		4,193		2,380,450
Nasdaq, Inc.		23,514		2,227,716
Northern Trust Corp.		11,389		1,495,148
PayPal Holdings, Inc. *		53,462		3,752,498
PNC Financial Services Group, Inc.		21,462		4,452,077
Principal Financial Group, Inc.		10,954		881,907
Prudential Financial, Inc.		18,704		2,051,081
Raymond James Financial, Inc.		9,886		1,675,084
Regions Financial Corp.		51,939		1,422,609
S&P Global, Inc.		17,099		9,377,776
State Street Corp.		14,968		1,720,871
Synchrony Financial		20,609		1,573,291
T. Rowe Price Group, Inc.		12,617		1,357,842
Travelers Cos., Inc.		12,281		3,334,414
Truist Financial Corp.		70,427		3,297,392
US Bancorp		83,300		4,067,539
Visa, Inc., Class A		93,629		32,936,810
Wells Fargo & Co.		178,729		14,687,949
Willis Towers Watson PLC		5,419		1,770,875

(Cost $233,207,970)				287,255,402

Health Care — 9.8%
Abbott Laboratories		95,354		12,649,662
AbbVie, Inc.		96,169		20,233,958
Agilent Technologies, Inc.		15,782		1,983,166
Amgen, Inc.		29,222		8,407,462
Baxter International, Inc.		27,787		686,061
Becton Dickinson & Co.		15,498		2,990,804
Biogen, Inc. *		8,405		1,111,309
Boston Scientific Corp. *		80,424		8,484,732
Bristol-Myers Squibb Co.		110,386		5,208,011
Cardinal Health, Inc.		13,194		1,963,003
Cencora, Inc.		9,381		2,735,593
Centene Corp. *		26,672		774,555
Charles River Laboratories International, Inc. *		2,916		476,212
Cigna Group		14,645		4,406,241
CVS Health Corp.		69,371		5,074,489
Danaher Corp.		34,739		7,149,981
DaVita, Inc. *		2,137		294,393
Edwards Lifesciences Corp. *		31,952		2,598,976
Elevance Health, Inc.		12,382		3,945,524
Eli Lilly & Co.		42,942		31,458,450
GE HealthCare Technologies, Inc.		23,915		1,763,253
Gilead Sciences, Inc.		67,924		7,673,374
Humana, Inc.		6,585		1,999,601

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Incyte Corp. *		9,014		762,675
IQVIA Holdings, Inc. *		8,842		1,687,142
Medtronic PLC		69,680		6,467,001
Merck & Co., Inc.		137,603		11,575,164
Mettler-Toledo International, Inc. *		1,132		1,472,777
Moderna, Inc. *		19,723		475,127
Quest Diagnostics, Inc.		6,196		1,125,441
Regeneron Pharmaceuticals, Inc.		5,672		3,293,730
ResMed, Inc.		8,269		2,269,923
Revvity, Inc.		6,788		611,667
Stryker Corp.		18,638		7,295,100
Thermo Fisher Scientific, Inc.		20,751		10,224,433
UnitedHealth Group, Inc.		49,580		15,363,355
Viatris, Inc.		67,774		715,016
Waters Corp. *		3,285		991,413
Zoetis, Inc.		24,195		3,784,098

(Cost $207,718,557)				202,182,872

Industrials — 6.9%
Allegion PLC		4,697		797,551
AMETEK, Inc.		12,419		2,295,031
Broadridge Financial Solutions, Inc.		6,659		1,702,174
C.H. Robinson Worldwide, Inc.		6,688		860,746
Carrier Global Corp.		43,484		2,835,157
Caterpillar, Inc.		25,948		10,873,250
CSX Corp.		103,146		3,353,276
Cummins, Inc.		7,518		2,995,472
Dayforce, Inc. *		8,388		585,231
Deere & Co.		13,742		6,577,471
Delta Air Lines, Inc.		35,554		2,196,526
Dover Corp.		7,801		1,395,287
Eaton Corp. PLC		21,458		7,491,846
Emerson Electric Co.		30,535		4,030,620
Fastenal Co.		62,236		3,090,640
Fortive Corp.		17,865		855,019
GE Aerospace		58,494		16,097,549
Hubbell, Inc.		3,006		1,295,556
Illinois Tool Works, Inc.		14,329		3,792,170
Ingersoll Rand, Inc.		21,515		1,708,936
JB Hunt Transport Services, Inc.		4,470		648,105
Johnson Controls International PLC		35,697		3,815,652
Lennox International, Inc.		1,808		1,008,611
Masco Corp.		12,151		891,762
Norfolk Southern Corp.		12,137		3,398,117
Otis Worldwide Corp.		22,510		1,944,414
PACCAR, Inc.		28,072		2,806,638
Pentair PLC		9,529		1,024,653
Quanta Services, Inc.		7,966		3,010,829
Republic Services, Inc.		11,123		2,602,448
Rockwell Automation, Inc.		6,234		2,140,943


	Number of Shares		Value $
Southwest Airlines Co.		31,743		1,044,345
Stanley Black & Decker, Inc.		8,040		597,292
Trane Technologies PLC		12,117		5,035,825
Uber Technologies, Inc. *		113,739		10,663,031
Union Pacific Corp.		32,753		7,322,588
United Airlines Holdings, Inc. *		17,734		1,862,070
United Rentals, Inc.		3,523		3,369,186
Veralto Corp.		13,280		1,410,203
Verisk Analytics, Inc.		7,686		2,060,770
W.W. Grainger, Inc.		2,487		2,520,574
Waste Management, Inc.		19,884		4,501,539
Westinghouse Air Brake Technologies Corp.		9,736		1,883,916
Xylem, Inc.		12,776		1,808,571

(Cost $113,018,674)				142,201,590

Information Technology — 37.9%
Accenture PLC, Class A		34,013		8,842,360
Adobe, Inc. *		23,310		8,314,677
Advanced Micro Devices, Inc. *		88,665		14,419,589
Akamai Technologies, Inc. *		9,073		717,946
Apple, Inc.		816,465		189,534,185
Applied Materials, Inc.		44,179		7,102,216
Autodesk, Inc. *		11,598		3,649,891
Cadence Design Systems, Inc. *		14,884		5,215,800
Cisco Systems, Inc.		217,073		14,997,573
Corning, Inc.		41,996		2,814,992
Dell Technologies, Inc., Class C		16,353		1,997,519
Fortinet, Inc. *		34,635		2,728,199
Gen Digital, Inc.		28,821		870,394
Hewlett Packard Enterprise Co.		73,077		1,649,348
HP, Inc.		49,483		1,412,245
Intel Corp. *		235,398		5,731,941
Jabil, Inc.		5,872		1,202,762
Keysight Technologies, Inc. *		9,161		1,497,182
KLA Corp.		7,227		6,301,944
Lam Research Corp.		70,089		7,019,413
Micron Technology, Inc.		61,089		7,270,202
Microsoft Corp.		406,296		205,866,120
NetApp, Inc.		10,854		1,224,223
NVIDIA Corp.		1,332,946		232,172,534
ON Semiconductor Corp. *		22,740		1,127,677
Palo Alto Networks, Inc. *		36,032		6,864,817
QUALCOMM, Inc.		60,231		9,680,929
Salesforce, Inc.		52,369		13,419,556
Seagate Technology Holdings PLC		11,327		1,896,140
ServiceNow, Inc. *		11,334		10,398,492
TE Connectivity PLC		16,119		3,328,573
Western Digital Corp.		19,669		1,580,207

(Cost $577,759,026)				780,849,646

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $

Materials — 2.1%
Air Products and Chemicals, Inc.		12,054		3,545,202
Albemarle Corp.		6,796		577,116
Amcor PLC		122,251		1,055,026
Avery Dennison Corp.		4,512		774,485
Ball Corp.		14,841		781,230
CF Industries Holdings, Inc.		8,706		754,201
Dow, Inc.		36,544		900,079
Ecolab, Inc.		13,561		3,756,939
Freeport-McMoRan, Inc.		77,172		3,426,437
International Flavors & Fragrances, Inc.		14,311		966,136
Linde PLC		25,920		12,397,277
LyondellBasell Industries NV, Class A		13,445		757,626
Mosaic Co.		17,395		580,993
Newmont Corp.		62,050		4,616,520
PPG Industries, Inc.		12,376		1,376,582
Sherwin-Williams Co.		12,569		4,598,117
Smurfit WestRock PLC		28,044		1,328,164

(Cost $40,774,554)				42,192,130

Real Estate — 2.2%
Alexandria Real Estate Equities, Inc. REIT		8,792		724,812
American Tower Corp. REIT		25,405		5,178,809
AvalonBay Communities, Inc. REIT		7,948		1,556,616
BXP, Inc. REIT		8,201		594,655
CBRE Group, Inc., Class A *		15,814		2,563,766
CoStar Group, Inc. *		23,182		2,074,557
Digital Realty Trust, Inc. REIT		17,099		2,866,476
Equinix, Inc. REIT		5,283		4,153,442
Equity Residential REIT		17,764		1,174,556
Extra Space Storage, Inc. REIT		12,062		1,731,862
Federal Realty Investment Trust REIT		4,400		442,420
Healthpeak Properties, Inc. REIT		39,683		711,913
Host Hotels & Resorts, Inc. REIT		39,837		685,595
Iron Mountain, Inc. REIT		16,840		1,554,837
Kimco Realty Corp. REIT		37,626		846,209
Prologis, Inc. REIT		50,189		5,710,504
Public Storage REIT		8,479		2,497,829
Regency Centers Corp. REIT		8,923		646,917
SBA Communications Corp.
REIT		5,709		1,169,489
Ventas, Inc. REIT		24,815		1,689,405
Welltower, Inc. REIT		34,146		5,746,089
Weyerhaeuser Co. REIT		41,353		1,069,802

(Cost $44,553,383)				45,390,560

Utilities — 0.8%


	Number of Shares		Value $
American Water Works Co., Inc.		10,389		1,490,925
CenterPoint Energy, Inc.		35,195		1,327,204
Consolidated Edison, Inc.		19,545		1,919,905
Entergy Corp.		24,224		2,133,892
Eversource Energy		20,473		1,311,705
Exelon Corp.		55,790		2,436,907
Public Service Enterprise Group, Inc.		27,518		2,265,557
Sempra		35,817		2,957,052

(Cost $14,989,069)				15,843,147

TOTAL COMMON STOCKS

(Cost $1,689,063,731)				2,052,791,927

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)

(Cost $504,326)		504,326		504,326

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $6,679,056)		6,679,056		6,679,056

TOTAL INVESTMENTS — 99.9%
(Cost $1,696,247,113)				2,059,975,309

Other assets and liabilities, net — 0.1%				1,888,973

NET ASSETS — 100.0%				2,061,864,282

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
181,933		322,393	(d)		—			—		—		249		—		504,326		504,326
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
2,883,809		27,885,731			(24,090,484	)		—		—		134,229		—		6,679,056		6,679,056

3,065,742		28,208,124			(24,090,484	)		—		—		134,478		—		7,183,382		7,183,382

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $493,930, which is 0.0% of net assets.

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

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

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

REIT:

Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

E-Mini S&P 500 ESG Index

USD

2,119,780

2,252,800

9/19/2025

133,020

E-Mini S&P 500 Index

USD

6,368,250

6,472,750

9/19/2025

104,500

Total unrealized appreciation

237,520

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

Currency Abbreviations

USD	U.S. Dollar

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	2,052,791,927	$	—	$	—	$	2,052,791,927
Short-Term Investments (a)		7,183,382		—		—		7,183,382
Derivatives (b)
Futures Contracts		237,520		—		—		237,520

TOTAL	$	2,060,212,829	$	—	$	—	$	2,060,212,829

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

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

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.6%

Communication Services — 3.7%
AT&T, Inc.		3,005		88,017
Electronic Arts, Inc.		58		9,973
Fox Corp., Class A		80		4,776
Fox Corp., Class B		58		3,164
Interpublic Group of Cos., Inc.		160		4,294
Match Group, Inc.		108		4,033
News Corp., Class A		139		4,088
News Corp., Class B		48		1,626
Omnicom Group, Inc.		85		6,658
Paramount Skydance Corp., Class B *		153		2,249
Take-Two Interactive Software, Inc. *		71		16,562
T-Mobile US, Inc.		94		23,687
Walt Disney Co.		750		88,785
Warner Bros Discovery, Inc. *		961		11,186

(Cost $215,031)				269,098

Consumer Discretionary — 5.4%
Aptiv PLC *		93		7,396
Best Buy Co., Inc.		84		6,186
Caesars Entertainment, Inc. *		91		2,436
D.R. Horton, Inc.		118		19,999
Darden Restaurants, Inc.		28		5,794
eBay, Inc.		68		6,161
Ford Motor Co.		1,591		18,726
General Motors Co.		395		23,143
Hasbro, Inc.		57		4,627
Home Depot, Inc.		232		94,371
LKQ Corp.		112		3,653
Lowe’s Cos., Inc.		236		60,902
MGM Resorts International *		85		3,374
NIKE, Inc., Class B		491		37,989
Starbucks Corp.		474		41,802
TJX Cos., Inc.		190		25,956
Tractor Supply Co.		106		6,547
Ulta Beauty, Inc. *		18		8,869
Yum! Brands, Inc.		68		9,994

(Cost $343,285)				387,925

Consumer Staples — 6.7%
Archer-Daniels-Midland Co.		207		12,966
Bunge Global SA		58		4,885
Church & Dwight Co., Inc.		106		9,875
Clorox Co.		54		6,383
Coca-Cola Co.		1,620		111,764
Colgate-Palmolive Co.		184		15,469
Conagra Brands, Inc.		207		3,960
Estee Lauder Cos., Inc., Class A		101		9,265
General Mills, Inc.		219		10,803


	Number of Shares		Value $
Hershey Co.		64		11,760
J M Smucker Co.		46		5,083
Kellanova		116		9,222
Keurig Dr Pepper, Inc.		554		16,116
Kimberly-Clark Corp.		135		17,434
Kraft Heinz Co.		343		9,594
Kroger Co.		262		17,774
McCormick & Co., Inc.		109		7,670
Molson Coors Beverage Co., Class B		75		3,787
Mondelez International, Inc., Class A		542		33,300
PepsiCo, Inc.		570		84,731
Target Corp.		186		17,852
The Campbell’s Company		85		2,714
Walmart, Inc.		597		57,897

(Cost $485,880)				480,304

Energy — 7.1%
APA Corp.		159		3,692
Baker Hughes Co.		423		19,204
ConocoPhillips		530		52,454
Devon Energy Corp.		252		9,097
Diamondback Energy, Inc.		75		11,157
EOG Resources, Inc.		226		28,209
EQT Corp.		256		13,271
Expand Energy Corp.		90		8,710
Exxon Mobil Corp.		1,801		205,836
Halliburton Co.		374		8,501
Kinder Morgan, Inc.		800		21,584
Marathon Petroleum Corp.		127		22,823
Occidental Petroleum Corp.		306		14,569
ONEOK, Inc.		117		8,937
Phillips 66		170		22,709
Schlumberger NV		620		22,841
Valero Energy Corp.		131		19,913
Williams Cos., Inc.		252		14,586

(Cost $471,819)				508,093

Financials — 17.6%
Aflac, Inc.		209		22,334
Allstate Corp.		109		22,176
American International Group, Inc.		245		19,923
Aon PLC, Class A		43		15,781
Assurant, Inc.		22		4,743
Bank of America Corp.		2,735		138,774
Bank of New York Mellon Corp.		133		14,045
Blackrock, Inc.		61		68,756
Capital One Financial Corp.		266		60,440
Cboe Global Markets, Inc.		45		10,618
Charles Schwab Corp.		713		68,334
Chubb Ltd.		155		42,636

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Citigroup, Inc.		780		75,325
Citizens Financial Group, Inc.		188		9,829
CME Group, Inc.		151		40,243
FactSet Research Systems, Inc.		9		3,360
Fidelity National Information Services, Inc.		217		15,149
Fifth Third Bancorp		274		12,541
Franklin Resources, Inc.		132		3,387
Global Payments, Inc.		107		9,504
Goldman Sachs Group, Inc.		128		95,392
Hartford Insurance Group, Inc.		56		7,409
Huntington Bancshares, Inc.		625		11,131
Intercontinental Exchange, Inc.		113		19,956
Invesco Ltd.		193		4,225
Jack Henry & Associates, Inc.		19		3,102
KeyCorp		428		8,286
M&T Bank Corp.		66		13,310
MarketAxess Holdings, Inc.		16		2,941
Marsh & McLennan Cos., Inc.		118		24,286
MetLife, Inc.		240		19,526
Moody’s Corp.		30		15,293
Morgan Stanley		283		42,586
Nasdaq, Inc.		105		9,948
Northern Trust Corp.		84		11,027
PayPal Holdings, Inc. *		139		9,756
PNC Financial Services Group, Inc.		164		34,020
Principal Financial Group, Inc.		90		7,246
Prudential Financial, Inc.		144		15,791
Raymond James Financial, Inc.		30		5,083
Regions Financial Corp.		355		9,723
S&P Global, Inc.		71		38,939
State Street Corp.		116		13,336
T. Rowe Price Group, Inc.		95		10,224
Truist Financial Corp.		541		25,330
US Bancorp		646		31,544
Wells Fargo & Co.		1,359		111,683
Willis Towers Watson PLC		22		7,189

(Cost $967,472)				1,266,180

Health Care — 15.1%
Abbott Laboratories		728		96,577
AbbVie, Inc.		428		90,051
Agilent Technologies, Inc.		123		15,456
Amgen, Inc.		128		36,827
Baxter International, Inc.		220		5,432
Becton Dickinson & Co.		118		22,772
Biogen, Inc. *		63		8,330
Bristol-Myers Squibb Co.		847		39,962
Cardinal Health, Inc.		99		14,729
Cencora, Inc.		74		21,579
Centene Corp. *		214		6,215


	Number of Shares		Value $
Charles River Laboratories International, Inc. *		22		3,593
Cigna Group		111		33,397
CVS Health Corp.		528		38,623
Danaher Corp.		265		54,542
Edwards Lifesciences Corp. *		242		19,684
Elevance Health, Inc.		94		29,953
GE HealthCare Technologies, Inc.		188		13,861
Gilead Sciences, Inc.		520		58,744
Humana, Inc.		49		14,879
Incyte Corp. *		33		2,792
IQVIA Holdings, Inc. *		68		12,975
Medtronic PLC		535		49,653
Merck & Co., Inc.		1,047		88,074
Mettler-Toledo International, Inc. *		5		6,505
Moderna, Inc. *		146		3,517
Quest Diagnostics, Inc.		48		8,719
Regeneron Pharmaceuticals, Inc.		43		24,970
Revvity, Inc.		52		4,686
Stryker Corp.		69		27,007
Thermo Fisher Scientific, Inc.		158		77,850
UnitedHealth Group, Inc.		379		117,441
Viatris, Inc.		517		5,454
Waters Corp. *		14		4,225
Zoetis, Inc.		184		28,778

(Cost $1,174,115)				1,087,852

Industrials — 6.2%
Allegion PLC		18		3,056
AMETEK, Inc.		52		9,610
Broadridge Financial Solutions, Inc.		28		7,157
C.H. Robinson Worldwide, Inc.		51		6,564
Carrier Global Corp.		167		10,888
CSX Corp.		423		13,752
Deere & Co.		59		28,240
Dover Corp.		33		5,902
Emerson Electric Co.		72		9,504
Fastenal Co.		212		10,528
Fortive Corp.		147		7,035
GE Aerospace		263		72,378
Illinois Tool Works, Inc.		68		17,996
JB Hunt Transport Services, Inc.		35		5,075
Johnson Controls International PLC		274		29,288
Masco Corp.		54		3,963
Norfolk Southern Corp.		94		26,318
Otis Worldwide Corp.		161		13,907
PACCAR, Inc.		102		10,198
Pentair PLC		25		2,688
Rockwell Automation, Inc.		48		16,485

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Southwest Airlines Co.		225		7,403
Stanley Black & Decker, Inc.		66		4,903
Union Pacific Corp.		248		55,445
United Parcel Service, Inc., Class B		301		26,319
Veralto Corp.		56		5,947
Verisk Analytics, Inc.		32		8,580
Waste Management, Inc.		74		16,753
Xylem, Inc.		98		13,873

(Cost $391,940)				449,755

Information Technology — 28.9%
Accenture PLC, Class A		262		68,112
Adobe, Inc. *		103		36,740
Advanced Micro Devices, Inc. *		677		110,101
Akamai Technologies, Inc. *		65		5,143
Analog Devices, Inc.		207		52,021
Apple, Inc.		2,931		680,402
Cisco Systems, Inc.		1,663		114,897
Corning, Inc.		317		21,249
Dell Technologies, Inc., Class C		68		8,306
First Solar, Inc. *		22		4,294
Hewlett Packard Enterprise Co.		565		12,752
HP, Inc.		404		11,530
Intel Corp. *		1,818		44,268
Jabil, Inc.		43		8,808
Keysight Technologies, Inc. *		74		12,094
Lam Research Corp.		533		53,380
Micron Technology, Inc.		466		55,459
Microsoft Corp.		1,245		630,829
NetApp, Inc.		46		5,188
NXP Semiconductors NV		62		14,561
ON Semiconductor Corp. *		181		8,976
QUALCOMM, Inc.		458		73,614
Seagate Technology Holdings PLC		91		15,233
TE Connectivity PLC		122		25,193
Western Digital Corp.		150		12,051

(Cost $1,772,801)				2,085,201

Materials — 3.9%
Air Products and Chemicals, Inc.		93		27,352
Albemarle Corp.		50		4,246
Amcor PLC		985		8,501
Avery Dennison Corp.		35		6,008
Ball Corp.		115		6,054
Dow, Inc.		303		7,463
Ecolab, Inc.		52		14,406
Freeport-McMoRan, Inc.		596		26,462
International Flavors & Fragrances, Inc.		110		7,426
Linde PLC		197		94,223


	Number of Shares		Value $
LyondellBasell Industries NV, Class A		111		6,255
Mosaic Co.		137		4,576
Newmont Corp.		463		34,447
PPG Industries, Inc.		93		10,344
Sherwin-Williams Co.		40		14,633
Smurfit WestRock PLC		213		10,088

(Cost $256,823)				282,484

Real Estate — 3.4%
Alexandria Real Estate Equities,
Inc. REIT		66		5,441
American Tower Corp. REIT		194		39,547
AvalonBay Communities, Inc. REIT		35		6,855
BXP, Inc. REIT		63		4,568
CoStar Group, Inc. *		171		15,303
Digital Realty Trust, Inc. REIT		131		21,961
Equinix, Inc. REIT		22		17,296
Equity Residential REIT		148		9,786
Extra Space Storage, Inc. REIT		50		7,179
Federal Realty Investment Trust REIT		34		3,419
Healthpeak Properties, Inc. REIT		301		5,400
Host Hotels & Resorts, Inc. REIT		110		1,893
Kimco Realty Corp. REIT		293		6,590
Prologis, Inc. REIT		384		43,691
Regency Centers Corp. REIT		70		5,075
SBA Communications Corp. REIT		46		9,423
Ventas, Inc. REIT		187		12,731
Welltower, Inc. REIT		116		19,520
Weyerhaeuser Co. REIT		312		8,071

(Cost $237,885)				243,749

Utilities — 1.6%
American Water Works Co., Inc.		79		11,337
CenterPoint Energy, Inc.		281		10,597
Consolidated Edison, Inc.		149		14,636
Entergy Corp.		181		15,944
Eversource Energy		158		10,123
Exelon Corp.		431		18,826
Public Service Enterprise Group, Inc.		114		9,386
Sempra		270		22,291

(Cost $102,144)				113,140

TOTAL COMMON STOCKS

(Cost $6,419,195)				7,173,781

EXCHANGE-TRADED FUNDS — 0.3%
SPDR Portfolio S&P 500 Value ETF		110		6,010
Vanguard S&P 500 Value ETF		60		11,816

(Cost $17,257)				17,826

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.25% (a)

(Cost $1,497)		1,497		1,497

TOTAL INVESTMENTS — 99.9%
(Cost $6,437,949)				7,193,104
Other assets and liabilities, net — 0.1%				9,769

NET ASSETS — 100.0%				7,202,873

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


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
	SECURITIES LENDING COLLATERAL — 0.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (a)(b)
	2,333		—		(2,333	) (c)		—		—		4		—		—		—
	CASH EQUIVALENTS — 0.0%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (a)
	2,715		279,936		(281,154	)		—		—		368		—		1,497		1,497

	5,048		279,936		(283,487	)		—		—		372		—		1,497		1,497

*	Non-income producing security.

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

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

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

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	7,173,781	$	—	$	—	$	7,173,781

Exchange-Traded Funds		17,826		—		—		17,826

Short-Term Investments (a)		1,497		—		—		1,497

TOTAL	$	7,193,104	$	—	$	—	$	7,193,104

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

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS – 99.2%

Communication Services – 3.3%
Verizon Communications, Inc.

(Cost $185,270)		4,642		205,316

Consumer Discretionary – 3.5%
Best Buy Co., Inc.		1,529		112,596
Lowe’s Cos., Inc.		192		49,547
NIKE, Inc., Class B		764		59,111

(Cost $210,931)				221,254

Consumer Staples – 15.9%
Archer-Daniels-Midland Co.		1,869		117,074
Church & Dwight Co., Inc.		266		24,781
Clorox Co.		466		55,081
Coca-Cola Co.		1,264		87,203
Colgate-Palmolive Co.		639		53,721
Costco Wholesale Corp.		14		13,207
Hormel Foods Corp.		3,193		81,230
J M Smucker Co.		884		97,691
Kimberly-Clark Corp.		752		97,113
McCormick & Co., Inc.		932		65,585
PepsiCo, Inc.		577		85,771
Procter & Gamble Co.		379		59,518
Sysco Corp.		904		72,745
Target Corp.		631		60,563
Walmart, Inc.		239		23,178

(Cost $1,042,038)				994,461

Energy – 3.8%
Chevron Corp.		730		117,238
Exxon Mobil Corp.		945		108,004
Texas Pacific Land Corp.		12		11,202

(Cost $228,747)				236,444

Financials – 9.0%
Aflac, Inc.		587		62,727
Assurant, Inc.		218		47,003
Chubb Ltd.		138		37,960
FactSet Research Systems, Inc.		55		20,532
Franklin Resources, Inc.		8,576		220,060
Jack Henry & Associates, Inc.		196		31,999
RenaissanceRe Holdings Ltd.		64		15,551
S&P Global, Inc.		41		22,486
T. Rowe Price Group, Inc.		964		103,746

(Cost $505,105)				562,064

Health Care – 6.9%
Abbott Laboratories		490		65,003
AbbVie, Inc.		668		140,547
Becton Dickinson & Co.		218		42,070
Cardinal Health, Inc.		374		55,644
Cencora, Inc.		100		29,161


	Number of Shares		Value $
Medtronic PLC		1,045		96,987
West Pharmaceutical Services, Inc.		20		4,939

(Cost $363,985)				434,351

Industrials – 16.8%
ABM Industries, Inc.		1,007		49,514
Automatic Data Processing, Inc.		194		58,986
C.H. Robinson Worldwide, Inc.		634		81,596
Carlisle Cos., Inc.		59		22,767
Caterpillar, Inc.		106		44,418
Cintas Corp.		112		23,523
CSX Corp.		1,112		36,151
Donaldson Co., Inc.		586		46,687
Dover Corp.		150		26,829
Emerson Electric Co.		345		45,540
Expeditors International of Washington, Inc.		337		40,622
Franklin Electric Co., Inc.		281		27,499
Illinois Tool Works, Inc.		237		62,722
JB Hunt Transport Services, Inc.		162		23,488
Lincoln Electric Holdings, Inc.		206		49,982
MSA Safety, Inc.		186		31,732
Pentair PLC		258		27,743
Republic Services, Inc.		140		32,756
Robert Half, Inc.		1,239		46,239
Ryder System, Inc.		311		58,319
Stanley Black & Decker, Inc.		1,506		111,881
Toro Co.		589		47,744
W.W. Grainger, Inc.		18		18,243
Waste Management, Inc.		181		40,976

(Cost $947,938)				1,055,957

Information Technology – 5.8%
Analog Devices, Inc.		226		56,796
Badger Meter, Inc.		84		15,365
Microchip Technology, Inc.		1,561		101,465
Microsoft Corp.		46		23,308
QUALCOMM, Inc.		370		59,470
Roper Technologies, Inc.		32		16,842
Texas Instruments, Inc.		440		89,091

(Cost $314,850)				362,337

Materials – 10.1%
Air Products and Chemicals, Inc.		209		61,469
Albemarle Corp.		534		45,347
Amcor PLC		13,811		119,189
AptarGroup, Inc.		187		26,043
Ecolab, Inc.		125		34,630
HB Fuller Co.		555		33,883
Linde PLC		77		36,828
Nucor Corp.		393		58,451
PPG Industries, Inc.		504		56,060
Royal Gold, Inc.		245		43,997

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Sherwin-Williams Co.		65		23,779
Sonoco Products Co.		1,959		92,563

(Cost $620,851)				632,239

Real Estate — 6.7%
Equity LifeStyle Properties, Inc. REIT		1,133		68,309
Essex Property Trust, Inc. REIT		337		91,061
Federal Realty Investment Trust REIT		988		99,343
Realty Income Corp. REIT		2,748		161,472

(Cost $401,860)				420,185

Utilities — 17.4%
American States Water Co.		609		45,389
California Water Service Group		945		44,349
Consolidated Edison, Inc.		989		97,149
Edison International		1,867		104,795
Essential Utilities, Inc.		2,569		101,501
Eversource Energy		2,354		150,821
National Fuel Gas Co.		1,205		104,522
New Jersey Resources Corp.		1,300		61,477
NextEra Energy, Inc.		1,032		74,355


	Number of Shares		Value $
ONE Gas, Inc.		1,068		81,702
Spire, Inc.		985		75,451
UGI Corp.		4,409		152,728

(Cost $985,335)				1,094,239

TOTAL COMMON STOCKS

(Cost $5,806,910)				6,218,847

EXCHANGE-TRADED FUNDS – 0.3%
ProShares S&P 500 Dividend Aristocrats ETF		75		7,862
Xtrackers S&P 500 Scored & Screened ETF (a)		95		5,521

(Cost $11,688)				13,383

CASH EQUIVALENTS – 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $21,666)		21,666		21,666

TOTAL INVESTMENTS – 99.8%

(Cost $5,840,264)				6,253,896

Other assets and liabilities, net – 0.2%				14,218

NET ASSETS — 100.0%				6,268,114

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
EXCHANGE-TRADED FUNDS — 0.1%
Xtrackers S&P 500 Scored & Screened ETF (a)
—		83,609		(79,804	)		713			1,003		197		—		95		5,521
Xtrackers S&P 500 Value Scored & Screened ETF (a)
—		4,976		(4,705	)		(271	)		—		33		—		—		—

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
2,341		245,807		(226,482	)		—			—		303		—		21,666		21,666

2,341		334,392		(310,991	)		442			1,003		533		—		21,761		27,187

(a)	Affiliated fund advised by DBX Advisors LLC.

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

REIT:

Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

Micro E-Mini S&P 500 Index

USD

32,064

32,364

9/19/2025

300

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

Currency Abbreviations

USD	U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	6,218,847	$	—	$	—	$	6,218,847
Exchange-Traded Funds		13,383		—		—		13,383
Short-Term Investments (a)		21,666		—		—		21,666
Derivatives (b)
Futures Contracts		300		—		—		300

TOTAL	$	6,254,196	$	—	$	—	$	6,254,196

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

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

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 97.5%

Communication Services — 1.0%
Iridium Communications, Inc.		236		5,874
New York Times Co., Class A		354		21,184
Nexstar Media Group, Inc.		66		13,499
ZoomInfo Technologies, Inc. *		587		6,398

(Cost $44,891)				46,955

Consumer Discretionary — 13.3%
Abercrombie & Fitch Co., Class A *		109		10,195
Aramark		575		22,488
Autoliv, Inc.		160		19,851
AutoNation, Inc. *		54		11,830
Bath & Body Works, Inc.		468		13,670
Boyd Gaming Corp.		134		11,505
Brunswick Corp.		150		9,538
Burlington Stores, Inc. *		142		41,277
Capri Holdings Ltd. *		256		5,271
Choice Hotels International, Inc.		51		6,099
Churchill Downs, Inc.		158		16,389
Crocs, Inc. *		123		10,726
Dick’s Sporting Goods, Inc.		124		26,387
Floor & Decor Holdings, Inc., Class A *		240		19,661
Gap, Inc.		480		10,565
Goodyear Tire & Rubber Co. *		617		5,232
Grand Canyon Education, Inc. *		64		12,900
H&R Block, Inc.		288		14,501
Harley-Davidson, Inc.		248		7,222
Hilton Grand Vacations, Inc. *		150		7,128
Hyatt Hotels Corp., Class A		92		13,274
KB Home		165		10,486
Lear Corp.		116		12,760
Light & Wonder, Inc. *		191		17,662
Lithia Motors, Inc.		57		19,191
Macy’s, Inc.		650		8,600
Marriott Vacations Worldwide Corp.		69		5,392
Mattel, Inc. *		735		13,451
Penske Automotive Group, Inc.		39		7,192
Planet Fitness, Inc., Class A *		190		19,912
Polaris, Inc.		116		6,563
PVH Corp.		105		8,854
Service Corp. International		313		24,805
Somnigroup International, Inc.		457		38,365
Taylor Morrison Home Corp. *		226		15,226
Texas Roadhouse, Inc.		150		25,883
Thor Industries, Inc.		114		12,494
TopBuild Corp. *		63		26,508
Travel + Leisure Co.		149		9,418


	Number of Shares		Value $
Valvoline, Inc. *		295		11,440
VF Corp.		765		11,574
Visteon Corp.		66		8,181
Wendy’s Co. (a)		370		3,926
Whirlpool Corp. (a)		121		11,271
Wyndham Hotels & Resorts, Inc.		169		14,637
YETI Holdings, Inc. *		182		6,399

(Cost $633,502)				645,899

Consumer Staples — 3.2%
Albertsons Cos., Inc., Class A		915		17,806
BellRing Brands, Inc. *		277		11,371
Boston Beer Co., Inc., Class A *		21		4,643
Coty, Inc., Class A *		890		3,809
Darling Ingredients, Inc. *		345		11,716
Flowers Foods, Inc.		424		6,377
Ingredion, Inc.		145		18,783
Post Holdings, Inc. *		105		11,881
Sprouts Farmers Market, Inc. *		220		30,919
US Foods Holding Corp. *		520		40,352

(Cost $167,714)				157,657

Energy — 3.8%
Antero Midstream Corp.		758		13,485
Antero Resources Corp. *		634		20,237
Chord Energy Corp.		132		14,505
Civitas Resources, Inc.		193		7,099
CNX Resources Corp. *		322		9,402
DT Midstream, Inc.		230		23,961
HF Sinclair Corp.		360		18,317
Murphy Oil Corp.		298		7,408
NOV, Inc.		823		10,938
Ovintiv, Inc.		564		23,756
Range Resources Corp.		519		17,786
Valaris Ltd. *		155		7,699
Weatherford International PLC		156		9,938

(Cost $201,366)				184,531

Financials — 18.6%
Affiliated Managers Group, Inc.		66		14,838
Ally Financial, Inc.		610		25,041
Annaly Capital Management, Inc. REIT		1,365		28,924
Associated Banc-Corp.		368		9,925
Bank OZK		235		12,330
Brighthouse Financial, Inc. *		133		6,286
Cadence Bank		415		15,621
CNO Financial Group, Inc.		220		8,683
Columbia Banking System, Inc.		667		17,856
Comerica, Inc.		295		20,821
East West Bancorp, Inc.		310		32,593
Equitable Holdings, Inc.		668		35,578
Essent Group Ltd.		226		14,179
Euronet Worldwide, Inc. *		90		8,387

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Evercore, Inc., Class A		82		26,367
Fidelity National Financial, Inc.		580		34,725
First American Financial Corp.		224		14,784
First Horizon Corp.		1,133		25,606
Flagstar Financial, Inc.		653		8,371
FNB Corp.		778		12,985
Hanover Insurance Group, Inc.		80		13,878
Janus Henderson Group PLC		273		12,099
Jefferies Financial Group, Inc.		365		23,670
Kemper Corp.		129		6,921
MGIC Investment Corp.		517		14,388
Old National Bancorp.		725		16,595
Pinnacle Financial Partners, Inc.		168		16,333
Primerica, Inc.		72		19,392
Reinsurance Group of America, Inc.		150		29,219
RenaissanceRe Holdings Ltd.		109		26,486
RLI Corp.		190		12,869
SEI Investments Co.		210		18,539
Selective Insurance Group, Inc.		140		10,952
Shift4 Payments, Inc., Class A * (a)		150		13,565
SLM Corp.		474		14,827
SouthState Corp.		225		22,964
Starwood Property Trust, Inc. REIT		758		15,365
Stifel Financial Corp.		232		26,747
Synovus Financial Corp.		304		15,689
Texas Capital Bancshares, Inc. *		98		8,484
UMB Financial Corp.		165		20,114
United Bankshares, Inc.		309		11,847
Unum Group		357		24,940
Valley National Bancorp		1,100		11,506
Voya Financial, Inc.		220		16,520
Webster Financial Corp.		371		23,084
Western Alliance Bancorp		237		21,223
Western Union Co.		730		6,329
WEX, Inc. *		77		13,194
Wintrust Financial Corp.		149		20,456
Zions Bancorp NA		330		19,143

(Cost $789,573)				901,238

Health Care — 8.9%
Avantor, Inc. *		1,550		20,878
BioMarin Pharmaceutical, Inc. *		418		24,357
Bio-Rad Laboratories, Inc., Class A *		45		13,405
Bruker Corp.		240		8,155
DENTSPLY SIRONA, Inc.		430		6,149
Doximity, Inc., Class A *		305		20,722
Encompass Health Corp.		225		27,396
Ensign Group, Inc.		124		21,301
Envista Holdings Corp. *		400		8,472


	Number of Shares		Value $
Exelixis, Inc. *		605		22,639
Haemonetics Corp. *		109		5,945
Halozyme Therapeutics, Inc. *		273		19,970
HealthEquity, Inc. *		186		16,615
Illumina, Inc. *		351		35,086
Jazz Pharmaceuticals PLC *		138		17,629
Lantheus Holdings, Inc. *		152		8,345
LivaNova PLC *		118		6,652
Neurocrine Biosciences, Inc. *		220		30,712
Option Care Health, Inc. *		369		10,583
Penumbra, Inc. *		86		23,447
Repligen Corp. *		116		14,189
Tenet Healthcare Corp. *		206		37,972
United Therapeutics Corp. *		102		31,085

(Cost $397,036)				431,704

Industrials — 22.4%
AAON, Inc.		155		12,857
Acuity, Inc.		70		22,853
Advanced Drainage Systems,
Inc. (a)		160		23,035
AECOM		295		36,843
AGCO Corp.		135		14,606
Alaska Air Group, Inc. *		268		16,825
American Airlines Group, Inc. *		1,500		20,055
Avis Budget Group, Inc. *		37		5,855
Brink’s Co.		95		10,644
Carlisle Cos., Inc.		95		36,660
Chart Industries, Inc. *		101		20,135
Clean Harbors, Inc. *		115		27,854
CNH Industrial NV		1,948		22,305
Comfort Systems USA, Inc.		79		55,567
Concentrix Corp.		99		5,223
Crane Co.		107		19,827
Donaldson Co., Inc.		270		21,511
EMCOR Group, Inc.		100		62,000
EnerSys		84		8,623
Esab Corp.		135		15,575
ExlService Holdings, Inc. *		375		16,417
Flowserve Corp.		284		15,239
Fortune Brands Innovations, Inc.		269		15,742
FTI Consulting, Inc. *		78		13,154
GATX Corp.		79		13,296
Genpact Ltd.		345		15,642
GXO Logistics, Inc. *		256		13,478
Insperity, Inc.		78		4,307
ITT, Inc.		176		29,964
Kirby Corp. *		121		11,761
Knight-Swift Transportation Holdings, Inc.		350		15,365
Landstar System, Inc.		78		10,322
Lincoln Electric Holdings, Inc.		124		30,086

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
ManpowerGroup, Inc.		101		4,282
Maximus, Inc.		124		10,902
MSA Safety, Inc.		89		15,183
MSC Industrial Direct Co., Inc., Class A		95		8,572
Mueller Industries, Inc.		244		23,409
NEXTracker, Inc., Class A *		325		21,860
nVent Electric PLC		365		32,992
Owens Corning		187		28,082
RB Global, Inc.		415		47,534
Regal Rexnord Corp.		150		22,400
Ryder System, Inc.		93		17,439
Sensata Technologies Holding PLC		324		10,543
Simpson Manufacturing Co., Inc.		93		17,774
Terex Corp.		142		7,091
Tetra Tech, Inc.		576		20,978
Timken Co.		138		10,658
Toro Co.		225		18,239
Trex Co., Inc. *		230		14,175
Valmont Industries, Inc.		46		16,888
Watsco, Inc.		78		31,386
Watts Water Technologies, Inc., Class A		60		16,614
WESCO International, Inc.		100		21,984

(Cost $970,256)				1,082,611

Information Technology – 11.7%
Allegro MicroSystems, Inc. *		284		8,761
Amkor Technology, Inc.		244		5,902
Arrow Electronics, Inc. *		116		14,654
ASGN, Inc. *		95		5,154
Avnet, Inc.		185		10,096
Belden, Inc.		87		11,327
Blackbaud, Inc. *		84		5,604
Ciena Corp. *		320		30,070
Cirrus Logic, Inc. *		122		13,931
Coherent Corp. *		355		32,117
Commvault Systems, Inc. *		100		18,665
Docusign, Inc. *		447		34,267
Dolby Laboratories, Inc., Class A		133		9,533
Dropbox, Inc., Class A *		429		12,467
Dynatrace, Inc. *		660		33,396
Entegris, Inc.		337		28,220
Flex Ltd. *		865		46,381
Guidewire Software, Inc. *		188		40,800
Kyndryl Holdings, Inc. *		525		16,690
Littelfuse, Inc.		55		14,291
Lumentum Holdings, Inc. *		151		20,054
MKS, Inc.		155		16,018
Novanta, Inc. *		80		9,313
Onto Innovation, Inc. *		109		11,554


	Number of Shares		Value $
Pure Storage, Inc., Class A *		695		53,939
Rambus, Inc. *		240		17,705
Silicon Laboratories, Inc. *		69		9,270
Synaptics, Inc. *		83		5,798
Universal Display Corp.		100		13,859
Vontier Corp.		345		14,804

(Cost $503,705)				564,640

Materials – 5.4%
Alcoa Corp.		585		18,831
AptarGroup, Inc.		150		20,891
Avient Corp.		196		7,331
Axalta Coating Systems Ltd. *		500		15,630
Cabot Corp.		121		9,869
Carpenter Technology Corp.		109		26,256
Cleveland-Cliffs, Inc. *		1,044		11,223
Commercial Metals Co.		255		14,706
Crown Holdings, Inc.		255		25,342
Graphic Packaging Holding Co.		678		15,099
Greif, Inc., Class A		62		4,049
Louisiana-Pacific Corp.		137		13,030
Royal Gold, Inc.		145		26,039
RPM International, Inc.		285		35,713
Scotts Miracle-Gro Co.		95		5,816
Sonoco Products Co.		213		10,064

(Cost $281,112)				259,889

Real Estate – 7.4%
Agree Realty Corp. REIT		250		18,185
American Homes 4 Rent, Class A REIT		725		25,969
Brixmor Property Group, Inc. REIT		688		19,257
COPT Defense Properties REIT		240		6,907
Cousins Properties, Inc. REIT		385		11,354
CubeSmart REIT		510		20,869
EastGroup Properties, Inc. REIT		116		19,669
EPR Properties REIT		165		8,951
Equity LifeStyle Properties, Inc. REIT		423		25,503
Healthcare Realty Trust, Inc. REIT		766		13,313
Jones Lang LaSalle, Inc. *		106		32,390
Kilroy Realty Corp. REIT		245		10,190
Kite Realty Group Trust REIT		476		10,862
NNN REIT, Inc. REIT		415		17,808
Omega Healthcare Investors, Inc. REIT		655		27,883
Park Hotels & Resorts, Inc. REIT		443		5,210
PotlatchDeltic Corp. REIT		165		6,935
Rayonier, Inc. REIT		302		7,937
Rexford Industrial Realty, Inc. REIT		535		22,154
Vornado Realty Trust REIT		372		14,147

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025


	Number of Shares		Value $
WP Carey, Inc. REIT		486		32,611

(Cost $355,887)				358,104

Utilities — 1.8%
Essential Utilities, Inc.		564		22,283
National Fuel Gas Co.		197		17,088
ONE Gas, Inc.		138		10,557
Ormat Technologies, Inc.		135		12,405
Spire, Inc.		133		10,188
UGI Corp.		462		16,004

(Cost $81,331)				88,525

TOTAL COMMON STOCKS

(Cost $4,426,373)				4,721,753

EXCHANGE-TRADED FUNDS — 1.1%
iShares ESG Select Screened S&P Mid-Cap ETF

(Cost $47,615)		1,200		52,452


	Number of Shares		Value $

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)

(Cost $19,000)		19,000		19,000

CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $45,222)		45,222		45,222

TOTAL INVESTMENTS — 99.9%
(Cost $4,538,210)				4,838,427

Other assets and liabilities, net — 0.1%				3,669

NET ASSETS — 100.0%				4,842,096

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
11		18,989	(d)		—			—		—		37		—		19,000		19,000
CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
28,664		343,604			(327,046	)		—		—		2,448		—		45,222		45,222

28,675		362,593			(327,046	)		—		—		2,485		—		64,222		64,222

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $35,938, which is 0.7% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $18,049.

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

REIT:

Real Estate Investment Trust

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Micro E-mini S&P MidCap 400 Index

USD

61,286

65,170

9/19/2025

3,884

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

Currency Abbreviations

USD	U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	4,721,753	$	—	$	—	$	4,721,753
Exchange-Traded Funds		52,452		—		—		52,452
Short-Term Investments (a)		64,222		—		—		64,222
Derivatives (b)
Futures Contracts		3,884		—		—		3,884

TOTAL	$	4,842,311	$	—	$	—	$	4,842,311

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

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

See Notes to Financial Statements.

DBX ETF Trust | 29

Statements of Assets and Liabilities

August 31, 2025


	Xtrackers S&P 500 Diversified Sector Weight ETF		Xtrackers S&P 500 Growth Scored & Screened ETF		Xtrackers S&P 500 Scored & Screened ETF		Xtrackers S&P 500 Value Scored & Screened ETF

Assets
Investment in non-affiliated securities at value	$	6,017,474	$	17,423,322	$	2,052,791,927	$	7,191,607
Investment in DWS Government Money Market Series		28,350		44,197		6,679,056		1,497
Investment in DWS Government & Agency Securities Portfolio*		—		—		504,326		—
Deposit with broker for futures contracts		—		4,692		598,644		—
Receivables:
Investment securities sold		—		—		8,710,254		—
Capital shares		—		—		4		—
Variation margin on futures contracts		—		14,297		84,886		—
Dividends		7,654		9,468		1,860,026		10,654
Interest		19		177		20,713		11
Affiliated securities lending income		—		—		21		—
Foreign tax reclaim		23		—		953		8
Total assets	$	6,053,520	$	17,496,153	$	2,071,250,810	$	7,203,777

Liabilities
Payable upon return of securities loaned	$	—	$	—	$	504,326	$	—
Payables:
Capital shares		—		—		8,712,081		—
Investment advisory fees		379		2,216		170,121		904
Variation margin on futures contracts		110		—		—		—
Total liabilities		489		2,216		9,386,528		904
Net Assets, at value	$	6,053,031	$	17,493,937	$	2,061,864,282	$	7,202,873

Net Assets Consist of
Paid-in capital	$	6,009,630	$	15,180,517	$	1,749,186,406	$	6,687,526
Distributable earnings (loss)		43,401		2,313,420		312,677,876		515,347
Net Assets, at value	$	6,053,031	$	17,493,937	$	2,061,864,282	$	7,202,873
Number of Common Shares outstanding		240,001		350,001		35,500,001		210,001
Net Asset Value	$	25.22	$	49.98	$	58.08	$	34.30

Investment in non-affiliated securities at cost	$	5,985,151	$	14,552,803	$	1,689,063,731	$	6,436,452
Value of securities loaned	$	—	$	—	$	493,930	$	—
Investment in DWS Government Money Market Series at cost	$	28,350	$	44,197	$	6,679,056	$	1,497
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	—	$	504,326	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.


30 \| DBX ETF Trust

Statements of Assets and Liabilities (Continued)

August 31, 2025


	Xtrackers S&P Dividend Aristocrats Screened ETF			Xtrackers S&P MidCap 400 Scored & Screened ETF

Assets
Investment in non-affiliated securities at value	$	6,226,709		$	4,774,205
Investment in affiliated securities at value		5,521			—
Investment in DWS Government Money Market Series		21,666			45,222
Investment in DWS Government & Agency Securities Portfolio*		—			19,000
Deposit with broker for futures contracts		2,346			4,742
Receivables:
Investment securities sold		—			6,555
Variation margin on futures contracts		—			14,625
Dividends		12,689			2,925
Interest		34			184
Affiliated securities lending income		—			15
Total assets	$	6,268,965		$	4,867,473

Liabilities
Payable upon return of securities loaned	$	—		$	19,000
Payables:
Investment securities purchased		—			5,731
Investment advisory fees		781			646
Variation margin on futures contracts		70			—
Total liabilities		851			25,377
Net Assets, at value	$	6,268,114		$	4,842,096

Net Assets Consist of
Paid-in capital	$	6,358,871		$	5,292,996
Distributable earnings (loss)		(90,757	)		(450,900	)
Net Assets, at value	$	6,268,114		$	4,842,096
Number of Common Shares outstanding		230,001			150,001
Net Asset Value	$	27.25		$	32.28

Investment in non-affiliated securities at cost	$	5,814,081		$	4,473,988
Investment in affiliated securities at cost	$	4,517		$	–
Value of securities loaned	$	—		$	35,938
Investment in DWS Government Money Market Series at cost	$	21,666		$	45,222
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	19,000
Non-cash collateral for securities on loan	$	—		$	18,049

*	Represents collateral on securities loaned.

See Notes to Financial Statements.


		DBX ETF Trust \| 31

Statements of Operations

For the Year Ended August 31, 2025


	Xtrackers S&P 500 Diversified Sector Weight ETF⁽¹⁾			Xtrackers S&P 500 Growth Scored & Screened ETF			Xtrackers S&P 500 Scored & Screened ETF			Xtrackers S&P 500 Value Scored & Screened ETF

Investment Income
Unaffiliated dividend income*	$	10,371		$	115,906		$	21,852,987		$	160,179
Income distributions from affiliated funds		20			517			134,640			368
Affiliated securities lending income		—			—			249			4
Total investment income		10,391			116,423			21,987,876			160,551

Expenses
Investment advisory fees		478			23,581			1,681,069			11,006
Other expenses		—			58			58			58
Total expenses		478			23,639			1,681,127			11,064
Less fees waived (see note 3):
Waiver		(1	)		(14	)		(3,431	)		(9	)
Net expenses		477			23,625			1,677,696			11,055
Net investment income (loss)		9,914			92,798			20,310,180			149,496

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,274			(423,357	)		(35,062,597	)		(220,064	)
In-kind redemptions		—			2,572,109			125,571,986			815,406
Futures contracts		—			(1	)		55,274			(367	)
Net realized gain (loss)		1,274			2,148,751			90,564,663			594,975
Net change in unrealized appreciation (depreciation) on:
Investments		32,323			272,955			120,413,085			(80,028	)
Futures contracts		(110	)		953			147,940			—
Net change in unrealized appreciation (depreciation)		32,213			273,908			120,561,025			(80,028	)
Net realized and unrealized gain (loss) on investments and futures		33,487			2,422,659			211,125,688			514,947
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,401		$	2,515,457		$	231,435,868		$	664,443

* Unaffiliated foreign tax withheld	$	—		$	—		$	3,493		$	60

(1)	For the period July 24, 2025 (commencement of operations) through August 31, 2025.

See Notes to Financial Statements.


32 \| DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended August 31, 2025


	Xtrackers S&P Dividend Aristocrats Screened ETF			Xtrackers S&P MidCap 400 Scored & Screened ETF

Investment Income
Unaffiliated dividend income*	$	169,736		$	101,106
Affiliated dividend income		230			—
Income distributions from affiliated funds		303			2,448
Affiliated securities lending income		—			37
Total investment income		170,269			103,591

Expenses
Investment advisory fees		8,322			9,696
Other expenses		58			58
Total expenses		8,380			9,754

Less fees waived (see note 3):
Waiver		(23	)		(61	)
Net expenses		8,357			9,693
Net investment income (loss)		161,912			93,898

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(206,804	)		(327,618	)
Investments in affiliates		442			—
In-kind redemptions		274,648			584,484
Futures contracts		339			(1,979	)
Foreign currency transactions		—			(6	)
Net realized gain (loss)		68,625			254,881
Net change in unrealized appreciation (depreciation) on:

Investments		(138,197	)		(213,222	)
Investments in affiliates		1,004			—
Futures contracts		300			2,503
Net change in unrealized appreciation (depreciation)		(136,893	)		(210,719	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(68,268	)		44,162
Net Increase (Decrease) in Net Assets Resulting from Operations	$	93,644		$	138,060

* Unaffiliated foreign tax withheld	$	—		$	54

See Notes to Financial Statements.


		DBX ETF Trust \| 33

Statements of Changes in Net Assets


	Xtrackers S&P 500 Diversified Sector Weight ETF		Xtrackers S&P 500 Growth Scored & Screened ETF
	For the Period July 24, 2025⁽¹⁾to August 31, 2025		Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	9,914	$	92,798		$	63,277
Net realized gain (loss)		1,274		2,148,751			719,864
Net change in net unrealized appreciation (depreciation)		32,213		273,908			1,494,326
Net increase (decrease) in net assets resulting from operations		43,401		2,515,457			2,277,467
Distributions to Shareholders		—		(87,756	)		(62,788	)
Fund Shares Transactions
Proceeds from shares sold		6,009,605		8,838,095			7,653,913
Value of shares redeemed		—		(6,589,051	)		(3,618,529	)
Net increase (decrease) in net assets resulting from fund share transactions		6,009,605		2,249,044			4,035,384
Total net increase (decrease) in Net Assets		6,053,006		4,676,745			6,250,063
Net Assets
Beginning of period		25		12,817,192			6,567,129
End of period	$	6,053,031	$	17,493,937		$	12,817,192

Changes in Shares Outstanding
Shares outstanding, beginning of period		1		300,001			200,001
Shares sold		240,000		200,000			200,000
Shares redeemed		—		(150,000	)		(100,000	)
Shares outstanding, end of period		240,001		350,001			300,001

(1)	Commencement of Operations.

See Notes to Financial Statements.


34 \| DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P 500 Scored & Screened ETF						Xtrackers S&P 500 Value Scored & Screened ETF
	Year Ended August 31, 2025			Year Ended August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	20,310,180		$	14,202,455		$	149,496		$	119,508
Net realized gain (loss)		90,564,663			39,561,461			594,975			545,903
Net change in net unrealized appreciation (depreciation)		120,561,025			198,939,784			(80,028	)		514,753
Net increase (decrease) in net assets resulting from operations		231,435,868			252,703,700			664,443			1,180,164
Distributions to Shareholders		(19,342,028	)		(13,345,373	)		(151,763	)		(112,622	)
Fund Shares Transactions
Proceeds from shares sold		839,257,119			520,593,214			3,534,211			2,852,603
Value of shares redeemed		(402,603,158	)		(231,988,742	)		(3,235,678	)		(2,846,044	)
Net increase (decrease) in net assets resulting from fund share transactions		436,653,961			288,604,472			298,533			6,559
Total net increase (decrease) in Net Assets		648,747,801			527,962,799			811,213			1,074,101
Net Assets
Beginning of year		1,413,116,481			885,153,682			6,391,660			5,317,559
End of year	$	2,061,864,282		$	1,413,116,481		$	7,202,873		$	6,391,660

Changes in Shares Outstanding
Shares outstanding, beginning of year		27,300,001			21,400,001			200,001			200,001
Shares sold		16,000,000			11,000,000			110,000			100,000
Shares redeemed		(7,800,000	)		(5,100,000	)		(100,000	)		(100,000	)
Shares outstanding, end of year		35,500,001			27,300,001			210,001			200,001

See Notes to Financial Statements.


		DBX ETF Trust \| 35

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P Dividend Aristocrats Screened ETF						Xtrackers S&P MidCap 400 Scored & Screened ETF
	Year Ended August 31, 2025			Year Ended August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	161,912		$	138,708		$	93,898		$	124,486
Net realized gain (loss)		68,625			(16,614	)		254,881			1,553,881
Net change in net unrealized appreciation (depreciation)		(136,893	)		560,820			(210,719	)		(277,304	)
Net increase (decrease) in net assets resulting from operations		93,644			682,914			138,060			1,401,063

Distributions to Shareholders		(153,336	)		(135,267	)		(99,707	)		(136,516	)
Fund Shares Transactions
Proceeds from shares sold		1,817,677			1,270,790			2,197,471			2,870,020
Value of shares redeemed		(1,059,557	)		(1,259,701	)		(3,506,794	)		(9,974,426	)
Net increase (decrease) in net assets resulting from fund share transactions		758,120			11,089			(1,309,323	)		(7,104,406	)
Total net increase (decrease) in Net Assets		698,428			558,736			(1,270,970	)		(5,839,859	)
Net Assets
Beginning of year		5,569,686			5,010,950			6,113,066			11,952,925
End of year	$	6,268,114		$	5,569,686		$	4,842,096		$	6,113,066

Changes in Shares Outstanding
Shares outstanding, beginning of year		200,001			200,001			200,001			450,001
Shares sold		70,000			50,000			70,000			100,000
Shares redeemed		(40,000	)		(50,000	)		(120,000	)		(350,000	)
Shares outstanding, end of year		230,001			200,001			150,001			200,001

See Notes to Financial Statements.


36 \| DBX ETF Trust

Financial Highlights

Xtrackers S&P 500 Diversified Sector Weight ETF


	Period Ended 8/31/2025(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.05
Net realized and unrealized gain (loss)		0.17
Total from investment operations		0.22
Net Asset Value, end of period	$	25.22
Total Return (%)(c)		0.88	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6
Ratio of expenses before fee waiver (%)		0.09	*
Ratio of expenses after fee waiver (%)		0.09	*
Ratio of net investment income (loss) (%)		1.87	*
Portfolio turnover rate (%)(d)		1	**

(a)	For the period July 24, 2025 (commencement of operations) through August 31, 2025.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.


		DBX ETF Trust \| 37

Financial Highlights (Continued)

Xtrackers S&P 500 Growth Scored & Screened ETF


	Years Ended August 31,						Period Ended
	2025			2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	42.72		$	32.84		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.27			0.28			0.26
Net realized and unrealized gain (loss)		7.24			9.90			7.77
Total from investment operations		7.51			10.18			8.03
Less distributions from:
Net investment income		(0.25	)		(0.30	)		(0.19	)
Total from distributions		(0.25	)		(0.30	)		(0.19	)
Net Asset Value, end of period	$	49.98		$	42.72		$	32.84
Total Return (%)(c)		17.65			31.22			32.23	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		17			13			7
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15	*
Ratio of net investment income (loss) (%)		0.59			0.75			1.11	*
Portfolio turnover rate (%)(d)		50			54			57	**

(a)	For the period November 9, 2022 (commencement of operations) through August 31, 2023.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

38 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P 500 Scored & Screened ETF


				Years Ended August 31,
	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	51.76		$	41.36		$	35.61		$	39.93		$	31.08
Income (loss) from investment operations:
Net investment income (loss)(a)		0.64			0.61			0.60			0.53			0.49
Net realized and unrealized gain (loss)		6.31			10.38			5.72			(4.32	)		8.79
Total from investment operations		6.95			10.99			6.32			(3.79	)		9.28
Less distributions from:
Net investment income		(0.63	)		(0.59	)		(0.57	)		(0.53	)		(0.43	)
Total from distributions		(0.63	)		(0.59	)		(0.57	)		(0.53	)		(0.43	)
Net Asset Value, end of year	$	58.08		$	51.76		$	41.36		$	35.61		$	39.93
Total Return (%)(b)		13.56			26.79			17.99			(9.59	)		30.16

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		2,062			1,413			885			748			745
Ratio of expenses before fee waiver (%)		0.10			0.11			0.11			0.11			0.11
Ratio of expenses after fee waiver (%)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income (loss) (%)		1.21			1.34			1.63			1.37			1.41
Portfolio turnover rate (%)(c)		11			11			9			6			13

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

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

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

See Notes to Financial Statements.


		DBX ETF Trust \| 39

Financial Highlights (Continued)

Xtrackers S&P 500 Value Scored & Screened ETF


	Years Ended August 31,						Period Ended
	2025			2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	31.96		$	26.59		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.66			0.60			0.47
Net realized and unrealized gain (loss)		2.37			5.30			1.48
Total from investment operations		3.03			5.90			1.95
Less distributions from:
Net investment income		(0.69	)		(0.53	)		(0.36)
Total from distributions		(0.69	)		(0.53	)		(0.36)
Net Asset Value, end of period	$	34.30		$	31.96		$	26.59
Total Return (%)(c)		9.69			22.45			7.91**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			6			5
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15*
Ratio of net investment income (loss) (%)		2.04			2.08			2.23*
Portfolio turnover rate (%)(d)		50			42			66**

(a)	For the period November 9, 2022 (commencement of operations) through August 31, 2023.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

40 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P Dividend Aristocrats Screened ETF


	Years Ended August 31,						Period Ended
	2025			2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	27.85		$	25.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.78			0.69			0.56
Net realized and unrealized gain (loss)		(0.63	)		2.79			(0.07)
Total from investment operations		0.15			3.48			0.49
Less distributions from:
Net investment income		(0.75	)		(0.68	)		(0.44)
Total from distributions		(0.75	)		(0.68	)		(0.44)
Net Asset Value, end of period	$	27.25		$	27.85		$	25.05
Total Return (%)(c)		0.67			14.15			1.99**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			6			5
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15*
Ratio of net investment income (loss) (%)		2.92			2.74			2.74*
Portfolio turnover rate (%)(d)		31			36			29**

(a)	For the period November 9, 2022 (commencement of operations) through August 31, 2023.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.


		DBX ETF Trust \| 41

Financial Highlights (Continued)

Xtrackers S&P MidCap 400 Scored & Screened ETF


	Years Ended August 31,												Period Ended
	2025			2024			2023			2022			8/31/2021(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	30.57		$	26.56		$	24.46		$	27.39		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.44			0.38			0.37			0.32			0.14
Net realized and unrealized gain (loss)		1.73			4.02			2.09			(2.94	)		2.33
Total from investment operations		2.17			4.40			2.46			(2.62	)		2.47
Less distributions from:
Net investment income		(0.46	)		(0.39	)		(0.36	)		(0.31	)		(0.08)
Total from distributions		(0.46	)		(0.39	)		(0.36	)		(0.31	)		(0.08)
Net Asset Value, end of period	$	32.28		$	30.57		$	26.56		$	24.46		$	27.39
Total Return (%)(c)		7.25			16.70			10.18			(9.64	)		9.92**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			6			12			11			11
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15			0.15			0.15*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.15			0.15*
Ratio of net investment income (loss) (%)		1.45			1.38			1.45			1.24			1.00*
Portfolio turnover rate (%)(d)		28			35			39			41			27**

(a)	For the period February 24, 2021 (commencement of operations) through August 31, 2021.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

42 | DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers S&P 500 Diversified Sector Weight ETF

Xtrackers S&P 500 Growth Scored & Screened ETF

Xtrackers S&P 500 Scored & Screened ETF

Xtrackers S&P 500 Value Scored & Screened ETF

Xtrackers S&P Dividend Aristocrats Screened ETF

Xtrackers S&P MidCap 400 Scored & Screened ETF

Xtrackers S&P 500 Diversified Sector Weight ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P MidCap 400 Scored & Screened ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 10,000 shares except for Xtrackers S&P 500 Scored & Screened ETF which lots consist of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.


Fund		Underlying Index
Xtrackers S&P 500 Diversified Sector Weight ETF		S&P 500 Diversified Sector Weight Index
Xtrackers S&P 500 Growth Scored & Screened ETF (formerly Xtrackers S&P 500 Growth ESG ETF)*		S&P 500 Growth Scored & Screened Index (formerly S&P 500 Growth ESG Index)*
Xtrackers S&P 500 Scored & Screened ETF (formerly Xtrackers S&P 500 ESG ETF)*		S&P 500 Scored & Screened Index (formerly S&P 500 ESG Index)*
Xtrackers S&P 500 Value Scored & Screened ETF (formerly Xtrackers S&P 500 Value ESG ETF)*		S&P 500 Value Scored & Screened Index (formerly S&P 500 Value ESG Index)*
Xtrackers S&P Dividend Aristocrats Screened ETF (formerly Xtrackers S&P ESG Dividend Aristocrats ETF)*		S&P High Yield Dividend Aristocrats Screened Index (formerly S&P ESG High Yield Dividend Aristocrats Index)*
Xtrackers S&P MidCap 400 Scored & Screened ETF (formerly Xtrackers S&P MidCap 400 ESG ETF)*		S&P MidCap 400 Scored & Screened Index (formerly S&P MidCap 400 ESG Index)*

* Effective February 10, 2025, S&P Dow Jones Indices LLC (the Index Provider) changed the name of the Fund’s Underlying Index. At such time, the Fund also changed its name. There was no change to the index methodology of the Fund’s Underlying Index and no changes in the investment policies of the Fund. The Fund will continue to seek investment results that correspond generally to the performance, before fees and expenses, of its Underlying Index. The Fund’s Ticker symbol remains the same.

S&P 500 Diversified Sector Weight Index is a market capitalization weighted index designed to measure the performance of the constituent securities of the S&P 500 Index reweighted to mitigate concentration risk and address sector imbalances. The S&P 500 Diversified Sector Weight Index’s reweighting approach is intended to provide a return more representative of all the business opportunities inherent to the S&P 500, rather than a return tied principally to the business opportunities represented by the S&P 500’s largest constituent companies. Under normal circumstances, the Underlying Index rebalanced

DBX ETF Trust | 43

quarterly in March, June, September, and December. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P 500 Growth Scored & Screened Index is a market capitalization weighted index that provides exposure to companies with high environmental, social and governance (ESG) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/ reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

S&P 500 Scored & Screened Index is a market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P 500 Value Scored & Screened Index is a market capitalization weighted index that provides exposure to companies with high environmental, social and governance (ESG) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

S&P High Yield Dividend Aristocrats Screened Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. Constituent weights are updated quarterly after the close of the last business day in April, July and October. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P MidCap 400 Scored & Screened Index is a market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Xtrackers S&P 500 Diversified Sector Weight ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF are diversified series of the Trust. Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of their assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

44 | DBX ETF Trust

2. Significant Accounting Policies

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.

DBX ETF Trust | 45

with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Investment Transactions and Investment Income. Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital. The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended August 31, 2025 (or since the Fund’s inception if the Fund commenced operations less than four years prior to August 31, 2025), remains subject to examination by taxing authorities.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2025, the Funds did not incur any interest or penalties. As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income^*		Undistributed Long-Term Capital Gains		Capital and Other Gains (Losses)		Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
Xtrackers S&P 500 Diversified Sector Weight ETF	$	10,998	$	80	$	–	$	32,323	$	43,401
Xtrackers S&P 500 Growth Scored & Screened ETF		19,714		–		(471,045)		2,764,751		2,313,420
Xtrackers S&P 500 Scored & Screened ETF		4,416,731		–		(31,712,873)		339,974,018		312,677,876
Xtrackers S&P 500 Value Scored & Screened ETF		25,451		–		(130,020)		619,916		515,347
Xtrackers S&P Dividend Aristocrats Screened ETF		36,867		–		(447,320)		319,996		(90,457)
Xtrackers S&P MidCap 400 Scored & Screened ETF		16,427		–		(721,798)		254,471		(450,900)

46 | DBX ETF Trust

The tax character of dividends and distributions declared for the years ended August 31, 2025 and August 31, 2024 were as follows:



	Year Ended August 31, 2025

	Ordinary Income^*
Xtrackers S&P 500 Growth Scored & Screened ETF		87,756
Xtrackers S&P 500 Scored & Screened ETF		19,342,028
Xtrackers S&P 500 Value Scored & Screened ETF		151,763
Xtrackers S&P Dividend Aristocrats Screened ETF		153,336
Xtrackers S&P MidCap 400 Scored & Screened ETF		99,707



	Period Ended August 31, 2024

	Ordinary Income^*
Xtrackers S&P 500 Growth Scored & Screened ETF		62,788
Xtrackers S&P 500 Scored & Screened ETF		13,345,373
Xtrackers S&P 500 Value Scored & Screened ETF		112,622
Xtrackers S&P Dividend Aristocrats Screened ETF		135,267
Xtrackers S&P MidCap 400 Scored & Screened ETF		136,516

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers S&P 500 Growth Scored & Screened ETF	$	414,796	$	56,249	$	471,045
Xtrackers S&P 500 Scored & Screened ETF		9,380,641		22,332,232		31,712,873
Xtrackers S&P 500 Value Scored & Screened ETF		116,887		13,133		130,020
Xtrackers S&P Dividend Aristocrats Screened ETF		133,903		313,417		447,320
Xtrackers S&P MidCap 400 Scored & Screened ETF		206,035		515,763		721,798


	Distributable earnings (loss)		Paid-In Capital
Xtrackers S&P 500 Growth Scored & Screened ETF	$	(2,545,457)	$	2,545,457
Xtrackers S&P 500 Scored & Screened ETF		(117,691,563)		117,691,563
Xtrackers S&P 500 Value Scored & Screened ETF		(778,059)		778,059
Xtrackers S&P Dividend Aristocrats Screened ETF		(269,632)		269,632
Xtrackers S&P MidCap 400 Scored & Screened ETF		(504,436)		504,436

DBX ETF Trust | 47


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers S&P 500 Diversified Sector Weight ETF	$	6,013,501	$	32,323	$	157,575	$	(125,252)
Xtrackers S&P 500 Growth Scored & Screened ETF		14,702,768		2,764,751		3,062,640		(297,889)
Xtrackers S&P 500 Scored & Screened ETF		1,720,001,291		339,974,018		431,561,191		(91,587,173)
Xtrackers S&P 500 Value Scored & Screened ETF		6,573,188		619,916		1,070,085		(450,169)
Xtrackers S&P Dividend Aristocrats Screened ETF		5,934,200		319,696		693,996		(374,300)
Xtrackers S&P MidCap 400 Scored & Screened ETF		4,583,956		254,471		665,619		(411,148)

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers S&P MidCap 400 Scored & Screened ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG serves as securities lending agent for S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2025, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.13% annualized effective rate as of August 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of August 31, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers S&P 500 Scored & Screened ETF
Common Stocks	$	504,326	$	—	$	—	$	—	$	504,326
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	504,326
Xtrackers S&P MidCap 400 Scored & Screened ETF
Common Stocks	$	37,049	$	—	$	—	$	—	$	37,049
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	19,000
Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions									$	18,049

As of August 31, 2025, Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened ETF had no securities on loan.

Derivatives

48 | DBX ETF Trust

S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P Dividend Aristocrats Screened ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of August 31, 2025 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of August 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives

Xtrackers S&P 500 Diversified Sector Weight ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	110
	Total	$	—	Total	$	110

Xtrackers S&P 500 Growth Scored & Screened ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	953	Unrealized depreciation on futures contracts*	$	—
	Total	$	953	Total	$	—

Xtrackers S&P 500 Scored & Screened ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	237,520	Unrealized depreciation on futures contracts*	$	—
	Total	$	237,520	Total	$	—

Xtrackers S&P Dividend Aristocrats Screened ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	300	Unrealized depreciation on futures contracts*	$	—
	Total	$	300	Total	$	—

Xtrackers S&P MidCap 400 Scored & Screened ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	3,884	Unrealized depreciation on futures contracts*	$	—
	Total	$	3,884	Total	$	—

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:	Futures Contracts — Equity Contracts
Xtrackers S&P 500 Growth Scored & Screened ETF	$	(1)
Xtrackers S&P 500 Scored & Screened ETF		55,274
Xtrackers S&P 500 Value Scored & Screened ETF		(367)
Xtrackers S&P Dividend Aristocrats Screened ETF		339
Xtrackers S&P MidCap 400 Scored & Screened ETF		(1,979)

DBX ETF Trust | 49


Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts
Xtrackers S&P 500 Diversified Sector Weight ETF	$	(110	)
Xtrackers S&P 500 Growth Scored & Screened ETF		953
Xtrackers S&P 500 Scored & Screened ETF		147,940
Xtrackers S&P Dividend Aristocrats Screened ETF		300
Xtrackers S&P MidCap 400 Scored & Screened ETF		2,503

For the year ended August 31, 2025 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers S&P 500 Diversified Sector Weight ETF	$	16,182
Xtrackers S&P 500 Growth Scored & Screened ETF		7,431
Xtrackers S&P 500 Scored & Screened ETF		3,487,971
Xtrackers S&P 500 Value Scored & Screened ETF		4,323
Xtrackers S&P Dividend Aristocrats Screened ETF		4,765
Xtrackers S&P MidCap 400 Scored & Screened ETF		57,632

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

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 Fee
Xtrackers S&P 500 Diversified Sector Weight ETF		0.09	%
Xtrackers S&P 500 Growth Scored & Screened ETF		0.15	%
Xtrackers S&P 500 Scored & Screened ETF		0.10	%
Xtrackers S&P 500 Value Scored & Screened ETF		0.15	%
Xtrackers S&P Dividend Aristocrats Screened ETF		0.15	%
Xtrackers S&P MidCap 400 Scored & Screened ETF		0.15	%

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to0.01 the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers S&P 500 Diversified Sector Weight ETF	$	1
Xtrackers S&P 500 Growth Scored & Screened ETF		14
Xtrackers S&P 500 Scored & Screened ETF		3,431
Xtrackers S&P 500 Value Scored & Screened ETF		9
Xtrackers S&P Dividend Aristocrats Screened ETF		23
Xtrackers S&P MidCap 400 Scored & Screened ETF		61

50 | DBX ETF Trust

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

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

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the fund listed below. For the period ended August 31, 2025, the Fund incurred securities lending agent fees to Deutsche Bank AG as follows:

Securities Lending

Agent Fees

Xtrackers S&P 500 Scored & Screened ETF

4. Investment Portfolio Transactions

For the year ended August 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers S&P 500 Diversified Sector Weight ETF	$	5,007,029	$	32,577
Xtrackers S&P 500 Growth Scored & Screened ETF		7,889,835		7,901,745
Xtrackers S&P 500 Scored & Screened ETF		190,356,030		194,155,691
Xtrackers S&P 500 Value Scored & Screened ETF		3,745,353		3,834,856
Xtrackers S&P Dividend Aristocrats Screened ETF		1,770,493		1,794,158
Xtrackers S&P MidCap 400 Scored & Screened ETF		1,757,771		1,817,959

For the year ended August 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers S&P 500 Diversified Sector Weight ETF	$	1,009,595	$	—
Xtrackers S&P 500 Growth Scored & Screened ETF		8,838,315		6,630,091
Xtrackers S&P 500 Scored & Screened ETF		838,796,944		401,450,107
Xtrackers S&P 500 Value Scored & Screened ETF		3,534,232		3,145,009
Xtrackers S&P Dividend Aristocrats Screened ETF		1,817,589		1,048,087
Xtrackers S&P MidCap 400 Scored & Screened ETF		2,197,492		3,478,486

5. Fund Share Transactions

DBX ETF Trust | 51

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At August 31, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:


		Approximate Percent of Outstanding Shares Held
Xtrackers S&P 500 Diversified Sector Weight ETF		79%
Xtrackers S&P 500 Growth Scored & Screened ETF		39%
Xtrackers S&P 500 Value Scored & Screened ETF		79%
Xtrackers S&P Dividend Aristocrats Screened ETF		41%

7. Fund name and strategy change

In order to implement a new investment strategy for Xtrackers S&P 500 Value Scored & Screened ETF (the “Fund”), the Fund’s Board of Trustees has approved changes to the Fund proposed by the Advisor, including: (i) a new fund name and ticker symbol; (ii) a new investment objective; and (iii) a new underlying index, the S&P 100 Ex-Top 20 Select Index. The Changes to the Fund will become effective on or about December 19, 2025 (the “Effective Date”).

On the Effective Date, the Fund’s name will change to Xtrackers S&P 100 Ex Top 20 ETF, and the Fund’s ticker symbol will change from SNPV to XOEX. At that time, the Fund will change its current investment objective of seeking investments results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value Scored & Screened Index, to seeking investment results that correspond generally to the performance, before fees and expenses, of the S&P 100 Ex-Top 20 Select Index.

The Fund’s current portfolio management team will continue to manage the Fund’s assets after the Effective Date. The Fund’s current unitary advisory fee rate of 0.15% of the Fund’s average daily net assets will not change.

52 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF, Xtrackers S&P Dividend Aristocrats Screened ETF, and Xtrackers S&P MidCap 400 Scored & Screened ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF, Xtrackers S&P Dividend Aristocrats Screened ETF, and Xtrackers S&P MidCap 400 Scored & Screened ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.



Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights

Xtrackers S&P 500 Scored & Screened ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the five years in the period ended August 31, 2025

Xtrackers S&P MidCap 400 Scored & Screened ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the four years in the period ended August 31, 2025 and the period from February 24, 2021 (commencement of operations) through August 31, 2021

Xtrackers S&P Dividend Aristocrats Screened ETF Xtrackers S&P 500 Growth Scored & Screened ETF Xtrackers S&P 500 Value Scored & Screened ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the two years ended August 31, 2025 and the period from November 9, 2022 (commencement of operations) through August 31, 2023

Xtrackers S&P 500 Diversified Sector Weight ETF	For the period from July 24, 2025 (commencement of operations) through August 31, 2025

Basis for Opinion

DBX ETF Trust | 53

Report of Independent Registered Public Accounting Firm (Continued)

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

54 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF, Xtrackers S&P Dividend Aristocrats Screened ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF, Xtrackers S&P Dividend Aristocrats Screened ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

DBX ETF Trust | 55

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

56 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

Economies of Scale. The Board considered that Xtrackers S&P 500 Scored & Screened ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

Xtrackers S&P 500 Diversified Sector Weight ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 14, 2025, the Trustees, all of whom are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers S&P 500 Diversified Sector Weight ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by and the anticipated profits to be realized by the Adviser from its relationship with the Fund; (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies; and (6) fall-out benefits, if any, that may be enjoyed by the Adviser.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Adviser will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the

DBX ETF Trust | 57

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

expertise of the Adviser in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Adviser’s extensive work with these service providers (including due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Fund).

Advisor’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s operating expenses (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale.

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

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

58 | DBX ETF Trust

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2025.


	Qualified Dividend Income^*	Dividends Received Reduction^*
Xtrackers S&P 500 Growth Scored & Screened ETF	100%	100%
Xtrackers S&P 500 Scored & Screened ETF	100%	100%
Xtrackers S&P 500 Value Scored & Screened ETF	100%	100%
Xtrackers S&P Dividend Aristocrats Screened ETF	100%	100%
Xtrackers S&P MidCap 400 Scored & Screened ETF	100%	100%

*	The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

DBX ETF Trust | 59

This Page is Intentionally Left Blank

LOGO

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

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

Xtrackers Russell US Multifactor ETF (DEUS)

LOGO

Table of Contents


			Page
Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF			2

Xtrackers MSCI Kokusai Equity ETF			18

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF			33

Xtrackers Russell US Multifactor ETF			39

Statements of Assets and Liabilities			50

Statements of Operations			51

Statements of Changes in Net Assets			52

Financial Highlights			54

Notes to Financial Statements			58

Report of Independent Registered Public Accounting Firm			67

Board Considerations in Approval of Investment Advisory Contracts			68

Tax Information			71

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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 98.5%

Australia — 8.8%
AGL Energy Ltd.		25,314		136,355
ALS Ltd.		3,523		42,865
AMP Ltd.		5,747		6,432
Ampol Ltd.		557		10,718
Ansell Ltd.		1,330		29,544
ANZ Group Holdings Ltd.		1,431		31,535
APA Group (a)		5,684		32,775
Aristocrat Leisure Ltd.		2,964		141,053
ASX Ltd.		910		37,249
Atlas Arteria Ltd. (a)		6,306		21,998
Aurizon Holdings Ltd.		23,450		49,728
Bank of Queensland Ltd.		2,518		11,981
Bendigo & Adelaide Bank Ltd.		714		6,234
BHP Group Ltd.		1,160		32,791
BlueScope Steel Ltd.		9,368		140,715
Brambles Ltd.		18,780		318,965
CAR Group Ltd.		1,492		39,490
Cleanaway Waste Management Ltd.		21,640		39,374
Cochlear Ltd.		128		25,263
Coles Group Ltd.		17,492		273,391
Commonwealth Bank of Australia		65		7,245
Computershare Ltd.		7,721		192,888
CSL Ltd.		137		19,089
Deterra Royalties Ltd.		4,031		11,054
Downer EDI Ltd.		17,398		82,328
Dyno Nobel Ltd.		6,151		12,279
EBOS Group Ltd.		3,198		61,534
Endeavour Group Ltd.		16,237		40,596
Evolution Mining Ltd.		5,039		28,561
Fortescue Ltd.		1,687		21,310
Goodman Group REIT		195		4,384
GPT Group REIT		316		1,154
Harvey Norman Holdings Ltd.		8,182		36,897
Insurance Australia Group Ltd.		32,095		182,964
JB Hi-Fi Ltd.		2,757		211,500
Lendlease Corp. Ltd. (a)		540		1,962
Lottery Corp. Ltd.		20,306		78,147
Macquarie Group Ltd.		132		19,453
Magellan Financial Group Ltd.		415		2,776
Medibank Pvt Ltd.		52,321		174,645
Metcash Ltd.		8,217		22,588
National Australia Bank Ltd.		240		6,721
Netwealth Group Ltd.		326		7,355
New Hope Corp. Ltd.		2,839		8,232
Northern Star Resources Ltd.		3,145		38,883
Orica Ltd.		2,315		33,303
Origin Energy Ltd.		13,311		112,560
Pro Medicus Ltd.		69		13,494


	Number of Shares		Value $

Qantas Airways Ltd.		18,021		138,588
QBE Insurance Group Ltd.		14,771		209,304
Qube Holdings Ltd.		31,844		87,536
Ramsay Health Care Ltd.		422		9,363
REA Group Ltd.		188		30,888
Reece Ltd.		374		2,732
Region Group REIT		1,397		2,231
Rio Tinto Ltd.		2,629		198,687
Santos Ltd.		10,303		54,081
Scentre Group REIT		32,215		86,026
SEEK Ltd.		653		11,864
SGH Ltd.		1,433		47,373
Sims Ltd.		600		5,588
Sonic Healthcare Ltd.		3,096		48,733
South32 Ltd.		16,182		28,808
Steadfast Group Ltd.		11,237		44,716
Stockland REIT		6,708		27,220
Suncorp Group Ltd.		6,016		83,789
Technology One Ltd.		3,465		90,646
Telstra Group Ltd.		17,498		56,002
TPG Telecom Ltd.		2,669		9,241
Transurban Group (a)		5,397		51,572
Treasury Wine Estates Ltd.		876		4,489
Vicinity Ltd. REIT		31,982		54,214
Washington H Soul Pattinson & Co. Ltd.		1,865		53,415
Wesfarmers Ltd.		1,852		111,286
Westpac Banking Corp.		620		15,668
Woodside Energy Group Ltd.		1,828		31,598
Woolworths Group Ltd.		5,942		112,004
Worley Ltd.		1,672		16,076

(Cost $3,683,671)				4,586,096

Austria — 0.4%
ANDRITZ AG		837		58,929
Erste Group Bank AG		321		30,547
OMV AG		664		36,576
Raiffeisen Bank International AG		140		4,651
Telekom Austria AG		3,690		40,427
Verbund AG		517		36,884

(Cost $162,435)				208,014

Belgium — 1.1%
Ackermans & van Haaren NV		512		132,804
Ageas SA/NV		818		57,640
Anheuser-Busch InBev SA/NV		145		9,087
D’ieteren Group		191		41,382
Groupe Bruxelles Lambert NV		2,091		183,808
KBC Group NV		114		13,444
Lotus Bakeries NV		3		29,391
Syensqo SA		95		8,393
UCB SA		295		69,008

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Warehouses De Pauw CVA REIT		1,156		29,660

(Cost $ 462,240)				574,617

Bermuda — 0.1%
Hiscox Ltd.

(Cost $ 34,594)		2,279		40,181

Canada — 4.3%
Agnico Eagle Mines Ltd.		359		51,776
Alimentation Couche-Tard, Inc.		316		16,021
Bank of Montreal		12		1,453
Bank of Nova Scotia		328		20,491
Barrick Mining Corp.		2,804		74,810
BCE, Inc.		427		10,658
Brookfield Corp.		24		1,578
Canadian Imperial Bank of Commerce		263		20,322
Canadian National Railway Co.		280		27,114
Canadian Natural Resources Ltd.		390		12,354
Canadian Pacific Kansas City Ltd.		270		20,572
CGI, Inc.		648		62,943
Constellation Software, Inc.		10		33,143
Dollarama, Inc.		1,301		177,447
Enbridge, Inc.		339		16,407
Fairfax Financial Holdings Ltd.		209		359,913
Fortis, Inc.		2,748		136,804
Franco-Nevada Corp.		268		50,524
George Weston Ltd.		1,936		124,709
Great-West Lifeco, Inc.		165		6,538
Hydro One Ltd., 144A		1,790		65,201
Imperial Oil Ltd.		277		25,143
Intact Financial Corp.		557		111,578
Loblaw Cos. Ltd.		1,923		78,561
Magna International, Inc.		922		42,334
Manulife Financial Corp.		1,146		35,266
Metro, Inc.		3,081		220,907
National Bank of Canada		73		7,676
Nutrien Ltd.		179		10,319
Pembina Pipeline Corp.		396		14,961
Power Corp. of Canada		1,014		42,932
Restaurant Brands International, Inc.		396		25,085
Royal Bank of Canada		96		13,955
Sun Life Financial, Inc.		606		35,408
Suncor Energy, Inc.		1,670		69,053
TC Energy Corp.		1,136		59,177
TELUS Corp.		2,528		41,687
Thomson Reuters Corp.		88		15,634
Toronto-Dominion Bank		93		6,985
Tourmaline Oil Corp.		718		30,499
Waste Connections, Inc.		247		45,660


	Number of Shares		Value $
Wheaton Precious Metals Corp.		513		51,533

(Cost $1,691,847)				2,275,131

Chile — 0.0%
Antofagasta PLC

(Cost $4,132)		291		8,433

China — 0.1%
Lenovo Group Ltd.		18,086		25,705
Shenzhou International Group Holdings Ltd.		615		4,848

(Cost $18,165)				30,553

Denmark — 0.7%
A.P. Moller — Maersk A/S, Class A		12		24,650
A.P. Moller — Maersk A/S, Class B		14		28,835
Carlsberg AS, Class B		478		58,494
Coloplast A/S, Class B		130		12,492
Danske Bank A/S		134		5,512
Demant A/S *		106		4,056
DSV A/S		180		39,882
Genmab A/S *		108		26,893
H Lundbeck A/S		2,079		13,151
H Lundbeck A/S, Class A		558		2,918
Novonesis (Novozymes) B, Class B		78		4,961
Pandora A/S		307		42,411
ROCKWOOL A/S, Class B		854		32,273
Tryg A/S		2,091		55,019

(Cost $319,728)				351,547

Finland — 2.2%
Elisa OYJ		2,144		114,235
Fortum OYJ		3,123		54,064
Kesko OYJ, Class B		5,060		112,236
Kone OYJ, Class B		2,536		159,462
Metso Corp.		1,075		13,898
Nokia OYJ		22,597		97,309
Nordea Bank Abp		2,608		39,807
Orion OYJ, Class B		2,321		185,281
Sampo OYJ, Class A		7,055		80,977
Stora Enso OYJ, Class R		1,279		14,938
UPM-Kymmene OYJ		2,065		58,808
Valmet OYJ		2,354		81,751
Wartsila OYJ Abp		4,057		118,908

(Cost $1,016,518)				1,131,674

France — 3.9%
Accor SA		652		32,259
Aeroports de Paris SA		35		4,601
Air Liquide SA		119		24,546
Airbus SE		23		4,821
Alstom SA *		239		5,746
Amundi SA, 144A		398		29,419

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Arkema SA		299		21,209
AXA SA		382		17,791
Ayvens SA, 144A		554		6,138
BioMerieux		190		26,398
BNP Paribas SA		51		4,586
Bollore SE		663		3,871
Bouygues SA		1,912		82,000
Bureau Veritas SA		3,081		92,899
Capgemini SE		103		14,642
Carrefour SA		3,613		52,292
Cie de Saint-Gobain SA		690		74,465
Cie Generale des Etablissements Michelin SCA		3,994		144,597
Credit Agricole SA		408		7,464
Danone SA		1,021		85,066
Dassault Aviation SA		129		40,769
Dassault Systemes SE		275		8,562
Edenred SE		290		8,384
Eiffage SA		765		96,259
Engie SA		5,943		123,057
EssilorLuxottica SA		49		14,924
Eurazeo SE		1,385		90,622
FDJ UNITED		943		30,376
Gecina SA REIT		95		9,324
Getlink SE		1,333		25,198
Ipsen SA		277		37,610
Legrand SA		477		72,639
Orange SA		13,537		220,246
Pernod Ricard SA		59		6,713
Publicis Groupe SA		647		59,707
Renault SA		229		9,006
Rexel SA		1,114		36,093
Safran SA		63		21,009
Sanofi SA		305		30,163
Schneider Electric SE		92		22,619
SEB SA		72		5,242
Societe Generale SA		136		8,392
Sodexo SA		772		46,356
Teleperformance SE		618		47,684
Thales SA		179		47,184
TotalEnergies SE		381		23,859
Veolia Environnement SA		3,218		106,258
Vinci SA		429		58,199
Wendel SE		158		15,230

(Cost $1,841,900)				2,056,494

Germany — 3.7%
adidas AG		115		22,392
Allianz SE		35		14,797
BASF SE		1,193		63,341
Bayer AG		337		11,069
Bayerische Motoren Werke AG		229		23,979


	Number of Shares		Value $
Bechtle AG		190		8,633
Beiersdorf AG		196		22,538
Brenntag SE		897		55,521
Commerzbank AG		264		10,080
Continental AG		644		56,535
Covestro AG *		235		16,339
CTS Eventim AG & Co. KGaA		253		23,706
Daimler Truck Holding AG		401		18,855
Deutsche Bank AG (b)		275		9,666
Deutsche Boerse AG		38		11,191
Deutsche Lufthansa AG		2,137		19,901
Deutsche Post AG		1,703		77,502
Deutsche Telekom AG		1,268		46,337
DWS Group GmbH & Co. KGaA, 144A (b)		120		7,452
E.ON SE		5,799		103,479
Evonik Industries AG		1,911		36,885
Fielmann Group AG		188		11,421
Fraport AG Frankfurt Airport Services Worldwide *		89		7,620
Fresenius Medical Care AG		1,629		83,496
Fresenius SE & Co. KGaA		1,634		88,764
FUCHS SE		799		29,740
GEA Group AG		2,948		214,630
Hannover Rueck SE		98		28,540
Heidelberg Materials AG		901		213,034
Henkel AG & Co. KGaA		464		35,655
HOCHTIEF AG		237		59,976
Infineon Technologies AG		411		16,818
Knorr-Bremse AG		406		42,390
Mercedes-Benz Group AG		399		24,916
Merck KGaA		216		27,381
MTU Aero Engines AG		141		62,880
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		32		20,399
Nemetschek SE		127		17,541
Puma SE		246		6,188
Rational AG		13		9,693
Rheinmetall AG		3		5,933
RWE AG		2,667		106,888
SAP SE		16		4,339
Scout24 SE, 144A		782		101,327
Siemens AG		56		15,509
Siemens Energy AG *		71		7,539
Siemens Healthineers AG, 144A		92		5,095
Symrise AG		273		26,452
Talanx AG		100		13,788
Traton SE		195		7,213
Zalando SE, 144A *		219		6,101

(Cost $1,510,297)				1,961,464

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $

Hong Kong — 2.8%
AIA Group Ltd.		1,279		12,042
Bank of East Asia Ltd.		16,711		27,545
BOC Hong Kong Holdings Ltd.		10,626		48,006
Cathay Pacific Airways Ltd.		37,456		51,457
CK Asset Holdings Ltd.		10,165		47,879
CK Hutchison Holdings Ltd.		23,360		153,869
CK Infrastructure Holdings Ltd.		3,051		20,449
CLP Holdings Ltd.		9,972		84,232
CTF Services Ltd.		5,302		5,284
Dah Sing Banking Group Ltd.		11,720		15,710
DFI Retail Group Holdings Ltd.		4,669		14,847
First Pacific Co. Ltd.		35,242		30,153
Galaxy Entertainment Group Ltd.		1,076		5,659
Hang Lung Group Ltd.		18,371		32,166
Hang Seng Bank Ltd.		1,999		28,565
Henderson Land Development Co. Ltd.		3,284		11,332
Hong Kong & China Gas Co. Ltd.		65,234		58,658
Hong Kong Exchanges & Clearing Ltd.		296		17,124
Hutchison Port Holdings Trust, Class U		215,000		46,225
Jardine Matheson Holdings Ltd.		3,014		182,618
Johnson Electric Holdings Ltd.		6,067		22,211
Kerry Properties Ltd.		12,530		32,370
Link REIT		615		3,269
MTR Corp. Ltd.		8,629		29,177
PCCW Ltd.		55,769		37,628
Power Assets Holdings Ltd.		13,779		89,700
Prudential PLC		874		11,674
Shangri-La Asia Ltd.		8,580		5,030
Sino Land Co. Ltd.		13,177		15,652
SITC International Holdings Co. Ltd.		1,875		6,609
Sun Hung Kai Properties Ltd.		2,311		27,154
Swire Pacific Ltd., Class A		3,319		28,418
Swire Pacific Ltd., Class B		11,018		16,465
Techtronic Industries Co. Ltd.		1,562		20,117
VTech Holdings Ltd.		6,793		54,765
WH Group Ltd., 144A		141,760		151,655
Xinyi Glass Holdings Ltd.		5,691		6,212
Yue Yuen Industrial Holdings Ltd.		12,982		22,897

(Cost $1,216,491)				1,474,823

Ireland — 0.4%
AIB Group PLC		969		7,872
Bank of Ireland Group PLC		417		6,170
DCC PLC		559		35,526
Experian PLC		1,171		60,625
Glanbia PLC		515		8,572
James Hardie Industries PLC CDI *		599		12,220


	Number of Shares		Value $

Kerry Group PLC, Class A		1,063		97,238
Kingspan Group PLC		98		7,559

(Cost $231,126)				235,782

Israel — 3.8%
Airport City Ltd. *		237		4,296
Amot Investments Ltd.		5,191		37,064
Azrieli Group Ltd.		271		25,929
Bank Hapoalim BM		12,702		247,998
Bank Leumi Le-Israel BM		17,585		337,551
Bezeq The Israeli Telecommunication Corp. Ltd.		86,652		159,207
Big Shopping Centers Ltd.		144		28,283
Elbit Systems Ltd.		173		83,636
Energix-Renewable Energies Ltd.		822		3,175
Enlight Renewable Energy Ltd. *		724		20,508
First International Bank Of Israel Ltd.		877		62,119
Gav-Yam Lands Corp. Ltd.		591		6,943
Harel Insurance Investments & Financial Services Ltd.		1,546		51,448
ICL Group Ltd.		16,967		110,085
Israel Corp. Ltd.		67		21,639
Israel Discount Bank Ltd., Class A		16,721		165,433
Melisron Ltd.		375		43,986
Menora Mivtachim Holdings Ltd.		135		13,082
Mivne Real Estate KD Ltd.		3,335		12,235
Mizrahi Tefahot Bank Ltd.		2,401		156,858
Nice Ltd. *		29		4,113
Nova Ltd. *		118		31,824
Phoenix Financial Ltd.		3,138		111,276
Shapir Engineering and Industry Ltd.		1,573		12,430
Shufersal Ltd.		8,448		104,699
Strauss Group Ltd.		1,575		41,327
Teva Pharmaceutical Industries Ltd. *		505		9,063
Tower Semiconductor Ltd. *		1,189		71,989

(Cost $1,324,928)				1,978,196

Italy — 2.1%
A2A SpA		14,149		35,574
Amplifon SpA		289		5,265
Banca Mediolanum SpA		1,246		25,202
Banco BPM SpA		2,217		30,426
BPER Banca SPA		1,029		10,693
Brunello Cucinelli SpA		98		11,336
Buzzi SpA		1,024		51,995
DiaSorin SpA		88		8,877
Enel SpA		6,979		64,404
Eni SpA		3,178		56,698
Ferrari NV		67		31,895
FinecoBank Banca Fineco SpA		1,966		43,148

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Generali		602		23,507
Hera SpA		14,044		60,395
Infrastrutture Wireless Italiane SpA, 144A		1,592		19,305
Interpump Group SpA		252		11,976
Intesa Sanpaolo SpA		2,873		18,075
Italgas SpA		14,146		127,247
Leonardo SpA		880		50,194
Mediobanca Banca di Credito Finanziario SpA		234		5,670
Moncler SpA		584		33,953
Pirelli & C SpA, 144A		4,914		33,660
Poste Italiane SpA, 144A		813		19,042
PRADA SpA		702		4,126
Prysmian SpA		637		55,712
Recordati Industria Chimica e Farmaceutica SpA		550		33,959
Reply SpA		251		36,166
Snam SpA		5,299		32,278
Telecom Italia SpA *		19,354		9,279
Telecom Italia SpA-RSP *		19,525		10,549
Terna - Rete Elettrica Nazionale		5,930		59,665
UniCredit SpA		151		11,672
Unipol Assicurazioni SpA		2,169		45,318

(Cost $796,493)				1,077,261

Japan — 30.3%
ABC-Mart, Inc.		1,189		23,703
Acom Co. Ltd.		2,100		6,619
Activia Properties, Inc. REIT		6		5,533
Advance Residence Investment Corp. REIT		12		13,322
Aeon Co. Ltd.		4,422		53,820
AEON REIT Investment Corp. REIT		9		8,061
AGC, Inc.		654		20,637
Aica Kogyo Co. Ltd.		1,314		33,918
Air Water, Inc.		1,500		26,332
Aisin Corp.		4,879		81,480
Ajinomoto Co., Inc.		1,300		35,496
Alfresa Holdings Corp.		4,100		62,020
Alps Alpine Co. Ltd.		2,200		27,143
Amada Co. Ltd.		4,343		55,950
Amano Corp.		1,200		34,547
ANA Holdings, Inc.		1,100		22,255
As One Corp.		300		5,167
Asahi Group Holdings Ltd.		3,276		41,423
Asahi Intecc Co. Ltd.		216		3,731
Asahi Kasei Corp.		9,619		79,238
Asics Corp.		300		8,171
Azbil Corp.		7,452		75,345
Bandai Namco Holdings, Inc.		3,400		117,984
Bic Camera, Inc.		6,000		64,791


	Number of Shares		Value $
BIPROGY, Inc.		900		39,016
Bridgestone Corp.		2,024		92,374
Brother Industries Ltd.		3,742		63,919
Calbee, Inc.		480		8,747
Canon Marketing Japan, Inc.		1,900		74,111
Canon, Inc.		4,322		128,048
Capcom Co. Ltd.		1,816		49,536
Casio Computer Co. Ltd.		2,300		18,978
Central Japan Railway Co.		1,055		28,188
Chiba Bank Ltd.		700		7,268
Chubu Electric Power Co., Inc.		3,331		46,168
Chugai Pharmaceutical Co. Ltd.		400		17,733
Chugin Financial Group, Inc.		36		519
Chugoku Electric Power Co., Inc.		2,283		13,784
Coca-Cola Bottlers Japan Holdings, Inc.		1,000		17,524
COMSYS Holdings Corp.		2,834		71,668
Concordia Financial Group Ltd.		1,100		8,432
Cosmo Energy Holdings Co. Ltd.		500		24,298
Cosmos Pharmaceutical Corp.		520		31,499
Credit Saison Co. Ltd.		300		7,719
CyberAgent, Inc.		2,400		29,341
Dai Nippon Printing Co. Ltd.		5,514		93,080
Daicel Corp.		2,427		22,605
Daido Steel Co. Ltd.		375		3,244
Daifuku Co. Ltd.		1,178		37,685
Dai-ichi Life Holdings, Inc.		2,400		20,048
Daiichi Sankyo Co. Ltd.		100		2,404
Daikin Industries Ltd.		170		21,536
Daito Trust Construction Co. Ltd.		748		79,958
Daiwa House Industry Co. Ltd.		3,702		131,842
Daiwa House REIT Investment Corp. REIT		12		10,372
Daiwa Office Investment Corp. REIT		3		7,468
Daiwa Securities Group, Inc.		1,800		14,135
Daiwa Securities Living Investments Corp. REIT		10		7,328
Denka Co. Ltd.		1,000		15,280
Denso Corp.		684		9,948
Dentsu Soken, Inc.		300		13,506
Dexerials Corp.		600		8,257
DIC Corp.		3,000		70,186
Disco Corp.		26		7,322
Dowa Holdings Co. Ltd.		800		28,453
East Japan Railway Co.		3,200		78,766
Ebara Corp.		1,900		39,961
Electric Power Development Co. Ltd.		2,376		45,473
ENEOS Holdings, Inc.		46,720		279,954
EXEO Group, Inc.		5,544		82,126
Ezaki Glico Co. Ltd.		700		23,395
FANUC Corp.		1,480		42,114

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Fast Retailing Co. Ltd.		41		12,990
Food & Life Cos. Ltd.		400		23,230
FP Corp.		1,100		19,711
Frontier Real Estate Investment Corp. REIT		22		13,111
Fuji Electric Co. Ltd.		188		12,094
Fuji Media Holdings, Inc.		500		11,279
FUJI OIL CO. LTD.		400		9,955
FUJIFILM Holdings Corp.		1,653		39,528
Fujitec Co. Ltd.		2,000		76,690
Fujitsu Ltd.		4,860		118,368
Fukuoka Financial Group, Inc.		200		6,081
Furukawa Electric Co. Ltd.		200		12,769
GLP J REIT		19		17,780
GMO internet group, Inc.		300		8,081
Goldwin, Inc.		100		4,948
GS Yuasa Corp.		638		14,522
Gunma Bank Ltd.		900		9,516
Hakuhodo DY Holdings, Inc.		669		5,397
Hankyu Hanshin Holdings, Inc.		967		28,735
Haseko Corp.		6,497		107,749
Heiwa Corp.		800		11,878
Hikari Tsushin, Inc.		196		52,529
Hirogin Holdings, Inc.		600		5,780
Hirose Electric Co. Ltd.		491		64,241
Hisamitsu Pharmaceutical Co., Inc.		800		22,923
Hitachi Construction Machinery Co. Ltd.		400		12,477
Hitachi Ltd.		1,530		42,193
Honda Motor Co. Ltd.		1,835		20,522
Horiba Ltd.		107		8,089
Hoshizaki Corp.		1,426		55,302
House Foods Group, Inc.		1,157		22,317
Hoya Corp.		214		28,057
Hulic Co. Ltd.		5,948		64,048
Idemitsu Kosan Co. Ltd.		10,125		67,856
Iida Group Holdings Co. Ltd.		900		14,230
Industrial & Infrastructure Fund Investment Corp. REIT		12		10,592
INFRONEER Holdings, Inc.		84		842
Inpex Corp.		2,999		51,432
Internet Initiative Japan, Inc.		600		11,354
Invincible Investment Corp. REIT		31		14,104
Isetan Mitsukoshi Holdings Ltd.		800		13,510
Isuzu Motors Ltd.		5,600		74,241
Ito En Ltd.		300		6,900
ITOCHU Corp.		936		53,530
Itoham Yonekyu Holdings, Inc.		560		21,549
Iwatani Corp.		900		9,909
Iyogin Holdings, Inc.		1,100		15,388
Izumi Co. Ltd.		500		11,044


	Number of Shares		Value $
J. Front Retailing Co. Ltd.		2,065		32,320
Japan Airlines Co. Ltd.		1,300		27,775
Japan Airport Terminal Co. Ltd.		200		6,920
Japan Hotel REIT Investment Corp. REIT		19		11,194
Japan Logistics Fund, Inc. REIT		19		12,682
Japan Metropolitan Fund Invest REIT		19		14,481
Japan Post Holdings Co. Ltd.		500		5,154
Japan Post Insurance Co. Ltd.		400		11,295
Japan Prime Realty Investment Corp. REIT		35		24,648
Japan Real Estate Investment Corp. REIT		47		40,942
Japan Steel Works Ltd.		300		18,377
Japan Tobacco, Inc.		1,264		40,358
JFE Holdings, Inc.		1,000		12,525
JGC Holdings Corp.		100		961
JTEKT Corp.		1,100		10,886
Justsystems Corp.		300		9,470
Kagome Co. Ltd.		265		5,195
Kajima Corp.		3,900		117,007
Kakaku.com, Inc.		800		15,008
Kamigumi Co. Ltd.		2,432		73,246
Kandenko Co. Ltd.		3,592		97,320
Kaneka Corp.		1,222		35,996
Kansai Electric Power Co., Inc.		5,411		75,807
Kansai Paint Co. Ltd.		4,288		72,749
Kao Corp.		2,553		116,569
Kawasaki Heavy Industries Ltd.		91		5,594
KDDI Corp.		5,858		101,759
KDX Realty Investment Corp. REIT		85		97,953
Keihan Holdings Co. Ltd.		800		17,523
Keikyu Corp.		9,500		100,257
Keio Corp.		500		12,638
Keisei Electric Railway Co. Ltd.		1,200		11,123
Kewpie Corp.		2,659		74,921
Keyence Corp.		22		8,508
Kikkoman Corp.		930		8,051
Kinden Corp.		4,200		150,808
Kintetsu Group Holdings Co. Ltd.		900		18,144
Kirin Holdings Co. Ltd.		1,712		24,900
Kobayashi Pharmaceutical Co. Ltd.		200		7,252
Kobe Bussan Co. Ltd.		300		8,416
Kobe Steel Ltd.		1,200		14,834
Koei Tecmo Holdings Co. Ltd.		1,100		14,531
Koito Manufacturing Co. Ltd.		3,200		46,019
Kokuyo Co. Ltd.		15,900		99,022
Komatsu Ltd.		3,070		105,341
Konami Group Corp.		432		65,922
Konica Minolta, Inc. *		1,100		3,787

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Kose Corp.		100		3,884
Kotobuki Spirits Co. Ltd.		400		4,972
K’s Holdings Corp.		6,011		61,533
Kubota Corp.		2,400		28,205
Kuraray Co. Ltd.		9,781		118,245
Kurita Water Industries Ltd.		428		14,709
Kusuri no Aoki Holdings Co. Ltd.		300		7,995
Kyocera Corp.		3,188		42,926
Kyowa Kirin Co. Ltd.		200		3,467
Kyudenko Corp.		399		19,316
Kyushu Electric Power Co., Inc.		10,364		109,869
Kyushu Railway Co.		1,300		36,027
LaSalle Logiport REIT		10		9,712
Lion Corp.		8,106		86,926
Lixil Corp.		1,111		14,525
LY Corp.		1,200		3,832
Mabuchi Motor Co. Ltd.		1,200		20,682
Makita Corp.		2,400		82,171
Marubeni Corp.		691		15,917
Marui Group Co. Ltd.		879		19,020
Maruichi Steel Tube Ltd.		1,150		29,826
Maruwa Co. Ltd./Aichi		55		15,242
MatsukiyoCocokara & Co.		2,891		60,015
Mazda Motor Corp.		800		5,421
McDonald’s Holdings Co. Japan Ltd.		700		31,228
Mebuki Financial Group, Inc.		1,500		9,348
Medipal Holdings Corp.		7,151		127,313
MEIJI Holdings Co. Ltd.		3,138		65,357
MINEBEA MITSUMI, Inc.		371		6,437
MISUMI Group, Inc.		3,740		57,517
Mitsubishi Chemical Group Corp.		8,102		46,606
Mitsubishi Corp.		408		9,320
Mitsubishi Electric Corp.		4,774		115,493
Mitsubishi Estate Co. Ltd.		1,100		23,659
Mitsubishi Gas Chemical Co., Inc.		2,567		46,891
Mitsubishi HC Capital, Inc.		1,250		10,306
Mitsubishi Heavy Industries Ltd.		1,730		44,221
Mitsubishi Logistics Corp.		2,400		20,097
Mitsubishi Materials Corp.		500		8,691
Mitsubishi Motors Corp.		1,400		3,874
Mitsui & Co. Ltd.		750		17,500
Mitsui Chemicals, Inc.		800		19,822
Mitsui Fudosan Co. Ltd.		1,300		13,901
Mitsui Fudosan Logistics Park, Inc. REIT		8		5,972
Mitsui Mining & Smelting Co. Ltd.		1,100		78,852
Mitsui OSK Lines Ltd.		674		21,800
Miura Co. Ltd.		1,300		25,154
Mizuho Financial Group, Inc.		80		2,667


	Number of Shares		Value $
MonotaRO Co. Ltd.		700		12,145
Mori Hills REIT Investment Corp. REIT		12		11,630
Morinaga & Co. Ltd.		1,700		30,938
Morinaga Milk Industry Co. Ltd.		1,600		35,950
MS&AD Insurance Group Holdings, Inc.		1,500		35,369
Murata Manufacturing Co. Ltd.		2,451		40,598
Nabtesco Corp.		1,000		21,338
Nagase & Co. Ltd.		3,665		79,178
Nagoya Railroad Co. Ltd.		1,100		12,613
Nankai Electric Railway Co. Ltd.		718		12,944
NEC Corp.		3,440		106,299
Nexon Co. Ltd.		300		6,855
NGK Insulators Ltd.		3,477		55,533
NH Foods Ltd.		900		34,112
NHK Spring Co. Ltd.		6,200		78,437
Nichias Corp.		1,700		66,171
Nichirei Corp.		1,200		13,870
Nidec Corp.		1,200		26,244
Nifco, Inc.		1,161		33,685
Nihon Kohden Corp.		1,600		17,964
Nikon Corp.		600		6,818
Nintendo Co. Ltd.		850		77,054
Nippon Accommodations Fund, Inc. REIT		11		9,245
Nippon Building Fund, Inc. REIT		41		39,709
Nippon Electric Glass Co. Ltd.		1,100		33,863
NIPPON EXPRESS HOLDINGS, Inc.		6,308		138,984
Nippon Kayaku Co. Ltd.		2,800		27,328
Nippon Paint Holdings Co. Ltd.		200		1,462
Nippon Prologis REIT, Inc. REIT		17		9,900
Nippon Sanso Holdings Corp.		359		13,169
Nippon Shinyaku Co. Ltd.		300		6,389
Nippon Shokubai Co. Ltd.		5,000		63,222
Nippon Steel Corp.		2,413		51,194
Nippon Television Holdings, Inc.		1,000		26,392
Nippon Yusen KK		900		32,690
Nipro Corp.		1,000		10,247
Nissan Chemical Corp.		483		17,221
Nissan Motor Co. Ltd. *		1,000		2,264
Nisshin Seifun Group, Inc.		1,178		14,361
Nissin Foods Holdings Co. Ltd.		552		10,422
Niterra Co. Ltd.		1,602		57,894
Nitori Holdings Co. Ltd.		81		7,478
Nitto Denko Corp.		4,951		113,503
NOF Corp.		3,521		66,223
NOK Corp.		3,300		57,942
Nomura Holdings, Inc.		1,200		8,663
Nomura Real Estate Holdings, Inc.		5,130		31,938

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Nomura Real Estate Master Fund, Inc. REIT		20		21,931
Nomura Research Institute Ltd.		1,500		59,213
NS Solutions Corp.		600		14,323
NSK Ltd.		800		4,247
NTT Data Group Corp.		300		8,083
NTT, Inc.		10,175		10,797
Obayashi Corp.		4,362		71,197
OBIC Business Consultants Co. Ltd.		200		11,663
Obic Co. Ltd.		975		34,743
Odakyu Electric Railway Co. Ltd.		400		4,592
Oji Holdings Corp.		19,788		109,408
OKUMA Corp.		400		9,590
Olympus Corp.		1,900		22,290
Ono Pharmaceutical Co. Ltd.		1,977		22,312
Open House Group Co. Ltd.		2,280		117,412
Oracle Corp.		200		20,807
Organo Corp.		100		7,676
Oriental Land Co. Ltd.		190		4,554
ORIX Corp.		1,836		47,893
Orix JREIT, Inc. REIT		48		32,038
Osaka Gas Co. Ltd.		5,629		160,905
Otsuka Corp.		1,816		37,501
Otsuka Holdings Co. Ltd.		2,734		144,609
PALTAC Corp.		1,082		33,390
Pan Pacific International Holdings Corp.		899		32,672
Panasonic Holdings Corp.		6,972		71,940
Park24 Co. Ltd.		800		11,034
Persol Holdings Co. Ltd.		39,090		73,401
Pola Orbis Holdings, Inc.		400		3,524
Rakuten Group, Inc. *		2,000		12,490
Recruit Holdings Co. Ltd.		457		26,703
Rengo Co. Ltd.		1,212		7,614
Resona Holdings, Inc.		1,000		10,182
Resonac Holdings Corp.		1,400		37,073
Resorttrust, Inc.		3,000		38,505
Ricoh Co. Ltd.		2,700		24,182
Rinnai Corp.		1,651		41,223
Rohto Pharmaceutical Co. Ltd.		322		5,523
Ryohin Keikaku Co. Ltd.		3,200		69,481
Sankyo Co. Ltd.		6,945		140,579
Sankyu, Inc.		1,100		61,501
Sanrio Co. Ltd.		200		10,504
Santen Pharmaceutical Co. Ltd.		6,400		68,108
Sanwa Holdings Corp.		4,200		136,563
Sapporo Holdings Ltd.		200		10,271
SBI Holdings, Inc.		700		33,368
SCSK Corp.		1,800		57,730
Secom Co. Ltd.		1,847		68,534
Sega Sammy Holdings, Inc.		2,400		50,215


	Number of Shares		Value $
Seibu Holdings, Inc.		600		21,851
Seiko Epson Corp.		3,251		41,904
Seino Holdings Co. Ltd.		4,000		62,660
Sekisui Chemical Co. Ltd.		9,701		185,827
Sekisui House Ltd.		1,536		34,868
Sekisui House Reit, Inc. REIT		70		38,522
Seven & i Holdings Co. Ltd.		1,700		22,155
Seven Bank Ltd.		2,300		4,548
SG Holdings Co. Ltd.		1,560		16,883
Sharp Corp. *		800		4,848
Shikoku Electric Power Co., Inc.		4,200		39,690
Shimadzu Corp.		1,096		27,037
Shimamura Co. Ltd.		627		46,483
Shimano, Inc.		162		18,128
Shimizu Corp.		2,546		34,481
Shin-Etsu Chemical Co. Ltd.		435		13,501
Shionogi & Co. Ltd.		2,700		46,893
Ship Healthcare Holdings, Inc.		1,100		16,707
Shizuoka Financial Group, Inc.		700		9,397
SHO-BOND Holdings Co. Ltd.		349		12,173
Skylark Holdings Co. Ltd.		2,360		47,417
SMC Corp.		18		5,590
SoftBank Corp.		31,850		49,502
Sohgo Security Services Co. Ltd.		16,235		124,561
Sojitz Corp.		1,020		27,149
Sompo Holdings, Inc.		4,000		129,596
Sony Group Corp.		865		24,054
Sotetsu Holdings, Inc.		200		3,532
Square Enix Holdings Co. Ltd.		600		41,417
Stanley Electric Co. Ltd.		2,131		43,571
Subaru Corp.		3,664		73,205
Sugi Holdings Co. Ltd.		1,705		43,129
Sumitomo Bakelite Co. Ltd.		400		13,594
Sumitomo Chemical Co. Ltd.		3,800		11,540
Sumitomo Corp.		2,032		57,393
Sumitomo Electric Industries Ltd.		7,726		221,164
Sumitomo Forestry Co. Ltd.		1,049		12,049
Sumitomo Heavy Industries Ltd.		149		3,346
Sumitomo Metal Mining Co. Ltd.		269		7,393
Sumitomo Mitsui Financial Group, Inc.		300		8,271
Sumitomo Mitsui Trust Holdings, Inc.		300		8,620
Sumitomo Realty & Development Co. Ltd.		871		36,163
Sumitomo Rubber Industries Ltd.		2,000		23,702
Sundrug Co. Ltd.		688		21,691
Suntory Beverage & Food Ltd.		1,274		39,567
Suzuken Co. Ltd.		2,684		106,629
Suzuki Motor Corp.		3,868		51,925
Sysmex Corp.		1,081		13,753

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
T&D Holdings, Inc.		600		15,770
Taiheiyo Cement Corp.		3,500		95,852
Taisei Corp.		634		43,224
Takara Holdings, Inc.		1,300		15,003
Takasago Thermal Engineering Co. Ltd.		300		18,334
Takashimaya Co. Ltd.		2,200		19,569
Takeda Pharmaceutical Co. Ltd.		100		3,011
TBS Holdings, Inc.		200		7,380
TDK Corp.		4,350		57,358
TechnoPro Holdings, Inc.		887		29,155
Teijin Ltd.		3,220		27,655
Terumo Corp.		432		7,837
THK Co. Ltd.		500		13,652
TIS, Inc.		2,700		90,567
Tobu Railway Co. Ltd.		500		9,123
Toda Corp.		3,800		27,188
Toho Co. Ltd.		1,259		80,243
Toho Gas Co. Ltd.		1,500		45,707
Tohoku Electric Power Co., Inc.		6,319		48,977
Tokai Carbon Co. Ltd.		1,000		6,933
Tokio Marine Holdings, Inc.		800		34,877
Tokyo Gas Co. Ltd.		3,759		144,190
Tokyo Ohka Kogyo Co. Ltd.		500		16,179
Tokyo Tatemono Co. Ltd.		2,600		49,415
Tokyu Corp.		1,200		15,206
Tokyu Fudosan Holdings Corp.		2,322		18,812
Tomy Co. Ltd.		1,900		43,830
TOPPAN Holdings, Inc.		4,665		121,689
Toray Industries, Inc.		9,600		64,946
Toridoll Holdings Corp.		100		3,371
Tosoh Corp.		7,141		113,541
TOTO Ltd.		1,380		36,026
Toyo Seikan Group Holdings Ltd.		1,421		34,735
Toyo Suisan Kaisha Ltd.		1,085		75,265
Toyo Tire Corp.		1,500		38,495
Toyoda Gosei Co. Ltd.		1,184		29,079
Toyota Boshoku Corp.		1,100		18,153
Toyota Tsusho Corp.		769		20,803
Trend Micro, Inc.		894		47,804
TS Tech Co. Ltd.		1,658		21,004
Tsuruha Holdings, Inc.		2,565		39,691
UBE Corp.		1,093		17,416
Unicharm Corp.		1,031		6,907
United Urban Investment Corp. REIT		11		13,276
Ushio, Inc.		1,101		16,152
USS Co. Ltd.		6,700		81,454
Welcia Holdings Co. Ltd.		1,000		17,647
West Japan Railway Co.		2,900		65,081
Workman Co. Ltd.		400		14,521
Yakult Honsha Co. Ltd.		1,300		21,272


	Number of Shares		Value $
Yamada Holdings Co. Ltd.		7,957		25,178
Yamaguchi Financial Group, Inc.		500		6,057
Yamaha Corp.		3,800		25,301
Yamaha Motor Co. Ltd.		3,400		24,963
Yamato Holdings Co. Ltd.		4,400		74,739
Yamato Kogyo Co. Ltd.		800		52,814
Yamazaki Baking Co. Ltd.		353		8,213
Yaoko Co. Ltd.		357		22,270
Yaskawa Electric Corp.		300		6,044
Yokogawa Electric Corp.		1,600		47,371
Yokohama Rubber Co. Ltd.		700		26,203
Zenkoku Hosho Co. Ltd.		2,076		47,791
Zensho Holdings Co. Ltd.		100		6,351
Zeon Corp.		7,159		82,744
ZOZO, Inc.		1,700		15,903

(Cost $12,971,827)				15,838,962

Luxembourg — 0.2%
ArcelorMittal SA		835		27,816
CVC Capital Partners PLC, 144A		418		8,440
Eurofins Scientific SE		416		31,563
RTL Group SA		698		28,759
Tenaris SA		901		16,362

(Cost $98,822)				112,940

Mexico — 0.0%
Fresnillo PLC

(Cost $11,202)		942		22,756

Netherlands — 2.3%
Aalberts NV		343		12,012
ABN AMRO Bank NV CVA, 144A		428		12,349
Akzo Nobel NV		591		40,814
ASM International NV		11		5,288
ASR Nederland NV		364		25,257
BE Semiconductor Industries NV		21		2,829
CTP NV, 144A		1,988		42,723
Euronext NV, 144A		74		12,222
EXOR NV		710		71,180
Ferrovial SE		1,480		80,883
Heineken Holding NV		714		50,604
Heineken NV		201		16,234
IMCD NV		67		7,527
ING Groep NV		761		18,136
JDE Peet’s NV		719		26,291
Koninklijke Ahold Delhaize NV		8,009		321,078
Koninklijke KPN NV		37,133		177,160
Koninklijke Philips NV		734		20,233
Koninklijke Vopak NV		1,290		62,391
NN Group NV		308		21,206
Prosus NV *		66		4,080
QIAGEN NV		755		35,093
Randstad NV		303		14,325

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Universal Music Group NV		400		11,302
Wolters Kluwer NV		713		89,799

(Cost $988,520)				1,181,016

New Zealand — 0.7%
Air New Zealand Ltd.		19,441		6,768
Auckland International Airport Ltd.		5,146		22,925
Contact Energy Ltd.		15,664		83,553
Fisher & Paykel Healthcare Corp. Ltd.		5,024		108,497
Fletcher Building Ltd. *		1,031		1,916
Infratil Ltd.		6,082		40,767
Mainfreight Ltd.		297		10,401
Mercury NZ Ltd.		6,267		24,258
Meridian Energy Ltd.		4,291		14,457
Ryman Healthcare Ltd. *		2,985		4,210
Spark New Zealand Ltd.		1,696		2,582
Xero Ltd. *		264		28,266

(Cost $323,614)				348,600

Norway — 1.5%
Aker ASA, Class A		154		11,235
Aker BP ASA		1,189		30,046
DNB Bank ASA		1,427		37,594
Equinor ASA		1,426		35,169
Gjensidige Forsikring ASA		1,308		36,347
Kongsberg Gruppen ASA		1,993		59,518
Mowi ASA		2,875		59,117
Norsk Hydro ASA		7,628		49,485
Orkla ASA		17,693		197,754
Salmar ASA		130		6,657
Telenor ASA		8,457		141,070
Var Energi ASA		6,939		23,737
Vend Marketplaces ASA		985		38,175
Vend Marketplaces ASA, Class B		1,132		41,348
Yara International ASA		600		21,838

(Cost $660,957)				789,090

Poland — 0.4%
Bank Polska Kasa Opieki SA		448		22,530
Dino Polska SA, 144A *		2,738		34,136
KGHM Polska Miedz SA *		304		10,678
LPP SA		1		4,734
ORLEN SA		2,758		58,870
Powszechna Kasa Oszczednosci Bank Polski SA		872		16,990
Powszechny Zaklad Ubezpieczen SA		3,068		50,989
Santander Bank Polska SA		67		9,304

(Cost $148,890)				208,231

Portugal — 0.3%
Banco Comercial Portugues SA, Class R		7,257		6,150


	Number of Shares		Value $
EDP SA		4,714		20,896
Galp Energia SGPS SA		956		18,575
Jeronimo Martins SGPS SA		4,018		99,423

(Cost $126,124)				145,044

Russia — 0.0%
Evraz PLC * (c)

(Cost $35,071)		4,559		0

Singapore — 3.2%
BOC Aviation Ltd., 144A		1,994		17,853
CapitaLand Ascendas REIT		36,436		77,245
CapitaLand Ascott Trust (a)		29,055		20,042
CapitaLand Integrated Commercial Trust REIT		45,754		81,309
CapitaLand Investment Ltd.		5,000		10,756
City Developments Ltd.		800		4,240
ComfortDelGro Corp. Ltd.		85,344		96,453
DBS Group Holdings Ltd.		1,688		66,468
Frasers Logistics & Commercial Trust REIT		14,700		10,426
Genting Singapore Ltd.		57,700		32,380
Jardine Cycle & Carriage Ltd.		1,810		39,896
Keppel REIT		9,572		7,274
Keppel DC REIT		57,260		105,326
Keppel Ltd.		10,462		71,350
Mapletree Industrial Trust REIT		5,313		8,531
Mapletree Logistics Trust REIT		14,667		13,947
Mapletree Pan Asia Commercial Trust REIT		27,691		29,785
NETLINK NBN TRUST		48,800		35,373
Oversea-Chinese Banking Corp. Ltd.		4,562		59,523
SATS Ltd.		20,400		52,630
Sembcorp Industries Ltd.		6,153		29,110
SIA Engineering Co. Ltd.		4,700		11,503
Singapore Airlines Ltd.		15,300		78,468
Singapore Exchange Ltd.		17,780		229,630
Singapore Technologies Engineering Ltd.		27,928		167,176
Singapore Telecommunications Ltd.		22,366		75,134
StarHub Ltd.		19,600		17,110
Suntec Real Estate Investment Trust REIT		15,000		15,433
United Overseas Bank Ltd.		2,200		60,341
UOL Group Ltd.		3,729		21,653
Venture Corp. Ltd.		7,462		78,982
Wilmar International Ltd.		13,200		30,351

(Cost $1,347,453)				1,655,698

South Korea — 3.9%
BGF retail Co. Ltd.		165		13,922
BNK Financial Group, Inc.		5,512		57,092
Cheil Worldwide, Inc.		2,855		40,661

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
CJ CheilJedang Corp.		65		10,707
CJ Corp.		152		17,482
CJ Logistics Corp.		42		2,523
Coway Co. Ltd.		581		43,546
DB Insurance Co. Ltd.		600		56,925
Dongsuh Cos., Inc.		143		2,803
Doosan Bobcat, Inc. *		134		5,147
E-MART, Inc.		366		18,823
F&F Co. Ltd. / New		114		5,453
GS Engineering & Construction Corp.		744		9,991
GS Holdings Corp.		499		16,331
GS Retail Co. Ltd.		405		4,722
Hana Financial Group, Inc.		675		39,910
Hankook Tire & Technology Co. Ltd.		370		10,686
Hanwha Corp.		94		5,666
Hanwha Vision Co. Ltd. *		459		17,597
HD Hyundai Co. Ltd.		641		63,212
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		234		68,420
Hite Jinro Co. Ltd.		481		6,608
HL Mando Co. Ltd.		309		7,935
Hyundai Engineering & Construction Co. Ltd.		1,116		49,850
Hyundai Glovis Co. Ltd.		750		99,479
Hyundai Marine & Fire Insurance Co. Ltd. *		159		3,191
Hyundai Mobis Co. Ltd.		420		96,220
Hyundai Motor Co.		47		7,438
Hyundai Steel Co.		258		5,957
iM Financial Group Co. Ltd.		2,060		20,315
Industrial Bank of Korea		1,708		23,367
Kangwon Land, Inc.		1,718		22,305
KB Financial Group, Inc.		557		43,350
KCC Corp.		24		6,871
Kia Corp.		406		30,897
Korea Electric Power Corp.		783		20,473
Korea Investment Holdings Co. Ltd.		336		32,482
Korean Air Lines Co. Ltd.		3,434		58,664
Krafton, Inc. *		17		4,005
KT&G Corp.		1,947		188,643
LG Corp.		222		11,896
LG Display Co. Ltd. *		1,577		13,612
LG Electronics, Inc.		292		15,522
LG H&H Co. Ltd.		34		7,227
LG Innotek Co. Ltd.		50		6,082
LG Uplus Corp.		8,892		94,980
Lotte Shopping Co. Ltd.		52		2,472
Meritz Financial Group, Inc.		30		2,730
Mirae Asset Securities Co. Ltd.		2,197		30,263
Misto Holdings Corp.		321		9,640


	Number of Shares		Value $
NAVER Corp.		137		21,138
NH Investment & Securities Co. Ltd.		589		8,232
NongShim Co. Ltd.		72		21,234
Orion Corp.		458		35,513
Otoki Corp.		65		17,930
POSCO Holdings, Inc.		32		6,571
S-1 Corp.		784		45,171
Samsung Biologics Co. Ltd., 144A *		10		7,200
Samsung C&T Corp.		516		62,280
Samsung Card Co. Ltd.		688		24,991
Samsung Electro-Mechanics Co. Ltd.		290		33,480
Samsung Electronics Co. Ltd.		131		6,568
Samsung Fire & Marine Insurance Co. Ltd.		101		32,256
Samsung Life Insurance Co. Ltd.		55		5,661
Samsung SDS Co. Ltd.		161		17,058
Samsung Securities Co. Ltd.		1,017		50,329
Shinhan Financial Group Co. Ltd.		935		43,917
SK Hynix, Inc.		386		74,687
SK, Inc.		55		8,189
S-Oil Corp. *		119		5,161
Woori Financial Group, Inc.		5,441		97,059
Yuhan Corp.		88		7,184

(Cost $1,384,509)				2,065,902

Spain — 1.9%
Acciona SA		278		55,057
ACS Actividades de Construccion y Servicios SA		2,528		191,005
Aena Sme SA, 144A		2,060		59,654
Amadeus IT Group SA		633		53,050
Banco Bilbao Vizcaya Argentaria SA		257		4,660
Banco Santander SA		1,210		11,557
Bankinter SA		1,623		24,212
CaixaBank SA		2,059		20,558
Cellnex Telecom SA, 144A *		264		9,391
Corp ACCIONA Energias Renovables SA		229		6,160
Endesa SA		3,132		95,463
Iberdrola SA		4,570		85,988
Industria de Diseno Textil SA		187		9,237
Mapfre SA		10,696		46,874
Merlin Properties Socimi SA REIT		985		14,677
Naturgy Energy Group SA		1,131		35,876
Redeia Corp. SA		3,677		71,488
Repsol SA		2,967		48,655
Telefonica SA		28,475		152,585

(Cost $757,915)				996,147

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $

Sweden — 4.4%
AAK AB		2,363		67,849
AddTech AB, Class B		1,042		36,502
Alfa Laval AB		1,593		72,447
Assa Abloy AB, Class B		1,798		63,460
Atlas Copco AB, Class A		1,346		21,471
Atlas Copco AB, Class B		775		11,008
Axfood AB		285		8,987
Beijer Ref AB		504		8,567
Boliden AB *		5,930		204,097
Castellum AB		416		4,711
Epiroc AB, Class A		1,493		31,166
Epiroc AB, Class B		991		18,425
EQT AB		145		5,208
Essity AB, Class B		6,620		178,752
Getinge AB, Class B		616		13,483
H & M Hennes & Mauritz AB, Class B		941		13,803
Hexagon AB, Class B		2,241		24,941
Holmen AB, Class B		1,245		48,453
Industrivarden AB, Class A		1,204		47,875
Industrivarden AB, Class C		1,524		60,599
Indutrade AB		812		20,193
Investment AB Latour, Class B		336		8,522
Investor AB, Class A		898		27,653
Investor AB, Class B		2,982		91,781
L E Lundbergforetagen AB, Class B		205		10,369
Lifco AB, Class B		735		26,089
Saab AB, Class B		387		21,881
Sagax AB, Class B		353		7,645
Sagax AB, Class D		5,337		19,310
Sandvik AB		1,723		43,521
Securitas AB, Class B		9,772		149,428
Skandinaviska Enskilda Banken AB, Class A		868		16,042
Skanska AB, Class B		5,833		144,684
SKF AB, Class B		819		20,998
SSAB AB, Class A		1,092		6,349
SSAB AB, Class B		2,815		15,957
Svenska Cellulosa AB SCA, Class B		2,313		31,447
Svenska Handelsbanken AB, Class A		936		12,029
Sweco AB, Class B		1,823		30,736
Swedbank AB, Class A		1,251		35,180
Swedish Orphan Biovitrum AB *		664		20,146
Tele2 AB, Class B		12,672		223,024
Telefonaktiebolaget LM Ericsson, Class B		20,634		164,138
Telia Co. AB		34,923		130,232
Trelleborg AB, Class B		1,096		42,376
Volvo AB, Class A		172		5,277


	Number of Shares		Value $

Volvo AB, Class B		1,596		49,047

(Cost $1,959,247)				2,315,858

Switzerland — 4.2%
ABB Ltd.		1,039		69,800
Adecco Group AG		329		10,541
Alcon, Inc.		507		40,393
Amrize Ltd. *		1,028		53,700
Baloise Holding AG		33		8,565
Banque Cantonale Vaudoise		28		3,259
Belimo Holding AG		109		120,043
BKW AG		264		55,043
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		5		76,278
Cie Financiere Richemont SA, Class A		58		10,144
Clariant AG *		3,439		35,356
Coca-Cola HBC AG *		2,844		143,552
DKSH Holding AG		855		62,917
DSM-Firmenich AG		255		24,923
Emmi AG		17		15,871
EMS-Chemie Holding AG		40		30,712
Flughafen Zurich AG		245		74,875
Galderma Group AG		48		8,386
Geberit AG		158		115,912
Georg Fischer AG		422		33,747
Givaudan SA		8		33,740
Glencore PLC *		2,224		8,780
Helvetia Holding AG		67		17,256
Holcim AG *		1,028		86,197
Julius Baer Group Ltd.		288		20,797
Kuehne + Nagel International AG		127		25,875
Logitech International SA		874		90,370
Lonza Group AG		48		34,060
Nestle SA		63		5,944
Novartis AG		289		36,588
Partners Group Holding AG		40		54,940
PSP Swiss Property AG		512		85,221
Roche Holding AG		56		18,243
Sandoz Group AG		1,364		85,625
Schindler Holding AG		103		36,866
Schindler Holding AG Participation Certificates		188		69,925
SGS SA		759		77,472
SIG Group AG *		2,362		37,453
Sika AG		89		20,661
Sonova Holding AG		158		46,052
STMicroelectronics NV		103		2,803
STMicroelectronics NV, Class Y		104		2,807
Straumann Holding AG		89		10,450
Swatch Group AG — Bearer		70		12,663
Swatch Group AG — Registered		133		4,914

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Swiss Life Holding AG		19		20,544
Swiss Prime Site AG		427		59,424
Swiss Re AG		327		59,298
Swisscom AG		65		47,018
Temenos AG		116		10,322
UBS Group AG		331		13,413
VAT Group AG, 144A		23		7,524
Zurich Insurance Group AG		49		35,837

(Cost $1,704,292)				2,173,099

Thailand — 0.1%
Thai Beverage PCL

(Cost $55,905)		143,100		51,306

United Kingdom — 10.5%
3i Group PLC		4,528		245,865
Admiral Group PLC		1,753		85,878
Airtel Africa PLC, 144A		3,570		10,698
Anglo American PLC		257		7,910
Ashtead Group PLC		279		20,528
Associated British Foods PLC		1,539		44,912
AstraZeneca PLC		74		11,787
Auto Trader Group PLC, 144A		6,936		75,267
Aviva PLC		3,680		32,397
B&M European Value Retail SA		2,120		6,894
BAE Systems PLC		2,377		56,441
Barclays PLC		2,715		13,220
Barratt Redrow PLC		2,058		10,001
Beazley PLC		19,815		209,751
Berkeley Group Holdings PLC		562		27,334
BP PLC		4,200		24,519
British American Tobacco PLC		1,881		106,354
BT Group PLC		56,118		164,146
Bunzl PLC		2,407		81,364
Burberry Group PLC *		1,089		18,884
Centrica PLC		29,576		64,313
Coca-Cola Europacific Partners PLC		437		38,908
Compass Group PLC		2,236		75,886
Convatec Group PLC, 144A		5,441		17,393
Croda International PLC		161		5,455
Diageo PLC		558		15,447
Diploma PLC		1,135		82,806
Endeavour Mining PLC		559		19,153
GSK PLC		1,767		34,676
Haleon PLC		16,526		81,026
Halma PLC		2,585		114,832
Hikma Pharmaceuticals PLC		2,992		72,156
Howden Joinery Group PLC		4,816		54,461
HSBC Holdings PLC		367		4,694
ICG PLC		1,546		45,576
IMI PLC		2,860		87,867
Imperial Brands PLC		12,191		514,214


	Number of Shares		Value $
Informa PLC		3,029		35,620
InterContinental Hotels Group PLC		572		69,181
International Consolidated Airlines Group SA		215		1,110
Intertek Group PLC		1,802		114,182
J Sainsbury PLC		48,255		195,194
Kingfisher PLC		39,419		137,084
Lloyds Banking Group PLC		21,362		22,950
London Stock Exchange Group PLC		12		1,486
M&G PLC		1,596		5,716
Marks & Spencer Group PLC		21,955		102,454
Mondi PLC		2,959		41,637
National Grid PLC		4,292		60,365
NatWest Group PLC		2,750		18,971
Next PLC		989		159,741
Pearson PLC		5,746		83,609
Phoenix Group Holdings PLC		1,533		14,115
Reckitt Benckiser Group PLC		1,824		136,277
RELX PLC		915		42,600
Rentokil Initial PLC		2,059		10,154
Rightmove PLC		7,659		76,904
Rio Tinto PLC		1,678		105,237
RS GROUP PLC		2,312		17,649
Sage Group PLC		4,909		72,060
Schroders PLC		1,698		8,718
Segro PLC REIT		2,021		17,120
Severn Trent PLC		674		23,548
Shell PLC		899		33,086
Smith & Nephew PLC		3,414		63,791
Smiths Group PLC		6,301		200,566
Spirax Group PLC		106		10,447
SSE PLC		6,616		154,637
St. James’s Place PLC		429		7,355
Standard Chartered PLC		330		6,179
Taylor Wimpey PLC		11,902		15,395
Tesco PLC		67,561		385,833
Unilever PLC		699		43,933
UNITE Group PLC REIT		4,332		40,852
United Utilities Group PLC		3,671		57,037
Vodafone Group PLC		124,669		148,828
Weir Group PLC		1,302		43,343
Whitbread PLC		688		29,233
Wise PLC, Class A *		806		11,478
WPP PLC		14,815		78,242

(Cost $4,316,250)				5,486,930

United States — 0.2%
Brookfield Asset Management Ltd., Class A		1,634		98,365

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
GQG Partners, Inc. CDI		3,346		3,821

(Cost $56,935)				102,186

TOTAL COMMON STOCKS

(Cost $41,262,098)				51,484,031

PREFERRED STOCKS — 0.3%

Germany — 0.3%
Bayerische Motoren Werke AG		48		4,596
FUCHS SE		1,331		63,906
Henkel AG & Co. KGaA		783		66,043
Volkswagen AG		118		13,754

(Cost $135,590)				148,299

South Korea — 0.0%
CJ CheilJedang Corp.		59		5,882
Hanwha Corp.		348		8,824
Hyundai Motor Co.		36		4,402
Samsung Fire & Marine Insurance Co. Ltd.		36		8,532

(Cost $17,216)				27,640

TOTAL PREFERRED STOCKS

(Cost $152,806)				175,939

RIGHTS — 0.0%

Italy — 0.0%
Telecom Italia SpA* , expires 9/26/25(c)		20,006		0


	Number of Shares		Value $
Telecom Italia SpA-RSP* ,expires 9/19/25(c)		20,183		0

(Cost $0)				0

TOTAL RIGHTS

(Cost $0)				0

WARRANTS — 0.0%

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

(Cost $0)		38		0

EXCHANGE-TRADED FUNDS — 0.3%
Vanguard FTSE Developed Markets ETF

(Cost $120,177)		2,250		132,097

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 4.25% (d)

(Cost $88,719)		88,719		88,719

TOTAL INVESTMENTS — 99.3%

(Cost $41,623,800)				51,880,786
Other assets and liabilities,net — 0.7%				363,194

NET ASSETS — 100.0%				52,243,980

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


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
	COMMON STOCKS — 0.0%
	Germany — 0.0%
	Deutsche Bank AG (b)
	6,546		5,630		(6,720)		2,486		1,724		219		—		275		9,666

	DWS Group GmbH & Co. KGaA, 144A (b)
	4,948		713		(1,224)		393		2,622		316		—		120		7,452

	SECURITIES LENDING COLLATERAL — 0.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (d)(e)
	302,690		—		(302,690)(f)		—		—		131		—		—		—

	CASH EQUIVALENTS — 0.2%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (d)
	59,667		2,848,611		(2,819,559)		—		—		4,032		—		88,719		88,719

	373,851		2,854,954		(3,130,193)		2,879		4,346		4,698		—		89,114		105,837

*	Non-income producing security.

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

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

(c)	Investment was valued using significant unobservable inputs.

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

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

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


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

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date	Unrealized Appreciation (Depreciation) ($)
Micro EURO STOXX 50 Index		EUR		12		75,967		75,315	9/19/2025		(652)
MINI TOPIX Index		JPY		5		99,755		104,631	9/11/2025		4,876
MSCI EAFE Index		USD		1		131,857		136,055	9/19/2025		4,198
S&P/TSX 60 Index Mini		CAD		1		57,516		61,754	9/18/2025		4,238

Total net unrealized appreciation											12,660

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


Currency Abbreviations

CAD		Canadian Dollar
EUR		Euro
JPY		Japanese Yen
USD		U.S. Dollar

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	51,484,031		$	—	$	0	$	51,484,031
Preferred Stocks (a)		175,939			—		—		175,939
Rights		—			—		0		0
Warrants		—			—		0		0
Exchange-Traded Funds		132,097			—		—		132,097
Short-Term Investments (a)		88,719			—		—		88,719
Derivatives (b)
Futures Contracts		13,312			—		—		13,312

TOTAL	$	51,894,098		$	—	$	0	$	51,894,098

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(652	)	$	—	$	—	$	(652	)

TOTAL	$	(652	)	$	—	$	—	$	(652	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.6%
Australia — 1.8%
ANZ Group Holdings Ltd.		26,206		577,502
APA Group (a)		13,867		79,959
Aristocrat Leisure Ltd.		5,002		238,039
ASX Ltd.		1,848		75,643
Atlassian Corp., Class A *		1,589		282,492
BHP Group Ltd.		45,609		1,289,269
BlueScope Steel Ltd.		4,362		65,521
Brambles Ltd.		12,581		213,679
CAR Group Ltd.		3,196		84,592
Cochlear Ltd.		671		132,432
Coles Group Ltd.		11,146		174,206
Commonwealth Bank of Australia		14,991		1,670,918
Computershare Ltd.		4,804		120,015
CSL Ltd.		4,357		607,089
Evolution Mining Ltd.		17,093		96,883
Fortescue Ltd.		15,167		191,587
Goodman Group REIT		18,755		421,651
Insurance Australia Group Ltd.		20,552		117,161
Lottery Corp. Ltd.		23,584		90,762
Macquarie Group Ltd.		3,197		471,133
Medibank Pvt Ltd.		26,088		87,080
National Australia Bank Ltd.		27,336		765,574
Northern Star Resources Ltd.		13,619		168,379
Origin Energy Ltd.		16,692		141,150
Pro Medicus Ltd.		663		129,664
Qantas Airways Ltd.		7,025		54,025
QBE Insurance Group Ltd.		13,405		189,948
REA Group Ltd.		529		86,914
Rio Tinto Ltd.		3,342		252,572
Santos Ltd.		29,672		155,751
Scentre Group REIT		43,279		115,571
SGH Ltd.		1,545		51,076
Sigma Healthcare Ltd.		40,634		82,976
Sonic Healthcare Ltd.		4,389		69,086
South32 Ltd.		36,648		65,242
Stockland REIT		24,976		101,350
Suncorp Group Ltd.		9,464		131,812
Telstra Group Ltd.		31,962		102,295
Transurban Group (a)		28,209		269,557
Vicinity Ltd. REIT		43,189		73,212
Washington H Soul Pattinson & Co. Ltd.		1,899		54,389
Wesfarmers Ltd.		9,993		600,476
Westpac Banking Corp.		30,862		779,890
WiseTech Global Ltd.		1,497		99,732
Woodside Energy Group Ltd.		16,859		291,414
Woolworths Group Ltd.		10,696		201,615

(Cost $10,436,232)				12,121,283


	Number of Shares		Value $

Austria — 0.1%
Erste Group Bank AG		3,019		287,293
OMV AG		1,569		86,427
Verbund AG		494		35,243

(Cost $231,230)				408,963

Belgium — 0.2%
Ageas SA/NV		1,307		92,097
Anheuser-Busch InBev SA/NV		8,988		563,266
D’ieteren Group		265		57,415
Elia Group SA/NV		451		51,628
Groupe Bruxelles Lambert NV		749		65,841
KBC Group NV		2,224		262,272
Lotus Bakeries NV		4		39,188
Sofina SA		121		36,626
Syensqo SA		697		61,579
UCB SA		1,203		281,411

(Cost $1,223,861)				1,511,323

Bermuda — 0.1%
Arch Capital Group Ltd.		3,323		304,154
Everest Group Ltd.		359		122,735

(Cost $256,912)				426,889

Canada — 3.5%
Agnico Eagle Mines Ltd.		4,427		638,472
Alamos Gold, Inc., Class A		3,687		112,360
Alimentation Couche-Tard, Inc.		6,734		341,421
AltaGas Ltd.		3,200		94,885
ARC Resources Ltd.		6,087		117,178
Atkinsrealis Group, Inc.		1,493		102,698
Bank of Montreal		6,707		811,855
Bank of Nova Scotia		11,248		702,677
Barrick Mining Corp.		14,891		397,289
BCE, Inc.		694		17,323
Bombardier, Inc., Class B *		792		92,621
Brookfield Corp.		12,499		821,796
CAE, Inc. *		2,495		67,293
Cameco Corp.		3,641		281,744
Canadian Imperial Bank of Commerce		8,208		634,245
Canadian National Railway Co.		4,957		480,012
Canadian Natural Resources Ltd.		19,056		603,624
Canadian Pacific Kansas City Ltd.		8,643		658,541
Canadian Tire Corp. Ltd., Class A		539		67,230
Canadian Utilities Ltd., Class A		1,142		31,799
CCL Industries, Inc., Class B		1,317		78,917
Celestica, Inc. *		990		192,888
Cenovus Energy, Inc.		12,298		204,586
CGI, Inc.		1,960		190,382
Constellation Software, Inc.		185		613,142
Descartes Systems Group, Inc. *		736		73,576
Dollarama, Inc.		2,648		361,167

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Element Fleet Management Corp.		3,212		85,625
Emera, Inc.		2,871		136,780
Empire Co. Ltd., Class A		1,187		46,090
Enbridge, Inc.		19,633		950,226
Fairfax Financial Holdings Ltd.		180		309,973
First Quantum Minerals Ltd. *		5,151		90,305
FirstService Corp.		358		72,095
Fortis, Inc.		4,513		224,672
Franco-Nevada Corp.		1,708		321,994
George Weston Ltd.		1,432		92,244
GFL Environmental, Inc.		2,049		102,528
Gildan Activewear, Inc.		1,214		66,299
Great-West Lifeco, Inc.		2,148		85,110
Hydro One Ltd., 144A		3,085		112,372
iA Financial Corp., Inc.		901		96,961
IGM Financial, Inc.		1,019		36,546
Imperial Oil Ltd.		1,582		143,595
Intact Financial Corp.		1,537		307,893
Ivanhoe Mines Ltd., Class A *		5,344		47,253
Keyera Corp.		1,810		58,336
Kinross Gold Corp.		10,208		213,461
Loblaw Cos. Ltd.		5,822		237,850
Lululemon Athletica, Inc. *		1,015		205,233
Lundin Gold, Inc.		1,060		65,200
Lundin Mining Corp.		5,359		62,023
Magna International, Inc.		2,406		110,473
Manulife Financial Corp.		15,437		475,045
Metro, Inc.		1,903		136,444
National Bank of Canada		3,527		370,849
Nutrien Ltd.		4,547		262,133
Open Text Corp.		2,136		70,663
Pan American Silver Corp.		3,327		112,899
Pembina Pipeline Corp.		5,190		196,078
Power Corp. of Canada		5,216		220,843
Restaurant Brands International, Inc.		2,830		179,267
Rogers Communications, Inc., Class B		3,516		126,022
Royal Bank of Canada		12,719		1,848,908
Saputo, Inc.		2,034		50,933
Shopify, Inc., Class A *		10,987		1,552,320
Stantec, Inc.		969		105,359
Sun Life Financial, Inc.		5,156		301,260
Suncor Energy, Inc.		11,202		463,191
TC Energy Corp.		8,900		463,621
Teck Resources Ltd., Class B		4,329		148,068
TELUS Corp.		4,185		69,011
TFI International, Inc.		716		67,858
Thomson Reuters Corp.		1,406		249,781
TMX Group Ltd.		2,675		106,868
Toromont Industries Ltd.		755		78,962


	Number of Shares		Value $
Toronto-Dominion Bank		15,643		1,174,920
Tourmaline Oil Corp.		2,785		118,301
Waste Connections, Inc.		2,249		415,638
Wheaton Precious Metals Corp.		3,954		397,200
Whitecap Resources, Inc., Class Common Subs. Receipt		11,100		83,597
WSP Global, Inc.		1,149		234,060

(Cost $17,205,800)				23,150,957

Chile — 0.0%
Antofagasta PLC

(Cost $71,093)		3,496		101,314

China — 0.0%
Yangzijiang Shipbuilding Holdings Ltd.

(Cost $46,502)		23,800		53,981

Denmark — 0.5%
A.P. Moller — Maersk A/S, Class A		16		32,867
A.P. Moller — Maersk A/S, Class B		39		80,327
Carlsberg AS, Class B		843		103,160
Coloplast A/S, Class B		1,045		100,416
Danske Bank A/S		6,691		275,205
Demant A/S *		768		29,384
DSV A/S		1,847		409,238
Genmab A/S *		544		135,461
Novo Nordisk A/S, Class B		28,993		1,631,218
Novonesis (Novozymes) B, Class B		3,357		213,509
Orsted AS, 144A *		1,716		51,973
Pandora A/S		752		103,887
ROCKWOOL A/S, Class B		1,296		48,976
Tryg A/S		3,195		84,068
Vestas Wind Systems A/S		9,057		180,366

(Cost $3,351,594)				3,480,055

Finland — 0.3%
Elisa OYJ		1,045		55,679
Fortum OYJ		4,175		72,276
Kesko OYJ, Class B		2,029		45,005
Kone OYJ, Class B		2,995		188,324
Metso Corp.		6,235		80,607
Neste OYJ		3,748		68,833
Nokia OYJ		49,612		213,643
Nordea Bank Abp		27,551		420,520
Orion OYJ, Class B		1,028		82,063
Sampo OYJ, Class A		22,657		260,056
Stora Enso OYJ, Class R		6,394		74,677
UPM-Kymmene OYJ		4,973		141,623
Wartsila OYJ Abp		4,229		123,949

(Cost $1,884,363)				1,827,255

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $

France — 2.7%
Accor SA		1,703		84,259
Aeroports de Paris SA		284		37,331
Air Liquide SA		5,211		1,074,851
Airbus SE		5,448		1,141,846
Alstom SA *		3,594		86,407
Amundi SA, 144A		236		17,444
Arkema SA		541		38,374
AXA SA		15,943		742,533
BioMerieux		439		60,994
BNP Paribas SA		9,224		829,511
Bollore SE		8,390		48,985
Bouygues SA		1,446		62,015
Bureau Veritas SA		2,894		87,260
Capgemini SE		1,438		204,422
Carrefour SA		4,688		67,851
Cie de Saint-Gobain SA		3,969		428,335
Cie Generale des Etablissements Michelin SCA		6,402		231,775
Covivio SA REIT		642		42,044
Credit Agricole SA		10,151		185,712
Danone SA		5,848		487,234
Dassault Aviation SA		202		63,839
Dassault Systemes SE		5,828		181,457
Edenred SE		2,165		62,593
Eiffage SA		744		93,617
Engie SA		15,901		329,249
EssilorLuxottica SA		2,694		820,496
FDJ UNITED		735		23,676
Gecina SA REIT		452		44,362
Getlink SE		2,943		55,633
Hermes International SCA		265		648,592
Ipsen SA		274		37,203
Kering SA		674		180,780
Klepierre SA REIT		1,544		60,254
Legrand SA		2,291		348,878
L’Oreal SA		2,151		1,001,812
LVMH Moet Hennessy Louis Vuitton SE		2,255		1,330,562
Orange SA		16,774		272,912
Pernod Ricard SA		1,820		207,066
Publicis Groupe SA		2,023		186,687
Renault SA		1,679		66,033
Rexel SA		1,799		58,287
Safran SA		3,255		1,085,464
Sanofi SA		9,923		981,341
Sartorius Stedim Biotech		284		58,141
Schneider Electric SE		4,972		1,222,435
Societe Generale SA		6,033		372,289
Sodexo SA		868		52,121
Teleperformance SE		540		41,666
Thales SA		891		234,865


	Number of Shares		Value $

TotalEnergies SE		18,565		1,162,574
Unibail-Rodamco-Westfield REIT *		1,072		111,424
Veolia Environnement SA		6,133		202,511
Vinci SA		4,377		593,789

(Cost $13,962,552)				18,151,791

Germany — 2.5%
adidas AG		1,473		286,812
Allianz SE		3,479		1,470,869
BASF SE		8,112		430,698
Bayer AG		8,771		288,077
Bayerische Motoren Werke AG		2,359		247,018
Beiersdorf AG		858		98,661
Brenntag SE		1,190		73,656
Commerzbank AG		6,937		264,867
Continental AG		926		81,291
Covestro AG *		1,713		119,101
CTS Eventim AG & Co. KGaA		670		62,778
Daimler Truck Holding AG		4,562		214,501
Delivery Hero SE, 144A *		1,328		35,254
Deutsche Bank AG (b)		16,111		566,304
Deutsche Boerse AG		1,666		490,634
Deutsche Lufthansa AG		4,974		46,320
Deutsche Post AG		8,893		404,712
Deutsche Telekom AG		31,416		1,148,036
E.ON SE		20,799		371,143
Evonik Industries AG		1,865		35,997
Fresenius Medical Care AG		1,724		88,366
Fresenius SE & Co. KGaA		3,561		193,444
GEA Group AG		1,388		101,054
Hannover Rueck SE		485		141,242
Heidelberg Materials AG		1,172		277,109
Henkel AG & Co. KGaA		948		72,848
Hensoldt AG		572		59,354
Infineon Technologies AG		11,690		478,363
Knorr-Bremse AG		532		55,545
LEG Immobilien SE		579		48,491
Mercedes-Benz Group AG		6,184		386,167
Merck KGaA		1,131		143,372
MTU Aero Engines AG		528		235,467
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		1,206		768,771
Nemetschek SE		474		65,468
Rational AG		34		25,351
Rheinmetall AG		403		796,957
RWE AG		5,720		229,246
SAP SE		9,417		2,553,938
Scout24 SE, 144A		848		109,879
Siemens AG		6,767		1,874,057
Siemens Energy AG *		6,215		659,958
Siemens Healthineers AG, 144A		3,400		188,280

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Symrise AG		1,203		116,564
Talanx AG		671		92,521
Vonovia SE		7,161		231,594
Zalando SE, 144A *		1,817		50,618

(Cost $11,671,431)				16,780,753

Hong Kong — 0.6%
AIA Group Ltd.		94,528		890,006
BOC Hong Kong Holdings Ltd.		30,136		136,148
CK Asset Holdings Ltd.		17,945		84,524
CK Hutchison Holdings Ltd.		23,191		152,755
CK Infrastructure Holdings Ltd.		5,547		37,177
CLP Holdings Ltd.		14,225		120,156
Futu Holdings Ltd., ADR		547		101,523
Galaxy Entertainment Group Ltd.		17,795		93,588
Hang Seng Bank Ltd.		6,003		85,781
Henderson Land Development Co. Ltd.		14,890		51,379
HKT Trust & HKT Ltd. (a)		27,274		41,283
Hong Kong & China Gas Co. Ltd.		86,257		77,562
Hong Kong Exchanges & Clearing Ltd.		10,802		624,910
Hongkong Land Holdings Ltd.		11,800		73,160
Jardine Matheson Holdings Ltd.		1,672		101,306
Link REIT		29,196		155,196
MTR Corp. Ltd.		14,800		50,043
Power Assets Holdings Ltd.		12,324		80,228
Prudential PLC		24,219		323,481
Sino Land Co. Ltd.		34,098		40,502
SITC International Holdings Co. Ltd.		13,035		45,948
Sun Hung Kai Properties Ltd.		12,512		147,014
Swire Pacific Ltd., Class A		2,782		23,820
Techtronic Industries Co. Ltd.		12,358		159,154
WH Group Ltd., 144A		92,708		99,179
Wharf Holdings Ltd.		8,838		25,304
Wharf Real Estate Investment Co. Ltd.		11,937		34,605

(Cost $4,125,312)				3,855,732

Ireland — 1.1%
Accenture PLC, Class A		5,638		1,465,711
AerCap Holdings NV		1,780		219,830
AIB Group PLC		20,361		165,398
Allegion PLC		816		138,557
Aptiv PLC *		1,962		156,038
Bank of Ireland Group PLC		9,071		134,207
DCC PLC		953		60,566
Eaton Corp. PLC		3,537		1,234,908
Experian PLC		8,475		438,770
James Hardie Industries PLC CDI *		5,207		106,227
Kerry Group PLC, Class A		1,547		141,511
Kingspan Group PLC		1,396		107,682


	Number of Shares		Value $
Medtronic PLC		11,893		1,103,789
Ryanair Holdings PLC		7,200		212,797
Smurfit WestRock PLC		1,816		85,529
Smurfit WestRock PLC		2,309		109,354
TE Connectivity PLC		2,798		577,787
Trane Technologies PLC		2,044		849,487

(Cost $5,946,927)				7,308,148

Israel — 0.3%
Azrieli Group Ltd.		446		42,672
Bank Hapoalim BM		11,191		218,496
Bank Leumi Le-Israel BM		12,291		235,931
Check Point Software Technologies Ltd. *		872		168,418
CyberArk Software Ltd. *		381		172,692
Elbit Systems Ltd.		273		131,980
ICL Group Ltd.		6,430		41,719
Israel Discount Bank Ltd., Class A		10,454		103,429
Mizrahi Tefahot Bank Ltd.		1,457		95,186
Monday.com Ltd. *		338		65,234
Nice Ltd. *		605		85,815
Nova Ltd. *		264		71,199
Phoenix Financial Ltd.		2,035		72,163
Teva Pharmaceutical Industries Ltd., ADR *		10,241		188,230
Wix.com Ltd. *		529		74,631

(Cost $1,173,704)				1,767,795

Italy — 0.8%
Banca Mediolanum SpA		3,213		64,987
Banco BPM SpA		10,592		145,366
BPER Banca SPA		13,160		136,755
Davide Campari-Milano NV		5,628		42,345
Enel SpA		71,905		663,556
Eni SpA		20,018		357,137
Ferrari NV		1,141		543,165
FinecoBank Banca Fineco SpA		5,563		122,091
Generali		7,644		298,482
Infrastrutture Wireless Italiane SpA, 144A		2,406		29,176
Intesa Sanpaolo SpA		128,447		808,117
Leonardo SpA		3,923		223,762
Mediobanca Banca di Credito Finanziario SpA		4,730		114,605
Moncler SpA		1,808		105,115
Nexi SpA, 144A		5,673		36,003
Poste Italiane SpA, 144A		3,223		75,488
Prysmian SpA		2,496		218,300
Recordati Industria Chimica e Farmaceutica SpA		1,113		68,721
Snam SpA		17,789		108,358
Telecom Italia SpA *		126,499		60,648
Terna - Rete Elettrica Nazionale		10,799		108,655

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
UniCredit SpA		12,227		945,146
Unipol Assicurazioni SpA		3,186		66,566

(Cost $2,844,356)				5,342,544

Luxembourg — 0.0%
ArcelorMittal SA		4,368		145,509
CVC Capital Partners PLC, 144A		1,329		26,834
Eurofins Scientific SE		1,213		92,032
Tenaris SA		4,147		75,311

(Cost $301,574)				339,686

Macau — 0.0%
Sands China Ltd.

(Cost $86,555)		22,047		57,522

Netherlands — 1.3%
ABN AMRO Bank NV CVA, 144A		4,149		119,710
Adyen NV, 144A *		237		397,915
Aegon Ltd.		9,056		71,254
Akzo Nobel NV		1,634		112,843
Argenx SE *		532		376,115
ASM International NV		448		215,365
ASML Holding NV		3,544		2,640,780
ASR Nederland NV		1,298		90,065
BE Semiconductor Industries NV		692		93,229
Euronext NV, 144A		789		130,309
EXOR NV		734		73,586
Ferrovial SE		4,566		249,535
Heineken Holding NV		1,170		82,922
Heineken NV		2,465		199,085
IMCD NV		553		62,127
ING Groep NV		27,248		649,358
JDE Peet’s NV		625		22,854
Koninklijke Ahold Delhaize NV		8,443		338,477
Koninklijke KPN NV		31,427		149,937
Koninklijke Philips NV		6,408		176,638
NN Group NV		2,044		140,727
NXP Semiconductors NV		2,244		527,003
Prosus NV *		12,069		746,035
QIAGEN NV		1,904		88,499
Randstad NV		1,211		57,252
Stellantis NV		16,980		162,658
Universal Music Group NV		9,858		278,547
Wolters Kluwer NV		2,238		281,867

(Cost $6,454,643)				8,534,692

New Zealand — 0.1%
Auckland International Airport Ltd.		11,023		49,106
Contact Energy Ltd.		11,919		63,577
Fisher & Paykel Healthcare Corp. Ltd.		4,664		100,723
Infratil Ltd.		9,178		61,520
Meridian Energy Ltd.		11,514		38,793


	Number of Shares		Value $
Xero Ltd. *		1,295		138,655

(Cost $443,321)				452,374

Norway — 0.2%
Aker BP ASA		2,692		68,027
DNB Bank ASA		8,117		213,842
Equinor ASA		6,277		154,810
Gjensidige Forsikring ASA		1,556		43,238
Kongsberg Gruppen ASA		4,109		122,708
Mowi ASA		3,586		73,737
Norsk Hydro ASA		13,761		89,271
Orkla ASA		7,273		81,290
Salmar ASA		505		25,860
Telenor ASA		6,602		110,127
Yara International ASA		1,203		43,786

(Cost $931,881)				1,026,696

Poland — 0.0%
InPost SA *

(Cost $48,422)		2,704		39,278

Portugal — 0.0%
Banco Comercial Portugues SA,
Class R		74,850		63,431
EDP SA		31,746		140,720
Galp Energia SGPS SA		3,342		64,936
Jeronimo Martins SGPS SA		2,927		72,427

(Cost $328,369)				341,514

Singapore — 0.5%
CapitaLand Ascendas REIT		25,179		53,380
CapitaLand Integrated
Commercial Trust REIT		63,265		112,427
CapitaLand Investment Ltd.		16,402		35,284
DBS Group Holdings Ltd.		19,037		749,610
Genting Singapore Ltd.		28,508		15,998
Grab Holdings Ltd., Class A *		18,313		91,382
Keppel Ltd.		15,500		105,709
Oversea-Chinese Banking Corp. Ltd.		29,785		388,621
Sea Ltd., ADR *		3,494		651,771
Sembcorp Industries Ltd.		8,600		40,688
Singapore Airlines Ltd.		14,250		73,083
Singapore Exchange Ltd.		9,131		117,927
Singapore Technologies Engineering Ltd.		17,202		102,971
Singapore Telecommunications Ltd.		65,500		220,035
United Overseas Bank Ltd.		12,001		329,162
Wilmar International Ltd.		20,400		46,906

(Cost $2,220,071)				3,134,954

Spain — 0.9%
Acciona SA		263		52,087
ACS Actividades de Construccion y Servicios SA		1,644		124,214

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Aena Sme SA, 144A		6,212		179,888
Amadeus IT Group SA		4,315		361,631
Banco Bilbao Vizcaya Argentaria SA		50,299		911,974
Banco de Sabadell SA		48,099		182,693
Banco Santander SA		134,096		1,280,790
Bankinter SA		6,556		97,803
CaixaBank SA		36,124		360,676
Cellnex Telecom SA, 144A *		4,277		152,139
EDP Renovaveis SA		2,529		29,720
Endesa SA		2,819		85,923
Grifols SA		2,995		42,313
Iberdrola SA		57,138		1,075,097
Industria de Diseno Textil SA		9,584		473,403
Redeia Corp. SA		3,484		67,736
Repsol SA		11,672		191,406
Telefonica SA		27,656		148,196

(Cost $3,293,011)				5,817,689

Sweden — 0.9%
AddTech AB, Class B		2,340		81,971
Alfa Laval AB		2,902		131,978
Assa Abloy AB, Class B		8,723		307,874
Atlas Copco AB, Class A		23,829		380,114
Atlas Copco AB, Class B		13,948		198,109
Beijer Ref AB		2,723		46,284
Boliden AB *		2,422		83,360
Epiroc AB, Class A		6,014		125,540
Epiroc AB, Class B		3,969		73,795
EQT AB		4,081		146,581
Essity AB, Class B		4,956		133,821
Evolution AB, 144A		1,542		133,576
Fastighets AB Balder, Class B *		6,894		49,014
H & M Hennes & Mauritz AB, Class B		6,326		92,791
Hexagon AB, Class B		20,138		224,121
Holmen AB, Class B		855		33,275
Industrivarden AB, Class A		1,279		50,857
Industrivarden AB, Class C		1,541		61,275
Indutrade AB		2,418		60,130
Investment AB Latour, Class B		1,125		28,535
Investor AB, Class B		15,154		466,416
L E Lundbergforetagen AB, Class B		546		27,617
Lifco AB, Class B		2,300		81,639
Nibe Industrier AB, Class B		13,702		56,192
Saab AB, Class B		2,865		161,984
Sagax AB, Class B		1,669		36,144
Sandvik AB		9,486		239,604
Securitas AB, Class B		5,610		85,785
Skandinaviska Enskilda Banken AB, Class A		14,358		265,362
Skanska AB, Class B		2,401		59,555


	Number of Shares		Value $
SKF AB, Class B		2,817		72,225
Spotify Technology SA *		1,395		951,223
Svenska Cellulosa AB SCA, Class B		5,104		69,394
Svenska Handelsbanken AB, Class A		11,998		154,189
Swedbank AB, Class A		8,192		230,372
Swedish Orphan Biovitrum AB *		1,657		50,273
Tele2 AB, Class B		4,741		83,440
Telefonaktiebolaget LM Ericsson, Class B		26,677		212,209
Telia Co. AB		21,984		81,981
Trelleborg AB, Class B		1,660		64,183
Volvo AB, Class B		14,320		440,066

(Cost $5,419,344)				6,332,854

Switzerland — 2.8%
ABB Ltd.		14,307		961,141
Alcon, Inc.		4,390		349,750
Amcor PLC		21,624		186,615
Amrize Ltd. *		4,560		238,201
Avolta AG *		799		45,977
Baloise Holding AG		318		82,540
Banque Cantonale Vaudoise		277		32,240
Barry Callebaut AG		38		51,361
Belimo Holding AG		89		98,016
BKW AG		222		46,287
Chocoladefabriken Lindt & Spruengli AG		1		149,928
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		8		122,045
Chubb Ltd.		3,400		935,238
Cie Financiere Richemont SA, Class A		4,923		861,009
Coca-Cola HBC AG *		2,153		108,673
DSM-Firmenich AG		1,781		174,069
EMS-Chemie Holding AG		75		57,584
Galderma Group AG		1,067		186,413
Garmin Ltd.		1,366		330,326
Geberit AG		300		220,086
Givaudan SA		81		341,618
Glencore PLC *		93,747		370,091
Helvetia Holding AG		271		69,798
Holcim AG *		4,560		382,354
Julius Baer Group Ltd.		1,738		125,502
Kuehne + Nagel International AG		456		92,906
Logitech International SA		1,385		143,206
Lonza Group AG		623		442,076
Nestle SA		23,212		2,190,042
Novartis AG		17,215		2,179,425
Partners Group Holding AG		197		270,581
Roche Holding AG		6,360		2,071,845
Roche Holding AG		285		97,800

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Sandoz Group AG		3,636		228,248
Schindler Holding AG		250		89,481
Schindler Holding AG Participation Certificates		388		144,313
SGS SA		1,553		158,517
SIG Group AG *		2,642		41,892
Sika AG		1,434		332,904
Sonova Holding AG		449		130,871
STMicroelectronics NV		2,973		80,908
STMicroelectronics NV, Class Y		2,973		80,241
Straumann Holding AG		942		110,604
Swatch Group AG — Bearer		277		50,110
Swiss Life Holding AG		264		285,459
Swiss Prime Site AG		612		85,169
Swiss Re AG		2,729		494,878
Swisscom AG		241		174,330
UBS Group AG		28,257		1,145,062
VAT Group AG, 144A		277		90,617
Zurich Insurance Group AG		1,324		968,332

(Cost $15,589,717)				18,706,679

United Kingdom — 3.9%
3i Group PLC		9,126		495,530
Admiral Group PLC		2,516		123,256
Anglo American PLC		9,795		301,460
Aon PLC, Class A		1,780		653,260
Ashtead Group PLC		3,804		279,891
Associated British Foods PLC		2,771		80,865
AstraZeneca PLC		13,840		2,204,557
Auto Trader Group PLC, 144A		8,953		97,155
Aviva PLC		27,490		242,007
BAE Systems PLC		27,734		658,536
Barclays PLC		130,202		633,978
Barratt Redrow PLC		12,395		60,236
BP PLC		140,521		820,346
British American Tobacco PLC		17,800		1,006,438
BT Group PLC		61,227		179,090
Bunzl PLC		2,979		100,700
Centrica PLC		54,380		118,250
CNH Industrial NV		8,499		97,314
Coca-Cola Europacific Partners PLC		1,729		153,639
Compass Group PLC		15,358		521,226
Diageo PLC		19,891		550,643
Entain PLC		5,600		66,428
GSK PLC		36,799		722,144
Haleon PLC		81,453		399,361
Halma PLC		3,088		137,177
Hikma Pharmaceuticals PLC		1,708		41,191
HSBC Holdings PLC		158,142		2,022,698
Imperial Brands PLC		6,984		294,584
Informa PLC		11,284		132,695


	Number of Shares		Value $
InterContinental Hotels Group PLC		1,390		168,115
International Consolidated Airlines Group SA		10,866		56,115
Intertek Group PLC		1,436		90,991
J Sainsbury PLC		15,853		64,126
JD Sports Fashion PLC		27,832		36,106
Kingfisher PLC		15,166		52,741
Land Securities Group PLC REIT		6,153		46,054
Legal & General Group PLC		50,374		168,443
Lloyds Banking Group PLC		535,596		575,420
London Stock Exchange Group PLC		4,213		521,840
M&G PLC		24,648		88,280
Marks & Spencer Group PLC		16,725		78,048
Melrose Industries PLC		11,990		95,251
Mondi PLC		4,361		61,364
National Grid PLC		43,187		607,401
NatWest Group PLC		71,527		493,426
Next PLC		982		158,611
Pearson PLC		4,467		64,998
Pentair PLC		1,534		164,951
Phoenix Group Holdings PLC		6,634		61,082
Reckitt Benckiser Group PLC		6,384		476,968
RELX PLC		16,121		750,548
Rentokil Initial PLC		22,044		108,706
Rio Tinto PLC		9,875		619,318
Rolls-Royce Holdings PLC		76,106		1,100,206
Sage Group PLC		9,729		142,814
Schroders PLC		8,922		45,805
Segro PLC REIT		11,113		94,139
Severn Trent PLC		2,404		83,991
Shell PLC		53,424		1,966,142
Smith & Nephew PLC		7,770		145,183
Smiths Group PLC		2,876		91,545
Spirax Group PLC		568		55,982
SSE PLC		9,410		219,941
Standard Chartered PLC		18,479		346,029
Tesco PLC		61,260		349,849
Unilever PLC		22,579		1,419,109
United Utilities Group PLC		7,015		108,993
Vodafone Group PLC		195,186		233,011
Whitbread PLC		1,804		76,653
Willis Towers Watson PLC		899		293,784
Wise PLC, Class A *		5,963		84,914
WPP PLC		10,767		56,863

(Cost $18,834,234)				25,718,511

United States — 74.4%
3M Co.		4,856		755,254
Abbott Laboratories		15,531		2,060,342
AbbVie, Inc.		15,939		3,353,566
Adobe, Inc. *		3,797		1,354,390

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Advanced Micro Devices, Inc. *		14,472		2,353,581
AECOM		1,113		139,003
Affirm Holdings, Inc. *		2,409		213,100
Aflac, Inc.		4,710		503,311
Agilent Technologies, Inc.		2,629		330,360
Air Products and Chemicals, Inc.		1,993		586,161
Airbnb, Inc., Class A *		3,843		501,627
Akamai Technologies, Inc. *		1,458		115,372
Albertsons Cos., Inc., Class A		3,140		61,104
Alexandria Real Estate Equities, Inc. REIT		1,373		113,190
Align Technology, Inc. *		632		89,719
Alliant Energy Corp.		2,298		149,531
Allstate Corp.		2,396		487,466
Alnylam Pharmaceuticals, Inc. *		1,140		509,021
Alphabet, Inc., Class A		52,321		11,139,664
Alphabet, Inc., Class C		44,308		9,461,087
Altria Group, Inc.		15,125		1,016,551
Amazon.com, Inc. *		86,089		19,714,381
Ameren Corp.		2,381		237,576
American Electric Power Co., Inc.		4,719		523,903
American Express Co.		5,102		1,690,191
American Financial Group, Inc.		632		85,864
American Homes 4 Rent, Class A REIT		2,719		97,395
American International Group, Inc.		5,339		434,167
American Tower Corp. REIT		4,210		858,208
American Water Works Co., Inc.		1,767		253,582
Ameriprise Financial, Inc.		877		451,488
AMETEK, Inc.		2,028		374,774
Amgen, Inc.		4,892		1,407,477
Amphenol Corp., Class A		10,831		1,179,063
Analog Devices, Inc.		4,478		1,125,366
Annaly Capital Management, Inc. REIT		4,313		91,392
Apollo Global Management, Inc.		3,927		534,975
Apple, Inc.		134,496		31,221,901
Applied Materials, Inc.		7,395		1,188,820
AppLovin Corp., Class A *		2,075		993,074
Archer-Daniels-Midland Co.		4,177		261,647
Ares Management Corp., Class A		1,734		310,733
Arista Networks, Inc. *		9,556		1,304,872
Arthur J Gallagher & Co.		2,232		675,738
AT&T, Inc.		64,385		1,885,837
Atmos Energy Corp.		1,334		221,617
Autodesk, Inc. *		1,949		613,350
Automatic Data Processing, Inc.		3,633		1,104,614
AutoZone, Inc. *		154		646,574
AvalonBay Communities, Inc. REIT		1,219		238,741


	Number of Shares		Value $
Avery Dennison Corp.		743		127,536
Axon Enterprise, Inc. *		633		473,035
Baker Hughes Co.		9,111		413,639
Ball Corp.		2,190		115,282
Bank of America Corp.		65,033		3,299,774
Bank of New York Mellon Corp.		6,656		702,874
Baxter International, Inc.		4,340		107,155
Becton Dickinson & Co.		2,672		515,643
Bentley Systems, Inc., Class B		1,158		64,443
Berkshire Hathaway, Inc., Class B *		12,207		6,139,877
Best Buy Co., Inc.		1,976		145,513
Biogen, Inc. *		1,299		171,754
BioMarin Pharmaceutical, Inc. *		1,592		92,766
Blackrock, Inc.		1,349		1,520,512
Blackstone, Inc.		6,732		1,153,865
Block, Inc. *		4,780		380,679
Boeing Co. *		6,804		1,596,763
Booking Holdings, Inc.		290		1,623,725
Booz Allen Hamilton Holding Corp.		1,054		114,591
Boston Scientific Corp. *		13,223		1,395,027
Bristol-Myers Squibb Co.		18,129		855,326
Broadcom, Inc.		40,227		11,963,108
Broadridge Financial Solutions, Inc.		1,031		263,544
Brookfield Asset Management Ltd., Class A		3,994		240,434
Brookfield Renewable Corp.		1,130		38,099
Brown & Brown, Inc.		2,280		221,046
Brown-Forman Corp., Class B		1,601		47,934
Builders FirstSource, Inc. *		1,045		144,921
Bunge Global SA		1,309		110,244
Burlington Stores, Inc. *		533		154,932
BXP, Inc. REIT		1,216		88,172
C.H. Robinson Worldwide, Inc.		1,121		144,273
Cadence Design Systems, Inc. *		2,413		845,588
Camden Property Trust REIT		849		95,071
Capital One Financial Corp.		5,761		1,309,014
Cardinal Health, Inc.		2,181		324,489
Carlisle Cos., Inc.		429		165,547
Carlyle Group, Inc.		1,667		107,622
Carnival Corp. *		8,946		285,288
Carrier Global Corp.		6,895		449,554
Carvana Co. *		1,023		380,474
Caterpillar, Inc.		4,304		1,803,548
Cboe Global Markets, Inc.		872		205,748
CBRE Group, Inc., Class A *		2,669		432,698
CDW Corp.		1,170		192,769
Cencora, Inc.		1,612		470,075
Centene Corp. *		4,920		142,877
CenterPoint Energy, Inc.		5,576		210,271

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
CF Industries Holdings, Inc.		1,411		122,235
Charles Schwab Corp.		15,447		1,480,440
Charter Communications, Inc., Class A *		862		228,930
Cheniere Energy, Inc.		2,020		488,476
Chevron Corp.		17,636		2,832,342
Chipotle Mexican Grill, Inc. *		12,189		513,644
Church & Dwight Co., Inc.		2,094		195,077
Cigna Group		2,494		750,370
Cincinnati Financial Corp.		1,377		211,507
Cintas Corp.		3,266		685,958
Cisco Systems, Inc.		36,090		2,493,458
Citigroup, Inc.		16,585		1,601,613
Citizens Financial Group, Inc.		4,339		226,843
Clorox Co.		1,065		125,883
Cloudflare, Inc., Class A *		2,717		567,065
CME Group, Inc.		3,197		852,032
CMS Energy Corp.		2,799		200,324
Coca-Cola Co.		36,769		2,536,693
Cognizant Technology Solutions Corp., Class A		4,468		322,813
Coinbase Global, Inc., Class A *		1,869		569,185
Colgate-Palmolive Co.		6,755		567,893
Comcast Corp., Class A		33,511		1,138,369
ConocoPhillips		11,186		1,107,078
Consolidated Edison, Inc.		3,156		310,014
Constellation Brands, Inc., Class A		1,502		243,234
Constellation Energy Corp.		2,860		880,823
Cooper Cos., Inc. *		1,737		117,065
Copart, Inc. *		7,906		385,892
Corebridge Financial, Inc.		2,207		76,737
Corning, Inc.		7,206		483,018
Corpay, Inc. *		594		193,448
Corteva, Inc.		6,393		474,297
CoStar Group, Inc. *		3,633		325,117
Costco Wholesale Corp.		3,977		3,751,584
Coterra Energy, Inc.		7,192		175,772
CRH PLC		5,168		581,201
CRH PLC		1,112		125,600
Crowdstrike Holdings, Inc., Class A *		2,255		955,444
Crown Castle, Inc. REIT		4,001		396,659
Crown Holdings, Inc.		1,160		115,281
CSX Corp.		17,414		566,129
Cummins, Inc.		1,247		496,855
CVS Health Corp.		11,414		834,934
D.R. Horton, Inc.		2,632		446,071
Danaher Corp.		5,751		1,183,671
Darden Restaurants, Inc.		1,120		231,773
Datadog, Inc., Class A *		2,527		345,390
DaVita, Inc. *		363		50,007


	Number of Shares		Value $
Deckers Outdoor Corp. *		1,354		161,979
Deere & Co.		2,366		1,132,462
Dell Technologies, Inc., Class C		2,845		347,517
Delta Air Lines, Inc.		1,126		69,564
Devon Energy Corp.		5,957		215,048
Dexcom, Inc. *		3,396		255,855
Diamondback Energy, Inc.		1,716		255,272
Dick’s Sporting Goods, Inc.		514		109,379
Digital Realty Trust, Inc. REIT		2,959		496,047
Docusign, Inc. *		1,725		132,239
Dollar General Corp.		2,028		220,565
Dollar Tree, Inc. *		1,978		215,938
Dominion Energy, Inc.		7,453		446,435
Domino’s Pizza, Inc.		301		137,948
DoorDash, Inc., Class A *		3,214		788,234
Dover Corp.		1,290		230,729
Dow, Inc.		6,393		157,460
DraftKings, Inc., Class A *		3,706		177,814
DTE Energy Co.		1,798		245,697
Duke Energy Corp.		6,954		851,795
DuPont de Nemours, Inc.		3,784		291,065
Dynatrace, Inc. *		2,616		132,370
eBay, Inc.		4,030		365,158
Ecolab, Inc.		2,302		637,746
Edison International		3,407		191,235
Edwards Lifesciences Corp. *		5,531		449,892
Electronic Arts, Inc.		2,289		393,594
Elevance Health, Inc.		2,079		662,473
Eli Lilly & Co.		7,242		5,305,344
EMCOR Group, Inc.		388		240,560
Emerson Electric Co.		5,213		688,116
Entegris, Inc.		1,395		116,817
Entergy Corp.		3,900		343,551
EOG Resources, Inc.		4,691		585,531
EQT Corp.		5,055		262,051
Equifax, Inc.		1,082		266,497
Equinix, Inc. REIT		891		700,495
Equitable Holdings, Inc.		2,853		151,951
Equity LifeStyle Properties, Inc. REIT		1,710		103,096
Equity Residential REIT		3,310		218,857
Erie Indemnity Co., Class A		270		95,683
Essential Utilities, Inc.		2,109		83,327
Essex Property Trust, Inc. REIT		597		161,315
Estee Lauder Cos., Inc., Class A		2,041		187,221
Evergy, Inc.		2,019		143,874
Eversource Energy		3,541		226,872
Exelon Corp.		8,840		386,131
Expand Energy Corp.		1,843		178,366
Expedia Group, Inc.		1,210		259,908
Expeditors International of Washington, Inc.		1,266		152,604

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Extra Space Storage, Inc. REIT		1,839		264,044
Exxon Mobil Corp.		38,960		4,452,738
F5, Inc. *		530		165,964
FactSet Research Systems, Inc.		336		125,436
Fair Isaac Corp. *		227		345,412
Fastenal Co.		10,070		500,076
FedEx Corp.		2,105		486,402
Ferguson Enterprises, Inc.		1,847		426,934
Fidelity National Financial, Inc.		2,202		131,834
Fidelity National Information Services, Inc.		5,005		349,399
Fifth Third Bancorp		6,052		277,000
First Citizens BancShares, Inc., Class A		85		168,632
First Solar, Inc. *		868		169,425
FirstEnergy Corp.		5,215		227,478
Fiserv, Inc. *		4,956		684,820
Flutter Entertainment PLC *		181		55,598
Flutter Entertainment PLC *		1,428		436,793
Ford Motor Co.		35,100		413,127
Fortinet, Inc. *		5,897		464,507
Fortive Corp.		3,120		149,323
Fox Corp., Class A		1,507		89,968
Fox Corp., Class B		1,333		72,715
Freeport-McMoRan, Inc.		13,218		586,879
Gaming and Leisure Properties, Inc. REIT		2,609		125,258
Gartner, Inc. *		682		171,312
GE Aerospace		9,553		2,628,986
GE HealthCare Technologies, Inc.		4,016		296,100
GE Vernova, Inc.		2,442		1,496,873
Gen Digital, Inc.		4,765		143,903
General Dynamics Corp.		2,045		663,746
General Mills, Inc.		5,187		255,875
General Motors Co.		9,033		529,243
Genuine Parts Co.		1,316		183,358
Gilead Sciences, Inc.		11,049		1,248,206
Global Payments, Inc.		2,283		202,776
GoDaddy, Inc., Class A *		1,192		176,786
Goldman Sachs Group, Inc.		2,767		2,062,107
Graco, Inc.		1,430		122,108
Halliburton Co.		8,207		186,545
Hartford Insurance Group, Inc.		2,607		344,932
HCA Healthcare, Inc.		1,637		661,283
Healthpeak Properties, Inc. REIT		6,304		113,094
HEICO Corp.		359		112,015
HEICO Corp., Class A		699		171,262
Hershey Co.		1,309		240,529
Hewlett Packard Enterprise Co.		11,424		257,840
Hilton Worldwide Holdings, Inc.		2,160		596,290
Hologic, Inc. *		2,022		135,717


	Number of Shares		Value $
Home Depot, Inc.		8,932		3,633,270
Honeywell International, Inc.		5,768		1,266,076
Hormel Foods Corp.		2,805		71,359
Howmet Aerospace, Inc.		3,560		619,796
HP, Inc.		8,217		234,513
Hubbell, Inc.		443		190,929
HubSpot, Inc. *		449		216,943
Humana, Inc.		1,103		334,937
Huntington Bancshares, Inc.		13,175		234,647
Hyatt Hotels Corp., Class A		288		41,553
IDEX Corp.		718		118,111
IDEXX Laboratories, Inc. *		774		500,848
Illinois Tool Works, Inc.		2,384		630,926
Illumina, Inc. *		1,457		145,642
Incyte Corp. *		1,703		144,091
Ingersoll Rand, Inc.		3,580		284,359
Insulet Corp. *		622		211,405
Intel Corp. *		38,015		925,665
Interactive Brokers Group, Inc., Class A		3,652		227,300
Intercontinental Exchange, Inc.		5,019		886,355
International Business Machines Corp.		8,345		2,031,924
International Flavors & Fragrances, Inc.		2,253		152,100
International Paper Co.		4,460		221,573
Intuit, Inc.		2,509		1,673,503
Intuitive Surgical, Inc. *		3,270		1,547,675
Invitation Homes, Inc. REIT		5,413		169,373
IQVIA Holdings, Inc. *		1,574		300,335
Iron Mountain, Inc. REIT		2,675		246,983
J M Smucker Co.		953		105,316
Jabil, Inc.		855		175,130
Jack Henry & Associates, Inc.		580		94,691
Jacobs Solutions, Inc.		1,028		150,324
JB Hunt Transport Services, Inc.		685		99,318
Johnson & Johnson		21,761		3,855,396
Johnson Controls International PLC		6,043		645,936
JPMorgan Chase & Co.		25,037		7,546,653
Kellanova		2,431		193,265
Kenvue, Inc.		17,177		355,736
Keurig Dr Pepper, Inc.		11,591		337,182
KeyCorp		9,088		175,944
Keysight Technologies, Inc. *		1,578		257,893
Kimberly-Clark Corp.		2,995		386,774
Kimco Realty Corp. REIT		5,956		133,950
Kinder Morgan, Inc.		18,355		495,218
KKR & Co., Inc.		5,558		775,285
KLA Corp.		1,187		1,035,064
Kraft Heinz Co.		7,661		214,278
Kroger Co.		5,605		380,243

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
L3Harris Technologies, Inc.		1,688		468,623
Labcorp Holdings, Inc.		688		191,257
Lam Research Corp.		11,418		1,143,513
Las Vegas Sands Corp.		3,591		206,949
Leidos Holdings, Inc.		1,272		230,130
Lennar Corp., Class A		2,193		291,976
Lennox International, Inc.		285		158,990
Liberty Media Corp.-Liberty Formula One, Class C *		1,880		187,812
Linde PLC		4,227		2,021,732
Live Nation Entertainment, Inc. *		1,548		257,727
Lockheed Martin Corp.		1,856		845,649
Loews Corp.		1,700		164,560
Lowe’s Cos., Inc.		5,108		1,318,170
LPL Financial Holdings, Inc.		730		266,070
LyondellBasell Industries NV, Class A		2,152		121,265
M&T Bank Corp.		1,446		291,600
Marathon Petroleum Corp.		2,768		497,437
Markel Group, Inc. *		122		239,005
Marriott International, Inc., Class A		2,111		565,452
Marsh & McLennan Cos., Inc.		4,370		899,390
Martin Marietta Materials, Inc.		515		317,446
Marvell Technology, Inc.		7,578		476,391
Masco Corp.		1,942		142,523
Mastercard, Inc., Class A		7,700		4,583,733
McCormick & Co., Inc.		2,255		158,684
McDonald’s Corp.		6,478		2,031,112
McKesson Corp.		1,119		768,350
Merck & Co., Inc.		22,900		1,926,348
Meta Platforms, Inc., Class A		19,580		14,463,746
MetLife, Inc.		5,541		450,816
Mettler-Toledo International, Inc. *		187		243,294
Microchip Technology, Inc.		4,892		317,980
Micron Technology, Inc.		10,126		1,205,095
Microsoft Corp.		63,638		32,244,738
Mid-America Apartment Communities, Inc. REIT		1,036		151,070
Molina Healthcare, Inc. *		540		97,648
Molson Coors Beverage Co., Class B		1,622		81,895
Mondelez International, Inc., Class A		12,033		739,308
MongoDB, Inc. *		641		202,306
Monolithic Power Systems, Inc.		470		392,807
Monster Beverage Corp. *		6,852		427,633
Moody’s Corp.		1,481		754,955
Morgan Stanley		10,885		1,637,975
Motorola Solutions, Inc.		1,498		707,745
MSCI, Inc.		653		370,721
Nasdaq, Inc.		3,841		363,896


	Number of Shares		Value $
Natera, Inc. *		1,181		198,703
NetApp, Inc.		1,973		222,535
Netflix, Inc. *		3,837		4,636,055
Neurocrine Biosciences, Inc. *		857		119,637
Newmont Corp.		10,112		752,333
News Corp., Class A		3,561		104,729
NextEra Energy, Inc.		18,380		1,324,279
NIKE, Inc., Class B		10,585		818,961
NiSource, Inc.		4,837		204,460
Nordson Corp.		532		119,748
Norfolk Southern Corp.		2,021		565,840
Northern Trust Corp.		1,855		243,524
Northrop Grumman Corp.		1,209		713,358
NRG Energy, Inc.		1,904		277,146
Nucor Corp.		2,242		333,453
Nutanix, Inc., Class A *		2,306		154,986
NVIDIA Corp.		219,734		38,273,268
NVR, Inc. *		29		235,412
Occidental Petroleum Corp.		5,957		283,613
Okta, Inc. *		1,352		125,425
Old Dominion Freight Line, Inc.		1,752		264,499
Omnicom Group, Inc.		1,794		140,524
ON Semiconductor Corp. *		3,991		197,914
ONEOK, Inc.		5,548		423,756
Oracle Corp.		15,090		3,412,302
O’Reilly Automotive, Inc. *		7,611		789,108
Otis Worldwide Corp.		3,614		312,177
Owens Corning		861		129,296
PACCAR, Inc.		4,791		479,004
Packaging Corp. of America		872		190,061
Palantir Technologies, Inc., Class A *		20,375		3,192,966
Palo Alto Networks, Inc. *		5,860		1,116,447
Parker-Hannifin Corp.		1,160		880,846
Paychex, Inc.		2,900		404,420
Paycom Software, Inc.		464		105,398
PayPal Holdings, Inc. *		8,663		608,056
PepsiCo, Inc.		12,416		1,845,638
Pfizer, Inc.		50,631		1,253,624
PG&E Corp.		21,545		329,208
Philip Morris International, Inc.		14,023		2,343,664
Phillips 66		3,858		515,352
Pinterest, Inc., Class A *		5,891		215,787
PNC Financial Services Group, Inc.		3,638		754,667
Pool Corp.		307		95,388
PPG Industries, Inc.		2,023		225,018
PPL Corp.		6,482		236,399
Principal Financial Group, Inc.		2,078		167,300
Procter & Gamble Co.		20,999		3,297,683
Progressive Corp.		5,183		1,280,512
Prologis, Inc. REIT		8,389		954,500

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Prudential Financial, Inc.		3,269		358,479
PTC, Inc. *		1,154		246,379
Public Service Enterprise Group, Inc.		4,582		377,236
Public Storage REIT		1,458		429,512
PulteGroup, Inc.		1,922		253,742
Pure Storage, Inc., Class A *		2,792		216,687
QUALCOMM, Inc.		9,745		1,566,314
Quanta Services, Inc.		1,286		486,057
Quest Diagnostics, Inc.		928		168,562
Raymond James Financial, Inc.		1,720		291,437
RB Global, Inc.		1,568		179,658
Realty Income Corp. REIT		7,851		461,325
Reddit, Inc., Class A *		936		210,675
Regency Centers Corp. REIT		1,457		105,633
Regeneron Pharmaceuticals, Inc.		905		525,534
Regions Financial Corp.		8,252		226,022
Reliance, Inc.		471		139,256
Republic Services, Inc.		1,994		466,536
ResMed, Inc.		1,312		360,157
Revvity, Inc.		1,052		94,796
Rivian Automotive, Inc., Class A * (c)		5,627		76,358
Robinhood Markets, Inc., Class A *		6,535		679,836
ROBLOX Corp., Class A *		4,969		619,088
Rocket Lab Corp. * (c)		3,882		188,665
Rockwell Automation, Inc.		992		340,683
Rollins, Inc.		2,701		152,715
Roper Technologies, Inc.		929		488,942
Ross Stores, Inc.		2,951		434,269
Royal Caribbean Cruises Ltd.		2,214		804,169
Royalty Pharma PLC, Class A		3,830		137,803
RPM International, Inc.		1,126		141,099
RTX Corp.		11,907		1,888,450
S&P Global, Inc.		2,829		1,551,537
Salesforce, Inc.		8,742		2,240,138
Samsara, Inc., Class A *		2,880		104,083
SBA Communications Corp. REIT		1,018		208,537
Schlumberger NV		13,502		497,414
Seagate Technology Holdings PLC		1,702		284,915
Sempra		6,154		508,074
ServiceNow, Inc. *		1,860		1,706,476
Sherwin-Williams Co.		2,180		797,509
Simon Property Group, Inc. REIT		3,025		546,497
Snap, Inc., Class A *		9,407		67,166
Snap-on, Inc.		446		145,057
Snowflake, Inc. *		2,883		688,057
SoFi Technologies, Inc. *		9,947		254,046
Solventum Corp. *		1,214		88,731
Southern Co.		9,771		901,863


	Number of Shares		Value $
SS&C Technologies Holdings, Inc.		2,217		196,559
Starbucks Corp.		10,162		896,187
State Street Corp.		2,789		320,651
Steel Dynamics, Inc.		1,256		164,436
STERIS PLC		868		212,712
Strategy, Inc. *		2,353		786,867
Stryker Corp.		3,083		1,206,717
Sun Communities, Inc. REIT		1,043		132,325
Super Micro Computer, Inc. *		4,570		189,838
Synchrony Financial		3,547		270,778
Synopsys, Inc. *		1,650		995,808
Sysco Corp.		4,422		355,838
T. Rowe Price Group, Inc.		1,979		212,980
Take-Two Interactive Software, Inc. *		1,590		370,899
Tapestry, Inc.		1,869		190,302
Targa Resources Corp.		1,941		325,622
Target Corp.		4,192		402,348
Teledyne Technologies, Inc. *		419		225,493
Teradyne, Inc.		1,456		172,157
Tesla, Inc. *		26,021		8,687,631
Texas Instruments, Inc.		8,123		1,644,745
Texas Pacific Land Corp.		195		182,029
Textron, Inc.		1,231		98,677
Thermo Fisher Scientific, Inc.		3,410		1,680,175
TJX Cos., Inc.		10,255		1,400,936
T-Mobile US, Inc.		4,598		1,158,650
Toast, Inc., Class A *		3,696		166,690
Tractor Supply Co.		4,519		279,093
Trade Desk, Inc., Class A *		3,929		214,759
Tradeweb Markets, Inc., Class A		947		116,822
TransDigm Group, Inc.		502		702,238
TransUnion		1,819		160,800
Travelers Cos., Inc.		2,024		549,536
Trimble, Inc. *		2,300		185,886
Truist Financial Corp.		11,818		553,319
Twilio, Inc., Class A *		1,461		154,296
Tyler Technologies, Inc. *		406		228,529
Tyson Foods, Inc., Class A		2,470		140,247
Uber Technologies, Inc. *		17,876		1,675,875
UDR, Inc. REIT		2,776		109,846
U-Haul Holding Co.		821		42,889
Ulta Beauty, Inc. *		423		208,425
Union Pacific Corp.		5,298		1,184,474
United Airlines Holdings, Inc. *		681		71,505
United Parcel Service, Inc., Class B		6,426		561,889
United Rentals, Inc.		579		553,721
United Therapeutics Corp. *		391		119,161
UnitedHealth Group, Inc.		8,175		2,533,187

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $

Universal Health Services, Inc., Class B		524		95,148
US Bancorp		13,948		681,081
Valero Energy Corp.		2,812		427,452
Veeva Systems, Inc., Class A *		1,372		369,342
Ventas, Inc. REIT		4,067		276,881
Veralto Corp.		2,336		248,060
VeriSign, Inc.		862		235,645
Verisk Analytics, Inc.		1,280		343,194
Verizon Communications, Inc.		37,440		1,655,971
Vertex Pharmaceuticals, Inc. *		2,320		907,166
Vertiv Holdings Co., Class A		3,118		397,701
VICI Properties, Inc. REIT		9,738		328,950
Visa, Inc., Class A		15,413		5,421,985
Vistra Corp.		3,100		586,241
Vulcan Materials Co.		1,235		359,583
W.R. Berkley Corp.		2,519		180,587
W.W. Grainger, Inc.		399		404,387
Walmart, Inc.		39,697		3,849,815
Walt Disney Co.		16,305		1,930,186
Warner Bros Discovery, Inc. *		20,651		240,378
Waste Management, Inc.		3,674		831,757
Waters Corp. *		544		164,179
Watsco, Inc.		317		127,554
WEC Energy Group, Inc.		2,746		292,476
Wells Fargo & Co.		29,184		2,398,341
Welltower, Inc. REIT		5,894		991,842
West Pharmaceutical Services, Inc.		648		160,024
Western Digital Corp.		2,971		238,690
Westinghouse Air Brake Technologies Corp.		1,549		299,732
Weyerhaeuser Co. REIT		6,599		170,716
Williams Cos., Inc.		10,803		625,278
Williams-Sonoma, Inc.		1,068		200,987
Workday, Inc., Class A *		2,041		471,104
WP Carey, Inc. REIT		2,052		137,689
Xcel Energy, Inc.		4,877		353,046
Xylem, Inc.		2,072		293,312
Yum! Brands, Inc.		2,494		366,543
Zebra Technologies Corp., Class A *		416		131,909
Zillow Group, Inc., Class C *		1,222		103,027
Zimmer Biomet Holdings, Inc.		1,798		190,768
Zoetis, Inc.		4,098		640,927
Zoom Communications, Inc. *		2,316		188,569
Zscaler, Inc. *		860		238,263

(Cost $313,179,621)				496,659,903


	Number of Shares		Value $

Uruguay — 0.1%
MercadoLibre, Inc. *

(Cost $484,916)		407		1,006,474

TOTAL COMMON STOCKS

(Cost $442,047,548)				664,457,609

PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		443		42,416
Dr Ing hc F Porsche AG, 144A		968		51,384
Henkel AG & Co. KGaA		1,530		129,050
Porsche Automobil Holding SE		1,385		58,993
Sartorius AG		259		60,086
Volkswagen AG		1,828		213,069

(Cost $810,953)				554,998

RIGHTS — 0.0%
Italy — 0.0%
Telecom Italia SpA* , expires 9/26/25(d)

(Cost $0)		125,414		0

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

(Cost $0)		214		0

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (e)(f)

(Cost $239,029)		239,029		239,029

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.25% (e)

(Cost $625,533)		625,533		625,533

TOTAL INVESTMENTS — 99.8%

(Cost $443,723,063)				665,877,169

Other assets and liabilities, net — 0.2%				1,426,515

NET ASSETS — 100.0%				667,303,684

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

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


Value ($) at 8/31/2024		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
	COMMON STOCKS — 0.1%
	Germany — 0.1%
	Deutsche Bank AG (b)
	299,132		10,413			(75,416	)		50,992		281,183		14,205		—		16,111		566,304

	SECURITIES LENDING COLLATERAL — 0.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (e)(f)
	213,692		25,337	(g)		—			—		—		769		—		239,029		239,029

	CASH EQUIVALENTS — 0.1%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (e)
	1,730,588		11,567,304			(12,672,359	)		—		—		44,768		—		625,533		625,533

	2,243,412		11,603,054			(12,747,775	)		50,992		281,183		59,742		—		880,673		1,430,866

*	Non-income producing security.

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

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

(c)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $233,476, which is 0.0% of net assets.

(d)	Investment was valued using significant unobservable inputs.

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

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

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


ADR:		American Depositary Receipt
CDI:		Chess Depositary Interests
CVA:		Certificaten Van Aandelen (Dutch Certificate)
REIT:		Real Estate Investment Trust
144A:		Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions
		exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount ($)		Contract Value ($)		Expiration Date	Unrealized Appreciation ($)
E-Mini S&P 500 Index	USD	4		1,259,592		1,294,550	9/19/2025		34,958
Micro E-Mini S&P 500 Index	USD	14		440,945		453,092	9/19/2025		12,147
MSCI EAFE Index	USD	3		395,572		408,165	9/19/2025		12,593
S&P/TSX 60 Index Mini	CAD	1		57,516		61,754	9/18/2025		4,238

Total unrealized appreciation									63,936

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

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025


Currency Abbreviations

CAD		Canadian Dollar

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	664,457,609	$	—	$	—	$	664,457,609
Preferred Stocks		554,998		—		—		554,998
Rights		—		—		0		0
Warrants		—		—		0		0
Short-Term Investments (a)		864,562		—		—		864,562
Derivatives (b)
Futures Contracts		63,936		—		—		63,936

TOTAL	$	665,941,105	$	—	$	0	$	665,941,105

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

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

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.3%
Communication Services — 13.2%
Alphabet, Inc., Class A		10,048		2,139,320
Alphabet, Inc., Class C		8,335		1,779,772
AT&T, Inc.		19,043		557,769
Charter Communications, Inc., Class A *		103		27,355
Comcast Corp., Class A		13,262		450,510
Electronic Arts, Inc.		928		159,570
Interpublic Group of Cos., Inc.		614		16,480
Live Nation Entertainment, Inc. *		198		32,965
Meta Platforms, Inc., Class A		4,714		3,482,232
New York Times Co., Class A		508		30,399
Omnicom Group, Inc.		257		20,131
Pinterest, Inc., Class A *		1,672		61,245
Verizon Communications, Inc.		10,715		473,924

(Cost $6,699,191)				9,231,672

Consumer Discretionary — 14.9%
Airbnb, Inc., Class A *		1,345		175,563
Amazon.com, Inc. *		15,341		3,513,089
Aptiv PLC *		1,168		92,891
Aramark		724		28,316
AutoZone, Inc. *		50		209,926
Bath & Body Works, Inc.		806		23,543
Best Buy Co., Inc.		1,686		124,157
Booking Holdings, Inc.		107		599,098
BorgWarner, Inc.		1,024		43,786
Chewy, Inc., Class A *		395		16,179
Chipotle Mexican Grill, Inc. *		2,539		106,993
Coupang, Inc. *		3,293		94,114
Crocs, Inc. *		400		34,880
D.R. Horton, Inc.		941		159,481
Darden Restaurants, Inc.		407		84,225
Deckers Outdoor Corp. *		698		83,502
Dick’s Sporting Goods, Inc.		282		60,010
Domino’s Pizza, Inc.		71		32,539
eBay, Inc.		1,573		142,530
Etsy, Inc. *		371		19,667
Expedia Group, Inc.		530		113,844
Five Below, Inc. *		209		30,326
Floor & Decor Holdings, Inc., Class A *		306		25,067
Gap, Inc.		1,531		33,697
Garmin Ltd.		499		120,668
General Motors Co.		2,527		148,057
Gentex Corp.		1,466		41,063
Genuine Parts Co.		157		21,875
Grand Canyon Education, Inc. *		132		26,607
H&R Block, Inc.		836		42,093
Home Depot, Inc.		1,334		542,631


	Number of Shares		Value $

Las Vegas Sands Corp.		668		38,497
Lear Corp.		310		34,100
Lennar Corp., Class A		1,275		169,753
LKQ Corp.		711		23,193
Lowe’s Cos., Inc.		788		203,351
Lululemon Athletica, Inc. *		442		89,372
Marriott International, Inc., Class A		130		34,822
McDonald’s Corp.		354		110,993
MGM Resorts International *		717		28,458
Mohawk Industries, Inc. *		222		29,457
NIKE, Inc., Class B		5,809		449,442
NVR, Inc. *		18		146,118
On Holding AG, Class A *		291		13,118
O’Reilly Automotive, Inc. *		2,319		240,434
Pool Corp.		123		38,217
PulteGroup, Inc.		1,470		194,069
Ralph Lauren Corp.		197		58,495
Ross Stores, Inc.		1,316		193,663
Skechers U.S.A., Inc., Class A *		710		44,787
Starbucks Corp.		1,407		124,083
Tapestry, Inc.		591		60,176
Tesla, Inc. *		653		218,017
Texas Roadhouse, Inc.		270		46,588
TJX Cos., Inc.		4,232		578,134
Toll Brothers, Inc.		358		49,762
TopBuild Corp. *		152		63,956
Tractor Supply Co.		1,827		112,836
Ulta Beauty, Inc. *		256		126,139
Williams-Sonoma, Inc.		732		137,755

(Cost $8,677,604)				10,448,202

Consumer Staples — 10.8%
Albertsons Cos., Inc., Class A		1,608		31,292
Altria Group, Inc.		9,827		660,473
Archer-Daniels-Midland Co.		1,279		80,117
BJ’s Wholesale Club Holdings, Inc. *		713		69,646
Casey’s General Stores, Inc.		92		45,496
Coca-Cola Consolidated, Inc.		134		15,710
Colgate-Palmolive Co.		2,391		201,011
Constellation Brands, Inc., Class A		173		28,016
Costco Wholesale Corp.		1,558		1,469,693
Dollar General Corp.		638		69,389
Dollar Tree, Inc. *		310		33,843
Estee Lauder Cos., Inc., Class A		469		43,021
General Mills, Inc.		1,361		67,138
Hershey Co.		437		80,299
Ingredion, Inc.		354		45,857
Kellanova		219		17,410
Kenvue, Inc.		2,128		44,071
Kimberly-Clark Corp.		1,084		139,988

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

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

August 31, 2025


	Number of Shares		Value $
Kroger Co.		2,131		144,567
Maplebear, Inc. *		427		18,519
Molson Coors Beverage Co., Class B		414		20,903
Mondelez International, Inc., Class A		1,511		92,836
Monster Beverage Corp. *		1,969		122,885
PepsiCo, Inc.		1,884		280,057
Performance Food Group Co. *		288		29,203
Philip Morris International, Inc.		3,231		539,997
Procter & Gamble Co.		5,906		927,478
Sprouts Farmers Market, Inc. *		202		28,389
Sysco Corp.		1,182		95,115
Target Corp.		1,507		144,642
Tyson Foods, Inc., Class A		644		36,566
US Foods Holding Corp. *		688		53,389
Walmart, Inc.		19,528		1,893,825

(Cost $6,291,556)				7,570,841

Energy — 5.7%
Baker Hughes Co.		2,481		112,637
Cheniere Energy, Inc.		108		26,117
Chevron Corp.		9,743		1,564,726
ConocoPhillips		2,128		210,608
Coterra Energy, Inc.		3,169		77,450
Devon Energy Corp.		1,896		68,446
Diamondback Energy, Inc.		244		36,297
EOG Resources, Inc.		3,769		470,447
Expand Energy Corp.		218		21,098
Exxon Mobil Corp.		7,175		820,031
Halliburton Co.		1,951		44,346
Marathon Petroleum Corp.		904		162,458
NOV, Inc.		1,101		14,632
Permian Resources Corp., Class A		2,450		35,011
Phillips 66		277		37,002
Schlumberger NV		4,455		164,122
TechnipFMC PLC		1,619		59,514
Valero Energy Corp.		379		57,612

(Cost $3,797,280)				3,982,554

Financials — 12.4%
Affiliated Managers Group, Inc.		205		46,088
Aon PLC, Class A		238		87,346
Arch Capital Group Ltd.		1,661		152,031
Berkshire Hathaway, Inc., Class B *		6,702		3,370,972
Capital One Financial Corp.		271		61,577
Cboe Global Markets, Inc.		266		62,763
Cincinnati Financial Corp.		531		81,562
Euronet Worldwide, Inc. *		152		14,165
Evercore, Inc., Class A		230		73,956
FactSet Research Systems, Inc.		127		47,412


	Number of Shares		Value $
Fidelity National Information Services, Inc.		717		50,054
First Citizens BancShares, Inc., Class A		20		39,678
Global Payments, Inc.		332		29,488
Houlihan Lokey, Inc.		174		34,669
Jack Henry & Associates, Inc.		202		32,978
Kinsale Capital Group, Inc.		79		36,139
LPL Financial Holdings, Inc.		285		103,877
MarketAxess Holdings, Inc.		148		27,208
Marsh & McLennan Cos., Inc.		1,310		269,611
Mastercard, Inc., Class A		2,001		1,191,175
MGIC Investment Corp.		2,313		64,371
Moody’s Corp.		432		220,216
MSCI, Inc.		223		126,602
PayPal Holdings, Inc. *		3,492		245,103
Progressive Corp.		1,692		418,026
S&P Global, Inc.		42		23,034
SEI Investments Co.		518		45,729
Synchrony Financial		1,753		133,824
T. Rowe Price Group, Inc.		1,642		176,712
Visa, Inc., Class A		4,011		1,410,990

(Cost $7,070,828)				8,677,356

Health Care — 11.3%
Abbott Laboratories		3,517		466,565
Agilent Technologies, Inc.		207		26,012
Align Technology, Inc. *		211		29,954
Biogen, Inc. *		275		36,360
BioMarin Pharmaceutical, Inc. *		373		21,735
Bristol-Myers Squibb Co.		2,877		135,737
Cardinal Health, Inc.		2,437		362,577
Cencora, Inc.		1,494		435,665
Centene Corp. *		1,780		51,691
Chemed Corp.		50		22,898
Cigna Group		1,879		565,335
CVS Health Corp.		2,407		176,072
Edwards Lifesciences Corp. *		1,215		98,828
Elevance Health, Inc.		313		99,737
Exelixis, Inc. *		964		36,073
GE HealthCare Technologies, Inc.		505		37,234
Gilead Sciences, Inc.		970		109,581
HCA Healthcare, Inc.		577		233,085
Henry Schein, Inc. *		265		18,439
Hologic, Inc. *		420		28,190
Humana, Inc.		965		293,032
IDEXX Laboratories, Inc. *		114		73,768
Incyte Corp. *		474		40,105
Intuitive Surgical, Inc. *		95		44,963
Johnson & Johnson		7,866		1,393,619
Labcorp Holdings, Inc.		90		25,019
McKesson Corp.		1,305		896,065

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Number of Shares		Value $
Medpace Holdings, Inc. *		100		47,551
Merck & Co., Inc.		8,829		742,695
Mettler-Toledo International, Inc. *		55		71,557
Molina Healthcare, Inc. *		300		54,249
Neurocrine Biosciences, Inc. *		168		23,453
Pfizer, Inc.		5,055		125,162
Regeneron Pharmaceuticals, Inc.		428		248,540
ResMed, Inc.		240		65,882
Royalty Pharma PLC, Class A		819		29,468
Solventum Corp. *		650		47,509
STERIS PLC		113		27,692
Tenet Healthcare Corp. *		115		21,198
United Therapeutics Corp. *		258		78,628
UnitedHealth Group, Inc.		1,061		328,772
Universal Health Services, Inc., Class B		255		46,303
Vertex Pharmaceuticals, Inc. *		108		42,230
West Pharmaceutical Services, Inc.		193		47,661
Zoetis, Inc.		681		106,508

(Cost $7,582,324)				7,913,397

Industrials — 9.1%
3M Co.		265		41,215
A O Smith Corp.		631		44,984
Acuity, Inc.		138		45,053
AECOM		250		31,222
AGCO Corp.		178		19,258
Allison Transmission Holdings, Inc.		251		21,915
AMETEK, Inc.		357		65,974
Automatic Data Processing, Inc.		791		240,504
Booz Allen Hamilton Holding Corp.		342		37,182
Broadridge Financial Solutions, Inc.		147		37,576
Builders FirstSource, Inc. *		594		82,376
C.H. Robinson Worldwide, Inc.		313		40,283
Carlisle Cos., Inc.		189		72,933
Caterpillar, Inc.		1,108		464,296
Cintas Corp.		502		105,435
Comfort Systems USA, Inc.		103		72,448
Copart, Inc. *		1,379		67,309
CSX Corp.		525		17,068
Cummins, Inc.		188		74,907
Deere & Co.		164		78,497
Delta Air Lines, Inc.		2,541		156,983
Donaldson Co., Inc.		430		34,258
Dover Corp.		157		28,081
Eaton Corp. PLC		461		160,954
EMCOR Group, Inc.		243		150,660
Expeditors International of Washington, Inc.		818		98,602


	Number of Shares		Value $
Fastenal Co.		3,186		158,217
FedEx Corp.		667		154,124
Ferguson Enterprises, Inc.		320		73,968
FTI Consulting, Inc. *		161		27,151
GE Vernova, Inc.		514		315,067
Generac Holdings, Inc. *		133		24,638
General Dynamics Corp.		466		151,250
Genpact Ltd.		683		30,967
Graco, Inc.		475		40,560
Hubbell, Inc.		85		36,634
Illinois Tool Works, Inc.		857		226,805
ITT, Inc.		237		40,349
Jacobs Solutions, Inc.		289		42,260
JB Hunt Transport Services, Inc.		359		52,051
Kirby Corp. *		165		16,038
Landstar System, Inc.		126		16,674
Leidos Holdings, Inc.		171		30,937
Lennox International, Inc.		45		25,104
Lockheed Martin Corp.		693		315,752
Lyft, Inc., Class A *		1,238		20,080
Masco Corp.		925		67,886
MasTec, Inc. *		142		25,800
MSC Industrial Direct Co., Inc., Class A		251		22,648
Mueller Industries, Inc.		284		27,247
Northrop Grumman Corp.		163		96,176
Old Dominion Freight Line, Inc.		615		92,847
Oshkosh Corp.		337		46,968
Owens Corning		197		29,583
PACCAR, Inc.		545		54,489
Paychex, Inc.		903		125,928
Paycom Software, Inc.		132		29,984
Quanta Services, Inc.		52		19,654
Robert Half, Inc.		686		25,601
Rockwell Automation, Inc.		96		32,969
Rollins, Inc.		558		31,549
Saia, Inc. *		68		20,159
Simpson Manufacturing Co., Inc.		102		19,494
Snap-on, Inc.		257		83,587
Southwest Airlines Co.		969		31,880
Textron, Inc.		216		17,315
Toro Co.		282		22,859
Trane Technologies PLC		341		141,720
Uber Technologies, Inc. *		3,531		331,031
Union Pacific Corp.		151		33,759
United Airlines Holdings, Inc. *		1,026		107,730
United Parcel Service, Inc., Class B		3,249		284,093
United Rentals, Inc.		151		144,407
Valmont Industries, Inc.		57		20,926
Verisk Analytics, Inc.		166		44,508
W.W. Grainger, Inc.		152		154,052

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

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

August 31, 2025


	Number of Shares		Value $
Watsco, Inc.		44		17,705
Westinghouse Air Brake Technologies Corp.		205		39,667
Woodward, Inc.		68		16,784

(Cost $5,601,772)				6,349,604

Information Technology — 19.1%
Accenture PLC, Class A		1,754		455,987
Adobe, Inc. *		1,301		464,067
Advanced Micro Devices, Inc. *		150		24,394
Amdocs Ltd.		470		40,218
Analog Devices, Inc.		121		30,408
Apple, Inc.		16,459		3,820,792
Applied Materials, Inc.		3,255		523,274
Arista Networks, Inc. *		1,735		236,914
Autodesk, Inc. *		62		19,511
Cirrus Logic, Inc. *		273		31,174
Cisco Systems, Inc.		9,247		638,875
Cognizant Technology Solutions Corp., Class A		1,943		140,382
Docusign, Inc. *		377		28,901
Dropbox, Inc., Class A *		842		24,469
Dynatrace, Inc. *		348		17,609
F5, Inc. *		146		45,718
Fair Isaac Corp. *		9		13,695
First Solar, Inc. *		216		42,161
Fortinet, Inc. *		597		47,026
Gartner, Inc. *		86		21,602
Intel Corp. *		977		23,790
Jabil, Inc.		284		58,172
Keysight Technologies, Inc. *		221		36,118
KLA Corp.		67		58,424
Lam Research Corp.		3,526		353,129
Manhattan Associates, Inc. *		82		17,666
Micron Technology, Inc.		952		113,298
Microsoft Corp.		1,304		660,724
Monolithic Power Systems, Inc.		91		76,054
NetApp, Inc.		557		62,824
NVIDIA Corp.		22,905		3,989,593
QUALCOMM, Inc.		3,159		507,746
Salesforce, Inc.		1,269		325,181
Skyworks Solutions, Inc.		820		61,451
Synopsys, Inc. *		183		110,444
Teradyne, Inc.		329		38,901
Texas Instruments, Inc.		491		99,418
Trimble, Inc. *		287		23,195
VeriSign, Inc.		213		58,228
Zebra Technologies Corp., Class A *		68		21,562
Zoom Communications, Inc. *		357		29,067

(Cost $12,232,304)				13,392,162

Materials — 1.8%


	Number of Shares		Value $
Alcoa Corp.		551		17,737
AptarGroup, Inc.		97		13,509
Avery Dennison Corp.		105		18,023
CF Industries Holdings, Inc.		1,093		94,687
Corteva, Inc.		1,134		84,131
CRH PLC		609		68,787
Eagle Materials, Inc.		91		21,012
Freeport-McMoRan, Inc.		3,840		170,496
Louisiana-Pacific Corp.		367		34,905
LyondellBasell Industries NV, Class A		610		34,373
Mosaic Co.		487		16,266
Newmont Corp.		3,552		264,269
Nucor Corp.		1,063		158,100
Packaging Corp. of America		212		46,207
Reliance, Inc.		351		103,777
Royal Gold, Inc.		105		18,856
RPM International, Inc.		211		26,440
Southern Copper Corp.		195		18,738
Steel Dynamics, Inc.		710		92,953

(Cost $1,168,687)				1,303,266

Real Estate — 0.7%
CBRE Group, Inc., Class A *		219		35,504
Gaming and Leisure Properties, Inc. REIT		420		20,164
Host Hotels & Resorts, Inc. REIT		1,339		23,044
Public Storage REIT		552		162,614
Simon Property Group, Inc. REIT		748		135,134
VICI Properties, Inc. REIT		2,025		68,404
Weyerhaeuser Co. REIT		741		19,170

(Cost $411,930)				464,034

Utilities — 0.3%
Atmos Energy Corp.		161		26,747
Edison International		523		29,356
NRG Energy, Inc.		405		58,952
Talen Energy Corp. *		86		32,587
Vistra Corp.		388		73,375

(Cost $182,934)				221,017

TOTAL COMMON STOCKS

(Cost $59,716,410)				69,554,105

EXCHANGE-TRADED FUNDS — 0.0%
iShares Russell 1000 ETF

(Cost $32,020)		100		35,471

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 4.25% (a)

(Cost $352,507)		352,507		352,507

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

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

August 31, 2025


	Number of Shares	Value $

TOTAL INVESTMENTS — 99.8%

(Cost $60,100,937)			69,942,083
Other assets and liabilities, net — 0.2%			131,615

NET ASSETS — 100.0%			70,073,698

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 4.24% (a)(b)
34,277		—		(34,277)	(c)		—		—		5		—		—		—

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 4.25% (a)
177,441		1,751,333		(1,576,267)			—		—		12,319		—		352,507		352,507

211,718		1,751,333		(1,610,544)			—		—		12,324		—		352,507		352,507

*	Non-income producing security.

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

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

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

REIT: Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

Micro E-Mini S&P 500 Index

USD

400,490

420,729

9/19/2025

20,239

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


Currency Abbreviations

USD		U.S. Dollar

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

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

August 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	69,554,105	$	—	$	—	$	69,554,105
Exchange-Traded Funds		35,471		—		—		35,471
Short-Term Investments (a)		352,507		—		—		352,507
Derivatives (b)
Futures Contracts		20,239		—		—		20,239

TOTAL	$	69,962,322	$	—	$	—	$	69,962,322

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

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

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF

August 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 98.9%

— 0.1%
GCI Liberty, Inc., Class A *		42		1,568
GCI Liberty, Inc., Class C *		215		7,878
Smithfield Foods, Inc.		1,607		40,866
Viper Energy, Inc., Class A		1,102		43,909

(Cost $88,833)				94,221
Communication Services — 3.4%
Alphabet, Inc., Class A		470		100,068
Alphabet, Inc., Class C		380		81,141
AT&T, Inc.		22,724		665,586
Charter Communications, Inc., Class A *		1,056		280,452
Comcast Corp., Class A		10,706		363,683
Electronic Arts, Inc.		3,280		563,996
Fox Corp., Class A		5,444		325,007
Fox Corp., Class B		3,665		199,926
Frontier Communications Parent, Inc. *		2,716		100,709
IAC, Inc. *		428		15,673
Interpublic Group of Cos., Inc.		8,500		228,140
Iridium Communications, Inc.		2,033		50,601
Liberty Broadband Corp., Class A *		200		12,134
Liberty Broadband Corp., Class C *		1,089		66,276
Liberty Global Ltd., Class A *		10,671		125,278
Liberty Global Ltd., Class C *		8,692		103,869
Liberty Media Corp.-Liberty Formula One, Class A *		138		12,437
Liberty Media Corp.-Liberty Formula One, Class C *		1,306		130,469
Liberty Media Corp.-Liberty Live, Class A *		254		24,033
Liberty Media Corp.-Liberty Live, Class C *		431		41,971
Live Nation Entertainment, Inc. *		1,536		255,729
Madison Square Garden Sports Corp. *		235		46,492
Match Group, Inc.		4,267		159,330
Meta Platforms, Inc., Class A		124		91,599
Millicom International Cellular SA		6,389		308,653
Netflix, Inc. *		13		15,707
New York Times Co., Class A		4,189		250,670
News Corp., Class A		4,665		137,198
News Corp., Class B		1,591		53,887
Nexstar Media Group, Inc.		1,524		311,704
Omnicom Group, Inc.		2,876		225,277
Pinterest, Inc., Class A *		344		12,601
Spotify Technology SA *		65		44,322
Take-Two Interactive Software, Inc. *		70		16,329


	Number of Shares		Value $

TKO Group Holdings, Inc., Class A		850		161,126
T-Mobile US, Inc.		424		106,844
Verizon Communications, Inc.		11,144		492,899
Walt Disney Co.		1,024		121,221
Warner Bros Discovery, Inc. *		3,747		43,615

(Cost $5,616,581)				6,346,652
Consumer Discretionary — 10.8%
Airbnb, Inc., Class A *		416		54,301
Amazon.com, Inc. *		301		68,929
Aptiv PLC *		3,536		281,218
Aramark		10,405		406,940
AutoNation, Inc. *		253		55,427
AutoZone, Inc. *		155		650,772
Bath & Body Works, Inc.		761		22,229
Best Buy Co., Inc.		3,750		276,150
Booking Holdings, Inc.		50		279,953
BorgWarner, Inc.		9,516		406,904
Boyd Gaming Corp.		3,655		313,818
Bright Horizons Family Solutions, Inc. *		1,009		119,102
Brunswick Corp.		178		11,319
Burlington Stores, Inc. *		495		143,887
CarMax, Inc. *		886		54,356
Carnival Corp. *		1,764		56,254
Chewy, Inc., Class A *		292		11,960
Chipotle Mexican Grill, Inc. *		1,895		79,855
Choice Hotels International, Inc. (a)		743		88,848
Churchill Downs, Inc.		279		28,941
Columbia Sportswear Co.		821		45,746
Coupang, Inc. *		1,710		48,872
Crocs, Inc. *		164		14,301
D.R. Horton, Inc.		1,862		315,572
Darden Restaurants, Inc.		3,522		728,843
Deckers Outdoor Corp. *		756		90,440
Dick’s Sporting Goods, Inc.		376		80,013
Domino’s Pizza, Inc.		387		177,362
DoorDash, Inc., Class A *		167		40,957
eBay, Inc.		12,427		1,126,010
Expedia Group, Inc.		2,129		457,309
Five Below, Inc. *		419		60,797
Floor & Decor Holdings, Inc., Class A *		311		25,477
Flutter Entertainment PLC *		723		222,084
Ford Motor Co.		14,743		173,525
Gap, Inc.		1,911		42,061
Garmin Ltd.		2,293		554,493
General Motors Co.		7,173		420,266
Gentex Corp.		3,508		98,259
Genuine Parts Co.		1,511		210,528

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Grand Canyon Education, Inc. *		1,758		354,360
H&R Block, Inc.		7,022		353,558
Harley-Davidson, Inc.		459		13,366
Hasbro, Inc.		1,811		146,999
Hilton Worldwide Holdings, Inc.		1,007		277,992
Home Depot, Inc.		87		35,389
Hyatt Hotels Corp., Class A		401		57,856
Las Vegas Sands Corp.		1,573		90,652
Lear Corp.		1,285		141,350
Lennar Corp., Class A		1,594		212,225
Lennar Corp., Class B		59		7,504
Lithia Motors, Inc.		359		120,868
LKQ Corp.		9,350		304,997
Lowe’s Cos., Inc.		1,155		298,059
Lululemon Athletica, Inc. *		673		136,081
Marriott International, Inc., Class A		614		164,466
Mattel, Inc. *		14,447		264,380
McDonald’s Corp.		576		180,599
MGM Resorts International *		1,602		63,583
Mohawk Industries, Inc. *		924		122,606
Murphy USA, Inc.		281		105,797
Newell Brands, Inc.		1,099		6,506
NIKE, Inc., Class B		1,564		121,007
Norwegian Cruise Line Holdings Ltd. *		654		16,245
NVR, Inc. *		73		592,588
Ollie’s Bargain Outlet Holdings, Inc. *		672		85,237
On Holding AG, Class A *		240		10,819
O’Reilly Automotive, Inc. *		5,382		558,006
Penske Automotive Group, Inc.		432		79,665
Planet Fitness, Inc., Class A *		928		97,254
Pool Corp.		621		192,951
PulteGroup, Inc.		4,898		646,634
PVH Corp.		226		19,056
Ralph Lauren Corp.		2,031		603,065
Restaurant Brands International, Inc.		2,845		180,174
Ross Stores, Inc.		2,915		428,971
Royal Caribbean Cruises Ltd.		328		119,136
Service Corp. International		2,214		175,460
SharkNinja, Inc. *		820		95,907
Skechers U.S.A., Inc., Class A *		2,284		144,075
Somnigroup International, Inc.		556		46,676
Starbucks Corp.		2,919		257,427
Tapestry, Inc.		2,773		282,347
Texas Roadhouse, Inc.		2,226		384,096
Thor Industries, Inc.		704		77,158
TJX Cos., Inc.		3,330		454,911
Toll Brothers, Inc.		2,038		283,282
TopBuild Corp. *		231		97,196


	Number of Shares		Value $
Tractor Supply Co.		6,289		388,409
Travel + Leisure Co.		2,035		128,632
Ulta Beauty, Inc. *		930		458,239
Vail Resorts, Inc.		380		62,244
Valvoline, Inc. *		1,323		51,306
VF Corp.		2,456		37,159
Viking Holdings Ltd. *		424		26,975
Wendy’s Co.		2,009		21,316
Whirlpool Corp.		275		25,616
Williams-Sonoma, Inc.		1,637		308,067
Wyndham Hotels & Resorts, Inc.		1,536		133,033
Wynn Resorts Ltd.		724		91,767
YETI Holdings, Inc. *		403		14,170
Yum! Brands, Inc.		2,786		409,458

(Cost $16,637,184)				20,009,005

Consumer Staples — 7.8%
Albertsons Cos., Inc., Class A		17,900		348,334
Altria Group, Inc.		23,691		1,592,272
Archer-Daniels-Midland Co.		3,846		240,913
BellRing Brands, Inc. *		2,560		105,088
BJ’s Wholesale Club Holdings, Inc. *		7,163		699,682
Boston Beer Co., Inc., Class A *		118		26,089
Brown-Forman Corp., Class A		301		9,135
Brown-Forman Corp., Class B		1,390		41,617
Bunge Global SA		1,050		88,431
Casey’s General Stores, Inc.		675		333,801
Church & Dwight Co., Inc.		1,779		165,732
Clorox Co.		1,023		120,919
Coca-Cola Co.		1,254		86,513
Coca-Cola Consolidated, Inc.		1,683		197,315
Colgate-Palmolive Co.		3,755		315,683
Conagra Brands, Inc.		7,999		153,021
Constellation Brands, Inc., Class A		435		70,444
Costco Wholesale Corp.		114		107,539
Darling Ingredients, Inc. *		1,775		60,279
Dollar General Corp.		1,629		177,170
Dollar Tree, Inc. *		191		20,852
Estee Lauder Cos., Inc., Class A		365		33,481
Flowers Foods, Inc.		4,958		74,568
General Mills, Inc.		5,947		293,366
Hershey Co.		2,111		387,896
Hormel Foods Corp.		6,861		174,544
Ingredion, Inc.		4,041		523,471
J M Smucker Co.		842		93,049
Kellanova		7,143		567,869
Kenvue, Inc.		18,758		388,478
Keurig Dr Pepper, Inc.		5,524		160,693
Kimberly-Clark Corp.		3,960		511,394
Kraft Heinz Co.		7,226		202,111

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Kroger Co.		14,962		1,015,022
Lamb Weston Holdings, Inc.		582		33,482
Maplebear, Inc. *		7,308		316,948
McCormick & Co., Inc.		3,537		248,899
Molson Coors Beverage Co., Class B		8,595		433,962
Mondelez International, Inc., Class A		4,764		292,700
Monster Beverage Corp. *		6,059		378,142
PepsiCo, Inc.		807		119,961
Performance Food Group Co. *		1,634		165,688
Philip Morris International, Inc.		1,634		273,090
Pilgrim’s Pride Corp.		2,611		116,059
Post Holdings, Inc. *		2,496		282,422
Procter & Gamble Co.		504		79,148
Reynolds Consumer Products, Inc.		1,057		24,533
Seaboard Corp.		4		15,877
Sprouts Farmers Market, Inc. *		3,293		462,798
Sysco Corp.		4,163		334,997
Target Corp.		986		94,636
The Campbell’s Company		1,098		35,059
Tyson Foods, Inc., Class A		7,576		430,165
US Foods Holding Corp. *		11,807		916,223
Walmart, Inc.		675		65,462

(Cost $14,065,285)				14,507,022

Energy — 2.4%
Antero Midstream Corp.		7,634		135,809
Antero Resources Corp. *		301		9,608
Baker Hughes Co.		12,225		555,015
Cheniere Energy, Inc.		724		175,078
Chevron Corp.		2,969		476,821
ConocoPhillips		988		97,782
Coterra Energy, Inc.		10,807		264,123
Devon Energy Corp.		967		34,909
DT Midstream, Inc.		1,230		128,141
EOG Resources, Inc.		4,258		531,484
Exxon Mobil Corp.		691		78,974
Halliburton Co.		1,305		29,663
HF Sinclair Corp.		507		25,796
Kinder Morgan, Inc.		9,143		246,678
Marathon Petroleum Corp.		1,913		343,785
Matador Resources Co.		257		12,943
NOV, Inc.		1,328		17,649
Occidental Petroleum Corp.		258		12,283
ONEOK, Inc.		851		64,999
Ovintiv, Inc.		501		21,102
Phillips 66		1,282		171,250
Range Resources Corp.		561		19,226
Schlumberger NV		3,480		128,203
Targa Resources Corp.		1,537		257,847
TechnipFMC PLC		5,291		194,497


	Number of Shares		Value $
Texas Pacific Land Corp.		65		60,676
Valero Energy Corp.		1,184		179,980
Williams Cos., Inc.		2,971		171,962

(Cost $4,013,451)				4,446,283

Financials — 16.1%
Affiliated Managers Group, Inc.		1,397		314,074
Aflac, Inc.		4,610		492,625
AGNC Investment Corp. REIT (a)		6,074		59,282
Allstate Corp.		4,435		902,301
Ally Financial, Inc.		825		33,866
American Express Co.		471		156,033
American Financial Group, Inc.		1,311		178,112
American International Group, Inc.		1,286		104,577
Ameriprise Financial, Inc.		459		236,298
Annaly Capital Management, Inc. REIT		7,599		161,023
Aon PLC, Class A		959		351,953
Apollo Global Management, Inc.		451		61,440
Arch Capital Group Ltd.		6,838		625,882
Ares Management Corp., Class A		407		72,934
Arthur J Gallagher & Co.		311		94,155
Assurant, Inc.		1,208		260,457
Assured Guaranty Ltd.		630		51,786
Axis Capital Holdings Ltd.		4,802		473,381
Bank of America Corp.		427		21,666
Bank of New York Mellon Corp.		1,938		204,653
Bank OZK		2,161		113,388
Berkshire Hathaway, Inc., Class B *		272		136,811
Blackrock, Inc.		190		214,157
Blackstone, Inc.		1,091		186,997
Blue Owl Capital, Inc.		698		12,927
BOK Financial Corp.		281		31,306
Brighthouse Financial, Inc. *		237		11,201
Brookfield Asset Management Ltd., Class A		1,152		69,304
Brown & Brown, Inc.		2,875		278,731
Capital One Financial Corp.		1,668		379,003
Carlyle Group, Inc.		1,459		94,193
Cboe Global Markets, Inc.		2,716		640,840
Charles Schwab Corp.		324		31,052
Chubb Ltd.		1,120		308,078
Cincinnati Financial Corp.		7,168		1,101,005
Citigroup, Inc.		521		50,313
Citizens Financial Group, Inc.		2,138		111,775
CME Group, Inc.		551		146,847
CNA Financial Corp.		383		18,978
Columbia Banking System, Inc.		2,581		69,093
Comerica, Inc.		808		57,029
Commerce Bancshares, Inc.		1,569		97,184

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Corebridge Financial, Inc.		1,368		47,565
Corpay, Inc. *		1,220		397,317
Credit Acceptance Corp. *		64		32,943
Cullen/Frost Bankers, Inc.		739		95,353
East West Bancorp, Inc.		1,305		137,208
Equitable Holdings, Inc.		2,233		118,930
Euronet Worldwide, Inc. *		1,451		135,219
Evercore, Inc., Class A		1,628		523,483
Everest Group Ltd.		505		172,649
FactSet Research Systems, Inc.		884		330,015
Fidelity National Financial, Inc.		3,781		226,368
Fidelity National Information Services, Inc.		3,332		232,607
Fifth Third Bancorp		2,845		130,216
First American Financial Corp.		1,140		75,240
First Citizens BancShares, Inc., Class A		19		37,694
First Hawaiian, Inc.		1,444		37,472
First Horizon Corp.		3,214		72,636
Fiserv, Inc. *		1,620		223,852
FNB Corp.		3,679		61,402
Franklin Resources, Inc.		1,500		38,490
Freedom Holding Corp./NV *		91		15,554
Global Payments, Inc.		2,190		194,516
Globe Life, Inc.		3,775		528,311
Goldman Sachs Group, Inc.		72		53,658
Hamilton Lane, Inc., Class A		1,827		281,979
Hanover Insurance Group, Inc.		1,657		287,456
Hartford Insurance Group, Inc.		5,822		770,309
Houlihan Lokey, Inc.		3,058		609,306
Huntington Bancshares, Inc.		8,473		150,904
Interactive Brokers Group, Inc., Class A		3,775		234,956
Intercontinental Exchange, Inc.		543		95,894
Invesco Ltd.		5,533		121,117
Jack Henry & Associates, Inc.		1,695		276,726
Janus Henderson Group PLC		5,799		257,012
Jefferies Financial Group, Inc.		380		24,643
JPMorgan Chase & Co.		52		15,674
Kemper Corp.		1,192		63,951
KeyCorp		700		13,552
Kinsale Capital Group, Inc.		418		191,214
KKR & Co., Inc.		262		36,546
Lazard, Inc., Class A		6,386		365,024
Lincoln National Corp.		864		37,092
Loews Corp.		2,474		239,483
LPL Financial Holdings, Inc.		1,033		376,508
M&T Bank Corp.		974		196,417
Markel Group, Inc. *		363		711,139
MarketAxess Holdings, Inc.		847		155,712
Marsh & McLennan Cos., Inc.		1,294		266,318
Mastercard, Inc., Class A		108		64,291


	Number of Shares		Value $
MetLife, Inc.		1,860		151,330
MGIC Investment Corp.		14,745		410,353
Moody’s Corp.		646		329,305
Morgan Stanley		531		79,905
Morningstar, Inc.		431		113,103
Mr Cooper Group, Inc. *		634		119,528
MSCI, Inc.		643		365,044
Nasdaq, Inc.		1,950		184,743
Northern Trust Corp.		1,418		186,155
Old Republic International Corp.		10,648		425,601
OneMain Holdings, Inc.		1,708		105,657
PayPal Holdings, Inc. *		5,136		360,496
Pinnacle Financial Partners, Inc.		613		59,596
PNC Financial Services Group, Inc.		892		185,036
Popular, Inc.		717		90,084
Primerica, Inc.		485		130,630
Principal Financial Group, Inc.		1,208		97,256
Progressive Corp.		2,595		641,121
Prosperity Bancshares, Inc.		1,132		78,255
Prudential Financial, Inc.		752		82,464
Raymond James Financial, Inc.		1,666		282,287
Regions Financial Corp.		5,965		163,381
Reinsurance Group of America, Inc.		443		86,292
RenaissanceRe Holdings Ltd.		1,518		368,859
Rithm Capital Corp. REIT		5,949		73,649
RLI Corp.		2,928		198,313
Ryan Specialty Holdings, Inc.		370		20,916
S&P Global, Inc.		332		182,082
SEI Investments Co.		6,580		580,882
Shift4 Payments, Inc., Class A *		127		11,485
SLM Corp.		1,958		61,246
SouthState Corp.		613		62,563
Starwood Property Trust, Inc. REIT		2,332		47,270
State Street Corp.		567		65,188
Stifel Financial Corp.		1,156		133,275
Synchrony Financial		15,136		1,155,482
Synovus Financial Corp.		1,007		51,971
T. Rowe Price Group, Inc.		3,986		428,973
Toast, Inc., Class A *		257		11,591
TPG, Inc.		268		16,174
Tradeweb Markets, Inc., Class A		2,198		271,145
Travelers Cos., Inc.		2,765		750,725
Truist Financial Corp.		568		26,594
Unum Group		5,737		400,787
US Bancorp		3,383		165,192
Virtu Financial, Inc., Class A		1,471		61,664
Visa, Inc., Class A		168		59,099
Voya Financial, Inc.		756		56,768
W.R. Berkley Corp.		8,289		594,238

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Webster Financial Corp.		1,462		90,966
Wells Fargo & Co.		592		48,651
Western Union Co.		7,588		65,788
WEX, Inc. *		133		22,790
White Mountains Insurance Group Ltd.		40		73,207
Willis Towers Watson PLC		87		28,431
Wintrust Financial Corp.		723		99,261
XP, Inc., Class A		1,179		21,387
Zions Bancorp NA		836		48,496

(Cost $25,622,088)				29,861,361

Health Care — 10.4%
Abbott Laboratories		2,490		330,323
AbbVie, Inc.		313		65,855
Agilent Technologies, Inc.		1,265		158,960
Align Technology, Inc. *		123		17,461
Amgen, Inc.		342		98,397
Avantor, Inc. *		1,811		24,394
Baxter International, Inc.		565		13,950
Becton Dickinson & Co.		373		71,982
Biogen, Inc. *		100		13,222
BioMarin Pharmaceutical, Inc. *		740		43,120
Bio-Techne Corp.		452		24,693
Boston Scientific Corp. *		1,153		121,641
Bristol-Myers Squibb Co.		3,676		173,434
Cardinal Health, Inc.		15,260		2,270,383
Cencora, Inc.		6,278		1,830,728
Centene Corp. *		5,105		148,249
Charles River Laboratories International, Inc. *		78		12,738
Chemed Corp.		520		238,134
Cigna Group		2,007		603,846
Cooper Cos., Inc. *		1,031		69,484
Corcept Therapeutics, Inc. *		191		13,316
CVS Health Corp.		6,498		475,329
Danaher Corp.		284		58,453
DaVita, Inc. *		1,134		156,220
Dexcom, Inc. *		192		14,465
Doximity, Inc., Class A *		185		12,569
Edwards Lifesciences Corp. *		1,906		155,034
Elanco Animal Health, Inc. *		893		16,387
Elevance Health, Inc.		198		63,093
Encompass Health Corp.		3,952		481,196
Envista Holdings Corp. *		1,139		24,124
Exelixis, Inc. *		12,596		471,342
GE HealthCare Technologies, Inc.		2,174		160,289
Gilead Sciences, Inc.		4,031		455,382
Globus Medical, Inc., Class A *		1,442		88,351
Halozyme Therapeutics, Inc. *		1,122		82,074
HCA Healthcare, Inc.		999		403,556
Henry Schein, Inc. *		5,611		390,413


	Number of Shares		Value $
Hologic, Inc. *		1,689		113,366
Humana, Inc.		757		229,871
IDEXX Laboratories, Inc. *		359		232,305
Incyte Corp. *		1,985		167,951
Insulet Corp. *		382		129,834
Intuitive Surgical, Inc. *		173		81,880
IQVIA Holdings, Inc. *		387		73,843
Jazz Pharmaceuticals PLC *		1,886		240,936
Johnson & Johnson		723		128,094
Labcorp Holdings, Inc.		1,985		551,810
Masimo Corp. *		143		19,979
McKesson Corp.		2,178		1,495,502
Medpace Holdings, Inc. *		91		43,271
Medtronic PLC		3,500		324,835
Merck & Co., Inc.		662		55,687
Mettler-Toledo International, Inc. *		79		102,782
Molina Healthcare, Inc. *		1,838		332,366
Natera, Inc. *		91		15,311
Neurocrine Biosciences, Inc. *		891		124,384
Penumbra, Inc. *		334		91,062
Perrigo Co. PLC		1,598		37,937
Pfizer, Inc.		5,699		141,107
QIAGEN NV		2,960		137,640
Quest Diagnostics, Inc.		2,034		369,456
Regeneron Pharmaceuticals, Inc.		115		66,780
Repligen Corp. *		104		12,721
ResMed, Inc.		1,714		470,510
Revvity, Inc.		606		54,607
Royalty Pharma PLC, Class A		19,839		713,807
Solventum Corp. *		5,641		412,301
STERIS PLC		1,530		374,942
Stryker Corp.		322		126,034
Teleflex, Inc.		130		16,433
Tenet Healthcare Corp. *		1,210		223,039
Thermo Fisher Scientific, Inc.		80		39,418
United Therapeutics Corp. *		1,117		340,417
UnitedHealth Group, Inc.		60		18,592
Universal Health Services, Inc., Class B		2,234		405,650
Veeva Systems, Inc., Class A *		762		205,130
Viatris, Inc.		10,486		110,627
Waters Corp. *		651		196,472
West Pharmaceutical Services, Inc.		150		37,042
Zimmer Biomet Holdings, Inc.		1,800		190,980
Zoetis, Inc.		1,224		191,434

(Cost $17,225,223)				19,300,732

Industrials — 20.1%
3M Co.		2,447		380,582
A O Smith Corp.		2,494		177,797
AAON, Inc.		1,094		90,747

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Acuity, Inc.		1,009		329,408
ADT, Inc.		4,225		36,800
Advanced Drainage Systems, Inc.		74		10,654
AECOM		4,697		586,608
AGCO Corp.		211		22,828
Air Lease Corp.		1,943		116,988
Alaska Air Group, Inc. *		2,988		187,587
Allegion PLC		2,609		443,008
Allison Transmission Holdings, Inc.		5,322		464,664
American Airlines Group, Inc. *		3,885		51,942
AMETEK, Inc.		2,102		388,450
API Group Corp. *		1,418		50,594
Applied Industrial Technologies, Inc.		1,186		312,606
Armstrong World Industries, Inc.		1,505		294,634
ATI, Inc. *		660		51,176
Automatic Data Processing, Inc.		1,141		346,921
Axon Enterprise, Inc. *		57		42,596
Booz Allen Hamilton Holding Corp.		1,841		200,153
Broadridge Financial Solutions, Inc.		1,974		504,594
Builders FirstSource, Inc. *		827		114,688
BWX Technologies, Inc.		1,472		238,523
C.H. Robinson Worldwide, Inc.		4,627		595,495
CACI International, Inc., Class A *		1,176		564,151
Carlisle Cos., Inc.		1,015		391,678
Carrier Global Corp.		152		9,910
Caterpillar, Inc.		616		258,129
Cintas Corp.		1,206		253,296
Clean Harbors, Inc. *		672		162,765
CNH Industrial NV		11,261		128,938
Comfort Systems USA, Inc.		681		479,002
Concentrix Corp.		1,697		89,534
Copart, Inc. *		6,022		293,934
Core & Main, Inc., Class A *		1,409		91,190
Crane Co.		1,036		191,971
CSX Corp.		6,839		222,336
Cummins, Inc.		1,948		776,161
Curtiss-Wright Corp.		778		372,001
Dayforce, Inc. *		581		40,536
Deere & Co.		295		141,199
Delta Air Lines, Inc.		6,923		427,703
Donaldson Co., Inc.		3,963		315,732
Dover Corp.		1,977		353,606
Eaton Corp. PLC		543		189,583
EMCOR Group, Inc.		1,511		936,820
Emerson Electric Co.		1,344		177,408
Equifax, Inc.		568		139,898
Esab Corp.		1,024		118,139


	Number of Shares		Value $
Everus Construction Group, Inc. *		1,251		98,128
ExlService Holdings, Inc. *		7,030		307,773
Expeditors International of Washington, Inc.		3,249		391,634
Fastenal Co.		13,301		660,528
FedEx Corp.		1,165		269,197
Ferguson Enterprises, Inc.		1,051		242,939
Flowserve Corp.		2,748		147,458
Fortive Corp.		2,549		121,995
Fortune Brands Innovations, Inc.		1,271		74,379
Ftai Aviation Ltd.		101		15,539
FTI Consulting, Inc. *		559		94,270
Gates Industrial Corp. PLC *		7,153		182,831
GE Aerospace		228		62,746
GE Vernova, Inc.		226		138,531
Generac Holdings, Inc. *		217		40,199
General Dynamics Corp.		1,145		371,633
Genpact Ltd.		10,173		461,244
Graco, Inc.		3,403		290,582
GXO Logistics, Inc. *		785		41,330
Hayward Holdings, Inc. *		1,384		22,255
HEICO Corp.		191		59,596
HEICO Corp., Class A		392		96,044
Hexcel Corp.		733		46,289
Honeywell International, Inc.		429		94,165
Howmet Aerospace, Inc.		1,368		238,169
Hubbell, Inc.		759		327,121
Huntington Ingalls Industries, Inc.		362		98,026
IDEX Corp.		558		91,791
Illinois Tool Works, Inc.		1,661		439,584
Ingersoll Rand, Inc.		813		64,577
ITT, Inc.		2,203		375,061
Jacobs Solutions, Inc.		3,846		562,401
JB Hunt Transport Services, Inc.		2,174		315,208
Johnson Controls International PLC		1,773		189,516
KBR, Inc.		1,549		78,163
Kirby Corp. *		1,406		136,663
Knight-Swift Transportation Holdings, Inc.		2,534		111,243
L3Harris Technologies, Inc.		879		244,028
Landstar System, Inc.		570		75,428
Leidos Holdings, Inc.		6,430		1,163,316
Lennox International, Inc.		490		273,351
Leonardo DRS, Inc.		608		25,329
Lincoln Electric Holdings, Inc.		1,145		277,811
Lockheed Martin Corp.		567		258,342
ManpowerGroup, Inc.		201		8,522
Masco Corp.		6,378		468,081
MasTec, Inc. *		1,263		229,474
Middleby Corp. *		975		133,429

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
MSA Safety, Inc.		448		76,429
MSC Industrial Direct Co., Inc., Class A		2,778		250,659
Mueller Industries, Inc.		6,850		657,189
Nordson Corp.		296		66,627
Norfolk Southern Corp.		932		260,941
Northrop Grumman Corp.		816		481,473
nVent Electric PLC		508		45,918
Old Dominion Freight Line, Inc.		1,113		168,030
Oshkosh Corp.		2,420		337,275
Otis Worldwide Corp.		2,765		238,841
Owens Corning		461		69,228
PACCAR, Inc.		2,492		249,150
Parker-Hannifin Corp.		419		318,168
Parsons Corp. *		1,694		135,689
Paychex, Inc.		2,866		399,678
Paycom Software, Inc.		1,216		276,214
Paylocity Holding Corp. *		569		101,982
Pentair PLC		3,491		375,387
Quanta Services, Inc.		638		241,138
RB Global, Inc.		2,110		241,679
RBC Bearings, Inc. *		185		72,143
Regal Rexnord Corp.		381		56,895
Republic Services, Inc.		1,017		237,947
Robert Half, Inc.		1,581		59,003
Rockwell Automation, Inc.		421		144,584
Rollins, Inc.		3,435		194,215
RTX Corp.		1,274		202,056
Ryder System, Inc.		2,320		435,046
Schneider National, Inc., Class B		3,237		80,019
Science Applications International Corp.		2,969		349,451
Sensata Technologies Holding PLC		690		22,453
Simpson Manufacturing Co., Inc.		806		154,043
SiteOne Landscape Supply, Inc. *		511		73,196
Snap-on, Inc.		2,575		837,493
Southwest Airlines Co.		5,103		167,889
SS&C Technologies Holdings, Inc.		5,088		451,102
Stanley Black & Decker, Inc.		1,163		86,399
Tetra Tech, Inc.		1,748		63,662
Textron, Inc.		1,638		131,302
Timken Co.		909		70,202
Toro Co.		1,619		131,236
Trane Technologies PLC		866		359,910
TransDigm Group, Inc.		119		166,467
TransUnion		1,184		104,666
Uber Technologies, Inc. *		767		71,906
U-Haul Holding Co.		734		38,344
U-Haul Holding Co. *		114		6,561
Union Pacific Corp.		837		187,128


	Number of Shares		Value $
United Airlines Holdings, Inc. *		3,946		414,330
United Parcel Service, Inc., Class B		2,015		176,192
United Rentals, Inc.		315		301,247
Valmont Industries, Inc.		1,083		397,591
Veralto Corp.		1,598		169,692
Verisk Analytics, Inc.		1,034		277,236
Vertiv Holdings Co., Class A		272		34,694
W.W. Grainger, Inc.		486		492,561
Waste Management, Inc.		592		134,023
Watsco, Inc.		497		199,983
WESCO International, Inc.		423		92,992
Westinghouse Air Brake Technologies Corp.		2,364		457,434
WillScot Holdings Corp.		582		14,108
Woodward, Inc.		1,001		247,067
XPO, Inc. *		454		58,884
Xylem, Inc.		1,377		194,928

(Cost $31,281,159)				37,291,557

Information Technology — 11.1%
Accenture PLC, Class A		484		125,825
Adobe, Inc. *		202		72,053
Advanced Micro Devices, Inc. *		69		11,221
Akamai Technologies, Inc. *		2,898		229,319
Amdocs Ltd.		6,984		597,621
Amphenol Corp., Class A		4,729		514,799
Analog Devices, Inc.		647		162,598
Appfolio, Inc., Class A *		209		57,972
Apple, Inc.		1,245		289,014
Applied Materials, Inc.		498		80,058
Arista Networks, Inc. *		956		130,542
Arrow Electronics, Inc. *		606		76,556
Atlassian Corp., Class A *		121		21,511
Autodesk, Inc. *		1,125		354,037
Avnet, Inc.		1,404		76,616
Bentley Systems, Inc., Class B		514		28,604
Cadence Design Systems, Inc. *		318		111,437
CCC Intelligent Solutions Holdings, Inc. *		2,260		22,374
CDW Corp.		297		48,934
Ciena Corp. *		1,230		115,583
Cirrus Logic, Inc. *		1,610		183,846
Cisco Systems, Inc.		2,357		162,845
Cognex Corp.		317		13,929
Cognizant Technology Solutions Corp., Class A		18,986		1,371,738
Corning, Inc.		7,052		472,696
Crane NXT Co.		394		23,534
Crowdstrike Holdings, Inc., Class A *		44		18,643
Datadog, Inc., Class A *		177		24,192
Dell Technologies, Inc., Class C		564		68,893

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Docusign, Inc. *		993		76,123
Dolby Laboratories, Inc., Class A		2,444		175,186
Dropbox, Inc., Class A *		12,777		371,300
DXC Technology Co. *		2,224		32,137
Dynatrace, Inc. *		3,779		191,217
EPAM Systems, Inc. *		211		37,212
F5, Inc. *		3,647		1,142,022
Fair Isaac Corp. *		133		202,378
Flex Ltd. *		24,080		1,291,170
Fortinet, Inc. *		3,871		304,919
Gartner, Inc. *		986		247,673
Gen Digital, Inc.		8,422		254,344
GoDaddy, Inc., Class A *		3,841		569,659
Guidewire Software, Inc. *		894		194,016
Hewlett Packard Enterprise Co.		16,217		366,018
HP, Inc.		9,961		284,287
HubSpot, Inc. *		103		49,766
International Business Machines Corp.		940		228,881
Intuit, Inc.		187		124,729
IPG Photonics Corp. *		104		8,509
Jabil, Inc.		6,663		1,364,782
Keysight Technologies, Inc. *		762		124,534
KLA Corp.		123		107,256
Kyndryl Holdings, Inc. *		1,400		44,506
Lam Research Corp.		1,113		111,467
Littelfuse, Inc.		178		46,250
MACOM Technology Solutions Holdings, Inc. *		236		30,243
Manhattan Associates, Inc. *		488		105,135
Micron Technology, Inc.		269		32,014
Microsoft Corp.		445		225,477
Monolithic Power Systems, Inc.		117		97,784
Motorola Solutions, Inc.		628		296,705
NetApp, Inc.		2,771		312,541
Nutanix, Inc., Class A *		1,546		103,907
NVIDIA Corp.		241		41,977
Okta, Inc. *		344		31,913
ON Semiconductor Corp. *		546		27,076
Oracle Corp.		121		27,362
Palo Alto Networks, Inc. *		796		151,654
Pegasystems, Inc.		786		42,609
Procore Technologies, Inc. *		582		40,455
PTC, Inc. *		777		165,889
Pure Storage, Inc., Class A *		610		47,342
Qorvo, Inc. *		330		29,931
QUALCOMM, Inc.		735		118,137
Ralliant Corp. *		847		35,413
RingCentral, Inc., Class A *		454		13,852
Roper Technologies, Inc.		379		199,471
Salesforce, Inc.		722		185,012
ServiceNow, Inc. *		154		141,289


	Number of Shares		Value $
Skyworks Solutions, Inc.		2,506		187,800
Snowflake, Inc. *		56		13,365
Synopsys, Inc. *		741		447,208
TD SYNNEX Corp.		2,586		382,909
Teledyne Technologies, Inc. *		796		428,383
Teradyne, Inc.		294		34,763
Texas Instruments, Inc.		875		177,170
Trimble, Inc. *		5,533		447,177
Twilio, Inc., Class A *		359		37,914
Tyler Technologies, Inc. *		779		438,484
UiPath, Inc., Class A *		989		10,998
Universal Display Corp.		212		29,381
VeriSign, Inc.		4,536		1,240,006
Vontier Corp.		1,883		80,800
Workday, Inc., Class A *		1,140		263,135
Zebra Technologies Corp., Class A *		465		147,447
Zoom Communications, Inc. *		3,022		246,051
Zscaler, Inc. *		65		18,008

(Cost $18,280,797)				20,551,518

Materials — 4.8%
Air Products and Chemicals, Inc.		712		209,406
Amcor PLC		18,982		163,815
Anglogold Ashanti PLC		1,186		67,199
AptarGroup, Inc.		1,843		256,675
Ashland, Inc.		180		10,107
Avery Dennison Corp.		785		134,745
Axalta Coating Systems Ltd. *		2,827		88,372
Carpenter Technology Corp.		259		62,388
CF Industries Holdings, Inc.		7,266		629,454
Corteva, Inc.		7,323		543,293
CRH PLC		3,423		386,628
Crown Holdings, Inc.		3,503		348,128
Dow, Inc.		1,437		35,393
DuPont de Nemours, Inc.		1,467		112,842
Eagle Materials, Inc.		850		196,265
Eastman Chemical Co.		2,017		141,876
Ecolab, Inc.		757		209,719
Element Solutions, Inc.		2,067		53,163
FMC Corp.		688		26,901
Freeport-McMoRan, Inc.		1,590		70,596
Graphic Packaging Holding Co.		3,885		86,519
International Flavors & Fragrances, Inc.		717		48,405
International Paper Co.		6,216		308,811
Linde PLC		272		130,095
Louisiana-Pacific Corp.		1,707		162,353
LyondellBasell Industries NV, Class A		1,200		67,620
Martin Marietta Materials, Inc.		203		125,129
Mosaic Co.		3,378		112,825
NewMarket Corp.		145		119,909

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Newmont Corp.		10,928		813,043
Nucor Corp.		700		104,111
Packaging Corp. of America		2,063		449,651
PPG Industries, Inc.		1,320		146,824
Reliance, Inc.		2,448		723,776
Royal Gold, Inc.		2,217		398,129
RPM International, Inc.		3,113		390,090
Scotts Miracle-Gro Co.		544		33,304
Sealed Air Corp.		2,301		74,713
Sherwin-Williams Co.		670		245,106
Silgan Holdings, Inc.		2,606		122,273
Sonoco Products Co.		296		13,986
Southern Copper Corp.		268		25,721
Steel Dynamics, Inc.		2,052		268,648
Vulcan Materials Co.		333		96,956

(Cost $7,728,353)				8,814,962

Real Estate — 4.0%
Agree Realty Corp. REIT (a)		1,053		76,595
American Homes 4 Rent, Class A REIT		2,668		95,568
American Tower Corp. REIT		482		98,256
AvalonBay Communities, Inc. REIT		1,069		209,364
Brixmor Property Group, Inc. REIT		5,913		165,505
BXP, Inc. REIT		321		23,276
Camden Property Trust REIT		488		54,646
CBRE Group, Inc., Class A *		3,527		571,797
CoStar Group, Inc. *		327		29,263
Cousins Properties, Inc. REIT		889		26,217
CubeSmart REIT		3,863		158,074
Digital Realty Trust, Inc. REIT		259		43,419
EastGroup Properties, Inc. REIT		627		106,314
EPR Properties REIT		1,093		59,295
Equinix, Inc. REIT		71		55,819
Equity LifeStyle Properties, Inc. REIT		3,035		182,980
Equity Residential REIT		3,499		231,354
Essex Property Trust, Inc. REIT		845		228,327
Extra Space Storage, Inc. REIT		519		74,518
Federal Realty Investment Trust REIT		723		72,698
First Industrial Realty Trust, Inc. REIT		3,062		161,061
Gaming and Leisure Properties, Inc. REIT		8,546		410,293
Healthpeak Properties, Inc. REIT		2,282		40,939
Highwoods Properties, Inc. REIT		1,446		45,592
Host Hotels & Resorts, Inc. REIT		9,492		163,357
Howard Hughes Holdings, Inc. *		401		30,584
Invitation Homes, Inc. REIT		1,921		60,108
Iron Mountain, Inc. REIT		378		34,901
Jones Lang LaSalle, Inc. *		877		267,985


	Number of Shares		Value $
Kilroy Realty Corp. REIT		1,210		50,324
Kimco Realty Corp. REIT		3,464		77,905
Lamar Advertising Co., Class A REIT		1,335		169,879
Mid-America Apartment Communities, Inc. REIT		1,535		223,834
National Storage Affiliates Trust REIT		446		14,375
NNN REIT, Inc. REIT		3,456		148,297
Omega Healthcare Investors, Inc. REIT		5,207		221,662
Prologis, Inc. REIT		987		112,301
Public Storage REIT		1,291		380,316
Rayonier, Inc. REIT		5,487		144,198
Realty Income Corp. REIT		1,277		75,037
Regency Centers Corp. REIT		1,900		137,750
Rexford Industrial Realty, Inc. REIT		698		28,904
SBA Communications Corp. REIT		1,560		319,566
Simon Property Group, Inc. REIT		2,475		447,133
STAG Industrial, Inc. REIT		1,723		63,493
Sun Communities, Inc. REIT		262		33,240
UDR, Inc. REIT		753		29,796
Ventas, Inc. REIT		623		42,414
VICI Properties, Inc. REIT		19,611		662,460
Vornado Realty Trust REIT		690		26,241
Welltower, Inc. REIT		293		49,306
Weyerhaeuser Co. REIT		2,077		53,732
WP Carey, Inc. REIT		2,982		200,092

(Cost $7,007,940)				7,490,360

Utilities — 7.9%
AES Corp.		3,022		40,918
Alliant Energy Corp.		5,256		342,008
Ameren Corp.		6,131		611,751
American Electric Power Co., Inc.		5,270		585,075
American Water Works Co., Inc.		1,727		247,842
Atmos Energy Corp.		2,860		475,132
Brookfield Renewable Corp.		3,735		125,869
CenterPoint Energy, Inc.		9,113		343,651
Clearway Energy, Inc., Class A		1,435		40,453
Clearway Energy, Inc., Class C		2,747		81,888
CMS Energy Corp.		6,590		471,646
Consolidated Edison, Inc.		4,414		433,587
Constellation Energy Corp.		42		12,935
Dominion Energy, Inc.		6,290		376,771
DTE Energy Co.		4,351		594,564
Duke Energy Corp.		3,939		482,488
Edison International		4,163		233,669
Entergy Corp.		8,243		726,126
Essential Utilities, Inc.		4,664		184,275
Evergy, Inc.		8,558		609,843

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Eversource Energy		4,318		276,654
Exelon Corp.		15,047		657,253
FirstEnergy Corp.		7,015		305,994
IDACORP, Inc.		2,048		256,205
MDU Resources Group, Inc.		5,075		82,672
National Fuel Gas Co.		5,200		451,048
NextEra Energy, Inc.		2,096		151,017
NiSource, Inc.		8,598		363,437
NRG Energy, Inc.		4,426		644,249
OGE Energy Corp.		8,257		368,758
PG&E Corp.		19,816		302,788
Pinnacle West Capital Corp.		5,255		469,587
PPL Corp.		12,665		461,892
Public Service Enterprise Group, Inc.		2,811		231,430
Sempra		3,027		249,909
Southern Co.		3,820		352,586
Talen Energy Corp. *		965		365,658
UGI Corp.		8,670		300,329
Vistra Corp.		1,097		207,454
WEC Energy Group, Inc.		5,211		555,024
Xcel Energy, Inc.		8,234		596,059

(Cost $12,746,708)				14,670,494

TOTAL COMMON STOCKS

(Cost $160,313,602)				183,384,167


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell 1000 ETF (a)		800		283,768
Vanguard S&P 500 ETF		293		173,772

(Cost $336,745)				457,540

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)

(Cost $452,820)		452,820		452,820

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $1,224,124)		1,224,124		1,224,124
TOTAL INVESTMENTS — 100.1%

(Cost $162,327,291)				185,518,651

Other assets and liabilities,net — (0.1%)				(129,690	)

NET ASSETS — 100.0%				185,388,961

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


								Net Change
								in Unrealized
						Net Realized		Appreciation				Capital Gain		Number of
Value ($) at		Purchases Cost		Sales Proceeds		Gain/(Loss)		(Depreciation)		Income		Distributions		Shares at		Value ($) at
8/31/2024		($)		($)		($)		($)		($)		($)		8/31/2025		8/31/2025
	SECURITIES LENDING COLLATERAL — 0.2%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
	285,484		167,336(d)		—		—		—		332		—		452,820		452,820

	CASH EQUIVALENTS — 0.7%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
	911,119		4,226,611		(3,913,606)		—		—		38,968		—		1,224,124		1,224,124

	1,196,603		4,393,947		(3,913,606)		—		—		39,300		—		1,676,944		1,676,944

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $443,633, which is 0.2% of net assets.

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

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

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

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

Micro E-Mini S&P 500 Index

USD

834,365

873,821

9/19/2025

39,456

Micro E-Mini S&P MidCap 400 Index

USD

471,446

488,775

9/19/2025

17,329

Total unrealized appreciation

56,785

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


Currency Abbreviations

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	183,384,167	$	—	$	—	$	183,384,167

Exchange-Traded Funds		457,540		—		—		457,540

Short-Term Investments (a)		1,676,944		—		—		1,676,944

Derivatives (b)

Futures Contracts		56,785		—		—		56,785

TOTAL	$	185,575,436	$	—	$	—	$	185,575,436

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

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

See Notes to Financial Statements.

DBX ETF Trust | 49

Statements of Assets and Liabilities

August 31, 2025


	Xtrackers FTSE Developed ex US Multifactor ETF			Xtrackers MSCI Kokusai Equity ETF		Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Xtrackers Russell US Multifactor ETF

Assets
Investment in non-affiliated securities at value	$	51,774,949		$	664,446,303	$	69,589,576	$	183,841,707
Investment in affiliated securities at value		17,118			566,304		—		—
Investment in DWS Government Money Market Series		88,719			625,533		352,507		1,224,124
Investment in DWS Government & Agency Securities Portfolio*		—			239,029		—		452,820
Foreign currency at value		130,118			539,525		—		—
Deposit with broker for futures contracts		18,727			143,836		30,500		97,578
Receivables:
Investment securities sold		—			—		—		2,896,745
Variation margin on futures contracts		23,298			67,472		40,026		41,067
Dividends		136,745			786,972		70,968		205,091
Interest		191			3,633		1,209		4,344
Affiliated securities lending income		—			4		—		30
Foreign tax reclaim		64,863			229,607		—		147
Total assets	$	52,254,728		$	667,648,218	$	70,084,786	$	188,763,653

Liabilities
Payable upon return of securities loaned	$	—		$	239,029	$	—	$	452,820
Payables:
Investment securities purchased		—			55,449		—		—
Capital shares		—			—		—		2,896,690
Investment advisory fees		10,748			50,056		11,088		25,182
Total liabilities		10,748			344,534		11,088		3,374,692
Net Assets, at value	$	52,243,980		$	667,303,684	$	70,073,698	$	185,388,961

Net Assets Consist of
Paid-in capital	$	66,255,958		$	458,078,038	$	65,078,720	$	205,764,899
Distributable earnings (loss)		(14,011,978	)		209,225,646		4,994,978		(20,375,938	)
Net Assets, at value	$	52,243,980		$	667,303,684	$	70,073,698	$	185,388,961
Number of Common Shares outstanding		1,500,001			5,880,001		1,250,001		3,200,001
Net Asset Value	$	34.83		$	113.49	$	56.06	$	57.93

Investment in non-affiliated securities at cost	$	41,524,271		$	442,659,729	$	59,748,430	$	160,650,347
Investment in affiliated securities at cost	$	10,810		$	198,772	$	—	$	—
Value of securities loaned	$	—		$	233,476	$	—	$	443,633
Investment in DWS Government Money Market Series at cost	$	88,719		$	625,533	$	352,507	$	1,224,124
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	239,029	$	—	$	452,820
Foreign currency at cost	$	129,194		$	536,939	$	—	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

50 | DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2025


	Xtrackers FTSE Developed ex US Multifactor ETF			Xtrackers MSCI Kokusai Equity ETF			Xtrackers Russell 1000 US Quality at a Reasonable Price ETF			Xtrackers Russell US Multifactor ETF

Investment Income
Unaffiliated dividend income*	$	1,611,513		$	10,429,089		$	943,279		$	2,994,994
Affiliated dividend income		535			14,205			—			—
Income distributions from affiliated funds		4,032			44,768			12,319			38,968
Affiliated securities lending income		131			769			5			332
Unaffiliated securities lending income, net of borrower rebates		—			—			—			198
Total investment income		1,616,211			10,488,831			955,603			3,034,492

Expenses
Investment advisory fees		123,263			564,719			122,933			289,801
Other expenses		58			58			58			—
Total expenses		123,321			564,777			122,991			289,801
Less fees waived (see note 3):
Waiver		(104	)		(1,136	)		(322	)		(973	)
Net expenses		123,217			563,641			122,669			288,828
Net investment income (loss)		1,492,994			9,925,190			832,934			2,745,664

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(679,737	)		(4,589,758	)		(1,437,217	)		(6,055,194	)
In-kind redemptions		4,404,595			16,225,690			4,410,951			24,104,878
In-kind redemptions in affiliates		2,879			50,992			—			—
Futures contracts		16,857			189,798			38,482			13,735
Foreign currency transactions		4,114			36,002			—			(12	)
Net realized gain (loss)		3,748,708			11,912,724			3,012,216			18,063,407
Net change in unrealized appreciation (depreciation) on:

Investments		2,845,118			73,334,200			2,986,299			(7,035,823	)
Investments in affiliates		4,346			281,183			—			—
Futures contracts		511			(19,885	)		16,994			24,493
Foreign currency translations		(1,663	)		(2,929	)		—			—
Net change in unrealized appreciation (depreciation)		2,848,312			73,592,569			3,003,293			(7,011,330	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		6,597,020			85,505,293			6,015,509			11,052,077
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,090,014		$	95,430,483		$	6,848,443		$	13,797,741

* Unaffiliated foreign tax withheld	$	196,344		$	573,076		$	125		$	1,879

See Notes to Financial Statements.

DBX ETF Trust | 51

Statements of Changes in Net Assets


	Xtrackers FTSE Developed ex US Multifactor ETF						Xtrackers MSCI Kokusai Equity ETF
	Year Ended August 31, 2025			Year Ended August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,492,994		$	1,624,539		$	9,925,190		$	9,314,664
Net realized gain (loss)		3,748,708			2,596,319			11,912,724			7,431,168
Net change in net unrealized appreciation (depreciation)		2,848,312			4,667,433			73,592,569			107,943,105
Net increase (decrease) in net assets resulting from operations		8,090,014			8,888,291			95,430,483			124,688,937
Distributions to Shareholders		(2,084,820	)		(2,338,899	)		(10,288,678	)		(9,549,067	)

Fund Shares Transactions
Proceeds from shares sold		6,198,058			8,495,255			14,814,721			—
Value of shares redeemed		(15,769,912	)		(19,549,122	)		(35,745,102	)		(31,753,923	)
Net increase (decrease) in net assets resulting from fund share transactions		(9,571,854	)		(11,053,867	)		(20,930,381	)		(31,753,923	)
Total net increase (decrease) in Net Assets		(3,566,660	)		(4,504,475	)		64,211,424			83,385,947

Net Assets
Beginning of year		55,810,640			60,315,115			603,092,260			519,706,313
End of year	$	52,243,980		$	55,810,640		$	667,303,684		$	603,092,260

Changes in Shares Outstanding
Shares outstanding, beginning of year		1,800,001			2,200,001			6,070,001			6,430,001
Shares sold		200,000			300,000			140,000			—
Shares redeemed		(500,000	)		(700,000	)		(330,000	)		(360,000	)
Shares outstanding, end of year		1,500,001			1,800,001			5,880,001			6,070,001

See Notes to Financial Statements.

52 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF						Xtrackers Russell US Multifactor ETF
	Year Ended August 31, 2025			Year Ended August 31, 2024			Year Ended August 31, 2025			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	832,934		$	890,312		$	2,745,664		$	2,143,308
Net realized gain (loss)		3,012,216			9,214,296			18,063,407			13,475,939
Net change in net unrealized appreciation (depreciation)		3,003,293			4,077,149			(7,011,330	)		14,180,288
Net increase (decrease) in net assets resulting from operations		6,848,443			14,181,757			13,797,741			29,799,535
Distributions to Shareholders		(867,649	)		(781,915	)		(2,658,242	)		(2,057,931	)

Fund Shares Transactions
Proceeds from shares sold		13,064,175			62,157,154			78,029,046			48,689,872
Value of shares redeemed		(17,257,606	)		(36,312,345	)		(71,294,775	)		(43,881,576	)
Net increase (decrease) in net assets resulting from fund share transactions		(4,193,431	)		25,844,809			6,734,271			4,808,296
Total net increase (decrease) in Net Assets		1,787,363			39,244,651			17,873,770			32,549,900

Net Assets
Beginning of year		68,286,335			29,041,684			167,515,191			134,965,291
End of year	$	70,073,698		$	68,286,335		$	185,388,961		$	167,515,191

Changes in Shares Outstanding
Shares outstanding, beginning of year		1,325,001			675,001			3,100,001			3,000,001
Shares sold		250,000			1,400,000			1,400,000			1,000,000
Shares redeemed		(325,000	)		(750,000	)		(1,300,000	)		(900,000	)
Shares outstanding, end of year		1,250,001			1,325,001			3,200,001			3,100,001

See Notes to Financial Statements.

DBX ETF Trust | 53

Financial Highlights

Xtrackers FTSE Developed ex US Multifactor ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

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

Income (loss) from investment operations:
Net investment income (loss)(a)		0.90			0.81			0.90			1.01			0.84
Net realized and unrealized gain (loss)		4.13			3.89			1.98			(7.37	)		5.35
Total from investment operations		5.03			4.70			2.88			(6.36	)		6.19
Less distributions from:
Net investment income		(1.21	)		(1.11	)		(0.85	)		(1.13	)		(1.15	)
Total from distributions		(1.21	)		(1.11	)		(0.85	)		(1.13	)		(1.15	)
Net Asset Value, end of year	$	34.83		$	31.01		$	27.42		$	25.39		$	32.88
Total Return (%)(b)		16.76			17.65			11.59			(19.75	)		22.69

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		52			56			60			66			71
Ratio of expenses before fee waiver (%)		0.24			0.34			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.24			0.24			0.24			0.24			0.24
Ratio of net investment income (loss) (%)		2.91			2.88			3.44			3.45			2.75
Portfolio turnover rate (%)(c)		47			51			52			56			53

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

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

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

See Notes to Financial Statements.

54 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Kokusai Equity ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

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

Income (loss) from investment operations:
Net investment income (loss)(a)		1.63			1.49			1.50			1.53			1.28
Net realized and unrealized gain (loss)		14.19			18.56			9.72			(13.73	)		18.91
Total from investment operations		15.82			20.05			11.22			(12.20	)		20.19
Less distributions from:
Net investment income		(1.69	)		(1.52	)		(1.45	)		(1.69	)		(1.06	)
Net realized gains		–			–			–			–			(0.01	)
Total from distributions		(1.69	)		(1.52	)		(1.45	)		(1.69	)		(1.07	)
Net Asset Value, end of year	$	113.49		$	99.36		$	80.83		$	71.06			$ 84.95
Total Return (%)(b)		16.13			25.07			16.02			(14.55	)		30.87

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		667			603			520			502			803
Ratio of expenses before fee waiver (%)		0.09			0.09			0.09			0.09			0.09
Ratio of expenses after fee waiver (%)		0.09			0.09			0.09			0.09			0.09
Ratio of net investment income (loss) (%)		1.58			1.70			2.02			1.93			1.73
Portfolio turnover rate (%)(c)		2			3			2			4			6

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 55

Financial Highlights (Continued)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

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

Income (loss) from investment operations:
Net investment income (loss)(a)		0.68			0.68			0.61			0.53			0.52
Net realized and unrealized gain (loss)		4.55			8.48			5.85			(4.60	)		10.44
Total from investment operations		5.23			9.16			6.46			(4.07	)		10.96
Less distributions from:
Net investment income		(0.71	)		(0.64	)		(0.60	)		(0.60	)		(0.56	)
Total from distributions		(0.71	)		(0.64	)		(0.60	)		(0.60	)		(0.56	)
Net Asset Value, end of year	$	56.06		$	51.54		$	43.02		$	37.16		$	41.83
Total Return (%)(b)		10.27			21.45			17.63			(9.84	)		35.25

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		70			68			29			11			40
Ratio of expenses before fee waiver (%)		0.19			0.19			0.19			0.19			0.19
Ratio of expenses after fee waiver (%)		0.19			0.19			0.19			0.19			0.19
Ratio of net investment income (loss) (%)		1.29			1.47			1.55			1.29			1.51
Portfolio turnover rate (%)(c)		19			22			34			14			13

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

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

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

See Notes to Financial Statements.

56 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell US Multifactor ETF


	Years Ended August 31,

	2025			2024			2023			2022			2021

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

Income (loss) from investment operations:
Net investment income (loss)(a)		0.89			0.71			0.77			0.72			0.56
Net realized and unrealized gain (loss)		3.83			9.00			3.38			(4.76	)		11.47
Total from investment operations		4.72			9.71			4.15			(4.04	)		12.03
Less distributions from:
Net investment income		(0.83	)		(0.66	)		(0.79	)		(0.66	)		(0.54	)
Total from distributions		(0.83	)		(0.66	)		(0.79	)		(0.66	)		(0.54	)
Net Asset Value, end of year	$	57.93		$	54.04		$	44.99		$	41.63		$	46.33
Total Return (%)(b)		8.87			21.78			10.12			(8.80	)		34.85

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		185			168			135			146			206
Ratio of expenses before fee waiver (%)		0.17			0.17			0.17			0.17			0.17
Ratio of expenses after fee waiver (%)		0.17			0.17			0.17			0.17			0.17
Ratio of net investment income (loss) (%)		1.61			1.46			1.80			1.60			1.40
Portfolio turnover rate (%)(c)		35			41			44			38			39

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

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

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

See Notes to Financial Statements.

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Notes to Financial Statements

1. Organization

As of August 31, 2025, the Trust consists of forty one investment series of exchange-traded funds (“ETFs”) (each, a “Fund,” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers FTSE Developed ex US Multifactor ETF

Xtrackers MSCI Kokusai Equity ETF

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Xtrackers Russell US Multifactor ETF

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF, which lots consist of 10,000 shares, and, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.


Fund		Underlying Index
Xtrackers FTSE Developed ex US Multifactor ETF		FTSE Developed ex US Comprehensive Factor Index
Xtrackers MSCI Kokusai Equity ETF		MSCI Kokusai Index
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Russell 1000 2Qual/Val 5% Capped Factor Index
Xtrackers Russell US Multifactor ETF		Russell 1000 Comprehensive Factor Index

The FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semi-annually in March and September after the close of business on the third Friday of the review month.

The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The Underlying Index is reviewed quarterly in February, May, August and November and rebalanced semi-annually in May and November. At each semi-annual rebalancing, the composition of the Underlying Index is reassessed and the large and mid-capitalization cutoff points are recalculated.

The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality, value, momentum, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semi-annually in June and December after the close of business on the third Friday of the review month.

58 | DBX ETF Trust

Each Fund is diversified. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

2. Significant Accounting Policies

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

DBX ETF Trust | 59

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Investment Transactions and Investment Income. Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended August 31, 2025, remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

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As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income^*		Capital and Other Gains (Losses)		Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
Xtrackers FTSE Developed ex US Multifactor ETF	$	652,341	$	(24,020,779)	$	9,356,460	$	(14,011,978)
Xtrackers MSCI Kokusai Equity ETF		2,039,979		(14,004,288)		221,189,955		209,225,646
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		169,235		(4,483,991)		9,309,733		4,994,977
Xtrackers Russell US Multifactor ETF		624,479		(42,331,209)		21,330,792		(20,375,938)

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the years ended August 31, 2025 and August 31, 2024 were as follows:


		Year Ended August 31, 2025
		Ordinary Income^*
Xtrackers FTSE Developed ex US Multifactor ETF		$ 2,084,820
Xtrackers MSCI Kokusai Equity ETF		10,288,678
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		867,649
Xtrackers Russell US Multifactor ETF		2,658,242

		Year Ended August 31, 2024
		Ordinary Income^*
Xtrackers FTSE Developed ex US Multifactor ETF		$ 2,338,899
Xtrackers MSCI Kokusai Equity ETF		9,549,067
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		781,915
Xtrackers Russell US Multifactor ETF		2,057,931

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	12,170,196	$	11,850,583	$	24,020,779
Xtrackers MSCI Kokusai Equity ETF		1,931,827		12,072,461		14,004,288
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		545,708		3,938,283		4,483,991
Xtrackers Russell US Multifactor ETF		26,464,383		15,866,826		42,331,209

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary 41112114.00 losses incurred 43728153.00 after December 84840267.00 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended August 31, 2025, the Funds had no post-October capital losses.


	Distributable earnings (loss)		Paid-In Capital
Xtrackers FTSE Developed ex US Multifactor ETF	$	(4,093,426)	$	4,093,426
Xtrackers MSCI Kokusai Equity ETF		(16,218,269)		16,218,269
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(4,234,122)		4,234,122
Xtrackers Russell US Multifactor ETF		(23,131,372)		23,131,372

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	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers FTSE Developed ex US Multifactor ETF	$	42,534,556	$	9,346,230	$	11,571,285	$	(2,225,055)
Xtrackers MSCI Kokusai Equity ETF		444,700,895		221,176,274		253,957,621		(32,781,347)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		60,632,350		9,309,733		11,843,048		(2,533,315)
Xtrackers Russell US Multifactor ETF		164,187,859		21,330,792		27,051,367		(5,720,575)

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which 712055660.00 may be reclaimable) 261163029.00 on income, 304423321.00 capital gains (43260292.00) on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of August 31, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities Lending. Deutsche Bank AG serves as securities lending agent and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2025, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.13% annualized effective rate as of August 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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As of August 31, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers MSCI Kokusai Equity ETF
Common Stocks	$	239,029	$	—	$	—	$	—	$	239,029
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	239,029
Xtrackers Russell US Multifactor ETF
Common Stocks	$	190,740	$	—	$	—	$	—	$	190,740
Exchange-Traded Funds	$	262,080	$	—	$	—	$	—	$	262,080
Total Borrowing	$	452,820	$	—	$	—	$	—	$	452,820
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	452,820

As of August 31, 2025, Xtrackers FTSE Developed ex US Multifactor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF had no securities on loan.

Derivatives

Futures Contracts. Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended August 31, 2025, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

A summary of the open futures contracts as of August 31, 2025 is included in a table following the Funds’ Schedule of Investments.

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	Asset Derivatives			Liability Derivatives
Xtrackers FTSE Developed ex US Multifactor ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	13,312	Unrealized depreciation on futures contracts^*	$	652
	Total	$	13,312	Total	$	652

Xtrackers MSCI Kokusai Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	63,936	Unrealized depreciation on futures contracts^*	$	—
	Total	$	63,936	Total	$	—

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	20,239	Unrealized depreciation on futures contracts^*	$	—
	Total	$	20,239	Total	$	—

Xtrackers Russell US Multifactor ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	56,785	Unrealized depreciation on futures contracts^*	$	—
	Total	$	56,785	Total	$	—

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended August 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:	Futures Contracts – Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	16,857
Xtrackers MSCI Kokusai Equity ETF		189,798
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		38,482
Xtrackers Russell US Multifactor ETF		13,735

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	511
Xtrackers MSCI Kokusai Equity ETF		(19,885)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		16,994
Xtrackers Russell US Multifactor ETF		24,493

For the year ended August 31, 2025 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Multifactor ETF	$	495,877
Xtrackers MSCI Kokusai Equity ETF		1,912,016
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		278,563
Xtrackers Russell US Multifactor ETF		920,799

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

64 | DBX ETF Trust

3. Investment Advisory and Other Agreements

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


	Unitary Advisory Fee
Xtrackers FTSE Developed ex US Multifactor ETF		0.24	%
Xtrackers MSCI Kokusai Equity ETF		0.09	%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		0.19	%
Xtrackers Russell US Multifactor ETF		0.17	%

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers FTSE Developed ex US Multifactor ETF	$	104
Xtrackers MSCI Kokusai Equity ETF		1,136
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		322
Xtrackers Russell US Multifactor ETF		973

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 2535.00 agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

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

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

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the year ended August 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Securities Lending Agent Fees
Xtrackers FTSE Developed ex US Multifactor ETF	$	9
Xtrackers MSCI Kokusai Equity ETF		58
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		0
Xtrackers Russell US Multifactor ETF		33

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4. Investment Portfolio Transactions

For the year ended August 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	24,029,504	$	24,467,454
Xtrackers MSCI Kokusai Equity ETF		14,279,268		13,463,671
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		12,625,719		12,842,226
Xtrackers Russell US Multifactor ETF		59,889,422		60,193,364

For the year ended August 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	5,692,748	$	15,440,405
Xtrackers MSCI Kokusai Equity ETF		14,662,484		35,441,607
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		13,063,834		17,217,071
Xtrackers Russell US Multifactor ETF		78,028,398		71,203,507

5. Fund Share Transactions

66 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds. In reaching its decision to approve the continuation of the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

68 | DBX ETF Trust

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

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Xtrackers FTSE Developed ex US Multifactor ETF and Xtrackers MSCI Kokusai Equity ETF were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group, but Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF had advisory fees and/or total expenses (after waivers/reimbursements, as applicable) that were above the average and/or median of its respective Peer Group.

The Board considered, however, that the advisory fees and total expenses for each of Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF were almost equivalent to the average of its respective Peer Group.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

DBX ETF Trust | 69

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

to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that Xtrackers MSCI Kokusai Equity ETF and Xtrackers Russell US Multifactor ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

70 | DBX ETF Trust

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2025.


	Qualified Dividend Income^*	Dividends Received Reduction^*
Xtrackers FTSE Developed ex US Multifactor ETF	100%	2%
Xtrackers MSCI Kokusai Equity ETF	100%	67%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	100%	100%
Xtrackers Russell US Multifactor ETF	100%	100%

*	The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

Gross Foreign

Income

Foreign Taxes Paid

Xtrackers FTSE Developed ex US Multifactor ETF

1,777,992

195,379

DBX ETF Trust | 71

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LOGO

EQUITY-NCSRA

LOGO

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

Xtrackers MSCI EAFE Selection Equity ETF (EASG)

Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA Selection Equity ETF (USSG)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

Xtrackers RREEF Global Natural Resources ETF (NRES)

LOGO

Table of Contents


	Page

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		2

Xtrackers MSCI EAFE Selection Equity ETF		24

Xtrackers MSCI Emerging Markets Climate Selection ETF		30

Xtrackers MSCI USA Climate Action Equity ETF		33

Xtrackers MSCI USA Selection Equity ETF		38

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		43

Xtrackers RREEF Global Natural Resources ETF		49

Statements of Assets and Liabilities		51

Statements of Operations		53

Statements of Changes in Net Assets		55

Financial Highlights		59

Notes to Financial Statements		66

Report of Independent Registered Public Accounting Firm		78

Board Considerations in Approval of Investment Advisory Contracts		80

Tax Information		86

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 98.0%

Australia – 0.0%
MMG Ltd. *

(Cost $6,792)		20,174		13,353

Brazil – 3.0%
Ambev SA		26,567		60,445
B3 SA – Brasil Bolsa Balcao		31,155		74,500
Banco Bradesco SA		6,340		16,866
Banco BTG Pactual S.A		7,350		60,743
Banco do Brasil SA		6,717		26,469
Banco Santander Brasil SA		1,285		6,681
BB Seguridade Participacoes SA		4,713		28,496
Caixa Seguridade Participacoes S/A		3,857		10,019
Centrais Eletricas Brasileiras SA		7,167		59,442
Cia de Saneamento Basico do Estado de Sao Paulo		1,578		35,609
Companhia Paranaense de Energia		5,976		12,330
Embraer SA		1,405		19,723
Energisa SA		1,822		16,384
Engie Brasil Energia SA		1,804		13,274
Equatorial Energia SA		4,932		33,228
Hapvida Participacoes e Investimentos SA, 144A *		1,028		7,899
Itau Unibanco Holding SA		2,026		12,843
Klabin SA		4,516		15,400
Localiza Rent a Car SA		3,395		22,416
Lojas Renner SA		6,404		19,183
Motiva Infraestrutura de Mobilidade SA		7,481		19,846
Natura Cosmeticos SA *		5,849		9,709
NU Holdings Ltd., Class A *		20,431		302,379
Pagseguro Digital Ltd., Class A		1,351		12,105
Porto Seguro SA		165		1,573
Raia Drogasil SA		8,375		27,078
Rede D’Or Sao Luiz SA, 144A		4,451		32,275
Rumo SA		8,231		22,063
StoneCo Ltd., Class A *		1,533		25,248
Suzano SA		2,801		27,065
Telefonica Brasil SA		5,196		32,422
TIM SA		5,800		24,309
TOTVS SA		3,612		28,680
WEG SA		8,465		58,730
XP, Inc., Series BDR		1,175		21,192
XP, Inc., Class A		1,297		23,528

(Cost $1,123,169)				1,220,152

Chile – 0.4%
Banco de Chile		169,214		24,343
Banco de Credito e Inversiones SA		574		23,306
Banco Santander Chile		193,310		11,663


	Number of Shares		Value $
Cencosud SA		8,006		25,472
Cia Sud Americana de Vapores SA		127,148		6,389
Empresas CMPC SA		3,150		4,959
Enel Americas SA		98,338		10,263
Falabella SA		2,736		15,634
Latam Airlines Group SA		477,002		12,056
Plaza SA		3,880		9,146

(Cost $92,249)				143,231

China – 29.0%
360 Security Technology, Inc., Class A		5,005		8,151
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,738		4,804
3SBio, Inc., 144A *		11,625		43,483
AAC Technologies Holdings, Inc.		2,801		15,550
Accelink Technologies Co. Ltd., Class A		823		7,939
ACM Research Shanghai, Inc., Class A		290		6,311
Advanced Micro-Fabrication Equipment, Inc., China, Class A		305		9,171
Agricultural Bank of China Ltd., Class A		20,767		20,467
Agricultural Bank of China Ltd., Class H		108,819		73,283
Aier Eye Hospital Group Co. Ltd., Class A		5,688		10,701
AIMA Technology Group Co. Ltd., Class A		900		4,637
Aisino Corp., Class A		3,361		4,355
Akeso, Inc., 144A *		3,793		75,754
All Winner Technology Co. Ltd., Class A		1,100		7,234
Amlogic Shanghai Co. Ltd., Class A *		557		7,822
Andon Health Co. Ltd., Class A		1,200		6,656
Angel Yeast Co. Ltd., Class A		659		3,665
Anhui Expressway Co. Ltd., Class A		2,480		5,080
Anhui Expressway Co. Ltd., Class H		3,745		5,640
Anker Innovations Technology Co. Ltd., Class A		229		4,508
ANTA Sports Products Ltd.		4,549		56,017
Apeloa Pharmaceutical Co. Ltd., Class A		2,104		4,697
APT Medical, Inc., Class A		129		5,150
Ascentage Pharma Group International, 144A *		1,594		17,001
Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		1,048		4,985

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
ASR Microelectronics Co. Ltd., Class A *		678		9,986
Asymchem Laboratories Tianjin Co. Ltd., Class A		212		3,182
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		422		4,939
Atour Lifestyle Holdings Ltd., ADR		324		12,610
Autobio Diagnostics Co. Ltd., Class A		733		4,175
Autohome, Inc., ADR		487		14,065
Avary Holding Shenzhen Co. Ltd., Class A		1,244		10,444
BAIC BluePark New Energy Technology Co. Ltd., Class A *		4,536		5,630
Baidu, Inc., Class A *		12,762		146,350
Bank of Beijing Co. Ltd., Class A		8,897		7,495
Bank of Changsha Co. Ltd., Class A		2,971		4,008
Bank of Chengdu Co. Ltd., Class A		1,993		5,168
Bank of China Ltd., Class A		13,222		10,247
Bank of China Ltd., Class H		236,623		129,301
Bank of Chongqing Co. Ltd., Class A		1,855		2,563
Bank of Chongqing Co. Ltd., Class H		8,254		7,898
Bank of Communications Co. Ltd., Class A		15,070		15,381
Bank of Communications Co. Ltd., Class H		26,873		23,199
Bank of Guiyang Co. Ltd., Class A		6,289		5,465
Bank of Hangzhou Co. Ltd., Class A		2,489		5,546
Bank of Jiangsu Co. Ltd., Class A		6,893		10,481
Bank of Nanjing Co. Ltd., Class A		3,956		6,176
Bank of Ningbo Co. Ltd., Class A		2,543		10,075
Bank of Shanghai Co. Ltd., Class A		3,680		4,929
Bank of Suzhou Co. Ltd., Class A		2,130		2,428
Bank of Zhengzhou Co. Ltd., Class A		15,408		4,499
Bank of Zhengzhou Co. Ltd., Class H, 144A		16,468		2,873
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		7,420		3,261
Beijing Compass Technology Development Co. Ltd., Class A *		696		14,662
Beijing E-Hualu Information Technology Co. Ltd., Class A *		2,228		7,385
Beijing Enlight Media Co. Ltd., Class A		3,207		8,897
Beijing Huafeng Test & Control Technology Co. Ltd., Class A		181		4,397


	Number of Shares		Value $
Beijing Kingsoft Office Software, Inc., Class A		274		12,868
Beijing Originwater Technology Co. Ltd., Class A		5,098		3,249
Beijing Roborock Technology Co. Ltd., Class A		219		6,607
Beijing Shiji Information Technology Co. Ltd., Class A		4,321		6,703
Beijing Sinnet Technology Co. Ltd., Class A		2,576		5,841
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,856		5,224
Beijing Tong Ren Tang Co. Ltd., Class A		917		4,593
Beijing Ultrapower Software Co. Ltd., Class A		3,874		7,506
Beijing United Information Technology Co. Ltd., Class A		943		3,861
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A *		670		5,516
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		22,487		16,859
Bethel Automotive Safety Systems Co. Ltd., Class A		832		5,571
Betta Pharmaceuticals Co. Ltd., Class A		754		7,481
BGI Genomics Co. Ltd., Class A *		519		3,920
Bilibili, Inc., Class Z *		1,896		43,996
Bloomage Biotechnology Corp. Ltd., Class A		401		3,220
BOC International China Co. Ltd., Class A		4,205		9,534
BOE Technology Group Co. Ltd., Class A		8,074		4,795
BTG Hotels Group Co. Ltd., Class A		2,158		4,620
BYD Co. Ltd., Class A		1,325		21,218
BYD Co. Ltd., Class H		19,542		286,769
By-health Co. Ltd., Class A		1,472		2,534
Caida Securities Co. Ltd., Class A		4,385		4,753
Caitong Securities Co. Ltd., Class A		5,915		7,200
Calb Group Co. Ltd., Class H, 144A *		1,569		4,569
Cambricon Technologies Corp. Ltd., Class A *		103		21,582
Capital Securities Co. Ltd., Class A		1,511		4,535
Cathay Biotech, Inc., Class A		465		3,462
CCOOP Group Co. Ltd., Class A *		18,500		6,182
CECEP Solar Energy Co. Ltd., Class A		5,914		3,894
CECEP Wind-Power Corp., Class A		11,265		4,792

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
CETC Cyberspace Security Technology Co. Ltd., Class A		1,352		3,629
CGN Power Co. Ltd., Class A		14,767		7,961
CGN Power Co. Ltd., Class H, 144A		69,144		26,076
Changchun High-Tech Industry Group Co. Ltd., Class A		493		7,133
Changjiang Securities Co. Ltd., Class A		6,946		8,338
Chaozhou Three-Circle Group Co. Ltd., Class A		1,488		9,238
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		1,300		7,348
Chengdu Xingrong Environment Co. Ltd., Class A		1,398		1,339
Chifeng Jilong Gold Mining Co. Ltd., Class A		1,531		5,582
China Baoan Group Co. Ltd., Class A		3,218		4,428
China Cinda Asset Management Co. Ltd., Class H		61,761		12,913
China CITIC Bank Corp. Ltd., Class A		4,187		4,644
China CITIC Bank Corp. Ltd., Class H		33,758		30,139
China CITIC Financial Asset Management Co. Ltd., Class H, 144A *		102,955		15,187
China Communications Services Corp. Ltd., Class H		12,796		7,600
China Construction Bank Corp., Class A		7,258		9,171
China Construction Bank Corp., Class H		326,758		314,777
China Enterprise Co. Ltd., Class A *		12,038		5,070
China Everbright Bank Co. Ltd., Class A		14,997		7,959
China Everbright Bank Co. Ltd., Class H		29,444		13,219
China Feihe Ltd., 144A		12,987		7,313
China Film Group Co. Ltd.		3,104		6,075
China Galaxy Securities Co. Ltd., Class A		4,286		11,138
China Galaxy Securities Co. Ltd., Class H		25,049		35,891
China Gold International Resources Corp. Ltd.		1,433		20,109
China Great Wall Securities Co. Ltd., Class A		5,387		9,250
China Greatwall Technology Group Co. Ltd., Class A *		3,445		8,653
China Green Electricity Investment of Tianjin Co. Ltd., Class A		3,707		4,632
China International Capital Corp. Ltd., Class A		1,345		7,279


	Number of Shares		Value $
China International Capital Corp. Ltd., Class H, 144A		10,232		27,799
China Jushi Co. Ltd., Class A		2,300		5,041
China Life Insurance Co. Ltd., Class A		365		2,156
China Life Insurance Co. Ltd., Class H		26,997		83,181
China Literature Ltd., 144A *		3,466		18,033
China Merchants Bank Co. Ltd., Class A		4,848		29,192
China Merchants Bank Co. Ltd., Class H		13,228		81,446
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		3,838		5,609
China Merchants Securities Co. Ltd., Class A		4,909		13,081
China Merchants Securities Co. Ltd., Class H, 144A		5,352		11,527
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,712		6,053
China Minsheng Banking Corp. Ltd., Class A		10,356		6,688
China Minsheng Banking Corp. Ltd., Class H		30,910		17,604
China National Nuclear Power Co. Ltd., Class A		4,236		5,299
China National Software & Service Co. Ltd., Class A *		1,011		7,604
China Pacific Insurance Group Co. Ltd., Class A		1,973		11,166
China Pacific Insurance Group Co. Ltd., Class H		8,516		38,736
China Railway Signal & Communication Corp. Ltd., Class H, 144A		3,397		1,508
China Rare Earth Resources And Technology Co. Ltd., Class A *		1,303		10,669
China Reinsurance Group Corp., Class H		36,741		8,059
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		820		2,239
China Resources Microelectronics Ltd., Class A		65		478
China Resources Mixc Lifestyle Services Ltd., 144A		4,488		22,302
China Resources Pharmaceutical Group Ltd., 144A		11,584		7,251
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,565		6,686
China Science Publishing & Media Ltd., Class A		1,522		4,601
China South Publishing & Media Group Co. Ltd., Class A		2,233		4,126
China Three Gorges Renewables Group Co. Ltd., Class A		21,850		13,037

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
China Tourism Group Duty Free Corp. Ltd., Class A		677		6,586
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		960		7,733
China Tower Corp. Ltd., Class H, 144A		17,879		26,924
China United Network Communications Ltd., Class A		10,006		8,007
China Vanke Co. Ltd., Class A *		6,317		6,022
China Vanke Co. Ltd., Class H *		10,805		7,360
China World Trade Center Co. Ltd., Class A		340		981
China Yangtze Power Co. Ltd., Class A		10,640		41,961
China Zhenhua Group Science & Technology Co. Ltd., Class A		744		5,318
China Zheshang Bank Co. Ltd., Class A		14,067		6,399
China Zheshang Bank Co. Ltd., Class H		16,525		5,660
Chinalin Securities Co. Ltd., Class A		2,075		4,917
Chinese Universe Publishing and Media Group Co. Ltd., Class A		3,020		4,354
Chongqing Rural Commercial Bank Co. Ltd., Class A		4,583		4,047
Chongqing Rural Commercial Bank Co. Ltd., Class H		6,995		5,168
Chongqing Water Group Co. Ltd., Class A		4,510		2,989
Chongqing Zhifei Biological Products Co. Ltd., Class A		792		2,503
Chow Tai Seng Jewellery Co. Ltd., Class A		2,680		5,031
CITIC Securities Co. Ltd., Class A		5,893		26,045
CITIC Securities Co. Ltd., Class H		11,920		43,760
CNPC Capital Co. Ltd., Class A		4,605		8,198
Contemporary Amperex Technology Co. Ltd., Class A		1,598		68,691
Contemporary Amperex Technology Co. Ltd., Class H		667		36,294
COSCO SHIPPING Development Co. Ltd., Class A		7,608		2,702
COSCO SHIPPING Development Co. Ltd., Class H		17,036		2,535
COSCO SHIPPING Holdings Co. Ltd., Class H		5,375		9,342
Country Garden Services Holdings Co. Ltd.		16,474		13,714
CSC Financial Co. Ltd., Class A		2,381		9,480
CSC Financial Co. Ltd., Class H, 144A		8,430		15,798
CSPC Innovation Pharmaceutical Co. Ltd., Class A		1,056		7,914
DaShenLin Pharmaceutical Group Co. Ltd., Class A		602		1,425
DHC Software Co. Ltd., Class A		2,573		4,078


	Number of Shares		Value $
Dong-E-E-Jiao Co. Ltd., Class A		767		5,587
Dongxing Securities Co. Ltd., Class A		4,773		8,182
East Money Information Co. Ltd., Class A		6,866		27,868
Eastroc Beverage Group Co. Ltd., Class A		187		8,111
Easyhome New Retail Group Co. Ltd., Class A *		9,165		3,886
Ecovacs Robotics Co. Ltd., Class A		473		6,434
Empyrean Technology Co. Ltd., Class A		430		7,425
Eoptolink Technology, Inc. Ltd., Class A		351		17,553
Everbright Securities Co. Ltd., Class A		3,384		9,526
Everbright Securities Co. Ltd., Class H, 144A		5,452		7,595
Everdisplay Optronics Shanghai Co. Ltd., Class A *		12,233		4,757
Fangda Carbon New Material Co. Ltd., Class A		3,230		2,240
First Capital Securities Co. Ltd., Class A		3,983		4,608
Focus Media Information Technology Co. Ltd., Class A		7,563		8,824
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,580		9,192
Founder Securities Co. Ltd., Class A		5,845		7,090
Foxconn Industrial Internet Co. Ltd., Class A		3,964		29,958
Full Truck Alliance Co. Ltd., ADR		2,949		38,484
Fuyao Glass Industry Group Co. Ltd., Class A		837		7,716
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,384		21,039
GalaxyCore, Inc., Class A		2,566		6,214
Gan & Lee Pharmaceuticals Co. Ltd., Class A		876		8,969
Ganfeng Lithium Group Co. Ltd., Class H, 144A		1,291		5,193
G-bits Network Technology Xiamen Co. Ltd., Class A		108		6,963
GDS Holdings Ltd., Class A *		6,276		27,178
Gemdale Corp., Class A *		6,828		3,911
Genscript Biotech Corp. *		7,803		17,216
Geovis Technology Co. Ltd., Class A		1,175		7,750
GF Securities Co. Ltd., Class A		3,609		11,086
GF Securities Co. Ltd., Class H		9,316		22,119
Giant Biogene Holding Co. Ltd., 144A		2,224		15,391
Giant Network Group Co. Ltd., Class A		1,083		4,805
GigaDevice Semiconductor, Inc., Class A		345		7,700

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Ginlong Technologies Co. Ltd., Class A		562		5,336
Glarun Technology Co. Ltd., Class A		1,500		6,191
Glodon Co. Ltd., Class A		2,415		5,157
GoerTek, Inc., Class A		1,380		7,114
Goldwind Science & Technology Co. Ltd., Class H		3,563		4,036
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,102		6,591
Greenland Holdings Corp. Ltd., Class A *		9,899		2,613
Greentown China Holdings Ltd.		6,519		8,161
GRG Banking Equipment Co. Ltd., Class A		2,345		4,718
Guangdong Provincial Expressway Development Co. Ltd., Class A		3,313		5,498
Guangzhou Baiyun International Airport Co. Ltd., Class A		4,679		6,576
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		1,641		3,810
Guangzhou Haige Communications Group, Inc. Co., Class A		3,856		7,915
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		711		3,189
Guangzhou Port Co. Ltd., Class A		18,257		8,817
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		502		2,977
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,204		3,636
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		6,726		7,602
Guolian Minsheng Securities Co. Ltd., Class A		5,202		8,932
Guolian Minsheng Securities Co. Ltd., Class H		7,455		6,397
Guosen Securities Co. Ltd., Class A		4,902		10,206
Guotai Haitong Securities Co. Ltd.		7,152		21,056
Guotai Haitong Securities Co. Ltd., Class H, 144A		13,809		28,855
Guoyuan Securities Co. Ltd., Class A		5,896		7,649
H World Group Ltd., ADR		790		29,111
Haidilao International Holding Ltd., 144A		7,895		13,965
Haier Smart Home Co. Ltd., Class A		600		2,212
Haier Smart Home Co. Ltd., Class H		7,122		23,972
Hainan Airport Infrastructure Co. Ltd., Class A		12,598		6,916


	Number of Shares		Value $
Haisco Pharmaceutical Group Co. Ltd., Class A		844		6,572
Haitian International Holdings Ltd.		2,322		6,559
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		2,016		2,992
Hangzhou Chang Chuan Technology Co. Ltd., Class A		1,096		9,194
Hangzhou First Applied Material Co. Ltd., Class A		2,832		5,968
Hangzhou GreatStar Industrial Co. Ltd.		1,163		5,031
Hangzhou Lion Microelectronics Co. Ltd., Class A *		1,208		4,521
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,720		7,841
Hangzhou Tigermed Consulting Co. Ltd., Class A		287		2,559
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		1,442		8,605
Hansoh Pharmaceutical Group Co. Ltd., 144A		8,442		39,005
Haohua Chemical Science & Technology Co. Ltd., Class A		647		2,759
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		1,549		4,645
Hefei Meiya Optoelectronic Technology, Inc., Class A		896		2,516
Heilongjiang Agriculture Co. Ltd., Class A		231		483
Hengan International Group Co. Ltd.		2,764		8,779
Hithink RoyalFlush Information Network Co. Ltd., Class A		319		18,503
HLA Group Corp. Ltd., Class A		3,060		2,994
Hongta Securities Co. Ltd., Class A		5,128		6,818
Horizon Robotics *		44,812		55,183
Hoshine Silicon Industry Co. Ltd., Class A		645		4,775
Hoymiles Power Electronics, Inc., Class A		413		6,361
Hua Hong Semiconductor Ltd., Class H, 144A *		3,029		20,903
Huaan Securities Co. Ltd., Class A		8,456		7,717
Huadong Medicine Co. Ltd., Class A		1,145		7,121
Huagong Tech Co. Ltd., Class A		533		5,120
Hualan Biological Engineering, Inc., Class A		2,084		5,003
Huali Industrial Group Co. Ltd., Class A		247		1,838
Huaneng Lancang River Hydropower, Inc., Class A		5,194		6,650
Huatai Securities Co. Ltd., Class A		3,656		11,128
Huatai Securities Co. Ltd., Class H, 144A		10,696		27,070

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Huaxi Securities Co. Ltd., Class A		5,152		7,826
Huaxia Bank Co. Ltd., Class A		4,070		4,326
Huaxia Eye Hospital Group Co. Ltd., Class A		2,184		6,375
Hubei Dinglong Co. Ltd., Class A		1,300		5,735
Hubei Feilihua Quartz Glass Co. Ltd., Class A		624		8,358
Huizhou Desay Sv Automotive Co. Ltd., Class A		342		6,104
Humanwell Healthcare Group Co. Ltd., Class A		1,530		4,382
Hundsun Technologies, Inc., Class A		1,831		9,637
Hwatsing Technology Co. Ltd., Class A		433		7,660
Hygon Information Technology Co. Ltd., Class A		1,072		29,276
Hytera Communications Corp. Ltd., Class A *		2,309		4,260
IEIT Systems Co. Ltd., Class A		764		7,203
Iflytek Co. Ltd., Class A		1,488		11,145
Imeik Technology Development Co. Ltd., Class A		401		10,921
Industrial & Commercial Bank of China Ltd., Class A		16,929		17,659
Industrial & Commercial Bank of China Ltd., Class H		235,969		174,649
Industrial Bank Co. Ltd., Class A		4,844		15,240
Industrial Securities Co. Ltd., Class A		7,765		7,424
Inesa Intelligent Tech, Inc., Class B		5,800		4,640
INESA Intelligent Tech, Inc., Class A		1,600		5,211
Ingenic Semiconductor Co. Ltd., Class A		467		4,929
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		941		3,774
Innovation New Material Technology Co. Ltd., Class A		8,340		5,386
Innovent Biologics, Inc., 144A *		8,755		108,766
iQIYI, Inc., ADR *		3,372		8,936
iRay Group, Class A		271		4,592
Isoftstone Information Technology Group Co. Ltd., Class A		923		7,765
J&T Global Express Ltd. *		24,793		33,075
Jafron Biomedical Co. Ltd., Class A		1,855		5,993
JD Health International, Inc., 144A *		7,041		56,719
JD Logistics, Inc., 144A *		4,895		8,056
JD.com, Inc., Class A		9,987		150,910
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		4,365		4,608


	Number of Shares		Value $
Jiangsu Financial Leasing Co. Ltd., Class A		5,170		4,152
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,932		27,263
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H *		1,868		18,259
Jiangsu Hoperun Software Co. Ltd., Class A *		1,000		9,196
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		1,381		4,797
Jiangsu Pacific Quartz Co. Ltd., Class A		590		3,363
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		2,299		3,641
Jiangsu Yoke Technology Co. Ltd., Class A		404		3,405
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,092		5,740
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		781		1,362
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		545		1,463
J-Yuan Trust Co. Ltd., Class A *		11,822		5,029
Kanzhun Ltd., ADR *		2,012		47,523
KE Holdings, Inc., ADR		846		14,873
KE Holdings, Inc., Class A		5,202		30,361
Kingdee International Software Group Co. Ltd. *		18,818		39,346
Kingnet Network Co. Ltd., Class A		2,881		9,412
Kingsoft Cloud Holdings Ltd. *		18,060		18,185
Kingsoft Corp. Ltd.		6,231		27,239
Kuaishou Technology, 144A *		16,460		159,092
Kuang-Chi Technologies Co. Ltd., Class A		1,093		8,339
Kunlun Tech Co. Ltd., Class A *		1,242		7,324
Laopu Gold Co. Ltd., Class H		163		14,845
Lenovo Group Ltd.		44,270		62,920
Lepu Medical Technology Beijing Co. Ltd., Class A		2,286		6,101
Li Auto, Inc., Class A *		6,774		79,680
Li Ning Co. Ltd.		7,580		18,367
Liaoning Port Co. Ltd., Class A		12,657		2,950
Lifan Industry Group Co. Ltd., Class A *		3,500		5,808
Livzon Pharmaceutical Group, Inc., Class A		530		3,006
Livzon Pharmaceutical Group, Inc., Class H		1,663		7,560
Longfor Group Holdings Ltd., 144A		10,085		13,687
Lufax Holding Ltd., ADR *		1,317		3,872

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Luxshare Precision Industry Co. Ltd., Class A		2,080		13,427
Mango Excellent Media Co. Ltd., Class A		1,699		6,221
Maxscend Microelectronics Co. Ltd., Class A		626		7,276
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		1,145		923
Meitu, Inc., 144A *		16,872		25,581
Meituan, Class B, 144A *		18,970		249,905
Midea Group Co. Ltd.		1,773		18,592
Midea Group Co. Ltd., Class A		1,550		16,040
Ming Yang Smart Energy Group Ltd., Class A		2,580		4,397
MINISO Group Holding Ltd.		2,307		14,240
Minmetals Capital Co. Ltd., Class A		5,534		4,996
Montage Technology Co. Ltd., Class A		722		12,458
Muyuan Foods Co. Ltd., Class A		741		5,718
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,660		4,227
Nanjing Securities Co. Ltd., Class A		5,089		6,294
NARI Technology Co. Ltd., Class A		2,625		8,016
National Silicon Industry Group Co. Ltd., Class A *		1,331		3,876
NAURA Technology Group Co. Ltd., Class A		278		14,539
NavInfo Co. Ltd., Class A *		4,849		6,440
NetEase, Inc.		10,209		278,147
New China Life Insurance Co. Ltd., Class A		536		5,135
New China Life Insurance Co. Ltd., Class H		3,617		22,335
New Oriental Education & Technology Group, Inc.		5,327		24,982
Newland Digital Technology Co. Ltd., Class A		1,300		5,256
Ninestar Corp., Class A *		523		1,832
Ningbo Deye Technology Co. Ltd., Class A		491		4,457
Ningbo Joyson Electronic Corp., Class A		1,380		4,111
Ningbo Shanshan Co. Ltd., Class A *		1,502		2,448
Ningbo Tuopu Group Co. Ltd., Class A		837		7,357
Ningbo Zhoushan Port Co. Ltd., Class A		3,798		1,936
NIO, Inc., ADR *		209		1,333
NIO, Inc., Class A *		9,825		63,770
Nongfu Spring Co. Ltd., Class H, 144A		7,251		46,487
OFILM Group Co. Ltd., Class A *		2,910		5,413


	Number of Shares		Value $
OmniVision Integrated Circuits Group, Inc.		414		8,325
Onewo, Inc., Class H		1,912		6,156
Oppein Home Group, Inc., Class A		287		2,230
Orient Securities Co. Ltd., Class A		5,265		8,501
Orient Securities Co. Ltd., Class H, 144A		9,026		8,811
Oriental Pearl Group Co. Ltd., Class A		6,300		7,837
Ovctek China, Inc., Class A		1,392		3,527
Pacific Securities Co. Ltd., Class A *		11,866		7,347
People.cn Co. Ltd., Class A		1,733		5,314
People’s Insurance Co. Group of China Ltd., Class H		24,593		22,019
Pharmaron Beijing Co. Ltd., Class A		1,155		4,907
Pharmaron Beijing Co. Ltd., Class H, 144A		1,385		3,713
PICC Property & Casualty Co. Ltd., Class H		22,098		53,177
Ping An Bank Co. Ltd., Class A		5,151		8,714
Ping An Insurance Group Co. of China Ltd., Class A		4,415		37,116
Ping An Insurance Group Co. of China Ltd., Class H		37,636		271,799
Piotech, Inc., Class A		328		8,749
Poly Developments and Holdings Group Co. Ltd., Class A		5,572		6,227
Pony Ai, Inc., ADR *		987		14,183
Pop Mart International Group Ltd., 144A		2,329		96,317
Postal Savings Bank of China Co. Ltd., Class A		3,272		2,775
Postal Savings Bank of China Co. Ltd., Class H, 144A		28,733		19,940
Proya Cosmetics Co. Ltd., Class A		400		4,708
Qfin Holdings, Inc., ADR		625		18,200
Qi An Xin Technology Group, Inc., Class A *		1,375		7,718
Qinghai Salt Lake Industry Co. Ltd., Class A *		2,060		5,865
Quzhou Xin’an Development Co. Ltd., Class A *		13,065		8,914
Range Intelligent Computing Technology Group Co. Ltd., Class A		952		7,882
Raytron Technology Co. Ltd., Class A		543		5,847
Remegen Co. Ltd., Class A *		587		7,490
Remegen Co. Ltd., Class H, 144A *		1,117		14,063
Rockchip Electronics Co. Ltd., Class A		370		12,794

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Ruijie Networks Co. Ltd., Class A		658		8,249
Sanan Optoelectronics Co. Ltd., Class A		1,092		2,320
Sangfor Technologies, Inc., Class A		370		6,727
SDIC Capital Co. Ltd., Class A		6,552		7,672
Sealand Securities Co. Ltd., Class A		5,224		3,366
SenseTime Group, Inc., Class B, 144A *		173,509		47,629
Seres Group Co. Ltd., Class A		382		7,343
SG Micro Corp., Class A		720		7,861
Shandong Gold Mining Co. Ltd., Class A		1,066		4,993
Shandong Gold Mining Co. Ltd., Class H, 144A		2,410		9,076
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		600		5,049
Shandong Hi-speed Co. Ltd., Class A		3,649		4,672
Shandong Pharmaceutical Glass Co. Ltd., Class A		1,724		5,388
Shandong Publishing & Media Co. Ltd., Class A		2,948		3,791
Shandong Sinocera Functional Material Co. Ltd., Class A		1,317		4,234
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,013		6,786
Shanghai Aiko Solar Energy Co. Ltd., Class A *		1,342		2,864
Shanghai Baosight Software Co. Ltd., Class A		2,016		7,166
Shanghai Baosight Software Co. Ltd., Class B		4,645		5,198
Shanghai Belling Co. Ltd., Class A		900		4,838
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		412		8,856
Shanghai Chicmax Cosmetic Co. Ltd., Class H		409		4,743
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,556		6,300
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,018		11,205
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		940		8,403
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		1,533		7,122
Shanghai Henlius Biotech, Inc., Class H, 144A *		800		7,994
Shanghai International Airport Co. Ltd., Class A		1,542		6,997
Shanghai International Port Group Co. Ltd., Class A		7,069		5,597


	Number of Shares		Value $
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,223		3,989
Shanghai Junshi Biosciences Co. Ltd., Class A *		999		6,310
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A *		2,627		10,439
Shanghai Lingang Holdings Corp. Ltd., Class A		3,588		4,710
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		3,781		4,586
Shanghai M&G Stationery, Inc., Class A		1,031		4,409
Shanghai Moons’ Electric Co. Ltd., Class A		453		4,098
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		872		1,381
Shanghai Pudong Development Bank Co. Ltd., Class A		6,933		13,267
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,068		3,362
Shanghai RAAS Blood Products Co. Ltd., Class A		6,263		6,049
Shanghai Rural Commercial Bank Co. Ltd., Class A		2,542		3,105
Shanghai Stonehill Technology Co. Ltd., Class A *		8,000		9,603
Shanghai United Imaging Healthcare Co. Ltd., Class A		599		11,925
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		5,497		4,715
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		1,047		5,584
Shanjin International Gold Co. Ltd., Class A		1,066		2,938
Shanxi Securities Co. Ltd., Class A		7,203		6,735
Sharetronic Data Technology Co. Ltd., Class A		500		7,031
Shengyi Technology Co. Ltd., Class A		1,070		7,999
Shennan Circuits Co. Ltd., Class A		343		9,535
Shenwan Hongyuan Group Co. Ltd., Class A		16,661		12,772
Shenwan Hongyuan Group Co. Ltd., Class H, 144A		17,031		7,231
Shenzhen Capchem Technology Co. Ltd., Class A		1,406		9,317
Shenzhen Expressway Corp. Ltd., Class A		3,110		4,624
Shenzhen Expressway Corp. Ltd., Class H		8,139		7,465
Shenzhen Fastprint Circuit Tech Co. Ltd., Class A		1,569		4,626
Shenzhen Goodix Technology Co. Ltd., Class A		632		7,303

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		1,751		3,171
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class H, 144A		5,945		4,736
Shenzhen Infogem Technologies Co. Ltd., Class A *		1,000		8,073
Shenzhen Inovance Technology Co. Ltd., Class A		881		9,280
Shenzhen Kaifa Technology Co. Ltd., Class A		222		681
Shenzhen Kangtai Biological Products Co. Ltd., Class A		1,323		3,475
Shenzhen Longsys Electronics Co. Ltd., Class A		410		5,495
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		545		18,577
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		392		3,435
Shenzhen Overseas Chinese Town Co. Ltd., Class A *		21,356		6,746
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		870		6,150
Shenzhen SC New Energy Technology Corp., Class A		655		9,082
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,114		5,095
Shenzhen Transsion Holdings Co. Ltd., Class A		432		5,459
Shenzhou International Group Holdings Ltd.		4,953		39,042
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A *		1,975		4,542
Sichuan Chuantou Energy Co. Ltd., Class A		3,504		7,325
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H *		232		13,517
Sichuan Swellfun Co. Ltd., Class A		900		5,944
Silergy Corp.		1,522		15,360
Sinolink Securities Co. Ltd., Class A		5,358		7,755
Sinomine Resource Group Co. Ltd., Class A		1,800		10,470
Sinopharm Group Co. Ltd., Class H		4,179		10,008
Skshu Paint Co. Ltd., Class A		160		1,093
Smoore International Holdings Ltd., 144A		11,804		28,632
Songcheng Performance Development Co. Ltd., Class A		3,718		4,567
Sonoscape Medical Corp., Class A		1,420		6,585


	Number of Shares		Value $
SooChow Securities Co. Ltd., Class A		6,211		8,807
Southwest Securities Co. Ltd., Class A		10,888		7,460
Spring Airlines Co. Ltd., Class A		359		2,689
StarPower Semiconductor Ltd., Class A		107		1,640
State Grid Information & Communication Co. Ltd., Class A		1,700		4,277
Sungrow Power Supply Co. Ltd., Class A		526		7,375
Sunny Optical Technology Group Co. Ltd.		2,738		29,238
Sunresin New Materials Co. Ltd., Class A		527		4,077
Sunshine Insurance Group Co. Ltd., Class H		18,137		9,748
Sunwoda Electronic Co. Ltd., Class A		1,400		4,825
SUPCON Technology Co. Ltd., Class A		932		6,804
Suzhou Maxwell Technologies Co. Ltd., Class A		393		4,986
Suzhou TFC Optical Communication Co. Ltd., Class A		447		12,459
TAL Education Group, ADR *		1,723		18,298
Talkweb Information System Co. Ltd., Class A *		1,284		7,470
TangShan Port Group Co. Ltd., Class A		8,584		4,796
Tasly Pharmaceutical Group Co. Ltd., Class A		2,122		4,922
Tencent Holdings Ltd.		34,507		2,640,305
Tencent Music Entertainment Group, ADR		3,483		85,403
Thunder Software Technology Co. Ltd., Class A		547		6,069
Tianfeng Securities Co. Ltd., Class A *		11,162		9,152
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		1,010		6,538
Tianshui Huatian Technology Co. Ltd., Class A		2,327		3,868
Tongcheng Travel Holdings Ltd.		7,704		21,681
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		3,684		4,350
Topchoice Medical Corp., Class A		819		5,420
Topsports International Holdings Ltd., 144A		11,151		4,606
TravelSky Technology Ltd., Class H		8,146		11,358
Tsinghua Tongfang Co. Ltd., Class A *		5,303		6,098

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Ubtech Robotics Corp. Ltd., Class H *		835		10,250
Unigroup Guoxin Microelectronics Co. Ltd., Class A		840		9,620
Unisplendour Corp. Ltd., Class A		1,413		5,535
United Nova Technology Co. Ltd., Class A *		5,632		4,665
Venustech Group, Inc., Class A *		1,642		3,928
Verisilicon Microelectronics Shanghai Co. Ltd., Class A * (a)		542		11,642
Victory Giant Technology Huizhou Co. Ltd., Class A		422		15,836
Vipshop Holdings Ltd., ADR		1,382		23,135
Walvax Biotechnology Co. Ltd., Class A		3,468		6,154
Wanda Film Holding Co. Ltd., Class A *		2,196		3,613
Wangfujing Group Co. Ltd., Class A		2,144		4,416
Wangsu Science & Technology Co. Ltd., Class A		3,560		6,078
Wanxiang Qianchao Co. Ltd., Class A		3,800		4,263
Weibo Corp., ADR		555		6,360
Weichai Power Co. Ltd., Class A		4,030		8,566
Weichai Power Co. Ltd., Class H		7,586		15,861
Weihai Guangwei Composites Co. Ltd., Class A		1,280		5,743
Weilong Delicious Global Holdings Ltd.		2,765		4,827
Western Securities Co. Ltd., Class A		6,642		8,346
Western Superconducting Technologies Co. Ltd., Class A		644		5,638
Wingtech Technology Co. Ltd., Class A *		575		3,506
Winner Medical Co. Ltd., Class A		667		3,967
Winning Health Technology Group Co. Ltd., Class A		2,842		4,018
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,034		9,986
WuXi AppTec Co. Ltd., Class A		1,232		17,867
WuXi AppTec Co. Ltd., Class H, 144A		2,864		39,640
Wuxi Biologics Cayman, Inc., 144A *		24,369		103,780
WuXi XDC Cayman, Inc. *		1,096		7,957
Xiamen C & D, Inc., Class A		2,477		4,048
Xiamen Faratronic Co. Ltd., Class A		291		5,017
Xiaomi Corp., Class B, 144A *		60,002		406,768
XPeng, Inc., Class A *		7,849		84,472
Xtalpi Holdings Ltd. *		11,817		15,628
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		775		7,419


	Number of Shares		Value $
Yealink Network Technology Corp. Ltd., Class A		1,276		6,770
Yifeng Pharmacy Chain Co. Ltd., Class A		1,073		3,576
Yongan Futures Co. Ltd., Class A		1,460		3,204
Yonghui Superstores Co. Ltd., Class A *		2,877		2,092
Yonyou Network Technology Co. Ltd., Class A *		2,833		6,551
Youngor Fashion Co. Ltd., Class A		3,847		4,045
Yunnan Baiyao Group Co. Ltd., Class A		1,519		12,279
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		735		4,881
Yunnan Energy New Material Co. Ltd., Class A *		982		4,453
Zai Lab Ltd. *		5,951		19,557
Zai Lab Ltd., ADR *		135		4,468
Zangge Mining Co. Ltd., Class A		525		3,974
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		460		13,512
Zhaojin Mining Industry Co. Ltd., Class H		6,622		20,471
Zhejiang China Commodities City Group Co. Ltd., Class A		2,226		7,032
Zhejiang Chint Electrics Co. Ltd., Class A		1,347		5,184
Zhejiang Crystal-Optech Co. Ltd., Class A		1,511		5,902
Zhejiang Dahua Technology Co. Ltd., Class A		2,710		7,389
Zhejiang Dingli Machinery Co. Ltd., Class A		656		5,006
Zhejiang Expressway Co. Ltd., Class H		12,414		10,940
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,214		4,119
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		765		3,240
Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A *		6,875		5,521
Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A *		3,382		28,068
Zhejiang NHU Co. Ltd., Class A		2,146		7,502
Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A		3,908		4,186
Zhejiang Shuanghuan Driveline Co. Ltd., Class A		1,058		5,534
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		1,790		4,742
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,443		3,904
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,124		1,701

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Zheshang Securities Co. Ltd., Class A		4,456		7,557
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A *		5,682		14,373
Zhongji Innolight Co. Ltd., Class A		397		19,782
Zhongsheng Group Holdings Ltd.		1,001		2,063
Zhongtai Securities Co. Ltd., Class A		6,946		7,031
Zhuhai Huafa Properties Co. Ltd., Class A		5,800		4,283
Zijin Mining Group Co. Ltd., Class A		4,072		13,194
Zijin Mining Group Co. Ltd., Class H		18,334		60,158
ZTO Express Cayman, Inc.		1,416		25,538

(Cost $9,002,509)				11,732,341

Colombia – 0.1%
Ecopetrol SA		9,343		4,394
Grupo Cibest SA		775		11,377
Grupo de Inversiones Suramericana SA		394		4,545
Grupo Energia Bogota SA ESP		11,288		8,285
Interconexion Electrica SA ESP		1,836		9,959

(Cost $29,475)				38,560

Cyprus – 0.0%
Bank of Cyprus Holdings PLC

(Cost $7,187)		865		7,796

Czech Republic – 0.1%
CEZ AS		492		30,786
Komercni Banka AS		237		11,585

(Cost $39,912)				42,371

Egypt – 0.1%
Commercial International Bank - Egypt (CIB)		4,479		8,957
EFG Holding S.A.E. *		12,467		6,697
Fawry for Banking & Payment Technology Services SAE *		21,631		6,146
Talaat Moustafa Group		8,428		9,623

(Cost $29,833)				31,423

Greece – 0.3%
Alpha Bank SA		1,676		6,644
Athens International Airport SA		144		1,790
Eurobank Ergasias Services and Holdings SA		4,875		17,917
Hellenic Telecommunications Organization SA		1,302		24,232
JUMBO SA		394		14,057
National Bank of Greece SA		2,430		33,648
Piraeus Financial Holdings SA *		2,217		17,153

(Cost $82,243)				115,441

Hong Kong – 4.3%
Alibaba Group Holding Ltd.		92,678		1,375,455


	Number of Shares		Value $
Beijing Enterprises Water Group Ltd.		17,789		5,933
BOC Hong Kong Holdings Ltd.		12,807		57,859
Brilliance China Automotive Holdings Ltd.		13,444		6,864
C&D International Investment Group Ltd.		3,940		9,360
China Medical System Holdings Ltd.		8,349		14,008
China Merchants Port Holdings Co. Ltd.		7,596		14,606
China Overseas Land & Investment Ltd.		22,429		40,020
China Resources Land Ltd.		11,367		44,559
China Ruyi Holdings Ltd. *		87,514		32,330
China State Construction International Holdings Ltd.		7,948		10,888
China Taiping Insurance Holdings Co. Ltd.		6,496		13,482
Far East Horizon Ltd.		17,469		16,694
Guming Holdings Ltd. *		2,548		7,400
Guotai Junan International Holdings Ltd.		20,314		15,374
NetEase Cloud Music, Inc., 144A *		487		17,454
Shandong Hi-Speed Holdings Group Ltd. *		10,515		23,806
Want Want China Holdings Ltd.		16,205		11,225
Yuexiu Property Co. Ltd.		16,192		10,260

(Cost $1,210,857)				1,727,577

Hungary – 0.2%
OTP Bank Nyrt		755		65,759
Richter Gedeon Nyrt		856		25,929

(Cost $67,002)				91,688

India – 14.5%
360 ONE WAM Ltd.		1,444		16,664
ABB India Ltd.		88		4,986
Adani Energy Solutions Ltd. *		867		7,510
Adani Green Energy Ltd. *		2,114		21,889
Adani Ports & Special Economic Zone Ltd.		3,548		52,796
Adani Wilmar Ltd. *		1,755		5,003
Aditya Birla Capital Ltd. *		4,142		13,045
Alkem Laboratories Ltd.		194		11,662
Ambuja Cements Ltd.		813		5,190
APL Apollo Tubes Ltd.		482		8,767
Apollo Hospitals Enterprise Ltd.		577		49,771
Ashok Leyland Ltd.		7,312		10,524
Asian Paints Ltd.		2,035		58,095
Astral Ltd.		492		7,583
AU Small Finance Bank Ltd., 144A		1,840		14,976
Aurobindo Pharma Ltd.		1,758		20,483
Avenue Supermarts Ltd., 144A *		930		50,131

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Axis Bank Ltd.		6,838		81,011
Axis Bank Ltd., GDR		250		14,850
Bajaj Auto Ltd.		246		24,068
Bajaj Finance Ltd.		15,547		154,698
Bajaj Finserv Ltd.		2,291		49,690
Bajaj Holdings & Investment Ltd.		122		17,659
Bandhan Bank Ltd., 144A		2,462		4,515
Bank of Baroda		3,450		9,105
Bank of India		4,880		6,101
Bank of Maharashtra		1,765		1,039
Berger Paints India Ltd.		1,253		7,570
Bharat Forge Ltd.		1,248		15,655
Bharti Airtel Ltd.		14,042		300,630
Biocon Ltd.		4,195		16,564
Bosch Ltd.		24		10,871
Britannia Industries Ltd.		379		25,019
BSE Ltd.		1,301		30,912
Canara Bank		5,389		6,342
CG Power & Industrial Solutions Ltd.		2,482		19,533
Cholamandalam Investment and Finance Co. Ltd.		2,716		43,737
Cipla Ltd.		3,017		54,353
Coforge Ltd.		1,730		33,812
Colgate-Palmolive India Ltd.		876		23,153
Container Corp. Of India Ltd.		1,775		10,610
Coromandel International Ltd.		480		12,563
Cummins India Ltd.		587		25,458
Dabur India Ltd.		3,385		19,994
Deepak Nitrite Ltd.		464		9,403
Delhivery Ltd. *		2,564		13,603
Divi’s Laboratories Ltd.		702		48,789
Dixon Technologies India Ltd.		131		24,783
DLF Ltd.		3,943		33,031
Dr Reddy’s Laboratories Ltd.		4,120		58,846
Eicher Motors Ltd.		358		24,765
Embassy Office Parks REIT		5,058		22,237
Eternal Ltd. *		17,981		63,987
Exide Industries Ltd.		2,059		9,248
Federal Bank Ltd.		6,794		14,763
Fortis Healthcare Ltd.		2,703		27,927
FSN E-Commerce Ventures Ltd. *		4,912		12,814
GE Vernova T&D India Ltd.		614		19,342
General Insurance Corp. of India, 144A		805		3,318
Gland Pharma Ltd., 144A		468		9,928
GlaxoSmithKline Pharmaceuticals Ltd.		357		11,270
Glenmark Pharmaceuticals Ltd.		1,208		26,343
GMR Airports Ltd. *		7,836		7,645
Godrej Consumer Products Ltd.		2,413		33,986
Godrej Properties Ltd. *		1,007		22,232


	Number of Shares		Value $
Grasim Industries Ltd.		627		19,726
Gujarat Fluorochemicals Ltd.		141		5,456
HCL Technologies Ltd.		5,555		91,602
HDFC Asset Management Co. Ltd., 144A		634		39,259
HDFC Bank Ltd.		39,352		424,462
HDFC Life Insurance Co. Ltd., 144A		3,614		31,626
Hero MotoCorp Ltd.		63		3,633
Hexaware Technologies Ltd.		844		7,249
Hindalco Industries Ltd.		3,019		24,089
Hindustan Unilever Ltd.		4,435		133,709
Hindustan Zinc Ltd.		1,494		7,100
Hitachi Energy India Ltd.		76		16,462
Honeywell Automation India Ltd.		15		6,587
Housing & Urban Development Corp. Ltd.		3,421		7,929
Hyundai Motor India Ltd.		331		9,231
ICICI Bank Ltd.		18,256		289,246
ICICI Lombard General Insurance Co. Ltd., 144A		972		20,268
ICICI Prudential Life Insurance Co. Ltd., 144A		1,349		9,172
IDFC First Bank Ltd.		19,482		15,014
Indian Bank		642		4,753
Indian Railway Catering & Tourism Corp. Ltd.		1,341		10,518
Indian Railway Finance Corp. Ltd., 144A		12,655		16,942
Indian Renewable Energy Development Agency Ltd. *		6,735		10,726
Indus Towers Ltd. *		3,646		13,993
IndusInd Bank Ltd. *		2,084		17,468
Info Edge India Ltd.		1,868		28,756
Infosys Ltd., ADR (b)		44		740
Infosys Ltd.		22,361		372,484
InterGlobe Aviation Ltd., 144A		631		40,382
Jio Financial Services Ltd.		18,036		63,723
JSW Steel Ltd.		2,053		23,890
Jubilant Foodworks Ltd.		1,505		10,709
Kalyan Jewellers India Ltd. *		1,426		8,149
Kotak Mahindra Bank Ltd.		3,926		87,235
KPIT Technologies Ltd.		1,273		17,178
L&t Finance Ltd.		6,246		15,374
L&T Technology Services Ltd., 144A		214		10,245
Life Insurance Corp. Of India		481		4,646
Linde India Ltd.		141		10,194
Lloyds Metals & Energy Ltd.		547		7,991
Lodha Developers Ltd., 144A		1,812		24,488
LTIMindtree Ltd., 144A		306		17,805
Lupin Ltd.		1,810		38,876
Mahindra & Mahindra Financial Services Ltd.		4,275		12,306

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Mahindra & Mahindra Ltd.		2,831		102,669
MakeMyTrip Ltd. *		372		36,735
Mankind Pharma Ltd.		822		23,027
Marico Ltd.		2,263		18,619
Maruti Suzuki India Ltd.		386		64,715
Max Financial Services Ltd. *		894		16,236
Max Healthcare Institute Ltd.		4,595		60,120
Motilal Oswal Financial Services Ltd.		1,085		10,543
Mphasis Ltd.		709		22,406
Muthoot Finance Ltd.		754		22,544
Nestle India Ltd.		2,482		32,528
NHPC Ltd.		16,746		14,659
Nippon Life India Asset Management Ltd., 144A		1,298		11,546
NMDC Ltd.		8,041		6,271
Oberoi Realty Ltd.		622		11,357
One 97 Communications Ltd. *		1,643		22,478
Oracle Financial Services Software Ltd.		173		16,263
Page Industries Ltd.		37		18,594
Patanjali Foods Ltd.		235		4,735
PB Fintech Ltd. *		2,155		43,255
Persistent Systems Ltd.		641		38,548
Phoenix Mills Ltd. *		813		13,852
PI Industries Ltd.		322		13,485
Pidilite Industries Ltd.		905		31,290
Power Finance Corp. Ltd.		9,062		39,002
Power Grid Corp. of India Ltd.		16,448		51,317
Prestige Estates Projects Ltd.		775		13,720
Procter & Gamble Hygiene & Health Care Ltd.		80		11,866
Rail Vikas Nigam Ltd.		3,095		10,616
REC Ltd.		8,309		32,964
Samvardhana Motherson International Ltd.		13,296		13,978
SBI Cards & Payment Services Ltd.		1,066		9,709
SBI Life Insurance Co. Ltd., 144A		1,602		32,785
Schaeffler India Ltd.		223		9,776
Shriram Finance Ltd.		5,399		35,510
Sona Blw Precision Forgings Ltd., 144A		2,423		12,168
SRF Ltd.		505		16,236
State Bank of India		5,943		54,059
Sun Pharmaceutical Industries Ltd.		6,065		109,616
Sundaram Finance Ltd.		368		18,744
Supreme Industries Ltd.		232		11,758
Suzlon Energy Ltd. *		75,579		48,342
Tata Communications Ltd.		710		12,463
Tata Consultancy Services Ltd.		5,996		209,649
Tata Consumer Products Ltd.		2,274		27,461


	Number of Shares		Value $
Tata Elxsi Ltd.		253		15,010
Tata Motors Ltd.		732		5,551
Tata Steel Ltd.		12,265		21,476
Tech Mahindra Ltd.		3,933		66,041
Thermax Ltd.		199		7,235
Titan Co. Ltd.		1,276		52,485
Torrent Pharmaceuticals Ltd.		641		25,864
Trent Ltd.		687		41,256
Tube Investments of India Ltd.		339		11,380
TVS Motor Co. Ltd.		513		19,053
UltraTech Cement Ltd.		282		40,403
Union Bank of India Ltd.		3,157		4,467
United Spirits Ltd.		1,273		18,917
UNO Minda Ltd.		482		6,988
UPL Ltd.		3,227		26,180
Varun Beverages Ltd.		8,553		47,228
Vishal Mega Mart Ltd. *		4,553		7,711
Vodafone Idea Ltd. *		191,654		14,099
Voltas Ltd.		946		14,733
Wipro Ltd.		19,009		53,739
Yes Bank Ltd. *		72,321		15,657
Zydus Lifesciences Ltd.		1,394		15,501

(Cost $4,423,969)				5,877,426

Indonesia – 0.9%
Amman Mineral Internasional PT *		50,488		24,035
Barito Renewables Energy Tbk PT		14,013		7,669
GoTo Gojek Tokopedia Tbk PT *		4,925,865		17,326
Pantai Indah Kapuk Dua Tbk PT		9,344		8,613
PT Bank Central Asia Tbk		183,172		89,698
PT Bank Mandiri Persero Tbk		133,637		38,332
PT Bank Rakyat Indonesia Persero Tbk		247,181		60,708
PT Barito Pacific Tbk *		94,381		12,535
PT Chandra Asri Pacific Tbk		29,857		14,938
PT Indofood CBP Sukses Makmur Tbk		10,277		5,593
PT Indofood Sukses Makmur Tbk		7,333		3,313
PT Indosat Tbk		44,798		5,488
PT Kalbe Farma Tbk		85,395		6,292
PT Sumber Alfaria Trijaya Tbk		49,706		6,631
PT Telkom Indonesia Persero Tbk		305,899		58,063
PT Unilever Indonesia Tbk		52,833		5,447

(Cost $471,652)				364,681

Ireland – 1.3%
PDD Holdings, Inc., ADR *

(Cost $554,666)		4,412		530,411

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Kazakhstan – 0.0%
Solidcore Resources PLC * (a)

(Cost $548,413)		28,889		0

Kuwait – 0.7%
Agility Public Warehousing Co. KSC		7,771		3,485
Al Ahli Bank of Kuwait KSCP		8,940		8,488
Boubyan Bank KSCP		6,637		15,014
Burgan Bank SAK		8,978		7,142
Gulf Bank KSCP		8,331		9,301
Kuwait Finance House KSCP		44,363		111,979
Mabanee Co KPSC		3,388		10,626
Mobile Telecommunications Co. KSCP		12,580		21,087
National Bank of Kuwait SAKP		28,811		96,304
Warba Bank KSCP *		16,049		14,764

(Cost $248,597)				298,190

Malaysia – 1.1%
99 Speed Mart Retail Holdings BHD		11,000		6,561
AMMB Holdings Bhd		7,800		9,951
Axiata Group Bhd		21,952		12,574
Celcomdigi Bhd		20,900		18,204
CIMB Group Holdings Bhd		28,604		50,302
Gamuda Bhd		27,904		36,721
Hong Leong Bank Bhd		3,100		14,733
IHH Healthcare Bhd		16,400		26,356
IJM Corp. Bhd		12,700		8,627
Kuala Lumpur Kepong Bhd		300		1,397
Malayan Banking Bhd		20,556		48,167
Maxis Bhd		17,900		14,828
MR DIY Group M Bhd, 144A		11,750		4,116
Nestle Malaysia Bhd		219		4,925
PPB Group Bhd		3,600		7,967
Press Metal Aluminium Holdings Bhd		6,400		8,422
Public Bank Bhd		53,400		53,969
QL Resources Bhd		4,950		4,804
RHB Bank Bhd		8,436		13,058
Sime Darby Bhd		7,500		3,675
Sime Darby Property Bhd		18,800		6,586
Sunway Bhd		9,400		10,946
Telekom Malaysia Bhd		15,300		25,422
TIME dotCom Bhd		8,300		10,176
United Plantations BHD		1,900		10,235
Westports Holdings Bhd		6,700		8,865
YTL Corp. Bhd		10,600		6,423

(Cost $344,122)				428,010

Mexico – 1.6%
America Movil SAB de CV, Series B		97,580		97,242
Arca Continental SAB de CV		2,840		28,999


	Number of Shares		Value $
Cemex SAB de CV, Series CPO		16,769		15,191
Coca-Cola Femsa SAB de CV		3,264		27,741
El Puerto de Liverpool SAB de CV, Class C1		1,889		9,376
Fibra Uno Administracion SA de CV REIT		19,349		27,231
Gruma SAB de CV, Class B		324		5,576
Grupo Aeroportuario del Centro Norte SAB de CV		1,553		19,883
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,431		34,451
Grupo Aeroportuario del Sureste SAB de CV, Class B		773		25,250
Grupo Bimbo SAB de CV, Series A		4,280		13,326
Grupo Carso SAB de CV, Series A1		993		6,586
Grupo Comercial Chedraui SA de CV		1,829		14,802
Grupo Financiero Banorte SAB de CV, Class O		9,697		88,781
Grupo Financiero Inbursa SAB de CV, Class O		3,894		10,274
Grupo Mexico SAB de CV, Series B		10,846		71,174
Industrias Penoles SAB de CV *		547		17,852
Kimberly-Clark de Mexico SAB de CV, Class A		6,555		12,323
Prologis Property Mexico SA de CV REIT		7,427		27,418
Wal-Mart de Mexico SAB de CV		29,560		88,342

(Cost $615,228)				641,818

Netherlands – 0.0%
Nebius Group N.V., Class A * (a)

(Cost $1,831,428)		28,401		0

Philippines – 0.4%
Ayala Corp.		1,010		9,633
Ayala Land, Inc.		42,100		20,628
Bank of the Philippine Islands		7,664		15,155
BDO Unibank, Inc.		7,459		17,647
Globe Telecom, Inc.		320		8,439
International Container Terminal Services, Inc.		3,170		26,794
Jollibee Foods Corp.		1,380		5,603
Metropolitan Bank & Trust Co.		6,400		7,840
PLDT, Inc.		675		13,690
SM Investments Corp.		2,030		26,820
SM Prime Holdings, Inc.		36,900		14,916

(Cost $182,778)				167,165

Qatar – 0.5%
Al Rayan Bank		20,514		13,550
Commercial Bank PSQC		14,979		19,336
Dukhan Bank		8,451		8,509
Industries Qatar QSC		8,050		28,410

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Ooredoo QPSC		4,377		15,484
Qatar International Islamic Bank QSC		3,796		11,781
Qatar Islamic Bank QPSC		6,398		43,052
Qatar National Bank QPSC		15,017		78,364

(Cost $183,631)				218,486

Russia – 0.0%
Alrosa PJSC * (a)		246,725		0
GMK Norilskiy Nickel PAO * (a)		559,300		0
Mobile TeleSystems PJSC, ADR * (a)		25,457		0
Mobile TeleSystems PJSC * (a)		32,151		0
Novolipetsk Steel PJSC * (a)		121,611		0
PIK-Spetsializirovannyy Zastroyshchik PAO * (a)		21,692		0
Polyus PJSC * (a)		27,930		0
Sberbank of Russia PJSC * (a)		989,954		0
United Co. RUSAL International PJSC * (a)		255,320		0

(Cost $7,879,354)				0

Saudi Arabia – 2.3%
ACWA Power Co. *		502		28,430
Advanced Petrochemical Co. *		800		7,462
Al Rajhi Bank		4,661		117,016
Al Rajhi Co. For Co.-Operative Insurance *		258		8,024
Alinma Bank		4,523		30,377
Almarai Co. JSC		1,650		20,923
Arab National Bank		2,305		14,436
Arabian Internet & Communications Services Co.		200		12,872
Bank AlBilad		2,035		14,177
Bank Al-Jazira *		2,081		6,733
Banque Saudi Fransi		3,460		14,957
Bupa Arabia for Cooperative Insurance Co.		292		11,385
Co. for Cooperative Insurance		277		8,652
Dar Al Arkan Real Estate Development Co. *		2,637		13,156
Dr Sulaiman Al Habib Medical Services Group Co.		536		34,427
Elm Co.		167		38,165
Etihad Etisalat Co.		2,408		41,040
Jarir Marketing Co.		3,142		10,677
Mouwasat Medical Services Co.		433		8,355
Nahdi Medical Co.		200		6,162
Riyad Bank		3,495		24,180
SABIC Agri-Nutrients Co.		866		28,019
Sahara International Petrochemical Co.		1,036		5,563
SAL Saudi Logistics Services		130		5,890
Saudi Arabian Mining Co. *		4,922		68,474
Saudi Awwal Bank		2,683		21,566


	Number of Shares		Value $
Saudi Basic Industries Corp.		2,211		35,944
Saudi Industrial Investment Group *		1,717		8,786
Saudi Investment Bank		2,353		8,516
Saudi National Bank		10,582		98,200
Saudi Research & Media Group *		283		13,086
Saudi Tadawul Group Holding Co.		263		11,944
Saudi Telecom Co.		11,255		125,982
Yanbu National Petrochemical Co.		1,049		9,187

(Cost $879,719)				912,763

Singapore – 0.4%
BOC Aviation Ltd., 144A		1,792		16,045
Trip.com Group Ltd.		2,200		163,112
Trip.com Group Ltd., ADR		37		2,729

(Cost $108,298)				181,886

South Africa – 3.4%
Absa Group Ltd.		5,357		57,162
Aspen Pharmacare Holdings Ltd.		2,377		14,223
Bid Corp. Ltd.		2,059		53,676
Bidvest Group Ltd.		1,277		17,098
Capitec Bank Holdings Ltd.		313		63,129
Clicks Group Ltd.		1,610		33,951
Discovery Ltd.		3,179		38,988
FirstRand Ltd.		16,389		68,923
Gold Fields Ltd.		5,090		166,767
Harmony Gold Mining Co. Ltd.		2,872		38,171
Impala Platinum Holdings Ltd. *		2,241		20,196
Investec Ltd.		1,279		9,440
Mr Price Group Ltd.		1,078		12,640
MTN Group Ltd.		9,832		83,240
MultiChoice Group *		1,848		12,815
Naspers Ltd., Class N		1,107		363,416
Nedbank Group Ltd.		1,178		15,074
Old Mutual Ltd.		19,252		15,124
OUTsurance Group Ltd.		5,212		22,375
Pepkor Holdings Ltd., 144A		9,940		14,269
Sanlam Ltd.		10,030		51,698
Shoprite Holdings Ltd.		2,058		30,582
Sibanye Stillwater Ltd. *		9,793		18,453
Standard Bank Group Ltd.		4,129		58,074
Valterra Platinum Ltd.		667		30,457
Vodacom Group Ltd.		3,880		31,176
Woolworths Holdings Ltd.		6,070		17,819

(Cost $1,105,486)				1,358,936

South Korea – 9.2%
Alteogen, Inc. *		139		43,842
Amorepacific Corp.		221		19,123
Amorepacific Holdings Corp.		238		4,656
Apr Corp./Korea *		122		19,920

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
BNK Financial Group, Inc.		691		7,157
Celltrion Pharm, Inc. *		258		9,594
Celltrion, Inc.		921		111,030
Cheil Worldwide, Inc.		165		2,350
CJ Corp.		13		1,495
Coway Co. Ltd.		179		13,416
DB Insurance Co. Ltd.		182		17,267
Dongsuh Cos., Inc.		52		1,019
Doosan Co. Ltd.		37		14,904
Doosan Enerbility Co. Ltd. *		1,323		58,715
Doosan Robotics, Inc. *		40		1,798
Ecopro BM Co. Ltd. *		150		13,077
Ecopro Co. Ltd.		320		11,647
Ecopro Materials Co. Ltd. *		88		3,197
E-MART, Inc.		24		1,234
F&F Co. Ltd. / New		63		3,013
Hana Financial Group, Inc.		1,623		95,962
Hanjin Kal Corp.		136		10,937
Hanmi Pharm. Co. Ltd.		61		13,295
Hanmi Science Co. Ltd. *		170		5,020
Hanmi Semiconductor Co. Ltd.		227		14,205
Hanwha Life Insurance Co. Ltd. *		926		2,088
Hanwha Solutions Corp.		517		10,543
HLB, Inc. *		573		15,559
HMM Co. Ltd.		1,131		17,979
Hugel, Inc. *		30		6,808
HYBE Co. Ltd. *		133		27,456
Hyundai Autoever Corp.		90		11,368
Hyundai Elevator Co. Ltd.		70		3,948
Hyundai Engineering & Construction Co. Ltd.		293		13,088
Hyundai Glovis Co. Ltd.		130		17,243
Hyundai Mobis Co. Ltd.		264		60,481
Hyundai Motor Co.		467		73,900
Hyundai Rotem Co. Ltd.		136		18,792
Industrial Bank of Korea		1,005		13,749
JYP Entertainment Corp.		246		12,864
Kakao Corp.		1,844		82,899
KakaoBank Corp.		639		11,330
Kakaopay Corp. *		239		10,280
KB Financial Group, Inc.		2,127		165,540
KEPCO Engineering & Construction Co., Inc.		119		7,909
KEPCO Plant Service & Engineering Co. Ltd.		155		5,608
Kia Corp.		449		34,170
KIWOOM Securities Co. Ltd.		73		10,791
Korea Investment Holdings Co. Ltd.		275		26,585
Korea Zinc Co. Ltd.		32		18,897
Korean Air Lines Co. Ltd.		251		4,288
Krafton, Inc. *		182		42,874


	Number of Shares		Value $
KT Corp.		412		16,033
KT&G Corp.		575		55,711
L&F Co. Ltd. *		52		2,469
LG Chem Ltd.		164		32,735
LG Display Co. Ltd. *		832		7,181
LG Electronics, Inc.		152		8,080
LG Energy Solution Ltd. *		154		38,992
LG Innotek Co. Ltd.		92		11,190
LG Uplus Corp.		1,424		15,211
LigaChem Biosciences, Inc. *		166		17,600
LS Electric Co. Ltd.		61		12,483
Meritz Financial Group, Inc.		517		47,042
Mirae Asset Securities Co. Ltd.		1,393		19,188
Misto Holdings Corp.		295		8,859
NAVER Corp.		957		147,654
NCSoft Corp.		106		15,478
Netmarble Corp., 144A		151		6,506
NH Investment & Securities Co. Ltd.		997		13,934
Orion Corp.		18		1,396
Pearl Abyss Corp. *		336		7,903
Pharmaresearch Co. Ltd.		39		19,076
Posco DX Co. Ltd.		410		6,621
POSCO Future M Co. Ltd. *		115		11,688
POSCO Holdings, Inc.		177		36,349
Rainbow Robotics *		62		12,197
S-1 Corp.		69		3,975
Sam Chun Dang Pharm Co. Ltd.		108		14,946
Samsung Biologics Co. Ltd., 144A *		106		76,322
Samsung C&T Corp.		282		34,037
Samsung Card Co. Ltd.		214		7,773
Samsung E&A Co. Ltd.		647		13,543
Samsung Electro-Mechanics Co. Ltd.		345		39,829
Samsung Electronics Co. Ltd.		16,197		812,034
Samsung Fire & Marine Insurance Co. Ltd.		163		52,057
Samsung Life Insurance Co. Ltd.		393		40,452
Samsung SDI Co. Ltd.		389		57,920
Samsung SDS Co. Ltd.		225		23,839
Samsung Securities Co. Ltd.		388		19,201
Samyang Foods Co. Ltd.		17		19,149
Shinhan Financial Group Co. Ltd.		2,695		126,584
SK Biopharmaceuticals Co. Ltd. *		259		18,369
SK Bioscience Co. Ltd. *		250		8,497
SK Hynix, Inc.		1,873		362,407
SK IE Technology Co. Ltd., 144A *		198		3,952
SK Innovation Co. Ltd.		251		18,217
SK Square Co. Ltd. *		520		55,731
SK Telecom Co. Ltd.		654		25,497

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
SK, Inc.		137		20,398
SKC Co. Ltd. *		69		4,655
Woori Financial Group, Inc.		1,956		34,892
Yuhan Corp.		328		26,778

(Cost $2,868,666)				3,717,540

Taiwan – 19.6%
Accton Technology Corp.		3,085		102,431
Acer, Inc.		11,190		10,817
Advantech Co. Ltd.		2,846		32,026
Airtac International Group		416		10,737
Alchip Technologies Ltd.		305		40,458
ASE Technology Holding Co. Ltd.		21,702		107,198
Asia Vital Components Co. Ltd.		1,942		64,163
ASMedia Technology, Inc.		289		15,599
ASPEED Technology, Inc.		164		26,797
Asustek Computer, Inc.		4,926		101,841
AUO Corp. *		30,662		12,889
Bizlink Holding, Inc.		431		15,156
Catcher Technology Co. Ltd.		1,933		11,919
Cathay Financial Holding Co. Ltd.		52,236		105,089
Chailease Holding Co. Ltd.		8,229		31,361
Chang Hwa Commercial Bank Ltd.		19,129		12,015
Chicony Electronics Co. Ltd.		4,280		19,321
China Steel Corp.		25,891		17,024
Chroma ATE, Inc.		1,853		35,218
Chunghwa Telecom Co. Ltd.		22,795		98,802
CTBC Financial Holding Co. Ltd.		89,739		120,799
Delta Electronics, Inc.		11,389		264,891
E Ink Holdings, Inc.		3,851		33,132
E.Sun Financial Holding Co. Ltd.		81,728		89,429
Eclat Textile Co. Ltd.		1,514		19,860
Elite Material Co. Ltd.		1,751		69,881
eMemory Technology, Inc.		357		24,116
Eva Airways Corp.		3,226		4,100
Evergreen Marine Corp. Taiwan Ltd.		3,333		20,225
Far Eastern New Century Corp.		6,186		5,585
Far EasTone Telecommunications Co. Ltd.		11,750		32,364
Feng TAY Enterprise Co. Ltd.		2,281		8,768
First Financial Holding Co. Ltd.		62,898		58,331
Formosa Plastics Corp.		7,614		9,701
Fortune Electric Co. Ltd.		571		12,085
Foxconn Technology Co. Ltd.		3,357		7,808
Fubon Financial Holding Co. Ltd.		42,916		117,786
Gigabyte Technology Co. Ltd.		2,535		22,970
Global Unichip Corp.		464		20,187
Globalwafers Co. Ltd.		1,417		17,243
Gold Circuit Electronics Ltd.		2,089		34,510
Highwealth Construction Corp.		8,108		11,087


	Number of Shares		Value $
Hon Hai Precision Industry Co. Ltd.		39,810		265,014
HON Precision, Inc.		434		24,561
Hotai Motor Co. Ltd.		1,293		23,306
Hua Nan Financial Holdings Co. Ltd.		50,385		45,985
Innolux Corp.		30,857		14,182
International Games System Co. Ltd.		1,594		39,890
Inventec Corp.		15,722		21,164
Jentech Precision Industrial Co. Ltd.		631		43,244
KGI Financial Holding Co. Ltd.		94,386		47,086
King Slide Works Co. Ltd.		322		31,864
King Yuan Electronics Co. Ltd.		3,941		20,111
Largan Precision Co. Ltd.		372		29,266
Lite-On Technology Corp.		7,953		33,821
Lotes Co. Ltd.		397		18,896
MediaTek, Inc.		5,140		230,354
Mega Financial Holding Co. Ltd.		69,051		90,466
Micro-Star International Co. Ltd.		4,368		19,290
Minth Group Ltd.		1,421		5,993
momo.com, Inc.		605		5,007
Nan Ya Plastics Corp.		11,681		16,507
Nan Ya Printed Circuit Board Corp.		1,724		12,407
Nanya Technology Corp. *		3,643		5,601
Nien Made Enterprise Co. Ltd.		1,170		16,553
Novatek Microelectronics Corp.		2,302		32,757
Pegatron Corp.		9,795		22,493
PharmaEssentia Corp.		1,634		26,539
Phison Electronics Corp.		656		10,494
Pou Chen Corp.		4,305		4,063
Powerchip Semiconductor Manufacturing Corp. *		14,918		7,759
Powertech Technology, Inc.		2,726		10,612
Quanta Computer, Inc.		15,046		129,200
Realtek Semiconductor Corp.		1,726		30,150
Ruentex Development Co. Ltd.		1,440		1,420
Ruentex Industries Ltd.		4,820		8,530
Shanghai Commercial & Savings Bank Ltd.		13,654		18,313
Shihlin Electric & Engineering Corp.		1,010		6,624
Sino-American Silicon Products, Inc.		3,307		11,197
SinoPac Financial Holdings Co. Ltd.		78,019		59,721
Synnex Technology International Corp.		2,862		6,160
Taichung Commercial Bank Co. Ltd.		22,533		15,700
Taiwan Business Bank		30,948		15,287
Taiwan Cooperative Financial Holding Co. Ltd.		58,405		45,280

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Taiwan High Speed Rail Corp.		13,088		11,817
Taiwan Mobile Co. Ltd.		11,463		39,936
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		17		3,925
Taiwan Semiconductor Manufacturing Co. Ltd.		103,371		3,922,549
Tatung Co. Ltd.		8,800		11,457
Tripod Technology Corp.		2,696		28,354
TS Financial Holding Co. Ltd.		77,637		41,270
Unimicron Technology Corp.		4,494		21,243
Uni-President Enterprises Corp.		15,465		39,156
United Microelectronics Corp.		67,925		89,990
Vanguard International Semiconductor Corp.		6,701		20,057
VisEra Technologies Co. Ltd.		967		8,351
Voltronic Power Technology Corp.		393		12,727
Wan Hai Lines Ltd.		6,791		18,394
Winbond Electronics Corp. *		5,366		3,458
Wistron Corp.		16,926		62,567
Wiwynn Corp.		600		58,195
WPG Holdings Ltd.		2,861		6,271
WT Microelectronics Co. Ltd.		1,769		7,118
Yageo Corp.		7,316		33,386
Yang Ming Marine Transport Corp.		3,588		6,772
Yuanta Financial Holding Co. Ltd.		61,157		65,019
Yulon Finance Corp. *		2,969		10,295
Zhen Ding Technology Holding Ltd.		3,346		21,508

(Cost $4,183,753)				7,942,401

Thailand – 1.3%
Advanced Info Service PCL, NVDR		6,700		60,806
Airports of Thailand PCL, NVDR		18,000		20,003
Asset World Corp. PCL, NVDR		68,700		4,708
Bangkok Dusit Medical Services PCL, NVDR		71,000		45,368
Bangkok Expressway & Metro PCL, NVDR		44,300		7,248
BTS Group Holdings PCL, NVDR *		54,300		5,297
Bumrungrad Hospital PCL, NVDR		4,500		24,726
Carabao Group PCL, NVDR		2,500		3,955
Central Pattana PCL, NVDR		13,200		20,985
Central Retail Corp. PCL, NVDR		20,900		13,742
Charoen Pokphand Foods PCL, NVDR		4,200		2,839
Com7 PCL, NVDR		10,900		8,580
CP ALL PCL, NVDR		29,900		40,611
CP AXTRA PCL		3,090		1,707
Delta Electronics Thailand PCL, NVDR		27,200		125,945


	Number of Shares		Value $
Energy Absolute PCL *		5,767		135
Home Product Center PCL, NVDR		46,500		10,192
Krung Thai Bank PCL, NVDR		10,000		7,594
Krungthai Card PCL, NVDR		7,700		6,477
Land & Houses PCL, NVDR		71,500		8,608
Minor International PCL, NVDR		23,083		16,674
Muangthai Capital PCL, NVDR		7,700		8,854
Osotspa PCL, NVDR		7,700		3,898
SCB X PCL, NVDR		3,500		13,883
Thai Beverage PCL		56,900		20,401
Thai Life Insurance PCL, NVDR		24,400		7,193
TIDLOR Holdings PCL		20,614		11,963
Tisco Financial Group PCL, NVDR		2,000		6,236
TMBThanachart Bank PCL, NVDR		158,077		9,271
True Corp. PCL, NVDR *		74,969		26,382

(Cost $586,914)				544,281

Turkey – 0.7%
Agesa Hayat ve Emeklilik AS		846		3,493
Akbank TAS		8,926		14,804
Alarko Holding As		3,138		6,692
Anadolu Anonim Turk Sigorta Sirketi		3,192		1,733
Aselsan Elektronik Sanayi Ve Ticaret AS		3,066		13,657
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		1,490		4,276
Avrupakent Gayrimenkul Yatirim Ortakligi As		3,419		5,338
Aydem Yenilenebilir Enerji AS *		3,085		1,467
BIM Birlesik Magazalar AS		2,609		33,603
Borusan Yatirim ve Pazarlama AS		84		5,731
Bosch Fren Sistemleri Sanayi ve Ticaret AS *		985		4,432
Celebi Hava Servisi AS		53		2,147
Coca-Cola Icecek AS		4,168		4,993
DAP Gayrimenkul Gelistirme AS, Class C *		7,427		3,122
Dogan Sirketler Grubu Holding As *		13,326		6,231
Dogus Otomotiv Servis Ve Ticaret AS		843		3,874
Eczacibasi Yatirim Holding Ortakligi AS		1,100		6,405
Efor Cay Sanayi Ticaret As		543		1,702
Ege Endustri Ve Ticaret AS		4		844
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		3,672		5,693
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		11,691		5,881

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Enka Insaat ve Sanayi AS		2,875		5,111
Haci Omer Sabanci Holding AS		5,662		12,961
Hektas Ticaret TAS *		70,637		7,519
Is Gayrimenkul Yatirim Ortakligi AS REIT *		7,915		3,943
Is Yatirim Menkul Degerler AS		4,894		5,186
Kiler Holding AS *		3,234		5,046
Kontrolmatik Enerji Ve Muhendislik AS		11,569		7,754
Ldr Turizm As		1,072		7,633
Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A		4,069		4,418
MIA Teknoloji AS *		8,180		8,273
MLP Saglik Hizmetleri AS, 144A *		654		5,682
Pegasus Hava Tasimaciligi AS *		190		1,149
Reysas Gayrimenkul Yatirim Ortakligi AS REIT *		12,206		6,965
Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS *		2,876		2,160
TAB Gida Sanayi Ve Ticaret AS		748		3,917
TAV Havalimanlari Holding AS *		1,156		7,121
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		2,331		4,022
Turk Altin Isletmeleri AS *		8,746		5,114
Turk Hava Yollari AO		1,398		11,381
Turk Telekomunikasyon AS *		3,855		5,204
Turkcell Iletisim Hizmetleri AS		8,388		19,324
Turkiye Is Bankasi AS, Class C		32,491		11,883
Turkiye Sigorta AS		21,213		5,155
Turkiye Sinai Kalkinma Bankasi AS *		9,142		3,224
Ziraat Gayrimenkul Yatirim Ortakligi AS		13,702		7,698

(Cost $320,916)				303,961

United Arab Emirates – 2.1%
Abu Dhabi Commercial Bank PJSC		10,644		43,874
Abu Dhabi Islamic Bank PJSC		5,397		31,356
Aldar Properties PJSC		14,117		36,974
Alpha Dhabi Holding PJSC		4,874		14,995
Borouge PLC		16,025		11,605
Dubai Islamic Bank PJSC		10,683		28,125
Emaar Development PJSC		3,788		15,212
Emaar Properties PJSC		22,125		86,741
Emirates NBD Bank PJSC		8,535		58,674
Emirates Telecommunications Group Co. PJSC		20,972		103,233
First Abu Dhabi Bank PJSC		15,758		71,218
International Holding Co. PJSC *		2,973		323,768
Modon Holding PSC *		19,487		19,790

(Cost $460,491)				845,565


	Number of Shares		Value $
United Kingdom – 0.1%
Metlen Energy & Metals PLC *

(Cost $28,990)		447		28,620

United States – 0.4%
BeOne Medicines Ltd., ADR *		74		22,648
BeOne Medicines Ltd., Class A *		176		6,869
BeOne Medicines Ltd., Class H *		4,629		109,374
Jbs NV, Class A *		1,269		20,570

(Cost $125,633)				159,461

TOTAL COMMON STOCKS

(Cost $39,643,932)				39,685,534

PREFERRED STOCKS – 1.3%

Brazil – 0.8%
Banco Bradesco SA		18,881		58,541
Centrais Eletricas Brasileiras SA, Class B		1,769		15,552
Cia Energetica de Minas Gerais		9,560		19,567
Companhia Paranaense de Energia, Class B		5,658		12,529
Itau Unibanco Holding SA		19,204		136,173
Itausa SA		36,141		74,704
Klabin SA		2		2

(Cost $230,247)				317,068

Chile – 0.0%
Sociedad Quimica y Minera de Chile SA, Class B *

(Cost $24,775)		612		28,023

Colombia – 0.1%
Grupo Cibest SA		1,990		24,906
Grupo de Inversiones Suramericana SA		819		7,262

(Cost $21,090)				32,168

India – 0.0%
TVS Motor Co. Ltd. * (a)

(Cost $0)		2,052		233

Russia – 0.0%
Sberbank of Russia PJSC * (a)

(Cost $275,893)		71,636		0

South Korea – 0.4%
Doosan Co. Ltd.		15		3,641
Hyundai Motor Co.		28		3,323
Hyundai Motor Co. - 2nd Preferred		77		9,416
Korea Investment Holdings Co. Ltd.		101		6,734
LG Chem Ltd.		48		4,713
Mirae Asset Securities Co. Ltd.		1,425		8,610

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Samsung Electronics Co. Ltd.		2,807		114,279

(Cost $132,437)				150,716

TOTAL PREFERRED STOCKS

(Cost $684,442)				528,208

WARRANTS – 0.0%

Thailand – 0.0%
BTS Group Holdings PCL* ,expires 11/20/26

(Cost $0)		800		1

EXCHANGE-TRADED FUNDS – 0.1%
Xtrackers MSCI Emerging Markets Climate Selection ETF (c)

(Cost $23,482)		750		23,639

SECURITIES LENDING COLLATERAL – 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (d)(e)

(Cost $525)		525		525

CASH EQUIVALENTS – 0.4%
DWS Government Money Market Series “Institutional Shares”, 4.25% (d)

(Cost $179,718)		179,718		179,718

TOTAL INVESTMENTS – 99.8%

(Cost $40,532,099)				40,417,625

Other assets and liabilities, net – 0.2%				92,673

NET ASSETS – 100.0%				40,510,298

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
EXCHANGE-TRADED FUNDS — 0.1%
Xtrackers MSCI Emerging Markets Climate Selection ETF (c)
—		39,137		(15,585	)		(70	)		157		—		—		750		23,639
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (d)(e)
89,242		—		(88,717	)(f)		—			—		986		—		525		525
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 4.25% (d)
2,308,436		13,738,481		(15,867,199	)		—			—		39,846		—		179,718		179,718

2,397,678		13,777,618		(15,971,501	)		(70	)		157		40,832		—		180,993		203,882

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $510, which is 0.0% of net assets.

(c)	Affiliated fund advised by DBX Advisors LLC.

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

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

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

ADR:	American Depositary Receipt

CPO:	Ordinary Participation Certificates

GDR:	Global Depositary Receipt

JSC:	Joint Stock Company

KSC:	Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:	Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:	Societe Anonyme Egyptienne

144A:

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

MSCI Emerging Markets Index

USD

307,385

316,225

9/19/2025

8,840

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

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2025

Currency Abbreviations

USD	U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	39,673,892	$	—	$	11,642	$	39,685,534
Preferred Stocks (a)		527,975		—		233		528,208
Warrants		1		—		—		1
Exchange-Traded Funds		23,639		—		—		23,639
Short-Term Investments (a)		180,243		—		—		180,243
Derivatives (b)
Futures Contracts		8,840		—		—		8,840
TOTAL	$	40,414,590	$	—	$	11,875	$	40,426,465

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

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

During the year ended August 31, 2025, the amount of transfers from Level 3 to Level 1 was $14,743. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. The amount of transfers from Level 1 to Level 3 was $9,602. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 98.9%

Australia – 5.5%
ANZ Group Holdings Ltd.		18,569		409,205
APA Group (a)		7,639		44,048
Aristocrat Leisure Ltd.		3,513		167,179
ASX Ltd.		1,164		47,645
BlueScope Steel Ltd.		2,896		43,500
Brambles Ltd.		8,568		145,521
CAR Group Ltd.		2,299		60,850
Cochlear Ltd.		409		80,722
Coles Group Ltd.		8,356		130,600
Computershare Ltd.		3,279		81,917
CSL Ltd.		3,028		421,911
Evolution Mining Ltd.		12,389		70,220
Fortescue Ltd.		10,600		133,898
Goodman Group REIT		12,667		284,781
Macquarie Group Ltd.		2,233		329,071
Northern Star Resources Ltd.		8,467		104,682
QBE Insurance Group Ltd.		9,423		133,523
REA Group Ltd.		329		54,054
South32 Ltd.		28,237		50,269
Suncorp Group Ltd.		6,767		94,249
Transurban Group (a)		19,385		185,237
WiseTech Global Ltd.		1,227		81,745
Woodside Energy Group Ltd.		11,914		205,938

(Cost $2,919,411)				3,360,765

Austria – 0.1%
OMV AG		894		49,245
Verbund AG		398		28,394

(Cost $77,893)				77,639

Belgium – 0.5%
Ageas SA/NV		947		66,730
Elia Group SA/NV		305		34,915
KBC Group NV		1,430		168,637
Lotus Bakeries NV		2		19,594
Syensqo SA		459		40,552

(Cost $239,640)				330,428

Chile – 0.1%
Antofagasta PLC

(Cost $46,740)		2,338		67,755

Denmark – 3.5%
A.P. Moller – Maersk A/S, Class A		18		36,975
A.P. Moller – Maersk A/S, Class B		25		51,492
Coloplast A/S, Class B		795		76,393
DSV A/S		1,276		282,722
Genmab A/S *		397		98,857
Novo Nordisk A/S, Class B		20,046		1,127,838
Novonesis (Novozymes) B, Class B		2,184		138,905


	Number of Shares		Value $
Orsted AS, 144A *		993		30,075
Pandora A/S		506		69,902
ROCKWOOL A/S, Class B		549		20,747
Tryg A/S		2,155		56,703
Vestas Wind Systems A/S		6,316		125,780

(Cost $2,040,007)				2,116,389

Finland – 1.3%
Elisa OYJ		846		45,076
Kesko OYJ, Class B		1,643		36,443
Kone OYJ, Class B		2,125		133,619
Metso Corp.		4,118		53,238
Neste OYJ		2,483		45,601
Nokia OYJ		33,167		142,826
Sampo OYJ, Class A		15,056		172,812
Stora Enso OYJ, Class R		3,841		44,860
UPM-Kymmene OYJ		3,369		95,943

(Cost $764,049)				770,418

France – 13.1%
Aeroports de Paris SA		196		25,764
Air Liquide SA		3,597		741,938
AXA SA		10,935		509,289
BNP Paribas SA		6,352		571,233
Bouygues SA		1,127		48,334
Bureau Veritas SA		1,987		59,912
Carrefour SA		3,605		52,176
Cie Generale des Etablissements Michelin SCA		4,179		151,295
Covivio SA REIT		291		19,057
Credit Agricole SA		6,605		120,838
Danone SA		4,022		335,098
Dassault Systemes SE		4,203		130,862
Eiffage SA		436		54,861
EssilorLuxottica SA		1,869		569,231
Gecina SA REIT		307		30,131
Getlink SE		2,044		38,639
Hermes International SCA		198		484,609
Kering SA		456		122,309
Legrand SA		1,637		249,286
L’Oreal SA		1,490		693,956
LVMH Moet Hennessy Louis Vuitton SE		1,555		917,527
Publicis Groupe SA		1,432		132,148
Rexel SA		1,420		46,007
Schneider Electric SE		3,411		838,641
Societe Generale SA		4,405		271,827
TotalEnergies SE		12,742		797,927

(Cost $7,116,360)				8,012,895

Germany – 4.6%
adidas AG		1,068		207,953
Beiersdorf AG		621		71,409
Commerzbank AG		4,788		182,814

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Covestro AG *		1,122		78,010
Deutsche Boerse AG		1,159		341,323
Deutsche Lufthansa AG		4,070		37,902
Evonik Industries AG		1,679		32,407
GEA Group AG		909		66,180
Heidelberg Materials AG		834		197,192
Henkel AG & Co. KGaA		701		53,867
Infineon Technologies AG		8,154		333,668
Knorr-Bremse AG		480		50,116
LEG Immobilien SE		444		37,185
Merck KGaA		805		102,046
MTU Aero Engines AG		334		148,951
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		812		517,613
Scout24 SE, 144A		450		58,309
Symrise AG		824		79,841
Vonovia SE		4,835		156,369
Zalando SE, 144A *		1,357		37,803

(Cost $2,033,782)				2,790,958

Hong Kong – 2.6%
AIA Group Ltd.		66,201		623,300
CK Infrastructure Holdings Ltd.		4,299		28,813
Hang Seng Bank Ltd.		4,681		66,890
HKT Trust & HKT Ltd. (a)		23,516		35,595
Hong Kong & China Gas Co. Ltd.		69,480		62,476
Hong Kong Exchanges & Clearing Ltd.		7,512		434,579
MTR Corp. Ltd.		9,028		30,526
Prudential PLC		16,287		217,537
Sino Land Co. Ltd.		22,112		26,265
Swire Pacific Ltd., Class A		2,415		20,678
WH Group Ltd., 144A		51,893		55,515

(Cost $1,465,749)				1,602,174

Ireland – 0.7%
AerCap Holdings NV		1,097		135,480
DCC PLC		590		37,496
James Hardie Industries PLC CDI *		3,593		73,300
Kerry Group PLC, Class A		1,037		94,859
Kingspan Group PLC		971		74,899

(Cost $423,683)				416,034

Israel – 0.1%
Nice Ltd. *

(Cost $70,920)		393		55,744

Italy – 2.9%
Enel SpA		50,745		468,286
FinecoBank Banca Fineco SpA		3,831		84,079
Generali		5,392		210,546
Infrastrutture Wireless Italiane SpA, 144A		1,921		23,295


	Number of Shares		Value $
Intesa Sanpaolo SpA		88,556		557,145
Mediobanca Banca di Credito Finanziario SpA		3,341		80,950
Moncler SpA		1,465		85,173
Nexi SpA, 144A		2,764		17,542
Poste Italiane SpA, 144A		2,791		65,370
Prysmian SpA		1,735		151,743

(Cost $1,198,477)				1,744,129

Japan – 23.8%
Aeon Co. Ltd.		13,800		167,959
Ajinomoto Co., Inc.		5,700		155,636
ANA Holdings, Inc.		855		17,298
Asahi Kasei Corp.		7,300		60,135
Asics Corp.		4,310		117,389
Astellas Pharma, Inc.		11,300		124,679
Bandai Namco Holdings, Inc.		3,700		128,394
Bridgestone Corp.		3,490		159,281
Capcom Co. Ltd.		2,200		60,010
Concordia Financial Group Ltd.		6,600		50,593
Dai Nippon Printing Co. Ltd.		2,330		39,332
Daifuku Co. Ltd.		2,048		65,517
Dai-ichi Life Holdings, Inc.		21,900		182,941
Daiichi Sankyo Co. Ltd.		10,700		257,179
Daikin Industries Ltd.		1,671		211,685
Daiwa House Industry Co. Ltd.		3,500		124,648
Daiwa Securities Group, Inc.		8,400		65,964
Eisai Co. Ltd.		1,608		49,699
ENEOS Holdings, Inc.		17,700		106,061
FANUC Corp.		5,925		168,600
Fast Retailing Co. Ltd.		1,161		367,851
Fuji Electric Co. Ltd.		850		54,679
FUJIFILM Holdings Corp.		7,050		168,585
Fujitsu Ltd.		11,010		268,154
Hankyu Hanshin Holdings, Inc.		1,500		44,573
Hitachi Ltd.		28,600		788,704
Hoya Corp.		2,160		283,194
Isuzu Motors Ltd.		3,300		43,749
ITOCHU Corp.		7,400		423,210
JFE Holdings, Inc.		3,400		42,585
Kao Corp.		2,886		131,774
KDDI Corp.		19,104		331,856
Kikkoman Corp.		4,500		38,955
Kobe Bussan Co. Ltd.		900		25,248
Komatsu Ltd.		5,800		199,015
Konami Group Corp.		600		91,558
Kubota Corp.		5,900		69,337
LY Corp.		18,300		58,430
Marubeni Corp.		8,900		205,005
MatsukiyoCocokara & Co.		2,100		43,595
MEIJI Holdings Co. Ltd.		1,400		29,159

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Mitsubishi Chemical Group Corp.		8,000		46,019
Mitsubishi Estate Co. Ltd.		6,451		138,752
Mitsui Fudosan Co. Ltd.		16,500		176,435
Mizuho Financial Group, Inc.		15,632		521,155
MS&AD Insurance Group Holdings, Inc.		8,000		188,633
NEC Corp.		8,100		250,296
Nexon Co. Ltd.		2,100		47,986
Nippon Paint Holdings Co. Ltd.		5,750		42,041
Nissin Foods Holdings Co. Ltd.		1,200		22,656
Nitto Denko Corp.		4,250		97,432
Nomura Holdings, Inc.		18,800		135,726
Nomura Research Institute Ltd.		2,300		90,794
Obayashi Corp.		4,100		66,921
Oriental Land Co. Ltd.		6,725		161,180
ORIX Corp.		7,300		190,424
Osaka Gas Co. Ltd.		2,300		65,746
Pan Pacific International Holdings Corp.		2,400		87,222
Panasonic Holdings Corp.		14,600		150,649
Rakuten Group, Inc. *		9,200		57,453
Recruit Holdings Co. Ltd.		8,250		482,048
Renesas Electronics Corp.		10,500		126,365
Secom Co. Ltd.		2,700		100,185
Sekisui Chemical Co. Ltd.		2,300		44,058
Sekisui House Ltd.		3,700		83,992
SG Holdings Co. Ltd.		1,900		20,563
Shimadzu Corp.		1,440		35,523
Shin-Etsu Chemical Co. Ltd.		10,533		326,912
Shiseido Co. Ltd.		2,400		39,328
SoftBank Corp.		178,600		277,586
SoftBank Group Corp.		5,900		652,185
Sompo Holdings, Inc.		5,465		177,061
Sony Group Corp.		38,188		1,061,955
Subaru Corp.		3,600		71,926
Sumitomo Metal Mining Co. Ltd.		1,453		39,931
Sumitomo Mitsui Financial Group, Inc.		23,059		635,742
Sumitomo Mitsui Trust Holdings, Inc.		4,000		114,940
Suntory Beverage & Food Ltd.		900		27,952
Sysmex Corp.		3,200		40,712
T&D Holdings, Inc.		3,100		81,477
TDK Corp.		12,125		159,877
TIS, Inc.		1,300		43,606
Toho Co. Ltd.		700		44,615
Tokio Marine Holdings, Inc.		11,400		496,996
Tokyo Electron Ltd.		2,815		396,199
Tokyo Gas Co. Ltd.		2,100		80,553
Tokyu Corp.		2,900		36,748
Toray Industries, Inc.		8,400		56,828
Unicharm Corp.		6,800		45,554


	Number of Shares		Value $
West Japan Railway Co.		2,700		60,593
Yamaha Motor Co. Ltd.		6,100		44,787
Yokogawa Electric Corp.		1,279		37,867
ZOZO, Inc.		2,300		21,516

(Cost $10,563,162)				14,525,916

Luxembourg – 0.1%
Eurofins Scientific SE

(Cost $44,182)		738		55,993

Netherlands – 6.5%
Akzo Nobel NV		1,035		71,477
ASML Holding NV		2,448		1,824,105
ASR Nederland NV		845		58,632
Ferrovial SE		3,163		172,860
ING Groep NV		18,786		447,697
Koninklijke Ahold Delhaize NV		5,560		222,899
Koninklijke KPN NV		23,173		110,558
NN Group NV		1,653		113,807
Prosus NV *		8,171		505,083
QIAGEN NV		1,287		59,821
Randstad NV		688		32,526
Universal Music Group NV		6,717		189,795
Wolters Kluwer NV		1,455		183,251

(Cost $2,792,686)				3,992,511

New Zealand – 0.3%
Contact Energy Ltd.		5,221		27,849
Meridian Energy Ltd.		8,406		28,321
Xero Ltd. *		1,016		108,783

(Cost $142,202)				164,953

Norway – 1.0%
Aker BP ASA		1,872		47,306
DNB Bank ASA		5,551		146,241
Equinor ASA		4,732		116,705
Gjensidige Forsikring ASA		1,323		36,764
Mowi ASA		3,037		62,448
Norsk Hydro ASA		8,276		53,688
Orkla ASA		4,368		48,821
Telenor ASA		3,815		63,637
Yara International ASA		1,011		36,798

(Cost $554,793)				612,408

Poland – 0.0%
InPost SA *

(Cost $22,819)		1,390		20,191

Portugal – 0.3%
EDP SA		19,301		85,555
Galp Energia SGPS SA		2,445		47,507
Jeronimo Martins SGPS SA		1,832		45,332

(Cost $142,345)				178,394

Singapore – 0.9%
CapitaLand Ascendas REIT		25,700		54,485

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
CapitaLand Investment Ltd.		14,100		30,332
Grab Holdings Ltd., Class A *		15,321		76,452
Keppel Ltd.		9,100		62,061
Sembcorp Industries Ltd.		6,000		28,386
Singapore Exchange Ltd.		5,300		68,450
United Overseas Bank Ltd.		7,800		213,938

(Cost $412,403)				534,104

Spain – 2.7%
ACS Actividades de Construccion y Servicios SA		1,134		85,680
Aena Sme SA, 144A		4,713		136,480
Amadeus IT Group SA		2,826		236,841
Banco de Sabadell SA		31,236		118,643
Cellnex Telecom SA, 144A *		3,090		109,916
Endesa SA		1,958		59,680
Iberdrola SA		39,413		741,587
Redeia Corp. SA		2,424		47,128
Repsol SA		7,090		116,267

(Cost $1,224,032)				1,652,222

Sweden – 4.7%
AddTech AB, Class B		1,619		56,714
Alfa Laval AB		1,814		82,498
Assa Abloy AB, Class B		6,319		223,026
Atlas Copco AB, Class A		16,779		267,654
Atlas Copco AB, Class B		9,497		134,890
Boliden AB *		1,840		63,329
Epiroc AB, Class A		4,184		87,339
Epiroc AB, Class B		2,335		43,414
EQT AB		2,260		81,174
Essity AB, Class B		3,759		101,500
Evolution AB, 144A		929		80,475
H & M Hennes & Mauritz AB, Class B (b)		3,434		50,371
Holmen AB, Class B		515		20,043
Indutrade AB		1,725		42,897
Nibe Industrier AB, Class B		8,916		36,564
Sandvik AB		6,698		169,183
Skanska AB, Class B		2,140		53,082
SKF AB, Class B		2,043		52,380
Spotify Technology SA *		951		648,468
Svenska Cellulosa AB SCA, Class B		3,700		50,305
Svenska Handelsbanken AB, Class A		9,105		117,010
Tele2 AB, Class B		3,260		57,375
Telia Co. AB		14,334		53,453
Volvo AB, Class B		9,925		305,004

(Cost $2,492,603)				2,878,148

Switzerland – 9.5%
ABB Ltd.		9,772		656,481
Alcon, Inc.		3,118		248,410


	Number of Shares		Value $
Baloise Holding AG		248		64,370
Banque Cantonale Vaudoise		204		23,743
Chocoladefabriken Lindt &
Spruengli AG Participation Certificates		12		183,067
Coca-Cola HBC AG *		1,377		69,504
DSM-Firmenich AG		1,165		113,863
Geberit AG		211		154,794
Givaudan SA		58		244,616
Julius Baer Group Ltd.		1,277		92,213
Kuehne + Nagel International AG		298		60,715
Logitech International SA		929		96,057
Lonza Group AG		437		310,092
Novartis AG		11,820		1,496,416
SGS SA		1,006		102,684
SIG Group AG *		1,800		28,541
Sika AG		958		222,400
Sonova Holding AG		314		91,522
STMicroelectronics NV		2,879		78,350
STMicroelectronics NV, Class Y		1,383		37,327
Swiss Life Holding AG		179		193,550
Swiss Prime Site AG		518		72,088
Swiss Re AG		1,882		341,283
Swisscom AG		164		118,631
VAT Group AG, 144A		167		54,632
Zurich Insurance Group AG		914		668,471

(Cost $4,357,455)				5,823,820

United Kingdom – 14.1%
3i Group PLC		6,075		329,865
Admiral Group PLC		1,588		77,795
Anglo American PLC		6,988		215,069
Ashtead Group PLC		2,705		199,029
Associated British Foods PLC		1,999		58,336
AstraZeneca PLC		9,637		1,535,066
Auto Trader Group PLC, 144A		5,601		60,780
Aviva PLC		18,968		166,984
Barratt Redrow PLC		8,250		40,093
BT Group PLC		37,300		109,103
Bunzl PLC		1,972		66,660
Coca-Cola Europacific Partners PLC		1,455		129,291
HSBC Holdings PLC		108,451		1,387,131
Informa PLC		8,123		95,523
Intertek Group PLC		998		63,238
J Sainsbury PLC		11,234		45,442
Kingfisher PLC		11,206		38,970
Land Securities Group PLC REIT		4,484		33,562
Legal & General Group PLC		36,931		123,492
Lloyds Banking Group PLC		375,392		403,304
M&G PLC		14,211		50,899
Melrose Industries PLC		7,283		57,857
Mondi PLC		2,626		36,951

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
National Grid PLC		30,501		428,979
Pearson PLC		3,759		54,697
Phoenix Group Holdings PLC		4,637		42,695
Reckitt Benckiser Group PLC		4,258		318,128
RELX PLC		11,453		533,219
Rentokil Initial PLC		15,793		77,881
Sage Group PLC		6,145		90,203
Schroders PLC		5,075		26,055
Segro PLC REIT		7,901		66,930
Smiths Group PLC		2,048		65,189
Spirax Group PLC		422		41,592
SSE PLC		6,917		161,672
Tesco PLC		40,819		233,113
Unilever PLC		15,244		958,098
Vodafone Group PLC		125,328		149,615
Whitbread PLC		1,031		43,808
WPP PLC		6,558		34,634

(Cost $6,632,226)				8,650,948

TOTAL COMMON STOCKS

(Cost $47,777,619)				60,434,936

PREFERRED STOCKS – 0.2%

Germany – 0.2%
Henkel AG & Co. KGaA		1,016		85,696


	Number of Shares		Value $
Sartorius AG		148		34,335

(Cost $121,455)				120,031

EXCHANGE-TRADED FUNDS – 0.5%

iShares ESG Aware MSCI EAFE ETF (b)

(Cost $265,031)		3,150		286,020

SECURITIES LENDING COLLATERAL – 0.5%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)

(Cost $313,277)		313,277		313,277

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.25% (c)

(Cost $11,991)		11,991		11,991

TOTAL INVESTMENTS – 100.1%

(Cost $48,489,373)				61,166,255

Other assets and liabilities, net – (0.1%)				(41,844	)

NET ASSETS – 100.0%				61,124,411

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)
83,698		229,579	(e)		—			—		—		1,996		—		313,277		313,277

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)
41,263		2,053,552			(2,082,824	)		—		—		2,549		—		11,991		11,991
124,961		2,283,131			(2,082,824	)		—		—		4,545		—		325,268		325,268

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $303,144, which is 0.5% of net assets.

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

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

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

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025

CDI:	Chess Depositary Interests

REIT:

Real Estate Investment Trust

144A:

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation ($)
EURO STOXX 50 Index		EUR		3		187,989		188,287		9/19/2025		298
Micro EURO STOXX 50 Index		EUR		3		18,642		18,829		9/19/2025		187
MINI TOPIX Index		JPY		2		38,009		41,852		9/11/2025		3,843
Total unrealized appreciation												4,328

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

Currency Abbreviations

EUR

Euro

JPY	Japanese Yen

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	60,434,936	$	—	$	—	$	60,434,936
Preferred Stocks		120,031		—		—		120,031
Exchange-Traded Funds		286,020		—		—		286,020
Short-Term Investments (a)		325,268		—		—		325,268
Derivatives (b)
Futures Contracts		4,328		—		—		4,328
TOTAL	$	61,170,583	$	—	$	—	$	61,170,583

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

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

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 95.5%

Brazil – 2.0%
NU Holdings Ltd., Class A *		343,184		5,079,123
Petroleo Brasileiro SA		752,106		4,676,329

(Cost $9,222,338)				9,755,452

China – 24.3%
Bank of China Ltd., Class H		14,840,375		8,109,443
BYD Co. Ltd., Class H		433,800		6,365,787
China Construction Bank Corp., Class H		11,370,179		10,953,269
China Merchants Bank Co. Ltd., Class H		1,008,873		6,211,754
Industrial & Commercial Bank of China Ltd., Class H		9,471,365		7,010,111
JD.com, Inc., Class A		369,394		5,581,766
Meituan, Class B, 144A *		555,735		7,321,073
Ping An Insurance Group Co. of China Ltd., Class H		1,609,267		11,621,790
Tencent Holdings Ltd.		557,814		42,681,177
Xiaomi Corp., Class B, 144A *		1,622,737		11,000,936

(Cost $115,864,832)				116,857,106

Greece – 1.4%
Piraeus Financial Holdings SA *

(Cost $6,033,778)		870,249		6,733,127

Hong Kong – 4.6%
Alibaba Group Holding Ltd.

(Cost $21,251,587)		1,482,016		21,994,940

India – 15.5%
Axis Bank Ltd.		403,359		4,778,687
Bharti Airtel Ltd.		394,875		8,454,016
HDFC Bank Ltd.		1,105,304		11,922,123
Hindustan Unilever Ltd.		209,200		6,307,077
ICICI Bank Ltd.		600,613		9,516,061
Infosys Ltd.		442,267		7,367,177
Infosys Ltd., ADR (a)		6,651		111,870
Mahindra & Mahindra Ltd.		159,115		5,770,463
Power Grid Corp. of India Ltd.		1,618,281		5,048,922
Reliance Industries Ltd.		649,737		9,995,370
Tata Consultancy Services Ltd.		147,253		5,148,664

(Cost $75,874,950)				74,420,430

Ireland – 1.6%
PDD Holdings, Inc., ADR *

(Cost $7,235,341)		65,010		7,815,502

Kazakhstan – 0.0%
Solidcore Resources PLC * (b)

(Cost $30,722)		1,583		0

Mexico – 1.2%

Grupo Financiero Banorte SAB de CV, Class O

(Cost $5,851,874)		641,706		5,875,149


	Number of Shares		Value $
Russia – 0.0%
Gazprom PJSC * (b)		68,905		0
LUKOIL PJSC * (b)		2,409		0
Mobile TeleSystems PJSC, ADR * (b)		2,662		0
Moscow Exchange MICEX-RTS PJSC * (b)		8,602		0
Novatek PJSC * (b)		5,300		0
Novolipetsk Steel PJSC * (b)		8,462		0
PhosAgro PJSC * (b)		168		0
PhosAgro PJSC * (b)		4		0
PhosAgro PJSC, GDR * (b)		300		0
Polyus PJSC * (b)		1,930		0

(Cost $634,818)				0

Singapore – 1.4%
Trip.com Group Ltd.

(Cost $5,650,984)		92,272		6,841,232

South Africa – 3.8%
FirstRand Ltd.		1,330,443		5,595,098
Naspers Ltd., Class N		18,566		6,095,020
Standard Bank Group Ltd.		455,337		6,404,248

(Cost $17,352,113)				18,094,366

South Korea – 6.7%
Samsung Electronics Co. Ltd.		445,988		22,359,549
SK Hynix, Inc.		52,092		10,079,301

(Cost $26,058,534)				32,438,850

Taiwan – 31.8%
Cathay Financial Holding Co. Ltd.		3,103,004		6,242,652
CTBC Financial Holding Co. Ltd.		3,921,778		5,279,156
E.Sun Financial Holding Co. Ltd.		6,346,353		6,944,357
First Financial Holding Co. Ltd.		7,551,347		7,003,081
Fubon Financial Holding Co. Ltd.		2,439,100		6,694,270
Hon Hai Precision Industry Co. Ltd.		1,437,217		9,567,499
MediaTek, Inc.		148,424		6,651,757
Mega Financial Holding Co. Ltd.		4,949,003		6,483,834
SinoPac Financial Holdings Co. Ltd.		8,070,076		6,177,392
Taiwan Cooperative Financial Holding Co. Ltd.		8,932,562		6,925,259
Taiwan Semiconductor Manufacturing Co. Ltd.		1,885,353		71,542,206
TS Financial Holding Co. Ltd.		12,193,492		6,481,763
Yuanta Financial Holding Co. Ltd.		6,239,424		6,633,451

(Cost $138,022,833)				152,626,677

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

August 31, 2025


	Number of Shares		Value $
United States – 1.2%
Southern Copper Corp.

(Cost $5,804,970)		58,421		5,613,674

TOTAL COMMON STOCKS

(Cost $434,889,674)				459,066,505

PREFERRED STOCKS – 3.0%

Brazil – 3.0%
Itau Unibanco Holding SA		1,116,321		7,915,697
Itausa SA		3,303,967		6,829,371
Klabin SA		1		1

(Cost $12,856,451)				14,745,069

WARRANTS – 0.0%

Thailand – 0.0%
BTS Group Holdings PCL*, expires 11/20/26

(Cost $0)		6,100		4


	Number of Shares		Value $
SECURITIES LENDING COLLATERAL – 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)

(Cost $104,738)		104,738		104,738

CASH EQUIVALENTS – 1.0%

DWS Government Money Market Series “Institutional Shares”, 4.25% (c)

(Cost $4,591,293)		4,591,293		4,591,293

TOTAL INVESTMENTS – 99.5%

(Cost $452,442,156)				478,507,609

Other assets and liabilities, net – 0.5%				2,233,111

NET ASSETS – 100.0%				480,740,720

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


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)
34,336		70,402	(e)		—			—		—		63		—		104,738		104,738

CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)
203,173		377,736,474			(373,348,354	)		—		—		131,392		—		4,591,293		4,591,293
237,509		377,806,876			(373,348,354	)		—		—		131,455		—		4,696,031		4,696,031

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $101,745, which is 0.0% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

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

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

ADR:	American Depositary Receipt

GDR:	Global Depositary Receipt

PJSC:

Public Joint Stock Company

144A:

Securities are listed in country of domicile.

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation
(Depreciation) ($)

MSCI Emerging Markets Index

USD

100

6,192,491

6,324,500

9/19/2025

132,009

MSCI India Index

USD

129,855

122,030

9/19/2025

(7,825)

Total net unrealized appreciation

124,184

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

Currency Abbreviations

USD	U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	459,066,505	$	—	$	0	$	459,066,505
Preferred Stocks		14,745,069		—		—		14,745,069
Warrants		4		—		—		4
Short-Term Investments (a)		4,696,031		—		—		4,696,031
Derivatives (b)
Futures Contracts		132,009		—		—		132,009

TOTAL	$	478,639,618	$	—	$	0	$	478,639,618


Liabilities	Level 1		Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(7,825)	$	—	$	—	$	(7,825)

TOTAL	$	(7,825)	$	—	$	—	$	(7,825)

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

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

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 99.3%

Communication Services – 13.7%
Alphabet, Inc., Class A		437,821		93,216,469
Alphabet, Inc., Class C		369,481		78,895,278
AT&T, Inc.		590,837		17,305,616
Comcast Corp., Class A		308,937		10,494,590
Liberty Media Corp.-Liberty Formula One, Class C *		17,168		1,715,083
Meta Platforms, Inc., Class A		178,883		132,140,872
Netflix, Inc. *		35,055		42,355,204
Pinterest, Inc., Class A *		50,936		1,865,785
Snap, Inc., Class A *		92,184		658,194
T-Mobile US, Inc.		41,517		10,461,869
Verizon Communications, Inc.		347,025		15,348,916
Walt Disney Co.		148,727		17,606,302

(Cost $279,839,041)				422,064,178

Consumer Discretionary – 12.4%
Airbnb, Inc., Class A *		35,745		4,665,795
Amazon.com, Inc. *		654,251		149,823,479
Booking Holdings, Inc.		2,702		15,128,633
Chipotle Mexican Grill, Inc. *		110,552		4,658,661
Deckers Outdoor Corp. *		13,354		1,597,539
DoorDash, Inc., Class A *		29,486		7,231,442
eBay, Inc.		38,525		3,490,750
Flutter Entertainment PLC *		14,517		4,459,187
General Motors Co.		79,077		4,633,121
Hilton Worldwide Holdings, Inc.		19,409		5,358,049
Home Depot, Inc.		81,904		33,316,090
Hyatt Hotels Corp., Class A		4,119		594,289
Las Vegas Sands Corp.		28,647		1,650,927
Lululemon Athletica, Inc. *		9,407		1,902,095
Marriott International, Inc., Class A		18,966		5,080,233
McDonald’s Corp.		58,791		18,433,330
MercadoLibre, Inc. *		3,788		9,367,383
NIKE, Inc., Class B		96,117		7,436,572
Royal Caribbean Cruises Ltd.		21,588		7,841,193
Starbucks Corp.		93,315		8,229,450
Tesla, Inc. *		238,330		79,571,237
Tractor Supply Co.		44,864		2,770,801
Ulta Beauty, Inc. *		3,800		1,872,374
Williams-Sonoma, Inc.		10,316		1,941,368
Yum! Brands, Inc.		22,781		3,348,124

(Cost $303,199,491)				384,402,122

Consumer Staples – 4.6%
Church & Dwight Co., Inc.		19,734		1,838,419
Clorox Co.		10,791		1,275,496
Coca-Cola Co.		336,092		23,186,987
Colgate-Palmolive Co.		64,835		5,450,678


	Number of Shares		Value $
Constellation Brands, Inc., Class A		11,420		1,849,355
Estee Lauder Cos., Inc., Class A		19,993		1,833,958
General Mills, Inc.		43,042		2,123,262
Hershey Co.		11,774		2,163,472
Kellanova		24,009		1,908,716
Keurig Dr Pepper, Inc.		109,465		3,184,337
Kimberly-Clark Corp.		26,987		3,485,101
McCormick & Co., Inc.		22,300		1,569,251
Molson Coors Beverage Co., Class B		15,786		797,035
Mondelez International, Inc., Class A		105,864		6,504,284
PepsiCo, Inc.		112,178		16,675,260
Procter & Gamble Co.		192,751		30,269,617
Target Corp.		36,666		3,519,203
Walmart, Inc.		362,874		35,191,521

(Cost $139,751,613)				142,825,952

Energy – 3.2%
Baker Hughes Co.		84,399		3,831,715
Chevron Corp.		161,031		25,861,579
Diamondback Energy, Inc.		16,575		2,465,697
EOG Resources, Inc.		44,546		5,560,232
EQT Corp.		46,170		2,393,453
Exxon Mobil Corp.		355,720		40,655,239
Halliburton Co.		73,076		1,661,017
Kinder Morgan, Inc.		168,341		4,541,840
Occidental Petroleum Corp.		60,235		2,867,788
ONEOK, Inc.		52,501		4,010,026
Schlumberger NV		123,502		4,549,814

(Cost $95,859,287)				98,398,400

Financials – 14.7%
American Express Co.		45,888		15,201,777
American International Group, Inc.		48,856		3,972,970
Apollo Global Management, Inc.		35,919		4,893,245
Arch Capital Group Ltd.		32,428		2,968,135
Arthur J Gallagher & Co.		21,050		6,372,888
Bank of America Corp.		586,185		29,743,027
Bank of New York Mellon Corp.		59,067		6,237,475
Blackrock, Inc.		12,087		13,623,741
Block, Inc. *		45,960		3,660,254
Carlyle Group, Inc.		19,863		1,282,355
Cboe Global Markets, Inc.		8,772		2,069,753
Charles Schwab Corp.		142,054		13,614,455
Chubb Ltd.		31,374		8,630,046
Cincinnati Financial Corp.		12,593		1,934,285
Citigroup, Inc.		150,852		14,567,778
CME Group, Inc.		29,891		7,966,250
FactSet Research Systems, Inc. (a)		3,311		1,236,063

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Fidelity National Information Services, Inc.		43,373		3,027,869
Fiserv, Inc. *		45,935		6,347,298
Global Payments, Inc.		19,728		1,752,241
Goldman Sachs Group, Inc.		25,190		18,772,848
Hartford Insurance Group, Inc.		24,217		3,204,151
Intercontinental Exchange, Inc.		47,240		8,342,584
Jack Henry & Associates, Inc.		6,305		1,029,354
JPMorgan Chase & Co.		228,611		68,907,928
Markel Group, Inc. *		1,010		1,978,651
Marsh & McLennan Cos., Inc.		40,357		8,305,874
Mastercard, Inc., Class A		70,408		41,913,178
Moody’s Corp.		13,196		6,726,793
Morgan Stanley		99,447		14,964,785
Nasdaq, Inc.		34,743		3,291,552
Northern Trust Corp.		16,450		2,159,556
PayPal Holdings, Inc. *		77,000		5,404,630
Progressive Corp.		48,293		11,931,269
Robinhood Markets, Inc., Class A *		60,012		6,243,048
S&P Global, Inc.		25,762		14,128,911
State Street Corp.		23,356		2,685,239
Travelers Cos., Inc.		18,662		5,066,920
US Bancorp		126,988		6,200,824
Visa, Inc., Class A		140,717		49,501,426
Wells Fargo & Co.		264,475		21,734,556
Willis Towers Watson PLC		8,124		2,654,842

(Cost $331,945,832)				454,250,824

Health Care – 10.5%
Abbott Laboratories		142,609		18,918,510
AbbVie, Inc.		145,659		30,646,654
Agilent Technologies, Inc.		23,822		2,993,473
Alnylam Pharmaceuticals, Inc. *		10,670		4,764,262
Amgen, Inc.		44,171		12,708,438
Becton Dickinson & Co.		23,427		4,520,943
Biogen, Inc. *		12,932		1,709,869
Boston Scientific Corp. *		121,074		12,773,307
Bristol-Myers Squibb Co.		167,235		7,890,147
Danaher Corp.		52,745		10,855,976
DaVita, Inc. *		2,625		361,620
Edwards Lifesciences Corp. *		47,919		3,897,732
Elevance Health, Inc.		18,483		5,889,608
Eli Lilly & Co.		66,345		48,603,020
Gilead Sciences, Inc.		102,588		11,589,366
Humana, Inc.		10,335		3,138,326
IDEXX Laboratories, Inc. *		6,794		4,396,330
Illumina, Inc. *		13,540		1,353,458
IQVIA Holdings, Inc. *		14,126		2,695,382
Johnson & Johnson		198,530		35,173,560
Labcorp Holdings, Inc.		7,105		1,975,119
McKesson Corp.		10,377		7,125,263


	Number of Shares		Value $
Merck & Co., Inc.		206,850		17,400,222
Mettler-Toledo International, Inc. *		1,686		2,193,553
Pfizer, Inc.		465,243		11,519,417
Regeneron Pharmaceuticals, Inc.		8,743		5,077,060
Thermo Fisher Scientific, Inc.		30,921		15,235,395
UnitedHealth Group, Inc.		74,628		23,124,978
Vertex Pharmaceuticals, Inc. *		21,146		8,268,509
Waters Corp. *		5,213		1,573,283
Zimmer Biomet Holdings, Inc.		17,569		1,864,071
Zoetis, Inc.		36,444		5,699,842

(Cost $328,367,457)				325,936,693

Industrials – 6.8%
3M Co.		44,238		6,880,336
AECOM		11,774		1,470,455
AMETEK, Inc.		19,107		3,530,974
Automatic Data Processing, Inc.		33,659		10,234,019
Booz Allen Hamilton Holding Corp.		10,309		1,120,794
Broadridge Financial Solutions, Inc.		10,037		2,565,658
Carlisle Cos., Inc.		3,614		1,394,606
Carrier Global Corp.		63,607		4,147,176
Caterpillar, Inc.		38,414		16,097,003
Cintas Corp.		29,650		6,227,389
CSX Corp.		151,752		4,933,458
Cummins, Inc.		11,214		4,468,106
Deere & Co.		21,258		10,174,929
Dover Corp.		12,025		2,150,791
Eaton Corp. PLC		32,102		11,208,092
Emerson Electric Co.		46,146		6,091,272
Equifax, Inc.		10,653		2,623,834
FedEx Corp.		18,589		4,295,360
Fortive Corp.		26,696		1,277,671
IDEX Corp.		6,565		1,079,943
Ingersoll Rand, Inc.		32,711		2,598,235
Jacobs Solutions, Inc.		9,695		1,417,700
Johnson Controls International PLC		55,631		5,946,398
Lennox International, Inc.		2,513		1,401,902
Norfolk Southern Corp.		18,393		5,149,672
Old Dominion Freight Line, Inc.		16,145		2,437,411
PACCAR, Inc.		42,567		4,255,849
Paychex, Inc.		26,513		3,697,370
Paycom Software, Inc.		4,384		995,826
Quanta Services, Inc.		12,524		4,733,571
Republic Services, Inc.		18,420		4,309,727
Rockwell Automation, Inc.		9,231		3,170,202
Trane Technologies PLC		18,372		7,635,403
TransUnion		16,775		1,482,910
Uber Technologies, Inc. *		163,806		15,356,813
Union Pacific Corp.		49,069		10,970,356

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
United Parcel Service, Inc., Class B		61,343		5,363,832
Veralto Corp.		20,598		2,187,302
Verisk Analytics, Inc.		11,392		3,054,423
Vertiv Holdings Co., Class A		29,667		3,784,026
Waste Connections, Inc.		21,017		3,884,152
Waste Management, Inc.		32,970		7,464,078
Westinghouse Air Brake Technologies Corp.		13,745		2,659,658
Xylem, Inc.		20,613		2,917,976


(Cost $179,641,170)				208,846,658

Information Technology – 27.4%
Accenture PLC, Class A		67,021		17,423,449
Adobe, Inc. *		45,611		16,269,444
Advanced Micro Devices, Inc. *		173,867		28,275,990
Analog Devices, Inc.		53,084		13,340,540
Atlassian Corp., Class A *		17,502		3,111,506
Autodesk, Inc. *		22,737		7,155,334
Bentley Systems, Inc., Class B		16,247		904,146
Cadence Design Systems, Inc. *		29,355		10,286,873
Cisco Systems, Inc.		426,252		29,449,751
Cloudflare, Inc., Class A *		33,012		6,889,934
Cognizant Technology Solutions Corp., Class A		52,953		3,825,854
Crowdstrike Holdings, Inc., Class A *		26,539		11,244,574
Datadog, Inc., Class A *		30,560		4,176,941
Dell Technologies, Inc., Class C		34,491		4,213,076
Docusign, Inc. *		21,528		1,650,336
Fortinet, Inc. *		69,974		5,511,852
Gartner, Inc. *		8,174		2,053,227
Gen Digital, Inc.		55,396		1,672,959
GoDaddy, Inc., Class A *		15,085		2,237,256
Hewlett Packard Enterprise Co.		140,252		3,165,488
HubSpot, Inc. *		5,280		2,551,138
International Business Machines Corp.		99,357		24,192,436
Intuit, Inc.		29,921		19,957,307
Marvell Technology, Inc.		92,509		5,815,578
Microsoft Corp.		378,861		191,965,080
NVIDIA Corp.		1,291,523		224,957,476
Okta, Inc. *		17,717		1,643,606
Oracle Corp.		181,528		41,048,927
Palantir Technologies, Inc., Class A *		242,618		38,020,667
Palo Alto Networks, Inc. *		71,447		13,612,082
PTC, Inc. *		12,648		2,700,348
QUALCOMM, Inc.		115,908		18,629,893
Roper Technologies, Inc.		11,489		6,046,776
Salesforce, Inc.		102,434		26,248,712
ServiceNow, Inc. *		22,153		20,324,491
Snowflake, Inc. *		33,926		8,096,779


	Number of Shares		Value $
Super Micro Computer, Inc. *		53,822		2,235,766
Synopsys, Inc. *		19,866		11,989,528
Trimble, Inc. *		25,845		2,088,793
Twilio, Inc., Class A *		15,504		1,637,377
Workday, Inc., Class A *		23,023		5,314,169
Zscaler, Inc. *		10,696		2,963,327

(Cost $629,348,329)				844,898,786

Materials – 1.6%
Avery Dennison Corp.		6,971		1,196,572
Ball Corp.		21,043		1,107,704
Corteva, Inc.		56,021		4,156,198
CRH PLC		55,745		6,296,398
Crown Holdings, Inc.		10,282		1,021,825
DuPont de Nemours, Inc.		35,844		2,757,121
Ecolab, Inc.		21,362		5,918,128
Martin Marietta Materials, Inc.		4,951		3,051,796
Newmont Corp.		92,626		6,891,374
PPG Industries, Inc.		17,431		1,938,850
Sherwin-Williams Co.		19,610		7,173,926
Smurfit WestRock PLC		43,485		2,059,450
Steel Dynamics, Inc.		11,849		1,551,271
Vulcan Materials Co.		10,662		3,104,348

(Cost $39,727,458)				48,224,961

Real Estate – 2.2%
American Tower Corp. REIT		38,381		7,823,967
AvalonBay Communities, Inc. REIT		12,002		2,350,592
BXP, Inc. REIT		12,528		908,405
CBRE Group, Inc., Class A *		24,247		3,930,924
Crown Castle, Inc. REIT		35,368		3,506,383
Digital Realty Trust, Inc. REIT		28,095		4,709,846
Equinix, Inc. REIT		8,096		6,364,994
Equity Residential REIT		29,210		1,931,365
Healthpeak Properties, Inc. REIT		53,147		953,457
Iron Mountain, Inc. REIT		24,791		2,288,953
Kimco Realty Corp. REIT		56,310		1,266,412
Prologis, Inc. REIT		75,644		8,606,774
Public Storage REIT		13,131		3,868,261
Realty Income Corp. REIT		73,147		4,298,118
Regency Centers Corp. REIT		14,884		1,079,090
Simon Property Group, Inc. REIT		27,189		4,911,965
Welltower, Inc. REIT		53,773		9,048,920
Zillow Group, Inc., Class C *		12,957		1,092,405

(Cost $63,841,699)				68,940,831

Utilities – 2.2%
American Water Works Co., Inc.		16,748		2,403,506
Consolidated Edison, Inc.		30,332		2,979,512
Constellation Energy Corp.		25,877		7,969,599
Dominion Energy, Inc.		68,349		4,094,105
Duke Energy Corp.		63,455		7,772,603
Edison International		31,306		1,757,206

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Essential Utilities, Inc.		21,989		868,785
Eversource Energy		30,655		1,964,066
Exelon Corp.		82,196		3,590,321
NextEra Energy, Inc.		168,907		12,169,749
NiSource, Inc.		38,416		1,623,844
Public Service Enterprise Group, Inc.		40,180		3,308,020
Sempra		55,212		4,558,303
Southern Co.		89,507		8,261,496
Xcel Energy, Inc.		48,449		3,507,223

(Cost $60,449,014)				66,828,338


	Number of Shares		Value $
TOTAL COMMON STOCKS

(Cost $2,451,970,391)				3,065,617,743

CASH EQUIVALENTS – 0.6%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)

(Cost $17,078,016)		17,078,016		17,078,016

TOTAL INVESTMENTS – 99.9%

(Cost $2,469,048,407)				3,082,695,759

Other assets and liabilities, net – 0.1%				3,989,702

NET ASSETS – 100.0%				3,086,685,461

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
—		—		—			—		—		68		—		—		—
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 4.25% (b)
3,995,298		50,763,311		(37,680,593	)		—		—		381,750		—		17,078,016		17,078,016
3,995,298		50,763,311		(37,680,593	)		—		—		381,818		—		17,078,016		17,078,016

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $1,231,956, which is 0.0% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,264,878.

REIT:

Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation ($)
E-Mini S&P 500 ESG Index	USD	28		7,492,480		7,884,800		9/19/2025		392,320
E-Mini S&P 500 Index	USD	34		10,590,775		11,003,675		9/19/2025		412,900
E-Mini S&P Mid 400 Index	USD	6		1,853,533		1,955,100		9/19/2025		101,567
Total unrealized appreciation										906,787

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

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	3,065,617,743	$	—	$	—	$	3,065,617,743
Short-Term Investments (a)		17,078,016		—		—		17,078,016
Derivatives (b)
Futures Contracts		906,787		—		—		906,787

TOTAL	$	3,083,602,546	$	—	$	—	$	3,083,602,546

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

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

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 99.4%

Communication Services – 10.0%
Alphabet, Inc., Class A		114,030		24,278,127
Alphabet, Inc., Class C		96,306		20,564,220
Charter Communications, Inc., Class A *		1,821		483,621
Comcast Corp., Class A		72,561		2,464,897
Electronic Arts, Inc.		4,684		805,414
Fox Corp., Class A		4,546		271,396
Fox Corp., Class B		2,285		124,647
Omnicom Group, Inc.		4,024		315,200
Take-Two Interactive Software, Inc. *		3,662		854,235
Verizon Communications, Inc.		81,978		3,625,887
Walt Disney Co.		35,234		4,171,001

(Cost $48,591,544)				57,958,645

Consumer Discretionary – 9.8%
Aptiv PLC *		4,576		363,929
AutoZone, Inc. *		323		1,356,125
Best Buy Co., Inc.		3,932		289,552
Booking Holdings, Inc.		639		3,577,793
Burlington Stores, Inc. *		1,185		344,456
D.R. Horton, Inc.		5,420		918,582
Darden Restaurants, Inc.		2,262		468,098
Deckers Outdoor Corp. *		2,957		353,746
Dick’s Sporting Goods, Inc.		1,071		227,909
eBay, Inc.		9,035		818,661
Garmin Ltd.		3,213		776,968
Genuine Parts Co.		2,678		373,126
Hilton Worldwide Holdings, Inc.		4,717		1,302,175
Home Depot, Inc.		19,463		7,916,964
Lowe’s Cos., Inc.		10,959		2,828,080
Lululemon Athletica, Inc. *		2,227		450,299
McDonald’s Corp.		14,052		4,405,864
MercadoLibre, Inc. *		890		2,200,890
NVR, Inc. *		52		422,118
O’Reilly Automotive, Inc. *		16,867		1,748,771
Pool Corp.		669		207,865
PulteGroup, Inc.		3,959		522,667
Rivian Automotive, Inc., Class A *		15,367		208,530
Tesla, Inc. *		56,788		18,959,810
TJX Cos., Inc.		21,702		2,964,710
Tractor Supply Co.		10,323		637,548
Ulta Beauty, Inc. *		919		452,819
Williams-Sonoma, Inc.		2,503		471,040
Yum! Brands, Inc.		5,529		812,597

(Cost $50,909,884)				56,381,692

Consumer Staples – 4.8%
Albertsons Cos., Inc., Class A		6,646		129,331


	Number of Shares		Value $
Bunge Global SA		2,765		232,868
Church & Dwight Co., Inc.		4,827		449,683
Clorox Co.		2,525		298,455
Coca-Cola Co.		80,004		5,519,476
Colgate-Palmolive Co.		15,202		1,278,032
Dollar General Corp.		4,105		446,460
Estee Lauder Cos., Inc., Class A		4,357		399,668
General Mills, Inc.		10,974		541,348
Hormel Foods Corp.		5,747		146,204
J M Smucker Co.		2,210		244,227
Kellanova		5,278		419,601
Kenvue, Inc.		37,527		777,184
Keurig Dr Pepper, Inc.		25,230		733,941
Kimberly-Clark Corp.		6,538		844,317
Kroger Co.		12,162		825,070
McCormick & Co., Inc.		5,209		366,557
Monster Beverage Corp. *		14,278		891,090
PepsiCo, Inc.		26,826		3,987,685
Procter & Gamble Co.		46,128		7,243,941
Sysco Corp.		9,615		773,719
Target Corp.		9,077		871,211

(Cost $29,351,038)				27,420,068

Energy – 1.7%
Baker Hughes Co.		18,997		862,464
Cheniere Energy, Inc.		4,465		1,079,726
Halliburton Co.		17,602		400,094
Marathon Petroleum Corp.		6,000		1,078,260
ONEOK, Inc.		12,309		940,161
Phillips 66		7,968		1,064,365
Schlumberger NV		29,328		1,080,444
Targa Resources Corp.		4,113		689,997
Valero Energy Corp.		6,096		926,653
Williams Cos., Inc.		23,981		1,388,020

(Cost $8,254,563)				9,510,184

Financials – 12.8%
Aflac, Inc.		10,210		1,091,041
Allstate Corp.		5,186		1,055,092
American Express Co.		10,963		3,631,823
Ameriprise Financial, Inc.		1,893		974,535
Annaly Capital Management, Inc. REIT		10,317		218,617
Arch Capital Group Ltd.		7,253		663,867
Bank of New York Mellon Corp.		14,080		1,486,848
Blackrock, Inc.		2,891		3,258,562
Capital One Financial Corp.		12,516		2,843,886
Cboe Global Markets, Inc.		2,107		497,147
Charles Schwab Corp.		33,667		3,226,645
Citizens Financial Group, Inc.		8,425		440,459
Equitable Holdings, Inc.		6,252		332,982
FactSet Research Systems, Inc.		741		276,630

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Fidelity National Information Services, Inc.		10,675		745,222
Fiserv, Inc. *		10,884		1,503,951
Hartford Insurance Group, Inc.		5,377		711,431
Huntington Bancshares, Inc.		28,426		506,267
Intercontinental Exchange, Inc.		11,360		2,006,176
KeyCorp		17,570		340,155
LPL Financial Holdings, Inc.		1,563		569,682
Marsh & McLennan Cos., Inc.		9,673		1,990,800
Mastercard, Inc., Class A		16,780		9,988,966
Moody’s Corp.		3,173		1,617,468
Morgan Stanley		23,583		3,548,770
Nasdaq, Inc.		8,404		796,195
Northern Trust Corp.		3,842		504,378
PayPal Holdings, Inc. *		17,786		1,248,399
PNC Financial Services Group, Inc.		7,750		1,607,660
Principal Financial Group, Inc.		4,484		361,007
Progressive Corp.		11,502		2,841,684
Prudential Financial, Inc.		7,004		768,059
Raymond James Financial, Inc.		3,697		626,420
Regions Financial Corp.		17,955		491,787
S&P Global, Inc.		6,158		3,377,294
State Street Corp.		5,515		634,060
Synchrony Financial		7,489		571,710
T. Rowe Price Group, Inc.		4,349		468,039
Travelers Cos., Inc.		4,469		1,213,378
Truist Financial Corp.		26,115		1,222,704
US Bancorp		30,430		1,485,897
Visa, Inc., Class A		33,512		11,788,851
Willis Towers Watson PLC		1,884		615,672

(Cost $57,334,185)				74,150,216

Health Care – 9.7%
Agilent Technologies, Inc.		5,673		712,869
Align Technology, Inc. *		1,441		204,564
Alnylam Pharmaceuticals, Inc. *		2,508		1,119,847
Amgen, Inc.		10,517		3,025,846
Biogen, Inc. *		2,738		362,018
Bristol-Myers Squibb Co.		39,630		1,869,743
Cencora, Inc.		3,601		1,050,088
Cigna Group		5,271		1,585,886
Cooper Cos., Inc. *		3,731		251,451
Danaher Corp.		12,591		2,591,480
DaVita, Inc. *		948		130,596
Dexcom, Inc. *		7,576		570,776
Edwards Lifesciences Corp. *		11,322		920,931
Elevance Health, Inc.		4,395		1,400,467
Eli Lilly & Co.		15,750		11,538,135
Gilead Sciences, Inc.		24,186		2,732,292
HCA Healthcare, Inc.		3,584		1,447,793
Hologic, Inc. *		4,513		302,913


	Number of Shares		Value $
Humana, Inc.		2,416		733,643
IDEXX Laboratories, Inc. *		1,579		1,021,755
Incyte Corp. *		3,170		268,214
Insulet Corp. *		1,388		471,753
IQVIA Holdings, Inc. *		3,374		643,793
Johnson & Johnson		47,041		8,334,254
Labcorp Holdings, Inc.		1,657		460,629
Merck & Co., Inc.		49,525		4,166,043
Mettler-Toledo International, Inc. *		410		533,426
Molina Healthcare, Inc. *		1,134		205,061
Neurocrine Biosciences, Inc. *		2,020		281,992
Quest Diagnostics, Inc.		2,181		396,157
Revvity, Inc.		2,315		208,605
Royalty Pharma PLC, Class A		7,100		255,458
Solventum Corp. *		2,821		206,187
STERIS PLC		2,024		496,001
Veeva Systems, Inc., Class A *		2,977		801,408
Vertex Pharmaceuticals, Inc. *		5,025		1,964,876
Waters Corp. *		1,187		358,237
West Pharmaceutical Services, Inc.		1,501		370,672
Zimmer Biomet Holdings, Inc.		3,951		419,201
Zoetis, Inc.		8,782		1,373,505

(Cost $59,132,707)				55,788,565

Industrials – 8.1%
3M Co.		10,477		1,629,488
Allegion PLC		1,860		315,828
Automatic Data Processing, Inc.		7,986		2,428,143
Axon Enterprise, Inc. *		1,442		1,077,592
Broadridge Financial Solutions, Inc.		2,246		574,123
C.H. Robinson Worldwide, Inc.		2,236		287,773
Carrier Global Corp.		14,968		975,914
Caterpillar, Inc.		9,278		3,887,853
Cintas Corp.		7,170		1,505,915
CNH Industrial NV		16,427		188,089
CSX Corp.		36,201		1,176,894
Cummins, Inc.		2,676		1,066,225
Deere & Co.		5,048		2,416,175
Delta Air Lines, Inc.		2,802		173,108
Dover Corp.		2,653		474,516
Eaton Corp. PLC		7,692		2,685,585
EMCOR Group, Inc.		912		565,440
Expeditors International of Washington, Inc.		2,853		343,901
Ferguson Enterprises, Inc.		3,956		914,429
Fortive Corp.		6,826		326,692
GE Aerospace.		20,836		5,734,067
Graco, Inc.		3,359		286,825
Hubbell, Inc.		1,031		444,351
IDEX Corp.		1,457		239,676

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Illinois Tool Works, Inc.		5,342		1,413,760
Ingersoll Rand, Inc.		7,699		611,532
JB Hunt Transport Services, Inc.		1,612		233,724
Johnson Controls International PLC		13,059		1,395,877
Lennox International, Inc.		612		341,410
Old Dominion Freight Line, Inc.		3,830		578,215
Owens Corning		1,671		250,934
Paychex, Inc.		6,406		893,349
Pentair PLC		3,251		349,580
Quanta Services, Inc.		2,844		1,074,918
Rockwell Automation, Inc.		2,255		774,435
Trane Technologies PLC		4,390		1,824,484
TransUnion		3,719		328,760
Union Pacific Corp.		11,599		2,593,188
United Parcel Service, Inc., Class B		14,141		1,236,489
United Rentals, Inc.		1,264		1,208,814
Veralto Corp.		4,736		502,916
W.W. Grainger, Inc.		896		908,096
Xylem, Inc.		4,716		667,597

(Cost $38,561,676)				46,906,680

Information Technology – 37.0%
Accenture PLC, Class A		12,215		3,175,534
Adobe, Inc. *		8,311		2,964,534
Advanced Micro Devices, Inc. *		31,930		5,192,776
Akamai Technologies, Inc. *		2,999		237,311
Analog Devices, Inc.		9,697		2,436,953
Applied Materials, Inc.		15,870		2,551,261
Atlassian Corp., Class A *		3,199		568,718
Autodesk, Inc. *		4,210		1,324,887
Cadence Design Systems, Inc. *		5,392		1,889,519
Docusign, Inc. *		3,993		306,103
Fair Isaac Corp. *		482		733,430
First Solar, Inc. *		1,958		382,182
Gartner, Inc. *		1,543		387,586
Hewlett Packard Enterprise Co.		25,360		572,375
HP, Inc.		18,683		533,213
HubSpot, Inc. *		961		464,326
Intel Corp. *		84,314		2,053,046
International Business Machines Corp.		18,101		4,407,412
Intuit, Inc.		5,500		3,668,500
Keysight Technologies, Inc. *		3,457		564,978
Lam Research Corp.		25,103		2,514,065
Marvell Technology, Inc.		16,855		1,059,590
Microsoft Corp.		138,394		70,122,856
NetApp, Inc.		4,045		456,236
NVIDIA Corp.		478,070		83,270,233
NXP Semiconductors NV		4,983		1,170,258
Palo Alto Networks, Inc. *		13,066		2,489,334


	Number of Shares		Value $
PTC, Inc. *		2,267		484,005
Salesforce, Inc.		18,791		4,815,194
Seagate Technology Holdings PLC		4,123		690,190
ServiceNow, Inc. *		4,033		3,700,116
Synopsys, Inc. *		3,622		2,185,949
Texas Instruments, Inc.		17,854		3,615,078
Trimble, Inc. *		4,693		379,288
Twilio, Inc., Class A *		3,035		320,526
Western Digital Corp.		6,866		551,614
Workday, Inc., Class A *		4,152		958,365
Zscaler, Inc. *		1,984		549,667

(Cost $147,704,163)				213,747,208

Materials – 2.3%
Avery Dennison Corp.		1,459		250,437
Ball Corp.		5,561		292,731
CRH PLC		13,307		1,503,026
Ecolab, Inc.		4,992		1,382,984
International Flavors & Fragrances, Inc.		4,969		335,457
International Paper Co.		9,746		484,181
Linde PLC		9,198		4,399,311
LyondellBasell Industries NV, Class A		5,182		292,006
Martin Marietta Materials, Inc.		1,174		723,654
Newmont Corp.		21,592		1,606,445
Nucor Corp.		4,534		674,342
PPG Industries, Inc.		4,610		512,770
Smurfit WestRock PLC		10,446		494,722
Steel Dynamics, Inc.		2,855		373,777

(Cost $12,368,545)				13,325,843

Real Estate – 2.1%
American Tower Corp. REIT		9,189		1,873,178
BXP, Inc. REIT		3,173		230,074
CBRE Group, Inc., Class A *		5,962		966,559
Crown Castle, Inc. REIT		8,390		831,785
Digital Realty Trust, Inc. REIT		6,457		1,082,452
Equinix, Inc. REIT		1,881		1,478,823
Healthpeak Properties, Inc. REIT		13,144		235,803
Iron Mountain, Inc. REIT		5,867		541,700
Prologis, Inc. REIT		18,153		2,065,448
SBA Communications Corp. REIT		2,066		423,220
Welltower, Inc. REIT		12,668		2,131,771
Weyerhaeuser Co. REIT		13,787		356,670

(Cost $13,237,956)				12,217,483

Utilities – 1.1%
American Water Works Co., Inc.		3,846		551,939
Atmos Energy Corp.		2,986		496,064
CMS Energy Corp.		5,816		416,251
Consolidated Edison, Inc.		7,042		691,736

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Edison International		7,652		429,507
Essential Utilities, Inc.		6,173		243,895
Eversource Energy		7,083		453,808
Exelon Corp.		19,734		861,981
NiSource, Inc.		8,848		374,005
NRG Energy, Inc.		3,860		561,862
Sempra		12,737		1,051,567

(Cost $5,893,881)				6,132,615

TOTAL COMMON STOCKS

(Cost $471,340,142)				573,539,199


	Number of Shares		Value $
EXCHANGE-TRADED FUNDS – 0.1%

Xtrackers S&P 500 Scored & Screened ETF (a)
(Cost $786,824)		16,000		929,760

CASH EQUIVALENTS – 0.4%
DWS Government Money Market Series “Institutional Shares”, 4.24% (b)

(Cost $2,035,890)		2,035,890		2,035,890

TOTAL INVESTMENTS – 99.9%

(Cost $474,162,856)				576,504,849

Other assets and liabilities,net – 0.1%				683,281

NET ASSETS – 100.0%				577,188,130

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


Value ($) at 8/31/2024	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/(Loss) ($)	Net Change in Unrealized Appreciation (Depreciation) ($)	Income ($)	Capital Gain Distributions ($)	Number of Shares at 8/31/2025	Value ($) at 8/31/2025
EXCHANGE-TRADED FUNDS – 0.1%
Xtrackers S&P 500 Scored & Screened ETF (a)
—	1,328,407	(532,922)	(8,661)	142,936	5,267	—	16,000	929,760
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (b)(c)
354,960	—	(354,960) (d)	—	—	125	—	—	—
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 4.24% (b)
1,394,044	14,575,560	(13,933,714)	—	—	130,415	—	2,035,890	2,035,890
1,749,004	15,903,967	(14,821,596)	(8,661)	142,936	135,807	—	2,051,890	2,965,650

*	Non-income producing security.

(a)	Affiliated fund advised by DBX Advisors LLC.

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

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

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

REIT:

Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation ($)
E-Mini S&P 500 Index		USD		3		936,155		970,913		9/19/2025		34,758
E-Mini S&P Mid 400 Index		USD		1		306,424		325,850		9/19/2025		19,426
Micro E-Mini S&P 500 Index		USD		40		1,262,790		1,294,550		9/19/2025		31,760

Total unrealized appreciation												85,944

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	573,539,199	$	—	$	—	$	573,539,199
Exchange-Traded Funds		929,760		—		—		929,760
Short-Term Investments (a)		2,035,890		—		—		2,035,890
Derivatives (b)
Futures Contracts		85,944		—		—		85,944

TOTAL	$	576,590,793	$	—	$	—	$	576,590,793

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

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

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 99.7%
Communication Services – 10.8%
Alphabet, Inc., Class A		28,542		6,076,877
Alphabet, Inc., Class C		25,034		5,345,510
AT&T, Inc.		35,989		1,054,118
Charter Communications, Inc., Class A *		477		126,682
Comcast Corp., Class A		19,173		651,307
Electronic Arts, Inc.		1,282		220,440
Fox Corp., Class A		1,198		71,521
Fox Corp., Class B		864		47,131
Live Nation Entertainment, Inc. *		890		148,176
Meta Platforms, Inc., Class A		11,068		8,175,932
Netflix, Inc. *		2,057		2,485,370
Pinterest, Inc., Class A *		3,972		145,494
ROBLOX Corp., Class A *		3,079		383,613
Spotify Technology SA *		799		544,822
Take-Two Interactive Software, Inc. *		888		207,144
T-Mobile US, Inc.		2,485		626,195
Trade Desk, Inc., Class A *		2,378		129,981
Verizon Communications, Inc.		21,465		949,397
Walt Disney Co.		9,030		1,068,971
Warner Bros Discovery, Inc. *		11,675		135,897
Warner Music Group Corp., Class A		1,131		37,719

(Cost $17,387,295)				28,632,297

Consumer Discretionary – 11.2%
Airbnb, Inc., Class A *		2,276		297,086
Amazon.com, Inc. *		47,253		10,820,937
AutoZone, Inc. *		146		612,985
Booking Holdings, Inc.		167		935,041
Chipotle Mexican Grill, Inc. *		7,082		298,436
D.R. Horton, Inc.		2,640		447,427
Domino’s Pizza, Inc.		186		85,244
DoorDash, Inc., Class A *		2,541		623,180
eBay, Inc.		5,124		464,286
Expedia Group, Inc.		751		161,315
Ford Motor Co.		15,384		181,070
Garmin Ltd.		1,767		427,296
General Motors Co.		3,863		226,333
Genuine Parts Co.		2,170		302,346
Home Depot, Inc.		5,321		2,164,423
Lennar Corp., Class A		2,747		365,736
Lennar Corp., Class B		797		101,362
Lowe’s Cos., Inc.		3,341		862,178
Lululemon Athletica, Inc. *		1,438		290,764
Marriott International, Inc., Class A		1,200		321,432
McDonald’s Corp.		3,513		1,101,466
MercadoLibre, Inc. *		318		786,385


	Number of Shares		Value $
NIKE, Inc., Class B		8,481		656,175
NVR, Inc. *		38		308,471
O’Reilly Automotive, Inc. *		6,561		680,244
PulteGroup, Inc.		2,680		353,814
Starbucks Corp.		5,670		500,037
Tesla, Inc. *		14,429		4,817,410
Ulta Beauty, Inc. *		672		331,115
Yum! Brands, Inc.		1,007		147,999

(Cost $25,988,459)				29,671,993

Consumer Staples – 3.8%
Archer-Daniels-Midland Co.		12		752
Church & Dwight Co., Inc.		3,401		316,837
Clorox Co.		2,143		253,302
Coca-Cola Co.		21,840		1,506,742
Colgate-Palmolive Co.		5,544		466,084
Estee Lauder Cos., Inc., Class A		3,644		334,264
General Mills, Inc.		5,942		293,119
Hershey Co.		1,968		361,620
Hormel Foods Corp.		5,150		131,016
Kellanova		3,900		310,050
Kenvue, Inc.		19,911		412,357
Keurig Dr Pepper, Inc.		12,388		360,367
Kimberly-Clark Corp.		3,092		399,301
Kraft Heinz Co.		10,014		280,091
McCormick & Co., Inc.		4,175		293,795
Mondelez International, Inc., Class A		9,020		554,189
PepsiCo, Inc.		8,151		1,211,646
Procter & Gamble Co.		12,553		1,971,323
Sysco Corp.		4,856		390,762
Target Corp.		3,399		326,236
Tyson Foods, Inc., Class A		33		1,874

(Cost $10,584,835)				10,175,727

Financials – 12.4%
Aflac, Inc.		2,489		265,975
Allstate Corp.		1,111		226,033
American Express Co.		2,801		927,915
American International Group, Inc.		2,563		208,423
Ameriprise Financial, Inc.		454		233,724
Aon PLC, Class A		1,022		375,074
Apollo Global Management, Inc.		2,143		291,941
Arch Capital Group Ltd.		1,601		146,539
Ares Management Corp., Class A		343		61,466
Arthur J Gallagher & Co.		1,322		400,235
Bank of America Corp.		31,992		1,623,274
Bank of New York Mellon Corp.		3,809		402,230
Blackrock, Inc.		782		881,423
Block, Inc. *		2,998		238,761
Capital One Financial Corp.		2,847		646,895

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Cboe Global Markets, Inc.		690		162,805
Charles Schwab Corp.		8,737		837,354
Chubb Ltd.		1,840		506,129
Cincinnati Financial Corp.		780		119,808
Citigroup, Inc.		9,163		884,871
Citizens Financial Group, Inc.		1,444		75,492
CME Group, Inc.		1,879		500,772
Coinbase Global, Inc., Class A *		1,094		333,167
Corpay, Inc. *		462		150,460
Everest Group Ltd.		143		48,889
Fidelity National Information Services, Inc.		3,027		211,315
Fifth Third Bancorp		2,501		114,471
Fiserv, Inc. *		2,866		396,024
Global Payments, Inc.		1,650		146,553
Goldman Sachs Group, Inc.		1,540		1,147,685
Hartford Insurance Group, Inc.		1,281		169,489
Huntington Bancshares, Inc.		9,178		163,460
Interactive Brokers Group, Inc., Class A		2,546		158,463
Intercontinental Exchange, Inc.		2,961		522,913
JPMorgan Chase & Co.		13,641		4,111,670
KeyCorp		1,864		36,087
KKR & Co., Inc.		3,540		493,795
M&T Bank Corp.		714		143,985
Markel Group, Inc. *		56		109,707
Marsh & McLennan Cos., Inc.		2,543		523,375
Mastercard, Inc., Class A		3,997		2,379,374
MetLife, Inc.		2,402		195,427
Moody’s Corp.		835		425,650
Morgan Stanley		6,225		936,738
MSCI, Inc.		431		244,687
Nasdaq, Inc.		2,407		228,039
Northern Trust Corp.		1,142		149,922
PayPal Holdings, Inc. *		5,040		353,758
PNC Financial Services Group, Inc.		1,915		397,248
Principal Financial Group, Inc.		1,000		80,510
Progressive Corp.		2,873		709,803
Prudential Financial, Inc.		1,562		171,289
Raymond James Financial, Inc.		990		167,746
Regions Financial Corp.		3,462		94,824
Robinhood Markets, Inc., Class A *		3,975		413,519
Rocket Cos., Inc., Class A (a)		3,458		61,449
S&P Global, Inc.		1,563		857,212
State Street Corp.		1,644		189,011
Synchrony Financial		2,265		172,910
T. Rowe Price Group, Inc.		1,368		147,224
Travelers Cos., Inc.		1,203		326,627
Truist Financial Corp.		6,050		283,261
US Bancorp		7,074		345,423


	Number of Shares		Value $
Visa, Inc., Class A		8,464		2,977,466
W.R. Berkley Corp.		1,489		106,746
Wells Fargo & Co.		15,825		1,300,498
Willis Towers Watson PLC		490		160,127

(Cost $21,710,059)				32,875,135

Health Care – 12.3%
Abbott Laboratories		10,127		1,343,448
AbbVie, Inc.		9,811		2,064,234
Agilent Technologies, Inc.		3,249		408,269
Alnylam Pharmaceuticals, Inc. *		1,334		595,644
Amgen, Inc.		3,382		973,035
Becton Dickinson & Co.		2,611		503,871
Biogen, Inc. *		2,419		319,840
Boston Scientific Corp. *		9,396		991,278
Bristol-Myers Squibb Co.		14,709		693,971
Cardinal Health, Inc.		1,865		277,475
Cencora, Inc.		1,352		394,257
Centene Corp. *		3,175		92,202
Cigna Group		1,181		355,327
CVS Health Corp.		9,438		690,390
Danaher Corp.		4,224		869,384
Dexcom, Inc. *		4,527		341,064
Edwards Lifesciences Corp. *		5,750		467,705
Elevance Health, Inc.		1,145		364,854
Eli Lilly & Co.		4,426		3,242,399
GE HealthCare Technologies, Inc.		4,961		365,775
Gilead Sciences, Inc.		8,081		912,911
HCA Healthcare, Inc.		880		355,485
Humana, Inc.		13		3,948
IDEXX Laboratories, Inc. *		801		518,319
Intuitive Surgical, Inc. *		2,164		1,024,210
IQVIA Holdings, Inc. *		2,082		397,266
Johnson & Johnson		13,202		2,338,998
Labcorp Holdings, Inc.		550		152,895
McKesson Corp.		849		582,957
Medtronic PLC		8,806		817,285
Merck & Co., Inc.		14,960		1,258,435
Mettler-Toledo International, Inc. *		283		368,194
Pfizer, Inc.		36,658		907,652
Quest Diagnostics, Inc.		585		106,259
Regeneron Pharmaceuticals, Inc.		915		531,341
ResMed, Inc.		1,545		424,118
Royalty Pharma PLC, Class A		8,193		294,784
STERIS PLC		1,409		345,290
Stryker Corp.		2,244		878,324
Thermo Fisher Scientific, Inc.		2,365		1,165,283
UnitedHealth Group, Inc.		4,527		1,402,782
Veeva Systems, Inc., Class A *		802		215,898
Vertex Pharmaceuticals, Inc. *		1,730		676,465

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Waters Corp. *		916		276,449
West Pharmaceutical Services, Inc.		1,251		308,934
Zimmer Biomet Holdings, Inc.		3,329		353,207
Zoetis, Inc.		3,593		561,945

(Cost $30,209,832)				32,534,056

Industrials – 4.3%
Automatic Data Processing, Inc.		2,132		648,235
Broadridge Financial Solutions, Inc.		722		184,558
Carrier Global Corp.		3,913		255,128
Cintas Corp.		1,830		384,355
Copart, Inc. *		8,907		434,751
Deere & Co.		1,502		718,917
Delta Air Lines, Inc.		5,193		320,824
Dover Corp.		1,341		239,851
Equifax, Inc.		755		185,956
Expeditors International of Washington, Inc.		2,323		280,014
Fastenal Co.		10,784		535,533
FedEx Corp.		1,750		404,372
Ferguson Enterprises, Inc.		1,873		432,944
Johnson Controls International PLC		3,310		353,806
Old Dominion Freight Line, Inc.		2,235		337,418
Otis Worldwide Corp.		4,004		345,866
PACCAR, Inc.		2,261		226,055
Paychex, Inc.		1,763		245,859
Rollins, Inc.		2,050		115,907
Snap-on, Inc.		845		274,828
Southwest Airlines Co.		5,227		171,968
SS&C Technologies Holdings, Inc.		1,417		125,631
Trane Technologies PLC		571		237,308
TransUnion		1,306		115,450
Uber Technologies, Inc. *		11,859		1,111,781
United Airlines Holdings, Inc. *		2,875		301,875
United Parcel Service, Inc., Class B		5,423		474,187
Verisk Analytics, Inc.		788		211,279
Vertiv Holdings Co., Class A		3,391		432,522
W.W. Grainger, Inc.		281		284,793
Waste Management, Inc.		2,868		649,287
Westinghouse Air Brake Technologies Corp.		1,366		264,321

(Cost $9,494,360)				11,305,579

Information Technology – 38.6%
Accenture PLC, Class A		3,430		891,697
Adobe, Inc. *		2,160		770,472
Advanced Micro Devices, Inc. *		9,391		1,527,258
Amdocs Ltd.		680		58,188
Analog Devices, Inc.		3,346		840,883


	Number of Shares		Value $
Apple, Inc.		92,714		21,522,628
Applied Materials, Inc.		4,974		799,620
AppLovin Corp., Class A *		1,341		641,789
Arista Networks, Inc. *		7,150		976,333
ARM Holdings PLC, ADR *		2,015		278,695
Atlassian Corp., Class A *		863		153,424
Autodesk, Inc. *		1,176		370,087
Broadcom, Inc.		23,309		6,931,864
Cadence Design Systems, Inc. *		1,471		515,483
CDW Corp.		729		120,110
Cisco Systems, Inc.		22,408		1,548,169
Cloudflare, Inc., Class A *		1,626		339,362
Cognizant Technology Solutions Corp., Class A		2,685		193,991
Corning, Inc.		7,654		513,048
Crowdstrike Holdings, Inc., Class A *		1,235		523,270
Datadog, Inc., Class A *		1,675		228,939
Fair Isaac Corp. *		124		188,683
Fortinet, Inc. *		3,307		260,492
Gartner, Inc. *		417		104,746
Gen Digital, Inc.		3,210		96,942
GLOBALFOUNDRIES, Inc. *		4,312		143,978
HP, Inc.		4,700		134,138
HubSpot, Inc. *		267		129,006
Intel Corp. *		29,980		730,013
Intuit, Inc.		1,369		913,123
Keysight Technologies, Inc. *		2,106		344,184
KLA Corp.		884		770,848
Lam Research Corp.		8,454		846,668
Marvell Technology, Inc.		6,964		437,792
Microchip Technology, Inc.		5,257		341,705
Micron Technology, Inc.		7,235		861,037
Microsoft Corp.		45,965		23,290,006
MongoDB, Inc. *		596		188,104
Monolithic Power Systems, Inc.		523		437,102
Motorola Solutions, Inc.		1,352		638,766
NetApp, Inc.		3,042		343,107
NVIDIA Corp.		121,527		21,167,573
ON Semiconductor Corp. *		5,153		255,537
Oracle Corp.		8,171		1,847,708
Palo Alto Networks, Inc. *		3,439		655,198
QUALCOMM, Inc.		6,779		1,089,589
Salesforce, Inc.		4,652		1,192,075
Seagate Technology Holdings PLC		2,367		396,236
ServiceNow, Inc. *		1,034		948,654
Snowflake, Inc. *		1,644		392,357
Strategy, Inc. *		1,359		454,463
Super Micro Computer, Inc. *		6,922		287,540
Synopsys, Inc. *		820		494,886
TE Connectivity PLC		2,708		559,202

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2025


	Number of Shares		Value $
Texas Instruments, Inc.		5,438		1,101,086
VeriSign, Inc.		490		133,951
Workday, Inc., Class A *		1,118		258,057
Zoom Communications, Inc. *		1,647		134,099
Zscaler, Inc. *		519		143,789

(Cost $64,444,830)				102,457,750

Materials – 1.6%
Corteva, Inc.		6,018		446,475
CRH PLC		4,833		545,887
Ecolab, Inc.		2,037		564,331
International Flavors & Fragrances, Inc.		3,710		250,462
International Paper Co.		3,473		172,539
Martin Marietta Materials, Inc.		588		362,443
Nucor Corp.		741		110,209
Packaging Corp. of America		1,405		306,234
PPG Industries, Inc.		2,356		262,058
Sherwin-Williams Co.		1,702		622,643
Southern Copper Corp.		2,612		250,987
Vulcan Materials Co.		1,328		386,660

(Cost $3,379,420)				4,280,928

Real Estate – 3.5%
American Tower Corp. REIT		3,295		671,686
AvalonBay Communities, Inc. REIT		1,833		358,993
CBRE Group, Inc., Class A *		1,564		253,556
CoStar Group, Inc. *		2,220		198,668
Crown Castle, Inc. REIT		4,306		426,897
Digital Realty Trust, Inc. REIT		2,939		492,694
Equinix, Inc. REIT		772		606,939
Equity Residential REIT		5,132		339,328
Essex Property Trust, Inc. REIT		1,109		299,663
Extra Space Storage, Inc. REIT		2,521		361,965
Invitation Homes, Inc. REIT		9,866		308,707
Iron Mountain, Inc. REIT		3,692		340,882
Mid-America Apartment Communities, Inc. REIT		2,075		302,577
Prologis, Inc. REIT		6,628		754,134
Public Storage REIT		1,557		458,677
Realty Income Corp. REIT		8,307		488,119
SBA Communications Corp. REIT		1,498		306,865


	Number of Shares		Value $
Simon Property Group, Inc. REIT		2,973		537,102
Ventas, Inc. REIT		5,781		393,570
VICI Properties, Inc. REIT		12,025		406,205
Welltower, Inc. REIT		4,669		785,699
Weyerhaeuser Co. REIT		10,113		261,623

(Cost $8,456,826)				9,354,549

Utilities – 1.2%
American Water Works Co., Inc.		10,363		1,487,194
Edison International		27,446		1,540,544

(Cost $3,148,296)				3,027,738

TOTAL COMMON STOCKS

(Cost $194,804,212)				264,315,752

EXCHANGE-TRADED FUNDS – 0.1%
iShares Paris-Aligned Climate MSCI USA ETF		300		20,754
Vanguard Mid-Cap ETF		100		28,993
Xtrackers MSCI USA Climate Action Equity ETF (b)		7,500		300,332

(Cost $271,807)				350,079

SECURITIES LENDING COLLATERAL – 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)

(Cost $62,050)		62,050		62,050

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.25% (c)

(Cost $360,132)		360,132		360,132

TOTAL INVESTMENTS – 99.9%

(Cost $195,498,201)				265,088,013

Other assets and liabilities,net – 0.1%				187,232

NET ASSETS – 100.0%				265,275,245

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2025

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


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
	EXCHANGE-TRADED FUNDS – 0.1%
	Xtrackers MSCI USA Climate Action Equity ETF (b)
	307,443		337,432		(404,687	)		27,313		32,831		5,942		—		7,500		300,332
	SECURITIES LENDING COLLATERAL – 0.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (c)(d)
	512,450		—		(450,400	) (e)		—		—		5,002		—		62,050		62,050
	CASH EQUIVALENTS – 0.1%
	DWS Government Money Market Series “Institutional Shares”, 4.25% (c)
	307,334		3,584,770		(3,531,972	)		—		—		18,945		—		360,132		360,132
	1,127,227		3,922,202		(4,387,059	)		27,313		32,831		29,889		—		429,682		722,514

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $60,418, which is 0.0% of net assets.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

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

ADR:	American Depositary Receipt

REIT:

Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

Micro E-Mini S&P 500 Index

USD

469,965

485,456

9/19/2025

15,491

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

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	264,315,752	$	—	$	—	$	264,315,752
Exchange-Traded Funds		350,079		—		—		350,079
Short-Term Investments (a)		422,182		—		—		422,182
Derivatives (b)
Futures Contracts		15,491		—		—		15,491
TOTAL	$	265,103,504	$	—	$	—	$	265,103,504

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

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

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF

August 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 99.4%

Australia – 0.4%
Woodside Energy Group Ltd.

(Cost $143,449)		8,151		140,893

Brazil – 3.7%
Suzano SA, ADR		40,591		394,951
Vale SA		65,558		671,027
Vale SA, ADR		8,757		90,022

(Cost $1,152,583)				1,156,000

Canada – 16.9%
ARC Resources Ltd.		8,174		157,354
Capstone Copper Corp. *		63,882		456,915
Cenovus Energy, Inc.		27,963		465,184
Franco-Nevada Corp.		2,818		531,252
Ivanhoe Mines Ltd., Class A *		42,873		379,095
Kinross Gold Corp.		24,603		514,478
Nexgen Energy Ltd. *		29,927		235,632
Nutrien Ltd.		20,876		1,203,493
Suncor Energy, Inc.		16,863		697,267
Teck Resources Ltd., Class B		17,105		585,054
West Fraser Timber Co. Ltd.		1,601		116,657

(Cost $4,958,403)				5,342,381

Chile – 2.1%
Antofagasta PLC

(Cost $529,693)		22,782		660,223

Finland – 5.4%
Stora Enso OYJ, Class R		53,184		621,150
UPM-Kymmene OYJ		37,611		1,071,097

(Cost $1,851,803)				1,692,247

France – 2.7%
TotalEnergies SE

(Cost $807,818)		13,619		852,846

India – 2.6%
Reliance Industries Ltd., GDR, 144A

(Cost $960,122)		13,889		834,729

Ireland – 3.1%
Smurfit WestRock PLC

(Cost $969,436)		20,818		985,940

Portugal – 1.8%
Galp Energia SGPS SA

(Cost $552,778)		28,928		562,080

Singapore – 0.6%
Wilmar International Ltd.

(Cost $188,989)		82,259		189,138

South Africa – 3.9%
Gold Fields Ltd., ADR		21,225		710,613


	Number of Shares		Value $
Gold Fields Ltd.		16,192		530,507

(Cost $694,785)				1,241,120

Switzerland – 4.5%
Amcor PLC		62,175		536,570
Glencore PLC *		144,103		568,885
SIG Group AG *		20,893		331,287

(Cost $1,699,479)				1,436,742

United Kingdom – 16.6%
Anglogold Ashanti PLC		12,488		707,570
BP PLC		62,202		363,128
Mondi PLC		45,402		638,860
Rio Tinto PLC		22,141		1,388,590
Shell PLC		58,000		2,134,551

(Cost $4,964,854)				5,232,699

United States – 35.1%
Baker Hughes Co.		6,713		304,770
Bunge Global SA		7,106		598,467
CF Industries Holdings, Inc.		1,347		116,691
Chevron Corp.		2,106		338,224
Commercial Metals Co.		4,766		274,855
ConocoPhillips		4,866		481,588
Corteva, Inc.		10,704		794,130
Darling Ingredients, Inc. *		21,604		733,672
Diamondback Energy, Inc.		1,678		249,619
Expand Energy Corp.		3,264		315,890
Exxon Mobil Corp.		14,096		1,611,032
Freeport-McMoRan, Inc.		10,985		487,734
Graphic Packaging Holding Co.		4,841		107,809
Gulfport Energy Corp. *		928		161,500
HF Sinclair Corp.		3,674		186,933
Ingredion, Inc.		3,188		412,973
International Paper Co.		3,318		162,949
Mosaic Co.		14,183		473,712
Newmont Corp.		20,948		1,558,531
Ovintiv, Inc.		3,688		155,338
Packaging Corp. of America		10		2,180
Steel Dynamics, Inc.		9,840		1,288,253
Weyerhaeuser Co. REIT		10,926		282,656

(Cost $10,162,995)				11,099,506

TOTAL COMMON STOCKS

(Cost $29,637,187)				31,426,544

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.24% (a)

(Cost $19,357)		19,357		19,357

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF (Continued)

August 31, 2025


	Number of Shares	Value $
TOTAL INVESTMENTS – 99.5%

(Cost $29,656,544)			31,445,901

Other assets and liabilities, net – 0.5%			170,570

NET ASSETS – 100.0%			31,616,471

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


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2025		Value ($) at 8/31/2025
SECURITIES LENDING COLLATERAL – 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.24% (a)(b)
—		—		—			—		—		730		—		—		—

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.24% (a)
—		11,412,871		(11,393,514	)		—		—		6,915		—		19,357		19,357
—		11,412,871		(11,393,514	)		—		—		7,645		—		19,357		19,357

*	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:

Securities are listed in country of domicile.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	31,426,544	$	—	$	—	$	31,426,544
Short-Term Investments (a)		19,357		—		—		19,357
TOTAL	$	31,445,901	$	—	$	—	$	31,445,901

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

See Notes to Financial Statements.

50 | DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2025


	Xtrackers
	Emerging
	Markets					Xtrackers MSCI
	Carbon					Emerging		Xtrackers MSCI
	Reduction			Xtrackers MSCI		Markets		USA Climate
	and Climate			EAFE Selection		Climate		Action Equity
	Improvers ETF			Equity ETF		Selection ETF		ETF

Assets
Investment in non-affiliated securities at value	$	40,213,743		$	60,840,987	$	473,811,578	$	3,065,617,743
Investment in affiliated securities at value		23,639			—		—		—
Investment in DWS Government Money Market Series		179,718			11,991		4,591,293		17,078,016
Investment in DWS Government & Agency Securities Portfolio*		525			313,277		104,738		—
Cash		—			—		23,730		—
Foreign currency at value		80,522			32,586		809,491		—
Deposit with broker for futures contracts		10,216			16,463		231,994		1,374,756
Foreign tax receivable		—			—		157,836		—
Receivables:
Capital shares		—			—		—		2,003,038
Variation margin on futures contracts		48,382			45,757		39,170		6,871
Dividends		40,232			95,999		1,127,654		3,167,522
Interest		595			132		13,999		57,531
Affiliated securities lending income		2			17		15		4
Foreign tax reclaim		2,535			113,610		—		—
Total assets	$	40,600,109		$	61,470,819	$	480,911,498	$	3,089,305,481

Liabilities
Payable upon return of securities loaned	$	525		$	313,277	$	104,738	$	—
Payables:
Investment securities purchased		327			26,045		—		2,439,994
Investment advisory fees		5,114			7,086		66,040		180,026
Deferred foreign tax		83,845			—		—		—
Total liabilities		89,811			346,408		170,778		2,620,020
Net Assets, at value	$	40,510,298		$	61,124,411	$	480,740,720	$	3,086,685,461

Net Assets Consist of
Paid-in capital	$	119,399,018		$	52,420,303	$	462,268,290	$	2,491,082,670
Distributable earnings (loss)		(78,888,720	)		8,704,108		18,472,430		595,602,791
Net Assets, at value	$	40,510,298		$	61,124,411	$	480,740,720	$	3,086,685,461
Number of Common Shares outstanding		1,200,001			1,800,001		15,300,001		77,050,001
Net Asset Value	$	33.76		$	33.96	$	31.42	$	40.06

Investment in non-affiliated securities at cost	$	40,328,374		$	48,164,105	$	447,746,125	$	2,451,970,391
Investment in affiliated securities at cost	$	23,482		$	–	$	—	$	—
Value of securities loaned	$	510		$	303,144	$	101,745	$	1,231,956
Investment in DWS Government Money Market Series at cost	$	179,718		$	11,991	$	4,591,293	$	17,078,016
Investment in DWS Government & Agency Securities Portfolio at cost*	$	525		$	313,277	$	104,738	$	—
Non-cash collateral for securities on loan	$	—		$	—	$	—	$	1,264,878
Foreign currency at cost	$	81,734		$	28,579	$	806,024	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 51

Statements of Assets and Liabilities (Continued)

August 31, 2025


			Xtrackers Net		Xtrackers
	Xtrackers MSCI		Zero Pathway		RREEF Global
	USA Selection		Paris Aligned		Natural
	Equity ETF		US Equity ETF		Resources ETF

Assets
Investment in non-affiliated securities at value	$	573,539,199	$	264,365,499	$	31,426,544
Investment in affiliated securities at value		929,760		300,332		—
Investment in DWS Government Money Market Series		2,035,890		360,132		19,357
Investment in DWS Government & Agency Securities Portfolio*		—		62,050		—
Foreign currency at value		—		—		194,828
Deposit with broker for futures contracts		184,782		35,192		—
Receivables:
Investment securities sold		—		—		1,034,478
Variation margin on futures contracts		4,152		44,573		—
Dividends		530,703		189,537		145,402
Interest		6,763		1,313		456
Affiliated securities lending income		—		237		252
Foreign tax reclaim		388		—		23,733
Total assets	$	577,231,637	$	265,358,865	$	32,845,050

Liabilities
Payable upon return of securities loaned	$	—	$	62,050	$	—
Payables:
Investment securities purchased		—		—		1,216,909
Investment advisory fees		43,507		21,570		11,670
Total liabilities		43,507		83,620		1,228,579
Net Assets, at value	$	577,188,130	$	265,275,245	$	31,616,471

Net Assets Consist of
Paid-in capital	$	551,388,972	$	202,073,758	$	30,863,700
Distributable earnings (loss)		25,799,158		63,201,487		752,771
Net Assets, at value	$	577,188,130	$	265,275,245	$	31,616,471
Number of Common Shares outstanding		9,750,001		6,500,001		1,175,001
Net Asset Value	$	59.20	$	40.81	$	26.91

Investment in non-affiliated securities at cost	$	471,340,142	$	194,839,547	$	29,637,187
Investment in affiliated securities at cost	$	786,824	$	236,472	$	—
Value of securities loaned	$	—	$	60,418	$	—
Investment in DWS Government Money Market Series at cost	$	2,035,890	$	360,132	$	19,357
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	62,050	$	—
Foreign currency at cost	$	—	$	—	$	193,382

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

52 | DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2025


	Xtrackers
	Emerging
	Markets						Xtrackers MSCI
	Carbon						Emerging			Xtrackers MSCI
	Reduction			Xtrackers MSCI			Markets			USA Climate
	and Climate			EAFE Selection			Climate			Action Equity
	Improvers ETF			Equity ETF			Selection ETF			ETF

Investment Income
Unaffiliated dividend income*	$	1,027,453		$	1,536,912		$	9,216,250		$	35,437,719
Income distributions from affiliated funds		39,846			2,549			131,392			381,750
Affiliated securities lending income		986			1,996			63			68
Total investment income		1,068,285			1,541,457			9,347,705			35,819,537

Expenses
Investment advisory fees		80,251			76,422			446,465			1,893,243
Other expenses		58			58			58			58
Total expenses		80,309			76,480			446,523			1,893,301
Less fees waived (see note 3):
Waiver		(842	)		(71	)		(5,028	)		(10,017	)
Net expenses		79,467			76,409			441,495			1,883,284
Net investment income (loss)		988,818			1,465,048			8,906,210			33,936,253

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		3,045,292			(1,046,451	)		(8,413,006	)		(26,994,615	)
Investments in affiliates		(70	)		—			—			—
In-kind redemptions		(782,309	)		666,612			16,075,699			246,697,752
Futures contracts		(2,625	)		(3,766	)		257,847			182,607
Foreign currency transactions		(27,175	)		2,223			(1,908,504	)		—
Net realized gain (loss)		2,233,113			(381,382	)		6,012,036			219,885,744
Net change in unrealized appreciation (depreciation) on:
Investments***		5,551,081			2,902,326			24,037,862			136,483,972
Investments in affiliates		157			—			—			—
Futures contracts		(18,730	)		1,725			124,134			788,355
Foreign currency translations		(1,790	)		5,844			(13,288	)		—
Net change in unrealized appreciation (depreciation)		5,530,718			2,909,895			24,148,708			137,272,327
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		7,763,831			2,528,513			30,160,744			357,158,071
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,752,649		$	3,993,561		$	39,066,954		$	391,094,324

* Unaffiliated foreign tax withheld	$	143,222		$	183,653		$	1,622,723		$	3,852
** Including foreign taxes	$	432,518		$	—		$	640,595		$	—
*** Including change in deferred foreign taxes	$	796,535		$	—		$	369,259		$	—

See Notes to Financial Statements.

DBX ETF Trust | 53

Statements of Operations (Continued)

For the Year Ended August 31, 2025


				Xtrackers Net			Xtrackers
	Xtrackers MSCI			Zero Pathway			RREEF Global
	USA Selection			Paris Aligned			Natural
	Equity ETF			US Equity ETF			Resources ETF

Investment Income
Unaffiliated dividend income*	$	8,549,913		$	2,973,987		$	889,803
Affiliated dividend income		5,267			5,942			—
Income distributions from affiliated funds		130,415			18,945			6,915
Affiliated securities lending income		125			5,002			730
Total investment income		8,685,720			3,003,876			897,448

Expenses
Investment advisory fees		646,194			234,393			133,618
Other expenses		58			58			44
Total expenses		646,252			234,451			133,662
Less fees waived (see note 3):
Waiver		(3,552	)		(771	)		(180	)
Net expenses		642,700			233,680			133,482
Net investment income (loss)		8,043,020			2,770,196			763,966

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(4,870,016	)		(4,923,674	)		(1,194,914	)
Investments in affiliates		(8,661	)		27,313			—
In-kind redemptions		197,053,718			13,748,234			—
Futures contracts		59,418			29,362			—
Foreign currency transactions		(42	)		—			25,804
Net realized gain (loss)		192,234,417			8,881,235			(1,169,110	)
Net change in unrealized appreciation (depreciation) on:
Investments		(100,526,019	)		15,800,819			1,341,849
Investments in affiliates		142,936			32,831			—
Futures contracts		50,738			9,379			—
Foreign currency translations		—			—			107
Net change in unrealized appreciation (depreciation)		(100,332,345	)		15,843,029			1,341,956
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		91,902,072			24,724,264			172,846
Net Increase (Decrease) in Net Assets Resulting from Operations	$	99,945,092		$	27,494,460		$	936,812

* Unaffiliated foreign tax withheld	$	5,838		$	—		$	51,698

See Notes to Financial Statements.

54 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Emerging Markets
	Carbon Reduction and Climate						Xtrackers MSCI EAFE Selection
	Improvers ETF						Equity ETF

	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2025			August 31, 2024			August 31, 2025			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	988,818		$	7,665,264		$	1,465,048		$	1,225,950
Net realized gain (loss)		2,233,113			(32,238,810	)		(381,382	)		(5,235	)
Net change in net unrealized appreciation (depreciation)		5,530,718			83,350,970			2,909,895			7,820,147
Net increase (decrease) in net assets resulting from operations		8,752,649			58,777,424			3,993,561			9,040,862
Distributions to Shareholders from:
Distributions		(3,345,746	)		(8,720,560	)		(1,570,538	)		(1,250,289	)
Return of capital		(169,020	)		—			—			—
Total distributions		(3,514,766	)		(8,720,560	)		(1,570,538	)		(1,250,289	)
Fund Shares Transactions
Proceeds from shares sold		1,675,956			329,006,403			6,452,560			4,517,522
Value of shares redeemed		(60,666,445	)		(777,045,199	)		(1,658,296	)		(1,584,526	)
Net increase (decrease) in net assets resulting from fund share transactions		(58,990,489	)		(448,038,796	)		4,794,264			2,932,996
Total net increase (decrease) in Net Assets		(53,752,606	)		(397,981,932	)		7,217,287			10,723,569
Net Assets
Beginning of year		94,262,904			492,244,836			53,907,124			43,183,555
End of year	$	40,510,298		$	94,262,904		$	61,124,411		$	53,907,124

Changes in Shares Outstanding
Shares outstanding, beginning of year		3,100,001			18,400,001			1,650,001			1,550,001
Shares sold		50,000			12,150,000			200,000			150,000
Shares redeemed		(1,950,000	)		(27,450,000	)		(50,000	)		(50,000	)
Shares outstanding, end of year		1,200,001			3,100,001			1,800,001			1,650,001

See Notes to Financial Statements.

DBX ETF Trust | 55

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging						Xtrackers MSCI USA Climate
	Markets Climate Selection ETF						Action Equity ETF

	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2025			August 31, 2024			August 31, 2025			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	8,906,210		$	596,277		$	33,936,253		$	28,577,351
Net realized gain (loss)		6,012,036			(782,685	)		219,885,744			231,222,329
Net change in net unrealized appreciation (depreciation)		24,148,708			3,802,076			137,272,327			253,783,232
Net increase (decrease) in net assets resulting from operations		39,066,954			3,615,668			391,094,324			513,582,912
Distributions to Shareholders		(3,140,042	)		(586,531	)		(32,457,861	)		(32,682,806	)
Fund Shares Transactions
Proceeds from shares sold		987,754,402			—			1,325,311,114			575,108,072
Value of shares redeemed		(570,956,735	)		—			(809,711,469	)		(1,118,683,278	)
Net increase (decrease) in net assets resulting from fund share transactions		416,797,667			—			515,599,645			(543,575,206	)
Total net increase (decrease) in Net Assets		452,724,579			3,029,137			874,236,108			(62,675,100	)
Net Assets
Beginning of year		28,016,141			24,987,004			2,212,449,353			2,275,124,453
End of year	$	480,740,720		$	28,016,141		$	3,086,685,461		$	2,212,449,353

Changes in Shares Outstanding
Shares outstanding, beginning of year		1,050,001			1,050,001			62,600,001			81,100,001
Shares sold		34,050,000			—			35,950,000			19,000,000
Shares redeemed		(19,800,000	)		—			(21,500,000	)		(37,500,000	)
Shares outstanding, end of year		15,300,001			1,050,001			77,050,001			62,600,001

See Notes to Financial Statements.

56 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI USA Selection						Xtrackers Net Zero Pathway Paris
	Equity ETF						Aligned US Equity ETF

	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2025			August 31, 2024			August 31, 2025			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	8,043,020		$	13,754,946		$	2,770,196		$	2,267,724
Net realized gain (loss)		192,234,417			139,225,130			8,881,235			5,508,144
Net change in net unrealized appreciation (depreciation)		(100,332,345	)		91,051,668			15,843,029			37,350,208
Net increase (decrease) in net assets resulting from operations		99,945,092			244,031,744			27,494,460			45,126,076
Distributions to Shareholders		(9,435,139	)		(14,649,602	)		(2,730,593	)		(2,136,306	)
Fund Shares Transactions
Proceeds from shares sold		113,633,134			189,393,361			48,566,788			45,647,060
Value of shares redeemed		(671,622,989	)		(656,999,562	)		(29,732,770	)		(14,855,434	)
Net increase (decrease) in net assets resulting from fund share transactions		(557,989,855	)		(467,606,201	)		18,834,018			30,791,626
Total net increase (decrease) in Net Assets		(467,479,902	)		(238,224,059	)		43,597,885			73,781,396
Net Assets
Beginning of year		1,044,668,032			1,282,892,091			221,677,360			147,895,964
End of year	$	577,188,130		$	1,044,668,032		$	265,275,245		$	221,677,360

Changes in Shares Outstanding
Shares outstanding, beginning of year		20,000,001			30,650,001			6,050,001			5,100,001
Shares sold		2,125,000			4,050,000			1,250,000			1,400,000
Shares redeemed		(12,375,000	)		(14,700,000	)		(800,000	)		(450,000	)
Shares outstanding, end of year		9,750,001			20,000,001			6,500,001			6,050,001

See Notes to Financial Statements.

DBX ETF Trust | 57

Statements of Changes in Net Assets (Continued)


	Xtrackers RREEF Global Natural
	Resources ETF

				For the Period
				February 27,
	Year Ended			2024⁽¹⁾ to
	August 31, 2025			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	763,966		$	197,174
Net realized gain (loss)		(1,169,110	)		222,505
Net change in net unrealized appreciation (depreciation)		1,341,956			450,250
Net increase (decrease) in net assets resulting from operations		936,812			869,929
Distributions to Shareholders		(936,245	)		(117,725	)
Fund Shares Transactions
Proceeds from shares sold		676,313			30,187,362
Value of shares redeemed		—			—
Net increase (decrease) in net assets resulting from fund share transactions		676,313			30,187,362
Total net increase (decrease) in Net Assets		676,880			30,939,566
Net Assets
Beginning of period		30,939,591			25
End of period	$	31,616,471		$	30,939,591

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,150,001			1
Shares sold		25,000			1,150,000
Shares redeemed		—			—
Shares outstanding, end of period		1,175,001			1,150,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

58 | DBX ETF Trust

Financial Highlights

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF


				Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	30.41		$	26.75		$	26.93		$	34.69		$	27.90
Income (loss) from investment operations:
Net investment income (loss)(a)		0.58			0.47			0.60			0.70			0.57
Net realized and unrealized gain (loss)		5.23			3.48			(0.08	)		(7.88	)		6.86
Total from investment operations		5.81			3.95			0.52			(7.18	)		7.43
Less distributions from:
Net investment income		(2.34	)		(0.29	)		(0.70	)		(0.58	)		(0.64	)
Return of capital		(0.12	)		–			–			–			–
Total from distributions		(2.46	)		(0.29	)		(0.70	)		(0.58	)		(0.64	)
Net Asset Value, end of year	$	33.76		$	30.41		$	26.75		$	26.93		$	34.69
Total Return (%)(b)		20.43			14.88			2.01			(20.81	)		26.80

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		41			94			492			493			496
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15			0.15			0.16
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.15			0.16
Ratio of net investment income (loss) (%)		1.85			1.70			2.30			2.30			1.97
Portfolio turnover rate (%)(c)		17			79			16			33			17

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 59

Financial Highlights (Continued)

Xtrackers MSCI EAFE Selection Equity ETF


				Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	32.67		$	27.86		$	24.26		$	31.79		$	25.96
Income (loss) from investment operations:
Net investment income (loss)(a)		0.85			0.77			0.78			0.85			0.72
Net realized and unrealized gain (loss)		1.34			4.82			3.51			(7.57	)		5.80
Total from investment operations		2.19			5.59			4.29			(6.72	)		6.52
Less distributions from:
Net investment income		(0.90	)		(0.78	)		(0.69	)		(0.81	)		(0.69	)
Total from distributions		(0.90	)		(0.78	)		(0.69	)		(0.81	)		(0.69	)
Net Asset Value, end of year	$	33.96		$	32.67		$	27.86		$	24.26		$	31.79
Total Return (%)(b)		6.97			20.32			17.79			(21.40	)		25.28

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		61			54			43			29			19
Ratio of expenses before fee waiver (%)		0.14			0.14			0.14			0.14			0.14
Ratio of expenses after fee waiver (%)		0.14			0.14			0.14			0.14			0.14
Ratio of net investment income (loss) (%)		2.68			2.59			2.92			3.04			2.45
Portfolio turnover rate (%)(c)		11			12			25			22			22

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

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

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

See Notes to Financial Statements.

60 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Climate Selection ETF


				Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	26.68		$	23.80		$	24.39		$	33.60		$	28.57
Income (loss) from investment operations:
Net investment income (loss)(a)		0.87			0.57			0.53			0.64			0.49
Net realized and unrealized gain (loss)		4.12			2.87			(0.65	)		(9.14	)		4.77
Total from investment operations		4.99			3.44			(0.12	)		(8.50	)		5.26
Less distributions from:
Net investment income		(0.25	)		(0.56	)		(0.47	)		(0.71	)		(0.23	)
Total from distributions		(0.25	)		(0.56	)		(0.47	)		(0.71	)		(0.23	)
Net Asset Value, end of year	$	31.42		$	26.68		$	23.80		$	24.39		$	33.60
Total Return (%)(b)		18.80			14.74			(0.51	)		(25.55	)		18.43

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		481			28			25			23			25
Ratio of expenses before fee waiver (%)		0.15			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.15			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		3.01			2.33			2.21			2.22			1.48
Portfolio turnover rate (%)(c)		171			14			23			24			26

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 61

Financial Highlights (Continued)

Xtrackers MSCI USA Climate Action Equity ETF


	Years Ended August 31,						Period Ended
	2025			2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	35.34		$	28.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.47			0.42			0.17
Net realized and unrealized gain (loss)		4.72			7.32			2.96
Total from investment operations		5.19			7.74			3.13
Less distributions from:
Net investment income		(0.47	)		(0.41	)		(0.08	)
Net realized gains		–			(0.04	)		–
Total from distributions		(0.47	)		(0.45	)		(0.08	)
Net Asset Value, end of period	$	40.06		$	35.34		$	28.05
Total Return (%)(c)		14.82			27.85			12.55	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3,087			2,212			2,275
Ratio of expenses before fee waiver (%)		0.07			0.07			0.07	*
Ratio of expenses after fee waiver (%)		0.07			0.07			0.07	*
Ratio of net investment income (loss) (%)		1.25			1.36			1.57	*
Portfolio turnover rate (%)(d)		12			20			7	**

(a)	For the period April 4, 2023 (commencement of operations) through August 31, 2023.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

62 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI USA Selection Equity ETF


				Years Ended August 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	52.23		$	41.86		$	35.87		$	41.89		$	31.84
Income (loss) from investment operations:
Net investment income (loss)(a)		0.61			0.58			0.57			0.53			0.50
Net realized and unrealized gain (loss)		7.00			10.41			6.04			(6.04	)		10.05
Total from investment operations		7.61			10.99			6.61			(5.51	)		10.55
Less distributions from:
Net investment income		(0.64	)		(0.62	)		(0.62	)		(0.51	)		(0.50	)
Total from distributions		(0.64	)		(0.62	)		(0.62	)		(0.51	)		(0.50	)
Net Asset Value, end of year	$	59.20		$	52.23		$	41.86		$	35.87		$	41.89
Total Return (%)(b)		14.70			26.52			18.68			(13.29	)		33.48

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		577			1,045			1,283			3,060			3,889
Ratio of expenses before fee waiver (%)		0.09			0.10			0.10			0.10			0.10
Ratio of expenses after fee waiver (%)		0.09			0.09			0.09			0.09			0.09
Ratio of net investment income (loss) (%)		1.12			1.26			1.56			1.32			1.39
Portfolio turnover rate (%)(c)		2			7			6			6			12

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 63

Financial Highlights (Continued)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF


	Years Ended August 31,									Period Ended
	2025			2024			2023			8/31/2022(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	36.64		$	29.00		$	25.21		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.44			0.41			0.39			0.07
Net realized and unrealized gain (loss)		4.17			7.62			3.74			0.14
Total from investment operations		4.61			8.03			4.13			0.21
Less distributions from:
Net investment income		(0.44	)		(0.39	)		(0.34	)		–
Net realized gains		–			–			(0.00	)(c)		–
Total from distributions		(0.44	)		(0.39	)		(0.34	)		–
Net Asset Value, end of period	$	40.81		$	36.64		$	29.00		$	25.21
Total Return (%)(d)		12.71			27.94			16.60			0.84	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		265			222			148			76
Ratio of expenses before fee waiver (%)		0.10			0.10			0.10			0.10	*
Ratio of expenses after fee waiver (%)		0.10			0.10			0.10			0.10	*
Ratio of net investment income (loss) (%)		1.18			1.28			1.49			1.50	*
Portfolio turnover rate (%)(e)		12			11			8			11	**

(a)	For the period June 28, 2022 (commencement of operations) through August 31, 2022.

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

(c)	Amount represents less than $0.005.

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

64 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers RREEF Global Natural Resources ETF


	Year Ended			Period Ended
	8/31/2025			8/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	26.90		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.65			0.46
Net realized and unrealized gain (loss)		0.16			1.72
Total from investment operations		0.81			2.18
Less distributions from:
Net investment income		(0.57	)		(0.28	)
Net realized gains		(0.23	)		–
Total from distributions		(0.80	)		(0.28	)
Net Asset Value, end of period	$	26.91		$	26.90
Total Return (%)(c)		3.23			8.75	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		32			31
Ratio of expenses before fee waiver (%)		0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.45			0.45	*
Ratio of net investment income (loss) (%)		2.57			3.41	*
Portfolio turnover rate (%)(d)		143			49	**

(a)	For the period February 27, 2024 (commencement of operations) through August 31, 2024.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

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Notes to Financial Statements

1. Organization

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE Selection Equity ETF

Xtrackers MSCI Emerging Markets Climate Selection ETF

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA Selection Equity ETF

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

Xtrackers RREEF Global Natural Resources ETF

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), except Xtrackers RREEF Global Natural Resources ETF which offers shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares except for Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF which lots consists of 25,000 shares and Xtrackers RREEF Global Natural Resources ETF which lots consists of 10,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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


Fund		Underlying Index
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE Selection Equity ETF (formerly Xtrackers MSCI EAFE ESG Leaders Equity ETF)*		MSCI EAFE Selection Index (formerly MSCI EAFE ESG Leaders Index)*
Xtrackers MSCI Emerging Markets Climate Selection ETF (formerly Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF)**		MSCI Global Climate 500 Emerging Markets Selection Index (formerly MSCI Emerging Markets ESG Leaders Index)**
Xtrackers MSCI USA Climate Action Equity ETF		MSCI USA Climate Action Index
Xtrackers MSCI USA Selection Equity ETF (formerly Xtrackers MSCI USA ESG Leaders Equity ETF)*		MSCI USA Selection Index (formerly MSCI USA ESG Leaders Index)*
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Solactive ISS ESG United States Net Zero Pathway Enhanced Index

* Effective February 3, 2025, MSCI Inc. (the Index Provider) changed the name of the Fund’s Underlying Index. At such time, the Fund also changed its name. There was no change to the index methodology of the Fund’s Underlying Index and no changes in the investment policies of the Fund. The Fund will continue to seek investment results that correspond generally to the performance, before fees and expenses, of its Underlying Index. The Fund’s ticker symbol remains the same.

** Effective November 5, 2024, the Fund’s ticker symbol changed from EMSG to EMCS. At that time, the Fund also changed its investment objective of seeking investments results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index, to seeking investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the MSCI Global Climate 500 Emerging Markets Selection Index.

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The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”) is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE Selection Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI Global Climate 500 Emerging Markets Selection Index is comprised of large and mid-capitalization companies in emerging markets that meet certain environmental, social and governance (“ESG”) criteria as defined by the index provider. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis as of the close of business of the last business day of May and November, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the

Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

The MSCI USA Selection Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

Xtrackers RREEF Global Resources ETF “NRES” seeks total return from both capital appreciation and current income. NRES is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, NRES invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF and Xtrackers MSCI USA Selection Equity ETF are diversified series of the Trust. Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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2. Significant Accounting Policies

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

68 | DBX ETF Trust

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.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Investment Transactions and Investment Income. Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF and Xtrackers MSCI Emerging Markets Climate Selection ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended August 31, 2025 (or since the Fund’s inception if the Fund commenced operations less than four years prior to August 31, 2025), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

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As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income^*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	—	$	(77,640,606	)	$	(1,248,114	)	$	(78,888,720	)
Xtrackers MSCI EAFE Selection Equity ETF		610,624		(3,009,682	)		11,103,166			8,704,108
Xtrackers MSCI Emerging Markets Climate Selection ETF		4,044,504		(10,846,981	)		25,274,907			18,472,430
Xtrackers MSCI USA Climate Action Equity ETF		7,481,547		(14,131,806	)		602,253,050			595,602,791
Xtrackers MSCI USA Selection Equity ETF		1,270,127		(74,545,148	)		99,074,179			25,799,158
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		645,446		(4,703,433	)		67,259,474			63,201,487
Xtrackers RREEF Global Natural Resources ETF		205,535		(1,138,756	)		1,685,992			752,771

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the periods ended August 31, 2025 and August 31, 2024 were as follows:


	Year Ended August 31, 2025
	Ordinary Income^*		Long Term Capital Gains		Return of Capital
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,345,746	$	—	$	169,020
Xtrackers MSCI EAFE Selection Equity ETF		1,570,538		—		—
Xtrackers MSCI Emerging Markets Climate Selection ETF		3,140,042		—		—
Xtrackers MSCI USA Climate Action Equity ETF		32,457,861		—		—
Xtrackers MSCI USA Selection Equity ETF		9,435,139		—		—
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		2,730,593		—		—
Xtrackers RREEF Global Natural Resources ETF		935,250		995		—


	Year Ended August 31, 2024
	Ordinary Income^*		Long Term Capital Gains
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	8,720,560	$	—
Xtrackers MSCI EAFE Selection Equity ETF		1,250,289		—
Xtrackers MSCI Emerging Markets Climate Selection ETF		586,531		—
Xtrackers MSCI USA Climate Action Equity ETF		32,457,740		225,066
Xtrackers MSCI USA Selection Equity ETF		14,649,602		—
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		2,136,306		—
Xtrackers RREEF Global Natural Resources ETF		117,725		—

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	18,532,261	$	59,107,241	$	77,639,502
Xtrackers MSCI EAFE Selection Equity ETF		681,153		2,328,529		3,009,682
Xtrackers MSCI Emerging Markets Climate Selection ETF		7,468,350		3,366,514		10,834,864
Xtrackers MSCI USA Climate Action Equity ETF		9,130,979		5,000,827		14,131,806
Xtrackers MSCI USA Selection Equity ETF		16,440,268		58,104,880		74,545,148
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		1,107,205		3,596,228		4,703,433
Xtrackers RREEF Global Natural Resources ETF		1,138,756		—		1,138,756

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal period ended August 31, 2025, the Funds had no post-October capital losses.

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For the fiscal period ended August 31, 2025, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.


	Distributable
	earnings (loss)			Paid-In Capital
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	1,044,147		$	(1,044,147	)
Xtrackers MSCI EAFE Selection Equity ETF		(638,116	)		638,116
Xtrackers MSCI Emerging Markets Climate Selection ETF		(15,676,034	)		15,676,034
Xtrackers MSCI USA Climate Action Equity ETF		(243,392,725	)		243,392,725
Xtrackers MSCI USA Selection Equity ETF		(179,643,572	)		179,643,572
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		(13,622,902	)		13,622,902


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	41,573,396	$	(1,155,771	)	$	12,134,243	$	(13,290,014	)
Xtrackers MSCI EAFE Selection Equity ETF		50,077,914		11,088,341			15,030,859		(3,942,518	)
Xtrackers MSCI Emerging Markets Climate Selection ETF		453,376,583		25,131,026			40,997,093		(15,866,067	)
Xtrackers MSCI USA Climate Action Equity ETF		2,480,442,709		602,253,050			719,987,537		(117,734,487	)
Xtrackers MSCI USA Selection Equity ETF		477,430,670		99,074,179			135,828,256		(36,754,077	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		197,828,538		67,259,475			76,024,800		(8,765,325	)
Xtrackers RREEF Global Natural Resources ETF		29,762,758		1,683,143			2,807,196		(1,124,053	)

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of August 31, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers RREEF Global Natural Resources ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG serves as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF and Xtrackers MSCI USA Selection Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2025, the Funds invested the cash collateral, if any, into

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a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of August 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of August 31, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of August 31, 2025
	Overnight				Between
	and				30 & 90
Securities Lending Transactions	Continuous		<30 Days		Days		>90 Days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	525	$	—	$	—	$	—	$	525
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	525
Xtrackers MSCI EAFE Selection Equity ETF
Common Stocks	$	27,257	$	—	$	—	$	—	$	27,257
Exchange-Traded Funds	$	286,020	$	—	$	—	$	—	$	286,020
Total Borrowing	$	313,277	$	—	$	—	$	—	$	313,277
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	313,277
Xtrackers MSCI Emerging Markets Climate Selection ETF
Common Stocks	$	104,738	$	—	$	—	$	—	$	104,738
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	104,738
Xtrackers MSCI USA Climate Action Equity ETF
Common Stocks	$	1,264,878	$	—	$	—	$	—	$	1,264,878
Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions									$	1,264,878
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Common Stocks	$	62,050	$	—	$	—	$	—	$	62,050
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	62,050

As of August 31, 2025, Xtrackers MSCI USA Selection Equity ETF and Xtrackers RREEF Global Natural Resources ETF had no securities on loan.

Derivatives

Futures Contracts. Each Fund may enter into futures contracts. For each fund, except, Xtrackers RREEF Global Natural Resources ETF, these futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. For Xtrackers RREEF Global Natural Resources ETF these futures will be used for liquidity purposes. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended August 31, 2025, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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A summary of the open futures contracts as of August 31, 2025 is included in a table following the Funds’ Schedule of Investments.


	Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	8,840	Unrealized depreciation on futures contracts^*	$	—
	Total	$	8,840	Total	$	—

Xtrackers MSCI EAFE Selection Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	4,328	Unrealized depreciation on futures contracts^*	$	—
	Total	$	4,328	Total	$	—

Xtrackers MSCI Emerging Markets Climate Selection ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	132,009	Unrealized depreciation on futures contracts^*	$	7,825
	Total	$	132,009	Total	$	7,825

Xtrackers MSCI USA Climate Action Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	906,787	Unrealized depreciation on futures contracts^*	$	—
	Total	$	906,787	Total	$	—

Xtrackers MSCI USA Selection Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	85,944	Unrealized depreciation on futures contracts^*	$	—
	Total	$	85,944	Total	$	—

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	15,491	Unrealized depreciation on futures contracts^*	$	—
	Total	$	15,491	Total	$	—


	Futures Contracts
Net Realized Gain (Loss) from:	— Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(2,625	)
Xtrackers MSCI EAFE Selection Equity ETF		(3,766	)
Xtrackers MSCI Emerging Markets Climate Selection ETF		257,847
Xtrackers MSCI USA Climate Action Equity ETF		182,607
Xtrackers MSCI USA Selection Equity ETF		59,418
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		29,362

	Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on:	— Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(18,730	)
Xtrackers MSCI EAFE Selection Equity ETF		1,725
Xtrackers MSCI Emerging Markets Climate Selection ETF		124,134
Xtrackers MSCI USA Climate Action Equity ETF		788,355
Xtrackers MSCI USA Selection Equity ETF		50,738
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		9,379

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For the period ended August 31, 2025 the average monthly volume of derivatives was as follows:


	Futures Contracts
	(Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	1,020,255
Xtrackers MSCI EAFE Selection Equity ETF		301,573
Xtrackers MSCI Emerging Markets Climate Selection ETF		1,854,511
Xtrackers MSCI USA Climate Action Equity ETF		9,751,972
Xtrackers MSCI USA Selection Equity ETF		3,005,899
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		428,860

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

3. Investment Advisory and Other Agreements

RREEF America L.L.C. (“RREEF”) an affiliate of the Advisor serves as the Sub-Advisor to the Xtrackers RREEF Global Natural Resources ETF.

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets (through November 11, 2024 for the Xtrackers MSCI Emerging Markets Climate Selection ETF), computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory
	Fee
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		0.15	%
Xtrackers MSCI EAFE Selection Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets Climate Selection ETF		0.20	%
Xtrackers MSCI USA Climate Action Equity ETF		0.07	%
Xtrackers MSCI USA Selection Equity ETF		0.09	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		0.10	%
Xtrackers RREEF Global Natural Resources ETF		0.45	%

Effective November 12, 2024, for its investment advisory services to the Fund below, the Advisor was entitled to receive a unitary advisory fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory
	Fee
Xtrackers MSCI Emerging Markets Climate Selection ETF		0.15	%

Effective November 5, 2024 the Advisor for Xtrackers MSCI Emerging Markets Climate Selection ETF had contractually agreed, until November 11, 2024, to waive fees and or reimburse fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.15% of the fund’s average daily net assets. For the year ended August 31, 2025, the Advisor waived $296 of expenses to the Fund.

74 | DBX ETF Trust

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	842
Xtrackers MSCI EAFE Selection Equity ETF		71
Xtrackers MSCI Emerging Markets Climate Selection ETF		4,732
Xtrackers MSCI USA Climate Action Equity ETF		10,017
Xtrackers MSCI USA Selection Equity ETF		3,552
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		771
Xtrackers RREEF Global Natural Resources ETF		180

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

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

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).


	Securities Lending
	Agent Fees
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	73
Xtrackers MSCI Emerging Markets Climate Selection ETF		5
Xtrackers MSCI USA Selection Equity ETF		9

4. Investment Portfolio Transactions

For the year ended August 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	9,073,378	$	61,407,311
Xtrackers MSCI EAFE Selection Equity ETF		6,188,819		6,353,450
Xtrackers MSCI Emerging Markets Climate Selection ETF		999,765,713		500,403,682
Xtrackers MSCI USA Climate Action Equity ETF		311,293,730		322,025,682
Xtrackers MSCI USA Selection Equity ETF		19,966,415		18,002,508
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		27,832,196		27,946,740
Xtrackers RREEF Global Natural Resources ETF		42,298,063		42,562,711

DBX ETF Trust | 75

For the year ended August 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	209,818	$	7,543,172
Xtrackers MSCI EAFE Selection Equity ETF		6,392,792		1,632,557
Xtrackers MSCI Emerging Markets Climate Selection ETF		85,022,984		170,707,520
Xtrackers MSCI USA Climate Action Equity ETF		1,323,396,324		804,943,733
Xtrackers MSCI USA Selection Equity ETF		113,632,261		671,368,122
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		48,567,758		29,550,681
Xtrackers RREEF Global Natural Resources ETF		659,200		—

5. Fund Share Transactions

6. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments and US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests,

76 | DBX ETF Trust

trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at August 31, 2025.

8. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of August 31, 2025, there was one affiliated shareholder account for Xtrackers Global Natural Resources ETF, owning 34% of the shares outstanding.

DBX ETF Trust | 77

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF, and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF (collectively referred to as the “Funds”), (seven of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Xtrackers MSCI Emerging Markets Climate Selection ETF Xtrackers MSCI EAFE Selection Equity ETF Xtrackers MSCI USA Selection Equity ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the five years in the period ended August 31, 2025
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the three years in the period ended August 31, 2025 and the period from June 28, 2022 (commencement of operations) through August 31, 2022
Xtrackers MSCI USA Climate Action Equity ETF	For the year ended August 31, 2025	For each of the two years in the period ended August 31, 2025	For each of the two years in the period ended August 31, 2025 and the period from April 4, 2023 (commencement of operations) through August 31, 2023
Xtrackers RREEF Global Natural Resources ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and the period from February 27, 2024 (commencement of operations) through August 31, 2024

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Report of Independent Registered Public Accounting Firm (Continued)

Basis for Opinion

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We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

DBX ETF Trust | 79

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate Selection Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

Economies of Scale. The Board considered that Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

Xtrackers RREEF Global Natural Resources ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC and Investment Sub-Advisory Agreement with RREEF America L.L.C.

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”) the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers RREEF Global Natural Resources ETF (the “Fund”) for another annual period ending May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to continue in effect the Investment Advisory Agreement and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) and RREEF America L.L.C. (“RREEF” or “Sub-Advisor”), an affiliate of the Advisor, for purposes of reviewing the Investment Advisory Agreement’s and Investment Sub-Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (the “Peer Group”). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

In reaching its decision to approve the continuation of the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

In reaching its decision to approve the continuation of the Investment Sub-Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its shareholders; (2) the performance of RREEF with respect to its management of the Fund, as well as RREEF’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by RREEF from its relationship with the Fund; (4) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Advisor.

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operation. The Board also considered the role played by the Advisor in working with RREEF to manage the Fund’s portfolio, noting that the Advisor provides oversight of day-to-day operations and other services, including providing trading services and services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund. The Board considered the information the Sub-Advisor had provided regarding the Fund’s investment performance in response to the Board’s requests prior to the Meeting.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising the Fund’s investment sub-adviser and third party service providers to the Fund, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Fund’s compliance program.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s Peer Group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its Peer Group.

The Board considered that the fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s operating expenses (subject to certain specified exceptions). The Board considered that the Fund’s fee had been priced to scale when it was established. The Board also considered that the Fund’s’ portfolio is managed on a day-to-day basis by the Sub-Advisor, which receives a fee from the Advisor. The Board considered the allocation of responsibilities between the Advisor and Sub-Advisor and noted that the Advisor provides oversight of day-to-day operations and other services, including providing

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

trading services and services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services to the Fund and the information provided by the Advisor to the Board regarding the Fund’s profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Fund, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that the Fund was not profitable as of this time. The Board considered whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.

Economies of Scale. The Board considered that the Fund was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that RREEF provides to the Fund, the Board reviewed in detail the nature, extent and quality of services provided by RREEF under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information the Sub-Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous target allocation representing RREEF’s recommendations as to the securities to be purchased, sold or retained by the Fund, which RREEF continually reviews and adjusts as necessary on an ongoing daily basis.

The Board also considered RREEF’s operational capabilities and resources, and its experience in serving as investment sub-advisor to the Fund. The Board considered the professional experience, qualifications and performance of RREEF’s senior management and key professional personnel, as well as RREEF’s depth and breadth of experience in managing investment portfolios of the Fund. In addition, the Board considered RREEF’s operational capabilities and resources.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by RREEF under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to RREEF, taking special consideration of the fact that the fees paid to RREEF are payable by the Advisor and not the Fund.

Performance of RREEF; RREEF’s Financial Resources. The Board considered RREEF’s performance in managing the Fund. The Board concluded that, given RREEF’s capabilities and experience in managing the Fund, and determined that Fund performance was acceptable.

The Board also considered RREEF’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that RREEF has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to RREEF in respect of the Fund would be paid by the Advisor and not the Fund. Based on its review, the Board concluded that the fees agreed upon with RREEF are reasonable in light of the nature and quality of investment advisory services rendered for the Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Fund, the fact that the sub-advisory fee is paid by the Advisor and not the Fund, and fees paid by comparable funds to advisors.

Costs of Services and Profitability. The Board considered that the fees paid by the Advisor to RREEF under the Investment Sub-Advisory Agreement. The Board further considered information regarding the estimated enterprise-wide profitability of DBX and its affiliates with respect to all services they provided to the Fund. The Board also considered that the overall fees paid by the Fund remained reasonable.

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

The Board also considered whether RREEF would benefit in other ways from its relationship with the Fund and concluded there were no material fall-out benefits likely to accrue to the Sub-Advisor related to the operation of the Fund.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.

DBX ETF Trust | 85

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2025.


	Qualified Dividend Income^*			Dividends Received Reduction^*
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		68	%		—	%
Xtrackers MSCI EAFE Selection Equity ETF		81	%		5	%
Xtrackers MSCI Emerging Markets Climate Selection ETF		56	%		—	%
Xtrackers MSCI USA Climate Action Equity ETF		100	%		100	%
Xtrackers MSCI USA Selection Equity ETF		100	%		100	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		100	%		100	%
Xtrackers RREEF Global Natural Resources ETF		100	%		46	%

*	The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:


	Gross Foreign Income		Foreign Taxes Paid
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	1,051,854	$	143,223
Xtrackers MSCI EAFE Selection Equity ETF		1,624,551		178,966
Xtrackers MSCI Emerging Markets Climate Selection ETF		10,203,041		1,622,723
Xtrackers RREEF Global Natural Resources ETF		584,325		51,337

86 | DBX ETF Trust

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