UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

875 Third Avenue

New York, New York 10022

(Address of principal executive offices) (Zip code)

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 454-4500

Date of fiscal year end: August 31

Date of reporting period: August 31, 2024

Item 1. Reports to Stockholders.

(a)

Xtrackers High Beta High Yield Bond ETF

HYUP : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund’s underlying index, the Solactive USD High Yield Corporates Total Market High Beta 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 13.58% for the period ended August 31, 2024. The Fund's underlying index returned 13.55% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 7.92% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 12.25%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Communications 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 broad-based index that represents the fund’s overall debt market. It replaces the Solactive USD High Yield Corporates Total Market Index as the Fund's broad-based index in compliance with updated regulatory requirements.

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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 1/11/18
Xtrackers High Beta High Yield Bond ETF - NAV	13.58%	4.19%	4.35%
Xtrackers High Beta High Yield Bond ETF - Market	13.26%	4.18%	4.31%
Solactive USD High Yield Corporates Total Market High Beta Index	13.55%	4.18%	4.35%
Bloomberg U.S. Universal Bond Index	7.92%	0.34%	1.62%
Solactive USD High Yield Corporates Total Market Index	12.25%	3.79%	4.13%

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. Market Price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined) and do not represent the return you would receiveif you traded at other times. 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 ($)	12,581,744
Number of Portfolio Holdings	610
Portfolio Turnover Rate (%)	52
Total Net Advisory Fees Paid ($)	24,084
Modified duration to worst	3.3 years

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

What did the Fund invest in?

The quality ratings represent the higher 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.

Holding based data is subject to change.

Credit Quality Diversification

Credit Rating	% of Net Assets
BBB	2%
BB	50%
B	33%
CCC	14%

Sector Diversification

Sector	% of Net Assets
Communications	26%
Consumer, Cyclical	15%
Energy	14%
Consumer, Non-cyclical	13%
Financial	12%
Industrial	6%
Basic Materials	5%
Technology	4%
Utilities	2%
Diversified	0%

Geographic Diversification

Country	% of Net Assets
United States	79%
Canada	5%
Luxembourg	3%
United Kingdom	2%
France	2%
Other	7%

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2023. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund’s unitary advisory fee was reduced from 0.35% to 0.20%. At the same time, the Board terminated the contractual expense limitation that capped the fund’s operating expenses at the same level because of the redundancy.

Additional Information

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

Householding

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

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.

© 2024 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-102629-1 (10/24) DBX006188 (10/25)

Xtrackers Low Beta High Yield Bond ETF

HYDW : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund’s underlying index, the Solactive USD High Yield Corporates Total Market Low Beta 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 10.68% for the period ended August 31, 2024. The Fund's underlying index returned 10.78% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 7.92% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 12.25%.

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 broad-based index that represents the fund’s overall debt market. It replaces The Solactive USD High Yield Corporates Total Market Index as the Fund's broad-based index in compliance with updated regulatory requirements.

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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 1/11/18
Xtrackers Low Beta High Yield Bond ETF - NAV	10.68%	3.25%	3.72%
Xtrackers Low Beta High Yield Bond ETF - Market	10.62%	3.28%	3.72%
Solactive USD High Yield Corporates Total Market Low Beta Index	10.78%	3.26%	3.75%
Bloomberg U.S. Universal Bond Index	7.92%	0.34%	1.62%
Solactive USD High Yield Corporates Total Market Index	12.25%	3.79%	4.13%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	221,123,671
Number of Portfolio Holdings	510
Portfolio Turnover Rate (%)	50
Total Net Advisory Fees Paid ($)	430,579
Modified duration to worst	3.3 years

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

What did the Fund invest in?

Holding based data is subject to change.

Credit Quality Diversification

Credit Rating	% of Net Assets
BBB	7%
BB	80%
B	12%
CCC	0%

Sector Diversification

Sector	% of Net Assets
Consumer, Non-cyclical	22%
Consumer, Cyclical	21%
Industrial	14%
Financial	12%
Energy	11%
Technology	6%
Communications	5%
Basic Materials	4%
Utilities	3%

Geographic Diversification

Country	% of Net Assets
United States	86%
Canada	5%
Netherlands	2%
Other	5%

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2023. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund’s unitary advisory fee was reduced from 0.25% to 0.20%. 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

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.

© 2024 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-102630-1 (10/24) DBX006189 (10/25)

Xtrackers Risk Managed USD High Yield Strategy ETF

HYRM : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYRM	$24	0.23%

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. 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, 2023 to August 31, 2024. 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 Fund’s underlying index, the Adaptive Wealth Strategies Risk Managed High Yield 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 11.92% for the period ended August 31, 2024. The Fund's underlying index returned 12.25% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 7.92% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 12.25%.

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

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 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 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

Fund/Index	1-Year	Since Inception 2/10/22
Xtrackers Risk Managed USD High Yield ETF - NAV	11.92%	3.46%
Xtrackers Risk Managed USD High Yield ETF - Market	11.88%	3.45%
Adaptive Wealth Strategies Risk Managed High Yield Index	12.25%	3.74%
Bloomberg U.S. Universal Bond Index	7.92%	-0.19%
Solactive USD High Yield Corporates Total Market Index	12.25%	3.74%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	42,722,249
Number of Portfolio Holdings	3
Portfolio Turnover Rate (%)	0
Total Net Advisory Fees Paid ($)	98,548
Modified duration to worst	3.3 years

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

What did the Fund invest in?

Holding based data is subject to change.

Credit Quality Diversification

Credit Rating	% of Net Assets
BBB	4%
BB	63%
B	24%
CCC	8%

Sector Diversification

Sector	% of Net Assets
Communications	17%
Consumer, Cyclical	17%
Consumer, Non-cyclical	17%
Energy	13%
Financial	12%
Industrial	9%
Technology	5%
Basic Materials	5%
Utilities	3%

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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with 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.

© 2024 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-102631-1 (10/24) DBX006190 (10/25)

Xtrackers Short Duration High Yield Bond ETF

SHYL : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund’s underlying index, the Solactive USD High Yield Corporates Total Market 0-5 Year 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 11.25% for the period ended August 31, 2024. The Fund's underlying index returned 11.27% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 7.92% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 12.25%.

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

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 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 1/10/18
Xtrackers Short Duration High Yield Bond ETF - NAV	11.25%	4.30%	4.33%
Xtrackers Short Duration High Yield Bond ETF - Market	11.13%	4.36%	4.34%
Solactive USD High Yield Corporates Total Market 0-5 Year Index	11.27%	4.42%	4.41%
Bloomberg U.S. Universal Bond Index	7.92%	0.34%	1.64%
Solactive USD High Yield Corporates Total Market Index	12.25%	3.79%	4.08%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	103,573,358
Number of Portfolio Holdings	722
Portfolio Turnover Rate (%)	56
Total Net Advisory Fees Paid ($)	195,114
Modified duration to worst	2.6 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?

Holding based data is subject to change.

Credit Quality Diversification

Credit Rating	% of Net Assets
BBB	4%
BB	61%
B	24%
CCC	10%

Sector Diversification

Sector	% of Net Assets
Consumer, Cyclical	19%
Communications	18%
Consumer, Non-cyclical	16%
Financial	12%
Energy	12%
Industrial	9%
Basic Materials	5%
Technology	5%
Utilities	3%
Diversified	0%

Geographic Diversification

Country	% of Net Assets
United States	80%
Canada	6%
United Kingdom	2%
Luxembourg	2%
Netherlands	2%
Other	6%

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.

© 2024 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-102632-1 (10/24) DBX006191 (10/25)

Xtrackers USD High Yield BB-B ex Financials ETF

BHYB : Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BHYB	$19^{Footnote Reference(a)}	0.21%

^(a) Based on the period October 27, 2023 (commencement of operations) through August 31, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period.

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 October 27, 2023 to August 31, 2024. 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 Fund’s underlying index, the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained 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 14.62% for the period ended August 31, 2024. The Fund's underlying index returned 14.74% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 15.63% during the same period.

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

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 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	$10,036
11/30/23	$10,507	$10,515	$10,492
12/31/23	$10,856	$10,862	$10,877
1/31/24	$10,867	$10,876	$10,881
2/29/24	$10,864	$10,877	$10,913
3/31/24	$10,991	$11,002	$11,039
4/30/24	$10,883	$10,897	$10,933
5/31/24	$11,001	$11,012	$11,057
6/30/24	$11,108	$11,119	$11,160
7/31/24	$11,287	$11,302	$11,383
8/31/24	$11,462	$11,474	$11,563

Fund/Index	Since Inception 10/27/23
Xtrackers USD High Yield BB-B ex Financials ETF - NAV	14.62%
Xtrackers USD High Yield BB-B ex Financials ETF - Market	14.66%
ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index	14.74%
Bloomberg U.S. Universal Bond Index	15.63%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	655,081,455
Number of Portfolio Holdings	1,425
Portfolio Turnover Rate (%)	32
Total Net Advisory Fees Paid ($)	927,914
Modified duration to worst	3.4 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?

Holding based data is subject to change.

Credit Quality Diversification

Credit Rating	% of Net Assets
BBB	5%
BB	69%
B	25%

Sector Diversification

Sector	% of Net Assets
Consumer, Cyclical	22%
Consumer, Non-cyclical	16%
Energy	15%
Communications	13%
Industrial	12%
Basic Materials	6%
Technology	5%
Financial	5%
Utilities	4%
Diversified	0%

Geographic Diversification

Country	% of Net Assets
United States	83%
Canada	5%
United Kingdom	2%
Luxembourg	2%
Other	6%

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.

© 2024 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-102633-1 (10/24) DBX006192 (10/25)

Xtrackers USD High Yield Corporate Bond ETF

HYLB : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYLB	$7	0.07%

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, 2023 to August 31, 2024. 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 Fund’s underlying index, the Solactive USD High Yield Corporates Total Market 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 12.26% for the period ended August 31, 2024. The Fund's underlying index returned 12.25% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 7.92% during the same period, while the Fund's additional, more narrowly based index, the iBoxx USD Liquid High Yield Index, returned 12.32%.

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

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 broad-based index that represents the fund’s overall debt market. It replaces the iBoxx USD Liquid High Yield Index as the Fund's broad-based index in compliance with updated regulatory requirements.

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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 12/7/16
Xtrackers USD High Yield Corporate Bond ETF - NAV	12.26%	3.57%	4.38%
Xtrackers USD High Yield Corporate Bond ETF - Market	12.15%	3.60%	4.38%
Solactive USD High Yield Corporates Total Market Index	12.25%	3.79%	4.61%
Bloomberg U.S. Universal Bond Index	7.92%	0.34%	1.88%
iBoxx USD Liquid High Yield Index	12.32%	3.79%	4.59%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	3,602,976,555
Number of Portfolio Holdings	1,122
Portfolio Turnover Rate (%)	31
Total Net Advisory Fees Paid ($)	2,310,564
Modified duration to worst	3.3 years

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

What did the Fund invest in?

Holding based data is subject to change.

Credit Quality Diversification

Credit Rating	% of Net Assets
BBB	4%
BB	64%
B	24%
CCC	8%

Sector Diversification

Sector	% of Net Assets
Consumer, Cyclical	18%
Communications	17%
Consumer, Non-cyclical	17%
Energy	13%
Financial	12%
Industrial	10%
Technology	5%
Basic Materials	5%
Utilities	3%
Diversified	0%

Geographic Diversification

Country	% of Net Assets
United States	83%
Canada	5%
Luxembourg	2%
Other	8%

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2023. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective November 17, 2023, the Fund's contractual expense limitation to waive a portion of its unitary fee changed from 0.15% to 0.05%. The cap excludes certain expenses such as interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses.

Effective August 13, 2024, the Fund’s unitary advisory fee was reduced from 0.20% to 0.05%. 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

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.

© 2024 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-102634-1 (10/24) DBX006193 (10/25)

Xtrackers S&P 500 ESG ETF

SNPE : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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 ESG ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund’s underlying index, the S&P 500^® ESG 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 26.79% for the period ended August 31, 2024. The Fund's underlying index returned 26.97% and the Fund's broad-based index the S&P 500^® Index returned 27.14% during the same period.

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

Fund Performance

S&P 500^® ESG 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.

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 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 ESG ETF - NAV	S&P 500^® ESG 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 6/26/19
Xtrackers S&P 500 ESG ETF - NAV	26.79%	17.22%	16.83%
Xtrackers S&P 500 ESG ETF - Market	26.76%	17.22%	16.81%
S&P 500^® ESG Index	26.97%	17.36%	16.95%
S&P 500^® Index	27.14%	0.00%	15.45%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	1,413,116,481
Number of Portfolio Holdings	321
Portfolio Turnover Rate (%)	11
Total Net Advisory Fees Paid ($)	1,055,945

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	42.7% of Net Assets
Apple, Inc.	9.6%
Microsoft Corp.	9.1%
NVIDIA Corp.	8.6%
Alphabet, Inc.	5.2%
Eli Lilly & Co.	2.2%
JPMorgan Chase & Co.	1.9%
Tesla, Inc.	1.7%
UnitedHealth Group, Inc.	1.6%
Exxon Mobil Corp.	1.5%
Visa, Inc.	1.3%

Sector Diversification

Sector	% of Net Assets
Information Technology	34%
Financials	14%
Health Care	13%
Industrials	8%
Communication Services	7%
Consumer Staples	7%
Consumer Discretionary	7%
Energy	4%
Real Estate	3%
Materials	2%
Utilities	1%

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2023. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund’s unitary advisory fee was reduced from 0.11% to 0.10%. 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. 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.

© 2024 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-102664-1 (10/24) DBX006201 (10/25)

Xtrackers S&P 500 Growth ESG ETF

SNPG : Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPG	$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 S&P 500 Growth ESG ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund’s underlying index, the S&P 500^® Growth ESG 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 31.22% for the period ended August 31, 2024. The Fund's underlying index returned 31.45% and the Fund's broad-based index the S&P 500^® Index returned 27.14% during the same period.

Most sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Health Care and Communication Services. The Energy sector was the only negative contributor to performance.

Fund Performance

S&P 500^® Growth ESG 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 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 ESG ETF - NAV	S&P 500^® Growth ESG 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

Fund/Index	1-Year	Since Inception 11/9/22
Xtrackers S&P 500 Growth ESG ETF - NAV	31.22%	35.56%
Xtrackers S&P 500 Growth ESG ETF - Market	31.16%	35.47%
S&P 500^® Growth ESG Index	31.45%	35.74%
S&P 500^® Index	27.14%	25.91%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	12,817,192
Number of Portfolio Holdings	136
Portfolio Turnover Rate (%)	54
Total Net Advisory Fees Paid ($)	12,616

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	58.1% of Net Assets
Apple, Inc.	9.2%
NVIDIA Corp.	8.7%
Microsoft Corp.	8.4%
Meta Platforms, Inc.	8.3%
Alphabet, Inc.	8.1%
Eli Lilly & Co.	5.0%
Tesla, Inc.	4.3%
Visa, Inc.	2.1%
Mastercard, Inc.	2.1%
Adobe, Inc.	1.9%

Sector Diversification

Sector	% of Net Assets
Information Technology	35%
Communication Services	17%
Health Care	11%
Consumer Discretionary	11%
Industrials	9%
Financials	7%
Consumer Staples	5%
Energy	2%
Materials	2%
Real Estate	1%

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.

© 2024 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-102665-1 (10/24) DBX006202 (10/25)

Xtrackers S&P 500 Value ESG ETF

SNPV : Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPV	$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 S&P 500 Value ESG ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund’s underlying index, the S&P 500^® Value ESG 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 22.45% for the period ended August 31, 2024. The Fund's underlying index returned 22.69% and the Fund's broad-based index the S&P 500^® Index returned 27.14% during the same period.

Most sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Health Care and Industrials. The Energy sector was the only negative contributor to performance.

Fund Performance

S&P 500^® Value ESG 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 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 ESG ETF - NAV	S&P 500^® Value ESG 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

Fund/Index	1-Year	Since Inception 11/9/22
Xtrackers S&P 500 Value ESG ETF - NAV	22.45%	16.63%
Xtrackers S&P 500 Value ESG ETF - Market	22.41%	16.58%
S&P 500^® Value ESG Index	22.69%	16.82%
S&P 500^® Index	27.14%	25.91%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	6,391,660
Number of Portfolio Holdings	279
Portfolio Turnover Rate (%)	42
Total Net Advisory Fees Paid ($)	8,631

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	20.8% of Net Assets
JPMorgan Chase & Co.	4.6%
UnitedHealth Group, Inc.	2.4%
Walmart, Inc.	2.3%
Bank of America Corp.	2.0%
Chevron Corp.	1.8%
Procter & Gamble Co.	1.7%
Home Depot, Inc.	1.6%
AbbVie, Inc.	1.5%
Cisco Systems, Inc.	1.5%
Abbott Laboratories	1.4%

Sector Diversification

Sector	% of Net Assets
Financials	26%
Health Care	20%
Consumer Staples	10%
Industrials	9%
Information Technology	7%
Consumer Discretionary	6%
Real Estate	5%
Energy	5%
Communication Services	4%
Materials	4%
Utilities	3%

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.

© 2024 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-102666-1 (10/24) DBX006203 (10/25)

Xtrackers S&P ESG Dividend Aristocrats ETF

SNPD : Cboe BZX Exchange, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPD	$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 ESG Dividend Aristocrats ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund’s underlying index, the S&P ESG High Yield Dividend Aristocrats^® 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 14.15% for the period ended August 31, 2024. The Fund's underlying index returned 14.37% and the Fund's broad-based index the S&P Composite 1500^® Index returned 26.42% during the same period.

Most sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Utilities and Information Technology. The Consumer Discretionary sector was the only negative contributor to performance.

Fund Performance

S&P ESG High Yield Dividend Aristocrats^® 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 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 ESG Dividend Aristocrats ETF - NAV	S&P ESG High Yield Dividend Aristocrats^® 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

Fund/Index	1-Year	Since Inception 11/9/22
Xtrackers S&P ESG Dividend Aristocrats ETF - NAV	14.15%	8.77%
Xtrackers S&P ESG Dividend Aristocrats ETF - Market	14.13%	8.76%
S&P ESG High Yield Dividend Aristocrats^® Index	14.37%	8.92%
S&P Composite 1500^® Index	26.42%	24.99%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	5,569,686
Number of Portfolio Holdings	88
Portfolio Turnover Rate (%)	36
Total Net Advisory Fees Paid ($)	7,599

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	23.5% of Net Assets
Best Buy Co., Inc.	3.1%
Realty Income Corp.	2.5%
AbbVie, Inc.	2.5%
Edison International	2.4%
T. Rowe Price Group, Inc.	2.4%
Eversource Energy	2.3%
International Business Machines Corp.	2.2%
Essex Property Trust, Inc.	2.1%
Federal Realty Investment Trust	2.0%
Kimberly-Clark Corp.	2.0%

Sector Diversification

Sector	% of Net Assets
Consumer Staples	19%
Industrials	17%
Utilities	11%
Financials	9%
Health Care	8%
Materials	8%
Information Technology	8%
Consumer Discretionary	8%
Real Estate	7%
Energy	4%

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.

© 2024 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-102667-1 (10/24) DBX006204 (10/25)

Xtrackers S&P MidCap 400 ESG ETF

MIDE : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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 ESG ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund’s underlying index, the S&P MidCap 400^® ESG 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 16.70% for the period ended August 31, 2024. The Fund's underlying index returned 16.92% and the Fund's broad-based index the S&P Composite 1500^® Index returned 26.42% during the same period, while the Fund's additional, more narrowly based index, the S&P MidCap 400^® Index, returned 18.75%.

Most sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Consumer Discretionary and Industrials. The Communication Services and Energy were negative contributors to performance.

Fund Performance

S&P MidCap 400^® ESG 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 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 ESG ETF - NAV	S&P MidCap 400^® ESG 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	$11,521	$10,949
2/22	$10,754	$10,769	$11,217	$10,654
8/22	$9,932	$9,954	$10,230	$9,813
2/23	$10,852	$10,889	$10,410	$10,587
8/23	$10,944	$10,988	$11,804	$10,864
2/24	$11,839	$11,897	$13,403	$11,969
8/24	$12,771	$12,846	$14,922	$12,901

Fund/Index	1-Year	Since Inception 2/24/21
Xtrackers S&P MidCap 400 ESG ETF - NAV	16.70%	7.20%
Xtrackers S&P MidCap 400 ESG ETF - Market	16.73%	7.20%
S&P MidCap 400^® ESG Index	16.92%	7.37%
S&P Composite 1500^® Index	26.42%	12.06%
S&P MidCap 400^® Index	18.75%	7.50%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	6,113,066
Number of Portfolio Holdings	283
Portfolio Turnover Rate (%)	35
Total Net Advisory Fees Paid ($)	13,578

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	8.6% of Net Assets
Carlisle Cos., Inc.	1.0%
Lennox International, Inc.	1.0%
EMCOR Group, Inc.	0.9%
Williams-Sonoma, Inc.	0.9%
Burlington Stores, Inc.	0.8%
United Therapeutics Corp.	0.8%
Tenet Healthcare Corp.	0.8%
Manhattan Associates, Inc.	0.8%
Pure Storage, Inc.	0.8%
Watsco, Inc.	0.8%

Sector Diversification

Sector	% of Net Assets
Industrials	21%
Financials	18%
Consumer Discretionary	15%
Information Technology	10%
Health Care	8%
Real Estate	8%
Materials	7%
Energy	5%
Consumer Staples	3%
Utilities	2%

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.

© 2024 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-102669-1 (10/24) DBX006205 (10/25)

Xtrackers FTSE Developed ex US Multifactor ETF

DEEF : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund's underlying index, the FTSE Developed ex US Comprehensive Factor 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 Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States).

The Fund returned 17.65% for the period ended August 31, 2024. The Fund's underlying index returned 18.11% and the Fund's broad-based index the FTSE Developed ex US Net Tax (US RIC) Index returned 18.97% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Financials and Consumer Discretionary. From a geographical perspective, all countries contributed positively to performance during the period with the greatest contribution coming from Japan, United Kingdom and Australia.

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 New 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 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 11/24/15
Xtrackers FTSE Developed ex US Multifactor ETF - NAV	17.65%	6.80%	5.95%
Xtrackers FTSE Developed ex US Multifactor ETF - Market	17.70%	6.81%	5.93%
FTSE Developed ex US Comprehensive Factor Index	18.11%	7.17%	6.44%
FTSE Developed ex US Net Tax (US RIC) Index	18.97%	8.90%	7.15%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	55,810,640
Number of Portfolio Holdings	1,198
Portfolio Turnover Rate (%)	51
Total Net Advisory Fees Paid ($)	135,177

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	7.5% of Net Assets
Tesco PLC (United Kingdom)	1.0%
3i Group PLC (United Kingdom)	1.0%
ENEOS Holdings, Inc. (Japan)	0.8%
Tokyo Gas Co. Ltd. (Japan)	0.7%
Trelleborg AB (Sweden)	0.7%
Industrivarden AB (Sweden)	0.7%
E.ON SE (Germany)	0.7%
DCC PLC (Ireland)	0.7%
Keppel Ltd. (Singapore)	0.6%
Singapore Airlines Ltd. (Singapore)	0.6%

Sector Diversification

Sector	% of Net Assets
Industrials	27%
Consumer Discretionary	12%
Financials	12%
Materials	10%
Consumer Staples	10%
Utilities	7%
Information Technology	5%
Health Care	5%
Energy	4%
Communication Services	4%
Real Estate	3%

Geographic Diversification

Country	% of Net Assets
Japan	32%
United Kingdom	11%
Australia	9%
Sweden	6%
South Korea	5%
Switzerland	5%
Canada	4%
France	4%
Germany	4%
Singapore	3%
Netherlands	3%
Other	13%

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2023. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund’s unitary advisory fee was reduced from 0.35% to 0.24%. 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 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.

© 2024 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-102612-1 (10/24) DBX006184 (10/25)

Xtrackers MSCI Kokusai Equity ETF

KOKU : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund's underlying index, the MSCI Kokusai Index. The Underlying is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan).

The Fund returned 25.07% for the period ended August 31, 2024. The Fund's underlying index returned 24.74% and the Fund's broad-based index the MSCI World Index returned 24.43% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Financials and Health Care. From a geographical perspective, most countries contributed positively to performance during the period with the greatest contribution coming from United States, United Kingdom and Canada. Hong Kong was the only negative contributor 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 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
8/20	$13,166	$13,148	$13,043
2/21	$14,672	$14,634	$14,572
8/21	$17,231	$17,160	$16,925
2/22	$16,482	$16,395	$16,138
8/22	$14,723	$14,620	$14,374
2/23	$15,348	$15,215	$14,955
8/23	$17,082	$16,904	$16,616
2/24	$19,215	$18,992	$18,687
8/24	$21,364	$21,086	$20,677

Fund/Index	1-Year	Since Inception 4/8/20
Xtrackers MSCI Kokusai Equity ETF - NAV	25.07%	18.83%
Xtrackers MSCI Kokusai Equity ETF - Market	25.14%	18.81%
MSCI Kokusai Index	24.74%	18.46%
MSCI World Index	24.43%	17.94%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	603,092,260
Number of Portfolio Holdings	1,216
Portfolio Turnover Rate (%)	3
Total Net Advisory Fees Paid ($)	492,045

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	24.6% of Net Assets
Apple, Inc. (United States)	5.1%
Microsoft Corp. (United States)	4.5%
NVIDIA Corp. (United States)	4.5%
Amazon.com, Inc. (United States)	2.6%
Meta Platforms, Inc. (United States)	1.8%
Alphabet, Inc. (United States)	1.5%
Alphabet, Inc. (United States)	1.3%
Eli Lilly & Co. (United States)	1.2%
Broadcom, Inc. (United States)	1.1%
JPMorgan Chase & Co. (United States)	1.0%

Sector Diversification

Sector	% of Net Assets
Information Technology	25%
Financials	16%
Health Care	13%
Industrials	10%
Consumer Discretionary	9%
Communication Services	7%
Consumer Staples	7%
Materials	4%
Energy	4%
Utilities	3%
Real Estate	2%

Geographic Diversification

Country	% of Net Assets
United States	74%
United Kingdom	4%
Canada	3%
Switzerland	3%
France	3%
Germany	2%
Australia	2%
Netherlands	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.

© 2024 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-102626-1 (10/24) DBX006185 (10/25)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

QARP : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
QARP	$21	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, 2023 to August 31, 2024. 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 Fund's underlying index, the Russell 1000^® 2Qual/Val 5% Capped Factor 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 21.45% for the period ended August 31, 2024. The Fund's underlying index returned 21.72% and the Fund's broad-based index the Russell 1000^® Index returned 26.60% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Communication Services and Consumer Staples.

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 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 4/5/18
Xtrackers Russell 1000 US QARP ETF - NAV	21.45%	15.65%	13.79%
Xtrackers Russell 1000 US QARP ETF - Market	21.35%	15.67%	13.77%
Russell 1000^® 2Qual/Val 5% Capped Factor Index	21.72%	15.91%	14.04%
Russell 1000^® Index	26.60%	15.55%	14.16%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	68,286,335
Number of Portfolio Holdings	350
Portfolio Turnover Rate (%)	22
Total Net Advisory Fees Paid ($)	114,535

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	36.6% of Net Assets
Berkshire Hathaway, Inc.	5.5%
Apple, Inc.	5.1%
Meta Platforms, Inc.	4.9%
Alphabet, Inc.	4.4%
Amazon.com, Inc.	3.5%
Exxon Mobil Corp.	3.2%
Walmart, Inc.	2.7%
Johnson & Johnson	2.6%
UnitedHealth Group, Inc.	2.4%
Costco Wholesale Corp.	2.3%

Sector Diversification

Sector	% of Net Assets
Information Technology	16%
Consumer Discretionary	15%
Health Care	14%
Financials	13%
Communication Services	12%
Consumer Staples	11%
Industrials	8%
Energy	8%
Materials	2%
Real Estate	1%

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.

© 2024 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-102627-1 (10/24) DBX006186 (10/25)

Xtrackers Russell US Multifactor ETF

DEUS : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DEUS	$19	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, 2023 to August 31, 2024. 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 Fund's underlying index, the Russell 1000^® Comprehensive Factor 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 21.78% for the period ended August 31, 2024. The Fund's underlying index returned 21.94% and the Fund's broad-based index the Russell 1000^® Index returned 26.60% during the same period.

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

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 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 11/24/15
Xtrackers Russell US Multifactor ETF - NAV	21.78%	11.59%	11.03%
Xtrackers Russell US Multifactor ETF - Market	21.81%	11.60%	11.02%
Russell 1000^® Comprehensive Factor Index	21.94%	11.73%	11.19%
Russell 1000^® Index	26.60%	15.55%	13.78%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	167,515,191
Number of Portfolio Holdings	858
Portfolio Turnover Rate (%)	41
Total Net Advisory Fees Paid ($)	248,820

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	7.7% of Net Assets
McKesson Corp.	1.1%
Arch Capital Group Ltd.	1.1%
Cardinal Health, Inc.	0.9%
Centene Corp.	0.7%
Cencora, Inc.	0.7%
Leidos Holdings, Inc.	0.7%
PulteGroup, Inc.	0.7%
Ferguson Enterprises, Inc.	0.6%
GoDaddy, Inc.	0.6%
D.R. Horton, Inc.	0.6%

Sector Diversification

Sector	% of Net Assets
Industrials	19%
Financials	16%
Information Technology	14%
Consumer Discretionary	12%
Health Care	11%
Consumer Staples	7%
Utilities	6%
Materials	6%
Communication Services	3%
Real Estate	3%
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.

© 2024 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-102628-1 (10/24) DBX006187 (10/25)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

EMCR : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMCR	$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 Emerging Markets Carbon Reduction and Climate Improvers ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund's underlying index, the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. 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 14.88% for the period ended August 31, 2024. The Fund's underlying index returned 16.44% and the Fund's broad-based index the MSCI Emerging Markets Index returned 15.07% 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. The Materials, Industrials and Energy 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 Taiwan, India and Korea while China, United States and Mexico 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 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 CI 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 12/6/18
Xtrackers Emerging Markets Carbon Reduction and CI ETF - NAV	14.88%	5.82%	5.67%
Xtrackers Emerging Markets Carbon Reduction and CI ETF - Market	14.54%	5.74%	5.60%
Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR	16.44%	6.31%	6.11%
MSCI Emerging Markets Index	15.07%	4.79%	4.01%

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 ($)	94,262,904
Number of Portfolio Holdings	1,424
Portfolio Turnover Rate (%)	79
Total Net Advisory Fees Paid ($)	671,017

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	27.0% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	9.1%
Tencent Holdings Ltd. (China)	5.1%
Alibaba Group Holding Ltd. (China)	2.8%
Samsung Electronics Co. Ltd. (South Korea)	2.7%
Infosys Ltd. (India)	1.7%
Meituan (China)	1.2%
Tata Consultancy Services Ltd. (India)	1.1%
HDFC Bank Ltd. (India)	1.1%
International Holding Co. PJSC (United Arab Emirates)	1.1%
PDD Holdings, Inc. (Ireland)	1.1%

Sector Diversification

Sector	% of Net Assets
Information Technology	26%
Financials	23%
Consumer Discretionary	13%
Communication Services	12%
Health Care	6%
Industrials	6%
Consumer Staples	5%
Materials	4%
Real Estate	2%
Utilities	1%

Geographic Diversification

Country	% of Net Assets
China	25%
Taiwan	20%
India	19%
South Korea	10%
Brazil	4%
South Africa	3%
Saudi Arabia	3%
United Arab Emirates	2%
Mexico	2%
Thailand	2%
Other	8%

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.

© 2024 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-102635-1 (10/24) DBX006194 (10/25)

Xtrackers MSCI EAFE ESG Leaders Equity ETF

EASG : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EASG	$15	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 ESG Leaders Equity ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund's underlying index, the MSCI EAFE ESG Leaders 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 20.32% for the period ended August 31, 2024. The Fund's underlying index returned 20.35% and the Fund's broad-based index the MSCI EAFE Index returned 19.40% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Health Care and Industrials. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Japan, United Kingdom and China while Hong Kong contributed negatively to performance.

Fund Performance

MSCI EAFE 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 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 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 ESG Leaders Equity ETF - NAV	MSCI EAFE ESG Leaders 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 9/6/18
Xtrackers MSCI EAFE ESG Leaders Equity ETF - NAV	20.32%	8.97%	7.28%
Xtrackers MSCI EAFE ESG Leaders Equity ETF - Market	20.38%	9.00%	7.33%
MSCI EAFE ESG Leaders Index	20.35%	8.94%	7.24%
MSCI EAFE Index	19.40%	8.61%	6.90%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	53,907,124
Number of Portfolio Holdings	364
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	66,109

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	24.9% of Net Assets
Novo Nordisk A/S (Denmark)	5.0%
ASML Holding NV (Netherlands)	4.0%
AstraZeneca PLC (United Kingdom)	3.0%
Novartis AG (Switzerland)	2.6%
LVMH Moet Hennessy Louis Vuitton SE (France)	2.3%
HSBC Holdings PLC (United Kingdom)	1.8%
Unilever PLC (United Kingdom)	1.8%
TotalEnergies SE (France)	1.6%
Schneider Electric SE (France)	1.5%
Sony Group Corp. (Japan)	1.3%

Sector Diversification

Sector	% of Net Assets
Financials	20%
Industrials	17%
Health Care	16%
Consumer Discretionary	11%
Consumer Staples	9%
Information Technology	9%
Materials	6%
Communication Services	4%
Energy	3%
Utilities	3%
Real Estate	2%

Geographic Diversification

Country	% of Net Assets
Japan	25%
United Kingdom	14%
France	11%
Switzerland	10%
Netherlands	7%
Denmark	7%
Australia	6%
Germany	5%
Sweden	4%
Italy	2%
Spain	2%
Finland	2%
Other	5%

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 under perform 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.

© 2024 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-102658-1 (10/24) DBX006195 (10/25)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

EMSG : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMSG	$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 MSCI Emerging Markets ESG Leaders Equity ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund's underlying index, the MSCI Emerging Markets ESG Leaders 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 emerging markets countries, as defined by the index provider.

The Fund returned 14.74% for the period ended August 31, 2024. The Fund's underlying index returned 15.86% and the Fund's broad-based index the MSCI Emerging Markets Index returned 15.07% during the same period.

Most sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Financials and Communication Services. The Materials, Consumer Discretionary and Health Care sectors were negative contributors to performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Taiwan, India and South Africa while Hong Kong, United States and Mexico contributed negatively to performance.

Fund Performance

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.

The MSCI Emerging Markets Index is a 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 Emerging Markets ESG Leaders Equity ETF - NAV	MSCI Emerging Markets ESG Leaders Index (the Underlying Index)	MSCI Emerging Markets Index
12/6/18	$10,000	$10,000	$10,000
12/31/18	$9,543	$9,551	$9,546
1/31/19	$10,391	$10,399	$10,383
2/28/19	$10,386	$10,393	$10,406
3/31/19	$10,487	$10,503	$10,494
4/30/19	$10,756	$10,778	$10,715
5/31/19	$9,945	$9,978	$9,937
6/30/19	$10,501	$10,543	$10,557
7/31/19	$10,452	$10,500	$10,428
8/31/19	$9,983	$10,027	$9,920
9/30/19	$10,070	$10,116	$10,109
10/31/19	$10,522	$10,575	$10,535
11/30/19	$10,608	$10,669	$10,521
12/31/19	$11,367	$11,438	$11,306
1/31/20	$10,827	$10,903	$10,779
2/29/20	$10,343	$10,404	$10,210
3/31/20	$8,797	$8,847	$8,638
4/30/20	$9,664	$9,721	$9,429
5/31/20	$9,726	$9,779	$9,501
6/30/20	$10,546	$10,607	$10,200
7/31/20	$11,695	$11,769	$11,111
8/31/20	$12,009	$12,087	$11,357
9/30/20	$11,851	$11,929	$11,174
10/31/20	$12,296	$12,383	$11,405
11/30/20	$12,999	$13,090	$12,459
12/31/20	$13,629	$13,735	$13,375
1/31/21	$14,457	$14,563	$13,785
2/28/21	$14,386	$14,503	$13,891
3/31/21	$14,195	$14,308	$13,681
4/30/21	$14,586	$14,701	$14,022
5/31/21	$14,576	$14,696	$14,183
6/30/21	$14,889	$15,023	$14,372
7/31/21	$13,847	$13,968	$13,404
8/31/21	$14,230	$14,352	$13,755
9/30/21	$13,586	$13,721	$13,209
10/31/21	$13,827	$13,961	$13,339
11/30/21	$13,152	$13,274	$12,795
12/31/21	$13,321	$13,452	$13,035
1/31/22	$13,180	$13,304	$12,789
2/28/22	$12,508	$12,715	$12,406
3/31/22	$12,353	$12,483	$12,126
4/30/22	$11,523	$11,649	$11,452
5/31/22	$11,558	$11,669	$11,502
6/30/22	$10,764	$10,862	$10,738
7/31/22	$10,607	$10,716	$10,711
8/31/22	$10,595	$10,723	$10,756
9/30/22	$9,263	$9,365	$9,495
10/31/22	$8,871	$8,975	$9,200
11/30/22	$10,359	$10,492	$10,565
12/31/22	$10,260	$10,385	$10,416
1/31/23	$11,198	$11,323	$11,239
2/28/23	$10,413	$10,532	$10,510
3/31/23	$10,777	$10,900	$10,829
4/30/23	$10,481	$10,601	$10,706
5/31/23	$10,273	$10,407	$10,526
6/30/23	$10,652	$10,795	$10,926
7/31/23	$11,283	$11,439	$11,606
8/31/23	$10,539	$10,692	$10,891
9/30/23	$10,194	$10,345	$10,606
10/31/23	$9,814	$9,957	$10,194
11/30/23	$10,530	$10,695	$11,010
12/31/23	$10,838	$11,025	$11,440
1/31/24	$10,374	$10,559	$10,909
2/29/24	$10,804	$11,005	$11,428
3/31/24	$11,043	$11,249	$11,679
4/30/24	$11,140	$11,356	$11,764
5/31/24	$11,257	$11,483	$11,830
6/30/24	$11,752	$12,005	$12,297
7/31/24	$11,767	$12,027	$12,333
8/31/24	$12,093	$12,387	$12,532

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 12/6/18
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF - NAV	14.74%	3.91%	3.37%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF - Market	14.48%	3.81%	3.26%
MSCI Emerging Markets ESG Leaders Index	15.86%	4.32%	3.80%
MSCI Emerging Markets Index	15.07%	4.79%	4.01%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	28,016,141
Number of Portfolio Holdings	491
Portfolio Turnover Rate (%)	14
Total Net Advisory Fees Paid ($)	51,088

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	39.9% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	17.1%
Tencent Holdings Ltd. (China)	7.6%
Alibaba Group Holding Ltd. (China)	3.8%
Reliance Industries Ltd. (India)	2.6%
HDFC Bank Ltd. (India)	2.0%
Infosys Ltd. (India)	1.8%
China Construction Bank Corp. (China)	1.6%
MediaTek, Inc. (Taiwan)	1.4%
Bharti Airtel Ltd. (India)	1.1%
Industrial & Commercial Bank of China Ltd. (China)	0.9%

Sector Diversification

Sector	% of Net Assets
Information Technology	23%
Financials	22%
Communication Services	15%
Consumer Discretionary	12%
Industrials	6%
Materials	5%
Consumer Staples	5%
Energy	4%
Utilities	3%
Health Care	3%
Real Estate	2%

Geographic Diversification

Country	% of Net Assets
Taiwan	25%
China	25%
India	18%
South Korea	6%
South Africa	5%
Brazil	3%
Mexico	3%
Saudi Arabia	2%
Malaysia	2%
Thailand	2%
United Arab Emirates	2%
Other	7%

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. 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. 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. 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.

© 2024 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.

EMSG-TSRA

R-102659-1 (10/24) DBX006196 (10/25)

Xtrackers MSCI USA Climate Action Equity ETF

USCA : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund's underlying index, the MSCI USA Climate Action 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 27.85% for the period ended August 31, 2024. The Fund's underlying index returned 27.89% and the Fund's broad-based index the MSCI USA Index returned 27.10% during the same period.

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

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 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

Fund/Index	1-Year	Since Inception 4/4/23
Xtrackers MSCI USA Climate Action Equity ETF - NAV	27.85%	29.43%
Xtrackers MSCI USA Climate Action Equity ETF - Market	27.81%	29.36%
MSCI USA Climate Action Index	27.89%	29.43%
MSCI USA Index	27.10%	26.93%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	2,212,449,353
Number of Portfolio Holdings	297
Portfolio Turnover Rate (%)	20
Total Net Advisory Fees Paid ($)	1,467,094

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	36.2% of Net Assets
NVIDIA Corp.	5.8%
Apple, Inc.	5.6%
Amazon.com, Inc.	4.6%
Microsoft Corp.	4.6%
Alphabet, Inc.	4.3%
Meta Platforms, Inc.	3.3%
Eli Lilly & Co.	2.2%
Broadcom, Inc.	2.1%
JPMorgan Chase & Co.	1.9%
Tesla, Inc.	1.8%

Sector Diversification

Sector	% of Net Assets
Information Technology	28%
Health Care	13%
Financials	13%
Communication Services	11%
Consumer Discretionary	11%
Industrials	7%
Consumer Staples	6%
Energy	4%
Materials	3%
Real Estate	2%
Utilities	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.

© 2024 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-102662-1 (10/24) DBX006199 (10/25)

Xtrackers MSCI USA ESG Leaders Equity ETF

USSG : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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 ESG Leaders Equity ETF ("the Fund") for the period September 1, 2023 to August 31, 2024. 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 Fund's underlying index, the MSCI USA ESG Leaders 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 26.52% for the period ended August 31, 2024. The Fund's underlying index returned 26.63% and the Fund's broad-based index the MSCI USA Index returned 27.10% during the same period.

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

Fund Performance

MSCI USA 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 in the U.S. market.

The MSCI USA Index is a 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 ESG Leaders Equity ETF - NAV	MSCI USA ESG Leaders 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

Yearly periods ended August 31

Fund/Index	1-Year	5-Year	Since Inception 3/7/19
Xtrackers MSCI USA ESG Leaders Equity ETF - NAV	26.52%	16.11%	16.04%
Xtrackers MSCI USA ESG Leaders Equity ETF - Market	26.50%	16.12%	16.02%
MSCI USA ESG Leaders Index	26.63%	16.21%	16.13%
MSCI USA Index	27.10%	15.85%	15.66%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	1,044,668,032
Number of Portfolio Holdings	296
Portfolio Turnover Rate (%)	7
Total Net Advisory Fees Paid ($)	976,881

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	42.4% of Net Assets
Microsoft Corp.	11.3%
NVIDIA Corp.	11.2%
Alphabet, Inc.	6.9%
Eli Lilly & Co.	3.0%
Tesla, Inc.	2.4%
Visa, Inc.	1.7%
Procter & Gamble Co.	1.5%
Mastercard, Inc.	1.5%
Johnson & Johnson	1.5%
Home Depot, Inc.	1.4%

Sector Diversification

Sector	% of Net Assets
Information Technology	34%
Financials	12%
Health Care	12%
Consumer Discretionary	10%
Communication Services	9%
Industrials	9%
Consumer Staples	6%
Materials	3%
Real Estate	2%
Energy	2%
Utilities	1%

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2023. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund’s unitary advisory fee was reduced from 0.10% to 0.09%. At the same time, the Fund's advisor terminated the voluntary fee waiver 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. 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.

© 2024 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-102660-1 (10/24) DBX006197 (10/25)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

USNZ : NYSE Arca, Inc.

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Cost 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, 2023 to August 31, 2024. 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 Fund's underlying index, the Solactive ISS ESG United States Net Zero Pathway Enhanced 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 27.94% for the period ended August 31, 2024. The Fund's underlying index returned 28.05% and the Fund's broad-based index the S&P 500^® Index returned 27.14% during the same period.

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

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 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

Fund/Index	1-Year	Since Inception 6/28/22
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF - NAV	27.94%	20.62%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF - Market	27.83%	20.60%
Solactive ISS ESG United States Net Zero Pathway Enhanced Index	28.05%	20.69%
S&P 500^® Index	27.14%	20.41%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	221,677,360
Number of Portfolio Holdings	339
Portfolio Turnover Rate (%)	11
Total Net Advisory Fees Paid ($)	176,274

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	37.4% of Net Assets
Apple, Inc.	8.9%
Microsoft Corp.	8.2%
NVIDIA Corp.	6.5%
Alphabet, Inc.	3.8%
Meta Platforms, Inc.	3.0%
Eli Lilly & Co.	1.8%
Broadcom, Inc.	1.7%
JPMorgan Chase & Co.	1.4%
UnitedHealth Group, Inc.	1.1%
Johnson & Johnson	1.0%

Sector Diversification

Sector	% of Net Assets
Information Technology	37%
Health Care	17%
Financials	11%
Communication Services	10%
Consumer Discretionary	6%
Real Estate	5%
Consumer Staples	5%
Industrials	5%
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 under perform 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 under perform 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.

© 2024 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-102661-1 (10/24) DBX006198 (10/25)

Xtrackers RREEF Global Natural Resources ETF

NRES : Nasdaq Stock Market

Annual Shareholder Report — August 31, 2024

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
NRES	$24^{Footnote Reference(a)}	0.45%

^(a) Based on the period February 27, 2024 (commencement of operations) through August 31, 2024. Expenses would have been higher if the Fund had been in existence for the full reporting period.

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 February 27, 2024 to August 31, 2024. 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 8.75% for the period ended August 31, 2024. The Fund's broad-based index, the MSCI World Index, returned 10.85% for the same period, while the Fund's additional, more narrowly based index, S&P Global Natural Resources Net TR index returned 7.94%.

Most sectors contributed positively to performance during the period with the greatest contribution coming from Materials, Energy and Consumer Staples. The Real Estate sector was the only negative contributor to performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Canada, United Kingdom and United States while Japan, South Africa and Korea 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 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
2/24	$9,993	$10,018	$10,046
3/24	$10,893	$10,337	$10,872
4/24	$10,919	$9,956	$10,865
5/24	$11,231	$10,401	$11,159
6/24	$10,721	$10,612	$10,664
7/24	$10,935	$10,799	$10,811
8/24	$10,875	$11,085	$10,794

Fund/Index	Since Inception 2/27/24
Xtrackers RREEF Global Natural Resources ETF - NAV	8.75%
Xtrackers RREEF Global Natural Resources ETF - Market	9.26%
MSCI World Index	10.85%
S&P Global Natural Resources Net TR index	7.94%

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	30,939,591
Number of Portfolio Holdings	65
Portfolio Turnover Rate (%)	49
Total Net Advisory Fees Paid ($)	25,964

What did the Fund invest in?

Holding based data is subject to change.

Ten Largest Equity Holdings

Holding	41.8% of Net Assets
Shell PLC (United Kingdom)	7.2%
Exxon Mobil Corp. (United States)	5.1%
Rio Tinto PLC (United Kingdom)	4.4%
TotalEnergies SE (France)	4.3%
Glencore PLC (Switzerland)	3.9%
Nutrien Ltd. (Canada)	3.8%
Corteva, Inc. (United States)	3.8%
Cenovus Energy, Inc. (Canada)	3.4%
Barrick Gold Corp. (Canada)	3.0%
UPM-Kymmene OYJ (Finland)	2.9%

Sector Diversification

Industry	% of Net Assets
Metals & Mining	33.0%
Oil, Gas & Consumable Fuels	31.7%
Containers & Packaging	11.0%
Chemicals	9.4%
Paper & Forest Products	8.1%
Food Products	4.4%
Energy Equipment & Services	1.5%
Specialized REITs	0.9%

Geographic Diversification

Country	% of Net Assets
United States	32%
United Kingdom	19%
Canada	17%
Switzerland	5%
Finland	5%
Brazil	5%
France	4%
Ireland	3%
Norway	3%
South Africa	2%
South Korea	2%
Luxembourg	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.

© 2024 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-102663-1 (10/24) DBX006200 (10/25)

(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 $517,481 for 2024 and $476,661 for 2023.

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 2024 and $0 for 2023.

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 $434,432 for 2024 and $118,250 for 2023.

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 $0 for 2024 and $0 for 2023.

(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 2024 and $0 for 2023 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 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			34

Xtrackers Russell US Multifactor ETF			40

Statements of Assets and Liabilities			51

Statements of Operations			52

Statements of Changes in Net Assets			53

Financial Highlights			55

Notes to Financial Statements			59

Report of Independent Registered Public Accounting Firm			69

Board Considerations in Approval of Investment Advisory Contracts			71

Tax Information			74

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, 2024


	Number of Shares		Value $

COMMON STOCKS — 98.9%

Australia — 9.0%
AGL Energy Ltd.		10,148		79,940
ALS Ltd.		2,917		31,014
Ampol Ltd.		8,708		170,929
Ansell Ltd.		2,020		40,884
ANZ Group Holdings Ltd.		2,756		56,846
APA Group (a)		2,479		12,766
Aristocrat Leisure Ltd.		5,772		214,261
ASX Ltd.		167		6,937
Atlas Arteria Ltd. (a)		2,907		10,059
Aurizon Holdings Ltd.		33,835		77,595
Beach Energy Ltd.		20,794		17,636
Bendigo & Adelaide Bank Ltd.		4,304		35,189
BHP Group Ltd.		803		22,213
BlueScope Steel Ltd.		13,752		192,773
Brambles Ltd.		21,585		266,986
CAR Group Ltd.		1,013		26,022
Challenger Ltd.		866		4,043
Charter Hall Group REIT		1,697		16,684
Cleanaway Waste Management Ltd.		20,883		40,807
Cochlear Ltd.		587		119,631
Coles Group Ltd.		12,315		157,004
Commonwealth Bank of Australia		123		11,642
Computershare Ltd.		10,717		206,728
CSL Ltd.		57		11,879
Deterra Royalties Ltd.		18,154		45,328
Domino’s Pizza Enterprises Ltd.		192		3,911
Downer EDI Ltd.		13,168		49,944
EBOS Group Ltd.		2,593		56,781
Endeavour Group Ltd.		6,759		24,489
Evolution Mining Ltd.		7,175		20,641
Fortescue Ltd.		3,261		40,424
Goodman Group REIT		7,063		160,061
GPT Group REIT		340		1,135
Harvey Norman Holdings Ltd.		18,886		58,689
IDP Education Ltd.		215		2,360
Iluka Resources Ltd.		690		2,884
Incitec Pivot Ltd.		19,294		39,666
Insurance Australia Group Ltd.		35,389		181,286
JB Hi-Fi Ltd.		5,664		305,790
Lendlease Corp. Ltd. (a)		2,386		10,944
Lottery Corp. Ltd.		14,340		48,551
Macquarie Group Ltd.		104		15,217
Magellan Financial Group Ltd.		2,437		15,758
Medibank Pvt Ltd.		84,190		220,495
Metcash Ltd.		27,281		66,266
Mirvac Group REIT		3,547		4,910
National Australia Bank Ltd.		258		6,682
New Hope Corp. Ltd.		5,667		17,226


	Number of Shares		Value $

NEXTDC Ltd. *		656		7,544
Northern Star Resources Ltd.		3,424		35,452
Orica Ltd.		6,097		73,470
Origin Energy Ltd.		10,800		72,985
Orora Ltd.		32,976		55,936
Perpetual Ltd.		781		10,413
Pro Medicus Ltd.		81		8,282
Qantas Airways Ltd. *		6,572		29,921
QBE Insurance Group Ltd.		11,056		118,449
Qube Holdings Ltd.		21,504		56,319
Ramsay Health Care Ltd.		645		18,184
REA Group Ltd.		381		56,613
Reece Ltd.		2,500		46,375
Rio Tinto Ltd.		2,559		193,682
Santos Ltd.		7,675		37,598
Scentre Group REIT		7,146		16,679
SEEK Ltd.		701		10,963
Seven Group Holdings Ltd.		2,692		75,034
Sims Ltd.		1,393		10,378
Sonic Healthcare Ltd.		2,741		51,478
South32 Ltd.		3,229		6,879
Steadfast Group Ltd.		15,331		67,302
Stockland REIT		13,539		46,115
Suncorp Group Ltd.		6,287		75,375
Telstra Group Ltd.		7,915		21,105
TPG Telecom Ltd.		2,669		8,982
Transurban Group (a)		2,706		24,878
Treasury Wine Estates Ltd.		1,869		14,495
Vicinity Ltd. REIT		10,111		15,230
Washington H Soul Pattinson & Co. Ltd.		3,291		77,037
Wesfarmers Ltd.		4,621		227,626
Westpac Banking Corp.		1,033		21,896
Whitehaven Coal Ltd.		1,169		5,306
Woodside Energy Group Ltd.		2,473		45,623
Woolworths Group Ltd.		6,011		145,520
Worley Ltd.		832		8,598
Yancoal Australia Ltd.		1,436		5,261

(Cost $4,291,136)				5,032,889

Austria — 0.2%
ANDRITZ AG		797		52,579
Erste Group Bank AG		262		14,358
Raiffeisen Bank International AG		335		6,641
Telekom Austria AG		2,037		20,045
Verbund AG		167		14,261
voestalpine AG		873		21,337

(Cost $98,353)				129,221

Belgium — 0.6%
Ackermans & van Haaren NV		317		63,090
Ageas SA/NV		571		29,402
Anheuser-Busch InBev SA/NV		79		4,836

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
D’ieteren Group		23		5,575
Elia Group SA/NV		167		18,319
KBC Group NV		121		9,421
Lotus Bakeries NV		5		62,983
Syensqo SA		967		79,636
UCB SA		226		40,951
Umicore SA		254		3,205

(Cost $267,071)				317,418

Bermuda — 0.0%
Hiscox Ltd.

(Cost $3,037)		248		3,836

Canada — 4.2%
Agnico Eagle Mines Limited/Mines Agnico Eagle Limitee		266		21,671
Alimentation Couche-Tard, Inc.		2,809		160,339
Bank of Montreal		65		5,436
Bank of Nova Scotia		258		12,877
Barrick Gold Corp.		646		13,042
BCE, Inc.		550		19,266
Brookfield Asset Management Ltd., Class A		5,377		219,189
Brookfield Corp.		244		12,275
Cameco Corp.		123		5,018
Canadian Imperial Bank of Commerce		376		21,973
Canadian National Railway Co.		488		57,495
Canadian Natural Resources Ltd.		204		7,383
Canadian Pacific Kansas City Ltd.		399		33,119
CGI, Inc. *		1,394		157,040
Constellation Software, Inc.		17		55,509
Dollarama, Inc.		1,580		160,022
Enbridge, Inc.		489		19,672
Fairfax Financial Holdings Ltd.		93		112,267
Fortis, Inc.		1,692		74,447
Franco-Nevada Corp.		107		13,065
George Weston Ltd.		717		116,609
Great-West Lifeco, Inc.		179		5,884
Hydro One Ltd., 144A		1,590		54,044
Imperial Oil Ltd.		92		6,929
Intact Financial Corp.		245		46,106
Loblaw Cos. Ltd.		872		113,795
Magna International, Inc.		1,806		75,898
Manulife Financial Corp.		1,295		35,754
Metro, Inc.		3,011		189,138
National Bank of Canada		86		7,880
Nutrien Ltd.		427		20,679
Power Corp. of Canada		1,044		32,046
Restaurant Brands International, Inc.		513		35,639
Royal Bank of Canada		49		5,925
Saputo, Inc.		2,134		47,454


	Number of Shares		Value $
Sun Life Financial, Inc.		808		44,041
Suncor Energy, Inc.		1,187		48,140
TC Energy Corp.		607		28,113
TELUS Corp.		1,012		16,347
Thomson Reuters Corp.		233		39,904
Toronto-Dominion Bank		85		5,093
Tourmaline Oil Corp.		1,674		76,288
Waste Connections, Inc.		543		101,255
Wheaton Precious Metals Corp.		450		27,810

(Cost $1,953,412)				2,361,876

Chile — 0.1%
Antofagasta PLC

(Cost $24,452)		1,178		28,688

China — 0.1%
Lenovo Group Ltd.

(Cost $39,651)		41,718		51,289

Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A		14		20,350
A.P. Moller — Maersk A/S, Class B		15		22,405
Carlsberg AS, Class B		556		65,348
Coloplast A/S, Class B		41		5,599
Danske Bank A/S		613		19,158
Demant A/S *		683		28,947
DSV A/S		76		13,590
Genmab A/S *		58		16,125
H Lundbeck A/S		5,199		36,971
H Lundbeck A/S, Class A		1,371		8,382
Novo Nordisk A/S, Class B		183		25,476
Novonesis (Novozymes) B, Class B		788		54,727
Pandora A/S		354		62,042
ROCKWOOL A/S, Class B		95		41,222
Svitzer Group A/S *		58		2,230
Tryg A/S		1,277		28,502

(Cost $376,854)				451,074

Finland — 1.0%
Elisa OYJ		613		30,683
Kesko OYJ, Class B		4,263		86,659
Kone OYJ, Class B		1,590		85,887
Metso Corp.		755		7,672
Neste OYJ		188		4,401
Nokia OYJ		3,146		13,853
Nordea Bank Abp		1,983		23,442
Orion OYJ, Class B		716		38,018
Sampo OYJ, Class A		1,481		66,245
Stora Enso OYJ, Class R		913		11,819
UPM-Kymmene OYJ		2,550		86,315
Valmet OYJ		632		18,119

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Wartsila OYJ Abp		3,244		71,887

(Cost $534,120)				545,000

France — 4.2%
Accor SA		1,162		48,966
Air Liquide SA		214		39,966
Airbus SE		25		3,841
Alstom SA *		697		14,254
Amundi SA, 144A		433		32,592
Arkema SA		806		75,075
AXA SA		387		14,736
BioMerieux		166		19,238
BNP Paribas SA		45		3,117
Bollore SE		7,930		52,271
Bouygues SA		2,833		101,633
Bureau Veritas SA		1,237		40,858
Capgemini SE		269		55,829
Carrefour SA		4,417		71,284
Cie de Saint-Gobain SA		1,566		137,078
Cie Generale des Etablissements Michelin SCA		4,675		183,756
Credit Agricole SA		441		6,910
Danone SA		833		57,905
Dassault Aviation SA		170		36,656
Dassault Systemes SE		299		11,676
Edenred SE		952		40,265
Eiffage SA		491		51,523
Engie SA		8,595		151,555
EssilorLuxottica SA		96		22,761
Eurazeo SE		558		44,038
Getlink SE		1,135		20,497
Hermes International SCA		1		2,401
Ipsen SA		117		14,207
JCDecaux SE *		264		5,456
La Francaise des Jeux SAEM, 144A		1,091		44,537
Legrand SA		912		102,161
L’Oreal SA		14		6,146
LVMH Moet Hennessy Louis Vuitton SE		4		2,986
Orange SA		10,089		115,025
Pernod Ricard SA		63		8,982
Pluxee NV *		1,285		30,503
Publicis Groupe SA		1,253		137,890
Remy Cointreau SA		22		1,797
Renault SA		271		12,884
Rexel SA		548		13,854
Safran SA		41		8,984
Sanofi SA		436		48,840
Schneider Electric SE		154		39,155
SEB SA		574		60,105
Societe Generale SA		334		8,071
Sodexo SA		719		64,067


	Number of Shares		Value $
SOITEC *		36		4,479
Teleperformance SE		184		20,135
Thales SA		186		31,294
TotalEnergies SE		314		21,615
Veolia Environnement SA		3,492		115,727
Vinci SA		416		49,800
Vivendi SE		547		6,143
Wendel SE		60		6,093

(Cost $2,057,170)				2,321,617

Germany — 3.7%
adidas AG		66		16,949
Allianz SE		191		59,387
BASF SE		934		47,402
Bayer AG		259		7,989
Bayerische Motoren Werke AG		571		52,978
Bechtle AG		209		9,008
Beiersdorf AG		351		50,799
Brenntag SE		2,710		201,640
Carl Zeiss Meditec AG		31		2,277
Continental AG		331		22,379
Covestro AG, 144A *		1,028		63,039
CTS Eventim AG & Co. KGaA		123		11,559
Daimler Truck Holding AG		516		19,796
Deutsche Bank AG (b)		401		6,546
Deutsche Boerse AG		35		7,861
Deutsche Lufthansa AG		968		6,309
Deutsche Post AG		2,624		113,857
Deutsche Telekom AG		2,070		58,909
DWS Group GmbH & Co. KGaA, 144A (b)		128		4,948
E.ON SE		25,679		364,113
Evonik Industries AG		2,146		47,627
Fielmann Group AG		96		4,691
Fraport AG Frankfurt Airport Services Worldwide *		17		860
Fresenius Medical Care AG		2,286		88,209
Fresenius SE & Co. KGaA *		1,254		46,319
FUCHS SE		859		29,476
GEA Group AG		1,028		48,247
Hannover Rueck SE		121		34,327
Heidelberg Materials AG		1,679		177,783
Henkel AG & Co. KGaA		241		20,047
HOCHTIEF AG		191		23,383
Infineon Technologies AG		228		8,328
Knorr-Bremse AG		227		18,682
LEG Immobilien SE		125		12,046
Mercedes-Benz Group AG		252		17,389
Merck KGaA		265		51,582
MTU Aero Engines AG		89		26,599
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		52		28,163

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Nemetschek SE		27		2,817
Puma SE		439		18,995
Rational AG		13		13,116
Rheinmetall AG		13		7,799
RWE AG		1,308		47,243
SAP SE		73		15,976
Scout24 SE, 144A		1,208		92,396
Siemens AG		85		15,987
Siemens Energy AG *		289		8,333
Siemens Healthineers AG, 144A		94		5,471
Symrise AG		176		23,193
Talanx AG		111		9,565
Traton SE		242		8,009

(Cost $1,846,546)				2,080,403

Hong Kong — 1.6%
ASMPT Ltd.		1,050		11,819
Bank of East Asia Ltd.		8,333		10,576
BOC Hong Kong Holdings Ltd.		2,923		9,218
Cathay Pacific Airways Ltd.		6,245		6,365
Chow Tai Fook Jewellery Group Ltd.		5,608		4,781
CK Asset Holdings Ltd.		4,445		17,979
CK Hutchison Holdings Ltd.		14,006		77,298
CK Infrastructure Holdings Ltd.		4,114		30,537
CLP Holdings Ltd.		9,121		81,734
ESR Group Ltd., 144A		4,524		7,018
First Pacific Co. Ltd.		59,794		31,965
Hang Lung Group Ltd.		3,036		3,468
Henderson Land Development Co. Ltd.		1,510		4,704
Hong Kong & China Gas Co. Ltd.		30,427		24,769
Hong Kong Exchanges & Clearing Ltd.		177		5,455
Hutchison Port Holdings Trust, Class U		26,000		3,354
Jardine Matheson Holdings Ltd.		1,400		50,456
Johnson Electric Holdings Ltd.		2,914		4,012
Kerry Properties Ltd.		268		503
Link REIT		11,261		53,270
NWS Holdings Ltd.		25,116		22,829
PCCW Ltd.		33,545		18,965
Power Assets Holdings Ltd.		17,026		118,849
Sino Land Co. Ltd.		8,145		8,729
SITC International Holdings Co. Ltd.		4,904		11,530
Sun Hung Kai Properties Ltd.		1,107		10,849
Swire Pacific Ltd., Class A		1,938		16,447
Swire Pacific Ltd., Class B		7,195		9,445
Swire Properties Ltd.		348		642
Techtronic Industries Co. Ltd.		1,529		20,601
VTech Holdings Ltd.		6,308		41,000
WH Group Ltd., 144A		178,158		129,729


	Number of Shares		Value $
Yue Yuen Industrial Holdings Ltd.		11,329		19,636

(Cost $856,724)				868,532

Ireland — 1.5%
DCC PLC		5,136		361,462
Experian PLC		2,024		97,996
Flutter Entertainment PLC *		41		8,729
Glanbia PLC		4,560		80,759
James Hardie Industries PLC CDI *		2,354		87,973
Kerry Group PLC, Class A		426		42,816
Kingspan Group PLC		450		39,201
Smurfit WestRock PLC		2,412		113,834

(Cost $719,803)				832,770

Israel — 1.0%
Airport City Ltd. *		1,035		15,978
Amot Investments Ltd.		2,584		11,497
Azrieli Group Ltd.		228		15,525
Bank Hapoalim BM		4,867		48,408
Bank Leumi Le-Israel BM		5,255		50,587
Bezeq The Israeli Telecommunication Corp. Ltd.		31,276		37,186
Big Shopping Centers Ltd. *		144		15,879
Elbit Systems Ltd.		248		51,063
Electra Ltd.		14		5,764
Energix-Renewable Energies Ltd.		1,451		5,192
Enlight Renewable Energy Ltd. *		428		7,073
First International Bank Of Israel Ltd.		596		24,530
Harel Insurance Investments & Financial Services Ltd.		629		6,454
ICL Group Ltd.		3,335		15,179
Israel Discount Bank Ltd., Class A		4,002		22,142
Melisron Ltd.		469		35,788
Mivne Real Estate KD Ltd.		14,209		35,982
Mizrahi Tefahot Bank Ltd.		649		24,779
Nice Ltd. *		164		29,287
Nova Ltd. *		231		52,530
Phoenix Financial Ltd.		1,044		11,181
Strauss Group Ltd.		70		1,122
Teva Pharmaceutical Industries Ltd. *		1,062		20,060
Tower Semiconductor Ltd. *		359		15,775

(Cost $503,953)				558,961

Italy — 2.4%
A2A SpA		78,641		179,492
Amplifon SpA		311		10,028
Banca Mediolanum SpA		1,011		12,366
Banco BPM SpA		2,110		14,350
Brunello Cucinelli SpA		156		15,325
Buzzi SpA		1,209		47,427

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Davide Campari-Milano NV		762		7,038
DiaSorin SpA		49		5,641
Enel SpA		18,294		138,994
Eni SpA		1,839		29,870
Ferrari NV		121		59,896
FinecoBank Banca Fineco SpA		1,288		22,020
Generali		1,468		40,428
Hera SpA		39,507		152,182
Infrastrutture Wireless Italiane SpA, 144A		835		10,000
Interpump Group SpA		388		17,067
Intesa Sanpaolo SpA		2,025		8,438
Italgas SpA		3,537		19,928
Leonardo SpA		1,058		26,888
Mediobanca Banca di Credito Finanziario SpA		846		14,313
Moncler SpA		513		31,470
Nexi SpA, 144A *		742		5,186
Pirelli & C SpA, 144A		9,619		58,496
Poste Italiane SpA, 144A		875		12,155
Prysmian SpA		2,739		192,216
Recordati Industria Chimica e Farmaceutica SpA		610		35,786
Reply SpA		119		18,797
Snam SpA		9,265		45,975
Telecom Italia SpA *		22,767		6,028
Telecom Italia SpA-RSP *		22,207		6,507
Terna - Rete Elettrica Nazionale		9,762		84,953
UniCredit SpA		370		15,309

(Cost $1,055,605)				1,344,569

Japan — 31.8%
ABC-Mart, Inc.		889		18,262
Acom Co. Ltd.		4,300		11,033
Activia Properties, Inc. REIT		6		14,196
Advance Residence Investment Corp. REIT		6		13,640
Advantest Corp.		248		11,311
Aeon Co. Ltd.		1,349		33,807
Aeon Mall Co. Ltd.		100		1,411
AEON REIT Investment Corp. REIT		9		8,283
AGC, Inc.		1,354		42,720
Aica Kogyo Co. Ltd.		1,514		34,823
Air Water, Inc.		6,100		85,276
Aisin Corp.		2,293		80,063
Ajinomoto Co., Inc.		1,300		49,971
Alfresa Holdings Corp.		5,700		93,796
Amada Co. Ltd.		6,743		69,465
Amano Corp.		1,700		51,080
ANA Holdings, Inc.		2,200		44,505
Anritsu Corp.		1,200		9,659
As One Corp.		200		4,036


	Number of Shares		Value $
Asahi Group Holdings Ltd.		492		18,338
Asahi Intecc Co. Ltd.		616		11,298
Asahi Kasei Corp.		3,819		27,068
ASKUL Corp.		400		5,824
Astellas Pharma, Inc.		1,683		21,002
Azbil Corp.		1,313		43,149
Bandai Namco Holdings, Inc.		4,100		88,051
Bic Camera, Inc.		1,800		20,595
BIPROGY, Inc.		1,100		35,575
Bridgestone Corp.		3,524		137,518
Brother Industries Ltd.		942		17,471
Calbee, Inc.		1,380		30,670
Canon Marketing Japan, Inc.		1,400		43,710
Canon, Inc.		4,922		169,594
Capcom Co. Ltd.		1,316		28,678
Casio Computer Co. Ltd.		900		7,220
Central Japan Railway Co.		1,955		45,382
Chiba Bank Ltd.		400		3,365
Chubu Electric Power Co., Inc.		22,631		282,722
Chugai Pharmaceutical Co. Ltd.		700		35,499
Chugoku Electric Power Co., Inc.		3,283		22,694
Coca-Cola Bottlers Japan Holdings, Inc.		1,700		24,086
COMSYS Holdings Corp.		4,134		91,024
Concordia Financial Group Ltd.		1,400		7,894
Cosmo Energy Holdings Co. Ltd.		1,400		77,401
Cosmos Pharmaceutical Corp.		620		30,403
Credit Saison Co. Ltd.		300		6,645
Dai Nippon Printing Co. Ltd.		2,507		90,376
Daicel Corp.		5,827		52,205
Daido Steel Co. Ltd.		3,075		30,538
Daifuku Co. Ltd.		1,378		26,575
Dai-ichi Life Holdings, Inc.		500		14,344
Daiichikosho Co. Ltd.		600		6,810
Daikin Industries Ltd.		120		15,255
Daito Trust Construction Co. Ltd.		1,348		166,643
Daiwa House Industry Co. Ltd.		4,302		132,631
Daiwa House REIT Investment Corp. REIT		3		4,860
Daiwa Office Investment Corp. REIT		2		4,217
Daiwa Securities Group, Inc.		700		5,163
Daiwa Securities Living Investments Corp. REIT		10		7,143
Denka Co. Ltd.		700		10,887
Denso Corp.		2,784		42,839
Dentsu Group, Inc.		300		9,224
Dentsu Soken, Inc.		100		4,121
DIC Corp.		2,000		43,034
Disco Corp.		93		27,248
DMG Mori Co. Ltd.		1,000		23,790
Dowa Holdings Co. Ltd.		900		31,202

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
East Japan Railway Co.		3,200		61,569
Ebara Corp.		3,900		52,806
Electric Power Development Co. Ltd.		7,476		127,283
ENEOS Holdings, Inc.		78,520		425,751
EXEO Group, Inc.		3,344		35,965
Ezaki Glico Co. Ltd.		1,400		39,806
FANUC Corp.		580		17,077
Fast Retailing Co. Ltd.		29		9,291
Frontier Real Estate Investment Corp. REIT		3		8,829
Fuji Electric Co. Ltd.		1,288		77,100
Fuji Media Holdings, Inc.		1,400		16,461
Fuji Oil Holdings, Inc.		600		13,207
Fuji Soft, Inc.		600		36,716
FUJIFILM Holdings Corp.		2,453		65,787
Fujikura Ltd.		1,200		34,672
Fujitsu Ltd.		4,660		85,692
Fukuoka Financial Group, Inc.		200		5,264
Fuyo General Lease Co. Ltd.		200		15,624
GLP J REIT		10		9,176
Goldwin, Inc.		100		6,179
GS Yuasa Corp.		538		10,163
Hachijuni Bank Ltd.		900		5,675
Hakuhodo DY Holdings, Inc.		1,369		11,574
Hamamatsu Photonics KK		250		6,669
Hankyu Hanshin Holdings, Inc.		1,367		41,976
Haseko Corp.		1,497		18,604
Heiwa Corp.		400		5,788
Hikari Tsushin, Inc.		153		32,217
Hirogin Holdings, Inc.		400		3,132
Hirose Electric Co. Ltd.		282		37,069
Hisamitsu Pharmaceutical Co., Inc.		200		5,574
Hitachi Construction Machinery Co. Ltd.		600		14,629
Hitachi Ltd.		4,130		101,318
Honda Motor Co. Ltd.		11,235		122,531
Horiba Ltd.		354		23,583
Hoshizaki Corp.		1,226		39,549
House Foods Group, Inc.		1,357		27,311
Hoya Corp.		352		49,788
Hulic Co. Ltd.		8,548		88,442
Ibiden Co. Ltd.		300		10,407
Idemitsu Kosan Co. Ltd.		40,725		296,197
IHI Corp.		400		17,411
Iida Group Holdings Co. Ltd.		300		4,635
Industrial & Infrastructure Fund Investment Corp. REIT		3		2,559
INFRONEER Holdings, Inc.		8,084		67,846
Inpex Corp.		6,099		90,874
Internet Initiative Japan, Inc.		700		14,254
Invincible Investment Corp. REIT		14		6,211


	Number of Shares		Value $
Isetan Mitsukoshi Holdings Ltd.		2,500		37,653
Isuzu Motors Ltd.		5,500		82,932
Ito En Ltd.		300		7,259
ITOCHU Corp.		2,336		123,630
Itoham Yonekyu Holdings, Inc.		160		4,352
Iwatani Corp.		2,000		121,534
Iyogin Holdings, Inc.		200		1,854
Izumi Co. Ltd.		500		11,184
J. Front Retailing Co. Ltd.		1,365		13,410
Japan Airlines Co. Ltd.		1,400		23,605
Japan Aviation Electronics Industry Ltd.		600		10,702
Japan Exchange Group, Inc.		300		6,939
Japan Hotel REIT Investment Corp. REIT		12		6,165
Japan Logistics Fund, Inc. REIT		3		5,396
Japan Metropolitan Fund Invest REIT		12		7,615
Japan Post Bank Co. Ltd.		300		2,810
Japan Post Holdings Co. Ltd.		500		4,874
Japan Post Insurance Co. Ltd.		400		7,541
Japan Prime Realty Investment Corp. REIT		4		9,052
Japan Real Estate Investment Corp. REIT		6		24,189
Japan Tobacco, Inc.		1,864		53,806
JFE Holdings, Inc.		4,900		67,810
JGC Holdings Corp.		1,700		15,528
JTEKT Corp.		3,700		28,511
Kadokawa Corp.		200		3,994
Kagome Co. Ltd.		265		5,840
Kajima Corp.		2,900		52,949
Kakaku.com, Inc.		500		8,588
Kamigumi Co. Ltd.		2,632		59,363
Kandenko Co. Ltd.		3,892		57,683
Kaneka Corp.		1,322		34,202
Kansai Electric Power Co., Inc.		8,511		151,100
Kansai Paint Co. Ltd.		4,188		74,826
Kao Corp.		1,153		51,828
Kawasaki Heavy Industries Ltd.		543		19,209
KDDI Corp.		1,329		44,825
KDX Realty Investment Corp. REIT		8		8,879
Keihan Holdings Co. Ltd.		400		7,750
Keikyu Corp.		1,100		8,729
Keio Corp.		200		4,895
Keisei Electric Railway Co. Ltd.		800		25,279
Kewpie Corp.		1,359		34,786
Keyence Corp.		22		10,518
Kikkoman Corp.		3,230		36,447
Kinden Corp.		5,000		107,139
Kintetsu Group Holdings Co. Ltd.		2,800		65,229
Kirin Holdings Co. Ltd.		1,612		24,384

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Kobe Bussan Co. Ltd.		300		8,746
Kobe Steel Ltd.		2,200		27,023
Koei Tecmo Holdings Co. Ltd.		224		2,506
Koito Manufacturing Co. Ltd.		600		8,831
Kokuyo Co. Ltd.		4,200		70,858
Komatsu Ltd.		2,370		66,019
Konami Group Corp.		482		43,514
K’s Holdings Corp.		1,011		10,901
Kubota Corp.		1,600		22,362
Kuraray Co. Ltd.		13,081		171,592
Kurita Water Industries Ltd.		528		21,152
Kusuri no Aoki Holdings Co. Ltd.		600		13,759
Kyocera Corp.		5,088		62,637
Kyoto Financial Group, Inc.		400		6,346
Kyowa Kirin Co. Ltd.		800		18,269
Kyudenko Corp.		1,099		49,400
Kyushu Electric Power Co., Inc.		10,564		111,985
Kyushu Railway Co.		1,400		37,595
LaSalle Logiport REIT		7		7,043
Lion Corp.		1,306		13,315
Lixil Corp.		811		9,639
Mabuchi Motor Co. Ltd.		2,700		40,582
Macnica Holdings, Inc.		200		8,112
Makita Corp.		400		13,376
Mani, Inc.		500		6,753
Marubeni Corp.		9,391		160,403
Marui Group Co. Ltd.		879		14,866
Maruichi Steel Tube Ltd.		2,650		63,572
Maruwa Co. Ltd./Aichi		100		26,544
MatsukiyoCocokara & Co.		3,691		59,520
Mazda Motor Corp.		4,900		41,124
McDonald’s Holdings Co. Japan Ltd.		1,400		61,632
Mebuki Financial Group, Inc.		1,700		6,657
Medipal Holdings Corp.		8,551		149,902
MEIJI Holdings Co. Ltd.		3,538		88,107
MINEBEA MITSUMI, Inc.		1,371		28,803
MISUMI Group, Inc.		140		2,644
Mitsubishi Chemical Group Corp.		23,902		139,336
Mitsubishi Corp.		5,108		105,700
Mitsubishi Electric Corp.		4,374		73,328
Mitsubishi Estate Co. Ltd.		2,400		41,216
Mitsubishi Gas Chemical Co., Inc.		3,667		68,061
Mitsubishi HC Capital, Inc.		2,350		16,922
Mitsubishi Heavy Industries Ltd.		3,730		49,762
Mitsubishi Logistics Corp.		2,100		73,757
Mitsubishi Materials Corp.		2,800		49,546
Mitsubishi Motors Corp.		2,400		6,868
Mitsubishi UFJ Financial Group, Inc.		500		5,247


	Number of Shares		Value $
Mitsui & Co. Ltd.		6,050		129,763
Mitsui Chemicals, Inc.		4,300		114,909
Mitsui Fudosan Co. Ltd.		4,100		44,152
Mitsui Fudosan Logistics Park, Inc. REIT		2		6,037
Mitsui Mining & Smelting Co. Ltd.		1,000		32,169
Mitsui OSK Lines Ltd.		1,974		70,999
Miura Co. Ltd.		300		6,816
Mizuho Financial Group, Inc.		580		11,986
MonotaRO Co. Ltd.		600		9,484
Mori Hills REIT Investment Corp. REIT		6		5,349
Morinaga & Co. Ltd.		400		7,553
Morinaga Milk Industry Co. Ltd.		400		9,263
MS&AD Insurance Group Holdings, Inc.		1,200		27,568
Murata Manufacturing Co. Ltd.		1,351		28,142
Nabtesco Corp.		200		3,404
Nagase & Co. Ltd.		3,565		78,080
Nagoya Railroad Co. Ltd.		1,700		20,344
Nankai Electric Railway Co. Ltd.		718		11,635
NEC Corp.		800		70,684
NEC Networks & System Integration Corp.		200		3,618
NET One Systems Co. Ltd.		700		16,374
NGK Insulators Ltd.		3,277		43,696
NH Foods Ltd.		600		22,516
NHK Spring Co. Ltd.		3,600		41,228
Nichirei Corp.		1,400		42,075
Nidec Corp.		200		8,167
Nifco, Inc.		761		19,458
Nikon Corp.		1,100		11,782
Nintendo Co. Ltd.		1,350		73,265
Nippon Accommodations Fund, Inc. REIT		2		9,052
Nippon Building Fund, Inc. REIT		5		22,527
NIPPON EXPRESS HOLDINGS, Inc.		536		27,366
Nippon Kayaku Co. Ltd.		4,900		43,479
Nippon Prologis REIT, Inc. REIT		6		10,607
Nippon Sanso Holdings Corp.		1,259		43,035
Nippon Shokubai Co. Ltd.		4,000		46,221
Nippon Steel Corp.		3,313		75,314
Nippon Telegraph & Telephone Corp.		11,175		11,950
Nippon Yusen KK		2,700		97,779
Nishi-Nippon Railroad Co. Ltd.		1,400		22,970
Nissan Chemical Corp.		1,083		37,115
Nissan Motor Co. Ltd.		8,300		24,255
Nisshin Seifun Group, Inc.		1,478		19,170
Nissin Foods Holdings Co. Ltd.		1,352		35,368
Niterra Co. Ltd.		2,202		65,060

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Nitori Holdings Co. Ltd.		310		46,243
Nitto Denko Corp.		1,843		153,346
Noevir Holdings Co. Ltd.		200		7,802
NOF Corp.		4,121		64,219
NOK Corp.		1,900		31,148
Nomura Real Estate Holdings, Inc.		986		28,265
Nomura Real Estate Master Fund, Inc. REIT		12		12,173
Nomura Research Institute Ltd.		1,400		47,210
NS Solutions Corp.		1,700		43,374
NSK Ltd.		4,100		21,138
Obayashi Corp.		26,362		337,480
OBIC Business Consultants Co. Ltd.		300		14,690
Obic Co. Ltd.		235		40,833
Odakyu Electric Railway Co. Ltd.		3,200		37,328
Oji Holdings Corp.		13,388		53,587
OKUMA Corp.		700		29,086
Omron Corp.		600		24,832
Ono Pharmaceutical Co. Ltd.		1,677		24,832
Open House Group Co. Ltd.		1,180		46,550
Oracle Corp.		300		27,135
Oriental Land Co. Ltd.		490		13,421
ORIX Corp.		2,636		65,970
Orix JREIT, Inc. REIT		8		8,335
Osaka Gas Co. Ltd.		6,229		153,752
OSG Corp.		1,300		18,111
Otsuka Corp.		2,816		67,032
Otsuka Holdings Co. Ltd.		1,634		95,994
PALTAC Corp.		382		11,725
Pan Pacific International Holdings Corp.		1,399		35,627
Panasonic Holdings Corp.		8,472		70,549
Penta-Ocean Construction Co. Ltd.		2,820		12,401
Persol Holdings Co. Ltd.		8,590		16,796
Pigeon Corp.		300		3,250
Pola Orbis Holdings, Inc.		400		4,045
Rakuten Group, Inc. *		1,100		7,808
Recruit Holdings Co. Ltd.		926		57,536
Renesas Electronics Corp.		500		8,633
Rengo Co. Ltd.		5,412		37,336
Resona Holdings, Inc.		1,300		9,201
Resonac Holdings Corp.		1,300		31,776
Resorttrust, Inc.		900		17,202
Ricoh Co. Ltd.		2,200		22,966
Rinnai Corp.		1,351		30,350
Rohm Co. Ltd.		1,256		15,743
Rohto Pharmaceutical Co. Ltd.		722		17,236
Ryohin Keikaku Co. Ltd.		1,600		30,120
Sankyo Co. Ltd.		8,945		128,856
Sankyu, Inc.		1,400		45,816


	Number of Shares		Value $
Sanrio Co. Ltd.		300		7,665
Santen Pharmaceutical Co. Ltd.		1,800		23,198
Sanwa Holdings Corp.		5,100		116,182
Sapporo Holdings Ltd.		300		14,934
SBI Holdings, Inc.		500		12,252
SCREEN Holdings Co. Ltd.		128		9,578
SCSK Corp.		1,400		28,110
Secom Co. Ltd.		1,677		122,315
Sega Sammy Holdings, Inc.		1,000		17,513
Seibu Holdings, Inc.		1,900		40,948
Seiko Epson Corp.		2,151		40,042
Seino Holdings Co. Ltd.		4,200		66,791
Sekisui Chemical Co. Ltd.		6,301		95,875
Sekisui House Ltd.		3,536		91,165
Sekisui House Reit, Inc. REIT		21		12,115
Seven & i Holdings Co. Ltd.		2,000		28,825
Seven Bank Ltd.		2,500		4,943
SG Holdings Co. Ltd.		4,360		47,327
Shikoku Electric Power Co., Inc.		4,900		44,253
Shimadzu Corp.		896		29,814
Shimamura Co. Ltd.		1,222		65,294
Shimano, Inc.		262		49,303
Shimizu Corp.		22,146		148,081
Shin-Etsu Chemical Co. Ltd.		1,335		58,881
Shinko Electric Industries Co. Ltd.		200		7,743
Shionogi & Co. Ltd.		1,500		70,125
Shiseido Co. Ltd.		200		4,479
Shizuoka Financial Group, Inc.		1,200		10,693
SHO-BOND Holdings Co. Ltd.		649		25,001
Skylark Holdings Co. Ltd. *		5,460		83,716
SMC Corp.		57		26,228
SoftBank Corp.		2,205		30,863
Sohgo Security Services Co. Ltd.		4,335		30,740
Sojitz Corp.		7,520		179,472
Sompo Holdings, Inc.		1,200		28,268
Sony Group Corp.		173		16,872
Sotetsu Holdings, Inc.		900		15,057
Square Enix Holdings Co. Ltd.		500		18,499
Stanley Electric Co. Ltd.		1,131		21,644
Subaru Corp.		9,964		188,906
Sugi Holdings Co. Ltd.		3,005		52,152
SUMCO Corp.		300		3,439
Sumitomo Bakelite Co. Ltd.		1,000		26,572
Sumitomo Chemical Co. Ltd.		7,200		20,665
Sumitomo Corp.		5,732		135,658
Sumitomo Electric Industries Ltd.		11,426		189,001
Sumitomo Forestry Co. Ltd.		1,383		57,835
Sumitomo Heavy Industries Ltd.		1,349		31,352
Sumitomo Metal Mining Co. Ltd.		569		15,960

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Sumitomo Mitsui Financial Group, Inc.		200		13,118
Sumitomo Mitsui Trust Holdings, Inc.		1,000		24,745
Sumitomo Realty & Development Co. Ltd.		971		33,110
Sumitomo Rubber Industries Ltd.		8,800		89,871
Sundrug Co. Ltd.		1,188		34,594
Suntory Beverage & Food Ltd.		674		24,765
Suzuken Co. Ltd.		3,884		137,643
Suzuki Motor Corp.		7,768		90,348
Sysmex Corp.		381		7,379
Taiheiyo Cement Corp.		300		6,830
Taisei Corp.		1,634		74,100
Takara Holdings, Inc.		3,700		28,969
Takashimaya Co. Ltd.		800		6,129
Takeda Pharmaceutical Co. Ltd.		100		2,976
TBS Holdings, Inc.		800		22,181
TDK Corp.		730		49,369
TechnoPro Holdings, Inc.		387		7,800
Teijin Ltd.		2,220		20,774
Terumo Corp.		832		15,368
THK Co. Ltd.		200		3,687
TIS, Inc.		1,400		35,028
Tobu Railway Co. Ltd.		1,900		32,779
Toda Corp.		1,000		6,899
Toho Co. Ltd.		659		25,350
Toho Gas Co. Ltd.		2,800		82,574
Tohoku Electric Power Co., Inc.		5,219		47,475
Tokai Carbon Co. Ltd.		1,400		8,555
Tokio Marine Holdings, Inc.		700		26,470
Tokyo Century Corp.		600		6,533
Tokyo Electric Power Co. Holdings, Inc. *		7,304		34,853
Tokyo Electron Ltd.		61		10,811
Tokyo Gas Co. Ltd.		16,359		409,410
Tokyo Ohka Kogyo Co. Ltd.		1,300		32,302
Tokyo Seimitsu Co. Ltd.		100		5,652
Tokyo Tatemono Co. Ltd.		1,400		23,360
Tokyu Corp.		1,600		19,587
Tokyu Fudosan Holdings Corp.		2,522		18,083
TOPPAN Holdings, Inc.		3,965		119,354
Toray Industries, Inc.		6,900		35,560
Toridoll Holdings Corp. (c)		300		7,615
Tosoh Corp.		2,041		26,283
TOTO Ltd.		280		9,717
Toyo Seikan Group Holdings Ltd.		821		13,067
Toyo Suisan Kaisha Ltd.		1,400		87,353
Toyo Tire Corp.		3,400		49,947
Toyoda Gosei Co. Ltd.		1,384		24,813
Toyota Boshoku Corp.		1,900		25,250
Toyota Industries Corp.		398		31,270


	Number of Shares		Value $
Toyota Motor Corp.		300		5,686
Toyota Tsusho Corp.		6,169		118,313
Trend Micro, Inc.		439		26,324
TS Tech Co. Ltd.		3,758		47,825
Tsumura & Co.		300		8,297
Tsuruha Holdings, Inc.		128		7,769
UBE Corp.		293		5,327
Unicharm Corp.		577		20,127
United Urban Investment Corp. REIT		8		7,906
Ushio, Inc.		601		8,563
USS Co. Ltd.		5,600		51,498
Welcia Holdings Co. Ltd.		800		11,052
West Japan Railway Co.		3,300		62,983
Yakult Honsha Co. Ltd.		300		6,340
Yamada Holdings Co. Ltd.		7,057		21,917
Yamaguchi Financial Group, Inc.		500		5,779
Yamaha Motor Co. Ltd.		4,500		39,157
Yamato Holdings Co. Ltd.		3,900		45,320
Yamato Kogyo Co. Ltd.		1,400		69,757
Yamazaki Baking Co. Ltd.		2,753		51,021
Yaoko Co. Ltd.		400		26,288
Yaskawa Electric Corp.		100		3,310
Yokogawa Electric Corp.		1,400		39,306
Yokohama Rubber Co. Ltd.		1,400		31,970
Zenkoku Hosho Co. Ltd.		638		25,769
Zensho Holdings Co. Ltd.		1,000		52,210
Zeon Corp.		1,359		11,214
ZOZO, Inc.		200		6,378

(Cost $15,547,692)				17,746,282

Jordan — 0.1%
Hikma Pharmaceuticals PLC

(Cost $81,073)		3,133		81,651

Luxembourg — 0.1%
ArcelorMittal SA		216		5,062
Eurofins Scientific SE		415		23,721
RTL Group SA		373		12,159
Tenaris SA		2,585		37,698

(Cost $89,631)				78,640

Netherlands — 2.6%
Aalberts NV		405		15,789
ABN AMRO Bank NV, 144A		235		4,029
Adyen NV, 144A *		6		8,826
Akzo Nobel NV		1,089		69,553
ASM International NV		12		8,116
ASML Holding NV		10		8,988
ASR Nederland NV		200		9,796
BE Semiconductor Industries NV		139		18,125
CTP NV, 144A		3,044		57,213
Euronext NV, 144A		122		13,045
EXOR NV		1,968		219,145

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Ferrovial SE		835		34,882
Heineken Holding NV		554		41,730
Heineken NV		203		18,304
IMCD NV		365		59,714
ING Groep NV		319		5,789
JDE Peet’s NV		271		6,215
Koninklijke Ahold Delhaize NV		6,413		220,481
Koninklijke KPN NV		20,464		83,652
Koninklijke Philips NV *		3,489		105,084
Koninklijke Vopak NV		838		38,569
NN Group NV		122		5,981
Prosus NV *		257		9,538
QIAGEN NV *		350		16,066
Randstad NV		1,431		68,982
Signify NV, 144A		786		19,349
Stellantis NV		4,625		77,498
Universal Music Group NV		1,090		28,510
Wolters Kluwer NV		1,013		172,847

(Cost $1,287,702)				1,445,816

New Zealand — 0.9%
a2 Milk Co. Ltd. *		1,932		7,349
Air New Zealand Ltd.		12,872		4,389
Auckland International Airport Ltd.		2,896		13,743
Contact Energy Ltd.		8,049		41,949
Fisher & Paykel Healthcare Corp. Ltd.		3,301		73,524
Fletcher Building Ltd.		14,724		28,281
Infratil Ltd.		10,009		69,134
Mainfreight Ltd.		1,494		68,235
Mercury NZ Ltd.		7,558		29,554
Meridian Energy Ltd.		4,259		16,894
Ryman Healthcare Ltd. *		4,085		12,396
SKYCITY Entertainment Group Ltd.		5,248		4,892
Spark New Zealand Ltd.		58,256		130,848
Xero Ltd. *		139		13,471

(Cost $550,802)				514,659

Norway — 1.0%
Aker ASA, Class A		206		11,669
Aker BP ASA		440		10,547
DNB Bank ASA		256		5,416
Equinor ASA		752		19,985
Gjensidige Forsikring ASA		917		16,267
Kongsberg Gruppen ASA		1,116		118,215
Mowi ASA		4,791		83,542
Norsk Hydro ASA		2,409		13,509
Orkla ASA		13,224		117,605
Salmar ASA		1,085		56,441
Schibsted ASA, Class A		510		15,658
Schibsted ASA, Class B		587		16,903


	Number of Shares		Value $
Telenor ASA		1,362		16,909
Var Energi ASA		15,089		50,714
Yara International ASA		727		21,195

(Cost $542,904)				574,575

Poland — 0.7%
Bank Polska Kasa Opieki SA		975		40,001
Dino Polska SA, 144A *		342		28,559
KGHM Polska Miedz SA		466		16,748
LPP SA		2		7,633
ORLEN SA *		11,870		197,746
Powszechna Kasa Oszczednosci Bank Polski SA		807		12,094
Powszechny Zaklad Ubezpieczen SA		3,798		45,866
Santander Bank Polska SA		134		18,028

(Cost $335,921)				366,675

Portugal — 0.6%
EDP SA		6,848		28,774
Galp Energia SGPS SA		10,786		223,976
Jeronimo Martins SGPS SA		3,202		59,332

(Cost $236,393)				312,082

Russia — 0.0%
Evraz PLC * (d)

(Cost $35,071)		4,559		0

Singapore — 3.2%
BOC Aviation Ltd., 144A		679		5,850
CapitaLand Ascendas REIT		9,136		20,186
CapitaLand Ascott Trust (a)		23,955		16,724
CapitaLand Integrated Commercial Trust REIT		46,074		74,937
CapitaLand Investment Ltd.		800		1,663
City Developments Ltd.		1,900		7,624
ComfortDelGro Corp. Ltd.		105,844		115,308
DBS Group Holdings Ltd.		1,788		49,877
Genting Singapore Ltd.		62,000		38,291
Jardine Cycle & Carriage Ltd.		1,310		27,809
Keppel REIT		24,772		16,724
Keppel DC REIT		9,700		15,851
Keppel Ltd.		72,162		341,586
Mapletree Industrial Trust REIT		22,678		42,452
Mapletree Logistics Trust REIT		37,967		39,614
Mapletree Pan Asia Commercial Trust REIT		13,691		14,390
NETLINK NBN TRUST		45,600		30,611
Oversea-Chinese Banking Corp. Ltd.		7,262		81,063
Sembcorp Industries Ltd.		17,853		67,525
SIA Engineering Co. Ltd.		5,100		9,156
Singapore Airlines Ltd. (c)		70,100		337,741
Singapore Exchange Ltd.		16,180		134,435
Singapore Post Ltd.		6,900		2,276

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Singapore Technologies Engineering Ltd.		25,228		86,129
Singapore Telecommunications Ltd.		25,466		61,152
StarHub Ltd.		21,800		20,572
Suntec Real Estate Investment Trust REIT		5,200		4,907
United Overseas Bank Ltd.		2,300		55,389
UOL Group Ltd.		8,629		35,616
Venture Corp. Ltd.		4,062		43,691
Wilmar International Ltd.		5,000		12,045

(Cost $1,772,136)				1,811,194

South Korea — 4.8%
BGF retail Co. Ltd.		89		7,862
BNK Financial Group, Inc.		6,215		47,269
Cheil Worldwide, Inc.		2,681		36,446
CJ CheilJedang Corp.		93		22,417
CJ Corp.		166		13,905
CJ Logistics Corp.		416		29,366
Coway Co. Ltd.		513		25,806
Daewoo Engineering & Construction Co. Ltd. *		2,027		6,115
DB Insurance Co. Ltd.		662		57,485
DGB Financial Group, Inc.		2,164		13,575
DL E&C Co. Ltd.		874		21,591
Dongsuh Cos., Inc.		435		6,067
Doosan Bobcat, Inc.		638		19,008
E-MART, Inc.		27		1,287
Fila Holdings Corp.		163		5,168
GS Engineering & Construction Corp. *		744		11,417
GS Holdings Corp.		2,290		77,399
GS Retail Co. Ltd.		502		8,286
Hana Financial Group, Inc.		1,754		81,276
Hankook Tire & Technology Co. Ltd.		1,721		55,913
Hanon Systems		1,269		3,843
Hanwha Corp.		271		5,893
HD Hyundai Co. Ltd.		500		30,280
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. *		149		21,349
Hotel Shilla Co. Ltd.		121		4,298
Hyundai Department Store Co. Ltd.		97		3,471
Hyundai Engineering & Construction Co. Ltd.		636		15,235
Hyundai Glovis Co. Ltd.		992		83,171
Hyundai Marine & Fire Insurance Co. Ltd.		766		19,955
Hyundai Mobis Co. Ltd.		698		113,647
Hyundai Motor Co.		291		55,658
Hyundai Steel Co.		718		13,652
Industrial Bank of Korea		3,753		38,798


	Number of Shares		Value $
Kangwon Land, Inc.		748		8,953
KB Financial Group, Inc.		1,772		113,946
KEPCO Plant Service & Engineering Co. Ltd.		255		7,951
Kia Corp.		1,505		119,535
Korea Aerospace Industries Ltd.		1,394		56,664
Korea Investment Holdings Co. Ltd.		83		4,523
Korea Zinc Co. Ltd.		22		8,811
Korean Air Lines Co. Ltd.		3,103		51,219
Krafton, Inc. *		42		10,281
KT&G Corp.		1,577		127,732
Kumho Petrochemical Co. Ltd.		95		9,736
LG Corp.		384		22,767
LG Electronics, Inc.		271		20,165
LG H&H Co. Ltd.		22		5,838
LG Uplus Corp.		5,402		39,428
Lotte Corp.		398		7,374
LOTTE Fine Chemical Co. Ltd.		254		9,260
Lotte Shopping Co. Ltd.		163		7,614
LS Corp.		87		7,366
Meritz Financial Group, Inc.		123		8,407
Mirae Asset Securities Co. Ltd.		3,976		24,883
NAVER Corp.		46		5,823
NH Investment & Securities Co. Ltd.		2,926		29,920
NongShim Co. Ltd.		49		14,159
OCI Holdings Co. Ltd.		88		4,697
Ottogi Corp.		19		5,924
POSCO Holdings, Inc.		109		27,743
S-1 Corp.		869		38,576
Samsung C&T Corp.		1,350		149,265
Samsung Card Co. Ltd.		905		29,436
Samsung E&A Co. Ltd. *		972		18,445
Samsung Electro-Mechanics Co. Ltd.		189		20,204
Samsung Electronics Co. Ltd.		131		7,286
Samsung Fire & Marine Insurance Co. Ltd.		407		105,570
Samsung Life Insurance Co. Ltd.		109		7,931
Samsung SDS Co. Ltd.		864		97,470
Samsung Securities Co. Ltd.		1,613		57,053
Shinhan Financial Group Co. Ltd.		3,582		150,429
Shinsegae, Inc.		102		11,499
SK Square Co. Ltd. *		183		10,754
SK, Inc.		173		18,545
S-Oil Corp.		688		32,138
Woori Financial Group, Inc.		8,812		105,677
Yuhan Corp.		692		73,041

(Cost $2,197,462)				2,650,946

Spain — 0.9%
Acciona SA		44		5,956

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
ACS Actividades de Construccion y Servicios SA		1,224		55,711
Aena SME SA, 144A		202		40,828
Amadeus IT Group SA		452		30,489
Banco Bilbao Vizcaya Argentaria SA		812		8,620
Banco Santander SA		1,986		9,884
Bankinter SA		758		6,709
CaixaBank SA		1,602		9,682
Cellnex Telecom SA, 144A *		162		6,264
Enagas SA		933		14,417
Endesa SA		1,472		31,121
Fomento de Construcciones y Contratas SA		561		8,247
Grifols SA *		1,216		13,487
Iberdrola SA		3,453		49,000
Industria de Diseno Textil SA		339		18,379
Mapfre SA		7,826		19,733
Naturgy Energy Group SA		158		4,033
Redeia Corp. SA		2,078		39,516
Repsol SA		2,944		40,587
Telefonica SA		24,288		110,065

(Cost $466,918)				522,728

Sweden — 5.6%
Alfa Laval AB		2,112		94,847
Assa Abloy AB, Class B		2,442		78,954
Atlas Copco AB, Class A		2,863		52,042
Atlas Copco AB, Class B		1,702		27,124
Axfood AB		3,528		94,257
Boliden AB		1,405		43,080
Epiroc AB, Class A		2,592		50,064
Epiroc AB, Class B		2,032		36,173
Essity AB, Class B		2,581		78,533
Evolution AB, 144A		86		8,956
Getinge AB, Class B		1,558		32,497
H & M Hennes & Mauritz AB, Class B		1,767		28,039
Hexagon AB, Class B		4,071		41,741
Holmen AB, Class B		1,742		71,478
Husqvarna AB, Class B		3,751		25,317
Industrivarden AB, Class A		4,929		177,701
Industrivarden AB, Class C		5,280		189,942
Indutrade AB		2,569		80,978
Investment AB Latour, Class B		883		26,609
Investor AB, Class A		1,347		39,999
Investor AB, Class B		5,672		169,123
L E Lundbergforetagen AB, Class B		798		43,871
Lifco AB, Class B		1,119		37,479
Saab AB, Class B		1,594		37,722
Sandvik AB		3,077		65,592
Securitas AB, Class B		22,541		264,133


	Number of Shares		Value $
Skandinaviska Enskilda Banken AB, Class A		2,126		32,801
Skanska AB, Class B		6,215		125,808
SKF AB, Class B		8,343		158,253
SSAB AB, Class A		6,536		31,803
SSAB AB, Class B		22,128		105,640
Svenska Cellulosa AB SCA, Class B		2,028		28,230
Svenska Handelsbanken AB, Class A		2,934		30,341
Sweco AB, Class B		1,302		21,474
Swedbank AB, Class A		2,189		46,898
Swedish Orphan Biovitrum AB *		320		9,999
Tele2 AB, Class B		5,921		67,358
Telefonaktiebolaget LM Ericsson, Class B		3,252		24,299
Telia Co. AB		18,374		57,127
Trelleborg AB, Class B		9,619		375,903
Volvo AB, Class A		531		14,321
Volvo AB, Class B		3,470		92,368

(Cost $2,894,487)				3,118,874

Switzerland — 4.6%
ABB Ltd.		1,706		97,782
Adecco Group AG		3,955		134,436
Alcon, Inc.		299		29,003
Bachem Holding AG		51		4,878
Baloise Holding AG		140		27,078
Banque Cantonale Vaudoise		78		8,357
Barry Callebaut AG		5		8,109
Belimo Holding AG		49		32,919
BKW AG		376		70,728
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		7		92,569
Cie Financiere Richemont SA, Class A		91		14,356
Clariant AG *		1,400		22,012
Coca-Cola HBC AG *		2,938		108,888
DKSH Holding AG		443		35,505
DSM-Firmenich AG		30		4,084
Emmi AG		24		24,977
EMS-Chemie Holding AG		34		28,512
Flughafen Zurich AG		121		28,309
Geberit AG		155		98,833
Georg Fischer AG		695		55,005
Givaudan SA		20		102,681
Glencore PLC *		7,907		41,650
Helvetia Holding AG		85		13,455
Holcim AG *		1,714		165,087
Julius Baer Group Ltd.		85		4,960
Kuehne + Nagel International AG		336		104,192
Logitech International SA		1,913		173,206
Lonza Group AG		136		89,058

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Nestle SA		67		7,188
Novartis AG		302		36,349
Partners Group Holding AG		85		122,323
PSP Swiss Property AG		234		33,978
Roche Holding AG		30		10,155
Sandoz Group AG		4,298		188,951
Schindler Holding AG		93		25,156
Schindler Holding AG Participation Certificates		187		51,971
SGS SA		625		69,715
SIG Group AG *		753		15,922
Sika AG		17		5,450
Sonova Holding AG		301		104,939
STMicroelectronics NV		227		7,229
Straumann Holding AG		222		32,824
Swatch Group AG – Bearer		73		15,298
Swatch Group AG – Registered		186		7,760
Swiss Life Holding AG		41		33,150
Swiss Prime Site AG		127		14,310
Swiss Re AG		156		21,273
Swisscom AG		66		41,734
Tecan Group AG		25		8,398
Temenos AG		207		14,419
UBS Group AG		664		20,324
VAT Group AG, 144A		114		58,743
Zurich Insurance Group AG		41		23,746

(Cost $2,175,103)				2,591,934

Thailand — 0.0%
Thai Beverage PCL

(Cost $9,945)		26,600		10,816

United Kingdom — 11.0%
3i Group PLC		12,628		527,598
Admiral Group PLC		4,481		171,846
Amcor PLC CDI		8,273		93,685
Anglo American PLC		325		9,435
Ashtead Group PLC		309		21,922
Associated British Foods PLC		2,654		86,852
AstraZeneca PLC		84		14,654
Auto Trader Group PLC, 144A		10,641		119,012
Aviva PLC		2,611		17,315
B&M European Value Retail SA		24,731		144,637
BAE Systems PLC		12,881		230,740
Barclays PLC		1,720		5,163
Barratt Developments PLC		15,569		103,781
Beazley PLC		1,438		14,174
Berkeley Group Holdings PLC		2,687		176,005
BP PLC		4,075		22,997
British American Tobacco PLC		277		10,324
BT Group PLC		14,366		26,244
Bunzl PLC		1,854		86,256
Burberry Group PLC		615		5,398


	Number of Shares		Value $
Centrica PLC		92,943		157,269
Compass Group PLC		3,911		123,309
ConvaTec Group PLC, 144A		2,926		9,191
Croda International PLC		307		16,571
Diageo PLC		620		20,147
DS Smith PLC		41,184		253,310
Endeavour Mining PLC		409		8,676
GSK PLC		4,001		87,130
Haleon PLC		10,057		50,491
Halma PLC		1,378		47,196
Hargreaves Lansdown PLC		6,549		95,624
Howden Joinery Group PLC		13,731		171,798
HSBC Holdings PLC		407		3,566
IMI PLC		2,429		58,451
Imperial Brands PLC		10,556		302,436
Informa PLC		2,624		28,761
InterContinental Hotels Group PLC		1,226		122,199
Intertek Group PLC		1,575		102,462
J Sainsbury PLC		56,035		215,335
Johnson Matthey PLC		462		9,927
Kingfisher PLC		12,517		46,752
Legal & General Group PLC		4,467		13,139
Lloyds Banking Group PLC		16,760		12,886
London Stock Exchange Group PLC		51		6,870
Marks & Spencer Group PLC		24,915		112,052
Melrose Industries PLC		553		3,502
Mondi PLC		9,648		186,648
National Grid PLC		4,370		57,352
NatWest Group PLC		1,560		7,077
Next PLC		1,501		200,524
Pearson PLC		5,290		73,417
Persimmon PLC		3,288		71,041
Reckitt Benckiser Group PLC		1,090		62,544
RELX PLC		2,009		93,441
Rightmove PLC		13,459		98,277
Rio Tinto PLC		1,296		81,246
RS GROUP PLC		4,252		43,756
Sage Group PLC		5,687		75,564
Schroders PLC		1,977		8,897
Severn Trent PLC		869		29,363
Shell PLC		446		15,715
Smith & Nephew PLC		2,506		38,551
Smiths Group PLC		2,057		48,716
Spirax Group PLC		145		14,664
SSE PLC		1,952		48,409
Standard Chartered PLC		365		3,739
Taylor Wimpey PLC		38,802		82,128
Tesco PLC		121,737		565,895
Unilever PLC		698		45,005
UNITE Group PLC REIT		238		2,995

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
United Utilities Group PLC		4,275		57,280
Vodafone Group PLC		45,097		44,108
Weir Group PLC		1,173		30,925
Whitbread PLC		556		21,081
Wise PLC, Class A *		1,925		17,823
WPP PLC		3,435		32,694

(Cost $4,784,780)				6,125,963

United States — 0.6%
CRH PLC		1,045		94,855
CRH PLC		156		13,827
Ferguson Enterprises, Inc. *		1,114		226,931

(Cost $213,455)				335,613

TOTAL COMMON STOCKS

(Cost $47,849,362)				55,216,591

PREFERRED STOCKS — 0.4%
Germany — 0.2%
Bayerische Motoren Werke AG		117		10,127
FUCHS SE		1,111		46,805
Henkel AG & Co. KGaA		413		37,834
Volkswagen AG		34		3,620

(Cost $87,051)				98,386

South Korea — 0.1%
CJ CheilJedang Corp.		56		5,844
Hanwha Corp.		512		5,883
Hyundai Motor Co.		188		26,036
Hyundai Motor Co.		120		16,304
Samsung Fire & Marine Insurance Co. Ltd.		55		11,158

(Cost $40,707)				65,225

Spain — 0.1%
Grifols SA, Class B *

(Cost $9,457)		1,492		13,897

TOTAL PREFERRED STOCKS

(Cost $137,215)				177,508

WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.* (d), expires 8/22/28

(Cost $0)		38		0

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (e)(f)

(Cost $302,690)		302,690		302,690


	Number of Shares		Value $
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.24% (e)

(Cost $59,667)		59,667		59,667

TOTAL INVESTMENTS — 99.9%

(Cost $48,348,934)				55,756,456
Other assets and liabilities, net — 0.1%				54,184

NET ASSETS — 100.0%				55,810,640

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
	COMMON STOCKS — 0.0%
	Germany — 0.0%
	Deutsche Bank AG (b)
	5,858		7,803		(11,942)		3,433		1,394		207		—		401		6,546

	DWS Group GmbH & Co. KGaA, 144A (b)
	—		29,975		(29,752)		4,614		111		871		—		128		4,948

	SECURITIES LENDING COLLATERAL — 0.5%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (e)(f)
	—		302,690 (g)		—		—		—		636		—		302,690		302,690

	CASH EQUIVALENTS — 0.1%
	DWS Government Money Market Series “Institutional Shares”, 5.24% (e)
	24,747		3,648,721		(3,613,801)		—		—		4,471		—		59,667		59,667

	30,605		3,989,189		(3,655,495)		8,047		1,505		6,185		—		362,886		373,851

*	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, 2024 amounted to $286,098, which is 0.5% 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, 2024.


CDI:		Chess Depositary Interests
REIT:		Real Estate Investment Trust
RSP:		Risparmio (Convertible Savings Shares)
144A:		Security exempt from registration under Rule 144A of 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, 2024, 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 Futures		EUR		2		10,926		11,005	9/20/2024		79
MINI TOPIX Index Futures		JPY		1		18,835		18,650	9/12/2024		(185)
MSCI EAFE Futures		USD		3		356,520		368,775	9/20/2024		12,255

Total net unrealized appreciation											12,149

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.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2024


Currency Abbreviations

EUR		Euro
JPY		Japanese Yen
USD		U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	55,216,591		$	—	$	0	$	55,216,591
Preferred Stocks (a)		177,508			—		—		177,508
Warrants		—			—		0		0
Short-Term Investments (a)		362,357			—		—		362,357
Derivatives (b)
Futures Contracts		12,334			—		—		12,334

TOTAL	$	55,768,790		$	—	$	0	$	55,768,790

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(185	)	$	—	$	—	$	(185	)

TOTAL	$	(185	)	$	—	$	—	$	(185	)

(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, 2024, the amount of transfers from Level 3 to Level 1 was $64,772. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.4%
Australia — 2.0%
Ampol Ltd.		2,107		41,358
ANZ Group Holdings Ltd.		26,886		554,562
APA Group (a)		14,227		73,266
Aristocrat Leisure Ltd.		5,908		219,309
ASX Ltd.		1,893		78,631
Atlassian Corp., Class A *		1,397		231,343
BHP Group Ltd.		46,786		1,294,215
BlueScope Steel Ltd.		4,467		62,618
Brambles Ltd.		12,891		159,450
CAR Group Ltd.		3,289		84,488
Cochlear Ltd.		686		139,808
Coles Group Ltd.		11,431		145,734
Commonwealth Bank of Australia		15,388		1,456,486
Computershare Ltd.		4,924		94,983
CSL Ltd.		4,462		929,917
Dexus REIT		10,341		50,658
Endeavour Group Ltd.		11,936		43,246
Fortescue Ltd.		15,557		192,848
Goodman Group REIT		16,149		365,967
GPT Group REIT		19,187		64,050
Insurance Australia Group Ltd.		21,077		107,971
Lottery Corp. Ltd.		24,184		81,880
Macquarie Group Ltd.		3,570		522,357
Medibank Pvt Ltd.		26,766		70,100
Mineral Resources Ltd.		1,658		45,167
Mirvac Group REIT		38,021		52,626
National Australia Bank Ltd.		29,248		757,475
Northern Star Resources Ltd.		10,166		105,258
Orica Ltd.		4,450		53,623
Origin Energy Ltd.		17,125		115,728
Pilbara Minerals Ltd. (b)		22,759		45,863
Pro Medicus Ltd.		678		69,326
Qantas Airways Ltd. *		7,205		32,802
QBE Insurance Group Ltd.		13,750		147,311
Ramsay Health Care Ltd.		1,768		49,843
REA Group Ltd.		544		80,834
Reece Ltd.		1,125		20,869
Rio Tinto Ltd.		3,432		259,757
Santos Ltd.		30,444		149,138
Scentre Group REIT		44,396		103,622
SEEK Ltd.		3,140		49,108
Seven Group Holdings Ltd.		1,590		44,318
Sonic Healthcare Ltd.		4,494		84,401
South32 Ltd.		37,599		80,104
Stockland REIT		25,628		87,291
Suncorp Group Ltd.		11,401		136,688
Telstra Group Ltd.		32,790		87,435
Transurban Group (a)		28,929		265,964
Treasury Wine Estates Ltd.		7,764		60,212


	Number of Shares		Value $

Vicinity Ltd. REIT		44,306		66,737
Washington H Soul Pattinson & Co. Ltd.		1,944		45,506
Wesfarmers Ltd.		10,248		504,807
Westpac Banking Corp.		31,664		671,161
WiseTech Global Ltd.		1,542		124,367
Woodside Energy Group Ltd.		17,294		319,047
Woolworths Group Ltd.		10,966		265,475

(Cost $11,051,971)				12,047,108

Austria — 0.0%
Erste Group Bank AG		3,094		169,559
OMV AG		1,614		70,354
Verbund AG		509		43,467
voestalpine AG		978		23,903

(Cost $263,052)				307,283

Belgium — 0.2%
Ageas SA/NV		1,337		68,846
Anheuser-Busch InBev SA/NV		8,309		508,607
D’ieteren Group		265		64,239
Elia Group SA/NV		273		29,946
Groupe Bruxelles Lambert NV		764		58,986
KBC Group NV		2,284		177,831
Lotus Bakeries NV		4		50,386
Sofina SA		121		29,466
Syensqo SA		712		58,636
UCB SA		1,233		223,419
Warehouses De Pauw CVA REIT		1,415		37,809

(Cost $1,218,460)				1,308,171

Bermuda — 0.1%
Arch Capital Group Ltd. *		3,413		385,976
Everest Group Ltd.		374		146,698

(Cost $254,661)				532,674

Canada — 3.3%
Agnico Eagle Mines Limited/ Mines Agnico Eagle Limitee		4,478		364,819
Air Canada *		1,327		15,202
Alimentation Couche-Tard, Inc.		6,921		395,053
AltaGas Ltd.		3,275		83,883
ARC Resources Ltd.		6,237		115,415
Bank of Montreal		6,872		574,694
Bank of Nova Scotia		11,533		575,645
Barrick Gold Corp.		16,592		334,979
BCE, Inc.		666		23,329
Brookfield Asset Management Ltd., Class A		3,228		131,587
Brookfield Corp.		12,814		644,622
BRP, Inc.		298		21,611
CAE, Inc. *		2,555		45,707
Cameco Corp.		3,731		152,230
Canadian Apartment Properties REIT		744		28,915

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Canadian Imperial Bank of Commerce		8,418		491,932
Canadian National Railway Co.		5,104		601,346
Canadian Natural Resources Ltd.		19,554		707,731
Canadian Pacific Kansas City Ltd.		8,868		736,088
Canadian Tire Corp. Ltd., Class A		554		63,155
Canadian Utilities Ltd., Class A		1,172		29,566
CCL Industries, Inc., Class B		1,347		77,007
Cenovus Energy, Inc.		12,613		233,871
CGI, Inc. *		2,005		225,872
Constellation Software, Inc.		195		636,717
Descartes Systems Group, Inc. *		751		75,721
Dollarama, Inc.		2,430		246,110
Element Fleet Management Corp.		3,282		68,063
Emera, Inc.		2,453		92,369
Empire Co. Ltd., Class A		1,217		33,934
Enbridge, Inc.		20,146		810,474
Fairfax Financial Holdings Ltd.		172		207,633
First Quantum Minerals Ltd. *		5,286		66,558
FirstService Corp.		373		67,233
Fortis, Inc.		4,541		199,801
Franco-Nevada Corp.		1,753		214,041
George Weston Ltd.		718		116,771
GFL Environmental, Inc.		2,480		107,462
Gildan Activewear, Inc.		1,943		88,547
Great-West Lifeco, Inc.		2,208		72,576
Hydro One Ltd., 144A		3,160		107,408
iA Financial Corp., Inc.		931		71,551
IGM Financial, Inc.		1,049		30,884
Imperial Oil Ltd.		2,035		153,257
Intact Financial Corp.		1,582		297,713
Ivanhoe Mines Ltd., Class A *		5,479		73,053
Keyera Corp.		1,855		55,564
Kinross Gold Corp.		12,211		110,354
Loblaw Cos. Ltd.		1,483		193,530
Lululemon Athletica, Inc. *		1,045		271,146
Lundin Mining Corp.		5,494		56,988
Magna International, Inc.		2,466		103,635
Manulife Financial Corp.		15,827		436,967
MEG Energy Corp. *		2,369		47,178
Metro, Inc.		1,948		122,365
National Bank of Canada		3,070		281,294
Nutrien Ltd.		4,667		226,018
Onex Corp.		627		44,298
Open Text Corp.		2,196		69,868
Pan American Silver Corp.		3,417		69,012
Parkland Corp.		1,589		42,998
Pembina Pipeline Corp.		6,121		246,566
Power Corp. of Canada		5,351		164,252
Quebecor, Inc., Class B		1,365		33,898


	Number of Shares		Value $
Restaurant Brands International, Inc.		2,612		181,459
Rogers Communications, Inc., Class B		3,484		141,221
Royal Bank of Canada		12,779		1,545,332
Saputo, Inc.		2,099		46,676
Shopify, Inc., Class A *		10,999		814,550
Stantec, Inc.		999		81,810
Sun Life Financial, Inc.		5,291		288,390
Suncor Energy, Inc.		12,240		496,411
TC Energy Corp.		9,125		422,617
Teck Resources Ltd., Class B		4,434		212,299
TELUS Corp.		4,290		69,296
TFI International, Inc.		731		108,179
Thomson Reuters Corp.		1,436		245,934
TMX Group Ltd.		2,750		87,718
Toromont Industries Ltd.		770		68,942
Toronto-Dominion Bank		16,048		961,511
Tourmaline Oil Corp.		2,860		130,337
Waste Connections, Inc.		2,309		430,629
West Fraser Timber Co. Ltd.		368		32,561
Wheaton Precious Metals Corp.		4,059		250,843
WSP Global, Inc.		1,179		196,531

(Cost $17,226,921)				19,901,312

Chile — 0.0%
Antofagasta PLC

(Cost $71,396)		3,586		87,330

Denmark — 1.0%
A.P. Moller — Maersk A/S, Class A		16		23,257
A.P. Moller — Maersk A/S, Class B		55		82,150
Carlsberg AS, Class B		858		100,842
Coloplast A/S, Class B		1,075		146,798
Danske Bank A/S		6,856		214,269
Demant A/S *		783		33,186
DSV A/S		1,721		307,750
Genmab A/S *		559		155,416
Novo Nordisk A/S, Class B		30,218		4,206,735
Novonesis (Novozymes) B, Class B		3,447		239,396
Orsted AS, 144A *		1,761		102,076
Pandora A/S		767		134,424
ROCKWOOL A/S, Class B		134		58,145
Tryg A/S		3,292		73,475
Vestas Wind Systems A/S *		9,282		213,365
Zealand Pharma A/S *		590		77,618

(Cost $3,517,074)				6,168,902

Finland — 0.3%
Elisa OYJ		1,075		53,808
Fortum OYJ		4,280		68,505
Kesko OYJ, Class B		2,074		42,161

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Kone OYJ, Class B		3,070		165,831
Metso Corp.		6,400		65,033
Neste OYJ		3,838		89,851
Nokia OYJ		50,894		224,099
Nordea Bank Abp		28,256		334,034
Orion OYJ, Class B		1,058		56,178
Sampo OYJ, Class A		4,345		194,351
Stora Enso OYJ, Class R		6,559		84,907
UPM-Kymmene OYJ		5,088		172,224
Wartsila OYJ Abp		4,334		96,042

(Cost $1,906,353)				1,647,024

France — 3.0%
Accor SA		1,748		73,660
Aeroports de Paris SA		276		36,202
Air Liquide SA		5,442		1,016,328
Airbus SE		5,583		857,883
Alstom SA *		3,684		75,338
Amundi SA, 144A		840		63,226
Arkema SA		556		51,789
AXA SA		17,043		648,953
BioMerieux		454		52,615
BNP Paribas SA		9,464		655,570
Bollore SE		8,600		56,688
Bouygues SA		1,496		53,668
Bureau Veritas SA		2,969		98,066
Capgemini SE		1,468		304,674
Carrefour SA		4,808		77,594
Cie de Saint-Gobain SA		4,074		356,612
Cie Generale des Etablissements Michelin SCA		6,567		258,123
Covivio SA REIT		657		36,653
Credit Agricole SA		10,406		163,043
Danone SA		5,998		416,941
Dassault Aviation SA		202		43,556
Dassault Systemes SE		5,978		233,450
Edenred SE		2,225		94,106
Eiffage SA		759		79,645
Engie SA		16,306		287,522
EssilorLuxottica SA		2,721		645,144
Eurazeo SE		403		31,806
Gecina SA REIT		467		51,434
Getlink SE		3,018		54,502
Hermes International SCA		285		684,247
Ipsen SA		294		35,700
Kering SA		689		197,528
Klepierre SA REIT		1,589		47,595
La Francaise des Jeux SAEM, 144A		750		30,617
Legrand SA		2,351		263,355
L’Oreal SA		2,211		970,622
LVMH Moet Hennessy Louis Vuitton SE		2,543		1,898,052


	Number of Shares		Value $
Orange SA		18,552		211,513
Pernod Ricard SA		1,865		265,891
Publicis Groupe SA		2,086		229,560
Renault SA		1,724		81,961
Rexel SA		1,844		46,619
Safran SA		3,217		704,880
Sanofi SA		10,724		1,201,285
Sartorius Stedim Biotech		273		55,602
Schneider Electric SE		5,112		1,299,752
SEB SA		129		13,508
Societe Generale SA		7,104		171,658
Sodexo SA		878		78,235
Teleperformance SE		555		60,733
Thales SA		921		154,957
TotalEnergies SE		19,679		1,354,666
Unibail-Rodamco-Westfield REIT *		1,074		86,141
Veolia Environnement SA		6,310		209,117
Vinci SA		4,774		571,502
Vivendi SE		6,428		72,183

(Cost $14,653,372)				17,872,270

Germany — 2.3%
adidas AG		1,518		389,824
Allianz SE		3,622		1,126,182
BASF SE		8,322		422,353
Bayer AG		8,996		277,471
Bayerische Motoren Werke AG		3,070		284,836
Bechtle AG		652		28,103
Beiersdorf AG		873		126,347
Brenntag SE		1,220		90,775
Carl Zeiss Meditec AG		371		27,247
Commerzbank AG		9,645		142,846
Continental AG		956		64,635
Covestro AG, 144A *		1,758		107,805
CTS Eventim AG & Co. KGaA		685		64,373
Daimler Truck Holding AG		4,682		179,626
Delivery Hero SE, 144A *		1,358		42,825
Deutsche Bank AG (c)		18,324		299,132
Deutsche Boerse AG		1,711		384,274
Deutsche Lufthansa AG		5,090		33,174
Deutsche Post AG		9,118		395,635
Deutsche Telekom AG		32,233		917,300
E.ON SE		21,337		302,546
Evonik Industries AG		1,910		42,389
Fresenius Medical Care AG		1,769		68,260
Fresenius SE & Co. KGaA *		3,651		134,858
GEA Group AG		1,418		66,550
Hannover Rueck SE		500		141,849
Heidelberg Materials AG		1,342		142,099
Henkel AG & Co. KGaA		978		81,353
Infineon Technologies AG		11,990		437,967

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Knorr-Bremse AG		547		45,017
LEG Immobilien SE		594		57,242
Mercedes-Benz Group AG		7,521		518,980
Merck KGaA		1,161		225,987
MTU Aero Engines AG		543		162,283
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		1,236		669,426
Nemetschek SE		489		51,015
Puma SE		979		42,360
Rational AG		34		34,304
Rheinmetall AG		403		241,776
RWE AG		5,870		212,014
SAP SE		9,657		2,113,496
Scout24 SE, 144A		486		37,173
Siemens AG		6,947		1,306,623
Siemens Energy AG *		6,507		187,628
Siemens Healthineers AG, 144A		2,557		148,819
Symrise AG		1,233		162,480
Talanx AG		686		59,114
Vonovia SE		7,033		242,731
Zalando SE, 144A *		1,862		48,311

(Cost $11,952,667)				13,389,413

Hong Kong — 0.5%
AIA Group Ltd.		104,199		740,710
BOC Hong Kong Holdings Ltd.		31,225		98,474
CK Asset Holdings Ltd.		18,596		75,215
CK Hutchison Holdings Ltd.		24,031		132,626
CK Infrastructure Holdings Ltd.		5,757		42,732
CLP Holdings Ltd.		14,747		132,149
Futu Holdings Ltd., ADR *		562		35,721
Galaxy Entertainment Group Ltd.		18,443		71,404
Hang Seng Bank Ltd.		6,213		75,110
Henderson Land Development Co. Ltd.		15,433		48,077
HKT Trust & HKT Ltd. (a)		28,261		35,904
Hong Kong & China Gas Co. Ltd.		89,362		72,746
Hong Kong Exchanges & Clearing Ltd.		11,198		345,110
Hongkong Land Holdings Ltd.		12,100		45,375
Jardine Matheson Holdings Ltd.		1,651		59,502
Link REIT		20,475		96,858
MTR Corp. Ltd.		15,343		54,189
Power Assets Holdings Ltd.		12,765		89,105
Prudential PLC		24,834		212,800
Sino Land Co. Ltd.		35,334		37,869
SITC International Holdings Co. Ltd.		13,497		31,734
Sun Hung Kai Properties Ltd.		12,971		127,126
Swire Pacific Ltd., Class A		2,887		24,501
Techtronic Industries Co. Ltd.		12,799		172,449
WH Group Ltd., 144A		96,062		69,949


	Number of Shares		Value $
Wharf Holdings Ltd.		9,153		24,055
Wharf Real Estate Investment Co. Ltd.		12,375		36,092

(Cost $4,276,136)				2,987,582

Ireland — 1.0%
Accenture PLC, Class A		5,788		1,979,207
AerCap Holdings NV		1,825		177,792
AIB Group PLC		14,307		86,229
Allegion PLC		831		115,376
Aptiv PLC *		2,491		178,181
Bank of Ireland Group PLC		9,318		106,957
DCC PLC		983		69,182
Experian PLC		8,065		390,483
Flutter Entertainment PLC *		1,619		344,699
James Hardie Industries PLC CDI *		3,749		140,107
Kerry Group PLC, Class A		1,592		160,007
Kingspan Group PLC		1,426		124,223
Medtronic PLC		12,453		1,103,087
Smurfit WestRock PLC		2,369		112,338
Smurfit WestRock PLC		1,876		88,537
Trane Technologies PLC		2,087		754,784

(Cost $5,247,345)				5,931,189

Israel — 0.2%
Azrieli Group Ltd.		461		31,390
Bank Hapoalim BM		11,476		114,143
Bank Leumi Le-Israel BM		12,606		121,351
Check Point Software Technologies Ltd. *		884		170,170
CyberArk Software Ltd. *		396		113,549
Elbit Systems Ltd.		273		56,211
Global-e Online Ltd. *		835		28,741
ICL Group Ltd.		6,595		30,016
Israel Discount Bank Ltd., Class A		10,724		59,333
Mizrahi Tefahot Bank Ltd.		1,482		56,584
Monday.com Ltd. *		353		93,859
Nice Ltd. *		620		110,720
Teva Pharmaceutical Industries Ltd., ADR *		10,491		197,965
Wix.com Ltd. *		544		90,641

(Cost $1,066,177)				1,274,673

Italy — 0.7%
Amplifon SpA		1,075		34,662
Banco BPM SpA		10,862		73,870
Davide Campari-Milano NV		5,778		53,365
DiaSorin SpA		193		22,218
Enel SpA		73,753		560,358
Eni SpA		20,528		333,429
Ferrari NV		1,171		579,652
FinecoBank Banca Fineco SpA		5,701		97,465
Generali		9,953		274,103

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Infrastrutture Wireless Italiane SpA, 144A		2,466		29,534
Intesa Sanpaolo SpA		129,820		540,951
Leonardo SpA		3,210		81,580
Mediobanca Banca di Credito Finanziario SpA		4,850		82,057
Moncler SpA		1,853		113,671
Nexi SpA, 144A *		5,823		40,697
Poste Italiane SpA, 144A		3,313		46,023
Prysmian SpA		2,556		179,374
Recordati Industria Chimica e Farmaceutica SpA		1,143		67,055
Snam SpA		18,239		90,506
Telecom Italia SpA *		129,727		34,348
Terna - Rete Elettrica Nazionale		11,069		96,327
UniCredit SpA		13,331		551,583

(Cost $2,722,768)				3,982,828

Jordan — 0.0%
Hikma Pharmaceuticals PLC

(Cost $56,610)		1,753		45,686

Luxembourg — 0.0%
ArcelorMittal SA		4,496		105,355
Eurofins Scientific SE		1,243		71,050
Tenaris SA		4,252		62,009

(Cost $273,542)				238,414

Macau — 0.0%
Sands China Ltd. *

(Cost $88,408)		22,845		41,705

Netherlands — 1.5%
ABN AMRO Bank NV, 144A		4,254		72,939
Adyen NV, 144A *		209		307,454
Aegon Ltd.		9,299		56,859
Akzo Nobel NV		1,679		107,235
Argenx SE *		547		283,423
ASM International NV		463		313,134
ASML Holding NV		3,689		3,315,685
ASR Nederland NV		1,328		65,046
BE Semiconductor Industries NV		707		92,188
Euronext NV, 144A		804		85,969
EXOR NV		749		83,404
Ferrovial SE		4,597		192,037
Heineken Holding NV		1,200		90,390
Heineken NV		2,525		227,675
IMCD NV		568		92,925
ING Groep NV		30,316		550,130
JDE Peet’s NV		640		14,678
Koninklijke Ahold Delhaize NV		8,653		297,493
Koninklijke KPN NV		32,244		131,807
Koninklijke Philips NV *		7,472		225,047
NN Group NV		2,937		143,985
NXP Semiconductors NV		2,304		590,653


	Number of Shares		Value $
OCI NV		907		28,723
Prosus NV *		13,206		490,132
QIAGEN NV *		2,006		92,082
Randstad NV		1,241		59,823
Stellantis NV		19,800		331,774
Universal Music Group NV		7,466		195,281
Wolters Kluwer NV		2,298		392,105

(Cost $6,610,556)				8,930,076

New Zealand — 0.1%
Auckland International Airport Ltd.		11,200		53,150
Fisher & Paykel Healthcare Corp. Ltd.		4,784		106,555
Mercury NZ Ltd.		6,206		24,267
Meridian Energy Ltd.		11,666		46,275
Spark New Zealand Ltd.		19,280		43,304
Xero Ltd. *		1,325		128,415

(Cost $407,353)				401,966

Norway — 0.1%
Aker BP ASA		2,767		66,326
DNB Bank ASA		8,327		176,175
Equinor ASA		8,516		226,323
Gjensidige Forsikring ASA		1,601		28,401
Kongsberg Gruppen ASA		844		89,402
Mowi ASA		3,676		64,100
Norsk Hydro ASA		14,124		79,206
Orkla ASA		7,453		66,282
Salmar ASA		520		27,050
Telenor ASA		6,767		84,011
Yara International ASA		1,233		35,946

(Cost $1,025,434)				943,222

Poland — 0.0%
InPost SA *

(Cost $49,809)		2,779		51,247

Portugal — 0.0%
EDP SA		32,556		136,794
Galp Energia SGPS SA		3,432		71,267
Jeronimo Martins SGPS SA		3,002		55,625

(Cost $268,626)				263,686

Singapore — 0.4%
CapitaLand Ascendas REIT		25,179		55,634
CapitaLand Integrated
Commercial Trust REIT		64,256		104,509
CapitaLand Investment Ltd.		16,402		34,101
DBS Group Holdings Ltd.		19,037		531,041
Genting Singapore Ltd.		28,208		17,421
Grab Holdings Ltd., Class A *		18,778		60,465
Keppel Ltd.		15,500		73,371
Oversea-Chinese Banking Corp. Ltd.		28,785		321,318
Sea Ltd., ADR *		3,280		256,857

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Sembcorp Industries Ltd.		8,600		32,528
Singapore Airlines Ltd.		14,250		68,656
Singapore Exchange Ltd.		9,131		75,867
Singapore Technologies Engineering Ltd.		23,602		80,578
Singapore Telecommunications Ltd.		77,200		185,382
United Overseas Bank Ltd.		10,801		260,112
Wilmar International Ltd.		20,400		49,143

(Cost $2,135,226)				2,206,983

Spain — 0.7%
Acciona SA		263		35,603
ACS Actividades de Construccion y Servicios SA		2,191		99,725
Aena SME SA, 144A		638		128,953
Amadeus IT Group SA		4,420		298,149
Banco Bilbao Vizcaya Argentaria SA		54,876		582,519
Banco de Sabadell SA		49,329		106,092
Banco Santander SA		148,030		736,690
CaixaBank SA		31,679		191,458
Cellnex Telecom SA, 144A *		5,330		206,079
EDP Renovaveis SA		2,561		41,019
Endesa SA		2,894		61,184
Grifols SA *		3,070		34,050
Iberdrola SA		56,460		801,194
Industria de Diseno Textil SA		9,824		532,618
Redeia Corp. SA		3,574		67,965
Repsol SA		11,972		165,051
Telefonica SA		37,922		171,849

(Cost $3,280,293)				4,260,198

Sweden — 0.9%
AddTech AB, Class B		2,400		76,119
Alfa Laval AB		2,977		133,694
Assa Abloy AB, Class B		8,948		289,303
Atlas Copco AB, Class A		24,451		444,455
Atlas Copco AB, Class B		14,308		228,017
Beijer Ref AB		2,798		48,278
Boliden AB		2,482		76,103
Epiroc AB, Class A		6,164		119,058
Epiroc AB, Class B		4,074		72,523
EQT AB		4,186		140,123
Essity AB, Class B		5,103		155,271
Evolution AB, 144A		1,587		165,275
Fastighets AB Balder, Class B *		7,074		55,607
Getinge AB, Class B		2,231		46,534
H & M Hennes & Mauritz AB, Class B		6,491		102,999
Hexagon AB, Class B		20,648		211,707
Holmen AB, Class B		870		35,698
Husqvarna AB, Class B		3,022		20,397
Industrivarden AB, Class A		1,309		47,192


	Number of Shares		Value $
Industrivarden AB, Class C		1,586		57,055
Indutrade AB		2,478		78,109
Investment AB Latour, Class B		1,155		34,805
Investor AB, Class B		15,544		463,478
L E Lundbergforetagen AB, Class B		561		30,842
Lifco AB, Class B		2,360		79,045
Nibe Industrier AB, Class B		14,047		69,462
Saab AB, Class B		2,940		69,576
Sagax AB, Class B		1,714		45,291
Sandvik AB		9,726		207,327
Securitas AB, Class B		5,760		67,495
Skandinaviska Enskilda Banken AB, Class A		14,740		227,417
Skanska AB, Class B		2,461		49,817
SKF AB, Class B		2,892		54,856
Svenska Cellulosa AB SCA, Class B		5,239		72,926
Svenska Handelsbanken AB, Class A		12,293		127,122
Swedbank AB, Class A		8,402		180,006
Swedish Orphan Biovitrum AB *		1,702		53,184
Tele2 AB, Class B		4,861		55,299
Telefonaktiebolaget LM Ericsson, Class B		27,370		204,512
Telia Co. AB		22,557		70,133
Trelleborg AB, Class B		1,705		66,630
Volvo AB, Class A		2,469		66,591
Volvo AB, Class B		14,680		390,769
Volvo Car AB, Class B *		5,377		15,426

(Cost $5,045,702)				5,305,526

Switzerland — 3.1%
ABB Ltd.		14,667		840,658
Adecco Group AG		1,247		42,387
Alcon, Inc.		4,495		436,017
Avolta AG *		814		31,583
Bachem Holding AG		205		19,607
Baloise Holding AG		456		88,196
Banque Cantonale Vaudoise		273		29,248
Barry Callebaut AG		38		61,628
BKW AG		222		41,760
Chocoladefabriken Lindt & Spruengli AG		1		130,827
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		8		105,793
Chubb Ltd.		3,653		1,038,110
Cie Financiere Richemont SA, Class A		5,043		795,575
Clariant AG *		1,404		22,075
Coca-Cola HBC AG *		2,213		82,018
DSM-Firmenich AG		1,826		248,608
EMS-Chemie Holding AG		75		62,894

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Galderma Group AG *		440		42,680
Garmin Ltd.		1,396		255,873
Geberit AG		341		217,433
Givaudan SA		89		456,932
Glencore PLC *		96,154		506,493
Helvetia Holding AG		271		42,896
Holcim AG *		4,680		450,763
Julius Baer Group Ltd.		1,783		104,044
Kuehne + Nagel International AG		471		146,055
Logitech International SA		1,415		128,116
Lonza Group AG		685		448,566
Nestle SA		24,703		2,650,088
Novartis AG		18,082		2,176,361
Partners Group Holding AG		221		318,040
Roche Holding AG		274		99,595
Roche Holding AG		6,525		2,208,710
Sandoz Group AG		3,726		163,804
Schindler Holding AG		250		67,623
Schindler Holding AG Participation Certificates		294		81,708
SGS SA		1,530		170,663
SIG Group AG *		2,717		57,450
Sika AG		1,464		469,336
Sonova Holding AG		464		161,767
STMicroelectronics NV		6,096		194,130
Straumann Holding AG		972		143,718
Swatch Group AG — Bearer		274		57,419
Swatch Group AG — Registered		877		36,591
Swiss Life Holding AG		264		213,453
Swiss Prime Site AG		627		70,648
Swiss Re AG		2,804		382,371
Swisscom AG		273		172,626
Temenos AG		550		38,311
UBS Group AG		29,842		913,427
VAT Group AG, 144A		274		141,190
Zurich Insurance Group AG		1,312		759,876

(Cost $15,982,805)				18,625,740

United Kingdom — 3.9%
3i Group PLC		9,366		391,312
Admiral Group PLC		2,576		98,789
Amcor PLC		12,598		144,121
Anglo American PLC		11,412		331,311
Ashtead Group PLC		3,898		276,537
Associated British Foods PLC		2,846		93,135
AstraZeneca PLC		14,200		2,477,241
Auto Trader Group PLC, 144A		9,178		102,649
Aviva PLC		25,113		166,542
BAE Systems PLC		28,439		509,435
Barclays PLC		133,539		400,850
Barratt Developments PLC		12,710		84,723
Berkeley Group Holdings PLC		1,074		70,349


	Number of Shares		Value $
BP PLC		153,941		868,749
British American Tobacco PLC		18,250		680,217
BT Group PLC		62,782		114,691
Bunzl PLC		3,054		142,086
Centrica PLC		55,782		94,389
CNH Industrial NV		8,731		90,279
Coca-Cola Europacific Partners PLC		1,774		142,789
Compass Group PLC		15,748		496,517
Croda International PLC		1,256		67,794
Diageo PLC		20,401		662,927
Endeavour Mining PLC		2,332		49,466
Entain PLC		5,750		48,818
GSK PLC		37,751		822,108
Haleon PLC		63,669		319,646
Halma PLC		3,163		108,331
Hargreaves Lansdown PLC		3,049		44,519
HSBC Holdings PLC		171,147		1,499,608
Imperial Brands PLC		8,131		232,959
Informa PLC		11,569		126,806
InterContinental Hotels Group PLC		1,420		141,535
Intertek Group PLC		1,482		96,412
J Sainsbury PLC		16,258		62,477
JD Sports Fashion PLC		28,556		51,772
Kingfisher PLC		15,556		58,103
Land Securities Group PLC REIT		6,318		52,270
Legal & General Group PLC		63,639		187,181
Lloyds Banking Group PLC		595,139		457,565
London Stock Exchange Group PLC		4,318		581,681
M&G PLC		25,278		71,227
Melrose Industries PLC		12,308		77,951
Mondi PLC		4,466		86,398
National Grid PLC		44,304		581,450
NatWest Group PLC		62,794		284,883
Next PLC		1,012		135,197
Pearson PLC		4,587		63,661
Pentair PLC		1,579		140,042
Persimmon PLC		2,891		62,464
Phoenix Group Holdings PLC		6,799		50,531
Reckitt Benckiser Group PLC		6,549		375,783
RELX PLC		17,448		811,530
Rentokil Initial PLC		22,621		143,594
Rio Tinto PLC		10,130		635,047
Rolls-Royce Holdings PLC *		78,063		509,278
Sage Group PLC		9,984		132,658
Schroders PLC		9,147		41,162
Segro PLC REIT		11,398		130,504
Severn Trent PLC		2,464		83,257
Shell PLC		58,422		2,058,502
Smith & Nephew PLC		7,965		122,528

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Smiths Group PLC		2,951		69,888
Spirax Group PLC		583		58,960
SSE PLC		9,445		234,235
Standard Chartered PLC		21,889		224,215
Taylor Wimpey PLC		29,057		61,502
Tesco PLC		62,833		292,079
Unilever PLC		23,170		1,493,935
United Utilities Group PLC		7,195		96,404
Vodafone Group PLC		200,191		195,800
Whitbread PLC		1,849		70,107
Willis Towers Watson PLC		929		271,370
Wise PLC, Class A *		6,113		56,600
WPP PLC		11,037		105,048

(Cost $19,147,827)				23,276,479

United States — 74.0%
3M Co.		4,976		670,217
A O Smith Corp.		1,184		99,124
Abbott Laboratories		15,939		1,805,411
AbbVie, Inc.		16,344		3,208,491
Adobe, Inc. *		4,149		2,383,227
Advanced Micro Devices, Inc. *		14,847		2,205,670
AECOM		1,482		148,407
AES Corp.		6,163		105,572
Aflac, Inc.		5,210		574,976
Agilent Technologies, Inc.		2,689		384,312
Air Products and Chemicals, Inc.		2,038		568,296
Airbnb, Inc., Class A *		3,948		463,140
Akamai Technologies, Inc. *		1,483		151,029
Albemarle Corp.		1,031		93,048
Albertsons Cos., Inc., Class A		3,215		63,078
Alexandria Real Estate Equities, Inc. REIT		1,403		167,757
Align Technology, Inc. *		647		153,481
Alliant Energy Corp.		2,358		137,401
Allstate Corp.		2,456		464,037
Ally Financial, Inc.		2,894		124,992
Alnylam Pharmaceuticals, Inc. *		1,170		307,347
Alphabet, Inc., Class A		54,298		8,871,207
Alphabet, Inc., Class C		46,924		7,747,622
Altria Group, Inc.		16,442		884,086
Amazon.com, Inc. *		86,668		15,470,238
Ameren Corp.		2,441		201,407
American Electric Power Co., Inc.		4,839		485,255
American Express Co.		5,400		1,396,710
American Financial Group, Inc.		647		86,452
American Homes 4 Rent, Class A REIT		2,794		111,117
American International Group, Inc.		6,081		468,541
American Tower Corp. REIT		4,315		966,819
American Water Works Co., Inc.		1,812		259,333


	Number of Shares		Value $
Ameriprise Financial, Inc.		964		433,260
AMETEK, Inc.		2,073		354,587
Amgen, Inc.		5,012		1,673,156
Amphenol Corp., Class A		11,096		748,425
Analog Devices, Inc.		4,598		1,079,794
Annaly Capital Management, Inc. REIT		4,418		89,067
ANSYS, Inc. *		821		263,886
Aon PLC, Class A		1,825		627,289
APA Corp.		3,156		89,914
Apollo Global Management, Inc.		3,610		417,785
Apple, Inc.		134,812		30,871,948
Applied Materials, Inc.		7,590		1,497,203
AppLovin Corp., Class A *		1,889		175,431
Archer-Daniels-Midland Co.		4,965		302,815
Ares Management Corp., Class A		1,779		260,446
Arista Networks, Inc. *		2,536		896,172
Arthur J Gallagher & Co.		1,967		575,485
Aspen Technology, Inc. *		273		63,920
Assurant, Inc.		548		107,600
AT&T, Inc.		64,699		1,287,510
Atmos Energy Corp.		1,364		178,329
Autodesk, Inc. *		1,994		515,250
Automatic Data Processing, Inc.		3,827		1,055,908
AutoZone, Inc. *		166		528,126
AvalonBay Communities, Inc. REIT		1,444		325,954
Avantor, Inc. *		5,527		142,818
Avery Dennison Corp.		758		168,162
Axon Enterprise, Inc. *		648		236,501
Baker Hughes Co.		9,351		328,875
Ball Corp.		2,886		184,156
Bank of America Corp.		65,592		2,672,874
Bank of New York Mellon Corp.		7,045		480,610
Bath & Body Works, Inc.		1,930		59,367
Baxter International, Inc.		4,445		168,643
Becton Dickinson and Co.		2,747		665,900
Bentley Systems, Inc., Class B		1,188		61,146
Berkshire Hathaway, Inc., Class B *		12,230		5,820,502
Best Buy Co., Inc.		2,021		202,908
Biogen, Inc. *		1,329		272,126
BioMarin Pharmaceutical, Inc. *		1,637		149,311
Bio-Rad Laboratories, Inc., Class A *		238		80,282
Bio-Techne Corp.		1,444		106,842
BlackRock, Inc.		1,379		1,243,596
Blackstone, Inc.		6,528		929,326
Block, Inc. *		4,900		323,792
Boeing Co. *		5,403		938,717
Booking Holdings, Inc.		311		1,215,771

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Booz Allen Hamilton Holding Corp.		1,084		172,118
Boston Scientific Corp. *		13,575		1,110,299
Bristol-Myers Squibb Co.		19,172		957,641
Broadcom, Inc.		40,836		6,648,918
Broadridge Financial Solutions, Inc.		1,061		225,844
Brookfield Renewable Corp., Class A		1,160		33,085
Brown & Brown, Inc.		2,340		246,004
Brown-Forman Corp., Class B		1,646		75,041
Builders FirstSource, Inc. *		1,075		187,050
Bunge Global SA		1,339		135,748
Burlington Stores, Inc. *		548		146,996
BXP, Inc. REIT		1,246		93,724
C.H. Robinson Worldwide, Inc.		1,151		119,140
Cadence Design Systems, Inc. *		2,473		665,064
Camden Property Trust REIT		879		110,051
Campbell Soup Co.		1,661		82,585
Capital One Financial Corp.		3,728		547,755
Cardinal Health, Inc.		2,241		252,606
Carlisle Cos., Inc.		444		188,167
Carlyle Group, Inc.		1,712		68,703
CarMax, Inc. *		1,343		113,551
Carnival Corp. *		9,171		151,322
Carrier Global Corp.		7,711		561,207
Catalent, Inc. *		1,490		90,830
Caterpillar, Inc.		4,547		1,619,187
Cboe Global Markets, Inc.		879		180,547
CBRE Group, Inc., Class A *		2,744		315,944
CDW Corp.		1,200		270,768
Celanese Corp.		1,036		135,302
Celsius Holdings, Inc. *		1,419		53,965
Cencora, Inc.		1,530		366,542
Centene Corp. *		5,040		397,303
CenterPoint Energy, Inc.		5,713		155,965
CF Industries Holdings, Inc.		1,842		153,052
Charles River Laboratories International, Inc. *		472		93,338
Charles Schwab Corp.		14,266		928,717
Charter Communications, Inc., Class A *		877		304,793
Cheniere Energy, Inc.		2,227		412,574
Chesapeake Energy Corp. (b)		877		65,328
Chevron Corp.		16,085		2,379,776
Chipotle Mexican Grill, Inc. *		13,174		738,798
Chord Energy Corp.		572		84,902
Church & Dwight Co., Inc.		2,154		219,450
Cigna Group		2,554		924,063
Cincinnati Financial Corp.		1,407		192,801
Cintas Corp.		839		675,496
Cisco Systems, Inc.		37,026		1,871,294
Citigroup, Inc.		17,900		1,121,256


	Number of Shares		Value $
Citizens Financial Group, Inc.		4,444		191,314
Clorox Co.		1,095		173,349
Cloudflare, Inc., Class A *		2,792		229,335
CME Group, Inc.		3,294		710,648
CMS Energy Corp.		2,429		164,832
Coca-Cola Co.		37,721		2,733,641
Cognizant Technology Solutions Corp., Class A		4,588		356,809
Coinbase Global, Inc., Class A *		1,724		316,113
Colgate-Palmolive Co.		7,455		793,957
Comcast Corp., Class A		36,891		1,459,777
Conagra Brands, Inc.		4,500		140,400
ConocoPhillips		10,873		1,237,239
Consolidated Edison, Inc.		3,231		328,140
Constellation Brands, Inc., Class A		1,547		372,378
Constellation Energy Corp.		2,935		577,314
Cooper Cos., Inc. *		1,782		188,411
Copart, Inc. *		8,096		428,764
Corebridge Financial, Inc.		2,267		67,013
Corning, Inc.		7,386		309,104
Corpay, Inc. *		609		192,170
Corteva, Inc.		6,558		375,773
CoStar Group, Inc. *		3,723		287,788
Costco Wholesale Corp.		4,082		3,642,695
Coterra Energy, Inc.		7,372		179,361
CRH PLC		6,369		564,504
Crowdstrike Holdings, Inc., Class A *		2,087		578,683
Crown Castle, Inc. REIT		4,106		459,954
Crown Holdings, Inc.		1,190		107,588
CSX Corp.		17,864		612,199
Cummins, Inc.		1,191		372,604
CVS Health Corp.		11,717		670,681
D.R. Horton, Inc.		2,707		510,973
Danaher Corp.		6,427		1,730,855
Darden Restaurants, Inc.		1,150		181,872
Datadog, Inc., Class A *		2,587		300,765
DaVita, Inc. *		590		89,043
Dayforce, Inc. *		1,515		86,613
Deckers Outdoor Corp. *		263		252,293
Deere & Co.		2,426		935,805
Dell Technologies, Inc., Class C		2,603		300,751
Delta Air Lines, Inc.		1,156		49,118
Devon Energy Corp.		6,107		273,471
Dexcom, Inc. *		3,486		241,719
Diamondback Energy, Inc.		1,483		289,348
Dick’s Sporting Goods, Inc.		529		125,352
Digital Realty Trust, Inc. REIT		2,867		434,666
Discover Financial Services		2,356		326,801
DocuSign, Inc. *		1,770		104,802
Dollar General Corp.		2,073		171,997

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Dollar Tree, Inc. *		2,023		170,923
Dominion Energy, Inc.		7,648		427,523
Domino’s Pizza, Inc.		316		130,890
DoorDash, Inc., Class A *		2,815		362,319
Dover Corp.		1,320		245,560
Dow, Inc.		6,558		351,378
DraftKings, Inc., Class A *		3,796		130,962
DTE Energy Co.		1,843		230,412
Duke Energy Corp.		7,134		812,919
DuPont de Nemours, Inc.		3,896		328,238
Dynatrace, Inc. *		2,676		135,459
Eastman Chemical Co.		955		97,763
Eaton Corp. PLC		3,627		1,113,235
eBay, Inc.		4,832		285,571
Ecolab, Inc.		2,362		598,011
Edison International		3,497		304,344
Edwards Lifesciences Corp. *		5,666		396,393
Electronic Arts, Inc.		2,349		356,625
Elevance Health, Inc.		2,139		1,191,188
Eli Lilly & Co.		7,464		7,165,589
EMCOR Group, Inc.		403		158,403
Emerson Electric Co.		5,348		563,626
Enphase Energy, Inc. *		1,230		148,879
Entegris, Inc.		1,425		165,115
Entergy Corp.		2,205		266,121
EOG Resources, Inc.		5,264		678,108
EPAM Systems, Inc. *		518		103,994
EQT Corp.		5,190		173,917
Equifax, Inc.		1,112		341,529
Equinix, Inc. REIT		858		715,881
Equitable Holdings, Inc.		3,584		152,392
Equity LifeStyle Properties, Inc. REIT		1,755		127,606
Equity Residential REIT		3,400		254,592
Erie Indemnity Co., Class A		270		137,222
Essential Utilities, Inc.		2,958		115,332
Essex Property Trust, Inc. REIT		612		184,695
Estee Lauder Cos., Inc., Class A		2,081		190,744
Evergy, Inc.		2,064		122,065
Eversource Energy		3,631		245,201
Exact Sciences Corp. *		1,589		98,025
Exelon Corp.		9,065		345,286
Expedia Group, Inc. *		1,240		172,472
Expeditors International of Washington, Inc.		1,296		159,939
Extra Space Storage, Inc. REIT		1,884		333,468
Exxon Mobil Corp.		41,264		4,866,676
F5, Inc. *		545		110,717
FactSet Research Systems, Inc.		351		148,417
Fair Isaac Corp. *		242		418,725
Fastenal Co.		5,161		352,393
FedEx Corp.		2,165		646,837


	Number of Shares		Value $
Ferguson Enterprises, Inc.		1,892		389,203
Fidelity National Financial, Inc.		2,242		132,188
Fidelity National Information Services, Inc.		5,140		423,793
Fifth Third Bancorp		6,202		264,763
First Citizens BancShares, Inc., Class A		85		172,610
First Solar, Inc. *		878		199,631
FirstEnergy Corp.		5,350		234,972
Fiserv, Inc. *		5,478		956,459
Ford Motor Co.		36,000		402,840
Fortinet, Inc. *		5,717		438,551
Fortive Corp.		3,195		237,708
Fortune Brands Innovations, Inc.		1,253		99,501
Fox Corp., Class A		2,458		101,687
Fox Corp., Class B		1,363		52,380
Franklin Resources, Inc.		2,884		58,372
Freeport-McMoRan, Inc.		13,570		600,880
Gaming and Leisure Properties, Inc. REIT		2,691		139,986
Gartner, Inc. *		757		372,414
GE HealthCare Technologies, Inc.		3,729		316,294
GE Vernova, Inc. *		2,502		502,902
Gen Digital, Inc.		4,885		129,257
General Dynamics Corp.		2,085		624,166
General Electric Co.		10,000		1,746,200
General Mills, Inc.		5,322		384,727
General Motors Co.		10,690		532,148
Genuine Parts Co.		1,346		192,828
Gilead Sciences, Inc.		11,334		895,386
Global Payments, Inc.		2,343		260,096
GoDaddy, Inc., Class A *		1,222		204,575
Goldman Sachs Group, Inc.		3,011		1,536,363
Graco, Inc.		1,460		121,691
Halliburton Co.		8,417		261,685
Hartford Financial Services Group, Inc.		2,935		340,754
HCA Healthcare, Inc.		1,824		721,556
Healthpeak Properties, Inc. REIT		6,469		144,129
HEICO Corp.		374		95,953
HEICO Corp., Class A		714		142,864
Henry Schein, Inc. *		1,155		81,485
Hershey Co.		1,339		258,507
Hess Corp.		2,452		338,523
Hewlett Packard Enterprise Co.		11,731		227,229
HF Sinclair Corp.		1,473		72,383
Hilton Worldwide Holdings, Inc.		2,433		534,384
Hologic, Inc. *		2,085		169,385
Home Depot, Inc.		9,157		3,374,355
Honeywell International, Inc.		6,084		1,264,924
Hormel Foods Corp.		2,880		93,744
Host Hotels & Resorts, Inc. REIT		6,189		109,545

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Howmet Aerospace, Inc.		3,650		352,809
HP, Inc.		8,427		304,889
Hubbell, Inc.		458		183,163
HubSpot, Inc. *		464		231,568
Humana, Inc.		1,133		401,615
Huntington Bancshares, Inc.		13,500		202,095
Huntington Ingalls Industries, Inc.		318		89,921
Hyatt Hotels Corp., Class A		303		46,032
IDEX Corp.		733		151,350
IDEXX Laboratories, Inc. *		789		379,769
Illinois Tool Works, Inc.		2,794		707,385
Illumina, Inc. *		1,482		194,735
Incyte Corp. *		1,748		114,774
Ingersoll Rand, Inc.		3,670		335,622
Insulet Corp. *		637		129,164
Intel Corp.		38,995		859,450
Intercontinental Exchange, Inc.		5,154		832,629
International Business Machines Corp.		8,555		1,729,222
International Flavors & Fragrances, Inc.		2,313		240,529
International Paper Co.		3,404		164,822
Interpublic Group of Cos., Inc.		3,548		115,700
Intuit, Inc.		2,569		1,619,138
Intuitive Surgical, Inc. *		3,271		1,611,393
Invitation Homes, Inc. REIT		5,548		204,388
IQVIA Holdings, Inc. *		1,619		407,259
Iron Mountain, Inc. REIT		2,750		311,465
J M Smucker Co.		983		112,730
Jabil, Inc.		1,190		130,043
Jack Henry & Associates, Inc.		595		102,953
Jacobs Solutions, Inc.		1,349		203,537
JB Hunt Transport Services, Inc.		700		121,240
Johnson & Johnson		22,273		3,694,200
Johnson Controls International PLC		6,193		451,160
JPMorgan Chase & Co.		26,518		5,961,246
Juniper Networks, Inc.		2,460		95,645
Kellanova		2,491		200,800
Kenvue, Inc.		17,612		386,583
Keurig Dr Pepper, Inc.		9,725		356,032
KeyCorp		9,335		159,255
Keysight Technologies, Inc. *		1,623		250,137
Kimberly-Clark Corp.		3,070		444,106
Kimco Realty Corp. REIT		6,106		142,026
Kinder Morgan, Inc.		18,820		405,947
KKR & Co., Inc.		5,912		731,728
KLA Corp.		1,275		1,044,773
Knight-Swift Transportation Holdings, Inc.		1,344		70,399
Kraft Heinz Co.		7,856		278,338
Kroger Co.		6,500		345,865


	Number of Shares		Value $
L3Harris Technologies, Inc.		1,733		410,149
Labcorp Holdings, Inc.		878		201,843
Lam Research Corp.		1,232		1,011,484
Lamb Weston Holdings, Inc.		1,248		77,276
Las Vegas Sands Corp.		3,681		143,522
Leidos Holdings, Inc.		1,302		206,380
Lennar Corp., Class A		2,253		410,181
Lennox International, Inc.		273		161,122
Liberty Media Corp.-Liberty Formula One, Class C *		1,925		150,246
Linde PLC		4,506		2,154,995
Live Nation Entertainment, Inc. *		1,593		155,588
LKQ Corp.		2,163		89,959
Lockheed Martin Corp.		2,007		1,140,177
Loews Corp.		1,745		142,985
Lowe’s Cos., Inc.		5,243		1,302,886
LPL Financial Holdings, Inc.		745		167,133
LyondellBasell Industries NV, Class A		2,212		218,324
M&T Bank Corp.		1,496		257,477
Manhattan Associates, Inc. *		562		148,610
Marathon Oil Corp.		6,300		180,495
Marathon Petroleum Corp.		3,390		600,437
Markel Group, Inc. *		122		195,283
MarketAxess Holdings, Inc.		295		71,505
Marriott International, Inc., Class A		2,349		551,287
Marsh & McLennan Cos., Inc.		4,502		1,024,250
Martin Marietta Materials, Inc.		614		327,974
Marvell Technology, Inc.		7,773		592,614
Masco Corp.		1,987		158,086
Mastercard, Inc., Class A		7,696		3,719,785
Match Group, Inc. *		2,461		91,574
McCormick & Co., Inc.		2,315		185,269
McDonald’s Corp.		6,643		1,917,568
McKesson Corp.		1,219		683,957
Merck & Co., Inc.		23,485		2,781,798
Meta Platforms, Inc., Class A		20,208		10,534,632
MetLife, Inc.		5,676		439,776
Mettler-Toledo International, Inc. *		213		306,524
MGM Resorts International *		2,607		97,997
Microchip Technology, Inc.		5,012		411,786
Micron Technology, Inc.		10,381		999,067
Microsoft Corp.		65,278		27,230,065
MicroStrategy, Inc., Class A *		1,484		196,511
Mid-America Apartment Communities, Inc. REIT		1,066		173,086
Moderna, Inc. *		2,940		227,556
Molina Healthcare, Inc. *		555		194,133
Molson Coors Beverage Co., Class B		1,667		89,968

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Mondelez International, Inc., Class A		12,355		887,213
MongoDB, Inc. *		656		190,758
Monolithic Power Systems, Inc.		485		453,320
Monster Beverage Corp. *		7,032		331,418
Moody’s Corp.		1,526		744,291
Morgan Stanley		11,556		1,197,317
Mosaic Co.		3,036		86,739
Motorola Solutions, Inc.		1,543		682,068
MSCI, Inc.		758		440,087
Nasdaq, Inc.		3,946		284,428
NetApp, Inc.		2,018		243,613
Netflix, Inc. *		3,986		2,795,581
Neurocrine Biosciences, Inc. *		872		110,796
Newmont Corp.		10,367		553,494
News Corp., Class A		3,651		103,433
NextEra Energy, Inc.		18,845		1,517,211
NIKE, Inc., Class B		11,351		945,765
NiSource, Inc.		3,671		121,363
Nordson Corp.		547		140,338
Norfolk Southern Corp.		2,066		529,227
Northern Trust Corp.		1,900		173,299
Northrop Grumman Corp.		1,342		702,148
NRG Energy, Inc.		2,270		192,973
Nucor Corp.		2,302		349,697
NVIDIA Corp.		227,812		27,193,918
NVR, Inc. *		33		302,691
Occidental Petroleum Corp.		6,107		347,977
Okta, Inc. *		1,382		108,805
Old Dominion Freight Line, Inc.		1,797		346,462
Omnicom Group, Inc.		1,839		184,691
ON Semiconductor Corp. *		4,096		318,956
ONEOK, Inc.		5,706		527,006
Oracle Corp.		15,303		2,162,161
O’Reilly Automotive, Inc. *		564		637,303
Otis Worldwide Corp.		3,960		374,972
Ovintiv, Inc.		2,199		94,183
Owens Corning		876		147,807
PACCAR, Inc.		4,911		472,340
Packaging Corp. of America		879		184,186
Palantir Technologies, Inc., Class A *		18,701		588,707
Palo Alto Networks, Inc. *		3,005		1,089,974
Paramount Global, Class B (b)		3,822		40,016
Parker-Hannifin Corp.		1,190		714,238
Paychex, Inc.		2,975		390,320
Paycom Software, Inc.		479		77,972
PayPal Holdings, Inc. *		9,254		670,267
PepsiCo, Inc.		12,731		2,200,935
Pfizer, Inc.		51,921		1,506,228
PG&E Corp.		18,198		358,501
Philip Morris International, Inc.		14,383		1,773,280


	Number of Shares		Value $
Phillips 66		3,963		556,049
Pinterest, Inc., Class A *		6,041		193,554
PNC Financial Services Group, Inc.		3,728		690,016
Pool Corp.		322		113,222
PPG Industries, Inc.		2,086		270,617
PPL Corp.		6,647		212,106
Principal Financial Group, Inc.		2,138		174,076
Procter & Gamble Co.		21,825		3,743,861
Progressive Corp.		5,318		1,341,200
Prologis, Inc. REIT		8,599		1,099,124
Prudential Financial, Inc.		3,359		406,976
PTC, Inc. *		1,184		212,043
Public Service Enterprise Group, Inc.		4,702		379,687
Public Storage REIT		1,483		509,737
PulteGroup, Inc.		1,967		258,956
Pure Storage, Inc., Class A *		2,867		147,048
Qorvo, Inc. *		940		108,937
QUALCOMM, Inc.		10,268		1,799,980
Quanta Services, Inc.		1,316		362,071
Quest Diagnostics, Inc.		958		150,377
Raymond James Financial, Inc.		1,765		211,041
RB Global, Inc.		1,613		138,950
Realty Income Corp. REIT		8,046		499,737
Regency Centers Corp. REIT		1,482		107,727
Regeneron Pharmaceuticals, Inc. *		1,021		1,209,568
Regions Financial Corp.		8,462		198,180
Reliance, Inc.		486		139,312
Republic Services, Inc.		2,039		424,540
ResMed, Inc.		1,342		328,817
Revvity, Inc.		1,082		132,588
Rivian Automotive, Inc., Class A * (b)		5,777		81,629
Robinhood Markets, Inc., Class A *		3,893		78,327
ROBLOX Corp., Class A *		3,896		171,385
Rockwell Automation, Inc.		1,022		278,015
Roku, Inc. *		1,079		73,124
Rollins, Inc.		2,776		139,300
Roper Technologies, Inc.		959		531,679
Ross Stores, Inc.		3,026		455,746
Royal Caribbean Cruises Ltd. *		2,274		374,346
Royalty Pharma PLC, Class A		3,935		114,233
RPM International, Inc.		1,156		134,385
RTX Corp.		12,207		1,505,611
S&P Global, Inc.		2,904		1,490,449
Salesforce, Inc.		8,879		2,245,499
Samsara, Inc., Class A *		1,702		69,901
SBA Communications Corp. REIT		1,048		237,540
Schlumberger NV		13,058		574,421

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Seagate Technology Holdings PLC		1,747		173,914
SEI Investments Co.		1,081		73,108
Sempra		5,682		466,947
ServiceNow, Inc. *		1,868		1,597,140
Sherwin-Williams Co.		2,240		827,389
Simon Property Group, Inc. REIT		3,100		518,785
Skyworks Solutions, Inc.		1,483		162,522
Snap, Inc., Class A *		9,647		90,103
Snap-on, Inc.		461		130,804
Snowflake, Inc., Class A *		2,952		337,207
Solventum Corp. *		1,244		79,753
Southern Co.		10,026		866,246
Southwest Airlines Co.		1,346		38,926
SS&C Technologies Holdings, Inc.		2,277		170,980
Stanley Black & Decker, Inc.		1,483		151,800
Starbucks Corp.		10,417		985,136
State Street Corp.		2,864		249,454
Steel Dynamics, Inc.		1,515		181,058
STERIS PLC		878		211,686
Stryker Corp.		3,158		1,138,206
Sun Communities, Inc. REIT		1,073		145,113
Super Micro Computer, Inc. *		468		204,844
Synchrony Financial		4,111		206,619
Synopsys, Inc. *		1,415		735,206
Sysco Corp.		4,542		354,140
T. Rowe Price Group, Inc.		2,024		214,625
Take-Two Interactive Software, Inc. *		1,635		264,396
Targa Resources Corp.		1,986		291,743
Target Corp.		4,297		660,105
TE Connectivity Ltd.		2,898		445,133
Teledyne Technologies, Inc. *		434		187,835
Teleflex, Inc.		449		110,081
Teradyne, Inc.		1,481		202,497
Tesla, Inc. *		26,558		5,686,333
Texas Instruments, Inc.		8,333		1,786,095
Texas Pacific Land Corp.		195		169,434
Textron, Inc.		1,937		176,654
Thermo Fisher Scientific, Inc.		3,500		2,152,745
TJX Cos., Inc.		10,532		1,235,088
T-Mobile US, Inc.		5,071		1,007,709
Toast, Inc., Class A *		3,064		76,171
Toro Co.		899		83,247
Tractor Supply Co.		925		247,484
Trade Desk, Inc., Class A *		4,034		421,674
Tradeweb Markets, Inc., Class A		977		115,520
TransDigm Group, Inc.		517		709,950
TransUnion		1,864		180,454
Travelers Cos., Inc.		2,069		471,877
Trimble, Inc. *		2,360		133,788


	Number of Shares		Value $
Truist Financial Corp.		12,118		538,766
Twilio, Inc., Class A *		1,506		94,517
Tyler Technologies, Inc. *		421		247,493
Tyson Foods, Inc., Class A		2,530		162,704
Uber Technologies, Inc. *		17,150		1,254,180
UDR, Inc. REIT		2,851		126,898
U-Haul Holding Co.		836		57,141
Ulta Beauty, Inc. *		438		154,544
Union Pacific Corp.		5,659		1,449,213
United Parcel Service, Inc., Class B		6,591		847,273
United Rentals, Inc.		644		477,371
United Therapeutics Corp. *		406		147,601
UnitedHealth Group, Inc.		8,522		5,029,684
Universal Health Services, Inc., Class B		539		128,266
US Bancorp		14,308		675,767
Valero Energy Corp.		2,887		423,610
Veeva Systems, Inc., Class A *		1,402		303,449
Ventas, Inc. REIT		3,607		224,031
Veralto Corp.		2,086		234,529
VeriSign, Inc. *		877		161,280
Verisk Analytics, Inc.		1,310		357,394
Verizon Communications, Inc.		38,400		1,604,352
Vertex Pharmaceuticals, Inc. *		2,380		1,180,218
Vertiv Holdings Co., Class A		3,193		265,115
Viatris, Inc.		10,835		130,887
VICI Properties, Inc. REIT		9,993		334,566
Visa, Inc., Class A		14,576		4,028,369
Vistra Corp.		3,459		295,502
Vulcan Materials Co.		1,265		310,191
W.R. Berkley Corp.		2,579		153,966
W.W. Grainger, Inc.		414		407,757
Walgreens Boots Alliance, Inc.		6,493		60,060
Walmart, Inc.		40,724		3,145,115
Walt Disney Co.		16,725		1,511,606
Warner Bros Discovery, Inc. *		21,176		166,020
Waste Management, Inc.		3,764		798,119
Waters Corp. *		559		193,610
Watsco, Inc.		274		130,265
WEC Energy Group, Inc.		2,821		262,438
Wells Fargo & Co.		32,503		1,900,450
Welltower, Inc. REIT		5,716		689,807
West Pharmaceutical Services, Inc.		663		207,937
Western Digital Corp. *		3,046		199,787
Westinghouse Air Brake Technologies Corp.		1,594		270,295
Westlake Corp.		302		43,923
Weyerhaeuser Co. REIT		6,764		206,234
Williams Cos., Inc.		11,594		530,657
Williams-Sonoma, Inc.		1,098		147,494

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Workday, Inc., Class A *		1,892		497,955
WP Carey, Inc. REIT		2,112		126,762
Wynn Resorts Ltd.		983		75,573
Xcel Energy, Inc.		4,997		305,966
Xylem, Inc.		2,132		293,214
Yum! Brands, Inc.		2,554		344,586
Zebra Technologies Corp., Class A *		431		148,859
Zillow Group, Inc., Class C *		1,252		69,236
Zimmer Biomet Holdings, Inc.		1,843		212,793
Zoetis, Inc.		4,203		771,208
Zoom Video Communications, Inc., Class A *		2,376		164,134
Zscaler, Inc. *		875		174,983

(Cost $320,099,785)				446,254,885

Uruguay — 0.1%
MercadoLibre, Inc. *

(Cost $483,934)		422		870,021

TOTAL COMMON STOCKS

(Cost $450,384,263)				599,153,593

PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		458		39,644
Dr Ing hc F Porsche AG, 144A		998		78,256
Henkel AG & Co. KGaA		1,575		144,281


	Number of Shares		Value $
Porsche Automobil Holding SE		1,415		63,700
Sartorius AG		259		71,500
Volkswagen AG		1,873		199,403

(Cost $827,391)				596,784

WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.* (d), expires 8/22/28

(Cost $0)		214		0

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (e)(f)

(Cost $213,692)		213,692		213,692

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.24% (e)

(Cost $1,730,588)		1,730,588		1,730,588

TOTAL INVESTMENTS — 99.8%

(Cost $453,155,934)				601,694,657

Other assets and liabilities, net — 0.2%				1,397,603

NET ASSETS — 100.0%				603,092,260

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
	COMMON STOCKS — 0.1%
	Germany — 0.1%
	Deutsche Bank AG (c)
	211,696		—			(15,650	)		5,602		97,484		9,086		—		18,324		299,132

	SECURITIES LENDING COLLATERAL — 0.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (e)(f)
	—		213,692	(g)		—			—		—		9,699		—		213,692		213,692

	CASH EQUIVALENTS — 0.3%
	DWS Government Money Market Series “Institutional Shares”, 5.24% (e)
	820,287		12,941,893			(12,031,592	)		—		—		69,271		—		1,730,588		1,730,588

	1,031,983		13,155,585			(12,047,242	)		5,602		97,484		88,056		—		1,962,604		2,243,412

*	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 | 31

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024

(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, 2024 amounted to $206,786, which is 0.0% of net assets.

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

(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, 2024.


ADR:		American Depositary Receipt
CDI:		Chess Depositary Interests
CVA:		Credit Valuation Adjustment
REIT:		Real Estate Investment Trust
144A:		Security exempt from registration under Rule 144A of 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, 2024, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount ($)		Contract Value ($)		Expiration Date	Unrealized Appreciation ($)
MINI S&P/TSX60 Futures	CAD	2		96,357		104,018	9/19/2024		7,661
MSCI EAFE Futures	USD	6		703,929		737,550	9/20/2024		33,621
S&P 500 E-Mini Futures	USD	8		2,221,861		2,264,400	9/20/2024		42,539

Total unrealized appreciation									83,821

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

USD		U.S. Dollar

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	599,153,593	$	—	$	—	$	599,153,593
Preferred Stocks		596,784		—		—		596,784
Warrants		—		—		0		0
Short-Term Investments (a)		1,944,280		—		—		1,944,280
Derivatives (b)
Futures Contracts		83,821		—		—		83,821

TOTAL	$	601,778,478	$	—	$	0	$	601,778,478

(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 | 33

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.6%
Communication Services — 11.8%
Alphabet, Inc., Class A		9,543		1,559,135
Alphabet, Inc., Class C		8,567		1,414,498
AT&T, Inc.		22,109		439,969
Charter Communications, Inc., Class A *		245		85,147
Comcast Corp., Class A		14,048		555,880
Electronic Arts, Inc.		894		135,727
Fox Corp., Class A		473		19,568
Live Nation Entertainment, Inc. *		460		44,928
Meta Platforms, Inc., Class A		6,356		3,313,446
New York Times Co., Class A		490		26,916
Verizon Communications, Inc.		11,273		470,986
Warner Bros Discovery, Inc. *		3,151		24,704

(Cost $6,935,903)				8,090,904

Consumer Discretionary — 15.6%
Airbnb, Inc., Class A *		1,207		141,593
Amazon.com, Inc. *		13,403		2,392,436
Aptiv PLC *		631		45,135
Aramark		699		25,604
AutoZone, Inc. *		76		241,792
Bath & Body Works, Inc.		383		11,781
Best Buy Co., Inc.		1,815		182,226
Booking Holdings, Inc.		114		445,652
BorgWarner, Inc.		1,298		44,223
Burlington Stores, Inc. *		112		30,043
Carnival Corp. *		1,360		22,440
Chipotle Mexican Grill, Inc. *		1,263		70,829
Coupang, Inc. *		2,831		62,707
Crocs, Inc. *		174		25,434
D.R. Horton, Inc.		1,325		250,107
Darden Restaurants, Inc.		551		87,141
Deckers Outdoor Corp. *		87		83,458
Dick’s Sporting Goods, Inc.		325		77,012
Domino’s Pizza, Inc.		48		19,882
eBay, Inc.		999		59,041
Expedia Group, Inc. *		662		92,078
Five Below, Inc. *		171		12,899
Floor & Decor Holdings, Inc., Class A *		294		33,057
Gap, Inc.		1,008		22,609
Garmin Ltd.		527		96,594
General Motors Co.		3,097		154,169
Gentex Corp.		977		30,609
Genuine Parts Co.		389		55,728
Grand Canyon Education, Inc. *		132		19,141
H&R Block, Inc.		974		61,664


	Number of Shares		Value $

Home Depot, Inc.		3,491		1,286,434
Las Vegas Sands Corp.		644		25,110
Lear Corp.		298		34,762
Lennar Corp., Class A		1,678		305,497
LKQ Corp.		434		18,050
Lowe’s Cos., Inc.		2,060		511,910
Lululemon Athletica, Inc. *		386		100,155
Macy’s, Inc.		1,106		17,220
Marriott International, Inc., Class A		314		73,693
McDonald’s Corp.		934		269,608
MGM Resorts International *		969		36,425
Mohawk Industries, Inc. *		123		19,082
Murphy USA, Inc.		71		36,894
NIKE, Inc., Class B		2,941		245,044
NVR, Inc. *		17		155,932
O’Reilly Automotive, Inc. *		219		247,463
Polaris, Inc.		268		22,686
Pool Corp.		119		41,843
PulteGroup, Inc.		1,146		150,871
PVH Corp.		206		20,330
Ralph Lauren Corp.		183		31,341
Ross Stores, Inc.		1,268		190,973
Skechers U.S.A., Inc., Class A *		684		46,840
Starbucks Corp.		3,690		348,963
Tapestry, Inc.		1,518		62,192
Tesla, Inc. *		1,709		365,914
Texas Roadhouse, Inc.		210		35,438
Thor Industries, Inc.		190		20,379
TJX Cos., Inc.		4,840		567,587
Toll Brothers, Inc.		344		49,560
TopBuild Corp. *		93		36,551
Tractor Supply Co.		404		108,090
Ulta Beauty, Inc. *		283		99,854
Valvoline, Inc. *		534		22,535
Williams-Sonoma, Inc.		840		112,837
Wynn Resorts Ltd.		301		23,141
Yum! Brands, Inc.		281		37,913

(Cost $9,908,151)				10,676,201

Consumer Staples — 10.9%
Albertsons Cos., Inc., Class A		2,041		40,044
Altria Group, Inc.		8,084		434,677
Archer-Daniels-Midland Co.		3,584		218,588
BJ’s Wholesale Club Holdings, Inc. *		875		69,965
Campbell Soup Co.		336		16,706
Casey’s General Stores, Inc.		217		78,621
Clorox Co.		276		43,694
Coca-Cola Consolidated, Inc.		22		29,533
Colgate-Palmolive Co.		1,620		172,530

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, 2024


	Number of Shares		Value $
Costco Wholesale Corp.		1,786		1,593,791
Dollar Tree, Inc. *		745		62,945
Estee Lauder Cos., Inc., Class A		263		24,107
General Mills, Inc.		947		68,459
Hershey Co.		341		65,833
Ingredion, Inc.		217		29,145
J M Smucker Co.		166		19,037
Kellanova		517		41,675
Kenvue, Inc.		6,214		136,397
Kimberly-Clark Corp.		810		117,175
Kroger Co.		3,587		190,864
Molson Coors Beverage Co., Class B		398		21,480
Monster Beverage Corp. *		1,897		89,406
Performance Food Group Co. *		680		50,755
Philip Morris International, Inc.		3,039		374,678
Procter & Gamble Co.		5,690		976,063
Sysco Corp.		3,117		243,032
Target Corp.		1,851		284,351
Tyson Foods, Inc., Class A		445		28,618
US Foods Holding Corp. *		404		23,921
Walmart, Inc.		24,245		1,872,441

(Cost $6,342,278)				7,418,531

Energy — 7.9%
Antero Resources Corp. *		452		12,199
APA Corp.		692		19,715
Baker Hughes Co.		1,597		56,166
Cheniere Energy, Inc.		243		45,018
Chesapeake Energy Corp. (a)		508		37,841
Chevron Corp.		6,746		998,071
Chord Energy Corp.		237		35,178
ConocoPhillips		4,872		554,385
Coterra Energy, Inc.		3,053		74,279
Devon Energy Corp.		2,993		134,026
Diamondback Energy, Inc.		726		141,650
EOG Resources, Inc.		2,639		339,956
Exxon Mobil Corp.		18,786		2,215,621
Halliburton Co.		1,424		44,272
HF Sinclair Corp.		279		13,710
Marathon Oil Corp.		2,772		79,418
Marathon Petroleum Corp.		1,138		201,563
Occidental Petroleum Corp.		809		46,097
Ovintiv, Inc.		466		19,959
Phillips 66		657		92,184
Schlumberger NV		2,299		101,133
Valero Energy Corp.		899		131,910

(Cost $5,242,717)				5,394,351

Financials — 12.8%
Affiliated Managers Group, Inc.		346		60,145


	Number of Shares		Value $
Aon PLC, Class A		629		216,200
Arch Capital Group Ltd. *		1,701		192,366
Berkshire Hathaway, Inc., Class B *		7,914		3,766,431
Blackstone, Inc.		235		33,455
Capital One Financial Corp.		637		93,594
Cboe Global Markets, Inc.		256		52,582
Cincinnati Financial Corp.		434		59,471
Coinbase Global, Inc., Class A *		136		24,937
Evercore, Inc., Class A		261		64,138
Everest Group Ltd.		107		41,970
FactSet Research Systems, Inc.		146		61,735
First Citizens BancShares, Inc., Class A		47		95,443
Houlihan Lokey, Inc.		138		21,614
Jack Henry & Associates, Inc.		194		33,568
Janus Henderson Group PLC		356		13,389
Kinsale Capital Group, Inc.		56		27,501
LPL Financial Holdings, Inc.		434		97,364
MarketAxess Holdings, Inc.		142		34,419
Marsh & McLennan Cos., Inc.		1,771		402,920
Mastercard, Inc., Class A		2,157		1,042,564
MGIC Investment Corp.		3,115		79,214
Moody’s Corp.		486		237,042
MSCI, Inc.		265		153,856
PayPal Holdings, Inc. *		2,729		197,662
Progressive Corp.		157		39,595
RenaissanceRe Holdings Ltd.		148		37,709
RLI Corp.		109		16,797
S&P Global, Inc.		97		49,784
SEI Investments Co.		616		41,660
Synchrony Financial		1,487		74,737
T. Rowe Price Group, Inc.		1,483		157,257
Visa, Inc., Class A		4,234		1,170,151
Willis Towers Watson PLC		63		18,403

(Cost $7,539,126)				8,709,673

Health Care — 13.8%
Abbott Laboratories		1,330		150,649
AbbVie, Inc.		83		16,294
Agilent Technologies, Inc.		493		70,459
Align Technology, Inc. *		157		37,243
Amgen, Inc.		64		21,365
Biogen, Inc. *		67		13,719
Bristol-Myers Squibb Co.		7,526		375,924
Cardinal Health, Inc.		2,340		263,765
Cencora, Inc.		1,171		280,536
Centene Corp. *		2,843		224,114
Chemed Corp.		48		28,136
Cigna Group		1,202		434,896
CVS Health Corp.		2,319		132,740

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, 2024


	Number of Shares		Value $
Edwards Lifesciences Corp. *		602		42,116
Elevance Health, Inc.		818		455,536
Eli Lilly & Co.		31		29,761
Exelixis, Inc. *		693		18,039
GE HealthCare Technologies, Inc.		1,150		97,543
Gilead Sciences, Inc.		2,538		200,502
HCA Healthcare, Inc.		555		219,552
Hologic, Inc. *		404		32,821
Humana, Inc.		773		274,005
Incyte Corp. *		605		39,724
Intuitive Surgical, Inc. *		232		114,290
Johnson & Johnson		10,832		1,796,595
Labcorp Holdings, Inc.		206		47,357
McKesson Corp.		1,337		750,164
Medpace Holdings, Inc. *		67		23,803
Merck & Co., Inc.		2,326		275,515
Mettler-Toledo International, Inc. *		53		76,271
Moderna, Inc. *		879		68,035
Molina Healthcare, Inc. *		141		49,320
Pfizer, Inc.		13,210		383,222
Premier, Inc., Class A		843		17,172
Quest Diagnostics, Inc.		135		21,191
Regeneron Pharmaceuticals, Inc. *		237		280,771
Royalty Pharma PLC, Class A		789		22,905
Solventum Corp. *		1,072		68,726
United Therapeutics Corp. *		195		70,892
UnitedHealth Group, Inc.		2,773		1,636,625
Universal Health Services, Inc., Class B		176		41,883
Vertex Pharmaceuticals, Inc. *		313		155,214
Waters Corp. *		51		17,664
West Pharmaceutical Services, Inc.		182		57,081

(Cost $8,598,352)				9,434,135

Industrials — 7.9%
3M Co.		629		84,720
A O Smith Corp.		603		50,483
Acuity Brands, Inc.		167		42,535
AECOM		240		24,034
AGCO Corp.		430		39,147
Alaska Air Group, Inc. *		601		21,702
Allison Transmission Holdings, Inc.		241		22,353
American Airlines Group, Inc. *		1,794		19,052
Automatic Data Processing, Inc.		502		138,507
Builders FirstSource, Inc. *		650		113,100
C.H. Robinson Worldwide, Inc.		401		41,507
Carlisle Cos., Inc.		81		34,328


	Number of Shares		Value $
Caterpillar, Inc.		1,222		435,154
Cintas Corp.		64		51,528
Comfort Systems USA, Inc.		73		25,807
Copart, Inc. *		850		45,016
Core & Main, Inc., Class A *		669		32,132
CSX Corp.		1,303		44,654
Cummins, Inc.		516		161,431
Deere & Co.		435		167,797
Delta Air Lines, Inc.		2,440		103,676
Donaldson Co., Inc.		414		30,110
EMCOR Group, Inc.		215		84,508
Expeditors International of Washington, Inc.		788		97,247
Fastenal Co.		1,877		128,161
FedEx Corp.		799		238,717
Ferguson Enterprises, Inc.		889		182,876
FTI Consulting, Inc. *		96		21,918
GE Vernova, Inc. *		425		85,425
Genpact Ltd.		434		17,026
Graco, Inc.		539		44,926
Huntington Ingalls Industries, Inc.		73		20,642
Illinois Tool Works, Inc.		825		208,873
ITT, Inc.		229		31,881
Jacobs Solutions, Inc.		180		27,158
JB Hunt Transport Services, Inc.		189		32,735
Knight-Swift Transportation Holdings, Inc.		365		19,119
Landstar System, Inc.		189		34,504
Lincoln Electric Holdings, Inc.		147		28,461
Lockheed Martin Corp.		942		535,150
Masco Corp.		668		53,146
MasTec, Inc. *		136		15,386
MSC Industrial Direct Co., Inc., Class A		241		19,820
Old Dominion Freight Line, Inc.		593		114,330
Oshkosh Corp.		237		25,575
Otis Worldwide Corp.		317		30,017
Owens Corning		479		80,822
PACCAR, Inc.		1,459		140,327
Paychex, Inc.		969		127,133
Paycom Software, Inc.		132		21,487
Quanta Services, Inc.		125		34,391
Robert Half, Inc.		659		41,299
Rockwell Automation, Inc.		229		62,295
Rollins, Inc.		424		21,276
Saia, Inc. *		66		24,805
Simpson Manufacturing Co., Inc.		98		17,940
Snap-on, Inc.		247		70,084
Southwest Airlines Co.		2,318		67,036

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, 2024


	Number of Shares		Value $
Tetra Tech, Inc.		75		17,830
Textron, Inc.		495		45,144
Trane Technologies PLC		133		48,101
Union Pacific Corp.		362		92,705
United Airlines Holdings, Inc. *		812		35,760
United Parcel Service, Inc., Class B		2,163		278,054
United Rentals, Inc.		194		143,804
W.W. Grainger, Inc.		165		162,512
Watsco, Inc.		105		49,919

(Cost $4,914,015)				5,409,098

Information Technology — 15.9%
Accenture PLC, Class A		2,305		788,195
Adobe, Inc. *		1,225		703,652
Advanced Micro Devices, Inc. *		366		54,373
Amdocs Ltd.		551		47,921
Analog Devices, Inc.		281		65,990
Apple, Inc.		15,181		3,476,449
Applied Materials, Inc.		2,920		575,999
Arista Networks, Inc. *		225		79,511
Autodesk, Inc. *		146		37,726
Cadence Design Systems, Inc. *		48		12,909
CDW Corp.		72		16,246
Cirrus Logic, Inc. *		175		25,496
Cisco Systems, Inc.		24,203		1,223,220
Cognizant Technology Solutions Corp., Class A		2,622		203,913
Dropbox, Inc., Class A *		1,139		28,635
EPAM Systems, Inc. *		124		24,894
F5, Inc. *		173		35,145
Fair Isaac Corp. *		24		41,527
Fortinet, Inc. *		1,575		120,818
HP, Inc.		1,562		56,513
Intel Corp.		2,336		51,485
Jabil, Inc.		329		35,953
Juniper Networks, Inc.		646		25,117
Keysight Technologies, Inc. *		532		81,992
KLA Corp.		187		153,233
Lam Research Corp.		423		347,287
Microchip Technology, Inc.		391		32,125
Micron Technology, Inc.		2,497		240,311
Microsoft Corp.		3,417		1,425,367
NetApp, Inc.		374		45,149
NVIDIA Corp.		860		102,658
ON Semiconductor Corp. *		458		35,664
Oracle Corp.		180		25,432
QUALCOMM, Inc.		1,121		196,511
Skyworks Solutions, Inc.		659		72,220
Teradyne, Inc.		200		27,346


	Number of Shares		Value $
Texas Instruments, Inc.		1,286		275,641
VeriSign, Inc. *		235		43,217

(Cost $9,802,746)				10,835,840

Materials — 1.9%
Albemarle Corp.		159		14,350
Amcor PLC		2,354		26,930
Celanese Corp.		203		26,512
CF Industries Holdings, Inc.		1,053		87,494
Cleveland-Cliffs, Inc. *		3,059		39,951
Corteva, Inc.		288		16,502
CRH PLC		1,717		155,852
Dow, Inc.		1,051		56,313
DuPont de Nemours, Inc.		203		17,103
Eagle Materials, Inc.		133		34,281
Freeport-McMoRan, Inc.		611		27,055
International Paper Co.		560		27,115
Louisiana-Pacific Corp.		245		23,777
LyondellBasell Industries NV, Class A		762		75,209
Mosaic Co.		1,177		33,627
NewMarket Corp.		27		15,492
Nucor Corp.		1,785		271,159
Olin Corp.		435		18,996
Packaging Corp. of America		154		32,269
Reliance, Inc.		379		108,640
Steel Dynamics, Inc.		1,202		143,651
United States Steel Corp.		668		25,324

(Cost $1,208,572)				1,277,602

Real Estate — 0.9%
CBRE Group, Inc., Class A *		509		58,606
Gaming and Leisure Properties, Inc. REIT		404		21,016
Host Hotels & Resorts, Inc. REIT		1,284		22,727
Lamar Advertising Co., Class A REIT		175		22,011
Public Storage REIT		652		224,105
Simon Property Group, Inc. REIT		799		133,713
VICI Properties, Inc. REIT		1,654		55,376
Weyerhaeuser Co. REIT		1,808		55,126

(Cost $493,258)				592,680

Utilities — 0.2%
Atmos Energy Corp.		361		47,197
CenterPoint Energy, Inc.		903		24,652
Vistra Corp.		1,044		89,189

(Cost $160,578)				161,038

TOTAL COMMON STOCKS

(Cost $61,145,696)				68,000,053

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, 2024


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 0.0%
iShares Russell 1000 ETF

(Cost $1,055)		5		1,545

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $34,277)		34,277		34,277


	Number of Shares		Value $

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $177,441)		177,441		177,441

TOTAL INVESTMENTS — 99.9%

(Cost $61,358,469)				68,213,316
Other assets and liabilities, net — 0.1%				73,019

NET ASSETS — 100.0%				68,286,335

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
—		34,277	(d)		—			—		—		32		—		34,277		34,277

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
14,718		1,382,582			(1,219,859	)		—		—		3,907		—		177,441		177,441

14,718		1,416,859			(1,219,859	)		—		—		3,939		—		211,718		211,718

*	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, 2024 amounted to $33,591, 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, 2024.

REIT: Real Estate Investment Trust

At August 31, 2024, 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 Futures

USD

251,500

254,745

9/20/2024

3,245

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.

38 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	68,000,053	$	—	$	—	$	68,000,053
Exchange-Traded Funds		1,545		—		—		1,545
Short-Term Investments (a)		211,718		—		—		211,718
Derivatives (b)
Futures Contracts		3,245		—		—		3,245

TOTAL	$	68,216,561	$	—	$	—	$	68,216,561

(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 | 39

Schedule of Investments

Xtrackers Russell US Multifactor ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.1%
Communication Services — 3.0%
Alphabet, Inc., Class A		974		159,132
Alphabet, Inc., Class C		926		152,892
AT&T, Inc.		20,648		410,895
Charter Communications, Inc., Class A *		956		332,248
Comcast Corp., Class A		6,000		237,420
Electronic Arts, Inc.		2,129		323,225
Fox Corp., Class A		4,808		198,907
Fox Corp., Class B		2,687		103,261
Frontier Communications Parent, Inc. *		8,512		245,146
IAC, Inc. *		337		17,787
Interpublic Group of Cos., Inc.		4,125		134,516
Liberty Broadband Corp., Class C *		411		25,638
Liberty Global Ltd., Class A *		2,907		56,250
Liberty Global Ltd., Class C *		5,359		105,412
Liberty Media Corp.-Liberty Formula One, Class C *		293		22,869
Liberty Media Corp.-Liberty SiriusXM *		3,546		84,501
Liberty Media Corp.-Liberty SiriusXM, Class A *		1,316		31,334
Live Nation Entertainment, Inc. *		853		83,313
Madison Square Garden Sports Corp.*		239		49,963
Match Group, Inc. *		1,334		49,638
Meta Platforms, Inc., Class A		255		132,934
Netflix, Inc. *		69		48,393
New York Times Co., Class A		5,146		282,670
News Corp., Class A		7,474		211,738
News Corp., Class B		2,491		73,310
Nexstar Media Group, Inc.		1,034		176,690
Omnicom Group, Inc.		4,253		427,129
Pinterest, Inc., Class A *		750		24,030
Spotify Technology SA *		227		77,834
Take-Two Interactive Software, Inc.*		99		16,009
T-Mobile US, Inc.		575		114,264
Trade Desk, Inc., Class A *		67		7,004
TripAdvisor, Inc. *		827		12,000
Verizon Communications, Inc.		9,498		396,826
Walt Disney Co.		500		45,190
Warner Bros Discovery, Inc. *		8,522		66,812
ZoomInfo Technologies, Inc. *		1,231		12,175

(Cost $4,279,035)				4,949,355

Consumer Discretionary — 12.3%
Advance Auto Parts, Inc.		2,223		100,724
Airbnb, Inc., Class A *		691		81,061
Amazon.com, Inc. *		494		88,179


	Number of Shares		Value $

Amer Sports, Inc. *		1,097		14,974
Aptiv PLC *		380		27,181
Aramark		4,345		159,157
AutoNation, Inc. *		206		36,664
AutoZone, Inc. *		179		569,485
Bath & Body Works, Inc.		416		12,796
Best Buy Co., Inc.		4,418		443,567
Booking Holdings, Inc.		106		414,378
BorgWarner, Inc.		6,350		216,344
Bright Horizons Family Solutions, Inc. *		419		58,962
Brunswick Corp.		667		52,726
Burlington Stores, Inc. *		441		118,294
CarMax, Inc. *		532		44,981
Carter’s, Inc.		1,792		118,093
Cava Group, Inc. *		332		37,861
Chipotle Mexican Grill, Inc. *		4,360		244,509
Choice Hotels International, Inc. (a)		417		53,205
Churchill Downs, Inc.		223		30,990
Columbia Sportswear Co.		2,093		168,968
Coupang, Inc. *		5,210		115,401
Crocs, Inc. *		104		15,202
D.R. Horton, Inc.		5,402		1,019,682
Darden Restaurants, Inc.		467		73,856
Deckers Outdoor Corp. *		202		193,777
Dick’s Sporting Goods, Inc.		1,298		307,574
Dillard’s, Inc., Class A		36		12,203
Domino’s Pizza, Inc.		668		276,692
DoorDash, Inc., Class A *		518		66,672
eBay, Inc.		10,699		632,311
Expedia Group, Inc. *		2,657		369,562
Five Below, Inc. *		253		19,084
Floor & Decor Holdings, Inc., Class A *		1,404		157,866
Ford Motor Co.		11,502		128,707
Gap, Inc.		2,150		48,224
Garmin Ltd.		3,588		657,645
General Motors Co.		8,286		412,477
Gentex Corp.		14,441		452,437
Genuine Parts Co.		2,542		364,167
Grand Canyon Education, Inc. *		1,860		269,719
H&R Block, Inc.		8,696		550,544
Harley-Davidson, Inc.		3,151		117,973
Hasbro, Inc.		228		15,540
Hilton Worldwide Holdings, Inc.		1,467		322,212
Home Depot, Inc.		404		148,874
Hyatt Hotels Corp., Class A		366		55,603
Las Vegas Sands Corp.		643		25,071
Lear Corp.		1,026		119,683
Lennar Corp., Class A		4,966		904,110
Lennar Corp., Class B		277		46,766

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
LKQ Corp.		2,259		93,952
Lowe’s Cos., Inc.		851		211,474
Lululemon Athletica, Inc. *		327		84,847
Macy’s, Inc.		812		12,643
Marriott International, Inc., Class A		903		211,925
Mattel, Inc. *		8,270		156,965
McDonald’s Corp.		255		73,608
MGM Resorts International *		214		8,044
Mohawk Industries, Inc. *		527		81,759
Murphy USA, Inc.		915		475,461
Newell Brands, Inc.		7,827		55,493
NIKE, Inc., Class B		1,026		85,486
NVR, Inc. *		87		798,004
Ollie’s Bargain Outlet Holdings, Inc.*		1,358		121,622
O’Reilly Automotive, Inc. *		411		464,418
Penske Automotive Group, Inc.		152		25,855
Polaris, Inc.		153		12,951
Pool Corp.		634		222,927
PulteGroup, Inc.		8,278		1,089,799
PVH Corp.		1,259		124,251
Ralph Lauren Corp.		2,339		400,577
RH *		23		5,835
Ross Stores, Inc.		2,737		412,220
Service Corp. International		1,917		150,044
SharkNinja, Inc.		954		91,412
Skechers U.S.A., Inc., Class A *		6,871		470,526
Starbucks Corp.		1,475		139,491
Tapestry, Inc.		4,188		171,582
Tempur Sealy International, Inc.		262		13,737
Texas Roadhouse, Inc.		1,987		335,306
Thor Industries, Inc.		763		81,839
TJX Cos., Inc.		4,297		503,909
Toll Brothers, Inc.		2,730		393,311
TopBuild Corp. *		438		172,143
Tractor Supply Co.		2,452		656,033
Travel + Leisure Co.		943		41,737
Ulta Beauty, Inc. *		469		165,482
Under Armour, Inc., Class A *		2,200		16,918
Under Armour, Inc., Class C *		2,846		21,231
Vail Resorts, Inc.		291		52,875
Valvoline, Inc. *		5,768		243,410
VF Corp.		1,235		22,489
Whirlpool Corp.		283		28,382
Williams-Sonoma, Inc.		2,730		366,721
Wingstop, Inc.		191		73,747
Wyndham Hotels & Resorts, Inc.		444		34,943
Wynn Resorts Ltd.		176		13,531
YETI Holdings, Inc. *		941		37,941


	Number of Shares		Value $
Yum! Brands, Inc.		1,262		170,269

(Cost $16,463,269)				20,691,858

Consumer Staples — 7.5%
Albertsons Cos., Inc., Class A		9,143		179,386
Altria Group, Inc.		16,846		905,809
Archer-Daniels-Midland Co.		15,014		915,704
BellRing Brands, Inc. *		5,087		284,516
BJ’s Wholesale Club Holdings, Inc.*		8,257		660,230
Boston Beer Co., Inc., Class A *		121		32,878
Brown-Forman Corp., Class B		297		13,540
Bunge Global SA		3,468		351,586
Campbell Soup Co.		3,635		180,732
Casey’s General Stores, Inc.		2,318		839,835
Church & Dwight Co., Inc.		3,159		321,839
Clorox Co.		619		97,994
Coca-Cola Co.		916		66,383
Coca-Cola Consolidated, Inc.		323		433,595
Colgate-Palmolive Co.		5,233		557,314
Conagra Brands, Inc.		2,925		91,260
Constellation Brands, Inc., Class A		492		118,429
Costco Wholesale Corp.		275		245,404
Dollar General Corp.		1,658		137,564
Dollar Tree, Inc. *		3,528		298,081
elf Beauty, Inc. *		75		11,234
Estee Lauder Cos., Inc., Class A		214		19,615
Flowers Foods, Inc.		6,712		155,987
Freshpet, Inc. *		150		20,400
General Mills, Inc.		2,782		201,111
Grocery Outlet Holding Corp. *		5,722		108,375
Hershey Co.		352		67,957
Hormel Foods Corp.		1,638		53,317
Ingredion, Inc.		4,108		551,745
J M Smucker Co.		425		48,739
Kellanova		3,784		305,028
Kenvue, Inc.		4,667		102,441
Keurig Dr Pepper, Inc.		3,190		116,786
Kimberly-Clark Corp.		2,544		368,015
Kraft Heinz Co.		5,596		198,266
Kroger Co.		16,393		872,272
Lamb Weston Holdings, Inc.		324		20,062
McCormick & Co., Inc.		488		39,055
Molson Coors Beverage Co., Class B		2,875		155,164
Mondelez International, Inc., Class A		2,529		181,607
Monster Beverage Corp. *		1,361		64,144
PepsiCo, Inc.		499		86,267
Philip Morris International, Inc.		1,966		242,388
Pilgrim’s Pride Corp. *		1,812		84,403
Post Holdings, Inc. *		1,903		220,310

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Procter & Gamble Co.		398		68,273
Reynolds Consumer Products, Inc.		1,971		62,086
Seaboard Corp.		4		12,441
Spectrum Brands Holdings, Inc.		522		49,235
Sysco Corp.		4,881		380,572
Target Corp.		1,856		285,119
Tyson Foods, Inc., Class A		8,076		519,368
US Foods Holding Corp. *		1,865		110,427
Walmart, Inc.		1,162		89,741

(Cost $11,346,902)				12,604,029

Energy — 2.5%
Antero Midstream Corp.		2,365		35,168
Baker Hughes Co.		6,944		244,220
Cheniere Energy, Inc.		475		87,998
Chesapeake Energy Corp. (a)		3,490		259,970
Chevron Corp.		584		86,403
Civitas Resources, Inc.		247		15,149
ConocoPhillips		1,597		181,723
Coterra Energy, Inc.		13,334		324,416
Devon Energy Corp.		1,425		63,811
Diamondback Energy, Inc.		426		83,117
DT Midstream, Inc.		3,312		260,290
EOG Resources, Inc.		2,396		308,653
Exxon Mobil Corp.		590		69,585
Halliburton Co.		942		29,287
Hess Corp.		350		48,321
HF Sinclair Corp.		3,750		184,275
Kinder Morgan, Inc.		8,306		179,160
Marathon Oil Corp.		4,479		128,323
Marathon Petroleum Corp.		1,822		322,713
NOV, Inc.		1,584		28,148
Occidental Petroleum Corp.		443		25,242
Phillips 66		1,597		224,075
Schlumberger NV		1,706		75,047
TechnipFMC PLC		1,994		53,519
Texas Pacific Land Corp.		133		115,562
Valero Energy Corp.		2,231		327,355
Viper Energy, Inc., Class A		739		35,176
Weatherford International PLC		806		84,582
Williams Cos., Inc.		7,439		340,483

(Cost $3,812,680)				4,221,771

Financials — 15.9%
Affiliated Managers Group, Inc.		1,987		345,400
Aflac, Inc.		4,080		450,269
Allstate Corp.		594		112,230
Ally Financial, Inc.		1,167		50,403
American Express Co.		553		143,033
American Financial Group, Inc.		1,237		165,288
American International Group, Inc.		1,334		102,785


	Number of Shares		Value $
Ameriprise Financial, Inc.		391		175,731
Aon PLC, Class A		507		174,266
Apollo Global Management, Inc.		1,437		166,304
Arch Capital Group Ltd. *		16,009		1,810,458
Ares Management Corp., Class A		480		70,272
Arthur J Gallagher & Co.		329		96,255
Assurant, Inc.		1,101		216,181
Assured Guaranty Ltd.		2,665		213,413
Axis Capital Holdings Ltd.		1,780		142,186
Bank of America Corp.		919		37,449
Bank of New York Mellon Corp.		3,255		222,056
Bank OZK		2,444		105,947
Berkshire Hathaway, Inc., Class B *		423		201,314
BlackRock, Inc.		190		171,344
Blackstone, Inc.		900		128,124
Blue Owl Capital, Inc.		1,462		25,790
BOK Financial Corp.		124		13,014
Brown & Brown, Inc.		4,024		423,043
Capital One Financial Corp.		1,694		248,899
Cboe Global Markets, Inc.		4,461		916,289
Charles Schwab Corp.		820		53,382
Chubb Ltd.		1,859		528,291
Cincinnati Financial Corp.		5,950		815,328
Citigroup, Inc.		421		26,371
Citizens Financial Group, Inc.		2,742		118,043
CME Group, Inc.		436		94,063
CNA Financial Corp.		300		15,576
Columbia Banking System, Inc.		1,748		44,015
Comerica, Inc.		1,017		58,081
Commerce Bancshares, Inc.		1,115		71,315
Corebridge Financial, Inc.		2,628		77,684
Corpay, Inc. *		1,041		328,488
Credit Acceptance Corp. *		66		30,791
Cullen/Frost Bankers, Inc.		232		26,037
Discover Financial Services		850		117,903
East West Bancorp, Inc.		1,886		158,556
Equitable Holdings, Inc.		1,732		73,645
Euronet Worldwide, Inc. *		869		93,774
Evercore, Inc., Class A		1,474		362,221
Everest Group Ltd.		2,186		857,437
FactSet Research Systems, Inc.		808		341,655
Fidelity National Financial, Inc.		3,227		190,264
Fidelity National Information Services, Inc.		556		45,842
Fifth Third Bancorp		3,686		157,355
First American Financial Corp.		461		29,412
First Citizens BancShares, Inc., Class A		221		448,785
First Hawaiian, Inc.		1,362		33,137
First Horizon Corp.		4,137		68,633

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Fiserv, Inc. *		1,196		208,822
FNB Corp.		3,605		54,003
Franklin Resources, Inc.		1,454		29,429
Global Payments, Inc.		823		91,361
Globe Life, Inc.		3,506		368,305
Goldman Sachs Group, Inc.		56		28,574
Hanover Insurance Group, Inc.		225		33,073
Hartford Financial Services Group, Inc.		5,436		631,120
Houlihan Lokey, Inc.		2,830		443,235
Huntington Bancshares, Inc.		10,042		150,329
Interactive Brokers Group, Inc., Class A		1,357		174,904
Intercontinental Exchange, Inc.		517		83,521
Invesco Ltd.		530		9,058
Jack Henry & Associates, Inc.		779		134,790
Janus Henderson Group PLC		6,603		248,339
Jefferies Financial Group, Inc.		241		14,448
JPMorgan Chase & Co.		106		23,829
KeyCorp		5,659		96,542
Kinsale Capital Group, Inc.		1,103		541,672
KKR & Co., Inc.		358		44,310
Loews Corp.		3,737		306,210
LPL Financial Holdings, Inc.		1,539		345,259
M&T Bank Corp.		1,213		208,769
Markel Group, Inc. *		438		701,098
MarketAxess Holdings, Inc.		205		49,690
Marsh & McLennan Cos., Inc.		1,768		402,238
Mastercard, Inc., Class A		82		39,634
MetLife, Inc.		1,845		142,951
MGIC Investment Corp.		16,805		427,351
Moody’s Corp.		678		330,688
Morningstar, Inc.		224		70,284
MSCI, Inc.		401		232,817
Nasdaq, Inc.		2,368		170,685
Northern Trust Corp.		1,088		99,236
Nu Holdings Ltd./Cayman Islands, Class A *		1,221		18,278
Old Republic International Corp.		7,758		278,279
OneMain Holdings, Inc.		651		32,166
PayPal Holdings, Inc. *		2,936		212,654
Pinnacle Financial Partners, Inc.		852		84,834
PNC Financial Services Group, Inc.		1,019		188,607
Popular, Inc.		698		71,545
Primerica, Inc.		1,017		267,705
Principal Financial Group, Inc.		764		62,205
Progressive Corp.		2,319		584,852
Prosperity Bancshares, Inc.		521		38,335
Prudential Financial, Inc.		1,221		147,936
Raymond James Financial, Inc.		346		41,371
Regions Financial Corp.		5,895		138,061


	Number of Shares		Value $
Reinsurance Group of America, Inc.		928		204,865
RenaissanceRe Holdings Ltd.		3,248		827,558
Rithm Capital Corp. REIT		8,091		96,607
RLI Corp.		1,365		210,346
Ryan Specialty Holdings, Inc.		447		28,890
S&P Global, Inc.		179		91,870
SEI Investments Co.		4,113		278,162
SLM Corp.		2,245		49,525
Starwood Property Trust, Inc. REIT		1,339		27,905
State Street Corp.		826		71,945
Stifel Financial Corp.		1,011		89,110
Synchrony Financial		8,117		407,960
Synovus Financial Corp.		1,147		52,900
T. Rowe Price Group, Inc.		2,589		274,538
Toast, Inc., Class A *		602		14,966
TPG, Inc.		948		47,827
Tradeweb Markets, Inc., Class A		2,279		269,469
Travelers Cos., Inc.		1,783		406,649
Truist Financial Corp.		1,189		52,863
Unum Group		2,777		154,096
US Bancorp		3,135		148,066
Virtu Financial, Inc., Class A		2,043		62,740
Visa, Inc., Class A		190		52,510
Voya Financial, Inc.		607		42,994
W.R. Berkley Corp.		8,990		536,703
Webster Financial Corp.		1,316		62,418
Wells Fargo & Co.		1,425		83,320
Western Alliance Bancorp		118		9,638
Western Union Co.		21,148		258,006
WEX, Inc. *		374		71,441
White Mountains Insurance Group Ltd.		13		23,975
Willis Towers Watson PLC		510		148,976
Wintrust Financial Corp.		544		59,187
Zions Bancorp NA		1,489		73,795

(Cost $21,099,863)				26,589,049

Health Care — 11.4%
Abbott Laboratories		632		71,587
AbbVie, Inc.		824		161,759
Acadia Healthcare Co., Inc. *		296		24,251
Agilent Technologies, Inc.		3,317		474,066
Align Technology, Inc. *		198		46,970
Amedisys, Inc. *		447		43,810
Amgen, Inc.		498		166,247
Avantor, Inc. *		4,601		118,890
Azenta, Inc. *		138		6,834
Baxter International, Inc.		1,800		68,292
Becton Dickinson and Co.		287		69,572
BioMarin Pharmaceutical, Inc. *		163		14,867
Bio-Techne Corp.		728		53,865

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Boston Scientific Corp. *		1,606		131,355
Bristol-Myers Squibb Co.		1,708		85,315
Bruker Corp.		1,010		67,862
Cardinal Health, Inc.		13,570		1,529,610
Catalent, Inc. *		149		9,083
Cencora, Inc.		4,634		1,110,167
Centene Corp. *		14,821		1,168,339
Charles River Laboratories International, Inc. *		293		57,941
Chemed Corp.		280		164,128
Cigna Group		1,815		656,685
Cooper Cos., Inc. *		638		67,456
CVS Health Corp.		7,690		440,176
Danaher Corp.		230		61,941
DaVita, Inc. *		2,940		443,705
DENTSPLY SIRONA, Inc. (a)		584		14,769
Dexcom, Inc. *		310		21,495
Edwards Lifesciences Corp. *		1,019		71,289
Elevance Health, Inc.		1,012		563,573
Eli Lilly & Co.		21		20,160
Encompass Health Corp.		3,420		318,231
Exelixis, Inc. *		9,568		249,055
Fortrea Holdings, Inc. *		3,083		71,094
GE HealthCare Technologies, Inc.		5,195		440,640
Gilead Sciences, Inc.		3,156		249,324
HCA Healthcare, Inc.		464		183,554
Henry Schein, Inc. *		297		20,953
Hologic, Inc. *		727		59,061
Humana, Inc.		2,626		930,838
IDEXX Laboratories, Inc. *		262		126,108
Incyte Corp. *		799		52,462
Intuitive Surgical, Inc. *		222		109,364
IQVIA Holdings, Inc. *		433		108,921
Jazz Pharmaceuticals PLC *		997		115,632
Johnson & Johnson		560		92,882
Labcorp Holdings, Inc.		1,503		345,525
Masimo Corp. *		232		27,265
McKesson Corp.		3,351		1,880,179
Medpace Holdings, Inc. *		464		164,845
Medtronic PLC		1,244		110,194
Merck & Co., Inc.		473		56,027
Mettler-Toledo International, Inc.*		83		119,444
Molina Healthcare, Inc. *		1,818		635,918
Neurocrine Biosciences, Inc. *		1,701		216,129
Organon & Co.		3,992		89,221
Perrigo Co. PLC		2,470		71,877
Premier, Inc., Class A		1,539		31,349
QIAGEN NV *		1,218		55,675
Quest Diagnostics, Inc.		1,710		268,419


	Number of Shares		Value $
Regeneron Pharmaceuticals, Inc.*		350		414,641
Repligen Corp. *		126		19,017
ResMed, Inc.		532		130,351
Revvity, Inc.		243		29,777
Royalty Pharma PLC, Class A		2,885		83,752
Solventum Corp. *		8,661		555,257
STERIS PLC		589		142,008
Stryker Corp.		316		113,893
Teleflex, Inc.		187		45,847
Tenet Healthcare Corp. *		207		34,329
Thermo Fisher Scientific, Inc.		98		60,277
United Therapeutics Corp. *		1,891		687,473
UnitedHealth Group, Inc.		175		103,285
Universal Health Services, Inc., Class B		1,711		407,167
Veeva Systems, Inc., Class A *		618		133,760
Vertex Pharmaceuticals, Inc. *		532		263,813
Viatris, Inc.		28,028		338,578
Waters Corp. *		96		33,250
West Pharmaceutical Services, Inc.		704		220,795
Zimmer Biomet Holdings, Inc.		446		51,495
Zoetis, Inc.		512		93,947

(Cost $15,961,402)				19,168,957

Industrials — 18.6%
3M Co.		912		122,837
A O Smith Corp.		4,346		363,847
AAON, Inc.		1,918		183,188
Acuity Brands, Inc.		1,275		324,742
Advanced Drainage Systems, Inc.		598		93,742
AECOM		1,440		144,202
AGCO Corp.		507		46,157
Alaska Air Group, Inc. *		1,902		68,681
Allegion PLC		1,237		171,745
Allison Transmission Holdings, Inc.		5,489		509,105
American Airlines Group, Inc. *		663		7,041
AMETEK, Inc.		800		136,840
API Group Corp. *		1,477		52,507
Armstrong World Industries, Inc.		1,596		202,309
Automatic Data Processing, Inc.		614		169,409
Axon Enterprise, Inc. *		88		32,117
AZEK Co., Inc. *		1,633		69,615
Booz Allen Hamilton Holding Corp.		1,761		279,612
Broadridge Financial Solutions, Inc.		2,260		481,064
Builders FirstSource, Inc. *		912		158,688
BWX Technologies, Inc.		1,675		172,525
C.H. Robinson Worldwide, Inc.		382		39,541

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
CACI International, Inc., Class A*		1,036		505,692
Carlisle Cos., Inc.		899		380,996
Carrier Global Corp.		3,693		268,777
Caterpillar, Inc.		883		314,436
Cintas Corp.		288		231,875
Clarivate PLC *		1,995		13,686
Clean Harbors, Inc. *		778		191,310
CNH Industrial NV		2,887		29,852
Comfort Systems USA, Inc.		932		329,481
Copart, Inc. *		4,340		229,846
Core & Main, Inc., Class A *		10,377		498,407
Crane Co.		1,503		238,045
CSX Corp.		4,217		144,517
Cummins, Inc.		2,521		788,695
Curtiss-Wright Corp.		908		286,801
Dayforce, Inc. *		284		16,236
Deere & Co.		428		165,097
Delta Air Lines, Inc.		7,615		323,561
Donaldson Co., Inc.		3,428		249,318
Dover Corp.		1,208		224,724
Dun & Bradstreet Holdings, Inc.		1,405		16,860
Eaton Corp. PLC		499		153,158
EMCOR Group, Inc.		1,615		634,792
Emerson Electric Co.		197		20,762
Equifax, Inc.		297		91,218
Esab Corp.		1,184		124,284
Expeditors International of Washington, Inc.		1,650		203,626
Fastenal Co.		6,629		452,628
FedEx Corp.		1,267		378,542
Ferguson Enterprises, Inc.		5,037		1,036,161
Flowserve Corp.		2,912		145,251
Fortive Corp.		1,959		145,750
Fortune Brands Innovations, Inc.		1,249		99,183
FTI Consulting, Inc. *		359		81,963
Gates Industrial Corp. PLC *		5,204		94,505
GE Vernova, Inc. *		814		163,614
Generac Holdings, Inc. *		284		44,455
General Dynamics Corp.		1,264		378,391
General Electric Co.		944		164,841
Genpact Ltd.		1,478		57,982
Graco, Inc.		1,546		128,859
GXO Logistics, Inc. *		428		21,421
Hayward Holdings, Inc. *		488		7,242
HEICO Corp.		39		10,006
HEICO Corp., Class A		90		18,008
Hexcel Corp.		801		50,695
Honeywell International, Inc.		368		76,511
Howmet Aerospace, Inc.		1,680		162,389
Hubbell, Inc.		424		169,566


	Number of Shares		Value $
Huntington Ingalls Industries, Inc.		1,491		421,610
IDEX Corp.		645		133,180
Illinois Tool Works, Inc.		711		180,011
Ingersoll Rand, Inc.		2,748		251,305
ITT, Inc.		2,849		396,638
Jacobs Solutions, Inc.		2,820		425,482
JB Hunt Transport Services, Inc.		735		127,302
Johnson Controls International PLC		2,780		202,523
KBR, Inc.		758		52,575
Kirby Corp. *		1,521		182,398
Knight-Swift Transportation Holdings, Inc.		479		25,090
L3Harris Technologies, Inc.		440		104,135
Landstar System, Inc.		590		107,710
Leidos Holdings, Inc.		6,943		1,100,535
Lennox International, Inc.		579		341,720
Lincoln Electric Holdings, Inc.		1,315		254,597
Lockheed Martin Corp.		356		202,244
ManpowerGroup, Inc.		1,027		75,916
Masco Corp.		5,799		461,368
MasTec, Inc. *		702		79,417
MDU Resources Group, Inc.		5,674		145,765
Middleby Corp. *		153		21,515
MSA Safety, Inc.		227		41,457
MSC Industrial Direct Co., Inc., Class A		1,219		100,251
Nordson Corp.		305		78,251
Norfolk Southern Corp.		376		96,316
Northrop Grumman Corp.		256		133,942
nVent Electric PLC		1,617		109,891
Old Dominion Freight Line, Inc.		1,451		279,753
Oshkosh Corp.		2,992		322,867
Otis Worldwide Corp.		2,203		208,602
Owens Corning		3,273		552,253
PACCAR, Inc.		7,023		675,472
Parker-Hannifin Corp.		70		42,014
Parsons Corp. *		2,861		273,111
Paychex, Inc.		2,389		313,437
Paycom Software, Inc.		1,557		253,448
Paylocity Holding Corp. *		194		31,312
Pentair PLC		2,684		238,044
Quanta Services, Inc.		946		260,273
RBC Bearings, Inc. *		230		68,506
Regal Rexnord Corp.		215		36,079
Republic Services, Inc.		1,780		370,614
Robert Half, Inc.		2,215		138,814
Rockwell Automation, Inc.		826		224,697
Rollins, Inc.		5,256		263,746
RTX Corp.		958		118,160
Ryder System, Inc.		1,580		229,479

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Saia, Inc. *		329		123,648
Schneider National, Inc., Class B		577		15,642
Science Applications International Corp.		3,173		414,362
Sensata Technologies Holding PLC		555		21,395
Simpson Manufacturing Co., Inc.		1,732		317,060
SiteOne Landscape Supply, Inc.*		576		81,711
Snap-on, Inc.		1,699		482,074
Southwest Airlines Co.		9,527		275,521
SS&C Technologies Holdings, Inc.		2,322		174,359
Stanley Black & Decker, Inc.		460		47,086
Stericycle, Inc. *		663		39,289
Tetra Tech, Inc.		618		146,923
Textron, Inc.		3,513		320,386
Timken Co.		911		77,007
Toro Co.		677		62,690
Trane Technologies PLC		987		356,958
TransDigm Group, Inc.		27		37,077
TransUnion		562		54,407
Trex Co., Inc. *		1,285		81,906
Uber Technologies, Inc. *		219		16,015
U-Haul Holding Co. *		257		18,252
U-Haul Holding Co.		2,350		160,622
Union Pacific Corp.		337		86,302
United Airlines Holdings, Inc. *		162		7,134
United Parcel Service, Inc., Class B		738		94,870
United Rentals, Inc.		422		312,812
Valmont Industries, Inc.		132		37,720
Veralto Corp.		1,146		128,845
Verisk Analytics, Inc.		689		187,973
Vertiv Holdings Co., Class A		656		54,468
Vestis Corp.		7,667		107,875
W.W. Grainger, Inc.		491		483,596
Waste Management, Inc.		1,780		377,431
Watsco, Inc.		619		294,285
WESCO International, Inc.		244		40,353
Westinghouse Air Brake Technologies Corp.		1,552		263,173
WillScot Holdings Corp. *		724		27,903
Woodward, Inc.		697		116,155
XPO, Inc. *		198		22,695
Xylem, Inc.		49		6,739

(Cost $24,105,983)				31,122,073

Information Technology — 13.7%
Accenture PLC, Class A		362		123,786
Adobe, Inc. *		526		302,140
Advanced Micro Devices, Inc. *		124		18,421
Akamai Technologies, Inc. *		3,786		385,566


	Number of Shares		Value $
Amdocs Ltd.		3,439		299,090
Amkor Technology, Inc.		3,523		115,907
Amphenol Corp., Class A		8,144		549,313
Analog Devices, Inc.		1,261		296,133
ANSYS, Inc. *		243		78,105
Appfolio, Inc., Class A *		65		15,079
Apple, Inc.		805		184,345
Applied Materials, Inc.		1,954		385,446
AppLovin Corp., Class A *		192		17,831
Arista Networks, Inc. *		721		254,787
Arrow Electronics, Inc. *		485		65,514
Aspen Technology, Inc. *		353		82,651
Astera Labs, Inc. *		279		12,014
Atlassian Corp., Class A *		295		48,852
Autodesk, Inc. *		1,023		264,343
Avnet, Inc.		51		2,814
Bentley Systems, Inc., Class B		416		21,412
Broadcom, Inc.		410		66,756
Cadence Design Systems, Inc. *		1,229		330,515
CCC Intelligent Solutions Holdings, Inc. *		2,096		22,595
CDW Corp.		1,455		328,306
Ciena Corp. *		2,512		144,817
Cirrus Logic, Inc. *		2,909		423,812
Cisco Systems, Inc.		4,244		214,492
Cognex Corp.		228		9,207
Cognizant Technology Solutions Corp., Class A		12,372		962,170
Corning, Inc.		2,568		107,471
Crane NXT Co.		865		50,819
Crowdstrike Holdings, Inc., Class A*		173		47,969
Datadog, Inc., Class A *		143		16,625
Dell Technologies, Inc., Class C		2,230		257,654
DocuSign, Inc. *		500		29,605
Dolby Laboratories, Inc., Class A		2,337		166,768
DoubleVerify Holdings, Inc. *		1,156		22,773
Dropbox, Inc., Class A *		15,534		390,525
DXC Technology Co. *		1,772		36,627
Dynatrace, Inc. *		912		46,165
Entegris, Inc.		637		73,809
EPAM Systems, Inc. *		874		175,464
F5, Inc. *		3,430		696,804
Fair Isaac Corp. *		118		204,172
First Solar, Inc. *		143		32,514
Fortinet, Inc. *		8,050		617,515
Gartner, Inc. *		1,099		540,664
Gen Digital, Inc.		15,529		410,897
GLOBALFOUNDRIES, Inc. *		81		3,781
Globant SA *		287		58,043
GoDaddy, Inc., Class A *		6,094		1,020,197
Guidewire Software, Inc. *		627		93,279

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Hewlett Packard Enterprise Co.		21,259		411,787
HP, Inc.		8,175		295,771
HubSpot, Inc. *		62		30,942
Informatica, Inc., Class A *		519		12,928
Intel Corp.		1,142		25,170
International Business Machines Corp.		2,599		525,336
Intuit, Inc.		624		393,282
IPG Photonics Corp. *		420		28,715
Jabil, Inc.		7,352		803,427
Juniper Networks, Inc.		3,216		125,038
Keysight Technologies, Inc. *		2,127		327,813
KLA Corp.		773		633,419
Kyndryl Holdings, Inc. *		1,129		26,746
Lam Research Corp.		543		445,808
Lattice Semiconductor Corp. *		1,980		93,773
Littelfuse, Inc.		178		48,452
Lumentum Holdings, Inc. *		315		18,147
MACOM Technology Solutions Holdings, Inc. *		671		73,293
Manhattan Associates, Inc. *		1,147		303,301
Marvell Technology, Inc.		578		44,067
Microchip Technology, Inc.		2,499		205,318
Microsoft Corp.		774		322,866
MKS Instruments, Inc.		59		7,035
Monolithic Power Systems, Inc.		344		321,530
Motorola Solutions, Inc.		1,190		526,028
NetApp, Inc.		7,315		883,067
Nutanix, Inc., Class A *		282		17,820
NVIDIA Corp.		947		113,043
Okta, Inc. *		177		13,935
ON Semiconductor Corp. *		200		15,574
Onto Innovation, Inc. *		673		143,497
Oracle Corp.		66		9,325
Palo Alto Networks, Inc. *		530		192,242
Procore Technologies, Inc. *		822		48,720
PTC, Inc. *		504		90,261
Pure Storage, Inc., Class A *		1,747		89,604
Qorvo, Inc. *		2,140		248,005
QUALCOMM, Inc.		1,630		285,739
Roper Technologies, Inc.		368		204,023
Salesforce, Inc.		932		235,703
ServiceNow, Inc. *		336		287,280
Skyworks Solutions, Inc.		6,367		697,760
Smartsheet, Inc., Class A *		361		17,617
Snowflake, Inc., Class A *		80		9,138
Super Micro Computer, Inc. *		24		10,505
Synopsys, Inc. *		802		416,703
TD SYNNEX Corp.		2,637		320,185
Teledyne Technologies, Inc. *		222		96,082
Teradata Corp. *		2,470		69,753
Teradyne, Inc.		1,901		259,924


	Number of Shares		Value $
Texas Instruments, Inc.		799		171,258
Trimble, Inc. *		568		32,200
Tyler Technologies, Inc. *		342		201,052
Universal Display Corp.		656		127,080
VeriSign, Inc. *		415		76,318
Vontier Corp.		3,051		106,877
Workday, Inc., Class A *		863		227,133
Zebra Technologies Corp., Class A*		53		18,305
Zoom Video Communications, Inc., Class A *		298		20,586
Zscaler, Inc. *		100		19,998

(Cost $19,023,129)				22,952,663

Materials — 5.7%
Air Products and Chemicals, Inc.		641		178,743
Albemarle Corp.		187		16,877
Amcor PLC		14,509		165,983
AptarGroup, Inc.		1,560		238,976
Ashland, Inc.		483		43,228
ATI, Inc. *		420		26,830
Avery Dennison Corp.		1,218		270,213
Axalta Coating Systems Ltd. *		1,707		62,306
Ball Corp.		2,114		134,894
Berry Global Group, Inc.		1,066		73,405
Celanese Corp.		4,223		551,524
CF Industries Holdings, Inc.		3,197		265,639
Chemours Co.		697		13,550
Cleveland-Cliffs, Inc. *		1,347		17,592
Corteva, Inc.		1,733		99,301
CRH PLC		7,533		683,770
Crown Holdings, Inc.		1,337		120,878
Dow, Inc.		2,565		137,433
DuPont de Nemours, Inc.		2,294		193,269
Eagle Materials, Inc.		1,438		370,645
Eastman Chemical Co.		3,056		312,843
Ecolab, Inc.		847		214,443
Element Solutions, Inc.		3,350		89,579
FMC Corp.		163		10,527
Freeport-McMoRan, Inc.		1,533		67,881
Graphic Packaging Holding Co.		4,669		139,743
Huntsman Corp.		1,246		27,474
International Flavors & Fragrances, Inc.		864		89,847
International Paper Co.		9,817		475,339
Linde PLC		301		143,953
Louisiana-Pacific Corp.		193		18,731
LyondellBasell Industries NV, Class A		2,062		203,519
Martin Marietta Materials, Inc.		437		233,428
Mosaic Co.		662		18,913
NewMarket Corp.		418		239,836
Nucor Corp.		4,123		626,325

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $
Olin Corp.		1,405		61,356
Packaging Corp. of America		2,029		425,157
PPG Industries, Inc.		713		92,497
Reliance, Inc.		1,985		569,000
Royal Gold, Inc.		1,209		169,466
RPM International, Inc.		2,208		256,680
Scotts Miracle-Gro Co.		584		41,452
Sealed Air Corp.		550		19,223
Sherwin-Williams Co.		758		279,982
Silgan Holdings, Inc.		1,376		71,924
Sonoco Products Co.		1,564		88,475
Southern Copper Corp.		299		30,414
Steel Dynamics, Inc.		4,109		491,067
United States Steel Corp.		624		23,656
Vulcan Materials Co.		761		186,605
Westlake Corp.		588		85,519

(Cost $7,645,288)				9,469,910

Real Estate — 2.8%
Agree Realty Corp. REIT		259		18,910
Alexandria Real Estate Equities, Inc. REIT		229		27,381
American Homes 4 Rent, Class A REIT		1,814		72,143
American Tower Corp. REIT		123		27,559
AvalonBay Communities, Inc. REIT		737		166,363
Brixmor Property Group, Inc. REIT		2,079		56,944
BXP, Inc. REIT		568		42,725
Camden Property Trust REIT		675		84,510
CBRE Group, Inc., Class A *		3,086		355,322
CoStar Group, Inc. *		478		36,949
Cousins Properties, Inc. REIT		712		20,299
Crown Castle, Inc. REIT		651		72,925
CubeSmart REIT		3,722		192,911
Digital Realty Trust, Inc. REIT		787		119,317
EastGroup Properties, Inc. REIT		301		56,106
Equinix, Inc. REIT		44		36,712
Equity LifeStyle Properties, Inc. REIT		1,079		78,454
Equity Residential REIT		1,862		139,427
Essex Property Trust, Inc. REIT		430		129,770
Extra Space Storage, Inc. REIT		709		125,493
Federal Realty Investment Trust REIT		452		51,980
First Industrial Realty Trust, Inc. REIT		991		56,219
Gaming and Leisure Properties, Inc. REIT		891		46,350
Healthpeak Properties, Inc. REIT		1,667		37,141
Highwoods Properties, Inc. REIT		1,759		56,675
Host Hotels & Resorts, Inc. REIT		15,126		267,730
Invitation Homes, Inc. REIT		1,851		68,191


	Number of Shares		Value $
Iron Mountain, Inc. REIT		847		95,931
Jones Lang LaSalle, Inc. *		557		142,163
Kilroy Realty Corp. REIT		1,317		47,768
Kimco Realty Corp. REIT		2,237		52,033
Lamar Advertising Co., Class A REIT		2,266		285,017
Mid-America Apartment Communities, Inc. REIT		510		82,809
National Storage Affiliates Trust REIT		1,392		65,062
NNN REIT, Inc. REIT		2,026		95,202
Omega Healthcare Investors, Inc. REIT		418		16,528
Prologis, Inc. REIT		311		39,752
Public Storage REIT		988		339,595
Rayonier, Inc. REIT		1,021		31,457
Realty Income Corp. REIT		378		23,478
Regency Centers Corp. REIT		725		52,700
Rexford Industrial Realty, Inc. REIT		335		17,058
SBA Communications Corp. REIT		375		84,997
Simon Property Group, Inc. REIT		1,182		197,808
STAG Industrial, Inc. REIT		1,155		46,870
UDR, Inc. REIT		1,497		66,631
VICI Properties, Inc. REIT		5,296		177,310
Vornado Realty Trust REIT		662		22,753
Welltower, Inc. REIT		131		15,809
Weyerhaeuser Co. REIT		3,740		114,033
WP Carey, Inc. REIT		1,585		95,132

(Cost $3,841,421)				4,652,402

Utilities — 5.7%
AES Corp.		6,828		116,964
Alliant Energy Corp.		2,506		146,025
Ameren Corp.		1,742		143,732
American Electric Power Co., Inc.		3,801		381,164
American Water Works Co., Inc.		561		80,290
Atmos Energy Corp.		3,580		468,049
Avangrid, Inc.		421		15,026
Brookfield Renewable Corp., Class A		727		20,712
CenterPoint Energy, Inc.		9,711		265,110
Clearway Energy, Inc., Class C		605		17,521
CMS Energy Corp.		4,215		286,030
Consolidated Edison, Inc.		3,299		335,046
Constellation Energy Corp.		68		13,376
Dominion Energy, Inc.		5,020		280,618
DTE Energy Co.		1,548		193,531
Duke Energy Corp.		3,059		348,573
Edison International		4,096		356,475
Entergy Corp.		5,199		627,467
Essential Utilities, Inc.		2,295		89,482

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Evergy, Inc.		3,255		192,501
Eversource Energy		1,004		67,800
Exelon Corp.		6,149		234,215
FirstEnergy Corp.		4,939		216,921
IDACORP, Inc.		637		64,917
National Fuel Gas Co.		5,189		310,095
NextEra Energy, Inc.		1,529		123,100
NiSource, Inc.		9,298		307,392
NRG Energy, Inc.		6,081		516,946
OGE Energy Corp.		5,808		229,765
PG&E Corp.		3,966		78,130
Pinnacle West Capital Corp.		1,852		162,087
PPL Corp.		9,544		304,549
Public Service Enterprise Group, Inc.		7,838		632,919
Sempra		4,541		373,179
Southern Co.		3,001		259,286
UGI Corp.		896		22,319
Vistra Corp.		9,713		829,782
WEC Energy Group, Inc.		2,274		211,550
Xcel Energy, Inc.		4,376		267,942

(Cost $8,269,795)				9,590,586

TOTAL COMMON STOCKS

(Cost $135,848,767)				166,012,653


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell 1000 ETF		650		200,889
Vanguard S&P 500 ETF		293		151,786

(Cost $289,378)				352,675

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $285,484)		285,484		285,484

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $911,119)		911,119		911,119

TOTAL INVESTMENTS — 100.0%

(Cost $137,334,748)				167,561,931

Other assets and liabilities, net — (0.0)%				(46,740	)

NET ASSETS — 100.0%				167,515,191

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


								Net Change
								in Unrealized
						Net Realized		Appreciation				Capital Gain		Number of
Value ($) at		Purchases Cost		Sales		Gain/(Loss)		(Depreciation)				Distributions		Shares at		Value ($) at
8/31/2023		($)		Proceeds ($)		($)		($)		Income ($)		($)		8/31/2024		8/31/2024
	SECURITIES LENDING COLLATERAL — 0.2%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
	—		285,484 (d)		—		—		—		3,531		—		285,484		285,484

	CASH EQUIVALENTS — 0.5%
	DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
	139,790		4,143,154		(3,371,825)		—		—		21,158		—		911,119		911,119

	139,790		4,428,638		(3,371,825)		—		—		24,689		—		1,196,603		1,196,603

*	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, 2024 amounted to $279,675, 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, 2024.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2024

At August 31, 2024, 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 Futures		USD		5		138,252		141,525		9/20/2024		3,273

Micro E-mini S&P MidCap 400 Index Futures		USD		11		323,110		340,791		9/20/2024		17,681

S&P 500 E-Mini Futures		USD		2		554,762		566,100		9/20/2024		11,338

Total unrealized appreciation												32,292

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)	$	166,012,653	$	—	$	—	$	166,012,653

Exchange-Traded Funds		352,675		—		—		352,675

Short-Term Investments (a)		1,196,603		—		—		1,196,603

Derivatives (b)

Futures Contracts		32,292		—		—		32,292

TOTAL	$	167,594,223	$	—	$	—	$	167,594,223

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

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

See Notes to Financial Statements.

50 | DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2024


	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	$	55,382,605		$	599,451,245	$	68,001,598	$	166,365,328
Investment in affiliated securities at value		11,494			299,132		—		—
Investment in DWS Government Money Market Series		59,667			1,730,588		177,441		911,119
Investment in DWS Government & Agency Securities Portfolio*		302,690			213,692		34,277		285,484
Foreign currency at value		173,098			588,622		—		—
Deposit with broker for futures contracts		15,648			153,263		13,662		59,125
Receivables:
Investment securities sold		—			1,285,907		—		—
Variation margin on futures contracts		2,021			21,399		2,295		8,696
Dividends		117,979			818,033		101,608		189,791
Interest		192			6,881		599		4,155
Affiliated securities lending income		14			14		1		192
Foreign tax reclaim		58,785			228,180		—		—
Total assets	$	56,124,193		$	604,796,956	$	68,331,481	$	167,823,890

Liabilities
Payable upon return of securities loaned	$	302,690		$	213,692	$	34,277	$	285,484
Payables:
Investment securities purchased		—			1,446,595		—		—
Investment advisory fees		10,863			44,409		10,869		23,215
Total liabilities		313,553			1,704,696		45,146		308,699
Net Assets, at value	$	55,810,640		$	603,092,260	$	68,286,335	$	167,515,191

Net Assets Consist of
Paid-in capital	$	71,734,386		$	462,790,150	$	65,038,029	$	175,899,256
Distributable earnings (loss)		(15,923,746	)		140,302,110		3,248,306		(8,384,065	)
Net Assets, at value	$	55,810,640		$	603,092,260	$	68,286,335	$	167,515,191
Number of Common Shares outstanding		1,800,001			6,070,001		1,325,001		3,100,001
Net Asset Value	$	31.01		$	99.36	$	51.54	$	54.04

Investment in non-affiliated securities at cost	$	47,977,045		$	450,998,871	$	61,146,751	$	136,138,145
Investment in affiliated securities at cost	$	9,532		$	212,783	$	—	$	—
Value of securities loaned	$	286,098		$	206,786	$	33,591	$	279,675
Investment in DWS Government Money Market Series at cost	$	59,667		$	1,730,588	$	177,441	$	911,119
Investment in DWS Government & Agency Securities Portfolio at cost*	$	302,690		$	213,692	$	34,277	$	285,484
Foreign currency at cost	$	170,004		$	572,676	$	—	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 51

Statements of Operations

For the Year Ended August 31, 2024


	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*	$	1,753,074		$	9,716,209		$	1,000,966		$	2,366,997
Affiliated dividend income		1,078			9,086			—			—
Income distributions from affiliated funds		4,471			69,271			3,907			21,158
Affiliated securities lending income		636			9,699			32			3,531
Payments by affiliates (see note 6)		515			2,502			—			500
Total investment income		1,759,774			9,806,767			1,004,905			2,392,186

Expenses
Investment advisory fees		194,179			493,562			114,623			249,279
Other expenses		58			58			58			58
Total expenses		194,237			493,620			114,681			249,337
Less fees waived (see note 3):
Waiver		(59,002	)		(1,517	)		(88	)		(459	)
Net expenses		135,235			492,103			114,593			248,878
Net investment income (loss)		1,624,539			9,314,664			890,312			2,143,308

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,882,217	)		(2,854,822	)		(546,242	)		(2,509,775	)
In-kind redemptions		4,431,532			9,820,050			9,751,747			15,929,279
In-kind redemptions in affiliates		8,047			5,602			—			—
Futures contracts		48,894			457,459			8,770			56,402
Foreign currency transactions		(9,937	)		2,879			21			33
Net realized gain (loss)		2,596,319			7,431,168			9,214,296			13,475,939
Net change in unrealized appreciation (depreciation) on:

Investments		4,640,911			107,796,057			4,073,904			14,154,382
Investments in affiliates		1,505			97,484			—			—
Futures contracts		15,395			57,825			3,245			25,906
Foreign currency translations		9,622			(8,261	)		—			—
Net change in unrealized appreciation (depreciation)		4,667,433			107,943,105			4,077,149			14,180,288
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		7,263,752			115,374,273			13,291,445			27,656,227
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,888,291		$	124,688,937		$	14,181,757		$	29,799,535

* Unaffiliated foreign tax withheld	$	198,176		$	799,753		$	57		$	1,123

See Notes to Financial Statements.

52 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers FTSE Developed ex US Multifactor ETF						Xtrackers MSCI Kokusai Equity ETF
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,624,539		$	2,211,616		$	9,314,664		$	10,516,535
Net realized gain (loss)		2,596,319			(5,384,510	)		7,431,168			7,420,412
Net change in net unrealized appreciation (depreciation)		4,667,433			9,700,089			107,943,105			60,585,767
Net increase (decrease) in net assets resulting from operations		8,888,291			6,527,195			124,688,937			78,522,714
Distributions to Shareholders		(2,338,899	)		(2,130,476	)		(9,549,067	)		(10,244,127	)

Fund Shares Transactions
Proceeds from shares sold		8,495,255			6,891,035			—			—
Value of shares redeemed		(19,549,122	)		(16,975,746	)		(31,753,923	)		(50,947,243	)
Net increase (decrease) in net assets resulting from fund share transactions		(11,053,867	)		(10,084,711	)		(31,753,923	)		(50,947,243	)
Total net increase (decrease) in Net Assets		(4,504,475	)		(5,687,992	)		83,385,947			17,331,344

Net Assets
Beginning of year		60,315,115			66,003,107			519,706,313			502,374,969
End of year	$	55,810,640		$	60,315,115		$	603,092,260		$	519,706,313

Changes in Shares Outstanding
Shares outstanding, beginning of year		2,200,001			2,600,001			6,430,001			7,070,001
Shares sold		300,000			250,000			—			—
Shares redeemed		(700,000	)		(650,000	)		(360,000	)		(640,000	)
Shares outstanding, end of year		1,800,001			2,200,001			6,070,001			6,430,001

See Notes to Financial Statements.

DBX ETF Trust | 53

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, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	890,312		$	259,221		$	2,143,308		$	2,526,303
Net realized gain (loss)		9,214,296			594,889			13,475,939			3,947,253
Net change in net unrealized appreciation (depreciation)		4,077,149			2,517,678			14,180,288			5,908,420
Net increase (decrease) in net assets resulting from operations		14,181,757			3,371,788			29,799,535			12,381,976
Distributions to Shareholders		(781,915	)		(210,231	)		(2,057,931	)		(2,664,258	)

Fund Shares Transactions
Proceeds from shares sold		62,157,154			18,421,557			48,689,872			28,235,429
Value of shares redeemed		(36,312,345	)		(3,689,886	)		(43,881,576	)		(48,688,101	)
Net increase (decrease) in net assets resulting from fund share transactions		25,844,809			14,731,671			4,808,296			(20,452,672	)
Total net increase (decrease) in Net Assets		39,244,651			17,893,228			32,549,900			(10,734,954	)

Net Assets
Beginning of year		29,041,684			11,148,456			134,965,291			145,700,245
End of year	$	68,286,335		$	29,041,684		$	167,515,191		$	134,965,291

Changes in Shares Outstanding
Shares outstanding, beginning of year		675,001			300,001			3,000,001			3,500,001
Shares sold		1,400,000			475,000			1,000,000			700,000
Shares redeemed		(750,000	)		(100,000	)		(900,000	)		(1,200,000	)
Shares outstanding, end of year		1,325,001			675,001			3,100,001			3,000,001

See Notes to Financial Statements.

54 | DBX ETF Trust

Financial Highlights

Xtrackers FTSE Developed ex US Multifactor ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	27.42		$	25.39		$	32.88		$	27.84		$	26.80

Income (loss) from investment operations:
Net investment income (loss)(a)		0.81			0.90			1.01			0.84			0.62
Net realized and unrealized gain (loss)		3.89			1.98			(7.37	)		5.35			1.32
Total from investment operations		4.70			2.88			(6.36	)		6.19			1.94
Less distributions from:
Net investment income		(1.11	)		(0.85	)		(1.13	)		(1.15	)		(0.90	)
Total from distributions		(1.11	)		(0.85	)		(1.13	)		(1.15	)		(0.90	)
Net Asset Value, end of year	$	31.01		$	27.42		$	25.39		$	32.88		$	27.84
Total Return (%)(b)		17.65			11.59			(19.75	)		22.69			7.49

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		56			60			66			71			72
Ratio of expenses before fee waiver (%)		0.34			0.35			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) (%)		2.88			3.44			3.45			2.75			2.37
Portfolio turnover rate (%)(c)		51			52			56			53			43

(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 MSCI Kokusai Equity ETF


	Years Ended August 31,												Period Ended 8/31/2020(a)
	2024			2023			2022			2021			Period Ended 8/31/2020(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	80.83		$	71.06		$	84.95		$	65.83			$ 50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.49			1.50			1.53			1.28			0.49
Net realized and unrealized gain (loss)		18.56			9.72			(13.73	)		18.91			15.34
Total from investment operations		20.05			11.22			(12.20	)		20.19			15.83
Less distributions from:
Net investment income		(1.52	)		(1.45	)		(1.69	)		(1.06	)		—
Net realized gains		—			—			—			(0.01	)		—
Total from distributions		(1.52	)		(1.45	)		(1.69	)		(1.07	)		—
Net Asset Value, end of period	$	99.36		$	80.83		$	71.06		$	84.95			$ 65.83
Total Return (%)(c)		25.07			16.02			(14.55	)		30.87			31.66	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		603			520			502			803			132
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) (%)		1.70			2.02			1.93			1.73			2.08	*
Portfolio turnover rate (%)(d)		3			2			4			6			7	**

(a)	For the period April 8, 2020 (commencement of operations) through August 31, 2020.

(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.

56 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	43.02		$	37.16		$	41.83		$	31.43		$	27.08

Income (loss) from investment operations:
Net investment income (loss)(a)		0.68			0.61			0.53			0.52			0.52
Net realized and unrealized gain (loss)		8.48			5.85			(4.60	)		10.44			4.42
Total from investment operations		9.16			6.46			(4.07	)		10.96			4.94
Less distributions from:
Net investment income		(0.64	)		(0.60	)		(0.60	)		(0.56	)		(0.59	)
Total from distributions		(0.64	)		(0.60	)		(0.60	)		(0.56	)		(0.59	)
Net Asset Value, end of year	$	51.54		$	43.02		$	37.16		$	41.83		$	31.43
Total Return (%)(b)		21.45			17.63			(9.84	)		35.25			18.72

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		68			29			11			40			101
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) (%)		1.47			1.55			1.29			1.51			1.85
Portfolio turnover rate (%)(c)		22			34			14			13			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.

DBX ETF Trust | 57

Financial Highlights (Continued)

Xtrackers Russell US Multifactor ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	44.99		$	41.63		$	46.33		$	34.84		$	33.88

Income (loss) from investment operations:
Net investment income (loss)(a)		0.71			0.77			0.72			0.56			0.62
Net realized and unrealized gain (loss)		9.00			3.38			(4.76	)		11.47			0.96
Total from investment operations		9.71			4.15			(4.04	)		12.03			1.58
Less distributions from:
Net investment income		(0.66	)		(0.79	)		(0.66	)		(0.54	)		(0.62	)
Total from distributions		(0.66	)		(0.79	)		(0.66	)		(0.54	)		(0.62	)
Net Asset Value, end of year	$	54.04		$	44.99		$	41.63		$	46.33		$	34.84
Total Return (%)(b)		21.78			10.12			(8.80	)		34.85			4.93

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		168			135			146			206			150
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) (%)		1.46			1.80			1.60			1.40			1.85
Portfolio turnover rate (%)(c)		41			44			38			39			47

(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.

58 | DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of August 31, 2024, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers FTSE Developed ex US Multifactor ETF

Xtrackers MSCI Kokusai Equity ETF

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Xtrackers Russell US Multifactor ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA

(“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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


Fund		Underlying Index
Xtrackers FTSE Developed ex US Multifactor ETF		FTSE Developed ex US Comprehensive Factor Index
Xtrackers MSCI Kokusai Equity ETF		MSCI Kokusai Index
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Russell 1000 2Qual/Val 5% Capped Factor Index
Xtrackers Russell US Multifactor ETF		Russell 1000 Comprehensive Factor Index

The FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually 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 index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced 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.

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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 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 Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

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

Each Fund is diversified. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 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.

Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

60 | DBX ETF Trust

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

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

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, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2024, the Funds did not incur any interest or penalties.

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As of August 31, 2024, 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	$	875,475	$	(23,195,529)	$	6,396,308	$	(15,923,746)
Xtrackers MSCI Kokusai Equity ETF		2,226,025		(9,753,062)		147,829,147		140,302,110
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		199,081		(3,382,286)		6,431,511		3,248,306
Xtrackers Russell US Multifactor ETF		487,798		(37,491,218)		28,619,355		(8,384,065)

*	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, 2024 and August 31, 2023 were as follows:


		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

		Year Ended August 31, 2023
		Ordinary Income^*
Xtrackers FTSE Developed ex US Multifactor ETF		$ 2,130,476
Xtrackers MSCI Kokusai Equity ETF		10,244,127
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		210,231
Xtrackers Russell US Multifactor ETF		2,664,258

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2024, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	11,807,001	$	11,388,528	$	23,195,529
Xtrackers MSCI Kokusai Equity ETF		2,020,274		7,731,703		9,751,977
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		44,561		3,337,725		3,382,286
Xtrackers Russell US Multifactor ETF		23,764,175		13,726,606		37,490,781

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, 2024, the Funds had no post-October capital losses.

For the fiscal year ended August 31, 2024, 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 FTSE Developed ex US Multifactor ETF	$	(4,024,742)	$	4,024,742
Xtrackers MSCI Kokusai Equity ETF		(9,804,928)		9,804,928
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(9,506,197)		9,506,197
Xtrackers Russell US Multifactor ETF		(15,775,471)		15,775,471

As of August 31, 2024, 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:

62 | DBX ETF Trust


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers FTSE Developed ex US Multifactor ETF	$	49,366,581	$	6,389,690	$	8,347,129	$	(1,957,439)
Xtrackers MSCI Kokusai Equity ETF		453,889,065		147,813,253		177,876,201		(30,062,948)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		61,781,805		6,431,511		7,715,677		(1,284,166)
Xtrackers Russell US Multifactor ETF		138,942,576		28,619,355		30,939,451		(2,320,096)

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, 2024, 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. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Funds. Effective September 27, 2023, 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, 2024, 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, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of August 31, 2024, 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, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers FTSE Developed ex US Multifactor ETF
Common Stocks	$	302,690	$	—	$	—	$	—	$	302,690
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	302,690
Xtrackers MSCI Kokusai Equity ETF

DBX ETF Trust | 63


Common Stocks	$	213,692	$	—	$	—	$	—	$	213,692
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	213,692
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Common Stocks	$	34,277	$	—	$	—	$	—	$	34,277
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	34,277
Xtrackers Russell US Multifactor ETF
Common Stocks	$	285,484	$	—	$	—	$	—	$	285,484
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	285,484

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, 2024, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of August 31, 2024 is included in a table following the Funds’ Schedule of Investments.

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The following tables summarize the value of the Funds’ derivative instruments held as of August 31, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives
Xtrackers FTSE Developed ex US Multifactor ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	12,334	Unrealized depreciation on futures contracts^*	$	185
	Total	$	12,334	Total	$	185

Xtrackers MSCI Kokusai Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	83,821	Unrealized depreciation on futures contracts^*	$	—
	Total	$	83,821	Total	$	—

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	3,245	Unrealized depreciation on futures contracts^*	$	—
	Total	$	3,245	Total	$	—

Xtrackers Russell US Multifactor ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	32,292	Unrealized depreciation on futures contracts^*	$	—
	Total	$	32,292	Total	$	—

Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund’s Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended August 31, 2024 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	$	48,894
Xtrackers MSCI Kokusai Equity ETF		457,459
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		8,770
Xtrackers Russell US Multifactor ETF		56,402

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts – Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	15,395
Xtrackers MSCI Kokusai Equity ETF		57,825
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		3,245
Xtrackers Russell US Multifactor ETF		25,906

For the year ended August 31, 2024 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Multifactor ETF	$	371,580
Xtrackers MSCI Kokusai Equity ETF		2,602,403
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		65,977
Xtrackers Russell US Multifactor ETF		445,165

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.

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3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee from each Fund based on each Fund’s average daily net assets (through August 12, 2024 for the Xtrackers FTSE Developed ex US Multifactor ETF), computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee
Xtrackers FTSE Developed ex US Multifactor ETF		0.35	%
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	%

Effective August 13, 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 FTSE Developed ex US Multifactor ETF		0.24	%

The Advisor for Xtrackers FTSE Developed ex US Multifactor ETF had contractually agreed, until August 12, 2024, to waive a portion of its unitary advisory fee 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 0.24% of the Fund’s average daily net assets. For the year ended August 31, 2024, the Advisor waived $58,901 of expenses to the Fund.

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, 2024, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers FTSE Developed ex US Multifactor ETF	$	101
Xtrackers MSCI Kokusai Equity ETF		1,517
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		88
Xtrackers Russell US Multifactor ETF		459

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

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

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

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

66 | DBX ETF Trust

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the year ended August 31, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Securities Lending Agent Fees
Xtrackers FTSE Developed ex US Multifactor ETF	$	26
Xtrackers MSCI Kokusai Equity ETF		685
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		2
Xtrackers Russell US Multifactor ETF		272

4. Investment Portfolio Transactions

For the year ended August 31, 2024, 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	$	31,851,546	$	28,649,140
Xtrackers MSCI Kokusai Equity ETF		14,341,679		13,953,389
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		13,276,672		13,485,407
Xtrackers Russell US Multifactor ETF		60,442,859		61,029,489

For the year ended August 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	4,242,860	$	19,130,915
Xtrackers MSCI Kokusai Equity ETF		—		31,711,812
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		62,125,156		36,179,686
Xtrackers Russell US Multifactor ETF		48,689,995		43,892,587

5. Fund Share Transactions

As of August 31, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

DBX ETF Trust | 67

6. Payments by Affiliates

During the year ended August 31, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.


DBX Advisors LLC	Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	343
Xtrackers MSCI Kokusai Equity ETF		1,668
Xtrackers Russell US Multifactor ETF		333

Deutsche Bank AG	Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	172
Xtrackers MSCI Kokusai Equity ETF		834
Xtrackers Russell US Multifactor ETF		167

68 | 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, 2024, 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 (four of the funds constituting DBX ETF Trust) at August 31, 2024, 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 FTSE Developed ex US Multifactor ETF Xtrackers Russell US Multifactor ETF Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
Xtrackers MSCI Kokusai Equity ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the four years in the period ended August 31, 2024 and the period from April 8, 2020 (commencement of operations) through August 31, 2020

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

DBX ETF Trust | 69

Report of Independent Registered Public Accounting Firm (Continued)

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 24, 2024

70 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

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

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 February 14-15, 2024 (the “February Meeting”), the Trustees, all of whom are the 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 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF (each a “Fund,” and collectively, the “Funds”). In addition, after discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 8, 2024 (the “May Meeting”), the Trustees unanimously approved the continuance of the Investment Advisory Agreements for each Fund for a new annual period ending on May 31, 2025. The Independent Trustees were advised throughout the review and Meetings 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 February Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the 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) 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 February 14, 2024 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 February Meeting and May Meeting including confirmation at the May Meeting from the Advisor that there had been no material changes to the information presented to the Board in connection with the approval of the Investment Advisory Agreement at the February Meeting.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect 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

DBX ETF Trust | 71

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

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 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. 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 onsite 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 also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Funds had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of their respective Peer Groups:

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Xtrackers Russell US Multifactor ETF

The Board considered, however, the following additional factors in connection with those Funds:

The advisory fees and total expenses for each of Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF were almost equivalent to the average of its respective Peer Group.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (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.

72 | DBX ETF Trust

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

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.

Economies of Scale. The Board considered that certain Funds 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 very 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.

DBX ETF Trust | 73

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, 2024.


	Qualified Dividend Income^*	Dividends Received Reduction^*
Xtrackers FTSE Developed ex US Multifactor ETF	79%	—%
Xtrackers MSCI Kokusai Equity ETF	100%	52%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	100%	100%
Xtrackers Russell US Multifactor ETF	100%	97%

*	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

1,951,671

194,746

74 | DBX ETF Trust

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		25

Xtrackers Short Duration High Yield Bond ETF		27

Xtrackers USD High Yield BB-B ex Financials ETF		41

Xtrackers USD High Yield Corporate Bond ETF		66

Statements of Assets and Liabilities		86

Statements of Operations		88

Statements of Changes in Net Assets		90

Financial Highlights		93

Notes to Financial Statements		99

Report of Independent Registered Public Accounting Firm		109

Board Considerations in Approval of Investment Advisory Contracts		111

Tax Information		114
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, 2024


	Principal Amount $		Value $

CORPORATE BONDS — 97.5%
Basic Materials — 5.0%
Chemicals — 2.1%
ASP Unifrax Holdings, Inc.
144A,5.25%, 9/30/28		21,000		10,889
144A,7.50%, 9/30/29		10,000		5,015
Chemours Co.
5.375%, 5/15/27		13,000		12,643
144A,5.75%, 11/15/28		19,000		17,826
144A,4.625%, 11/15/29		18,000		15,853
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		8,000		6,497
144A,12.00%, 2/15/31		17,000		16,753
INEOS Finance PLC
144A,6.75%, 5/15/28		15,000		15,123
144A,7.50%, 4/15/29		14,000		14,507
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29		7,000		7,559
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		29,000		28,657
144A,8.50%, 11/15/28		10,000		10,674
144A,4.25%, 5/15/29		13,000		11,872
144A,9.00%, 2/15/30		16,000		17,206
SCIH Salt Holdings, Inc.,144A,6.625%, 5/1/29		19,000		18,201
Tronox, Inc.,144A,4.625%, 3/15/29		27,000		24,632
WR Grace Holdings LLC,144A,5.625%, 8/15/29		27,000		25,060

(Cost $278,824)				258,967
Forest Products & Paper — 0.1%
Mercer International, Inc.,5.125%, 2/1/29

(Cost $22,799)		24,000		19,644

Iron/Steel — 1.2%
ATI, Inc.,7.25%, 8/15/30		10,000		10,655
Cleveland-Cliffs, Inc.
144A,6.75%, 4/15/30		20,000		20,302
144A,7.00%, 3/15/32 (a)		33,000		33,182
Mineral Resources Ltd.
144A,8.125%, 5/1/27		18,000		18,169
144A,8.00%, 11/1/27		18,000		18,303
144A,9.25%, 10/1/28		30,000		31,731
144A,8.50%, 5/1/30		16,000		16,652

(Cost $146,131)				148,994

Mining — 1.6%
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		8,000		8,611


	Principal Amount $		Value $

144A,11.50%, 10/1/31		21,000		23,777
First Quantum Minerals Ltd.
144A,6.875%, 10/15/27		39,000		38,715
144A,9.375%, 3/1/29		38,000		40,480
144A,8.625%, 6/1/31		31,000		31,026
Hudbay Minerals, Inc.,144A,6.125%, 4/1/29		15,000		15,154
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		15,000		14,261
144A,4.50%, 6/1/31		14,000		12,595
Vedanta Resources Finance II PLC,144A,9.25%, 4/23/26		15,000		14,892

(Cost $196,276)				199,511

Communications — 26.3%
Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		32,000		31,287
144A,7.75%, 4/15/28		25,000		21,814
144A,9.00%, 9/15/28 (a)		25,000		26,597
144A,7.50%, 6/1/29		27,000		22,787
144A,7.875%, 4/1/30		17,000		17,776
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,4.25%, 1/15/29		17,000		16,061
144A,4.625%, 3/15/30		13,000		12,199
Stagwell Global LLC,144A,5.625%, 8/15/29		28,000		26,568

(Cost $176,439)				175,089

Internet — 1.0%
Cogent Communications Group LLC,144A,7.00%, 6/15/27		10,000		10,131
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		11,000		10,937
Rakuten Group, Inc.
144A,11.25%, 2/15/27		45,000		48,921
144A,9.75%, 4/15/29		50,000		53,931

(Cost $118,304)				123,920

Media — 14.8%
AMC Networks, Inc.
144A,10.25%, 1/15/29		18,000		18,106
4.25%, 2/15/29 (a)		26,000		18,465
Cable One, Inc.,144A,4.00%, 11/15/30		15,000		11,526
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.125%, 5/1/27		55,000		53,948
144A,5.00%, 2/1/28		66,000		63,649
144A,5.375%, 6/1/29		30,000		28,485
144A,6.375%, 9/1/29		20,000		19,771
144A,4.75%, 3/1/30		50,000		45,622

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,4.50%, 8/15/30		55,000		49,101
144A,4.25%, 2/1/31		52,000		45,164
144A,7.375%, 3/1/31 (a)		20,000		20,370
144A,4.75%, 2/1/32		17,000		14,828
4.50%, 5/1/32		48,000		41,031
144A,4.50%, 6/1/33		28,000		23,433
144A,4.25%, 1/15/34		35,000		28,255
CSC Holdings LLC
144A,5.50%, 4/15/27		33,000		27,051
144A,5.375%, 2/1/28		22,000		16,939
144A,7.50%, 4/1/28		25,000		12,935
144A,11.25%, 5/15/28		18,000		16,014
144A,11.75%, 1/31/29		49,000		43,298
144A,6.50%, 2/1/29		43,000		32,499
144A,5.75%, 1/15/30		58,000		23,216
144A,4.125%, 12/1/30		31,000		20,475
144A,4.625%, 12/1/30		59,000		23,127
144A,3.375%, 2/15/31		27,000		17,463
144A,4.50%, 11/15/31		36,000		23,978
144A,5.00%, 11/15/31		14,000		5,284
Directv Financing LLC,144A,8.875%, 2/1/30		20,000		20,311
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		85,000		82,388
DISH DBS Corp.
7.75%, 7/1/26		46,000		30,994
144A,5.25%, 12/1/26		66,000		56,661
7.375%, 7/1/28		23,000		11,860
144A,5.75%, 12/1/28		64,000		49,362
5.125%, 6/1/29		36,000		16,429
DISH Network Corp.,144A,11.75%, 11/15/27		89,000		90,570
Gray Escrow II, Inc.,144A,5.375%, 11/15/31		31,000		17,783
Gray Television, Inc.
144A,7.00%, 5/15/27 (a)		20,000		19,309
144A,10.50%, 7/15/29		30,000		30,819
144A,4.75%, 10/15/30		20,000		11,408
iHeartCommunications, Inc.
6.375%, 5/1/26 (a)		22,000		18,499
8.375%, 5/1/27		23,000		10,495
144A,5.25%, 8/15/27		19,000		11,904
144A,4.75%, 1/15/28 (a)		11,000		6,322
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		30,000		27,459
144A,5.125%, 7/15/29 (a)		20,000		16,173
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		23,000		22,566
144A,8.00%, 8/1/29		16,000		15,949


	Principal Amount $		Value $

144A,7.375%, 9/1/31		10,000		10,335
Nexstar Media, Inc.
144A,5.625%, 7/15/27		43,000		42,057
144A,4.75%, 11/1/28 (a)		22,000		20,579
Radiate Holdco LLC / Radiate Finance, Inc.
144A,4.50%, 9/15/26		18,000		14,281
144A,6.50%, 9/15/28		26,000		14,013
Sinclair Television Group, Inc.
144A,5.50%, 3/1/30 (a)		10,000		5,984
144A,4.125%, 12/1/30 (a)		19,000		13,425
Sirius XM Radio, Inc.
144A,5.50%, 7/1/29		33,000		32,147
144A,4.125%, 7/1/30		40,000		35,942
144A,3.875%, 9/1/31		36,000		30,926
Sunrise FinCo I BV,144A,4.875%, 7/15/31		30,000		27,947
TEGNA, Inc.
4.625%, 3/15/28		26,000		24,535
5.00%, 9/15/29		30,000		27,887
Univision Communications, Inc.
144A,6.625%, 6/1/27		34,000		33,684
144A,8.00%, 8/15/28		40,000		40,502
144A,4.50%, 5/1/29		30,000		26,361
144A,7.375%, 6/30/30		21,000		20,171
144A,8.50%, 7/31/31		10,000		9,987
Virgin Media Finance PLC,144A,5.00%, 7/15/30		23,000		19,958
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		36,000		34,152
144A,4.50%, 8/15/30		23,000		20,331
VTR Finance NV,144A,6.375%, 7/15/28		13,000		11,968
Ziggo Bond Co. BV,144A,5.125%, 2/28/30 (a)		13,000		11,748
Ziggo BV,144A,4.875%, 1/15/30		27,000		25,207

(Cost $2,077,520)				1,865,421

Telecommunications — 9.1%
Altice Financing SA
144A,5.00%, 1/15/28		32,000		25,742
144A,5.75%, 8/15/29		50,000		38,573
Altice France Holding SA
144A,10.50%, 5/15/27		40,000		15,869
144A,6.00%, 2/15/28		27,000		8,863
Altice France SA
144A,8.125%, 2/1/27		44,000		35,438
144A,5.50%, 1/15/28		29,000		20,673
144A,5.125%, 1/15/29		13,000		9,042
144A,5.125%, 7/15/29		63,000		44,032
144A,5.50%, 10/15/29		45,000		31,276

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

C&W Senior Finance Ltd.,144A,6.875%, 9/15/27		33,000		32,523
CommScope LLC
144A,6.00%, 3/1/26		38,000		36,623
144A,8.25%, 3/1/27		22,000		18,407
144A,7.125%, 7/1/28		17,000		12,542
144A,4.75%, 9/1/29		27,000		21,803
CommScope Technologies LLC,144A,5.00%, 3/15/27		19,000		14,566
Connect Finco SARL / Connect US Finco LLC,144A,6.75%, 10/1/26		40,000		39,714
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		11,000		9,654
144A,6.50%, 10/1/28		15,000		13,766
CT Trust,144A,5.125%, 2/3/32		18,000		16,191
Frontier Communications Holdings LLC
144A,6.75%, 5/1/29 (a)		25,000		24,137
5.875%, 11/1/29 (a)		20,000		18,421
144A,6.00%, 1/15/30 (a)		25,000		23,085
144A,8.75%, 5/15/30		30,000		31,631
144A,8.625%, 3/15/31		15,000		15,887
Hughes Satellite Systems Corp.
5.25%, 8/1/26 (a)		23,000		19,252
6.625%, 8/1/26 (a)		19,000		10,265
Iliad Holding SASU
144A,7.00%, 10/15/28		23,000		23,363
144A,8.50%, 4/15/31		21,000		22,276
Intelsat Jackson Holdings
SA,144A,6.50%, 3/15/30		70,000		67,389
Level 3 Financing, Inc.
144A,4.25%, 7/1/28		22,000		15,567
144A,10.50%, 4/15/29		18,000		19,385
144A,4.875%, 6/15/29		15,000		11,738
144A,11.00%, 11/15/29		40,000		43,902
144A,4.50%, 4/1/30		15,000		11,070
144A,10.50%, 5/15/30		26,000		27,988
144A,3.875%, 10/15/30		2,000		1,371
144A,10.75%, 12/15/30		17,000		18,394
144A,4.00%, 4/15/31		15,000		10,125
Lumen Technologies, Inc.
144A,4.50%, 1/15/29		12,000		6,819
144A,4.125%, 4/15/30 (a)		15,000		11,268
Millicom International Cellular SA
144A,6.25%, 3/25/29		9,000		8,911
144A,4.50%, 4/27/31 (a)		22,000		19,625
144A,7.375%, 4/2/32		12,000		12,165


	Principal Amount $		Value $

Optics Bidco SpA
144A,Series 2036, 7.20%, 7/18/36		12,000		12,664
144A,Series 2038, 7.721%, 6/4/38		14,000		15,195
Sable International Finance Ltd.,144A,5.75%, 9/7/27		12,000		11,883
VEON Holdings BV,144A,3.375%, 11/25/27		30,000		25,200
Viasat, Inc.
144A,5.625%, 9/15/25		18,000		17,839
144A,5.625%, 4/15/27		16,000		15,200
144A,6.50%, 7/15/28 (a)		10,000		8,354
144A,7.50%, 5/30/31 (a)		17,000		13,024
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28		37,000		36,156
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27 (a)		34,000		29,715
144A,6.125%, 3/1/28		28,000		21,675
Zegona Finance PLC,144A,8.625%, 7/15/29		20,000		20,814

(Cost $1,265,274)				1,147,050

Consumer, Cyclical — 15.0%
Airlines — 1.1%
American Airlines, Inc.
144A,7.25%, 2/15/28 (a)		25,000		25,179
144A,8.50%, 5/15/29		20,000		20,806
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,144A,11.00%, 4/15/29		24,000		24,449
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A,8.00%, 9/20/25 (a)		14,000		8,753
144A,8.00%, 9/20/25 (a)		13,000		8,127
United Airlines, Inc.,144A,4.625%, 4/15/29		49,000		46,676

(Cost $141,579)				133,990

Apparel — 0.3%
Hanesbrands, Inc.
144A,4.875%, 5/15/26		21,000		20,875
144A,9.00%, 2/15/31 (a)		15,000		16,141

(Cost $35,308)				37,016

Auto Manufacturers — 0.2%
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29

(Cost $25,241)		25,000		25,529

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Auto Parts & Equipment — 1.6%
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		10,000		10,059
6.875%, 7/1/28		5,000		5,029
5.00%, 10/1/29		15,000		13,969
Dana, Inc.
5.375%, 11/15/27		10,000		9,933
5.625%, 6/15/28		10,000		9,865
4.25%, 9/1/30		11,000		9,919
Goodyear Tire & Rubber Co.
5.00%, 7/15/29 (a)		17,000		15,804
5.25%, 4/30/31		14,000		12,696
5.25%, 7/15/31 (a)		16,000		14,527
5.625%, 4/30/33 (a)		11,000		9,697
Tenneco, Inc.,144A,8.00%, 11/17/28		49,000		45,858
ZF North America Capital, Inc.
144A,6.75%, 4/23/30		20,000		20,575
144A,6.875%, 4/23/32		19,000		19,755

(Cost $197,278)				197,686

Entertainment — 2.1%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		17,000		17,713
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 (a)		22,000		16,046
Banijay Entertainment SAS,144A,8.125%, 5/1/29		10,000		10,409
Caesars Entertainment, Inc.,144A,4.625%, 10/15/29 (a)		30,000		28,396
Cinemark USA, Inc.
144A,5.25%, 7/15/28 (a)		20,000		19,664
144A,7.00%, 8/1/32		12,000		12,464
Light & Wonder International, Inc.
144A,7.25%, 11/15/29		11,000		11,405
144A,7.50%, 9/1/31		14,000		14,751
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		9,000		8,972
Mohegan Tribal Gaming Authority,144A,8.00%, 2/1/26		29,000		28,141
Motion Bondco DAC,144A,6.625%, 11/15/27		10,000		9,469
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		10,000		9,842
144A,4.125%, 7/1/29 (a)		10,000		8,963
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A,5.625%, 9/1/29 (a)		19,000		14,180
144A,5.875%, 9/1/31		19,000		13,197


	Principal Amount $		Value $

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		20,000		19,581
144A,7.125%, 2/15/31		24,000		25,487

(Cost $281,759)				268,680

Food Service — 0.2%
TKC Holdings, Inc.
144A,6.875%, 5/15/28		11,000		10,960
144A,10.50%, 5/15/29		16,000		15,976

(Cost $26,044)				26,936

Home Builders — 0.3%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30		10,000		9,420
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		12,000		11,979
144A,4.875%, 2/15/30		15,000		13,996

(Cost $35,778)				35,395

Home Furnishings — 0.1%
Tempur Sealy International, Inc.,144A,3.875%, 10/15/31

(Cost $21,039)		21,000		18,489

Housewares — 0.8%
Newell Brands, Inc.
5.70%, 4/1/26		49,000		48,878
6.375%, 9/15/27 (a)		15,000		15,118
6.625%, 9/15/29		12,000		12,004
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)		10,000		9,482
4.00%, 4/1/31		11,000		9,866
4.375%, 2/1/32		10,000		8,996

(Cost $100,844)				104,344

Leisure Time — 2.4%
Carnival Corp.
144A,5.75%, 3/1/27		69,000		69,272
144A,6.00%, 5/1/29 (a)		53,000		53,273
144A,10.50%, 6/1/30		24,000		26,067
NCL Corp. Ltd.
144A,5.875%, 3/15/26		40,000		40,003
144A,8.125%, 1/15/29		18,000		19,266
144A,7.75%, 2/15/29 (a)		17,000		18,153
Sabre GLBL, Inc.
144A,8.625%, 6/1/27		25,000		24,050
144A,11.25%, 12/15/27 (a)		14,000		14,189
Viking Cruises Ltd.
144A,7.00%, 2/15/29		13,000		13,178

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,9.125%, 7/15/31		17,000		18,663

(Cost $278,939)				296,114

Lodging — 1.9%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,5.00%, 6/1/29		20,000		18,924
144A,6.625%, 1/15/32		18,000		18,230
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29		13,000		12,103
Melco Resorts Finance Ltd.
144A,5.25%, 4/26/26		10,000		9,785
144A,5.625%, 7/17/27		16,000		15,426
144A,5.75%, 7/21/28		23,000		21,950
144A,5.375%, 12/4/29		29,000		26,563
144A,7.625%, 4/17/32		10,000		10,029
MGM Resorts International,6.50%, 4/15/32		19,000		19,150
Station Casinos LLC
144A,4.625%, 12/1/31		13,000		12,076
144A,6.625%, 3/15/32		10,000		10,207
Studio City Finance Ltd.
144A,6.50%, 1/15/28		15,000		14,448
144A,5.00%, 1/15/29		32,000		28,612
Travel + Leisure Co.,144A,4.50%, 12/1/29		17,000		15,863

(Cost $234,444)				233,366

Retail — 4.0%
Asbury Automotive Group, Inc.,144A,5.00%, 2/15/32		16,000		15,082
Bath & Body Works, Inc.
7.50%, 6/15/29 (a)		9,000		9,338
144A,6.625%, 10/1/30		25,000		25,333
eG Global Finance PLC,144A,12.00%, 11/30/28		30,000		32,758
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.875%, 4/1/29		19,000		17,829
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		25,000		23,405
144A,6.75%, 1/15/30		28,000		25,214
FirstCash, Inc.,144A,6.875%, 3/1/32		14,000		14,400
Gap, Inc.
144A,3.625%, 10/1/29		19,000		17,044
144A,3.875%, 10/1/31		19,000		16,431
Kohl’s Corp.,4.625%, 5/1/31		13,000		10,756
Macy’s Retail Holdings LLC
144A,5.875%, 4/1/29		15,000		14,720
144A,5.875%, 3/15/30		13,000		12,618


	Principal Amount $		Value $

144A,6.125%, 3/15/32		11,000		10,532
Michaels Cos., Inc.
144A,5.25%, 5/1/28		23,000		18,083
144A,7.875%, 5/1/29		28,000		16,672
NMG Holding Co, Inc. / Neiman Marcus Group LLC,144A,7.125%, 4/1/26		27,000		27,357
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		25,000		23,941
144A,7.75%, 2/15/29		31,000		30,578
QVC, Inc.
4.75%, 2/15/27		15,000		13,155
4.375%, 9/1/28		13,000		9,797
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		17,000		15,906
144A,4.875%, 11/15/31		13,000		11,914
Staples, Inc.,144A,10.75%, 9/1/29		58,000		54,703
Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31		17,000		15,613
Walgreens Boots Alliance, Inc.
8.125%, 8/15/29		5,000		5,013
3.20%, 4/15/30		20,000		16,117

(Cost $521,281)				504,309

Consumer, Non-cyclical — 12.5%
Agriculture — 0.2%
Vector Group Ltd.,144A,5.75%, 2/1/29

(Cost $21,554)		22,000		22,322

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

(Cost $18,991)		19,000		18,057

Commercial Services — 3.3%
Albion Financing 2 SARL,144A,8.75%, 4/15/27		15,000		15,349
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		42,000		42,678
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,9.75%, 7/15/27		28,000		28,118
144A,6.00%, 6/1/29 (a)		25,000		22,273
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		36,000		33,427
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		10,000		9,803

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,4.75%, 4/1/28		15,000		13,925
144A,5.375%, 3/1/29 (a)		10,000		9,172
144A,8.00%, 2/15/31 (a)		15,000		14,928
Brink’s Co.,144A,6.75%, 6/15/32		10,000		10,410
Garda World Security Corp.
144A,4.625%, 2/15/27		14,000		13,664
144A,9.50%, 11/1/27		15,000		15,149
144A,6.00%, 6/1/29		12,000		11,364
144A,8.25%, 8/1/32		14,000		14,240
Hertz Corp.
144A,4.625%, 12/1/26 (a)		13,000		10,217
144A,12.625%, 7/15/29 (a)		20,000		21,321
144A,5.00%, 12/1/29		24,000		16,220
Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,6.25%, 1/15/28		35,000		34,898
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		25,000		24,789
144A,10.875%, 8/1/29		12,000		11,755
Sotheby’s,144A,7.375%, 10/15/27		20,000		19,199
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		28,000		29,358

(Cost $431,388)				422,257

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

(Cost $12,960)		13,000		12,333

Food — 1.2%
B&G Foods, Inc.
5.25%, 9/15/27 (a)		14,000		13,258
144A,8.00%, 9/15/28		20,000		20,818
Post Holdings, Inc.
144A,5.50%, 12/15/29		32,000		31,521
144A,4.625%, 4/15/30		32,000		30,434
144A,4.50%, 9/15/31		28,000		26,072
144A,6.375%, 3/1/33		25,000		25,245

(Cost $150,862)				147,348

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

(Cost $35,209)		35,000		36,801

Healthcare-Services — 4.1%
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		50,000		48,434
144A,8.00%, 12/15/27		24,000		24,065


	Principal Amount $		Value $

144A,6.875%, 4/1/28		19,000		15,012
144A,6.00%, 1/15/29		13,000		12,362
144A,6.875%, 4/15/29		35,000		30,155
144A,6.125%, 4/1/30		34,000		26,954
144A,5.25%, 5/15/30		41,000		36,792
144A,4.75%, 2/15/31		28,000		23,912
144A,10.875%, 1/15/32		32,000		34,681
DaVita, Inc.
144A,4.625%, 6/1/30		69,000		65,105
144A,6.875%, 9/1/32		20,000		20,474
LifePoint Health, Inc.
144A,5.375%, 1/15/29		13,000		12,148
144A,9.875%, 8/15/30		18,000		19,763
144A,11.00%, 10/15/30		30,000		33,847
144A,10.00%, 6/1/32		18,000		19,558
MPH Acquisition Holdings LLC
144A,5.50%, 9/1/28		28,000		20,668
144A,5.75%, 11/1/28 (a)		23,000		10,230
Radiology Partners, Inc.,144A,4.275% Cash 3.50% PIK, PIK, 1/31/29		18,197		17,515
Star Parent, Inc.,144A,9.00%, 10/1/30		26,000		27,788
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		20,000		20,485

(Cost $547,398)				519,948

Household Products/Wares — 0.1%
Central Garden & Pet Co.,144A,4.125%, 4/30/31

(Cost $9,975)		10,000		9,071

Pharmaceuticals — 3.1%
AdaptHealth LLC
144A,4.625%, 8/1/29		13,000		11,876
144A,5.125%, 3/1/30 (a)		16,000		14,641
Bausch Health Americas, Inc.
144A,9.25%, 4/1/26		17,000		15,410
144A,8.50%, 1/31/27		15,000		11,176
Bausch Health Cos., Inc.
144A,5.50%, 11/1/25		43,000		41,441
144A,9.00%, 12/15/25		11,000		10,197
144A,6.125%, 2/1/27		26,000		22,227
144A,5.75%, 8/15/27		13,000		10,544
144A,5.00%, 1/30/28		12,000		6,811
144A,4.875%, 6/1/28		40,000		29,927
144A,11.00%, 9/30/28		42,000		38,535
144A,5.00%, 2/15/29		12,000		6,254
144A,6.25%, 2/15/29 (a)		19,000		10,094
144A,5.25%, 1/30/30		19,000		9,524

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,5.25%, 2/15/31		11,000		5,555
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		13,000		12,498
Grifols SA,144A,4.75%, 10/15/28		19,000		18,065
HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		20,000		20,017
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29		16,000		10,120
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,5.125%, 4/30/31		47,000		44,058
144A,7.875%, 5/15/34		12,000		12,659
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		11,000		10,021
144A,6.625%, 4/1/30 (a)		16,000		15,498

(Cost $429,788)				387,148

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG,144A,10.50%, 5/15/28

(Cost $15,217)		15,000		15,989

Energy — 14.3%
Energy-Alternate Sources — 0.3%
Sunnova Energy Corp.,144A,11.75%, 10/1/28		10,000		9,294
TerraForm Power Operating LLC
144A,5.00%, 1/31/28		15,000		14,729
144A,4.75%, 1/15/30		15,000		14,177

(Cost $36,834)				38,200

Oil & Gas — 6.2%
Baytex Energy Corp.
144A,8.50%, 4/30/30		20,000		21,331
144A,7.375%, 3/15/32		15,000		15,547
California Resources Corp.,144A,8.25%, 6/15/29		15,000		15,484
Civitas Resources, Inc.
144A,8.375%, 7/1/28		35,000		36,943
144A,8.625%, 11/1/30		25,000		27,194
144A,8.75%, 7/1/31		32,000		34,574
CNX Resources
Corp.,144A,7.25%, 3/1/32		10,000		10,478
Comstock Resources, Inc.
144A,6.75%, 3/1/29		32,000		31,502
144A,6.75%, 3/1/29		8,000		7,863
144A,5.875%, 1/15/30		23,000		21,760
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		22,000		23,342


	Principal Amount $		Value $

144A,7.625%, 4/1/32		18,000		18,576
144A,7.375%, 1/15/33		18,000		18,477
CVR Energy, Inc.
144A,5.75%, 2/15/28		11,000		10,428
144A,8.50%, 1/15/29		14,000		14,276
Encino Acquisition Partners Holdings LLC
144A,8.50%, 5/1/28		17,000		17,580
144A,8.75%, 5/1/31		13,000		13,820
Energean PLC,144A,6.50%, 4/30/27		16,000		15,817
Kosmos Energy Ltd.
144A,7.125%, 4/4/26		22,000		21,930
144A,7.75%, 5/1/27		14,000		13,855
144A,7.50%, 3/1/28		10,000		9,752
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		13,000		12,482
144A,REGS, 6.75%, 6/30/30		14,000		12,967
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		10,000		10,569
Nabors Industries, Inc.
144A,7.375%, 5/15/27		15,000		15,186
144A,9.125%, 1/31/30		15,000		16,086
144A,8.875%, 8/15/31 (a)		14,000		14,039
Noble Finance II LLC,144A,8.00%, 4/15/30		30,000		31,131
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		19,000		19,442
144A,8.75%, 6/15/31		15,000		16,041
Parkland Corp.
144A,4.625%, 5/1/30		21,000		19,657
144A,6.625%, 8/15/32		5,000		5,056
PBF Holding Co. LLC / PBF Finance Corp.,144A,7.875%, 9/15/30		15,000		15,610
Puma International Financing SA,144A,7.75%, 4/25/29		11,000		11,276
SM Energy Co.,144A,7.00%, 8/1/32		20,000		20,503
Sunoco LP,144A,7.25%, 5/1/32		18,000		19,050
Talos Production, Inc.
144A,9.00%, 2/1/29		15,000		15,948
144A,9.375%, 2/1/31		16,000		17,100
Transocean, Inc.
144A,8.00%, 2/1/27		15,000		15,008
144A,8.25%, 5/15/29		22,000		22,309
144A,8.50%, 5/15/31		25,000		25,388
Valaris Ltd.,144A,8.375%, 4/30/30		25,000		26,103
Vital Energy, Inc.,144A,7.875%, 4/15/32		25,000		25,614

(Cost $772,854)				787,094

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.25%, 4/1/28		21,000		21,106
144A,6.625%, 9/1/32		15,000		15,197
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		19,000		19,186
144A,7.125%, 3/15/29		25,000		25,700
Viridien,144A,8.75%, 4/1/27 (a)		12,000		11,524
Weatherford International Ltd.,144A,8.625%, 4/30/30		41,000		42,587

(Cost $133,749)				135,300
Pipelines — 6.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 1/15/28		17,000		17,018
144A,6.625%, 2/1/32		15,000		15,468
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		11,000		11,449
144A,7.25%, 7/15/32		15,000		15,743
Buckeye Partners LP
144A,4.50%, 3/1/28		13,000		12,472
144A,6.875%, 7/1/29		15,000		15,354
CQP Holdco LP / BIP-V Chinook Holdco LLC,144A,7.50%, 12/15/33		13,000		14,054
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		22,000		23,150
EQM Midstream Partners LP,144A,7.50%, 6/1/27		13,000		13,408
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		20,000		20,493
7.75%, 2/1/28		20,000		20,370
8.25%, 1/15/29		18,000		18,718
8.875%, 4/15/30		10,000		10,622
7.875%, 5/15/32		17,000		17,456
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		10,000		10,102
144A,8.25%, 1/15/32		10,000		10,404
Harvest Midstream I LP
144A,7.50%, 9/1/28		20,000		20,527
144A,7.50%, 5/15/32		13,000		13,675
Howard Midstream Energy Partners LLC
144A,8.875%, 7/15/28		15,000		16,003
144A,7.375%, 7/15/32		15,000		15,540


	Principal Amount $		Value $

ITT Holdings LLC,144A,6.50%, 8/1/29		32,000		30,200
New Fortress Energy, Inc.
144A,6.75%, 9/15/25		22,000		21,467
144A,6.50%, 9/30/26		38,000		32,925
144A,8.75%, 3/15/29 (a)		19,000		15,939
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		15,000		15,353
144A,8.375%, 2/15/32		33,000		33,992
Northriver Midstream Finance LP,144A,6.75%, 7/15/32		13,000		13,431
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		11,000		10,978
144A,5.50%, 1/15/28		15,000		14,484
144A,7.375%, 2/15/29		20,000		20,459
144A,6.00%, 12/31/30		19,000		18,131
144A,6.00%, 9/1/31		14,000		13,277
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		47,000		49,256
144A,9.50%, 2/1/29		78,000		87,950
144A,7.00%, 1/15/30		38,000		38,879
144A,8.375%, 6/1/31		55,000		58,433
144A,9.875%, 2/1/32		46,000		51,135

(Cost $824,073)				838,315

Financial — 12.2%
Banks — 0.5%
Freedom Mortgage Corp.
144A,7.625%, 5/1/26		15,000		15,076
144A,6.625%, 1/15/27		14,000		13,843
144A,12.00%, 10/1/28		18,000		19,613
144A,12.25%, 10/1/30		13,000		14,437

(Cost $58,338)				62,969
Diversified Financial Services — 4.5%
AG Issuer LLC,144A,6.25%, 3/1/28		10,000		9,775
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27		15,000		15,561
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		25,000		26,994
Burford Capital Global Finance LLC,144A,9.25%, 7/1/31		18,000		19,268
Coinbase Global, Inc.
144A,3.375%, 10/1/28		26,000		22,843
144A,3.625%, 10/1/31		15,000		12,373
Credit Acceptance Corp.,144A,9.25%, 12/15/28		15,000		16,143
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		12,000		12,789

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,8.50%, 5/15/30		13,000		13,614
Enova International, Inc.
144A,11.25%, 12/15/28		10,000		10,766
144A,9.125%, 8/1/29		10,000		10,161
goeasy Ltd.
144A,9.25%, 12/1/28		10,000		10,763
144A,7.625%, 7/1/29		17,000		17,546
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28		26,000		24,730
LD Holdings Group LLC,144A,6.125%, 4/1/28		16,000		13,533
Nationstar Mortgage Holdings, Inc.
144A,5.125%, 12/15/30		19,000		18,053
144A,5.75%, 11/15/31		16,000		15,557
144A,7.125%, 2/1/32		20,000		20,736
Navient Corp.
4.875%, 3/15/28		13,000		12,385
5.50%, 3/15/29		22,000		20,912
9.375%, 7/25/30		11,000		11,949
11.50%, 3/15/31		11,000		12,358
OneMain Finance Corp.
3.875%, 9/15/28		15,000		13,828
9.00%, 1/15/29		22,000		23,404
5.375%, 11/15/29		22,000		21,176
7.875%, 3/15/30		18,000		18,841
4.00%, 9/15/30		22,000		19,489
7.50%, 5/15/31		15,000		15,494
7.125%, 11/15/31		15,000		15,160
Osaic Holdings, Inc.,144A,10.75%, 8/1/27		10,000		10,301
PennyMac Financial Services, Inc.
144A,7.125%, 11/15/30		16,000		16,268
144A,5.75%, 9/15/31		13,000		12,547
PRA Group, Inc.,144A,8.875%, 1/31/30		10,000		10,348
Synchrony Financial,7.25%, 2/2/33		20,000		20,638
United Wholesale Mortgage LLC,144A,5.50%, 4/15/29		19,000		18,545

(Cost $560,893)				564,848

Insurance — 1.5%
Acrisure LLC / Acrisure Finance, Inc.
144A,8.50%, 6/15/29		12,000		12,470
144A,6.00%, 8/1/29		13,000		12,427
144A,7.50%, 11/6/30		27,000		27,735
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A,6.75%, 10/15/27		33,000		32,883


	Principal Amount $		Value $

144A,5.875%, 11/1/29		12,000		11,714
AssuredPartners, Inc.
144A,5.625%, 1/15/29		14,000		13,427
144A,7.50%, 2/15/32		12,000		12,250
FWD Group Holdings Ltd.,144A,8.40%, 4/5/29		21,000		21,746
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC,144A,7.25%, 2/15/31		27,000		27,808
USI, Inc.,144A,7.50%, 1/15/32		15,000		15,731

(Cost $183,359)				188,191

Investment Companies — 0.3%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
144A,9.75%, 1/15/29		20,000		21,029
144A,9.00%, 6/15/30		15,000		15,189

(Cost $35,351)				36,218

Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		18,200		16,150
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp
144A,5.75%, 1/15/29 (a)		16,000		11,500
144A,5.25%, 4/15/30		9,000		6,282
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		10,000		10,152
144A,8.875%, 9/1/31		10,000		10,838
Kennedy-Wilson, Inc.
4.75%, 3/1/29		17,000		15,364
4.75%, 2/1/30		12,000		10,600
5.00%, 3/1/31		14,000		12,191

(Cost $100,679)				93,077

Real Estate Investment Trusts — 3.9%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		13,000		11,538
Brandywine Operating Partnership LP
3.95%, 11/15/27		15,000		14,123
8.875%, 4/12/29		8,000		8,701
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		13,000		12,980
144A,4.50%, 4/1/27		19,000		18,336
Diversified Healthcare Trust
4.75%, 2/15/28 (a)		13,000		11,437
4.375%, 3/1/31		13,000		9,965

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		15,000		13,687
Hudson Pacific Properties LP
3.95%, 11/1/27		8,000		7,116
4.65%, 4/1/29 (a)		15,000		12,417
3.25%, 1/15/30		10,000		7,399
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)		10,000		9,416
5.00%, 10/15/27 (a)		33,000		28,038
4.625%, 8/1/29 (a)		22,000		16,936
3.50%, 3/15/31		34,000		23,258
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		11,000		10,115
RHP Hotel Properties LP / RHP Finance Corp.,144A,6.50%, 4/1/32		25,000		25,766
Rithm Capital Corp.,144A,8.00%, 4/1/29		18,000		17,931
Service Properties Trust
4.75%, 10/1/26		15,000		14,357
4.95%, 2/15/27		7,000		6,497
5.50%, 12/15/27		11,000		10,359
3.95%, 1/15/28 (a)		7,000		5,956
8.375%, 6/15/29		17,000		16,852
4.95%, 10/1/29		11,000		8,527
4.375%, 2/15/30		10,000		7,398
144A,8.625%, 11/15/31		25,000		26,765
8.875%, 6/15/32		12,000		11,313
Starwood Property Trust, Inc.,144A,7.25%, 4/1/29		15,000		15,633
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		18,000		13,207
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		63,000		64,711
144A,4.75%, 4/15/28		15,000		13,209
144A,6.50%, 2/15/29		26,000		19,938

(Cost $503,480)				493,881

REITS — 0.1%
Office Properties Income Trust,144A,9.00%, 9/30/29

(Cost $10,356)		13,000		10,592


	Principal Amount $		Value $

Venture Capital — 0.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		30,000		29,857
5.25%, 5/15/27		40,000		38,692
4.375%, 2/1/29		18,000		15,810

(Cost $77,962)				84,359

Industrial — 5.7%
Building Materials — 0.7%
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		18,000		17,877
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		10,000		9,909
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		28,000		27,972
144A,8.875%, 11/15/31		30,000		32,235

(Cost $85,663)				87,993

Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		15,000		14,472
144A,4.375%, 3/31/29		16,000		15,059

(Cost $29,750)				29,531

Electronics — 0.4%
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		30,000		31,228
144A,8.625%, 5/15/32		13,000		13,611

(Cost $41,770)				44,839

Engineering & Construction — 0.7%
Aeropuertos Dominicanos Siglo XXI SA,144A,7.00%, 6/30/34		13,000		13,495
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		34,000		37,088
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		20,000		20,194
IHS Holding Ltd.
144A,5.625%, 11/29/26		7,000		6,803
144A,6.25%, 11/29/28		16,000		14,705

(Cost $88,478)				92,285

Environmental Control — 0.4%
Madison IAQ LLC,144A,5.875%, 6/30/29		24,000		22,892
Reworld Holding Corp.,5.00%, 9/1/30		11,000		10,086
Wrangler Holdco Corp., 144A,6.625%, 4/1/32		12,000		12,398

(Cost $44,588)				45,376

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Machinery-Diversified — 0.8%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		27,000		27,711
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		10,000		10,429
SPX FLOW, Inc.,144A,8.75%, 4/1/30		14,000		14,630
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28		10,000		10,024
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		39,000		38,423

(Cost $99,174)				101,217

Miscellaneous Manufacturing — 0.1%
Trinity Industries, Inc.,144A,7.75%, 7/15/28

(Cost $10,151)		10,000		10,485

Packaging & Containers — 2.0%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		15,000		15,009
144A,3.25%, 9/1/28		15,000		13,625
144A,4.00%, 9/1/29		23,000		19,880
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,4.125%, 8/15/26 (a)		30,000		25,912
144A,5.25%, 8/15/27 (a)		26,000		15,668
144A,5.25%, 8/15/27		20,000		12,052
Clydesdale Acquisition Holdings, Inc.,144A,6.875%, 1/15/30		10,000		10,049
LABL, Inc.
144A,6.75%, 7/15/26		21,000		20,913
144A,10.50%, 7/15/27		15,000		14,831
144A,5.875%, 11/1/28		13,000		12,016
144A,8.25%, 11/1/29		11,000		9,818
Mauser Packaging Solutions Holding Co.,144A,9.25%, 4/15/27		38,000		38,637
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		16,000		16,068
144A,7.25%, 5/15/31 (a)		16,000		16,210
Sealed Air Corp.,144A,6.50%, 7/15/32		10,000		10,240

(Cost $270,647)				250,928

Transportation — 0.4%
Cargo Aircraft Management, Inc.,144A,4.75%, 2/1/28		15,000		14,384


	Principal Amount $		Value $

Seaspan Corp.,144A,5.50%, 8/1/29		13,000		12,393
XPO, Inc.
144A,7.125%, 6/1/31		12,000		12,557
144A,7.125%, 2/1/32		15,000		15,703

(Cost $52,833)				55,037

Technology — 4.1%
Computers — 1.0%
Amentum Escrow Corp.,144A,7.25%, 8/1/32		20,000		20,929
CA Magnum Holdings,144A,5.375%, 10/31/26		23,000		22,499
McAfee Corp.,144A,7.375%, 2/15/30 (a)		51,000		48,966
NCR Atleos Corp.,144A,9.50%, 4/1/29		35,000		38,589

(Cost $127,060)				130,983

Office/Business Equipment — 0.2%
Xerox Holdings Corp.
144A,5.50%, 8/15/28		19,000		16,285
144A,8.875%, 11/30/29		12,000		11,271

(Cost $29,757)				27,556

Semiconductors — 0.1%
ams-OSRAM AG,144A,12.25%, 3/30/29

(Cost $10,999)		10,000		10,680

Software — 2.8%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30		59,000		56,490
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		19,000		19,632
Clarivate Science Holdings Corp.,144A,4.875%, 7/1/29		23,000		22,178
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		102,000		100,617
144A,9.00%, 9/30/29		92,000		92,673
MicroStrategy, Inc.,144A,6.125%, 6/15/28		11,000		10,777
RingCentral, Inc.,144A,8.50%, 8/15/30		13,000		13,901
Rocket Software, Inc.
144A,9.00%, 11/28/28		15,000		15,574
144A,6.50%, 2/15/29		15,000		13,707

(Cost $320,821)				345,549

Utilities — 2.3%
Electric — 2.0%
Calpine Corp.
144A,5.125%, 3/15/28		27,000		26,366

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,4.625%, 2/1/29		19,000		18,138
144A,5.00%, 2/1/31		23,000		22,068
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		11,000		11,428
NextEra Energy Operating Partners LP
144A,3.875%, 10/15/26		10,000		9,683
144A,4.50%, 9/15/27		15,000		14,501
144A,7.25%, 1/15/29		20,000		20,957
NRG Energy, Inc.
144A,3.375%, 2/15/29		15,000		13,778
144A,5.25%, 6/15/29		20,000		19,785
144A,3.625%, 2/15/31		24,000		21,493
PG&E Corp.,5.25%, 7/1/30		26,000		25,472
Talen Energy Supply LLC,144A,8.625%, 6/1/30		35,000		37,931
TransAlta Corp.,7.75%, 11/15/29		5,000		5,296

(Cost $246,543)				246,896

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		18,000		17,816
5.75%, 5/20/27		13,000		12,708


	Principal Amount $		Value $

144A,9.375%, 6/1/28		10,000		10,507

(Cost $40,430)				41,031

TOTAL CORPORATE BONDS

(Cost $12,651,035)				12,265,154

	Number of Shares
SECURITIES LENDING COLLATERAL — 8.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $1,027,697)		1,027,697		1,027,697

CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $127,410)		127,410		127,410

TOTAL INVESTMENTS — 106.7%

(Cost $13,806,142)				13,420,261
Other assets and liabilities, net — (6.7%)				(838,517	)

NET ASSETS — 100.0%				12,581,744

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
SECURITIES LENDING COLLATERAL — 8.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
—		1,027,697	(d)		—			—		—		6,561		—		1,027,697		1,027,697
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
203,368		1,499,040			(1,574,998	)		—		—		6,106		—		127,410		127,410

203,368		2,526,737			(1,574,998	)		—		—		12,667		—		1,155,107		1,155,107

(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, 2024 amounted to $1,005,099, which is 8.0% 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, 2024.

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2024


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
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 of 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)	$	—	$	12,265,154	$	—	$	12,265,154
Short-Term Investments (a)		1,155,107		—		—		1,155,107

TOTAL	$	1,155,107	$	12,265,154	$	—	$	13,420,261

(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, 2024


	Principal Amount $		Value $

CORPORATE BONDS — 97.8%
Basic Materials — 4.2%
Chemicals — 1.7%
Ashland, Inc.,144A,3.375%, 9/1/31		221,000		193,802
Avient Corp.,144A,7.125%, 8/1/30		372,000		387,490
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		257,000		272,490
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		369,000		342,494
Methanex Corp.
5.125%, 10/15/27		359,000		353,596
5.25%, 12/15/29		361,000		355,036
Olin Corp.
5.125%, 9/15/27		257,000		254,097
5.625%, 8/1/29		344,000		343,287
5.00%, 2/1/30		267,000		258,336
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28		554,000		528,474
WR Grace Holdings LLC,144A,4.875%, 6/15/27		400,000		391,659

(Cost $3,679,444)				3,680,761

Iron/Steel — 0.2%
Cleveland-Cliffs, Inc.,5.875%, 6/1/27		285,000		284,806
United States Steel Corp.,6.875%, 3/1/29		254,000		256,377

(Cost $541,427)				541,183

Mining — 2.3%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		400,000		399,496
144A,6.125%, 5/15/28		260,000		263,588
144A,4.125%, 3/31/29		266,000		253,694
144A,7.125%, 3/15/31		370,000		389,389
FMG Resources August 2006 Pty Ltd.
144A,4.50%, 9/15/27		308,000		298,246
144A,5.875%, 4/15/30		363,000		362,766
144A,4.375%, 4/1/31		785,000		720,910
144A,6.125%, 4/15/32		407,000		406,916
Hudbay Minerals, Inc.,144A,4.50%, 4/1/26		305,000		301,463
Nexa Resources SA,144A,6.50%, 1/18/28		209,000		217,069
Novelis Corp.
144A,3.25%, 11/15/26		385,000		370,959
144A,4.75%, 1/30/30		820,000		783,924
144A,3.875%, 8/15/31		385,000		345,590

(Cost $5,076,029)				5,114,010


	Principal Amount $		Value $

Communications — 5.1%
Advertising — 0.6%
Lamar Media Corp.
3.75%, 2/15/28		305,000		292,511
4.00%, 2/15/30		282,000		263,534
3.625%, 1/15/31		283,000		256,483
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		335,000		332,952
144A,7.375%, 2/15/31		235,000		250,137

(Cost $1,445,756)				1,395,617

Internet — 1.3%
Cogent Communications Group LLC,144A,3.50%, 5/1/26		250,000		242,154
Gen Digital, Inc.
144A,6.75%, 9/30/27		461,000		472,563
144A,7.125%, 9/30/30 (a)		318,000		332,435
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		312,000		311,260
144A,3.50%, 3/1/29		411,000		382,505
Match Group Holdings II LLC
144A,5.00%, 12/15/27		221,000		217,598
144A,4.625%, 6/1/28		258,000		248,308
144A,4.125%, 8/1/30		266,000		245,254
144A,3.625%, 10/1/31		257,000		228,374
MercadoLibre, Inc.,3.125%, 1/14/31		304,000		271,053

(Cost $2,986,906)				2,951,504

Media — 2.1%
CCO Holdings LLC / CCO Holdings Capital Corp.,144A,5.50%, 5/1/26		388,000		387,373
News Corp.
144A,3.875%, 5/15/29		505,000		475,392
144A,5.125%, 2/15/32		263,000		255,906
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		532,000		509,309
144A,5.00%, 8/1/27		785,000		768,124
144A,4.00%, 7/15/28		1,015,000		951,711
Sunrise HoldCo IV BV,144A,5.50%, 1/15/28		130,000		128,378
TEGNA, Inc.,144A,4.75%, 3/15/26		282,000		278,744
Telenet Finance Luxembourg Notes SARL,144A,5.50%, 3/1/28		600,000		582,345
Ziggo Bond Co. BV,144A,6.00%, 1/15/27		316,000		315,290

(Cost $4,803,869)				4,652,572

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Telecommunications — 1.1%
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		580,000		578,405
144A,5.00%, 5/1/28		808,000		785,356
Iliad Holding SASU,144A,6.50%, 10/15/26		362,000		365,482
Millicom International Cellular SA,144A,5.125%, 1/15/28		187,200		181,281
Optics Bidco SpA
144A,Series 2033, 6.375%, 11/15/33		260,000		261,011
144A,6.00%, 9/30/34		260,000		253,491

(Cost $2,444,064)				2,425,026

Consumer, Cyclical — 20.7%
Airlines — 0.7%
Air Canada,144A,3.875%, 8/15/26		626,000		604,543
United Airlines, Inc.,144A,4.375%, 4/15/26		1,047,000		1,022,782

(Cost $1,681,936)				1,627,325

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

(Cost $231,856)		267,000		241,117

Auto Manufacturers — 0.4%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		205,000		200,863
144A,5.875%, 6/1/29		277,000		277,987
144A,3.75%, 1/30/31		513,000		466,687

(Cost $966,553)				945,537

Auto Parts & Equipment — 1.6%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		408,000		403,365
144A,7.00%, 4/15/28		257,000		264,370
144A,8.25%, 4/15/31 (a)		265,000		281,915
Clarios Global LP / Clarios US Finance Co.
144A,6.25%, 5/15/26		591,000		592,613
144A,8.50%, 5/15/27		25,000		25,292
144A,6.75%, 5/15/28		385,000		396,172
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		462,000		456,641
4.875%, 3/15/27		352,000		344,188
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		319,000		329,843
144A,7.125%, 4/14/30		308,000		323,063

(Cost $3,374,726)				3,417,462


	Principal Amount $		Value $

Distribution/Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		365,000		351,996
144A,3.875%, 11/15/29		194,000		179,762
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		650,000		602,739
Ritchie Bros Holdings, Inc.
144A,6.75%, 3/15/28		282,000		290,479
144A,7.75%, 3/15/31		411,000		437,390

(Cost $1,864,305)				1,862,366

Entertainment — 3.9%
Caesars Entertainment, Inc.
144A,8.125%, 7/1/27		827,000		845,115
144A,7.00%, 2/15/30		1,064,000		1,102,653
144A,6.50%, 2/15/32		768,000		789,701
Churchill Downs, Inc.
144A,5.50%, 4/1/27		308,000		307,365
144A,4.75%, 1/15/28		369,000		360,109
144A,5.75%, 4/1/30		604,000		600,748
144A,6.75%, 5/1/31		303,000		311,748
International Game Technology PLC
144A,4.125%, 4/15/26		385,000		378,338
144A,6.25%, 1/15/27		385,000		391,602
144A,5.25%, 1/15/29		393,000		389,381
Light & Wonder International, Inc.,144A,7.00%, 5/15/28		359,000		363,279
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		615,000		626,163
144A,4.75%, 10/15/27		479,000		466,963
144A,3.75%, 1/15/28		257,000		244,135
Mohegan Tribal Gaming Authority,144A,13.25%, 12/15/27		260,000		295,600
Vail Resorts, Inc.,144A,6.50%, 5/15/32 (a)		300,000		312,037
WMG Acquisition Corp.
144A,3.75%, 12/1/29		287,000		267,919
144A,3.875%, 7/15/30		259,000		240,592
144A,3.00%, 2/15/31 (a)		421,000		374,753

(Cost $8,695,101)				8,668,201

Food Service — 0.3%
Aramark Services, Inc.,144A,5.00%, 2/1/28

(Cost $601,366)		617,000		605,812

Home Builders — 0.8%
Century Communities, Inc.
6.75%, 6/1/27		250,000		252,419
144A,3.875%, 8/15/29		255,000		236,468

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Mattamy Group Corp.
144A,5.25%, 12/15/27		263,000		260,353
144A,4.625%, 3/1/30		308,000		290,731
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		267,000		270,443
144A,5.75%, 1/15/28		231,000		233,120
144A,5.125%, 8/1/30		252,000		249,256

(Cost $1,764,329)				1,792,790

Home Furnishings — 0.2%
Tempur Sealy International, Inc.,144A,4.00%, 4/15/29

(Cost $364,362)		402,000		373,163

Leisure Time — 3.8%
Carnival Corp.,144A,7.625%, 3/1/26		712,000		719,690
Carnival Holdings Bermuda Ltd.,144A,10.375%, 5/1/28		1,032,000		1,117,134
Life Time, Inc.
144A,5.75%, 1/15/26		475,000		475,429
144A,8.00%, 4/15/26 (a)		250,000		253,935
NCL Corp. Ltd.
144A,5.875%, 2/15/27		513,000		514,553
144A,8.375%, 2/1/28		315,000		332,695
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		338,000		332,693
144A,5.50%, 8/31/26		549,000		550,192
144A,5.375%, 7/15/27		519,000		520,349
3.70%, 3/15/28		249,000		238,456
144A,5.50%, 4/1/28		784,000		790,545
144A,7.25%, 1/15/30		344,000		363,910
144A,6.25%, 3/15/32		629,000		649,973
144A,6.00%, 2/1/33		1,040,000		1,066,014
Viking Cruises Ltd.,144A,5.875%, 9/15/27		441,000		440,807

(Cost $8,258,078)				8,366,375

Lodging — 2.9%
Boyd Gaming Corp.
4.75%, 12/1/27		513,000		504,352
144A,4.75%, 6/15/31		462,000		435,004
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		257,000		257,633
144A,5.875%, 4/1/29		290,000		295,732
144A,3.75%, 5/1/29		411,000		386,896
4.875%, 1/15/30		538,000		528,268
144A,4.00%, 5/1/31		565,000		522,450
144A,3.625%, 2/15/32		768,000		688,864
144A,6.125%, 4/1/32		240,000		246,214


	Principal Amount $		Value $

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc,144A,4.875%, 7/1/31		257,000		230,590
MGM Resorts International
4.625%, 9/1/26		214,000		211,257
5.50%, 4/15/27		350,000		350,197
4.75%, 10/15/28 (a)		385,000		375,026
Station Casinos LLC,144A,4.50%, 2/15/28		358,000		343,821
Travel + Leisure Co.
144A,6.625%, 7/31/26		334,000		340,154
6.00%, 4/1/27		205,000		205,684
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		465,000		462,198

(Cost $6,440,770)				6,384,340

Retail — 5.2%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		796,000		760,934
144A,4.375%, 1/15/28		385,000		373,367
144A,3.50%, 2/15/29		385,000		359,430
144A,6.125%, 6/15/29		630,000		643,876
144A,4.00%, 10/15/30		1,504,000		1,378,869
Advance Auto Parts, Inc.,3.90%, 4/15/30 (a)		269,000		247,357
Asbury Automotive Group, Inc.
4.50%, 3/1/28		184,000		178,560
144A,4.625%, 11/15/29		426,000		406,052
4.75%, 3/1/30		228,000		218,125
Bath & Body Works, Inc.,5.25%, 2/1/28		227,000		223,961
Beacon Roofing Supply, Inc.,144A,6.50%, 8/1/30		308,000		316,600
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.375%, 4/1/26		342,000		343,257
FirstCash, Inc.
144A,4.625%, 9/1/28		257,000		246,448
144A,5.625%, 1/1/30		292,000		288,700
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		390,000		369,242
144A,6.375%, 1/15/30		260,000		265,151
Lithia Motors, Inc.
144A,4.625%, 12/15/27		205,000		200,344
144A,3.875%, 6/1/29		396,000		367,642
144A,4.375%, 1/15/31		292,000		269,337
Murphy Oil USA, Inc.
4.75%, 9/15/29		247,000		239,868
144A,3.75%, 2/15/31		262,000		237,290
Nordstrom, Inc.
4.375%, 4/1/30		255,000		235,116
4.25%, 8/1/31		221,000		197,137

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Penske Automotive Group, Inc.
3.50%, 9/1/25		282,000		277,827
3.75%, 6/15/29		259,000		241,280
Walgreens Boots Alliance, Inc.,3.45%, 6/1/26		730,000		695,226
Yum! Brands, Inc.
144A,4.75%, 1/15/30		421,000		414,382
3.625%, 3/15/31		511,000		469,400
4.625%, 1/31/32		575,000		545,516
5.375%, 4/1/32		518,000		513,876

(Cost $11,677,485)				11,524,170

Consumer, Non-cyclical —22.3%
Agriculture — 0.3%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		259,000		258,579
144A,6.00%, 6/15/30		513,000		519,912

(Cost $778,980)				778,491

Commercial Services — 5.9%
ADT Security Corp.,144A,4.125%, 8/1/29		526,000		500,018
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		300,000		299,340
APX Group, Inc.
144A,6.75%, 2/15/27		308,000		308,921
144A,5.75%, 7/15/29		403,000		399,667
Block, Inc.
2.75%, 6/1/26		513,000		493,177
3.50%, 6/1/31		506,000		457,188
144A,6.50%, 5/15/32		1,050,000		1,090,176
Brink’s Co.
144A,4.625%, 10/15/27		298,000		292,059
144A,6.50%, 6/15/29		215,000		222,668
Garda World Security Corp.,144A,7.75%, 2/15/28		260,000		272,942
Herc Holdings, Inc.
144A,5.50%, 7/15/27		626,000		621,973
144A,6.625%, 6/15/29		400,000		411,680
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		693,000		695,044
144A,3.375%, 8/31/27		503,000		476,746
Service Corp. International
4.625%, 12/15/27		282,000		276,979
5.125%, 6/1/29		395,000		391,328
3.375%, 8/15/30		431,000		387,164
4.00%, 5/15/31		407,000		373,835
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32		570,000		588,428


	Principal Amount $		Value $

United Rentals North America, Inc.
5.50%, 5/15/27		247,000		247,965
3.875%, 11/15/27		390,000		376,768
4.875%, 1/15/28		867,000		855,877
5.25%, 1/15/30		391,000		388,177
4.00%, 7/15/30		387,000		362,269
3.875%, 2/15/31		565,000		522,055
3.75%, 1/15/32		385,000		347,780
144A,6.125%, 3/15/34		570,000		582,956
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		257,000		248,768
144A,6.625%, 6/15/29		250,000		258,349
144A,7.375%, 10/1/31		267,000		280,816

(Cost $13,203,893)				13,031,113

Cosmetics/Personal Care — 1.1%
Coty, Inc.,144A,5.00%, 4/15/26		336,000		335,255
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,144A,6.625%, 7/15/30		386,000		400,156
Edgewell Personal Care Co.,144A,5.50%, 6/1/28		385,000		382,277
Perrigo Finance Unlimited Co.
4.375%, 3/15/26		369,000		363,816
4.90%, 6/15/30		390,000		377,256
Prestige Brands, Inc.
144A,5.125%, 1/15/28		185,000		182,478
144A,3.75%, 4/1/31		323,000		293,016

(Cost $2,348,745)				2,334,254

Food — 3.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		385,000		372,232
144A,7.50%, 3/15/26		308,000		312,373
144A,4.625%, 1/15/27		693,000		677,789
144A,5.875%, 2/15/28		386,000		385,442
144A,6.50%, 2/15/28		385,000		390,379
144A,3.50%, 3/15/29		688,000		639,677
144A,4.875%, 2/15/30		512,000		502,255
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		257,000		253,172
144A,4.125%, 1/31/30		498,000		463,867
144A,4.375%, 1/31/32		352,000		324,465
Performance Food Group, Inc.
144A,5.50%, 10/15/27		549,000		546,651
144A,4.25%, 8/1/29		513,000		484,700
Pilgrim’s Pride Corp.
3.50%, 3/1/32		464,000		410,665
6.25%, 7/1/33		508,000		537,732

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

6.875%, 5/15/34		250,000		276,666
Post Holdings, Inc.
144A,5.625%, 1/15/28		252,000		251,625
144A,6.25%, 2/15/32		512,000		525,702
US Foods, Inc.
144A,6.875%, 9/15/28		257,000		267,660
144A,4.75%, 2/15/29		455,000		444,174
144A,4.625%, 6/1/30		275,000		263,398
144A,7.25%, 1/15/32		257,000		271,601

(Cost $8,547,575)				8,602,225

Healthcare-Products — 3.0%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		781,000		760,842
144A,3.875%, 11/1/29		421,000		394,673
Hologic, Inc.
144A,4.625%, 2/1/28		205,000		200,397
144A,3.25%, 2/15/29		483,000		446,474
Medline Borrower LP
144A,3.875%, 4/1/29		2,324,000		2,197,047
144A,5.25%, 10/1/29		1,289,000		1,266,960
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		764,000		788,505
Teleflex, Inc.
4.625%, 11/15/27		267,000		262,139
144A,4.25%, 6/1/28		257,000		247,231

(Cost $6,387,097)				6,564,268

Healthcare-Services — 6.0%
Catalent Pharma Solutions, Inc.
144A,5.00%, 7/15/27		259,000		257,831
144A,3.125%, 2/15/29		282,000		275,287
144A,3.50%, 4/1/30		329,000		321,502
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		257,000		248,513
144A,3.75%, 3/15/29		257,000		241,007
144A,4.00%, 3/15/31		265,000		244,094
Concentra Escrow Issuer Corp.,144A,6.875%, 7/15/32		333,000		348,765
DaVita, Inc.,144A,3.75%, 2/15/31		778,000		693,028
Encompass Health Corp.
4.50%, 2/1/28		391,000		382,574
4.75%, 2/1/30		421,000		408,473
4.625%, 4/1/31		216,000		204,712
IQVIA, Inc.
144A,5.00%, 10/15/26		562,000		558,833
144A,5.00%, 5/15/27		565,000		561,370
144A,6.50%, 5/15/30		252,000		262,158
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27		329,000		321,285
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		388,000		373,620


	Principal Amount $		Value $

144A,3.875%, 11/15/30		334,000		307,369
144A,3.875%, 5/15/32		403,000		361,928
Select Medical Corp.,144A,6.25%, 8/15/26		634,000		637,587
Tenet Healthcare Corp.
6.25%, 2/1/27		790,000		792,223
5.125%, 11/1/27		774,000		767,868
4.625%, 6/15/28		292,000		285,563
6.125%, 10/1/28		1,283,000		1,286,547
4.25%, 6/1/29		709,000		681,053
4.375%, 1/15/30		744,000		711,982
6.125%, 6/15/30		1,027,000		1,043,886
6.75%, 5/15/31		711,000		737,834

(Cost $13,351,612)				13,316,892

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

(Cost $237,938)		257,000		236,385

Pharmaceuticals — 2.0%
Jazz Securities DAC,144A,4.375%, 1/15/29		764,000		727,741
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		1,078,000		1,031,369
144A,6.75%, 5/15/34		265,000		274,960
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		1,748,000		1,675,249
6.75%, 3/1/28		642,000		669,099

(Cost $4,358,257)				4,378,418

Energy — 10.7%
Oil & Gas — 5.6%
Antero Resources Corp.
144A,7.625%, 2/1/29		209,000		216,843
144A,5.375%, 3/1/30		303,000		299,518
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,7.00%, 11/1/26		306,000		307,211
144A,8.25%, 12/31/28		265,000		272,492
144A,5.875%, 6/30/29		195,000		195,101
Chesapeake Energy Corp.
144A,5.50%, 2/1/26		277,000		277,334
144A,5.875%, 2/1/29		257,000		257,769
144A,6.75%, 4/15/29		488,000		495,597
Civitas Resources, Inc.,144A,5.00%, 10/15/26		209,000		206,222
CNX Resources Corp.
144A,6.00%, 1/15/29		258,000		259,381
144A,7.375%, 1/15/31		261,000		272,930

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Matador Resources Co.
144A,6.875%, 4/15/28		257,000		263,839
144A,6.50%, 4/15/32		460,000		467,206
Murphy Oil Corp.,5.875%, 12/1/27		203,000		204,039
Parkland Corp.
144A,5.875%, 7/15/27		252,000		252,252
144A,4.50%, 10/1/29		421,000		397,714
PBF Holding Co. LLC / PBF Finance Corp.,6.00%, 2/15/28		404,000		400,346
Permian Resources Operating LLC
144A,8.00%, 4/15/27		282,000		291,429
144A,5.875%, 7/1/29		349,000		349,328
144A,9.875%, 7/15/31		257,000		288,621
144A,7.00%, 1/15/32		518,000		543,825
144A,6.25%, 2/1/33		530,000		543,795
Range Resources Corp.
8.25%, 1/15/29		298,000		309,049
144A,4.75%, 2/15/30		257,000		246,834
SM Energy Co.
6.75%, 9/15/26		207,000		207,353
6.625%, 1/15/27		230,000		231,164
6.50%, 7/15/28		205,000		206,307
144A,6.75%, 8/1/29		385,000		391,324
Southwestern Energy Co.
5.375%, 2/1/29		357,000		352,678
5.375%, 3/15/30		649,000		643,757
4.75%, 2/1/32		578,000		548,179
Sunoco LP,144A,7.00%, 5/1/29		360,000		375,285
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		338,000		339,134
144A,7.00%, 9/15/28		257,000		268,302
4.50%, 5/15/29		411,000		394,945
4.50%, 4/30/30		414,000		393,671
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		359,000		348,725

(Cost $12,157,253)				12,319,499

Oil & Gas Services — 0.1%
Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.875%, 4/1/27

(Cost $263,895)		262,000		264,090

Pipelines — 5.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		333,000		332,853
144A,5.375%, 6/15/29		385,000		380,632
Buckeye Partners LP
3.95%, 12/1/26		295,000		286,844


	Principal Amount $		Value $

4.125%, 12/1/27		205,000		196,799
CQP Holdco LP / BIP-V Chinook Holdco LLC,144A,5.50%, 6/15/31		732,000		718,078
DT Midstream, Inc.
144A,4.125%, 6/15/29		560,000		532,470
144A,4.375%, 6/15/31		519,000		488,045
EQM Midstream Partners LP
4.125%, 12/1/26		257,000		252,652
144A,6.50%, 7/1/27		486,000		498,450
5.50%, 7/15/28		436,000		439,261
144A,4.50%, 1/15/29		401,000		388,958
144A,6.375%, 4/1/29		305,000		313,800
144A,7.50%, 6/1/30		253,000		276,286
144A,4.75%, 1/15/31		581,000		558,629
Hess Midstream Operations LP
144A,5.625%, 2/15/26		408,000		407,202
144A,5.125%, 6/15/28		282,000		278,954
144A,6.50%, 6/1/29		280,000		289,136
144A,4.25%, 2/15/30		415,000		392,505
144A,5.50%, 10/15/30		205,000		203,223
NuStar Logistics LP
5.75%, 10/1/25		308,000		308,373
6.00%, 6/1/26		245,000		247,477
5.625%, 4/28/27		322,000		323,099
6.375%, 10/1/30		295,000		308,380
Rockies Express Pipeline LLC,144A,4.95%, 7/15/29		288,000		275,497
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		649,000		614,022
144A,6.25%, 1/15/30		533,000		554,501
144A,4.125%, 8/15/31		647,000		600,164
144A,3.875%, 11/1/33		631,000		561,719

(Cost $11,171,182)				11,028,009

Financial — 11.6%
Diversified Financial Services — 4.5%
Jane Street Group / JSG Finance, Inc.
144A,4.50%, 11/15/29		320,000		305,673
144A,7.125%, 4/30/31		722,000		758,862
Macquarie Airfinance Holdings Ltd.
144A,8.375%, 5/1/28		256,000		271,484
144A,6.40%, 3/26/29		260,000		270,747
144A,8.125%, 3/30/29		260,000		276,699
144A,6.50%, 3/26/31		255,000		269,048
Nationstar Mortgage Holdings, Inc.
144A,5.00%, 2/1/26		250,000		247,295
144A,6.00%, 1/15/27		311,000		310,737
144A,5.50%, 8/15/28		436,000		428,541

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,6.50%, 8/1/29		400,000		403,529
Navient Corp.
6.75%, 6/15/26		241,000		245,514
5.00%, 3/15/27		369,000		362,636
OneMain Finance Corp.
7.125%, 3/15/26		816,000		832,155
3.50%, 1/15/27		385,000		365,339
6.625%, 1/15/28		400,000		408,060
PennyMac Financial Services, Inc.
144A,5.375%, 10/15/25		344,000		343,149
144A,4.25%, 2/15/29		335,000		316,709
144A,7.875%, 12/15/29		372,000		395,132
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		645,000		614,038
144A,3.625%, 3/1/29		390,000		362,383
144A,3.875%, 3/1/31		641,000		585,195
144A,4.00%, 10/15/33		427,000		376,845
SLM Corp.
4.20%, 10/29/25		257,000		254,811
3.125%, 11/2/26		259,000		247,762
United Wholesale Mortgage LLC
144A,5.50%, 11/15/25		411,000		410,778
144A,5.75%, 6/15/27		252,000		251,258

(Cost $9,913,858)				9,914,379

Insurance — 2.5%
Acrisure LLC / Acrisure Finance, Inc.,144A,4.25%, 2/15/29		359,000		336,606
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A,4.25%, 10/15/27		385,000		371,415
144A,6.75%, 4/15/28		662,000		674,918
144A,7.00%, 1/15/31		735,000		760,358
AmWINS Group, Inc.,144A,6.375%, 2/15/29		390,000		400,119
HUB International Ltd.
144A,5.625%, 12/1/29 (a)		288,000		282,576
144A,7.25%, 6/15/30		1,694,000		1,770,504
144A,7.375%, 1/31/32		970,000		1,006,241

(Cost $5,457,247)				5,602,737

Real Estate — 0.5%
Howard Hughes Corp.
144A,5.375%, 8/1/28		375,000		365,009
144A,4.125%, 2/1/29		339,000		312,644
144A,4.375%, 2/1/31		340,000		305,047

(Cost $1,029,844)				982,700

Real Estate Investment Trusts —4.1%
Iron Mountain, Inc.
144A,4.875%, 9/15/27		513,000		504,182


	Principal Amount $		Value $

144A,5.25%, 3/15/28		414,000		409,699
144A,5.00%, 7/15/28		257,000		252,897
144A,7.00%, 2/15/29		513,000		533,187
144A,4.875%, 9/15/29		513,000		498,312
144A,5.25%, 7/15/30		672,000		655,449
144A,4.50%, 2/15/31		576,000		541,205
144A,5.625%, 7/15/32		311,000		306,632
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		309,000		300,165
144A,4.75%, 6/15/29		327,000		315,404
144A,7.00%, 7/15/31		256,000		266,354
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		412,000		410,237
144A,4.875%, 5/15/29		393,000		375,233
144A,7.00%, 2/1/30		265,000		271,876
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		359,000		351,933
144A,7.25%, 7/15/28		205,000		213,350
144A,4.50%, 2/15/29		303,000		291,099
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		269,000		260,306
144A,4.00%, 9/15/29		257,000		233,462
SBA Communications Corp.
3.875%, 2/15/27		783,000		758,387
3.125%, 2/1/29		761,000		700,981
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		205,000		197,504
144A,4.375%, 1/15/27		259,000		251,843
Vornado Realty LP,2.15%, 6/1/26		202,000		191,199

(Cost $9,015,349)				9,090,896

Industrial — 13.8%
Aerospace/Defense — 4.8%
Bombardier, Inc.
144A,7.875%, 4/15/27		500,000		502,013
144A,6.00%, 2/15/28		380,000		380,564
144A,7.50%, 2/1/29		388,000		409,013
144A,8.75%, 11/15/30		373,000		407,225
144A,7.25%, 7/1/31		400,000		420,376
144A,7.00%, 6/1/32		380,000		396,052
Spirit AeroSystems, Inc.
4.60%, 6/15/28 (a)		360,000		344,325
144A,9.375%, 11/30/29		475,000		515,984
144A,9.75%, 11/15/30		605,000		677,838
TransDigm, Inc.
5.50%, 11/15/27		1,197,000		1,190,776
144A,6.75%, 8/15/28		939,000		966,605
4.625%, 1/15/29		545,000		524,745

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,6.375%, 3/1/29		1,250,000		1,289,764
4.875%, 5/1/29		336,000		325,201
144A,6.875%, 12/15/30		658,000		687,772
144A,7.125%, 12/1/31		450,000		475,771
144A,6.625%, 3/1/32		992,000		1,032,890

(Cost $10,285,645)				10,546,914

Building Materials — 2.2%
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		282,000		274,382
144A,4.25%, 2/1/32		674,000		616,358
144A,6.375%, 6/15/32		367,000		378,297
144A,6.375%, 3/1/34		516,000		530,400
Standard Industries, Inc.
144A,5.00%, 2/15/27		440,000		435,145
144A,4.75%, 1/15/28		531,000		516,887
144A,4.375%, 7/15/30		831,000		777,791
144A,3.375%, 1/15/31		560,000		490,291
Summit Materials LLC / Summit Materials Finance Corp.
144A,5.25%, 1/15/29		354,000		350,724
144A,7.25%, 1/15/31		415,000		438,807

(Cost $4,701,687)				4,809,082

Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		675,000		693,048
144A,6.375%, 3/15/29		470,000		482,859
144A,6.625%, 3/15/32		440,000		453,835

(Cost $1,613,453)				1,629,742

Electronics — 0.7%
Sensata Technologies BV
144A,4.00%, 4/15/29		513,000		483,434
144A,5.875%, 9/1/30		259,000		259,579
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		231,000		218,360
144A,3.75%, 2/15/31		390,000		352,537
144A,6.625%, 7/15/32		260,000		269,189

(Cost $1,659,584)				1,583,099

Engineering & Construction —0.4%
Arcosa, Inc.
144A,4.375%, 4/15/29		210,000		199,300
144A,6.875%, 8/15/32		310,000		323,348
Fluor Corp.,4.25%, 9/15/28		298,000		289,298

(Cost $804,755)				811,946

Environmental Control — 1.2%
Clean Harbors, Inc.,144A,6.375%, 2/1/31		263,000		268,952
GFL Environmental, Inc.
144A,5.125%, 12/15/26		267,000		266,215
144A,4.00%, 8/1/28		385,000		367,357


	Principal Amount $		Value $

144A,3.50%, 9/1/28		385,000		364,382
144A,4.75%, 6/15/29		385,000		372,862
144A,4.375%, 8/15/29		292,000		277,495
144A,6.75%, 1/15/31		510,000		533,372
Madison IAQ LLC,144A,4.125%, 6/30/28		352,000		335,225

(Cost $2,763,373)				2,785,860

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.,6.25%, 2/15/29

(Cost $250,459)		250,000		253,484

Packaging & Containers — 3.0%
Ball Corp.
6.875%, 3/15/28		385,000		398,881
6.00%, 6/15/29		513,000		528,493
2.875%, 8/15/30		671,000		593,591
3.125%, 9/15/31		435,000		380,735
Berry Global, Inc.,144A,5.625%, 7/15/27 (a)		257,000		257,305
Crown Americas LLC,5.25%, 4/1/30 (a)		268,000		268,064
Graphic Packaging International LLC
144A,3.50%, 3/15/28		236,000		223,332
144A,3.75%, 2/1/30		209,000		193,456
144A,6.375%, 7/15/32		255,000		261,038
Mauser Packaging Solutions Holding Co.,144A,7.875%, 4/15/27		1,401,000		1,450,287
OI European Group BV,144A,4.75%, 2/15/30		205,000		192,856
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27 (a)		518,000		495,090
Sealed Air Corp.
144A,4.00%, 12/1/27		218,000		210,407
144A,6.125%, 2/1/28		408,000		414,841
144A,5.00%, 4/15/29		206,000		203,067
144A,7.25%, 2/15/31		218,000		229,367
Silgan Holdings, Inc.,4.125%, 2/1/28		293,000		283,319

(Cost $6,674,233)				6,584,129

Trucking & Leasing — 0.7%
Fortress Transportation and Infrastructure Investors LLC
144A,5.50%, 5/1/28		505,000		502,199
144A,7.875%, 12/1/30		257,000		276,047
144A,7.00%, 5/1/31		368,000		385,987
144A,7.00%, 6/15/32		410,000		429,199

(Cost $1,522,798)				1,593,432

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Technology — 6.3%
Computers — 1.8%
NCR Voyix Corp.
144A,5.00%, 10/1/28 (a)		334,000		330,365
144A,5.125%, 4/15/29		631,000		619,277
144A,5.25%, 10/1/30		224,000		218,538
Seagate HDD Cayman
4.875%, 6/1/27		259,000		258,048
4.091%, 6/1/29		238,000		226,731
8.25%, 12/15/29		257,000		278,841
8.50%, 7/15/31		257,000		279,695
9.625%, 12/1/32		399,600		461,082
Western Digital Corp.,4.75%, 2/15/26		1,190,000		1,180,009

(Cost $3,739,055)				3,852,586

Semiconductors — 0.9%
Entegris, Inc.
144A,4.375%, 4/15/28		205,000		197,086
144A,4.75%, 4/15/29		813,000		798,486
144A,3.625%, 5/1/29		209,000		192,584
144A,5.95%, 6/15/30		459,000		465,518
ON Semiconductor Corp.,144A,3.875%, 9/1/28		369,000		350,914

(Cost $1,955,854)				2,004,588

Software — 3.6%
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		390,000		392,238
Clarivate Science Holdings Corp.,144A,3.875%, 7/1/28		483,000		459,532
Cloud Software Group, Inc.,144A,8.25%, 6/30/32		924,000		968,036
Fair Isaac Corp.
144A,5.25%, 5/15/26		205,000		205,298
144A,4.00%, 6/15/28		462,000		441,615
Open Text Corp.
144A,3.875%, 2/15/28		462,000		438,341
144A,3.875%, 12/1/29		436,000		402,341
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		461,000		428,504
144A,4.125%, 12/1/31		329,000		299,834
PTC, Inc.,144A,4.00%, 2/15/28		257,000		248,631
ROBLOX Corp.,144A,3.875%, 5/1/30		522,000		481,275
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		1,019,000		1,018,829
144A,6.50%, 6/1/32		390,000		402,860
Twilio, Inc.
3.625%, 3/15/29		257,000		237,635
3.875%, 3/15/31		263,000		241,532
UKG, Inc.,144A,6.875%, 2/1/31		1,293,000		1,338,581

(Cost $7,998,274)				8,005,082


	Principal Amount $		Value $

Utilities — 3.1%
Electric — 3.1%
Calpine Corp.
144A,5.25%, 6/1/26		216,000		215,454
144A,4.50%, 2/15/28		622,000		603,769
144A,3.75%, 3/1/31		478,000		436,918
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		416,000		404,518
144A,3.75%, 2/15/31		492,000		446,791
NRG Energy, Inc.,5.75%, 1/15/28		421,000		421,838
PG&E Corp.,5.00%, 7/1/28		515,000		504,846
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		518,000		517,858
144A,5.625%, 2/15/27		687,000		686,448
144A,5.00%, 7/31/27		687,000		680,467
144A,4.375%, 5/1/29		647,000		619,843
144A,7.75%, 10/15/31		735,000		782,595
144A,6.875%, 4/15/32		519,000		539,419

(Cost $6,800,926)				6,860,764

TOTAL CORPORATE BONDS

(Cost $215,891,183)				216,334,395

	Number of Shares

SECURITIES LENDING COLLATERAL — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $4,418,701)		4,418,701		4,418,701

CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $3,352,412)		3,352,412		3,352,412

TOTAL INVESTMENTS — 101.3%

(Cost $223,662,296)				224,105,508

Other assets and liabilities, net — (1.3%)				(2,981,837	)

NET ASSETS — 100.0%				221,123,671

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2024

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
	SECURITIES LENDING COLLATERAL —2.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
	—		4,418,701	(d)		—			—		—		18,028		—		4,418,701		4,418,701

	CASH EQUIVALENTS —1.5%
	DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
	3,360,237		34,460,894			(34,468,719	)		—		—		124,292		—		3,352,412		3,352,412

	3,360,237		38,879,595			(34,468,719	)		—		—		142,320		—		7,771,113		7,771,113

(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, 2024 amounted to $4,323,910, which is 2.0% 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, 2024.

144A:

Security exempt from registration under Rule 144A of 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)	$	—	$	216,334,395	$	—	$	216,334,395
Short-Term Investments (a)		7,771,113		—		—		7,771,113

TOTAL	$	7,771,113	$	216,334,395	$	—	$	224,105,508

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

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF

August 31, 2024


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF(a)		22,359		935,948
Xtrackers USD High Yield Corporate Bond ETF(a)		1,138,534		41,533,720

(Cost $44,034,163)				42,469,668


	Number of Shares		Value $

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $260,490)		260,490		260,490

TOTAL INVESTMENTS — 100.0%

(Cost $44,294,653)				42,730,158

Other assets and liabilities, net — (0.0)%				(7,909	)
NET ASSETS — 100.0%				42,722,249

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF (a)
967,365		49,752		(125,776	)		(2,292	)		46,899		74,577		—		22,359		935,948
Xtrackers USD High Yield Corporate Bond ETF (a)
42,650,693		2,209,616		(5,594,637	)		(13,324	)		2,281,372		2,637,542		—		1,138,534		41,533,720
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
6,535,150		—		(6,535,150	) (d)		—			—		4,259		—		—		—
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
311,422		197,825		(248,757	)		—			—		15,069		—		260,490		260,490

50,464,630		2,457,193		(12,504,320	)		(15,616	)		2,328,271		2,731,447		—		1,421,383		42,730,158

(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, 2024.

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Exchange-Traded Funds	$	42,469,668	$	—	$	—	$	42,469,668
Short-Term Investments (a)		260,490		—		—		260,490

TOTAL	$	42,730,158	$	—	$	—	$	42,730,158

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

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

August 31, 2024


	Principal Amount $		Value $

CORPORATE BONDS — 97.7%
Basic Materials — 4.5%
Chemicals — 2.3%
ASP Unifrax Holdings, Inc.,144A,5.25%, 9/30/28		137,000		71,038
Avient Corp.,144A,5.75%, 5/15/25		116,000		116,176
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		104,000		96,529
Chemours Co.
5.375%, 5/15/27		85,000		82,666
144A,5.75%, 11/15/28		140,000		131,349
Consolidated Energy Finance SA,144A,5.625%, 10/15/28		93,000		75,522
INEOS Finance PLC
144A,6.75%, 5/15/28 (a)		76,000		76,621
144A,7.50%, 4/15/29		129,000		133,674
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29		50,000		53,993
Methanex Corp.,5.125%, 10/15/27		131,000		129,028
NOVA Chemicals Corp.
144A,5.00%, 5/1/25		47,000		46,785
144A,5.25%, 6/1/27		187,000		184,787
144A,8.50%, 11/15/28		74,000		78,987
144A,4.25%, 5/15/29 (a)		110,000		100,458
Olin Corp.
5.125%, 9/15/27		98,000		96,893
5.625%, 8/1/29		110,000		109,772
SCIH Salt Holdings, Inc.
144A,4.875%, 5/1/28		180,000		171,706
144A,6.625%, 5/1/29		124,000		118,788
Tronox, Inc.,144A,4.625%, 3/15/29		185,000		168,774
WR Grace Holdings LLC
144A,4.875%, 6/15/27		140,000		137,081
144A,5.625%, 8/15/29		200,000		185,632

(Cost $2,346,170)				2,366,259

Forest Products & Paper — 0.1%
Mercer International, Inc.,5.125%, 2/1/29

(Cost $136,477)		156,000		127,682

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc.,5.875%, 6/1/27		95,000		94,935
Mineral Resources Ltd.
144A,8.125%, 5/1/27		123,000		124,159
144A,8.00%, 11/1/27		111,000		112,870
144A,9.25%, 10/1/28		195,000		206,251
United States Steel Corp.,6.875%, 3/1/29		84,000		84,786

(Cost $611,471)				623,001


	Principal Amount $		Value $

Mining — 1.5%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		140,000		139,824
144A,6.125%, 5/15/28		89,000		90,228
144A,4.125%, 3/31/29		90,000		85,836
First Quantum Minerals Ltd.
144A,6.875%, 10/15/27		267,000		265,049
144A,9.375%, 3/1/29		290,000		308,924
FMG Resources August 2006 Pty Ltd.,144A,4.50%, 9/15/27		113,000		109,422
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		85,000		84,014
144A,6.125%, 4/1/29		120,000		121,230
Kaiser Aluminum Corp.,144A,4.625%, 3/1/28		88,000		83,663
Nexa Resources SA,144A,6.50%, 1/18/28		71,000		73,741
Novelis Corp.,144A,3.25%, 11/15/26		133,000		128,150
Vedanta Resources Finance II PLC,144A,9.25%, 4/23/26		100,000		99,279

(Cost $1,534,919)				1,589,360

Communications — 18.1%
Advertising — 1.1%
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		222,000		217,054
144A,7.75%, 4/15/28		173,000		150,953
144A,9.00%, 9/15/28 (a)		133,000		141,498
144A,7.50%, 6/1/29		178,000		150,226
Lamar Media Corp.,3.75%, 2/15/28		106,000		101,659
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		129,000		128,212
144A,4.25%, 1/15/29		85,000		80,304
Stagwell Global LLC,144A,5.625%, 8/15/29		190,000		180,281

(Cost $1,106,356)				1,150,187

Internet — 1.7%
Cogent Communications Group LLC
144A,3.50%, 5/1/26		89,000		86,207
144A,7.00%, 6/15/27		80,000		81,051
Gen Digital, Inc.
144A,5.00%, 4/15/25		195,000		194,420
144A,6.75%, 9/30/27		160,000		164,013
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		107,000		106,746
144A,3.50%, 3/1/29		147,000		136,808
Match Group Holdings II LLC
144A,5.00%, 12/15/27		80,000		78,768
144A,4.625%, 6/1/28		89,000		85,657

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		86,000		85,504
Rakuten Group, Inc.
144A,11.25%, 2/15/27		320,000		347,885
144A,9.75%, 4/15/29		343,000		369,968

(Cost $1,682,444)				1,737,027

Media — 9.7%
AMC Networks, Inc.
144A,10.25%, 1/15/29		150,000		150,881
4.25%, 2/15/29 (a)		169,000		120,022
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		130,000		129,790
144A,5.125%, 5/1/27		577,000		565,959
144A,5.00%, 2/1/28		434,000		418,541
144A,5.375%, 6/1/29		253,000		240,226
CSC Holdings LLC
144A,5.50%, 4/15/27 (a)		233,000		190,993
144A,5.375%, 2/1/28		169,000		130,119
144A,7.50%, 4/1/28		183,000		94,683
144A,11.25%, 5/15/28		175,000		155,690
144A,11.75%, 1/31/29		353,000		311,922
144A,6.50%, 2/1/29		303,000		229,002
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		640,000		620,335
DISH DBS Corp.
5.875%, 11/15/24		353,000		344,257
7.75%, 7/1/26		345,000		232,458
144A,5.25%, 12/1/26		489,000		419,807
7.375%, 7/1/28		171,000		88,175
144A,5.75%, 12/1/28		430,000		331,652
5.125%, 6/1/29		260,000		118,655
DISH Network Corp.,144A,11.75%, 11/15/27		602,000		612,616
Gray Television, Inc.
144A,7.00%, 5/15/27 (a)		119,000		114,886
144A,10.50%, 7/15/29		222,000		228,058
iHeartCommunications, Inc.
6.375%, 5/1/26 (a)		143,000		120,242
8.375%, 5/1/27 (a)		157,000		71,641
144A,5.25%, 8/15/27		132,000		82,701
144A,4.75%, 1/15/28		84,000		48,281
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		206,000		188,550
144A,5.125%, 7/15/29 (a)		146,000		118,062
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		147,000		144,223
144A,8.00%, 8/1/29		110,000		109,652
News Corp.,144A,3.875%, 5/15/29		178,000		167,564


	Principal Amount $		Value $

Nexstar Media, Inc.
144A,5.625%, 7/15/27		280,000		273,861
144A,4.75%, 11/1/28 (a)		178,000		166,504
Radiate Holdco LLC / Radiate Finance, Inc.
144A,4.50%, 9/15/26		156,000		123,773
144A,6.50%, 9/15/28		174,000		93,780
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		160,000		153,176
144A,5.00%, 8/1/27		263,000		257,346
144A,4.00%, 7/15/28		367,000		344,116
144A,5.50%, 7/1/29		200,000		194,833
Sunrise HoldCo IV BV,144A,5.50%, 1/15/28		55,000		54,314
TEGNA, Inc.
144A,4.75%, 3/15/26		82,000		81,053
4.625%, 3/15/28		178,000		167,972
Telenet Finance Luxembourg Notes SARL,144A,5.50%, 3/1/28		200,000		194,115
Univision Communications, Inc.
144A,6.625%, 6/1/27		267,000		264,516
144A,8.00%, 8/15/28		255,000		258,199
144A,4.50%, 5/1/29		187,000		164,314
Virgin Media Secured Finance PLC,144A,5.50%, 5/15/29		253,000		240,013
VTR Finance NV,144A,6.375%, 7/15/28		86,000		79,173
Ziggo Bond Co. BV,144A,6.00%, 1/15/27		66,000		65,852

(Cost $10,440,141)				10,076,553

Telecommunications — 5.6%
Altice Financing SA
144A,5.00%, 1/15/28		213,000		171,344
144A,5.75%, 8/15/29		355,000		273,870
Altice France Holding SA
144A,10.50%, 5/15/27		274,000		108,705
144A,6.00%, 2/15/28		188,000		61,711
Altice France SA
144A,8.125%, 2/1/27		302,000		243,236
144A,5.50%, 1/15/28		195,000		139,008
144A,5.125%, 1/15/29		84,000		58,426
144A,5.125%, 7/15/29		432,000		301,935
C&W Senior Finance Ltd.,144A,6.875%, 9/15/27		217,000		213,865
CommScope LLC
144A,6.00%, 3/1/26		248,000		239,010
144A,8.25%, 3/1/27		142,000		118,810
144A,7.125%, 7/1/28		114,000		84,108
CommScope Technologies LLC
144A,6.00%, 6/15/25		233,000		223,515
144A,5.00%, 3/15/27		133,000		101,960

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Connect Finco SARL / Connect US Finco LLC,144A,6.75%, 10/1/26		365,000		362,386
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		71,000		62,314
144A,6.50%, 10/1/28		132,000		121,143
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		174,000		173,522
144A,5.00%, 5/1/28		272,000		264,377
144A,6.75%, 5/1/29		178,000		171,858
Hughes Satellite Systems Corp.
5.25%, 8/1/26		133,000		111,328
6.625%, 8/1/26		133,000		71,858
Iliad Holding SASU
144A,6.50%, 10/15/26		124,000		125,193
144A,7.00%, 10/15/28		152,000		154,401
Level 3 Financing, Inc.
144A,4.25%, 7/1/28		80,000		56,606
144A,10.50%, 4/15/29		120,000		129,236
144A,4.875%, 6/15/29 (a)		107,000		83,733
Lumen Technologies, Inc.,144A,4.50%, 1/15/29		70,000		39,776
Millicom International Cellular SA
144A,5.125%, 1/15/28		63,900		61,879
144A,6.25%, 3/25/29		108,000		106,929
Sable International Finance Ltd.,144A,5.75%, 9/7/27		95,000		94,074
VEON Holdings BV,144A,3.375%, 11/25/27		212,000		178,080
Viasat, Inc.
144A,5.625%, 9/15/25		96,000		95,143
144A,5.625%, 4/15/27		107,000		101,649
144A,6.50%, 7/15/28 (a)		67,000		55,973
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28		249,000		243,318
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27 (a)		263,000		229,851
144A,6.125%, 3/1/28		184,000		142,437
Zegona Finance PLC,144A,8.625%, 7/15/29		156,000		162,347

(Cost $5,863,967)				5,738,914

Consumer, Cyclical — 18.7%
Airlines — 1.5%
Air Canada,144A,3.875%, 8/15/26		223,000		215,356
American Airlines Group, Inc.,144A,3.75%, 3/1/25		65,000		64,275
American Airlines, Inc.
144A,7.25%, 2/15/28 (a)		133,000		133,952
144A,8.50%, 5/15/29		178,000		185,171


	Principal Amount $		Value $

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,144A,11.00%, 4/15/29		171,000		174,196
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A,8.00%, 9/20/25		103,000		64,394
144A,8.00%, 9/20/25 (a)		89,000		55,642
United Airlines, Inc.
144A,4.375%, 4/15/26		355,000		346,789
144A,4.625%, 4/15/29		333,000		317,209

(Cost $1,623,695)				1,556,984

Apparel — 0.2%
Hanesbrands, Inc.,144A,4.875%, 5/15/26

(Cost $159,584)		160,000		159,045

Auto Manufacturers — 0.3%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		71,000		69,567
144A,5.875%, 6/1/29		90,000		90,321
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		181,000		184,832

(Cost $335,434)				344,720

Auto Parts & Equipment — 2.2%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		122,000		120,614
144A,7.00%, 4/15/28		88,000		90,524
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		89,000		89,525
6.875%, 7/1/28		75,000		75,432
Clarios Global LP,144A,6.75%, 5/15/25		80,000		80,264
Clarios Global LP / Clarios US Finance Co.
144A,6.25%, 5/15/26		150,000		150,409
144A,8.50%, 5/15/27		282,000		285,296
144A,6.75%, 5/15/28		133,000		136,859
Dana, Inc.
5.375%, 11/15/27		76,000		75,490
5.625%, 6/15/28		68,000		67,082
Goodyear Tire & Rubber Co.
9.50%, 5/31/25		75,000		75,316
5.00%, 5/31/26		154,000		152,213
4.875%, 3/15/27		119,000		116,359
5.00%, 7/15/29 (a)		146,000		135,724
Tenneco, Inc.,144A,8.00%, 11/17/28		328,000		306,969
ZF North America Capital, Inc.
144A,4.75%, 4/29/25		195,000		193,745

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,6.875%, 4/14/28		107,000		110,637

(Cost $2,212,719)				2,262,458

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc.,144A,4.00%, 1/15/28		129,000		124,404
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		204,000		189,167
Ritchie Bros Holdings, Inc.,144A,6.75%, 3/15/28		99,000		101,977

(Cost $408,843)				415,548

Entertainment — 2.5%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		130,000		135,452
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 (a)		169,000		123,259
Banijay Entertainment SAS,144A,8.125%, 5/1/29		71,000		73,906
Caesars Entertainment, Inc.,144A,8.125%, 7/1/27		315,000		321,900
Churchill Downs, Inc.
144A,5.50%, 4/1/27		107,000		106,780
144A,4.75%, 1/15/28		124,000		121,012
Cinemark USA, Inc.,144A,5.25%, 7/15/28 (a)		139,000		136,665
International Game Technology PLC
144A,6.50%, 2/15/25		89,000		89,095
144A,4.125%, 4/15/26		107,000		105,148
144A,6.25%, 1/15/27		133,000		135,281
144A,5.25%, 1/15/29		133,000		131,775
Light & Wonder International, Inc.,144A,7.00%, 5/15/28		80,000		80,953
Live Nation Entertainment, Inc.
144A,4.875%, 11/1/24		107,000		106,844
144A,6.50%, 5/15/27		193,000		196,503
144A,4.75%, 10/15/27		169,000		164,753
144A,3.75%, 1/15/28		89,000		84,545
Mohegan Tribal Gaming Authority
144A,8.00%, 2/1/26		209,000		202,813
144A,13.25%, 12/15/27		93,000		105,734
Motion Bondco DAC,144A,6.625%, 11/15/27		73,000		69,120
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		68,000		66,923
144A,4.125%, 7/1/29		66,000		59,159

(Cost $2,574,745)				2,617,620

Food Service — 0.5%
Aramark Services, Inc.
144A,5.00%, 4/1/25		76,000		75,923
144A,5.00%, 2/1/28		204,000		200,301
TKC Holdings, Inc.
144A,6.875%, 5/15/28		76,000		75,724


	Principal Amount $		Value $

144A,10.50%, 5/15/29		110,000		109,833

(Cost $447,999)				461,781

Home Builders — 0.5%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC,144A,6.25%, 9/15/27		110,000		109,808
Century Communities, Inc.
6.75%, 6/1/27		90,000		90,871
144A,3.875%, 8/15/29		85,000		78,822
Mattamy Group Corp.,144A,5.25%, 12/15/27		89,000		88,104
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		89,000		90,148
144A,5.75%, 1/15/28		80,000		80,734

(Cost $517,230)				538,487

Home Furnishings — 0.1%
Tempur Sealy International, Inc.,144A,4.00%, 4/15/29

(Cost $127,467)		142,000		131,814

Housewares — 0.5%
Newell Brands, Inc.
4.875%, 6/1/25		89,000		88,783
5.70%, 4/1/26		323,000		322,200
6.375%, 9/15/27 (a)		89,000		89,700

(Cost $502,321)				500,683

Leisure Time — 3.7%
Carnival Corp.
144A,7.625%, 3/1/26		240,000		242,592
144A,5.75%, 3/1/27		466,000		467,835
144A,6.00%, 5/1/29 (a)		355,000		356,829
Carnival Holdings Bermuda Ltd.,144A,10.375%, 5/1/28		361,000		390,780
Life Time, Inc.
144A,5.75%, 1/15/26		113,000		113,102
144A,8.00%, 4/15/26		100,000		101,574
NCL Corp. Ltd.
144A,3.625%, 12/15/24		84,000		83,589
144A,5.875%, 3/15/26		265,000		265,021
144A,5.875%, 2/15/27		178,000		178,539
144A,8.375%, 2/1/28		110,000		116,179
144A,8.125%, 1/15/29		150,000		160,551
144A,7.75%, 2/15/29		92,000		98,240
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		105,000		103,351
144A,5.50%, 8/31/26		178,000		178,387
144A,5.375%, 7/15/27		178,000		178,463
3.70%, 3/15/28		93,000		89,062
144A,5.50%, 4/1/28		247,000		249,062

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Sabre GLBL, Inc.
144A,8.625%, 6/1/27		150,000		144,303
144A,11.25%, 12/15/27		99,000		100,337
Viking Cruises Ltd.
144A,5.875%, 9/15/27		155,000		154,932
144A,7.00%, 2/15/29		65,000		65,888

(Cost $3,699,335)				3,838,616

Lodging — 2.4%
Boyd Gaming Corp.,4.75%, 12/1/27		178,000		174,999
Hilton Domestic Operating Co., Inc.
144A,5.375%, 5/1/25		91,000		90,975
144A,5.75%, 5/1/28		89,000		89,219
144A,5.875%, 4/1/29		72,000		73,423
144A,3.75%, 5/1/29		142,000		133,672
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc,144A,5.00%, 6/1/29		151,000		142,876
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29		89,000		82,858
Melco Resorts Finance Ltd.
144A,4.875%, 6/6/25		178,000		175,995
144A,5.25%, 4/26/26		85,000		83,168
144A,5.625%, 7/17/27		107,000		103,160
144A,5.75%, 7/21/28		151,000		144,110
MGM Resorts International
5.75%, 6/15/25		101,000		101,061
4.625%, 9/1/26		71,000		70,090
5.50%, 4/15/27		120,000		120,068
4.75%, 10/15/28		133,000		129,555
Station Casinos LLC,144A,4.50%, 2/15/28		123,000		118,128
Studio City Finance Ltd.
144A,6.50%, 1/15/28		82,000		78,982
144A,5.00%, 1/15/29		185,000		165,411
Travel + Leisure Co.
144A,6.625%, 7/31/26		115,000		117,119
6.00%, 4/1/27		73,000		73,244
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A,5.50%, 3/1/25		100,000		99,981
144A,5.25%, 5/15/27		160,000		159,036

(Cost $2,467,559)				2,527,130

Retail — 3.9%
1011778 BC ULC / New Red Finance, Inc.
144A,5.75%, 4/15/25		100,000		99,928
144A,3.875%, 1/15/28		269,000		257,150
144A,4.375%, 1/15/28		133,000		128,981
144A,3.50%, 2/15/29		120,000		112,030
144A,6.125%, 6/15/29		213,000		217,691


	Principal Amount $		Value $

Asbury Automotive Group, Inc.,4.50%, 3/1/28		72,000		69,871
Bath & Body Works, Inc.
5.25%, 2/1/28		79,000		77,943
7.50%, 6/15/29 (a)		90,000		93,381
eG Global Finance PLC,144A,12.00%, 11/30/28		195,000		212,926
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		113,000		113,415
144A,5.875%, 4/1/29		147,000		137,941
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29		178,000		166,643
FirstCash, Inc.,144A,4.625%, 9/1/28		92,000		88,223
Group 1 Automotive, Inc.,144A,4.00%, 8/15/28		130,000		123,081
Lithia Motors, Inc.
144A,4.625%, 12/15/27		75,000		73,296
144A,3.875%, 6/1/29		142,000		131,831
Macy’s Retail Holdings LLC,144A,5.875%, 4/1/29		89,000		87,338
Michaels Cos., Inc.
144A,5.25%, 5/1/28		151,000		118,717
144A,7.875%, 5/1/29		193,000		114,916
NMG Holding Co, Inc. / Neiman Marcus Group LLC,144A,7.125%, 4/1/26		195,000		197,576
Penske Automotive Group, Inc.
3.50%, 9/1/25		100,000		98,520
3.75%, 6/15/29		93,000		86,637
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		188,000		180,038
144A,7.75%, 2/15/29		204,000		201,227
QVC, Inc.
4.45%, 2/15/25		99,000		98,292
4.75%, 2/15/27		103,000		90,334
4.375%, 9/1/28		89,000		67,075
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		206,000		205,061
3.45%, 6/1/26		260,000		247,615
8.125%, 8/15/29		120,000		120,314

(Cost $3,971,995)				4,017,991

Consumer, Non-cyclical — 16.3%
Agriculture — 0.3%
Darling Ingredients, Inc.,144A,5.25%, 4/15/27		119,000		118,807
Vector Group Ltd.
144A,10.50%, 11/1/26		54,000		54,883

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,5.75%, 2/1/29		163,000		165,384

(Cost $321,770)				339,074

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

(Cost $123,264)		134,000		127,350

Commercial Services — 4.5%
ADT Security Corp.,144A,4.125%, 8/1/29		170,000		161,603
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		59,000		58,870
Albion Financing 2 SARL,144A,8.75%, 4/15/27		132,000		135,073
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,9.75%, 7/15/27		187,000		187,787
144A,6.00%, 6/1/29 (a)		161,000		143,439
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		218,000		202,421
APX Group, Inc.
144A,6.75%, 2/15/27		98,000		98,293
144A,5.75%, 7/15/29		142,000		140,826
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		71,000		69,603
144A,4.75%, 4/1/28		94,000		87,262
144A,5.375%, 3/1/29 (a)		105,000		96,301
Block, Inc.,2.75%, 6/1/26		178,000		171,122
Brink’s Co.
144A,4.625%, 10/15/27		107,000		104,867
144A,6.50%, 6/15/29		59,000		61,104
Garda World Security Corp.
144A,4.625%, 2/15/27		96,000		93,698
144A,9.50%, 11/1/27		107,000		108,062
144A,7.75%, 2/15/28		71,000		74,534
144A,6.00%, 6/1/29		90,000		85,226
Herc Holdings, Inc.
144A,5.50%, 7/15/27		213,000		211,630
144A,6.625%, 6/15/29		130,000		133,796
Hertz Corp.
144A,4.625%, 12/1/26 (a)		89,000		69,950
144A,12.625%, 7/15/29 (a)		127,000		135,387
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		240,000		240,708
144A,3.375%, 8/31/27		169,000		160,179
144A,6.25%, 1/15/28		231,000		230,328


	Principal Amount $		Value $

RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		182,000		180,464
144A,10.875%, 8/1/29		83,000		81,303
Service Corp. International
4.625%, 12/15/27		98,000		96,255
5.125%, 6/1/29		130,000		128,791
Sotheby’s,144A,7.375%, 10/15/27		136,000		130,553
United Rentals North America, Inc.
5.50%, 5/15/27		87,000		87,340
3.875%, 11/15/27		133,000		128,488
4.875%, 1/15/28		297,000		293,190
Williams Scotsman, Inc.
144A,6.125%, 6/15/25		60,000		59,900
144A,4.625%, 8/15/28		89,000		86,149
144A,6.625%, 6/15/29		89,000		91,972

(Cost $4,556,203)				4,626,474

Cosmetics/Personal Care — 0.6%
Coty, Inc.,144A,5.00%, 4/15/26		129,000		128,714
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		133,000		132,059
144A,4.125%, 4/1/29		89,000		84,434
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		85,000		84,661
4.375%, 3/15/26		105,000		103,525
Prestige Brands, Inc.,144A,5.125%, 1/15/28		72,000		71,019

(Cost $597,588)				604,412

Food — 1.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		133,000		128,589
144A,7.50%, 3/15/26		70,000		70,994
144A,4.625%, 1/15/27		251,000		245,491
144A,5.875%, 2/15/28		130,000		129,812
144A,6.50%, 2/15/28		141,000		142,970
144A,3.50%, 3/15/29		240,000		223,143
B&G Foods, Inc.
5.25%, 9/15/27 (a)		92,000		87,122
144A,8.00%, 9/15/28		142,000		147,806
Lamb Weston Holdings, Inc.,144A,4.875%, 5/15/28		92,000		90,630
Performance Food Group, Inc.
144A,5.50%, 10/15/27		188,000		187,195
144A,4.25%, 8/1/29		170,000		160,622
Post Holdings, Inc.,144A,5.625%, 1/15/28		66,000		65,902
US Foods, Inc.
144A,6.875%, 9/15/28		92,000		95,816

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,4.75%, 2/15/29		160,000		156,193

(Cost $1,899,686)				1,932,285

Healthcare-Products — 1.8%
Avantor Funding, Inc.,144A,4.625%, 7/15/28		275,000		267,902
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		229,000		240,786
Hologic, Inc.
144A,4.625%, 2/1/28		117,000		114,373
144A,3.25%, 2/15/29		136,000		125,715
Medline Borrower LP,144A,3.875%, 4/1/29		770,000		727,937
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		267,000		275,564
Teleflex, Inc.
4.625%, 11/15/27		89,000		87,379
144A,4.25%, 6/1/28		85,000		81,769

(Cost $1,852,768)				1,921,425

Healthcare-Services — 3.8%
Catalent Pharma Solutions, Inc.
144A,5.00%, 7/15/27		87,000		86,607
144A,3.125%, 2/15/29		98,000		95,667
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		91,000		87,995
144A,3.75%, 3/15/29		93,000		87,213
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		338,000		327,411
144A,8.00%, 12/15/27		124,000		124,333
144A,6.875%, 4/1/28		106,000		83,753
144A,6.00%, 1/15/29		114,000		108,408
144A,6.875%, 4/15/29		211,000		181,790
Encompass Health Corp., 4.50%, 2/1/28		147,000		143,832
IQVIA, Inc.
144A,5.00%, 10/15/26		205,000		203,845
144A,5.00%, 5/15/27		187,000		185,799
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27		84,000		82,030
LifePoint Health, Inc., 144A,5.375%, 1/15/29		89,000		83,166
Molina Healthcare, Inc., 144A,4.375%, 6/15/28		139,000		133,848
MPH Acquisition Holdings LLC
144A,5.50%, 9/1/28		187,000		138,034
144A,5.75%, 11/1/28 (a)		168,000		74,725
Radiology Partners, Inc., 144A,4.275% Cash 3.50% PIK, PIK, 1/31/29		129,538		124,680
Select Medical Corp., 144A, 6.25%, 8/15/26		217,000		218,228


	Principal Amount $		Value $

Tenet Healthcare Corp.
6.25%, 2/1/27		267,000		267,751
5.125%, 11/1/27		187,000		185,519
4.625%, 6/15/28		107,000		104,642
6.125%, 10/1/28		444,000		445,228
4.25%, 6/1/29		249,000		239,185
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		142,000		145,445

(Cost $3,922,966)				3,959,134

Pharmaceuticals — 3.3%
AdaptHealth LLC,144A, 4.625%, 8/1/29		87,000		79,474
Bausch Health Americas, Inc.
144A,9.25%, 4/1/26		104,000		94,271
144A,8.50%, 1/31/27		114,000		84,939
Bausch Health Cos., Inc.
144A,5.50%, 11/1/25		283,000		272,741
144A,9.00%, 12/15/25		92,000		85,288
144A,6.125%, 2/1/27		178,000		152,172
144A,5.75%, 8/15/27		89,000		72,187
144A,5.00%, 1/30/28		77,000		43,703
144A,4.875%, 6/1/28		274,000		204,997
144A,11.00%, 9/30/28		304,000		278,920
144A,5.00%, 2/15/29		80,000		41,691
144A,6.25%, 2/15/29 (a)		142,000		75,438
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		88,000		84,600
Grifols SA,144A, 4.75%, 10/15/28 (a)		125,000		118,850
HLF Financing Sarl LLC / Herbalife International, Inc, 144A,12.25%, 4/15/29		142,000		142,121
HLF Financing Sarl LLC / Herbalife International, Inc., 144A,4.875%, 6/1/29		100,000		63,250
Jazz Securities DAC, 144A,4.375%, 1/15/29		267,000		254,328
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A,4.125%, 4/30/28		373,000		356,865
Owens & Minor, Inc., 144A,4.50%, 3/31/29		85,000		77,433
Teva Pharmaceutical Finance Netherlands III BV
7.125%, 1/31/25		76,000		76,217
3.15%, 10/1/26		560,000		536,693
6.75%, 3/1/28		222,000		231,371

(Cost $3,272,042)				3,427,549

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG,144A,10.50%, 5/15/28

(Cost $90,763)		89,000		94,865

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Energy — 11.5%
Energy-Alternate Sources — 0.2%
Sunnova Energy Corp.,144A,11.75%, 10/1/28 (a)		70,000		65,057
TerraForm Power Operating LLC, 144A, 5.00%, 1/31/28		120,000		117,832

(Cost $176,132)				182,889

Oil & Gas — 5.0%
Antero Resources Corp.,144A,7.625%, 2/1/29		75,000		77,814
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,7.00%, 11/1/26		102,000		102,404
144A,8.25%, 12/31/28		110,000		113,110
144A,5.875%, 6/30/29		55,000		55,028
California Resources Corp.,144A, 8.25%, 6/15/29		156,000		161,035
Chesapeake Energy Corp.
144A,5.50%, 2/1/26		89,000		89,107
144A,5.875%, 2/1/29		62,000		62,186
144A,6.75%, 4/15/29		184,000		186,865
Civitas Resources, Inc.
144A,5.00%, 10/15/26		71,000		70,056
144A,8.375%, 7/1/28		240,000		253,323
CNX Resources Corp.,144A,6.00%, 1/15/29		85,000		85,455
Comstock Resources, Inc.
144A,6.75%, 3/1/29		205,000		201,812
144A,6.75%, 3/1/29		71,000		69,786
Crescent Energy Finance LLC,144A,9.25%, 2/15/28		143,000		151,721
CVR Energy, Inc.
144A,5.75%, 2/15/28		65,000		61,618
144A,8.50%, 1/15/29		107,000		109,110
Encino Acquisition Partners Holdings LLC,144A,8.50%, 5/1/28		124,000		128,232
Energean PLC,144A,6.50%, 4/30/27		80,000		79,082
Kosmos Energy Ltd.
144A,7.125%, 4/4/26		175,000		174,441
144A,7.75%, 5/1/27		106,000		104,902
144A,7.50%, 3/1/28		30,000		29,257
Leviathan Bond Ltd.
144A,REGS, 6.125%, 6/30/25		112,000		110,388
144A,REGS, 6.50%, 6/30/27		107,000		102,737
Matador Resources Co.,144A,6.875%, 4/15/28		88,000		90,342
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		89,000		94,065
Murphy Oil Corp.,5.875%, 12/1/27		73,000		73,374


	Principal Amount $		Value $

Nabors Industries, Inc.,144A,7.375%, 5/15/27		130,000		131,613
Northern Oil & Gas, Inc.,144A,8.125%, 3/1/28		134,000		137,116
Parkland Corp.,144A,5.875%, 7/15/27		78,000		78,078
PBF Holding Co. LLC / PBF Finance Corp.,6.00%, 2/15/28		147,000		145,671
Permian Resources Operating LLC
144A,8.00%, 4/15/27		96,000		99,210
144A,5.875%, 7/1/29		129,000		129,121
Puma International Financing SA,144A,7.75%, 4/25/29		89,000		91,235
Range Resources Corp.
4.875%, 5/15/25		110,000		109,481
8.25%, 1/15/29		60,000		62,225
SM Energy Co.
6.75%, 9/15/26		75,000		75,128
6.625%, 1/15/27		74,000		74,375
6.50%, 7/15/28		69,000		69,440
144A,6.75%, 8/1/29		130,000		132,135
Southwestern Energy Co.,5.375%, 2/1/29		130,000		128,426
Sunoco LP,144A,7.00%, 5/1/29		133,000		138,647
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		100,000		100,335
144A,7.00%, 9/15/28		89,000		92,914
4.50%, 5/15/29		130,000		124,922
Talos Production, Inc.,144A,9.00%, 2/1/29		118,000		125,457
Transocean, Inc.
144A,8.00%, 2/1/27		116,000		116,061
144A,8.25%, 5/15/29		152,000		154,135
Tullow Oil PLC,144A,7.00%, 3/1/25		88,000		86,488

(Cost $5,132,713)				5,239,463

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.875%, 4/1/27		32,000		32,255
144A,6.25%, 4/1/28		142,000		142,716
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		139,000		140,362
144A,7.125%, 3/15/29		178,000		182,987
Viridien,144A,8.75%, 4/1/27 (a)		88,000		84,511

(Cost $569,916)				582,831

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Pipelines — 5.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		104,000		103,954
144A,5.75%, 1/15/28		115,000		115,121
144A,5.375%, 6/15/29		120,000		118,638
Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.00%, 7/15/29		85,000		88,467
Buckeye Partners LP
144A,4.125%, 3/1/25		57,000		56,703
3.95%, 12/1/26		107,000		104,042
4.125%, 12/1/27		80,000		76,800
144A,4.50%, 3/1/28		89,000		85,388
144A,6.875%, 7/1/29		102,000		104,407
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		182,000		191,511
DT Midstream, Inc.,144A,4.125%, 6/15/29		205,000		194,922
EQM Midstream Partners LP
144A,6.00%, 7/1/25		48,000		48,092
4.125%, 12/1/26		89,000		87,494
144A,7.50%, 6/1/27		79,000		81,479
144A,6.50%, 7/1/27		134,000		137,433
5.50%, 7/15/28		151,000		152,129
144A,4.50%, 1/15/29		142,000		137,736
144A,6.375%, 4/1/29		104,000		107,001
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		174,000		178,289
7.75%, 2/1/28		121,000		123,238
8.25%, 1/15/29		107,000		111,269
Global Partners LP / GLP Finance Corp.,7.00%, 8/1/27		65,000		65,666
Harvest Midstream I LP,144A,7.50%, 9/1/28		142,000		145,739
Hess Midstream Operations LP
144A,5.625%, 2/15/26		141,000		140,724
144A,5.125%, 6/15/28		98,000		96,941
144A,6.50%, 6/1/29		90,000		92,937
Howard Midstream Energy Partners LLC,144A,8.875%, 7/15/28		90,000		96,019
ITT Holdings LLC,144A,6.50%, 8/1/29		212,000		200,075
New Fortress Energy, Inc.
144A,6.75%, 9/15/25		167,000		162,953
144A,6.50%, 9/30/26 (a)		256,000		221,810
144A,8.75%, 3/15/29 (a)		128,000		107,380
NGL Energy Operating LLC / NGL Energy Finance Corp.,144A,8.125%, 2/15/29		154,000		157,623


	Principal Amount $		Value $

NuStar Logistics LP
5.75%, 10/1/25		110,000		110,133
6.00%, 6/1/26		96,000		96,970
5.625%, 4/28/27		98,000		98,334
Rockies Express Pipeline LLC
144A,3.60%, 5/15/25		71,000		69,916
144A,4.95%, 7/15/29		98,000		93,746
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		76,000		75,845
144A,5.50%, 1/15/28		133,000		128,422
144A,7.375%, 2/15/29		143,000		146,285
Venture Global Calcasieu Pass LLC,144A,3.875%, 8/15/29		200,000		189,221
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		400,000		419,197
144A,9.50%, 2/1/29		533,000		600,992

(Cost $5,851,708)				5,921,041

Financial — 12.1%
Banks — 0.3%
Freedom Mortgage Corp.
144A,7.625%, 5/1/26		98,000		98,497
144A,6.625%, 1/15/27		79,000		78,113
144A,12.00%, 10/1/28		146,000		159,082

(Cost $319,602)				335,692

Diversified Financial Services — 4.5%
AG Issuer LLC,144A,6.25%, 3/1/28		87,000		85,044
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27		95,000		98,554
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		160,000		172,763
Coinbase Global, Inc.,144A,3.375%, 10/1/28		168,000		147,602
Credit Acceptance Corp.,144A,9.25%, 12/15/28		107,000		115,157
Encore Capital Group, Inc.,144A,9.25%, 4/1/29		90,000		95,918
Enova International, Inc.
144A,11.25%, 12/15/28		71,000		76,435
144A,9.125%, 8/1/29		85,000		86,369
goeasy Ltd.
144A,9.25%, 12/1/28		109,000		117,314
144A,7.625%, 7/1/29		100,000		103,210
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28		176,000		167,403
LD Holdings Group LLC,144A,6.125%, 4/1/28		107,000		90,501
Macquarie Airfinance Holdings Ltd.
144A,8.375%, 5/1/28		89,000		94,383

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,6.40%, 3/26/29		89,000		92,679
144A,8.125%, 3/30/29		90,000		95,781
Nationstar Mortgage Holdings, Inc.
144A,5.00%, 2/1/26		89,000		88,037
144A,6.00%, 1/15/27		107,000		106,910
144A,5.50%, 8/15/28		153,000		150,382
144A,6.50%, 8/1/29		120,000		121,059
Navient Corp.
5.875%, 10/25/24		90,000		89,942
6.75%, 6/25/25		92,000		92,394
6.75%, 6/15/26		89,000		90,667
5.00%, 3/15/27		124,000		121,861
4.875%, 3/15/28		73,000		69,544
5.50%, 3/15/29		132,000		125,475
OneMain Finance Corp.
7.125%, 3/15/26		284,000		289,623
3.50%, 1/15/27		135,000		128,106
6.625%, 1/15/28		133,000		135,680
3.875%, 9/15/28		104,000		95,877
9.00%, 1/15/29		150,000		159,574
Osaic Holdings, Inc.,144A,10.75%, 8/1/27		73,000		75,195
PennyMac Financial Services, Inc.
144A,5.375%, 10/15/25		84,000		83,792
144A,4.25%, 2/15/29		115,000		108,721
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		204,000		194,207
144A,3.625%, 3/1/29		131,000		121,724
SLM Corp.
4.20%, 10/29/25		89,000		88,242
3.125%, 11/2/26		89,000		85,138
United Wholesale Mortgage LLC
144A,5.50%, 11/15/25		116,000		115,937
144A,5.75%, 6/15/27		80,000		79,764
144A,5.50%, 4/15/29		130,000		126,886

(Cost $4,450,791)				4,583,850

Insurance — 1.2%
Acrisure LLC / Acrisure Finance, Inc.
144A,4.25%, 2/15/29		124,000		116,265
144A,8.50%, 6/15/29		88,000		91,449
144A,6.00%, 8/1/29		80,000		76,473
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A,4.25%, 10/15/27		131,000		126,377
144A,6.75%, 10/15/27		238,000		237,154
144A,6.75%, 4/15/28		222,000		226,332
AmWINS Group, Inc.,144A,6.375%, 2/15/29		133,000		136,451


	Principal Amount $		Value $

AssuredPartners, Inc.,144A,5.625%, 1/15/29		96,000		92,068
FWD Group Holdings Ltd.,144A,8.40%, 4/5/29		160,000		165,684

(Cost $1,236,971)				1,268,253

Investment Companies — 0.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,144A,9.75%, 1/15/29

(Cost $117,923)		115,000		120,918

Real Estate — 0.5%
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp,144A,5.75%, 1/15/29 (a)		102,000		73,314
Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28		120,000		121,827
Howard Hughes Corp.
144A,5.375%, 8/1/28		133,000		129,457
144A,4.125%, 2/1/29		107,000		98,681
Kennedy-Wilson, Inc.,4.75%, 3/1/29		107,000		96,702

(Cost $502,263)				519,981

Real Estate Investment Trusts — 4.9%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		83,000		73,668
Brandywine Operating Partnership LP
3.95%, 11/15/27		80,000		75,324
8.875%, 4/12/29		70,000		76,135
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		168,000		167,735
144A,4.50%, 4/1/27		113,000		109,050
Diversified Healthcare Trust
9.75%, 6/15/25		78,000		78,200
4.75%, 2/15/28 (a)		89,000		78,295
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		89,000		81,210
Hudson Pacific Properties LP
3.95%, 11/1/27		71,000		63,152
4.65%, 4/1/29		81,000		67,052
Iron Mountain, Inc.
144A,4.875%, 9/15/27		179,000		175,923
144A,5.25%, 3/15/28		111,000		109,847
144A,5.00%, 7/15/28		93,000		91,515
144A,7.00%, 2/15/29		178,000		185,005

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		109,000		105,883
144A,4.75%, 6/15/29		115,000		110,922
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)		89,000		83,805
5.00%, 10/15/27 (a)		249,000		211,560
4.625%, 8/1/29		150,000		115,472
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		91,000		83,678
Office Properties Income Trust,4.50%, 2/1/25		92,000		77,828
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		129,000		128,448
144A,4.875%, 5/15/29		133,000		126,987
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		124,000		121,559
144A,7.25%, 7/15/28		73,000		75,973
144A,4.50%, 2/15/29		105,000		100,876
Rithm Capital Corp.,144A,8.00%, 4/1/29		140,000		139,464
RLJ Lodging Trust LP,144A,3.75%, 7/1/26		89,000		86,124
SBA Communications Corp.
3.875%, 2/15/27		266,000		257,638
3.125%, 2/1/29		267,000		245,942
Service Properties Trust
4.75%, 10/1/26		73,000		69,872
4.95%, 2/15/27		71,000		65,902
5.50%, 12/15/27		80,000		75,335
3.95%, 1/15/28		71,000		60,410
8.375%, 6/15/29		115,000		114,001
Starwood Property Trust, Inc.
144A,3.75%, 12/31/24		27,000		26,812
4.75%, 3/15/25		80,000		79,653
144A,3.625%, 7/15/26		71,000		68,404
144A,4.375%, 1/15/27		92,000		89,458
144A,7.25%, 4/1/29		100,000		104,217
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		447,000		459,139
144A,4.75%, 4/15/28		101,000		88,942
144A,6.50%, 2/15/29		189,000		144,937
Vornado Realty LP
3.50%, 1/15/25		80,000		79,246


	Principal Amount $		Value $

2.15%, 6/1/26		71,000		67,204

(Cost $4,987,833)				5,097,802

Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		220,000		218,951
5.25%, 5/15/27		257,000		248,598
4.375%, 2/1/29		126,000		110,672

(Cost $575,693)				578,221

Industrial — 9.1%
Aerospace/Defense — 2.2%
Bombardier, Inc.
144A,7.875%, 4/15/27		175,000		175,705
144A,6.00%, 2/15/28		133,000		133,197
144A,7.50%, 2/1/29		139,000		146,528
Spirit AeroSystems, Inc.,4.60%, 6/15/28 (a)		124,000		118,601
TransDigm, Inc.
5.50%, 11/15/27		471,000		468,551
144A,6.75%, 8/15/28		375,000		386,024
4.625%, 1/15/29		213,000		205,084
144A,6.375%, 3/1/29		448,000		462,251
4.875%, 5/1/29		133,000		128,725

(Cost $2,147,121)				2,224,666

Building Materials — 0.8%
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		126,000		125,139
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		85,000		84,225
Smyrna Ready Mix Concrete LLC,144A,6.00%, 11/1/28		195,000		194,805
Standard Industries, Inc.
144A,5.00%, 2/15/27		125,000		123,621
144A,4.75%, 1/15/28		178,000		173,269
Summit Materials LLC / Summit Materials Finance Corp.,144A,5.25%, 1/15/29		129,000		127,806

(Cost $812,677)				828,865

Electrical Components & Equipment — 0.6%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		103,000		99,377
144A,4.375%, 3/31/29		141,000		132,702
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		235,000		241,283
144A,6.375%, 3/15/29		160,000		164,378

(Cost $620,393)				637,740

Electronics — 0.3%
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28		185,000		192,574

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Sensata Technologies BV,144A,4.00%, 4/15/29		178,000		167,742

(Cost $338,303)				360,316

Engineering & Construction — 0.5%
Arcosa, Inc.,144A,4.375%, 4/15/29		70,000		66,433
Fluor Corp.,4.25%, 9/15/28		95,000		92,226
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		151,000		152,462
IHS Holding Ltd.
144A,5.625%, 11/29/26		89,000		86,499
144A,6.25%, 11/29/28		79,000		72,605

(Cost $451,399)				470,225

Environmental Control — 0.9%
GFL Environmental, Inc.
144A,3.75%, 8/1/25		133,000		131,655
144A,5.125%, 12/15/26		83,000		82,756
144A,4.00%, 8/1/28		133,000		126,905
144A,3.50%, 9/1/28		135,000		127,770
144A,4.75%, 6/15/29		120,000		116,217
144A,4.375%, 8/15/29		96,000		91,231
Madison IAQ LLC
144A,4.125%, 6/30/28		109,000		103,806
144A,5.875%, 6/30/29		181,000		172,644

(Cost $931,181)				952,984

Machinery-Diversified — 0.6%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		178,000		182,687
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		89,000		92,815
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28		71,000		71,168
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		277,000		272,903

(Cost $613,711)				619,573

Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc.,6.25%, 2/15/29		95,000		96,324
Trinity Industries, Inc.,144A,7.75%, 7/15/28		85,000		89,124

(Cost $181,991)				185,448

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		107,000		107,062
144A,3.25%, 9/1/28		111,000		100,825


	Principal Amount $		Value $

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,4.125%, 8/15/26 (a)		208,000		179,658
144A,5.25%, 8/15/27		174,000		104,858
144A,5.25%, 8/15/27		136,000		81,958
Ball Corp.
6.875%, 3/15/28		133,000		137,795
6.00%, 6/15/29		178,000		183,375
Berry Global, Inc.,144A,5.625%, 7/15/27		90,000		90,107
Graphic Packaging International LLC,144A,3.50%, 3/15/28		80,000		75,706
LABL, Inc.
144A,6.75%, 7/15/26		94,000		93,609
144A,10.50%, 7/15/27		123,000		121,611
144A,5.875%, 11/1/28		89,000		82,263
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		444,000		459,620
144A,9.25%, 4/15/27		239,000		243,005
Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27		109,000		109,461
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27		178,000		170,127
Sealed Air Corp.
144A,4.00%, 12/1/27		80,000		77,213
144A,6.125%, 2/1/28		134,000		136,247
144A,5.00%, 4/15/29		80,000		78,861
Silgan Holdings, Inc.,4.125%, 2/1/28		105,000		101,531

(Cost $2,749,033)				2,734,892

Transportation — 0.2%
Cargo Aircraft Management, Inc.,144A,4.75%, 2/1/28		102,000		97,811
Seaspan Corp.,144A,5.50%, 8/1/29		130,000		123,927

(Cost $217,957)				221,738

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC,144A,5.50%, 5/1/28

(Cost $165,505)		178,000		177,013

Technology — 4.5%
Computers — 1.4%
CA Magnum Holdings,144A,5.375%, 10/31/26		179,000		175,105
NCR Atleos Corp.,144A,9.50%, 4/1/29		240,000		264,611

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

NCR Voyix Corp.
144A,5.00%, 10/1/28 (a)		110,000		108,803
144A,5.125%, 4/15/29		222,000		217,876
Seagate HDD Cayman
4.75%, 1/1/25		86,000		85,735
4.875%, 6/1/27		94,000		93,654
4.091%, 6/1/29		75,000		71,449
Western Digital Corp.,4.75%, 2/15/26		409,000		405,566

(Cost $1,380,624)				1,422,799

Office/Business Equipment — 0.1%
Xerox Holdings Corp.,144A,5.50%, 8/15/28

(Cost $117,680)		133,000		113,997

Semiconductors — 0.6%
ams-OSRAM AG,144A,12.25%, 3/30/29		71,000		75,825
Entegris, Inc.
144A,4.375%, 4/15/28		70,000		67,298
144A,4.75%, 4/15/29		266,000		261,251
144A,3.625%, 5/1/29		75,000		69,109
ON Semiconductor Corp.,144A,3.875%, 9/1/28		126,000		119,824

(Cost $570,598)				593,307

Software — 2.4%
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		134,000		138,460
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		133,000		133,763
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		164,000		156,032
144A,4.875%, 7/1/29		164,000		158,136
Cloud Software Group, Inc.,144A,6.50%, 3/31/29		686,000		676,697
Fair Isaac Corp.
144A,5.25%, 5/15/26		71,000		71,103
144A,4.00%, 6/15/28		160,000		152,940
MicroStrategy, Inc.,144A,6.125%, 6/15/28		89,000		87,197
Open Text Corp.,144A,3.875%, 2/15/28		160,000		151,807
PTC, Inc.
144A,3.625%, 2/15/25		92,000		91,283
144A,4.00%, 2/15/28		89,000		86,102
Rocket Software, Inc.
144A,9.00%, 11/28/28		100,000		103,825
144A,6.50%, 2/15/29		102,000		93,210
SS&C Technologies, Inc.,144A,5.50%, 9/30/27		355,000		354,941


	Principal Amount $		Value $

Twilio, Inc.,3.625%, 3/15/29		89,000		82,294

(Cost $2,460,409)				2,537,790

Utilities — 2.8%
Electric — 2.5%
Calpine Corp.
144A,5.25%, 6/1/26		73,000		72,816
144A,4.50%, 2/15/28		224,000		217,435
144A,5.125%, 3/15/28		230,000		224,595
144A,4.625%, 2/1/29		110,000		105,012
Clearway Energy Operating LLC,144A,4.75%, 3/15/28		151,000		146,832
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		81,000		84,152
DPL, Inc.,4.125%, 7/1/25		74,000		72,873
NextEra Energy Operating Partners LP
144A,3.875%, 10/15/26		89,000		86,177
144A,4.50%, 9/15/27		82,000		79,274
144A,7.25%, 1/15/29		133,000		139,366
NRG Energy, Inc.
5.75%, 1/15/28		130,000		130,259
144A,3.375%, 2/15/29		85,000		78,073
144A,5.25%, 6/15/29		130,000		128,603
PG&E Corp.,5.00%, 7/1/28		178,000		174,490
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		176,000		175,952
144A,5.625%, 2/15/27		225,000		224,819
144A,5.00%, 7/31/27		231,000		228,803
144A,4.375%, 5/1/29		217,000		207,892

(Cost $2,516,469)				2,577,423

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		140,000		138,569
5.75%, 5/20/27		78,000		76,247
144A,9.375%, 6/1/28		88,000		92,466

(Cost $308,028)				307,282

TOTAL CORPORATE BONDS

(Cost $99,912,545)				101,211,427

	Number of Shares

SECURITIES LENDING COLLATERAL — 4.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $4,160,683)		4,160,683		4,160,683

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $1,306,482)		1,306,482		1,306,482


	Number of Shares	Value $

TOTAL INVESTMENTS — 103.0%

(Cost $105,379,710)			106,678,592

Other assets and liabilities, net — (3.0%)			(3,105,234	)
NET ASSETS — 100.0%			103,573,358

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
	SECURITIES LENDING COLLATERAL – 4.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
	—		4,160,683	(d)		—			—		—		35,238		—		4,160,683		4,160,683

	CASH EQUIVALENTS – 1.3%
	DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
	1,126,201		25,758,667			(25,578,386	)		—		—		62,061		—		1,306,482		1,306,482

	1,126,201		29,919,350			(25,578,386	)		—		—		97,299		—		5,467,165		5,467,165

(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, 2024 amounted to $4,068,197, which is 3.9% 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, 2024.


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
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 of 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)	$	—	$	101,211,427	$	—	$	101,211,427

Short-Term Investments (a)		5,467,165		—		—		5,467,165

TOTAL	$	5,467,165	$	101,211,427	$	—	$	106,678,592

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

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF

August 31, 2024


	Principal Amount $		Value $

CORPORATE BONDS — 97.8%

Basic Materials — 5.6%

Chemicals — 2.7%
Ashland, Inc.
144A,3.375%, 9/1/31		288,000		252,228
6.875%, 5/15/43		188,000		198,134
Avient Corp.,144A,7.125%, 8/1/30		464,000		482,969
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		306,000		324,061
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		448,000		415,445
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV,144A,4.75%, 6/15/27		326,000		320,768
Cerdia Finanz GmbH,144A,10.50%, 2/15/27 (a)		326,000		337,494
Chemours Co.
5.375%, 5/15/27		303,000		294,416
144A,5.75%, 11/15/28		508,000		476,042
144A,4.625%, 11/15/29		380,000		334,290
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		336,000		272,557
144A,12.00%, 2/15/31		399,000		392,706
CVR Partners LP / CVR Nitrogen Finance Corp.,144A,6.125%, 6/15/28		337,000		327,133
Element Solutions, Inc.,144A,3.875%, 9/1/28		520,000		491,667
HB Fuller Co.
4.00%, 2/15/27		184,000		179,022
4.25%, 10/15/28		184,000		175,261
Herens Holdco SARL,144A,4.75%, 5/15/28		238,000		207,573
INEOS Finance PLC
144A,6.75%, 5/15/28 (a)		260,000		261,863
144A,7.50%, 4/15/29		455,000		470,916
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29		256,000		276,122
Ingevity Corp.,144A,3.875%, 11/1/28		357,000		330,795
Mativ Holdings, Inc.,144A,6.875%, 10/1/26		214,000		213,089
Methanex Corp.
5.125%, 10/15/27		459,000		451,803
5.25%, 12/15/29		449,000		441,301
5.65%, 12/1/44		192,000		171,495
Minerals Technologies, Inc.,144A,5.00%, 7/1/28		245,000		237,704
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		672,000		663,352
144A,8.50%, 11/15/28		245,000		261,203
144A,4.25%, 5/15/29 (a)		382,000		348,423


	Principal Amount $		Value $

144A,9.00%, 2/15/30		420,000		451,136
Nufarm Australia Ltd. / Nufarm Americas, Inc.,144A,5.00%, 1/27/30		224,000		207,610
Olin Corp.
5.125%, 9/15/27		326,000		322,055
5.625%, 8/1/29		430,000		428,722
5.00%, 2/1/30		330,000		318,993
Olympus Water US Holding Corp.
144A,7.125%, 10/1/27		217,000		220,017
144A,4.25%, 10/1/28		522,000		490,261
144A,9.75%, 11/15/28		1,088,000		1,158,925
144A,7.25%, 6/15/31		515,000		532,299
Rain Carbon, Inc.,144A,12.25%, 9/1/29 (a)		291,000		311,436
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28		704,000		670,821
SCIL IV LLC / SCIL USA Holdings LLC,144A,5.375%, 11/1/26		465,000		458,183
SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29		432,000		407,691
SNF Group SACA
144A,3.125%, 3/15/27		224,000		209,264
144A,3.375%, 3/15/30		227,000		197,700
TPC Group, Inc.,144A,13.00%, 12/16/27		203,429		205,567
Tronox, Inc.,144A,4.625%, 3/15/29		688,000		626,994
WR Grace Holdings LLC
144A,4.875%, 6/15/27		475,000		464,501
144A,7.375%, 3/1/31		214,000		222,280

(Cost $16,924,740)				17,514,287

Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy,144A,4.875%, 2/4/28		187,000		175,758
Domtar Corp.,144A,6.75%, 10/1/28		413,000		378,385
Mercer International, Inc.
5.50%, 1/15/26		184,000		177,880
5.125%, 2/1/29		558,000		456,136

(Cost $1,190,696)				1,188,159

Iron/Steel — 1.1%
Algoma Steel, Inc.,144A,9.125%, 4/15/29		220,000		222,658
ATI, Inc.
5.875%, 12/1/27		164,000		164,317
4.875%, 10/1/29		219,000		212,361
7.25%, 8/15/30		272,000		288,841
5.125%, 10/1/31		219,000		210,634
Big River Steel LLC / BRS Finance Corp.,144A,6.625%, 1/31/29		441,000		445,909

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Carpenter Technology Corp.
6.375%, 7/15/28		265,000		265,252
7.625%, 3/15/30		184,000		190,962
Cleveland-Cliffs, Inc.
5.875%, 6/1/27		355,000		354,289
144A,4.625%, 3/1/29		226,000		211,937
144A,6.75%, 4/15/30		485,000		491,708
144A,4.875%, 3/1/31		219,000		201,126
144A,7.00%, 3/15/32		925,000		928,936
Commercial Metals Co.
4.125%, 1/15/30		184,000		172,862
3.875%, 2/15/31		184,000		166,912
4.375%, 3/15/32		195,000		180,714
Mineral Resources Ltd.
144A,8.125%, 5/1/27		453,000		456,869
144A,8.00%, 11/1/27		400,000		406,290
144A,9.25%, 10/1/28		690,000		728,948
144A,8.50%, 5/1/30		383,000		398,285
TMS International Corp.,144A,6.25%, 4/15/29		214,000		200,559
United States Steel Corp.
6.875%, 3/1/29		291,000		293,420
6.65%, 6/1/37		188,000		194,927

(Cost $7,211,198)				7,388,716

Mining — 1.6%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		400,000		399,125
144A,6.125%, 5/15/28		320,000		324,126
144A,4.125%, 3/31/29		330,000		314,405
144A,7.125%, 3/15/31		480,000		504,783
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		459,000		493,492
144A,11.50%, 10/1/31		313,000		354,003
Century Aluminum Co.,144A,7.50%, 4/1/28		153,000		155,624
Compass Minerals International, Inc.,144A,6.75%, 12/1/27 (a)		324,000		315,092
Constellium SE
144A,5.625%, 6/15/28		209,000		207,370
144A,3.75%, 4/15/29 (a)		326,000		300,817
144A,6.375%, 8/15/32		230,000		233,472
Eldorado Gold Corp.,144A,6.25%, 9/1/29		320,000		316,012
FMG Resources August 2006 Pty Ltd.
144A,4.50%, 9/15/27		387,000		374,299
144A,5.875%, 4/15/30		449,000		448,259
144A,4.375%, 4/1/31		949,000		870,685
144A,6.125%, 4/15/32		523,000		522,325
Hecla Mining Co.,7.25%, 2/15/28		291,000		295,980
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		368,000		362,914


	Principal Amount $		Value $

144A,6.125%, 4/1/29		347,000		350,226
JW Aluminum Continuous Cast Co.,144A,10.25%, 6/1/26		180,000		180,000
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		320,000		303,886
144A,4.50%, 6/1/31		337,000		302,850
New Gold, Inc.,144A,7.50%, 7/15/27		256,000		258,435
Novelis Corp.
144A,3.25%, 11/15/26		459,000		441,762
144A,4.75%, 1/30/30		1,024,000		977,925
144A,3.875%, 8/15/31		480,000		430,373
Perenti Finance Pty Ltd.,144A,7.50%, 4/26/29		220,000		227,811
Taseko Mines Ltd.,144A,8.25%, 5/1/30		320,000		332,511

(Cost $10,322,455)				10,598,562

Communications — 13.1%
Advertising — 1.1%
Advantage Sales & Marketing, Inc.,144A,6.50%, 11/15/28		386,000		361,899
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		811,000		792,276
144A,9.00%, 9/15/28 (a)		480,000		510,225
144A,7.875%, 4/1/30		550,000		574,671
Lamar Media Corp.
3.75%, 2/15/28		364,000		348,752
4.875%, 1/15/29		257,000		252,409
4.00%, 2/15/30		337,000		314,660
3.625%, 1/15/31		390,000		353,149
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		1,671,000		1,668,276
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		418,000		415,094
144A,4.25%, 1/15/29		306,000		288,813
144A,4.625%, 3/15/30		317,000		297,209
144A,7.375%, 2/15/31		288,000		306,113
Stagwell Global LLC,144A,5.625%, 8/15/29		713,000		675,905
Summer BC Bidco B LLC,144A,5.50%, 10/31/26		270,000		265,477

(Cost $7,095,605)				7,424,928

Internet — 1.7%
ANGI Group LLC,144A,3.875%, 8/15/28		320,000		290,334
Arches Buyer, Inc.,144A,4.25%, 6/1/28		608,000		555,581
Cablevision Lightpath LLC,144A,3.875%, 9/15/27		276,000		259,023
Cars.com, Inc.,144A,6.375%, 11/1/28		245,000		243,554

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Cogent Communications Group LLC
144A,3.50%, 5/1/26		306,000		296,043
144A,7.00%, 6/15/27		288,000		291,480
Cogent Communications Group, Inc. / Cogent Communications Finance, Inc.,144A,7.00%, 6/15/27		200,000		202,319
Gen Digital, Inc.
144A,6.75%, 9/30/27		584,000		598,160
144A,7.125%, 9/30/30 (a)		396,000		413,728
Getty Images, Inc.,144A,9.75%, 3/1/27		200,000		199,246
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		384,000		382,300
144A,3.50%, 3/1/29		505,000		469,553
GrubHub Holdings, Inc.,144A,5.50%, 7/1/27		306,000		292,414
ION Trading Technologies SARL
144A,5.75%, 5/15/28		276,000		259,787
144A,9.50%, 5/30/29		357,000		379,073
Match Group Holdings II LLC
144A,5.00%, 12/15/27		276,000		270,586
144A,4.625%, 6/1/28		306,000		294,213
144A,5.625%, 2/15/29		214,000		213,491
144A,4.125%, 8/1/30		326,000		300,291
144A,3.625%, 10/1/31		327,000		290,363
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		330,000		327,272
Rakuten Group, Inc.
144A,5.125%, Perpetual		481,000		452,693
144A,6.25%, Perpetual		652,000		563,784
144A,11.25%, 2/15/27		1,154,000		1,252,702
144A,9.75%, 4/15/29		1,281,000		1,380,278
Ziff Davis, Inc.,144A,4.625%, 10/15/30		285,000		262,991

(Cost $10,170,374)				10,741,259

Media — 6.3%
AMC Networks, Inc.
144A,10.25%, 1/15/29		560,000		562,800
4.25%, 2/15/29		631,000		447,438
Block Communications, Inc.,144A,4.875%, 3/1/28		195,000		180,657
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		416,000		319,255
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		411,000		409,954
144A,5.125%, 5/1/27		1,694,000		1,660,256
144A,5.00%, 2/1/28		1,315,000		1,267,136
144A,5.375%, 6/1/29		788,000		747,468
144A,6.375%, 9/1/29		793,000		783,282
144A,4.75%, 3/1/30		1,590,000		1,449,331


	Principal Amount $		Value $

144A,4.50%, 8/15/30		1,434,000		1,278,851
144A,4.25%, 2/1/31		1,564,000		1,357,092
144A,7.375%, 3/1/31 (a)		576,000		586,293
144A,4.75%, 2/1/32		632,000		550,684
4.50%, 5/1/32		1,509,000		1,288,466
144A,4.50%, 6/1/33		921,000		769,956
144A,4.25%, 1/15/34		1,023,000		824,958
Directv Financing LLC,144A,8.875%, 2/1/30		480,000		486,969
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		2,368,000		2,292,978
Gannett Holdings LLC,144A,6.00%, 11/1/26		183,000		182,825
GCI LLC,144A,4.75%, 10/15/28		394,000		373,734
Gray Television, Inc.
144A,7.00%, 5/15/27		430,000		414,733
144A,10.50%, 7/15/29		788,000		808,782
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		744,000		680,212
144A,5.125%, 7/15/29 (a)		532,000		429,591
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		540,000		529,267
144A,7.375%, 9/1/31		420,000		433,766
Midcontinent Communications,144A,8.00%, 8/15/32		400,000		398,501
News Corp.
144A,3.875%, 5/15/29		640,000		601,889
144A,5.125%, 2/15/32		306,000		297,509
Nexstar Media, Inc.
144A,5.625%, 7/15/27		1,104,000		1,078,836
144A,4.75%, 11/1/28		640,000		597,969
Paramount Global
6.25%, 2/28/57		398,000		343,619
6.375%, 3/30/62		640,000		585,177
Sinclair Television Group, Inc.,144A,4.125%, 12/1/30		480,000		338,702
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		633,000		605,106
144A,5.00%, 8/1/27		949,000		927,654
144A,4.00%, 7/15/28		1,265,000		1,184,857
144A,5.50%, 7/1/29		800,000		778,603
144A,4.125%, 7/1/30		961,000		862,577
144A,3.875%, 9/1/31		973,000		834,927
Sunrise FinCo I BV,144A,4.875%, 7/15/31		805,000		749,238
Sunrise HoldCo IV BV,144A,5.50%, 1/15/28		287,000		282,589
TEGNA, Inc.
144A,4.75%, 3/15/26		337,000		332,792
4.625%, 3/15/28		640,000		601,545
5.00%, 9/15/29		704,000		653,877

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Townsquare Media, Inc.,144A,6.875%, 2/1/26 (a)		318,000		317,392
Univision Communications, Inc.
144A,6.625%, 6/1/27		1,009,000		998,731
144A,8.00%, 8/15/28		857,000		867,057
144A,4.50%, 5/1/29		672,000		589,727
144A,7.375%, 6/30/30		619,000		594,141
144A,8.50%, 7/31/31		315,000		314,374
Virgin Media Finance PLC,144A,5.00%, 7/15/30		592,000		512,931
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		913,000		865,400
144A,4.50%, 8/15/30		584,000		515,685
Virgin Media Vendor Financing Notes IV DAC,144A,5.00%, 7/15/28		320,000		303,462
VZ Secured Financing BV,144A,5.00%, 1/15/32		977,000		883,918
Ziggo Bond Co. BV
144A,6.00%, 1/15/27		413,000		411,620
144A,5.125%, 2/28/30		320,000		288,782
Ziggo BV,144A,4.875%, 1/15/30		634,000		591,089

(Cost $40,443,259)				41,227,010

Telecommunications — 4.0%
British Telecommunications PLC
144A,4.25%, 11/23/81		326,000		313,905
144A,4.875%, 11/23/81		313,000		286,280
Ciena Corp.,144A,4.00%, 1/31/30		265,000		248,730
Connect Finco SARL / Connect US Finco LLC,144A,6.75%, 10/1/26		1,313,000		1,302,331
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		270,000		235,702
144A,6.50%, 10/1/28		480,000		439,321
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		747,000		744,068
144A,5.00%, 5/1/28		993,000		964,257
144A,8.75%, 5/15/30		778,000		819,390
144A,8.625%, 3/15/31		486,000		514,261
Frontier Florida LLC, Series E, 6.86%, 2/1/28		184,000		186,940
GoTo Group, Inc.,144A,5.50%, 5/1/28		230,000		178,054
Iliad Holding SASU
144A,6.50%, 10/15/26		455,000		458,837
144A,7.00%, 10/15/28		547,000		555,126
144A,8.50%, 4/15/31		616,000		652,755
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30		1,921,000		1,844,541


	Principal Amount $		Value $

Level 3 Financing, Inc.
144A,10.50%, 4/15/29		420,000		450,227
144A,11.00%, 11/15/29		1,020,000		1,118,233
144A,10.50%, 5/15/30 (a)		592,000		634,310
144A,10.75%, 12/15/30		430,000		463,097
Lumen Technologies, Inc.
144A,4.125%, 4/15/29		200,000		156,000
144A,4.125%, 4/15/30		213,000		158,935
Millicom International Cellular SA
144A,5.125%, 1/15/28		256,500		248,207
144A,6.25%, 3/25/29		433,800		429,228
144A,4.50%, 4/27/31		487,000		434,000
144A,7.375%, 4/2/32		300,000		303,903
Optics Bidco SpA
144A,Series 2033, 6.375%, 11/15/33		321,000		320,643
144A,6.00%, 9/30/34		320,000		310,390
144A,Series 2036, 7.20%, 7/18/36		310,000		325,592
144A,Series 2038, 7.721%, 6/4/38		320,000		346,643
Qwest Corp.,7.25%, 9/15/25		163,000		161,981
Rogers Communications, Inc.,144A,5.25%, 3/15/82		459,000		448,988
Telecom Italia Capital SA
6.375%, 11/15/33		321,000		323,954
6.00%, 9/30/34		320,000		309,568
7.20%, 7/18/36		312,000		320,223
7.721%, 6/4/38		327,000		346,507
United States Cellular Corp.,6.70%, 12/15/33		355,000		390,935
Viasat, Inc.
144A,5.625%, 9/15/25		448,000		443,537
144A,5.625%, 4/15/27		384,000		364,419
144A,6.50%, 7/15/28 (a)		260,000		216,450
144A,7.50%, 5/30/31 (a)		460,000		351,842
Viavi Solutions, Inc.,144A,3.75%, 10/1/29		245,000		217,985
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		877,000		762,414
144A,4.75%, 7/15/31		878,000		770,271
144A,7.75%, 4/15/32		490,000		498,159
Vodafone Group PLC
7.00%, 4/4/79		1,285,000		1,345,355
3.25%, 6/4/81		306,000		292,619
4.125%, 6/4/81		649,000		583,382
5.125%, 6/4/81		608,000		476,968
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28		896,000		874,591
Zayo Group Holdings, Inc.,144A,4.00%, 3/1/27 (a)		958,000		836,175

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Zegona Finance PLC,144A,8.625%, 7/15/29		585,000		607,669

(Cost $25,283,444)				26,387,898

Consumer, Cyclical — 22.2%
Airlines — 1.7%
Air Canada,144A,3.875%, 8/15/26		779,000		751,683
Allegiant Travel Co.,144A,7.25%, 8/15/27 (a)		357,000		338,934
American Airlines Inc/ AAdvantage Loyalty IP Ltd.
144A,5.50%, 4/20/26		1,307,833		1,301,060
144A,5.75%, 4/20/29		1,897,000		1,859,496
American Airlines, Inc.
144A,7.25%, 2/15/28		486,000		489,022
144A,8.50%, 5/15/29		640,000		665,383
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,144A,11.00%, 4/15/29		640,000		651,392
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31		1,281,000		1,266,103
United Airlines, Inc.
144A,4.375%, 4/15/26		1,281,000		1,250,088
144A,4.625%, 4/15/29		1,237,000		1,177,501
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
144A,7.875%, 5/1/27 (a)		323,000		303,148
144A,9.50%, 6/1/28		320,000		299,258
144A,6.375%, 2/1/30 (a)		640,000		524,807

(Cost $10,752,389)				10,877,875

Apparel — 0.4%
Crocs, Inc.
144A,4.25%, 3/15/29		214,000		202,032
144A,4.125%, 8/15/31		224,000		201,336
Hanesbrands, Inc.
144A,4.875%, 5/15/26		576,000		571,999
144A,9.00%, 2/15/31 (a)		389,000		418,220
Kontoor Brands, Inc.,144A,4.125%, 11/15/29		245,000		230,706
Levi Strauss & Co.,144A,3.50%, 3/1/31		320,000		288,669
Under Armour, Inc.,3.25%, 6/15/26		367,000		354,701
William Carter Co.,144A,5.625%, 3/15/27		336,000		335,403

(Cost $2,507,053)				2,603,066

Auto Manufacturers — 0.6%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		265,000		259,418
144A,5.875%, 6/1/29		326,000		326,888
144A,3.75%, 1/30/31		640,000		581,611


	Principal Amount $		Value $

Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		683,000		696,890
Jaguar Land Rover Automotive PLC
144A,7.75%, 10/15/25		428,000		429,548
144A,4.50%, 10/1/27		306,000		299,412
144A,5.875%, 1/15/28		364,000		365,256
144A,5.50%, 7/15/29 (a)		262,000		261,373
JB Poindexter & Co., Inc.,144A,8.75%, 12/15/31		380,000		400,846
Wabash National Corp.,144A,4.50%, 10/15/28 (a)		246,000		226,466

(Cost $3,756,748)				3,847,708

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		509,000		502,749
144A,7.00%, 4/15/28		316,000		324,777
144A,8.25%, 4/15/31 (a)		320,000		340,135
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 (a)		326,000		327,680
6.875%, 7/1/28		245,000		246,221
5.00%, 10/1/29		384,000		357,221
Clarios Global LP / Clarios US Finance Co.
144A,6.25%, 5/15/26		575,000		575,083
144A,8.50%, 5/15/27		530,000		535,200
144A,6.75%, 5/15/28		490,000		503,785
Cooper-Standard Automotive, Inc.,144A,9.00% Cash or 4.50% PIK, 3/31/27		400,000		427,341
Dana, Inc.
5.375%, 11/15/27		245,000		242,534
5.625%, 6/15/28		255,000		251,327
4.25%, 9/1/30		265,000		238,656
4.50%, 2/15/32		224,000		198,654
Garrett Motion Holdings, Inc. / Garrett LX I SARL,144A,7.75%, 5/31/32		512,000		529,862
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		576,000		568,811
4.875%, 3/15/27		429,000		419,117
5.00%, 7/15/29 (a)		547,000		508,015
5.25%, 4/30/31		357,000		323,440
5.25%, 7/15/31 (a)		384,000		348,281
5.625%, 4/30/33 (a)		296,000		260,733
IHO Verwaltungs GmbH
144A,4.75% Cash or 5.50% PIK, 9/15/26		306,000		300,182
144A,6.00% Cash or 6.75% PIK, 5/15/27		275,000		270,975
144A,6.3750% Cash or 7.125% PIK, 5/15/29		265,000		260,038

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Phinia, Inc.,144A,6.75%, 4/15/29		330,000		338,635
Tenneco, Inc.,144A,8.00%, 11/17/28		1,217,000		1,137,914
Titan International, Inc.,7.00%, 4/30/28		264,000		258,166
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		387,000		399,825
144A,7.125%, 4/14/30		397,000		416,018
144A,6.75%, 4/23/30		519,000		533,508
144A,6.875%, 4/23/32		430,000		446,780

(Cost $12,119,920)				12,391,663

Distribution/Wholesale — 0.7%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		459,000		441,242
144A,3.875%, 11/15/29		265,000		245,076
Gates Corp.,144A,6.875%, 7/1/29		325,000		333,367
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		800,000		741,056
Resideo Funding, Inc.
144A,4.00%, 9/1/29		184,000		170,480
144A,6.50%, 7/15/32		384,000		390,936
Ritchie Bros Holdings, Inc.
144A,6.75%, 3/15/28		357,000		367,288
144A,7.75%, 3/15/31		532,000		565,494
Velocity Vehicle Group LLC,144A,8.00%, 6/1/29		324,000		336,998
Verde Purchaser LLC,144A,10.50%, 11/30/30		454,000		488,928
Windsor Holdings III LLC,144A,8.50%, 6/15/30		512,000		548,438

(Cost $4,507,756)				4,629,303

Entertainment — 3.6%
Affinity Interactive,144A,6.875%, 12/15/27		349,000		299,165
Banijay Entertainment SAS,144A,8.125%, 5/1/29		245,000		253,803
Boyne USA, Inc.,144A,4.75%, 5/15/29		423,000		406,006
Caesars Entertainment, Inc.
144A,8.125%, 7/1/27		1,037,000		1,059,026
144A,4.625%, 10/15/29 (a)		852,000		805,914
144A,7.00%, 2/15/30		1,265,000		1,309,994
144A,6.50%, 2/15/32		875,000		899,177
CCM Merger, Inc.,144A,6.375%, 5/1/26		182,000		181,842
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.375%, 4/15/27		320,000		318,450
6.50%, 10/1/28		184,000		186,315
5.25%, 7/15/29		320,000		315,371


	Principal Amount $		Value $

Churchill Downs, Inc.
144A,5.50%, 4/1/27		384,000		382,197
144A,4.75%, 1/15/28		459,000		447,596
144A,5.75%, 4/1/30		768,000		763,385
144A,6.75%, 5/1/31		376,000		386,385
Cinemark USA, Inc.
144A,5.25%, 7/15/28 (a)		490,000		481,338
144A,7.00%, 8/1/32		330,000		342,529
Empire Resorts, Inc.,144A,7.75%, 11/1/26		184,000		177,501
Everi Holdings, Inc.,144A,5.00%, 7/15/29		245,000		242,863
International Game Technology PLC
144A,4.125%, 4/15/26		486,000		476,943
144A,6.25%, 1/15/27		480,000		487,900
144A,5.25%, 1/15/29		489,000		482,729
Jacobs Entertainment, Inc.,144A,6.75%, 2/15/29		306,000		291,925
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		454,000		459,123
144A,7.25%, 11/15/29		306,000		317,086
144A,7.50%, 9/1/31		357,000		375,925
Lions Gate Capital Holdings 1, Inc.,144A,5.50%, 4/15/29		250,000		224,840
Live Nation Entertainment, Inc.
144A,5.625%, 3/15/26		184,000		182,956
144A,6.50%, 5/15/27		759,000		772,071
144A,4.75%, 10/15/27		608,000		592,268
144A,3.75%, 1/15/28		306,000		289,917
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		320,000		318,816
Merlin Entertainments Ltd.,144A,5.75%, 6/15/26		265,000		261,142
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.,144A,4.875%, 5/1/29		480,000		458,272
Mohegan Tribal Gaming Authority, 144A,8.00%, 2/1/26		752,000		728,229
Odeon Finco PLC,144A,12.75%, 11/1/27		256,000		266,926
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30		261,000		269,012
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		265,000		260,625
144A,4.125%, 7/1/29		245,000		219,434
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC,144A,4.875%, 11/1/26		214,000		206,783
Resorts World Las Vegas LLC / RWLV Capital, Inc.
144A,4.625%, 4/16/29		680,000		612,550
144A,8.45%, 7/27/30		260,000		274,578

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

144A,4.625%, 4/6/31		230,000		200,022
Scientific Games Holdings LP/ Scientific Games US FinCo, Inc.,144A,6.625%, 3/1/30		519,000		513,323
SeaWorld Parks & Entertainment, Inc.,144A,5.25%, 8/15/29		469,000		453,643
Six Flags Entertainment Corp.
144A,5.50%, 4/15/27		306,000		303,822
144A,7.25%, 5/15/31		512,000		530,997
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc.,144A,6.625%, 5/1/32		520,000		535,225
Speedway Motorsports LLC / Speedway Funding II, Inc.,144A,4.875%, 11/1/27		214,000		209,364
Vail Resorts, Inc.,144A,6.50%, 5/15/32		378,000		392,910
WMG Acquisition Corp.
144A,3.75%, 12/1/29		351,000		327,396
144A,3.875%, 7/15/30		338,000		313,754
144A,3.00%, 2/15/31 (a)		507,000		450,862
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		459,000		449,090
144A,7.125%, 2/15/31		640,000		679,254

(Cost $22,785,637)				23,448,569

Food Service — 0.1%
Aramark Services, Inc.,144A,5.00%, 2/1/28		727,000		713,069
TKC Holdings, Inc.,144A,6.875%, 5/15/28		260,000		258,316

(Cost $934,784)				971,385

Home Builders — 1.5%
Adams Homes, Inc.,144A,9.25%, 10/15/28		253,000		266,149
Ashton Woods USA LLC / Ashton Woods Finance Co.
144A,6.625%, 1/15/28		153,000		154,121
144A,4.625%, 8/1/29		224,000		212,109
144A,4.625%, 4/1/30		245,000		230,583
Beazer Homes USA, Inc.
5.875%, 10/15/27		219,000		217,768
7.25%, 10/15/29		214,000		218,601
144A,7.50%, 3/15/31		158,000		160,846
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		367,000		365,689
144A,5.00%, 6/15/29		214,000		200,805
144A,4.875%, 2/15/30		343,000		319,727
Century Communities, Inc.
6.75%, 6/1/27		303,000		305,689
144A,3.875%, 8/15/29		326,000		302,036


	Principal Amount $		Value $

Dream Finders Homes, Inc.,144A,8.25%, 8/15/28		201,000		212,836
Empire Communities Corp.,144A,9.75%, 5/1/29		300,000		316,125
Forestar Group, Inc.
144A,3.85%, 5/15/26		265,000		258,008
144A,5.00%, 3/1/28		184,000		178,233
Installed Building Products, Inc.,144A,5.75%, 2/1/28		194,000		191,880
K Hovnanian Enterprises, Inc.,144A,11.75%, 9/30/29		271,000		300,227
KB Home
6.875%, 6/15/27		194,000		201,768
4.80%, 11/15/29		195,000		189,576
7.25%, 7/15/30		214,000		223,249
4.00%, 6/15/31		250,000		230,224
Landsea Homes Corp.,144A,8.875%, 4/1/29		192,000		198,728
LGI Homes, Inc.
144A,8.75%, 12/15/28		245,000		261,035
144A,4.00%, 7/15/29		204,000		185,218
M/I Homes, Inc.
4.95%, 2/1/28		264,000		258,726
3.95%, 2/15/30		184,000		168,962
Mattamy Group Corp.
144A,5.25%, 12/15/27		326,000		321,655
144A,4.625%, 3/1/30		417,000		393,205
New Home Co., Inc.,144A,9.25%, 10/1/29		210,000		218,666
Shea Homes LP / Shea Homes Funding Corp.
4.75%, 2/15/28		288,000		281,428
4.75%, 4/1/29		183,000		175,920
STL Holding Co. LLC,144A,8.75%, 2/15/29		176,000		185,938
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		326,000		329,929
144A,5.75%, 1/15/28		296,000		298,464
144A,5.125%, 8/1/30		330,000		326,118
Thor Industries, Inc.,144A,4.00%, 10/15/29		320,000		292,145
Tri Pointe Homes, Inc.
5.25%, 6/1/27		184,000		183,100
5.70%, 6/15/28		224,000		225,344
Winnebago Industries, Inc.,144A,6.25%, 7/15/28		194,000		193,236

(Cost $9,382,379)				9,754,066

Home Furnishings — 0.1%
Tempur Sealy International, Inc.
144A,4.00%, 4/15/29		512,000		474,773
144A,3.875%, 10/15/31		519,000		456,452

(Cost $898,636)				931,225

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Housewares — 0.5%
Newell Brands, Inc.
5.70%, 4/1/26		1,336,000		1,331,280
6.375%, 9/15/27 (a)		320,000		321,518
6.625%, 9/15/29 (a)		320,000		319,508
6.875%, 4/1/36		267,000		253,896
7.00%, 4/1/46		428,000		371,104
Scotts Miracle-Gro Co.
5.25%, 12/15/26		113,000		112,343
4.50%, 10/15/29		264,000		250,070
4.00%, 4/1/31		304,000		272,350
4.375%, 2/1/32		245,000		220,178

(Cost $3,317,203)				3,452,247

Leisure Time — 3.1%
Acushnet Co.,144A,7.375%, 10/15/28		214,000		224,436
Amer Sports Co.,144A,6.75%, 2/16/31 (a)		519,000		527,426
Carnival Corp.
144A,7.625%, 3/1/26		895,000		904,066
144A,5.75%, 3/1/27		1,767,000		1,772,852
144A,6.00%, 5/1/29 (a)		1,280,000		1,285,723
144A,10.50%, 6/1/30		663,000		719,587
Carnival Holdings Bermuda Ltd.,144A,10.375%, 5/1/28		1,284,000		1,389,120
Life Time, Inc.
144A,5.75%, 1/15/26		600,000		600,098
144A,8.00%, 4/15/26		291,000		295,385
Lindblad Expeditions Holdings, Inc.,144A,9.00%, 5/15/28		176,000		182,187
Lindblad Expeditions LLC,144A,6.75%, 2/15/27		241,000		239,468
NCL Corp. Ltd.
144A,5.875%, 3/15/26		912,000		911,503
144A,5.875%, 2/15/27		633,000		634,416
144A,8.375%, 2/1/28		367,000		386,305
144A,8.125%, 1/15/29		512,000		547,633
144A,7.75%, 2/15/29 (a)		420,000		448,227
NCL Finance Ltd.,144A,6.125%, 3/15/28		333,000		336,888
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		413,000		405,731
144A,5.50%, 8/31/26		652,000		652,924
144A,5.375%, 7/15/27		640,000		641,094
7.50%, 10/15/27		247,000		263,992
3.70%, 3/15/28		320,000		306,213
144A,5.50%, 4/1/28		961,000		968,422
144A,7.25%, 1/15/30		459,000		485,236
144A,6.25%, 3/15/32		800,000		826,174
144A,6.00%, 2/1/33		1,250,000		1,280,485
Sabre GLBL, Inc.
144A,8.625%, 6/1/27		578,000		555,639
144A,11.25%, 12/15/27		355,000		359,574


	Principal Amount $		Value $

Viking Cruises Ltd.
144A,5.875%, 9/15/27		517,000		516,386
144A,7.00%, 2/15/29		333,000		337,328
144A,9.125%, 7/15/31		467,000		512,326
Viking Ocean Cruises Ship VII Ltd.,144A,5.625%, 2/15/29		214,000		212,220
Vista Outdoor, Inc.,144A,4.50%, 3/15/29		306,000		305,968
VOC Escrow Ltd.,144A,5.00%, 2/15/28		443,000		434,606

(Cost $19,974,486)				20,469,638

Lodging — 1.9%
Boyd Gaming Corp.
4.75%, 12/1/27 (a)		640,000		628,011
144A,4.75%, 6/15/31		576,000		541,950
Genting New York LLC / GENNY Capital, Inc.,144A,3.30%, 2/15/26		336,000		325,365
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		320,000		320,558
144A,5.875%, 4/1/29		360,000		366,866
144A,3.75%, 5/1/29		520,000		489,142
4.875%, 1/15/30		640,000		628,023
144A,4.00%, 5/1/31		714,000		659,782
144A,3.625%, 2/15/32		974,000		873,028
144A,6.125%, 4/1/32		296,000		303,479
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,5.00%, 6/1/29		544,000		514,338
144A,4.875%, 7/1/31		320,000		286,903
144A,6.625%, 1/15/32		570,000		576,870
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,4.875%, 4/1/27		362,000		360,057
Marriott Ownership Resorts, Inc.
4.75%, 1/15/28		227,000		216,685
144A,4.50%, 6/15/29 (a)		306,000		284,650
MGM Resorts International
4.625%, 9/1/26		245,000		241,684
5.50%, 4/15/27		443,000		442,951
4.75%, 10/15/28		480,000		467,213
6.50%, 4/15/32		480,000		483,432
Station Casinos LLC
144A,4.50%, 2/15/28		453,000		434,776
144A,4.625%, 12/1/31		325,000		301,701
144A,6.625%, 3/15/32		327,000		333,564
Travel + Leisure Co.
6.60%, 10/1/25		214,000		216,421
144A,6.625%, 7/31/26		398,000		405,082
6.00%, 4/1/27		256,000		256,682
144A,4.50%, 12/1/29		416,000		387,912

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

144A,4.625%, 3/1/30		227,000		210,510
Wyndham Hotels & Resorts, Inc.,144A,4.375%, 8/15/28		306,000		292,886
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		577,000		573,162

(Cost $12,075,943)				12,423,683

Office Furnishings — 0.1%
Interface, Inc.,144A,5.50%, 12/1/28		195,000		191,047
Steelcase, Inc.,5.125%, 1/18/29		288,000		281,989

(Cost $449,935)				473,036

Retail — 6.0%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		1,005,000		959,713
144A,4.375%, 1/15/28		469,000		453,398
144A,3.50%, 2/15/29		489,000		455,988
144A,6.125%, 6/15/29		760,000		776,169
144A,4.00%, 10/15/30		1,857,000		1,700,977
Academy Ltd.,144A,6.00%, 11/15/27		255,000		254,025
Advance Auto Parts, Inc.
5.90%, 3/9/26		192,000		193,621
1.75%, 10/1/27		224,000		200,415
5.95%, 3/9/28		188,000		190,230
3.90%, 4/15/30		333,000		306,045
3.50%, 3/15/32		219,000		189,706
Arko Corp.,144A,5.125%, 11/15/29		292,000		259,349
Asbury Automotive Group, Inc.
4.50%, 3/1/28		268,000		258,978
144A,4.625%, 11/15/29		520,000		495,073
4.75%, 3/1/30		273,000		260,862
144A,5.00%, 2/15/32		384,000		361,671
Bath & Body Works, Inc.
6.694%, 1/15/27		182,000		187,419
5.25%, 2/1/28		292,000		287,802
7.50%, 6/15/29 (a)		306,000		316,349
144A,6.625%, 10/1/30		541,000		547,759
6.95%, 3/1/33		231,000		231,088
6.875%, 11/1/35		508,000		524,688
6.75%, 7/1/36		355,000		363,716
Beacon Roofing Supply, Inc.
144A,4.50%, 11/15/26		184,000		180,613
144A,4.125%, 5/15/29		214,000		199,692
144A,6.50%, 8/1/30		384,000		394,336
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC,144A,5.125%, 4/15/29		192,000		176,183
BlueLinx Holdings, Inc.,144A,6.00%, 11/15/29		204,000		196,212


	Principal Amount $		Value $

Brinker International, Inc.,144A,8.25%, 7/15/30		224,000		238,131
CEC Entertainment LLC,144A,6.75%, 5/1/26		422,000		420,597
Cougar JV Subsidiary LLC, 144A,8.00%, 5/15/32		438,000		461,980
Dave & Buster’s, Inc.,144A,7.625%, 11/1/25		282,000		283,284
eG Global Finance PLC,144A,12.00%, 11/30/28		704,000		767,939
Evergreen Acqco 1 LP / TVI, Inc.,144A,9.75%, 4/26/28		273,000		287,975
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		428,000		429,260
144A,5.875%, 4/1/29		528,000		495,003
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29		650,000		608,077
Foot Locker, Inc.,144A,4.00%, 10/1/29 (a)		245,000		213,283
Gap, Inc.
144A,3.625%, 10/1/29		481,000		431,021
144A,3.875%, 10/1/31		486,000		419,844
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		350,000		345,011
144A,8.75%, 1/15/32		320,000		306,407
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		480,000		454,017
144A,6.375%, 1/15/30		300,000		305,194
GYP Holdings III Corp.,144A,4.625%, 5/1/29		227,000		211,895
Ken Garff Automotive LLC,144A,4.875%, 9/15/28		259,000		250,985
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,144A,4.75%, 6/1/27		459,000		452,735
Kohl’s Corp.
4.625%, 5/1/31		331,000		273,465
5.55%, 7/17/45		261,000		168,997
LCM Investments Holdings II LLC
144A,4.875%, 5/1/29		640,000		609,666
144A,8.25%, 8/1/31		546,000		580,536
Lithia Motors, Inc.
144A,4.625%, 12/15/27		245,000		238,353
144A,3.875%, 6/1/29		521,000		483,214
144A,4.375%, 1/15/31		357,000		328,833
Macy’s Retail Holdings LLC
144A,5.875%, 4/1/29 (a)		306,000		299,703
144A,5.875%, 3/15/30		272,000		263,762
144A,6.125%, 3/15/32		286,000		273,571
4.50%, 12/15/34		235,000		194,373

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

5.125%, 1/15/42		173,000		131,727
4.30%, 2/15/43		163,000		110,771
Marks & Spencer PLC,144A,7.125%, 12/1/37		184,000		197,140
Michaels Cos., Inc.,144A,5.25%, 5/1/28		552,000		433,399
Murphy Oil USA, Inc.
5.625%, 5/1/27		192,000		190,982
4.75%, 9/15/29		306,000		296,876
144A,3.75%, 2/15/31		320,000		289,524
Nordstrom, Inc.
4.00%, 3/15/27		224,000		215,908
6.95%, 3/15/28		184,000		190,114
4.375%, 4/1/30		320,000		293,869
4.25%, 8/1/31		272,000		242,032
5.00%, 1/15/44		626,000		496,559
Papa John’s International, Inc.,144A,3.875%, 9/15/29		246,000		224,959
Patrick Industries, Inc.
144A,7.50%, 10/15/27		184,000		184,657
144A,4.75%, 5/1/29		214,000		200,873
Penske Automotive Group, Inc.
3.50%, 9/1/25		352,000		346,477
3.75%, 6/15/29 (a)		306,000		284,812
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		768,000		734,551
144A,7.75%, 2/15/29		727,000		715,822
QVC, Inc.
4.75%, 2/15/27		368,000		322,309
4.375%, 9/1/28		320,000		240,798
5.45%, 8/15/34		255,000		156,786
5.95%, 3/15/43		184,000		110,394
Raising Cane’s Restaurants LLC,144A,9.375%, 5/1/29		306,000		330,275
Sally Holdings LLC / Sally Capital, Inc.,6.75%, 3/1/32 (a)		376,000		383,547
Sizzling Platter LLC / Sizzling Platter Finance Corp.,144A,8.50%, 11/28/25		214,000		215,405
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		416,000		388,764
144A,4.875%, 11/15/31		326,000		298,533
Specialty Building Products Holdings LLC / SBP Finance Corp.,144A,6.375%, 9/30/26		444,000		441,532
Staples, Inc.,144A,10.75%, 9/1/29		1,521,000		1,432,637
Suburban Propane Partners LP/ Suburban Energy Finance Corp.
5.875%, 3/1/27		214,000		213,090
144A,5.00%, 6/1/31		428,000		392,791
Superior Plus LP / Superior General Partner, Inc.,144A,4.50%, 3/15/29		384,000		359,267


	Principal Amount $		Value $

Victoria’s Secret & Co.,144A,4.625%, 7/15/29 (a)		384,000		334,637
Victra Holdings LLC / Victra Finance Corp.,144A,7.75%, 2/15/26		472,000		474,044
Vivo Energy Investments BV,144A,5.125%, 9/24/27		221,000		212,182
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26		930,000		884,927
8.125%, 8/15/29		470,000		470,811
3.20%, 4/15/30		313,000		251,961
4.50%, 11/18/34		200,000		156,164
4.80%, 11/18/44		422,000		315,413
4.65%, 6/1/46		195,000		130,844
4.10%, 4/15/50		415,000		269,936
Yum! Brands, Inc.
144A,4.75%, 1/15/30		512,000		502,365
3.625%, 3/15/31		672,000		616,783
4.625%, 1/31/32		704,000		667,229
5.375%, 4/1/32		653,000		647,367
6.875%, 11/15/37		211,000		235,727
5.35%, 11/1/43		174,000		168,210

(Cost $38,501,340)				39,424,968

Consumer, Non-cyclical — 16.4%
Agriculture — 0.3%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		306,000		304,410
144A,6.00%, 6/15/30		649,000		656,944
Turning Point Brands, Inc.,144A,5.625%, 2/15/26		153,000		151,928
Vector Group Ltd.
144A,10.50%, 11/1/26		250,000		253,266
144A,5.75%, 2/1/29		570,000		577,836

(Cost $1,854,045)				1,944,384

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

(Cost $442,185)		480,000		455,732

Commercial Services — 4.5%
ADT Security Corp.
144A,4.125%, 8/1/29		616,000		584,981
144A,4.875%, 7/15/32		466,000		442,974
Adtalem Global Education, Inc.,144A,5.50%, 3/1/28		268,000		263,552
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		366,000		364,908
Albion Financing 2 SARL,144A,8.75%, 4/15/27 (a)		276,000		282,055
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		1,505,000		1,528,002

See Notes to Financial Statements.

50 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		775,000		718,765
Allied Universal Holdco LLC/ Allied Universal Finance Corp/Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		496,000		459,339
Alta Equipment Group, Inc.,144A,9.00%, 6/1/29		320,000		290,762
AMN Healthcare, Inc.
144A,4.625%, 10/1/27		326,000		318,387
144A,4.00%, 4/15/29		214,000		199,621
APi Group DE, Inc.
144A,4.125%, 7/15/29		206,000		193,642
144A,4.75%, 10/15/29		178,000		170,231
APX Group, Inc.
144A,6.75%, 2/15/27		407,000		407,759
144A,5.75%, 7/15/29		512,000		507,290
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		256,000		250,132
144A,5.75%, 7/15/27		234,000		228,029
144A,4.75%, 4/1/28 (a)		320,000		296,731
144A,5.375%, 3/1/29 (a)		386,000		353,668
144A,8.00%, 2/15/31 (a)		324,000		322,157
Brink’s Co.
144A,4.625%, 10/15/27		397,000		387,781
144A,6.50%, 6/15/29		250,000		258,685
144A,6.75%, 6/15/32		260,000		270,456
Carriage Services, Inc.,144A,4.25%, 5/15/29		256,000		236,370
Champions Financing, Inc.,144A,8.75%, 2/15/29		380,000		389,750
Cimpress PLC,7.00%, 6/15/26		331,000		329,947
CoreCivic, Inc.,8.25%, 4/15/29		317,000		334,409
Garda World Security Corp. 144A,4.625%, 2/15/27		375,000		365,626
144A,7.75%, 2/15/28		255,000		266,816
GEO Group, Inc.
144A,8.625%, 4/15/29		400,000		414,949
144A,10.25%, 4/15/31		400,000		422,593
Graham Holdings Co.,144A,5.75%, 6/1/26		145,000		145,381
Grand Canyon University,5.125%, 10/1/28		249,000		230,032
Herc Holdings, Inc.
144A,5.50%, 7/15/27		788,000		782,242
144A,6.625%, 6/15/29		515,000		529,699
Hertz Corp.,144A,12.625%, 7/15/29 (a)		480,000		511,282
Korn Ferry,144A,4.625%, 12/15/27		245,000		238,638
Matthews International Corp.,144A,5.25%, 12/1/25		184,000		180,592


	Principal Amount $		Value $

NESCO Holdings II, Inc.,144A,5.50%, 4/15/29		589,000		543,833
Port of Newcastle Investments Financing Pty Ltd.,144A,5.90%, 11/24/31		184,000		170,426
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		853,000		854,603
144A,3.375%, 8/31/27		666,000		630,566
144A,6.25%, 1/15/28		862,000		858,705
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		680,000		673,688
144A,10.875%, 8/1/29		310,000		303,407
Service Corp. International
4.625%, 12/15/27		367,000		360,097
5.125%, 6/1/29		509,000		502,996
3.375%, 8/15/30		521,000		467,552
4.00%, 5/15/31		531,000		487,277
Sotheby’s,144A,7.375%, 10/15/27		490,000		467,924
Sotheby’s/Bidfair Holdings, Inc.,144A,5.875%, 6/1/29		184,000		158,546
TriNet Group, Inc.
144A,3.50%, 3/1/29		320,000		296,025
144A,7.125%, 8/15/31		245,000		254,089
United Rentals North America, Inc.
5.50%, 5/15/27		326,000		326,100
3.875%, 11/15/27		489,000		471,947
4.875%, 1/15/28		1,069,000		1,054,489
5.25%, 1/15/30		486,000		482,188
4.00%, 7/15/30		459,000		429,184
3.875%, 2/15/31		706,000		651,611
3.75%, 1/15/32		459,000		414,267
144A,6.125%, 3/15/34		704,000		719,121
Upbound Group, Inc.,144A,6.375%, 2/15/29		276,000		269,222
Valvoline, Inc.,144A,3.625%, 6/15/31		338,000		301,016
VM Consolidated, Inc.,144A,5.50%, 4/15/29		224,000		218,002
VT Topco, Inc.,144A,8.50%, 8/15/30		310,000		325,935
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		784,000		821,342
WASH Multifamily Acquisition, Inc.,144A,5.75%, 4/15/26		544,000		541,501
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		326,000		314,353
144A,6.625%, 6/15/29		330,000		340,704
144A,7.375%, 10/1/31		320,000		336,358
ZipRecruiter, Inc.,144A,5.00%, 1/15/30		357,000		319,756

(Cost $29,241,993)				29,845,063

See Notes to Financial Statements.

DBX ETF Trust | 51

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Cosmetics/Personal Care — 0.6%
Coty, Inc.,144A,5.00%, 4/15/26		438,000		435,989
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC
144A,4.75%, 1/15/29		326,000		317,414
144A,6.625%, 7/15/30		499,000		516,796
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		459,000		455,317
144A,4.125%, 4/1/29		320,000		303,278
Perrigo Finance Unlimited Co.
4.375%, 3/15/26		449,000		442,230
4.90%, 6/15/30		479,000		462,939
4.90%, 12/15/44		195,000		160,878
Prestige Brands, Inc.
144A,5.125%, 1/15/28		251,000		247,334
144A,3.75%, 4/1/31		387,000		350,740

(Cost $3,573,209)				3,692,915

Food — 2.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		509,000		491,731
144A,7.50%, 3/15/26		337,000		340,836
144A,4.625%, 1/15/27		846,000		826,560
144A,5.875%, 2/15/28		486,000		484,792
144A,6.50%, 2/15/28		450,000		455,796
144A,3.50%, 3/15/29		884,000		818,716
144A,4.875%, 2/15/30		640,000		625,512
B&G Foods, Inc.,144A,8.00%, 9/15/28		511,000		531,255
C&S Group Enterprises LLC,144A,5.00%, 12/15/28		261,000		197,160
Chobani LLC / Chobani Finance Corp., Inc.,144A,4.625%, 11/15/28		280,000		270,570
Fiesta Purchaser, Inc.,144A,7.875%, 3/1/31		320,000		336,640
Ingles Markets, Inc.,144A,4.00%, 6/15/31		234,000		210,145
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		474,000		494,513
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		306,000		301,094
144A,4.125%, 1/31/30		621,000		578,048
144A,4.375%, 1/31/32		459,000		422,797
Performance Food Group, Inc.
144A,5.50%, 10/15/27		679,000		675,131
144A,4.25%, 8/1/29		640,000		603,990
Pilgrim’s Pride Corp.
4.25%, 4/15/31		554,000		522,228


	Principal Amount $		Value $

3.50%, 3/1/32		544,000		481,055
6.25%, 7/1/33		628,000		663,970
6.875%, 5/15/34		320,000		353,732
Post Holdings, Inc.
144A,5.625%, 1/15/28		234,000		233,395
144A,5.50%, 12/15/29		791,000		777,410
144A,4.625%, 4/15/30		887,000		843,013
144A,4.50%, 9/15/31		628,000		584,356
144A,6.25%, 2/15/32		649,000		665,557
144A,6.375%, 3/1/33		780,000		785,694
Safeway, Inc.,7.25%, 2/1/31		169,000		174,395
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,144A,4.625%, 3/1/29		541,000		508,738
US Foods, Inc.
144A,6.875%, 9/15/28		306,000		318,309
144A,4.75%, 2/15/29		584,000		569,427
144A,4.625%, 6/1/30		320,000		306,300
144A,7.25%, 1/15/32		306,000		323,002

(Cost $16,340,960)				16,775,867

Healthcare-Products — 1.5%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		1,005,000		978,035
144A,3.875%, 11/1/29		520,000		485,920
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		908,000		953,595
Embecta Corp.,144A,5.00%, 2/15/30		320,000		288,515
Garden Spinco Corp.,144A,8.625%, 7/20/30		234,000		255,344
Hologic, Inc.
144A,4.625%, 2/1/28		265,000		258,783
144A,3.25%, 2/15/29		622,000		574,442
Medline Borrower LP
144A,3.875%, 4/1/29		2,882,000		2,722,246
144A,5.25%, 10/1/29		1,601,000		1,572,401
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		940,000		968,975
Sotera Health Holdings LLC,144A,7.375%, 6/1/31		480,000		502,002
Teleflex, Inc.
4.625%, 11/15/27		324,000		317,783
144A,4.25%, 6/1/28		326,000		313,292

(Cost $9,861,978)				10,191,333

Healthcare-Services — 4.8%
Acadia Healthcare Co., Inc.
144A,5.50%, 7/1/28		296,000		293,731
144A,5.00%, 4/15/29		311,000		303,049
Catalent Pharma Solutions, Inc.
144A,5.00%, 7/15/27		324,000		322,228
144A,3.125%, 2/15/29		337,000		328,674

See Notes to Financial Statements.

52 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

144A,3.50%, 4/1/30		426,000		416,001
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		330,000		318,190
144A,3.75%, 3/15/29		326,000		305,480
144A,4.00%, 3/15/31		328,000		301,849
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		1,191,000		1,152,587
144A,8.00%, 12/15/27		429,000		429,736
144A,6.00%, 1/15/29		381,000		361,461
144A,5.25%, 5/15/30		971,000		870,632
144A,4.75%, 2/15/31		677,000		577,430
144A,10.875%, 1/15/32		1,467,000		1,588,058
Concentra Escrow Issuer Corp.,144A,6.875%, 7/15/32		416,000		435,174
DaVita, Inc.
144A,4.625%, 6/1/30		1,761,000		1,660,446
144A,3.75%, 2/15/31		961,000		855,387
144A,6.875%, 9/1/32		630,000		644,527
Encompass Health Corp.
4.50%, 2/1/28		512,000		500,564
4.75%, 2/1/30		512,000		496,407
4.625%, 4/1/31		255,000		241,457
Fortrea Holdings, Inc.,144A,7.50%, 7/1/30		349,000		355,818
Global Medical Response, Inc.,144A,10.00%, 10/31/28		375,000		374,044
HealthEquity, Inc.,144A,4.50%, 10/1/29		397,000		378,866
Heartland Dental LLC / Heartland Dental Finance Corp.,144A,10.50%, 4/30/28		459,000		491,611
IQVIA, Inc.
144A,5.00%, 10/15/26		663,000		658,415
144A,5.00%, 5/15/27		714,000		708,838
144A,6.50%, 5/15/30		320,000		331,992
Kedrion SpA,144A,6.50%, 9/1/29		507,000		476,580
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27		367,000		358,035
LifePoint Health, Inc.
144A,9.875%, 8/15/30		512,000		561,501
144A,11.00%, 10/15/30		696,000		784,389
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		512,000		492,622
144A,3.875%, 11/15/30		418,000		384,329
144A,3.875%, 5/15/32		480,000		430,670
Pediatrix Medical Group, Inc.,144A,5.375%, 2/15/30 (a)		245,000		234,288
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		975,000		982,884
Radiology Partners, Inc.,144A,4.275% Cash 3.50% PIK, PIK, 1/31/29		454,943		437,314


	Principal Amount $		Value $

Select Medical Corp.,144A,6.25%, 8/15/26		780,000		783,855
Star Parent, Inc.,144A,9.00%, 10/1/30		640,000		683,217
Tenet Healthcare Corp.
6.25%, 2/1/27		869,000		870,637
5.125%, 11/1/27		961,000		952,637
4.625%, 6/15/28		368,000		359,596
6.125%, 10/1/28		1,601,000		1,603,946
4.25%, 6/1/29		896,000		859,790
4.375%, 1/15/30		928,000		887,219
6.125%, 6/15/30		1,265,000		1,284,218
6.75%, 5/15/31		864,000		895,727
6.875%, 11/15/31		231,000		251,394
Toledo Hospital
Series B, 5.325%, 11/15/28		200,000		196,500
4.982%, 11/15/45		171,000		131,884
6.015%, 11/15/48		265,000		242,995
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		504,000		515,596

(Cost $29,991,433)				31,364,475

Household Products/Wares — 0.2%
ACCO Brands Corp.,144A,4.25%, 3/15/29		352,000		327,728
Central Garden & Pet Co.
5.125%, 2/1/28		184,000		181,697
4.125%, 10/15/30		324,000		297,699
144A,4.125%, 4/30/31		245,000		222,006
Kronos Acquisition Holdings, Inc.,144A,8.25%, 6/30/31		340,000		349,850

(Cost $1,331,678)				1,378,980

Pharmaceuticals — 1.8%
180 Medical, Inc.,144A,3.875%, 10/15/29		326,000		305,705
AdaptHealth LLC
144A,6.125%, 8/1/28		219,000		217,066
144A,4.625%, 8/1/29		320,000		292,005
144A,5.125%, 3/1/30		387,000		353,843
Bausch Health Cos., Inc.
144A,5.50%, 11/1/25		1,090,000		1,049,250
144A,6.125%, 2/1/27		654,000		558,415
144A,4.875%, 6/1/28		1,019,000		761,193
BellRing Brands, Inc.,144A,7.00%, 3/15/30		549,000		570,181
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		326,000		313,109
Elanco Animal Health, Inc.,6.65%, 8/28/28		467,000		483,590
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a)		649,000		689,096
Herbalife Nutrition Ltd / HLF Financing, Inc.,144A,7.875%, 9/1/25		168,000		167,255

See Notes to Financial Statements.

DBX ETF Trust | 53

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		520,000		519,895
Jazz Securities DAC,144A,4.375%, 1/15/29		961,000		914,555
Mallinckrodt International Finance SA / Mallinckrodt CB LLC,144A,14.75%, 11/14/28		505,000		550,991
Option Care Health, Inc.,144A,4.375%, 10/31/29		326,000		309,224
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		1,358,000		1,298,273
144A,5.125%, 4/30/31		1,281,000		1,199,713
144A,6.75%, 5/15/34		320,000		331,627
144A,7.875%, 5/15/34		304,000		320,318
Owens & Minor, Inc.
144A,4.50%, 3/31/29		313,000		284,831
144A,6.625%, 4/1/30 (a)		354,000		342,595

(Cost $11,353,727)				11,832,730

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG,144A,10.50%, 5/15/28		306,000		325,867
Stena International SA
144A,7.25%, 1/15/31		461,000		474,664
144A,7.625%, 2/15/31		253,000		261,390

(Cost $1,032,159)				1,061,921

Energy — 14.8%
Coal — 0.1%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,144A,8.625%, 6/15/29		260,000		273,343
SunCoke Energy, Inc.,144A,4.875%, 6/30/29		320,000		290,748

(Cost $553,100)				564,091

Energy-Alternate Sources — 0.2%
Sunnova Energy Corp.,144A,5.875%, 9/1/26		260,000		244,257
TerraForm Power Operating LLC
144A,5.00%, 1/31/28		454,000		445,405
144A,4.75%, 1/15/30		448,000		423,068
Topaz Solar Farms LLC,144A,5.75%, 9/30/39		344,642		339,942

(Cost $1,424,227)				1,452,672

Oil & Gas — 7.2%
Aethon United BR LP / Aethon United Finance Corp.,144A,8.25%, 2/15/26		480,000		486,640
Antero Resources Corp.
144A,7.625%, 2/1/29		261,000		270,106


	Principal Amount $		Value $

144A,5.375%, 3/1/30		397,000		392,190
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,7.00%, 11/1/26		382,000		383,210
144A,9.00%, 11/1/27		213,000		259,677
144A,8.25%, 12/31/28		328,000		337,036
144A,5.875%, 6/30/29		245,000		244,400
Baytex Energy Corp.
144A,8.50%, 4/30/30		519,000		553,040
144A,7.375%, 3/15/32		374,000		387,346
Berry Petroleum Co. LLC,144A,7.00%, 2/15/26		245,000		242,616
Borr IHC Ltd / Borr Finance LLC
144A,10.00%, 11/15/28		824,683		863,771
144A,10.375%, 11/15/30		336,626		359,766
California Resources Corp.,144A,8.25%, 6/15/29		583,000		601,322
Chesapeake Energy Corp.
144A,5.50%, 2/1/26		320,000		319,817
144A,5.875%, 2/1/29		306,000		306,665
144A,6.75%, 4/15/29		608,000		617,085
Chord Energy Corp.,144A,6.375%, 6/1/26		245,000		246,374
CITGO Petroleum Corp.
144A,6.375%, 6/15/26		408,000		410,296
144A,8.375%, 1/15/29		713,000		740,601
Civitas Resources, Inc.
144A,5.00%, 10/15/26		245,000		241,559
144A,8.375%, 7/1/28		854,000		900,341
144A,8.625%, 11/1/30		640,000		695,682
144A,8.75%, 7/1/31		864,000		932,409
CNX Resources Corp.
144A,6.00%, 1/15/29		316,000		316,872
144A,7.375%, 1/15/31		328,000		342,762
144A,7.25%, 3/1/32		256,000		268,051
Comstock Resources, Inc.
144A,6.75%, 3/1/29		784,000		771,174
144A,6.75%, 3/1/29		256,000		251,200
144A,5.875%, 1/15/30		626,000		591,834
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		632,000		670,137
144A,7.625%, 4/1/32		448,000		461,961
144A,7.375%, 1/15/33		486,000		498,496
CrownRock LP / CrownRock Finance, Inc.,144A,5.00%, 5/1/29		241,000		244,324
CVR Energy, Inc.
144A,5.75%, 2/15/28		256,000		241,419
144A,8.50%, 1/15/29		384,000		391,219
Diamond Foreign Asset Co. / Diamond Finance LLC,144A,8.50%, 10/1/30		352,000		371,326

See Notes to Financial Statements.

54 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Encino Acquisition Partners Holdings LLC
144A,8.50%, 5/1/28		448,000		461,813
144A,8.75%, 5/1/31		320,000		339,918
Endeavor Energy Resources LP / EER Finance, Inc.,144A,5.75%, 1/30/28		581,000		591,224
Energean PLC,144A,6.50%, 4/30/27 (a)		276,000		272,451
EnQuest PLC,144A,11.625%, 11/1/27		187,000		192,413
Gulfport Energy Corp.,144A,8.00%, 5/17/26		271,000		275,273
Harbour Energy PLC,144A,5.50%, 10/15/26		306,000		303,749
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		397,000		399,092
144A,5.75%, 2/1/29		387,000		384,044
144A,6.00%, 4/15/30		356,000		354,170
144A,6.00%, 2/1/31		394,000		389,005
144A,6.25%, 4/15/32		306,000		304,957
144A,8.375%, 11/1/33		376,000		411,790
144A,6.875%, 5/15/34		320,000		323,681
Ithaca Energy North Sea PLC,144A,9.00%, 7/15/26		383,000		389,980
Karoon USA Finance, Inc.,144A,10.50%, 5/14/29		224,000		230,340
Kraken Oil & Gas Partners LLC,144A,7.625%, 8/15/29		330,000		340,110
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.,144A,6.00%, 8/1/26		245,000		243,880
Matador Resources Co.
144A,6.875%, 4/15/28		320,000		328,316
144A,6.50%, 4/15/32		576,000		584,574
MEG Energy Corp.,144A,5.875%, 2/1/29		397,000		393,120
Moss Creek Resources Holdings, Inc.,144A,8.25%, 9/1/31		470,000		474,044
Murphy Oil Corp.
5.875%, 12/1/27		271,000		271,587
6.375%, 7/15/28		228,000		230,944
5.875%, 12/1/42		210,000		191,090
Nabors Industries, Inc.
144A,7.375%, 5/15/27		429,000		433,997
144A,9.125%, 1/31/30		433,000		463,999
Noble Finance II LLC,144A,8.00%, 4/15/30		907,000		940,426
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		432,000		441,700
144A,8.75%, 6/15/31		320,000		341,799
Parkland Corp.
144A,5.875%, 7/15/27		324,000		323,673


	Principal Amount $		Value $

144A,4.50%, 10/1/29		490,000		462,548
144A,4.625%, 5/1/30		519,000		485,412
144A,6.625%, 8/15/32		320,000		323,352
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28 (a)		601,000		595,098
144A,7.875%, 9/15/30		306,000		318,198
Permian Resources Operating LLC
144A,5.375%, 1/15/26		177,000		176,864
144A,8.00%, 4/15/27		352,000		363,475
144A,5.875%, 7/1/29		449,000		449,051
144A,9.875%, 7/15/31		326,000		365,105
144A,7.00%, 1/15/32		640,000		671,367
144A,6.25%, 2/1/33		650,000		666,513
Precision Drilling Corp.,144A,6.875%, 1/15/29		256,000		259,768
Range Resources Corp.
8.25%, 1/15/29		387,000		401,107
144A,4.75%, 2/15/30		326,000		312,899
Seadrill Finance Ltd.,144A,8.375%, 8/1/30		372,000		392,675
Sitio Royalties Operating Partnership LP / Sitio Finance Corp.,144A,7.875%, 11/1/28		397,000		418,129
SM Energy Co.
6.75%, 9/15/26		242,000		242,227
6.625%, 1/15/27		255,000		255,380
6.50%, 7/15/28		265,000		266,459
144A,6.75%, 8/1/29		490,000		497,647
144A,7.00%, 8/1/32		470,000		481,501
Southwestern Energy Co.
8.375%, 9/15/28		186,000		191,136
5.375%, 2/1/29		456,000		450,177
5.375%, 3/15/30		768,000		761,297
4.75%, 2/1/32		747,000		707,993
Strathcona Resources Ltd/ Alberta,144A,6.875%, 8/1/26		306,000		307,544
Sunoco LP
144A,7.00%, 5/1/29		480,000		500,010
144A,7.25%, 5/1/32		480,000		507,674
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		384,000		384,556
5.875%, 3/15/28		264,000		264,257
144A,7.00%, 9/15/28		320,000		333,234
4.50%, 5/15/29		490,000		470,452
4.50%, 4/30/30		512,000		486,503
Talos Production, Inc.
144A,9.00%, 2/1/29		390,000		414,309
144A,9.375%, 2/1/31		400,000		427,178
Teine Energy Ltd.,144A,6.875%, 4/15/29		245,000		243,913

See Notes to Financial Statements.

DBX ETF Trust | 55

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		454,000		440,722
Transocean Aquila Ltd.,144A,8.00%, 9/30/28		209,000		214,927
Transocean Poseidon Ltd.,144A,6.875%, 2/1/27		202,200		202,347
Transocean Titan Financing Ltd.,144A,8.375%, 2/1/28		322,000		333,901
Transocean, Inc.,144A,8.75%, 2/15/30		637,500		673,414
Valaris Ltd.,144A,8.375%, 4/30/30		704,000		734,437
Vermilion Energy, Inc.,144A,6.875%, 5/1/30		259,000		260,206
Viper Energy, Inc.
144A,5.375%, 11/1/27		284,000		281,440
144A,7.375%, 11/1/31		245,000		260,155
Vital Energy, Inc.
144A,7.75%, 7/31/29		183,000		185,201
9.75%, 10/15/30		342,000		375,369
144A,7.875%, 4/15/32		550,000		563,084
W&T Offshore, Inc.,144A,11.75%, 2/1/26		168,000		172,417

(Cost $46,012,108)				47,392,511

Oil & Gas Services — 0.9%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.875%, 4/1/27		132,000		132,959
144A,6.25%, 4/1/28		533,000		535,251
144A,6.625%, 9/1/32		450,000		455,613
Bristow Group, Inc.,144A,6.875%, 3/1/28		274,000		274,292
Enerflex Ltd.,144A,9.00%, 10/15/27		400,000		414,200
Helix Energy Solutions Group, Inc.,144A,9.75%, 3/1/29		188,000		202,552
Kodiak Gas Services LLC,144A,7.25%, 2/15/29		475,000		491,925
Oceaneering International, Inc.,6.00%, 2/1/28		184,000		186,402
Solaris Midstream Holdings LLC,144A,7.625%, 4/1/26		245,000		246,355
Star Holding LLC,144A,8.75%, 8/1/31		230,000		225,320
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		500,000		503,892
144A,7.125%, 3/15/29		634,000		651,221
Viridien,144A,8.75%, 4/1/27		320,000		306,554
Weatherford International Ltd.,144A,8.625%, 4/30/30		1,012,000		1,050,321
Welltec International ApS,144A,8.25%, 10/15/26		179,000		182,396

(Cost $5,693,997)				5,859,253


	Principal Amount $		Value $

Pipelines — 6.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		398,000		396,454
144A,5.75%, 1/15/28		428,000		428,120
144A,5.375%, 6/15/29		489,000		483,146
144A,6.625%, 2/1/32		389,000		400,833
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,6.625%, 7/15/26		142,000		141,957
144A,7.00%, 7/15/29		320,000		332,852
144A,7.25%, 7/15/32		325,000		340,757
Buckeye Partners LP
3.95%, 12/1/26		367,000		356,554
4.125%, 12/1/27		245,000		234,993
144A,4.50%, 3/1/28		320,000		306,741
144A,6.875%, 7/1/29		370,000		378,403
5.85%, 11/15/43		260,000		235,152
5.60%, 10/15/44		204,000		172,192
CNX Midstream Partners LP,144A,4.75%, 4/15/30		245,000		228,508
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		896,000		878,385
144A,7.50%, 12/15/33		330,000		356,547
Delek Logistics Partners LP / Delek Logistics Finance Corp.
144A,7.125%, 6/1/28		256,000		257,985
144A,8.625%, 3/15/29		682,000		717,107
DT Midstream, Inc.
144A,4.125%, 6/15/29		704,000		668,793
144A,4.375%, 6/15/31		634,000		595,729
Energy Transfer LP
8.00%, 5/15/54		502,000		534,104
7.125%, 10/1/54		260,000		263,323
EQM Midstream Partners LP
4.125%, 12/1/26		306,000		300,554
144A,7.50%, 6/1/27		300,000		309,169
144A,6.50%, 7/1/27		576,000		590,395
5.50%, 7/15/28		544,000		547,631
144A,4.50%, 1/15/29		512,000		496,182
144A,6.375%, 4/1/29		384,000		394,774
144A,7.50%, 6/1/30		316,000		344,887
144A,4.75%, 1/15/31		696,000		668,714
6.50%, 7/15/48		352,000		363,578
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		641,000		656,330
7.75%, 2/1/28		416,000		423,420
8.25%, 1/15/29		389,000		404,199
8.875%, 4/15/30		306,000		324,801
7.875%, 5/15/32		448,000		459,727

See Notes to Financial Statements.

56 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		256,000		258,196
6.875%, 1/15/29		214,000		215,530
144A,8.25%, 1/15/32		278,000		289,001
Harvest Midstream I LP
144A,7.50%, 9/1/28		512,000		523,983
144A,7.50%, 5/15/32		315,000		331,145
Hess Midstream Operations LP
144A,5.625%, 2/15/26		509,000		507,606
144A,5.125%, 6/15/28		357,000		352,920
144A,6.50%, 6/1/29		398,000		410,654
144A,4.25%, 2/15/30		489,000		462,164
144A,5.50%, 10/15/30		265,000		262,537
Howard Midstream Energy Partners LLC
144A,8.875%, 7/15/28		347,000		369,918
144A,7.375%, 7/15/32		389,000		402,717
ITT Holdings LLC,144A,6.50%, 8/1/29		791,000		745,854
Kinetik Holdings LP
144A,6.625%, 12/15/28		526,000		541,981
144A,5.875%, 6/15/30		653,000		655,097
Martin Midstream Partners LP / Martin Midstream Finance Corp.,144A,11.50%, 2/15/28		255,000		279,145
New Fortress Energy, Inc.
144A,6.75%, 9/15/25		560,000		546,077
144A,6.50%, 9/30/26 (a)		973,000		842,255
144A,8.75%, 3/15/29 (a)		480,000		402,280
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		564,000		576,813
144A,8.375%, 2/15/32		843,000		867,554
Northriver Midstream Finance LP,144A,6.75%, 7/15/32		340,000		351,049
NuStar Logistics LP
5.75%, 10/1/25		367,000		366,935
6.00%, 6/1/26		306,000		308,862
5.625%, 4/28/27		337,000		337,901
6.375%, 10/1/30		384,000		401,177
Prairie Acquiror LP,144A,9.00%, 8/1/29		251,000		262,531
Rockies Express Pipeline LLC
144A,4.95%, 7/15/29		355,000		339,292
144A,4.80%, 5/15/30		214,000		198,651
144A,7.50%, 7/15/38		168,000		175,207
144A,6.875%, 4/15/40		316,000		306,297
South Bow Canadian Infrastructure Holdings Ltd.
144A,7.50%, 3/1/55		400,000		412,120
144A,7.625%, 3/1/55		300,000		306,300
Summit Midstream Holdings LLC,144A,8.625%, 10/31/29		375,000		389,204


	Principal Amount $		Value $

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		283,000		282,201
144A,5.50%, 1/15/28		573,000		552,873
144A,7.375%, 2/15/29		490,000		500,786
144A,6.00%, 12/31/30		444,000		423,422
144A,6.00%, 9/1/31		286,000		271,044
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		791,000		747,799
144A,6.25%, 1/15/30		640,000		665,417
144A,4.125%, 8/15/31		800,000		741,589
144A,3.875%, 11/1/33		811,000		721,433
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		1,441,000		1,509,090
144A,9.50%, 2/1/29		1,921,000		2,164,850
144A,7.00%, 1/15/30		961,000		982,477
144A,8.375%, 6/1/31		1,441,000		1,529,626
144A,9.875%, 2/1/32		1,281,000		1,423,191

(Cost $40,200,824)				41,507,747

Financial — 4.7%
Real Estate — 0.8%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		422,000		374,159
CoreLogic, Inc.,144A,4.50%, 5/1/28		474,000		443,574
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		408,000		413,869
144A,8.875%, 9/1/31		256,000		277,209
Five Point Operating Co. LP / Five Point Capital Corp.,144A,10.50%, 1/15/28		339,561		347,660
Greystar Real Estate Partners LLC,144A,7.75%, 9/1/30		215,000		228,777
Howard Hughes Corp.
144A,5.375%, 8/1/28		480,000		466,810
144A,4.125%, 2/1/29		416,000		383,234
144A,4.375%, 2/1/31		425,000		380,947
Hunt Cos., Inc.,144A,5.25%, 4/15/29		407,000		383,645
Kennedy-Wilson, Inc.
4.75%, 3/1/29		377,000		340,303
4.75%, 2/1/30		397,000		350,327
5.00%, 3/1/31		382,000		332,295
Newmark Group, Inc.,7.50%, 1/12/29		312,000		331,932

(Cost $4,827,827)				5,054,741

See Notes to Financial Statements.

DBX ETF Trust | 57

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Real Estate Investment Trusts — 3.9%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		324,000		287,221
Blackstone Mortgage Trust, Inc.,144A,3.75%, 1/15/27		214,000		199,847
Brandywine Operating Partnership LP
3.95%, 11/15/27		276,000		258,564
8.05%, 3/15/28		214,000		227,713
8.875%, 4/12/29		256,000		278,207
4.55%, 10/1/29		244,000		223,571
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		533,000		531,700
144A,4.50%, 4/1/27		423,000		407,836
CTR Partnership LP / CareTrust Capital Corp.,144A,3.875%, 6/30/28		265,000		249,286
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		310,000		282,532
Hudson Pacific Properties LP
3.95%, 11/1/27		252,000		223,846
5.95%, 2/15/28		222,000		198,288
4.65%, 4/1/29		320,000		264,538
3.25%, 1/15/30		254,000		187,629
Iron Mountain Information Management Services, Inc.,144A,5.00%, 7/15/32		447,000		425,425
Iron Mountain, Inc.
144A,4.875%, 9/15/27		654,000		642,140
144A,5.25%, 3/15/28		528,000		522,172
144A,5.00%, 7/15/28		326,000		319,959
144A,7.00%, 2/15/29		640,000		664,696
144A,4.875%, 9/15/29		653,000		633,781
144A,5.25%, 7/15/30		832,000		810,989
144A,4.50%, 2/15/31		704,000		660,868
144A,5.625%, 7/15/32		397,000		391,176
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,5.25%, 10/1/25		201,000		200,281
144A,4.25%, 2/1/27		375,000		363,916
144A,4.75%, 6/15/29		420,000		404,823
144A,7.00%, 7/15/31		310,000		322,315
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)		306,000		287,838
5.00%, 10/15/27 (a)		886,000		751,969
4.625%, 8/1/29		591,000		454,461
3.50%, 3/15/31		832,000		568,300


	Principal Amount $		Value $

Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		326,000		299,456
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		474,000		471,613
144A,4.875%, 5/15/29		490,000		467,460
144A,7.00%, 2/1/30		347,000		355,684
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		468,000		458,455
144A,7.25%, 7/15/28		245,000		254,770
144A,4.50%, 2/15/29		384,000		368,553
144A,6.50%, 4/1/32		654,000		673,632
Rithm Capital Corp.
144A,6.25%, 10/15/25		176,000		175,636
144A,8.00%, 4/1/29		496,000		493,642
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		356,000		344,172
144A,4.00%, 9/15/29		320,000		290,438
SBA Communications Corp.
3.875%, 2/15/27		958,000		926,755
3.125%, 2/1/29		939,000		864,083
Service Properties Trust
5.25%, 2/15/26		214,000		208,658
4.75%, 10/1/26		288,000		275,381
4.95%, 2/15/27		256,000		237,342
5.50%, 12/15/27		288,000		270,917
3.95%, 1/15/28		245,000		208,187
8.375%, 6/15/29		441,000		436,790
4.95%, 10/1/29		272,000		210,624
4.375%, 2/15/30		256,000		189,132
144A,8.625%, 11/15/31		640,000		684,626
8.875%, 6/15/32		324,000		305,187
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		245,000		235,802
144A,4.375%, 1/15/27		330,000		320,563
144A,7.25%, 4/1/29		384,000		399,714
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		1,665,000		1,708,383
144A,Series MAY, 10.50%, 2/15/28		195,000		200,081
144A,4.75%, 4/15/28		365,000		320,929
Vornado Realty LP
2.15%, 6/1/26		253,000		239,343
3.40%, 6/1/31		224,000		190,206
XHR LP,144A,4.875%, 6/1/29		320,000		304,525

(Cost $24,916,178)				25,636,626

See Notes to Financial Statements.

58 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Industrial — 12.4%
Aerospace/Defense — 2.4%
AAR Escrow Issuer LLC,144A,6.75%, 3/15/29		359,000		371,620
Bombardier, Inc.
144A,7.875%, 4/15/27		270,000		270,918
144A,6.00%, 2/15/28		480,000		480,256
144A,7.50%, 2/1/29 (a)		480,000		504,277
144A,8.75%, 11/15/30		459,000		500,542
144A,7.25%, 7/1/31		480,000		503,851
144A,7.00%, 6/1/32 (a)		473,000		492,389
144A,7.45%, 5/1/34		345,000		376,142
Moog, Inc.,144A,4.25%, 12/15/27		326,000		313,998
Spirit AeroSystems, Inc.
3.85%, 6/15/26		194,000		188,021
144A,9.375%, 11/30/29		576,000		624,978
144A,9.75%, 11/15/30		768,000		859,502
TransDigm, Inc.
5.50%, 11/15/27		1,743,000		1,732,752
144A,6.75%, 8/15/28		1,336,000		1,373,606
4.625%, 1/15/29		818,000		786,965
144A,6.375%, 3/1/29		1,650,000		1,700,426
4.875%, 5/1/29		459,000		443,866
144A,6.875%, 12/15/30		969,000		1,011,861
144A,7.125%, 12/1/31		652,000		688,524
144A,6.625%, 3/1/32		1,409,000		1,465,318
Triumph Group, Inc.,144A,9.00%, 3/15/28		622,000		656,877

(Cost $14,924,428)				15,346,689

Building Materials — 2.3%
AmeriTex HoldCo Intermediate LLC,144A,10.25%, 10/15/28		325,000		345,763
Boise Cascade Co.,144A,4.875%, 7/1/30		245,000		234,447
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		337,000		327,595
144A,4.25%, 2/1/32		860,000		785,736
144A,6.375%, 6/15/32		429,000		441,833
144A,6.375%, 3/1/34		640,000		657,060
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 (a)		473,000		469,332
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		315,000		311,884
Eco Material Technologies, Inc.,144A,7.875%, 1/31/27		422,000		427,424
Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30		1,777,000		1,819,708
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31		320,000		329,758
Griffon Corp.,5.75%, 3/1/28		638,000		625,459
James Hardie International Finance DAC,144A,5.00%, 1/15/28		265,000		258,034


	Principal Amount $		Value $

JELD-WEN, Inc.
144A,4.875%, 12/15/27		265,000		256,261
144A,7.00%, 9/1/32		230,000		231,093
Knife River Corp.,144A,7.75%, 5/1/31		260,000		275,258
Louisiana-Pacific Corp.,144A,3.625%, 3/15/29		234,000		217,315
Masterbrand, Inc.,144A,7.00%, 7/15/32		448,000		461,443
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32		448,000		460,388
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		320,000		303,395
New Enterprise Stone & Lime Co., Inc.,144A,5.25%, 7/15/28		358,000		346,911
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		696,000		694,598
144A,8.875%, 11/15/31		713,000		765,333
Standard Building Solutions, Inc.,144A,6.50%, 8/15/32		320,000		329,699
Standard Industries, Inc.
144A,5.00%, 2/15/27		544,000		536,086
144A,4.75%, 1/15/28		652,000		634,000
144A,4.375%, 7/15/30		1,012,000		946,194
144A,3.375%, 1/15/31		704,000		615,630
Summit Materials LLC / Summit Materials Finance Corp.
144A,6.50%, 3/15/27		184,000		184,451
144A,5.25%, 1/15/29		454,000		449,412
144A,7.25%, 1/15/31		526,000		555,641

(Cost $14,910,459)				15,297,141

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,6.50%, 12/31/27		184,000		185,974
144A,4.75%, 6/15/28		388,000		373,949
144A,4.375%, 3/31/29		507,000		476,639
EnerSys
144A,4.375%, 12/15/27		179,000		174,856
144A,6.625%, 1/15/32		202,000		212,083
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		851,000		873,030
144A,6.375%, 3/15/29		590,000		605,405
144A,6.625%, 3/15/32		534,000		550,123

(Cost $3,373,476)				3,452,059

Electronics — 0.8%
Atkore, Inc.,144A,4.25%, 6/1/31		246,000		223,266
Coherent Corp.,144A,5.00%, 12/15/29		647,000		625,639
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		666,000		692,435
144A,8.625%, 5/15/32		380,000		397,366

See Notes to Financial Statements.

DBX ETF Trust | 59

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Imola Merger Corp.,144A,4.75%, 5/15/29		1,281,000		1,232,918
Sensata Technologies BV
144A,4.00%, 4/15/29		640,000		602,584
144A,5.875%, 9/1/30		324,000		323,621
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		296,000		279,518
144A,3.75%, 2/15/31		459,000		414,457
144A,6.625%, 7/15/32		315,000		325,936
TTM Technologies, Inc.,144A,4.00%, 3/1/29		316,000		298,228

(Cost $5,243,106)				5,415,968

Engineering & Construction — 0.9%
AECOM,5.125%, 3/15/27		638,000		638,605
Arcosa, Inc.
144A,4.375%, 4/15/29		265,000		251,305
144A,6.875%, 8/15/32		390,000		406,549
Artera Services LLC,144A,8.50%, 2/15/31		369,000		369,420
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par,144A,4.05%, 4/27/26		240,000		229,612
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		868,000		945,749
Brundage-Bone Concrete Pumping Holdings, Inc.,144A,6.00%, 2/1/26		200,000		199,976
Dycom Industries, Inc.,144A,4.50%, 4/15/29		326,000		312,372
Fluor Corp.,4.25%, 9/15/28		362,000		351,093
Global Infrastructure Solutions, Inc.
144A,5.625%, 6/1/29		265,000		257,793
144A,7.50%, 4/15/32		192,000		194,722
HTA Group Ltd./ Mauritius, 144A,7.50%, 6/4/29 (a)		544,000		548,685
Railworks Holdings LP / Railworks Rally, Inc.,144A,8.25%, 11/15/28		199,000		203,310
TopBuild Corp.
144A,3.625%, 3/15/29		265,000		245,727
144A,4.125%, 2/15/32		320,000		291,259
Weekley Homes LLC / Weekley Finance Corp.,144A,4.875%, 9/15/28		259,000		251,163

(Cost $5,517,622)				5,697,340

Environmental Control — 0.9%
Clean Harbors, Inc.
144A,4.875%, 7/15/27		349,000		345,071
144A,5.125%, 7/15/29		184,000		180,730
144A,6.375%, 2/1/31		326,000		333,144


	Principal Amount $		Value $

Enviri Corp.,144A,5.75%, 7/31/27		311,000		303,052
GFL Environmental, Inc.
144A,5.125%, 12/15/26		323,000		321,748
144A,4.00%, 8/1/28		480,000		457,560
144A,3.50%, 9/1/28		489,000		462,367
144A,4.75%, 6/15/29		459,000		444,157
144A,4.375%, 8/15/29		397,000		376,946
144A,6.75%, 1/15/31		627,000		654,950
Madison IAQ LLC,144A,4.125%, 6/30/28		459,000		436,738
Reworld Holding Corp.
144A,4.875%, 12/1/29		490,000		454,679
5.00%, 9/1/30		245,000		224,096
Stericycle, Inc.,144A,3.875%, 1/15/29		306,000		297,130
Waste Pro USA, Inc.,144A,5.50%, 2/15/26		307,000		305,805
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		330,000		340,709

(Cost $5,730,692)				5,938,882

Hand/Machine Tools — 0.1%
Werner FinCo LP / Werner FinCo, Inc.,144A,11.50%, 6/15/28

(Cost $274,657)		252,000		277,595

Machinery-Construction & Mining — 0.2%
BWX Technologies, Inc.
144A,4.125%, 6/30/28		265,000		255,724
144A,4.125%, 4/15/29		256,000		244,838
Manitowoc Co., Inc.,144A,9.00%, 4/1/26		184,000		184,323
Terex Corp.,144A,5.00%, 5/15/29		387,000		375,740
Vertiv Group Corp.,144A,4.125%, 11/15/28		544,000		522,213

(Cost $1,526,126)				1,582,838

Machinery-Diversified — 0.6%
ATS Corp.,144A,4.125%, 12/15/28		214,000		200,259
Chart Industries, Inc.
144A,7.50%, 1/1/30		923,000		969,833
144A,9.50%, 1/1/31		332,000		360,591
Esab Corp.,144A,6.25%, 4/15/29		440,000		452,009
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		654,000		670,403
Mueller Water Products, Inc.,144A,4.00%, 6/15/29		288,000		272,253
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		999,000		983,476

(Cost $3,835,793)				3,908,824

See Notes to Financial Statements.

60 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Metal Fabricate/Hardware — 0.2%
Advanced Drainage Systems, Inc.
144A,5.00%, 9/30/27		224,000		220,537
144A,6.375%, 6/15/30		306,000		311,048
Roller Bearing Co. of America, Inc., 144A,4.375%, 10/15/29		320,000		304,363
Vallourec SACA,144A,7.50%, 4/15/32		532,000		560,205

(Cost $1,350,745)				1,396,153

Miscellaneous Manufacturing — 0.4%
Amsted Industries, Inc.
144A,5.625%, 7/1/27		260,000		259,527
144A,4.625%, 5/15/30		256,000		240,804
Calderys Financing LLC,144A,11.25%, 6/1/28		337,000		365,399
Enpro, Inc.,5.75%, 10/15/26		232,000		230,785
Hillenbrand, Inc.
5.00%, 9/15/26		230,000		229,121
6.25%, 2/15/29		333,000		337,224
3.75%, 3/1/31		229,000		203,378
LSB Industries, Inc.,144A,6.25%, 10/15/28		306,000		299,876
Trinity Industries, Inc.,144A,7.75%, 7/15/28		375,000		392,960

(Cost $2,481,054)				2,559,074

Packaging & Containers — 2.4%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		367,000		365,926
144A,3.25%, 9/1/28		414,000		375,621
Ball Corp.
4.875%, 3/15/26		164,000		163,214
6.875%, 3/15/28		514,000		531,990
6.00%, 6/15/29		612,000		629,717
2.875%, 8/15/30		822,000		726,518
3.125%, 9/15/31		571,000		499,221
Berry Global, Inc.
144A,4.50%, 2/15/26		178,000		175,451
144A,5.625%, 7/15/27		320,000		319,507
Cascades, Inc./Cascades USA, Inc.,144A,5.375%, 1/15/28		293,000		286,153
Clearwater Paper Corp.,144A,4.75%, 8/15/28		168,000		156,805
Clydesdale Acquisition Holdings, Inc.
144A,6.625%, 4/15/29		320,000		319,561
144A,6.875%, 1/15/30		300,000		301,106
Crown Americas LLC,5.25%, 4/1/30		320,000		319,798


	Principal Amount $		Value $

Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26		259,000		254,258
Crown Americas LLC / Crown Americas Capital Corp. VI,4.75%, 2/1/26		560,000		554,688
Crown Cork & Seal Co., Inc.,7.375%, 12/15/26		224,000		234,345
Graphic Packaging International LLC
144A,4.75%, 7/15/27		192,000		188,873
144A,3.50%, 3/15/28		276,000		260,067
144A,3.50%, 3/1/29		214,000		198,764
144A,3.75%, 2/1/30		251,000		232,114
144A,6.375%, 7/15/32		320,000		327,177
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC,144A,6.00%, 9/15/28		450,000		441,494
LABL, Inc.
144A,6.75%, 7/15/26		429,000		426,858
144A,5.875%, 11/1/28		306,000		282,263
144A,9.50%, 11/1/28		192,000		196,227
Mauser Packaging Solutions Holding Co.,144A,7.875%, 4/15/27		1,722,000		1,780,427
OI European Group BV,144A,4.75%, 2/15/30		259,000		243,105
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		375,000		375,894
144A,7.25%, 5/15/31 (a)		442,000		447,248
144A,7.375%, 6/1/32		199,000		199,899
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.,144A,4.375%, 10/15/28		326,000		309,720
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27		636,000		607,197
Sealed Air Corp.
144A,4.00%, 12/1/27		270,000		260,308
144A,6.125%, 2/1/28		503,000		510,913
144A,5.00%, 4/15/29		260,000		255,012
144A,7.25%, 2/15/31		260,000		273,232
144A,6.50%, 7/15/32		260,000		265,959
144A,6.875%, 7/15/33		285,000		305,035
Silgan Holdings, Inc.,4.125%, 2/1/28		399,000		385,402
TriMas Corp.,144A,4.125%, 4/15/29		265,000		246,986
Trivium Packaging Finance BV,144A,5.50%, 8/15/26		672,000		663,565

(Cost $15,550,991)				15,897,618

See Notes to Financial Statements.

DBX ETF Trust | 61

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

Transportation — 0.7%
Brightline East LLC,144A,11.00%, 1/31/30		858,000		782,458
Danaos Corp.,144A,8.50%, 3/1/28		171,000		175,768
First Student Bidco, Inc. / First Transit Parent, Inc.,144A,4.00%, 7/31/29		393,000		364,277
Genesee & Wyoming, Inc.,144A,6.25%, 4/15/32		440,000		449,710
GN Bondco LLC,144A,9.50%, 10/15/31 (a)		463,000		471,275
Rand Parent LLC,144A,8.50%, 2/15/30 (a)		544,000		544,009
RXO, Inc.,144A,7.50%, 11/15/27		217,000		224,892
Watco Cos. LLC / Watco Finance Corp.,144A,7.125%, 8/1/32		460,000		476,326
XPO CNW, Inc.,6.70%, 5/1/34		192,000		199,562
XPO, Inc.
144A,7.125%, 6/1/31		296,000		309,229
144A,7.125%, 2/1/32		370,000		387,084

(Cost $4,312,602)				4,384,590

Technology — 5.0%
Computers — 1.5%
Amentum Escrow Corp.,144A,7.25%, 8/1/32		650,000		679,639
ASGN, Inc.,144A,4.625%, 5/15/28		357,000		344,923
Conduent Business Services LLC / Conduent State & Local Solutions, Inc.,144A,6.00%, 11/1/29		340,000		323,061
Crane NXT Co.,4.20%, 3/15/48		211,000		151,465
Crowdstrike Holdings, Inc.,3.00%, 2/15/29		489,000		448,109
Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31		493,000		511,438
Insight Enterprises, Inc.,144A,6.625%, 5/15/32		325,000		336,410
KBR, Inc.,144A,4.75%, 9/30/28		174,000		166,720
NCR Atleos Corp.,144A,9.50%, 4/1/29		874,000		962,732
NCR Voyix Corp.
144A,5.00%, 10/1/28		428,000		423,004
144A,5.125%, 4/15/29		768,000		753,141
144A,5.25%, 10/1/30		276,000		267,890
Science Applications International Corp.,144A,4.875%, 4/1/28		245,000		237,625
Seagate HDD Cayman
4.875%, 6/1/27		309,000		307,620
4.091%, 6/1/29		306,000		291,279
8.25%, 12/15/29		320,000		346,926
4.125%, 1/15/31		169,000		153,431
8.50%, 7/15/31		324,000		352,342
9.625%, 12/1/32		485,000		559,306


	Principal Amount $		Value $

5.75%, 12/1/34		320,000		320,182
Unisys Corp.,144A,6.875%, 11/1/27		317,000		296,720
Western Digital Corp.,4.75%, 2/15/26		1,473,000		1,459,698

(Cost $9,359,609)				9,693,661

Office/Business Equipment — 0.3%
Pitney Bowes, Inc.
144A,6.875%, 3/15/27		253,000		249,815
144A,7.25%, 3/15/29		224,000		217,084
Xerox Corp.
4.80%, 3/1/35		163,000		116,386
6.75%, 12/15/39		214,000		167,508
Xerox Holdings Corp.
144A,5.50%, 8/15/28		480,000		411,100
144A,8.875%, 11/30/29		330,000		309,640
Zebra Technologies Corp.,144A,6.50%, 6/1/32		320,000		330,621

(Cost $1,782,198)				1,802,154

Semiconductors — 0.5%
Amkor Technology, Inc.,144A,6.625%, 9/15/27		292,000		293,691
ams-OSRAM AG,144A,12.25%, 3/30/29		264,000		281,610
Entegris, Inc.
144A,4.375%, 4/15/28		265,000		254,544
144A,4.75%, 4/15/29		1,032,000		1,012,714
144A,3.625%, 5/1/29		256,000		235,704
144A,5.95%, 6/15/30		566,000		573,675
ON Semiconductor Corp.,144A,3.875%, 9/1/28		459,000		436,216
Synaptics, Inc.,144A,4.00%, 6/15/29		265,000		248,045

(Cost $3,252,952)				3,336,199

Software — 2.7%
Camelot Finance SA,144A,4.50%, 11/1/26		429,000		419,477
Capstone Borrower, Inc.,144A,8.00%, 6/15/30		320,000		337,051
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		453,000		467,718
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		486,000		488,422
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		598,000		568,418
144A,4.875%, 7/1/29 (a)		590,000		568,096
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		2,561,000		2,524,490
144A,8.25%, 6/30/32		1,153,000		1,207,229
Consensus Cloud Solutions, Inc.
144A,6.00%, 10/15/26		165,000		161,826

See Notes to Financial Statements.

62 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

144A,6.50%, 10/15/28 (a)		243,000		240,093
Dun & Bradstreet Corp.,144A,5.00%, 12/15/29		282,000		279,242
Dye & Durham Ltd.,144A,8.625%, 4/15/29		350,000		366,736
Elastic NV,144A,4.125%, 7/15/29 (a)		382,000		355,907
Fair Isaac Corp.
144A,5.25%, 5/15/26		265,000		264,864
144A,4.00%, 6/15/28		576,000		550,089
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL
144A,4.625%, 5/1/28		227,000		208,297
144A,8.75%, 5/1/29		315,000		327,985
MicroStrategy, Inc.,144A,6.125%, 6/15/28		326,000		317,765
Open Text Corp. 144A,3.875%, 2/15/28		584,000		553,703
144A,3.875%, 12/1/29		544,000		501,520
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		576,000		534,817
144A,4.125%, 12/1/31		416,000		378,801
PTC, Inc.,144A,4.00%, 2/15/28		306,000		294,620
RingCentral, Inc.,144A,8.50%, 8/15/30		268,000		286,368
ROBLOX Corp.,144A,3.875%, 5/1/30		649,000		597,890
Rocket Software, Inc.,144A,9.00%, 11/28/28		522,000		541,538
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		1,280,000		1,278,678
144A,6.50%, 6/1/32		493,000		508,874
Twilio, Inc.
3.625%, 3/15/29		320,000		295,635
3.875%, 3/15/31		326,000		298,987
UKG, Inc.,144A,6.875%, 2/1/31		1,601,000		1,656,110
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,144A,3.875%, 2/1/29		416,000		384,539

(Cost $17,195,282)				17,765,785

Utilities — 3.5%
Electric — 3.4%
AES Corp.,7.60%, 1/15/55		616,000		634,535
Algonquin Power & Utilities Corp.,4.75%, 1/18/82		459,000		426,228
Atlantica Sustainable Infrastructure
PLC,144A,4.125%, 6/15/28		256,000		253,662
Calpine Corp.
144A,5.25%, 6/1/26		187,000		185,896
144A,4.50%, 2/15/28		800,000		775,880
144A,5.125%, 3/15/28		896,000		874,313
144A,4.625%, 2/1/29		428,000		408,234


	Principal Amount $		Value $

144A,5.00%, 2/1/31		544,000		521,618
144A,3.75%, 3/1/31		574,000		524,299
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		544,000		528,498
144A,3.75%, 2/15/31		592,000		537,167
144A,3.75%, 1/15/32		214,000		190,081
DPL, Inc.,4.35%, 4/15/29		262,000		244,956
Edison International
8.125%, 6/15/53		306,000		321,289
7.875%, 6/15/54		285,000		299,065
Electricite de France SA,144A,9.125%, Perpetual		960,000		1,084,680
Emera, Inc., Series 16-A, 6.75%, 6/15/76		778,000		780,552
EUSHI Finance, Inc.,144A,7.625%, 12/15/54		320,000		331,649
Leeward Renewable Energy Operations LLC,144A,4.25%, 7/1/29		245,000		230,202
Lightning Power LLC,144A,7.25%, 8/15/32		975,000		1,007,465
NextEra Energy Operating Partners LP
144A,3.875%, 10/15/26		320,000		309,569
144A,4.50%, 9/15/27		352,000		339,971
144A,7.25%, 1/15/29		480,000		502,545
NRG Energy, Inc.
6.625%, 1/15/27		243,000		243,330
5.75%, 1/15/28		526,000		526,118
144A,3.375%, 2/15/29		320,000		293,655
144A,5.25%, 6/15/29		464,000		458,668
144A,3.625%, 2/15/31		648,000		579,763
144A,3.875%, 2/15/32		294,000		263,542
Pattern Energy Operations LP / Pattern Energy Operations, Inc.,144A,4.50%, 8/15/28		391,000		376,001
PG&E Corp.
5.00%, 7/1/28		653,000		639,570
5.25%, 7/1/30		653,000		639,342
Pike Corp.
144A,5.50%, 9/1/28		400,000		389,647
144A,8.625%, 1/31/31		259,000		279,600
Talen Energy Supply LLC,144A,8.625%, 6/1/30		768,000		831,588
TransAlta Corp.
7.75%, 11/15/29		259,000		273,567
6.50%, 3/15/40		204,000		211,885
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		640,000		638,651
144A,5.625%, 2/15/27		832,000		830,748
144A,5.00%, 7/31/27		832,000		823,510
144A,4.375%, 5/1/29		800,000		765,885
144A,7.75%, 10/15/31		929,000		988,475

See Notes to Financial Statements.

DBX ETF Trust | 63

Schedule of Investments

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

August 31, 2024


	Principal Amount $		Value $

144A,6.875%, 4/15/32		650,000		675,150

(Cost $21,343,960)				22,041,049

Gas — 0.1%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		413,000		408,457
5.75%, 5/20/27		332,000		324,286
144A,9.375%, 6/1/28		326,000		342,267

(Cost $1,055,503)				1,075,010

TOTAL CORPORATE BONDS

(Cost $622,278,863)				641,048,921


	Number of Shares		Value $

SECURITIES LENDING COLLATERAL — 2.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $16,776,173)		16,776,173		16,776,173

CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $9,081,613)		9,081,613		9,081,613

TOTAL INVESTMENTS — 101.8%

(Cost $648,136,649)				666,906,707

Other assets and liabilities, net — (1.8%)				(11,825,252	)

NET ASSETS — 100.0%				655,081,455

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2024 is as follows:


Value ($) at 10/27/2023 (Commencement of Operations)	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
SECURITIES LENDING COLLATERAL — 2.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
—		16,776,173	(d)		—			—		—		57,818		—		16,776,173		16,776,173
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
—		65,858,091			(56,776,478	)		—		—		240,687		—		9,081,613		9,081,613
—		82,634,264			(56,776,478	)		—		—		298,505		—		25,857,786		25,857,786

(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, 2024 amounted to $16,134,348, which is 2.5% 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 period ended August 31, 2024.

Perpetual:

Callable security with no stated maturity date.

PIK:	Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REIT:

Real Estate Investment Trust

144A:

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

See Notes to Financial Statements.

64 | DBX ETF Trust

Schedule of Investments

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

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	641,048,921	$	—	$	641,048,921
Short-Term Investments (a)		25,857,786		—		—		25,857,786
TOTAL	$	25,857,786	$	641,048,921	$	—	$	666,906,707

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

See Notes to Financial Statements.

DBX ETF Trust | 65

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

August 31, 2024


	Principal Amount $		Value $

CORPORATE BONDS — 97.9%

Basic Materials — 4.6%

Chemicals — 1.9%
Ashland, Inc.,144A,3.375%, 9/1/31		1,640,000		1,438,167
ASP Unifrax Holdings, Inc.
144A,5.25%, 9/30/28		3,044,000		1,578,390
144A,7.50%, 9/30/29		1,504,000		754,249
Avient Corp.,144A,7.125%, 8/1/30		2,879,000		2,998,884
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		1,906,000		2,020,876
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		2,569,000		2,384,464
Chemours Co.
5.375%, 5/15/27		1,877,000		1,825,469
144A,5.75%, 11/15/28		3,001,000		2,815,557
144A,4.625%, 11/15/29		2,399,000		2,112,848
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		2,022,000		1,641,996
144A,12.00%, 2/15/31		2,304,000		2,270,537
INEOS Finance PLC
144A,6.75%, 5/15/28 (a)		1,616,000		1,629,214
144A,7.50%, 4/15/29 (a)		2,764,000		2,864,140
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29		1,525,000		1,646,776
Methanex Corp.
5.125%, 10/15/27		2,706,000		2,665,263
5.25%, 12/15/29		2,656,000		2,612,118
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		3,988,000		3,940,804
144A,8.50%, 11/15/28		1,542,000		1,645,909
144A,4.25%, 5/15/29 (a)		2,189,000		1,999,122
144A,9.00%, 2/15/30		2,480,000		2,666,950
Olin Corp.
5.125%, 9/15/27		1,977,000		1,954,670
5.625%, 8/1/29		2,572,000		2,566,671
5.00%, 2/1/30		1,996,000		1,931,229
SCIH Salt Holdings, Inc.
144A,4.875%, 5/1/28		4,234,000		4,038,918
144A,6.625%, 5/1/29		2,726,000		2,611,413
Tronox, Inc.,144A,4.625%, 3/15/29		4,143,000		3,779,632
WR Grace Holdings LLC
144A,4.875%, 6/15/27		2,980,000		2,917,860
144A,5.625%, 8/15/29		4,383,000		4,068,134

(Cost $71,297,148)				67,380,260

Forest Products & Paper — 0.1%
Mercer International, Inc.,5.125%, 2/1/29

(Cost $3,249,650)		3,313,000		2,711,603


	Principal Amount $		Value $

Iron/Steel — 0.7%
ATI, Inc.,7.25%, 8/15/30 (a)		1,660,000		1,768,737
Cleveland-Cliffs, Inc.
5.875%, 6/1/27		2,145,000		2,143,544
144A,6.75%, 4/15/30		2,840,000		2,882,833
144A,7.00%, 3/15/32 (a)		5,460,000		5,490,061
Metinvest BV,144A,7.75%, 10/17/29		1,300,000		855,842
Mineral Resources Ltd.
144A,8.125%, 5/1/27		2,743,000		2,768,839
144A,8.00%, 11/1/27		2,580,000		2,623,463
144A,9.25%, 10/1/28		4,240,000		4,484,630
144A,8.50%, 5/1/30		2,374,000		2,470,776
United States Steel Corp.,6.875%, 3/1/29		1,788,000		1,804,730

(Cost $27,263,622)				27,293,455

Mining — 1.9%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		2,872,000		2,868,385
144A,6.125%, 5/15/28		1,902,000		1,928,248
144A,4.125%, 3/31/29		1,919,000		1,830,223
144A,7.125%, 3/15/31		2,972,000		3,127,739
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		2,656,000		2,858,905
144A,11.50%, 10/1/31		1,906,000		2,158,067
First Quantum Minerals Ltd.
144A,6.875%, 10/15/27		5,720,000		5,678,197
144A,9.375%, 3/1/29		6,100,000		6,498,049
144A,8.625%, 6/1/31		5,043,000		5,047,326
FMG Resources August 2006 Pty Ltd.
144A,4.50%, 9/15/27		2,265,000		2,193,271
144A,5.875%, 4/15/30		2,750,000		2,748,224
144A,4.375%, 4/1/31		5,706,000		5,240,141
144A,6.125%, 4/15/32		2,981,000		2,980,386
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		2,365,000		2,337,577
144A,6.125%, 4/1/29		1,883,000		1,902,305
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		1,944,000		1,848,199
144A,4.50%, 6/1/31		2,206,000		1,984,638
Nexa Resources SA,144A,6.50%, 1/18/28		1,523,000		1,581,803
Novelis Corp.
144A,3.25%, 11/15/26		3,045,000		2,933,948
144A,4.75%, 1/30/30		6,121,000		5,851,705
144A,3.875%, 8/15/31		2,896,000		2,599,553
Vedanta Resources Finance II PLC,144A,9.25%, 4/23/26		1,835,000		1,821,766

(Cost $67,800,288)				68,018,655

See Notes to Financial Statements.

66 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Communications — 17.2%
Advertising — 1.0%
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		4,843,000		4,735,108
144A,7.75%, 4/15/28		3,854,000		3,362,842
144A,9.00%, 9/15/28 (a)		2,666,000		2,836,339
144A,7.50%, 6/1/29 (a)		3,997,000		3,373,341
144A,7.875%, 4/1/30		3,334,000		3,486,270
Lamar Media Corp.
3.75%, 2/15/28		2,351,000		2,254,729
4.00%, 2/15/30		2,120,000		1,981,180
3.625%, 1/15/31		1,987,000		1,800,818
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27 (a)		2,419,000		2,404,213
144A,4.25%, 1/15/29		1,941,000		1,833,760
144A,4.625%, 3/15/30		1,904,000		1,786,663
144A,7.375%, 2/15/31		1,665,000		1,772,248
Stagwell Global LLC,144A,5.625%, 8/15/29		4,188,000		3,973,775

(Cost $37,246,057)				35,601,286

Internet — 1.1%
Cogent Communications Group LLC
144A,3.50%, 5/1/26		1,898,000		1,838,435
144A,7.00%, 6/15/27		1,726,000		1,748,669
Gen Digital, Inc.
144A,6.75%, 9/30/27		3,426,000		3,511,931
144A,7.125%, 9/30/30 (a)		2,284,000		2,387,678
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		2,313,000		2,307,510
144A,3.50%, 3/1/29		3,063,000		2,850,638
Match Group Holdings II LLC
144A,5.00%, 12/15/27		1,713,000		1,686,633
144A,4.625%, 6/1/28		1,904,000		1,832,474
144A,4.125%, 8/1/30		1,914,000		1,764,721
144A,3.625%, 10/1/31		1,904,000		1,691,926
MercadoLibre, Inc.,3.125%, 1/14/31		2,249,000		2,005,258
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		1,985,000		1,973,553
Rakuten Group, Inc.
144A,11.25%, 2/15/27		6,844,000		7,440,386
144A,9.75%, 4/15/29		7,614,000		8,212,651

(Cost $40,934,273)				41,252,463

Media — 9.7%
AMC Networks, Inc.
144A,10.25%, 1/15/29		3,355,000		3,374,711
4.25%, 2/15/29 (a)		3,719,000		2,641,188
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		2,475,000		1,901,840


	Principal Amount $		Value $

CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		2,735,000		2,730,581
144A,5.125%, 5/1/27		12,332,000		12,096,030
144A,5.00%, 2/1/28		9,498,000		9,159,694
144A,5.375%, 6/1/29		5,706,000		5,417,893
144A,6.375%, 9/1/29		5,749,000		5,683,292
144A,4.75%, 3/1/30		11,610,000		10,593,472
144A,4.50%, 8/15/30		10,467,000		9,344,381
144A,4.25%, 2/1/31		11,423,000		9,921,396
144A,7.375%, 3/1/31 (a)		4,161,000		4,237,958
144A,4.75%, 2/1/32		4,568,000		3,984,460
4.50%, 5/1/32		11,036,000		9,433,733
144A,4.50%, 6/1/33		6,655,000		5,569,606
144A,4.25%, 1/15/34		7,614,000		6,146,636
CSC Holdings LLC
144A,5.50%, 4/15/27 (a)		4,972,000		4,075,607
144A,5.375%, 2/1/28		3,807,000		2,931,143
144A,7.50%, 4/1/28		3,982,000		2,060,257
144A,11.25%, 5/15/28 (a)		3,807,000		3,386,928
144A,11.75%, 1/31/29		7,804,000		6,895,864
144A,6.50%, 2/1/29		6,662,000		5,035,013
144A,5.75%, 1/15/30		8,566,000		3,428,709
144A,4.125%, 12/1/30		4,188,000		2,766,100
144A,4.625%, 12/1/30 (a)		8,892,000		3,485,523
144A,3.375%, 2/15/31 (a)		3,814,000		2,466,791
144A,4.50%, 11/15/31		5,672,000		3,777,823
144A,5.00%, 11/15/31 (a)		1,902,000		717,861
Directv Financing LLC,144A,8.875%, 2/1/30		2,800,000		2,843,593
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		14,129,000		13,694,864
DISH DBS Corp.
7.75%, 7/1/26		7,668,000		5,166,629
144A,5.25%, 12/1/26		10,465,000		8,984,208
7.375%, 7/1/28		3,831,000		1,975,433
144A,5.75%, 12/1/28		9,525,000		7,346,469
5.125%, 6/1/29		5,729,000		2,614,509
DISH Network Corp.,144A,11.75%, 11/15/27		13,444,000		13,681,085
Gray Escrow II, Inc.,144A,5.375%, 11/15/31		4,900,000		2,810,895
Gray Television, Inc.
144A,7.00%, 5/15/27 (a)		2,567,000		2,478,248
144A,10.50%, 7/15/29		4,818,000		4,949,474
144A,4.75%, 10/15/30		3,061,000		1,745,944
iHeartCommunications, Inc.
6.375%, 5/1/26 (a)		3,046,139		2,561,358
8.375%, 5/1/27 (a)		3,496,951		1,595,709
144A,5.25%, 8/15/27 (a)		2,856,000		1,789,349
144A,4.75%, 1/15/28 (a)		1,914,000		1,100,107

See Notes to Financial Statements.

DBX ETF Trust | 67

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		4,420,000		4,045,595
144A,5.125%, 7/15/29 (a)		3,122,000		2,524,583
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		3,302,000		3,239,621
144A,8.00%, 8/1/29		2,425,000		2,417,337
144A,7.375%, 9/1/31		2,415,000		2,495,917
News Corp.
144A,3.875%, 5/15/29		3,824,000		3,599,804
144A,5.125%, 2/15/32		1,917,000		1,865,291
Nexstar Media, Inc.
144A,5.625%, 7/15/27		6,503,000		6,360,433
144A,4.75%, 11/1/28 (a)		3,807,000		3,561,131
Radiate Holdco LLC / Radiate Finance, Inc.
144A,4.50%, 9/15/26		3,369,000		2,673,014
144A,6.50%, 9/15/28		3,845,000		2,072,328
Sinclair Television Group, Inc.
144A,5.50%, 3/1/30 (a)		1,845,000		1,104,011
144A,4.125%, 12/1/30 (a)		2,807,000		1,983,328
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		3,933,000		3,765,250
144A,5.00%, 8/1/27		5,692,000		5,569,631
144A,4.00%, 7/15/28		7,604,000		7,129,860
144A,5.50%, 7/1/29		4,743,000		4,620,459
144A,4.125%, 7/1/30		5,705,000		5,126,158
144A,3.875%, 9/1/31		5,711,000		4,906,125
Sunrise FinCo I BV,144A,4.875%, 7/15/31		4,753,000		4,427,657
Sunrise HoldCo IV BV,144A,5.50%, 1/15/28		1,728,000		1,706,437
TEGNA, Inc.
144A,4.75%, 3/15/26		2,087,000		2,062,902
4.625%, 3/15/28		3,807,000		3,592,532
5.00%, 9/15/29		4,188,000		3,893,048
Telenet Finance Luxembourg Notes SARL,144A,5.50%, 3/1/28		3,800,000		3,688,186
Univision Communications, Inc.
144A,6.625%, 6/1/27		5,842,000		5,787,655
144A,8.00%, 8/15/28		5,552,000		5,621,650
144A,4.50%, 5/1/29		3,954,000		3,474,318
144A,7.375%, 6/30/30		3,395,000		3,260,999
144A,8.50%, 7/31/31		1,904,000		1,901,551
Virgin Media Finance PLC,144A,5.00%, 7/15/30		3,517,000		3,051,832
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		5,425,000		5,146,529
144A,4.50%, 8/15/30		3,483,000		3,078,874
VTR Finance NV,144A,6.375%, 7/15/28		1,850,000		1,703,151


	Principal Amount $		Value $

Ziggo Bond Co. BV
144A,6.00%, 1/15/27		2,312,000		2,306,806
144A,5.125%, 2/28/30 (a)		1,904,000		1,720,700
Ziggo BV,144A,4.875%, 1/15/30		3,780,000		3,528,979

(Cost $397,966,550)				347,616,046

Telecommunications — 5.4%
Altice Financing SA
144A,5.00%, 1/15/28		4,568,000		3,674,636
144A,5.75%, 8/15/29		7,801,000		6,018,196
Altice France Holding SA
144A,10.50%, 5/15/27		5,992,000		2,377,224
144A,6.00%, 2/15/28		4,186,000		1,374,059
Altice France SA
144A,8.125%, 2/1/27 (a)		6,632,000		5,341,518
144A,5.50%, 1/15/28		4,193,000		2,989,037
144A,5.125%, 1/15/29		1,808,000		1,257,544
144A,5.125%, 7/15/29		9,505,000		6,643,258
144A,5.50%, 10/15/29		7,594,000		5,277,948
C&W Senior Finance Ltd.,144A,6.875%, 9/15/27		4,641,000		4,573,955
CommScope LLC
144A,6.00%, 3/1/26		5,722,000		5,514,577
144A,8.25%, 3/1/27		3,319,000		2,776,967
144A,7.125%, 7/1/28		2,409,000		1,777,341
144A,4.75%, 9/1/29		4,788,000		3,866,310
CommScope Technologies LLC,144A,5.00%, 3/15/27		2,855,000		2,188,684
Connect Finco SARL / Connect US Finco LLC,144A,6.75%, 10/1/26		7,495,000		7,441,329
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		1,538,000		1,349,849
144A,6.50%, 10/1/28		2,846,000		2,611,925
CT Trust,144A,5.125%, 2/3/32		2,800,000		2,518,606
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		4,260,000		4,248,287
144A,5.00%, 5/1/28		5,901,000		5,735,623
144A,6.75%, 5/1/29 (a)		3,807,000		3,675,639
5.875%, 11/1/29 (a)		2,891,189		2,662,856
144A,6.00%, 1/15/30 (a)		3,794,000		3,503,441
144A,8.75%, 5/15/30		4,520,000		4,765,712
144A,8.625%, 3/15/31		2,855,000		3,023,902
Hughes Satellite Systems Corp.
5.25%, 8/1/26 (a)		2,859,000		2,393,137
6.625%, 8/1/26 (a)		2,711,500		1,464,978
Iliad Holding SASU
144A,6.50%, 10/15/26		2,600,000		2,625,009
144A,7.00%, 10/15/28		3,250,000		3,301,334
144A,8.50%, 4/15/31		3,617,000		3,836,794
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30		11,421,000		10,994,976

See Notes to Financial Statements.

68 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Level 3 Financing, Inc.
144A,4.25%, 7/1/28		2,047,000		1,448,396
144A,10.50%, 4/15/29		2,858,000		3,077,980
144A,4.875%, 6/15/29 (a)		2,530,000		1,979,852
144A,11.00%, 11/15/29 (a)		6,027,000		6,614,976
144A,4.50%, 4/1/30 (a)		2,832,000		2,090,105
144A,10.50%, 5/15/30 (a)		3,863,000		4,158,404
144A,3.875%, 10/15/30		1,910,000		1,309,244
144A,10.75%, 12/15/30		2,757,000		2,982,991
144A,4.00%, 4/15/31		1,880,000		1,268,984
Lumen Technologies, Inc.
144A,4.50%, 1/15/29		1,683,000		956,331
144A,4.125%, 4/15/30 (a)		1,975,000		1,483,572
Millicom International Cellular SA
144A,5.125%, 1/15/28		1,370,700		1,327,357
144A,6.25%, 3/25/29		2,261,700		2,239,276
144A,4.50%, 4/27/31 (a)		2,948,000		2,629,733
144A,7.375%, 4/2/32		1,824,000		1,849,007
Optics Bidco SpA
144A,Series 2033, 6.375%, 11/15/33		1,908,000		1,915,417
144A,6.00%, 9/30/34		1,857,000		1,810,515
144A,Series 2036, 7.20%, 7/18/36		1,923,000		2,029,338
144A,Series 2038, 7.721%, 6/4/38		1,936,000		2,101,236
Sable International Finance Ltd.,144A,5.75%, 9/7/27		1,887,000		1,868,602
VEON Holdings BV,144A,3.375%, 11/25/27		3,716,000		3,121,440
Viasat, Inc.
144A,5.625%, 9/15/25		2,421,000		2,399,398
144A,5.625%, 4/15/27		2,284,000		2,169,774
144A,6.50%, 7/15/28		1,538,000		1,284,884
144A,7.50%, 5/30/31 (a)		2,788,000		2,135,953
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28		5,330,000		5,208,375
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27 (a)		5,618,000		4,909,901
144A,6.125%, 3/1/28		4,112,000		3,183,161
Zegona Finance PLC,144A,8.625%, 7/15/29		3,400,000		3,538,338

(Cost $214,958,594)				194,897,191

Consumer, Cyclical — 17.5%

Airlines — 0.9%
Air Canada,144A,3.875%, 8/15/26		4,553,000		4,396,939
American Airlines, Inc.
144A,7.25%, 2/15/28 (a)		2,854,000		2,874,417
144A,8.50%, 5/15/29		3,807,000		3,960,369


	Principal Amount $		Value $

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,144A,11.00%, 4/15/29		3,740,000		3,809,901
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A,8.00%, 9/20/25 (a)		2,303,868		1,440,349
144A,8.00%, 9/20/25 (a)		1,941,019		1,213,501
United Airlines, Inc.
144A,4.375%, 4/15/26		7,614,000		7,437,880
144A,4.625%, 4/15/29		7,354,000		7,005,279

(Cost $34,459,773)				32,138,635

Apparel — 0.2%
Hanesbrands, Inc.
144A,4.875%, 5/15/26		3,424,000		3,403,557
144A,9.00%, 2/15/31 (a)		2,284,000		2,457,780
Levi Strauss & Co.,144A,3.50%, 3/1/31 (a)		1,904,000		1,719,424

(Cost $7,474,265)				7,580,761

Auto Manufacturers — 0.3%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		1,521,000		1,490,307
144A,5.875%, 6/1/29		1,906,000		1,912,791
144A,3.75%, 1/30/31		3,822,000		3,476,956
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		3,993,000		4,077,537

(Cost $11,319,672)				10,957,591

Auto Parts & Equipment — 1.7%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		2,976,000		2,942,191
144A,7.00%, 4/15/28		1,897,000		1,951,404
144A,8.25%, 4/15/31 (a)		1,904,000		2,025,536
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		1,906,000		1,917,253
6.875%, 7/1/28		1,532,000		1,540,817
5.00%, 10/1/29 (a)		2,301,000		2,142,905
Clarios Global LP / Clarios US Finance Co.
144A,6.25%, 5/15/26		3,416,000		3,425,322
144A,8.50%, 5/15/27		5,880,000		5,948,720
144A,6.75%, 5/15/28		2,852,000		2,934,759
Dana, Inc.
5.375%, 11/15/27		1,729,000		1,717,404
5.625%, 6/15/28		1,532,000		1,511,323
4.25%, 9/1/30		1,432,000		1,291,312
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		3,394,000		3,354,629
4.875%, 3/15/27		2,549,000		2,492,430
5.00%, 7/15/29 (a)		3,216,000		2,989,641
5.25%, 4/30/31 (a)		2,101,000		1,905,298
5.25%, 7/15/31 (a)		2,296,000		2,084,543

See Notes to Financial Statements.

DBX ETF Trust | 69

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

5.625%, 4/30/33 (a)		1,723,000		1,518,852
Tenneco, Inc.,144A,8.00%, 11/17/28		7,225,000		6,761,737
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		2,117,000		2,188,957
144A,7.125%, 4/14/30		2,284,000		2,395,699
144A,6.75%, 4/23/30		3,179,000		3,270,393
144A,6.875%, 4/23/32		2,659,000		2,764,706

(Cost $62,016,328)				61,075,831

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		2,669,000		2,573,910
144A,3.875%, 11/15/29		1,532,000		1,419,564
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		4,759,000		4,412,976
Ritchie Bros Holdings, Inc.
144A,6.75%, 3/15/28		2,106,000		2,169,325
144A,7.75%, 3/15/31		3,046,000		3,241,578

(Cost $14,246,563)				13,817,353

Entertainment — 2.9%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		2,600,000		2,709,044
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 (a)		3,623,000		2,642,415
Banijay Entertainment SAS,144A,8.125%, 5/1/29		1,521,000		1,583,248
Caesars Entertainment, Inc.
144A,8.125%, 7/1/27 (a)		6,133,000		6,267,343
144A,4.625%, 10/15/29 (a)		4,568,000		4,323,767
144A,7.00%, 2/15/30		7,597,000		7,872,984
144A,6.50%, 2/15/32		5,703,000		5,864,144
Churchill Downs, Inc.
144A,5.50%, 4/1/27		2,249,000		2,244,364
144A,4.75%, 1/15/28		2,681,000		2,616,401
144A,5.75%, 4/1/30		4,568,000		4,543,406
144A,6.75%, 5/1/31		2,299,000		2,365,372
Cinemark USA, Inc.
144A,5.25%, 7/15/28 (a)		2,912,000		2,863,071
144A,7.00%, 8/1/32		1,912,000		1,985,872
International Game Technology PLC
144A,4.125%, 4/15/26		2,855,000		2,805,595
144A,6.25%, 1/15/27		2,859,000		2,908,026
144A,5.25%, 1/15/29		2,852,000		2,825,736
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		2,664,000		2,695,750
144A,7.25%, 11/15/29		2,067,000		2,143,177
144A,7.50%, 9/1/31		2,094,000		2,206,333
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		4,562,000		4,644,805
144A,4.75%, 10/15/27		3,617,000		3,526,105


	Principal Amount $		Value $

144A,3.75%, 1/15/28		1,924,000		1,827,688
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		1,976,000		1,969,926
Mohegan Tribal Gaming Authority
144A,8.00%, 2/1/26		4,473,000		4,340,575
144A,13.25%, 12/15/27		1,910,000		2,171,527
Motion Bondco DAC,144A,6.625%, 11/15/27		1,420,000		1,344,521
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		1,329,000		1,307,958
144A,4.125%, 7/1/29 (a)		1,594,000		1,428,771
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A,5.625%, 9/1/29 (a)		2,866,000		2,138,911
144A,5.875%, 9/1/31		2,805,000		1,948,331
Vail Resorts, Inc.,144A,6.50%, 5/15/32 (a)		2,284,000		2,375,645
WMG Acquisition Corp.
144A,3.75%, 12/1/29		2,056,000		1,919,312
144A,3.875%, 7/15/30 (a)		2,037,000		1,892,226
144A,3.00%, 2/15/31 (a)		3,036,000		2,702,494
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		2,852,000		2,792,204
144A,7.125%, 2/15/31		3,802,000		4,037,568

(Cost $109,254,122)				105,834,615

Food Service — 0.2%
Aramark Services, Inc.,144A,5.00%, 2/1/28		4,375,000		4,295,669
TKC Holdings, Inc.
144A,6.875%, 5/15/28		1,627,000		1,621,100
144A,10.50%, 5/15/29		2,570,000		2,566,099

(Cost $8,745,864)				8,482,868

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30		1,521,000		1,432,830
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		2,288,000		2,284,004
144A,4.875%, 2/15/30		1,917,000		1,788,674
Century Communities, Inc.
6.75%, 6/1/27		1,888,000		1,906,268
144A,3.875%, 8/15/29		1,914,000		1,774,902
Mattamy Group Corp.
144A,5.25%, 12/15/27		1,904,000		1,884,831
144A,4.625%, 3/1/30		2,277,000		2,149,334
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		1,901,000		1,925,515

See Notes to Financial Statements.

70 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,5.75%, 1/15/28		1,713,000		1,728,722
144A,5.125%, 8/1/30		1,904,000		1,883,265

(Cost $19,308,833)				18,758,345

Home Furnishings — 0.2%
Tempur Sealy International, Inc.
144A,4.00%, 4/15/29 (a)		3,064,000		2,844,207
144A,3.875%, 10/15/31		3,042,000		2,678,323

(Cost $5,958,919)				5,522,530

Housewares — 0.5%
Newell Brands, Inc.
5.70%, 4/1/26		7,549,000		7,530,294
6.375%, 9/15/27 (a)		1,904,000		1,918,981
6.625%, 9/15/29		1,887,000		1,887,638
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)		1,567,000		1,485,803
4.00%, 4/1/31		1,819,000		1,631,439
4.375%, 2/1/32		1,525,000		1,371,891

(Cost $16,408,873)				15,826,046

Leisure Time — 2.9%
Carnival Corp.
144A,7.625%, 3/1/26		5,143,000		5,198,544
144A,5.75%, 3/1/27		10,373,000		10,413,838
144A,6.00%, 5/1/29 (a)		7,614,000		7,653,220
144A,10.50%, 6/1/30		3,807,000		4,134,859
Carnival Holdings Bermuda Ltd., 144A,10.375%, 5/1/28		7,728,000		8,365,514
Life Time, Inc.
144A,5.75%, 1/15/26		3,519,000		3,522,181
144A,8.00%, 4/15/26 (a)		1,739,000		1,766,370
NCL Corp. Ltd.
144A,5.875%, 3/15/26		5,421,000		5,421,431
144A,5.875%, 2/15/27		3,804,000		3,815,515
144A,8.375%, 2/1/28		2,279,000		2,407,025
144A,8.125%, 1/15/29		2,998,000		3,208,882
144A,7.75%, 2/15/29 (a)		2,279,000		2,433,587
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		2,471,000		2,432,202
144A,5.50%, 8/31/26		3,802,000		3,810,258
144A,5.375%, 7/15/27		3,854,000		3,864,017
3.70%, 3/15/28		1,940,000		1,857,855
144A,5.50%, 4/1/28		5,781,000		5,829,260
144A,7.25%, 1/15/30		2,698,000		2,854,157
144A,6.25%, 3/15/32		4,852,000		5,013,780
144A,6.00%, 2/1/33		7,430,000		7,615,847
Sabre GLBL, Inc.
144A,8.625%, 6/1/27		3,438,000		3,307,417
144A,11.25%, 12/15/27 (a)		2,128,000		2,156,745
Viking Cruises Ltd.
144A,5.875%, 9/15/27		3,141,000		3,139,628
144A,7.00%, 2/15/29		1,903,000		1,928,999


	Principal Amount $		Value $

144A,9.125%, 7/15/31		2,741,000		3,009,144

(Cost $104,418,113)				105,160,275

Lodging — 2.3%
Boyd Gaming Corp.
4.75%, 12/1/27		3,801,000		3,736,923
144A,4.75%, 6/15/31		3,424,000		3,223,922
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		1,897,000		1,901,674
144A,5.875%, 4/1/29		2,098,000		2,139,469
144A,3.75%, 5/1/29		3,046,000		2,867,357
4.875%, 1/15/30		3,807,000		3,738,137
144A,4.00%, 5/1/31		4,184,000		3,868,902
144A,3.625%, 2/15/32		5,706,000		5,118,043
144A,6.125%, 4/1/32		1,716,000		1,760,431
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,5.00%, 6/1/29		3,236,000		3,061,899
144A,4.875%, 7/1/31		1,904,000		1,708,340
144A,6.625%, 1/15/32		3,422,000		3,465,774
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 (a)		1,897,000		1,766,078
Melco Resorts Finance Ltd.
144A,5.25%, 4/26/26		1,906,000		1,864,921
144A,5.625%, 7/17/27		2,293,000		2,210,721
144A,5.75%, 7/21/28		3,133,000		2,990,036
144A,5.375%, 12/4/29		4,491,000		4,113,580
144A,7.625%, 4/17/32		2,870,000		2,878,455
MGM Resorts International
4.625%, 9/1/26		1,432,000		1,413,642
5.50%, 4/15/27		2,563,000		2,564,446
4.75%, 10/15/28 (a)		2,872,000		2,797,600
6.50%, 4/15/32		2,855,000		2,877,480
Station Casinos LLC
144A,4.50%, 2/15/28		2,634,000		2,529,680
144A,4.625%, 12/1/31		1,901,000		1,765,938
144A,6.625%, 3/15/32		1,917,000		1,956,680
Studio City Finance Ltd.
144A,6.50%, 1/15/28		1,776,000		1,710,631
144A,5.00%, 1/15/29		4,176,000		3,733,821
Travel + Leisure Co.
144A,6.625%, 7/31/26		2,475,000		2,520,599
6.00%, 4/1/27		1,519,000		1,524,072
144A,4.50%, 12/1/29		2,486,000		2,319,703
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		3,424,000		3,403,367

(Cost $86,421,779)				83,532,321

See Notes to Financial Statements.

DBX ETF Trust | 71

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Retail — 4.5%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		5,936,000		5,674,506
144A,4.375%, 1/15/28		2,857,000		2,770,674
144A,3.50%, 2/15/29		2,800,000		2,614,039
144A,6.125%, 6/15/29		4,500,000		4,599,113
144A,4.00%, 10/15/30		11,177,000		10,247,088
Advance Auto Parts, Inc.,3.90%, 4/15/30 (a)		1,921,000		1,766,441
Asbury Automotive Group, Inc.
4.50%, 3/1/28		1,551,000		1,505,148
144A,4.625%, 11/15/29		2,920,000		2,783,267
4.75%, 3/1/30		1,704,000		1,630,200
144A,5.00%, 2/15/32		2,397,000		2,259,418
Bath & Body Works, Inc.
5.25%, 2/1/28		1,687,000		1,664,417
7.50%, 6/15/29 (a)		1,847,000		1,916,390
144A,6.625%, 10/1/30		3,231,000		3,274,111
Beacon Roofing Supply, Inc.,144A,6.50%, 8/1/30		2,288,000		2,351,883
eG Global Finance PLC,144A,12.00%, 11/30/28 (a)		4,178,000		4,562,075
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		2,466,000		2,475,063
144A,5.875%, 4/1/29		3,141,000		2,947,423
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		3,804,000		3,561,299
144A,6.75%, 1/15/30 (a)		4,759,000		4,285,470
FirstCash, Inc.
144A,4.625%, 9/1/28		1,904,000		1,825,828
144A,5.625%, 1/1/30		2,094,000		2,070,331
144A,6.875%, 3/1/32		1,914,000		1,968,670
Gap, Inc.
144A,3.625%, 10/1/29		2,815,000		2,525,179
144A,3.875%, 10/1/31		2,870,000		2,481,922
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		2,800,000		2,650,969
144A,6.375%, 1/15/30		1,900,000		1,937,645
Kohl’s Corp.,4.625%, 5/1/31		1,927,000		1,594,340
Lithia Motors, Inc.
144A,4.625%, 12/15/27		1,530,000		1,495,247
144A,3.875%, 6/1/29		3,046,000		2,827,871
144A,4.375%, 1/15/31		2,090,000		1,927,787
Macy’s Retail Holdings LLC
144A,5.875%, 4/1/29 (a)		1,897,000		1,861,576
144A,5.875%, 3/15/30		1,517,000		1,472,445
144A,6.125%, 3/15/32		1,664,000		1,593,185
Michaels Cos., Inc.
144A,5.25%, 5/1/28		3,233,000		2,541,811


	Principal Amount $		Value $

144A,7.875%, 5/1/29		4,321,000		2,572,810
Murphy Oil USA, Inc.
4.75%, 9/15/29		1,906,000		1,850,962
144A,3.75%, 2/15/31		1,904,000		1,724,429
NMG Holding Co, Inc. / Neiman Marcus Group LLC,144A,7.125%, 4/1/26		4,174,000		4,229,130
Nordstrom, Inc.
4.375%, 4/1/30		1,897,000		1,749,075
4.25%, 8/1/31		1,635,000		1,458,460
Penske Automotive Group, Inc.
3.50%, 9/1/25		2,097,000		2,065,966
3.75%, 6/15/29		1,901,000		1,770,937
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		4,568,000		4,374,531
144A,7.75%, 2/15/29		4,378,000		4,318,479
QVC, Inc.
4.75%, 2/15/27		2,094,000		1,836,491
4.375%, 9/1/28		1,974,000		1,487,700
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		2,475,000		2,315,667
144A,4.875%, 11/15/31		1,917,000		1,756,890
Staples, Inc.
144A,10.75%, 4/15/27		40,000		37,016
144A,10.75%, 9/1/29		9,042,000		8,528,006
144A,12.75%, 1/15/30		17,946		13,887
Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31		2,475,000		2,273,094
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26		5,445,000		5,185,626
8.125%, 8/15/29		2,869,000		2,876,516
3.20%, 4/15/30 (a)		1,904,000		1,534,352
Yum! Brands, Inc.
144A,4.75%, 1/15/30		3,043,000		2,995,167
3.625%, 3/15/31		3,997,000		3,671,612
4.625%, 1/31/32		4,188,000		3,973,252
5.375%, 4/1/32		3,807,000		3,776,690

(Cost $169,601,111)				162,039,576

Consumer, Non-cyclical — 16.9%
Agriculture — 0.3%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		1,917,000		1,913,882
144A,6.00%, 6/15/30		3,807,000		3,858,298
Vector Group Ltd.
144A,10.50%, 11/1/26		1,849,000		1,879,241
144A,5.75%, 2/1/29		3,327,000		3,375,668

(Cost $11,023,504)				11,027,089

See Notes to Financial Statements.

72 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

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

(Cost $2,828,041)		2,855,000		2,713,311

Commercial Services — 4.5%
ADT Security Corp., 144A,4.125%, 8/1/29		3,654,000		3,473,507
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		2,151,000		2,146,270
Albion Financing 2 SARL, 144A,8.75%, 4/15/27		1,708,000		1,747,766
Allied Universal Holdco LLC, 144A,7.875%, 2/15/31		7,692,000		7,816,138
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,9.75%, 7/15/27		4,014,000		4,030,899
144A,6.00%, 6/1/29 (a)		3,684,000		3,282,171
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		4,766,000		4,425,414
APX Group, Inc.
144A,6.75%, 2/15/27		2,278,000		2,284,811
144A,5.75%, 7/15/29		3,102,000		3,076,346
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		1,511,000		1,481,269
144A,4.75%, 4/1/28 (a)		1,934,000		1,795,370
144A,5.375%, 3/1/29 (a)		2,313,000		2,121,367
144A,8.00%, 2/15/31 (a)		1,831,000		1,822,240
Block, Inc.
2.75%, 6/1/26		3,804,000		3,657,005
3.50%, 6/1/31		3,754,000		3,391,865
144A,6.50%, 5/15/32		7,708,000		8,002,931
Brink’s Co.
144A,4.625%, 10/15/27		2,284,000		2,238,465
144A,6.50%, 6/15/29		1,530,000		1,584,567
144A,6.75%, 6/15/32		1,521,000		1,583,397
Garda World Security Corp.
144A,4.625%, 2/15/27		2,183,000		2,130,646
144A,9.50%, 11/1/27		2,301,000		2,323,842
144A,7.75%, 2/15/28		1,500,000		1,574,665
144A,6.00%, 6/1/29		1,902,000		1,801,099
144A,8.25%, 8/1/32		2,104,000		2,140,119
Herc Holdings, Inc.
144A,5.50%, 7/15/27		4,470,000		4,441,248
144A,6.625%, 6/15/29		3,039,000		3,127,742
Hertz Corp.
144A,4.625%, 12/1/26 (a)		1,904,000		1,496,450
144A,12.625%, 7/15/29 (a)		2,860,000		3,048,874
144A,5.00%, 12/1/29 (a)		3,807,000		2,572,819


	Principal Amount $		Value $

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		5,199,000		5,214,332
144A,3.375%, 8/31/27		3,854,000		3,652,842
144A,6.25%, 1/15/28		5,115,500		5,100,627
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		4,001,000		3,967,244
144A,10.875%, 8/1/29		1,759,000		1,723,042
Service Corp. International
4.625%, 12/15/27		2,091,000		2,053,773
5.125%, 6/1/29		2,826,000		2,799,728
3.375%, 8/15/30		3,233,000		2,904,181
4.00%, 5/15/31		3,064,000		2,814,329
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32		4,200,000		4,335,784
Sotheby’s,144A,7.375%, 10/15/27		2,912,000		2,795,365
United Rentals North America, Inc.
5.50%, 5/15/27		1,914,000		1,921,478
3.875%, 11/15/27		2,855,000		2,758,136
4.875%, 1/15/28		6,375,000		6,293,211
5.25%, 1/15/30		2,796,000		2,775,815
4.00%, 7/15/30		2,855,000		2,672,555
3.875%, 2/15/31		4,188,000		3,869,675
3.75%, 1/15/32		2,855,000		2,578,988
144A,6.125%, 3/15/34		4,198,000		4,293,416
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		4,743,000		4,973,059
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		1,904,000		1,843,009
144A,6.625%, 6/15/29		1,912,000		1,975,853
144A,7.375%, 10/1/31		1,914,000		2,013,040

(Cost $164,920,743)				159,948,784

Cosmetics/Personal Care — 0.5%
Coty, Inc.,144A,5.00%, 4/15/26		2,389,000		2,383,706
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,144A,6.625%, 7/15/30		2,855,000		2,959,701
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		2,843,000		2,822,889
144A,4.125%, 4/1/29		1,914,000		1,815,810
Perrigo Finance Unlimited Co.
4.375%, 3/15/26		2,676,000		2,638,408
4.90%, 6/15/30		2,852,000		2,758,807
Prestige Brands, Inc.
144A,5.125%, 1/15/28		1,529,000		1,508,156
144A,3.75%, 4/1/31		2,284,000		2,071,977

(Cost $19,429,828)				18,959,454

See Notes to Financial Statements.

DBX ETF Trust | 73

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August 31, 2024


	Principal Amount $		Value $

Food — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		2,860,000		2,765,154
144A,7.50%, 3/15/26		2,244,000		2,275,858
144A,4.625%, 1/15/27		5,133,000		5,020,334
144A,5.875%, 2/15/28		2,852,000		2,847,879
144A,6.50%, 2/15/28 (a)		2,876,000		2,916,181
144A,3.50%, 3/15/29		5,271,000		4,900,785
144A,4.875%, 2/15/30		3,804,000		3,731,601
B&G Foods, Inc.
5.25%, 9/15/27 (a)		2,109,000		1,997,182
144A,8.00%, 9/15/28		3,043,000		3,167,419
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		1,904,000		1,875,643
144A,4.125%, 1/31/30		3,693,000		3,439,880
144A,4.375%, 1/31/32		2,665,000		2,456,534
Performance Food Group, Inc.
144A,5.50%, 10/15/27		4,052,000		4,034,664
144A,4.25%, 8/1/29		3,794,000		3,584,703
Pilgrim’s Pride Corp.
3.50%, 3/1/32		3,386,000		2,996,789
6.25%, 7/1/33		3,737,000		3,955,715
6.875%, 5/15/34		1,884,000		2,084,953
Post Holdings, Inc.
144A,5.625%, 1/15/28		1,542,000		1,539,703
144A,5.50%, 12/15/29		4,683,000		4,612,893
144A,4.625%, 4/15/30		5,436,000		5,169,985
144A,4.50%, 9/15/31		3,821,000		3,557,918
144A,6.25%, 2/15/32		3,813,000		3,915,040
144A,6.375%, 3/1/33		4,400,000		4,443,120
US Foods, Inc.
144A,6.875%, 9/15/28		1,912,000		1,991,304
144A,4.75%, 2/15/29		3,444,000		3,362,054
144A,4.625%, 6/1/30		1,908,000		1,827,506
144A,7.25%, 1/15/32		1,914,000		2,022,740

(Cost $88,263,695)				86,493,537

Healthcare-Products — 1.5%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		5,881,000		5,729,206
144A,3.875%, 11/1/29		3,046,000		2,855,524
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		5,226,000		5,494,957
Hologic, Inc.
144A,4.625%, 2/1/28		1,525,000		1,490,757
144A,3.25%, 2/15/29		3,632,000		3,357,333
Medline Borrower LP
144A,3.875%, 4/1/29		17,132,000		16,196,134
144A,5.25%, 10/1/29		9,518,000		9,355,258


	Principal Amount $		Value $
Medline Borrower LP/Medline Co.-Issuer, Inc., 144A,6.25%, 4/1/29		5,719,000		5,902,437
Teleflex, Inc.
4.625%, 11/15/27		1,904,000		1,869,333
144A,4.25%, 6/1/28		1,906,000		1,833,548

(Cost $38,996,357)				54,084,487

Healthcare-Services — 5.0%
Catalent Pharma Solutions, Inc.
144A,5.00%, 7/15/27		2,162,000		2,152,240
144A,3.125%, 2/15/29		1,993,000		1,945,553
144A,3.50%, 4/1/30		2,205,000		2,154,746
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		1,902,000		1,839,193
144A,3.75%, 3/15/29		1,901,000		1,782,701
144A,4.00%, 3/15/31		1,904,000		1,753,794
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		7,233,000		7,006,404
144A,8.00%, 12/15/27		2,651,000		2,658,121
144A,6.875%, 4/1/28		2,245,000		1,773,829
144A,6.00%, 1/15/29		2,448,000		2,327,928
144A,6.875%, 4/15/29 (a)		4,745,000		4,088,129
144A,6.125%, 4/1/30		4,779,000		3,788,623
144A,5.25%, 5/15/30		5,843,000		5,243,242
144A,4.75%, 2/15/31		4,093,000		3,495,403
144A,10.875%, 1/15/32		8,455,000		9,163,284
Concentra Escrow Issuer Corp.,144A,6.875%, 7/15/32		2,475,000		2,592,171
DaVita, Inc.
144A,4.625%, 6/1/30		10,618,000		10,018,660
144A,3.75%, 2/15/31		5,752,000		5,123,774
144A,6.875%, 9/1/32		3,625,000		3,710,906
Encompass Health Corp.
4.50%, 2/1/28		3,046,000		2,980,356
4.75%, 2/1/30		3,046,000		2,955,369
4.625%, 4/1/31		1,534,000		1,453,833
IQVIA, Inc.
144A,5.00%, 10/15/26		3,992,000		3,969,506
144A,5.00%, 5/15/27		4,468,000		4,439,292
144A,6.50%, 5/15/30		1,901,000		1,977,631
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27		2,247,000		2,194,311
LifePoint Health, Inc.
144A,5.375%, 1/15/29 (a)		1,954,000		1,825,912
144A,9.875%, 8/15/30		3,046,000		3,344,298
144A,11.00%, 10/15/30		4,164,000		4,698,016
144A,10.00%, 6/1/32		3,036,000		3,298,836
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		3,039,000		2,926,366
144A,3.875%, 11/15/30		2,475,000		2,277,661

See Notes to Financial Statements.

74 | DBX ETF Trust

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Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

144A,3.875%, 5/15/32		2,855,000		2,564,030
MPH Acquisition Holdings LLC
144A,5.50%, 9/1/28		3,988,000		2,943,749
144A,5.75%, 11/1/28 (a)		3,760,000		1,672,414
Radiology Partners, Inc.,144A,4.275% Cash 3.50% PIK, PIK, 1/31/29 (a)		2,680,124		2,579,619
Select Medical Corp.,144A,6.25%, 8/15/26		4,664,000		4,690,384
Star Parent, Inc.,144A,9.00%, 10/1/30		3,807,000		4,068,835
Tenet Healthcare Corp.
6.25%, 2/1/27		5,555,000		5,570,632
5.125%, 11/1/27		5,697,000		5,651,869
4.625%, 6/15/28		2,661,000		2,602,344
6.125%, 10/1/28		9,336,000		9,361,814
4.25%, 6/1/29		5,236,000		5,029,607
4.375%, 1/15/30		5,452,000		5,217,371
6.125%, 6/15/30		7,629,000		7,754,436
6.75%, 5/15/31		5,165,000		5,359,932
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		3,046,000		3,119,890

(Cost $186,683,356)				179,147,014

Household Products/Wares — 0.1%
Central Garden & Pet Co.
4.125%, 10/15/30 (a)		1,904,000		1,751,272
144A,4.125%, 4/30/31		1,523,000		1,381,476

(Cost $3,367,490)				3,132,748

Pharmaceuticals — 2.5%
AdaptHealth LLC
144A,4.625%, 8/1/29		1,899,000		1,734,728
144A,5.125%, 3/1/30 (a)		2,279,000		2,085,476
Bausch Health Americas, Inc.
144A,9.25%, 4/1/26		2,214,000		2,006,892
144A,8.50%, 1/31/27		2,443,000		1,820,230
Bausch Health Cos., Inc.
144A,5.50%, 11/1/25		6,244,000		6,017,655
144A,9.00%, 12/15/25		2,074,000		1,922,677
144A,6.125%, 2/1/27		3,802,000		3,250,330
144A,5.75%, 8/15/27		1,914,000		1,552,426
144A,5.00%, 1/30/28		1,692,000		960,328
144A,4.875%, 6/1/28		6,071,000		4,542,110
144A,11.00%, 9/30/28		6,753,000		6,195,878
144A,5.00%, 2/15/29		1,651,000		860,394
144A,6.25%, 2/15/29 (a)		3,151,000		1,673,969
144A,5.25%, 1/30/30		3,001,000		1,504,341
144A,5.25%, 2/15/31		1,781,000		899,414
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		1,897,000		1,823,694
Grifols SA,144A,4.75%, 10/15/28 (a)		2,684,000		2,551,952


	Principal Amount $		Value $

HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		3,059,000		3,061,609
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29		2,284,000		1,444,618
Jazz Securities DAC,144A,4.375%, 1/15/29		5,692,000		5,421,861
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		7,984,000		7,638,639
144A,5.125%, 4/30/31		7,754,000		7,268,667
144A,6.75%, 5/15/34		1,902,000		1,973,485
144A,7.875%, 5/15/34		1,827,000		1,927,355
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		1,835,000		1,671,646
144A,6.625%, 4/1/30 (a)		2,117,000		2,050,638
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		12,859,000		12,323,812
6.75%, 3/1/28		4,762,000		4,963,004

(Cost $102,814,598)				91,147,828

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG,144A,10.50%, 5/15/28

(Cost $2,015,795)		1,917,000		2,043,326

Energy — 12.6%
Energy-Alternate Sources — 0.2%
Sunnova Energy Corp.,144A,11.75%, 10/1/28 (a)		1,525,000		1,417,320
TerraForm Power Operating LLC
144A,5.00%, 1/31/28		2,665,000		2,616,852
144A,4.75%, 1/15/30		2,665,000		2,518,765

(Cost $6,327,223)				6,552,937

Oil & Gas — 5.9%
Antero Resources Corp.
144A,7.625%, 2/1/29		1,452,000		1,506,486
144A,5.375%, 3/1/30		2,331,000		2,304,214
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,7.00%, 11/1/26		2,301,000		2,310,107
144A,8.25%, 12/31/28		1,955,000		2,010,274
144A,5.875%, 6/30/29		1,519,000		1,519,785
Baytex Energy Corp.
144A,8.50%, 4/30/30		3,192,000		3,404,405
144A,7.375%, 3/15/32		2,182,000		2,261,621
California Resources Corp.,144A,8.25%, 6/15/29		3,410,000		3,520,065

See Notes to Financial Statements.

DBX ETF Trust | 75

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Chesapeake Energy Corp.
144A,5.50%, 2/1/26		1,981,000		1,983,392
144A,5.875%, 2/1/29		1,919,000		1,924,744
144A,6.75%, 4/15/29		3,614,000		3,670,263
Civitas Resources, Inc.
144A,5.00%, 10/15/26		1,532,000		1,511,634
144A,8.375%, 7/1/28		5,172,000		5,459,118
144A,8.625%, 11/1/30		3,743,000		4,071,460
144A,8.75%, 7/1/31		5,163,000		5,578,245
CNX Resources Corp.
144A,6.00%, 1/15/29		1,884,000		1,894,081
144A,7.375%, 1/15/31		1,902,000		1,988,935
144A,7.25%, 3/1/32		1,542,000		1,615,648
Comstock Resources, Inc.
144A,6.75%, 3/1/29		4,599,000		4,527,485
144A,6.75%, 3/1/29		1,521,000		1,494,999
144A,5.875%, 1/15/30		3,674,000		3,475,979
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		3,799,000		4,030,674
144A,7.625%, 4/1/32		2,665,000		2,750,331
144A,7.375%, 1/15/33		2,846,000		2,921,465
CVR Energy, Inc.
144A,5.75%, 2/15/28		1,532,000		1,452,294
144A,8.50%, 1/15/29		2,284,000		2,329,040
Encino Acquisition Partners Holdings LLC
144A,8.50%, 5/1/28		2,656,000		2,746,644
144A,8.75%, 5/1/31		1,901,000		2,020,858
Energean PLC,144A,6.50%, 4/30/27		1,712,000		1,692,363
Kosmos Energy Ltd.
144A,7.125%, 4/4/26		2,466,000		2,458,118
144A,7.75%, 5/1/27		1,464,000		1,448,837
144A,7.50%, 3/1/28		1,711,000		1,668,623
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		2,270,815		2,180,342
144A,REGS, 6.75%, 6/30/30		2,107,059		1,951,632
Matador Resources Co.
144A,6.875%, 4/15/28		1,904,000		1,954,669
144A,6.50%, 4/15/32		3,426,000		3,479,668
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		1,862,000		1,967,972
Murphy Oil Corp.,5.875%, 12/1/27		1,585,000		1,593,110
Nabors Industries, Inc.
144A,7.375%, 5/15/27		2,779,000		2,813,485
144A,9.125%, 1/31/30		2,469,000		2,647,783
144A,8.875%, 8/15/31 (a)		2,129,000		2,134,936
Noble Finance II LLC,144A,8.00%, 4/15/30		5,350,000		5,551,710
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		2,680,000		2,742,321
144A,8.75%, 6/15/31		1,917,000		2,049,988


	Principal Amount $		Value $

Parkland Corp.
144A,5.875%, 7/15/27		1,937,000		1,938,937
144A,4.50%, 10/1/29		3,088,000		2,917,202
144A,4.625%, 5/1/30		2,983,000		2,792,158
144A,6.625%, 8/15/32		1,800,000		1,820,168
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28		3,147,000		3,118,537
144A,7.875%, 9/15/30		1,917,000		1,994,989
Permian Resources Operating LLC
144A,8.00%, 4/15/27		2,099,000		2,169,180
144A,5.875%, 7/1/29		2,736,000		2,738,569
144A,9.875%, 7/15/31		1,901,000		2,134,899
144A,7.00%, 1/15/32		3,804,000		3,993,652
144A,6.25%, 2/1/33		3,800,000		3,898,910
Puma International Financing SA,144A,7.75%, 4/25/29		1,914,000		1,962,070
Range Resources Corp.
8.25%, 1/15/29		2,313,000		2,398,759
144A,4.75%, 2/15/30		1,885,000		1,810,437
SM Energy Co.
6.75%, 9/15/26		1,598,000		1,600,728
6.625%, 1/15/27		1,605,000		1,613,123
6.50%, 7/15/28		1,532,000		1,541,768
144A,6.75%, 8/1/29		2,846,000		2,892,748
144A,7.00%, 8/1/32		2,891,000		2,963,769
Southwestern Energy Co.
5.375%, 2/1/29		2,719,000		2,686,085
5.375%, 3/15/30		4,645,000		4,607,476
4.75%, 2/1/32		4,292,000		4,070,563
Sunoco LP
144A,7.00%, 5/1/29		2,903,000		3,026,253
144A,7.25%, 5/1/32		2,902,000		3,071,358
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		2,313,000		2,320,758
144A,7.00%, 9/15/28		1,917,000		2,001,302
4.50%, 5/15/29		3,083,000		2,962,565
4.50%, 4/30/30		3,074,000		2,923,053
Talos Production, Inc.
144A,9.00%, 2/1/29		2,383,000		2,533,596
144A,9.375%, 2/1/31		2,379,000		2,542,485
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		2,656,000		2,579,981
Transocean, Inc.
144A,8.00%, 2/1/27		2,494,000		2,495,302
144A,8.25%, 5/15/29		3,405,000		3,452,824
144A,8.50%, 5/15/31		3,426,000		3,479,199
Valaris Ltd.,144A,8.375%, 4/30/30		4,184,000		4,368,510

See Notes to Financial Statements.

76 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Vital Energy, Inc.,144A,7.875%, 4/15/32		3,813,000		3,906,627

(Cost $213,811,495)				213,948,343

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.875%, 4/1/27		1,883,000		1,898,016
144A,6.25%, 4/1/28		3,216,000		3,232,218
144A,6.625%, 9/1/32		2,587,000		2,620,884
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		2,846,000		2,873,888
144A,7.125%, 3/15/29		3,914,000		4,023,643
Viridien,144A,8.75%, 4/1/27 (a)		1,801,000		1,729,595
Weatherford International Ltd.,144A,8.625%, 4/30/30		6,091,000		6,326,703

(Cost $22,775,776)				22,704,947

Pipelines — 5.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		2,505,000		2,503,897
144A,5.75%, 1/15/28		2,505,000		2,507,645
144A,5.375%, 6/15/29		2,836,000		2,803,822
144A,6.625%, 2/1/32		2,308,000		2,380,065
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		1,800,000		1,873,415
144A,7.25%, 7/15/32		1,980,000		2,078,065
Buckeye Partners LP
3.95%, 12/1/26		2,297,000		2,233,491
4.125%, 12/1/27		1,532,000		1,470,715
144A,4.50%, 3/1/28		1,904,000		1,826,737
144A,6.875%, 7/1/29		2,290,000		2,344,033
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		5,330,000		5,228,627
144A,7.50%, 12/15/33		1,905,000		2,059,440
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		3,972,000		4,179,565
DT Midstream, Inc.
144A,4.125%, 6/15/29		4,188,000		3,982,117
144A,4.375%, 6/15/31		3,807,000		3,579,934
EQM Midstream Partners LP
4.125%, 12/1/26		1,919,000		1,886,535
144A,7.50%, 6/1/27		1,902,000		1,961,691
144A,6.50%, 7/1/27		3,451,000		3,539,404
5.50%, 7/15/28		3,232,000		3,256,172
144A,4.50%, 1/15/29		3,041,000		2,949,680
144A,6.375%, 4/1/29		2,313,000		2,379,735
144A,7.50%, 6/1/30		1,864,000		2,035,564


	Principal Amount $		Value $

144A,4.75%, 1/15/31		4,252,000		4,088,282
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		3,741,000		3,833,216
7.75%, 2/1/28		2,497,000		2,543,187
8.25%, 1/15/29		2,277,000		2,367,846
8.875%, 4/15/30		1,904,000		2,022,431
7.875%, 5/15/32		2,665,000		2,736,505
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		1,522,000		1,537,599
144A,8.25%, 1/15/32		1,713,000		1,782,275
Harvest Midstream I LP
144A,7.50%, 9/1/28		3,098,000		3,179,583
144A,7.50%, 5/15/32		1,882,000		1,979,779
Hess Midstream Operations LP
144A,5.625%, 2/15/26		2,832,000		2,826,464
144A,5.125%, 6/15/28		2,094,000		2,071,380
144A,6.50%, 6/1/29		2,284,000		2,358,525
144A,4.25%, 2/15/30		2,855,000		2,700,246
144A,5.50%, 10/15/30		1,538,000		1,524,668
Howard Midstream Energy Partners LLC
144A,8.875%, 7/15/28		2,106,000		2,246,832
144A,7.375%, 7/15/32		2,284,000		2,366,274
ITT Holdings LLC,144A,6.50%, 8/1/29		4,639,000		4,378,060
New Fortress Energy, Inc.
144A,6.75%, 9/15/25		3,539,000		3,453,243
144A,6.50%, 9/30/26 (a)		5,711,000		4,948,275
144A,8.75%, 3/15/29 (a)		2,846,000		2,387,521
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		3,426,000		3,506,590
144A,8.375%, 2/15/32		4,949,000		5,097,727
Northriver Midstream Finance LP,144A,6.75%, 7/15/32		1,999,000		2,065,243
NuStar Logistics LP
5.75%, 10/1/25		2,313,000		2,315,802
6.00%, 6/1/26		1,902,000		1,921,227
5.625%, 4/28/27		2,095,000		2,102,150
6.375%, 10/1/30		2,170,000		2,268,425
Rockies Express Pipeline LLC,144A,4.95%, 7/15/29		2,109,000		2,017,442
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		1,643,000		1,639,641
144A,5.50%, 1/15/28		3,035,000		2,930,520
144A,7.375%, 2/15/29		3,064,000		3,134,389
144A,6.00%, 12/31/30		2,556,000		2,439,136
144A,6.00%, 9/1/31		1,798,000		1,705,101

See Notes to Financial Statements.

DBX ETF Trust | 77

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		4,759,000		4,502,509
144A,6.25%, 1/15/30		3,807,000		3,960,571
144A,4.125%, 8/15/31		4,759,000		4,414,499
144A,3.875%, 11/1/33		4,759,000		4,236,483
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		8,538,000		8,947,756
144A,9.50%, 2/1/29		11,421,000		12,877,908
144A,7.00%, 1/15/30		5,666,000		5,797,129
144A,8.375%, 6/1/31		8,566,000		9,100,673
144A,9.875%, 2/1/32		7,619,000		8,469,471

(Cost $213,449,433)				211,842,932

Financial — 11.8%
Banks — 0.3%
Freedom Mortgage Corp.
144A,7.625%, 5/1/26		1,909,000		1,918,673
144A,6.625%, 1/15/27		2,037,000		2,014,135
144A,12.00%, 10/1/28		3,046,000		3,318,928
144A,12.25%, 10/1/30		1,912,000		2,123,329

(Cost $9,079,885)				9,375,065

Diversified Financial Services — 4.4%
AG Issuer LLC,144A,6.25%, 3/1/28		1,851,000		1,809,393
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27		1,904,000		1,975,227
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		3,422,000		3,694,959
Burford Capital Global Finance LLC,144A,9.25%, 7/1/31		2,570,000		2,750,995
Coinbase Global, Inc.
144A,3.375%, 10/1/28		3,807,000		3,344,767
144A,3.625%, 10/1/31		2,808,000		2,316,169
Credit Acceptance Corp.,144A,9.25%, 12/15/28		2,284,000		2,458,116
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		1,902,000		2,027,058
144A,8.50%, 5/15/30		1,927,000		2,017,971
Enova International, Inc.
144A,11.25%, 12/15/28		1,542,000		1,660,045
144A,9.125%, 8/1/29		1,905,000		1,935,688
goeasy Ltd.
144A,9.25%, 12/1/28		2,109,000		2,269,858
144A,7.625%, 7/1/29		2,284,000		2,357,319
Jane Street Group / JSG Finance, Inc.
144A,4.50%, 11/15/29		2,404,000		2,296,368
144A,7.125%, 4/30/31		5,358,000		5,631,553
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28		3,768,000		3,583,944


	Principal Amount $		Value $

LD Holdings Group LLC,144A,6.125%, 4/1/28		2,284,000		1,931,817
Macquarie Airfinance Holdings Ltd.
144A,8.375%, 5/1/28		1,902,000		2,017,041
144A,6.40%, 3/26/29		1,904,000		1,982,704
144A,8.125%, 3/30/29		1,914,000		2,036,930
144A,6.50%, 3/26/31		1,922,000		2,027,881
Nationstar Mortgage Holdings, Inc.
144A,5.00%, 2/1/26		1,901,000		1,880,429
144A,6.00%, 1/15/27		2,297,000		2,295,057
144A,5.50%, 8/15/28		3,225,000		3,169,825
144A,6.50%, 8/1/29		2,750,000		2,774,264
144A,5.125%, 12/15/30		2,418,000		2,297,478
144A,5.75%, 11/15/31		2,301,000		2,237,306
144A,7.125%, 2/1/32		4,032,000		4,180,414
Navient Corp.
6.75%, 6/15/26		1,901,000		1,936,610
5.00%, 3/15/27		2,481,000		2,438,208
4.875%, 3/15/28		1,904,000		1,813,867
5.50%, 3/15/29 (a)		2,912,000		2,768,048
9.375%, 7/25/30		1,899,000		2,062,758
11.50%, 3/15/31		1,904,000		2,139,041
OneMain Finance Corp.
7.125%, 3/15/26		6,071,000		6,191,194
3.50%, 1/15/27		2,882,000		2,734,825
6.625%, 1/15/28		2,948,000		3,007,405
3.875%, 9/15/28		2,304,000		2,124,037
9.00%, 1/15/29		3,521,000		3,745,728
5.375%, 11/15/29		2,817,000		2,711,550
7.875%, 3/15/30		2,665,000		2,789,546
4.00%, 9/15/30		3,222,000		2,854,217
7.50%, 5/15/31		2,900,000		2,995,564
7.125%, 11/15/31		2,700,000		2,728,867
Osaic Holdings, Inc.,144A,10.75%, 8/1/27		1,411,000		1,453,425
PennyMac Financial Services, Inc.
144A,5.375%, 10/15/25		2,521,000		2,514,765
144A,4.25%, 2/15/29		2,494,000		2,357,831
144A,7.875%, 12/15/29		3,046,000		3,235,406
144A,7.125%, 11/15/30		2,456,000		2,497,185
144A,5.75%, 9/15/31		1,737,000		1,676,460
PRA Group, Inc.,144A,8.875%, 1/31/30		1,524,000		1,577,104
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		4,376,000		4,165,936
144A,3.625%, 3/1/29		2,860,000		2,657,476
144A,3.875%, 3/1/31		4,809,000		4,390,334
144A,4.00%, 10/15/33		3,148,000		2,778,239

See Notes to Financial Statements.

78 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

SLM Corp.
4.20%, 10/29/25		1,904,000		1,887,782
3.125%, 11/2/26		1,897,000		1,814,689
Synchrony Financial,7.25%, 2/2/33		2,855,000		2,946,038
United Wholesale Mortgage LLC
144A,5.50%, 11/15/25		3,024,000		3,022,364
144A,5.75%, 6/15/27		1,927,000		1,921,325
144A,5.50%, 4/15/29		2,661,000		2,597,262

(Cost $161,373,556)				159,495,662

Insurance — 2.0%
Acrisure LLC / Acrisure Finance, Inc.
144A,4.25%, 2/15/29		2,626,000		2,462,195
144A,8.50%, 6/15/29		1,906,000		1,980,696
144A,6.00%, 8/1/29 (a)		1,927,000		1,842,060
144A,7.50%, 11/6/30		4,152,000		4,265,005
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A,4.25%, 10/15/27		2,853,000		2,752,327
144A,6.75%, 10/15/27		5,165,000		5,146,640
144A,6.75%, 4/15/28		4,829,000		4,923,228
144A,5.875%, 11/1/29		1,711,000		1,670,255
144A,7.00%, 1/15/31		5,499,000		5,688,721
AmWINS Group, Inc.,144A,6.375%, 2/15/29		2,860,000		2,934,208
AssuredPartners, Inc.
144A,5.625%, 1/15/29		1,947,000		1,867,250
144A,7.50%, 2/15/32		1,974,000		2,015,097
FWD Group Holdings Ltd.,144A,8.40%, 4/5/29 (a)		3,421,000		3,542,531
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC,144A,7.25%, 2/15/31		3,807,000		3,920,898
HUB International Ltd.
144A,5.625%, 12/1/29 (a)		1,940,000		1,903,463
144A,7.25%, 6/15/30		12,724,000		13,298,641
144A,7.375%, 1/31/32		7,254,000		7,525,024
USI, Inc.,144A,7.50%, 1/15/32		2,378,000		2,493,944

(Cost $69,129,254)				70,232,183

Investment Companies — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
144A,9.75%, 1/15/29		2,656,000		2,792,683
144A,9.00%, 6/15/30		2,855,000		2,890,921

(Cost $5,592,202)				5,683,604

Real Estate — 0.6%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		2,587,197		2,295,811


	Principal Amount $		Value $

Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp
144A,5.75%, 1/15/29 (a)		2,062,000		1,482,090
144A,5.25%, 4/15/30		1,716,000		1,197,789
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		2,493,000		2,530,952
144A,8.875%, 9/1/31		1,541,000		1,670,147
Howard Hughes Corp.
144A,5.375%, 8/1/28		2,852,000		2,776,011
144A,4.125%, 2/1/29		2,411,000		2,223,557
144A,4.375%, 2/1/31		2,491,000		2,234,915
Kennedy-Wilson, Inc.
4.75%, 3/1/29		2,284,000		2,064,187
4.75%, 2/1/30		2,288,000		2,021,050
5.00%, 3/1/31		2,302,000		2,004,484

(Cost $24,438,653)				22,500,993

Real Estate Investment Trusts — 4.0%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		1,927,000		1,710,330
Brandywine Operating Partnership LP
3.95%, 11/15/27		1,712,000		1,611,937
8.875%, 4/12/29		1,472,000		1,601,016
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		2,956,000		2,951,332
144A,4.50%, 4/1/27		2,516,000		2,428,057
Diversified Healthcare Trust
4.75%, 2/15/28 (a)		1,952,000		1,717,220
4.375%, 3/1/31		1,852,000		1,419,644
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		1,904,000		1,737,347
Hudson Pacific Properties LP
3.95%, 11/1/27		1,521,000		1,352,882
4.65%, 4/1/29 (a)		1,904,000		1,576,146
3.25%, 1/15/30		1,523,000		1,126,908
Iron Mountain, Inc.
144A,4.875%, 9/15/27		3,634,000		3,571,534
144A,5.25%, 3/15/28		3,213,000		3,179,622
144A,5.00%, 7/15/28		1,882,000		1,851,953
144A,7.00%, 2/15/29		3,882,000		4,034,765
144A,4.875%, 9/15/29		3,885,000		3,773,764
144A,5.25%, 7/15/30		5,011,000		4,887,583
144A,4.50%, 2/15/31		4,182,000		3,929,376
144A,5.625%, 7/15/32		2,181,000		2,150,366

See Notes to Financial Statements.

DBX ETF Trust | 79

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		2,359,000		2,291,549
144A,4.75%, 6/15/29		2,408,000		2,322,611
144A,7.00%, 7/15/31		1,927,000		2,004,938
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)		1,840,000		1,732,587
5.00%, 10/15/27 (a)		5,428,000		4,611,835
4.625%, 8/1/29 (a)		3,449,000		2,655,092
3.50%, 3/15/31		4,957,000		3,390,803
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		1,902,000		1,748,966
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		2,644,000		2,632,684
144A,4.875%, 5/15/29		2,855,000		2,725,927
144A,7.00%, 2/1/30		2,094,000		2,148,331
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		2,614,500		2,563,033
144A,7.25%, 7/15/28		1,710,000		1,779,650
144A,4.50%, 2/15/29		2,281,000		2,191,411
144A,6.50%, 4/1/32		3,804,000		3,920,566
Rithm Capital Corp.,144A,8.00%, 4/1/29		2,950,000		2,938,703
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		1,902,000		1,840,527
144A,4.00%, 9/15/29		1,902,000		1,727,802
SBA Communications Corp.
3.875%, 2/15/27		5,694,000		5,515,011
3.125%, 2/1/29		5,710,000		5,259,661
Service Properties Trust
4.75%, 10/1/26		1,673,000		1,601,304
4.95%, 2/15/27		1,521,000		1,411,778
5.50%, 12/15/27		1,901,000		1,790,157
3.95%, 1/15/28 (a)		1,565,000		1,331,577
8.375%, 6/15/29		2,656,000		2,632,926
4.95%, 10/1/29		1,630,000		1,263,604
4.375%, 2/15/30		1,521,000		1,125,202
144A,8.625%, 11/15/31		3,813,000		4,082,171
8.875%, 6/15/32		1,787,000		1,684,686
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		1,272,000		1,225,487
144A,4.375%, 1/15/27		1,917,000		1,864,030
144A,7.25%, 4/1/29		2,335,000		2,433,474
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		2,716,000		1,992,783


	Principal Amount $		Value $

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		9,898,000		10,166,790
144A,4.75%, 4/15/28		2,197,000		1,934,717
144A,6.50%, 2/15/29		4,160,000		3,190,144
Vornado Realty LP,2.15%, 6/1/26		1,459,000		1,380,989

(Cost $150,848,674)				143,725,288

REITS — 0.0%
Office Properties Income Trust,144A,9.00%, 9/30/29

(Cost $1,721,028)		2,160,000		1,759,903

Venture Capital — 0.3%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		4,705,000		4,682,572
5.25%, 5/15/27		5,493,000		5,313,424
4.375%, 2/1/29		2,702,000		2,373,286

(Cost $12,950,167)				12,369,282

Industrial — 9.5%
Aerospace/Defense — 2.4%
Bombardier, Inc.
144A,7.875%, 4/15/27		3,649,000		3,663,691
144A,6.00%, 2/15/28		2,753,000		2,757,085
144A,7.50%, 2/1/29		2,891,000		3,047,571
144A,8.75%, 11/15/30		2,891,000		3,156,264
144A,7.25%, 7/1/31		2,886,000		3,033,013
144A,7.00%, 6/1/32 (a)		2,882,000		3,003,738
Spirit AeroSystems, Inc.
4.60%, 6/15/28 (a)		2,681,000		2,564,268
144A,9.375%, 11/30/29		3,419,000		3,713,998
144A,9.75%, 11/15/30		4,572,000		5,122,437
TransDigm, Inc.
5.50%, 11/15/27		9,997,000		9,945,018
144A,6.75%, 8/15/28		7,887,000		8,118,862
4.625%, 1/15/29		4,632,000		4,459,852
144A,6.375%, 3/1/29		10,431,000		10,762,820
4.875%, 5/1/29		2,710,000		2,622,898
144A,6.875%, 12/15/30		5,620,000		5,874,288
144A,7.125%, 12/1/31		3,854,000		4,074,715
144A,6.625%, 3/1/32		8,464,000		8,812,886

(Cost $83,734,264)				84,733,404

Building Materials — 1.3%
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		2,147,000		2,089,001
144A,4.25%, 2/1/32		4,981,000		4,555,009
144A,6.375%, 6/15/32 (a)		2,713,000		2,796,514
144A,6.375%, 3/1/34		3,724,000		3,827,924
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 (a)		2,699,000		2,680,553

See Notes to Financial Statements.

80 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		1,901,000		1,883,660
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		4,174,000		4,169,829
144A,8.875%, 11/15/31		4,240,000		4,555,939
Standard Industries, Inc.
144A,5.00%, 2/15/27		3,083,000		3,048,984
144A,4.75%, 1/15/28		3,835,000		3,733,073
144A,4.375%, 7/15/30		6,203,000		5,805,820
144A,3.375%, 1/15/31		4,074,000		3,566,867
Summit Materials LLC / Summit Materials Finance Corp.
144A,5.25%, 1/15/29		2,665,000		2,640,336
144A,7.25%, 1/15/31		3,046,000		3,220,740

(Cost $49,533,658)				48,574,249

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		2,221,000		2,142,871
144A,4.375%, 3/31/29		3,012,000		2,834,746
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		5,028,000		5,162,434
144A,6.375%, 3/15/29		3,415,000		3,508,434
144A,6.625%, 3/15/32		3,253,000		3,355,287

(Cost $17,329,839)				17,003,772

Electronics — 0.5%
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		3,959,000		4,121,089
144A,8.625%, 5/15/32		2,284,000		2,391,234
Sensata Technologies BV
144A,4.00%, 4/15/29		3,854,000		3,631,884
144A,5.875%, 9/1/30		1,941,000		1,945,337
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		1,744,000		1,648,572
144A,3.75%, 2/15/31		2,741,000		2,477,703
144A,6.625%, 7/15/32		1,902,000		1,969,221

(Cost $18,495,237)				18,185,040

Engineering & Construction — 0.6%
Aeropuertos Dominicanos Siglo XXI SA,144A,7.00%, 6/30/34		1,912,000		1,984,895
Arcosa, Inc.
144A,4.375%, 4/15/29		1,450,000		1,376,118
144A,6.875%, 8/15/32		2,300,000		2,399,037
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		5,082,000		5,543,558
Fluor Corp.,4.25%, 9/15/28		2,155,000		2,092,071
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		3,236,000		3,267,329
IHS Holding Ltd.
144A,5.625%, 11/29/26		1,934,000		1,879,664


	Principal Amount $		Value $

144A,6.25%, 11/29/28		1,867,000		1,715,857

(Cost $19,780,391)				20,258,529

Environmental Control — 0.8%
Clean Harbors, Inc.,144A,6.375%, 2/1/31		1,901,000		1,944,018
GFL Environmental, Inc.
144A,5.125%, 12/15/26		1,727,000		1,721,920
144A,4.00%, 8/1/28		2,909,000		2,775,693
144A,3.50%, 9/1/28		2,852,000		2,699,265
144A,4.75%, 6/15/29		2,852,000		2,762,085
144A,4.375%, 8/15/29		2,115,000		2,009,939
144A,6.75%, 1/15/31		3,798,000		3,972,055
Madison IAQ LLC
144A,4.125%, 6/30/28		2,669,000		2,541,808
144A,5.875%, 6/30/29		3,940,000		3,758,106
Reworld Holding Corp.,5.00%, 9/1/30		1,542,000		1,413,789
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		1,912,000		1,975,408

(Cost $27,793,375)				27,574,086

Machinery-Diversified — 0.4%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		3,807,000		3,907,243
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		1,902,000		1,983,529
SPX FLOW, Inc.,144A,8.75%, 4/1/30		1,844,000		1,927,061
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28		1,533,000		1,536,622
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		5,919,000		5,831,458

(Cost $15,333,342)				15,185,913

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.,6.25%, 2/15/29		1,908,000		1,934,590
Trinity Industries, Inc.,144A,7.75%, 7/15/28		2,188,000		2,294,160

(Cost $4,156,930)				4,228,750

Packaging & Containers — 2.4%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		2,362,000		2,363,363
144A,3.25%, 9/1/28 (a)		2,365,000		2,148,220
144A,4.00%, 9/1/29 (a)		3,966,000		3,428,093
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,4.125%, 8/15/26 (a)		4,437,000		3,832,418
144A,5.25%, 8/15/27		3,814,000		2,298,432
144A,5.25%, 8/15/27 (a)		3,123,000		1,882,014

See Notes to Financial Statements.

DBX ETF Trust | 81

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Ball Corp.
6.875%, 3/15/28		2,852,000		2,954,826
6.00%, 6/15/29		3,807,000		3,921,971
2.875%, 8/15/30		4,949,000		4,378,068
3.125%, 9/15/31		3,249,000		2,843,695
Berry Global, Inc.,144A,5.625%, 7/15/27 (a)		1,904,000		1,906,262
Clydesdale Acquisition Holdings, Inc.,144A,6.875%, 1/15/30		1,901,000		1,910,384
Crown Americas LLC,5.25%, 4/1/30 (a)		1,917,000		1,917,459
Graphic Packaging International LLC
144A,3.50%, 3/15/28		1,882,000		1,780,977
144A,3.75%, 2/1/30		1,396,000		1,292,174
144A,6.375%, 7/15/32		1,979,000		2,025,861
LABL, Inc.
144A,6.75%, 7/15/26		2,659,000		2,647,944
144A,10.50%, 7/15/27		2,627,000		2,597,334
144A,5.875%, 11/1/28		1,904,000		1,759,874
144A,8.25%, 11/1/29 (a)		1,747,000		1,559,220
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		10,253,000		10,613,701
144A,9.25%, 4/15/27		5,115,000		5,200,707
OI European Group BV,144A,4.75%, 2/15/30		1,432,000		1,347,172
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		2,572,000		2,582,887
144A,7.25%, 5/15/31 (a)		2,618,000		2,652,359
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27 (a)		3,807,000		3,638,624
Sealed Air Corp.
144A,4.00%, 12/1/27		1,637,000		1,579,983
144A,6.125%, 2/1/28		2,947,000		2,996,409
144A,5.00%, 4/15/29		1,671,000		1,647,205
144A,7.25%, 2/15/31		1,693,000		1,781,276
144A,6.50%, 7/15/32		1,388,000		1,421,288
Silgan Holdings, Inc.,4.125%, 2/1/28		2,170,000		2,098,305

(Cost $91,460,653)				87,008,505

Transportation — 0.2%
Cargo Aircraft Management, Inc.,144A,4.75%, 2/1/28 (a)		2,224,000		2,132,666
Seaspan Corp.,144A,5.50%, 8/1/29		2,896,000		2,760,718
XPO, Inc.
144A,7.125%, 6/1/31		1,705,000		1,784,175
144A,7.125%, 2/1/32 (a)		2,225,000		2,329,326

(Cost $8,954,143)				9,006,885


	Principal Amount $		Value $

Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC
144A,5.50%, 5/1/28		3,813,000		3,791,851
144A,7.875%, 12/1/30		1,921,000		2,063,373
144A,7.00%, 5/1/31		2,665,000		2,795,260
144A,7.00%, 6/15/32		3,056,000		3,199,100

(Cost $11,653,544)				11,849,584

Technology — 5.1%

Computers — 1.4%
Amentum Escrow Corp.,144A,7.25%, 8/1/32		3,805,000		3,981,660
CA Magnum Holdings,144A,5.375%, 10/31/26		3,760,000		3,678,186
McAfee Corp.,144A,7.375%, 2/15/30 (a)		7,696,000		7,389,103
NCR Atleos Corp.,144A,9.50%, 4/1/29		5,178,000		5,708,973
NCR Voyix Corp.
144A,5.00%, 10/1/28 (a)		2,475,000		2,448,067
144A,5.125%, 4/15/29		4,568,000		4,483,136
144A,5.25%, 10/1/30		1,723,000		1,680,988
Seagate HDD Cayman
4.875%, 6/1/27		1,920,000		1,912,939
4.091%, 6/1/29		1,906,000		1,815,753
8.25%, 12/15/29		1,927,000		2,090,764
8.50%, 7/15/31		1,927,000		2,097,164
9.625%, 12/1/32		2,896,017		3,341,595
Western Digital Corp.,4.75%, 2/15/26		8,649,000		8,576,385

(Cost $49,307,599)				49,204,713

Office/Business Equipment — 0.1%
Xerox Holdings Corp.
144A,5.50%, 8/15/28		2,855,000		2,447,089
144A,8.875%, 11/30/29		1,897,000		1,781,665

(Cost $4,801,224)				4,228,754

Semiconductors — 0.5%
ams-OSRAM AG,144A,12.25%, 3/30/29		1,542,000		1,646,787
Entegris, Inc.
144A,4.375%, 4/15/28		1,541,000		1,481,510
144A,4.75%, 4/15/29		6,090,000		5,981,276
144A,3.625%, 5/1/29		1,542,000		1,420,887
144A,5.95%, 6/15/30		3,407,000		3,455,379
ON Semiconductor Corp.,144A,3.875%, 9/1/28		2,711,000		2,578,122

(Cost $16,417,702)				16,563,961

Software — 3.1%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 (a)		8,957,000		8,576,000

See Notes to Financial Statements.

82 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Principal Amount $		Value $

Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		2,885,000		2,981,030
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		2,846,000		2,862,334
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		3,554,000		3,381,320
144A,4.875%, 7/1/29		3,431,000		3,308,324
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		15,228,000		15,021,492
144A,9.00%, 9/30/29		14,711,000		14,818,567
144A,8.25%, 6/30/32		6,688,000		7,006,737
Fair Isaac Corp.
144A,5.25%, 5/15/26		1,518,000		1,520,205
144A,4.00%, 6/15/28		3,469,000		3,315,935
MicroStrategy, Inc.,144A,6.125%, 6/15/28		1,922,000		1,883,059
Open Text Corp.
144A,3.875%, 2/15/28		3,415,000		3,240,122
144A,3.875%, 12/1/29		3,151,000		2,907,748
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		3,415,000		3,174,280
144A,4.125%, 12/1/31		2,475,000		2,255,589
PTC, Inc.,144A,4.00%, 2/15/28		1,917,000		1,854,571
RingCentral, Inc.,144A,8.50%, 8/15/30		1,529,000		1,634,932
ROBLOX Corp.,144A,3.875%, 5/1/30		3,794,000		3,498,002
Rocket Software, Inc.
144A,9.00%, 11/28/28		3,016,000		3,131,373
144A,6.50%, 2/15/29		2,186,000		1,997,618
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		7,669,000		7,667,714
144A,6.50%, 6/1/32		2,876,000		2,970,831
Twilio, Inc.
3.625%, 3/15/29		1,919,000		1,774,403
3.875%, 3/15/31		1,906,000		1,750,417
UKG, Inc.,144A,6.875%, 2/1/31		9,518,000		9,853,529

(Cost $111,500,175)				112,386,132

Utilities — 2.6%

Electric — 2.4%
Calpine Corp.
144A,5.25%, 6/1/26		1,619,000		1,614,910
144A,4.50%, 2/15/28		4,818,000		4,676,785
144A,5.125%, 3/15/28		5,396,000		5,269,197
144A,4.625%, 2/1/29		2,503,000		2,389,507
144A,5.00%, 2/1/31		3,143,000		3,015,652
144A,3.75%, 3/1/31		3,422,000		3,127,891
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		3,253,000		3,163,216
144A,3.75%, 2/15/31		3,522,000		3,198,370


	Principal Amount $		Value $

Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		1,664,000		1,728,750
NextEra Energy Operating Partners LP
144A,3.875%, 10/15/26		1,784,000		1,727,408
144A,4.50%, 9/15/27		2,119,000		2,048,559
144A,7.25%, 1/15/29 (a)		2,849,000		2,985,365
NRG Energy, Inc.
5.75%, 1/15/28		3,264,000		3,270,495
144A,3.375%, 2/15/29		1,801,000		1,654,219
144A,5.25%, 6/15/29		2,861,000		2,830,267
144A,3.625%, 2/15/31		3,937,000		3,525,703
PG&E Corp.
5.00%, 7/1/28		3,807,000		3,731,938
5.25%, 7/1/30		3,807,000		3,729,750
Talen Energy Supply LLC,144A,8.625%, 6/1/30		4,568,000		4,950,511
TransAlta Corp.,7.75%, 11/15/29		1,542,000		1,633,252
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		3,726,000		3,724,981
144A,5.625%, 2/15/27		4,985,000		4,980,991
144A,5.00%, 7/31/27		5,075,000		5,026,740
144A,4.375%, 5/1/29		4,853,000		4,649,302
144A,7.75%, 10/15/31		5,552,000		5,911,520
144A,6.875%, 4/15/32		3,684,000		3,828,940

(Cost $90,740,838)				88,394,219

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		2,245,000		2,222,045
5.75%, 5/20/27		1,960,000		1,915,959
144A,9.375%, 6/1/28		2,158,000		2,267,529

(Cost $6,610,519)				6,405,533

TOTAL CORPORATE BONDS

(Cost $3,649,794,583)				3,525,178,452
	Number of Shares

SECURITIES LENDING COLLATERAL — 6.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $238,972,214)		238,972,214		238,972,214

See Notes to Financial Statements.

DBX ETF Trust | 83

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $40,830,834)		40,830,834		40,830,834

TOTAL INVESTMENTS — 105.6%
(Cost $3,929,597,631)				3,804,981,500
Other assets and liabilities, net — (5.6%)				(202,004,945	)

NET ASSETS — 100.0%				3,602,976,555

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024
	SECURITIES LENDING COLLATERAL — 6.6%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
	—		238,972,214	(d)		—			—		—		1,571,846		—		238,972,214		238,972,214

	CASH EQUIVALENTS — 1.1%
	DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
	49,189,697		485,622,676			(493,981,539	)		—		—		1,604,675		—		40,830,834		40,830,834
	49,189,697		724,594,890			(493,981,539	)		—		—		3,176,521		—		279,803,048		279,803,048

(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, 2024 amounted to $233,785,709, which is 6.5% 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, 2024.

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

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

See Notes to Financial Statements.

84 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	3,525,178,452	$	—	$	3,525,178,452
Short-Term Investments (a)		279,803,048		—		—		279,803,048

TOTAL	$	279,803,048	$	3,525,178,452	$	—	$	3,804,981,500

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

See Notes to Financial Statements.

DBX ETF Trust | 85

Statements of Assets and Liabilities

August 31, 2024


	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	$	12,265,154		$	216,334,395		$	—		$	101,211,427
Investment in affiliated securities at value		—			—			42,469,668			—
Investment in DWS Government Money Market Series		127,410			3,352,412			260,490			1,306,482
Investment in DWS Government & Agency Securities Portfolio*		1,027,697			4,418,701			—			4,160,683
Foreign currency at value		4			552			—			111
Receivables:
Investment securities sold		490,707			6,504,387			—			3,614,798
Interest		235,633			2,927,038			1,245			1,687,619
Affiliated securities lending income		788			903			—			4,250
Total assets	$	14,147,393		$	233,538,388		$	42,731,403		$	111,985,370

Liabilities
Due to custodian	$	2,512		$	—		$	—		$	506
Payable upon return of securities loaned		1,027,697			4,418,701			—			4,160,683
Payables:
Investment securities purchased		533,345			7,959,118			—			4,232,818
Investment advisory fees		2,095			36,898			9,154			18,005
Total liabilities		1,565,649			12,414,717			9,154			8,412,012
Net Assets, at value	$	12,581,744		$	221,123,671		$	42,722,249		$	103,573,358

Net Assets Consist of
Paid-in capital	$	24,958,877		$	287,974,690		$	44,248,211		$	105,775,201
Distributable earnings (loss)		(12,377,133	)		(66,851,019	)		(1,525,962	)		(2,201,843	)
Net Assets, at value	$	12,581,744		$	221,123,671		$	42,722,249		$	103,573,358
Number of Common Shares outstanding		300,001			4,700,001			1,800,001			2,300,001
Net Asset Value	$	41.94		$	47.05		$	23.73		$	45.03

Investment in non-affiliated securities at cost	$	12,651,035		$	215,891,183		$	–		$	99,912,545
Investment in affiliated securities at cost	$	–		$	–		$	44,034,163		$	–
Value of securities loaned	$	1,005,099		$	4,323,910		$	—		$	4,068,197
Investment in DWS Government Money Market Series at cost	$	127,410		$	3,352,412		$	260,490		$	1,306,482
Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,027,697		$	4,418,701		$	—		$	4,160,683
Foreign currency at cost	$	4		$	512		$	—		$	107

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

86 | DBX ETF Trust

Statements of Assets and Liabilities (Continued)

August 31, 2024


	Xtrackers USD High Yield BB-B ex Financials ETF		Xtrackers USD High Yield Corporate Bond ETF

Assets
Investment in non-affiliated securities at value	$	641,048,921	$	3,525,178,452
Investment in DWS Government Money Market Series		9,081,613		40,830,834
Investment in DWS Government & Agency Securities Portfolio*		16,776,173		238,972,214
Foreign currency at value		—		8,054
Receivables:
Investment securities sold		20,084,954		84,504,977
Interest		10,249,342		58,594,865
Affiliated securities lending income		17,670		163,061
Total assets	$	697,258,673	$	3,948,252,457

Liabilities
Due to custodian	$	—	$	2,938
Payable upon return of securities loaned		16,776,173		238,972,214
Payables:
Investment securities purchased		17,098,841		87,911,934
Capital shares		8,191,173		18,242,195
Investment advisory fees		111,031		146,621
Total liabilities		42,177,218		345,275,902
Net Assets, at value	$	655,081,455	$	3,602,976,555

Net Assets Consist of
Paid-in capital	$	633,947,474	$	4,020,177,330
Distributable earnings (loss)		21,133,981		(417,200,775	)
Net Assets, at value	$	655,081,455	$	3,602,976,555
Number of Common Shares outstanding		12,000,001		98,787,501
Net Asset Value	$	54.59	$	36.47

Investment in non-affiliated securities at cost	$	622,278,863	$	3,649,794,583
Value of securities loaned	$	16,134,348	$	233,785,709
Investment in DWS Government Money Market Series at cost	$	9,081,613	$	40,830,834
Investment in DWS Government & Agency Securities Portfolio at cost*	$	16,776,173	$	238,972,214
Foreign currency at cost	$	—	$	7,650

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 87

Statements of Operations

August 31, 2024


	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	$	952,057		$	11,691,376		$	—		$	7,332,752
Affiliated dividend income		—			—			2,712,119			—
Income distributions from affiliated funds		6,106			124,292			15,069			62,061
Affiliated securities lending income		6,561			18,028			4,259			35,238
Payments by affiliates (see note 6)		—			2,730			—			549
Total investment income		964,724			11,836,426			2,731,447			7,430,600

Expenses
Investment advisory fees		41,401			535,891			130,715			196,430
Other expenses		58			2,150			58			173
Total expenses		41,459			538,041			130,773			196,603
Less fees waived (see note 3):
Waiver		(17,317	)		(105,312	)		(32,167	)		(1,316	)
Net expenses		24,142			432,729			98,606			195,287
Net investment income (loss)		940,582			11,403,697			2,632,841			7,235,313

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments		(219,599	)		(2,779,844	)		—			(706,450	)
In-kind redemptions		—			68,685			—			362,202
In-kind redemptions in affiliates		—			—			(15,616	)		—
Net realized gain (loss)		(219,599	)		(2,711,159	)		(15,616	)		(344,248	)
Net change in unrealized appreciation (depreciation) on:
Investments		822,321			13,481,542			—			3,611,517
Investments in affiliates		—			—			2,328,271			—
Foreign currency translations		—			9			—			2
Net change in unrealized appreciation (depreciation)		822,321			13,481,551			2,328,271			3,611,519
Net realized and unrealized gain (loss) on investments and foreign currency transactions		602,722			10,770,392			2,312,655			3,267,271
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,543,304		$	22,174,089		$	4,945,496		$	10,502,584

See Notes to Financial Statements.

88 | DBX ETF Trust

Statements of Operations (Continued)

August 31, 2024


	Xtrackers USD High Yield BB-B ex Financials ETF⁽¹⁾			Xtrackers USD High Yield Corporate Bond ETF

Investment Income
Unaffiliated interest income	$	33,302,192		$	202,596,198
Income distributions from affiliated funds		240,687			1,604,675
Affiliated securities lending income		57,818			1,571,846
Payments by affiliates (see note 6)		—			43,823
Total investment income		33,600,697			205,816,542

Expenses
Investment advisory fees		933,188			6,350,601
Excise tax expense		42,337			—
Other expenses		—			4,150
Total expenses		975,525			6,354,751
Less fees waived (see note 3):
Waiver		(5,274	)		(4,040,037	)
Net expenses		970,251			2,314,714
Net investment income (loss)		32,630,446			203,501,828

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(2,467,759	)		(50,878,577	)
In-kind redemptions		1,548,044			(56,806,936	)
Foreign currency transactions		—			(1	)
Payments by Affiliates (see note 6)		—			2,709
Net realized gain (loss)		(919,715	)		(107,682,805	)

Net change in unrealized appreciation (depreciation) on:
Investments		18,770,058			262,068,605
Foreign currency translations		—			182
Net change in unrealized appreciation (depreciation)		18,770,058			262,068,787
Net realized and unrealized gain (loss) on investments and foreign currency transactions		17,850,343			154,385,982
Net Increase (Decrease) in Net Assets Resulting from Operations	$	50,480,789		$	357,887,810

(1)	For the period October 27, 2023 (commencement of operations) through August 31, 2024.

See Notes to Financial Statements.

DBX ETF Trust | 89

Statements of Changes in Net Assets


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	940,582		$	955,857		$	11,403,697		$	40,419,959
Net realized gain (loss)		(219,599	)		(871,494	)		(2,711,159	)		(89,042,061	)
Net change in net unrealized appreciation (depreciation)		822,321			981,672			13,481,551			90,607,924
Net increase (decrease) in net assets resulting from operations		1,543,304			1,066,035			22,174,089			41,985,822
Distributions to Shareholders		(940,617	)		(974,644	)		(12,519,886	)		(44,403,017	)
Fund Shares Transactions
Proceeds from shares sold		—			1,901,084			13,667,202			223,270,378
Value of shares redeemed		—			(1,965,874	)		(25,205,838	)		(1,438,511,784	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(64,790	)		(11,538,636	)		(1,215,241,406	)
Total net increase (decrease) in Net Assets		602,687			26,601			(1,884,433	)		(1,217,658,601	)
Net Assets
Beginning of year		11,979,057			11,952,456			223,008,104			1,440,666,705
End of year	$	12,581,744		$	11,979,057		$	221,123,671		$	223,008,104

Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			300,001			4,950,001			31,950,001
Shares sold		—			50,000			300,000			4,950,000
Shares redeemed		—			(50,000	)		(550,000	)		(31,950,000	)
Shares outstanding, end of year		300,001			300,001			4,700,001			4,950,001

See Notes to Financial Statements.

90 | DBX ETF Trust

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, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,632,841		$	2,659,209		$	7,235,313		$	4,766,172
Net realized gain (loss)		(15,616	)		(288,554	)		(344,248	)		(4,050,667	)
Net change in net unrealized appreciation (depreciation)		2,328,271			868,253			3,611,519			4,643,666
Net increase (decrease) in net assets resulting from operations		4,945,496			3,238,908			10,502,584			5,359,171
Distributions to Shareholders		(2,639,060	)		(2,798,892	)		(7,056,553	)		(4,721,603	)
Fund Shares Transactions
Proceeds from shares sold		2,286,891			1,679,445			28,559,885			25,919,023
Value of shares redeemed		(5,797,115	)		(7,782,030	)		(11,133,837	)		(29,934,486	)
Net increase (decrease) in net assets resulting from fund share transactions		(3,510,224	)		(6,102,585	)		17,426,048			(4,015,463	)
Total net increase (decrease) in Net Assets		(1,203,788	)		(5,662,569	)		20,872,079			(3,377,895	)
Net Assets
Beginning of year		43,926,037			49,588,606			82,701,279			86,079,174
End of year	$	42,722,249		$	43,926,037		$	103,573,358		$	82,701,279

Changes in Shares Outstanding
Shares outstanding, beginning of year		1,950,001			2,225,001			1,900,001			2,000,001
Shares sold		100,000			75,000			650,000			600,000
Shares redeemed		(250,000	)		(350,000	)		(250,000	)		(700,000	)
Shares outstanding, end of year		1,800,001			1,950,001			2,300,001			1,900,001

See Notes to Financial Statements.

DBX ETF Trust | 91

Statements of Changes in Net Assets (Continued)


	Xtrackers USD High Yield BB-B ex Financials ETF			Xtrackers USD High Yield Corporate Bond ETF
	For the Period October 27, 2023(1) to August 31, 2024			Year Ended August 31, 2024			Year Ended August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	32,630,446		$	203,501,828		$	216,469,674
Net realized gain (loss)		(919,715	)		(107,682,805	)		(151,014,625	)
Net change in net unrealized appreciation (depreciation)		18,770,058			262,068,787			187,819,556
Net increase (decrease) in net assets resulting from operations		50,480,789			357,887,810			253,274,605
Distributions to Shareholders		(27,841,510	)		(206,009,266	)		(218,918,420	)
Fund Shares Transactions
Proceeds from shares sold		659,400,164			3,055,914,014			6,278,010,067
Value of shares redeemed		(26,958,038	)		(3,463,978,979	)		(6,068,454,467	)
Net increase (decrease) in net assets resulting from fund share transactions		632,442,126			(408,064,965	)		209,555,600
Total net increase (decrease) in Net Assets		655,081,405			(256,186,421	)		243,911,785
Net Assets
Beginning of period		50			3,859,162,976			3,615,251,191
End of period	$	655,081,455		$	3,602,976,555		$	3,859,162,976

Changes in Shares Outstanding
Shares outstanding, beginning of period		1			111,587,501			105,187,501
Shares sold		12,500,000			87,300,000			183,900,000
Shares redeemed		(500,000	)		(100,100,000	)		(177,500,000	)
Shares outstanding, end of period		12,000,001			98,787,501			111,587,501

(1)	Commencement of Operations.

See Notes to Financial Statements.

92 | DBX ETF Trust

Financial Highlights

Xtrackers High Beta High Yield Bond ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	39.93		$	39.84		$	48.35		$	46.55		$	48.61
Income (loss) from investment operations:
Net investment income (loss)(a)		3.14			2.90			2.51			2.60			3.01	(b)
Net realized and unrealized gain (loss)		2.01			0.15			(8.37	)		2.65			(1.95	)(b)
Total from investment operations		5.15			3.05			(5.86	)		5.25			1.06
Less distributions from:
Net investment income		(3.14	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)
Total from distributions		(3.14	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)
Net Asset Value, end of year	$	41.94		$	39.93		$	39.84		$	48.35		$	46.55
Total Return (%)(c)		13.58			8.11			(12.56	)		11.67			2.46

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		13			12			12			197
Ratio of expenses before fee waiver (%)		0.34			0.35			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) (%)		7.77			7.40			5.61			5.45			6.50	(b)
Portfolio turnover rate (%)(d)		52			58			55			98			98

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

(b)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and decrease to the ratio of net investment income to average net assets of 0.08%. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(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 | 93

Financial Highlights (Continued)

Xtrackers Low Beta High Yield Bond ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	45.05		$	45.09		$	51.05		$	50.50		$	50.62
Income (loss) from investment operations:
Net investment income (loss)(a)		2.40			2.24			1.69			1.45			2.02	(b)
Net realized and unrealized gain (loss)		2.23			0.14			(5.87	)		1.07			0.12	(b)
Total from investment operations		4.63			2.38			(4.18	)		2.52			2.14
Less distributions from:
Net investment income		(2.63	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)
Total from distributions		(2.63	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)
Net Asset Value, end of year	$	47.05		$	45.05		$	45.09		$	51.05		$	50.50
Total Return (%)(c)		10.68			5.44			(8.36	)		5.12			4.42

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		221			223			1,441			750			38
Ratio of expenses before fee waiver (%)		0.25			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) (%)		5.27			4.97			3.53			2.89			4.09	(b)
Portfolio turnover rate (%)(d)		50			52			68			88			111

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

(b)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.23 and decrease to the ratio of net investment income to average net assets of 0.47%. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(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.

94 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Risk Managed USD High Yield Strategy ETF


	Years Ended August 31,						Period Ended
	2024			2023			8/31/2022(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	22.53		$	22.29		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		1.38			1.28			0.58
Net realized and unrealized gain (loss)		1.20			0.29			(2.84)
Total from investment operations		2.58			1.57			(2.26)
Less distributions from:
Net investment income		(1.38	)		(1.33	)		(0.45)
Total from distributions		(1.38	)		(1.33	)		(0.45)
Net Asset Value, end of period	$	23.73		$	22.53		$	22.29
Total Return (%)(c)		11.92			7.27			(9.12)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		43			44			50
Ratio of expenses before fee waiver (%)(d)		0.30			0.30			0.30*
Ratio of expenses after fee waiver (%)(d)		0.23			0.15			0.15*
Ratio of net investment income (loss) (%)		6.04			5.74			4.54*
Portfolio turnover rate (%)(e)		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.

DBX ETF Trust | 95

Financial Highlights (Continued)

Xtrackers Short Duration High Yield Bond ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	43.53		$	43.04		$	47.89		$	46.57		$	49.13
Income (loss) from investment operations:
Net investment income (loss)(a)		3.23			2.71			2.04			2.34			2.69	(b)
Net realized and unrealized gain (loss)		1.44			0.45			(4.76	)		1.67			(2.47	)(b)
Total from investment operations		4.67			3.16			(2.72	)		4.01			0.22
Less distributions from:
Net investment income		(3.17	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)
Total from distributions		(3.17	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)
Net Asset Value, end of year	$	45.03		$	43.53		$	43.04		$	47.89		$	46.57
Total Return (%)(c)		11.25			7.65			(5.84	)		8.86			0.61

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		104			83			86			77			37
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) (%)		7.36			6.30			4.48			4.95			6.13	(b)
Portfolio turnover rate (%)(d)		56			49			46			52			150

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

(b)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22%. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(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.

96 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers USD High Yield BB-B ex Financials ETF


	Period Ended 8/31/2024(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		3.14
Net realized and unrealized gain (loss)		4.03
Total from investment operations		7.17
Less distributions from:
Net investment income		(2.58	)
Total from distributions		(2.58	)
Net Asset Value, end of period	$	54.59
Total Return (%)(c)		14.62	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		655
Ratio of expenses before fee waiver (%)(d)		0.21	*
Ratio of expenses after fee waiver (%)(d)		0.21	*
Ratio of net investment income (loss) (%)		6.93	*
Portfolio turnover rate (%)(e)		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.

DBX ETF Trust | 97

Financial Highlights (Continued)

Xtrackers USD High Yield Corporate Bond ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020(a)

Selected Per Share Data
Net Asset Value, beginning of year	$	34.58		$	34.37		$	40.31		$	39.06	(a)	$	40.19
Income (loss) from investment operations:
Net investment income (loss)(b)		2.16			1.94			1.61			1.70			2.03	(c)
Net realized and unrealized gain (loss)		1.91			0.25			(5.80	)		1.79			(0.95	)(c)
Total from investment operations		4.07			2.19			(4.19	)		3.49			1.08
Less distributions from:
Net investment income		(2.18	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)
Total from distributions		(2.18	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)
Net Asset Value, end of year	$	36.47		$	34.58		$	34.37		$	40.31		$	39.06
Total Return (%)(d)		12.26			6.63			(10.67	)		8.31			2.91

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		3,603			3,859			3,615			6,666			6,209
Ratio of expenses before fee waiver (%)		0.19			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.07			0.15			0.15			0.15			0.15
Ratio of net investment income (loss) (%)		6.15			5.69			4.24			4.27			5.27	(c)
Portfolio turnover rate (%)(e)		31			26			24			37			54

(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)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32%. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(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.

See Notes to Financial Statements.

98 | DBX ETF Trust

Notes to Financial Statements

1. Organization

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.


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.

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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 are diversified series of the Trust. Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials 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.

2. Significant Accounting Policies

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.

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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.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

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

Investment Transactions and Investment Income. Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended August 31, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to August 31, 2024), 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, 2024, 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	$	82,451	$	(12,029,109)		$ (430,475)		$ (12,377,133)
Xtrackers Low Beta High Yield Bond ETF		968,497		(67,401,723)		(417,793)		(66,851,019)
Xtrackers Risk Managed USD High Yield Strategy ETF		38,533		—		(1,564,495)		(1,525,962)
Xtrackers Short Duration High Yield Bond ETF		718,627		(3,746,257)		825,787		(2,201,843)
Xtrackers USD High Yield BB-B ex Financials ETF		4,924,632		(2,455,928)		18,665,277		21,133,981
Xtrackers USD High Yield Corporate Bond ETF		20,306,870		(282,894,979)		(154,612,666)		(417,200,775)

*	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, 2024 and August 31, 2023 were as follows:


	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

	Year Ended August 31, 2023

	Ordinary Income^*
Xtrackers High Beta High Yield Bond ETF	$	974,644
Xtrackers Low Beta High Yield Bond ETF		44,403,017
Xtrackers Risk Managed USD High Yield Strategy ETF		2,798,892
Xtrackers Short Duration High Yield Bond ETF		4,721,603
Xtrackers USD High Yield Corporate Bond ETF		218,918,420

*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,967,939	$	9,061,170	$	12,029,109
Xtrackers Low Beta High Yield Bond ETF		35,140,341		32,261,382		67,401,723
Xtrackers Short Duration High Yield Bond ETF		1,062,717		2,683,540		3,746,257
Xtrackers USD High Yield BB-B ex Financials ETF		2,455,928		—		2,455,928
Xtrackers USD High Yield Corporate Bond ETF		36,642,174		246,252,805		282,894,979

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	Distributable earnings (loss)		Paid-In Capital
Xtrackers Low Beta High Yield Bond ETF	$	129,967	$	(129,967)
Xtrackers Risk Managed USD High Yield Strategy ETF		15,616		(15,616)
Xtrackers Short Duration High Yield Bond ETF		(223,894)		223,894
Xtrackers USD High Yield BB-B ex Financials ETF		(1,505,298)		1,505,298
Xtrackers USD High Yield Corporate Bond ETF		75,307,221		(75,307,221)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	13,850,736	$	(430,475)	$	314,067	$	(744,542)
Xtrackers Low Beta High Yield Bond ETF		224,523,341		(417,833)		3,534,130		(3,951,963)
Xtrackers Risk Managed USD High Yield Strategy ETF		44,294,653		(1,564,495)		—		(1,564,495)
Xtrackers Short Duration High Yield Bond ETF		105,852,809		825,783		2,589,929		(1,764,146)
Xtrackers USD High Yield BB-B ex Financials ETF		648,241,430		18,665,277		19,635,637		(970,360)
Xtrackers USD High Yield Corporate Bond ETF		3,959,594,570		(154,613,070)		36,262,269		(190,875,339)

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, 2024, 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 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. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the 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. Effective September 27, 2023, 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 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, 2024, 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/

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administration fee (0.13% annualized effective rate as of August 31, 2024) 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, 2024, 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, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	1,027,697	$	—	$	—	$	—	$	1,027,697
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	1,027,697
Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	4,418,701	$	—	$	—	$	—	$	4,418,701
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	4,418,701
Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	4,160,683	$	—	$	—	$	—	$	4,160,683
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	4,160,683
Xtrackers USD High Yield BB-B ex Financials ETF
Corporate Bonds	$	16,776,173	$	—	$	—	$	—	$	16,776,173
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	16,776,173
Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	238,972,214	$	—	$	—	$	—	$	238,972,214
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	238,972,214

As of August 31, 2024, Xtrackers Risk Managed USD High Yield Strategy ETF had no securities on loan.

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, (through August 12, 2024 for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF), computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee
Xtrackers High Beta High Yield Bond ETF		0.35%
Xtrackers Low Beta High Yield Bond ETF		0.25%
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		0.20%

Effective August 13, 2024, for its investment advisory services to the Funds below, the Advisor was entitled to receive a 0.02 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 USD High Yield Corporate Bond ETF		0.05%

The Advisor for Xtrackers High Beta High Yield Bond ETF had contractually agreed, until August 12, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2024, the Advisor waived $17,187 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF had contractually agreed, until August 12, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2024, the Advisor waived $102,609 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended August 31, 2024, the Advisor waived $31,849 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

For the period from September 1, 2023 through November 16, 2023 the Advisor for Xtrackers USD High Yield Corporate Bond ETF had contractually agreed, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. Effective November 17, 2023 until August 12, 2024, the Advisor had contractually agreed to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.05% of the fund’s average daily net assets. For the year ended August 31, 2024, the Advisor waived $4,005,742 of expenses to the Fund.

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The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended year, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	130
Xtrackers Low Beta High Yield Bond ETF		2,703
Xtrackers Risk Managed USD High Yield Strategy ETF		318
Xtrackers Short Duration High Yield Bond ETF		1,316
Xtrackers USD High Yield BB-B ex Financials ETF		5,274
Xtrackers USD High Yield Corporate Bond ETF		34,295

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 44036.00 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 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).


	Securities Lending Agent Fees
Xtrackers High Beta High Yield Bond ETF	$	518
Xtrackers Low Beta High Yield Bond ETF		1,384
Xtrackers Short Duration High Yield Bond ETF		2,784
Xtrackers USD High Yield Corporate Bond ETF		123,331

4. Investment Portfolio Transactions

For the year ended August 31, 2024, 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	$	6,157,401	$	6,217,540
Xtrackers Low Beta High Yield Bond ETF		105,509,136		107,729,737
Xtrackers Short Duration High Yield Bond ETF		56,028,658		53,361,758
Xtrackers USD High Yield BB-B ex Financials ETF		155,096,598		157,479,613
Xtrackers USD High Yield Corporate Bond ETF		1,045,382,633		1,025,412,378

For the year ended August 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Low Beta High Yield Bond ETF	$	13,314,745	$	24,731,898
Xtrackers Risk Managed USD High Yield Strategy ETF		2,259,368		5,720,412
Xtrackers Short Duration High Yield Bond ETF		23,549,646		11,109,883
Xtrackers USD High Yield BB-B ex Financials ETF		647,180,324		26,456,853
Xtrackers USD High Yield Corporate Bond ETF		2,982,043,463		3,401,278,190

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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, 2024, 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	$	1,025,535	$	2,152,222	$	(343	)
Xtrackers Low Beta High Yield Bond ETF		2,152,222		1,025,535		(43,297	)

5. Fund Share Transactions

6. Payments by Affiliates

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.


DBX Advisors LLC	Amount
Xtrackers Low Beta High Yield Bond ETF	$	1,820
Xtrackers Short Duration High Yield Bond ETF		366
Xtrackers USD High Yield Corporate Bond ETF		29,215

Deutsche Bank AG	Amount
Xtrackers Low Beta High Yield Bond ETF	$	910
Xtrackers Short Duration High Yield Bond ETF		183
Xtrackers USD High Yield Corporate Bond ETF		14,608

During the year ended August 31, 2024, Xtrackers USD High Yield Corporate Bond ETF was reimbursed by Deutsche Bank AG, the Fund’s securities lending agent, $2,709 for a loss on a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. 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

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difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2024.

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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 Corporate Bond ETF, and Xtrackers USD High Yield BB-B ex Financials 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, 2024, 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, 2024, 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, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
Xtrackers Risk Managed USD High Yield Strategy ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the two years in the period ended August 31, 2024 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 period from October 27, 2023 (commencement of operations) through August 31, 2024

Basis for Opinion

DBX ETF Trust | 109

Report of Independent Registered Public Accounting Firm (Continued)

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, 2024, 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 24, 2024

110 | 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 February 14-15, 2024 (the “February Meeting”), the Trustees, all of whom are the 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 and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). In addition, after discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 8, 2024 (the “May Meeting”), the Trustees unanimously approved the continuance of the Investment Advisory Agreements for each Fund for a new annual period ending on May 31, 2025. The Independent Trustees were advised throughout the review and Meetings 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 | 111

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 also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Fund had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group:

Xtrackers Risk Managed USD High Yield Strategy ETF

The Board considered, however, the following additional factors in connection with those Funds:

Xtrackers Risk Managed USD High Yield Strategy ETF’s advisory fees and total expenses were below the average and equal to the median of its Peer Group.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

112 | DBX ETF Trust

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

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 | 113

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.

114 | DBX ETF Trust

LOGO

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA ESG Leaders 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 ESG Leaders Equity ETF			25

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			32

Xtrackers MSCI USA Climate Action Equity ETF			41

Xtrackers MSCI USA ESG Leaders Equity ETF			46

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF			51

Xtrackers RREEF Global Natural Resources ETF			57

Statements of Assets and Liabilities			59

Statements of Operations			61

Statements of Changes in Net Assets			63

Financial Highlights			67

Notes to Financial Statements			74

Report of Independent Registered Public Accounting Firm			86

Board Considerations in Approval of Investment Advisory Contracts			88

Tax Information			91

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 96.7%

Brazil — 3.2%

Ambev SA		73,170		166,152

Atacadao SA*		11,395		18,048

B3 SA — Brasil Bolsa Balcao		87,546		196,013

Banco Bradesco SA		17,101		42,697

Banco BTG Pactual S.A		25,688		161,296

Banco do Brasil SA		17,810		88,432

Banco Santander Brasil SA		4,766		26,425

BB Seguridade Participacoes SA		12,488		80,992

BRF SA*		2,253		10,435

Caixa Seguridade Participacoes S/A		11,226		32,410

CCR SA		20,844		48,767

Centrais Eletricas Brasileiras SA		19,564		144,226

Cia de Saneamento Basico do Estado de Sao Paulo		3,481		58,227

Companhia Paranaense de Energia		15,738		26,066

CPFL Energia SA		46		277

Embraer SA*		3,657		30,240

Energisa SA		4,401		36,765

Engie Brasil Energia SA		4,526		36,091

Equatorial Energia SA		4,946		29,868

Hapvida Participacoes e Investimentos SA*, 144A		55,286		41,392

Hypera SA		8,237		41,510

Itau Unibanco Holding SA		4,712		26,467

Klabin SA		15,002		57,192

Localiza Rent a Car SA		9,474		69,207

Localiza Rent a Car SA*		85		609

Lojas Renner SA		19,274		57,890

Multiplan Empreendimentos Imobiliarios SA		7,613		34,467

Natura & Co. Holding SA		9,809		23,469

NU Holdings Ltd.*, Class A		30,977		463,726

Pagseguro Digital Ltd.*, Class A		3,686		40,804

Porto Seguro SA		1,295		7,788

Raia Drogasil SA		22,247		108,263

Rede D’Or Sao Luiz SA, 144A		17,488		98,598

Rumo SA		21,848		84,293

Sendas Distribuidora SA*		20,402		34,476

StoneCo Ltd.*, Class A		4,892		64,868

Suzano SA		11,810		114,695

Telefonica Brasil SA		7,866		71,989

TIM SA		16,504		52,048

TOTVS SA		8,795		46,543

WEG SA		12,375		118,324

XP, Inc., Series BDR		3,548		65,155

XP, Inc., Class A		3,160		58,176

(Cost $2,892,030)				3,015,376


	Number of Shares		Value $

Chile — 0.4%

Banco de Chile		455,832		57,470

Banco de Credito e Inversiones SA		1,963		59,924

Banco Santander Chile		693,485		35,548

Cencosud SA		22,140		44,671

Cia Sud Americana de Vapores SA		279,419		16,919

Empresas CMPC SA		12,215		21,022

Enel Americas SA		239,087		25,528

Falabella SA*		13,113		46,194

Latam Airlines Group SA		3,362,202		43,307

(Cost $287,355)				350,583

China — 24.9%

360 Security Technology, Inc., Class A		17,241		17,029

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,998		9,838

3peak, Inc.*, Class A		1,035		11,647

AAC Technologies Holdings, Inc.		6,531		27,755

Accelink Technologies Co. Ltd., Class A		1,795		7,378

ACM Research Shanghai, Inc., Class A		1,043		13,463

Advanced Micro-Fabrication Equipment, Inc., China, Class A		1,123		21,400

AECC Aero-Engine Control Co. Ltd., Class A		172		465

Agricultural Bank of China Ltd., Class A		55,453		35,367

Agricultural Bank of China Ltd., Class H		277,227		122,613

Aier Eye Hospital Group Co. Ltd., Class A		20,215		27,668

Air China Ltd.*, Class A		4,250		4,186

Air China Ltd.*, Class H		24,104		10,321

Aisino Corp., Class A		7,414		8,202

Akeso, Inc.*, 144A		7,146		44,981

Alibaba Group Holding Ltd.		248,767		2,597,568

Amlogic Shanghai Co. Ltd., Class A		1,840		14,111

Angang Steel Co. Ltd.*, Class A		12,510		3,583

Angel Yeast Co. Ltd., Class A		1,289		5,686

Anhui Expressway Co. Ltd., Class A		7,000		14,895

Anhui Expressway Co. Ltd., Class H		8,999		10,637

Anjoy Foods Group Co. Ltd., Class A		391		4,210

Anker Innovations Technology Co. Ltd., Class A		767		6,827

ANTA Sports Products Ltd.		12,996		127,954

Apeloa Pharmaceutical Co. Ltd., Class A		4,648		9,746

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

APT Medical, Inc., Class A		191		9,303

Asia – Potash International Investment Guangzhou Co. Ltd.*, Class A		2,290		5,613

ASR Microelectronics Co. Ltd.*, Class A		2,853		13,031

Asymchem Laboratories Tianjin Co. Ltd., Class A		1,688		15,165

Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		1,402		7,459

Autobio Diagnostics Co. Ltd., Class A		1,606		9,255

Autohome, Inc., ADR		1,589		39,979

Avary Holding Shenzhen Co. Ltd., Class A		1,362		6,880

AVIC Industry-Finance Holdings Co. Ltd., Class A		50,149		15,851

BAIC BluePark New Energy Technology Co. Ltd.*, Class A		9,996		9,464

Baidu, Inc.*, ADR		53		4,485

Baidu, Inc.*, Class A		35,130		373,575

Bank of Beijing Co. Ltd., Class A		21,761		16,120

Bank of Changsha Co. Ltd., Class A		6,526		6,639

Bank of Chengdu Co. Ltd., Class A		4,405		8,658

Bank of China Ltd., Class A		32,308		21,837

Bank of China Ltd., Class H		800,608		363,334

Bank of Chongqing Co. Ltd., Class A		10,425		10,018

Bank of Chongqing Co. Ltd., Class H		15,554		9,850

Bank of Communications Co. Ltd., Class A		28,031		28,122

Bank of Communications Co. Ltd., Class H		74,792		54,173

Bank of Guiyang Co. Ltd., Class A		13,839		9,842

Bank of Hangzhou Co. Ltd., Class A		9,551		17,169

Bank of Jiangsu Co. Ltd., Class A		16,852		18,476

Bank of Nanjing Co. Ltd., Class A		8,684		12,155

Bank of Ningbo Co. Ltd., Class A		6,215		17,758

Bank of Shanghai Co. Ltd., Class A		19,395		19,376

Bank of Suzhou Co. Ltd., Class A		11,980		11,850

Bank of Zhengzhou Co. Ltd.*, Class A		30,078		7,385

Baoshan Iron & Steel Co. Ltd., Class A		4,105		3,452

BBMG Corp., Class A		1,399		265

Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		14,500		5,688

Beijing Compass Technology Development Co. Ltd.*, Class A		2,700		13,609


	Number of Shares		Value $

Beijing Dabeinong Technology Group Co. Ltd., Class A		6,942		3,908

Beijing E-Hualu Information Technology Co. Ltd.*, Class A		5,239		11,029

Beijing Enlight Media Co. Ltd., Class A		11,237		11,289

Beijing Kingsoft Office Software, Inc., Class A		895		23,011

Beijing New Building Materials PLC, Class A		830		3,026

Beijing Originwater Technology Co. Ltd., Class A		9,958		4,904

Beijing Roborock Technology Co. Ltd., Class A		158		5,047

Beijing Shiji Information Technology Co. Ltd., Class A		18,874		14,221

Beijing Tiantan Biological Products Corp. Ltd., Class A		4,070		13,651

Beijing Tong Ren Tang Co. Ltd.		1,991		9,881

Beijing Ultrapower Software Co. Ltd., Class A		7,944		9,987

Beijing United Information Technology Co. Ltd., Class A		1,813		5,045

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,444		14,464

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		54,152		41,491

Bethel Automotive Safety Systems Co. Ltd., Class A		1,807		9,485

Betta Pharmaceuticals Co. Ltd., Class A		3,020		15,128

BGI Genomics Co. Ltd., Class A		2,549		13,006

Bilibili, Inc.*, Class Z		5,030		73,899

Bloomage Biotechnology Corp. Ltd., Class A		1,490		10,575

BOC International China Co. Ltd., Class A		9,263		11,659

BOE Technology Group Co. Ltd., Class A		15,318		8,343

BTG Hotels Group Co. Ltd., Class A		4,771		7,924

BYD Co. Ltd., Class A		800		28,155

BYD Co. Ltd., Class H		8,481		262,245

By-health Co. Ltd., Class A		2,852		4,543

Caida Securities Co. Ltd., Class A		8,555		6,917

Caitong Securities Co. Ltd., Class A		13,019		11,977

Cambricon Technologies Corp. Ltd.*, Class A		707		25,607

Cathay Biotech, Inc., Class A		1,902		9,686

CECEP Solar Energy Co. Ltd., Class A		11,772		6,993

CECEP Wind-Power Corp., Class A		24,744		9,776

CETC Cyberspace Security Technology Co. Ltd., Class A		2,612		4,600

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CGN Power Co. Ltd., Class A		19,723		13,303

CGN Power Co. Ltd., Class H, 144A		203,995		83,163

Changchun High-Tech Industry Group Co. Ltd., Class A		1,256		14,589

Changjiang Securities Co. Ltd., Class A		15,262		10,660

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		891		14,672

Chaozhou Three-Circle Group Co. Ltd., Class A		3,663		16,229

Chengdu Xingrong Environment Co. Ltd., Class A		11,200		10,588

Chengxin Lithium Group Co. Ltd., Class A		3,361		5,681

Chifeng Jilong Gold Mining Co. Ltd., Class A		3,343		8,203

China Baoan Group Co. Ltd., Class A		6,278		6,732

China Cinda Asset Management Co. Ltd., Class H		229,670		18,549

China CITIC Bank Corp. Ltd., Class A		22,027		19,115

China CITIC Bank Corp. Ltd., Class H		106,369		61,500

China Communications Services Corp. Ltd., Class H		28,147		14,398

China Construction Bank Corp., Class A		9,153		9,725

China Construction Bank Corp., Class H		899,517		636,549

China Eastern Airlines Corp. Ltd.*, Class A		8,262		4,418

China Eastern Airlines Corp. Ltd.*, Class H		33,020		8,466

China Energy Engineering Corp. Ltd., Class A		1,261		379

China Energy Engineering Corp. Ltd., Class H		58,712		6,247

China Enterprise Co. Ltd., Class A		26,453		9,443

China Everbright Bank Co. Ltd., Class A		61,809		26,688

China Everbright Bank Co. Ltd., Class H		63,877		19,162

China Feihe Ltd., 144A		16,349		8,782

China Film Co. Ltd., Class A		6,794		9,529

China Galaxy Securities Co. Ltd., Class A		16,528		25,957

China Galaxy Securities Co. Ltd., Class H		36,879		19,526

China Great Wall Securities Co. Ltd., Class A		11,825		11,263

China Greatwall Technology Group Co. Ltd.*, Class A		7,570		8,577

China Green Electricity Investment of Tianjin Co. Ltd., Class A		12,600		15,148


	Number of Shares		Value $

China International Capital Corp. Ltd., Class A		5,265		21,240

China International Capital Corp. Ltd., Class H, 144A		33,953		36,432

China Jushi Co. Ltd., Class A		4,119		5,818

China Life Insurance Co. Ltd., Class H		63,637		96,430

China Literature Ltd.*, 144A		8,315		26,329

China Merchants Bank Co. Ltd., Class A		14,978		67,947

China Merchants Bank Co. Ltd., Class H		33,958		140,831

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		9,073		15,414

China Merchants Securities Co. Ltd., Class A		11,339		23,408

China Merchants Securities Co. Ltd., Class H, 144A		25,642		19,428

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		11,120		14,483

China Minsheng Banking Corp. Ltd., Class A		39,492		19,114

China Minsheng Banking Corp. Ltd., Class H		74,353		26,785

China National Chemical Engineering Co. Ltd., Class A		3,498		3,386

China National Medicines Corp. Ltd., Class A		618		2,567

China National Nuclear Power Co. Ltd., Class A		9,300		14,356

China National Software & Service Co. Ltd.*, Class A		2,962		12,877

China Pacific Insurance Group Co. Ltd., Class A		1,942		8,122

China Pacific Insurance Group Co. Ltd., Class H		19,113		49,863

China Railway Signal & Communication Corp. Ltd., Class A		601		441

China Railway Signal & Communication Corp. Ltd., Class H, 144A		21,369		7,725

China Rare Earth Resources And Technology Co. Ltd., Class A		4,493		14,074

China Resources Double Crane Pharmaceutical Co. Ltd., Class A		4,700		13,662

China Resources Microelectronics Ltd., Class A		2,100		10,285

China Resources Mixc Lifestyle Services Ltd., 144A		11,634		38,629

China Resources Pharmaceutical Group Ltd., 144A		13,017		9,178

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		2,862		18,144

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

China Science Publishing & Media Ltd., Class A		2,992		7,215

China South Publishing & Media Group Co. Ltd., Class A		4,363		7,782

China Southern Airlines Co. Ltd.*, Class A		490		394

China Southern Airlines Co. Ltd.*, Class H		14,732		5,175

China Three Gorges Renewables Group Co. Ltd., Class A		33,874		21,843

China Tourism Group Duty Free Corp. Ltd., Class A		2,854		24,569

China Tourism Group Duty Free Corp. Ltd., Class H, 144A		1,973		11,572

China Tower Corp. Ltd., Class H, 144A		432,372		53,212

China United Network Communications Ltd., Class A		24,471		16,022

China Vanke Co. Ltd.*, Class A		9,262		8,835

China Vanke Co. Ltd.*, Class H		39,643		20,888

China World Trade Center Co. Ltd., Class A		3,200		9,712

China Yangtze Power Co. Ltd., Class A		31,176		129,244

China Zhenhua Group Science & Technology Co. Ltd., Class A		1,617		8,606

China Zheshang Bank Co. Ltd., Class A		30,900		11,423

China Zheshang Bank Co. Ltd., Class H		77,183		20,383

Chinalin Securities Co. Ltd., Class A		4,025		5,378

Chinese Universe Publishing and Media Group Co. Ltd., Class A		5,900		11,472

Chongqing Brewery Co. Ltd., Class A		613		4,811

Chongqing Rural Commercial Bank Co. Ltd., Class A		10,079		7,097

Chongqing Rural Commercial Bank Co. Ltd., Class H		39,833		19,405

Chongqing Taiji Industry Group Co. Ltd., Class A		1,398		4,464

Chongqing Water Group Co. Ltd., Class A		8,800		5,886

Chongqing Zhifei Biological Products Co. Ltd., Class A		4,072		13,244

Chow Tai Seng Jewellery Co. Ltd., Class A		5,800		8,904

CITIC Securities Co. Ltd., Class A		15,138		41,204

CITIC Securities Co. Ltd., Class H		36,826		55,614

CNGR Advanced Material Co. Ltd., Class A		98		400

CNPC Capital Co. Ltd., Class A		458		337

Contemporary Amperex Technology Co. Ltd., Class A		209		5,436

COSCO SHIPPING Development Co. Ltd., Class A		14,838		4,941


	Number of Shares		Value $

COSCO SHIPPING Development Co. Ltd., Class H		89,041		10,730

COSCO SHIPPING Holdings Co. Ltd., Class A		248		438

Country Garden Holdings Co. Ltd.* (a)		1,231,515		76,571

Country Garden Services Holdings Co. Ltd.		12,109		6,939

CRRC Corp. Ltd., Class A		4,663		4,698

CSC Financial Co. Ltd., Class A		5,801		15,732

CSC Financial Co. Ltd., Class H, 144A		33,237		22,498

CSPC Innovation Pharmaceutical Co. Ltd., Class A		4,300		14,707

CSSC Science & Technology Co. Ltd., Class A		5,500		8,770

DaShenLin Pharmaceutical Group Co. Ltd., Class A		5,053		9,633

DHC Software Co. Ltd., Class A		12,926		8,299

Do-Fluoride New Materials Co. Ltd., Class A		2,412		3,397

Dong-E-E-Jiao Co. Ltd., Class A		1,825		12,842

Dongfeng Motor Group Co. Ltd.*, Class H		12,517		3,370

Dongxing Securities Co. Ltd., Class A		11,646		13,442

East Buy Holding Ltd.*, 144A		10,624		17,706

East Money Information Co. Ltd., Class A		24,578		37,455

Eastroc Beverage Group Co. Ltd., Class A		763		24,540

Easyhome New Retail Group Co. Ltd., Class A		20,130		7,328

Ecovacs Robotics Co. Ltd., Class A		953		5,402

Edifier Technology Co. Ltd., Class A		4,400		6,457

Empyrean Technology Co. Ltd., Class A		1,600		16,686

ENN Energy Holdings Ltd.		1,912		12,476

Eoptolink Technology, Inc. Ltd., Class A		1,100		14,557

Everbright Securities Co. Ltd., Class A		8,182		16,960

Everbright Securities Co. Ltd., Class H, 144A		25,651		16,771

Everdisplay Optronics Shanghai Co. Ltd.*, Class A		35,000		10,420

Fangda Carbon New Material Co. Ltd., Class A		6,320		3,683

First Capital Securities Co. Ltd., Class A		15,763		11,677

Focus Media Information Technology Co. Ltd., Class A		18,500		14,958

Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,838		20,038

Founder Securities Co. Ltd., Class A		13,774		13,508

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Foxconn Industrial Internet Co. Ltd., Class A		6,163		17,801

Fujian Sunner Development Co. Ltd., Class A		196		337

Full Truck Alliance Co. Ltd., ADR		10,723		77,742

Fuyao Glass Industry Group Co. Ltd., Class A		1,270		8,582

Fuyao Glass Industry Group Co. Ltd., Class H, 144A		6,976		39,842

GalaxyCore, Inc., Class A		8,330		12,953

Gan & Lee Pharmaceuticals Co. Ltd., Class A		1,917		11,055

Ganfeng Lithium Group Co. Ltd., Class A		844		3,255

Ganfeng Lithium Group Co. Ltd., Class H, 144A		3,571		7,929

G-bits Network Technology Xiamen Co. Ltd., Class A		578		15,773

GDS Holdings Ltd.*, Class A		7,205		15,351

GEM Co. Ltd., Class A		518		436

Gemdale Corp., Class A		13,308		6,610

Genscript Biotech Corp.*		23,023		34,887

GF Securities Co. Ltd., Class A		9,756		16,299

GF Securities Co. Ltd., Class H		31,613		25,330

Giant Biogene Holding Co. Ltd., 144A		5,923		31,322

Giant Network Group Co. Ltd., Class A		5,031		6,779

GigaDevice Semiconductor, Inc.*, Class A		808		8,252

Ginlong Technologies Co. Ltd., Class A		1,072		9,015

Glodon Co. Ltd., Class A		11,079		16,196

GoerTek, Inc., Class A		180		539

Goldwind Science & Technology Co. Ltd., Class A		3,125		3,642

Goldwind Science & Technology Co. Ltd., Class H		6,983		4,046

GoodWe Technologies Co. Ltd., Class A		901		6,096

Gree Electric Appliances, Inc. of Zhuhai, Class A		3,760		21,063

Greenland Holdings Corp. Ltd.*, Class A		19,349		3,850

Greentown China Holdings Ltd.		21,980		17,414

GRG Banking Equipment Co. Ltd., Class A		4,595		6,108

Guangdong Haid Group Co. Ltd., Class A		106		579

Guangdong Provincial Expressway Development Co. Ltd., Class A		7,300		11,372

Guangzhou Automobile Group Co. Ltd., Class H		7,161		2,286

Guangzhou Baiyun International Airport Co. Ltd., Class A		10,307		13,278


	Number of Shares		Value $

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		696		2,827

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		3,231		8,052

Guangzhou Haige Communications Group, Inc. Co., Class A		12,182		15,556

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		1,371		5,322

Guangzhou Port Co. Ltd., Class A		21,192		9,300

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		952		4,227

Guangzhou Tinci Materials Technology Co. Ltd., Class A		2,374		4,807

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		14,772		10,422

Guolian Securities Co. Ltd., Class A		9,302		12,679

Guolian Securities Co. Ltd., Class H		54,346		19,856

Guosen Securities Co. Ltd., Class A (a)		11,558		14,743

Guotai Junan Securities Co. Ltd., Class A		8,222		17,124

Guotai Junan Securities Co. Ltd., Class H, 144A		21,213		22,544

Guoyuan Securities Co. Ltd., Class A		13,895		12,450

H World Group Ltd., ADR		2,110		64,228

Haidilao International Holding Ltd., 144A		18,963		31,895

Haier Smart Home Co. Ltd., Class A		1,200		4,187

Haier Smart Home Co. Ltd., Class H		18,166		56,009

Hainan Airlines Holding Co. Ltd.*, Class A		41,902		6,267

Hainan Airport Infrastructure Co. Ltd.*, Class A		27,715		12,358

Haisco Pharmaceutical Group Co. Ltd., Class A		3,308		14,563

Haitian International Holdings Ltd.		4,512		12,610

Haitong Securities Co. Ltd., Class A		12,743		15,499

Haitong Securities Co. Ltd., Class H		56,710		25,227

Hangjin Technology Co. Ltd., Class A		3,900		8,662

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		10,784		12,812

Hangzhou Chang Chuan Technology Co. Ltd., Class A		2,614		11,268

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Hangzhou First Applied Material Co. Ltd., Class A		6,219		13,505

Hangzhou Great Star Industrial Co. Ltd., Class A		2,243		8,463

Hangzhou Lion Microelectronics Co. Ltd., Class A		2,651		7,362

Hangzhou Oxygen Plant Group Co. Ltd., Class A		1,474		3,771

Hangzhou Robam Appliances Co. Ltd., Class A		1,270		3,321

Hangzhou Silan Microelectronics Co. Ltd.*, Class A		3,796		10,134

Hangzhou Tigermed Consulting Co. Ltd., Class A		1,756		12,604

Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		4,189		15,815

Hansoh Pharmaceutical Group Co. Ltd., 144A		20,316		51,985

Haohua Chemical Science & Technology Co. Ltd., Class A		1,277		4,849

Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		3,424		8,962

Hefei Meiya Optoelectronic Technology, Inc., Class A		1,766		3,224

Heilongjiang Agriculture Co. Ltd., Class A		4,171		7,586

Hengan International Group Co. Ltd.		1,055		3,388

Hengdian Group DMEGC Magnetics Co. Ltd., Class A		1,530		2,606

Hengtong Optic-electric Co. Ltd., Class A		2,782		5,551

Hithink RoyalFlush Information Network Co. Ltd., Class A		1,410		20,475

HLA Group Corp. Ltd., Class A		6,000		5,037

Hongta Securities Co. Ltd., Class A		11,263		10,505

Hoshine Silicon Industry Co. Ltd., Class A		1,446		10,169

Hoymiles Power Electronics, Inc., Class A		884		16,509

Hoyuan Green Energy Co. Ltd., Class A		116		230

Hua Hong Semiconductor Ltd., 144A		11,529		25,126

Huaan Securities Co. Ltd., Class A		18,581		11,825

Huadong Medicine Co. Ltd., Class A		2,489		10,354

Huafon Chemical Co. Ltd., Class A		4,285		4,480

Huagong Tech Co. Ltd., Class A		2,477		10,447

Hualan Biological Engineering, Inc., Class A		4,595		9,771

Huali Industrial Group Co. Ltd., Class A		457		4,172

Huaneng Lancang River Hydropower, Inc., Class A		12,240		18,981


	Number of Shares		Value $

Huatai Securities Co. Ltd., Class A		8,839		15,690

Huatai Securities Co. Ltd., Class H, 144A		24,820		27,332

Huaxi Securities Co. Ltd., Class A		11,350		10,410

Huaxia Bank Co. Ltd., Class A		16,963		14,409

Huaxia Eye Hospital Group Co. Ltd., Class A		4,800		11,622

Hubei Feilihua Quartz Glass Co. Ltd., Class A		2,263		10,058

Huizhou Desay Sv Automotive Co. Ltd., Class A		584		7,514

Humanwell Healthcare Group Co. Ltd., Class A		3,342		9,455

Hundsun Technologies, Inc., Class A		6,414		14,779

Hygeia Healthcare Holdings Co. Ltd.*, 144A		8,157		20,475

Hygon Information Technology Co. Ltd., Class A		2,896		32,442

IEIT Systems Co. Ltd., Class A		1,700		7,767

Iflytek Co. Ltd., Class A		4,459		21,638

Imeik Technology Development Co. Ltd., Class A		848		17,345

Industrial & Commercial Bank of China Ltd., Class A		40,790		34,419

Industrial & Commercial Bank of China Ltd., Class H		659,378		379,546

Industrial Bank Co. Ltd., Class A		14,845		34,583

Industrial Securities Co. Ltd., Class A		17,053		12,440

Ingenic Semiconductor Co. Ltd., Class A		1,859		12,245

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,811		5,783

Innovation New Material Technology Co. Ltd., Class A		18,300		10,380

Innovent Biologics, Inc.*, 144A		21,484		116,917

iQIYI, Inc.*, ADR		8,924		19,187

Isoftstone Information Technology Group Co. Ltd., Class A		2,237		10,742

J&T Global Express Ltd.*		80,210		62,108

Jafron Biomedical Co. Ltd., Class A		3,595		12,722

Jason Furniture Hangzhou Co. Ltd., Class A		1,005		3,412

JCHX Mining Management Co. Ltd., Class A		900		5,186

JD Health International, Inc.*, 144A		21,027		63,482

JD Logistics, Inc.*, 144A		20,302		24,856

JD.com, Inc., Class A		22,929		315,111

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		8,700		7,930

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Jiangsu Eastern Shenghong Co. Ltd., Class A		3,177		3,492

Jiangsu Financial Leasing Co. Ltd., Class A		21,600		13,959

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,568		53,352

Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		3,025		10,872

Jiangsu Pacific Quartz Co. Ltd., Class A		3,500		12,100

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		3,757		5,635

Jiangsu Yangnong Chemical Co. Ltd., Class A		91		650

Jiangsu Yoke Technology Co. Ltd., Class A		764		6,012

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		2,430		11,342

Jiangxi Special Electric Motor Co. Ltd.*, Class A		3,270		3,138

Jinduicheng Molybdenum Co. Ltd., Class A		5,400		7,521

Jinko Solar Co. Ltd., Class A		4,127		4,187

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		5,900		8,333

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,085		2,690

Juneyao Airlines Co. Ltd., Class A		2,723		4,031

J-Yuan Trust Co. Ltd.*, Class A		44,500		15,761

Kanzhun Ltd., ADR		3,983		49,628

KE Holdings, Inc., ADR		8,425		125,027

Keda Industrial Group Co. Ltd., Class A		212		210

Kingdee International Software Group Co. Ltd.*		55,995		44,291

Kingnet Network Co. Ltd., Class A		6,334		8,294

Kingsoft Corp. Ltd.		19,484		53,578

Kuaishou Technology*, 144A		27,169		140,366

Kuang-Chi Technologies Co. Ltd.*, Class A		6,511		16,032

Kunlun Tech Co. Ltd., Class A		2,908		11,145

LB Group Co. Ltd., Class A		637		1,465

Lenovo Group Ltd.		128,276		157,706

Lens Technology Co. Ltd., Class A		185		459

Lepu Medical Technology Beijing Co. Ltd., Class A		4,446		6,292

Li Auto, Inc.*, Class A		19,335		195,447

Li Ning Co. Ltd.		22,692		42,647

Liaoning Port Co. Ltd., Class A		36,147		6,325

Livzon Pharmaceutical Group, Inc., Class A		1,010		5,125


	Number of Shares		Value $

Livzon Pharmaceutical Group, Inc., Class H		3,223		10,247

Longfor Group Holdings Ltd., 144A		38,641		43,642

LONGi Green Energy Technology Co. Ltd., Class A		6,060		11,809

Lufax Holding Ltd., ADR		3,528		8,009

Luxshare Precision Industry Co. Ltd., Class A		4,911		27,316

Mango Excellent Media Co. Ltd., Class A		4,030		11,009

Maxscend Microelectronics Co. Ltd., Class A		1,474		13,800

MeiHua Holdings Group Co. Ltd., Class A		4,932		6,688

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		13,923		6,817

Meituan*, Class B, 144A		72,757		1,102,492

Metallurgical Corp. of China Ltd., Class A		902		375

Metallurgical Corp. of China Ltd., Class H		17,693		3,107

Midea Group Co. Ltd., Class A		3,800		34,718

Ming Yang Smart Energy Group Ltd., Class A		5,010		6,454

MINISO Group Holding Ltd.		8,096		34,147

Minmetals Capital Co. Ltd., Class A		25,800		14,962

Minth Group Ltd.*		6,994		11,172

Montage Technology Co. Ltd., Class A		2,474		18,373

Muyuan Foods Co. Ltd.*, Class A		1,614		8,782

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		5,876		9,377

Nanjing Securities Co. Ltd., Class A		12,090		12,897

NARI Technology Co. Ltd., Class A		3,837		13,330

National Silicon Industry Group Co. Ltd., Class A		8,300		17,204

NAURA Technology Group Co. Ltd., Class A		532		23,892

NavInfo Co. Ltd.*, Class A		10,681		11,032

NetEase, Inc.		28,626		468,635

New China Life Insurance Co. Ltd., Class A		66		308

New Hope Liuhe Co. Ltd.*, Class A		3,910		4,971

New Oriental Education & Technology Group, Inc.*		13,242		79,787

New Oriental Education & Technology Group, Inc.*, ADR		203		12,480

Ninestar Corp.*, Class A		3,563		12,534

Ningbo Deye Technology Co. Ltd., Class A		1,356		17,350

Ningbo Joyson Electronic Corp., Class A		2,700		5,463

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Ningbo Orient Wires & Cables Co. Ltd., Class A		95		646

Ningbo Sanxing Medical Electric Co. Ltd., Class A		2,400		11,135

Ningbo Shanshan Co. Ltd., Class A		2,912		2,905

Ningbo Tuopu Group Co. Ltd., Class A		1,970		9,357

Ningbo Zhoushan Port Co. Ltd., Class A		13,888		6,702

NIO, Inc.*(b), ADR		23,332		94,261

Nongfu Spring Co. Ltd., Class H, 144A		30,521		111,122

OFILM Group Co. Ltd.*, Class A		5,100		5,994

Onewo, Inc., Class H		3,712		8,271

Oppein Home Group, Inc., Class A		557		3,486

Orient Securities Co. Ltd., Class A		12,465		14,810

Orient Securities Co. Ltd., Class H, 144A		41,364		17,499

Oriental Pearl Group Co. Ltd., Class A		15,300		13,536

Ovctek China, Inc., Class A		3,744		7,602

Pacific Securities Co. Ltd.*, Class A		26,050		11,689

People.cn Co. Ltd., Class A		3,782		9,392

People’s Insurance Co. Group of China Ltd., Class A		560		474

People’s Insurance Co. Group of China Ltd., Class H		43,669		16,515

Perfect World Co. Ltd., Class A		6,806		7,299

Pharmaron Beijing Co. Ltd., Class A		2,235		6,304

Pharmaron Beijing Co. Ltd., Class H, 144A		12,431		14,247

PICC Property & Casualty Co. Ltd., Class H		53,963		69,872

Ping An Bank Co. Ltd., Class A		12,570		18,020

Ping An Insurance Group Co. of China Ltd., Class A		10,813		67,179

Ping An Insurance Group Co. of China Ltd., Class H		104,554		501,297

Piotech, Inc., Class A		951		17,230

Poly Developments and Holdings Group Co. Ltd., Class A		13,146		15,062

Poly Property Services Co. Ltd., Class H		804		2,654

Pop Mart International Group Ltd., 144A		10,567		62,112

Postal Savings Bank of China Co. Ltd., Class A		6,362		4,246

Postal Savings Bank of China Co. Ltd., Class H, 144A		74,072		39,788

Qi An Xin Technology Group, Inc.*, Class A		4,463		14,232

Qifu Technology, Inc., ADR		1,024		27,126


	Number of Shares		Value $

Qinghai Salt Lake Industry Co. Ltd.*, Class A		4,511		9,312

Quzhou Xin’an Development Co. Ltd.*, Class A		31,749		7,526

Range Intelligent Computing Technology Group Co. Ltd., Class A		4,600		15,500

Raytron Technology Co. Ltd., Class A		3,186		11,387

Remegen Co. Ltd.*, Class A		3,613		13,066

Remegen Co. Ltd.*, Class H, 144A		7,633		12,193

Rockchip Electronics Co. Ltd., Class A		1,628		12,299

Ruijie Networks Co. Ltd., Class A		3,000		13,432

SAIC Motor Corp. Ltd., Class A		2,298		4,073

Sanan Optoelectronics Co. Ltd., Class A		7,478		11,027

Sangfor Technologies, Inc., Class A		1,502		9,872

Sany Heavy Industry Co. Ltd., Class A		1,908		4,340

SDIC Capital Co. Ltd., Class A		14,427		11,827

Sealand Securities Co. Ltd., Class A		25,444		10,591

Seazen Holdings Co. Ltd.*, Class A		2,910		4,213

SenseTime Group, Inc.*, Class B, 144A		338,357		51,185

Seres Group Co. Ltd.*, Class A		1,465		15,818

SF Holding Co. Ltd., Class A		4,000		20,516

SG Micro Corp., Class A		1,679		17,235

Shandong Gold Mining Co. Ltd., Class A		2,341		8,919

Shandong Gold Mining Co. Ltd., Class H, 144A		8,074		15,609

Shandong Hi-speed Co. Ltd., Class A		10,188		13,053

Shandong Linglong Tyre Co. Ltd., Class A		1,327		3,146

Shandong Pharmaceutical Glass Co. Ltd., Class A		3,800		13,137

Shandong Publishing & Media Co. Ltd., Class A		6,500		10,887

Shandong Sinocera Functional Material Co. Ltd., Class A		2,577		5,673

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		40,368		22,822

Shanghai Aiko Solar Energy Co. Ltd.*, Class A		5,224		5,985

Shanghai Baosight Software Co. Ltd., Class A		4,956		20,476

Shanghai Baosight Software Co. Ltd., Class B		17,778		26,703

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		771		17,590

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,431		10,912

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		13,770		21,996

Shanghai Fudan Microelectronics Group Co. Ltd., Class A		3,139		12,265

Shanghai Fudan Microelectronics Group Co. Ltd., Class H		5,532		7,744

Shanghai International Airport Co. Ltd., Class A		3,663		17,124

Shanghai International Port Group Co. Ltd., Class A		15,550		12,989

Shanghai Jinjiang International Hotels Co. Ltd., Class A		2,666		9,077

Shanghai Junshi Biosciences Co. Ltd.*, Class A		3,432		12,843

Shanghai Junshi Biosciences Co. Ltd.*, Class H, 144A		8,462		12,909

Shanghai Lingang Holdings Corp. Ltd., Class A		7,911		9,924

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		8,308		9,273

Shanghai M&G Stationery, Inc., Class A		1,991		7,526

Shanghai Moons’ Electric Co. Ltd., Class A		2,000		10,109

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		154		404

Shanghai Pudong Development Bank Co. Ltd., Class A		22,241		26,456

Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,088		3,403

Shanghai RAAS Blood Products Co. Ltd., Class A		13,772		13,933

Shanghai Rural Commercial Bank Co. Ltd., Class A		12,372		11,522

Shanghai United Imaging Healthcare Co. Ltd., Class A		1,439		21,464

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		10,747		7,840

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		5,321		13,072

Shanghai Zhonggu Logistics Co. Ltd., Class A		8,400		9,861

Shanjin International Gold Co. Ltd., Class A		5,882		13,329

Shanxi Securities Co. Ltd., Class A		15,819		10,982

Shengyi Technology Co. Ltd., Class A		2,345		5,834

Shennan Circuits Co. Ltd., Class A		534		7,594

Shenwan Hongyuan Group Co. Ltd., Class A		34,840		22,221


	Number of Shares		Value $

Shenzhen Capchem Technology Co. Ltd., Class A		1,016		4,661

Shenzhen Fastprint Circuit Tech Co. Ltd., Class A		8,700		11,404

Shenzhen Goodix Technology Co. Ltd., Class A		1,482		13,270

Shenzhen Hepalink Pharmaceutical Group Co. Ltd.*, Class A		3,431		4,715

Shenzhen Inovance Technology Co. Ltd., Class A		3,301		20,168

Shenzhen Kaifa Technology Co. Ltd., Class A		222		430

Shenzhen Kangtai Biological Products Co. Ltd., Class A		6,644		13,519

Shenzhen Kedali Industry Co. Ltd., Class A		10		104

Shenzhen Longsys Electronics Co. Ltd.*, Class A		800		8,286

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,588		56,197

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		2,125		20,051

Shenzhen Overseas Chinese Town Co. Ltd.*, Class A		26,566		7,197

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		3,246		13,809

Shenzhen SC New Energy Technology Corp., Class A		1,996		13,015

Shenzhen Sunlord Electronics Co. Ltd., Class A		2,164		7,692

Shenzhen Transsion Holdings Co. Ltd., Class A		1,640		18,513

Shenzhou International Group Holdings Ltd.		13,141		108,492

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,725		8,121

Sichuan Chuantou Energy Co. Ltd., Class A		8,559		20,773

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		2,215		9,583

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*		516		10,849

Sichuan Swellfun Co. Ltd., Class A		1,560		7,315

Silergy Corp.		5,084		74,933

Sinocelltech Group Ltd.*, Class A		1,940		9,261

Sinolink Securities Co. Ltd., Class A		11,793		12,231

Sinoma Science & Technology Co. Ltd., Class A		1,848		2,600

Sinomine Resource Group Co. Ltd., Class A		2,206		8,825

Sinopharm Group Co. Ltd., Class H		10,212		23,801

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Sinotrans Ltd., Class H		10,917		4,982

Skshu Paint Co. Ltd., Class A		1,523		6,372

Smoore International Holdings Ltd., 144A		29,322		33,982

Songcheng Performance Development Co. Ltd., Class A		8,146		8,931

Sonoscape Medical Corp., Class A		3,100		13,385

SooChow Securities Co. Ltd., Class A		13,624		11,977

Southwest Securities Co. Ltd., Class A		23,929		12,662

Spring Airlines Co. Ltd., Class A		689		4,908

StarPower Semiconductor Ltd., Class A		1,140		12,346

Sungrow Power Supply Co. Ltd., Class A		2,104		22,860

Sunny Optical Technology Group Co. Ltd.		7,619		47,177

Sunresin New Materials Co. Ltd., Class A		2,367		13,420

Sunwoda Electronic Co. Ltd., Class A		194		460

SUPCON Technology Co. Ltd., Class A		2,205		12,268

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		210		705

Suzhou Maxwell Technologies Co. Ltd., Class A		1,133		13,063

Suzhou TFC Optical Communication Co. Ltd., Class A		1,200		13,002

TAL Education Group*, ADR		4,555		36,622

Talkweb Information System Co. Ltd.*, Class A		8,500		14,225

TangShan Port Group Co. Ltd., Class A		18,874		13,183

Tasly Pharmaceutical Group Co. Ltd., Class A		4,041		8,114

TCL Technology Group Corp., Class A		618		341

Tencent Holdings Ltd.		98,354		4,816,577

Tencent Music Entertainment Group, ADR		9,959		103,972

Thunder Software Technology Co. Ltd., Class A		2,196		10,634

Tianfeng Securities Co. Ltd.*, Class A		42,689		14,457

Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		1,970		8,003

Tianqi Lithium Corp., Class A		917		3,400

Tianqi Lithium Corp., Class H		964		2,437

Tianshui Huatian Technology Co. Ltd., Class A		4,517		5,080

Titan Wind Energy Suzhou Co. Ltd., Class A		4,200		4,249


	Number of Shares		Value $

Tongcheng Travel Holdings Ltd.		21,786		40,665

TongFu Microelectronics Co. Ltd., Class A		112		314

Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		7,194		8,070

Topchoice Medical Corp., Class A		1,572		9,631

Topsports International Holdings Ltd., 144A		46,969		17,522

TravelSky Technology Ltd., Class H		23,962		29,767

Trip.com Group Ltd.*, ADR		648		30,547

Trip.Com Group Ltd.*		8,185		388,453

Tsinghua Tongfang Co. Ltd.*, Class A		11,642		8,082

Unigroup Guoxin Microelectronics Co. Ltd., Class A		2,320		15,582

Uni-President China Holdings Ltd.		8,845		7,813

Unisplendour Corp. Ltd., Class A		3,090		8,607

Universal Scientific Industrial Shanghai Co. Ltd., Class A		2,133		4,773

Venustech Group, Inc., Class A		7,282		13,573

Verisilicon Microelectronics Shanghai Co. Ltd.*, Class A		2,413		9,602

Vipshop Holdings Ltd., ADR		3,679		46,135

Walvax Biotechnology Co. Ltd., Class A		7,626		11,180

Wanda Film Holding Co. Ltd.*, Class A		4,094		5,673

Wangfujing Group Co. Ltd., Class A		4,694		8,379

Wangsu Science & Technology Co. Ltd., Class A		13,700		13,899

Wanhua Chemical Group Co. Ltd., Class A		900		9,270

Weibo Corp., ADR		2,740		20,495

Weichai Power Co. Ltd., Class A		4,707		8,608

Weichai Power Co. Ltd., Class H		23,097		35,354

Weihai Guangwei Composites Co. Ltd., Class A		2,822		11,110

Western Mining Co. Ltd., Class A		1,475		3,257

Western Securities Co. Ltd., Class A		14,332		13,125

Western Superconducting Technologies Co. Ltd., Class A		2,657		13,493

Will Semiconductor Co. Ltd., Class A		949		12,123

Wingtech Technology Co. Ltd., Class A		1,115		4,106

Winner Medical Co. Ltd., Class A		1,471		5,307

Winning Health Technology Group Co. Ltd., Class A		12,624		9,708

WUS Printed Circuit Kunshan Co. Ltd., Class A		2,243		10,289

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

WuXi AppTec Co. Ltd., Class A		4,828		26,691

WuXi AppTec Co. Ltd., Class H, 144A		7,696		33,841

Wuxi Autowell Technology Co. Ltd., Class A		1,969		10,027

Wuxi Biologics Cayman, Inc.*, 144A		64,919		93,379

Wuxi Lead Intelligent Equipment Co. Ltd., Class A		136		276

WuXi XDC Cayman, Inc.*		6,301		16,196

Xiamen C & D, Inc., Class A		4,817		4,955

Xiamen Faratronic Co. Ltd., Class A		1,197		14,446

Xiaomi Corp.*, Class B, 144A		152,486		381,195

Xinyi Solar Holdings Ltd.		54,556		21,332

XPeng, Inc.*, Class A		17,608		71,896

Yadea Group Holdings Ltd., 144A		13,479		19,008

Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		1,684		8,637

Yealink Network Technology Corp. Ltd., Class A		2,982		13,873

Yifeng Pharmacy Chain Co. Ltd., Class A		2,348		6,683

Yongan Futures Co. Ltd., Class A		13,400		21,687

Yonghui Superstores Co. Ltd.*, Class A		12,467		4,116

YongXing Special Materials Technology Co. Ltd., Class A		753		3,452

Yonyou Network Technology Co. Ltd.*, Class A		11,350		13,949

Youngor Fashion Co. Ltd., Class A		7,507		7,658

YTO Express Group Co. Ltd., Class A		2,354		5,069

Yunda Holding Co. Ltd., Class A		3,365		3,333

Yunnan Baiyao Group Co. Ltd., Class A		2,263		17,262

Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		1,425		8,455

Yunnan Energy New Material Co. Ltd., Class A		1,912		7,260

Yunnan Yuntianhua Co. Ltd., Class A		173		504

Zai Lab Ltd.*, ADR		959		19,122

Zai Lab Ltd.*		10,806		21,112

Zangge Mining Co. Ltd., Class A		2,698		9,160

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		626		18,425

Zhaojin Mining Industry Co. Ltd., Class H		15,950		26,214

Zhefu Holding Group Co. Ltd., Class A		15,112		6,056

Zhejiang Century Huatong Group Co. Ltd.*, Class A		17,026		7,856

Zhejiang China Commodities City Group Co. Ltd., Class A		13,446		15,690


	Number of Shares		Value $

Zhejiang Chint Electrics Co. Ltd., Class A		2,637		6,530

Zhejiang Dahua Technology Co. Ltd., Class A		5,932		11,484

Zhejiang Dingli Machinery Co. Ltd., Class A		1,460		9,977

Zhejiang Expressway Co. Ltd., Class H		28,300		18,249

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		5,532		13,137

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,495		8,337

Zhejiang Jinke Tom Culture Industry Co. Ltd.*, Class A		15,092		7,539

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		3,976		7,131

Zhejiang Juhua Co. Ltd., Class A		1,207		2,797

Zhejiang Leapmotor Technology Co. Ltd.*, 144A		7,768		21,460

Zhejiang NHU Co. Ltd., Class A		4,696		12,815

Zhejiang Shuanghuan Driveline Co. Ltd., Class A		4,100		12,132

Zhejiang Supor Co. Ltd., Class A		696		4,891

Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		3,500		6,573

Zhejiang Weiming Environment Protection Co. Ltd., Class A		2,823		7,282

Zhejiang Weixing New Building Materials Co. Ltd., Class A		2,204		3,695

Zheshang Securities Co. Ltd., Class A		10,479		16,546

ZhongAn Online P&C Insurance Co. Ltd.*, Class H, 144A		8,467		11,007

Zhongfu Shenying Carbon Fiber Co. Ltd., Class A		3,956		9,796

Zhongji Innolight Co. Ltd., Class A		1,200		18,439

Zhongsheng Group Holdings Ltd.		1,961		2,250

Zhongtai Securities Co. Ltd., Class A		15,262		12,555

Zhuhai Huafa Properties Co. Ltd., Class A		11,320		8,817

Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,443		11,917

Zhuzhou Kibing Group Co. Ltd., Class A		3,978		3,003

Zijin Mining Group Co. Ltd., Class A		9,793		22,109

Zijin Mining Group Co. Ltd., Class H		52,095		105,654

ZTE Corp., Class A		2,264		7,932

ZTE Corp., Class H		8,691		17,515

ZTO Express Cayman, Inc., ADR		528		11,320

ZTO Express Cayman, Inc.		3,851		84,520

(Cost $30,730,854)				23,520,626

Colombia — 0.1%

Bancolombia SA		3,515		32,062

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Ecopetrol SA		37,196		18,358

Interconexion Electrica SA ESP		5,107		22,273

(Cost $65,002)				72,693

Czech Republic — 0.1%

CEZ AS		1,262		48,249

Komercni Banka AS		816		27,697

(Cost $90,700)				75,946

Egypt — 0.1%

Abou Kir Fertilizers & Chemical Industries		130		155

Commercial International Bank - Egypt (CIB)		19,257		34,490

EFG Holding S.A.E.*		24,347		11,968

E-Finance for Digital & Financial Investments		28,157		13,494

Misr Fertilizers Production Co. SAE		7,323		6,663

Talaat Moustafa Group		18,550		22,510

(Cost $101,643)				89,280

Greece — 0.4%

Alpha Services and Holdings SA		20,771		35,556

Athens International Airport SA		1,584		13,851

Eurobank Ergasias Services and Holdings SA		24,701		56,433

Hellenic Telecommunications Organization SA		3,821		62,004

JUMBO SA		1,310		33,177

Metlen Energy & Metals SA		437		16,466

National Bank of Greece SA		6,231		54,197

Piraeus Financial Holdings SA		8,856		38,309

Star Bulk Carriers Corp.		658		14,061

Terna Energy SA		1,312		27,753

(Cost $331,380)				351,807

Hong Kong — 0.6%

Beijing Enterprises Water Group Ltd.		31,351		9,164

BOC Hong Kong Holdings Ltd.		36,277		114,406

Brilliance China Automotive Holdings Ltd.		26,254		10,939

C&D International Investment Group Ltd.		12,306		19,909

China Medical System Holdings Ltd.		29,985		27,370

China Merchants Port Holdings Co. Ltd.		18,272		27,407

China Overseas Land & Investment Ltd.		40,579		64,403

China Resources Land Ltd.		30,153		85,622

China Ruyi Holdings Ltd.*		124,257		36,001

China State Construction International Holdings Ltd.		24,680		35,183

China Taiping Insurance Holdings Co. Ltd.		1,501		1,947


	Number of Shares		Value $

China Traditional Chinese Medicine Holdings Co. Ltd.*		54,184		29,452

Far East Horizon Ltd.		42,004		29,347

Shandong Hi-Speed Holdings Group Ltd.*		55,395		39,130

Want Want China Holdings Ltd.		39,583		22,886

Yuexiu Property Co. Ltd.		25,680		13,432

(Cost $678,348)				566,598

Hungary — 0.2%

OTP Bank Nyrt		2,291		118,155

Richter Gedeon Nyrt		2,524		76,651

(Cost $200,682)				194,806

India — 18.9%

ABB India Ltd.		529		50,055

Adani Energy Solutions Ltd.*		3,937		47,288

Adani Green Energy Ltd.*		6,386		139,958

Adani Ports & Special Economic Zone Ltd.		12,018		212,343

Adani Wilmar Ltd.*		2,636		11,377

Aditya Birla Capital Ltd.*		8,755		22,976

Alkem Laboratories Ltd.		544		40,022

Ambuja Cements Ltd.		4,030		29,649

APL Apollo Tubes Ltd.		994		17,328

Apollo Hospitals Enterprise Ltd.		1,740		143,718

Ashok Leyland Ltd.		10,215		31,234

Asian Paints Ltd.		4,073		151,845

Astral Ltd.		1,761		40,300

AU Small Finance Bank Ltd., 144A		6,741		55,353

Aurobindo Pharma Ltd.		4,796		89,743

Avenue Supermarts Ltd.*, 144A		2,473		145,289

Axis Bank Ltd., GDR		518		36,053

Axis Bank Ltd.		19,447		272,502

Bajaj Auto Ltd.		678		88,045

Bajaj Finance Ltd.		2,697		231,531

Bajaj Finserv Ltd.		6,576		139,802

Bajaj Holdings & Investment Ltd.		462		55,402

Bandhan Bank Ltd., 144A		6,413		15,315

Bank of Baroda		12,654		37,734

Bank of India		12,081		16,960

Berger Paints India Ltd.		4,338		29,536

Bharat Forge Ltd.		3,013		57,012

Bharti Airtel Ltd.		41,703		790,118

Biocon Ltd.		9,297		39,806

Bosch Ltd.		100		38,618

Britannia Industries Ltd.		1,227		85,660

Canara Bank		20,109		26,740

CG Power & Industrial Solutions Ltd.		8,182		67,908

Cholamandalam Investment and Finance Co. Ltd.		4,735		82,177

Cipla Ltd.		8,999		177,563

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Colgate-Palmolive India Ltd.		2,379		103,258

Container Corp. Of India Ltd.		3,414		39,285

Coromandel International Ltd.		1,148		24,066

Cummins India Ltd.		1,938		86,528

Dabur India Ltd.		6,147		46,697

Deepak Nitrite Ltd.		1,066		36,999

Delhivery Ltd.*		5,581		27,901

Divi’s Laboratories Ltd.		2,108		128,029

Dixon Technologies India Ltd.		443		69,568

DLF Ltd.		5,883		59,278

Dr. Reddy’s Laboratories Ltd.		2,420		202,881

Eicher Motors Ltd.		989		58,494

Embassy Office Parks REIT		13,223		61,193

Exide Industries Ltd.		5,024		29,525

FSN E-Commerce Ventures Ltd.*		19,322		47,849

Gland Pharma Ltd., 144A		1,096		24,025

GMR Airports Infrastructure Ltd.*		14,907		16,793

Godrej Consumer Products Ltd.		6,521		115,163

Godrej Properties Ltd.*		1,633		56,644

Grasim Industries Ltd.		1,447		46,562

Gujarat Fluorochemicals Ltd.		211		7,988

Havells India Ltd.		1,196		27,085

HCL Technologies Ltd.		17,397		363,668

HDFC Asset Management Co. Ltd., 144A		1,250		65,882

HDFC Bank Ltd.		53,724		1,048,522

HDFC Life Insurance Co. Ltd., 144A		9,865		86,886

Hero MotoCorp Ltd.		1,044		67,907

Hindalco Industries Ltd.		8,726		72,969

Hindustan Unilever Ltd.		14,451		478,649

Hindustan Zinc Ltd.		3,529		21,070

Honeywell Automation India Ltd.		50		30,385

ICICI Bank Ltd.		49,586		726,722

ICICI Lombard General Insurance Co. Ltd., 144A		2,652		67,722

ICICI Prudential Life Insurance Co. Ltd., 144A		4,106		36,871

IDFC First Bank Ltd.*		35,677		31,410

Indian Bank		2,543		17,201

Indian Hotels Co. Ltd.		12,057		93,082

Indian Railway Catering & Tourism Corp. Ltd.		4,288		47,690

Indian Railway Finance Corp. Ltd., 144A		32,749		69,745

Indus Towers Ltd.*		6,207		33,932

IndusInd Bank Ltd.		5,746		97,644

Info Edge India Ltd.		1,015		92,928

Infosys Ltd.		68,751		1,593,291

InterGlobe Aviation Ltd.*, 144A		834		48,029

Jio Financial Services Ltd.*		45,571		174,794

JSW Steel Ltd.		6,820		76,526


	Number of Shares		Value $

Jubilant Foodworks Ltd.		4,774		37,015

Kalyan Jewellers India Ltd.		5,748		42,162

Kotak Mahindra Bank Ltd.		10,633		225,766

L&T Technology Services Ltd., 144A		520		35,440

Life Insurance Corp. Of India		3,376		42,838

Linde India Ltd.		384		33,081

LTIMindtree Ltd., 144A		1,307		95,932

Lupin Ltd.		4,230		112,983

Macrotech Developers Ltd., 144A		4,065		60,773

Mahindra & Mahindra Financial Services Ltd.		10,283		38,541

Mahindra & Mahindra Ltd.		7,424		248,325

MakeMyTrip Ltd.*		837		80,494

Mankind Pharma Ltd.*		501		14,860

Marico Ltd.		6,228		48,055

Maruti Suzuki India Ltd.		1,164		172,134

Max Financial Services Ltd.*		2,601		33,333

Max Healthcare Institute Ltd.		10,504		108,013

Mphasis Ltd.		998		36,946

Muthoot Finance Ltd.		1,325		31,057

Nestle India Ltd.		3,713		110,709

NHPC Ltd.		39,938		45,771

NMDC Ltd.		14,314		38,001

Oberoi Realty Ltd.		1,663		35,142

One 97 Communications Ltd.*		5,481		40,641

Oracle Financial Services Software Ltd.		457		59,876

Page Industries Ltd.		106		53,739

Patanjali Foods Ltd.		259		5,997

PB Fintech Ltd.*		3,606		76,197

Persistent Systems Ltd.		1,492		91,985

Phoenix Mills Ltd.		1,104		49,617

PI Industries Ltd.		779		41,754

Pidilite Industries Ltd.		1,657		61,705

Power Finance Corp. Ltd.		14,659		96,050

Power Grid Corp. of India Ltd.		43,642		175,564

Prestige Estates Projects Ltd.		2,193		47,409

Procter & Gamble Hygiene & Health Care Ltd.		201		39,582

Punjab National Bank		26,599		36,969

Rail Vikas Nigam Ltd.		5,713		41,374

REC Ltd.		13,025		96,246

Samvardhana Motherson International Ltd.		26,631		62,006

SBI Cards & Payment Services Ltd.		4,290		36,992

SBI Life Insurance Co. Ltd., 144A		4,361		96,209

Schaeffler India Ltd.		639		30,031

Shriram Finance Ltd.		2,572		98,269

Sona Blw Precision Forgings Ltd., 144A		4,873		39,703

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

SRF Ltd.		1,969		60,208

State Bank of India		16,810		163,468

Sun Pharmaceutical Industries Ltd.		17,590		382,048

Sundaram Finance Ltd.		1,019		61,363

Supreme Industries Ltd.		831		52,362

Suzlon Energy Ltd.*		141,928		128,337

Tata Communications Ltd.		2,014		47,110

Tata Consultancy Services Ltd.		19,625		1,065,530

Tata Consumer Products Ltd.		6,290		90,006

Tata Elxsi Ltd.		575		54,851

Tata Motors Ltd.		19,094		253,003

Tata Steel Ltd.		53,932		98,230

Tech Mahindra Ltd.		12,440		242,730

Thermax Ltd.		470		24,504

Titan Co. Ltd.		3,831		162,846

Torrent Pharmaceuticals Ltd.		1,825		75,835

Trent Ltd.		2,462		210,142

Tube Investments of India Ltd.		1,278		61,420

TVS Motor Co. Ltd.		2,895		97,107

UltraTech Cement Ltd.		862		116,157

Union Bank of India Ltd.		13,364		19,366

United Spirits Ltd.		5,313		93,396

UNO Minda Ltd.		2,284		31,968

UPL Ltd.		5,092		36,327

Varun Beverages Ltd.		6,382		114,208

Vedant Fashions Ltd.		899		13,403

Vodafone Idea Ltd.*		386,185		72,014

Voltas Ltd.		3,645		75,778

Wipro Ltd.		28,432		182,515

Yes Bank Ltd.*		183,064		51,533

Zomato Ltd.*		80,354		240,024

Zydus Lifesciences Ltd.		4,690		63,071

(Cost $12,391,539)				17,822,442

Indonesia — 1.5%

Amman Mineral Internasional PT*		170,834		117,721

GoTo Gojek Tokopedia Tbk PT*		13,073,433		43,987

Mayora Indah Tbk PT		29,481		5,074

Pantai Indah Kapuk Dua Tbk PT		24,805		12,439

PT Astra International Tbk		98,299		32,438

PT Bank Central Asia Tbk		508,158		339,484

PT Bank Mandiri Persero Tbk		354,693		163,519

PT Bank Negara Indonesia Persero Tbk		117,002		40,502

PT Bank Rakyat Indonesia Persero Tbk		690,715		230,164

PT Barito Pacific Tbk		360,907		26,738

PT Chandra Asri Pacific Tbk		79,262		51,158

PT Charoen Pokphand Indonesia Tbk		40,690		12,795

PT Dayamitra Telekomunikasi		344,922		14,841


	Number of Shares		Value $

PT Indofood CBP Sukses Makmur Tbk		22,975		17,059

PT Indosat Tbk		29,720		19,951

PT Kalbe Farma Tbk		306,725		32,746

PT Merdeka Copper Gold Tbk*		69,644		10,635

PT Sarana Menara Nusantara Tbk		486,476		26,283

PT Sumber Alfaria Trijaya Tbk		223,222		41,886

PT Telkom Indonesia Persero Tbk		792,789		156,968

PT Unilever Indonesia Tbk		140,225		20,596

(Cost $1,426,411)				1,416,984

Ireland — 1.1%

PDD Holdings, Inc., ADR *

(Cost $1,247,626)		10,433		1,002,716

Kazakhstan — 0.0%

Solidcore Resources PLC *(a)

(Cost $548,413)		28,889		0

Kuwait — 0.5%

Agility Public Warehousing Co. KSC		25,231		21,132

Boubyan Bank KSCP		13,163		25,323

Gulf Bank KSCP		34,809		36,102

Kuwait Finance House KSCP		74,534		177,282

Mabanee Co KPSC		13,050		36,633

Mobile Telecommunications Co. KSCP		31,050		47,441

National Bank of Kuwait SAKP		52,451		150,669

(Cost $456,907)				494,582

Malaysia — 1.1%

AMMB Holdings Bhd		27,700		33,323

Axiata Group Bhd		74,452		43,922

Celcomdigi Bhd		38,600		34,559

CIMB Group Holdings Bhd		67,404		127,869

Gamuda Bhd		36,378		63,120

Hong Leong Bank Bhd		6,600		32,401

IHH Healthcare Bhd		44,800		64,985

IJM Corp. Bhd		29,200		19,388

Inari Amertron Bhd		34,400		25,069

Kuala Lumpur Kepong Bhd		764		3,846

Malayan Banking Bhd		48,756		121,594

Malaysia Airports Holdings Bhd		11,962		29,057

Maxis Bhd		45,400		40,542

MR DIY Group M Bhd, 144A		23,750		11,319

Nestle Malaysia Bhd		619		15,180

Petronas Chemicals Group Bhd		1,000		1,344

PPB Group Bhd		5,700		19,253

Press Metal Aluminium Holdings Bhd		13,300		15,292

Public Bank Bhd		125,000		139,387

QL Resources Bhd		5,300		7,970

RHB Bank Bhd		26,036		36,923

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Sime Darby Bhd		16,500		9,467

Sunway Bhd		30,300		28,740

Telekom Malaysia Bhd		43,000		67,248

TIME dotCom Bhd		22,300		25,898

YTL Corp. Bhd		41,900		28,111

(Cost $835,906)				1,045,807

Mexico — 2.1%

America Movil SAB de CV, Series B		500,622		415,391

Arca Continental SAB de CV		8,275		74,285

Cemex SAB de CV, Series CPO		71,193		43,380

Coca-Cola Femsa SAB de CV		9,455		79,632

El Puerto de Liverpool SAB de CV, Class C1		2,878		16,660

Fibra Uno Administracion SA de CV REIT		36,835		43,483

Fomento Economico Mexicano SAB de CV		19,417		199,117

Gruma SAB de CV, Class B		1,356		24,948

Grupo Aeroportuario del Pacifico SAB de CV, Class B		4,272		75,845

Grupo Aeroportuario del Sureste SAB de CV, Class B		2,025		54,423

Grupo Bimbo SAB de CV, Series A		22,813		81,836

Grupo Carso SAB de CV, Series A1		5,998		36,108

Grupo Comercial Chedraui SA de CV		6,409		48,696

Grupo Elektra SAB DE CV (a)		759		36,510

Grupo Financiero Banorte SAB de CV, Class O		28,022		194,298

Grupo Financiero Inbursa SAB de CV*, Class O		14,477		34,497

Grupo Mexico SAB de CV, Series B		30,448		156,204

Industrias Penoles SAB de CV*		1,453		17,481

Kimberly-Clark de Mexico SAB de CV, Class A		25,406		41,631

Prologis Property Mexico SA de CV REIT		12,876		41,116

Wal-Mart de Mexico SAB de CV		82,207		262,676

(Cost $2,236,162)				1,978,217

Netherlands — 0.0%

Nebius Group N.V., Class A *(a)

(Cost $1,831,428)		28,401		0

Philippines — 0.6%

Ayala Corp.		3,210		34,587

Ayala Land, Inc.		74,500		46,836

Bank of the Philippine Islands		22,214		49,334

BDO Unibank, Inc.		21,088		57,386

Globe Telecom, Inc.		800		31,345

International Container Terminal Services, Inc.		9,960		70,279


	Number of Shares		Value $

Jollibee Foods Corp.		6,610		30,584

Metropolitan Bank & Trust Co.		13,410		17,554

PLDT, Inc.		1,550		41,407

SM Investments Corp.		4,930		77,703

SM Prime Holdings, Inc.		123,400		68,018

Universal Robina Corp.		5,090		8,249

(Cost $508,443)				533,282

Qatar — 0.6%

Commercial Bank PSQC		27,137		30,446

Dukhan Bank		29,764		31,146

Industries Qatar QSC		21,363		75,689

Masraf Al Rayan QSC		55,483		35,048

Mesaieed Petrochemical Holding Co.		26,410		11,968

Ooredoo QPSC		14,116		42,724

Qatar International Islamic Bank QSC		18,157		54,356

Qatar Islamic Bank QPSC		11,952		64,142

Qatar National Bank QPSC		42,854		186,435

(Cost $516,382)				531,954

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)		2,793		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 — 2.6%

Advanced Petrochemical Co.*		1,550		15,634

Al Rajhi Bank		19,036		446,909

Al Rajhi Co. For Co.-Operative Insurance*		728		39,188

Alinma Bank		16,444		136,719

Almarai Co. JSC		3,732		54,101

Arab National Bank		12,645		65,034

Arabian Internet & Communications Services Co.		457		35,341

Bank AlBilad		8,693		89,186

Bank Al-Jazira*		7,916		37,211

Banque Saudi Fransi		8,291		75,341

Bupa Arabia for Cooperative Insurance Co.		1,050		65,027

Co. for Cooperative Insurance		748		31,454

Dr Sulaiman Al Habib Medical Services Group Co.		945		77,058

Etihad Etisalat Co.		5,580		75,092

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Jarir Marketing Co.		10,334		35,194

Mouwasat Medical Services Co.		1,257		34,837

Nahdi Medical Co.		688		24,384

Riyad Bank		10,444		71,805

Riyadh Cables Group Co.		638		18,974

Sahara International Petrochemical Co.		3,043		23,395

Saudi Awwal Bank		7,132		66,234

Saudi Basic Industries Corp.		12,392		247,008

Saudi Industrial Investment Group		6,779		35,154

Saudi Kayan Petrochemical Co.*		4,676		10,729

Saudi National Bank		27,647		257,860

Saudi Research & Media Group*		563		39,428

Saudi Telecom Co.		29,665		339,923

Savola Group*		1,269		8,995

Yanbu National Petrochemical Co.		4,255		45,582

(Cost $2,210,387)				2,502,797

Singapore — 0.0%

BOC Aviation Ltd., 144A

(Cost $28,980)		3,710		31,961

South Africa — 2.9%

Absa Group Ltd.		13,751		136,201

Anglo American Platinum Ltd.		336		11,649

Aspen Pharmacare Holdings Ltd.		6,300		85,156

Bid Corp. Ltd.		5,459		138,094

Bidvest Group Ltd.		3,781		62,012

Capitec Bank Holdings Ltd.		954		157,215

Clicks Group Ltd.		4,258		89,618

Discovery Ltd.		5,878		50,652

FirstRand Ltd.		45,753		221,563

Gold Fields Ltd.		14,417		201,326

Harmony Gold Mining Co. Ltd.		5,466		54,882

Impala Platinum Holdings Ltd.		7,076		30,687

Investec Ltd.		4,306		32,891

MTN Group Ltd.		27,733		138,798

MultiChoice Group*		6,273		38,949

Naspers Ltd., Class N		2,910		602,774

Nedbank Group Ltd.		3,107		51,919

Northam Platinum Holdings Ltd.		2,507		14,887

OUTsurance Group Ltd.		10,003		26,891

Pepkor Holdings Ltd., 144A		18,454		22,762

Sanlam Ltd.		26,560		132,972

Shoprite Holdings Ltd.		5,242		91,548

Sibanye Stillwater Ltd.		29,873		28,990

Standard Bank Group Ltd.		12,198		164,884

Vodacom Group Ltd.		11,384		70,554

Woolworths Holdings Ltd.		16,135		58,760

(Cost $2,737,349)				2,716,634


	Number of Shares		Value $

South Korea — 9.9%

Alteogen, Inc.*		411		98,146

Amorepacific Corp.		302		28,124

AMOREPACIFIC Group		216		4,026

BNK Financial Group, Inc.		1,430		10,876

Celltrion Pharm, Inc.*		386		19,938

Celltrion, Inc.		2,471		375,501

Cheil Worldwide, Inc.		1,128		15,334

CJ CheilJedang Corp.		30		7,231

CJ Corp.		108		9,047

CJ ENM Co. Ltd.*		241		13,098

CJ Logistics Corp.		47		3,318

CosmoAM&T Co. Ltd.*		371		29,772

Coway Co. Ltd.		579		29,127

Daewoo Engineering & Construction Co. Ltd.*		112		338

DB HiTek Co. Ltd.		184		5,613

DB Insurance Co. Ltd.		109		9,465

Dongsuh Cos., Inc.		112		1,562

Doosan Co. Ltd.		100		11,191

Doosan Enerbility Co. Ltd.*		3,695		50,065

Doosan Fuel Cell Co. Ltd.*		573		8,021

Doosan Robotics, Inc.*		250		13,175

Ecopro BM Co. Ltd.*		325		40,946

Ecopro Materials Co. Ltd.*		369		25,082

E-MART, Inc.		175		8,345

Enchem Co. Ltd.*		233		33,402

F&F Co. Ltd. / New		251		11,011

Fila Holdings Corp.		814		25,806

Green Cross Corp.		159		20,341

Hana Financial Group, Inc.		4,698		217,694

Hanjin Kal Corp.		419		21,548

Hankook Tire & Technology Co. Ltd.		47		1,527

Hanmi Pharm. Co. Ltd.		94		22,201

Hanmi Science Co. Ltd.		614		15,145

Hanmi Semiconductor Co. Ltd.		631		54,085

Hanon Systems		2,302		6,971

Hansol Chemical Co. Ltd.		133		14,357

Hanwha Solutions Corp.		1,505		29,067

HD Hyundai Infracore Co. Ltd.*		63		339

HLB, Inc.*		1,236		83,088

HMM Co. Ltd.		1,190		15,117

Hugel, Inc.*		114		23,255

HYBE Co. Ltd.		399		55,078

Hyundai Autoever Corp.		153		18,474

Hyundai Engineering & Construction Co. Ltd.		595		14,253

Hyundai Glovis Co. Ltd.		303		25,404

Hyundai Mobis Co. Ltd.		490		79,781

Hyundai Motor Co.		1,305		249,599

Industrial Bank of Korea		3,119		32,244

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

JYP Entertainment Corp.		606		23,181

Kakao Corp.		5,121		142,607

Kakao Games Corp.*		1,366		18,682

KakaoBank Corp.		1,822		30,143

Kakaopay Corp.*		976		18,375

KB Financial Group, Inc.		5,985		384,857

KCC Corp.		2		429

KEPCO Engineering & Construction Co., Inc.		409		20,544

KEPCO Plant Service & Engineering Co. Ltd.		275		8,574

Kia Corp.		1,910		151,702

KIWOOM Securities Co. Ltd.		234		23,665

Korea Investment Holdings Co. Ltd.		883		48,121

Korea Zinc Co. Ltd.		32		12,816

Korean Air Lines Co. Ltd.		491		8,105

Krafton, Inc.*		501		122,639

KT Corp.		1,232		35,599

KT&G Corp.		1,788		144,823

Kum Yang Co. Ltd.*		534		18,508

Kumho Petrochemical Co. Ltd.		26		2,664

L&F Co. Ltd.*		323		22,680

LEENO Industrial, Inc.		150		21,975

LG Chem Ltd.		469		112,875

LG Corp.		236		13,992

LG Display Co. Ltd.*		2,926		24,664

LG Electronics, Inc.		1,087		80,883

LG Energy Solution Ltd.*		554		160,910

LG H&H Co. Ltd.		42		11,146

LG Innotek Co. Ltd.		283		58,894

LG Uplus Corp.		3,623		26,443

Lotte Energy Materials Corp.		415		12,162

Lotte Shopping Co. Ltd.		223		10,417

LS Electric Co. Ltd.		79		9,870

Meritz Financial Group, Inc.		1,324		90,490

Mirae Asset Securities Co. Ltd.		6,327		39,596

NAVER Corp.		2,659		336,592

NCSoft Corp.		281		39,462

Netmarble Corp.*, 144A		301		13,722

NH Investment & Securities Co. Ltd.		2,806		28,693

Orion Corp.		127		8,746

Pan Ocean Co. Ltd.		1,462		4,055

Pearl Abyss Corp.*		768		19,547

Posco DX Co. Ltd.		881		17,543

POSCO Future M Co. Ltd.		314		50,420

S-1 Corp.		293		13,007

Sam Chun Dang Pharm Co. Ltd.*		248		29,333

Samsung Biologics Co. Ltd.*, 144A		296		217,150

Samsung C&T Corp.		714		78,944


	Number of Shares		Value $

Samsung Card Co. Ltd.		748		24,330

Samsung E&A Co. Ltd.*		2,068		39,244

Samsung Electro-Mechanics Co. Ltd.		947		101,233

Samsung Electronics Co. Ltd.		45,034		2,504,792

Samsung Fire & Marine Insurance Co. Ltd.		386		100,123

Samsung Life Insurance Co. Ltd.		941		68,470

Samsung SDI Co. Ltd.		851		225,515

Samsung SDS Co. Ltd.		584		65,882

Samsung Securities Co. Ltd.		1,317		46,583

Samyang Foods Co. Ltd.		49		18,139

Shinhan Financial Group Co. Ltd.		7,179		301,487

Shinsegae, Inc.		110		12,401

SK Biopharmaceuticals Co. Ltd.*		780		67,148

SK Bioscience Co. Ltd.*		678		28,169

SK Hynix, Inc.		5,150		669,652

SK IE Technology Co. Ltd.*, 144A		785		19,333

SK Innovation Co. Ltd.*		265		21,821

SK Square Co. Ltd.*		1,534		90,144

SK Telecom Co. Ltd.		1,764		72,892

SKC Co. Ltd.*		159		15,330

Soulbrain Co. Ltd.		54		9,580

Wemade Co. Ltd.*		561		13,985

WONIK IPS Co. Ltd.*		335		8,564

Woori Financial Group, Inc.		6,510		78,070

Yuhan Corp.		1,058		111,673

(Cost $8,214,935)				9,371,933

Taiwan — 19.9%

Accton Technology Corp.		6,580		104,490

Acer, Inc.		36,542		49,975

Advantech Co. Ltd.		7,133		77,819

Airtac International Group		1,383		37,396

Alchip Technologies Ltd.		932		77,205

ASE Technology Holding Co. Ltd.		57,577		276,276

Asia Cement Corp.		820		1,156

Asia Vital Components Co. Ltd.		4,505		85,340

ASMedia Technology, Inc.		505		27,942

ASPEED Technology, Inc.		484		74,590

Asustek Computer, Inc.		10,836		181,898

AUO Corp.*		94,874		48,786

Catcher Technology Co. Ltd.		7,067		52,135

Cathay Financial Holding Co. Ltd.		183,153		363,558

Chailease Holding Co. Ltd.		26,261		119,443

Chang Hwa Commercial Bank Ltd.		72,620		40,067

Chicony Electronics Co. Ltd.		10,639		53,877

China Airlines Ltd.		173		111

China Steel Corp.		86,617		60,245

Chroma ATE, Inc.		4,630		47,255

Chunghwa Telecom Co. Ltd.		63,137		244,732

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Compal Electronics, Inc.		497		516

CTBC Financial Holding Co. Ltd.		287,454		293,385

Delta Electronics, Inc.		31,613		394,792

E Ink Holdings, Inc.		12,852		122,534

E.Sun Financial Holding Co. Ltd.		252,429		222,523

Eclat Textile Co. Ltd.		3,755		62,916

Elite Material Co. Ltd.		4,877		70,891

eMemory Technology, Inc.		897		73,885

Eva Airways Corp.		13,669		15,105

Evergreen Marine Corp. Taiwan Ltd.		2,313		13,593

Far Eastern New Century Corp.		24,503		27,766

Far EasTone Telecommunications Co. Ltd.		32,629		92,308

Feng TAY Enterprise Co. Ltd.		11,706		53,425

First Financial Holding Co. Ltd.		175,225		149,262

Formosa Chemicals & Fibre Corp.		27,223		37,273

Formosa Plastics Corp.		43,743		70,558

Formosa Sumco Technology Corp.		1,069		4,962

Fortune Electric Co. Ltd.		2,033		42,389

Foxconn Technology Co. Ltd.		14,914		31,889

Fubon Financial Holding Co. Ltd.		133,249		382,794

Giant Manufacturing Co. Ltd.		5,401		40,351

Gigabyte Technology Co. Ltd.		5,000		40,794

Global Unichip Corp.		1,129		39,351

Globalwafers Co. Ltd.		3,401		51,509

Gold Circuit Electronics Ltd.		5,054		33,335

Highwealth Construction Corp.		24,273		42,263

Hiwin Technologies Corp.		450		3,038

Hon Hai Precision Industry Co. Ltd.		107,879		622,184

Hotai Motor Co. Ltd.		4,269		88,076

Hua Nan Financial Holdings Co. Ltd.		145,090		115,655

Innolux Corp.*		97,042		47,929

International Games System Co. Ltd.		4,067		99,037

Inventec Corp.		51,447		73,335

Jentech Precision Industrial Co. Ltd.		1,540		65,230

KGI Financial Holding Co. Ltd.		267,080		134,417

King Slide Works Co. Ltd.		1,000		39,544

King Yuan Electronics Co. Ltd.		14,235		53,843

Largan Precision Co. Ltd.		918		89,533

Lite-On Technology Corp.		31,180		104,291

Lotes Co. Ltd.		1,348		64,471

Macronix International Co. Ltd.		5,453		4,722

MediaTek, Inc.		14,418		558,872

Mega Financial Holding Co. Ltd.		195,936		238,565

Merida Industry Co. Ltd.		4,066		30,632

Micro-Star International Co. Ltd.		10,868		62,341


	Number of Shares		Value $

momo.com, Inc.		1,117		13,618

Nan Ya Plastics Corp.		49,857		70,601

Nan Ya Printed Circuit Board Corp.		3,344		15,366

Nanya Technology Corp.*		21,618		35,613

Nien Made Enterprise Co. Ltd.		3,531		51,878

Novatek Microelectronics Corp.		5,704		96,285

Oneness Biotech Co. Ltd.*		6,347		32,142

Pegatron Corp.		24,295		77,844

PharmaEssentia Corp.*		4,058		88,670

Phison Electronics Corp.		1,485		24,696

Polaris Group*		2,991		5,946

Pou Chen Corp.		28,140		30,568

Powerchip Semiconductor Manufacturing Corp.*		32,756		22,117

Powertech Technology, Inc.		8,011		36,436

Quanta Computer, Inc.		37,247		312,041

Realtek Semiconductor Corp.		4,293		71,796

Ruentex Development Co. Ltd.		27,522		42,371

Ruentex Industries Ltd.		11,184		28,423

Shanghai Commercial & Savings Bank Ltd.		64,658		81,353

Shihlin Electric & Engineering Corp.		2,000		13,786

Shin Kong Financial Holding Co. Ltd.*		261,413		105,415

Sino-American Silicon Products, Inc.		6,012		37,399

SinoPac Financial Holdings Co. Ltd.		174,330		130,788

Synnex Technology International Corp.		9,482		21,371

TA Chen Stainless Pipe		93		106

Taishin Financial Holding Co. Ltd.		151,124		87,396

Taiwan Business Bank		85,543		42,250

Taiwan Cooperative Financial Holding Co. Ltd.		121,881		98,678

Taiwan Fertilizer Co. Ltd.		850		1,592

Taiwan High Speed Rail Corp.		43,474		40,634

Taiwan Mobile Co. Ltd.		38,876		136,109

Taiwan Semiconductor Manufacturing Co. Ltd.		290,128		8,561,451

Tatung Co. Ltd.*		22,274		31,890

TCC Group Holdings Co. Ltd.		34,670		35,710

Teco Electric and Machinery Co. Ltd.		2,261		3,467

Tripod Technology Corp.		5,735		37,020

Unimicron Technology Corp.		16,205		82,823

Uni-President Enterprises Corp.		37,211		96,081

United Microelectronics Corp.		183,789		318,859

Vanguard International Semiconductor Corp.		14,755		56,732

VisEra Technologies Co. Ltd.		2,140		20,671

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Voltronic Power Technology Corp.		594		37,044

Walsin Lihwa Corp.		624		686

Walsin Technology Corp.		5,015		17,323

Wan Hai Lines Ltd.		1,039		2,692

Win Semiconductors Corp.*		5,206		22,295

Winbond Electronics Corp.		27,183		20,436

Wistron Corp.		40,163		127,432

Wiwynn Corp.		1,218		72,341

WPG Holdings Ltd.		9,511		24,142

WT Microelectronics Co. Ltd.		10,999		40,571

Yageo Corp.		4,571		93,878

Yang Ming Marine Transport Corp.		1,164		2,347

Yuanta Financial Holding Co. Ltd.		193,625		193,080

Yulon Finance Corp.		7,141		32,145

Yulon Motor Co. Ltd.		6,606		11,254

Zhen Ding Technology Holding Ltd.		8,530		36,131

(Cost $13,015,513)				18,762,169

Thailand — 1.8%

Advanced Info Service PCL, NVDR		18,700		136,472

Airports of Thailand PCL, NVDR		48,400		85,445

Asset World Corp. PCL, NVDR		185,100		18,157

Bangkok Bank PCL, NVDR		6,800		28,329

Bangkok Dusit Medical Services PCL, NVDR		188,200		154,308

Bangkok Expressway & Metro PCL, NVDR		119,400		26,988

Berli Jucker PCL, NVDR		22,100		14,692

BTS Group Holdings PCL, NVDR*		144,700		18,128

Bumrungrad Hospital PCL, NVDR		10,800		78,180

Carabao Group PCL, NVDR		6,300		12,797

Central Pattana PCL, NVDR		36,000		63,288

Central Retail Corp. PCL, NVDR		47,200		41,140

Charoen Pokphand Foods PCL, NVDR		11,800		8,577

Com7 PCL, NVDR		12,800		9,266

CP ALL PCL, NVDR		92,800		165,886

CP Axtra PCL, NVDR		28,400		26,013

Delta Electronics Thailand PCL, NVDR		75,600		237,890

Energy Absolute PCL, NVDR		36,500		7,118

Home Product Center PCL, NVDR		85,600		22,889

Indorama Ventures PCL, NVDR		4,800		2,425

Intouch Holdings PCL, NVDR		20,100		48,995

Kasikornbank PCL, NVDR		5,100		21,548

KCE Electronics PCL, NVDR		10,100		11,340

Krung Thai Bank PCL, NVDR		28,100		15,194


	Number of Shares		Value $

Krungthai Card PCL, NVDR		15,700		19,367

Land & Houses PCL, NVDR		191,600		31,985

Minor International PCL, NVDR		63,983		51,043

Muangthai Capital PCL, NVDR		15,500		20,036

Ngern Tid Lor PCL, NVDR		51,614		25,163

Osotspa PCL, NVDR		19,100		12,641

PTT Global Chemical PCL, NVDR		6,800		5,023

SCB X PCL, NVDR		8,200		25,924

Siam Global House PCL, NVDR		21,509		9,406

Srisawad Corp. PCL, NVDR		27,180		30,517

Thai Beverage PCL		136,100		55,340

Thai Life Insurance PCL, NVDR		32,700		7,536

Thai Union Group PCL, NVDR		23,700		10,994

Tisco Financial Group PCL, NVDR		5,800		16,366

TMBThanachart Bank PCL, NVDR		262,277		14,336

True Corp. PCL, NVDR*		247,169		75,221

WHA Corp. PCL, NVDR		175,200		27,436

(Cost $1,880,967)				1,693,399

Turkey — 0.8%

Akbank TAS		22,225		38,033

Akfen Yenilenebilir Enerji AS*		16,300		10,440

Anadolu Anonim Turk Sigorta Sirketi*		2,117		4,778

Anadolu Efes Biracilik Ve Malt Sanayii AS		2,728		17,832

Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		3,946		8,745

Aydem Yenilenebilir Enerji AS		8,210		6,135

Bera Holding AS		11,047		4,802

BIM Birlesik Magazalar AS		6,752		107,022

Borusan Yatirim ve Pazarlama AS		240		12,856

Bosch Fren Sistemleri Sanayi ve Ticaret AS		610		13,031

Celebi Hava Servisi AS		158		8,617

Coca-Cola Icecek AS		11,039		19,733

Deva Holding AS		5,130		10,285

Dogus Otomotiv Servis Ve Ticaret AS		2,208		15,509

Eczacibasi Yatirim Holding Ortakligi AS		579		3,600

Ege Endustri Ve Ticaret AS		16		4,757

Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		9,744		14,129

Emlak Konut Gayrimenkul Yatirim Ortakligi AS* REIT		31,008		10,631

Girisim Elektrik Taahhut Ticaret VE Sanayi AS*		4,942		6,322

Haci Omer Sabanci Holding AS		15,019		38,795

Hektas Ticaret TAS*		24,453		8,369

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Is Gayrimenkul Yatirim Ortakligi AS* REIT		32,422		15,132

Is Yatirim Menkul Degerler AS		17,919		19,125

Kiler Holding AS*		16,159		15,168

Kontrolmatik Enerji Ve Muhendislik AS*		3,542		5,117

Koza Altin Isletmeleri AS*		23,225		17,138

Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A		5,425		16,800

MIA Teknoloji AS*		9,934		14,142

MLP Saglik Hizmetleri AS*, 144A		2,417		23,394

Pegasus Hava Tasimaciligi AS*		2,216		14,784

Reeder Teknoloji Sanayi VE Ticaret AS*		13,189		13,131

Reysas Tasimacilik VE Lojistik Ticaret AS*		7,667		10,465

Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		9,470		6,516

Sasa Polyester Sanayi AS*		139,166		20,098

Selcuk Ecza Deposu Ticaret Ve Sanayi AS		2,123		3,396

Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS*		7,629		9,696

TAV Havalimanlari Holding AS*		3,079		22,585

Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		6,210		8,731

Turk Hava Yollari AO*		4,673		41,218

Turk Telekomunikasyon AS*		10,260		14,564

Turkcell Iletisim Hizmetleri AS		22,236		64,192

Turkiye Is Bankasi AS, Class C		72,640		28,187

Turkiye Sigorta AS		28,143		10,392

Turkiye Sinai Kalkinma Bankasi AS*		24,236		8,217

(Cost $712,346)				766,609

United Arab Emirates — 2.2%

Abu Dhabi Commercial Bank PJSC		30,613		73,013

Abu Dhabi Islamic Bank PJSC		20,237		69,534

Aldar Properties PJSC		40,764		81,464

Alpha Dhabi Holding PJSC*		20,853		68,130

Borouge PLC		38,544		26,445

Dubai Islamic Bank PJSC		21,651		36,371

Emaar Properties PJSC		63,726		146,437

Emirates NBD Bank PJSC		24,063		129,064

Emirates Telecommunications Group Co. PJSC		57,797		285,452

First Abu Dhabi Bank PJSC		44,112		160,936

International Holding Co. PJSC*		9,426		1,037,068

(Cost $1,686,512)				2,113,914

United States — 0.2%

BeiGene Ltd.*, ADR		296		56,767

BeiGene Ltd.*		3,283		49,200

BeiGene Ltd.*, Class A		719		14,759


	Number of Shares		Value $

Parade Technologies Ltd.		1,089		27,336

(Cost $168,027)				148,062

TOTAL COMMON STOCKS (Cost $95,911,581)				91,171,177

PREFERRED STOCKS — 1.4%

Brazil — 0.7%

Banco Bradesco SA		53,987		149,093

Centrais Eletricas Brasileiras SA, Class B		4,944		40,280

Cia Energetica de Minas Gerais		26,685		54,800

Companhia Paranaense de Energia, Class B		18,087		33,310

Itau Unibanco Holding SA		48,609		315,002

Itausa SA		56,248		108,855

Klabin SA		2		2

(Cost $577,873)				701,342

Chile — 0.1%

Sociedad Quimica y Minera de Chile SA, Class B

(Cost $75,099)		1,563		60,686

Colombia — 0.1%

Bancolombia SA

(Cost $55,116)		7,961		66,497

Russia — 0.0%

Sberbank of Russia PJSC *(a)

(Cost $275,893)		71,636		0

South Korea — 0.5%

Doosan Co. Ltd.		136		8,033

Hyundai Motor Co.		159		21,603

Hyundai Motor Co. - 2nd Preferred		200		27,698

LG Chem Ltd.		108		17,503

Samsung Electronics Co. Ltd.		7,897		354,695

(Cost $404,037)				429,532

TOTAL PREFERRED STOCKS (Cost $1,388,018)				1,258,057

RIGHTS — 0.0%

Brazil — 0.0%

Equatorial Energia SA* , expires 10/4/24

(Cost $0)		325		109

Saudi Arabia — 0.0%

Savola Group* , expires 9/24/24

(Cost $4,968)		1,425		6,045

Thailand — 0.0%

BTS Group Holdings* , expires 10/31/24 (a)

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024


	Number of Shares		Value $

(Cost $0)		31,622		0

TOTAL RIGHTS
(Cost $4,968)				6,154

WARRANTS — 0.0%

Thailand — 0.0%

BTS Group Holdings PCL*, expires 11/7/24		400		0

BTS Group Holdings PCL*, expires 11/20/26		800		2

(Cost $0)				2

TOTAL WARRANTS
(Cost $0)				2

SECURITIES LENDING COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (c)(d)
(Cost $89,242)		89,242		89,242

CASH EQUIVALENTS — 2.4%

DWS Government Money Market Series “Institutional Shares”, 5.24% (c)
(Cost $2,308,436)		2,308,436		2,308,436

TOTAL INVESTMENTS — 100.6%

(Cost $99,702,245)				94,833,068

Other assets and liabilities, net — (0.6%)				(570,164	)

NET ASSETS — 100.0%				94,262,904

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

SECURITIES LENDING COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (c)(d)

—		89,242	(e)		—			—		—		10,098		—		89,242		89,242

CASH EQUIVALENTS — 2.4%

DWS Government Money Market Series “Institutional Shares”, 5.24% (c)

1,488,084		214,513,330			(213,692,978	)		—		—		176,732		—		2,308,436		2,308,436

1,488,084		214,602,572			(213,692,978	)		—		—		186,830		—		2,397,678		2,397,678

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024

(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, 2024 amounted to $82,732, which is 0.1% 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, 2024.

ADR:	American Depositary Receipt

CPO:	Ordinary Participation Certificates

GDR:	Global Depositary Receipt

JSC:	Joint Stock Company

KSC:	Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:	Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:	Societe Anonyme Egyptienne

144A:

Security exempt from registration under Rule 144A of 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, 2024, 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 Future

USD

2,502,430

2,530,000

9/20/2024

27,570

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 | 23

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets		Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	91,043,353	$	—	$	127,824	$	91,171,177

Preferred Stocks (a)		1,258,057		—		0		1,258,057

Rights (a)		6,154		—		0		6,154

Warrants		2		—		—		2

Short-Term Investments (a)		2,397,678		—		—		2,397,678

Derivatives (b)

Futures Contracts		27,570		—		—		27,570

TOTAL	$	94,732,814	$	—	$	127,824	$	94,860,638

(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, 2024, the amount of transfers from Level 1 to Level 3 was $406,729. The investment was transferred from Level 1 to Level 3 due to 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.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.2%

Australia — 6.1%

ANZ Group Holdings Ltd.		17,917		369,563

APA Group (a)		7,770		40,014

Aristocrat Leisure Ltd.		3,435		127,510

ASX Ltd.		1,148		47,685

BlueScope Steel Ltd.		2,576		36,110

Brambles Ltd.		8,365		103,467

CAR Group Ltd.		2,031		52,172

Cochlear Ltd.		395		80,501

Coles Group Ltd.		8,165		104,096

Computershare Ltd.		3,125		60,281

CSL Ltd.		2,879		600,007

Endeavour Group Ltd.		8,782		31,819

Fortescue Ltd.		10,155		125,883

Goodman Group REIT		10,162		230,290

GPT Group REIT		10,921		36,457

Macquarie Group Ltd.		2,157		315,609

Mineral Resources Ltd.		1,042		28,386

Northern Star Resources Ltd.		6,965		72,115

Orica Ltd.		2,904		34,994

Pilbara Minerals Ltd.		17,339		34,941

QBE Insurance Group Ltd.		8,999		96,411

Ramsay Health Care Ltd.		1,081		30,475

REA Group Ltd.		325		48,292

SEEK Ltd.		2,115		33,077

Suncorp Group Ltd.		7,652		91,741

Transurban Group (a)		18,526		170,322

WiseTech Global Ltd.		998		80,492
Woodside Energy Group Ltd.		11,399		210,294

(Cost $2,890,012)				3,293,004

Austria — 0.2%

OMV AG		892		38,882

Verbund AG		421		35,952

voestalpine AG		731		17,866

(Cost $103,012)				92,700

Belgium — 0.4%

Ageas SA/NV		906		46,653

KBC Group NV		1,402		109,159

Lotus Bakeries NV		2		25,193

Warehouses De Pauw CVA REIT		1,031		27,549

(Cost $193,395)				208,554

Chile — 0.1%

Antofagasta PLC

(Cost $45,554)		2,296		55,915

Denmark — 6.8%

A.P. Moller — Maersk A/S, Class A		19		27,618

A.P. Moller — Maersk A/S, Class B		27		40,328

Coloplast A/S, Class B		764		104,329


	Number of Shares		Value $

DSV A/S		1,015		181,503

Genmab A/S*		394		109,542

Novo Nordisk A/S, Class B		19,245		2,679,152

Novonesis (Novozymes) B, Class B		2,212		153,625

Orsted AS*, 144A		1,099		63,703

Pandora A/S		479		83,949

ROCKWOOL A/S, Class B		57		24,733

Tryg A/S		1,917		42,786

Vestas Wind Systems A/S*		5,971		137,255

(Cost $2,009,934)				3,648,523

Finland — 1.5%

Elisa OYJ		850		42,546

Kesko OYJ, Class B		1,676		34,070

Kone OYJ, Class B		1,988		107,385

Metso Corp.		4,017		40,818

Neste OYJ		2,547		59,628

Nokia OYJ		31,625		139,253

Orion OYJ, Class B		651		34,567

Sampo OYJ, Class A		2,671		119,473

Stora Enso OYJ, Class R		3,417		44,234

UPM-Kymmene OYJ		3,192		108,046

Wartsila OYJ Abp		2,885		63,932

(Cost $806,419)				793,952

France — 11.4%

Aeroports de Paris SA		212		27,808

AXA SA		10,851		413,178

BNP Paribas SA		6,135		424,970

Bouygues SA		1,120		40,180

Carrefour SA		3,212		51,837

Cie Generale des Etablissements Michelin SCA		4,032		158,482

Covivio SA REIT		330		18,410

Credit Agricole SA		6,457		101,169

Danone SA		3,820		265,541

Dassault Systemes SE		3,951		154,292

Eiffage SA		447		46,906

Eurazeo SE		255		20,125

Gecina SA REIT		273		30,067

Getlink SE		1,818		32,831

Hermes International SCA		188		451,363

Kering SA		450		129,009

L’Oreal SA		1,434		629,521

LVMH Moet Hennessy Louis Vuitton SE		1,644		1,227,054

Publicis Groupe SA		1,354		149,005

Rexel SA		1,263		31,931

Schneider Electric SE		3,260		828,872

TotalEnergies SE		12,901		888,081

(Cost $5,359,962)				6,120,632

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Germany — 3.5%

adidas AG		971		249,354

Beiersdorf AG		595		86,113

Commerzbank AG		6,258		92,683

Covestro AG*, 144A		1,121		68,742

Deutsche Boerse AG		1,127		253,113

Deutsche Lufthansa AG(b)		3,621		23,600

Evonik Industries AG		1,494		33,157

GEA Group AG		899		42,192

Heidelberg Materials AG		788		83,438

Henkel AG & Co. KGaA		624		51,907

Knorr-Bremse AG		427		35,141

LEG Immobilien SE		457		44,040

Merck KGaA		762		148,322

MTU Aero Engines AG		313		93,544

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		808		437,618

Puma SE		641		27,735

Symrise AG		777		102,390

Zalando SE*, 144A		1,352		35,079

(Cost $1,539,751)				1,908,168

Hong Kong — 1.9%

AIA Group Ltd.		66,707		474,194

CK Infrastructure Holdings Ltd.		3,826		28,399

Hang Seng Bank Ltd.		4,559		55,114

Hong Kong & China Gas Co. Ltd.		67,605		55,035

Hong Kong Exchanges & Clearing Ltd.		7,107		219,030

MTR Corp. Ltd.		9,522		33,630

Prudential PLC		16,182		138,662

Sino Land Co. Ltd.		24,791		26,570

Swire Pacific Ltd., Class A		2,148		18,230

(Cost $1,398,481)				1,048,864

Ireland — 0.8%

AerCap Holdings NV		1,213		118,170

DCC PLC		606		42,649

James Hardie Industries PLC CDI*		2,553		95,410

Kerry Group PLC, Class A		929		93,371

Kingspan Group PLC		927		80,754

(Cost $397,963)				430,354

Italy — 2.1%

Enel SpA		48,625		369,441

FinecoBank Banca Fineco SpA		3,662		62,606

Generali		6,108		168,213

Intesa Sanpaolo SpA		87,190		363,314

Mediobanca Banca di Credito Finanziario SpA		2,950		49,911

Moncler SpA		1,332		81,711

Nexi SpA*, 144A		3,511		24,538


	Number of Shares		Value $

Poste Italiane SpA, 144A		2,722		37,813

(Cost $1,029,606)				1,157,547

Japan — 25.0%

Aeon Co. Ltd.		3,900		97,738

Ajinomoto Co., Inc.		2,800		107,631

ANA Holdings, Inc.		900		18,206

Asahi Kasei Corp.		7,400		52,449

Asics Corp.		4,100		80,969

Astellas Pharma, Inc.		10,700		133,525

Bandai Namco Holdings, Inc.		3,600		77,313

Bridgestone Corp.		3,400		132,680

Brother Industries Ltd.		1,600		29,675

Chugai Pharmaceutical Co. Ltd.		4,000		202,850

Concordia Financial Group Ltd.		5,800		32,704

Dai Nippon Printing Co. Ltd.		1,165		41,998

Daifuku Co. Ltd.		1,948		37,567

Daiichi Sankyo Co. Ltd.		11,000		461,440

Daikin Industries Ltd.		1,571		199,713

Daiwa House Industry Co. Ltd.		3,300		101,739

Daiwa Securities Group, Inc.		8,200		60,484

Denso Corp.		11,200		172,340

Eisai Co. Ltd.		1,508		63,373

ENEOS Holdings, Inc.		17,000		92,177

FANUC Corp.		5,625		165,615

Fast Retailing Co. Ltd.		1,132		362,678

Fuji Electric Co. Ltd.		850		50,881

FUJIFILM Holdings Corp.		6,650		178,347

Fujitsu Ltd.		10,010		184,072

Hankyu Hanshin Holdings, Inc.		1,300		39,918

Hitachi Construction Machinery Co. Ltd.		600		14,629

Hitachi Ltd.		27,600		677,087

Hoya Corp.		2,099		296,892

Ibiden Co. Ltd.		700		24,283

Isuzu Motors Ltd.		3,400		51,267

ITOCHU Corp.		7,100		375,760

JFE Holdings, Inc.		3,500		48,436

Kao Corp.		2,784		125,142

KDDI Corp.		9,202		310,367

Kikkoman Corp.		4,100		46,264

Komatsu Ltd.		5,500		153,209

Konami Group Corp.		600		54,167

Kubota Corp.		5,900		82,459

LY Corp.		16,300		44,745

Marubeni Corp.		8,500		145,184

MatsukiyoCocokara & Co.		2,000		32,252

Mazda Motor Corp.		3,300		27,695

McDonald’s Holdings Co. Japan Ltd.		500		22,012

MEIJI Holdings Co. Ltd.		1,300		32,374

Mitsubishi Chemical Group Corp.		8,000		46,636

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Mitsubishi Estate Co. Ltd.		6,800		116,778

Mitsui Chemicals, Inc.		900		24,051

Mitsui Fudosan Co. Ltd.		15,800		170,148

Mizuho Financial Group, Inc.		14,300		295,517

MS&AD Insurance Group Holdings, Inc.		7,700		176,893

NEC Corp.		1,500		132,533

Nippon Paint Holdings Co. Ltd.		5,750		36,418

Nitori Holdings Co. Ltd.		492		73,392

Nitto Denko Corp.		850		70,724

Nomura Holdings, Inc.		17,800		103,703

Nomura Research Institute Ltd.		2,300		77,559

Obayashi Corp.		3,700		47,367

Omron Corp.		1,013		41,924

Oriental Land Co. Ltd.		6,425		175,975

ORIX Corp.		6,800		170,181

Osaka Gas Co. Ltd.		2,200		54,303

Pan Pacific International Holdings Corp.		2,300		58,572

Panasonic Holdings Corp.		13,900		115,750

Rakuten Group, Inc.*		9,100		64,592

Recruit Holdings Co. Ltd.		8,850		549,885

Renesas Electronics Corp.		10,000		172,659

Ricoh Co. Ltd.		3,300		34,449

Rohm Co. Ltd.		1,800		22,561

Secom Co. Ltd.		1,300		94,818

Seiko Epson Corp.		1,900		35,369

Sekisui Chemical Co. Ltd.		2,300		34,996

Sekisui House Ltd.		3,600		92,815

Seven & i Holdings Co. Ltd.		13,300		191,683

SG Holdings Co. Ltd.		2,100		22,795

Shimadzu Corp.		1,440		47,916

Shin-Etsu Chemical Co. Ltd.		10,775		475,238

Shiseido Co. Ltd.		2,400		53,751

SoftBank Corp.		17,000		237,945

SoftBank Group Corp.		6,100		352,120

Sompo Holdings, Inc.		5,620		132,390

Sony Group Corp.		7,433		724,897

Subaru Corp.		3,600		68,252

Sumitomo Electric Industries Ltd.		4,300		71,128

Sumitomo Metal Mining Co. Ltd.		1,553		43,559

Sumitomo Mitsui Financial Group, Inc.		7,453		488,830

Sumitomo Mitsui Trust Holdings, Inc.		3,900		96,506

Sysmex Corp.		3,100		60,039

T&D Holdings, Inc.		3,000		50,448

TDK Corp.		2,325		157,236

TIS, Inc.		1,300		32,526

Tokio Marine Holdings, Inc.		11,200		423,524

Tokyo Electron Ltd.		2,722		482,409

Tokyo Gas Co. Ltd.		2,200		55,059


	Number of Shares		Value $

Tokyu Corp.		3,000		36,726

Toray Industries, Inc.		8,600		44,322

TOTO Ltd.		800		27,763

Unicharm Corp.		2,500		87,205

West Japan Railway Co.		2,600		49,623

Yamaha Motor Co. Ltd.		5,300		46,119

Yokogawa Electric Corp.		1,279		35,909

Zensho Holdings Co. Ltd.		600		31,326

ZOZO, Inc.		900		28,699

(Cost $10,754,010)				13,488,817

Luxembourg — 0.1%

Eurofins Scientific SE

(Cost $46,112)		768		43,899

Netherlands — 7.0%

Akzo Nobel NV		997		63,677

ASML Holding NV		2,386		2,144,545

ASR Nederland NV		915		44,817

ING Groep NV		19,583		355,364

JDE Peet’s NV		727		16,674

Koninklijke Ahold Delhaize NV		5,626		193,424

Koninklijke KPN NV		23,181		94,759

NN Group NV		1,672		81,969

OCI NV		551		17,449

Prosus NV*		8,412		312,206

QIAGEN NV*		1,298		59,582

Universal Music Group NV		4,923		128,766

Wolters Kluwer NV		1,491		254,407

(Cost $2,537,621)				3,767,639

New Zealand — 0.3%

Mercury NZ Ltd.		3,877		15,160

Meridian Energy Ltd.		7,383		29,286

Spark New Zealand Ltd.		11,064		24,851

Xero Ltd.*		850		82,379

(Cost $142,189)				151,676

Norway — 1.0%

Aker BP ASA		1,886		45,208

DNB Bank ASA		5,353		113,254

Equinor ASA		5,041		133,970

Gjensidige Forsikring ASA		1,177		20,879

Mowi ASA		2,701		47,098

Norsk Hydro ASA		8,105		45,452

Orkla ASA		4,419		39,300

Salmar ASA		442		22,993

Telenor ASA		3,826		47,499

Yara International ASA		898		26,180

(Cost $577,563)				541,833

Portugal — 0.2%

Galp Energia SGPS SA		2,718		56,440

Jeronimo Martins SGPS SA		1,629		30,185

(Cost $65,366)				86,625

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Singapore — 0.8%

CapitaLand Ascendas REIT REIT		22,900		50,598

CapitaLand Integrated Commercial Trust REIT		32,165		52,315

CapitaLand Investment Ltd.		15,600		32,434

Grab Holdings Ltd.*, Class A		11,836		38,112

Keppel Ltd.		9,000		42,602

Sembcorp Industries Ltd.		5,200		19,668

Singapore Exchange Ltd.		5,300		44,036

United Overseas Bank Ltd.		7,500		180,617

(Cost $426,797)				460,382

Spain — 2.0%

ACS Actividades de Construccion y Servicios SA		1,123		51,114

Amadeus IT Group SA		2,709		182,734

Banco de Sabadell SA		31,874		68,552

Cellnex Telecom SA*, 144A		3,152		121,869

Iberdrola SA		36,379		516,235

Redeia Corp. SA		2,407		45,773

Repsol SA		7,196		99,207

(Cost $946,729)				1,085,484

Sweden — 3.7%

Alfa Laval AB		1,734		77,872

Assa Abloy AB, Class B		5,958		192,632

Atlas Copco AB, Class A		15,924		289,457

Atlas Copco AB, Class B		9,439		150,423

Boliden AB		1,637		50,193

Epiroc AB, Class A		3,954		76,371

Epiroc AB, Class B		2,338		41,620

EQT AB		2,187		73,208

Essity AB, Class B		3,680		111,973

Evolution AB, 144A		1,072		111,641

H & M Hennes & Mauritz AB, Class B		3,415		54,189

Holmen AB, Class B		458		18,793

Husqvarna AB, Class B		2,103		14,194

Nibe Industrier AB, Class B		9,150		45,246

Sandvik AB		6,304		134,381

SKF AB, Class B		2,052		38,923

Svenska Cellulosa AB SCA, Class B		3,672		51,114

Svenska Handelsbanken AB, Class A		8,499		87,889

Tele2 AB, Class B		3,250		36,972

Telia Co. AB		14,101		43,842

Volvo AB, Class A		1,216		32,796

Volvo AB, Class B		9,401		250,247

(Cost $1,763,568)				1,983,976

Switzerland — 10.1%

ABB Ltd.		9,489		543,874

Alcon, Inc.		2,968		287,897

Baloise Holding AG		282		54,542


	Number of Shares		Value $

Banque Cantonale Vaudoise		180		19,285

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		12		158,689

Clariant AG*		1,265		19,889

Coca-Cola HBC AG*		1,345		49,848

DSM-Firmenich AG		1,102		150,036

Geberit AG		201		128,164

Givaudan SA		55		282,374

Julius Baer Group Ltd.		1,216		70,958

Kuehne + Nagel International AG		288		89,307

Logitech International SA		935		84,656

Lonza Group AG		442		289,440

Novartis AG		11,746		1,413,756

SGS SA		916		102,175

SIG Group AG*		1,851		39,138

Sika AG		909		291,412

Sonova Holding AG		296		103,196

STMicroelectronics NV		4,039		128,624

Swiss Life Holding AG		174		140,685

Swiss Prime Site AG		461		51,944

Swiss Re AG		1,795		244,778

Swisscom AG		156		98,644

Temenos AG		389		27,096

VAT Group AG, 144A		162		83,478

Zurich Insurance Group AG		874		506,198

(Cost $4,305,829)				5,460,083

United Kingdom — 14.2%

3i Group PLC		5,779		241,447

Admiral Group PLC		1,527		58,560

Anglo American PLC		7,534		218,726

Ashtead Group PLC		2,632		186,723

Associated British Foods PLC		1,963		64,239

AstraZeneca PLC		9,251		1,613,870

Auto Trader Group PLC, 144A		5,409		60,496

Aviva PLC		15,948		105,762

Barratt Developments PLC		8,175		54,494

Berkeley Group Holdings PLC		656		42,969

BT Group PLC		37,474		68,458

Bunzl PLC		2,036		94,724

Coca-Cola Europacific Partners PLC		1,235		99,405

Croda International PLC		793		42,803

Endeavour Mining PLC		1,067		22,633

HSBC Holdings PLC		110,881		971,551

Informa PLC		8,304		91,019

Intertek Group PLC		968		62,974

J Sainsbury PLC		9,996		38,413

Kingfisher PLC		11,455		42,786

Land Securities Group PLC REIT		3,990		33,010

Legal & General Group PLC		35,065		103,136

Lloyds Banking Group PLC		376,245		289,271

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

M&G PLC		12,445		35,067

Mondi PLC		2,658		51,421

National Grid PLC		28,732		377,082

Phoenix Group Holdings PLC		4,126		30,665

Reckitt Benckiser Group PLC		4,194		240,652

RELX PLC		11,128		517,578

Rentokil Initial PLC		15,198		96,474

Sage Group PLC		5,991		79,603

Schroders PLC		4,516		20,322

Segro PLC REIT		7,598		86,995

Smiths Group PLC		1,999		47,342

Spirax Group PLC		440		44,498

Taylor Wimpey PLC		21,734		46,002

Tesco PLC		42,839		199,137

Unilever PLC		14,889		960,000

Vodafone Group PLC		135,357		132,388

Whitbread PLC		1,052		39,888

WPP PLC		6,476		61,637

(Cost $6,401,689)				7,674,220

TOTAL COMMON STOCKS (Cost $43,741,562)				53,502,847

PREFERRED STOCKS — 0.3%

Germany — 0.3%

Henkel AG & Co. KGaA		1,018		93,256


	Number of Shares		Value $

Sartorius AG		151		41,685

(Cost $126,548)				134,941

EXCHANGE-TRADED FUNDS — 0.1%

iShares ESG Aware MSCI EAFE ETF (b) (Cost $53,467)		700		58,345

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (c)(d) (Cost $83,698)		83,698		83,698

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.24% (c) (Cost $41,263)		41,263		41,263

TOTAL INVESTMENTS — 99.8%
(Cost $44,046,538)				53,821,094

Other assets and liabilities, net — 0.2%				86,030

NET ASSETS — 100.0%				53,907,124

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


									Net Change
									in Unrealized
							Net Realized		Appreciation				Capital Gain		Number of
Value ($) at	Purchases Cost			Sales			Gain/(Loss)		(Depreciation)				Distributions		Shares at		Value ($) at
8/31/2023	($)			Proceeds ($)			($)		($)		Income ($)		($)		8/31/2024		8/31/2024

SECURITIES LENDING COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (c)(d)

—		83,698	(e)		—			—		—		571		—		83,698		83,698

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (c)

11,252		2,648,983			(2,618,972	)		—		—		2,324		—		41,263		41,263

11,252		2,732,681			(2,618,972	)		—		—		2,895		—		124,961		124,961

*	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, 2024 amounted to $81,202, which is 0.2% of net assets.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2024.

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2024

CDI:	Chess Depositary Interests

CVA:	Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

144A:

Security exempt from registration under Rule 144A of 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, 2024, 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 Futures		EUR		3		16,389		16,507		9/20/2024		118

MINI TOPIX Index Futures		JPY		3		59,415		55,950		9/12/2024		(3,465	)

MSCI EAFE Futures		USD		1		116,975		122,925		9/20/2024		5,950

Total net unrealized appreciation												2,603

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

USD	U.S. Dollar

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	53,502,847		$	—	$	—	$	53,502,847

Preferred Stocks		134,941			—		—		134,941

Exchange-Traded Funds		58,345			—		—		58,345

Short-Term Investments (a)		124,961			—		—		124,961

Derivatives (b)
Futures Contracts		6,068			—		—		6,068

TOTAL	$	53,827,162		$	—	$	—	$	53,827,162

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)
Futures Contracts	$	(3,465	)	$	—	$	—	$	(3,465	)

TOTAL	$	(3,465	)	$	—	$	—	$	(3,465	)

(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 | 31

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 98.8%

Brazil — 2.2%

Atacadao SA*		4,126		6,535

B3 SA - Brasil Bolsa Balcao		36,246		81,154

Banco do Brasil SA		11,382		56,515

CCR SA		7,060		16,518

Cia Siderurgica Nacional SA		4,500		9,424

Cosan SA		8,349		19,696

CPFL Energia SA		1,381		8,313

Energisa SA		1,404		11,729

Engie Brasil Energia SA		1,244		9,920

Equatorial Energia SA		7,606		45,932

Hapvida Participacoes e Investimentos SA*, 144A		33,365		24,980

Klabin SA		5,646		21,524

Localiza Rent a Car SA*		61		437

Localiza Rent a Car SA		6,088		44,472

Natura & Co. Holding SA		6,237		14,923

PRIO SA		5,351		44,257

Raia Drogasil SA		8,606		41,880

Rede D’Or Sao Luiz SA, 144A		5,247		29,583

Rumo SA		8,622		33,265

Sendas Distribuidora SA*		8,796		14,864

Telefonica Brasil SA		2,834		25,936

TIM SA		5,043		15,904

TOTVS SA		3,923		20,760

Ultrapar Participacoes SA		4,964		20,475

(Cost $668,365)				618,996

Chile — 0.3%

Empresas CMPC SA		7,977		13,729

Empresas Copec SA		2,668		17,422

Enel Americas SA		145,631		15,549

Falabella SA*		5,724		20,164

Latam Airlines Group SA		853,783		10,997

(Cost $84,851)				77,861

China — 24.4%

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		1,968

AAC Technologies Holdings, Inc.		4,879		20,735

Agricultural Bank of China Ltd., Class A		35,800		22,833

Agricultural Bank of China Ltd., Class H		186,363		82,426

Aier Eye Hospital Group Co. Ltd., Class A		4,300		5,885

Air China Ltd.*, Class A		500		492

Alibaba Group Holding Ltd.		100,549		1,049,910

Angel Yeast Co. Ltd., Class A		200		882

Anhui Conch Cement Co. Ltd., Class A		1,700		5,018

Anhui Conch Cement Co. Ltd., Class H		8,533		18,465


	Number of Shares		Value $

Anjoy Foods Group Co. Ltd., Class A		100		1,077

Baidu, Inc.*, Class A		15,290		162,595

Beijing Tong Ren Tang Co. Ltd.		600		2,978

Bilibili, Inc.*, Class Z		1,519		22,316

BYD Co. Ltd., Class A		777		27,346

BYD Co. Ltd., Class H		6,792		210,019

By-health Co. Ltd., Class A		300		478

China Construction Bank Corp., Class A		4,500		4,781

China Construction Bank Corp., Class H		635,130		449,454

China Eastern Airlines Corp. Ltd.*, Class A		7,100		3,797

China Feihe Ltd., 144A		24,804		13,324

China Jushi Co. Ltd., Class A		1,828		2,582

China Literature Ltd.*, 144A		2,801		8,869

China Mengniu Dairy Co. Ltd.		21,414		36,457

China Merchants Bank Co. Ltd., Class A		8,134		36,900

China Merchants Bank Co. Ltd., Class H		26,168		108,525

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,600		4,689

China Minsheng Banking Corp. Ltd., Class A		14,300		6,921

China Minsheng Banking Corp. Ltd., Class H		42,320		15,245

China National Building Material Co. Ltd., Class H		28,744		8,291

China Resources Pharmaceutical Group Ltd., 144A		11,070		7,805

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		520		3,297

China Southern Airlines Co. Ltd.*, Class A		3,674		2,955

China Three Gorges Renewables Group Co. Ltd., Class A		12,810		8,260

China Tourism Group Duty Free Corp. Ltd., Class A		800		6,887

China Vanke Co. Ltd.*, Class A		4,385		4,183

China Vanke Co. Ltd.*, Class H		15,367		8,097

China Yangtze Power Co. Ltd., Class A		10,100		41,871

Chongqing Zhifei Biological Products Co. Ltd., Class A		800		2,602

CITIC Ltd.		39,068		39,016

CMOC Group Ltd., Class A		4,524		4,781

CMOC Group Ltd., Class H		25,630		20,897

CNGR Advanced Material Co. Ltd., Class A		420		1,713

Contemporary Amperex Technology Co. Ltd., Class A		1,795		46,690

CSPC Innovation Pharmaceutical Co. Ltd., Class A		600		2,052

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CSPC Pharmaceutical Group Ltd.		55,576		34,341

ENN Energy Holdings Ltd.		5,192		33,879

ENN Natural Gas Co. Ltd., Class A		1,200		2,992

Fosun International Ltd.		17,016		8,835

Ganfeng Lithium Group Co. Ltd., Class A		664		2,561

GEM Co. Ltd., Class A		1,200		1,011

Genscript Biotech Corp.*		7,910		11,986

Goldwind Science & Technology Co. Ltd., Class A		1,700		1,981

Great Wall Motor Co. Ltd., Class A		1,100		3,595

Great Wall Motor Co. Ltd., Class H		15,253		21,940

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300		1,219

H World Group Ltd., ADR		1,380		42,007

Haier Smart Home Co. Ltd., Class A		2,700		9,422

Haier Smart Home Co. Ltd., Class H		16,422		50,632

Haitian International Holdings Ltd.		3,835		10,718

Hangzhou Tigermed Consulting Co. Ltd., Class A		200		1,436

Hansoh Pharmaceutical Group Co. Ltd., 144A		7,839		20,059

Henan Shuanghui Investment & Development Co. Ltd., Class A		1,642		5,380

Huadong Medicine Co. Ltd., Class A		600		2,496

Huatai Securities Co. Ltd., Class A		3,356		5,957

Huatai Securities Co. Ltd., Class H, 144A		8,624		9,497

Imeik Technology Development Co. Ltd., Class A		140		2,864

Industrial & Commercial Bank of China Ltd., Class A		26,500		22,361

Industrial & Commercial Bank of China Ltd., Class H		457,242		263,194

Industrial Bank Co. Ltd., Class A		6,700		15,608

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,650		8,462

Innovent Biologics, Inc.*, 144A		7,822		42,568

JD Logistics, Inc.*, 144A		13,209		16,172

JD.com, Inc., Class A		16,342		224,586

Jiangsu Eastern Shenghong Co. Ltd., Class A		1,600		1,759

Jiangsu Expressway Co. Ltd., Class H		7,064		6,964

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,700		16,813


	Number of Shares		Value $

Jiangsu Zhongtian Technology Co. Ltd., Class A		1,500		2,743

Kanzhun Ltd., ADR		1,757		21,892

KE Holdings, Inc., ADR		4,365		64,777

Kingdee International Software Group Co. Ltd.*		18,914		14,961

Kingsoft Corp. Ltd.		6,179		16,991

Kuaishou Technology*, 144A		15,007		77,532

Kuang-Chi Technologies Co. Ltd.*, Class A		1,100		2,708

Lenovo Group Ltd.		53,308		65,538

Li Auto, Inc.*, Class A		8,250		83,395

Livzon Pharmaceutical Group, Inc., Class A		300		1,522

Longfor Group Holdings Ltd., 144A		13,294		15,015

MINISO Group Holding Ltd.		2,664		11,236

NetEase, Inc.		12,907		211,300

NIO, Inc.*, Class A		8,977		38,668

Nongfu Spring Co. Ltd., Class H, 144A		13,667		49,759

Offshore Oil Engineering Co. Ltd., Class A		1,800		1,394

Orient Securities Co. Ltd., Class A		3,000		3,564

Pharmaron Beijing Co. Ltd., Class A		750		2,115

Pop Mart International Group Ltd., 144A		3,220		18,927

Postal Savings Bank of China Co. Ltd., Class H, 144A		55,065		29,578

SF Holding Co. Ltd., Class A		2,188		11,222

Shandong Nanshan Aluminum Co. Ltd., Class A		4,300		2,227

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		17,011		9,617

Shanghai Electric Group Co. Ltd.*, Class A		4,200		2,151

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		826		2,627

Shanghai M&G Stationery, Inc., Class A		400		1,512

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,278		3,354

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,091		7,049

Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,052		1,714

Shenzhen Inovance Technology Co. Ltd., Class A		624		3,813

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		448		15,854

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		200		1,887

Shenzhou International Group Holdings Ltd.		5,507		45,466

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		600		2,596

Sinopharm Group Co. Ltd., Class H		8,868		20,668

Sinotruk Hong Kong Ltd.		4,708		11,769

Sungrow Power Supply Co. Ltd., Class A		938		10,191

Sunny Optical Technology Group Co. Ltd.		4,645		28,762

Sunwoda Electronic Co. Ltd., Class A		800		1,895

Tencent Holdings Ltd.		43,334		2,122,146

Tianqi Lithium Corp., Class A		600		2,225

Tongcheng Travel Holdings Ltd.		8,100		15,119

Vipshop Holdings Ltd., ADR		2,362		29,619

Weichai Power Co. Ltd., Class A		2,700		4,937

Weichai Power Co. Ltd., Class H		13,000		19,899

Western Mining Co. Ltd., Class A		1,000		2,208

WuXi AppTec Co. Ltd., Class A		1,088		6,015

WuXi AppTec Co. Ltd., Class H, 144A		2,489		10,945

Wuxi Biologics Cayman, Inc.*, 144A		23,048		33,152

XPeng, Inc.*, Class A		8,377		34,204

Yadea Group Holdings Ltd., 144A		8,450		11,916

Yihai Kerry Arawana Holdings Co. Ltd., Class A		700		2,555

Yum China Holdings, Inc.		2,602		87,974

Yunnan Baiyao Group Co. Ltd., Class A		806		6,148

Yunnan Energy New Material Co. Ltd., Class A		358		1,359

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		100		2,943

Zhejiang Chint Electrics Co. Ltd., Class A		2,712		6,716

Zhejiang Expressway Co. Ltd., Class H		11,942		7,701

Zhejiang Leapmotor Technology Co. Ltd.*, 144A		3,327		9,191

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800		3,389

ZTO Express Cayman, Inc.		2,885		63,319

(Cost $8,372,638)				6,841,328

Colombia — 0.1%

Bancolombia SA		1,711		15,607

Interconexion Electrica SA ESP		2,679		11,684

(Cost $30,945)				27,291

Czech Republic — 0.1%

Komercni Banka AS		454		15,410

Moneta Money Bank AS, 144A		1,657		7,987

(Cost $20,179)				23,397


	Number of Shares		Value $

Egypt — 0.1%

Commercial International Bank - Egypt (CIB)

(Cost $22,592)		14,744		26,407

Greece — 0.6%

Alpha Services and Holdings SA		14,485		24,796

Eurobank Ergasias Services and Holdings SA		17,815		40,701

Hellenic Telecommunications Organization SA		1,233		20,008

Metlen Energy & Metals SA		719		27,091

National Bank of Greece SA		5,181		45,064

(Cost $109,380)				157,660

Hong Kong — 1.2%

Alibaba Health Information Technology Ltd.*		36,842		14,217

Beijing Enterprises Water Group Ltd.		28,772		8,410

Bosideng International Holdings Ltd.		26,391		12,958

China Merchants Port Holdings Co. Ltd.		7,436		11,153

China Overseas Land & Investment Ltd.		25,691		40,774

China Resources Gas Group Ltd.		6,347		21,400

China Resources Land Ltd.		21,105		59,930

China Ruyi Holdings Ltd.*		41,857		12,127

Chow Tai Fook Jewellery Group Ltd.		13,756		11,727

Far East Horizon Ltd.		10,270		7,176

Geely Automobile Holdings Ltd.		37,214		42,078

Kunlun Energy Co. Ltd.		26,615		26,648

Orient Overseas International Ltd.		836		11,628

Sino Biopharmaceutical Ltd.		68,556		28,388

Want Want China Holdings Ltd.		32,681		18,895

(Cost $479,908)				327,509

Hungary — 0.1%

MOL Hungarian Oil & Gas PLC

(Cost $24,663)		2,959		22,478

India — 17.9%

ABB India Ltd.		366		34,632

Adani Green Energy Ltd.*		2,144		46,989

APL Apollo Tubes Ltd.		1,116		19,455

Ashok Leyland Ltd.		9,600		29,354

Asian Paints Ltd.		2,599		96,893

Astral Ltd.		795		18,193

AU Small Finance Bank Ltd., 144A		2,381		19,551

Axis Bank Ltd.		14,977		209,866

Balkrishna Industries Ltd.		514		17,342

Bharti Airtel Ltd.		16,949		321,121

Britannia Industries Ltd.		747		52,150

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Cipla Ltd.		3,420		67,482

Colgate-Palmolive India Ltd.		919		39,888

Dabur India Ltd.		3,519		26,733

Eicher Motors Ltd.		870		51,456

GAIL India Ltd.		14,638		41,484

GMR Airports Infrastructure Ltd.*		14,178		15,971

Grasim Industries Ltd.		1,710		55,025

Havells India Ltd.		1,700		38,498

HCL Technologies Ltd.		6,300		131,696

HDFC Bank Ltd.		28,165		549,691

Hero MotoCorp Ltd.		802		52,166

Hindalco Industries Ltd.		8,514		71,196

Hindustan Unilever Ltd.		5,479		181,477

ICICI Prudential Life Insurance Co. Ltd., 144A		2,296		20,618

Indian Hotels Co. Ltd.		5,552		42,862

Info Edge India Ltd.		483		44,221

Infosys Ltd.		15,268		353,833

Infosys Ltd., ADR		6,651		154,835

InterGlobe Aviation Ltd.*, 144A		1,167		67,206

Kotak Mahindra Bank Ltd.		7,199		152,853

Macrotech Developers Ltd., 144A		2,008		30,020

Mahindra & Mahindra Ltd.		6,160		206,045

Marico Ltd.		3,537		27,292

Max Healthcare Institute Ltd.		5,022		51,641

Nestle India Ltd.		2,221		66,223

PI Industries Ltd.		494		26,478

Pidilite Industries Ltd.		1,000		37,239

Power Grid Corp. of India Ltd.		31,262		125,762

Reliance Industries Ltd.		20,143		725,120

Shree Cement Ltd.		63		19,141

Siemens Ltd.		591		48,572

Sona Blw Precision Forgings Ltd., 144A		2,733		22,267

SRF Ltd.		830		25,380

Supreme Industries Ltd.		429		27,031

Suzlon Energy Ltd.*		63,804		57,694

Tata Consumer Products Ltd.		3,981		56,966

Thermax Ltd.		279		14,546

Torrent Pharmaceuticals Ltd.		733		30,459

Trent Ltd.		1,217		103,876

TVS Motor Co. Ltd.		1,588		53,266

Union Bank of India Ltd.		10,282		14,900

UPL Ltd.		3,029		21,609

Vedanta Ltd.		9,143		51,067

Zomato Ltd.*		44,249		132,175

(Cost $3,597,821)				4,999,506

Indonesia — 1.2%

Amman Mineral Internasional PT*		43,971		30,300


	Number of Shares		Value $

PT Bank Rakyat Indonesia Persero Tbk		451,814		150,556

PT Barito Pacific Tbk		202,380		14,994

PT Chandra Asri Pacific Tbk		52,103		33,629

PT Kalbe Farma Tbk		142,363		15,199

PT Merdeka Copper Gold Tbk*		66,750		10,193

PT Telkom Indonesia Persero Tbk		333,840		66,098

PT Unilever Indonesia Tbk		51,759		7,602

(Cost $387,964)				328,571

Kazakhstan — 0.0%

Solidcore Resources PLC* (a)		487		1,485

Solidcore Resources PLC* (a)		1,583		0

(Cost $40,174)				1,485

Kuwait — 0.6%

Kuwait Finance House KSCP		68,558		163,068

Mabanee Co KPSC		4,498		12,626

(Cost $157,557)				175,694

Malaysia — 2.2%

AMMB Holdings Bhd		15,600		18,767

Axiata Group Bhd		17,983		10,609

Celcomdigi Bhd		23,200		20,771

CIMB Group Holdings Bhd		45,973		87,213

Gamuda Bhd		12,859		22,312

IHH Healthcare Bhd		15,200		22,048

Kuala Lumpur Kepong Bhd		2,670		13,441

Malayan Banking Bhd		36,653		91,410

Malaysia Airports Holdings Bhd		6,328		15,372

Maxis Bhd		11,700		10,448

MR DIY Group M Bhd, 144A		14,100		6,720

Nestle Malaysia Bhd		500		12,261

Petronas Chemicals Group Bhd		18,300		24,598

Petronas Dagangan Bhd		1,900		9,266

Petronas Gas Bhd		5,300		22,414

PPB Group Bhd		3,300		11,146

Press Metal Aluminium Holdings Bhd		25,400		29,205

Public Bank Bhd		98,175		109,474

QL Resources Bhd		7,400		11,128

RHB Bank Bhd		10,083		14,299

SD Guthrie Bhd		13,900		14,728

Sime Darby Bhd		20,200		11,590

Telekom Malaysia Bhd		5,800		9,071

YTL Corp. Bhd		21,100		14,156

YTL Power International Bhd		15,900		14,272

(Cost $519,873)				626,719

Mexico — 2.4%

America Movil SAB de CV, Series B		123,612		102,567

Arca Continental SAB de CV		3,394		30,468

Cemex SAB de CV, Series CPO		97,734		59,552

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Fibra Uno Administracion SA de CV REIT		18,492		21,829

Fomento Economico Mexicano SAB de CV		11,841		121,427

Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,555		45,362

Grupo Aeroportuario del Sureste SAB de CV, Class B		1,210		32,520

Grupo Bimbo SAB de CV, Series A		8,796		31,554

Grupo Financiero Banorte SAB de CV, Class O		17,434		120,883

Orbia Advance Corp. SAB de CV		5,347		5,730

Wal-Mart de Mexico SAB de CV		34,120		109,023

(Cost $662,607)				680,915

Netherlands — 0.1%

NEPI Rockcastle NV *

(Cost $24,867)		3,824		31,064

Peru — 0.3%

Credicorp Ltd.

(Cost $62,468)		454		80,971

Philippines — 0.2%

Ayala Corp.		1,320		14,223

JG Summit Holdings, Inc.		17,770		7,437

PLDT, Inc.		515		13,758

SM Investments Corp.		1,432		22,570

(Cost $69,717)				57,988

Poland — 1.1%

Allegro.eu SA*, 144A		3,908		38,522

Budimex SA		85		13,249

CD Projekt SA		442		20,955

KGHM Polska Miedz SA		926		33,280

mBank SA*		103		17,068

ORLEN SA*		3,669		61,123

Powszechna Kasa Oszczednosci Bank Polski SA		5,864		87,882

Santander Bank Polska SA		230		30,944

(Cost $219,311)				303,023

Qatar — 0.6%

Qatar Fuel QSC		3,952		15,793

Qatar Gas Transport Co. Ltd.		17,822		22,002

Qatar National Bank QPSC		31,185		135,669

(Cost $196,976)				173,464

Russia — 0.0%

Gazprom PJSC* (a)		68,905		0

LUKOIL PJSC* (a)		2,409		0

Mobile TeleSystems PJSC*, ADR (a)		2,662		0

Moscow Exchange MICEX-RTS PJSC* (a)		8,602		0

Novatek PJSC* (a)		5,300		0

Novolipetsk Steel PJSC* (a)		8,462		0


	Number of Shares		Value $

PhosAgro PJSC* (a)		168		0

PhosAgro PJSC*, GDR (a)		300		0

PhosAgro PJSC, GDR* (a)		4		0

Polyus PJSC* (a)		193		0

(Cost $634,818)				0

Saudi Arabia — 2.3%

ACWA Power Co.		984		110,446

Alinma Bank		8,041		66,855

Bank AlBilad		3,978		40,812

Dr Sulaiman Al Habib Medical Services Group Co.		559		45,583

Etihad Etisalat Co.		2,550		34,316

Mobile Telecommunications Co. Saudi Arabia		3,000		8,938

Saudi Arabian Oil Co., 144A		24,315		181,102

Saudi Basic Industries Corp.		6,017		119,936

Saudi Electricity Co.		5,739		26,825

Savola Group*		2,273		16,112

(Cost $641,347)				650,925

Singapore — 0.0%

BOC Aviation Ltd., 144A

(Cost $11,623)		1,457		12,552

South Africa — 4.9%

Absa Group Ltd.		5,260		52,099

Anglo American Platinum Ltd.		454		15,741

Aspen Pharmacare Holdings Ltd.		2,580		34,873

Bid Corp. Ltd.		2,121		53,654

Bidvest Group Ltd.		2,289		37,542

Capitec Bank Holdings Ltd.		558		91,956

Clicks Group Ltd.		1,595		33,570

Discovery Ltd.		3,532		30,436

FirstRand Ltd.		32,986		159,737

Gold Fields Ltd.		5,954		83,145

Impala Platinum Holdings Ltd.		5,889		25,539

Kumba Iron Ore Ltd.		440		8,746

MTN Group Ltd.		11,506		57,585

Naspers Ltd., Class N		1,191		246,702

Nedbank Group Ltd.		3,039		50,782

Northam Platinum Holdings Ltd.		2,332		13,848

Old Mutual Ltd.		32,825		23,849

Pepkor Holdings Ltd., 144A		16,454		20,295

Sanlam Ltd.		12,032		60,238

Sasol Ltd.		3,929		30,445

Shoprite Holdings Ltd.		3,426		59,833

Sibanye Stillwater Ltd.		19,424		18,850

Standard Bank Group Ltd.		8,913		120,480

Vodacom Group Ltd.		4,310		26,712

Woolworths Holdings Ltd.		5,473		19,932

(Cost $1,348,429)				1,376,589

South Korea — 6.1%

Amorepacific Corp.		202		18,811

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CJ CheilJedang Corp.		47		11,329

Coway Co. Ltd.		375		18,864

Doosan Bobcat, Inc.		381		11,351

Doosan Enerbility Co. Ltd.*		3,022		40,946

Hana Financial Group, Inc.		1,977		91,609

Hanjin Kal Corp.		178		9,154

Hanwha Solutions Corp.		772		14,910

HD Hyundai Co. Ltd.		305		18,471

HD Hyundai Electric Co. Ltd.		145		33,161

HMM Co. Ltd.		1,658		21,063

HYBE Co. Ltd.		138		19,049

Hyundai Engineering & Construction Co. Ltd.		524		12,552

Hyundai Glovis Co. Ltd.		260		21,799

Kakao Corp.		1,959		54,553

KakaoBank Corp.		1,099		18,182

KB Financial Group, Inc.		2,564		164,875

Korea Zinc Co. Ltd.		55		22,027

Korean Air Lines Co. Ltd.		1,048		17,299

Krafton, Inc.*		192		46,999

Kumho Petrochemical Co. Ltd.		119		12,195

LG Chem Ltd.		330		79,421

LG Corp.		651		38,597

LG Display Co. Ltd.*		2,107		17,760

LG Electronics, Inc.		716		53,277

LG Energy Solution Ltd.*		302		87,716

LG H&H Co. Ltd.		67		17,780

LG Uplus Corp.		1,461		10,664

Lotte Chemical Corp.		134		8,296

Mirae Asset Securities Co. Ltd.		1,197		7,491

NAVER Corp.		860		108,864

NCSoft Corp.		98		13,763

Netmarble Corp.*, 144A		150		6,838

POSCO Future M Co. Ltd.		209		33,560

Samsung C&T Corp.		557		61,585

Samsung E&A Co. Ltd.*		992		18,825

Samsung SDI Co. Ltd.		366		96,990

Shinhan Financial Group Co. Ltd.		2,862		120,192

SK Biopharmaceuticals Co. Ltd.*		211		18,165

SK Bioscience Co. Ltd.*		184		7,645

SK Innovation Co. Ltd.*		413		34,008

SK Square Co. Ltd.*		638		37,492

SK Telecom Co. Ltd.		370		15,289

SK, Inc.		243		26,049

SKC Co. Ltd.*		130		12,534

Woori Financial Group, Inc.		4,041		48,461

Yuhan Corp.		376		39,687

(Cost $1,944,917)				1,700,148

Taiwan — 25.4%

Acer, Inc.		18,941		25,904

Airtac International Group		909		24,579


	Number of Shares		Value $

AUO Corp.*		43,513		22,375

Cathay Financial Holding Co. Ltd.		61,095		121,273

Chailease Holding Co. Ltd.		9,180		41,753

China Airlines Ltd.		21,022		13,537

China Steel Corp.		79,930		55,594

Chunghwa Telecom Co. Ltd.		25,058		97,130

CTBC Financial Holding Co. Ltd.		103,403		105,536

Delta Electronics, Inc.		13,377		167,056

E.Sun Financial Holding Co. Ltd.		92,642		81,666

Eva Airways Corp.		17,784		19,652

Evergreen Marine Corp. Taiwan Ltd.		6,987		41,062

Far Eastern New Century Corp.		20,050		22,720

Far EasTone Telecommunications Co. Ltd.		12,313		34,834

First Financial Holding Co. Ltd.		75,117		63,987

Fubon Financial Holding Co. Ltd.		52,438		150,643

Hotai Motor Co. Ltd.		2,140		44,151

Hua Nan Financial Holdings Co. Ltd.		53,655		42,770

Lite-On Technology Corp.		13,000		43,482

MediaTek, Inc.		10,121		392,311

Mega Financial Holding Co. Ltd.		78,814		95,961

Nan Ya Plastics Corp.		32,034		45,362

PharmaEssentia Corp.*		1,580		34,524

President Chain Store Corp.		3,406		29,972

Shanghai Commercial & Savings Bank Ltd.		25,000		31,455

SinoPac Financial Holdings Co. Ltd.		74,830		56,140

Taishin Financial Holding Co. Ltd.		72,642		42,009

Taiwan Cooperative Financial Holding Co. Ltd.		71,698		58,049

Taiwan High Speed Rail Corp.		13,623		12,733

Taiwan Mobile Co. Ltd.		12,023		42,094

Taiwan Semiconductor Manufacturing Co. Ltd.		162,722		4,801,800

Uni-President Enterprises Corp.		32,748		84,557

United Microelectronics Corp.		72,869		126,422

Voltronic Power Technology Corp.		425		26,504

Wan Hai Lines Ltd.		4,523		11,721

(Cost $3,767,411)				7,111,318

Thailand — 2.0%

Advanced Info Service PCL, NVDR		7,700		56,194

Airports of Thailand PCL, NVDR		28,400		50,137

Bangkok Dusit Medical Services PCL, NVDR		75,200		61,658

Bangkok Expressway & Metro PCL		51,100		11,550

Bumrungrad Hospital PCL, NVDR		3,500		25,336

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Central Retail Corp. PCL, NVDR		12,600		10,982

Charoen Pokphand Foods PCL, NVDR		21,200		15,409

CP ALL PCL, NVDR		37,200		66,497

Delta Electronics Thailand PCL, NVDR		21,000		66,081

Gulf Energy Development PCL, NVDR		20,000		29,990

Home Product Center PCL, NVDR		39,700		10,616

Intouch Holdings PCL, NVDR		5,900		14,382

Kasikornbank PCL, NVDR		4,200		17,746

Minor International PCL, NVDR		21,054		16,796

PTT Exploration & Production PCL, NVDR		9,500		39,718

PTT Global Chemical PCL, NVDR		15,500		11,449

PTT Oil & Retail Business PCL, NVDR		20,200		9,251

SCG Packaging PCL, NVDR		8,900		6,390

Siam Cement PCL, NVDR		5,300		36,017

Thai Oil PCL, NVDR		5,400		8,456

(Cost $603,002)				564,655

Turkey — 0.6%

Akbank TAS		20,738		35,488

Haci Omer Sabanci Holding AS		7,273		18,786

KOC Holding AS		5,089		27,829

Turk Hava Yollari AO*		3,645		32,151

Turkiye Is Bankasi AS, Class C		57,831		22,441

Yapi ve Kredi Bankasi AS		23,098		21,153

(Cost $105,131)				157,848

United Arab Emirates — 1.6%

Abu Dhabi Commercial Bank PJSC		19,923		47,517

Abu Dhabi Islamic Bank PJSC		9,395		32,281

Aldar Properties PJSC		26,719		53,396

Emaar Properties PJSC		43,697		100,412

Emirates Telecommunications Group Co. PJSC		22,681		112,018

First Abu Dhabi Bank PJSC		29,159		106,382

(Cost $421,103)				452,006

United States — 0.2%

BeiGene Ltd. *

(Cost $51,647)		4,558		68,308

TOTAL COMMON STOCKS

(Cost $25,282,284)				27,676,676

PREFERRED STOCKS — 1.6%

Brazil — 1.3%

Banco Bradesco SA		34,595		95,539

Cia Energetica de Minas Gerais		12,321		25,303

Companhia Paranaense de Energia, Class B		7,124		13,120

Gerdau SA		9,370		30,278


	Number of Shares		Value $

Itau Unibanco Holding SA		32,069		207,817

Klabin SA		1		1

(Cost $350,617)				372,058

Chile — 0.2%

Sociedad Quimica y Minera de Chile SA, Class B

(Cost $60,597)		969		37,623

Colombia — 0.1%

Bancolombia SA

(Cost $21,437)		3,129		26,136

South Korea — 0.0%

LG Chem Ltd.

(Cost $11,393)		53		8,589

TOTAL PREFERRED STOCKS

(Cost $444,044)				444,406

RIGHTS — 0.0%

Brazil — 0.0%

Equatorial Energia SA* , expires 10/4/24

(Cost $0)		452		152

Saudi Arabia — 0.0%

Savola Group* , expires 9/24/24

(Cost $7,199)		1,992		8,451

TOTAL RIGHTS

(Cost $7,199)				8,603

WARRANTS — 0.0%

Thailand — 0.0%

BTS Group Holdings PCL*, expires 11/7/24		3,050		1

BTS Group Holdings PCL*, expires 11/20/26		6,100		11

TOTAL WARRANTS

(Cost $0)				12

EXCHANGE-TRADED FUNDS — 0.1%

iShares ESG Aware MSCI EM ETF

(Cost $26,760)		800		27,440

SECURITIES LENDING COLLATERAL — 0.2%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

(Cost $34,336)		34,336		34,336

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CASH EQUIVALENTS — 0.7%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

(Cost $203,173)		203,173		203,173


	Number of Shares	Value $

TOTAL INVESTMENTS — 101.4%

(Cost $25,997,796)			28,394,646

Other assets and liabilities, net (d) — (1.4%)			(378,505	)

NET ASSETS — 100.0%			28,016,141

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

EXCHANGE-TRADED FUNDS — 0.0%

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (e)

2,689		34,856			(37,982	)		468		(31	)		400		—		—		—

SECURITIES LENDING COLLATERAL — 0.2%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

—		34,336	(f)		—			—		—			179		—		34,336		34,336

CASH EQUIVALENTS — 0.7%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

191,969		1,472,932			(1,461,728	)		—		—			1,886		—		203,173		203,173

194,658		1,542,124			(1,499,710	)		468		(31	)		2,465		—		237,509		237,509

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

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

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

(d)	“Other assets and liabilities, net” includes pending sales that are on loan. The value of securities loaned at August 31, 2024 amounted to $31,831, which is 0.1% of net assets.

(e)	Affiliated fund advised by DBX Advisors LLC.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2024.

ADR:	American Depositary Receipt

CPO:	Ordinary Participation Certificates

GDR:	Global Depositary Receipt

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

QPSC:

Qatari Public Shareholders Company

QSC:	Qatari Shareholders Company

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2024

At August 31, 2024, 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 Future

USD

54,950

55,000

9/20/2024

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)	$	27,675,191	$	—	$	1,485	$	27,676,676

Preferred Stocks (a)		444,406		—		—		444,406

Rights (a)		8,603		—		—		8,603

Warrants		12		—		—		12

Exchange-Traded Funds		27,440		—		—		27,440

Short-Term Investments (a)		237,509		—		—		237,509

Derivatives (b)
Futures Contracts		50		—		—		50

TOTAL	$	28,393,211	$	—	$	1,485	$	28,394,696

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

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

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.5%

Communication Services — 10.8%

Alphabet, Inc., Class A		312,358		51,033,050

Alphabet, Inc., Class C		268,689		44,363,241

AT&T, Inc.		452,867		9,012,053

Charter Communications, Inc., Class A *		5,896		2,049,096

Comcast Corp., Class A		250,973		9,931,002

Liberty Media Corp.-Liberty Formula One, Class C *		12,581		981,947

Match Group, Inc. *		16,337		607,900

Meta Platforms, Inc., Class A		139,138		72,534,031

Netflix, Inc. *		27,400		19,216,990

Pinterest, Inc., Class A *		37,219		1,192,497

Snap, Inc., Class A *		67,004		625,817

T-Mobile US, Inc.		34,015		6,759,461

Verizon Communications, Inc.		266,304		11,126,181

Walt Disney Co.		116,143		10,497,004

(Cost $169,358,689)				239,930,270

Consumer Discretionary — 10.9%

Airbnb, Inc., Class A *		28,170		3,304,623

Amazon.com, Inc. *		570,226		101,785,341

Booking Holdings, Inc.		2,161		8,447,846

Chipotle Mexican Grill, Inc. *		88,087		4,939,919

Deckers Outdoor Corp. *		1,627		1,560,765

eBay, Inc.		32,693		1,932,156

Ford Motor Co.		246,130		2,754,195

Garmin Ltd.		9,660		1,770,581

General Motors Co.		72,806		3,624,283

Hilton Worldwide Holdings, Inc.		15,914		3,495,351

Home Depot, Inc.		62,776		23,132,956

Hyatt Hotels Corp., Class A		3,036		461,229

Las Vegas Sands Corp.		24,354		949,562

Lululemon Athletica, Inc. *		7,302		1,894,650

Marriott International, Inc., Class A		15,566		3,653,185

McDonald’s Corp.		45,667		13,182,236

MercadoLibre, Inc. *		2,890		5,958,197

MGM Resorts International *		14,555		547,122

NIKE, Inc., Class B		76,632		6,384,978

Starbucks Corp.		71,569		6,768,280

Tesla, Inc. *		182,233		39,017,908

Ulta Beauty, Inc. *		3,048		1,075,456

Williams-Sonoma, Inc.		7,708		1,035,416

Wynn Resorts Ltd.		6,599		507,331

Yum! Brands, Inc.		17,931		2,419,251

(Cost $211,837,664)				240,602,817


	Number of Shares		Value $

Consumer Staples — 5.4%

Campbell Soup Co.		12,264		609,766

Church & Dwight Co., Inc.		15,859		1,615,715

Clorox Co.		8,000		1,266,480

Coca-Cola Co.		259,295		18,791,109

Colgate-Palmolive Co.		50,261		5,352,796

Constellation Brands, Inc., Class A		10,335		2,487,738

Estee Lauder Cos., Inc., Class A		14,572		1,335,669

General Mills, Inc.		35,400		2,559,066

Hershey Co.		9,791		1,890,250

Kellanova		17,626		1,420,832

Keurig Dr Pepper, Inc.		67,180		2,459,460

Kimberly-Clark Corp.		21,617		3,127,115

McCormick & Co., Inc.		16,299		1,304,409

Molson Coors Beverage Co., Class B		11,581		625,027

Mondelez International, Inc., Class A		85,321		6,126,901

Monster Beverage Corp. *		49,165		2,317,146

PepsiCo, Inc.		87,001		15,040,733

Procter & Gamble Co.		149,864		25,707,671

Target Corp.		29,550		4,539,471

Walmart, Inc.		280,685		21,677,303

(Cost $108,008,073)				120,254,657

Energy — 3.8%

Baker Hughes Co.		64,767		2,277,855

Chevron Corp.		111,081		16,434,434

ConocoPhillips		74,485		8,475,648

Diamondback Energy, Inc.		11,080		2,161,819

EOG Resources, Inc.		36,760		4,735,423

Exxon Mobil Corp.		284,248		33,524,209

Hess Corp.		17,845		2,463,681

Kinder Morgan, Inc.		128,787		2,777,936

Marathon Oil Corp.		39,753		1,138,923

Occidental Petroleum Corp.		42,436		2,418,003

ONEOK, Inc.		37,306		3,445,582

Schlumberger NV		91,254		4,014,264

(Cost $79,227,133)				83,867,777

Financials — 13.1%

American Express Co.		36,427		9,421,844

American International Group, Inc.		42,677		3,288,263

Aon PLC, Class A		12,563		4,318,154

Apollo Global Management, Inc.		25,083		2,902,856

Arch Capital Group Ltd. *		23,700		2,680,233

Arthur J Gallagher & Co.		13,690		4,005,283

Bank of America Corp.		449,497		18,317,003

Bank of New York Mellon Corp.		47,764		3,258,460

BlackRock, Inc.		9,430		8,504,068

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Blackstone, Inc.		45,828		6,524,074

Block, Inc. *		35,290		2,331,963

Carlyle Group, Inc.		14,469		580,641

Cboe Global Markets, Inc.		6,608		1,357,283

Charles Schwab Corp.		95,331		6,206,048

Chubb Ltd.		24,522		6,968,662

CME Group, Inc.		22,735		4,904,849

Discover Financial Services		15,824		2,194,947

FactSet Research Systems, Inc.		2,413		1,020,313

Fidelity National Information Services, Inc.		36,518		3,010,909

Fiserv, Inc. *		37,399		6,529,865

Global Payments, Inc.		16,219		1,800,471

Goldman Sachs Group, Inc.		20,544		10,482,576

Hartford Financial Services Group, Inc.		19,565		2,271,497

Intercontinental Exchange, Inc.		36,247		5,855,703

Jack Henry & Associates, Inc.		4,509		780,192

JPMorgan Chase & Co.		182,588		41,045,782

Marsh & McLennan Cos., Inc.		31,102		7,076,016

Mastercard, Inc., Class A		52,776		25,508,752

Moody’s Corp.		10,409		5,076,886

Morgan Stanley		77,690		8,049,461

Nasdaq, Inc.		27,455		1,978,956

Northern Trust Corp.		12,587		1,148,060

PayPal Holdings, Inc. *		63,179		4,576,055

Progressive Corp.		37,051		9,344,262

S&P Global, Inc.		20,244		10,390,031

State Street Corp.		19,165		1,669,272

T. Rowe Price Group, Inc.		14,422		1,529,309

Tradeweb Markets, Inc., Class A		7,185		849,554

Travelers Cos., Inc.		14,748		3,363,576

US Bancorp		98,023		4,629,626

Visa, Inc., Class A		100,174		27,685,088

W.R. Berkley Corp.		19,271		1,150,479

Wells Fargo & Co.		224,246		13,111,664

Willis Towers Watson PLC		6,341		1,852,270

(Cost $216,751,711)				289,551,256

Health Care — 13.1%

Abbott Laboratories		109,867		12,444,635

AbbVie, Inc.		112,112		22,008,707

Agilent Technologies, Inc.		18,779		2,683,895

Amgen, Inc.		33,874		11,308,157

Biogen, Inc. *		9,340		1,912,458

Boston Scientific Corp. *		94,161		7,701,428

Bristol-Myers Squibb Co.		128,384		6,412,781

Catalent, Inc. *		11,371		693,176

Charles River Laboratories International, Inc. *		3,313		655,146

CVS Health Corp.		79,510		4,551,152


	Number of Shares		Value $

Danaher Corp.		43,150		11,620,726

DaVita, Inc. *		3,342		504,375

Edwards Lifesciences Corp. *		37,858		2,648,546

Eli Lilly & Co.		51,188		49,141,504

Gilead Sciences, Inc.		79,989		6,319,131

Humana, Inc.		7,624		2,702,479

IDEXX Laboratories, Inc. *		5,347		2,573,671

Illumina, Inc. *		10,093		1,326,220

Incyte Corp. *		11,622		763,100

IQVIA Holdings, Inc. *		11,763		2,958,983

Johnson & Johnson		152,579		25,306,753

Labcorp Holdings, Inc.		5,304		1,219,337

McKesson Corp.		8,316		4,665,941

Merck & Co., Inc.		160,309		18,988,601

Mettler-Toledo International, Inc. *		1,346		1,937,002

Pfizer, Inc.		357,700		10,376,877

Regeneron Pharmaceuticals, Inc. *		6,825		8,085,509

Revvity, Inc.		7,633		935,348

Teleflex, Inc.		2,859		700,941

Thermo Fisher Scientific, Inc.		24,162		14,861,321

UnitedHealth Group, Inc.		58,419		34,478,894

Vertex Pharmaceuticals, Inc. *		16,476		8,170,284

Waters Corp. *		3,766		1,304,354

West Pharmaceutical Services, Inc.		4,608		1,445,207

Zimmer Biomet Holdings, Inc.		12,982		1,498,902

Zoetis, Inc.		28,873		5,297,907

(Cost $245,754,163)				290,203,448

Industrials — 7.1%

3M Co.		35,505		4,782,168

AECOM		8,531		854,294

AMETEK, Inc.		14,990		2,564,040

Automatic Data Processing, Inc.		25,984		7,169,245

Booz Allen Hamilton Holding Corp.		8,617		1,368,207

Broadridge Financial Solutions, Inc.		7,343		1,563,031

Carlisle Cos., Inc.		3,170		1,343,446

Caterpillar, Inc.		31,054		11,058,329

Cintas Corp.		5,745		4,625,414

Copart, Inc. *		54,546		2,888,756

CSX Corp.		124,050		4,251,194

Cummins, Inc.		8,569		2,680,812

Dayforce, Inc. *		9,588		548,146

Deere & Co.		16,701		6,442,244

Dover Corp.		8,965		1,667,759

Eaton Corp. PLC		25,332		7,775,151

Emerson Electric Co.		36,746		3,872,661

Equifax, Inc.		7,895		2,424,791

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Expeditors International of Washington, Inc.		9,107		1,123,895

FedEx Corp.		15,255		4,557,736

Fortive Corp.		22,760		1,693,344

Graco, Inc.		10,975		914,766

Hubbell, Inc.		3,354		1,341,332

IDEX Corp.		4,769		984,703

Illinois Tool Works, Inc.		18,910		4,787,634

JB Hunt Transport Services, Inc.		5,336		924,195

Johnson Controls International PLC		43,538		3,171,743

Lennox International, Inc.		1,995		1,177,429

Norfolk Southern Corp.		14,289		3,660,270

Old Dominion Freight Line, Inc.		12,526		2,415,013

Owens Corning		5,416		913,842

PACCAR, Inc.		32,970		3,171,055

Paychex, Inc.		20,373		2,672,938

Paycom Software, Inc.		3,137		510,641

Pentair PLC		10,494		930,713

Quanta Services, Inc.		9,217		2,535,873

Republic Services, Inc.		13,830		2,879,544

Rockwell Automation, Inc.		7,264		1,976,026

Trane Technologies PLC		14,311		5,175,716

TransUnion		12,430		1,203,348

Uber Technologies, Inc. *		118,548		8,669,415

Union Pacific Corp.		38,599		9,884,818

United Parcel Service, Inc., Class B		46,310		5,953,151

Verisk Analytics, Inc.		8,994		2,453,743

Waste Connections, Inc.		16,441		3,066,247

Waste Management, Inc.		25,308		5,366,308

Westinghouse Air Brake Technologies Corp.		11,136		1,888,332

Xylem, Inc.		15,128		2,080,554

(Cost $125,952,973)				155,964,012

Information Technology — 28.3%

Accenture PLC, Class A		39,773		13,600,377

Adobe, Inc. *		28,356		16,287,970

Advanced Micro Devices, Inc. *		102,288		15,195,905

Akamai Technologies, Inc. *		9,871		1,005,263

Analog Devices, Inc.		31,862		7,482,472

ANSYS, Inc. *		5,665		1,820,844

Apple, Inc.		539,002		123,431,458

Aspen Technology, Inc. *		1,794		420,047

Atlassian Corp., Class A *		10,012		1,657,987

Autodesk, Inc. *		13,501		3,488,659

Bentley Systems, Inc., Class B		9,951		512,178

Broadcom, Inc.		280,782		45,716,925

Cadence Design Systems, Inc. *		17,568		4,724,562

Cisco Systems, Inc.		256,493		12,963,156


	Number of Shares		Value $

Cloudflare, Inc., Class A *		19,117		1,570,270

Cognizant Technology Solutions Corp., Class A		31,459		2,446,567

Crowdstrike Holdings, Inc., Class A *		14,544		4,032,760

Dell Technologies, Inc., Class C		17,854		2,062,851

First Solar, Inc. *		6,509		1,479,951

Fortinet, Inc. *		41,036		3,147,872

Gartner, Inc. *		4,873		2,397,321

Gen Digital, Inc.		35,750		945,945

Hewlett Packard Enterprise Co.		79,924		1,548,128

HubSpot, Inc. *		3,163		1,578,559

Intel Corp.		269,825		5,946,943

International Business Machines Corp.		57,959		11,715,253

Intuit, Inc.		17,703		11,157,493

Manhattan Associates, Inc. *		3,881		1,026,253

Microsoft Corp.		243,387		101,526,453

NVIDIA Corp.		1,079,190		128,822,910

Okta, Inc. *		9,973		785,174

Oracle Corp.		104,345		14,742,905

Palantir Technologies, Inc., Class A *		128,494		4,044,991

Palo Alto Networks, Inc. *		20,364		7,386,430

PTC, Inc. *		7,435		1,331,534

QUALCOMM, Inc.		70,758		12,403,878

Roper Technologies, Inc.		6,737		3,735,060

Salesforce, Inc.		61,381		15,523,255

ServiceNow, Inc. *		12,974		11,092,770

Snowflake, Inc., Class A *		19,038		2,174,711

Synopsys, Inc. *		9,641		5,009,271

Texas Instruments, Inc.		57,669		12,360,774

Trimble, Inc. *		15,278		866,110

Twilio, Inc., Class A *		10,899		684,021

Workday, Inc., Class A *		13,273		3,493,321

Zscaler, Inc. *		5,632		1,126,287

(Cost $433,494,374)				626,473,824

Materials — 2.4%

Albemarle Corp.		7,453		672,633

Avery Dennison Corp.		5,175		1,148,074

Ball Corp.		20,264		1,293,046

Corteva, Inc.		43,991		2,520,684

CRH PLC		43,390		3,938,510

Crown Holdings, Inc.		7,734		699,231

DuPont de Nemours, Inc.		26,218		2,208,867

Ecolab, Inc.		16,286		4,123,290

Freeport-McMoRan, Inc.		90,798		4,020,535

Linde PLC		30,522		14,597,147

Martin Marietta Materials, Inc.		3,875		2,069,870

Newmont Corp.		73,919		3,946,535

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Nucor Corp.		15,088		2,292,018

PPG Industries, Inc.		14,999		1,945,820

RPM International, Inc.		7,916		920,235

Sherwin-Williams Co.		15,667		5,786,920

Steel Dynamics, Inc.		10,029		1,198,566

(Cost $44,306,334)				53,381,981

Real Estate — 2.3%

Alexandria Real Estate Equities, Inc. REIT		10,592		1,266,485

American Tower Corp. REIT		29,550		6,620,973

AvalonBay Communities, Inc. REIT		8,905		2,010,126

BXP, Inc. REIT		9,221		693,604

CBRE Group, Inc., Class A *		19,207		2,211,494

Crown Castle, Inc. REIT		27,400		3,069,348

Digital Realty Trust, Inc. REIT		19,817		3,004,455

Equinix, Inc. REIT		6,005		5,010,332

Equity Residential REIT		21,380		1,600,934

Healthpeak Properties, Inc. REIT		45,424		1,012,047

Kimco Realty Corp. REIT		41,237		959,173

Prologis, Inc. REIT		58,545		7,483,222

Realty Income Corp. REIT		53,379		3,315,370

Regency Centers Corp. REIT		10,743		780,909

Simon Property Group, Inc. REIT		21,049		3,522,550

VICI Properties, Inc. REIT		65,053		2,177,974

Welltower, Inc. REIT		37,936		4,578,116

Weyerhaeuser Co. REIT		45,286		1,380,770

(Cost $43,646,176)				50,697,882

Utilities — 2.3%

Alliant Energy Corp.		16,192		943,508


	Number of Shares		Value $

American Electric Power Co., Inc.		33,931		3,402,601

American Water Works Co., Inc.		12,380		1,771,825

Atmos Energy Corp.		9,571		1,251,312

Consolidated Edison, Inc.		22,153		2,249,859

Constellation Energy Corp.		19,971		3,928,296

Dominion Energy, Inc.		53,794		3,007,085

Duke Energy Corp.		48,847		5,566,116

Essential Utilities, Inc.		16,014		624,386

Eversource Energy		22,476		1,517,804

Exelon Corp.		63,921		2,434,751

NextEra Energy, Inc.		129,822		10,451,969

Public Service Enterprise Group, Inc.		31,935		2,578,751

Sempra		40,420		3,321,716

Southern Co.		69,941		6,042,902

Xcel Energy, Inc.		35,453		2,170,787

(Cost $46,690,922)				51,263,668

TOTAL COMMON STOCKS

(Cost $1,725,028,212)				2,202,191,592

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a)

(Cost $3,995,298)		3,995,298		3,995,298

TOTAL INVESTMENTS — 99.7%

(Cost $1,729,023,510)				2,206,186,890

Other assets and liabilities, net — 0.3%				6,262,463

NET ASSETS — 100.0%				2,212,449,353

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (a)(b)

565,175		—		(565,175	) (c)		—		—		14,444		—		—		—

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a)

6,190,253		40,568,835		(42,763,790	)		—		—		200,730		—		3,995,298		3,995,298

6,755,428		40,568,835		(43,328,965	)		—		—		215,174		—		3,995,298		3,995,298

*	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.

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2024

(c)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2024.

REIT:

Real Estate Investment Trust

At August 31, 2024, 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 Futures		USD		15		3,709,951		3,769,500		9/20/2024		59,549

S&P 500 E-Mini Futures		USD		10		2,861,137		2,861,250		12/20/2024		113

S&P 500 E-Mini Futures		USD		3		847,500		849,150		9/20/2024		1,650

S&P Mid 400 E-Mini Futures		USD		6		1,801,740		1,858,860		9/20/2024		57,120

Total unrealized appreciation												118,432

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)	$	2,202,191,592	$	—	$	—	$	2,202,191,592

Short-Term Investments (a)		3,995,298		—		—		3,995,298

Derivatives (b)
Futures Contracts		118,432		—		—		118,432

TOTAL	$	2,206,305,322	$	—	$	—	$	2,206,305,322

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

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

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.4%

Communication Services — 9.3%

Alphabet, Inc., Class A		235,008		38,395,607

Alphabet, Inc., Class C		202,144		33,375,996

Charter Communications, Inc., Class A *		3,663		1,273,039

Comcast Corp., Class A		157,562		6,234,728

Electronic Arts, Inc.		10,105		1,534,141

Fox Corp., Class A		9,556		395,332

Fox Corp., Class B		5,908		227,044

Interpublic Group of Cos., Inc.		15,132		493,455

Omnicom Group, Inc.		7,637		766,984

Take-Two Interactive Software, Inc. *		6,430		1,039,795

Verizon Communications, Inc.		167,576		7,001,325

Walt Disney Co.		73,225		6,618,076

(Cost $89,654,330)				97,355,522

Consumer Discretionary — 9.7%

Aptiv PLC *		10,980		785,399

AutoZone, Inc. *		690		2,195,221

Bath & Body Works, Inc.		8,286		254,877

Best Buy Co., Inc.		8,187		821,975

Booking Holdings, Inc.		1,366		5,340,008

Burlington Stores, Inc. *		2,598		696,888

CarMax, Inc. *		6,142		519,306

D.R. Horton, Inc.		11,681		2,204,906

Darden Restaurants, Inc.		4,589		725,750

Deckers Outdoor Corp. *		1,034		991,906

Dick’s Sporting Goods, Inc.		2,289		542,401

Domino’s Pizza, Inc.		1,362		564,154

DoorDash, Inc., Class A *		12,227		1,573,737

eBay, Inc.		20,949		1,238,086

Genuine Parts Co.		5,520		790,795

Hilton Worldwide Holdings, Inc.		10,048		2,206,943

Home Depot, Inc.		39,564		14,579,334

LKQ Corp.		10,959		455,785

Lowe’s Cos., Inc.		22,781		5,661,079

Lululemon Athletica, Inc. *		4,598		1,193,043

McDonald’s Corp.		28,850		8,327,841

MercadoLibre, Inc. *		1,829		3,770,776

NIKE, Inc., Class B		48,249		4,020,107

NVR, Inc. *		126		1,155,730

O’Reilly Automotive, Inc. *		2,353		2,658,819

Pool Corp.		1,539		541,143

PulteGroup, Inc.		8,668		1,141,142

Rivian Automotive, Inc., Class A *(a)		27,201		384,350

Royal Caribbean Cruises Ltd. *		9,558		1,573,438

Tesla, Inc. *		114,760		24,571,264


	Number of Shares		Value $

TJX Cos., Inc.		45,411		5,325,348

Tractor Supply Co.		4,266		1,141,368

Ulta Beauty, Inc. *		1,931		681,334

Williams-Sonoma, Inc.		5,139		690,322

Yum! Brands, Inc.		11,216		1,513,263

(Cost $102,619,135)				100,837,838

Consumer Staples — 5.5%

Albertsons Cos., Inc., Class A		13,548		265,812

Bunge Global SA		5,607		568,438

Campbell Soup Co.		7,738		384,733

Church & Dwight Co., Inc.		9,497		967,554

Clorox Co.		4,824		763,687

Coca-Cola Co.		163,397		11,841,380

Colgate-Palmolive Co.		31,036		3,305,334

Conagra Brands, Inc.		19,119		596,513

General Mills, Inc.		22,537		1,629,200

Hormel Foods Corp.		11,636		378,752

J M Smucker Co.		4,235		485,670

Kellanova		10,905		879,052

Keurig Dr Pepper, Inc.		42,406		1,552,484

Kimberly-Clark Corp.		13,440		1,944,230

Kroger Co.		27,141		1,444,173

Lamb Weston Holdings, Inc.		5,756		356,411

McCormick & Co., Inc.		10,527		842,476

PepsiCo, Inc.		54,836		9,480,048

Procter & Gamble Co.		94,374		16,188,916

Target Corp.		18,463		2,836,286

Walgreens Boots Alliance, Inc.		28,059		259,546

(Cost $53,394,155)				56,970,695

Energy — 1.9%

Baker Hughes Co.		39,453		1,387,562

Cheniere Energy, Inc.		9,218		1,707,727

Halliburton Co.		35,869		1,115,167

HF Sinclair Corp.		6,415		315,233

Marathon Petroleum Corp.		14,469		2,562,749

ONEOK, Inc.		23,269		2,149,125

Phillips 66		17,140		2,404,914

Schlumberger NV		56,690		2,493,793

Targa Resources Corp.		8,439		1,239,689

Valero Energy Corp.		13,139		1,927,886

Williams Cos., Inc.		48,181		2,205,244

(Cost $15,592,855)				19,509,089

Financials — 12.3%

Aflac, Inc.		21,811		2,407,062

Allstate Corp.		10,552		1,993,695

Ally Financial, Inc.		11,208		484,073

American Express Co.		22,991		5,946,622

Ameriprise Financial, Inc.		4,115		1,849,446

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Annaly Capital Management, Inc. REIT		18,438		371,710

Arch Capital Group Ltd. *		14,962		1,692,053

Assurant, Inc.		2,291		449,838

Bank of New York Mellon Corp.		30,160		2,057,515

BlackRock, Inc.		5,960		5,374,788

Capital One Financial Corp.		15,259		2,242,005

Cboe Global Markets, Inc.		4,235		869,869

Charles Schwab Corp.		60,397		3,931,845

Citizens Financial Group, Inc.		19,451		837,365

Discover Financial Services		10,005		1,387,793

Equitable Holdings, Inc.		12,943		550,336

FactSet Research Systems, Inc.		1,496		632,569

Fidelity National Information Services, Inc.		22,249		1,834,430

Fiserv, Inc. *		23,626		4,125,100

Franklin Resources, Inc.		10,779		218,167

Hartford Financial Services Group, Inc.		11,883		1,379,616

Huntington Bancshares, Inc.		58,064		869,218

Intercontinental Exchange, Inc.		22,915		3,701,918

KeyCorp		35,843		611,482

LPL Financial Holdings, Inc.		2,973		666,963

MarketAxess Holdings, Inc.		1,514		366,978

Marsh & McLennan Cos., Inc.		19,626		4,465,111

Mastercard, Inc., Class A		33,248		16,070,088

Moody’s Corp.		6,616		3,226,888

Morgan Stanley		49,070		5,084,143

Nasdaq, Inc.		17,292		1,246,407

Northern Trust Corp.		7,902		720,741

PayPal Holdings, Inc. *		39,703		2,875,688

PNC Financial Services Group, Inc.		15,870		2,937,378

Principal Financial Group, Inc.		9,154		745,319

Progressive Corp.		23,400		5,901,480

Prudential Financial, Inc.		14,312		1,734,042

Raymond James Financial, Inc.		8,038		961,104

Regions Financial Corp.		36,631		857,898

S&P Global, Inc.		12,776		6,557,154

State Street Corp.		11,690		1,018,199

Synchrony Financial		15,715		789,836

T. Rowe Price Group, Inc.		8,815		934,743

Travelers Cos., Inc.		9,139		2,084,332

Truist Financial Corp.		53,460		2,376,832

US Bancorp		62,234		2,939,312

Visa, Inc., Class A		63,071		17,430,932

Willis Towers Watson PLC		4,088		1,194,146

(Cost $103,662,032)				129,004,229

Health Care — 11.9%

Agilent Technologies, Inc.		11,758		1,680,453


	Number of Shares		Value $

Align Technology, Inc. *		2,865		679,635

Amgen, Inc.		21,404		7,145,297

Avantor, Inc. *		28,140		727,138

Biogen, Inc. *		5,775		1,182,489

Bio-Techne Corp.		6,296		465,841

Bristol-Myers Squibb Co.		80,837		4,037,808

Catalent, Inc. *		7,021		428,000

Cencora, Inc.		7,165		1,716,519

Cigna Group		11,324		4,097,136

Cooper Cos., Inc. *		7,786		823,214

Danaher Corp.		26,639		7,174,149

DaVita, Inc. *		2,216		334,439

Dexcom, Inc. *		15,495		1,074,423

Edwards Lifesciences Corp. *		24,224		1,694,711

Elevance Health, Inc.		9,257		5,155,131

Eli Lilly & Co.		32,300		31,008,646

GE HealthCare Technologies, Inc.		17,325		1,469,507

Gilead Sciences, Inc.		49,746		3,929,934

HCA Healthcare, Inc.		8,009		3,168,280

Henry Schein, Inc. *		5,039		355,502

Hologic, Inc. *		9,380		762,031

Humana, Inc.		4,769		1,690,467

IDEXX Laboratories, Inc. *		3,351		1,612,937

Insulet Corp. *		2,812		570,189

IQVIA Holdings, Inc. *		7,279		1,831,033

Johnson & Johnson		96,165		15,949,927

Labcorp Holdings, Inc.		3,345		768,982

Merck & Co., Inc.		101,087		11,973,755

Mettler-Toledo International, Inc. *		857		1,233,292

Molina Healthcare, Inc. *		2,352		822,706

Neurocrine Biosciences, Inc. *		3,865		491,087

Quest Diagnostics, Inc.		4,414		692,866

Solventum Corp. *		5,667		363,311

STERIS PLC		3,954		953,309

Teleflex, Inc.		1,791		439,100

Waters Corp. *		2,405		832,972

West Pharmaceutical Services, Inc.		2,930		918,936

Zimmer Biomet Holdings, Inc.		8,206		947,465

Zoetis, Inc.		18,288		3,355,665

(Cost $103,363,894)				124,558,282

Industrials — 8.4%

3M Co.		22,054		2,970,453

Allegion PLC		3,524		489,272

Automatic Data Processing, Inc.		16,461		4,541,754

Axon Enterprise, Inc. *		3,011		1,098,925

Broadridge Financial Solutions, Inc.		4,662		992,353

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

C.H. Robinson Worldwide, Inc.		4,477		463,414

Carrier Global Corp.		33,056		2,405,816

Caterpillar, Inc.		19,541		6,958,550

Cintas Corp.		3,641		2,931,442

CNH Industrial NV		33,477		346,152

CSX Corp.		77,949		2,671,312

Cummins, Inc.		5,465		1,709,725

Dayforce, Inc. *		6,063		346,622

Deere & Co.		10,459		4,034,455

Delta Air Lines, Inc.		6,334		269,132

Dover Corp.		5,527		1,028,188

Eaton Corp. PLC		15,969		4,901,365

EMCOR Group, Inc.		1,840		723,230

Expeditors International of Washington, Inc.		5,700		703,437

Ferguson Enterprises, Inc.		8,211		1,689,085

Fortive Corp.		13,934		1,036,689

Fortune Brands Innovations, Inc.		4,681		371,718

General Electric Co.		43,764		7,642,070

Graco, Inc.		7,008		584,117

IDEX Corp.		2,884		595,488

Illinois Tool Works, Inc.		11,917		3,017,146

Ingersoll Rand, Inc.		16,331		1,493,470

JB Hunt Transport Services, Inc.		3,236		560,475

Johnson Controls International PLC		27,054		1,970,884

Knight-Swift Transportation Holdings, Inc.		5,988		313,651

Lennox International, Inc.		1,277		753,673

Old Dominion Freight Line, Inc.		7,923		1,527,554

Owens Corning		3,497		590,049

Paychex, Inc.		12,963		1,700,746

Pentair PLC		6,597		585,088

Quanta Services, Inc.		6,030		1,659,034

Rockwell Automation, Inc.		4,794		1,304,112

Toro Co.		3,848		356,325

Trane Technologies PLC		9,056		3,275,193

TransUnion		7,749		750,181

Union Pacific Corp.		24,409		6,250,901

United Parcel Service, Inc., Class B		28,954		3,722,037

United Rentals, Inc.		2,680		1,986,577

Veralto Corp.		9,608		1,080,227

W.W. Grainger, Inc.		1,768		1,741,338

Xylem, Inc.		10,039		1,380,664

(Cost $72,415,588)				87,524,089

Information Technology — 34.2%

Accenture PLC, Class A		25,163		8,604,488

Adobe, Inc. *		17,728		10,183,140

Advanced Micro Devices, Inc. *		64,627		9,600,987


	Number of Shares		Value $

Akamai Technologies, Inc. *		6,047		615,826

ANSYS, Inc. *		3,634		1,168,040

Applied Materials, Inc.		33,055		6,520,429

Aspen Technology, Inc. *		1,098		257,086

Atlassian Corp., Class A *		6,158		1,019,765

Autodesk, Inc. *		8,605		2,223,532

Cadence Design Systems, Inc. *		10,880		2,925,958

DocuSign, Inc. *		8,463		501,094

Enphase Energy, Inc. *		5,316		643,449

Fair Isaac Corp. *		999		1,728,540

First Solar, Inc. *		3,988		906,752

Gartner, Inc. *		3,167		1,558,037

Gen Digital, Inc.		23,006		608,739

Hewlett Packard Enterprise Co.		51,931		1,005,903

HP, Inc.		40,314		1,458,560

HubSpot, Inc. *		1,923		959,712

Intel Corp.		169,747		3,741,224

International Business Machines Corp.		36,667		7,411,501

Intuit, Inc.		11,184		7,048,828

Juniper Networks, Inc.		12,464		484,600

Keysight Technologies, Inc. *		6,914		1,065,586

Lam Research Corp.		5,264		4,321,797

Manhattan Associates, Inc. *		2,383		630,137

Marvell Technology, Inc.		34,315		2,616,176

Microsoft Corp.		282,331		117,771,553

NetApp, Inc.		8,125		980,850

NVIDIA Corp.		983,656		117,419,017

NXP Semiconductors NV		10,174		2,608,207

Palo Alto Networks, Inc. *		12,938		4,692,871

PTC, Inc. *		5,116		916,224

Salesforce, Inc.		38,719		9,792,035

Seagate Technology Holdings PLC		7,983		794,708

ServiceNow, Inc. *		8,183		6,996,465

Synopsys, Inc. *		6,094		3,166,321

Texas Instruments, Inc.		36,330		7,786,972

Trimble, Inc. *		9,760		553,294

Twilio, Inc., Class A *		7,025		440,889

Western Digital Corp. *		12,859		843,422

Workday, Inc., Class A *		8,418		2,215,533

Zscaler, Inc. *		3,701		740,126

(Cost $233,534,489)				357,528,373

Materials — 2.8%

Air Products and Chemicals, Inc.		8,882		2,476,746

Avery Dennison Corp.		3,082		683,742

Ball Corp.		12,734		812,557

CRH PLC		27,451		2,491,727

Ecolab, Inc.		10,270		2,600,159

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

International Flavors & Fragrances, Inc.		10,247		1,065,585

International Paper Co.		14,059		680,737

Linde PLC		19,228		9,195,791

LyondellBasell Industries NV, Class A		10,187		1,005,457

Martin Marietta Materials, Inc.		2,461		1,314,568

Newmont Corp.		46,242		2,468,860

Nucor Corp.		9,611		1,460,007

PPG Industries, Inc.		9,287		1,204,802

Smurfit WestRock PLC		20,626		978,085

Steel Dynamics, Inc.		6,044		722,318

(Cost $25,955,042)				29,161,141

Real Estate — 2.3%

American Tower Corp. REIT		18,616		4,171,101

BXP, Inc. REIT		5,719		430,183

CBRE Group, Inc., Class A *		12,057		1,388,243

Crown Castle, Inc. REIT		17,122		1,918,007

Digital Realty Trust, Inc. REIT		12,977		1,967,443

Equinix, Inc. REIT		3,794		3,165,562

Healthpeak Properties, Inc. REIT		26,747		595,923

Iron Mountain, Inc. REIT		12,254		1,387,888

Prologis, Inc. REIT		36,849		4,710,039

SBA Communications Corp. REIT		4,193		950,385

Welltower, Inc. REIT		23,890		2,883,045

Weyerhaeuser Co. REIT		28,201		859,849

(Cost $24,430,969)				24,427,668

Utilities — 1.1%

American Water Works Co., Inc.		7,709		1,103,312

Atmos Energy Corp.		6,281		821,178


	Number of Shares		Value $

CMS Energy Corp.		11,906		807,941

Consolidated Edison, Inc.		13,779		1,399,395

Edison International		15,149		1,318,417

Essential Utilities, Inc.		11,347		442,420

Eversource Energy		13,730		927,187

Exelon Corp.		39,340		1,498,461

NiSource, Inc.		17,933		592,865

NRG Energy, Inc.		8,529		725,050

Sempra		25,209		2,071,676

(Cost $11,237,263)				11,707,902

TOTAL COMMON STOCKS
(Cost $835,859,752)				1,038,584,828

SECURITIES LENDING COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)
(Cost $354,960)		354,960		354,960

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)
(Cost $1,394,044)		1,394,044		1,394,044

TOTAL INVESTMENTS — 99.6%

(Cost $837,608,756)				1,040,333,832

Other assets and liabilities, net — 0.4%				4,334,200

NET ASSETS — 100.0%				1,044,668,032

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

SECURITIES LENDING COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

—		354,960	(d)		—			—		—		27,686		—		354,960		354,960

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

4,273,305		22,548,299			(25,427,560	)		—		—		168,639		—		1,394,044		1,394,044

4,273,305		22,903,259			(25,427,560	)		—		—		196,325		—		1,749,004		1,749,004

*	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, 2024 amounted to $344,923, 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.

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2024

(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, 2024.

REIT:

Real Estate Investment Trust

At August 31, 2024, 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 Futures		USD		8		1,989,548		2,010,400		9/20/2024		20,852

S&P 500 E-Mini Futures		USD		11		3,147,251		3,147,375		12/20/2024		124

S&P Mid 400 E-Mini Futures		USD		1		295,580		309,810		9/20/2024		14,230

Total unrealized appreciation												35,206

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)	$	1,038,584,828	$	—	$	—	$	1,038,584,828

Short-Term Investments (a)		1,749,004		—		—		1,749,004

Derivatives (b)
Futures Contracts		35,206		—		—		35,206

TOTAL	$	1,040,369,038	$	—	$	—	$	1,040,369,038

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

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

See Notes to Financial Statements.

50 | DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.4%

Communication Services — 9.7%

Alphabet, Inc., Class A		27,475		4,488,866

Alphabet, Inc., Class C		24,459		4,038,425

AT&T, Inc.		33,217		661,018

Charter Communications, Inc., Class A *		457		158,826

Comcast Corp., Class A		18,593		735,725

Electronic Arts, Inc.		1,120		170,038

Fox Corp., Class A		1,040		43,025

Fox Corp., Class B		491		18,869

Live Nation Entertainment, Inc. *		762		74,425

Meta Platforms, Inc., Class A		12,626		6,582,060

Netflix, Inc. *		1,982		1,390,076

Omnicom Group, Inc.		929		93,299

Pinterest, Inc., Class A *		2,799		89,680

ROBLOX Corp., Class A *		2,355		103,596

Sirius XM Holdings, Inc. (a)		4,481		14,742

Snap, Inc., Class A *		4,993		46,635

Spotify Technology SA *		685		234,873

Take-Two Interactive Software, Inc. *		779		125,972

T-Mobile US, Inc.		2,263		449,703

Trade Desk, Inc., Class A *		2,084		217,841

Verizon Communications, Inc.		19,587		818,345

Walt Disney Co.		8,700		786,306

Warner Bros Discovery, Inc. *		10,608		83,167

Warner Music Group Corp., Class A		995		28,467

(Cost $14,837,585)				21,453,979

Consumer Discretionary — 5.9%

Airbnb, Inc., Class A *		2,146		251,747

Aptiv PLC *		4,090		292,558

AutoZone, Inc. *		166		528,126

Best Buy Co., Inc.		2,127		213,551

Booking Holdings, Inc.		162		633,295

Chipotle Mexican Grill, Inc. *		6,639		372,315

D.R. Horton, Inc.		2,714		512,295

Domino’s Pizza, Inc.		159		65,859

DoorDash, Inc., Class A *		3,797		488,712

eBay, Inc.		6,868		405,899

Expedia Group, Inc. *		710		98,754

Ford Motor Co.		18,258		204,307

Garmin Ltd.		2,036		373,178

General Motors Co.		6,221		309,681

Genuine Parts Co.		2,267		324,770

Home Depot, Inc.		5,021		1,850,238

Lennar Corp., Class A		2,515		457,881

Lennar Corp., Class B		695		117,337

Lowe’s Cos., Inc.		3,203		795,946


	Number of Shares		Value $

Lululemon Athletica, Inc. *		1,364		353,917

McDonald’s Corp.		3,387		977,691

MercadoLibre, Inc. *		360		742,198

NIKE, Inc., Class B		8,915		742,798

NVR, Inc. *		41		376,071

O’Reilly Automotive, Inc. *		505		570,635

PulteGroup, Inc.		2,786		366,777

Tractor Supply Co.		969		259,256

Ulta Beauty, Inc. *		823		290,387

Yum! Brands, Inc.		814		109,825

(Cost $10,563,369)				13,086,004

Consumer Staples — 5.2%

Archer-Daniels-Midland Co.		12		732

Campbell Soup Co.		5,243		260,682

Church & Dwight Co., Inc.		3,378		344,151

Clorox Co.		2,278		360,630

Coca-Cola Co.		21,693		1,572,092

Colgate-Palmolive Co.		5,639		600,553

Conagra Brands, Inc.		7,816		243,859

Estee Lauder Cos., Inc., Class A		3,381		309,902

General Mills, Inc.		5,690		411,330

Hershey Co.		1,933		373,185

Hormel Foods Corp.		6,271		204,121

Kellanova		4,854		391,281

Keurig Dr Pepper, Inc.		11,944		437,270

Kimberly-Clark Corp.		3,032		438,609

Kraft Heinz Co.		9,501		336,620

McCormick & Co., Inc.		4,450		356,134

Mondelez International, Inc., Class A		9,492		681,621

PepsiCo, Inc.		7,786		1,346,044

Procter & Gamble Co.		12,155		2,085,069

Sysco Corp.		5,374		419,011

Target Corp.		3,131		480,984

Tyson Foods, Inc., Class A		33		2,122

(Cost $11,051,012)				11,656,002

Financials — 11.5%

Aflac, Inc.		2,402		265,085

Allstate Corp.		794		150,018

American Express Co.		2,787		720,857

American International Group, Inc.		2,731		210,424

Ameriprise Financial, Inc.		421		189,214

Aon PLC, Class A		953		327,565

Apollo Global Management, Inc.		2,045		236,668

Arch Capital Group Ltd. *		1,698		192,027

Ares Management Corp., Class A		1,022		149,621

Arthur J Gallagher & Co.		1,065		311,587

Bank of America Corp.		31,707		1,292,060

Bank of New York Mellon Corp.		3,911		266,808

See Notes to Financial Statements.

DBX ETF Trust | 51

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

BlackRock, Inc.		717		646,598

Block, Inc. *		2,614		172,733

Capital One Financial Corp.		1,385		203,498

Cboe Global Markets, Inc.		595		122,213

Charles Schwab Corp.		7,182		467,548

Chubb Ltd.		1,885		535,679

Cincinnati Financial Corp.		689		94,414

Citigroup, Inc.		8,878		556,118

Citizens Financial Group, Inc.		1,237		53,253

CME Group, Inc.		1,795		387,253

Coinbase Global, Inc., Class A *		983		180,243

Corpay, Inc. *		401		126,536

Discover Financial Services		1,267		175,746

Everest Group Ltd.		116		45,500

Fidelity National Financial, Inc.		794		46,814

Fidelity National Information Services, Inc.		2,648		218,328

Fifth Third Bancorp		3,210		137,035

Fiserv, Inc. *		2,884		503,546

Global Payments, Inc.		1,446		160,520

Goldman Sachs Group, Inc.		1,547		789,357

Hartford Financial Services Group, Inc.		1,062		123,298

Huntington Bancshares, Inc.		8,024		120,119

Interactive Brokers Group, Inc., Class A		645		83,134

Intercontinental Exchange, Inc.		2,802		452,663

JPMorgan Chase & Co.		13,482		3,030,754

KeyCorp		3,027		51,641

KKR & Co., Inc.		3,376		417,847

M&T Bank Corp.		632		108,773

Markel Group, Inc. *		56		89,638

Marsh & McLennan Cos., Inc.		2,369		538,971

Mastercard, Inc., Class A		3,916		1,892,759

MetLife, Inc.		2,096		162,398

Moody’s Corp.		797		388,729

Morgan Stanley		6,119		633,990

MSCI, Inc.		370		214,818

Nasdaq, Inc.		2,130		153,530

Northern Trust Corp.		1,177		107,354

PayPal Holdings, Inc. *		5,158		373,594

PNC Financial Services Group, Inc.		1,819		336,679

Principal Financial Group, Inc.		715		58,215

Progressive Corp.		2,673		674,131

Prudential Financial, Inc.		1,242		150,481

Raymond James Financial, Inc.		995		118,972

Regions Financial Corp.		2,049		47,988

Rocket Cos., Inc., Class A *		2,236		43,937

S&P Global, Inc.		1,513		776,532

State Street Corp.		1,643		143,105

Synchrony Financial		2,206		110,874


	Number of Shares		Value $

T. Rowe Price Group, Inc.		1,183		125,445

Travelers Cos., Inc.		943		215,070

Truist Financial Corp.		5,773		256,668

US Bancorp		6,577		310,632

Visa, Inc., Class A		7,487		2,069,182

W.R. Berkley Corp.		1,258		75,103

Wells Fargo & Co.		16,097		941,192

Willis Towers Watson PLC		497		145,179

(Cost $18,406,802)				25,478,261

Health Care — 17.3%

Abbott Laboratories		10,441		1,182,652

AbbVie, Inc.		9,707		1,905,581

Agilent Technologies, Inc.		1,536		219,525

Align Technology, Inc. *		1,267		300,558

Alnylam Pharmaceuticals, Inc. *		1,536		403,492

Amgen, Inc.		3,253		1,085,949

Avantor, Inc. *		13,335		344,576

Baxter International, Inc.		8,794		333,644

Becton Dickinson and Co.		2,411		584,450

Biogen, Inc. *		1,727		353,621

BioMarin Pharmaceutical, Inc. *		3,812		347,692

Boston Scientific Corp. *		10,053		822,235

Bristol-Myers Squibb Co.		15,485		773,476

Cardinal Health, Inc.		1,922		216,648

Cencora, Inc.		1,593		381,635

Centene Corp. *		2,779		219,069

Cigna Group		1,235		446,835

Cooper Cos., Inc. *		3,651		386,020

CVS Health Corp.		9,974		570,912

Danaher Corp.		4,075		1,097,438

Dexcom, Inc. *		4,052		280,966

Edwards Lifesciences Corp. *		5,395		377,434

Elevance Health, Inc.		1,083		603,112

Eli Lilly & Co.		4,235		4,065,685

GE HealthCare Technologies, Inc.		4,985		422,828

Gilead Sciences, Inc.		9,412		743,548

HCA Healthcare, Inc.		912		360,778

Hologic, Inc. *		4,152		337,308

Humana, Inc.		610		216,227

IDEXX Laboratories, Inc. *		887		426,940

Illumina, Inc. *		2,907		381,980

Incyte Corp. *		4,758		312,410

Intuitive Surgical, Inc. *		2,201		1,084,279

IQVIA Holdings, Inc. *		838		210,799

Johnson & Johnson		12,866		2,133,955

Labcorp Holdings, Inc.		482		110,807

McKesson Corp.		921		516,755

Medtronic PLC		9,015		798,549

Merck & Co., Inc.		13,788		1,633,189

See Notes to Financial Statements.

52 | DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Mettler-Toledo International, Inc. *		276		397,186

Moderna, Inc. *		3,582		277,247

Pfizer, Inc.		35,039		1,016,481

Quest Diagnostics, Inc.		517		81,153

Regeneron Pharmaceuticals, Inc. *		718		850,607

ResMed, Inc.		1,969		482,444

Royalty Pharma PLC, Class A		11,302		328,097

STERIS PLC		1,557		375,393

Stryker Corp.		2,179		785,355

Thermo Fisher Scientific, Inc.		2,263		1,391,903

UnitedHealth Group, Inc.		4,308		2,542,582

Veeva Systems, Inc., Class A *		700		151,508

Vertex Pharmaceuticals, Inc. *		1,703		844,501

Waters Corp. *		1,089		377,175

West Pharmaceutical Services, Inc.		1,088		341,229

Zimmer Biomet Holdings, Inc.		3,238		373,859

Zoetis, Inc.		3,563		653,775

(Cost $32,848,469)				38,264,052

Industrials — 4.9%

Automatic Data Processing, Inc.		1,941		535,541

Broadridge Financial Solutions, Inc.		534		113,667

Carrier Global Corp.		3,766		274,090

Cintas Corp.		441		355,058

Copart, Inc. *		8,506		450,478

Deere & Co.		1,662		641,100

Delta Air Lines, Inc.		5,924		251,711

Dover Corp.		1,519		282,580

Equifax, Inc.		653		200,556

Expeditors International of Washington, Inc.		2,260		278,907

Fastenal Co.		6,531		445,937

FedEx Corp.		1,720		513,884

Ferguson Enterprises, Inc.		2,071		426,025

JB Hunt Transport Services, Inc.		1,748		302,754

Johnson Controls International PLC		3,317		241,643

Masco Corp.		3,448		274,323

Old Dominion Freight Line, Inc.		2,214		426,859

Otis Worldwide Corp.		4,107		388,892

PACCAR, Inc.		2,529		243,239

Paychex, Inc.		1,532		200,998

Rollins, Inc.		1,840		92,331

Snap-on, Inc.		1,037		294,238

Southwest Airlines Co.		7,439		215,136

SS&C Technologies Holdings, Inc.		979		73,513

Trane Technologies PLC		5		1,808

TransUnion		1,135		109,879

Uber Technologies, Inc. *		12,677		927,069


	Number of Shares		Value $

United Airlines Holdings, Inc. *		3,887		171,183

United Parcel Service, Inc., Class B		5,007		643,650

Verisk Analytics, Inc.		686		187,155

W.W. Grainger, Inc.		377		371,315

Waste Management, Inc.		2,907		616,400

Westinghouse Air Brake Technologies Corp.		1,433		242,994

(Cost $8,987,943)				10,794,913

Information Technology — 37.0%

Accenture PLC, Class A		3,151		1,077,484

Adobe, Inc. *		2,075		1,191,901

Advanced Micro Devices, Inc. *		8,669		1,287,867

Akamai Technologies, Inc. *		721		73,427

Amdocs Ltd.		585		50,877

Analog Devices, Inc.		3,292		773,093

Apple, Inc.		86,263		19,754,227

Applied Materials, Inc.		4,719		930,870

Arista Networks, Inc. *		1,719		607,460

ARM Holdings PLC, ADR * (a)		1,551		206,097

Atlassian Corp., Class A *		761		126,022

Autodesk, Inc. *		1,023		264,343

Broadcom, Inc.		22,503		3,663,938

Cadence Design Systems, Inc. *		1,284		345,306

CDW Corp.		634		143,056

Cisco Systems, Inc.		23,384		1,181,827

Cloudflare, Inc., Class A *		1,422		116,803

Cognizant Technology Solutions Corp., Class A		2,345		182,371

Corning, Inc.		7,920		331,452

Crowdstrike Holdings, Inc., Class A *		1,072		297,244

Datadog, Inc., Class A *		1,244		144,627

Enphase Energy, Inc. *		2,781		336,612

Fair Isaac Corp. *		117		202,442

Fortinet, Inc. *		2,894		221,999

Gartner, Inc. *		356		175,138

Gen Digital, Inc.		2,810		74,353

GLOBALFOUNDRIES, Inc. *		3,425		159,879

HP, Inc.		8,046		291,104

HubSpot, Inc. *		233		116,283

Intel Corp.		26,230		578,109

Intuit, Inc.		1,281		807,363

Keysight Technologies, Inc. *		2,363		364,186

KLA Corp.		873		715,362

Lam Research Corp.		820		673,228

Marvell Technology, Inc.		6,329		482,523

Microchip Technology, Inc.		4,636		380,894

Micron Technology, Inc.		6,700		644,808

Microsoft Corp.		43,701		18,229,435

MongoDB, Inc. *		340		98,869

See Notes to Financial Statements.

DBX ETF Trust | 53

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Monolithic Power Systems, Inc.		477		445,842

Motorola Solutions, Inc.		1,357		599,848

NetApp, Inc.		2,590		312,665

NVIDIA Corp.		119,835		14,304,704

Okta, Inc. *		780		61,409

ON Semiconductor Corp. *		4,640		361,317

Oracle Corp.		7,295		1,030,711

Palo Alto Networks, Inc. *		1,503		545,168

QUALCOMM, Inc.		6,257		1,096,852

Salesforce, Inc.		4,411		1,115,542

Seagate Technology Holdings PLC		2,603		259,129

ServiceNow, Inc. *		954		815,670

Skyworks Solutions, Inc.		2,516		275,728

Snowflake, Inc., Class A *		1,440		164,491

Super Micro Computer, Inc. *		474		207,470

Synopsys, Inc. *		718		373,058

TE Connectivity Ltd.		2,838		435,917

Teradyne, Inc.		1,962		268,264

Texas Instruments, Inc.		5,286		1,133,001

VeriSign, Inc. *		422		77,606

Western Digital Corp. *		2,972		194,934

Workday, Inc., Class A *		982		258,453

Zebra Technologies Corp., Class A *		902		311,533

Zoom Video Communications, Inc., Class A*		1,184		81,791

Zscaler, Inc. *		451		90,191

(Cost $54,811,782)				82,124,173

Materials — 1.9%

Ball Corp.		4,521		288,485

Corteva, Inc.		7,652		438,460

CRH PLC		5,147		467,193

Ecolab, Inc.		2,145		543,071

International Flavors & Fragrances, Inc.		3,200		332,768

International Paper Co.		2,322		112,431

Martin Marietta Materials, Inc.		636		339,726

Nucor Corp.		1,322		200,825

Packaging Corp. of America		1,558		326,463

PPG Industries, Inc.		2,612		338,855

Sherwin-Williams Co.		1,819		671,884

Southern Copper Corp.		2,369		240,975

(Cost $3,459,104)				4,301,136

Real Estate — 4.8%

Alexandria Real Estate Equities, Inc. REIT		2,822		337,427

American Tower Corp. REIT		3,412		764,493

AvalonBay Communities, Inc. REIT		1,844		416,246

CBRE Group, Inc., Class A *		1,104		127,115

CoStar Group, Inc. *		1,938		149,807


	Number of Shares		Value $

Crown Castle, Inc. REIT		4,542		508,795

Digital Realty Trust, Inc. REIT		3,074		466,049

Equinix, Inc. REIT		747		623,267

Equity Residential REIT		5,132		384,284

Essex Property Trust, Inc. REIT		1,164		351,284

Extra Space Storage, Inc. REIT		2,595		459,315

Healthpeak Properties, Inc. REIT		15,420		343,558

Invitation Homes, Inc. REIT		9,519		350,680

Iron Mountain, Inc. REIT		3,928		444,885

Mid-America Apartment Communities, Inc. REIT		2,228		361,760

Prologis, Inc. REIT		6,402		818,304

Public Storage REIT		1,601		550,296

Realty Income Corp. REIT		8,632		536,133

SBA Communications Corp. REIT		1,769		400,962

Simon Property Group, Inc. REIT		3,110		520,458

Ventas, Inc. REIT		6,616		410,920

VICI Properties, Inc. REIT		13,728		459,613

Welltower, Inc. REIT		5,221		630,070

Weyerhaeuser Co. REIT		11,443		348,897

(Cost $9,621,546)				10,764,618

Utilities — 1.2%

American Water Works Co., Inc.		8,523		1,219,812

Edison International		15,496		1,348,617

(Cost $2,253,145)				2,568,429

TOTAL COMMON STOCKS
(Cost $166,840,757)				220,491,567

EXCHANGE-TRADED FUNDS — 0.4%

iShares Paris-Aligned Climate MSCI USA ETF (a)		4,800		297,984

Vanguard Mid-Cap ETF		280		72,296

Xtrackers MSCI USA Climate Action Equity ETF (b)		8,700		307,443
(Cost $572,371)				677,723

SECURITIES LENDING COLLATERAL — 0.2%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (c)(d)
(Cost $512,450)		512,450		512,450

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (c)
(Cost $307,334)		307,334		307,334

See Notes to Financial Statements.

54 | DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2024


	Number of Shares	Value $

TOTAL INVESTMENTS — 100.1%

(Cost $168,232,912)			221,989,074

Other assets and liabilities, net — (0.1%)			(311,714	)

NET ASSETS — 100.0%			221,677,360

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

EXCHANGE-TRADED FUNDS — 0.2%

Xtrackers MSCI USA Climate Action Equity ETF (b)

—		276,414			—			—		31,029		799		—		8,700		307,443

SECURITIES LENDING COLLATERAL — 0.2%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (c)(d)

67,850		444,600	(e)		—			—		—		8,994		—		512,450		512,450

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (c)

334,935		3,665,838			(3,693,439	)		—		—		17,724		—		307,334		307,334

402,785		4,386,852			(3,693,439	)		—		31,029		27,517		—		828,484		1,127,227

*	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, 2024 amounted to $505,572, 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, 2024.

ADR:	American Depositary Receipt

REIT:

Real Estate Investment Trust

At August 31, 2024, 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 Futures

USD

390,158

396,270

9/20/2024

6,112

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 | 55

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	220,491,567	$	—	$	—	$	220,491,567

Exchange-Traded Funds		677,723		—		—		677,723

Short-Term Investments (a)		819,784		—		—		819,784

Derivatives (b)
Futures Contracts		6,112		—		—		6,112

TOTAL	$	221,995,186	$	—	$	—	$	221,995,186

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

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

See Notes to Financial Statements.

56 | DBX ETF Trust

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.9%

Australia — 0.8%

Northern Star Resources Ltd.		24,249		251,072

South32 Ltd.		4,244		9,042

(Cost $248,913)				260,114

Brazil — 4.6%

Petroleo Brasileiro SA, ADR		8,091		123,226

Suzano SA, ADR		46,162		449,618

Vale SA, ADR		80,584		847,744

(Cost $1,513,976)				1,420,588

Canada — 17.2%

Agnico Eagle Mines Limited/Mines Agnico Eagle Limitee		3,603		293,533

ARC Resources Ltd.		31,371		580,518

Barrick Gold Corp.		45,206		912,673

Cenovus Energy, Inc.		56,998		1,056,858

Franco-Nevada Corp.		3,306		403,662

Imperial Oil Ltd.		2,629		197,992

Ivanhoe Mines Ltd.*, Class A		32,657		435,427

Ivanhoe Mines Ltd.*, Class A		167		2,226

Nutrien Ltd.		24,332		1,178,371

Teck Resources Ltd., Class B		5,583		267,313

Wheaton Precious Metals Corp.		134		8,281

(Cost $5,173,206)				5,336,854

Finland — 5.3%

Neste OYJ		5,625		131,687

Stora Enso OYJ, Class R		47,263		611,829

UPM-Kymmene OYJ		26,344		891,718

(Cost $1,618,916)				1,635,234

France — 4.3%

TotalEnergies SE

(Cost $1,311,181)		19,392		1,334,909

Ireland — 3.3%

Smurfit WestRock PLC		16,227		769,484

Smurfit WestRock PLC		5,186		244,752

(Cost $983,714)				1,014,236

Japan — 0.0%

Nippon Steel Corp.

(Cost $6,520)		300		6,820

Luxembourg — 1.5%

ArcelorMittal SA

(Cost $451,576)		19,405		454,719

Norway — 2.6%

Equinor ASA		848		22,536

Norsk Hydro ASA		139,651		783,149

(Cost $802,733)				805,685

Singapore — 0.5%

Wilmar International Ltd.

(Cost $137,475)		58,100		139,962


	Number of Shares		Value $

South Africa — 2.3%

Gold Fields Ltd.		44,838		626,141

Gold Fields Ltd., ADR		5,529		75,969

(Cost $723,545)				702,110

South Korea — 1.5%

POSCO Holdings, Inc.

(Cost $475,505)		1,853		471,625

Switzerland — 5.3%

Glencore PLC*		226,886		1,195,125

SIG Group AG*		20,933		442,617

(Cost $1,587,637)				1,637,742

United Kingdom — 18.6%

Amcor PLC		13,009		148,823

Amcor PLC CDI		415		4,699

Anglo American PLC		19,067		553,549

BP PLC		57,672		325,466

DS Smith PLC		96,342		592,570

Mondi PLC		27,899		539,728

Rio Tinto PLC		21,725		1,361,935

Shell PLC		63,183		2,226,256

(Cost $5,646,859)				5,753,026

United States — 32.1%

Archer-Daniels-Midland Co.		8,851		539,823

Bunge Global SA		4,068		412,414

Chesapeake Energy Corp.		957		71,287

Chevron Corp.		2,295		339,545

Commercial Metals Co.		5,921		317,306

ConocoPhillips		7,693		875,387

Corteva, Inc.		20,546		1,177,286

Coterra Energy, Inc.		7,300		177,609

Darling Ingredients, Inc.*		3,285		137,083

Diamondback Energy, Inc.		1,292		252,082

Exxon Mobil Corp.		13,432		1,584,170

FMC Corp.		2,290		147,888

Freeport-McMoRan, Inc.		14,468		640,643

Graphic Packaging Holding Co.		7,400		221,482

Hess Corp.		535		73,862

Ingredion, Inc.		959		128,803

International Paper Co.		11,501		556,878

Mosaic Co.		13,529		386,524

Newmont Corp.		5,157		275,332

Reliance, Inc.		37		10,606

Schlumberger NV		10,681		469,857

Sealed Air Corp.		7,302		255,205

Silgan Holdings, Inc.		3,292		172,073

Valero Energy Corp.		2,906		426,397

See Notes to Financial Statements.

DBX ETF Trust | 57

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Weyerhaeuser Co. REIT		9,034		275,447

(Cost $9,769,349)				9,924,989

TOTAL COMMON STOCKS

(Cost $30,451,105)				30,898,613


	Number of Shares	Value $

TOTAL INVESTMENTS — 99.9%

(Cost $30,451,105)			30,898,613

Other assets and liabilities, net — 0.1%			40,978

NET ASSETS — 100.0%			30,939,591

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2024 is as follows:


Value ($) at 2/27/2024 (Commencement of Operations)	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)	Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a)

—	3,391,343	(3,391,343)		—		—	2,656		—		—		—

*	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.

ADR:	American Depositary Receipt

CDI:	Chess Depositary Interests

REIT:

Real Estate Investment Trust

Securities are listed in country of domicile.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	30,898,613	$	—	$	—	$	30,898,613

TOTAL	$	30,898,613	$	—	$	—	$	30,898,613

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

See Notes to Financial Statements.

58 | DBX ETF Trust

Statements of Assets and Liabilities

August 31, 2024


	Xtrackers
	Emerging
	Markets					Xtrackers MSCI
	Carbon			Xtrackers MSCI		Emerging			Xtrackers MSCI
	Reduction			EAFE ESG		Markets ESG			USA Climate
	and Climate			Leaders Equity		Leaders Equity			Action Equity
	Improvers ETF			ETF		ETF			ETF

Assets
Investment in non-affiliated securities at value	$	92,435,390		$	53,696,133	$	28,157,137		$	2,202,191,592
Investment in DWS Government Money Market Series		2,308,436			41,263		203,173			3,995,298
Investment in DWS Government & Agency Securities Portfolio*		89,242			83,698		34,336			—
Foreign currency at value		186,412			50,414		16,291			—
Deposit with broker for futures contracts		85,698			10,745		1,865			469,590
Receivables:
Investment securities sold		—			250,237		506,236			5,613,492
Capital shares		—			—		—			10,602,758
Variation margin on futures contracts		—			4,414		6,199			—
Dividends		119,035			80,847		30,539			2,569,840
Interest		9,605			192		360			14,818
Affiliated securities lending income		51			3		6			—
Foreign tax reclaim		12,817			80,447		332			—
Total assets	$	95,246,686		$	54,298,393	$	28,956,474		$	2,225,457,388

Liabilities
Payable upon return of securities loaned	$	89,242		$	83,698	$	34,336		$	—
Payables:
Investment securities purchased		—			301,616		689,873			12,737,855
Investment advisory fees		11,515			5,955		4,701			126,398
Variation margin on futures contracts		2,645			—		—			143,782
Deferred foreign tax		880,380			—		211,423			—
Total liabilities		983,782			391,269		940,333			13,008,035
Net Assets, at value	$	94,262,904		$	53,907,124	$	28,016,141		$	2,212,449,353

Net Assets Consist of
Paid-in capital	$	179,433,654		$	46,987,923	$	29,794,589		$	1,732,090,300
Distributable earnings (loss)		(85,170,750	)		6,919,201		(1,778,448	)		480,359,053

Net Assets, at value	$	94,262,904		$	53,907,124	$	28,016,141		$	2,212,449,353
Number of Common Shares outstanding		3,100,001			1,650,001		1,050,001			62,600,001
Net Asset Value	$	30.41		$	32.67	$	26.68		$	35.34

Investment in non-affiliated securities at cost	$	97,304,567		$	43,921,577	$	25,760,287		$	1,725,028,212
Value of securities loaned	$	82,732		$	81,202	$	31,831		$	—
Investment in DWS Government Money Market Series at cost	$	2,308,436		$	41,263	$	203,173		$	3,995,298
Investment in DWS Government & Agency Securities Portfolio at cost*	$	89,242		$	83,698	$	34,336		$	—
Foreign currency at cost	$	186,287		$	47,946	$	16,647		$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 59

Statements of Assets and Liabilities (Continued)

August 31, 2024


	Xtrackers		Xtrackers Net		Xtrackers
	MSCI USA ESG		Zero Pathway		RREEF Global
	Leaders Equity		Paris Aligned		Natural
	ETF		US Equity ETF		Resources ETF

Assets
Investment in non-affiliated securities at value	$	1,038,584,828	$	220,861,847	$	30,898,613
Investment in affiliated securities at value		—		307,443		—
Investment in DWS Government Money Market Series		1,394,044		307,334		—
Investment in DWS Government & Agency Securities Portfolio*		354,960		512,450		—
Foreign currency at value		—		—		522,644
Deposit with broker for futures contracts		269,830		21,252		—
Receivables:
Investment securities sold		5,862,488		—		564,246
Capital shares		—		—		7,973,878
Variation margin on futures contracts		—		3,570		—
Dividends		1,144,813		188,602		66,854
Interest		4,960		1,147		106
Affiliated securities lending income		6		3,982		—
Foreign tax reclaim		—		—		4,279
Total assets	$	1,047,615,929	$	222,207,627	$	40,030,620

Liabilities
Due to custodian	$	—	$	—	$	233,913
Payable upon return of securities loaned		354,960		512,450		—
Payables:
Investment securities purchased		2,366,632		—		8,852,798
Capital shares		—		—		50
Investment advisory fees		77,608		17,817		4,268
Variation margin on futures contracts		148,697		—		—
Total liabilities		2,947,897		530,267		9,091,029
Net Assets, at value	$	1,044,668,032	$	221,677,360	$	30,939,591

Net Assets Consist of
Paid-in capital	$	929,735,255	$	169,616,838	$	30,187,387
Distributable earnings (loss)		114,932,777		52,060,522		752,204

Net Assets, at value	$	1,044,668,032	$	221,677,360	$	30,939,591
Number of Common Shares outstanding		20,000,001		6,050,001		1,150,001
Net Asset Value	$	52.23	$	36.64	$	26.90

Investment in non-affiliated securities at cost	$	835,859,752	$	167,136,714	$	30,451,105
Investment in affiliated securities at cost	$	–	$	276,414	$	–
Value of securities loaned	$	344,923	$	505,572	$	—
Investment in DWS Government Money Market Series at cost	$	1,394,044	$	307,334	$	—
Investment in DWS Government & Agency Securities Portfolio at cost*	$	354,960	$	512,450	$	—
Foreign currency at cost	$	—	$	—	$	522,102

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

60 | DBX ETF Trust

Statements of Operations

For the Year Ended August 31, 2024


	Xtrackers
	Emerging
	Markets						Xtrackers MSCI
	Carbon			Xtrackers MSCI			Emerging			Xtrackers MSCI
	Reduction			EAFE ESG			Markets ESG			USA Climate
	and Climate			Leaders Equity			Leaders Equity			Action Equity
	Improvers ETF			ETF			ETF			ETF

Investment Income
Unaffiliated dividend income*	$	8,138,842		$	1,289,222		$	644,958		$	29,828,703
Affiliated dividend income		—			—			400			—
Income distributions from affiliated funds		176,732			2,324			1,886			200,730
Affiliated securities lending income		10,098			571			179			14,444
Payments by affiliates (see note 6)		10,667			—			—			—
Unaffiliated securities lending income, net of borrower rebates		—			—			—			598
Total investment income		8,336,339			1,292,117			647,423			30,044,475

Expenses
Investment advisory fees		674,756			66,165			51,138			1,471,431
Other expenses		58			58			58			30
Total expenses		674,814			66,223			51,196			1,471,461
Less fees waived (see note 3):
Waiver		(3,739	)		(56	)		(50	)		(4,337	)
Net expenses		671,075			66,167			51,146			1,467,124
Net investment income (loss)		7,665,264			1,225,950			596,277			28,577,351

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(24,375,698	)		(489,997	)		(746,065	)		(13,975,444	)
Investments in affiliates		—			—			468			—
In-kind redemptions		(7,441,681	)		471,545			—			244,305,038
Futures contracts		326,605			14,187			2,357			892,735
Foreign currency transactions		(749,430	)		(970	)		(39,445	)		—
Payments by Affiliates (see note 6)		1,394			—			—			—
Net realized gain (loss)		(32,238,810	)		(5,235	)		(782,685	)		231,222,329
Net change in unrealized appreciation (depreciation) on:
Investments***		83,244,734			7,812,253			3,774,029			253,807,988
Investments in affiliates		—			—			(31	)		—
Futures contracts		70,558			948			(485	)		(24,756	)
Foreign currency translations		35,678			6,946			28,563			—
Net change in unrealized appreciation (depreciation)		83,350,970			7,820,147			3,802,076			253,783,232
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		51,112,160			7,814,912			3,019,391			485,005,561
Net Increase (Decrease) in Net Assets Resulting from Operations	$	58,777,424		$	9,040,862		$	3,615,668		$	513,582,912

* Unaffiliated foreign tax withheld	$	1,090,777		$	139,719		$	84,560		$	3,058
** Including foreign taxes	$	3,143,578		$	—		$	20,150		$	—
*** Net of change in deferred foreign taxes	$	(497,421	)	$	—		$	(186,717	)	$	—

See Notes to Financial Statements.

DBX ETF Trust | 61

Statements of Operations (Continued)

For the Year Ended August 31, 2024


							Xtrackers
	Xtrackers			Xtrackers Net			RREEF Global
	MSCI USA ESG			Zero Pathway			Natural
	Leaders Equity			Paris Aligned			Resources
	ETF			US Equity ETF			ETF⁽¹⁾

Investment Income
Unaffiliated dividend income*	$	14,526,891		$	2,407,430		$	220,482
Affiliated dividend income		—			799			—
Income distributions from affiliated funds		168,639			17,724			2,656
Affiliated securities lending income		27,686			8,994			—
Payments by affiliates (see note 6)		8,669			—			—
Unaffiliated securities lending income, net of borrower rebates		—			9,109			—
Total investment income		14,731,885			2,444,056			223,138

Expenses
Investment advisory fees		1,084,077			176,717			26,025
Other expenses		58			58			—
Total expenses		1,084,135			176,775			26,025
Less fees waived (see note 3):
Waiver		(107,196	)		(443	)		(61	)
Net expenses		976,939			176,332			25,964
Net investment income (loss)		13,754,946			2,267,724			197,174

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(13,085,479	)		(1,660,714	)		221,415
In-kind redemptions		151,554,714			7,078,072			—
Futures contracts		755,895			90,786			—
Foreign currency transactions		—			—			1,090
Net realized gain (loss)		139,225,130			5,508,144			222,505
Net change in unrealized appreciation (depreciation) on:
Investments		91,128,729			37,314,297			447,508
Investments in affiliates		—			31,029			—
Futures contracts		(77,061	)		4,882			—
Foreign currency translations		—			—			2,742
Net change in unrealized appreciation (depreciation)		91,051,668			37,350,208			450,250
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		230,276,798			42,858,352			672,755
Net Increase (Decrease) in Net Assets Resulting from Operations	$	244,031,744		$	45,126,076		$	869,929

* Unaffiliated foreign tax withheld	$	7,715		$	—		$	11,599

(1)	For the period February 27, 2024 (commencement of operations) through August 31, 2024.

See Notes to Financial Statements.

62 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Emerging Markets
	Carbon Reduction and Climate						Xtrackers MSCI EAFE ESG
	Improvers ETF						Leaders Equity ETF

	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	7,665,264		$	11,115,481		$	1,225,950		$	1,044,986
Net realized gain (loss)		(32,238,810	)		(18,487,055	)		(5,235	)		(735,306	)
Net change in net unrealized appreciation (depreciation)		83,350,970			17,309,303			7,820,147			5,026,694
Net increase (decrease) in net assets resulting from operations		58,777,424			9,937,729			9,040,862			5,336,374
Distributions to Shareholders		(8,720,560	)		(12,833,632	)		(1,250,289	)		(957,399	)
Fund Shares Transactions
Proceeds from shares sold		329,006,403			2,359,527			4,517,522			13,833,465
Value of shares redeemed		(777,045,199	)		—			(1,584,526	)		(4,135,077	)
Net increase (decrease) in net assets resulting from fund share transactions		(448,038,796	)		2,359,527			2,932,996			9,698,388
Total net increase (decrease) in Net Assets		(397,981,932	)		(536,376	)		10,723,569			14,077,363
Net Assets
Beginning of year		492,244,836			492,781,212			43,183,555			29,106,192
End of year	$	94,262,904		$	492,244,836		$	53,907,124		$	43,183,555

Changes in Shares Outstanding
Shares outstanding, beginning of year		18,400,001			18,300,001			1,550,001			1,200,001
Shares sold		12,150,000			100,000			150,000			500,000
Shares redeemed		(27,450,000	)		—			(50,000	)		(150,000	)
Shares outstanding, end of year		3,100,001			18,400,001			1,650,001			1,550,001

See Notes to Financial Statements.

DBX ETF Trust | 63

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging						Xtrackers MSCI USA Climate
	Markets ESG Leaders Equity ETF						Action Equity ETF

										For the Period
	Year Ended			Year Ended			Year Ended			April 4, 2023⁽¹⁾to
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	596,277		$	539,869		$	28,577,351		$	13,732,996
Net realized gain (loss)		(782,685	)		(1,939,343	)		231,222,329			24,723,533
Net change in net unrealized appreciation (depreciation)		3,802,076			1,411,821			253,783,232			223,498,580
Net increase (decrease) in net assets resulting from operations		3,615,668			12,347			513,582,912			261,955,109
Distributions to Shareholders		(586,531	)		(495,191	)		(32,682,806	)		(6,700,040	)
Fund Shares Transactions
Proceeds from shares sold		—			4,573,005			575,108,072			2,206,770,268
Value of shares redeemed		—			(2,277,610	)		(1,118,683,278	)		(186,900,909	)
Net increase (decrease) in net assets resulting from fund share transactions		—			2,295,395			(543,575,206	)		2,019,869,359
Total net increase (decrease) in Net Assets		3,029,137			1,812,551			(62,675,100	)		2,275,124,428
Net Assets
Beginning of period		24,987,004			23,174,453			2,275,124,453			25
End of period	$	28,016,141		$	24,987,004		$	2,212,449,353		$	2,275,124,453

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,050,001			950,001			81,100,001			1
Shares sold		—			200,000			19,000,000			88,350,000
Shares redeemed		—			(100,000	)		(37,500,000	)		(7,250,000	)
Shares outstanding, end of period		1,050,001			1,050,001			62,600,001			81,100,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

64 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI USA ESG Leaders						Xtrackers Net Zero Pathway Paris
	Equity ETF						Aligned US Equity ETF

	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	13,754,946		$	36,167,624		$	2,267,724		$	1,476,161
Net realized gain (loss)		139,225,130			502,735,282			5,508,144			1,416,539
Net change in net unrealized appreciation (depreciation)		91,051,668			(225,613,355	)		37,350,208			14,860,113
Net increase (decrease) in net assets resulting from operations		244,031,744			313,289,551			45,126,076			17,752,813
Distributions to Shareholders		(14,649,602	)		(41,345,101	)		(2,136,306	)		(1,268,208	)
Fund Shares Transactions
Proceeds from shares sold		189,393,361			240,179,457			45,647,060			64,054,316
Value of shares redeemed		(656,999,562	)		(2,288,923,620	)		(14,855,434	)		(8,280,393	)
Net increase (decrease) in net assets resulting from fund share transactions		(467,606,201	)		(2,048,744,163	)		30,791,626			55,773,923
Total net increase (decrease) in Net Assets		(238,224,059	)		(1,776,799,713	)		73,781,396			72,258,528
Net Assets
Beginning of year		1,282,892,091			3,059,691,804			147,895,964			75,637,436
End of year	$	1,044,668,032		$	1,282,892,091		$	221,677,360		$	147,895,964

Changes in Shares Outstanding
Shares outstanding, beginning of year		30,650,001			85,300,001			5,100,001			3,000,001
Shares sold		4,050,000			6,650,000			1,400,000			2,400,000
Shares redeemed		(14,700,000	)		(61,300,000	)		(450,000	)		(300,000	)
Shares outstanding, end of year		20,000,001			30,650,001			6,050,001			5,100,001

See Notes to Financial Statements.

DBX ETF Trust | 65

Statements of Changes in Net Assets (Continued)


	Xtrackers RREEF Global Natural Resources ETF
	For the Period February 27, 2024⁽¹⁾to August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	197,174
Net realized gain (loss)		222,505
Net change in net unrealized appreciation (depreciation)		450,250
Net increase (decrease) in net assets resulting from operations		869,929
Distributions to Shareholders		(117,725	)

Fund Shares Transactions
Proceeds from shares sold		30,187,362
Value of shares redeemed		—
Net increase (decrease) in net assets resulting from fund share transactions		30,187,362
Total net increase (decrease) in Net Assets		30,939,566

Net Assets
Beginning of period		25
End of period	$	30,939,591

Changes in Shares Outstanding
Shares outstanding, beginning of period		1
Shares sold		1,150,000
Shares redeemed		—
Shares outstanding, end of period		1,150,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

66 | DBX ETF Trust

Financial Highlights

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF


	Years Ended August 31,
	2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of year	$	26.75		$	26.93		$	34.69		$	27.90		$	25.42

Income (loss) from investment operations:

Net investment income (loss)(a)		0.47			0.60			0.70			0.57			0.68

Net realized and unrealized gain (loss)		3.48			(0.08	)		(7.88	)		6.86			2.53

Total from investment operations		3.95			0.52			(7.18	)		7.43			3.21

Less distributions from:

Net investment income		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)

Total from distributions		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)

Net Asset Value, end of year	$	30.41		$	26.75		$	26.93		$	34.69		$	27.90

Total Return (%)(b)		14.88			2.01			(20.81	)		26.80			12.74

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		94			492			493			496			8

Ratio of expenses before fee waiver (%)		0.15			0.15			0.15			0.16			0.16

Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.16			0.16

Ratio of net investment income (loss) (%)		1.70			2.30			2.30			1.97			2.61

Portfolio turnover rate (%)(c)		79			16			33			17			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 | 67

Financial Highlights (Continued)

Xtrackers MSCI EAFE ESG Leaders Equity ETF


	Years Ended August 31,
	2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of year	$	27.86		$	24.26		$	31.79		$	25.96		$	24.10

Income (loss) from investment operations:

Net investment income (loss)(a)		0.77			0.78			0.85			0.72			0.59

Net realized and unrealized gain (loss)		4.82			3.51			(7.57	)		5.80			1.83

Total from investment operations		5.59			4.29			(6.72	)		6.52			2.42

Less distributions from:

Net investment income		(0.78	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)

Total from distributions		(0.78	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)

Net Asset Value, end of year	$	32.67		$	27.86		$	24.26		$	31.79		$	25.96

Total Return (%)(b)		20.32			17.79			(21.40	)		25.28			10.12

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		54			43			29			19			12

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) (%)		2.59			2.92			3.04			2.45			2.39

Portfolio turnover rate (%)(c)		12			25			22			22			16

(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.

68 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF


	Years Ended August 31,
	2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of year	$	23.80		$	24.39		$	33.60		$	28.57		$	24.70

Income (loss) from investment operations:

Net investment income (loss)(a)		0.57			0.53			0.64			0.49			0.86

Net realized and unrealized gain (loss)		2.87			(0.65	)		(9.14	)		4.77			4.07

Total from investment operations		3.44			(0.12	)		(8.50	)		5.26			4.93

Less distributions from:

Net investment income		(0.56	)		(0.47	)		(0.71	)		(0.23	)		(1.06	)

Net realized gains		–			–			–			–			(0.00	)(b)

Total from distributions		(0.56	)		(0.47	)		(0.71	)		(0.23	)		(1.06	)

Net Asset Value, end of year	$	26.68		$	23.80		$	24.39		$	33.60		$	28.57

Total Return (%)(c)		14.74			(0.51	)		(25.55	)		18.43			20.32

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		28			25			23			25			9

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) (%)		2.33			2.21			2.22			1.48			3.38

Portfolio turnover rate (%)(d)		14			23			24			26			17

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

(b)	Amount represents less than $0.005.

(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 | 69

Financial Highlights (Continued)

Xtrackers MSCI USA Climate Action Equity ETF


	Year Ended			Period Ended
	8/31/2024			8/31/2023(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	28.05		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.42			0.17

Net realized and unrealized gain (loss)		7.32			2.96

Total from investment operations		7.74			3.13

Less distributions from:

Net investment income		(0.41	)		(0.08	)

Net realized gains		(0.04	)		–

Total from distributions		(0.45	)		(0.08	)

Net Asset Value, end of period	$	35.34		$	28.05

Total Return (%)(c)		27.85			12.55	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		2,212			2,275

Ratio of expenses before fee waiver (%)		0.07			0.07	*

Ratio of expenses after fee waiver (%)		0.07			0.07	*

Ratio of net investment income (loss) (%)		1.36			1.57	*

Portfolio turnover rate (%)(d)		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.

70 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI USA ESG Leaders Equity ETF


	Years Ended August 31,
	2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of year	$	41.86		$	35.87		$	41.89		$	31.84		$	26.69

Income (loss) from investment operations:

Net investment income (loss)(a)		0.58			0.57			0.53			0.50			0.51

Net realized and unrealized gain (loss)		10.41			6.04			(6.04	)		10.05			5.10

Total from investment operations		10.99			6.61			(5.51	)		10.55			5.61

Less distributions from:

Net investment income		(0.62	)		(0.62	)		(0.51	)		(0.50	)		(0.46	)

Total from distributions		(0.62	)		(0.62	)		(0.51	)		(0.50	)		(0.46	)

Net Asset Value, end of year	$	52.23		$	41.86		$	35.87		$	41.89		$	31.84

Total Return (%)(b)		26.52			18.68			(13.29	)		33.48			21.42

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		1,045			1,283			3,060			3,889			2,666

Ratio of expenses before fee waiver (%)		0.10			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) (%)		1.26			1.56			1.32			1.39			1.83

Portfolio turnover rate (%)(c)		7			6			6			12			9

(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 | 71

Financial Highlights (Continued)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF


	Years Ended August 31,						Period Ended
	2024			2023			8/31/2022(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	29.00		$	25.21		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.41			0.39			0.07

Net realized and unrealized gain (loss)		7.62			3.74			0.14

Total from investment operations		8.03			4.13			0.21

Less distributions from:

Net investment income		(0.39	)		(0.34	)		–

Net realized gains		–			(0.00	)(c)		–

Total from distributions		(0.39	)		(0.34	)		–

Net Asset Value, end of period	$	36.64		$	29.00		$	25.21

Total Return (%)(d)		27.94			16.60			0.84	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		222			148			76

Ratio of expenses before fee waiver (%)		0.10			0.10			0.10	*

Ratio of expenses after fee waiver (%)		0.10			0.10			0.10	*

Ratio of net investment income (loss) (%)		1.28			1.49			1.50	*

Portfolio turnover rate (%)(e)		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.

72 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers RREEF Global Natural Resources ETF


	Period Ended
	8/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.46

Net realized and unrealized gain (loss)		1.72

Total from investment operations		2.18

Less distributions from:

Net investment income		(0.28	)

Total from distributions		(0.28	)

Net Asset Value, end of period	$	26.90

Total Return (%)(c)		8.75	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		31

Ratio of expenses before fee waiver (%)		0.45	*

Ratio of expenses after fee waiver (%)		0.45	*

Ratio of net investment income (loss) (%)		3.41	*

Portfolio turnover rate (%)(d)		49	**

(a)	For the period February 27, 2024 (commencement of operations) through August 31, 2024.

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

(c)	Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 73

Notes to Financial Statements

1. Organization

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA ESG Leaders 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 RREEF Global Natural Resources ETF which lots consists of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each 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 ESG Leaders Equity ETF		MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA Climate Action Equity ETF		MSCI USA Climate Action Index
Xtrackers MSCI USA ESG Leaders Equity ETF		MSCI USA ESG Leaders Index
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Solactive ISS ESG United States Net Zero Pathway Enhanced Index

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”) is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE ESG Leaders 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 Emerging Markets ESG Leaders 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 emerging markets countries, as defined by the index provider. 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.

74 | DBX ETF Trust

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 ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

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

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF are diversified series of the Trust. Xtrackers MSCI Emerging Markets ESG Leaders Equity 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. 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

DBX ETF Trust | 75

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.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of

Investments.

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

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.

76 | DBX ETF Trust

MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action 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, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to August 31, 2024), 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.

As of August 31, 2024, 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 Emerging Markets Carbon Reduction and Climate Improvers ETF	$	2,420,336	$	—	$	(80,324,552	)	$	(7,266,534	)	$	(85,170,750	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		317,447		—		(2,214,332	)		8,816,086			6,919,201
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		401,222		—		(3,399,961	)		1,220,291			(1,778,448	)
Xtrackers MSCI USA Climate Action Equity ETF		6,006,303		—		(158,307	)		474,511,057			480,359,053
Xtrackers MSCI USA ESG Leaders Equity ETF		2,640,543		—		(70,296,771	)		182,589,005			114,932,777
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		553,047		—		(1,383,880	)		52,891,355			52,060,522
Xtrackers RREEF Global Natural Resources ETF		351,015		995		—			400,194			752,204

The tax character of dividends and distributions declared for the years ended August 31, 2024 and August 31, 2023 were as follows:


	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 ESG Leaders Equity ETF		1,250,289		—
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		586,531		—
Xtrackers MSCI USA Climate Action Equity ETF		32,457,740		225,066
Xtrackers MSCI USA ESG Leaders 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		—


	Year Ended August
	31, 2023
	Ordinary Income^*
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	12,833,632
Xtrackers MSCI EAFE ESG Leaders Equity ETF		957,399
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		495,191

DBX ETF Trust | 77


	Year Ended August
	31, 2023
	Ordinary Income^*
Xtrackers MSCI USA Climate Action Equity ETF		6,700,040
Xtrackers MSCI USA ESG Leaders Equity ETF		41,345,101
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		1,268,208

*	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	$	19,232,299	$	61,092,253	$	80,324,552
Xtrackers MSCI EAFE ESG Leaders Equity ETF		600,681		1,613,651		2,214,332
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		884,105		2,515,856		3,399,961
Xtrackers MSCI USA ESG Leaders Equity ETF		15,906,539		54,390,232		70,296,771
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		580,526		803,354		1,383,880

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, 2024, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:


	Post-October
	Losses on Capital
Xtrackers MSCI USA Climate Action Equity ETF	$	155,159


	Distributable
	earnings (loss)			Paid-In Capital
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	8,796,047		$	(8,796,047	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		(445,264	)		445,264
Xtrackers MSCI USA Climate Action Equity ETF		(232,386,756	)		232,386,756
Xtrackers MSCI USA ESG Leaders Equity ETF		(144,094,774	)		144,094,774
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		(7,068,665	)		7,068,665


			Net Unrealized			Aggregate Gross		Aggregate Gross
			Appreciation			Unrealized		Unrealized
	Aggregate Tax Cost		(Depreciation)			Appreciation		(Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	101,211,410	$	(6,378,342	)	$	15,741,994	$	(22,120,336	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		45,008,834		8,808,795			10,951,665		(2,142,870	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		26,950,148		1,444,498			5,796,995		(4,352,497	)
Xtrackers MSCI USA Climate Action Equity ETF		1,731,675,833		474,511,057			509,457,751		(34,946,694	)
Xtrackers MSCI USA ESG Leaders Equity ETF		857,744,827		182,589,005			238,747,591		(56,158,586	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		169,097,719		52,891,355			56,392,925		(3,501,570	)
Xtrackers RREEF Global Natural Resources ETF		30,501,161		397,452			704,189		(306,737	)

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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, 2024, 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 ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders 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, 2024, 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, 2024) 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, 2024, 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, 2024
	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	$	89,242	$	—	$	—	$	—	$	89,242
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	89,242
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	25,353	$	—	$	—	$	—	$	25,353
Exchange-Traded Funds	$	58,345	$	—	$	—	$	—	$	58,345
Total Borrowings	$	83,698	$	—	$	—	$	—	$	83,698
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	83,698
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Common Stocks	$	34,336	$	—	$	—	$	—	$	34,336
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	34,336

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Xtrackers MSCI USA ESG Leaders Equity ETF
Common Stocks	$	354,960	$	—	$	—	$	—	$	354,960
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	354,960

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Common Stocks	$	220,674	$	—	$	—	$	—	$	220,674
Exchange-Traded Funds	$	291,776	$	—	$	—	$	—	$	291,776
Total Borrowings	$	512,450	$	—	$	—	$	—	$	512,450
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	512,450

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, 2024, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders 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.

A summary of the open futures contracts as of August 31, 2024 is included in a table following the Funds’ Schedule of Investments.

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	Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	27,570	Unrealized depreciation on futures contracts^*	$	—
	Total	$	27,570	Total	$	—

Xtrackers MSCI EAFE ESG Leaders Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	6,068	Unrealized depreciation on futures contracts^*	$	3,465
	Total	$	6,068	Total	$	3,465

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	50	Unrealized depreciation on futures contracts^*	$	—
	Total	$	50	Total	$	—

Xtrackers MSCI USA Climate Action Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	118,432	Unrealized depreciation on futures contracts^*	$	—
	Total	$	118,432	Total	$	—

Xtrackers MSCI USA ESG Leaders Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	35,206	Unrealized depreciation on futures contracts^*	$	—
	Total	$	35,206	Total	$	—

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	6,112	Unrealized depreciation on futures contracts^*	$	—
	Total	$	6,112	Total	$	—


	Futures Contracts
Net Realized Gain (Loss) from:	— Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	326,605
Xtrackers MSCI EAFE ESG Leaders Equity ETF		14,187
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		2,357
Xtrackers MSCI USA Climate Action Equity ETF		892,735
Xtrackers MSCI USA ESG Leaders Equity ETF		755,895
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		90,786

	Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on:	— Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	70,558
Xtrackers MSCI EAFE ESG Leaders Equity ETF		948
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(485	)
Xtrackers MSCI USA Climate Action Equity ETF		(24,756	)
Xtrackers MSCI USA ESG Leaders Equity ETF		(77,061	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		4,882

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For the year ended August 31, 2024 the average monthly volume of derivatives was as follows:


	Futures Contracts
	(Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,624,572
Xtrackers MSCI EAFE ESG Leaders Equity ETF		226,378
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		59,606
Xtrackers MSCI USA Climate Action Equity ETF		12,586,272
Xtrackers MSCI USA ESG Leaders Equity ETF		3,526,875
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		372,726

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. The Sub-Advisor is responsible for day-to-day management of the Fund, subject to supervision of the Advisor.

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 August 12, 2024 for the Xtrackers MSCI USA ESG Leaders Equity 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 ESG Leaders Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		0.20	%
Xtrackers MSCI USA Climate Action Equity ETF		0.07	%
Xtrackers MSCI USA ESG Leaders Equity ETF		0.10	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		0.10	%
Xtrackers RREEF Global Natural Resources ETF		0.45	%


	Unitary Advisory
	Fee
Xtrackers MSCI USA ESG Leaders Equity ETF		0.09	%

For the period September 1, 2023 through August 12, 2024, the Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF had voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. For the year ended August 31, 2024, the Advisor waived $103,584 of expenses to the Fund.

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	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,739
Xtrackers MSCI EAFE ESG Leaders Equity ETF		56
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		50
Xtrackers MSCI USA Climate Action Equity ETF		4,337
Xtrackers MSCI USA ESG Leaders Equity ETF		3,612
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		443
Xtrackers RREEF Global Natural Resources ETF		61

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.

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended August 31, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Securities Lending
	Agent Fees
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	761
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		14
Xtrackers MSCI USA ESG Leaders Equity ETF		2,085

4. Investment Portfolio Transactions

For the year ended August 31, 2024, 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	$	346,026,330	$	637,980,272
Xtrackers MSCI EAFE ESG Leaders Equity ETF		7,339,498		5,801,239
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		3,497,469		3,528,726
Xtrackers MSCI USA Climate Action Equity ETF		412,029,509		421,882,716
Xtrackers MSCI USA ESG Leaders Equity ETF		75,408,813		75,380,616
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		19,069,641		19,015,277
Xtrackers RREEF Global Natural Resources ETF		9,705,132		6,835,763

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For the year ended August 31, 2024, 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	$	55,396,935	$	215,608,053
Xtrackers MSCI EAFE ESG Leaders Equity ETF		2,916,594		1,552,704
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		—		—
Xtrackers MSCI USA Climate Action Equity ETF		575,110,507		1,113,067,628
Xtrackers MSCI USA ESG Leaders Equity ETF		189,286,298		656,956,419
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		45,639,833		14,674,399
Xtrackers RREEF Global Natural Resources ETF		27,362,311		—

5. Fund Share Transactions

6. Payments by Affiliates

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.


DBX Advisors LLC	Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	6,765
Xtrackers MSCI USA ESG Leaders Equity ETF		5,779


Deutsche Bank AG	Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,383
Xtrackers MSCI USA ESG Leaders Equity ETF		2,890

During the year ended August 31, 2024, the Advisor agreed to reimburse Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF $1,394 for losses on trades executed incorrectly and $519 for interest. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. 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. 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.

84 | DBX ETF Trust

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at August 31, 2024.

9. 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,

2024, there was one affiliated shareholder account for the fund listed below holding a significant percentage of the shares outstanding:


	Approximate
	Percent of
	Outstanding
	Shares Held
Xtrackers RREEF Global Natural Resources ETF		35%

10. Name and Strategy Change

Effective on or about November 4, 2024 (the “Effective Date”), Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF will change its name to Xtrackers MSCI Emerging Markets Climate Selection ETF, and the Fund’s ticker symbol will change from EMSG to EMCS. At that time, the Fund will change its current investment objective of 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 the Fund’s fees and expenses, of the MSCI Global Climate 500 Emerging Markets Selection Index. In addition, as of the Effective Date, the Advisor has agreed, until December 31, 2025, to waive a portion of its management fees and/or reimburse 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.

DBX ETF Trust | 85

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF, Xtrackers MSCI USA Climate Action 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 ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders 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 (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, 2024, 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, 2024, 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 ESG Leaders Equity ETF Xtrackers MSCI EAFE ESG Leaders Equity ETF Xtrackers MSCI USA ESG Leaders Equity ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the two years in the period ended August 31, 2024 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, 2024	For the year ended August 31, 2024 and the period from April 4, 2023 (commencement of operations) through August 31, 2023
Xtrackers RREEF Global Natural Resources ETF	For the period from February 27, 2024 (commencement of operations) through August 31, 2024

Basis for Opinion

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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 24, 2024

DBX ETF Trust | 87

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders 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 February 14-15, 2024 (the “February

Meeting”), the Trustees, all of whom are the 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 ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (each a “Fund,” and collectively, the “Funds”). In addition, after discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 8, 2024 (the “May Meeting”), the Trustees unanimously approved the continuance of the Investment Advisory Agreements for each Fund for a new annual period ending on May 31, 2025. At the May Meeting the Board also unanimously approved the continuance of the Investment Advisory Agreement for an annual period ending on May 31, 2025 with respect to the following Fund which was not subject to approval at the February Meeting: Xtrackers MSCI USA Climate Action Equity ETF. The Independent Trustees were advised throughout the review and Meetings 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 February Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the 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) each applicable 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 February 14, 2024 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 February Meeting and May Meeting including confirmation at the May Meeting from the Advisor that there had been no material changes to the information presented to the Board in connection with the approval of the Investment Advisory Agreement at the February Meeting.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

88 | DBX ETF Trust

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

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.

The Board considered the information regarding each applicable Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. 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 applicable Fund during the year was in an expected range.

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 also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

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

to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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.

90 | 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, 2024.


	Qualified Dividend Income^*			Dividends Received Reduction^*
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		82	%		—	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		100	%		—	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		72	%		—	%
Xtrackers MSCI USA Climate Action Equity ETF		94	%		91	%
Xtrackers MSCI USA ESG Leaders Equity ETF		100	%		98	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		100	%		95	%
Xtrackers RREEF Global Natural Resources ETF		46	%		5	%

*	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	$	9,229,436	$	1,090,714
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1,422,267		137,152
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		727,869		84,560
Xtrackers RREEF Global Natural Resources ETF		190,358		11,023

DBX ETF Trust | 91

LOGO

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 Growth ESG ETF (SNPG)

Xtrackers S&P 500 Value ESG ETF (SNPV)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

LOGO

Table of Contents


			Page

Schedule of Investments

Xtrackers S&P 500 ESG ETF			2

Xtrackers S&P 500 Growth ESG ETF			8

Xtrackers S&P 500 Value ESG ETF			11

Xtrackers S&P ESG Dividend Aristocrats ETF			16

Xtrackers S&P MidCap 400 ESG ETF			19

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			31

Notes to Financial Statements			36

Report of Independent Registered Public Accounting Firm			46

Board Considerations in Approval of Investment Advisory Contracts			48

Tax Information			51

DBX ETF Trust | 1

Schedule of Investments

Xtrackers S&P 500 ESG ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.7%

Communication Services — 7.1%

Alphabet, Inc., Class A		242,333		39,592,366

Alphabet, Inc., Class C		201,694		33,301,696

AT&T, Inc.		295,730		5,885,027

Comcast Corp., Class A		162,140		6,415,880

Electronic Arts, Inc.		9,952		1,510,913

Interpublic Group of Cos., Inc.		14,435		470,725

News Corp., Class A		16,454		466,142

News Corp., Class B		5,062		148,975

Omnicom Group, Inc.		8,753		879,064

Paramount Global, Class B (a)		20,705		216,781

Take-Two Interactive Software, Inc. *		6,443		1,041,897

T-Mobile US, Inc.		21,352		4,243,069

Walt Disney Co.		75,137		6,790,882

(Cost $93,177,490)				100,963,417

Consumer Discretionary — 7.2%

Aptiv PLC *		11,621		831,250

Bath & Body Works, Inc.		9,105		280,070

Best Buy Co., Inc.		8,321		835,428

BorgWarner, Inc.		9,868		336,203

Caesars Entertainment, Inc. *		9,657		363,489

CarMax, Inc. *		6,356		537,400

Carnival Corp. *		40,839		673,843

Chipotle Mexican Grill, Inc. *		56,308		3,157,753

D.R. Horton, Inc.		12,147		2,292,868

Deckers Outdoor Corp. *		1,057		1,013,970

eBay, Inc.		21,255		1,256,171

Etsy, Inc. *		4,720		260,025

Expedia Group, Inc. *		5,345		743,436

General Motors Co.		46,903		2,334,831

Genuine Parts Co.		5,660		810,852

Hasbro, Inc.		5,914		403,098

Hilton Worldwide Holdings, Inc.		10,282		2,258,338

Home Depot, Inc.		40,832		15,046,592

Las Vegas Sands Corp.		15,910		620,331

LKQ Corp.		10,684		444,348

Lowe’s Cos., Inc.		23,487		5,836,520

Lululemon Athletica, Inc. *		4,726		1,226,255

Marriott International, Inc., Class A		10,030		2,353,941

McDonald’s Corp.		29,737		8,583,882

MGM Resorts International *		10,507		394,958

Mohawk Industries, Inc. *		2,521		391,108

NIKE, Inc., Class B		49,762		4,146,170

Norwegian Cruise Line Holdings Ltd. *		17,157		306,939

Pool Corp.		1,565		550,285

PulteGroup, Inc.		8,609		1,133,375

Ralph Lauren Corp.		1,701		291,313


	Number of Shares		Value $

Ross Stores, Inc.		13,701		2,063,508

Royal Caribbean Cruises Ltd. *		10,189		1,677,313

Starbucks Corp.		46,300		4,378,591

Tapestry, Inc.		10,160		416,255

Tesla, Inc. *		114,288		24,470,204

TJX Cos., Inc.		46,691		5,475,454

Tractor Supply Co.		4,379		1,171,601

Ulta Beauty, Inc. *		2,005		707,444

Wynn Resorts Ltd.		3,731		286,839

Yum! Brands, Inc.		11,432		1,542,405

(Cost $94,070,330)				101,904,656

Consumer Staples — 6.7%

Archer-Daniels-Midland Co.		20,112		1,226,631

Campbell Soup Co.		9,132		454,043

Coca-Cola Co.		160,002		11,595,345

Colgate-Palmolive Co.		33,595		3,577,867

Conagra Brands, Inc.		20,138		628,306

Costco Wholesale Corp.		18,400		16,419,792

Estee Lauder Cos., Inc., Class A		9,959		912,842

General Mills, Inc.		22,951		1,659,128

Hershey Co.		6,392		1,234,039

Hormel Foods Corp.		13,141		427,739

J M Smucker Co.		4,567		523,744

Kellanova		10,807		871,152

Keurig Dr Pepper, Inc.		43,342		1,586,751

Kraft Heinz Co.		31,604		1,119,730

Kroger Co.		27,881		1,483,548

Lamb Weston Holdings, Inc.		5,795		358,826

McCormick & Co., Inc.		10,735		859,122

Molson Coors Beverage Co., Class B		8,543		461,066

Mondelez International, Inc., Class A		55,029		3,951,632

PepsiCo, Inc.		56,831		9,824,943

Procter & Gamble Co.		97,440		16,714,858

Sysco Corp.		19,814		1,544,898

Target Corp.		18,930		2,908,027

Tyson Foods, Inc., Class A		11,010		708,053

Walgreens Boots Alliance, Inc.		30,392		281,126

Walmart, Inc.		175,667		13,566,762

(Cost $86,537,623)				94,899,970

Energy — 4.2%

Baker Hughes Co.		43,111		1,516,214

Chevron Corp.		70,899		10,489,507

Devon Energy Corp.		25,906		1,160,071

Diamondback Energy, Inc.		7,314		1,427,034

EQT Corp.		24,478		820,258

Exxon Mobil Corp.		185,400		21,866,076

Halliburton Co.		36,208		1,125,707

Hess Corp.		11,299		1,559,940

Kinder Morgan, Inc.		78,305		1,689,039

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Marathon Petroleum Corp.		14,576		2,581,701

Occidental Petroleum Corp.		26,848		1,529,799

ONEOK, Inc.		23,601		2,179,788

Phillips 66		17,649		2,476,331

Schlumberger NV		58,441		2,570,820

Targa Resources Corp.		9,635		1,415,381

Valero Energy Corp.		13,514		1,982,909

Williams Cos., Inc.		49,857		2,281,955

(Cost $55,934,448)				58,672,530

Financials — 14.2%

Aflac, Inc.		21,396		2,361,263

Allstate Corp.		11,261		2,127,653

American Express Co.		23,438		6,062,239

American International Group, Inc.		27,774		2,139,987

Ameriprise Financial, Inc.		4,032		1,812,142

Aon PLC, Class A		8,905		3,060,827

Arch Capital Group Ltd. *		15,910		1,799,262

Arthur J Gallagher & Co.		8,874		2,596,266

Assurant, Inc.		2,561		502,852

Bank of America Corp.		281,507		11,471,410

Bank of New York Mellon Corp.		30,801		2,101,244

BlackRock, Inc.		5,772		5,205,247

Capital One Financial Corp.		15,456		2,270,950

Cboe Global Markets, Inc.		4,307		884,658

Charles Schwab Corp.		60,999		3,971,035

Chubb Ltd.		16,642		4,729,324

Citigroup, Inc.		79,012		4,949,312

Citizens Financial Group, Inc.		18,268		786,437

CME Group, Inc.		14,736		3,179,145

Corpay, Inc. *		2,917		920,459

Discover Financial Services		10,792		1,496,958

Everest Group Ltd.		1,798		705,248

FactSet Research Systems, Inc.		1,714		724,748

Fidelity National Information Services, Inc.		22,525		1,857,186

Fifth Third Bancorp		28,485		1,216,025

Fiserv, Inc. *		23,986		4,187,956

Franklin Resources, Inc.		12,537		253,749

Global Payments, Inc.		10,547		1,170,822

Globe Life, Inc.		4,042		424,612

Goldman Sachs Group, Inc.		13,311		6,791,938

Hartford Financial Services Group, Inc.		12,031		1,396,799

Huntington Bancshares, Inc.		61,391		919,023

Intercontinental Exchange, Inc.		23,370		3,775,423

Invesco Ltd.		20,732		354,310

Jack Henry & Associates, Inc.		2,915		504,382

JPMorgan Chase & Co.		118,617		26,665,102

KeyCorp		36,817		628,098

M&T Bank Corp.		7,210		1,240,913

MarketAxess Holdings, Inc.		1,703		412,790


	Number of Shares		Value $

Marsh & McLennan Cos., Inc.		20,230		4,602,527

Mastercard, Inc., Class A		33,914		16,391,993

MetLife, Inc.		24,805		1,921,891

Moody’s Corp.		6,436		3,139,095

Morgan Stanley		51,161		5,300,791

MSCI, Inc.		3,222		1,870,661

Nasdaq, Inc.		16,476		1,187,590

Northern Trust Corp.		8,894		811,222

PayPal Holdings, Inc. *		43,695		3,164,829

PNC Financial Services Group, Inc.		16,632		3,078,417

Principal Financial Group, Inc.		8,661		705,179

Prudential Financial, Inc.		15,163		1,837,149

Raymond James Financial, Inc.		8,203		980,833

Regions Financial Corp.		40,449		947,316

S&P Global, Inc.		13,142		6,745,000

State Street Corp.		11,935		1,039,539

Synchrony Financial		16,298		819,137

T. Rowe Price Group, Inc.		9,682		1,026,679

Travelers Cos., Inc.		9,348		2,131,998

Truist Financial Corp.		56,340		2,504,876

US Bancorp		63,075		2,979,032

Visa, Inc., Class A		65,022		17,970,130

Willis Towers Watson PLC		4,215		1,231,244

(Cost $166,617,453)				200,044,922

Health Care — 12.8%

Abbott Laboratories		71,962		8,151,136

AbbVie, Inc.		72,840		14,299,220

Agilent Technologies, Inc.		11,968		1,710,467

Amgen, Inc.		22,146		7,392,999

Baxter International, Inc.		21,489		815,293

Becton Dickinson and Co.		11,833		2,868,438

Biogen, Inc. *		6,102		1,249,445

Bio-Rad Laboratories, Inc., Class A *		774		261,086

Boston Scientific Corp. *		60,220		4,925,394

Bristol-Myers Squibb Co.		82,865		4,139,107

Cardinal Health, Inc.		9,993		1,126,411

Cencora, Inc.		7,005		1,678,188

Centene Corp. *		21,843		1,721,884

Charles River Laboratories International, Inc. *		2,356		465,899

Cigna Group		11,789		4,265,378

CVS Health Corp.		51,519		2,948,948

Danaher Corp.		27,204		7,326,309

DaVita, Inc. *		2,191		330,666

Edwards Lifesciences Corp. *		24,796		1,734,728

Elevance Health, Inc.		9,668		5,384,012

Eli Lilly & Co.		32,994		31,674,900

Gilead Sciences, Inc.		51,016		4,030,264

Hologic, Inc. *		9,443		767,149

Humana, Inc.		4,962		1,758,880

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

IDEXX Laboratories, Inc. *		3,367		1,620,638

Incyte Corp. *		7,193		472,292

Medtronic PLC		54,826		4,856,487

Merck & Co., Inc.		105,108		12,450,043

Mettler-Toledo International, Inc. *		895		1,287,977

Moderna, Inc. *		14,217		1,100,396

Pfizer, Inc.		233,784		6,782,074

Quest Diagnostics, Inc.		4,773		749,218

Regeneron Pharmaceuticals, Inc. *		4,349		5,152,217

ResMed, Inc.		5,966		1,461,789

Revvity, Inc.		4,893		599,588

Stryker Corp.		14,201		5,118,324

Teleflex, Inc.		1,847		452,829

UnitedHealth Group, Inc.		37,943		22,393,959

Waters Corp. *		2,535		877,997

Zimmer Biomet Holdings, Inc.		8,944		1,032,674

Zoetis, Inc.		18,750		3,440,437

(Cost $156,539,438)				180,875,140

Industrials — 7.6%

Allegion PLC		3,414		474,000

American Airlines Group, Inc. *		29,574		314,076

AMETEK, Inc.		9,352		1,599,660

Automatic Data Processing, Inc.		16,877		4,656,533

Axon Enterprise, Inc. *		2,846		1,038,705

Broadridge Financial Solutions, Inc.		5,083		1,081,967

C.H. Robinson Worldwide, Inc.		4,815		498,401

Carrier Global Corp.		33,984		2,473,356

Caterpillar, Inc.		20,125		7,166,512

Cintas Corp.		3,493		2,812,284

CSX Corp.		80,597		2,762,059

Cummins, Inc.		5,530		1,730,060

Dayforce, Inc. *		6,085		347,879

Deere & Co.		10,630		4,100,416

Delta Air Lines, Inc.		25,919		1,101,298

Dover Corp.		5,989		1,114,134

Eaton Corp. PLC		16,397		5,032,731

Emerson Electric Co.		23,395		2,465,599

Fortive Corp.		15,210		1,131,624

General Electric Co.		45,207		7,894,046

Hubbell, Inc.		2,190		875,825

IDEX Corp.		2,969		613,039

Illinois Tool Works, Inc.		11,029		2,792,322

Ingersoll Rand, Inc.		17,090		1,562,881

JB Hunt Transport Services, Inc.		3,498		605,854

Johnson Controls International PLC		27,706		2,018,382

Masco Corp.		8,828		702,356

Norfolk Southern Corp.		9,197		2,355,904

Otis Worldwide Corp.		16,272		1,540,796


	Number of Shares		Value $

PACCAR, Inc.		22,555		2,169,340

Parker-Hannifin Corp.		5,290		3,175,058

Paychex, Inc.		13,728		1,801,114

Pentair PLC		7,290		646,550

Quanta Services, Inc.		6,070		1,670,039

Republic Services, Inc.		8,782		1,828,500

Rockwell Automation, Inc.		4,842		1,317,169

Stanley Black & Decker, Inc.		6,000		614,160

Trane Technologies PLC		9,635		3,484,594

Uber Technologies, Inc. *		86,152		6,300,296

Union Pacific Corp.		24,992		6,400,201

United Parcel Service, Inc., Class B		29,637		3,809,836

United Rentals, Inc.		2,746		2,035,500

Verisk Analytics, Inc.		5,975		1,630,100

W.W. Grainger, Inc.		1,790		1,763,007

Waste Management, Inc.		15,028		3,186,537

Westinghouse Air Brake Technologies Corp.		7,220		1,224,295

Xylem, Inc.		10,241		1,408,445

(Cost $88,272,470)				107,327,440

Information Technology — 33.6%

Accenture PLC, Class A		25,999		8,890,358

Adobe, Inc. *		18,547		10,653,582

Advanced Micro Devices, Inc. *		66,296		9,848,934

Akamai Technologies, Inc. *		6,138		625,094

Apple, Inc.		595,426		136,352,554

Applied Materials, Inc.		34,454		6,796,396

Autodesk, Inc. *		8,740		2,258,416

Cisco Systems, Inc.		166,599		8,419,913

Hewlett Packard Enterprise Co.		52,919		1,025,041

HP, Inc.		36,741		1,329,289

Intel Corp.		176,516		3,890,413

KLA Corp.		5,542		4,541,281

Lam Research Corp.		5,395		4,429,349

Micron Technology, Inc.		45,302		4,359,864

Microsoft Corp.		307,027		128,073,243

NVIDIA Corp.		1,016,413		121,329,220

ON Semiconductor Corp. *		18,518		1,441,997

QUALCOMM, Inc.		46,273		8,111,657

Salesforce, Inc.		40,017		10,120,299

TE Connectivity Ltd.		12,450		1,912,320

Western Digital Corp. *		13,176		864,214

(Cost $341,492,739)				475,273,434

Materials — 2.5%

Air Products and Chemicals, Inc.		9,090		2,534,747

Albemarle Corp.		4,901		442,315

Amcor PLC		63,443		725,788

Avery Dennison Corp.		3,094		686,404

Ball Corp.		13,506		861,818

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

CF Industries Holdings, Inc.		8,337		692,721

Corteva, Inc.		28,550		1,635,915

Dow, Inc.		28,426		1,523,065

Ecolab, Inc.		10,305		2,609,020

FMC Corp.		5,822		375,985

Freeport-McMoRan, Inc.		58,632		2,596,225

International Flavors & Fragrances, Inc.		10,376		1,079,000

Linde PLC		19,881		9,508,088

LyondellBasell Industries NV, Class A		10,732		1,059,248

Mosaic Co.		14,220		406,266

Newmont Corp.		46,941		2,506,180

PPG Industries, Inc.		10,033		1,301,581

Sherwin-Williams Co.		9,655		3,566,267

Smurfit WestRock PLC		21,405		1,015,025

(Cost $32,599,771)				35,125,658

Real Estate — 2.5%

Alexandria Real Estate Equities, Inc. REIT		6,649		795,021

American Tower Corp. REIT		19,049		4,268,119

AvalonBay Communities, Inc. REIT		5,945		1,341,965

BXP, Inc. REIT		6,420		482,912

CBRE Group, Inc., Class A *		11,905		1,370,742

CoStar Group, Inc. *		16,740		1,294,002

Digital Realty Trust, Inc. REIT		13,244		2,007,923

Equinix, Inc. REIT		3,866		3,225,636

Equity Residential REIT		13,614		1,019,416

Extra Space Storage, Inc. REIT		9,097		1,610,169

Federal Realty Investment Trust REIT		3,176		365,240

Healthpeak Properties, Inc. REIT		30,610		681,991

Host Hotels & Resorts, Inc. REIT		32,179		569,568

Iron Mountain, Inc. REIT		12,231		1,385,283

Kimco Realty Corp. REIT		27,249		633,812

Prologis, Inc. REIT		37,635		4,810,506

Public Storage REIT		6,384		2,194,308

Regency Centers Corp. REIT		6,416		466,379


	Number of Shares		Value $

SBA Communications Corp. REIT		4,705		1,066,435

UDR, Inc. REIT		13,629		606,627

Ventas, Inc. REIT		17,873		1,110,092

Welltower, Inc. REIT		24,392		2,943,626

Weyerhaeuser Co. REIT		31,330		955,252

(Cost $32,929,547)				35,205,024

Utilities — 1.3%

American Water Works Co., Inc.		8,280		1,185,034

Consolidated Edison, Inc.		14,123		1,434,332

Edison International		16,417		1,428,772

Entergy Corp.		9,113		1,099,848

Eversource Energy		14,847		1,002,618

Exelon Corp.		40,512		1,543,102

NextEra Energy, Inc.		83,835		6,749,556

Public Service Enterprise Group, Inc.		21,291		1,719,248

Sempra		25,558		2,100,356

(Cost $17,068,637)				18,262,866

TOTAL COMMON STOCKS

(Cost $1,165,239,946)				1,408,555,057

SECURITIES LENDING

COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c) (Cost $181,933)		181,933		181,933

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b) (Cost $2,883,809)		2,883,809		2,883,809

TOTAL INVESTMENTS — 99.9% (Cost $1,168,305,688)				1,411,620,799

Other assets and liabilities, net — 0.1%				1,495,682

NET ASSETS — 100.0%				1,413,116,481

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2024

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

—		181,933	(d)		—			—		—		105		—		181,933		181,933

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

1,432,502		18,533,485			(17,082,178	)		—		—		112,507		—		2,883,809		2,883,809

1,432,502		18,715,418			(17,082,178	)		—		—		112,612		—		3,065,742		3,065,742

*	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, 2024 amounted to $177,025, 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, 2024.

REIT:

Real Estate Investment Trust

At August 31, 2024, 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 Futures

USD

3,931,220

4,020,800

9/20/2024

89,580

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.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets		Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	1,408,555,057	$	—	$	—	$	1,408,555,057

Short-Term Investments (a)		3,065,742		—		—		3,065,742

Derivatives (b)

Futures Contracts		89,580		—		—		89,580

TOTAL	$	1,411,710,379	$	—	$	—	$	1,411,710,379

(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 | 7

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.7%

Communication Services — 16.6%

Alphabet, Inc., Class A		3,446		563,008

Alphabet, Inc., Class C		2,854		471,224

Electronic Arts, Inc.		92		13,967

Meta Platforms, Inc., Class A		2,043		1,065,036

Take-Two Interactive Software, Inc. *		76		12,290

(Cost $1,734,875)				2,125,525

Consumer Discretionary — 11.4%

Caesars Entertainment, Inc. *		137		5,157

Carnival Corp. *		676		11,154

Chipotle Mexican Grill, Inc. *		1,295		72,623

D.R. Horton, Inc.		280		52,853

Deckers Outdoor Corp. *		24		23,023

Etsy, Inc. *		46		2,534

Expedia Group, Inc. *		121		16,830

Hilton Worldwide Holdings, Inc.		238		52,274

Home Depot, Inc.		347		127,869

Las Vegas Sands Corp.		219		8,539

Lululemon Athletica, Inc. *		108		28,023

Marriott International, Inc., Class A		227		53,275

McDonald’s Corp.		300		86,598

MGM Resorts International *		161		6,052

NIKE, Inc., Class B		492		40,993

Norwegian Cruise Line Holdings Ltd. *		422		7,549

Pool Corp.		19		6,681

PulteGroup, Inc.		201		26,462

Ralph Lauren Corp.		18		3,083

Ross Stores, Inc.		318		47,894

Royal Caribbean Cruises Ltd. *		223		36,710

Starbucks Corp.		631		59,674

Tesla, Inc. *		2,586		553,688

TJX Cos., Inc.		696		81,620

Tractor Supply Co.		40		10,702

Ulta Beauty, Inc. *		31		10,938

Wynn Resorts Ltd.		95		7,304

Yum! Brands, Inc.		112		15,111

(Cost $1,308,964)				1,455,213

Consumer Staples — 4.5%

Coca-Cola Co.		1,435		103,994

Colgate-Palmolive Co.		308		32,802

Costco Wholesale Corp.		176		157,059

Hershey Co.		49		9,460

Lamb Weston Holdings, Inc.		83		5,139

Mondelez International, Inc., Class A		536		38,490

PepsiCo, Inc.		469		81,081


	Number of Shares		Value $

Procter & Gamble Co.		870		149,240

(Cost $498,119)				577,265

Energy — 2.0%

APA Corp.		349		9,943

Coterra Energy, Inc.		430		10,462

Diamondback Energy, Inc.		170		33,168

EOG Resources, Inc.		362		46,633

Hess Corp.		264		36,448

Marathon Oil Corp.		269		7,707

Marathon Petroleum Corp.		175		30,996

ONEOK, Inc.		355		32,788

Targa Resources Corp.		212		31,143

Williams Cos., Inc.		411		18,811

(Cost $235,446)				258,099

Financials — 7.4%

American Express Co.		377		97,511

Aon PLC, Class A		105		36,091

Arch Capital Group Ltd. *		354		40,034

Arthur J Gallagher & Co.		106		31,012

Cboe Global Markets, Inc.		59		12,119

FactSet Research Systems, Inc.		15		6,343

Marsh & McLennan Cos., Inc.		243		55,285

Mastercard, Inc., Class A		559		270,187

Moody’s Corp.		71		34,629

MSCI, Inc.		40		23,224

S&P Global, Inc.		134		68,774

Visa, Inc., Class A		982		271,395

(Cost $796,758)				946,604

Health Care — 10.6%

AbbVie, Inc.		618		121,320

Boston Scientific Corp. *		770		62,978

DaVita, Inc. *		25		3,773

Dexcom, Inc. *		230		15,948

Edwards Lifesciences Corp. *		213		14,901

Eli Lilly & Co.		664		637,453

IDEXX Laboratories, Inc. *		41		19,735

Merck & Co., Inc.		958		113,475

Mettler-Toledo International, Inc. *		8		11,513

Regeneron Pharmaceuticals, Inc. *		60		71,081

STERIS PLC		53		12,778

Stryker Corp.		206		74,247

UnitedHealth Group, Inc.		330		194,766

Waters Corp. *		19		6,581

(Cost $1,011,721)				1,360,549

Industrials — 8.9%

Allegion PLC		29		4,026

AMETEK, Inc.		109		18,644

Automatic Data Processing, Inc.		152		41,938

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Broadridge Financial Solutions, Inc.		58		12,346

Carrier Global Corp.		381		27,729

Caterpillar, Inc.		268		95,435

Cintas Corp.		45		36,230

CSX Corp.		932		31,940

Dayforce, Inc. *		74		4,231

Deere & Co.		140		54,004

Delta Air Lines, Inc.		341		14,489

Eaton Corp. PLC		234		71,822

General Electric Co.		444		77,531

Hubbell, Inc.		22		8,798

Illinois Tool Works, Inc.		122		30,888

Ingersoll Rand, Inc.		296		27,069

Otis Worldwide Corp.		137		12,973

PACCAR, Inc.		363		34,913

Parker-Hannifin Corp.		95		57,019

Paychex, Inc.		110		14,432

Pentair PLC		100		8,869

Quanta Services, Inc.		96		26,413

Republic Services, Inc.		115		23,944

Rockwell Automation, Inc.		52		14,146

Trane Technologies PLC		148		53,526

Uber Technologies, Inc. *		1,971		144,139

Union Pacific Corp.		260		66,583

United Rentals, Inc.		63		46,699

Verisk Analytics, Inc.		70		19,097

W.W. Grainger, Inc.		31		30,533

Waste Management, Inc.		165		34,987

(Cost $1,028,461)				1,145,393

Information Technology — 35.5%

Accenture PLC, Class A		321		109,766

Adobe, Inc. *		423		242,976

Advanced Micro Devices, Inc. *		1,525		226,554

Akamai Technologies, Inc. *		61		6,212

Apple, Inc.		5,132		1,175,228

Autodesk, Inc. *		106		27,391

KLA Corp.		127		104,068

Lam Research Corp.		123		100,984

Microsoft Corp.		2,595		1,082,478

NVIDIA Corp.		9,303		1,110,499


	Number of Shares		Value $

ON Semiconductor Corp. *		179		13,939

QUALCOMM, Inc.		549		96,240

Salesforce, Inc.		916		231,656

TE Connectivity Ltd.		104		15,974

(Cost $3,255,239)				4,543,965

Materials — 1.7%

CF Industries Holdings, Inc.		89		7,395

Ecolab, Inc.		124		31,395

Freeport-McMoRan, Inc.		679		30,066

Linde PLC		236		112,867

Sherwin-Williams Co.		111		41,000

(Cost $185,206)				222,723

Real Estate — 1.1%

American Tower Corp. REIT		183		41,003

CoStar Group, Inc. *		168		12,986

Digital Realty Trust, Inc. REIT		116		17,587

Equinix, Inc. REIT		43		35,878

Host Hotels & Resorts, Inc. REIT		366		6,478

Iron Mountain, Inc. REIT		128		14,497

SBA Communications Corp. REIT		44		9,973

(Cost $123,373)				138,402

TOTAL COMMON STOCKS

(Cost $10,178,162)				12,773,738

EXCHANGE-TRADED FUNDS — 0.3%

SPDR Portfolio S&P 500 Growth ETF

(Cost $30,312)		400		32,300

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a)

(Cost $5,966)		5,966		5,966

TOTAL INVESTMENTS — 100.0%

(Cost $10,214,440)				12,812,004

Other assets and liabilities, net — 0.0%				5,188

NET ASSETS — 100.0%				12,817,192

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF (Continued)

August 31, 2024

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a)

1,630		161,955		(157,619	)		—		—		283		—		5,966		5,966

*	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

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	12,773,738	$	—	$	—	$	12,773,738

Exchange-Traded Funds		32,300		—		—		32,300

Short-Term Investments (a)		5,966		—		—		5,966

TOTAL	$	12,812,004	$	—	$	—	$	12,812,004

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

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 99.4%

Communication Services — 4.4%

AT&T, Inc.		3,233		64,337

Comcast Corp., Class A		1,765		69,841

Interpublic Group of Cos., Inc.		169		5,511

News Corp., Class A		167		4,731

News Corp., Class B		83		2,443

Omnicom Group, Inc.		87		8,737

Paramount Global, Class B (a)		274		2,869

Take-Two Interactive Software, Inc. *		35		5,660

T-Mobile US, Inc.		230		45,706

Walt Disney Co.		822		74,292

(Cost $266,262)				284,127

Consumer Discretionary — 5.8%

Aptiv PLC *		123		8,798

Best Buy Co., Inc.		84		8,434

BorgWarner, Inc.		101		3,441

Caesars Entertainment, Inc. *		53		1,995

Carnival Corp. *		115		1,898

eBay, Inc.		228		13,475

Etsy, Inc. *		38		2,093

General Motors Co.		508		25,288

Hasbro, Inc.		62		4,226

Home Depot, Inc.		282		103,917

Las Vegas Sands Corp.		60		2,339

Lowe’s Cos., Inc.		259		64,362

McDonald’s Corp.		182		52,536

MGM Resorts International *		55		2,067

Mohawk Industries, Inc. *		30		4,654

NIKE, Inc., Class B		305		25,413

Ralph Lauren Corp.		10		1,713

Starbucks Corp.		204		19,292

Tapestry, Inc.		101		4,138

Tractor Supply Co.		28		7,491

Ulta Beauty, Inc. *		7		2,470

Yum! Brands, Inc.		67		9,040

(Cost $335,664)				369,080

Consumer Staples — 10.3%

Archer-Daniels-Midland Co.		235		14,333

Campbell Soup Co.		87		4,326

Coca-Cola Co.		1,070		77,543

Colgate-Palmolive Co.		229		24,389

Conagra Brands, Inc.		210		6,552

Estee Lauder Cos., Inc., Class A		102		9,349

General Mills, Inc.		250		18,073

Hershey Co.		41		7,915

Hormel Foods Corp.		128		4,166

J M Smucker Co.		47		5,390


	Number of Shares		Value $

Kellanova		116		9,351

Keurig Dr Pepper, Inc.		458		16,767

Kraft Heinz Co.		351		12,436

Kroger Co.		305		16,229

Lamb Weston Holdings, Inc.		22		1,362

McCormick & Co., Inc.		111		8,883

Molson Coors Beverage Co., Class B		81		4,372

Mondelez International, Inc., Class A		360		25,852

PepsiCo, Inc.		397		68,633

Procter & Gamble Co.		648		111,158

Sysco Corp.		219		17,075

Target Corp.		209		32,107

Tyson Foods, Inc., Class A		126		8,103

Walgreens Boots Alliance, Inc.		315		2,914

Walmart, Inc.		1,923		148,513

(Cost $565,906)				655,791

Energy — 4.9%

Baker Hughes Co.		440		15,475

Chevron Corp.		773		114,365

Devon Energy Corp.		282		12,628

EQT Corp.		263		8,813

Halliburton Co.		392		12,187

Kinder Morgan, Inc.		886		19,111

Marathon Petroleum Corp.		73		12,930

Occidental Petroleum Corp.		310		17,664

ONEOK, Inc.		97		8,959

Phillips 66		189		26,519

Schlumberger NV		649		28,549

Valero Energy Corp.		150		22,009

Williams Cos., Inc.		327		14,967

(Cost $319,737)				314,176

Financials — 25.7%

Aflac, Inc.		232		25,604

Allstate Corp.		116		21,917

American Express Co.		75		19,399

American International Group, Inc.		304		23,423

Ameriprise Financial, Inc.		21		9,438

Aon PLC, Class A		47		16,155

Arthur J Gallagher & Co.		47		13,751

Assurant, Inc.		23		4,516

Bank of America Corp.		3,073		125,225

Bank of New York Mellon Corp.		334		22,785

BlackRock, Inc.		63		56,814

Blackstone, Inc.		89		12,670

Capital One Financial Corp.		174		25,566

Cboe Global Markets, Inc.		22		4,519

Charles Schwab Corp.		674		43,877

Chubb Ltd.		183		52,005

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Citigroup, Inc.		862		53,996

Citizens Financial Group, Inc.		205		8,825

CME Group, Inc.		105		22,653

Discover Financial Services		51		7,074

FactSet Research Systems, Inc.		11		4,651

Fidelity National Information Services, Inc.		247		20,365

Fifth Third Bancorp		300		12,807

Fiserv, Inc. *		127		22,174

Franklin Resources, Inc.		130		2,631

Global Payments, Inc.		115		12,766

Globe Life, Inc.		49		5,147

Goldman Sachs Group, Inc.		146		74,497

Hartford Financial Services Group, Inc.		131		15,209

Huntington Bancshares, Inc.		637		9,536

Intercontinental Exchange, Inc.		261		42,165

Invesco Ltd.		256		4,375

Jack Henry & Associates, Inc.		32		5,537

JPMorgan Chase & Co.		1,294		290,891

KeyCorp		412		7,029

M&T Bank Corp.		73		12,564

MarketAxess Holdings, Inc.		15		3,636

Mastercard, Inc., Class A		104		50,267

MetLife, Inc.		270		20,920

Moody’s Corp.		37		18,046

Morgan Stanley		566		58,643

MSCI, Inc.		15		8,709

Nasdaq, Inc.		184		13,263

Northern Trust Corp.		90		8,209

PayPal Holdings, Inc. *		472		34,187

PNC Financial Services Group, Inc.		181		33,501

Principal Financial Group, Inc.		97		7,898

Prudential Financial, Inc.		159		19,264

Raymond James Financial, Inc.		83		9,924

Regions Financial Corp.		407		9,532

S&P Global, Inc.		81		41,572

State Street Corp.		133		11,584

Synchrony Financial		179		8,997

T. Rowe Price Group, Inc.		99		10,498

Travelers Cos., Inc.		100		22,807

Truist Financial Corp.		608		27,032

US Bancorp		708		33,439

Visa, Inc., Class A		241		66,605

Willis Towers Watson PLC		45		13,145

(Cost $1,301,258)				1,644,234

Health Care — 20.5%

Abbott Laboratories		785		88,917

AbbVie, Inc.		502		98,548

Agilent Technologies, Inc.		135		19,294

Amgen, Inc.		242		80,787


	Number of Shares		Value $

Baxter International, Inc.		223		8,461

Becton Dickinson and Co.		131		31,756

Biogen, Inc. *		64		13,105

Bio-Rad Laboratories, Inc., Class A *		12		4,048

Boston Scientific Corp. *		301		24,619

Bristol-Myers Squibb Co.		917		45,804

Cardinal Health, Inc.		107		12,061

Catalent, Inc. *		80		4,877

Cencora, Inc.		73		17,489

Centene Corp. *		246		19,392

Charles River Laboratories International, Inc. *		23		4,548

Cigna Group		129		46,673

CVS Health Corp.		554		31,711

Danaher Corp.		297		79,985

DaVita, Inc. *		14		2,113

Edwards Lifesciences Corp. *		168		11,753

Elevance Health, Inc.		104		57,917

Gilead Sciences, Inc.		562		44,398

Humana, Inc.		54		19,141

Incyte Corp. *		82		5,384

IQVIA Holdings, Inc. *		50		12,577

Medtronic PLC		601		53,237

Merck & Co., Inc.		685		81,138

Mettler-Toledo International, Inc. *		6		8,634

Moderna, Inc. *		146		11,300

Pfizer, Inc.		2,557		74,179

Quest Diagnostics, Inc.		49		7,691

Regeneron Pharmaceuticals, Inc. *		19		22,509

Revvity, Inc.		54		6,617

Stryker Corp.		54		19,463

Thermo Fisher Scientific, Inc.		106		65,197

UnitedHealth Group, Inc.		257		151,681

Waters Corp. *		16		5,542

Zoetis, Inc.		91		16,698

(Cost $1,195,868)				1,309,244

Industrials — 9.3%

Allegion PLC		24		3,332

American Airlines Group, Inc. *		288		3,059

AMETEK, Inc.		53		9,066

Automatic Data Processing, Inc.		113		31,178

Broadridge Financial Solutions, Inc.		22		4,683

C.H. Robinson Worldwide, Inc.		52		5,383

Carrier Global Corp.		191		13,901

Caterpillar, Inc.		94		33,473

Cintas Corp.		18		14,492

CSX Corp.		435		14,907

Cummins, Inc.		63		19,710

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Dayforce, Inc. *		31		1,772

Deere & Co.		51		19,673

Delta Air Lines, Inc.		124		5,269

Dover Corp.		62		11,534

Eaton Corp. PLC		70		21,485

Emerson Electric Co.		260		27,401

General Electric Co.		282		49,243

Hubbell, Inc.		13		5,199

IDEX Corp.		33		6,814

Illinois Tool Works, Inc.		65		16,457

Ingersoll Rand, Inc.		41		3,749

JB Hunt Transport Services, Inc.		36		6,235

Johnson Controls International PLC		300		21,855

Masco Corp.		44		3,501

Norfolk Southern Corp.		103		26,384

Otis Worldwide Corp.		109		10,321

PACCAR, Inc.		62		5,963

Parker-Hannifin Corp.		12		7,202

Paychex, Inc.		85		11,152

Pentair PLC		31		2,749

Quanta Services, Inc.		20		5,503

Republic Services, Inc.		39		8,120

Rockwell Automation, Inc.		26		7,073

Stanley Black & Decker, Inc.		67		6,858

Trane Technologies PLC		31		11,211

Union Pacific Corp.		152		38,926

United Parcel Service, Inc., Class B		331		42,550

Verisk Analytics, Inc.		29		7,912

W.W. Grainger, Inc.		5		4,925

Waste Management, Inc.		89		18,872

Westinghouse Air Brake Technologies Corp.		79		13,396

Xylem, Inc.		112		15,403

(Cost $499,953)				597,891

Information Technology — 6.6%

Accenture PLC, Class A		131		44,796

Akamai Technologies, Inc. *		45		4,583

Analog Devices, Inc.		94		22,075

Autodesk, Inc. *		45		11,628

Cisco Systems, Inc.		1,832		92,589

First Solar, Inc. *		47		10,687

Hewlett Packard Enterprise Co.		572		11,080

HP, Inc.		384		13,893

Intel Corp.		1,924		42,405

Keysight Technologies, Inc. *		77		11,867

Micron Technology, Inc.		500		48,120

Motorola Solutions, Inc.		31		13,703

NetApp, Inc.		57		6,881

NXP Semiconductors NV		28		7,178

ON Semiconductor Corp. *		105		8,176


	Number of Shares		Value $

QUALCOMM, Inc.		240		42,072

Seagate Technology Holdings PLC		51		5,077

TE Connectivity Ltd.		83		12,749

Western Digital Corp. *		143		9,379

(Cost $390,101)				418,938

Materials — 4.1%

Air Products and Chemicals, Inc.		101		28,164

Albemarle Corp.		52		4,693

Amcor PLC		636		7,276

Ball Corp.		139		8,869

Corteva, Inc.		309		17,706

Dow, Inc.		329		17,628

Ecolab, Inc.		55		13,925

FMC Corp.		55		3,552

Freeport-McMoRan, Inc.		315		13,948

International Flavors & Fragrances, Inc.		112		11,647

Linde PLC		105		50,216

LyondellBasell Industries NV, Class A		113		11,153

Newmont Corp.		525		28,030

PPG Industries, Inc.		104		13,492

Sherwin-Williams Co.		52		19,207

Smurfit WestRock PLC		230		10,906

(Cost $219,473)				260,412

Real Estate — 4.7%

Alexandria Real Estate Equities, Inc. REIT		69		8,250

American Tower Corp. REIT		125		28,008

AvalonBay Communities, Inc. REIT		66		14,898

BXP, Inc. REIT		64		4,814

CBRE Group, Inc., Class A *		131		15,083

Digital Realty Trust, Inc. REIT		84		12,735

Equinix, Inc. REIT		23		19,190

Equity Residential REIT		152		11,382

Extra Space Storage, Inc. REIT		98		17,346

Federal Realty Investment Trust REIT		42		4,830

Healthpeak Properties, Inc. REIT		311		6,929

Host Hotels & Resorts, Inc. REIT		178		3,151

Iron Mountain, Inc. REIT		63		7,135

Kimco Realty Corp. REIT		293		6,815

Prologis, Inc. REIT		419		53,557

Public Storage REIT		40		13,749

Regency Centers Corp. REIT		72		5,234

SBA Communications Corp. REIT		28		6,347

UDR, Inc. REIT		133		5,920

Ventas, Inc. REIT		177		10,993

Welltower, Inc. REIT		272		32,825

Weyerhaeuser Co. REIT		321		9,787

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

(Cost $256,265)				298,978

Utilities — 3.1%

American Water Works Co., Inc.		86		12,308

Consolidated Edison, Inc.		160		16,250

Edison International		169		14,708

Entergy Corp.		93		11,224

Eversource Energy		154		10,400

Exelon Corp.		438		16,683

NextEra Energy, Inc.		927		74,633

Public Service Enterprise Group, Inc.		229		18,492

Sempra		289		23,750

(Cost $170,272)				198,448

TOTAL COMMON STOCKS

(Cost $5,520,759)				6,351,319

EXCHANGE-TRADED FUNDS — 0.4%

SPDR Portfolio S&P 500 Value ETF (Cost $22,977)		525		27,600


	Number of Shares		Value $

SECURITIES LENDING

COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c) (Cost $2,333)		2,333		2,333

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b) (Cost $2,715)		2,715		2,715

TOTAL INVESTMENTS — 99.9%

(Cost $5,548,784)				6,383,967

Other assets and liabilities, net — 0.1%				7,693

NET ASSETS — 100.0%				6,391,660

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

—		2,333	(d)		—			—		—		—		—		2,333		2,333

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

493		204,131			(201,909	)		—		—		188		—		2,715		2,715

493		206,464			(201,909	)		—		—		188		—		5,048		5,048

*	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, 2024 amounted to $2,270, 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, 2024.

REIT:

Real Estate Investment Trust

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	6,351,319	$	—	$	—	$	6,351,319

Exchange-Traded Funds		27,600		—		—		27,600

Short-Term Investments (a)		5,048		—		—		5,048

TOTAL	$	6,383,967	$	—	$	—	$	6,383,967

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 98.7%

Consumer Discretionary — 8.2%

Best Buy Co., Inc.		1,728		173,491

Genuine Parts Co.		427		61,172

Lowe’s Cos., Inc.		248		61,628

McDonald’s Corp.		196		56,577

NIKE, Inc., Class B		332		27,662

Polaris, Inc.		887		75,085

(Cost $420,765)				455,615

Consumer Staples — 18.7%

Archer-Daniels-Midland Co.		1,124		68,553

Brown-Forman Corp., Class B		765		34,876

Church & Dwight Co., Inc.		299		30,462

Coca-Cola Co.		1,309		94,863

Colgate-Palmolive Co.		778		82,857

Hormel Foods Corp.		2,796		91,010

J M Smucker Co.		723		82,914

Kimberly-Clark Corp.		776		112,256

McCormick & Co., Inc.		964		77,149

PepsiCo, Inc.		441		76,240

Procter & Gamble Co.		440		75,478

Sysco Corp.		966		75,319

Target Corp.		588		90,328

Walmart, Inc.		648		50,045

(Cost $1,004,130)				1,042,350

Energy — 3.7%

Chevron Corp.		677		100,162

Exxon Mobil Corp.		906		106,854

(Cost $215,391)				207,016

Financials — 8.7%

Aflac, Inc.		710		78,356

Chubb Ltd.		164		46,605

FactSet Research Systems, Inc.		45		19,028

Franklin Resources, Inc.		4,285		86,728

Jack Henry & Associates, Inc.		200		34,606

S&P Global, Inc.		45		23,096

SEI Investments Co.		628		42,472

T. Rowe Price Group, Inc.		1,259		133,504

W.R. Berkley Corp.		333		19,880

(Cost $448,155)				484,275

Health Care — 8.5%

Abbott Laboratories		483		54,709

AbbVie, Inc.		703		138,006

Becton Dickinson and Co.		183		44,361

Cardinal Health, Inc.		511		57,600

Medtronic PLC		1,136		100,627

Perrigo Co. PLC		2,506		72,925

West Pharmaceutical Services, Inc.		19		5,959


	Number of Shares		Value $

(Cost $421,075)				474,187

Industrials — 16.7%

ABM Industries, Inc.		1,095		62,579

Automatic Data Processing, Inc.		249		68,702

C.H. Robinson Worldwide, Inc.		889		92,020

Carlisle Cos., Inc.		94		39,837

Caterpillar, Inc.		153		54,483

Cintas Corp.		36		28,984

Donaldson Co., Inc.		601		43,711

Dover Corp.		238		44,275

Emerson Electric Co.		562		59,229

Expeditors International of Washington, Inc.		237		29,248

Illinois Tool Works, Inc.		225		56,966

Lincoln Electric Holdings, Inc.		152		29,429

MSA Safety, Inc.		171		31,230

Nordson Corp.		107		27,452

Pentair PLC		486		43,103

Republic Services, Inc.		186		38,727

Stanley Black & Decker, Inc.		925		94,683

Toro Co.		433		40,096

Waste Management, Inc.		210		44,529

(Cost $775,588)				929,283

Information Technology — 7.9%

Analog Devices, Inc.		240		56,361

Badger Meter, Inc.		89		18,418

International Business Machines Corp.		599		121,076

Microchip Technology, Inc.		623		51,186

QUALCOMM, Inc.		418		73,275

Roper Technologies, Inc.		26		14,415

Texas Instruments, Inc.		481		103,097

(Cost $349,522)				437,828

Materials — 8.5%

Air Products and Chemicals, Inc.		273		76,126

Albemarle Corp.		318		28,700

AptarGroup, Inc.		254		38,910

Ecolab, Inc.		151		38,230

HB Fuller Co.		314		26,897

Linde PLC		80		38,260

Nucor Corp.		181		27,496

PPG Industries, Inc.		362		46,962

RPM International, Inc.		448		52,080

Sherwin-Williams Co.		74		27,334

Sonoco Products Co.		1,053		59,568

Stepan Co.		170		13,197

(Cost $454,718)				473,760

Real Estate — 6.6%

Essex Property Trust, Inc. REIT		384		115,887

Federal Realty Investment Trust REIT		984		113,160

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Realty Income Corp. REIT		2,260		140,369

(Cost $313,279)				369,416

Utilities — 11.2%

California Water Service Group		686		37,956

Edison International		1,551		134,983

Eversource Energy		1,874		126,551

NextEra Energy, Inc.		1,276		102,731

ONE Gas, Inc.		869		59,909

Spire, Inc.		844		55,679

UGI Corp.		4,138		103,078

(Cost $545,722)				620,887

TOTAL COMMON STOCKS
(Cost $4,948,345)				5,494,617


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 1.2%

ProShares S&P 500 Dividend Aristocrats ETF (Cost $59,905)		615		64,458

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a) (Cost $2,341)		2,341		2,341

TOTAL INVESTMENTS — 99.9%

(Cost $5,010,591)				5,561,416

Other assets and liabilities, net — 0.1%				8,270

NET ASSETS — 100.0%				5,569,686

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 5.24% (a)

1,971		243,199		(242,829	)		—		—		290		—		2,341		2,341

(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 | 17

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)

August 31, 2024

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	5,494,617	$	—	$	—	$	5,494,617

Exchange-Traded Funds		64,458		—		—		64,458

Short-Term Investments (a)		2,341		—		—		2,341

TOTAL	$	5,561,416	$	—	$	—	$	5,561,416

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

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF

August 31, 2024


	Number of Shares		Value $

COMMON STOCKS — 98.3%

Communication Services — 1.0%

Frontier Communications

Parent, Inc. *		687		19,785

Nexstar Media Group, Inc.		95		16,234

TEGNA, Inc.		545		7,565

Ziff Davis, Inc. *		136		6,646

ZoomInfo Technologies, Inc. *		873		8,634

(Cost $68,282)				58,864

Consumer Discretionary — 14.9%

Adient PLC *		269		6,085

Aramark		820		30,037

Autoliv, Inc.		225		23,056

AutoNation, Inc. *		76		13,526

Boyd Gaming Corp.		205		12,304

Brunswick Corp.		203		16,047

Burlington Stores, Inc. *		194		52,038

Capri Holdings Ltd. *		365		13,038

Carter’s, Inc.		109		7,183

Choice Hotels International, Inc.		73		9,314

Churchill Downs, Inc.		206		28,628

Dick’s Sporting Goods, Inc.		177		41,942

Floor & Decor Holdings, Inc., Class A *		332		37,330

Gap, Inc.		667		14,961

Goodyear Tire & Rubber Co. *		885		7,806

Grand Canyon Education, Inc. *		95		13,776

H&R Block, Inc.		427		27,033

Harley-Davidson, Inc.		374		14,003

Helen of Troy Ltd. *		70		3,737

Hyatt Hotels Corp., Class A		140		21,269

KB Home		223		18,667

Lear Corp.		175		20,414

Lithia Motors, Inc.		84		25,291

Macy’s, Inc.		855		13,312

Marriott Vacations Worldwide Corp.		98		7,252

Nordstrom, Inc.		287		6,412

Penske Automotive Group, Inc.		57		9,696

Planet Fitness, Inc., Class A *		266		21,602

Polaris, Inc.		170		14,390

PVH Corp.		176		17,369

Service Corp. International		448		35,065

Taylor Morrison Home Corp. *		325		21,882

Tempur Sealy International, Inc.		530		27,788

Texas Roadhouse, Inc.		206		34,762

Thor Industries, Inc.		166		17,805

Toll Brothers, Inc.		316		45,526

TopBuild Corp. *		98		38,516

Travel + Leisure Co.		214		9,472


	Number of Shares		Value $

Under Armour, Inc., Class A *		557		4,283

Under Armour, Inc., Class C *		563		4,200

Valvoline, Inc. *		402		16,964

Visteon Corp. *		82		8,301

Wendy’s Co.		493		8,342

Whirlpool Corp.		175		17,551

Williams-Sonoma, Inc.		400		53,732

Wyndham Hotels & Resorts, Inc.		245		19,281

(Cost $820,317)				910,988

Consumer Staples — 3.5%

BJ’s Wholesale Club Holdings, Inc. *		415		33,183

Coty, Inc., Class A *		1,200		11,256

Darling Ingredients, Inc. *		495		20,656

elf Beauty, Inc. *		169		25,315

Ingredion, Inc.		199		26,728

Pilgrim’s Pride Corp. *		118		5,496

Post Holdings, Inc. *		157		18,176

Sprouts Farmers Market, Inc. *		311		32,360

US Foods Holding Corp. *		684		40,500

(Cost $183,282)				213,670

Energy — 4.8%

Antero Midstream Corp.		1,062		15,792

Antero Resources Corp. *		905		24,426

Chesapeake Energy Corp.		338		25,178

Civitas Resources, Inc.		282		17,295

CNX Resources Corp. *		475		13,143

DT Midstream, Inc.		298		23,420

HF Sinclair Corp.		460		22,604

Murphy Oil Corp.		445		16,590

NOV, Inc.		1,209		21,484

Ovintiv, Inc.		764		32,722

Range Resources Corp.		736		21,992

Southwestern Energy Co. *		3,375		21,532

Valaris Ltd. *		195		11,907

Weatherford International PLC		230		24,136

(Cost $304,003)				292,221

Financials — 18.0%

Affiliated Managers Group, Inc.		99		17,209

Ally Financial, Inc.		845		36,496

Annaly Capital Management, Inc. REIT		1,518		30,603

Associated Banc-Corp.		438		10,021

Bank OZK		332		14,392

Brighthouse Financial, Inc. *		188		8,629

Cadence Bank		570		18,400

CNO Financial Group, Inc.		323		11,279

Columbia Banking System, Inc.		661		16,644

Commerce Bancshares, Inc.		366		23,409

Cullen/Frost Bankers, Inc.		197		22,109

East West Bancorp, Inc.		428		35,982

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Equitable Holdings, Inc.		945		40,181

Erie Indemnity Co., Class A		76		38,626

Essent Group Ltd.		330		21,216

Euronet Worldwide, Inc. *		130		14,028

Evercore, Inc., Class A		107		26,294

Federated Hermes, Inc.		241		8,266

Fidelity National Financial, Inc.		785		46,284

First American Financial Corp.		320		20,416

First Horizon Corp.		1,648		27,340

FNB Corp.		1,123		16,823

Glacier Bancorp, Inc.		351		16,602

Hanover Insurance Group, Inc.		110		16,169

Janus Henderson Group PLC		391		14,706

Jefferies Financial Group, Inc.		518		31,054

MGIC Investment Corp.		804		20,446

New York Community Bancorp, Inc. (a)		801		8,683

Old National Bancorp.		977		19,393

Pinnacle Financial Partners, Inc.		235		23,399

Primerica, Inc.		106		27,902

Reinsurance Group of America, Inc.		205		45,256

RenaissanceRe Holdings Ltd.		165		42,040

RLI Corp.		124		19,108

SEI Investments Co.		307		20,762

Selective Insurance Group, Inc.		188		17,104

SLM Corp.		700		15,442

Starwood Property Trust, Inc. REIT		921		19,194

Stifel Financial Corp.		320		28,205

Synovus Financial Corp.		455		20,985

Texas Capital Bancshares, Inc. *		139		9,344

UMB Financial Corp.		129		13,363

Unum Group		550		30,520

Valley National Bancorp		1,257		10,911

Voya Financial, Inc.		304		21,532

Webster Financial Corp.		528		25,043

Western Union Co.		1,034		12,615

WEX, Inc. *		135		25,788

Wintrust Financial Corp.		189		20,563

Zions Bancorp NA		457		22,649

(Cost $976,431)				1,103,425

Health Care — 7.5%

Acadia Healthcare Co., Inc. *		284		23,268

Amedisys, Inc. *		105		10,291

Azenta, Inc. *		164		8,121

Cytokinetics, Inc. *		350		19,978

Doximity, Inc., Class A *		385		14,160

Encompass Health Corp.		306		28,473

Enovis Corp. *		146		6,804

Envista Holdings Corp. *		535		9,769

Exelixis, Inc. *		894		23,271


	Number of Shares		Value $

Haemonetics Corp. *		159		12,017

Halozyme Therapeutics, Inc. *		389		24,838

HealthEquity, Inc. *		275		21,879

Jazz Pharmaceuticals PLC *		194		22,500

Lantheus Holdings, Inc. *		212		22,572

LivaNova PLC *		170		8,566

Neogen Corp. *		581		10,022

Neurocrine Biosciences, Inc. *		304		38,626

Option Care Health, Inc. *		522		16,715

Progyny, Inc. *		246		5,779

R1 RCM, Inc. *		625		8,819

Repligen Corp. *		160		24,149

Tenet Healthcare Corp. *		300		49,752

United Therapeutics Corp. *		138		50,170

(Cost $423,795)				460,539

Industrials — 21.3%

Acuity Brands, Inc.		93		23,687

Advanced Drainage Systems, Inc.		207		32,449

AGCO Corp.		192		17,480

Avis Budget Group, Inc.		55		4,509

Brink’s Co.		133		14,754

Carlisle Cos., Inc.		145		61,451

Chart Industries, Inc. *		130		15,912

Clean Harbors, Inc. *		153		37,623

Comfort Systems USA, Inc.		108		38,180

Concentrix Corp.		139		10,457

Crane Co.		150		23,757

Donaldson Co., Inc.		366		26,619

EMCOR Group, Inc.		145		56,994

EnerSys		127		12,869

Esab Corp.		176		18,475

ExlService Holdings, Inc. *		486		17,758

Flowserve Corp.		405		20,201

Fortune Brands Innovations, Inc.		385		30,573

FTI Consulting, Inc. *		107		24,429

GATX Corp.		111		15,662

Genpact Ltd.		514		20,164

GXO Logistics, Inc. *		369		18,468

Insperity, Inc.		113		10,621

ITT, Inc.		249		34,666

Kirby Corp. *		181		21,706

Knight-Swift Transportation Holdings, Inc.		494		25,876

Landstar System, Inc.		111		20,264

Lennox International, Inc.		100		59,019

Lincoln Electric Holdings, Inc.		173		33,495

ManpowerGroup, Inc.		144		10,644

MasTec, Inc. *		186		21,042

Maximus, Inc.		190		17,529

MDU Resources Group, Inc.		635		16,313

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

MSA Safety, Inc.		114		20,820

MSC Industrial Direct Co., Inc., Class A		135		11,102

nVent Electric PLC		515		34,999

Owens Corning		268		45,220

Regal Rexnord Corp.		202		33,898

Ryder System, Inc.		140		20,334

Sensata Technologies Holding PLC		468		18,041

Simpson Manufacturing Co., Inc.		126		23,066

Stericycle, Inc. *		288		17,067

Terex Corp.		210		11,922

Tetra Tech, Inc.		170		40,416

Timken Co.		205		17,329

Toro Co.		317		29,354

Trex Co., Inc. *		330		21,034

Valmont Industries, Inc.		62		17,717

Watsco, Inc.		99		47,067

Watts Water Technologies, Inc., Class A		85		16,720

WESCO International, Inc.		135		22,326

XPO, Inc. *		354		40,575

(Cost $1,126,574)				1,302,653

Information Technology — 9.6%

Allegro MicroSystems, Inc. *		265		6,501

Amkor Technology, Inc.		325		10,693

Arrow Electronics, Inc. *		165		22,288

ASGN, Inc. *		139		13,366

Avnet, Inc.		282		15,561

Belden, Inc.		123		13,195

Blackbaud, Inc. *		124		10,366

Ciena Corp. *		446		25,712

Cirrus Logic, Inc. *		166		24,185

Coherent Corp. *		405		31,570

CommVault Systems, Inc. *		138		21,445

Dolby Laboratories, Inc., Class A		187		13,344

Dropbox, Inc., Class A *		756		19,006

Dynatrace, Inc. *		738		37,358

Kyndryl Holdings, Inc. *		712		16,867

Littelfuse, Inc.		76		20,687

Lumentum Holdings, Inc. *		199		11,464

MACOM Technology Solutions Holdings, Inc. *		169		18,460

Manhattan Associates, Inc. *		187		49,448

Novanta, Inc. *		111		20,344

Onto Innovation, Inc. *		151		32,196

Power Integrations, Inc.		168		11,273

Pure Storage, Inc., Class A *		945		48,469

Rambus, Inc. *		332		14,847

Silicon Laboratories, Inc. *		100		11,837

Synaptics, Inc. *		125		10,178

Teradata Corp. *		288		8,133


	Number of Shares		Value $

Universal Display Corp.		133		25,765

Vontier Corp.		477		16,709

Wolfspeed, Inc. *		371		3,617

(Cost $564,420)				584,884

Materials — 7.4%

Alcoa Corp.		757		24,300

AptarGroup, Inc.		205		31,404

Arcadium Lithium PLC *		3,041		8,241

Ashland, Inc.		157		14,051

Avient Corp.		285		14,002

Axalta Coating Systems Ltd. *		674		24,601

Berry Global Group, Inc.		360		24,790

Cabot Corp.		173		18,184

Cleveland-Cliffs, Inc. *		1,470		19,198

Commercial Metals Co.		360		19,292

Crown Holdings, Inc.		364		32,909

Eagle Materials, Inc.		106		27,321

Graphic Packaging Holding Co.		933		27,925

Greif, Inc., Class A		75		4,689

Louisiana-Pacific Corp.		198		19,216

Royal Gold, Inc.		201		28,174

RPM International, Inc.		400		46,500

Scotts Miracle-Gro Co.		124		8,802

Sonoco Products Co.		304		17,197

United States Steel Corp.		683		25,893

Westlake Corp.		100		14,544

(Cost $444,205)				451,233

Real Estate — 8.5%

Agree Realty Corp. REIT		310		22,633

American Homes 4 Rent, Class A REIT		1,000		39,770

Brixmor Property Group, Inc. REIT		925		25,336

COPT Defense Properties REIT		331		9,861

Cousins Properties, Inc. REIT		447		12,744

CubeSmart REIT		695		36,022

EastGroup Properties, Inc. REIT		146		27,214

Equity LifeStyle Properties, Inc. REIT		564		41,008

Healthcare Realty Trust, Inc. REIT		1,176		20,933

Jones Lang LaSalle, Inc. *		145		37,008

Kilroy Realty Corp. REIT		340		12,332

Kite Realty Group Trust REIT		686		17,891

NNN REIT, Inc. REIT		558		26,220

Omega Healthcare Investors, Inc. REIT		749		29,615

Park Hotels & Resorts, Inc. REIT		660		10,085

PotlatchDeltic Corp. REIT		234		10,170

Rayonier, Inc. REIT		430		13,248

Rexford Industrial Realty, Inc. REIT		670		34,116

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2024


	Number of Shares		Value $

Sabra Health Care REIT, Inc. REIT		750		12,780

STAG Industrial, Inc. REIT		560		22,725

Vornado Realty Trust REIT		503		17,288

WP Carey, Inc. REIT		675		40,514

(Cost $475,913)				519,513

Utilities — 1.8%

Essential Utilities, Inc.		765		29,827

National Fuel Gas Co.		288		17,211

New Jersey Resources Corp.		310		14,356

ONE Gas, Inc.		178		12,271

Ormat Technologies, Inc.		170		12,670

Spire, Inc.		177		11,677

UGI Corp.		618		15,395

(Cost $119,193)				113,407

TOTAL COMMON STOCKS
(Cost $5,506,415)				6,011,397

EXCHANGE-TRADED FUNDS — 1.1%

iShares ESG Screened S&P Mid-Cap ETF		1,075		44,940

SPDR S&P MidCap 400 ETF Trust		40		22,612
(Cost $59,095)				67,552


	Number of Shares		Value $

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c) (Cost $11)		11		11

CASH EQUIVALENTS — 0.5%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b) (Cost $28,664)		28,664		28,664

TOTAL INVESTMENTS — 99.9%

(Cost $5,594,185)				6,107,624

Other assets and liabilities, net — 0.1%				5,442

NET ASSETS — 100.0%				6,113,066

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2024 is as follows:


Value ($) at 8/31/2023	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2024		Value ($) at 8/31/2024

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.21% (b)(c)

77,625		—		(77,614)	(d)		—		—		106		—		11		11

CASH EQUIVALENTS — 0.5%

DWS Government Money Market Series “Institutional Shares”, 5.24% (b)

9,093		441,798		(422,227)			—		—		1,128		—		28,664		28,664

86,718		441,798		(499,841)			—		—		1,234		—		28,675		28,675

*	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, 2024 amounted to $11, 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, 2024.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2024

At August 31, 2024, 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 Futures

USD

29,600

30,981

9/20/2024

1,381

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)	$	6,011,397	$	—	$	—	$	6,011,397

Exchange-Traded Funds		67,552		—		—		67,552

Short-Term Investments (a)		28,675		—		—		28,675

Derivatives (b)
Futures Contracts		1,381		—		—		1,381

TOTAL	$	6,109,005	$	—	$	—	$	6,109,005

(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 | 23

Statements of Assets and Liabilities

August 31, 2024


	Xtrackers S&P 500 ESG ETF		Xtrackers S&P 500 Growth ESG ETF		Xtrackers S&P 500 Value ESG ETF		Xtrackers S&P ESG Dividend Aristocrats ETF

Assets
Investment in non-affiliated securities at value	$	1,408,555,057	$	12,806,038	$	6,378,919	$	5,559,075
Investment in DWS Government Money Market Series		2,883,809		5,966		2,715		2,341
Investment in DWS Government & Agency Securities Portfolio*		181,933		—		2,333		—
Deposit with broker for futures contracts		167,200		—		—		—
Receivables:
Capital shares		43,997,925		—		—		—
Variation margin on futures contracts		32,160		—		—		—
Dividends		1,578,923		6,719		10,794		8,939
Interest		10,666		51		15		15
Affiliated securities lending income		8		—		—		—
Total assets	$	1,457,407,681	$	12,818,774	$	6,394,776	$	5,570,370

Liabilities
Payable upon return of securities loaned	$	181,933	$	—	$	2,333	$	—
Payables:
Investment securities purchased		43,998,346		—		—		—
Investment advisory fees		110,921		1,582		783		684
Total liabilities		44,291,200		1,582		3,116		684
Net Assets, at value	$	1,413,116,481	$	12,817,192	$	6,391,660	$	5,569,686

Net Assets Consist of
Paid-in capital	$	1,194,840,882	$	10,386,016	$	5,610,934	$	5,331,119
Distributable earnings (loss)		218,275,599		2,431,176		780,726		238,567
Net Assets, at value	$	1,413,116,481	$	12,817,192	$	6,391,660	$	5,569,686
Number of Common Shares outstanding		27,300,001		300,001		200,001		200,001
Net Asset Value	$	51.76	$	42.72	$	31.96	$	27.85

Investment in non-affiliated securities at cost	$	1,165,239,946	$	10,208,474	$	5,543,736	$	5,008,250
Value of securities loaned	$	177,025	$	—	$	2,270	$	—
Investment in DWS Government Money Market Series at cost	$	2,883,809	$	5,966	$	2,715	$	2,341
Investment in DWS Government & Agency Securities Portfolio at cost*	$	181,933	$	—	$	2,333	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

24 | DBX ETF Trust

Statements of Assets and Liabilities (Continued)

August 31, 2024


	Xtrackers S&P MidCap 400 ESG ETF

Assets
Investment in non-affiliated securities at value	$	6,078,949
Investment in DWS Government Money Market Series		28,664
Investment in DWS Government & Agency Securities Portfolio*		11
Deposit with broker for futures contracts		1,925
Receivables:
Variation margin on futures contracts		211
Dividends		3,940
Interest		126
Total assets	$	6,113,826

Liabilities
Payable upon return of securities loaned	$	11
Payables:
Investment advisory fees		749
Total liabilities		760
Net Assets, at value	$	6,113,066

Net Assets Consist of
Paid-in capital	$	6,097,883
Distributable earnings (loss)		15,183
Net Assets, at value	$	6,113,066
Number of Common Shares outstanding		200,001
Net Asset Value	$	30.57

Investment in non-affiliated securities at cost	$	5,565,510
Value of securities loaned	$	11
Investment in DWS Government Money Market Series at cost	$	28,664
Investment in DWS Government & Agency Securities Portfolio at cost*	$	11

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 25

Statements of Operations

For the Year Ended August 31, 2024


	Xtrackers S&P 500 ESG ETF			Xtrackers S&P 500 Growth ESG ETF			Xtrackers S&P 500 Value ESG ETF			Xtrackers S&P ESG Dividend Aristocrats ETF

Investment Income
Unaffiliated dividend income*	$	15,144,325		$	75,564		$	127,809		$	146,032
Income distributions from affiliated funds		112,507			283			188			290
Affiliated securities lending income		105			—			—			—
Payments by affiliates (see note 6)		1,521			104			200			43
Total investment income		15,258,458			75,951			128,197			146,365

Expenses
Investment advisory fees		1,157,322			12,622			8,635			7,606
Other expenses		58			58			58			58
Total expenses		1,157,380			12,680			8,693			7,664
Less fees waived (see note 3):
Waiver		(101,377	)		(6	)		(4	)		(7	)
Net expenses		1,056,003			12,674			8,689			7,657
Net investment income (loss)		14,202,455			63,277			119,508			138,708

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(15,465,115	)		(122,734	)		(59,470	)		(265,311	)
In-kind redemptions		54,485,765			842,598			605,373			249,886
Futures contracts		540,811			—			—			(1,189	)
Net realized gain (loss)		39,561,461			719,864			545,903			(16,614	)
Net change in unrealized appreciation (depreciation) on:
Investments		198,872,727			1,494,326			514,753			560,820
Futures contracts		67,057			—			—			—
Net change in unrealized appreciation (depreciation)		198,939,784			1,494,326			514,753			560,820
Net realized and unrealized gain (loss) on investments and futures		238,501,245			2,214,190			1,060,656			544,206
Net Increase (Decrease) in Net Assets Resulting from Operations	$	252,703,700		$	2,277,467		$	1,180,164		$	682,914

* Unaffiliated foreign tax withheld	$	3,870		$	—		$	24		$	—

See Notes to Financial Statements.

26 | DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended August 31, 2024


	Xtrackers S&P MidCap 400 ESG ETF

Investment Income
Unaffiliated dividend income	$	136,888
Income distributions from affiliated funds		1,128
Affiliated securities lending income		106
Total investment income		138,122

Expenses
Investment advisory fees		13,604
Other expenses		58
Total expenses		13,662
Less fees waived (see note 3):
Waiver		(26	)
Net expenses		13,636
Net investment income (loss)		124,486

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(398,135	)
In-kind redemptions		1,953,158
Futures contracts		(1,142	)
Net realized gain (loss)		1,553,881
Net change in unrealized appreciation (depreciation) on:
Investments		(278,685	)
Futures contracts		1,381
Net change in unrealized appreciation (depreciation)		(277,304	)
Net realized and unrealized gain (loss) on investments and futures		1,276,577
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,401,063

See Notes to Financial Statements.

DBX ETF Trust | 27

Statements of Changes in Net Assets


	Xtrackers S&P 500 ESG ETF						Xtrackers S&P 500 Growth ESG ETF
										For the Period
										November 9,
	Year Ended			Year Ended			Year Ended			2022(1) to
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	14,202,455		$	11,849,356		$	63,277		$	51,749
Net realized gain (loss)		39,561,461			25,225,191			719,864			457,486
Net change in net unrealized appreciation (depreciation)		198,939,784			83,799,483			1,494,326			1,103,238
Net increase (decrease) in net assets resulting from operations		252,703,700			120,874,030			2,277,467			1,612,473
Distributions to Shareholders		(13,345,373	)		(11,480,600	)		(62,788	)		(37,566	)
Fund Shares Transactions
Proceeds from shares sold		520,593,214			315,559,828			7,653,913			7,802,232
Value of shares redeemed		(231,988,742	)		(287,664,724	)		(3,618,529	)		(2,810,035	)
Net increase (decrease) in net assets resulting from fund share transactions		288,604,472			27,895,104			4,035,384			4,992,197
Total net increase (decrease) in Net Assets		527,962,799			137,288,534			6,250,063			6,567,104
Net Assets
Beginning of period		885,153,682			747,865,148			6,567,129			25
End of period	$	1,413,116,481		$	885,153,682		$	12,817,192		$	6,567,129

Changes in Shares Outstanding
Shares outstanding, beginning of period		21,400,001			21,000,001			200,001			1
Shares sold		11,000,000			8,450,000			200,000			300,000
Shares redeemed		(5,100,000	)		(8,050,000	)		(100,000	)		(100,000	)
Shares outstanding, end of period		27,300,001			21,400,001			300,001			200,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

28 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P 500 Value ESG ETF						Xtrackers S&P ESG Dividend Aristocrats ETF
				For the Period						For the Period
				November 9,						November 9,
	Year Ended			2022(1) to			Year Ended			2022(1) to
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	119,508		$	93,322		$	138,708		$	111,874
Net realized gain (loss)		545,903			(23,756	)		(16,614	)		9,247
Net change in net unrealized appreciation (depreciation)		514,753			320,430			560,820			(9,995	)
Net increase (decrease) in net assets resulting from operations		1,180,164			389,996			682,914			111,126
Distributions to Shareholders		(112,622	)		(72,462	)		(135,267	)		(87,024	)
Fund Shares Transactions
Proceeds from shares sold		2,852,603			5,000,000			1,270,790			6,282,907
Value of shares redeemed		(2,846,044	)		—			(1,259,701	)		(1,296,084	)
Net increase (decrease) in net assets resulting from fund share transactions		6,559			5,000,000			11,089			4,986,823
Total net increase (decrease) in Net Assets		1,074,101			5,317,534			558,736			5,010,925
Net Assets
Beginning of period		5,317,559			25			5,010,950			25
End of period	$	6,391,660		$	5,317,559		$	5,569,686		$	5,010,950

Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			1			200,001			1
Shares sold		100,000			200,000			50,000			250,000
Shares redeemed		(100,000	)		—			(50,000	)		(50,000	)
Shares outstanding, end of period		200,001			200,001			200,001			200,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 29

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P MidCap 400 ESG ETF
	Year Ended			Year Ended
	August 31, 2024			August 31, 2023

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	124,486		$	164,321
Net realized gain (loss)		1,553,881			(229,076	)
Net change in net unrealized appreciation (depreciation)		(277,304	)		1,170,609
Net increase (decrease) in net assets resulting from operations		1,401,063			1,105,854
Distributions to Shareholders		(136,516	)		(160,493	)
Fund Shares Transactions
Proceeds from shares sold		2,870,020			—
Value of shares redeemed		(9,974,426	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(7,104,406	)		—
Total net increase (decrease) in Net Assets		(5,839,859	)		945,361
Net Assets
Beginning of period		11,952,925			11,007,564
End of period	$	6,113,066		$	11,952,925

Changes in Shares Outstanding
Shares outstanding, beginning of period		450,001			450,001
Shares sold		100,000			—
Shares redeemed		(350,000	)		—
Shares outstanding, end of period		200,001			450,001

See Notes to Financial Statements.

30 | DBX ETF Trust

Financial Highlights

Xtrackers S&P 500 ESG ETF


	Years Ended August 31,

	2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of year	$	41.36		$	35.61		$	39.93		$	31.08		$	25.30
Income (loss) from investment operations:
Net investment income (loss)(a)		0.61			0.60			0.53			0.49			0.50
Net realized and unrealized gain (loss)		10.38			5.72			(4.32	)		8.79			5.85
Total from investment operations		10.99			6.32			(3.79	)		9.28			6.35
Less distributions from:
Net investment income		(0.59	)		(0.57	)		(0.53	)		(0.43	)		(0.57	)
Total from distributions		(0.59	)		(0.57	)		(0.53	)		(0.43	)		(0.57	)
Net Asset Value, end of year	$	51.76		$	41.36		$	35.61		$	39.93		$	31.08
Total Return (%)(b)		26.79			17.99			(9.59	)		30.16			25.71

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		1,413			885			748			745			270
Ratio of expenses before fee waiver (%)		0.11			0.11			0.11			0.11			0.11
Ratio of expenses after fee waiver (%)		0.10			0.10			0.10			0.10			0.11
Ratio of net investment income (loss) (%)		1.34			1.63			1.37			1.41			1.86
Portfolio turnover rate (%)(c)		11			9			6			13			11

(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 | 31

Financial Highlights (Continued)

Xtrackers S&P 500 Growth ESG ETF


	Year Ended			Period Ended

	8/31/2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	32.84		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.28			0.26
Net realized and unrealized gain (loss)		9.90			7.77
Total from investment operations		10.18			8.03
Less distributions from:
Net investment income		(0.30	)		(0.19	)
Total from distributions		(0.30	)		(0.19	)
Net Asset Value, end of period	$	42.72		$	32.84
Total Return (%)(c)		31.22			32.23	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		13			7
Ratio of expenses before fee waiver (%)		0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15	*
Ratio of net investment income (loss) (%)		0.75			1.11	*
Portfolio turnover rate (%)(d)		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.

32 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P 500 Value ESG ETF


	Year Ended			Period Ended

	8/31/2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	26.59		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.60			0.47
Net realized and unrealized gain (loss)		5.30			1.48
Total from investment operations		5.90			1.95
Less distributions from:
Net investment income		(0.53	)		(0.36	)
Total from distributions		(0.53	)		(0.36	)
Net Asset Value, end of period	$	31.96		$	26.59
Total Return (%)(c)		22.45			7.91	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			5
Ratio of expenses before fee waiver (%)		0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15	*
Ratio of net investment income (loss) (%)		2.08			2.23	*
Portfolio turnover rate (%)(d)		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.

DBX ETF Trust | 33

Financial Highlights (Continued)

Xtrackers S&P ESG Dividend Aristocrats ETF


	Year Ended			Period Ended

	8/31/2024			8/31/2023(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	25.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.69			0.56
Net realized and unrealized gain (loss)		2.79			(0.07	)
Total from investment operations		3.48			0.49
Less distributions from:
Net investment income		(0.68	)		(0.44	)
Total from distributions		(0.68	)		(0.44	)
Net Asset Value, end of period	$	27.85		$	25.05
Total Return (%)(c)		14.15			1.99	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			5
Ratio of expenses before fee waiver (%)		0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15	*
Ratio of net investment income (loss) (%)		2.74			2.74	*
Portfolio turnover rate (%)(d)		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.

34 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P MidCap 400 ESG ETF


	Years Ended August 31,									Period Ended

	2024			2023			2022			8/31/2021(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	26.56		$	24.46		$	27.39		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.38			0.37			0.32			0.14
Net realized and unrealized gain (loss)		4.02			2.09			(2.94	)		2.33
Total from investment operations		4.40			2.46			(2.62	)		2.47
Less distributions from:
Net investment income		(0.39	)		(0.36	)		(0.31	)		(0.08	)
Total from distributions		(0.39	)		(0.36	)		(0.31	)		(0.08	)
Net Asset Value, end of period	$	30.57		$	26.56		$	24.46		$	27.39
Total Return (%)(c)		16.70			10.18			(9.64	)		9.92	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			12			11			11
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.15	*
Ratio of net investment income (loss) (%)		1.38			1.45			1.24			1.00	*
Portfolio turnover rate (%)(d)		35			39			41			27	**

(a)	For the period February 24, 2021 (commencement of operations) through August 31, 2021.

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

(c)	Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 35

Notes to Financial Statements

1. Organization

Xtrackers S&P 500 ESG ETF

Xtrackers S&P 500 Growth ESG ETF

Xtrackers S&P 500 Value ESG ETF

Xtrackers S&P ESG Dividend Aristocrats ETF

Xtrackers S&P MidCap 400 ESG ETF

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats 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 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 ESG ETF		S&P 500 ESG Index
Xtrackers S&P 500 Growth ESG ETF		S&P 500 Growth ESG Index
Xtrackers S&P 500 Value ESG ETF		S&P 500 Value ESG Index
Xtrackers S&P ESG Dividend Aristocrats ETF		S&P ESG High Yield Dividend Aristocrats Index
Xtrackers S&P MidCap 400 ESG ETF		S&P MidCap 400 ESG Index

S&P 500 ESG 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 Growth ESG 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 Value ESG 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.

36 | DBX ETF Trust

S&P ESG High Yield Dividend Aristocrats 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 ESG 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.

Xtrackers S&P MidCap 400 ESG ETF is a diversified series of the Trust. Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats 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.

2. Significant Accounting Policies

DBX ETF Trust | 37

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.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of

Investments.

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

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, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to August 31, 2024), remains subject to examination by taxing authorities.

38 | DBX ETF Trust

As of August 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:


						Unrealized		Total
	Undistributed		Capital and Other			Appreciation		Accumulated
	Ordinary Income^*		Gains (Losses)			(Depreciation)		Earnings (Losses)
Xtrackers S&P 500 ESG ETF	$	3,450,255	$	(14,611,646	)	$	229,436,990	$	218,275,599
Xtrackers S&P 500 Growth ESG ETF		14,672		(83,035	)		2,499,539		2,431,176
Xtrackers S&P 500 Value ESG ETF		27,746		(51,896	)		804,876		780,726
Xtrackers S&P ESG Dividend Aristocrats ETF		28,291		(300,208	)		510,484		238,567
Xtrackers S&P MidCap 400 ESG ETF		22,242		(448,354	)		441,295		15,183

The tax character of dividends and distributions declared for the years ended August 31, 2024 and August 31, 2023 were as

follows:


	Year Ended August
	31, 2024
	Ordinary Income^*
Xtrackers S&P 500 ESG ETF	$	13,345,373
Xtrackers S&P 500 Growth ESG ETF		62,788
Xtrackers S&P 500 Value ESG ETF		112,622
Xtrackers S&P ESG Dividend Aristocrats ETF		135,267
Xtrackers S&P MidCap 400 ESG ETF		136,516


	Year Ended August
	31, 2023
	Ordinary Income^*
Xtrackers S&P 500 ESG ETF	$	11,480,600
Xtrackers S&P 500 Growth ESG ETF		37,566
Xtrackers S&P 500 Value ESG ETF		72,462
Xtrackers S&P ESG Dividend Aristocrats ETF		87,024
Xtrackers S&P MidCap 400 ESG ETF		160,493

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.


	Short-Term		Long-Term		Total Amount
Xtrackers S&P 500 ESG ETF	$	4,827,577	$	9,780,992	$	14,608,569
Xtrackers S&P 500 Growth ESG ETF		60,669		22,366		83,035
Xtrackers S&P 500 Value ESG ETF		6,519		45,317		51,836
Xtrackers S&P ESG Dividend Aristocrats ETF		117,488		182,720		300,208
Xtrackers S&P MidCap 400 ESG ETF		86,883		361,471		448,354


	Distributable
	earnings (loss)			Paid-In Capital
Xtrackers S&P 500 ESG ETF	$	(49,986,236	)	$	49,986,236
Xtrackers S&P 500 Growth ESG ETF		(836,925	)		836,925
Xtrackers S&P 500 Value ESG ETF		(604,350	)		604,350
Xtrackers S&P ESG Dividend Aristocrats ETF		(245,450	)		245,450
Xtrackers S&P MidCap 400 ESG ETF		(1,533,774	)		1,533,774

DBX ETF Trust | 39


			Net Unrealized		Aggregate Gross		Aggregate Gross
			Appreciation		Unrealized		Unrealized
	Aggregate Tax Cost		(Depreciation)		Appreciation		(Depreciation)
Xtrackers S&P 500 ESG ETF	$	1,182,183,809	$	229,436,990	$	268,421,487	$	(38,984,497	)
Xtrackers S&P 500 Growth ESG ETF		10,312,465		2,499,539		2,572,319		(72,780	)
Xtrackers S&P 500 Value ESG ETF		5,579,091		804,876		969,909		(165,033	)
Xtrackers S&P ESG Dividend Aristocrats ETF		5,050,932		510,484		704,178		(193,694	)
Xtrackers S&P MidCap 400 ESG ETF		5,666,329		441,295		837,757		(396,462	)

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers S&P MidCap 400 ESG ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats 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, 2024, 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, 2024) 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.

40 | DBX ETF Trust

As of August 31, 2024, 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, 2024
	Overnight				Between
	and				30 & 90
Securities Lending Transactions	Continuous		<30 Days		Days		>90 Days		Total
Xtrackers S&P 500 ESG ETF
Common Stocks	$	181,933	$	—	$	—	$	—	$	181,933
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	181,933
Xtrackers S&P 500 Value ESG ETF
Common Stocks	$	2,333	$	—	$	—	$	—	$	2,333
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	2,333
Xtrackers S&P MidCap 400 ESG ETF
Common Stocks	$	11	$	—	$	—	$	—	$	11
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	11

As of August 31, 2024, Xtrackers S&P 500 Growth ESG ETF and Xtrackers S&P ESG Dividend Aristocrats 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, 2024, Xtrackers S&P 500 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF and Xtrackers S&P MidCap 400 ESG 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.

A summary of the open futures contracts as of August 31, 2024 is included in a table following the Funds’ Schedule of Investments.

DBX ETF Trust | 41


	Asset Derivatives			Liability Derivatives
Xtrackers S&P 500 ESG ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	89,580	Unrealized depreciation on futures contracts^*	$	—
	Total	$	89,580	Total	$	—

Xtrackers S&P MidCap 400 ESG ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	1,381	Unrealized depreciation on futures contracts^*	$	—
	Total	$	1,381	Total	$	—


	Futures Contracts
Net Realized Gain (Loss) from:	— Equity Contracts
Xtrackers S&P 500 ESG ETF	$	540,811
Xtrackers S&P ESG Dividend Aristocrats ETF		(1,189	)
Xtrackers S&P MidCap 400 ESG ETF		(1,142	)


	Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on:	— Equity Contracts
Xtrackers S&P 500 ESG ETF	$	67,057
Xtrackers S&P MidCap 400 ESG ETF		1,381

For the year ended August 31, 2024 the average monthly volume of derivatives was as follows:


	Futures Contracts
	(Contract Value)
Xtrackers S&P 500 ESG ETF	$	2,527,065
Xtrackers S&P ESG Dividend Aristocrats ETF		1,949
Xtrackers S&P MidCap 400 ESG ETF		20,769

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

42 | DBX ETF Trust

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 August 12, 2024 for the Xtrackers S&P 500 ESG ETF), computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory
	Fee
Xtrackers S&P 500 ESG ETF		0.11	%
Xtrackers S&P 500 Growth ESG ETF		0.15	%
Xtrackers S&P 500 Value ESG ETF		0.15	%
Xtrackers S&P ESG Dividend Aristocrats ETF		0.15	%
Xtrackers S&P MidCap 400 ESG ETF		0.15	%


	Unitary Advisory
	Fee
Xtrackers S&P 500 ESG ETF		0.10	%

The Advisor for the Xtrackers S&P 500 ESG ETF had contractually agreed through August 12, 2024 to waive its 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 0.10% of the fund’s average daily net assets. For the year ended August 31, 2024, the Advisor waived $98,895 of expenses to the Fund.


	Expenses Waived
Xtrackers S&P 500 ESG ETF	$	2,482
Xtrackers S&P 500 Growth ESG ETF		6
Xtrackers S&P 500 Value ESG ETF		4
Xtrackers S&P ESG Dividend Aristocrats ETF		7
Xtrackers S&P MidCap 400 ESG ETF		26

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.

DBX ETF Trust | 43


	Securities Lending
	Agent Fees
Xtrackers S&P 500 ESG ETF	$	9

4. Investment Portfolio Transactions

For the year ended August 31, 2024, 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 ESG ETF	$	118,334,959	$	119,677,021
Xtrackers S&P 500 Growth ESG ETF		4,661,298		4,707,368
Xtrackers S&P 500 Value ESG ETF		2,560,801		2,470,465
Xtrackers S&P ESG Dividend Aristocrats ETF		1,906,256		1,873,492
Xtrackers S&P MidCap 400 ESG ETF		3,201,538		3,230,279

For the year ended August 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers S&P 500 ESG ETF	$	520,587,339	$	230,845,373
Xtrackers S&P 500 Growth ESG ETF		7,604,369		3,524,152
Xtrackers S&P 500 Value ESG ETF		2,779,609		2,857,574
Xtrackers S&P ESG Dividend Aristocrats ETF		1,270,787		1,288,457
Xtrackers S&P MidCap 400 ESG ETF		2,870,047		9,960,367

5. Fund Share Transactions

6. Payments by Affiliates

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.


DBX Advisors LLC	Amount
Xtrackers S&P 500 ESG ETF	$	1,014
Xtrackers S&P 500 Growth ESG ETF		69
Xtrackers S&P 500 Value ESG ETF		133
Xtrackers S&P ESG Dividend Aristocrats ETF		29

44 | DBX ETF Trust


Deutsche Bank AG	Amount
Xtrackers S&P 500 ESG ETF	$	507
Xtrackers S&P 500 Growth ESG ETF		35
Xtrackers S&P 500 Value ESG ETF		67
Xtrackers S&P ESG Dividend Aristocrats ETF		14

7. Concentration of Ownership

2024, 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 Growth ESG ETF		60	%
Xtrackers S&P 500 Value ESG ETF		90	%
Xtrackers S&P ESG Dividend Aristocrats ETF		65	%

DBX ETF Trust | 45

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF and Xtrackers S&P 500 Value ESG 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 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF, and Xtrackers S&P 500 Value ESG ETF (collectively referred to as the “Funds”), (five of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2024, 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 (five of the funds constituting DBX ETF Trust) at August 31, 2024, 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 ESG ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
Xtrackers S&P MidCap 400 ESG ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the three years in the period ended August 31, 2024 and the period from February 24, 2021 (commencement of operations) through August 31, 2021
Xtrackers S&P ESG Dividend Aristocrats ETF Xtrackers S&P 500 Growth ESG ETF Xtrackers S&P 500 Value ESG ETF	For the year ended August 31, 2024	For the year ended August 31, 2024 and the period from November 9, 2022 (commencement of operations) through August 31, 2023

Basis for Opinion

46 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

of securities owned as of August 31, 2024, 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 24, 2024

DBX ETF Trust | 47

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF and Xtrackers S&P MidCap 400 ESG 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 February 14-15, 2024 (the “February Meeting”), the Trustees, all of whom are the 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 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF and Xtrackers S&P MidCap 400 ESG ETF (each a “Fund,” and collectively, the “Funds”). In addition, after discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 8, 2024 (the “May Meeting”), the Trustees unanimously approved the continuance of the Investment Advisory Agreements for each Fund for a new annual period ending on May 31, 2025. The Independent Trustees were advised throughout the review and Meetings by K&L Gates LLP (“Independent Trustee Counsel”).

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

48 | 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 also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

DBX ETF Trust | 49

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

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.

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.

50 | 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, 2024.


	Qualified Dividend Income^*			Dividends Received Reduction^*
Xtrackers S&P 500 ESG ETF		100	%		99	%
Xtrackers S&P 500 Growth ESG ETF		100	%		100	%
Xtrackers S&P 500 Value ESG ETF		100	%		94	%
Xtrackers S&P ESG Dividend Aristocrats ETF		100	%		92	%
Xtrackers S&P MidCap 400 ESG ETF		100	%		93	%

*	The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

DBX ETF Trust | 51

LOGO

(b)

The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not Applicable. The Independent Trustees are paid by the Advisor out of the unitary advisory fee. See Note 3 to the Financial Statements under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a)	The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective based on the evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.


(a)(1)		The registrant’s Code of Ethics is attached hereto.

(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		DBX ETF Trust

By (Signature and Title)		/s/ Arne Noack
		Arne Noack
		Principal Executive Officer

Date November 1, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Arne Noack
		Arne Noack
		Principal Executive Officer

Date November 1, 2024

By (Signature and Title)		/s/ Diane Kenneally
		Diane Kenneally
		Principal Financial Officer

Date November 1, 2024

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

CERIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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