DBX ETF Trust NPORT-P Xtrackers USD High Yield BB-B ex Financials ETF (Nov 2024 report)

DBX

ETF

Trust

|

1

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

CORPORATE

BONDS

—

98.2%

Basic

Materials

—

6.1%

Chemicals

—

2.9%

Ashland,

Inc.

144A,3.375%,

9/1/31

338,000

294,582

6.875%,

5/15/43

214,000

227,715

Avient

Corp.

144A,7.125%,

8/1/30

484,000

501,456

144A,6.25%,

11/1/31

490,000

495,372

Axalta

Coating

Systems

Dutch

Holding

B

BV,144A,7.25%,

2/15/31

376,000

394,312

Axalta

Coating

Systems

LLC,144A,3.375%,

2/15/29

568,000

522,329

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV,144A,4.75%,

6/15/27

376,000

368,763

Cerdia

Finanz

GMBH,144A,9.375%,

10/3/31

690,000

720,421

Chemours

Co.

5.375%,

5/15/27

373,000

366,638

144A,5.75%,

11/15/28

598,000

565,901

144A,4.625%,

11/15/29

530,000

473,156

Chemours

(The)

Co.,144A,8.00%,

1/15/33

430,000

432,397

Consolidated

Energy

Finance

SA

144A,5.625%,

10/15/28

440,000

378,867

144A,12.00%,

2/15/31

472,000

473,655

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.,144A,6.125%,

6/15/28

418,000

406,924

Element

Solutions,

Inc.,144A,3.875%,

9/1/28

660,000

633,594

HB

Fuller

Co.

4.00%,

2/15/27

204,000

198,815

4.25%,

10/15/28

259,000

245,378

Herens

Holdco

SARL,144A,4.75%,

5/15/28

238,000

209,333

INEOS

Finance

PLC

144A,6.75%,

5/15/28

(a)

330,000

334,926

144A,7.50%,

4/15/29

604,000

624,901

INEOS

Quattro

Finance

2

PLC,144A,9.625%,

3/15/29

256,000

272,210

Ingevity

Corp.,144A,3.875%,

11/1/28

425,000

394,617

Mativ

Holdings,

Inc.,144A,8.00%,

10/1/29

285,000

287,352

Methanex

Corp.

5.125%,

10/15/27

579,000

568,714

5.25%,

12/15/29

449,000

438,836

5.65%,

12/1/44

232,000

207,070

Methanex

US

Operations,

Inc.,144A,6.25%,

3/15/32

500,000

498,934

Principal

Amount

$

Value

$

Minerals

Technologies,

Inc.,144A,5.00%,

7/1/28

425,000

412,781

NOVA

Chemicals

Corp.

144A,5.25%,

6/1/27

970,000

953,030

144A,8.50%,

11/15/28

290,000

309,095

144A,4.25%,

5/15/29

(a)

462,000

428,095

144A,9.00%,

2/15/30

490,000

530,160

144A,7.00%,

12/1/31

280,000

286,140

Nufarm

Australia

Ltd.

/

Nufarm

Americas,

Inc.,144A,5.00%,

1/27/30

224,000

207,845

OCI

NV,144A,6.70%,

3/16/33

482,000

486,213

Olin

Corp.

5.125%,

9/15/27

356,000

351,398

5.625%,

8/1/29

430,000

426,714

5.00%,

2/1/30

500,000

480,271

Olympus

Water

US

Holding

Corp.

144A,7.125%,

10/1/27

217,000

220,359

144A,4.25%,

10/1/28

522,000

490,160

144A,9.75%,

11/15/28

1,383,000

1,470,206

144A,7.25%,

6/15/31

688,000

705,324

Rain

Carbon,

Inc.,144A,12.25%,

9/1/29

(a)

325,000

348,770

SCIH

Salt

Holdings,

Inc.,144A,4.875%,

5/1/28

905,000

863,235

SCIL

IV

LLC

/

SCIL

USA

Holdings

LLC,144A,5.375%,

11/1/26

465,000

460,488

SK

Invictus

Intermediate

II

SARL,144A,5.00%,

10/30/29

532,000

502,992

SNF

Group

SACA

144A,3.125%,

3/15/27

449,000

427,866

144A,3.375%,

3/15/30

227,000

202,804

TPC

Group,

Inc.,144A,13.00%,

12/16/27

233,429

234,596

Tronox,

Inc.,144A,4.625%,

3/15/29

887,000

817,085

WR

Grace

Holdings

LLC

144A,4.875%,

6/15/27

795,000

781,294

144A,7.375%,

3/1/31

214,000

221,632

(Cost

$23,607,550)

24,155,721

Forest

Products

&

Paper

—

0.3%

Ahlstrom

Holding

3

Oy,144A,4.875%,

2/4/28

187,000

177,650

Domtar

Corp.,144A,6.75%,

10/1/28

464,000

429,442

Glatfelter

Corp.,144A,4.75%,

11/15/29

410,000

368,611

Magnera

Corp.,144A,7.25%,

11/15/31

650,000

640,764

Mercer

International,

Inc.

144A,12.875%,

10/1/28

270,000

289,476

5.125%,

2/1/29

728,000

636,796

(Cost

$2,514,837)

2,542,739

2

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Iron/Steel

—

1.3%

Algoma

Steel,

Inc.,144A,9.125%,

4/15/29

220,000

227,356

ATI,

Inc.

5.875%,

12/1/27

264,000

262,510

4.875%,

10/1/29

219,000

210,013

7.25%,

8/15/30

452,000

472,520

5.125%,

10/1/31

243,000

230,673

Big

River

Steel

LLC

/

BRS

Finance

Corp.,144A,6.625%,

1/31/29

501,000

504,742

Carpenter

Technology

Corp.

6.375%,

7/15/28

315,000

316,038

7.625%,

3/15/30

194,000

201,050

Cleveland-Cliffs,

Inc.

5.875%,

6/1/27

425,000

425,805

144A,4.625%,

3/1/29

296,000

278,936

144A,6.875%,

11/1/29

650,000

654,570

144A,6.75%,

4/15/30

720,000

723,807

144A,4.875%,

3/1/31

279,000

255,779

144A,7.00%,

3/15/32

1,140,000

1,145,793

144A,7.375%,

5/1/33

650,000

662,126

Commercial

Metals

Co.

4.125%,

1/15/30

264,000

245,973

3.875%,

2/15/31

184,000

165,975

4.375%,

3/15/32

275,000

253,064

Mineral

Resources

Ltd.

144A,8.125%,

5/1/27

573,000

576,686

144A,8.00%,

11/1/27

510,000

519,810

144A,9.25%,

10/1/28

750,000

785,567

144A,8.50%,

5/1/30

603,000

616,201

TMS

International

Corp.,144A,6.25%,

4/15/29

264,000

258,708

United

States

Steel

Corp.

6.875%,

3/1/29

(a)

291,000

294,251

6.65%,

6/1/37

198,000

201,909

(Cost

$10,330,125)

10,489,862

Mining

—

1.6%

Alcoa

Nederland

Holding

BV

144A,5.50%,

12/15/27

570,000

569,287

144A,6.125%,

5/15/28

410,000

414,844

144A,4.125%,

3/31/29

380,000

359,616

144A,7.125%,

3/15/31

599,000

626,701

Arsenal

AIC

Parent

LLC

144A,8.00%,

10/1/30

599,000

630,241

144A,11.50%,

10/1/31

361,000

408,054

Century

Aluminum

Co.,144A,7.50%,

4/1/28

153,000

154,870

Coeur

Mining,

Inc.,144A,5.125%,

2/15/29

290,000

277,577

Compass

Minerals

International,

Inc.,144A,6.75%,

12/1/27

(a)

364,000

366,475

Principal

Amount

$

Value

$

Constellium

SE

144A,5.625%,

6/15/28

209,000

206,204

144A,3.75%,

4/15/29

486,000

445,406

144A,6.375%,

8/15/32

229,000

227,932

Eldorado

Gold

Corp.,144A,6.25%,

9/1/29

360,000

356,474

FMG

Resources

August

2006

Pty

Ltd.

144A,4.50%,

9/15/27

427,000

415,654

144A,5.875%,

4/15/30

619,000

615,151

144A,4.375%,

4/1/31

1,281,000

1,174,060

144A,6.125%,

4/15/32

523,000

526,799

Hecla

Mining

Co.,7.25%,

2/15/28

291,000

295,281

Hudbay

Minerals,

Inc.

144A,4.50%,

4/1/26

448,000

441,511

144A,6.125%,

4/1/29

379,000

382,344

JW

Aluminum

Continuous

Cast

Co.,144A,10.25%,

6/1/26

180,000

180,450

Kaiser

Aluminum

Corp.

144A,4.625%,

3/1/28

380,000

364,208

144A,4.50%,

6/1/31

447,000

403,665

New

Gold,

Inc.,144A,7.50%,

7/15/27

516,000

522,266

Novelis

Corp.

144A,3.25%,

11/15/26

459,000

441,594

144A,4.75%,

1/30/30

1,394,000

1,311,846

144A,3.875%,

8/15/31

542,000

476,146

Perenti

Finance

Pty

Ltd.,144A,7.50%,

4/26/29

220,000

229,562

Taseko

Mines

Ltd.,144A,8.25%,

5/1/30

400,000

413,591

(Cost

$13,018,530)

13,237,809

Communications

—

14.7%

Advertising

—

1.1%

Advantage

Sales

&

Marketing,

Inc.,144A,6.50%,

11/15/28

436,000

417,685

Clear

Channel

Outdoor

Holdings,

Inc.

144A,5.125%,

8/15/27

1,241,000

1,211,240

144A,9.00%,

9/15/28

530,000

562,229

144A,7.875%,

4/1/30

630,000

652,255

Lamar

Media

Corp.

3.75%,

2/15/28

654,000

620,486

4.875%,

1/15/29

357,000

347,472

4.00%,

2/15/30

337,000

311,678

3.625%,

1/15/31

(a)

360,000

321,300

Neptune

Bidco

US,

Inc.,144A,9.29%,

4/15/29

2,034,000

1,887,401

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

144A,5.00%,

8/15/27

518,000

510,874

144A,4.25%,

1/15/29

466,000

439,473

144A,4.625%,

3/15/30

(a)

367,000

344,731

144A,7.375%,

2/15/31

308,000

325,782

DBX

ETF

Trust

|

3

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Stagwell

Global

LLC,144A,5.625%,

8/15/29

893,000

860,980

Summer

BC

Bidco

B

LLC,144A,5.50%,

10/31/26

270,000

267,690

(Cost

$8,907,000)

9,081,276

Internet

—

1.7%

ANGI

Group

LLC,144A,3.875%,

8/15/28

(a)

445,000

404,024

Arches

Buyer,

Inc.,144A,4.25%,

6/1/28

690,000

644,144

Cablevision

Lightpath

LLC,144A,3.875%,

9/15/27

426,000

399,896

Cars.com,

Inc.,144A,6.375%,

11/1/28

295,000

293,865

Cogent

Communications

Group

LLC

144A,3.50%,

5/1/26

326,000

316,093

144A,7.00%,

6/15/27

428,000

434,353

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.,144A,7.00%,

6/15/27

200,000

201,980

Gen

Digital,

Inc.

144A,6.75%,

9/30/27

769,000

784,764

144A,7.125%,

9/30/30

456,000

472,051

Getty

Images,

Inc.,144A,9.75%,

3/1/27

200,000

199,451

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

144A,5.25%,

12/1/27

444,000

439,654

144A,3.50%,

3/1/29

635,000

588,896

GrubHub

Holdings,

Inc.,144A,5.50%,

7/1/27

426,000

391,152

ION

Trading

Technologies

SARL

144A,5.75%,

5/15/28

(a)

354,000

328,030

144A,9.50%,

5/30/29

628,000

648,712

Match

Group

Holdings

II

LLC

144A,5.00%,

12/15/27

456,000

444,478

144A,4.625%,

6/1/28

306,000

293,468

144A,5.625%,

2/15/29

304,000

301,097

144A,4.125%,

8/1/30

496,000

448,913

144A,3.625%,

10/1/31

327,000

283,670

Rakuten

Group,

Inc.

144A,5.125%,

Perpetual

(a)

481,000

463,050

144A,6.25%,

Perpetual

(a)

723,000

656,364

144A,11.25%,

2/15/27

1,554,000

1,694,228

144A,9.75%,

4/15/29

1,596,000

1,743,127

Wayfair

LLC,144A,7.25%,

10/31/29

570,000

577,634

Ziff

Davis,

Inc.,144A,4.625%,

10/15/30

395,000

369,412

(Cost

$13,221,873)

13,822,506

Principal

Amount

$

Value

$

Media

—

6.6%

AMC

Networks,

Inc.

144A,10.25%,

1/15/29

633,000

672,783

4.25%,

2/15/29

812,000

617,312

Block

Communications,

Inc.,144A,4.875%,

3/1/28

195,000

183,263

Cable

One,

Inc.,144A,4.00%,

11/15/30

(a)

490,000

408,504

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

144A,5.50%,

5/1/26

421,000

420,248

144A,5.125%,

5/1/27

1,984,000

1,957,202

144A,5.00%,

2/1/28

1,620,000

1,583,047

144A,5.375%,

6/1/29

1,198,000

1,166,540

144A,6.375%,

9/1/29

1,233,000

1,238,933

144A,4.75%,

3/1/30

1,650,000

1,533,186

144A,4.50%,

8/15/30

1,584,000

1,441,479

144A,4.25%,

2/1/31

2,074,000

1,857,207

144A,7.375%,

3/1/31

696,000

722,282

144A,4.75%,

2/1/32

822,000

739,687

4.50%,

5/1/32

1,574,000

1,390,699

144A,4.50%,

6/1/33

1,251,000

1,085,058

144A,4.25%,

1/15/34

1,313,000

1,094,770

Directv

Financing

LLC,144A,8.875%,

2/1/30

550,000

553,392

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.,144A,5.875%,

8/15/27

2,911,000

2,860,559

DISH

Network

Corp.,144A,11.75%,

11/15/27

3,000,000

3,187,260

GCI

LLC,144A,4.75%,

10/15/28

519,000

491,004

Gray

Television,

Inc.

144A,7.00%,

5/15/27

416,000

407,673

144A,10.50%,

7/15/29

972,000

989,198

LCPR

Senior

Secured

Financing

DAC

144A,6.75%,

10/15/27

894,000

813,580

144A,5.125%,

7/15/29

(a)

652,000

535,189

McGraw-Hill

Education,

Inc.

144A,5.75%,

8/1/28

630,000

617,033

144A,7.375%,

9/1/31

520,000

538,585

Midcontinent

Communications,144A,8.00%,

8/15/32

(a)

490,000

514,211

News

Corp.

144A,3.875%,

5/15/29

818,000

768,269

144A,5.125%,

2/15/32

396,000

383,383

Nexstar

Media,

Inc.

144A,5.625%,

7/15/27

1,324,000

1,304,787

144A,4.75%,

11/1/28

790,000

745,956

Paramount

Global

6.25%,

2/28/57

539,000

509,983

6.375%,

3/30/62

723,000

697,270

4

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Scripps

Escrow

II,

Inc.,144A,3.875%,

1/15/29

395,000

283,144

Sinclair

Television

Group,

Inc.,144A,4.125%,

12/1/30

(a)

583,000

453,335

Sirius

XM

Radio,

Inc.

144A,3.125%,

9/1/26

753,000

724,199

144A,5.00%,

8/1/27

1,114,000

1,094,722

144A,4.00%,

7/15/28

1,365,000

1,281,636

144A,5.50%,

7/1/29

890,000

869,806

144A,4.125%,

7/1/30

1,259,000

1,135,920

144A,3.875%,

9/1/31

(a)

1,300,000

1,125,360

Sunrise

FinCo

I

BV,144A,4.875%,

7/15/31

905,000

830,817

Sunrise

HoldCo

IV

BV,144A,5.50%,

1/15/28

457,000

451,287

TEGNA,

Inc.

144A,4.75%,

3/15/26

447,000

442,513

4.625%,

3/15/28

773,000

734,819

5.00%,

9/15/29

812,000

767,433

Townsquare

Media,

Inc.,144A,6.875%,

2/1/26

(a)

358,000

357,559

Univision

Communications,

Inc.

144A,6.625%,

6/1/27

1,119,000

1,115,008

144A,8.00%,

8/15/28

1,181,000

1,205,129

144A,4.50%,

5/1/29

759,000

681,279

144A,7.375%,

6/30/30

690,000

665,191

144A,8.50%,

7/31/31

995,000

987,077

Virgin

Media

Finance

PLC,144A,5.00%,

7/15/30

772,000

658,451

Virgin

Media

Secured

Finance

PLC

144A,5.50%,

5/15/29

1,145,000

1,086,875

144A,4.50%,

8/15/30

654,000

577,578

Virgin

Media

Vendor

Financing

Notes

IV

DAC,144A,5.00%,

7/15/28

480,000

459,315

VZ

Secured

Financing

BV,144A,5.00%,

1/15/32

1,197,000

1,069,688

Ziggo

Bond

Co.

BV

144A,6.00%,

1/15/27

413,000

413,057

144A,5.125%,

2/28/30

420,000

379,529

Ziggo

BV,144A,4.875%,

1/15/30

782,000

722,283

(Cost

$53,361,118)

54,602,542

Telecommunications

—

5.3%

Africell

Holding

Ltd.,144A,10.50%,

10/23/29

250,000

247,447

British

Telecommunications

PLC

144A,4.25%,

11/23/81

376,000

364,300

144A,4.875%,

11/23/81

(a)

383,000

354,956

Ciena

Corp.,144A,4.00%,

1/31/30

(a)

285,000

262,457

Connect

Finco

SARL

/

Connect

US

Finco

LLC,144A,9.00%,

9/15/29

1,558,000

1,437,837

Principal

Amount

$

Value

$

Consolidated

Communications,

Inc.

144A,5.00%,

10/1/28

350,000

328,667

144A,6.50%,

10/1/28

620,000

603,403

EchoStar

Corp.,10.75%,

11/30/29

4,500,000

4,867,991

Frontier

Communications

Holdings

LLC

144A,5.875%,

10/15/27

957,000

958,144

144A,5.00%,

5/1/28

1,013,000

1,002,744

144A,6.75%,

5/1/29

740,000

749,376

5.875%,

11/1/29

630,000

630,925

144A,6.00%,

1/15/30

(a)

800,000

803,784

144A,8.75%,

5/15/30

878,000

935,487

144A,8.625%,

3/15/31

586,000

631,230

Frontier

Florida

LLC,

Series

E,

6.86%,

2/1/28

224,000

229,976

GoTo

Group,

Inc.,144A,5.50%,

5/1/28

260,000

217,100

Hughes

Satellite

Systems

Corp.,5.25%,

8/1/26

2,150,000

1,957,326

Iliad

Holding

Sasu,144A,7.00%,

4/15/32

690,000

697,442

Iliad

Holding

SASU

144A,6.50%,

10/15/26

506,000

514,487

144A,7.00%,

10/15/28

547,000

555,486

144A,8.50%,

4/15/31

676,000

719,734

Intelsat

Jackson

Holdings

SA,144A,6.50%,

3/15/30

2,368,000

2,200,745

Level

3

Financing,

Inc.

144A,10.50%,

4/15/29

482,000

539,241

144A,11.00%,

11/15/29

1,090,000

1,238,542

144A,10.50%,

5/15/30

668,000

733,129

144A,10.75%,

12/15/30

490,000

551,250

Lumen

Technologies,

Inc.

144A,4.125%,

4/15/29

239,000

215,996

144A,4.125%,

4/15/30

290,000

255,903

144A,10.00%,

10/15/32

660,000

658,350

Millicom

International

Cellular

SA

144A,5.125%,

1/15/28

354,600

342,229

144A,6.25%,

3/25/29

472,500

468,769

144A,4.50%,

4/27/31

561,000

499,501

144A,7.375%,

4/2/32

400,000

407,576

Optics

Bidco

SpA

144A,6.375%,

11/15/33

431,000

431,177

144A,6.00%,

9/30/34

(a)

411,000

398,695

144A,7.20%,

7/18/36

361,000

369,573

144A,7.721%,

6/4/38

401,000

421,568

Rogers

Communications,

Inc.,144A,5.25%,

3/15/82

549,000

540,733

Sable

International

Finance

Ltd.,144A,7.125%,

10/15/32

820,000

821,566

Telecom

Italia

Capital

SA

6.375%,

11/15/33

431,000

434,742

DBX

ETF

Trust

|

5

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

6.00%,

9/30/34

391,000

383,105

7.20%,

7/18/36

361,000

370,562

7.721%,

6/4/38

411,000

435,725

United

States

Cellular

Corp.,6.70%,

12/15/33

443,000

479,900

VEON

Holdings

BV,144A,3.375%,

11/25/27

800,000

698,591

Viasat,

Inc.

144A,5.625%,

4/15/27

484,000

461,808

144A,6.50%,

7/15/28

307,000

246,080

Viavi

Solutions,

Inc.,144A,3.75%,

10/1/29

245,000

223,773

Vmed

O2

UK

Financing

I

PLC

144A,4.25%,

1/31/31

966,000

837,422

144A,4.75%,

7/15/31

1,138,000

1,002,539

144A,7.75%,

4/15/32

627,000

636,295

Vodafone

Group

PLC

7.00%,

4/4/79

1,604,000

1,676,952

3.25%,

6/4/81

366,000

353,226

4.125%,

6/4/81

813,000

729,830

5.125%,

6/4/81

712,000

554,787

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp.,144A,7.75%,

8/15/28

1,006,000

1,013,893

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.,144A,8.25%,

10/1/31

590,000

616,007

Zayo

Group

Holdings,

Inc.,144A,4.00%,

3/1/27

(a)

1,158,000

1,091,944

Zegona

Finance

PLC,144A,8.625%,

7/15/29

795,000

844,688

(Cost

$41,957,607)

43,256,711

Consumer,

Cyclical

—

21.9%

Airlines

—

1.5%

Air

Canada,144A,3.875%,

8/15/26

959,000

935,592

Allegiant

Travel

Co.,144A,7.25%,

8/15/27

(a)

398,000

396,389

American

Airlines

Inc/

AAdvantage

Loyalty

IP

Ltd.

144A,5.50%,

4/20/26

1,311,000

1,310,388

144A,5.75%,

4/20/29

2,182,000

2,178,365

American

Airlines,

Inc.

144A,7.25%,

2/15/28

496,000

508,020

144A,8.50%,

5/15/29

1,050,000

1,109,421

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP,144A,9.875%,

9/20/31

1,558,000

1,639,060

United

Airlines,

Inc.

144A,4.375%,

4/15/26

1,585,000

1,562,267

144A,4.625%,

4/15/29

1,447,000

1,390,660

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

144A,7.875%,

5/1/27

343,000

337,207

Principal

Amount

$

Value

$

144A,9.50%,

6/1/28

439,000

439,390

144A,6.375%,

2/1/30

(a)

793,000

699,552

(Cost

$12,136,288)

12,506,311

Apparel

—

0.7%

Champ

Acquisition

Corp.,144A,8.375%,

12/1/31

360,000

372,400

Crocs,

Inc.

144A,4.25%,

3/15/29

254,000

235,858

144A,4.125%,

8/15/31

304,000

266,815

Hanesbrands,

Inc.

144A,4.875%,

5/15/26

729,000

719,025

144A,9.00%,

2/15/31

(a)

499,000

536,366

Kontoor

Brands,

Inc.,144A,4.125%,

11/15/29

355,000

328,768

Levi

Strauss

&

Co.,144A,3.50%,

3/1/31

410,000

363,919

S&s

Holdings

LLC,144A,8.375%,

10/1/31

440,000

445,444

Under

Armour,

Inc.,3.25%,

6/15/26

467,000

452,013

VF

Corp.

2.80%,

4/23/27

415,000

390,989

2.95%,

4/23/30

580,000

500,837

6.00%,

10/15/33

212,000

209,466

6.45%,

11/1/37

220,000

220,000

William

Carter

Co.,144A,5.625%,

3/15/27

336,000

337,437

(Cost

$5,332,262)

5,379,337

Auto

Manufacturers

—

0.5%

Allison

Transmission,

Inc.

144A,4.75%,

10/1/27

241,000

235,851

144A,5.875%,

6/1/29

326,000

328,028

144A,3.75%,

1/30/31

840,000

755,030

Aston

Martin

Capital

Holdings

Ltd.,144A,10.00%,

3/31/29

844,000

829,203

Jaguar

Land

Rover

Automotive

PLC

144A,4.50%,

10/1/27

(a)

476,000

460,193

144A,5.875%,

1/15/28

(a)

444,000

441,207

144A,5.50%,

7/15/29

(a)

292,000

286,381

JB

Poindexter

&

Co.,

Inc.,144A,8.75%,

12/15/31

380,000

403,325

Wabash

National

Corp.,144A,4.50%,

10/15/28

336,000

312,228

(Cost

$4,004,734)

4,051,446

Auto

Parts

&

Equipment

—

1.8%

Adient

Global

Holdings

Ltd.

144A,4.875%,

8/15/26

609,000

602,463

144A,7.00%,

4/15/28

466,000

476,553

144A,8.25%,

4/15/31

(a)

365,000

381,285

American

Axle

&

Manufacturing,

Inc.

6.50%,

4/1/27

(a)

376,000

375,919

6

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

6.875%,

7/1/28

(a)

245,000

244,888

5.00%,

10/1/29

(a)

451,000

419,192

Clarios

Global

LP

/

Clarios

US

Finance

Co.

144A,6.25%,

5/15/26

575,000

575,393

144A,8.50%,

5/15/27

630,000

633,271

144A,6.75%,

5/15/28

490,000

502,053

Cooper-Standard

Automotive,

Inc.,144A,9.00%

Cash

or

4.50%

PIK,

3/31/27

400,000

423,682

Dana,

Inc.

5.375%,

11/15/27

376,000

373,689

5.625%,

6/15/28

275,000

273,562

4.25%,

9/1/30

265,000

236,835

4.50%,

2/15/32

274,000

240,852

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL,144A,7.75%,

5/31/32

628,000

633,109

Goodyear

Tire

&

Rubber

Co.

5.00%,

5/31/26

(a)

658,000

650,920

4.875%,

3/15/27

590,000

577,276

5.00%,

7/15/29

(a)

798,000

747,018

5.25%,

4/30/31

447,000

409,908

5.25%,

7/15/31

(a)

434,000

399,322

5.625%,

4/30/33

(a)

306,000

276,433

IHO

Verwaltungs

GMBH

144A,6.3750%

Cash

or

7.125%

PIK,

5/15/29

465,000

448,148

144A,7.750%

Cash

or

8.5%

PIK,

11/15/30

350,000

350,372

144A,8.000%

Cash

or

8.750%

PIK,

11/15/32

320,000

324,000

Phinia,

Inc.

144A,6.75%,

4/15/29

330,000

338,725

144A,6.625%,

10/15/32

380,000

382,835

Tenneco,

Inc.,144A,8.00%,

11/17/28

1,470,000

1,397,773

Titan

International,

Inc.,7.00%,

4/30/28

320,000

314,562

ZF

North

America

Capital,

Inc.

144A,6.875%,

4/14/28

447,000

449,042

144A,7.125%,

4/14/30

463,000

459,900

144A,6.75%,

4/23/30

639,000

623,602

144A,6.875%,

4/23/32

570,000

547,579

(Cost

$14,919,949)

15,090,161

Distribution/Wholesale

—

0.7%

American

Builders

&

Contractors

Supply

Co.,

Inc.

144A,4.00%,

1/15/28

532,000

510,785

144A,3.875%,

11/15/29

315,000

291,425

Gates

Corp.,144A,6.875%,

7/1/29

355,000

364,353

H&E

Equipment

Services,

Inc.,144A,3.875%,

12/15/28

1,060,000

982,126

Principal

Amount

$

Value

$

Resideo

Funding,

Inc.

144A,4.00%,

9/1/29

184,000

170,386

144A,6.50%,

7/15/32

514,000

522,113

Ritchie

Bros

Holdings,

Inc.

144A,6.75%,

3/15/28

(a)

387,000

398,436

144A,7.75%,

3/15/31

662,000

700,163

Velocity

Vehicle

Group

LLC,144A,8.00%,

6/1/29

364,000

380,016

Verde

Purchaser

LLC,144A,10.50%,

11/30/30

525,000

562,836

Windsor

Holdings

III

LLC,144A,8.50%,

6/15/30

562,000

597,063

(Cost

$5,372,610)

5,479,702

Entertainment

—

3.5%

Banijay

Entertainment

SAS,144A,8.125%,

5/1/29

395,000

411,340

Boyne

USA,

Inc.,144A,4.75%,

5/15/29

538,000

514,474

Caesars

Entertainment,

Inc.

144A,8.125%,

7/1/27

383,000

390,256

144A,4.625%,

10/15/29

(a)

957,000

900,811

144A,7.00%,

2/15/30

1,486,000

1,532,479

144A,6.50%,

2/15/32

1,145,000

1,167,987

144A,6.00%,

10/15/32

915,000

899,401

CCM

Merger,

Inc.,144A,6.375%,

5/1/26

242,000

242,005

Cedar

Fair

LP

/

Canada's

Wonderland

Co.

/

Magnum

Management

Corp.

/

Millennium

Op

5.375%,

4/15/27

370,000

367,988

6.50%,

10/1/28

224,000

226,180

5.25%,

7/15/29

380,000

368,868

Churchill

Downs,

Inc.

144A,5.50%,

4/1/27

484,000

481,985

144A,4.75%,

1/15/28

639,000

623,817

144A,5.75%,

4/1/30

1,003,000

995,720

144A,6.75%,

5/1/31

376,000

384,897

Cinemark

USA,

Inc.

144A,5.25%,

7/15/28

(a)

720,000

703,877

144A,7.00%,

8/1/32

330,000

341,738

Empire

Resorts,

Inc.,144A,7.75%,

11/1/26

254,000

241,820

Everi

Holdings,

Inc.,144A,5.00%,

7/15/29

340,000

338,135

Great

Canadian

Gaming

Corp.,144A,8.75%,

11/15/29

465,000

483,676

International

Game

Technology

PLC

144A,4.125%,

4/15/26

586,000

576,517

144A,6.25%,

1/15/27

480,000

484,835

144A,5.25%,

1/15/29

679,000

666,900

Jacobs

Entertainment,

Inc.,144A,6.75%,

2/15/29

416,000

406,938

DBX

ETF

Trust

|

7

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Light

&

Wonder

International,

Inc.

144A,7.00%,

5/15/28

544,000

546,315

144A,7.25%,

11/15/29

396,000

408,679

144A,7.50%,

9/1/31

467,000

486,251

Lions

Gate

Capital

Holdings

1,

Inc.,144A,5.50%,

4/15/29

270,000

238,200

Lions

Gate

Capital

Holdings

LLC,144A,5.50%,

4/15/29

250,000

192,387

Live

Nation

Entertainment,

Inc.

144A,5.625%,

3/15/26

204,000

203,435

144A,6.50%,

5/15/27

928,000

941,684

144A,4.75%,

10/15/27

714,000

698,912

144A,3.75%,

1/15/28

(a)

496,000

470,497

Merlin

Entertainments

Group

US

Holdings,

Inc.,144A,7.375%,

2/15/31

360,000

352,277

Merlin

Entertainments

Ltd.,144A,5.75%,

6/15/26

418,000

413,350

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.,144A,4.875%,

5/1/29

480,000

457,062

Mohegan

Tribal

Gaming

Authority,144A,8.00%,

2/1/26

859,000

853,647

Odeon

Finco

PLC,144A,12.75%,

11/1/27

256,000

268,737

Ontario

Gaming

GTA

LP/OTG

Co-Issuer,

Inc.,144A,8.00%,

8/1/30

311,000

320,723

Penn

Entertainment,

Inc.

144A,5.625%,

1/15/27

385,000

381,742

144A,4.125%,

7/1/29

286,000

260,411

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

144A,4.625%,

4/16/29

(a)

750,000

672,191

144A,8.45%,

7/27/30

340,000

355,350

144A,4.625%,

4/6/31

290,000

249,450

Scientific

Games

Holdings

LP/

Scientific

Games

US

FinCo,

Inc.,144A,6.625%,

3/1/30

624,000

606,944

SeaWorld

Parks

&

Entertainment,

Inc.,144A,5.25%,

8/15/29

609,000

587,786

Six

Flags

Entertainment

Corp.

144A,5.50%,

4/15/27

326,000

324,545

144A,7.25%,

5/15/31

612,000

631,787

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.,144A,6.625%,

5/1/32

663,000

679,465

Speedway

Motorsports

LLC

/

Speedway

Funding

II,

Inc.,144A,4.875%,

11/1/27

314,000

309,079

Universal

Entertainment

Corp.,144A,9.875%,

8/1/29

234,000

233,993

Vail

Resorts,

Inc.,144A,6.50%,

5/15/32

458,000

470,359

Principal

Amount

$

Value

$

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

144A,5.125%,

10/1/29

569,000

554,376

144A,7.125%,

2/15/31

799,000

843,885

144A,6.25%,

3/15/33

610,000

608,469

(Cost

$27,836,883)

28,374,632

Food

Service

—

0.1%

Aramark

Services,

Inc.,144A,5.00%,

2/1/28

887,000

868,435

TKC

Holdings,

Inc.,144A,6.875%,

5/15/28

340,000

339,831

(Cost

$1,174,800)

1,208,266

Home

Builders

—

1.5%

Adams

Homes,

Inc.,144A,9.25%,

10/15/28

273,000

287,290

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

144A,6.625%,

1/15/28

293,000

294,898

144A,4.625%,

8/1/29

297,000

277,493

144A,4.625%,

4/1/30

295,000

273,549

Beazer

Homes

USA,

Inc.

5.875%,

10/15/27

279,000

277,456

7.25%,

10/15/29

274,000

278,823

144A,7.50%,

3/15/31

238,000

242,804

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

144A,6.25%,

9/15/27

467,000

466,248

144A,5.00%,

6/15/29

304,000

287,731

144A,4.875%,

2/15/30

503,000

472,141

Century

Communities,

Inc.

6.75%,

6/1/27

328,000

329,967

144A,3.875%,

8/15/29

326,000

297,221

Dream

Finders

Homes,

Inc.,144A,8.25%,

8/15/28

201,000

210,124

Empire

Communities

Corp.,144A,9.75%,

5/1/29

380,000

404,949

Forestar

Group,

Inc.

144A,3.85%,

5/15/26

285,000

278,753

144A,5.00%,

3/1/28

184,000

177,617

Installed

Building

Products,

Inc.,144A,5.75%,

2/1/28

284,000

281,056

K

Hovnanian

Enterprises,

Inc.,144A,11.75%,

9/30/29

271,000

300,021

KB

Home

6.875%,

6/15/27

254,000

262,042

4.80%,

11/15/29

245,000

236,949

7.25%,

7/15/30

254,000

263,268

4.00%,

6/15/31

250,000

226,802

Landsea

Homes

Corp.,144A,8.875%,

4/1/29

242,000

248,132

LGI

Homes,

Inc.

144A,8.75%,

12/15/28

377,000

399,961

144A,4.00%,

7/15/29

234,000

211,782

8

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,7.00%,

11/15/32

300,000

302,694

M/I

Homes,

Inc.

4.95%,

2/1/28

264,000

259,733

3.95%,

2/15/30

209,000

191,225

Mattamy

Group

Corp.

144A,5.25%,

12/15/27

366,000

360,957

144A,4.625%,

3/1/30

497,000

469,222

New

Home

Co.,

Inc.,144A,9.25%,

10/1/29

336,000

352,304

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

4.75%,

2/15/28

288,000

279,771

4.75%,

4/1/29

278,000

266,390

STL

Holding

Co.

LLC,144A,8.75%,

2/15/29

276,000

293,024

Taylor

Morrison

Communities,

Inc.

144A,5.875%,

6/15/27

456,000

461,373

144A,5.75%,

1/15/28

502,000

504,943

144A,5.125%,

8/1/30

330,000

322,048

Thor

Industries,

Inc.,144A,4.00%,

10/15/29

460,000

422,305

Tri

Pointe

Homes,

Inc.

5.25%,

6/1/27

204,000

202,216

5.70%,

6/15/28

224,000

224,757

Winnebago

Industries,

Inc.,144A,6.25%,

7/15/28

204,000

203,799

(Cost

$12,080,151)

12,403,838

Home

Furnishings

—

0.1%

Tempur

Sealy

International,

Inc.

144A,4.00%,

4/15/29

632,000

587,631

144A,3.875%,

10/15/31

589,000

521,975

(Cost

$1,075,498)

1,109,606

Housewares

—

0.7%

Cd&r

Smokey

Buyer,

Inc.

/

Radio

Systems

Corp.,144A,9.50%,

10/15/29

605,000

609,840

Newell

Brands,

Inc.

5.70%,

4/1/26

995,000

1,000,603

6.375%,

9/15/27

(a)

661,000

670,242

6.625%,

9/15/29

370,000

379,844

6.375%,

5/15/30

550,000

560,233

6.625%,

5/15/32

320,000

325,617

6.875%,

4/1/36

(a)

313,000

318,232

7.00%,

4/1/46

501,000

478,776

Scotts

Miracle-Gro

Co.

5.25%,

12/15/26

213,000

211,068

4.50%,

10/15/29

304,000

286,364

4.00%,

4/1/31

424,000

378,548

4.375%,

2/1/32

245,000

219,317

(Cost

$5,242,537)

5,438,684

Principal

Amount

$

Value

$

Leisure

Time

—

3.0%

Acushnet

Co.,144A,7.375%,

10/15/28

254,000

265,387

Amer

Sports

Co.,144A,6.75%,

2/16/31

(a)

679,000

693,824

Carnival

Corp.

144A,7.625%,

3/1/26

1,055,000

1,061,847

144A,5.75%,

3/1/27

2,058,000

2,066,666

144A,6.00%,

5/1/29

1,520,000

1,525,316

144A,10.50%,

6/1/30

868,000

931,016

Carnival

Holdings

Bermuda

Ltd.,144A,10.375%,

5/1/28

1,524,000

1,635,745

Life

Time,

Inc.

144A,5.75%,

1/15/26

700,000

699,748

144A,8.00%,

4/15/26

351,000

352,398

144A,6.00%,

11/15/31

360,000

360,116

Lindblad

Expeditions

Holdings,

Inc.,144A,9.00%,

5/15/28

236,000

248,539

Lindblad

Expeditions

LLC,144A,6.75%,

2/15/27

351,000

352,099

NCL

Corp.

Ltd.

144A,5.875%,

3/15/26

1,082,000

1,081,939

144A,5.875%,

2/15/27

703,000

703,732

144A,8.375%,

2/1/28

517,000

540,977

144A,8.125%,

1/15/29

562,000

596,426

144A,7.75%,

2/15/29

(a)

434,000

463,016

144A,6.25%,

3/1/30

340,000

338,769

NCL

Finance

Ltd.,144A,6.125%,

3/15/28

(a)

433,000

438,273

Royal

Caribbean

Cruises

Ltd.

144A,4.25%,

7/1/26

483,000

476,957

144A,5.50%,

8/31/26

692,000

693,872

144A,5.375%,

7/15/27

770,000

768,841

7.50%,

10/15/27

257,000

272,534

3.70%,

3/15/28

350,000

333,889

144A,5.50%,

4/1/28

1,361,000

1,361,283

144A,5.625%,

9/30/31

1,170,000

1,172,042

144A,6.25%,

3/15/32

950,000

970,564

144A,6.00%,

2/1/33

1,490,000

1,508,726

Sabre

GLBL,

Inc.,144A,8.625%,

6/1/27

(a)

473,000

467,498

Viking

Cruises

Ltd.

144A,5.875%,

9/15/27

657,000

652,460

144A,7.00%,

2/15/29

413,000

417,100

144A,9.125%,

7/15/31

547,000

592,133

Viking

Ocean

Cruises

Ship

VII

Ltd.,144A,5.625%,

2/15/29

334,000

329,754

VOC

Escrow

Ltd.,144A,5.00%,

2/15/28

511,000

498,865

(Cost

$24,508,481)

24,872,351

Lodging

—

2.0%

Boyd

Gaming

Corp.

4.75%,

12/1/27

(a)

723,000

705,907

DBX

ETF

Trust

|

9

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,4.75%,

6/15/31

771,000

718,784

Genting

New

York

LLC

/

Genny

Capital,

Inc.,144A,7.25%,

10/1/29

375,000

385,145

Hilton

Domestic

Operating

Co.,

Inc.

144A,5.75%,

5/1/28

350,000

350,303

144A,5.875%,

4/1/29

400,000

403,527

144A,3.75%,

5/1/29

590,000

549,579

4.875%,

1/15/30

880,000

855,842

144A,4.00%,

5/1/31

834,000

763,656

144A,3.625%,

2/15/32

1,203,000

1,060,690

144A,6.125%,

4/1/32

331,000

334,267

144A,5.875%,

3/15/33

780,000

781,146

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

144A,4.875%,

7/1/31

380,000

342,863

144A,6.625%,

1/15/32

720,000

728,605

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower,

Inc.,144A,5.00%,

6/1/29

692,000

657,553

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp.,4.875%,

4/1/27

402,000

399,771

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/28

467,000

450,036

144A,4.50%,

6/15/29

(a)

346,000

325,142

MGM

Resorts

International

4.625%,

9/1/26

345,000

343,224

5.50%,

4/15/27

483,000

482,421

4.75%,

10/15/28

480,000

465,732

6.125%,

9/15/29

768,000

776,579

6.50%,

4/15/32

590,000

595,883

Station

Casinos

LLC

144A,4.50%,

2/15/28

823,000

786,257

144A,4.625%,

12/1/31

325,000

293,697

144A,6.625%,

3/15/32

337,000

337,855

Travel

+

Leisure

Co.

144A,6.625%,

7/31/26

468,000

473,532

6.00%,

4/1/27

506,000

510,856

144A,4.50%,

12/1/29

436,000

411,841

144A,4.625%,

3/1/30

227,000

212,981

Wyndham

Hotels

&

Resorts,

Inc.,144A,4.375%,

8/15/28

366,000

350,711

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.,144A,5.25%,

5/15/27

667,000

663,059

(Cost

$16,265,772)

16,517,444

Office

Furnishings

—

0.1%

Interface,

Inc.,144A,5.50%,

12/1/28

245,000

239,488

Principal

Amount

$

Value

$

Steelcase,

Inc.,5.125%,

1/18/29

288,000

280,014

(Cost

$500,540)

519,502

Retail

—

5.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

144A,3.875%,

1/15/28

1,180,000

1,122,986

144A,4.375%,

1/15/28

539,000

520,025

144A,3.50%,

2/15/29

664,000

615,173

144A,6.125%,

6/15/29

940,000

955,533

144A,5.625%,

9/15/29

310,000

310,192

144A,4.00%,

10/15/30

2,256,000

2,048,772

Academy

Ltd.,144A,6.00%,

11/15/27

295,000

294,276

Advance

Auto

Parts,

Inc.

5.90%,

3/9/26

342,000

344,269

1.75%,

10/1/27

254,000

226,614

5.95%,

3/9/28

248,000

251,447

3.90%,

4/15/30

(a)

353,000

318,554

3.50%,

3/15/32

299,000

251,217

Arko

Corp.,144A,5.125%,

11/15/29

322,000

297,008

Asbury

Automotive

Group,

Inc.

4.50%,

3/1/28

313,000

304,262

144A,4.625%,

11/15/29

670,000

636,117

4.75%,

3/1/30

405,000

383,957

144A,5.00%,

2/15/32

424,000

394,459

Bath

&

Body

Works,

Inc.

6.694%,

1/15/27

182,000

186,142

5.25%,

2/1/28

409,000

406,783

7.50%,

6/15/29

(a)

406,000

420,440

144A,6.625%,

10/1/30

601,000

615,380

6.95%,

3/1/33

231,000

236,891

6.875%,

11/1/35

653,000

682,725

6.75%,

7/1/36

430,000

446,005

Beacon

Roofing

Supply,

Inc.

144A,4.50%,

11/15/26

284,000

280,698

144A,4.125%,

5/15/29

374,000

359,422

144A,6.50%,

8/1/30

454,000

465,248

Bloomin'

Brands,

Inc.

/

OSI

Restaurant

Partners

LLC,144A,5.125%,

4/15/29

192,000

177,506

BlueLinx

Holdings,

Inc.,144A,6.00%,

11/15/29

284,000

277,652

Brinker

International,

Inc.,144A,8.25%,

7/15/30

304,000

323,237

CEC

Entertainment

LLC,144A,6.75%,

5/1/26

422,000

420,691

Cougar

JV

Subsidiary

LLC,144A,8.00%,

5/15/32

528,000

553,939

eG

Global

Finance

PLC,144A,12.00%,

11/30/28

839,000

940,511

Evergreen

Acqco

1

LP

/

TVI,

Inc.,144A,9.75%,

4/26/28

(a)

273,000

287,413

10

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Ferrellgas

LP

/

Ferrellgas

Finance

Corp.

144A,5.375%,

4/1/26

528,000

523,188

144A,5.875%,

4/1/29

608,000

569,490

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.,144A,4.625%,

1/15/29

780,000

732,842

Foot

Locker,

Inc.,144A,4.00%,

10/1/29

(a)

285,000

247,759

Gap,

Inc.

144A,3.625%,

10/1/29

581,000

527,934

144A,3.875%,

10/1/31

(a)

577,000

507,394

Global

Auto

Holdings

Ltd.

/

AAG

FH

UK

Ltd.

144A,8.375%,

1/15/29

460,000

424,563

144A,8.75%,

1/15/32

380,000

336,744

Global

Auto

Holdings

Ltd./

Aag

Fh

UK

Ltd.,144A,11.50%,

8/15/29

410,000

416,564

Group

1

Automotive,

Inc.

144A,4.00%,

8/15/28

480,000

453,446

144A,6.375%,

1/15/30

431,000

435,863

GYP

Holdings

III

Corp.,144A,4.625%,

5/1/29

287,000

271,940

Ken

Garff

Automotive

LLC,144A,4.875%,

9/15/28

(a)

359,000

347,727

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC,144A,4.75%,

6/1/27

559,000

551,382

Kohl's

Corp.

4.625%,

5/1/31

387,000

312,866

5.55%,

7/17/45

331,000

212,154

LCM

Investments

Holdings

II

LLC

144A,4.875%,

5/1/29

778,000

734,398

144A,8.25%,

8/1/31

666,000

696,342

Lithia

Motors,

Inc.

144A,4.625%,

12/15/27

245,000

237,523

144A,3.875%,

6/1/29

641,000

594,133

144A,4.375%,

1/15/31

467,000

429,122

Macy's

Retail

Holdings

LLC

144A,5.875%,

4/1/29

285,000

278,770

144A,5.875%,

3/15/30

(a)

412,000

396,345

144A,6.125%,

3/15/32

286,000

273,273

4.50%,

12/15/34

235,000

198,806

5.125%,

1/15/42

213,000

163,967

4.30%,

2/15/43

213,000

149,952

Murphy

Oil

USA,

Inc.

5.625%,

5/1/27

192,000

192,118

4.75%,

9/15/29

336,000

324,156

144A,3.75%,

2/15/31

400,000

357,977

Nordstrom,

Inc.

4.00%,

3/15/27

224,000

215,800

Principal

Amount

$

Value

$

6.95%,

3/15/28

284,000

293,579

4.375%,

4/1/30

397,000

362,737

4.25%,

8/1/31

272,000

239,404

5.00%,

1/15/44

781,000

599,411

Papa

John's

International,

Inc.,144A,3.875%,

9/15/29

(a)

356,000

324,674

Patrick

Industries,

Inc.

144A,4.75%,

5/1/29

351,000

334,903

144A,6.375%,

11/1/32

320,000

316,582

Penske

Automotive

Group,

Inc.,3.75%,

6/15/29

346,000

319,192

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

144A,4.75%,

2/15/28

888,000

847,572

144A,7.75%,

2/15/29

987,000

970,549

QVC,

Inc.

144A,6.875%,

4/15/29

450,000

381,692

5.45%,

8/15/34

323,000

209,268

5.95%,

3/15/43

232,000

137,628

Raising

Cane's

Restaurants

LLC,144A,9.375%,

5/1/29

399,000

428,962

Sally

Holdings

LLC

/

Sally

Capital,

Inc.,6.75%,

3/1/32

(a)

524,000

535,077

Sonic

Automotive,

Inc.

144A,4.625%,

11/15/29

521,000

489,790

144A,4.875%,

11/15/31

(a)

326,000

299,374

Specialty

Building

Products

Holdings

LLC

/

Sbp

Finance

Corp.,144A,7.75%,

10/15/29

365,000

374,963

Staples,

Inc.,144A,10.75%,

9/1/29

1,934,000

1,906,791

Suburban

Propane

Partners

LP/

Suburban

Energy

Finance

Corp.

5.875%,

3/1/27

264,000

262,458

144A,5.00%,

6/1/31

470,000

427,650

Superior

Plus

LP

/

Superior

General

Partner,

Inc.,144A,4.50%,

3/15/29

464,000

427,466

Victoria's

Secret

&

Co.,144A,4.625%,

7/15/29

514,000

464,868

Victra

Holdings

LLC

/

Victra

Finance

Corp.,144A,8.75%,

9/15/29

345,000

364,255

Vivo

Energy

Investments

BV,144A,5.125%,

9/24/27

221,000

214,314

Walgreens

Boots

Alliance,

Inc.

3.45%,

6/1/26

1,050,000

1,016,209

8.125%,

8/15/29

(a)

710,000

714,918

3.20%,

4/15/30

463,000

376,179

4.50%,

11/18/34

270,000

212,947

4.80%,

11/18/44

472,000

342,864

4.65%,

6/1/46

195,000

122,675

4.10%,

4/15/50

445,000

290,081

Yum!

Brands,

Inc.

144A,4.75%,

1/15/30

770,000

743,878

DBX

ETF

Trust

|

11

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

3.625%,

3/15/31

790,000

715,211

4.625%,

1/31/32

834,000

784,348

5.375%,

4/1/32

789,000

773,808

6.875%,

11/15/37

251,000

278,509

5.35%,

11/1/43

174,000

171,846

(Cost

$45,780,750)

46,546,714

Consumer,

Non-cyclical

—

16.8%

Agriculture

—

0.2%

Darling

Ingredients,

Inc.

144A,5.25%,

4/15/27

386,000

381,645

144A,6.00%,

6/15/30

824,000

821,128

Turning

Point

Brands,

Inc.,144A,5.625%,

2/15/26

353,000

351,823

(Cost

$1,540,315)

1,554,596

Beverages

—

0.1%

Primo

Water

Holdings,

Inc.,144A,4.375%,

4/30/29

(Cost

$603,766)

650,000

611,198

Commercial

Services

—

4.9%

ADT

Security

Corp.

144A,4.125%,

8/1/29

926,000

867,552

144A,4.875%,

7/15/32

(a)

526,000

489,579

Adtalem

Global

Education,

Inc.,144A,5.50%,

3/1/28

268,000

263,397

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.,144A,6.125%,

10/15/26

366,000

366,205

Albion

Financing

2

SARL,144A,8.75%,

4/15/27

466,000

474,365

Allied

Universal

Holdco

LLC,144A,7.875%,

2/15/31

1,788,000

1,830,903

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

Luxco

4

SARL,144A,4.625%,

6/1/28

977,000

921,500

Allied

Universal

Holdco

LLC/

Allied

Universal

Finance

Corp/Atlas

Luxco

4

SARL,144A,4.625%,

6/1/28

612,000

576,736

Alta

Equipment

Group,

Inc.,144A,9.00%,

6/1/29

370,000

350,997

AMN

Healthcare,

Inc.

144A,4.625%,

10/1/27

416,000

398,032

144A,4.00%,

4/15/29

274,000

248,374

APi

Group

DE,

Inc.

144A,4.125%,

7/15/29

336,000

312,230

144A,4.75%,

10/15/29

178,000

170,554

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

144A,5.75%,

7/15/27

384,000

378,127

144A,5.75%,

7/15/27

256,000

254,406

144A,4.75%,

4/1/28

(a)

320,000

303,257

Principal

Amount

$

Value

$

144A,5.375%,

3/1/29

386,000

366,311

144A,8.25%,

1/15/30

(a)

610,000

634,518

144A,8.00%,

2/15/31

(a)

474,000

493,170

Belron

UK

Finance

PLC,144A,5.75%,

10/15/29

850,000

851,062

Brink's

Co.

144A,4.625%,

10/15/27

417,000

406,234

144A,6.50%,

6/15/29

300,000

305,887

144A,6.75%,

6/15/32

340,000

346,980

Carriage

Services,

Inc.,144A,4.25%,

5/15/29

356,000

328,912

Champions

Financing,

Inc.,144A,8.75%,

2/15/29

510,000

512,925

Cimpress

PLC,144A,7.375%,

9/15/32

430,000

430,878

CoreCivic,

Inc.,8.25%,

4/15/29

417,000

442,856

Deluxe

Corp.,144A,8.125%,

9/15/29

320,000

324,242

EquipmentShare.com,

Inc.

144A,9.00%,

5/15/28

746,000

778,024

144A,8.625%,

5/15/32

520,000

544,833

144A,8.00%,

3/15/33

410,000

419,763

Garda

World

Security

Corp.

144A,4.625%,

2/15/27

375,000

365,216

144A,7.75%,

2/15/28

375,000

388,822

GEO

Group,

Inc.

8.625%,

4/15/29

400,000

423,087

10.25%,

4/15/31

505,000

552,822

Graham

Holdings

Co.,144A,5.75%,

6/1/26

295,000

293,552

Grand

Canyon

University,5.125%,

10/1/28

319,000

301,626

Herc

Holdings,

Inc.

144A,5.50%,

7/15/27

888,000

883,656

144A,6.625%,

6/15/29

615,000

629,915

Hertz

Corp.

144A,4.625%,

12/1/26

50,000

43,260

144A,12.625%,

7/15/29

(a)

550,000

597,071

Korn

Ferry,144A,4.625%,

12/15/27

289,000

281,362

Matthews

International

Corp.,144A,8.625%,

10/1/27

180,000

188,791

NESCO

Holdings

II,

Inc.,144A,5.50%,

4/15/29

779,000

741,013

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

144A,5.75%,

4/15/26

853,000

853,526

144A,3.375%,

8/31/27

753,000

707,966

144A,6.25%,

1/15/28

1,072,000

1,070,990

Raven

Acquisition

Holdings

LLC,144A,6.875%,

11/15/31

980,000

980,175

RR

Donnelley

&

Sons

Co.

144A,9.50%,

8/1/29

877,000

900,886

144A,10.875%,

8/1/29

341,000

347,760

12

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Service

Corp.

International

4.625%,

12/15/27

387,000

380,400

5.125%,

6/1/29

609,000

599,210

3.375%,

8/15/30

751,000

671,684

4.00%,

5/15/31

708,000

647,237

5.75%,

10/15/32

500,000

498,147

Sotheby's,144A,7.375%,

10/15/27

739,000

730,754

Sotheby's/Bidfair

Holdings,

Inc.,144A,5.875%,

6/1/29

184,000

168,215

TriNet

Group,

Inc.

144A,3.50%,

3/1/29

430,000

394,761

144A,7.125%,

8/15/31

245,000

251,925

United

Rentals

North

America,

Inc.

5.50%,

5/15/27

326,000

325,877

3.875%,

11/15/27

829,000

800,410

4.875%,

1/15/28

1,259,000

1,239,728

5.25%,

1/15/30

(a)

596,000

588,700

4.00%,

7/15/30

579,000

536,886

3.875%,

2/15/31

(a)

786,000

718,511

3.75%,

1/15/32

579,000

516,334

144A,6.125%,

3/15/34

825,000

837,302

Upbound

Group,

Inc.,144A,6.375%,

2/15/29

325,000

318,645

Valvoline,

Inc.,144A,3.625%,

6/15/31

458,000

398,325

VM

Consolidated,

Inc.,144A,5.50%,

4/15/29

304,000

294,525

VT

Topco,

Inc.,144A,8.50%,

8/15/30

330,000

349,479

Wand

NewCo

3,

Inc.,144A,7.625%,

1/30/32

984,000

1,018,441

WASH

Multifamily

Acquisition,

Inc.,144A,5.75%,

4/15/26

594,000

593,292

Williams

Scotsman,

Inc.

144A,4.625%,

8/15/28

426,000

409,963

144A,6.625%,

6/15/29

400,000

406,866

144A,7.375%,

10/1/31

314,000

325,781

ZipRecruiter,

Inc.,144A,5.00%,

1/15/30

425,000

391,020

(Cost

$39,692,586)

40,356,723

Cosmetics/Personal

Care

—

0.5%

Coty,

Inc.,144A,5.00%,

4/15/26

470,000

468,138

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

144A,4.75%,

1/15/29

466,000

449,655

144A,6.625%,

7/15/30

603,000

617,231

Edgewell

Personal

Care

Co.

144A,5.50%,

6/1/28

699,000

689,631

144A,4.125%,

4/1/29

320,000

298,873

Perrigo

Finance

Unlimited

Co.

4.90%,

6/15/30

496,000

475,575

Principal

Amount

$

Value

$

6.125%,

9/30/32

700,000

697,641

4.90%,

12/15/44

215,000

174,707

Prestige

Brands,

Inc.

144A,5.125%,

1/15/28

289,000

284,352

144A,3.75%,

4/1/31

454,000

407,147

(Cost

$4,488,940)

4,562,950

Food

—

2.8%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

144A,3.25%,

3/15/26

509,000

492,498

144A,7.50%,

3/15/26

337,000

339,223

144A,4.625%,

1/15/27

846,000

829,106

144A,5.875%,

2/15/28

486,000

483,202

144A,6.50%,

2/15/28

450,000

457,779

144A,3.50%,

3/15/29

884,000

816,850

144A,4.875%,

2/15/30

640,000

616,398

Aragvi

Finance

International

Dac

144A,8.45%,

4/29/26

360,000

360,000

144A,11.125%,

11/20/29

420,000

416,256

B&G

Foods,

Inc.,144A,8.00%,

9/15/28

611,000

628,724

C&S

Group

Enterprises

LLC,144A,5.00%,

12/15/28

(a)

301,000

247,210

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.,144A,4.625%,

11/15/28

360,000

348,869

Fiesta

Purchaser,

Inc.,144A,7.875%,

3/1/31

425,000

445,775

Ingles

Markets,

Inc.,144A,4.00%,

6/15/31

334,000

299,902

KeHE

Distributors

LLC

/

KeHE

Finance

Corp.

/

NextWave

Distribution,

Inc.,144A,9.00%,

2/15/29

852,000

891,985

Lamb

Weston

Holdings,

Inc.

144A,4.875%,

5/15/28

476,000

466,340

144A,4.125%,

1/31/30

771,000

718,015

144A,4.375%,

1/31/32

488,000

446,848

Performance

Food

Group,

Inc.

144A,5.50%,

10/15/27

944,000

938,695

144A,4.25%,

8/1/29

868,000

816,137

144A,6.125%,

9/15/32

600,000

605,321

Pilgrim's

Pride

Corp.

4.25%,

4/15/31

674,000

628,686

3.50%,

3/1/32

704,000

618,877

6.25%,

7/1/33

738,000

773,475

6.875%,

5/15/34

360,000

393,217

Post

Holdings,

Inc.

144A,5.625%,

1/15/28

284,000

286,664

144A,5.50%,

12/15/29

976,000

951,742

144A,4.625%,

4/15/30

1,152,000

1,080,193

144A,4.50%,

9/15/31

798,000

726,692

DBX

ETF

Trust

|

13

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,6.25%,

2/15/32

739,000

746,668

144A,6.375%,

3/1/33

890,000

886,530

144A,6.25%,

10/15/34

430,000

424,919

Safeway,

Inc.,7.25%,

2/1/31

169,000

174,436

Simmons

Foods

Inc/Simmons

Prepared

Foods

Inc/Simmons

Pet

Food

Inc/Simmons

Feed,144A,4.625%,

3/1/29

663,000

614,054

US

Foods,

Inc.

144A,6.875%,

9/15/28

471,000

486,668

144A,4.75%,

2/15/29

584,000

563,476

144A,4.625%,

6/1/30

390,000

371,512

144A,7.25%,

1/15/32

436,000

455,103

144A,5.75%,

4/15/33

340,000

335,709

Viking

Baked

Goods

Acquisition

Corp.,144A,8.625%,

11/1/31

705,000

691,836

(Cost

$22,593,811)

22,875,590

Healthcare-Products

—

1.5%

Avantor

Funding,

Inc.

144A,4.625%,

7/15/28

1,145,000

1,106,236

144A,3.875%,

11/1/29

657,000

610,093

Bausch

+

Lomb

Corp.,144A,8.375%,

10/1/28

1,012,000

1,057,758

Embecta

Corp.,144A,5.00%,

2/15/30

390,000

362,770

Garden

Spinco

Corp.,144A,8.625%,

7/20/30

234,000

252,065

Hologic,

Inc.

144A,4.625%,

2/1/28

385,000

377,505

144A,3.25%,

2/15/29

682,000

626,932

Medline

Borrower

LP

144A,3.875%,

4/1/29

3,472,000

3,255,092

144A,5.25%,

10/1/29

2,021,000

1,973,102

Medline

Borrower

LP/Medline

Co.-Issuer,

Inc.,144A,6.25%,

4/1/29

1,160,000

1,181,538

Sotera

Health

Holdings

LLC,144A,7.375%,

6/1/31

620,000

630,104

Teleflex,

Inc.

4.625%,

11/15/27

354,000

346,393

144A,4.25%,

6/1/28

396,000

379,061

(Cost

$11,926,126)

12,158,649

Healthcare-Services

—

4.8%

Acadia

Healthcare

Co.,

Inc.

144A,5.50%,

7/1/28

296,000

287,301

144A,5.00%,

4/15/29

381,000

358,239

Catalent

Pharma

Solutions,

Inc.

144A,5.00%,

7/15/27

624,000

623,058

144A,3.125%,

2/15/29

337,000

331,768

144A,3.50%,

4/1/30

426,000

419,469

Charles

River

Laboratories

International,

Inc.

144A,4.25%,

5/1/28

370,000

355,135

Principal

Amount

$

Value

$

144A,3.75%,

3/15/29

376,000

348,315

144A,4.00%,

3/15/31

438,000

396,171

CHS/Community

Health

Systems,

Inc.

144A,5.625%,

3/15/27

1,321,000

1,278,412

144A,8.00%,

12/15/27

529,000

530,737

144A,6.00%,

1/15/29

481,000

447,971

144A,5.25%,

5/15/30

1,261,000

1,076,358

144A,4.75%,

2/15/31

792,000

643,031

144A,10.875%,

1/15/32

1,757,000

1,828,352

Concentra

Escrow

Issuer

Corp.,144A,6.875%,

7/15/32

496,000

511,010

DaVita,

Inc.

144A,4.625%,

6/1/30

2,141,000

2,005,434

144A,3.75%,

2/15/31

1,131,000

1,000,317

144A,6.875%,

9/1/32

800,000

826,282

Encompass

Health

Corp.

4.50%,

2/1/28

612,000

596,391

4.75%,

2/1/30

642,000

621,429

4.625%,

4/1/31

356,000

335,714

Fortrea

Holdings,

Inc.,144A,7.50%,

7/1/30

(a)

496,000

501,780

Global

Medical

Response,

Inc.,144A,10.00%,

10/31/28

377,083

378,497

Hah

Group

Holding

Co.

LLC,144A,9.75%,

10/1/31

505,000

515,864

HealthEquity,

Inc.,144A,4.50%,

10/1/29

447,000

423,522

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp.,144A,10.50%,

4/30/28

509,000

541,578

IQVIA,

Inc.

144A,5.00%,

10/15/26

813,000

802,737

144A,5.00%,

5/15/27

824,000

814,786

144A,6.50%,

5/15/30

370,000

379,816

Kedrion

SpA,144A,6.50%,

9/1/29

(a)

607,000

576,601

LifePoint

Health,

Inc.

144A,4.375%,

2/15/27

447,000

433,078

144A,9.875%,

8/15/30

552,000

599,500

144A,11.00%,

10/15/30

938,000

1,033,449

Molina

Healthcare,

Inc.

144A,4.375%,

6/15/28

672,000

642,139

144A,3.875%,

11/15/30

468,000

425,844

144A,3.875%,

5/15/32

710,000

628,311

144A,6.25%,

1/15/33

500,000

504,244

Pediatrix

Medical

Group,

Inc.,144A,5.375%,

2/15/30

(a)

295,000

285,252

Prime

Healthcare

Services,

Inc.,144A,9.375%,

9/1/29

1,160,000

1,178,203

Radiology

Partners,

Inc.,144A,4.275%

Cash

3.50%

PIK,PIK,

1/31/29

594,943

591,968

14

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Select

Medical

Corp.

144A,6.25%,

8/15/26

980,000

990,714

144A,6.25%,

12/1/32

400,000

400,794

Star

Parent,

Inc.,144A,9.00%,

10/1/30

785,000

810,513

Tenet

Healthcare

Corp.

6.25%,

2/1/27

1,209,000

1,209,858

5.125%,

11/1/27

1,011,000

1,001,703

4.625%,

6/15/28

448,000

434,713

6.125%,

10/1/28

1,922,000

1,926,548

4.25%,

6/1/29

1,176,000

1,110,538

4.375%,

1/15/30

1,208,000

1,131,767

6.125%,

6/15/30

1,545,000

1,552,906

6.75%,

5/15/31

1,034,000

1,059,368

6.875%,

11/15/31

241,000

254,492

Toledo

Hospital

Series

B,

5.325%,

11/15/28

200,000

196,494

4.982%,

11/15/45

211,000

159,833

6.015%,

11/15/48

290,000

265,921

US

Acute

Care

Solutions

LLC,144A,9.75%,

5/15/29

574,000

595,793

(Cost

$38,199,639)

39,180,018

Household

Products/Wares

—

0.2%

ACCO

Brands

Corp.,144A,4.25%,

3/15/29

422,000

391,918

Central

Garden

&

Pet

Co.

5.125%,

2/1/28

194,000

191,033

4.125%,

10/15/30

(a)

394,000

363,389

144A,4.125%,

4/30/31

335,000

303,458

Kronos

Acquisition

Holdings,

Inc.,144A,8.25%,

6/30/31

426,000

412,647

(Cost

$1,642,454)

1,662,445

Pharmaceuticals

—

1.8%

180

Medical,

Inc.,144A,3.875%,

10/15/29

446,000

411,282

AdaptHealth

LLC

144A,6.125%,

8/1/28

394,000

387,812

144A,4.625%,

8/1/29

440,000

401,382

144A,5.125%,

3/1/30

407,000

376,260

Bausch

Health

Cos.,

Inc.

144A,6.125%,

2/1/27

815,000

751,846

144A,5.75%,

8/15/27

373,000

331,018

144A,4.875%,

6/1/28

1,163,000

962,461

144A,11.00%,

9/30/28

1,450,000

1,420,964

BellRing

Brands,

Inc.,144A,7.00%,

3/15/30

619,000

642,905

Cheplapharm

Arzneimittel

GmbH,144A,5.50%,

1/15/28

396,000

380,664

Elanco

Animal

Health,

Inc.,6.65%,

8/28/28

537,000

554,276

Endo

Finance

Holdings,

Inc.,144A,8.50%,

4/15/31

(a)

773,000

822,801

Principal

Amount

$

Value

$

HLF

Financing

Sarl

LLC

/

Herbalife

International,

Inc,144A,12.25%,

4/15/29

625,000

658,954

HLF

Financing

Sarl

LLC

/

Herbalife

International,

Inc.,144A,4.875%,

6/1/29

450,000

325,084

Jazz

Securities

DAC,144A,4.375%,

1/15/29

1,171,000

1,112,208

Mallinckrodt

International

Finance

SA

/

Mallinckrodt

CB

LLC,144A,14.75%,

11/14/28

555,000

605,620

Option

Care

Health,

Inc.,144A,4.375%,

10/31/29

425,000

394,782

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

144A,4.125%,

4/30/28

1,588,000

1,505,006

144A,5.125%,

4/30/31

(a)

1,630,000

1,492,100

144A,6.75%,

5/15/34

380,000

382,879

144A,7.875%,

5/15/34

394,000

406,814

Owens

&

Minor,

Inc.

144A,4.50%,

3/31/29

(a)

465,000

420,896

144A,6.625%,

4/1/30

(a)

384,000

372,002

(Cost

$14,554,268)

15,120,016

Diversified

—

0.2%

Holding

Companies-Diversified

—

0.2%

Benteler

International

AG,144A,10.50%,

5/15/28

386,000

404,463

Stena

International

SA

144A,7.25%,

1/15/31

581,000

599,220

144A,7.625%,

2/15/31

292,000

304,705

(Cost

$1,282,760)

1,308,388

Energy

—

13.6%

Coal

—

0.1%

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp.,144A,8.625%,

6/15/29

390,000

411,537

Coronado

Finance

Pty

Ltd.,144A,9.25%,

10/1/29

290,000

298,618

SunCoke

Energy,

Inc.,144A,4.875%,

6/30/29

361,000

333,559

(Cost

$1,025,601)

1,043,714

Energy-Alternate

Sources

—

0.2%

TerraForm

Power

Operating

LLC

144A,5.00%,

1/31/28

524,000

508,057

144A,4.75%,

1/15/30

528,000

495,066

Topaz

Solar

Farms

LLC,144A,5.75%,

9/30/39

389,731

389,977

(Cost

$1,370,421)

1,393,100

Oil

&

Gas

—

6.4%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp.,144A,7.50%,

10/1/29

770,000

798,595

DBX

ETF

Trust

|

15

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Ascent

Resources

Utica

Holdings

LLC

/

Aru

Finance

Corp.,144A,6.625%,

10/15/32

420,000

420,400

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

144A,9.00%,

11/1/27

213,000

256,289

144A,8.25%,

12/31/28

398,000

407,421

144A,5.875%,

6/30/29

389,000

382,112

Baytex

Energy

Corp.

144A,8.50%,

4/30/30

697,000

722,618

144A,7.375%,

3/15/32

416,000

414,476

Borr

IHC

Ltd

/

Borr

Finance

LLC

144A,10.00%,

11/15/28

1,037,122

1,032,113

144A,10.375%,

11/15/30

528,058

527,031

California

Resources

Corp.,144A,8.25%,

6/15/29

651,000

668,088

Chord

Energy

Corp.,144A,6.375%,

6/1/26

345,000

346,137

CITGO

Petroleum

Corp.

144A,6.375%,

6/15/26

633,000

636,158

144A,8.375%,

1/15/29

963,000

1,001,602

Civitas

Resources,

Inc.

144A,5.00%,

10/15/26

395,000

389,167

144A,8.375%,

7/1/28

1,044,000

1,089,696

144A,8.625%,

11/1/30

980,000

1,038,485

144A,8.75%,

7/1/31

864,000

915,931

CNX

Resources

Corp.

144A,6.00%,

1/15/29

366,000

366,151

144A,7.375%,

1/15/31

438,000

454,424

144A,7.25%,

3/1/32

318,000

330,054

Comstock

Resources,

Inc.

144A,6.75%,

3/1/29

(a)

844,000

832,157

144A,6.75%,

3/1/29

474,000

464,848

144A,5.875%,

1/15/30

756,000

712,835

Crescent

Energy

Finance

LLC

144A,9.25%,

2/15/28

752,000

790,553

144A,7.625%,

4/1/32

533,000

537,598

144A,7.375%,

1/15/33

832,000

825,932

CVR

Energy,

Inc.

144A,5.75%,

2/15/28

343,000

324,553

144A,8.50%,

1/15/29

424,000

416,696

Diamond

Foreign

Asset

Co.

/

Diamond

Finance

LLC,144A,8.50%,

10/1/30

434,000

453,163

Encino

Acquisition

Partners

Holdings

LLC

144A,8.50%,

5/1/28

448,000

458,412

144A,8.75%,

5/1/31

389,000

410,791

Energean

PLC,144A,6.50%,

4/30/27

(a)

346,000

345,244

EnQuest

PLC,144A,11.625%,

11/1/27

339,000

341,283

Principal

Amount

$

Value

$

Gulfport

Energy

Operating

Corp.,144A,6.75%,

9/1/29

489,000

499,534

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

144A,6.25%,

11/1/28

397,000

393,894

144A,5.75%,

2/1/29

457,000

443,844

144A,6.00%,

4/15/30

456,000

439,504

144A,6.00%,

2/1/31

494,000

468,568

144A,6.25%,

4/15/32

416,000

394,939

144A,8.375%,

11/1/33

476,000

502,752

144A,6.875%,

5/15/34

430,000

415,991

144A,7.25%,

2/15/35

710,000

694,974

Ithaca

Energy

North

Sea

PLC,144A,8.125%,

10/15/29

595,000

598,102

Karoon

USA

Finance,

Inc.,144A,10.50%,

5/14/29

258,000

268,032

Kraken

Oil

&

Gas

Partners

LLC,144A,7.625%,

8/15/29

407,000

404,143

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp.,144A,6.875%,

12/1/32

300,000

301,024

Matador

Resources

Co.

144A,6.875%,

4/15/28

350,000

358,342

144A,6.50%,

4/15/32

724,000

725,800

144A,6.25%,

4/15/33

600,000

591,717

MEG

Energy

Corp.,144A,5.875%,

2/1/29

437,000

432,657

Moss

Creek

Resources

Holdings,

Inc.,144A,8.25%,

9/1/31

570,000

560,298

Murphy

Oil

Corp.

6.00%,

10/1/32

460,000

450,356

5.875%,

12/1/42

250,000

224,017

Nabors

Industries,

Inc.

144A,7.375%,

5/15/27

499,000

499,725

144A,9.125%,

1/31/30

533,000

554,139

Noble

Finance

II

LLC,144A,8.00%,

4/15/30

1,137,000

1,164,371

Northern

Oil

&

Gas,

Inc.

144A,8.125%,

3/1/28

570,000

582,695

144A,8.75%,

6/15/31

360,000

378,693

Parkland

Corp.

144A,5.875%,

7/15/27

324,000

323,457

144A,4.50%,

10/1/29

640,000

598,256

144A,4.625%,

5/1/30

618,000

575,530

144A,6.625%,

8/15/32

450,000

452,779

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.00%,

2/15/28

731,000

723,280

144A,7.875%,

9/15/30

379,000

389,010

Permian

Resources

Operating

LLC

144A,5.375%,

1/15/26

247,000

246,185

144A,8.00%,

4/15/27

352,000

362,517

16

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,5.875%,

7/1/29

449,000

446,753

144A,9.875%,

7/15/31

361,000

400,194

144A,7.00%,

1/15/32

960,000

988,376

144A,6.25%,

2/1/33

700,000

705,242

Precision

Drilling

Corp.,144A,6.875%,

1/15/29

276,000

276,301

Range

Resources

Corp.

8.25%,

1/15/29

387,000

398,916

144A,4.75%,

2/15/30

356,000

338,475

Seadrill

Finance

Ltd.,144A,8.375%,

8/1/30

416,000

425,932

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.,144A,7.875%,

11/1/28

467,000

487,574

SM

Energy

Co.

6.75%,

9/15/26

242,000

242,565

6.625%,

1/15/27

375,000

375,270

6.50%,

7/15/28

265,000

265,575

144A,6.75%,

8/1/29

640,000

644,615

144A,7.00%,

8/1/32

557,000

559,775

Strathcona

Resources

Ltd/

Alberta,144A,6.875%,

8/1/26

306,000

306,121

Sunoco

LP

144A,7.00%,

5/1/29

560,000

579,531

144A,7.25%,

5/1/32

542,000

567,122

Sunoco

LP

/

Sunoco

Finance

Corp.

6.00%,

4/15/27

513,000

513,677

5.875%,

3/15/28

364,000

364,418

144A,7.00%,

9/15/28

320,000

329,432

4.50%,

5/15/29

630,000

601,010

4.50%,

4/30/30

562,000

531,458

Talos

Production,

Inc.

144A,9.00%,

2/1/29

452,000

472,900

144A,9.375%,

2/1/31

502,000

527,292

Teine

Energy

Ltd.,144A,6.875%,

4/15/29

245,000

240,475

TGNR

Intermediate

Holdings

LLC,144A,5.50%,

10/15/29

605,000

573,278

Transocean

Aquila

Ltd.,144A,8.00%,

9/30/28

189,708

194,727

Transocean

Poseidon

Ltd.,144A,6.875%,

2/1/27

252,600

253,872

Transocean

Titan

Financing

Ltd.,144A,8.375%,

2/1/28

406,000

417,865

Transocean,

Inc.,144A,8.75%,

2/15/30

779,450

811,987

Valaris

Ltd.,144A,8.375%,

4/30/30

845,000

860,599

Vermilion

Energy,

Inc.,144A,6.875%,

5/1/30

329,000

330,179

Viper

Energy,

Inc.

144A,5.375%,

11/1/27

404,000

400,691

144A,7.375%,

11/1/31

(a)

245,000

255,259

Principal

Amount

$

Value

$

Vital

Energy,

Inc.

144A,7.75%,

7/31/29

223,000

224,003

9.75%,

10/15/30

462,000

495,865

144A,7.875%,

4/15/32

691,000

679,794

W&T

Offshore,

Inc.,144A,11.75%,

2/1/26

248,000

250,589

Wildfire

Intermediate

Holdings

LLC,144A,7.50%,

10/15/29

430,000

420,272

(Cost

$52,208,987)

52,888,117

Oil

&

Gas

Services

—

0.9%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

144A,6.875%,

4/1/27

202,000

202,905

144A,6.25%,

4/1/28

608,000

610,256

144A,6.625%,

9/1/32

580,000

587,929

Bristow

Group,

Inc.,144A,6.875%,

3/1/28

334,000

333,778

Enerflex

Ltd.,144A,9.00%,

10/15/27

360,000

375,769

Helix

Energy

Solutions

Group,

Inc.,144A,9.75%,

3/1/29

318,000

343,623

Kodiak

Gas

Services

LLC,144A,7.25%,

2/15/29

675,000

697,756

Oceaneering

International,

Inc.,6.00%,

2/1/28

184,000

182,629

Solaris

Midstream

Holdings

LLC,144A,7.625%,

4/1/26

295,000

297,447

Star

Holding

LLC,144A,8.75%,

8/1/31

273,000

268,452

Tgs

ASA,144A,8.50%,

1/15/30

400,000

410,061

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

6.875%,

9/1/27

560,000

563,548

144A,7.125%,

3/15/29

884,000

905,665

Viridien,144A,8.75%,

4/1/27

(a)

370,000

361,301

Weatherford

International

Ltd.,144A,8.625%,

4/30/30

1,207,000

1,257,125

(Cost

$7,269,638)

7,398,244

Pipelines

—

6.0%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

144A,5.75%,

3/1/27

498,000

496,975

144A,5.75%,

1/15/28

448,000

446,590

144A,5.375%,

6/15/29

669,000

654,796

144A,6.625%,

2/1/32

514,000

522,297

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

144A,6.625%,

7/15/26

202,000

201,929

144A,7.00%,

7/15/29

466,000

479,634

144A,7.25%,

7/15/32

385,000

399,189

Buckeye

Partners

LP

3.95%,

12/1/26

367,000

357,646

4.125%,

12/1/27

285,000

274,179

DBX

ETF

Trust

|

17

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,4.50%,

3/1/28

460,000

442,950

144A,6.875%,

7/1/29

520,000

530,438

5.85%,

11/15/43

310,000

273,727

5.60%,

10/15/44

252,000

212,717

CNX

Midstream

Partners

LP,144A,4.75%,

4/15/30

365,000

339,940

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

144A,5.50%,

6/15/31

1,016,000

979,386

144A,7.50%,

12/15/33

440,000

465,427

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp.

144A,7.125%,

6/1/28

486,000

488,565

144A,8.625%,

3/15/29

742,000

773,639

DT

Midstream,

Inc.

144A,4.125%,

6/15/29

814,000

773,212

144A,4.375%,

6/15/31

788,000

732,952

Energy

Transfer

LP

8.00%,

5/15/54

572,000

608,424

7.125%,

10/1/54

296,000

301,364

EQM

Midstream

Partners

LP

4.125%,

12/1/26

346,000

345,154

144A,7.50%,

6/1/27

350,000

359,593

144A,6.50%,

7/1/27

646,000

661,884

5.50%,

7/15/28

564,000

573,222

144A,4.50%,

1/15/29

652,000

632,617

144A,6.375%,

4/1/29

534,000

545,009

144A,7.50%,

6/1/30

386,000

417,663

144A,4.75%,

1/15/31

826,000

793,059

6.50%,

7/15/48

462,000

487,535

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

8.00%,

1/15/27

821,000

836,707

7.75%,

2/1/28

(a)

615,000

621,515

8.25%,

1/15/29

509,000

520,283

8.875%,

4/15/30

426,000

443,963

7.875%,

5/15/32

505,000

508,980

Global

Partners

LP

/

GLP

Finance

Corp.

7.00%,

8/1/27

356,000

358,737

6.875%,

1/15/29

314,000

314,943

144A,8.25%,

1/15/32

313,000

328,516

Harvest

Midstream

I

LP

144A,7.50%,

9/1/28

562,000

574,931

144A,7.50%,

5/15/32

415,000

426,442

Hess

Midstream

Operations

LP

144A,5.625%,

2/15/26

529,000

528,337

144A,5.125%,

6/15/28

443,000

434,461

144A,6.50%,

6/1/29

518,000

529,752

144A,4.25%,

2/15/30

489,000

459,795

144A,5.50%,

10/15/30

324,000

318,244

Principal

Amount

$

Value

$

Howard

Midstream

Energy

Partners

LLC

144A,8.875%,

7/15/28

617,000

655,073

144A,7.375%,

7/15/32

389,000

400,920

ITT

Holdings

LLC,144A,6.50%,

8/1/29

980,000

917,842

Kinetik

Holdings

LP

144A,6.625%,

12/15/28

616,000

630,721

144A,5.875%,

6/15/30

793,000

791,356

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.,144A,11.50%,

2/15/28

289,000

314,537

New

Fortress

Energy,

Inc.,144A,6.50%,

9/30/26

(a)

1,199,000

1,118,659

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

144A,8.125%,

2/15/29

743,000

761,143

144A,8.375%,

2/15/32

963,000

985,706

Northriver

Midstream

Finance

LP,144A,6.75%,

7/15/32

(a)

520,000

532,819

NuStar

Logistics

LP

6.00%,

6/1/26

406,000

408,342

5.625%,

4/28/27

397,000

397,783

6.375%,

10/1/30

484,000

498,449

Prairie

Acquiror

LP,144A,9.00%,

8/1/29

301,000

311,517

Rockies

Express

Pipeline

LLC

144A,4.95%,

7/15/29

375,000

358,673

144A,4.80%,

5/15/30

304,000

285,350

144A,7.50%,

7/15/38

193,000

196,403

144A,6.875%,

4/15/40

406,000

392,585

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

144A,7.50%,

3/1/55

535,000

559,925

144A,7.625%,

3/1/55

330,000

340,689

Summit

Midstream

Holdings

LLC,144A,8.625%,

10/31/29

485,000

507,496

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

144A,6.00%,

3/1/27

333,000

332,963

144A,5.50%,

1/15/28

573,000

557,260

144A,7.375%,

2/15/29

790,000

804,071

144A,6.00%,

12/31/30

514,000

486,511

144A,6.00%,

9/1/31

356,000

336,945

Venture

Global

Calcasieu

Pass

LLC

144A,3.875%,

8/15/29

1,051,000

976,271

144A,6.25%,

1/15/30

740,000

757,577

144A,4.125%,

8/15/31

938,000

853,956

144A,3.875%,

11/1/33

911,000

792,716

Venture

Global

LNG,

Inc.

144A,8.125%,

6/1/28

1,731,000

1,808,977

144A,9.50%,

2/1/29

2,311,000

2,581,602

18

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,7.00%,

1/15/30

1,114,000

1,139,010

144A,8.375%,

6/1/31

1,851,000

1,950,941

144A,9.875%,

2/1/32

(a)

1,634,000

1,817,047

(Cost

$48,069,672)

49,339,153

Financial

—

4.3%

Real

Estate

—

0.8%

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co.-Issuer

Corp.,144A,7.00%,

4/15/30

(a)

482,000

449,141

CoreLogic,

Inc.,144A,4.50%,

5/1/28

524,000

488,333

Cushman

&

Wakefield

US

Borrower

LLC

144A,6.75%,

5/15/28

458,000

462,996

144A,8.875%,

9/1/31

396,000

427,704

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.,144A,10.50%,

1/15/28

389,561

397,802

Greystar

Real

Estate

Partners

LLC,144A,7.75%,

9/1/30

302,000

319,652

Howard

Hughes

Corp.

144A,5.375%,

8/1/28

620,000

608,456

144A,4.125%,

2/1/29

499,000

466,694

144A,4.375%,

2/1/31

475,000

430,541

Hunt

Cos.,

Inc.,144A,5.25%,

4/15/29

(a)

559,000

529,360

Kennedy-Wilson,

Inc.

4.75%,

3/1/29

547,000

506,020

4.75%,

2/1/30

442,000

400,927

5.00%,

3/1/31

(a)

474,000

426,142

Newmark

Group,

Inc.,7.50%,

1/12/29

407,000

431,594

(Cost

$6,080,340)

6,345,362

Real

Estate

Investment

Trusts

—

3.4%

Apollo

Commercial

Real

Estate

Finance,

Inc.,144A,4.625%,

6/15/29

396,000

352,720

Blackstone

Mortgage

Trust,

Inc.,144A,3.75%,

1/15/27

(a)

234,000

221,431

Brandywine

Operating

Partnership

LP

3.95%,

11/15/27

486,000

459,106

8.30%,

3/15/28

314,000

331,421

8.875%,

4/12/29

296,000

319,652

4.55%,

10/1/29

214,000

196,302

Brookfield

Property

REIT,

Inc.

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

144A,5.75%,

5/15/26

533,000

529,232

144A,4.50%,

4/1/27

503,000

484,141

CTR

Partnership

LP

/

CareTrust

Capital

Corp.,144A,3.875%,

6/30/28

265,000

251,505

Principal

Amount

$

Value

$

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP,144A,3.75%,

12/15/27

361,000

334,080

Hudson

Pacific

Properties

LP

3.95%,

11/1/27

322,000

285,560

5.95%,

2/15/28

282,000

252,462

4.65%,

4/1/29

361,000

293,876

3.25%,

1/15/30

309,000

229,085

Iron

Mountain

Information

Management

Services,

Inc.,144A,5.00%,

7/15/32

447,000

420,730

Iron

Mountain,

Inc.

144A,4.875%,

9/15/27

754,000

742,492

144A,5.25%,

3/15/28

598,000

588,592

144A,5.00%,

7/15/28

(a)

381,000

371,654

144A,7.00%,

2/15/29

840,000

867,243

144A,4.875%,

9/15/29

710,000

683,846

144A,5.25%,

7/15/30

1,151,000

1,116,733

144A,4.50%,

2/15/31

1,034,000

963,104

144A,5.625%,

7/15/32

397,000

387,934

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

144A,4.25%,

2/1/27

425,000

413,685

144A,4.75%,

6/15/29

570,000

545,602

144A,7.00%,

7/15/31

410,000

424,702

Necessity

Retail

REIT

Inc/The

/

American

Finance

Operating

Partner

LP,144A,4.50%,

9/30/28

361,000

335,210

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co.-Issuer

144A,5.875%,

10/1/28

484,000

480,370

144A,4.875%,

5/15/29

610,000

585,648

144A,7.00%,

2/1/30

507,000

519,073

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

4.75%,

10/15/27

468,000

458,940

144A,7.25%,

7/15/28

395,000

409,907

144A,4.50%,

2/15/29

384,000

367,200

144A,6.50%,

4/1/32

723,000

734,786

Rithm

Capital

Corp.,144A,8.00%,

4/1/29

616,000

617,438

RLJ

Lodging

Trust

LP

144A,3.75%,

7/1/26

326,000

317,256

144A,4.00%,

9/15/29

444,000

405,338

SBA

Communications

Corp.

3.875%,

2/15/27

1,048,000

1,018,028

3.125%,

2/1/29

1,185,000

1,084,135

Service

Properties

Trust

5.25%,

2/15/26

354,000

346,521

4.75%,

10/1/26

318,000

306,169

DBX

ETF

Trust

|

19

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

4.95%,

2/15/27

(a)

316,000

300,502

5.50%,

12/15/27

328,000

313,082

3.95%,

1/15/28

393,000

341,084

8.375%,

6/15/29

481,000

477,642

4.95%,

10/1/29

382,000

311,584

4.375%,

2/15/30

(a)

310,000

241,701

144A,8.625%,

11/15/31

798,000

841,913

8.875%,

6/15/32

344,000

330,627

Starwood

Property

Trust,

Inc.

144A,3.625%,

7/15/26

315,000

304,024

144A,4.375%,

1/15/27

350,000

340,966

144A,7.25%,

4/1/29

494,000

508,675

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

144A,10.50%,

2/15/28

2,188,000

2,324,518

144A,4.75%,

4/15/28

495,000

462,782

Vornado

Realty

LP

2.15%,

6/1/26

253,000

241,027

3.40%,

6/1/31

304,000

262,902

XHR

LP,144A,4.875%,

6/1/29

412,000

391,925

(Cost

$27,390,973)

28,047,863

REITS

—

0.1%

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.,144A,6.375%,

10/15/29

320,000

321,154

Starwood

Property

Trust,

Inc.,144A,6.00%,

4/15/30

330,000

325,780

Xhr

LP,144A,6.625%,

5/15/30

300,000

304,504

(Cost

$948,462)

951,438

Industrial

—

11.9%

Aerospace/Defense

—

2.4%

AAR

Escrow

Issuer

LLC,144A,6.75%,

3/15/29

409,000

418,704

Bombardier,

Inc.

144A,7.875%,

4/15/27

640,000

641,707

144A,6.00%,

2/15/28

555,000

554,334

144A,7.50%,

2/1/29

(a)

490,000

511,497

144A,8.75%,

11/15/30

599,000

648,319

144A,7.25%,

7/1/31

630,000

650,730

144A,7.00%,

6/1/32

(a)

642,000

655,114

144A,7.45%,

5/1/34

385,000

412,982

Moog,

Inc.,144A,4.25%,

12/15/27

426,000

409,873

Spirit

AeroSystems,

Inc.

3.85%,

6/15/26

224,000

217,553

144A,9.375%,

11/30/29

696,000

748,517

144A,9.75%,

11/15/30

1,018,000

1,130,898

TransDigm,

Inc.

5.50%,

11/15/27

1,993,000

1,975,879

144A,6.75%,

8/15/28

1,656,000

1,689,052

4.625%,

1/15/29

1,178,000

1,117,413

144A,6.375%,

3/1/29

1,809,000

1,838,480

Principal

Amount

$

Value

$

4.875%,

5/1/29

559,000

532,875

144A,6.875%,

12/15/30

1,179,000

1,214,471

144A,7.125%,

12/1/31

782,000

812,840

144A,6.625%,

3/1/32

1,649,000

1,689,053

144A,6.00%,

1/15/33

1,143,000

1,142,891

Triumph

Group,

Inc.,144A,9.00%,

3/15/28

722,000

755,862

(Cost

$19,525,355)

19,769,044

Building

Materials

—

2.2%

AmeriTex

HoldCo

Intermediate

LLC,144A,10.25%,

10/15/28

405,000

431,114

Boise

Cascade

Co.,144A,4.875%,

7/1/30

245,000

234,062

Builders

FirstSource,

Inc.

144A,5.00%,

3/1/30

407,000

393,062

144A,4.25%,

2/1/32

1,088,000

991,096

144A,6.375%,

6/15/32

549,000

561,195

144A,6.375%,

3/1/34

785,000

800,033

Camelot

Return

Merger

Sub,

Inc.,144A,8.75%,

8/1/28

623,000

613,925

Cornerstone

Building

Brands,

Inc.,144A,9.50%,

8/15/29

362,000

360,453

Eco

Material

Technologies,

Inc.,144A,7.875%,

1/31/27

422,000

426,975

Emerald

Debt

Merger

Sub

LLC,144A,6.625%,

12/15/30

2,197,000

2,221,279

EMRLD

Borrower

LP

/

Emerald

Co.-Issuer,

Inc.,144A,6.75%,

7/15/31

356,000

365,112

Griffon

Corp.,5.75%,

3/1/28

748,000

738,826

JELD-WEN,

Inc.

144A,4.875%,

12/15/27

265,000

254,614

144A,7.00%,

9/1/32

290,000

282,837

Knife

River

Corp.,144A,7.75%,

5/1/31

413,000

433,139

Louisiana-Pacific

Corp.,144A,3.625%,

3/15/29

264,000

247,598

Masterbrand,

Inc.,144A,7.00%,

7/15/32

548,000

561,982

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC,144A,6.75%,

4/1/32

598,000

608,749

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.,144A,5.50%,

2/1/30

320,000

307,155

New

Enterprise

Stone

&

Lime

Co.,

Inc.,144A,5.25%,

7/15/28

358,000

346,643

Smyrna

Ready

Mix

Concrete

LLC

144A,6.00%,

11/1/28

933,000

925,029

144A,8.875%,

11/15/31

873,000

928,825

Standard

Building

Solutions,

Inc.,144A,6.50%,

8/15/32

450,000

460,277

Standard

Industries,

Inc.

144A,5.00%,

2/15/27

539,000

529,701

144A,4.75%,

1/15/28

842,000

818,253

20

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

144A,4.375%,

7/15/30

1,332,000

1,239,055

144A,3.375%,

1/15/31

803,000

705,285

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.

144A,6.50%,

3/15/27

184,000

184,344

144A,5.25%,

1/15/29

514,000

518,067

144A,7.25%,

1/15/31

726,000

774,953

(Cost

$17,958,548)

18,263,638

Electrical

Components

&

Equipment

—

0.5%

Energizer

Holdings,

Inc.

144A,6.50%,

12/31/27

204,000

206,296

144A,4.75%,

6/15/28

(a)

388,000

375,613

144A,4.375%,

3/31/29

762,000

715,961

EnerSys

144A,4.375%,

12/15/27

179,000

170,909

144A,6.625%,

1/15/32

241,000

246,429

WESCO

Distribution,

Inc.

144A,7.25%,

6/15/28

1,101,000

1,126,536

144A,6.375%,

3/15/29

590,000

604,011

144A,6.625%,

3/15/32

714,000

736,752

(Cost

$4,118,927)

4,182,507

Electronics

—

0.6%

Atkore,

Inc.,144A,4.25%,

6/1/31

246,000

223,511

Coherent

Corp.,144A,5.00%,

12/15/29

847,000

817,044

Imola

Merger

Corp.,144A,4.75%,

5/15/29

1,551,000

1,488,795

Sensata

Technologies

BV

144A,4.00%,

4/15/29

640,000

596,836

144A,5.875%,

9/1/30

444,000

440,168

Sensata

Technologies,

Inc.

144A,4.375%,

2/15/30

(a)

356,000

330,190

144A,3.75%,

2/15/31

649,000

579,927

144A,6.625%,

7/15/32

465,000

474,441

TTM

Technologies,

Inc.,144A,4.00%,

3/1/29

366,000

342,122

(Cost

$5,196,912)

5,293,034

Engineering

&

Construction

—

0.8%

AECOM,5.125%,

3/15/27

718,000

712,813

Arcosa,

Inc.

144A,4.375%,

4/15/29

265,000

251,173

144A,6.875%,

8/15/32

503,000

518,276

Artera

Services

LLC,144A,8.50%,

2/15/31

493,000

489,874

ATP

Tower

Holdings

LLC

/

Andean

Tower

Partners

Colombia

SAS

/

Andean

Telecom

Par,144A,4.05%,

4/27/26

265,000

255,538

Brand

Industrial

Services,

Inc.,144A,10.375%,

8/1/30

1,065,000

1,129,873

Principal

Amount

$

Value

$

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,144A,6.00%,

2/1/26

200,000

199,513

Dycom

Industries,

Inc.,144A,4.50%,

4/15/29

326,000

307,664

Fluor

Corp.,4.25%,

9/15/28

452,000

436,491

Global

Infrastructure

Solutions,

Inc.

144A,5.625%,

6/1/29

365,000

354,677

144A,7.50%,

4/15/32

242,000

245,338

HTA

Group

Ltd./

Mauritius,144A,7.50%,

6/4/29

614,000

624,668

Railworks

Holdings

LP

/

Railworks

Rally,

Inc.,144A,8.25%,

11/15/28

199,000

203,481

TopBuild

Corp.

144A,3.625%,

3/15/29

265,000

245,877

144A,4.125%,

2/15/32

361,000

324,513

Weekley

Homes

LLC

/

Weekley

Finance

Corp.,144A,4.875%,

9/15/28

259,000

247,331

(Cost

$6,423,215)

6,547,100

Environmental

Control

—

0.8%

Clean

Harbors,

Inc.

144A,4.875%,

7/15/27

589,000

578,574

144A,5.125%,

7/15/29

224,000

218,783

144A,6.375%,

2/1/31

326,000

331,840

Enviri

Corp.,144A,5.75%,

7/31/27

351,000

337,264

GFL

Environmental,

Inc.

144A,5.125%,

12/15/26

323,000

321,845

144A,4.00%,

8/1/28

590,000

561,506

144A,3.50%,

9/1/28

699,000

660,107

144A,4.75%,

6/15/29

529,000

511,676

144A,4.375%,

8/15/29

(a)

537,000

509,179

144A,6.75%,

1/15/31

747,000

774,672

Madison

IAQ

LLC,144A,4.125%,

6/30/28

534,000

510,983

Reworld

Holding

Corp.

144A,4.875%,

12/1/29

590,000

556,854

5.00%,

9/1/30

(a)

245,000

228,934

Waste

Pro

USA,

Inc.,144A,5.50%,

2/15/26

337,000

336,481

Wrangler

Holdco

Corp.,144A,6.625%,

4/1/32

390,000

401,750

(Cost

$6,674,364)

6,840,448

Hand/Machine

Tools

—

0.0%

Werner

FinCo

LP

/

Werner

FinCo,

Inc.,144A,11.50%,

6/15/28

(Cost

$361,016)

332,000

366,905

DBX

ETF

Trust

|

21

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Machinery-Construction

&

Mining

—

0.3%

BWX

Technologies,

Inc.

144A,4.125%,

6/30/28

465,000

441,592

144A,4.125%,

4/15/29

256,000

240,706

Manitowoc

Co.,

(The),

Inc.,144A,9.25%,

10/1/31

220,000

231,000

Terex

Corp.

144A,5.00%,

5/15/29

447,000

432,037

144A,6.25%,

10/15/32

610,000

610,568

Vertiv

Group

Corp.,144A,4.125%,

11/15/28

649,000

618,071

(Cost

$2,530,712)

2,573,974

Machinery-Diversified

—

0.6%

ATS

Corp.,144A,4.125%,

12/15/28

334,000

311,619

Chart

Industries,

Inc.

144A,7.50%,

1/1/30

1,083,000

1,131,366

144A,9.50%,

1/1/31

362,000

391,033

Esab

Corp.,144A,6.25%,

4/15/29

530,000

539,181

Husky

Injection

Molding

Systems

Ltd.

/

Titan

Co.-

Borrower

LLC,144A,9.00%,

2/15/29

(a)

834,000

867,603

Mueller

Water

Products,

Inc.,144A,4.00%,

6/15/29

398,000

371,410

TK

Elevator

US

Newco,

Inc.,144A,5.25%,

7/15/27

1,249,000

1,230,110

(Cost

$4,776,206)

4,842,322

Metal

Fabricate/Hardware

—

0.2%

Advanced

Drainage

Systems,

Inc.

144A,5.00%,

9/30/27

244,000

240,115

144A,6.375%,

6/15/30

306,000

308,462

Roller

Bearing

Co.

of

America,

Inc.,144A,4.375%,

10/15/29

380,000

358,068

Vallourec

SACA,144A,7.50%,

4/15/32

532,000

556,005

(Cost

$1,428,612)

1,462,650

Miscellaneous

Manufacturing

—

0.4%

Amsted

Industries,

Inc.

144A,5.625%,

7/1/27

260,000

258,415

144A,4.625%,

5/15/30

366,000

345,389

Calderys

Financing

LLC,144A,11.25%,

6/1/28

337,000

362,040

Enpro,

Inc.,5.75%,

10/15/26

232,000

231,769

Hillenbrand,

Inc.

5.00%,

9/15/26

230,000

229,741

6.25%,

2/15/29

473,000

482,150

3.75%,

3/1/31

252,000

223,790

LSB

Industries,

Inc.,144A,6.25%,

10/15/28

(a)

436,000

423,721

Principal

Amount

$

Value

$

Trinity

Industries,

Inc.,144A,7.75%,

7/15/28

495,000

516,668

(Cost

$3,003,289)

3,073,683

Packaging

&

Containers

—

2.4%

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

144A,6.00%,

6/15/27

517,000

514,976

144A,3.25%,

9/1/28

464,000

417,787

Ball

Corp.

4.875%,

3/15/26

164,000

163,424

6.875%,

3/15/28

534,000

552,212

6.00%,

6/15/29

1,052,000

1,070,147

2.875%,

8/15/30

922,000

809,818

3.125%,

9/15/31

571,000

499,438

Berry

Global,

Inc.

144A,4.50%,

2/15/26

178,000

176,815

144A,5.625%,

7/15/27

320,000

319,580

Cascades,

Inc./Cascades

USA,

Inc.,144A,5.375%,

1/15/28

353,000

347,139

Clearwater

Paper

Corp.,144A,4.75%,

8/15/28

278,000

260,768

Clydesdale

Acquisition

Holdings,

Inc.

144A,6.625%,

4/15/29

339,000

340,701

144A,6.875%,

1/15/30

390,000

393,975

Crown

Americas

LLC,5.25%,

4/1/30

(a)

420,000

414,553

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V,4.25%,

9/30/26

259,000

254,168

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI,4.75%,

2/1/26

863,000

855,694

Crown

Cork

&

Seal

Co.,

Inc.,7.375%,

12/15/26

224,000

233,758

Graphic

Packaging

International

LLC

144A,4.75%,

7/15/27

182,000

178,428

144A,3.50%,

3/15/28

436,000

409,806

144A,3.50%,

3/1/29

334,000

306,936

144A,3.75%,

2/1/30

281,000

258,350

144A,6.375%,

7/15/32

320,000

325,953

Intelligent

Packaging

Ltd

Finco,

Inc.

/

Intelligent

Packaging

Ltd

Co.-Issuer

LLC,144A,6.00%,

9/15/28

550,000

543,765

LABL,

Inc.

144A,5.875%,

11/1/28

306,000

273,357

144A,9.50%,

11/1/28

247,000

249,560

144A,8.625%,

10/1/31

760,000

716,637

Mauser

Packaging

Solutions

Holding

Co.,144A,7.875%,

4/15/27

1,922,000

1,967,545

22

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

OI

European

Group

BV,144A,4.75%,

2/15/30

379,000

345,789

Owens-Brockway

Glass

Container,

Inc.

144A,6.625%,

5/13/27

475,000

474,230

144A,7.25%,

5/15/31

(a)

499,000

497,127

144A,7.375%,

6/1/32

239,000

235,713

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.,144A,4.375%,

10/15/28

(a)

446,000

422,164

Pactiv

Evergreen

Group

Issuer,

Inc.

/Pactiv

Evergreen

Group

Issuer

LLC,144A,4.00%,

10/15/27

886,000

847,826

Sealed

Air

Corp.

144A,4.00%,

12/1/27

270,000

258,925

144A,6.125%,

2/1/28

533,000

538,223

144A,5.00%,

4/15/29

360,000

348,637

144A,7.25%,

2/15/31

290,000

301,851

144A,6.50%,

7/15/32

310,000

315,614

144A,6.875%,

7/15/33

375,000

397,635

Silgan

Holdings,

Inc.,4.125%,

2/1/28

429,000

412,601

TriMas

Corp.,144A,4.125%,

4/15/29

290,000

270,099

Trivium

Packaging

Finance

BV,144A,5.50%,

8/15/26

899,000

897,177

(Cost

$19,212,955)

19,418,901

Transportation

—

0.7%

Brightline

East

LLC,144A,11.00%,

1/31/30

1,037,000

971,433

Danaos

Corp.,144A,8.50%,

3/1/28

231,000

236,089

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.,144A,4.00%,

7/31/29

553,000

511,733

Genesee

&

Wyoming,

Inc.,144A,6.25%,

4/15/32

506,000

508,785

GN

Bondco

LLC,144A,9.50%,

10/15/31

(a)

553,000

588,553

Rand

Parent

LLC,144A,8.50%,

2/15/30

(a)

674,000

682,846

RXO,

Inc.,144A,7.50%,

11/15/27

217,000

223,945

Watco

Cos.

LLC

/

Watco

Finance

Corp.,144A,7.125%,

8/1/32

556,000

577,983

XPO

CNW,

Inc.,6.70%,

5/1/34

212,000

224,815

XPO,

Inc.

144A,7.125%,

6/1/31

376,000

389,808

144A,7.125%,

2/1/32

530,000

552,524

(Cost

$5,313,747)

5,468,514

Technology

—

4.7%

Computers

—

1.3%

Amentum

Holdings,

Inc.,144A,7.25%,

8/1/32

830,000

852,624

Principal

Amount

$

Value

$

ASGN,

Inc.,144A,4.625%,

5/15/28

398,000

381,062

Conduent

Business

Services

LLC

/

Conduent

State

&

Local

Solutions,

Inc.,144A,6.00%,

11/1/29

440,000

427,185

Crane

NXT

Co.,4.20%,

3/15/48

281,000

194,931

Crowdstrike

Holdings,

Inc.,3.00%,

2/15/29

559,000

510,565

Fortress

Intermediate

3,

Inc.,144A,7.50%,

6/1/31

643,000

666,366

Insight

Enterprises,

Inc.,144A,6.625%,

5/15/32

425,000

434,750

KBR,

Inc.,144A,4.75%,

9/30/28

174,000

166,605

NCR

Atleos

Corp.,144A,9.50%,

4/1/29

1,024,000

1,120,575

NCR

Voyix

Corp.

144A,5.00%,

10/1/28

537,000

519,183

144A,5.125%,

4/15/29

266,000

255,461

Science

Applications

International

Corp.,144A,4.875%,

4/1/28

325,000

312,841

Seagate

HDD

Cayman

4.875%,

6/1/27

349,000

346,066

4.091%,

6/1/29

406,000

383,730

8.25%,

12/15/29

370,000

396,955

4.125%,

1/15/31

(a)

219,000

197,438

8.50%,

7/15/31

314,000

338,577

9.625%,

12/1/32

675,000

770,986

5.75%,

12/1/34

370,000

367,596

Unisys

Corp.,144A,6.875%,

11/1/27

461,000

453,538

Western

Digital

Corp.,4.75%,

2/15/26

1,663,000

1,650,216

(Cost

$10,519,490)

10,747,250

Office/Business

Equipment

—

0.3%

Pitney

Bowes,

Inc.

144A,6.875%,

3/15/27

407,000

407,482

144A,7.25%,

3/15/29

284,000

280,020

Xerox

Corp.

4.80%,

3/1/35

183,000

111,308

6.75%,

12/15/39

273,000

181,633

Xerox

Holdings

Corp.

144A,5.50%,

8/15/28

592,000

489,719

144A,8.875%,

11/30/29

401,000

345,218

Zebra

Technologies

Corp.,144A,6.50%,

6/1/32

350,000

359,086

(Cost

$2,249,167)

2,174,466

Semiconductors

—

0.5%

Amkor

Technology,

Inc.,144A,6.625%,

9/15/27

292,000

292,888

ams-OSRAM

AG,144A,12.25%,

3/30/29

324,000

322,052

DBX

ETF

Trust

|

23

Schedule

of

Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Principal

Amount

$

Value

$

Entegris,

Inc.

144A,4.375%,

4/15/28

345,000

330,594

144A,4.75%,

4/15/29

1,112,000

1,077,868

144A,3.625%,

5/1/29

(a)

416,000

383,069

144A,5.95%,

6/15/30

716,000

717,204

ON

Semiconductor

Corp.,144A,3.875%,

9/1/28

523,000

495,342

Synaptics,

Inc.,144A,4.00%,

6/15/29

(a)

265,000

243,830

(Cost

$3,835,175)

3,862,847

Software

—

2.6%

Camelot

Finance

SA,144A,4.50%,

11/1/26

429,000

419,205

Capstone

Borrower,

Inc.,144A,8.00%,

6/15/30

470,000

489,362

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co.,

Inc.,144A,8.00%,

6/15/29

550,000

564,467

Central

Parent,

Inc.

/

CDK

Global,

Inc.,144A,7.25%,

6/15/29

576,000

578,960

Clarivate

Science

Holdings

Corp.

144A,3.875%,

7/1/28

836,000

783,855

144A,4.875%,

7/1/29

640,000

599,111

Cloud

Software

Group,

Inc.

144A,6.50%,

3/31/29

3,061,000

3,006,993

144A,8.25%,

6/30/32

1,397,000

1,455,515

Consensus

Cloud

Solutions,

Inc.,144A,6.50%,

10/15/28

(a)

323,000

319,821

Dun

&

Bradstreet

Corp.,144A,5.00%,

12/15/29

(a)

342,000

331,810

Dye

&

Durham

Ltd.,144A,8.625%,

4/15/29

470,000

495,548

Elastic

NV,144A,4.125%,

7/15/29

462,000

432,014

Ellucian

Holdings,

Inc.,144A,6.50%,

12/1/29

550,000

559,734

Fair

Isaac

Corp.

144A,5.25%,

5/15/26

345,000

345,437

144A,4.00%,

6/15/28

676,000

644,804

Helios

Software

Holdings,

Inc.

/

ION

Corporate

Solutions

Finance

SARL

144A,4.625%,

5/1/28

407,000

380,079

144A,8.75%,

5/1/29

495,000

505,513

Open

Text

Corp.

144A,3.875%,

2/15/28

604,000

570,109

144A,3.875%,

12/1/29

870,000

793,603

Open

Text

Holdings,

Inc.

144A,4.125%,

2/15/30

676,000

622,936

144A,4.125%,

12/1/31

486,000

435,189

PTC,

Inc.,144A,4.00%,

2/15/28

306,000

292,534

RingCentral,

Inc.,144A,8.50%,

8/15/30

293,000

310,630

Principal

Amount

$

Value

$

ROBLOX

Corp.,144A,3.875%,

5/1/30

829,000

753,475

Rocket

Software,

Inc.,144A,9.00%,

11/28/28

652,000

677,328

SS&C

Technologies,

Inc.

144A,5.50%,

9/30/27

1,480,000

1,475,250

144A,6.50%,

6/1/32

563,000

576,056

Twilio,

Inc.

3.625%,

3/15/29

420,000

388,967

3.875%,

3/15/31

336,000

304,348

UKG,

Inc.,144A,6.875%,

2/1/31

1,950,000

2,004,027

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.,144A,3.875%,

2/1/29

416,000

381,861

(Cost

$21,086,208)

21,498,541

Utilities

—

4.0%

Electric

—

3.7%

AES

Corp.,7.60%,

1/15/55

776,000

808,054

Algonquin

Power

&

Utilities

Corp.,4.75%,

1/18/82

589,000

554,727

Alpha

Generation

LLC,144A,6.75%,

10/15/32

762,000

772,016

Atlantica

Sustainable

Infrastructure

PLC,144A,4.125%,

6/15/28

256,000

242,115

Calpine

Corp.

144A,4.50%,

2/15/28

1,005,000

972,122

144A,5.125%,

3/15/28

1,066,000

1,041,019

144A,4.625%,

2/1/29

568,000

541,556

144A,5.00%,

2/1/31

624,000

591,393

144A,3.75%,

3/1/31

769,000

694,252

Clearway

Energy

Operating

LLC

144A,4.75%,

3/15/28

788,000

764,742

144A,3.75%,

2/15/31

692,000

612,950

144A,3.75%,

1/15/32

214,000

185,876

DPL,

Inc.,4.35%,

4/15/29

262,000

246,471

Edison

International

8.125%,

6/15/53

386,000

404,730

7.875%,

6/15/54

395,000

413,924

Electricite

de

France

SA,144A,9.125%,

Perpetual

1,145,000

1,290,429

Emera,

Inc.,

Series

16-A,

6.75%,

6/15/76

878,000

886,944

EUSHI

Finance,

Inc.,144A,7.625%,

12/15/54

361,000

373,258

Leeward

Renewable

Energy

Operations

LLC,144A,4.25%,

7/1/29

295,000

271,960

Lightning

Power

LLC,144A,7.25%,

8/15/32

1,085,000

1,131,034

NextEra

Energy

Operating

Partners

LP

144A,3.875%,

10/15/26

460,000

439,387

144A,4.50%,

9/15/27

432,000

410,878

144A,7.25%,

1/15/29

550,000

562,841

24

|

DBX

ETF

Trust

Schedule

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Investments

Xtrackers

USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

HiddenRow

For

information

on

the

Fund’s

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Fund’s

most

recent

semi-annual

or

annual

financial

statements.

A

summary

of

the

Fund’s

transactions

with

affiliated

investments

during

the

period ended

November

30,

2024

is

as

follows:

Principal

Amount

$

Value

$

NRG

Energy,

Inc.

5.75%,

1/15/28

626,000

626,680

144A,3.375%,

2/15/29

320,000

292,628

144A,5.25%,

6/15/29

564,000

553,065

144A,5.75%,

7/15/29

612,000

605,856

144A,3.625%,

2/15/31

798,000

711,112

144A,3.875%,

2/15/32

374,000

333,238

144A,6.00%,

2/1/33

860,000

855,206

144A,6.25%,

11/1/34

760,000

759,913

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.,144A,4.50%,

8/15/28

601,000

573,007

PG&E

Corp.

5.00%,

7/1/28

736,000

722,589

5.25%,

7/1/30

833,000

818,441

7.375%,

3/15/55

1,160,000

1,198,804

Pike

Corp.

144A,5.50%,

9/1/28

547,000

535,289

144A,8.625%,

1/31/31

389,000

416,178

Talen

Energy

Supply

LLC,144A,8.625%,

6/1/30

998,000

1,074,115

TransAlta

Corp.

7.75%,

11/15/29

399,000

419,855

6.50%,

3/15/40

236,000

240,486

Vistra

Operations

Co.

LLC

144A,5.50%,

9/1/26

640,000

638,758

144A,5.625%,

2/15/27

832,000

832,012

144A,5.00%,

7/31/27

1,392,000

1,379,026

144A,4.375%,

5/1/29

850,000

811,066

144A,7.75%,

10/15/31

1,135,000

1,205,481

144A,6.875%,

4/15/32

799,000

828,845

(Cost

$30,078,417)

30,644,328

Principal

Amount

$

Value

$

Gas

—

0.3%

Altagas

Ltd.,144A,7.20%,

10/15/54

696,000

710,772

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp.

5.875%,

8/20/26

413,000

405,907

5.75%,

5/20/27

472,000

453,155

144A,9.375%,

6/1/28

366,000

376,184

(Cost

$1,946,047)

1,946,018

TOTAL

CORPORATE

BONDS

(Cost

$790,277,016)

806,460,894

Number

of

Shares

SECURITIES

LENDING

COLLATERAL

—

3.9%

DWS

Government

&

Agency

Securities

Portfolio

“DWS

Government

Cash

Institutional

Shares",

4.53%

(b)(c)

(Cost

$31,946,895)

31,946,895

31,946,895

CASH

EQUIVALENTS

—

0.3%

DWS

Government

Money

Market

Series

"Institutional

Shares",

4.59%

(b)

(Cost

$2,632,052)

2,632,052

2,632,052

TOTAL

INVESTMENTS

—

102.4%

(Cost

$824,855,963)  

841,039,841

Other

assets

and

liabilities,

net

—

(2.4%)

(19,525,563)

NET

ASSETS

—

100.0%

821,514,278

 *

(a)

Value

($)

at

8/31/2024

Purchases

Cost

($)

Sales

Proceeds

($)

Net

Realized

Gain/(Loss)

($)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

($)

Income

($)

Capital

Gain

Distributions

($)

Number

of

Shares

at

11/30/2024

Value

($)

at

11/30/2024

SECURITIES

LENDING

COLLATERAL

—

3.9%

DWS

Government

&

Agency

Securities

Portfolio

“DWS

Government

Cash

Institutional

Shares",

4.53% (b)(c)

16,776,173

15,170,722 (d)

—

—

—

91,804

—

31,946,895

31,946,895

CASH

EQUIVALENTS

—

0.3%

DWS

Government

Money

Market

Series

"Institutional

Shares",

4.59% (b)

9,081,613

18,907,468

(25,357,029)

—

—

76,038

—

2,632,052

2,632,052

25,857,786

34,078,190

(25,357,029)

—

—

167,842

—

34,578,947

34,578,947

DBX

ETF

Trust

|

25

Schedule

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Investments

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USD

High

Yield

BB-B

ex

Financials

ETF

(Continued)

November

30,

2024

(Unaudited)

Fair

Value

Measurements

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

These

inputs

are

summarized

in

three

broad

levels.

Level

1

includes

quoted

prices

in

active

markets

for

identical

securities.

Level

2

includes

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk).

Level

3

includes

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

level

assigned

to

the

securities

valuations

may

not

be

an

indication

of

the

risk

or

liquidity

associated

with

investing

in

those

securities.

The

following

is

a

summary

of

the

inputs

used

as

of

November

30,

2024

in

valuing

the

Fund’s

investments.

OBTAIN

A

FUND

PROSPECTUS

To

obtain

a

summary

prospectus,

or

prospectus,

download

one

from

www.Xtrackers.com,

talk

to

your

financial

representative

or

call

(844)

851-

4255.

Investing

involves

risk,

including

the

possible

loss

of

principal.

We

advise

you

to

carefully

consider

the

product's

objectives,

risks,

charges

and

expenses

before

investing.

The

summary

prospectus

and

prospectus

contain

this

and

other

important

information

about

the

investment

product.

Please

read

the

prospectus

carefully

before

you

invest.

Xtrackers

ETFs

(“ETFs”)

are

managed

by

DBX

Advisors

LLC

(the

“Adviser”),

and

distributed

by

ALPS

Distributors,

Inc.

(“ALPS”).

The

Adviser

is

a

subsidiary

of

DWS

Group

GmbH

&

Co.

KGaA,

and

is

not

affiliated

with

ALPS.

Shares

are

not

individually

redeemable,

and

owners

of

Shares

may

acquire

those

Shares

from

the

Fund,

or

tender

such

Shares

for

redemption

to

the

Fund,

in

Creation

Units

only.

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.

NO

BANK

GUARANTEE

|

NOT

FDIC

INSURED

|

MAY

LOSE

VALUE

BHYB-PH1

R-089711-2

(5/25)

DBX006037

(5/25) 

*

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

November

30,

2024

amounted

to

$30,810,834,

which

is

3.8%

of

net

assets.

(b)

Affiliated

fund

managed

by

DWS

Investment

Management

Americas,

Inc.

The

rate

shown

is

the

annualized

seven-day

yield

at

period

end.

(c)

Represents

cash

collateral

held

in

connection

with

securities

lending.

Income

earned

by

the

Fund

is

net

of

borrower

rebates.

(d)

Represents

the

net

increase

(purchase

cost)

or

decrease

(sales

proceeds)

in

the

amount

invested

in

cash

collateral

for

the

period

ended

November

30,

2024.

ADR:

American

Depositary

Receipt

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.

Assets

Level

1

Level

2

Level

3

Total

Corporate

Bonds

(a)

$

—

$

806,460,894

$

—

$

806,460,894

Short-Term

Investments

(a)

34,578,947

—

—

34,578,947

TOTAL

$

34,578,947

$

806,460,894

$

—

$

841,039,841

(a)

See

Schedule

of

Investments

for

additional

detailed

categorizations.