DBX
ETF
Trust
|
1
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
CORPORATE
BONDS
—
98.0%
Basic
Materials
—
5.4%
Chemicals
—
2.7%
Ashland,
Inc.,144A,3.375%,
9/1/31
1,636,000
1,410,889
Avient
Corp.
144A,7.125%,
8/1/30
2,643,000
2,725,263
144A,6.25%,
11/1/31
2,334,000
2,339,114
Axalta
Coating
Systems
Dutch
Holding
B
BV,144A,7.25%,
2/15/31
1,794,000
1,878,774
Axalta
Coating
Systems
LLC,144A,3.375%,
2/15/29
2,514,000
2,341,740
Celanese
US
Holdings
LLC
6.415%,
7/15/27
5,070,000
5,201,440
6.85%,
11/15/28
3,360,000
3,481,262
6.58%,
7/15/29
(a)
2,693,000
2,767,960
6.50%,
4/15/30
(a)
2,799,000
2,822,940
7.05%,
11/15/30
3,691,000
3,806,528
6.629%,
7/15/32
3,591,000
3,677,723
6.75%,
4/15/33
(a)
4,200,000
4,091,698
7.20%,
11/15/33
(a)
3,591,000
3,751,482
Chemours
Co.
5.375%,
5/15/27
1,761,000
1,725,251
144A,5.75%,
11/15/28
2,850,000
2,554,742
144A,4.625%,
11/15/29
2,277,000
1,865,089
Chemours
(The)
Co.,144A,8.00%,
1/15/33
2,204,000
1,923,707
Consolidated
Energy
Finance
SA
144A,5.625%,
10/15/28
(a)
1,982,000
1,610,063
144A,12.00%,
2/15/31
(a)
2,120,000
1,944,791
INEOS
Finance
PLC
144A,6.75%,
5/15/28
1,526,000
1,495,646
144A,7.50%,
4/15/29
(a)
2,603,000
2,560,554
Methanex
Corp.
5.125%,
10/15/27
2,544,000
2,523,961
5.25%,
12/15/29
(a)
2,525,000
2,450,795
Methanex
US
Operations,
Inc.,144A,6.25%,
3/15/32
2,154,000
2,086,452
NOVA
Chemicals
Corp.
144A,5.25%,
6/1/27
3,770,000
3,766,409
144A,8.50%,
11/15/28
1,307,000
1,378,354
144A,4.25%,
5/15/29
(a)
2,085,000
1,995,365
144A,9.00%,
2/15/30
2,334,000
2,515,758
144A,7.00%,
12/1/31
1,436,000
1,502,760
OCP
SA
144A,6.10%,
4/30/30
2,800,000
2,805,574
144A,6.70%,
3/1/36
3,620,000
3,560,727
Olin
Corp.
5.625%,
8/1/29
2,403,000
2,353,825
5.00%,
2/1/30
(a)
1,851,000
1,753,484
144A,6.625%,
4/1/33
2,154,000
2,064,428
Principal
Amount
$
Value
$
SCIH
Salt
Holdings,
Inc.
144A,4.875%,
5/1/28
4,193,000
4,073,421
144A,6.625%,
5/1/29
2,478,000
2,433,322
Tronox,
Inc.,144A,4.625%,
3/15/29
(a)
3,860,000
3,231,214
WR
Grace
Holdings
LLC
144A,4.875%,
6/15/27
2,471,000
2,439,391
144A,5.625%,
8/15/29
4,283,000
3,777,693
(Cost
$106,143,814)
102,689,589
Forest
Products
&
Paper
—
0.3%
Domtar
Corp.,144A,6.75%,
10/1/28
2,306,000
2,028,127
Glatfelter
Corp.,144A,4.75%,
11/15/29
(a)
1,920,000
1,629,416
Magnera
Corp.,144A,7.25%,
11/15/31
2,925,000
2,678,452
Mercer
International,
Inc.
144A,12.875%,
10/1/28
1,436,000
1,430,017
5.125%,
2/1/29
3,131,000
2,492,072
(Cost
$11,383,907)
10,258,084
Iron/Steel
—
0.9%
ATI,
Inc.,7.25%,
8/15/30
1,545,000
1,619,111
Cleveland-Cliffs,
Inc.
5.875%,
6/1/27
(a)
1,993,000
1,964,183
144A,6.875%,
11/1/29
3,262,000
3,035,615
144A,6.75%,
4/15/30
2,649,000
2,381,380
144A,7.50%,
9/15/31
(a)
3,092,000
2,783,528
144A,7.00%,
3/15/32
(a)
5,206,000
4,496,930
144A,7.375%,
5/1/33
(a)
3,322,000
2,856,677
Metinvest
BV,144A,7.75%,
10/17/29
1,795,000
1,425,521
Mineral
Resources
Ltd.
144A,8.125%,
5/1/27
(a)
2,852,000
2,856,720
144A,8.00%,
11/1/27
2,238,000
2,237,891
144A,9.25%,
10/1/28
3,950,000
4,035,087
144A,8.50%,
5/1/30
(a)
2,209,000
2,190,022
United
States
Steel
Corp.,6.875%,
3/1/29
1,759,000
1,775,864
(Cost
$35,824,569)
33,658,529
Mining
—
1.5%
Alcoa
Nederland
Holding
BV
144A,4.125%,
3/31/29
1,815,000
1,708,686
144A,7.125%,
3/15/31
3,316,000
3,444,591
Alumina
Pty
Ltd.
144A,6.125%,
3/15/30
1,621,000
1,624,616
144A,6.375%,
9/15/32
1,688,000
1,670,591
Arsenal
AIC
Parent
LLC
144A,8.00%,
10/1/30
2,450,000
2,575,879
144A,11.50%,
10/1/31
1,630,000
1,817,142
First
Quantum
Minerals
Ltd.
144A,6.875%,
10/15/27
2,853,000
2,835,406
2
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,9.375%,
3/1/29
5,802,000
6,107,829
144A,8.625%,
6/1/31
(a)
4,618,000
4,698,760
144A,8.00%,
3/1/33
3,591,000
3,567,998
FMG
Resources
August
2006
Pty
Ltd.
144A,4.50%,
9/15/27
2,187,000
2,144,427
144A,5.875%,
4/15/30
2,536,000
2,536,020
144A,4.375%,
4/1/31
5,436,000
4,994,784
144A,6.125%,
4/15/32
(a)
2,872,000
2,866,938
Hudbay
Minerals,
Inc.,144A,6.125%,
4/1/29
1,948,000
1,954,403
Kaiser
Aluminum
Corp.
144A,4.625%,
3/1/28
1,745,000
1,697,262
144A,4.50%,
6/1/31
2,054,000
1,888,840
Vedanta
Resources
Finance
II
PLC
144A,10.875%,
9/17/29
4,567,000
4,519,946
144A,9.475%,
7/24/30
1,975,000
1,874,086
144A,11.25%,
12/3/31
(a)
1,630,000
1,632,923
144A,9.85%,
4/24/33
1,992,000
1,888,493
(Cost
$59,326,396)
58,049,620
Communications
—
17.6%
Advertising
—
1.2%
Clear
Channel
Outdoor
Holdings,
Inc.
144A,5.125%,
8/15/27
4,431,000
4,337,538
144A,7.75%,
4/15/28
(a)
3,651,000
3,339,351
144A,9.00%,
9/15/28
2,961,000
3,103,403
144A,7.50%,
6/1/29
(a)
3,810,000
3,371,831
144A,7.875%,
4/1/30
3,110,000
3,153,465
Lamar
Media
Corp.
3.75%,
2/15/28
2,102,000
2,035,082
4.00%,
2/15/30
2,033,000
1,917,866
3.625%,
1/15/31
1,991,000
1,810,220
Neptune
Bidco
US,
Inc.,144A,9.29%,
4/15/29
9,520,000
9,027,150
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
144A,5.00%,
8/15/27
2,254,000
2,226,331
144A,4.25%,
1/15/29
1,795,000
1,699,074
144A,4.625%,
3/15/30
(a)
1,795,000
1,685,613
144A,7.375%,
2/15/31
1,571,000
1,660,041
Stagwell
Global
LLC,144A,5.625%,
8/15/29
3,977,000
3,742,666
(Cost
$44,633,725)
43,109,631
Internet
—
1.6%
Arches
Buyer,
Inc.
144A,4.25%,
6/1/28
3,307,000
3,117,462
144A,6.125%,
12/1/28
1,931,000
1,767,084
Cogent
Communications
Group
LLC,144A,7.00%,
6/15/27
(a)
1,727,000
1,737,548
Gen
Digital,
Inc.
144A,6.75%,
9/30/27
3,354,000
3,414,295
Principal
Amount
$
Value
$
144A,7.125%,
9/30/30
(a)
2,180,000
2,251,587
144A,6.25%,
4/1/33
3,347,000
3,392,529
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
144A,5.25%,
12/1/27
2,204,000
2,192,344
144A,3.50%,
3/1/29
2,872,000
2,683,592
ION
Trading
Technologies
SARL
144A,5.75%,
5/15/28
1,741,000
1,685,681
144A,9.50%,
5/30/29
2,783,000
2,883,341
Match
Group
Holdings
II
LLC
144A,5.00%,
12/15/27
1,607,000
1,593,393
144A,4.625%,
6/1/28
1,795,000
1,740,873
144A,4.125%,
8/1/30
1,865,000
1,722,630
144A,3.625%,
10/1/31
1,865,000
1,632,458
MercadoLibre,
Inc.,3.125%,
1/14/31
1,835,000
1,634,397
Newfold
Digital
Holdings
Group,
Inc.,144A,11.75%,
10/15/28
1,861,000
1,375,253
Rakuten
Group,
Inc.
144A,11.25%,
2/15/27
6,470,000
6,989,039
144A,9.75%,
4/15/29
7,226,000
7,750,903
Snap,
Inc.,144A,6.875%,
3/1/33
5,439,000
5,514,798
Wayfair
LLC
144A,7.25%,
10/31/29
2,872,000
2,804,313
144A,7.75%,
9/15/30
(a)
2,513,000
2,468,398
(Cost
$60,810,626)
60,351,918
Media
—
8.9%
AMC
Networks,
Inc.
144A,10.25%,
1/15/29
(a)
3,142,000
3,333,678
4.25%,
2/15/29
(a)
3,237,000
2,479,510
Cable
One,
Inc.,144A,4.00%,
11/15/30
(a)
2,334,000
1,809,640
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
144A,5.125%,
5/1/27
11,669,000
11,555,910
144A,5.00%,
2/1/28
9,236,000
9,064,688
144A,5.375%,
6/1/29
5,416,000
5,344,566
144A,6.375%,
9/1/29
5,426,000
5,502,984
144A,4.75%,
3/1/30
10,990,000
10,498,133
144A,4.50%,
8/15/30
9,931,000
9,318,563
144A,4.25%,
2/1/31
11,062,000
10,139,171
144A,7.375%,
3/1/31
(a)
3,950,000
4,090,719
144A,4.75%,
2/1/32
(a)
4,310,000
3,992,682
4.50%,
5/1/32
10,390,000
9,463,925
144A,4.50%,
6/1/33
6,313,000
5,619,374
144A,4.25%,
1/15/34
(a)
7,251,000
6,264,378
CSC
Holdings
LLC
144A,5.50%,
4/15/27
4,804,000
4,553,997
144A,5.375%,
2/1/28
3,700,000
3,377,775
144A,7.50%,
4/1/28
3,806,000
2,935,382
144A,11.25%,
5/15/28
(a)
3,692,000
3,656,343
144A,11.75%,
1/31/29
7,361,000
6,905,142
DBX
ETF
Trust
|
3
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,6.50%,
2/1/29
6,345,000
5,068,194
144A,5.75%,
1/15/30
8,119,000
4,105,239
144A,4.125%,
12/1/30
3,950,000
2,714,121
144A,4.625%,
12/1/30
(a)
8,440,000
3,889,616
144A,3.375%,
2/15/31
3,679,000
2,412,909
144A,4.50%,
11/15/31
5,386,000
3,645,928
144A,5.00%,
11/15/31
(a)
1,854,000
844,886
Directv
Financing
LLC,144A,8.875%,
2/1/30
2,711,000
2,673,056
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
144A,5.875%,
8/15/27
11,918,000
11,739,571
144A,10.00%,
2/15/31
7,577,000
7,380,167
DISH
DBS
Corp.
7.75%,
7/1/26
7,251,000
6,240,276
144A,5.25%,
12/1/26
9,874,000
9,133,065
7.375%,
7/1/28
3,627,000
2,494,354
144A,5.75%,
12/1/28
8,976,000
7,613,012
5.125%,
6/1/29
5,469,000
3,600,409
DISH
Network
Corp.,144A,11.75%,
11/15/27
12,597,000
13,004,903
Gray
Media,
Inc.
144A,7.00%,
5/15/27
1,895,000
1,883,459
144A,10.50%,
7/15/29
(a)
4,559,000
4,852,399
144A,4.75%,
10/15/30
(a)
2,837,000
2,060,371
144A,5.375%,
11/15/31
(a)
4,430,000
3,166,873
iHeartCommunications,
Inc.
144A,9.125%,
5/1/29
(a)
2,626,439
2,183,189
144A,10.875%,
5/1/30
2,444,399
1,201,593
144A,7.75%,
8/15/30
2,375,000
1,837,958
LCPR
Senior
Secured
Financing
DAC
144A,6.75%,
10/15/27
4,209,000
3,053,339
144A,5.125%,
7/15/29
(a)
2,984,000
1,928,410
McGraw-Hill
Education,
Inc.
144A,5.75%,
8/1/28
2,975,000
2,940,737
144A,8.00%,
8/1/29
2,550,000
2,558,510
144A,7.375%,
9/1/31
2,309,000
2,377,303
Nexstar
Media,
Inc.
144A,5.625%,
7/15/27
5,747,000
5,727,611
144A,4.75%,
11/1/28
(a)
3,684,000
3,546,820
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
144A,4.50%,
9/15/26
3,312,000
2,843,369
144A,6.50%,
9/15/28
3,591,000
2,362,000
Sinclair
Television
Group,
Inc.
144A,5.50%,
3/1/30
1,780,000
1,504,100
144A,8.125%,
2/15/33
5,135,000
5,142,035
144A,9.75%,
2/15/33
1,607,000
1,731,542
Sirius
XM
Radio
LLC
144A,3.125%,
9/1/26
3,696,000
3,613,384
144A,5.00%,
8/1/27
5,556,000
5,501,977
144A,4.00%,
7/15/28
7,200,000
6,837,830
Principal
Amount
$
Value
$
144A,5.50%,
7/1/29
(a)
4,633,000
4,560,123
144A,4.125%,
7/1/30
5,406,000
4,915,777
144A,3.875%,
9/1/31
(a)
5,459,000
4,777,766
TEGNA,
Inc.
4.625%,
3/15/28
4,082,000
3,972,576
5.00%,
9/15/29
(a)
3,786,000
3,609,463
Univision
Communications,
Inc.
144A,6.625%,
6/1/27
5,421,000
5,424,482
144A,8.00%,
8/15/28
5,297,000
5,305,157
144A,4.50%,
5/1/29
3,758,000
3,339,393
144A,7.375%,
6/30/30
3,339,000
3,123,835
144A,8.50%,
7/31/31
(a)
4,509,000
4,332,888
Virgin
Media
Finance
PLC,144A,5.00%,
7/15/30
3,321,000
3,013,136
Virgin
Media
Secured
Finance
PLC
144A,5.50%,
5/15/29
5,117,000
4,981,245
144A,4.50%,
8/15/30
3,425,000
3,165,215
VTR
Finance
NV,144A,6.375%,
7/15/28
1,612,000
1,533,338
Ziggo
Bond
Co.
BV,144A,5.125%,
2/28/30
1,875,000
1,591,509
Ziggo
BV,144A,4.875%,
1/15/30
3,558,000
3,251,234
(Cost
$368,388,876)
336,218,212
Telecommunications
—
5.9%
Altice
Financing
SA
144A,5.00%,
1/15/28
4,460,000
3,496,250
144A,5.75%,
8/15/29
7,361,000
5,632,399
Altice
France
SA
144A,8.125%,
2/1/27
6,510,000
5,980,277
144A,5.50%,
1/15/28
3,914,000
3,372,745
144A,5.125%,
1/15/29
1,771,000
1,488,301
144A,5.125%,
7/15/29
8,976,000
7,582,371
144A,5.50%,
10/15/29
7,181,000
6,106,727
C&W
Senior
Finance
Ltd.,144A,9.00%,
1/15/33
2,747,000
2,728,940
Commscope
LLC,144A,9.50%,
12/15/31
(a)
3,621,000
3,766,086
CommScope
LLC
144A,8.25%,
3/1/27
(a)
3,113,000
3,107,577
144A,7.125%,
7/1/28
2,414,000
2,323,507
144A,4.75%,
9/1/29
(a)
3,485,000
3,341,352
CommScope
Technologies
LLC,144A,5.00%,
3/15/27
(a)
2,715,000
2,625,996
Connect
Finco
SARL
/
Connect
US
Finco
LLC,144A,9.00%,
9/15/29
(a)
7,091,000
6,767,365
Consolidated
Communications,
Inc.
144A,5.00%,
10/1/28
1,409,000
1,424,359
144A,6.50%,
10/1/28
2,693,000
2,754,444
CT
Trust,144A,5.125%,
2/3/32
2,759,000
2,541,589
EchoStar
Corp.,10.75%,
11/30/29
19,918,481
20,029,527
4
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Fibercop
SpA
144A,Series
2033,
6.375%,
11/15/33
1,738,000
1,685,860
144A,6.00%,
9/30/34
1,838,000
1,730,274
144A,7.20%,
7/18/36
1,830,000
1,770,525
144A,7.721%,
6/4/38
1,855,000
1,855,231
Frontier
Communications
Holdings
LLC
144A,5.875%,
10/15/27
4,129,000
4,142,345
144A,5.00%,
5/1/28
5,775,000
5,766,825
144A,6.75%,
5/1/29
3,591,000
3,643,166
5.875%,
11/1/29
(a)
2,753,656
2,784,756
144A,6.00%,
1/15/30
3,591,000
3,641,285
144A,8.75%,
5/15/30
3,981,000
4,187,205
144A,8.625%,
3/15/31
2,693,000
2,868,861
Hughes
Satellite
Systems
Corp.
5.25%,
8/1/26
(a)
2,773,000
2,502,256
6.625%,
8/1/26
(a)
2,772,500
1,945,616
Iliad
Holding
Sasu,144A,7.00%,
4/15/32
3,052,000
3,075,435
Iliad
Holding
SASU
144A,7.00%,
10/15/28
3,267,000
3,321,722
144A,8.50%,
4/15/31
3,411,000
3,602,730
Intelsat
Jackson
Holdings
SA,144A,6.50%,
3/15/30
(a)
11,072,000
10,915,759
Level
3
Financing,
Inc.
144A,10.50%,
4/15/29
2,691,000
3,034,103
144A,4.875%,
6/15/29
2,124,000
1,939,708
144A,11.00%,
11/15/29
5,579,000
6,335,879
144A,4.50%,
4/1/30
2,554,000
2,258,936
144A,10.50%,
5/15/30
3,501,000
3,837,971
144A,3.875%,
10/15/30
1,651,000
1,399,223
144A,10.75%,
12/15/30
2,456,000
2,775,280
144A,4.00%,
4/15/31
1,745,526
1,453,150
Lumen
Technologies,
Inc.
144A,4.125%,
4/15/30
1,961,000
1,914,426
144A,10.00%,
10/15/32
2,136,000
2,193,352
Millicom
International
Cellular
SA
144A,5.125%,
1/15/28
1,294,200
1,272,133
144A,6.25%,
3/25/29
2,154,600
2,150,040
144A,4.50%,
4/27/31
2,784,000
2,486,517
144A,7.375%,
4/2/32
1,743,000
1,766,585
Sable
International
Finance
Ltd.,144A,7.125%,
10/15/32
3,630,000
3,569,878
Telefonica
Moviles
Chile
SA,144A,3.537%,
11/18/31
1,835,000
1,130,074
Viasat,
Inc.
144A,5.625%,
4/15/27
2,535,000
2,498,402
144A,6.50%,
7/15/28
(a)
1,436,000
1,321,709
144A,7.50%,
5/30/31
(a)
2,654,000
2,120,767
Vmed
O2
UK
Financing
I
PLC
144A,4.25%,
1/31/31
4,801,000
4,348,132
Principal
Amount
$
Value
$
144A,4.75%,
7/15/31
5,077,000
4,666,343
144A,7.75%,
4/15/32
2,756,000
2,841,080
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp.,144A,8.25%,
10/1/31
7,968,000
8,298,481
Zayo
Group
Holdings,
Inc.
144A,4.00%,
3/1/27
(a)
5,305,000
4,995,098
144A,6.125%,
3/1/28
(a)
3,957,000
3,415,861
Zegona
Finance
PLC,144A,8.625%,
7/15/29
3,268,000
3,492,675
(Cost
$228,486,217)
222,025,466
Consumer,
Cyclical
—
16.1%
Airlines
—
0.5%
Air
Canada,144A,3.875%,
8/15/26
4,309,000
4,257,339
American
Airlines,
Inc.
144A,7.25%,
2/15/28
(a)
2,723,000
2,752,221
144A,8.50%,
5/15/29
(a)
3,830,000
3,970,714
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP,144A,9.875%,
9/20/31
(a)
7,231,000
7,157,683
(Cost
$18,571,020)
18,137,957
Apparel
—
0.1%
VF
Corp.
2.80%,
4/23/27
1,741,000
1,638,298
2.95%,
4/23/30
2,758,000
2,304,680
(Cost
$4,115,314)
3,942,978
Auto
Manufacturers
—
0.9%
Allison
Transmission,
Inc.
144A,4.75%,
10/1/27
1,574,000
1,548,619
144A,5.875%,
6/1/29
1,800,000
1,808,406
144A,3.75%,
1/30/31
3,633,000
3,300,735
Aston
Martin
Capital
Holdings
Ltd.,144A,10.00%,
3/31/29
3,770,000
3,537,028
Nissan
Motor
Acceptance
Co.
LLC
144A,5.30%,
9/13/27
1,417,000
1,390,409
144A,2.75%,
3/9/28
2,229,000
2,042,341
144A,7.05%,
9/15/28
2,559,000
2,600,767
Nissan
Motor
Co.
Ltd.
144A,4.345%,
9/17/27
8,996,000
8,687,606
144A,4.81%,
9/17/30
(a)
8,978,000
8,273,498
(Cost
$34,368,544)
33,189,409
Auto
Parts
&
Equipment
—
1.6%
Adient
Global
Holdings
Ltd.
144A,7.00%,
4/15/28
1,795,000
1,835,691
144A,8.25%,
4/15/31
(a)
1,895,000
1,935,909
144A,7.50%,
2/15/33
(a)
2,855,000
2,834,404
American
Axle
&
Manufacturing,
Inc.
6.50%,
4/1/27
1,819,000
1,811,829
6.875%,
7/1/28
(a)
1,466,000
1,454,811
DBX
ETF
Trust
|
5
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
5.00%,
10/1/29
(a)
2,134,000
1,942,029
Clarios
Global
LP
/
Clarios
US
Finance
Co.
144A,8.50%,
5/15/27
5,845,000
5,881,204
144A,6.75%,
5/15/28
2,693,000
2,745,802
144A,6.75%,
2/15/30
2,513,000
2,561,388
Dana,
Inc.
5.375%,
11/15/27
1,704,000
1,699,647
5.625%,
6/15/28
1,394,000
1,388,484
4.25%,
9/1/30
1,484,000
1,408,483
Dornoch
Debt
Merger
Sub,
Inc.,144A,6.625%,
10/15/29
2,361,000
1,817,559
Forvia
SE,144A,8.00%,
6/15/30
(a)
1,795,000
1,825,825
Goodyear
Tire
&
Rubber
Co.
5.00%,
5/31/26
3,232,000
3,236,046
4.875%,
3/15/27
2,513,000
2,480,021
5.00%,
7/15/29
(a)
3,104,000
2,975,838
5.25%,
4/30/31
(a)
2,035,000
1,901,863
5.25%,
7/15/31
(a)
2,146,000
2,004,073
5.625%,
4/30/33
(a)
1,636,000
1,523,013
Tenneco,
Inc.,144A,8.00%,
11/17/28
(a)
6,845,000
6,745,068
ZF
North
America
Capital,
Inc.
144A,6.875%,
4/14/28
2,269,000
2,250,688
144A,7.125%,
4/14/30
2,154,000
2,078,671
144A,6.75%,
4/23/30
2,748,000
2,612,483
144A,6.875%,
4/23/32
2,666,000
2,447,720
(Cost
$62,808,495)
61,398,549
Distribution/Wholesale
—
0.3%
American
Builders
&
Contractors
Supply
Co.,
Inc.
144A,4.00%,
1/15/28
2,514,000
2,428,795
144A,3.875%,
11/15/29
1,414,000
1,318,294
H&E
Equipment
Services,
Inc.,144A,3.875%,
12/15/28
4,375,000
4,411,308
RB
Global
Holdings,
Inc.
144A,6.75%,
3/15/28
1,963,000
2,007,277
144A,7.75%,
3/15/31
2,873,000
3,011,055
(Cost
$13,333,236)
13,176,729
Entertainment
—
2.9%
Allwyn
Entertainment
Financing
UK
PLC,144A,7.875%,
4/30/29
2,684,000
2,786,862
AMC
Entertainment
Holdings,
Inc.,144A,7.50%,
2/15/29
3,411,000
2,668,818
Caesars
Entertainment,
Inc.
144A,4.625%,
10/15/29
4,309,000
4,027,367
144A,7.00%,
2/15/30
7,221,000
7,414,198
144A,6.50%,
2/15/32
(a)
5,441,000
5,488,174
144A,6.00%,
10/15/32
(a)
3,990,000
3,830,053
Churchill
Downs,
Inc.
144A,5.50%,
4/1/27
2,676,000
2,668,375
144A,4.75%,
1/15/28
2,539,000
2,483,371
Principal
Amount
$
Value
$
144A,5.75%,
4/1/30
3,972,000
3,918,947
144A,6.75%,
5/1/31
2,318,000
2,363,655
Cinemark
USA,
Inc.
144A,5.25%,
7/15/28
2,627,000
2,593,520
144A,7.00%,
8/1/32
1,837,000
1,891,276
International
Game
Technology
PLC
144A,6.25%,
1/15/27
2,645,000
2,675,153
144A,5.25%,
1/15/29
2,645,000
2,603,630
Light
&
Wonder
International,
Inc.
144A,7.00%,
5/15/28
2,749,000
2,753,343
144A,7.25%,
11/15/29
1,755,000
1,806,711
144A,7.50%,
9/1/31
1,974,000
2,041,140
Live
Nation
Entertainment,
Inc.
144A,6.50%,
5/15/27
4,350,000
4,404,797
144A,4.75%,
10/15/27
3,486,000
3,433,873
144A,3.75%,
1/15/28
1,795,000
1,727,858
Merlin
Entertainments
Group
US
Holdings,
Inc.,144A,7.375%,
2/15/31
1,787,000
1,631,784
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
144A,8.25%,
4/15/30
2,693,000
2,742,465
144A,11.875%,
4/15/31
2,547,000
2,645,345
Motion
Bondco
DAC,144A,6.625%,
11/15/27
1,574,000
1,488,795
Motion
Finco
Sarl,144A,8.375%,
2/15/32
1,492,000
1,380,308
Penn
Entertainment,
Inc.
144A,5.625%,
1/15/27
1,426,000
1,408,771
144A,4.125%,
7/1/29
1,436,000
1,284,053
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
144A,5.625%,
9/1/29
2,791,000
1,852,526
144A,5.875%,
9/1/31
(a)
2,600,000
1,550,250
Six
Flags
Entertainment
Corp.
144A,5.50%,
4/15/27
1,760,000
1,761,251
144A,7.25%,
5/15/31
(a)
3,122,000
3,192,055
Six
Flags
Entertainment
Corp.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
5.375%,
4/15/27
1,845,000
1,845,472
5.25%,
7/15/29
1,795,000
1,743,962
Six
Flags
Entertainment
Corp.
/Six
Flags
Theme
Parks,
Inc./
Canada's
Wonderland
Co.,144A,6.625%,
5/1/32
3,031,000
3,092,020
Vail
Resorts,
Inc.,144A,6.50%,
5/15/32
(a)
2,226,000
2,281,703
Voyager
Parent
LLC,144A,9.25%,
7/1/32
6,700,000
6,926,286
6
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
144A,5.125%,
10/1/29
(a)
2,747,000
2,680,649
144A,7.125%,
2/15/31
(a)
3,586,000
3,763,442
144A,6.25%,
3/15/33
(a)
2,905,000
2,874,984
(Cost
$113,299,375)
109,727,242
Food
Service
—
0.2%
Aramark
Services,
Inc.,144A,5.00%,
2/1/28
4,149,000
4,109,057
TKC
Holdings,
Inc.
144A,6.875%,
5/15/28
1,536,000
1,529,491
144A,10.50%,
5/15/29
2,391,000
2,461,013
(Cost
$8,238,161)
8,099,561
Home
Builders
—
0.6%
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.,144A,4.625%,
4/1/30
1,561,000
1,464,774
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
144A,6.25%,
9/15/27
2,233,000
2,200,130
144A,4.875%,
2/15/30
1,795,000
1,563,544
Century
Communities,
Inc.
6.75%,
6/1/27
1,736,000
1,737,194
144A,3.875%,
8/15/29
(a)
1,902,000
1,725,796
LGI
Homes,
Inc.
144A,8.75%,
12/15/28
1,506,000
1,550,837
144A,7.00%,
11/15/32
1,466,000
1,362,889
Mattamy
Group
Corp.
144A,5.25%,
12/15/27
2,173,000
2,162,544
144A,4.625%,
3/1/30
1,968,000
1,854,092
Taylor
Morrison
Communities,
Inc.
144A,5.875%,
6/15/27
1,997,000
2,014,372
144A,5.75%,
1/15/28
1,815,000
1,826,870
144A,5.125%,
8/1/30
1,653,000
1,612,844
(Cost
$21,929,969)
21,075,886
Home
Furnishings
—
0.2%
Somnigroup
International,
Inc.
144A,4.00%,
4/15/29
2,884,000
2,719,276
144A,3.875%,
10/15/31
3,003,000
2,676,591
Whirlpool
Corp.,4.75%,
2/26/29
2,500,000
2,425,903
(Cost
$8,184,489)
7,821,770
Housewares
—
0.5%
Cd&r
Smokey
Buyer,
Inc.
/
Radio
Systems
Corp.,144A,9.50%,
10/15/29
2,783,000
2,313,369
Newell
Brands,
Inc.
6.375%,
9/15/27
(a)
1,885,000
1,894,691
144A,8.50%,
6/1/28
4,460,000
4,625,238
6.625%,
9/15/29
1,795,000
1,738,572
6.375%,
5/15/30
2,693,000
2,536,657
Principal
Amount
$
Value
$
6.625%,
5/15/32
(a)
1,865,000
1,725,476
Scotts
Miracle-Gro
Co.
4.50%,
10/15/29
1,478,000
1,407,061
4.00%,
4/1/31
1,724,000
1,550,164
4.375%,
2/1/32
1,436,000
1,294,302
(Cost
$20,211,013)
19,085,530
Leisure
Time
—
1.5%
Carnival
Corp.
144A,5.75%,
3/1/27
9,832,000
9,862,739
144A,6.00%,
5/1/29
7,241,000
7,264,611
144A,5.75%,
3/15/30
(a)
3,591,000
3,601,633
144A,5.875%,
6/15/31
3,625,000
3,629,440
144A,6.125%,
2/15/33
(a)
7,221,000
7,243,345
Life
Time,
Inc.,144A,6.00%,
11/15/31
1,795,000
1,800,204
NCL
Corp.
Ltd.
144A,5.875%,
2/15/27
3,636,000
3,639,123
144A,8.125%,
1/15/29
2,837,000
2,988,856
144A,7.75%,
2/15/29
(a)
2,174,000
2,287,122
144A,6.75%,
2/1/32
6,463,000
6,468,242
Sabre
GLBL,
Inc.
144A,8.625%,
6/1/27
(a)
2,807,000
2,889,891
144A,10.75%,
11/15/29
(a)
2,897,000
2,965,804
(Cost
$54,559,823)
54,641,010
Lodging
—
2.2%
Boyd
Gaming
Corp.
4.75%,
12/1/27
3,359,000
3,315,975
144A,4.75%,
6/15/31
3,378,000
3,165,840
Hilton
Domestic
Operating
Co.,
Inc.
144A,5.75%,
5/1/28
1,257,000
1,262,210
144A,5.875%,
4/1/29
1,953,000
1,973,460
144A,3.75%,
5/1/29
2,883,000
2,725,721
4.875%,
1/15/30
3,804,000
3,730,958
144A,4.00%,
5/1/31
4,099,000
3,792,641
144A,3.625%,
2/15/32
(a)
5,306,000
4,725,922
144A,6.125%,
4/1/32
1,616,000
1,641,950
144A,5.875%,
3/15/33
3,611,000
3,637,920
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
144A,5.00%,
6/1/29
3,011,000
2,827,316
144A,4.875%,
7/1/31
(a)
1,919,000
1,722,164
144A,6.625%,
1/15/32
3,370,000
3,367,842
Marriott
Ownership
Resorts,
Inc.,144A,4.50%,
6/15/29
(a)
1,817,000
1,707,151
Melco
Resorts
Finance
Ltd.
144A,5.625%,
7/17/27
(a)
2,174,000
2,126,223
144A,5.75%,
7/21/28
3,271,000
3,142,156
144A,5.375%,
12/4/29
4,169,000
3,839,179
144A,7.625%,
4/17/32
2,685,000
2,667,087
DBX
ETF
Trust
|
7
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
MGM
Resorts
International
4.625%,
9/1/26
1,334,000
1,329,232
5.50%,
4/15/27
2,441,000
2,451,220
4.75%,
10/15/28
2,818,000
2,758,093
6.125%,
9/15/29
3,072,000
3,088,570
6.50%,
4/15/32
(a)
2,693,000
2,689,437
Station
Casinos
LLC
144A,4.50%,
2/15/28
2,627,000
2,549,445
144A,4.625%,
12/1/31
1,894,000
1,735,009
144A,6.625%,
3/15/32
1,630,000
1,633,253
Studio
City
Finance
Ltd.
144A,6.50%,
1/15/28
1,795,000
1,758,221
144A,5.00%,
1/15/29
3,914,000
3,539,442
Travel
+
Leisure
Co.
144A,6.625%,
7/31/26
2,364,000
2,389,872
6.00%,
4/1/27
1,436,000
1,447,224
144A,4.50%,
12/1/29
2,469,000
2,347,890
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.,144A,5.25%,
5/15/27
3,336,000
3,323,014
(Cost
$87,377,980)
84,411,637
Retail
—
4.6%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
144A,3.875%,
1/15/28
5,565,000
5,391,926
144A,4.375%,
1/15/28
2,713,000
2,646,632
144A,3.50%,
2/15/29
(a)
2,705,000
2,553,858
144A,6.125%,
6/15/29
4,427,000
4,518,989
144A,5.625%,
9/15/29
1,832,000
1,844,862
144A,4.00%,
10/15/30
10,413,000
9,588,785
Advance
Auto
Parts,
Inc.,3.90%,
4/15/30
(a)
1,775,000
1,643,747
Asbury
Automotive
Group,
Inc.
4.50%,
3/1/28
1,576,000
1,536,586
144A,4.625%,
11/15/29
2,892,000
2,751,754
4.75%,
3/1/30
1,598,000
1,519,170
144A,5.00%,
2/15/32
2,106,000
1,968,159
Bath
&
Body
Works,
Inc.
5.25%,
2/1/28
1,828,000
1,828,779
7.50%,
6/15/29
1,782,000
1,833,218
144A,6.625%,
10/1/30
2,853,000
2,916,274
eG
Global
Finance
PLC,144A,12.00%,
11/30/28
3,766,000
4,158,150
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.,144A,5.875%,
4/1/29
2,962,000
2,684,142
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
144A,4.625%,
1/15/29
3,544,000
3,326,251
144A,6.75%,
1/15/30
(a)
4,615,000
4,194,872
FirstCash,
Inc.
144A,4.625%,
9/1/28
1,750,000
1,706,236
Principal
Amount
$
Value
$
144A,5.625%,
1/1/30
1,975,000
1,962,784
144A,6.875%,
3/1/32
2,002,000
2,054,569
Gap,
Inc.
144A,3.625%,
10/1/29
2,713,000
2,480,752
144A,3.875%,
10/1/31
2,897,000
2,578,919
Global
Auto
Holdings
Ltd.
/
AAG
FH
UK
Ltd.
144A,8.375%,
1/15/29
1,927,000
1,617,789
144A,8.75%,
1/15/32
1,935,000
1,503,408
Group
1
Automotive,
Inc.
144A,4.00%,
8/15/28
2,776,000
2,662,463
144A,6.375%,
1/15/30
1,654,000
1,687,520
Kohl's
Corp.,5.125%,
5/1/31
(a)
1,895,000
1,214,834
LCM
Investments
Holdings
II
LLC
144A,4.875%,
5/1/29
3,548,000
3,420,703
144A,8.25%,
8/1/31
3,206,000
3,401,723
Lithia
Motors,
Inc.
144A,4.625%,
12/15/27
1,445,000
1,426,423
144A,3.875%,
6/1/29
2,800,000
2,639,270
144A,4.375%,
1/15/31
2,152,000
2,018,386
Macy's
Retail
Holdings
LLC
144A,5.875%,
3/15/30
1,492,000
1,425,901
144A,6.125%,
3/15/32
(a)
1,549,000
1,437,235
Michaels
Cos.,
Inc.
144A,5.25%,
5/1/28
3,091,000
2,122,568
144A,7.875%,
5/1/29
3,783,000
1,844,213
Murphy
Oil
USA,
Inc.
4.75%,
9/15/29
1,825,000
1,768,905
144A,3.75%,
2/15/31
1,907,000
1,730,085
Nordstrom,
Inc.
4.375%,
4/1/30
1,925,000
1,756,061
4.25%,
8/1/31
(a)
1,576,000
1,379,671
Patrick
Industries,
Inc.,144A,6.375%,
11/1/32
1,920,000
1,894,238
Penske
Automotive
Group,
Inc.,3.75%,
6/15/29
1,850,000
1,735,707
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
144A,4.75%,
2/15/28
4,470,000
4,318,876
144A,7.75%,
2/15/29
4,193,000
4,086,778
QVC,
Inc.,144A,6.875%,
4/15/29
(a)
2,192,000
986,400
QXO
Building
Products,
Inc.,144A,6.75%,
4/30/32
8,150,000
8,376,976
Saks
Global
Enterprises
LLC,144A,11.00%,
12/15/29
(a)
7,939,000
3,592,398
Sonic
Automotive,
Inc.
144A,4.625%,
11/15/29
(a)
2,334,000
2,231,549
144A,4.875%,
11/15/31
1,795,000
1,674,135
Staples,
Inc.
144A,10.75%,
9/1/29
8,917,000
8,116,980
144A,12.75%,
1/15/30
3,024,624
1,962,113
8
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Suburban
Propane
Partners
LP/
Suburban
Energy
Finance
Corp.,144A,5.00%,
6/1/31
2,404,000
2,241,275
Victra
Holdings
LLC
/
Victra
Finance
Corp.,144A,8.75%,
9/15/29
(a)
1,665,000
1,702,078
Walgreens
Boots
Alliance,
Inc.
3.45%,
6/1/26
5,217,000
5,104,950
8.125%,
8/15/29
(a)
2,713,000
2,844,648
3.20%,
4/15/30
1,795,000
1,710,559
White
Cap
Buyer
LLC,144A,6.875%,
10/15/28
(a)
2,298,000
2,254,632
Yum!
Brands,
Inc.
144A,4.75%,
1/15/30
2,928,000
2,866,243
3.625%,
3/15/31
3,770,000
3,432,032
4.625%,
1/31/32
3,991,000
3,789,136
5.375%,
4/1/32
3,591,000
3,553,375
(Cost
$184,382,690)
171,221,650
Consumer,
Non-cyclical
—
17.0%
Agriculture
—
0.1%
Darling
Ingredients,
Inc.
144A,5.25%,
4/15/27
1,795,000
1,783,728
144A,6.00%,
6/15/30
3,591,000
3,599,703
(Cost
$5,403,806)
5,383,431
Beverages
—
0.1%
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
144A,6.25%,
4/1/29
2,709,000
2,715,450
144A,4.375%,
4/30/29
2,680,000
2,574,863
(Cost
$5,369,115)
5,290,313
Commercial
Services
—
5.1%
ADT
Security
Corp.,144A,4.125%,
8/1/29
3,591,000
3,429,101
Albion
Financing
1
Sarl
/
Aggreko
Holdings,
Inc.,144A,7.00%,
5/21/30
5,070,000
5,154,512
Allied
Universal
Holdco
LLC,144A,7.875%,
2/15/31
8,438,000
8,750,535
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
144A,9.75%,
7/15/27
3,678,000
3,710,690
144A,6.00%,
6/1/29
(a)
3,447,000
3,265,966
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL,144A,4.625%,
6/1/28
4,446,000
4,259,409
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
144A,5.75%,
7/15/27
1,318,000
1,301,390
144A,4.75%,
4/1/28
(a)
2,170,000
2,080,197
144A,5.375%,
3/1/29
(a)
2,154,000
2,032,935
144A,8.25%,
1/15/30
(a)
2,409,000
2,452,193
144A,8.00%,
2/15/31
(a)
1,796,000
1,819,177
Principal
Amount
$
Value
$
144A,8.375%,
6/15/32
2,170,000
2,187,994
Belron
UK
Finance
PLC,144A,5.75%,
10/15/29
3,882,000
3,898,963
Block,
Inc.
2.75%,
6/1/26
3,460,000
3,376,112
3.50%,
6/1/31
3,641,000
3,292,673
6.50%,
5/15/32
279,000
285,309
Boost
Newco
Borrower
LLC,144A,7.50%,
1/15/31
7,810,000
8,268,322
Brink's
Co.
144A,4.625%,
10/15/27
2,154,000
2,126,504
144A,6.50%,
6/15/29
1,436,000
1,466,192
144A,6.75%,
6/15/32
1,443,000
1,481,476
Clarivate
Science
Holdings
Corp.
144A,3.875%,
7/1/28
(a)
3,163,000
3,014,419
144A,4.875%,
7/1/29
(a)
3,600,000
3,332,762
EquipmentShare.com,
Inc.
144A,9.00%,
5/15/28
3,669,000
3,813,504
144A,8.625%,
5/15/32
2,256,000
2,368,578
144A,8.00%,
3/15/33
1,839,000
1,890,955
Garda
World
Security
Corp.
144A,4.625%,
2/15/27
1,983,000
1,958,831
144A,7.75%,
2/15/28
1,478,000
1,528,617
144A,6.00%,
6/1/29
1,795,000
1,708,804
144A,8.25%,
8/1/32
2,167,000
2,159,583
144A,8.375%,
11/15/32
3,610,000
3,624,750
GEO
Group,
Inc.
8.625%,
4/15/29
2,459,000
2,597,445
10.25%,
4/15/31
2,242,000
2,459,601
Herc
Holdings,
Inc.
144A,5.50%,
7/15/27
4,361,000
4,331,995
144A,6.625%,
6/15/29
2,973,000
3,013,635
Hertz
Corp.
144A,4.625%,
12/1/26
1,815,000
1,604,474
144A,12.625%,
7/15/29
(a)
4,528,000
4,614,996
144A,5.00%,
12/1/29
(a)
3,661,000
2,492,055
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
144A,3.375%,
8/31/27
3,611,000
3,469,833
144A,6.25%,
1/15/28
4,667,500
4,666,691
Raven
Acquisition
Holdings
LLC,144A,6.875%,
11/15/31
4,668,000
4,658,486
RR
Donnelley
&
Sons
Co.
144A,9.50%,
8/1/29
3,833,000
3,846,369
144A,10.875%,
8/1/29
1,726,000
1,679,105
Service
Corp.
International
4.625%,
12/15/27
2,114,000
2,083,311
5.125%,
6/1/29
2,653,000
2,627,109
3.375%,
8/15/30
3,052,000
2,772,048
4.00%,
5/15/31
2,886,000
2,662,041
5.75%,
10/15/32
(a)
2,823,000
2,808,853
DBX
ETF
Trust
|
9
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.,144A,6.75%,
8/15/32
5,950,000
6,074,484
Sotheby's,144A,7.375%,
10/15/27
2,813,000
2,784,047
United
Rentals
North
America,
Inc.
5.50%,
5/15/27
1,955,000
1,957,162
3.875%,
11/15/27
2,589,000
2,532,266
4.875%,
1/15/28
6,064,000
6,003,447
5.25%,
1/15/30
2,693,000
2,678,279
4.00%,
7/15/30
2,693,000
2,530,078
3.875%,
2/15/31
3,894,000
3,596,133
3.75%,
1/15/32
2,693,000
2,419,543
144A,6.125%,
3/15/34
(a)
4,068,000
4,128,446
Veritiv
Operating
Co.,144A,10.50%,
11/30/30
3,762,000
4,005,984
Wand
NewCo
3,
Inc.,144A,7.625%,
1/30/32
(a)
4,390,000
4,569,955
Williams
Scotsman,
Inc.
144A,4.625%,
8/15/28
1,786,000
1,743,696
144A,6.625%,
6/15/29
1,758,000
1,794,218
144A,6.625%,
4/15/30
1,815,000
1,861,700
144A,7.375%,
10/1/31
1,778,000
1,851,090
(Cost
$197,520,108)
192,959,028
Cosmetics/Personal
Care
—
0.4%
Edgewell
Personal
Care
Co.
144A,5.50%,
6/1/28
2,693,000
2,649,657
144A,4.125%,
4/1/29
1,920,000
1,798,011
Opal
Bidco
SAS,144A,6.50%,
3/31/32
3,950,000
3,949,349
Perrigo
Finance
Unlimited
Co.
4.90%,
6/15/30
2,693,000
2,594,265
6.125%,
9/30/32
2,591,000
2,588,411
Prestige
Brands,
Inc.
144A,5.125%,
1/15/28
1,483,000
1,476,917
144A,3.75%,
4/1/31
2,110,000
1,916,588
(Cost
$17,492,365)
16,973,198
Food
—
2.5%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
144A,4.625%,
1/15/27
4,849,000
4,804,843
144A,5.875%,
2/15/28
2,693,000
2,692,591
144A,6.50%,
2/15/28
(a)
2,773,000
2,831,139
144A,3.50%,
3/15/29
4,878,000
4,588,071
144A,4.875%,
2/15/30
3,621,000
3,526,062
144A,6.25%,
3/15/33
2,206,000
2,241,841
B&G
Foods,
Inc.
5.25%,
9/15/27
(a)
1,955,000
1,716,428
144A,8.00%,
9/15/28
2,938,000
2,772,568
Fiesta
Purchaser,
Inc.
144A,7.875%,
3/1/31
1,841,000
1,933,936
Principal
Amount
$
Value
$
144A,9.625%,
9/15/32
(a)
1,676,000
1,757,492
KeHE
Distributors
LLC
/
KeHE
Finance
Corp.
/
NextWave
Distribution,
Inc.,144A,9.00%,
2/15/29
3,591,000
3,748,096
Lamb
Weston
Holdings,
Inc.
144A,4.875%,
5/15/28
1,778,000
1,757,418
144A,4.125%,
1/31/30
3,483,000
3,288,470
144A,4.375%,
1/31/32
2,515,000
2,321,941
Performance
Food
Group,
Inc.
144A,5.50%,
10/15/27
4,054,000
4,040,813
144A,4.25%,
8/1/29
3,611,000
3,446,909
144A,6.125%,
9/15/32
3,610,000
3,643,559
Pilgrim's
Pride
Corp.
3.50%,
3/1/32
3,214,000
2,848,681
6.25%,
7/1/33
3,393,000
3,521,069
6.875%,
5/15/34
1,795,000
1,936,361
Post
Holdings,
Inc.
144A,5.50%,
12/15/29
(a)
4,565,000
4,513,247
144A,4.625%,
4/15/30
(a)
4,974,000
4,712,350
144A,4.50%,
9/15/31
3,521,000
3,213,402
144A,6.25%,
2/15/32
3,591,000
3,655,509
144A,6.375%,
3/1/33
4,309,000
4,288,279
144A,6.25%,
10/15/34
(a)
2,229,000
2,207,332
US
Foods,
Inc.
144A,6.875%,
9/15/28
1,795,000
1,847,920
144A,4.75%,
2/15/29
3,296,000
3,225,694
144A,4.625%,
6/1/30
1,800,000
1,732,555
144A,7.25%,
1/15/32
1,750,000
1,831,156
144A,5.75%,
4/15/33
1,795,000
1,767,897
(Cost
$94,666,602)
92,413,629
Healthcare-Products
—
1.4%
Avantor
Funding,
Inc.
144A,4.625%,
7/15/28
5,595,000
5,456,484
144A,3.875%,
11/1/29
2,811,000
2,623,968
Bausch
+
Lomb
Corp.,144A,8.375%,
10/1/28
5,327,000
5,514,031
Hologic,
Inc.
144A,4.625%,
2/1/28
1,754,000
1,733,950
144A,3.25%,
2/15/29
3,417,000
3,267,258
Medline
Borrower
LP
144A,3.875%,
4/1/29
16,218,000
15,297,330
144A,5.25%,
10/1/29
9,226,000
9,023,253
Medline
Borrower
LP/Medline
Co.-Issuer,
Inc.,144A,6.25%,
4/1/29
5,395,000
5,496,501
Teleflex,
Inc.
4.625%,
11/15/27
1,795,000
1,768,581
144A,4.25%,
6/1/28
1,813,000
1,752,226
(Cost
$52,097,313)
51,933,582
10
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Healthcare-Services
—
4.6%
Acadia
Healthcare
Co.,
Inc.
144A,5.50%,
7/1/28
1,757,000
1,734,196
144A,5.00%,
4/15/29
1,795,000
1,719,701
144A,7.375%,
3/15/33
(a)
1,848,000
1,885,320
Charles
River
Laboratories
International,
Inc.
144A,4.25%,
5/1/28
1,815,000
1,744,446
144A,3.75%,
3/15/29
1,795,000
1,667,674
144A,4.00%,
3/15/31
1,845,000
1,655,756
CHS/Community
Health
Systems,
Inc.
144A,5.625%,
3/15/27
6,349,000
6,260,061
144A,6.00%,
1/15/29
2,332,000
2,242,398
144A,6.875%,
4/15/29
6,268,000
5,244,154
144A,6.125%,
4/1/30
(a)
4,407,000
3,408,677
144A,5.25%,
5/15/30
5,700,000
5,137,985
144A,4.75%,
2/15/31
5,798,000
4,967,756
144A,10.875%,
1/15/32
(a)
8,119,000
8,663,939
Concentra
Health
Services,
Inc.,144A,6.875%,
7/15/32
2,409,000
2,481,456
DaVita,
Inc.
144A,4.625%,
6/1/30
9,897,000
9,254,347
144A,3.75%,
2/15/31
5,471,000
4,849,361
144A,6.875%,
9/1/32
3,732,000
3,793,567
144A,6.75%,
7/15/33
3,600,000
3,639,643
Encompass
Health
Corp.
4.50%,
2/1/28
3,049,000
3,005,132
4.75%,
2/1/30
2,811,000
2,742,733
4.625%,
4/1/31
(a)
1,438,000
1,372,169
IQVIA,
Inc.
144A,5.00%,
10/15/26
3,983,000
3,972,858
144A,5.00%,
5/15/27
4,206,000
4,183,141
144A,6.50%,
5/15/30
1,750,000
1,788,677
LifePoint
Health,
Inc.
144A,5.375%,
1/15/29
1,795,000
1,698,025
144A,9.875%,
8/15/30
2,872,000
3,080,613
144A,11.00%,
10/15/30
3,954,000
4,351,737
144A,8.375%,
2/15/32
2,513,000
2,647,222
144A,10.00%,
6/1/32
2,930,000
3,068,674
Molina
Healthcare,
Inc.
144A,4.375%,
6/15/28
2,914,000
2,828,440
144A,3.875%,
11/15/30
2,364,000
2,162,964
144A,3.875%,
5/15/32
2,730,000
2,439,912
144A,6.25%,
1/15/33
2,693,000
2,691,082
MPH
Acquisition
Holdings
LLC,144A,5.75%,
12/31/30
2,783,000
2,221,585
Prime
Healthcare
Services,
Inc.,144A,9.375%,
9/1/29
(a)
5,386,000
5,475,483
Select
Medical
Corp.,144A,6.25%,
12/1/32
(a)
1,975,000
1,959,063
Star
Parent,
Inc.,144A,9.00%,
10/1/30
(a)
3,513,000
3,635,319
Principal
Amount
$
Value
$
Tenet
Healthcare
Corp.
6.25%,
2/1/27
4,797,000
4,803,409
5.125%,
11/1/27
5,416,000
5,385,710
4.625%,
6/15/28
2,154,000
2,113,509
6.125%,
10/1/28
8,976,000
8,995,056
4.25%,
6/1/29
5,047,000
4,849,856
4.375%,
1/15/30
5,236,000
5,008,527
6.125%,
6/15/30
7,181,000
7,260,338
6.75%,
5/15/31
4,877,000
5,026,612
US
Acute
Care
Solutions
LLC,144A,9.75%,
5/15/29
3,625,000
3,688,941
(Cost
$177,985,143)
172,807,224
Household
Products/Wares
—
0.2%
Central
Garden
&
Pet
Co.
4.125%,
10/15/30
1,757,000
1,627,174
144A,4.125%,
4/30/31
1,436,000
1,310,924
Kronos
Acquisition
Holdings,
Inc.
144A,8.25%,
6/30/31
2,036,000
1,783,606
144A,10.75%,
6/30/32
(a)
1,619,000
1,083,433
(Cost
$6,403,639)
5,805,137
Pharmaceuticals
—
2.6%
1261229
Bc
Ltd.,144A,10.00%,
4/15/32
15,989,000
15,839,374
AdaptHealth
LLC
144A,4.625%,
8/1/29
1,863,000
1,722,279
144A,5.125%,
3/1/30
2,200,000
2,035,024
Bausch
Health
Americas,
Inc.,144A,8.50%,
1/31/27
2,190,000
2,065,838
Bausch
Health
Cos.,
Inc.
144A,5.00%,
1/30/28
1,650,000
1,307,955
144A,4.875%,
6/1/28
5,745,000
4,694,096
144A,11.00%,
9/30/28
6,482,000
6,224,664
144A,5.00%,
2/15/29
1,623,000
1,038,582
144A,6.25%,
2/15/29
(a)
2,947,000
1,926,739
144A,5.25%,
1/30/30
2,831,000
1,609,242
144A,5.25%,
2/15/31
1,661,000
890,029
Cheplapharm
Arzneimittel
GmbH,144A,5.50%,
1/15/28
1,795,000
1,711,565
Endo
Finance
Holdings,
Inc.,144A,8.50%,
4/15/31
(a)
3,619,000
3,750,482
Grifols
SA,144A,4.75%,
10/15/28
(a)
2,531,000
2,409,373
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc,144A,12.25%,
4/15/29
2,898,000
3,149,607
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc.,144A,4.875%,
6/1/29
(a)
2,154,000
1,774,729
Jazz
Securities
DAC,144A,4.375%,
1/15/29
5,409,000
5,189,996
DBX
ETF
Trust
|
11
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
144A,4.125%,
4/30/28
7,459,000
7,011,910
144A,5.125%,
4/30/31
(a)
6,542,000
5,501,597
144A,6.75%,
5/15/34
1,871,000
1,742,955
144A,7.875%,
5/15/34
1,815,000
1,567,619
Owens
&
Minor,
Inc.
144A,4.50%,
3/31/29
(a)
1,719,000
1,406,707
144A,6.625%,
4/1/30
(a)
2,038,000
1,727,866
144A,10.00%,
4/15/30
3,591,000
3,755,231
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/1/26
12,090,000
11,829,927
6.75%,
3/1/28
4,898,000
5,068,220
(Cost
$105,624,455)
96,951,606
Diversified
—
0.2%
Holding
Companies-Diversified
—
0.2%
Benteler
International
AG,144A,10.50%,
5/15/28
1,795,000
1,887,615
Stena
International
SA
144A,7.25%,
1/15/31
3,010,000
3,023,352
144A,7.625%,
2/15/31
1,540,000
1,561,223
(Cost
$6,605,153)
6,472,190
Energy
—
10.0%
Oil
&
Gas
—
5.2%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp.,144A,7.50%,
10/1/29
3,591,000
3,682,513
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
144A,8.25%,
12/31/28
1,811,000
1,839,646
144A,5.875%,
6/30/29
1,475,000
1,470,715
144A,6.625%,
10/15/32
2,183,000
2,197,469
Azule
Energy
Finance
PLC,144A,8.125%,
1/23/30
4,349,000
4,248,625
Baytex
Energy
Corp.
144A,8.50%,
4/30/30
2,758,000
2,675,015
144A,7.375%,
3/15/32
2,247,000
2,041,821
California
Resources
Corp.,144A,8.25%,
6/15/29
3,382,000
3,391,344
Civitas
Resources,
Inc.
144A,5.00%,
10/15/26
1,405,000
1,380,560
144A,8.375%,
7/1/28
4,847,000
4,889,435
144A,8.625%,
11/1/30
3,591,000
3,544,516
144A,8.75%,
7/1/31
(a)
4,947,000
4,842,895
CNX
Resources
Corp.
144A,6.00%,
1/15/29
1,895,000
1,882,512
144A,7.375%,
1/15/31
2,190,000
2,243,740
144A,7.25%,
3/1/32
1,956,000
1,994,539
Comstock
Resources,
Inc.
144A,6.75%,
3/1/29
4,300,000
4,241,998
Principal
Amount
$
Value
$
144A,6.75%,
3/1/29
1,720,000
1,690,438
144A,5.875%,
1/15/30
3,465,000
3,279,776
Crescent
Energy
Finance
LLC
144A,9.25%,
2/15/28
3,484,000
3,600,329
144A,7.625%,
4/1/32
(a)
3,950,000
3,727,226
144A,7.375%,
1/15/33
3,591,000
3,335,757
CVR
Energy,
Inc.
144A,5.75%,
2/15/28
1,260,000
1,200,591
144A,8.50%,
1/15/29
2,350,000
2,296,132
Encino
Acquisition
Partners
Holdings
LLC
144A,8.50%,
5/1/28
2,461,000
2,525,896
144A,8.75%,
5/1/31
1,741,000
1,902,908
Energean
PLC,144A,6.50%,
4/30/27
1,467,000
1,439,860
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
144A,6.25%,
11/1/28
2,154,000
2,129,407
144A,5.75%,
2/1/29
2,066,000
1,975,432
144A,6.00%,
4/15/30
1,835,000
1,742,526
144A,6.00%,
2/1/31
2,297,000
2,117,925
144A,6.25%,
4/15/32
1,795,000
1,637,271
144A,8.375%,
11/1/33
2,154,000
2,145,620
144A,7.25%,
2/15/35
3,591,000
3,330,689
Ithaca
Energy
North
Sea
PLC,144A,8.125%,
10/15/29
(a)
2,625,000
2,638,519
Kosmos
Energy
Ltd.
144A,7.50%,
3/1/28
1,712,000
1,395,031
144A,8.75%,
10/1/31
(a)
1,630,000
1,258,145
Leviathan
Bond
Ltd.
144A,REGS,
6.50%,
6/30/27
2,493,815
2,470,458
144A,REGS,
6.75%,
6/30/30
1,967,059
1,937,553
Matador
Resources
Co.
144A,6.875%,
4/15/28
1,769,000
1,794,658
144A,6.50%,
4/15/32
3,232,000
3,167,478
144A,6.25%,
4/15/33
2,818,000
2,721,447
Medco
Maple
Tree
Pte
Ltd.,144A,8.96%,
4/27/29
1,757,000
1,822,629
Murphy
Oil
Corp.,6.00%,
10/1/32
(a)
2,154,000
2,010,249
Noble
Finance
II
LLC,144A,8.00%,
4/15/30
5,132,000
5,117,733
Northern
Oil
&
Gas,
Inc.
144A,8.125%,
3/1/28
2,298,000
2,309,267
144A,8.75%,
6/15/31
1,792,000
1,808,526
Parkland
Corp.
144A,5.875%,
7/15/27
1,875,000
1,871,666
144A,4.50%,
10/1/29
2,903,000
2,743,936
144A,4.625%,
5/1/30
2,913,000
2,739,002
144A,6.625%,
8/15/32
1,767,000
1,772,061
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.00%,
2/15/28
3,270,000
3,038,813
12
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,9.875%,
3/15/30
2,788,000
2,667,987
144A,7.875%,
9/15/30
1,865,000
1,623,087
Permian
Resources
Operating
LLC
144A,5.875%,
7/1/29
2,553,000
2,523,219
144A,7.00%,
1/15/32
3,590,000
3,684,902
144A,6.25%,
2/1/33
3,591,000
3,546,138
Puma
International
Financing
SA,144A,7.75%,
4/25/29
1,630,000
1,658,912
Range
Resources
Corp.
8.25%,
1/15/29
2,095,000
2,153,463
144A,4.75%,
2/15/30
1,795,000
1,726,484
SM
Energy
Co.
6.75%,
9/15/26
1,717,000
1,715,584
6.625%,
1/15/27
1,757,000
1,760,203
6.50%,
7/15/28
1,436,000
1,429,358
144A,6.75%,
8/1/29
2,685,000
2,632,976
144A,7.00%,
8/1/32
2,757,000
2,649,266
Sunoco
LP
144A,7.00%,
5/1/29
2,610,000
2,695,316
144A,7.25%,
5/1/32
2,693,000
2,801,770
144A,6.25%,
7/1/33
3,591,000
3,593,843
Sunoco
LP
/
Sunoco
Finance
Corp.
6.00%,
4/15/27
1,984,000
1,984,181
144A,7.00%,
9/15/28
2,262,000
2,320,192
4.50%,
5/15/29
2,873,000
2,754,420
4.50%,
4/30/30
2,871,000
2,711,802
Talos
Production,
Inc.
144A,9.00%,
2/1/29
2,244,000
2,230,841
144A,9.375%,
2/1/31
2,244,000
2,208,305
TGNR
Intermediate
Holdings
LLC,144A,5.50%,
10/15/29
2,639,000
2,494,425
Transocean,
Inc.
144A,8.00%,
2/1/27
2,306,000
2,256,348
144A,8.25%,
5/15/29
3,232,000
2,917,500
144A,8.50%,
5/15/31
(a)
3,282,000
2,823,571
Vital
Energy,
Inc.,144A,7.875%,
4/15/32
(a)
3,591,000
2,915,757
(Cost
$202,296,717)
195,742,147
Oil
&
Gas
Services
—
0.5%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
144A,6.25%,
4/1/28
2,968,000
2,965,335
144A,6.625%,
9/1/32
2,604,000
2,619,520
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
6.875%,
9/1/27
2,525,000
2,525,840
144A,7.125%,
3/15/29
3,591,000
3,650,560
Weatherford
International
Ltd.,144A,8.625%,
4/30/30
5,610,000
5,702,812
(Cost
$17,639,007)
17,464,067
Principal
Amount
$
Value
$
Pipelines
—
4.3%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
144A,5.75%,
3/1/27
2,279,000
2,278,441
144A,5.75%,
1/15/28
2,269,000
2,261,668
144A,5.375%,
6/15/29
3,136,000
3,106,048
144A,6.625%,
2/1/32
2,056,000
2,101,598
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
144A,7.00%,
7/15/29
2,070,000
2,140,250
144A,7.25%,
7/15/32
1,630,000
1,691,311
Buckeye
Partners
LP
3.95%,
12/1/26
2,124,000
2,084,071
4.125%,
12/1/27
1,450,000
1,411,913
144A,4.50%,
3/1/28
1,770,000
1,730,444
144A,6.875%,
7/1/29
2,184,000
2,246,932
144A,6.75%,
2/1/30
1,825,000
1,884,929
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
144A,5.50%,
6/15/31
5,027,000
4,834,614
144A,7.50%,
12/15/33
1,754,000
1,858,149
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.,144A,8.625%,
3/15/29
3,770,000
3,908,106
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
7.75%,
2/1/28
2,395,000
2,417,472
8.25%,
1/15/29
2,154,000
2,230,786
8.875%,
4/15/30
2,480,000
2,606,299
7.875%,
5/15/32
(a)
2,332,000
2,363,585
8.00%,
5/15/33
2,126,000
2,159,104
Global
Partners
LP
/
GLP
Finance
Corp.
7.00%,
8/1/27
1,394,000
1,398,342
144A,8.25%,
1/15/32
1,616,000
1,681,201
Harvest
Midstream
I
LP
144A,7.50%,
9/1/28
2,873,000
2,919,497
144A,7.50%,
5/15/32
1,795,000
1,845,845
Hess
Midstream
Operations
LP
144A,5.875%,
3/1/28
2,766,000
2,794,957
144A,5.125%,
6/15/28
1,975,000
1,950,193
144A,6.50%,
6/1/29
2,174,000
2,220,780
144A,4.25%,
2/15/30
2,903,000
2,769,322
144A,5.50%,
10/15/30
1,394,000
1,379,182
Howard
Midstream
Energy
Partners
LLC
144A,8.875%,
7/15/28
1,889,000
1,977,067
144A,7.375%,
7/15/32
2,191,000
2,269,131
ITT
Holdings
LLC,144A,6.50%,
8/1/29
4,381,000
4,093,735
New
Fortress
Energy,
Inc.,144A,6.50%,
9/30/26
(a)
1,834,000
1,102,188
DBX
ETF
Trust
|
13
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
NFE
Financing
LLC,144A,12.00%,
11/15/29
(a)
9,904,000
4,258,064
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
144A,8.125%,
2/15/29
3,224,000
3,154,818
144A,8.375%,
2/15/32
4,603,000
4,356,413
NuStar
Logistics
LP
6.00%,
6/1/26
1,849,000
1,861,196
5.625%,
4/28/27
1,975,000
1,981,150
6.375%,
10/1/30
2,189,000
2,231,685
Rockies
Express
Pipeline
LLC
144A,4.95%,
7/15/29
1,975,000
1,908,923
144A,6.75%,
3/15/33
1,795,000
1,850,999
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
144A,6.00%,
3/1/27
1,462,000
1,461,006
144A,5.50%,
1/15/28
2,733,000
2,717,728
144A,7.375%,
2/15/29
2,873,000
2,924,751
144A,6.00%,
12/31/30
2,604,000
2,497,461
144A,6.00%,
9/1/31
1,675,000
1,597,826
Venture
Global
Calcasieu
Pass
LLC
144A,3.875%,
8/15/29
4,488,000
4,174,628
144A,6.25%,
1/15/30
3,520,000
3,570,681
144A,4.125%,
8/15/31
4,488,000
4,063,608
144A,3.875%,
11/1/33
4,488,000
3,837,531
Venture
Global
LNG,
Inc.
144A,8.125%,
6/1/28
8,111,000
8,306,759
144A,9.50%,
2/1/29
10,772,000
11,523,573
144A,7.00%,
1/15/30
(a)
5,536,000
5,515,986
144A,8.375%,
6/1/31
(a)
8,079,000
8,207,392
144A,9.875%,
2/1/32
(a)
7,331,000
7,803,637
(Cost
$172,691,520)
163,522,975
Financial
—
13.7%
Banks
—
0.3%
Banco
Votorantim
SA,144A,5.875%,
4/8/28
1,800,000
1,811,025
Freedom
Mortgage
Corp.
144A,6.625%,
1/15/27
2,109,000
2,105,428
144A,12.00%,
10/1/28
3,349,000
3,595,464
144A,12.25%,
10/1/30
1,709,000
1,890,352
(Cost
$9,351,239)
9,402,269
Diversified
Financial
Services
—
5.3%
AG
Issuer
LLC,144A,6.25%,
3/1/28
1,910,000
1,911,351
AG
TTMT
Escrow
Issuer
LLC,144A,8.625%,
9/30/27
1,772,000
1,840,762
Ally
Financial,
Inc.,6.70%,
2/14/33
1,749,000
1,779,772
Aretec
Group,
Inc.
144A,7.50%,
4/1/29
1,378,000
1,377,960
Principal
Amount
$
Value
$
144A,10.00%,
8/15/30
2,582,000
2,816,750
Bread
Financial
Holdings,
Inc.,144A,9.75%,
3/15/29
3,232,000
3,448,967
Burford
Capital
Global
Finance
LLC,144A,9.25%,
7/1/31
2,689,000
2,868,249
Coinbase
Global,
Inc.
144A,3.375%,
10/1/28
3,663,000
3,409,081
144A,3.625%,
10/1/31
2,671,000
2,326,818
Credit
Acceptance
Corp.
144A,9.25%,
12/15/28
2,204,000
2,334,913
144A,6.625%,
3/15/30
1,795,000
1,791,356
Encore
Capital
Group,
Inc.
144A,9.25%,
4/1/29
1,730,000
1,846,775
144A,8.50%,
5/15/30
1,875,000
1,989,283
Enova
International,
Inc.
144A,11.25%,
12/15/28
1,436,000
1,542,053
144A,9.125%,
8/1/29
1,793,000
1,843,468
Focus
Financial
Partners
LLC,144A,6.75%,
9/15/31
3,591,000
3,635,281
Freedom
Mortgage
Holdings
LLC
144A,9.25%,
2/1/29
3,927,000
4,052,036
144A,9.125%,
5/15/31
2,603,000
2,657,804
144A,8.375%,
4/1/32
2,334,000
2,306,943
GGAM
Finance
Ltd.
144A,8.00%,
2/15/27
2,500,000
2,574,503
144A,8.00%,
6/15/28
2,100,000
2,207,398
144A,6.875%,
4/15/29
1,500,000
1,531,785
144A,5.875%,
3/15/30
1,500,000
1,496,250
goeasy
Ltd.
144A,9.25%,
12/1/28
1,975,000
2,076,094
144A,7.625%,
7/1/29
2,319,000
2,344,358
144A,6.875%,
5/15/30
1,389,000
1,372,910
144A,7.375%,
10/1/30
1,400,000
1,399,976
Jane
Street
Group
/
JSG
Finance,
Inc.
144A,4.50%,
11/15/29
2,260,000
2,178,620
144A,7.125%,
4/30/31
5,187,000
5,421,909
144A,6.125%,
11/1/32
5,840,000
5,853,782
144A,6.75%,
5/1/33
4,890,000
5,018,152
Jefferies
Finance
LLC
/
JFIN
Co.-
Issuer
Corp.
144A,5.00%,
8/15/28
3,538,000
3,355,027
144A,6.625%,
10/15/31
1,895,000
1,877,827
Jefferson
Capital
Holdings
LLC
144A,9.50%,
2/15/29
1,450,000
1,540,689
144A,8.25%,
5/15/30
1,800,000
1,843,850
LD
Holdings
Group
LLC,144A,6.125%,
4/1/28
(a)
1,793,000
1,466,458
Midcap
Financial
Issuer
Trust
144A,6.50%,
5/1/28
3,330,000
3,240,424
144A,5.625%,
1/15/30
1,615,000
1,461,148
14
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Nationstar
Mortgage
Holdings,
Inc.
144A,6.00%,
1/15/27
2,109,000
2,110,772
144A,5.50%,
8/15/28
3,152,000
3,147,501
144A,6.50%,
8/1/29
2,693,000
2,744,838
144A,5.125%,
12/15/30
2,394,000
2,395,660
144A,5.75%,
11/15/31
2,154,000
2,159,167
144A,7.125%,
2/1/32
(a)
3,591,000
3,741,958
Navient
Corp.
6.75%,
6/15/26
1,845,000
1,869,444
5.00%,
3/15/27
2,514,000
2,490,012
4.875%,
3/15/28
1,795,000
1,752,259
5.50%,
3/15/29
(a)
2,595,000
2,498,676
9.375%,
7/25/30
1,814,000
1,977,144
11.50%,
3/15/31
2,055,000
2,329,825
7.875%,
6/15/32
1,800,000
1,817,599
OneMain
Finance
Corp.
3.50%,
1/15/27
2,140,000
2,074,852
6.625%,
1/15/28
2,737,000
2,789,593
3.875%,
9/15/28
2,126,000
1,995,025
9.00%,
1/15/29
2,552,000
2,676,372
6.625%,
5/15/29
3,464,000
3,506,943
5.375%,
11/15/29
2,659,000
2,578,432
7.875%,
3/15/30
2,579,000
2,696,666
4.00%,
9/15/30
3,228,000
2,907,528
7.50%,
5/15/31
2,505,000
2,576,827
7.125%,
11/15/31
(a)
2,857,000
2,909,137
6.75%,
3/15/32
2,211,000
2,200,397
Osaic
Holdings,
Inc.,144A,10.75%,
8/1/27
1,255,000
1,263,098
PennyMac
Financial
Services,
Inc.
144A,4.25%,
2/15/29
2,219,000
2,108,265
144A,7.875%,
12/15/29
2,487,000
2,621,064
144A,7.125%,
11/15/30
2,334,000
2,387,007
144A,5.75%,
9/15/31
2,032,000
1,958,575
144A,6.875%,
5/15/32
3,000,000
3,016,785
144A,6.875%,
2/15/33
3,232,000
3,253,396
PHH
Escrow
Issuer
LLC/PHH
Corp.,144A,9.875%,
11/1/29
1,757,000
1,726,885
PRA
Group,
Inc.,144A,8.875%,
1/31/30
1,984,000
2,036,153
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
144A,2.875%,
10/15/26
4,070,000
3,944,095
144A,3.625%,
3/1/29
2,723,000
2,542,212
144A,3.875%,
3/1/31
4,488,000
4,063,817
144A,4.00%,
10/15/33
(a)
3,184,000
2,753,090
SLM
Corp.
3.125%,
11/2/26
1,741,000
1,700,622
6.50%,
1/31/30
1,825,000
1,883,053
Synchrony
Financial,7.25%,
2/2/33
2,774,000
2,836,628
Principal
Amount
$
Value
$
United
Wholesale
Mortgage
LLC
144A,5.75%,
6/15/27
1,795,000
1,770,474
144A,5.50%,
4/15/29
2,459,000
2,356,051
UWM
Holdings
LLC,144A,6.625%,
2/1/30
2,873,000
2,819,090
(Cost
$203,123,432)
201,027,769
Insurance
—
2.9%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
144A,8.25%,
2/1/29
3,500,000
3,622,220
144A,4.25%,
2/15/29
2,544,000
2,440,020
144A,8.50%,
6/15/29
1,845,000
1,929,778
144A,6.00%,
8/1/29
1,710,000
1,656,648
144A,7.50%,
11/6/30
3,950,000
4,078,569
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
144A,4.25%,
10/15/27
2,723,000
2,648,068
144A,6.75%,
10/15/27
4,832,000
4,833,791
144A,6.75%,
4/15/28
(a)
4,488,000
4,553,655
144A,5.875%,
11/1/29
1,506,000
1,480,483
144A,7.00%,
1/15/31
5,205,000
5,327,156
144A,6.50%,
10/1/31
3,700,000
3,734,244
144A,7.375%,
10/1/32
2,754,000
2,834,238
AmWINS
Group,
Inc.,144A,6.375%,
2/15/29
2,762,000
2,802,422
Ardonagh
Finco
Ltd.,144A,7.75%,
2/15/31
4,674,000
4,836,309
Ardonagh
Group
Finance
Ltd.,144A,8.875%,
2/15/32
5,534,000
5,723,064
AssuredPartners,
Inc.
144A,5.625%,
1/15/29
1,975,000
1,981,774
144A,7.50%,
2/15/32
1,852,000
1,983,890
FWD
Group
Holdings
Ltd.,144A,8.40%,
4/5/29
(a)
3,150,000
3,268,930
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
144A,7.25%,
2/15/31
3,591,000
3,689,311
144A,8.125%,
2/15/32
1,795,000
1,842,898
HUB
International
Ltd.
144A,5.625%,
12/1/29
2,393,000
2,375,172
144A,7.25%,
6/15/30
11,525,000
12,009,592
144A,7.375%,
1/31/32
6,892,000
7,196,792
Jones
Deslauriers
Insurance
Management,
Inc.
144A,8.50%,
3/15/30
2,603,000
2,735,256
144A,10.50%,
12/15/30
1,845,000
1,980,424
Panther
Escrow
Issuer
LLC,144A,7.125%,
6/1/31
10,772,000
11,150,408
Ryan
Specialty
LLC
144A,4.375%,
2/1/30
1,414,000
1,346,551
144A,5.875%,
8/1/32
4,359,000
4,335,161
(Cost
$107,573,030)
108,396,824
DBX
ETF
Trust
|
15
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Investment
Companies
—
0.5%
HA
Sustainable
Infrastructure
Capital,
Inc.,6.375%,
7/1/34
3,625,000
3,537,540
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.25%,
5/15/27
4,985,000
4,747,580
9.75%,
1/15/29
2,640,000
2,561,407
4.375%,
2/1/29
2,589,000
2,117,069
144A,10.00%,
11/15/29
1,730,000
1,688,555
9.00%,
6/15/30
2,767,000
2,510,985
(Cost
$18,299,412)
17,163,136
Real
Estate
—
0.6%
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.,144A,7.00%,
4/15/30
(a)
2,298,197
2,101,466
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co.-Issuer
Corp.
144A,5.75%,
1/15/29
(a)
2,007,000
1,653,285
144A,5.25%,
4/15/30
1,620,000
1,259,762
Cushman
&
Wakefield
US
Borrower
LLC
144A,6.75%,
5/15/28
2,726,000
2,739,529
144A,8.875%,
9/1/31
1,486,000
1,590,444
Howard
Hughes
Corp.
144A,5.375%,
8/1/28
2,685,000
2,642,276
144A,4.125%,
2/1/29
2,400,000
2,258,123
144A,4.375%,
2/1/31
2,334,000
2,121,690
Hunt
Cos.,
Inc.,144A,5.25%,
4/15/29
2,280,000
2,202,698
Kennedy-Wilson,
Inc.
4.75%,
3/1/29
2,174,000
2,000,273
4.75%,
2/1/30
(a)
2,154,000
1,913,667
5.00%,
3/1/31
(a)
2,154,000
1,869,619
(Cost
$25,924,551)
24,352,832
REITS
—
4.1%
Apollo
Commercial
Real
Estate
Finance,
Inc.,144A,4.625%,
6/15/29
(a)
1,685,000
1,574,656
Blackstone
Mortgage
Trust,
Inc.,144A,7.75%,
12/1/29
1,616,000
1,702,567
Brandywine
Operating
Partnership
LP
3.95%,
11/15/27
1,741,000
1,663,026
8.875%,
4/12/29
1,436,000
1,530,565
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL,144A,4.50%,
4/1/27
1,825,000
1,773,789
Diversified
Healthcare
Trust
4.75%,
2/15/28
(a)
1,861,000
1,714,397
4.375%,
3/1/31
1,790,000
1,483,307
Global
Net
Lease,
Inc.,144A,4.50%,
9/30/28
1,630,000
1,564,442
Principal
Amount
$
Value
$
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP,144A,3.75%,
12/15/27
1,880,000
1,786,078
Hudson
Pacific
Properties
LP
3.95%,
11/1/27
1,436,000
1,257,729
4.65%,
4/1/29
(a)
1,795,000
1,300,840
3.25%,
1/15/30
1,506,000
1,018,363
Iron
Mountain,
Inc.
144A,4.875%,
9/15/27
3,591,000
3,550,689
144A,5.25%,
3/15/28
2,962,000
2,931,366
144A,5.00%,
7/15/28
1,825,000
1,798,601
144A,7.00%,
2/15/29
3,641,000
3,764,168
144A,4.875%,
9/15/29
3,591,000
3,487,791
144A,5.25%,
7/15/30
(a)
4,788,000
4,675,396
144A,4.50%,
2/15/31
4,000,000
3,751,858
144A,5.625%,
7/15/32
(a)
2,154,000
2,103,295
144A,6.25%,
1/15/33
4,309,000
4,352,896
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
144A,4.25%,
2/1/27
2,146,000
2,100,850
144A,4.75%,
6/15/29
2,327,000
2,255,669
144A,7.00%,
7/15/31
1,839,000
1,908,284
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.00%,
10/15/27
(a)
5,146,000
4,501,721
4.625%,
8/1/29
(a)
3,262,000
2,475,362
3.50%,
3/15/31
4,668,000
3,067,289
144A,8.50%,
2/15/32
5,386,000
5,524,846
Office
Properties
Income
Trust,144A,9.00%,
9/30/29
(a)
2,037,000
1,507,380
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
144A,5.875%,
10/1/28
2,603,000
2,566,844
144A,4.875%,
5/15/29
2,793,000
2,643,974
144A,7.00%,
2/1/30
1,975,000
1,990,988
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.,144A,6.375%,
10/15/29
(a)
1,567,000
1,559,569
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
4.75%,
10/15/27
2,538,500
2,510,000
144A,7.25%,
7/15/28
1,493,000
1,540,327
144A,4.50%,
2/15/29
2,301,000
2,223,257
144A,6.50%,
4/1/32
3,513,000
3,563,535
Rithm
Capital
Corp.,144A,8.00%,
4/1/29
2,783,000
2,792,763
RLJ
Lodging
Trust
LP
144A,3.75%,
7/1/26
1,690,000
1,664,314
144A,4.00%,
9/15/29
1,905,000
1,743,451
SBA
Communications
Corp.
3.875%,
2/15/27
5,531,000
5,426,936
16
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
3.125%,
2/1/29
(a)
5,513,000
5,133,162
Service
Properties
Trust
4.75%,
10/1/26
1,677,000
1,651,774
4.95%,
2/15/27
1,604,000
1,548,639
5.50%,
12/15/27
1,605,000
1,550,165
3.95%,
1/15/28
(a)
1,536,000
1,373,538
8.375%,
6/15/29
2,514,000
2,548,819
4.95%,
10/1/29
1,486,000
1,242,783
4.375%,
2/15/30
(a)
1,364,000
1,101,095
144A,8.625%,
11/15/31
3,637,000
3,876,373
8.875%,
6/15/32
(a)
1,878,000
1,879,403
Starwood
Property
Trust,
Inc.
144A,3.625%,
7/15/26
1,436,000
1,403,170
144A,4.375%,
1/15/27
(a)
1,795,000
1,764,299
144A,7.25%,
4/1/29
2,154,000
2,241,937
144A,6.00%,
4/15/30
1,436,000
1,432,866
144A,6.50%,
7/1/30
1,795,000
1,821,796
144A,6.50%,
10/15/30
1,806,000
1,832,187
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC,144A,6.00%,
1/15/30
2,513,000
2,291,742
Uniti
Group
LP
/
Uniti
Group
Finance
2019,
Inc.
/
CSL
Capital
LLC
144A,10.50%,
2/15/28
10,064,000
10,682,976
144A,4.75%,
4/15/28
1,918,000
1,866,865
144A,6.50%,
2/15/29
(a)
3,982,000
3,758,028
(Cost
$159,186,063)
153,354,795
Industrial
—
10.2%
Aerospace/Defense
—
2.2%
Bombardier,
Inc.
144A,7.875%,
4/15/27
2,251,000
2,262,752
144A,6.00%,
2/15/28
2,693,000
2,692,922
144A,7.50%,
2/1/29
2,713,000
2,810,080
144A,8.75%,
11/15/30
2,693,000
2,893,785
144A,7.25%,
7/1/31
2,818,000
2,909,588
144A,7.00%,
6/1/32
2,693,000
2,757,538
Spirit
AeroSystems,
Inc.
4.60%,
6/15/28
2,544,000
2,482,406
144A,9.375%,
11/30/29
3,291,000
3,508,377
144A,9.75%,
11/15/30
4,359,000
4,818,939
TransDigm,
Inc.
144A,6.75%,
8/15/28
7,558,000
7,698,594
4.625%,
1/15/29
4,572,000
4,431,341
144A,6.375%,
3/1/29
9,970,000
10,144,943
4.875%,
5/1/29
(a)
2,722,000
2,637,405
144A,6.875%,
12/15/30
5,267,000
5,435,244
144A,7.125%,
12/1/31
3,450,000
3,573,168
144A,6.625%,
3/1/32
7,899,000
8,078,742
144A,6.00%,
1/15/33
5,489,000
5,435,384
144A,6.375%,
5/31/33
9,600,000
9,508,807
(Cost
$84,046,191)
84,080,015
Principal
Amount
$
Value
$
Building
Materials
—
2.2%
Builders
FirstSource,
Inc.
144A,5.00%,
3/1/30
1,913,000
1,853,994
144A,4.25%,
2/1/32
4,668,000
4,238,682
144A,6.375%,
6/15/32
2,465,000
2,490,040
144A,6.375%,
3/1/34
3,700,000
3,691,051
144A,6.75%,
5/15/35
2,700,000
2,718,738
Camelot
Return
Merger
Sub,
Inc.,144A,8.75%,
8/1/28
2,549,000
2,258,121
Cornerstone
Building
Brands,
Inc.,144A,9.50%,
8/15/29
1,795,000
1,596,560
EMRLD
Borrower
LP
/
Emerald
Co.-Issuer,
Inc.,144A,6.75%,
7/15/31
1,955,000
2,002,313
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.,144A,6.625%,
12/15/30
9,956,000
10,069,136
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC,144A,6.75%,
4/1/32
2,614,000
2,635,309
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.,144A,5.50%,
2/1/30
(a)
1,795,000
1,659,369
Quikrete
Holdings,
Inc.
144A,6.375%,
3/1/32
14,203,000
14,442,775
144A,6.75%,
3/1/33
(a)
5,446,000
5,530,691
Smyrna
Ready
Mix
Concrete
LLC
144A,6.00%,
11/1/28
3,864,000
3,810,611
144A,8.875%,
11/15/31
4,100,000
4,213,861
Standard
Building
Solutions,
Inc.,144A,6.50%,
8/15/32
3,640,000
3,699,157
Standard
Industries,
Inc.
144A,5.00%,
2/15/27
3,111,000
3,091,756
144A,4.75%,
1/15/28
3,850,000
3,782,877
144A,4.375%,
7/15/30
5,745,000
5,395,876
144A,3.375%,
1/15/31
3,950,000
3,498,216
(Cost
$84,487,165)
82,679,133
Electrical
Components
&
Equipment
—
0.5%
Energizer
Holdings,
Inc.
144A,4.75%,
6/15/28
2,105,000
2,031,831
144A,4.375%,
3/31/29
2,846,000
2,676,604
WESCO
Distribution,
Inc.
144A,7.25%,
6/15/28
4,930,000
4,991,354
144A,6.375%,
3/15/29
3,232,000
3,303,110
144A,6.625%,
3/15/32
3,052,000
3,128,240
144A,6.375%,
3/15/33
2,870,000
2,925,400
(Cost
$19,425,777)
19,056,539
Electronics
—
0.5%
Imola
Merger
Corp.,144A,4.75%,
5/15/29
7,251,000
6,952,362
Sensata
Technologies
BV
144A,4.00%,
4/15/29
(a)
3,591,000
3,374,468
144A,5.875%,
9/1/30
1,795,000
1,776,767
DBX
ETF
Trust
|
17
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Sensata
Technologies,
Inc.
144A,4.375%,
2/15/30
1,516,000
1,427,017
144A,3.75%,
2/15/31
2,781,000
2,472,303
144A,6.625%,
7/15/32
1,795,000
1,812,483
(Cost
$18,420,939)
17,815,400
Engineering
&
Construction
—
0.6%
Aeropuertos
Dominicanos
Siglo
XXI
SA,144A,7.00%,
6/30/34
1,795,000
1,821,683
Arcosa,
Inc.
144A,4.375%,
4/15/29
1,436,000
1,369,854
144A,6.875%,
8/15/32
2,184,000
2,241,033
Brand
Industrial
Services,
Inc.,144A,10.375%,
8/1/30
5,183,000
4,655,248
Fluor
Corp.,4.25%,
9/15/28
1,922,000
1,874,959
HTA
Group
Ltd./
Mauritius,144A,7.50%,
6/4/29
2,944,000
3,005,883
IHS
Holding
Ltd.
144A,6.25%,
11/29/28
1,750,000
1,692,398
144A,7.875%,
5/29/30
1,975,000
1,956,711
144A,8.25%,
11/29/31
2,351,000
2,343,865
(Cost
$21,635,158)
20,961,634
Environmental
Control
—
0.7%
Clean
Harbors,
Inc.,144A,6.375%,
2/1/31
(a)
1,835,000
1,868,472
GFL
Environmental,
Inc.
144A,4.00%,
8/1/28
2,693,000
2,590,919
144A,4.75%,
6/15/29
2,675,000
2,611,475
144A,4.375%,
8/15/29
1,975,000
1,898,251
144A,6.75%,
1/15/31
3,621,000
3,760,586
Madison
IAQ
LLC
144A,4.125%,
6/30/28
2,392,000
2,303,875
144A,5.875%,
6/30/29
3,998,000
3,870,686
Reworld
Holding
Corp.,5.00%,
9/1/30
1,405,000
1,313,143
Waste
Pro
USA,
Inc.,144A,7.00%,
2/1/33
3,100,000
3,186,270
Wrangler
Holdco
Corp.,144A,6.625%,
4/1/32
1,795,000
1,852,476
(Cost
$25,393,229)
25,256,153
Machinery-Construction
&
Mining
—
0.1%
Terex
Corp.
144A,5.00%,
5/15/29
2,241,000
2,160,883
144A,6.25%,
10/15/32
2,625,000
2,583,496
(Cost
$4,777,722)
4,744,379
Machinery-Diversified
—
0.4%
Husky
Injection
Molding
Systems
Ltd.
/
Titan
Co.-
Borrower
LLC,144A,9.00%,
2/15/29
3,513,000
3,594,709
Maxim
Crane
Works
Holdings
Capital
LLC,144A,11.50%,
9/1/28
1,795,000
1,841,393
Principal
Amount
$
Value
$
SPX
FLOW,
Inc.,144A,8.75%,
4/1/30
1,809,000
1,863,545
TK
Elevator
Holdco
GmbH,144A,7.625%,
7/15/28
1,831,000
1,834,948
TK
Elevator
US
Newco,
Inc.,144A,5.25%,
7/15/27
5,601,000
5,551,471
(Cost
$14,921,327)
14,686,066
Miscellaneous
Manufacturing
—
0.3%
Axon
Enterprise,
Inc.
144A,6.125%,
3/15/30
3,363,000
3,438,332
144A,6.25%,
3/15/33
2,872,000
2,921,048
Hillenbrand,
Inc.,6.25%,
2/15/29
(a)
1,868,000
1,876,782
Trinity
Industries,
Inc.,144A,7.75%,
7/15/28
2,154,000
2,239,718
(Cost
$10,416,586)
10,475,880
Packaging
&
Containers
—
2.2%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
144A,6.00%,
6/15/27
2,139,000
2,145,723
144A,3.25%,
9/1/28
(a)
2,279,000
2,097,658
144A,4.00%,
9/1/29
(a)
3,771,000
3,349,564
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
144A,4.125%,
8/15/26
(a)
4,311,000
3,923,010
144A,5.25%,
8/15/27
(a)
3,690,000
1,682,326
144A,5.25%,
8/15/27
(a)
2,875,000
1,310,756
Ball
Corp.
6.875%,
3/15/28
2,693,000
2,759,800
6.00%,
6/15/29
3,541,000
3,615,552
2.875%,
8/15/30
4,728,000
4,193,949
3.125%,
9/15/31
(a)
3,052,000
2,678,801
Canpack
SA
/
Canpack
US
LLC,144A,3.875%,
11/15/29
2,950,000
2,712,071
Clydesdale
Acquisition
Holdings,
Inc.
144A,6.875%,
1/15/30
1,752,000
1,778,806
144A,6.75%,
4/15/32
5,261,000
5,320,597
Crown
Americas
LLC,5.25%,
4/1/30
1,817,000
1,811,528
Graphic
Packaging
International
LLC
144A,3.50%,
3/15/28
1,757,000
1,668,079
144A,3.75%,
2/1/30
1,400,000
1,291,833
144A,6.375%,
7/15/32
1,830,000
1,834,990
LABL,
Inc.
144A,5.875%,
11/1/28
1,795,000
1,533,579
144A,8.25%,
11/1/29
(a)
1,652,000
1,337,088
144A,8.625%,
10/1/31
(a)
3,461,000
2,868,327
Mauser
Packaging
Solutions
Holding
Co.
144A,7.875%,
4/15/27
9,434,000
9,535,283
18
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,9.25%,
4/15/27
(a)
4,969,000
4,899,087
OI
European
Group
BV,144A,4.75%,
2/15/30
1,436,000
1,353,310
Owens-Brockway
Glass
Container,
Inc.
144A,6.625%,
5/13/27
2,083,000
2,085,443
144A,7.25%,
5/15/31
(a)
2,478,000
2,485,330
Sealed
Air
Corp.
144A,4.00%,
12/1/27
1,516,000
1,471,422
144A,6.125%,
2/1/28
2,833,000
2,866,463
144A,5.00%,
4/15/29
1,556,000
1,528,848
144A,7.25%,
2/15/31
1,807,000
1,890,453
144A,6.50%,
7/15/32
(a)
1,464,000
1,500,528
Silgan
Holdings,
Inc.,4.125%,
2/1/28
2,088,000
2,029,529
(Cost
$87,257,665)
81,559,733
Transportation
—
0.2%
Brightline
East
LLC,144A,11.00%,
1/31/30
(a)
4,017,000
2,895,915
Seaspan
Corp.,144A,5.50%,
8/1/29
2,693,000
2,485,528
XPO,
Inc.
144A,7.125%,
6/1/31
1,616,000
1,674,189
144A,7.125%,
2/1/32
2,121,000
2,202,803
(Cost
$10,150,737)
9,258,435
Trucking
&
Leasing
—
0.3%
Fortress
Transportation
and
Infrastructure
Investors
LLC
144A,5.50%,
5/1/28
3,450,000
3,423,754
144A,7.875%,
12/1/30
1,795,000
1,887,495
144A,7.00%,
5/1/31
2,514,000
2,576,604
144A,7.00%,
6/15/32
2,873,000
2,939,162
144A,5.875%,
4/15/33
1,930,000
1,865,024
(Cost
$12,726,221)
12,692,039
Technology
—
4.2%
Computers
—
0.8%
Amentum
Holdings,
Inc.,144A,7.25%,
8/1/32
3,679,000
3,756,053
CA
Magnum
Holdings,144A,5.375%,
10/31/26
3,717,000
3,679,865
McAfee
Corp.,144A,7.375%,
2/15/30
(a)
7,253,000
6,714,624
NCR
Atleos
Corp.,144A,9.50%,
4/1/29
4,893,000
5,347,780
NCR
Voyix
Corp.
144A,5.00%,
10/1/28
2,275,000
2,245,677
144A,5.125%,
4/15/29
1,423,000
1,388,244
Seagate
HDD
Cayman
4.091%,
6/1/29
1,725,000
1,651,321
8.25%,
12/15/29
1,795,000
1,914,619
8.50%,
7/15/31
1,795,000
1,918,064
Principal
Amount
$
Value
$
9.625%,
12/1/32
2,694,017
3,059,878
(Cost
$32,227,791)
31,676,125
Office/Business
Equipment
—
0.2%
Xerox
Corp.,144A,10.25%,
10/15/30
1,436,000
1,477,410
Xerox
Holdings
Corp.
144A,5.50%,
8/15/28
2,693,000
1,892,005
144A,8.875%,
11/30/29
(a)
1,798,000
1,213,529
Xerox
Issuer
Corp.,144A,13.50%,
4/15/31
1,845,000
1,845,229
(Cost
$7,672,279)
6,428,173
Semiconductors
—
0.4%
ams-OSRAM
AG,144A,12.25%,
3/30/29
1,436,000
1,499,448
Entegris,
Inc.
144A,4.375%,
4/15/28
1,436,000
1,387,653
144A,4.75%,
4/15/29
5,870,000
5,703,581
144A,3.625%,
5/1/29
1,424,000
1,329,234
144A,5.95%,
6/15/30
(a)
3,214,000
3,218,866
ON
Semiconductor
Corp.,144A,3.875%,
9/1/28
(a)
2,534,000
2,422,361
(Cost
$15,670,996)
15,561,143
Software
—
2.8%
AthenaHealth
Group,
Inc.,144A,6.50%,
2/15/30
(a)
8,438,000
8,137,375
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co.,
Inc.,144A,8.00%,
6/15/29
2,771,000
2,485,165
Central
Parent,
Inc.
/
CDK
Global,
Inc.,144A,7.25%,
6/15/29
2,723,000
2,414,687
Cloud
Software
Group,
Inc.
144A,6.50%,
3/31/29
14,363,000
14,358,833
144A,9.00%,
9/30/29
14,030,000
14,371,336
144A,8.25%,
6/30/32
6,613,000
6,960,262
Fair
Isaac
Corp.
144A,4.00%,
6/15/28
3,232,000
3,113,776
144A,6.00%,
5/15/33
5,400,000
5,403,305
Helios
Software
Holdings,
Inc.
/
ION
Corporate
Solutions
Finance
SARL,144A,8.75%,
5/1/29
2,514,000
2,554,913
Open
Text
Corp.
144A,3.875%,
2/15/28
3,232,000
3,098,784
144A,3.875%,
12/1/29
3,052,000
2,843,742
Open
Text
Holdings,
Inc.
144A,4.125%,
2/15/30
3,330,000
3,112,287
144A,4.125%,
12/1/31
2,267,000
2,056,211
RingCentral,
Inc.,144A,8.50%,
8/15/30
1,436,000
1,517,815
ROBLOX
Corp.,144A,3.875%,
5/1/30
3,706,000
3,450,394
DBX
ETF
Trust
|
19
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Rocket
Software,
Inc.
144A,9.00%,
11/28/28
2,873,000
2,967,085
144A,6.50%,
2/15/29
2,176,000
2,114,826
SS&C
Technologies,
Inc.
144A,5.50%,
9/30/27
7,181,000
7,177,480
144A,6.50%,
6/1/32
2,689,000
2,763,074
Twilio,
Inc.
3.625%,
3/15/29
1,735,000
1,634,574
3.875%,
3/15/31
1,811,000
1,669,789
UKG,
Inc.,144A,6.875%,
2/1/31
(a)
8,977,000
9,255,826
West
Technology
Group
LLC,144A,8.50%,
4/10/27
1,603,000
480,900
(Cost
$105,157,813)
103,942,439
Utilities
—
3.6%
Electric
—
3.1%
Alpha
Generation
LLC,144A,6.75%,
10/15/32
3,510,000
3,581,625
Calpine
Corp.
144A,4.50%,
2/15/28
4,538,000
4,453,733
144A,5.125%,
3/15/28
5,027,000
4,986,447
144A,4.625%,
2/1/29
2,354,000
2,295,672
144A,5.00%,
2/1/31
3,052,000
2,962,569
144A,3.75%,
3/1/31
3,232,000
3,002,038
Clearway
Energy
Operating
LLC
144A,4.75%,
3/15/28
3,052,000
2,984,143
144A,3.75%,
2/15/31
3,321,000
3,000,083
Continuum
Energy
Aura
Pte
Ltd.,144A,9.50%,
2/24/27
1,497,000
1,536,642
ContourGlobal
Power
Holdings
SA,144A,6.75%,
2/28/30
1,956,000
1,983,951
Lightning
Power
LLC,144A,7.25%,
8/15/32
5,536,000
5,807,711
NRG
Energy,
Inc.
5.75%,
1/15/28
3,023,000
3,035,700
144A,3.375%,
2/15/29
1,820,000
1,701,583
144A,5.25%,
6/15/29
2,680,000
2,650,120
144A,5.75%,
7/15/29
2,953,000
2,935,956
144A,3.625%,
2/15/31
3,698,000
3,356,709
144A,6.00%,
2/1/33
3,506,000
3,476,749
144A,6.25%,
11/1/34
(a)
3,307,000
3,310,832
PG&E
Corp.
5.00%,
7/1/28
3,791,000
3,701,275
5.25%,
7/1/30
3,631,000
3,525,870
Pike
Corp.
144A,5.50%,
9/1/28
2,453,000
2,435,202
144A,8.625%,
1/31/31
1,588,000
1,712,388
Saavi
Energia
Sarl,144A,8.875%,
2/10/35
(a)
4,050,000
4,148,213
Talen
Energy
Supply
LLC,144A,8.625%,
6/1/30
4,216,000
4,505,120
TransAlta
Corp.,7.75%,
11/15/29
1,436,000
1,497,090
Principal
Amount
$
Value
$
Vistra
Operations
Co.
LLC
144A,5.50%,
9/1/26
3,431,000
3,436,273
144A,5.625%,
2/15/27
4,548,000
4,547,829
144A,5.00%,
7/31/27
4,788,000
4,777,037
144A,4.375%,
5/1/29
(a)
4,496,000
4,349,197
144A,7.75%,
10/15/31
5,207,000
5,524,434
144A,6.875%,
4/15/32
3,739,000
3,892,176
XPLR
Infrastructure
Operating
Partners
LP
144A,3.875%,
10/15/26
(a)
1,915,000
1,861,771
144A,4.50%,
9/15/27
2,006,000
1,941,821
144A,7.25%,
1/15/29
(a)
2,693,000
2,708,342
144A,8.375%,
1/15/31
(a)
2,887,000
3,016,756
144A,8.625%,
3/15/33
(a)
3,402,000
3,571,403
(Cost
$119,827,493)
118,214,460
Gas
—
0.5%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp.
5.875%,
8/20/26
4,434,000
4,494,480
5.75%,
5/20/27
1,938,000
1,897,779
144A,9.375%,
6/1/28
1,770,000
1,788,730
Venture
Global
Plaquemines
LNG
LLC
144A,7.50%,
5/1/33
4,681,000
4,893,227
144A,7.75%,
5/1/35
4,608,000
4,856,537
(Cost
$17,890,690)
17,930,753
TOTAL
CORPORATE
BONDS
(Cost
$3,823,736,688)
3,686,725,608
Number
of
Shares
SECURITIES
LENDING
COLLATERAL
—
10.6%
DWS
Government
&
Agency
Securities
Portfolio
“DWS
Government
Cash
Institutional
Shares",
4.22%
(b)(c)
(Cost
$397,971,988)
397,971,988
397,971,988
CASH
EQUIVALENTS
—
0.9%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(b)
(Cost
$32,502,144)
32,502,144
32,502,144
TOTAL
INVESTMENTS
—
109.5%
(Cost
$4,254,210,820)  
4,117,199,740
Other
assets
and
liabilities,
net
—
(9.5%)
(356,686,182)
NET
ASSETS
—
100.0%
3,760,513,558
20
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
or
liquidity
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
May
31,
2025
in
valuing
the
Fund’s
investments.
The
brand
DWS
represents
DWS
Group
GmbH
&
Co.
KGaA
and
any
of
its
subsidiaries
such
as
DWS
Distributors,
Inc.
which
offers
investment
products
or
DWS
Investment
Management
Americas
Inc.
and
RREEF
America
L.L.C.
which
offer
advisory
services.
HYLB-PH3
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period ended
May
31,
2025
is
as
follows:
Value
($)
at
8/31/2024
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Realized
Gain/(Loss)
($)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
($)
Income
($)
Capital
Gain
Distributions
($)
Number
of
Shares
at
5/31/2025
Value
($)
at
5/31/2025
SECURITIES
LENDING
COLLATERAL
—
10.6%
DWS
Government
&
Agency
Securities
Portfolio
“DWS
Government
Cash
Institutional
Shares",
4.22%
(b)(c)
238,972,214
158,999,774
(d)
—
—
—
2,033,948
—
397,971,988
397,971,988
CASH
EQUIVALENTS
—
0.9%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(b)
40,830,834
314,405,338
(322,734,028)
—
—
1,021,909
—
32,502,144
32,502,144
279,803,048
473,405,112
(322,734,028)
—
—
3,055,857
—
430,474,132
430,474,132
(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
May
31,
2025
amounted
to
$387,506,782,
which
is
10.3%
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
May
31,
2025.
REIT:
Real
Estate
Investment
Trust
REGS:
Securities
sold
under
Regulation
S
may
not
be
offered,
sold
or
delivered
within
the
United
States
or
to,
or
for
the
account
or
benefit
of,
U.S.
persons,
except
pursuant
to
an
exemption
from,
or
in
a
transaction
not
subject
to,
the
registration
requirements
of
the
Securities
Act
of
1933.
144A:
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
Assets
Level
1
Level
2
Level
3
Total
Corporate
Bonds
(a)
$
—
$
3,686,725,608
$
—
$
3,686,725,608
Short-Term
Investments
(a)
430,474,132
—
—
430,474,132
TOTAL
$
430,474,132
$
3,686,725,608
$
—
$
4,117,199,740
(a)
See
Schedule
of
Investments
for
additional
detailed
categorizations.