DBX
ETF
Trust
|
1
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
COMMON
STOCKS
—
98.0%
Australia
—
0.0%
MMG
Ltd.
*
(Cost
$6,792)
20,174
7,487
Brazil
—
2.9%
B3
SA
—
Brasil
Bolsa
Balcao
34,509
83,984
Banco
Bradesco
SA
10,579
25,801
Banco
BTG
Pactual
S.A
9,816
67,728
Banco
do
Brasil
SA
6,717
27,444
Banco
Santander
Brasil
SA
2,119
10,991
BB
Seguridade
Participacoes
SA
4,713
30,841
Caixa
Seguridade
Participacoes
S/A
3,857
10,140
Centrais
Eletricas
Brasileiras
SA
6,160
45,093
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
1,578
32,314
Companhia
Paranaense
de
Energia
3,418
6,953
Energisa
SA
1,822
15,098
Equatorial
Energia
SA
3,679
23,523
Hapvida
Participacoes
e
Investimentos
SA,
144A
*
25,418
12,682
Itau
Unibanco
Holding
SA
2,887
16,807
Klabin
SA
4,516
14,426
Localiza
Rent
a
Car
SA
4,031
30,211
Lojas
Renner
SA
7,759
24,582
Motiva
Infraestrutura
de
Mobilidade
SA
7,481
17,593
Natura
&
Co.
Holding
SA
*
5,849
10,684
NU
Holdings
Ltd.,
Class
A
*
19,022
228,454
Pagseguro
Digital
Ltd.,
Class
A
1,854
16,519
Porto
Seguro
SA
165
1,499
Raia
Drogasil
SA
8,375
21,697
Rede
D'Or
Sao
Luiz
SA,
144A
6,587
43,415
Rumo
SA
*
8,231
27,025
StoneCo
Ltd.,
Class
A
*
1,841
25,130
Suzano
SA
4,453
38,571
Telefonica
Brasil
SA
5,896
29,480
TIM
SA
5,896
20,047
TOTVS
SA
3,107
22,880
WEG
SA
5,064
37,414
XP,
Inc.,
Series
BDR
1,418
27,536
XP,
Inc.,
Class
A
1,010
19,554
(Cost
$1,095,239)
1,066,116
Chile
—
0.4%
Banco
de
Chile
169,214
24,918
Banco
de
Credito
e
Inversiones
SA
674
26,026
Banco
Santander
Chile
261,915
15,619
Cencosud
SA
8,006
27,580
Cia
Sud
Americana
de
Vapores
SA
127,148
6,962
Empresas
CMPC
SA
5,546
8,859
Number
of
Shares
Value
$
Falabella
SA
4,117
19,662
Latam
Airlines
Group
SA
477,002
9,083
(Cost
$87,043)
138,709
China
—
31.0%
360
Security
Technology,
Inc.,
Class
A
5,005
6,950
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
1,738
3,540
AAC
Technologies
Holdings,
Inc.
2,801
13,020
Accelink
Technologies
Co.
Ltd.,
Class
A
823
4,708
ACM
Research
Shanghai,
Inc.,
Class
A
290
4,080
Advanced
Micro-Fabrication
Equipment,
Inc.,
China,
Class
A
*
305
7,412
Agricultural
Bank
of
China
Ltd.,
Class
A
28,167
21,629
Agricultural
Bank
of
China
Ltd.,
Class
H
108,819
69,941
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
5,688
9,802
Aisino
Corp.,
Class
A
3,361
4,084
Akeso,
Inc.,
144A
*
3,383
36,153
Alibaba
Group
Holding
Ltd.
95,643
1,389,233
Amlogic
Shanghai
Co.
Ltd.,
Class
A
*
557
5,170
Angel
Yeast
Co.
Ltd.,
Class
A
*
659
3,486
Anhui
Expressway
Co.
Ltd.,
Class
A
580
1,458
Anhui
Expressway
Co.
Ltd.,
Class
H
3,745
5,836
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
529
7,492
ANTA
Sports
Products
Ltd.
4,892
59,547
Apeloa
Pharmaceutical
Co.
Ltd.,
Class
A
2,104
4,090
APT
Medical,
Inc.,
Class
A
89
4,900
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.,
Class
A
*
1,048
4,220
ASR
Microelectronics
Co.
Ltd.,
Class
A
*
678
7,089
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
512
6,699
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H,
144A
712
6,665
Atour
Lifestyle
Holdings
Ltd.,
ADR
440
13,776
Autobio
Diagnostics
Co.
Ltd.,
Class
A
733
3,974
Autohome,
Inc.,
ADR
487
11,941
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
1,244
4,883
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A
*
4,536
4,554
2
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Baidu,
Inc.,
Class
A
*
13,290
138,382
Bank
of
Beijing
Co.
Ltd.,
Class
A
8,897
7,783
Bank
of
Changsha
Co.
Ltd.,
Class
A
2,971
4,047
Bank
of
Chengdu
Co.
Ltd.,
Class
A
1,993
5,366
Bank
of
China
Ltd.,
Class
A
13,222
10,135
Bank
of
China
Ltd.,
Class
H
296,736
172,557
Bank
of
Chongqing
Co.
Ltd.,
Class
A
1,855
2,882
Bank
of
Chongqing
Co.
Ltd.,
Class
H
4,267
4,402
Bank
of
Communications
Co.
Ltd.,
Class
A
15,070
15,904
Bank
of
Communications
Co.
Ltd.,
Class
H
26,873
23,544
Bank
of
Guiyang
Co.
Ltd.,
Class
A
1,789
1,515
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
2,489
5,758
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
6,893
10,509
Bank
of
Nanjing
Co.
Ltd.,
Class
A
3,956
6,295
Bank
of
Ningbo
Co.
Ltd.,
Class
A
2,543
9,432
Bank
of
Shanghai
Co.
Ltd.,
Class
A
3,680
5,406
Bank
of
Suzhou
Co.
Ltd.,
Class
A
2,130
2,579
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A
*
15,408
4,236
Bank
of
Zhengzhou
Co.
Ltd.,
Class
H,
144A
*
39,879
4,933
Beijing
Capital
Eco-Environment
Protection
Group
Co.
Ltd.,
Class
A
7,420
3,287
Beijing
Compass
Technology
Development
Co.
Ltd.,
Class
A
*
696
5,622
Beijing
E-Hualu
Information
Technology
Co.
Ltd.,
Class
A
*
2,228
6,676
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
*
3,207
7,802
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.,
Class
A
380
7,150
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
274
10,721
Beijing
Originwater
Technology
Co.
Ltd.,
Class
A
5,098
3,221
Beijing
Roborock
Technology
Co.
Ltd.,
Class
A
157
4,959
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
4,321
4,872
Beijing
Sinnet
Technology
Co.
Ltd.,
Class
A
2,576
4,657
Beijing
Tiantan
Biological
Products
Corp.
Ltd.,
Class
A
1,856
4,930
Beijing
Tong
Ren
Tang
Co.
Ltd.,
Class
A
917
4,839
Beijing
Ultrapower
Software
Co.
Ltd.,
Class
A
1,574
2,310
Number
of
Shares
Value
$
Beijing
United
Information
Technology
Co.
Ltd.,
Class
A
943
2,982
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
670
6,447
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
22,487
18,298
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
*
832
6,323
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
754
5,965
BGI
Genomics
Co.
Ltd.,
Class
A
519
3,706
Bilibili,
Inc.,
Class
Z
*
1,896
35,567
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
401
2,809
BOC
International
China
Co.
Ltd.,
Class
A
4,205
5,775
BOE
Technology
Group
Co.
Ltd.,
Class
A
8,074
4,260
BTG
Hotels
Group
Co.
Ltd.,
Class
A
2,158
4,387
BYD
Co.
Ltd.,
Class
A
175
8,561
BYD
Co.
Ltd.,
Class
H
5,800
290,534
By-health
Co.
Ltd.,
Class
A
1,472
2,387
Caida
Securities
Co.
Ltd.,
Class
A
4,385
3,909
Caitong
Securities
Co.
Ltd.,
Class
A
5,915
6,053
Cambricon
Technologies
Corp.
Ltd.,
Class
A
*
103
8,634
Capital
Securities
Co.
Ltd.,
Class
A
1,511
3,938
Cathay
Biotech,
Inc.,
Class
A
465
3,048
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
5,914
3,564
CECEP
Wind-Power
Corp.,
Class
A
11,265
4,583
CETC
Cyberspace
Security
Technology
Co.
Ltd.,
Class
A
1,352
3,019
CGN
Power
Co.
Ltd.,
Class
A
14,767
7,525
CGN
Power
Co.
Ltd.,
Class
H,
144A
69,144
22,661
Changchun
High-Tech
Industry
Group
Co.
Ltd.,
Class
A
*
493
7,158
Changjiang
Securities
Co.
Ltd.,
Class
A
6,946
6,317
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.,
Class
A
171
3,319
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
1,488
6,756
Chengdu
Xingrong
Environment
Co.
Ltd.,
Class
A
5,098
5,175
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
*
1,711
2,661
Chifeng
Jilong
Gold
Mining
Co.
Ltd.,
Class
A
*
1,531
5,583
DBX
ETF
Trust
|
3
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
China
Baoan
Group
Co.
Ltd.,
Class
A
3,218
3,584
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
61,761
8,191
China
CITIC
Bank
Corp.
Ltd.,
Class
A
4,187
4,628
China
CITIC
Bank
Corp.
Ltd.,
Class
H
37,985
33,473
China
CITIC
Financial
Asset
Management
Co.
Ltd.,
Class
H,
144A
*
133,125
14,600
China
Communications
Services
Corp.
Ltd.,
Class
H
12,796
7,376
China
Construction
Bank
Corp.,
Class
A
4,158
5,214
China
Construction
Bank
Corp.,
Class
H
332,356
298,383
China
Enterprise
Co.
Ltd.,
Class
A
12,038
4,764
China
Everbright
Bank
Co.
Ltd.,
Class
A
14,997
8,267
China
Everbright
Bank
Co.
Ltd.,
Class
H
37,819
17,507
China
Feihe
Ltd.,
144A
12,987
10,086
China
Film
Co.
Ltd.,
Class
A
3,104
4,439
China
Galaxy
Securities
Co.
Ltd.,
Class
A
4,286
9,409
China
Galaxy
Securities
Co.
Ltd.,
Class
H
25,049
24,214
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
5,387
5,999
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
*
3,445
6,965
China
Green
Electricity
Investment
of
Tianjin
Co.
Ltd.,
Class
A
3,707
4,401
China
International
Capital
Corp.
Ltd.,
Class
A
2,145
9,856
China
International
Capital
Corp.
Ltd.,
Class
H,
144A
10,232
19,103
China
Life
Insurance
Co.
Ltd.,
Class
A
1,065
5,662
China
Life
Insurance
Co.
Ltd.,
Class
H
26,997
55,016
China
Literature
Ltd.,
144A
*
3,466
11,846
China
Merchants
Bank
Co.
Ltd.,
Class
A
6,248
37,679
China
Merchants
Bank
Co.
Ltd.,
Class
H
13,228
82,490
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
3,838
6,752
China
Merchants
Securities
Co.
Ltd.,
Class
A
3,209
7,210
China
Merchants
Securities
Co.
Ltd.,
Class
H,
144A
5,352
8,190
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
4,712
5,679
Number
of
Shares
Value
$
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
16,156
9,759
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
30,910
15,886
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
4,236
5,635
China
National
Software
&
Service
Co.
Ltd.,
Class
A
*
1,011
6,178
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
1,973
9,433
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
8,516
26,607
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H,
144A
3,397
1,378
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.,
Class
A
603
2,837
China
Reinsurance
Group
Corp.,
Class
H
40,993
5,280
China
Resources
Double
Crane
Pharmaceutical
Co.
Ltd.,
Class
A
820
2,221
China
Resources
Microelectronics
Ltd.,
Class
A
65
430
China
Resources
Mixc
Lifestyle
Services
Ltd.,
144A
3,173
15,113
China
Resources
Pharmaceutical
Group
Ltd.,
144A
11,584
7,608
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
1,204
7,181
China
Science
Publishing
&
Media
Ltd.,
Class
A
1,522
4,280
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
2,233
4,307
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
13,850
8,250
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
1,177
9,903
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H,
144A
1,013
6,433
China
Tower
Corp.
Ltd.,
Class
H,
144A
15,070
22,370
China
United
Network
Communications
Ltd.,
Class
A
10,006
7,447
China
Vanke
Co.
Ltd.,
Class
A
*
6,317
5,824
China
Vanke
Co.
Ltd.,
Class
H
*
10,805
7,069
China
World
Trade
Center
Co.
Ltd.,
Class
A
340
1,018
China
Yangtze
Power
Co.
Ltd.,
Class
A
11,740
49,232
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.,
Class
A
744
4,745
China
Zheshang
Bank
Co.
Ltd.,
Class
A
14,067
6,290
China
Zheshang
Bank
Co.
Ltd.,
Class
H
27,721
10,146
Chinalin
Securities
Co.
Ltd.,
Class
A
2,075
3,898
4
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Chinese
Universe
Publishing
and
Media
Group
Co.
Ltd.,
Class
A
3,020
4,441
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
4,583
4,614
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
11,955
9,864
Chongqing
Taiji
Industry
Group
Co.
Ltd.,
Class
A
708
2,087
Chongqing
Water
Group
Co.
Ltd.,
Class
A
4,510
3,012
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
792
2,105
Chow
Tai
Seng
Jewellery
Co.
Ltd.,
Class
A
480
1,000
CITIC
Securities
Co.
Ltd.,
Class
A
4,893
17,339
CITIC
Securities
Co.
Ltd.,
Class
H
11,920
30,220
CNPC
Capital
Co.
Ltd.,
Class
A
7,905
7,453
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
1,598
55,473
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
7,608
2,662
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
H
45,631
5,645
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
5,375
9,281
Country
Garden
Services
Holdings
Co.
Ltd.
16,474
14,034
CSC
Financial
Co.
Ltd.,
Class
A
2,381
7,598
CSC
Financial
Co.
Ltd.,
Class
H,
144A
8,430
9,740
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
1,756
12,657
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
2,302
5,562
DHC
Software
Co.
Ltd.,
Class
A
5,673
7,192
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
767
5,837
Dongxing
Securities
Co.
Ltd.,
Class
A
4,773
6,773
East
Buy
Holding
Ltd.,
144A
*
4,825
7,999
East
Money
Information
Co.
Ltd.,
Class
A
6,866
19,659
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
187
8,309
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
9,165
4,047
Ecovacs
Robotics
Co.
Ltd.,
Class
A
473
3,528
Empyrean
Technology
Co.
Ltd.,
Class
A
430
7,587
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
651
7,979
Everbright
Securities
Co.
Ltd.,
Class
A
3,384
7,645
Everbright
Securities
Co.
Ltd.,
Class
H,
144A
8,989
8,162
Everdisplay
Optronics
Shanghai
Co.
Ltd.,
Class
A
*
12,233
3,992
Number
of
Shares
Value
$
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
3,230
2,072
First
Capital
Securities
Co.
Ltd.,
Class
A
3,983
3,667
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
7,563
7,845
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
1,580
9,745
Founder
Securities
Co.
Ltd.,
Class
A
5,845
6,176
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
3,964
10,420
Full
Truck
Alliance
Co.
Ltd.,
ADR
3,739
43,485
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
837
6,737
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H,
144A
2,384
17,040
GalaxyCore,
Inc.,
Class
A
2,566
5,619
Gan
&
Lee
Pharmaceuticals
Co.
Ltd.,
Class
A
876
6,629
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H,
144A
2,475
6,060
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
108
3,772
GDS
Holdings
Ltd.,
Class
A
*
6,276
18,928
Gemdale
Corp.,
Class
A
6,828
3,650
Genscript
Biotech
Corp.
*
9,584
15,669
GF
Securities
Co.
Ltd.,
Class
A
3,609
8,164
GF
Securities
Co.
Ltd.,
Class
H
9,316
13,116
Giant
Biogene
Holding
Co.
Ltd.,
144A
2,776
25,135
Giant
Network
Group
Co.
Ltd.,
Class
A
2,283
4,578
GigaDevice
Semiconductor,
Inc.,
Class
A
*
345
5,380
Ginlong
Technologies
Co.
Ltd.,
Class
A
562
3,987
Glodon
Co.
Ltd.,
Class
A
4,615
8,760
GoerTek,
Inc.,
Class
A
1,380
4,007
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
3,563
2,763
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
1,102
7,103
Greenland
Holdings
Corp.
Ltd.,
Class
A
*
9,899
2,295
Greentown
China
Holdings
Ltd.
6,519
7,914
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
2,345
3,953
Guangdong
Provincial
Expressway
Development
Co.
Ltd.,
Class
A
3,313
6,551
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
4,679
6,205
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
1,641
3,650
DBX
ETF
Trust
|
5
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Guangzhou
Haige
Communications
Group,
Inc.
Co.,
Class
A
3,856
7,303
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
711
2,865
Guangzhou
Port
Co.
Ltd.,
Class
A
9,657
4,304
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
*
502
2,302
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
1,204
2,817
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
*
6,726
6,005
Guolian
Minsheng
Securities
Co.
Ltd.,
Class
A
5,202
7,158
Guolian
Minsheng
Securities
Co.
Ltd.,
Class
H
7,455
3,461
Guosen
Securities
Co.
Ltd.,
Class
A
4,902
7,644
Guotai
Haitong
Securities
Co.
Ltd.
7,152
17,062
Guotai
Haitong
Securities
Co.
Ltd.,
Class
H,
144A
18,447
26,112
Guoyuan
Securities
Co.
Ltd.,
Class
A
5,896
6,181
H
World
Group
Ltd.,
ADR
1,043
36,787
Haidilao
International
Holding
Ltd.,
144A
7,895
15,183
Haier
Smart
Home
Co.
Ltd.,
Class
A
600
2,086
Haier
Smart
Home
Co.
Ltd.,
Class
H
8,373
24,559
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
*
12,598
6,035
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
1,444
9,181
Haitian
International
Holdings
Ltd.
2,322
5,662
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
4,916
6,396
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
1,096
6,266
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
2,832
4,766
Hangzhou
GreatStar
Industrial
Co.
Ltd.
1,163
3,808
Hangzhou
Lion
Microelectronics
Co.
Ltd.,
Class
A
*
1,208
3,972
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
*
1,720
5,737
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
787
5,414
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H,
144A
1,442
6,004
Hansoh
Pharmaceutical
Group
Co.
Ltd.,
144A
8,442
27,829
Number
of
Shares
Value
$
Haohua
Chemical
Science
&
Technology
Co.
Ltd.,
Class
A
647
2,153
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.,
Class
A
1,549
5,259
Hefei
Meiya
Optoelectronic
Technology,
Inc.,
Class
A
896
2,175
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
2,131
4,255
Hengan
International
Group
Co.
Ltd.
4,079
11,054
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
319
10,959
HLA
Group
Corp.
Ltd.,
Class
A
3,060
3,051
Hongta
Securities
Co.
Ltd.,
Class
A
5,128
5,789
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
645
4,386
Hoymiles
Power
Electronics,
Inc.,
Class
A
413
5,714
Hua
Hong
Semiconductor
Ltd.,
144A
3,790
15,273
Huaan
Securities
Co.
Ltd.,
Class
A
8,456
6,434
Huadong
Medicine
Co.
Ltd.,
Class
A
1,145
7,107
Huagong
Tech
Co.
Ltd.,
Class
A
1,133
6,638
Hualan
Biological
Engineering,
Inc.,
Class
A
2,084
4,662
Huali
Industrial
Group
Co.
Ltd.,
Class
A
247
1,815
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
5,194
7,263
Huatai
Securities
Co.
Ltd.,
Class
A
3,656
8,508
Huatai
Securities
Co.
Ltd.,
Class
H,
144A
10,696
18,032
Huaxi
Securities
Co.
Ltd.,
Class
A
5,152
5,888
Huaxia
Bank
Co.
Ltd.,
Class
A
4,070
4,256
Huaxia
Eye
Hospital
Group
Co.
Ltd.,
Class
A
2,184
5,717
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
1,024
6,369
Huizhou
Desay
Sv
Automotive
Co.
Ltd.,
Class
A
342
5,250
Humanwell
Healthcare
Group
Co.
Ltd.,
Class
A
1,530
4,712
Hundsun
Technologies,
Inc.,
Class
A
1,831
6,689
Hygon
Information
Technology
Co.
Ltd.,
Class
A
(a)
1,072
20,264
Hytera
Communications
Corp.
Ltd.,
Class
A
*
2,309
3,610
IEIT
Systems
Co.
Ltd.,
Class
A
764
5,193
Iflytek
Co.
Ltd.,
Class
A
1,488
9,511
Imeik
Technology
Development
Co.
Ltd.,
Class
A
201
4,745
6
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
16,929
16,620
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
242,251
176,400
Industrial
Bank
Co.
Ltd.,
Class
A
6,144
19,315
Industrial
Securities
Co.
Ltd.,
Class
A
7,765
6,200
Ingenic
Semiconductor
Co.
Ltd.,
Class
A
*
467
4,115
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
941
3,959
Innovation
New
Material
Technology
Co.
Ltd.,
Class
A
8,340
4,470
Innovent
Biologics,
Inc.,
144A
*
8,095
63,952
iQIYI,
Inc.,
ADR
*
3,372
5,395
iRay
Group,
Class
A
430
7,839
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
923
6,690
J&T
Global
Express
Ltd.
*
29,158
25,397
Jafron
Biomedical
Co.
Ltd.,
Class
A
655
1,985
JD
Health
International,
Inc.,
144A
*
7,041
36,051
JD
Logistics,
Inc.,
144A
*
4,895
7,766
JD.com,
Inc.,
Class
A
9,987
164,167
Jiangsu
Changshu
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
*
3,969
4,365
Jiangsu
Financial
Leasing
Co.
Ltd.,
Class
A
5,170
4,286
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
2,932
22,286
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
1,381
4,432
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
*
590
2,459
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.,
Class
A
2,299
3,757
Jiangsu
Yoke
Technology
Co.
Ltd.,
Class
A
404
2,940
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
1,092
5,730
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
2,681
4,151
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co.
Ltd.,
Class
A
*
545
1,413
J-Yuan
Trust
Co.
Ltd.,
Class
A
*
11,822
4,399
Kanzhun
Ltd.,
ADR
*
1,730
29,341
KE
Holdings,
Inc.,
ADR
3,452
63,724
Kingdee
International
Software
Group
Co.
Ltd.
*
20,507
32,167
Kingnet
Network
Co.
Ltd.,
Class
A
2,881
6,373
Kingsoft
Corp.
Ltd.
*
6,231
26,540
Number
of
Shares
Value
$
Kuaishou
Technology,
144A
*
9,827
66,795
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
1,093
6,733
Kunlun
Tech
Co.
Ltd.,
Class
A
1,242
5,764
Lenovo
Group
Ltd.
48,661
56,098
Lepu
Medical
Technology
Beijing
Co.
Ltd.,
Class
A
2,286
3,650
Li
Auto,
Inc.,
Class
A
*
7,072
101,279
Li
Ning
Co.
Ltd.
9,435
18,024
Liaoning
Port
Co.
Ltd.,
Class
A
12,657
2,601
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
530
2,679
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
1,663
6,161
Longfor
Group
Holdings
Ltd.,
144A
10,085
12,642
Loongson
Technology
Corp.
Ltd.,
Class
A
*
241
4,332
Lufax
Holding
Ltd.,
ADR
1,317
3,859
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
2,080
8,780
Mango
Excellent
Media
Co.
Ltd.,
Class
A
1,699
5,275
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
626
6,125
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
6,345
4,564
Meituan,
Class
B,
144A
*
30,555
537,724
Midea
Group
Co.
Ltd.
*
1,773
18,631
Midea
Group
Co.
Ltd.,
Class
A
*
1,550
17,016
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
2,580
3,600
MINISO
Group
Holding
Ltd.
2,307
9,973
Minmetals
Capital
Co.
Ltd.,
Class
A
5,534
4,065
Montage
Technology
Co.
Ltd.,
Class
A
722
7,651
Muyuan
Foods
Co.
Ltd.,
Class
A
741
4,161
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co.
Ltd.,
Class
A
2,660
4,159
Nanjing
Securities
Co.
Ltd.,
Class
A
5,089
5,477
NARI
Technology
Co.
Ltd.,
Class
A
2,625
8,088
National
Silicon
Industry
Group
Co.
Ltd.,
Class
A
1,331
3,423
NAURA
Technology
Group
Co.
Ltd.,
Class
A
132
7,672
NavInfo
Co.
Ltd.,
Class
A
*
4,849
5,730
NetEase,
Inc.
10,724
260,799
New
China
Life
Insurance
Co.
Ltd.,
Class
A
1,036
7,236
New
China
Life
Insurance
Co.
Ltd.,
Class
H
3,617
14,783
New
Oriental
Education
&
Technology
Group,
Inc.
5,327
25,271
DBX
ETF
Trust
|
7
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Ninestar
Corp.,
Class
A
*
523
1,569
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
351
4,015
Ningbo
Joyson
Electronic
Corp.,
Class
A
1,380
3,405
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.,
Class
A
1,230
3,757
Ningbo
Shanshan
Co.
Ltd.,
Class
A
1,502
1,593
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
837
5,730
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
3,798
1,904
NIO,
Inc.,
ADR
*
7,228
25,587
Nongfu
Spring
Co.
Ltd.,
Class
H,
144A
7,251
35,508
OFILM
Group
Co.
Ltd.,
Class
A
*
2,610
4,258
Onewo,
Inc.,
Class
H
1,912
4,938
Oppein
Home
Group,
Inc.,
Class
A
287
2,456
Orient
Securities
Co.
Ltd.,
Class
A
5,265
6,821
Orient
Securities
Co.
Ltd.,
Class
H,
144A
14,879
9,051
Ovctek
China,
Inc.,
Class
A
2,992
6,303
Pacific
Securities
Co.
Ltd.,
Class
A
*
11,866
5,915
People.cn
Co.
Ltd.,
Class
A
1,733
4,769
People's
Insurance
Co.
Group
of
China
Ltd.,
Class
H
24,593
16,089
Pharmaron
Beijing
Co.
Ltd.,
Class
A
1,155
3,823
Pharmaron
Beijing
Co.
Ltd.,
Class
H,
144A
2,743
5,345
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
20,130
38,352
Ping
An
Bank
Co.
Ltd.,
Class
A
5,151
8,268
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
3,615
26,745
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
38,209
224,872
Piotech,
Inc.,
Class
A
328
6,714
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
5,572
6,290
Pop
Mart
International
Group
Ltd.,
144A
3,269
91,881
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
3,272
2,422
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H,
144A
34,301
22,309
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
*
1,375
5,758
Qifu
Technology,
Inc.,
ADR
384
15,782
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
*
2,060
4,531
Quzhou
Xin'an
Development
Co.
Ltd.,
Class
A
*
13,065
4,662
Number
of
Shares
Value
$
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.,
Class
A
952
5,675
Raytron
Technology
Co.
Ltd.,
Class
A
543
4,584
Rockchip
Electronics
Co.
Ltd.,
Class
A
370
7,414
Ruijie
Networks
Co.
Ltd.,
Class
A
470
4,362
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
3,392
5,855
Sangfor
Technologies,
Inc.,
Class
A
670
8,308
SDIC
Capital
Co.
Ltd.,
Class
A
6,552
6,341
Sealand
Securities
Co.
Ltd.,
Class
A
5,224
2,706
SenseTime
Group,
Inc.,
Class
B,
144A
*
173,509
30,978
Seres
Group
Co.
Ltd.,
Class
A
682
12,881
SG
Micro
Corp.,
Class
A
554
7,094
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
1,066
4,441
Shandong
Gold
Mining
Co.
Ltd.,
Class
H,
144A
3,679
11,471
Shandong
Hi-speed
Co.
Ltd.,
Class
A
3,649
5,797
Shandong
Pharmaceutical
Glass
Co.
Ltd.,
Class
A
1,724
5,140
Shandong
Publishing
&
Media
Co.
Ltd.,
Class
A
2,948
4,085
Shandong
Sinocera
Functional
Material
Co.
Ltd.,
Class
A
*
1,317
2,999
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
13,485
9,647
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
*
3,442
5,296
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
2,016
7,021
Shanghai
Baosight
Software
Co.
Ltd.,
Class
B
4,645
6,438
Shanghai
Belling
Co.
Ltd.,
Class
A
900
4,118
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.,
Class
A
303
7,944
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
1,556
5,481
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
5,631
11,806
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
940
5,952
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
2,514
9,041
Shanghai
International
Airport
Co.
Ltd.,
Class
A
1,542
6,929
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
7,069
5,732
8
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
1,223
3,894
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
*
1,735
7,832
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H,
144A
*
3,839
9,889
Shanghai
Lingang
Holdings
Corp.
Ltd.,
Class
A
3,588
4,489
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
A
3,781
4,851
Shanghai
M&G
Stationery,
Inc.,
Class
A
1,031
4,225
Shanghai
Moons'
Electric
Co.
Ltd.,
Class
A
453
3,490
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
3,336
4,850
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
9,233
15,808
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
1,068
2,322
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
6,263
5,922
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
2,542
3,163
Shanghai
United
Imaging
Healthcare
Co.
Ltd.,
Class
A
599
11,431
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
5,497
4,351
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A
2,247
7,788
Shanjin
International
Gold
Co.
Ltd.,
Class
A
2,666
7,289
Shanxi
Securities
Co.
Ltd.,
Class
A
7,203
5,571
Shengyi
Technology
Co.
Ltd.,
Class
A
1,070
3,893
Shennan
Circuits
Co.
Ltd.,
Class
A
343
4,013
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
9,661
6,345
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
H,
144A
26,452
7,286
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
506
2,127
Shenzhen
Expressway
Corp.
Ltd.,
Class
A
3,110
4,884
Shenzhen
Expressway
Corp.
Ltd.,
Class
H
8,139
6,913
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.,
Class
A
3,969
6,338
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
632
6,054
Shenzhen
Hepalink
Pharmaceutical
Group
Co.
Ltd.,
Class
A
*
1,751
2,862
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
*
881
8,047
Number
of
Shares
Value
$
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
222
533
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.,
Class
A
3,023
5,998
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
410
4,052
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
545
17,093
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.,
Class
A
892
7,430
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
*
8,956
2,947
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
1,470
9,275
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
655
4,699
Shenzhen
Sunlord
Electronics
Co.
Ltd.,
Class
A
1,114
4,277
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
432
4,360
Shenzhou
International
Group
Holdings
Ltd.
4,953
36,098
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
1,975
3,996
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
3,504
8,198
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
*
246
10,014
Silergy
Corp.
2,049
23,930
Sinocelltech
Group
Ltd.,
Class
A
*
869
4,780
Sinolink
Securities
Co.
Ltd.,
Class
A
5,358
6,198
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
*
1,000
4,092
Sinopharm
Group
Co.
Ltd.,
Class
H
4,179
10,126
Skshu
Paint
Co.
Ltd.,
Class
A
960
4,296
Songcheng
Performance
Development
Co.
Ltd.,
Class
A
3,718
4,672
Sonoscape
Medical
Corp.,
Class
A
1,420
6,436
SooChow
Securities
Co.
Ltd.,
Class
A
6,211
6,874
Southwest
Securities
Co.
Ltd.,
Class
A
10,888
6,274
Spring
Airlines
Co.
Ltd.,
Class
A
359
2,931
StarPower
Semiconductor
Ltd.,
Class
A
*
507
5,646
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
1,026
8,604
Sunny
Optical
Technology
Group
Co.
Ltd.
*
2,738
21,090
Sunresin
New
Materials
Co.
Ltd.,
Class
A
527
3,305
DBX
ETF
Trust
|
9
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
SUPCON
Technology
Co.
Ltd.,
Class
A
932
5,707
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
393
3,722
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
534
6,058
TAL
Education
Group,
ADR
*
1,723
16,937
Talkweb
Information
System
Co.
Ltd.,
Class
A
*
2,184
8,883
TangShan
Port
Group
Co.
Ltd.,
Class
A
8,584
4,899
Tasly
Pharmaceutical
Group
Co.
Ltd.,
Class
A
2,122
4,812
Tencent
Holdings
Ltd.
35,799
2,274,431
Tencent
Music
Entertainment
Group,
ADR
3,743
63,032
Thunder
Software
Technology
Co.
Ltd.,
Class
A
547
4,193
Tianfeng
Securities
Co.
Ltd.,
Class
A
*
11,162
6,045
Tianjin
Pharmaceutical
Da
Re
Tang
Group
Corp.
Ltd.,
Class
A
1,010
4,766
Tianshui
Huatian
Technology
Co.
Ltd.,
Class
A
2,327
2,824
Tongcheng
Travel
Holdings
Ltd.
7,704
21,761
Tonghua
Dongbao
Pharmaceutical
Co.
Ltd.,
Class
A
*
3,684
3,995
Topchoice
Medical
Corp.,
Class
A
819
4,699
Topsports
International
Holdings
Ltd.,
144A
21,385
7,663
TravelSky
Technology
Ltd.,
Class
H
8,146
11,593
Tsinghua
Tongfang
Co.
Ltd.,
Class
A
*
5,303
5,294
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
940
8,350
Unisplendour
Corp.
Ltd.,
Class
A
1,413
4,715
Venustech
Group,
Inc.,
Class
A
1,642
3,488
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
*
542
6,571
Victory
Giant
Technology
Huizhou
Co.
Ltd.,
Class
A
622
7,469
Vipshop
Holdings
Ltd.,
ADR
1,382
19,058
Walvax
Biotechnology
Co.
Ltd.,
Class
A
3,468
4,974
Wanda
Film
Holding
Co.
Ltd.,
Class
A
*
2,196
3,336
Wangfujing
Group
Co.
Ltd.,
Class
A
2,144
4,168
Wangsu
Science
&
Technology
Co.
Ltd.,
Class
A
3,560
5,151
Weibo
Corp.,
ADR
555
5,023
Weichai
Power
Co.
Ltd.,
Class
A
2,130
4,448
Number
of
Shares
Value
$
Weichai
Power
Co.
Ltd.,
Class
H
7,586
14,840
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
1,280
5,444
Western
Securities
Co.
Ltd.,
Class
A
3,242
3,336
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
644
4,427
Will
Semiconductor
Co.
Ltd.,
Class
A
414
7,163
Wingtech
Technology
Co.
Ltd.,
Class
A
575
2,711
Winner
Medical
Co.
Ltd.,
Class
A
667
4,481
Winning
Health
Technology
Group
Co.
Ltd.,
Class
A
5,542
7,349
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
1,034
4,448
WuXi
AppTec
Co.
Ltd.,
Class
A
1,232
10,865
WuXi
AppTec
Co.
Ltd.,
Class
H,
144A
2,864
25,110
Wuxi
Autowell
Technology
Co.
Ltd.,
Class
A
895
4,126
Wuxi
Biologics
Cayman,
Inc.,
144A
*
26,848
85,424
WuXi
XDC
Cayman,
Inc.
*
1,632
8,314
Xiamen
C
&
D,
Inc.,
Class
A
2,477
3,412
Xiamen
Faratronic
Co.
Ltd.,
Class
A
291
4,175
Xiaomi
Corp.,
Class
B,
144A
*
57,114
371,095
XPeng,
Inc.,
Class
A
*
7,849
76,423
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.,
Class
A
775
5,106
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
1,276
5,978
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
1,073
3,883
Yongan
Futures
Co.
Ltd.,
Class
A
1,460
2,516
Yonghui
Superstores
Co.
Ltd.,
Class
A
*
2,877
1,989
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
*
4,633
8,395
Youngor
Fashion
Co.
Ltd.,
Class
A
3,847
4,012
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
919
7,207
Yunnan
Botanee
Bio-Technology
Group
Co.
Ltd.,
Class
A
735
4,512
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
982
3,789
Zai
Lab
Ltd.
*
4,413
13,535
Zai
Lab
Ltd.,
ADR
*
(b)
135
4,069
Zangge
Mining
Co.
Ltd.,
Class
A
1,225
6,168
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
260
7,367
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
6,622
16,738
10
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
3,626
8,872
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
1,347
4,098
Zhejiang
Crystal-Optech
Co.
Ltd.,
Class
A
1,511
3,814
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
2,710
5,735
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
A
656
4,123
Zhejiang
Expressway
Co.
Ltd.,
Class
H
12,414
9,847
Zhejiang
Huahai
Pharmaceutical
Co.
Ltd.,
Class
A
2,514
6,036
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
765
2,864
Zhejiang
Jinke
Tom
Culture
Industry
Co.
Ltd.,
Class
A
*
6,875
5,012
Zhejiang
Leapmotor
Technology
Co.
Ltd.,
144A
*
3,184
22,495
Zhejiang
NHU
Co.
Ltd.,
Class
A
2,146
6,535
Zhejiang
Provincial
New
Energy
Investment
Group
Co.
Ltd.,
Class
A
3,908
4,249
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.,
Class
A
1,058
4,676
Zhejiang
Wanfeng
Auto
Wheel
Co.
Ltd.,
Class
A
1,790
4,027
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.,
Class
A
1,443
3,907
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
1,124
1,748
Zheshang
Securities
Co.
Ltd.,
Class
A
4,456
6,460
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H,
144A
*
3,844
9,441
Zhongfu
Shenying
Carbon
Fiber
Co.
Ltd.,
Class
A
*
1,808
5,084
Zhongji
Innolight
Co.
Ltd.,
Class
A
497
6,456
Zhongsheng
Group
Holdings
Ltd.
1,001
1,511
Zhongtai
Securities
Co.
Ltd.,
Class
A
6,946
5,874
Zhuhai
Huafa
Properties
Co.
Ltd.,
Class
A
5,800
3,954
Zijin
Mining
Group
Co.
Ltd.,
Class
A
4,072
10,025
Zijin
Mining
Group
Co.
Ltd.,
Class
H
18,334
40,916
ZTO
Express
Cayman,
Inc.
1,416
24,974
(Cost
$10,315,163)
11,532,707
Colombia
—
0.1%
Grupo
Cibest
SA
1,131
13,258
Interconexion
Electrica
SA
ESP
1,836
8,521
(Cost
$15,333)
21,779
Czech
Republic
—
0.0%
Komercni
Banka
AS
Number
of
Shares
Value
$
(Cost
$14,828)
319
14,741
Egypt
—
0.1%
Commercial
International
Bank
-
Egypt
(CIB)
6,511
10,849
EFG
Holding
S.A.E.
*
12,467
7,856
Talaat
Moustafa
Group
8,428
9,323
(Cost
$27,972)
28,028
Greece
—
0.3%
Athens
International
Airport
SA
626
7,135
Eurobank
Ergasias
Services
and
Holdings
SA
4,875
15,015
Hellenic
Telecommunications
Organization
SA
1,498
28,893
JUMBO
SA
394
12,801
National
Bank
of
Greece
SA
3,509
41,828
Piraeus
Financial
Holdings
SA
1,866
12,439
(Cost
$86,912)
118,111
Hong
Kong
—
0.7%
Beijing
Enterprises
Water
Group
Ltd.
17,789
5,853
BOC
Hong
Kong
Holdings
Ltd.
12,807
54,060
Brilliance
China
Automotive
Holdings
Ltd.
13,444
5,315
C&D
International
Investment
Group
Ltd.
5,398
9,693
China
Medical
System
Holdings
Ltd.
10,666
14,581
China
Merchants
Port
Holdings
Co.
Ltd.
7,596
14,685
China
Overseas
Land
&
Investment
Ltd.
24,701
41,580
China
Resources
Land
Ltd.
11,367
37,109
China
Ruyi
Holdings
Ltd.
*
43,749
11,437
China
State
Construction
International
Holdings
Ltd.
7,948
11,190
China
Taiping
Insurance
Holdings
Co.
Ltd.
6,496
9,991
Far
East
Horizon
Ltd.
17,469
13,500
NetEase
Cloud
Music,
Inc.,
144A
*
615
16,564
Want
Want
China
Holdings
Ltd.
16,205
10,436
Yuexiu
Property
Co.
Ltd.
16,192
9,065
(Cost
$254,162)
265,059
Hungary
—
0.2%
OTP
Bank
Nyrt
803
60,879
Richter
Gedeon
Nyrt
856
24,896
(Cost
$69,832)
85,775
India
—
17.4%
360
ONE
WAM
Ltd.
1,444
16,831
ABB
India
Ltd.
88
6,140
Adani
Energy
Solutions
Ltd.
*
1,294
13,113
Adani
Green
Energy
Ltd.
*
2,777
32,917
DBX
ETF
Trust
|
11
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Adani
Ports
&
Special
Economic
Zone
Ltd.
4,352
72,866
Aditya
Birla
Capital
Ltd.
*
4,142
10,770
Alkem
Laboratories
Ltd.
194
11,558
Ambuja
Cements
Ltd.
1,395
9,023
APL
Apollo
Tubes
Ltd.
707
14,968
Apollo
Hospitals
Enterprise
Ltd.
623
50,091
Ashok
Leyland
Ltd.
3,656
10,084
Asian
Paints
Ltd.
1,524
40,232
Astral
Ltd.
738
12,920
AU
Small
Finance
Bank
Ltd.,
144A
2,324
18,821
Aurobindo
Pharma
Ltd.
*
1,758
23,580
Avenue
Supermarts
Ltd.,
144A
*
930
43,493
Axis
Bank
Ltd.,
GDR
185
12,784
Axis
Bank
Ltd.
7,208
100,419
Bajaj
Auto
Ltd.
246
24,742
Bajaj
Finance
Ltd.
1,637
175,618
Bajaj
Finserv
Ltd.
2,468
58,182
Bajaj
Holdings
&
Investment
Ltd.
161
25,237
Bandhan
Bank
Ltd.,
144A
2,462
4,896
Bank
of
Baroda
3,450
10,061
Bank
of
India
4,880
6,954
Bank
of
Maharashtra
7,914
4,992
Berger
Paints
India
Ltd.
1,863
12,372
Bharti
Airtel
Ltd.
15,522
336,686
Biocon
Ltd.
3,266
12,818
Bosch
Ltd.
33
12,114
Britannia
Industries
Ltd.
439
28,269
BSE
Ltd.
1,110
34,685
Canara
Bank
5,389
7,227
CG
Power
&
Industrial
Solutions
Ltd.
3,003
24,098
Cholamandalam
Investment
and
Finance
Co.
Ltd.
2,716
50,813
Cipla
Ltd.
3,239
55,477
Coforge
Ltd.
346
34,572
Colgate-Palmolive
India
Ltd.
876
25,140
Container
Corp.
Of
India
Ltd.
1,420
13,016
Coromandel
International
Ltd.
480
12,842
Cummins
India
Ltd.
725
27,688
Dabur
India
Ltd.
4,037
22,783
Deepak
Nitrite
Ltd.
464
10,992
Delhivery
Ltd.
*
2,564
10,726
Divi's
Laboratories
Ltd.
793
61,272
Dixon
Technologies
India
Ltd.
156
26,783
DLF
Ltd.
2,534
23,626
Dr
Reddy's
Laboratories
Ltd.
4,454
65,122
Eicher
Motors
Ltd.
422
26,301
Embassy
Office
Parks
REIT
5,058
22,543
Eternal
Ltd.
*
35,460
98,749
Exide
Industries
Ltd.
2,059
9,308
Number
of
Shares
Value
$
Federal
Bank
Ltd.
8,574
20,245
Fortis
Healthcare
Ltd.
2,703
22,309
FSN
E-Commerce
Ventures
Ltd.
*
6,557
15,574
GE
Vernova
T&D
India
Ltd.
614
16,082
General
Insurance
Corp.
of
India,
144A
1,833
8,816
Gland
Pharma
Ltd.,
144A
468
8,688
GlaxoSmithKline
Pharmaceuticals
Ltd.
466
17,963
Glenmark
Pharmaceuticals
Ltd.
1,208
20,569
GMR
Airports
Ltd.
*
7,836
7,699
Godrej
Consumer
Products
Ltd.
2,413
34,722
Godrej
Properties
Ltd.
*
778
20,399
Grasim
Industries
Ltd.
627
18,653
Gujarat
Fluorochemicals
Ltd.
141
5,855
HCL
Technologies
Ltd.
6,353
121,500
HDFC
Asset
Management
Co.
Ltd.,
144A
369
20,624
HDFC
Bank
Ltd.
*
20,167
458,344
HDFC
Life
Insurance
Co.
Ltd.,
144A
3,614
32,808
Hero
MotoCorp
Ltd.
232
11,683
Hindalco
Industries
Ltd.
3,519
26,051
Hindustan
Unilever
Ltd.
5,343
146,620
Hindustan
Zinc
Ltd.
2,307
12,353
Hitachi
Energy
India
Ltd.
76
17,139
Honeywell
Automation
India
Ltd.
15
6,754
Housing
&
Urban
Development
Corp.
Ltd.
3,421
9,644
ICICI
Bank
Ltd.
18,489
312,374
ICICI
Lombard
General
Insurance
Co.
Ltd.,
144A
972
21,302
ICICI
Prudential
Life
Insurance
Co.
Ltd.,
144A
1,349
10,442
IDFC
First
Bank
Ltd.
*
19,482
15,474
Indian
Bank
1,166
8,401
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
1,816
16,043
Indian
Railway
Finance
Corp.
Ltd.,
144A
12,655
20,548
Indian
Renewable
Energy
Development
Agency
Ltd.
*
4,395
8,974
Indus
Towers
Ltd.
*
3,646
16,367
IndusInd
Bank
Ltd.
2,084
19,895
Info
Edge
India
Ltd.
2,086
34,797
Infosys
Ltd.,
ADR
415
7,549
Infosys
Ltd.
25,427
464,327
InterGlobe
Aviation
Ltd.,
144A
*
631
39,302
Jindal
Stainless
Ltd.
641
4,830
Jio
Financial
Services
Ltd.
*
19,083
63,922
JSW
Steel
Ltd.
2,516
29,210
Jubilant
Foodworks
Ltd.
1,983
15,191
Kalyan
Jewellers
India
Ltd.
2,006
13,137
12
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Kotak
Mahindra
Bank
Ltd.
3,926
95,183
KPIT
Technologies
Ltd.
992
15,508
L&T
Technology
Services
Ltd.,
144A
214
10,922
Life
Insurance
Corp.
Of
India
1,219
13,596
Linde
India
Ltd.
141
12,367
Lloyds
Metals
&
Energy
Ltd.
547
8,905
LTIMindtree
Ltd.,
144A
467
27,662
Lupin
Ltd.
1,810
41,407
Macrotech
Developers
Ltd.,
144A
1,493
24,870
Mahindra
&
Mahindra
Financial
Services
Ltd.
4,275
13,044
Mahindra
&
Mahindra
Ltd.
2,723
94,722
MakeMyTrip
Ltd.
*
313
31,810
Mankind
Pharma
Ltd.
*
545
15,716
Marico
Ltd.
2,263
18,946
Maruti
Suzuki
India
Ltd.
447
64,348
Max
Financial
Services
Ltd.
*
894
15,699
Max
Healthcare
Institute
Ltd.
2,893
38,039
Motilal
Oswal
Financial
Services
Ltd.
1,085
10,269
Mphasis
Ltd.
496
14,831
Muthoot
Finance
Ltd.
584
15,119
Nestle
India
Ltd.
1,407
39,398
NHPC
Ltd.
16,746
17,105
NMDC
Ltd.
16,518
13,738
Oberoi
Realty
Ltd.
622
12,693
One
97
Communications
Ltd.
*
1,643
17,096
Oracle
Financial
Services
Software
Ltd.
132
13,053
Page
Industries
Ltd.
37
20,053
Patanjali
Foods
Ltd.
419
8,183
PB
Fintech
Ltd.
*
1,603
32,998
Persistent
Systems
Ltd.
641
42,231
Phoenix
Mills
Ltd.
813
14,603
PI
Industries
Ltd.
322
14,388
Pidilite
Industries
Ltd.
608
22,076
Power
Finance
Corp.
Ltd.
6,300
29,886
Power
Grid
Corp.
of
India
Ltd.
16,448
55,692
Prestige
Estates
Projects
Ltd.
987
16,915
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
80
12,699
Rail
Vikas
Nigam
Ltd.
3,095
14,668
REC
Ltd.
4,984
23,430
Samvardhana
Motherson
International
Ltd.
8,864
15,860
SBI
Cards
&
Payment
Services
Ltd.
1,493
16,069
SBI
Life
Insurance
Co.
Ltd.,
144A
1,602
33,925
Schaeffler
India
Ltd.
223
10,915
Shriram
Finance
Ltd.
4,779
35,705
Siemens
Energy
India
Ltd.
*
(a)
110
3,185
Number
of
Shares
Value
$
Siemens
Ltd.
110
4,198
Sona
Blw
Precision
Forgings
Ltd.,
144A
2,423
15,402
SRF
Ltd.
717
23,971
State
Bank
of
India
6,376
60,523
Sun
Pharmaceutical
Industries
Ltd.
6,464
126,719
Sundaram
Finance
Ltd.
368
22,089
Supreme
Industries
Ltd.
312
15,117
Suzlon
Energy
Ltd.
*
73,158
61,108
Tata
Communications
Ltd.
710
13,907
Tata
Consultancy
Services
Ltd.
7,288
294,961
Tata
Consumer
Products
Ltd.
2,595
33,548
Tata
Elxsi
Ltd.
253
19,038
Tata
Motors
Ltd.
4,420
37,163
Tata
Steel
Ltd.
18,045
33,954
Tech
Mahindra
Ltd.
4,526
83,242
Thermax
Ltd.
199
7,879
Titan
Co.
Ltd.
1,472
61,151
Torrent
Pharmaceuticals
Ltd.
641
23,780
Trent
Ltd.
*
687
45,306
Tube
Investments
of
India
Ltd.
477
17,068
TVS
Motor
Co.
Ltd.
772
25,087
UltraTech
Cement
Ltd.
282
36,941
Union
Bank
of
India
Ltd.
3,157
5,415
UNO
Minda
Ltd.
818
9,622
UPL
Ltd.
2,122
15,570
Varun
Beverages
Ltd.
6,768
37,642
Vedant
Fashions
Ltd.
536
4,994
Vodafone
Idea
Ltd.
*
191,654
15,498
Voltas
Ltd.
1,206
17,797
Wipro
Ltd.
20,586
60,061
Yes
Bank
Ltd.
*
72,321
18,153
Zydus
Lifesciences
Ltd.
1,750
19,018
(Cost
$4,600,637)
6,465,942
Indonesia
—
1.2%
Amman
Mineral
Internasional
PT
*
50,488
21,463
Barito
Renewables
Energy
Tbk
PT
97,672
38,973
GoTo
Gojek
Tokopedia
Tbk
PT
*
4,925,865
19,353
Pantai
Indah
Kapuk
Dua
Tbk
PT
9,344
6,138
PT
Bank
Central
Asia
Tbk
183,129
105,673
PT
Bank
Mandiri
Persero
Tbk
133,637
43,479
PT
Bank
Negara
Indonesia
Persero
Tbk
17,261
4,758
PT
Bank
Rakyat
Indonesia
Persero
Tbk
249,641
68,195
PT
Barito
Pacific
Tbk
135,973
10,517
PT
Chandra
Asri
Pacific
Tbk
*
29,857
17,091
PT
Charoen
Pokphand
Indonesia
Tbk
15,339
4,557
PT
Dayamitra
Telekomunikasi
129,945
4,826
DBX
ETF
Trust
|
13
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
PT
Indofood
CBP
Sukses
Makmur
Tbk
3,667
2,454
PT
Indofood
Sukses
Makmur
Tbk
7,333
3,545
PT
Indosat
Tbk
44,798
5,747
PT
Kalbe
Farma
Tbk
*
85,395
7,942
PT
Sarana
Menara
Nusantara
Tbk
183,301
6,583
PT
Sumber
Alfaria
Trijaya
Tbk
*
84,115
12,547
PT
Telkom
Indonesia
Persero
Tbk
*
305,899
52,955
PT
Unilever
Indonesia
Tbk
52,833
5,611
(Cost
$559,047)
442,407
Ireland
—
1.0%
PDD
Holdings,
Inc.,
ADR
*
(Cost
$497,806)
3,913
377,644
Kazakhstan
—
0.0%
Solidcore
Resources
PLC
*
(a)
(Cost
$548,412)
28,889
0
Kuwait
—
0.7%
Agility
Public
Warehousing
Co.
KSC
7,771
6,331
Al
Ahli
Bank
of
Kuwait
KSCP
8,940
8,741
Boubyan
Bank
KSCP
6,637
14,535
Burgan
Bank
SAK
8,978
7,402
Gulf
Bank
KSCP
15,204
16,599
Kuwait
Finance
House
KSCP
28,886
70,603
Mabanee
Co
KPSC
4,748
12,998
Mobile
Telecommunications
Co.
KSCP
14,844
23,075
National
Bank
of
Kuwait
SAKP
29,959
93,338
(Cost
$208,739)
253,622
Malaysia
—
1.1%
AMMB
Holdings
Bhd
10,800
13,295
Axiata
Group
Bhd
31,852
15,341
Celcomdigi
Bhd
20,900
18,266
CIMB
Group
Holdings
Bhd
25,604
41,686
Gamuda
Bhd
27,608
29,641
Hong
Leong
Bank
Bhd
3,100
14,260
IHH
Healthcare
Bhd
16,400
26,585
IJM
Corp.
Bhd
12,700
7,459
Inari
Amertron
Bhd
15,200
6,856
IOI
Properties
Group
Bhd
12,600
5,654
Kuala
Lumpur
Kepong
Bhd
1,200
5,492
Malayan
Banking
Bhd
15,356
35,283
Maxis
Bhd
17,900
14,845
MR
DIY
Group
M
Bhd,
144A
11,750
4,362
Nestle
Malaysia
Bhd
219
4,044
PPB
Group
Bhd
3,600
9,540
Press
Metal
Aluminium
Holdings
Bhd
6,400
7,578
Public
Bank
Bhd
46,400
46,983
QL
Resources
Bhd
4,950
5,233
Number
of
Shares
Value
$
RHB
Bank
Bhd
8,436
12,744
Sime
Darby
Bhd
7,500
2,995
Sime
Darby
Property
Bhd
18,800
6,184
Sunway
Bhd
9,400
10,490
Telekom
Malaysia
Bhd
17,800
27,307
TIME
dotCom
Bhd
8,300
10,218
United
Plantations
BHD
1,100
5,882
Westports
Holdings
Bhd
6,700
7,146
(Cost
$332,853)
395,369
Mexico
—
1.9%
America
Movil
SAB
de
CV,
Series
B
187,518
158,375
Arca
Continental
SAB
de
CV
2,840
31,211
Cemex
SAB
de
CV,
Series
CPO
16,769
11,476
Coca-Cola
Femsa
SAB
de
CV
3,264
30,985
El
Puerto
de
Liverpool
SAB
de
CV,
Class
C1
1,889
9,218
Fibra
Uno
Administracion
SA
de
CV
REIT
22,107
31,088
Gruma
SAB
de
CV,
Class
B
324
6,103
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
1,602
36,813
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
773
24,794
Grupo
Bimbo
SAB
de
CV,
Series
A
5,634
15,738
Grupo
Carso
SAB
de
CV,
Series
A1
1,675
10,670
Grupo
Comercial
Chedraui
SA
de
CV
1,829
13,226
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
10,138
89,574
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
5,461
13,679
Grupo
Mexico
SAB
de
CV,
Series
B
11,474
62,875
Industrias
Penoles
SAB
de
CV
*
547
11,555
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
10,091
17,914
Prologis
Property
Mexico
SA
de
CV
REIT
6,382
24,418
Wal-Mart
de
Mexico
SAB
de
CV
29,560
97,030
(Cost
$710,469)
696,742
Netherlands
—
0.0%
Nebius
Group
N.V.,
Class
A
*
(a)
(Cost
$1,831,428)
28,401
0
Philippines
—
0.5%
Ayala
Corp.
1,010
10,499
Ayala
Land,
Inc.
32,900
13,562
Bank
of
the
Philippine
Islands
9,214
22,971
BDO
Unibank,
Inc.
8,848
25,532
Globe
Telecom,
Inc.
320
10,151
International
Container
Terminal
Services,
Inc.
3,690
27,115
14
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Jollibee
Foods
Corp.
2,300
9,193
Metropolitan
Bank
&
Trust
Co.
6,250
8,239
PLDT,
Inc.
675
14,711
SM
Investments
Corp.
2,030
30,380
SM
Prime
Holdings,
Inc.
52,500
21,218
(Cost
$199,739)
193,571
Qatar
—
0.6%
Al
Rayan
Bank
20,514
12,609
Commercial
Bank
PSQC
14,979
18,920
Dukhan
Bank
12,373
12,241
Industries
Qatar
QSC
8,050
26,200
Mesaieed
Petrochemical
Holding
Co.
8,310
3,045
Ooredoo
QPSC
4,377
14,846
Qatar
International
Islamic
Bank
QSC
3,796
10,957
Qatar
Islamic
Bank
QPSC
6,398
37,077
Qatar
National
Bank
QPSC
15,781
73,466
(Cost
$194,850)
209,361
Russia
—
0.0%
Alrosa
PJSC
*
(a)
246,725
0
GMK
Norilskiy
Nickel
PAO
*
(a)
559,300
0
Mobile
TeleSystems
PJSC,
ADR
*
(a)
25,457
0
Mobile
TeleSystems
PJSC
*
(a)
32,151
0
Novolipetsk
Steel
PJSC
*
(a)
121,611
0
PIK-Spetsializirovannyy
Zastroyshchik
PAO
*
(a)
21,692
0
Polyus
PJSC
*
(a)
27,930
0
Sberbank
of
Russia
PJSC
*
(a)
989,954
0
United
Co.
RUSAL
International
PJSC
*
(a)
255,320
0
(Cost
$7,879,354)
0
Saudi
Arabia
—
1.8%
Advanced
Petrochemical
Co.
*
800
6,397
Al
Rajhi
Bank
4,661
113,181
Al
Rajhi
Co.
For
Co.-Operative
Insurance
*
258
7,771
Alinma
Bank
4,523
31,165
Almarai
Co.
JSC
1,650
22,562
Arab
National
Bank
4,313
24,901
Bank
AlBilad
3,918
26,996
Bank
Al-Jazira
*
3,458
11,780
Banque
Saudi
Fransi
3,460
15,937
Bupa
Arabia
for
Cooperative
Insurance
Co.
382
17,004
Co.
for
Cooperative
Insurance
277
10,233
Dar
Al
Arkan
Real
Estate
Development
Co.
*
3,410
18,197
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
536
37,404
Etihad
Etisalat
Co.
1,939
30,804
Jarir
Marketing
Co.
4,291
14,709
Number
of
Shares
Value
$
Mouwasat
Medical
Services
Co.
433
8,379
Nahdi
Medical
Co.
319
10,374
Riyad
Bank
3,495
27,063
Riyadh
Cables
Group
Co.
307
11,374
SABIC
Agri-Nutrients
Co.
866
22,137
Sahara
International
Petrochemical
Co.
1,808
9,108
SAL
Saudi
Logistics
Services
130
6,168
Saudi
Awwal
Bank
2,683
24,136
Saudi
Basic
Industries
Corp.
2,481
36,835
Saudi
Industrial
Investment
Group
2,538
11,189
Saudi
Investment
Bank
3,379
13,330
Saudi
National
Bank
10,582
97,876
Saudi
Research
&
Media
Group
*
203
7,759
Savola
Group
*
272
1,925
Yanbu
National
Petrochemical
Co.
1,533
12,177
(Cost
$655,422)
688,871
Singapore
—
0.6%
BOC
Aviation
Ltd.,
144A
1,792
14,500
Trip.com
Group
Ltd.
3,369
212,239
Trip.com
Group
Ltd.,
ADR
37
2,318
(Cost
$158,030)
229,057
South
Africa
—
3.2%
Absa
Group
Ltd.
4,963
47,636
Aspen
Pharmacare
Holdings
Ltd.
2,377
15,948
Bid
Corp.
Ltd.
2,059
54,312
Bidvest
Group
Ltd.
1,277
17,226
Capitec
Bank
Holdings
Ltd.
355
67,754
Clicks
Group
Ltd.
1,610
34,610
Discovery
Ltd.
2,218
26,787
FirstRand
Ltd.
17,859
73,691
Gold
Fields
Ltd.
5,251
117,876
Harmony
Gold
Mining
Co.
Ltd.
2,375
33,637
Impala
Platinum
Holdings
Ltd.
*
2,665
19,056
Investec
Ltd.
1,279
9,017
Mr
Price
Group
Ltd.
1,078
14,406
MTN
Group
Ltd.
10,454
72,366
MultiChoice
Group
*
1,848
11,964
Naspers
Ltd.,
Class
N
1,244
355,742
Nedbank
Group
Ltd.
1,178
16,668
OUTsurance
Group
Ltd.
3,774
15,873
Pepkor
Holdings
Ltd.,
144A
9,940
16,068
Sanlam
Ltd.
9,218
45,239
Sibanye
Stillwater
Ltd.
*
7,756
11,777
Standard
Bank
Group
Ltd.
4,433
57,259
Valterra
Platinum
Ltd.
335
13,074
Vodacom
Group
Ltd.
3,880
29,603
Woolworths
Holdings
Ltd.
6,070
19,698
(Cost
$1,071,156)
1,197,287
DBX
ETF
Trust
|
15
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
South
Korea
—
8.6%
Alteogen,
Inc.
*
151
36,117
Amorepacific
Corp.
221
21,416
Amorepacific
Holdings
Corp.
427
8,109
BNK
Financial
Group,
Inc.
740
5,932
Celltrion
Pharm,
Inc.
*
262
9,314
Celltrion,
Inc.
952
111,091
Cheil
Worldwide,
Inc.
522
6,946
CJ
CheilJedang
Corp.
3
503
CJ
Corp.
48
4,742
CJ
Logistics
Corp.
17
991
CosmoAM&T
Co.
Ltd.
*
197
4,676
Coway
Co.
Ltd.
229
14,756
DB
HiTek
Co.
Ltd.
94
2,657
DB
Insurance
Co.
Ltd.
49
3,569
Dongsuh
Cos.,
Inc.
52
980
Doosan
Co.
Ltd.
37
13,087
Doosan
Enerbility
Co.
Ltd.
*
1,033
30,211
Doosan
Robotics,
Inc.
*
130
4,447
Ecopro
BM
Co.
Ltd.
*
150
9,752
Ecopro
Co.
Ltd.
516
16,007
Ecopro
Materials
Co.
Ltd.
*
195
6,374
E-MART,
Inc.
85
5,625
Enchem
Co.
Ltd.
*
117
5,673
F&F
Co.
Ltd.
/
New
131
7,169
Green
Cross
Corp.
69
6,361
Hana
Financial
Group,
Inc.
1,703
89,736
Hanjin
Kal
Corp.
174
17,820
Hanmi
Pharm.
Co.
Ltd.
61
13,772
Hanmi
Science
Co.
Ltd.
278
7,133
Hanmi
Semiconductor
Co.
Ltd.
227
13,228
Hanon
Systems
*
1,192
2,609
Hanwha
Life
Insurance
Co.
Ltd.
*
2,580
5,526
Hanwha
Solutions
Corp.
693
14,968
HLB,
Inc.
*
459
18,164
HMM
Co.
Ltd.
1,131
17,461
Hugel,
Inc.
*
46
11,069
HYBE
Co.
Ltd.
*
154
29,691
Hyundai
Autoever
Corp.
90
9,354
Hyundai
Engineering
&
Construction
Co.
Ltd.
262
12,115
Hyundai
Glovis
Co.
Ltd.
130
10,685
Hyundai
Mobis
Co.
Ltd.
322
59,046
Hyundai
Motor
Co.
456
61,243
Industrial
Bank
of
Korea
1,286
14,671
JYP
Entertainment
Corp.
246
13,319
Kakao
Corp.
1,844
57,070
KakaoBank
Corp.
639
10,884
Kakaopay
Corp.
*
439
12,043
KB
Financial
Group,
Inc.
2,197
166,085
KEPCO
Engineering
&
Construction
Co.,
Inc.
178
8,102
Number
of
Shares
Value
$
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
155
4,853
Kia
Corp.
655
42,442
KIWOOM
Securities
Co.
Ltd.
102
12,021
Korea
Investment
Holdings
Co.
Ltd.
313
24,501
Korea
Zinc
Co.
Ltd.
32
16,954
Korean
Air
Lines
Co.
Ltd.
251
4,093
Krafton,
Inc.
*
182
48,676
KT
Corp.
520
19,146
L&F
Co.
Ltd.
*
52
2,156
LEENO
Industrial,
Inc.
372
10,677
LG
Chem
Ltd.
182
26,026
LG
Corp.
29
1,492
LG
Display
Co.
Ltd.
*
832
5,192
LG
Electronics,
Inc.
333
17,161
LG
Energy
Solution
Ltd.
*
201
41,666
LG
H&H
Co.
Ltd.
33
7,797
LG
Innotek
Co.
Ltd.
92
9,662
LG
Uplus
Corp.
1,424
13,211
LigaChem
Biosciences,
Inc.
*
166
13,824
Meritz
Financial
Group,
Inc.
585
47,361
Mirae
Asset
Securities
Co.
Ltd.
2,215
24,964
Misto
Holdings
Corp.
295
7,708
NAVER
Corp.
957
130,055
NCSoft
Corp.
106
11,716
Netmarble
Corp.,
144A
151
5,593
NH
Investment
&
Securities
Co.
Ltd.
1,267
15,832
Orion
Corp.
67
5,361
Pearl
Abyss
Corp.
*
336
9,364
Posco
DX
Co.
Ltd.
410
6,567
POSCO
Future
M
Co.
Ltd.
*
137
11,578
Rainbow
Robotics
*
62
11,886
S-1
Corp.
143
6,861
Sam
Chun
Dang
Pharm
Co.
Ltd.
108
11,468
Samsung
Biologics
Co.
Ltd.,
144A
*
106
79,287
Samsung
C&T
Corp.
282
30,618
Samsung
Card
Co.
Ltd.
214
6,701
Samsung
E&A
Co.
Ltd.
939
14,803
Samsung
Electro-Mechanics
Co.
Ltd.
345
30,557
Samsung
Electronics
Co.
Ltd.
16,693
679,964
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
132
38,700
Samsung
Life
Insurance
Co.
Ltd.
393
28,171
Samsung
SDI
Co.
Ltd.
357
43,703
Samsung
SDS
Co.
Ltd.
225
21,233
Samsung
Securities
Co.
Ltd.
465
20,390
Samyang
Foods
Co.
Ltd.
13
10,468
Shinhan
Financial
Group
Co.
Ltd.
2,626
110,582
16
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
SK
Biopharmaceuticals
Co.
Ltd.
*
259
17,458
SK
Bioscience
Co.
Ltd.
*
250
8,172
SK
Hynix,
Inc.
1,893
280,582
SK
IE
Technology
Co.
Ltd.,
144A
*
395
6,112
SK
Square
Co.
Ltd.
*
562
46,762
SK
Telecom
Co.
Ltd.
400
14,931
SKC
Co.
Ltd.
*
69
4,456
Soulbrain
Co.
Ltd.
24
2,776
Woori
Financial
Group,
Inc.
2,390
33,381
Yuhan
Corp.
328
24,796
(Cost
$2,874,150)
3,194,766
Taiwan
—
19.3%
Accton
Technology
Corp.
3,085
76,691
Acer,
Inc.
15,190
17,588
Advantech
Co.
Ltd.
2,846
32,478
Airtac
International
Group
572
17,808
Alchip
Technologies
Ltd.
401
37,600
ASE
Technology
Holding
Co.
Ltd.
21,702
99,934
Asia
Vital
Components
Co.
Ltd.
1,705
35,274
ASMedia
Technology,
Inc.
289
18,853
ASPEED
Technology,
Inc.
196
25,768
Asustek
Computer,
Inc.
4,275
89,156
AUO
Corp.
*
30,662
13,147
Catcher
Technology
Co.
Ltd.
2,933
20,553
Cathay
Financial
Holding
Co.
Ltd.
60,236
120,197
Chailease
Holding
Co.
Ltd.
10,029
40,660
Chang
Hwa
Commercial
Bank
Ltd.
18,219
11,095
Chicony
Electronics
Co.
Ltd.
4,280
24,136
China
Airlines
Ltd.
173
128
China
Steel
Corp.
34,891
22,994
Chroma
ATE,
Inc.
1,853
20,744
Chunghwa
Telecom
Co.
Ltd.
23,795
102,823
Compal
Electronics,
Inc.
6,000
5,766
CTBC
Financial
Holding
Co.
Ltd.
107,739
146,859
Delta
Electronics,
Inc.
11,389
142,132
E
Ink
Holdings,
Inc.
4,851
34,316
E.Sun
Financial
Holding
Co.
Ltd.
97,799
97,249
Eclat
Textile
Co.
Ltd.
*
1,514
21,799
Elite
Material
Co.
Ltd.
1,600
39,989
eMemory
Technology,
Inc.
357
28,650
Eva
Airways
Corp.
6,226
8,487
Evergreen
Marine
Corp.
Taiwan
Ltd.
3,333
27,192
Far
Eastern
New
Century
Corp.
10,186
11,148
Far
EasTone
Telecommunications
Co.
Ltd.
10,750
31,028
Feng
TAY
Enterprise
Co.
Ltd.
3,281
13,302
First
Financial
Holding
Co.
Ltd.
61,364
55,388
Number
of
Shares
Value
$
Formosa
Chemicals
&
Fibre
Corp.
8,172
6,531
Formosa
Plastics
Corp.
17,614
20,395
Fortune
Electric
Co.
Ltd.
1,091
16,728
Foxconn
Technology
Co.
Ltd.
3,357
6,788
Fubon
Financial
Holding
Co.
Ltd.
51,916
137,895
Giant
Manufacturing
Co.
Ltd.
2,250
8,934
Gigabyte
Technology
Co.
Ltd.
2,070
19,064
Global
Unichip
Corp.
464
18,038
Globalwafers
Co.
Ltd.
1,417
14,894
Gold
Circuit
Electronics
Ltd.
2,089
18,124
Highwealth
Construction
Corp.
11,108
14,826
Hon
Hai
Precision
Industry
Co.
Ltd.
39,810
207,230
Hotai
Motor
Co.
Ltd.
1,293
27,527
Hua
Nan
Financial
Holdings
Co.
Ltd.
49,887
43,780
Innolux
Corp.
41,857
17,040
International
Games
System
Co.
Ltd.
1,335
37,553
Inventec
Corp.
20,722
29,145
Jentech
Precision
Industrial
Co.
Ltd.
631
28,530
KGI
Financial
Holding
Co.
Ltd.
93,451
53,947
King
Slide
Works
Co.
Ltd.
481
32,903
King
Yuan
Electronics
Co.
Ltd.
4,941
15,993
Largan
Precision
Co.
Ltd.
372
28,736
Lite-On
Technology
Corp.
10,953
37,097
Lotes
Co.
Ltd.
550
24,134
MediaTek,
Inc.
5,438
228,636
Mega
Financial
Holding
Co.
Ltd.
69,051
91,358
Micro-Star
International
Co.
Ltd.
4,368
20,770
Minth
Group
Ltd.
*
1,421
3,851
momo.com,
Inc.
577
5,872
Nan
Ya
Plastics
Corp.
17,681
16,903
Nan
Ya
Printed
Circuit
Board
Corp.
1,724
6,040
Nanya
Technology
Corp.
*
9,643
14,657
Nien
Made
Enterprise
Co.
Ltd.
1,170
16,905
Novatek
Microelectronics
Corp.
2,302
39,636
Pegatron
Corp.
9,795
27,422
PharmaEssentia
Corp.
*
1,634
27,262
Phison
Electronics
Corp.
656
11,076
Pou
Chen
Corp.
9,305
9,687
Powerchip
Semiconductor
Manufacturing
Corp.
*
14,918
7,716
Powertech
Technology,
Inc.
2,726
10,643
Quanta
Computer,
Inc.
*
14,046
127,250
Realtek
Semiconductor
Corp.
1,726
31,158
Ruentex
Development
Co.
Ltd.
11,440
11,414
Ruentex
Industries
Ltd.
4,820
8,122
Shanghai
Commercial
&
Savings
Bank
Ltd.
23,654
36,742
DBX
ETF
Trust
|
17
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Shihlin
Electric
&
Engineering
Corp.
10
60
Shin
Kong
Financial
Holding
Co.
Ltd.
*
104,102
41,858
Sino-American
Silicon
Products,
Inc.
3,307
12,469
SinoPac
Financial
Holdings
Co.
Ltd.
90,454
69,270
Synnex
Technology
International
Corp.
2,862
6,800
Taishin
Financial
Holding
Co.
Ltd.
53,681
30,720
Taiwan
Business
Bank
29,197
14,370
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
38,704
30,996
Taiwan
Fertilizer
Co.
Ltd.
850
1,480
Taiwan
High
Speed
Rail
Corp.
18,088
16,568
Taiwan
Mobile
Co.
Ltd.
11,463
43,605
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
71
13,726
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
101,371
3,270,960
Tatung
Co.
Ltd.
*
9,264
12,906
Tripod
Technology
Corp.
1,696
12,111
Unimicron
Technology
Corp.
6,494
22,970
Uni-President
Enterprises
Corp.
15,465
41,077
United
Microelectronics
Corp.
67,925
105,961
Vanguard
International
Semiconductor
Corp.
6,701
18,693
VisEra
Technologies
Co.
Ltd.
967
6,905
Voltronic
Power
Technology
Corp.
393
17,704
Wan
Hai
Lines
Ltd.
4,791
17,266
Winbond
Electronics
Corp.
*
12,366
7,304
Wistron
Corp.
15,926
61,911
Wiwynn
Corp.
666
53,780
WPG
Holdings
Ltd.
2,861
6,721
WT
Microelectronics
Co.
Ltd.
3,769
15,595
Yageo
Corp.
1,829
29,905
Yang
Ming
Marine
Transport
Corp.
5,588
14,842
Yuanta
Financial
Holding
Co.
Ltd.
67,376
70,482
Yulon
Finance
Corp.
2,969
10,947
Yulon
Motor
Co.
Ltd.
3,396
4,153
Zhen
Ding
Technology
Holding
Ltd.
4,346
14,937
(Cost
$4,306,744)
7,208,936
Thailand
—
1.2%
Advanced
Info
Service
PCL,
NVDR
6,300
54,887
Airports
of
Thailand
PCL,
NVDR
18,000
18,232
Asset
World
Corp.
PCL,
NVDR
68,700
4,144
Bangkok
Dusit
Medical
Services
PCL,
NVDR
71,000
46,501
Number
of
Shares
Value
$
Bangkok
Expressway
&
Metro
PCL,
NVDR
44,300
7,220
BTS
Group
Holdings
PCL,
NVDR
*
54,300
7,377
Bumrungrad
Hospital
PCL,
NVDR
3,700
15,779
Carabao
Group
PCL,
NVDR
2,500
4,474
Central
Pattana
PCL,
NVDR
13,200
18,296
Central
Retail
Corp.
PCL,
NVDR
20,900
11,906
Charoen
Pokphand
Foods
PCL,
NVDR
4,200
3,135
Com7
PCL,
NVDR
10,900
6,608
CP
AXTRA
PCL
9,390
5,377
Delta
Electronics
Thailand
PCL,
NVDR
27,200
86,172
Energy
Absolute
PCL
*
5,767
183
Gulf
Development
PCL
*
9,746
13,360
Home
Product
Center
PCL,
NVDR
46,500
10,907
Kasikornbank
PCL,
NVDR
1,300
6,098
Krung
Thai
Bank
PCL,
NVDR
10,000
6,763
Krungthai
Card
PCL,
NVDR
7,700
9,030
Land
&
Houses
PCL,
NVDR
71,500
8,756
Minor
International
PCL,
NVDR
23,083
17,438
Muangthai
Capital
PCL,
NVDR
7,700
9,793
Osotspa
PCL,
NVDR
7,700
3,729
SCB
X
PCL,
NVDR
3,500
12,634
Siam
Cement
PCL
200
1,011
Siam
Global
House
PCL,
NVDR
7,532
1,262
Srisawad
Corp.
PCL,
NVDR
7,108
3,962
Thai
Life
Insurance
PCL,
NVDR
24,400
8,102
TIDLOR
Holdings
PCL
20,614
10,612
Tisco
Financial
Group
PCL,
NVDR
2,000
5,940
TMBThanachart
Bank
PCL,
NVDR
158,077
9,245
True
Corp.
PCL,
NVDR
*
74,969
28,547
WHA
Corp.
PCL,
NVDR
27,100
2,642
(Cost
$559,851)
460,122
Turkey
—
0.6%
Agesa
Hayat
ve
Emeklilik
AS
846
3,050
Agrotech
Yueksek
Teknoloji
VE
Yatirim
AS
*
14,577
2,764
Akbank
TAS
6,164
8,003
Akfen
Yenilenebilir
Enerji
AS
*
6,150
2,445
Anadolu
Anonim
Turk
Sigorta
Sirketi
798
1,789
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
1,490
3,552
Aydem
Yenilenebilir
Enerji
AS
3,085
1,263
Bera
Holding
AS
*
4,085
1,463
BIM
Birlesik
Magazalar
AS
2,308
27,996
18
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Borusan
Yatirim
ve
Pazarlama
AS
84
3,930
Bosch
Fren
Sistemleri
Sanayi
ve
Ticaret
AS
*
985
4,268
Celebi
Hava
Servisi
AS
53
2,422
Coca-Cola
Icecek
AS
4,168
5,179
DAP
Gayrimenkul
Gelistirme
AS,
Class
C
*
23,418
5,072
Deva
Holding
AS
1,929
2,681
Dogus
Otomotiv
Servis
Ve
Ticaret
AS
843
3,729
Eczacibasi
Yatirim
Holding
Ortakligi
AS
208
938
Ege
Endustri
Ve
Ticaret
AS
4
846
Eis
Eczacibasi
Ilac
Ve
Sinai
Ve
Finansal
Yatirimlar
Sanayi
Ve
Ticaret
AS
3,672
4,314
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
*
11,691
4,165
Girsim
Elektrik
Sanayi
Taahut
Ve
Ticaret
AS
*
1,854
2,028
Haci
Omer
Sabanci
Holding
AS
5,662
11,153
Hektas
Ticaret
TAS
*
30,305
2,386
Is
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
*
7,915
2,917
Is
Yatirim
Menkul
Degerler
AS
4,894
4,091
Kontrolmatik
Enerji
Ve
Muhendislik
AS
1,322
851
Mavi
Giyim
Sanayi
Ve
Ticaret
AS,
Class
B,
144A
4,069
3,171
MIA
Teknoloji
AS
*
3,746
2,944
MLP
Saglik
Hizmetleri
AS,
144A
*
654
5,254
Pegasus
Hava
Tasimaciligi
AS
*
824
5,064
Reeder
Teknoloji
Sanayi
VE
Ticaret
AS
*
14,335
4,194
Sasa
Polyester
Sanayi
AS
*
52,424
4,382
Smart
Gunes
Enerjisi
Teknolojileri
ArGe
Uretim
Sanayi
VE
Ticaret
AS
*
2,876
2,049
TAB
Gida
Sanayi
Ve
Ticaret
AS
748
3,298
TAV
Havalimanlari
Holding
AS
*
1,156
6,419
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
2,331
3,671
Turk
Altin
Isletmeleri
AS
*
8,746
5,162
Turk
Hava
Yollari
AO
*
1,398
9,735
Turk
Telekomunikasyon
AS
*
3,855
5,418
Turkcell
Iletisim
Hizmetleri
AS
8,388
20,274
Turkiye
Is
Bankasi
AS,
Class
C
18,420
5,046
Turkiye
Sigorta
AS
10,606
4,460
Turkiye
Sinai
Kalkinma
Bankasi
AS
*
9,142
2,539
Ziraat
Gayrimenkul
Yatirim
Ortakligi
AS
13,702
8,792
(Cost
$278,774)
215,167
Number
of
Shares
Value
$
United
Arab
Emirates
—
2.4%
Abu
Dhabi
Commercial
Bank
PJSC
10,644
35,007
Abu
Dhabi
Islamic
Bank
PJSC
5,397
28,183
Aldar
Properties
PJSC
14,117
31,939
Alpha
Dhabi
Holding
PJSC
8,768
28,455
Borouge
PLC
16,025
10,820
Dubai
Islamic
Bank
PJSC
10,683
23,995
Emaar
Development
PJSC
3,788
13,820
Emaar
Properties
PJSC
23,073
82,605
Emirates
NBD
Bank
PJSC
8,453
51,551
Emirates
Telecommunications
Group
Co.
PJSC
20,972
98,094
First
Abu
Dhabi
Bank
PJSC
16,618
72,842
International
Holding
Co.
PJSC
*
3,494
381,458
Modon
Holding
PSC
*
19,487
17,508
Pure
Health
Holding
PJSC
16,913
12,248
(Cost
$520,827)
888,525
United
States
—
0.2%
BeOne
Medicines
Ltd.
*
2,830
54,315
BeOne
Medicines
Ltd.,
ADR
*
91
22,348
BeOne
Medicines
Ltd.,
Class
A
*
176
5,626
Parade
Technologies
Ltd.
469
9,030
(Cost
$84,231)
91,319
TOTAL
COMMON
STOCKS
(Cost
$40,045,795)
36,487,220
PREFERRED
STOCKS
—
1.3%
Brazil
—
0.7%
Banco
Bradesco
SA
19,119
54,034
Centrais
Eletricas
Brasileiras
SA,
Class
B
1,769
14,496
Companhia
Paranaense
de
Energia,
Class
B
7,516
16,613
Itau
Unibanco
Holding
SA
20,032
130,808
Itausa
SA
22,648
43,739
Klabin
SA
2
1
(Cost
$193,464)
259,691
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
*
(Cost
$24,775)
612
18,301
Colombia
—
0.1%
Grupo
Cibest
SA
(Cost
$18,539)
2,693
27,687
Russia
—
0.0%
Sberbank
of
Russia
PJSC
*
(a)
(Cost
$275,893)
71,636
0
South
Korea
—
0.5%
Doosan
Co.
Ltd.
67
15,904
Hyundai
Motor
Co.
62
6,646
DBX
ETF
Trust
|
19
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Hyundai
Motor
Co.
-
2nd
Preferred
122
13,060
LG
Chem
Ltd.
48
3,402
Samsung
Electronics
Co.
Ltd.
3,938
131,581
Yuhan
Corp.
74
5,305
(Cost
$180,899)
175,898
TOTAL
PREFERRED
STOCKS
(Cost
$693,570)
481,577
RIGHTS
—
0.0%
India
—
0.0%
Mahindra
&
Mahindra
Financial
Services
Ltd.*
,
expires
6/11/25
(Cost
$0)
601
464
WARRANTS
—
0.0%
Thailand
—
0.0%
BTS
Group
Holdings
PCL*
,
expires
11/20/26
(Cost
$0)
800
0
SECURITIES
LENDING
COLLATERAL
—
0.0%
DWS
Government
&
Agency
Securities
Portfolio
“DWS
Government
Cash
Institutional
Shares",
4.22%
(c)(d)
(Cost
$3,200)
3,200
3,200
CASH
EQUIVALENTS
—
0.6%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(c)
(Cost
$230,726)
230,726
230,726
TOTAL
INVESTMENTS
—
99.9%
(Cost
$40,973,291)  
37,203,187
Other
assets
and
liabilities,
net
—
0.1%
45,134
NET
ASSETS
—
100.0%
37,248,321
20
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
Hidden
Row
Securities
are
listed
in
country
of domicile.
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period ended
May
31,
2025
is
as
follows:
Value
($)
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
—
0.0%
DWS
Government
&
Agency
Securities
Portfolio
“DWS
Government
Cash
Institutional
Shares",
4.22%
(c)(d)
89,242
—
(86,042)
(e)
—
—
941
—
3,200
3,200
CASH
EQUIVALENTS
—
0.6%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(c)
2,308,436
12,800,269
(14,877,979)
—
—
37,874
—
230,726
230,726
2,397,678
12,800,269
(14,964,021)
—
—
38,815
—
233,926
233,926
*
Non-income
producing
security.
(a)
Investment
was
valued
using
significant
unobservable
inputs.
(b)
All
or
a
portion
of
these
securities
were
on
loan.
In
addition,
“Other
assets
and
liabilities,
net”
may
include
pending
sales
that
are
also
on
loan.
The
value
of
securities
loaned
at
May
31,
2025
amounted
to
$3,131,
which
is
0.0%
of
net
assets.
(c)
Affiliated
fund
managed
by
DWS
Investment
Management
Americas,
Inc.
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
(d)
Represents
cash
collateral
held
in
connection
with
securities
lending.
Income
earned
by
the
Fund
is
net
of
borrower
rebates.
(e)
Represents
the
net
increase
(purchase
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
May
31,
2025.
ADR:
American
Depositary
Receipt
CPO:
Ordinary
Participation
Certificates
GDR:
Global
Depositary
Receipt
JSC:
Joint
Stock
Company
KSC:
Kuwait
Shareholding
Company
KSCP:
Kuwait
Shareholding
Company
Public
NVDR:
Non
Voting
Depositary
Receipt
PJSC:
Public
Joint
Stock
Company
PSQC:
Public
Shareholders
Qatari
Company
QPSC:
Qatari
Public
Shareholders
Company
QSC:
Qatari
Shareholders
Company
REIT:
Real
Estate
Investment
Trust
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.
DBX
ETF
Trust
|
21
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
At
May
31,
2025 the
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF had
the
following
sector
diversification:
At
May
31,
2025,
open
futures
contracts
purchased
were
as
follows:
Currency
Abbreviations
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.
Sector
Diversification
Market
Value
$
As
a
%
of
Total
Investments
excluding
Securities
Lending
Collateral
and
Cash
Equivalents
Information
Technology
9,228,381
25
.0
Financials
9,215,665
25
.0
Consumer
Discretionary
5,466,617
14
.8
Communication
Services
4,886,532
13
.2
Industrials
2,231,898
6
.0
Health
Care
2,120,581
5
.7
Materials
1,284,036
3
.5
Consumer
Staples
1,267,073
3
.4
Real
Estate
784,744
2
.1
Utilities
480,549
1
.3
Industrial
3,185
0
.0
Total
36,969,261
100
.0
Contract
Description
Currency
Number
of
Contracts
Notional
Amount
(
$
)
Contract
Value
(
$
)
Expiration
Date
Unrealized
Appreciation
(
$
)
MSCI
Emerging
Markets
Index
USD
6
332,431
344,790
6/20/2025
12,359
USD
U.S.
Dollar
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
(a)
$
36,463,771
$
—
$
23,449
$
36,487,220
Preferred
Stocks
(a)
481,577
—
—
481,577
Rights
464
—
—
464
Warrants
0
—
—
0
Short-Term
Investments
(a)
233,926
—
—
233,926
Derivatives
(b)
Futures
Contracts
12,359
—
—
12,359
TOTAL
$
37,192,097
$
—
$
23,449
$
37,215,546
(a)
See
Schedule
of
Investments
for
additional
detailed
categorizations.
(b)
Derivatives
include
unrealized
appreciation
(depreciation)
on
open
futures
contracts.
22
|
DBX
ETF
Trust
Schedule
of
Investments
Xtrackers
Emerging
Markets
Carbon
Reduction
and
Climate
Improvers
ETF
(Continued)
May
31,
2025
(Unaudited)
During
the
period
ended
May
31,
2025,
the
amount
of
transfers
from Level
3
to
Level
1
was
$14,743.
The
investment
was
transferred
from
Level
3
to
Level
1
due
to
the
availability
of
a
pricing
source
supported
by
observable
inputs.
The
amount
of
transfers
from
Level
1
to
Level
3
was
$32,442.
The
investments
were
transferred
from
Level
1
to
Level
3
due
the
lack
of
observable
market
data
due
to
a
decrease
in
market
activity.
Transfers
between
price
levels
are
recognized
at
the
beginning
of
the
reporting
period.
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.
EMCR-PH3