February 29, 2024

Semi-Annual Report

DBX ETF Trust

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield BB-B ex Financials ETF (BHYB)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

 

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DBX ETF Trust

 

Table of Contents

 

     Page  

Portfolio Summary

  

Xtrackers High Beta High Yield Bond ETF

     1  

Xtrackers Low Beta High Yield Bond ETF

     2  

Xtrackers Risk Managed USD High Yield Strategy ETF

     3  

Xtrackers Short Duration High Yield Bond ETF

     4  

Xtrackers USD High Yield BB-B ex Financials ETF

     5  

Xtrackers USD High Yield Corporate Bond ETF

     6  

Fees and Expenses

     7  

Schedule of Investments

  

Xtrackers High Beta High Yield Bond ETF

     9  

Xtrackers Low Beta High Yield Bond ETF

     19  

Xtrackers Risk Managed USD High Yield Strategy ETF

     28  

Xtrackers Short Duration High Yield Bond ETF

     30  

Xtrackers USD High Yield BB-B ex Financials ETF

     42  

Xtrackers USD High Yield Corporate Bond ETF

     65  

Statements of Assets and Liabilities

     82  

Statements of Operations

     84  

Statements of Changes in Net Assets

     86  

Financial Highlights

     89  

Notes to Financial Statements

     92  

Other Information

     101  

Liquidity Risk Management

     102  

Board Consideration in Approval of Investment Advisory Contracts

     103  

Additional Information

     108  


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

 

The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

 

Description   % of Market Value  

BBB

    0.9%  

BB

    47.9%  

B

    38.9%  

CCC

    12.3%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of February 29, 2024

 

United States

    82.4%  

Canada

    6.3%  

Luxembourg

    2.6%  

Other

    8.7%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 29, 2024

 

Communications

    25.9%  

Consumer, Cyclical

    18.0%  

Energy

    13.2%  

Consumer, Non-cyclical

    13.1%  

Financial

    11.6%  

Industrial

    7.1%  

Basic Materials

    4.7%  

Technology

    3.8%  

Utilities

    2.5%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

 

1


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Low Beta High Yield Bond ETF (HYDW)

 

The Xtrackers Low Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

 

Description   % of Market Value  

BBB

    6.3%  

BB

    80.5%  

B

    12.6%  

CCC

    0.5%  
 

 

 

 

Total

    99.9%  

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

Country Diversification* as of February 29, 2024

 

United States

    89.2%  

Canada

    5.1%  

Other

    5.7%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 29, 2024

 

Consumer, Cyclical

    22.5%  

Consumer, Non-cyclical

    21.8%  

Financial

    12.5%  

Industrial

    12.0%  

Energy

    11.0%  

Communications

    6.4%  

Technology

    6.2%  

Utilities

    3.9%  

Basic Materials

    3.7%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

 

2


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

 

The Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

 

Description   % of Market Value  

BBB

    3.4%  

BB

    63.1%  

B

    26.7%  

CCC

    6.8%  
 

 

 

 

Total

    100.0%  

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

Sector Diversification* as of February 29, 2024

 

Consumer, Cyclical

    20.1%  

Communications

    17.1%  

Consumer, Non-cyclical

    17.0%  

Energy

    12.0%  

Financial

    12.0%  

Industrial

    9.5%  

Technology

    4.9%  

Basic Materials

    4.2%  

Utilities

    3.1%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

 

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

 

3


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Short Duration High Yield Bond ETF (SHYL)

 

The Xtrackers Short Duration High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

 

Description   % of Market Value  

BBB

    3.7%  

BB

    58.8%  

B

    28.1%  

CCC

    7.8%  

CC

    0.3%  
 

 

 

 

Total

    98.7%  

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

Country Diversification* as of February 29, 2024

 

United States

    82.4%  

Canada

    6.6%  

Other

    11.0%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 29, 2024

 

Consumer, Cyclical

    21.0%  

Communications

    17.3%  

Consumer, Non-cyclical

    16.5%  

Financial

    13.3%  

Energy

    11.1%  

Industrial

    10.0%  

Basic Materials

    4.0%  

Utilities

    3.5%  

Technology

    3.2%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 29, 2024: 2.6 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

 

* As a percentage of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 30.

 

4


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers USD High Yield BB-B ex Financials ETF (BHYB)

 

The Xtrackers USD High Yield BB-B ex Financial ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the “Underlying Index”). The Underlying Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

 

Description   % of Market Value  

BBB

    5.4%  

BB

    67.5%  

B

    27.1%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of February 29, 2024

 

United States

    85.0%  

Canada

    5.0%  

United Kingdom

    2.3%  

Luxembourg

    2.2%  

Other

    5.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 29, 2024

 

Consumer, Cyclical

    22.6%  

Consumer, Non-cyclical

    16.0%  

Communications

    15.5%  

Energy

    14.8%  

Industrial

    12.2%  

Basic Materials

    5.5%  

Financial

    4.8%  

Technology

    4.5%  

Utilities

    3.9%  

Diversified

    0.2%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 29, 2024: 3.7 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.

 

5


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

 

The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

 

Description   % of Market Value  

BBB

    3.5%  

BB

    63.5%  

B

    26.4%  

CCC

    6.6%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of February 29, 2024

 

United States

    85.4%  

Canada

    5.7%  

Other

    8.9%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 29, 2024

 

Consumer, Cyclical

    20.1%  

Consumer, Non-cyclical

    17.1%  

Communications

    16.9%  

Financial

    12.0%  

Energy

    12.0%  

Industrial

    9.6%  

Technology

    4.9%  

Basic Materials

    4.2%  

Utilities

    3.1%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 65.

 

6


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2023 to February 29, 2024) except Xtrackers USD High Yield BB-B ex Financials ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 29, 2024.

Actual expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

7


DBX ETF Trust

 

Fees and Expenses (Unaudited) (Continued)

 

      Beginning
Account Value
September 1, 2023
     Ending
Account Value
February 29, 2024
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers High Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,067.30        0.20   $ 1.03  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.87        0.20   $ 1.01  
Xtrackers Low Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,049.10        0.20   $ 1.02  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.87        0.20   $ 1.01  
Xtrackers Risk Managed USD High Yield Strategy ETF (2)

 

Actual

   $ 1,000.00      $ 1,057.30        0.21   $ 1.07  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.82        0.21   $ 1.06  
Xtrackers Short Duration High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,056.30        0.20   $ 1.02  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.87        0.20   $ 1.01  
Xtrackers USD High Yield BB-B ex Financials ETF

 

Actual (3)(4)

   $ 1,000.00      $ 1,086.40        0.21   $ 0.75  

Hypothetical (5% return before expenses) (4)

   $ 1,000.00      $ 1,023.82        0.21   $ 1.06  
Xtrackers USD High Yield Corporate Bond ETF

 

Actual

   $ 1,000.00      $ 1,058.20        0.09   $ 0.46  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.42        0.09   $ 0.45  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 126 (the number of days in the period October 27, 2023 (commencement of operations) to February 29, 2024), then divided by 366.

(4) Includes excise tax expense. Excluding this expense, the expense ratio would have been 0.20%.

 

8


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 97.6%    
Basic Materials — 4.6%    
Chemicals — 2.1%            

ASP Unifrax Holdings, Inc.
144A, 5.25%, 9/30/28

  $ 23,000     $ 14,617  

144A, 7.50%, 9/30/29

    10,000       5,470  

Chemours Co.
5.375%, 5/15/27

    13,000       11,890  

144A, 5.75%, 11/15/28

    25,000       21,953  

144A, 4.625%, 11/15/29

    18,000       14,824  

Consolidated Energy Finance SA
144A, 5.625%, 10/15/28

    13,000       10,565  

144A, 12.00%, 2/15/31

    17,000       17,397  

INEOS Finance PLC
144A, 6.75%, 5/15/28

    15,000       14,684  

144A, 7.50%, 4/15/29

    14,000       13,914  

INEOS Quattro Finance 2 PLC, 144A,
9.625%, 3/15/29

    15,000       15,798  

NOVA Chemicals Corp.
144A, 5.00%, 5/1/25

    17,000       16,622  

144A, 5.25%, 6/1/27

    29,000       26,905  

144A, 8.50%, 11/15/28

    10,000       10,571  

144A, 4.25%, 5/15/29

    13,000       10,769  

144A, 9.00%, 2/15/30

    16,000       16,071  

SCIH Salt Holdings, Inc., 144A,
6.625%, 5/1/29

    19,000       17,298  

Tronox, Inc., 144A,
4.625%, 3/15/29 (a)

    27,000       23,935  
   

 

 

 

(Cost $291,671)

      263,283  
   

 

 

 
Forest Products & Paper — 0.2%            

Mercer International, Inc.,
5.125%, 2/1/29

   

(Cost $22,688)

    24,000       20,710  
   

 

 

 
Iron/Steel — 0.8%            

ATI, Inc.,
7.25%, 8/15/30

    10,000       10,289  

Mineral Resources Ltd.
144A, 8.125%, 5/1/27

    18,000       18,178  

144A, 8.00%, 11/1/27

    18,000       18,355  

144A, 9.25%, 10/1/28

    30,000       31,500  

144A, 8.50%, 5/1/30

    16,000       16,452  
   

 

 

 

(Cost $93,118)

      94,774  
   

 

 

 
Mining — 1.5%            

First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25

    20,000       20,000  

144A, 6.875%, 3/1/26 (a)

    28,000       28,000  

144A, 6.875%, 10/15/27

    49,000       46,647  

144A, 8.625%, 6/1/31

    36,000       34,426  

Hudbay Minerals, Inc., 144A,
6.125%, 4/1/29

    15,000       14,734  

Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28

    15,000       13,853  

144A, 4.50%, 6/1/31

    20,000       17,113  

Vedanta Resources Finance II PLC, 144A,
9.25%, 4/23/26

    15,000       12,463  
   

 

 

 

(Cost $192,588)

      187,236  
   

 

 

 
   

Principal
Amount

   

Value

 
Communications — 25.3%    
Advertising — 1.4%            

Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27

  $ 32,000     $ 29,957  

144A, 7.75%, 4/15/28

    25,000       21,640  

144A, 9.00%, 9/15/28 (a)

    25,000       26,093  

144A, 7.50%, 6/1/29

    32,000       26,514  

Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27

    5,000       4,814  

144A, 4.25%, 1/15/29

    17,000       15,284  

144A, 4.625%, 3/15/30

    13,000       11,550  

Stagwell Global LLC, 144A,
5.625%, 8/15/29

    34,000       30,389  
   

 

 

 

(Cost $174,666)

      166,241  
   

 

 

 
Internet — 0.8%            

EquipmentShare.com, Inc., 144A,
9.00%, 5/15/28

    30,000       30,779  

Newfold Digital Holdings Group, Inc., 144A,
11.75%, 10/15/28

    15,000       16,305  

Rakuten Group, Inc., 144A,
11.25%, 2/15/27

    45,000       47,922  
   

 

 

 

(Cost $91,625)

      95,006  
   

 

 

 
Media — 14.7%            

Altice Financing SA
144A, 5.00%, 1/15/28

    32,000       28,344  

144A, 5.75%, 8/15/29

    59,000       50,878  

AMC Networks, Inc.
4.75%, 8/1/25

    27,000       25,774  

4.25%, 2/15/29

    26,000       16,854  

Cable One, Inc., 144A,
4.00%, 11/15/30

    15,000       11,348  

CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.00%, 2/1/28

    80,000       73,899  

144A, 5.375%, 6/1/29

    30,000       27,161  

144A, 6.375%, 9/1/29

    20,000       18,805  

144A, 4.75%, 3/1/30

    50,000       42,581  

144A, 4.50%, 8/15/30

    55,000       45,673  

144A, 4.25%, 2/1/31

    56,000       45,093  

144A, 7.375%, 3/1/31 (a)

    32,000       31,026  

144A, 4.75%, 2/1/32

    35,000       28,276  

4.50%, 5/1/32

    60,000       47,458  

144A, 4.50%, 6/1/33

    45,000       34,663  

144A, 4.25%, 1/15/34

    35,000       26,202  

CSC Holdings LLC
144A, 5.50%, 4/15/27

    38,000       34,132  

144A, 5.375%, 2/1/28

    22,000       19,199  

144A, 7.50%, 4/1/28

    30,000       21,360  

144A, 11.25%, 5/15/28

    28,000       28,917  

144A, 11.75%, 1/31/29

    49,000       51,251  

144A, 6.50%, 2/1/29

    51,000       44,508  

144A, 5.75%, 1/15/30

    62,000       36,518  

144A, 4.125%, 12/1/30

    31,000       23,108  

144A, 4.625%, 12/1/30

    65,000       36,211  

144A, 3.375%, 2/15/31

    27,000       19,081  

144A, 4.50%, 11/15/31

    41,000       30,481  

144A, 5.00%, 11/15/31

    14,000       7,645  

DISH DBS Corp.
7.75%, 7/1/26

    54,000       34,480  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)            

144A, 5.25%, 12/1/26

  $ 76,000     $ 60,848  

7.375%, 7/1/28

    23,000       11,244  

144A, 5.75%, 12/1/28

    70,000       48,606  

5.125%, 6/1/29

    43,000       18,383  

DISH Network Corp., 144A,
11.75%, 11/15/27

    101,000       105,424  

Gray Television, Inc.
144A, 5.875%, 7/15/26

    27,000       25,650  

144A, 7.00%, 5/15/27 (a)

    17,000       15,383  

144A, 4.75%, 10/15/30

    20,000       12,908  

iHeartCommunications, Inc.
6.375%, 5/1/26

    22,000       18,755  

8.375%, 5/1/27

    27,000       16,232  

144A, 5.25%, 8/15/27

    19,000       14,106  

144A, 4.75%, 1/15/28

    11,000       7,931  

McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28

    23,000       21,389  

144A, 8.00%, 8/1/29

    16,000       14,615  

Nexstar Media, Inc.
144A, 5.625%, 7/15/27

    50,000       47,438  

144A, 4.75%, 11/1/28 (a)

    29,000       25,784  

Radiate Holdco LLC / Radiate Finance, Inc.
144A, 4.50%, 9/15/26

    25,000       19,714  

144A, 6.50%, 9/15/28

    29,000       13,989  

Sinclair Television Group, Inc.
144A, 5.50%, 3/1/30

    13,000       9,445  

144A, 4.125%, 12/1/30

    21,000       15,364  

Sirius XM Radio, Inc.
144A, 5.50%, 7/1/29

    40,000       37,865  

144A, 4.125%, 7/1/30

    40,000       34,453  

144A, 3.875%, 9/1/31

    40,000       33,103  

TEGNA, Inc.
4.625%, 3/15/28

    30,000       27,047  

5.00%, 9/15/29

    30,000       26,431  

Univision Communications, Inc.
144A, 6.625%, 6/1/27

    44,000       42,686  

144A, 8.00%, 8/15/28

    40,000       40,248  

144A, 4.50%, 5/1/29

    30,000       26,334  

144A, 7.375%, 6/30/30

    21,000       20,303  

VTR Finance NV, 144A,
6.375%, 7/15/28

    13,000       5,697  

Ziggo Bond Co. BV
144A, 6.00%, 1/15/27

    16,000       15,647  

144A, 5.125%, 2/28/30

    13,000       11,134  

Ziggo BV, 144A,
4.875%, 1/15/30

    30,000       26,754  
   

 

 

 

(Cost $2,041,690)

      1,811,836  
   

 

 

 
Telecommunications — 8.4%            

Altice France Holding SA
144A, 10.50%, 5/15/27

    43,000       28,134  

144A, 6.00%, 2/15/28

    31,000       15,683  

Altice France SA
144A, 8.125%, 2/1/27

    51,000       46,918  

144A, 5.50%, 1/15/28

    26,000       21,243  

144A, 5.125%, 1/15/29

    15,000       11,354  

144A, 5.125%, 7/15/29

    68,000       51,433  

144A, 5.50%, 10/15/29

    52,000       39,437  

C&W Senior Financing DAC, 144A,
6.875%, 9/15/27

    33,000       31,137  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

CommScope Technologies LLC
144A, 6.00%, 6/15/25 (a)

  $ 37,000     $ 30,191  

144A, 5.00%, 3/15/27

    19,000       6,820  

CommScope, Inc.
144A, 6.00%, 3/1/26 (a)

    38,000       34,245  

144A, 8.25%, 3/1/27

    25,000       10,973  

144A, 7.125%, 7/1/28

    15,000       6,016  

144A, 4.75%, 9/1/29

    37,000       25,383  

Consolidated Communications, Inc.
144A, 5.00%, 10/1/28

    12,000       9,922  

144A, 6.50%, 10/1/28

    20,000       17,200  

Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27

    30,000       29,019  

144A, 5.00%, 5/1/28

    45,000       41,693  

144A, 6.75%, 5/1/29

    25,000       22,475  

5.875%, 11/1/29

    20,000       17,151  

144A, 6.00%, 1/15/30

    30,000       25,684  

144A, 8.75%, 5/15/30

    30,000       30,630  

144A, 8.625%, 3/15/31

    20,000       20,282  

Hughes Satellite Systems Corp.
5.25%, 8/1/26

    25,000       21,384  

6.625%, 8/1/26 (a)

    19,000       12,540  

Iliad Holding SASU, 144A,
7.00%, 10/15/28

    23,000       22,775  

Intelsat Jackson Holdings SA, 144A,
6.50%, 3/15/30

    80,000       74,631  

Level 3 Financing, Inc.
144A, 3.40%, 3/1/27

    10,000       8,100  

144A, 4.625%, 9/15/27

    30,000       18,600  

144A, 4.25%, 7/1/28

    32,000       15,360  

144A, 3.625%, 1/15/29

    22,000       9,460  

144A, 3.875%, 11/15/29 (a)

    20,000       11,800  

144A, 10.50%, 5/15/30 (a)

    26,000       26,780  

Lumen Technologies, Inc.
144A, 5.125%, 12/15/26

    15,000       10,034  

144A, 4.00%, 2/15/27

    35,000       21,211  

144A, 4.50%, 1/15/29

    12,000       3,791  

Millicom International Cellular SA
144A, 5.125%, 1/15/28

    7,200       6,870  

144A, 6.25%, 3/25/29

    18,000       17,494  

144A, 4.50%, 4/27/31

    22,000       19,002  

Sable International Finance Ltd., 144A,
5.75%, 9/7/27

    12,000       11,517  

Viasat, Inc.
144A, 5.625%, 9/15/25

    18,000       17,488  

144A, 5.625%, 4/15/27

    24,000       22,555  

144A, 6.50%, 7/15/28

    10,000       7,419  

144A, 7.50%, 5/30/31

    20,000       14,075  

Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,
7.75%, 8/15/28

    40,000       37,388  

Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27 (a)

    39,000       32,513  

144A, 6.125%, 3/1/28

    30,000       22,832  
   

 

 

 

(Cost $1,234,582)

      1,038,642  
   

 

 

 
Consumer, Cyclical — 17.6%    
Airlines — 1.4%            

American Airlines Group, Inc., 144A,
3.75%, 3/1/25

    16,000       15,645  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

American Airlines, Inc.
144A, 7.25%, 2/15/28

  $ 25,000     $ 25,231  

144A, 8.50%, 5/15/29

    20,000       21,037  

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
5.75%, 1/20/26

    33,000       31,185  

Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25

    15,000       10,862  

144A, 8.00%, 9/20/25 (a)

    14,000       10,138  

United Airlines, Inc., 144A,
4.625%, 4/15/29

    60,000       55,403  
   

 

 

 

(Cost $178,172)

      169,501  
   

 

 

 
Apparel — 0.4%            

Hanesbrands, Inc.
144A, 4.875%, 5/15/26

    26,000       25,120  

144A, 9.00%, 2/15/31 (a)

    18,000       18,059  
   

 

 

 

(Cost $42,901)

      43,179  
   

 

 

 
Auto Manufacturers — 0.2%            

Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25

   

(Cost $27,764)

    28,000       28,415  
   

 

 

 
Auto Parts & Equipment — 1.8%            

American Axle & Manufacturing, Inc.
6.50%, 4/1/27

    13,000       12,851  

6.875%, 7/1/28

    10,000       9,672  

5.00%, 10/1/29

    20,000       17,361  

Clarios Global LP / Clarios US Finance Co., 144A,
8.50%, 5/15/27

    45,000       45,318  

Dana, Inc.
5.375%, 11/15/27

    10,000       9,663  

5.625%, 6/15/28

    10,000       9,692  

4.25%, 9/1/30

    15,000       12,953  

Goodyear Tire & Rubber Co.
5.00%, 7/15/29 (a)

    22,000       20,274  

5.25%, 4/30/31 (a)

    14,000       12,694  

5.25%, 7/15/31

    16,000       14,455  

5.625%, 4/30/33

    13,000       11,638  

Tenneco, Inc., 144A,
8.00%, 11/17/28

    51,000       46,523  
   

 

 

 

(Cost $228,524)

      223,094  
   

 

 

 
Entertainment — 2.3%            

AMC Entertainment Holdings, Inc., 144A,
7.50%, 2/15/29 (a)

    25,000       17,307  

Banijay Entertainment SASU, 144A,
8.125%, 5/1/29

    10,000       10,352  

Caesars Entertainment, Inc., 144A,
4.625%, 10/15/29

    35,000       31,977  

Cinemark USA, Inc.
144A, 5.875%, 3/15/26

    17,000       16,760  

144A, 5.25%, 7/15/28

    20,000       18,705  

Light & Wonder International, Inc.
144A, 7.25%, 11/15/29

    11,000       11,267  

144A, 7.50%, 9/1/31

    20,000       20,851  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31

  $ 9,000     $ 9,011  

Mohegan Tribal Gaming Authority, 144A,
8.00%, 2/1/26

    29,000       27,369  

Penn Entertainment, Inc.
144A, 5.625%, 1/15/27

    15,000       14,353  

144A, 4.125%, 7/1/29 (a)

    10,000       8,408  

Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29 (a)

    19,000       13,700  

144A, 5.875%, 9/1/31

    21,000       14,901  

Six Flags Entertainment Corp., 144A,
7.25%, 5/15/31 (a)

    25,000       25,178  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A,
5.125%, 10/1/29

    20,000       18,880  

144A, 7.125%, 2/15/31

    24,000       24,799  
   

 

 

 

(Cost $304,597)

      283,818  
   

 

 

 
Food Service — 0.2%            

TKC Holdings, Inc.
144A, 6.875%, 5/15/28

    16,000       14,995  

144A, 10.50%, 5/15/29

    16,000       14,542  
   

 

 

 

(Cost $31,116)

      29,537  
   

 

 

 
Home Builders — 0.5%            

Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30

    10,000       9,002  

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27

    18,000       17,456  

144A, 4.875%, 2/15/30

    15,000       13,339  

Mattamy Group Corp., 144A,
4.625%, 3/1/30

    18,000       16,176  
   

 

 

 

(Cost $59,522)

      55,973  
   

 

 

 
Home Furnishings — 0.1%            

Tempur Sealy International, Inc., 144A,
3.875%, 10/15/31

   

(Cost $21,042)

    21,000       17,489  
   

 

 

 
Housewares — 1.0%            

Newell Brands, Inc.
4.875%, 6/1/25

    10,000       9,799  

5.20%, 4/1/26

    55,000       53,466  

6.375%, 9/15/27 (a)

    15,000       14,578  

6.625%, 9/15/29

    15,000       14,386  

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

    10,000       8,885  

4.00%, 4/1/31

    15,000       12,738  

4.375%, 2/1/32

    10,000       8,372  
   

 

 

 

(Cost $122,330)

      122,224  
   

 

 

 
Leisure Time — 3.2%            

Carnival Corp.
144A, 7.625%, 3/1/26 (a)

    32,000       32,440  

144A, 5.75%, 3/1/27

    78,000       77,087  

144A, 6.00%, 5/1/29

    59,000       57,693  

144A, 10.50%, 6/1/30

    29,000       31,663  

Life Time, Inc., 144A,
8.00%, 4/15/26 (a)

    10,000       10,100  

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

NCL Corp. Ltd.
144A, 5.875%, 3/15/26

  $ 40,000     $ 39,100  

144A, 8.375%, 2/1/28

    20,000       21,010  

144A, 8.125%, 1/15/29

    18,000       18,952  

144A, 7.75%, 2/15/29 (a)

    17,000       17,439  

Royal Caribbean Cruises Ltd., 144A,
9.25%, 1/15/29

    29,000       31,216  

Viking Cruises Ltd.
144A, 5.875%, 9/15/27

    21,000       20,545  

144A, 7.00%, 2/15/29

    13,000       13,007  

144A, 9.125%, 7/15/31

    22,000       23,832  
   

 

 

 

(Cost $377,666)

      394,084  
   

 

 

 
Lodging — 1.7%            

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 6.625%, 1/15/32

    25,000       25,017  

Marriott Ownership Resorts, Inc., 144A,
4.50%, 6/15/29 (a)

    13,000       11,804  

Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25

    26,000       25,439  

144A, 5.25%, 4/26/26

    10,000       9,608  

144A, 5.625%, 7/17/27

    16,000       15,181  

144A, 5.75%, 7/21/28

    23,000       21,618  

144A, 5.375%, 12/4/29

    34,000       30,622  

Station Casinos LLC, 144A,
4.625%, 12/1/31

    13,000       11,570  

Studio City Finance Ltd.
144A, 6.50%, 1/15/28

    15,000       14,238  

144A, 5.00%, 1/15/29

    32,000       27,935  

Travel + Leisure Co., 144A,
4.50%, 12/1/29

    19,000       17,415  
   

 

 

 

(Cost $216,882)

      210,447  
   

 

 

 
Retail — 4.8%            

Asbury Automotive Group, Inc., 144A,
5.00%, 2/15/32

    16,000       14,222  

Bath & Body Works, Inc.
7.50%, 6/15/29 (a)

    19,000       19,634  

144A, 6.625%, 10/1/30

    25,000       25,164  

eG Global Finance PLC, 144A,
12.00%, 11/30/28

    30,000       31,710  

Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26

    17,000       16,843  

144A, 5.875%, 4/1/29

    25,000       23,758  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A, 4.625%, 1/15/29

    25,000       22,712  

144A, 6.75%, 1/15/30

    36,000       31,831  

FirstCash, Inc., 144A,
6.875%, 3/1/32

    10,000       9,914  

Gap, Inc.
144A, 3.625%, 10/1/29

    19,000       16,071  

144A, 3.875%, 10/1/31

    24,000       19,388  

Kohl’s Corp.,
4.625%, 5/1/31

    15,000       11,830  

LBM Acquisition LLC, 144A,
6.25%, 1/15/29

    19,000       17,137  
   

Principal
Amount

   

Value

 
Retail (Continued)            

Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29

  $ 13,000     $ 12,533  

144A, 6.125%, 3/15/32

    10,000       9,317  

Michaels Cos., Inc.
144A, 5.25%, 5/1/28

    20,000       15,553  

144A, 7.875%, 5/1/29

    32,000       20,704  

NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26

    32,000       31,416  

Nordstrom, Inc.
4.375%, 4/1/30

    15,000       13,271  

4.25%, 8/1/31

    11,000       9,269  

PetSmart, Inc. / PetSmart Finance Corp., 144A,
7.75%, 2/15/29

    31,000       30,658  

QVC, Inc.
4.75%, 2/15/27

    15,000       13,534  

4.375%, 9/1/28

    13,000       10,677  

Sonic Automotive, Inc.
144A, 4.625%, 11/15/29

    17,000       15,021  

144A, 4.875%, 11/15/31

    17,000       14,625  

SRS Distribution, Inc.
144A, 6.125%, 7/1/29

    12,000       11,200  

144A, 6.00%, 12/1/29

    25,000       23,297  

Staples, Inc.
144A, 7.50%, 4/15/26

    54,000       51,970  

144A, 10.75%, 4/15/27

    28,000       25,653  

Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31

    17,000       15,288  
   

 

 

 

(Cost $618,049)

      584,200  
   

 

 

 
Consumer, Non-cyclical — 12.8%            
Agriculture — 0.2%            

Vector Group Ltd., 144A,
5.75%, 2/1/29
(Cost $28,776)

    29,000       26,598  
   

 

 

 
Beverages — 0.1%            

Primo Water Holdings, Inc., 144A,
4.375%, 4/30/29
(Cost $18,990)

    19,000       17,253  
   

 

 

 
Commercial Services — 3.6%            

Albion Financing 2 SARL, 144A,
8.75%, 4/15/27

    15,000       15,074  

Allied Universal Holdco LLC, 144A,
7.875%, 2/15/31

    24,000       23,864  

Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26

    14,000       13,969  

144A, 9.75%, 7/15/27

    33,000       32,921  

144A, 6.00%, 6/1/29 (a)

    25,000       20,726  

Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A,
4.625%, 6/1/28

    36,000       32,053  

APX Group, Inc., 144A,
5.75%, 7/15/29

    23,000       21,896  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 8.00%, 2/15/31

    15,000       14,499  

Garda World Security Corp.
144A, 4.625%, 2/15/27

    14,000       13,387  

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

144A, 9.50%, 11/1/27

  $ 20,000     $ 20,095  

144A, 7.75%, 2/15/28

    10,000       10,165  

144A, 6.00%, 6/1/29

    16,000       14,019  

Hertz Corp.
144A, 4.625%, 12/1/26

    20,000       17,725  

144A, 5.00%, 12/1/29

    24,000       18,413  

MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28

    28,000       24,461  

144A, 5.75%, 11/1/28 (a)

    28,000       22,367  

Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28

    35,000       34,559  

Sabre GLBL, Inc.
144A, 8.625%, 6/1/27

    25,000       22,036  

144A, 11.25%, 12/15/27

    17,000       15,991  

Sotheby’s, 144A,
7.375%, 10/15/27

    20,000       19,237  

Wand NewCo 3, Inc., 144A,
7.625%, 1/30/32

    28,000       28,794  
   

 

 

 

(Cost $457,618)

      436,251  
   

 

 

 
Cosmetics/Personal Care — 0.1%            

Edgewell Personal Care Co., 144A,
4.125%, 4/1/29
(Cost $12,956)

    13,000       11,859  
   

 

 

 
Food — 1.1%            

B&G Foods, Inc.
5.25%, 9/15/27 (a)

    14,000       13,033  

144A, 8.00%, 9/15/28

    15,000       15,635  

Post Holdings, Inc.
144A, 5.50%, 12/15/29

    32,000       30,643  

144A, 4.625%, 4/15/30

    42,000       38,246  

144A, 4.50%, 9/15/31

    28,000       24,948  

Sigma Holdco BV, 144A,
7.875%, 5/15/26

    12,000       11,477  
   

 

 

 

(Cost $140,590)

      133,982  
   

 

 

 
Healthcare-Products — 0.3%            

Bausch + Lomb Escrow Corp., 144A,
8.375%, 10/1/28
(Cost $40,348)

    40,000       41,850  
   

 

 

 
Healthcare-Services — 4.3%            

CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26 (a)

    47,000       46,576  

144A, 5.625%, 3/15/27

    50,000       45,805  

144A, 8.00%, 12/15/27

    24,000       22,982  

144A, 6.875%, 4/1/28

    19,000       12,289  

144A, 6.00%, 1/15/29

    23,000       19,804  

144A, 6.875%, 4/15/29

    38,000       24,294  

144A, 6.125%, 4/1/30

    34,000       21,307  

144A, 5.25%, 5/15/30

    41,000       32,753  

144A, 4.75%, 2/15/31

    28,000       21,332  

144A, 10.875%, 1/15/32

    15,000       15,293  

DaVita, Inc.
144A, 4.625%, 6/1/30

    81,000       71,327  

144A, 3.75%, 2/15/31

    38,000       31,228  

Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27

    22,000       20,432  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

LifePoint Health, Inc.
144A, 5.375%, 1/15/29

  $ 13,000     $ 10,381  

144A, 9.875%, 8/15/30

    23,000       23,891  

144A, 11.00%, 10/15/30

    30,000       31,772  

ModivCare, Inc., 144A,
5.875%, 11/15/25

    13,000       12,704  

RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,
9.75%, 12/1/26

    36,000       36,027  

Star Parent, Inc., 144A,
9.00%, 10/1/30

    26,000       27,472  
   

 

 

 

(Cost $587,680)

      527,669  
   

 

 

 
Household Products/Wares — 0.1%            

Central Garden & Pet Co., 144A,
4.125%, 4/30/31
(Cost $9,973)

    10,000       8,758  
   

 

 

 
Pharmaceuticals — 3.0%            

AdaptHealth LLC
144A, 4.625%, 8/1/29

    13,000       10,835  

144A, 5.125%, 3/1/30 (a)

    16,000       13,396  

Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26

    17,000       16,001  

144A, 8.50%, 1/31/27 (a)

    20,000       11,404  

Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25

    49,000       45,646  

144A, 9.00%, 12/15/25

    28,000       26,665  

144A, 6.125%, 2/1/27

    26,000       16,672  

144A, 5.75%, 8/15/27

    13,000       7,850  

144A, 5.00%, 1/30/28

    12,000       5,490  

144A, 4.875%, 6/1/28

    45,000       25,692  

144A, 11.00%, 9/30/28

    47,000       31,725  

144A, 5.00%, 2/15/29

    15,000       6,626  

144A, 6.25%, 2/15/29

    23,000       10,553  

144A, 5.25%, 1/30/30

    17,000       7,352  

144A, 5.25%, 2/15/31

    11,000       4,758  

Cheplapharm Arzneimittel GmbH, 144A,
5.50%, 1/15/28

    13,000       12,237  

Grifols SA, 144A,
4.75%, 10/15/28

    19,000       15,844  

Herbalife Nutrition Ltd / HLF Financing, Inc., 144A,
7.875%, 9/1/25

    20,000       19,422  

HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29

    16,000       11,461  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31

    55,000       47,180  

Owens & Minor, Inc.
144A, 4.50%, 3/31/29

    11,000       9,842  

144A, 6.625%, 4/1/30 (a)

    16,000       15,476  
   

 

 

 

(Cost $469,671)

      372,127  
   

 

 

 
Diversified — 0.1%    
Holding Companies-Diversified — 0.1%            

Benteler International AG, 144A,
10.50%, 5/15/28
(Cost $15,241)

    15,000       16,122  
   

 

 

 

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Energy — 12.9%            
Energy-Alternate Sources — 0.1%            

Sunnova Energy Corp., 144A,
11.75%, 10/1/28 (a)
(Cost $8,608)

  $ 10,000     $ 8,426  
   

 

 

 
Oil & Gas — 5.5%            

Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 8.25%, 12/31/28

    15,000       15,243  

Baytex Energy Corp.
144A, 8.75%, 4/1/27

    12,000       12,458  

144A, 8.50%, 4/30/30

    20,000       20,812  

Civitas Resources, Inc.
144A, 8.375%, 7/1/28

    35,000       36,669  

144A, 8.625%, 11/1/30

    30,000       32,127  

144A, 8.75%, 7/1/31

    40,000       42,589  

CNX Resources Corp.
144A, 7.375%, 1/15/31

    11,000       11,100  

144A, 7.25%, 3/1/32

    10,000       9,972  

Comstock Resources, Inc.
144A, 6.75%, 3/1/29

    32,000       29,560  

144A, 5.875%, 1/15/30

    28,000       24,518  

Crescent Energy Finance LLC
144A, 7.25%, 5/1/26

    20,000       19,944  

144A, 9.25%, 2/15/28

    22,000       23,044  

CVR Energy, Inc.
144A, 5.75%, 2/15/28

    11,000       10,219  

144A, 8.50%, 1/15/29

    10,000       10,071  

Energean PLC, 144A,
6.50%, 4/30/27

    16,000       14,631  

Kosmos Energy Ltd.
144A, 7.125%, 4/4/26

    22,000       21,306  

144A, 7.75%, 5/1/27

    14,000       13,321  

144A, 7.50%, 3/1/28

    10,000       9,305  

Leviathan Bond Ltd.
144A, REGS, 6.125%, 6/30/25

    16,000       15,699  

144A, REGS, 6.50%, 6/30/27

    17,000       16,318  

144A, REGS, 6.75%, 6/30/30

    14,000       12,837  

Medco Maple Tree Pte Ltd., 144A,
8.96%, 4/27/29

    10,000       10,476  

Northern Oil & Gas, Inc.
144A, 8.125%, 3/1/28

    19,000       19,256  

144A, 8.75%, 6/15/31

    15,000       15,694  

Parkland Corp., 144A,
4.625%, 5/1/30

    21,000       19,203  

PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28

    29,000       28,229  

144A, 7.875%, 9/15/30

    20,000       20,509  

Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28

    20,000       20,461  

Talos Production, Inc.
144A, 9.00%, 2/1/29

    15,000       15,343  

144A, 9.375%, 2/1/31

    16,000       16,543  

Transocean, Inc.
144A, 7.50%, 1/15/26

    15,000       14,841  

144A, 11.50%, 1/30/27

    23,000       23,937  

144A, 8.00%, 2/1/27

    19,000       18,563  

Tullow Oil PLC, 144A,
7.00%, 3/1/25

    16,000       15,039  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

Vital Energy, Inc.
10.125%, 1/15/28

  $ 25,000     $ 26,185  

9.75%, 10/15/30

    13,000       13,936  
   

 

 

 

(Cost $672,925)

      679,958  
   

 

 

 
Oil & Gas Services — 1.1%            

Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27

    16,000       15,934  

144A, 6.25%, 4/1/28

    21,000       20,493  

CGG SA, 144A,
8.75%, 4/1/27

    16,000       14,291  

USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26

    19,000       18,987  

6.875%, 9/1/27

    19,000       18,920  

Weatherford International Ltd., 144A,
8.625%, 4/30/30

    41,000       42,540  
   

 

 

 

(Cost $132,243)

      131,165  
   

 

 

 
Pipelines — 6.2%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 5.75%, 3/1/27

    18,000       17,625  

144A, 5.75%, 1/15/28

    17,000       16,681  

144A, 6.625%, 2/1/32

    20,000       19,931  

Buckeye Partners LP
144A, 4.125%, 3/1/25

    20,000       19,575  

144A, 4.50%, 3/1/28

    13,000       12,098  

EQM Midstream Partners LP
144A, 7.50%, 6/1/27

    13,000       13,310  

144A, 7.50%, 6/1/30

    13,000       13,831  

Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27

    25,000       25,197  

7.75%, 2/1/28

    28,000       28,025  

8.25%, 1/15/29

    18,000       18,315  

8.875%, 4/15/30

    10,000       10,378  

Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27

    10,000       10,011  

144A, 8.25%, 1/15/32

    10,000       10,263  

ITT Holdings LLC,
144A, 6.50%, 8/1/29

    36,000       31,988  

New Fortress Energy, Inc.
144A, 6.75%, 9/15/25

    32,000       31,864  

144A, 6.50%, 9/30/26

    43,000       41,564  

NGL Energy Operating LLC / NGL Energy Finance Corp.
144A, 8.125%, 2/15/29

    25,000       25,257  

144A, 8.375%, 2/15/32

    33,000       33,548  

NuStar Logistics LP
6.00%, 6/1/26

    15,000       14,841  

6.375%, 10/1/30

    15,000       15,056  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27

    11,000       10,866  

144A, 5.50%, 1/15/28

    22,000       20,926  

144A, 7.375%, 2/15/29

    20,000       19,971  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

144A, 6.00%, 12/31/30

  $ 19,000     $ 17,687  

144A, 6.00%, 9/1/31

    14,000       12,836  

Venture Global LNG, Inc.
144A, 8.125%, 6/1/28

    63,000       64,053  

144A, 9.50%, 2/1/29

    78,000       83,213  

144A, 8.375%, 6/1/31

    63,000       63,770  

144A, 9.875%, 2/1/32

    57,000       60,050  
   

 

 

 

(Cost $764,480)

      762,730  
   

 

 

 
Financial — 11.3%            
Banks — 0.5%            

Freedom Mortgage Corp.
144A, 7.625%, 5/1/26

    15,000       14,900  

144A, 6.625%, 1/15/27

    14,000       13,358  

144A, 12.00%, 10/1/28

    22,000       23,863  

144A, 12.25%, 10/1/30

    13,000       14,320  
   

 

 

 

(Cost $62,062)

      66,441  
   

 

 

 
Diversified Financial Services — 4.0%            

Bread Financial Holdings, Inc., 144A,
9.75%, 3/15/29

    25,000       25,603  

Burford Capital Global Finance LLC, 144A,
9.25%, 7/1/31

    11,000       11,564  

Coinbase Global, Inc.
144A, 3.375%, 10/1/28

    30,000       25,378  

144A, 3.625%, 10/1/31

    19,000       14,894  

Credit Acceptance Corp., 144A,
9.25%, 12/15/28

    15,000       15,886  

Curo Group Holdings Corp., 144A,
7.50%, 8/1/28*

    20,000       5,475  

Enova International, Inc., 144A,
11.25%, 12/15/28

    10,000       10,482  

goeasy Ltd., 144A,
9.25%, 12/1/28

    10,000       10,620  

Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A,
5.00%, 8/15/28

    26,000       23,418  

LD Holdings Group LLC 144A,
6.50%, 11/1/25

    11,000       10,192  

144A, 6.125%, 4/1/28

    16,000       13,079  

Nationstar Mortgage Holdings, Inc.
144A, 5.50%, 8/15/28

    25,000       23,634  

144A, 5.125%, 12/15/30

    19,000       16,983  

144A, 5.75%, 11/15/31

    16,000       14,673  

144A, 7.125%, 2/1/32

    20,000       19,687  

Navient Corp.
4.875%, 3/15/28

    13,000       11,883  

5.50%, 3/15/29

    22,000       19,937  

9.375%, 7/25/30

    15,000       15,693  

11.50%, 3/15/31

    17,000       18,617  

OneMain Finance Corp.
3.875%, 9/15/28

    15,000       13,123  

9.00%, 1/15/29

    30,000       31,537  

5.375%, 11/15/29

    22,000       20,442  

7.875%, 3/15/30

    22,000       22,392  

4.00%, 9/15/30

    22,000       18,562  

Osaic Holdings, Inc., 144A,
10.75%, 8/1/27

    15,000       15,594  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

PennyMac Financial Services, Inc., 144A,
5.75%, 9/15/31

  $ 13,000     $ 11,965  

PRA Group, Inc., 144A,
8.375%, 2/1/28

    10,000       9,781  

Synchrony Financial,
7.25%, 2/2/33

    20,000       19,457  

United Wholesale Mortgage LLC, 144A,
5.50%, 4/15/29

    22,000       20,564  
   

 

 

 

(Cost $511,197)

      491,115  
   

 

 

 
Insurance — 0.9%            

Acrisure LLC / Acrisure Finance, Inc.
144A, 10.125%, 8/1/26

    12,000       12,488  

144A, 6.00%, 8/1/29

    13,000       11,715  

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 6.75%, 10/15/27

    38,000       36,952  

144A, 5.875%, 11/1/29

    12,000       10,994  

AssuredPartners, Inc.
144A, 5.625%, 1/15/29

    14,000       12,893  

144A, 7.50%, 2/15/32

    8,000       7,867  

USI, Inc.,
144A, 7.50%, 1/15/32

    20,000       19,950  
   

 

 

 

(Cost $113,371)

      112,859  
   

 

 

 
Investment Companies — 0.2%            

Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29
(Cost $20,438)

    20,000       20,925  
   

 

 

 
Real Estate — 0.9%            

Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30

    18,200       16,516  

Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28

    20,000       19,719  

144A, 8.875%, 9/1/31

    10,000       10,420  

Kennedy-Wilson, Inc.
4.75%, 3/1/29

    17,000       13,788  

4.75%, 2/1/30

    12,000       9,507  

5.00%, 3/1/31

    24,000       18,683  

Realogy Group LLC / Realogy Co.-Issuer Corp.
144A, 5.75%, 1/15/29

    20,000       14,900  

144A, 5.25%, 4/15/30

    7,000       4,911  
   

 

 

 

(Cost $123,740)

      108,444  
   

 

 

 
Real Estate Investment Trusts — 3.6%            

Brandywine Operating Partnership LP,
3.95%, 11/15/27

    15,000       13,203  

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26

    28,000       27,032  

144A, 4.50%, 4/1/27

    19,000       16,725  

Diversified Healthcare Trust
9.75%, 6/15/25

    15,000       14,948  

4.75%, 2/15/28

    13,000       10,361  

4.375%, 3/1/31

    15,000       11,416  

Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,
3.75%, 12/15/27

    15,000       12,683  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)            

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
4.75%, 6/15/29

  $ 17,000     $ 15,278  

MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)

    10,000       8,917  

5.00%, 10/15/27 (a)

    41,000       33,597  

4.625%, 8/1/29

    25,000       18,653  

3.50%, 3/15/31 (a)

    34,000       22,795  

Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,
4.50%, 9/30/28

    11,000       9,276  

Office Properties Income Trust,
3.45%, 10/15/31

    12,000       5,295  

Service Properties Trust
4.75%, 10/1/26

    15,000       13,892  

4.95%, 2/15/27

    21,000       19,304  

5.50%, 12/15/27

    16,000       15,081  

3.95%, 1/15/28

    7,000       5,928  

4.95%, 10/1/29

    11,000       9,062  

4.375%, 2/15/30

    10,000       7,719  

144A, 8.625%, 11/15/31

    25,000       26,425  

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30

    20,000       14,623  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28

    68,000       70,457  

144A, 4.75%, 4/15/28

    15,000       13,051  

144A, 6.50%, 2/15/29

    30,000       23,129  
   

 

 

 

(Cost $458,896)

      438,850  
   

 

 

 
REITS — 0.3%            

Hudson Pacific Properties LP
3.95%, 11/1/27

    8,000       6,917  

4.65%, 4/1/29

    15,000       12,512  

3.25%, 1/15/30

    10,000       7,520  

Vornado Realty LP,
2.15%, 6/1/26

    12,000       10,774  
   

 

 

 

(Cost $39,471)

      37,723  
   

 

 

 
Venture Capital — 0.9%            

Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.375%, 12/15/25

    25,000       24,801  

6.25%, 5/15/26

    30,000       29,261  

5.25%, 5/15/27

    40,000       36,795  

4.375%, 2/1/29

    25,000       21,125  
   

 

 

 

(Cost $105,175)

      111,982  
   

 

 

 
Industrial — 6.9%    
Aerospace/Defense — 1.5%            

Bombardier, Inc.
144A, 7.875%, 4/15/27

    55,000       55,105  

144A, 7.50%, 2/1/29

    18,000       18,272  

144A, 8.75%, 11/15/30

    23,000       24,122  

Spirit AeroSystems, Inc.
4.60%, 6/15/28

    21,000       18,457  

144A, 9.75%, 11/15/30

    35,000       37,541  
   

Principal
Amount

   

Value

 
Aerospace/Defense (Continued)            

Triumph Group, Inc., 144A,
9.00%, 3/15/28

  $ 35,000     $ 36,630  
   

 

 

 

(Cost $189,540)

      190,127  
   

 

 

 
Building Materials — 0.5%            

Smyrna Ready Mix Concrete LLC
144A, 6.00%, 11/1/28

    36,000       34,957  

144A, 8.875%, 11/15/31

    30,000       31,823  
   

 

 

 

(Cost $66,239)

      66,780  
   

 

 

 
Electrical Components & Equipment — 0.3%            

Energizer Holdings, Inc.
144A, 4.75%, 6/15/28

    15,000       13,730  

144A, 4.375%, 3/31/29

    21,000       18,628  
   

 

 

 

(Cost $34,622)

      32,358  
   

 

 

 
Engineering & Construction — 0.5%            

Brand Industrial Services, Inc., 144A,
10.375%, 8/1/30

    40,000       42,587  

IHS Holding Ltd. 144A,
5.625%, 11/29/26

    7,000       6,152  

144A, 6.25%, 11/29/28

    16,000       13,098  
   

 

 

 

(Cost $61,017)

      61,837  
   

 

 

 
Environmental Control — 0.2%            

Covanta Holding Corp.,
5.00%, 9/1/30

    8,000       6,957  

Madison IAQ LLC, 144A,
5.875%, 6/30/29

    24,000       21,451  
   

 

 

 

(Cost $29,732)

      28,408  
   

 

 

 
Machinery-Diversified — 0.7%            

Maxim Crane Works Holdings Capital LLC, 144A,
11.50%, 9/1/28

    14,000       14,572  

SPX FLOW, Inc., 144A,
8.75%, 4/1/30

    14,000       13,737  

TK Elevator Holdco GmbH, 144A,
7.625%, 7/15/28

    10,000       9,792  

TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27

    46,000       44,252  
   

 

 

 

(Cost $82,389)

      82,353  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

Trinity Industries, Inc., 144A,
7.75%, 7/15/28
(Cost $10,168)

    10,000       10,311  
   

 

 

 
Packaging & Containers — 2.6%            

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A,
4.00%, 9/1/29

    28,000       22,772  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25

    20,000       19,807  

144A, 4.125%, 8/15/26

    35,000       32,332  

144A, 5.25%, 8/15/27

    29,000       21,067  

144A, 5.25%, 8/15/27

    20,000       14,529  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)            

LABL, Inc.
144A, 6.75%, 7/15/26

  $ 21,000     $ 20,384  

144A, 10.50%, 7/15/27

    22,000       21,384  

144A, 5.875%, 11/1/28

    13,000       11,669  

144A, 8.25%, 11/1/29

    11,000       9,315  

Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26

    70,000       70,976  

144A, 9.25%, 4/15/27

    38,000       36,997  

Owens-Brockway Glass Container, Inc.
144A, 6.625%, 5/13/27

    16,000       15,977  

144A, 7.25%, 5/15/31

    20,000       20,295  
   

 

 

 

(Cost $334,699)

      317,504  
   

 

 

 
Transportation — 0.5%            

Cargo Aircraft Management, Inc., 144A,
4.75%, 2/1/28

    18,000       15,942  

Seaspan Corp., 144A,
5.50%, 8/1/29

    21,000       17,931  

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

    12,000       12,269  

144A, 7.125%, 2/1/32

    15,000       15,262  
   

 

 

 

(Cost $63,305)

      61,404  
   

 

 

 
Technology — 3.7%    
Computers — 1.0%            

CA Magnum Holdings, 144A,
SR SECURED, 10/31/26

    18,000       17,347  

McAfee Corp., 144A,
7.375%, 2/15/30

    55,000       48,606  

NCR Atleos Corp., 144A,
9.50%, 4/1/29

    35,000       37,056  

Presidio Holdings, Inc., 144A,
8.25%, 2/1/28

    15,000       14,803  
   

 

 

 

(Cost $119,645)

      117,812  
   

 

 

 
Office/Business Equipment — 0.1%            

Xerox Holdings Corp., 144A,
5.50%, 8/15/28
(Cost $17,544)

    19,000       17,205  
   

 

 

 
Semiconductors — 0.1%            

ams-OSRAM AG, 144A,
12.25%, 3/30/29
(Cost $11,111)

    10,000       10,156  
   

 

 

 
Software — 2.5%            

AthenaHealth Group, Inc., 144A,
6.50%, 2/15/30 (a)

    69,000       61,842  

Clarivate Science Holdings Corp., 144A,
4.875%, 7/1/29

    23,000       20,887  

Cloud Software Group, Inc.
144A, 6.50%, 3/31/29

    112,000       104,371  

144A, 9.00%, 9/30/29

    103,000       96,253  

MicroStrategy, Inc., 144A,
6.125%, 6/15/28

    16,000       15,445  

RingCentral, Inc., 144A,
8.50%, 8/15/30

    13,000       13,451  
   

 

 

 

(Cost $304,504)

      312,249  
   

 

 

 
   

Principal
Amount

   

Value

 
Utilities — 2.4%            
Electric — 1.9%            

Calpine Corp.
144A, 5.125%, 3/15/28

  $ 37,000     $ 35,221  

144A, 4.625%, 2/1/29

    19,000       17,506  

144A, 5.00%, 2/1/31

    23,000       20,586  

Drax Finco PLC, 144A,
6.625%, 11/1/25

    15,000       14,826  

NRG Energy, Inc.
5.75%, 1/15/28

    21,000       20,707  

144A, 3.375%, 2/15/29

    15,000       13,106  

144A, 5.25%, 6/15/29

    20,000       18,975  

144A, 3.625%, 2/15/31

    30,000       25,258  

PG&E Corp.,
5.25%, 7/1/30

    26,000       24,468  

Talen Energy Supply LLC, 144A,
8.625%, 6/1/30

    35,000       36,958  

TransAlta Corp.,
7.75%, 11/15/29

    10,000       10,407  
   

 

 

 

(Cost $247,751)

      238,018  
   

 

 

 
Gas — 0.5%            

AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25

    20,000       19,651  

5.875%, 8/20/26

    18,000       17,460  

5.75%, 5/20/27

    18,000       17,034  

144A, 9.375%, 6/1/28

    10,000       10,158  
   

 

 

 

(Cost $64,993)

      64,303  
   

 

 

 
TOTAL CORPORATE BONDS            

(Cost $12,802,901)

      12,013,601  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 6.0%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $737,865)

    737,865       737,865  
   

 

 

 
CASH EQUIVALENTS — 1.0%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $116,884)

    116,884       116,884  
   

 

 

 

TOTAL INVESTMENTS — 104.6%
(Cost $13,657,650)

    $ 12,868,350  

Other assets and liabilities, net — (4.6%)

      (569,850
   

 

 

 

NET ASSETS — 100.0%

    $ 12,298,500  
   

 

 

 

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

 

     Value ($) at
8/31/2023
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
2/29/2024
     Value ($) at
2/29/2024
 

SECURITIES LENDING COLLATERAL6.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

            737,865 (d)                          1,329               737,865        737,865  

CASH EQUIVALENTS1.0%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

     203,368        683,609       (770,093                   3,010               116,884        116,884  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      203,368         1,421,474        (770,093      —         —         4,339         —         854,749         854,749  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $721,132, which is 5.9% of net assets.

(b)

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

(c)

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

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

 

REIT:   Real Estate Investment Trust
REGS:   Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements

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 February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Corporate Bonds (a)

     $        $ 12,013,601        $  —        $ 12,013,601  

Short-Term Investments (a)

       854,749                            854,749  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 854,749        $ 12,013,601        $        $ 12,868,350  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 97.1%    
Basic Materials — 3.5%    
Chemicals — 1.7%            

Ashland, Inc., 144A,
3.375%, 9/1/31

  $ 241,000     $ 202,150  

Avient Corp.
144A, 5.75%, 5/15/25

    334,000       332,368  

144A, 7.125%, 8/1/30

    372,000       380,608  

Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31

    257,000       266,946  

Axalta Coating Systems LLC, 144A,
3.375%, 2/15/29

    359,000       319,386  

Methanex Corp.
5.125%, 10/15/27

    359,000       345,445  

5.25%, 12/15/29

    379,000       360,715  

Olin Corp.
5.125%, 9/15/27

    277,000       268,950  

5.625%, 8/1/29

    344,000       336,891  

5.00%, 2/1/30

    265,000       247,939  

SCIH Salt Holdings, Inc., 144A,
4.875%, 5/1/28

    555,000       507,833  
   

 

 

 

(Cost $3,670,830)

      3,569,231  
   

 

 

 
Iron/Steel — 0.6%            

Cleveland-Cliffs, Inc.
144A, 6.75%, 3/15/26

    426,000       429,674  

5.875%, 6/1/27 (a)

    285,000       282,294  

144A, 6.75%, 4/15/30

    385,000       382,664  

United States Steel Corp.,
6.875%, 3/1/29

    254,000       257,211  
   

 

 

 

(Cost $1,352,384)

      1,351,843  
   

 

 

 
Mining — 1.2%            

FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27

    308,000       295,190  

144A, 5.875%, 4/15/30

    415,000       406,625  

144A, 4.375%, 4/1/31

    765,000       686,327  

144A, 6.125%, 4/15/32

    411,000       406,561  

Hudbay Minerals, Inc.,
144A, 4.50%, 4/1/26

    305,000       294,272  

Nexa Resources SA
144A, 5.375%, 5/4/27

    372,000       359,238  

144A, 6.50%, 1/18/28

    257,000       257,900  
   

 

 

 

(Cost $2,775,729)

      2,706,113  
   

 

 

 
Communications — 6.2%    
Advertising — 0.5%            

Lamar Media Corp.
3.75%, 2/15/28

    305,000       283,159  

4.00%, 2/15/30

    282,000       251,906  

3.625%, 1/15/31

    282,000       243,716  

Outfront Media Capital LLC / Outfront Media Capital Corp., 144A,
7.375%, 2/15/31

    231,000       241,241  
   

 

 

 

(Cost $1,108,435)

      1,020,022  
   

 

 

 
   

Principal
Amount

   

Value

 
Internet — 2.8%            

Gen Digital, Inc.
144A, 5.00%, 4/15/25

  $ 565,000     $ 559,892  

144A, 6.75%, 9/30/27

    492,000       494,976  

144A, 7.125%, 9/30/30

    318,000       325,158  

Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A, 5.25%, 12/1/27

    312,000       302,164  

144A, 3.50%, 3/1/29

    431,000       384,144  

Match Group Holdings II LLC
144A, 5.00%, 12/15/27

    241,000       230,071  

144A, 4.625%, 6/1/28

    272,000       255,961  

144A, 4.125%, 8/1/30

    266,000       235,201  

144A, 3.625%, 10/1/31

    257,000       216,744  

MercadoLibre, Inc.
2.375%, 1/14/26

    205,000       193,214  

3.125%, 1/14/31

    341,000       285,737  

Uber Technologies, Inc.
144A, 8.00%, 11/1/26

    770,000       784,161  

144A, 7.50%, 9/15/27

    626,000       640,901  

144A, 6.25%, 1/15/28

    272,000       272,596  

144A, 4.50%, 8/15/29

    770,000       722,417  

Ziff Davis, Inc., 144A,
4.625%, 10/15/30

    236,000       211,848  
   

 

 

 

(Cost $6,233,015)

      6,115,185  
   

 

 

 
Media — 2.6%            

CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.50%, 5/1/26

    411,000       404,173  

144A, 5.125%, 5/1/27

    1,691,000       1,600,312  

News Corp.
144A, 3.875%, 5/15/29

    503,000       455,038  

144A, 5.125%, 2/15/32

    263,000       245,257  

Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26

    513,000       478,847  

144A, 5.00%, 8/1/27

    785,000       748,754  

144A, 4.00%, 7/15/28

    1,057,000       953,346  

TEGNA, Inc., 144A,
4.75%, 3/15/26

    282,000       272,776  

Videotron Ltd.
144A, 5.125%, 4/15/27

    308,000       302,067  

144A, 3.625%, 6/15/29

    272,000       244,566  
   

 

 

 

(Cost $6,121,117)

      5,705,136  
   

 

 

 
Telecommunications — 0.3%            

Iliad Holding SASU,
144A, 6.50%, 10/15/26
(Cost $620,803)

    621,000       614,415  
   

 

 

 
Consumer, Cyclical — 21.9%    
Airlines — 1.1%            

Air Canada, 144A,
3.875%, 8/15/26

    626,000       593,592  

Delta Air Lines, Inc.
7.375%, 1/15/26

    414,000       427,382  

4.375%, 4/19/28 (a)

    230,000       220,759  

3.75%, 10/28/29

    234,000       212,957  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

United Airlines, Inc., 144A,
4.375%, 4/15/26

  $ 1,057,000     $ 1,018,467  
   

 

 

 

(Cost $2,609,494)

      2,473,157  
   

 

 

 
Apparel — 0.1%            

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

   

(Cost $220,945)

    257,000       222,938  
   

 

 

 
Auto Manufacturers — 0.4%            

Allison Transmission, Inc.
144A, 4.75%, 10/1/27

    205,000       196,762  

144A, 5.875%, 6/1/29

    257,000       253,375  

144A, 3.75%, 1/30/31

    528,000       456,686  
   

 

 

 

(Cost $960,939)

      906,823  
   

 

 

 
Auto Parts & Equipment — 2.1%            

Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26

    408,000       395,867  

144A, 7.00%, 4/15/28

    257,000       262,286  

144A, 8.25%, 4/15/31

    257,000       270,798  

Clarios Global LP, 144A,
6.75%, 5/15/25

    291,000       291,050  

Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26

    461,000       460,144  

144A, 6.75%, 5/15/28

    385,000       389,990  

Goodyear Tire & Rubber Co.
9.50%, 5/31/25

    371,000       375,057  

5.00%, 5/31/26

    477,000       465,006  

4.875%, 3/15/27

    379,000       364,113  

ZF North America Capital, Inc.
144A, 4.75%, 4/29/25

    553,000       545,119  

144A, 6.875%, 4/14/28

    338,000       345,362  

144A, 7.125%, 4/14/30

    308,000       321,144  
   

 

 

 

(Cost $4,501,401)

      4,485,936  
   

 

 

 
Distribution/Wholesale — 0.9%            

American Builders & Contractors Supply Co., Inc.
144A, 4.00%, 1/15/28

    365,000       341,333  

144A, 3.875%, 11/15/29

    214,000       191,312  

H&E Equipment Services, Inc., 144A,
3.875%, 12/15/28

    672,000       607,026  

Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28

    302,000       309,459  

144A, 7.75%, 3/15/31

    411,000       432,578  
   

 

 

 

(Cost $1,921,229)

      1,881,708  
   

 

 

 
Entertainment — 4.8%            

Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25

    795,000       795,535  

144A, 8.125%, 7/1/27

    827,000       849,702  

144A, 7.00%, 2/15/30

    1,027,000       1,052,931  

144A, 6.50%, 2/15/32

    755,000       761,122  

Cedar Fair LP,5.25%, 7/15/29

    283,000       267,493  

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
144A, 5.50%, 5/1/25

    556,000       554,603  

5.375%, 4/15/27 (a)

    228,000       225,740  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

Churchill Downs, Inc.
144A, 5.50%, 4/1/27

  $ 308,000     $ 302,737  

144A, 4.75%, 1/15/28

    369,000       349,356  

144A, 5.75%, 4/1/30

    616,000       592,272  

144A, 6.75%, 5/1/31

    323,000       323,596  

International Game Technology PLC
144A, 4.125%, 4/15/26

    385,000       371,894  

144A, 6.25%, 1/15/27

    385,000       386,889  

144A, 5.25%, 1/15/29

    385,000       372,453  

Light & Wonder International, Inc., 144A,
7.00%, 5/15/28

    379,000       381,029  

Live Nation Entertainment, Inc.
144A, 6.50%, 5/15/27

    616,000       621,804  

144A, 4.75%, 10/15/27

    488,000       467,646  

144A, 3.75%, 1/15/28

    257,000       237,185  

Six Flags Entertainment Corp., 144A,
5.50%, 4/15/27

    310,000       303,659  

Vail Resorts, Inc., 144A,
6.25%, 5/15/25

    308,000       309,304  

WMG Acquisition Corp.
144A, 3.75%, 12/1/29

    277,000       245,537  

144A, 3.875%, 7/15/30

    305,000       269,402  

144A, 3.00%, 2/15/31

    411,000       343,584  
   

 

 

 

(Cost $10,619,509)

      10,385,473  
   

 

 

 
Food Service — 0.4%            

Aramark Services, Inc.
144A, 5.00%, 4/1/25

    283,000       281,435  

144A, 5.00%, 2/1/28

    640,000       613,986  
   

 

 

 

(Cost $904,031)

      895,421  
   

 

 

 
Home Builders — 0.5%            

Mattamy Group Corp., 144A,
5.25%, 12/15/27

    263,000       253,859  

Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27

    257,000       255,852  

144A, 5.75%, 1/15/28

    231,000       226,585  

144A, 5.125%, 8/1/30

    257,000       242,836  
   

 

 

 

(Cost $995,649)

      979,132  
   

 

 

 
Home Furnishings — 0.2%            

Tempur Sealy International, Inc., 144A,
4.00%, 4/15/29
(Cost $378,889)

    422,000       378,660  
   

 

 

 
Leisure Time — 2.9%            

Carnival Corp.
144A, 4.00%, 8/1/28

    1,235,000       1,140,145  

144A, 7.00%, 8/15/29

    260,000       269,887  

Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28

    1,062,000       1,159,305  

Life Time, Inc., 144A,
5.75%, 1/15/26

    475,000       471,484  

NCL Corp. Ltd., 144A,
5.875%, 2/15/27

    513,000       507,381  

Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26

    338,000       325,845  

144A, 5.50%, 8/31/26

    519,000       513,563  

144A, 5.375%, 7/15/27

    519,000       509,569  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

144A, 11.625%, 8/15/27

  $ 35,000     $ 37,884  

3.70%, 3/15/28

    285,000       263,277  

144A, 5.50%, 4/1/28

    784,000       772,279  

144A, 7.25%, 1/15/30

    369,000       383,932  
   

 

 

 

(Cost $6,297,140)

      6,354,551  
   

 

 

 
Lodging — 3.4%            

Boyd Gaming Corp.
4.75%, 12/1/27

    558,000       537,058  

144A, 4.75%, 6/15/31

    462,000       420,117  

Hilton Domestic Operating Co., Inc.
144A, 5.375%, 5/1/25

    257,000       256,404  

144A, 5.75%, 5/1/28

    257,000       256,505  

144A, 3.75%, 5/1/29

    411,000       373,633  

4.875%, 1/15/30

    553,000       526,196  

144A, 4.00%, 5/1/31

    585,000       520,306  

144A, 3.625%, 2/15/32

    770,000       658,454  

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A, 5.00%, 6/1/29

    437,000       405,267  

144A, 4.875%, 7/1/31

    257,000       227,018  

MGM Resorts International
6.75%, 5/1/25

    316,000       316,642  

5.75%, 6/15/25

    457,000       456,646  

4.625%, 9/1/26

    214,000       207,655  

5.50%, 4/15/27

    376,000       368,608  

4.75%, 10/15/28 (a)

    385,000       361,704  

Station Casinos LLC, 144A,
4.50%, 2/15/28

    355,000       331,273  

Travel + Leisure Co.
144A, 6.625%, 7/31/26

    334,000       337,823  

6.00%, 4/1/27

    205,000       204,424  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)

    462,000       452,578  
   

 

 

 

(Cost $7,453,568)

      7,218,311  
   

 

 

 
Retail — 5.1%            

1011778 BC ULC / New Red Finance, Inc.
144A, 5.75%, 4/15/25

    257,000       256,275  

144A, 3.875%, 1/15/28

    796,000       743,285  

144A, 4.375%, 1/15/28

    405,000       380,525  

144A, 3.50%, 2/15/29 (a)

    385,000       347,462  

144A, 4.00%, 10/15/30

    1,502,000       1,320,609  

Advance Auto Parts, Inc.,
3.90%, 4/15/30

    250,000       223,441  

Asbury Automotive Group, Inc.
4.50%, 3/1/28

    204,000       190,431  

144A, 4.625%, 11/15/29

    439,000       400,262  

4.75%, 3/1/30

    228,000       207,732  

Bath & Body Works, Inc.,
5.25%, 2/1/28

    247,000       240,048  

Beacon Roofing Supply, Inc., 144A,
6.50%, 8/1/30

    308,000       309,915  

FirstCash, Inc.
144A, 4.625%, 9/1/28

    257,000       238,031  

144A, 5.625%, 1/1/30

    302,000       286,451  
   

Principal
Amount

   

Value

 
Retail (Continued)            

Lithia Motors, Inc.
144A, 4.625%, 12/15/27

  $ 205,000     $ 195,501  

144A, 3.875%, 6/1/29 (a)

    410,000       366,302  

144A, 4.375%, 1/15/31

    282,000       250,439  

Macy’s Retail Holdings LLC, 144A,
5.875%, 3/15/30

    218,000       204,603  

Murphy Oil USA, Inc.
4.75%, 9/15/29

    257,000       239,874  

144A, 3.75%, 2/15/31

    257,000       219,548  

Penske Automotive Group, Inc.
3.50%, 9/1/25

    282,000       273,849  

3.75%, 6/15/29

    277,000       245,608  

PetSmart, Inc. / PetSmart Finance Corp., 144A,
4.75%, 2/15/28

    616,000       578,144  

SRS Distribution, Inc., 144A,
4.625%, 7/1/28

    337,000       314,704  

Walgreens Boots Alliance, Inc.
3.45%, 6/1/26

    750,000       715,638  

3.20%, 4/15/30

    260,000       224,672  

Yum! Brands, Inc.
144A, 4.75%, 1/15/30

    411,000       390,275  

3.625%, 3/15/31

    543,000       477,978  

4.625%, 1/31/32

    565,000       519,181  

5.375%, 4/1/32

    563,000       541,122  
   

 

 

 

(Cost $11,389,007)

      10,901,905  
   

 

 

 
Consumer, Non-cyclical — 21.2%    
Agriculture — 0.4%            

Darling Ingredients, Inc.
144A, 5.25%, 4/15/27

    297,000       291,632  

144A, 6.00%, 6/15/30

    513,000       505,869  
   

 

 

 

(Cost $817,205)

      797,501  
   

 

 

 
Commercial Services — 5.1%            

ADT Security Corp., 144A,
4.125%, 8/1/29 (a)

    528,000       477,695  

Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26

    300,000       296,985  

APX Group, Inc., 144A,
6.75%, 2/15/27

    308,000       308,711  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27

    180,000       171,692  

144A, 4.75%, 4/1/28 (a)

    307,000       278,478  

144A, 5.375%, 3/1/29

    301,000       274,378  

Block, Inc.
2.75%, 6/1/26

    613,000       572,502  

3.50%, 6/1/31

    513,000       438,109  

Brink’s Co.
144A, 5.50%, 7/15/25

    205,000       204,052  

144A, 4.625%, 10/15/27

    298,000       281,907  

Herc Holdings, Inc.,
144A, 5.50%, 7/15/27

    616,000       603,592  

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26

    693,000       688,345  

144A, 3.375%, 8/31/27

    523,000       479,358  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

Service Corp. International
4.625%, 12/15/27

  $ 282,000     $ 270,788  

5.125%, 6/1/29

    395,000       386,429  

3.375%, 8/15/30

    436,000       374,637  

4.00%, 5/15/31

    441,000       387,907  

United Rentals North America, Inc.
5.50%, 5/15/27

    307,000       305,283  

3.875%, 11/15/27

    395,000       372,361  

4.875%, 1/15/28

    867,000       837,791  

5.25%, 1/15/30

    391,000       378,933  

4.00%, 7/15/30

    382,000       346,137  

3.875%, 2/15/31

    595,000       526,376  

3.75%, 1/15/32

    385,000       333,549  

Valvoline, Inc.
144A, 4.25%, 2/15/30

    308,000       306,342  

144A, 3.625%, 6/15/31

    275,000       232,678  

Williams Scotsman, Inc.
144A, 6.125%, 6/15/25

    270,000       269,756  

144A, 4.625%, 8/15/28

    257,000       241,594  

144A, 7.375%, 10/1/31

    287,000       297,899  
   

 

 

 

(Cost $11,469,087)

      10,944,264  
   

 

 

 
Cosmetics/Personal Care — 0.5%            

Coty, Inc., 144A,
5.00%, 4/15/26

    377,000       369,817  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A,
6.625%, 7/15/30

    380,000       386,458  

Edgewell Personal Care Co., 144A,
5.50%, 6/1/28

    385,000       376,218  
   

 

 

 

(Cost $1,142,440)

      1,132,493  
   

 

 

 
Food — 4.2%            

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26

    385,000       366,166  

144A, 7.50%, 3/15/26

    308,000       313,781  

144A, 4.625%, 1/15/27

    693,000       668,791  

144A, 5.875%, 2/15/28

    435,000       429,011  

144A, 6.50%, 2/15/28

    385,000       387,673  

144A, 3.50%, 3/15/29

    713,000       635,951  

144A, 4.875%, 2/15/30

    513,000       482,034  

Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28

    257,000       249,153  

144A, 4.125%, 1/31/30

    498,000       451,693  

144A, 4.375%, 1/31/32

    387,000       346,075  

Performance Food Group, Inc.
144A, 5.50%, 10/15/27

    574,000       562,783  

144A, 4.25%, 8/1/29

    513,000       466,073  

Pilgrim’s Pride Corp.
3.50%, 3/1/32

    464,000       388,069  

6.25%, 7/1/33

    513,000       519,132  

6.875%, 5/15/34

    270,000       284,681  

Post Holdings, Inc.
144A, 5.75%, 3/1/27

    236,000       238,261  

144A, 5.625%, 1/15/28

    483,000       474,596  

144A, 6.25%, 2/15/32

    490,000       493,146  
   

Principal
Amount

   

Value

 
Food (Continued)            

US Foods, Inc.
144A, 6.875%, 9/15/28

  $ 257,000     $ 261,819  

144A, 4.75%, 2/15/29

    455,000       427,575  

144A, 4.625%, 6/1/30

    292,000       267,831  

144A, 7.25%, 1/15/32

    257,000       265,646  
   

 

 

 

(Cost $9,159,795)

      8,979,940  
   

 

 

 
Healthcare-Products — 2.6%            

Avantor Funding, Inc.
144A, 4.625%, 7/15/28

    806,000       761,741  

144A, 3.875%, 11/1/29

    411,000       368,813  

Hologic, Inc.
144A, 4.625%, 2/1/28

    205,000       196,623  

144A, 3.25%, 2/15/29

    503,000       448,977  

Medline Borrower LP
144A, 3.875%, 4/1/29

    2,346,000       2,105,531  

144A, 5.25%, 10/1/29

    1,323,000       1,225,007  

Teleflex, Inc.
4.625%, 11/15/27

    257,000       245,676  

144A, 4.25%, 6/1/28

    257,000       240,206  
   

 

 

 

(Cost $5,670,691)

      5,592,574  
   

 

 

 
Healthcare-Services — 5.8%            

Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27

    257,000       253,279  

144A, 3.125%, 2/15/29

    282,000       272,585  

144A, 3.50%, 4/1/30

    329,000       317,144  

Charles River Laboratories International, Inc.
144A, 4.25%, 5/1/28

    257,000       241,326  

144A, 3.75%, 3/15/29

    257,000       232,104  

144A, 4.00%, 3/15/31

    257,000       226,859  

Encompass Health Corp.
4.50%, 2/1/28

    411,000       389,288  

4.75%, 2/1/30

    411,000       381,572  

4.625%, 4/1/31

    224,000       202,896  

IQVIA, Inc.
144A, 5.00%, 10/15/26

    539,000       527,464  

144A, 5.00%, 5/15/27

    565,000       550,736  

144A, 6.50%, 5/15/30

    257,000       260,883  

Molina Healthcare, Inc.
144A, 4.375%, 6/15/28

    411,000       383,256  

144A, 3.875%, 11/15/30

    334,000       293,289  

144A, 3.875%, 5/15/32

    405,000       348,615  

Select Medical Corp., 144A,
6.25%, 8/15/26

    669,000       667,926  

Tenet Healthcare Corp.
4.875%, 1/1/26

    928,000       927,621  

6.25%, 2/1/27

    690,000       688,935  

5.125%, 11/1/27

    694,000       680,187  

4.625%, 6/15/28

    292,000       278,219  

6.125%, 10/1/28 (a)

    1,123,000       1,111,225  

4.25%, 6/1/29

    699,000       643,495  

4.375%, 1/15/30

    894,000       819,659  

6.125%, 6/15/30

    1,247,000       1,236,538  

144A, 6.75%, 5/15/31

    611,000       617,110  
   

 

 

 

(Cost $12,905,747)

      12,552,211  
   

 

 

 

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Household Products/Wares — 0.2%            

Central Garden & Pet Co.,
4.125%, 10/15/30

  $ 257,000     $ 228,547  

Spectrum Brands, Inc., 144A,
3.875%, 3/15/31

    243,000       231,002  
   

 

 

 

(Cost $459,503)

      459,549  
   

 

 

 
Pharmaceuticals — 2.4%            

Jazz Securities DAC, 144A,
4.375%, 1/15/29

    770,000       710,132  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28

    1,078,000       987,551  

Perrigo Finance Unlimited Co.
4.375%, 3/15/26

    374,000       361,347  

4.65%, 6/15/30

    405,000       362,953  

Prestige Brands, Inc.
144A, 5.125%, 1/15/28

    205,000       198,337  

144A, 3.75%, 4/1/31

    308,000       266,358  

Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26

    1,764,000       1,635,927  

6.75%, 3/1/28

    642,000       650,205  
   

 

 

 

(Cost $5,362,583)

      5,172,810  
   

 

 

 
Energy — 10.7%    
Oil & Gas — 5.4%            

Antero Resources Corp.
144A, 7.625%, 2/1/29

    209,000       215,438  

144A, 5.375%, 3/1/30

    308,000       293,818  

Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26

    306,000       306,033  

144A, 5.875%, 6/30/29

    225,000       209,359  

Callon Petroleum Co.
144A, 8.00%, 8/1/28

    332,000       346,994  

144A, 7.50%, 6/15/30

    315,000       332,095  

Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A,
11.00%, 4/15/25

    225,000       226,877  

Chesapeake Energy Corp.
144A, 5.50%, 2/1/26

    277,000       274,818  

144A, 5.875%, 2/1/29

    257,000       254,444  

144A, 6.75%, 4/15/29

    488,000       490,318  

Civitas Resources, Inc., 144A,
5.00%, 10/15/26

    255,000       247,300  

CNX Resources Corp., 144A,
6.00%, 1/15/29

    258,000       248,200  

CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25

    446,000       444,203  

Matador Resources Co.
5.875%, 9/15/26

    359,000       355,739  

144A, 6.875%, 4/15/28

    257,000       261,218  

Murphy Oil Corp.,
5.875%, 12/1/27

    238,000       236,531  

Parkland Corp.
144A, 5.875%, 7/15/27

    287,000       281,927  

144A, 4.50%, 10/1/29

    421,000       385,091  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

Permian Resources Operating LLC
144A, 8.00%, 4/15/27

  $ 282,000     $ 291,075  

144A, 5.875%, 7/1/29

    349,000       341,342  

144A, 9.875%, 7/15/31

    257,000       284,873  

144A, 7.00%, 1/15/32

    517,000       531,167  

Range Resources Corp.
4.875%, 5/15/25

    353,000       348,398  

8.25%, 1/15/29

    308,000       321,571  

144A, 4.75%, 2/15/30

    257,000       239,010  

Rockcliff Energy II LLC, 144A,
5.50%, 10/15/29

    359,000       331,060  

SM Energy Co.
6.75%, 9/15/26

    222,000       220,949  

6.625%, 1/15/27

    211,000       210,328  

6.50%, 7/15/28

    205,000       205,422  

Southwestern Energy Co.
5.375%, 2/1/29

    357,000       345,306  

5.375%, 3/15/30

    616,000       589,352  

4.75%, 2/1/32

    590,000       536,349  

Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27

    338,000       337,064  

144A, 7.00%, 9/15/28

    257,000       263,483  

4.50%, 5/15/29

    411,000       380,036  

4.50%, 4/30/30

    410,000       373,437  
   

 

 

 

(Cost $11,646,000)

      11,560,625  
   

 

 

 
Pipelines — 5.3%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    282,000       288,227  

144A, 5.375%, 6/15/29

    385,000       366,559  

Buckeye Partners LP
3.95%, 12/1/26

    315,000       298,179  

4.125%, 12/1/27

    205,000       190,978  

CQP Holdco LP / BIP-V Chinook Holdco LLC
144A, 5.50%, 6/15/31

    729,000       679,858  

144A, 7.50%, 12/15/33

    270,000       275,529  

DT Midstream, Inc.
144A, 4.125%, 6/15/29

    565,000       516,800  

144A, 4.375%, 6/15/31

    537,000       483,881  

EnLink Midstream LLC
144A, 5.625%, 1/15/28

    272,000       268,250  

5.375%, 6/1/29

    272,000       263,872  

144A, 6.50%, 9/1/30

    513,000       526,282  

EnLink Midstream Partners LP
4.15%, 6/1/25

    216,000       210,759  

4.85%, 7/15/26

    282,000       275,203  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    205,000       204,881  

4.125%, 12/1/26

    257,000       246,587  

144A, 6.50%, 7/1/27

    524,000       529,652  

5.50%, 7/15/28

    436,000       428,020  

144A, 4.50%, 1/15/29

    401,000       376,240  

144A, 4.75%, 1/15/31

    582,000       541,734  

Hess Midstream Operations LP
144A, 5.625%, 2/15/26

    408,000       402,604  

144A, 5.125%, 6/15/28

    282,000       271,177  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

144A, 4.25%, 2/15/30

  $ 415,000     $ 378,271  

144A, 5.50%, 10/15/30

    205,000       197,196  

NuStar Logistics LP
5.75%, 10/1/25

    308,000       305,455  

5.625%, 4/28/27

    282,000       279,356  

Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25

    205,000       198,928  

144A, 4.95%, 7/15/29

    282,000       263,974  

Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29

    642,000       576,846  

144A, 6.25%, 1/15/30

    523,000       522,560  

144A, 4.125%, 8/15/31

    642,000       563,955  

144A, 3.875%, 11/1/33

    659,000       553,233  
   

 

 

 

(Cost $12,003,102)

      11,485,046  
   

 

 

 
Financial — 12.1%    
Diversified Financial Services — 4.6%            

AG Issuer LLC, 144A,
6.25%, 3/1/28

    257,000       248,917  

AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27

    257,000       264,793  

Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28

    256,000       268,365  

Nationstar Mortgage Holdings, Inc.
144A, 5.00%, 2/1/26

    250,000       243,165  

144A, 6.00%, 1/15/27

    342,000       336,557  

Navient Corp.
6.75%, 6/25/25

    257,000       258,750  

6.75%, 6/15/26

    261,000       262,309  

5.00%, 3/15/27

    369,000       350,261  

NFP Corp.
144A, 4.875%, 8/15/28

    282,000       281,554  

144A, 6.875%, 8/15/28

    1,129,000       1,147,559  

OneMain Finance Corp.
6.875%, 3/15/25

    641,000       647,929  

7.125%, 3/15/26

    856,000       870,567  

3.50%, 1/15/27

    385,000       354,871  

6.625%, 1/15/28

    375,000       373,182  

PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25

    334,000       329,010  

144A, 4.25%, 2/15/29

    347,000       313,251  

144A, 7.875%, 12/15/29

    397,000       406,722  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A, 2.875%, 10/15/26

    590,000       543,464  

144A, 3.625%, 3/1/29

    405,000       359,635  

144A, 3.875%, 3/1/31 (a)

    642,000       551,703  

144A, 4.00%, 10/15/33

    443,000       368,153  

SLM Corp.
4.20%, 10/29/25

    257,000       249,460  

3.125%, 11/2/26

    287,000       263,961  

United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25

    441,000       433,869  

144A, 5.75%, 6/15/27

    271,000       263,178  
   

 

 

 

(Cost $10,226,938)

      9,991,185  
   

 

 

 
Insurance — 2.4%            

Acrisure LLC / Acrisure Finance, Inc., 144A,
4.25%, 2/15/29

    359,000       318,805  
   

Principal
Amount

   

Value

 
Insurance (Continued)            

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27

  $ 385,000     $ 355,790  

144A, 6.75%, 4/15/28

    642,000       638,183  

144A, 7.00%, 1/15/31

    390,000       388,750  

AmWINS Group, Inc., 144A,
6.375%, 2/15/29

    380,000       380,486  

HUB International Ltd.
144A, 5.625%, 12/1/29

    298,000       276,930  

144A, 7.25%, 6/15/30

    1,697,000       1,732,243  

144A, 7.375%, 1/31/32

    1,000,000       1,003,793  
   

 

 

 

(Cost $5,116,142)

      5,094,980  
   

 

 

 
Real Estate — 0.5%            

Howard Hughes Corp.
144A, 5.375%, 8/1/28

    385,000       363,642  

144A, 4.125%, 2/1/29

    352,000       312,934  

144A, 4.375%, 2/1/31

    340,000       290,111  
   

 

 

 

(Cost $1,051,704)

      966,687  
   

 

 

 
Real Estate Investment Trusts — 4.1%            

Iron Mountain, Inc.
144A, 4.875%, 9/15/27

    513,000       492,566  

144A, 5.25%, 3/15/28

    444,000       428,398  

144A, 5.00%, 7/15/28

    257,000       243,547  

144A, 7.00%, 2/15/29

    513,000       521,242  

144A, 4.875%, 9/15/29

    513,000       477,543  

144A, 5.25%, 7/15/30

    672,000       629,456  

144A, 4.50%, 2/15/31

    565,000       500,500  

144A, 5.625%, 7/15/32

    348,000       323,828  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
4.25%, 2/1/27

    343,000       316,027  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25

    334,000       335,338  

144A, 5.875%, 10/1/28

    372,000       361,922  

144A, 4.875%, 5/15/29

    385,000       354,084  

RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27

    359,000       343,166  

144A, 7.25%, 7/15/28

    205,000       210,140  

144A, 4.50%, 2/15/29

    308,000       286,563  

RLJ Lodging Trust LP
144A, 3.75%, 7/1/26

    257,000       242,518  

144A, 4.00%, 9/15/29

    257,000       224,564  

SBA Communications Corp.
3.875%, 2/15/27

    803,000       758,460  

3.125%, 2/1/29

    779,000       689,948  

Service Properties Trust,
7.50%, 9/15/25

    376,000       381,199  

Starwood Property Trust, Inc.
4.75%, 3/15/25

    257,000       253,830  

144A, 3.625%, 7/15/26

    205,000       191,409  

144A, 4.375%, 1/15/27

    293,000       275,063  
   

 

 

 

(Cost $9,042,899)

      8,841,311  
   

 

 

 
Venture Capital — 0.5%            

HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25

    205,000       203,100  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Venture Capital (Continued)            

144A, 3.375%, 6/15/26

  $ 513,000     $ 480,398  

144A, 8.00%, 6/15/27

    420,000       436,617  
   

 

 

 

(Cost $1,157,471)

      1,120,115  
   

 

 

 
Industrial — 11.7%            
Aerospace/Defense — 3.2%            

Bombardier, Inc.
144A, 7.125%, 6/15/26

    516,000       520,672  

144A, 6.00%, 2/15/28

    380,000       369,269  

Rolls-Royce PLC
144A, 3.625%, 10/14/25

    513,000       495,876  

144A, 5.75%, 10/15/27

    564,000       561,787  

Spirit AeroSystems, Inc., 144A,
9.375%, 11/30/29

    465,000       503,411  

TransDigm, Inc.
7.50%, 3/15/27

    311,000       310,968  

5.50%, 11/15/27

    1,167,000       1,128,003  

144A, 6.75%, 8/15/28

    939,000       951,400  

4.625%, 1/15/29

    545,000       500,245  

4.875%, 5/1/29

    356,000       327,364  

144A, 6.875%, 12/15/30

    638,000       646,236  

144A, 7.125%, 12/1/31

    450,000       462,181  
   

 

 

 

(Cost $6,764,717)

      6,777,412  
   

 

 

 
Building Materials — 1.9%            

Builders FirstSource, Inc.
144A, 5.00%, 3/1/30

    282,000       266,553  

144A, 4.25%, 2/1/32

    695,000       611,357  

144A, 6.375%, 6/15/32

    350,000       350,371  

Standard Industries, Inc.
144A, 5.00%, 2/15/27

    466,000       449,208  

144A, 4.75%, 1/15/28

    506,000       477,984  

144A, 4.375%, 7/15/30

    838,000       747,928  

144A, 3.375%, 1/15/31

    580,000       481,192  

Summit Materials LLC / Summit Materials Finance Corp.
144A, 5.25%, 1/15/29

    384,000       372,100  

144A, 7.25%, 1/15/31

    415,000       431,014  
   

 

 

 

(Cost $4,223,259)

      4,187,707  
   

 

 

 
Electrical Components & Equipment — 0.7%        

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    800,000       805,468  

144A, 7.25%, 6/15/28

    710,000       726,221  
   

 

 

 

(Cost $1,533,825)

      1,531,689  
   

 

 

 
Electronics — 0.8%            

Sensata Technologies BV
144A, 5.00%, 10/1/25

    359,000       355,970  

144A, 4.00%, 4/15/29

    533,000       483,891  

144A, 5.875%, 9/1/30

    277,000       270,034  

Sensata Technologies, Inc.
144A, 4.375%, 2/15/30

    231,000       210,687  

144A, 3.75%, 2/15/31

    375,000       321,022  
   

 

 

 

(Cost $1,800,343)

      1,641,604  
   

 

 

 
Engineering & Construction — 0.1%            

Fluor Corp.,
4.25%, 9/15/28
(Cost $298,855)

    318,000       300,931  
   

 

 

 
   

Principal
Amount

   

Value

 
Environmental Control — 1.6%            

Clean Harbors, Inc., 144A,
6.375%, 2/1/31

  $ 257,000     $ 255,676  

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

    257,000       252,708  

144A, 3.75%, 8/1/25

    395,000       383,880  

144A, 5.125%, 12/15/26

    257,000       251,644  

144A, 4.00%, 8/1/28

    385,000       353,333  

144A, 3.50%, 9/1/28

    382,000       346,692  

144A, 4.75%, 6/15/29

    385,000       360,817  

144A, 4.375%, 8/15/29

    312,000       284,503  

144A, 6.75%, 1/15/31

    530,000       542,779  

Madison IAQ LLC, 144A,
4.125%, 6/30/28

    360,000       328,301  
   

 

 

 

(Cost $3,438,269)

      3,360,333  
   

 

 

 
Miscellaneous Manufacturing — 0.2%            

Hillenbrand, Inc.
5.75%, 6/15/25

    205,000       203,668  

6.25%, 2/15/29

    250,000       250,347  
   

 

 

 

(Cost $456,369)

      454,015  
   

 

 

 
Packaging & Containers — 2.6%            

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27

    308,000       302,749  

144A, 3.25%, 9/1/28

    312,000       270,807  

Ball Corp.
6.875%, 3/15/28

    385,000       394,687  

6.00%, 6/15/29

    533,000       536,250  

2.875%, 8/15/30

    667,000       565,325  

3.125%, 9/15/31 (a)

    466,000       393,044  

Berry Global, Inc., 144A,
5.625%, 7/15/27

    257,000       253,657  

Crown Americas LLC,
5.25%, 4/1/30

    257,000       247,794  

Graphic Packaging International LLC
144A, 3.50%, 3/15/28

    227,000       207,832  

144A, 3.75%, 2/1/30

    214,000       190,666  

OI European Group BV, 144A,
4.75%, 2/15/30

    205,000       188,918  

Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
4.00%, 10/15/27

    513,000       478,419  

Sealed Air Corp.
144A, 5.50%, 9/15/25

    205,000       204,805  

144A, 4.00%, 12/1/27

    218,000       202,992  

144A, 6.125%, 2/1/28

    398,000       397,108  

144A, 5.00%, 4/15/29

    198,000       187,747  

144A, 7.25%, 2/15/31

    236,000       243,937  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    293,000       273,849  
   

 

 

 

(Cost $5,855,094)

      5,540,586  
   

 

 

 
Trucking & Leasing — 0.6%            

Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25

    334,000       334,487  

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Trucking & Leasing (Continued)            

144A, 9.75%, 8/1/27

  $ 205,000     $ 212,685  

144A, 5.50%, 5/1/28

    513,000       491,896  

144A, 7.875%, 12/1/30

    257,000       269,684  
   

 

 

 

(Cost $1,282,120)

      1,308,752  
   

 

 

 
Technology — 6.0%    
Computers — 1.8%            

NCR Voyix Corp.
144A, 5.00%, 10/1/28

    334,000       310,805  

144A, 5.125%, 4/15/29

    616,000       571,919  

144A, 5.25%, 10/1/30

    230,000       208,029  

Presidio Holdings, Inc., 144A,
4.875%, 2/1/27

    270,000       259,733  

Seagate HDD Cayman
4.875%, 6/1/27

    259,000       251,069  

4.091%, 6/1/29

    284,000       259,430  

144A, 8.25%, 12/15/29

    257,000       275,593  

144A, 8.50%, 7/15/31

    257,000       278,087  

9.625%, 12/1/32

    385,600       436,114  

Western Digital Corp.,
4.75%, 2/15/26

    1,211,000       1,184,703  
   

 

 

 

(Cost $4,023,940)

      4,035,482  
   

 

 

 
Office/Business Equipment — 0.2%            

Xerox Holdings Corp., 144A,
5.00%, 8/15/25
(Cost $380,998)

    389,000       382,952  
   

 

 

 
Semiconductors — 0.9%            

Entegris, Inc.
144A, 4.375%, 4/15/28

    205,000       191,755  

144A, 4.75%, 4/15/29

    850,000       802,318  

144A, 3.625%, 5/1/29

    199,000       176,297  

144A, 5.95%, 6/15/30

    459,000       450,409  

ON Semiconductor Corp., 144A,
3.875%, 9/1/28

    359,000       328,625  
   

 

 

 

(Cost $1,966,282)

      1,949,404  
   

 

 

 
Software — 3.1%            

Alteryx, Inc., 144A,
8.75%, 3/15/28

    235,000       238,500  

Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25

    308,000       308,517  

Clarivate Science Holdings Corp., 144A,
3.875%, 7/1/28

    483,000       441,407  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    205,000       203,011  

144A, 4.00%, 6/15/28

    462,000       429,628  

Open Text Corp.
144A, 3.875%, 2/15/28

    462,000       424,996  

144A, 3.875%, 12/1/29

    436,000       385,750  

Open Text Holdings, Inc.
144A, 4.125%, 2/15/30

    477,000       421,653  

144A, 4.125%, 12/1/31

    349,000       299,028  

PTC, Inc., 144A,
4.00%, 2/15/28

    257,000       240,033  

ROBLOX Corp., 144A,
3.875%, 5/1/30

    533,000       467,209  
   

Principal
Amount

   

Value

 
Software (Continued)            

SS&C Technologies, Inc., 144A,
5.50%, 9/30/27

  $ 1,047,000     $ 1,020,558  

Twilio, Inc.
3.625%, 3/15/29

    257,000       229,046  

3.875%, 3/15/31

    257,000       223,848  

UKG, Inc., 144A,
6.875%, 2/1/31

    1,300,000       1,314,449  
   

 

 

 

(Cost $6,890,341)

      6,647,633  
   

 

 

 
Utilities — 3.8%    
Electric — 3.8%            

Calpine Corp.
144A, 5.25%, 6/1/26

    216,000       212,991  

144A, 4.50%, 2/15/28

    642,000       605,355  

144A, 3.75%, 3/1/31

    482,000       413,659  

Clearway Energy Operating LLC
144A, 4.75%, 3/15/28

    436,000       408,165  

144A, 3.75%, 2/15/31

    476,000       401,913  

DPL, Inc.,
4.125%, 7/1/25

    212,000       206,379  

FirstEnergy Corp.

   

Series B, 4.15%, 7/15/27

    790,000       751,143  

2.65%, 3/1/30

    308,000       263,609  

Series B, 2.25%, 9/1/30

    261,000       215,083  

NextEra Energy Operating Partners LP
144A, 3.875%, 10/15/26

    297,000       277,666  

144A, 4.50%, 9/15/27

    282,000       263,408  

144A, 7.25%, 1/15/29

    390,000       396,759  

PG&E Corp.,
5.00%, 7/1/28

    515,000       491,694  

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

    523,000       515,519  

144A, 5.625%, 2/15/27

    667,000       650,678  

144A, 5.00%, 7/31/27

    687,000       659,266  

144A, 4.375%, 5/1/29

    642,000       586,311  

144A, 7.75%, 10/15/31

    740,000       766,090  
   

 

 

 

(Cost $8,486,125)

      8,085,688  
   

 

 

 
TOTAL CORPORATE BONDS            

(Cost $214,765,958)

      209,061,439  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 2.0%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $4,254,324)

    4,254,324       4,254,324  
   

 

 

 
CASH EQUIVALENTS — 2.4%        

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $5,226,220)

    5,226,220       5,226,220  
   

 

 

 

TOTAL INVESTMENTS — 101.5%
(Cost $224,246,502)

    $ 218,541,983  

Other assets and liabilities, net — (1.5%)

      (3,212,050
   

 

 

 

NET ASSETS — 100.0%

    $ 215,329,933  
   

 

 

 

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

 

     Value ($) at
8/31/2023
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
2/29/2024
     Value ($) at
2/29/2024
 

SECURITIES LENDING COLLATERAL2.0%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

  
            4,254,324 (d)                          11,443               4,254,324        4,254,324  

CASH EQUIVALENTS2.4%

 

  

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

  
     3,360,237        16,978,821       (15,112,838                   38,501               5,226,220        5,226,220  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      3,360,237         21,233,145        (15,112,838      —         —         49,944         —         9,480,544         9,480,544  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 February 29, 2024 amounted to $4,162,522, which is 1.9% of net assets.

(b)

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

(c)

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

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

 

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

Fair Value Measurements

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 February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

   Level 1      Level 2      Level 3      Total  

Corporate Bonds (a)

   $      $ 209,061,439      $  —      $ 209,061,439  

Short-Term Investments (a)

     9,480,544                      9,480,544  
  

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 9,480,544      $ 209,061,439      $      $ 218,541,983  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Risk Managed USD High Yield Strategy ETF

February 29, 2024 (Unaudited)

 

    

Number
of Shares

    

Value

 
EXCHANGE-TRADED FUNDS — 99.4%              

Xtrackers High Beta High Yield Bond ETF (a)

     22,975      $ 940,500  

Xtrackers USD High Yield Corporate Bond ETF (a)(b)

     1,169,869        41,530,350  
     

 

 

 

(Cost $45,195,482)

        42,470,850  
     

 

 

 
SECURITIES LENDING COLLATERAL — 1.0%         

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
(Cost $420,500)

     420,500        420,500  
     

 

 

 
CASH EQUIVALENTS — 0.6%         

DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $239,157)

     239,157        239,157  
     

 

 

 

TOTAL INVESTMENTS — 101.0%
(Cost $45,855,139)

      $ 43,130,507  

Other assets and liabilities, net — (1.0%)

        (436,414
     

 

 

 

NET ASSETS — 100.0%

      $ 42,694,093  
     

 

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

 

     Value ($) at
8/31/2023
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
    Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
2/29/2024
     Value ($) at
2/29/2024
 

EXCHANGE-TRADED FUNDS99.4%

 

  

Xtrackers High Beta High Yield Bond ETF (a)

 

  
     967,365               (49,497     (2,454     25,086        36,878               22,975        940,500  

Xtrackers USD High Yield Corporate Bond ETF (a)(b)

 

  
     42,650,693               (2,200,245     (63,146     1,143,048        1,296,321               1,169,869        41,530,350  

SECURITIES LENDING COLLATERAL1.0%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)

 

  
     6,535,150               (6,114,650 )(e)                   4,120               420,500        420,500  

CASH EQUIVALENTS0.6%

 

  

DWS Government Money Market Series “Institutional Shares”, 5.28% (c)

 

  
     311,422        65,356        (137,621                  7,679               239,157        239,157  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      50,464,630         65,356         (8,502,013      (65,600      1,168,134         1,344,998         —         1,852,501         43,130,507  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

Affiliated fund advised by DBX Advisors LLC.

(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 February 29, 2024 amounted to $411,800, which is 1.0% 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 February 29, 2024.

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

February 29, 2024 (Unaudited)

 

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Exchange-Traded Funds

     $ 42,470,850        $        $  —        $ 42,470,850  

Short-Term Investments (a)

       659,657                            659,657  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 43,130,507        $  —        $        $ 43,130,507  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 97.4%    
Basic Materials — 3.9%    
Chemicals — 1.6%            

ASP Unifrax Holdings, Inc., 144A,
5.25%, 9/30/28

  $ 161,000     $ 102,318  

Avient Corp., 144A,
5.75%, 5/15/25

    130,000       129,365  

Axalta Coating Systems LLC, 144A,
3.375%, 2/15/29

    85,000       75,621  

Chemours Co.
5.375%, 5/15/27

    105,000       96,034  

144A, 5.75%, 11/15/28

    160,000       140,500  

Consolidated Energy Finance SA, 144A,
5.625%, 10/15/28

    103,000       83,708  

INEOS Finance PLC, 144A,
6.75%, 5/15/28

    94,000       92,018  

Methanex Corp.,
5.125%, 10/15/27

    146,000       140,487  

NOVA Chemicals Corp.
144A, 5.00%, 5/1/25

    112,000       109,510  

144A, 5.25%, 6/1/27

    205,000       190,193  

144A, 8.50%, 11/15/28

    100,000       105,711  

Olin Corp.,
5.125%, 9/15/27

    98,000       95,152  

SCIH Salt Holdings, Inc., 144A,
4.875%, 5/1/28

    236,000       215,944  
   

 

 

 

(Cost $1,587,321)

      1,576,561  
   

 

 

 
Forest Products & Paper — 0.1%            

Mercer International, Inc.,
5.125%, 2/1/29
(Cost $132,110)

    153,000       132,024  
   

 

 

 
Iron/Steel — 0.8%            

Cleveland-Cliffs, Inc. 144A,
6.75%, 3/15/26

    200,000       201,725  

5.875%, 6/1/27

    130,000       128,766  

Mineral Resources Ltd.
144A, 8.125%, 5/1/27

    113,000       114,120  

144A, 8.00%, 11/1/27

    122,000       124,403  

144A, 9.25%, 10/1/28

    221,000       232,050  
   

 

 

 

(Cost $792,397)

      801,064  
   

 

 

 
Mining — 1.4%            

First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25

    214,000       214,000  

144A, 6.875%, 3/1/26 (a)

    195,000       195,000  

144A, 6.875%, 10/15/27

    323,000       307,488  

FMG Resources August 2006 Pty Ltd., 144A,
4.50%, 9/15/27

    115,000       110,217  

Hudbay Minerals, Inc., 144A,
4.50%, 4/1/26

    125,000       120,603  

Kaiser Aluminum Corp., 144A,
4.625%, 3/1/28

    98,000       90,508  

Nexa Resources SA
144A, 5.375%, 5/4/27

    137,000       132,300  

144A, 6.50%, 1/18/28

    94,000       94,329  

Vedanta Resources Finance II PLC, 144A,
9.25%, 4/23/26

    100,000       83,087  
   

 

 

 

(Cost $1,327,539)

      1,347,532  
   

 

 

 
   

Principal
Amount

   

Value

 
Communications — 16.8%    
Advertising — 0.9%            

Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27

  $ 252,000     $ 235,907  

144A, 7.75%, 4/15/28

    195,000       168,795  

144A, 9.00%, 9/15/28 (a)

    150,000       156,554  

Lamar Media Corp.,
3.75%, 2/15/28

    115,000       106,765  

Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27

    124,000       119,386  

144A, 4.25%, 1/15/29

    100,000       89,908  
   

 

 

 

(Cost $844,983)

      877,315  
   

 

 

 
Internet — 2.0%            

EquipmentShare.com, Inc., 144A,
9.00%, 5/15/28

    200,000       205,195  

Gen Digital, Inc.
144A, 5.00%, 4/15/25

    226,000       223,957  

144A, 6.75%, 9/30/27

    176,000       177,064  

Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27

    120,000       116,217  

Match Group Holdings II LLC
144A, 5.00%, 12/15/27

    88,000       84,009  

144A, 4.625%, 6/1/28

    88,000       82,811  

MercadoLibre, Inc.,
2.375%, 1/14/26

    75,000       70,688  

Newfold Digital Holdings Group, Inc., 144A,
11.75%, 10/15/28

    105,000       114,137  

Rakuten Group, Inc., 144A,
11.25%, 2/15/27

    328,000       349,296  

Uber Technologies, Inc.
144A, 8.00%, 11/1/26

    274,000       279,039  

144A, 7.50%, 9/15/27

    234,000       239,570  

144A, 6.25%, 1/15/28

    98,000       98,215  
   

 

 

 

(Cost $2,009,778)

      2,040,198  
   

 

 

 
Media — 8.9%            

Altice Financing SA, 144A,
5.00%, 1/15/28

    234,000       207,266  

AMC Networks, Inc.
4.75%, 8/1/25

    151,000       144,145  

4.25%, 2/15/29

    184,000       119,273  

CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.50%, 5/1/26

    170,000       167,176  

144A, 5.125%, 5/1/27

    635,000       600,945  

144A, 5.00%, 2/1/28

    493,000       455,405  

CSC Holdings LLC
144A, 5.50%, 4/15/27

    256,000       229,939  

144A, 5.375%, 2/1/28

    181,000       157,952  

144A, 7.50%, 4/1/28

    216,000       153,792  

144A, 11.25%, 5/15/28

    195,000       201,388  

144A, 11.75%, 1/31/29

    420,000       439,298  

144A, 6.50%, 2/1/29

    293,000       255,704  

DISH DBS Corp.
5.875%, 11/15/24 (a)

    392,000       370,820  

7.75%, 7/1/26

    391,000       249,657  

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)            

144A, 5.25%, 12/1/26

  $ 539,000     $ 431,537  

7.375%, 7/1/28

    195,000       95,333  

144A, 5.75%, 12/1/28

    478,000       331,911  

DISH Network Corp., 144A,
11.75%, 11/15/27

    684,000       713,962  

Gray Television, Inc. 144A,
5.875%, 7/15/26

    124,000       117,800  

144A, 7.00%, 5/15/27 (a)

    150,000       135,734  

iHeartCommunications, Inc.
6.375%, 5/1/26 (a)

    156,000       132,990  

8.375%, 5/1/27

    167,000       100,398  

144A, 5.25%, 8/15/27

    152,000       112,851  

144A, 4.75%, 1/15/28

    105,000       75,708  

McGraw-Hill Education, Inc., 144A,
5.75%, 8/1/28

    165,000       153,446  

Nexstar Media, Inc.
144A, 5.625%, 7/15/27

    335,000       317,834  

144A, 4.75%, 11/1/28 (a)

    192,000       170,710  

Radiate Holdco LLC / Radiate Finance, Inc.
144A, 4.50%, 9/15/26

    156,000       123,013  

144A, 6.50%, 9/15/28

    205,000       98,887  

Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26

    220,000       205,354  

144A, 5.00%, 8/1/27

    293,000       279,471  

144A, 4.00%, 7/15/28

    367,000       331,010  

TEGNA, Inc. 144A,
4.75%, 3/15/26

    102,000       98,664  

4.625%, 3/15/28

    195,000       175,802  

Univision Communications, Inc.
144A, 6.625%, 6/1/27

    293,000       284,252  

144A, 8.00%, 8/15/28

    285,000       286,767  

Videotron Ltd.
144A, 5.375%, 6/15/24

    121,000       120,696  

144A, 5.125%, 4/15/27

    125,000       122,592  

VTR Finance NV, 144A,
6.375%, 7/15/28

    95,000       41,631  

Ziggo Bond Co. BV, 144A,
6.00%, 1/15/27

    106,000       103,660  
   

 

 

 

(Cost $9,297,881)

      8,914,773  
   

 

 

 
Telecommunications — 5.0%            

Altice France Holding SA
144A, 10.50%, 5/15/27

    317,000       207,410  

144A, 6.00%, 2/15/28

    212,000       107,249  

Altice France SA
144A, 8.125%, 2/1/27

    312,000       287,029  

144A, 5.50%, 1/15/28

    214,000       174,845  

144A, 5.125%, 1/15/29

    100,000       75,692  

C&W Senior Financing DAC, 144A,
6.875%, 9/15/27

    218,000       205,695  

CommScope Technologies LLC
144A, 6.00%, 6/15/25

    263,000       214,603  

144A, 5.00%, 3/15/27

    138,000       49,538  

CommScope, Inc.
144A, 6.00%, 3/1/26 (a)

    280,000       252,334  

144A, 8.25%, 3/1/27

    174,000       76,375  

144A, 7.125%, 7/1/28

    125,000       50,129  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

Consolidated Communications, Inc.
144A, 5.00%, 10/1/28

  $ 78,000     $ 64,491  

144A, 6.50%, 10/1/28

    155,000       133,300  

Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27

    225,000       217,643  

144A, 5.00%, 5/1/28

    302,000       279,806  

Hughes Satellite Systems Corp.
5.25%, 8/1/26

    154,000       131,725  

6.625%, 8/1/26

    133,000       87,780  

Iliad Holding SASU
144A, 6.50%, 10/15/26

    221,000       218,656  

144A, 7.00%, 10/15/28

    167,000       165,369  

Level 3 Financing, Inc.
144A, 3.40%, 3/1/27 (a)

    138,000       111,784  

144A, 4.625%, 9/15/27

    197,000       122,140  

144A, 4.25%, 7/1/28

    259,000       124,320  

144A, 3.625%, 1/15/29

    165,000       70,950  

Lumen Technologies, Inc.
144A, 5.125%, 12/15/26

    85,000       56,859  

144A, 4.00%, 2/15/27

    222,000       134,539  

144A, 4.50%, 1/15/29

    60,000       18,957  

Millicom International Cellular SA, 144A,
5.125%, 1/15/28

    88,200       84,152  

Sable International Finance Ltd., 144A,
5.75%, 9/7/27

    82,000       78,700  

Telecom Italia SpA, 144A,
5.303%, 5/30/24

    304,000       303,157  

Viasat, Inc.
144A, 5.625%, 9/15/25

    66,000       64,121  

144A, 5.625%, 4/15/27

    89,000       83,641  

144A, 6.50%, 7/15/28

    90,000       66,771  

Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,
7.75%, 8/15/28

    273,000       255,173  

Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27 (a)

    299,000       249,267  

144A, 6.125%, 3/1/28

    211,000       160,588  
   

 

 

 

(Cost $5,426,437)

      4,984,788  
   

 

 

 
Consumer, Cyclical — 20.5%    
Airlines — 1.7%            

Air Canada, 144A,
3.875%, 8/15/26

    253,000       239,902  

American Airlines Group, Inc., 144A,
3.75%, 3/1/25

    95,000       92,894  

American Airlines, Inc., 144A,
7.25%, 2/15/28

    140,000       141,293  

Delta Air Lines, Inc.
2.90%, 10/28/24

    200,000       196,166  

7.375%, 1/15/26

    170,000       175,495  

4.375%, 4/19/28

    71,000       68,147  

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
5.75%, 1/20/26

    232,252       219,476  

Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25 (a)

    121,000       87,620  

144A, 8.00%, 9/20/25

    100,000       72,413  

 

See Notes to Financial Statements.   31  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

United Airlines, Inc., 144A,
4.375%, 4/15/26

  $ 390,000     $ 375,782  
   

 

 

 

(Cost $1,755,971)

      1,669,188  
   

 

 

 
Apparel — 0.2%            

Hanesbrands, Inc., 144A,
4.875%, 5/15/26
(Cost $169,071)

    170,000       164,248  
   

 

 

 
Auto Manufacturers — 0.3%            

Allison Transmission, Inc., 144A,
4.75%, 10/1/27

    81,000       77,745  

Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25

    223,000       226,309  
   

 

 

 

(Cost $297,582)

      304,054  
   

 

 

 
Auto Parts & Equipment — 2.3%            

Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26

    155,000       150,390  

144A, 7.00%, 4/15/28

    104,000       106,139  

American Axle & Manufacturing, Inc.
6.50%, 4/1/27

    98,000       96,877  

6.875%, 7/1/28

    75,000       72,541  

Clarios Global LP, 144A,
6.75%, 5/15/25

    88,000       88,015  

Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26

    150,000       149,721  

144A, 8.50%, 5/15/27

    315,000       317,223  

144A, 6.75%, 5/15/28

    150,000       151,944  

Dana, Inc.
5.375%, 11/15/27

    86,000       83,103  

5.625%, 6/15/28

    78,000       75,598  

Goodyear Tire & Rubber Co.
9.50%, 5/31/25

    156,000       157,706  

5.00%, 5/31/26

    176,000       171,575  

4.875%, 3/15/27

    133,000       127,776  

Tenneco, Inc., 144A,
8.00%, 11/17/28

    371,000       338,432  

ZF North America Capital, Inc., 144A,
6.875%, 4/14/28

    165,000       168,594  
   

 

 

 

(Cost $2,223,192)

      2,255,634  
   

 

 

 
Distribution/Wholesale — 0.4%            

American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28

    130,000       121,571  

H&E Equipment Services, Inc., 144A,
3.875%, 12/15/28

    244,000       220,408  

Ritchie Bros Holdings, Inc., 144A,
6.75%, 3/15/28

    99,000       101,445  
   

 

 

 

(Cost $443,970)

      443,424  
   

 

 

 
Entertainment — 3.4%            

AMC Entertainment Holdings, Inc., 144A,
7.50%, 2/15/29

    178,000       123,226  

Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25

    360,000       360,242  

144A, 8.125%, 7/1/27

    315,000       323,647  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25

  $ 202,000     $ 201,492  

5.375%, 4/15/27

    97,000       96,039  

Churchill Downs, Inc.
144A, 5.50%, 4/1/27

    122,000       119,915  

144A, 4.75%, 1/15/28

    135,000       127,813  

Cinemark USA, Inc.
144A, 5.875%, 3/15/26

    78,000       76,899  

144A, 5.25%, 7/15/28

    144,000       134,678  

International Game Technology PLC
144A, 6.50%, 2/15/25

    128,000       128,273  

144A, 4.125%, 4/15/26

    207,000       199,953  

144A, 6.25%, 1/15/27

    150,000       150,736  

144A, 5.25%, 1/15/29

    100,000       96,741  

Light & Wonder International, Inc., 144A,
7.00%, 5/15/28

    130,000       130,696  

Live Nation Entertainment, Inc.
144A, 4.875%, 11/1/24

    137,000       135,967  

144A, 6.50%, 5/15/27

    263,000       265,478  

144A, 4.75%, 10/15/27

    198,000       189,741  

144A, 3.75%, 1/15/28

    80,000       73,832  

Mohegan Tribal Gaming Authority, 144A,
8.00%, 2/1/26

    229,000       216,120  

Penn Entertainment, Inc., 144A,
5.625%, 1/15/27

    68,000       65,068  

Six Flags Entertainment Corp., 144A,
5.50%, 4/15/27

    86,000       84,241  

Vail Resorts, Inc., 144A,
6.25%, 5/15/25

    119,000       119,504  
   

 

 

 

(Cost $3,412,844)

      3,420,301  
   

 

 

 
Food Service — 0.4%            

Aramark Services, Inc.
144A, 5.00%, 4/1/25

    126,000       125,303  

144A, 5.00%, 2/1/28

    220,000       211,058  

TKC Holdings, Inc., 144A,
6.875%, 5/15/28

    85,000       79,658  
   

 

 

 

(Cost $406,248)

      416,019  
   

 

 

 
Home Builders — 0.4%            

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A,
6.25%, 9/15/27

    120,000       116,373  

Mattamy Group Corp., 144A,
5.25%, 12/15/27

    102,000       98,455  

Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27

    98,000       97,562  

144A, 5.75%, 1/15/28

    80,000       78,471  
   

 

 

 

(Cost $374,825)

      390,861  
   

 

 

 
Housewares — 0.6%            

Newell Brands, Inc.
4.875%, 6/1/25

    87,000       85,254  

5.20%, 4/1/26

    388,000       377,175  

6.375%, 9/15/27

    98,000       95,240  
   

 

 

 

(Cost $578,371)

      557,669  
   

 

 

 

 

See Notes to Financial Statements.   32  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Leisure Time — 4.5%            

Carnival Corp.
144A, 7.625%, 3/1/26

  $ 260,000     $ 263,572  

144A, 5.75%, 3/1/27

    538,000       531,705  

144A, 4.00%, 8/1/28

    470,000       433,901  

Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28

    400,000       436,649  

Life Time, Inc.
144A, 5.75%, 1/15/26

    203,000       201,497  

144A, 8.00%, 4/15/26

    100,000       101,003  

NCL Corp. Ltd.
144A, 3.625%, 12/15/24

    114,000       112,341  

144A, 5.875%, 3/15/26

    290,000       283,475  

144A, 5.875%, 2/15/27

    175,000       173,083  

144A, 8.375%, 2/1/28

    150,000       157,573  

144A, 8.125%, 1/15/29

    150,000       157,933  

144A, 7.75%, 2/15/29

    92,000       94,378  

Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26

    175,000       168,707  

144A, 5.50%, 8/31/26

    204,000       201,863  

144A, 5.375%, 7/15/27

    195,000       191,457  

144A, 11.625%, 8/15/27

    232,000       251,120  

3.70%, 3/15/28

    103,000       95,149  

144A, 5.50%, 4/1/28

    338,000       332,947  

144A, 9.25%, 1/15/29

    100,000       107,643  

Viking Cruises Ltd.
144A, 5.875%, 9/15/27

    155,000       151,640  

144A, 7.00%, 2/15/29

    50,000       50,025  
   

 

 

 

(Cost $4,367,235)

      4,497,661  
   

 

 

 
Lodging — 2.3%            

Boyd Gaming Corp.,
4.75%, 12/1/27

    196,000       188,644  

Hilton Domestic Operating Co., Inc.
144A, 5.375%, 5/1/25

    81,000       80,812  

144A, 5.75%, 5/1/28

    98,000       97,811  

Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25

    190,000       185,902  

144A, 5.25%, 4/26/26

    85,000       81,669  

144A, 5.625%, 7/17/27

    117,000       111,012  

144A, 5.75%, 7/21/28

    156,000       146,627  

MGM Resorts International
6.75%, 5/1/25

    151,000       151,307  

5.75%, 6/15/25

    161,000       160,875  

4.625%, 9/1/26

    78,000       75,687  

5.50%, 4/15/27

    132,000       129,405  

4.75%, 10/15/28 (a)

    140,000       131,529  

Station Casinos LLC, 144A,
4.50%, 2/15/28

    135,000       125,977  

Studio City Finance Ltd.
144A, 6.50%, 1/15/28

    104,000       98,719  

144A, 5.00%, 1/15/29

    220,000       192,052  

Travel + Leisure Co. 144A,
6.625%, 7/31/26

    127,000       128,454  

6.00%, 4/1/27

    73,000       72,795  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)

    157,000       153,798  
   

 

 

 

(Cost $2,278,105)

      2,313,075  
   

 

 

 
   

Principal
Amount

   

Value

 
Retail — 4.0%            

1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25

  $ 70,000     $ 69,803  

144A, 3.875%, 1/15/28

    324,000       302,543  

144A, 4.375%, 1/15/28

    184,000       172,881  

144A, 3.50%, 2/15/29

    100,000       90,250  

Asbury Automotive Group, Inc.,
4.50%, 3/1/28

    110,000       102,683  

Bath & Body Works, Inc.,
5.25%, 2/1/28

    100,000       97,185  

eG Global Finance PLC, 144A,
12.00%, 11/30/28

    215,000       227,255  

Ferrellgas LP / Ferrellgas Finance Corp., 144A,
5.375%, 4/1/26

    113,000       111,956  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A,
4.625%, 1/15/29

    200,000       181,698  

FirstCash, Inc.,
144A, 4.625%, 9/1/28

    122,000       112,995  

LBM Acquisition LLC,
144A, 6.25%, 1/15/29

    130,000       117,256  

Lithia Motors, Inc.,
144A, 4.625%, 12/15/27

    75,000       71,525  

Michaels Cos., Inc., 144A,
5.25%, 5/1/28

    166,000       129,091  

NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26

    215,000       211,076  

Penske Automotive Group, Inc.,
3.50%, 9/1/25

    100,000       97,110  

PetSmart, Inc. / PetSmart Finance Corp.
144A, 4.75%, 2/15/28

    228,000       213,988  

144A, 7.75%, 2/15/29

    193,000       190,872  

QVC, Inc.
4.85%, 4/1/24

    60,000       59,904  

4.45%, 2/15/25

    114,000       110,788  

4.75%, 2/15/27 (a)

    118,000       106,467  

4.375%, 9/1/28

    106,000       87,057  

SRS Distribution, Inc., 144A,
4.625%, 7/1/28

    133,000       124,201  

Staples, Inc.
144A, 7.50%, 4/15/26

    360,000       346,469  

144A, 10.75%, 4/15/27

    193,000       176,825  

Walgreens Boots Alliance, Inc.
3.80%, 11/18/24

    240,000       236,649  

3.45%, 6/1/26

    290,000       276,713  
   

 

 

 

(Cost $3,960,016)

      4,025,240  
   

 

 

 
Consumer, Non-cyclical — 16.1%    
Agriculture — 0.3%            

Darling Ingredients, Inc.,
144A, 5.25%, 4/15/27

    90,000       88,373  

Vector Group Ltd.
144A, 10.50%, 11/1/26

    94,000       94,671  

144A, 5.75%, 2/1/29

    151,000       138,494  
   

 

 

 

(Cost $320,243)

      321,538  
   

 

 

 

 

See Notes to Financial Statements.   33  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services — 4.4%            

Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26

  $ 59,000     $ 58,407  

Albion Financing 2 SARL, 144A,
8.75%, 4/15/27

    137,000       137,673  

Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26

    268,000       267,407  

144A, 9.75%, 7/15/27

    210,000       209,498  

Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28

    226,000       201,222  

APX Group, Inc., 144A,
6.75%, 2/15/27

    98,000       98,226  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27

    39,000       37,200  

144A, 4.75%, 4/1/28 (a)

    94,000       85,267  

Block, Inc.,
2.75%, 6/1/26

    229,000       213,871  

Brink’s Co.
144A, 5.50%, 7/15/25

    75,000       74,653  

144A, 4.625%, 10/15/27

    116,000       109,736  

Garda World Security Corp.
144A, 4.625%, 2/15/27

    96,000       91,794  

144A, 9.50%, 11/1/27

    133,000       133,632  

144A, 7.75%, 2/15/28

    88,000       89,456  

Herc Holdings, Inc., 144A,
5.50%, 7/15/27

    239,000       234,186  

Hertz Corp., 144A,
4.625%, 12/1/26

    99,000       87,739  

MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28

    203,000       177,343  

144A, 5.75%, 11/1/28 (a)

    191,000       152,574  

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26

    263,000       261,233  

144A, 3.375%, 8/31/27

    194,000       177,812  

144A, 6.25%, 1/15/28 (a)

    261,000       257,710  

Sabre GLBL, Inc.
144A, 8.625%, 6/1/27

    167,000       147,203  

144A, 11.25%, 12/15/27

    107,000       100,647  

Service Corp. International,
4.625%, 12/15/27

    113,000       108,507  

Sotheby’s, 144A,
7.375%, 10/15/27

    145,000       139,467  

United Rentals North America, Inc.
5.50%, 5/15/27

    72,000       71,597  

3.875%, 11/15/27

    146,000       137,632  

4.875%, 1/15/28

    326,000       315,017  

Williams Scotsman, Inc.
144A, 6.125%, 6/15/25

    110,000       109,900  

144A, 4.625%, 8/15/28

    106,000       99,646  
   

 

 

 

(Cost $4,356,185)

      4,386,255  
   

 

 

 
Cosmetics/Personal Care — 0.3%            

Coty, Inc., 144A,
5.00%, 4/15/26

    129,000       126,542  
   

Principal
Amount

   

Value

 
Cosmetics/Personal Care (Continued)            

Edgewell Personal Care Co., 144A,
5.50%, 6/1/28

  $ 152,000     $ 148,533  
   

 

 

 

(Cost $273,905)

      275,075  
   

 

 

 
Food — 1.9%            

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26

    201,000       191,167  

144A, 7.50%, 3/15/26

    110,000       112,065  

144A, 4.625%, 1/15/27

    271,000       261,533  

144A, 5.875%, 2/15/28

    130,000       128,210  

144A, 6.50%, 2/15/28

    146,000       147,014  

B&G Foods, Inc.
5.25%, 9/15/27

    107,000       99,610  

144A, 8.00%, 9/15/28

    105,000       109,442  

Lamb Weston Holdings, Inc., 144A,
4.875%, 5/15/28

    107,000       103,733  

Performance Food Group, Inc., 144A,
5.50%, 10/15/27

    207,000       202,955  

Post Holdings, Inc.
144A, 5.75%, 3/1/27

    90,000       90,862  

144A, 5.625%, 1/15/28

    184,000       180,799  

Sigma Holdco BV, 144A,
7.875%, 5/15/26

    91,000       87,030  

US Foods, Inc.
144A, 6.875%, 9/15/28

    105,000       106,969  

144A, 4.75%, 2/15/29

    130,000       122,164  
   

 

 

 

(Cost $1,929,502)

      1,943,553  
   

 

 

 
Healthcare-Products — 1.0%            

Avantor Funding, Inc., 144A,
4.625%, 7/15/28

    359,000       339,287  

Bausch + Lomb Escrow Corp., 144A,
8.375%, 10/1/28

    274,000       286,672  

Hologic, Inc.
144A, 4.625%, 2/1/28

    85,000       81,527  

144A, 3.25%, 2/15/29

    126,000       112,467  

Teleflex, Inc.
4.625%, 11/15/27

    100,000       95,594  

144A, 4.25%, 6/1/28

    98,000       91,596  
   

 

 

 

(Cost $991,040)

      1,007,143  
   

 

 

 
Healthcare-Services — 4.3%            

Catalent Pharma Solutions, Inc., 144A,
5.00%, 7/15/27

    107,000       105,451  

Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28

    91,000       85,450  

CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26

    226,000       223,960  

144A, 5.625%, 3/15/27

    371,000       339,875  

144A, 8.00%, 12/15/27

    130,000       124,484  

144A, 6.875%, 4/1/28

    141,000       91,199  

144A, 6.00%, 1/15/29

    128,000       110,213  

Encompass Health Corp.,
4.50%, 2/1/28

    147,000       139,235  

IQVIA, Inc.
144A, 5.00%, 10/15/26

    195,000       190,826  

144A, 5.00%, 5/15/27

    237,000       231,017  

 

See Notes to Financial Statements.   34  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27

  $ 114,000     $ 105,877  

LifePoint Health, Inc., 144A,
5.375%, 1/15/29

    95,000       75,859  

ModivCare, Inc., 144A,
5.875%, 11/15/25 (a)

    89,000       86,971  

Molina Healthcare, Inc., 144A,
4.375%, 6/15/28

    161,000       150,132  

RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,
9.75%, 12/1/26

    254,000       254,189  

Select Medical Corp., 144A,
6.25%, 8/15/26

    267,000       266,571  

Team Health Holdings, Inc., 144A,
6.375%, 2/1/25

    145,000       133,458  

Tenet Healthcare Corp.
4.875%, 1/1/26

    408,000       407,833  

6.25%, 2/1/27

    293,000       292,548  

5.125%, 11/1/27

    300,000       294,029  

4.625%, 6/15/28

    106,000       100,997  

6.125%, 10/1/28 (a)

    488,000       482,883  
   

 

 

 

(Cost $4,262,836)

      4,293,057  
   

 

 

 
Pharmaceuticals — 3.9%            

Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26

    176,000       165,660  

144A, 8.50%, 1/31/27 (a)

    125,000       71,274  

Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25

    328,000       305,550  

144A, 9.00%, 12/15/25

    165,000       157,134  

144A, 6.125%, 2/1/27

    195,000       125,044  

144A, 5.75%, 8/15/27

    99,000       59,779  

144A, 5.00%, 1/30/28

    77,000       35,227  

144A, 4.875%, 6/1/28

    325,000       185,555  

144A, 11.00%, 9/30/28

    350,000       236,250  

144A, 6.25%, 2/15/29

    197,000       90,388  

Cheplapharm Arzneimittel GmbH, 144A,
5.50%, 1/15/28

    108,000       101,664  

Grifols SA, 144A,
4.75%, 10/15/28 (a)

    125,000       104,238  

Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25

    120,000       116,529  

Jazz Securities DAC, 144A,
4.375%, 1/15/29

    293,000       270,219  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28

    410,000       375,599  

Perrigo Finance Unlimited Co.
3.90%, 12/15/24

    80,000       78,698  

4.375%, 3/15/26

    165,000       159,418  

Prestige Brands, Inc., 144A,
5.125%, 1/15/28

    72,000       69,660  

Teva Pharmaceutical Finance Netherlands III BV
6.00%, 4/15/24

    190,000       189,911  

7.125%, 1/31/25

    71,000       71,423  
   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

3.15%, 10/1/26

  $ 690,000     $ 639,903  

6.75%, 3/1/28

    242,000       245,093  
   

 

 

 

(Cost $3,971,137)

      3,854,216  
   

 

 

 
Diversified — 0.1%    
Holding Companies-Diversified — 0.1%            

Benteler International AG, 144A,
10.50%, 5/15/28
(Cost $93,487)

    92,000       98,885  
   

 

 

 
Energy — 10.8%    
Energy-Alternate Sources — 0.1%            

Sunnova Energy Corp., 144A,
11.75%, 10/1/28 (a)

   

(Cost $73,240)

    85,000       71,617  
   

 

 

 
Oil & Gas — 5.1%            

Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26

    152,000       152,016  

144A, 8.25%, 12/31/28

    110,000       111,781  

Baytex Energy Corp., 144A,
8.75%, 4/1/27

    70,000       72,671  

Callon Petroleum Co., 144A,
8.00%, 8/1/28

    121,000       126,465  

Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A,
11.00%, 4/15/25

    78,000       78,650  

Chesapeake Energy Corp., 144A,
5.50%, 2/1/26

    104,000       103,181  

Civitas Resources, Inc.
144A, 5.00%, 10/15/26

    71,000       68,856  

144A, 8.375%, 7/1/28

    273,000       286,015  

CNX Resources Corp., 144A,
6.00%, 1/15/29

    90,000       86,581  

Crescent Energy Finance LLC
144A, 7.25%, 5/1/26

    145,000       144,594  

144A, 9.25%, 2/15/28

    203,000       212,636  

CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25

    167,000       166,327  

CVR Energy, Inc.
144A, 5.75%, 2/15/28

    75,000       69,678  

144A, 8.50%, 1/15/29

    100,000       100,705  

Energean PLC, 144A,
6.50%, 4/30/27

    98,000       89,616  

Kosmos Energy Ltd.
144A, 7.125%, 4/4/26

    200,000       193,694  

144A, 7.75%, 5/1/27

    111,000       105,614  

144A, 7.50%, 3/1/28

    30,000       27,914  

Leviathan Bond Ltd.
144A, REGS, 6.125%, 6/30/25

    142,000       139,330  

144A, REGS, 6.50%, 6/30/27

    123,000       118,062  

Matador Resources Co.
5.875%, 9/15/26

    167,000       165,483  

144A, 6.875%, 4/15/28

    138,000       140,265  

Murphy Oil Corp.,
5.875%, 12/1/27

    73,000       72,550  

 

See Notes to Financial Statements.   35  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

Northern Oil & Gas, Inc., 144A,
8.125%, 3/1/28

  $ 124,000     $ 125,670  

Parkland Corp., 144A,
5.875%, 7/15/27

    98,000       96,268  

PBF Holding Co. LLC / PBF Finance Corp.,
6.00%, 2/15/28

    161,000       156,720  

Permian Resources Operating LLC, 144A,
8.00%, 4/15/27

    96,000       99,089  

Puma International Financing SA, 144A,
5.00%, 1/24/26

    200,000       189,473  

Range Resources Corp.,
4.875%, 5/15/25

    111,000       109,553  

Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A,
7.875%, 11/1/28

    120,000       122,768  

SM Energy Co.
6.75%, 9/15/26

    75,000       74,645  

6.625%, 1/15/27

    97,000       96,691  

6.50%, 7/15/28

    69,000       69,142  

Southwestern Energy Co.,
5.375%, 2/1/29

    200,000       193,448  

Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27

    100,000       99,723  

144A, 7.00%, 9/15/28

    118,000       120,977  

Talos Production, Inc., 144A,
9.00%, 2/1/29

    95,000       97,171  

Transocean, Inc.
144A, 7.50%, 1/15/26

    95,000       93,992  

144A, 11.50%, 1/30/27

    135,000       140,502  

144A, 8.00%, 2/1/27

    120,000       117,240  

Tullow Oil PLC, 144A,
7.00%, 3/1/25

    103,000       96,815  

Vital Energy, Inc.,
10.125%, 1/15/28

    151,000       158,158  
   

 

 

 

(Cost $5,000,272)

      5,090,729  
   

 

 

 
Oil & Gas Services — 0.6%            

Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27

    85,000       84,651  

144A, 6.25%, 4/1/28

    156,000       152,237  

CGG SA, 144A,
8.75%, 4/1/27

    103,000       91,996  

USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26

    142,000       141,906  

6.875%, 9/1/27

    142,000       141,400  
   

 

 

 

(Cost $613,432)

      612,190  
   

 

 

 
Pipelines — 5.0%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    121,000       123,672  

144A, 5.75%, 3/1/27

    144,000       140,999  

144A, 5.75%, 1/15/28

    120,000       117,747  

Buckeye Partners LP
144A, 4.125%, 3/1/25

    85,000       83,194  

3.95%, 12/1/26

    122,000       115,485  
   

Principal
Amount

   

Value

 
Pipelines (Continued)            

4.125%, 12/1/27

  $ 110,000     $ 102,476  

144A, 4.50%, 3/1/28

    106,000       98,643  

EnLink Midstream LLC, 144A,
5.625%, 1/15/28

    107,000       105,525  

EnLink Midstream Partners LP
4.15%, 6/1/25

    80,000       78,059  

4.85%, 7/15/26

    91,000       88,807  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    108,000       107,937  

4.125%, 12/1/26

    102,000       97,867  

144A, 7.50%, 6/1/27

    119,000       121,837  

144A, 6.50%, 7/1/27

    204,000       206,200  

5.50%, 7/15/28

    165,000       161,980  

144A, 4.50%, 1/15/29

    136,000       127,603  

Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27

    196,000       197,545  

7.75%, 2/1/28

    133,000       133,119  

8.25%, 1/15/29

    117,000       119,046  

Hess Midstream Operations LP
144A, 5.625%, 2/15/26

    162,000       159,858  

144A, 5.125%, 6/15/28

    97,000       93,277  

New Fortress Energy, Inc.
144A, 6.75%, 9/15/25

    242,000       240,975  

144A, 6.50%, 9/30/26

    301,000       290,951  

NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 8.125%, 2/15/29

    158,000       159,624  

NuStar Logistics LP
5.75%, 10/1/25

    110,000       109,091  

6.00%, 6/1/26

    106,000       104,876  

5.625%, 4/28/27

    107,000       105,997  

Rockies Express Pipeline LLC, 144A,
3.60%, 5/15/25

    78,000       75,690  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27

    79,000       78,039  

144A, 5.50%, 1/15/28

    152,000       144,576  

144A, 7.375%, 2/15/29

    120,000       119,824  

Venture Global LNG, Inc.
144A, 8.125%, 6/1/28

    439,000       446,336  

144A, 9.50%, 2/1/29

    560,000       597,430  
   

 

 

 

(Cost $5,044,270)

      5,054,285  
   

 

 

 
Financial — 13.0%    
Banks — 0.4%            

Freedom Mortgage Corp.
144A, 7.625%, 5/1/26

    98,000       97,348  

144A, 6.625%, 1/15/27

    99,000       94,460  

144A, 12.00%, 10/1/28

    156,000       169,211  
   

 

 

 

(Cost $346,188)

      361,019  
   

 

 

 
Diversified Financial Services — 4.7%            

AG Issuer LLC, 144A,
6.25%, 3/1/28

    95,000       92,012  

AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27

    100,000       103,032  

 

See Notes to Financial Statements.   36  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

Coinbase Global, Inc., 144A,
3.375%, 10/1/28

  $ 206,000     $ 174,262  

Credit Acceptance Corp., 144A,
9.25%, 12/15/28

    110,000       116,501  

Curo Group Holdings Corp., 144A,
7.50%, 8/1/28 *

    140,000       38,325  

Enova International, Inc., 144A,
11.25%, 12/15/28

    80,000       83,853  

goeasy Ltd., 144A,
9.25%, 12/1/28

    63,000       66,906  

Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28

    189,000       170,235  

LD Holdings Group LLC
144A, 6.50%, 11/1/25

    98,000       90,798  

144A, 6.125%, 4/1/28

    121,000       98,907  

Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28

    98,000       102,733  

Nationstar Mortgage Holdings, Inc.
144A, 5.00%, 2/1/26

    98,000       95,321  

144A, 6.00%, 1/15/27

    104,000       102,345  

144A, 5.50%, 8/15/28

    183,000       173,002  

Navient Corp.
5.875%, 10/25/24

    110,000       109,817  

6.75%, 6/25/25

    92,000       92,626  

6.75%, 6/15/26

    91,000       91,457  

5.00%, 3/15/27

    137,000       130,043  

4.875%, 3/15/28

    98,000       89,580  

NFP Corp.
144A, 4.875%, 8/15/28

    99,000       98,844  

144A, 6.875%, 8/15/28

    410,000       416,740  

OneMain Finance Corp.
6.875%, 3/15/25

    286,000       289,092  

7.125%, 3/15/26

    313,000       318,326  

3.50%, 1/15/27

    145,000       133,653  

6.625%, 1/15/28

    154,000       153,253  

3.875%, 9/15/28

    110,000       96,239  

9.00%, 1/15/29

    150,000       157,683  

Osaic Holdings, Inc., 144A,
10.75%, 8/1/27

    81,000       84,209  

PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25

    149,000       146,774  

144A, 4.25%, 2/15/29

    87,000       78,538  

PRA Group, Inc., 144A,
8.375%, 2/1/28

    78,000       76,294  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26

    210,000       193,436  

SLM Corp.
4.20%, 10/29/25

    84,000       81,535  

3.125%, 11/2/26

    102,000       93,812  

United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25

    176,000       173,154  

144A, 5.75%, 6/15/27

    105,000       101,969  
   

 

 

 

(Cost $4,632,226)

      4,715,306  
   

 

 

 
   

Principal
Amount

   

Value

 
Insurance — 1.1%            

Acrisure LLC / Acrisure Finance, Inc.
144A, 10.125%, 8/1/26

  $ 89,000     $ 92,619  

144A, 4.25%, 2/15/29

    135,000       119,885  

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27

    146,000       134,923  

144A, 6.75%, 10/15/27

    248,000       241,163  

144A, 6.75%, 4/15/28

    264,000       262,431  

AmWINS Group, Inc., 144A,
6.375%, 2/15/29

    146,000       146,186  

AssuredPartners, Inc., 144A,
5.625%, 1/15/29

    110,000       101,301  
   

 

 

 

(Cost $1,094,337)

      1,098,508  
   

 

 

 
Investment Companies — 0.1%            

Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29
(Cost $154,190)

    150,000       156,938  
   

 

 

 
Real Estate — 0.5%            

Cushman & Wakefield US Borrower LLC,
144A, 6.75%, 5/15/28

    130,000       128,173  

Howard Hughes Corp.
144A, 5.375%, 8/1/28

    167,000       157,735  

144A, 4.125%, 2/1/29

    117,000       104,015  

Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 5.75%, 1/15/29

    110,000       81,950  
   

 

 

 

(Cost $463,682)

      471,873  
   

 

 

 
Real Estate Investment Trusts — 4.8%            

Brandywine Operating Partnership LP,
3.95%, 11/15/27

    87,000       76,575  

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26

    187,000       180,535  

144A, 4.50%, 4/1/27

    142,000       124,997  

Diversified Healthcare Trust
9.75%, 6/15/25

    98,000       97,663  

4.75%, 2/15/28

    95,000       75,714  

Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,
3.75%, 12/15/27

    95,000       80,328  

Hudson Pacific Properties LP,
3.95%, 11/1/27

    80,000       69,175  

Iron Mountain, Inc.
144A, 4.875%, 9/15/27

    189,000       181,472  

144A, 5.25%, 3/15/28

    161,000       155,342  

144A, 5.00%, 7/15/28

    98,000       92,870  

144A, 7.00%, 2/15/29

    122,000       123,960  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
4.25%, 2/1/27

    117,000       107,799  

MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)

    99,000       88,281  

5.00%, 10/15/27 (a)

    273,000       223,708  

 

See Notes to Financial Statements.   37  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)            

Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,
4.50%, 9/30/28

  $ 106,000     $ 89,386  

Office Properties Income Trust,
4.50%, 2/1/25

    127,000       103,036  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25

    132,000       132,529  

144A, 5.875%, 10/1/28

    149,000       144,964  

RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27

    137,000       130,958  

144A, 7.25%, 7/15/28

    68,000       69,705  

144A, 4.50%, 2/15/29

    75,000       69,780  

RLJ Lodging Trust LP, 144A,
3.75%, 7/1/26

    92,000       86,816  

SBA Communications Corp.
3.875%, 2/15/27

    292,000       275,804  

3.125%, 2/1/29

    258,000       228,507  

Service Properties Trust
7.50%, 9/15/25

    136,000       137,881  

4.75%, 10/1/26

    93,000       86,130  

4.95%, 2/15/27

    80,000       73,539  

5.50%, 12/15/27

    88,000       82,946  

3.95%, 1/15/28

    80,000       67,744  

Starwood Property Trust, Inc.
144A, 3.75%, 12/31/24

    97,000       95,149  

4.75%, 3/15/25

    100,000       98,766  

144A, 3.625%, 7/15/26

    77,000       71,895  

144A, 4.375%, 1/15/27

    92,000       86,368  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28

    508,000       526,355  

144A, 4.75%, 4/15/28

    134,000       116,585  

144A, 6.50%, 2/15/29

    195,000       150,337  

Vornado Realty LP
3.50%, 1/15/25

    88,000       85,504  

2.15%, 6/1/26

    78,000       70,033  
   

 

 

 

(Cost $4,760,291)

      4,759,136  
   

 

 

 
Venture Capital — 1.4%            

HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25

    71,000       70,342  

144A, 3.375%, 6/15/26 (a)

    253,000       236,921  

144A, 8.00%, 6/15/27

    110,000       114,352  

Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 9/15/24

    211,000       209,866  

6.375%, 12/15/25

    146,000       144,834  

6.25%, 5/15/26

    258,000       251,647  

5.25%, 5/15/27

    262,000       241,009  

4.375%, 2/1/29

    132,000       111,539  
   

 

 

 

(Cost $1,406,339)

      1,380,510  
   

 

 

 
   

Principal
Amount

   

Value

 
Industrial — 9.7%    
Aerospace/Defense — 2.9%            

Bombardier, Inc.
144A, 7.125%, 6/15/26

  $ 198,000     $ 199,793  

144A, 7.875%, 4/15/27

    312,000       312,593  

144A, 6.00%, 2/15/28

    146,000       141,877  

144A, 7.50%, 2/1/29

    104,000       105,572  

Rolls-Royce PLC
144A, 3.625%, 10/14/25

    249,000       240,688  

144A, 5.75%, 10/15/27

    181,000       180,290  

Spirit AeroSystems, Inc.,
4.60%, 6/15/28

    134,000       117,774  

TransDigm, Inc.
7.50%, 3/15/27

    80,000       79,992  

5.50%, 11/15/27

    555,000       536,454  

144A, 6.75%, 8/15/28

    375,000       379,952  

4.625%, 1/15/29

    234,000       214,784  

Triumph Group, Inc.
7.75%, 8/15/25

    85,000       84,875  

144A, 9.00%, 3/15/28

    259,000       271,065  
   

 

 

 

(Cost $2,821,344)

      2,865,709  
   

 

 

 
Building Materials — 0.8%            

InterCement Financial Operations BV, 144A,
5.75%, 7/17/24

    158,000       137,062  

Smyrna Ready Mix Concrete LLC, 144A,
6.00%, 11/1/28

    215,000       208,769  

Standard Industries, Inc.
144A, 5.00%, 2/15/27

    150,000       144,595  

144A, 4.75%, 1/15/28

    220,000       207,819  

Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29

    140,000       135,662  
   

 

 

 

(Cost $838,635)

      833,907  
   

 

 

 
Electrical Components & Equipment — 0.7%  

Energizer Holdings, Inc., 144A,
4.75%, 6/15/28

    123,000       112,592  

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    264,000       265,804  

144A, 7.25%, 6/15/28

    333,000       340,608  
   

 

 

 

(Cost $715,306)

      719,004  
   

 

 

 
Electronics — 0.2%            

Sensata Technologies BV, 144A,
5.00%, 10/1/25

   

(Cost $141,383)

    143,000       141,793  
   

 

 

 
Engineering & Construction — 0.3%            

Fluor Corp.,
4.25%, 9/15/28

    110,000       104,096  

IHS Holding Ltd.
144A, 5.625%, 11/29/26

    87,000       76,463  

144A, 6.25%, 11/29/28

    100,000       81,859  
   

 

 

 

(Cost $259,418)

      262,418  
   

 

 

 

 

See Notes to Financial Statements.   38  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Environmental Control — 0.7%        

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

  $ 114,000     $ 112,096  

144A, 3.75%, 8/1/25

    150,000       145,777  

144A, 5.125%, 12/15/26

    98,000       95,958  

144A, 4.00%, 8/1/28

    143,000       131,238  

144A, 3.50%, 9/1/28

    135,000       122,522  

Madison IAQ LLC, 144A,
4.125%, 6/30/28

    133,000       121,289  
   

 

 

 

(Cost $727,590)

      728,880  
   

 

 

 
Machinery-Diversified — 0.5%            

Maxim Crane Works Holdings Capital LLC, 144A,
11.50%, 9/1/28

    98,000       102,001  

TK Elevator Holdco GmbH, 144A,
7.625%, 7/15/28

    70,000       68,546  

TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27

    305,000       293,410  
   

 

 

 

(Cost $460,321)

      463,957  
   

 

 

 
Miscellaneous Manufacturing — 0.2%            

Hillenbrand, Inc.
5.75%, 6/15/25

    94,000       93,389  

6.25%, 2/15/29

    69,000       69,096  

Trinity Industries, Inc., 144A,
7.75%, 7/15/28

    70,000       72,175  
   

 

 

 

(Cost $234,699)

      234,660  
   

 

 

 
Packaging & Containers — 2.9%  

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27

    100,000       98,295  

144A, 3.25%, 9/1/28

    111,000       96,345  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25

    137,000       135,676  

144A, 4.125%, 8/15/26

    203,000       187,525  

144A, 5.25%, 8/15/27

    206,000       149,648  

144A, 5.25%, 8/15/27

    156,000       113,326  

Ball Corp.,
6.875%, 3/15/28

    159,000       163,001  

Berry Global, Inc., 144A,
5.625%, 7/15/27

    130,000       128,309  

Graphic Packaging International LLC, 144A,
3.50%, 3/15/28

    87,000       79,654  

LABL, Inc.
144A, 6.75%, 7/15/26

    137,000       132,981  

144A, 10.50%, 7/15/27

    120,000       116,640  

144A, 5.875%, 11/1/28

    109,000       97,838  

Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26

    460,000       466,413  

144A, 9.25%, 4/15/27

    268,000       260,928  

Owens-Brockway Glass Container, Inc., 144A,
6.625%, 5/13/27

    120,000       119,826  

Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
4.00%, 10/15/27

    183,000       170,664  

Sealed Air Corp. 144A,
5.50%, 9/15/25

    60,000       59,943  
   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)  

144A, 4.00%, 12/1/27

  $ 100,000     $ 93,115  

144A, 6.125%, 2/1/28

    149,000       148,666  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    115,000       107,483  
   

 

 

 

(Cost $2,930,706)

      2,926,276  
   

 

 

 
Transportation — 0.1%            

Cargo Aircraft Management, Inc., 144A,
4.75%, 2/1/28
(Cost $106,640)

    117,000       103,623  
   

 

 

 
Trucking & Leasing — 0.4%            

Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25

    166,000       166,242  

144A, 9.75%, 8/1/27

    65,000       67,437  

144A, 5.50%, 5/1/28

    195,000       186,978  
   

 

 

 

(Cost $411,595)

      420,657  
   

 

 

 
Technology — 3.1%    
Computers — 1.1%            

CA Magnum Holdings, 144A, ,
SR SECURED, 10/31/26

    150,000       144,553  

NCR Voyix Corp., 144A,
5.00%, 10/1/28

    135,000       125,625  

Presidio Holdings, Inc. 144A,
4.875%, 2/1/27

    86,000       82,730  

144A, 8.25%, 2/1/28

    107,000       105,593  

Seagate HDD Cayman
4.75%, 1/1/25

    101,000       99,648  

4.875%, 6/1/27

    114,000       110,509  

Western Digital Corp.,
4.75%, 2/15/26

    449,000       439,250  
   

 

 

 

(Cost $1,097,162)

      1,107,908  
   

 

 

 
Office/Business Equipment — 0.3%            

Xerox Holdings Corp.
144A, 5.00%, 8/15/25

    180,000       177,201  

144A, 5.50%, 8/15/28

    139,000       125,867  
   

 

 

 

(Cost $299,505)

      303,068  
   

 

 

 
Semiconductors — 0.2%            

Entegris, Inc., 144A,
4.375%, 4/15/28

    70,000       65,477  

ON Semiconductor Corp., 144A,
3.875%, 9/1/28

    136,000       124,493  
   

 

 

 

(Cost $186,488)

      189,970  
   

 

 

 
Software — 1.5%            

Alteryx, Inc., 144A,
8.75%, 3/15/28

    92,000       93,370  

Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25

    120,000       120,202  

Clarivate Science Holdings Corp., 144A,
3.875%, 7/1/28

    180,000       164,500  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    68,000       67,340  

144A, 4.00%, 6/15/28

    174,000       161,808  

 

See Notes to Financial Statements.   39  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Software (Continued)            

MicroStrategy, Inc., 144A,
6.125%, 6/15/28 (a)

  $ 98,000     $ 94,602  

Open Text Corp., 144A,
3.875%, 2/15/28

    164,000       150,864  

PTC, Inc.
144A, 3.625%, 2/15/25

    112,000       109,424  

144A, 4.00%, 2/15/28

    98,000       91,530  

SS&C Technologies, Inc., 144A,
5.50%, 9/30/27

    441,000       429,862  
   

 

 

 

(Cost $1,462,917)

      1,483,502  
   

 

 

 
Utilities — 3.4%    
Electric — 2.9%            

Calpine Corp.
144A, 5.25%, 6/1/26

    73,000       71,983  

144A, 4.50%, 2/15/28

    244,000       230,073  

144A, 5.125%, 3/15/28

    280,000       266,537  

144A, 4.625%, 2/1/29

    80,000       73,709  

Clearway Energy Operating LLC, 144A,
4.75%, 3/15/28

    160,000       149,785  

DPL, Inc.,
4.125%, 7/1/25

    126,000       122,659  

Drax Finco PLC, 144A,
6.625%, 11/1/25

    92,000       90,930  

FirstEnergy Corp., Series B,
4.15%, 7/15/27

    302,000       287,146  

NextEra Energy Operating Partners LP
144A, 4.25%, 7/15/24

    150,000       148,234  

144A, 3.875%, 10/15/26

    90,000       84,141  

144A, 4.50%, 9/15/27

    102,000       95,275  

144A, 7.25%, 1/15/29

    161,000       163,790  

NRG Energy, Inc.
5.75%, 1/15/28

    160,000       157,768  

144A, 3.375%, 2/15/29

    60,000       52,425  

PG&E Corp.,
5.00%, 7/1/28

    204,000       194,768  
   

Principal
Amount

   

Value

 
Electric (Continued)            

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

  $ 226,000     $ 222,767  

144A, 5.625%, 2/15/27

    225,000       219,494  

144A, 5.00%, 7/31/27

    254,000       243,746  
   

 

 

 

(Cost $2,879,129)

      2,875,230  
   

 

 

 
Gas — 0.5%            

AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25

    160,000       157,208  

5.875%, 8/20/26

    150,000       145,497  

5.75%, 5/20/27

    103,000       97,474  

144A, 9.375%, 6/1/28

    88,000       89,389  
   

 

 

 

(Cost $500,574)

      489,568  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $97,546,090)

      97,233,592  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 3.7%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $3,673,787)

    3,673,787       3,673,787  
   

 

 

 
CASH EQUIVALENTS — 2.9%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $2,886,494)

    2,886,494       2,886,494  
   

 

 

 

TOTAL INVESTMENTS —104.0%

(Cost $104,106,371)

    $ 103,793,873  

Other assets and liabilities, net — (4.0%)

      (3,976,670
   

 

 

 

NET ASSETS — 100.0%

    $ 99,817,203  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

 

     Value ($) at
8/31/2023
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
2/29/2024
     Value ($) at
2/29/2024
 

SECURITIES LENDING COLLATERAL3.7%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

            3,673,787 (d)                          6,628               3,673,787        3,673,787  

CASH EQUIVALENTS2.9%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

     1,126,201        14,597,865       (12,837,572                   21,868               2,886,494        2,886,494  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      1,126,201         18,271,652        (12,837,572      —         —         28,496         —         6,560,281         6,560,281  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $3,596,146, which is 3.6% of net assets.

(b)

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

(c)

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

 

See Notes to Financial Statements.   40  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

 

REIT:   Real Estate Investment Trust
REGS:   Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements

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 February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Corporate Bonds (a)

     $        $ 97,233,592        $  —        $ 97,233,592  

Short-Term Investments (a)

       6,560,281                            6,560,281  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 6,560,281        $ 97,233,592        $        $ 103,793,873  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   41  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 96.9%

 

Basic Materials — 5.3%

 

Chemicals — 2.7%  

Ashland, Inc.
144A, 3.375%, 9/1/31

  $ 288,000     $ 241,283  

6.875%, 5/15/43

    172,000       177,592  

Avient Corp.
144A, 5.75%, 5/15/25

    420,000       417,544  

144A, 7.125%, 8/1/30

    483,000       493,583  

Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31

    306,000       317,460  

Axalta Coating Systems LLC, 144A,
3.375%, 2/15/29

    439,000       390,135  

Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27

    406,000       391,975  

Cerdia Finanz GmbH, 144A,
10.50%, 2/15/27

    326,000       335,357  

Chemours Co.
5.375%, 5/15/27

    303,000       276,787  

144A, 5.75%, 11/15/28

    549,000       481,499  

144A, 4.625%, 11/15/29

    380,000       312,465  

Consolidated Energy Finance SA
144A, 5.625%, 10/15/28

    329,000       266,901  

144A, 12.00%, 2/15/31

    379,000       387,368  

CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28

    337,000       318,660  

Element Solutions, Inc., 144A,
3.875%, 9/1/28

    490,000       444,100  

HB Fuller Co.
4.00%, 2/15/27

    184,000       174,939  

4.25%, 10/15/28

    184,000       170,418  

Herens Holdco SARL, 144A,
4.75%, 5/15/28

    214,000       186,899  

INEOS Finance PLC
144A, 6.75%, 5/15/28

    260,000       254,254  

144A, 7.50%, 4/15/29

    455,000       451,633  

INEOS Quattro Finance 2 PLC, 144A,
9.625%, 3/15/29

    245,000       257,727  

Ingevity Corp., 144A,
3.875%, 11/1/28

    337,000       297,402  

Mativ Holdings, Inc., 144A,
6.875%, 10/1/26

    214,000       207,312  

Methanex Corp.
5.125%, 10/15/27

    429,000       412,295  

5.25%, 12/15/29

    429,000       407,903  

5.65%, 12/1/44

    212,000       179,678  

Minerals Technologies, Inc., 144A,
5.00%, 7/1/28

    245,000       232,444  

NOVA Chemicals Corp.
144A, 5.00%, 5/1/25

    306,000       298,829  

144A, 5.25%, 6/1/27

    699,000       647,423  

144A, 8.50%, 11/15/28

    245,000       258,685  

144A, 4.25%, 5/15/29

    352,000       291,154  

144A, 9.00%, 2/15/30

    400,000       401,279  

Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A, 5.00%, 1/27/30

    214,000       196,253  
   

Principal
Amount

   

Value

 
Chemicals (Continued)  

Olin Corp.
5.125%, 9/15/27

  $ 306,000     $ 296,759  

5.625%, 8/1/29

    430,000       420,699  

5.00%, 2/1/30

    316,000       295,343  

Olympus Water US Holding Corp.
144A, 7.125%, 10/1/27

    197,000       196,032  

144A, 4.25%, 10/1/28

    499,000       446,854  

144A, 9.75%, 11/15/28

    1,132,000       1,202,803  

Rain Carbon, Inc., 144A,
12.25%, 9/1/29

    276,000       276,036  

SCIH Salt Holdings, Inc., 144A,
4.875%, 5/1/28

    724,000       661,555  

SCIL IV LLC / SCIL USA Holdings LLC, 144A,
5.375%, 11/1/26

    465,000       450,543  

SK Invictus Intermediate II SARL, 144A,
5.00%, 10/30/29

    413,000       350,636  

SNF Group SACA
144A, 3.125%, 3/15/27

    214,000       198,463  

144A, 3.375%, 3/15/30

    214,000       184,589  

TPC Group, Inc., 144A,
13.00%, 12/16/27

    214,000       218,119  

Tronox, Inc., 144A,
4.625%, 3/15/29

    715,000       632,869  

WR Grace Holdings LLC
144A, 4.875%, 6/15/27

    455,000       432,241  

144A, 7.375%, 3/1/31

    214,000       216,983  
   

 

 

 

(Cost $16,879,735)

      17,059,760  
   

 

 

 
Forest Products & Paper — 0.2%  

Ahlstrom Holding 3 Oy, 144A,
4.875%, 2/4/28

    187,000       170,170  

Domtar Corp., 144A,
6.75%, 10/1/28

    393,000       363,052  

Mercer International, Inc.
5.50%, 1/15/26

    184,000       177,564  

5.125%, 2/1/29

    581,000       500,544  
   

 

 

 

(Cost $1,169,940)

      1,211,330  
   

 

 

 
Iron/Steel — 1.1%  

ATI, Inc.
5.875%, 12/1/27

    214,000       209,656  

4.875%, 10/1/29

    199,000       182,726  

7.25%, 8/15/30

    260,000       267,246  

5.125%, 10/1/31

    219,000       200,466  

Big River Steel LLC / BRS Finance Corp., 144A,
6.625%, 1/31/29

    441,000       443,626  

Carpenter Technology Corp.
6.375%, 7/15/28

    245,000       243,934  

7.625%, 3/15/30

    184,000       190,033  

Cleveland-Cliffs, Inc.
144A, 6.75%, 3/15/26

    552,000       556,151  

5.875%, 6/1/27

    340,000       336,391  

144A, 4.625%, 3/1/29

    226,000       207,481  

144A, 6.75%, 4/15/30

    500,000       496,341  

144A, 4.875%, 3/1/31

    199,000       179,154  

 

See Notes to Financial Statements.   42  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Iron/Steel (Continued)  

Commercial Metals Co.
4.125%, 1/15/30

  $ 184,000     $ 168,320  

3.875%, 2/15/31

    184,000       160,639  

4.375%, 3/15/32

    184,000       164,243  

Infrabuild Australia Pty Ltd., 144A,
14.50%, 11/15/28

    234,000       236,745  

Mineral Resources Ltd.
144A, 8.125%, 5/1/27

    429,000       432,810  

144A, 8.00%, 11/1/27

    383,000       390,089  

144A, 9.25%, 10/1/28

    690,000       723,638  

144A, 8.50%, 5/1/30

    383,000       393,347  

TMS International Corp., 144A,
6.25%, 4/15/29

    214,000       186,180  

United States Steel Corp.
6.875%, 3/1/29

    291,000       294,342  

6.65%, 6/1/37

    168,000       173,696  
   

 

 

 

(Cost $6,728,343)

      6,837,254  
   

 

 

 
Mining — 1.3%  

Arsenal AIC Parent LLC
144A, 8.00%, 10/1/30

    429,000       449,378  

144A, 11.50%, 10/1/31

    313,000       344,300  

Century Aluminum Co., 144A,
7.50%, 4/1/28

    153,000       146,880  

Compass Minerals International, Inc., 144A,
6.75%, 12/1/27

    306,000       298,500  

Constellium SE
144A, 5.875%, 2/15/26

    153,000       151,747  

144A, 5.625%, 6/15/28

    199,000       191,845  

144A, 3.75%, 4/15/29

    306,000       272,591  

Eldorado Gold Corp., 144A,
6.25%, 9/1/29

    306,000       286,591  

FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27

    367,000       351,297  

144A, 5.875%, 4/15/30

    429,000       419,855  

144A, 4.375%, 4/1/31

    949,000       850,446  

144A, 6.125%, 4/15/32

    533,000       526,878  

Hecla Mining Co.,
7.25%, 2/15/28

    291,000       290,297  

Hudbay Minerals, Inc.
144A, 4.50%, 4/1/26

    367,000       353,657  

144A, 6.125%, 4/1/29

    367,000       360,110  

Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28

    306,000       282,143  

144A, 4.50%, 6/1/31

    337,000       287,952  

New Gold, Inc., 144A,
7.50%, 7/15/27

    245,000       242,625  

Novelis Corp.
144A, 3.25%, 11/15/26

    459,000       425,654  

144A, 4.75%, 1/30/30

    1,061,000       968,914  

144A, 3.875%, 8/15/31

    459,000       388,432  

Perenti Finance Pty Ltd., 144A,
6.50%, 10/7/25

    265,000       261,356  

Taseko Mines Ltd., 144A,
7.00%, 2/15/26

    245,000       241,243  
   

 

 

 

(Cost $8,304,649)

      8,392,691  
   

 

 

 
   

Principal
Amount

   

Value

 
Communications — 15.1%

 

Advertising — 0.8%  

Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28

  $ 458,000     $ 426,283  

Clear Channel International BV, 144A,
6.625%, 8/1/25

    230,000       230,060  

Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27

    791,000       739,617  

144A, 9.00%, 9/15/28

    499,000       520,457  

Lamar Media Corp.
3.75%, 2/15/28

    364,000       337,610  

4.875%, 1/15/29

    245,000       232,137  

4.00%, 2/15/30

    337,000       300,772  

3.625%, 1/15/31

    362,000       312,580  

Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27

    398,000       382,888  

144A, 4.25%, 1/15/29

    306,000       274,834  

144A, 4.625%, 3/15/30

    317,000       281,371  

144A, 7.375%, 2/15/31

    276,000       288,053  

Stagwell Global LLC, 144A,
5.625%, 8/15/29

    696,000       621,389  

Summer BC Bidco B LLC, 144A,
5.50%, 10/31/26

    260,000       251,007  
   

 

 

 

(Cost $5,137,573)

      5,199,058  
   

 

 

 
Internet — 1.9%  

ANGI Group LLC, 144A,
3.875%, 8/15/28

    356,000       305,945  

Arches Buyer, Inc., 144A,
4.25%, 6/1/28

    582,000       497,207  

Cablevision Lightpath LLC, 144A,
3.875%, 9/15/27

    276,000       250,177  

Cars.com, Inc., 144A,
6.375%, 11/1/28

    245,000       235,902  

Cogent Communications Group, Inc.
144A, 3.50%, 5/1/26

    306,000       290,064  

144A, 7.00%, 6/15/27

    276,000       275,619  

EquipmentShare.com, Inc., 144A,
9.00%, 5/15/28

    658,000       674,269  

Gen Digital, Inc.
144A, 5.00%, 4/15/25

    674,000       667,260  

144A, 6.75%, 9/30/27

    564,000       566,898  

144A, 7.125%, 9/30/30

    376,000       384,131  

Getty Images, Inc., 144A,
9.75%, 3/1/27

    200,000       199,390  

Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A, 5.25%, 12/1/27

    367,000       355,072  

144A, 3.50%, 3/1/29

    490,000       436,285  

GrubHub Holdings, Inc., 144A,
5.50%, 7/1/27

    306,000       266,768  

ION Trading Technologies SARL, 144A,
5.75%, 5/15/28

    276,000       247,710  

Match Group Holdings II LLC
144A, 5.00%, 12/15/27

    276,000       263,255  

144A, 4.625%, 6/1/28

    306,000       287,692  

144A, 5.625%, 2/15/29

    214,000       205,440  

 

See Notes to Financial Statements.   43  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Internet (Continued)  

144A, 4.125%, 8/1/30

  $ 306,000     $ 270,330  

144A, 3.625%, 10/1/31

    327,000       275,497  

Newfold Digital Holdings Group, Inc., 144A,
11.75%, 10/15/28

    315,000       342,027  

Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A,
4.75%, 4/30/27

    214,000       205,440  

Rakuten Group, Inc.
144A, 5.125%, Perpetual

    481,000       408,864  

144A, 6.25%, Perpetual

    633,000       452,595  

144A, 11.25%, 2/15/27

    1,100,000       1,164,820  

TripAdvisor, Inc., 144A,
7.00%, 7/15/25

    306,000       306,364  

Uber Technologies, Inc.
144A, 7.50%, 9/15/27

    823,000       841,927  

144A, 6.25%, 1/15/28

    306,000       306,383  

144A, 4.50%, 8/15/29

    949,000       888,576  

Ziff Davis, Inc., 144A,
4.625%, 10/15/30

    282,000       252,897  
   

 

 

 

(Cost $11,949,794)

      12,124,804  
   

 

 

 
Media — 8.0%  

Altice Financing SA
144A, 5.00%, 1/15/28

    759,000       671,519  

144A, 5.75%, 8/15/29

    1,297,000       1,117,068  

AMC Networks, Inc.
4.75%, 8/1/25

    490,000       467,305  

4.25%, 2/15/29

    612,000       396,086  

Block Communications, Inc., 144A,
4.875%, 3/1/28

    184,000       162,756  

Cable One, Inc., 144A,
4.00%, 11/15/30

    398,000       300,729  

CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.50%, 5/1/26

    361,000       354,695  

144A, 5.125%, 5/1/27

    1,619,000       1,530,222  

144A, 5.00%, 2/1/28

    1,363,000       1,257,703  

144A, 5.375%, 6/1/29

    759,000       686,415  

144A, 6.375%, 9/1/29

    771,000       724,367  

144A, 4.75%, 3/1/30

    1,624,000       1,381,512  

144A, 4.50%, 8/15/30

    1,519,000       1,260,041  

144A, 4.25%, 2/1/31

    1,604,000       1,290,157  

144A, 7.375%, 3/1/31

    576,000       558,103  

144A, 4.75%, 2/1/32

    628,000       506,655  

4.50%, 5/1/32

    1,541,000       1,217,397  

144A, 4.50%, 6/1/33

    921,000       708,477  

144A, 4.25%, 1/15/34

    1,065,000       796,256  

CSC Holdings LLC 144A,
5.50%, 4/15/27

    829,000       743,674  

144A, 5.375%, 2/1/28

    616,000       536,924  

144A, 11.25%, 5/15/28

    633,000       653,110  

144A, 11.75%, 1/31/29

    1,257,000       1,313,970  

144A, 6.50%, 2/1/29

    1,107,000       964,939  

144A, 4.125%, 12/1/30

    696,000       518,228  

144A, 3.375%, 2/15/31

    633,000       446,854  

144A, 4.50%, 11/15/31

    921,000       683,843  
   

Principal
Amount

   

Value

 
Media (Continued)  

Directv Financing LLC, 144A,
8.875%, 2/1/30

  $ 460,000     $ 463,066  

Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A,
5.875%, 8/15/27

    2,339,000       2,207,711  

DISH Network Corp., 144A,
11.75%, 11/15/27

    2,214,000       2,308,268  

Gannett Holdings LLC, 144A,
6.00%, 11/1/26

    183,000       165,366  

GCI LLC, 144A,
4.75%, 10/15/28

    367,000       329,298  

Gray Escrow II, Inc., 144A,
5.375%, 11/15/31

    823,000       532,403  

Gray Television, Inc.
144A, 5.875%, 7/15/26

    429,000       407,112  

144A, 7.00%, 5/15/27

    459,000       414,798  

144A, 4.75%, 10/15/30

    502,000       323,461  

LCPR Senior Secured Financing DAC
144A, 6.75%, 10/15/27

    744,000       703,080  

144A, 5.125%, 7/15/29

    502,000       421,841  

McGraw-Hill Education, Inc., 144A,
5.75%, 8/1/28

    519,000       482,159  

Midcontinent Communications / Midcontinent Finance Corp., 144A,
5.375%, 8/15/27

    264,000       250,140  

News Corp.
144A, 3.875%, 5/15/29

    666,000       601,940  

144A, 5.125%, 2/15/32

    306,000       285,070  

Nexstar Media, Inc.
144A, 5.625%, 7/15/27

    1,084,000       1,027,285  

144A, 4.75%, 11/1/28

    626,000       555,857  

Paramount Global
6.25%, 2/28/57

    398,000       327,900  

6.375%, 3/30/62

    666,000       577,755  

Scripps Escrow II, Inc.
144A, 3.875%, 1/15/29

    321,000       253,906  

144A, 5.375%, 1/15/31

    240,000       136,868  

Scripps Escrow, Inc., 144A,
5.875%, 7/15/27

    267,000       216,732  

Sinclair Television Group, Inc., 144A,
4.125%, 12/1/30

    450,000       328,838  

Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26

    633,000       590,228  

144A, 5.00%, 8/1/27

    949,000       904,043  

144A, 4.00%, 7/15/28

    1,265,000       1,139,658  

144A, 5.50%, 7/1/29

    791,000       748,013  

144A, 4.125%, 7/1/30

    949,000       816,480  

144A, 3.875%, 9/1/31

    919,000       759,623  

Sunrise FinCo I BV, 144A,
4.875%, 7/15/31

    790,000       699,150  

Sunrise HoldCo IV BV, 144A,
5.50%, 1/15/28

    287,000       277,622  

TEGNA, Inc.
144A, 4.75%, 3/15/26

    337,000       325,626  

4.625%, 3/15/28

    666,000       597,935  

5.00%, 9/15/29

    696,000       612,480  

Townsquare Media, Inc., 144A,
6.875%, 2/1/26

    308,000       297,130  

 

See Notes to Financial Statements.   44  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)  

Univision Communications, Inc.
144A, 6.625%, 6/1/27

  $ 919,000     $ 890,876  

144A, 8.00%, 8/15/28

    767,000       771,096  

144A, 4.50%, 5/1/29

    699,000       612,974  

144A, 7.375%, 6/30/30

    599,000       578,556  

Urban One, Inc., 144A,
7.375%, 2/1/28

    400,000       343,084  

Videotron Ltd.
144A, 5.125%, 4/15/27

    377,000       369,403  

144A, 3.625%, 6/15/29

    306,000       274,886  

Virgin Media Finance PLC, 144A,
5.00%, 7/15/30

    566,000       488,637  

Virgin Media Secured Finance PLC
144A, 5.50%, 5/15/29

    871,000       816,187  

144A, 4.50%, 8/15/30

    507,000       443,123  

Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28

    313,000       288,739  

VZ Secured Financing BV, 144A,
5.00%, 1/15/32

    965,000       823,692  

Ziggo Bond Co. BV
144A, 6.00%, 1/15/27

    383,000       374,288  

144A, 5.125%, 2/28/30

    306,000       261,821  

Ziggo BV, 144A,
4.875%, 1/15/30

    661,000       588,826  
   

 

 

 

(Cost $50,591,934)

      50,264,035  
   

 

 

 
Telecommunications — 4.4%  

Altice France SA
144A, 8.125%, 2/1/27

    1,107,000       1,017,250  

144A, 5.50%, 1/15/28

    696,000       567,884  

144A, 5.125%, 1/15/29

    291,000       219,976  

144A, 5.125%, 7/15/29

    1,551,000       1,171,230  

144A, 5.50%, 10/15/29

    1,265,000       957,819  

British Telecommunications PLC
144A, 4.25%, 11/23/81

    306,000       286,399  

144A, 4.875%, 11/23/81

    306,000       269,205  

Ciena Corp., 144A,
4.00%, 1/31/30

    245,000       219,275  

CommScope, Inc.
144A, 6.00%, 3/1/26

    949,000       854,100  

144A, 4.75%, 9/1/29

    784,000       537,040  

Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26

    1,313,000       1,288,286  

Consolidated Communications, Inc.
144A, 5.00%, 10/1/28

    245,000       202,372  

144A, 6.50%, 10/1/28

    475,000       407,312  

Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27

    777,000       750,972  

144A, 5.00%, 5/1/28

    980,000       906,945  

144A, 8.75%, 5/15/30

    735,000       749,678  

144A, 8.625%, 3/15/31

    430,000       435,763  

Frontier Florida LLC, Series E,
6.86%, 2/1/28

    184,000       177,100  

GoTo Group, Inc., 144A,
5.50%, 5/1/28

    230,000       198,087  

Hughes Satellite Systems Corp.,
5.25%, 8/1/26

    459,000       392,156  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)  

Iliad Holding SASU
144A, 7.00%, 10/15/28

  $ 569,000     $ 563,001  

144A, 6.50%, 10/15/2026 10/15/2026 10/15/2026 10/15/2026 10/15/2026

    759,000       750,355  

Intelsat Jackson Holdings SA, 144A,
6.50%, 3/15/30

    1,898,000       1,765,866  

Level 3 Financing, Inc.
144A, 3.40%, 3/1/27

    459,000       369,509  

144A, 10.50%, 5/15/30

    620,000       635,500  

Millicom International Cellular SA
144A, 5.125%, 1/15/28

    275,400       262,571  

144A, 6.25%, 3/25/29

    460,800       447,552  

144A, 4.50%, 4/27/31

    487,000       420,259  

Qwest Corp.,
7.25%, 9/15/25

    83,000       80,300  

Rogers Communications, Inc., 144A,
5.25%, 3/15/82

    459,000       438,218  

Telecom Italia Capital SA
6.375%, 11/15/33

    627,000       601,774  

6.00%, 9/30/34

    665,000       616,975  

7.20%, 7/18/36

    602,000       598,367  

7.721%, 6/4/38

    617,000       631,950  

United States Cellular Corp.,
6.70%, 12/15/33

    319,000       313,867  

Viasat, Inc.
144A, 5.625%, 9/15/25

    429,000       416,375  

144A, 5.625%, 4/15/27

    367,000       344,521  

144A, 6.50%, 7/15/28

    245,000       181,516  

144A, 7.50%, 5/30/31

    479,000       336,497  

Viavi Solutions, Inc., 144A,
3.75%, 10/1/29

    245,000       213,054  

Vmed O2 UK Financing I PLC
144A, 4.25%, 1/31/31

    877,000       743,743  

144A, 4.75%, 7/15/31

    906,000       783,441  

Vodafone Group PLC
7.00%, 4/4/79

    1,265,000       1,296,278  

3.25%, 6/4/81

    306,000       283,988  

4.125%, 6/4/81

    604,000       515,849  

5.125%, 6/4/81

    601,000       445,205  

Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,
7.75%, 8/15/28

    886,000       827,190  

Zayo Group Holdings, Inc., 144A,
4.00%, 3/1/27

    935,000       778,388  
   

 

 

 

(Cost $26,859,005)

      27,270,958  
   

 

 

 
Consumer, Cyclical — 21.9%

 

Airlines — 1.7%  

Air Canada, 144A,
3.875%, 8/15/26

    759,000       718,814  

Allegiant Travel Co., 144A,
7.25%, 8/15/27

    337,000       328,071  

American Airlines Group, Inc., 144A,
3.75%, 3/1/25

    295,000       288,207  

American Airlines Inc/AAdvantage Loyalty IP Ltd.
144A, 5.50%, 4/20/26

    1,735,500       1,719,591  

144A, 5.75%, 4/20/29

    1,897,000       1,855,169  

 

See Notes to Financial Statements.   45  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Airlines (Continued)  

American Airlines, Inc.
144A, 7.25%, 2/15/28

  $ 500,000     $ 504,161  

144A, 8.50%, 5/15/29

    633,000       665,446  

Delta Air Lines, Inc.
7.375%, 1/15/26

    537,000       553,781  

4.375%, 4/19/28

    251,000       240,646  

3.75%, 10/28/29

    290,000       263,590  

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
5.75%, 1/20/26

    759,000       716,306  

United Airlines, Inc.
144A, 4.375%, 4/15/26

    1,265,000       1,217,518  

144A, 4.625%, 4/15/29

    1,265,000       1,166,842  

VistaJet Malta Finance PLC / Vista Management Holding, Inc.
144A, 7.875%, 5/1/27

    313,000       264,968  

144A, 6.375%, 2/1/30

    644,000       470,120  
   

 

 

 

(Cost $10,931,595)

      10,973,230  
   

 

 

 
Apparel — 0.4%  

Crocs, Inc.
144A, 4.25%, 3/15/29

    214,000       192,067  

144A, 4.125%, 8/15/31

    214,000       182,071  

Hanesbrands, Inc.
144A, 4.875%, 5/15/26

    599,000       578,049  

144A, 9.00%, 2/15/31

    367,000       367,813  

Kontoor Brands, Inc., 144A,
4.125%, 11/15/29

    245,000       219,098  

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

    316,000       273,836  

Under Armour, Inc.,
3.25%, 6/15/26

    367,000       345,584  

William Carter Co., 144A,
5.625%, 3/15/27

    306,000       300,209  
   

 

 

 

(Cost $2,427,081)

      2,458,727  
   

 

 

 
Auto Manufacturers — 0.5%  

Allison Transmission, Inc.
144A, 4.75%, 10/1/27

    245,000       234,916  

144A, 5.875%, 6/1/29

    306,000       301,417  

144A, 3.75%, 1/30/31

    666,000       575,481  

Jaguar Land Rover Automotive PLC
144A, 7.75%, 10/15/25

    428,000       431,800  

144A, 4.50%, 10/1/27

    306,000       287,964  

144A, 5.875%, 1/15/28

    339,000       333,802  

144A, 5.50%, 7/15/29

    260,000       249,976  

JB Poindexter & Co., Inc., 144A,
8.75%, 12/15/31

    380,000       389,288  

Wabash National Corp., 144A,
4.50%, 10/15/28

    245,000       224,175  
   

 

 

 

(Cost $2,994,621)

      3,028,819  
   

 

 

 
Auto Parts & Equipment — 1.8%  

Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26

    530,000       513,709  

144A, 7.00%, 4/15/28

    306,000       311,966  

144A, 8.25%, 4/15/31

    306,000       322,169  
   

Principal
Amount

   

Value

 
Auto Parts & Equipment (Continued)  

American Axle & Manufacturing, Inc.
6.50%, 4/1/27

  $ 306,000     $ 302,244  

6.875%, 7/1/28

    245,000       236,746  

5.00%, 10/1/29

    376,000       326,023  

Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26

    610,000       608,345  

144A, 8.50%, 5/15/27

    730,000       733,783  

144A, 6.75%, 5/15/28

    570,000       576,900  

Dana, Inc.
5.375%, 11/15/27

    245,000       236,493  

5.625%, 6/15/28

    245,000       237,167  

4.25%, 9/1/30

    245,000       211,291  

4.50%, 2/15/32

    247,000       207,458  

Goodyear Tire & Rubber Co.
9.50%, 5/31/25

    450,000       454,500  

5.00%, 5/31/26

    651,000       633,947  

4.875%, 3/15/27

    429,000       411,740  

5.00%, 7/15/29

    527,000       485,070  

5.25%, 4/30/31

    337,000       305,202  

5.25%, 7/15/31

    379,000       342,040  

5.625%, 4/30/33

    276,000       246,786  

IHO Verwaltungs GmbH
144A, 4.75%, 9/15/26, 4.75% Cash or 5.50% PIK

    306,000       294,220  

144A, 6.00%, 5/15/27, 6.00% Cash or 6.75% PIK

    275,000       269,892  

144A, 6.3750%, 5/15/29, 6.3750% Cash or 7.125% PIK

    245,000       241,478  

Tenneco, Inc., 144A,
8.00%, 11/17/28

    1,182,000       1,077,098  

Titan International, Inc.,
7.00%, 4/30/28

    244,000       242,277  

ZF North America Capital, Inc.
144A, 4.75%, 4/29/25

    760,000       748,436  

144A, 6.875%, 4/14/28

    367,000       374,711  

144A, 7.125%, 4/14/30

    367,000       382,388  
   

 

 

 

(Cost $11,181,402)

      11,334,079  
   

 

 

 
Distribution/Wholesale — 0.6%  

American Builders & Contractors Supply Co., Inc.
144A, 4.00%, 1/15/28

    429,000       400,735  

144A, 3.875%, 11/15/29

    245,000       218,807  

G-III Apparel Group Ltd., 144A,
7.875%, 8/15/25

    269,000       271,063  

H&E Equipment Services, Inc., 144A,
3.875%, 12/15/28

    791,000       713,749  

Resideo Funding, Inc., 144A,
4.00%, 9/1/29

    184,000       162,873  

Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28

    337,000       344,903  

144A, 7.75%, 3/15/31

    533,000       560,316  

Verde Purchaser LLC, 144A,
10.50%, 11/30/30

    429,000       448,305  

 

See Notes to Financial Statements.   46  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Distribution/Wholesale (Continued)  

Windsor Holdings III LLC, 144A,
8.50%, 6/15/30

  $ 533,000     $ 551,480  
   

 

 

 

(Cost $3,633,403)

      3,672,231  
   

 

 

 
Entertainment — 3.8%  

Affinity Interactive, 144A,
6.875%, 12/15/27

    334,000       308,085  

Banijay Entertainment SASU, 144A,
8.125%, 5/1/29

    245,000       253,385  

Boyne USA, Inc., 144A,
4.75%, 5/15/29

    423,000       388,895  

Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25

    350,000       350,017  

144A, 8.125%, 7/1/27

    1,037,000       1,064,777  

144A, 4.625%, 10/15/29

    1,039,000       948,603  

144A, 7.00%, 2/15/30

    1,265,000       1,295,941  

144A, 6.50%, 2/15/32

    565,000       569,228  

CCM Merger, Inc., 144A,
6.375%, 5/1/26

    162,000       159,809  

Cedar Fair LP,
5.25%, 7/15/29

    356,000       336,271  

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
144A, 5.50%, 5/1/25

    662,000       659,781  

5.375%, 4/15/27

    316,000       312,622  

6.50%, 10/1/28

    184,000       184,311  

Churchill Downs, Inc.
144A, 5.50%, 4/1/27

    367,000       360,439  

144A, 4.75%, 1/15/28

    429,000       405,805  

144A, 5.75%, 4/1/30

    755,000       725,446  

144A, 6.75%, 5/1/31

    376,000       376,224  

Cinemark USA, Inc.
144A, 5.875%, 3/15/26

    248,000       244,294  

144A, 5.25%, 7/15/28

    469,000       438,093  

Empire Resorts, Inc., 144A,
7.75%, 11/1/26

    184,000       169,216  

Everi Holdings, Inc., 144A,
5.00%, 7/15/29

    245,000       242,856  

Golden Entertainment, Inc., 144A,
7.625%, 4/15/26

    383,000       381,305  

International Game Technology PLC
144A, 4.125%, 4/15/26

    459,000       442,966  

144A, 6.25%, 1/15/27

    500,000       502,111  

144A, 5.25%, 1/15/29

    459,000       443,671  

Jacobs Entertainment, Inc., 144A,
6.75%, 2/15/29

    306,000       291,762  

Light & Wonder International, Inc.
144A, 7.00%, 5/15/28

    439,000       441,073  

144A, 7.25%, 11/15/29

    306,000       313,135  

144A, 7.50%, 9/1/31

    337,000       351,101  

Lions Gate Capital Holdings LLC, 144A,
5.50%, 4/15/29

    452,000       341,652  

Live Nation Entertainment, Inc.
144A, 5.625%, 3/15/26

    184,000       181,692  

144A, 6.50%, 5/15/27

    759,000       765,533  
   

Principal
Amount

   

Value

 
Entertainment (Continued)  

144A, 4.75%, 10/15/27

  $ 632,000     $ 605,086  

144A, 3.75%, 1/15/28

    306,000       281,642  

Merlin Entertainments Group US Holdings, Inc., 144A,
7.375%, 2/15/31

    300,000       300,155  

Merlin Entertainments Ltd., 144A,
5.75%, 6/15/26

    245,000       242,165  

Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A,
4.875%, 5/1/29

    459,000       420,902  

Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26

    743,000       700,278  

Odeon Finco PLC, 144A,
12.75%, 11/1/27

    245,000       250,170  

Ontario Gaming GTA LP, 144A,
8.00%, 8/1/30

    245,000       249,878  

Penn Entertainment, Inc.
144A, 5.625%, 1/15/27

    265,000       253,317  

144A, 4.125%, 7/1/29

    245,000       205,800  

Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29

    449,000       323,343  

144A, 5.875%, 9/1/31

    492,000       348,513  

Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 144A, 4.875%, 11/1/26

    214,000       205,979  

Resorts World Las Vegas LLC / RWLV Capital, Inc.
144A, 4.625%, 4/16/29

    680,000       620,160  

144A, 8.45%, 7/27/30

    200,000       212,984  

144A, 4.625%, 4/6/31

    200,000       170,859  

Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A,
6.625%, 3/1/30

    490,000       459,375  

SeaWorld Parks & Entertainment, Inc., 144A, 5.25%, 8/15/29

    444,000       414,032  

Six Flags Entertainment Corp.
144A, 5.50%, 4/15/27

    306,000       299,498  

144A, 7.25%, 5/15/31

    533,000       536,331  

Six Flags Theme Parks, Inc., 144A,
7.00%, 7/1/25

    224,000       224,520  

Speedway Motorsports LLC / Speedway Funding II, Inc., 144A,
4.875%, 11/1/27

    214,000       202,547  

Vail Resorts, Inc., 144A,
6.25%, 5/15/25

    367,000       368,325  

WMG Acquisition Corp.
144A, 3.75%, 12/1/29

    331,000       293,141  

144A, 3.875%, 7/15/30

    338,000       298,285  

144A, 3.00%, 2/15/31

    485,000       405,080  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29

    459,000       432,977  

144A, 7.125%, 2/15/31

    627,000       647,492  
   

 

 

 

(Cost $23,889,957)

      24,222,933  
   

 

 

 

 

See Notes to Financial Statements.   47  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Food Service — 0.2%  

Aramark Services, Inc.
144A, 5.00%, 4/1/25

  $ 338,000     $ 335,844  

144A, 5.00%, 2/1/28

    727,000       696,701  

TKC Holdings, Inc., 144A,
6.875%, 5/15/28

    260,000       243,425  
   

 

 

 

(Cost $1,263,145)

      1,275,970  
   

 

 

 
Home Builders — 1.3%  

Adams Homes, Inc., 144A,
9.25%, 10/15/28

    153,000       156,482  

Ashton Woods USA LLC / Ashton Woods Finance Co.
144A, 6.625%, 1/15/28

    153,000       152,063  

144A, 4.625%, 8/1/29

    214,000       194,311  

144A, 4.625%, 4/1/30

    245,000       220,246  

Beazer Homes USA, Inc.
5.875%, 10/15/27

    219,000       212,872  

7.25%, 10/15/29

    214,000       214,608  

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27

    367,000       355,567  

144A, 5.00%, 6/15/29

    214,000       191,479  

144A, 4.875%, 2/15/30

    343,000       304,630  

Century Communities, Inc.
6.75%, 6/1/27

    303,000       303,470  

144A, 3.875%, 8/15/29

    356,000       314,151  

Dream Finders Homes, Inc., 144A,
8.25%, 8/15/28

    184,000       191,209  

Empire Communities Corp., 144A,
7.00%, 12/15/25

    291,000       287,694  

Forestar Group, Inc.
144A, 3.85%, 5/15/26

    245,000       232,730  

144A, 5.00%, 3/1/28

    184,000       173,920  

Installed Building Products, Inc., 144A,
5.75%, 2/1/28

    184,000       180,824  

KB Home
6.875%, 6/15/27

    184,000       189,062  

4.80%, 11/15/29

    184,000       172,500  

7.25%, 7/15/30

    214,000       219,871  

4.00%, 6/15/31

    237,000       205,773  

LGI Homes, Inc.
144A, 8.75%, 12/15/28

    245,000       256,791  

144A, 4.00%, 7/15/29

    184,000       157,785  

M/I Homes, Inc.
4.95%, 2/1/28

    244,000       232,278  

3.95%, 2/15/30

    184,000       164,191  

Mattamy Group Corp.
144A, 5.25%, 12/15/27

    316,000       304,659  

144A, 4.625%, 3/1/30

    367,000       329,341  

Shea Homes LP / Shea Homes Funding Corp.
4.75%, 2/15/28

    275,000       262,300  

4.75%, 4/1/29

    183,000       171,871  

Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27

    306,000       304,290  

144A, 5.75%, 1/15/28

    276,000       270,429  

144A, 5.125%, 8/1/30

    364,000       343,562  
   

Principal
Amount

   

Value

 
Home Builders (Continued)  

Thor Industries, Inc., 144A,
4.00%, 10/15/29

  $ 306,000     $ 270,810  

Tri Pointe Homes, Inc.
5.25%, 6/1/27

    184,000       179,400  

5.70%, 6/15/28

    214,000       210,428  

Winnebago Industries, Inc.,
144A, 6.25%, 7/15/28

    184,000       181,096  
   

 

 

 

(Cost $7,942,208)

      8,112,693  
   

 

 

 
Home Furnishings — 0.1%  

Tempur Sealy International, Inc.
144A, 4.00%, 4/15/29

    490,000       439,208  

144A, 3.875%, 10/15/31

    502,000       417,537  
   

 

 

 

(Cost $848,250)

      856,745  
   

 

 

 
Housewares — 0.6%  

CD&R Smokey Buyer, Inc., 144A,
6.75%, 7/15/25

    429,000       427,306  

Newell Brands, Inc.
4.875%, 6/1/25

    306,000       299,524  

5.20%, 4/1/26

    1,336,000       1,297,338  

6.375%, 9/15/27

    306,000       296,424  

6.625%, 9/15/29

    306,000       292,908  

6.375%, 4/1/36

    257,000       225,725  

6.50%, 4/1/46

    428,000       341,466  

Scotts Miracle-Gro Co.
5.25%, 12/15/26

    153,000       148,410  

4.50%, 10/15/29

    252,000       223,650  

4.00%, 4/1/31

    338,000       286,698  

4.375%, 2/1/32

    245,000       204,873  
   

 

 

 

(Cost $4,028,384)

      4,044,322  
   

 

 

 
Leisure Time — 3.0%  

Acushnet Co., 144A,
7.375%, 10/15/28

    214,000       220,687  

Amer Sports Co., 144A,
6.75%, 2/16/31

    502,000       499,595  

Carnival Corp.
144A, 7.625%, 3/1/26

    855,000       866,124  

144A, 5.75%, 3/1/27

    1,671,000       1,650,069  

144A, 4.00%, 8/1/28

    1,522,000       1,403,831  

144A, 6.00%, 5/1/29

    1,265,000       1,236,174  

144A, 7.00%, 8/15/29

    306,000       317,412  

144A, 10.50%, 6/1/30

    633,000       690,623  

Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28

    1,284,000       1,400,798  

Life Time, Inc.
144A, 5.75%, 1/15/26

    616,000       610,830  

144A, 8.00%, 4/15/26

    291,000       293,663  

Lindblad Expeditions Holdings, Inc., 144A, 9.00%, 5/15/28

    168,000       177,240  

Lindblad Expeditions LLC, 144A,
6.75%, 2/15/27

    221,000       221,909  

NCL Corp. Ltd.
144A, 5.875%, 2/15/27

    633,000       625,607  

144A, 8.375%, 2/1/28

    367,000       385,263  

144A, 8.125%, 1/15/29

    526,000       553,395  

 

See Notes to Financial Statements.   48  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)  

Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26

  $ 398,000     $ 383,342  

144A, 5.50%, 8/31/26

    612,000       604,998  

144A, 5.375%, 7/15/27

    662,000       649,286  

144A, 11.625%, 8/15/27

    166,000       179,554  

7.50%, 10/15/27

    184,000       192,864  

3.70%, 3/15/28

    358,000       330,393  

144A, 5.50%, 4/1/28

    949,000       933,882  

144A, 9.25%, 1/15/29

    712,000       765,893  

144A, 7.25%, 1/15/30

    429,000       446,021  

144A, 6.25%, 3/15/32

    780,000       782,083  

Viking Cruises Ltd.
144A, 5.875%, 9/15/27

    517,000       505,367  

144A, 7.00%, 2/15/29

    313,000       312,863  

144A, 9.125%, 7/15/31

    440,000       476,335  

Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%, 2/15/29

    214,000       206,510  

Vista Outdoor, Inc., 144A,
4.50%, 3/15/29

    306,000       302,175  

VOC Escrow Ltd., 144A,
5.00%, 2/15/28

    413,000       396,658  
   

 

 

 

(Cost $18,326,674)

      18,621,444  
   

 

 

 
Lodging — 1.9%  

Boyd Gaming Corp.
4.75%, 12/1/27

    666,000       639,756  

144A, 4.75%, 6/15/31

    599,000       544,111  

Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26

    410,000       382,508  

Hilton Domestic Operating Co., Inc.
144A, 5.75%, 5/1/28

    306,000       305,156  

144A, 3.75%, 5/1/29

    490,000       445,080  

4.875%, 1/15/30

    732,000       695,979  

144A, 4.00%, 5/1/31

    674,000       598,837  

144A, 3.625%, 2/15/32

    914,000       780,794  

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A, 5.00%, 6/1/29

    567,000       525,320  

144A, 4.875%, 7/1/31

    306,000       269,929  

144A, 6.625%, 1/15/32

    550,000       549,999  

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,
4.875%, 4/1/27

    367,000       358,067  

Marriott Ownership Resorts, Inc.
4.75%, 1/15/28

    214,000       198,876  

144A, 4.50%, 6/15/29

    306,000       277,571  

MGM Resorts International
6.75%, 5/1/25

    519,000       519,722  

5.75%, 6/15/25

    463,000       462,347  

4.625%, 9/1/26

    245,000       237,527  

5.50%, 4/15/27

    413,000       404,490  

4.75%, 10/15/28

    519,000       487,152  

Station Casinos LLC
144A, 4.50%, 2/15/28

    423,000       394,412  

144A, 4.625%, 12/1/31

    295,000       262,279  
   

Principal
Amount

   

Value

 
Lodging (Continued)  

Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 144A, 5.875%, 5/15/25

  $ 193,000     $ 191,053  

Travel + Leisure Co.
6.60%, 10/1/25

    214,000       216,404  

144A, 6.625%, 7/31/26

    398,000       402,219  

6.00%, 4/1/27

    245,000       244,104  

144A, 4.50%, 12/1/29

    408,000       373,655  

144A, 4.625%, 3/1/30

    244,000       220,210  

Wyndham Hotels & Resorts, Inc., 144A,
4.375%, 8/15/28

    306,000       284,505  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A,
5.25%, 5/15/27

    600,000       587,143  
   

 

 

 

(Cost $11,712,814)

      11,859,205  
   

 

 

 
Office Furnishings — 0.1%  

Interface, Inc., 144A,
5.50%, 12/1/28

    184,000       172,567  

Steelcase, Inc.,
5.125%, 1/18/29

    326,000       306,878  
   

 

 

 

(Cost $465,003)

      479,445  
   

 

 

 
Retail — 5.9%  

1011778 BC ULC / New Red Finance, Inc.
144A, 5.75%, 4/15/25

    306,000       304,869  

144A, 3.875%, 1/15/28

    1,019,000       950,502  

144A, 4.375%, 1/15/28

    469,000       440,240  

144A, 3.50%, 2/15/29

    459,000       413,836  

144A, 4.00%, 10/15/30

    1,851,000       1,625,926  

Academy Ltd., 144A,
6.00%, 11/15/27

    245,000       242,528  

Advance Auto Parts, Inc.
1.75%, 10/1/27

    250,000       216,011  

5.95%, 3/9/28

    188,000       187,815  

3.90%, 4/15/30

    313,000       279,539  

3.50%, 3/15/32

    219,000       183,684  

Arko Corp., 144A,
5.125%, 11/15/29

    276,000       239,292  

Asbury Automotive Group, Inc.
4.50%, 3/1/28

    248,000       231,260  

144A, 4.625%, 11/15/29

    490,000       446,363  

4.75%, 3/1/30

    273,000       248,438  

144A, 5.00%, 2/15/32

    428,000       379,978  

Bath & Body Works, Inc.
144A, 9.375%, 7/1/25

    192,000       200,091  

6.694%, 1/15/27

    182,000       184,374  

5.25%, 2/1/28

    292,000       283,504  

7.50%, 6/15/29

    306,000       315,061  

144A, 6.625%, 10/1/30

    593,000       596,256  

6.95%, 3/1/33

    201,000       195,677  

6.875%, 11/1/35

    508,000       508,255  

6.75%, 7/1/36

    375,000       368,555  

Beacon Roofing Supply, Inc.
144A, 4.50%, 11/15/26

    184,000       177,428  

144A, 4.125%, 5/15/29

    214,000       192,463  

144A, 6.50%, 8/1/30

    367,000       368,987  

 

See Notes to Financial Statements.   49  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Retail (Continued)  

Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC, 144A, 5.125%, 4/15/29

  $ 184,000     $ 169,642  

BlueLinx Holdings, Inc., 144A,
6.00%, 11/15/29

    184,000       175,582  

Brinker International, Inc., 144A,
8.25%, 7/15/30

    214,000       224,274  

CEC Entertainment LLC, 144A,
6.75%, 5/1/26

    398,000       394,071  

Dave & Buster’s, Inc., 144A,
7.625%, 11/1/25

    269,000       269,702  

eG Global Finance PLC, 144A,
12.00%, 11/30/28

    696,000       734,802  

Evergreen Acqco 1 LP / TVI, Inc., 144A,
9.75%, 4/26/28

    303,000       319,698  

Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26

    398,000       394,032  

144A, 5.875%, 4/1/29

    549,000       521,140  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A,
4.625%, 1/15/29

    666,000       604,368  

Foot Locker, Inc., 144A,
4.00%, 10/1/29

    245,000       207,329  

Gap, Inc.
144A, 3.625%, 10/1/29

    481,000       406,293  

144A, 3.875%, 10/1/31

    459,000       370,252  

Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A, 8.375%, 1/15/29

    320,000       305,094  

144A, 8.75%, 1/15/32

    320,000       303,899  

Group 1 Automotive, Inc., 144A,
4.00%, 8/15/28

    459,000       418,976  

GYP Holdings III Corp., 144A,
4.625%, 5/1/29

    214,000       199,437  

IRB Holding Corp., 144A,
7.00%, 6/15/25

    203,000       203,254  

Ken Garff Automotive LLC, 144A,
4.875%, 9/15/28

    245,000       225,396  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A,
4.75%, 6/1/27

    459,000       447,289  

Kohl’s Corp.
4.25%, 7/17/25

    146,000       141,858  

4.625%, 5/1/31

    306,000       240,975  

5.55%, 7/17/45

    291,000       196,486  

LCM Investments Holdings II LLC
144A, 4.875%, 5/1/29

    666,000       598,101  

144A, 8.25%, 8/1/31

    456,000       465,392  

Lithia Motors, Inc.
144A, 4.625%, 12/15/27

    245,000       233,418  

144A, 3.875%, 6/1/29

    521,000       464,992  

144A, 4.375%, 1/15/31

    337,000       299,014  

LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A,
7.75%, 2/15/26

    530,000       525,030  

Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29

    306,000       294,699  
   

Principal
Amount

   

Value

 
Retail (Continued)  

144A, 5.875%, 3/15/30

  $ 260,000     $ 243,750  

144A, 6.125%, 3/15/32

    266,000       247,585  

4.50%, 12/15/34

    235,000       193,581  

5.125%, 1/15/42

    153,000       119,340  

4.30%, 2/15/43

    163,000       121,435  

Marks & Spencer PLC, 144A,
7.125%, 12/1/37

    184,000       187,970  

Michaels Cos., Inc., 144A,
5.25%, 5/1/28

    552,000       428,572  

Murphy Oil USA, Inc.
5.625%, 5/1/27

    184,000       181,241  

4.75%, 9/15/29

    306,000       285,310  

144A, 3.75%, 2/15/31

    306,000       261,109  

Nordstrom, Inc.
4.00%, 3/15/27

    214,000       200,625  

6.95%, 3/15/28

    184,000       185,840  

4.375%, 4/1/30

    310,000       273,885  

4.25%, 8/1/31

    260,000       218,795  

5.00%, 1/15/44

    626,000       447,277  

Papa John’s International, Inc., 144A,
3.875%, 9/15/29

    245,000       217,131  

Patrick Industries, Inc.
144A, 7.50%, 10/15/27

    184,000       184,690  

144A, 4.75%, 5/1/29

    214,000       195,840  

Penske Automotive Group, Inc.
3.50%, 9/1/25

    347,000       336,660  

3.75%, 6/15/29

    306,000       271,036  

PetSmart, Inc. / PetSmart Finance Corp.
144A, 4.75%, 2/15/28

    799,000       748,907  

144A, 7.75%, 2/15/29

    727,000       718,397  

QVC, Inc.
4.75%, 2/15/27

    402,000       362,283  

4.375%, 9/1/28

    316,000       259,193  

5.45%, 8/15/34

    225,000       160,533  

5.95%, 3/15/43

    184,000       126,642  

Raising Cane’s Restaurants LLC, 144A,
9.375%, 5/1/29

    306,000       325,955  

Sally Holdings LLC / Sally Capital, Inc.,
6.75%, 3/1/32

    376,000       374,919  

Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25

    214,000       214,454  

Sonic Automotive, Inc.
144A, 4.625%, 11/15/29

    398,000       351,211  

144A, 4.875%, 11/15/31

    306,000       262,921  

Specialty Building Products Holdings LLC / SBP Finance Corp., 144A,
6.375%, 9/30/26

    444,000       434,250  

SRS Distribution, Inc., 144A,
4.625%, 7/1/28

    398,000       371,207  

Staples, Inc., 144A,
7.50%, 4/15/26

    1,265,000       1,216,189  

Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.875%, 3/1/27

    214,000       210,790  

144A, 5.00%, 6/1/31

    398,000       357,540  

 

See Notes to Financial Statements.   50  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Retail (Continued)  

Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29

  $ 367,000     $ 332,135  

Victoria’s Secret & Co., 144A,
4.625%, 7/15/29

    367,000       309,573  

Walgreen Co.,
4.40%, 9/15/42

    157,000       128,206  

Walgreens Boots Alliance, Inc.
3.45%, 6/1/26

    900,000       858,494  

3.20%, 4/15/30

    313,000       270,264  

4.50%, 11/18/34

    170,000       150,712  

4.80%, 11/18/44

    501,000       417,435  

4.65%, 6/1/46

    190,000       159,915  

4.10%, 4/15/50

    440,000       320,573  

Yum! Brands, Inc.
144A, 4.75%, 1/15/30

    533,000       505,636  

3.625%, 3/15/31

    624,000       548,748  

4.625%, 1/31/32

    696,000       638,935  

5.375%, 4/1/32

    633,000       607,813  

6.875%, 11/15/37

    199,000       216,098  

5.35%, 11/1/43

    174,000       166,801  
   

 

 

 

(Cost $36,419,047)

      37,063,828  
   

 

 

 
Consumer, Non-cyclical — 15.5%

 

Agriculture — 0.3%  

Darling Ingredients, Inc.
144A, 5.25%, 4/15/27

    386,000       378,613  

144A, 6.00%, 6/15/30

    633,000       623,786  

Turning Point Brands, Inc., 144A,
5.625%, 2/15/26

    153,000       149,964  

Vector Group Ltd., 144A,
5.75%, 2/1/29

    583,000       534,099  
   

 

 

 

(Cost $1,663,963)

      1,686,462  
   

 

 

 
Beverages — 0.1%  

Primo Water Holdings, Inc., 144A,
4.375%, 4/30/29
(Cost $417,539)

    459,000       416,428  
   

 

 

 
Commercial Services — 4.6%  

ADT Security Corp.
144A, 4.125%, 8/1/29

    616,000       556,710  

144A, 4.875%, 7/15/32

    441,000       396,900  

Adtalem Global Education, Inc., 144A,
5.50%, 3/1/28

    248,000       236,054  

Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A,
6.125%, 10/15/26

    346,000       342,159  

Albion Financing 2 SARL, 144A,
8.75%, 4/15/27

    276,000       275,977  

Allied Universal Holdco LLC, 144A,
7.875%, 2/15/31

    580,000       575,986  

Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A,
6.625%, 7/15/26

    466,000       464,589  

Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28

    775,000       689,053  
   

Principal
Amount

   

Value

 
Commercial Services (Continued)  

Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28

  $ 524,000     $ 464,185  

Alta Equipment Group, Inc., 144A,
5.625%, 4/15/26

    193,000       186,637  

AMN Healthcare, Inc.
144A, 4.625%, 10/1/27

    306,000       287,931  

144A, 4.00%, 4/15/29

    214,000       187,785  

APi Group DE, Inc.
144A, 4.125%, 7/15/29

    206,000       185,400  

144A, 4.75%, 10/15/29

    184,000       170,660  

APX Group, Inc.
144A, 6.75%, 2/15/27

    367,000       367,503  

144A, 5.75%, 7/15/29

    533,000       506,846  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27

    245,000       233,448  

144A, 5.75%, 7/15/27

    214,000       203,297  

144A, 4.75%, 4/1/28

    306,000       277,196  

144A, 5.375%, 3/1/29

    386,000       351,422  

144A, 8.00%, 2/15/31

    306,000       295,420  

Brink’s Co.
144A, 5.50%, 7/15/25

    245,000       243,651  

144A, 4.625%, 10/15/27

    377,000       356,262  

Carriage Services, Inc.,
144A, 4.25%, 5/15/29

    245,000       213,055  

CoreCivic, Inc.,
8.25%, 4/15/26

    363,000       370,957  

CoreLogic, Inc., 144A,
4.50%, 5/1/28

    474,000       419,789  

Garda World Security Corp.
144A, 4.625%, 2/15/27

    399,000       381,106  

144A, 7.75%, 2/15/28

    245,000       248,813  

GEO Group, Inc.,
10.50%, 6/30/28

    170,000       173,232  

Graham Holdings Co., 144A,
5.75%, 6/1/26

    245,000       242,492  

Grand Canyon University,
5.125%, 10/1/28

    249,000       223,988  

Herc Holdings, Inc., 144A,
5.50%, 7/15/27

    759,000       742,831  

Hertz Corp.
144A, 4.625%, 12/1/26

    306,000       270,874  

144A, 5.00%, 12/1/29

    607,000       465,028  

Korn Ferry, 144A,
4.625%, 12/15/27

    245,000       231,533  

Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc., 144A, 5.00%, 2/1/26

    245,000       243,541  

Matthews International Corp., 144A,
5.25%, 12/1/25

    184,000       180,912  

MPH Acquisition Holdings LLC, 144A,
5.50%, 9/1/28

    685,000       597,662  

Neptune Bidco US, Inc., 144A,
9.29%, 4/15/29

    1,651,000       1,553,553  

NESCO Holdings II, Inc., 144A,
5.50%, 4/15/29

    573,000       534,632  

 

See Notes to Financial Statements.   51  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)  

Port of Newcastle Investments Financing Pty Ltd., 144A,
5.90%, 11/24/31

  $ 184,000     $ 163,070  

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26

    853,000       846,549  

144A, 3.375%, 8/31/27

    666,000       609,717  

144A, 6.25%, 1/15/28

    822,000       811,054  

RR Donnelley & Sons Co., 144A,
9.75%, 7/31/28

    175,000       178,788  

Sabre GLBL, Inc.
144A, 8.625%, 6/1/27

    560,000       492,893  

144A, 11.25%, 12/15/27

    346,000       325,240  

Service Corp. International
4.625%, 12/15/27

    337,000       323,292  

5.125%, 6/1/29

    459,000       447,892  

3.375%, 8/15/30

    521,000       447,289  

4.00%, 5/15/31

    531,000       466,570  

Sotheby’s, 144A,
7.375%, 10/15/27

    517,000       496,591  

Sotheby’s/Bidfair Holdings, Inc., 144A,
5.875%, 6/1/29

    184,000       161,567  

TriNet Group, Inc.
144A, 3.50%, 3/1/29

    306,000       270,945  

144A, 7.125%, 8/15/31

    245,000       249,566  

United Rentals North America, Inc.
5.50%, 5/15/27

    336,000       333,763  

3.875%, 11/15/27

    459,000       432,213  

4.875%, 1/15/28

    1,102,000       1,063,755  

5.25%, 1/15/30

    469,000       454,107  

4.00%, 7/15/30

    459,000       415,523  

3.875%, 2/15/31

    706,000       623,927  

3.75%, 1/15/32

    459,000       397,193  

Upbound Group, Inc., 144A,
6.375%, 2/15/29

    276,000       264,165  

Valvoline, Inc.
144A, 4.25%, 2/15/30

    367,000       364,679  

144A, 3.625%, 6/15/31

    328,000       277,162  

VT Topco, Inc., 144A,
8.50%, 8/15/30

    306,000       319,143  

Wand NewCo 3, Inc., 144A,
7.625%, 1/30/32

    784,000       805,560  

WASH Multifamily Acquisition, Inc., 144A,
5.75%, 4/15/26

    567,000       549,990  

Williams Scotsman, Inc.
144A, 6.125%, 6/15/25

    322,000       321,391  

144A, 4.625%, 8/15/28

    306,000       287,340  

144A, 7.375%, 10/1/31

    356,000       369,297  

ZipRecruiter, Inc., 144A,
5.00%, 1/15/30

    337,000       296,654  
   

 

 

 

(Cost $28,646,528)

      28,815,954  
   

 

 

 
Cosmetics/Personal Care — 0.3%  

Coty, Inc.
144A, 5.00%, 4/15/26

    398,000       390,040  

144A, 6.50%, 4/15/26

    198,000       197,717  
   

Principal
Amount

   

Value

 
Cosmetics/Personal Care (Continued)  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC
144A, 4.75%, 1/15/29

  $ 306,000     $ 286,493  

144A, 6.625%, 7/15/30

    499,000       507,109  

Edgewell Personal Care Co.
144A, 5.50%, 6/1/28

    459,000       448,103  

144A, 4.125%, 4/1/29

    306,000       278,824  
   

 

 

 

(Cost $2,091,195)

      2,108,286  
   

 

 

 
Food — 2.4%  

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26

    459,000       436,140  

144A, 7.50%, 3/15/26

    367,000       373,578  

144A, 4.625%, 1/15/27

    846,000       815,579  

144A, 5.875%, 2/15/28

    470,000       463,188  

144A, 6.50%, 2/15/28

    500,000       503,104  

144A, 3.50%, 3/15/29

    854,000       760,878  

144A, 4.875%, 2/15/30

    633,000       594,199  

B&G Foods, Inc., 144A,
8.00%, 9/15/28

    337,000       350,837  

C&S Group Enterprises LLC, 144A,
5.00%, 12/15/28

    261,000       206,771  

Chobani LLC / Chobani Finance Corp., Inc., 144A, 4.625%, 11/15/28

    260,000       240,496  

Fiesta Purchaser, Inc., 144A,
7.875%, 3/1/31

    300,000       309,349  

Ingles Markets, Inc., 144A,
4.00%, 6/15/31

    214,000       185,464  

KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 144A, 9.00%, 2/15/29

    474,000       475,391  

Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28

    306,000       296,370  

144A, 4.125%, 1/31/30

    646,000       585,324  

144A, 4.375%, 1/31/32

    429,000       383,284  

Performance Food Group, Inc.
144A, 6.875%, 5/1/25

    168,000       168,433  

144A, 5.50%, 10/15/27

    699,000       684,553  

144A, 4.25%, 8/1/29

    616,000       559,053  

Pilgrim’s Pride Corp.
4.25%, 4/15/31

    601,000       537,154  

3.50%, 3/1/32

    545,000       455,369  

6.25%, 7/1/33

    633,000       639,776  

6.875%, 5/15/34

    316,000       332,787  

Post Holdings, Inc.
144A, 5.625%, 1/15/28

    595,000       584,082  

144A, 5.50%, 12/15/29

    781,000       747,276  

144A, 4.625%, 4/15/30

    876,000       797,051  

144A, 4.50%, 9/15/31

    648,000       576,915  

Safeway, Inc.,
7.25%, 2/1/31

    160,000       169,765  

SEG Holding LLC / SEG Finance Corp., 144A,
5.625%, 10/15/28

    199,000       203,732  

Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A,
4.625%, 3/1/29

    521,000       456,529  

 

See Notes to Financial Statements.   52  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Food (Continued)  

US Foods, Inc.
144A, 6.875%, 9/15/28

  $ 306,000     $ 311,355  

144A, 4.75%, 2/15/29

    599,000       562,323  

144A, 4.625%, 6/1/30

    306,000       280,393  

144A, 7.25%, 1/15/32

    306,000       315,912  
   

 

 

 

(Cost $15,268,027)

      15,362,410  
   

 

 

 
Healthcare-Products — 1.3%  

Avantor Funding, Inc.
144A, 4.625%, 7/15/28

    999,000       942,940  

144A, 3.875%, 11/1/29

    490,000       439,187  

Bausch + Lomb Escrow Corp., 144A,
8.375%, 10/1/28

    886,000       925,870  

Embecta Corp., 144A,
5.00%, 2/15/30

    306,000       243,882  

Garden Spinco Corp., 144A,
8.625%, 7/20/30

    214,000       226,862  

Hologic, Inc.
144A, 4.625%, 2/1/28

    245,000       234,736  

144A, 3.25%, 2/15/29

    632,000       563,496  

Medline Borrower LP
144A, 3.875%, 4/1/29

    2,846,000       2,551,818  

144A, 5.25%, 10/1/29

    1,581,000       1,462,403  

Teleflex, Inc.
4.625%, 11/15/27

    306,000       292,192  

144A, 4.25%, 6/1/28

    306,000       285,678  
   

 

 

 

(Cost $8,165,799)

      8,169,064  
   

 

 

 
Healthcare-Services — 4.6%  

Acadia Healthcare Co., Inc.
144A, 5.50%, 7/1/28

    276,000       266,807  

144A, 5.00%, 4/15/29

    291,000       274,995  

Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27

    306,000       301,276  

144A, 3.125%, 2/15/29

    337,000       325,451  

144A, 3.50%, 4/1/30

    426,000       410,315  

Charles River Laboratories International, Inc.
144A, 4.25%, 5/1/28

    306,000       286,997  

144A, 3.75%, 3/15/29

    306,000       276,051  

144A, 4.00%, 3/15/31

    328,000       289,299  

CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26

    700,000       693,042  

144A, 5.625%, 3/15/27

    1,191,000       1,089,677  

144A, 8.00%, 12/15/27

    429,000       410,274  

144A, 6.00%, 1/15/29

    436,000       374,960  

144A, 5.25%, 5/15/30

    971,000       774,691  

144A, 4.75%, 2/15/31

    648,000       493,102  

144A, 10.875%, 1/15/32

    592,000       602,834  

DaVita, Inc.
144A, 4.625%, 6/1/30

    1,739,000       1,529,706  

144A, 3.75%, 2/15/31

    949,000       778,728  

Encompass Health Corp.
5.75%, 9/15/25

    214,000       213,242  

4.50%, 2/1/28

    533,000       504,359  

4.75%, 2/1/30

    483,000       448,069  

4.625%, 4/1/31

    245,000       221,765  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)  

Fortrea Holdings, Inc., 144A,
7.50%, 7/1/30

  $ 349,000     $ 356,852  

HealthEquity, Inc., 144A,
4.50%, 10/1/29

    367,000       337,315  

Heartland Dental LLC / Heartland Dental Finance Corp., 144A, 10.50%, 4/30/28

    429,000       450,450  

IQVIA, Inc.
144A, 5.00%, 10/15/26

    643,000       628,495  

144A, 5.00%, 5/15/27

    674,000       656,165  

144A, 6.50%, 5/15/30

    313,000       317,338  

Kedrion SpA, 144A,
6.50%, 9/1/29

    527,000       472,224  

Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27

    367,000       340,435  

LifePoint Health, Inc.
144A, 9.875%, 8/15/30

    533,000       552,981  

144A, 11.00%, 10/15/30

    696,000       736,231  

ModivCare Escrow Issuer, Inc., 144A,
5.00%, 10/1/29

    306,000       225,675  

ModivCare, Inc., 144A,
5.875%, 11/15/25

    306,000       298,780  

Molina Healthcare, Inc.
144A, 4.375%, 6/15/28

    490,000       456,416  

144A, 3.875%, 11/15/30

    398,000       349,136  

144A, 3.875%, 5/15/32

    518,000       445,554  

Pediatrix Medical Group, Inc., 144A,
5.375%, 2/15/30

    245,000       220,200  

Prime Healthcare Services, Inc., 144A,
7.25%, 11/1/25

    582,000       580,545  

Select Medical Corp., 144A,
6.25%, 8/15/26

    750,000       748,109  

Star Parent, Inc., 144A,
9.00%, 10/1/30

    633,000       668,049  

Tenet Healthcare Corp.
4.875%, 1/1/26

    916,000       915,053  

6.25%, 2/1/27

    819,000       817,056  

5.125%, 11/1/27

    919,000       899,578  

4.625%, 6/15/28

    368,000       350,251  

6.125%, 10/1/28

    1,581,000       1,563,214  

4.25%, 6/1/29

    886,000       814,843  

4.375%, 1/15/30

    917,000       839,875  

6.125%, 6/15/30

    1,265,000       1,252,805  

144A, 6.75%, 5/15/31

    833,000       840,289  

6.875%, 11/15/31

    227,000       232,391  

Toledo Hospital Series B,
5.325%, 11/15/28

    260,000       242,775  

4.982%, 11/15/45

    171,000       117,722  

6.015%, 11/15/48

    245,000       197,837  

US Acute Care Solutions LLC, 144A,
6.375%, 3/1/26

    455,000       411,807  
   

 

 

 

(Cost $28,426,946)

      28,902,086  
   

 

 

 
Household Products/Wares — 0.3%  

ACCO Brands Corp., 144A,
4.25%, 3/15/29

    352,000       312,058  

Central Garden & Pet Co.
5.125%, 2/1/28

    184,000       177,335  

4.125%, 10/15/30

    306,000       271,841  

144A, 4.125%, 4/30/31

    245,000       214,367  

 

See Notes to Financial Statements.   53  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Household Products/Wares (Continued)  

Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A,
5.00%, 12/31/26

  $ 291,000     $ 279,724  

Spectrum Brands, Inc.
144A, 5.00%, 10/1/29

    183,000       177,510  

144A, 3.875%, 3/15/31

    262,000       248,838  
   

 

 

 

(Cost $1,643,178)

      1,681,673  
   

 

 

 
Pharmaceuticals — 1.6%  

180 Medical, Inc., 144A,
3.875%, 10/15/29

    306,000       273,870  

AdaptHealth LLC
144A, 6.125%, 8/1/28

    219,000       200,245  

144A, 4.625%, 8/1/29

    306,000       254,745  

144A, 5.125%, 3/1/30

    367,000       306,904  

Bausch Health Cos., Inc., 144A,
5.50%, 11/1/25

    1,063,000       989,238  

BellRing Brands, Inc., 144A,
7.00%, 3/15/30

    559,000       570,415  

Cheplapharm Arzneimittel GmbH, 144A,
5.50%, 1/15/28

    306,000       287,640  

Elanco Animal Health, Inc.,
6.65%, 8/28/28

    447,000       450,332  

Grifols SA, 144A,
4.75%, 10/15/28

    432,000       359,770  

Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25

    367,000       355,990  

HLF Financing Sarl LLC / Herbalife International, Inc., 144A,
4.875%, 6/1/29

    390,000       278,951  

Jazz Securities DAC, 144A,
4.375%, 1/15/29

    949,000       874,298  

Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A,
14.75%, 11/14/28

    492,000       533,900  

Option Care Health, Inc., 144A,
4.375%, 10/31/29

    306,000       279,439  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28

    1,328,000       1,214,935  

144A, 5.125%, 4/30/31

    1,255,000       1,075,685  

Owens & Minor, Inc.
144A, 4.50%, 3/31/29

    293,000       261,785  

144A, 6.625%, 4/1/30

    338,000       326,604  

Perrigo Finance Unlimited Co.
4.375%, 3/15/26

    429,000       414,060  

4.65%, 6/15/30

    459,000       410,854  

4.90%, 12/15/44

    206,000       160,805  

Prestige Brands, Inc.
144A, 5.125%, 1/15/28

    251,000       242,607  

144A, 3.75%, 4/1/31

    367,000       317,055  
   

 

 

 

(Cost $10,343,157)

      10,440,127  
   

 

 

 
   

Principal
Amount

   

Value

 
Diversified — 0.1%

 

Holding Companies-Diversified — 0.1%  

Benteler International AG, 144A,
10.50%, 5/15/28

  $ 306,000     $ 328,567  

Stena International SA
144A, 7.25%, 1/15/31

    480,000       477,257  

144A, 7.625%, 2/15/31

    160,000       160,883  
   

 

 

 

(Cost $957,336)

      966,707  
   

 

 

 
Energy — 14.4%

 

Coal — 0.1%  

Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 144A, 7.50%, 5/1/25

    224,000       224,499  

SunCoke Energy, Inc., 144A,
4.875%, 6/30/29

    306,000       274,635  
   

 

 

 

(Cost $491,129)

      499,134  
   

 

 

 
Energy-Alternate Sources — 0.2%  

Sunnova Energy Corp., 144A,
5.875%, 9/1/26

    254,000       206,464  

TerraForm Power Operating LLC
144A, 5.00%, 1/31/28

    429,000       405,370  

144A, 4.75%, 1/15/30

    459,000       414,977  

Topaz Solar Farms LLC, 144A,
5.75%, 9/30/39

    331,000       328,567  
   

 

 

 

(Cost $1,354,387)

      1,355,378  
   

 

 

 
Oil & Gas — 7.0%  

Aethon United BR LP / Aethon United Finance Corp., 144A,
8.25%, 2/15/26

    500,000       502,069  

Antero Resources Corp.
144A, 7.625%, 2/1/29

    249,000       256,454  

144A, 5.375%, 3/1/30

    367,000       349,752  

Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26

    366,000       365,752  

144A, 9.00%, 11/1/27

    213,000       269,725  

144A, 8.25%, 12/31/28

    314,000       318,828  

144A, 5.875%, 6/30/29

    245,000       227,780  

Baytex Energy Corp.
144A, 8.75%, 4/1/27

    251,000       260,375  

144A, 8.50%, 4/30/30

    533,000       554,218  

Berry Petroleum Co. LLC, 144A,
7.00%, 2/15/26

    245,000       240,018  

Borr IHC Ltd / Borr Finance LLC
144A, 10.00%, 11/15/28

    668,000       688,875  

144A, 10.375%, 11/15/30

    315,000       325,941  

California Resources Corp., 144A,
7.125%, 2/1/26

    336,000       337,771  

Callon Petroleum Co.
6.375%, 7/1/26

    196,000       196,329  

144A, 8.00%, 8/1/28

    398,000       415,718  

144A, 7.50%, 6/15/30

    367,000       386,630  

Chesapeake Energy Corp.
144A, 5.50%, 2/1/26

    316,000       313,234  

144A, 5.875%, 2/1/29

    306,000       302,695  

144A, 6.75%, 4/15/29

    632,000       634,363  

 

See Notes to Financial Statements.   54  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Oil & Gas (Continued)  

Chord Energy Corp., 144A,
6.375%, 6/1/26

  $ 245,000     $ 245,306  

CITGO Petroleum Corp.
144A, 7.00%, 6/15/25

    739,000       737,257  

144A, 6.375%, 6/15/26

    398,000       400,481  

144A, 8.375%, 1/15/29

    696,000       730,918  

Civitas Resources, Inc.
144A, 5.00%, 10/15/26

    245,000       237,392  

144A, 8.375%, 7/1/28

    854,000       893,646  

144A, 8.625%, 11/1/30

    633,000       677,361  

144A, 8.75%, 7/1/31

    854,000       908,204  

CNX Resources Corp.
144A, 6.00%, 1/15/29

    316,000       303,721  

144A, 7.375%, 1/15/31

    328,000       330,668  

144A, 7.25%, 3/1/32

    251,000       250,128  

Comstock Resources, Inc.
144A, 6.75%, 3/1/29

    773,000       713,045  

144A, 5.875%, 1/15/30

    623,000       544,758  

Crescent Energy Finance LLC
144A, 7.25%, 5/1/26

    429,000       427,434  

144A, 9.25%, 2/15/28

    632,000       661,383  

CrownRock LP / CrownRock Finance, Inc.
144A, 5.625%, 10/15/25

    592,000       589,070  

144A, 5.00%, 5/1/29

    230,000       226,263  

CVR Energy, Inc.
144A, 5.75%, 2/15/28

    245,000       227,411  

144A, 8.50%, 1/15/29

    380,000       382,375  

Diamond Foreign Asset Co. / Diamond Finance LLC, 144A,
8.50%, 10/1/30

    337,000       345,095  

Encino Acquisition Partners Holdings LLC, 144A,
8.50%, 5/1/28

    429,000       428,311  

Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28

    603,000       607,884  

Energean PLC, 144A,
6.50%, 4/30/27

    276,000       251,022  

EnQuest PLC, 144A,
11.625%, 11/1/27

    187,000       182,621  

Greenfire Resources Ltd., 144A,
12.00%, 10/1/28

    210,000       220,038  

Gulfport Energy Corp., 144A,
8.00%, 5/17/26

    271,000       275,787  

Harbour Energy PLC, 144A,
5.50%, 10/15/26

    306,000       298,243  

Hilcorp Energy I LP / Hilcorp Finance Co.
144A, 6.25%, 11/1/28

    367,000       364,313  

144A, 5.75%, 2/1/29

    367,000       354,918  

144A, 6.00%, 4/15/30

    306,000       297,077  

144A, 6.00%, 2/1/31

    394,000       379,944  

144A, 6.25%, 4/15/32

    306,000       296,055  

144A, 8.375%, 11/1/33

    376,000       403,918  

Ithaca Energy North Sea PLC, 144A,
9.00%, 7/15/26

    383,000       385,796  

Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144A, 6.00%, 8/1/26

    245,000       240,170  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)  

Matador Resources Co.
5.875%, 9/15/26

  $ 428,000     $ 423,822  

144A, 6.875%, 4/15/28

    306,000       310,725  

MEG Energy Corp., 144A,
5.875%, 2/1/29

    367,000       357,810  

Moss Creek Resources Holdings, Inc.
144A, 7.50%, 1/15/26

    416,000       413,585  

144A, 10.50%, 5/15/27

    316,000       323,816  

Murphy Oil Corp.
5.875%, 12/1/27

    271,000       269,101  

6.375%, 7/15/28

    228,000       228,311  

5.875%, 12/1/42

    230,000       202,572  

Nabors Industries, Inc.
144A, 7.375%, 5/15/27

    429,000       427,421  

144A, 9.125%, 1/31/30

    433,000       443,825  

Noble Finance II LLC, 144A,
8.00%, 4/15/30

    367,000       377,329  

Northern Oil & Gas, Inc.
144A, 8.125%, 3/1/28

    432,000       437,456  

144A, 8.75%, 6/15/31

    306,000       319,770  

Parkland Corp.
144A, 5.875%, 7/15/27

    306,000       300,303  

144A, 4.50%, 10/1/29

    490,000       447,738  

144A, 4.625%, 5/1/30

    502,000       458,557  

PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28

    550,000       534,875  

144A, 7.875%, 9/15/30

    306,000       313,552  

Permian Resources Operating LLC
144A, 5.375%, 1/15/26

    177,000       174,114  

144A, 7.75%, 2/15/26

    184,000       186,199  

144A, 6.875%, 4/1/27

    218,000       217,401  

144A, 8.00%, 4/15/27

    337,000       347,535  

144A, 5.875%, 7/1/29

    429,000       419,201  

144A, 9.875%, 7/15/31

    306,000       338,895  

144A, 7.00%, 1/15/32

    666,000       683,834  

Precision Drilling Corp.
144A, 7.125%, 1/15/26

    167,000       166,785  

144A, 6.875%, 1/15/29

    245,000       242,002  

Range Resources Corp.
4.875%, 5/15/25

    422,000       416,167  

8.25%, 1/15/29

    367,000       382,879  

144A, 4.75%, 2/15/30

    316,000       293,566  

Rockcliff Energy II LLC, 144A,
5.50%, 10/15/29

    429,000       395,087  

Seadrill Finance Ltd., 144A,
8.375%, 8/1/30

    352,000       361,739  

Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A,
7.875%, 11/1/28

    367,000       375,111  

SM Energy Co.
5.625%, 6/1/25

    214,000       212,395  

6.75%, 9/15/26

    257,000       255,564  

6.625%, 1/15/27

    255,000       253,970  

6.50%, 7/15/28

    245,000       245,306  

Southwestern Energy Co.
8.375%, 9/15/28

    186,000       193,441  

5.375%, 2/1/29

    426,000       411,690  

 

See Notes to Financial Statements.   55  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Oil & Gas (Continued)  

5.375%, 3/15/30

  $ 779,000     $ 744,553  

4.75%, 2/1/32

    727,000       660,360  

Strathcona Resources Ltd/Alberta, 144A,
6.875%, 8/1/26

    306,000       304,088  

Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27

    367,000       365,648  

5.875%, 3/15/28

    264,000       261,164  

144A, 7.00%, 9/15/28

    336,000       344,128  

4.50%, 5/15/29

    490,000       452,636  

4.50%, 4/30/30

    501,000       455,851  

Talos Production, Inc.
144A, 9.00%, 2/1/29

    426,000       435,399  

144A, 9.375%, 2/1/31

    378,000       390,442  

Teine Energy Ltd., 144A,
6.875%, 4/15/29

    245,000       232,510  

Transocean Aquila Ltd., 144A,
8.00%, 9/30/28

    199,000       202,731  

Transocean Poseidon Ltd., 144A,
6.875%, 2/1/27

    294,975       293,974  

Transocean Titan Financing Ltd., 144A,
8.375%, 2/1/28

    322,000       330,453  

Transocean, Inc., 144A,
8.75%, 2/15/30

    727,200       746,706  

Valaris Ltd., 144A,
8.375%, 4/30/30

    696,000       713,670  

Vermilion Energy, Inc.
144A, 5.625%, 3/15/25

    184,000       183,152  

144A, 6.875%, 5/1/30

    245,000       236,119  

Viper Energy, Inc.
144A, 5.375%, 11/1/27

    264,000       256,105  

144A, 7.375%, 11/1/31

    245,000       252,267  

Vital Energy, Inc.
10.125%, 1/15/28

    429,000       449,002  

144A, 7.75%, 7/31/29

    183,000       182,022  

9.75%, 10/15/30

    342,000       366,323  

W&T Offshore, Inc., 144A,
11.75%, 2/1/26

    168,000       172,820  
   

 

 

 

(Cost $43,315,048)

      43,960,112  
   

 

 

 
Oil & Gas Services — 0.8%  

Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27

    306,000       304,460  

144A, 6.25%, 4/1/28

    533,000       519,712  

Bristow Group, Inc., 144A,
6.875%, 3/1/28

    245,000       239,855  

CGG SA, 144A,
8.75%, 4/1/27

    306,000       272,946  

CSI Compressco LP / CSI Compressco Finance, Inc., 144A,
7.50%, 4/1/25

    214,000       214,214  

Enerflex Ltd., 144A,
9.00%, 10/15/27

    383,000       385,554  

Helix Energy Solutions Group, Inc., 144A, 9.75%, 3/1/29

    188,000       198,677  

Kodiak Gas Services LLC, 144A,
7.25%, 2/15/29

    400,000       407,230  
   

Principal
Amount

   

Value

 
Oil & Gas Services (Continued)  

Oceaneering International, Inc.,
6.00%, 2/1/28

  $ 184,000     $ 180,934  

USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26

    444,000       443,395  

6.875%, 9/1/27

    500,000       497,431  

Weatherford International Ltd., 144A, 8.625%, 4/30/30

    1,012,000       1,049,191  

Welltec International ApS, 144A,
8.25%, 10/15/26

    179,000       181,835  
   

 

 

 

(Cost $4,841,886)

      4,895,434  
   

 

 

 
Pipelines — 6.3%  

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    448,000       457,612  

144A, 5.75%, 3/1/27

    398,000       389,418  

144A, 5.75%, 1/15/28

    398,000       390,173  

144A, 5.375%, 6/15/29

    459,000       436,558  

144A, 6.625%, 2/1/32

    380,000       378,446  

Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A, 7.625%, 12/15/25

    367,000       370,217  

144A, 6.625%, 7/15/26

    184,000       182,613  

Buckeye Partners LP
144A, 4.125%, 3/1/25

    306,000       299,236  

3.95%, 12/1/26

    367,000       347,072  

4.125%, 12/1/27

    245,000       228,022  

144A, 4.50%, 3/1/28

    313,000       290,999  

5.85%, 11/15/43

    245,000       201,843  

5.60%, 10/15/44

    184,000       143,060  

Cheniere Energy Partners LP,
5.95%, 6/30/33

    878,000       883,766  

CNX Midstream Partners LP, 144A,
4.75%, 4/15/30

    245,000       214,339  

CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31

    886,000       825,442  

Delek Logistics Partners LP / Delek Logistics Finance Corp., 144A,
7.125%, 6/1/28

    245,000       234,588  

DT Midstream, Inc.
144A, 4.125%, 6/15/29

    716,000       654,242  

144A, 4.375%, 6/15/31

    584,000       525,767  

Energy Transfer LP,
8.00%, 5/15/54

    502,000       521,578  

EnLink Midstream LLC
144A, 5.625%, 1/15/28

    306,000       301,505  

5.375%, 6/1/29

    305,000       295,593  

144A, 6.50%, 9/1/30

    627,000       642,716  

EnLink Midstream Partners LP
4.15%, 6/1/25

    258,000       251,530  

4.85%, 7/15/26

    301,000       293,479  

5.60%, 4/1/44

    214,000       193,948  

5.05%, 4/1/45

    276,000       234,746  

5.45%, 6/1/47

    319,000       280,720  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    245,000       244,664  

4.125%, 12/1/26

    306,000       293,334  

 

See Notes to Financial Statements.   56  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)  

144A, 7.50%, 6/1/27

  $ 300,000     $ 306,931  

144A, 6.50%, 7/1/27

    599,000       604,991  

5.50%, 7/15/28

    567,000       556,093  

144A, 4.50%, 1/15/29

    533,000       499,645  

144A, 6.375%, 4/1/29

    200,000       200,574  

144A, 7.50%, 6/1/30

    316,000       335,863  

144A, 4.75%, 1/15/31

    696,000       647,220  

6.50%, 7/15/48

    358,000       363,383  

Genesis Energy LP / Genesis Energy Finance Corp.
6.25%, 5/15/26

    229,000       226,936  

8.00%, 1/15/27

    641,000       645,435  

7.75%, 2/1/28

    416,000       416,003  

8.25%, 1/15/29

    380,000       386,338  

8.875%, 4/15/30

    306,000       317,260  

Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27

    245,000       245,078  

6.875%, 1/15/29

    214,000       210,921  

144A, 8.25%, 1/15/32

    285,000       292,325  

Harvest Midstream I LP, 144A,
7.50%, 9/1/28

    533,000       537,306  

Hess Midstream Operations LP
144A, 5.625%, 2/15/26

    529,000       521,515  

144A, 5.125%, 6/15/28

    337,000       323,769  

144A, 4.25%, 2/15/30

    459,000       417,961  

144A, 5.50%, 10/15/30

    245,000       235,446  

Howard Midstream Energy Partners LLC
144A, 6.75%, 1/15/27

    245,000       244,068  

144A, 8.875%, 7/15/28

    337,000       355,114  

ITT Holdings LLC, 144A,
6.50%, 8/1/29

    772,000       685,211  

Kinetik Holdings LP
144A, 6.625%, 12/15/28

    506,000       512,226  

144A, 5.875%, 6/15/30

    653,000       636,292  

Martin Midstream Partners LP / Martin Midstream Finance Corp., 144A,
11.50%, 2/15/28

    245,000       257,250  

New Fortress Energy, Inc.
144A, 6.75%, 9/15/25

    811,000       806,815  

144A, 6.50%, 9/30/26

    949,000       916,296  

NGL Energy Operating LLC / NGL Energy Finance Corp.
144A, 8.125%, 2/15/29

    564,000       569,317  

144A, 8.375%, 2/15/32

    813,000       825,831  

Northriver Midstream Finance LP, 144A,
5.625%, 2/15/26

    322,000       315,668  

NuStar Logistics LP
5.75%, 10/1/25

    367,000       363,672  

6.00%, 6/1/26

    306,000       302,496  

5.625%, 4/28/27

    337,000       333,532  

6.375%, 10/1/30

    424,000       425,200  

Prairie Acquiror LP, 144A,
9.00%, 8/1/29

    280,000       282,131  

Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25

    245,000       237,545  

144A, 4.95%, 7/15/29

    345,000       322,621  

144A, 4.80%, 5/15/30

    214,000       198,218  

144A, 7.50%, 7/15/38

    153,000       155,302  

144A, 6.875%, 4/15/40

    306,000       301,314  
   

Principal
Amount

   

Value

 
Pipelines (Continued)  

Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26

  $ 523,000     $ 517,415  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27

    263,000       259,581  

144A, 5.50%, 1/15/28

    573,000       544,350  

144A, 7.375%, 2/15/29

    450,000       448,992  

144A, 6.00%, 12/31/30

    444,000       412,887  

144A, 6.00%, 9/1/31

    286,000       261,986  

Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29

    791,000       709,929  

144A, 6.25%, 1/15/30

    633,000       631,998  

144A, 4.125%, 8/15/31

    791,000       694,229  

144A, 3.875%, 11/1/33

    791,000       663,423  

Venture Global LNG, Inc.
144A, 8.125%, 6/1/28

    1,423,000       1,445,635  

144A, 9.50%, 2/1/29

    1,888,000       2,013,011  

144A, 8.375%, 6/1/31

    1,423,000       1,439,309  

144A, 9.875%, 2/1/32

    1,224,000       1,288,726  
   

 

 

 

(Cost $39,135,259)

      39,675,809  
   

 

 

 
Financial — 4.6%

 

Real Estate — 0.7%  

Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A,
7.00%, 4/15/30

    392,000       355,230  

Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28

    398,000       392,058  

144A, 8.875%, 9/1/31

    245,000       255,106  

Five Point Operating Co. LP / Five Point Capital Corp., 144A,
10.50%, 1/15/28

    321,561       328,844  

Greystar Real Estate Partners LLC, 144A,
7.75%, 9/1/30

    245,000       254,174  

Howard Hughes Corp.
144A, 5.375%, 8/1/28

    478,000       450,807  

144A, 4.125%, 2/1/29

    418,000       371,054  

144A, 4.375%, 2/1/31

    415,000       353,536  

Hunt Cos., Inc., 144A,
5.25%, 4/15/29

    389,000       355,905  

Kennedy-Wilson, Inc.
4.75%, 3/1/29

    367,000       297,270  

4.75%, 2/1/30

    367,000       290,389  

5.00%, 3/1/31

    422,000       328,105  

Newmark Group, Inc., 144A,
7.50%, 1/12/29

    380,000       386,391  
   

 

 

 

(Cost $4,357,750)

      4,418,869  
   

 

 

 
Real Estate Investment Trusts — 3.7%  

Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29

    306,000       253,117  

Blackstone Mortgage Trust, Inc., 144A,
3.75%, 1/15/27

    224,000       196,135  

Brandywine Operating Partnership LP
3.95%, 11/15/27

    276,000       242,561  

7.80%, 3/15/28

    214,000       211,983  

4.55%, 10/1/29

    244,000       203,556  

 

See Notes to Financial Statements.   57  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)  

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26

  $ 593,000     $ 571,942  

144A, 4.50%, 4/1/27

    446,000       392,077  

CTR Partnership LP / CareTrust Capital Corp., 144A, 3.875%, 6/30/28

    245,000       221,575  

Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,
3.75%, 12/15/27

    306,000       258,568  

Hudson Pacific Properties LP
3.95%, 11/1/27

    252,000       217,602  

5.95%, 2/15/28

    222,000       199,226  

4.65%, 4/1/29

    317,000       264,013  

3.25%, 1/15/30

    254,000       190,690  

Iron Mountain Information Management Services, Inc., 144A, 5.00%, 7/15/32

    467,000       417,514  

Iron Mountain, Inc. 144A,
4.875%, 9/15/27

    612,000       586,965  

144A, 5.25%, 3/15/28

    517,000       498,282  

144A, 5.00%, 7/15/28

    306,000       289,702  

144A, 7.00%, 2/15/29

    612,000       621,229  

144A, 4.875%, 9/15/29

    633,000       588,660  

144A, 5.25%, 7/15/30

    815,000       762,661  

144A, 4.50%, 2/15/31

    696,000       615,915  

144A, 5.625%, 7/15/32

    367,000       341,091  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A, 5.25%, 10/1/25

    201,000       198,008  

144A, 4.25%, 2/1/27

    375,000       345,063  

144A, 4.75%, 6/15/29

    390,000       350,003  

MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26

    306,000       272,469  

5.00%, 10/15/27

    872,000       713,351  

4.625%, 8/1/29

    551,000       410,429  

3.50%, 3/15/31

    837,000       560,538  

Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,
4.50%, 9/30/28

    306,000       257,649  

Office Properties Income Trust, 144A,
9.00%, 3/31/29

    188,000       175,310  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25

    398,000       399,278  

144A, 5.875%, 10/1/28

    444,000       431,581  

144A, 4.875%, 5/15/29

    459,000       421,706  

RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27

    458,000       437,390  

144A, 7.25%, 7/15/28

    245,000       250,923  

144A, 4.50%, 2/15/29

    367,000       341,137  

Rithm Capital Corp., 144A,
6.25%, 10/15/25

    337,000       332,646  

RLJ Lodging Trust LP
144A, 3.75%, 7/1/26

    306,000       288,481  

144A, 4.00%, 9/15/29

    356,000       310,738  
   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)  

SBA Communications Corp.
3.875%, 2/15/27

  $ 946,000     $ 892,634  

3.125%, 2/1/29

    949,000       839,860  

Service Properties Trust
4.50%, 3/15/25

    214,000       209,080  

7.50%, 9/15/25

    490,000       496,428  

5.25%, 2/15/26

    214,000       207,832  

4.75%, 10/1/26

    276,000       255,322  

4.95%, 2/15/27

    245,000       224,949  

5.50%, 12/15/27

    276,000       259,825  

3.95%, 1/15/28

    245,000       207,225  

4.95%, 10/1/29

    260,000       213,927  

4.375%, 2/15/30

    245,000       188,855  

144A, 8.625%, 11/15/31

    706,000       745,615  

Starwood Property Trust, Inc.
4.75%, 3/15/25

    306,000       301,936  

144A, 3.625%, 7/15/26

    245,000       228,462  

144A, 4.375%, 1/15/27

    306,000       286,875  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28

    1,645,000       1,702,736  

144A, 4.75%, 4/15/28

    349,000       303,287  

Vornado Realty LP
3.50%, 1/15/25

    135,000       131,140  

2.15%, 6/1/26

    253,000       227,038  

3.40%, 6/1/31

    215,000       166,879  

XHR LP
144A, 6.375%, 8/15/25

    285,000       285,342  

144A, 4.875%, 6/1/29

    306,000       282,593  
   

 

 

 

(Cost $23,053,212)

      23,299,604  
   

 

 

 
Venture Capital — 0.2%  

HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25

    245,000       242,510  

144A, 3.375%, 6/15/26

    666,000       622,766  

144A, 8.00%, 6/15/27

    378,000       392,483  

144A, 3.75%, 9/15/30

    290,000       238,589  
   

 

 

 

(Cost $1,492,224)

      1,496,348  
   

 

 

 
Industrial — 11.8%

 

Aerospace/Defense — 2.6%  

AAR Escrow Issuer LLC, 144A,
6.75%, 3/15/29

    300,000       302,836  

Bombardier, Inc.
144A, 7.125%, 6/15/26

    612,000       617,125  

144A, 7.875%, 4/15/27

    1,092,000       1,093,393  

144A, 6.00%, 2/15/28

    459,000       445,586  

144A, 7.50%, 2/1/29

    499,000       506,133  

144A, 8.75%, 11/15/30

    459,000       480,807  

144A, 7.45%, 5/1/34

    323,000       357,293  

Moog, Inc., 144A,
4.25%, 12/15/27

    306,000       286,371  

Rolls-Royce PLC 144A,
3.625%, 10/14/25

    633,000       609,497  

144A, 5.75%, 10/15/27

    684,000       680,645  

Spirit AeroSystems, Inc.
3.85%, 6/15/26

    184,000       174,890  

 

See Notes to Financial Statements.   58  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Aerospace/Defense (Continued)  

144A, 9.375%, 11/30/29

  $ 599,000     $ 647,731  

144A, 9.75%, 11/15/30

    759,000       813,160  

TransDigm, Inc.
5.50%, 11/15/27

    1,723,000       1,663,675  

144A, 6.75%, 8/15/28

    1,286,000       1,301,375  

4.625%, 1/15/29

    785,000       719,853  

144A, 6.375%, 3/1/29

    1,350,000       1,356,102  

4.875%, 5/1/29

    459,000       421,606  

144A, 6.875%, 12/15/30

    898,000       908,695  

144A, 7.125%, 12/1/31

    652,000       668,835  

144A, 6.625%, 3/1/32

    1,400,000       1,408,747  

Triumph Group, Inc., 144A,
9.00%, 3/15/28

    759,000       793,408  
   

 

 

 

(Cost $16,213,348)

      16,257,763  
   

 

 

 
Building Materials — 2.0%  

AmeriTex HoldCo Intermediate LLC, 144A,
10.25%, 10/15/28

    325,000       340,438  

Boise Cascade Co., 144A,
4.875%, 7/1/30

    245,000       226,069  

Builders FirstSource, Inc.
144A, 5.00%, 3/1/30

    337,000       318,221  

144A, 4.25%, 2/1/32

    815,000       716,079  

144A, 6.375%, 6/15/32

    429,000       428,932  

Camelot Return Merger Sub, Inc., 144A,
8.75%, 8/1/28

    473,000       485,416  

Eco Material Technologies, Inc., 144A,
7.875%, 1/31/27

    408,000       407,088  

Emerald Debt Merger Sub LLC, 144A,
6.625%, 12/15/30

    1,740,000       1,746,090  

Griffon Corp.,
5.75%, 3/1/28

    618,000       597,915  

James Hardie International Finance DAC, 144A,
5.00%, 1/15/28

    245,000       236,263  

JELD-WEN, Inc., 144A,
4.875%, 12/15/27

    245,000       233,056  

Knife River Corp., 144A,
7.75%, 5/1/31

    260,000       269,264  

Louisiana-Pacific Corp., 144A,
3.625%, 3/15/29

    214,000       191,982  

Masonite International Corp.
144A, 5.375%, 2/1/28

    306,000       304,853  

144A, 3.50%, 2/15/30

    230,000       203,000  

MIWD Holdco II LLC / MIWD Finance Corp., 144A, 5.50%, 2/1/30

    306,000       279,208  

New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28

    358,000       341,135  

PGT Innovations, Inc., 144A,
4.375%, 10/1/29

    352,000       354,364  

Smyrna Ready Mix Concrete LLC
144A, 6.00%, 11/1/28

    696,000       675,008  

144A, 8.875%, 11/15/31

    696,000       737,610  

Standard Industries, Inc.
144A, 5.00%, 2/15/27

    533,000       513,170  

144A, 4.75%, 1/15/28

    612,000       577,384  

144A, 4.375%, 7/15/30

    1,012,000       902,284  

144A, 3.375%, 1/15/31

    690,000       571,732  
   

Principal
Amount

   

Value

 
Building Materials (Continued)  

Summit Materials LLC / Summit Materials Finance Corp.
144A, 6.50%, 3/15/27

  $ 184,000     $ 184,000  

144A, 5.25%, 1/15/29

    429,000       415,281  

144A, 7.25%, 1/15/31

    506,000       525,078  
   

 

 

 

(Cost $12,616,267)

      12,780,920  
   

 

 

 
Electrical Components & Equipment — 0.5%  

Energizer Holdings, Inc.
144A, 6.50%, 12/31/27

    184,000       182,456  

144A, 4.75%, 6/15/28

    358,000       327,337  

144A, 4.375%, 3/31/29

    485,000       429,700  

EnerSys
144A, 4.375%, 12/15/27

    184,000       173,190  

144A, 6.625%, 1/15/32

    200,000       200,827  

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    969,000       974,790  

144A, 7.25%, 6/15/28

    851,000       869,668  
   

 

 

 

(Cost $3,145,290)

      3,157,968  
   

 

 

 
Electronics — 0.7%  

Atkore, Inc., 144A,
4.25%, 6/1/31

    251,000       220,493  

Coherent Corp., 144A,
5.00%, 12/15/29

    560,000       522,200  

Imola Merger Corp., 144A,
4.75%, 5/15/29

    1,265,000       1,172,149  

Sensata Technologies BV
144A, 5.00%, 10/1/25

    428,000       424,009  

144A, 4.00%, 4/15/29

    666,000       604,014  

144A, 5.875%, 9/1/30

    306,000       298,026  

Sensata Technologies, Inc.
144A, 4.375%, 2/15/30

    276,000       251,488  

144A, 3.75%, 2/15/31

    459,000       392,514  

TTM Technologies, Inc., 144A,
4.00%, 3/1/29

    306,000       272,370  
   

 

 

 

(Cost $4,134,919)

      4,157,263  
   

 

 

 
Engineering & Construction — 0.9%  

AECOM,
5.125%, 3/15/27

    690,000       675,894  

Arcosa, Inc., 144A,
4.375%, 4/15/29

    245,000       226,134  

Artera Services LLC, 144A,
8.50%, 2/15/31

    350,000       357,544  

ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par, 144A,
4.05%, 4/27/26

    230,000       213,325  

Brand Industrial Services, Inc., 144A,
10.375%, 8/1/30

    868,000       923,054  

Brundage-Bone Concrete Pumping Holdings, Inc., 144A,
6.00%, 2/1/26

    230,000       226,951  

Cellnex Finance Co. SA, 144A,
3.875%, 7/7/41

    380,000       295,709  

Dycom Industries, Inc., 144A,
4.50%, 4/15/29

    306,000       281,591  

 

See Notes to Financial Statements.   59  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Engineering & Construction (Continued)  

Fluor Corp.,
4.25%, 9/15/28

  $ 367,000     $ 346,925  

Global Infrastructure Solutions, Inc.
144A, 5.625%, 6/1/29

    245,000       221,595  

144A, 7.50%, 4/15/32

    184,000       176,640  

HTA Group Ltd/Mauritius, 144A,
7.00%, 12/18/25

    398,000       393,345  

Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28

    199,000       197,658  

TopBuild Corp.
144A, 3.625%, 3/15/29

    245,000       219,437  

144A, 4.125%, 2/15/32

    306,000       268,004  

VM Consolidated, Inc., 144A,
5.50%, 4/15/29

    231,000       217,707  

Weekley Homes LLC / Weekley Finance Corp., 144A, 4.875%, 9/15/28

    245,000       227,382  
   

 

 

 

(Cost $5,361,391)

      5,468,895  
   

 

 

 
Environmental Control — 0.9%  

Clean Harbors, Inc.
144A, 4.875%, 7/15/27

    334,000       322,260  

144A, 5.125%, 7/15/29

    184,000       177,371  

144A, 6.375%, 2/1/31

    306,000       304,204  

Covanta Holding Corp.
144A, 4.875%, 12/1/29

    515,000       450,056  

5.00%, 9/1/30

    245,000       212,537  

Enviri Corp., 144A,
5.75%, 7/31/27

    291,000       271,922  

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

    306,000       300,593  

144A, 3.75%, 8/1/25

    459,000       445,642  

144A, 5.125%, 12/15/26

    313,000       306,162  

144A, 4.00%, 8/1/28

    505,000       463,020  

144A, 3.50%, 9/1/28

    459,000       416,109  

144A, 4.75%, 6/15/29

    459,000       429,778  

144A, 4.375%, 8/15/29

    337,000       307,031  

144A, 6.75%, 1/15/31

    627,000       641,334  

Madison IAQ LLC, 144A,
4.125%, 6/30/28

    429,000       390,801  

Stericycle, Inc., 144A,
3.875%, 1/15/29

    306,000       275,375  
   

 

 

 

(Cost $5,656,688)

      5,714,195  
   

 

 

 
Machinery-Construction & Mining — 0.2%  

BWX Technologies, Inc.
144A, 4.125%, 6/30/28

    245,000       227,877  

144A, 4.125%, 4/15/29

    245,000       227,363  

Manitowoc Co., Inc., 144A,
9.00%, 4/1/26

    184,000       183,770  

Terex Corp., 144A,
5.00%, 5/15/29

    367,000       342,705  

Vertiv Group Corp., 144A,
4.125%, 11/15/28

    567,000       523,136  
   

 

 

 

(Cost $1,485,578)

      1,504,851  
   

 

 

 
Machinery-Diversified — 0.4%  

ATS Corp., 144A,
4.125%, 12/15/28

    214,000       195,307  
   

Principal
Amount

   

Value

 
Machinery-Diversified (Continued)  

Chart Industries, Inc.
144A, 7.50%, 1/1/30

  $ 923,000     $ 952,085  

144A, 9.50%, 1/1/31

    312,000       335,203  

Mueller Water Products, Inc., 144A,
4.00%, 6/15/29

    276,000       250,993  

TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27

    987,000       948,059  
   

 

 

 

(Cost $2,665,244)

      2,681,647  
   

 

 

 
Metal Fabricate/Hardware — 0.1%  

Advanced Drainage Systems, Inc.
144A, 5.00%, 9/30/27

    214,000       206,743  

144A, 6.375%, 6/15/30

    306,000       305,990  

Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29

    306,000       278,777  
   

 

 

 

(Cost $783,142)

      791,510  
   

 

 

 
Miscellaneous Manufacturing — 0.5%  

Amsted Industries, Inc.
144A, 5.625%, 7/1/27

    245,000       240,178  

144A, 4.625%, 5/15/30

    245,000       223,066  

Calderys Financing LLC, 144A,
11.25%, 6/1/28

    337,000       360,793  

Enpro Industries, Inc.,
5.75%, 10/15/26

    212,000       208,747  

Gates Global LLC / Gates Corp., 144A,
6.25%, 1/15/26

    250,000       249,148  

Hillenbrand, Inc.
5.75%, 6/15/25

    245,000       243,177  

5.00%, 9/15/26

    230,000       225,007  

6.25%, 2/15/29

    313,000       313,043  

3.75%, 3/1/31

    214,000       182,435  

LSB Industries, Inc., 144A,
6.25%, 10/15/28

    352,000       333,791  

Trinity Industries, Inc., 144A,
7.75%, 7/15/28

    245,000       252,461  
   

 

 

 

(Cost $2,791,785)

      2,831,846  
   

 

 

 
Packaging & Containers — 2.6%  

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27

    367,000       360,358  

144A, 3.25%, 9/1/28

    367,000       318,061  

144A, 4.00%, 9/1/29

    669,000       543,336  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25

    429,000       424,504  

144A, 4.125%, 8/15/26

    769,000       709,433  

Ball Corp.
6.875%, 3/15/28

    499,000       511,124  

6.00%, 6/15/29

    612,000       614,966  

2.875%, 8/15/30

    822,000       695,953  

3.125%, 9/15/31

    551,000       464,194  

Berry Global, Inc.
144A, 4.50%, 2/15/26

    178,000       172,529  

144A, 5.625%, 7/15/27

    366,000       360,842  

 

See Notes to Financial Statements.   60  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)  

Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28

  $ 273,000     $ 263,899  

Clearwater Paper Corp., 144A,
4.75%, 8/15/28

    168,000       155,400  

Clydesdale Acquisition Holdings, Inc., 144A, 6.625%, 4/15/29

    306,000       304,232  

Crown Americas LLC,
5.25%, 4/1/30

    306,000       294,739  

Crown Americas LLC / Crown Americas Capital Corp. V,
4.25%, 9/30/26

    245,000       235,141  

Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26

    536,000       524,396  

Crown Cork & Seal Co., Inc.,
7.375%, 12/15/26

    314,000       330,586  

Graphic Packaging International LLC
144A, 4.75%, 7/15/27

    184,000       177,974  

144A, 3.50%, 3/15/28

    276,000       252,391  

144A, 3.50%, 3/1/29

    214,000       190,783  

144A, 3.75%, 2/1/30

    251,000       223,347  

Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28

    420,000       390,503  

LABL, Inc.
144A, 6.75%, 7/15/26

    429,000       416,064  

144A, 5.875%, 11/1/28

    306,000       274,091  

144A, 9.50%, 11/1/28

    224,000       224,053  

Mauser Packaging Solutions Holding Co., 144A,
7.875%, 8/15/26

    1,739,000       1,762,158  

OI European Group BV, 144A,
4.75%, 2/15/30

    245,000       225,547  

Owens-Brockway Glass Container, Inc.
144A, 6.375%, 8/15/25

    184,000       185,995  

144A, 6.625%, 5/13/27

    375,000       374,170  

144A, 7.25%, 5/15/31

    452,000       458,097  

Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28

    306,000       283,603  

Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27

    666,000       620,379  

Sealed Air Corp.
144A, 5.50%, 9/15/25

    245,000       244,535  

144A, 4.00%, 12/1/27

    260,000       241,834  

144A, 6.125%, 2/1/28

    555,000       553,301  

144A, 5.00%, 4/15/29

    260,000       246,295  

144A, 7.25%, 2/15/31

    260,000       268,420  

144A, 6.875%, 7/15/33

    266,000       275,284  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    349,000       325,822  

TriMas Corp., 144A,
4.125%, 4/15/29

    245,000       223,327  

Trivium Packaging Finance BV, 144A,
5.50%, 8/15/26

    664,000       647,531  
   

 

 

 

(Cost $16,234,495)

      16,369,197  
   

 

 

 
   

Principal
Amount

   

Value

 
Transportation — 0.4%  

Danaos Corp., 144A,
8.50%, 3/1/28

  $ 161,000     $ 165,221  

First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29

    383,000       333,210  

GN Bondco LLC, 144A,
9.50%, 10/15/31

    473,000       468,270  

Rand Parent LLC, 144A,
8.50%, 2/15/30

    566,000       549,681  

RXO, Inc., 144A,
7.50%, 11/15/27

    217,000       224,052  

XPO CNW, Inc.,
6.70%, 5/1/34

    183,000       189,345  

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

    276,000       281,877  

144A, 7.125%, 2/1/32

    370,000       376,162  
   

 

 

 

(Cost $2,562,003)

      2,587,818  
   

 

 

 
Technology — 4.4%

 

Computers — 1.3%  

ASGN, Inc., 144A,
4.625%, 5/15/28

    337,000       314,287  

Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29

    318,000       291,786  

Crane NXT Co.,
4.20%, 3/15/48

    221,000       159,797  

Crowdstrike Holdings, Inc.,
3.00%, 2/15/29

    459,000       405,043  

KBR, Inc., 144A,
4.75%, 9/30/28

    153,000       140,373  

NCR Atleos Corp., 144A,
9.50%, 4/1/29

    874,000       924,513  

NCR Voyix Corp.
144A, 5.00%, 10/1/28

    398,000       369,893  

144A, 5.125%, 4/15/29

    785,000       727,832  

144A, 5.25%, 10/1/30

    276,000       249,314  

Presidio Holdings, Inc., 144A,
4.875%, 2/1/27

    322,000       309,482  

Science Applications International Corp., 144A,
4.875%, 4/1/28

    245,000       232,003  

Seagate HDD Cayman
4.875%, 6/1/27

    309,000       299,231  

4.091%, 6/1/29

    226,000       206,230  

144A, 8.25%, 12/15/29

    349,000       373,956  

4.125%, 1/15/31

    169,000       148,442  

144A, 8.50%, 7/15/31

    349,000       377,345  

9.625%, 12/1/32

    547,000       618,165  

5.75%, 12/1/34

    300,000       288,360  

Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A,
5.75%, 6/1/25

    184,000       182,188  

Unisys Corp., 144A,
6.875%, 11/1/27

    297,000       266,863  

Western Digital Corp.,
4.75%, 2/15/26

    1,455,000       1,421,992  
   

 

 

 

(Cost $8,200,301)

      8,307,095  
   

 

 

 

 

See Notes to Financial Statements.   61  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Office/Business Equipment — 0.3%  

Pitney Bowes, Inc.
144A, 6.875%, 3/15/27

  $ 233,000     $ 209,117  

144A, 7.25%, 3/15/29

    244,000       211,280  

Xerox Corp.
4.80%, 3/1/35

    153,000       116,075  

6.75%, 12/15/39

    214,000       183,049  

Xerox Holdings Corp.
144A, 5.00%, 8/15/25

    459,000       451,435  

144A, 5.50%, 8/15/28

    518,000       468,428  
   

 

 

 

(Cost $1,572,146)

      1,639,384  
   

 

 

 
Semiconductors — 0.5%  

Amkor Technology, Inc., 144A,
6.625%, 9/15/27

    322,000       323,711  

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

    244,000       247,508  

Entegris, Inc.
144A, 4.375%, 4/15/28

    245,000       228,934  

144A, 4.75%, 4/15/29

    1,012,000       954,243  

144A, 3.625%, 5/1/29

    245,000       216,825  

144A, 5.95%, 6/15/30

    596,000       584,410  

ON Semiconductor Corp., 144A,
3.875%, 9/1/28

    429,000       392,333  

Synaptics, Inc., 144A,
4.00%, 6/15/29

    245,000       219,423  
   

 

 

 

(Cost $3,184,047)

      3,167,387  
   

 

 

 
Software — 2.3%  

Alteryx, Inc., 144A,
8.75%, 3/15/28

    276,000       279,900  

Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25

    379,000       379,375  

Camelot Finance SA, 144A,
4.50%, 11/1/26

    429,000       409,837  

Capstone Borrower, Inc., 144A,
8.00%, 6/15/30

    245,000       253,220  

Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 144A,
8.00%, 6/15/29

    503,000       515,545  

Central Parent, Inc. / CDK Global, Inc., 144A,
7.25%, 6/15/29

    500,000       503,313  

Clarivate Science Holdings Corp.
144A, 3.875%, 7/1/28

    578,000       527,619  

144A, 4.875%, 7/1/29

    578,000       524,195  

Cloud Software Group, Inc., 144A,
6.50%, 3/31/29

    2,530,000       2,356,083  

Consensus Cloud Solutions, Inc.
144A, 6.00%, 10/15/26

    187,000       177,589  

144A, 6.50%, 10/15/28

    291,000       258,879  

Dun & Bradstreet Corp., 144A,
5.00%, 12/15/29

    282,000       259,440  

Elastic NV, 144A,
4.125%, 7/15/29

    352,000       316,178  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    245,000       242,402  

144A, 4.00%, 6/15/28

    564,000       523,908  
   

Principal
Amount

   

Value

 
Software (Continued)  

Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A, 4.625%, 5/1/28

  $ 214,000     $ 190,846  

MicroStrategy, Inc., 144A,
6.125%, 6/15/28

    306,000       295,045  

Open Text Corp.
144A, 3.875%, 2/15/28

    564,000       518,248  

144A, 3.875%, 12/1/29

    521,000       460,492  

Open Text Holdings, Inc.
144A, 4.125%, 2/15/30

    564,000       497,940  

144A, 4.125%, 12/1/31

    398,000       340,656  

PTC, Inc., 144A,
4.00%, 2/15/28

    306,000       285,495  

RingCentral, Inc., 144A,
8.50%, 8/15/30

    268,000       277,083  

ROBLOX Corp., 144A,
3.875%, 5/1/30

    666,000       583,303  

SS&C Technologies, Inc., 144A,
5.50%, 9/30/27

    1,315,000       1,280,547  

Twilio, Inc.
3.625%, 3/15/29

    336,000       299,129  

3.875%, 3/15/31

    306,000       266,240  

UKG, Inc., 144A,
6.875%, 2/1/31

    1,500,000       1,515,600  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A, 3.875%, 2/1/29

    398,000       356,580  
   

 

 

 

(Cost $14,640,209)

      14,694,687  
   

 

 

 
Utilities — 3.8%

 

Electric — 3.5%  

Algonquin Power & Utilities Corp.,
4.75%, 1/18/82

    459,000       397,174  

Atlantica Sustainable Infrastructure PLC, 144A,
4.125%, 6/15/28

    245,000       223,880  

Calpine Corp.
144A, 5.25%, 6/1/26

    257,000       253,195  

144A, 4.50%, 2/15/28

    784,000       738,486  

144A, 5.125%, 3/15/28

    886,000       842,269  

144A, 4.625%, 2/1/29

    398,000       366,271  

144A, 5.00%, 2/1/31

    567,000       506,752  

144A, 3.75%, 3/1/31

    514,000       440,603  

Clearway Energy Operating LLC
144A, 4.75%, 3/15/28

    567,000       530,056  

144A, 3.75%, 2/15/31

    616,000       519,451  

144A, 3.75%, 1/15/32

    214,000       179,002  

DPL, Inc.
4.125%, 7/1/25

    254,000       246,319  

4.35%, 4/15/29

    262,000       237,411  

Drax Finco PLC, 144A,
6.625%, 11/1/25

    306,000       302,175  

Edison International
8.125%, 6/15/53

    306,000       314,045  

7.875%, 6/15/54

    285,000       290,541  

Electricite de France SA, 144A,
9.125%, Perpetual

    948,000       1,051,863  

Emera, Inc., Series 16-A,
6.75%, 6/15/76

    759,000       743,736  

 

See Notes to Financial Statements.   62  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Electric (Continued)  

FirstEnergy Corp.
2.05%, 3/1/25

  $ 184,000     $ 177,214  

Series A, 1.60%, 1/15/26

    188,000       173,909  

Series B, 4.15%, 7/15/27

    1,012,000       961,146  

2.65%, 3/1/30

    367,000       313,724  

Series B, 2.25%, 9/1/30

    348,000       286,406  

Series C, 7.375%, 11/15/31

    284,000       329,639  

Series C, 5.10%, 7/15/47

    384,000       330,868  

Series C, 3.40%, 3/1/50

    480,000       320,703  

Leeward Renewable Energy Operations LLC,
144A, 4.25%, 7/1/29

    230,000       198,003  

NextEra Energy Operating Partners LP
144A, 3.875%, 10/15/26

    306,000       285,727  

144A, 4.50%, 9/15/27

    337,000       314,401  

144A, 7.25%, 1/15/29

    474,000       481,817  

NRG Energy, Inc.
6.625%, 1/15/27

    230,000       229,964  

5.75%, 1/15/28

    547,000       538,797  

144A, 3.375%, 2/15/29

    306,000       267,087  

144A, 5.25%, 6/15/29

    449,000       425,509  

144A, 3.625%, 2/15/31

    687,000       577,652  

144A, 3.875%, 2/15/32

    294,000       245,595  

Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A,
4.50%, 8/15/28

    391,000       358,647  

PG&E Corp.
5.00%, 7/1/28

    633,000       603,743  

5.25%, 7/1/30

    633,000       595,057  

Pike Corp.
144A, 5.50%, 9/1/28

    400,000       379,426  

144A, 8.625%, 1/31/31

    310,000       327,376  

Talen Energy Supply LLC, 144A,
8.625%, 6/1/30

    759,000       800,776  

TransAlta Corp.
7.75%, 11/15/29

    245,000       254,739  

6.50%, 3/15/40

    184,000       181,389  
   

Principal
Amount

   

Value

 
Electric (Continued)  

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

  $ 612,000     $ 602,622  

144A, 5.625%, 2/15/27

    822,000       800,997  

144A, 5.00%, 7/31/27

    822,000       787,899  

144A, 4.375%, 5/1/29

    791,000       721,516  

144A, 7.75%, 10/15/31

    917,000       948,542  
   

 

 

 

(Cost $21,928,684)

      22,004,119  
   

 

 

 
Gas — 0.2%  

AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25

    429,000       421,063  

5.875%, 8/20/26

    413,000       400,253  

5.75%, 5/20/27

    322,000       304,417  

144A, 9.375%, 6/1/28

    306,000       310,590  
   

 

 

 

(Cost $1,441,309)

      1,436,323  
   

 

 

 
Water — 0.1%  

Solaris Midstream Holdings LLC, 144A,
7.625%, 4/1/26

   

(Cost $242,059)

    245,000       244,814  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $604,208,025)

      610,311,128  
   

 

 

 
   

Number
of Shares

       
CASH EQUIVALENTS — 2.0%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $12,640,713)

    12,640,713       12,640,713  
   

 

 

 

TOTAL INVESTMENTS — 98.9%

(Cost $616,848,738)

    $ 622,951,841  

Other assets and liabilities, net — 1.1%

      6,708,359  
   

 

 

 

NET ASSETS — 100.0%

    $ 629,660,200  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

 

     Value ($) at
10/27/2023
(Commencement
of Operations)
     Purchases
Cost ($)
     Sales
Proceeds($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
2/29/2024
     Value ($) at
2/29/2024
 

CASH EQUIVALENTS2.0%

 

           

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)

 

           
            24,463,327        (11,822,614                   49,885               12,640,713        12,640,713  

 

(a)

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

 

Perpetual:   Callable security with no stated maturity date.
PIK:   Denotes that all or a portion of the income is paid in-kind in the form of additional principal.
REIT:   Real Estate Investment Trust
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

 

See Notes to Financial Statements.   63  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

 

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Corporate Bonds (a)

     $        $ 610,311,128        $  —        $ 610,311,128  

Short-Term Investments (a)

       12,640,713                            12,640,713  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 12,640,713        $ 610,311,128        $        $ 622,951,841  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   64  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 97.6%    
Basic Materials — 4.1%

 

Chemicals — 1.9%  

Ashland, Inc., 144A,
3.375%, 9/1/31

  $ 1,859,000     $ 1,559,325  

ASP Unifrax Holdings, Inc.
144A, 5.25%, 9/30/28

    3,217,000       2,044,455  

144A, 7.50%, 9/30/29

    1,609,000       880,143  

Avient Corp.
144A, 5.75%, 5/15/25

    2,728,000       2,714,666  

144A, 7.125%, 8/1/30

    2,986,000       3,055,096  

Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31

    2,068,000       2,148,030  

Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29

    2,846,000       2,531,958  

Chemours Co.
5.375%, 5/15/27

    2,015,000       1,842,939  

144A, 5.75%, 11/15/28 (a)

    3,147,000       2,763,466  

144A, 4.625%, 11/15/29

    2,619,000       2,156,857  

Consolidated Energy Finance SA
144A, 5.625%, 10/15/28

    2,125,000       1,726,977  

144A, 12.00%, 2/15/31

    2,400,000       2,455,992  

INEOS Finance PLC
144A, 6.75%, 5/15/28

    1,856,000       1,816,874  

144A, 7.50%, 4/15/29

    2,750,000       2,733,088  

INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29 (a)

    1,566,000       1,649,304  

Methanex Corp.
5.125%, 10/15/27

    3,038,000       2,923,287  

5.25%, 12/15/29 (a)

    2,712,000       2,581,156  

NOVA Chemicals Corp.
144A, 5.00%, 5/1/25

    2,011,000       1,966,296  

144A, 5.25%, 6/1/27

    4,369,000       4,053,440  

144A, 8.50%, 11/15/28

    1,499,000       1,584,602  

144A, 4.25%, 5/15/29

    2,370,000       1,963,349  

144A, 9.00%, 2/15/30

    2,500,000       2,511,120  

Olin Corp.
5.125%, 9/15/27

    2,016,000       1,957,415  

5.625%, 8/1/29

    2,760,000       2,702,965  

5.00%, 2/1/30

    2,166,000       2,026,550  

SCIH Salt Holdings, Inc.
144A, 4.875%, 5/1/28

    4,155,000       3,801,887  

144A, 6.625%, 5/1/29

    2,815,000       2,562,844  

Tronox, Inc., 144A, 4.625%, 3/15/29 (a)

    4,323,000       3,832,236  
   

 

 

 

(Cost $72,269,064)

      66,546,317  
   

 

 

 
Forest Products & Paper — 0.1%  

Mercer International, Inc.,
5.125%, 2/1/29

   

(Cost $3,449,542)

    3,507,000       3,026,192  
   

 

 

 
Iron/Steel — 0.7%  

ATI, Inc.,
7.25%, 8/15/30

    1,772,000       1,823,299  

Cleveland-Cliffs, Inc.
144A, 6.75%, 3/15/26

    3,334,000       3,362,753  

5.875%, 6/1/27 (a)

    2,232,000       2,210,808  

144A, 6.75%, 4/15/30

    3,016,000       2,997,699  

Metinvest BV,
144A, 7.75%, 10/17/29

    600,000       426,648  
   

Principal
Amount

   

Value

 
Iron/Steel (Continued)  

Mineral Resources Ltd.
144A, 8.125%, 5/1/27

  $ 2,798,000     $ 2,825,742  

144A, 8.00%, 11/1/27

    2,514,000       2,563,526  

144A, 9.25%, 10/1/28

    4,424,000       4,645,200  

144A, 8.50%, 5/1/30

    2,578,000       2,650,776  

United States Steel Corp., 6.875%, 3/1/29

    1,908,000       1,932,127  
   

 

 

 

(Cost $25,327,246)

      25,438,578  
   

 

 

 
Mining — 1.4%  

First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25

    4,546,000       4,546,000  

144A, 6.875%, 3/1/26 (a)

    4,127,000       4,127,000  

144A, 6.875%, 10/15/27

    6,088,000       5,795,628  

144A, 8.625%, 6/1/31 (a)

    5,227,000       4,998,403  

FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27

    2,688,000       2,576,199  

144A, 5.875%, 4/15/30

    2,679,000       2,624,935  

144A, 4.375%, 4/1/31

    6,033,000       5,412,565  

144A, 6.125%, 4/15/32

    3,150,000       3,115,977  

Hudbay Minerals, Inc.
144A, 4.50%, 4/1/26

    2,398,000       2,313,656  

144A, 6.125%, 4/1/29

    2,685,000       2,637,465  

Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28

    2,016,000       1,861,878  

144A, 4.50%, 6/1/31

    2,212,000       1,892,710  

Nexa Resources SA
144A, 5.375%, 5/4/27

    3,037,000       2,932,812  

144A, 6.50%, 1/18/28

    2,012,000       2,019,044  

Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26

    1,835,000       1,524,647  
   

 

 

 

(Cost $49,691,063)

      48,378,919  
   

 

 

 
Communications — 16.5%  
Advertising — 0.9%  

Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27 (a)

    5,027,000       4,705,979  

144A, 7.75%, 4/15/28 (a)

    4,022,000       3,481,499  

144A, 9.00%, 9/15/28 (a)

    3,022,000       3,154,046  

144A, 7.50%, 6/1/29 (a)

    4,192,000       3,473,323  

Lamar Media Corp.
3.75%, 2/15/28

    2,468,000       2,291,267  

4.00%, 2/15/30

    2,265,000       2,023,291  

3.625%, 1/15/31 (a)

    2,069,000       1,788,113  

Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27

    2,681,000       2,581,240  

144A, 4.25%, 1/15/29

    2,038,000       1,832,315  

144A, 4.625%, 3/15/30 (a)

    2,009,000       1,784,935  

144A, 7.375%, 2/15/31

    1,613,000       1,684,512  

Stagwell Global LLC, 144A, 5.625%, 8/15/29

    4,501,000       4,022,994  
   

 

 

 

(Cost $35,595,315)

      32,823,514  
   

 

 

 
Internet — 1.8%  

EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28

    4,182,000       4,290,627  

 

See Notes to Financial Statements.   65  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Internet (Continued)  

Gen Digital, Inc.
144A, 5.00%, 4/15/25

  $ 4,453,000     $ 4,412,745  

144A, 6.75%, 9/30/27

    3,620,000       3,641,896  

144A, 7.125%, 9/30/30

    2,475,000       2,530,711  

Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27

    2,518,000       2,438,620  

144A, 3.50%, 3/1/29

    3,357,000       2,992,049  

Match Group Holdings II LLC
144A, 5.00%, 12/15/27

    1,848,000       1,764,197  

144A, 4.625%, 6/1/28

    2,053,000       1,931,945  

144A, 4.125%, 8/1/30

    2,048,000       1,810,872  

144A, 3.625%, 10/1/31

    1,842,000       1,553,469  

MercadoLibre, Inc.
2.375%, 1/14/26

    1,370,000       1,291,233  

3.125%, 1/14/31

    2,534,000       2,123,337  

Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28

    2,071,000       2,251,208  

Rakuten Group, Inc.,
144A, 11.25%, 2/15/27

    7,100,000       7,560,986  

Uber Technologies, Inc.
144A, 8.00%, 11/1/26

    5,974,000       6,083,868  

144A, 7.50%, 9/15/27

    4,906,000       5,022,778  

144A, 6.25%, 1/15/28

    2,018,000       2,022,419  

144A, 4.50%, 8/15/29

    5,883,000       5,519,452  

Ziff Davis, Inc., 144A, 4.625%, 10/15/30

    1,852,000       1,662,465  
   

 

 

 

(Cost $62,044,372)

      60,904,877  
   

 

 

 
Media — 9.3%  

Altice Financing SA
144A, 5.00%, 1/15/28

    4,881,000       4,323,351  

144A, 5.75%, 8/15/29

    8,245,000       7,110,039  

AMC Networks, Inc.
4.75%, 8/1/25

    3,098,000       2,957,364  

4.25%, 2/15/29 (a)

    4,022,000       2,607,161  

Cable One, Inc., 144A, 4.00%, 11/15/30 (a)

    2,643,000       1,999,430  

CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26

    3,016,000       2,965,905  

144A, 5.125%, 5/1/27

    13,071,000       12,370,001  

144A, 5.00%, 2/1/28

    10,130,000       9,357,501  

144A, 5.375%, 6/1/29

    5,911,000       5,351,599  

144A, 6.375%, 9/1/29

    6,033,000       5,672,388  

144A, 4.75%, 3/1/30

    12,265,000       10,445,119  

144A, 4.50%, 8/15/30

    11,056,000       9,181,013  

144A, 4.25%, 2/1/31

    12,065,000       9,715,190  

144A, 7.375%, 3/1/31 (a)

    4,424,000       4,289,305  

144A, 4.75%, 2/1/32

    4,826,000       3,898,925  

4.50%, 5/1/32

    11,638,000       9,205,362  

144A, 4.50%, 6/1/33

    7,036,000       5,419,775  

144A, 4.25%, 1/15/34

    8,044,000       6,022,083  

CSC Holdings LLC
144A, 5.50%, 4/15/27

    5,371,000       4,824,222  

144A, 5.375%, 2/1/28

    3,996,000       3,487,169  

144A, 7.50%, 4/1/28

    4,206,000       2,994,672  

144A, 11.25%, 5/15/28

    3,991,000       4,121,745  
   

Principal
Amount

   

Value

 
Media (Continued)  

144A, 11.75%, 1/31/29

  $ 8,245,000     $ 8,623,833  

144A, 6.50%, 2/1/29

    7,038,000       6,142,133  

144A, 5.75%, 1/15/30

    9,049,000       5,329,861  

144A, 4.125%, 12/1/30

    4,424,000       3,297,716  

144A, 4.625%, 12/1/30 (a)

    9,351,000       5,209,442  

144A, 3.375%, 2/15/31

    4,022,000       2,842,408  

144A, 4.50%, 11/15/31

    6,033,000       4,485,143  

144A, 5.00%, 11/15/31

    2,011,000       1,098,107  

DISH DBS Corp.
7.75%, 7/1/26

    8,043,000       5,135,536  

144A, 5.25%, 12/1/26

    11,060,000       8,854,913  

7.375%, 7/1/28

    4,018,000       1,964,340  

144A, 5.75%, 12/1/28

    10,054,000       6,981,246  

5.125%, 6/1/29

    6,032,000       2,578,680  

DISH Network Corp., 144A, 11.75%, 11/15/27

    14,076,000       14,692,575  

Gray Television, Inc.
144A, 5.875%, 7/15/26

    2,713,000       2,577,350  

144A, 7.00%, 5/15/27 (a)

    3,004,000       2,718,290  

144A, 4.75%, 10/15/30

    3,217,000       2,076,235  

iHeartCommunications, Inc.
6.375%, 5/1/26 (a)

    3,227,587       2,751,518  

8.375%, 5/1/27

    3,686,151       2,216,059  

144A, 5.25%, 8/15/27 (a)

    3,016,000       2,239,199  

144A, 4.75%, 1/15/28

    1,998,000       1,440,618  

McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28

    3,332,000       3,098,677  

144A, 8.00%, 8/1/29

    2,570,000       2,347,489  

News Corp.
144A, 3.875%, 5/15/29

    3,997,000       3,615,881  

144A, 5.125%, 2/15/32

    2,148,000       2,003,085  

Nexstar Media, Inc.
144A, 5.625%, 7/15/27

    6,925,000       6,570,159  

144A, 4.75%, 11/1/28 (a)

    4,022,000       3,576,023  

Radiate Holdco LLC / Radiate Finance, Inc.
144A, 4.50%, 9/15/26 (a)

    3,574,000       2,818,252  

144A, 6.50%, 9/15/28

    4,022,000       1,940,112  

Sinclair Television Group, Inc.
144A, 5.50%, 3/1/30 (a)

    1,952,000       1,418,187  

144A, 4.125%, 12/1/30

    3,018,000       2,208,044  

Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26

    4,022,000       3,754,235  

144A, 5.00%, 8/1/27

    6,180,000       5,894,653  

144A, 4.00%, 7/15/28

    8,044,000       7,255,171  

144A, 5.50%, 7/1/29

    5,067,000       4,796,574  

144A, 4.125%, 7/1/30

    5,888,000       5,071,469  

144A, 3.875%, 9/1/31

    6,033,000       4,992,826  

TEGNA, Inc.
144A, 4.75%, 3/15/26

    2,154,000       2,083,543  

4.625%, 3/15/28

    3,903,000       3,518,750  

5.00%, 9/15/29

    4,424,000       3,897,632  

Univision Communications, Inc.
144A, 6.625%, 6/1/27

    6,033,000       5,852,870  

144A, 8.00%, 8/15/28

    5,793,000       5,828,917  

144A, 4.50%, 5/1/29

    4,223,000       3,706,927  

144A, 7.375%, 6/30/30 (a)

    3,684,000       3,561,675  

 

See Notes to Financial Statements.   66  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)  

Videotron Ltd.
144A, 5.125%, 4/15/27

  $ 2,413,500     $ 2,367,010  

144A, 3.625%, 6/15/29 (a)

    1,952,000       1,755,121  

VTR Finance NV, 144A, 6.375%, 7/15/28

    1,943,000       851,466  

Ziggo Bond Co. BV
144A, 6.00%, 1/15/27

    2,514,000       2,458,496  

144A, 5.125%, 2/28/30

    2,072,000       1,774,522  

Ziggo BV, 144A,
4.875%, 1/15/30

    3,986,000       3,554,700  
   

 

 

 

(Cost $378,896,437)

      324,146,987  
   

 

 

 
Telecommunications — 4.5%  

Altice France Holding SA
144A, 10.50%, 5/15/27

    6,282,000       4,110,246  

144A, 6.00%, 2/15/28

    4,422,000       2,237,052  

Altice France SA
144A, 8.125%, 2/1/27

    7,038,000       6,474,711  

144A, 5.50%, 1/15/28

    4,424,000       3,614,545  

144A, 5.125%, 1/15/29

    1,922,000       1,454,794  

144A, 5.125%, 7/15/29

    10,054,000       7,604,493  

144A, 5.50%, 10/15/29

    8,044,000       6,100,603  

C&W Senior Financing DAC, 144A, 6.875%, 9/15/27

    4,907,000       4,630,024  

CommScope Technologies LLC
144A, 6.00%, 6/15/25 (a)

    5,126,000       4,182,713  

144A, 5.00%, 3/15/27 (a)

    3,016,000       1,082,654  

CommScope, Inc.
144A, 6.00%, 3/1/26 (a)

    6,033,000       5,436,909  

144A, 8.25%, 3/1/27 (a)

    3,487,000       1,530,584  

144A, 7.125%, 7/1/28 (a)

    2,580,000       1,034,670  

144A, 4.75%, 9/1/29 (a)

    5,027,000       3,448,648  

Consolidated Communications, Inc.
144A, 5.00%, 10/1/28

    1,609,000       1,330,345  

144A, 6.50%, 10/1/28

    3,016,000       2,593,760  

Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27

    4,754,000       4,598,550  

144A, 5.00%, 5/1/28

    6,195,000       5,739,724  

144A, 6.75%, 5/1/29

    4,022,000       3,615,709  

5.875%, 11/1/29

    3,055,189       2,619,992  

144A, 6.00%, 1/15/30 (a)

    3,970,000       3,398,853  

144A, 8.75%, 5/15/30

    4,826,000       4,927,324  

144A, 8.625%, 3/15/31

    3,016,000       3,058,504  

Hughes Satellite Systems Corp.
5.25%, 8/1/26

    3,016,000       2,579,751  

6.625%, 8/1/26 (a)

    3,015,500       1,990,230  

Iliad Holding SASU
144A, 6.50%, 10/15/26

    4,826,000       4,774,823  

144A, 7.00%, 10/15/28

    3,436,000       3,402,434  

Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30

    12,065,000       11,255,225  

Level 3 Financing, Inc.
144A, 3.40%, 3/1/27 (a)

    2,983,000       2,416,319  

144A, 4.625%, 9/15/27

    4,022,000       2,493,640  

144A, 4.25%, 7/1/28

    4,826,000       2,316,480  

144A, 3.625%, 1/15/29

    3,378,000       1,452,540  

144A, 3.875%, 11/15/29 (a)

    3,016,000       1,779,440  

144A, 10.50%, 5/15/30 (a)

    3,767,000       3,880,010  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)  

Lumen Technologies, Inc.
144A, 5.125%, 12/15/26

  $ 1,612,000     $ 1,078,313  

144A, 4.00%, 2/15/27 (a)

    4,996,000       3,027,726  

144A, 4.50%, 1/15/29

    1,695,000       535,535  

Millicom International Cellular SA
144A, 5.125%, 1/15/28

    1,751,400       1,671,020  

144A, 6.25%, 3/25/29

    2,428,200       2,359,907  

144A, 4.50%, 4/27/31

    3,194,000       2,758,818  

Sable International Finance Ltd., 144A, 5.75%, 9/7/27

    2,039,000       1,956,951  

Viasat, Inc.
144A, 5.625%, 9/15/25

    2,828,000       2,747,501  

144A, 5.625%, 4/15/27

    2,440,000       2,293,075  

144A, 6.50%, 7/15/28

    1,609,000       1,193,717  

144A, 7.50%, 5/30/31

    2,950,000       2,076,063  

Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28

    5,630,000       5,262,351  

Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27 (a)

    5,942,000       4,953,667  

144A, 6.125%, 3/1/28

    4,344,000       3,306,138  
   

 

 

 

(Cost $188,923,452)

      158,387,081  
   

 

 

 
Consumer, Cyclical — 19.6%  
Airlines — 1.2%  

Air Canada, 144A,
3.875%, 8/15/26

    4,826,000       4,576,155  

American Airlines Group, Inc., 144A, 3.75%, 3/1/25

    1,959,000       1,915,571  

American Airlines, Inc.
144A, 7.25%, 2/15/28 (a)

    3,114,000       3,142,751  

144A, 8.50%, 5/15/29

    3,972,000       4,178,079  

Delta Air Lines, Inc.
7.375%, 1/15/26

    3,389,000       3,498,549  

4.375%, 4/19/28 (a)

    1,688,000       1,620,176  

3.75%, 10/28/29 (a)

    1,699,000       1,546,217  

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26

    4,836,858       4,570,783  

Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.

   

144A, 8.00%, 9/20/25 (a)

    2,414,868       1,748,678  

144A, 8.00%, 9/20/25

    2,050,366       1,484,732  

United Airlines, Inc.
144A, 4.375%, 4/15/26

    8,044,000       7,750,753  

144A, 4.625%, 4/15/29

    7,769,000       7,173,777  
   

 

 

 

(Cost $45,977,057)

      43,206,221  
   

 

 

 
Apparel — 0.2%  

Hanesbrands, Inc.
144A, 4.875%, 5/15/26

    3,620,000       3,497,511  

144A, 9.00%, 2/15/31 (a)

    2,490,000       2,498,105  

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

    1,998,000       1,733,195  
   

 

 

 

(Cost $7,871,571)

      7,728,811  
   

 

 

 
Auto Manufacturers — 0.4%  

Allison Transmission, Inc.
144A, 4.75%, 10/1/27

    1,622,000       1,556,821  

144A, 5.875%, 6/1/29

    2,067,000       2,037,843  

 

See Notes to Financial Statements.   67  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Auto Manufacturers (Continued)  

144A, 3.75%, 1/30/31

  $ 3,878,000     $ 3,354,219  

Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25

    4,986,000       5,059,987  
   

 

 

 

(Cost $12,505,961)

      12,008,870  
   

 

 

 
Auto Parts & Equipment — 1.9%  

Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26

    3,195,000       3,099,985  

144A, 7.00%, 4/15/28 (a)

    2,023,000       2,064,609  

144A, 8.25%, 4/15/31 (a)

    2,067,000       2,177,977  

American Axle & Manufacturing, Inc.
6.50%, 4/1/27

    2,011,000       1,987,957  

6.875%, 7/1/28

    1,545,000       1,494,339  

5.00%, 10/1/29 (a)

    2,485,000       2,157,097  

Clarios Global LP, 144A, 6.75%, 5/15/25

    1,798,000       1,798,307  

Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26

    3,591,000       3,584,330  

144A, 8.50%, 5/15/27

    6,582,000       6,628,449  

144A, 6.75%, 5/15/28

    3,152,000       3,192,850  

Dana, Inc.
5.375%, 11/15/27

    1,620,000       1,565,428  

5.625%, 6/15/28

    1,624,000       1,573,993  

4.25%, 9/1/30

    1,679,000       1,449,804  

Goodyear Tire & Rubber Co.
9.50%, 5/31/25

    3,220,000       3,255,211  

5.00%, 5/31/26

    3,620,000       3,528,977  

4.875%, 3/15/27 (a)

    2,918,000       2,803,385  

5.00%, 7/15/29 (a)

    3,149,000       2,901,996  

5.25%, 4/30/31 (a)

    2,248,000       2,038,314  

5.25%, 7/15/31 (a)

    2,465,000       2,227,017  

5.625%, 4/30/33

    1,810,000       1,620,355  

Tenneco, Inc., 144A,
8.00%, 11/17/28

    7,642,000       6,971,147  

ZF North America Capital, Inc.
144A, 4.75%, 4/29/25

    4,333,000       4,271,252  

144A, 6.875%, 4/14/28

    2,413,000       2,465,560  

144A, 7.125%, 4/14/30

    2,470,000       2,575,405  
   

 

 

 

(Cost $68,941,088)

      67,433,744  
   

 

 

 
Distribution/Wholesale — 0.4%  

American Builders & Contractors Supply Co., Inc.
144A, 4.00%, 1/15/28

    2,887,000       2,699,805  

144A, 3.875%, 11/15/29

    1,627,000       1,454,506  

H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28

    5,027,000       4,540,954  

Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28

    2,212,000       2,266,636  

144A, 7.75%, 3/15/31

    3,301,000       3,474,303  
   

 

 

 

(Cost $15,145,241)

      14,436,204  
   

 

 

 
Entertainment — 3.4%  

AMC Entertainment Holdings, Inc., 144A,
7.50%, 2/15/29 (a)

    3,861,000       2,672,897  

Banijay Entertainment SASU, 144A, 8.125%, 5/1/29

    1,624,000       1,681,101  
   

Principal
Amount

   

Value

 
Entertainment (Continued)  

Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25

  $ 2,471,000     $ 2,472,663  

144A, 8.125%, 7/1/27

    6,723,000       6,907,553  

144A, 4.625%, 10/15/29 (a)

    4,876,000       4,454,815  

144A, 7.00%, 2/15/30

    8,420,000       8,632,597  

144A, 6.50%, 2/15/32

    5,700,000       5,746,215  

Cedar Fair LP, 5.25%, 7/15/29

    2,085,000       1,970,754  

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A,
5.50%, 5/1/25

    4,216,000       4,205,407  

5.375%, 4/15/27 (a)

    2,011,000       1,991,069  

Churchill Downs, Inc.
144A, 5.50%, 4/1/27

    2,413,000       2,371,769  

144A, 4.75%, 1/15/28

    2,847,000       2,695,435  

144A, 5.75%, 4/1/30

    4,971,000       4,779,521  

144A, 6.75%, 5/1/31

    2,315,000       2,319,273  

Cinemark USA, Inc.
144A, 5.875%, 3/15/26

    1,628,000       1,605,012  

144A, 5.25%, 7/15/28 (a)

    2,958,000       2,766,514  

International Game Technology PLC
144A, 4.125%, 4/15/26

    3,016,000       2,913,330  

144A, 6.25%, 1/15/27

    3,092,000       3,107,170  

144A, 5.25%, 1/15/29 (a)

    3,097,000       2,996,066  

Light & Wonder International, Inc.
144A, 7.00%, 5/15/28

    2,815,000       2,830,069  

144A, 7.25%, 11/15/29

    2,011,000       2,059,709  

144A, 7.50%, 9/1/31

    2,264,000       2,360,342  

Live Nation Entertainment, Inc.
144A, 6.50%, 5/15/27

    4,826,000       4,871,471  

144A, 4.75%, 10/15/27

    3,847,000       3,686,542  

144A, 3.75%, 1/15/28

    2,107,000       1,944,550  

Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31

    2,000,000       2,002,484  

Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26

    4,726,000       4,460,186  

Penn Entertainment, Inc.
144A, 5.625%, 1/15/27

    1,602,000       1,532,914  

144A, 4.125%, 7/1/29 (a)

    1,660,000       1,395,778  

Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29 (a)

    3,016,000       2,174,642  

144A, 5.875%, 9/1/31 (a)

    2,956,000       2,097,415  

Six Flags Entertainment Corp.
144A, 5.50%, 4/15/27 (a)

    2,008,000       1,966,926  

144A, 7.25%, 5/15/31 (a)

    3,217,000       3,239,905  

Vail Resorts, Inc.,
144A, 6.25%, 5/15/25

    2,397,000       2,407,151  

WMG Acquisition Corp.
144A, 3.75%, 12/1/29

    2,218,000       1,966,072  

144A, 3.875%, 7/15/30

    2,208,000       1,950,293  

144A, 3.00%, 2/15/31 (a)

    3,032,000       2,534,665  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29

    3,087,000       2,914,188  

144A, 7.125%, 2/15/31

    3,923,000       4,053,668  
   

 

 

 

(Cost $124,019,732)

      118,738,131  
   

 

 

 

 

See Notes to Financial Statements.   68  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Food Service — 0.3%  

Aramark Services, Inc.
144A, 5.00%, 4/1/25

  $ 2,189,000     $ 2,176,895  

144A, 5.00%, 2/1/28

    4,846,000       4,649,029  

TKC Holdings, Inc.
144A, 6.875%, 5/15/28

    1,832,000       1,716,859  

144A, 10.50%, 5/15/29

    2,715,000       2,467,655  
   

 

 

 

(Cost $11,618,712)

      11,010,438  
   

 

 

 
Home Builders — 0.5%  

Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30

    1,672,000       1,505,204  

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27

    2,423,000       2,349,770  

144A, 4.875%, 2/15/30

    1,954,000       1,737,634  

Mattamy Group Corp.
144A, 5.25%, 12/15/27

    2,088,000       2,015,430  

144A, 4.625%, 3/1/30

    2,443,000       2,195,433  

Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27

    2,053,000       2,043,827  

144A, 5.75%, 1/15/28

    1,858,000       1,822,487  

144A, 5.125%, 8/1/30

    1,894,000       1,789,617  
   

 

 

 

(Cost $16,572,166)

      15,459,402  
   

 

 

 
Home Furnishings — 0.2%  

Tempur Sealy International, Inc.
144A, 4.00%, 4/15/29

    3,321,000       2,979,928  

144A, 3.875%, 10/15/31

    3,071,000       2,557,504  
   

 

 

 

(Cost $6,229,045)

      5,537,432  
   

 

 

 
Housewares — 0.5%  

Newell Brands, Inc.
4.875%, 6/1/25

    2,011,000       1,970,635  

5.20%, 4/1/26

    7,983,000       7,760,284  

6.375%, 9/15/27 (a)

    2,163,000       2,102,071  

6.625%, 9/15/29 (a)

    2,011,000       1,928,734  

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

    1,670,000       1,483,828  

4.00%, 4/1/31

    1,910,000       1,621,991  

4.375%, 2/1/32

    1,655,000       1,385,566  
   

 

 

 

(Cost $19,556,874)

      18,253,109  
   

 

 

 
Leisure Time — 3.2%  

Carnival Corp.
144A, 7.625%, 3/1/26 (a)

    5,582,000       5,658,698  

144A, 5.75%, 3/1/27

    11,153,000       11,022,500  

144A, 4.00%, 8/1/28

    9,353,000       8,634,636  

144A, 6.00%, 5/1/29 (a)

    8,044,000       7,865,729  

144A, 7.00%, 8/15/29

    2,044,000       2,121,729  

144A, 10.50%, 6/1/30

    4,022,000       4,391,369  

Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28

    8,164,000       8,912,018  

Life Time, Inc.
144A, 5.75%, 1/15/26

    3,817,000       3,788,744  

144A, 8.00%, 4/15/26 (a)

    1,855,000       1,873,606  

NCL Corp. Ltd.
144A, 5.875%, 3/15/26

    5,731,000       5,602,053  

144A, 5.875%, 2/15/27

    4,022,000       3,977,945  
   

Principal
Amount

   

Value

 
Leisure Time (Continued)  

144A, 8.375%, 2/1/28

  $ 2,418,000     $ 2,540,070  

144A, 8.125%, 1/15/29

    3,205,000       3,374,503  

144A, 7.75%, 2/15/29 (a)

    2,413,000       2,475,366  

Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26

    2,623,000       2,528,676  

144A, 5.50%, 8/31/26

    4,022,000       3,979,864  

144A, 5.375%, 7/15/27

    4,101,000       4,026,481  

144A, 11.625%, 8/15/27

    5,596,000       6,057,187  

3.70%, 3/15/28

    2,056,000       1,899,292  

144A, 5.50%, 4/1/28

    5,771,000       5,684,724  

144A, 9.25%, 1/15/29

    4,197,000       4,517,764  

144A, 7.25%, 1/15/30

    2,918,000       3,036,077  

Viking Cruises Ltd. 144A, 5.875%, 9/15/27

    3,339,000       3,266,611  

144A, 7.00%, 2/15/29

    2,068,000       2,069,037  

144A, 9.125%, 7/15/31

    2,896,000       3,137,146  
   

 

 

 

(Cost $113,037,790)

      112,441,825  
   

 

 

 
Lodging — 2.5%  

Boyd Gaming Corp.
4.75%, 12/1/27

    4,126,000       3,971,148  

144A, 4.75%, 6/15/31

    3,662,000       3,330,021  

Hilton Domestic Operating Co., Inc.
144A, 5.375%, 5/1/25

    2,184,000       2,178,937  

144A, 5.75%, 5/1/28

    2,011,000       2,007,123  

144A, 3.75%, 5/1/29

    3,272,000       2,974,516  

4.875%, 1/15/30

    4,187,000       3,984,058  

144A, 4.00%, 5/1/31

    4,471,000       3,976,564  

144A, 3.625%, 2/15/32

    5,750,000       4,917,027  

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A, 5.00%, 6/1/29

    3,524,000       3,268,106  

144A, 4.875%, 7/1/31

    1,845,000       1,629,756  

144A, 6.625%, 1/15/32

    3,747,000       3,749,556  

Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a)

    2,001,000       1,816,828  

Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25

    4,022,000       3,935,245  

144A, 5.25%, 4/26/26

    2,011,000       1,932,183  

144A, 5.625%, 7/17/27

    2,413,000       2,289,502  

144A, 5.75%, 7/21/28

    3,527,000       3,315,077  

144A, 5.375%, 12/4/29

    4,584,000       4,128,612  

MGM Resorts International
6.75%, 5/1/25

    3,189,000       3,195,480  

5.75%, 6/15/25

    2,715,000       2,712,897  

4.625%, 9/1/26

    1,624,000       1,575,846  

5.50%, 4/15/27

    2,782,000       2,727,308  

4.75%, 10/15/28 (a)

    3,084,000       2,897,390  

Station Casinos LLC
144A, 4.50%, 2/15/28

    2,841,000       2,651,113  

144A, 4.625%, 12/1/31

    1,908,000       1,698,053  

Studio City Finance Ltd.
144A, 6.50%, 1/15/28

    2,074,000       1,968,693  

144A, 5.00%, 1/15/29

    4,352,000       3,799,146  

Travel + Leisure Co.
144A, 6.625%, 7/31/26

    2,582,000       2,611,551  

6.00%, 4/1/27

    1,907,000       1,901,644  

144A, 4.50%, 12/1/29

    2,456,000       2,251,108  

 

See Notes to Financial Statements.   69  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Lodging (Continued)  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A, 5.50%, 3/1/25

  $ 25,000     $ 25,009  

144A, 5.25%, 5/15/27 (a)

    3,715,000       3,639,238  
   

 

 

 

(Cost $91,642,095)

      87,058,735  
   

 

 

 
Retail — 4.9%  

1011778 BC ULC / New Red Finance, Inc.
144A, 5.75%, 4/15/25

    2,003,000       1,997,350  

144A, 3.875%, 1/15/28

    6,234,000       5,821,152  

144A, 4.375%, 1/15/28

    2,997,000       2,815,889  

144A, 3.50%, 2/15/29 (a)

    3,094,000       2,792,331  

144A, 4.00%, 10/15/30

    11,663,000       10,254,505  

Advance Auto Parts, Inc., 3.90%, 4/15/30

    2,000,000       1,787,530  

Asbury Automotive Group, Inc.
4.50%, 3/1/28

    1,535,000       1,432,899  

144A, 4.625%, 11/15/29 (a)

    3,252,000       2,965,041  

4.75%, 3/1/30

    1,927,000       1,755,699  

144A, 5.00%, 2/15/32

    2,319,000       2,061,309  

Bath & Body Works, Inc.
5.25%, 2/1/28

    1,939,000       1,884,424  

7.50%, 6/15/29 (a)

    2,131,000       2,202,090  

144A, 6.625%, 10/1/30

    3,802,000       3,826,964  

Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30

    2,473,000       2,488,380  

eG Global Finance PLC, 144A, 12.00%, 11/30/28

    4,424,000       4,676,168  

Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26

    2,614,000       2,589,860  

144A, 5.875%, 4/1/29

    3,438,000       3,267,145  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A, 4.625%, 1/15/29

    4,114,000       3,737,528  

144A, 6.75%, 1/15/30

    5,027,000       4,444,844  

FirstCash, Inc.
144A, 4.625%, 9/1/28

    2,148,000       1,989,459  

144A, 5.625%, 1/1/30

    2,269,000       2,152,173  

144A, 6.875%, 3/1/32

    1,800,000       1,784,463  

Gap, Inc.
144A, 3.625%, 10/1/29

    3,016,000       2,551,110  

144A, 3.875%, 10/1/31

    3,009,000       2,430,741  

Kohl’s Corp.,
4.625%, 5/1/31

    2,057,000       1,622,335  

LBM Acquisition LLC, 144A, 6.25%, 1/15/29

    2,920,000       2,633,749  

Lithia Motors, Inc.
144A, 4.625%, 12/15/27

    1,649,000       1,572,588  

144A, 3.875%, 6/1/29 (a)

    3,198,000       2,857,157  

144A, 4.375%, 1/15/31

    2,100,000       1,864,970  

Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29 (a)

    2,074,000       1,999,409  

144A, 5.875%, 3/15/30

    1,709,000       1,603,973  

144A, 6.125%, 3/15/32

    1,707,000       1,590,455  

Michaels Cos., Inc.
144A, 5.25%, 5/1/28

    3,419,000       2,658,813  

144A, 7.875%, 5/1/29

    4,612,000       2,983,934  
   

Principal
Amount

   

Value

 
Retail (Continued)  

Murphy Oil USA, Inc.
4.75%, 9/15/29

  $ 2,058,000     $ 1,920,855  

144A, 3.75%, 2/15/31

    1,904,000       1,626,532  

NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26

    4,396,000       4,315,766  

Nordstrom, Inc.
4.375%, 4/1/30 (a)

    2,011,000       1,779,132  

4.25%, 8/1/31

    1,770,000       1,491,464  

Penske Automotive Group, Inc.
3.50%, 9/1/25

    2,212,000       2,148,067  

3.75%, 6/15/29

    2,018,000       1,789,305  

PetSmart, Inc. / PetSmart Finance Corp.
144A, 4.75%, 2/15/28

    4,826,000       4,529,418  

144A, 7.75%, 2/15/29

    4,734,000       4,681,792  

QVC, Inc.
4.75%, 2/15/27 (a)

    2,298,000       2,073,408  

4.375%, 9/1/28

    1,982,000       1,627,799  

Sonic Automotive, Inc.
144A, 4.625%, 11/15/29 (a)

    2,693,000       2,379,426  

144A, 4.875%, 11/15/31 (a)

    1,943,000       1,671,602  

SRS Distribution, Inc.
144A, 4.625%, 7/1/28

    2,683,000       2,505,493  

144A, 6.125%, 7/1/29

    1,792,000       1,672,581  

144A, 6.00%, 12/1/29

    3,396,000       3,164,648  

Staples, Inc.
144A, 7.50%, 4/15/26

    8,044,000       7,741,663  

144A, 10.75%, 4/15/27

    3,819,000       3,498,930  

Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31

    2,691,000       2,419,979  

Walgreens Boots Alliance, Inc.
3.45%, 6/1/26

    5,821,000       5,554,305  

3.20%, 4/15/30 (a)

    2,098,000       1,812,926  

Yum! Brands, Inc. 144A,
4.75%, 1/15/30

    3,191,000       3,030,094  

3.625%, 3/15/31

    4,033,000       3,550,064  

4.625%, 1/31/32

    4,511,000       4,145,180  

5.375%, 4/1/32

    4,112,000       3,952,208  
   

 

 

 

(Cost $181,486,731)

      170,179,074  
   

 

 

 
Consumer, Non-cyclical — 16.7%

 

Agriculture — 0.3%  

Darling Ingredients, Inc.
144A, 5.25%, 4/15/27

    2,011,000       1,974,655  

144A, 6.00%, 6/15/30

    4,139,000       4,081,463  

Vector Group Ltd.
144A, 10.50%, 11/1/26

    2,801,000       2,820,999  

144A, 5.75%, 2/1/29

    3,519,000       3,227,547  
   

 

 

 

(Cost $12,485,903)

      12,104,664  
   

 

 

 
Beverages — 0.1%  

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

   

(Cost $3,008,553)

    3,067,000       2,785,005  
   

 

 

 
Commercial Services — 4.3%  

ADT Security Corp., 144A,
4.125%, 8/1/29 (a)

    3,850,000       3,483,191  

 

See Notes to Financial Statements.   70  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)  

Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26

  $ 2,272,000     $ 2,249,166  

Albion Financing 2 SARL, 144A, 8.75%, 4/15/27

    1,810,000       1,818,897  

Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31

    3,800,000       3,778,452  

Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26 (a)

    4,652,000       4,641,702  

144A, 9.75%, 7/15/27

    4,223,000       4,212,915  

144A, 6.00%, 6/1/29 (a)

    3,861,000       3,201,000  

Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28

    4,929,000       4,388,587  

APX Group, Inc.
144A, 6.75%, 2/15/27

    2,398,000       2,403,539  

144A, 5.75%, 7/15/29

    3,347,000       3,186,414  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27

    1,250,000       1,192,306  

144A, 4.75%, 4/1/28 (a)

    2,106,000       1,910,344  

144A, 5.375%, 3/1/29

    2,415,000       2,201,404  

144A, 8.00%, 2/15/31

    2,011,000       1,943,784  

Block, Inc.
2.75%, 6/1/26

    4,022,000       3,756,287  

3.50%, 6/1/31 (a)

    4,142,000       3,537,324  

Brink’s Co.
144A, 5.50%, 7/15/25

    1,609,000       1,601,562  

144A, 4.625%, 10/15/27

    2,291,000       2,167,280  

Garda World Security Corp.
144A, 4.625%, 2/15/27

    2,303,000       2,202,092  

144A, 9.50%, 11/1/27

    2,431,000       2,442,545  

144A, 7.75%, 2/15/28

    1,607,000       1,633,593  

144A, 6.00%, 6/1/29

    2,073,000       1,816,386  

Herc Holdings, Inc., 144A, 5.50%, 7/15/27

    4,826,000       4,728,788  

Hertz Corp.
144A, 4.625%, 12/1/26

    2,011,000       1,782,249  

144A, 5.00%, 12/1/29 (a)

    4,022,000       3,085,756  

MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28

    4,223,000       3,689,255  

144A, 5.75%, 11/1/28 (a)

    3,941,000       3,148,130  

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26

    5,425,000       5,388,557  

144A, 3.375%, 8/31/27

    4,131,000       3,786,290  

144A, 6.25%, 1/15/28 (a)

    5,228,500       5,162,586  

Sabre GLBL, Inc.
144A, 8.625%, 6/1/27

    3,431,000       3,024,273  

144A, 11.25%, 12/15/27

    2,263,000       2,128,634  

Service Corp. International
4.625%, 12/15/27

    2,219,000       2,130,771  

5.125%, 6/1/29

    3,240,000       3,169,692  

3.375%, 8/15/30

    3,468,000       2,979,914  

4.00%, 5/15/31

    3,003,000       2,641,461  

Sotheby’s,
144A, 7.375%, 10/15/27 (a)

    3,077,000       2,959,580  
   

Principal
Amount

   

Value

 
Commercial Services (Continued)  

United Rentals North America, Inc.
5.50%, 5/15/27

  $ 1,919,000     $ 1,908,265  

3.875%, 11/15/27

    3,006,000       2,833,716  

4.875%, 1/15/28 (a)

    6,452,000       6,234,634  

5.25%, 1/15/30

    3,094,000       2,998,517  

4.00%, 7/15/30

    3,109,000       2,817,123  

3.875%, 2/15/31

    4,400,000       3,892,526  

3.75%, 1/15/32

    3,099,000       2,684,851  

Valvoline, Inc.
144A, 4.25%, 2/15/30 (a)

    2,262,000       2,249,821  

144A, 3.625%, 6/15/31

    2,226,000       1,883,424  

Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32

    5,000,000       5,141,725  

Williams Scotsman, Inc.
144A, 6.125%, 6/15/25

    2,285,000       2,282,932  

144A, 4.625%, 8/15/28

    2,079,000       1,954,374  

144A, 7.375%, 10/1/31

    2,062,000       2,140,305  
   

 

 

 

(Cost $157,535,371)

      148,596,919  
   

 

 

 
Cosmetics/Personal Care — 0.3%  

Coty, Inc., 144A,
5.00%, 4/15/26

    2,212,000       2,169,850  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30

    3,194,000       3,248,282  

Edgewell Personal Care Co.
144A, 5.50%, 6/1/28

    3,022,000       2,953,068  

144A, 4.125%, 4/1/29

    2,048,000       1,868,186  
   

 

 

 

(Cost $10,477,796)

      10,239,386  
   

 

 

 
Food — 2.5%  

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26

    3,029,000       2,880,823  

144A, 7.50%, 3/15/26

    2,690,000       2,740,486  

144A, 4.625%, 1/15/27

    5,429,000       5,239,349  

144A, 5.875%, 2/15/28

    3,016,000       2,974,477  

144A, 6.50%, 2/15/28 (a)

    3,019,000       3,039,964  

144A, 3.50%, 3/15/29

    5,503,000       4,908,331  

144A, 4.875%, 2/15/30

    3,895,000       3,659,891  

B&G Foods, Inc.
5.25%, 9/15/27 (a)

    2,248,000       2,092,745  

144A, 8.00%, 9/15/28 (a)

    2,361,000       2,460,889  

Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28

    2,048,000       1,985,470  

144A, 4.125%, 1/31/30

    3,977,000       3,607,193  

144A, 4.375%, 1/31/32

    2,608,000       2,332,205  

Performance Food Group, Inc.
144A, 5.50%, 10/15/27

    4,263,000       4,179,690  

144A, 4.25%, 8/1/29

    4,107,000       3,731,308  

Pilgrim’s Pride Corp.
3.50%, 3/1/32

    3,606,000       3,015,896  

6.25%, 7/1/33

    4,082,000       4,130,796  

6.875%, 5/15/34

    1,828,000       1,927,397  

Post Holdings, Inc.
144A, 5.75%, 3/1/27

    1,844,000       1,861,666  

144A, 5.625%, 1/15/28

    3,887,000       3,819,370  

144A, 5.50%, 12/15/29

    4,964,000       4,753,522  

 

See Notes to Financial Statements.   71  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Food (Continued)  

144A, 4.625%, 4/15/30

  $ 5,691,000     $ 5,182,397  

144A, 4.50%, 9/15/31

    4,262,000       3,797,402  

144A, 6.25%, 2/15/32

    3,300,000       3,321,184  

Sigma Holdco BV, 144A, 7.875%, 5/15/26

    1,960,000       1,874,497  

US Foods, Inc.
144A, 6.875%, 9/15/28

    2,043,000       2,081,306  

144A, 4.75%, 2/15/29

    3,722,000       3,497,656  

144A, 4.625%, 6/1/30

    1,686,000       1,546,451  

144A, 7.25%, 1/15/32

    2,048,000       2,116,897  
   

 

 

 

(Cost $92,430,127)

      88,759,258  
   

 

 

 
Healthcare-Products — 1.4%  

Avantor Funding, Inc.
144A, 4.625%, 7/15/28

    6,420,000       6,067,468  

144A, 3.875%, 11/1/29

    3,038,000       2,726,168  

Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28

    5,682,000       5,944,792  

Hologic, Inc.
144A, 4.625%, 2/1/28

    1,810,000       1,736,037  

144A, 3.25%, 2/15/29

    3,561,000       3,178,540  

Medline Borrower LP
144A, 3.875%, 4/1/29

    18,098,000       16,242,921  

144A, 5.25%, 10/1/29

    10,054,000       9,309,310  

Teleflex, Inc.
4.625%, 11/15/27

    2,067,000       1,975,928  

144A, 4.25%, 6/1/28

    2,073,000       1,937,536  
   

 

 

 

(Cost $49,506,106)

      49,118,700  
   

 

 

 
Healthcare-Services — 5.0%  

Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27

    2,011,000       1,981,885  

144A, 3.125%, 2/15/29

    2,198,000       2,124,620  

144A, 3.50%, 4/1/30

    2,698,000       2,600,777  

Charles River Laboratories International, Inc.
144A, 4.25%, 5/1/28

    2,073,000       1,946,568  

144A, 3.75%, 3/15/29

    2,002,000       1,808,064  

144A, 4.00%, 3/15/31

    2,031,000       1,792,804  

CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26 (a)

    4,488,000       4,447,495  

144A, 5.625%, 3/15/27

    7,641,000       6,999,964  

144A, 8.00%, 12/15/27

    2,751,000       2,634,275  

144A, 6.875%, 4/1/28

    3,040,000       1,966,285  

144A, 6.00%, 1/15/29 (a)

    2,590,000       2,230,081  

144A, 6.875%, 4/15/29

    5,005,000       3,199,742  

144A, 6.125%, 4/1/30

    4,936,000       3,093,342  

144A, 5.25%, 5/15/30

    6,172,000       4,930,523  

144A, 4.75%, 2/15/31

    4,247,000       3,235,683  

144A, 10.875%, 1/15/32

    4,022,000       4,100,634  

DaVita, Inc.
144A, 4.625%, 6/1/30

    11,060,000       9,739,292  

144A, 3.75%, 2/15/31

    6,033,000       4,957,784  

Encompass Health Corp.
4.50%, 2/1/28

    3,302,000       3,127,568  

4.75%, 2/1/30

    3,296,000       3,060,005  

4.625%, 4/1/31

    1,428,000       1,293,465  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)  

IQVIA, Inc.
144A, 5.00%, 10/15/26

  $ 4,223,000     $ 4,132,615  

144A, 5.00%, 5/15/27

    4,424,000       4,312,308  

144A, 6.50%, 5/15/30

    1,842,000       1,869,833  

Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27

    2,498,000       2,320,005  

LifePoint Health, Inc.
144A, 5.375%, 1/15/29

    2,011,000       1,605,823  

144A, 9.875%, 8/15/30

    3,229,000       3,354,085  

144A, 11.00%, 10/15/30

    4,424,000       4,685,250  

ModivCare, Inc., 144A, 5.875%, 11/15/25 (a)

    2,011,000       1,965,149  

Molina Healthcare, Inc.
144A, 4.375%, 6/15/28

    3,372,000       3,144,375  

144A, 3.875%, 11/15/30

    2,663,000       2,338,410  

144A, 3.875%, 5/15/32

    2,895,000       2,491,955  

RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26

    5,101,000       5,104,795  

Select Medical Corp., 144A, 6.25%, 8/15/26

    4,927,000       4,919,087  

Star Parent, Inc., 144A,
9.00%, 10/1/30

    4,022,000       4,249,722  

Tenet Healthcare Corp.
4.875%, 1/1/26

    7,836,000       7,832,797  

6.25%, 2/1/27

    6,243,000       6,233,365  

5.125%, 11/1/27

    6,033,000       5,912,919  

4.625%, 6/15/28

    2,453,000       2,337,230  

6.125%, 10/1/28 (a)

    10,054,000       9,948,584  

4.25%, 6/1/29

    5,414,000       4,984,090  

4.375%, 1/15/30

    5,715,000       5,239,764  

6.125%, 6/15/30

    8,276,000       8,206,564  

144A, 6.75%, 5/15/31

    5,678,000       5,734,780  
   

 

 

 

(Cost $186,166,714)

      174,194,361  
   

 

 

 
Household Products/Wares — 0.1%  

Central Garden & Pet Co.
4.125%, 10/15/30

    2,052,000       1,824,820  

144A, 4.125%, 4/30/31

    1,437,000       1,258,605  

Spectrum Brands, Inc., 144A, 3.875%, 3/15/31 (a)

    1,683,000       1,599,902  
   

 

 

 

(Cost $5,095,431)

      4,683,327  
   

 

 

 
Pharmaceuticals — 2.7%  

AdaptHealth LLC
144A, 4.625%, 8/1/29

    2,084,000       1,736,941  

144A, 5.125%, 3/1/30 (a)

    2,468,000       2,066,321  

Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26

    2,421,000       2,278,760  

144A, 8.50%, 1/31/27 (a)

    2,584,000       1,473,366  

Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25

    6,653,000       6,197,636  

144A, 9.00%, 12/15/25

    3,380,000       3,218,875  

144A, 6.125%, 2/1/27 (a)

    4,051,000       2,597,704  

144A, 5.75%, 8/15/27

    1,981,000       1,196,191  

144A, 5.00%, 1/30/28

    1,757,000       803,817  

144A, 4.875%, 6/1/28

    6,435,000       3,673,993  

144A, 11.00%, 9/30/28

    7,135,000       4,816,125  

 

See Notes to Financial Statements.   72  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)  

144A, 5.00%, 2/15/29

  $ 1,818,000     $ 803,069  

144A, 6.25%, 2/15/29 (a)

    3,301,000       1,514,565  

144A, 5.25%, 1/30/30

    3,132,000       1,354,517  

144A, 5.25%, 2/15/31

    1,861,000       804,886  

Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28

    2,006,000       1,888,318  

Grifols SA, 144A,
4.75%, 10/15/28 (a)

    2,843,000       2,370,778  

Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25

    2,620,000       2,544,217  

HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29

    2,413,000       1,728,504  

Jazz Securities DAC, 144A, 4.375%, 1/15/29

    6,219,000       5,735,465  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28

    8,429,000       7,721,768  

144A, 5.125%, 4/30/31

    8,044,000       6,900,223  

Owens & Minor, Inc.
144A, 4.50%, 3/31/29 (a)

    1,948,000       1,742,851  

144A, 6.625%, 4/1/30 (a)

    2,312,000       2,236,351  

Perrigo Finance Unlimited Co.
4.375%, 3/15/26

    2,815,000       2,719,766  

4.65%, 6/15/30

    2,937,000       2,632,083  

Prestige Brands, Inc.
144A, 5.125%, 1/15/28

    1,643,000       1,589,603  

144A, 3.75%, 4/1/31

    2,453,000       2,121,354  

Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26

    13,531,000       12,548,598  

6.75%, 3/1/28

    5,026,000       5,090,232  
   

 

 

 

(Cost $113,944,996)

      94,106,877  
   

 

 

 
Diversified — 0.1%

 

Holding Companies-Diversified — 0.1%  

Benteler International AG, 144A, 10.50%, 5/15/28

   

(Cost $2,068,331)

    2,011,000       2,161,493  
   

 

 

 
Energy — 11.7%

 

Energy-Alternate Sources — 0.0%  

Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a)

   

(Cost $1,432,948)

    1,648,000       1,388,530  
   

 

 

 
Oil & Gas — 5.4%  

Antero Resources Corp.
144A, 7.625%, 2/1/29

    1,637,000       1,687,429  

144A, 5.375%, 3/1/30

    2,453,000       2,340,046  

Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26

    2,401,000       2,401,258  

144A, 8.25%, 12/31/28

    2,062,000       2,095,384  

144A, 5.875%, 6/30/29

    1,548,000       1,440,390  

Baytex Energy Corp.
144A, 8.75%, 4/1/27

    1,648,000       1,710,873  

144A, 8.50%, 4/30/30

    3,217,000       3,347,687  

Callon Petroleum Co.
144A, 8.00%, 8/1/28

    2,614,000       2,732,056  

144A, 7.50%, 6/15/30

    2,485,000       2,619,858  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)  

Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25

  $ 1,585,000     $ 1,598,219  

Chesapeake Energy Corp.
144A, 5.50%, 2/1/26

    2,010,000       1,994,167  

144A, 5.875%, 2/1/29

    2,059,000       2,038,523  

144A, 6.75%, 4/15/29

    3,871,000       3,889,386  

Civitas Resources, Inc.
144A, 5.00%, 10/15/26

    1,609,000       1,560,417  

144A, 8.375%, 7/1/28

    5,445,000       5,704,585  

144A, 8.625%, 11/1/30

    4,092,000       4,382,086  

144A, 8.75%, 7/1/31

    5,429,000       5,780,370  

CNX Resources Corp.
144A, 6.00%, 1/15/29

    2,083,000       2,003,881  

144A, 7.375%, 1/15/31

    2,067,000       2,085,890  

144A, 7.25%, 3/1/32

    1,520,000       1,515,699  

Comstock Resources, Inc.
144A, 6.75%, 3/1/29

    4,922,000       4,546,766  

144A, 5.875%, 1/15/30 (a)

    3,934,000       3,444,729  

Crescent Energy Finance LLC
144A, 7.25%, 5/1/26

    2,583,000       2,575,768  

144A, 9.25%, 2/15/28

    4,019,000       4,209,772  

CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25

    3,402,000       3,388,290  

CVR Energy, Inc.
144A, 5.75%, 2/15/28

    1,627,000       1,511,540  

144A, 8.50%, 1/15/29

    2,366,000       2,382,692  

Energean PLC,
144A, 6.50%, 4/30/27

    1,798,000       1,644,181  

Kosmos Energy Ltd.
144A, 7.125%, 4/4/26

    2,587,000       2,505,432  

144A, 7.75%, 5/1/27

    1,609,000       1,530,923  

144A, 7.50%, 3/1/28

    1,798,000       1,672,985  

Leviathan Bond Ltd.144A, REGS,
6.125%, 6/30/25

    2,415,429       2,370,012  

144A, REGS, 6.50%, 6/30/27

    2,527,289       2,425,831  

144A, REGS, 6.75%, 6/30/30

    2,240,059       2,053,986  

Matador Resources Co.
5.875%, 9/15/26

    2,812,000       2,786,461  

144A, 6.875%, 4/15/28

    2,048,000       2,081,612  

Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29

    2,000,000       2,095,158  

Murphy Oil Corp.,
5.875%, 12/1/27

    1,783,000       1,771,997  

Northern Oil & Gas, Inc.
144A, 8.125%, 3/1/28

    2,835,000       2,873,187  

144A, 8.75%, 6/15/31

    1,899,000       1,986,829  

Parkland Corp.
144A, 5.875%, 7/15/27

    2,011,000       1,975,452  

144A, 4.50%, 10/1/29

    3,263,000       2,984,682  

144A, 4.625%, 5/1/30

    3,127,000       2,859,376  

PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28

    3,324,000       3,235,631  

144A, 7.875%, 9/15/30

    2,073,000       2,125,810  

Permian Resources Operating LLC
144A, 8.00%, 4/15/27

    2,212,000       2,283,187  

144A, 5.875%, 7/1/29

    2,867,000       2,804,091  

144A, 9.875%, 7/15/31

    2,063,000       2,286,743  

144A, 7.00%, 1/15/32

    3,738,000       3,840,432  

 

See Notes to Financial Statements.   73  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Oil & Gas (Continued)  

Puma International Financing SA, 144A, 5.00%, 1/24/26

  $ 3,016,000     $ 2,857,246  

Range Resources Corp.
4.875%, 5/15/25

    2,733,000       2,697,368  

8.25%, 1/15/29

    2,533,000       2,644,610  

144A, 4.75%, 2/15/30

    2,059,000       1,914,870  

Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29

    2,815,000       2,595,918  

Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28

    2,428,000       2,484,003  

SM Energy Co.
6.75%, 9/15/26

    1,686,000       1,678,014  

6.625%, 1/15/27

    1,689,000       1,683,621  

6.50%, 7/15/28

    1,652,000       1,655,403  

Southwestern Energy Co.
5.375%, 2/1/29

    2,880,000       2,785,658  

5.375%, 3/15/30

    4,962,000       4,747,345  

4.75%, 2/1/32

    4,336,000       3,941,709  

Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27

    2,413,000       2,406,316  

144A, 7.00%, 9/15/28

    2,129,000       2,182,706  

4.50%, 5/15/29

    3,319,000       3,068,955  

4.50%, 4/30/30

    2,933,000       2,671,439  

Talos Production, Inc.
144A, 9.00%, 2/1/29

    2,500,000       2,557,133  

144A, 9.375%, 2/1/31

    2,500,000       2,584,910  

Transocean, Inc.
144A, 7.50%, 1/15/26

    2,289,000       2,264,713  

144A, 11.50%, 1/30/27

    2,922,000       3,041,086  

144A, 8.00%, 2/1/27

    2,462,000       2,405,374  

Tullow Oil PLC, 144A,
7.00%, 3/1/25

    2,029,000       1,907,164  

Vital Energy, Inc.
10.125%, 1/15/28 (a)

    2,816,000       2,949,493  

9.75%, 10/15/30

    2,142,000       2,296,222  
   

 

 

 

(Cost $191,524,564)

      189,203,035  
   

 

 

 
Oil & Gas Services — 0.6%  

Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27

    2,011,000       2,002,749  

144A, 6.25%, 4/1/28

    3,247,000       3,168,678  

CGG SA, 144A,
8.75%, 4/1/27 (a)

    2,034,000       1,816,697  

USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26

    2,956,000       2,954,044  

6.875%, 9/1/27

    3,016,000       3,003,248  

Weatherford International Ltd., 144A, 8.625%, 4/30/30

    6,322,000       6,559,423  
   

 

 

 

(Cost $19,838,950)

      19,504,839  
   

 

 

 
Pipelines — 5.7%  

Antero Midstream Partners LP / Antero Midstream Finance Corp.

   

144A, 7.875%, 5/15/26

    2,985,000       3,050,909  

144A, 5.75%, 3/1/27

    2,614,000       2,559,531  

144A, 5.75%, 1/15/28

    2,656,000       2,606,130  
   

Principal
Amount

   

Value

 
Pipelines (Continued)  

144A, 5.375%, 6/15/29

  $ 2,668,000     $ 2,540,209  

144A, 6.625%, 2/1/32

    2,473,000       2,464,431  

Buckeye Partners LP
144A, 4.125%, 3/1/25

    2,024,000       1,980,991  

3.95%, 12/1/26

    2,553,000       2,416,670  

4.125%, 12/1/27

    1,654,000       1,540,866  

144A, 4.50%, 3/1/28

    2,052,000       1,909,588  

CQP Holdco LP / BIP-V Chinook Holdco LLC
144A, 5.50%, 6/15/31

    5,630,000       5,250,484  

144A, 7.50%, 12/15/33 (a)

    2,097,000       2,139,945  

DT Midstream, Inc.
144A, 4.125%, 6/15/29

    4,424,000       4,046,592  

144A, 4.375%, 6/15/31

    4,070,000       3,667,400  

EnLink Midstream LLC
144A, 5.625%, 1/15/28

    2,058,000       2,029,623  

5.375%, 6/1/29

    2,022,000       1,961,580  

144A, 6.50%, 9/1/30

    3,861,000       3,960,965  

EnLink Midstream Partners LP
4.15%, 6/1/25

    1,697,000       1,655,826  

4.85%, 7/15/26

    1,975,000       1,927,399  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    1,609,000       1,608,066  

4.125%, 12/1/26

    2,062,000       1,978,456  

144A, 7.50%, 6/1/27

    1,998,000       2,045,636  

144A, 6.50%, 7/1/27

    3,722,000       3,762,146  

5.50%, 7/15/28

    3,440,000       3,377,041  

144A, 4.50%, 1/15/29

    3,239,000       3,039,007  

144A, 7.50%, 6/1/30

    2,049,000       2,179,984  

144A, 4.75%, 1/15/31

    4,190,000       3,900,111  

Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27

    3,946,000       3,977,107  

7.75%, 2/1/28

    2,732,000       2,734,451  

8.25%, 1/15/29

    2,408,000       2,450,102  

8.875%, 4/15/30

    2,006,000       2,081,782  

Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27

    1,600,000       1,601,760  

144A, 8.25%, 1/15/32

    1,810,000       1,857,652  

Hess Midstream Operations LP
144A, 5.625%, 2/15/26

    3,197,000       3,154,720  

144A, 5.125%, 6/15/28

    2,278,000       2,190,570  

144A, 4.25%, 2/15/30

    2,796,000       2,548,540  

144A, 5.50%, 10/15/30

    1,649,000       1,586,223  

ITT Holdings LLC, 144A,
6.50%, 8/1/29

    4,907,000       4,360,184  

New Fortress Energy, Inc.
144A, 6.75%, 9/15/25

    5,027,000       5,005,708  

144A, 6.50%, 9/30/26 (a)

    6,032,000       5,830,611  

NGL Energy Operating LLC / NGL Energy Finance Corp.
144A, 8.125%, 2/15/29

    3,600,000       3,636,997  

144A, 8.375%, 2/15/32

    5,200,000       5,286,278  

NuStar Logistics LP
5.75%, 10/1/25

    2,111,000       2,093,557  

6.00%, 6/1/26

    1,748,000       1,729,463  

5.625%, 4/28/27

    2,533,000       2,509,253  

6.375%, 10/1/30

    2,501,000       2,510,379  

 

See Notes to Financial Statements.   74  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)  

Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25

  $ 1,610,000     $ 1,562,313  

144A, 4.95%, 7/15/29

    2,284,000       2,138,003  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27

    1,729,000       1,707,975  

144A, 5.50%, 1/15/28

    3,194,000       3,038,005  

144A, 7.375%, 2/15/29

    3,064,000       3,059,499  

144A, 6.00%, 12/31/30

    2,958,000       2,753,577  

144A, 6.00%, 9/1/31

    1,829,000       1,676,907  

Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29

    5,152,000       4,629,143  

144A, 6.25%, 1/15/30

    4,101,000       4,097,545  

144A, 4.125%, 8/15/31

    5,086,000       4,467,717  

144A, 3.875%, 11/1/33

    4,923,000       4,132,880  

Venture Global LNG, Inc.
144A, 8.125%, 6/1/28

    9,001,000       9,151,421  

144A, 9.50%, 2/1/29

    12,065,000       12,871,406  

144A, 8.375%, 6/1/31

    9,049,000       9,159,633  

144A, 9.875%, 2/1/32

    8,044,000       8,474,402  
   

 

 

 

(Cost $205,998,391)

      199,665,349  
   

 

 

 
Financial — 11.7%  
Banks — 0.3%  

Freedom Mortgage Corp.
144A, 7.625%, 5/1/26

    2,016,000       2,002,593  

144A, 6.625%, 1/15/27

    2,152,000       2,053,302  

144A, 12.00%, 10/1/28

    3,217,000       3,489,435  

144A, 12.25%, 10/1/30

    2,079,000       2,290,037  
   

 

 

 

(Cost $9,393,389)

      9,835,367  
   

 

 

 
Diversified Financial Services — 4.3%  

AG Issuer LLC, 144A,
6.25%, 3/1/28

    2,029,000       1,965,183  

AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27

    2,011,000       2,071,978  

Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29

    3,615,000       3,702,266  

Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31

    2,690,000       2,827,863  

Coinbase Global, Inc.
144A, 3.375%, 10/1/28

    4,120,000       3,485,236  

144A, 3.625%, 10/1/31

    2,937,000       2,302,260  

Credit Acceptance Corp., 144A, 9.25%, 12/15/28

    2,516,000       2,664,696  

Curo Group Holdings Corp., 144A, 7.50%, 8/1/28*

    2,744,000       751,170  

Enova International, Inc., 144A, 11.25%, 12/15/28

    1,627,000       1,705,353  

goeasy Ltd., 144A,
9.25%, 12/1/28

    2,200,000       2,336,400  

Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28

    3,994,000       3,597,443  

LD Holdings Group LLC
144A, 6.50%, 11/1/25

    2,009,000       1,861,368  

144A, 6.125%, 4/1/28

    2,413,000       1,972,422  

Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28

    2,011,000       2,108,131  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)  

Nationstar Mortgage Holdings, Inc.
144A, 5.00%, 2/1/26

  $ 2,011,000     $ 1,956,023  

144A, 6.00%, 1/15/27

    2,378,000       2,340,154  

144A, 5.50%, 8/15/28

    3,397,000       3,211,416  

144A, 5.125%, 12/15/30

    2,692,000       2,406,260  

144A, 5.75%, 11/15/31

    2,413,000       2,212,815  

144A, 7.125%, 2/1/32

    3,900,000       3,838,922  

Navient Corp.
6.75%, 6/25/25

    2,023,000       2,036,775  

6.75%, 6/15/26

    1,956,000       1,965,811  

5.00%, 3/15/27

    2,648,000       2,513,530  

4.875%, 3/15/28

    1,966,000       1,797,091  

5.50%, 3/15/29

    3,049,000       2,763,150  

9.375%, 7/25/30

    2,033,000       2,126,910  

11.50%, 3/15/31

    2,093,000       2,292,080  

NFP Corp.
144A, 4.875%, 8/15/28

    2,355,000       2,351,279  

144A, 6.875%, 8/15/28

    8,587,000       8,728,160  

OneMain Finance Corp.
6.875%, 3/15/25

    5,210,000       5,266,320  

7.125%, 3/15/26

    6,435,000       6,544,504  

3.50%, 1/15/27

    3,034,000       2,796,570  

6.625%, 1/15/28

    3,186,000       3,170,554  

3.875%, 9/15/28

    2,318,000       2,028,015  

9.00%, 1/15/29

    3,620,000       3,805,417  

5.375%, 11/15/29

    3,024,000       2,809,804  

7.875%, 3/15/30

    2,815,000       2,865,231  

4.00%, 9/15/30

    3,276,000       2,764,064  

Osaic Holdings, Inc., 144A, 10.75%, 8/1/27 (a)

    1,646,000       1,711,210  

PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25

    2,614,000       2,574,943  

144A, 4.25%, 2/15/29

    2,497,000       2,254,143  

144A, 7.875%, 12/15/29

    3,076,000       3,151,328  

144A, 5.75%, 9/15/31

    1,998,000       1,838,893  

PRA Group, Inc., 144A,
8.375%, 2/1/28

    1,623,000       1,587,497  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A, 2.875%, 10/15/26

    4,625,000       4,260,203  

144A, 3.625%, 3/1/29

    3,038,000       2,697,705  

144A, 3.875%, 3/1/31

    5,096,000       4,379,248  

144A, 4.00%, 10/15/33

    3,357,000       2,789,818  

SLM Corp.
4.20%, 10/29/25

    2,011,000       1,951,997  

3.125%, 11/2/26

    2,077,000       1,910,270  

Synchrony Financial,
7.25%, 2/2/33

    3,016,000       2,934,065  

United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25

    3,217,000       3,164,984  

144A, 5.75%, 6/15/27

    2,100,000       2,039,383  

144A, 5.50%, 4/15/29

    2,820,000       2,635,885  
   

 

 

 

(Cost $156,743,193)

      149,824,196  
   

 

 

 
Insurance — 1.7%  

Acrisure LLC / Acrisure Finance, Inc.
144A, 10.125%, 8/1/26

    1,752,000       1,823,251  

144A, 4.25%, 2/15/29

    2,887,000       2,563,757  

144A, 6.00%, 8/1/29

    2,091,000       1,884,222  

 

See Notes to Financial Statements.   75  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Insurance (Continued)  

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27

  $ 3,131,000     $ 2,893,453  

144A, 6.75%, 10/15/27

    5,272,000       5,126,651  

144A, 6.75%, 4/15/28

    5,166,000       5,135,288  

144A, 5.875%, 11/1/29

    1,765,000       1,617,084  

144A, 7.00%, 1/15/31

    3,027,000       3,017,298  

AmWINS Group, Inc., 144A, 6.375%, 2/15/29

    2,900,000       2,903,704  

AssuredPartners, Inc.
144A, 5.625%, 1/15/29

    2,275,000       2,095,080  

144A, 7.50%, 2/15/32

    1,900,000       1,868,375  

Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 144A, 7.25%, 2/15/31

    3,900,000       3,908,522  

HUB International Ltd.
144A, 5.625%, 12/1/29

    2,273,000       2,112,290  

144A, 7.25%, 6/15/30

    13,110,000       13,382,268  

144A, 7.375%, 1/31/32

    7,500,000       7,528,448  

USI, Inc., 144A,
7.50%, 1/15/32

    2,637,000       2,630,408  
   

 

 

 

(Cost $61,302,992)

      60,490,099  
   

 

 

 
Investment Companies — 0.1%  

Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29

   

(Cost $2,885,259)

    2,815,000       2,945,194  
   

 

 

 
Real Estate — 0.7%  

Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30

    2,601,197       2,360,534  

Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28

    2,687,000       2,649,234  

144A, 8.875%, 9/1/31

    1,507,000       1,570,256  

Howard Hughes Corp.
144A, 5.375%, 8/1/28

    2,982,000       2,816,574  

144A, 4.125%, 2/1/29

    2,587,000       2,299,882  

144A, 4.375%, 2/1/31

    2,648,000       2,259,453  

Kennedy-Wilson, Inc.
4.75%, 3/1/29

    2,460,000       1,995,146  

4.75%, 2/1/30

    2,482,000       1,966,427  

5.00%, 3/1/31

    2,413,000       1,878,460  

Realogy Group LLC / Realogy Co.-Issuer Corp.
144A, 5.75%, 1/15/29

    2,317,000       1,726,165  

144A, 5.25%, 4/15/30

    1,839,000       1,290,247  
   

 

 

 

(Cost $25,637,401)

      22,812,378  
   

 

 

 
Real Estate Investment Trusts — 3.9%  

Brandywine Operating Partnership LP, 3.95%, 11/15/27

    1,813,000       1,595,756  

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26

    3,802,000       3,670,561  

144A, 4.50%, 4/1/27

    2,922,000       2,572,123  

Diversified Healthcare Trust
9.75%, 6/15/25

    2,011,000       2,004,080  

4.75%, 2/15/28

    1,936,000       1,542,970  

4.375%, 3/1/31

    2,042,000       1,554,085  
   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)  

Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27

  $ 2,086,000     $ 1,763,839  

Hudson Pacific Properties LP
3.95%, 11/1/27

    1,602,000       1,385,239  

4.65%, 4/1/29

    2,011,000       1,677,400  

3.25%, 1/15/30

    1,627,000       1,223,461  

Iron Mountain, Inc.
144A, 4.875%, 9/15/27

    3,812,000       3,660,162  

144A, 5.25%, 3/15/28

    3,417,000       3,296,928  

144A, 5.00%, 7/15/28

    2,078,000       1,969,222  

144A, 7.00%, 2/15/29

    4,131,000       4,197,366  

144A, 4.875%, 9/15/29

    4,101,000       3,817,551  

144A, 5.25%, 7/15/30

    5,191,000       4,862,359  

144A, 4.50%, 2/15/31

    4,292,000       3,802,026  

144A, 5.625%, 7/15/32

    2,480,000       2,307,737  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A, 4.25%, 2/1/27

    2,458,000       2,264,708  

144A, 4.75%, 6/15/29

    2,521,000       2,265,632  

MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a)

    2,011,000       1,793,260  

5.00%, 10/15/27 (a)

    5,630,000       4,613,462  

4.625%, 8/1/29 (a)

    3,620,000       2,700,954  

3.50%, 3/15/31 (a)

    5,228,000       3,505,026  

Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28

    2,027,000       1,709,298  

Office Properties Income Trust, 3.45%, 10/15/31

    1,609,000       710,028  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25

    2,711,000       2,721,858  

144A, 5.875%, 10/1/28

    2,992,000       2,910,947  

144A, 4.875%, 5/15/29

    2,875,000       2,644,138  

RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27

    2,940,500       2,810,809  

144A, 7.25%, 7/15/28

    1,659,000       1,700,595  

144A, 4.50%, 2/15/29

    2,161,000       2,010,594  

RLJ Lodging Trust LP
144A, 3.75%, 7/1/26

    2,011,000       1,897,680  

144A, 4.00%, 9/15/29

    2,133,000       1,863,794  

SBA Communications Corp.
3.875%, 2/15/27

    6,200,000       5,856,103  

3.125%, 2/1/29

    5,725,000       5,070,544  

Service Properties Trust
7.50%, 9/15/25

    3,217,000       3,261,485  

4.75%, 10/1/26

    1,749,000       1,619,799  

4.95%, 2/15/27

    1,602,000       1,472,621  

5.50%, 12/15/27

    1,851,000       1,744,687  

3.95%, 1/15/28

    1,615,000       1,367,585  

4.95%, 10/1/29

    1,686,000       1,388,979  

4.375%, 2/15/30

    1,609,000       1,241,943  

144A, 8.625%, 11/15/31

    4,124,000       4,359,097  

 

See Notes to Financial Statements.   76  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)  

Starwood Property Trust, Inc.
4.75%, 3/15/25

  $ 1,962,000     $ 1,937,799  

144A, 3.625%, 7/15/26

    1,609,000       1,502,331  

144A, 4.375%, 1/15/27 (a)

    1,989,000       1,867,233  

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30

    2,815,000       2,058,215  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28

    10,457,000       10,834,839  

144A, 4.75%, 4/15/28

    2,278,000       1,981,955  

144A, 6.50%, 2/15/29

    4,464,000       3,441,560  

Vornado Realty LP,
2.15%, 6/1/26

    1,609,000       1,444,650  
   

 

 

 

(Cost $148,157,542)

      137,477,073  
   

 

 

 
Venture Capital — 0.7%  

HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25

    1,425,000       1,411,795  

144A, 3.375%, 6/15/26 (a)

    4,034,000       3,777,633  

144A, 8.00%, 6/15/27 (a)

    2,994,000       3,112,455  

Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.375%, 12/15/25

    3,006,000       2,981,996  

6.25%, 5/15/26

    5,019,000       4,895,413  

5.25%, 5/15/27

    5,738,000       5,278,271  

4.375%, 2/1/29

    2,944,000       2,487,665  
   

 

 

 

(Cost $25,125,196)

      23,945,228  
   

 

 

 
Industrial — 9.3%  
Aerospace/Defense — 2.4%  

Bombardier, Inc.
144A, 7.125%, 6/15/26

    3,836,000       3,870,731  

144A, 7.875%, 4/15/27

    7,278,000       7,291,835  

144A, 6.00%, 2/15/28

    3,054,000       2,967,754  

144A, 7.50%, 2/1/29 (a)

    3,073,000       3,119,447  

144A, 8.75%, 11/15/30

    3,004,000       3,150,475  

Rolls-Royce PLC
144A, 3.625%, 10/14/25

    4,127,000       3,989,241  

144A, 5.75%, 10/15/27

    3,800,000       3,785,088  

Spirit AeroSystems, Inc.
4.60%, 6/15/28

    2,828,000       2,485,557  

144A, 9.375%, 11/30/29

    3,620,000       3,919,026  

144A, 9.75%, 11/15/30

    4,977,000       5,338,365  

TransDigm, Inc.
7.50%, 3/15/27

    2,668,000       2,667,728  

5.50%, 11/15/27

    10,921,000       10,556,060  

144A, 6.75%, 8/15/28

    8,657,000       8,771,324  

4.625%, 1/15/29

    4,976,000       4,567,371  

4.875%, 5/1/29

    3,107,000       2,857,076  

144A, 6.875%, 12/15/30

    5,950,000       6,026,815  

144A, 7.125%, 12/1/31

    4,167,000       4,279,801  

Triumph Group, Inc.
7.75%, 8/15/25

    1,150,000       1,148,304  

144A, 9.00%, 3/15/28

    4,806,000       5,029,883  
   

 

 

 

(Cost $87,131,720)

      85,821,881  
   

 

 

 
   

Principal
Amount

   

Value

 
Building Materials — 1.2%  

Builders FirstSource, Inc.
144A, 5.00%, 3/1/30

  $ 2,255,000     $ 2,131,476  

144A, 4.25%, 2/1/32

    5,301,000       4,663,025  

144A, 6.375%, 6/15/32

    2,591,000       2,593,751  

Smyrna Ready Mix Concrete LLC
144A, 6.00%, 11/1/28

    4,503,000       4,372,499  

144A, 8.875%, 11/15/31

    4,296,000       4,557,064  

Standard Industries, Inc.
144A, 5.00%, 2/15/27

    3,419,000       3,295,801  

144A, 4.75%, 1/15/28

    4,055,000       3,830,484  

144A, 4.375%, 7/15/30

    6,435,000       5,743,337  

144A, 3.375%, 1/15/31

    4,336,000       3,597,328  

Summit Materials LLC / Summit Materials Finance Corp.
144A, 5.25%, 1/15/29

    2,868,000       2,779,121  

144A, 7.25%, 1/15/31

    3,307,000       3,434,610  
   

 

 

 

(Cost $42,918,201)

      40,998,496  
   

 

 

 
Electrical Components & Equipment — 0.5%  

Energizer Holdings, Inc.
144A, 4.75%, 6/15/28

    2,481,000       2,271,052  

144A, 4.375%, 3/31/29

    2,998,000       2,659,346  

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    6,299,000       6,342,054  

144A, 7.25%, 6/15/28

    5,602,000       5,729,985  
   

 

 

 

(Cost $17,494,787)

      17,002,437  
   

 

 

 
Electronics — 0.4%  

Sensata Technologies BV
144A, 5.00%, 10/1/25

    2,810,000       2,786,285  

144A, 4.00%, 4/15/29

    4,043,000       3,670,489  

144A, 5.875%, 9/1/30

    2,042,000       1,990,646  

Sensata Technologies, Inc.
144A, 4.375%, 2/15/30

    1,669,000       1,522,235  

144A, 3.75%, 2/15/31

    3,038,000       2,600,710  
   

 

 

 

(Cost $13,555,817)

      12,570,365  
   

 

 

 
Engineering & Construction — 0.3%  

Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30

    5,471,000       5,824,846  

Fluor Corp.,
4.25%, 9/15/28

    2,453,000       2,321,335  

IHS Holding Ltd.
144A, 5.625%, 11/29/26

    2,011,000       1,767,448  

144A, 6.25%, 11/29/28

    1,980,000       1,620,804  
   

 

 

 

(Cost $11,412,318)

      11,534,433  
   

 

 

 
Environmental Control — 0.9%  

Clean Harbors, Inc., 144A, 6.375%, 2/1/31

    2,063,000       2,052,374  

Covanta Holding Corp.,
5.00%, 9/1/30

    1,654,000       1,438,443  

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

    1,998,000       1,964,633  

144A, 3.75%, 8/1/25

    3,027,000       2,941,782  

144A, 5.125%, 12/15/26

    2,002,000       1,960,275  

144A, 4.00%, 8/1/28

    2,701,000       2,478,835  

144A, 3.50%, 9/1/28

    3,016,000       2,737,230  

144A, 4.75%, 6/15/29

    3,087,000       2,893,095  

144A, 4.375%, 8/15/29

    2,223,000       2,027,087  

144A, 6.75%, 1/15/31

    4,117,000       4,216,265  

 

See Notes to Financial Statements.   77  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Environmental Control (Continued)  

Madison IAQ LLC
144A, 4.125%, 6/30/28

  $ 2,800,000     $ 2,553,456  

144A, 5.875%, 6/30/29

    4,100,000       3,664,464  
   

 

 

 

(Cost $32,137,230)

      30,927,939  
   

 

 

 
Machinery-Diversified — 0.4%  

Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28

    2,009,000       2,091,019  

SPX FLOW, Inc., 144A,
8.75%, 4/1/30

    2,035,000       1,996,764  

Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26

    2,000,000       2,001,600  

TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28

    1,560,000       1,527,599  

TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27

    6,436,000       6,191,439  
   

 

 

 

(Cost $13,928,666)

      13,808,421  
   

 

 

 
Miscellaneous Manufacturing — 0.1%  

Hillenbrand, Inc.
5.75%, 6/15/25

    1,725,000       1,713,791  

6.25%, 2/15/29

    1,700,000       1,702,358  

Trinity Industries, Inc., 144A, 7.75%, 7/15/28

    1,602,000       1,651,789  
   

 

 

 

(Cost $5,066,565)

      5,067,938  
   

 

 

 
Packaging & Containers — 2.6%  

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27

    2,418,000       2,376,776  

144A, 3.25%, 9/1/28

    2,482,000       2,154,301  

144A, 4.00%, 9/1/29 (a)

    4,126,000       3,355,702  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25

    2,977,000       2,948,223  

144A, 4.125%, 8/15/26 (a)

    4,886,000       4,513,540  

144A, 5.25%, 8/15/27

    4,022,000       2,921,768  

144A, 5.25%, 8/15/27

    3,217,000       2,336,978  

Ball Corp.
6.875%, 3/15/28

    3,016,000       3,091,886  

6.00%, 6/15/29

    4,022,000       4,046,522  

2.875%, 8/15/30

    5,334,000       4,520,905  

3.125%, 9/15/31 (a)

    3,257,000       2,747,089  

Berry Global, Inc., 144A, 5.625%, 7/15/27

    2,214,000       2,185,199  

Crown Americas LLC,
5.25%, 4/1/30

    2,049,000       1,975,605  

Graphic Packaging International LLC
144A, 3.50%, 3/15/28

    1,832,000       1,677,304  

144A, 3.75%, 2/1/30

    1,415,000       1,260,715  

LABL, Inc.
144A, 6.75%, 7/15/26

    2,815,000       2,732,413  

144A, 10.50%, 7/15/27 (a)

    2,710,000       2,634,111  

144A, 5.875%, 11/1/28

    1,981,000       1,778,143  

144A, 8.25%, 11/1/29

    1,888,000       1,598,900  

Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26

    11,060,000       11,214,199  

144A, 9.25%, 4/15/27 (a)

    5,403,000       5,260,432  
   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)  

OI European Group BV, 144A, 4.75%, 2/15/30

  $ 1,309,000     $ 1,206,309  

Owens-Brockway Glass Container, Inc.
144A, 6.625%, 5/13/27

    2,426,000       2,422,489  

144A, 7.25%, 5/15/31

    2,923,000       2,966,085  

Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27

    4,218,000       3,933,665  

Sealed Air Corp.
144A, 5.50%, 9/15/25

    1,809,000       1,807,281  

144A, 4.00%, 12/1/27

    1,757,000       1,636,038  

144A, 6.125%, 2/1/28

    3,117,000       3,110,017  

144A, 5.00%, 4/15/29

    1,757,000       1,666,019  

144A, 7.25%, 2/15/31

    1,471,000       1,520,475  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    2,304,000       2,153,406  
   

 

 

 

(Cost $94,878,303)

      89,752,495  
   

 

 

 
Transportation — 0.2%  

Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (a)

    2,368,000       2,097,267  

Seaspan Corp., 144A,
5.50%, 8/1/29

    3,019,000       2,577,803  

XPO, Inc.
144A, 7.125%, 6/1/31

    1,857,000       1,898,595  

144A, 7.125%, 2/1/32

    2,450,000       2,492,846  
   

 

 

 

(Cost $9,505,208)

      9,066,511  
   

 

 

 
Trucking & Leasing — 0.3%  

Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25

    2,631,000       2,634,838  

144A, 9.75%, 8/1/27

    1,665,000       1,727,421  

144A, 5.50%, 5/1/28

    4,122,000       3,952,426  

144A, 7.875%, 12/1/30

    1,806,000       1,895,130  
   

 

 

 

(Cost $10,362,679)

      10,209,815  
   

 

 

 
Technology — 4.8%  
Computers — 1.4%  

CA Magnum Holdings, 144A, 5.375%, 10/31/26

    3,900,000       3,758,391  

McAfee Corp., 144A,
7.375%, 2/15/30

    8,124,000       7,179,568  

NCR Atleos Corp., 144A, 9.50%, 4/1/29

    5,429,000       5,747,954  

NCR Voyix Corp.
144A, 5.00%, 10/1/28

    2,642,000       2,458,524  

144A, 5.125%, 4/15/29

    4,668,000       4,333,959  

144A, 5.25%, 10/1/30

    1,810,000       1,637,100  

Presidio Holdings, Inc.
144A, 4.875%, 2/1/27

    2,111,000       2,030,727  

144A, 8.25%, 2/1/28

    2,212,000       2,182,911  

Seagate HDD Cayman
4.875%, 6/1/27

    2,079,000       2,015,339  

4.091%, 6/1/29

    2,031,000       1,855,287  

144A, 8.25%, 12/15/29

    2,068,000       2,217,614  

144A, 8.50%, 7/15/31 (a)

    2,038,000       2,205,223  

9.625%, 12/1/32

    2,868,495       3,244,268  

Western Digital Corp.,
4.75%, 2/15/26

    9,267,000       9,065,762  
   

 

 

 

(Cost $51,379,605)

      49,932,627  
   

 

 

 

 

See Notes to Financial Statements.   78  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Principal
Amount

   

Value

 
Office/Business Equipment — 0.2%  

Xerox Holdings Corp.
144A, 5.00%, 8/15/25

  $ 3,016,000     $ 2,969,109  

144A, 5.50%, 8/15/28

    3,138,000       2,841,510  
   

 

 

 

(Cost $6,187,215)

      5,810,619  
   

 

 

 
Semiconductors — 0.5%  

ams-OSRAM AG, 144A, 12.25%, 3/30/29

    1,607,000       1,632,109  

Entegris, Inc.
144A, 4.375%, 4/15/28

    1,865,000       1,744,499  

144A, 4.75%, 4/15/29

    6,218,000       5,869,188  

144A, 3.625%, 5/1/29

    1,590,000       1,408,605  

144A, 5.95%, 6/15/30

    3,690,000       3,620,939  

ON Semiconductor Corp., 144A, 3.875%, 9/1/28

    2,837,000       2,596,962  
   

 

 

 

(Cost $17,221,623)

      16,872,302  
   

 

 

 
Software — 2.7%  

Alteryx, Inc., 144A,
8.75%, 3/15/28

    1,802,000       1,828,835  

AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a)

    9,451,000       8,470,569  

Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25

    2,388,000       2,392,012  

Clarivate Science Holdings Corp.
144A, 3.875%, 7/1/28

    3,434,000       3,138,284  

144A, 4.875%, 7/1/29 (a)

    3,815,000       3,464,484  

Cloud Software Group, Inc.
144A, 6.50%, 3/31/29

    16,087,000       14,991,202  

144A, 9.00%, 9/30/29

    15,434,000       14,423,055  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    1,607,000       1,591,412  

144A, 4.00%, 6/15/28

    3,494,000       3,249,174  

MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)

    2,002,000       1,932,582  

Open Text Corp.
144A, 3.875%, 2/15/28

    3,515,000       3,233,466  

144A, 3.875%, 12/1/29

    3,503,000       3,099,270  

Open Text Holdings, Inc.
144A, 4.125%, 2/15/30

    3,687,000       3,259,189  

144A, 4.125%, 12/1/31

    2,554,000       2,188,303  

PTC, Inc., 144A, 4.00%, 2/15/28

    2,202,000       2,056,624  

RingCentral, Inc., 144A, 8.50%, 8/15/30

    1,635,000       1,691,694  

ROBLOX Corp., 144A,
3.875%, 5/1/30

    4,097,000       3,591,287  

SS&C Technologies, Inc., 144A, 5.50%, 9/30/27

    8,044,000       7,840,847  

Twilio, Inc.
3.625%, 3/15/29 (a)

    2,043,000       1,820,783  

3.875%, 3/15/31

    2,036,000       1,773,363  

UKG, Inc., 144A,
6.875%, 2/1/31

    9,900,000       10,010,039  
   

 

 

 

(Cost $98,704,447)

      96,046,474  
   

 

 

 
Utilities — 3.1%  
Electric — 2.8%  

Calpine Corp.
144A, 5.25%, 6/1/26

    1,689,000       1,665,469  

144A, 4.50%, 2/15/28

    5,156,000       4,861,703  
   

Principal
Amount

   

Value

 
Electric (Continued)  

144A, 5.125%, 3/15/28

  $ 5,630,000     $ 5,359,292  

144A, 4.625%, 2/1/29

    2,667,000       2,457,280  

144A, 5.00%, 2/1/31

    3,411,000       3,053,039  

144A, 3.75%, 3/1/31

    3,430,000       2,943,673  

Clearway Energy Operating LLC
144A, 4.75%, 3/15/28

    3,507,000       3,283,107  

144A, 3.75%, 2/15/31

    3,630,000       3,065,009  

DPL, Inc., 4.125%, 7/1/25

    1,631,000       1,587,753  

Drax Finco PLC, 144A, 6.625%, 11/1/25

    1,963,000       1,940,160  

FirstEnergy Corp.
Series B, 4.15%, 7/15/27

    6,216,000       5,910,257  

2.65%, 3/1/30

    2,468,000       2,112,296  

Series B, 2.25%, 9/1/30

    1,649,000       1,358,895  

NextEra Energy Operating Partners LP
144A, 3.875%, 10/15/26

    2,081,000       1,945,533  

144A, 4.50%, 9/15/27

    2,264,000       2,114,738  

144A, 7.25%, 1/15/29

    3,089,000       3,142,535  

NRG Energy, Inc.
5.75%, 1/15/28

    3,302,000       3,255,930  

144A, 3.375%, 2/15/29

    2,063,000       1,802,552  

144A, 5.25%, 6/15/29

    2,984,000       2,831,027  

144A, 3.625%, 2/15/31

    4,005,000       3,371,961  

PG&E Corp.
5.00%, 7/1/28

    4,022,000       3,839,984  

5.25%, 7/1/30

    4,072,000       3,832,131  

Talen Energy Supply LLC, 144A, 8.625%, 6/1/30

    4,942,000       5,218,463  

TransAlta Corp.,
7.75%, 11/15/29

    1,664,000       1,731,708  

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

    4,022,000       3,964,468  

144A, 5.625%, 2/15/27

    5,228,000       5,100,067  

144A, 5.00%, 7/31/27

    5,391,000       5,173,365  

144A, 4.375%, 5/1/29

    5,027,000       4,590,945  

144A, 7.75%, 10/15/31

    5,680,000       5,880,260  
   

 

 

 

(Cost $103,019,780)

      97,393,600  
   

 

 

 
Gas — 0.3%  

AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25

    2,815,000       2,765,877  

5.875%, 8/20/26

    2,717,000       2,635,434  

5.75%, 5/20/27

    2,109,000       1,995,843  

144A, 9.375%, 6/1/28

    2,013,000       2,044,786  
   

 

 

 

(Cost $9,932,503)

      9,441,940  
   

 

 

 

TOTAL CORPORATE BONDS

(Cost $3,636,396,374)

      3,409,244,032  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 6.6%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b) (c)
(Cost $230,680,677)

    230,680,677       230,680,677  
   

 

 

 

 

See Notes to Financial Statements.   79  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

 

   

Number
of Shares

    Value  
CASH EQUIVALENTS — 1.7%  

DWS Government Money Market
Series “Institutional Shares”, 5.28% (b)
(Cost $57,656,658)

    57,656,658     $ 57,656,658  
   

 

 

 

TOTAL INVESTMENTS —105.9%

(Cost $3,924,733,709)

    $ 3,697,581,367  

Other assets and liabilities, net — (5.9%)

      (206,122,074
   

 

 

 

NET ASSETS — 100.0%

    $ 3,491,459,293  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

 

     Value ($) at
8/31/2023
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
2/29/2024
     Value ($) at
2/29/2024
 

SECURITIES LENDING COLLATERAL — 6.6%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

            230,680,677 (d)       —        —         —        504,162         —        230,680,677        230,680,677  

CASH EQUIVALENTS — 1.7%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

     49,189,697        242,248,661       (233,781,700      —         —        648,266         —        57,656,658        57,656,658  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      49,189,697         472,929,338        (233,781,700      —         —         1,152,428         —         288,337,335         288,337,335  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $225,651,638, which is 6.5% of net assets.

(b)

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

(c)

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

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

 

REIT:   Real Estate Investment Trust
REGS:   Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Fair Value Measurements

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 February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Corporate Bonds (a)

     $        $ 3,409,244,032        $  —        $ 3,409,244,032  

Short-Term Investments (a)

       288,337,335                    —          288,337,335  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 288,337,335        $ 3,409,244,032        $  —        $ 3,697,581,367  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   80  


This Page is Intentionally Left Blank

 

81


DBX ETF Trust

 

Statements of Assets and Liabilities

 

February 29, 2024 (Unaudited)

 

     Xtrackers High
Beta High Yield
Bond ETF
    Xtrackers Low
Beta High Yield
Bond ETF
    Xtrackers Risk
Managed USD
High Yield
Strategy ETF
    Xtrackers Short
Duration High
Yield Bond ETF
 

Assets

        

Investment in non-affiliated securities at value

   $ 12,013,601     $ 209,061,439     $     $ 97,233,592  

Investment in affiliated securities at value

                 42,470,850        

Investment in DWS Government Money Market Series

     116,884       5,226,220       239,157       2,886,494  

Investment in DWS Government & Agency Securities Portfolio*

     737,865       4,254,324       420,500       3,673,787  

Cash

           389,846             34,244  

Foreign currency at value

     3       471             86  

Receivables:

        

Investment securities sold

     411,612       6,574,024             3,033,802  

Capital shares

           2,290,031              

Dividends

                 82        

Interest

     232,854       2,845,080       994       1,576,593  

Affiliated securities lending income

     380       1,372       2       1,562  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 13,513,199     $ 230,642,807     $ 43,131,585     $ 108,440,160  
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

        

Due to custodian

   $ 2,512     $     $     $  

Payable upon return of securities loaned

     737,865       4,254,324       420,500       3,673,787  
Payables:         

Investment securities purchased

     472,395       11,024,957             4,933,704  

Investment advisory fees

     1,927       33,593       16,992       15,466  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     1,214,699       15,312,874       437,492       8,622,957  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets, at value

   $ 12,298,500     $ 215,329,933     $ 42,694,093     $ 99,817,203  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of

        

Paid-in capital

   $ 24,958,877     $ 288,093,086     $ 45,494,656     $ 103,414,059  

Distributable earnings (loss)

     (12,660,377     (72,763,153     (2,800,563     (3,596,856
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets, at value

   $ 12,298,500     $ 215,329,933     $ 42,694,093     $ 99,817,203  
  

 

 

   

 

 

   

 

 

   

 

 

 

Number of Common Shares outstanding

     300,001       4,700,001       1,850,001       2,250,001  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value

   $ 40.99     $ 45.81     $ 23.08     $ 44.36  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in non-affiliated securities at cost

   $ 12,802,901     $ 214,765,958     $     $ 97,546,090  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in affiliated securities at cost

   $     $     $ 45,195,482     $  
  

 

 

   

 

 

   

 

 

   

 

 

 

Value of securities loaned

   $ 721,132     $ 4,162,522     $ 411,800     $ 3,596,146  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in DWS Government Money Market Series at cost

   $ 116,884     $ 5,226,220     $ 239,157     $ 2,886,494  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

   $ 737,865     $ 4,254,324     $ 420,500     $ 3,673,787  
  

 

 

   

 

 

   

 

 

   

 

 

 

Foreign currency at cost

   $ 3     $ 442     $     $ 84  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   82  


DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

February 29, 2024 (Unaudited)

 

     Xtrackers USD
High Yield BB-B
ex Financials
ETF
     Xtrackers USD
High Yield
Corporate Bond
ETF
 

Assets

     

Investment in non-affiliated securities at value

   $ 610,311,128      $ 3,409,244,032  

Investment in DWS Government Money Market Series

     12,640,713        57,656,658  

Investment in DWS Government & Agency Securities Portfolio*

            230,680,677  

Cash

     506,294        3,031,789  

Foreign currency at value

            7,405  

Receivables:

     

Investment securities sold

     14,895,312        136,691,498  

Capital shares

            10,641,123  

Interest

     9,508,733        56,638,077  

Affiliated securities lending income

            101,661  
  

 

 

    

 

 

 

Total assets

   $ 647,862,180      $ 3,904,692,920  
  

 

 

    

 

 

 

Liabilities

     

Payable upon return of securities loaned

   $      $ 230,680,677  
Payables:      

Investment securities purchased

     18,103,335        111,477,811  

Capital shares

            70,940,125  

Investment advisory fees

     98,645        135,014  
  

 

 

    

 

 

 

Total liabilities

     18,201,980        413,233,627  
  

 

 

    

 

 

 

Net Assets, at value

   $ 629,660,200      $ 3,491,459,293  
  

 

 

    

 

 

 

Net Assets Consist of

     

Paid-in capital

   $ 619,301,201      $ 4,079,296,049  

Distributable earnings (loss)

     10,358,999        (587,836,756
  

 

 

    

 

 

 

Net Assets, at value

   $ 629,660,200      $ 3,491,459,293  
  

 

 

    

 

 

 

Number of Common Shares outstanding

     11,750,001        98,387,501  
  

 

 

    

 

 

 

Net Asset Value

   $ 53.59      $ 35.49  
  

 

 

    

 

 

 

Investment in non-affiliated securities at cost

   $ 604,208,025      $ 3,636,396,374  
  

 

 

    

 

 

 

Value of securities loaned

   $      $ 225,651,638  
  

 

 

    

 

 

 

Investment in DWS Government Money Market Series at cost

   $ 12,640,713      $ 57,656,658  
  

 

 

    

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

   $      $ 230,680,677  
  

 

 

    

 

 

 

Foreign currency at cost

   $      $ 7,178  
  

 

 

    

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   83  


DBX ETF Trust

 

Statements of Operations

 

For the Six Months Ended February 29, 2024 (Unaudited)

 

     Xtrackers High
Beta High Yield
Bond ETF
    Xtrackers Low
Beta High Yield
Bond ETF
    Xtrackers Risk
Managed USD
High Yield
Strategy ETF
    Xtrackers Short
Duration High
Yield Bond ETF
 

Investment Income

        

Unaffiliated interest income

   $ 467,586     $ 5,739,429     $     $ 3,363,581  

Affiliated dividend income

                 1,333,199        

Income distributions from affiliated funds

     3,010       38,501       7,679       21,868  

Affiliated securities lending income

     1,329       11,443       4,120       6,628  

Affiliated other income (see note 6)

           2,730             549  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     471,925       5,792,103       1,344,998       3,392,626  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

        

Investment advisory fees

     20,793       270,207       64,365       91,416  

Other expenses

     58       2,150       58       173  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     20,851       272,357       64,423       91,589  
  

 

 

   

 

 

   

 

 

   

 

 

 

Less fees waived (see note 3):

        

Waiver

     (8,972     (54,823     (20,398     (415
  

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     11,879       217,534       44,025       91,174  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)

     460,046       5,574,569       1,300,973       3,301,452  
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized and Unrealized Gain (Loss)

        

Net realized gain (loss) from:

        

Investments

     (96,486     (2,306,372           (365,556

In-kind redemptions

           50,829             137,646  

In-kind redemptions in affiliates

                 (65,600      
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

     (96,486     (2,255,543     (65,600     (227,910
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

        

Investments

     418,902       7,333,811             2,000,137  

Investments in affiliates

                 1,168,134        

Foreign currency translations

           (2            
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

     418,902       7,333,809       1,168,134       2,000,137  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     322,416       5,078,266       1,102,534       1,772,227  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ 782,462     $ 10,652,835     $ 2,403,507     $ 5,073,679  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.   84  


DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Six Months Ended February 29, 2024 (Unaudited)

 

     Xtrackers USD
High Yield BB-B
ex Financials
ETF(1)
    Xtrackers USD
High Yield
Corporate Bond
ETF
 

Investment Income

    

Unaffiliated interest income

   $ 10,584,708     $ 98,571,811  

Income distributions from affiliated funds

     49,885       648,266  

Affiliated securities lending income

           504,162  

Affiliated other income (see note 6)

           43,823  
  

 

 

   

 

 

 

Total investment income

     10,634,593       99,768,062  
  

 

 

   

 

 

 

Expenses

    

Investment advisory fees

     291,779       3,269,028  

Excise tax expense

     42,337        

Other expenses

           4,150  
  

 

 

   

 

 

 

Total expenses

     334,116       3,273,178  
  

 

 

   

 

 

 

Less fees waived (see note 3):

    

Waiver

     (950     (1,776,790
  

 

 

   

 

 

 

Net expenses

     333,166       1,496,388  
  

 

 

   

 

 

 

Net investment income (loss)

     10,301,427       98,271,674  
  

 

 

   

 

 

 

Realized and Unrealized Gain (Loss)

    

Net realized gain (loss) from:

    

Investments

     (264,918     (28,236,195

In-kind redemptions

           (70,721,319

Foreign currency transactions

           (1
  

 

 

   

 

 

 

Net realized gain (loss)

     (264,918     (98,957,515
  

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

    

Investments

     6,103,103       159,532,394  

Foreign currency translations

           5  
  

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

     6,103,103       159,532,399  
  

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     5,838,185       60,574,884  
  

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ 16,139,612     $ 158,846,558  
  

 

 

   

 

 

 

 

(1)

For the period October 27, 2023 (commencement of operations) through February 29, 2024.

 

See Notes to Financial Statements.   85  


DBX ETF Trust

 

Statements of Changes in Net Assets

 

    Xtrackers High Beta High Yield
Bond ETF
    Xtrackers Low Beta High Yield
Bond ETF
 
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    Year Ended
August 31, 2023
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    Year Ended
August 31, 2023
 

Increase (Decrease) in Net Assets from Operations

       

Net investment income (loss)

  $ 460,046     $ 955,857     $ 5,574,569     $ 40,419,959  

Net realized gain (loss)

    (96,486     (871,494     (2,255,543     (89,042,061

Net change in net unrealized appreciation (depreciation)

    418,902       981,672       7,333,809       90,607,924  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

    782,462       1,066,035       10,652,835       41,985,822  
 

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

    (463,019     (974,644     (6,780,799     (44,403,017
 

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

       

Proceeds from shares sold

          1,901,084       11,353,752       223,270,378  

Value of shares redeemed

          (1,965,874     (22,903,959     (1,438,511,784
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

          (64,790     (11,550,207     (1,215,241,406
 

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

    319,443       26,601       (7,678,171     (1,217,658,601

Net Assets

       

Beginning of period

    11,979,057       11,952,456       223,008,104       1,440,666,705  
 

 

 

   

 

 

   

 

 

   

 

 

 

End of period

  $ 12,298,500     $ 11,979,057     $ 215,329,933     $ 223,008,104  
 

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

       

Shares outstanding, beginning of period

    300,001       300,001       4,950,001       31,950,001  

Shares sold

          50,000       250,000       4,950,000  

Shares redeemed

          (50,000     (500,000     (31,950,000
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

    300,001       300,001       4,700,001       4,950,001  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.   86  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

    Xtrackers Risk Managed USD High
Yield Strategy ETF
    Xtrackers Short Duration High
Yield Bond ETF
 
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    Year Ended
August 31, 2023
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    Year Ended
August 31, 2023
 

Increase (Decrease) in Net Assets from Operations

       

Net investment income (loss)

  $ 1,300,973     $ 2,659,209     $ 3,301,452     $ 4,766,172  

Net realized gain (loss)

    (65,600     (288,554     (227,910     (4,050,667

Net change in net unrealized appreciation (depreciation)

    1,168,134       868,253       2,000,137       4,643,666  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

    2,403,507       3,238,908       5,073,679       5,359,171  
 

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

    (1,356,056     (2,798,892     (3,246,555     (4,721,603
 

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

       

Proceeds from shares sold

          1,679,445       19,705,523       25,919,023  

Value of shares redeemed

    (2,279,395     (7,782,030     (4,416,723     (29,934,486
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

    (2,279,395     (6,102,585     15,288,800       (4,015,463
 

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

    (1,231,944     (5,662,569     17,115,924       (3,377,895

Net Assets

       

Beginning of period

    43,926,037       49,588,606       82,701,279       86,079,174  
 

 

 

   

 

 

   

 

 

   

 

 

 

End of period

  $ 42,694,093     $ 43,926,037     $ 99,817,203     $ 82,701,279  
 

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

       

Shares outstanding, beginning of period

    1,950,001       2,225,001       1,900,001       2,000,001  

Shares sold

          75,000       450,000       600,000  

Shares redeemed

    (100,000     (350,000     (100,000     (700,000
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

    1,850,001       1,950,001       2,250,001       1,900,001  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.   87  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

    Xtrackers USD High
Yield BB-B ex
Financials ETF
    Xtrackers USD High Yield Corporate
Bond ETF
 
    For the Period
October 27, 2023(1) to
February 29, 2024
(Unaudited)
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    Year Ended
August 31, 2023
 

Increase (Decrease) in Net Assets from Operations

     

Net investment income (loss)

  $ 10,301,427     $ 98,271,674     $ 216,469,674  

Net realized gain (loss)

    (264,918     (98,957,515     (151,014,625

Net change in net unrealized appreciation (depreciation)

    6,103,103       159,532,399       187,819,556  
 

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

    16,139,612       158,846,558       253,274,605  
 

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

    (5,780,613     (102,296,774     (218,918,420
 

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

     

Proceeds from shares sold

    619,301,151       1,604,693,654       6,278,010,067  

Value of shares redeemed

          (2,028,947,121     (6,068,454,467
 

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

    619,301,151       (424,253,467     209,555,600  
 

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

    629,660,150       (367,703,683     243,911,785  

Net Assets

     

Beginning of period

    50       3,859,162,976       3,615,251,191  
 

 

 

   

 

 

   

 

 

 

End of period

  $ 629,660,200     $ 3,491,459,293     $ 3,859,162,976  
 

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

     

Shares outstanding, beginning of period

    1       111,587,501       105,187,501  

Shares sold

    11,750,000       46,400,000       183,900,000  

Shares redeemed

          (59,600,000     (177,500,000
 

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

    11,750,001       98,387,501       111,587,501  
 

 

 

   

 

 

   

 

 

 

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.   88  


DBX ETF Trust

 

Financial Highlights

 

Xtrackers High Beta High Yield Bond ETF
Selected Per Share Data
  For the
Six Months Ended
2/29/2024
(Unaudited)
    Years Ended August 31,  
  2023     2022     2021     2020     2019  

Net Asset Value, beginning of period

  $ 39.93     $ 39.84     $ 48.35     $ 46.55     $ 48.61     $ 49.17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:            

Net investment income (loss)(a)

    1.53       2.90       2.51       2.60       3.01 (b)      3.32  

Net realized and unrealized gain (loss)

    1.07       0.15       (8.37     2.65       (1.95 )(b)      (0.58
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    2.60       3.05       (5.86     5.25       1.06       2.74  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.54     (2.96     (2.65     (3.45     (3.12     (3.30
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.54     (2.96     (2.65     (3.45     (3.12     (3.30
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 40.99     $ 39.93     $ 39.84     $ 48.35     $ 46.55     $ 48.61  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

    6.73 **      8.11       (12.56     11.67       2.46       5.90  

Ratios to Average Net Assets and Supplemental Data

                                                                             

Net Assets, end of period ($ millions)

    12       12       12       19       7       151  

Ratio of expenses before fee waiver (%)

    0.35     0.35       0.35       0.35       0.35       0.35  

Ratio of expenses after fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.31  

Ratio of net investment income (loss) (%)

    7.74     7.40       5.61       5.45       6.50 (b)      6.91  

Portfolio turnover rate (%)(d)

    24 **      58       55       98       98       51  
                                     
Xtrackers Low Beta High Yield Bond ETF
Selected Per Share Data
  For the
Six Months
Ended
2/29/2024
(Unaudited)
    Years Ended August 31,  
  2023     2022     2021     2020     2019  

Net Asset Value, beginning of period

  $ 45.05     $ 45.09     $ 51.05     $ 50.50     $ 50.62     $ 49.16  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:            

Net investment income (loss)(a)

    1.16       2.24       1.69       1.45       2.02 (b)      2.29  

Net realized and unrealized gain (loss)

    1.01       0.14       (5.87     1.07       0.12 (b)      1.44  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    2.17       2.38       (4.18     2.52       2.14       3.73  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.41     (2.42     (1.78     (1.97     (2.26     (2.27
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.41     (2.42     (1.78     (1.97     (2.26     (2.27
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 45.81     $ 45.05     $ 45.09     $ 51.05     $ 50.50     $ 50.62  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

    4.91 **      5.44       (8.36     5.12       4.42       7.84  

Ratios to Average Net Assets and Supplemental Data

           

Net Assets, end of period ($ millions)

    215       223       1,441       750       38       144  

Ratio of expenses before fee waiver (%)

    0.25     0.25       0.25       0.25       0.25       0.25  

Ratio of expenses after fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.24  

Ratio of net investment income (loss) (%)

    5.17     4.97       3.53       2.89       4.09 (b)      4.66  

Portfolio turnover rate (%)(d)

    25 **      52       68       88       111       55  

 

(a)

Based on average shares outstanding during the period.

(b)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   89  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers Risk Managed USD High Yield
Strategy ETF
Selected Per Share Data
  For the
Six Months
Ended
2/29/2024
(Unaudited)
    Year Ended
8/31/2023
    Period Ended
8/31/2022(a)
                   

Net Asset Value, beginning of period

  $ 22.53     $ 22.29     $ 25.00        
 

 

 

   

 

 

   

 

 

       
Income (loss) from investment operations:            

Net investment income (loss)(b)

    0.68       1.28       0.58        

Net realized and unrealized gain (loss)

    0.57       0.29       (2.84      
 

 

 

   

 

 

   

 

 

       

Total from investment operations

    1.25       1.57       (2.26      
 

 

 

   

 

 

   

 

 

       
Less distributions from:

 

Net investment income

    (0.70     (1.33     (0.45      
 

 

 

   

 

 

   

 

 

       

Total distributions

    (0.70     (1.33     (0.45      
 

 

 

   

 

 

   

 

 

       

Net Asset Value, end of period

  $ 23.08     $ 22.53     $ 22.29        
 

 

 

   

 

 

   

 

 

       

Total Return (%)(c)

    5.73 **      7.27       (9.12 )**       

Ratios to Average Net Assets and Supplemental Data

                                            

Net Assets, end of period ($ millions)

    43       44       50        

Ratio of expenses before fee waiver (%)(d)

    0.30     0.30       0.30      

Ratio of expenses after fee waiver (%)(d)

    0.21     0.15       0.15      

Ratio of net investment income (loss) (%)

    6.07     5.74       4.54      

Portfolio turnover rate (%)(e)

    0 (f)**      0 (f)      0 (f)**       
Xtrackers Short Duration High Yield Bond ETF
Selected Per Share Data
  For the
Six Months Ended
2/29/2024
(Unaudited)
    Years Ended August 31,  
  2023     2022     2021     2020     2019  

Net Asset Value, beginning of period

  $ 43.53     $ 43.04     $ 47.89     $ 46.57     $ 49.13     $ 49.69  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:            

Net investment income (loss)(b)

    1.56       2.71       2.04       2.34       2.69 (g)      2.83  

Net realized and unrealized gain (loss)

    0.82       0.45       (4.76     1.67       (2.47 )(g)      (0.54
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    2.38       3.16       (2.72     4.01       0.22       2.29  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.55     (2.67     (2.13     (2.69     (2.78     (2.85
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.55     (2.67     (2.13     (2.69     (2.78     (2.85
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 44.36     $ 43.53     $ 43.04     $ 47.89     $ 46.57     $ 49.13  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

    5.63 **      7.65       (5.84     8.86       0.61       4.79  

Ratios to Average Net Assets and Supplemental Data

                                                                             

Net Assets, end of period ($ millions)

    100       83       86       77       37       22  

Ratio of expenses before fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.20  

Ratio of expenses after fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.20  

Ratio of net investment income (loss) (%)

    7.21     6.30       4.48       4.95       6.13 (g)      5.78  

Portfolio turnover rate (%)(e)

    24 **      49       46       52       150       45  

 

(a)

For the period February 10, 2022 (commencement of operations) through August 31, 2022.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(e)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(f)

Amount is less than 0.5%.

(g)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   90  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers USD High Yield BB-B ex Financials ETF
Selected Per Share Data
  Period Ended
2/29/2024(a)
(Unaudited)
                               

Net Asset Value, beginning of period

  $ 50.00            
 

 

 

           
Income (loss) from investment operations:            

Net investment income (loss)(b)

    1.26            

Net realized and unrealized gain (loss)

    3.05            
 

 

 

           

Total from investment operations

    4.31            
 

 

 

           
Less distributions from:

 

Net investment income

    (0.72          
 

 

 

           

Total distributions

    (0.72          
 

 

 

           

Net Asset Value, end of period

  $ 53.59            
 

 

 

           

Total Return (%)(c)

    8.64 **           

Ratios to Average Net Assets and Supplemental Data

                      

Net Assets, end of period ($ millions)

    630            

Ratio of expenses before fee waiver (%)(d)

    0.21          

Ratio of expenses after fee waiver (%)(d)

    0.21          

Ratio of net investment income (loss) (%)

    7.03          

Portfolio turnover rate (%)(e)

    14 **           
Xtrackers USD High Yield Corporate Bond ETF
Selected Per Share Data
  For the
Six Months Ended
2/29/2024
(Unaudited)
    Years Ended August 31,  
  2023     2022     2021     2020(f)     2019(f)  

Net Asset Value, beginning of period

  $ 34.58     $ 34.37     $ 40.31     $ 39.06 (e)    $ 40.19     $ 39.90  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:                                                                   

Net investment income (loss)(b)

    1.04       1.94       1.61       1.70       2.03 (g)      2.39  

Net realized and unrealized gain (loss)

    0.94       0.25       (5.80     1.79       (0.95 )(g)      0.24  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    1.98       2.19       (4.19     3.49       1.08       2.63  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.07     (1.98     (1.75     (2.24     (2.21     (2.34
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.07     (1.98     (1.75     (2.24     (2.21     (2.34
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 35.49     $ 34.58     $ 34.37     $ 40.31     $ 39.06     $ 40.19  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

    5.82 **      6.63       (10.67     8.31       2.91       6.87  

Ratios to Average Net Assets and Supplemental Data

           

Net Assets, end of period ($ millions)

    3,491       3,859       3,615       6,666       6,209       3,062  

Ratio of expenses before fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.20  

Ratio of expenses after fee waiver (%)

    0.09     0.15       0.15       0.15       0.15       0.17  

Ratio of net investment income (loss) (%)

    6.03     5.69       4.24       4.27       5.27 (g)      6.06  

Portfolio turnover rate (%)(e)

    14 **      26       24       37       54       29  

 

(a)

For the period October 27, 2023 (commencement of operations) through February 29, 2024.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Includes excise tax expense. Excluding this expense, the ratio of expenses would have been 0.20%.

(e)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(f)

On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly.

(g)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   91  


DBX ETF Trust

 

Notes to Financial Statements (Unaudited)

 

1. Organization

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

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:

Xtrackers High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield BB-B ex Financials ETF

Xtrackers USD High Yield Corporate Bond ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers USD High Yield BB-B ex Financials ETF offers shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

 

Fund

 

Underlying Index

Xtrackers High Beta High Yield Bond ETF   Solactive USD High Yield Corporates Total Market High Beta Index

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Risk Managed USD High Yield Strategy ETF

 

Solactive USD High Yield Corporates Total Market Low Beta Index

Adaptive Wealth Strategies Risk Managed High Yield Index

Xtrackers Short Duration High Yield Bond ETF   Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield BB-B ex Financials ETF   ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index
Xtrackers USD High Yield Corporate Bond ETF   Solactive USD High Yield Corporates Total Market Index

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade

 

92


DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

corporate debt publicly issued in the US domestic market. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

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

Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF are non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

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

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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

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

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

ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated

 

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mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.

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

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

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

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

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

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

Tax Information and Dividends and Distributions to ShareholdersIt is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

 

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The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

     Short-Term      Long-Term      Total Amount  

Xtrackers High Beta High Yield Bond ETF

   $ 2,996,574      $ 8,798,776      $ 11,795,350  

Xtrackers Low Beta High Yield Bond ETF

     35,194,222        29,211,972        64,406,194  

Xtrackers Short Duration High Yield Bond ETF

     1,232,714        1,965,125        3,197,839  

Xtrackers USD High Yield Corporate Bond ETF

     38,381,756        204,480,505        242,862,261  

As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

     Aggregate
Tax Cost
     Net
Unrealized
Appreciation
(Depreciation)
     Aggregate
Gross Unrealized
Appreciation
     Aggregate
Gross Unrealized
(Depreciation)
 

Xtrackers High Beta High Yield Bond ETF

   $ 13,110,287      $ (1,257,311    $ 72,690      $ (1,330,001)  

Xtrackers Low Beta High Yield Bond ETF

     236,606,089        (14,135,013      205,631        (14,340,644

Xtrackers Risk Managed USD High Yield Strategy ETF

     54,357,396        (3,892,766             (3,892,766

Xtrackers Short Duration High Yield Bond ETF

     84,833,666        (2,735,437      475,301        (3,210,738

Xtrackers USD High Yield Corporate Bond ETF

     4,246,916,206        (421,103,737      4,824,790        (425,928,527

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF.

 

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Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

 

Remaining Contractual Maturity of the Agreements, as of February 29, 2024

 
Securities Lending Transactions    Overnight and
Continuous
     <30 Days      Between
30 & 90 days
     >90 days      Total  

Xtrackers High Beta High Yield Bond ETF

 

Corporate Bonds

   $ 737,865      $      $      $      $ 737,865  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 737,865  

Xtrackers Low Beta High Yield Bond ETF

 

Corporate Bonds

   $ 4,254,324      $      $      $      $ 4,254,324  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 4,254,324  

Xtrackers Risk Managed USD HighYield Strategy ETF

 

Exchange-Traded Funds

   $ 420,500      $      $      $      $ 420,500  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 420,500  

Xtrackers Short Duration High Yield Bond ETF

 

Corporate Bonds

   $ 3,673,787      $      $      $      $ 3,673,787  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 3,673,787  

Xtrackers USD High Yield Corporate Bond ETF

 

Corporate Bonds

   $ 230,680,677      $      $      $      $ 230,680,677  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 230,680,677  

As of February 29, 2024, Xtrackers USD High Yield BB-B ex Financials ETF had no securities on loan.

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the

 

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1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

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

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

 

     Unitary
Advisory Fee
 

Xtrackers High Beta High Yield Bond ETF

     0.35

Xtrackers Low Beta High Yield Bond ETF

     0.25

Xtrackers Risk Managed USD High Yield Strategy ETF

     0.30

Xtrackers Short Duration High Yield Bond ETF

     0.20

Xtrackers USD High Yield BB-B ex Financials ETF

     0.20

Xtrackers USD High Yield Corporate Bond ETF

     0.20

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $8,911 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $54,041 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 29, 2024, the Advisor waived $20,247 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

For the period from September 1, 2023 through November 16, 2023 the Advisor for Xtrackers USD High Yield Corporate Bond ETF had contractually agreed, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. Effective November 17, 2023 until December 20, 2024, the Advisor has contractually agreed to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.05% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $1,763,788 of expenses to the Fund.

 

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Notes to Financial Statements (Unaudited) (Continued)

 

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

 

     Expenses
Waived
 

Xtrackers High Beta High Yield Bond ETF

   $ 61  

Xtrackers Low Beta High Yield Bond ETF

     782  

Xtrackers Risk Managed USD High Yield Strategy ETF

     151  

Xtrackers Short Duration High Yield Bond ETF

     415  

Xtrackers USD High Yield BB-B ex Financials ETF

     950  

Xtrackers USD High Yield Corporate Bond ETF

     13,002  

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

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

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

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

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

 

     Securities
Lending
Agent Fees
 

Xtrackers High Beta High Yield Bond ETF

   $ 111  

Xtrackers Low Beta High Yield Bond ETF

     899  

Xtrackers Short Duration High Yield Bond ETF

     542  

Xtrackers USD High Yield Corporate Bond ETF

     40,881  

4. Investment Portfolio Transactions

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers High Beta High Yield Bond ETF

   $ 2,814,086      $ 2,807,247  

Xtrackers Low Beta High Yield Bond ETF

     53,317,303        57,131,425  

Xtrackers Risk Managed USD High Yield Strategy ETF

             

Xtrackers Short Duration High Yield Bond ETF

     24,360,258        21,468,962  

Xtrackers USD High Yield BB-B ex Financials ETF

     48,579,465        53,760,332  

Xtrackers USD High Yield Corporate Bond ETF

     475,815,722        465,387,214  

 

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Notes to Financial Statements (Unaudited) (Continued)

 

For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers High Beta High Yield Bond ETF

   $      $  

Xtrackers Low Beta High Yield Bond ETF

     11,113,338        22,357,506  

Xtrackers Risk Managed USD High Yield Strategy ETF

            2,249,742  

Xtrackers Short Duration High Yield Bond ETF

     14,902,728        4,304,584  

Xtrackers USD High Yield BB-B ex Financials ETF

     607,898,388         

Xtrackers USD High Yield Corporate Bond ETF

     1,560,868,628        1,995,280,552  

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees During the period ended February 29, 2024, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

 

     Securities
Purchased
     Securities
Sold
     Net Realized Gain
(Loss) on
Securities Sold
 

Xtrackers High Beta High Yield Bond ETF

   $ 709,672      $ 1,249,476      $ (9,600

Xtrackers Low Beta High Yield Bond ETF

     1,249,476        709,672        (35,928

5. Fund Share Transactions

As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

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

 

DBX Advisors LLC

   Amounts  

Xtrackers Low Beta High Yield Bond ETF

   $ 1,820  

Xtrackers Short Duration High Yield Bond ETF

     366  

Xtrackers USD High Yield Corporate Bond ETF

     29,215  

 

Deutsche Bank AG

   Amounts  

Xtrackers Low Beta High Yield Bond ETF

   $ 910  

Xtrackers Short Duration High Yield Bond ETF

     183  

Xtrackers USD High Yield Corporate Bond ETF

     14,608  

7. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely

 

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Notes to Financial Statements (Unaudited) (Continued)

 

payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 29, 2024.

 

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DBX ETF Trust

 

Other Information (Unaudited)

 

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

 

 

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Liquidity Risk Management (Unaudited)

 

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

 

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, and Xtrackers USD High Yield Corporate Bond ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

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

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio

 

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Contracts (Unaudited) (Continued)

 

management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Adviser’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Fund had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group:

 

   

Xtrackers Risk Managed USD High Yield Strategy ETF

The Board considered, however, the following additional factors in connection with this Fund:

 

   

Xtrackers Risk Managed USD High Yield Strategy ETF’s advisory fees and total expenses were below the average and equal to the median of its Peer Group.

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

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including

 

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Contracts (Unaudited) (Continued)

 

monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

Xtrackers USD High Yield BB-B ex Financials ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers USD High Yield BB-B ex Financials ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the “Advisor and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate

 

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

 

services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently managed funds (which would also cover the Fund).

Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.

 

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

 

Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

 

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Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

 

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This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

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

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

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

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

Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

 

Not FDIC Insured | No Bank Guarantee | May Lose Value


DBX ETF Trust

 

Investment advisor

DBX Advisors LLC

875 Third Avenue

New York, NY 10022

 

Administrator, custodian,

fund accounting agent & transfer agent

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

 

Distributor

ALPS Distributors, Inc.

1290 Broadway

Suite 1000

Denver, CO 80203

Independent registered public
accounting firm

Ernst & Young LLP

One Manhattan West

New York, NY, 10001

 

Legal counsel

Vedder Price P.C.

1633 Broadway

New York, NY 10019

 

 

R-050032-8 (4/24) DBX005918 (4/25)