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)

 

LOGO


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%