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)
DBX ETF Trust
Page | ||||
Portfolio Summary |
||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
Schedule of Investments |
||||
9 | ||||
19 | ||||
28 | ||||
30 | ||||
42 | ||||
65 | ||||
82 | ||||
84 | ||||
86 | ||||
89 | ||||
92 | ||||
101 | ||||
102 | ||||
Board Consideration in Approval of Investment Advisory Contracts |
103 | |||
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
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 |
Value |
|||||||
CORPORATE BONDS — 97.6% | ||||||||
Basic Materials — 4.6% | ||||||||
Chemicals — 2.1% | ||||||||
ASP
Unifrax Holdings, Inc. |
$ | 23,000 | $ | 14,617 | ||||
144A, 7.50%, 9/30/29 |
10,000 | 5,470 | ||||||
Chemours
Co. |
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 |
13,000 | 10,565 | ||||||
144A, 12.00%, 2/15/31 |
17,000 | 17,397 | ||||||
INEOS
Finance PLC |
15,000 | 14,684 | ||||||
144A, 7.50%, 4/15/29 |
14,000 | 13,914 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
15,000 | 15,798 | ||||||
NOVA
Chemicals Corp. |
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, |
19,000 | 17,298 | ||||||
Tronox,
Inc., 144A, |
27,000 | 23,935 | ||||||
|
|
|||||||
(Cost $291,671) |
263,283 | |||||||
|
|
|||||||
Forest Products & Paper — 0.2% | ||||||||
Mercer
International, Inc., |
||||||||
(Cost $22,688) |
24,000 | 20,710 | ||||||
|
|
|||||||
Iron/Steel — 0.8% | ||||||||
ATI,
Inc., |
10,000 | 10,289 | ||||||
Mineral
Resources Ltd. |
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. |
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, |
15,000 | 14,734 | ||||||
Kaiser
Aluminum Corp. |
15,000 | 13,853 | ||||||
144A, 4.50%, 6/1/31 |
20,000 | 17,113 | ||||||
Vedanta
Resources Finance II PLC, 144A, |
15,000 | 12,463 | ||||||
|
|
|||||||
(Cost $192,588) |
187,236 | |||||||
|
|
Principal |
Value |
|||||||
Communications — 25.3% | ||||||||
Advertising — 1.4% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
$ | 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. |
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, |
34,000 | 30,389 | ||||||
|
|
|||||||
(Cost $174,666) |
166,241 | |||||||
|
|
|||||||
Internet — 0.8% | ||||||||
EquipmentShare.com,
Inc., 144A, |
30,000 | 30,779 | ||||||
Newfold
Digital Holdings Group, Inc., 144A, |
15,000 | 16,305 | ||||||
Rakuten
Group, Inc., 144A, |
45,000 | 47,922 | ||||||
|
|
|||||||
(Cost $91,625) |
95,006 | |||||||
|
|
|||||||
Media — 14.7% | ||||||||
Altice
Financing SA |
32,000 | 28,344 | ||||||
144A, 5.75%, 8/15/29 |
59,000 | 50,878 | ||||||
AMC
Networks, Inc. |
27,000 | 25,774 | ||||||
4.25%, 2/15/29 |
26,000 | 16,854 | ||||||
Cable
One, Inc., 144A, |
15,000 | 11,348 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
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 |
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. |
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 |
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, |
101,000 | 105,424 | ||||||
Gray
Television, Inc. |
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. |
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. |
23,000 | 21,389 | ||||||
144A, 8.00%, 8/1/29 |
16,000 | 14,615 | ||||||
Nexstar
Media, Inc. |
50,000 | 47,438 | ||||||
144A, 4.75%, 11/1/28 (a) |
29,000 | 25,784 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc. |
25,000 | 19,714 | ||||||
144A, 6.50%, 9/15/28 |
29,000 | 13,989 | ||||||
Sinclair
Television Group, Inc. |
13,000 | 9,445 | ||||||
144A, 4.125%, 12/1/30 |
21,000 | 15,364 | ||||||
Sirius
XM Radio, Inc. |
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. |
30,000 | 27,047 | ||||||
5.00%, 9/15/29 |
30,000 | 26,431 | ||||||
Univision
Communications, Inc. |
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, |
13,000 | 5,697 | ||||||
Ziggo
Bond Co. BV |
16,000 | 15,647 | ||||||
144A, 5.125%, 2/28/30 |
13,000 | 11,134 | ||||||
Ziggo
BV, 144A, |
30,000 | 26,754 | ||||||
|
|
|||||||
(Cost $2,041,690) |
1,811,836 | |||||||
|
|
|||||||
Telecommunications — 8.4% | ||||||||
Altice
France Holding SA |
43,000 | 28,134 | ||||||
144A, 6.00%, 2/15/28 |
31,000 | 15,683 | ||||||
Altice
France SA |
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, |
33,000 | 31,137 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
CommScope
Technologies LLC |
$ | 37,000 | $ | 30,191 | ||||
144A, 5.00%, 3/15/27 |
19,000 | 6,820 | ||||||
CommScope,
Inc. |
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. |
12,000 | 9,922 | ||||||
144A, 6.50%, 10/1/28 |
20,000 | 17,200 | ||||||
Frontier
Communications Holdings LLC |
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. |
25,000 | 21,384 | ||||||
6.625%, 8/1/26 (a) |
19,000 | 12,540 | ||||||
Iliad
Holding SASU, 144A, |
23,000 | 22,775 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
80,000 | 74,631 | ||||||
Level 3
Financing, Inc. |
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. |
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 |
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, |
12,000 | 11,517 | ||||||
Viasat,
Inc. |
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, |
40,000 | 37,388 | ||||||
Zayo
Group Holdings, Inc. |
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, |
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 |
Value |
|||||||
Airlines (Continued) | ||||||||
American
Airlines, Inc. |
$ | 25,000 | $ | 25,231 | ||||
144A, 8.50%, 5/15/29 |
20,000 | 21,037 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
33,000 | 31,185 | ||||||
Spirit
Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
15,000 | 10,862 | ||||||
144A, 8.00%, 9/20/25 (a) |
14,000 | 10,138 | ||||||
United
Airlines, Inc., 144A, |
60,000 | 55,403 | ||||||
|
|
|||||||
(Cost $178,172) |
169,501 | |||||||
|
|
|||||||
Apparel — 0.4% | ||||||||
Hanesbrands,
Inc. |
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, |
||||||||
(Cost $27,764) |
28,000 | 28,415 | ||||||
|
|
|||||||
Auto Parts & Equipment — 1.8% | ||||||||
American
Axle & Manufacturing, Inc. |
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, |
45,000 | 45,318 | ||||||
Dana,
Inc. |
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. |
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, |
51,000 | 46,523 | ||||||
|
|
|||||||
(Cost $228,524) |
223,094 | |||||||
|
|
|||||||
Entertainment — 2.3% | ||||||||
AMC
Entertainment Holdings, Inc., 144A, |
25,000 | 17,307 | ||||||
Banijay
Entertainment SASU, 144A, |
10,000 | 10,352 | ||||||
Caesars
Entertainment, Inc., 144A, |
35,000 | 31,977 | ||||||
Cinemark
USA, Inc. |
17,000 | 16,760 | ||||||
144A, 5.25%, 7/15/28 |
20,000 | 18,705 | ||||||
Light &
Wonder International, Inc. |
11,000 | 11,267 | ||||||
144A, 7.50%, 9/1/31 |
20,000 | 20,851 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31 |
$ | 9,000 | $ | 9,011 | ||||
Mohegan
Tribal Gaming Authority, 144A, |
29,000 | 27,369 | ||||||
Penn
Entertainment, Inc. |
15,000 | 14,353 | ||||||
144A, 4.125%, 7/1/29 (a) |
10,000 | 8,408 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
19,000 | 13,700 | ||||||
144A, 5.875%, 9/1/31 |
21,000 | 14,901 | ||||||
Six
Flags Entertainment Corp., 144A, |
25,000 | 25,178 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, |
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. |
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 |
18,000 | 17,456 | ||||||
144A, 4.875%, 2/15/30 |
15,000 | 13,339 | ||||||
Mattamy
Group Corp., 144A, |
18,000 | 16,176 | ||||||
|
|
|||||||
(Cost $59,522) |
55,973 | |||||||
|
|
|||||||
Home Furnishings — 0.1% | ||||||||
Tempur
Sealy International, Inc., 144A, |
||||||||
(Cost $21,042) |
21,000 | 17,489 | ||||||
|
|
|||||||
Housewares — 1.0% | ||||||||
Newell
Brands, Inc. |
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. |
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. |
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, |
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 |
Value |
|||||||
Leisure Time (Continued) | ||||||||
NCL
Corp. Ltd. |
$ | 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, |
29,000 | 31,216 | ||||||
Viking
Cruises Ltd. |
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, |
13,000 | 11,804 | ||||||
Melco
Resorts Finance Ltd. |
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, |
13,000 | 11,570 | ||||||
Studio
City Finance Ltd. |
15,000 | 14,238 | ||||||
144A, 5.00%, 1/15/29 |
32,000 | 27,935 | ||||||
Travel
+ Leisure Co., 144A, |
19,000 | 17,415 | ||||||
|
|
|||||||
(Cost $216,882) |
210,447 | |||||||
|
|
|||||||
Retail — 4.8% | ||||||||
Asbury
Automotive Group, Inc., 144A, |
16,000 | 14,222 | ||||||
Bath &
Body Works, Inc. |
19,000 | 19,634 | ||||||
144A, 6.625%, 10/1/30 |
25,000 | 25,164 | ||||||
eG
Global Finance PLC, 144A, |
30,000 | 31,710 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
17,000 | 16,843 | ||||||
144A, 5.875%, 4/1/29 |
25,000 | 23,758 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
25,000 | 22,712 | ||||||
144A, 6.75%, 1/15/30 |
36,000 | 31,831 | ||||||
FirstCash,
Inc., 144A, |
10,000 | 9,914 | ||||||
Gap,
Inc. |
19,000 | 16,071 | ||||||
144A, 3.875%, 10/1/31 |
24,000 | 19,388 | ||||||
Kohl’s
Corp., |
15,000 | 11,830 | ||||||
LBM
Acquisition LLC, 144A, |
19,000 | 17,137 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Macy’s
Retail Holdings LLC |
$ | 13,000 | $ | 12,533 | ||||
144A, 6.125%, 3/15/32 |
10,000 | 9,317 | ||||||
Michaels
Cos., Inc. |
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. |
15,000 | 13,271 | ||||||
4.25%, 8/1/31 |
11,000 | 9,269 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
31,000 | 30,658 | ||||||
QVC,
Inc. |
15,000 | 13,534 | ||||||
4.375%, 9/1/28 |
13,000 | 10,677 | ||||||
Sonic
Automotive, Inc. |
17,000 | 15,021 | ||||||
144A, 4.875%, 11/15/31 |
17,000 | 14,625 | ||||||
SRS
Distribution, Inc. |
12,000 | 11,200 | ||||||
144A, 6.00%, 12/1/29 |
25,000 | 23,297 | ||||||
Staples,
Inc. |
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, |
29,000 | 26,598 | ||||||
|
|
|||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings, Inc., 144A, |
19,000 | 17,253 | ||||||
|
|
|||||||
Commercial Services — 3.6% | ||||||||
Albion
Financing 2 SARL, 144A, |
15,000 | 15,074 | ||||||
Allied
Universal Holdco LLC, 144A, |
24,000 | 23,864 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
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, |
36,000 | 32,053 | ||||||
APX
Group, Inc., 144A, |
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. |
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 |
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. |
20,000 | 17,725 | ||||||
144A, 5.00%, 12/1/29 |
24,000 | 18,413 | ||||||
MPH
Acquisition Holdings LLC |
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. |
25,000 | 22,036 | ||||||
144A, 11.25%, 12/15/27 |
17,000 | 15,991 | ||||||
Sotheby’s,
144A, |
20,000 | 19,237 | ||||||
Wand
NewCo 3, Inc., 144A, |
28,000 | 28,794 | ||||||
|
|
|||||||
(Cost $457,618) |
436,251 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.1% | ||||||||
Edgewell
Personal Care Co., 144A, |
13,000 | 11,859 | ||||||
|
|
|||||||
Food — 1.1% | ||||||||
B&G
Foods, Inc. |
14,000 | 13,033 | ||||||
144A, 8.00%, 9/15/28 |
15,000 | 15,635 | ||||||
Post
Holdings, Inc. |
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, |
12,000 | 11,477 | ||||||
|
|
|||||||
(Cost $140,590) |
133,982 | |||||||
|
|
|||||||
Healthcare-Products — 0.3% | ||||||||
Bausch
+ Lomb Escrow Corp., 144A, |
40,000 | 41,850 | ||||||
|
|
|||||||
Healthcare-Services — 4.3% | ||||||||
CHS/Community
Health Systems, Inc. |
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. |
81,000 | 71,327 | ||||||
144A, 3.75%, 2/15/31 |
38,000 | 31,228 | ||||||
Legacy
LifePoint Health LLC, 144A, |
22,000 | 20,432 |
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
LifePoint
Health, Inc. |
$ | 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, |
13,000 | 12,704 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, |
36,000 | 36,027 | ||||||
Star
Parent, Inc., 144A, |
26,000 | 27,472 | ||||||
|
|
|||||||
(Cost $587,680) |
527,669 | |||||||
|
|
|||||||
Household Products/Wares — 0.1% | ||||||||
Central
Garden & Pet Co., 144A, |
10,000 | 8,758 | ||||||
|
|
|||||||
Pharmaceuticals — 3.0% | ||||||||
AdaptHealth
LLC |
13,000 | 10,835 | ||||||
144A, 5.125%, 3/1/30 (a) |
16,000 | 13,396 | ||||||
Bausch
Health Americas, Inc. |
17,000 | 16,001 | ||||||
144A, 8.50%, 1/31/27 (a) |
20,000 | 11,404 | ||||||
Bausch
Health Cos., Inc. |
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, |
13,000 | 12,237 | ||||||
Grifols
SA, 144A, |
19,000 | 15,844 | ||||||
Herbalife
Nutrition Ltd / HLF Financing, Inc., 144A, |
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. |
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, |
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 |
Value |
|||||||
Energy — 12.9% | ||||||||
Energy-Alternate Sources — 0.1% | ||||||||
Sunnova
Energy Corp., 144A, |
$ | 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. |
12,000 | 12,458 | ||||||
144A, 8.50%, 4/30/30 |
20,000 | 20,812 | ||||||
Civitas
Resources, Inc. |
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. |
11,000 | 11,100 | ||||||
144A, 7.25%, 3/1/32 |
10,000 | 9,972 | ||||||
Comstock
Resources, Inc. |
32,000 | 29,560 | ||||||
144A, 5.875%, 1/15/30 |
28,000 | 24,518 | ||||||
Crescent
Energy Finance LLC |
20,000 | 19,944 | ||||||
144A, 9.25%, 2/15/28 |
22,000 | 23,044 | ||||||
CVR
Energy, Inc. |
11,000 | 10,219 | ||||||
144A, 8.50%, 1/15/29 |
10,000 | 10,071 | ||||||
Energean
PLC, 144A, |
16,000 | 14,631 | ||||||
Kosmos
Energy Ltd. |
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. |
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, |
10,000 | 10,476 | ||||||
Northern
Oil & Gas, Inc. |
19,000 | 19,256 | ||||||
144A, 8.75%, 6/15/31 |
15,000 | 15,694 | ||||||
Parkland
Corp., 144A, |
21,000 | 19,203 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
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. |
15,000 | 15,343 | ||||||
144A, 9.375%, 2/1/31 |
16,000 | 16,543 | ||||||
Transocean,
Inc. |
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, |
16,000 | 15,039 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Vital
Energy, Inc. |
$ | 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. |
16,000 | 15,934 | ||||||
144A, 6.25%, 4/1/28 |
21,000 | 20,493 | ||||||
CGG
SA, 144A, |
16,000 | 14,291 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
19,000 | 18,987 | ||||||
6.875%, 9/1/27 |
19,000 | 18,920 | ||||||
Weatherford
International Ltd., 144A, |
41,000 | 42,540 | ||||||
|
|
|||||||
(Cost $132,243) |
131,165 | |||||||
|
|
|||||||
Pipelines — 6.2% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
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 |
20,000 | 19,575 | ||||||
144A, 4.50%, 3/1/28 |
13,000 | 12,098 | ||||||
EQM
Midstream Partners LP |
13,000 | 13,310 | ||||||
144A, 7.50%, 6/1/30 |
13,000 | 13,831 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
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. |
10,000 | 10,011 | ||||||
144A, 8.25%, 1/15/32 |
10,000 | 10,263 | ||||||
ITT
Holdings LLC, |
36,000 | 31,988 | ||||||
New
Fortress Energy, Inc. |
32,000 | 31,864 | ||||||
144A, 6.50%, 9/30/26 |
43,000 | 41,564 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp. |
25,000 | 25,257 | ||||||
144A, 8.375%, 2/15/32 |
33,000 | 33,548 | ||||||
NuStar
Logistics LP |
15,000 | 14,841 | ||||||
6.375%, 10/1/30 |
15,000 | 15,056 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
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 |
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. |
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. |
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, |
25,000 | 25,603 | ||||||
Burford
Capital Global Finance LLC, 144A, |
11,000 | 11,564 | ||||||
Coinbase
Global, Inc. |
30,000 | 25,378 | ||||||
144A, 3.625%, 10/1/31 |
19,000 | 14,894 | ||||||
Credit
Acceptance Corp., 144A, |
15,000 | 15,886 | ||||||
Curo
Group Holdings Corp., 144A, |
20,000 | 5,475 | ||||||
Enova
International, Inc., 144A, |
10,000 | 10,482 | ||||||
goeasy
Ltd., 144A, |
10,000 | 10,620 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
26,000 | 23,418 | ||||||
LD
Holdings Group LLC 144A, |
11,000 | 10,192 | ||||||
144A, 6.125%, 4/1/28 |
16,000 | 13,079 | ||||||
Nationstar
Mortgage Holdings, Inc. |
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. |
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. |
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, |
15,000 | 15,594 |
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
PennyMac
Financial Services, Inc., 144A, |
$ | 13,000 | $ | 11,965 | ||||
PRA
Group, Inc., 144A, |
10,000 | 9,781 | ||||||
Synchrony
Financial, |
20,000 | 19,457 | ||||||
United
Wholesale Mortgage LLC, 144A, |
22,000 | 20,564 | ||||||
|
|
|||||||
(Cost $511,197) |
491,115 | |||||||
|
|
|||||||
Insurance — 0.9% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
12,000 | 12,488 | ||||||
144A, 6.00%, 8/1/29 |
13,000 | 11,715 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
38,000 | 36,952 | ||||||
144A, 5.875%, 11/1/29 |
12,000 | 10,994 | ||||||
AssuredPartners,
Inc. |
14,000 | 12,893 | ||||||
144A, 7.50%, 2/15/32 |
8,000 | 7,867 | ||||||
USI,
Inc., |
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 |
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 |
20,000 | 19,719 | ||||||
144A, 8.875%, 9/1/31 |
10,000 | 10,420 | ||||||
Kennedy-Wilson,
Inc. |
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. |
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, |
15,000 | 13,203 | ||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
28,000 | 27,032 | ||||||
144A, 4.50%, 4/1/27 |
19,000 | 16,725 | ||||||
Diversified
Healthcare Trust |
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, |
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 |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,
144A, |
$ | 17,000 | $ | 15,278 | ||||
MPT
Operating Partnership LP / MPT Finance Corp. |
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, |
11,000 | 9,276 | ||||||
Office
Properties Income Trust, |
12,000 | 5,295 | ||||||
Service
Properties Trust |
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 |
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 |
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, |
12,000 | 10,774 | ||||||
|
|
|||||||
(Cost $39,471) |
37,723 | |||||||
|
|
|||||||
Venture Capital — 0.9% | ||||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
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. |
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. |
21,000 | 18,457 | ||||||
144A, 9.75%, 11/15/30 |
35,000 | 37,541 |
Principal |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
Triumph
Group, Inc., 144A, |
$ | 35,000 | $ | 36,630 | ||||
|
|
|||||||
(Cost $189,540) |
190,127 | |||||||
|
|
|||||||
Building Materials — 0.5% | ||||||||
Smyrna
Ready Mix Concrete LLC |
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. |
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, |
40,000 | 42,587 | ||||||
IHS
Holding Ltd. 144A, |
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., |
8,000 | 6,957 | ||||||
Madison
IAQ LLC, 144A, |
24,000 | 21,451 | ||||||
|
|
|||||||
(Cost $29,732) |
28,408 | |||||||
|
|
|||||||
Machinery-Diversified — 0.7% | ||||||||
Maxim
Crane Works Holdings Capital LLC, 144A, |
14,000 | 14,572 | ||||||
SPX
FLOW, Inc., 144A, |
14,000 | 13,737 | ||||||
TK
Elevator Holdco GmbH, 144A, |
10,000 | 9,792 | ||||||
TK
Elevator US Newco, Inc., 144A, |
46,000 | 44,252 | ||||||
|
|
|||||||
(Cost $82,389) |
82,353 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Trinity
Industries, Inc., 144A, |
10,000 | 10,311 | ||||||
|
|
|||||||
Packaging & Containers — 2.6% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,
144A, |
28,000 | 22,772 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
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 |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
LABL,
Inc. |
$ | 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. |
70,000 | 70,976 | ||||||
144A, 9.25%, 4/15/27 |
38,000 | 36,997 | ||||||
Owens-Brockway
Glass Container, Inc. |
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, |
18,000 | 15,942 | ||||||
Seaspan
Corp., 144A, |
21,000 | 17,931 | ||||||
XPO,
Inc. |
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, |
18,000 | 17,347 | ||||||
McAfee
Corp., 144A, |
55,000 | 48,606 | ||||||
NCR
Atleos Corp., 144A, |
35,000 | 37,056 | ||||||
Presidio
Holdings, Inc., 144A, |
15,000 | 14,803 | ||||||
|
|
|||||||
(Cost $119,645) |
117,812 | |||||||
|
|
|||||||
Office/Business Equipment — 0.1% | ||||||||
Xerox
Holdings Corp., 144A, |
19,000 | 17,205 | ||||||
|
|
|||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM AG, 144A, |
10,000 | 10,156 | ||||||
|
|
|||||||
Software — 2.5% | ||||||||
AthenaHealth
Group, Inc., 144A, |
69,000 | 61,842 | ||||||
Clarivate
Science Holdings Corp., 144A, |
23,000 | 20,887 | ||||||
Cloud
Software Group, Inc. |
112,000 | 104,371 | ||||||
144A, 9.00%, 9/30/29 |
103,000 | 96,253 | ||||||
MicroStrategy,
Inc., 144A, |
16,000 | 15,445 | ||||||
RingCentral,
Inc., 144A, |
13,000 | 13,451 | ||||||
|
|
|||||||
(Cost $304,504) |
312,249 | |||||||
|
|
Principal |
Value |
|||||||
Utilities — 2.4% | ||||||||
Electric — 1.9% | ||||||||
Calpine
Corp. |
$ | 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, |
15,000 | 14,826 | ||||||
NRG
Energy, Inc. |
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., |
26,000 | 24,468 | ||||||
Talen
Energy Supply LLC, 144A, |
35,000 | 36,958 | ||||||
TransAlta
Corp., |
10,000 | 10,407 | ||||||
|
|
|||||||
(Cost $247,751) |
238,018 | |||||||
|
|
|||||||
Gas — 0.5% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
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 |
||||||||
SECURITIES LENDING COLLATERAL — 6.0% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.27% (b)(c) |
737,865 | 737,865 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 1.0% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (b) |
116,884 | 116,884 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 104.6% |
$ | 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 COLLATERAL — 6.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 737,865 | (d) | — | — | — | 1,329 | — | 737,865 | 737,865 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.0% |
| |||||||||||||||||||||||||||||||||||
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 |
Value |
|||||||
CORPORATE BONDS — 97.1% | ||||||||
Basic Materials — 3.5% | ||||||||
Chemicals — 1.7% | ||||||||
Ashland,
Inc., 144A, |
$ | 241,000 | $ | 202,150 | ||||
Avient
Corp. |
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, |
359,000 | 319,386 | ||||||
Methanex
Corp. |
359,000 | 345,445 | ||||||
5.25%, 12/15/29 |
379,000 | 360,715 | ||||||
Olin
Corp. |
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, |
555,000 | 507,833 | ||||||
|
|
|||||||
(Cost $3,670,830) |
3,569,231 | |||||||
|
|
|||||||
Iron/Steel — 0.6% | ||||||||
Cleveland-Cliffs,
Inc. |
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., |
254,000 | 257,211 | ||||||
|
|
|||||||
(Cost $1,352,384) |
1,351,843 | |||||||
|
|
|||||||
Mining — 1.2% | ||||||||
FMG
Resources August 2006 Pty Ltd. |
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., |
305,000 | 294,272 | ||||||
Nexa
Resources SA |
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. |
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, |
231,000 | 241,241 | ||||||
|
|
|||||||
(Cost $1,108,435) |
1,020,022 | |||||||
|
|
Principal |
Value |
|||||||
Internet — 2.8% | ||||||||
Gen
Digital, Inc. |
$ | 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. |
312,000 | 302,164 | ||||||
144A, 3.50%, 3/1/29 |
431,000 | 384,144 | ||||||
Match
Group Holdings II LLC |
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. |
205,000 | 193,214 | ||||||
3.125%, 1/14/31 |
341,000 | 285,737 | ||||||
Uber
Technologies, Inc. |
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, |
236,000 | 211,848 | ||||||
|
|
|||||||
(Cost $6,233,015) |
6,115,185 | |||||||
|
|
|||||||
Media — 2.6% | ||||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
411,000 | 404,173 | ||||||
144A, 5.125%, 5/1/27 |
1,691,000 | 1,600,312 | ||||||
News
Corp. |
503,000 | 455,038 | ||||||
144A, 5.125%, 2/15/32 |
263,000 | 245,257 | ||||||
Sirius
XM Radio, Inc. |
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, |
282,000 | 272,776 | ||||||
Videotron
Ltd. |
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, |
621,000 | 614,415 | ||||||
|
|
|||||||
Consumer, Cyclical — 21.9% | ||||||||
Airlines — 1.1% | ||||||||
Air
Canada, 144A, |
626,000 | 593,592 | ||||||
Delta
Air Lines, Inc. |
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 |
Value |
|||||||
Airlines (Continued) | ||||||||
United
Airlines, Inc., 144A, |
$ | 1,057,000 | $ | 1,018,467 | ||||
|
|
|||||||
(Cost $2,609,494) |
2,473,157 | |||||||
|
|
|||||||
Apparel — 0.1% | ||||||||
Levi
Strauss & Co., 144A, |
||||||||
(Cost $220,945) |
257,000 | 222,938 | ||||||
|
|
|||||||
Auto Manufacturers — 0.4% | ||||||||
Allison
Transmission, Inc. |
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. |
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, |
291,000 | 291,050 | ||||||
Clarios
Global LP / Clarios US Finance Co. |
461,000 | 460,144 | ||||||
144A, 6.75%, 5/15/28 |
385,000 | 389,990 | ||||||
Goodyear
Tire & Rubber Co. |
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. |
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. |
365,000 | 341,333 | ||||||
144A, 3.875%, 11/15/29 |
214,000 | 191,312 | ||||||
H&E
Equipment Services, Inc., 144A, |
672,000 | 607,026 | ||||||
Ritchie
Bros Holdings, Inc. |
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. |
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 |
556,000 | 554,603 | ||||||
5.375%, 4/15/27 (a) |
228,000 | 225,740 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Churchill
Downs, Inc. |
$ | 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 |
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, |
379,000 | 381,029 | ||||||
Live
Nation Entertainment, Inc. |
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, |
310,000 | 303,659 | ||||||
Vail
Resorts, Inc., 144A, |
308,000 | 309,304 | ||||||
WMG
Acquisition Corp. |
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. |
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, |
263,000 | 253,859 | ||||||
Taylor
Morrison Communities, Inc. |
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, |
422,000 | 378,660 | ||||||
|
|
|||||||
Leisure Time — 2.9% | ||||||||
Carnival
Corp. |
1,235,000 | 1,140,145 | ||||||
144A, 7.00%, 8/15/29 |
260,000 | 269,887 | ||||||
Carnival
Holdings Bermuda Ltd., 144A, |
1,062,000 | 1,159,305 | ||||||
Life
Time, Inc., 144A, |
475,000 | 471,484 | ||||||
NCL
Corp. Ltd., 144A, |
513,000 | 507,381 | ||||||
Royal
Caribbean Cruises Ltd. |
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 |
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. |
558,000 | 537,058 | ||||||
144A, 4.75%, 6/15/31 |
462,000 | 420,117 | ||||||
Hilton
Domestic Operating Co., Inc. |
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 |
437,000 | 405,267 | ||||||
144A, 4.875%, 7/1/31 |
257,000 | 227,018 | ||||||
MGM
Resorts International |
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, |
355,000 | 331,273 | ||||||
Travel
+ Leisure Co. |
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. |
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., |
250,000 | 223,441 | ||||||
Asbury
Automotive Group, Inc. |
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., |
247,000 | 240,048 | ||||||
Beacon
Roofing Supply, Inc., 144A, |
308,000 | 309,915 | ||||||
FirstCash,
Inc. |
257,000 | 238,031 | ||||||
144A, 5.625%, 1/1/30 |
302,000 | 286,451 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Lithia
Motors, Inc. |
$ | 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, |
218,000 | 204,603 | ||||||
Murphy
Oil USA, Inc. |
257,000 | 239,874 | ||||||
144A, 3.75%, 2/15/31 |
257,000 | 219,548 | ||||||
Penske
Automotive Group, Inc. |
282,000 | 273,849 | ||||||
3.75%, 6/15/29 |
277,000 | 245,608 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
616,000 | 578,144 | ||||||
SRS
Distribution, Inc., 144A, |
337,000 | 314,704 | ||||||
Walgreens
Boots Alliance, Inc. |
750,000 | 715,638 | ||||||
3.20%, 4/15/30 |
260,000 | 224,672 | ||||||
Yum!
Brands, Inc. |
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. |
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, |
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, |
308,000 | 308,711 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
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. |
613,000 | 572,502 | ||||||
3.50%, 6/1/31 |
513,000 | 438,109 | ||||||
Brink’s
Co. |
205,000 | 204,052 | ||||||
144A, 4.625%, 10/15/27 |
298,000 | 281,907 | ||||||
Herc
Holdings, Inc., |
616,000 | 603,592 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
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 |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Service
Corp. International |
$ | 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. |
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. |
308,000 | 306,342 | ||||||
144A, 3.625%, 6/15/31 |
275,000 | 232,678 | ||||||
Williams
Scotsman, Inc. |
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, |
377,000 | 369,817 | ||||||
Coty,
Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,
144A, |
380,000 | 386,458 | ||||||
Edgewell
Personal Care Co., 144A, |
385,000 | 376,218 | ||||||
|
|
|||||||
(Cost $1,142,440) |
1,132,493 | |||||||
|
|
|||||||
Food — 4.2% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
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. |
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. |
574,000 | 562,783 | ||||||
144A, 4.25%, 8/1/29 |
513,000 | 466,073 | ||||||
Pilgrim’s
Pride Corp. |
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. |
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 |
Value |
|||||||
Food (Continued) | ||||||||
US
Foods, Inc. |
$ | 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. |
806,000 | 761,741 | ||||||
144A, 3.875%, 11/1/29 |
411,000 | 368,813 | ||||||
Hologic,
Inc. |
205,000 | 196,623 | ||||||
144A, 3.25%, 2/15/29 |
503,000 | 448,977 | ||||||
Medline
Borrower LP |
2,346,000 | 2,105,531 | ||||||
144A, 5.25%, 10/1/29 |
1,323,000 | 1,225,007 | ||||||
Teleflex,
Inc. |
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. |
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. |
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. |
411,000 | 389,288 | ||||||
4.75%, 2/1/30 |
411,000 | 381,572 | ||||||
4.625%, 4/1/31 |
224,000 | 202,896 | ||||||
IQVIA,
Inc. |
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. |
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, |
669,000 | 667,926 | ||||||
Tenet
Healthcare Corp. |
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 |
Value |
|||||||
Household Products/Wares — 0.2% | ||||||||
Central
Garden & Pet Co., |
$ | 257,000 | $ | 228,547 | ||||
Spectrum
Brands, Inc., 144A, |
243,000 | 231,002 | ||||||
|
|
|||||||
(Cost $459,503) |
459,549 | |||||||
|
|
|||||||
Pharmaceuticals — 2.4% | ||||||||
Jazz
Securities DAC, 144A, |
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. |
374,000 | 361,347 | ||||||
4.65%, 6/15/30 |
405,000 | 362,953 | ||||||
Prestige
Brands, Inc. |
205,000 | 198,337 | ||||||
144A, 3.75%, 4/1/31 |
308,000 | 266,358 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
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. |
209,000 | 215,438 | ||||||
144A, 5.375%, 3/1/30 |
308,000 | 293,818 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
306,000 | 306,033 | ||||||
144A, 5.875%, 6/30/29 |
225,000 | 209,359 | ||||||
Callon
Petroleum Co. |
332,000 | 346,994 | ||||||
144A, 7.50%, 6/15/30 |
315,000 | 332,095 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
225,000 | 226,877 | ||||||
Chesapeake
Energy Corp. |
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, |
255,000 | 247,300 | ||||||
CNX
Resources Corp., 144A, |
258,000 | 248,200 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 144A, |
446,000 | 444,203 | ||||||
Matador
Resources Co. |
359,000 | 355,739 | ||||||
144A, 6.875%, 4/15/28 |
257,000 | 261,218 | ||||||
Murphy
Oil Corp., |
238,000 | 236,531 | ||||||
Parkland
Corp. |
287,000 | 281,927 | ||||||
144A, 4.50%, 10/1/29 |
421,000 | 385,091 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Permian
Resources Operating LLC |
$ | 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. |
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, |
359,000 | 331,060 | ||||||
SM
Energy Co. |
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. |
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. |
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. |
282,000 | 288,227 | ||||||
144A, 5.375%, 6/15/29 |
385,000 | 366,559 | ||||||
Buckeye
Partners LP |
315,000 | 298,179 | ||||||
4.125%, 12/1/27 |
205,000 | 190,978 | ||||||
CQP
Holdco LP / BIP-V Chinook Holdco LLC |
729,000 | 679,858 | ||||||
144A, 7.50%, 12/15/33 |
270,000 | 275,529 | ||||||
DT
Midstream, Inc. |
565,000 | 516,800 | ||||||
144A, 4.375%, 6/15/31 |
537,000 | 483,881 | ||||||
EnLink
Midstream LLC |
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 |
216,000 | 210,759 | ||||||
4.85%, 7/15/26 |
282,000 | 275,203 | ||||||
EQM
Midstream Partners LP |
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 |
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 |
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 |
308,000 | 305,455 | ||||||
5.625%, 4/28/27 |
282,000 | 279,356 | ||||||
Rockies
Express Pipeline LLC |
205,000 | 198,928 | ||||||
144A, 4.95%, 7/15/29 |
282,000 | 263,974 | ||||||
Venture
Global Calcasieu Pass LLC |
642,000 | 576,846 | ||||||
144A, 6.25%, 1/15/30 |
523,000 | 522,560 | ||||||
144A, 4.125%, 8/15/31 |
642,000 | 563,955 | ||||||
144A, 3.875%, 11/1/33 |
659,000 | 553,233 | ||||||
|
|
|||||||
(Cost $12,003,102) |
11,485,046 | |||||||
|
|
|||||||
Financial — 12.1% | ||||||||
Diversified Financial Services — 4.6% | ||||||||
AG
Issuer LLC, 144A, |
257,000 | 248,917 | ||||||
AG
TTMT Escrow Issuer LLC, 144A, |
257,000 | 264,793 | ||||||
Macquarie
Airfinance Holdings Ltd., 144A, |
256,000 | 268,365 | ||||||
Nationstar
Mortgage Holdings, Inc. |
250,000 | 243,165 | ||||||
144A, 6.00%, 1/15/27 |
342,000 | 336,557 | ||||||
Navient
Corp. |
257,000 | 258,750 | ||||||
6.75%, 6/15/26 |
261,000 | 262,309 | ||||||
5.00%, 3/15/27 |
369,000 | 350,261 | ||||||
NFP
Corp. |
282,000 | 281,554 | ||||||
144A, 6.875%, 8/15/28 |
1,129,000 | 1,147,559 | ||||||
OneMain
Finance Corp. |
641,000 | 647,929 | ||||||
7.125%, 3/15/26 |
856,000 | 870,567 | ||||||
3.50%, 1/15/27 |
385,000 | 354,871 | ||||||
6.625%, 1/15/28 |
375,000 | 373,182 | ||||||
PennyMac
Financial Services, Inc. |
334,000 | 329,010 | ||||||
144A, 4.25%, 2/15/29 |
347,000 | 313,251 | ||||||
144A, 7.875%, 12/15/29 |
397,000 | 406,722 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
590,000 | 543,464 | ||||||
144A, 3.625%, 3/1/29 |
405,000 | 359,635 | ||||||
144A, 3.875%, 3/1/31 (a) |
642,000 | 551,703 | ||||||
144A, 4.00%, 10/15/33 |
443,000 | 368,153 | ||||||
SLM
Corp. |
257,000 | 249,460 | ||||||
3.125%, 11/2/26 |
287,000 | 263,961 | ||||||
United
Wholesale Mortgage LLC |
441,000 | 433,869 | ||||||
144A, 5.75%, 6/15/27 |
271,000 | 263,178 | ||||||
|
|
|||||||
(Cost $10,226,938) |
9,991,185 | |||||||
|
|
|||||||
Insurance — 2.4% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc., 144A, |
359,000 | 318,805 |
Principal |
Value |
|||||||
Insurance (Continued) | ||||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
$ | 385,000 | $ | 355,790 | ||||
144A, 6.75%, 4/15/28 |
642,000 | 638,183 | ||||||
144A, 7.00%, 1/15/31 |
390,000 | 388,750 | ||||||
AmWINS
Group, Inc., 144A, |
380,000 | 380,486 | ||||||
HUB
International Ltd. |
298,000 | 276,930 | ||||||
144A, 7.25%, 6/15/30 |
1,697,000 | 1,732,243 | ||||||
144A, 7.375%, 1/31/32 |
1,000,000 | 1,003,793 | ||||||
|
|
|||||||
(Cost $5,116,142) |
5,094,980 | |||||||
|
|
|||||||
Real Estate — 0.5% | ||||||||
Howard
Hughes Corp. |
385,000 | 363,642 | ||||||
144A, 4.125%, 2/1/29 |
352,000 | 312,934 | ||||||
144A, 4.375%, 2/1/31 |
340,000 | 290,111 | ||||||
|
|
|||||||
(Cost $1,051,704) |
966,687 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 4.1% | ||||||||
Iron
Mountain, Inc. |
513,000 | 492,566 | ||||||
144A, 5.25%, 3/15/28 |
444,000 | 428,398 | ||||||
144A, 5.00%, 7/15/28 |
257,000 | 243,547 | ||||||
144A, 7.00%, 2/15/29 |
513,000 | 521,242 | ||||||
144A, 4.875%, 9/15/29 |
513,000 | 477,543 | ||||||
144A, 5.25%, 7/15/30 |
672,000 | 629,456 | ||||||
144A, 4.50%, 2/15/31 |
565,000 | 500,500 | ||||||
144A, 5.625%, 7/15/32 |
348,000 | 323,828 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,
144A, |
343,000 | 316,027 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer |
334,000 | 335,338 | ||||||
144A, 5.875%, 10/1/28 |
372,000 | 361,922 | ||||||
144A, 4.875%, 5/15/29 |
385,000 | 354,084 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
359,000 | 343,166 | ||||||
144A, 7.25%, 7/15/28 |
205,000 | 210,140 | ||||||
144A, 4.50%, 2/15/29 |
308,000 | 286,563 | ||||||
RLJ
Lodging Trust LP |
257,000 | 242,518 | ||||||
144A, 4.00%, 9/15/29 |
257,000 | 224,564 | ||||||
SBA
Communications Corp. |
803,000 | 758,460 | ||||||
3.125%, 2/1/29 |
779,000 | 689,948 | ||||||
Service
Properties Trust, |
376,000 | 381,199 | ||||||
Starwood
Property Trust, Inc. |
257,000 | 253,830 | ||||||
144A, 3.625%, 7/15/26 |
205,000 | 191,409 | ||||||
144A, 4.375%, 1/15/27 |
293,000 | 275,063 | ||||||
|
|
|||||||
(Cost $9,042,899) |
8,841,311 | |||||||
|
|
|||||||
Venture Capital — 0.5% | ||||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
205,000 | 203,100 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Venture Capital (Continued) | ||||||||
144A, 3.375%, 6/15/26 |
$ | 513,000 | $ | 480,398 | ||||
144A, 8.00%, 6/15/27 |
420,000 | 436,617 | ||||||
|
|
|||||||
(Cost $1,157,471) |
1,120,115 | |||||||
|
|
|||||||
Industrial — 11.7% | ||||||||
Aerospace/Defense — 3.2% | ||||||||
Bombardier,
Inc. |
516,000 | 520,672 | ||||||
144A, 6.00%, 2/15/28 |
380,000 | 369,269 | ||||||
Rolls-Royce
PLC |
513,000 | 495,876 | ||||||
144A, 5.75%, 10/15/27 |
564,000 | 561,787 | ||||||
Spirit
AeroSystems, Inc., 144A, |
465,000 | 503,411 | ||||||
TransDigm,
Inc. |
311,000 | 310,968 | ||||||
5.50%, 11/15/27 |
1,167,000 | 1,128,003 | ||||||
144A, 6.75%, 8/15/28 |
939,000 | 951,400 | ||||||
4.625%, 1/15/29 |
545,000 | 500,245 | ||||||
4.875%, 5/1/29 |
356,000 | 327,364 | ||||||
144A, 6.875%, 12/15/30 |
638,000 | 646,236 | ||||||
144A, 7.125%, 12/1/31 |
450,000 | 462,181 | ||||||
|
|
|||||||
(Cost $6,764,717) |
6,777,412 | |||||||
|
|
|||||||
Building Materials — 1.9% | ||||||||
Builders
FirstSource, Inc. |
282,000 | 266,553 | ||||||
144A, 4.25%, 2/1/32 |
695,000 | 611,357 | ||||||
144A, 6.375%, 6/15/32 |
350,000 | 350,371 | ||||||
Standard
Industries, Inc. |
466,000 | 449,208 | ||||||
144A, 4.75%, 1/15/28 |
506,000 | 477,984 | ||||||
144A, 4.375%, 7/15/30 |
838,000 | 747,928 | ||||||
144A, 3.375%, 1/15/31 |
580,000 | 481,192 | ||||||
Summit
Materials LLC / Summit Materials Finance Corp. |
384,000 | 372,100 | ||||||
144A, 7.25%, 1/15/31 |
415,000 | 431,014 | ||||||
|
|
|||||||
(Cost $4,223,259) |
4,187,707 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.7% | ||||||||
WESCO
Distribution, Inc. |
800,000 | 805,468 | ||||||
144A, 7.25%, 6/15/28 |
710,000 | 726,221 | ||||||
|
|
|||||||
(Cost $1,533,825) |
1,531,689 | |||||||
|
|
|||||||
Electronics — 0.8% | ||||||||
Sensata
Technologies BV |
359,000 | 355,970 | ||||||
144A, 4.00%, 4/15/29 |
533,000 | 483,891 | ||||||
144A, 5.875%, 9/1/30 |
277,000 | 270,034 | ||||||
Sensata
Technologies, Inc. |
231,000 | 210,687 | ||||||
144A, 3.75%, 2/15/31 |
375,000 | 321,022 | ||||||
|
|
|||||||
(Cost $1,800,343) |
1,641,604 | |||||||
|
|
|||||||
Engineering & Construction — 0.1% | ||||||||
Fluor
Corp., |
318,000 | 300,931 | ||||||
|
|
Principal |
Value |
|||||||
Environmental Control — 1.6% | ||||||||
Clean
Harbors, Inc., 144A, |
$ | 257,000 | $ | 255,676 | ||||
GFL
Environmental, Inc. |
257,000 | 252,708 | ||||||
144A, 3.75%, 8/1/25 |
395,000 | 383,880 | ||||||
144A, 5.125%, 12/15/26 |
257,000 | 251,644 | ||||||
144A, 4.00%, 8/1/28 |
385,000 | 353,333 | ||||||
144A, 3.50%, 9/1/28 |
382,000 | 346,692 | ||||||
144A, 4.75%, 6/15/29 |
385,000 | 360,817 | ||||||
144A, 4.375%, 8/15/29 |
312,000 | 284,503 | ||||||
144A, 6.75%, 1/15/31 |
530,000 | 542,779 | ||||||
Madison
IAQ LLC, 144A, |
360,000 | 328,301 | ||||||
|
|
|||||||
(Cost $3,438,269) |
3,360,333 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
Hillenbrand,
Inc. |
205,000 | 203,668 | ||||||
6.25%, 2/15/29 |
250,000 | 250,347 | ||||||
|
|
|||||||
(Cost $456,369) |
454,015 | |||||||
|
|
|||||||
Packaging & Containers — 2.6% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance
PLC |
308,000 | 302,749 | ||||||
144A, 3.25%, 9/1/28 |
312,000 | 270,807 | ||||||
Ball
Corp. |
385,000 | 394,687 | ||||||
6.00%, 6/15/29 |
533,000 | 536,250 | ||||||
2.875%, 8/15/30 |
667,000 | 565,325 | ||||||
3.125%, 9/15/31 (a) |
466,000 | 393,044 | ||||||
Berry
Global, Inc., 144A, |
257,000 | 253,657 | ||||||
Crown
Americas LLC, |
257,000 | 247,794 | ||||||
Graphic
Packaging International LLC |
227,000 | 207,832 | ||||||
144A, 3.75%, 2/1/30 |
214,000 | 190,666 | ||||||
OI
European Group BV, 144A, |
205,000 | 188,918 | ||||||
Pactiv
Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,
144A, |
513,000 | 478,419 | ||||||
Sealed
Air Corp. |
205,000 | 204,805 | ||||||
144A, 4.00%, 12/1/27 |
218,000 | 202,992 | ||||||
144A, 6.125%, 2/1/28 |
398,000 | 397,108 | ||||||
144A, 5.00%, 4/15/29 |
198,000 | 187,747 | ||||||
144A, 7.25%, 2/15/31 |
236,000 | 243,937 | ||||||
Silgan
Holdings, Inc., |
293,000 | 273,849 | ||||||
|
|
|||||||
(Cost $5,855,094) |
5,540,586 | |||||||
|
|
|||||||
Trucking & Leasing — 0.6% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
334,000 | 334,487 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Trucking & Leasing (Continued) | ||||||||
144A, 9.75%, 8/1/27 |
$ | 205,000 | $ | 212,685 | ||||
144A, 5.50%, 5/1/28 |
513,000 | 491,896 | ||||||
144A, 7.875%, 12/1/30 |
257,000 | 269,684 | ||||||
|
|
|||||||
(Cost $1,282,120) |
1,308,752 | |||||||
|
|
|||||||
Technology — 6.0% | ||||||||
Computers — 1.8% | ||||||||
NCR
Voyix Corp. |
334,000 | 310,805 | ||||||
144A, 5.125%, 4/15/29 |
616,000 | 571,919 | ||||||
144A, 5.25%, 10/1/30 |
230,000 | 208,029 | ||||||
Presidio
Holdings, Inc., 144A, |
270,000 | 259,733 | ||||||
Seagate
HDD Cayman |
259,000 | 251,069 | ||||||
4.091%, 6/1/29 |
284,000 | 259,430 | ||||||
144A, 8.25%, 12/15/29 |
257,000 | 275,593 | ||||||
144A, 8.50%, 7/15/31 |
257,000 | 278,087 | ||||||
9.625%, 12/1/32 |
385,600 | 436,114 | ||||||
Western
Digital Corp., |
1,211,000 | 1,184,703 | ||||||
|
|
|||||||
(Cost $4,023,940) |
4,035,482 | |||||||
|
|
|||||||
Office/Business Equipment — 0.2% | ||||||||
Xerox
Holdings Corp., 144A, |
389,000 | 382,952 | ||||||
|
|
|||||||
Semiconductors — 0.9% | ||||||||
Entegris,
Inc. |
205,000 | 191,755 | ||||||
144A, 4.75%, 4/15/29 |
850,000 | 802,318 | ||||||
144A, 3.625%, 5/1/29 |
199,000 | 176,297 | ||||||
144A, 5.95%, 6/15/30 |
459,000 | 450,409 | ||||||
ON
Semiconductor Corp., 144A, |
359,000 | 328,625 | ||||||
|
|
|||||||
(Cost $1,966,282) |
1,949,404 | |||||||
|
|
|||||||
Software — 3.1% | ||||||||
Alteryx,
Inc., 144A, |
235,000 | 238,500 | ||||||
Boxer
Parent Co., Inc., 144A, |
308,000 | 308,517 | ||||||
Clarivate
Science Holdings Corp., 144A, |
483,000 | 441,407 | ||||||
Fair
Isaac Corp. |
205,000 | 203,011 | ||||||
144A, 4.00%, 6/15/28 |
462,000 | 429,628 | ||||||
Open
Text Corp. |
462,000 | 424,996 | ||||||
144A, 3.875%, 12/1/29 |
436,000 | 385,750 | ||||||
Open
Text Holdings, Inc. |
477,000 | 421,653 | ||||||
144A, 4.125%, 12/1/31 |
349,000 | 299,028 | ||||||
PTC,
Inc., 144A, |
257,000 | 240,033 | ||||||
ROBLOX
Corp., 144A, |
533,000 | 467,209 |
Principal |
Value |
|||||||
Software (Continued) | ||||||||
SS&C
Technologies, Inc., 144A, |
$ | 1,047,000 | $ | 1,020,558 | ||||
Twilio,
Inc. |
257,000 | 229,046 | ||||||
3.875%, 3/15/31 |
257,000 | 223,848 | ||||||
UKG,
Inc., 144A, |
1,300,000 | 1,314,449 | ||||||
|
|
|||||||
(Cost $6,890,341) |
6,647,633 | |||||||
|
|
|||||||
Utilities — 3.8% | ||||||||
Electric — 3.8% | ||||||||
Calpine
Corp. |
216,000 | 212,991 | ||||||
144A, 4.50%, 2/15/28 |
642,000 | 605,355 | ||||||
144A, 3.75%, 3/1/31 |
482,000 | 413,659 | ||||||
Clearway
Energy Operating LLC |
436,000 | 408,165 | ||||||
144A, 3.75%, 2/15/31 |
476,000 | 401,913 | ||||||
DPL,
Inc., |
212,000 | 206,379 | ||||||
FirstEnergy Corp. |
||||||||
Series B, 4.15%, 7/15/27 |
790,000 | 751,143 | ||||||
2.65%, 3/1/30 |
308,000 | 263,609 | ||||||
Series B, 2.25%, 9/1/30 |
261,000 | 215,083 | ||||||
NextEra
Energy Operating Partners LP |
297,000 | 277,666 | ||||||
144A, 4.50%, 9/15/27 |
282,000 | 263,408 | ||||||
144A, 7.25%, 1/15/29 |
390,000 | 396,759 | ||||||
PG&E
Corp., |
515,000 | 491,694 | ||||||
Vistra
Operations Co. LLC |
523,000 | 515,519 | ||||||
144A, 5.625%, 2/15/27 |
667,000 | 650,678 | ||||||
144A, 5.00%, 7/31/27 |
687,000 | 659,266 | ||||||
144A, 4.375%, 5/1/29 |
642,000 | 586,311 | ||||||
144A, 7.75%, 10/15/31 |
740,000 | 766,090 | ||||||
|
|
|||||||
(Cost $8,486,125) |
8,085,688 | |||||||
|
|
|||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $214,765,958) |
209,061,439 | |||||||
|
|
|||||||
Number |
||||||||
SECURITIES LENDING COLLATERAL — 2.0% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.27% (b)(c) |
4,254,324 | 4,254,324 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 2.4% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (b) |
5,226,220 | 5,226,220 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 101.5% |
$ | 218,541,983 | ||||||
Other assets and liabilities, net — (1.5%) |
(3,212,050 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 215,329,933 | ||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
Value ($) at 8/31/2023 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/29/2024 |
Value ($) at 2/29/2024 |
||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.0% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
|
|||||||||||||||||||||||||||||||||||
— | 4,254,324 | (d) | — | — | — | 11,443 | — | 4,254,324 | 4,254,324 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 2.4% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
|
|||||||||||||||||||||||||||||||||||
3,360,237 | 16,978,821 | (15,112,838 | ) | — | — | 38,501 | — | 5,226,220 | 5,226,220 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
3,360,237 | 21,233,145 | (15,112,838 | ) | — | — | 49,944 | — | 9,480,544 | 9,480,544 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $4,162,522, which is 1.9% of net assets. |
(b) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) |
$ | — | $ | 209,061,439 | $ | — | $ | 209,061,439 | ||||||||
Short-Term Investments (a) |
9,480,544 | — | — | 9,480,544 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 9,480,544 | $ | 209,061,439 | $ | — | $ | 218,541,983 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF
February 29, 2024 (Unaudited)
Number |
Value |
|||||||
EXCHANGE-TRADED FUNDS — 99.4% | ||||||||
Xtrackers High Beta High Yield Bond ETF (a) |
22,975 | $ | 940,500 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
1,169,869 | 41,530,350 | ||||||
|
|
|||||||
(Cost $45,195,482) |
42,470,850 | |||||||
|
|
|||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.27% (c)(d) |
420,500 | 420,500 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.6% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (c) |
239,157 | 239,157 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 101.0% |
$ | 43,130,507 | ||||||
Other assets and liabilities, net — (1.0%) |
(436,414 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 42,694,093 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
Value ($) at 8/31/2023 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/29/2024 |
Value ($) at 2/29/2024 |
||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 99.4% |
|
|||||||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a) |
|
|||||||||||||||||||||||||||||||||||
967,365 | — | (49,497 | ) | (2,454 | ) | 25,086 | 36,878 | — | 22,975 | 940,500 | ||||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
|
|||||||||||||||||||||||||||||||||||
42,650,693 | — | (2,200,245 | ) | (63,146 | ) | 1,143,048 | 1,296,321 | — | 1,169,869 | 41,530,350 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.0% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) |
|
|||||||||||||||||||||||||||||||||||
6,535,150 | — | (6,114,650 | )(e) | — | — | 4,120 | — | 420,500 | 420,500 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.6% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) |
|
|||||||||||||||||||||||||||||||||||
311,422 | 65,356 | (137,621 | ) | — | — | 7,679 | — | 239,157 | 239,157 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
50,464,630 | 65,356 | (8,502,013 | ) | (65,600 | ) | 1,168,134 | 1,344,998 | — | 1,852,501 | 43,130,507 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Affiliated fund advised by DBX Advisors LLC. |
(b) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $411,800, which is 1.0% of net assets. |
(c) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange-Traded Funds |
$ | 42,470,850 | $ | — | $ | — | $ | 42,470,850 | ||||||||
Short-Term Investments (a) |
659,657 | — | — | 659,657 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 43,130,507 | $ | — | $ | — | $ | 43,130,507 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 97.4% | ||||||||
Basic Materials — 3.9% | ||||||||
Chemicals — 1.6% | ||||||||
ASP
Unifrax Holdings, Inc., 144A, |
$ | 161,000 | $ | 102,318 | ||||
Avient
Corp., 144A, |
130,000 | 129,365 | ||||||
Axalta
Coating Systems LLC, 144A, |
85,000 | 75,621 | ||||||
Chemours
Co. |
105,000 | 96,034 | ||||||
144A, 5.75%, 11/15/28 |
160,000 | 140,500 | ||||||
Consolidated
Energy Finance SA, 144A, |
103,000 | 83,708 | ||||||
INEOS
Finance PLC, 144A, |
94,000 | 92,018 | ||||||
Methanex
Corp., |
146,000 | 140,487 | ||||||
NOVA
Chemicals Corp. |
112,000 | 109,510 | ||||||
144A, 5.25%, 6/1/27 |
205,000 | 190,193 | ||||||
144A, 8.50%, 11/15/28 |
100,000 | 105,711 | ||||||
Olin
Corp., |
98,000 | 95,152 | ||||||
SCIH
Salt Holdings, Inc., 144A, |
236,000 | 215,944 | ||||||
|
|
|||||||
(Cost $1,587,321) |
1,576,561 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
153,000 | 132,024 | ||||||
|
|
|||||||
Iron/Steel — 0.8% | ||||||||
Cleveland-Cliffs,
Inc. 144A, |
200,000 | 201,725 | ||||||
5.875%, 6/1/27 |
130,000 | 128,766 | ||||||
Mineral
Resources Ltd. |
113,000 | 114,120 | ||||||
144A, 8.00%, 11/1/27 |
122,000 | 124,403 | ||||||
144A, 9.25%, 10/1/28 |
221,000 | 232,050 | ||||||
|
|
|||||||
(Cost $792,397) |
801,064 | |||||||
|
|
|||||||
Mining — 1.4% | ||||||||
First
Quantum Minerals Ltd. |
214,000 | 214,000 | ||||||
144A, 6.875%, 3/1/26 (a) |
195,000 | 195,000 | ||||||
144A, 6.875%, 10/15/27 |
323,000 | 307,488 | ||||||
FMG
Resources August 2006 Pty Ltd., 144A, |
115,000 | 110,217 | ||||||
Hudbay
Minerals, Inc., 144A, |
125,000 | 120,603 | ||||||
Kaiser
Aluminum Corp., 144A, |
98,000 | 90,508 | ||||||
Nexa
Resources SA |
137,000 | 132,300 | ||||||
144A, 6.50%, 1/18/28 |
94,000 | 94,329 | ||||||
Vedanta
Resources Finance II PLC, 144A, |
100,000 | 83,087 | ||||||
|
|
|||||||
(Cost $1,327,539) |
1,347,532 | |||||||
|
|
Principal |
Value |
|||||||
Communications — 16.8% | ||||||||
Advertising — 0.9% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
$ | 252,000 | $ | 235,907 | ||||
144A, 7.75%, 4/15/28 |
195,000 | 168,795 | ||||||
144A, 9.00%, 9/15/28 (a) |
150,000 | 156,554 | ||||||
Lamar
Media Corp., |
115,000 | 106,765 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
124,000 | 119,386 | ||||||
144A, 4.25%, 1/15/29 |
100,000 | 89,908 | ||||||
|
|
|||||||
(Cost $844,983) |
877,315 | |||||||
|
|
|||||||
Internet — 2.0% | ||||||||
EquipmentShare.com,
Inc., 144A, |
200,000 | 205,195 | ||||||
Gen
Digital, Inc. |
226,000 | 223,957 | ||||||
144A, 6.75%, 9/30/27 |
176,000 | 177,064 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27 |
120,000 | 116,217 | ||||||
Match
Group Holdings II LLC |
88,000 | 84,009 | ||||||
144A, 4.625%, 6/1/28 |
88,000 | 82,811 | ||||||
MercadoLibre,
Inc., |
75,000 | 70,688 | ||||||
Newfold
Digital Holdings Group, Inc., 144A, |
105,000 | 114,137 | ||||||
Rakuten
Group, Inc., 144A, |
328,000 | 349,296 | ||||||
Uber
Technologies, Inc. |
274,000 | 279,039 | ||||||
144A, 7.50%, 9/15/27 |
234,000 | 239,570 | ||||||
144A, 6.25%, 1/15/28 |
98,000 | 98,215 | ||||||
|
|
|||||||
(Cost $2,009,778) |
2,040,198 | |||||||
|
|
|||||||
Media — 8.9% | ||||||||
Altice
Financing SA, 144A, |
234,000 | 207,266 | ||||||
AMC
Networks, Inc. |
151,000 | 144,145 | ||||||
4.25%, 2/15/29 |
184,000 | 119,273 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
170,000 | 167,176 | ||||||
144A, 5.125%, 5/1/27 |
635,000 | 600,945 | ||||||
144A, 5.00%, 2/1/28 |
493,000 | 455,405 | ||||||
CSC
Holdings LLC |
256,000 | 229,939 | ||||||
144A, 5.375%, 2/1/28 |
181,000 | 157,952 | ||||||
144A, 7.50%, 4/1/28 |
216,000 | 153,792 | ||||||
144A, 11.25%, 5/15/28 |
195,000 | 201,388 | ||||||
144A, 11.75%, 1/31/29 |
420,000 | 439,298 | ||||||
144A, 6.50%, 2/1/29 |
293,000 | 255,704 | ||||||
DISH
DBS Corp. |
392,000 | 370,820 | ||||||
7.75%, 7/1/26 |
391,000 | 249,657 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Media (Continued) | ||||||||
144A, 5.25%, 12/1/26 |
$ | 539,000 | $ | 431,537 | ||||
7.375%, 7/1/28 |
195,000 | 95,333 | ||||||
144A, 5.75%, 12/1/28 |
478,000 | 331,911 | ||||||
DISH
Network Corp., 144A, |
684,000 | 713,962 | ||||||
Gray
Television, Inc. 144A, |
124,000 | 117,800 | ||||||
144A, 7.00%, 5/15/27 (a) |
150,000 | 135,734 | ||||||
iHeartCommunications,
Inc. |
156,000 | 132,990 | ||||||
8.375%, 5/1/27 |
167,000 | 100,398 | ||||||
144A, 5.25%, 8/15/27 |
152,000 | 112,851 | ||||||
144A, 4.75%, 1/15/28 |
105,000 | 75,708 | ||||||
McGraw-Hill
Education, Inc., 144A, |
165,000 | 153,446 | ||||||
Nexstar
Media, Inc. |
335,000 | 317,834 | ||||||
144A, 4.75%, 11/1/28 (a) |
192,000 | 170,710 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc. |
156,000 | 123,013 | ||||||
144A, 6.50%, 9/15/28 |
205,000 | 98,887 | ||||||
Sirius
XM Radio, Inc. |
220,000 | 205,354 | ||||||
144A, 5.00%, 8/1/27 |
293,000 | 279,471 | ||||||
144A, 4.00%, 7/15/28 |
367,000 | 331,010 | ||||||
TEGNA,
Inc. 144A, |
102,000 | 98,664 | ||||||
4.625%, 3/15/28 |
195,000 | 175,802 | ||||||
Univision
Communications, Inc. |
293,000 | 284,252 | ||||||
144A, 8.00%, 8/15/28 |
285,000 | 286,767 | ||||||
Videotron
Ltd. |
121,000 | 120,696 | ||||||
144A, 5.125%, 4/15/27 |
125,000 | 122,592 | ||||||
VTR
Finance NV, 144A, |
95,000 | 41,631 | ||||||
Ziggo
Bond Co. BV, 144A, |
106,000 | 103,660 | ||||||
|
|
|||||||
(Cost $9,297,881) |
8,914,773 | |||||||
|
|
|||||||
Telecommunications — 5.0% | ||||||||
Altice
France Holding SA |
317,000 | 207,410 | ||||||
144A, 6.00%, 2/15/28 |
212,000 | 107,249 | ||||||
Altice
France SA |
312,000 | 287,029 | ||||||
144A, 5.50%, 1/15/28 |
214,000 | 174,845 | ||||||
144A, 5.125%, 1/15/29 |
100,000 | 75,692 | ||||||
C&W
Senior Financing DAC, 144A, |
218,000 | 205,695 | ||||||
CommScope
Technologies LLC |
263,000 | 214,603 | ||||||
144A, 5.00%, 3/15/27 |
138,000 | 49,538 | ||||||
CommScope,
Inc. |
280,000 | 252,334 | ||||||
144A, 8.25%, 3/1/27 |
174,000 | 76,375 | ||||||
144A, 7.125%, 7/1/28 |
125,000 | 50,129 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
Consolidated
Communications, Inc. |
$ | 78,000 | $ | 64,491 | ||||
144A, 6.50%, 10/1/28 |
155,000 | 133,300 | ||||||
Frontier
Communications Holdings LLC |
225,000 | 217,643 | ||||||
144A, 5.00%, 5/1/28 |
302,000 | 279,806 | ||||||
Hughes
Satellite Systems Corp. |
154,000 | 131,725 | ||||||
6.625%, 8/1/26 |
133,000 | 87,780 | ||||||
Iliad
Holding SASU |
221,000 | 218,656 | ||||||
144A, 7.00%, 10/15/28 |
167,000 | 165,369 | ||||||
Level 3
Financing, Inc. |
138,000 | 111,784 | ||||||
144A, 4.625%, 9/15/27 |
197,000 | 122,140 | ||||||
144A, 4.25%, 7/1/28 |
259,000 | 124,320 | ||||||
144A, 3.625%, 1/15/29 |
165,000 | 70,950 | ||||||
Lumen
Technologies, Inc. |
85,000 | 56,859 | ||||||
144A, 4.00%, 2/15/27 |
222,000 | 134,539 | ||||||
144A, 4.50%, 1/15/29 |
60,000 | 18,957 | ||||||
Millicom
International Cellular SA, 144A, |
88,200 | 84,152 | ||||||
Sable
International Finance Ltd., 144A, |
82,000 | 78,700 | ||||||
Telecom
Italia SpA, 144A, |
304,000 | 303,157 | ||||||
Viasat,
Inc. |
66,000 | 64,121 | ||||||
144A, 5.625%, 4/15/27 |
89,000 | 83,641 | ||||||
144A, 6.50%, 7/15/28 |
90,000 | 66,771 | ||||||
Windstream
Escrow LLC / Windstream Escrow Finance Corp., 144A, |
273,000 | 255,173 | ||||||
Zayo
Group Holdings, Inc. |
299,000 | 249,267 | ||||||
144A, 6.125%, 3/1/28 |
211,000 | 160,588 | ||||||
|
|
|||||||
(Cost $5,426,437) |
4,984,788 | |||||||
|
|
|||||||
Consumer, Cyclical — 20.5% | ||||||||
Airlines — 1.7% | ||||||||
Air
Canada, 144A, |
253,000 | 239,902 | ||||||
American
Airlines Group, Inc., 144A, |
95,000 | 92,894 | ||||||
American
Airlines, Inc., 144A, |
140,000 | 141,293 | ||||||
Delta
Air Lines, Inc. |
200,000 | 196,166 | ||||||
7.375%, 1/15/26 |
170,000 | 175,495 | ||||||
4.375%, 4/19/28 |
71,000 | 68,147 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
232,252 | 219,476 | ||||||
Spirit
Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
121,000 | 87,620 | ||||||
144A, 8.00%, 9/20/25 |
100,000 | 72,413 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Airlines (Continued) | ||||||||
United
Airlines, Inc., 144A, |
$ | 390,000 | $ | 375,782 | ||||
|
|
|||||||
(Cost $1,755,971) |
1,669,188 | |||||||
|
|
|||||||
Apparel — 0.2% | ||||||||
Hanesbrands,
Inc., 144A, |
170,000 | 164,248 | ||||||
|
|
|||||||
Auto Manufacturers — 0.3% | ||||||||
Allison
Transmission, Inc., 144A, |
81,000 | 77,745 | ||||||
Aston
Martin Capital Holdings Ltd., 144A, |
223,000 | 226,309 | ||||||
|
|
|||||||
(Cost $297,582) |
304,054 | |||||||
|
|
|||||||
Auto Parts & Equipment — 2.3% | ||||||||
Adient
Global Holdings Ltd. |
155,000 | 150,390 | ||||||
144A, 7.00%, 4/15/28 |
104,000 | 106,139 | ||||||
American
Axle & Manufacturing, Inc. |
98,000 | 96,877 | ||||||
6.875%, 7/1/28 |
75,000 | 72,541 | ||||||
Clarios
Global LP, 144A, |
88,000 | 88,015 | ||||||
Clarios
Global LP / Clarios US Finance Co. |
150,000 | 149,721 | ||||||
144A, 8.50%, 5/15/27 |
315,000 | 317,223 | ||||||
144A, 6.75%, 5/15/28 |
150,000 | 151,944 | ||||||
Dana,
Inc. |
86,000 | 83,103 | ||||||
5.625%, 6/15/28 |
78,000 | 75,598 | ||||||
Goodyear
Tire & Rubber Co. |
156,000 | 157,706 | ||||||
5.00%, 5/31/26 |
176,000 | 171,575 | ||||||
4.875%, 3/15/27 |
133,000 | 127,776 | ||||||
Tenneco,
Inc., 144A, |
371,000 | 338,432 | ||||||
ZF
North America Capital, Inc., 144A, |
165,000 | 168,594 | ||||||
|
|
|||||||
(Cost $2,223,192) |
2,255,634 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.4% | ||||||||
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28 |
130,000 | 121,571 | ||||||
H&E
Equipment Services, Inc., 144A, |
244,000 | 220,408 | ||||||
Ritchie
Bros Holdings, Inc., 144A, |
99,000 | 101,445 | ||||||
|
|
|||||||
(Cost $443,970) |
443,424 | |||||||
|
|
|||||||
Entertainment — 3.4% | ||||||||
AMC
Entertainment Holdings, Inc., 144A, |
178,000 | 123,226 | ||||||
Caesars
Entertainment, Inc. |
360,000 | 360,242 | ||||||
144A, 8.125%, 7/1/27 |
315,000 | 323,647 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25 |
$ | 202,000 | $ | 201,492 | ||||
5.375%, 4/15/27 |
97,000 | 96,039 | ||||||
Churchill
Downs, Inc. |
122,000 | 119,915 | ||||||
144A, 4.75%, 1/15/28 |
135,000 | 127,813 | ||||||
Cinemark
USA, Inc. |
78,000 | 76,899 | ||||||
144A, 5.25%, 7/15/28 |
144,000 | 134,678 | ||||||
International
Game Technology PLC |
128,000 | 128,273 | ||||||
144A, 4.125%, 4/15/26 |
207,000 | 199,953 | ||||||
144A, 6.25%, 1/15/27 |
150,000 | 150,736 | ||||||
144A, 5.25%, 1/15/29 |
100,000 | 96,741 | ||||||
Light &
Wonder International, Inc., 144A, |
130,000 | 130,696 | ||||||
Live
Nation Entertainment, Inc. |
137,000 | 135,967 | ||||||
144A, 6.50%, 5/15/27 |
263,000 | 265,478 | ||||||
144A, 4.75%, 10/15/27 |
198,000 | 189,741 | ||||||
144A, 3.75%, 1/15/28 |
80,000 | 73,832 | ||||||
Mohegan
Tribal Gaming Authority, 144A, |
229,000 | 216,120 | ||||||
Penn
Entertainment, Inc., 144A, |
68,000 | 65,068 | ||||||
Six
Flags Entertainment Corp., 144A, |
86,000 | 84,241 | ||||||
Vail
Resorts, Inc., 144A, |
119,000 | 119,504 | ||||||
|
|
|||||||
(Cost $3,412,844) |
3,420,301 | |||||||
|
|
|||||||
Food Service — 0.4% | ||||||||
Aramark
Services, Inc. |
126,000 | 125,303 | ||||||
144A, 5.00%, 2/1/28 |
220,000 | 211,058 | ||||||
TKC
Holdings, Inc., 144A, |
85,000 | 79,658 | ||||||
|
|
|||||||
(Cost $406,248) |
416,019 | |||||||
|
|
|||||||
Home Builders — 0.4% | ||||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC,
144A, |
120,000 | 116,373 | ||||||
Mattamy
Group Corp., 144A, |
102,000 | 98,455 | ||||||
Taylor
Morrison Communities, Inc. |
98,000 | 97,562 | ||||||
144A, 5.75%, 1/15/28 |
80,000 | 78,471 | ||||||
|
|
|||||||
(Cost $374,825) |
390,861 | |||||||
|
|
|||||||
Housewares — 0.6% | ||||||||
Newell
Brands, Inc. |
87,000 | 85,254 | ||||||
5.20%, 4/1/26 |
388,000 | 377,175 | ||||||
6.375%, 9/15/27 |
98,000 | 95,240 | ||||||
|
|
|||||||
(Cost $578,371) |
557,669 | |||||||
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Leisure Time — 4.5% | ||||||||
Carnival
Corp. |
$ | 260,000 | $ | 263,572 | ||||
144A, 5.75%, 3/1/27 |
538,000 | 531,705 | ||||||
144A, 4.00%, 8/1/28 |
470,000 | 433,901 | ||||||
Carnival
Holdings Bermuda Ltd., 144A, |
400,000 | 436,649 | ||||||
Life
Time, Inc. |
203,000 | 201,497 | ||||||
144A, 8.00%, 4/15/26 |
100,000 | 101,003 | ||||||
NCL
Corp. Ltd. |
114,000 | 112,341 | ||||||
144A, 5.875%, 3/15/26 |
290,000 | 283,475 | ||||||
144A, 5.875%, 2/15/27 |
175,000 | 173,083 | ||||||
144A, 8.375%, 2/1/28 |
150,000 | 157,573 | ||||||
144A, 8.125%, 1/15/29 |
150,000 | 157,933 | ||||||
144A, 7.75%, 2/15/29 |
92,000 | 94,378 | ||||||
Royal
Caribbean Cruises Ltd. |
175,000 | 168,707 | ||||||
144A, 5.50%, 8/31/26 |
204,000 | 201,863 | ||||||
144A, 5.375%, 7/15/27 |
195,000 | 191,457 | ||||||
144A, 11.625%, 8/15/27 |
232,000 | 251,120 | ||||||
3.70%, 3/15/28 |
103,000 | 95,149 | ||||||
144A, 5.50%, 4/1/28 |
338,000 | 332,947 | ||||||
144A, 9.25%, 1/15/29 |
100,000 | 107,643 | ||||||
Viking
Cruises Ltd. |
155,000 | 151,640 | ||||||
144A, 7.00%, 2/15/29 |
50,000 | 50,025 | ||||||
|
|
|||||||
(Cost $4,367,235) |
4,497,661 | |||||||
|
|
|||||||
Lodging — 2.3% | ||||||||
Boyd
Gaming Corp., |
196,000 | 188,644 | ||||||
Hilton
Domestic Operating Co., Inc. |
81,000 | 80,812 | ||||||
144A, 5.75%, 5/1/28 |
98,000 | 97,811 | ||||||
Melco
Resorts Finance Ltd. |
190,000 | 185,902 | ||||||
144A, 5.25%, 4/26/26 |
85,000 | 81,669 | ||||||
144A, 5.625%, 7/17/27 |
117,000 | 111,012 | ||||||
144A, 5.75%, 7/21/28 |
156,000 | 146,627 | ||||||
MGM
Resorts International |
151,000 | 151,307 | ||||||
5.75%, 6/15/25 |
161,000 | 160,875 | ||||||
4.625%, 9/1/26 |
78,000 | 75,687 | ||||||
5.50%, 4/15/27 |
132,000 | 129,405 | ||||||
4.75%, 10/15/28 (a) |
140,000 | 131,529 | ||||||
Station
Casinos LLC, 144A, |
135,000 | 125,977 | ||||||
Studio
City Finance Ltd. |
104,000 | 98,719 | ||||||
144A, 5.00%, 1/15/29 |
220,000 | 192,052 | ||||||
Travel
+ Leisure Co. 144A, |
127,000 | 128,454 | ||||||
6.00%, 4/1/27 |
73,000 | 72,795 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a) |
157,000 | 153,798 | ||||||
|
|
|||||||
(Cost $2,278,105) |
2,313,075 | |||||||
|
|
Principal |
Value |
|||||||
Retail — 4.0% | ||||||||
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25 |
$ | 70,000 | $ | 69,803 | ||||
144A, 3.875%, 1/15/28 |
324,000 | 302,543 | ||||||
144A, 4.375%, 1/15/28 |
184,000 | 172,881 | ||||||
144A, 3.50%, 2/15/29 |
100,000 | 90,250 | ||||||
Asbury
Automotive Group, Inc., |
110,000 | 102,683 | ||||||
Bath &
Body Works, Inc., |
100,000 | 97,185 | ||||||
eG
Global Finance PLC, 144A, |
215,000 | 227,255 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp., 144A, |
113,000 | 111,956 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,
144A, |
200,000 | 181,698 | ||||||
FirstCash,
Inc., |
122,000 | 112,995 | ||||||
LBM
Acquisition LLC, |
130,000 | 117,256 | ||||||
Lithia
Motors, Inc., |
75,000 | 71,525 | ||||||
Michaels
Cos., Inc., 144A, |
166,000 | 129,091 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26 |
215,000 | 211,076 | ||||||
Penske
Automotive Group, Inc., |
100,000 | 97,110 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp. |
228,000 | 213,988 | ||||||
144A, 7.75%, 2/15/29 |
193,000 | 190,872 | ||||||
QVC,
Inc. |
60,000 | 59,904 | ||||||
4.45%, 2/15/25 |
114,000 | 110,788 | ||||||
4.75%, 2/15/27 (a) |
118,000 | 106,467 | ||||||
4.375%, 9/1/28 |
106,000 | 87,057 | ||||||
SRS
Distribution, Inc., 144A, |
133,000 | 124,201 | ||||||
Staples,
Inc. |
360,000 | 346,469 | ||||||
144A, 10.75%, 4/15/27 |
193,000 | 176,825 | ||||||
Walgreens
Boots Alliance, Inc. |
240,000 | 236,649 | ||||||
3.45%, 6/1/26 |
290,000 | 276,713 | ||||||
|
|
|||||||
(Cost $3,960,016) |
4,025,240 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 16.1% | ||||||||
Agriculture — 0.3% | ||||||||
Darling
Ingredients, Inc., |
90,000 | 88,373 | ||||||
Vector
Group Ltd. |
94,000 | 94,671 | ||||||
144A, 5.75%, 2/1/29 |
151,000 | 138,494 | ||||||
|
|
|||||||
(Cost $320,243) |
321,538 | |||||||
|
|
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Commercial Services — 4.4% | ||||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 |
$ | 59,000 | $ | 58,407 | ||||
Albion
Financing 2 SARL, 144A, |
137,000 | 137,673 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
268,000 | 267,407 | ||||||
144A, 9.75%, 7/15/27 |
210,000 | 209,498 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 |
226,000 | 201,222 | ||||||
APX
Group, Inc., 144A, |
98,000 | 98,226 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
39,000 | 37,200 | ||||||
144A, 4.75%, 4/1/28 (a) |
94,000 | 85,267 | ||||||
Block,
Inc., |
229,000 | 213,871 | ||||||
Brink’s
Co. |
75,000 | 74,653 | ||||||
144A, 4.625%, 10/15/27 |
116,000 | 109,736 | ||||||
Garda
World Security Corp. |
96,000 | 91,794 | ||||||
144A, 9.50%, 11/1/27 |
133,000 | 133,632 | ||||||
144A, 7.75%, 2/15/28 |
88,000 | 89,456 | ||||||
Herc
Holdings, Inc., 144A, |
239,000 | 234,186 | ||||||
Hertz
Corp., 144A, |
99,000 | 87,739 | ||||||
MPH
Acquisition Holdings LLC |
203,000 | 177,343 | ||||||
144A, 5.75%, 11/1/28 (a) |
191,000 | 152,574 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
263,000 | 261,233 | ||||||
144A, 3.375%, 8/31/27 |
194,000 | 177,812 | ||||||
144A, 6.25%, 1/15/28 (a) |
261,000 | 257,710 | ||||||
Sabre
GLBL, Inc. |
167,000 | 147,203 | ||||||
144A, 11.25%, 12/15/27 |
107,000 | 100,647 | ||||||
Service
Corp. International, |
113,000 | 108,507 | ||||||
Sotheby’s,
144A, |
145,000 | 139,467 | ||||||
United
Rentals North America, Inc. |
72,000 | 71,597 | ||||||
3.875%, 11/15/27 |
146,000 | 137,632 | ||||||
4.875%, 1/15/28 |
326,000 | 315,017 | ||||||
Williams
Scotsman, Inc. |
110,000 | 109,900 | ||||||
144A, 4.625%, 8/15/28 |
106,000 | 99,646 | ||||||
|
|
|||||||
(Cost $4,356,185) |
4,386,255 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Coty,
Inc., 144A, |
129,000 | 126,542 |
Principal |
Value |
|||||||
Cosmetics/Personal Care (Continued) | ||||||||
Edgewell
Personal Care Co., 144A, |
$ | 152,000 | $ | 148,533 | ||||
|
|
|||||||
(Cost $273,905) |
275,075 | |||||||
|
|
|||||||
Food — 1.9% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
201,000 | 191,167 | ||||||
144A, 7.50%, 3/15/26 |
110,000 | 112,065 | ||||||
144A, 4.625%, 1/15/27 |
271,000 | 261,533 | ||||||
144A, 5.875%, 2/15/28 |
130,000 | 128,210 | ||||||
144A, 6.50%, 2/15/28 |
146,000 | 147,014 | ||||||
B&G
Foods, Inc. |
107,000 | 99,610 | ||||||
144A, 8.00%, 9/15/28 |
105,000 | 109,442 | ||||||
Lamb
Weston Holdings, Inc., 144A, |
107,000 | 103,733 | ||||||
Performance
Food Group, Inc., 144A, |
207,000 | 202,955 | ||||||
Post
Holdings, Inc. |
90,000 | 90,862 | ||||||
144A, 5.625%, 1/15/28 |
184,000 | 180,799 | ||||||
Sigma
Holdco BV, 144A, |
91,000 | 87,030 | ||||||
US
Foods, Inc. |
105,000 | 106,969 | ||||||
144A, 4.75%, 2/15/29 |
130,000 | 122,164 | ||||||
|
|
|||||||
(Cost $1,929,502) |
1,943,553 | |||||||
|
|
|||||||
Healthcare-Products — 1.0% | ||||||||
Avantor
Funding, Inc., 144A, |
359,000 | 339,287 | ||||||
Bausch
+ Lomb Escrow Corp., 144A, |
274,000 | 286,672 | ||||||
Hologic,
Inc. |
85,000 | 81,527 | ||||||
144A, 3.25%, 2/15/29 |
126,000 | 112,467 | ||||||
Teleflex,
Inc. |
100,000 | 95,594 | ||||||
144A, 4.25%, 6/1/28 |
98,000 | 91,596 | ||||||
|
|
|||||||
(Cost $991,040) |
1,007,143 | |||||||
|
|
|||||||
Healthcare-Services — 4.3% | ||||||||
Catalent
Pharma Solutions, Inc., 144A, |
107,000 | 105,451 | ||||||
Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28 |
91,000 | 85,450 | ||||||
CHS/Community
Health Systems, Inc. |
226,000 | 223,960 | ||||||
144A, 5.625%, 3/15/27 |
371,000 | 339,875 | ||||||
144A, 8.00%, 12/15/27 |
130,000 | 124,484 | ||||||
144A, 6.875%, 4/1/28 |
141,000 | 91,199 | ||||||
144A, 6.00%, 1/15/29 |
128,000 | 110,213 | ||||||
Encompass
Health Corp., |
147,000 | 139,235 | ||||||
IQVIA,
Inc. |
195,000 | 190,826 | ||||||
144A, 5.00%, 5/15/27 |
237,000 | 231,017 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
Legacy
LifePoint Health LLC, 144A, |
$ | 114,000 | $ | 105,877 | ||||
LifePoint
Health, Inc., 144A, |
95,000 | 75,859 | ||||||
ModivCare,
Inc., 144A, |
89,000 | 86,971 | ||||||
Molina
Healthcare, Inc., 144A, |
161,000 | 150,132 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, |
254,000 | 254,189 | ||||||
Select
Medical Corp., 144A, |
267,000 | 266,571 | ||||||
Team
Health Holdings, Inc., 144A, |
145,000 | 133,458 | ||||||
Tenet
Healthcare Corp. |
408,000 | 407,833 | ||||||
6.25%, 2/1/27 |
293,000 | 292,548 | ||||||
5.125%, 11/1/27 |
300,000 | 294,029 | ||||||
4.625%, 6/15/28 |
106,000 | 100,997 | ||||||
6.125%, 10/1/28 (a) |
488,000 | 482,883 | ||||||
|
|
|||||||
(Cost $4,262,836) |
4,293,057 | |||||||
|
|
|||||||
Pharmaceuticals — 3.9% | ||||||||
Bausch
Health Americas, Inc. |
176,000 | 165,660 | ||||||
144A, 8.50%, 1/31/27 (a) |
125,000 | 71,274 | ||||||
Bausch
Health Cos., Inc. |
328,000 | 305,550 | ||||||
144A, 9.00%, 12/15/25 |
165,000 | 157,134 | ||||||
144A, 6.125%, 2/1/27 |
195,000 | 125,044 | ||||||
144A, 5.75%, 8/15/27 |
99,000 | 59,779 | ||||||
144A, 5.00%, 1/30/28 |
77,000 | 35,227 | ||||||
144A, 4.875%, 6/1/28 |
325,000 | 185,555 | ||||||
144A, 11.00%, 9/30/28 |
350,000 | 236,250 | ||||||
144A, 6.25%, 2/15/29 |
197,000 | 90,388 | ||||||
Cheplapharm
Arzneimittel GmbH, 144A, |
108,000 | 101,664 | ||||||
Grifols
SA, 144A, |
125,000 | 104,238 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25 |
120,000 | 116,529 | ||||||
Jazz
Securities DAC, 144A, |
293,000 | 270,219 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28 |
410,000 | 375,599 | ||||||
Perrigo
Finance Unlimited Co. |
80,000 | 78,698 | ||||||
4.375%, 3/15/26 |
165,000 | 159,418 | ||||||
Prestige
Brands, Inc., 144A, |
72,000 | 69,660 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
190,000 | 189,911 | ||||||
7.125%, 1/31/25 |
71,000 | 71,423 |
Principal |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
3.15%, 10/1/26 |
$ | 690,000 | $ | 639,903 | ||||
6.75%, 3/1/28 |
242,000 | 245,093 | ||||||
|
|
|||||||
(Cost $3,971,137) |
3,854,216 | |||||||
|
|
|||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler
International AG, 144A, |
92,000 | 98,885 | ||||||
|
|
|||||||
Energy — 10.8% | ||||||||
Energy-Alternate Sources — 0.1% | ||||||||
Sunnova
Energy Corp., 144A, |
||||||||
(Cost $73,240) |
85,000 | 71,617 | ||||||
|
|
|||||||
Oil & Gas — 5.1% | ||||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
152,000 | 152,016 | ||||||
144A, 8.25%, 12/31/28 |
110,000 | 111,781 | ||||||
Baytex
Energy Corp., 144A, |
70,000 | 72,671 | ||||||
Callon
Petroleum Co., 144A, |
121,000 | 126,465 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
78,000 | 78,650 | ||||||
Chesapeake
Energy Corp., 144A, |
104,000 | 103,181 | ||||||
Civitas
Resources, Inc. |
71,000 | 68,856 | ||||||
144A, 8.375%, 7/1/28 |
273,000 | 286,015 | ||||||
CNX
Resources Corp., 144A, |
90,000 | 86,581 | ||||||
Crescent
Energy Finance LLC |
145,000 | 144,594 | ||||||
144A, 9.25%, 2/15/28 |
203,000 | 212,636 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 144A, |
167,000 | 166,327 | ||||||
CVR
Energy, Inc. |
75,000 | 69,678 | ||||||
144A, 8.50%, 1/15/29 |
100,000 | 100,705 | ||||||
Energean
PLC, 144A, |
98,000 | 89,616 | ||||||
Kosmos
Energy Ltd. |
200,000 | 193,694 | ||||||
144A, 7.75%, 5/1/27 |
111,000 | 105,614 | ||||||
144A, 7.50%, 3/1/28 |
30,000 | 27,914 | ||||||
Leviathan
Bond Ltd. |
142,000 | 139,330 | ||||||
144A, REGS, 6.50%, 6/30/27 |
123,000 | 118,062 | ||||||
Matador
Resources Co. |
167,000 | 165,483 | ||||||
144A, 6.875%, 4/15/28 |
138,000 | 140,265 | ||||||
Murphy
Oil Corp., |
73,000 | 72,550 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Northern
Oil & Gas, Inc., 144A, |
$ | 124,000 | $ | 125,670 | ||||
Parkland
Corp., 144A, |
98,000 | 96,268 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp., |
161,000 | 156,720 | ||||||
Permian
Resources Operating LLC, 144A, |
96,000 | 99,089 | ||||||
Puma
International Financing SA, 144A, |
200,000 | 189,473 | ||||||
Range
Resources Corp., |
111,000 | 109,553 | ||||||
Sitio
Royalties Operating Partnership LP / Sitio Finance Corp., 144A, |
120,000 | 122,768 | ||||||
SM
Energy Co. |
75,000 | 74,645 | ||||||
6.625%, 1/15/27 |
97,000 | 96,691 | ||||||
6.50%, 7/15/28 |
69,000 | 69,142 | ||||||
Southwestern
Energy Co., |
200,000 | 193,448 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
100,000 | 99,723 | ||||||
144A, 7.00%, 9/15/28 |
118,000 | 120,977 | ||||||
Talos
Production, Inc., 144A, |
95,000 | 97,171 | ||||||
Transocean,
Inc. |
95,000 | 93,992 | ||||||
144A, 11.50%, 1/30/27 |
135,000 | 140,502 | ||||||
144A, 8.00%, 2/1/27 |
120,000 | 117,240 | ||||||
Tullow
Oil PLC, 144A, |
103,000 | 96,815 | ||||||
Vital
Energy, Inc., |
151,000 | 158,158 | ||||||
|
|
|||||||
(Cost $5,000,272) |
5,090,729 | |||||||
|
|
|||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
85,000 | 84,651 | ||||||
144A, 6.25%, 4/1/28 |
156,000 | 152,237 | ||||||
CGG
SA, 144A, |
103,000 | 91,996 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
142,000 | 141,906 | ||||||
6.875%, 9/1/27 |
142,000 | 141,400 | ||||||
|
|
|||||||
(Cost $613,432) |
612,190 | |||||||
|
|
|||||||
Pipelines — 5.0% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
121,000 | 123,672 | ||||||
144A, 5.75%, 3/1/27 |
144,000 | 140,999 | ||||||
144A, 5.75%, 1/15/28 |
120,000 | 117,747 | ||||||
Buckeye
Partners LP |
85,000 | 83,194 | ||||||
3.95%, 12/1/26 |
122,000 | 115,485 |
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
4.125%, 12/1/27 |
$ | 110,000 | $ | 102,476 | ||||
144A, 4.50%, 3/1/28 |
106,000 | 98,643 | ||||||
EnLink
Midstream LLC, 144A, |
107,000 | 105,525 | ||||||
EnLink
Midstream Partners LP |
80,000 | 78,059 | ||||||
4.85%, 7/15/26 |
91,000 | 88,807 | ||||||
EQM
Midstream Partners LP |
108,000 | 107,937 | ||||||
4.125%, 12/1/26 |
102,000 | 97,867 | ||||||
144A, 7.50%, 6/1/27 |
119,000 | 121,837 | ||||||
144A, 6.50%, 7/1/27 |
204,000 | 206,200 | ||||||
5.50%, 7/15/28 |
165,000 | 161,980 | ||||||
144A, 4.50%, 1/15/29 |
136,000 | 127,603 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
196,000 | 197,545 | ||||||
7.75%, 2/1/28 |
133,000 | 133,119 | ||||||
8.25%, 1/15/29 |
117,000 | 119,046 | ||||||
Hess
Midstream Operations LP |
162,000 | 159,858 | ||||||
144A, 5.125%, 6/15/28 |
97,000 | 93,277 | ||||||
New
Fortress Energy, Inc. |
242,000 | 240,975 | ||||||
144A, 6.50%, 9/30/26 |
301,000 | 290,951 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 8.125%, 2/15/29 |
158,000 | 159,624 | ||||||
NuStar
Logistics LP |
110,000 | 109,091 | ||||||
6.00%, 6/1/26 |
106,000 | 104,876 | ||||||
5.625%, 4/28/27 |
107,000 | 105,997 | ||||||
Rockies
Express Pipeline LLC, 144A, |
78,000 | 75,690 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
79,000 | 78,039 | ||||||
144A, 5.50%, 1/15/28 |
152,000 | 144,576 | ||||||
144A, 7.375%, 2/15/29 |
120,000 | 119,824 | ||||||
Venture
Global LNG, Inc. |
439,000 | 446,336 | ||||||
144A, 9.50%, 2/1/29 |
560,000 | 597,430 | ||||||
|
|
|||||||
(Cost $5,044,270) |
5,054,285 | |||||||
|
|
|||||||
Financial — 13.0% | ||||||||
Banks — 0.4% | ||||||||
Freedom
Mortgage Corp. |
98,000 | 97,348 | ||||||
144A, 6.625%, 1/15/27 |
99,000 | 94,460 | ||||||
144A, 12.00%, 10/1/28 |
156,000 | 169,211 | ||||||
|
|
|||||||
(Cost $346,188) |
361,019 | |||||||
|
|
|||||||
Diversified Financial Services — 4.7% | ||||||||
AG
Issuer LLC, 144A, |
95,000 | 92,012 | ||||||
AG
TTMT Escrow Issuer LLC, 144A, |
100,000 | 103,032 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
Coinbase
Global, Inc., 144A, |
$ | 206,000 | $ | 174,262 | ||||
Credit
Acceptance Corp., 144A, |
110,000 | 116,501 | ||||||
Curo
Group Holdings Corp., 144A, |
140,000 | 38,325 | ||||||
Enova
International, Inc., 144A, |
80,000 | 83,853 | ||||||
goeasy
Ltd., 144A, |
63,000 | 66,906 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28 |
189,000 | 170,235 | ||||||
LD
Holdings Group LLC |
98,000 | 90,798 | ||||||
144A, 6.125%, 4/1/28 |
121,000 | 98,907 | ||||||
Macquarie
Airfinance Holdings Ltd., 144A, |
98,000 | 102,733 | ||||||
Nationstar
Mortgage Holdings, Inc. |
98,000 | 95,321 | ||||||
144A, 6.00%, 1/15/27 |
104,000 | 102,345 | ||||||
144A, 5.50%, 8/15/28 |
183,000 | 173,002 | ||||||
Navient
Corp. |
110,000 | 109,817 | ||||||
6.75%, 6/25/25 |
92,000 | 92,626 | ||||||
6.75%, 6/15/26 |
91,000 | 91,457 | ||||||
5.00%, 3/15/27 |
137,000 | 130,043 | ||||||
4.875%, 3/15/28 |
98,000 | 89,580 | ||||||
NFP
Corp. |
99,000 | 98,844 | ||||||
144A, 6.875%, 8/15/28 |
410,000 | 416,740 | ||||||
OneMain
Finance Corp. |
286,000 | 289,092 | ||||||
7.125%, 3/15/26 |
313,000 | 318,326 | ||||||
3.50%, 1/15/27 |
145,000 | 133,653 | ||||||
6.625%, 1/15/28 |
154,000 | 153,253 | ||||||
3.875%, 9/15/28 |
110,000 | 96,239 | ||||||
9.00%, 1/15/29 |
150,000 | 157,683 | ||||||
Osaic
Holdings, Inc., 144A, |
81,000 | 84,209 | ||||||
PennyMac
Financial Services, Inc. |
149,000 | 146,774 | ||||||
144A, 4.25%, 2/15/29 |
87,000 | 78,538 | ||||||
PRA
Group, Inc., 144A, |
78,000 | 76,294 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26 |
210,000 | 193,436 | ||||||
SLM
Corp. |
84,000 | 81,535 | ||||||
3.125%, 11/2/26 |
102,000 | 93,812 | ||||||
United
Wholesale Mortgage LLC |
176,000 | 173,154 | ||||||
144A, 5.75%, 6/15/27 |
105,000 | 101,969 | ||||||
|
|
|||||||
(Cost $4,632,226) |
4,715,306 | |||||||
|
|
Principal |
Value |
|||||||
Insurance — 1.1% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
$ | 89,000 | $ | 92,619 | ||||
144A, 4.25%, 2/15/29 |
135,000 | 119,885 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
146,000 | 134,923 | ||||||
144A, 6.75%, 10/15/27 |
248,000 | 241,163 | ||||||
144A, 6.75%, 4/15/28 |
264,000 | 262,431 | ||||||
AmWINS
Group, Inc., 144A, |
146,000 | 146,186 | ||||||
AssuredPartners,
Inc., 144A, |
110,000 | 101,301 | ||||||
|
|
|||||||
(Cost $1,094,337) |
1,098,508 | |||||||
|
|
|||||||
Investment Companies — 0.1% | ||||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%,
1/15/29 |
150,000 | 156,938 | ||||||
|
|
|||||||
Real Estate — 0.5% | ||||||||
Cushman &
Wakefield US Borrower LLC, |
130,000 | 128,173 | ||||||
Howard
Hughes Corp. |
167,000 | 157,735 | ||||||
144A, 4.125%, 2/1/29 |
117,000 | 104,015 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 5.75%, 1/15/29 |
110,000 | 81,950 | ||||||
|
|
|||||||
(Cost $463,682) |
471,873 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 4.8% | ||||||||
Brandywine
Operating Partnership LP, |
87,000 | 76,575 | ||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
187,000 | 180,535 | ||||||
144A, 4.50%, 4/1/27 |
142,000 | 124,997 | ||||||
Diversified
Healthcare Trust |
98,000 | 97,663 | ||||||
4.75%, 2/15/28 |
95,000 | 75,714 | ||||||
Global
Net Lease, Inc. / Global Net Lease Operating Partnership LP,
144A, |
95,000 | 80,328 | ||||||
Hudson
Pacific Properties LP, |
80,000 | 69,175 | ||||||
Iron
Mountain, Inc. |
189,000 | 181,472 | ||||||
144A, 5.25%, 3/15/28 |
161,000 | 155,342 | ||||||
144A, 5.00%, 7/15/28 |
98,000 | 92,870 | ||||||
144A, 7.00%, 2/15/29 |
122,000 | 123,960 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,
144A, |
117,000 | 107,799 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
99,000 | 88,281 | ||||||
5.00%, 10/15/27 (a) |
273,000 | 223,708 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Necessity
Retail REIT Inc/The / American Finance Operating Partner LP,
144A, |
$ | 106,000 | $ | 89,386 | ||||
Office
Properties Income Trust, |
127,000 | 103,036 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |
132,000 | 132,529 | ||||||
144A, 5.875%, 10/1/28 |
149,000 | 144,964 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
137,000 | 130,958 | ||||||
144A, 7.25%, 7/15/28 |
68,000 | 69,705 | ||||||
144A, 4.50%, 2/15/29 |
75,000 | 69,780 | ||||||
RLJ
Lodging Trust LP, 144A, |
92,000 | 86,816 | ||||||
SBA
Communications Corp. |
292,000 | 275,804 | ||||||
3.125%, 2/1/29 |
258,000 | 228,507 | ||||||
Service
Properties Trust |
136,000 | 137,881 | ||||||
4.75%, 10/1/26 |
93,000 | 86,130 | ||||||
4.95%, 2/15/27 |
80,000 | 73,539 | ||||||
5.50%, 12/15/27 |
88,000 | 82,946 | ||||||
3.95%, 1/15/28 |
80,000 | 67,744 | ||||||
Starwood
Property Trust, Inc. |
97,000 | 95,149 | ||||||
4.75%, 3/15/25 |
100,000 | 98,766 | ||||||
144A, 3.625%, 7/15/26 |
77,000 | 71,895 | ||||||
144A, 4.375%, 1/15/27 |
92,000 | 86,368 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
508,000 | 526,355 | ||||||
144A, 4.75%, 4/15/28 |
134,000 | 116,585 | ||||||
144A, 6.50%, 2/15/29 |
195,000 | 150,337 | ||||||
Vornado
Realty LP |
88,000 | 85,504 | ||||||
2.15%, 6/1/26 |
78,000 | 70,033 | ||||||
|
|
|||||||
(Cost $4,760,291) |
4,759,136 | |||||||
|
|
|||||||
Venture Capital — 1.4% | ||||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
71,000 | 70,342 | ||||||
144A, 3.375%, 6/15/26 (a) |
253,000 | 236,921 | ||||||
144A, 8.00%, 6/15/27 |
110,000 | 114,352 | ||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
211,000 | 209,866 | ||||||
6.375%, 12/15/25 |
146,000 | 144,834 | ||||||
6.25%, 5/15/26 |
258,000 | 251,647 | ||||||
5.25%, 5/15/27 |
262,000 | 241,009 | ||||||
4.375%, 2/1/29 |
132,000 | 111,539 | ||||||
|
|
|||||||
(Cost $1,406,339) |
1,380,510 | |||||||
|
|
Principal |
Value |
|||||||
Industrial — 9.7% | ||||||||
Aerospace/Defense — 2.9% | ||||||||
Bombardier,
Inc. |
$ | 198,000 | $ | 199,793 | ||||
144A, 7.875%, 4/15/27 |
312,000 | 312,593 | ||||||
144A, 6.00%, 2/15/28 |
146,000 | 141,877 | ||||||
144A, 7.50%, 2/1/29 |
104,000 | 105,572 | ||||||
Rolls-Royce
PLC |
249,000 | 240,688 | ||||||
144A, 5.75%, 10/15/27 |
181,000 | 180,290 | ||||||
Spirit
AeroSystems, Inc., |
134,000 | 117,774 | ||||||
TransDigm,
Inc. |
80,000 | 79,992 | ||||||
5.50%, 11/15/27 |
555,000 | 536,454 | ||||||
144A, 6.75%, 8/15/28 |
375,000 | 379,952 | ||||||
4.625%, 1/15/29 |
234,000 | 214,784 | ||||||
Triumph
Group, Inc. |
85,000 | 84,875 | ||||||
144A, 9.00%, 3/15/28 |
259,000 | 271,065 | ||||||
|
|
|||||||
(Cost $2,821,344) |
2,865,709 | |||||||
|
|
|||||||
Building Materials — 0.8% | ||||||||
InterCement
Financial Operations BV, 144A, |
158,000 | 137,062 | ||||||
Smyrna
Ready Mix Concrete LLC, 144A, |
215,000 | 208,769 | ||||||
Standard
Industries, Inc. |
150,000 | 144,595 | ||||||
144A, 4.75%, 1/15/28 |
220,000 | 207,819 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29 |
140,000 | 135,662 | ||||||
|
|
|||||||
(Cost $838,635) |
833,907 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.7% | ||||||||
Energizer
Holdings, Inc., 144A, |
123,000 | 112,592 | ||||||
WESCO
Distribution, Inc. |
264,000 | 265,804 | ||||||
144A, 7.25%, 6/15/28 |
333,000 | 340,608 | ||||||
|
|
|||||||
(Cost $715,306) |
719,004 | |||||||
|
|
|||||||
Electronics — 0.2% | ||||||||
Sensata
Technologies BV, 144A, |
||||||||
(Cost $141,383) |
143,000 | 141,793 | ||||||
|
|
|||||||
Engineering & Construction — 0.3% | ||||||||
Fluor
Corp., |
110,000 | 104,096 | ||||||
IHS
Holding Ltd. |
87,000 | 76,463 | ||||||
144A, 6.25%, 11/29/28 |
100,000 | 81,859 | ||||||
|
|
|||||||
(Cost $259,418) |
262,418 | |||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Environmental Control — 0.7% | ||||||||
GFL
Environmental, Inc. |
$ | 114,000 | $ | 112,096 | ||||
144A, 3.75%, 8/1/25 |
150,000 | 145,777 | ||||||
144A, 5.125%, 12/15/26 |
98,000 | 95,958 | ||||||
144A, 4.00%, 8/1/28 |
143,000 | 131,238 | ||||||
144A, 3.50%, 9/1/28 |
135,000 | 122,522 | ||||||
Madison
IAQ LLC, 144A, |
133,000 | 121,289 | ||||||
|
|
|||||||
(Cost $727,590) |
728,880 | |||||||
|
|
|||||||
Machinery-Diversified — 0.5% | ||||||||
Maxim
Crane Works Holdings Capital LLC, 144A, |
98,000 | 102,001 | ||||||
TK
Elevator Holdco GmbH, 144A, |
70,000 | 68,546 | ||||||
TK
Elevator US Newco, Inc., 144A, |
305,000 | 293,410 | ||||||
|
|
|||||||
(Cost $460,321) |
463,957 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
Hillenbrand,
Inc. |
94,000 | 93,389 | ||||||
6.25%, 2/15/29 |
69,000 | 69,096 | ||||||
Trinity
Industries, Inc., 144A, |
70,000 | 72,175 | ||||||
|
|
|||||||
(Cost $234,699) |
234,660 | |||||||
|
|
|||||||
Packaging & Containers — 2.9% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance
PLC |
100,000 | 98,295 | ||||||
144A, 3.25%, 9/1/28 |
111,000 | 96,345 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
137,000 | 135,676 | ||||||
144A, 4.125%, 8/15/26 |
203,000 | 187,525 | ||||||
144A, 5.25%, 8/15/27 |
206,000 | 149,648 | ||||||
144A, 5.25%, 8/15/27 |
156,000 | 113,326 | ||||||
Ball
Corp., |
159,000 | 163,001 | ||||||
Berry
Global, Inc., 144A, |
130,000 | 128,309 | ||||||
Graphic
Packaging International LLC, 144A, |
87,000 | 79,654 | ||||||
LABL,
Inc. |
137,000 | 132,981 | ||||||
144A, 10.50%, 7/15/27 |
120,000 | 116,640 | ||||||
144A, 5.875%, 11/1/28 |
109,000 | 97,838 | ||||||
Mauser
Packaging Solutions Holding Co. |
460,000 | 466,413 | ||||||
144A, 9.25%, 4/15/27 |
268,000 | 260,928 | ||||||
Owens-Brockway
Glass Container, Inc., 144A, |
120,000 | 119,826 | ||||||
Pactiv
Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,
144A, |
183,000 | 170,664 | ||||||
Sealed
Air Corp. 144A, |
60,000 | 59,943 |
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
144A, 4.00%, 12/1/27 |
$ | 100,000 | $ | 93,115 | ||||
144A, 6.125%, 2/1/28 |
149,000 | 148,666 | ||||||
Silgan
Holdings, Inc., |
115,000 | 107,483 | ||||||
|
|
|||||||
(Cost $2,930,706) |
2,926,276 | |||||||
|
|
|||||||
Transportation — 0.1% | ||||||||
Cargo
Aircraft Management, Inc., 144A, |
117,000 | 103,623 | ||||||
|
|
|||||||
Trucking & Leasing — 0.4% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
166,000 | 166,242 | ||||||
144A, 9.75%, 8/1/27 |
65,000 | 67,437 | ||||||
144A, 5.50%, 5/1/28 |
195,000 | 186,978 | ||||||
|
|
|||||||
(Cost $411,595) |
420,657 | |||||||
|
|
|||||||
Technology — 3.1% | ||||||||
Computers — 1.1% | ||||||||
CA
Magnum Holdings, 144A, , |
150,000 | 144,553 | ||||||
NCR
Voyix Corp., 144A, |
135,000 | 125,625 | ||||||
Presidio
Holdings, Inc. 144A, |
86,000 | 82,730 | ||||||
144A, 8.25%, 2/1/28 |
107,000 | 105,593 | ||||||
Seagate
HDD Cayman |
101,000 | 99,648 | ||||||
4.875%, 6/1/27 |
114,000 | 110,509 | ||||||
Western
Digital Corp., |
449,000 | 439,250 | ||||||
|
|
|||||||
(Cost $1,097,162) |
1,107,908 | |||||||
|
|
|||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox
Holdings Corp. |
180,000 | 177,201 | ||||||
144A, 5.50%, 8/15/28 |
139,000 | 125,867 | ||||||
|
|
|||||||
(Cost $299,505) |
303,068 | |||||||
|
|
|||||||
Semiconductors — 0.2% | ||||||||
Entegris,
Inc., 144A, |
70,000 | 65,477 | ||||||
ON
Semiconductor Corp., 144A, |
136,000 | 124,493 | ||||||
|
|
|||||||
(Cost $186,488) |
189,970 | |||||||
|
|
|||||||
Software — 1.5% | ||||||||
Alteryx,
Inc., 144A, |
92,000 | 93,370 | ||||||
Boxer
Parent Co., Inc., 144A, |
120,000 | 120,202 | ||||||
Clarivate
Science Holdings Corp., 144A, |
180,000 | 164,500 | ||||||
Fair
Isaac Corp. |
68,000 | 67,340 | ||||||
144A, 4.00%, 6/15/28 |
174,000 | 161,808 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Software (Continued) | ||||||||
MicroStrategy,
Inc., 144A, |
$ | 98,000 | $ | 94,602 | ||||
Open
Text Corp., 144A, |
164,000 | 150,864 | ||||||
PTC,
Inc. |
112,000 | 109,424 | ||||||
144A, 4.00%, 2/15/28 |
98,000 | 91,530 | ||||||
SS&C
Technologies, Inc., 144A, |
441,000 | 429,862 | ||||||
|
|
|||||||
(Cost $1,462,917) |
1,483,502 | |||||||
|
|
|||||||
Utilities — 3.4% | ||||||||
Electric — 2.9% | ||||||||
Calpine
Corp. |
73,000 | 71,983 | ||||||
144A, 4.50%, 2/15/28 |
244,000 | 230,073 | ||||||
144A, 5.125%, 3/15/28 |
280,000 | 266,537 | ||||||
144A, 4.625%, 2/1/29 |
80,000 | 73,709 | ||||||
Clearway
Energy Operating LLC, 144A, |
160,000 | 149,785 | ||||||
DPL,
Inc., |
126,000 | 122,659 | ||||||
Drax
Finco PLC, 144A, |
92,000 | 90,930 | ||||||
FirstEnergy
Corp., Series B, |
302,000 | 287,146 | ||||||
NextEra
Energy Operating Partners LP |
150,000 | 148,234 | ||||||
144A, 3.875%, 10/15/26 |
90,000 | 84,141 | ||||||
144A, 4.50%, 9/15/27 |
102,000 | 95,275 | ||||||
144A, 7.25%, 1/15/29 |
161,000 | 163,790 | ||||||
NRG
Energy, Inc. |
160,000 | 157,768 | ||||||
144A, 3.375%, 2/15/29 |
60,000 | 52,425 | ||||||
PG&E
Corp., |
204,000 | 194,768 |
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
Vistra
Operations Co. LLC |
$ | 226,000 | $ | 222,767 | ||||
144A, 5.625%, 2/15/27 |
225,000 | 219,494 | ||||||
144A, 5.00%, 7/31/27 |
254,000 | 243,746 | ||||||
|
|
|||||||
(Cost $2,879,129) |
2,875,230 | |||||||
|
|
|||||||
Gas — 0.5% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
160,000 | 157,208 | ||||||
5.875%, 8/20/26 |
150,000 | 145,497 | ||||||
5.75%, 5/20/27 |
103,000 | 97,474 | ||||||
144A, 9.375%, 6/1/28 |
88,000 | 89,389 | ||||||
|
|
|||||||
(Cost $500,574) |
489,568 | |||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
97,233,592 | |||||||
|
|
|||||||
Number |
||||||||
SECURITIES LENDING COLLATERAL — 3.7% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.27% (b)(c) |
3,673,787 | 3,673,787 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 2.9% | ||||||||
DWS
Government Money Market Series “Institutional Shares”,
5.28% (b) |
2,886,494 | 2,886,494 | ||||||
|
|
|||||||
TOTAL INVESTMENTS —104.0% (Cost $104,106,371) |
$ | 103,793,873 | ||||||
Other assets and liabilities, net — (4.0%) |
(3,976,670 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 99,817,203 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
Value ($) at 8/31/2023 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/29/2024 |
Value ($) at 2/29/2024 |
||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 3.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 3,673,787 | (d) | — | — | — | 6,628 | — | 3,673,787 | 3,673,787 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 2.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
1,126,201 | 14,597,865 | (12,837,572 | ) | — | — | 21,868 | — | 2,886,494 | 2,886,494 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
1,126,201 | 18,271,652 | (12,837,572 | ) | — | — | 28,496 | — | 6,560,281 | 6,560,281 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Non-income producing security. |
(a) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $3,596,146, which is 3.6% of net assets. |
(b) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
(d) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
REIT: | Real Estate Investment Trust |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) |
$ | — | $ | 97,233,592 | $ | — | $ | 97,233,592 | ||||||||
Short-Term Investments (a) |
6,560,281 | — | — | 6,560,281 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 6,560,281 | $ | 97,233,592 | $ | — | $ | 103,793,873 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 96.9% |
| |||||||
Basic Materials — 5.3% |
| |||||||
Chemicals — 2.7% | ||||||||
Ashland,
Inc. |
$ | 288,000 | $ | 241,283 | ||||
6.875%, 5/15/43 |
172,000 | 177,592 | ||||||
Avient
Corp. |
420,000 | 417,544 | ||||||
144A, 7.125%, 8/1/30 |
483,000 | 493,583 | ||||||
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31 |
306,000 | 317,460 | ||||||
Axalta
Coating Systems LLC, 144A, |
439,000 | 390,135 | ||||||
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27 |
406,000 | 391,975 | ||||||
Cerdia
Finanz GmbH, 144A, |
326,000 | 335,357 | ||||||
Chemours
Co. |
303,000 | 276,787 | ||||||
144A, 5.75%, 11/15/28 |
549,000 | 481,499 | ||||||
144A, 4.625%, 11/15/29 |
380,000 | 312,465 | ||||||
Consolidated
Energy Finance SA |
329,000 | 266,901 | ||||||
144A, 12.00%, 2/15/31 |
379,000 | 387,368 | ||||||
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28 |
337,000 | 318,660 | ||||||
Element
Solutions, Inc., 144A, |
490,000 | 444,100 | ||||||
HB
Fuller Co. |
184,000 | 174,939 | ||||||
4.25%, 10/15/28 |
184,000 | 170,418 | ||||||
Herens
Holdco SARL, 144A, |
214,000 | 186,899 | ||||||
INEOS
Finance PLC |
260,000 | 254,254 | ||||||
144A, 7.50%, 4/15/29 |
455,000 | 451,633 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
245,000 | 257,727 | ||||||
Ingevity
Corp., 144A, |
337,000 | 297,402 | ||||||
Mativ
Holdings, Inc., 144A, |
214,000 | 207,312 | ||||||
Methanex
Corp. |
429,000 | 412,295 | ||||||
5.25%, 12/15/29 |
429,000 | 407,903 | ||||||
5.65%, 12/1/44 |
212,000 | 179,678 | ||||||
Minerals
Technologies, Inc., 144A, |
245,000 | 232,444 | ||||||
NOVA
Chemicals Corp. |
306,000 | 298,829 | ||||||
144A, 5.25%, 6/1/27 |
699,000 | 647,423 | ||||||
144A, 8.50%, 11/15/28 |
245,000 | 258,685 | ||||||
144A, 4.25%, 5/15/29 |
352,000 | 291,154 | ||||||
144A, 9.00%, 2/15/30 |
400,000 | 401,279 | ||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A, 5.00%, 1/27/30 |
214,000 | 196,253 |
Principal |
Value |
|||||||
Chemicals (Continued) | ||||||||
Olin
Corp. |
$ | 306,000 | $ | 296,759 | ||||
5.625%, 8/1/29 |
430,000 | 420,699 | ||||||
5.00%, 2/1/30 |
316,000 | 295,343 | ||||||
Olympus
Water US Holding Corp. |
197,000 | 196,032 | ||||||
144A, 4.25%, 10/1/28 |
499,000 | 446,854 | ||||||
144A, 9.75%, 11/15/28 |
1,132,000 | 1,202,803 | ||||||
Rain
Carbon, Inc., 144A, |
276,000 | 276,036 | ||||||
SCIH
Salt Holdings, Inc., 144A, |
724,000 | 661,555 | ||||||
SCIL
IV LLC / SCIL USA Holdings LLC, 144A, |
465,000 | 450,543 | ||||||
SK
Invictus Intermediate II SARL, 144A, |
413,000 | 350,636 | ||||||
SNF
Group SACA |
214,000 | 198,463 | ||||||
144A, 3.375%, 3/15/30 |
214,000 | 184,589 | ||||||
TPC
Group, Inc., 144A, |
214,000 | 218,119 | ||||||
Tronox,
Inc., 144A, |
715,000 | 632,869 | ||||||
WR
Grace Holdings LLC |
455,000 | 432,241 | ||||||
144A, 7.375%, 3/1/31 |
214,000 | 216,983 | ||||||
|
|
|||||||
(Cost $16,879,735) |
17,059,760 | |||||||
|
|
|||||||
Forest Products & Paper — 0.2% | ||||||||
Ahlstrom
Holding 3 Oy, 144A, |
187,000 | 170,170 | ||||||
Domtar
Corp., 144A, |
393,000 | 363,052 | ||||||
Mercer
International, Inc. |
184,000 | 177,564 | ||||||
5.125%, 2/1/29 |
581,000 | 500,544 | ||||||
|
|
|||||||
(Cost $1,169,940) |
1,211,330 | |||||||
|
|
|||||||
Iron/Steel — 1.1% | ||||||||
ATI,
Inc. |
214,000 | 209,656 | ||||||
4.875%, 10/1/29 |
199,000 | 182,726 | ||||||
7.25%, 8/15/30 |
260,000 | 267,246 | ||||||
5.125%, 10/1/31 |
219,000 | 200,466 | ||||||
Big
River Steel LLC / BRS Finance Corp., 144A, |
441,000 | 443,626 | ||||||
Carpenter
Technology Corp. |
245,000 | 243,934 | ||||||
7.625%, 3/15/30 |
184,000 | 190,033 | ||||||
Cleveland-Cliffs,
Inc. |
552,000 | 556,151 | ||||||
5.875%, 6/1/27 |
340,000 | 336,391 | ||||||
144A, 4.625%, 3/1/29 |
226,000 | 207,481 | ||||||
144A, 6.75%, 4/15/30 |
500,000 | 496,341 | ||||||
144A, 4.875%, 3/1/31 |
199,000 | 179,154 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Iron/Steel (Continued) | ||||||||
Commercial
Metals Co. |
$ | 184,000 | $ | 168,320 | ||||
3.875%, 2/15/31 |
184,000 | 160,639 | ||||||
4.375%, 3/15/32 |
184,000 | 164,243 | ||||||
Infrabuild
Australia Pty Ltd., 144A, |
234,000 | 236,745 | ||||||
Mineral
Resources Ltd. |
429,000 | 432,810 | ||||||
144A, 8.00%, 11/1/27 |
383,000 | 390,089 | ||||||
144A, 9.25%, 10/1/28 |
690,000 | 723,638 | ||||||
144A, 8.50%, 5/1/30 |
383,000 | 393,347 | ||||||
TMS
International Corp., 144A, |
214,000 | 186,180 | ||||||
United
States Steel Corp. |
291,000 | 294,342 | ||||||
6.65%, 6/1/37 |
168,000 | 173,696 | ||||||
|
|
|||||||
(Cost $6,728,343) |
6,837,254 | |||||||
|
|
|||||||
Mining — 1.3% | ||||||||
Arsenal
AIC Parent LLC |
429,000 | 449,378 | ||||||
144A, 11.50%, 10/1/31 |
313,000 | 344,300 | ||||||
Century
Aluminum Co., 144A, |
153,000 | 146,880 | ||||||
Compass
Minerals International, Inc., 144A, |
306,000 | 298,500 | ||||||
Constellium
SE |
153,000 | 151,747 | ||||||
144A, 5.625%, 6/15/28 |
199,000 | 191,845 | ||||||
144A, 3.75%, 4/15/29 |
306,000 | 272,591 | ||||||
Eldorado
Gold Corp., 144A, |
306,000 | 286,591 | ||||||
FMG
Resources August 2006 Pty Ltd. |
367,000 | 351,297 | ||||||
144A, 5.875%, 4/15/30 |
429,000 | 419,855 | ||||||
144A, 4.375%, 4/1/31 |
949,000 | 850,446 | ||||||
144A, 6.125%, 4/15/32 |
533,000 | 526,878 | ||||||
Hecla
Mining Co., |
291,000 | 290,297 | ||||||
Hudbay
Minerals, Inc. |
367,000 | 353,657 | ||||||
144A, 6.125%, 4/1/29 |
367,000 | 360,110 | ||||||
Kaiser
Aluminum Corp. |
306,000 | 282,143 | ||||||
144A, 4.50%, 6/1/31 |
337,000 | 287,952 | ||||||
New
Gold, Inc., 144A, |
245,000 | 242,625 | ||||||
Novelis
Corp. |
459,000 | 425,654 | ||||||
144A, 4.75%, 1/30/30 |
1,061,000 | 968,914 | ||||||
144A, 3.875%, 8/15/31 |
459,000 | 388,432 | ||||||
Perenti
Finance Pty Ltd., 144A, |
265,000 | 261,356 | ||||||
Taseko
Mines Ltd., 144A, |
245,000 | 241,243 | ||||||
|
|
|||||||
(Cost $8,304,649) |
8,392,691 | |||||||
|
|
Principal |
Value |
|||||||
Communications — 15.1% |
| |||||||
Advertising — 0.8% | ||||||||
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28 |
$ | 458,000 | $ | 426,283 | ||||
Clear
Channel International BV, 144A, |
230,000 | 230,060 | ||||||
Clear
Channel Outdoor Holdings, Inc. |
791,000 | 739,617 | ||||||
144A, 9.00%, 9/15/28 |
499,000 | 520,457 | ||||||
Lamar
Media Corp. |
364,000 | 337,610 | ||||||
4.875%, 1/15/29 |
245,000 | 232,137 | ||||||
4.00%, 2/15/30 |
337,000 | 300,772 | ||||||
3.625%, 1/15/31 |
362,000 | 312,580 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
398,000 | 382,888 | ||||||
144A, 4.25%, 1/15/29 |
306,000 | 274,834 | ||||||
144A, 4.625%, 3/15/30 |
317,000 | 281,371 | ||||||
144A, 7.375%, 2/15/31 |
276,000 | 288,053 | ||||||
Stagwell
Global LLC, 144A, |
696,000 | 621,389 | ||||||
Summer
BC Bidco B LLC, 144A, |
260,000 | 251,007 | ||||||
|
|
|||||||
(Cost $5,137,573) |
5,199,058 | |||||||
|
|
|||||||
Internet — 1.9% | ||||||||
ANGI
Group LLC, 144A, |
356,000 | 305,945 | ||||||
Arches
Buyer, Inc., 144A, |
582,000 | 497,207 | ||||||
Cablevision
Lightpath LLC, 144A, |
276,000 | 250,177 | ||||||
Cars.com,
Inc., 144A, |
245,000 | 235,902 | ||||||
Cogent
Communications Group, Inc. |
306,000 | 290,064 | ||||||
144A, 7.00%, 6/15/27 |
276,000 | 275,619 | ||||||
EquipmentShare.com,
Inc., 144A, |
658,000 | 674,269 | ||||||
Gen
Digital, Inc. |
674,000 | 667,260 | ||||||
144A, 6.75%, 9/30/27 |
564,000 | 566,898 | ||||||
144A, 7.125%, 9/30/30 |
376,000 | 384,131 | ||||||
Getty
Images, Inc., 144A, |
200,000 | 199,390 | ||||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc. |
367,000 | 355,072 | ||||||
144A, 3.50%, 3/1/29 |
490,000 | 436,285 | ||||||
GrubHub
Holdings, Inc., 144A, |
306,000 | 266,768 | ||||||
ION
Trading Technologies SARL, 144A, |
276,000 | 247,710 | ||||||
Match
Group Holdings II LLC |
276,000 | 263,255 | ||||||
144A, 4.625%, 6/1/28 |
306,000 | 287,692 | ||||||
144A, 5.625%, 2/15/29 |
214,000 | 205,440 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Internet (Continued) | ||||||||
144A, 4.125%, 8/1/30 |
$ | 306,000 | $ | 270,330 | ||||
144A, 3.625%, 10/1/31 |
327,000 | 275,497 | ||||||
Newfold
Digital Holdings Group, Inc., 144A, |
315,000 | 342,027 | ||||||
Northwest
Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A, |
214,000 | 205,440 | ||||||
Rakuten
Group, Inc. |
481,000 | 408,864 | ||||||
144A, 6.25%, Perpetual |
633,000 | 452,595 | ||||||
144A, 11.25%, 2/15/27 |
1,100,000 | 1,164,820 | ||||||
TripAdvisor,
Inc., 144A, |
306,000 | 306,364 | ||||||
Uber
Technologies, Inc. |
823,000 | 841,927 | ||||||
144A, 6.25%, 1/15/28 |
306,000 | 306,383 | ||||||
144A, 4.50%, 8/15/29 |
949,000 | 888,576 | ||||||
Ziff
Davis, Inc., 144A, |
282,000 | 252,897 | ||||||
|
|
|||||||
(Cost $11,949,794) |
12,124,804 | |||||||
|
|
|||||||
Media — 8.0% | ||||||||
Altice
Financing SA |
759,000 | 671,519 | ||||||
144A, 5.75%, 8/15/29 |
1,297,000 | 1,117,068 | ||||||
AMC
Networks, Inc. |
490,000 | 467,305 | ||||||
4.25%, 2/15/29 |
612,000 | 396,086 | ||||||
Block
Communications, Inc., 144A, |
184,000 | 162,756 | ||||||
Cable
One, Inc., 144A, |
398,000 | 300,729 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
361,000 | 354,695 | ||||||
144A, 5.125%, 5/1/27 |
1,619,000 | 1,530,222 | ||||||
144A, 5.00%, 2/1/28 |
1,363,000 | 1,257,703 | ||||||
144A, 5.375%, 6/1/29 |
759,000 | 686,415 | ||||||
144A, 6.375%, 9/1/29 |
771,000 | 724,367 | ||||||
144A, 4.75%, 3/1/30 |
1,624,000 | 1,381,512 | ||||||
144A, 4.50%, 8/15/30 |
1,519,000 | 1,260,041 | ||||||
144A, 4.25%, 2/1/31 |
1,604,000 | 1,290,157 | ||||||
144A, 7.375%, 3/1/31 |
576,000 | 558,103 | ||||||
144A, 4.75%, 2/1/32 |
628,000 | 506,655 | ||||||
4.50%, 5/1/32 |
1,541,000 | 1,217,397 | ||||||
144A, 4.50%, 6/1/33 |
921,000 | 708,477 | ||||||
144A, 4.25%, 1/15/34 |
1,065,000 | 796,256 | ||||||
CSC
Holdings LLC 144A, |
829,000 | 743,674 | ||||||
144A, 5.375%, 2/1/28 |
616,000 | 536,924 | ||||||
144A, 11.25%, 5/15/28 |
633,000 | 653,110 | ||||||
144A, 11.75%, 1/31/29 |
1,257,000 | 1,313,970 | ||||||
144A, 6.50%, 2/1/29 |
1,107,000 | 964,939 | ||||||
144A, 4.125%, 12/1/30 |
696,000 | 518,228 | ||||||
144A, 3.375%, 2/15/31 |
633,000 | 446,854 | ||||||
144A, 4.50%, 11/15/31 |
921,000 | 683,843 |
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Directv
Financing LLC, 144A, |
$ | 460,000 | $ | 463,066 | ||||
Directv
Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, |
2,339,000 | 2,207,711 | ||||||
DISH
Network Corp., 144A, |
2,214,000 | 2,308,268 | ||||||
Gannett
Holdings LLC, 144A, |
183,000 | 165,366 | ||||||
GCI
LLC, 144A, |
367,000 | 329,298 | ||||||
Gray
Escrow II, Inc., 144A, |
823,000 | 532,403 | ||||||
Gray
Television, Inc. |
429,000 | 407,112 | ||||||
144A, 7.00%, 5/15/27 |
459,000 | 414,798 | ||||||
144A, 4.75%, 10/15/30 |
502,000 | 323,461 | ||||||
LCPR
Senior Secured Financing DAC |
744,000 | 703,080 | ||||||
144A, 5.125%, 7/15/29 |
502,000 | 421,841 | ||||||
McGraw-Hill
Education, Inc., 144A, |
519,000 | 482,159 | ||||||
Midcontinent
Communications / Midcontinent Finance Corp., 144A, |
264,000 | 250,140 | ||||||
News
Corp. |
666,000 | 601,940 | ||||||
144A, 5.125%, 2/15/32 |
306,000 | 285,070 | ||||||
Nexstar
Media, Inc. |
1,084,000 | 1,027,285 | ||||||
144A, 4.75%, 11/1/28 |
626,000 | 555,857 | ||||||
Paramount
Global |
398,000 | 327,900 | ||||||
6.375%, 3/30/62 |
666,000 | 577,755 | ||||||
Scripps
Escrow II, Inc. |
321,000 | 253,906 | ||||||
144A, 5.375%, 1/15/31 |
240,000 | 136,868 | ||||||
Scripps
Escrow, Inc., 144A, |
267,000 | 216,732 | ||||||
Sinclair
Television Group, Inc., 144A, |
450,000 | 328,838 | ||||||
Sirius
XM Radio, Inc. |
633,000 | 590,228 | ||||||
144A, 5.00%, 8/1/27 |
949,000 | 904,043 | ||||||
144A, 4.00%, 7/15/28 |
1,265,000 | 1,139,658 | ||||||
144A, 5.50%, 7/1/29 |
791,000 | 748,013 | ||||||
144A, 4.125%, 7/1/30 |
949,000 | 816,480 | ||||||
144A, 3.875%, 9/1/31 |
919,000 | 759,623 | ||||||
Sunrise
FinCo I BV, 144A, |
790,000 | 699,150 | ||||||
Sunrise
HoldCo IV BV, 144A, |
287,000 | 277,622 | ||||||
TEGNA,
Inc. |
337,000 | 325,626 | ||||||
4.625%, 3/15/28 |
666,000 | 597,935 | ||||||
5.00%, 9/15/29 |
696,000 | 612,480 | ||||||
Townsquare
Media, Inc., 144A, |
308,000 | 297,130 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Univision
Communications, Inc. |
$ | 919,000 | $ | 890,876 | ||||
144A, 8.00%, 8/15/28 |
767,000 | 771,096 | ||||||
144A, 4.50%, 5/1/29 |
699,000 | 612,974 | ||||||
144A, 7.375%, 6/30/30 |
599,000 | 578,556 | ||||||
Urban
One, Inc., 144A, |
400,000 | 343,084 | ||||||
Videotron
Ltd. |
377,000 | 369,403 | ||||||
144A, 3.625%, 6/15/29 |
306,000 | 274,886 | ||||||
Virgin
Media Finance PLC, 144A, |
566,000 | 488,637 | ||||||
Virgin
Media Secured Finance PLC |
871,000 | 816,187 | ||||||
144A, 4.50%, 8/15/30 |
507,000 | 443,123 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28 |
313,000 | 288,739 | ||||||
VZ
Secured Financing BV, 144A, |
965,000 | 823,692 | ||||||
Ziggo
Bond Co. BV |
383,000 | 374,288 | ||||||
144A, 5.125%, 2/28/30 |
306,000 | 261,821 | ||||||
Ziggo
BV, 144A, |
661,000 | 588,826 | ||||||
|
|
|||||||
(Cost $50,591,934) |
50,264,035 | |||||||
|
|
|||||||
Telecommunications — 4.4% | ||||||||
Altice
France SA |
1,107,000 | 1,017,250 | ||||||
144A, 5.50%, 1/15/28 |
696,000 | 567,884 | ||||||
144A, 5.125%, 1/15/29 |
291,000 | 219,976 | ||||||
144A, 5.125%, 7/15/29 |
1,551,000 | 1,171,230 | ||||||
144A, 5.50%, 10/15/29 |
1,265,000 | 957,819 | ||||||
British
Telecommunications PLC |
306,000 | 286,399 | ||||||
144A, 4.875%, 11/23/81 |
306,000 | 269,205 | ||||||
Ciena
Corp., 144A, |
245,000 | 219,275 | ||||||
CommScope,
Inc. |
949,000 | 854,100 | ||||||
144A, 4.75%, 9/1/29 |
784,000 | 537,040 | ||||||
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26 |
1,313,000 | 1,288,286 | ||||||
Consolidated
Communications, Inc. |
245,000 | 202,372 | ||||||
144A, 6.50%, 10/1/28 |
475,000 | 407,312 | ||||||
Frontier
Communications Holdings LLC |
777,000 | 750,972 | ||||||
144A, 5.00%, 5/1/28 |
980,000 | 906,945 | ||||||
144A, 8.75%, 5/15/30 |
735,000 | 749,678 | ||||||
144A, 8.625%, 3/15/31 |
430,000 | 435,763 | ||||||
Frontier
Florida LLC, Series E, |
184,000 | 177,100 | ||||||
GoTo
Group, Inc., 144A, |
230,000 | 198,087 | ||||||
Hughes
Satellite Systems Corp., |
459,000 | 392,156 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
Iliad
Holding SASU |
$ | 569,000 | $ | 563,001 | ||||
144A, 6.50%, 10/15/2026 10/15/2026 10/15/2026 10/15/2026 10/15/2026 |
759,000 | 750,355 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
1,898,000 | 1,765,866 | ||||||
Level 3
Financing, Inc. |
459,000 | 369,509 | ||||||
144A, 10.50%, 5/15/30 |
620,000 | 635,500 | ||||||
Millicom
International Cellular SA |
275,400 | 262,571 | ||||||
144A, 6.25%, 3/25/29 |
460,800 | 447,552 | ||||||
144A, 4.50%, 4/27/31 |
487,000 | 420,259 | ||||||
Qwest
Corp., |
83,000 | 80,300 | ||||||
Rogers
Communications, Inc., 144A, |
459,000 | 438,218 | ||||||
Telecom
Italia Capital SA |
627,000 | 601,774 | ||||||
6.00%, 9/30/34 |
665,000 | 616,975 | ||||||
7.20%, 7/18/36 |
602,000 | 598,367 | ||||||
7.721%, 6/4/38 |
617,000 | 631,950 | ||||||
United
States Cellular Corp., |
319,000 | 313,867 | ||||||
Viasat,
Inc. |
429,000 | 416,375 | ||||||
144A, 5.625%, 4/15/27 |
367,000 | 344,521 | ||||||
144A, 6.50%, 7/15/28 |
245,000 | 181,516 | ||||||
144A, 7.50%, 5/30/31 |
479,000 | 336,497 | ||||||
Viavi
Solutions, Inc., 144A, |
245,000 | 213,054 | ||||||
Vmed
O2 UK Financing I PLC |
877,000 | 743,743 | ||||||
144A, 4.75%, 7/15/31 |
906,000 | 783,441 | ||||||
Vodafone
Group PLC |
1,265,000 | 1,296,278 | ||||||
3.25%, 6/4/81 |
306,000 | 283,988 | ||||||
4.125%, 6/4/81 |
604,000 | 515,849 | ||||||
5.125%, 6/4/81 |
601,000 | 445,205 | ||||||
Windstream
Escrow LLC / Windstream Escrow Finance Corp., 144A, |
886,000 | 827,190 | ||||||
Zayo
Group Holdings, Inc., 144A, |
935,000 | 778,388 | ||||||
|
|
|||||||
(Cost $26,859,005) |
27,270,958 | |||||||
|
|
|||||||
Consumer, Cyclical — 21.9% |
| |||||||
Airlines — 1.7% | ||||||||
Air
Canada, 144A, |
759,000 | 718,814 | ||||||
Allegiant
Travel Co., 144A, |
337,000 | 328,071 | ||||||
American
Airlines Group, Inc., 144A, |
295,000 | 288,207 | ||||||
American
Airlines Inc/AAdvantage Loyalty IP Ltd. |
1,735,500 | 1,719,591 | ||||||
144A, 5.75%, 4/20/29 |
1,897,000 | 1,855,169 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Airlines (Continued) | ||||||||
American
Airlines, Inc. |
$ | 500,000 | $ | 504,161 | ||||
144A, 8.50%, 5/15/29 |
633,000 | 665,446 | ||||||
Delta
Air Lines, Inc. |
537,000 | 553,781 | ||||||
4.375%, 4/19/28 |
251,000 | 240,646 | ||||||
3.75%, 10/28/29 |
290,000 | 263,590 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
759,000 | 716,306 | ||||||
United
Airlines, Inc. |
1,265,000 | 1,217,518 | ||||||
144A, 4.625%, 4/15/29 |
1,265,000 | 1,166,842 | ||||||
VistaJet
Malta Finance PLC / Vista Management Holding, Inc. |
313,000 | 264,968 | ||||||
144A, 6.375%, 2/1/30 |
644,000 | 470,120 | ||||||
|
|
|||||||
(Cost $10,931,595) |
10,973,230 | |||||||
|
|
|||||||
Apparel — 0.4% | ||||||||
Crocs,
Inc. |
214,000 | 192,067 | ||||||
144A, 4.125%, 8/15/31 |
214,000 | 182,071 | ||||||
Hanesbrands,
Inc. |
599,000 | 578,049 | ||||||
144A, 9.00%, 2/15/31 |
367,000 | 367,813 | ||||||
Kontoor
Brands, Inc., 144A, |
245,000 | 219,098 | ||||||
Levi
Strauss & Co., 144A, |
316,000 | 273,836 | ||||||
Under
Armour, Inc., |
367,000 | 345,584 | ||||||
William
Carter Co., 144A, |
306,000 | 300,209 | ||||||
|
|
|||||||
(Cost $2,427,081) |
2,458,727 | |||||||
|
|
|||||||
Auto Manufacturers — 0.5% | ||||||||
Allison
Transmission, Inc. |
245,000 | 234,916 | ||||||
144A, 5.875%, 6/1/29 |
306,000 | 301,417 | ||||||
144A, 3.75%, 1/30/31 |
666,000 | 575,481 | ||||||
Jaguar
Land Rover Automotive PLC |
428,000 | 431,800 | ||||||
144A, 4.50%, 10/1/27 |
306,000 | 287,964 | ||||||
144A, 5.875%, 1/15/28 |
339,000 | 333,802 | ||||||
144A, 5.50%, 7/15/29 |
260,000 | 249,976 | ||||||
JB
Poindexter & Co., Inc., 144A, |
380,000 | 389,288 | ||||||
Wabash
National Corp., 144A, |
245,000 | 224,175 | ||||||
|
|
|||||||
(Cost $2,994,621) |
3,028,819 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.8% | ||||||||
Adient
Global Holdings Ltd. |
530,000 | 513,709 | ||||||
144A, 7.00%, 4/15/28 |
306,000 | 311,966 | ||||||
144A, 8.25%, 4/15/31 |
306,000 | 322,169 |
Principal |
Value |
|||||||
Auto Parts & Equipment (Continued) | ||||||||
American
Axle & Manufacturing, Inc. |
$ | 306,000 | $ | 302,244 | ||||
6.875%, 7/1/28 |
245,000 | 236,746 | ||||||
5.00%, 10/1/29 |
376,000 | 326,023 | ||||||
Clarios
Global LP / Clarios US Finance Co. |
610,000 | 608,345 | ||||||
144A, 8.50%, 5/15/27 |
730,000 | 733,783 | ||||||
144A, 6.75%, 5/15/28 |
570,000 | 576,900 | ||||||
Dana,
Inc. |
245,000 | 236,493 | ||||||
5.625%, 6/15/28 |
245,000 | 237,167 | ||||||
4.25%, 9/1/30 |
245,000 | 211,291 | ||||||
4.50%, 2/15/32 |
247,000 | 207,458 | ||||||
Goodyear
Tire & Rubber Co. |
450,000 | 454,500 | ||||||
5.00%, 5/31/26 |
651,000 | 633,947 | ||||||
4.875%, 3/15/27 |
429,000 | 411,740 | ||||||
5.00%, 7/15/29 |
527,000 | 485,070 | ||||||
5.25%, 4/30/31 |
337,000 | 305,202 | ||||||
5.25%, 7/15/31 |
379,000 | 342,040 | ||||||
5.625%, 4/30/33 |
276,000 | 246,786 | ||||||
IHO
Verwaltungs GmbH |
306,000 | 294,220 | ||||||
144A, 6.00%, 5/15/27, 6.00% Cash or 6.75% PIK |
275,000 | 269,892 | ||||||
144A, 6.3750%, 5/15/29, 6.3750% Cash or 7.125% PIK |
245,000 | 241,478 | ||||||
Tenneco,
Inc., 144A, |
1,182,000 | 1,077,098 | ||||||
Titan
International, Inc., |
244,000 | 242,277 | ||||||
ZF
North America Capital, Inc. |
760,000 | 748,436 | ||||||
144A, 6.875%, 4/14/28 |
367,000 | 374,711 | ||||||
144A, 7.125%, 4/14/30 |
367,000 | 382,388 | ||||||
|
|
|||||||
(Cost $11,181,402) |
11,334,079 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.6% | ||||||||
American
Builders & Contractors Supply Co., Inc. |
429,000 | 400,735 | ||||||
144A, 3.875%, 11/15/29 |
245,000 | 218,807 | ||||||
G-III Apparel Group Ltd.,
144A, |
269,000 | 271,063 | ||||||
H&E
Equipment Services, Inc., 144A, |
791,000 | 713,749 | ||||||
Resideo
Funding, Inc., 144A, |
184,000 | 162,873 | ||||||
Ritchie
Bros Holdings, Inc. |
337,000 | 344,903 | ||||||
144A, 7.75%, 3/15/31 |
533,000 | 560,316 | ||||||
Verde
Purchaser LLC, 144A, |
429,000 | 448,305 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Distribution/Wholesale (Continued) | ||||||||
Windsor
Holdings III LLC, 144A, |
$ | 533,000 | $ | 551,480 | ||||
|
|
|||||||
(Cost $3,633,403) |
3,672,231 | |||||||
|
|
|||||||
Entertainment — 3.8% | ||||||||
Affinity
Interactive, 144A, |
334,000 | 308,085 | ||||||
Banijay
Entertainment SASU, 144A, |
245,000 | 253,385 | ||||||
Boyne
USA, Inc., 144A, |
423,000 | 388,895 | ||||||
Caesars
Entertainment, Inc. |
350,000 | 350,017 | ||||||
144A, 8.125%, 7/1/27 |
1,037,000 | 1,064,777 | ||||||
144A, 4.625%, 10/15/29 |
1,039,000 | 948,603 | ||||||
144A, 7.00%, 2/15/30 |
1,265,000 | 1,295,941 | ||||||
144A, 6.50%, 2/15/32 |
565,000 | 569,228 | ||||||
CCM
Merger, Inc., 144A, |
162,000 | 159,809 | ||||||
Cedar
Fair LP, |
356,000 | 336,271 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium
Op |
662,000 | 659,781 | ||||||
5.375%, 4/15/27 |
316,000 | 312,622 | ||||||
6.50%, 10/1/28 |
184,000 | 184,311 | ||||||
Churchill
Downs, Inc. |
367,000 | 360,439 | ||||||
144A, 4.75%, 1/15/28 |
429,000 | 405,805 | ||||||
144A, 5.75%, 4/1/30 |
755,000 | 725,446 | ||||||
144A, 6.75%, 5/1/31 |
376,000 | 376,224 | ||||||
Cinemark
USA, Inc. |
248,000 | 244,294 | ||||||
144A, 5.25%, 7/15/28 |
469,000 | 438,093 | ||||||
Empire
Resorts, Inc., 144A, |
184,000 | 169,216 | ||||||
Everi
Holdings, Inc., 144A, |
245,000 | 242,856 | ||||||
Golden
Entertainment, Inc., 144A, |
383,000 | 381,305 | ||||||
International
Game Technology PLC |
459,000 | 442,966 | ||||||
144A, 6.25%, 1/15/27 |
500,000 | 502,111 | ||||||
144A, 5.25%, 1/15/29 |
459,000 | 443,671 | ||||||
Jacobs
Entertainment, Inc., 144A, |
306,000 | 291,762 | ||||||
Light &
Wonder International, Inc. |
439,000 | 441,073 | ||||||
144A, 7.25%, 11/15/29 |
306,000 | 313,135 | ||||||
144A, 7.50%, 9/1/31 |
337,000 | 351,101 | ||||||
Lions
Gate Capital Holdings LLC, 144A, |
452,000 | 341,652 | ||||||
Live
Nation Entertainment, Inc. |
184,000 | 181,692 | ||||||
144A, 6.50%, 5/15/27 |
759,000 | 765,533 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
144A, 4.75%, 10/15/27 |
$ | 632,000 | $ | 605,086 | ||||
144A, 3.75%, 1/15/28 |
306,000 | 281,642 | ||||||
Merlin
Entertainments Group US Holdings, Inc., 144A, |
300,000 | 300,155 | ||||||
Merlin
Entertainments Ltd., 144A, |
245,000 | 242,165 | ||||||
Midwest
Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, |
459,000 | 420,902 | ||||||
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26 |
743,000 | 700,278 | ||||||
Odeon
Finco PLC, 144A, |
245,000 | 250,170 | ||||||
Ontario
Gaming GTA LP, 144A, |
245,000 | 249,878 | ||||||
Penn
Entertainment, Inc. |
265,000 | 253,317 | ||||||
144A, 4.125%, 7/1/29 |
245,000 | 205,800 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
449,000 | 323,343 | ||||||
144A, 5.875%, 9/1/31 |
492,000 | 348,513 | ||||||
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 144A, 4.875%, 11/1/26 |
214,000 | 205,979 | ||||||
Resorts
World Las Vegas LLC / RWLV Capital, Inc. |
680,000 | 620,160 | ||||||
144A, 8.45%, 7/27/30 |
200,000 | 212,984 | ||||||
144A, 4.625%, 4/6/31 |
200,000 | 170,859 | ||||||
Scientific
Games Holdings LP/Scientific Games US FinCo, Inc., 144A, |
490,000 | 459,375 | ||||||
SeaWorld Parks & Entertainment, Inc., 144A, 5.25%, 8/15/29 |
444,000 | 414,032 | ||||||
Six
Flags Entertainment Corp. |
306,000 | 299,498 | ||||||
144A, 7.25%, 5/15/31 |
533,000 | 536,331 | ||||||
Six
Flags Theme Parks, Inc., 144A, |
224,000 | 224,520 | ||||||
Speedway
Motorsports LLC / Speedway Funding II, Inc., 144A, |
214,000 | 202,547 | ||||||
Vail
Resorts, Inc., 144A, |
367,000 | 368,325 | ||||||
WMG
Acquisition Corp. |
331,000 | 293,141 | ||||||
144A, 3.875%, 7/15/30 |
338,000 | 298,285 | ||||||
144A, 3.00%, 2/15/31 |
485,000 | 405,080 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. |
459,000 | 432,977 | ||||||
144A, 7.125%, 2/15/31 |
627,000 | 647,492 | ||||||
|
|
|||||||
(Cost $23,889,957) |
24,222,933 | |||||||
|
|
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Food Service — 0.2% | ||||||||
Aramark
Services, Inc. |
$ | 338,000 | $ | 335,844 | ||||
144A, 5.00%, 2/1/28 |
727,000 | 696,701 | ||||||
TKC
Holdings, Inc., 144A, |
260,000 | 243,425 | ||||||
|
|
|||||||
(Cost $1,263,145) |
1,275,970 | |||||||
|
|
|||||||
Home Builders — 1.3% | ||||||||
Adams
Homes, Inc., 144A, |
153,000 | 156,482 | ||||||
Ashton
Woods USA LLC / Ashton Woods Finance Co. |
153,000 | 152,063 | ||||||
144A, 4.625%, 8/1/29 |
214,000 | 194,311 | ||||||
144A, 4.625%, 4/1/30 |
245,000 | 220,246 | ||||||
Beazer
Homes USA, Inc. |
219,000 | 212,872 | ||||||
7.25%, 10/15/29 |
214,000 | 214,608 | ||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC |
367,000 | 355,567 | ||||||
144A, 5.00%, 6/15/29 |
214,000 | 191,479 | ||||||
144A, 4.875%, 2/15/30 |
343,000 | 304,630 | ||||||
Century
Communities, Inc. |
303,000 | 303,470 | ||||||
144A, 3.875%, 8/15/29 |
356,000 | 314,151 | ||||||
Dream
Finders Homes, Inc., 144A, |
184,000 | 191,209 | ||||||
Empire
Communities Corp., 144A, |
291,000 | 287,694 | ||||||
Forestar
Group, Inc. |
245,000 | 232,730 | ||||||
144A, 5.00%, 3/1/28 |
184,000 | 173,920 | ||||||
Installed
Building Products, Inc., 144A, |
184,000 | 180,824 | ||||||
KB
Home |
184,000 | 189,062 | ||||||
4.80%, 11/15/29 |
184,000 | 172,500 | ||||||
7.25%, 7/15/30 |
214,000 | 219,871 | ||||||
4.00%, 6/15/31 |
237,000 | 205,773 | ||||||
LGI
Homes, Inc. |
245,000 | 256,791 | ||||||
144A, 4.00%, 7/15/29 |
184,000 | 157,785 | ||||||
M/I
Homes, Inc. |
244,000 | 232,278 | ||||||
3.95%, 2/15/30 |
184,000 | 164,191 | ||||||
Mattamy
Group Corp. |
316,000 | 304,659 | ||||||
144A, 4.625%, 3/1/30 |
367,000 | 329,341 | ||||||
Shea
Homes LP / Shea Homes Funding Corp. |
275,000 | 262,300 | ||||||
4.75%, 4/1/29 |
183,000 | 171,871 | ||||||
Taylor
Morrison Communities, Inc. |
306,000 | 304,290 | ||||||
144A, 5.75%, 1/15/28 |
276,000 | 270,429 | ||||||
144A, 5.125%, 8/1/30 |
364,000 | 343,562 |
Principal |
Value |
|||||||
Home Builders (Continued) | ||||||||
Thor
Industries, Inc., 144A, |
$ | 306,000 | $ | 270,810 | ||||
Tri
Pointe Homes, Inc. |
184,000 | 179,400 | ||||||
5.70%, 6/15/28 |
214,000 | 210,428 | ||||||
Winnebago
Industries, Inc., |
184,000 | 181,096 | ||||||
|
|
|||||||
(Cost $7,942,208) |
8,112,693 | |||||||
|
|
|||||||
Home Furnishings — 0.1% | ||||||||
Tempur
Sealy International, Inc. |
490,000 | 439,208 | ||||||
144A, 3.875%, 10/15/31 |
502,000 | 417,537 | ||||||
|
|
|||||||
(Cost $848,250) |
856,745 | |||||||
|
|
|||||||
Housewares — 0.6% | ||||||||
CD&R
Smokey Buyer, Inc., 144A, |
429,000 | 427,306 | ||||||
Newell
Brands, Inc. |
306,000 | 299,524 | ||||||
5.20%, 4/1/26 |
1,336,000 | 1,297,338 | ||||||
6.375%, 9/15/27 |
306,000 | 296,424 | ||||||
6.625%, 9/15/29 |
306,000 | 292,908 | ||||||
6.375%, 4/1/36 |
257,000 | 225,725 | ||||||
6.50%, 4/1/46 |
428,000 | 341,466 | ||||||
Scotts
Miracle-Gro Co. |
153,000 | 148,410 | ||||||
4.50%, 10/15/29 |
252,000 | 223,650 | ||||||
4.00%, 4/1/31 |
338,000 | 286,698 | ||||||
4.375%, 2/1/32 |
245,000 | 204,873 | ||||||
|
|
|||||||
(Cost $4,028,384) |
4,044,322 | |||||||
|
|
|||||||
Leisure Time — 3.0% | ||||||||
Acushnet
Co., 144A, |
214,000 | 220,687 | ||||||
Amer
Sports Co., 144A, |
502,000 | 499,595 | ||||||
Carnival
Corp. |
855,000 | 866,124 | ||||||
144A, 5.75%, 3/1/27 |
1,671,000 | 1,650,069 | ||||||
144A, 4.00%, 8/1/28 |
1,522,000 | 1,403,831 | ||||||
144A, 6.00%, 5/1/29 |
1,265,000 | 1,236,174 | ||||||
144A, 7.00%, 8/15/29 |
306,000 | 317,412 | ||||||
144A, 10.50%, 6/1/30 |
633,000 | 690,623 | ||||||
Carnival
Holdings Bermuda Ltd., 144A, |
1,284,000 | 1,400,798 | ||||||
Life
Time, Inc. |
616,000 | 610,830 | ||||||
144A, 8.00%, 4/15/26 |
291,000 | 293,663 | ||||||
Lindblad Expeditions Holdings, Inc., 144A, 9.00%, 5/15/28 |
168,000 | 177,240 | ||||||
Lindblad
Expeditions LLC, 144A, |
221,000 | 221,909 | ||||||
NCL
Corp. Ltd. |
633,000 | 625,607 | ||||||
144A, 8.375%, 2/1/28 |
367,000 | 385,263 | ||||||
144A, 8.125%, 1/15/29 |
526,000 | 553,395 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Leisure Time (Continued) | ||||||||
Royal
Caribbean Cruises Ltd. |
$ | 398,000 | $ | 383,342 | ||||
144A, 5.50%, 8/31/26 |
612,000 | 604,998 | ||||||
144A, 5.375%, 7/15/27 |
662,000 | 649,286 | ||||||
144A, 11.625%, 8/15/27 |
166,000 | 179,554 | ||||||
7.50%, 10/15/27 |
184,000 | 192,864 | ||||||
3.70%, 3/15/28 |
358,000 | 330,393 | ||||||
144A, 5.50%, 4/1/28 |
949,000 | 933,882 | ||||||
144A, 9.25%, 1/15/29 |
712,000 | 765,893 | ||||||
144A, 7.25%, 1/15/30 |
429,000 | 446,021 | ||||||
144A, 6.25%, 3/15/32 |
780,000 | 782,083 | ||||||
Viking
Cruises Ltd. |
517,000 | 505,367 | ||||||
144A, 7.00%, 2/15/29 |
313,000 | 312,863 | ||||||
144A, 9.125%, 7/15/31 |
440,000 | 476,335 | ||||||
Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%, 2/15/29 |
214,000 | 206,510 | ||||||
Vista
Outdoor, Inc., 144A, |
306,000 | 302,175 | ||||||
VOC
Escrow Ltd., 144A, |
413,000 | 396,658 | ||||||
|
|
|||||||
(Cost $18,326,674) |
18,621,444 | |||||||
|
|
|||||||
Lodging — 1.9% | ||||||||
Boyd
Gaming Corp. |
666,000 | 639,756 | ||||||
144A, 4.75%, 6/15/31 |
599,000 | 544,111 | ||||||
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26 |
410,000 | 382,508 | ||||||
Hilton
Domestic Operating Co., Inc. |
306,000 | 305,156 | ||||||
144A, 3.75%, 5/1/29 |
490,000 | 445,080 | ||||||
4.875%, 1/15/30 |
732,000 | 695,979 | ||||||
144A, 4.00%, 5/1/31 |
674,000 | 598,837 | ||||||
144A, 3.625%, 2/15/32 |
914,000 | 780,794 | ||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower
Esc |
567,000 | 525,320 | ||||||
144A, 4.875%, 7/1/31 |
306,000 | 269,929 | ||||||
144A, 6.625%, 1/15/32 |
550,000 | 549,999 | ||||||
Hilton
Worldwide Finance LLC / Hilton Worldwide Finance Corp., |
367,000 | 358,067 | ||||||
Marriott
Ownership Resorts, Inc. |
214,000 | 198,876 | ||||||
144A, 4.50%, 6/15/29 |
306,000 | 277,571 | ||||||
MGM
Resorts International |
519,000 | 519,722 | ||||||
5.75%, 6/15/25 |
463,000 | 462,347 | ||||||
4.625%, 9/1/26 |
245,000 | 237,527 | ||||||
5.50%, 4/15/27 |
413,000 | 404,490 | ||||||
4.75%, 10/15/28 |
519,000 | 487,152 | ||||||
Station
Casinos LLC |
423,000 | 394,412 | ||||||
144A, 4.625%, 12/1/31 |
295,000 | 262,279 |
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 144A, 5.875%, 5/15/25 |
$ | 193,000 | $ | 191,053 | ||||
Travel
+ Leisure Co. |
214,000 | 216,404 | ||||||
144A, 6.625%, 7/31/26 |
398,000 | 402,219 | ||||||
6.00%, 4/1/27 |
245,000 | 244,104 | ||||||
144A, 4.50%, 12/1/29 |
408,000 | 373,655 | ||||||
144A, 4.625%, 3/1/30 |
244,000 | 220,210 | ||||||
Wyndham
Hotels & Resorts, Inc., 144A, |
306,000 | 284,505 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, |
600,000 | 587,143 | ||||||
|
|
|||||||
(Cost $11,712,814) |
11,859,205 | |||||||
|
|
|||||||
Office Furnishings — 0.1% | ||||||||
Interface,
Inc., 144A, |
184,000 | 172,567 | ||||||
Steelcase,
Inc., |
326,000 | 306,878 | ||||||
|
|
|||||||
(Cost $465,003) |
479,445 | |||||||
|
|
|||||||
Retail — 5.9% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
306,000 | 304,869 | ||||||
144A, 3.875%, 1/15/28 |
1,019,000 | 950,502 | ||||||
144A, 4.375%, 1/15/28 |
469,000 | 440,240 | ||||||
144A, 3.50%, 2/15/29 |
459,000 | 413,836 | ||||||
144A, 4.00%, 10/15/30 |
1,851,000 | 1,625,926 | ||||||
Academy
Ltd., 144A, |
245,000 | 242,528 | ||||||
Advance
Auto Parts, Inc. |
250,000 | 216,011 | ||||||
5.95%, 3/9/28 |
188,000 | 187,815 | ||||||
3.90%, 4/15/30 |
313,000 | 279,539 | ||||||
3.50%, 3/15/32 |
219,000 | 183,684 | ||||||
Arko
Corp., 144A, |
276,000 | 239,292 | ||||||
Asbury
Automotive Group, Inc. |
248,000 | 231,260 | ||||||
144A, 4.625%, 11/15/29 |
490,000 | 446,363 | ||||||
4.75%, 3/1/30 |
273,000 | 248,438 | ||||||
144A, 5.00%, 2/15/32 |
428,000 | 379,978 | ||||||
Bath &
Body Works, Inc. |
192,000 | 200,091 | ||||||
6.694%, 1/15/27 |
182,000 | 184,374 | ||||||
5.25%, 2/1/28 |
292,000 | 283,504 | ||||||
7.50%, 6/15/29 |
306,000 | 315,061 | ||||||
144A, 6.625%, 10/1/30 |
593,000 | 596,256 | ||||||
6.95%, 3/1/33 |
201,000 | 195,677 | ||||||
6.875%, 11/1/35 |
508,000 | 508,255 | ||||||
6.75%, 7/1/36 |
375,000 | 368,555 | ||||||
Beacon
Roofing Supply, Inc. |
184,000 | 177,428 | ||||||
144A, 4.125%, 5/15/29 |
214,000 | 192,463 | ||||||
144A, 6.50%, 8/1/30 |
367,000 | 368,987 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC, 144A, 5.125%, 4/15/29 |
$ | 184,000 | $ | 169,642 | ||||
BlueLinx
Holdings, Inc., 144A, |
184,000 | 175,582 | ||||||
Brinker
International, Inc., 144A, |
214,000 | 224,274 | ||||||
CEC
Entertainment LLC, 144A, |
398,000 | 394,071 | ||||||
Dave &
Buster’s, Inc., 144A, |
269,000 | 269,702 | ||||||
eG
Global Finance PLC, 144A, |
696,000 | 734,802 | ||||||
Evergreen
Acqco 1 LP / TVI, Inc., 144A, |
303,000 | 319,698 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
398,000 | 394,032 | ||||||
144A, 5.875%, 4/1/29 |
549,000 | 521,140 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,
144A, |
666,000 | 604,368 | ||||||
Foot
Locker, Inc., 144A, |
245,000 | 207,329 | ||||||
Gap,
Inc. |
481,000 | 406,293 | ||||||
144A, 3.875%, 10/1/31 |
459,000 | 370,252 | ||||||
Global
Auto Holdings Ltd. / AAG FH UK Ltd. |
320,000 | 305,094 | ||||||
144A, 8.75%, 1/15/32 |
320,000 | 303,899 | ||||||
Group
1 Automotive, Inc., 144A, |
459,000 | 418,976 | ||||||
GYP
Holdings III Corp., 144A, |
214,000 | 199,437 | ||||||
IRB
Holding Corp., 144A, |
203,000 | 203,254 | ||||||
Ken
Garff Automotive LLC, 144A, |
245,000 | 225,396 | ||||||
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
144A, |
459,000 | 447,289 | ||||||
Kohl’s
Corp. |
146,000 | 141,858 | ||||||
4.625%, 5/1/31 |
306,000 | 240,975 | ||||||
5.55%, 7/17/45 |
291,000 | 196,486 | ||||||
LCM
Investments Holdings II LLC |
666,000 | 598,101 | ||||||
144A, 8.25%, 8/1/31 |
456,000 | 465,392 | ||||||
Lithia
Motors, Inc. |
245,000 | 233,418 | ||||||
144A, 3.875%, 6/1/29 |
521,000 | 464,992 | ||||||
144A, 4.375%, 1/15/31 |
337,000 | 299,014 | ||||||
LSF9
Atlantis Holdings LLC / Victra Finance Corp., 144A, |
530,000 | 525,030 | ||||||
Macy’s
Retail Holdings LLC |
306,000 | 294,699 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
144A, 5.875%, 3/15/30 |
$ | 260,000 | $ | 243,750 | ||||
144A, 6.125%, 3/15/32 |
266,000 | 247,585 | ||||||
4.50%, 12/15/34 |
235,000 | 193,581 | ||||||
5.125%, 1/15/42 |
153,000 | 119,340 | ||||||
4.30%, 2/15/43 |
163,000 | 121,435 | ||||||
Marks &
Spencer PLC, 144A, |
184,000 | 187,970 | ||||||
Michaels
Cos., Inc., 144A, |
552,000 | 428,572 | ||||||
Murphy
Oil USA, Inc. |
184,000 | 181,241 | ||||||
4.75%, 9/15/29 |
306,000 | 285,310 | ||||||
144A, 3.75%, 2/15/31 |
306,000 | 261,109 | ||||||
Nordstrom,
Inc. |
214,000 | 200,625 | ||||||
6.95%, 3/15/28 |
184,000 | 185,840 | ||||||
4.375%, 4/1/30 |
310,000 | 273,885 | ||||||
4.25%, 8/1/31 |
260,000 | 218,795 | ||||||
5.00%, 1/15/44 |
626,000 | 447,277 | ||||||
Papa
John’s International, Inc., 144A, |
245,000 | 217,131 | ||||||
Patrick
Industries, Inc. |
184,000 | 184,690 | ||||||
144A, 4.75%, 5/1/29 |
214,000 | 195,840 | ||||||
Penske
Automotive Group, Inc. |
347,000 | 336,660 | ||||||
3.75%, 6/15/29 |
306,000 | 271,036 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp. |
799,000 | 748,907 | ||||||
144A, 7.75%, 2/15/29 |
727,000 | 718,397 | ||||||
QVC,
Inc. |
402,000 | 362,283 | ||||||
4.375%, 9/1/28 |
316,000 | 259,193 | ||||||
5.45%, 8/15/34 |
225,000 | 160,533 | ||||||
5.95%, 3/15/43 |
184,000 | 126,642 | ||||||
Raising
Cane’s Restaurants LLC, 144A, |
306,000 | 325,955 | ||||||
Sally
Holdings LLC / Sally Capital, Inc., |
376,000 | 374,919 | ||||||
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25 |
214,000 | 214,454 | ||||||
Sonic
Automotive, Inc. |
398,000 | 351,211 | ||||||
144A, 4.875%, 11/15/31 |
306,000 | 262,921 | ||||||
Specialty
Building Products Holdings LLC / SBP Finance Corp., 144A, |
444,000 | 434,250 | ||||||
SRS
Distribution, Inc., 144A, |
398,000 | 371,207 | ||||||
Staples,
Inc., 144A, |
1,265,000 | 1,216,189 | ||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp. |
214,000 | 210,790 | ||||||
144A, 5.00%, 6/1/31 |
398,000 | 357,540 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29 |
$ | 367,000 | $ | 332,135 | ||||
Victoria’s
Secret & Co., 144A, |
367,000 | 309,573 | ||||||
Walgreen
Co., |
157,000 | 128,206 | ||||||
Walgreens
Boots Alliance, Inc. |
900,000 | 858,494 | ||||||
3.20%, 4/15/30 |
313,000 | 270,264 | ||||||
4.50%, 11/18/34 |
170,000 | 150,712 | ||||||
4.80%, 11/18/44 |
501,000 | 417,435 | ||||||
4.65%, 6/1/46 |
190,000 | 159,915 | ||||||
4.10%, 4/15/50 |
440,000 | 320,573 | ||||||
Yum!
Brands, Inc. |
533,000 | 505,636 | ||||||
3.625%, 3/15/31 |
624,000 | 548,748 | ||||||
4.625%, 1/31/32 |
696,000 | 638,935 | ||||||
5.375%, 4/1/32 |
633,000 | 607,813 | ||||||
6.875%, 11/15/37 |
199,000 | 216,098 | ||||||
5.35%, 11/1/43 |
174,000 | 166,801 | ||||||
|
|
|||||||
(Cost $36,419,047) |
37,063,828 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 15.5% |
| |||||||
Agriculture — 0.3% | ||||||||
Darling
Ingredients, Inc. |
386,000 | 378,613 | ||||||
144A, 6.00%, 6/15/30 |
633,000 | 623,786 | ||||||
Turning
Point Brands, Inc., 144A, |
153,000 | 149,964 | ||||||
Vector
Group Ltd., 144A, |
583,000 | 534,099 | ||||||
|
|
|||||||
(Cost $1,663,963) |
1,686,462 | |||||||
|
|
|||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings, Inc., 144A, |
459,000 | 416,428 | ||||||
|
|
|||||||
Commercial Services — 4.6% | ||||||||
ADT
Security Corp. |
616,000 | 556,710 | ||||||
144A, 4.875%, 7/15/32 |
441,000 | 396,900 | ||||||
Adtalem
Global Education, Inc., 144A, |
248,000 | 236,054 | ||||||
Albion
Financing 1 SARL / Aggreko Holdings, Inc., 144A, |
346,000 | 342,159 | ||||||
Albion
Financing 2 SARL, 144A, |
276,000 | 275,977 | ||||||
Allied
Universal Holdco LLC, 144A, |
580,000 | 575,986 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp., 144A, |
466,000 | 464,589 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 |
775,000 | 689,053 |
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 |
$ | 524,000 | $ | 464,185 | ||||
Alta
Equipment Group, Inc., 144A, |
193,000 | 186,637 | ||||||
AMN
Healthcare, Inc. |
306,000 | 287,931 | ||||||
144A, 4.00%, 4/15/29 |
214,000 | 187,785 | ||||||
APi
Group DE, Inc. |
206,000 | 185,400 | ||||||
144A, 4.75%, 10/15/29 |
184,000 | 170,660 | ||||||
APX
Group, Inc. |
367,000 | 367,503 | ||||||
144A, 5.75%, 7/15/29 |
533,000 | 506,846 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
245,000 | 233,448 | ||||||
144A, 5.75%, 7/15/27 |
214,000 | 203,297 | ||||||
144A, 4.75%, 4/1/28 |
306,000 | 277,196 | ||||||
144A, 5.375%, 3/1/29 |
386,000 | 351,422 | ||||||
144A, 8.00%, 2/15/31 |
306,000 | 295,420 | ||||||
Brink’s
Co. |
245,000 | 243,651 | ||||||
144A, 4.625%, 10/15/27 |
377,000 | 356,262 | ||||||
Carriage
Services, Inc., |
245,000 | 213,055 | ||||||
CoreCivic,
Inc., |
363,000 | 370,957 | ||||||
CoreLogic,
Inc., 144A, |
474,000 | 419,789 | ||||||
Garda
World Security Corp. |
399,000 | 381,106 | ||||||
144A, 7.75%, 2/15/28 |
245,000 | 248,813 | ||||||
GEO
Group, Inc., |
170,000 | 173,232 | ||||||
Graham
Holdings Co., 144A, |
245,000 | 242,492 | ||||||
Grand
Canyon University, |
249,000 | 223,988 | ||||||
Herc
Holdings, Inc., 144A, |
759,000 | 742,831 | ||||||
Hertz
Corp. |
306,000 | 270,874 | ||||||
144A, 5.00%, 12/1/29 |
607,000 | 465,028 | ||||||
Korn
Ferry, 144A, |
245,000 | 231,533 | ||||||
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc., 144A, 5.00%, 2/1/26 |
245,000 | 243,541 | ||||||
Matthews
International Corp., 144A, |
184,000 | 180,912 | ||||||
MPH
Acquisition Holdings LLC, 144A, |
685,000 | 597,662 | ||||||
Neptune
Bidco US, Inc., 144A, |
1,651,000 | 1,553,553 | ||||||
NESCO
Holdings II, Inc., 144A, |
573,000 | 534,632 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Port
of Newcastle Investments Financing Pty Ltd., 144A, |
$ | 184,000 | $ | 163,070 | ||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
853,000 | 846,549 | ||||||
144A, 3.375%, 8/31/27 |
666,000 | 609,717 | ||||||
144A, 6.25%, 1/15/28 |
822,000 | 811,054 | ||||||
RR
Donnelley & Sons Co., 144A, |
175,000 | 178,788 | ||||||
Sabre
GLBL, Inc. |
560,000 | 492,893 | ||||||
144A, 11.25%, 12/15/27 |
346,000 | 325,240 | ||||||
Service
Corp. International |
337,000 | 323,292 | ||||||
5.125%, 6/1/29 |
459,000 | 447,892 | ||||||
3.375%, 8/15/30 |
521,000 | 447,289 | ||||||
4.00%, 5/15/31 |
531,000 | 466,570 | ||||||
Sotheby’s,
144A, |
517,000 | 496,591 | ||||||
Sotheby’s/Bidfair
Holdings, Inc., 144A, |
184,000 | 161,567 | ||||||
TriNet
Group, Inc. |
306,000 | 270,945 | ||||||
144A, 7.125%, 8/15/31 |
245,000 | 249,566 | ||||||
United
Rentals North America, Inc. |
336,000 | 333,763 | ||||||
3.875%, 11/15/27 |
459,000 | 432,213 | ||||||
4.875%, 1/15/28 |
1,102,000 | 1,063,755 | ||||||
5.25%, 1/15/30 |
469,000 | 454,107 | ||||||
4.00%, 7/15/30 |
459,000 | 415,523 | ||||||
3.875%, 2/15/31 |
706,000 | 623,927 | ||||||
3.75%, 1/15/32 |
459,000 | 397,193 | ||||||
Upbound
Group, Inc., 144A, |
276,000 | 264,165 | ||||||
Valvoline,
Inc. |
367,000 | 364,679 | ||||||
144A, 3.625%, 6/15/31 |
328,000 | 277,162 | ||||||
VT
Topco, Inc., 144A, |
306,000 | 319,143 | ||||||
Wand
NewCo 3, Inc., 144A, |
784,000 | 805,560 | ||||||
WASH
Multifamily Acquisition, Inc., 144A, |
567,000 | 549,990 | ||||||
Williams
Scotsman, Inc. |
322,000 | 321,391 | ||||||
144A, 4.625%, 8/15/28 |
306,000 | 287,340 | ||||||
144A, 7.375%, 10/1/31 |
356,000 | 369,297 | ||||||
ZipRecruiter,
Inc., 144A, |
337,000 | 296,654 | ||||||
|
|
|||||||
(Cost $28,646,528) |
28,815,954 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Coty,
Inc. |
398,000 | 390,040 | ||||||
144A, 6.50%, 4/15/26 |
198,000 | 197,717 |
Principal |
Value |
|||||||
Cosmetics/Personal Care (Continued) | ||||||||
Coty,
Inc./HFC Prestige Products, Inc./HFC Prestige International US
LLC |
$ | 306,000 | $ | 286,493 | ||||
144A, 6.625%, 7/15/30 |
499,000 | 507,109 | ||||||
Edgewell
Personal Care Co. |
459,000 | 448,103 | ||||||
144A, 4.125%, 4/1/29 |
306,000 | 278,824 | ||||||
|
|
|||||||
(Cost $2,091,195) |
2,108,286 | |||||||
|
|
|||||||
Food — 2.4% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
459,000 | 436,140 | ||||||
144A, 7.50%, 3/15/26 |
367,000 | 373,578 | ||||||
144A, 4.625%, 1/15/27 |
846,000 | 815,579 | ||||||
144A, 5.875%, 2/15/28 |
470,000 | 463,188 | ||||||
144A, 6.50%, 2/15/28 |
500,000 | 503,104 | ||||||
144A, 3.50%, 3/15/29 |
854,000 | 760,878 | ||||||
144A, 4.875%, 2/15/30 |
633,000 | 594,199 | ||||||
B&G
Foods, Inc., 144A, |
337,000 | 350,837 | ||||||
C&S
Group Enterprises LLC, 144A, |
261,000 | 206,771 | ||||||
Chobani LLC / Chobani Finance Corp., Inc., 144A, 4.625%, 11/15/28 |
260,000 | 240,496 | ||||||
Fiesta
Purchaser, Inc., 144A, |
300,000 | 309,349 | ||||||
Ingles
Markets, Inc., 144A, |
214,000 | 185,464 | ||||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 144A, 9.00%, 2/15/29 |
474,000 | 475,391 | ||||||
Lamb
Weston Holdings, Inc. |
306,000 | 296,370 | ||||||
144A, 4.125%, 1/31/30 |
646,000 | 585,324 | ||||||
144A, 4.375%, 1/31/32 |
429,000 | 383,284 | ||||||
Performance
Food Group, Inc. |
168,000 | 168,433 | ||||||
144A, 5.50%, 10/15/27 |
699,000 | 684,553 | ||||||
144A, 4.25%, 8/1/29 |
616,000 | 559,053 | ||||||
Pilgrim’s
Pride Corp. |
601,000 | 537,154 | ||||||
3.50%, 3/1/32 |
545,000 | 455,369 | ||||||
6.25%, 7/1/33 |
633,000 | 639,776 | ||||||
6.875%, 5/15/34 |
316,000 | 332,787 | ||||||
Post
Holdings, Inc. |
595,000 | 584,082 | ||||||
144A, 5.50%, 12/15/29 |
781,000 | 747,276 | ||||||
144A, 4.625%, 4/15/30 |
876,000 | 797,051 | ||||||
144A, 4.50%, 9/15/31 |
648,000 | 576,915 | ||||||
Safeway,
Inc., |
160,000 | 169,765 | ||||||
SEG
Holding LLC / SEG Finance Corp., 144A, |
199,000 | 203,732 | ||||||
Simmons
Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,
144A, |
521,000 | 456,529 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Food (Continued) | ||||||||
US
Foods, Inc. |
$ | 306,000 | $ | 311,355 | ||||
144A, 4.75%, 2/15/29 |
599,000 | 562,323 | ||||||
144A, 4.625%, 6/1/30 |
306,000 | 280,393 | ||||||
144A, 7.25%, 1/15/32 |
306,000 | 315,912 | ||||||
|
|
|||||||
(Cost $15,268,027) |
15,362,410 | |||||||
|
|
|||||||
Healthcare-Products — 1.3% | ||||||||
Avantor
Funding, Inc. |
999,000 | 942,940 | ||||||
144A, 3.875%, 11/1/29 |
490,000 | 439,187 | ||||||
Bausch
+ Lomb Escrow Corp., 144A, |
886,000 | 925,870 | ||||||
Embecta
Corp., 144A, |
306,000 | 243,882 | ||||||
Garden
Spinco Corp., 144A, |
214,000 | 226,862 | ||||||
Hologic,
Inc. |
245,000 | 234,736 | ||||||
144A, 3.25%, 2/15/29 |
632,000 | 563,496 | ||||||
Medline
Borrower LP |
2,846,000 | 2,551,818 | ||||||
144A, 5.25%, 10/1/29 |
1,581,000 | 1,462,403 | ||||||
Teleflex,
Inc. |
306,000 | 292,192 | ||||||
144A, 4.25%, 6/1/28 |
306,000 | 285,678 | ||||||
|
|
|||||||
(Cost $8,165,799) |
8,169,064 | |||||||
|
|
|||||||
Healthcare-Services — 4.6% | ||||||||
Acadia
Healthcare Co., Inc. |
276,000 | 266,807 | ||||||
144A, 5.00%, 4/15/29 |
291,000 | 274,995 | ||||||
Catalent
Pharma Solutions, Inc. |
306,000 | 301,276 | ||||||
144A, 3.125%, 2/15/29 |
337,000 | 325,451 | ||||||
144A, 3.50%, 4/1/30 |
426,000 | 410,315 | ||||||
Charles
River Laboratories International, Inc. |
306,000 | 286,997 | ||||||
144A, 3.75%, 3/15/29 |
306,000 | 276,051 | ||||||
144A, 4.00%, 3/15/31 |
328,000 | 289,299 | ||||||
CHS/Community
Health Systems, Inc. |
700,000 | 693,042 | ||||||
144A, 5.625%, 3/15/27 |
1,191,000 | 1,089,677 | ||||||
144A, 8.00%, 12/15/27 |
429,000 | 410,274 | ||||||
144A, 6.00%, 1/15/29 |
436,000 | 374,960 | ||||||
144A, 5.25%, 5/15/30 |
971,000 | 774,691 | ||||||
144A, 4.75%, 2/15/31 |
648,000 | 493,102 | ||||||
144A, 10.875%, 1/15/32 |
592,000 | 602,834 | ||||||
DaVita,
Inc. |
1,739,000 | 1,529,706 | ||||||
144A, 3.75%, 2/15/31 |
949,000 | 778,728 | ||||||
Encompass
Health Corp. |
214,000 | 213,242 | ||||||
4.50%, 2/1/28 |
533,000 | 504,359 | ||||||
4.75%, 2/1/30 |
483,000 | 448,069 | ||||||
4.625%, 4/1/31 |
245,000 | 221,765 |
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
Fortrea
Holdings, Inc., 144A, |
$ | 349,000 | $ | 356,852 | ||||
HealthEquity,
Inc., 144A, |
367,000 | 337,315 | ||||||
Heartland Dental LLC / Heartland Dental Finance Corp., 144A, 10.50%, 4/30/28 |
429,000 | 450,450 | ||||||
IQVIA,
Inc. |
643,000 | 628,495 | ||||||
144A, 5.00%, 5/15/27 |
674,000 | 656,165 | ||||||
144A, 6.50%, 5/15/30 |
313,000 | 317,338 | ||||||
Kedrion
SpA, 144A, |
527,000 | 472,224 | ||||||
Legacy
LifePoint Health LLC, 144A, |
367,000 | 340,435 | ||||||
LifePoint
Health, Inc. |
533,000 | 552,981 | ||||||
144A, 11.00%, 10/15/30 |
696,000 | 736,231 | ||||||
ModivCare
Escrow Issuer, Inc., 144A, |
306,000 | 225,675 | ||||||
ModivCare,
Inc., 144A, |
306,000 | 298,780 | ||||||
Molina
Healthcare, Inc. |
490,000 | 456,416 | ||||||
144A, 3.875%, 11/15/30 |
398,000 | 349,136 | ||||||
144A, 3.875%, 5/15/32 |
518,000 | 445,554 | ||||||
Pediatrix
Medical Group, Inc., 144A, |
245,000 | 220,200 | ||||||
Prime
Healthcare Services, Inc., 144A, |
582,000 | 580,545 | ||||||
Select
Medical Corp., 144A, |
750,000 | 748,109 | ||||||
Star
Parent, Inc., 144A, |
633,000 | 668,049 | ||||||
Tenet
Healthcare Corp. |
916,000 | 915,053 | ||||||
6.25%, 2/1/27 |
819,000 | 817,056 | ||||||
5.125%, 11/1/27 |
919,000 | 899,578 | ||||||
4.625%, 6/15/28 |
368,000 | 350,251 | ||||||
6.125%, 10/1/28 |
1,581,000 | 1,563,214 | ||||||
4.25%, 6/1/29 |
886,000 | 814,843 | ||||||
4.375%, 1/15/30 |
917,000 | 839,875 | ||||||
6.125%, 6/15/30 |
1,265,000 | 1,252,805 | ||||||
144A, 6.75%, 5/15/31 |
833,000 | 840,289 | ||||||
6.875%, 11/15/31 |
227,000 | 232,391 | ||||||
Toledo
Hospital Series B, |
260,000 | 242,775 | ||||||
4.982%, 11/15/45 |
171,000 | 117,722 | ||||||
6.015%, 11/15/48 |
245,000 | 197,837 | ||||||
US
Acute Care Solutions LLC, 144A, |
455,000 | 411,807 | ||||||
|
|
|||||||
(Cost $28,426,946) |
28,902,086 | |||||||
|
|
|||||||
Household Products/Wares — 0.3% | ||||||||
ACCO
Brands Corp., 144A, |
352,000 | 312,058 | ||||||
Central
Garden & Pet Co. |
184,000 | 177,335 | ||||||
4.125%, 10/15/30 |
306,000 | 271,841 | ||||||
144A, 4.125%, 4/30/31 |
245,000 | 214,367 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Household Products/Wares (Continued) | ||||||||
Kronos
Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, |
$ | 291,000 | $ | 279,724 | ||||
Spectrum
Brands, Inc. |
183,000 | 177,510 | ||||||
144A, 3.875%, 3/15/31 |
262,000 | 248,838 | ||||||
|
|
|||||||
(Cost $1,643,178) |
1,681,673 | |||||||
|
|
|||||||
Pharmaceuticals — 1.6% | ||||||||
180
Medical, Inc., 144A, |
306,000 | 273,870 | ||||||
AdaptHealth
LLC |
219,000 | 200,245 | ||||||
144A, 4.625%, 8/1/29 |
306,000 | 254,745 | ||||||
144A, 5.125%, 3/1/30 |
367,000 | 306,904 | ||||||
Bausch
Health Cos., Inc., 144A, |
1,063,000 | 989,238 | ||||||
BellRing
Brands, Inc., 144A, |
559,000 | 570,415 | ||||||
Cheplapharm
Arzneimittel GmbH, 144A, |
306,000 | 287,640 | ||||||
Elanco
Animal Health, Inc., |
447,000 | 450,332 | ||||||
Grifols
SA, 144A, |
432,000 | 359,770 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25 |
367,000 | 355,990 | ||||||
HLF
Financing Sarl LLC / Herbalife International, Inc., 144A, |
390,000 | 278,951 | ||||||
Jazz
Securities DAC, 144A, |
949,000 | 874,298 | ||||||
Mallinckrodt
International Finance SA / Mallinckrodt CB LLC, 144A, |
492,000 | 533,900 | ||||||
Option
Care Health, Inc., 144A, |
306,000 | 279,439 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV |
1,328,000 | 1,214,935 | ||||||
144A, 5.125%, 4/30/31 |
1,255,000 | 1,075,685 | ||||||
Owens &
Minor, Inc. |
293,000 | 261,785 | ||||||
144A, 6.625%, 4/1/30 |
338,000 | 326,604 | ||||||
Perrigo
Finance Unlimited Co. |
429,000 | 414,060 | ||||||
4.65%, 6/15/30 |
459,000 | 410,854 | ||||||
4.90%, 12/15/44 |
206,000 | 160,805 | ||||||
Prestige
Brands, Inc. |
251,000 | 242,607 | ||||||
144A, 3.75%, 4/1/31 |
367,000 | 317,055 | ||||||
|
|
|||||||
(Cost $10,343,157) |
10,440,127 | |||||||
|
|
Principal |
Value |
|||||||
Diversified — 0.1% |
| |||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler
International AG, 144A, |
$ | 306,000 | $ | 328,567 | ||||
Stena
International SA |
480,000 | 477,257 | ||||||
144A, 7.625%, 2/15/31 |
160,000 | 160,883 | ||||||
|
|
|||||||
(Cost $957,336) |
966,707 | |||||||
|
|
|||||||
Energy — 14.4% |
| |||||||
Coal — 0.1% | ||||||||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 144A, 7.50%, 5/1/25 |
224,000 | 224,499 | ||||||
SunCoke
Energy, Inc., 144A, |
306,000 | 274,635 | ||||||
|
|
|||||||
(Cost $491,129) |
499,134 | |||||||
|
|
|||||||
Energy-Alternate Sources — 0.2% | ||||||||
Sunnova
Energy Corp., 144A, |
254,000 | 206,464 | ||||||
TerraForm
Power Operating LLC |
429,000 | 405,370 | ||||||
144A, 4.75%, 1/15/30 |
459,000 | 414,977 | ||||||
Topaz
Solar Farms LLC, 144A, |
331,000 | 328,567 | ||||||
|
|
|||||||
(Cost $1,354,387) |
1,355,378 | |||||||
|
|
|||||||
Oil & Gas — 7.0% | ||||||||
Aethon
United BR LP / Aethon United Finance Corp., 144A, |
500,000 | 502,069 | ||||||
Antero
Resources Corp. |
249,000 | 256,454 | ||||||
144A, 5.375%, 3/1/30 |
367,000 | 349,752 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
366,000 | 365,752 | ||||||
144A, 9.00%, 11/1/27 |
213,000 | 269,725 | ||||||
144A, 8.25%, 12/31/28 |
314,000 | 318,828 | ||||||
144A, 5.875%, 6/30/29 |
245,000 | 227,780 | ||||||
Baytex
Energy Corp. |
251,000 | 260,375 | ||||||
144A, 8.50%, 4/30/30 |
533,000 | 554,218 | ||||||
Berry
Petroleum Co. LLC, 144A, |
245,000 | 240,018 | ||||||
Borr
IHC Ltd / Borr Finance LLC |
668,000 | 688,875 | ||||||
144A, 10.375%, 11/15/30 |
315,000 | 325,941 | ||||||
California
Resources Corp., 144A, |
336,000 | 337,771 | ||||||
Callon
Petroleum Co. |
196,000 | 196,329 | ||||||
144A, 8.00%, 8/1/28 |
398,000 | 415,718 | ||||||
144A, 7.50%, 6/15/30 |
367,000 | 386,630 | ||||||
Chesapeake
Energy Corp. |
316,000 | 313,234 | ||||||
144A, 5.875%, 2/1/29 |
306,000 | 302,695 | ||||||
144A, 6.75%, 4/15/29 |
632,000 | 634,363 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Chord
Energy Corp., 144A, |
$ | 245,000 | $ | 245,306 | ||||
CITGO
Petroleum Corp. |
739,000 | 737,257 | ||||||
144A, 6.375%, 6/15/26 |
398,000 | 400,481 | ||||||
144A, 8.375%, 1/15/29 |
696,000 | 730,918 | ||||||
Civitas
Resources, Inc. |
245,000 | 237,392 | ||||||
144A, 8.375%, 7/1/28 |
854,000 | 893,646 | ||||||
144A, 8.625%, 11/1/30 |
633,000 | 677,361 | ||||||
144A, 8.75%, 7/1/31 |
854,000 | 908,204 | ||||||
CNX
Resources Corp. |
316,000 | 303,721 | ||||||
144A, 7.375%, 1/15/31 |
328,000 | 330,668 | ||||||
144A, 7.25%, 3/1/32 |
251,000 | 250,128 | ||||||
Comstock
Resources, Inc. |
773,000 | 713,045 | ||||||
144A, 5.875%, 1/15/30 |
623,000 | 544,758 | ||||||
Crescent
Energy Finance LLC |
429,000 | 427,434 | ||||||
144A, 9.25%, 2/15/28 |
632,000 | 661,383 | ||||||
CrownRock
LP / CrownRock Finance, Inc. |
592,000 | 589,070 | ||||||
144A, 5.00%, 5/1/29 |
230,000 | 226,263 | ||||||
CVR
Energy, Inc. |
245,000 | 227,411 | ||||||
144A, 8.50%, 1/15/29 |
380,000 | 382,375 | ||||||
Diamond
Foreign Asset Co. / Diamond Finance LLC, 144A, |
337,000 | 345,095 | ||||||
Encino
Acquisition Partners Holdings LLC, 144A, |
429,000 | 428,311 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28 |
603,000 | 607,884 | ||||||
Energean
PLC, 144A, |
276,000 | 251,022 | ||||||
EnQuest
PLC, 144A, |
187,000 | 182,621 | ||||||
Greenfire
Resources Ltd., 144A, |
210,000 | 220,038 | ||||||
Gulfport
Energy Corp., 144A, |
271,000 | 275,787 | ||||||
Harbour
Energy PLC, 144A, |
306,000 | 298,243 | ||||||
Hilcorp
Energy I LP / Hilcorp Finance Co. |
367,000 | 364,313 | ||||||
144A, 5.75%, 2/1/29 |
367,000 | 354,918 | ||||||
144A, 6.00%, 4/15/30 |
306,000 | 297,077 | ||||||
144A, 6.00%, 2/1/31 |
394,000 | 379,944 | ||||||
144A, 6.25%, 4/15/32 |
306,000 | 296,055 | ||||||
144A, 8.375%, 11/1/33 |
376,000 | 403,918 | ||||||
Ithaca
Energy North Sea PLC, 144A, |
383,000 | 385,796 | ||||||
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144A, 6.00%, 8/1/26 |
245,000 | 240,170 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Matador
Resources Co. |
$ | 428,000 | $ | 423,822 | ||||
144A, 6.875%, 4/15/28 |
306,000 | 310,725 | ||||||
MEG
Energy Corp., 144A, |
367,000 | 357,810 | ||||||
Moss
Creek Resources Holdings, Inc. |
416,000 | 413,585 | ||||||
144A, 10.50%, 5/15/27 |
316,000 | 323,816 | ||||||
Murphy
Oil Corp. |
271,000 | 269,101 | ||||||
6.375%, 7/15/28 |
228,000 | 228,311 | ||||||
5.875%, 12/1/42 |
230,000 | 202,572 | ||||||
Nabors
Industries, Inc. |
429,000 | 427,421 | ||||||
144A, 9.125%, 1/31/30 |
433,000 | 443,825 | ||||||
Noble
Finance II LLC, 144A, |
367,000 | 377,329 | ||||||
Northern
Oil & Gas, Inc. |
432,000 | 437,456 | ||||||
144A, 8.75%, 6/15/31 |
306,000 | 319,770 | ||||||
Parkland
Corp. |
306,000 | 300,303 | ||||||
144A, 4.50%, 10/1/29 |
490,000 | 447,738 | ||||||
144A, 4.625%, 5/1/30 |
502,000 | 458,557 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
550,000 | 534,875 | ||||||
144A, 7.875%, 9/15/30 |
306,000 | 313,552 | ||||||
Permian
Resources Operating LLC |
177,000 | 174,114 | ||||||
144A, 7.75%, 2/15/26 |
184,000 | 186,199 | ||||||
144A, 6.875%, 4/1/27 |
218,000 | 217,401 | ||||||
144A, 8.00%, 4/15/27 |
337,000 | 347,535 | ||||||
144A, 5.875%, 7/1/29 |
429,000 | 419,201 | ||||||
144A, 9.875%, 7/15/31 |
306,000 | 338,895 | ||||||
144A, 7.00%, 1/15/32 |
666,000 | 683,834 | ||||||
Precision
Drilling Corp. |
167,000 | 166,785 | ||||||
144A, 6.875%, 1/15/29 |
245,000 | 242,002 | ||||||
Range
Resources Corp. |
422,000 | 416,167 | ||||||
8.25%, 1/15/29 |
367,000 | 382,879 | ||||||
144A, 4.75%, 2/15/30 |
316,000 | 293,566 | ||||||
Rockcliff
Energy II LLC, 144A, |
429,000 | 395,087 | ||||||
Seadrill
Finance Ltd., 144A, |
352,000 | 361,739 | ||||||
Sitio
Royalties Operating Partnership LP / Sitio Finance Corp., 144A, |
367,000 | 375,111 | ||||||
SM
Energy Co. |
214,000 | 212,395 | ||||||
6.75%, 9/15/26 |
257,000 | 255,564 | ||||||
6.625%, 1/15/27 |
255,000 | 253,970 | ||||||
6.50%, 7/15/28 |
245,000 | 245,306 | ||||||
Southwestern
Energy Co. |
186,000 | 193,441 | ||||||
5.375%, 2/1/29 |
426,000 | 411,690 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
5.375%, 3/15/30 |
$ | 779,000 | $ | 744,553 | ||||
4.75%, 2/1/32 |
727,000 | 660,360 | ||||||
Strathcona
Resources Ltd/Alberta, 144A, |
306,000 | 304,088 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
367,000 | 365,648 | ||||||
5.875%, 3/15/28 |
264,000 | 261,164 | ||||||
144A, 7.00%, 9/15/28 |
336,000 | 344,128 | ||||||
4.50%, 5/15/29 |
490,000 | 452,636 | ||||||
4.50%, 4/30/30 |
501,000 | 455,851 | ||||||
Talos
Production, Inc. |
426,000 | 435,399 | ||||||
144A, 9.375%, 2/1/31 |
378,000 | 390,442 | ||||||
Teine
Energy Ltd., 144A, |
245,000 | 232,510 | ||||||
Transocean
Aquila Ltd., 144A, |
199,000 | 202,731 | ||||||
Transocean
Poseidon Ltd., 144A, |
294,975 | 293,974 | ||||||
Transocean
Titan Financing Ltd., 144A, |
322,000 | 330,453 | ||||||
Transocean,
Inc., 144A, |
727,200 | 746,706 | ||||||
Valaris
Ltd., 144A, |
696,000 | 713,670 | ||||||
Vermilion
Energy, Inc. |
184,000 | 183,152 | ||||||
144A, 6.875%, 5/1/30 |
245,000 | 236,119 | ||||||
Viper
Energy, Inc. |
264,000 | 256,105 | ||||||
144A, 7.375%, 11/1/31 |
245,000 | 252,267 | ||||||
Vital
Energy, Inc. |
429,000 | 449,002 | ||||||
144A, 7.75%, 7/31/29 |
183,000 | 182,022 | ||||||
9.75%, 10/15/30 |
342,000 | 366,323 | ||||||
W&T
Offshore, Inc., 144A, |
168,000 | 172,820 | ||||||
|
|
|||||||
(Cost $43,315,048) |
43,960,112 | |||||||
|
|
|||||||
Oil & Gas Services — 0.8% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
306,000 | 304,460 | ||||||
144A, 6.25%, 4/1/28 |
533,000 | 519,712 | ||||||
Bristow
Group, Inc., 144A, |
245,000 | 239,855 | ||||||
CGG
SA, 144A, |
306,000 | 272,946 | ||||||
CSI
Compressco LP / CSI Compressco Finance, Inc., 144A, |
214,000 | 214,214 | ||||||
Enerflex
Ltd., 144A, |
383,000 | 385,554 | ||||||
Helix Energy Solutions Group, Inc., 144A, 9.75%, 3/1/29 |
188,000 | 198,677 | ||||||
Kodiak
Gas Services LLC, 144A, |
400,000 | 407,230 |
Principal |
Value |
|||||||
Oil & Gas Services (Continued) | ||||||||
Oceaneering
International, Inc., |
$ | 184,000 | $ | 180,934 | ||||
USA
Compression Partners LP / USA Compression Finance Corp. |
444,000 | 443,395 | ||||||
6.875%, 9/1/27 |
500,000 | 497,431 | ||||||
Weatherford International Ltd., 144A, 8.625%, 4/30/30 |
1,012,000 | 1,049,191 | ||||||
Welltec
International ApS, 144A, |
179,000 | 181,835 | ||||||
|
|
|||||||
(Cost $4,841,886) |
4,895,434 | |||||||
|
|
|||||||
Pipelines — 6.3% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
448,000 | 457,612 | ||||||
144A, 5.75%, 3/1/27 |
398,000 | 389,418 | ||||||
144A, 5.75%, 1/15/28 |
398,000 | 390,173 | ||||||
144A, 5.375%, 6/15/29 |
459,000 | 436,558 | ||||||
144A, 6.625%, 2/1/32 |
380,000 | 378,446 | ||||||
Blue
Racer Midstream LLC / Blue Racer Finance Corp. |
367,000 | 370,217 | ||||||
144A, 6.625%, 7/15/26 |
184,000 | 182,613 | ||||||
Buckeye
Partners LP |
306,000 | 299,236 | ||||||
3.95%, 12/1/26 |
367,000 | 347,072 | ||||||
4.125%, 12/1/27 |
245,000 | 228,022 | ||||||
144A, 4.50%, 3/1/28 |
313,000 | 290,999 | ||||||
5.85%, 11/15/43 |
245,000 | 201,843 | ||||||
5.60%, 10/15/44 |
184,000 | 143,060 | ||||||
Cheniere
Energy Partners LP, |
878,000 | 883,766 | ||||||
CNX
Midstream Partners LP, 144A, |
245,000 | 214,339 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31 |
886,000 | 825,442 | ||||||
Delek
Logistics Partners LP / Delek Logistics Finance Corp., 144A, |
245,000 | 234,588 | ||||||
DT
Midstream, Inc. |
716,000 | 654,242 | ||||||
144A, 4.375%, 6/15/31 |
584,000 | 525,767 | ||||||
Energy
Transfer LP, |
502,000 | 521,578 | ||||||
EnLink
Midstream LLC |
306,000 | 301,505 | ||||||
5.375%, 6/1/29 |
305,000 | 295,593 | ||||||
144A, 6.50%, 9/1/30 |
627,000 | 642,716 | ||||||
EnLink
Midstream Partners LP |
258,000 | 251,530 | ||||||
4.85%, 7/15/26 |
301,000 | 293,479 | ||||||
5.60%, 4/1/44 |
214,000 | 193,948 | ||||||
5.05%, 4/1/45 |
276,000 | 234,746 | ||||||
5.45%, 6/1/47 |
319,000 | 280,720 | ||||||
EQM
Midstream Partners LP |
245,000 | 244,664 | ||||||
4.125%, 12/1/26 |
306,000 | 293,334 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
144A, 7.50%, 6/1/27 |
$ | 300,000 | $ | 306,931 | ||||
144A, 6.50%, 7/1/27 |
599,000 | 604,991 | ||||||
5.50%, 7/15/28 |
567,000 | 556,093 | ||||||
144A, 4.50%, 1/15/29 |
533,000 | 499,645 | ||||||
144A, 6.375%, 4/1/29 |
200,000 | 200,574 | ||||||
144A, 7.50%, 6/1/30 |
316,000 | 335,863 | ||||||
144A, 4.75%, 1/15/31 |
696,000 | 647,220 | ||||||
6.50%, 7/15/48 |
358,000 | 363,383 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
229,000 | 226,936 | ||||||
8.00%, 1/15/27 |
641,000 | 645,435 | ||||||
7.75%, 2/1/28 |
416,000 | 416,003 | ||||||
8.25%, 1/15/29 |
380,000 | 386,338 | ||||||
8.875%, 4/15/30 |
306,000 | 317,260 | ||||||
Global
Partners LP / GLP Finance Corp. |
245,000 | 245,078 | ||||||
6.875%, 1/15/29 |
214,000 | 210,921 | ||||||
144A, 8.25%, 1/15/32 |
285,000 | 292,325 | ||||||
Harvest
Midstream I LP, 144A, |
533,000 | 537,306 | ||||||
Hess
Midstream Operations LP |
529,000 | 521,515 | ||||||
144A, 5.125%, 6/15/28 |
337,000 | 323,769 | ||||||
144A, 4.25%, 2/15/30 |
459,000 | 417,961 | ||||||
144A, 5.50%, 10/15/30 |
245,000 | 235,446 | ||||||
Howard
Midstream Energy Partners LLC |
245,000 | 244,068 | ||||||
144A, 8.875%, 7/15/28 |
337,000 | 355,114 | ||||||
ITT
Holdings LLC, 144A, |
772,000 | 685,211 | ||||||
Kinetik
Holdings LP |
506,000 | 512,226 | ||||||
144A, 5.875%, 6/15/30 |
653,000 | 636,292 | ||||||
Martin
Midstream Partners LP / Martin Midstream Finance Corp., 144A, |
245,000 | 257,250 | ||||||
New
Fortress Energy, Inc. |
811,000 | 806,815 | ||||||
144A, 6.50%, 9/30/26 |
949,000 | 916,296 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp. |
564,000 | 569,317 | ||||||
144A, 8.375%, 2/15/32 |
813,000 | 825,831 | ||||||
Northriver
Midstream Finance LP, 144A, |
322,000 | 315,668 | ||||||
NuStar
Logistics LP |
367,000 | 363,672 | ||||||
6.00%, 6/1/26 |
306,000 | 302,496 | ||||||
5.625%, 4/28/27 |
337,000 | 333,532 | ||||||
6.375%, 10/1/30 |
424,000 | 425,200 | ||||||
Prairie
Acquiror LP, 144A, |
280,000 | 282,131 | ||||||
Rockies
Express Pipeline LLC |
245,000 | 237,545 | ||||||
144A, 4.95%, 7/15/29 |
345,000 | 322,621 | ||||||
144A, 4.80%, 5/15/30 |
214,000 | 198,218 | ||||||
144A, 7.50%, 7/15/38 |
153,000 | 155,302 | ||||||
144A, 6.875%, 4/15/40 |
306,000 | 301,314 |
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26 |
$ | 523,000 | $ | 517,415 | ||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
263,000 | 259,581 | ||||||
144A, 5.50%, 1/15/28 |
573,000 | 544,350 | ||||||
144A, 7.375%, 2/15/29 |
450,000 | 448,992 | ||||||
144A, 6.00%, 12/31/30 |
444,000 | 412,887 | ||||||
144A, 6.00%, 9/1/31 |
286,000 | 261,986 | ||||||
Venture
Global Calcasieu Pass LLC |
791,000 | 709,929 | ||||||
144A, 6.25%, 1/15/30 |
633,000 | 631,998 | ||||||
144A, 4.125%, 8/15/31 |
791,000 | 694,229 | ||||||
144A, 3.875%, 11/1/33 |
791,000 | 663,423 | ||||||
Venture
Global LNG, Inc. |
1,423,000 | 1,445,635 | ||||||
144A, 9.50%, 2/1/29 |
1,888,000 | 2,013,011 | ||||||
144A, 8.375%, 6/1/31 |
1,423,000 | 1,439,309 | ||||||
144A, 9.875%, 2/1/32 |
1,224,000 | 1,288,726 | ||||||
|
|
|||||||
(Cost $39,135,259) |
39,675,809 | |||||||
|
|
|||||||
Financial — 4.6% |
| |||||||
Real Estate — 0.7% | ||||||||
Anywhere
Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, |
392,000 | 355,230 | ||||||
Cushman &
Wakefield US Borrower LLC |
398,000 | 392,058 | ||||||
144A, 8.875%, 9/1/31 |
245,000 | 255,106 | ||||||
Five
Point Operating Co. LP / Five Point Capital Corp., 144A, |
321,561 | 328,844 | ||||||
Greystar
Real Estate Partners LLC, 144A, |
245,000 | 254,174 | ||||||
Howard
Hughes Corp. |
478,000 | 450,807 | ||||||
144A, 4.125%, 2/1/29 |
418,000 | 371,054 | ||||||
144A, 4.375%, 2/1/31 |
415,000 | 353,536 | ||||||
Hunt
Cos., Inc., 144A, |
389,000 | 355,905 | ||||||
Kennedy-Wilson,
Inc. |
367,000 | 297,270 | ||||||
4.75%, 2/1/30 |
367,000 | 290,389 | ||||||
5.00%, 3/1/31 |
422,000 | 328,105 | ||||||
Newmark
Group, Inc., 144A, |
380,000 | 386,391 | ||||||
|
|
|||||||
(Cost $4,357,750) |
4,418,869 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 3.7% | ||||||||
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29 |
306,000 | 253,117 | ||||||
Blackstone
Mortgage Trust, Inc., 144A, |
224,000 | 196,135 | ||||||
Brandywine
Operating Partnership LP |
276,000 | 242,561 | ||||||
7.80%, 3/15/28 |
214,000 | 211,983 | ||||||
4.55%, 10/1/29 |
244,000 | 203,556 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
$ | 593,000 | $ | 571,942 | ||||
144A, 4.50%, 4/1/27 |
446,000 | 392,077 | ||||||
CTR Partnership LP / CareTrust Capital Corp., 144A, 3.875%, 6/30/28 |
245,000 | 221,575 | ||||||
Global
Net Lease, Inc. / Global Net Lease Operating Partnership LP,
144A, |
306,000 | 258,568 | ||||||
Hudson
Pacific Properties LP |
252,000 | 217,602 | ||||||
5.95%, 2/15/28 |
222,000 | 199,226 | ||||||
4.65%, 4/1/29 |
317,000 | 264,013 | ||||||
3.25%, 1/15/30 |
254,000 | 190,690 | ||||||
Iron Mountain Information Management Services, Inc., 144A, 5.00%, 7/15/32 |
467,000 | 417,514 | ||||||
Iron
Mountain, Inc. 144A, |
612,000 | 586,965 | ||||||
144A, 5.25%, 3/15/28 |
517,000 | 498,282 | ||||||
144A, 5.00%, 7/15/28 |
306,000 | 289,702 | ||||||
144A, 7.00%, 2/15/29 |
612,000 | 621,229 | ||||||
144A, 4.875%, 9/15/29 |
633,000 | 588,660 | ||||||
144A, 5.25%, 7/15/30 |
815,000 | 762,661 | ||||||
144A, 4.50%, 2/15/31 |
696,000 | 615,915 | ||||||
144A, 5.625%, 7/15/32 |
367,000 | 341,091 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
201,000 | 198,008 | ||||||
144A, 4.25%, 2/1/27 |
375,000 | 345,063 | ||||||
144A, 4.75%, 6/15/29 |
390,000 | 350,003 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
306,000 | 272,469 | ||||||
5.00%, 10/15/27 |
872,000 | 713,351 | ||||||
4.625%, 8/1/29 |
551,000 | 410,429 | ||||||
3.50%, 3/15/31 |
837,000 | 560,538 | ||||||
Necessity
Retail REIT Inc/The / American Finance Operating Partner LP,
144A, |
306,000 | 257,649 | ||||||
Office
Properties Income Trust, 144A, |
188,000 | 175,310 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer |
398,000 | 399,278 | ||||||
144A, 5.875%, 10/1/28 |
444,000 | 431,581 | ||||||
144A, 4.875%, 5/15/29 |
459,000 | 421,706 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
458,000 | 437,390 | ||||||
144A, 7.25%, 7/15/28 |
245,000 | 250,923 | ||||||
144A, 4.50%, 2/15/29 |
367,000 | 341,137 | ||||||
Rithm
Capital Corp., 144A, |
337,000 | 332,646 | ||||||
RLJ
Lodging Trust LP |
306,000 | 288,481 | ||||||
144A, 4.00%, 9/15/29 |
356,000 | 310,738 |
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
SBA
Communications Corp. |
$ | 946,000 | $ | 892,634 | ||||
3.125%, 2/1/29 |
949,000 | 839,860 | ||||||
Service
Properties Trust |
214,000 | 209,080 | ||||||
7.50%, 9/15/25 |
490,000 | 496,428 | ||||||
5.25%, 2/15/26 |
214,000 | 207,832 | ||||||
4.75%, 10/1/26 |
276,000 | 255,322 | ||||||
4.95%, 2/15/27 |
245,000 | 224,949 | ||||||
5.50%, 12/15/27 |
276,000 | 259,825 | ||||||
3.95%, 1/15/28 |
245,000 | 207,225 | ||||||
4.95%, 10/1/29 |
260,000 | 213,927 | ||||||
4.375%, 2/15/30 |
245,000 | 188,855 | ||||||
144A, 8.625%, 11/15/31 |
706,000 | 745,615 | ||||||
Starwood
Property Trust, Inc. |
306,000 | 301,936 | ||||||
144A, 3.625%, 7/15/26 |
245,000 | 228,462 | ||||||
144A, 4.375%, 1/15/27 |
306,000 | 286,875 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
1,645,000 | 1,702,736 | ||||||
144A, 4.75%, 4/15/28 |
349,000 | 303,287 | ||||||
Vornado
Realty LP |
135,000 | 131,140 | ||||||
2.15%, 6/1/26 |
253,000 | 227,038 | ||||||
3.40%, 6/1/31 |
215,000 | 166,879 | ||||||
XHR
LP |
285,000 | 285,342 | ||||||
144A, 4.875%, 6/1/29 |
306,000 | 282,593 | ||||||
|
|
|||||||
(Cost $23,053,212) |
23,299,604 | |||||||
|
|
|||||||
Venture Capital — 0.2% | ||||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
245,000 | 242,510 | ||||||
144A, 3.375%, 6/15/26 |
666,000 | 622,766 | ||||||
144A, 8.00%, 6/15/27 |
378,000 | 392,483 | ||||||
144A, 3.75%, 9/15/30 |
290,000 | 238,589 | ||||||
|
|
|||||||
(Cost $1,492,224) |
1,496,348 | |||||||
|
|
|||||||
Industrial — 11.8% |
| |||||||
Aerospace/Defense — 2.6% | ||||||||
AAR
Escrow Issuer LLC, 144A, |
300,000 | 302,836 | ||||||
Bombardier,
Inc. |
612,000 | 617,125 | ||||||
144A, 7.875%, 4/15/27 |
1,092,000 | 1,093,393 | ||||||
144A, 6.00%, 2/15/28 |
459,000 | 445,586 | ||||||
144A, 7.50%, 2/1/29 |
499,000 | 506,133 | ||||||
144A, 8.75%, 11/15/30 |
459,000 | 480,807 | ||||||
144A, 7.45%, 5/1/34 |
323,000 | 357,293 | ||||||
Moog,
Inc., 144A, |
306,000 | 286,371 | ||||||
Rolls-Royce
PLC 144A, |
633,000 | 609,497 | ||||||
144A, 5.75%, 10/15/27 |
684,000 | 680,645 | ||||||
Spirit
AeroSystems, Inc. |
184,000 | 174,890 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
144A, 9.375%, 11/30/29 |
$ | 599,000 | $ | 647,731 | ||||
144A, 9.75%, 11/15/30 |
759,000 | 813,160 | ||||||
TransDigm,
Inc. |
1,723,000 | 1,663,675 | ||||||
144A, 6.75%, 8/15/28 |
1,286,000 | 1,301,375 | ||||||
4.625%, 1/15/29 |
785,000 | 719,853 | ||||||
144A, 6.375%, 3/1/29 |
1,350,000 | 1,356,102 | ||||||
4.875%, 5/1/29 |
459,000 | 421,606 | ||||||
144A, 6.875%, 12/15/30 |
898,000 | 908,695 | ||||||
144A, 7.125%, 12/1/31 |
652,000 | 668,835 | ||||||
144A, 6.625%, 3/1/32 |
1,400,000 | 1,408,747 | ||||||
Triumph
Group, Inc., 144A, |
759,000 | 793,408 | ||||||
|
|
|||||||
(Cost $16,213,348) |
16,257,763 | |||||||
|
|
|||||||
Building Materials — 2.0% | ||||||||
AmeriTex
HoldCo Intermediate LLC, 144A, |
325,000 | 340,438 | ||||||
Boise
Cascade Co., 144A, |
245,000 | 226,069 | ||||||
Builders
FirstSource, Inc. |
337,000 | 318,221 | ||||||
144A, 4.25%, 2/1/32 |
815,000 | 716,079 | ||||||
144A, 6.375%, 6/15/32 |
429,000 | 428,932 | ||||||
Camelot
Return Merger Sub, Inc., 144A, |
473,000 | 485,416 | ||||||
Eco
Material Technologies, Inc., 144A, |
408,000 | 407,088 | ||||||
Emerald
Debt Merger Sub LLC, 144A, |
1,740,000 | 1,746,090 | ||||||
Griffon
Corp., |
618,000 | 597,915 | ||||||
James
Hardie International Finance DAC, 144A, |
245,000 | 236,263 | ||||||
JELD-WEN, Inc., 144A, |
245,000 | 233,056 | ||||||
Knife
River Corp., 144A, |
260,000 | 269,264 | ||||||
Louisiana-Pacific
Corp., 144A, |
214,000 | 191,982 | ||||||
Masonite
International Corp. |
306,000 | 304,853 | ||||||
144A, 3.50%, 2/15/30 |
230,000 | 203,000 | ||||||
MIWD Holdco II LLC / MIWD Finance Corp., 144A, 5.50%, 2/1/30 |
306,000 | 279,208 | ||||||
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28 |
358,000 | 341,135 | ||||||
PGT
Innovations, Inc., 144A, |
352,000 | 354,364 | ||||||
Smyrna
Ready Mix Concrete LLC |
696,000 | 675,008 | ||||||
144A, 8.875%, 11/15/31 |
696,000 | 737,610 | ||||||
Standard
Industries, Inc. |
533,000 | 513,170 | ||||||
144A, 4.75%, 1/15/28 |
612,000 | 577,384 | ||||||
144A, 4.375%, 7/15/30 |
1,012,000 | 902,284 | ||||||
144A, 3.375%, 1/15/31 |
690,000 | 571,732 |
Principal |
Value |
|||||||
Building Materials (Continued) | ||||||||
Summit
Materials LLC / Summit Materials Finance Corp. |
$ | 184,000 | $ | 184,000 | ||||
144A, 5.25%, 1/15/29 |
429,000 | 415,281 | ||||||
144A, 7.25%, 1/15/31 |
506,000 | 525,078 | ||||||
|
|
|||||||
(Cost $12,616,267) |
12,780,920 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer
Holdings, Inc. |
184,000 | 182,456 | ||||||
144A, 4.75%, 6/15/28 |
358,000 | 327,337 | ||||||
144A, 4.375%, 3/31/29 |
485,000 | 429,700 | ||||||
EnerSys |
184,000 | 173,190 | ||||||
144A, 6.625%, 1/15/32 |
200,000 | 200,827 | ||||||
WESCO
Distribution, Inc. |
969,000 | 974,790 | ||||||
144A, 7.25%, 6/15/28 |
851,000 | 869,668 | ||||||
|
|
|||||||
(Cost $3,145,290) |
3,157,968 | |||||||
|
|
|||||||
Electronics — 0.7% | ||||||||
Atkore,
Inc., 144A, |
251,000 | 220,493 | ||||||
Coherent
Corp., 144A, |
560,000 | 522,200 | ||||||
Imola
Merger Corp., 144A, |
1,265,000 | 1,172,149 | ||||||
Sensata
Technologies BV |
428,000 | 424,009 | ||||||
144A, 4.00%, 4/15/29 |
666,000 | 604,014 | ||||||
144A, 5.875%, 9/1/30 |
306,000 | 298,026 | ||||||
Sensata
Technologies, Inc. |
276,000 | 251,488 | ||||||
144A, 3.75%, 2/15/31 |
459,000 | 392,514 | ||||||
TTM
Technologies, Inc., 144A, |
306,000 | 272,370 | ||||||
|
|
|||||||
(Cost $4,134,919) |
4,157,263 | |||||||
|
|
|||||||
Engineering & Construction — 0.9% | ||||||||
AECOM, |
690,000 | 675,894 | ||||||
Arcosa,
Inc., 144A, |
245,000 | 226,134 | ||||||
Artera
Services LLC, 144A, |
350,000 | 357,544 | ||||||
ATP
Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom
Par, 144A, |
230,000 | 213,325 | ||||||
Brand
Industrial Services, Inc., 144A, |
868,000 | 923,054 | ||||||
Brundage-Bone
Concrete Pumping Holdings, Inc., 144A, |
230,000 | 226,951 | ||||||
Cellnex
Finance Co. SA, 144A, |
380,000 | 295,709 | ||||||
Dycom
Industries, Inc., 144A, |
306,000 | 281,591 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Engineering & Construction (Continued) | ||||||||
Fluor
Corp., |
$ | 367,000 | $ | 346,925 | ||||
Global
Infrastructure Solutions, Inc. |
245,000 | 221,595 | ||||||
144A, 7.50%, 4/15/32 |
184,000 | 176,640 | ||||||
HTA
Group Ltd/Mauritius, 144A, |
398,000 | 393,345 | ||||||
Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28 |
199,000 | 197,658 | ||||||
TopBuild
Corp. |
245,000 | 219,437 | ||||||
144A, 4.125%, 2/15/32 |
306,000 | 268,004 | ||||||
VM
Consolidated, Inc., 144A, |
231,000 | 217,707 | ||||||
Weekley Homes LLC / Weekley Finance Corp., 144A, 4.875%, 9/15/28 |
245,000 | 227,382 | ||||||
|
|
|||||||
(Cost $5,361,391) |
5,468,895 | |||||||
|
|
|||||||
Environmental Control — 0.9% | ||||||||
Clean
Harbors, Inc. |
334,000 | 322,260 | ||||||
144A, 5.125%, 7/15/29 |
184,000 | 177,371 | ||||||
144A, 6.375%, 2/1/31 |
306,000 | 304,204 | ||||||
Covanta
Holding Corp. |
515,000 | 450,056 | ||||||
5.00%, 9/1/30 |
245,000 | 212,537 | ||||||
Enviri
Corp., 144A, |
291,000 | 271,922 | ||||||
GFL
Environmental, Inc. |
306,000 | 300,593 | ||||||
144A, 3.75%, 8/1/25 |
459,000 | 445,642 | ||||||
144A, 5.125%, 12/15/26 |
313,000 | 306,162 | ||||||
144A, 4.00%, 8/1/28 |
505,000 | 463,020 | ||||||
144A, 3.50%, 9/1/28 |
459,000 | 416,109 | ||||||
144A, 4.75%, 6/15/29 |
459,000 | 429,778 | ||||||
144A, 4.375%, 8/15/29 |
337,000 | 307,031 | ||||||
144A, 6.75%, 1/15/31 |
627,000 | 641,334 | ||||||
Madison
IAQ LLC, 144A, |
429,000 | 390,801 | ||||||
Stericycle,
Inc., 144A, |
306,000 | 275,375 | ||||||
|
|
|||||||
(Cost $5,656,688) |
5,714,195 | |||||||
|
|
|||||||
Machinery-Construction & Mining — 0.2% | ||||||||
BWX
Technologies, Inc. |
245,000 | 227,877 | ||||||
144A, 4.125%, 4/15/29 |
245,000 | 227,363 | ||||||
Manitowoc
Co., Inc., 144A, |
184,000 | 183,770 | ||||||
Terex
Corp., 144A, |
367,000 | 342,705 | ||||||
Vertiv
Group Corp., 144A, |
567,000 | 523,136 | ||||||
|
|
|||||||
(Cost $1,485,578) |
1,504,851 | |||||||
|
|
|||||||
Machinery-Diversified — 0.4% | ||||||||
ATS
Corp., 144A, |
214,000 | 195,307 |
Principal |
Value |
|||||||
Machinery-Diversified (Continued) | ||||||||
Chart
Industries, Inc. |
$ | 923,000 | $ | 952,085 | ||||
144A, 9.50%, 1/1/31 |
312,000 | 335,203 | ||||||
Mueller
Water Products, Inc., 144A, |
276,000 | 250,993 | ||||||
TK
Elevator US Newco, Inc., 144A, |
987,000 | 948,059 | ||||||
|
|
|||||||
(Cost $2,665,244) |
2,681,647 | |||||||
|
|
|||||||
Metal Fabricate/Hardware — 0.1% | ||||||||
Advanced
Drainage Systems, Inc. |
214,000 | 206,743 | ||||||
144A, 6.375%, 6/15/30 |
306,000 | 305,990 | ||||||
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29 |
306,000 | 278,777 | ||||||
|
|
|||||||
(Cost $783,142) |
791,510 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.5% | ||||||||
Amsted
Industries, Inc. |
245,000 | 240,178 | ||||||
144A, 4.625%, 5/15/30 |
245,000 | 223,066 | ||||||
Calderys
Financing LLC, 144A, |
337,000 | 360,793 | ||||||
Enpro
Industries, Inc., |
212,000 | 208,747 | ||||||
Gates
Global LLC / Gates Corp., 144A, |
250,000 | 249,148 | ||||||
Hillenbrand,
Inc. |
245,000 | 243,177 | ||||||
5.00%, 9/15/26 |
230,000 | 225,007 | ||||||
6.25%, 2/15/29 |
313,000 | 313,043 | ||||||
3.75%, 3/1/31 |
214,000 | 182,435 | ||||||
LSB
Industries, Inc., 144A, |
352,000 | 333,791 | ||||||
Trinity
Industries, Inc., 144A, |
245,000 | 252,461 | ||||||
|
|
|||||||
(Cost $2,791,785) |
2,831,846 | |||||||
|
|
|||||||
Packaging & Containers — 2.6% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance
PLC |
367,000 | 360,358 | ||||||
144A, 3.25%, 9/1/28 |
367,000 | 318,061 | ||||||
144A, 4.00%, 9/1/29 |
669,000 | 543,336 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
429,000 | 424,504 | ||||||
144A, 4.125%, 8/15/26 |
769,000 | 709,433 | ||||||
Ball
Corp. |
499,000 | 511,124 | ||||||
6.00%, 6/15/29 |
612,000 | 614,966 | ||||||
2.875%, 8/15/30 |
822,000 | 695,953 | ||||||
3.125%, 9/15/31 |
551,000 | 464,194 | ||||||
Berry
Global, Inc. |
178,000 | 172,529 | ||||||
144A, 5.625%, 7/15/27 |
366,000 | 360,842 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28 |
$ | 273,000 | $ | 263,899 | ||||
Clearwater
Paper Corp., 144A, |
168,000 | 155,400 | ||||||
Clydesdale Acquisition Holdings, Inc., 144A, 6.625%, 4/15/29 |
306,000 | 304,232 | ||||||
Crown
Americas LLC, |
306,000 | 294,739 | ||||||
Crown
Americas LLC / Crown Americas Capital Corp. V, |
245,000 | 235,141 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26 |
536,000 | 524,396 | ||||||
Crown
Cork & Seal Co., Inc., |
314,000 | 330,586 | ||||||
Graphic
Packaging International LLC |
184,000 | 177,974 | ||||||
144A, 3.50%, 3/15/28 |
276,000 | 252,391 | ||||||
144A, 3.50%, 3/1/29 |
214,000 | 190,783 | ||||||
144A, 3.75%, 2/1/30 |
251,000 | 223,347 | ||||||
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28 |
420,000 | 390,503 | ||||||
LABL,
Inc. |
429,000 | 416,064 | ||||||
144A, 5.875%, 11/1/28 |
306,000 | 274,091 | ||||||
144A, 9.50%, 11/1/28 |
224,000 | 224,053 | ||||||
Mauser
Packaging Solutions Holding Co., 144A, |
1,739,000 | 1,762,158 | ||||||
OI
European Group BV, 144A, |
245,000 | 225,547 | ||||||
Owens-Brockway
Glass Container, Inc. |
184,000 | 185,995 | ||||||
144A, 6.625%, 5/13/27 |
375,000 | 374,170 | ||||||
144A, 7.25%, 5/15/31 |
452,000 | 458,097 | ||||||
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28 |
306,000 | 283,603 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27 |
666,000 | 620,379 | ||||||
Sealed
Air Corp. |
245,000 | 244,535 | ||||||
144A, 4.00%, 12/1/27 |
260,000 | 241,834 | ||||||
144A, 6.125%, 2/1/28 |
555,000 | 553,301 | ||||||
144A, 5.00%, 4/15/29 |
260,000 | 246,295 | ||||||
144A, 7.25%, 2/15/31 |
260,000 | 268,420 | ||||||
144A, 6.875%, 7/15/33 |
266,000 | 275,284 | ||||||
Silgan
Holdings, Inc., |
349,000 | 325,822 | ||||||
TriMas
Corp., 144A, |
245,000 | 223,327 | ||||||
Trivium
Packaging Finance BV, 144A, |
664,000 | 647,531 | ||||||
|
|
|||||||
(Cost $16,234,495) |
16,369,197 | |||||||
|
|
Principal |
Value |
|||||||
Transportation — 0.4% | ||||||||
Danaos
Corp., 144A, |
$ | 161,000 | $ | 165,221 | ||||
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29 |
383,000 | 333,210 | ||||||
GN
Bondco LLC, 144A, |
473,000 | 468,270 | ||||||
Rand
Parent LLC, 144A, |
566,000 | 549,681 | ||||||
RXO,
Inc., 144A, |
217,000 | 224,052 | ||||||
XPO
CNW, Inc., |
183,000 | 189,345 | ||||||
XPO,
Inc. |
276,000 | 281,877 | ||||||
144A, 7.125%, 2/1/32 |
370,000 | 376,162 | ||||||
|
|
|||||||
(Cost $2,562,003) |
2,587,818 | |||||||
|
|
|||||||
Technology — 4.4% |
| |||||||
Computers — 1.3% | ||||||||
ASGN,
Inc., 144A, |
337,000 | 314,287 | ||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29 |
318,000 | 291,786 | ||||||
Crane
NXT Co., |
221,000 | 159,797 | ||||||
Crowdstrike
Holdings, Inc., |
459,000 | 405,043 | ||||||
KBR,
Inc., 144A, |
153,000 | 140,373 | ||||||
NCR
Atleos Corp., 144A, |
874,000 | 924,513 | ||||||
NCR
Voyix Corp. |
398,000 | 369,893 | ||||||
144A, 5.125%, 4/15/29 |
785,000 | 727,832 | ||||||
144A, 5.25%, 10/1/30 |
276,000 | 249,314 | ||||||
Presidio
Holdings, Inc., 144A, |
322,000 | 309,482 | ||||||
Science
Applications International Corp., 144A, |
245,000 | 232,003 | ||||||
Seagate
HDD Cayman |
309,000 | 299,231 | ||||||
4.091%, 6/1/29 |
226,000 | 206,230 | ||||||
144A, 8.25%, 12/15/29 |
349,000 | 373,956 | ||||||
4.125%, 1/15/31 |
169,000 | 148,442 | ||||||
144A, 8.50%, 7/15/31 |
349,000 | 377,345 | ||||||
9.625%, 12/1/32 |
547,000 | 618,165 | ||||||
5.75%, 12/1/34 |
300,000 | 288,360 | ||||||
Tempo
Acquisition LLC / Tempo Acquisition Finance Corp., 144A, |
184,000 | 182,188 | ||||||
Unisys
Corp., 144A, |
297,000 | 266,863 | ||||||
Western
Digital Corp., |
1,455,000 | 1,421,992 | ||||||
|
|
|||||||
(Cost $8,200,301) |
8,307,095 | |||||||
|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Office/Business Equipment — 0.3% | ||||||||
Pitney
Bowes, Inc. |
$ | 233,000 | $ | 209,117 | ||||
144A, 7.25%, 3/15/29 |
244,000 | 211,280 | ||||||
Xerox
Corp. |
153,000 | 116,075 | ||||||
6.75%, 12/15/39 |
214,000 | 183,049 | ||||||
Xerox
Holdings Corp. |
459,000 | 451,435 | ||||||
144A, 5.50%, 8/15/28 |
518,000 | 468,428 | ||||||
|
|
|||||||
(Cost $1,572,146) |
1,639,384 | |||||||
|
|
|||||||
Semiconductors — 0.5% | ||||||||
Amkor
Technology, Inc., 144A, |
322,000 | 323,711 | ||||||
ams-OSRAM AG, 144A, |
244,000 | 247,508 | ||||||
Entegris,
Inc. |
245,000 | 228,934 | ||||||
144A, 4.75%, 4/15/29 |
1,012,000 | 954,243 | ||||||
144A, 3.625%, 5/1/29 |
245,000 | 216,825 | ||||||
144A, 5.95%, 6/15/30 |
596,000 | 584,410 | ||||||
ON
Semiconductor Corp., 144A, |
429,000 | 392,333 | ||||||
Synaptics,
Inc., 144A, |
245,000 | 219,423 | ||||||
|
|
|||||||
(Cost $3,184,047) |
3,167,387 | |||||||
|
|
|||||||
Software — 2.3% | ||||||||
Alteryx,
Inc., 144A, |
276,000 | 279,900 | ||||||
Boxer
Parent Co., Inc., 144A, |
379,000 | 379,375 | ||||||
Camelot
Finance SA, 144A, |
429,000 | 409,837 | ||||||
Capstone
Borrower, Inc., 144A, |
245,000 | 253,220 | ||||||
Central
Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 144A, |
503,000 | 515,545 | ||||||
Central
Parent, Inc. / CDK Global, Inc., 144A, |
500,000 | 503,313 | ||||||
Clarivate
Science Holdings Corp. |
578,000 | 527,619 | ||||||
144A, 4.875%, 7/1/29 |
578,000 | 524,195 | ||||||
Cloud
Software Group, Inc., 144A, |
2,530,000 | 2,356,083 | ||||||
Consensus
Cloud Solutions, Inc. |
187,000 | 177,589 | ||||||
144A, 6.50%, 10/15/28 |
291,000 | 258,879 | ||||||
Dun &
Bradstreet Corp., 144A, |
282,000 | 259,440 | ||||||
Elastic
NV, 144A, |
352,000 | 316,178 | ||||||
Fair
Isaac Corp. |
245,000 | 242,402 | ||||||
144A, 4.00%, 6/15/28 |
564,000 | 523,908 |
Principal |
Value |
|||||||
Software (Continued) | ||||||||
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A, 4.625%, 5/1/28 |
$ | 214,000 | $ | 190,846 | ||||
MicroStrategy,
Inc., 144A, |
306,000 | 295,045 | ||||||
Open
Text Corp. |
564,000 | 518,248 | ||||||
144A, 3.875%, 12/1/29 |
521,000 | 460,492 | ||||||
Open
Text Holdings, Inc. |
564,000 | 497,940 | ||||||
144A, 4.125%, 12/1/31 |
398,000 | 340,656 | ||||||
PTC,
Inc., 144A, |
306,000 | 285,495 | ||||||
RingCentral,
Inc., 144A, |
268,000 | 277,083 | ||||||
ROBLOX
Corp., 144A, |
666,000 | 583,303 | ||||||
SS&C
Technologies, Inc., 144A, |
1,315,000 | 1,280,547 | ||||||
Twilio,
Inc. |
336,000 | 299,129 | ||||||
3.875%, 3/15/31 |
306,000 | 266,240 | ||||||
UKG,
Inc., 144A, |
1,500,000 | 1,515,600 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A, 3.875%, 2/1/29 |
398,000 | 356,580 | ||||||
|
|
|||||||
(Cost $14,640,209) |
14,694,687 | |||||||
|
|
|||||||
Utilities — 3.8% |
| |||||||
Electric — 3.5% | ||||||||
Algonquin
Power & Utilities Corp., |
459,000 | 397,174 | ||||||
Atlantica
Sustainable Infrastructure PLC, 144A, |
245,000 | 223,880 | ||||||
Calpine
Corp. |
257,000 | 253,195 | ||||||
144A, 4.50%, 2/15/28 |
784,000 | 738,486 | ||||||
144A, 5.125%, 3/15/28 |
886,000 | 842,269 | ||||||
144A, 4.625%, 2/1/29 |
398,000 | 366,271 | ||||||
144A, 5.00%, 2/1/31 |
567,000 | 506,752 | ||||||
144A, 3.75%, 3/1/31 |
514,000 | 440,603 | ||||||
Clearway
Energy Operating LLC |
567,000 | 530,056 | ||||||
144A, 3.75%, 2/15/31 |
616,000 | 519,451 | ||||||
144A, 3.75%, 1/15/32 |
214,000 | 179,002 | ||||||
DPL,
Inc. |
254,000 | 246,319 | ||||||
4.35%, 4/15/29 |
262,000 | 237,411 | ||||||
Drax
Finco PLC, 144A, |
306,000 | 302,175 | ||||||
Edison
International |
306,000 | 314,045 | ||||||
7.875%, 6/15/54 |
285,000 | 290,541 | ||||||
Electricite
de France SA, 144A, |
948,000 | 1,051,863 | ||||||
Emera,
Inc., Series 16-A, |
759,000 | 743,736 |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
FirstEnergy
Corp. |
$ | 184,000 | $ | 177,214 | ||||
Series A, 1.60%, 1/15/26 |
188,000 | 173,909 | ||||||
Series B, 4.15%, 7/15/27 |
1,012,000 | 961,146 | ||||||
2.65%, 3/1/30 |
367,000 | 313,724 | ||||||
Series B, 2.25%, 9/1/30 |
348,000 | 286,406 | ||||||
Series C, 7.375%, 11/15/31 |
284,000 | 329,639 | ||||||
Series C, 5.10%, 7/15/47 |
384,000 | 330,868 | ||||||
Series C, 3.40%, 3/1/50 |
480,000 | 320,703 | ||||||
Leeward
Renewable Energy Operations LLC, |
230,000 | 198,003 | ||||||
NextEra
Energy Operating Partners LP |
306,000 | 285,727 | ||||||
144A, 4.50%, 9/15/27 |
337,000 | 314,401 | ||||||
144A, 7.25%, 1/15/29 |
474,000 | 481,817 | ||||||
NRG
Energy, Inc. |
230,000 | 229,964 | ||||||
5.75%, 1/15/28 |
547,000 | 538,797 | ||||||
144A, 3.375%, 2/15/29 |
306,000 | 267,087 | ||||||
144A, 5.25%, 6/15/29 |
449,000 | 425,509 | ||||||
144A, 3.625%, 2/15/31 |
687,000 | 577,652 | ||||||
144A, 3.875%, 2/15/32 |
294,000 | 245,595 | ||||||
Pattern
Energy Operations LP / Pattern Energy Operations, Inc., 144A, |
391,000 | 358,647 | ||||||
PG&E
Corp. |
633,000 | 603,743 | ||||||
5.25%, 7/1/30 |
633,000 | 595,057 | ||||||
Pike
Corp. |
400,000 | 379,426 | ||||||
144A, 8.625%, 1/31/31 |
310,000 | 327,376 | ||||||
Talen
Energy Supply LLC, 144A, |
759,000 | 800,776 | ||||||
TransAlta
Corp. |
245,000 | 254,739 | ||||||
6.50%, 3/15/40 |
184,000 | 181,389 |
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
Vistra
Operations Co. LLC |
$ | 612,000 | $ | 602,622 | ||||
144A, 5.625%, 2/15/27 |
822,000 | 800,997 | ||||||
144A, 5.00%, 7/31/27 |
822,000 | 787,899 | ||||||
144A, 4.375%, 5/1/29 |
791,000 | 721,516 | ||||||
144A, 7.75%, 10/15/31 |
917,000 | 948,542 | ||||||
|
|
|||||||
(Cost $21,928,684) |
22,004,119 | |||||||
|
|
|||||||
Gas — 0.2% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
429,000 | 421,063 | ||||||
5.875%, 8/20/26 |
413,000 | 400,253 | ||||||
5.75%, 5/20/27 |
322,000 | 304,417 | ||||||
144A, 9.375%, 6/1/28 |
306,000 | 310,590 | ||||||
|
|
|||||||
(Cost $1,441,309) |
1,436,323 | |||||||
|
|
|||||||
Water — 0.1% | ||||||||
Solaris
Midstream Holdings LLC, 144A, |
||||||||
(Cost $242,059) |
245,000 | 244,814 | ||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
610,311,128 | |||||||
|
|
|||||||
Number |
||||||||
CASH EQUIVALENTS — 2.0% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (a) |
12,640,713 | 12,640,713 | ||||||
|
|
|||||||
TOTAL INVESTMENTS — 98.9% (Cost $616,848,738) |
$ | 622,951,841 | ||||||
Other assets and liabilities, net — 1.1% |
6,708,359 | |||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 629,660,200 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
Value ($) at 10/27/2023 (Commencement of Operations) |
Purchases Cost ($) |
Sales Proceeds($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/29/2024 |
Value ($) at 2/29/2024 |
||||||||||||||||||||||||||||
CASH EQUIVALENTS — 2.0% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
|
|||||||||||||||||||||||||||||||||||
— | 24,463,327 | (11,822,614 | ) | — | — | 49,885 | — | 12,640,713 | 12,640,713 |
(a) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
Perpetual: | Callable security with no stated maturity date. |
PIK: | Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) |
$ | — | $ | 610,311,128 | $ | — | $ | 610,311,128 | ||||||||
Short-Term Investments (a) |
12,640,713 | — | — | 12,640,713 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 12,640,713 | $ | 610,311,128 | $ | — | $ | 622,951,841 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 97.6% | ||||||||
Basic Materials — 4.1% |
| |||||||
Chemicals — 1.9% | ||||||||
Ashland,
Inc., 144A, |
$ | 1,859,000 | $ | 1,559,325 | ||||
ASP
Unifrax Holdings, Inc. |
3,217,000 | 2,044,455 | ||||||
144A, 7.50%, 9/30/29 |
1,609,000 | 880,143 | ||||||
Avient Corp.
|
2,728,000 | 2,714,666 | ||||||
144A, 7.125%, 8/1/30 |
2,986,000 | 3,055,096 | ||||||
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31 |
2,068,000 | 2,148,030 | ||||||
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29 |
2,846,000 | 2,531,958 | ||||||
Chemours Co.
|
2,015,000 | 1,842,939 | ||||||
144A, 5.75%, 11/15/28 (a) |
3,147,000 | 2,763,466 | ||||||
144A, 4.625%, 11/15/29 |
2,619,000 | 2,156,857 | ||||||
Consolidated
Energy Finance SA |
2,125,000 | 1,726,977 | ||||||
144A, 12.00%, 2/15/31 |
2,400,000 | 2,455,992 | ||||||
INEOS
Finance PLC |
1,856,000 | 1,816,874 | ||||||
144A, 7.50%, 4/15/29 |
2,750,000 | 2,733,088 | ||||||
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29 (a) |
1,566,000 | 1,649,304 | ||||||
Methanex Corp.
|
3,038,000 | 2,923,287 | ||||||
5.25%, 12/15/29 (a) |
2,712,000 | 2,581,156 | ||||||
NOVA
Chemicals Corp. |
2,011,000 | 1,966,296 | ||||||
144A, 5.25%, 6/1/27 |
4,369,000 | 4,053,440 | ||||||
144A, 8.50%, 11/15/28 |
1,499,000 | 1,584,602 | ||||||
144A, 4.25%, 5/15/29 |
2,370,000 | 1,963,349 | ||||||
144A, 9.00%, 2/15/30 |
2,500,000 | 2,511,120 | ||||||
Olin Corp.
|
2,016,000 | 1,957,415 | ||||||
5.625%, 8/1/29 |
2,760,000 | 2,702,965 | ||||||
5.00%, 2/1/30 |
2,166,000 | 2,026,550 | ||||||
SCIH
Salt Holdings, Inc. |
4,155,000 | 3,801,887 | ||||||
144A, 6.625%, 5/1/29 |
2,815,000 | 2,562,844 | ||||||
Tronox, Inc., 144A, 4.625%, 3/15/29 (a) |
4,323,000 | 3,832,236 | ||||||
|
|
|||||||
(Cost $72,269,064) |
66,546,317 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
||||||||
(Cost $3,449,542) |
3,507,000 | 3,026,192 | ||||||
|
|
|||||||
Iron/Steel — 0.7% | ||||||||
ATI,
Inc., |
1,772,000 | 1,823,299 | ||||||
Cleveland-Cliffs, Inc.
|
3,334,000 | 3,362,753 | ||||||
5.875%, 6/1/27 (a) |
2,232,000 | 2,210,808 | ||||||
144A, 6.75%, 4/15/30 |
3,016,000 | 2,997,699 | ||||||
Metinvest
BV, |
600,000 | 426,648 |
Principal |
Value |
|||||||
Iron/Steel (Continued) | ||||||||
Mineral
Resources Ltd. |
$ | 2,798,000 | $ | 2,825,742 | ||||
144A, 8.00%, 11/1/27 |
2,514,000 | 2,563,526 | ||||||
144A, 9.25%, 10/1/28 |
4,424,000 | 4,645,200 | ||||||
144A, 8.50%, 5/1/30 |
2,578,000 | 2,650,776 | ||||||
United States Steel Corp., 6.875%, 3/1/29 |
1,908,000 | 1,932,127 | ||||||
|
|
|||||||
(Cost $25,327,246) |
25,438,578 | |||||||
|
|
|||||||
Mining — 1.4% | ||||||||
First
Quantum Minerals Ltd. |
4,546,000 | 4,546,000 | ||||||
144A, 6.875%, 3/1/26 (a) |
4,127,000 | 4,127,000 | ||||||
144A, 6.875%, 10/15/27 |
6,088,000 | 5,795,628 | ||||||
144A, 8.625%, 6/1/31 (a) |
5,227,000 | 4,998,403 | ||||||
FMG
Resources August 2006 Pty Ltd. |
2,688,000 | 2,576,199 | ||||||
144A, 5.875%, 4/15/30 |
2,679,000 | 2,624,935 | ||||||
144A, 4.375%, 4/1/31 |
6,033,000 | 5,412,565 | ||||||
144A, 6.125%, 4/15/32 |
3,150,000 | 3,115,977 | ||||||
Hudbay
Minerals, Inc. |
2,398,000 | 2,313,656 | ||||||
144A, 6.125%, 4/1/29 |
2,685,000 | 2,637,465 | ||||||
Kaiser
Aluminum Corp. |
2,016,000 | 1,861,878 | ||||||
144A, 4.50%, 6/1/31 |
2,212,000 | 1,892,710 | ||||||
Nexa
Resources SA |
3,037,000 | 2,932,812 | ||||||
144A, 6.50%, 1/18/28 |
2,012,000 | 2,019,044 | ||||||
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26 |
1,835,000 | 1,524,647 | ||||||
|
|
|||||||
(Cost $49,691,063) |
48,378,919 | |||||||
|
|
|||||||
Communications — 16.5% | ||||||||
Advertising — 0.9% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
5,027,000 | 4,705,979 | ||||||
144A, 7.75%, 4/15/28 (a) |
4,022,000 | 3,481,499 | ||||||
144A, 9.00%, 9/15/28 (a) |
3,022,000 | 3,154,046 | ||||||
144A, 7.50%, 6/1/29 (a) |
4,192,000 | 3,473,323 | ||||||
Lamar
Media Corp. |
2,468,000 | 2,291,267 | ||||||
4.00%, 2/15/30 |
2,265,000 | 2,023,291 | ||||||
3.625%, 1/15/31 (a) |
2,069,000 | 1,788,113 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
2,681,000 | 2,581,240 | ||||||
144A, 4.25%, 1/15/29 |
2,038,000 | 1,832,315 | ||||||
144A, 4.625%, 3/15/30 (a) |
2,009,000 | 1,784,935 | ||||||
144A, 7.375%, 2/15/31 |
1,613,000 | 1,684,512 | ||||||
Stagwell Global LLC, 144A, 5.625%, 8/15/29 |
4,501,000 | 4,022,994 | ||||||
|
|
|||||||
(Cost $35,595,315) |
32,823,514 | |||||||
|
|
|||||||
Internet — 1.8% | ||||||||
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28 |
4,182,000 | 4,290,627 |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Internet (Continued) | ||||||||
Gen
Digital, Inc. |
$ | 4,453,000 | $ | 4,412,745 | ||||
144A, 6.75%, 9/30/27 |
3,620,000 | 3,641,896 | ||||||
144A, 7.125%, 9/30/30 |
2,475,000 | 2,530,711 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27 |
2,518,000 | 2,438,620 | ||||||
144A, 3.50%, 3/1/29 |
3,357,000 | 2,992,049 | ||||||
Match
Group Holdings II LLC |
1,848,000 | 1,764,197 | ||||||
144A, 4.625%, 6/1/28 |
2,053,000 | 1,931,945 | ||||||
144A, 4.125%, 8/1/30 |
2,048,000 | 1,810,872 | ||||||
144A, 3.625%, 10/1/31 |
1,842,000 | 1,553,469 | ||||||
MercadoLibre, Inc.
|
1,370,000 | 1,291,233 | ||||||
3.125%, 1/14/31 |
2,534,000 | 2,123,337 | ||||||
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28 |
2,071,000 | 2,251,208 | ||||||
Rakuten
Group, Inc., |
7,100,000 | 7,560,986 | ||||||
Uber
Technologies, Inc. |
5,974,000 | 6,083,868 | ||||||
144A, 7.50%, 9/15/27 |
4,906,000 | 5,022,778 | ||||||
144A, 6.25%, 1/15/28 |
2,018,000 | 2,022,419 | ||||||
144A, 4.50%, 8/15/29 |
5,883,000 | 5,519,452 | ||||||
Ziff Davis, Inc., 144A, 4.625%, 10/15/30 |
1,852,000 | 1,662,465 | ||||||
|
|
|||||||
(Cost $62,044,372) |
60,904,877 | |||||||
|
|
|||||||
Media — 9.3% | ||||||||
Altice
Financing SA |
4,881,000 | 4,323,351 | ||||||
144A, 5.75%, 8/15/29 |
8,245,000 | 7,110,039 | ||||||
AMC
Networks, Inc. |
3,098,000 | 2,957,364 | ||||||
4.25%, 2/15/29 (a) |
4,022,000 | 2,607,161 | ||||||
Cable One, Inc., 144A, 4.00%, 11/15/30 (a) |
2,643,000 | 1,999,430 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26 |
3,016,000 | 2,965,905 | ||||||
144A, 5.125%, 5/1/27 |
13,071,000 | 12,370,001 | ||||||
144A, 5.00%, 2/1/28 |
10,130,000 | 9,357,501 | ||||||
144A, 5.375%, 6/1/29 |
5,911,000 | 5,351,599 | ||||||
144A, 6.375%, 9/1/29 |
6,033,000 | 5,672,388 | ||||||
144A, 4.75%, 3/1/30 |
12,265,000 | 10,445,119 | ||||||
144A, 4.50%, 8/15/30 |
11,056,000 | 9,181,013 | ||||||
144A, 4.25%, 2/1/31 |
12,065,000 | 9,715,190 | ||||||
144A, 7.375%, 3/1/31 (a) |
4,424,000 | 4,289,305 | ||||||
144A, 4.75%, 2/1/32 |
4,826,000 | 3,898,925 | ||||||
4.50%, 5/1/32 |
11,638,000 | 9,205,362 | ||||||
144A, 4.50%, 6/1/33 |
7,036,000 | 5,419,775 | ||||||
144A, 4.25%, 1/15/34 |
8,044,000 | 6,022,083 | ||||||
CSC
Holdings LLC |
5,371,000 | 4,824,222 | ||||||
144A, 5.375%, 2/1/28 |
3,996,000 | 3,487,169 | ||||||
144A, 7.50%, 4/1/28 |
4,206,000 | 2,994,672 | ||||||
144A, 11.25%, 5/15/28 |
3,991,000 | 4,121,745 |
Principal |
Value |
|||||||
Media (Continued) | ||||||||
144A, 11.75%, 1/31/29 |
$ | 8,245,000 | $ | 8,623,833 | ||||
144A, 6.50%, 2/1/29 |
7,038,000 | 6,142,133 | ||||||
144A, 5.75%, 1/15/30 |
9,049,000 | 5,329,861 | ||||||
144A, 4.125%, 12/1/30 |
4,424,000 | 3,297,716 | ||||||
144A, 4.625%, 12/1/30 (a) |
9,351,000 | 5,209,442 | ||||||
144A, 3.375%, 2/15/31 |
4,022,000 | 2,842,408 | ||||||
144A, 4.50%, 11/15/31 |
6,033,000 | 4,485,143 | ||||||
144A, 5.00%, 11/15/31 |
2,011,000 | 1,098,107 | ||||||
DISH
DBS Corp. |
8,043,000 | 5,135,536 | ||||||
144A, 5.25%, 12/1/26 |
11,060,000 | 8,854,913 | ||||||
7.375%, 7/1/28 |
4,018,000 | 1,964,340 | ||||||
144A, 5.75%, 12/1/28 |
10,054,000 | 6,981,246 | ||||||
5.125%, 6/1/29 |
6,032,000 | 2,578,680 | ||||||
DISH Network Corp., 144A, 11.75%, 11/15/27 |
14,076,000 | 14,692,575 | ||||||
Gray
Television, Inc. |
2,713,000 | 2,577,350 | ||||||
144A, 7.00%, 5/15/27 (a) |
3,004,000 | 2,718,290 | ||||||
144A, 4.75%, 10/15/30 |
3,217,000 | 2,076,235 | ||||||
iHeartCommunications, Inc.
|
3,227,587 | 2,751,518 | ||||||
8.375%, 5/1/27 |
3,686,151 | 2,216,059 | ||||||
144A, 5.25%, 8/15/27 (a) |
3,016,000 | 2,239,199 | ||||||
144A, 4.75%, 1/15/28 |
1,998,000 | 1,440,618 | ||||||
McGraw-Hill
Education, Inc. |
3,332,000 | 3,098,677 | ||||||
144A, 8.00%, 8/1/29 |
2,570,000 | 2,347,489 | ||||||
News Corp.
|
3,997,000 | 3,615,881 | ||||||
144A, 5.125%, 2/15/32 |
2,148,000 | 2,003,085 | ||||||
Nexstar
Media, Inc. |
6,925,000 | 6,570,159 | ||||||
144A, 4.75%, 11/1/28 (a) |
4,022,000 | 3,576,023 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc. |
3,574,000 | 2,818,252 | ||||||
144A, 6.50%, 9/15/28 |
4,022,000 | 1,940,112 | ||||||
Sinclair
Television Group, Inc. |
1,952,000 | 1,418,187 | ||||||
144A, 4.125%, 12/1/30 |
3,018,000 | 2,208,044 | ||||||
Sirius
XM Radio, Inc. |
4,022,000 | 3,754,235 | ||||||
144A, 5.00%, 8/1/27 |
6,180,000 | 5,894,653 | ||||||
144A, 4.00%, 7/15/28 |
8,044,000 | 7,255,171 | ||||||
144A, 5.50%, 7/1/29 |
5,067,000 | 4,796,574 | ||||||
144A, 4.125%, 7/1/30 |
5,888,000 | 5,071,469 | ||||||
144A, 3.875%, 9/1/31 |
6,033,000 | 4,992,826 | ||||||
TEGNA, Inc.
|
2,154,000 | 2,083,543 | ||||||
4.625%, 3/15/28 |
3,903,000 | 3,518,750 | ||||||
5.00%, 9/15/29 |
4,424,000 | 3,897,632 | ||||||
Univision
Communications, Inc. |
6,033,000 | 5,852,870 | ||||||
144A, 8.00%, 8/15/28 |
5,793,000 | 5,828,917 | ||||||
144A, 4.50%, 5/1/29 |
4,223,000 | 3,706,927 | ||||||
144A, 7.375%, 6/30/30 (a) |
3,684,000 | 3,561,675 |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Videotron Ltd.
|
$ | 2,413,500 | $ | 2,367,010 | ||||
144A, 3.625%, 6/15/29 (a) |
1,952,000 | 1,755,121 | ||||||
VTR Finance NV, 144A, 6.375%, 7/15/28 |
1,943,000 | 851,466 | ||||||
Ziggo
Bond Co. BV |
2,514,000 | 2,458,496 | ||||||
144A, 5.125%, 2/28/30 |
2,072,000 | 1,774,522 | ||||||
Ziggo
BV, 144A, |
3,986,000 | 3,554,700 | ||||||
|
|
|||||||
(Cost $378,896,437) |
324,146,987 | |||||||
|
|
|||||||
Telecommunications — 4.5% | ||||||||
Altice
France Holding SA |
6,282,000 | 4,110,246 | ||||||
144A, 6.00%, 2/15/28 |
4,422,000 | 2,237,052 | ||||||
Altice
France SA |
7,038,000 | 6,474,711 | ||||||
144A, 5.50%, 1/15/28 |
4,424,000 | 3,614,545 | ||||||
144A, 5.125%, 1/15/29 |
1,922,000 | 1,454,794 | ||||||
144A, 5.125%, 7/15/29 |
10,054,000 | 7,604,493 | ||||||
144A, 5.50%, 10/15/29 |
8,044,000 | 6,100,603 | ||||||
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27 |
4,907,000 | 4,630,024 | ||||||
CommScope
Technologies LLC |
5,126,000 | 4,182,713 | ||||||
144A, 5.00%, 3/15/27 (a) |
3,016,000 | 1,082,654 | ||||||
CommScope, Inc.
|
6,033,000 | 5,436,909 | ||||||
144A, 8.25%, 3/1/27 (a) |
3,487,000 | 1,530,584 | ||||||
144A, 7.125%, 7/1/28 (a) |
2,580,000 | 1,034,670 | ||||||
144A, 4.75%, 9/1/29 (a) |
5,027,000 | 3,448,648 | ||||||
Consolidated
Communications, Inc. |
1,609,000 | 1,330,345 | ||||||
144A, 6.50%, 10/1/28 |
3,016,000 | 2,593,760 | ||||||
Frontier
Communications Holdings LLC |
4,754,000 | 4,598,550 | ||||||
144A, 5.00%, 5/1/28 |
6,195,000 | 5,739,724 | ||||||
144A, 6.75%, 5/1/29 |
4,022,000 | 3,615,709 | ||||||
5.875%, 11/1/29 |
3,055,189 | 2,619,992 | ||||||
144A, 6.00%, 1/15/30 (a) |
3,970,000 | 3,398,853 | ||||||
144A, 8.75%, 5/15/30 |
4,826,000 | 4,927,324 | ||||||
144A, 8.625%, 3/15/31 |
3,016,000 | 3,058,504 | ||||||
Hughes
Satellite Systems Corp. |
3,016,000 | 2,579,751 | ||||||
6.625%, 8/1/26 (a) |
3,015,500 | 1,990,230 | ||||||
Iliad
Holding SASU |
4,826,000 | 4,774,823 | ||||||
144A, 7.00%, 10/15/28 |
3,436,000 | 3,402,434 | ||||||
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30 |
12,065,000 | 11,255,225 | ||||||
Level 3
Financing, Inc. |
2,983,000 | 2,416,319 | ||||||
144A, 4.625%, 9/15/27 |
4,022,000 | 2,493,640 | ||||||
144A, 4.25%, 7/1/28 |
4,826,000 | 2,316,480 | ||||||
144A, 3.625%, 1/15/29 |
3,378,000 | 1,452,540 | ||||||
144A, 3.875%, 11/15/29 (a) |
3,016,000 | 1,779,440 | ||||||
144A, 10.50%, 5/15/30 (a) |
3,767,000 | 3,880,010 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
Lumen
Technologies, Inc. |
$ | 1,612,000 | $ | 1,078,313 | ||||
144A, 4.00%, 2/15/27 (a) |
4,996,000 | 3,027,726 | ||||||
144A, 4.50%, 1/15/29 |
1,695,000 | 535,535 | ||||||
Millicom
International Cellular SA |
1,751,400 | 1,671,020 | ||||||
144A, 6.25%, 3/25/29 |
2,428,200 | 2,359,907 | ||||||
144A, 4.50%, 4/27/31 |
3,194,000 | 2,758,818 | ||||||
Sable International Finance Ltd., 144A, 5.75%, 9/7/27 |
2,039,000 | 1,956,951 | ||||||
Viasat, Inc.
|
2,828,000 | 2,747,501 | ||||||
144A, 5.625%, 4/15/27 |
2,440,000 | 2,293,075 | ||||||
144A, 6.50%, 7/15/28 |
1,609,000 | 1,193,717 | ||||||
144A, 7.50%, 5/30/31 |
2,950,000 | 2,076,063 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 |
5,630,000 | 5,262,351 | ||||||
Zayo
Group Holdings, Inc. |
5,942,000 | 4,953,667 | ||||||
144A, 6.125%, 3/1/28 |
4,344,000 | 3,306,138 | ||||||
|
|
|||||||
(Cost $188,923,452) |
158,387,081 | |||||||
|
|
|||||||
Consumer, Cyclical — 19.6% | ||||||||
Airlines — 1.2% | ||||||||
Air
Canada, 144A, |
4,826,000 | 4,576,155 | ||||||
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 |
1,959,000 | 1,915,571 | ||||||
American
Airlines, Inc. |
3,114,000 | 3,142,751 | ||||||
144A, 8.50%, 5/15/29 |
3,972,000 | 4,178,079 | ||||||
Delta
Air Lines, Inc. |
3,389,000 | 3,498,549 | ||||||
4.375%, 4/19/28 (a) |
1,688,000 | 1,620,176 | ||||||
3.75%, 10/28/29 (a) |
1,699,000 | 1,546,217 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26 |
4,836,858 | 4,570,783 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
||||||||
144A, 8.00%, 9/20/25 (a) |
2,414,868 | 1,748,678 | ||||||
144A, 8.00%, 9/20/25 |
2,050,366 | 1,484,732 | ||||||
United
Airlines, Inc. |
8,044,000 | 7,750,753 | ||||||
144A, 4.625%, 4/15/29 |
7,769,000 | 7,173,777 | ||||||
|
|
|||||||
(Cost $45,977,057) |
43,206,221 | |||||||
|
|
|||||||
Apparel — 0.2% | ||||||||
Hanesbrands, Inc.
|
3,620,000 | 3,497,511 | ||||||
144A, 9.00%, 2/15/31 (a) |
2,490,000 | 2,498,105 | ||||||
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a) |
1,998,000 | 1,733,195 | ||||||
|
|
|||||||
(Cost $7,871,571) |
7,728,811 | |||||||
|
|
|||||||
Auto Manufacturers — 0.4% | ||||||||
Allison
Transmission, Inc. |
1,622,000 | 1,556,821 | ||||||
144A, 5.875%, 6/1/29 |
2,067,000 | 2,037,843 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Auto Manufacturers (Continued) | ||||||||
144A, 3.75%, 1/30/31 |
$ | 3,878,000 | $ | 3,354,219 | ||||
Aston
Martin Capital Holdings Ltd., 144A, |
4,986,000 | 5,059,987 | ||||||
|
|
|||||||
(Cost $12,505,961) |
12,008,870 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.9% | ||||||||
Adient
Global Holdings Ltd. |
3,195,000 | 3,099,985 | ||||||
144A, 7.00%, 4/15/28 (a) |
2,023,000 | 2,064,609 | ||||||
144A, 8.25%, 4/15/31 (a) |
2,067,000 | 2,177,977 | ||||||
American
Axle & Manufacturing, Inc. |
2,011,000 | 1,987,957 | ||||||
6.875%, 7/1/28 |
1,545,000 | 1,494,339 | ||||||
5.00%, 10/1/29 (a) |
2,485,000 | 2,157,097 | ||||||
Clarios Global LP, 144A, 6.75%, 5/15/25 |
1,798,000 | 1,798,307 | ||||||
Clarios
Global LP / Clarios US Finance Co. |
3,591,000 | 3,584,330 | ||||||
144A, 8.50%, 5/15/27 |
6,582,000 | 6,628,449 | ||||||
144A, 6.75%, 5/15/28 |
3,152,000 | 3,192,850 | ||||||
Dana, Inc.
|
1,620,000 | 1,565,428 | ||||||
5.625%, 6/15/28 |
1,624,000 | 1,573,993 | ||||||
4.25%, 9/1/30 |
1,679,000 | 1,449,804 | ||||||
Goodyear
Tire & Rubber Co. |
3,220,000 | 3,255,211 | ||||||
5.00%, 5/31/26 |
3,620,000 | 3,528,977 | ||||||
4.875%, 3/15/27 (a) |
2,918,000 | 2,803,385 | ||||||
5.00%, 7/15/29 (a) |
3,149,000 | 2,901,996 | ||||||
5.25%, 4/30/31 (a) |
2,248,000 | 2,038,314 | ||||||
5.25%, 7/15/31 (a) |
2,465,000 | 2,227,017 | ||||||
5.625%, 4/30/33 |
1,810,000 | 1,620,355 | ||||||
Tenneco,
Inc., 144A, |
7,642,000 | 6,971,147 | ||||||
ZF
North America Capital, Inc. |
4,333,000 | 4,271,252 | ||||||
144A, 6.875%, 4/14/28 |
2,413,000 | 2,465,560 | ||||||
144A, 7.125%, 4/14/30 |
2,470,000 | 2,575,405 | ||||||
|
|
|||||||
(Cost $68,941,088) |
67,433,744 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.4% | ||||||||
American
Builders & Contractors Supply Co., Inc. |
2,887,000 | 2,699,805 | ||||||
144A, 3.875%, 11/15/29 |
1,627,000 | 1,454,506 | ||||||
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28 |
5,027,000 | 4,540,954 | ||||||
Ritchie
Bros Holdings, Inc. |
2,212,000 | 2,266,636 | ||||||
144A, 7.75%, 3/15/31 |
3,301,000 | 3,474,303 | ||||||
|
|
|||||||
(Cost $15,145,241) |
14,436,204 | |||||||
|
|
|||||||
Entertainment — 3.4% | ||||||||
AMC
Entertainment Holdings, Inc., 144A, |
3,861,000 | 2,672,897 | ||||||
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29 |
1,624,000 | 1,681,101 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Caesars
Entertainment, Inc. |
$ | 2,471,000 | $ | 2,472,663 | ||||
144A, 8.125%, 7/1/27 |
6,723,000 | 6,907,553 | ||||||
144A, 4.625%, 10/15/29 (a) |
4,876,000 | 4,454,815 | ||||||
144A, 7.00%, 2/15/30 |
8,420,000 | 8,632,597 | ||||||
144A, 6.50%, 2/15/32 |
5,700,000 | 5,746,215 | ||||||
Cedar Fair LP, 5.25%, 7/15/29 |
2,085,000 | 1,970,754 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. /
Millennium Op 144A, |
4,216,000 | 4,205,407 | ||||||
5.375%, 4/15/27 (a) |
2,011,000 | 1,991,069 | ||||||
Churchill
Downs, Inc. |
2,413,000 | 2,371,769 | ||||||
144A, 4.75%, 1/15/28 |
2,847,000 | 2,695,435 | ||||||
144A, 5.75%, 4/1/30 |
4,971,000 | 4,779,521 | ||||||
144A, 6.75%, 5/1/31 |
2,315,000 | 2,319,273 | ||||||
Cinemark
USA, Inc. |
1,628,000 | 1,605,012 | ||||||
144A, 5.25%, 7/15/28 (a) |
2,958,000 | 2,766,514 | ||||||
International
Game Technology PLC |
3,016,000 | 2,913,330 | ||||||
144A, 6.25%, 1/15/27 |
3,092,000 | 3,107,170 | ||||||
144A, 5.25%, 1/15/29 (a) |
3,097,000 | 2,996,066 | ||||||
Light &
Wonder International, Inc. |
2,815,000 | 2,830,069 | ||||||
144A, 7.25%, 11/15/29 |
2,011,000 | 2,059,709 | ||||||
144A, 7.50%, 9/1/31 |
2,264,000 | 2,360,342 | ||||||
Live
Nation Entertainment, Inc. |
4,826,000 | 4,871,471 | ||||||
144A, 4.75%, 10/15/27 |
3,847,000 | 3,686,542 | ||||||
144A, 3.75%, 1/15/28 |
2,107,000 | 1,944,550 | ||||||
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31 |
2,000,000 | 2,002,484 | ||||||
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26 |
4,726,000 | 4,460,186 | ||||||
Penn
Entertainment, Inc. |
1,602,000 | 1,532,914 | ||||||
144A, 4.125%, 7/1/29 (a) |
1,660,000 | 1,395,778 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
3,016,000 | 2,174,642 | ||||||
144A, 5.875%, 9/1/31 (a) |
2,956,000 | 2,097,415 | ||||||
Six
Flags Entertainment Corp. |
2,008,000 | 1,966,926 | ||||||
144A, 7.25%, 5/15/31 (a) |
3,217,000 | 3,239,905 | ||||||
Vail
Resorts, Inc., |
2,397,000 | 2,407,151 | ||||||
WMG
Acquisition Corp. |
2,218,000 | 1,966,072 | ||||||
144A, 3.875%, 7/15/30 |
2,208,000 | 1,950,293 | ||||||
144A, 3.00%, 2/15/31 (a) |
3,032,000 | 2,534,665 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. |
3,087,000 | 2,914,188 | ||||||
144A, 7.125%, 2/15/31 |
3,923,000 | 4,053,668 | ||||||
|
|
|||||||
(Cost $124,019,732) |
118,738,131 | |||||||
|
|
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Food Service — 0.3% | ||||||||
Aramark
Services, Inc. |
$ | 2,189,000 | $ | 2,176,895 | ||||
144A, 5.00%, 2/1/28 |
4,846,000 | 4,649,029 | ||||||
TKC
Holdings, Inc. |
1,832,000 | 1,716,859 | ||||||
144A, 10.50%, 5/15/29 |
2,715,000 | 2,467,655 | ||||||
|
|
|||||||
(Cost $11,618,712) |
11,010,438 | |||||||
|
|
|||||||
Home Builders — 0.5% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30 |
1,672,000 | 1,505,204 | ||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC |
2,423,000 | 2,349,770 | ||||||
144A, 4.875%, 2/15/30 |
1,954,000 | 1,737,634 | ||||||
Mattamy
Group Corp. |
2,088,000 | 2,015,430 | ||||||
144A, 4.625%, 3/1/30 |
2,443,000 | 2,195,433 | ||||||
Taylor
Morrison Communities, Inc. |
2,053,000 | 2,043,827 | ||||||
144A, 5.75%, 1/15/28 |
1,858,000 | 1,822,487 | ||||||
144A, 5.125%, 8/1/30 |
1,894,000 | 1,789,617 | ||||||
|
|
|||||||
(Cost $16,572,166) |
15,459,402 | |||||||
|
|
|||||||
Home Furnishings — 0.2% | ||||||||
Tempur
Sealy International, Inc. |
3,321,000 | 2,979,928 | ||||||
144A, 3.875%, 10/15/31 |
3,071,000 | 2,557,504 | ||||||
|
|
|||||||
(Cost $6,229,045) |
5,537,432 | |||||||
|
|
|||||||
Housewares — 0.5% | ||||||||
Newell
Brands, Inc. |
2,011,000 | 1,970,635 | ||||||
5.20%, 4/1/26 |
7,983,000 | 7,760,284 | ||||||
6.375%, 9/15/27 (a) |
2,163,000 | 2,102,071 | ||||||
6.625%, 9/15/29 (a) |
2,011,000 | 1,928,734 | ||||||
Scotts
Miracle-Gro Co. |
1,670,000 | 1,483,828 | ||||||
4.00%, 4/1/31 |
1,910,000 | 1,621,991 | ||||||
4.375%, 2/1/32 |
1,655,000 | 1,385,566 | ||||||
|
|
|||||||
(Cost $19,556,874) |
18,253,109 | |||||||
|
|
|||||||
Leisure Time — 3.2% | ||||||||
Carnival Corp.
|
5,582,000 | 5,658,698 | ||||||
144A, 5.75%, 3/1/27 |
11,153,000 | 11,022,500 | ||||||
144A, 4.00%, 8/1/28 |
9,353,000 | 8,634,636 | ||||||
144A, 6.00%, 5/1/29 (a) |
8,044,000 | 7,865,729 | ||||||
144A, 7.00%, 8/15/29 |
2,044,000 | 2,121,729 | ||||||
144A, 10.50%, 6/1/30 |
4,022,000 | 4,391,369 | ||||||
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28 |
8,164,000 | 8,912,018 | ||||||
Life
Time, Inc. |
3,817,000 | 3,788,744 | ||||||
144A, 8.00%, 4/15/26 (a) |
1,855,000 | 1,873,606 | ||||||
NCL
Corp. Ltd. |
5,731,000 | 5,602,053 | ||||||
144A, 5.875%, 2/15/27 |
4,022,000 | 3,977,945 |
Principal |
Value |
|||||||
Leisure Time (Continued) | ||||||||
144A, 8.375%, 2/1/28 |
$ | 2,418,000 | $ | 2,540,070 | ||||
144A, 8.125%, 1/15/29 |
3,205,000 | 3,374,503 | ||||||
144A, 7.75%, 2/15/29 (a) |
2,413,000 | 2,475,366 | ||||||
Royal
Caribbean Cruises Ltd. |
2,623,000 | 2,528,676 | ||||||
144A, 5.50%, 8/31/26 |
4,022,000 | 3,979,864 | ||||||
144A, 5.375%, 7/15/27 |
4,101,000 | 4,026,481 | ||||||
144A, 11.625%, 8/15/27 |
5,596,000 | 6,057,187 | ||||||
3.70%, 3/15/28 |
2,056,000 | 1,899,292 | ||||||
144A, 5.50%, 4/1/28 |
5,771,000 | 5,684,724 | ||||||
144A, 9.25%, 1/15/29 |
4,197,000 | 4,517,764 | ||||||
144A, 7.25%, 1/15/30 |
2,918,000 | 3,036,077 | ||||||
Viking Cruises Ltd. 144A, 5.875%, 9/15/27 |
3,339,000 | 3,266,611 | ||||||
144A, 7.00%, 2/15/29 |
2,068,000 | 2,069,037 | ||||||
144A, 9.125%, 7/15/31 |
2,896,000 | 3,137,146 | ||||||
|
|
|||||||
(Cost $113,037,790) |
112,441,825 | |||||||
|
|
|||||||
Lodging — 2.5% | ||||||||
Boyd
Gaming Corp. |
4,126,000 | 3,971,148 | ||||||
144A, 4.75%, 6/15/31 |
3,662,000 | 3,330,021 | ||||||
Hilton
Domestic Operating Co., Inc. |
2,184,000 | 2,178,937 | ||||||
144A, 5.75%, 5/1/28 |
2,011,000 | 2,007,123 | ||||||
144A, 3.75%, 5/1/29 |
3,272,000 | 2,974,516 | ||||||
4.875%, 1/15/30 |
4,187,000 | 3,984,058 | ||||||
144A, 4.00%, 5/1/31 |
4,471,000 | 3,976,564 | ||||||
144A, 3.625%, 2/15/32 |
5,750,000 | 4,917,027 | ||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations
Borrower Esc |
3,524,000 | 3,268,106 | ||||||
144A, 4.875%, 7/1/31 |
1,845,000 | 1,629,756 | ||||||
144A, 6.625%, 1/15/32 |
3,747,000 | 3,749,556 | ||||||
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a) |
2,001,000 | 1,816,828 | ||||||
Melco
Resorts Finance Ltd. |
4,022,000 | 3,935,245 | ||||||
144A, 5.25%, 4/26/26 |
2,011,000 | 1,932,183 | ||||||
144A, 5.625%, 7/17/27 |
2,413,000 | 2,289,502 | ||||||
144A, 5.75%, 7/21/28 |
3,527,000 | 3,315,077 | ||||||
144A, 5.375%, 12/4/29 |
4,584,000 | 4,128,612 | ||||||
MGM
Resorts International |
3,189,000 | 3,195,480 | ||||||
5.75%, 6/15/25 |
2,715,000 | 2,712,897 | ||||||
4.625%, 9/1/26 |
1,624,000 | 1,575,846 | ||||||
5.50%, 4/15/27 |
2,782,000 | 2,727,308 | ||||||
4.75%, 10/15/28 (a) |
3,084,000 | 2,897,390 | ||||||
Station
Casinos LLC |
2,841,000 | 2,651,113 | ||||||
144A, 4.625%, 12/1/31 |
1,908,000 | 1,698,053 | ||||||
Studio
City Finance Ltd. |
2,074,000 | 1,968,693 | ||||||
144A, 5.00%, 1/15/29 |
4,352,000 | 3,799,146 | ||||||
Travel
+ Leisure Co. |
2,582,000 | 2,611,551 | ||||||
6.00%, 4/1/27 |
1,907,000 | 1,901,644 | ||||||
144A, 4.50%, 12/1/29 |
2,456,000 | 2,251,108 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
$ | 25,000 | $ | 25,009 | ||||
144A, 5.25%, 5/15/27 (a) |
3,715,000 | 3,639,238 | ||||||
|
|
|||||||
(Cost $91,642,095) |
87,058,735 | |||||||
|
|
|||||||
Retail — 4.9% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
2,003,000 | 1,997,350 | ||||||
144A, 3.875%, 1/15/28 |
6,234,000 | 5,821,152 | ||||||
144A, 4.375%, 1/15/28 |
2,997,000 | 2,815,889 | ||||||
144A, 3.50%, 2/15/29 (a) |
3,094,000 | 2,792,331 | ||||||
144A, 4.00%, 10/15/30 |
11,663,000 | 10,254,505 | ||||||
Advance Auto Parts, Inc., 3.90%, 4/15/30 |
2,000,000 | 1,787,530 | ||||||
Asbury
Automotive Group, Inc. |
1,535,000 | 1,432,899 | ||||||
144A, 4.625%, 11/15/29 (a) |
3,252,000 | 2,965,041 | ||||||
4.75%, 3/1/30 |
1,927,000 | 1,755,699 | ||||||
144A, 5.00%, 2/15/32 |
2,319,000 | 2,061,309 | ||||||
Bath &
Body Works, Inc. |
1,939,000 | 1,884,424 | ||||||
7.50%, 6/15/29 (a) |
2,131,000 | 2,202,090 | ||||||
144A, 6.625%, 10/1/30 |
3,802,000 | 3,826,964 | ||||||
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30 |
2,473,000 | 2,488,380 | ||||||
eG Global Finance PLC, 144A, 12.00%, 11/30/28 |
4,424,000 | 4,676,168 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
2,614,000 | 2,589,860 | ||||||
144A, 5.875%, 4/1/29 |
3,438,000 | 3,267,145 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
4,114,000 | 3,737,528 | ||||||
144A, 6.75%, 1/15/30 |
5,027,000 | 4,444,844 | ||||||
FirstCash, Inc.
|
2,148,000 | 1,989,459 | ||||||
144A, 5.625%, 1/1/30 |
2,269,000 | 2,152,173 | ||||||
144A, 6.875%, 3/1/32 |
1,800,000 | 1,784,463 | ||||||
Gap, Inc.
|
3,016,000 | 2,551,110 | ||||||
144A, 3.875%, 10/1/31 |
3,009,000 | 2,430,741 | ||||||
Kohl’s
Corp., |
2,057,000 | 1,622,335 | ||||||
LBM Acquisition LLC, 144A, 6.25%, 1/15/29 |
2,920,000 | 2,633,749 | ||||||
Lithia
Motors, Inc. |
1,649,000 | 1,572,588 | ||||||
144A, 3.875%, 6/1/29 (a) |
3,198,000 | 2,857,157 | ||||||
144A, 4.375%, 1/15/31 |
2,100,000 | 1,864,970 | ||||||
Macy’s
Retail Holdings LLC |
2,074,000 | 1,999,409 | ||||||
144A, 5.875%, 3/15/30 |
1,709,000 | 1,603,973 | ||||||
144A, 6.125%, 3/15/32 |
1,707,000 | 1,590,455 | ||||||
Michaels
Cos., Inc. |
3,419,000 | 2,658,813 | ||||||
144A, 7.875%, 5/1/29 |
4,612,000 | 2,983,934 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Murphy
Oil USA, Inc. |
$ | 2,058,000 | $ | 1,920,855 | ||||
144A, 3.75%, 2/15/31 |
1,904,000 | 1,626,532 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26 |
4,396,000 | 4,315,766 | ||||||
Nordstrom, Inc.
|
2,011,000 | 1,779,132 | ||||||
4.25%, 8/1/31 |
1,770,000 | 1,491,464 | ||||||
Penske
Automotive Group, Inc. |
2,212,000 | 2,148,067 | ||||||
3.75%, 6/15/29 |
2,018,000 | 1,789,305 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp. |
4,826,000 | 4,529,418 | ||||||
144A, 7.75%, 2/15/29 |
4,734,000 | 4,681,792 | ||||||
QVC, Inc.
|
2,298,000 | 2,073,408 | ||||||
4.375%, 9/1/28 |
1,982,000 | 1,627,799 | ||||||
Sonic
Automotive, Inc. |
2,693,000 | 2,379,426 | ||||||
144A, 4.875%, 11/15/31 (a) |
1,943,000 | 1,671,602 | ||||||
SRS
Distribution, Inc. |
2,683,000 | 2,505,493 | ||||||
144A, 6.125%, 7/1/29 |
1,792,000 | 1,672,581 | ||||||
144A, 6.00%, 12/1/29 |
3,396,000 | 3,164,648 | ||||||
Staples, Inc.
|
8,044,000 | 7,741,663 | ||||||
144A, 10.75%, 4/15/27 |
3,819,000 | 3,498,930 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31 |
2,691,000 | 2,419,979 | ||||||
Walgreens
Boots Alliance, Inc. |
5,821,000 | 5,554,305 | ||||||
3.20%, 4/15/30 (a) |
2,098,000 | 1,812,926 | ||||||
Yum!
Brands, Inc. 144A, |
3,191,000 | 3,030,094 | ||||||
3.625%, 3/15/31 |
4,033,000 | 3,550,064 | ||||||
4.625%, 1/31/32 |
4,511,000 | 4,145,180 | ||||||
5.375%, 4/1/32 |
4,112,000 | 3,952,208 | ||||||
|
|
|||||||
(Cost $181,486,731) |
170,179,074 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 16.7% |
| |||||||
Agriculture — 0.3% | ||||||||
Darling
Ingredients, Inc. |
2,011,000 | 1,974,655 | ||||||
144A, 6.00%, 6/15/30 |
4,139,000 | 4,081,463 | ||||||
Vector
Group Ltd. |
2,801,000 | 2,820,999 | ||||||
144A, 5.75%, 2/1/29 |
3,519,000 | 3,227,547 | ||||||
|
|
|||||||
(Cost $12,485,903) |
12,104,664 | |||||||
|
|
|||||||
Beverages — 0.1% | ||||||||
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 |
||||||||
(Cost $3,008,553) |
3,067,000 | 2,785,005 | ||||||
|
|
|||||||
Commercial Services — 4.3% | ||||||||
ADT
Security Corp., 144A, |
3,850,000 | 3,483,191 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 |
$ | 2,272,000 | $ | 2,249,166 | ||||
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27 |
1,810,000 | 1,818,897 | ||||||
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31 |
3,800,000 | 3,778,452 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
4,652,000 | 4,641,702 | ||||||
144A, 9.75%, 7/15/27 |
4,223,000 | 4,212,915 | ||||||
144A, 6.00%, 6/1/29 (a) |
3,861,000 | 3,201,000 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 |
4,929,000 | 4,388,587 | ||||||
APX
Group, Inc. |
2,398,000 | 2,403,539 | ||||||
144A, 5.75%, 7/15/29 |
3,347,000 | 3,186,414 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
1,250,000 | 1,192,306 | ||||||
144A, 4.75%, 4/1/28 (a) |
2,106,000 | 1,910,344 | ||||||
144A, 5.375%, 3/1/29 |
2,415,000 | 2,201,404 | ||||||
144A, 8.00%, 2/15/31 |
2,011,000 | 1,943,784 | ||||||
Block, Inc.
|
4,022,000 | 3,756,287 | ||||||
3.50%, 6/1/31 (a) |
4,142,000 | 3,537,324 | ||||||
Brink’s Co.
|
1,609,000 | 1,601,562 | ||||||
144A, 4.625%, 10/15/27 |
2,291,000 | 2,167,280 | ||||||
Garda
World Security Corp. |
2,303,000 | 2,202,092 | ||||||
144A, 9.50%, 11/1/27 |
2,431,000 | 2,442,545 | ||||||
144A, 7.75%, 2/15/28 |
1,607,000 | 1,633,593 | ||||||
144A, 6.00%, 6/1/29 |
2,073,000 | 1,816,386 | ||||||
Herc Holdings, Inc., 144A, 5.50%, 7/15/27 |
4,826,000 | 4,728,788 | ||||||
Hertz Corp.
|
2,011,000 | 1,782,249 | ||||||
144A, 5.00%, 12/1/29 (a) |
4,022,000 | 3,085,756 | ||||||
MPH
Acquisition Holdings LLC |
4,223,000 | 3,689,255 | ||||||
144A, 5.75%, 11/1/28 (a) |
3,941,000 | 3,148,130 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
5,425,000 | 5,388,557 | ||||||
144A, 3.375%, 8/31/27 |
4,131,000 | 3,786,290 | ||||||
144A, 6.25%, 1/15/28 (a) |
5,228,500 | 5,162,586 | ||||||
Sabre
GLBL, Inc. |
3,431,000 | 3,024,273 | ||||||
144A, 11.25%, 12/15/27 |
2,263,000 | 2,128,634 | ||||||
Service
Corp. International |
2,219,000 | 2,130,771 | ||||||
5.125%, 6/1/29 |
3,240,000 | 3,169,692 | ||||||
3.375%, 8/15/30 |
3,468,000 | 2,979,914 | ||||||
4.00%, 5/15/31 |
3,003,000 | 2,641,461 | ||||||
Sotheby’s,
|
3,077,000 | 2,959,580 |
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
United
Rentals North America, Inc. |
$ | 1,919,000 | $ | 1,908,265 | ||||
3.875%, 11/15/27 |
3,006,000 | 2,833,716 | ||||||
4.875%, 1/15/28 (a) |
6,452,000 | 6,234,634 | ||||||
5.25%, 1/15/30 |
3,094,000 | 2,998,517 | ||||||
4.00%, 7/15/30 |
3,109,000 | 2,817,123 | ||||||
3.875%, 2/15/31 |
4,400,000 | 3,892,526 | ||||||
3.75%, 1/15/32 |
3,099,000 | 2,684,851 | ||||||
Valvoline, Inc.
|
2,262,000 | 2,249,821 | ||||||
144A, 3.625%, 6/15/31 |
2,226,000 | 1,883,424 | ||||||
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32 |
5,000,000 | 5,141,725 | ||||||
Williams
Scotsman, Inc. |
2,285,000 | 2,282,932 | ||||||
144A, 4.625%, 8/15/28 |
2,079,000 | 1,954,374 | ||||||
144A, 7.375%, 10/1/31 |
2,062,000 | 2,140,305 | ||||||
|
|
|||||||
(Cost $157,535,371) |
148,596,919 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Coty,
Inc., 144A, |
2,212,000 | 2,169,850 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30 |
3,194,000 | 3,248,282 | ||||||
Edgewell
Personal Care Co. |
3,022,000 | 2,953,068 | ||||||
144A, 4.125%, 4/1/29 |
2,048,000 | 1,868,186 | ||||||
|
|
|||||||
(Cost $10,477,796) |
10,239,386 | |||||||
|
|
|||||||
Food — 2.5% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP /
Albertsons LLC |
3,029,000 | 2,880,823 | ||||||
144A, 7.50%, 3/15/26 |
2,690,000 | 2,740,486 | ||||||
144A, 4.625%, 1/15/27 |
5,429,000 | 5,239,349 | ||||||
144A, 5.875%, 2/15/28 |
3,016,000 | 2,974,477 | ||||||
144A, 6.50%, 2/15/28 (a) |
3,019,000 | 3,039,964 | ||||||
144A, 3.50%, 3/15/29 |
5,503,000 | 4,908,331 | ||||||
144A, 4.875%, 2/15/30 |
3,895,000 | 3,659,891 | ||||||
B&G
Foods, Inc. |
2,248,000 | 2,092,745 | ||||||
144A, 8.00%, 9/15/28 (a) |
2,361,000 | 2,460,889 | ||||||
Lamb
Weston Holdings, Inc. |
2,048,000 | 1,985,470 | ||||||
144A, 4.125%, 1/31/30 |
3,977,000 | 3,607,193 | ||||||
144A, 4.375%, 1/31/32 |
2,608,000 | 2,332,205 | ||||||
Performance
Food Group, Inc. |
4,263,000 | 4,179,690 | ||||||
144A, 4.25%, 8/1/29 |
4,107,000 | 3,731,308 | ||||||
Pilgrim’s
Pride Corp. |
3,606,000 | 3,015,896 | ||||||
6.25%, 7/1/33 |
4,082,000 | 4,130,796 | ||||||
6.875%, 5/15/34 |
1,828,000 | 1,927,397 | ||||||
Post
Holdings, Inc. |
1,844,000 | 1,861,666 | ||||||
144A, 5.625%, 1/15/28 |
3,887,000 | 3,819,370 | ||||||
144A, 5.50%, 12/15/29 |
4,964,000 | 4,753,522 |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Food (Continued) | ||||||||
144A, 4.625%, 4/15/30 |
$ | 5,691,000 | $ | 5,182,397 | ||||
144A, 4.50%, 9/15/31 |
4,262,000 | 3,797,402 | ||||||
144A, 6.25%, 2/15/32 |
3,300,000 | 3,321,184 | ||||||
Sigma Holdco BV, 144A, 7.875%, 5/15/26 |
1,960,000 | 1,874,497 | ||||||
US
Foods, Inc. |
2,043,000 | 2,081,306 | ||||||
144A, 4.75%, 2/15/29 |
3,722,000 | 3,497,656 | ||||||
144A, 4.625%, 6/1/30 |
1,686,000 | 1,546,451 | ||||||
144A, 7.25%, 1/15/32 |
2,048,000 | 2,116,897 | ||||||
|
|
|||||||
(Cost $92,430,127) |
88,759,258 | |||||||
|
|
|||||||
Healthcare-Products — 1.4% | ||||||||
Avantor
Funding, Inc. |
6,420,000 | 6,067,468 | ||||||
144A, 3.875%, 11/1/29 |
3,038,000 | 2,726,168 | ||||||
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28 |
5,682,000 | 5,944,792 | ||||||
Hologic, Inc.
|
1,810,000 | 1,736,037 | ||||||
144A, 3.25%, 2/15/29 |
3,561,000 | 3,178,540 | ||||||
Medline
Borrower LP |
18,098,000 | 16,242,921 | ||||||
144A, 5.25%, 10/1/29 |
10,054,000 | 9,309,310 | ||||||
Teleflex, Inc.
|
2,067,000 | 1,975,928 | ||||||
144A, 4.25%, 6/1/28 |
2,073,000 | 1,937,536 | ||||||
|
|
|||||||
(Cost $49,506,106) |
49,118,700 | |||||||
|
|
|||||||
Healthcare-Services — 5.0% | ||||||||
Catalent
Pharma Solutions, Inc. |
2,011,000 | 1,981,885 | ||||||
144A, 3.125%, 2/15/29 |
2,198,000 | 2,124,620 | ||||||
144A, 3.50%, 4/1/30 |
2,698,000 | 2,600,777 | ||||||
Charles
River Laboratories International, Inc. |
2,073,000 | 1,946,568 | ||||||
144A, 3.75%, 3/15/29 |
2,002,000 | 1,808,064 | ||||||
144A, 4.00%, 3/15/31 |
2,031,000 | 1,792,804 | ||||||
CHS/Community
Health Systems, Inc. |
4,488,000 | 4,447,495 | ||||||
144A, 5.625%, 3/15/27 |
7,641,000 | 6,999,964 | ||||||
144A, 8.00%, 12/15/27 |
2,751,000 | 2,634,275 | ||||||
144A, 6.875%, 4/1/28 |
3,040,000 | 1,966,285 | ||||||
144A, 6.00%, 1/15/29 (a) |
2,590,000 | 2,230,081 | ||||||
144A, 6.875%, 4/15/29 |
5,005,000 | 3,199,742 | ||||||
144A, 6.125%, 4/1/30 |
4,936,000 | 3,093,342 | ||||||
144A, 5.25%, 5/15/30 |
6,172,000 | 4,930,523 | ||||||
144A, 4.75%, 2/15/31 |
4,247,000 | 3,235,683 | ||||||
144A, 10.875%, 1/15/32 |
4,022,000 | 4,100,634 | ||||||
DaVita, Inc.
|
11,060,000 | 9,739,292 | ||||||
144A, 3.75%, 2/15/31 |
6,033,000 | 4,957,784 | ||||||
Encompass
Health Corp. |
3,302,000 | 3,127,568 | ||||||
4.75%, 2/1/30 |
3,296,000 | 3,060,005 | ||||||
4.625%, 4/1/31 |
1,428,000 | 1,293,465 |
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
IQVIA, Inc.
|
$ | 4,223,000 | $ | 4,132,615 | ||||
144A, 5.00%, 5/15/27 |
4,424,000 | 4,312,308 | ||||||
144A, 6.50%, 5/15/30 |
1,842,000 | 1,869,833 | ||||||
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27 |
2,498,000 | 2,320,005 | ||||||
LifePoint
Health, Inc. |
2,011,000 | 1,605,823 | ||||||
144A, 9.875%, 8/15/30 |
3,229,000 | 3,354,085 | ||||||
144A, 11.00%, 10/15/30 |
4,424,000 | 4,685,250 | ||||||
ModivCare, Inc., 144A, 5.875%, 11/15/25 (a) |
2,011,000 | 1,965,149 | ||||||
Molina
Healthcare, Inc. |
3,372,000 | 3,144,375 | ||||||
144A, 3.875%, 11/15/30 |
2,663,000 | 2,338,410 | ||||||
144A, 3.875%, 5/15/32 |
2,895,000 | 2,491,955 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26 |
5,101,000 | 5,104,795 | ||||||
Select Medical Corp., 144A, 6.25%, 8/15/26 |
4,927,000 | 4,919,087 | ||||||
Star
Parent, Inc., 144A, |
4,022,000 | 4,249,722 | ||||||
Tenet
Healthcare Corp. |
7,836,000 | 7,832,797 | ||||||
6.25%, 2/1/27 |
6,243,000 | 6,233,365 | ||||||
5.125%, 11/1/27 |
6,033,000 | 5,912,919 | ||||||
4.625%, 6/15/28 |
2,453,000 | 2,337,230 | ||||||
6.125%, 10/1/28 (a) |
10,054,000 | 9,948,584 | ||||||
4.25%, 6/1/29 |
5,414,000 | 4,984,090 | ||||||
4.375%, 1/15/30 |
5,715,000 | 5,239,764 | ||||||
6.125%, 6/15/30 |
8,276,000 | 8,206,564 | ||||||
144A, 6.75%, 5/15/31 |
5,678,000 | 5,734,780 | ||||||
|
|
|||||||
(Cost $186,166,714) |
174,194,361 | |||||||
|
|
|||||||
Household Products/Wares — 0.1% | ||||||||
Central
Garden & Pet Co. |
2,052,000 | 1,824,820 | ||||||
144A, 4.125%, 4/30/31 |
1,437,000 | 1,258,605 | ||||||
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31 (a) |
1,683,000 | 1,599,902 | ||||||
|
|
|||||||
(Cost $5,095,431) |
4,683,327 | |||||||
|
|
|||||||
Pharmaceuticals — 2.7% | ||||||||
AdaptHealth LLC
|
2,084,000 | 1,736,941 | ||||||
144A, 5.125%, 3/1/30 (a) |
2,468,000 | 2,066,321 | ||||||
Bausch
Health Americas, Inc. |
2,421,000 | 2,278,760 | ||||||
144A, 8.50%, 1/31/27 (a) |
2,584,000 | 1,473,366 | ||||||
Bausch
Health Cos., Inc. |
6,653,000 | 6,197,636 | ||||||
144A, 9.00%, 12/15/25 |
3,380,000 | 3,218,875 | ||||||
144A, 6.125%, 2/1/27 (a) |
4,051,000 | 2,597,704 | ||||||
144A, 5.75%, 8/15/27 |
1,981,000 | 1,196,191 | ||||||
144A, 5.00%, 1/30/28 |
1,757,000 | 803,817 | ||||||
144A, 4.875%, 6/1/28 |
6,435,000 | 3,673,993 | ||||||
144A, 11.00%, 9/30/28 |
7,135,000 | 4,816,125 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
144A, 5.00%, 2/15/29 |
$ | 1,818,000 | $ | 803,069 | ||||
144A, 6.25%, 2/15/29 (a) |
3,301,000 | 1,514,565 | ||||||
144A, 5.25%, 1/30/30 |
3,132,000 | 1,354,517 | ||||||
144A, 5.25%, 2/15/31 |
1,861,000 | 804,886 | ||||||
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28 |
2,006,000 | 1,888,318 | ||||||
Grifols
SA, 144A, |
2,843,000 | 2,370,778 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25 |
2,620,000 | 2,544,217 | ||||||
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29 |
2,413,000 | 1,728,504 | ||||||
Jazz Securities DAC, 144A, 4.375%, 1/15/29 |
6,219,000 | 5,735,465 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV |
8,429,000 | 7,721,768 | ||||||
144A, 5.125%, 4/30/31 |
8,044,000 | 6,900,223 | ||||||
Owens &
Minor, Inc. |
1,948,000 | 1,742,851 | ||||||
144A, 6.625%, 4/1/30 (a) |
2,312,000 | 2,236,351 | ||||||
Perrigo
Finance Unlimited Co. |
2,815,000 | 2,719,766 | ||||||
4.65%, 6/15/30 |
2,937,000 | 2,632,083 | ||||||
Prestige
Brands, Inc. |
1,643,000 | 1,589,603 | ||||||
144A, 3.75%, 4/1/31 |
2,453,000 | 2,121,354 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
13,531,000 | 12,548,598 | ||||||
6.75%, 3/1/28 |
5,026,000 | 5,090,232 | ||||||
|
|
|||||||
(Cost $113,944,996) |
94,106,877 | |||||||
|
|
|||||||
Diversified — 0.1% |
| |||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler International AG, 144A, 10.50%, 5/15/28 |
||||||||
(Cost $2,068,331) |
2,011,000 | 2,161,493 | ||||||
|
|
|||||||
Energy — 11.7% |
| |||||||
Energy-Alternate Sources — 0.0% | ||||||||
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a) |
||||||||
(Cost $1,432,948) |
1,648,000 | 1,388,530 | ||||||
|
|
|||||||
Oil & Gas — 5.4% | ||||||||
Antero
Resources Corp. |
1,637,000 | 1,687,429 | ||||||
144A, 5.375%, 3/1/30 |
2,453,000 | 2,340,046 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
2,401,000 | 2,401,258 | ||||||
144A, 8.25%, 12/31/28 |
2,062,000 | 2,095,384 | ||||||
144A, 5.875%, 6/30/29 |
1,548,000 | 1,440,390 | ||||||
Baytex
Energy Corp. |
1,648,000 | 1,710,873 | ||||||
144A, 8.50%, 4/30/30 |
3,217,000 | 3,347,687 | ||||||
Callon
Petroleum Co. |
2,614,000 | 2,732,056 | ||||||
144A, 7.50%, 6/15/30 |
2,485,000 | 2,619,858 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25 |
$ | 1,585,000 | $ | 1,598,219 | ||||
Chesapeake
Energy Corp. |
2,010,000 | 1,994,167 | ||||||
144A, 5.875%, 2/1/29 |
2,059,000 | 2,038,523 | ||||||
144A, 6.75%, 4/15/29 |
3,871,000 | 3,889,386 | ||||||
Civitas
Resources, Inc. |
1,609,000 | 1,560,417 | ||||||
144A, 8.375%, 7/1/28 |
5,445,000 | 5,704,585 | ||||||
144A, 8.625%, 11/1/30 |
4,092,000 | 4,382,086 | ||||||
144A, 8.75%, 7/1/31 |
5,429,000 | 5,780,370 | ||||||
CNX
Resources Corp. |
2,083,000 | 2,003,881 | ||||||
144A, 7.375%, 1/15/31 |
2,067,000 | 2,085,890 | ||||||
144A, 7.25%, 3/1/32 |
1,520,000 | 1,515,699 | ||||||
Comstock
Resources, Inc. |
4,922,000 | 4,546,766 | ||||||
144A, 5.875%, 1/15/30 (a) |
3,934,000 | 3,444,729 | ||||||
Crescent
Energy Finance LLC |
2,583,000 | 2,575,768 | ||||||
144A, 9.25%, 2/15/28 |
4,019,000 | 4,209,772 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25 |
3,402,000 | 3,388,290 | ||||||
CVR
Energy, Inc. |
1,627,000 | 1,511,540 | ||||||
144A, 8.50%, 1/15/29 |
2,366,000 | 2,382,692 | ||||||
Energean
PLC, |
1,798,000 | 1,644,181 | ||||||
Kosmos
Energy Ltd. |
2,587,000 | 2,505,432 | ||||||
144A, 7.75%, 5/1/27 |
1,609,000 | 1,530,923 | ||||||
144A, 7.50%, 3/1/28 |
1,798,000 | 1,672,985 | ||||||
Leviathan
Bond Ltd.144A, REGS, |
2,415,429 | 2,370,012 | ||||||
144A, REGS, 6.50%, 6/30/27 |
2,527,289 | 2,425,831 | ||||||
144A, REGS, 6.75%, 6/30/30 |
2,240,059 | 2,053,986 | ||||||
Matador
Resources Co. |
2,812,000 | 2,786,461 | ||||||
144A, 6.875%, 4/15/28 |
2,048,000 | 2,081,612 | ||||||
Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29 |
2,000,000 | 2,095,158 | ||||||
Murphy
Oil Corp., |
1,783,000 | 1,771,997 | ||||||
Northern
Oil & Gas, Inc. |
2,835,000 | 2,873,187 | ||||||
144A, 8.75%, 6/15/31 |
1,899,000 | 1,986,829 | ||||||
Parkland Corp.
|
2,011,000 | 1,975,452 | ||||||
144A, 4.50%, 10/1/29 |
3,263,000 | 2,984,682 | ||||||
144A, 4.625%, 5/1/30 |
3,127,000 | 2,859,376 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
3,324,000 | 3,235,631 | ||||||
144A, 7.875%, 9/15/30 |
2,073,000 | 2,125,810 | ||||||
Permian
Resources Operating LLC |
2,212,000 | 2,283,187 | ||||||
144A, 5.875%, 7/1/29 |
2,867,000 | 2,804,091 | ||||||
144A, 9.875%, 7/15/31 |
2,063,000 | 2,286,743 | ||||||
144A, 7.00%, 1/15/32 |
3,738,000 | 3,840,432 |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Puma International Financing SA, 144A, 5.00%, 1/24/26 |
$ | 3,016,000 | $ | 2,857,246 | ||||
Range
Resources Corp. |
2,733,000 | 2,697,368 | ||||||
8.25%, 1/15/29 |
2,533,000 | 2,644,610 | ||||||
144A, 4.75%, 2/15/30 |
2,059,000 | 1,914,870 | ||||||
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29 |
2,815,000 | 2,595,918 | ||||||
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28 |
2,428,000 | 2,484,003 | ||||||
SM
Energy Co. |
1,686,000 | 1,678,014 | ||||||
6.625%, 1/15/27 |
1,689,000 | 1,683,621 | ||||||
6.50%, 7/15/28 |
1,652,000 | 1,655,403 | ||||||
Southwestern
Energy Co. |
2,880,000 | 2,785,658 | ||||||
5.375%, 3/15/30 |
4,962,000 | 4,747,345 | ||||||
4.75%, 2/1/32 |
4,336,000 | 3,941,709 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
2,413,000 | 2,406,316 | ||||||
144A, 7.00%, 9/15/28 |
2,129,000 | 2,182,706 | ||||||
4.50%, 5/15/29 |
3,319,000 | 3,068,955 | ||||||
4.50%, 4/30/30 |
2,933,000 | 2,671,439 | ||||||
Talos
Production, Inc. |
2,500,000 | 2,557,133 | ||||||
144A, 9.375%, 2/1/31 |
2,500,000 | 2,584,910 | ||||||
Transocean, Inc.
|
2,289,000 | 2,264,713 | ||||||
144A, 11.50%, 1/30/27 |
2,922,000 | 3,041,086 | ||||||
144A, 8.00%, 2/1/27 |
2,462,000 | 2,405,374 | ||||||
Tullow
Oil PLC, 144A, |
2,029,000 | 1,907,164 | ||||||
Vital
Energy, Inc. |
2,816,000 | 2,949,493 | ||||||
9.75%, 10/15/30 |
2,142,000 | 2,296,222 | ||||||
|
|
|||||||
(Cost $191,524,564) |
189,203,035 | |||||||
|
|
|||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
2,011,000 | 2,002,749 | ||||||
144A, 6.25%, 4/1/28 |
3,247,000 | 3,168,678 | ||||||
CGG
SA, 144A, |
2,034,000 | 1,816,697 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
2,956,000 | 2,954,044 | ||||||
6.875%, 9/1/27 |
3,016,000 | 3,003,248 | ||||||
Weatherford International Ltd., 144A, 8.625%, 4/30/30 |
6,322,000 | 6,559,423 | ||||||
|
|
|||||||
(Cost $19,838,950) |
19,504,839 | |||||||
|
|
|||||||
Pipelines — 5.7% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. |
||||||||
144A, 7.875%, 5/15/26 |
2,985,000 | 3,050,909 | ||||||
144A, 5.75%, 3/1/27 |
2,614,000 | 2,559,531 | ||||||
144A, 5.75%, 1/15/28 |
2,656,000 | 2,606,130 |
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
144A, 5.375%, 6/15/29 |
$ | 2,668,000 | $ | 2,540,209 | ||||
144A, 6.625%, 2/1/32 |
2,473,000 | 2,464,431 | ||||||
Buckeye
Partners LP |
2,024,000 | 1,980,991 | ||||||
3.95%, 12/1/26 |
2,553,000 | 2,416,670 | ||||||
4.125%, 12/1/27 |
1,654,000 | 1,540,866 | ||||||
144A, 4.50%, 3/1/28 |
2,052,000 | 1,909,588 | ||||||
CQP
Holdco LP / BIP-V Chinook Holdco LLC |
5,630,000 | 5,250,484 | ||||||
144A, 7.50%, 12/15/33 (a) |
2,097,000 | 2,139,945 | ||||||
DT
Midstream, Inc. |
4,424,000 | 4,046,592 | ||||||
144A, 4.375%, 6/15/31 |
4,070,000 | 3,667,400 | ||||||
EnLink
Midstream LLC |
2,058,000 | 2,029,623 | ||||||
5.375%, 6/1/29 |
2,022,000 | 1,961,580 | ||||||
144A, 6.50%, 9/1/30 |
3,861,000 | 3,960,965 | ||||||
EnLink
Midstream Partners LP |
1,697,000 | 1,655,826 | ||||||
4.85%, 7/15/26 |
1,975,000 | 1,927,399 | ||||||
EQM
Midstream Partners LP |
1,609,000 | 1,608,066 | ||||||
4.125%, 12/1/26 |
2,062,000 | 1,978,456 | ||||||
144A, 7.50%, 6/1/27 |
1,998,000 | 2,045,636 | ||||||
144A, 6.50%, 7/1/27 |
3,722,000 | 3,762,146 | ||||||
5.50%, 7/15/28 |
3,440,000 | 3,377,041 | ||||||
144A, 4.50%, 1/15/29 |
3,239,000 | 3,039,007 | ||||||
144A, 7.50%, 6/1/30 |
2,049,000 | 2,179,984 | ||||||
144A, 4.75%, 1/15/31 |
4,190,000 | 3,900,111 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
3,946,000 | 3,977,107 | ||||||
7.75%, 2/1/28 |
2,732,000 | 2,734,451 | ||||||
8.25%, 1/15/29 |
2,408,000 | 2,450,102 | ||||||
8.875%, 4/15/30 |
2,006,000 | 2,081,782 | ||||||
Global
Partners LP / GLP Finance Corp. |
1,600,000 | 1,601,760 | ||||||
144A, 8.25%, 1/15/32 |
1,810,000 | 1,857,652 | ||||||
Hess
Midstream Operations LP |
3,197,000 | 3,154,720 | ||||||
144A, 5.125%, 6/15/28 |
2,278,000 | 2,190,570 | ||||||
144A, 4.25%, 2/15/30 |
2,796,000 | 2,548,540 | ||||||
144A, 5.50%, 10/15/30 |
1,649,000 | 1,586,223 | ||||||
ITT
Holdings LLC, 144A, |
4,907,000 | 4,360,184 | ||||||
New
Fortress Energy, Inc. |
5,027,000 | 5,005,708 | ||||||
144A, 6.50%, 9/30/26 (a) |
6,032,000 | 5,830,611 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp. |
3,600,000 | 3,636,997 | ||||||
144A, 8.375%, 2/15/32 |
5,200,000 | 5,286,278 | ||||||
NuStar
Logistics LP |
2,111,000 | 2,093,557 | ||||||
6.00%, 6/1/26 |
1,748,000 | 1,729,463 | ||||||
5.625%, 4/28/27 |
2,533,000 | 2,509,253 | ||||||
6.375%, 10/1/30 |
2,501,000 | 2,510,379 |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
Rockies
Express Pipeline LLC |
$ | 1,610,000 | $ | 1,562,313 | ||||
144A, 4.95%, 7/15/29 |
2,284,000 | 2,138,003 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
1,729,000 | 1,707,975 | ||||||
144A, 5.50%, 1/15/28 |
3,194,000 | 3,038,005 | ||||||
144A, 7.375%, 2/15/29 |
3,064,000 | 3,059,499 | ||||||
144A, 6.00%, 12/31/30 |
2,958,000 | 2,753,577 | ||||||
144A, 6.00%, 9/1/31 |
1,829,000 | 1,676,907 | ||||||
Venture
Global Calcasieu Pass LLC |
5,152,000 | 4,629,143 | ||||||
144A, 6.25%, 1/15/30 |
4,101,000 | 4,097,545 | ||||||
144A, 4.125%, 8/15/31 |
5,086,000 | 4,467,717 | ||||||
144A, 3.875%, 11/1/33 |
4,923,000 | 4,132,880 | ||||||
Venture
Global LNG, Inc. |
9,001,000 | 9,151,421 | ||||||
144A, 9.50%, 2/1/29 |
12,065,000 | 12,871,406 | ||||||
144A, 8.375%, 6/1/31 |
9,049,000 | 9,159,633 | ||||||
144A, 9.875%, 2/1/32 |
8,044,000 | 8,474,402 | ||||||
|
|
|||||||
(Cost $205,998,391) |
199,665,349 | |||||||
|
|
|||||||
Financial — 11.7% | ||||||||
Banks — 0.3% | ||||||||
Freedom
Mortgage Corp. |
2,016,000 | 2,002,593 | ||||||
144A, 6.625%, 1/15/27 |
2,152,000 | 2,053,302 | ||||||
144A, 12.00%, 10/1/28 |
3,217,000 | 3,489,435 | ||||||
144A, 12.25%, 10/1/30 |
2,079,000 | 2,290,037 | ||||||
|
|
|||||||
(Cost $9,393,389) |
9,835,367 | |||||||
|
|
|||||||
Diversified Financial Services — 4.3% | ||||||||
AG
Issuer LLC, 144A, |
2,029,000 | 1,965,183 | ||||||
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27 |
2,011,000 | 2,071,978 | ||||||
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29 |
3,615,000 | 3,702,266 | ||||||
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31 |
2,690,000 | 2,827,863 | ||||||
Coinbase
Global, Inc. |
4,120,000 | 3,485,236 | ||||||
144A, 3.625%, 10/1/31 |
2,937,000 | 2,302,260 | ||||||
Credit Acceptance Corp., 144A, 9.25%, 12/15/28 |
2,516,000 | 2,664,696 | ||||||
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28* |
2,744,000 | 751,170 | ||||||
Enova International, Inc., 144A, 11.25%, 12/15/28 |
1,627,000 | 1,705,353 | ||||||
goeasy
Ltd., 144A, |
2,200,000 | 2,336,400 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28 |
3,994,000 | 3,597,443 | ||||||
LD
Holdings Group LLC |
2,009,000 | 1,861,368 | ||||||
144A, 6.125%, 4/1/28 |
2,413,000 | 1,972,422 | ||||||
Macquarie
Airfinance Holdings Ltd., 144A, |
2,011,000 | 2,108,131 |
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
Nationstar
Mortgage Holdings, Inc. |
$ | 2,011,000 | $ | 1,956,023 | ||||
144A, 6.00%, 1/15/27 |
2,378,000 | 2,340,154 | ||||||
144A, 5.50%, 8/15/28 |
3,397,000 | 3,211,416 | ||||||
144A, 5.125%, 12/15/30 |
2,692,000 | 2,406,260 | ||||||
144A, 5.75%, 11/15/31 |
2,413,000 | 2,212,815 | ||||||
144A, 7.125%, 2/1/32 |
3,900,000 | 3,838,922 | ||||||
Navient Corp.
|
2,023,000 | 2,036,775 | ||||||
6.75%, 6/15/26 |
1,956,000 | 1,965,811 | ||||||
5.00%, 3/15/27 |
2,648,000 | 2,513,530 | ||||||
4.875%, 3/15/28 |
1,966,000 | 1,797,091 | ||||||
5.50%, 3/15/29 |
3,049,000 | 2,763,150 | ||||||
9.375%, 7/25/30 |
2,033,000 | 2,126,910 | ||||||
11.50%, 3/15/31 |
2,093,000 | 2,292,080 | ||||||
NFP Corp.
|
2,355,000 | 2,351,279 | ||||||
144A, 6.875%, 8/15/28 |
8,587,000 | 8,728,160 | ||||||
OneMain
Finance Corp. |
5,210,000 | 5,266,320 | ||||||
7.125%, 3/15/26 |
6,435,000 | 6,544,504 | ||||||
3.50%, 1/15/27 |
3,034,000 | 2,796,570 | ||||||
6.625%, 1/15/28 |
3,186,000 | 3,170,554 | ||||||
3.875%, 9/15/28 |
2,318,000 | 2,028,015 | ||||||
9.00%, 1/15/29 |
3,620,000 | 3,805,417 | ||||||
5.375%, 11/15/29 |
3,024,000 | 2,809,804 | ||||||
7.875%, 3/15/30 |
2,815,000 | 2,865,231 | ||||||
4.00%, 9/15/30 |
3,276,000 | 2,764,064 | ||||||
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27 (a) |
1,646,000 | 1,711,210 | ||||||
PennyMac
Financial Services, Inc. |
2,614,000 | 2,574,943 | ||||||
144A, 4.25%, 2/15/29 |
2,497,000 | 2,254,143 | ||||||
144A, 7.875%, 12/15/29 |
3,076,000 | 3,151,328 | ||||||
144A, 5.75%, 9/15/31 |
1,998,000 | 1,838,893 | ||||||
PRA
Group, Inc., 144A, |
1,623,000 | 1,587,497 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
4,625,000 | 4,260,203 | ||||||
144A, 3.625%, 3/1/29 |
3,038,000 | 2,697,705 | ||||||
144A, 3.875%, 3/1/31 |
5,096,000 | 4,379,248 | ||||||
144A, 4.00%, 10/15/33 |
3,357,000 | 2,789,818 | ||||||
SLM Corp.
|
2,011,000 | 1,951,997 | ||||||
3.125%, 11/2/26 |
2,077,000 | 1,910,270 | ||||||
Synchrony
Financial, |
3,016,000 | 2,934,065 | ||||||
United
Wholesale Mortgage LLC |
3,217,000 | 3,164,984 | ||||||
144A, 5.75%, 6/15/27 |
2,100,000 | 2,039,383 | ||||||
144A, 5.50%, 4/15/29 |
2,820,000 | 2,635,885 | ||||||
|
|
|||||||
(Cost $156,743,193) |
149,824,196 | |||||||
|
|
|||||||
Insurance — 1.7% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
1,752,000 | 1,823,251 | ||||||
144A, 4.25%, 2/15/29 |
2,887,000 | 2,563,757 | ||||||
144A, 6.00%, 8/1/29 |
2,091,000 | 1,884,222 |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Insurance (Continued) | ||||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
$ | 3,131,000 | $ | 2,893,453 | ||||
144A, 6.75%, 10/15/27 |
5,272,000 | 5,126,651 | ||||||
144A, 6.75%, 4/15/28 |
5,166,000 | 5,135,288 | ||||||
144A, 5.875%, 11/1/29 |
1,765,000 | 1,617,084 | ||||||
144A, 7.00%, 1/15/31 |
3,027,000 | 3,017,298 | ||||||
AmWINS Group, Inc., 144A, 6.375%, 2/15/29 |
2,900,000 | 2,903,704 | ||||||
AssuredPartners, Inc.
|
2,275,000 | 2,095,080 | ||||||
144A, 7.50%, 2/15/32 |
1,900,000 | 1,868,375 | ||||||
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 144A, 7.25%, 2/15/31 |
3,900,000 | 3,908,522 | ||||||
HUB
International Ltd. |
2,273,000 | 2,112,290 | ||||||
144A, 7.25%, 6/15/30 |
13,110,000 | 13,382,268 | ||||||
144A, 7.375%, 1/31/32 |
7,500,000 | 7,528,448 | ||||||
USI,
Inc., 144A, |
2,637,000 | 2,630,408 | ||||||
|
|
|||||||
(Cost $61,302,992) |
60,490,099 | |||||||
|
|
|||||||
Investment Companies — 0.1% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29 |
||||||||
(Cost $2,885,259) |
2,815,000 | 2,945,194 | ||||||
|
|
|||||||
Real Estate — 0.7% | ||||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30 |
2,601,197 | 2,360,534 | ||||||
Cushman &
Wakefield US Borrower LLC |
2,687,000 | 2,649,234 | ||||||
144A, 8.875%, 9/1/31 |
1,507,000 | 1,570,256 | ||||||
Howard
Hughes Corp. |
2,982,000 | 2,816,574 | ||||||
144A, 4.125%, 2/1/29 |
2,587,000 | 2,299,882 | ||||||
144A, 4.375%, 2/1/31 |
2,648,000 | 2,259,453 | ||||||
Kennedy-Wilson, Inc.
|
2,460,000 | 1,995,146 | ||||||
4.75%, 2/1/30 |
2,482,000 | 1,966,427 | ||||||
5.00%, 3/1/31 |
2,413,000 | 1,878,460 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp. |
2,317,000 | 1,726,165 | ||||||
144A, 5.25%, 4/15/30 |
1,839,000 | 1,290,247 | ||||||
|
|
|||||||
(Cost $25,637,401) |
22,812,378 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 3.9% | ||||||||
Brandywine Operating Partnership LP, 3.95%, 11/15/27 |
1,813,000 | 1,595,756 | ||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI
Sellco LL |
3,802,000 | 3,670,561 | ||||||
144A, 4.50%, 4/1/27 |
2,922,000 | 2,572,123 | ||||||
Diversified
Healthcare Trust |
2,011,000 | 2,004,080 | ||||||
4.75%, 2/15/28 |
1,936,000 | 1,542,970 | ||||||
4.375%, 3/1/31 |
2,042,000 | 1,554,085 |
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27 |
$ | 2,086,000 | $ | 1,763,839 | ||||
Hudson
Pacific Properties LP |
1,602,000 | 1,385,239 | ||||||
4.65%, 4/1/29 |
2,011,000 | 1,677,400 | ||||||
3.25%, 1/15/30 |
1,627,000 | 1,223,461 | ||||||
Iron
Mountain, Inc. |
3,812,000 | 3,660,162 | ||||||
144A, 5.25%, 3/15/28 |
3,417,000 | 3,296,928 | ||||||
144A, 5.00%, 7/15/28 |
2,078,000 | 1,969,222 | ||||||
144A, 7.00%, 2/15/29 |
4,131,000 | 4,197,366 | ||||||
144A, 4.875%, 9/15/29 |
4,101,000 | 3,817,551 | ||||||
144A, 5.25%, 7/15/30 |
5,191,000 | 4,862,359 | ||||||
144A, 4.50%, 2/15/31 |
4,292,000 | 3,802,026 | ||||||
144A, 5.625%, 7/15/32 |
2,480,000 | 2,307,737 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
2,458,000 | 2,264,708 | ||||||
144A, 4.75%, 6/15/29 |
2,521,000 | 2,265,632 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
2,011,000 | 1,793,260 | ||||||
5.00%, 10/15/27 (a) |
5,630,000 | 4,613,462 | ||||||
4.625%, 8/1/29 (a) |
3,620,000 | 2,700,954 | ||||||
3.50%, 3/15/31 (a) |
5,228,000 | 3,505,026 | ||||||
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28 |
2,027,000 | 1,709,298 | ||||||
Office Properties Income Trust, 3.45%, 10/15/31 |
1,609,000 | 710,028 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer |
2,711,000 | 2,721,858 | ||||||
144A, 5.875%, 10/1/28 |
2,992,000 | 2,910,947 | ||||||
144A, 4.875%, 5/15/29 |
2,875,000 | 2,644,138 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
2,940,500 | 2,810,809 | ||||||
144A, 7.25%, 7/15/28 |
1,659,000 | 1,700,595 | ||||||
144A, 4.50%, 2/15/29 |
2,161,000 | 2,010,594 | ||||||
RLJ
Lodging Trust LP |
2,011,000 | 1,897,680 | ||||||
144A, 4.00%, 9/15/29 |
2,133,000 | 1,863,794 | ||||||
SBA
Communications Corp. |
6,200,000 | 5,856,103 | ||||||
3.125%, 2/1/29 |
5,725,000 | 5,070,544 | ||||||
Service
Properties Trust |
3,217,000 | 3,261,485 | ||||||
4.75%, 10/1/26 |
1,749,000 | 1,619,799 | ||||||
4.95%, 2/15/27 |
1,602,000 | 1,472,621 | ||||||
5.50%, 12/15/27 |
1,851,000 | 1,744,687 | ||||||
3.95%, 1/15/28 |
1,615,000 | 1,367,585 | ||||||
4.95%, 10/1/29 |
1,686,000 | 1,388,979 | ||||||
4.375%, 2/15/30 |
1,609,000 | 1,241,943 | ||||||
144A, 8.625%, 11/15/31 |
4,124,000 | 4,359,097 |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Starwood
Property Trust, Inc. |
$ | 1,962,000 | $ | 1,937,799 | ||||
144A, 3.625%, 7/15/26 |
1,609,000 | 1,502,331 | ||||||
144A, 4.375%, 1/15/27 (a) |
1,989,000 | 1,867,233 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30 |
2,815,000 | 2,058,215 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
10,457,000 | 10,834,839 | ||||||
144A, 4.75%, 4/15/28 |
2,278,000 | 1,981,955 | ||||||
144A, 6.50%, 2/15/29 |
4,464,000 | 3,441,560 | ||||||
Vornado
Realty LP, |
1,609,000 | 1,444,650 | ||||||
|
|
|||||||
(Cost $148,157,542) |
137,477,073 | |||||||
|
|
|||||||
Venture Capital — 0.7% | ||||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
1,425,000 | 1,411,795 | ||||||
144A, 3.375%, 6/15/26 (a) |
4,034,000 | 3,777,633 | ||||||
144A, 8.00%, 6/15/27 (a) |
2,994,000 | 3,112,455 | ||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
3,006,000 | 2,981,996 | ||||||
6.25%, 5/15/26 |
5,019,000 | 4,895,413 | ||||||
5.25%, 5/15/27 |
5,738,000 | 5,278,271 | ||||||
4.375%, 2/1/29 |
2,944,000 | 2,487,665 | ||||||
|
|
|||||||
(Cost $25,125,196) |
23,945,228 | |||||||
|
|
|||||||
Industrial — 9.3% | ||||||||
Aerospace/Defense — 2.4% | ||||||||
Bombardier, Inc.
|
3,836,000 | 3,870,731 | ||||||
144A, 7.875%, 4/15/27 |
7,278,000 | 7,291,835 | ||||||
144A, 6.00%, 2/15/28 |
3,054,000 | 2,967,754 | ||||||
144A, 7.50%, 2/1/29 (a) |
3,073,000 | 3,119,447 | ||||||
144A, 8.75%, 11/15/30 |
3,004,000 | 3,150,475 | ||||||
Rolls-Royce PLC
|
4,127,000 | 3,989,241 | ||||||
144A, 5.75%, 10/15/27 |
3,800,000 | 3,785,088 | ||||||
Spirit
AeroSystems, Inc. |
2,828,000 | 2,485,557 | ||||||
144A, 9.375%, 11/30/29 |
3,620,000 | 3,919,026 | ||||||
144A, 9.75%, 11/15/30 |
4,977,000 | 5,338,365 | ||||||
TransDigm, Inc.
|
2,668,000 | 2,667,728 | ||||||
5.50%, 11/15/27 |
10,921,000 | 10,556,060 | ||||||
144A, 6.75%, 8/15/28 |
8,657,000 | 8,771,324 | ||||||
4.625%, 1/15/29 |
4,976,000 | 4,567,371 | ||||||
4.875%, 5/1/29 |
3,107,000 | 2,857,076 | ||||||
144A, 6.875%, 12/15/30 |
5,950,000 | 6,026,815 | ||||||
144A, 7.125%, 12/1/31 |
4,167,000 | 4,279,801 | ||||||
Triumph
Group, Inc. |
1,150,000 | 1,148,304 | ||||||
144A, 9.00%, 3/15/28 |
4,806,000 | 5,029,883 | ||||||
|
|
|||||||
(Cost $87,131,720) |
85,821,881 | |||||||
|
|
Principal |
Value |
|||||||
Building Materials — 1.2% | ||||||||
Builders
FirstSource, Inc. |
$ | 2,255,000 | $ | 2,131,476 | ||||
144A, 4.25%, 2/1/32 |
5,301,000 | 4,663,025 | ||||||
144A, 6.375%, 6/15/32 |
2,591,000 | 2,593,751 | ||||||
Smyrna
Ready Mix Concrete LLC |
4,503,000 | 4,372,499 | ||||||
144A, 8.875%, 11/15/31 |
4,296,000 | 4,557,064 | ||||||
Standard
Industries, Inc. |
3,419,000 | 3,295,801 | ||||||
144A, 4.75%, 1/15/28 |
4,055,000 | 3,830,484 | ||||||
144A, 4.375%, 7/15/30 |
6,435,000 | 5,743,337 | ||||||
144A, 3.375%, 1/15/31 |
4,336,000 | 3,597,328 | ||||||
Summit
Materials LLC / Summit Materials Finance Corp. |
2,868,000 | 2,779,121 | ||||||
144A, 7.25%, 1/15/31 |
3,307,000 | 3,434,610 | ||||||
|
|
|||||||
(Cost $42,918,201) |
40,998,496 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer
Holdings, Inc. |
2,481,000 | 2,271,052 | ||||||
144A, 4.375%, 3/31/29 |
2,998,000 | 2,659,346 | ||||||
WESCO
Distribution, Inc. |
6,299,000 | 6,342,054 | ||||||
144A, 7.25%, 6/15/28 |
5,602,000 | 5,729,985 | ||||||
|
|
|||||||
(Cost $17,494,787) |
17,002,437 | |||||||
|
|
|||||||
Electronics — 0.4% | ||||||||
Sensata
Technologies BV |
2,810,000 | 2,786,285 | ||||||
144A, 4.00%, 4/15/29 |
4,043,000 | 3,670,489 | ||||||
144A, 5.875%, 9/1/30 |
2,042,000 | 1,990,646 | ||||||
Sensata
Technologies, Inc. |
1,669,000 | 1,522,235 | ||||||
144A, 3.75%, 2/15/31 |
3,038,000 | 2,600,710 | ||||||
|
|
|||||||
(Cost $13,555,817) |
12,570,365 | |||||||
|
|
|||||||
Engineering & Construction — 0.3% | ||||||||
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30 |
5,471,000 | 5,824,846 | ||||||
Fluor
Corp., |
2,453,000 | 2,321,335 | ||||||
IHS
Holding Ltd. |
2,011,000 | 1,767,448 | ||||||
144A, 6.25%, 11/29/28 |
1,980,000 | 1,620,804 | ||||||
|
|
|||||||
(Cost $11,412,318) |
11,534,433 | |||||||
|
|
|||||||
Environmental Control — 0.9% | ||||||||
Clean Harbors, Inc., 144A, 6.375%, 2/1/31 |
2,063,000 | 2,052,374 | ||||||
Covanta
Holding Corp., |
1,654,000 | 1,438,443 | ||||||
GFL
Environmental, Inc. |
1,998,000 | 1,964,633 | ||||||
144A, 3.75%, 8/1/25 |
3,027,000 | 2,941,782 | ||||||
144A, 5.125%, 12/15/26 |
2,002,000 | 1,960,275 | ||||||
144A, 4.00%, 8/1/28 |
2,701,000 | 2,478,835 | ||||||
144A, 3.50%, 9/1/28 |
3,016,000 | 2,737,230 | ||||||
144A, 4.75%, 6/15/29 |
3,087,000 | 2,893,095 | ||||||
144A, 4.375%, 8/15/29 |
2,223,000 | 2,027,087 | ||||||
144A, 6.75%, 1/15/31 |
4,117,000 | 4,216,265 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Environmental Control (Continued) | ||||||||
Madison
IAQ LLC |
$ | 2,800,000 | $ | 2,553,456 | ||||
144A, 5.875%, 6/30/29 |
4,100,000 | 3,664,464 | ||||||
|
|
|||||||
(Cost $32,137,230) |
30,927,939 | |||||||
|
|
|||||||
Machinery-Diversified — 0.4% | ||||||||
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28 |
2,009,000 | 2,091,019 | ||||||
SPX
FLOW, Inc., 144A, |
2,035,000 | 1,996,764 | ||||||
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26 |
2,000,000 | 2,001,600 | ||||||
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28 |
1,560,000 | 1,527,599 | ||||||
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27 |
6,436,000 | 6,191,439 | ||||||
|
|
|||||||
(Cost $13,928,666) |
13,808,421 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand, Inc.
|
1,725,000 | 1,713,791 | ||||||
6.25%, 2/15/29 |
1,700,000 | 1,702,358 | ||||||
Trinity Industries, Inc., 144A, 7.75%, 7/15/28 |
1,602,000 | 1,651,789 | ||||||
|
|
|||||||
(Cost $5,066,565) |
5,067,938 | |||||||
|
|
|||||||
Packaging & Containers — 2.6% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging
Finance PLC |
2,418,000 | 2,376,776 | ||||||
144A, 3.25%, 9/1/28 |
2,482,000 | 2,154,301 | ||||||
144A, 4.00%, 9/1/29 (a) |
4,126,000 | 3,355,702 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
2,977,000 | 2,948,223 | ||||||
144A, 4.125%, 8/15/26 (a) |
4,886,000 | 4,513,540 | ||||||
144A, 5.25%, 8/15/27 |
4,022,000 | 2,921,768 | ||||||
144A, 5.25%, 8/15/27 |
3,217,000 | 2,336,978 | ||||||
Ball Corp.
|
3,016,000 | 3,091,886 | ||||||
6.00%, 6/15/29 |
4,022,000 | 4,046,522 | ||||||
2.875%, 8/15/30 |
5,334,000 | 4,520,905 | ||||||
3.125%, 9/15/31 (a) |
3,257,000 | 2,747,089 | ||||||
Berry Global, Inc., 144A, 5.625%, 7/15/27 |
2,214,000 | 2,185,199 | ||||||
Crown
Americas LLC, |
2,049,000 | 1,975,605 | ||||||
Graphic
Packaging International LLC |
1,832,000 | 1,677,304 | ||||||
144A, 3.75%, 2/1/30 |
1,415,000 | 1,260,715 | ||||||
LABL, Inc.
|
2,815,000 | 2,732,413 | ||||||
144A, 10.50%, 7/15/27 (a) |
2,710,000 | 2,634,111 | ||||||
144A, 5.875%, 11/1/28 |
1,981,000 | 1,778,143 | ||||||
144A, 8.25%, 11/1/29 |
1,888,000 | 1,598,900 | ||||||
Mauser
Packaging Solutions Holding Co. |
11,060,000 | 11,214,199 | ||||||
144A, 9.25%, 4/15/27 (a) |
5,403,000 | 5,260,432 |
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
OI European Group BV, 144A, 4.75%, 2/15/30 |
$ | 1,309,000 | $ | 1,206,309 | ||||
Owens-Brockway
Glass Container, Inc. |
2,426,000 | 2,422,489 | ||||||
144A, 7.25%, 5/15/31 |
2,923,000 | 2,966,085 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27 |
4,218,000 | 3,933,665 | ||||||
Sealed
Air Corp. |
1,809,000 | 1,807,281 | ||||||
144A, 4.00%, 12/1/27 |
1,757,000 | 1,636,038 | ||||||
144A, 6.125%, 2/1/28 |
3,117,000 | 3,110,017 | ||||||
144A, 5.00%, 4/15/29 |
1,757,000 | 1,666,019 | ||||||
144A, 7.25%, 2/15/31 |
1,471,000 | 1,520,475 | ||||||
Silgan
Holdings, Inc., |
2,304,000 | 2,153,406 | ||||||
|
|
|||||||
(Cost $94,878,303) |
89,752,495 | |||||||
|
|
|||||||
Transportation — 0.2% | ||||||||
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (a) |
2,368,000 | 2,097,267 | ||||||
Seaspan
Corp., 144A, |
3,019,000 | 2,577,803 | ||||||
XPO, Inc.
|
1,857,000 | 1,898,595 | ||||||
144A, 7.125%, 2/1/32 |
2,450,000 | 2,492,846 | ||||||
|
|
|||||||
(Cost $9,505,208) |
9,066,511 | |||||||
|
|
|||||||
Trucking & Leasing — 0.3% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
2,631,000 | 2,634,838 | ||||||
144A, 9.75%, 8/1/27 |
1,665,000 | 1,727,421 | ||||||
144A, 5.50%, 5/1/28 |
4,122,000 | 3,952,426 | ||||||
144A, 7.875%, 12/1/30 |
1,806,000 | 1,895,130 | ||||||
|
|
|||||||
(Cost $10,362,679) |
10,209,815 | |||||||
|
|
|||||||
Technology — 4.8% | ||||||||
Computers — 1.4% | ||||||||
CA Magnum Holdings, 144A, 5.375%, 10/31/26 |
3,900,000 | 3,758,391 | ||||||
McAfee
Corp., 144A, |
8,124,000 | 7,179,568 | ||||||
NCR Atleos Corp., 144A, 9.50%, 4/1/29 |
5,429,000 | 5,747,954 | ||||||
NCR
Voyix Corp. |
2,642,000 | 2,458,524 | ||||||
144A, 5.125%, 4/15/29 |
4,668,000 | 4,333,959 | ||||||
144A, 5.25%, 10/1/30 |
1,810,000 | 1,637,100 | ||||||
Presidio
Holdings, Inc. |
2,111,000 | 2,030,727 | ||||||
144A, 8.25%, 2/1/28 |
2,212,000 | 2,182,911 | ||||||
Seagate
HDD Cayman |
2,079,000 | 2,015,339 | ||||||
4.091%, 6/1/29 |
2,031,000 | 1,855,287 | ||||||
144A, 8.25%, 12/15/29 |
2,068,000 | 2,217,614 | ||||||
144A, 8.50%, 7/15/31 (a) |
2,038,000 | 2,205,223 | ||||||
9.625%, 12/1/32 |
2,868,495 | 3,244,268 | ||||||
Western
Digital Corp., |
9,267,000 | 9,065,762 | ||||||
|
|
|||||||
(Cost $51,379,605) |
49,932,627 | |||||||
|
|
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Principal |
Value |
|||||||
Office/Business Equipment — 0.2% | ||||||||
Xerox
Holdings Corp. |
$ | 3,016,000 | $ | 2,969,109 | ||||
144A, 5.50%, 8/15/28 |
3,138,000 | 2,841,510 | ||||||
|
|
|||||||
(Cost $6,187,215) |
5,810,619 | |||||||
|
|
|||||||
Semiconductors — 0.5% | ||||||||
ams-OSRAM AG, 144A, 12.25%, 3/30/29 |
1,607,000 | 1,632,109 | ||||||
Entegris, Inc.
|
1,865,000 | 1,744,499 | ||||||
144A, 4.75%, 4/15/29 |
6,218,000 | 5,869,188 | ||||||
144A, 3.625%, 5/1/29 |
1,590,000 | 1,408,605 | ||||||
144A, 5.95%, 6/15/30 |
3,690,000 | 3,620,939 | ||||||
ON Semiconductor Corp., 144A, 3.875%, 9/1/28 |
2,837,000 | 2,596,962 | ||||||
|
|
|||||||
(Cost $17,221,623) |
16,872,302 | |||||||
|
|
|||||||
Software — 2.7% | ||||||||
Alteryx,
Inc., 144A, |
1,802,000 | 1,828,835 | ||||||
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a) |
9,451,000 | 8,470,569 | ||||||
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25 |
2,388,000 | 2,392,012 | ||||||
Clarivate
Science Holdings Corp. |
3,434,000 | 3,138,284 | ||||||
144A, 4.875%, 7/1/29 (a) |
3,815,000 | 3,464,484 | ||||||
Cloud
Software Group, Inc. |
16,087,000 | 14,991,202 | ||||||
144A, 9.00%, 9/30/29 |
15,434,000 | 14,423,055 | ||||||
Fair
Isaac Corp. |
1,607,000 | 1,591,412 | ||||||
144A, 4.00%, 6/15/28 |
3,494,000 | 3,249,174 | ||||||
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a) |
2,002,000 | 1,932,582 | ||||||
Open
Text Corp. |
3,515,000 | 3,233,466 | ||||||
144A, 3.875%, 12/1/29 |
3,503,000 | 3,099,270 | ||||||
Open
Text Holdings, Inc. |
3,687,000 | 3,259,189 | ||||||
144A, 4.125%, 12/1/31 |
2,554,000 | 2,188,303 | ||||||
PTC, Inc., 144A, 4.00%, 2/15/28 |
2,202,000 | 2,056,624 | ||||||
RingCentral, Inc., 144A, 8.50%, 8/15/30 |
1,635,000 | 1,691,694 | ||||||
ROBLOX
Corp., 144A, |
4,097,000 | 3,591,287 | ||||||
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27 |
8,044,000 | 7,840,847 | ||||||
Twilio, Inc. |
2,043,000 | 1,820,783 | ||||||
3.875%, 3/15/31 |
2,036,000 | 1,773,363 | ||||||
UKG,
Inc., 144A, |
9,900,000 | 10,010,039 | ||||||
|
|
|||||||
(Cost $98,704,447) |
96,046,474 | |||||||
|
|
|||||||
Utilities — 3.1% | ||||||||
Electric — 2.8% | ||||||||
Calpine Corp.
|
1,689,000 | 1,665,469 | ||||||
144A, 4.50%, 2/15/28 |
5,156,000 | 4,861,703 |
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
144A, 5.125%, 3/15/28 |
$ | 5,630,000 | $ | 5,359,292 | ||||
144A, 4.625%, 2/1/29 |
2,667,000 | 2,457,280 | ||||||
144A, 5.00%, 2/1/31 |
3,411,000 | 3,053,039 | ||||||
144A, 3.75%, 3/1/31 |
3,430,000 | 2,943,673 | ||||||
Clearway
Energy Operating LLC |
3,507,000 | 3,283,107 | ||||||
144A, 3.75%, 2/15/31 |
3,630,000 | 3,065,009 | ||||||
DPL, Inc., 4.125%, 7/1/25 |
1,631,000 | 1,587,753 | ||||||
Drax Finco PLC, 144A, 6.625%, 11/1/25 |
1,963,000 | 1,940,160 | ||||||
FirstEnergy Corp.
|
6,216,000 | 5,910,257 | ||||||
2.65%, 3/1/30 |
2,468,000 | 2,112,296 | ||||||
Series B, 2.25%, 9/1/30 |
1,649,000 | 1,358,895 | ||||||
NextEra
Energy Operating Partners LP |
2,081,000 | 1,945,533 | ||||||
144A, 4.50%, 9/15/27 |
2,264,000 | 2,114,738 | ||||||
144A, 7.25%, 1/15/29 |
3,089,000 | 3,142,535 | ||||||
NRG
Energy, Inc. |
3,302,000 | 3,255,930 | ||||||
144A, 3.375%, 2/15/29 |
2,063,000 | 1,802,552 | ||||||
144A, 5.25%, 6/15/29 |
2,984,000 | 2,831,027 | ||||||
144A, 3.625%, 2/15/31 |
4,005,000 | 3,371,961 | ||||||
PG&E Corp.
|
4,022,000 | 3,839,984 | ||||||
5.25%, 7/1/30 |
4,072,000 | 3,832,131 | ||||||
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30 |
4,942,000 | 5,218,463 | ||||||
TransAlta
Corp., |
1,664,000 | 1,731,708 | ||||||
Vistra
Operations Co. LLC |
4,022,000 | 3,964,468 | ||||||
144A, 5.625%, 2/15/27 |
5,228,000 | 5,100,067 | ||||||
144A, 5.00%, 7/31/27 |
5,391,000 | 5,173,365 | ||||||
144A, 4.375%, 5/1/29 |
5,027,000 | 4,590,945 | ||||||
144A, 7.75%, 10/15/31 |
5,680,000 | 5,880,260 | ||||||
|
|
|||||||
(Cost $103,019,780) |
97,393,600 | |||||||
|
|
|||||||
Gas — 0.3% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
2,815,000 | 2,765,877 | ||||||
5.875%, 8/20/26 |
2,717,000 | 2,635,434 | ||||||
5.75%, 5/20/27 |
2,109,000 | 1,995,843 | ||||||
144A, 9.375%, 6/1/28 |
2,013,000 | 2,044,786 | ||||||
|
|
|||||||
(Cost $9,932,503) |
9,441,940 | |||||||
|
|
|||||||
TOTAL CORPORATE BONDS (Cost $3,636,396,374) |
3,409,244,032 | |||||||
|
|
|||||||
Number |
||||||||
SECURITIES LENDING COLLATERAL — 6.6% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.27% (b) (c) |
230,680,677 | 230,680,677 | ||||||
|
|
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
Number |
Value | |||||||
CASH EQUIVALENTS — 1.7% | ||||||||
DWS
Government Money Market |
57,656,658 | $ | 57,656,658 | |||||
|
|
|||||||
TOTAL INVESTMENTS —105.9% (Cost $3,924,733,709) |
$ | 3,697,581,367 | ||||||
Other assets and liabilities, net — (5.9%) |
(206,122,074 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 3,491,459,293 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
Value ($) at 8/31/2023 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/29/2024 |
Value ($) at 2/29/2024 |
||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 6.6% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 230,680,677 | (d) | — | — | — | 504,162 | — | 230,680,677 | 230,680,677 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
49,189,697 | 242,248,661 | (233,781,700 | ) | — | — | 648,266 | — | 57,656,658 | 57,656,658 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
49,189,697 | 472,929,338 | (233,781,700 | ) | — | — | 1,152,428 | — | 288,337,335 | 288,337,335 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Non-income producing security. |
(a) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $225,651,638, which is 6.5% of net assets. |
(b) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
REIT: | Real Estate Investment Trust |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) |
$ | — | $ | 3,409,244,032 | $ | — | $ | 3,409,244,032 | ||||||||
Short-Term Investments (a) |
288,337,335 | — | — | 288,337,335 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 288,337,335 | $ | 3,409,244,032 | $ | — | $ | 3,697,581,367 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 80 |
This Page is Intentionally Left Blank
81
DBX ETF Trust
February 29, 2024 (Unaudited)
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Risk Managed USD High Yield Strategy ETF |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||
Assets |
||||||||||||||||
Investment in non-affiliated securities at value |
$ | 12,013,601 | $ | 209,061,439 | $ | — | $ | 97,233,592 | ||||||||
Investment in affiliated securities at value |
— | — | 42,470,850 | — | ||||||||||||
Investment in DWS Government Money Market Series |
116,884 | 5,226,220 | 239,157 | 2,886,494 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* |
737,865 | 4,254,324 | 420,500 | 3,673,787 | ||||||||||||
Cash |
— | 389,846 | — | 34,244 | ||||||||||||
Foreign currency at value |
3 | 471 | — | 86 | ||||||||||||
Receivables: |
||||||||||||||||
Investment securities sold |
411,612 | 6,574,024 | — | 3,033,802 | ||||||||||||
Capital shares |
— | 2,290,031 | — | — | ||||||||||||
Dividends |
— | — | 82 | — | ||||||||||||
Interest |
232,854 | 2,845,080 | 994 | 1,576,593 | ||||||||||||
Affiliated securities lending income |
380 | 1,372 | 2 | 1,562 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
$ | 13,513,199 | $ | 230,642,807 | $ | 43,131,585 | $ | 108,440,160 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Due to custodian |
$ | 2,512 | $ | — | $ | — | $ | — | ||||||||
Payable upon return of securities loaned |
737,865 | 4,254,324 | 420,500 | 3,673,787 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased |
472,395 | 11,024,957 | — | 4,933,704 | ||||||||||||
Investment advisory fees |
1,927 | 33,593 | 16,992 | 15,466 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
1,214,699 | 15,312,874 | 437,492 | 8,622,957 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 12,298,500 | $ | 215,329,933 | $ | 42,694,093 | $ | 99,817,203 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets Consist of |
||||||||||||||||
Paid-in capital |
$ | 24,958,877 | $ | 288,093,086 | $ | 45,494,656 | $ | 103,414,059 | ||||||||
Distributable earnings (loss) |
(12,660,377 | ) | (72,763,153 | ) | (2,800,563 | ) | (3,596,856 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 12,298,500 | $ | 215,329,933 | $ | 42,694,093 | $ | 99,817,203 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Number of Common Shares outstanding |
300,001 | 4,700,001 | 1,850,001 | 2,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Asset Value |
$ | 40.99 | $ | 45.81 | $ | 23.08 | $ | 44.36 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in non-affiliated securities at cost |
$ | 12,802,901 | $ | 214,765,958 | $ | — | $ | 97,546,090 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in affiliated securities at cost |
$ | — | $ | — | $ | 45,195,482 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Value of securities loaned |
$ | 721,132 | $ | 4,162,522 | $ | 411,800 | $ | 3,596,146 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government Money Market Series at cost |
$ | 116,884 | $ | 5,226,220 | $ | 239,157 | $ | 2,886,494 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 737,865 | $ | 4,254,324 | $ | 420,500 | $ | 3,673,787 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign currency at cost |
$ | 3 | $ | 442 | $ | — | $ | 84 | ||||||||
|
|
|
|
|
|
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
February 29, 2024 (Unaudited)
Xtrackers USD High Yield BB-B ex Financials ETF |
Xtrackers USD High Yield Corporate Bond ETF |
|||||||
Assets |
||||||||
Investment in non-affiliated securities at value |
$ | 610,311,128 | $ | 3,409,244,032 | ||||
Investment in DWS Government Money Market Series |
12,640,713 | 57,656,658 | ||||||
Investment in DWS Government & Agency Securities Portfolio* |
— | 230,680,677 | ||||||
Cash |
506,294 | 3,031,789 | ||||||
Foreign currency at value |
— | 7,405 | ||||||
Receivables: |
||||||||
Investment securities sold |
14,895,312 | 136,691,498 | ||||||
Capital shares |
— | 10,641,123 | ||||||
Interest |
9,508,733 | 56,638,077 | ||||||
Affiliated securities lending income |
— | 101,661 | ||||||
|
|
|
|
|||||
Total assets |
$ | 647,862,180 | $ | 3,904,692,920 | ||||
|
|
|
|
|||||
Liabilities |
||||||||
Payable upon return of securities loaned |
$ | — | $ | 230,680,677 | ||||
Payables: | ||||||||
Investment securities purchased |
18,103,335 | 111,477,811 | ||||||
Capital shares |
— | 70,940,125 | ||||||
Investment advisory fees |
98,645 | 135,014 | ||||||
|
|
|
|
|||||
Total liabilities |
18,201,980 | 413,233,627 | ||||||
|
|
|
|
|||||
Net Assets, at value |
$ | 629,660,200 | $ | 3,491,459,293 | ||||
|
|
|
|
|||||
Net Assets Consist of |
||||||||
Paid-in capital |
$ | 619,301,201 | $ | 4,079,296,049 | ||||
Distributable earnings (loss) |
10,358,999 | (587,836,756 | ) | |||||
|
|
|
|
|||||
Net Assets, at value |
$ | 629,660,200 | $ | 3,491,459,293 | ||||
|
|
|
|
|||||
Number of Common Shares outstanding |
11,750,001 | 98,387,501 | ||||||
|
|
|
|
|||||
Net Asset Value |
$ | 53.59 | $ | 35.49 | ||||
|
|
|
|
|||||
Investment in non-affiliated securities at cost |
$ | 604,208,025 | $ | 3,636,396,374 | ||||
|
|
|
|
|||||
Value of securities loaned |
$ | — | $ | 225,651,638 | ||||
|
|
|
|
|||||
Investment in DWS Government Money Market Series at cost |
$ | 12,640,713 | $ | 57,656,658 | ||||
|
|
|
|
|||||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | — | $ | 230,680,677 | ||||
|
|
|
|
|||||
Foreign currency at cost |
$ | — | $ | 7,178 | ||||
|
|
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 83 |
DBX ETF Trust
For the Six Months Ended February 29, 2024 (Unaudited)
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Risk Managed USD High Yield Strategy ETF |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||
Investment Income |
||||||||||||||||
Unaffiliated interest income |
$ | 467,586 | $ | 5,739,429 | $ | — | $ | 3,363,581 | ||||||||
Affiliated dividend income |
— | — | 1,333,199 | — | ||||||||||||
Income distributions from affiliated funds |
3,010 | 38,501 | 7,679 | 21,868 | ||||||||||||
Affiliated securities lending income |
1,329 | 11,443 | 4,120 | 6,628 | ||||||||||||
Affiliated other income (see note 6) |
— | 2,730 | — | 549 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
471,925 | 5,792,103 | 1,344,998 | 3,392,626 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
20,793 | 270,207 | 64,365 | 91,416 | ||||||||||||
Other expenses |
58 | 2,150 | 58 | 173 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
20,851 | 272,357 | 64,423 | 91,589 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less fees waived (see note 3): |
||||||||||||||||
Waiver |
(8,972 | ) | (54,823 | ) | (20,398 | ) | (415 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
11,879 | 217,534 | 44,025 | 91,174 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
460,046 | 5,574,569 | 1,300,973 | 3,301,452 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments |
(96,486 | ) | (2,306,372 | ) | — | (365,556 | ) | |||||||||
In-kind redemptions |
— | 50,829 | — | 137,646 | ||||||||||||
In-kind redemptions in affiliates |
— | — | (65,600 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
(96,486 | ) | (2,255,543 | ) | (65,600 | ) | (227,910 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments |
418,902 | 7,333,811 | — | 2,000,137 | ||||||||||||
Investments in affiliates |
— | — | 1,168,134 | — | ||||||||||||
Foreign currency translations |
— | (2 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
418,902 | 7,333,809 | 1,168,134 | 2,000,137 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions |
322,416 | 5,078,266 | 1,102,534 | 1,772,227 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 782,462 | $ | 10,652,835 | $ | 2,403,507 | $ | 5,073,679 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended February 29, 2024 (Unaudited)
Xtrackers USD High Yield BB-B ex Financials ETF(1) |
Xtrackers USD High Yield Corporate Bond ETF |
|||||||
Investment Income |
||||||||
Unaffiliated interest income |
$ | 10,584,708 | $ | 98,571,811 | ||||
Income distributions from affiliated funds |
49,885 | 648,266 | ||||||
Affiliated securities lending income |
— | 504,162 | ||||||
Affiliated other income (see note 6) |
— | 43,823 | ||||||
|
|
|
|
|||||
Total investment income |
10,634,593 | 99,768,062 | ||||||
|
|
|
|
|||||
Expenses |
||||||||
Investment advisory fees |
291,779 | 3,269,028 | ||||||
Excise tax expense |
42,337 | — | ||||||
Other expenses |
— | 4,150 | ||||||
|
|
|
|
|||||
Total expenses |
334,116 | 3,273,178 | ||||||
|
|
|
|
|||||
Less fees waived (see note 3): |
||||||||
Waiver |
(950 | ) | (1,776,790 | ) | ||||
|
|
|
|
|||||
Net expenses |
333,166 | 1,496,388 | ||||||
|
|
|
|
|||||
Net investment income (loss) |
10,301,427 | 98,271,674 | ||||||
|
|
|
|
|||||
Realized and Unrealized Gain (Loss) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments |
(264,918 | ) | (28,236,195 | ) | ||||
In-kind redemptions |
— | (70,721,319 | ) | |||||
Foreign currency transactions |
— | (1 | ) | |||||
|
|
|
|
|||||
Net realized gain (loss) |
(264,918 | ) | (98,957,515 | ) | ||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments |
6,103,103 | 159,532,394 | ||||||
Foreign currency translations |
— | 5 | ||||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) |
6,103,103 | 159,532,399 | ||||||
|
|
|
|
|||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions |
5,838,185 | 60,574,884 | ||||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 16,139,612 | $ | 158,846,558 | ||||
|
|
|
|
(1) |
For the period October 27, 2023 (commencement of operations) through February 29, 2024. |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
|||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, 2023 |
For the Six Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, 2023 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 460,046 | $ | 955,857 | $ | 5,574,569 | $ | 40,419,959 | ||||||||
Net realized gain (loss) |
(96,486 | ) | (871,494 | ) | (2,255,543 | ) | (89,042,061 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) |
418,902 | 981,672 | 7,333,809 | 90,607,924 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
782,462 | 1,066,035 | 10,652,835 | 41,985,822 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(463,019 | ) | (974,644 | ) | (6,780,799 | ) | (44,403,017 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
— | 1,901,084 | 11,353,752 | 223,270,378 | ||||||||||||
Value of shares redeemed |
— | (1,965,874 | ) | (22,903,959 | ) | (1,438,511,784 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
— | (64,790 | ) | (11,550,207 | ) | (1,215,241,406 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
319,443 | 26,601 | (7,678,171 | ) | (1,217,658,601 | ) | ||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
11,979,057 | 11,952,456 | 223,008,104 | 1,440,666,705 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 12,298,500 | $ | 11,979,057 | $ | 215,329,933 | $ | 223,008,104 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
300,001 | 300,001 | 4,950,001 | 31,950,001 | ||||||||||||
Shares sold |
— | 50,000 | 250,000 | 4,950,000 | ||||||||||||
Shares redeemed |
— | (50,000 | ) | (500,000 | ) | (31,950,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
300,001 | 300,001 | 4,700,001 | 4,950,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Risk Managed USD High Yield Strategy ETF |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, 2023 |
For the Six Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, 2023 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 1,300,973 | $ | 2,659,209 | $ | 3,301,452 | $ | 4,766,172 | ||||||||
Net realized gain (loss) |
(65,600 | ) | (288,554 | ) | (227,910 | ) | (4,050,667 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) |
1,168,134 | 868,253 | 2,000,137 | 4,643,666 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
2,403,507 | 3,238,908 | 5,073,679 | 5,359,171 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(1,356,056 | ) | (2,798,892 | ) | (3,246,555 | ) | (4,721,603 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
— | 1,679,445 | 19,705,523 | 25,919,023 | ||||||||||||
Value of shares redeemed |
(2,279,395 | ) | (7,782,030 | ) | (4,416,723 | ) | (29,934,486 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(2,279,395 | ) | (6,102,585 | ) | 15,288,800 | (4,015,463 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
(1,231,944 | ) | (5,662,569 | ) | 17,115,924 | (3,377,895 | ) | |||||||||
Net Assets |
||||||||||||||||
Beginning of period |
43,926,037 | 49,588,606 | 82,701,279 | 86,079,174 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 42,694,093 | $ | 43,926,037 | $ | 99,817,203 | $ | 82,701,279 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
1,950,001 | 2,225,001 | 1,900,001 | 2,000,001 | ||||||||||||
Shares sold |
— | 75,000 | 450,000 | 600,000 | ||||||||||||
Shares redeemed |
(100,000 | ) | (350,000 | ) | (100,000 | ) | (700,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
1,850,001 | 1,950,001 | 2,250,001 | 1,900,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers USD High Yield BB-B ex Financials ETF |
Xtrackers USD High Yield Corporate Bond ETF |
|||||||||||
For the Period October 27, 2023(1) to February 29, 2024 (Unaudited) |
For the Six Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, 2023 |
||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||
Net investment income (loss) |
$ | 10,301,427 | $ | 98,271,674 | $ | 216,469,674 | ||||||
Net realized gain (loss) |
(264,918 | ) | (98,957,515 | ) | (151,014,625 | ) | ||||||
Net change in net unrealized appreciation (depreciation) |
6,103,103 | 159,532,399 | 187,819,556 | |||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from operations |
16,139,612 | 158,846,558 | 253,274,605 | |||||||||
|
|
|
|
|
|
|||||||
Distributions to Shareholders |
(5,780,613 | ) | (102,296,774 | ) | (218,918,420 | ) | ||||||
|
|
|
|
|
|
|||||||
Fund Shares Transactions |
||||||||||||
Proceeds from shares sold |
619,301,151 | 1,604,693,654 | 6,278,010,067 | |||||||||
Value of shares redeemed |
— | (2,028,947,121 | ) | (6,068,454,467 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from fund share transactions |
619,301,151 | (424,253,467 | ) | 209,555,600 | ||||||||
|
|
|
|
|
|
|||||||
Total net increase (decrease) in Net Assets |
629,660,150 | (367,703,683 | ) | 243,911,785 | ||||||||
Net Assets |
||||||||||||
Beginning of period |
50 | 3,859,162,976 | 3,615,251,191 | |||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | 629,660,200 | $ | 3,491,459,293 | $ | 3,859,162,976 | ||||||
|
|
|
|
|
|
|||||||
Changes in Shares Outstanding |
||||||||||||
Shares outstanding, beginning of period |
1 | 111,587,501 | 105,187,501 | |||||||||
Shares sold |
11,750,000 | 46,400,000 | 183,900,000 | |||||||||
Shares redeemed |
— | (59,600,000 | ) | (177,500,000 | ) | |||||||
|
|
|
|
|
|
|||||||
Shares outstanding, end of period |
11,750,001 | 98,387,501 | 111,587,501 | |||||||||
|
|
|
|
|
|
(1) |
Commencement of Operations. |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Xtrackers
High Beta High Yield Bond ETF Selected Per Share Data |
For
the Six Months Ended 2/29/2024 (Unaudited) |
Years Ended August 31, | ||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
Net Asset Value, beginning of period |
$ | 39.93 | $ | 39.84 | $ | 48.35 | $ | 46.55 | $ | 48.61 | $ | 49.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) |
1.53 | 2.90 | 2.51 | 2.60 | 3.01 | (b) | 3.32 | |||||||||||||||||
Net realized and unrealized gain (loss) |
1.07 | 0.15 | (8.37 | ) | 2.65 | (1.95 | )(b) | (0.58 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
2.60 | 3.05 | (5.86 | ) | 5.25 | 1.06 | 2.74 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income |
(1.54 | ) | (2.96 | ) | (2.65 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(1.54 | ) | (2.96 | ) | (2.65 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Asset Value, end of period |
$ | 40.99 | $ | 39.93 | $ | 39.84 | $ | 48.35 | $ | 46.55 | $ | 48.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return (%)(c) |
6.73 | ** | 8.11 | (12.56 | ) | 11.67 | 2.46 | 5.90 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
Net Assets, end of period ($ millions) |
12 | 12 | 12 | 19 | 7 | 151 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) |
0.35 | * | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
Ratio of expenses after fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | 0.31 | |||||||||||||||||
Ratio of net investment income (loss) (%) |
7.74 | * | 7.40 | 5.61 | 5.45 | 6.50 | (b) | 6.91 | ||||||||||||||||
Portfolio turnover rate (%)(d) |
24 | ** | 58 | 55 | 98 | 98 | 51 | |||||||||||||||||
Xtrackers Low
Beta High Yield Bond ETF Selected Per Share Data |
For
the Six Months Ended 2/29/2024 (Unaudited) |
Years Ended August 31, | ||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
Net Asset Value, beginning of period |
$ | 45.05 | $ | 45.09 | $ | 51.05 | $ | 50.50 | $ | 50.62 | $ | 49.16 | ||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) |
1.16 | 2.24 | 1.69 | 1.45 | 2.02 | (b) | 2.29 | |||||||||||||||||
Net realized and unrealized gain (loss) |
1.01 | 0.14 | (5.87 | ) | 1.07 | 0.12 | (b) | 1.44 | ||||||||||||||||
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Total from investment operations |
2.17 | 2.38 | (4.18 | ) | 2.52 | 2.14 | 3.73 | |||||||||||||||||
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Less distributions from: |
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Net investment income |
(1.41 | ) | (2.42 | ) | (1.78 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | ||||||||||||
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Total distributions |
(1.41 | ) | (2.42 | ) | (1.78 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | ||||||||||||
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Net Asset Value, end of period |
$ | 45.81 | $ | 45.05 | $ | 45.09 | $ | 51.05 | $ | 50.50 | $ | 50.62 | ||||||||||||
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Total Return (%)(c) |
4.91 | ** | 5.44 | (8.36 | ) | 5.12 | 4.42 | 7.84 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
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Net Assets, end of period ($ millions) |
215 | 223 | 1,441 | 750 | 38 | 144 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) |
0.25 | * | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
Ratio of expenses after fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | 0.24 | |||||||||||||||||
Ratio of net investment income (loss) (%) |
5.17 | * | 4.97 | 3.53 | 2.89 | 4.09 | (b) | 4.66 | ||||||||||||||||
Portfolio turnover rate (%)(d) |
25 | ** | 52 | 68 | 88 | 111 | 55 |
(a) |
Based on average shares outstanding during the period. |
(b) |
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(c) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* |
Annualized. |
** |
Not Annualized. |
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Risk Managed
USD High Yield Strategy ETF Selected Per Share Data |
For
the Six Months Ended 2/29/2024 (Unaudited) |
Year Ended 8/31/2023 |
Period Ended 8/31/2022(a) |
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Net Asset Value, beginning of period |
$ | 22.53 | $ | 22.29 | $ | 25.00 | ||||||||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) |
0.68 | 1.28 | 0.58 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.57 | 0.29 | (2.84 | ) | ||||||||||||||||||||
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Total from investment operations |
1.25 | 1.57 | (2.26 | ) | ||||||||||||||||||||
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Less distributions from: |
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Net investment income |
(0.70 | ) | (1.33 | ) | (0.45 | ) | ||||||||||||||||||
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Total distributions |
(0.70 | ) | (1.33 | ) | (0.45 | ) | ||||||||||||||||||
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Net Asset Value, end of period |
$ | 23.08 | $ | 22.53 | $ | 22.29 | ||||||||||||||||||
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Total Return (%)(c) |
5.73 | ** | 7.27 | (9.12 | )** | |||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
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Net Assets, end of period ($ millions) |
43 | 44 | 50 | |||||||||||||||||||||
Ratio of expenses before fee waiver (%)(d) |
0.30 | * | 0.30 | 0.30 | * | |||||||||||||||||||
Ratio of expenses after fee waiver (%)(d) |
0.21 | * | 0.15 | 0.15 | * | |||||||||||||||||||
Ratio of net investment income (loss) (%) |
6.07 | * | 5.74 | 4.54 | * | |||||||||||||||||||
Portfolio turnover rate (%)(e) |
0 | (f)** | 0 | (f) | 0 | (f)** | ||||||||||||||||||
Xtrackers
Short Duration High Yield Bond ETF Selected Per Share Data |
For
the Six Months Ended 2/29/2024 (Unaudited) |
Years Ended August 31, | ||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
Net Asset Value, beginning of period |
$ | 43.53 | $ | 43.04 | $ | 47.89 | $ | 46.57 | $ | 49.13 | $ | 49.69 | ||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) |
1.56 | 2.71 | 2.04 | 2.34 | 2.69 | (g) | 2.83 | |||||||||||||||||
Net realized and unrealized gain (loss) |
0.82 | 0.45 | (4.76 | ) | 1.67 | (2.47 | )(g) | (0.54 | ) | |||||||||||||||
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Total from investment operations |
2.38 | 3.16 | (2.72 | ) | 4.01 | 0.22 | 2.29 | |||||||||||||||||
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Less distributions from: |
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Net investment income |
(1.55 | ) | (2.67 | ) | (2.13 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | ||||||||||||
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Total distributions |
(1.55 | ) | (2.67 | ) | (2.13 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | ||||||||||||
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Net Asset Value, end of period |
$ | 44.36 | $ | 43.53 | $ | 43.04 | $ | 47.89 | $ | 46.57 | $ | 49.13 | ||||||||||||
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Total Return (%)(c) |
5.63 | ** | 7.65 | (5.84 | ) | 8.86 | 0.61 | 4.79 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
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Net Assets, end of period ($ millions) |
100 | 83 | 86 | 77 | 37 | 22 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||||
Ratio of expenses after fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||||
Ratio of net investment income (loss) (%) |
7.21 | * | 6.30 | 4.48 | 4.95 | 6.13 | (g) | 5.78 | ||||||||||||||||
Portfolio turnover rate (%)(e) |
24 | ** | 49 | 46 | 52 | 150 | 45 |
(a) |
For the period February 10, 2022 (commencement of operations) through August 31, 2022. |
(b) |
Based on average shares outstanding during the period. |
(c) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) |
The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(e) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) |
Amount is less than 0.5%. |
(g) |
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
* |
Annualized. |
** |
Not Annualized. |
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers USD High
Yield BB-B ex Financials
ETF Selected Per Share Data |
Period Ended 2/29/2024(a) (Unaudited) |
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Net Asset Value, beginning of period |
$ | 50.00 | ||||||||||||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) |
1.26 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.05 | |||||||||||||||||||||||
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Total from investment operations |
4.31 | |||||||||||||||||||||||
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Less distributions from: |
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Net investment income |
(0.72 | ) | ||||||||||||||||||||||
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Total distributions |
(0.72 | ) | ||||||||||||||||||||||
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Net Asset Value, end of period |
$ | 53.59 | ||||||||||||||||||||||
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Total Return (%)(c) |
8.64 | ** | ||||||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
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Net Assets, end of period ($ millions) |
630 | |||||||||||||||||||||||
Ratio of expenses before fee waiver (%)(d) |
0.21 | * | ||||||||||||||||||||||
Ratio of expenses after fee waiver (%)(d) |
0.21 | * | ||||||||||||||||||||||
Ratio of net investment income (loss) (%) |
7.03 | * | ||||||||||||||||||||||
Portfolio turnover rate (%)(e) |
14 | ** | ||||||||||||||||||||||
Xtrackers USD
High Yield Corporate Bond ETF Selected Per Share Data |
For
the Six Months Ended 2/29/2024 (Unaudited) |
Years Ended August 31, | ||||||||||||||||||||||
2023 | 2022 | 2021 | 2020(f) | 2019(f) | ||||||||||||||||||||
Net Asset Value, beginning of period |
$ | 34.58 | $ | 34.37 | $ | 40.31 | $ | 39.06 | (e) | $ | 40.19 | $ | 39.90 | |||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) |
1.04 | 1.94 | 1.61 | 1.70 | 2.03 | (g) | 2.39 | |||||||||||||||||
Net realized and unrealized gain (loss) |
0.94 | 0.25 | (5.80 | ) | 1.79 | (0.95 | )(g) | 0.24 | ||||||||||||||||
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Total from investment operations |
1.98 | 2.19 | (4.19 | ) | 3.49 | 1.08 | 2.63 | |||||||||||||||||
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Less distributions from: |
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Net investment income |
(1.07 | ) | (1.98 | ) | (1.75 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | ||||||||||||
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Total distributions |
(1.07 | ) | (1.98 | ) | (1.75 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | ||||||||||||
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Net Asset Value, end of period |
$ | 35.49 | $ | 34.58 | $ | 34.37 | $ | 40.31 | $ | 39.06 | $ | 40.19 | ||||||||||||
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Total Return (%)(c) |
5.82 | ** | 6.63 | (10.67 | ) | 8.31 | 2.91 | 6.87 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
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Net Assets, end of period ($ millions) |
3,491 | 3,859 | 3,615 | 6,666 | 6,209 | 3,062 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||||
Ratio of expenses after fee waiver (%) |
0.09 | * | 0.15 | 0.15 | 0.15 | 0.15 | 0.17 | |||||||||||||||||
Ratio of net investment income (loss) (%) |
6.03 | * | 5.69 | 4.24 | 4.27 | 5.27 | (g) | 6.06 | ||||||||||||||||
Portfolio turnover rate (%)(e) |
14 | ** | 26 | 24 | 37 | 54 | 29 |
(a) |
For the period October 27, 2023 (commencement of operations) through February 29, 2024. |
(b) |
Based on average shares outstanding during the period. |
(c) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) |
Includes excise tax expense. Excluding this expense, the ratio of expenses would have been 0.20%. |
(e) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) |
On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly. |
(g) |
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
* |
Annualized. |
** |
Not Annualized. |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:
Xtrackers High Beta High Yield Bond ETF
Xtrackers Low Beta High Yield Bond ETF
Xtrackers Risk Managed USD High Yield Strategy ETF
Xtrackers Short Duration High Yield Bond ETF
Xtrackers USD High Yield BB-B ex Financials ETF
Xtrackers USD High Yield Corporate Bond ETF
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers USD High Yield BB-B ex Financials ETF offers shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index | |
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF |
Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index | |
Xtrackers Short Duration High Yield Bond ETF | Solactive USD High Yield Corporates Total Market 0-5 Year Index | |
Xtrackers USD High Yield BB-B ex Financials ETF | ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index | |
Xtrackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade
92
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
corporate debt publicly issued in the US domestic market. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF are non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated
93
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
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The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 2,996,574 | $ | 8,798,776 | $ | 11,795,350 | ||||||
Xtrackers Low Beta High Yield Bond ETF |
35,194,222 | 29,211,972 | 64,406,194 | |||||||||
Xtrackers Short Duration High Yield Bond ETF |
1,232,714 | 1,965,125 | 3,197,839 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF |
38,381,756 | 204,480,505 | 242,862,261 |
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 13,110,287 | $ | (1,257,311 | ) | $ | 72,690 | $ | (1,330,001) | |||||||
Xtrackers Low Beta High Yield Bond ETF |
236,606,089 | (14,135,013 | ) | 205,631 | (14,340,644 | ) | ||||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
54,357,396 | (3,892,766 | ) | — | (3,892,766 | ) | ||||||||||
Xtrackers Short Duration High Yield Bond ETF |
84,833,666 | (2,735,437 | ) | 475,301 | (3,210,738 | ) | ||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
4,246,916,206 | (421,103,737 | ) | 4,824,790 | (425,928,527 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF.
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Notes to Financial Statements (Unaudited) (Continued)
Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2024, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of February 29, 2024 |
||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
Xtrackers High Beta High Yield Bond ETF |
| |||||||||||||||||||
Corporate Bonds |
$ | 737,865 | $ | — | $ | — | $ | — | $ | 737,865 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 737,865 | |||||||||||||||||
Xtrackers Low Beta High Yield Bond ETF |
| |||||||||||||||||||
Corporate Bonds |
$ | 4,254,324 | $ | — | $ | — | $ | — | $ | 4,254,324 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 4,254,324 | |||||||||||||||||
Xtrackers Risk Managed USD HighYield Strategy ETF |
| |||||||||||||||||||
Exchange-Traded Funds |
$ | 420,500 | $ | — | $ | — | $ | — | $ | 420,500 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 420,500 | |||||||||||||||||
Xtrackers Short Duration High Yield Bond ETF |
| |||||||||||||||||||
Corporate Bonds |
$ | 3,673,787 | $ | — | $ | — | $ | — | $ | 3,673,787 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 3,673,787 | |||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
| |||||||||||||||||||
Corporate Bonds |
$ | 230,680,677 | $ | — | $ | — | $ | — | $ | 230,680,677 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 230,680,677 |
As of February 29, 2024, Xtrackers USD High Yield BB-B ex Financials ETF had no securities on loan.
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the
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Notes to Financial Statements (Unaudited) (Continued)
1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee |
||||
Xtrackers High Beta High Yield Bond ETF |
0.35 | % | ||
Xtrackers Low Beta High Yield Bond ETF |
0.25 | % | ||
Xtrackers Risk Managed USD High Yield Strategy ETF |
0.30 | % | ||
Xtrackers Short Duration High Yield Bond ETF |
0.20 | % | ||
Xtrackers USD High Yield BB-B ex Financials ETF |
0.20 | % | ||
Xtrackers USD High Yield Corporate Bond ETF |
0.20 | % |
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $8,911 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $54,041 of expenses to the Fund.
The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 29, 2024, the Advisor waived $20,247 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
For the period from September 1, 2023 through November 16, 2023 the Advisor for Xtrackers USD High Yield Corporate Bond ETF had contractually agreed, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. Effective November 17, 2023 until December 20, 2024, the Advisor has contractually agreed to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.05% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $1,763,788 of expenses to the Fund.
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The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:
Expenses Waived |
||||
Xtrackers High Beta High Yield Bond ETF |
$ | 61 | ||
Xtrackers Low Beta High Yield Bond ETF |
782 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF |
151 | |||
Xtrackers Short Duration High Yield Bond ETF |
415 | |||
Xtrackers USD High Yield BB-B ex Financials ETF |
950 | |||
Xtrackers USD High Yield Corporate Bond ETF |
13,002 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:
Securities Lending Agent Fees |
||||
Xtrackers High Beta High Yield Bond ETF |
$ | 111 | ||
Xtrackers Low Beta High Yield Bond ETF |
899 | |||
Xtrackers Short Duration High Yield Bond ETF |
542 | |||
Xtrackers USD High Yield Corporate Bond ETF |
40,881 |
4. Investment Portfolio Transactions
For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 2,814,086 | $ | 2,807,247 | ||||
Xtrackers Low Beta High Yield Bond ETF |
53,317,303 | 57,131,425 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
— | — | ||||||
Xtrackers Short Duration High Yield Bond ETF |
24,360,258 | 21,468,962 | ||||||
Xtrackers USD High Yield BB-B ex Financials ETF |
48,579,465 | 53,760,332 | ||||||
Xtrackers USD High Yield Corporate Bond ETF |
475,815,722 | 465,387,214 |
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Notes to Financial Statements (Unaudited) (Continued)
For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF |
$ | — | $ | — | ||||
Xtrackers Low Beta High Yield Bond ETF |
11,113,338 | 22,357,506 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
— | 2,249,742 | ||||||
Xtrackers Short Duration High Yield Bond ETF |
14,902,728 | 4,304,584 | ||||||
Xtrackers USD High Yield BB-B ex Financials ETF |
607,898,388 | — | ||||||
Xtrackers USD High Yield Corporate Bond ETF |
1,560,868,628 | 1,995,280,552 |
Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees During the period ended February 29, 2024, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:
Securities Purchased |
Securities Sold |
Net Realized Gain (Loss) on Securities Sold |
||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 709,672 | $ | 1,249,476 | $ | (9,600 | ) | |||||
Xtrackers Low Beta High Yield Bond ETF |
1,249,476 | 709,672 | (35,928 | ) |
5. Fund Share Transactions
As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)
The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.
DBX Advisors LLC |
Amounts | |||
Xtrackers Low Beta High Yield Bond ETF |
$ | 1,820 | ||
Xtrackers Short Duration High Yield Bond ETF |
366 | |||
Xtrackers USD High Yield Corporate Bond ETF |
29,215 |
Deutsche Bank AG |
Amounts | |||
Xtrackers Low Beta High Yield Bond ETF |
$ | 910 | ||
Xtrackers Short Duration High Yield Bond ETF |
183 | |||
Xtrackers USD High Yield Corporate Bond ETF |
14,608 |
7. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely
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Notes to Financial Statements (Unaudited) (Continued)
payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 29, 2024.
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DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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DBX ETF Trust
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
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DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, and Xtrackers USD High Yield Corporate Bond ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.
The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio
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management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Fund had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group:
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Xtrackers Risk Managed USD High Yield Strategy ETF |
The Board considered, however, the following additional factors in connection with this Fund:
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Xtrackers Risk Managed USD High Yield Strategy ETF’s advisory fees and total expenses were below the average and equal to the median of its Peer Group. |
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including
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monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
Xtrackers USD High Yield BB-B ex Financials ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers USD High Yield BB-B ex Financials ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the “Advisor and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.
The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate
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services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently managed funds (which would also cover the Fund).
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.
Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.
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Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM and BHYB are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
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DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent
registered public Ernst & Young LLP One Manhattan West New York, NY, 10001 |
Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-050032-8 (4/24) DBX005918 (4/25)