November 30, 2021

Semi-Annual Report

DBX ETF Trust

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Portfolio Summary

  

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

     2  

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

     3  

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

     4  

Xtrackers Municipal Infrastructure Revenue Bond ETF

     5  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     6  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     7  

Fees and Expenses

     8  

Schedule of Investments

  

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

     9  

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

     21  

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

     26  

Xtrackers Municipal Infrastructure Revenue Bond ETF

     41  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     49  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     56  

Statements of Assets and Liabilities

     60  

Statements of Operations

     62  

Statements of Changes in Net Assets

     64  

Financial Highlights

     67  

Notes to Financial Statements

     70  

Additional Information

     80  

Privacy Policy Notice

     81  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this semi-annual report for six of our ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2021.

The global reopening continued during the reporting period, with trade restrictions being lifted in developed and emerging markets, accelerating the pace of economic recovery compared to expectations, and moving inflation above central bank targets. This led financial markets to price in a faster pace of monetary tightening by most central banks. The U.S. GDP1 growth moderated during the period, mainly due to supply chain disruptions and a decline in spending. The Eurozone witnessed higher-than-expected GDP growth in Q3 2021, led by expansion in France and Italy. However, inflation resulted in a drag in consumer confidence, and the fourth wave of COVID-19 infections depressed market sentiment. China’s economy witnessed a drop in GDP growth as retail sales remained below pre-pandemic levels.

After experiencing high growth in Q2 2021, the U.S. economy moderated in Q3 2021 due to a sharp decline in household spending and as supply bottlenecks caused material shortages. The unemployment rate, however, dropped to its lowest since March 2020 as sectors such as leisure and hospitality, transportation and warehousing saw increased employment. At the November meeting, along with the reappointment of Jerome Powell as Federal Reserve Board (FRB) chair, FRB officials for the first time indicated the withdrawal of monetary stimulus through a gradual reduction in bond purchases. They also indicated the reduction in bond purchases would continue until the liquidation of the program by late spring or early summer of 2022. Expectations of a sooner than expected interest rate increase have pushed the short-term government bond yield higher, leading to a flattening of the yield curve. The U.S. high-yield spreads widened during the period, led by fear of higher inflation, even though corporate default rates were at their lowest since May 2019.

The Eurozone GDP advanced during the period, helped by a gradual reopening of the economy. However, this resulted in inflation rising to its highest level since 2008; it was at its highest in nearly 30 years in Germany. The European Central Bank (ECB) reiterated that the current spike in inflation is transitory and that the very generous monetary policy will be reassessed at some point in the future. The ECB’s green bond issuance to finance climate change-related projects saw good demand. A significant event in emerging markets was the collapse of Chinese real estate giant Evergrande, leading to rising investor concern about cross-defaults. However, the Chinese authorities managed to contain the threat with a hefty stimulus and a trading ban on the company’s bond. The People’s Bank of China, seeking to limit risk taking in the property sector, kept interest rates steady for 19 months in a row. The Bank of Japan, citing lower GDP projections for the year, kept short-term interest rates unchanged. Policymakers in several other countries continued their dovish policies to cushion their respective economies from a further drop owing to the pandemic.

At the start of the reporting period, improving vaccine coverage in many countries diverted investor focus away from the pandemic toward the post-pandemic process of normalization. However, by the end of November, regions such as Europe and Africa were experiencing rising COVID-19 cases along with the threat of new strains or variants. Despite this, economic growth is expected to continue as the markets now focus on central bank action toward a possible tapering. Interest rates, however, are expected to remain low as governments, firms and individuals try to adjust to new issues such as disrupted integrated-circuit supply and high shipping rates.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

 

1


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

 

The Xtrackers Bloomberg US Investment Grade Corporate ESG 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 Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. On August 24, 2021 the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF name changed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. At that time, the Underlying Index was renamed from the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes had no impact on the Fund’s investment objective, policies, or investment strategy. It is not possible to invest directly into an index.

Quality* as of November 30, 2021

 

Description   % of Market Value  

AAA

    2.0%  

AA

    16.0%  

A

    43.8%  

BBB

    38.2%  
 

 

 

 

Total

    100.0%  

The quality ratings represents the average 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 November 30, 2021

 

United States

    88.4%  

Canada

    3.5%  

United Kingdom

    3.3%  

Other

    4.8%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2021

 

Financial

    32.6%  

Consumer, Non-cyclical

    17.7%  

Technology

    11.1%  

Communications

    8.6%  

Utilities

    8.3%  

Industrial

    7.8%  

Consumer, Cyclical

    6.4%  

Energy

    5.0%  

Basic Materials

    2.5%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of November 30, 2021: 8.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

 

* 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.

 

2


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

 

The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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 J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2021

 

Description   % of Market Value  

AA

    8.1%  

A

    10.0%  

BBB

    37.6%  

BB

    22.3%  

B

    18.5%  

CCC

    3.0%  

CC

    0.5%  
 

 

 

 

Total

    100.0%  

The quality ratings represents the average 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 November 30, 2021

 

Indonesia

    4.9%  

Saudi Arabia

    4.8%  

Uruguay

    4.7%  

Qatar

    4.2%  

Panama

    4.1%  

Russia

    4.0%  

Philippines

    3.7%  

Dominican Republic

    3.5%  

Ukraine

    3.4%  

Peru

    3.2%  

Brazil

    3.2%  

Mexico

    3.1%  

United Arab Emirates

    3.1%  

Turkey

    3.1%  

Colombia

    3.0%  

Oman

    2.8%  

Ghana

    2.5%  

Chile

    2.5%  

Bahrain

    2.1%  

Egypt

    2.0%  

Hungary

    2.0%  

Other

    30.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of November 30, 2021: 8.2 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

 

*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 21.

 

3


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

 

The Xtrackers J.P. Morgan ESG 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 J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market expo-sure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2021

 

Description   % of Market Value  

BBB

    9.1%  

BB

    55.0%  

B

    26.5%  

CCC

    9.3%  

CC

    0.1%  
 

 

 

 
    100.0%  

The quality ratings represents the average 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 November 30, 2021

 

United States

    87.0%  

Canada

    3.6%  

Other

    9.4%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2021

 

Consumer, Cyclical

    19.8%  

Communications

    17.0%  

Consumer, Non-cyclical

    15.8%  

Energy

    13.6%  

Financial

    12.7%  

Industrial

    10.0%  

Basic Materials

    5.7%  

Technology

    3.8%  

Utilities

    1.5%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of November 30, 2021: 4.0 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

 

* 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 26.

 

4


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

 

The Xtrackers Municipal Infrastructure Revenue 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 Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

Quality* as of November 30, 2021

 

Description   % of Market Value  

AAA

    4.9%  

AA

    47.6%  

A

    43.7%  

BBB

    3.8%  
 

 

 

 

Total

    100.0%  

The quality ratings represents the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P 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 November 30, 2021

 

Transportation

    34.1%  

Airport

    27.2%  

Water

    19.8%  

Power

    8.2%  

General

    6.6%  

Development

    2.4%  

Utilities

    1.7%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of November 30, 2021: 6.2 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

 

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.

 

5


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

 

The Xtrackers MSCI All World ex US High Dividend Yield Equity 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 MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2021 (25.8% of Net Assets)

 

Description   % of Net Assets  

Roche Holding AG (Switzerland)

    4.9%  

Novartis AG (Switzerland)

    4.1%  

Unilever PLC (United Kingdom)

    3.1%  

Sanofi (France)

    2.5%  

GlaxoSmithKline PLC (United Kingdom)

    2.4%  

Allianz SE (Germany)

    2.1%  

BHP Group Ltd. (Australia)

    1.9%  

British American Tobacco PLC (United Kingdom)

    1.7%  

Rio Tinto PLC (United Kingdom)

    1.6%  

Iberdrola SA (Spain)

    1.5%  
Country Diversification* as of November 30, 2021

 

United Kingdom

    14.4%  

Switzerland

    13.5%  

Japan

    11.4%  

Australia

    6.7%  

Taiwan

    6.6%  

China

    5.6%  

France

    4.9%  

Canada

    4.6%  

Germany

    3.9%  

Hong Kong

    3.9%  

Italy

    2.5%  

Russia

    2.4%  

Brazil

    2.1%  

Other

    17.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2021

 

Financials

    22.8%  

Materials

    17.0%  

Health Care

    14.5%  

Consumer Staples

    10.8%  

Utilities

    7.8%  

Communication Services

    7.9%  

Industrials

    5.1%  

Information Technology

    4.6%  

Consumer Discretionary

    4.3%  

Real Estate

    2.8%  

Energy

    2.4%  
 

 

 

 

Total

    100.0%  

 

 

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 49.

 

6


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

 

The Xtrackers MSCI EAFE High Dividend Yield Equity 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 MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2021 (37.5% of Net Assets)

 

Description   % of Net Assets  

Unilever PLC (United Kingdom)

    5.1%  

Roche Holding AG (Switzerland)

    5.0%  

Novartis AG (Switzerland)

    5.0%  

Sanofi (France)

    4.1%  

GlaxoSmithKline PLC (United Kingdom)

    3.9%  

Allianz SE (Germany)

    3.4%  

BHP Group Ltd. (Australia)

    3.2%  

British American Tobacco PLC (United Kingdom)

    2.8%  

Rio Tinto PLC (United Kingdom)

    2.6%  

Iberdrola SA (Spain)

    2.4%  
Country Diversification* as of November 30, 2021

 

United Kingdom

    22.5%  

Japan

    17.8%  

Switzerland

    16.3%  

Australia

    8.0%  

France

    7.9%  

Germany

    6.3%  

Hong Kong

    4.1%  

Italy

    4.1%  

Spain

    3.3%  

Singapore

    2.6%  

Other

    7.1%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of November 30, 2021

 

Financials

    18.9%  

Health Care

    18.3%  

Materials

    15.6%  

Consumer Staples

    14.5%  

Utilities

    9.9%  

Communication Services

    8.2%  

Industrials

    5.9%  

Consumer Discretionary

    5.7%  

Real Estate

    2.1%  

Energy

    0.7%  

Information Technology

    0.2%  
 

 

 

 

Total

    100.0%  

 

* 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 56.

 

7


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, limited these expenses; had they not done so, expenses would have been higher. 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 (June 1, 2021 to November 30, 2021).

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.

 

      Beginning
Account Value
June 1, 2021
     Ending
Account Value
November 30, 2021
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

 

Actual

   $ 1,000.00      $ 1,018.70        0.15   $ 0.76  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.32        0.15   $ 0.76  
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

 

Actual

   $ 1,000.00      $ 977.70        0.35   $ 1.74  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.31        0.35   $ 1.78  
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

 

Actual

   $ 1,000.00      $ 1,007.80        0.20   $ 1.01  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.07        0.20   $ 1.01  
Xtrackers Municipal Infrastructure Revenue Bond ETF

 

Actual

   $ 1,000.00      $ 1,009.20        0.15   $ 0.76  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.32        0.15   $ 0.76  
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

 

Actual

   $ 1,000.00      $ 926.20        0.20   $ 0.97  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.07        0.20   $ 1.01  
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

 

Actual

   $ 1,000.00      $ 922.30        0.20   $ 0.96  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.07        0.20   $ 1.01  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

 

8


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 99.0%

 

Basic Materials — 2.5%

 

Chemicals — 1.9%  

Air Products and Chemicals, Inc.,
2.80%, 5/15/50

  $ 4,000     $ 4,144  

Dow Chemical Co.
7.375%, 11/1/29

    10,000       13,492  

2.10%, 11/15/30

    10,000       9,854  

3.60%, 11/15/50

    5,000       5,490  

DuPont de Nemours, Inc.
4.205%, 11/15/23

    10,000       10,576  

5.419%, 11/15/48

    8,000       11,268  

Ecolab, Inc.,
2.70%, 11/1/26

    15,000       15,757  

Linde, Inc.,
2.00%, 8/10/50

    5,000       4,496  

LYB International Finance III LLC
3.375%, 5/1/30

    8,000       8,714  

2.25%, 10/1/30

    10,000       10,016  

LyondellBasell Industries NV,
4.625%, 2/26/55

    8,000       9,973  

Nutrien Ltd.
2.95%, 5/13/30

    10,000       10,537  

5.00%, 4/1/49

    6,000       8,097  

PPG Industries, Inc.,
1.20%, 3/15/26

    6,000       5,879  

Sherwin-Williams Co.,
4.50%, 6/1/47

    13,000       16,311  
   

 

 

 

(Cost $136,351)

      144,604  
   

 

 

 
Forest Products & Paper — 0.1%  

International Paper Co.,
4.80%, 6/15/44

   

(Cost $8,658)

    8,000       10,245  
   

 

 

 
Iron/Steel — 0.2%  

Steel Dynamics, Inc.
2.80%, 12/15/24

    2,000       2,079  

3.25%, 1/15/31

    12,000       12,657  
   

 

 

 

(Cost $14,794)

      14,736  
   

 

 

 
Mining — 0.3%  

Newmont Corp.
2.25%, 10/1/30

    10,000       9,785  

4.875%, 3/15/42

    5,000       6,287  

Rio Tinto Finance USA Ltd.,
2.75%, 11/2/51

    5,000       4,996  
   

 

 

 

(Cost $19,802)

      21,068  
   

 

 

 
Communications — 8.5%

 

Advertising — 0.1%  

Interpublic Group of Cos., Inc.,
2.40%, 3/1/31

   

(Cost $5,113)

    5,000       5,027  
   

 

 

 
Internet — 1.9%  

Alphabet, Inc.
1.998%, 8/15/26

    22,000       22,664  

2.05%, 8/15/50

    5,000       4,541  

2.25%, 8/15/60

    5,000       4,567  
   

Principal
Amount

   

Value

 
Internet (Continued)  

Amazon.com, Inc.
5.20%, 12/3/25

  $ 13,000     $ 14,861  

1.00%, 5/12/26

    10,000       9,889  

1.65%, 5/12/28

    5,000       4,974  

1.50%, 6/3/30

    12,000       11,599  

2.10%, 5/12/31

    10,000       10,072  

3.10%, 5/12/51

    10,000       10,839  

4.25%, 8/22/57

    13,000       16,933  

3.25%, 5/12/61

    10,000       11,041  

Booking Holdings, Inc.,
3.60%, 6/1/26

    8,000       8,647  

eBay, Inc.
1.90%, 3/11/25

    5,000       5,070  

4.00%, 7/15/42

    7,000       7,995  
   

 

 

 

(Cost $144,289)

      143,692  
   

 

 

 
Media — 1.8%  

Discovery Communications LLC
3.45%, 3/15/25

    10,000       10,576  

5.20%, 9/20/47

    5,000       6,308  

4.65%, 5/15/50

    5,000       5,933  

4.00%, 9/15/55

    6,000       6,428  

TWDC Enterprises 18 Corp.,MTN,
2.95%, 6/15/27 (a)

    13,000       13,920  

ViacomCBS, Inc.
4.95%, 1/15/31

    16,000       18,993  

4.95%, 5/19/50 (a)

    7,000       8,862  

Walt Disney Co.
1.75%, 8/30/24

    4,000       4,060  

3.70%, 3/23/27

    11,000       12,076  

2.65%, 1/13/31

    20,000       20,811  

2.75%, 9/1/49

    8,000       7,857  

4.70%, 3/23/50

    10,000       13,421  

3.60%, 1/13/51

    5,000       5,740  

3.80%, 5/13/60

    7,000       8,324  
   

 

 

 

(Cost $137,157)

      143,309  
   

 

 

 
Telecommunications — 4.7%  

Bell Telephone Co. of Canada or Bell Canada,Series US-4,
3.65%, 3/17/51

    3,000       3,368  

British Telecommunications PLC,
5.125%, 12/4/28

    10,000       11,359  

Cisco Systems, Inc.
2.60%, 2/28/23

    10,000       10,257  

2.20%, 9/20/23

    5,000       5,130  

5.50%, 1/15/40

    7,000       9,865  

Corning, Inc.
5.35%, 11/15/48

    4,000       5,581  

4.375%, 11/15/57

    3,000       3,702  

Deutsche Telekom International Finance BV,
8.75%, 6/15/30

    10,000       14,647  

Motorola Solutions, Inc.,
2.30%, 11/15/30

    10,000       9,773  

Orange SA,
5.50%, 2/6/44

    6,000       8,274  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Telecommunications (Continued)  

Rogers Communications, Inc.
4.50%, 3/15/43

  $ 8,000     $ 9,265  

4.30%, 2/15/48

    2,000       2,293  

3.70%, 11/15/49

    5,000       5,274  

Telefonica Europe BV,
8.25%, 9/15/30

    25,000       35,667  

TELUS Corp.,
3.70%, 9/15/27

    10,000       10,934  

Verizon Communications, Inc.
3.376%, 2/15/25

    5,000       5,312  

4.016%, 12/3/29

    8,000       8,968  

2.55%, 3/21/31

    11,000       11,122  

144A, 2.355%, 3/15/32

    20,000       19,788  

4.40%, 11/1/34

    25,000       29,326  

4.272%, 1/15/36

    17,000       20,069  

4.812%, 3/15/39

    20,000       25,131  

2.875%, 11/20/50

    15,000       14,578  

3.55%, 3/22/51

    5,000       5,485  

2.987%, 10/30/56

    9,000       8,724  

3.00%, 11/20/60

    10,000       9,670  

3.70%, 3/22/61

    12,000       13,282  

Vodafone Group PLC
4.125%, 5/30/25

    15,000       16,332  

4.375%, 2/19/43

    16,000       18,772  

5.25%, 5/30/48

    6,000       7,824  

4.25%, 9/17/50

    5,000       5,787  
   

 

 

 

(Cost $338,159)

      365,559  
   

 

 

 
Consumer, Cyclical — 6.4%

 

Apparel — 0.3%  

NIKE, Inc.
2.75%, 3/27/27

    8,000       8,478  

3.625%, 5/1/43

    11,000       12,736  

VF Corp.,
2.40%, 4/23/25

    5,000       5,157  
   

 

 

 

(Cost $25,565)

      26,371  
   

 

 

 
Auto Manufacturers — 1.2%  

American Honda Finance Corp., MTN,
2.15%, 9/10/24

    35,000       35,960  

Cummins, Inc.,
1.50%, 9/1/30

    11,000       10,476  

PACCAR Financial Corp., MTN,
1.90%, 2/7/23

    5,000       5,077  

Toyota Motor Credit Corp. GMTN,
3.45%, 9/20/23

    10,000       10,485  

3.65%, 1/8/29

    20,000       22,399  

1.90%, 9/12/31

    7,000       6,898  
   

 

 

 

(Cost $89,923)

      91,295  
   

 

 

 
Auto Parts & Equipment — 0.1%  

Lear Corp.,
3.50%, 5/30/30

   

(Cost $10,679)

    10,000       10,677  
   

 

 

 
Home Builders — 0.2%  

D.R. Horton, Inc.,
5.75%, 8/15/23

    8,000       8,554  
   

Principal
Amount

   

Value

 
Home Builders (Continued)  

MDC Holdings, Inc.,
3.966%, 8/6/61

  $ 2,000     $ 1,966  

NVR, Inc.,
3.00%, 5/15/30

    5,000       5,212  
   

 

 

 

(Cost $15,945)

      15,732  
   

 

 

 
Home Furnishings — 0.1%  

Whirlpool Corp.,
2.40%, 5/15/31

   

(Cost $6,018)

    6,000       6,023  
   

 

 

 
Leisure Time — 0.1%  

Harley-Davidson, Inc.,
3.50%, 7/28/25

   

(Cost $5,291)

    5,000       5,300  
   

 

 

 
Office Furnishings — 0.1%  

Steelcase, Inc., 5.125%, 1/18/29

   

(Cost $5,327)

    5,000       5,686  
   

 

 

 
Retail — 4.2%  

AutoNation, Inc.,
3.50%, 11/15/24

    5,000       5,269  

Costco Wholesale Corp.,
1.75%, 4/20/32

    10,000       9,762  

Darden Restaurants, Inc.,
3.85%, 5/1/27

    3,000       3,249  

Dollar General Corp.,
3.875%, 4/15/27

    8,000       8,819  

Dollar Tree, Inc.,
4.00%, 5/15/25

    5,000       5,393  

Home Depot, Inc.
3.75%, 2/15/24

    10,000       10,563  

3.00%, 4/1/26

    8,000       8,521  

2.70%, 4/15/30

    28,000       29,380  

3.90%, 6/15/47

    2,000       2,404  

4.50%, 12/6/48

    5,000       6,558  

2.375%, 3/15/51

    5,000       4,666  

2.75%, 9/15/51

    5,000       5,051  

3.50%, 9/15/56

    10,000       11,459  

Lowe’s Cos., Inc.
3.65%, 4/5/29

    14,000       15,437  

2.625%, 4/1/31

    15,000       15,348  

4.375%, 9/15/45

    6,000       7,340  

4.55%, 4/5/49

    4,000       5,121  

3.00%, 10/15/50

    5,000       5,044  

McDonald’s Corp.
MTN, 1.45%, 9/1/25

    10,000       10,046  

MTN, 2.125%, 3/1/30

    21,000       21,012  

MTN, 4.45%, 9/1/48

    5,000       6,226  

MTN, 3.625%, 9/1/49

    10,000       11,179  

Starbucks Corp.
3.85%, 10/1/23

    10,000       10,478  

4.00%, 11/15/28

    2,000       2,252  

2.55%, 11/15/30

    2,000       2,040  

4.50%, 11/15/48

    5,000       6,274  

3.50%, 11/15/50 (a)

    5,000       5,439  

Target Corp.
2.50%, 4/15/26

    7,000       7,349  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Retail (Continued)  

4.00%, 7/1/42

  $ 6,000     $ 7,444  

TJX Cos., Inc.,
2.25%, 9/15/26

    8,000       8,268  

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

    5,000       5,311  

4.10%, 4/15/50 (a)

    5,000       5,677  

Walmart, Inc.
2.85%, 7/8/24

    10,000       10,492  

1.05%, 9/17/26

    15,000       14,836  

1.50%, 9/22/28

    5,000       4,957  

1.80%, 9/22/31

    16,000       15,825  

2.65%, 9/22/51

    10,000       10,348  
   

 

 

 

(Cost $314,320)

      324,837  
   

 

 

 
Toys/Games/Hobbies — 0.1%  

Hasbro, Inc.,
3.90%, 11/19/29

   

(Cost $6,071)

    6,000       6,608  
   

 

 

 
Consumer, Non-cyclical — 17.5%

 

Agriculture — 0.2%  

Archer-Daniels-Midland Co.,
4.50%, 3/15/49

    8,000       10,736  

Bunge Ltd. Finance Corp.,
2.75%, 5/14/31

    4,000       4,042  
   

 

 

 

(Cost $14,132)

      14,778  
   

 

 

 
Beverages — 1.9%  

Coca-Cola Co.
3.45%, 3/25/30

    25,000       27,686  

4.20%, 3/25/50

    10,000       12,954  

Fomento Economico Mexicano SAB de CV,
3.50%, 1/16/50

    10,000       10,738  

Keurig Dr Pepper, Inc.
2.55%, 9/15/26

    30,000       31,109  

4.597%, 5/25/28

    5,000       5,718  

PepsiCo, Inc.
0.40%, 10/7/23

    12,000       11,947  

2.75%, 3/19/30

    21,000       22,220  

1.95%, 10/21/31

    10,000       9,947  

2.75%, 10/21/51

    10,000       10,381  
   

 

 

 

(Cost $140,873)

      142,700  
   

 

 

 
Biotechnology — 1.8%  

Amgen, Inc.
3.625%, 5/22/24

    10,000       10,559  

4.40%, 5/1/45

    25,000       30,041  

3.375%, 2/21/50

    5,000       5,236  

4.663%, 6/15/51

    4,000       5,142  

3.00%, 1/15/52

    3,000       2,937  

2.77%, 9/1/53

    5,000       4,734  

Baxalta, Inc.,
5.25%, 6/23/45

    10,000       13,492  

Biogen, Inc.
4.05%, 9/15/25

    10,000       10,882  

144A, 3.25%, 2/15/51

    5,000       4,993  

Gilead Sciences, Inc.
2.95%, 3/1/27

    15,000       15,815  
   

Principal
Amount

   

Value

 
Biotechnology (Continued)  

1.65%, 10/1/30 (a)

  $ 2,000     $ 1,911  

4.00%, 9/1/36

    9,000       10,340  

4.75%, 3/1/46

    5,000       6,351  

4.15%, 3/1/47

    6,000       7,116  

2.80%, 10/1/50

    8,000       7,788  
   

 

 

 

(Cost $131,202)

      137,337  
   

 

 

 
Commercial Services — 0.6%  

Equifax, Inc.,
2.60%, 12/15/25

    8,000       8,297  

Moody’s Corp.,
5.25%, 7/15/44

    6,000       8,214  

PayPal Holdings, Inc.
2.85%, 10/1/29

    5,000       5,272  

3.25%, 6/1/50

    5,000       5,419  

Quanta Services, Inc.,
2.90%, 10/1/30

    5,000       5,145  

RELX Capital, Inc.,
4.00%, 3/18/29

    5,000       5,558  

S&P Global, Inc.,
2.30%, 8/15/60

    5,000       4,442  

Verisk Analytics, Inc.,
3.625%, 5/15/50

    5,000       5,523  
   

 

 

 

(Cost $47,339)

      47,870  
   

 

 

 
Cosmetics/Personal Care — 0.7%  

Colgate-Palmolive Co.,
MTN, 4.00%, 8/15/45

    3,000       3,852  

Estee Lauder Cos., Inc.,
2.00%, 12/1/24

    20,000       20,533  

Procter & Gamble Co.
2.85%, 8/11/27

    11,000       11,734  

3.60%, 3/25/50

    5,000       6,332  

Unilever Capital Corp.
1.75%, 8/12/31

    10,000       9,764  

Series 30Y,
2.625%, 8/12/51

    5,000       5,060  
   

 

 

 

(Cost $55,613)

      57,275  
   

 

 

 
Food — 1.8%  

Campbell Soup Co.,
4.15%, 3/15/28

    5,000       5,569  

Conagra Brands, Inc.
4.30%, 5/1/24

    7,000       7,486  

5.40%, 11/1/48 (a)

    5,000       6,817  

General Mills, Inc.
3.20%, 2/10/27

    6,000       6,401  

144A, 3.00%, 2/1/51

    10,000       10,272  

Hershey Co.,
2.65%, 6/1/50

    4,000       4,102  

J M Smucker Co.,
2.125%, 3/15/32

    10,000       9,685  

Kellogg Co.,
2.10%, 6/1/30

    5,000       4,927  

Kroger Co.
4.50%, 1/15/29 (a)

    12,000       13,894  

4.45%, 2/1/47

    3,000       3,662  

3.95%, 1/15/50

    3,000       3,480  

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Food (Continued)  

McCormick & Co., Inc.,
3.40%, 8/15/27

  $ 5,000     $ 5,375  

Mondelez International, Inc.,
2.75%, 4/13/30

    10,000       10,394  

Sysco Corp.
3.75%, 10/1/25

    5,000       5,379  

3.25%, 7/15/27

    17,000       18,074  

6.60%, 4/1/50

    5,000       7,899  

Tyson Foods, Inc.,
4.55%, 6/2/47

    10,000       12,595  
   

 

 

 

(Cost $127,882)

      136,011  
   

 

 

 
Healthcare-Products — 0.7%  

Baxter International, Inc.,
2.60%, 8/15/26

    7,000       7,265  

Danaher Corp.,
2.60%, 10/1/50

    5,000       4,896  

DH Europe Finance II SARL,
2.60%, 11/15/29

    5,000       5,190  

PerkinElmer, Inc.,
3.625%, 3/15/51

    5,000       5,518  

Thermo Fisher Scientific, Inc.
0.797%, 10/18/23

    15,000       14,970  

4.497%, 3/25/30

    3,000       3,580  

2.00%, 10/15/31

    4,000       3,920  

4.10%, 8/15/47

    5,000       6,305  
   

 

 

 

(Cost $51,762)

      51,644  
   

 

 

 
Healthcare-Services — 1.4%  

Aetna, Inc.,
3.875%, 8/15/47

    5,000       5,688  

Anthem, Inc.
1.50%, 3/15/26

    20,000       19,880  

2.25%, 5/15/30

    10,000       9,984  

3.125%, 5/15/50

    12,000       12,392  

HCA, Inc.
4.75%, 5/1/23

    15,000       15,784  

4.125%, 6/15/29

    2,000       2,203  

5.50%, 6/15/47

    7,000       9,222  

5.25%, 6/15/49

    3,000       3,871  

Humana, Inc.,
3.125%, 8/15/29

    13,000       13,675  

Laboratory Corp. of America Holdings,
3.60%, 2/1/25

    10,000       10,608  

Quest Diagnostics, Inc.
2.95%, 6/30/30

    5,000       5,220  

2.80%, 6/30/31

    3,000       3,099  
   

 

 

 

(Cost $107,041)

      111,626  
   

 

 

 
Household Products/Wares — 0.3%  

Clorox Co.,
3.50%, 12/15/24

    13,000       13,845  

Kimberly-Clark Corp.
2.75%, 2/15/26

    5,000       5,303  

2.875%, 2/7/50

    7,000       7,337  
   

 

 

 

(Cost $26,223)

      26,485  
   

 

 

 
   

Principal
Amount

   

Value

 
Pharmaceuticals — 8.1%  

AbbVie, Inc.
3.80%, 3/15/25

  $ 20,000     $ 21,397  

3.60%, 5/14/25

    25,000       26,646  

4.25%, 11/14/28

    12,000       13,523  

4.70%, 5/14/45

    17,000       21,219  

4.45%, 5/14/46

    11,000       13,387  

4.875%, 11/14/48

    3,000       3,908  

4.25%, 11/21/49

    12,000       14,473  

AmerisourceBergen Corp.,
4.30%, 12/15/47

    6,000       7,098  

Astrazeneca Finance LLC,
0.70%, 5/28/24

    12,000       11,889  

AstraZeneca PLC
1.375%, 8/6/30

    5,000       4,714  

6.45%, 9/15/37

    10,000       14,845  

4.375%, 11/16/45

    4,000       5,162  

3.00%, 5/28/51

    3,000       3,188  

Becton Dickinson and Co.,
4.669%, 6/6/47

    10,000       12,720  

Bristol-Myers Squibb Co.
0.75%, 11/13/25

    5,000       4,880  

3.40%, 7/26/29

    22,000       24,103  

1.45%, 11/13/30

    20,000       19,054  

4.25%, 10/26/49

    18,000       22,524  

Cardinal Health, Inc.,
3.41%, 6/15/27

    13,000       13,960  

Cigna Corp.
3.75%, 7/15/23

    6,000       6,263  

4.375%, 10/15/28

    26,000       29,518  

4.80%, 7/15/46

    10,000       12,696  

4.90%, 12/15/48

    4,000       5,196  

3.40%, 3/15/51

    8,000       8,486  

CVS Health Corp.
3.875%, 7/20/25

    27,000       29,114  

4.30%, 3/25/28

    3,000       3,378  

3.25%, 8/15/29

    19,000       20,227  

4.78%, 3/25/38

    10,000       12,230  

5.125%, 7/20/45

    13,000       17,097  

5.05%, 3/25/48

    8,000       10,594  

4.25%, 4/1/50

    10,000       12,198  

Eli Lilly & Co.
2.75%, 6/1/25

    5,000       5,252  

3.95%, 3/15/49

    5,000       6,273  

2.25%, 5/15/50

    5,000       4,665  

GlaxoSmithKline Capital PLC,
3.375%, 6/1/29

    12,000       13,137  

GlaxoSmithKline Capital, Inc.
2.80%, 3/18/23

    10,000       10,267  

3.875%, 5/15/28

    5,000       5,623  

Johnson & Johnson
2.05%, 3/1/23

    15,000       15,236  

5.95%, 8/15/37

    10,000       14,519  

3.70%, 3/1/46

    11,000       13,180  

3.50%, 1/15/48

    3,000       3,519  

2.45%, 9/1/60

    5,000       4,814  

McKesson Corp.,
1.30%, 8/15/26

    5,000       4,895  

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)  

Merck & Co., Inc.
2.80%, 5/18/23

  $ 20,000     $ 20,636  

4.15%, 5/18/43

    5,000       6,089  

3.70%, 2/10/45

    8,000       9,299  

4.00%, 3/7/49

    3,000       3,710  

Novartis Capital Corp.
2.00%, 2/14/27

    15,000       15,251  

2.75%, 8/14/50

    10,000       10,270  

Sanofi,
3.625%, 6/19/28

    3,000       3,395  

Shire Acquisitions Investments Ireland DAC,
2.875%, 9/23/23

    20,000       20,639  

Zoetis, Inc.
2.00%, 5/15/30

    3,000       2,948  

4.70%, 2/1/43

    2,000       2,565  

4.45%, 8/20/48

    3,000       3,900  
   

 

 

 

(Cost $597,335)

      625,769  
   

 

 

 
Energy — 4.9%

 

Oil & Gas — 0.8%  

Marathon Petroleum Corp.
3.80%, 4/1/28

    10,000       10,759  

4.50%, 4/1/48

    6,000       6,900  

Phillips 66
2.15%, 12/15/30

    5,000       4,803  

5.875%, 5/1/42

    5,000       6,803  

4.875%, 11/15/44

    3,000       3,739  

Valero Energy Corp.
2.85%, 4/15/25

    5,000       5,206  

3.40%, 9/15/26

    15,000       15,910  

2.15%, 9/15/27

    4,000       3,991  

3.65%, 12/1/51

    5,000       4,917  
   

 

 

 

(Cost $60,975)

      63,028  
   

 

 

 
Oil & Gas Services — 0.5%  

Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.,
4.08%, 12/15/47

    6,000       6,746  

Halliburton Co.
3.80%, 11/15/25

    1,000       1,082  

2.92%, 3/1/30 (a)

    28,000       28,669  

NOV, Inc.,
3.95%, 12/1/42

    2,000       1,973  
   

 

 

 

(Cost $32,872)

      38,470  
   

 

 

 
Pipelines — 3.6%  

Boardwalk Pipelines LP,
3.40%, 2/15/31

    5,000       5,180  

Cheniere Corpus Christi Holdings LLC,
5.125%, 6/30/27

    10,000       11,337  

Enbridge, Inc.
3.70%, 7/15/27

    25,000       26,987  

3.40%, 8/1/51

    5,000       5,131  

Enterprise Products Operating LLC
3.95%, 2/15/27

    12,000       13,107  

2.80%, 1/31/30

    20,000       20,693  

3.30%, 2/15/53

    25,000       25,033  
   

Principal
Amount

   

Value

 
Pipelines (Continued)  

MPLX LP
1.75%, 3/1/26

  $ 15,000     $ 14,849  

2.65%, 8/15/30

    15,000       14,848  

4.90%, 4/15/58

    8,000       9,362  

ONEOK, Inc.
2.75%, 9/1/24

    20,000       20,691  

4.35%, 3/15/29

    10,000       10,996  

5.20%, 7/15/48

    5,000       6,053  

Sabine Pass Liquefaction LLC
5.00%, 3/15/27

    10,000       11,264  

4.50%, 5/15/30

    5,000       5,672  

TransCanada PipeLines Ltd.

   

4.10%, 4/15/30

    2,000       2,225  

2.50%, 10/12/31

    10,000       9,861  

7.625%, 1/15/39

    13,000       20,225  

4.875%, 5/15/48

    3,000       3,828  

Transcontinental Gas Pipe Line Co. LLC,
4.60%, 3/15/48

    10,000       12,227  

Williams Cos., Inc.
4.00%, 9/15/25

    1,000       1,080  

3.50%, 11/15/30

    5,000       5,323  

2.60%, 3/15/31

    22,000       21,820  
   

 

 

 

(Cost $266,952)

      277,792  
   

 

 

 
Financial — 32.3%

 

Banks — 21.7%  

Banco Santander SA,
2.958%, 3/25/31

    20,000       20,353  

Bank of America Corp.
3.004%, 12/20/23

    120,000       122,742  

MTN, 1.898%, 7/23/31

    15,000       14,359  

Series N, 2.651%, 3/11/32

    10,000       10,116  

2.687%, 4/22/32

    30,000       30,436  

2.299%, 7/21/32

    10,000       9,824  

MTN, 4.33%, 3/15/50

    8,000       10,050  

MTN, 4.083%, 3/20/51

    10,000       12,228  

MTN, 2.831%, 10/24/51

    10,000       9,961  

Series N, 3.483%, 3/13/52

    18,000       20,109  

2.972%, 7/21/52

    10,000       10,203  

Bank of Montreal,
MTN, 1.25%, 9/15/26

    15,000       14,708  

Bank of New York Mellon Corp.
MTN, 2.20%, 8/16/23

    5,000       5,119  

MTN, 3.95%, 11/18/25

    30,000       32,937  

Bank of Nova Scotia
3.40%, 2/11/24

    25,000       26,297  

4.50%, 12/16/25

    5,000       5,543  

Barclays PLC,
2.667%, 3/10/32

    40,000       39,663  

Citigroup, Inc.
3.875%, 3/26/25

    5,000       5,354  

3.30%, 4/27/25

    5,000       5,317  

4.40%, 6/10/25

    10,000       10,879  

4.45%, 9/29/27

    35,000       39,048  

4.125%, 7/25/28

    20,000       21,991  

2.976%, 11/5/30

    5,000       5,213  

2.666%, 1/29/31

    20,000       20,366  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Banks (Continued)  

2.572%, 6/3/31

  $ 20,000     $ 20,145  

2.561%, 5/1/32

    5,000       5,039  

4.75%, 5/18/46

    5,000       6,320  

4.65%, 7/23/48

    5,000       6,604  

Citizens Bank NA/Providence RI,
3.70%, 3/29/23

    10,000       10,367  

Cooperatieve Rabobank UA,
5.25%, 5/24/41

    10,000       13,951  

Credit Suisse Group AG,
4.55%, 4/17/26

    15,000       16,590  

Deutsche Bank AG,
3.70%, 5/30/24 (b)

    10,000       10,533  

Deutsche Bank AG/New York NY,
3.035%, 5/28/32 (b)

    15,000       15,091  

Discover Bank,
2.70%, 2/6/30

    10,000       10,225  

Goldman Sachs Group, Inc.
3.625%, 1/22/23

    15,000       15,489  

4.00%, 3/3/24

    15,000       15,935  

MTN, 3.85%, 7/8/24

    10,000       10,609  

3.50%, 1/23/25

    10,000       10,579  

3.50%, 11/16/26

    20,000       21,307  

3.80%, 3/15/30

    10,000       10,973  

2.615%, 4/22/32

    7,000       7,016  

2.65%, 10/21/32

    20,000       20,103  

6.25%, 2/1/41

    10,000       14,551  

MTN, 4.80%, 7/8/44

    5,000       6,417  

5.15%, 5/22/45

    5,000       6,551  

4.75%, 10/21/45

    10,000       13,055  

HSBC Holdings PLC,
6.10%, 1/14/42

    20,000       28,685  

HSBC USA, Inc.,
3.50%, 6/23/24

    60,000       63,502  

ING Groep NV,
3.95%, 3/29/27

    10,000       10,946  

JPMorgan Chase & Co.
3.20%, 1/25/23

    15,000       15,449  

2.70%, 5/18/23

    15,000       15,379  

4.023%, 12/5/24

    10,000       10,574  

2.083%, 4/22/26

    40,000       40,690  

3.20%, 6/15/26

    10,000       10,619  

2.739%, 10/15/30

    10,000       10,277  

2.522%, 4/22/31

    30,000       30,301  

2.956%, 5/13/31

    30,000       31,008  

3.964%, 11/15/48

    20,000       23,808  

3.109%, 4/22/51

    10,000       10,514  

3.328%, 4/22/52

    12,000       13,095  

KeyCorp,
MTN, 4.10%, 4/30/28

    5,000       5,675  

Lloyds Banking Group PLC,
1.627%, 5/11/27

    35,000       34,495  

Mitsubishi UFJ Financial Group, Inc.
3.287%, 7/25/27

    20,000       21,444  

4.05%, 9/11/28

    12,000       13,538  

3.741%, 3/7/29

    5,000       5,514  

Mizuho Financial Group, Inc.,
2.564%, 9/13/31

    15,000       14,775  
   

Principal
Amount

   

Value

 
Banks (Continued)  

Morgan Stanley
GMTN, 3.125%, 1/23/23

  $ 20,000     $ 20,548  

Series F, 3.875%, 4/29/24

    15,000       15,924  

GMTN, 3.70%, 10/23/24

    5,000       5,331  

0.79%, 5/30/25

    30,000       29,558  

MTN, 2.72%, 7/22/25

    5,000       5,163  

2.188%, 4/28/26

    10,000       10,214  

MTN, 3.125%, 7/27/26

    5,000       5,293  

GMTN, 4.35%, 9/8/26

    5,000       5,526  

GMTN, 2.699%, 1/22/31

    30,000       30,861  

GMTN, 2.239%, 7/21/32

    10,000       9,808  

4.30%, 1/27/45

    5,000       6,199  

4.375%, 1/22/47

    15,000       19,060  

GMTN, 5.597%, 3/24/51

    5,000       7,627  

NatWest Group PLC,
1.642%, 6/14/27

    30,000       29,532  

PNC Financial Services Group, Inc.
3.90%, 4/29/24

    20,000       21,288  

2.20%, 11/1/24

    10,000       10,317  

3.45%, 4/23/29

    5,000       5,470  

Royal Bank of Canada,
GMTN, 2.25%, 11/1/24

    30,000       30,937  

Santander Holdings USA, Inc.,
4.40%, 7/13/27

    10,000       11,070  

Santander UK PLC,
4.00%, 3/13/24

    10,000       10,643  

State Street Corp.
3.10%, 5/15/23

    10,000       10,353  

3.152%, 3/30/31

    8,000       8,714  

Sumitomo Mitsui Financial Group, Inc.
3.784%, 3/9/26

    5,000       5,421  

2.632%, 7/14/26

    5,000       5,189  

3.364%, 7/12/27

    30,000       32,407  

Toronto-Dominion Bank
MTN, 1.90%, 12/1/22

    25,000       25,358  

GMTN, 3.50%, 7/19/23

    10,000       10,468  

Truist Bank
3.00%, 2/2/23

    15,000       15,385  

3.20%, 4/1/24

    5,000       5,245  

Truist Financial Corp.
MTN, 3.70%, 6/5/25

    15,000       16,215  

MTN, 1.95%, 6/5/30 (a)

    10,000       9,915  

US Bancorp
2.40%, 7/30/24

    20,000       20,718  

Series DMTN, 3.00%, 7/30/29

    5,000       5,296  

MTN, 1.375%, 7/22/30

    6,000       5,677  

Westpac Banking Corp.
3.35%, 3/8/27

    15,000       16,181  

2.15%, 6/3/31

    10,000       10,026  
   

 

 

 

(Cost $1,632,534)

      1,673,491  
   

 

 

 
Diversified Financial Services — 4.1%  

AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.875%, 8/14/24

    20,000       20,677  

2.45%, 10/29/26

    10,000       10,036  

3.30%, 1/30/32

    12,000       12,090  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)  

Air Lease Corp.
0.80%, 8/18/24

  $ 15,000     $ 14,730  

1.875%, 8/15/26

    15,000       14,779  

Ally Financial, Inc.,
4.625%, 3/30/25

    30,000       32,813  

American Express Co.
3.40%, 2/27/23

    25,000       25,809  

4.05%, 12/3/42

    3,000       3,620  

BlackRock, Inc.,
3.20%, 3/15/27

    15,000       16,291  

Charles Schwab Corp.
2.65%, 1/25/23

    10,000       10,222  

4.625%, 3/22/30

    10,000       11,957  

CME Group, Inc.
3.75%, 6/15/28

    8,000       8,942  

5.30%, 9/15/43

    5,000       7,037  

Intercontinental Exchange, Inc.,
3.00%, 9/15/60

    10,000       9,753  

Mastercard, Inc.
2.00%, 3/3/25

    14,000       14,395  

3.80%, 11/21/46

    8,000       9,602  

Nasdaq, Inc.,
1.65%, 1/15/31

    8,000       7,484  

Nomura Holdings, Inc.,
2.679%, 7/16/30

    10,000       10,047  

ORIX Corp.,
3.25%, 12/4/24

    5,000       5,283  

Raymond James Financial, Inc.,
4.65%, 4/1/30

    15,000       17,486  

Synchrony Financial,
4.375%, 3/19/24

    10,000       10,628  

Visa, Inc.
2.80%, 12/14/22

    7,000       7,143  

3.15%, 12/14/25

    5,000       5,348  

2.75%, 9/15/27

    5,000       5,309  

4.15%, 12/14/35

    13,000       15,539  

3.65%, 9/15/47

    4,000       4,719  

2.00%, 8/15/50

    5,000       4,443  
   

 

 

 

(Cost $312,271)

      316,182  
   

 

 

 
Insurance — 2.9%  

Aflac, Inc.,
3.60%, 4/1/30

    5,000       5,548  

Allstate Corp.,
4.20%, 12/15/46

    5,000       6,259  

American International Group, Inc.
2.50%, 6/30/25

    20,000       20,702  

3.40%, 6/30/30

    5,000       5,421  

4.375%, 1/15/55

    7,000       8,819  

Arch Capital Group Ltd.,
3.635%, 6/30/50

    5,000       5,508  

Chubb INA Holdings, Inc.
3.35%, 5/3/26

    10,000       10,786  

4.35%, 11/3/45

    5,000       6,394  

Equitable Holdings, Inc.,
4.35%, 4/20/28

    10,000       11,265  

Hartford Financial Services Group, Inc.,
2.90%, 9/15/51

    5,000       4,994  
   

Principal
Amount

   

Value

 
Insurance (Continued)  

Lincoln National Corp.,
3.35%, 3/9/25

  $ 13,000     $ 13,840  

Manulife Financial Corp.,
4.15%, 3/4/26

    5,000       5,521  

Marsh & McLennan Cos., Inc.
4.375%, 3/15/29

    10,000       11,412  

2.25%, 11/15/30

    5,000       4,973  

MetLife, Inc.,
4.60%, 5/13/46

    5,000       6,496  

Principal Financial Group, Inc.,
2.125%, 6/15/30

    10,000       9,920  

Progressive Corp.
2.45%, 1/15/27

    15,000       15,702  

4.125%, 4/15/47

    3,000       3,702  

Prudential Financial, Inc.
MTN, 2.10%, 3/10/30 (a)

    8,000       8,098  

MTN, 4.60%, 5/15/44

    10,000       12,682  

3.905%, 12/7/47

    12,000       14,138  

Travelers Cos., Inc.,
3.75%, 5/15/46

    9,000       10,675  

Voya Financial, Inc.,
3.65%, 6/15/26

    5,000       5,439  

Willis North America, Inc.
2.95%, 9/15/29

    5,000       5,164  

5.05%, 9/15/48

    5,000       6,493  
   

 

 

 

(Cost $209,576)

      219,951  
   

 

 

 
Real Estate Investment Trusts — 3.6%  

Alexandria Real Estate Equities, Inc.,
3.375%, 8/15/31

    20,000       21,757  

American Tower Corp.
3.50%, 1/31/23

    15,000       15,443  

3.80%, 8/15/29 (a)

    2,000       2,172  

2.90%, 1/15/30

    20,000       20,459  

Boston Properties LP
3.125%, 9/1/23

    5,000       5,168  

3.40%, 6/21/29

    10,000       10,650  

Brixmor Operating Partnership LP,
3.65%, 6/15/24

    10,000       10,550  

Crown Castle International Corp.
3.65%, 9/1/27

    2,000       2,154  

3.80%, 2/15/28

    6,000       6,542  

2.25%, 1/15/31

    16,000       15,516  

2.10%, 4/1/31

    4,000       3,829  

Digital Realty Trust LP,
3.60%, 7/1/29

    6,000       6,551  

Duke Realty LP,
3.75%, 12/1/24

    5,000       5,337  

Equinix, Inc.
2.625%, 11/18/24

    25,000       25,787  

2.95%, 9/15/51

    5,000       4,781  

ERP Operating LP,
4.50%, 7/1/44

    8,000       10,147  

Healthpeak Properties, Inc.,
3.00%, 1/15/30

    5,000       5,266  

Host Hotels & Resorts LP,Series J,
2.90%, 12/15/31

    6,000       5,842  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)  

Kilroy Realty LP,
2.65%, 11/15/33

  $ 8,000     $ 7,829  

Kimco Realty Corp.,
4.25%, 4/1/45

    7,000       8,277  

Prologis LP,
4.375%, 2/1/29

    20,000       23,287  

Realty Income Corp.,
3.25%, 1/15/31

    5,000       5,377  

Regency Centers LP,
3.60%, 2/1/27

    10,000       10,815  

Ventas Realty LP,
4.40%, 1/15/29

    12,000       13,606  

Welltower, Inc.

   

3.625%, 3/15/24

    10,000       10,533  

4.25%, 4/15/28

    10,000       11,242  

Weyerhaeuser Co.,
4.00%, 4/15/30

    9,000       10,093  
   

 

 

 

(Cost $270,625)

      279,010  
   

 

 

 
Industrial — 7.7%

 

Aerospace/Defense — 0.1%  

Teledyne Technologies, Inc.,
1.60%, 4/1/26

   

(Cost $5,039)

    5,000       4,968  
   

 

 

 
Building Materials — 0.8%  

Carrier Global Corp.
2.493%, 2/15/27

    10,000       10,234  

3.577%, 4/5/50

    6,000       6,423  

Johnson Controls International PLC,
4.50%, 2/15/47

    8,000       10,023  

Martin Marietta Materials, Inc.
3.45%, 6/1/27

    3,000       3,226  

2.40%, 7/15/31

    8,000       7,970  

Masco Corp.,
2.00%, 10/1/30

    5,000       4,819  

Owens Corning,
4.30%, 7/15/47

    7,000       8,250  

Vulcan Materials Co.,
3.50%, 6/1/30

    10,000       10,878  
   

 

 

 

(Cost $58,210)

      61,823  
   

 

 

 
Electrical Components & Equipment — 0.1%  

Emerson Electric Co.,
2.75%, 10/15/50

   

(Cost $5,134)

    5,000       5,000  
   

 

 

 
Electronics — 0.5%  

Agilent Technologies, Inc.,
2.30%, 3/12/31

    5,000       4,956  

Amphenol Corp.,
2.20%, 9/15/31

    6,000       5,911  

Flex Ltd.,
4.875%, 5/12/30

    3,000       3,418  

Fortive Corp.,
3.15%, 6/15/26

    5,000       5,334  

TD SYNNEX Corp., 144A,
1.25%, 8/9/24

    10,000       9,894  
   

Principal
Amount

   

Value

 
Electronics (Continued)  

Vontier Corp., 144A,
2.95%, 4/1/31

  $ 10,000     $ 9,954  
   

 

 

 

(Cost $39,114)

      39,467  
   

 

 

 
Environmental Control — 0.4%            

Republic Services, Inc.
2.30%, 3/1/30

    5,000       5,023  

3.05%, 3/1/50

    5,000       5,214  

Waste Connections, Inc.
2.60%, 2/1/30

    5,000       5,127  

2.20%, 1/15/32

    5,000       4,904  

Waste Management, Inc.
3.15%, 11/15/27

    3,000       3,202  

1.50%, 3/15/31

    10,000       9,391  
   

 

 

 

(Cost $33,630)

      32,861  
   

 

 

 
Hand/Machine Tools — 0.1%            

Stanley Black & Decker, Inc.,
2.30%, 3/15/30

   

(Cost $10,679)

    10,000       10,257  
   

 

 

 
Machinery-Construction & Mining — 0.6%  

Caterpillar Financial Services Corp.
0.65%, 7/7/23

    7,000       7,001  

MTN, 0.45%, 5/17/24

    20,000       19,754  

MTN, 0.80%, 11/13/25

    5,000       4,892  

Caterpillar, Inc.
3.803%, 8/15/42

    5,000       5,890  

3.25%, 9/19/49

    7,000       7,779  
   

 

 

 

(Cost $44,116)

      45,316  
   

 

 

 
Machinery-Diversified — 0.9%            

CNH Industrial Capital LLC,
1.875%, 1/15/26

    7,000       7,030  

Deere & Co.,
3.90%, 6/9/42

    8,000       9,676  

John Deere Capital Corp.
MTN, 2.05%, 1/9/25

    10,000       10,301  

MTN, 3.45%, 3/13/25

    10,000       10,728  

MTN, 2.00%, 6/17/31

    7,000       6,989  

Otis Worldwide Corp.,
3.362%, 2/15/50

    11,000       11,899  

Rockwell Automation, Inc.,
1.75%, 8/15/31

    8,000       7,826  

Xylem, Inc.,
2.25%, 1/30/31

    7,000       7,036  
   

 

 

 

(Cost $69,486)

      71,485  
   

 

 

 
Miscellaneous Manufacturing — 0.9%            

3M Co.
MTN, 2.25%, 3/15/23

    5,000       5,096  

MTN, 3.25%, 2/14/24

    5,000       5,245  

MTN, 4.00%, 9/14/48

    10,000       12,301  

Carlisle Cos., Inc.,
2.20%, 3/1/32

    10,000       9,679  

Eaton Corp.,
4.15%, 11/2/42

    8,000       9,554  

Illinois Tool Works, Inc.,
3.50%, 3/1/24

    10,000       10,522  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Miscellaneous Manufacturing (Continued)            

Parker-Hannifin Corp.,
3.25%, 6/14/29

  $ 10,000     $ 10,652  

Trane Technologies Global Holding Co. Ltd.,
4.25%, 6/15/23

    10,000       10,488  
   

 

 

 

(Cost $72,000)

      73,537  
   

 

 

 
Packaging & Containers — 0.2%            

Sonoco Products Co.,
3.125%, 5/1/30

    2,000       2,118  

WRKCo, Inc.
3.00%, 9/15/24

    10,000       10,452  

3.75%, 3/15/25

    5,000       5,362  
   

 

 

 

(Cost $18,031)

      17,932  
   

 

 

 
Transportation — 3.0%            

Canadian National Railway Co.
2.75%, 3/1/26

    5,000       5,258  

2.45%, 5/1/50

    5,000       4,719  

Canadian Pacific Railway Co.
2.90%, 2/1/25

    10,000       10,481  

2.05%, 3/5/30

    9,000       8,914  

3.10%, 12/2/51

    3,000       3,091  

CSX Corp.
2.40%, 2/15/30

    15,000       15,277  

3.80%, 11/1/46

    15,000       17,291  

FedEx Corp.
3.25%, 4/1/26

    5,000       5,368  

4.25%, 5/15/30

    5,000       5,700  

2.40%, 5/15/31

    5,000       5,018  

5.25%, 5/15/50 (a)

    15,000       20,318  

Kansas City Southern,
3.50%, 5/1/50

    5,000       5,505  

Norfolk Southern Corp.
2.90%, 8/25/51

    5,000       5,041  

4.05%, 8/15/52

    16,000       19,468  

Ryder System, Inc.,
MTN, 2.90%, 12/1/26

    5,000       5,232  

Union Pacific Corp.
2.40%, 2/5/30

    11,000       11,263  

2.375%, 5/20/31

    10,000       10,215  

2.891%, 4/6/36

    5,000       5,239  

3.839%, 3/20/60

    19,000       22,569  

3.55%, 5/20/61

    5,000       5,653  

United Parcel Service, Inc.
2.50%, 9/1/29

    10,000       10,455  

4.45%, 4/1/30

    15,000       17,701  

3.75%, 11/15/47

    7,000       8,466  
   

 

 

 

(Cost $219,156)

      228,242  
   

 

 

 
Trucking & Leasing — 0.1%            

GATX Corp.,
4.00%, 6/30/30

   

(Cost $6,968)

    6,000       6,685  
   

 

 

 
Technology — 11.0%

 

Computers — 3.9%  

Apple, Inc.
2.40%, 5/3/23

    7,000       7,174  
   

Principal
Amount

   

Value

 
Computers (Continued)  

3.00%, 2/9/24

  $ 20,000     $ 20,849  

2.75%, 1/13/25

    10,000       10,475  

3.20%, 5/13/25

    12,000       12,782  

2.45%, 8/4/26

    9,000       9,381  

3.20%, 5/11/27

    10,000       10,775  

1.65%, 2/8/31

    6,000       5,826  

1.70%, 8/5/31

    10,000       9,735  

4.45%, 5/6/44

    12,000       15,482  

3.85%, 8/4/46

    15,000       17,943  

3.75%, 11/13/47

    15,000       17,784  

2.95%, 9/11/49

    2,000       2,091  

2.65%, 5/11/50

    4,000       3,987  

2.65%, 2/8/51

    10,000       9,951  

2.80%, 2/8/61

    8,000       8,016  

Dell International LLC / EMC Corp.
6.02%, 6/15/26

    15,000       17,517  

5.30%, 10/1/29

    20,000       23,804  

Hewlett Packard Enterprise Co.
4.90%, 10/15/25

    10,000       11,127  

1.75%, 4/1/26

    7,000       7,013  

6.35%, 10/15/45

    3,000       4,073  

HP, Inc.,
3.40%, 6/17/30

    10,000       10,518  

International Business Machines Corp.
3.625%, 2/12/24

    15,000       15,849  

3.50%, 5/15/29

    15,000       16,333  

1.95%, 5/15/30

    10,000       9,769  

4.00%, 6/20/42

    12,000       13,898  

4.25%, 5/15/49

    5,000       6,176  

NetApp, Inc., 1.875%, 6/22/25

    5,000       5,062  
   

 

 

 

(Cost $287,878)

      303,390  
   

 

 

 
Office/Business Equipment — 0.1%            

CDW LLC / CDW Finance Corp.,
4.125%, 5/1/25

   

(Cost $10,279)

    10,000       10,290  
   

 

 

 
Semiconductors — 2.1%  

Analog Devices, Inc.,
2.95%, 10/1/51

    5,000       5,239  

Applied Materials, Inc.
4.35%, 4/1/47

    3,000       3,892  

2.75%, 6/1/50

    3,000       3,076  

Intel Corp.
3.70%, 7/29/25

    15,000       16,219  

2.60%, 5/19/26

    10,000       10,496  

3.15%, 5/11/27

    6,000       6,452  

4.10%, 5/11/47

    12,000       14,479  

3.05%, 8/12/51

    6,000       6,224  

3.10%, 2/15/60

    7,000       7,162  

4.95%, 3/25/60

    7,000       9,959  

Lam Research Corp.
4.875%, 3/15/49

    2,000       2,774  

2.875%, 6/15/50

    5,000       5,128  

Marvell Technology, Inc.,
1.65%, 4/15/26

    6,000       5,968  

Micron Technology, Inc.,
2.703%, 4/15/32

    10,000       10,060  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Semiconductors (Continued)  

NVIDIA Corp.
2.85%, 4/1/30

  $ 12,000     $ 12,737  

3.70%, 4/1/60

    4,000       4,806  

NXP BV / NXP Funding LLC / NXP USA, Inc., 144A,
2.50%, 5/11/31

    12,000       12,018  

Texas Instruments, Inc.
2.25%, 5/1/23

    5,000       5,097  

4.15%, 5/15/48

    5,000       6,404  

TSMC Arizona Corp.,
2.50%, 10/25/31

    12,000       12,274  
   

 

 

 

(Cost $155,442)

      160,464  
   

 

 

 
Software — 4.9%            

Activision Blizzard, Inc.
3.40%, 9/15/26

    7,000       7,502  

2.50%, 9/15/50

    2,000       1,744  

Adobe, Inc.,
2.15%, 2/1/27

    7,000       7,217  

Autodesk, Inc.,
2.40%, 12/15/31

    5,000       4,950  

Broadridge Financial Solutions, Inc.,
2.60%, 5/1/31

    5,000       5,048  

Electronic Arts, Inc.,
1.85%, 2/15/31

    5,000       4,793  

Fidelity National Information Services, Inc.
0.375%, 3/1/23

    17,000       16,923  

2.25%, 3/1/31

    7,000       6,853  

Fiserv, Inc.
4.20%, 10/1/28

    15,000       16,795  

3.50%, 7/1/29

    10,000       10,677  

Microsoft Corp.
2.00%, 8/8/23

    10,000       10,214  

2.40%, 8/8/26

    10,000       10,438  

3.30%, 2/6/27

    15,000       16,272  

3.50%, 2/12/35

    10,000       11,489  

3.70%, 8/8/46

    8,000       9,721  

2.525%, 6/1/50

    11,000       10,934  

2.921%, 3/17/52

    20,000       21,282  

3.95%, 8/8/56

    2,000       2,558  

2.675%, 6/1/60

    5,000       5,036  

3.041%, 3/17/62

    3,000       3,278  

Oracle Corp.
3.40%, 7/8/24

    10,000       10,518  

2.50%, 4/1/25

    15,000       15,469  

2.95%, 5/15/25

    5,000       5,224  

2.80%, 4/1/27

    5,000       5,185  

2.95%, 4/1/30

    9,000       9,298  

2.875%, 3/25/31

    17,000       17,410  

4.30%, 7/8/34

    20,000       22,628  

4.00%, 7/15/46

    10,000       10,811  

4.00%, 11/15/47

    10,000       10,776  

3.60%, 4/1/50

    7,000       7,093  

3.95%, 3/25/51

    10,000       10,775  

3.85%, 4/1/60

    10,000       10,439  

4.10%, 3/25/61

    8,000       8,758  

Roper Technologies, Inc.,
3.80%, 12/15/26

    13,000       14,173  
   

Principal
Amount

   

Value

 
Software (Continued)            

salesforce.com, Inc.
0.625%, 7/15/24

  $ 10,000     $ 9,920  

3.70%, 4/11/28

    5,000       5,580  

3.05%, 7/15/61

    8,000       8,442  

VMware, Inc.
4.70%, 5/15/30

    6,000       6,961  

2.20%, 8/15/31

    5,000       4,865  
   

 

 

 

(Cost $367,982)

      378,049  
   

 

 

 
Utilities — 8.2%

 

Electric — 5.6%  

Avangrid, Inc.,
3.20%, 4/15/25

    15,000       15,832  

Baltimore Gas and Electric Co.,
2.90%, 6/15/50

    11,000       11,246  

CenterPoint Energy Houston Electric LLC
Series Z, 2.40%, 9/1/26

    5,000       5,199  

Series AC, 4.25%, 2/1/49

    7,000       8,988  

Series AF, 3.35%, 4/1/51

    5,000       5,622  

CenterPoint Energy, Inc.
1.45%, 6/1/26

    5,000       4,931  

2.95%, 3/1/30

    5,000       5,205  

2.65%, 6/1/31

    5,000       5,087  

Commonwealth Edison Co.
2.55%, 6/15/26

    15,000       15,693  

2.20%, 3/1/30

    20,000       20,220  

4.00%, 3/1/48

    5,000       6,001  

3.00%, 3/1/50

    6,000       6,222  

Series 130, 3.125%, 3/15/51

    15,000       15,842  

Connecticut Light and Power Co.,
Series A, 2.05%, 7/1/31

    10,000       9,995  

Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/30

    10,000       10,804  

2.40%, 6/15/31

    12,000       12,104  

Series 20B, 3.95%, 4/1/50

    19,000       22,216  

4.625%, 12/1/54

    5,000       6,365  

Series C, 3.00%, 12/1/60

    5,000       4,823  

3.60%, 6/15/61

    10,000       10,868  

Entergy Mississippi LLC,
3.50%, 6/1/51

    5,000       5,692  

Entergy Texas, Inc.,
1.75%, 3/15/31

    10,000       9,465  

Eversource Energy
Series N, 3.80%, 12/1/23

    15,000       15,790  

Series L, 2.90%, 10/1/24

    15,000       15,617  

3.45%, 1/15/50

    13,000       13,969  

ITC Holdings Corp.,
3.35%, 11/15/27

    10,000       10,722  

NSTAR Electric Co.,
3.10%, 6/1/51

    2,000       2,187  

Ohio Power Co.,
Series Q, 1.625%, 1/15/31 (a)

    15,000       14,376  

Oncor Electric Delivery Co. LLC
0.55%, 10/1/25

    12,000       11,622  

2.75%, 5/15/30

    12,000       12,629  

3.10%, 9/15/49

    14,000       15,077  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Electric (Continued)  

PECO Energy Co.,
3.05%, 3/15/51

  $ 7,000     $ 7,472  

PPL Electric Utilities Corp.,
3.00%, 10/1/49

    10,000       10,521  

Public Service Electric and Gas Co.
MTN, 2.25%, 9/15/26

    5,000       5,160  

MTN, 1.90%, 8/15/31

    15,000       14,794  

MTN, 3.80%, 3/1/46

    13,000       15,404  

MTN, 2.05%, 8/1/50

    5,000       4,442  

San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30

    10,000       9,592  

Series RRR, 3.75%, 6/1/47

    10,000       11,595  

Sempra Energy
4.05%, 12/1/23

    10,000       10,590  

3.40%, 2/1/28

    8,000       8,627  
   

 

 

 

(Cost $424,135)

      428,606  
   

 

 

 
Gas — 1.7%            

Atmos Energy Corp.
3.00%, 6/15/27

    7,000       7,444  

1.50%, 1/15/31

    6,000       5,654  

3.375%, 9/15/49

    8,000       8,738  

2.85%, 2/15/52

    4,000       4,021  

CenterPoint Energy Resources Corp.,
3.55%, 4/1/23

    15,000       15,512  

ONE Gas, Inc.,
2.00%, 5/15/30

    16,000       15,728  

Piedmont Natural Gas Co., Inc.,
2.50%, 3/15/31

    20,000       20,092  

Southern California Gas Co.
3.20%, 6/15/25

    10,000       10,570  

Series XX, 2.55%, 2/1/30

    10,000       10,311  

Series VV, 4.30%, 1/15/49

    20,000       25,458  

Southwest Gas Corp.,
3.18%, 8/15/51

    8,000       7,985  
   

 

 

 

(Cost $129,505)

      131,513  
   

 

 

 
   

Principal
Amount

   

Value

 
Water — 0.9%            

American Water Capital Corp.
3.40%, 3/1/25

  $ 10,000     $ 10,607  

2.95%, 9/1/27

    10,000       10,590  

2.80%, 5/1/30

    2,000       2,079  

2.30%, 6/1/31

    10,000       10,045  

3.45%, 5/1/50

    11,000       12,062  

3.25%, 6/1/51

    13,000       13,878  

Essential Utilities, Inc.
2.40%, 5/1/31

    8,000       8,024  

3.351%, 4/15/50

    5,000       5,319  
   

 

 

 

(Cost $75,070)

      72,604  
   

 

 

 

TOTAL CORPORATE BONDS

   

(Cost $7,400,523)

      7,642,677  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 0.5%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
(Cost $36,822)

    36,822       36,822  
   

 

 

 
CASH EQUIVALENTS — 0.3%  

DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
(Cost $26,753)

    26,753       26,753  
   

 

 

 

TOTAL INVESTMENTS — 99.8%
(Cost $7,464,098)

    $ 7,706,252  

Other assets and liabilities, net — 0.2%

      17,872  
   

 

 

 

NET ASSETS — 100.0%

    $ 7,724,124  
   

 

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

 

     Value ($) at
5/31/2021
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
    Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
11/30/2021
     Value ($) at
11/30/2021
 

CORPORATE BONDS 0.3%

 

               

Financial 0.3%

 

                  

Deutsche Bank AG , 3.70%, 5/28/32 (b)

 

               
     10,805        17            —           —        (289     184            —        10,000        10,533  

Deutsche Bank AG/New York NY , 3.035%, 5/30/24 (b)

 

             
         —        15,098            —           —        (7     15            —        15,000        15,091  

SECURITIES LENDING COLLATERAL 0.5%

 

               

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)

 

  
     41,760            —        (4,938 ) (e)          —            —       1            —        36,822        36,822  

CASH EQUIVALENTS 0.3%

 

                  

DWS Government Money Market Series “Institutional Shares”, 0.04% (c)

 

  
     108,903        249,417        (331,567)           —            —       5            —        26,753        26,753  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
       161,468          264,532          (336,505         —          (296       205            —          88,575          89,199  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

 

(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 November 30, 2021 amounted to $80,969, which is 1.0% of net assets.

(b)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $45,834.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

 

GMTN:   Global Medium Term Note
MTN:   Medium Term Note
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 November 30, 2021 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 (f)

     $        $ 7,642,677        $     —        $ 7,642,677  

Short-Term Investments (f)

       63,575                            63,575  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 63,575        $ 7,642,677        $        $ 7,706,252  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(f)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
SOVEREIGN BONDS — 98.1%

 

Argentina — 1.8%  

Argentine Republic Government
International Bond
1.00%, 7/9/29

  $ 67,589     $ 22,372  

Step Up Coupon,
0.50% to 7/9/23, 0.75% to 7/9/27, 1.75% to 7/9/30

    434,076       135,215  

Step Up Coupon,
1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.75% to 7/9/28, 5.00% to 7/9/35

    558,008       156,800  

Step Up Coupon,
2.00% to 7/9/22, 3.85% to 7/9/23, 4.25% to 7/9/24, 5.00% to 7/9/38

    293,407       97,411  

Step Up Coupon,
2.50% to 7/9/22, 3.50% to 7/9/29, 4.875% to 7/9/41

    269,501       83,545  

Step Up Coupon,
1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.375% to 7/9/28, 5.00% to 7/9/46

    54,000       15,309  
   

 

 

 

(Cost $806,507)

      510,652  
   

 

 

 
Armenia — 0.8%  

Republic of Armenia International Bond, REGS,
7.15%, 3/26/25
(Cost $216,663)

    200,000       224,745  
   

 

 

 
Azerbaijan — 0.7%  

Republic of Azerbaijan International Bond, REGS, 4.75%, 3/18/24
(Cost $213,503)

    200,000       211,607  
   

 

 

 
Bahrain — 2.1%  

Bahrain Government International Bond
REGS, 6.125%, 7/5/22

    200,000       205,006  

REGS, 7.00%, 1/26/26

    200,000       220,089  

REGS, 6.00%, 9/19/44

    200,000       177,208  
   

 

 

 

(Cost $627,999)

      602,303  
   

 

 

 
Barbados — 0.2%  

Barbados Government International Bond, REGS, 6.50%, 10/1/29
(Cost $48,692)

    50,000       50,570  
   

 

 

 
Belarus — 0.6%  

Republic of Belarus International Bond, REGS, 5.875%, 2/24/26
(Cost $189,352)

    200,000       180,500  
   

 

 

 
Belize — 0.0%  

Belize Government International Bond, REGS, 4.938%, 2/20/34, PIK
(Cost $11,931)

    26,254       13,502  
   

 

 

 
Bolivia — 0.4%  

Bolivian Government International Bond, REGS, 5.95%, 8/22/23
(Cost $98,344)

    100,000       104,311  
   

 

 

 
   

Principal
Amount

   

Value

 
Brazil — 3.1%  

Brazilian Government International Bond
4.625%, 1/13/28

  $ 200,000     $ 203,759  

4.50%, 5/30/29

    100,000       99,798  

3.875%, 6/12/30

    175,000       164,906  

8.25%, 1/20/34

    45,000       58,290  

7.125%, 1/20/37

    125,000       146,283  

5.625%, 1/7/41

    100,000       98,449  

5.00%, 1/27/45

    100,000       90,171  

5.625%, 2/21/47

    50,000       48,366  
   

 

 

 

(Cost $961,598)

      910,022  
   

 

 

 
Cayman Islands — 0.7%  

Sharjah Sukuk Program Ltd.,
3.20%, 7/13/31 (Cost $199,639)

    200,000       201,250  
   

 

 

 
Chile — 2.5%  

Chile Government International Bond
3.24%, 2/6/28

    100,000       105,417  

2.55%, 7/27/33

    200,000       196,550  

3.10%, 5/7/41

    200,000       197,200  

3.86%, 6/21/47

    200,000       220,110  
   

 

 

 

(Cost $740,946)

      719,277  
   

 

 

 
China — 0.8%  

China Government International Bond,
3.50%, 10/19/28
(Cost $231,919)

    200,000       226,384  
   

 

 

 
Colombia — 2.9%  

Colombia Government International Bond
3.875%, 4/25/27

    200,000       201,935  

3.25%, 4/22/32

    100,000       89,350  

6.125%, 1/18/41

    150,000       156,321  

5.625%, 2/26/44

    175,000       171,680  

5.00%, 6/15/45

    250,000       228,558  
   

 

 

 

(Cost $942,425)

      847,844  
   

 

 

 
Costa Rica — 1.5%  

Costa Rica Government International Bond
REGS, 4.25%, 1/26/23

    200,000       202,570  

REGS, 6.125%, 2/19/31

    100,000       100,502  

REGS, 7.158%, 3/12/45

    150,000       144,204  
   

 

 

 

(Cost $412,648)

      447,276  
   

 

 

 
Croatia — 0.8%  

Croatia Government International Bond,
REGS, 6.00%, 1/26/24

   

(Cost $222,593)

    200,000       220,327  
   

 

 

 
Dominican Republic — 3.4%  

Dominican Republic International Bond
REGS, 6.875%, 1/29/26

    200,000       228,000  

REGS, 6.00%, 7/19/28

    100,000       110,500  

REGS, 4.50%, 1/30/30

    100,000       99,521  

REGS, 5.30%, 1/21/41

    150,000       144,188  

REGS, 7.45%, 4/30/44

    200,000       232,000  

REGS, 6.85%, 1/27/45

    175,000       188,787  
   

 

 

 

(Cost $952,256)

      1,002,996  
   

 

 

 

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Ecuador — 1.8%  

Ecuador Government International Bond
REGS, 7/31/30, Zero Coupon

  $ 50,000     $ 27,375  

Step Up Coupon,
144A, 5.00% to 7/31/22, 5.50% to 7/31/23, 6.00% to 7/31/24, 6.90% to 7/31/30

    185,000       151,238  

Step Up Coupon,
144A, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35

    345,000       223,819  

Step up Coupon,
REGS, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35

    55,000       35,681  

Step Up Coupon,
144A, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40

    161,000       91,971  

Step up Coupon,
REGS, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40

    5,000       2,856  
   

 

 

 

(Cost $513,669)

      532,940  
   

 

 

 
Egypt — 1.9%  

Egypt Government International Bond
REGS, 7.50%, 1/31/27

    200,000       201,500  

REGS, 7.600%, 3/1/29

    200,000       191,750  

REGS, 8.700%, 3/1/49

    200,000       171,750  
   

 

 

 

(Cost $637,886)

      565,000  
   

 

 

 
El Salvador — 0.7%  

El Salvador Government International Bond
REGS, 6.375%, 1/18/27

    40,000       26,253  

REGS, 8.625%, 2/28/29

    60,000       41,104  

144A, 7.65%, 6/15/35

    110,000       68,931  

REGS, 7.65%, 6/15/35

    130,000       81,463  
   

 

 

 

(Cost $306,204)

      217,751  
   

 

 

 
Ghana — 2.5%  

Ghana Government International Bond
REGS, 7.625%, 5/16/29

    200,000       163,250  

REGS, 10.75%, 10/14/30

    200,000       220,250  

REGS, 8.125%, 3/26/32

    250,000       196,750  

REGS, 7.875%, 2/11/35

    200,000       152,000  
   

 

 

 

(Cost $856,493)

      732,250  
   

 

 

 
Guatemala — 0.6%  

Guatemala Government Bond
REGS, 4.90%, 6/1/30

    100,000       107,318  

REGS, 6.125%, 6/1/50

    50,000       55,908  
   

 

 

 

(Cost $170,059)

      163,226  
   

 

 

 
Hungary — 1.9%  

Hungary Government International Bond
5.375%, 2/21/23

    100,000       105,517  

5.75%, 11/22/23

    96,000       104,723  
   

Principal
Amount

   

Value

 
Hungary (Continued)  

7.625%, 3/29/41

  $ 100,000     $ 163,088  

REGS, 3.125%, 9/21/51

    200,000       190,485  
   

 

 

 

(Cost $555,840)

      563,813  
   

 

 

 
Indonesia — 4.8%            

Indonesia Government International Bond
4.75%, 2/11/29

    200,000       231,500  

3.85%, 10/15/30 (a)

    250,000       278,202  

REGS, 8.50%, 10/12/35

    200,000       314,335  

REGS, 6.625%, 2/17/37

    200,000       273,230  

REGS, 7.75%, 1/17/38

    200,000       299,104  
   

 

 

 

(Cost $1,398,132)

      1,396,371  
   

 

 

 
Ivory Coast — 0.5%            

Ivory Coast Government International Bond,
REGS, 5.75%, 12/31/32 (a)

   

(Cost $134,886)

    136,389       134,001  
   

 

 

 
Jamaica — 1.4%  

Jamaica Government International Bond
6.75%, 4/28/28

    181,000       208,128  

7.875%, 7/28/45

    150,000       207,015  
   

 

 

 

(Cost $375,432)

      415,143  
   

 

 

 
Jordan — 0.7%            

Jordan Government International Bond,
REGS, 5.75%, 1/31/27

   

(Cost $205,875)

    200,000       207,401  
   

 

 

 
Kazakhstan — 1.0%  

Kazakhstan Government International Bond,
REGS, 6.50%, 7/21/45

   

(Cost $294,835)

    200,000       287,500  
   

 

 

 
Kenya — 1.4%  

Republic of Kenya Government International Bond
REGS, 6.875%, 6/24/24

    200,000       212,415  

REGS, 7.25%, 2/28/28

    200,000       210,500  
   

 

 

 

(Cost $415,167)

      422,915  
   

 

 

 
Kuwait — 0.7%  

Kuwait International Government Bond,
REGS, 3.50%, 3/20/27

   

(Cost $215,854)

    200,000       218,187  
   

 

 

 
Lebanon — 0.0%  

Lebanon Government International Bond,
MTN, 6.85%, 5/25/29 (b)

   

(Cost $22,895)

    25,000       2,875  
   

 

 

 
Malaysia — 0.5%  

Malaysia Wakala Sukuk Bhd,
REGS, 2.07%, 4/28/31 (a)

   

(Cost $153,089)

    150,000       150,756  
   

 

 

 
Mexico — 3.1%  

Mexico Government International Bond
3.60%, 1/30/25

    200,000       213,313  

MTN, 8.30%, 8/15/31

    50,000       72,375  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Mexico (Continued)  

Series A, MTN, 7.50%, 4/8/33

  $ 50,000     $ 69,174  

6.05%, 1/11/40

    76,000       93,421  

MTN, 4.75%, 3/8/44

    106,000       114,064  

5.55%, 1/21/45

    40,000       47,285  

4.60%, 1/23/46

    100,000       105,257  

4.60%, 2/10/48

    75,000       78,696  

4.50%, 1/31/50

    50,000       51,720  

GMTN, 5.75%, 10/12/10

    40,000       45,425  
   

 

 

 

(Cost $878,617)

      890,730  
   

 

 

 
Mongolia — 0.7%  

Mongolia Government International Bond,
REGS, 5.125%, 12/5/22

   

(Cost $190,873)

    200,000       205,500  
   

 

 

 
Morocco — 0.7%  

Morocco Government International Bond,
REGS, 5.50%, 12/11/42

   

(Cost $246,334)

    200,000       216,058  
   

 

 

 
Namibia — 0.7%  

Namibia International Bonds,
REGS, 5.25%, 10/29/25

   

(Cost $208,930)

    200,000       210,754  
   

 

 

 
Oman — 2.8%  

Oman Government International Bond
REGS, 5.375%, 3/8/27

    200,000       206,125  

REGS, 5.625%, 1/17/28

    200,000       206,500  

REGS, 6.00%, 8/1/29

    200,000       209,000  

REGS, 6.75%, 1/17/48

    200,000       193,250  
   

 

 

 

(Cost $712,342)

      814,875  
   

 

 

 
Panama — 4.0%  

Panama Government International Bond
3.75%, 3/16/25

    100,000       105,825  

7.125%, 1/29/26

    100,000       119,999  

3.875%, 3/17/28

    150,000       160,931  

6.70%, 1/26/36

    200,000       263,598  

4.30%, 4/29/53

    50,000       52,158  

4.50%, 4/1/56

    250,000       267,071  

3.87%, 7/23/60

    200,000       193,346  
   

 

 

 

(Cost $1,224,841)

      1,162,928  
   

 

 

 
Papua New Guinea — 0.2%  

Papua New Guinea Government International Bond, REGS,
8.375%, 10/4/28

   

(Cost $50,410)

    50,000       50,384  
   

 

 

 
Paraguay — 0.8%  

Paraguay Government International Bond,
REGS, 6.10%, 8/11/44

   

(Cost $258,160)

    200,000       236,329  
   

 

 

 
Peru — 3.2%  

Peruvian Government International Bond
7.35%, 7/21/25

    50,000       59,885  

4.125%, 8/25/27

    75,000       82,408  

2.783%, 1/23/31

    100,000       99,325  
   

Principal
Amount

   

Value

 
Peru (Continued)  

8.75%, 11/21/33

  $ 100,000     $ 154,496  

3.00%, 1/15/34

    100,000       98,500  

6.55%, 3/14/37

    40,000       53,769  

3.30%, 3/11/41

    75,000       72,994  

5.625%, 11/18/50

    150,000       204,364  

2.78%, 12/1/60

    125,000       106,317  
   

 

 

 

(Cost $981,176)

      932,058  
   

 

 

 
Philippines — 3.7%  

Philippine Government International Bond
3.00%, 2/1/28

    100,000       106,416  

3.75%, 1/14/29

    200,000       222,766  

9.50%, 2/2/30

    200,000       308,957  

3.95%, 1/20/40

    100,000       109,862  

3.70%, 3/1/41

    100,000       107,217  

3.70%, 2/2/42

    200,000       213,883  
   

 

 

 

(Cost $1,090,110)

      1,069,101  
   

 

 

 
Poland — 1.4%  

Republic of Poland Government International Bond
3.00%, 3/17/23

    100,000       102,589  

3.25%, 4/6/26

    300,000       320,357  
   

 

 

 

(Cost $425,286)

      422,946  
   

 

 

 
Qatar — 4.2%  

Qatar Government International Bond
REGS, 4.00%, 3/14/29

    200,000       224,900  

144A, 9.75%, 6/15/30

    184,000       289,340  

144A, 6.40%, 1/20/40

    200,000       292,750  

REGS, 6.40%, 1/20/40

    100,000       146,375  

REGS, 5.103%, 4/23/48

    200,000       266,875  
   

 

 

 

(Cost $1,207,028)

      1,220,240  
   

 

 

 
Romania — 1.7%  

Romanian Government International Bond REGS, 4.875%, 1/22/24

    100,000       106,813  

REGS, 3.00%, 2/14/31 (a)

    100,000       99,000  

144A, 6.125%, 1/22/44

    70,000       89,162  

REGS, 5.125%, 6/15/48

    100,000       114,625  

REGS, 4.00%, 2/14/51 (a)

    90,000       88,065  
   

 

 

 

(Cost $518,209)

      497,665  
   

 

 

 
Russia — 4.0%  

Russian Foreign Bond — Eurobond
REGS, 4.75%, 5/27/26

    200,000       220,500  

144A, 4.375%, 3/21/29

    200,000       222,100  

REGS, 4.375%, 3/21/29

    200,000       222,100  

REGS, 5.10%, 3/28/35

    200,000       235,750  

REGS, 5.25%, 6/23/47

    200,000       253,750  
   

 

 

 

(Cost $1,154,114)

      1,154,200  
   

 

 

 
Saudi Arabia — 4.7%  

Saudi Government International Bond
REGS, 3.25%, 10/26/26

    250,000       266,750  

REGS, 4.375%, 4/16/29

    200,000       228,900  

REGS, 2.75%, 2/3/32

    200,000       205,125  

REGS, 2.25%, 2/2/33

    200,000       193,750  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

November 30, 2021 (Unaudited)

 

   

Principal
Amount

   

Value

 
Saudi Arabia (Continued)  

REGS, 4.50%, 10/26/46

  $ 200,000     $ 234,100  

REGS, 5.00%, 4/17/49

    200,000       251,400  
   

 

 

 

(Cost $1,357,731)

      1,380,025  
   

 

 

 
Senegal — 0.7%  

Senegal Government International Bond,
REGS, 6.25%, 5/23/33

   

(Cost $199,518)

    200,000       202,875  
   

 

 

 
South Africa — 1.8%  

Republic of South Africa Government International Bond
4.30%, 10/12/28

    200,000       199,480  

5.65%, 9/27/47

    200,000       184,888  

6.30%, 6/22/48

    150,000       150,582  
   

 

 

 

(Cost $516,703)

      534,950  
   

 

 

 
Sri Lanka — 1.2%  

Sri Lanka Government International Bond
REGS, 5.75%, 4/18/23

    100,000       61,629  

REGS, 6.85%, 3/14/24

    100,000       58,873  

144A, 7.85%, 3/14/29

    200,000       111,435  

REGS, 7.55%, 3/28/30

    200,000       111,385  
   

 

 

 

(Cost $471,155)

      343,322  
   

 

 

 
Trinidad and Tobago — 0.7%  

Trinidad & Tobago Government International Bond, REGS,
4.375%, 1/16/24 (a)

   

(Cost $205,641)

    200,000       205,398  
   

 

 

 
Turkey — 3.0%  

Turkey Government International Bond
5.75%, 3/22/24

    71,000       71,012  

7.375%, 2/5/25

    55,000       56,553  

4.25%, 4/14/26

    100,000       91,149  

4.875%, 10/9/26

    200,000       185,223  

5.125%, 2/17/28

    85,000       77,724  

11.875%, 1/15/30

    140,000       179,987  

8.00%, 2/14/34

    75,000       78,225  

6.875%, 3/17/36

    100,000       93,567  

7.25%, 3/5/38

    50,000       48,791  
   

 

 

 

(Cost $915,188)

      882,231  
   

 

 

 
Ukraine — 3.3%  

Ukraine Government International Bond
REGS, 7.75%, 9/1/24

    100,000       100,500  

144A, 7.75%, 9/1/25

    100,000       100,500  

REGS, 7.75%, 9/1/25

    300,000       301,500  

REGS, 7.75%, 9/1/27

    250,000       250,625  

REGS, 9.75%, 11/1/28

    200,000       216,700  
   

 

 

 

(Cost $1,010,919)

      969,825  
   

 

 

 
United Arab Emirates — 3.0%  

Abu Dhabi Government International Bond
REGS, 0.75%, 9/2/23

    200,000       199,700