August 31, 2022

Annual Report

DBX ETF Trust

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     3  

Performance Summary

  

Xtrackers High Beta High Yield Bond ETF

     6  

Xtrackers Low Beta High Yield Bond ETF

     8  

Xtrackers Risk Managed USD High Yield Strategy ETF

     10  

Xtrackers Short Duration High Yield Bond ETF

     12  

Xtrackers USD High Yield Corporate Bond ETF

     14  

Fees and Expenses

     16  

Schedule of Investments

  

Xtrackers High Beta High Yield Bond ETF

     17  

Xtrackers Low Beta High Yield Bond ETF

     29  

Xtrackers Risk Managed USD High Yield Strategy ETF

     39  

Xtrackers Short Duration High Yield Bond ETF

     40  

Xtrackers USD High Yield Corporate Bond ETF

     50  

Statements of Assets and Liabilities

     68  

Statements of Operations

     70  

Statements of Changes in Net Assets

     72  

Financial Highlights

     75  

Notes to Financial Statements

     78  

Report of Independent Registered Public Accounting Firm

     87  

Board Members and Officers

     89  

Additional Information

     92  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report for five of our ETFs tracking the fixed income market for the period ended August 31, 2022

The global economic recovery in 2021, after the pandemic-induced uncertainty, was followed by geopolitical developments in 2022 that have led to soaring energy prices, high interest rates and supply chain disruptions. Markets across the world, especially those in developed parts, such as the U.S. and the Eurozone, continued to suffer from the effects of the Russia-Ukraine war, which saw various central banks taking hawkish measures to curb rising inflation. The second quarter of 2022 also witnessed global output contracting due to a worse-than-forecasted slowdown in China caused by the country’s strict zero-COVID policy.

Policymakers across the globe continued to face the twin challenges of handling the post-pandemic recovery while fighting multi-year-high inflation rates. The Federal Reserve, in the wake of impending recession, has taken the most rigorous interest rate hikes (75 basis points1 (bps) each in June and July 2022) since the monetary policy tool was introduced in the 1990s. The European Central Bank on its part tightened its stance with a 50bps increase in rates and announced that it would stop its asset purchase program in the third quarter of 2022, forecasting a further hike in September. In the far east, the Bank of Japan has refrained from taking a hawkish view and continues to hold rates at around 0%.

Bond markets were volatile during the reporting period, driven by various macroeconomic and geopolitical events. Yields fell initially in Q4 2021, as economic recovery moderated, followed by heightened inflation worries and the ensuing hawkish central bank policies. Spreads widened the most in the U.S. market, followed by the European and UK markets, during the last quarter of 2021 following fears of the Omicron variant impacting global growth. However, yield spreads tightened again in December 2021 on evidence of the lower-than-expected impact of the virus and diminished supply of new bond issues. The Federal Reserve continued to tread on its hawkish path as its chairman, Jerome Powell, in his address at the Jackson Hole symposium, signaled at further rate hikes until inflation cools down. Overall, 1H22 caused record-breaking losses, as bond markets were adjusting to the central bank’s policy of higher interest rates.

The Eurozone’s economy remained most vulnerable to the changing dynamics of the Russian war, with energy and food commodity prices staying elevated as inflation climbed higher. Although the labor market remained a bright spot during the final quarter of 2021, consumer confidence dropped significantly amid prevalent uncertainties. The Eurozone’s third and fourth largest economies, Italy and Spain, were the major contributors to growth in 2022, sustaining their path to recovery from COVID-19, while the bloc’s largest economy, Germany stalled. France, Eurozone’s second-largest economy posted positive growth, backed by a positive contribution from net trade as exports grew.

All macroeconomic indicators point towards a significant slowdown in 2022, as central banks across the globe are at a crossroads of high inflation and economic recovery. Consumer confidence has remained weak owing to a less favorable long-term economic outlook, as a fragmented recovery is anticipated. Investors would need to keep an eye on potential sanctions on Russian energy by the European Union, as any further supply crunch on oil and gas could sustain the record-high inflation 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 Basis points are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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


This Page is Intentionally Left Blank

 

2


DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF

The Xtrackers High Beta High Yield Bond ETF (HYUP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the HYUP Index). The HYUP Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2022, HYUP shares returned -12.56%, compared to the HYUP Index return of -12.55%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

Xtrackers Low Beta High Yield Bond ETF

The Xtrackers Low Beta High Yield Bond ETF (HYDW) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the HYDW Index). The HYDW Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2022, HYDW shares returned -8.36%, compared to the HYDW Index return of -8.37%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Cyclical and Financial Institutions sectors detracting the most from performance.

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the HYRM Index). The HYRM Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. For the period from February 10, 2022, to August 31, 2022, HYRM shares returned -9.12%, compared to the HYRM Index return of -8.48%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

Xtrackers Short Duration High Yield Bond ETF

The Xtrackers Short Duration High Yield Bond ETF (SHYL) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the SHYL Index). The SHYL Index is designed to track the performance of short-term publicly issued US dollar denominated below investment grade corporate debt. For the 12-month period ended August 31, 2022, SHYL shares returned -5.84%, compared to the SHYL Index return of -5.76%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

Xtrackers USD High Yield Corporate Bond ETF

The Xtrackers USD High Yield Corporate Bond ETF (HYLB) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the HYLB Index). The HYLB Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. For the 12-month period ended August 31, 2022, HYLB shares returned -10.67%, compared to the HYLB Index return of -10.54%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

*************************

 

3


DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited) (Continued)

 

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-15 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

 

4


This Page is Intentionally Left Blank

 

5


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

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

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market High Beta
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   -12.56%    -13.30%    -12.55%    -10.54%

Since Inception1

   1.69%    1.52%    1.68%    1.88%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market High Beta
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   -12.56%    -13.30%    -12.55%    -10.54%

Since Inception1

   8.07%    7.26%    8.02%    9.04%

1 Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF (HYUP) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, January 11, 2018.

Sector Diversification* as of August 31, 2022

 

Communications

    20.1%  

Consumer, Cyclical

    20.0%  

Consumer, Non-cyclical

    16.5%  

Energy

    12.8%  

Industrial

    10.6%  

Financial

    9.1%  

Technology

    4.6%  

Basic Materials

    4.0%  

Utilities

    2.3%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2022: 4.3 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.

Quality* as of August 31, 2022

 

Description   % of Market Value  

BBB

    1.7%  

BB

    45.1%  

B

    37.5%  

CCC

    15.4%  

NR

    0.3%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of August 31, 2022

 

United States

    83.1%  

Canada

    4.0%  

Luxembourg

    3.1%  

Netherlands

    2.4%  

France

    2.2%  

Other

    5.2%  
 

 

 

 

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 17.

 

7


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Low Beta High Yield Bond ETF (HYDW)

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

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Low Beta
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   -8.36%    -8.85%    -8.37%    -10.54%

Since Inception1

   1.92%    1.81%    1.92%    1.88%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Low Beta
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   -8.36%    -8.85%    -8.37%    -10.54%

Since Inception1

   9.22%    8.66%    9.22%    9.04%

1 Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Low Beta High Yield Bond ETF (HYDW) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, January 11, 2018.

Sector Diversification* as of August 31, 2022

 

Consumer, Cyclical

    23.2%  

Consumer, Non-cyclical

    18.9%  

Communications

    17.4%  

Financial

    11.3%  

Energy

    11.3%  

Industrial

    7.8%  

Technology

    3.7%  

Basic Materials

    3.4%  

Utilities

    3.0%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2022: 4.4 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

Quality* as of August 31, 2022

 

Description   % of Market Value  

BBB

    14.4%  

BB

    74.0%  

B

    11.5%  

CCC

    0.1%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of August 31, 2022

 

United States

    90.6%  

Canada

    3.5%  

Other

    5.9%  
 

 

 

 

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 29.

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

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

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Adaptive Wealth
Strategies Risk
Managed High Yield
Index
   Solactive USD High
Yield Corporates Total
Market Index

Since Inception1

   -9.12%    -9.16%    -8.48%    -8.48%
Cumulative Total Returns
      Net Asset Value    Market Value    Adaptive Wealth
Strategies Risk
Managed High Yield
Index
   Solactive USD High
Yield Corporates Total
Market Index

Since Inception1

   -9.12%    -9.16%    -8.48%    -8.48%

1 Total returns are calculated based on the commencement of operations, February 10, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 21, 2021, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, February 10, 2022.

Sector Diversification* as of August 31, 2022

 

Consumer, Cyclical

    22.1%  

Communications

    19.4%  

Consumer, Non-cyclical

    17.6%  

Energy

    11.7%  

Financial

    10.0%  

Industrial

    9.0%  

Technology

    4.1%  

Basic Materials

    3.6%  

Utilities

    2.5%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2022: 4.3 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

Quality* as of August 31, 2022

 

Description   % of Market Value  

BBB

    7.6%  

BB

    59.9%  

B

    24.4%  

CCC

    8.0%  

NR

    0.1%  
 

 

 

 
    100.0%  

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

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Short Duration High Yield Bond ETF (SHYL)

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

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market 0-5 Year Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   -5.84%    -6.34%    -5.76%    -10.54%

Since Inception1

   2.21%    2.11%    2.36%    1.82%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market 0-5 Year Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   -5.84%    -6.34%    -5.76%    -10.54%

Since Inception1

   10.67%    10.16%    11.43%    8.71%

1 Total returns are calculated based on the commencement of operations, January 10, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Short Duration High Yield Bond ETF (SHYL) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, January 10, 2018.

Sector Diversification* as of August 31, 2022

 

Consumer, Cyclical

    26.1%  

Communications

    18.9%  

Consumer, Non-cyclical

    13.3%  

Energy

    12.0%  

Financial

    11.4%  

Industrial

    10.6%  

Technology

    2.8%  

Basic Materials

    2.7%  

Utilities

    2.2%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2022: 2.7 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.

Quality* as of August 31, 2022

 

Description   % of Market Value  

BBB

    9.7%  

BB

    52.1%  

B

    30.1%  

CCC

    7.8%  

NR

    0.3%  
 

 

 

 
    100.0%  

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

Country Diversification* as of August 31, 2022

 

United States

    84.1%  

Canada

    4.3%  

Netherlands

    2.8%  

Other

    8.8%  
 

 

 

 

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 40.

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

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

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Index
   iBoxx USD Liquid
High Yield Index

One Year

   -10.67%    -11.39%    -10.54%    -10.62%

Five Year

   1.80%    1.65%    2.02%    2.06%

Since Inception1

   2.68%    2.56%    2.94%    2.89%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Index
   iBoxx USD Liquid
High Yield Index

One Year

   -10.67%    -11.39%    -10.54%    -10.62%

Five Year

   9.34%    8.55%    10.52%    10.75%

Since Inception1

   16.37%    15.63%    18.08%    17.72%

1 Total returns are calculated based on the commencement of operations, December 7, 2016 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers USD High Yield Corporate Bond ETF (HYLB) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, December 7, 2016.

Sector Diversification* as of August 31, 2022

 

Consumer, Cyclical

    22.1%  

Communications

    19.4%  

Consumer, Non-cyclical

    17.6%  

Energy

    11.7%  

Financial

    10.0%  

Industrial

    9.0%  

Technology

    4.1%  

Basic Materials

    3.6%  

Utilities

    2.5%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2022: 4.4 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.

Quality* as of August 31, 2022

 

Description   % of Market Value  

BBB

    7.7%  

BB

    60.3%  

B

    24.1%  

CCC

    7.8%  

NR

    0.1%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of August 31, 2022

 

United States

    87.1%  

Canada

    3.7%  

Other

    9.2%  
 

 

 

 

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 50.

 

15


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (March 1, 2022 to August 31, 2022).

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
March 1, 2022
     Ending
Account Value
August 31, 2022
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers High Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 904.50        0.20   $ 0.96  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.20        0.20   $ 1.02  
Xtrackers Low Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 944.10        0.20   $ 0.98  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.20        0.20   $ 1.02  
Xtrackers Risk Managed USD High Yield Strategy ETF(2)

 

Actual

   $ 1,000.00      $ 913.60        0.15   $ 0.72  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  
Xtrackers Short Duration High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 955.20        0.20   $ 0.99  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.20        0.20   $ 1.02  
Xtrackers USD High Yield Corporate Bond ETF

 

Actual

   $ 1,000.00      $ 921.80        0.15   $ 0.73  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

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

 

16


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF

August 31, 2022

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.1%    
Basic Materials — 3.9%    
Chemicals — 2.2%            

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

  $ 21,000     $ 16,877  

144A, 7.50%, 9/30/29 (a)

    10,000       7,330  

Chemours Co.
5.375%, 5/15/27

    13,000       12,072  

144A, 5.75%, 11/15/28

    25,000       22,415  

144A, 4.625%, 11/15/29

    15,000       12,396  

Consolidated Energy Finance SA
144A, 6.50%, 5/15/26

    10,000       9,147  

144A, 5.625%, 10/15/28

    13,000       10,726  

INEOS Quattro Finance 2 PLC, 144A,
3.375%, 1/15/26

    13,000       11,268  

Methanex Corp.,
5.25%, 12/15/29

    18,000       15,142  

NOVA Chemicals Corp.
144A, 5.25%, 6/1/27

    28,000       24,763  

144A, 4.25%, 5/15/29 (a)

    13,000       10,710  

Olympus Water US Holding Corp.
144A, 4.25%, 10/1/28

    22,000       17,918  

144A, 6.25%, 10/1/29

    10,000       7,563  

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

    28,000       24,029  

144A, 6.625%, 5/1/29

    19,000       15,671  

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

    27,000       22,493  

WR Grace Holdings LLC, 144A,
5.625%, 8/15/29

    29,000       22,982  
   

 

 

 

(Cost $314,445)

      263,502  
   

 

 

 
Forest Products & Paper — 0.1%            

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

   

(Cost $22,515)

    22,000       19,240  
   

 

 

 
Iron/Steel — 0.6%            

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

    18,000       18,065  

144A, 8.00%, 11/1/27

    17,000       16,985  

144A, 8.50%, 5/1/30

    16,000       16,145  

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

    19,000       18,644  
   

 

 

 

(Cost $71,363)

      69,839  
   

 

 

 
Mining — 1.0%            

Arconic Corp., 144A,
6.125%, 2/15/28

    24,000       22,570  

Constellium SE, 144A,
3.75%, 4/15/29

    13,000       10,777  

FMG Resources August 2006 Pty Ltd.
144A, 5.875%, 4/15/30

    19,000       17,556  

144A, 6.125%, 4/15/32

    18,000       16,662  

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

    15,000       13,635  

144A, 6.125%, 4/1/29

    15,000       13,227  
   

Principal
Amount

   

Value

 
Mining (Continued)            

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

  $ 15,000     $ 12,940  

144A, 4.50%, 6/1/31

    15,000       11,830  
   

 

 

 

(Cost $134,731)

      119,197  
   

 

 

 
Communications — 19.7%            
Advertising — 1.3%            

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

    32,000       28,701  

144A, 7.75%, 4/15/28

    25,000       20,380  

144A, 7.50%, 6/1/29

    27,000       21,836  

CMG Media Corp., 144A,
8.875%, 12/15/27

    26,000       22,402  

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

    17,000       15,584  

144A, 4.25%, 1/15/29

    11,000       9,258  

144A, 4.625%, 3/15/30

    13,000       10,863  

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

    29,000       24,640  
   

 

 

 

(Cost $179,038)

      153,664  
   

 

 

 
Internet — 0.7%            

Arches Buyer, Inc.
144A, 4.25%, 6/1/28

    30,000       24,160  

144A, 6.125%, 12/1/28

    13,000       10,209  

Photo Holdings Merger Sub, Inc., 144A,
8.50%, 10/1/26

    20,000       14,965  

Uber Technologies, Inc., 144A,
4.50%, 8/15/29

    38,000       32,846  
   

 

 

 

(Cost $96,172)

      82,180  
   

 

 

 
Media — 8.6%            

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

    32,000       25,874  

144A, 5.75%, 8/15/29

    54,000       43,624  

AMC Networks, Inc.,
4.25%, 2/15/29

    26,000       21,258  

Audacy Capital Corp.
144A, 6.50%, 5/1/27

    11,000       3,618  

144A, 6.75%, 3/31/29

    14,000       4,232  

CSC Holdings LLC
144A, 5.375%, 2/1/28

    25,000       22,709  

144A, 7.50%, 4/1/28

    27,000       24,047  

144A, 6.50%, 2/1/29

    46,000       42,716  

144A, 5.75%, 1/15/30

    62,000       48,091  

144A, 4.125%, 12/1/30

    29,000       23,228  

144A, 4.625%, 12/1/30

    59,000       43,026  

144A, 4.50%, 11/15/31

    40,000       31,404  

144A, 5.00%, 11/15/31

    8,000       5,713  

Diamond Sports Group LLC / Diamond Sports Finance Co.
144A, 5.375%, 8/15/26

    78,000       14,918  

144A, 6.625%, 8/15/27

    44,000       4,126  

Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A,
5.875%, 8/15/27

    94,000       86,845  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Media (Continued)            

DISH DBS Corp.
5.875%, 11/15/24

  $ 51,000     $ 46,217  

7.75%, 7/1/26

    51,000       40,209  

144A, 5.25%, 12/1/26

    70,000       57,925  

7.375%, 7/1/28

    30,000       19,700  

144A, 5.75%, 12/1/28

    64,000       49,265  

5.125%, 6/1/29

    38,000       22,572  

Gray Escrow II, Inc., 144A,
5.375%, 11/15/31

    33,000       27,931  

Gray Television, Inc., 144A,
4.75%, 10/15/30

    20,000       16,480  

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

    22,000       20,816  

8.375%, 5/1/27

    38,000       33,394  

144A, 5.25%, 8/15/27

    19,000       17,078  

144A, 4.75%, 1/15/28

    11,000       9,459  

LCPR Senior Secured Financing DAC
144A, 6.75%, 10/15/27

    30,000       28,365  

144A, 5.125%, 7/15/29

    22,000       18,953  

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

    23,000       20,274  

144A, 8.00%, 8/1/29

    18,000       15,643  

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

    23,000       19,866  

144A, 6.50%, 9/15/28

    26,000       19,409  

Scripps Escrow II, Inc., 144A,
5.375%, 1/15/31 (a)

    13,000       10,656  

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

    13,000       10,213  

Univision Communications, Inc., 144A,
7.375%, 6/30/30

    23,000       22,856  

UPC Holding BV, 144A,
5.50%, 1/15/28

    12,000       10,292  

Virgin Media Finance PLC, 144A,
5.00%, 7/15/30

    25,000       19,792  

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

    16,000       14,435  

144A, 5.125%, 2/28/30

    13,000       10,425  
   

 

 

 

(Cost $1,326,710)

      1,027,654  
   

 

 

 
Telecommunications — 9.1%            

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

    40,000       34,587  

144A, 6.00%, 2/15/28

    31,000       21,226  

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

    46,000       43,585  

144A, 5.50%, 1/15/28

    29,000       23,646  

144A, 5.125%, 1/15/29

    15,000       11,670  

144A, 5.125%, 7/15/29

    64,000       48,698  

144A, 5.50%, 10/15/29

    52,000       41,129  

Avaya, Inc., 144A,
6.125%, 9/15/28

    26,000       14,258  

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

    32,000       28,449  

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

    33,000       29,990  

144A, 5.00%, 3/15/27

    19,000       15,024  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

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

  $ 38,000     $ 35,959  

144A, 8.25%, 3/1/27

    25,000       21,469  

144A, 7.125%, 7/1/28

    18,000       14,723  

144A, 4.75%, 9/1/29

    33,000       28,140  

Connect Finco SARL / Connect US Finco LLC, 144A,
6.75%, 10/1/26

    53,000       48,600  

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

    12,000       9,260  

144A, 6.50%, 10/1/28

    20,000       16,144  

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

    30,000       28,039  

144A, 5.00%, 5/1/28

    40,000       35,109  

144A, 6.75%, 5/1/29

    25,000       21,594  

5.875%, 11/1/29

    20,000       16,354  

144A, 6.00%, 1/15/30

    25,000       20,644  

144A, 8.75%, 5/15/30

    31,000       32,008  

Hughes Satellite Systems Corp.,
6.625%, 8/1/26

    19,000       18,010  

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

    31,000       28,368  

144A, 7.00%, 10/15/28

    23,000       21,140  

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

    76,000       69,082  

Level 3 Financing, Inc.
144A, 4.625%, 9/15/27

    25,000       22,123  

144A, 4.25%, 7/1/28

    32,000       26,639  

144A, 3.625%, 1/15/29

    22,000       17,690  

144A, 3.75%, 7/15/29

    23,000       18,508  

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

    32,000       27,692  

144A, 4.50%, 1/15/29

    25,000       18,687  

144A, 5.375%, 6/15/29

    25,000       19,522  

Telesat Canada / Telesat LLC
144A, 5.625%, 12/6/26

    13,000       7,612  

144A, 4.875%, 6/1/27

    10,000       5,438  

VEON Holdings BV
144A, 4.95%, 6/16/24

    17,000       12,539  

144A, 4.00%, 4/9/25

    31,000       19,453  

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

    18,000       15,916  

144A, 5.625%, 4/15/27

    16,000       14,743  

144A, 6.50%, 7/15/28

    10,000       7,734  

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

    35,000       30,514  

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

    38,000       32,445  

144A, 6.125%, 3/1/28

    28,000       21,821  
   

 

 

 

(Cost $1,300,065)

      1,095,981  
   

 

 

 
Consumer, Cyclical — 19.6%    
Airlines — 0.9%            

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

    16,000       13,467  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

American Airlines, Inc., 144A,
11.75%, 7/15/25

  $ 64,000     $ 70,802  

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

    31,000       28,339  
   

 

 

 

(Cost $119,526)

      112,608  
   

 

 

 
Auto Manufacturers — 0.4%            

Jaguar Land Rover Automotive PLC
144A, 7.75%, 10/15/25

    17,000       15,598  

144A, 4.50%, 10/1/27 (a)

    13,000       9,567  

144A, 5.875%, 1/15/28

    13,000       9,908  

144A, 5.50%, 7/15/29

    16,000       11,276  
   

 

 

 

(Cost $59,149)

      46,349  
   

 

 

 
Auto Parts & Equipment — 1.7%            

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

    20,000       18,534  

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

    13,000       12,176  

6.875%, 7/1/28

    10,000       9,510  

5.00%, 10/1/29 (a)

    14,000       11,895  

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

    52,000       50,801  

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

    10,000       8,929  

5.625%, 6/15/28

    10,000       8,989  

4.25%, 9/1/30

    10,000       8,088  

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

    23,000       20,647  

5.25%, 4/30/31 (a)

    14,000       12,227  

5.25%, 7/15/31 (a)

    16,000       13,815  

5.625%, 4/30/33

    11,000       9,531  

Tenneco, Inc., 144A,
7.875%, 1/15/29

    19,000       18,934  
   

 

 

 

(Cost $225,832)

      204,076  
   

 

 

 
Distribution/Wholesale — 0.0%            

Wesco Aircraft Holdings, Inc., 144A,
13.125%, 11/15/27

   

(Cost $13,319)

    15,000       4,988  
   

 

 

 
Entertainment — 2.9%            

AMC Entertainment Holdings, Inc.
144A,, 6/15/26

    36,000       28,939  

144A, 7.50%, 2/15/29

    25,000       21,531  

Banijay Entertainment SASU, 144A,
5.375%, 3/1/25

    25,000       23,604  

Caesars Entertainment, Inc.
144A, 8.125%, 7/1/27

    46,000       45,319  

144A, 4.625%, 10/15/29

    31,000       25,071  

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

    10,000       8,887  

144A, 5.25%, 7/15/28

    20,000       16,189  

Mohegan Gaming & Entertainment, 144A,
8.00%, 2/1/26

    31,000       27,130  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

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

  $ 10,000     $ 9,161  

144A, 4.125%, 7/1/29

    10,000       8,091  

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

    19,000       14,109  

144A, 5.875%, 9/1/31

    18,000       12,606  

Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A,
4.625%, 4/16/29

    32,000       26,267  

Scientific Games International, Inc.
144A, 7.00%, 5/15/28

    19,000       18,622  

144A, 7.25%, 11/15/29

    11,000       10,835  

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

    13,000       11,935  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 7.75%, 4/15/25

    16,000       15,974  

144A, 5.125%, 10/1/29

    19,000       15,972  
   

 

 

 

(Cost $396,636)

      340,242  
   

 

 

 
Food Service — 0.2%            

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

    11,000       9,284  

144A, 10.50%, 5/15/29

    16,000       12,844  
   

 

 

 

(Cost $28,140)

      22,128  
   

 

 

 
Home Builders — 0.7%            

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

    10,000       7,902  

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

    15,000       13,352  

144A, 4.875%, 2/15/30

    15,000       11,569  

Century Communities, Inc., 144A,
3.875%, 8/15/29

    13,000       10,515  

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

    13,000       11,466  

144A, 4.625%, 3/1/30

    16,000       12,979  

Taylor Morrison Communities, Inc., 144A,
5.125%, 8/1/30

    13,000       11,173  
   

 

 

 

(Cost $94,017)

      78,956  
   

 

 

 
Home Furnishings — 0.1%            

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

   

(Cost $21,048)

    21,000       16,195  
   

 

 

 
Housewares — 0.2%            

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

    10,000       8,025  

4.00%, 4/1/31

    12,000       9,030  

4.375%, 2/1/32

    10,000       7,563  
   

 

 

 

(Cost $30,085)

      24,618  
   

 

 

 
Leisure Time — 4.4%            

Carnival Corp.
144A, 10.50%, 2/1/26

    20,000       20,626  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

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

  $ 37,000     $ 31,500  

144A, 5.75%, 3/1/27

    95,000       74,176  

144A, 9.875%, 8/1/27

    23,000       23,117  

144A, 6.00%, 5/1/29

    51,000       38,585  

144A, 10.50%, 6/1/30

    25,000       22,906  

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

    24,000       21,659  

144A, 8.00%, 4/15/26

    10,000       8,844  

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

    14,000       12,153  

144A, 5.875%, 3/15/26

    36,000       29,160  

144A, 5.875%, 2/15/27

    26,000       23,600  

144A, 7.75%, 2/15/29

    15,000       12,211  

Royal Caribbean Cruises Ltd.
144A, 11.50%, 6/1/25

    35,000       37,146  

144A, 4.25%, 7/1/26

    18,000       13,856  

144A, 5.50%, 8/31/26 (a)

    26,000       21,160  

144A, 5.375%, 7/15/27

    25,000       19,436  

144A, 11.625%, 8/15/27

    35,000       34,441  

3.70%, 3/15/28

    22,000       14,989  

144A, 5.50%, 4/1/28

    28,000       21,570  

Viking Cruises Ltd.
144A, 13.00%, 5/15/25

    17,000       17,866  

144A, 5.875%, 9/15/27

    22,000       17,743  

144A, 7.00%, 2/15/29

    13,000       10,445  
   

 

 

 

(Cost $620,883)

      527,189  
   

 

 

 
Lodging — 2.1%            

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

    22,000       19,499  

144A, 4.875%, 7/1/31

    12,000       9,922  

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

    13,000       10,980  

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

    26,000       19,865  

144A, 5.25%, 4/26/26

    10,000       7,371  

144A, 5.625%, 7/17/27

    16,000       11,374  

144A, 5.75%, 7/21/28

    23,000       15,651  

144A, 5.375%, 12/4/29

    29,000       18,932  

MGM Resorts International
5.50%, 4/15/27

    18,000       16,689  

4.75%, 10/15/28

    19,000       16,724  

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

    19,000       16,395  

144A, 4.625%, 12/1/31

    13,000       10,779  

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

    17,000       13,846  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A, 5.50%, 3/1/25

    47,000       45,067  

144A, 5.25%, 5/15/27

    23,000       20,785  
   

 

 

 

(Cost $312,208)

      253,879  
   

 

 

 
Retail — 6.0%            

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

    21,000       18,033  
   

Principal
Amount

   

Value

 
Retail (Continued)            

4.75%, 3/1/30

  $ 8,000     $ 6,831  

144A, 5.00%, 2/15/32

    16,000       13,389  

Bath & Body Works, Inc.
5.25%, 2/1/28

    13,000       11,667  

7.50%, 6/15/29 (a)

    14,000       13,479  

144A, 6.625%, 10/1/30

    26,000       23,652  

Carvana Co.
144A, 5.625%, 10/1/25

    13,000       9,759  

144A, 5.50%, 4/15/27

    15,000       9,746  

144A, 5.875%, 10/1/28 (a)

    15,000       9,021  

144A, 4.875%, 9/1/29

    19,000       10,830  

144A, 10.25%, 5/1/30

    84,000       66,886  

eG Global Finance PLC
144A, 6.75%, 2/7/25

    18,000       17,034  

144A, 8.50%, 10/30/25

    16,000       14,964  

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

    17,000       14,816  

144A, 5.875%, 4/1/29

    22,000       17,963  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A,
6.75%, 1/15/30

    33,000       26,968  

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

    19,000       13,233  

144A, 3.875%, 10/1/31

    19,000       13,205  

Guitar Center, Inc., 144A,
8.50%, 1/15/26

    14,000       12,971  

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

    20,000       14,975  

LCM Investments Holdings II LLC, 144A,
4.875%, 5/1/29

    26,000       21,744  

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

    13,000       11,266  

144A, 5.875%, 3/15/30

    11,000       9,420  

144A, 6.125%, 3/15/32

    11,000       9,287  

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

    22,000       16,959  

144A, 7.875%, 5/1/29

    33,000       21,995  

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

    29,000       27,182  

Nordstrom, Inc.
4.375%, 4/1/30 (a)

    13,000       10,038  

4.25%, 8/1/31

    11,000       8,081  

Party City Holdings, Inc., 144A,
8.75%, 2/15/26

    19,000       12,475  

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

    29,000       27,296  

QVC, Inc.
4.45%, 2/15/25

    15,000       13,798  

4.75%, 2/15/27

    15,000       12,412  

4.375%, 9/1/28

    13,000       9,943  

Rite Aid Corp.
144A, 7.50%, 7/1/25

    12,000       10,236  

144A, 8.00%, 11/15/26

    23,000       18,785  

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

    17,000       14,529  

144A, 4.875%, 11/15/31

    17,000       14,198  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Retail (Continued)            

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

  $ 12,000     $ 9,971  

144A, 6.00%, 12/1/29

    21,000       17,129  

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

    51,000       43,160  

144A, 10.75%, 4/15/27 (a)

    26,000       19,149  

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

    17,000       15,040  
   

 

 

 

(Cost $873,929)

      713,515  
   

 

 

 
Consumer, Non-cyclical — 16.2%    
Agriculture — 0.3%            

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

    14,000       13,573  

144A, 5.75%, 2/1/29

    22,000       19,106  
   

 

 

 

(Cost $37,115)

      32,679  
   

 

 

 
Beverages — 0.1%            

Primo Water Holdings, Inc., 144A,
4.375%, 4/30/29

   

(Cost $18,988)

    19,000       16,274  
   

 

 

 
Biotechnology — 0.1%            

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

   

(Cost $18,005)

    19,000       15,863  
   

 

 

 
Commercial Services — 3.6%            

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

    49,000       45,938  

144A, 9.75%, 7/15/27

    28,000       25,297  

144A, 6.00%, 6/1/29

    25,000       18,653  

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

    31,000       26,278  

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

    15,000       14,712  

144A, 5.75%, 7/15/29

    20,000       16,381  

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

    10,000       9,489  

144A, 4.75%, 4/1/28

    13,000       11,370  

144A, 5.375%, 3/1/29 (a)

    14,000       12,343  

CoreCivic, Inc.,
8.25%, 4/15/26

    18,000       17,968  

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

    14,000       12,325  

144A, 9.50%, 11/1/27

    16,000       14,606  

144A, 6.00%, 6/1/29

    11,000       8,543  

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

    13,000       11,084  

144A, 5.00%, 12/1/29

    26,000       20,960  

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

    27,000       23,061  

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

    33,000       26,299  
   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

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

  $ 33,000     $ 29,281  

Sabre GLBL, Inc.
144A, 9.25%, 4/15/25

    20,000       19,783  

144A, 7.375%, 9/1/25

    23,000       21,821  

Sotheby’s, 144A,
7.375%, 10/15/27

    20,000       18,886  

Verscend Escrow Corp., 144A,
9.75%, 8/15/26

    29,000       29,328  
   

 

 

 

(Cost $496,566)

      434,406  
   

 

 

 
Cosmetics/Personal Care — 0.4%            

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

    24,000       22,773  

144A, 6.50%, 4/15/26 (a)

    14,000       13,375  

Edgewell Personal Care Co., 144A,
4.125%, 4/1/29

    13,000       11,191  
   

 

 

 

(Cost $51,418)

      47,339  
   

 

 

 
Food — 2.0%            

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144A,
5.875%, 2/15/28

    19,000       18,127  

B&G Foods, Inc.
5.25%, 4/1/25

    24,000       21,386  

5.25%, 9/15/27

    14,000       11,690  

Performance Food Group, Inc., 144A,
4.25%, 8/1/29

    26,000       22,360  

Post Holdings, Inc.
144A, 5.625%, 1/15/28

    25,000       23,777  

144A, 5.50%, 12/15/29

    32,000       29,360  

144A, 4.625%, 4/15/30

    42,000       36,527  

144A, 4.50%, 9/15/31

    35,000       29,804  

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

    12,000       8,581  

US Foods, Inc.
144A, 4.75%, 2/15/29

    24,000       21,420  

144A, 4.625%, 6/1/30

    11,000       9,502  
   

 

 

 

(Cost $263,676)

      232,534  
   

 

 

 
Healthcare-Products — 0.5%            

Medline Borrower LP, 144A,
5.25%, 10/1/29

   

(Cost $64,941)

    64,000       53,865  
   

 

 

 
Healthcare-Services — 4.6%            

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

    56,000       52,430  

144A, 5.625%, 3/15/27

    50,000       42,494  

144A, 8.00%, 12/15/27

    16,000       14,089  

144A, 6.875%, 4/1/28

    20,000       10,450  

144A, 6.00%, 1/15/29

    23,000       18,915  

144A, 6.875%, 4/15/29

    45,000       28,195  

144A, 6.125%, 4/1/30

    37,000       22,996  

144A, 5.25%, 5/15/30

    41,000       31,109  

144A, 4.75%, 2/15/31

    28,000       20,712  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

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

  $ 70,000     $ 56,439  

144A, 3.75%, 2/15/31

    38,000       28,027  

Encompass Health Corp.
4.75%, 2/1/30

    21,000       17,995  

4.625%, 4/1/31

    10,000       8,273  

Legacy LifePoint Health LLC
144A, 6.75%, 4/15/25

    25,000       24,582  

144A, 4.375%, 2/15/27

    16,000       13,931  

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

    13,000       9,872  

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

    13,000       12,261  

Radiology Partners, Inc., 144A,
9.25%, 2/1/28

    19,000       14,586  

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

    36,000       34,414  

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

    32,000       30,651  

Tenet Healthcare Corp., 144A,
6.125%, 10/1/28

    64,000       58,801  
   

 

 

 

(Cost $682,341)

      551,222  
   

 

 

 
Household Products/Wares — 0.3%            

Central Garden & Pet Co., 144A,
4.125%, 4/30/31

    10,000       8,204  

Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
144A, 5.00%, 12/31/26

    13,000       11,795  

144A, 7.00%, 12/31/27

    13,000       10,745  

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

    13,000       10,102  
   

 

 

 

(Cost $48,749)

      40,846  
   

 

 

 
Pharmaceuticals — 4.3%            

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

    11,000       9,175  

144A, 5.125%, 3/1/30

    16,000       13,682  

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

    38,000       22,388  

144A, 8.50%, 1/31/27

    45,000       21,228  

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

    46,000       38,236  

144A, 9.00%, 12/15/25

    38,000       24,106  

144A, 6.125%, 2/1/27

    26,000       19,449  

144A, 5.75%, 8/15/27 (a)

    13,000       9,501  

144A, 7.00%, 1/15/28

    19,000       7,191  

144A, 5.00%, 1/30/28

    32,000       12,132  

144A, 4.875%, 6/1/28

    42,000       29,033  

144A, 5.00%, 2/15/29

    25,000       9,787  

144A, 6.25%, 2/15/29

    37,000       14,027  

144A, 7.25%, 5/30/29

    23,000       9,005  

144A, 5.25%, 1/30/30

    32,000       12,208  

144A, 5.25%, 2/15/31

    26,000       10,310  

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

    13,000       11,174  
   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

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

  $ 15,000     $ 11,851  

Mallinckrodt International Finance SA / Mallinckrodt CB LLC
144A, 10.00%, 4/15/25

    11,000       9,913  

144A, 11.50%, 12/15/28

    17,000       15,321  

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

    11,000       9,390  

144A, 6.625%, 4/1/30

    16,000       14,745  

Teva Pharmaceutical Finance Netherlands III BV
7.125%, 1/31/25

    26,000       25,775  

3.15%, 10/1/26

    89,000       74,875  

4.75%, 5/9/27

    26,000       22,775  

6.75%, 3/1/28

    32,000       30,637  

5.125%, 5/9/29 (a)

    25,000       21,894  
   

 

 

 

(Cost $739,896)

      509,808  
   

 

 

 
Energy — 12.6%    
Energy-Alternate Sources — 0.3%            

TerraForm Power Operating LLC
144A, 5.00%, 1/31/28

    19,000       17,412  

144A, 4.75%, 1/15/30

    19,000       16,804  
   

 

 

 

(Cost $39,906)

      34,216  
   

 

 

 
Oil & Gas — 6.5%            

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

    16,000       15,583  

144A, 5.875%, 6/30/29

    10,000       9,021  

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

    17,000       16,334  

144A, 7.50%, 6/15/30

    15,000       13,892  

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

    14,000       14,684  

Citgo Holding, Inc., 144A,
9.25%, 8/1/24

    36,000       36,041  

CITGO Petroleum Corp.
144A, 7.00%, 6/15/25

    29,000       28,238  

144A, 6.375%, 6/15/26

    17,000       16,204  

CNX Resources Corp.
144A, 7.25%, 3/14/27

    20,000       19,869  

144A, 6.00%, 1/15/29

    13,000       12,240  

Colgate Energy Partners III LLC, 144A,
5.875%, 7/1/29

    19,000       17,636  

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

    32,000       30,600  

144A, 5.875%, 1/15/30

    25,000       22,916  

CVR Energy, Inc.
144A, 5.25%, 2/15/25

    15,000       14,172  

144A, 5.75%, 2/15/28

    11,000       10,025  

Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28

    15,000       14,195  

144A, 5.75%, 2/1/29

    15,000       13,643  

144A, 6.00%, 4/15/30

    13,000       11,986  

144A, 6.00%, 2/1/31

    15,000       13,618  

144A, 6.25%, 4/15/32

    12,000       10,782  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

Laredo Petroleum, Inc.
9.50%, 1/15/25

  $ 15,000     $ 15,072  

144A, 7.75%, 7/31/29 (a)

    10,000       9,592  

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

    16,000       15,760  

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

    15,000       14,625  

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

    14,000       13,370  

MEG Energy Corp., 144A,
5.875%, 2/1/29

    16,000       14,902  

Moss Creek Resources Holdings, Inc.
144A, 7.50%, 1/15/26

    18,000       16,398  

144A, 10.50%, 5/15/27

    10,000       9,674  

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

    14,000       13,636  

6.375%, 7/15/28

    14,000       13,790  

Nabors Industries Ltd., 144A,
7.25%, 1/15/26

    14,000       12,750  

Nabors Industries, Inc.
5.75%, 2/1/25

    15,000       13,852  

144A, 7.375%, 5/15/27

    19,000       18,367  

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

    11,000       10,642  

144A, 4.50%, 10/1/29

    21,000       17,819  

144A, 4.625%, 5/1/30

    21,000       18,063  

PBF Holding Co. LLC / PBF Finance Corp.
7.25%, 6/15/25

    18,000       17,505  

6.00%, 2/15/28

    19,000       17,118  

Puma International Financing SA, 144A,
5.125%, 10/6/24

    50,000       46,725  

Range Resources Corp.,
8.25%, 1/15/29

    16,000       16,815  

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

    12,000       11,818  

6.625%, 1/15/27 (a)

    11,000       10,740  

6.50%, 7/15/28

    11,000       10,610  

Sunoco LP / Sunoco Finance Corp.
4.50%, 5/15/29

    20,000       17,036  

4.50%, 4/30/30

    20,000       17,093  

Transocean, Inc.
144A, 7.25%, 11/1/25

    10,000       7,986  

144A, 7.50%, 1/15/26

    15,000       11,581  

144A, 11.50%, 1/30/27

    18,000       17,374  

144A, 8.00%, 2/1/27

    14,000       10,416  
   

 

 

 

(Cost $829,932)

      782,808  
   

 

 

 
Oil & Gas Services — 1.1%            

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

    16,000       15,022  

144A, 6.25%, 4/1/28

    21,000       19,143  

CGG SA, 144A,
8.75%, 4/1/27 (a)

    13,000       11,604  

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

    19,000       17,852  

6.875%, 9/1/27

    19,000       17,594  
   

Principal
Amount

   

Value

 
Oil & Gas Services (Continued)            

Weatherford International Ltd.
144A, 6.50%, 9/15/28

  $ 13,000     $ 12,272  

144A, 8.625%, 4/30/30

    41,000       37,127  
   

 

 

 

(Cost $145,462)

      130,614  
   

 

 

 
Pipelines — 4.7%            

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

    18,000       17,084  

144A, 5.75%, 1/15/28

    17,000       16,186  

Buckeye Partners LP, 144A,
4.50%, 3/1/28

    13,000       11,527  

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

    37,000       32,785  

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
144A, 5.625%, 5/1/27

    15,000       14,009  

144A, 6.00%, 2/1/29

    19,000       17,583  

144A, 8.00%, 4/1/29

    11,000       10,921  

EnLink Midstream LLC,
5.375%, 6/1/29

    13,000       12,168  

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

    13,000       12,850  

144A, 6.50%, 7/1/27

    24,000       23,210  

5.50%, 7/15/28

    18,000       16,487  

144A, 4.50%, 1/15/29

    21,000       18,116  

144A, 7.50%, 6/1/30

    13,000       12,856  

144A, 4.75%, 1/15/31

    29,000       25,133  

Genesis Energy LP / Genesis Energy Finance Corp.
6.50%, 10/1/25

    14,000       13,139  

8.00%, 1/15/27

    25,000       23,542  

7.75%, 2/1/28 (a)

    18,000       16,713  

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

    31,000       26,229  

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

    32,000       30,889  

144A, 6.50%, 9/30/26

    38,000       35,849  

NGL Energy Operating LLC / NGL Energy Finance Corp., 144A,
7.50%, 2/1/26

    52,000       47,077  

NGL Energy Partners LP / NGL Energy Finance Corp.,
7.50%, 11/1/23 (a)

    12,000       11,372  

NuStar Logistics LP
5.625%, 4/28/27

    15,000       13,680  

6.375%, 10/1/30

    15,000       13,672  

Rockies Express Pipeline LLC, 144A,
4.95%, 7/15/29

    14,000       12,641  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 7.50%, 10/1/25

    15,000       15,041  

144A, 6.00%, 3/1/27

    11,000       10,055  

144A, 5.50%, 1/15/28

    22,000       19,075  

144A, 6.00%, 12/31/30

    19,000       16,681  

144A, 6.00%, 9/1/31

    13,000       11,392  
   

 

 

 

(Cost $617,864)

      557,962  
   

 

 

 

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Financial — 9.0%    
Banks — 0.5%            

Freedom Mortgage Corp.
144A, 8.125%, 11/15/24

  $ 11,000     $ 9,888  

144A, 8.25%, 4/15/25

    14,000       12,133  

144A, 7.625%, 5/1/26

    15,000       12,304  

144A, 6.625%, 1/15/27

    14,000       10,828  

Intesa Sanpaolo SpA, 144A,
4.198%, 6/1/32

    21,000       15,272  
   

 

 

 

(Cost $74,383)

      60,425  
   

 

 

 
Diversified Financial Services — 4.2%            

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

    25,000       16,246  

144A, 3.625%, 10/1/31

    25,000       15,259  

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

    25,000       15,192  

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

    26,000       22,258  

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

    11,000       6,330  

144A, 6.125%, 4/1/28

    14,000       7,457  

Midcap Financial Issuer Trust
144A, 6.50%, 5/1/28

    26,000       22,337  

144A, 5.625%, 1/15/30

    10,000       7,643  

Nationstar Mortgage Holdings, Inc.
144A, 6.00%, 1/15/27

    15,000       13,381  

144A, 5.50%, 8/15/28

    22,000       18,386  

144A, 5.125%, 12/15/30

    15,000       11,852  

144A, 5.75%, 11/15/31

    16,000       12,718  

Navient Corp.
6.75%, 6/25/25

    13,000       12,564  

6.75%, 6/15/26

    13,000       12,350  

5.00%, 3/15/27

    19,000       16,302  

4.875%, 3/15/28

    13,000       10,637  

5.50%, 3/15/29

    19,000       15,419  

NFP Corp., 144A,
6.875%, 8/15/28

    53,000       43,664  

OneMain Finance Corp.
7.125%, 3/15/26

    45,000       42,387  

6.625%, 1/15/28

    20,000       18,308  

3.875%, 9/15/28

    15,000       11,720  

5.375%, 11/15/29

    19,000       15,767  

4.00%, 9/15/30 (a)

    22,000       16,432  

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

    17,000       15,296  

144A, 4.25%, 2/15/29

    17,000       13,318  

144A, 5.75%, 9/15/31

    13,000       10,558  

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

    21,000       18,372  

144A, 5.75%, 6/15/27

    11,000       9,076  

144A, 5.50%, 4/15/29

    19,000       14,814  

VistaJet Malta Finance PLC / XO Management Holding, Inc.
144A, 7.875%, 5/1/27

    13,000       11,931  

144A, 6.375%, 2/1/30

    26,000       22,406  
   

 

 

 

(Cost $618,768)

      500,380  
   

 

 

 
   

Principal
Amount

   

Value

 
Insurance — 1.4%            

Acrisure LLC / Acrisure Finance, Inc.
144A, 7.00%, 11/15/25

  $ 24,000     $ 22,651  

144A, 10.125%, 8/1/26

    10,000       10,022  

144A, 6.00%, 8/1/29

    13,000       10,562  

Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A,
5.875%, 11/1/29

    11,000       9,476  

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

    34,000       30,941  

AssuredPartners, Inc.
144A, 7.00%, 8/15/25

    13,000       12,610  

144A, 5.625%, 1/15/29

    14,000       11,656  

HUB International Ltd.
144A, 7.00%, 5/1/26

    44,000       43,162  

144A, 5.625%, 12/1/29

    14,000       12,264  
   

 

 

 

(Cost $178,621)

      163,344  
   

 

 

 
Real Estate — 0.6%            

Kennedy-Wilson, Inc.
4.75%, 2/1/30

    15,000       12,115  

5.00%, 3/1/31

    15,000       12,357  

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

    24,000       18,840  

144A, 5.25%, 4/15/30

    25,000       18,875  

WeWork Cos., Inc., 144A,
7.875%, 5/1/25

    18,000       13,456  
   

 

 

 

(Cost $97,059)

      75,643  
   

 

 

 
Real Estate Investment Trusts — 2.1%            

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A,
4.50%, 4/1/27

    19,000       16,307  

Diversified Healthcare Trust
9.75%, 6/15/25

    13,000       12,795  

4.75%, 2/15/28

    13,000       9,630  

4.375%, 3/1/31

    12,000       8,252  

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

    16,000       13,584  

Service Properties Trust
7.50%, 9/15/25

    26,000       24,961  

4.75%, 10/1/26

    15,000       12,222  

5.50%, 12/15/27

    16,000       13,862  

3.95%, 1/15/28

    7,000       5,221  

4.95%, 10/1/29

    22,000       16,627  

4.375%, 2/15/30

    10,000       7,341  

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A,
7.875%, 2/15/25

    62,000       61,330  

144A, 6.00%, 1/15/30

    19,000       13,427  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 4.75%, 4/15/28

    15,000       12,556  

144A, 6.50%, 2/15/29

    28,000       21,376  
   

 

 

 

(Cost $290,374)

      249,491  
   

 

 

 

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Venture Capital — 0.2%            

Compass Group Diversified Holdings LLC, 144A,
5.25%, 4/15/29

   

(Cost $26,984)

  $ 26,000     $ 22,166  
   

 

 

 
Industrial — 10.4%            
Aerospace/Defense — 3.3%            

Bombardier, Inc.
144A, 7.50%, 12/1/24

    18,000       17,863  

144A, 7.50%, 3/15/25

    33,000       32,336  

144A, 7.125%, 6/15/26

    31,000       29,581  

144A, 7.875%, 4/15/27

    49,000       46,980  

144A, 6.00%, 2/15/28

    20,000       17,715  

Rolls-Royce PLC, 144A,
5.75%, 10/15/27

    25,000       22,655  

Spirit AeroSystems, Inc.
144A, 7.50%, 4/15/25

    31,000       30,371  

4.60%, 6/15/28

    19,000       15,132  

TransDigm, Inc.
6.375%, 6/15/26

    22,000       21,146  

7.50%, 3/15/27

    16,000       15,622  

5.50%, 11/15/27

    74,000       66,690  

4.625%, 1/15/29

    25,000       21,332  

4.875%, 5/1/29

    19,000       16,147  

Triumph Group, Inc.
144A, 8.875%, 6/1/24

    15,000       15,210  

144A, 6.25%, 9/15/24

    13,000       11,928  

7.75%, 8/15/25

    11,000       9,279  
   

 

 

 

(Cost $420,855)

      389,987  
   

 

 

 
Building Materials — 1.6%            

Builders FirstSource, Inc., 144A,
6.375%, 6/15/32

    18,000       16,717  

Cornerstone Building Brands, Inc., 144A,
6.125%, 1/15/29

    14,000       9,563  

Griffon Corp.,
5.75%, 3/1/28

    26,000       24,094  

JELD-WEN, Inc.
144A, 4.625%, 12/15/25

    10,000       8,614  

144A, 4.875%, 12/15/27

    10,000       7,759  

SRM Escrow Issuer LLC, 144A,
6.00%, 11/1/28

    28,000       25,441  

Standard Industries, Inc.
144A, 4.75%, 1/15/28

    26,000       22,775  

144A, 4.375%, 7/15/30

    41,000       32,877  

144A, 3.375%, 1/15/31

    29,000       21,592  

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

    19,000       17,124  
   

 

 

 

(Cost $216,930)

      186,556  
   

 

 

 
Electrical Components & Equipment — 0.2%  

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

    15,000       12,499  

144A, 4.375%, 3/31/29

    21,000       17,082  
   

 

 

 

(Cost $36,437)

      29,581  
   

 

 

 
   

Principal
Amount

   

Value

 
Electronics — 0.6%            

II-VI, Inc., 144A,
5.00%, 12/15/29

  $ 26,000     $ 23,181  

Imola Merger Corp., 144A,
4.75%, 5/15/29

    51,000       43,362  
   

 

 

 

(Cost $78,874)

      66,543  
   

 

 

 
Engineering & Construction — 0.2%            

Brand Industrial Services, Inc., 144A,
8.50%, 7/15/25

   

(Cost $25,464)

    25,000       20,281  
   

 

 

 
Environmental Control — 0.9%            

Covanta Holding Corp.
144A, 4.875%, 12/1/29

    20,000       16,910  

5.00%, 9/1/30

    10,000       8,450  

GFL Environmental, Inc.
144A, 4.00%, 8/1/28

    19,000       16,089  

144A, 4.75%, 6/15/29

    19,000       16,515  

144A, 4.375%, 8/15/29

    15,000       12,735  

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

    18,000       15,461  

144A, 5.875%, 6/30/29

    26,000       21,434  
   

 

 

 

(Cost $128,331)

      107,594  
   

 

 

 
Machinery-Diversified — 0.4%            

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

    10,000       8,966  

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

    41,000       37,462  
   

 

 

 

(Cost $53,086)

      46,428  
   

 

 

 
Miscellaneous Manufacturing — 0.2%            

FXI Holdings, Inc.
144A, 7.875%, 11/1/24

    13,000       10,799  

144A, 12.25%, 11/15/26

    19,000       15,884  
   

 

 

 

(Cost $33,322)

      26,683  
   

 

 

 
Packaging & Containers — 2.5%            

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

    28,000       22,731  

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

    18,000       17,064  

144A, 4.125%, 8/15/26

    31,000       26,781  

144A, 5.25%, 8/15/27 (a)

    25,000       18,118  

144A, 5.25%, 8/15/27

    21,000       15,220  

Clydesdale Acquisition Holdings, Inc.
144A, 6.625%, 4/15/29

    13,000       12,492  

144A, 8.75%, 4/15/30

    28,000       24,378  

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

    18,000       17,127  

144A, 10.50%, 7/15/27

    18,000       17,037  

144A, 5.875%, 11/1/28

    13,000       11,334  

144A, 8.25%, 11/1/29

    11,000       8,917  

Mauser Packaging Solutions Holding Co.
144A, 5.50%, 4/15/24

    30,000       29,080  

144A, 7.25%, 4/15/25

    39,000       35,558  

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)            

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

  $ 12,000     $ 9,732  

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

    16,000       14,884  

Trivium Packaging Finance BV, 144A,
8.50%, 8/15/27

    19,000       18,074  
   

 

 

 

(Cost $334,527)

      298,527  
   

 

 

 
Transportation — 0.1%            

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

   

(Cost $19,098)

    19,000       15,675  
   

 

 

 
Trucking & Leasing — 0.4%            

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

    17,000       15,867  

144A, 9.75%, 8/1/27

    12,000       12,060  

144A, 5.50%, 5/1/28

    25,000       21,422  
   

 

 

 

(Cost $54,966)

      49,349  
   

 

 

 
Technology — 4.5%    
Computers — 1.8%            

Condor Merger Sub, Inc., 144A,
7.375%, 2/15/30

    52,000       43,480  

Diebold Nixdorf, Inc.
8.50%, 4/15/24

    8,000       4,876  

144A, 9.375%, 7/15/25

    19,000       15,623  

Exela Intermediate LLC / Exela Finance, Inc., 144A,
11.50%, 7/15/26

    30,000       9,775  

NCR Corp.
144A, 5.75%, 9/1/27

    13,000       12,565  

144A, 5.00%, 10/1/28

    17,000       16,028  

144A, 5.125%, 4/15/29

    32,000       29,926  

144A, 6.125%, 9/1/29

    13,000       12,432  

144A, 5.25%, 10/1/30

    11,000       10,175  

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

    11,000       10,308  

144A, 8.25%, 2/1/28

    15,000       13,564  

Seagate HDD Cayman,
4.125%, 1/15/31

    12,000       9,944  

Vericast Corp., 144A,
11.00%, 9/15/26

    31,894       31,979  
   

 

 

 

(Cost $261,507)

      220,675  
   

 

 

 
Office/Business Equipment — 0.4%            

Pitney Bowes, Inc., 144A,
6.875%, 3/15/27

    10,000       7,580  

Xerox Holdings Corp.
144A, 5.00%, 8/15/25

    19,000       17,641  

144A, 5.50%, 8/15/28

    19,000       16,647  
   

 

 

 

(Cost $48,322)

      41,868  
   

 

 

 
Semiconductors — 0.3%            

ams-OSRAM AG, 144A,
7.00%, 7/31/25

    11,000       10,511  
   

Principal
Amount

   

Value

 
Semiconductors (Continued)            

Entegris Escrow Corp., 144A,
5.95%, 6/15/30

  $ 22,000     $ 20,904  
   

 

 

 

(Cost $32,430)

      31,415  
   

 

 

 
Software — 2.0%            

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

    16,000       15,842  

Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A,
5.75%, 3/1/25

    32,000       31,620  

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

    23,000       19,717  

144A, 4.875%, 7/1/29

    23,000       19,052  

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

    16,000       13,381  

Minerva Merger Sub, Inc., 144A,
6.50%, 2/15/30

    60,000       51,016  

Rackspace Technology Global, Inc.
144A, 3.50%, 2/15/28

    14,000       10,000  

144A, 5.375%, 12/1/28

    15,000       8,331  

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

    26,000       21,734  

Veritas US, Inc. / Veritas Bermuda Ltd., 144A,
7.50%, 9/1/25

    46,000       35,454  

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

    15,000       12,821  
   

 

 

 

(Cost $284,640)

      238,968  
   

 

 

 
Utilities — 2.2%    
Electric — 1.8%            

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

    37,000       32,973  

144A, 4.625%, 2/1/29

    13,000       11,081  

144A, 5.00%, 2/1/31

    23,000       19,285  

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

    21,000       19,819  

144A, 5.25%, 6/15/29

    20,000       18,057  

144A, 3.625%, 2/15/31

    26,000       20,684  

144A, 3.875%, 2/15/32

    28,000       22,239  

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

    25,000       22,220  

5.25%, 7/1/30

    25,000       21,655  

Vistra Operations Co. LLC, 144A,
4.375%, 5/1/29

    33,000       28,828  
   

 

 

 

(Cost $252,522)

      216,841  
   

 

 

 
Gas — 0.4%            

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

    18,000       17,106  

5.875%, 8/20/26

    18,000       17,160  

5.75%, 5/20/27

    13,000       12,270  
   

 

 

 

(Cost $49,096)

      46,536  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $13,911,266)

      11,721,392  
   

 

 

 

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
SECURITIES LENDING COLLATERAL — 2.2%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (b)(c)
(Cost $263,774)

    263,774     $ 263,774  
   

 

 

 
CASH EQUIVALENTS — 0.3%            

DWS Government Money Market Series “Institutional Shares”, 2.24% (b)
(Cost $35,828)

    35,828       35,828  
   

 

 

 

TOTAL INVESTMENTS — 100.6%

(Cost $14,210,868)

    $ 12,020,994  

Other assets and liabilities, net — (0.6%)

      (68,538
   

 

 

 

NET ASSETS — 100.0%

    $ 11,952,456  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2022 is as follows:

 

     Value ($) at
8/31/2021
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2022
     Value ($) at
8/31/2022
 

SECURITIES LENDING COLLATERAL2.2%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (b)(c)

 

     1,444,823            —        (1,181,049 )(d)          —            —        2,166            —        263,774        263,774  

CASH EQUIVALENTS0.3%

 

DWS Government Money Market Series “Institutional Shares”, 2.24% (b)

 

     171,850        1,764,389        (1,900,411                   375               35,828        35,828  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
       1,616,673          1,764,389          (3,081,460                     2,541                 299,602          299,602  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 August 31, 2022 amounted to $395,224, which is 3.3% of net assets.

(b)

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

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $151,718.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2022.

 

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

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2022

 

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 August 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Corporate Bonds (a)

     $        $ 11,721,392        $   —        $ 11,721,392  

Short-Term Investments (a)

       299,602                            299,602  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 299,602        $ 11,721,392        $        $ 12,020,994  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF

August 31, 2022

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.2%    
Basic Materials — 3.4%    
Chemicals — 1.8%            

Ashland LLC, 144A,
3.375%, 9/1/31

  $ 1,521,000     $ 1,247,581  

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

    1,922,000       1,897,946  

144A, 7.125%, 8/1/30

    2,500,000       2,473,369  

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

    2,192,000       1,821,142  

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

    2,211,000       2,016,565  

NOVA Chemicals Corp.
144A, 4.875%, 6/1/24

    3,566,000       3,418,820  

144A, 5.00%, 5/1/25

    1,628,000       1,533,422  

Olin Corp.
5.125%, 9/15/27

    1,603,000       1,523,459  

5.625%, 8/1/29

    2,520,000       2,403,790  

5.00%, 2/1/30 (a)

    1,395,000       1,267,696  

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

    1,977,000       1,929,947  

144A, 3.625%, 6/15/31

    1,747,000       1,409,646  

WR Grace Holdings LLC, 144A,
4.875%, 6/15/27

    2,419,000       2,240,308  
   

 

 

 

(Cost $26,283,995)

      25,183,691  
   

 

 

 
Iron/Steel — 0.3%            

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

    2,728,000       2,762,346  

5.875%, 6/1/27

    1,785,000       1,710,565  
   

 

 

 

(Cost $4,641,755)

      4,472,911  
   

 

 

 
Mining — 1.3%            

Arconic Corp., 144A,
6.00%, 5/15/25

    2,284,000       2,247,175  

FMG Resources August 2006 Pty Ltd.
144A, 5.125%, 5/15/24

    2,185,000       2,165,859  

144A, 4.50%, 9/15/27

    2,019,000       1,847,385  

144A, 4.375%, 4/1/31

    4,900,000       4,003,055  

Novelis Corp.
144A, 3.25%, 11/15/26

    2,291,000       2,043,332  

144A, 4.75%, 1/30/30

    5,311,000       4,626,943  

144A, 3.875%, 8/15/31

    2,427,000       1,963,176  
   

 

 

 

(Cost $20,224,523)

      18,896,925  
   

 

 

 
Communications — 17.1%    
Advertising — 0.4%            

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

    1,917,000       1,722,300  

4.00%, 2/15/30

    1,739,000       1,530,311  

3.625%, 1/15/31

    1,868,000       1,567,962  

Outfront Media Capital LLC / Outfront Media Capital Corp., 144A,
6.25%, 6/15/25

    1,325,000       1,314,894  
   

 

 

 

(Cost $6,678,580)

      6,135,467  
   

 

 

 
   

Principal
Amount

   

Value

 
Internet — 2.2%            

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

  $ 1,965,000     $ 1,849,733  

144A, 3.50%, 3/1/29

    2,519,000       2,136,163  

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

    1,360,000       1,249,738  

144A, 4.625%, 6/1/28

    1,760,000       1,569,251  

144A, 4.125%, 8/1/30

    1,518,000       1,258,189  

144A, 3.625%, 10/1/31

    1,721,000       1,353,206  

NortonLifeLock, Inc., 144A,
5.00%, 4/15/25

    3,581,000       3,534,447  

Twitter, Inc.
144A, 3.875%, 12/15/27 (a)

    2,703,000       2,518,350  

144A, 5.00%, 3/1/30

    2,934,000       2,758,403  

Uber Technologies, Inc.
144A, 7.50%, 5/15/25

    3,254,000       3,281,340  

144A, 8.00%, 11/1/26

    4,826,000       4,881,314  

144A, 7.50%, 9/15/27

    3,981,000       3,990,913  

144A, 6.25%, 1/15/28 (a)

    1,609,000       1,538,791  
   

 

 

 

(Cost $33,957,532)

      31,919,838  
   

 

 

 
Media — 10.1%            

AMC Networks, Inc.
5.00%, 4/1/24

    1,876,000       1,831,745  

4.75%, 8/1/25 (a)

    2,397,000       2,223,316  

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

    2,102,000       1,753,730  

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

    1,226,000       1,215,297  

144A, 5.125%, 5/1/27

    6,063,000       5,762,881  

144A, 5.00%, 2/1/28

    4,884,000       4,481,497  

144A, 5.375%, 6/1/29

    2,652,000       2,425,784  

144A, 6.375%, 9/1/29

    1,300,000       1,260,025  

144A, 4.75%, 3/1/30

    5,959,000       5,128,852  

144A, 4.50%, 8/15/30

    5,373,000       4,525,141  

144A, 4.25%, 2/1/31

    5,861,000       4,789,609  

144A, 4.75%, 2/1/32

    2,312,000       1,916,579  

4.50%, 5/1/32

    5,653,000       4,587,268  

144A, 4.50%, 6/1/33

    3,419,000       2,688,343  

144A, 4.25%, 1/15/34

    3,769,000       2,874,277  

CSC Holdings LLC
5.25%, 6/1/24

    2,655,000       2,591,758  

144A, 5.50%, 4/15/27

    4,190,000       3,978,468  

144A, 3.375%, 2/15/31

    3,225,000       2,421,104  

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

    2,405,000       2,324,649  

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

    2,240,000       2,212,246  

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

    3,284,000       2,863,467  

144A, 5.125%, 2/15/32

    1,617,000       1,490,090  

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

    5,428,000       5,174,947  

144A, 4.75%, 11/1/28

    3,420,000       3,099,324  

Scripps Escrow II, Inc., 144A,
3.875%, 1/15/29

    1,836,000       1,559,168  

Sinclair Television Group, Inc., 144A,
4.125%, 12/1/30

    2,440,000       1,995,334  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Media (Continued)            

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

  $ 3,234,000     $ 2,884,340  

144A, 5.00%, 8/1/27

    5,251,000       4,949,960  

144A, 4.00%, 7/15/28

    6,241,000       5,445,272  

144A, 5.50%, 7/1/29

    4,022,000       3,765,296  

144A, 4.125%, 7/1/30

    4,699,000       3,987,008  

144A, 3.875%, 9/1/31

    5,108,000       4,130,942  

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

    2,231,000       2,189,519  

4.625%, 3/15/28

    3,040,000       2,918,628  

5.00%, 9/15/29

    3,429,000       3,288,051  

Univision Communications, Inc.
144A, 5.125%, 2/15/25

    4,560,000       4,410,432  

144A, 6.625%, 6/1/27

    5,130,000       4,957,043  

144A, 4.50%, 5/1/29

    3,401,000       2,980,977  

UPC Broadband Finco BV, 144A,
4.875%, 7/15/31

    4,053,000       3,510,850  

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

    2,230,000       2,217,824  

144A, 5.125%, 4/15/27

    1,820,000       1,709,353  

144A, 3.625%, 6/15/29

    1,646,000       1,368,416  

Virgin Media Secured Finance PLC
144A, 5.50%, 5/15/29

    4,544,000       4,083,329  

144A, 4.50%, 8/15/30

    3,009,000       2,510,860  

VZ Secured Financing BV, 144A,
5.00%, 1/15/32

    5,006,000       4,087,825  

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

    3,208,000       2,712,824  
   

 

 

 

(Cost $155,043,859)

      145,283,648  
   

 

 

 
Telecommunications — 4.4%            

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

    2,493,000       2,378,297  

Lumen Technologies, Inc.
Series W, 6.75%, 12/1/23

    2,463,000       2,494,255  

Series Y, 7.50%, 4/1/24

    3,245,000       3,275,178  

5.625%, 4/1/25

    1,388,000       1,348,327  

144A, 4.00%, 2/15/27

    4,153,000       3,617,637  

Nokia OYJ,
4.375%, 6/12/27

    1,610,000       1,537,172  

Sprint Corp.
7.875%, 9/15/23

    13,134,000       13,561,446  

7.125%, 6/15/24

    8,375,000       8,657,489  

7.625%, 2/15/25

    4,922,000       5,155,844  

7.625%, 3/1/26

    4,989,000       5,283,850  

Switch Ltd.
144A, 3.75%, 9/15/28

    1,690,000       1,677,796  

144A, 4.125%, 6/15/29

    1,753,000       1,751,245  

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

    4,897,000       4,719,778  

Vmed O2 UK Financing I PLC
144A, 4.25%, 1/31/31

    4,393,000       3,550,510  

144A, 4.75%, 7/15/31

    4,559,000       3,766,874  
   

 

 

 

(Cost $65,764,800)

      62,775,698  
   

 

 

 
   

Principal
Amount

   

Value

 
Consumer, Cyclical — 22.8%    
Airlines — 1.6%            

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

  $ 3,864,000     $ 3,453,180  

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

    2,596,000       2,437,644  

7.375%, 1/15/26 (a)

    2,876,000       2,933,261  

4.375%, 4/19/28

    1,337,000       1,177,095  

3.75%, 10/28/29

    1,589,000       1,292,890  

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

    6,505,000       5,939,650  

144A, 4.625%, 4/15/29

    6,545,000       5,751,419  
   

 

 

 

(Cost $24,477,580)

      22,985,139  
   

 

 

 
Apparel — 0.4%            

Hanesbrands, Inc.
144A, 4.625%, 5/15/24

    2,770,000       2,671,665  

144A, 4.875%, 5/15/26

    3,042,000       2,802,564  
   

 

 

 

(Cost $5,929,349)

      5,474,229  
   

 

 

 
Auto Manufacturers — 4.8%            

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

    1,454,000       1,354,663  

144A, 5.875%, 6/1/29

    1,617,000       1,522,595  

144A, 3.75%, 1/30/31

    3,201,000       2,593,850  

Ford Motor Co.
9.00%, 4/22/25

    3,331,000       3,729,781  

4.346%, 12/8/26

    4,759,000       4,570,491  

9.625%, 4/22/30

    1,488,000       1,742,555  

3.25%, 2/12/32

    8,031,000       6,298,954  

6.10%, 8/19/32

    5,900,000       5,753,503  

Ford Motor Credit Co. LLC
3.37%, 11/17/23

    1,787,000       1,743,772  

3.81%, 1/9/24

    1,341,000       1,312,430  

5.584%, 3/18/24

    2,836,000       2,824,434  

3.664%, 9/8/24

    1,313,000       1,260,086  

4.063%, 11/1/24

    2,625,000       2,551,539  

2.30%, 2/10/25

    2,069,000       1,888,997  

4.687%, 6/9/25

    828,000       796,126  

5.125%, 6/16/25

    2,863,000       2,796,679  

4.134%, 8/4/25

    2,716,000       2,569,309  

3.375%, 11/13/25

    3,677,000       3,362,028  

GMTN, 4.389%, 1/8/26

    2,128,000       1,998,958  

4.542%, 8/1/26

    1,051,000       981,829  

2.70%, 8/10/26

    2,502,000       2,180,117  

4.271%, 1/9/27

    1,576,000       1,446,174  

4.95%, 5/28/27

    2,902,000       2,728,518  

4.125%, 8/17/27

    2,299,000       2,074,848  

3.815%, 11/2/27

    1,566,000       1,380,586  

2.90%, 2/16/28

    1,313,000       1,100,557  

2.90%, 2/10/29

    1,429,000       1,159,112  

5.113%, 5/3/29

    2,627,000       2,447,037  

4.00%, 11/13/30

    2,889,000       2,417,024  

3.625%, 6/17/31

    1,677,000       1,360,005  
   

 

 

 

(Cost $76,081,955)

      69,946,557  
   

 

 

 

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Auto Parts & Equipment — 1.4%            

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

  $ 1,635,000     $ 1,628,661  

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

    2,748,000       2,720,712  

Dana Financing Luxembourg SARL, 144A,
5.75%, 4/15/25

    1,465,000       1,444,183  

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

    2,198,000       2,299,636  

5.00%, 5/31/26 (a)

    3,068,000       2,964,348  

4.875%, 3/15/27

    2,295,000       2,158,046  

Tenneco, Inc.
5.00%, 7/15/26

    1,610,000       1,539,854  

144A, 5.125%, 4/15/29

    2,107,000       2,056,215  

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

    3,462,000       3,211,002  
   

 

 

 

(Cost $20,684,465)

      20,022,657  
   

 

 

 
Distribution/Wholesale — 0.5%            

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

    2,512,000       2,276,199  

144A, 3.875%, 11/15/29

    1,166,000       956,948  

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

    4,058,000       3,433,636  
   

 

 

 

(Cost $7,103,406)

      6,666,783  
   

 

 

 
Entertainment — 4.3%            

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

    10,973,000       10,728,302  

Caesars Resort Collection LLC / CRC Finco, Inc., 144A,
5.75%, 7/1/25

    3,384,000       3,320,584  

CDI Escrow Issuer, Inc., 144A,
5.75%, 4/1/30

    3,909,000       3,626,340  

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

    1,765,000       1,616,630  

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

    2,658,000       2,610,714  

5.375%, 4/15/27

    1,673,000       1,580,801  

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

    1,993,000       1,913,356  

144A, 4.75%, 1/15/28

    2,274,000       2,072,126  

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

    3,397,000       3,375,786  

144A, 4.125%, 4/15/26

    2,485,000       2,281,230  

144A, 6.25%, 1/15/27

    2,465,000       2,416,982  

144A, 5.25%, 1/15/29

    2,495,000       2,333,087  

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

    2,207,000       2,139,157  

144A, 6.50%, 5/15/27

    3,911,000       3,909,787  

144A, 4.75%, 10/15/27

    2,946,000       2,685,765  

144A, 3.75%, 1/15/28

    1,667,000       1,463,159  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

Mohegan Gaming & Entertainment, 144A,
7.875%, 10/15/24

  $ 1,110,000     $ 1,134,492  

Scientific Games International, Inc., 144A,
8.625%, 7/1/25

    1,948,000       2,005,164  

Six Flags Entertainment Corp., 144A,
4.875%, 7/31/24

    3,172,000       3,048,094  

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

    2,073,000       2,078,638  

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

    1,741,000       1,490,731  

144A,3.875%, 7/15/30

    1,493,000       1,276,049  

144A,3.00%, 2/15/31

    2,877,000       2,288,812  
   

 

 

 

(Cost $64,983,176)

      61,395,786  
   

 

 

 
Food Service — 0.7%            

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

    1,980,000       1,936,242  

144A, 6.375%, 5/1/25

    4,630,000       4,595,321  

144A, 5.00%, 2/1/28

    3,959,000       3,648,041  
   

 

 

 

(Cost $10,363,785)

      10,179,604  
   

 

 

 
Home Builders — 0.5%            

Century Communities, Inc.,
6.75%, 6/1/27

    1,637,000       1,607,993  

Meritage Homes Corp.
6.00%, 6/1/25

    1,254,000       1,254,859  

144A, 3.875%, 4/15/29

    1,487,000       1,265,578  

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

    1,737,000       1,680,599  

144A, 5.75%, 1/15/28

    1,401,000       1,285,058  
   

 

 

 

(Cost $7,781,298)

      7,094,087  
   

 

 

 
Home Furnishings — 0.1%            

Tempur Sealy International, Inc., 144A,
4.00%, 4/15/29

   

(Cost $2,479,664)

    2,551,000       2,099,743  
   

 

 

 
Housewares — 0.5%            

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

    2,452,000       2,407,386  

4.45%, 4/1/26

    5,870,000       5,528,190  
   

 

 

 

(Cost $8,660,479)

      7,935,576  
   

 

 

 
Leisure Time — 0.4%            

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

   

(Cost $7,013,931)

    7,797,000       6,500,671  
   

 

 

 
Lodging — 3.1%            

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

    3,620,000       3,384,266  

144A, 4.75%, 6/15/31

    2,728,000       2,378,134  

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

    2,017,000       2,004,353  

144A, 5.75%, 5/1/28

    1,397,000       1,367,572  

144A, 3.75%, 5/1/29

    2,627,000       2,271,541  

4.875%, 1/15/30

    3,194,000       2,922,861  

 

See Notes to Financial Statements.   31  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2022

 

   

Principal
Amount

   

Value

 
Lodging (Continued)            

144A, 4.00%, 5/1/31

  $ 3,697,000     $ 3,129,834  

144A, 3.625%, 2/15/32

    4,813,000       3,892,514  

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,
4.875%, 4/1/27

    1,930,000       1,845,572  

Las Vegas Sands Corp.
3.20%, 8/8/24

    5,730,000       5,427,111  

2.90%, 6/25/25

    1,500,000       1,384,356  

3.50%, 8/18/26

    3,394,000       3,052,612  

3.90%, 8/8/29

    2,407,000       2,055,651  

MGM Resorts International
6.75%, 5/1/25

    2,375,000       2,376,627  

5.75%, 6/15/25

    2,156,000       2,094,877  

4.625%, 9/1/26

    1,254,000       1,142,613  

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

    2,090,000       2,029,077  

6.00%, 4/1/27

    1,334,000       1,268,554  
   

 

 

 

(Cost $46,369,586)

      44,028,125  
   

 

 

 
Retail — 4.1%            

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

    1,733,000       1,744,715  

144A, 3.875%, 1/15/28

    5,234,000       4,660,040  

144A, 4.375%, 1/15/28

    2,335,000       2,091,257  

144A, 3.50%, 2/15/29

    2,375,000       2,046,336  

144A, 4.00%, 10/15/30

    9,450,000       7,739,597  

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

    1,317,000       1,177,971  

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

    3,264,000       2,876,914  

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

    1,573,000       1,364,127  

144A, 5.625%, 1/1/30

    1,780,000       1,595,467  

IRB Holding Corp., 144A,
7.00%, 6/15/25

    2,335,000       2,348,531  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A,
4.75%, 6/1/27

    2,175,000       2,091,241  

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

    1,118,000       1,036,923  

144A, 3.875%, 6/1/29

    2,770,000       2,360,317  

144A, 4.375%, 1/15/31

    1,770,000       1,560,051  

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

    1,529,000       1,404,106  

144A, 3.75%, 2/15/31

    1,694,000       1,426,670  

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

    1,449,000       1,362,607  

3.75%, 6/15/29

    1,728,000       1,463,962  

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

    3,898,000       3,480,672  

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

    2,068,000       1,992,601  

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

    2,157,000       1,912,820  

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

    2,757,000       2,515,997  
   

Principal
Amount

   

Value

 
Retail (Continued)            

3.625%, 3/15/31

  $ 3,557,000     $ 3,000,721  

4.625%, 1/31/32

    3,617,000       3,200,683  

5.375%, 4/1/32

    3,064,000       2,834,522  
   

 

 

 

(Cost $63,915,434)

      59,288,848  
   

 

 

 
Toys/Games/Hobbies — 0.4%            

Mattel, Inc.
144A, 3.375%, 4/1/26

    1,930,000       1,756,918  

144A, 5.875%, 12/15/27

    1,880,000       1,875,300  

144A, 3.75%, 4/1/29 (a)

    1,915,000       1,709,865  
   

 

 

 

(Cost $5,801,884)

      5,342,083  
   

 

 

 
Consumer, Non-cyclical — 18.5%    
Agriculture — 0.3%            

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

    1,473,000       1,447,237  

144A, 6.00%, 6/15/30

    3,413,000       3,422,079  
   

 

 

 

(Cost $4,927,191)

      4,869,316  
   

 

 

 
Commercial Services — 4.1%            

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

    3,226,000       2,774,296  

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

    3,236,000       2,878,147  

3.50%, 6/1/31

    3,314,000       2,731,183