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)
DBX ETF Trust
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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.
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2
DBX ETF Trust
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.
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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
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5
DBX ETF Trust
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 |
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 |
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 |
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 |
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
Xtrackers USD High Yield Corporate Bond ETF (HYLB) (Continued)
Growth of an Assumed $10,000 Investment |
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
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
Xtrackers High Beta High Yield Bond ETF
August 31, 2022
Principal |
Value |
|||||||
CORPORATE BONDS — 98.1% | ||||||||
Basic Materials — 3.9% | ||||||||
Chemicals — 2.2% | ||||||||
ASP
Unifrax Holdings, Inc. |
$ | 21,000 | $ | 16,877 | ||||
144A, 7.50%, 9/30/29 (a) |
10,000 | 7,330 | ||||||
Chemours
Co. |
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 |
10,000 | 9,147 | ||||||
144A, 5.625%, 10/15/28 |
13,000 | 10,726 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
13,000 | 11,268 | ||||||
Methanex
Corp., |
18,000 | 15,142 | ||||||
NOVA
Chemicals Corp. |
28,000 | 24,763 | ||||||
144A, 4.25%, 5/15/29 (a) |
13,000 | 10,710 | ||||||
Olympus
Water US Holding Corp. |
22,000 | 17,918 | ||||||
144A, 6.25%, 10/1/29 |
10,000 | 7,563 | ||||||
SCIH
Salt Holdings, Inc. |
28,000 | 24,029 | ||||||
144A, 6.625%, 5/1/29 |
19,000 | 15,671 | ||||||
Tronox,
Inc., 144A, |
27,000 | 22,493 | ||||||
WR
Grace Holdings LLC, 144A, |
29,000 | 22,982 | ||||||
|
|
|||||||
(Cost $314,445) |
263,502 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
||||||||
(Cost $22,515) |
22,000 | 19,240 | ||||||
|
|
|||||||
Iron/Steel — 0.6% | ||||||||
Mineral
Resources Ltd. |
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., |
19,000 | 18,644 | ||||||
|
|
|||||||
(Cost $71,363) |
69,839 | |||||||
|
|
|||||||
Mining — 1.0% | ||||||||
Arconic
Corp., 144A, |
24,000 | 22,570 | ||||||
Constellium
SE, 144A, |
13,000 | 10,777 | ||||||
FMG
Resources August 2006 Pty Ltd. |
19,000 | 17,556 | ||||||
144A, 6.125%, 4/15/32 |
18,000 | 16,662 | ||||||
Hudbay
Minerals, Inc. |
15,000 | 13,635 | ||||||
144A, 6.125%, 4/1/29 |
15,000 | 13,227 |
Principal |
Value |
|||||||
Mining (Continued) | ||||||||
Kaiser
Aluminum Corp. |
$ | 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. |
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, |
26,000 | 22,402 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
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, |
29,000 | 24,640 | ||||||
|
|
|||||||
(Cost $179,038) |
153,664 | |||||||
|
|
|||||||
Internet — 0.7% | ||||||||
Arches
Buyer, Inc. |
30,000 | 24,160 | ||||||
144A, 6.125%, 12/1/28 |
13,000 | 10,209 | ||||||
Photo
Holdings Merger Sub, Inc., 144A, |
20,000 | 14,965 | ||||||
Uber
Technologies, Inc., 144A, |
38,000 | 32,846 | ||||||
|
|
|||||||
(Cost $96,172) |
82,180 | |||||||
|
|
|||||||
Media — 8.6% | ||||||||
Altice
Financing SA |
32,000 | 25,874 | ||||||
144A, 5.75%, 8/15/29 |
54,000 | 43,624 | ||||||
AMC
Networks, Inc., |
26,000 | 21,258 | ||||||
Audacy
Capital Corp. |
11,000 | 3,618 | ||||||
144A, 6.75%, 3/31/29 |
14,000 | 4,232 | ||||||
CSC
Holdings LLC |
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. |
78,000 | 14,918 | ||||||
144A, 6.625%, 8/15/27 |
44,000 | 4,126 | ||||||
Directv
Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, |
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 |
Value |
|||||||
Media (Continued) | ||||||||
DISH
DBS Corp. |
$ | 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, |
33,000 | 27,931 | ||||||
Gray
Television, Inc., 144A, |
20,000 | 16,480 | ||||||
iHeartCommunications,
Inc. |
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 |
30,000 | 28,365 | ||||||
144A, 5.125%, 7/15/29 |
22,000 | 18,953 | ||||||
McGraw-Hill
Education, Inc. |
23,000 | 20,274 | ||||||
144A, 8.00%, 8/1/29 |
18,000 | 15,643 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc. |
23,000 | 19,866 | ||||||
144A, 6.50%, 9/15/28 |
26,000 | 19,409 | ||||||
Scripps
Escrow II, Inc., 144A, |
13,000 | 10,656 | ||||||
Sinclair
Television Group, Inc., 144A, |
13,000 | 10,213 | ||||||
Univision
Communications, Inc., 144A, |
23,000 | 22,856 | ||||||
UPC
Holding BV, 144A, |
12,000 | 10,292 | ||||||
Virgin
Media Finance PLC, 144A, |
25,000 | 19,792 | ||||||
Ziggo
Bond Co. BV |
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 |
40,000 | 34,587 | ||||||
144A, 6.00%, 2/15/28 |
31,000 | 21,226 | ||||||
Altice
France SA |
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, |
26,000 | 14,258 | ||||||
C&W
Senior Financing DAC, 144A, |
32,000 | 28,449 | ||||||
CommScope
Technologies LLC |
33,000 | 29,990 | ||||||
144A, 5.00%, 3/15/27 |
19,000 | 15,024 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
CommScope,
Inc. |
$ | 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, |
53,000 | 48,600 | ||||||
Consolidated
Communications, Inc. |
12,000 | 9,260 | ||||||
144A, 6.50%, 10/1/28 |
20,000 | 16,144 | ||||||
Frontier
Communications Holdings LLC |
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., |
19,000 | 18,010 | ||||||
Iliad
Holding SASU |
31,000 | 28,368 | ||||||
144A, 7.00%, 10/15/28 |
23,000 | 21,140 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
76,000 | 69,082 | ||||||
Level 3
Financing, Inc. |
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. |
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 |
13,000 | 7,612 | ||||||
144A, 4.875%, 6/1/27 |
10,000 | 5,438 | ||||||
VEON
Holdings BV |
17,000 | 12,539 | ||||||
144A, 4.00%, 4/9/25 |
31,000 | 19,453 | ||||||
Viasat,
Inc. |
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, |
35,000 | 30,514 | ||||||
Zayo
Group Holdings, Inc. |
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, |
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 |
Value |
|||||||
Airlines (Continued) | ||||||||
American
Airlines, Inc., 144A, |
$ | 64,000 | $ | 70,802 | ||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
31,000 | 28,339 | ||||||
|
|
|||||||
(Cost $119,526) |
112,608 | |||||||
|
|
|||||||
Auto Manufacturers — 0.4% | ||||||||
Jaguar
Land Rover Automotive PLC |
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, |
20,000 | 18,534 | ||||||
American
Axle & Manufacturing, Inc. |
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, |
52,000 | 50,801 | ||||||
Dana,
Inc. |
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. |
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, |
19,000 | 18,934 | ||||||
|
|
|||||||
(Cost $225,832) |
204,076 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.0% | ||||||||
Wesco
Aircraft Holdings, Inc., 144A, |
||||||||
(Cost $13,319) |
15,000 | 4,988 | ||||||
|
|
|||||||
Entertainment — 2.9% | ||||||||
AMC
Entertainment Holdings, Inc. |
36,000 | 28,939 | ||||||
144A, 7.50%, 2/15/29 |
25,000 | 21,531 | ||||||
Banijay
Entertainment SASU, 144A, |
25,000 | 23,604 | ||||||
Caesars
Entertainment, Inc. |
46,000 | 45,319 | ||||||
144A, 4.625%, 10/15/29 |
31,000 | 25,071 | ||||||
Cinemark
USA, Inc. |
10,000 | 8,887 | ||||||
144A, 5.25%, 7/15/28 |
20,000 | 16,189 | ||||||
Mohegan
Gaming & Entertainment, 144A, |
31,000 | 27,130 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Penn
Entertainment, Inc. |
$ | 10,000 | $ | 9,161 | ||||
144A, 4.125%, 7/1/29 |
10,000 | 8,091 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
19,000 | 14,109 | ||||||
144A, 5.875%, 9/1/31 |
18,000 | 12,606 | ||||||
Resorts
World Las Vegas LLC / RWLV Capital, Inc., 144A, |
32,000 | 26,267 | ||||||
Scientific
Games International, Inc. |
19,000 | 18,622 | ||||||
144A, 7.25%, 11/15/29 |
11,000 | 10,835 | ||||||
Six
Flags Entertainment Corp., 144A, |
13,000 | 11,935 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. |
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. |
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, |
10,000 | 7,902 | ||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC |
15,000 | 13,352 | ||||||
144A, 4.875%, 2/15/30 |
15,000 | 11,569 | ||||||
Century
Communities, Inc., 144A, |
13,000 | 10,515 | ||||||
Mattamy
Group Corp. |
13,000 | 11,466 | ||||||
144A, 4.625%, 3/1/30 |
16,000 | 12,979 | ||||||
Taylor
Morrison Communities, Inc., 144A, |
13,000 | 11,173 | ||||||
|
|
|||||||
(Cost $94,017) |
78,956 | |||||||
|
|
|||||||
Home Furnishings — 0.1% | ||||||||
Tempur
Sealy International, Inc., 144A, |
||||||||
(Cost $21,048) |
21,000 | 16,195 | ||||||
|
|
|||||||
Housewares — 0.2% | ||||||||
Scotts
Miracle-Gro Co. |
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. |
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 |
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. |
24,000 | 21,659 | ||||||
144A, 8.00%, 4/15/26 |
10,000 | 8,844 | ||||||
NCL
Corp. Ltd. |
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. |
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. |
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 |
22,000 | 19,499 | ||||||
144A, 4.875%, 7/1/31 |
12,000 | 9,922 | ||||||
Marriott
Ownership Resorts, Inc., 144A, |
13,000 | 10,980 | ||||||
Melco
Resorts Finance Ltd. |
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 |
18,000 | 16,689 | ||||||
4.75%, 10/15/28 |
19,000 | 16,724 | ||||||
Station
Casinos LLC |
19,000 | 16,395 | ||||||
144A, 4.625%, 12/1/31 |
13,000 | 10,779 | ||||||
Travel
+ Leisure Co., 144A, |
17,000 | 13,846 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
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. |
21,000 | 18,033 |
Principal |
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. |
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. |
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 |
18,000 | 17,034 | ||||||
144A, 8.50%, 10/30/25 |
16,000 | 14,964 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
17,000 | 14,816 | ||||||
144A, 5.875%, 4/1/29 |
22,000 | 17,963 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,
144A, |
33,000 | 26,968 | ||||||
Gap,
Inc. |
19,000 | 13,233 | ||||||
144A, 3.875%, 10/1/31 |
19,000 | 13,205 | ||||||
Guitar
Center, Inc., 144A, |
14,000 | 12,971 | ||||||
LBM
Acquisition LLC, 144A, |
20,000 | 14,975 | ||||||
LCM
Investments Holdings II LLC, 144A, |
26,000 | 21,744 | ||||||
Macy’s
Retail Holdings LLC |
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. |
22,000 | 16,959 | ||||||
144A, 7.875%, 5/1/29 |
33,000 | 21,995 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
29,000 | 27,182 | ||||||
Nordstrom,
Inc. |
13,000 | 10,038 | ||||||
4.25%, 8/1/31 |
11,000 | 8,081 | ||||||
Party
City Holdings, Inc., 144A, |
19,000 | 12,475 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
29,000 | 27,296 | ||||||
QVC,
Inc. |
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. |
12,000 | 10,236 | ||||||
144A, 8.00%, 11/15/26 |
23,000 | 18,785 | ||||||
Sonic
Automotive, Inc. |
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 |
Value |
|||||||
Retail (Continued) | ||||||||
SRS
Distribution, Inc. |
$ | 12,000 | $ | 9,971 | ||||
144A, 6.00%, 12/1/29 |
21,000 | 17,129 | ||||||
Staples,
Inc. |
51,000 | 43,160 | ||||||
144A, 10.75%, 4/15/27 (a) |
26,000 | 19,149 | ||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp., 144A, |
17,000 | 15,040 | ||||||
|
|
|||||||
(Cost $873,929) |
713,515 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 16.2% | ||||||||
Agriculture — 0.3% | ||||||||
Vector
Group Ltd. |
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, |
||||||||
(Cost $18,988) |
19,000 | 16,274 | ||||||
|
|
|||||||
Biotechnology — 0.1% | ||||||||
Grifols
Escrow Issuer SA, 144A, |
||||||||
(Cost $18,005) |
19,000 | 15,863 | ||||||
|
|
|||||||
Commercial Services — 3.6% | ||||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
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, |
31,000 | 26,278 | ||||||
APX
Group, Inc. |
15,000 | 14,712 | ||||||
144A, 5.75%, 7/15/29 |
20,000 | 16,381 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
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., |
18,000 | 17,968 | ||||||
Garda
World Security Corp. |
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. |
13,000 | 11,084 | ||||||
144A, 5.00%, 12/1/29 |
26,000 | 20,960 | ||||||
MPH
Acquisition Holdings LLC |
27,000 | 23,061 | ||||||
144A, 5.75%, 11/1/28 (a) |
33,000 | 26,299 |
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc., 144A, |
$ | 33,000 | $ | 29,281 | ||||
Sabre
GLBL, Inc. |
20,000 | 19,783 | ||||||
144A, 7.375%, 9/1/25 |
23,000 | 21,821 | ||||||
Sotheby’s,
144A, |
20,000 | 18,886 | ||||||
Verscend
Escrow Corp., 144A, |
29,000 | 29,328 | ||||||
|
|
|||||||
(Cost $496,566) |
434,406 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Coty,
Inc. |
24,000 | 22,773 | ||||||
144A, 6.50%, 4/15/26 (a) |
14,000 | 13,375 | ||||||
Edgewell
Personal Care Co., 144A, |
13,000 | 11,191 | ||||||
|
|
|||||||
(Cost $51,418) |
47,339 | |||||||
|
|
|||||||
Food — 2.0% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,
144A, |
19,000 | 18,127 | ||||||
B&G
Foods, Inc. |
24,000 | 21,386 | ||||||
5.25%, 9/15/27 |
14,000 | 11,690 | ||||||
Performance
Food Group, Inc., 144A, |
26,000 | 22,360 | ||||||
Post
Holdings, Inc. |
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, |
12,000 | 8,581 | ||||||
US
Foods, Inc. |
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, |
||||||||
(Cost $64,941) |
64,000 | 53,865 | ||||||
|
|
|||||||
Healthcare-Services — 4.6% | ||||||||
CHS/Community
Health Systems, Inc. |
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 |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
DaVita,
Inc. |
$ | 70,000 | $ | 56,439 | ||||
144A, 3.75%, 2/15/31 |
38,000 | 28,027 | ||||||
Encompass
Health Corp. |
21,000 | 17,995 | ||||||
4.625%, 4/1/31 |
10,000 | 8,273 | ||||||
Legacy
LifePoint Health LLC |
25,000 | 24,582 | ||||||
144A, 4.375%, 2/15/27 |
16,000 | 13,931 | ||||||
LifePoint
Health, Inc., 144A, |
13,000 | 9,872 | ||||||
ModivCare,
Inc., 144A, |
13,000 | 12,261 | ||||||
Radiology
Partners, Inc., 144A, |
19,000 | 14,586 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, |
36,000 | 34,414 | ||||||
Select
Medical Corp., 144A, |
32,000 | 30,651 | ||||||
Tenet
Healthcare Corp., 144A, |
64,000 | 58,801 | ||||||
|
|
|||||||
(Cost $682,341) |
551,222 | |||||||
|
|
|||||||
Household Products/Wares — 0.3% | ||||||||
Central
Garden & Pet Co., 144A, |
10,000 | 8,204 | ||||||
Kronos
Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
13,000 | 11,795 | ||||||
144A, 7.00%, 12/31/27 |
13,000 | 10,745 | ||||||
Spectrum
Brands, Inc., 144A, |
13,000 | 10,102 | ||||||
|
|
|||||||
(Cost $48,749) |
40,846 | |||||||
|
|
|||||||
Pharmaceuticals — 4.3% | ||||||||
AdaptHealth
LLC |
11,000 | 9,175 | ||||||
144A, 5.125%, 3/1/30 |
16,000 | 13,682 | ||||||
Bausch
Health Americas, Inc. |
38,000 | 22,388 | ||||||
144A, 8.50%, 1/31/27 |
45,000 | 21,228 | ||||||
Bausch
Health Cos., Inc. |
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, |
13,000 | 11,174 |
Principal |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
HLF
Financing Sarl LLC / Herbalife International, Inc., 144A, |
$ | 15,000 | $ | 11,851 | ||||
Mallinckrodt
International Finance SA / Mallinckrodt CB LLC |
11,000 | 9,913 | ||||||
144A, 11.50%, 12/15/28 |
17,000 | 15,321 | ||||||
Owens &
Minor, Inc. |
11,000 | 9,390 | ||||||
144A, 6.625%, 4/1/30 |
16,000 | 14,745 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
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 |
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. |
16,000 | 15,583 | ||||||
144A, 5.875%, 6/30/29 |
10,000 | 9,021 | ||||||
Callon
Petroleum Co. |
17,000 | 16,334 | ||||||
144A, 7.50%, 6/15/30 |
15,000 | 13,892 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
14,000 | 14,684 | ||||||
Citgo
Holding, Inc., 144A, |
36,000 | 36,041 | ||||||
CITGO
Petroleum Corp. |
29,000 | 28,238 | ||||||
144A, 6.375%, 6/15/26 |
17,000 | 16,204 | ||||||
CNX
Resources Corp. |
20,000 | 19,869 | ||||||
144A, 6.00%, 1/15/29 |
13,000 | 12,240 | ||||||
Colgate
Energy Partners III LLC, 144A, |
19,000 | 17,636 | ||||||
Comstock
Resources, Inc. |
32,000 | 30,600 | ||||||
144A, 5.875%, 1/15/30 |
25,000 | 22,916 | ||||||
CVR
Energy, Inc. |
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 |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Laredo
Petroleum, Inc. |
$ | 15,000 | $ | 15,072 | ||||
144A, 7.75%, 7/31/29 (a) |
10,000 | 9,592 | ||||||
Leviathan
Bond Ltd. |
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, |
16,000 | 14,902 | ||||||
Moss
Creek Resources Holdings, Inc. |
18,000 | 16,398 | ||||||
144A, 10.50%, 5/15/27 |
10,000 | 9,674 | ||||||
Murphy
Oil Corp. |
14,000 | 13,636 | ||||||
6.375%, 7/15/28 |
14,000 | 13,790 | ||||||
Nabors
Industries Ltd., 144A, |
14,000 | 12,750 | ||||||
Nabors
Industries, Inc. |
15,000 | 13,852 | ||||||
144A, 7.375%, 5/15/27 |
19,000 | 18,367 | ||||||
Parkland
Corp. |
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. |
18,000 | 17,505 | ||||||
6.00%, 2/15/28 |
19,000 | 17,118 | ||||||
Puma
International Financing SA, 144A, |
50,000 | 46,725 | ||||||
Range
Resources Corp., |
16,000 | 16,815 | ||||||
SM
Energy Co. |
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. |
20,000 | 17,036 | ||||||
4.50%, 4/30/30 |
20,000 | 17,093 | ||||||
Transocean,
Inc. |
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. |
16,000 | 15,022 | ||||||
144A, 6.25%, 4/1/28 |
21,000 | 19,143 | ||||||
CGG
SA, 144A, |
13,000 | 11,604 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
19,000 | 17,852 | ||||||
6.875%, 9/1/27 |
19,000 | 17,594 |
Principal |
Value |
|||||||
Oil & Gas Services (Continued) | ||||||||
Weatherford
International Ltd. |
$ | 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. |
18,000 | 17,084 | ||||||
144A, 5.75%, 1/15/28 |
17,000 | 16,186 | ||||||
Buckeye
Partners LP, 144A, |
13,000 | 11,527 | ||||||
CQP
Holdco LP / BIP-V Chinook Holdco
LLC, 144A, |
37,000 | 32,785 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp. |
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, |
13,000 | 12,168 | ||||||
EQM
Midstream Partners LP |
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. |
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, |
31,000 | 26,229 | ||||||
New
Fortress Energy, Inc. |
32,000 | 30,889 | ||||||
144A, 6.50%, 9/30/26 |
38,000 | 35,849 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
52,000 | 47,077 | ||||||
NGL
Energy Partners LP / NGL Energy Finance Corp., |
12,000 | 11,372 | ||||||
NuStar
Logistics LP |
15,000 | 13,680 | ||||||
6.375%, 10/1/30 |
15,000 | 13,672 | ||||||
Rockies
Express Pipeline LLC, 144A, |
14,000 | 12,641 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
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 |
Value |
|||||||
Financial — 9.0% | ||||||||
Banks — 0.5% | ||||||||
Freedom
Mortgage Corp. |
$ | 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, |
21,000 | 15,272 | ||||||
|
|
|||||||
(Cost $74,383) |
60,425 | |||||||
|
|
|||||||
Diversified Financial Services — 4.2% | ||||||||
Coinbase
Global, Inc. |
25,000 | 16,246 | ||||||
144A, 3.625%, 10/1/31 |
25,000 | 15,259 | ||||||
Curo
Group Holdings Corp., 144A, |
25,000 | 15,192 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
26,000 | 22,258 | ||||||
LD
Holdings Group LLC |
11,000 | 6,330 | ||||||
144A, 6.125%, 4/1/28 |
14,000 | 7,457 | ||||||
Midcap
Financial Issuer Trust |
26,000 | 22,337 | ||||||
144A, 5.625%, 1/15/30 |
10,000 | 7,643 | ||||||
Nationstar
Mortgage Holdings, Inc. |
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. |
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, |
53,000 | 43,664 | ||||||
OneMain
Finance Corp. |
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. |
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 |
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. |
13,000 | 11,931 | ||||||
144A, 6.375%, 2/1/30 |
26,000 | 22,406 | ||||||
|
|
|||||||
(Cost $618,768) |
500,380 | |||||||
|
|
Principal |
Value |
|||||||
Insurance — 1.4% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
$ | 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, |
11,000 | 9,476 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, |
34,000 | 30,941 | ||||||
AssuredPartners,
Inc. |
13,000 | 12,610 | ||||||
144A, 5.625%, 1/15/29 |
14,000 | 11,656 | ||||||
HUB
International Ltd. |
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. |
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, |
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, |
19,000 | 16,307 | ||||||
Diversified
Healthcare Trust |
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, |
16,000 | 13,584 | ||||||
Service
Properties Trust |
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, |
62,000 | 61,330 | ||||||
144A, 6.00%, 1/15/30 |
19,000 | 13,427 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
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 |
Value |
|||||||
Venture Capital — 0.2% | ||||||||
Compass
Group Diversified Holdings LLC, 144A, |
||||||||
(Cost $26,984) |
$ | 26,000 | $ | 22,166 | ||||
|
|
|||||||
Industrial — 10.4% | ||||||||
Aerospace/Defense — 3.3% | ||||||||
Bombardier,
Inc. |
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, |
25,000 | 22,655 | ||||||
Spirit
AeroSystems, Inc. |
31,000 | 30,371 | ||||||
4.60%, 6/15/28 |
19,000 | 15,132 | ||||||
TransDigm,
Inc. |
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. |
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, |
18,000 | 16,717 | ||||||
Cornerstone
Building Brands, Inc., 144A, |
14,000 | 9,563 | ||||||
Griffon
Corp., |
26,000 | 24,094 | ||||||
JELD-WEN, Inc. |
10,000 | 8,614 | ||||||
144A, 4.875%, 12/15/27 |
10,000 | 7,759 | ||||||
SRM
Escrow Issuer LLC, 144A, |
28,000 | 25,441 | ||||||
Standard
Industries, Inc. |
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, |
19,000 | 17,124 | ||||||
|
|
|||||||
(Cost $216,930) |
186,556 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.2% | ||||||||
Energizer
Holdings, Inc. |
15,000 | 12,499 | ||||||
144A, 4.375%, 3/31/29 |
21,000 | 17,082 | ||||||
|
|
|||||||
(Cost $36,437) |
29,581 | |||||||
|
|
Principal |
Value |
|||||||
Electronics — 0.6% | ||||||||
II-VI, Inc., 144A, |
$ | 26,000 | $ | 23,181 | ||||
Imola
Merger Corp., 144A, |
51,000 | 43,362 | ||||||
|
|
|||||||
(Cost $78,874) |
66,543 | |||||||
|
|
|||||||
Engineering & Construction — 0.2% | ||||||||
Brand
Industrial Services, Inc., 144A, |
||||||||
(Cost $25,464) |
25,000 | 20,281 | ||||||
|
|
|||||||
Environmental Control — 0.9% | ||||||||
Covanta
Holding Corp. |
20,000 | 16,910 | ||||||
5.00%, 9/1/30 |
10,000 | 8,450 | ||||||
GFL
Environmental, Inc. |
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 |
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, |
10,000 | 8,966 | ||||||
TK
Elevator US Newco, Inc., 144A, |
41,000 | 37,462 | ||||||
|
|
|||||||
(Cost $53,086) |
46,428 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
FXI
Holdings, Inc. |
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, |
28,000 | 22,731 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
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. |
13,000 | 12,492 | ||||||
144A, 8.75%, 4/15/30 |
28,000 | 24,378 | ||||||
LABL,
Inc. |
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. |
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 |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
OI
European Group BV, 144A, |
$ | 12,000 | $ | 9,732 | ||||
Owens-Brockway
Glass Container, Inc., 144A, |
16,000 | 14,884 | ||||||
Trivium
Packaging Finance BV, 144A, |
19,000 | 18,074 | ||||||
|
|
|||||||
(Cost $334,527) |
298,527 | |||||||
|
|
|||||||
Transportation — 0.1% | ||||||||
Seaspan
Corp., 144A, |
||||||||
(Cost $19,098) |
19,000 | 15,675 | ||||||
|
|
|||||||
Trucking & Leasing — 0.4% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
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, |
52,000 | 43,480 | ||||||
Diebold
Nixdorf, Inc. |
8,000 | 4,876 | ||||||
144A, 9.375%, 7/15/25 |
19,000 | 15,623 | ||||||
Exela
Intermediate LLC / Exela Finance, Inc., 144A, |
30,000 | 9,775 | ||||||
NCR
Corp. |
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. |
11,000 | 10,308 | ||||||
144A, 8.25%, 2/1/28 |
15,000 | 13,564 | ||||||
Seagate
HDD Cayman, |
12,000 | 9,944 | ||||||
Vericast
Corp., 144A, |
31,894 | 31,979 | ||||||
|
|
|||||||
(Cost $261,507) |
220,675 | |||||||
|
|
|||||||
Office/Business Equipment — 0.4% | ||||||||
Pitney
Bowes, Inc., 144A, |
10,000 | 7,580 | ||||||
Xerox
Holdings Corp. |
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, |
11,000 | 10,511 |
Principal |
Value |
|||||||
Semiconductors (Continued) | ||||||||
Entegris
Escrow Corp., 144A, |
$ | 22,000 | $ | 20,904 | ||||
|
|
|||||||
(Cost $32,430) |
31,415 | |||||||
|
|
|||||||
Software — 2.0% | ||||||||
Boxer
Parent Co., Inc., 144A, |
16,000 | 15,842 | ||||||
Change
Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, |
32,000 | 31,620 | ||||||
Clarivate
Science Holdings Corp. |
23,000 | 19,717 | ||||||
144A, 4.875%, 7/1/29 |
23,000 | 19,052 | ||||||
MicroStrategy,
Inc., 144A, |
16,000 | 13,381 | ||||||
Minerva
Merger Sub, Inc., 144A, |
60,000 | 51,016 | ||||||
Rackspace
Technology Global, Inc. |
14,000 | 10,000 | ||||||
144A, 5.375%, 12/1/28 |
15,000 | 8,331 | ||||||
ROBLOX
Corp., 144A, |
26,000 | 21,734 | ||||||
Veritas
US, Inc. / Veritas Bermuda Ltd., 144A, |
46,000 | 35,454 | ||||||
Ziff
Davis, Inc., 144A, |
15,000 | 12,821 | ||||||
|
|
|||||||
(Cost $284,640) |
238,968 | |||||||
|
|
|||||||
Utilities — 2.2% | ||||||||
Electric — 1.8% | ||||||||
Calpine
Corp. |
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. |
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. |
25,000 | 22,220 | ||||||
5.25%, 7/1/30 |
25,000 | 21,655 | ||||||
Vistra
Operations Co. LLC, 144A, |
33,000 | 28,828 | ||||||
|
|
|||||||
(Cost $252,522) |
216,841 | |||||||
|
|
|||||||
Gas — 0.4% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
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 |
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 |
Value |
|||||||
SECURITIES LENDING COLLATERAL — 2.2% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 2.00% (b)(c) |
263,774 | $ | 263,774 | |||||
|
|
|||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 2.24% (b) |
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 COLLATERAL — 2.2% |
| |||||||||||||||||||||||||||||||||||
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 EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
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
Xtrackers Low Beta High Yield Bond ETF
August 31, 2022
Principal |
Value |
|||||||
CORPORATE BONDS — 98.2% | ||||||||
Basic Materials — 3.4% | ||||||||
Chemicals — 1.8% | ||||||||
Ashland
LLC, 144A, |
$ | 1,521,000 | $ | 1,247,581 | ||||
Avient
Corp. |
1,922,000 | 1,897,946 | ||||||
144A, 7.125%, 8/1/30 |
2,500,000 | 2,473,369 | ||||||
Axalta
Coating Systems LLC, 144A, |
2,192,000 | 1,821,142 | ||||||
Methanex
Corp., |
2,211,000 | 2,016,565 | ||||||
NOVA
Chemicals Corp. |
3,566,000 | 3,418,820 | ||||||
144A, 5.00%, 5/1/25 |
1,628,000 | 1,533,422 | ||||||
Olin
Corp. |
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. |
1,977,000 | 1,929,947 | ||||||
144A, 3.625%, 6/15/31 |
1,747,000 | 1,409,646 | ||||||
WR
Grace Holdings LLC, 144A, |
2,419,000 | 2,240,308 | ||||||
|
|
|||||||
(Cost $26,283,995) |
25,183,691 | |||||||
|
|
|||||||
Iron/Steel — 0.3% | ||||||||
Cleveland-Cliffs,
Inc. |
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, |
2,284,000 | 2,247,175 | ||||||
FMG
Resources August 2006 Pty Ltd. |
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. |
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. |
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, |
1,325,000 | 1,314,894 | ||||||
|
|
|||||||
(Cost $6,678,580) |
6,135,467 | |||||||
|
|
Principal |
Value |
|||||||
Internet — 2.2% | ||||||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc. |
$ | 1,965,000 | $ | 1,849,733 | ||||
144A, 3.50%, 3/1/29 |
2,519,000 | 2,136,163 | ||||||
Match
Group Holdings II LLC |
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, |
3,581,000 | 3,534,447 | ||||||
Twitter,
Inc. |
2,703,000 | 2,518,350 | ||||||
144A, 5.00%, 3/1/30 |
2,934,000 | 2,758,403 | ||||||
Uber
Technologies, Inc. |
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. |
1,876,000 | 1,831,745 | ||||||
4.75%, 8/1/25 (a) |
2,397,000 | 2,223,316 | ||||||
Cable
One, Inc., 144A, |
2,102,000 | 1,753,730 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
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 |
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. |
2,405,000 | 2,324,649 | ||||||
144A, 7.00%, 5/15/27 (a) |
2,240,000 | 2,212,246 | ||||||
News
Corp. |
3,284,000 | 2,863,467 | ||||||
144A, 5.125%, 2/15/32 |
1,617,000 | 1,490,090 | ||||||
Nexstar
Media, Inc. |
5,428,000 | 5,174,947 | ||||||
144A, 4.75%, 11/1/28 |
3,420,000 | 3,099,324 | ||||||
Scripps
Escrow II, Inc., 144A, |
1,836,000 | 1,559,168 | ||||||
Sinclair
Television Group, Inc., 144A, |
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 |
Value |
|||||||
Media (Continued) | ||||||||
Sirius
XM Radio, Inc. |
$ | 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. |
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. |
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, |
4,053,000 | 3,510,850 | ||||||
Videotron
Ltd. |
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 |
4,544,000 | 4,083,329 | ||||||
144A, 4.50%, 8/15/30 |
3,009,000 | 2,510,860 | ||||||
VZ
Secured Financing BV, 144A, |
5,006,000 | 4,087,825 | ||||||
Ziggo
BV, 144A, |
3,208,000 | 2,712,824 | ||||||
|
|
|||||||
(Cost $155,043,859) |
145,283,648 | |||||||
|
|
|||||||
Telecommunications — 4.4% | ||||||||
Hughes
Satellite Systems Corp., |
2,493,000 | 2,378,297 | ||||||
Lumen
Technologies, Inc. |
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, |
1,610,000 | 1,537,172 | ||||||
Sprint
Corp. |
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. |
1,690,000 | 1,677,796 | ||||||
144A, 4.125%, 6/15/29 |
1,753,000 | 1,751,245 | ||||||
Telecom
Italia SpA, 144A, |
4,897,000 | 4,719,778 | ||||||
Vmed
O2 UK Financing I PLC |
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 |
Value |
|||||||
Consumer, Cyclical — 22.8% | ||||||||
Airlines — 1.6% | ||||||||
Air
Canada, 144A, |
$ | 3,864,000 | $ | 3,453,180 | ||||
Delta
Air Lines, Inc. |
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. |
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. |
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. |
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. |
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 |
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 |
Value |
|||||||
Auto Parts & Equipment — 1.4% | ||||||||
Clarios
Global LP, 144A, |
$ | 1,635,000 | $ | 1,628,661 | ||||
Clarios
Global LP / Clarios US Finance Co., 144A, |
2,748,000 | 2,720,712 | ||||||
Dana
Financing Luxembourg SARL, 144A, |
1,465,000 | 1,444,183 | ||||||
Goodyear
Tire & Rubber Co. |
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. |
1,610,000 | 1,539,854 | ||||||
144A, 5.125%, 4/15/29 |
2,107,000 | 2,056,215 | ||||||
ZF
North America Capital, Inc., 144A, |
3,462,000 | 3,211,002 | ||||||
|
|
|||||||
(Cost $20,684,465) |
20,022,657 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.5% | ||||||||
American
Builders & Contractors Supply Co., Inc. |
2,512,000 | 2,276,199 | ||||||
144A, 3.875%, 11/15/29 |
1,166,000 | 956,948 | ||||||
H&E
Equipment Services, Inc., 144A, |
4,058,000 | 3,433,636 | ||||||
|
|
|||||||
(Cost $7,103,406) |
6,666,783 | |||||||
|
|
|||||||
Entertainment — 4.3% | ||||||||
Caesars
Entertainment, Inc., 144A, |
10,973,000 | 10,728,302 | ||||||
Caesars
Resort Collection LLC / CRC Finco, Inc., 144A, |
3,384,000 | 3,320,584 | ||||||
CDI
Escrow Issuer, Inc., 144A, |
3,909,000 | 3,626,340 | ||||||
Cedar
Fair LP, |
1,765,000 | 1,616,630 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium
Op |
2,658,000 | 2,610,714 | ||||||
5.375%, 4/15/27 |
1,673,000 | 1,580,801 | ||||||
Churchill
Downs, Inc. |
1,993,000 | 1,913,356 | ||||||
144A, 4.75%, 1/15/28 |
2,274,000 | 2,072,126 | ||||||
International
Game Technology PLC |
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. |
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 |
Value |
|||||||
Entertainment (Continued) | ||||||||
Mohegan
Gaming & Entertainment, 144A, |
$ | 1,110,000 | $ | 1,134,492 | ||||
Scientific
Games International, Inc., 144A, |
1,948,000 | 2,005,164 | ||||||
Six
Flags Entertainment Corp., 144A, |
3,172,000 | 3,048,094 | ||||||
Vail
Resorts, Inc., 144A, |
2,073,000 | 2,078,638 | ||||||
WMG
Acquisition Corp. |
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. |
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., |
1,637,000 | 1,607,993 | ||||||
Meritage
Homes Corp. |
1,254,000 | 1,254,859 | ||||||
144A, 3.875%, 4/15/29 |
1,487,000 | 1,265,578 | ||||||
Taylor
Morrison Communities, Inc. |
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, |
||||||||
(Cost $2,479,664) |
2,551,000 | 2,099,743 | ||||||
|
|
|||||||
Housewares — 0.5% | ||||||||
Newell
Brands, Inc. |
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, |
||||||||
(Cost $7,013,931) |
7,797,000 | 6,500,671 | ||||||
|
|
|||||||
Lodging — 3.1% | ||||||||
Boyd
Gaming Corp. |
3,620,000 | 3,384,266 | ||||||
144A, 4.75%, 6/15/31 |
2,728,000 | 2,378,134 | ||||||
Hilton
Domestic Operating Co., Inc. |
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 |
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., |
1,930,000 | 1,845,572 | ||||||
Las
Vegas Sands Corp. |
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 |
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. |
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. |
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., |
1,317,000 | 1,177,971 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,
144A, |
3,264,000 | 2,876,914 | ||||||
FirstCash,
Inc. |
1,573,000 | 1,364,127 | ||||||
144A, 5.625%, 1/1/30 |
1,780,000 | 1,595,467 | ||||||
IRB
Holding Corp., 144A, |
2,335,000 | 2,348,531 | ||||||
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
144A, |
2,175,000 | 2,091,241 | ||||||
Lithia
Motors, Inc. |
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. |
1,529,000 | 1,404,106 | ||||||
144A, 3.75%, 2/15/31 |
1,694,000 | 1,426,670 | ||||||
Penske
Automotive Group, Inc. |
1,449,000 | 1,362,607 | ||||||
3.75%, 6/15/29 |
1,728,000 | 1,463,962 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
3,898,000 | 3,480,672 | ||||||
QVC,
Inc., |
2,068,000 | 1,992,601 | ||||||
SRS
Distribution, Inc., 144A, |
2,157,000 | 1,912,820 | ||||||
Yum!
Brands, Inc. |
2,757,000 | 2,515,997 |
Principal |
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. |
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. |
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, |
3,226,000 | 2,774,296 | ||||||
Block,
Inc. |
3,236,000 | 2,878,147 | ||||||
3.50%, 6/1/31 |
3,314,000 | 2,731,183 | ||||||