August 31, 2023

Annual Report

DBX ETF Trust

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     3  

Performance Summary

  

Xtrackers High Beta High Yield Bond ETF

     6  

Xtrackers Low Beta High Yield Bond ETF

     8  

Xtrackers Risk Managed USD High Yield Strategy ETF

     10  

Xtrackers Short Duration High Yield Bond ETF

     12  

Xtrackers USD High Yield Corporate Bond ETF

     14  

Fees and Expenses

     16  

Schedule of Investments

  

Xtrackers High Beta High Yield Bond ETF

     17  

Xtrackers Low Beta High Yield Bond ETF

     27  

Xtrackers Risk Managed USD High Yield Strategy ETF

     37  

Xtrackers Short Duration High Yield Bond ETF

     39  

Xtrackers USD High Yield Corporate Bond ETF

     50  

Statements of Assets and Liabilities

     68  

Statements of Operations

     70  

Statements of Changes in Net Assets

     72  

Financial Highlights

     75  

Notes to Financial Statements

     78  

Report of Independent Registered Public Accounting Firm

     86  

Other Information

     88  

Board Members and Officers

     89  

Additional Information

     92  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report for five of our ETFs tracking the fixed income market for the period ended August 31, 2023.

The global economy remained resilient throughout the reporting period, buoyed by a steady job market and cooling inflation. Nonetheless, inflation remained above most central banks’ targeted range, prompting them to maintain their hawkish stance as they emphasized on the potential need to hike rates further to effectively manage inflation. In the U.S., the debt ceiling impasse ended after President Biden signed the debt limit bill, avoiding a potential default.

Global bond markets wobbled throughout the reporting period, with yields moving up toward the end of the period, driven by the hawkish stance of major central banks. The banking turmoil, earlier this year, had sparked a rally in government bonds. Financial turbulence rattled the global markets after Silicon Valley Bank was shut down by the California Department of Financial Protection and Innovation. However, the timely intervention by the U.S. Federal Reserve Board (Fed) averted a major global banking crisis. This was followed by the Swiss government’s brokering the rescue of Credit Suisse by UBS. The central banks, however, continued with their rate-hike spree, albeit at a slower pace. The Fed, the European Central Bank, and the Bank of England (BoE) hiked rates twice in the period. Notably, U.S. and European investment-grade bonds outperformed their high-yield counterparts.

Global high-yield bonds outperformed investment-grade bonds in Q2 2023 on abating recessionary fears. Meanwhile, government bonds from the U.K. and Australia underperformed, due to higher-than-expected inflation and subsequent rate hikes. All the major central banks continued raising rates, with the exception of the Bank of Japan (BoJ). The U.S. 10-year yield continued its rally, edging up 3.95% by the end of Q2 2023.

Toward the end of the reporting period, global bond yields started rising to record levels on encouraging macroeconomic data and expectations of continued monetary tightening by the central banks. In the U.S., the benchmark 10-year Treasury yield soared to the highest level since 2007 as investors expected rates to remain high for longer periods. Meanwhile, the BoJ altered its yield curve control policy, introducing a 1% cap on the 10-year Japanese government bond yield while keeping the target range unchanged. This led to a sell-off of Japanese government bonds. Elsewhere, the BoE raised its policy rate by 25bps1 to 5.25% in August 2023. Meanwhile, high-yield credit markets outperformed government bonds in the month of August 2023.

Our analysts believe that successive rate hikes by the central banks to curb rising prices will likely weigh on the global economy in 2023 and 2024, considerably slowing its growth, compared with 2022. Meanwhile, growth in the U.S. has remained resilient, compared with other major global economies’, giving rise to hopes of a soft landing by the economy, thereby skirting a recession. On the other hand, we believe Europe is likely to enter into a recession in 2024, with growth dynamics remaining weak and manufacturing activity expected to contract further. By contrast, growth in the emerging and the developing markets will likely remain strong over the next year.

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 (Bps) 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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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF

The Xtrackers High Beta High Yield Bond ETF (HYUP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the HYUP Index). The HYUP Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2023, HYUP shares returned 8.11%, compared to the HYUP Index return of 8.20%.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy. The Communications sector was the only negative contributor to 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, 2023, HYDW shares returned 5.44%, compared to the HYDW Index return of 5.57%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Capital Goods.

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 “Underlying 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 12-month period ended August 31, 2023, HYRM shares returned 7.27%, compared to the HYRM Index return of 6.92%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

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, 2023, SHYL shares returned 7.65%, compared to the SHYL Index return of 7.46%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

 

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DBX ETF Trust

 

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

 

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, 2023, HYLB shares returned 6.63%, compared to the HYLB Index return of 6.92%

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

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

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.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

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

 

Performance as of August 31, 2023

 

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

   8.11%    8.94%    8.20%    6.92%

Five Year

   2.73%    2.75%    2.73%    2.80%

Since Inception1

   2.79%    2.80%    2.80%    2.76%
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

   8.11%    8.94%    8.20%    6.92%

Five Year

   14.44%    14.54%    14.43%    14.79%

Since Inception1

   16.81%    16.85%    16.87%    16.59%

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 22, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Communications

    23.6%  

Consumer, Cyclical

    20.3%  

Consumer, Non-cyclical

    13.4%  

Energy

    13.2%  

Financial

    11.6%  

Industrial

    6.7%  

Basic Materials

    4.4%  

Technology

    4.2%  

Utilities

    2.5%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.7 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, 2023

 

Description   % of Market Value  

BBB

    0.7%  

BB

    46.8%  

B

    39.8%  

CCC

    11.7%  

CC

    0.9%  

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, 2023

 

United States

    81.5%  

Canada

    6.4%  

Luxembourg

    2.6%  

France

    2.0%  

Other

    7.5%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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, 2023

 

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

   5.44%    6.06%    5.57%    6.92%

Five Year

   2.72%    2.71%    2.72%    2.80%

Since Inception1

   2.54%    2.55%    2.56%    2.76%
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

   5.44%    6.06%    5.57%    6.92%

Five Year

   14.33%    14.33%    14.36%    14.79%

Since Inception1

   15.16%    15.25%    15.31%    16.59%

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 22, 2022, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    27.9%  

Consumer, Non-cyclical

    20.0%  

Industrial

    12.0%  

Communications

    11.0%  

Financial

    9.2%  

Energy

    8.4%  

Technology

    4.8%  

Basic Materials

    3.6%  

Utilities

    3.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.8 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, 2023

 

Description   % of Market Value  

BBB

    7.7%  

BB

    76.8%  

B

    15.4%  

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, 2023

 

United States

    89.8%  

Canada

    4.1%  

Other

    6.1%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.

 

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, 2023

 

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

One Year

   7.27%    7.31%    6.92%    6.92%

Since Inception1

   -1.62%    -1.62%    -1.38%    -1.38%
Cumulative Total Returns
      Net Asset Value    Market Value    Adaptive Wealth
Strategies Risk
Managed High Yield
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   7.27%    7.31%    6.92%    6.92%

Since Inception1

   -2.51%    -2.52%    -2.15%    -2.15%

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 22, 2022, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. The expense ratio includes net expenses of the underlying funds in which the Fund invests.

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

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

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

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    24.8%  

Communications

    17.4%  

Consumer, Non-cyclical

    16.4%  

Energy

    10.8%  

Financial

    10.2%  

Industrial

    9.2%  

Technology

    4.5%  

Basic Materials

    3.8%  

Utilities

    2.8%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.7 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, 2023

 

Description   % of Market Value  

BBB

    3.9%  

BB

    61.8%  

B

    27.8%  

CCC

    6.0%  

CC

    0.5%  
 

 

 

 
    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 securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 37.

 

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, 2023

 

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

   7.65%    8.31%    7.46%    6.92%

Five Year

   3.05%    3.10%    3.16%    2.80%

Since Inception1

   3.15%    3.18%    3.24%    2.70%
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

   7.65%    8.31%    7.46%    6.92%

Five Year

   16.24%    16.46%    16.84%    14.79%

Since Inception1

   19.10%    19.31%    19.75%    16.24%

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 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    25.0%  

Communications

    16.4%  

Consumer, Non-cyclical

    15.4%  

Financial

    11.6%  

Industrial

    10.9%  

Energy

    10.4%  

Basic Materials

    4.0%  

Utilities

    3.3%  

Technology

    2.9%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 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, 2023

 

Description   % of Market Value  

BBB

    4.3%  

BB

    59.4%  

B

    29.2%  

CCC

    6.8%  

CC

    0.2%  

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.

Country Diversification * as of August 31, 2023

 

United States

    83.4%  

Canada

    5.9%  

Other

    10.7%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

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

 

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, 2023
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

   6.63%    7.42%    6.92%    7.05%

Five Year

   2.55%    2.61%    2.80%    2.81%

Since Inception1

   3.26%    3.27%    3.52%    3.49%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Index
   iBoxx USD Liquid
High Yield Index

One Year

   6.63%    7.42%    6.92%    7.05%

Five Year

   13.40%    13.75%    14.79%    14.89%

Since Inception1

   24.08%    24.21%    26.26%    26.02%

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 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    24.8%  

Communications

    17.3%  

Consumer, Non-cyclical

    16.5%  

Energy

    10.7%  

Financial

    10.2%  

Industrial

    9.3%  

Technology

    4.5%  

Basic Materials

    3.8%  

Utilities

    2.8%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.8 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, 2023

 

Description   % of Market Value  

BBB

    4.0%  

BB

    62.2%  

B

    27.5%  

CCC

    5.9%  

CC

    0.4%  
 

 

 

 

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, 2023

 

United States

    85.9%  

Canada

    5.1%  

Other

    9.0%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.

 

15


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (March 1, 2023 to August 31, 2023).

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, 2023
     Ending
Account Value
August 31, 2023
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers High Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,049.60        0.21   $ 1.08  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.15        0.21   $ 1.07  
Xtrackers Low Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,047.20        0.20   $ 1.03  

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      $ 1,042.90        0.15   $ 0.77  

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      $ 1,040.60        0.20   $ 1.03  

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      $ 1,042.40        0.15   $ 0.77  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.76  

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

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

 

16


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF

August 31, 2023

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 97.2%    
Basic Materials — 4.2%    
Chemicals — 1.8%            

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

  $ 23,000     $ 15,684  

144A, 7.50%, 9/30/29

    10,000       5,211  

Chemours Co.
5.375%, 5/15/27

    13,000       12,232  

144A, 5.75%, 11/15/28

    25,000       22,481  

144A, 4.625%, 11/15/29

    18,000       14,971  

Consolidated Energy Finance SA, 144A,
5.625%, 10/15/28

    13,000       10,870  

INEOS Finance PLC, 144A,
6.75%, 5/15/28

    15,000       14,376  

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

    13,000       11,896  

NOVA Chemicals Corp.
144A, 5.00%, 5/1/25

    17,000       16,165  

144A, 5.25%, 6/1/27

    35,000       31,159  

144A, 4.25%, 5/15/29

    13,000       10,553  

SCIH Salt Holdings, Inc., 144A,
6.625%, 5/1/29

    19,000       16,785  

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

    37,000       30,407  
   

 

 

 

(Cost $246,272)

      212,790  
   

 

 

 
Forest Products & Paper — 0.1%            

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

   

(Cost $22,583)

    24,000       19,655  
   

 

 

 
Iron/Steel — 0.5%            

ATI, Inc.,
7.25%, 8/15/30

    10,000       10,114  

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

    18,000       17,988  

144A, 8.00%, 11/1/27

    18,000       17,959  

144A, 8.50%, 5/1/30

    16,000       16,077  
   

 

 

 

(Cost $63,287)

      62,138  
   

 

 

 
Mining — 1.8%            

First Quantum Minerals Ltd.
144A, 6.875%, 3/1/26

    50,000       49,340  

144A, 6.875%, 10/15/27

    54,000       52,641  

144A, 8.625%, 6/1/31

    36,000       36,704  

Hudbay Minerals, Inc., 144A,
6.125%, 4/1/29

    15,000       14,117  

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

    15,000       13,287  

144A, 4.50%, 6/1/31

    20,000       16,179  

Vedanta Resources Finance II PLC
144A, 8.95%, 3/11/25

    15,000       9,823  

144A, 9.25%, 4/23/26

    35,000       20,064  
   

 

 

 

(Cost $223,294)

      212,155  
   

 

 

 
Communications — 23.0%    
Advertising — 1.3%            

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

    32,000       28,683  
   

Principal
Amount

   

Value

 
Advertising (Continued)            

144A, 7.75%, 4/15/28

  $ 20,000     $ 15,751  

144A, 9.00%, 9/15/28

    25,000       25,147  

144A, 7.50%, 6/1/29

    37,000       27,645  

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

    5,000       4,508  

144A, 4.25%, 1/15/29

    17,000       13,961  

144A, 4.625%, 3/15/30

    20,000       16,278  

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

    34,000       28,425  
   

 

 

 

(Cost $180,692)

      160,398  
   

 

 

 
Internet — 0.2%            

Rakuten Group, Inc., 144A,
10.25%, 11/30/24

   

(Cost $16,509)

    17,000       17,170  
   

 

 

 
Media — 12.7%            

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

    32,000       26,046  

144A, 5.75%, 8/15/29

    59,000       46,791  

AMC Networks, Inc.
4.75%, 8/1/25

    27,000       25,336  

4.25%, 2/15/29

    26,000       16,608  

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

    15,000       11,714  

CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 7.375%, 3/1/31

    32,000       31,807  

144A, 4.75%, 2/1/32

    35,000       28,995  

4.50%, 5/1/32

    80,000       64,931  

144A, 4.50%, 6/1/33

    45,000       35,555  

144A, 4.25%, 1/15/34

    55,000       42,169  

CSC Holdings LLC
144A, 5.50%, 4/15/27

    38,000       32,808  

144A, 5.375%, 2/1/28

    22,000       18,018  

144A, 7.50%, 4/1/28

    30,000       19,108  

144A, 11.25%, 5/15/28

    20,000       19,745  

144A, 6.50%, 2/1/29

    56,000       46,319  

144A, 5.75%, 1/15/30

    62,000       34,218  

144A, 4.125%, 12/1/30

    31,000       22,126  

144A, 4.625%, 12/1/30

    65,000       34,072  

144A, 3.375%, 2/15/31

    27,000       18,563  

144A, 4.50%, 11/15/31

    41,000       29,185  

144A, 5.00%, 11/15/31

    18,000       9,637  

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

    56,000       52,141  

7.75%, 7/1/26

    54,000       40,400  

144A, 5.25%, 12/1/26

    81,000       68,409  

7.375%, 7/1/28

    25,000       15,724  

144A, 5.75%, 12/1/28

    70,000       54,300  

5.125%, 6/1/29

    43,000       23,245  

DISH Network Corp., 144A,
11.75%, 11/15/27

    91,000       92,405  

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

    27,000       24,730  

144A, 7.00%, 5/15/27

    17,000       15,276  

144A, 4.75%, 10/15/30

    20,000       13,985  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Media (Continued)            

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

  $ 12,000     $ 10,487  

8.375%, 5/1/27

    38,000       26,353  

144A, 5.25%, 8/15/27

    19,000       15,072  

144A, 4.75%, 1/15/28

    11,000       8,489  

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

    23,000       20,433  

144A, 8.00%, 8/1/29

    16,000       14,038  

Nexstar Media, Inc., 144A,
4.75%, 11/1/28

    22,000       19,330  

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

    13,000       6,950  

144A, 4.125%, 12/1/30

    21,000       13,434  

Sirius XM Radio, Inc.
144A, 5.50%, 7/1/29

    40,000       36,144  

144A, 4.125%, 7/1/30

    50,000       40,816  

144A, 3.875%, 9/1/31

    35,000       27,273  

TEGNA, Inc.
4.625%, 3/15/28

    30,000       26,911  

5.00%, 9/15/29

    30,000       26,443  

Univision Communications, Inc.
144A, 6.625%, 6/1/27

    44,000       42,641  

144A, 8.00%, 8/15/28

    10,000       9,984  

144A, 4.50%, 5/1/29

    35,000       30,161  

144A, 7.375%, 6/30/30

    21,000       20,340  

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

    32,000       26,440  

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

    10,000       8,910  

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

    25,000       20,307  

VTR Finance NV, 144A,
6.375%, 7/15/28

    13,000       5,991  

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

    16,000       14,901  

144A, 5.125%, 2/28/30

    13,000       10,102  

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

    30,000       25,248  
   

 

 

 

(Cost $1,764,402)

      1,521,564  
   

 

 

 
Telecommunications — 8.8%            

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

    38,000       20,554  

144A, 6.00%, 2/15/28

    31,000       13,719  

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

    51,000       43,148  

144A, 5.50%, 1/15/28

    26,000       19,508  

144A, 5.125%, 1/15/29

    15,000       10,703  

144A, 5.125%, 7/15/29

    73,000       51,668  

144A, 5.50%, 10/15/29

    52,000       37,462  

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

    33,000       30,658  

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

    37,000       33,841  

144A, 5.00%, 3/15/27

    19,000       10,584  

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

    38,000       34,571  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

144A, 8.25%, 3/1/27

  $ 25,000     $ 16,589  

144A, 7.125%, 7/1/28

    20,000       11,162  

144A, 4.75%, 9/1/29

    43,000       31,994  

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

    12,000       8,790  

144A, 6.50%, 10/1/28

    20,000       15,404  

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

    38,000       34,642  

144A, 5.00%, 5/1/28

    45,000       38,600  

144A, 6.75%, 5/1/29

    26,000       20,207  

5.875%, 11/1/29

    20,000       14,830  

144A, 6.00%, 1/15/30

    30,000       22,192  

144A, 8.75%, 5/15/30

    30,000       29,187  

144A, 8.625%, 3/15/31

    20,000       19,242  

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

    30,000       27,619  

6.625%, 8/1/26

    19,000       16,501  

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

    31,000       29,604  

144A, 7.00%, 10/15/28

    23,000       21,418  

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

    86,000       79,053  

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

    25,000       18,806  

144A, 4.25%, 7/1/28

    32,000       20,982  

144A, 3.625%, 1/15/29

    22,000       13,114  

144A, 10.50%, 5/15/30

    26,000       26,405  

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

    15,000       7,784  

144A, 4.00%, 2/15/27

    35,000       22,028  

144A, 4.50%, 1/15/29

    12,000       3,973  

Millicom International Cellular SA
144A, 5.125%, 1/15/28

    13,500       12,255  

144A, 6.25%, 3/25/29

    18,000       16,483  

144A, 4.50%, 4/27/31

    25,000       19,771  

Sable International Finance Ltd., 144A,
5.75%, 9/7/27

    12,000       11,143  

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

    17,000       16,024  

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

    18,000       17,027  

144A, 5.625%, 4/15/27

    16,000       14,329  

144A, 6.50%, 7/15/28

    10,000       7,822  

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

    40,000       32,460  

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

    38,000       28,506  

144A, 6.125%, 3/1/28

    30,000       19,529  
   

 

 

 

(Cost $1,277,367)

      1,051,891  
   

 

 

 
Consumer, Cyclical — 19.8%    
Airlines — 0.8%            

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

    16,000       15,326  

American Airlines, Inc., 144A,
7.25%, 2/15/28

    25,000       24,583  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

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

  $ 33,000     $ 30,570  

Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25

    15,000       15,032  

144A, 8.00%, 9/20/25

    14,000       14,029  
   

 

 

 

(Cost $102,816)

      99,540  
   

 

 

 
Apparel — 0.4%            

Hanesbrands, Inc.
144A, 4.875%, 5/15/26

    26,000       24,310  

144A, 9.00%, 2/15/31

    18,000       18,100  
   

 

 

 

(Cost $42,645)

      42,410  
   

 

 

 
Auto Manufacturers — 1.2%            

Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25

    20,000       20,339  

Ford Motor Co.,
9.625%, 4/22/30

    16,000       18,593  

Ford Motor Credit Co. LLC
6.95%, 6/10/26

    15,000       15,034  

6.80%, 5/12/28

    40,000       40,024  

7.35%, 3/6/30

    34,000       34,641  

7.20%, 6/10/30

    20,000       20,322  
   

 

 

 

(Cost $149,445)

      148,953  
   

 

 

 
Auto Parts & Equipment — 1.8%            

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

    13,000       12,335  

6.875%, 7/1/28

    10,000       9,181  

5.00%, 10/1/29

    20,000       16,484  

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

    45,000       45,537  

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

    10,000       9,469  

5.625%, 6/15/28

    10,000       9,423  

4.25%, 9/1/30

    10,000       8,232  

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

    28,000       24,933  

5.25%, 4/30/31

    14,000       12,294  

5.25%, 7/15/31

    16,000       13,795  

5.625%, 4/30/33

    13,000       11,168  

Tenneco, Inc., 144A,
8.00%, 11/17/28

    55,000       45,377  
   

 

 

 

(Cost $233,724)

      218,228  
   

 

 

 
Entertainment — 2.2%            

AMC Entertainment Holdings, Inc.
144A, 10.00%, 6/15/26

    36,000       24,998  

144A, 7.50%, 2/15/29

    28,000       19,140  

Caesars Entertainment, Inc., 144A,
4.625%, 10/15/29

    35,000       30,667  

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

    17,000       16,336  

144A, 5.25%, 7/15/28

    20,000       17,783  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

Light & Wonder International, Inc.
144A, 7.00%, 5/15/28

  $ 19,000     $ 18,947  

144A, 7.25%, 11/15/29

    11,000       11,037  

144A, 7.50%, 9/1/31

    20,000       20,298  

Mohegan Tribal Gaming Authority, 144A,
8.00%, 2/1/26

    29,000       27,032  

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

    10,000       9,464  

144A, 4.125%, 7/1/29

    10,000       8,154  

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

    19,000       15,183  

144A, 5.875%, 9/1/31

    26,000       20,127  

Six Flags Entertainment Corp., 144A,
7.25%, 5/15/31

    25,000       23,994  
   

 

 

 

(Cost $297,165)

      263,160  
   

 

 

 
Food Service — 0.2%            

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

    11,000       9,955  

144A, 10.50%, 5/15/29

    21,000       17,449  
   

 

 

 

(Cost $31,595)

      27,404  
   

 

 

 
Home Builders — 0.6%            

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

    10,000       8,623  

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

    18,000       16,540  

144A, 4.875%, 2/15/30

    15,000       12,406  

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

    13,000       12,276  

144A, 4.625%, 3/1/30

    18,000       15,900  
   

 

 

 

(Cost $71,642)

      65,745  
   

 

 

 
Home Furnishings — 0.1%            

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

   

(Cost $21,044)

    21,000       16,898  
   

 

 

 
Housewares — 1.1%            

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

    10,000       9,669  

4.70%, 4/1/26

    55,000       52,629  

6.375%, 9/15/27

    15,000       14,684  

6.625%, 9/15/29

    15,000       14,874  

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

    10,000       8,374  

4.00%, 4/1/31

    22,000       17,311  

4.375%, 2/1/32

    10,000       7,927  
   

 

 

 

(Cost $128,343)

      125,468  
   

 

 

 
Leisure Time — 4.4%            

Carnival Corp.
144A, 7.625%, 3/1/26

    42,000       41,906  

144A, 5.75%, 3/1/27

    88,000       82,754  

144A, 6.00%, 5/1/29

    59,000       53,455  

144A, 10.50%, 6/1/30

    29,000       30,917  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

Life Time, Inc., 144A,
8.00%, 4/15/26

  $ 10,000     $ 9,934  

NCL Corp. Ltd.
144A, 5.875%, 3/15/26

    45,000       42,390  

144A, 8.375%, 2/1/28

    5,000       5,158  

144A, 7.75%, 2/15/29

    17,000       16,165  

Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26

    18,000       16,798  

144A, 5.50%, 8/31/26

    29,000       27,805  

144A, 5.375%, 7/15/27

    29,000       27,295  

144A, 11.625%, 8/15/27

    35,000       38,151  

3.70%, 3/15/28

    15,000       13,078  

144A, 5.50%, 4/1/28

    34,000       31,850  

144A, 9.25%, 1/15/29

    29,000       30,915  

Viking Cruises Ltd.
144A, 5.875%, 9/15/27

    26,000       24,335  

144A, 7.00%, 2/15/29

    13,000       12,338  

144A, 9.125%, 7/15/31

    22,000       22,749  
   

 

 

 

(Cost $525,906)

      527,993  
   

 

 

 
Lodging — 1.6%            

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

    13,000       10,997  

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

    26,000       24,724  

144A, 5.25%, 4/26/26

    10,000       9,271  

144A, 5.625%, 7/17/27

    16,000       14,316  

144A, 5.75%, 7/21/28

    23,000       20,370  

144A, 5.375%, 12/4/29

    29,000       24,351  

Station Casinos LLC, 144A,
4.625%, 12/1/31

    13,000       10,729  

Studio City Finance Ltd.
144A, 6.00%, 7/15/25

    25,000       23,663  

144A, 6.50%, 1/15/28

    15,000       12,716  

144A, 5.00%, 1/15/29

    32,000       24,013  

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

    19,000       16,316  
   

 

 

 

(Cost $210,981)

      191,466  
   

 

 

 
Retail — 5.4%            

Asbury Automotive Group, Inc., 144A,
5.00%, 2/15/32

    16,000       13,739  

Bath & Body Works, Inc.
7.50%, 6/15/29

    14,000       14,126  

144A, 6.625%, 10/1/30

    30,000       29,283  

Carvana Co.
144A, 5.50%, 4/15/27

    15,000       11,037  

144A, 5.875%, 10/1/28

    15,000       9,242  

144A, 4.875%, 9/1/29

    20,000       11,956  

144A, 10.25%, 5/1/30

    95,000       73,741  

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

    20,000       19,728  

144A, 8.50%, 10/30/25

    15,000       14,865  

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

    17,000       15,995  

144A, 5.875%, 4/1/29

    25,000       22,091  

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

    20,000       17,291  
   

Principal
Amount

   

Value

 
Retail (Continued)            

144A, 6.75%, 1/15/30

  $ 36,000     $ 29,777  

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

    19,000       14,481  

144A, 3.875%, 10/1/31

    24,000       17,420  

Kohl’s Corp.,
4.625%, 5/1/31

    15,000       11,057  

LBM Acquisition LLC, 144A,
COMPANY GUARNT, 1/15/29

    19,000       16,601  

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

    13,000       11,764  

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

    15,000       12,516  

144A, 7.875%, 5/1/29

    37,000       25,682  

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

    32,000       30,440  

Nordstrom, Inc.
4.375%, 4/1/30

    15,000       12,013  

4.25%, 8/1/31

    11,000       8,285  

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

    24,000       22,948  

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

    15,000       13,498  

4.75%, 2/15/27

    15,000       9,917  

4.375%, 9/1/28

    13,000       7,369  

Rite Aid Corp., 144A,
8.00%, 11/15/26

    25,000       15,900  

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

    17,000       14,523  

144A, 4.875%, 11/15/31

    17,000       14,148  

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

    12,000       10,445  

144A, 6.00%, 12/1/29

    25,000       21,402  

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

    49,000       40,590  

144A, 10.75%, 4/15/27

    28,000       15,223  

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

    16,000       13,694  
   

 

 

 

(Cost $747,465)

      642,787  
   

 

 

 
Consumer, Non-cyclical — 13.0%    
Agriculture — 0.3%            

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

    12,000       12,050  

144A, 5.75%, 2/1/29

    29,000       25,259  
   

 

 

 

(Cost $40,792)

      37,309  
   

 

 

 
Beverages — 0.1%            

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

   

(Cost $18,989)

    19,000       16,690  
   

 

 

 
Commercial Services — 3.1%            

Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A,
6.125%, 10/15/26

    10,000       9,473  

Albion Financing 2SARL, 144A,
8.75%, 4/15/27

    15,000       13,984  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

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

  $ 47,000     $ 44,752  

144A, 9.75%, 7/15/27

    33,000       30,338  

144A, 6.00%, 6/1/29

    25,000       19,143  

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

    36,000       30,632  

APX Group, Inc., 144A,
5.75%, 7/15/29

    23,000       19,845  

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

    14,000       12,963  

144A, 9.50%, 11/1/27

    20,000       19,365  

144A, 7.75%, 2/15/28

    10,000       9,936  

144A, 6.00%, 6/1/29

    11,000       8,974  

Hertz Corp., 144A,
5.00%, 12/1/29

    24,000       19,756  

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

    28,000       23,809  

144A, 5.75%, 11/1/28

    28,000       21,005  

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

    30,000       28,540  

Sabre GLBL, Inc.
144A, 7.375%, 9/1/25

    25,000       24,594  

144A, 11.25%, 12/15/27

    17,000       16,217  

Sotheby’s, 144A,
7.375%, 10/15/27

    20,000       18,230  
   

 

 

 

(Cost $411,550)

      371,556  
   

 

 

 
Cosmetics/Personal Care — 0.2%            

Coty, Inc., 144A,
6.50%, 4/15/26

    14,000       13,890  

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

    13,000       11,278  
   

 

 

 

(Cost $27,118)

      25,168  
   

 

 

 
Food — 1.2%            

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

    24,000       23,448  

5.25%, 9/15/27

    14,000       12,417  

Post Holdings, Inc.
144A, 5.50%, 12/15/29

    32,000       29,654  

144A, 4.625%, 4/15/30

    42,000       37,250  

144A, 4.50%, 9/15/31

    33,000       28,336  

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

    19,000       16,180  
   

 

 

 

(Cost $161,169)

      147,285  
   

 

 

 
Healthcare-Services — 4.4%            

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

    57,000       55,696  

144A, 5.625%, 3/15/27

    50,000       44,047  

144A, 8.00%, 12/15/27

    24,000       23,097  

144A, 6.875%, 4/1/28

    28,000       16,840  

144A, 6.00%, 1/15/29

    16,000       13,418  

144A, 6.875%, 4/15/29

    38,000       23,030  

144A, 6.125%, 4/1/30

    34,000       19,412  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

144A, 5.25%, 5/15/30

  $ 41,000     $ 32,374  

144A, 4.75%, 2/15/31

    28,000       20,885  

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

    81,000       69,552  

144A, 3.75%, 2/15/31

    38,000       30,292  

Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27

    22,000       18,972  

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

    13,000       9,003  

144A, 9.875%, 8/15/30

    23,000       22,759  

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

    13,000       12,348  

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

    36,000       33,703  

Team Health Holdings, Inc., 144A,
6.375%, 2/1/25

    20,000       15,424  

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

    73,000       70,270  
   

 

 

 

(Cost $619,191)

      531,122  
   

 

 

 
Household Products/Wares — 0.2%            

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

    10,000       8,499  

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

    13,000       10,904  
   

 

 

 

(Cost $22,777)

      19,403  
   

 

 

 
Pharmaceuticals — 3.5%            

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

    11,000       8,979  

144A, 5.125%, 3/1/30

    16,000       13,139  

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

    22,000       20,073  

144A, 8.50%, 1/31/27

    20,000       11,149  

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

    49,000       44,179  

144A, 9.00%, 12/15/25

    28,000       25,654  

144A, 6.125%, 2/1/27

    26,000       17,122  

144A, 5.75%, 8/15/27

    13,000       8,154  

144A, 5.00%, 1/30/28

    7,000       3,050  

144A, 4.875%, 6/1/28

    37,000       21,990  

144A, 11.00%, 9/30/28

    52,000       37,255  

144A, 5.00%, 2/15/29

    15,000       6,293  

144A, 6.25%, 2/15/29

    23,000       10,088  

144A, 5.25%, 1/30/30

    24,000       10,157  

144A, 5.25%, 2/15/31

    11,000       4,639  

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

    13,000       11,784  

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

    19,000       16,687  

Herbalife Nutrition Ltd / HLF Financing, Inc., 144A,
7.875%, 9/1/25

    20,000       19,264  

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

    16,000       11,980  

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

    10,000       7,916  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A,
5.125%, 4/30/31

  $ 55,000     $ 46,885  

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

    11,000       9,333  

144A, 6.625%, 4/1/30

    16,000       14,571  

Teva Pharmaceutical Finance Netherlands III BV,
6.75%, 3/1/28

    34,000       33,994  
   

 

 

 

(Cost $530,549)

      414,335  
   

 

 

 
Diversified — 0.1%    
Holding Companies-Diversified — 0.1%            

Benteler International AG, 144A,
10.50%, 5/15/28

   

(Cost $15,264)

    15,000       15,069  
   

 

 

 
Energy — 12.8%    
Oil & Gas — 5.5%            

Baytex Energy Corp.
144A, 8.75%, 4/1/27

    12,000       12,293  

144A, 8.50%, 4/30/30

    20,000       20,293  

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

    17,000       17,254  

144A, 7.50%, 6/15/30

    15,000       14,843  

Civitas Resources, Inc.
144A, 8.375%, 7/1/28

    35,000       36,181  

144A, 8.75%, 7/1/31

    40,000       41,362  

CNX Resources Corp.
144A, 6.00%, 1/15/29

    13,000       12,392  

144A, 7.375%, 1/15/31

    11,000       10,991  

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

    32,000       29,967  

144A, 5.875%, 1/15/30

    28,000       24,742  

Crescent Energy Finance LLC
144A, 7.25%, 5/1/26

    20,000       19,720  

144A, 9.25%, 2/15/28

    22,000       22,525  

CVR Energy, Inc.

   

144A, 5.25%, 2/15/25

    15,000       14,564  

144A, 5.75%, 2/15/28

    11,000       10,026  

Earthstone Energy Holdings LLC
144A, 8.00%, 4/15/27

    15,000       15,314  

144A, 9.875%, 7/15/31

    14,000       15,362  

Energean PLC,144A,
6.50%, 4/30/27

    16,000       14,709  

Kosmos Energy Ltd.
144A, 7.125%, 4/4/26

    22,000       20,209  

144A, 7.75%, 5/1/27

    14,000       12,624  

144A, 7.50%, 3/1/28

    10,000       8,845  

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

    16,000       15,700  

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

    25,000       24,250  

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

    14,000       13,162  

Northern Oil and Gas, Inc.
144A, 8.125%, 3/1/28

    19,000       19,063  

144A, 8.75%, 6/15/31

    20,000       20,455  

Parkland Corp.
144A, 4.50%, 10/1/29

    33,000       29,108  

144A, 4.625%, 5/1/30

    21,000       18,536  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28

  $ 19,000     $ 17,976  

144A, 7.875%, 9/15/30

    20,000       19,921  

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

    12,000       11,960  

6.625%, 1/15/27

    11,000       10,872  

6.50%, 7/15/28

    11,000       10,762  

Transocean, Inc.
144A, 7.50%, 1/15/26

    15,000       14,774  

144A, 11.50%, 1/30/27

    18,000       18,975  

144A, 8.00%, 2/1/27

    14,000       13,664  

Tullow Oil PLC, 144A,
7.00%, 3/1/25

    16,000       11,057  

Vital Energy, Inc.,
9.50%, 1/15/25

    15,000       15,090  
   

 

 

 

(Cost $646,427)

      659,541  
   

 

 

 
Oil & Gas Services — 1.1%            

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

    16,000       15,745  

144A, 6.25%, 4/1/28

    21,000       20,066  

CGG SA, 144A,
8.75%, 4/1/27

    16,000       13,784  

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

    19,000       18,803  

6.875%, 9/1/27

    19,000       18,539  

Weatherford International Ltd., 144A,
8.625%, 4/30/30

    41,000       41,982  
   

 

 

 

(Cost $132,910)

      128,919  
   

 

 

 
Pipelines — 6.2%            

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

    18,000       17,462  

144A, 5.75%, 1/15/28

    17,000       16,295  

Buckeye Partners LP
3.95%, 12/1/26

    15,000       13,849  

144A, 4.50%, 3/1/28

    13,000       11,809  

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

    15,000       14,489  

144A, 6.00%, 2/1/29

    29,000       28,500  

144A, 8.00%, 4/1/29

    13,000       13,445  

144A, 7.375%, 2/1/31

    10,000       10,261  

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

    13,000       13,131  

144A, 6.50%, 7/1/27

    24,000       23,868  

5.50%, 7/15/28

    25,000       23,909  

144A, 4.50%, 1/15/29

    21,000       19,054  

144A, 7.50%, 6/1/30

    13,000       13,345  

144A, 4.75%, 1/15/31

    32,000       28,312  

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

    14,000       13,804  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

8.00%, 1/15/27

  $ 25,000     $ 24,669  

7.75%, 2/1/28

    28,000       27,263  

8.875%, 4/15/30

    10,000       9,969  

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

    31,000       28,007  

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

    32,000       30,960  

144A, 6.50%, 9/30/26

    43,000       39,971  

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

    60,000       59,681  

NuStar Logistics LP
6.00%, 6/1/26

    15,000       14,717  

5.625%, 4/28/27

    15,000       14,564  

6.375%, 10/1/30

    10,000       9,635  

Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A,
9.00%, 10/15/26

    22,000       21,250  

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

    15,000       15,018  

144A, 6.00%, 3/1/27

    11,000       10,542  

144A, 5.50%, 1/15/28

    22,000       20,417  

144A, 6.00%, 12/31/30

    19,000       17,015  

144A, 6.00%, 9/1/31

    14,000       12,447  

Venture Global LNG, Inc.
144A, 8.125%, 6/1/28

    63,000       63,606  

144A, 8.375%, 6/1/31

    63,000       63,603  
   

 

 

 

(Cost $770,213)

      744,867  
   

 

 

 
Financial — 11.2%    
Banks — 0.3%            

Freedom Mortgage Corp.
144A, 8.25%, 4/15/25

    14,000       13,809  

144A, 7.625%, 5/1/26

    15,000       13,813  

144A, 6.625%, 1/15/27

    14,000       12,269  
   

 

 

 

(Cost $40,805)

      39,891  
   

 

 

 
Diversified Financial Services — 4.3%            

Burford Capital Global Finance LLC, 144A,
9.25%, 7/1/31

    11,000       11,137  

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

    30,000       22,100  

144A, 3.625%, 10/1/31

    24,000       16,183  

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

    20,000       7,970  

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

    26,000       22,227  

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

    11,000       9,259  

144A, 6.125%, 4/1/28

    16,000       10,431  

Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28

    15,000       15,311  

Nationstar Mortgage Holdings, Inc.
144A, 5.50%, 8/15/28

    25,000       22,685  

144A, 5.125%, 12/15/30

    19,000       16,122  

144A, 5.75%, 11/15/31

    16,000       13,728  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

Navient Corp.
5.00%, 3/15/27

  $ 19,000     $ 17,306  

4.875%, 3/15/28

    13,000       11,335  

5.50%, 3/15/29

    22,000       18,828  

9.375%, 7/25/30

    15,000       15,083  

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

    59,000       52,063  

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

    45,000       44,318  

6.625%, 1/15/28

    25,000       23,403  

3.875%, 9/15/28

    15,000       12,316  

9.00%, 1/15/29

    10,000       10,147  

5.375%, 11/15/29

    22,000       19,056  

4.00%, 9/15/30

    22,000       17,157  

Osaic Holdings, Inc., 144A,
10.75%, 8/1/27

    15,000       15,089  

PennyMac Financial Services, Inc.
144A, 4.25%, 2/15/29

    17,000       14,087  

144A, 5.75%, 9/15/31

    13,000       10,942  

PRA Group, Inc., 144A,
8.375%, 2/1/28

    10,000       9,136  

Synchrony Financial,
7.25%, 2/2/33

    20,000       18,415  

United Wholesale Mortgage LLC
144A, 5.75%, 6/15/27

    11,000       10,145  

144A, 5.50%, 4/15/29

    29,000       25,186  
   

 

 

 

(Cost $566,744)

      511,165  
   

 

 

 
Insurance — 0.9%            

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

    32,000       30,958  

144A, 10.125%, 8/1/26

    5,000       5,164  

144A, 6.00%, 8/1/29

    13,000       11,305  

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

    38,000       35,959  

144A, 5.875%, 11/1/29

    12,000       10,520  

AssuredPartners, Inc., 144A,
5.625%, 1/15/29

    14,000       12,178  
   

 

 

 

(Cost $109,461)

      106,084  
   

 

 

 
Real Estate — 0.9%            

Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A,
7.00%, 4/15/30

    23,200       20,827  

Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28

    20,000       19,061  

144A, 8.875%, 9/1/31

    10,000       10,094  

Kennedy-Wilson, Inc.
4.75%, 3/1/29

    17,000       13,676  

4.75%, 2/1/30

    12,000       9,252  

5.00%, 3/1/31

    24,000       18,185  

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

    24,000       17,304  

144A, 5.25%, 4/15/30

    2,000       1,390  
   

 

 

 

(Cost $130,848)

      109,789  
   

 

 

 

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts — 3.7%            

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26

  $ 28,000     $ 25,726  

144A, 4.50%, 4/1/27

    19,000       15,892  

Diversified Healthcare Trust
9.75%, 6/15/25

    25,000       24,610  

4.75%, 2/15/28

    13,000       9,944  

4.375%, 3/1/31

    10,000       7,555  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A, 4.25%, 2/1/27

    15,000       13,575  

144A, 4.75%, 6/15/29

    17,000       14,310  

MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26

    10,000       8,509  

5.00%, 10/15/27

    41,000       32,439  

4.625%, 8/1/29

    29,000       20,991  

3.50%, 3/15/31

    34,000       22,113  

Office Properties Income Trust
4.50%, 2/1/25

    20,000       17,864  

3.45%, 10/15/31

    12,000       6,103  

Service Properties Trust
7.50%, 9/15/25

    26,000       25,715  

4.75%, 10/1/26

    15,000       13,039  

4.95%, 2/15/27

    21,000       18,201  

5.50%, 12/15/27

    16,000       14,177  

3.95%, 1/15/28

    7,000       5,578  

4.95%, 10/1/29

    3,000       2,369  

4.375%, 2/15/30

    10,000       7,612  

Starwood Property Trust, Inc.
144A, 3.625%, 7/15/26

    15,000       13,437  

144A, 4.375%, 1/15/27

    10,000       8,941  

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A,
6.00%, 1/15/30

    20,000       13,231  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28

    73,000       72,903  

144A, 4.75%, 4/15/28

    15,000       12,653  

144A, 6.50%, 2/15/29

    28,000       19,137  
   

 

 

 

(Cost $483,199)

      446,624  
   

 

 

 
Venture Capital — 1.1%            

Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 9/15/24

    31,000       29,997  

6.375%, 12/15/25

    25,000       23,864  

6.25%, 5/15/26

    30,000       27,856  

5.25%, 5/15/27

    35,000       30,750  

4.375%, 2/1/29

    25,000       19,759  
   

 

 

 

(Cost $128,544)

      132,226  
   

 

 

 
Industrial — 6.5%    
Aerospace/Defense — 2.1%            

Bombardier, Inc.
144A, 7.125%, 6/15/26

    31,000       30,507  

144A, 7.875%, 4/15/27

    55,000       54,956  

144A, 6.00%, 2/15/28

    20,000       18,713  
   

Principal
Amount

   

Value

 
Aerospace/Defense (Continued)            

144A, 7.50%, 2/1/29

  $ 26,000     $ 25,496  

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

    31,000       30,714  

4.60%, 6/15/28

    21,000       17,037  

144A, 9.375%, 11/30/29

    25,000       25,979  

Triumph Group, Inc.
7.75%, 8/15/25

    11,000       10,367  

144A, 9.00%, 3/15/28

    35,000       35,141  
   

 

 

 

(Cost $256,927)

      248,910  
   

 

 

 
Building Materials — 0.3%            

Smyrna Ready Mix Concrete LLC, 144A,
6.00%, 11/1/28

   

(Cost $36,052)

    36,000       34,604  
   

 

 

 
Electrical Components & Equipment — 0.3%            

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

    15,000       13,274  

144A, 4.375%, 3/31/29

    21,000       18,010  
   

 

 

 

(Cost $34,520)

      31,284  
   

 

 

 
Engineering & Construction — 0.5%            

Brand Industrial Services, Inc., 144A,
10.375%, 8/1/30

    40,000       41,301  

IHS Holding Ltd.
144A, 5.625%, 11/29/26

    7,000       6,046  

144A, 6.25%, 11/29/28

    20,000       16,163  
   

 

 

 

(Cost $64,114)

      63,510  
   

 

 

 
Environmental Control — 0.0%            

Covanta Holding Corp.,
5.00%, 9/1/30

   

(Cost $8,299)

    8,000       6,792  
   

 

 

 
Machinery-Diversified — 0.5%            

SPX FLOW, Inc., 144A,
8.75%, 4/1/30

    14,000       13,273  

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

    10,000       9,278  

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

    46,000       43,159  
   

 

 

 

(Cost $69,010)

      65,710  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

Trinity Industries, Inc., 144A,
7.75%, 7/15/28

   

(Cost $10,183)

    10,000       10,181  
   

 

 

 
Packaging & Containers — 2.3%            

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

    28,000       22,788  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 8/15/27

    34,000       28,958  

144A, 5.25%, 8/15/27

    20,000       17,034  

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

    21,000       20,549  

144A, 10.50%, 7/15/27

    22,000       21,083  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)            

144A, 5.875%, 11/1/28

  $ 13,000     $ 11,779  

144A, 8.25%, 11/1/29

    11,000       9,207  

Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26

    70,000       68,997  

144A, 9.25%, 4/15/27

    38,000       34,488  

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

    16,000       15,830  

144A, 7.25%, 5/15/31

    20,000       20,077  
   

 

 

 

(Cost $290,243)

      270,790  
   

 

 

 
Transportation — 0.4%            

Cargo Aircraft Management, Inc., 144A,
4.75%, 2/1/28

    18,000       16,277  

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

    21,000       16,352  

XPO, Inc., 144A,
7.125%, 6/1/31

    12,000       12,074  
   

 

 

 

(Cost $47,437)

      44,703  
   

 

 

 
Technology — 4.1%    
Computers — 1.1%            

McAfee Corp., 144A,
7.375%, 2/15/30

    55,000       48,142  

NCR Corp.
144A, 5.125%, 4/15/29

    30,000       27,317  

144A, 5.25%, 10/1/30

    11,000       9,879  

Presidio Holdings, Inc., 144A,
8.25%, 2/1/28

    15,000       14,548  

Seagate HDD Cayman
144A, 8.50%, 7/15/31

    15,000       15,732  

144A, 9.625%, 12/1/32

    15,600       17,297  
   

 

 

 

(Cost $142,428)

      132,915  
   

 

 

 
Office/Business Equipment — 0.3%            

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

    19,000       18,145  

144A, 5.50%, 8/15/28

    19,000       16,541  
   

 

 

 

(Cost $35,964)

      34,686  
   

 

 

 
Semiconductors — 0.1%            

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

   

(Cost $11,279)

    11,000       10,096  
   

 

 

 
Software — 2.6%            

Alteryx, Inc., 144A,
8.75%, 3/15/28

    15,000       14,488  

AthenaHealth Group, Inc., 144A,
6.50%, 2/15/30

    69,000       59,993  

Clarivate Science Holdings Corp., 144A,
4.875%, 7/1/29

    23,000       20,070  

Cloud Software Group, Inc.
144A, 6.50%, 3/31/29

    112,000       100,279  

144A, 9.00%, 9/30/29

    104,000       92,965  

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

    16,000       14,339  

RingCentral, Inc., 144A,
8.50%, 8/15/30

    13,000       12,802  
   

 

 

 

(Cost $318,344)

      314,936  
   

 

 

 
   

Principal
Amount

   

Value

 
Utilities — 2.5%    
Electric — 2.1%            

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

  $ 37,000     $ 33,732  

144A, 4.625%, 2/1/29

    19,000       16,552  

144A, 5.00%, 2/1/31

    23,000       19,460  

Drax Finco PLC, 144A,
6.625%, 11/1/25

    15,000       14,764  

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

    21,000       19,869  

144A, 3.375%, 2/15/29

    15,000       12,379  

144A, 5.25%, 6/15/29

    20,000       17,987  

144A, 3.625%, 2/15/31

    30,000       23,431  

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

    35,000       32,232  

5.25%, 7/1/30

    22,000       19,606  

Talen Energy Supply LLC, 144A,
8.625%, 6/1/30

    30,000       31,269  

TransAlta Corp.,
7.75%, 11/15/29

    10,000       10,337  
   

 

 

 

(Cost $274,198)

      251,618  
   

 

 

 
Gas — 0.4%            

AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26

    18,000       17,091  

5.75%, 5/20/27

    18,000       16,667  

144A, 9.375%, 6/1/28

    10,000       10,259  
   

 

 

 

(Cost $45,085)

      44,017  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $12,857,810)

      11,649,608  
   

 

 

 
   

Number
of Shares

       
CASH EQUIVALENTS — 1.7%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $203,368)

    203,368       203,368  
   

 

 

 

TOTAL INVESTMENTS — 98.9%

(Cost $13,061,178)

    $ 11,852,976  

Other assets and liabilities, net — 1.1%

      126,081  
   

 

 

 

NET ASSETS — 100.0%

    $ 11,979,057  
   

 

 

 

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

 

     Value ($) at
8/31/2022
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized

Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (b)(c)

 

     263,774         —        (263,774 )(d)       —         —        8,240         —         —         —  

CASH EQUIVALENTS1.7%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

     35,828        1,832,392        (1,664,852                   6,318               203,368        203,368  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      299,602         1,832,392         (1,928,626      —         —         14,558         —         203,368         203,368  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

Defaulted security or security for which income has been deemed uncollectible.

(b)

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

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

 

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

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 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)

     $        $ 11,649,608        $  —        $ 11,649,608  

Short-Term Investments (a)

       203,368                            203,368  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 203,368        $ 11,649,608        $        $ 11,852,976  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF

August 31, 2023

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.3%    
Basic Materials — 3.5%    
Chemicals — 1.7%            

Ashland, Inc., 144A,
3.375%, 9/1/31

  $ 241,000     $ 192,901  

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

    348,000       343,705  

144A, 7.125%, 8/1/30

    388,000       387,899  

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

    375,000       318,386  

Methanex Corp.
5.125%, 10/15/27

    375,000       352,108  

5.25%, 12/15/29

    360,000       328,271  

Olin Corp.
5.125%, 9/15/27

    268,000       256,848  

5.625%, 8/1/29

    359,000       343,941  

5.00%, 2/1/30

    276,000       252,641  

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

    589,000       530,062  

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

    322,000       316,813  

144A, 3.625%, 6/15/31

    287,000       228,416  
   

 

 

 

(Cost $4,067,473)

      3,851,991  
   

 

 

 
Iron/Steel — 0.6%            

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

    444,000       444,637  

5.875%, 6/1/27

    297,000       286,366  

144A, 6.75%, 4/15/30

    402,000       383,714  

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

    255,000       254,248  
   

 

 

 

(Cost $1,404,965)

      1,368,965  
   

 

 

 
Mining — 1.2%            

FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27

    322,000       297,454  

144A, 5.875%, 4/15/30

    375,000       348,497  

144A, 4.375%, 4/1/31

    804,000       674,532  

144A, 6.125%, 4/15/32

    409,000       380,951  

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

    305,000       288,122  

Nexa Resources SA
144A, 5.375%, 5/4/27

    375,000       352,943  

144A, 6.50%, 1/18/28

    268,000       259,925  
   

 

 

 

(Cost $2,794,456)

      2,602,424  
   

 

 

 
Communications — 10.8%    
Advertising — 0.4%            

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

    319,000       290,832  

4.00%, 2/15/30

    295,000       258,390  

3.625%, 1/15/31

    295,000       246,591  

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

    214,000       210,501  
   

 

 

 

(Cost $1,128,004)

      1,006,314  
   

 

 

 
   

Principal
Amount

   

Value

 
Internet — 3.0%            

Gen Digital, Inc.
144A, 5.00%, 4/15/25

  $ 589,000     $ 577,956  

144A, 6.75%, 9/30/27

    482,000       483,074  

144A, 7.125%, 9/30/30

    322,000       324,322  

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

    322,000       308,629  

144A, 3.50%, 3/1/29

    429,000       369,108  

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

    226,000       212,368  

144A, 4.625%, 6/1/28

    268,000       247,503  

144A, 4.125%, 8/1/30

    268,000       230,086  

144A, 3.625%, 10/1/31

    268,000       218,718  

MercadoLibre, Inc.
2.375%, 1/14/26

    214,000       196,293  

3.125%, 1/14/31

    351,000       281,105  

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

    472,000       476,921  

144A, 8.00%, 11/1/26

    804,000       819,345  

144A, 7.50%, 9/15/27

    643,000       656,062  

144A, 6.25%, 1/15/28

    268,000       265,616  

144A, 4.50%, 8/15/29

    804,000       737,685  

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

    247,000       212,675  
   

 

 

 

(Cost $6,854,548)

      6,617,466  
   

 

 

 
Media — 6.5%            

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

    301,000       294,231  

144A, 5.125%, 5/1/27

    1,521,000       1,434,341  

144A, 5.00%, 2/1/28

    1,340,000       1,236,042  

144A, 5.375%, 6/1/29

    702,000       640,282  

144A, 6.375%, 9/1/29

    702,000       665,253  

144A, 4.75%, 3/1/30

    1,427,000       1,231,009  

144A, 4.50%, 8/15/30

    1,286,000       1,083,233  

144A, 4.25%, 2/1/31

    1,404,000       1,152,830  

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

    536,000       471,198  

144A, 5.125%, 2/15/32

    268,000       242,781  

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

    918,000       863,716  

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

    536,000       484,115  

144A, 5.00%, 8/1/27

    804,000       742,574  

144A, 4.00%, 7/15/28

    1,052,000       910,981  

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

    295,000       281,354  

Telenet Finance Luxembourg Notes SARL, 144A,
5.50%, 3/1/28

    600,000       551,400  

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

    588,000       580,444  

Videotron Ltd.
144A, 5.125%, 4/15/27

    322,000       308,605  

144A, 3.625%, 6/15/29

    268,000       230,389  

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

    764,000       698,926  

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Media (Continued)            

144A, 4.50%, 8/15/30

  $ 490,000     $ 414,177  
   

 

 

 

(Cost $15,804,043)

      14,517,881  
   

 

 

 
Telecommunications — 0.9%            

Level 3 Financing, Inc.
144A, 3.40%, 3/1/27

    405,000       374,037  

144A, 3.875%, 11/15/29

    400,000       353,671  

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

    723,000       592,295  

144A, 4.75%, 7/15/31

    730,000       610,268  
   

 

 

 

(Cost $2,037,881)

      1,930,271  
   

 

 

 
Consumer, Cyclical — 27.4%    
Airlines — 2.3%            

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

    643,000       594,452  

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

    1,030,000       1,128,257  

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

    482,000       467,365  

7.375%, 1/15/26

    432,000       444,770  

4.375%, 4/19/28

    220,000       206,604  

3.75%, 10/28/29

    254,000       225,590  

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

    1,072,000       1,010,658  

144A, 4.625%, 4/15/29

    1,047,000       932,285  
   

 

 

 

(Cost $5,270,521)

      5,009,981  
   

 

 

 
Apparel — 0.1%            

Levi Strauss & Co., 144A,
3.50%, 3/1/31

   

(Cost $228,264)

    268,000       217,999  
   

 

 

 
Auto Manufacturers — 4.5%            

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

    214,000       201,085  

144A, 5.875%, 6/1/29

    268,000       259,141  

144A, 3.75%, 1/30/31

    536,000       448,252  

Ford Motor Co.
4.346%, 12/8/26

    804,000       776,837  

3.25%, 2/12/32

    1,340,000       1,047,137  

6.10%, 8/19/32

    938,000       897,261  

Ford Motor Credit Co. LLC
4.063%, 11/1/24

    413,000       400,487  

2.30%, 2/10/25

    344,000       323,515  

4.687%, 6/9/25

    165,000       158,978  

5.125%, 6/16/25

    482,000       469,665  

4.134%, 8/4/25

    385,000       367,037  

3.375%, 11/13/25

    578,000       538,798  

GMTN, 4.389%, 1/8/26

    330,000       311,810  

6.95%, 3/6/26

    358,000       359,260  

4.542%, 8/1/26

    207,000       195,334  

2.70%, 8/10/26

    413,000       369,787  

4.271%, 1/9/27

    248,000       229,516  

4.95%, 5/28/27

    413,000       387,847  

4.125%, 8/17/27

    344,000       312,716  

3.815%, 11/2/27

    207,000       184,323  
   

Principal
Amount

   

Value

 
Auto Manufacturers (Continued)            

7.35%, 11/4/27

  $ 413,000     $ 421,644  

2.90%, 2/16/28

    207,000       176,835  

2.90%, 2/10/29

    219,000       180,951  

5.113%, 5/3/29

    409,000       376,614  

4.00%, 11/13/30

    450,000       381,163  

3.625%, 6/17/31

    275,000       223,057  
   

 

 

 

(Cost $11,154,660)

      9,999,050  
   

 

 

 
Auto Parts & Equipment — 2.0%            

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

    426,000       410,042  

144A, 7.00%, 4/15/28

    268,000       271,016  

144A, 8.25%, 4/15/31

    268,000       274,999  

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

    250,000       250,127  

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

    481,000       476,780  

144A, 6.75%, 5/15/28

    402,000       401,321  

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

    376,000       384,328  

5.00%, 5/31/26

    482,000       465,645  

4.875%, 3/15/27

    375,000       353,094  

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

    577,000       561,127  

144A, 6.875%, 4/14/28

    322,000       320,683  

144A, 7.125%, 4/14/30

    322,000       326,555  
   

 

 

 

(Cost $4,593,046)

      4,495,717  
   

 

 

 
Distribution/Wholesale — 0.8%            

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

    375,000       339,823  

144A, 3.875%, 11/15/29

    214,000       184,684  

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

    670,000       585,602  

Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28

    295,000       296,872  

144A, 7.75%, 3/15/31

    429,000       441,409  
   

 

 

 

(Cost $1,939,584)

      1,848,390  
   

 

 

 
Entertainment — 5.4%            

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

    1,772,000       1,759,832  

144A, 8.125%, 7/1/27

    863,000       877,050  

144A, 7.00%, 2/15/30

    1,072,000       1,077,266  

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

    530,000       530,857  

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

    643,000       598,740  

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

    268,000       241,586  

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

    536,000       532,235  

5.375%, 4/15/27

    268,000       253,614  

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

    322,000       310,526  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Entertainment (Continued)            

144A, 4.75%, 1/15/28

  $ 375,000     $ 346,250  

144A, 6.75%, 5/1/31

    322,000       314,687  

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

    268,000       268,472  

144A, 4.125%, 4/15/26

    402,000       381,982  

144A, 6.25%, 1/15/27

    402,000       398,424  

144A, 5.25%, 1/15/29

    402,000       378,399  

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

    308,000       302,791  

144A, 6.50%, 5/15/27

    643,000       644,077  

144A, 4.75%, 10/15/27

    509,000       474,643  

144A, 3.75%, 1/15/28

    268,000       239,262  

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

    268,000       252,496  

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

    322,000       321,160  

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

    289,000       250,792  

144A, 3.875%, 7/15/30

    287,000       249,306  

144A, 3.00%, 2/15/31

    409,000       333,703  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29

    402,000       360,224  

144A, 7.125%, 2/15/31

    311,000       305,609  
   

 

 

 

(Cost $12,577,937)

      12,003,983  
   

 

 

 
Food Service — 0.7%            

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

    296,000       292,641  

144A, 6.375%, 5/1/25

    787,000       789,150  

144A, 5.00%, 2/1/28

    616,000       575,249  
   

 

 

 

(Cost $1,687,023)

      1,657,040  
   

 

 

 
Home Builders — 0.5%            

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

    245,000       244,095  

144A, 3.875%, 4/15/29

    236,000       206,194  

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

    268,000       263,592  

144A, 5.75%, 1/15/28

    250,000       241,397  

144A, 5.125%, 8/1/30

    248,000       227,692  
   

 

 

 

(Cost $1,270,506)

      1,182,970  
   

 

 

 
Home Furnishings — 0.2%            

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

   

(Cost $438,962)

    429,000       368,857  
   

 

 

 
Leisure Time — 2.5%            

Carnival Corp.
144A, 9.875%, 8/1/27

    446,000       471,335  

144A, 4.00%, 8/1/28

    1,289,000       1,154,476  

144A, 7.00%, 8/15/29

    250,000       253,885  

Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28

    1,088,000       1,184,282  

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

    496,000       484,341  
   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

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

  $ 303,000     $ 290,495  

144A, 5.875%, 2/15/27

    536,000       519,699  

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

    330,000       349,012  

144A, 8.25%, 1/15/29

    496,000       518,825  

144A, 7.25%, 1/15/30

    375,000       380,543  
   

 

 

 

(Cost $5,608,244)

      5,606,893  
   

 

 

 
Lodging — 4.0%            

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

    536,000       502,933  

144A, 4.75%, 6/15/31

    482,000       425,028  

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

    268,000       265,732  

144A, 5.75%, 5/1/28

    268,000       263,169  

144A, 3.75%, 5/1/29

    429,000       378,290  

4.875%, 1/15/30

    536,000       500,516  

144A, 4.00%, 5/1/31

    589,000       511,953  

144A, 3.625%, 2/15/32

    784,000       652,025  

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

    455,000       403,802  

144A, 4.875%, 7/1/31

    268,000       226,219  

Las Vegas Sands Corp.
2.90%, 6/25/25

    268,000       253,019  

3.50%, 8/18/26

    536,000       497,823  

3.90%, 8/8/29

    402,000       353,765  

MGM Resorts International
6.75%, 5/1/25

    386,000       386,980  

5.75%, 6/15/25

    362,000       357,358  

4.625%, 9/1/26

    214,000       201,753  

5.50%, 4/15/27

    362,000       346,203  

4.75%, 10/15/28

    402,000       365,186  

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

    370,000       331,483  

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

    348,000       343,550  

6.00%, 4/1/27

    214,000       207,839  

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

    705,000       697,102  

144A, 5.25%, 5/15/27

    483,000       457,561  
   

 

 

 

(Cost $9,378,263)

      8,929,289  
   

 

 

 
Retail — 4.4%            

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

    268,000       266,227  

144A, 3.875%, 1/15/28

    831,000       756,542  

144A, 4.375%, 1/15/28

    402,000       369,411  

144A, 3.50%, 2/15/29

    402,000       352,340  

144A, 4.00%, 10/15/30

    1,534,000       1,300,457  

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

    217,000       198,128  

144A, 4.625%, 11/15/29

    409,000       361,246  

4.75%, 3/1/30

    238,000       209,225  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Retail (Continued)            

Bath & Body Works, Inc.,
5.25%, 2/1/28

  $ 268,000     $ 257,359  

Beacon Roofing Supply, Inc., 144A,
6.50%, 8/1/30

    300,000       296,700  

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

    268,000       238,631  

144A, 5.625%, 1/1/30

    295,000       268,122  

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

    214,000       197,843  

144A, 3.875%, 6/1/29

    409,000       351,549  

144A, 4.375%, 1/15/31

    295,000       251,252  

Macy’s Retail Holdings LLC
144A, 5.875%, 3/15/30

    228,000       199,705  

144A, 6.125%, 3/15/32

    228,000       195,715  

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

    268,000       246,155  

144A, 3.75%, 2/15/31

    268,000       225,683  

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

    295,000       281,470  

3.75%, 6/15/29

    268,000       229,955  

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

    643,000       577,382  

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

    348,000       310,137  

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

    429,000       395,451  

3.625%, 3/15/31

    543,000       460,966  

4.625%, 1/31/32

    589,000       527,542  

5.375%, 4/1/32

    536,000       503,285  
   

 

 

 

(Cost $10,635,180)

      9,828,478  
   

 

 

 
Consumer, Non-cyclical — 19.6%    
Agriculture — 0.3%            

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

    268,000       260,743  

144A, 6.00%, 6/15/30

    536,000       524,143  
   

 

 

 

(Cost $814,283)

      784,886  
   

 

 

 
Commercial Services — 4.8%            

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

    536,000       468,552  

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

    322,000       311,913  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 4.75%, 4/1/28

    268,000       243,935  

144A, 5.375%, 3/1/29

    322,000       295,897  

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

    536,000       487,933  

3.50%, 6/1/31

    536,000       439,991  

Brink’s Co.
144A, 5.50%, 7/15/25

    214,000       210,619  

144A, 4.625%, 10/15/27

    322,000       299,754  

Gartner, Inc.
144A, 4.50%, 7/1/28

    409,000       381,726  

144A, 3.625%, 6/15/29

    322,000       283,130  

144A, 3.75%, 10/1/30

    429,000       370,843  
   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

Herc Holdings, Inc., 144A,
5.50%, 7/15/27

  $ 643,000     $ 617,785  

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

    268,000       242,886  

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26

    703,000       690,523  

144A, 3.375%, 8/31/27

    536,000       477,194  

Service Corp. International
4.625%, 12/15/27

    275,000       258,747  

5.125%, 6/1/29

    402,000       379,388  

3.375%, 8/15/30

    455,000       377,785  

4.00%, 5/15/31

    429,000       364,114  

United Rentals North America, Inc.
5.50%, 5/15/27

    268,000       262,864  

3.875%, 11/15/27

    402,000       372,675  

4.875%, 1/15/28

    894,000       851,478  

5.25%, 1/15/30

    402,000       382,459  

4.00%, 7/15/30

    367,000       322,103  

3.875%, 2/15/31

    589,000       504,303  

3.75%, 1/15/32

    402,000       338,412  

Williams Scotsman International, Inc.
144A, 6.125%, 6/15/25

    282,000       279,751  

144A, 4.625%, 8/15/28

    268,000       244,791  
   

 

 

 

(Cost $11,683,339)

      10,761,551  
   

 

 

 
Cosmetics/Personal Care — 0.6%            

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

    482,000       463,771  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A,
6.625%, 7/15/30

    400,000       399,654  

Edgewell Personal Care Co., 144A,
5.50%, 6/1/28

    402,000       379,251  
   

 

 

 

(Cost $1,283,749)

      1,242,676  
   

 

 

 
Food — 3.8%            

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26

    402,000       373,889  

144A, 7.50%, 3/15/26

    322,000       327,012  

144A, 4.625%, 1/15/27

    723,000       684,679  

144A, 5.875%, 2/15/28

    402,000       390,518  

144A, 6.50%, 2/15/28

    402,000       400,560  

144A, 3.50%, 3/15/29

    723,000       625,994  

144A, 4.875%, 2/15/30

    516,000       473,938  

Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28

    268,000       253,360  

144A, 4.125%, 1/31/30

    520,000       457,775  

144A, 4.375%, 1/31/32

    360,000       312,790  

Performance Food Group, Inc.
144A, 5.50%, 10/15/27

    568,000       547,511  

144A, 4.25%, 8/1/29

    536,000       472,192  

Pilgrim’s Pride Corp.
144A, 5.875%, 9/30/27

    455,000       450,315  

3.50%, 3/1/32

    462,000       372,469  

6.25%, 7/1/33

    536,000       532,644  

 

See