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)
DBX ETF Trust
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Performance Summary |
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6 | ||||
8 | ||||
10 | ||||
12 | ||||
14 | ||||
16 | ||||
Schedule of Investments |
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17 | ||||
27 | ||||
37 | ||||
39 | ||||
50 | ||||
68 | ||||
70 | ||||
72 | ||||
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86 | ||||
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89 | ||||
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.
1
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2
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF
The Xtrackers High Beta High Yield Bond ETF (HYUP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the HYUP Index). The HYUP Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 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.
3
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.
4
This Page is Intentionally Left Blank
5
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers High Beta High Yield Bond ETF (HYUP)
The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.
Performance as of August 31, 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 |
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 |
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 |
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 |
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 |
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
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 |
Value |
|||||||
CORPORATE BONDS — 97.2% | ||||||||
Basic Materials — 4.2% | ||||||||
Chemicals — 1.8% | ||||||||
ASP
Unifrax Holdings, Inc. |
$ | 23,000 | $ | 15,684 | ||||
144A, 7.50%, 9/30/29 |
10,000 | 5,211 | ||||||
Chemours
Co. |
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, |
13,000 | 10,870 | ||||||
INEOS
Finance PLC, 144A, |
15,000 | 14,376 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
13,000 | 11,896 | ||||||
NOVA
Chemicals Corp. |
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, |
19,000 | 16,785 | ||||||
Tronox,
Inc., 144A, |
37,000 | 30,407 | ||||||
|
|
|||||||
(Cost $246,272) |
212,790 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
||||||||
(Cost $22,583) |
24,000 | 19,655 | ||||||
|
|
|||||||
Iron/Steel — 0.5% | ||||||||
ATI,
Inc., |
10,000 | 10,114 | ||||||
Mineral
Resources Ltd. |
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. |
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, |
15,000 | 14,117 | ||||||
Kaiser
Aluminum Corp. |
15,000 | 13,287 | ||||||
144A, 4.50%, 6/1/31 |
20,000 | 16,179 | ||||||
Vedanta
Resources Finance II PLC |
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. |
32,000 | 28,683 |
Principal |
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. |
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, |
34,000 | 28,425 | ||||||
|
|
|||||||
(Cost $180,692) |
160,398 | |||||||
|
|
|||||||
Internet — 0.2% | ||||||||
Rakuten
Group, Inc., 144A, |
||||||||
(Cost $16,509) |
17,000 | 17,170 | ||||||
|
|
|||||||
Media — 12.7% | ||||||||
Altice
Financing SA |
32,000 | 26,046 | ||||||
144A, 5.75%, 8/15/29 |
59,000 | 46,791 | ||||||
AMC
Networks, Inc. |
27,000 | 25,336 | ||||||
4.25%, 2/15/29 |
26,000 | 16,608 | ||||||
Cable
One, Inc., 144A, |
15,000 | 11,714 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
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 |
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. |
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, |
91,000 | 92,405 | ||||||
Gray
Television, Inc. |
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 |
Value |
|||||||
Media (Continued) | ||||||||
iHeartCommunications,
Inc. |
$ | 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. |
23,000 | 20,433 | ||||||
144A, 8.00%, 8/1/29 |
16,000 | 14,038 | ||||||
Nexstar
Media, Inc., 144A, |
22,000 | 19,330 | ||||||
Sinclair
Television Group, Inc. |
13,000 | 6,950 | ||||||
144A, 4.125%, 12/1/30 |
21,000 | 13,434 | ||||||
Sirius
XM Radio, Inc. |
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. |
30,000 | 26,911 | ||||||
5.00%, 9/15/29 |
30,000 | 26,443 | ||||||
Univision
Communications, Inc. |
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, |
32,000 | 26,440 | ||||||
UPC
Holding BV, 144A, |
10,000 | 8,910 | ||||||
Virgin
Media Finance PLC, 144A, |
25,000 | 20,307 | ||||||
VTR
Finance NV, 144A, |
13,000 | 5,991 | ||||||
Ziggo
Bond Co. BV |
16,000 | 14,901 | ||||||
144A, 5.125%, 2/28/30 |
13,000 | 10,102 | ||||||
Ziggo
BV, 144A, |
30,000 | 25,248 | ||||||
|
|
|||||||
(Cost $1,764,402) |
1,521,564 | |||||||
|
|
|||||||
Telecommunications — 8.8% | ||||||||
Altice
France Holding SA |
38,000 | 20,554 | ||||||
144A, 6.00%, 2/15/28 |
31,000 | 13,719 | ||||||
Altice
France SA |
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, |
33,000 | 30,658 | ||||||
CommScope
Technologies LLC |
37,000 | 33,841 | ||||||
144A, 5.00%, 3/15/27 |
19,000 | 10,584 | ||||||
CommScope,
Inc. |
38,000 | 34,571 |
Principal |
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. |
12,000 | 8,790 | ||||||
144A, 6.50%, 10/1/28 |
20,000 | 15,404 | ||||||
Frontier
Communications Holdings LLC |
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. |
30,000 | 27,619 | ||||||
6.625%, 8/1/26 |
19,000 | 16,501 | ||||||
Iliad
Holding SASU |
31,000 | 29,604 | ||||||
144A, 7.00%, 10/15/28 |
23,000 | 21,418 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
86,000 | 79,053 | ||||||
Level
3 Financing, Inc. |
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. |
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 |
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, |
12,000 | 11,143 | ||||||
VEON
Holdings BV, 144A, |
17,000 | 16,024 | ||||||
Viasat,
Inc. |
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, |
40,000 | 32,460 | ||||||
Zayo
Group Holdings, Inc. |
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, |
16,000 | 15,326 | ||||||
American
Airlines, Inc., 144A, |
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 |
Value |
|||||||
Airlines (Continued) | ||||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
$ | 33,000 | $ | 30,570 | ||||
Spirit
Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
15,000 | 15,032 | ||||||
144A, 8.00%, 9/20/25 |
14,000 | 14,029 | ||||||
|
|
|||||||
(Cost $102,816) |
99,540 | |||||||
|
|
|||||||
Apparel — 0.4% | ||||||||
Hanesbrands,
Inc. |
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, |
20,000 | 20,339 | ||||||
Ford
Motor Co., |
16,000 | 18,593 | ||||||
Ford
Motor Credit Co. LLC |
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. |
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, |
45,000 | 45,537 | ||||||
Dana,
Inc. |
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. |
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, |
55,000 | 45,377 | ||||||
|
|
|||||||
(Cost $233,724) |
218,228 | |||||||
|
|
|||||||
Entertainment — 2.2% | ||||||||
AMC
Entertainment Holdings, Inc. |
36,000 | 24,998 | ||||||
144A, 7.50%, 2/15/29 |
28,000 | 19,140 | ||||||
Caesars
Entertainment, Inc., 144A, |
35,000 | 30,667 | ||||||
Cinemark
USA, Inc. |
17,000 | 16,336 | ||||||
144A, 5.25%, 7/15/28 |
20,000 | 17,783 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Light
& Wonder International, Inc. |
$ | 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, |
29,000 | 27,032 | ||||||
Penn
Entertainment, Inc. |
10,000 | 9,464 | ||||||
144A, 4.125%, 7/1/29 |
10,000 | 8,154 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
19,000 | 15,183 | ||||||
144A, 5.875%, 9/1/31 |
26,000 | 20,127 | ||||||
Six
Flags Entertainment Corp., 144A, |
25,000 | 23,994 | ||||||
|
|
|||||||
(Cost $297,165) |
263,160 | |||||||
|
|
|||||||
Food Service — 0.2% | ||||||||
TKC
Holdings, Inc. |
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, |
10,000 | 8,623 | ||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC |
18,000 | 16,540 | ||||||
144A, 4.875%, 2/15/30 |
15,000 | 12,406 | ||||||
Mattamy
Group Corp. |
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, |
||||||||
(Cost $21,044) |
21,000 | 16,898 | ||||||
|
|
|||||||
Housewares — 1.1% | ||||||||
Newell
Brands, Inc. |
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. |
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. |
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 |
Value |
|||||||
Leisure Time (Continued) | ||||||||
Life
Time, Inc., 144A, |
$ | 10,000 | $ | 9,934 | ||||
NCL
Corp. Ltd. |
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. |
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. |
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, |
13,000 | 10,997 | ||||||
Melco
Resorts Finance Ltd. |
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, |
13,000 | 10,729 | ||||||
Studio
City Finance Ltd. |
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, |
19,000 | 16,316 | ||||||
|
|
|||||||
(Cost $210,981) |
191,466 | |||||||
|
|
|||||||
Retail — 5.4% | ||||||||
Asbury
Automotive Group, Inc., 144A, |
16,000 | 13,739 | ||||||
Bath
& Body Works, Inc. |
14,000 | 14,126 | ||||||
144A, 6.625%, 10/1/30 |
30,000 | 29,283 | ||||||
Carvana
Co. |
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 |
20,000 | 19,728 | ||||||
144A, 8.50%, 10/30/25 |
15,000 | 14,865 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
17,000 | 15,995 | ||||||
144A, 5.875%, 4/1/29 |
25,000 | 22,091 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
20,000 | 17,291 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
144A, 6.75%, 1/15/30 |
$ | 36,000 | $ | 29,777 | ||||
Gap,
Inc. |
19,000 | 14,481 | ||||||
144A, 3.875%, 10/1/31 |
24,000 | 17,420 | ||||||
Kohl’s
Corp., |
15,000 | 11,057 | ||||||
LBM
Acquisition LLC, 144A, |
19,000 | 16,601 | ||||||
Macy’s
Retail Holdings LLC, 144A, |
13,000 | 11,764 | ||||||
Michaels
Cos., Inc. |
15,000 | 12,516 | ||||||
144A, 7.875%, 5/1/29 |
37,000 | 25,682 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
32,000 | 30,440 | ||||||
Nordstrom,
Inc. |
15,000 | 12,013 | ||||||
4.25%, 8/1/31 |
11,000 | 8,285 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
24,000 | 22,948 | ||||||
QVC,
Inc. |
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, |
25,000 | 15,900 | ||||||
Sonic
Automotive, Inc. |
17,000 | 14,523 | ||||||
144A, 4.875%, 11/15/31 |
17,000 | 14,148 | ||||||
SRS
Distribution, Inc. |
12,000 | 10,445 | ||||||
144A, 6.00%, 12/1/29 |
25,000 | 21,402 | ||||||
Staples,
Inc. |
49,000 | 40,590 | ||||||
144A, 10.75%, 4/15/27 |
28,000 | 15,223 | ||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp., 144A, |
16,000 | 13,694 | ||||||
|
|
|||||||
(Cost $747,465) |
642,787 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 13.0% | ||||||||
Agriculture — 0.3% | ||||||||
Vector
Group Ltd. |
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, |
||||||||
(Cost $18,989) |
19,000 | 16,690 | ||||||
|
|
|||||||
Commercial Services — 3.1% | ||||||||
Albion
Financing 1 SARL / Aggreko Holdings, Inc., 144A, |
10,000 | 9,473 | ||||||
Albion
Financing 2SARL, 144A, |
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 |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
$ | 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, |
36,000 | 30,632 | ||||||
APX
Group, Inc., 144A, |
23,000 | 19,845 | ||||||
Garda
World Security Corp. |
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, |
24,000 | 19,756 | ||||||
MPH
Acquisition Holdings LLC |
28,000 | 23,809 | ||||||
144A, 5.75%, 11/1/28 |
28,000 | 21,005 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc., 144A, |
30,000 | 28,540 | ||||||
Sabre
GLBL, Inc. |
25,000 | 24,594 | ||||||
144A, 11.25%, 12/15/27 |
17,000 | 16,217 | ||||||
Sotheby’s,
144A, |
20,000 | 18,230 | ||||||
|
|
|||||||
(Cost $411,550) |
371,556 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Coty,
Inc., 144A, |
14,000 | 13,890 | ||||||
Edgewell
Personal Care Co., 144A, |
13,000 | 11,278 | ||||||
|
|
|||||||
(Cost $27,118) |
25,168 | |||||||
|
|
|||||||
Food — 1.2% | ||||||||
B&G
Foods, Inc. |
24,000 | 23,448 | ||||||
5.25%, 9/15/27 |
14,000 | 12,417 | ||||||
Post
Holdings, Inc. |
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, |
19,000 | 16,180 | ||||||
|
|
|||||||
(Cost $161,169) |
147,285 | |||||||
|
|
|||||||
Healthcare-Services — 4.4% | ||||||||
CHS/Community
Health Systems, Inc. |
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 |
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. |
81,000 | 69,552 | ||||||
144A, 3.75%, 2/15/31 |
38,000 | 30,292 | ||||||
Legacy
LifePoint Health LLC, 144A, |
22,000 | 18,972 | ||||||
LifePoint
Health, Inc. |
13,000 | 9,003 | ||||||
144A, 9.875%, 8/15/30 |
23,000 | 22,759 | ||||||
ModivCare,
Inc., 144A, |
13,000 | 12,348 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc.,
144A, |
36,000 | 33,703 | ||||||
Team
Health Holdings, Inc., 144A, |
20,000 | 15,424 | ||||||
Tenet
Healthcare Corp., |
73,000 | 70,270 | ||||||
|
|
|||||||
(Cost $619,191) |
531,122 | |||||||
|
|
|||||||
Household Products/Wares — 0.2% | ||||||||
Central
Garden & Pet Co., 144A, |
10,000 | 8,499 | ||||||
Spectrum
Brands, Inc., 144A, |
13,000 | 10,904 | ||||||
|
|
|||||||
(Cost $22,777) |
19,403 | |||||||
|
|
|||||||
Pharmaceuticals — 3.5% | ||||||||
AdaptHealth
LLC |
11,000 | 8,979 | ||||||
144A, 5.125%, 3/1/30 |
16,000 | 13,139 | ||||||
Bausch
Health Americas, Inc. |
22,000 | 20,073 | ||||||
144A, 8.50%, 1/31/27 |
20,000 | 11,149 | ||||||
Bausch
Health Cos., Inc. |
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, |
13,000 | 11,784 | ||||||
Grifols
SA, 144A, |
19,000 | 16,687 | ||||||
Herbalife
Nutrition Ltd / HLF Financing, Inc., 144A, |
20,000 | 19,264 | ||||||
HLF
Financing Sarl LLC / Herbalife International, Inc., 144A, |
16,000 | 11,980 | ||||||
Mallinckrodt
International Finance SA / Mallinckrodt CB LLC, 144A, |
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 |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
Organon
& Co. / Organon Foreign Debt Co.-Issuer BV, 144A, |
$ | 55,000 | $ | 46,885 | ||||
Owens
& Minor, Inc. |
11,000 | 9,333 | ||||||
144A, 6.625%, 4/1/30 |
16,000 | 14,571 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV, |
34,000 | 33,994 | ||||||
|
|
|||||||
(Cost $530,549) |
414,335 | |||||||
|
|
|||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler
International AG, 144A, |
||||||||
(Cost $15,264) |
15,000 | 15,069 | ||||||
|
|
|||||||
Energy — 12.8% | ||||||||
Oil & Gas — 5.5% | ||||||||
Baytex
Energy Corp. |
12,000 | 12,293 | ||||||
144A, 8.50%, 4/30/30 |
20,000 | 20,293 | ||||||
Callon
Petroleum Co. |
17,000 | 17,254 | ||||||
144A, 7.50%, 6/15/30 |
15,000 | 14,843 | ||||||
Civitas
Resources, Inc. |
35,000 | 36,181 | ||||||
144A, 8.75%, 7/1/31 |
40,000 | 41,362 | ||||||
CNX
Resources Corp. |
13,000 | 12,392 | ||||||
144A, 7.375%, 1/15/31 |
11,000 | 10,991 | ||||||
Comstock
Resources, Inc. |
32,000 | 29,967 | ||||||
144A, 5.875%, 1/15/30 |
28,000 | 24,742 | ||||||
Crescent
Energy Finance LLC |
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 |
15,000 | 15,314 | ||||||
144A, 9.875%, 7/15/31 |
14,000 | 15,362 | ||||||
Energean
PLC,144A, |
16,000 | 14,709 | ||||||
Kosmos
Energy Ltd. |
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. |
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. |
19,000 | 19,063 | ||||||
144A, 8.75%, 6/15/31 |
20,000 | 20,455 | ||||||
Parkland
Corp. |
33,000 | 29,108 | ||||||
144A, 4.625%, 5/1/30 |
21,000 | 18,536 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
$ | 19,000 | $ | 17,976 | ||||
144A, 7.875%, 9/15/30 |
20,000 | 19,921 | ||||||
SM
Energy Co. |
12,000 | 11,960 | ||||||
6.625%, 1/15/27 |
11,000 | 10,872 | ||||||
6.50%, 7/15/28 |
11,000 | 10,762 | ||||||
Transocean,
Inc. |
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, |
16,000 | 11,057 | ||||||
Vital
Energy, Inc., |
15,000 | 15,090 | ||||||
|
|
|||||||
(Cost $646,427) |
659,541 | |||||||
|
|
|||||||
Oil & Gas Services — 1.1% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
16,000 | 15,745 | ||||||
144A, 6.25%, 4/1/28 |
21,000 | 20,066 | ||||||
CGG
SA, 144A, |
16,000 | 13,784 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
19,000 | 18,803 | ||||||
6.875%, 9/1/27 |
19,000 | 18,539 | ||||||
Weatherford
International Ltd., 144A, |
41,000 | 41,982 | ||||||
|
|
|||||||
(Cost $132,910) |
128,919 | |||||||
|
|
|||||||
Pipelines — 6.2% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
18,000 | 17,462 | ||||||
144A, 5.75%, 1/15/28 |
17,000 | 16,295 | ||||||
Buckeye
Partners LP |
15,000 | 13,849 | ||||||
144A, 4.50%, 3/1/28 |
13,000 | 11,809 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp. |
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 |
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. |
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 |
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, |
31,000 | 28,007 | ||||||
New
Fortress Energy, Inc. |
32,000 | 30,960 | ||||||
144A, 6.50%, 9/30/26 |
43,000 | 39,971 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
60,000 | 59,681 | ||||||
NuStar
Logistics LP |
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, |
22,000 | 21,250 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
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. |
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. |
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, |
11,000 | 11,137 | ||||||
Coinbase
Global, Inc. |
30,000 | 22,100 | ||||||
144A, 3.625%, 10/1/31 |
24,000 | 16,183 | ||||||
Curo
Group Holdings Corp., 144A, |
20,000 | 7,970 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
26,000 | 22,227 | ||||||
LD
Holdings Group LLC |
11,000 | 9,259 | ||||||
144A, 6.125%, 4/1/28 |
16,000 | 10,431 | ||||||
Macquarie
Airfinance Holdings Ltd., 144A, |
15,000 | 15,311 | ||||||
Nationstar
Mortgage Holdings, Inc. |
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 |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
Navient
Corp. |
$ | 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, |
59,000 | 52,063 | ||||||
OneMain
Finance Corp. |
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, |
15,000 | 15,089 | ||||||
PennyMac
Financial Services, Inc. |
17,000 | 14,087 | ||||||
144A, 5.75%, 9/15/31 |
13,000 | 10,942 | ||||||
PRA
Group, Inc., 144A, |
10,000 | 9,136 | ||||||
Synchrony
Financial, |
20,000 | 18,415 | ||||||
United
Wholesale Mortgage LLC |
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. |
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 |
38,000 | 35,959 | ||||||
144A, 5.875%, 11/1/29 |
12,000 | 10,520 | ||||||
AssuredPartners,
Inc., 144A, |
14,000 | 12,178 | ||||||
|
|
|||||||
(Cost $109,461) |
106,084 | |||||||
|
|
|||||||
Real Estate — 0.9% | ||||||||
Anywhere
Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, |
23,200 | 20,827 | ||||||
Cushman
& Wakefield US Borrower LLC |
20,000 | 19,061 | ||||||
144A, 8.875%, 9/1/31 |
10,000 | 10,094 | ||||||
Kennedy-Wilson,
Inc. |
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. |
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 |
Value |
|||||||
Real Estate Investment Trusts — 3.7% | ||||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
$ | 28,000 | $ | 25,726 | ||||
144A, 4.50%, 4/1/27 |
19,000 | 15,892 | ||||||
Diversified
Healthcare Trust |
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. |
15,000 | 13,575 | ||||||
144A, 4.75%, 6/15/29 |
17,000 | 14,310 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
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 |
20,000 | 17,864 | ||||||
3.45%, 10/15/31 |
12,000 | 6,103 | ||||||
Service
Properties Trust |
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. |
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, |
20,000 | 13,231 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
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. |
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. |
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 |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
144A, 7.50%, 2/1/29 |
$ | 26,000 | $ | 25,496 | ||||
Spirit
AeroSystems, Inc. |
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. |
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, |
||||||||
(Cost $36,052) |
36,000 | 34,604 | ||||||
|
|
|||||||
Electrical Components & Equipment — 0.3% | ||||||||
Energizer
Holdings, Inc. |
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, |
40,000 | 41,301 | ||||||
IHS
Holding Ltd. |
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., |
||||||||
(Cost $8,299) |
8,000 | 6,792 | ||||||
|
|
|||||||
Machinery-Diversified — 0.5% | ||||||||
SPX
FLOW, Inc., 144A, |
14,000 | 13,273 | ||||||
TK
Elevator Holdco GmbH, 144A, |
10,000 | 9,278 | ||||||
TK
Elevator US Newco, Inc., 144A, |
46,000 | 43,159 | ||||||
|
|
|||||||
(Cost $69,010) |
65,710 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Trinity
Industries, Inc., 144A, |
||||||||
(Cost $10,183) |
10,000 | 10,181 | ||||||
|
|
|||||||
Packaging & Containers — 2.3% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,
144A, |
28,000 | 22,788 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
34,000 | 28,958 | ||||||
144A, 5.25%, 8/15/27 |
20,000 | 17,034 | ||||||
LABL,
Inc. |
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 |
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. |
70,000 | 68,997 | ||||||
144A, 9.25%, 4/15/27 |
38,000 | 34,488 | ||||||
Owens-Brockway
Glass Container, Inc. |
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, |
18,000 | 16,277 | ||||||
Seaspan
Corp., 144A, |
21,000 | 16,352 | ||||||
XPO,
Inc., 144A, |
12,000 | 12,074 | ||||||
|
|
|||||||
(Cost $47,437) |
44,703 | |||||||
|
|
|||||||
Technology — 4.1% | ||||||||
Computers — 1.1% | ||||||||
McAfee
Corp., 144A, |
55,000 | 48,142 | ||||||
NCR
Corp. |
30,000 | 27,317 | ||||||
144A, 5.25%, 10/1/30 |
11,000 | 9,879 | ||||||
Presidio
Holdings, Inc., 144A, |
15,000 | 14,548 | ||||||
Seagate
HDD Cayman |
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. |
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, |
||||||||
(Cost $11,279) |
11,000 | 10,096 | ||||||
|
|
|||||||
Software — 2.6% | ||||||||
Alteryx,
Inc., 144A, |
15,000 | 14,488 | ||||||
AthenaHealth
Group, Inc., 144A, |
69,000 | 59,993 | ||||||
Clarivate
Science Holdings Corp., 144A, |
23,000 | 20,070 | ||||||
Cloud
Software Group, Inc. |
112,000 | 100,279 | ||||||
144A, 9.00%, 9/30/29 |
104,000 | 92,965 | ||||||
MicroStrategy,
Inc., 144A, |
16,000 | 14,339 | ||||||
RingCentral,
Inc., 144A, |
13,000 | 12,802 | ||||||
|
|
|||||||
(Cost $318,344) |
314,936 | |||||||
|
|
Principal |
Value |
|||||||
Utilities — 2.5% | ||||||||
Electric — 2.1% | ||||||||
Calpine
Corp. |
$ | 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, |
15,000 | 14,764 | ||||||
NRG
Energy, Inc. |
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. |
35,000 | 32,232 | ||||||
5.25%, 7/1/30 |
22,000 | 19,606 | ||||||
Talen
Energy Supply LLC, 144A, |
30,000 | 31,269 | ||||||
TransAlta
Corp., |
10,000 | 10,337 | ||||||
|
|
|||||||
(Cost $274,198) |
251,618 | |||||||
|
|
|||||||
Gas — 0.4% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
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 |
11,649,608 | |||||||
|
|
|||||||
Number |
||||||||
CASH EQUIVALENTS — 1.7% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (b) |
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 EQUIVALENTS —1.7% |
| |||||||||||||||||||||||||||||||||||
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 |
Value |
|||||||
CORPORATE BONDS — 98.3% | ||||||||
Basic Materials — 3.5% | ||||||||
Chemicals — 1.7% | ||||||||
Ashland,
Inc., 144A, |
$ | 241,000 | $ | 192,901 | ||||
Avient
Corp. |
348,000 | 343,705 | ||||||
144A, 7.125%, 8/1/30 |
388,000 | 387,899 | ||||||
Axalta
Coating Systems LLC, 144A, |
375,000 | 318,386 | ||||||
Methanex
Corp. |
375,000 | 352,108 | ||||||
5.25%, 12/15/29 |
360,000 | 328,271 | ||||||
Olin
Corp. |
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, |
589,000 | 530,062 | ||||||
Valvoline,
Inc. |
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. |
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., |
255,000 | 254,248 | ||||||
|
|
|||||||
(Cost $1,404,965) |
1,368,965 | |||||||
|
|
|||||||
Mining — 1.2% | ||||||||
FMG
Resources August 2006 Pty Ltd. |
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, |
305,000 | 288,122 | ||||||
Nexa
Resources SA |
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. |
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, |
214,000 | 210,501 | ||||||
|
|
|||||||
(Cost $1,128,004) |
1,006,314 | |||||||
|
|
Principal |
Value |
|||||||
Internet — 3.0% | ||||||||
Gen
Digital, Inc. |
$ | 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. |
322,000 | 308,629 | ||||||
144A, 3.50%, 3/1/29 |
429,000 | 369,108 | ||||||
Match
Group Holdings II LLC |
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. |
214,000 | 196,293 | ||||||
3.125%, 1/14/31 |
351,000 | 281,105 | ||||||
Uber
Technologies, Inc. |
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, |
247,000 | 212,675 | ||||||
|
|
|||||||
(Cost $6,854,548) |
6,617,466 | |||||||
|
|
|||||||
Media — 6.5% | ||||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
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. |
536,000 | 471,198 | ||||||
144A, 5.125%, 2/15/32 |
268,000 | 242,781 | ||||||
Nexstar
Media, Inc., 144A, |
918,000 | 863,716 | ||||||
Sirius
XM Radio, Inc. |
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, |
295,000 | 281,354 | ||||||
Telenet
Finance Luxembourg Notes SARL, 144A, |
600,000 | 551,400 | ||||||
Univision
Communications, Inc., 144A, |
588,000 | 580,444 | ||||||
Videotron
Ltd. |
322,000 | 308,605 | ||||||
144A, 3.625%, 6/15/29 |
268,000 | 230,389 | ||||||
Virgin
Media Secured Finance PLC |
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 |
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. |
405,000 | 374,037 | ||||||
144A, 3.875%, 11/15/29 |
400,000 | 353,671 | ||||||
Vmed
O2 UK Financing I PLC |
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, |
643,000 | 594,452 | ||||||
American
Airlines, Inc., 144A, |
1,030,000 | 1,128,257 | ||||||
Delta
Air Lines, Inc. |
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. |
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, |
||||||||
(Cost $228,264) |
268,000 | 217,999 | ||||||
|
|
|||||||
Auto Manufacturers — 4.5% | ||||||||
Allison
Transmission, Inc. |
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. |
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 |
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 |
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. |
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, |
250,000 | 250,127 | ||||||
Clarios
Global LP / Clarios US Finance Co. |
481,000 | 476,780 | ||||||
144A, 6.75%, 5/15/28 |
402,000 | 401,321 | ||||||
Goodyear
Tire & Rubber Co. |
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. |
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. |
375,000 | 339,823 | ||||||
144A, 3.875%, 11/15/29 |
214,000 | 184,684 | ||||||
H&E
Equipment Services, Inc., 144A, |
670,000 | 585,602 | ||||||
Ritchie
Bros Holdings, Inc. |
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. |
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, |
530,000 | 530,857 | ||||||
CDI
Escrow Issuer, Inc., 144A, |
643,000 | 598,740 | ||||||
Cedar
Fair LP, |
268,000 | 241,586 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. /
Millennium Op |
536,000 | 532,235 | ||||||
5.375%, 4/15/27 |
268,000 | 253,614 | ||||||
Churchill
Downs, Inc. |
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 |
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 |
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. |
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, |
268,000 | 252,496 | ||||||
Vail
Resorts, Inc., 144A, |
322,000 | 321,160 | ||||||
WMG
Acquisition Corp. |
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. |
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. |
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. |
245,000 | 244,095 | ||||||
144A, 3.875%, 4/15/29 |
236,000 | 206,194 | ||||||
Taylor
Morrison Communities, Inc. |
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, |
||||||||
(Cost $438,962) |
429,000 | 368,857 | ||||||
|
|
|||||||
Leisure Time — 2.5% | ||||||||
Carnival
Corp. |
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, |
1,088,000 | 1,184,282 | ||||||
Life
Time, Inc., 144A, |
496,000 | 484,341 |
Principal |
Value |
|||||||
Leisure Time (Continued) | ||||||||
NCL
Corp. Ltd. |
$ | 303,000 | $ | 290,495 | ||||
144A, 5.875%, 2/15/27 |
536,000 | 519,699 | ||||||
Royal
Caribbean Cruises Ltd. |
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. |
536,000 | 502,933 | ||||||
144A, 4.75%, 6/15/31 |
482,000 | 425,028 | ||||||
Hilton
Domestic Operating Co., Inc. |
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 |
455,000 | 403,802 | ||||||
144A, 4.875%, 7/1/31 |
268,000 | 226,219 | ||||||
Las
Vegas Sands Corp. |
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 |
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, |
370,000 | 331,483 | ||||||
Travel
+ Leisure Co. |
348,000 | 343,550 | ||||||
6.00%, 4/1/27 |
214,000 | 207,839 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
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. |
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. |
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 |
Value |
|||||||
Retail (Continued) | ||||||||
Bath
& Body Works, Inc., |
$ | 268,000 | $ | 257,359 | ||||
Beacon
Roofing Supply, Inc., 144A, |
300,000 | 296,700 | ||||||
FirstCash,
Inc. |
268,000 | 238,631 | ||||||
144A, 5.625%, 1/1/30 |
295,000 | 268,122 | ||||||
Lithia
Motors, Inc. |
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 |
228,000 | 199,705 | ||||||
144A, 6.125%, 3/15/32 |
228,000 | 195,715 | ||||||
Murphy
Oil USA, Inc. |
268,000 | 246,155 | ||||||
144A, 3.75%, 2/15/31 |
268,000 | 225,683 | ||||||
Penske
Automotive Group, Inc. |
295,000 | 281,470 | ||||||
3.75%, 6/15/29 |
268,000 | 229,955 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
643,000 | 577,382 | ||||||
SRS
Distribution, Inc., 144A, |
348,000 | 310,137 | ||||||
Yum!
Brands, Inc. |
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. |
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, |
536,000 | 468,552 | ||||||
APX
Group, Inc., 144A, |
322,000 | 311,913 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
268,000 | 243,935 | ||||||
144A, 5.375%, 3/1/29 |
322,000 | 295,897 | ||||||
Block,
Inc. |
536,000 | 487,933 | ||||||
3.50%, 6/1/31 |
536,000 | 439,991 | ||||||
Brink’s
Co. |
214,000 | 210,619 | ||||||
144A, 4.625%, 10/15/27 |
322,000 | 299,754 | ||||||
Gartner,
Inc. |
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 |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Herc
Holdings, Inc., 144A, |
$ | 643,000 | $ | 617,785 | ||||
Hertz
Corp., 144A, |
268,000 | 242,886 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
703,000 | 690,523 | ||||||
144A, 3.375%, 8/31/27 |
536,000 | 477,194 | ||||||
Service
Corp. International |
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. |
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. |
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, |
482,000 | 463,771 | ||||||
Coty,
Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,
144A, |
400,000 | 399,654 | ||||||
Edgewell
Personal Care Co., 144A, |
402,000 | 379,251 | ||||||
|
|
|||||||
(Cost $1,283,749) |
1,242,676 | |||||||
|
|
|||||||
Food — 3.8% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons
LLC |
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. |
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. |
568,000 | 547,511 | ||||||
144A, 4.25%, 8/1/29 |
536,000 | 472,192 | ||||||
Pilgrim’s
Pride Corp. |
455,000 | 450,315 | ||||||
3.50%, 3/1/32 |
462,000 | 372,469 | ||||||
6.25%, 7/1/33 |
536,000 | 532,644 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Food (Continued) | ||||||||
Post
Holdings, Inc. |
$ | 246,000 | $ | 240,655 | ||||
144A, 5.625%, 1/15/28 |
504,000 | 483,873 | ||||||
US
Foods, Inc. |
497,000 | 498,742 | ||||||
144A, 4.75%, 2/15/29 |
482,000 | 439,930 | ||||||
144A, 4.625%, 6/1/30 |
268,000 | 238,445 | ||||||
|
|
|||||||
(Cost $9,010,582) |
8,577,291 | |||||||
|
|
|||||||
Healthcare-Products — 2.5% | ||||||||
Avantor
Funding, Inc. |
816,000 | 758,257 | ||||||
144A, 3.875%, 11/1/29 |
429,000 | 376,653 | ||||||
Hologic,
Inc. |
214,000 | 201,343 | ||||||
144A, 3.25%, 2/15/29 |
509,000 | 442,533 | ||||||
Medline
Borrower LP |
2,391,000 | 2,083,066 | ||||||
144A, 5.25%, 10/1/29 |
1,325,000 | 1,177,994 | ||||||
Teleflex,
Inc. |
268,000 | 252,994 | ||||||
144A, 4.25%, 6/1/28 |
268,000 | 246,804 | ||||||
|
|
|||||||
(Cost $5,742,478) |
5,539,644 | |||||||
|
|
|||||||
Healthcare-Services — 5.2% | ||||||||
Catalent
Pharma Solutions, Inc. |
268,000 | 250,504 | ||||||
144A, 3.125%, 2/15/29 |
295,000 | 248,532 | ||||||
144A, 3.50%, 4/1/30 |
348,000 | 292,968 | ||||||
Charles
River Laboratories International, Inc. |
268,000 | 246,285 | ||||||
144A, 3.75%, 3/15/29 |
268,000 | 236,793 | ||||||
144A, 4.00%, 3/15/31 |
268,000 | 231,678 | ||||||
Encompass
Health Corp. |
429,000 | 398,864 | ||||||
4.75%, 2/1/30 |
429,000 | 391,688 | ||||||
4.625%, 4/1/31 |
214,000 | 187,782 | ||||||
IQVIA,
Inc. |
563,000 | 544,375 | ||||||
144A, 5.00%, 5/15/27 |
589,000 | 567,567 | ||||||
144A, 6.50%, 5/15/30 |
268,000 | 269,773 | ||||||
Molina
Healthcare, Inc. |
429,000 | 394,121 | ||||||
144A, 3.875%, 11/15/30 |
328,000 | 280,391 | ||||||
144A, 3.875%, 5/15/32 |
402,000 | 333,799 | ||||||
Select
Medical Corp., 144A, |
630,000 | 624,634 | ||||||
Tenet
Healthcare Corp. |
1,125,000 | 1,089,678 | ||||||
6.25%, 2/1/27 |
804,000 | 792,450 | ||||||
5.125%, 11/1/27 |
804,000 | 761,413 | ||||||
4.625%, 6/15/28 |
322,000 | 296,799 | ||||||
4.25%, 6/1/29 |
750,000 | 669,771 | ||||||
4.375%, 1/15/30 |
777,000 | 691,031 | ||||||
6.125%, 6/15/30 |
1,032,000 | 1,001,287 | ||||||
144A, 6.75%, 5/15/31 |
723,000 | 720,208 | ||||||
|
|
|||||||
(Cost $12,262,475) |
11,522,391 | |||||||
|
|
Principal |
Value |
|||||||
Household Products/Wares — 0.1% | ||||||||
Central
Garden & Pet Co., |
||||||||
(Cost $245,766) |
$ | 268,000 | $ | 230,900 | ||||
|
|
|||||||
Pharmaceuticals — 2.3% | ||||||||
Jazz
Securities DAC, 144A, |
804,000 | 721,098 | ||||||
Organon
& Co. / Organon Foreign Debt Co.-Issuer BV, 144A, |
1,105,000 | 1,001,042 | ||||||
Perrigo
Finance Unlimited Co. |
375,000 | 362,464 | ||||||
4.375%, 3/15/26 |
375,000 | 356,316 | ||||||
4.65%, 6/15/30 |
402,000 | 356,126 | ||||||
Prestige
Brands, Inc. |
214,000 | 203,033 | ||||||
144A, 3.75%, 4/1/31 |
322,000 | 266,745 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
228,000 | 229,563 | ||||||
3.15%, 10/1/26 |
1,780,000 | 1,611,299 | ||||||
|
|
|||||||
(Cost $5,433,799) |
5,107,686 | |||||||
|
|
|||||||
Energy — 8.2% | ||||||||
Oil & Gas — 4.1% | ||||||||
Antero
Resources Corp. |
218,000 | 223,362 | ||||||
144A, 5.375%, 3/1/30 |
322,000 | 301,507 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
320,000 | 318,439 | ||||||
144A, 5.875%, 6/30/29 |
214,000 | 195,146 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
185,000 | 189,858 | ||||||
Chesapeake
Energy Corp. |
268,000 | 261,821 | ||||||
144A, 5.875%, 2/1/29 |
268,000 | 256,700 | ||||||
144A, 6.75%, 4/15/29 |
509,000 | 505,810 | ||||||
Civitas
Resources, Inc., 144A, |
214,000 | 202,362 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 144A, |
483,000 | 474,982 | ||||||
Matador
Resources Co. |
375,000 | 366,094 | ||||||
144A, 6.875%, 4/15/28 |
268,000 | 267,820 | ||||||
MEG
Energy Corp. |
203,000 | 205,424 | ||||||
144A, 5.875%, 2/1/29 |
322,000 | 307,961 | ||||||
Murphy
Oil Corp. |
291,000 | 286,370 | ||||||
6.375%, 7/15/28 |
242,000 | 242,070 | ||||||
Parkland
Corp., 144A, |
268,000 | 259,143 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp., |
358,000 | 358,346 | ||||||
Permian
Resources Operating LLC, 144A, |
375,000 | 362,014 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Range
Resources Corp. |
$ | 369,000 | $ | 361,044 | ||||
8.25%, 1/15/29 |
322,000 | 334,579 | ||||||
144A, 4.75%, 2/15/30 |
268,000 | 242,268 | ||||||
Southwestern
Energy Co. |
373,000 | 354,367 | ||||||
5.375%, 3/15/30 |
643,000 | 601,683 | ||||||
4.75%, 2/1/32 |
596,000 | 528,588 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
322,000 | 318,951 | ||||||
4.50%, 5/15/29 |
429,000 | 388,387 | ||||||
4.50%, 4/30/30 |
428,000 | 381,920 | ||||||
|
|
|||||||
(Cost $9,353,139) |
9,097,016 | |||||||
|
|
|||||||
Pipelines — 4.1% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
295,000 | 300,047 | ||||||
144A, 5.375%, 6/15/29 |
402,000 | 376,761 | ||||||
Buckeye
Partners LP |
268,000 | 258,333 | ||||||
4.125%, 12/1/27 |
214,000 | 194,781 | ||||||
CQP
Holdco LP / BIP-V Chinook Holdco LLC, 144A, |
750,000 | 684,803 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp., |
268,000 | 265,638 | ||||||
DT
Midstream, Inc. |
589,000 | 522,467 | ||||||
144A, 4.375%, 6/15/31 |
536,000 | 464,551 | ||||||
EnLink
Midstream LLC |
268,000 | 259,483 | ||||||
5.375%, 6/1/29 |
242,000 | 231,004 | ||||||
144A, 6.50%, 9/1/30 |
536,000 | 537,982 | ||||||
EnLink
Midstream Partners LP |
226,000 | 218,937 | ||||||
4.85%, 7/15/26 |
263,000 | 252,725 | ||||||
EQM
Midstream Partners LP |
214,000 | 211,953 | ||||||
4.125%, 12/1/26 |
268,000 | 251,858 | ||||||
Hess
Midstream Operations LP |
426,000 | 415,503 | ||||||
144A, 5.125%, 6/15/28 |
295,000 | 276,994 | ||||||
144A, 4.25%, 2/15/30 |
382,000 | 336,227 | ||||||
144A, 5.50%, 10/15/30 |
214,000 | 200,555 | ||||||
NuStar
Logistics LP, |
322,000 | 316,038 | ||||||
Rockies
Express Pipeline LLC |
214,000 | 202,053 | ||||||
144A, 4.95%, 7/15/29 |
295,000 | 270,425 | ||||||
Venture
Global Calcasieu Pass LLC |
670,000 | 580,257 | ||||||
144A, 6.25%, 1/15/30 |
536,000 | 522,617 | ||||||
144A, 4.125%, 8/15/31 |
645,000 | 547,774 | ||||||
144A, 3.875%, 11/1/33 |
670,000 | 544,844 | ||||||
|
|
|||||||
(Cost $10,036,936) |
9,244,610 | |||||||
|
|
Principal |
Value |
|||||||
Financial — 9.1% | ||||||||
Diversified Financial Services — 2.7% | ||||||||
AG
Issuer LLC, 144A, |
$ | 268,000 | $ | 257,021 | ||||
AG
TTMT Escrow Issuer LLC, 144A, |
268,000 | 276,477 | ||||||
Nationstar
Mortgage Holdings, Inc., 144A, |
315,000 | 301,505 | ||||||
Navient
Corp. |
268,000 | 264,243 | ||||||
6.75%, 6/25/25 |
268,000 | 266,434 | ||||||
6.75%, 6/15/26 |
260,000 | 255,726 | ||||||
NFP
Corp., 144A, |
295,000 | 263,526 | ||||||
OneMain
Finance Corp. |
669,000 | 666,254 | ||||||
3.50%, 1/15/27 |
402,000 | 350,202 | ||||||
PennyMac
Financial Services, Inc., 144A, |
337,000 | 326,486 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
616,000 | 548,086 | ||||||
144A, 3.625%, 3/1/29 |
402,000 | 342,670 | ||||||
144A, 3.875%, 3/1/31 |
650,000 | 530,923 | ||||||
144A, 4.00%, 10/15/33 |
455,000 | 360,498 | ||||||
SLM
Corp. |
268,000 | 252,295 | ||||||
3.125%, 11/2/26 |
268,000 | 238,793 | ||||||
United
Wholesale Mortgage LLC, 144A, |
429,000 | 412,908 | ||||||
|
|
|||||||
(Cost $6,406,352) |
5,914,047 | |||||||
|
|
|||||||
Insurance — 1.8% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc., 144A, |
375,000 | 324,680 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
402,000 | 365,395 | ||||||
144A, 6.75%, 4/15/28 |
670,000 | 660,718 | ||||||
AssuredPartners,
Inc., 144A, |
268,000 | 265,611 | ||||||
HUB
International Ltd. |
895,000 | 894,128 | ||||||
144A, 5.625%, 12/1/29 |
295,000 | 260,551 | ||||||
144A, 7.25%, 6/15/30 |
1,145,000 | 1,160,422 | ||||||
|
|
|||||||
(Cost $3,956,953) |
3,931,505 | |||||||
|
|
|||||||
Real Estate — 0.4% | ||||||||
Howard
Hughes Corp. |
402,000 | 362,488 | ||||||
144A, 4.125%, 2/1/29 |
348,000 | 287,441 | ||||||
144A, 4.375%, 2/1/31 |
348,000 | 277,383 | ||||||
|
|
|||||||
(Cost $1,080,736) |
927,312 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 4.2% | ||||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
214,000 | 210,228 | ||||||
144A, 3.375%, 6/15/26 |
536,000 | 481,710 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Iron
Mountain, Inc. |
$ | 536,000 | $ | 503,828 | ||||
144A, 5.25%, 3/15/28 |
442,000 | 414,821 | ||||||
144A, 5.00%, 7/15/28 |
268,000 | 248,478 | ||||||
144A, 7.00%, 2/15/29 |
536,000 | 535,093 | ||||||
144A, 4.875%, 9/15/29 |
536,000 | 484,821 | ||||||
144A, 5.25%, 7/15/30 |
667,000 | 601,691 | ||||||
144A, 4.50%, 2/15/31 |
589,000 | 506,558 | ||||||
144A, 5.625%, 7/15/32 |
322,000 | 289,255 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |
348,000 | 348,709 | ||||||
144A, 5.875%, 10/1/28 |
368,000 | 340,771 | ||||||
144A, 4.875%, 5/15/29 |
402,000 | 349,097 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
355,000 | 330,376 | ||||||
144A, 7.25%, 7/15/28 |
214,000 | 215,262 | ||||||
144A, 4.50%, 2/15/29 |
322,000 | 282,941 | ||||||
RLJ
Lodging Trust LP |
268,000 | 245,796 | ||||||
144A, 4.00%, 9/15/29 |
268,000 | 224,370 | ||||||
SBA
Communications Corp. |
802,000 | 742,226 | ||||||
3.125%, 2/1/29 |
804,000 | 688,453 | ||||||
Service
Properties Trust, |
442,000 | 425,745 | ||||||
Starwood
Property Trust, Inc. |
214,000 | 205,981 | ||||||
4.75%, 3/15/25 |
268,000 | 259,297 | ||||||
XHR
LP |
268,000 | 265,023 | ||||||
144A, 4.875%, 6/1/29 |
268,000 | 232,100 | ||||||
|
|
|||||||
(Cost $9,972,700) |
9,432,630 | |||||||
|
|
|||||||
Industrial — 11.8% | ||||||||
Aerospace/Defense — 3.6% | ||||||||
Howmet
Aerospace, Inc., |
554,000 | 548,726 | ||||||
Rolls-Royce
PLC |
536,000 | 505,180 | ||||||
144A, 5.75%, 10/15/27 |
536,000 | 520,823 | ||||||
TransDigm,
Inc. |
2,053,000 | 2,035,617 | ||||||
6.375%, 6/15/26 |
410,000 | 410,388 | ||||||
7.50%, 3/15/27 |
244,000 | 244,736 | ||||||
5.50%, 11/15/27 |
1,267,000 | 1,203,352 | ||||||
144A, 6.75%, 8/15/28 |
998,000 | 1,002,516 | ||||||
4.625%, 1/15/29 |
572,000 | 512,958 | ||||||
4.875%, 5/1/29 |
351,000 | 316,137 | ||||||
144A, 6.875%, 12/15/30 |
700,000 | 705,411 | ||||||
|
|
|||||||
(Cost $8,088,157) |
8,005,844 | |||||||
|
|
|||||||
Building Materials — 1.5% | ||||||||
Builders
FirstSource, Inc. |
295,000 | 271,283 |
Principal |
Value |
|||||||
Building Materials (Continued) | ||||||||
144A, 4.25%, 2/1/32 |
$ | 697,000 | $ | 593,171 | ||||
144A, 6.375%, 6/15/32 |
360,000 | 351,252 | ||||||
Standard
Industries, Inc. |
455,000 | 431,849 | ||||||
144A, 4.75%, 1/15/28 |
536,000 | 494,204 | ||||||
144A, 4.375%, 7/15/30 |
857,000 | 734,946 | ||||||
Summit
Materials LLC / Summit Materials Finance Corp., 144A, |
375,000 | 351,664 | ||||||
|
|
|||||||
(Cost $3,365,187) |
3,228,369 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.7% | ||||||||
WESCO
Distribution, Inc. |
804,000 | 808,333 | ||||||
144A, 7.25%, 6/15/28 |
710,000 | 720,846 | ||||||
|
|
|||||||
(Cost $1,549,281) |
1,529,179 | |||||||
|
|
|||||||
Electronics — 0.8% | ||||||||
Sensata
Technologies BV |
214,000 | 212,278 | ||||||
144A, 5.00%, 10/1/25 |
374,000 | 364,856 | ||||||
144A, 4.00%, 4/15/29 |
536,000 | 471,200 | ||||||
144A, 5.875%, 9/1/30 |
268,000 | 253,565 | ||||||
Sensata
Technologies, Inc. |
241,000 | 213,385 | ||||||
144A, 3.75%, 2/15/31 |
382,000 | 320,452 | ||||||
|
|
|||||||
(Cost $2,062,240) |
1,835,736 | |||||||
|
|
|||||||
Engineering & Construction — 0.1% | ||||||||
Fluor
Corp., |
||||||||
(Cost $298,775) |
320,000 | 298,704 | ||||||
|
|
|||||||
Environmental Control — 1.2% | ||||||||
Clean
Harbors, Inc., 144A, |
268,000 | 266,809 | ||||||
GFL
Environmental, Inc. |
268,000 | 259,482 | ||||||
144A, 3.75%, 8/1/25 |
402,000 | 383,136 | ||||||
144A, 5.125%, 12/15/26 |
268,000 | 259,580 | ||||||
144A, 4.00%, 8/1/28 |
402,000 | 359,182 | ||||||
144A, 3.50%, 9/1/28 |
382,000 | 338,020 | ||||||
144A, 4.75%, 6/15/29 |
402,000 | 364,543 | ||||||
144A, 4.375%, 8/15/29 |
295,000 | 261,123 | ||||||
Stericycle,
Inc., 144A, |
268,000 | 233,695 | ||||||
|
|
|||||||
(Cost $2,872,422) |
2,725,570 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand,
Inc., |
||||||||
(Cost $216,432) |
214,000 | 212,860 | ||||||
|
|
|||||||
Packaging & Containers — 3.3% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance
PLC |
302,000 | 294,785 | ||||||
144A, 3.25%, 9/1/28 |
322,000 | 273,744 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
$ | 375,000 | $ | 365,755 | ||||
144A, 4.125%, 8/15/26 |
651,000 | 608,722 | ||||||
Ball
Corp. |
536,000 | 529,016 | ||||||
4.875%, 3/15/26 |
402,000 | 390,503 | ||||||
6.875%, 3/15/28 |
402,000 | 408,173 | ||||||
6.00%, 6/15/29 |
536,000 | 528,688 | ||||||
2.875%, 8/15/30 |
697,000 | 569,100 | ||||||
3.125%, 9/15/31 |
435,000 | 352,592 | ||||||
Berry
Global, Inc., 144A, |
268,000 | 262,965 | ||||||
Crown
Americas LLC, |
268,000 | 252,804 | ||||||
Graphic
Packaging International LLC |
241,000 | 214,944 | ||||||
144A, 3.75%, 2/1/30 |
214,000 | 182,614 | ||||||
OI
European Group BV, 144A, |
214,000 | 192,842 | ||||||
Pactiv
Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,
144A, |
536,000 | 482,122 | ||||||
Sealed
Air Corp. |
225,000 | 222,114 | ||||||
144A, 5.50%, 9/15/25 |
214,000 | 210,994 | ||||||
144A, 4.00%, 12/1/27 |
228,000 | 208,161 | ||||||
144A, 5.00%, 4/15/29 |
228,000 | 211,405 | ||||||
Sealed
Air Corp./Sealed Air Corp., 144A, |
415,000 | 408,083 | ||||||
Silgan
Holdings, Inc., |
305,000 | 279,722 | ||||||
|
|
|||||||
(Cost $7,999,177) |
7,449,848 | |||||||
|
|
|||||||
Trucking & Leasing — 0.5% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
348,000 | 343,962 | ||||||
144A, 9.75%, 8/1/27 |
214,000 | 222,282 | ||||||
144A, 5.50%, 5/1/28 |
536,000 | 498,408 | ||||||
|
|
|||||||
(Cost $1,061,245) |
1,064,652 | |||||||
|
|
|||||||
Technology — 4.8% | ||||||||
Computers — 1.5% | ||||||||
NCR
Corp. |
271,000 | 273,904 | ||||||
144A, 5.00%, 10/1/28 |
329,000 | 302,209 | ||||||
144A, 6.125%, 9/1/29 |
268,000 | 276,203 | ||||||
Presidio
Holdings, Inc., 144A, |
281,000 | 263,005 | ||||||
Seagate
HDD Cayman |
257,000 | 251,316 | ||||||
4.875%, 6/1/27 |
271,000 | 259,751 | ||||||
4.091%, 6/1/29 |
265,000 | 232,220 | ||||||
144A, 8.25%, 12/15/29 |
268,000 | 281,418 | ||||||
Western
Digital Corp., |
1,232,000 | 1,174,614 | ||||||
|
|
|||||||
(Cost $3,402,060) |
3,314,640 | |||||||
|
|
Principal |
Value |
|||||||
Semiconductors — 0.9% | ||||||||
Entegris
Escrow Corp. |
$ | 857,000 | $ | 795,662 | ||||
144A, 5.95%, 6/15/30 |
480,000 | 460,143 | ||||||
Entegris,
Inc. |
194,000 | 177,049 | ||||||
144A, 3.625%, 5/1/29 |
214,000 | 184,124 | ||||||
ON
Semiconductor Corp., 144A, |
375,000 | 334,161 | ||||||
|
|
|||||||
(Cost $2,002,461) |
1,951,139 | |||||||
|
|
|||||||
Software — 2.4% | ||||||||
Boxer
Parent Co., Inc., 144A, |
322,000 | 322,692 | ||||||
Clarivate
Science Holdings Corp., 144A, |
494,000 | 436,349 | ||||||
Fair
Isaac Corp. |
214,000 | 207,914 | ||||||
144A, 4.00%, 6/15/28 |
482,000 | 441,275 | ||||||
Open
Text Corp. |
482,000 | 429,398 | ||||||
144A, 3.875%, 12/1/29 |
455,000 | 386,395 | ||||||
Open
Text Holdings, Inc. |
482,000 | 415,797 | ||||||
144A, 4.125%, 12/1/31 |
333,000 | 276,761 | ||||||
PTC,
Inc. |
268,000 | 258,934 | ||||||
144A, 4.00%, 2/15/28 |
268,000 | 246,472 | ||||||
ROBLOX
Corp., 144A, |
536,000 | 442,686 | ||||||
SS&C
Technologies, Inc., 144A, |
1,072,000 | 1,033,034 | ||||||
Twilio,
Inc. |
268,000 | 230,171 | ||||||
3.875%, 3/15/31 |
268,000 | 224,691 | ||||||
|
|
|||||||
(Cost $5,737,645) |
5,352,569 | |||||||
|
|
|||||||
Utilities — 3.1% | ||||||||
Electric — 2.9% | ||||||||
Calpine
Corp. |
225,000 | 220,951 | ||||||
144A, 4.50%, 2/15/28 |
670,000 | 621,524 | ||||||
144A, 3.75%, 3/1/31 |
482,000 | 402,882 | ||||||
Clearway
Energy Operating LLC |
430,000 | 397,881 | ||||||
144A, 3.75%, 2/15/31 |
496,000 | 408,335 | ||||||
DPL,
Inc., |
222,000 | 211,387 | ||||||
FirstEnergy
Corp. |
804,000 | 759,302 | ||||||
2.65%, 3/1/30 |
322,000 | 269,035 | ||||||
Series B, 2.25%, 9/1/30 |
241,000 | 193,634 | ||||||
NextEra
Energy Operating Partners LP |
268,000 | 247,848 | ||||||
144A, 4.50%, 9/15/27 |
295,000 | 274,110 | ||||||
Vistra
Operations Co. LLC |
536,000 | 517,483 | ||||||
144A, 5.625%, 2/15/27 |
697,000 | 671,611 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
144A, 5.00%, 7/31/27 |
$ | 667,000 | $ | 627,920 | ||||
144A, 4.375%, 5/1/29 |
670,000 | 591,327 | ||||||
|
|
|||||||
(Cost $6,970,315) |
6,415,230 | |||||||
|
|
|||||||
Gas — 0.2% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp., |
||||||||
(Cost $366,925) |
375,000 | 368,395 | ||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
219,110,839 | |||||||
|
|
|||||||
Number |
||||||||
CASH EQUIVALENTS — 1.5% | ||||||||
DWS
Government Money Market Series “Institutional Shares”,
5.28% (a) |
3,360,237 | 3,360,237 | ||||||
|
|
|||||||
TOTAL INVESTMENTS — 99.8% (Cost $235,509,406) |
$ | 222,471,076 | ||||||
Other assets and liabilities, net — 0.2% |
537,028 | |||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 223,008,104 | ||||||
|
|
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 |
||||||||||||||||||||||||||||
CORPORATE BONDS — 0.0% |
|
|||||||||||||||||||||||||||||||||||
Financial — 0.0% |
|
|||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 5.882%, 7/08/31 (b) |
|
|||||||||||||||||||||||||||||||||||
1,552,065 | — | (1,467,170 | ) | (398,114 | ) | 313,219 | 15,533 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.729%, 1/14/32 (b) |
|
|||||||||||||||||||||||||||||||||||
3,038,749 | — | (2,883,343 | ) | (973,927 | ) | 818,521 | 24,591 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.742%, 1/07/33 (b) |
|
|||||||||||||||||||||||||||||||||||
2,794,732 | 46,341 | (2,703,931 | ) | (903,636 | ) | 766,494 | 24,328 | — | — | — | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(c) |
|
|||||||||||||||||||||||||||||||||||
9,125,075 | — | (9,125,075 | )(d) | — | — | 135,202 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS —1.5% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
|
|||||||||||||||||||||||||||||||||||
10,573,885 | 99,268,024 | (106,481,672 | ) | — | — | 211,084 | — | 3,360,237 | 3,360,237 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
27,084,506 | 99,314,365 | (122,661,191 | ) | (2,275,677 | ) | 1,898,234 | 410,738 | — | 3,360,237 | 3,360,237 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) |
Affiliated issuer. This security is owned in proportion with its representation in the index. |
(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. |
GMTN: | Global Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
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) |
$ | — | $ | 219,110,839 | $ | — | $ | 219,110,839 | ||||||||
Short-Term Investments (a) |
3,360,237 | — | — | 3,360,237 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 3,360,237 | $ | 219,110,839 | $ | — | $ | 222,471,076 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF
August 31, 2023
Number |
Value |
|||||||
EXCHANGE-TRADED FUNDS — 99.3% | ||||||||
Xtrackers
High Beta High Yield Bond |
24,207 | $ | 967,365 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
1,232,679 | 42,650,693 | ||||||
|
|
|||||||
(Cost $47,510,824) |
43,618,058 | |||||||
|
|
|||||||
SECURITIES LENDING COLLATERAL — 14.9% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 5.27% (c)(d) |
6,535,150 | 6,535,150 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.7% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (c) |
311,422 | 311,422 | ||||||
|
|
|||||||
TOTAL INVESTMENTS — 114.9% (Cost $54,357,396) |
$ | 50,464,630 | ||||||
Other assets and liabilities, net — (14.9%) |
(6,538,593 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 43,926,037 | ||||||
|
|
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 |
||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 99.3% |
|
|||||||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a)(b) |
|
|||||||||||||||||||||||||||||||||||
1,090,918 | 36,452 | (169,408 | ) | (7,537 | ) | 16,940 | 77,228 | — | 24,207 | 967,365 | ||||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
|
|||||||||||||||||||||||||||||||||||
48,129,309 | 1,784,428 | (7,833,340 | ) | (281,017 | ) | 851,313 | 2,632,251 | — | 1,232,679 | 42,650,693 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 14.9% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) |
|
|||||||||||||||||||||||||||||||||||
— | 6,535,150 (e | ) | — | — | — | 2,638 | — | 6,535,150 | 6,535,150 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.7% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) |
|
|||||||||||||||||||||||||||||||||||
374,305 | 501,480 | (564,363 | ) | — | — | 16,386 | — | 311,422 | 311,422 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
49,594,532 | 8,857,510 | (8,567,111 | ) | (288,554 | ) | 868,253 | 2,728,503 | — | 8,103,458 | 50,464,630 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Affiliated fund advised by DBX Advisors LLC. |
(b) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2023 amounted to $6,369,617, which is 14.5% of net assets. |
(c) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)
August 31, 2023
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 | ||||||||||||
Exchange-Traded Funds |
$ | 43,618,058 | $ | — | $ | — | $ | 43,618,058 | ||||||||
Short-Term Investments (a) |
6,846,572 | — | — | 6,846,572 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 50,464,630 | $ | — | $ | — | $ | 50,464,630 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF
August 31, 2023
Principal |
Value |
|||||||
CORPORATE BONDS — 97.9% | ||||||||
Basic Materials — 3.9% | ||||||||
Chemicals — 1.5% | ||||||||
Avient
Corp., 144A, |
$ | 170,000 | $ | 167,902 | ||||
Chemours
Co., |
91,000 | 85,625 | ||||||
INEOS
Finance PLC, 144A, |
74,000 | 70,921 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
83,000 | 75,954 | ||||||
Methanex
Corp., |
115,000 | 107,980 | ||||||
NOVA
Chemicals Corp. |
200,000 | 196,927 | ||||||
144A, 5.00%, 5/1/25 |
97,000 | 92,236 | ||||||
144A, 5.25%, 6/1/27 |
179,000 | 159,354 | ||||||
Olin
Corp., |
83,000 | 79,546 | ||||||
SCIH
Salt Holdings, Inc., 144A, |
191,000 | 171,888 | ||||||
|
|
|||||||
(Cost $1,226,367) |
1,208,333 | |||||||
|
|
|||||||
Iron/Steel — 0.6% | ||||||||
Cleveland-Cliffs,
Inc. |
170,000 | 170,244 | ||||||
5.875%, 6/1/27 |
100,000 | 96,419 | ||||||
Mineral
Resources Ltd. |
113,000 | 112,921 | ||||||
144A, 8.00%, 11/1/27 |
126,000 | 125,716 | ||||||
|
|
|||||||
(Cost $513,976) |
505,300 | |||||||
|
|
|||||||
Mining — 1.8% | ||||||||
First
Quantum Minerals Ltd. |
146,000 | 146,109 | ||||||
144A, 6.875%, 3/1/26 |
174,000 | 171,702 | ||||||
144A, 6.875%, 10/15/27 |
250,000 | 243,710 | ||||||
FMG
Resources August 2006 Pty Ltd., 144A, |
100,000 | 92,377 | ||||||
Hudbay
Minerals, Inc., 144A, |
125,000 | 118,083 | ||||||
Kaiser
Aluminum Corp., 144A, |
85,000 | 75,294 | ||||||
Nexa
Resources SA 144A, |
119,000 | 112,000 | ||||||
144A, 6.50%, 1/18/28 |
87,000 | 84,379 | ||||||
Vedanta
Resources Finance II PLC |
200,000 | 170,853 | ||||||
144A, 8.95%, 3/11/25 |
250,000 | 163,718 | ||||||
144A, 9.25%, 4/23/26 |
100,000 | 57,324 | ||||||
Vedanta
Resources Ltd., 144A, |
100,000 | 59,679 | ||||||
|
|
|||||||
(Cost $1,538,720) |
1,495,228 | |||||||
|
|
|||||||
Communications — 16.1% | ||||||||
Advertising — 0.7% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
202,000 | 181,060 | ||||||
144A, 7.75%, 4/15/28 |
174,000 | 137,030 |
Principal |
Value |
|||||||
Advertising (Continued) | ||||||||
Lamar
Media Corp., |
$ | 115,000 | $ | 104,845 | ||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
65,000 | 63,937 | ||||||
144A, 5.00%, 8/15/27 |
104,000 | 93,765 | ||||||
|
|
|||||||
(Cost $582,216) |
580,637 | |||||||
|
|
|||||||
Internet — 2.0% | ||||||||
Gen
Digital, Inc. |
160,000 | 157,000 | ||||||
144A, 6.75%, 9/30/27 |
156,000 | 156,348 | ||||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, |
100,000 | 95,848 | ||||||
Match
Group Holdings II LLC |
78,000 | 73,295 | ||||||
144A, 4.625%, 6/1/28 |
88,000 | 81,270 | ||||||
MercadoLibre,
Inc., |
50,000 | 45,863 | ||||||
Rakuten
Group, Inc., 144A, |
185,000 | 186,850 | ||||||
Uber
Technologies, Inc. |
225,000 | 227,346 | ||||||
144A, 8.00%, 11/1/26 |
244,000 | 248,657 | ||||||
144A, 7.50%, 9/15/27 |
236,000 | 240,794 | ||||||
144A, 6.25%, 1/15/28 |
80,000 | 79,288 | ||||||
|
|
|||||||
(Cost $1,586,919) |
1,592,559 | |||||||
|
|
|||||||
Media — 8.4% | ||||||||
Altice
Financing SA, 144A, |
208,000 | 169,297 | ||||||
AMC
Networks, Inc. |
126,000 | 124,748 | ||||||
4.75%, 8/1/25 |
132,000 | 123,867 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
100,000 | 97,751 | ||||||
144A, 5.125%, 5/1/27 |
565,000 | 532,809 | ||||||
144A, 5.00%, 2/1/28 |
420,000 | 387,416 | ||||||
CSC
Holdings LLC |
130,000 | 123,425 | ||||||
144A, 5.50%, 4/15/27 |
225,000 | 194,260 | ||||||
144A, 5.375%, 2/1/28 |
164,000 | 134,318 | ||||||
144A, 7.50%, 4/1/28 |
181,000 | 115,286 | ||||||
144A, 11.25%, 5/15/28 |
175,000 | 172,764 | ||||||
DISH
DBS Corp. |
327,000 | 304,465 | ||||||
7.75%, 7/1/26 |
372,000 | 278,312 | ||||||
144A, 5.25%, 12/1/26 |
485,000 | 409,612 | ||||||
7.375%, 7/1/28 |
130,000 | 81,766 | ||||||
DISH
Network Corp., 144A, |
622,000 | 631,603 | ||||||
Gray
Television, Inc. |
124,000 | 113,575 | ||||||
144A, 7.00%, 5/15/27 |
130,000 | 116,814 | ||||||
iHeartCommunications,
Inc. |
137,000 | 119,723 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Media (Continued) | ||||||||
8.375%, 5/1/27 |
$ | 172,000 | $ | 119,284 | ||||
144A, 5.25%, 8/15/27 |
133,000 | 105,503 | ||||||
144A, 4.75%, 1/15/28 |
80,000 | 61,735 | ||||||
McGraw-Hill
Education, Inc., 144A, |
140,000 | 124,376 | ||||||
Nexstar
Media, Inc., 144A, |
295,000 | 277,556 | ||||||
Sirius
XM Radio, Inc. |
220,000 | 198,704 | ||||||
144A, 5.00%, 8/1/27 |
228,000 | 210,581 | ||||||
144A, 4.00%, 7/15/28 |
340,000 | 294,424 | ||||||
TEGNA,
Inc. |
102,000 | 97,281 | ||||||
4.625%, 3/15/28 |
161,000 | 144,422 | ||||||
Telenet
Finance Luxembourg Notes SARL, 144A, |
200,000 | 183,800 | ||||||
Univision
Communications, Inc. |
178,000 | 175,713 | ||||||
144A, 6.625%, 6/1/27 |
268,000 | 259,724 | ||||||
144A, 8.00%, 8/15/28 |
80,000 | 79,874 | ||||||
UPC
Holding BV, 144A, |
70,000 | 62,370 | ||||||
Videotron
Ltd. |
121,000 | 120,192 | ||||||
144A, 5.125%, 4/15/27 |
80,000 | 76,672 | ||||||
VTR
Finance NV, 144A, |
85,000 | 39,168 | ||||||
Ziggo
Bond Co. BV, 144A, |
106,000 | 98,720 | ||||||
|
|
|||||||
(Cost $7,333,526) |
6,961,910 | |||||||
|
|
|||||||
Telecommunications — 5.0% | ||||||||
Altice
France Holding SA |
270,000 | 146,044 | ||||||
144A, 6.00%, 2/15/28 |
188,000 | 83,196 | ||||||
Altice
France SA |
291,000 | 246,197 | ||||||
144A, 5.50%, 1/15/28 |
179,000 | 134,303 | ||||||
C&W
Senior Financing DAC, 144A, |
212,000 | 196,956 | ||||||
CommScope
Technologies LLC |
215,000 | 196,646 | ||||||
144A, 5.00%, 3/15/27 |
139,000 | 77,432 | ||||||
CommScope,
Inc. |
245,000 | 222,892 | ||||||
144A, 8.25%, 3/1/27 |
176,000 | 116,783 | ||||||
144A, 7.125%, 7/1/28 |
104,000 | 58,044 | ||||||
Frontier
Communications Holdings LLC |
200,000 | 182,326 | ||||||
144A, 5.00%, 5/1/28 |
257,000 | 220,450 | ||||||
Hughes
Satellite Systems Corp. |
124,000 | 114,158 | ||||||
6.625%, 8/1/26 |
137,000 | 118,984 | ||||||
Iliad
Holding SASU, 144A, |
201,000 | 191,947 | ||||||
Level 3
Financing, Inc. |
108,000 | 99,743 | ||||||
144A, 4.625%, 9/15/27 |
197,000 | 148,195 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
144A, 4.25%, 7/1/28 |
$ | 170,000 | $ | 111,467 | ||||
Lumen
Technologies, Inc. |
85,000 | 44,109 | ||||||
144A, 4.00%, 2/15/27 |
214,000 | 134,686 | ||||||
Millicom
International Cellular SA, 144A, |
70,200 | 63,726 | ||||||
Sable
International Finance Ltd., 144A, |
82,000 | 76,146 | ||||||
Telecom
Italia SpA, 144A, |
259,000 | 255,870 | ||||||
VEON
Holdings BV, 144A, |
113,000 | 106,514 | ||||||
Viasat,
Inc. |
201,000 | 190,134 | ||||||
144A, 5.625%, 4/15/27 |
79,000 | 70,750 | ||||||
144A, 6.50%, 7/15/28 |
50,000 | 39,108 | ||||||
Windstream
Escrow LLC / Windstream Escrow Finance Corp., 144A, |
240,000 | 194,763 | ||||||
Zayo
Group Holdings, Inc. |
244,000 | 183,042 | ||||||
144A, 6.125%, 3/1/28 |
190,000 | 123,685 | ||||||
|
|
|||||||
(Cost $4,679,520) |
4,148,296 | |||||||
|
|
|||||||
Consumer, Cyclical — 24.5% | ||||||||
Airlines — 2.2% | ||||||||
Air
Canada, 144A, |
203,000 | 187,673 | ||||||
American
Airlines Group, Inc., 144A, |
85,000 | 81,420 | ||||||
American
Airlines, Inc. |
299,000 | 327,523 | ||||||
144A, 7.25%, 2/15/28 |
140,000 | 137,662 | ||||||
Delta
Air Lines, Inc. |
170,000 | 164,838 | ||||||
7.375%, 1/15/26 |
140,000 | 144,138 | ||||||
4.375%, 4/19/28 |
71,000 | 66,677 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
|
209,252 | 193,845 | ||||||
Spirit
Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
106,000 | 106,216 | ||||||
144A, 8.00%, 9/20/25 |
70,000 | 70,150 | ||||||
United
Airlines, Inc., 144A, |
365,000 | 344,114 | ||||||
|
|
|||||||
(Cost $1,889,110) |
1,824,256 | |||||||
|
|
|||||||
Apparel — 0.2% | ||||||||
Hanesbrands,
Inc., 144A, |
||||||||
(Cost $162,085) |
159,000 | 148,664 | ||||||
|
|
|||||||
Auto Manufacturers — 3.6% | ||||||||
Allison
Transmission, Inc., 144A, |
61,000 | 57,318 | ||||||
Aston
Martin Capital Holdings Ltd., 144A, |
210,000 | 213,553 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Auto Manufacturers (Continued) | ||||||||
Ford
Motor Co., |
$ | 310,000 | $ | 299,527 | ||||
Ford
Motor Credit Co. LLC |
50,000 | 49,565 | ||||||
5.584%, 3/18/24 |
170,000 | 169,237 | ||||||
3.664%, 9/8/24 |
93,000 | 90,310 | ||||||
4.063%, 11/1/24 |
150,000 | 145,455 | ||||||
2.30%, 2/10/25 |
67,000 | 63,010 | ||||||
4.687%, 6/9/25 |
97,000 | 93,460 | ||||||
5.125%, 6/16/25 |
186,000 | 181,240 | ||||||
4.134%, 8/4/25 |
125,000 | 119,168 | ||||||
3.375%, 11/13/25 |
331,000 | 308,551 | ||||||
GMTN, 4.389%, 1/8/26 |
158,000 | 149,291 | ||||||
6.95%, 3/6/26 |
85,000 | 85,299 | ||||||
6.95%, 6/10/26 |
20,000 | 20,046 | ||||||
4.542%, 8/1/26 |
82,000 | 77,379 | ||||||
2.70%, 8/10/26 |
151,000 | 135,200 | ||||||
4.271%, 1/9/27 |
113,000 | 104,578 | ||||||
4.95%, 5/28/27 |
159,000 | 149,316 | ||||||
4.125%, 8/17/27 |
107,000 | 97,269 | ||||||
3.815%, 11/2/27 |
35,000 | 31,166 | ||||||
7.35%, 11/4/27 |
128,000 | 130,679 | ||||||
2.90%, 2/16/28 |
80,000 | 68,342 | ||||||
6.80%, 5/12/28 |
100,000 | 100,060 | ||||||
|
|
|||||||
(Cost $3,032,903) |
2,939,019 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.8% | ||||||||
Adient
Global Holdings Ltd. |
140,000 | 134,756 | ||||||
144A, 7.00%, 4/15/28 |
84,000 | 84,945 | ||||||
American
Axle & Manufacturing, Inc. |
108,000 | 102,475 | ||||||
6.875%, 7/1/28 |
55,000 | 50,498 | ||||||
Clarios
Global LP / Clarios US Finance Co. |
165,000 | 166,970 | ||||||
144A, 6.75%, 5/15/28 |
150,000 | 149,747 | ||||||
Dana,
Inc. |
86,000 | 81,436 | ||||||
5.625%, 6/15/28 |
67,000 | 63,131 | ||||||
Goodyear
Tire & Rubber Co. |
113,000 | 115,503 | ||||||
5.00%, 5/31/26 |
152,000 | 146,842 | ||||||
4.875%, 3/15/27 |
133,000 | 125,231 | ||||||
ZF
North America Capital, Inc. |
182,000 | 176,993 | ||||||
144A, 6.875%, 4/14/28 |
115,000 | 114,530 | ||||||
|
|
|||||||
(Cost $1,544,427) |
1,513,057 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.2% | ||||||||
American
Builders & Contractors Supply Co., Inc., 144A, |
130,000 | 117,806 | ||||||
Ritchie
Bros Holdings, Inc., 144A, |
65,000 | 65,412 | ||||||
|
|
|||||||
(Cost $185,749) |
183,218 | |||||||
|
|
Principal |
Value |
|||||||
Entertainment — 4.0% | ||||||||
AMC
Entertainment Holdings, Inc., 144A, |
$ | 243,000 | $ | 168,738 | ||||
Caesars
Entertainment, Inc. |
537,000 | 533,313 | ||||||
144A, 8.125%, 7/1/27 |
315,000 | 320,128 | ||||||
Caesars
Resort Collection LLC / CRC Finco, Inc., 144A, |
169,000 | 169,273 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. /
Millennium Op 144A, |
192,000 | 190,651 | ||||||
5.375%, 4/15/27 |
97,000 | 91,793 | ||||||
Churchill
Downs, Inc. |
102,000 | 98,365 | ||||||
144A, 4.75%, 1/15/28 |
120,000 | 110,800 | ||||||
Cinemark
USA, Inc. |
78,000 | 74,953 | ||||||
144A, 5.25%, 7/15/28 |
120,000 | 106,697 | ||||||
International
Game Technology PLC |
58,000 | 58,102 | ||||||
144A, 4.125%, 4/15/26 |
127,000 | 120,676 | ||||||
144A, 6.25%, 1/15/27 |
130,000 | 128,844 | ||||||
Light &
Wonder International, Inc., 144A, |
90,000 | 89,749 | ||||||
Live
Nation Entertainment, Inc. |
137,000 | 134,683 | ||||||
144A, 6.50%, 5/15/27 |
213,000 | 213,357 | ||||||
144A, 4.75%, 10/15/27 |
168,000 | 156,660 | ||||||
144A, 3.75%, 1/15/28 |
80,000 | 71,422 | ||||||
Mohegan
Tribal Gaming Authority, 144A, |
204,000 | 190,159 | ||||||
Penn
Entertainment, Inc., 144A, |
68,000 | 64,353 | ||||||
Six
Flags Entertainment Corp., 144A, |
86,000 | 81,025 | ||||||
Vail
Resorts, Inc., 144A, |
100,000 | 99,739 | ||||||
|
|
|||||||
(Cost $3,365,273) |
3,273,480 | |||||||
|
|
|||||||
Food Service — 0.7% | ||||||||
Aramark
Services, Inc. |
96,000 | 94,910 | ||||||
144A, 6.375%, 5/1/25 |
210,000 | 210,574 | ||||||
144A, 5.00%, 2/1/28 |
200,000 | 186,769 | ||||||
TKC
Holdings, Inc., 144A, |
70,000 | 63,352 | ||||||
|
|
|||||||
(Cost $552,713) |
555,605 | |||||||
|
|
|||||||
Home Builders — 0.6% | ||||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC, 144A,
|
110,000 | 101,077 | ||||||
Mattamy
Group Corp., 144A, |
97,000 | 91,598 | ||||||
Meritage
Homes Corp., |
128,000 | 127,527 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Home Builders (Continued) | ||||||||
Taylor
Morrison Communities, Inc. |
$ | 85,000 | $ | 83,602 | ||||
144A, 5.75%, 1/15/28 |
80,000 | 77,247 | ||||||
|
|
|||||||
(Cost $475,548) |
481,051 | |||||||
|
|
|||||||
Housewares — 0.6% | ||||||||
Newell
Brands, Inc. |
87,000 | 84,115 | ||||||
4.70%, 4/1/26 |
345,000 | 330,129 | ||||||
6.375%, 9/15/27 |
91,000 | 89,085 | ||||||
|
|
|||||||
(Cost $531,507) |
503,329 | |||||||
|
|
|||||||
Leisure Time — 4.4% | ||||||||
Carnival
Corp. |
316,000 | 315,295 | ||||||
144A, 5.75%, 3/1/27 |
603,000 | 567,051 | ||||||
144A, 9.875%, 8/1/27 |
150,000 | 158,521 | ||||||
144A, 4.00%, 8/1/28 |
350,000 | 313,473 | ||||||
Carnival
Holdings Bermuda Ltd., 144A, |
300,000 | 326,548 | ||||||
Life
Time, Inc. |
173,000 | 168,933 | ||||||
144A, 8.00%, 4/15/26 |
80,000 | 79,472 | ||||||
NCL
Corp. Ltd. |
94,000 | 90,121 | ||||||
144A, 5.875%, 3/15/26 |
257,000 | 242,094 | ||||||
144A, 5.875%, 2/15/27 |
175,000 | 169,678 | ||||||
144A, 8.375%, 2/1/28 |
60,000 | 61,898 | ||||||
Royal
Caribbean Cruises Ltd. |
77,000 | 81,436 | ||||||
144A, 4.25%, 7/1/26 |
115,000 | 107,323 | ||||||
144A, 5.50%, 8/31/26 |
169,000 | 162,034 | ||||||
144A, 5.375%, 7/15/27 |
165,000 | 155,301 | ||||||
144A, 11.625%, 8/15/27 |
192,000 | 209,287 | ||||||
3.70%, 3/15/28 |
103,000 | 89,802 | ||||||
144A, 5.50%, 4/1/28 |
260,000 | 243,555 | ||||||
Viking
Cruises Ltd., 144A, |
140,000 | 131,035 | ||||||
|
|
|||||||
(Cost $3,616,939) |
3,672,857 | |||||||
|
|
|||||||
Lodging — 3.3% | ||||||||
Boyd
Gaming Corp., |
186,000 | 174,525 | ||||||
Hilton
Domestic Operating Co., Inc. |
81,000 | 80,314 | ||||||
144A, 5.75%, 5/1/28 |
100,000 | 98,198 | ||||||
Las
Vegas Sands Corp. |
353,000 | 340,857 | ||||||
2.90%, 6/25/25 |
62,000 | 58,534 | ||||||
3.50%, 8/18/26 |
180,000 | 167,179 | ||||||
Melco
Resorts Finance Ltd. |
236,000 | 224,413 | ||||||
144A, 5.25%, 4/26/26 |
85,000 | 78,806 | ||||||
144A, 5.625%, 7/17/27 |
100,000 | 89,476 | ||||||
144A, 5.75%, 7/21/28 |
120,000 | 106,277 | ||||||
MGM
Resorts International |
211,000 | 211,536 | ||||||
5.75%, 6/15/25 |
101,000 | 99,705 |
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
4.625%, 9/1/26 |
$ | 78,000 | $ | 73,536 | ||||
5.50%, 4/15/27 |
101,000 | 96,593 | ||||||
Station
Casinos LLC, 144A, |
118,000 | 105,716 | ||||||
Studio
City Finance Ltd. |
80,000 | 75,722 | ||||||
144A, 6.50%, 1/15/28 |
94,000 | 79,690 | ||||||
Travel
+ Leisure Co. |
110,000 | 108,594 | ||||||
6.00%, 4/1/27 |
73,000 | 70,898 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
285,000 | 281,807 | ||||||
144A, 5.25%, 5/15/27 |
157,000 | 148,731 | ||||||
|
|
|||||||
(Cost $2,798,611) |
2,771,107 | |||||||
|
|
|||||||
Retail — 2.9% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
90,000 | 89,405 | ||||||
144A, 3.875%, 1/15/28 |
269,000 | 244,897 | ||||||
144A, 4.375%, 1/15/28 |
130,000 | 119,461 | ||||||
Asbury
Automotive Group, Inc., |
75,000 | 68,477 | ||||||
Bath &
Body Works, Inc., |
80,000 | 76,824 | ||||||
Carvana
Co., 144A, |
101,000 | 74,313 | ||||||
eG
Global Finance PLC |
62,000 | 61,157 | ||||||
144A, 8.50%, 10/30/25 |
120,000 | 118,922 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp., 144A, |
113,000 | 106,318 | ||||||
Lithia
Motors, Inc., 144A, |
75,000 | 69,337 | ||||||
Michaels
Cos., Inc., 144A, |
148,000 | 123,488 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
194,000 | 184,544 | ||||||
Penske
Automotive Group, Inc., |
70,000 | 66,790 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp., 144A, |
210,000 | 188,569 | ||||||
QVC,
Inc. |
50,000 | 48,622 | ||||||
4.45%, 2/15/25 |
100,000 | 89,984 | ||||||
4.75%, 2/15/27 |
103,000 | 68,100 | ||||||
Rite
Aid Corp., 144A, |
148,000 | 94,131 | ||||||
SRS
Distribution, Inc., 144A, |
113,000 | 100,706 | ||||||
Staples,
Inc. |
348,000 | 288,273 | ||||||
144A, 10.75%, 4/15/27 |
165,000 | 89,710 | ||||||
|
|
|||||||
(Cost $2,553,581) |
2,372,028 | |||||||
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Consumer, Non-cyclical — 15.0% | ||||||||
Agriculture — 0.2% | ||||||||
Darling
Ingredients, Inc., 144A, |
$ | 60,000 | $ | 58,375 | ||||
Vector
Group Ltd., 144A, |
94,000 | 94,391 | ||||||
|
|
|||||||
(Cost $152,790) |
152,766 | |||||||
|
|
|||||||
Commercial Services — 4.5% | ||||||||
Albion
Financing 2SARL, 144A, |
123,000 | 114,666 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
337,000 | 320,881 | ||||||
144A, 9.75%, 7/15/27 |
190,000 | 174,675 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco
4 SARL, 144A, |
203,000 | 172,733 | ||||||
APX
Group, Inc., 144A, |
98,000 | 94,930 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, |
84,000 | 76,457 | ||||||
Block,
Inc., |
174,000 | 158,396 | ||||||
Brink’s
Co. |
60,000 | 59,052 | ||||||
144A, 4.625%, 10/15/27 |
100,000 | 93,091 | ||||||
Garda
World Security Corp. |
96,000 | 88,887 | ||||||
144A, 9.50%, 11/1/27 |
103,000 | 99,731 | ||||||
144A, 7.75%, 2/15/28 |
68,000 | 67,563 | ||||||
Gartner,
Inc., 144A, |
139,000 | 129,731 | ||||||
Herc
Holdings, Inc., 144A, |
209,000 | 200,804 | ||||||
Hertz
Corp., 144A, |
85,000 | 77,035 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
90,000 | 89,283 | ||||||
144A, 5.75%, 4/15/26 |
235,000 | 230,829 | ||||||
144A, 3.375%, 8/31/27 |
174,000 | 154,910 | ||||||
144A, 6.25%, 1/15/28 |
226,000 | 215,005 | ||||||
Sabre
GLBL, Inc. |
155,000 | 152,482 | ||||||
144A, 11.25%, 12/15/27 |
93,000 | 88,718 | ||||||
Service
Corp. International, |
100,000 | 94,090 | ||||||
Sotheby’s,
144A, |
133,000 | 121,232 | ||||||
United
Rentals North America, Inc. |
122,000 | 119,662 | ||||||
3.875%, 11/15/27 |
70,000 | 64,894 | ||||||
4.875%, 1/15/28 |
342,000 | 325,733 | ||||||
Williams
Scotsman International, Inc. |
70,000 | 69,442 | ||||||
144A, 4.625%, 8/15/28 |
85,000 | 77,639 | ||||||
|
|
|||||||
(Cost $3,806,451) |
3,732,551 | |||||||
|
|
Principal |
Value |
|||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Coty,
Inc. |
$ | 149,000 | $ | 143,365 | ||||
144A, 6.50%, 4/15/26 |
93,000 | 92,270 | ||||||
Edgewell
Personal Care Co., 144A, |
132,000 | 124,530 | ||||||
|
|
|||||||
(Cost $369,057) |
360,165 | |||||||
|
|
|||||||
Food — 2.2% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
137,000 | 127,420 | ||||||
144A, 7.50%, 3/15/26 |
75,000 | 76,167 | ||||||
144A, 4.625%, 1/15/27 |
211,000 | 199,816 | ||||||
144A, 5.875%, 2/15/28 |
130,000 | 126,287 | ||||||
144A, 6.50%, 2/15/28 |
130,000 | 129,534 | ||||||
B&G
Foods, Inc. |
159,000 | 155,344 | ||||||
5.25%, 9/15/27 |
95,000 | 84,255 | ||||||
Lamb
Weston Holdings, Inc., 144A, |
87,000 | 82,248 | ||||||
Performance
Food Group, Inc., 144A, |
161,000 | 155,192 | ||||||
Pilgrim’s
Pride Corp., 144A, |
195,000 | 192,992 | ||||||
Post
Holdings, Inc. |
80,000 | 78,262 | ||||||
144A, 5.625%, 1/15/28 |
164,000 | 157,451 | ||||||
Sigma
Holdco BV, 144A, |
81,000 | 68,977 | ||||||
US
Foods, Inc., 144A, |
182,000 | 182,638 | ||||||
|
|
|||||||
(Cost $1,842,869) |
1,816,583 | |||||||
|
|
|||||||
Healthcare-Products — 0.6% | ||||||||
Avantor
Funding, Inc., 144A, |
269,000 | 249,964 | ||||||
Hologic,
Inc., 144A, |
85,000 | 79,973 | ||||||
Teleflex,
Inc. |
80,000 | 75,521 | ||||||
144A, 4.25%, 6/1/28 |
88,000 | 81,040 | ||||||
|
|
|||||||
(Cost $488,148) |
486,498 | |||||||
|
|
|||||||
Healthcare-Services — 3.8% | ||||||||
Catalent
Pharma Solutions, Inc., 144A, |
77,000 | 71,973 | ||||||
Charles
River Laboratories International, Inc., 144A, |
76,000 | 69,842 | ||||||
CHS/Community
Health Systems, Inc. |
370,000 | 361,534 | ||||||
144A, 5.625%, 3/15/27 |
320,000 | 281,900 | ||||||
144A, 8.00%, 12/15/27 |
110,000 | 105,859 | ||||||
144A, 6.875%, 4/1/28 |
130,000 | 78,188 | ||||||
Encompass
Health Corp., |
130,000 | 120,868 | ||||||
IQVIA,
Inc. |
155,000 | 149,872 | ||||||
144A, 5.00%, 5/15/27 |
217,000 | 209,104 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
Legacy
LifePoint Health LLC, 144A, |
$ | 84,000 | $ | 72,439 | ||||
ModivCare,
Inc., 144A, |
79,000 | 75,039 | ||||||
Molina
Healthcare, Inc., 144A, |
141,000 | 129,536 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,
|
234,000 | 219,071 | ||||||
Select
Medical Corp., 144A, |
207,000 | 205,237 | ||||||
Team
Health Holdings, Inc., 144A, |
125,000 | 96,399 | ||||||
Tenet
Healthcare Corp. |
318,000 | 308,016 | ||||||
6.25%, 2/1/27 |
260,000 | 256,265 | ||||||
5.125%, 11/1/27 |
250,000 | 236,758 | ||||||
4.625%, 6/15/28 |
106,000 | 97,704 | ||||||
|
|
|||||||
(Cost $3,240,807) |
3,145,604 | |||||||
|
|
|||||||
Pharmaceuticals — 3.3% | ||||||||
Bausch
Health Americas, Inc. |
126,000 | 114,962 | ||||||
144A, 8.50%, 1/31/27 |
111,000 | 61,876 | ||||||
Bausch
Health Cos., Inc. |
294,000 | 265,073 | ||||||
144A, 9.00%, 12/15/25 |
160,000 | 146,594 | ||||||
144A, 6.125%, 2/1/27 |
173,000 | 113,926 | ||||||
144A, 5.75%, 8/15/27 |
89,000 | 55,825 | ||||||
144A, 5.00%, 1/30/28 |
75,000 | 32,677 | ||||||
144A, 4.875%, 6/1/28 |
265,000 | 157,496 | ||||||
Cheplapharm
Arzneimittel GmbH, 144A, |
88,000 | 79,771 | ||||||
Herbalife
Nutrition Ltd / HLF Financing, Inc., 144A, |
100,000 | 96,321 | ||||||
Mallinckrodt
International Finance SA / Mallinckrodt CB LLC, 144A, |
88,000 | 69,662 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV, 144A, |
346,000 | 313,448 | ||||||
Perrigo
Finance Unlimited Co. |
150,000 | 144,986 | ||||||
4.375%, 3/15/26 |
125,000 | 118,772 | ||||||
Prestige
Brands, Inc., 144A, |
42,000 | 39,848 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
190,000 | 189,014 | ||||||
7.125%, 1/31/25 |
31,000 | 31,212 | ||||||
3.15%, 10/1/26 |
565,000 | 511,452 | ||||||
6.75%, 3/1/28 |
217,000 | 216,963 | ||||||
|
|
|||||||
(Cost $2,940,142) |
2,759,878 | |||||||
|
|
|||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler
International AG, 144A, |
||||||||
(Cost $91,582) |
90,000 | 90,411 | ||||||
|
|
Principal |
Value |
|||||||
Energy — 10.2% | ||||||||
Oil & Gas — 4.4% | ||||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp., 144A, |
$ | 102,000 | $ | 101,503 | ||||
Baytex
Energy Corp., 144A, |
69,000 | 70,683 | ||||||
Callon
Petroleum Co., 144A, |
60,000 | 60,897 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
78,000 | 80,048 | ||||||
Chesapeake
Energy Corp., 144A, |
134,000 | 130,911 | ||||||
Civitas
Resources, Inc. |
71,000 | 67,139 | ||||||
144A, 8.375%, 7/1/28 |
235,000 | 242,931 | ||||||
Crescent
Energy Finance LLC |
145,000 | 142,973 | ||||||
144A, 9.25%, 2/15/28 |
113,000 | 115,697 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 144A, |
167,000 | 164,228 | ||||||
CVR
Energy, Inc. |
108,000 | 104,862 | ||||||
144A, 5.75%, 2/15/28 |
55,000 | 50,128 | ||||||
Earthstone
Energy Holdings LLC, 144A, |
96,000 | 98,007 | ||||||
Energean
PLC, 144A, |
78,000 | 71,707 | ||||||
Kosmos
Energy Ltd. |
200,000 | 183,718 | ||||||
144A, 7.75%, 5/1/27 |
75,000 | 67,630 | ||||||
144A, 7.50%, 3/1/28 |
30,000 | 26,534 | ||||||
Leviathan
Bond Ltd. |
102,000 | 100,088 | ||||||
144A, REGS, 6.50%, 6/30/27 |
108,000 | 104,760 | ||||||
Matador
Resources Co. |
117,000 | 114,221 | ||||||
144A, 6.875%, 4/15/28 |
88,000 | 87,941 | ||||||
MEG
Energy Corp., 144A, |
100,000 | 101,194 | ||||||
Murphy
Oil Corp. |
68,000 | 66,918 | ||||||
6.375%, 7/15/28 |
25,000 | 25,007 | ||||||
Northern
Oil and Gas, Inc., 144A, |
124,000 | 124,410 | ||||||
Parkland
Corp., 144A, |
85,000 | 82,191 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
55,000 | 55,053 | ||||||
6.00%, 2/15/28 |
145,000 | 137,183 | ||||||
Range
Resources Corp., |
111,000 | 108,607 | ||||||
SM
Energy Co. |
75,000 | 74,752 | ||||||
6.625%, 1/15/27 |
46,000 | 45,466 | ||||||
6.50%, 7/15/28 |
50,000 | 48,920 | ||||||
Sunoco
LP / Sunoco Finance Corp., |
100,000 | 99,053 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Transocean,
Inc. |
$ | 95,000 | $ | 93,571 | ||||
144A, 11.50%, 1/30/27 |
159,000 | 167,612 | ||||||
144A, 8.00%, 2/1/27 |
105,000 | 102,479 | ||||||
Tullow
Oil PLC, 144A, |
112,000 | 77,399 | ||||||
Vital
Energy, Inc., |
88,000 | 88,531 | ||||||
|
|
|||||||
(Cost $3,662,132) |
3,684,952 | |||||||
|
|
|||||||
Oil & Gas Services — 0.7% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
85,000 | 83,644 | ||||||
144A, 6.25%, 4/1/28 |
134,000 | 128,043 | ||||||
CGG
SA, 144A, |
88,000 | 75,811 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
153,000 | 151,415 | ||||||
6.875%, 9/1/27 |
124,000 | 120,993 | ||||||
|
|
|||||||
(Cost $570,277) |
559,906 | |||||||
|
|
|||||||
Pipelines — 5.1% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
160,000 | 162,738 | ||||||
144A, 5.75%, 3/1/27 |
119,000 | 115,441 | ||||||
144A, 5.75%, 1/15/28 |
90,000 | 86,269 | ||||||
Buckeye
Partners LP |
85,000 | 81,934 | ||||||
3.95%, 12/1/26 |
100,000 | 92,326 | ||||||
4.125%, 12/1/27 |
75,000 | 68,264 | ||||||
144A, 4.50%, 3/1/28 |
86,000 | 78,122 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp. |
80,000 | 79,295 | ||||||
144A, 5.625%, 5/1/27 |
110,000 | 106,256 | ||||||
EnLink
Midstream LLC, 144A, |
70,000 | 67,775 | ||||||
EnLink
Midstream Partners LP |
80,000 | 77,500 | ||||||
4.85%, 7/15/26 |
91,000 | 87,445 | ||||||
EQM
Midstream Partners LP |
108,000 | 106,967 | ||||||
4.125%, 12/1/26 |
102,000 | 95,857 | ||||||
144A, 7.50%, 6/1/27 |
70,000 | 70,706 | ||||||
144A, 6.50%, 7/1/27 |
159,000 | 158,126 | ||||||
5.50%, 7/15/28 |
120,000 | 114,765 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
93,000 | 91,700 | ||||||
8.00%, 1/15/27 |
176,000 | 173,668 | ||||||
7.75%, 2/1/28 |
113,000 | 110,025 | ||||||
Hess
Midstream Operations LP |
162,000 | 158,008 | ||||||
144A, 5.125%, 6/15/28 |
97,000 | 91,079 | ||||||
New
Fortress Energy, Inc. |
232,000 | 224,463 | ||||||
144A, 6.50%, 9/30/26 |
251,000 | 233,320 |
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
$ | 361,000 | $ | 359,078 | ||||
NuStar
Logistics LP |
110,000 | 107,963 | ||||||
6.00%, 6/1/26 |
106,000 | 104,000 | ||||||
5.625%, 4/28/27 |
69,000 | 66,996 | ||||||
Rockies
Express Pipeline LLC, 144A, |
54,000 | 50,985 | ||||||
Summit
Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, |
136,000 | 131,362 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
63,000 | 63,074 | ||||||
144A, 6.00%, 3/1/27 |
79,000 | 75,709 | ||||||
144A, 5.50%, 1/15/28 |
132,000 | 122,505 | ||||||
Venture
Global LNG, Inc., 144A, |
397,000 | 400,818 | ||||||
|
|
|||||||
(Cost $4,268,361) |
4,214,539 | |||||||
|
|
|||||||
Financial — 11.4% | ||||||||
Banks — 0.3% | ||||||||
Freedom
Mortgage Corp. |
61,000 | 60,169 | ||||||
144A, 7.625%, 5/1/26 |
81,000 | 74,590 | ||||||
144A, 6.625%, 1/15/27 |
99,000 | 86,757 | ||||||
|
|
|||||||
(Cost $227,657) |
221,516 | |||||||
|
|
|||||||
Diversified Financial Services — 4.4% | ||||||||
AG
Issuer LLC, 144A, |
95,000 | 91,108 | ||||||
AG
TTMT Escrow Issuer LLC, 144A, |
100,000 | 103,163 | ||||||
Curo
Group Holdings Corp., 144A, |
115,000 | 45,825 | ||||||
Home
Point Capital, Inc., 144A, |
40,000 | 37,680 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
200,000 | 170,974 | ||||||
LD
Holdings Group LLC |
83,000 | 69,864 | ||||||
144A, 6.125%, 4/1/28 |
106,000 | 69,103 | ||||||
Macquarie
Airfinance Holdings Ltd., 144A, |
100,000 | 102,072 | ||||||
Nationstar
Mortgage Holdings, Inc. |
104,000 | 99,545 | ||||||
144A, 5.50%, 8/15/28 |
160,000 | 145,188 | ||||||
Navient
Corp. |
150,000 | 149,498 | ||||||
5.875%, 10/25/24 |
101,000 | 99,584 | ||||||
6.75%, 6/25/25 |
92,000 | 91,463 | ||||||
6.75%, 6/15/26 |
91,000 | 89,504 | ||||||
5.00%, 3/15/27 |
118,000 | 107,477 | ||||||
4.875%, 3/15/28 |
88,000 | 76,727 | ||||||
NFP
Corp. |
60,000 | 53,598 | ||||||
144A, 6.875%, 8/15/28 |
360,000 | 317,672 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
OneMain
Finance Corp. |
$ | 205,000 | $ | 204,870 | ||||
6.875%, 3/15/25 |
225,000 | 224,077 | ||||||
7.125%, 3/15/26 |
262,000 | 258,031 | ||||||
3.50%, 1/15/27 |
118,000 | 102,796 | ||||||
6.625%, 1/15/28 |
137,000 | 128,248 | ||||||
Osaic
Holdings, Inc., 144A, |
70,000 | 70,418 | ||||||
PennyMac
Financial Services, Inc., 144A, |
119,000 | 115,287 | ||||||
PRA
Group, Inc., 144A, |
70,000 | 63,955 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, |
210,000 | 186,848 | ||||||
SLM
Corp. |
84,000 | 79,078 | ||||||
3.125%, 11/2/26 |
81,000 | 72,173 | ||||||
United
Wholesale Mortgage LLC |
146,000 | 140,523 | ||||||
144A, 5.75%, 6/15/27 |
85,000 | 78,394 | ||||||
|
|
|||||||
(Cost $3,744,245) |
3,644,743 | |||||||
|
|
|||||||
Insurance — 1.4% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
163,000 | 157,692 | ||||||
144A, 10.125%, 8/1/26 |
70,000 | 72,297 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
132,000 | 119,980 | ||||||
144A, 6.75%, 10/15/27 |
233,000 | 220,487 | ||||||
144A, 6.75%, 4/15/28 |
220,000 | 216,952 | ||||||
AssuredPartners,
Inc., 144A, |
97,000 | 96,135 | ||||||
HUB
International Ltd., 144A, |
304,000 | 303,704 | ||||||
|
|
|||||||
(Cost $1,190,173) |
1,187,247 | |||||||
|
|
|||||||
Real Estate — 0.2% | ||||||||
Cushman &
Wakefield US Borrower LLC, 144A, |
100,000 | 95,303 | ||||||
Howard
Hughes Corp., 144A, |
108,000 | 97,385 | ||||||
|
|
|||||||
(Cost $192,734) |
192,688 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 4.2% | ||||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
167,000 | 153,435 | ||||||
144A, 4.50%, 4/1/27 |
122,000 | 102,043 | ||||||
Diversified
Healthcare Trust |
83,000 | 81,705 | ||||||
4.75%, 2/15/28 |
87,000 | 66,551 | ||||||
HAT
Holdings I LLC / HAT Holdings II LLC, 144A, |
193,000 | 173,452 | ||||||
Iron
Mountain, Inc. 144A, |
189,000 | 177,656 |
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
144A, 5.25%, 3/15/28 |
$ | 149,000 | $ | 139,838 | ||||
144A, 5.00%, 7/15/28 |
60,000 | 55,629 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
|
107,000 | 96,833 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
79,000 | 67,222 | ||||||
5.00%, 10/15/27 |
243,000 | 192,260 | ||||||
Office
Properties Income Trust, |
120,000 | 107,182 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, |
92,000 | 92,187 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
119,000 | 110,746 | ||||||
144A, 7.25%, 7/15/28 |
68,000 | 68,401 | ||||||
RLJ
Lodging Trust LP, 144A, |
92,000 | 84,378 | ||||||
SBA
Communications Corp., |
264,000 | 244,324 | ||||||
Service
Properties Trust |
145,000 | 139,667 | ||||||
7.50%, 9/15/25 |
136,000 | 134,510 | ||||||
4.75%, 10/1/26 |
83,000 | 72,147 | ||||||
4.95%, 2/15/27 |
58,000 | 50,270 | ||||||
5.50%, 12/15/27 |
73,000 | 64,683 | ||||||
3.95%, 1/15/28 |
80,000 | 63,754 | ||||||
Starwood
Property Trust, Inc. |
73,000 | 70,265 | ||||||
4.75%, 3/15/25 |
70,000 | 67,727 | ||||||
144A, 3.625%, 7/15/26 |
70,000 | 62,708 | ||||||
144A, 4.375%, 1/15/27 |
88,000 | 78,679 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
452,000 | 451,401 | ||||||
144A, 4.75%, 4/15/28 |
84,000 | 70,858 | ||||||
XHR
LP, 144A, |
92,000 | 90,978 | ||||||
|
|
|||||||
(Cost $3,553,955) |
3,431,489 | |||||||
|
|
|||||||
Venture Capital — 0.9% | ||||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
191,000 | 184,818 | ||||||
6.375%, 12/15/25 |
130,000 | 124,094 | ||||||
6.25%, 5/15/26 |
217,000 | 201,487 | ||||||
5.25%, 5/15/27 |
256,000 | 224,916 | ||||||
|
|
|||||||
(Cost $778,114) |
735,315 | |||||||
|
|
|||||||
Industrial — 10.7% | ||||||||
Aerospace/Defense — 3.9% | ||||||||
Bombardier,
Inc. |
209,000 | 205,674 | ||||||
144A, 7.875%, 4/15/27 |
362,000 | 361,711 | ||||||
144A, 6.00%, 2/15/28 |
120,000 | 112,278 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
Howmet
Aerospace, Inc., |
$ | 132,000 | $ | 130,743 | ||||
Rolls-Royce
PLC |
241,000 | 227,142 | ||||||
144A, 5.75%, 10/15/27 |
145,000 | 140,894 | ||||||
Spirit
AeroSystems, Inc. |
160,000 | 158,524 | ||||||
4.60%, 6/15/28 |
122,000 | 98,979 | ||||||
TransDigm,
Inc. |
720,000 | 713,904 | ||||||
7.50%, 3/15/27 |
108,000 | 108,326 | ||||||
5.50%, 11/15/27 |
520,000 | 493,878 | ||||||
144A, 6.75%, 8/15/28 |
150,000 | 150,679 | ||||||
Triumph
Group, Inc. |
93,000 | 87,648 | ||||||
144A, 9.00%, 3/15/28 |
209,000 | 209,842 | ||||||
|
|
|||||||
(Cost $3,206,162) |
3,200,222 | |||||||
|
|
|||||||
Building Materials — 0.4% | ||||||||
InterCement
Financial Operations BV, 144A, |
130,000 | 87,311 | ||||||
Standard
Industries, Inc. |
100,000 | 94,912 | ||||||
144A, 4.75%, 1/15/28 |
200,000 | 184,404 | ||||||
|
|
|||||||
(Cost $395,504) |
366,627 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.7% | ||||||||
Energizer
Holdings, Inc., 144A, |
103,000 | 91,146 | ||||||
WESCO
Distribution, Inc. |
264,000 | 265,423 | ||||||
144A, 7.25%, 6/15/28 |
200,000 | 203,055 | ||||||
|
|
|||||||
(Cost $563,838) |
559,624 | |||||||
|
|
|||||||
Electronics — 0.2% | ||||||||
Sensata
Technologies BV |
66,000 | 65,469 | ||||||
144A, 5.00%, 10/1/25 |
100,000 | 97,555 | ||||||
|
|
|||||||
(Cost $170,215) |
163,024 | |||||||
|
|
|||||||
Engineering & Construction — 0.1% | ||||||||
IHS
Holding Ltd., 144A, |
87,000 | 75,143 | ||||||
|
|
|||||||
Environmental Control — 0.6% | ||||||||
GFL
Environmental, Inc. |
54,000 | 52,284 | ||||||
144A, 3.75%, 8/1/25 |
130,000 | 123,900 | ||||||
144A, 5.125%, 12/15/26 |
130,000 | 125,915 | ||||||
144A, 4.00%, 8/1/28 |
80,000 | 71,479 | ||||||
Stericycle,
Inc., 144A, |
87,000 | 86,680 | ||||||
|
|
|||||||
(Cost $470,225) |
460,258 | |||||||
|
|
|||||||
Machinery-Diversified — 0.4% | ||||||||
TK
Elevator Holdco GmbH, 144A, |
70,000 | 64,948 | ||||||
TK
Elevator US Newco, Inc., 144A, |
271,000 | 254,261 | ||||||
|
|
|||||||
(Cost $327,246) |
319,209 | |||||||
|
|
Principal |
Value |
|||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
Hillenbrand,
Inc., |
$ | 94,000 | $ | 93,500 | ||||
Trinity
Industries, Inc., 144A, |
70,000 | 71,264 | ||||||
|
|
|||||||
(Cost $166,341) |
164,764 | |||||||
|
|
|||||||
Packaging & Containers — 3.7% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,
144A, |
100,000 | 97,611 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
95,000 | 92,658 | ||||||
144A, 4.125%, 8/15/26 |
205,000 | 191,687 | ||||||
144A, 5.25%, 8/15/27 |
174,000 | 148,199 | ||||||
144A, 5.25%, 8/15/27 |
139,000 | 118,389 | ||||||
Ball
Corp. |
185,000 | 184,143 | ||||||
5.25%, 7/1/25 |
214,000 | 211,212 | ||||||
4.875%, 3/15/26 |
139,000 | 135,024 | ||||||
6.875%, 3/15/28 |
119,000 | 120,827 | ||||||
Berry
Global, Inc., 144A, |
90,000 | 88,309 | ||||||
Graphic
Packaging International LLC, 144A, |
74,000 | 65,999 | ||||||
LABL,
Inc. |
180,000 | 176,133 | ||||||
144A, 10.50%, 7/15/27 |
105,000 | 100,623 | ||||||
Mauser
Packaging Solutions Holding Co. |
478,000 | 471,155 | ||||||
144A, 9.25%, 4/15/27 |
225,000 | 204,206 | ||||||
Owens-Brockway
Glass Container, Inc., 144A, |
120,000 | 118,726 | ||||||
Pactiv
Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
|
183,000 | 164,605 | ||||||
Sealed
Air Corp. |
100,000 | 98,717 | ||||||
144A, 5.50%, 9/15/25 |
60,000 | 59,157 | ||||||
144A, 4.00%, 12/1/27 |
110,000 | 100,429 | ||||||
Sealed
Air Corp./Sealed Air Corp., 144A, |
45,000 | 44,250 | ||||||
Silgan
Holdings, Inc., |
115,000 | 105,469 | ||||||
|
|
|||||||
(Cost $3,134,708) |
3,097,528 | |||||||
|
|
|||||||
Transportation — 0.1% | ||||||||
Cargo
Aircraft Management, Inc., 144A, |
||||||||
(Cost $72,362) |
80,000 | 72,344 | ||||||
|
|
|||||||
Trucking & Leasing — 0.4% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
141,000 | 139,364 | ||||||
144A, 9.75%, 8/1/27 |
42,000 | 43,626 | ||||||
144A, 5.50%, 5/1/28 |
174,000 | 161,796 | ||||||
|
|
|||||||
(Cost $340,622) |
344,786 | |||||||
|
|
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Technology — 2.8% | ||||||||
Computers — 1.0% | ||||||||
NCR
Corp., 144A, |
$ | 85,000 | $ | 85,911 | ||||
Presidio
Holdings, Inc. |
86,000 | 80,492 | ||||||
144A, 8.25%, 2/1/28 |
90,000 | 87,291 | ||||||
Seagate
HDD Cayman |
81,000 | 79,208 | ||||||
4.875%, 6/1/27 |
81,000 | 77,638 | ||||||
Western
Digital Corp., |
406,000 | 387,089 | ||||||
|
|
|||||||
(Cost $801,095) |
797,629 | |||||||
|
|
|||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox
Holdings Corp. |
130,000 | 124,147 | ||||||
144A, 5.50%, 8/15/28 |
128,000 | 111,436 | ||||||
|
|
|||||||
(Cost $240,774) |
235,583 | |||||||
|
|
|||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM AG, 144A, |
77,000 | 70,672 | ||||||
Entegris,
Inc., 144A, |
50,000 | 45,631 | ||||||
|
|
|||||||
(Cost $122,663) |
116,303 | |||||||
|
|
|||||||
Software — 1.4% | ||||||||
Alteryx,
Inc., 144A, |
82,000 | 79,203 | ||||||
Boxer
Parent Co., Inc., 144A, |
60,000 | 60,129 | ||||||
Clarivate
Science Holdings Corp., 144A, |
160,000 | 141,327 | ||||||
Fair
Isaac Corp. |
68,000 | 66,066 | ||||||
144A, 4.00%, 6/15/28 |
159,000 | 145,566 | ||||||
MicroStrategy,
Inc., 144A, |
88,000 | 78,862 | ||||||
Open
Text Corp., 144A, |
164,000 | 146,102 | ||||||
PTC,
Inc. |
92,000 | 88,888 | ||||||
144A, 4.00%, 2/15/28 |
80,000 | 73,574 | ||||||
SS&C
Technologies, Inc., 144A, |
327,000 | 315,114 | ||||||
|
|
|||||||
(Cost $1,197,730) |
1,194,831 | |||||||
|
|
|||||||
Utilities — 3.2% | ||||||||
Electric — 2.7% | ||||||||
Calpine
Corp. |
73,000 | 71,686 | ||||||
144A, 4.50%, 2/15/28 |
205,000 | 190,168 | ||||||
144A, 5.125%, 3/15/28 |
250,000 | 227,920 | ||||||
Clearway
Energy Operating LLC, 144A, |
155,000 | 143,422 | ||||||
DPL,
Inc., |
76,000 | 72,367 | ||||||
Drax
Finco PLC, 144A, |
50,000 | 49,214 |
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
FirstEnergy
Corp., Series B, |
$ | 254,000 | $ | 239,879 | ||||
NextEra
Energy Operating Partners LP |
130,000 | 127,663 | ||||||
144A, 3.875%, 10/15/26 |
80,000 | 73,984 | ||||||
144A, 4.50%, 9/15/27 |
102,000 | 94,777 | ||||||
NRG
Energy, Inc., |
150,000 | 141,922 | ||||||
PG&E
Corp., |
174,000 | 160,242 | ||||||
Vistra
Operations Co. LLC |
176,000 | 169,920 | ||||||
144A, 5.625%, 2/15/27 |
200,000 | 192,715 | ||||||
144A, 5.00%, 7/31/27 |
259,000 | 243,825 | ||||||
|
|
|||||||
(Cost $2,236,910) |
2,199,704 | |||||||
|
|
|||||||
Gas — 0.5% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
175,000 | 171,917 | ||||||
5.875%, 8/20/26 |
161,000 | 152,873 | ||||||
5.75%, 5/20/27 |
46,000 | 42,592 | ||||||
144A, 9.375%, 6/1/28 |
88,000 | 90,282 | ||||||
|
|
|||||||
(Cost $473,429) |
457,664 | |||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
80,972,028 | |||||||
|
|
|||||||
Number |
||||||||
CASH EQUIVALENTS — 1.4% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 5.28% (b) |
1,126,201 | 1,126,201 | ||||||
|
|
|||||||
TOTAL INVESTMENTS — 99.3% (Cost $84,410,864) |
$ | 82,098,229 | ||||||
Other assets and liabilities, net — 0.7% |
603,050 | |||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 82,701,279 | ||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration 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) |
| |||||||||||||||||||||||||||||||||||
821,382 | — | (821,382 | )(d) | — | — | 25,429 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
589,978 | 14,241,380 | (13,705,157 | ) | — | — | 26,720 | — | 1,126,201 | 1,126,201 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
1,411,360 | 14,241,380 | (14,526,539 | ) | — | — | 52,149 | — | 1,126,201 | 1,126,201 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
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) |
$ | — | $ | 80,972,028 | $ | — | $ | 80,972,028 | ||||||||
Short-Term Investments (a) |
1,126,201 | — | — | 1,126,201 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 1,126,201 | $ | 80,972,028 | $ | — | $ | 82,098,229 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF
August 31, 2023
Principal |
Value |
|||||||
CORPORATE BONDS — 97.8% |
| |||||||
Basic Materials — 3.7% |
| |||||||
Chemicals — 1.6% | ||||||||
Ashland,
Inc., 144A, |
$ | 2,021,000 | $ | 1,617,646 | ||||
ASP
Unifrax Holdings, Inc. |
3,579,000 | 2,440,557 | ||||||
144A, 7.50%, 9/30/29 |
1,797,000 | 936,416 | ||||||
Avient
Corp. |
2,952,000 | 2,915,567 | ||||||
144A, 7.125%, 8/1/30 |
3,345,000 | 3,344,132 | ||||||
Axalta
Coating Systems LLC, 144A, |
3,096,000 | 2,628,598 | ||||||
Chemours
Co. |
2,188,000 | 2,058,767 | ||||||
144A, 5.75%, 11/15/28 |
3,689,000 | 3,317,368 | ||||||
144A, 4.625%, 11/15/29 |
2,757,000 | 2,293,100 | ||||||
Consolidated
Energy Finance SA, 144A, |
2,424,000 | 2,026,764 | ||||||
INEOS
Finance PLC, 144A, |
1,914,000 | 1,834,350 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
2,212,000 | 2,024,223 | ||||||
Methanex
Corp. |
3,146,000 | 2,953,950 | ||||||
5.25%, 12/15/29 |
3,111,000 | 2,836,807 | ||||||
NOVA
Chemicals Corp. |
2,212,000 | 2,103,366 | ||||||
144A, 5.25%, 6/1/27 |
4,669,000 | 4,156,558 | ||||||
144A, 4.25%, 5/15/29 |
2,555,000 | 2,074,162 | ||||||
Olin
Corp. |
2,257,000 | 2,163,086 | ||||||
5.625%, 8/1/29 |
3,012,000 | 2,885,651 | ||||||
5.00%, 2/1/30 |
2,340,000 | 2,141,954 | ||||||
SCIH
Salt Holdings, Inc. |
4,950,000 | 4,454,677 | ||||||
144A, 6.625%, 5/1/29 |
3,121,000 | 2,757,123 | ||||||
Tronox,
Inc., 144A, |
4,915,000 | 4,039,168 | ||||||
Valvoline,
Inc. |
2,585,000 | 2,543,359 | ||||||
144A, 3.625%, 6/15/31 |
2,377,000 | 1,891,795 | ||||||
|
|
|||||||
(Cost $72,990,289) |
64,439,144 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
||||||||
(Cost $3,871,202) |
3,907,000 | 3,199,626 | ||||||
|
|
|||||||
Iron/Steel — 0.6% | ||||||||
ATI,
Inc., |
1,850,000 | 1,871,053 | ||||||
Cleveland-Cliffs,
Inc. |
3,800,000 | 3,805,449 | ||||||
5.875%, 6/1/27 |
2,478,000 | 2,389,281 | ||||||
144A, 6.75%, 4/15/30 |
3,342,000 | 3,189,983 | ||||||
Mineral
Resources Ltd. |
3,096,000 | 3,093,847 |
Principal |
Value |
|||||||
Iron/Steel (Continued) | ||||||||
144A, 8.00%, 11/1/27 |
$ | 2,771,000 | $ | 2,764,753 | ||||
144A, 8.50%, 5/1/30 |
2,833,000 | 2,846,673 | ||||||
United
States Steel Corp., |
2,096,000 | 2,089,817 | ||||||
|
|
|||||||
(Cost $22,636,085) |
22,050,856 | |||||||
|
|
|||||||
Mining — 1.4% | ||||||||
First
Quantum Minerals Ltd. |
4,910,000 | 4,913,678 | ||||||
144A, 6.875%, 3/1/26 |
4,423,000 | 4,364,582 | ||||||
144A, 6.875%, 10/15/27 |
6,696,000 | 6,527,523 | ||||||
144A, 8.625%, 6/1/31 |
5,801,000 | 5,914,514 | ||||||
FMG
Resources August 2006 Pty Ltd. |
2,686,000 | 2,481,246 | ||||||
144A, 5.875%, 4/15/30 |
3,270,000 | 3,038,890 | ||||||
144A, 4.375%, 4/1/31 |
6,660,000 | 5,587,538 | ||||||
144A, 6.125%, 4/15/32 |
3,539,000 | 3,296,301 | ||||||
Hudbay
Minerals, Inc. |
2,654,000 | 2,507,136 | ||||||
144A, 6.125%, 4/1/29 |
2,654,000 | 2,497,676 | ||||||
Kaiser
Aluminum Corp. |
2,212,000 | 1,959,421 | ||||||
144A, 4.50%, 6/1/31 |
2,508,000 | 2,028,831 | ||||||
Nexa
Resources SA |
3,096,000 | 2,913,895 | ||||||
144A, 6.50%, 1/18/28 |
2,212,000 | 2,145,353 | ||||||
Vedanta
Resources Finance II PLC |
5,130,000 | 3,359,483 | ||||||
144A, 9.25%, 4/23/26 |
1,865,000 | 1,069,100 | ||||||
|
|
|||||||
(Cost $58,215,527) |
54,605,167 | |||||||
|
|
|||||||
Communications — 16.9% |
| |||||||
Advertising — 0.9% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
5,879,000 | 5,269,563 | ||||||
144A, 7.75%, 4/15/28 |
4,463,000 | 3,514,728 | ||||||
144A, 9.00%, 9/15/28 |
3,300,000 | 3,319,470 | ||||||
144A, 7.50%, 6/1/29 |
4,674,000 | 3,492,186 | ||||||
Lamar
Media Corp. |
2,669,000 | 2,433,327 | ||||||
4.00%, 2/15/30 |
2,433,000 | 2,131,065 | ||||||
3.625%, 1/15/31 |
2,433,000 | 2,033,745 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
1,964,000 | 1,931,884 | ||||||
144A, 5.00%, 8/15/27 |
2,899,000 | 2,613,705 | ||||||
144A, 4.25%, 1/15/29 |
2,313,000 | 1,899,513 | ||||||
144A, 4.625%, 3/15/30 |
2,157,000 | 1,755,590 | ||||||
Stagwell
Global LLC, 144A, |
4,940,000 | 4,130,026 | ||||||
|
|
|||||||
(Cost $39,792,944) |
34,524,802 | |||||||
|
|
|||||||
Internet — 1.6% | ||||||||
Gen
Digital, Inc. |
4,890,000 | 4,798,312 | ||||||
144A, 6.75%, 9/30/27 |
4,011,000 | 4,019,937 | ||||||
144A, 7.125%, 9/30/30 |
2,681,000 | 2,700,335 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Internet (Continued) | ||||||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc. |
$ | 2,674,000 | $ | 2,562,962 | ||||
144A, 3.50%, 3/1/29 |
3,539,000 | 3,044,923 | ||||||
Match
Group Holdings II LLC |
2,020,000 | 1,898,159 | ||||||
144A, 4.625%, 6/1/28 |
2,247,000 | 2,075,149 | ||||||
144A, 4.125%, 8/1/30 |
2,268,000 | 1,947,147 | ||||||
144A, 3.625%, 10/1/31 |
2,223,000 | 1,814,213 | ||||||
MercadoLibre,
Inc. |
1,785,000 | 1,637,301 | ||||||
3.125%, 1/14/31 |
2,902,000 | 2,324,119 | ||||||
Rakuten
Group, Inc., 144A, |
4,202,000 | 4,244,020 | ||||||
Uber
Technologies, Inc. |
4,456,000 | 4,502,461 | ||||||
144A, 8.00%, 11/1/26 |
7,044,000 | 7,178,442 | ||||||
144A, 7.50%, 9/15/27 |
5,353,000 | 5,461,741 | ||||||
144A, 6.25%, 1/15/28 |
2,262,000 | 2,241,881 | ||||||
144A, 4.50%, 8/15/29 |
6,700,000 | 6,147,371 | ||||||
Ziff
Davis, Inc., 144A, |
2,035,000 | 1,752,203 | ||||||
|
|
|||||||
(Cost $62,777,972) |
60,350,676 | |||||||
|
|
|||||||
Media — 9.7% | ||||||||
Altice
Financing SA |
5,338,000 | 4,344,737 | ||||||
144A, 5.75%, 8/15/29 |
9,218,000 | 7,310,487 | ||||||
AMC
Networks, Inc. |
3,539,000 | 3,320,942 | ||||||
4.25%, 2/15/29 |
4,443,000 | 2,838,097 | ||||||
Cable
One, Inc., 144A, |
2,875,000 | 2,245,138 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
3,317,000 | 3,242,405 | ||||||
144A, 5.125%, 5/1/27 |
14,436,000 | 13,613,507 | ||||||
144A, 5.00%, 2/1/28 |
11,083,000 | 10,223,176 | ||||||
144A, 5.375%, 6/1/29 |
6,755,000 | 6,161,117 | ||||||
144A, 6.375%, 9/1/29 |
6,695,000 | 6,344,542 | ||||||
144A, 4.75%, 3/1/30 |
13,789,000 | 11,895,158 | ||||||
144A, 4.50%, 8/15/30 |
12,221,000 | 10,294,081 | ||||||
144A, 4.25%, 2/1/31 |
13,430,000 | 11,027,423 | ||||||
144A, 7.375%, 3/1/31 |
4,866,000 | 4,836,620 | ||||||
144A, 4.75%, 2/1/32 |
5,308,000 | 4,397,227 | ||||||
4.50%, 5/1/32 |
12,824,000 | 10,408,496 | ||||||
144A, 4.50%, 6/1/33 |
7,969,000 | 6,296,335 | ||||||
144A, 4.25%, 1/15/34 |
8,972,000 | 6,878,976 | ||||||
CSC
Holdings LLC |
5,824,000 | 5,028,302 | ||||||
144A, 5.375%, 2/1/28 |
4,553,000 | 3,728,975 | ||||||
144A, 7.50%, 4/1/28 |
4,656,000 | 2,965,586 | ||||||
144A, 11.25%, 5/15/28 |
4,623,000 | 4,563,936 | ||||||
144A, 6.50%, 2/1/29 |
7,891,000 | 6,526,879 | ||||||
144A, 5.75%, 1/15/30 |
10,006,000 | 5,522,411 | ||||||
144A, 4.125%, 12/1/30 |
4,866,000 | 3,473,061 | ||||||
144A, 4.625%, 12/1/30 |
10,329,000 | 5,414,232 |
Principal |
Value |
|||||||
Media (Continued) | ||||||||
144A, 3.375%, 2/15/31 |
$ | 4,453,000 | $ | 3,061,568 | ||||
144A, 4.50%, 11/15/31 |
6,680,000 | 4,755,096 | ||||||
144A, 5.00%, 11/15/31 |
2,222,000 | 1,189,646 | ||||||
DISH
DBS Corp. |
8,892,000 | 8,279,207 | ||||||
7.75%, 7/1/26 |
8,906,000 | 6,663,024 | ||||||
144A, 5.25%, 12/1/26 |
12,414,000 | 10,484,376 | ||||||
7.375%, 7/1/28 |
4,469,000 | 2,810,867 | ||||||
144A, 5.75%, 12/1/28 |
11,188,000 | 8,678,652 | ||||||
5.125%, 6/1/29 |
6,690,000 | 3,616,456 | ||||||
DISH
Network Corp., 144A, |
15,571,000 | 15,811,401 | ||||||
Gray
Television, Inc. |
3,078,000 | 2,819,216 | ||||||
144A, 7.00%, 5/15/27 |
3,317,000 | 2,980,558 | ||||||
144A, 4.75%, 10/15/30 |
3,619,000 | 2,530,546 | ||||||
iHeartCommunications,
Inc. |
3,564,587 | 3,115,074 | ||||||
8.375%, 5/1/27 |
4,515,151 | 3,131,304 | ||||||
144A, 5.25%, 8/15/27 |
3,317,000 | 2,631,226 | ||||||
144A, 4.75%, 1/15/28 |
2,292,000 | 1,768,718 | ||||||
McGraw-Hill
Education, Inc. |
3,690,000 | 3,278,196 | ||||||
144A, 8.00%, 8/1/29 |
3,048,000 | 2,674,185 | ||||||
News
Corp. |
4,423,000 | 3,888,259 | ||||||
144A, 5.125%, 2/15/32 |
2,222,000 | 2,012,910 | ||||||
Nexstar
Media, Inc. |
7,743,000 | 7,285,131 | ||||||
144A, 4.75%, 11/1/28 |
4,448,000 | 3,908,252 | ||||||
Sinclair
Television Group, Inc. |
2,212,000 | 1,182,638 | ||||||
144A, 4.125%, 12/1/30 |
3,319,000 | 2,123,238 | ||||||
Sirius
XM Radio, Inc. |
4,423,000 | 3,994,854 | ||||||
144A, 5.00%, 8/1/27 |
6,821,000 | 6,299,876 | ||||||
144A, 4.00%, 7/15/28 |
8,872,000 | 7,682,724 | ||||||
144A, 5.50%, 7/1/29 |
5,770,000 | 5,213,754 | ||||||
144A, 4.125%, 7/1/30 |
6,660,000 | 5,436,625 | ||||||
144A, 3.875%, 9/1/31 |
6,660,000 | 5,189,660 | ||||||
TEGNA,
Inc. |
2,433,000 | 2,320,452 | ||||||
4.625%, 3/15/28 |
4,500,000 | 4,036,636 | ||||||
5.00%, 9/15/29 |
4,980,000 | 4,389,571 | ||||||
Telenet
Finance Luxembourg Notes SARL, 144A, |
4,400,000 | 4,043,600 | ||||||
Univision
Communications, Inc. |
4,900,000 | 4,837,035 | ||||||
144A, 6.625%, 6/1/27 |
6,941,000 | 6,726,659 | ||||||
144A, 8.00%, 8/15/28 |
2,015,000 | 2,011,836 | ||||||
144A, 4.50%, 5/1/29 |
4,737,000 | 4,082,072 | ||||||
144A, 7.375%, 6/30/30 |
4,125,000 | 3,995,403 | ||||||
UPC
Broadband Finco BV, 144A, |
5,637,000 | 4,657,571 | ||||||
UPC
Holding BV, 144A, |
2,001,000 | 1,782,901 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Videotron
Ltd. |
$ | 2,653,500 | $ | 2,543,114 | ||||
144A, 3.625%, 6/15/29 |
2,222,000 | 1,910,164 | ||||||
Virgin
Media Finance PLC, 144A, |
4,191,000 | 3,404,279 | ||||||
Virgin
Media Secured Finance PLC |
6,311,000 | 5,773,461 | ||||||
144A, 4.50%, 8/15/30 |
4,047,000 | 3,420,765 | ||||||
VTR
Finance NV, 144A, |
2,174,000 | 1,001,792 | ||||||
Ziggo
Bond Co. BV |
2,777,000 | 2,586,287 | ||||||
144A, 5.125%, 2/28/30 |
2,222,000 | 1,726,677 | ||||||
Ziggo
BV, 144A, |
4,451,000 | 3,745,897 | ||||||
|
|
|||||||
(Cost $446,623,448) |
376,395,255 | |||||||
|
|
|||||||
Telecommunications — 4.7% | ||||||||
Altice
France Holding SA |
6,946,000 | 3,757,126 | ||||||
144A, 6.00%, 2/15/28 |
4,916,000 | 2,175,498 | ||||||
Altice
France SA |
7,781,000 | 6,583,022 | ||||||
144A, 5.50%, 1/15/28 |
5,016,000 | 3,763,480 | ||||||
144A, 5.125%, 1/15/29 |
2,201,000 | 1,570,526 | ||||||
144A, 5.125%, 7/15/29 |
11,208,000 | 7,932,806 | ||||||
144A, 5.50%, 10/15/29 |
8,897,000 | 6,409,553 | ||||||
C&W
Senior Financing DAC, 144A, |
5,566,000 | 5,171,037 | ||||||
CommScope
Technologies LLC |
5,638,000 | 5,156,704 | ||||||
144A, 5.00%, 3/15/27 |
3,316,000 | 1,847,235 | ||||||
CommScope,
Inc. |
6,635,000 | 6,036,275 | ||||||
144A, 8.25%, 3/1/27 |
4,350,000 | 2,886,399 | ||||||
144A, 7.125%, 7/1/28 |
3,094,000 | 1,726,803 | ||||||
144A, 4.75%, 9/1/29 |
5,574,000 | 4,147,316 | ||||||
Consolidated
Communications, Inc. |
1,778,000 | 1,302,334 | ||||||
144A, 6.50%, 10/1/28 |
3,377,000 | 2,600,965 | ||||||
Frontier
Communications Holdings LLC |
5,274,000 | 4,807,935 | ||||||
144A, 5.00%, 5/1/28 |
6,956,000 | 5,966,726 | ||||||
144A, 6.75%, 5/1/29 |
4,457,000 | 3,463,865 | ||||||
5.875%, 11/1/29 |
3,318,189 | 2,460,416 | ||||||
144A, 6.00%, 1/15/30 |
4,477,000 | 3,311,799 | ||||||
144A, 8.75%, 5/15/30 |
5,308,000 | 5,164,065 | ||||||
144A, 8.625%, 3/15/31 |
3,317,000 | 3,191,211 | ||||||
Hughes
Satellite Systems Corp. |
3,317,000 | 3,053,713 | ||||||
6.625%, 8/1/26 |
3,360,500 | 2,918,577 | ||||||
Iliad
Holding SASU |
5,328,000 | 5,088,025 | ||||||
144A, 7.00%, 10/15/28 |
3,981,000 | 3,707,145 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
13,549,000 | 12,454,474 | ||||||
Level 3
Financing, Inc. |
3,317,000 | 3,063,407 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
144A, 4.625%, 9/15/27 |
$ | 4,474,000 | $ | 3,365,602 | ||||
144A, 4.25%, 7/1/28 |
5,386,000 | 3,531,549 | ||||||
144A, 3.625%, 1/15/29 |
3,806,000 | 2,268,755 | ||||||
144A, 3.875%, 11/15/29 |
3,317,000 | 2,932,816 | ||||||
144A, 10.50%, 5/15/30 |
4,109,000 | 4,173,059 | ||||||
Lumen
Technologies, Inc. |
1,839,000 | 954,322 | ||||||
144A, 4.00%, 2/15/27 |
5,595,000 | 3,521,353 | ||||||
144A, 4.50%, 1/15/29 |
1,827,000 | 604,883 | ||||||
Millicom
International Cellular SA |
1,791,000 | 1,625,834 | ||||||
144A, 6.25%, 3/25/29 |
2,687,400 | 2,460,903 | ||||||
144A, 4.50%, 4/27/31 |
3,641,000 | 2,879,408 | ||||||
Sable
International Finance Ltd., 144A, |
2,200,000 | 2,042,931 | ||||||
Viasat,
Inc. |
3,085,000 | 2,918,225 | ||||||
144A, 5.625%, 4/15/27 |
2,654,000 | 2,376,851 | ||||||
144A, 6.50%, 7/15/28 |
1,849,000 | 1,446,195 | ||||||
Vmed
O2 UK Financing I PLC |
6,021,000 | 4,932,512 | ||||||
144A, 4.75%, 7/15/31 |
6,282,000 | 5,251,653 | ||||||
Windstream
Escrow LLC / Windstream Escrow Finance Corp., 144A, |
6,322,000 | 5,130,372 | ||||||
Zayo
Group Holdings, Inc. |
6,560,000 | 4,921,120 | ||||||
144A, 6.125%, 3/1/28 |
4,813,000 | 3,133,138 | ||||||
|
|
|||||||
(Cost $224,991,984) |
182,189,918 | |||||||
|
|
|||||||
Consumer, Cyclical — 24.4% |
| |||||||
Airlines — 1.5% | ||||||||
Air
Canada, 144A, |
5,308,000 | 4,907,234 | ||||||
American
Airlines Group, Inc., 144A, |
1,037,000 | 993,325 | ||||||
American
Airlines, Inc. |
10,264,000 | 11,243,134 | ||||||
144A, 7.25%, 2/15/28 |
3,317,000 | 3,261,612 | ||||||
Delta
Air Lines, Inc. |
4,000,000 | 3,878,544 | ||||||
7.375%, 1/15/26 |
3,566,000 | 3,671,407 | ||||||
4.375%, 4/19/28 |
1,885,000 | 1,770,224 | ||||||
3.75%, 10/28/29 |
2,166,000 | 1,923,733 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
5,407,858 | 5,009,666 | ||||||
Spirit
Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
2,653,195 | 2,658,608 | ||||||
144A, 8.00%, 9/20/25 |
2,335,366 | 2,340,375 | ||||||
United
Airlines, Inc. |
8,846,000 | 8,339,814 | ||||||
144A, 4.625%, 4/15/29 |
8,846,000 | 7,876,785 | ||||||
|
|
|||||||
(Cost $61,341,880) |
57,874,461 | |||||||
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Apparel — 0.2% | ||||||||
Hanesbrands,
Inc. |
$ | 3,981,000 | $ | 3,722,203 | ||||
144A, 9.00%, 2/15/31 |
2,781,000 | 2,796,490 | ||||||
Levi
Strauss & Co., 144A, |
2,222,000 | 1,807,442 | ||||||
|
|
|||||||
(Cost $8,799,078) |
8,326,135 | |||||||
|
|
|||||||
Auto Manufacturers — 3.9% | ||||||||
Allison
Transmission, Inc. |
1,782,000 | 1,674,452 | ||||||
144A, 5.875%, 6/1/29 |
2,222,000 | 2,148,548 | ||||||
144A, 3.75%, 1/30/31 |
4,453,000 | 3,724,002 | ||||||
Aston
Martin Capital Holdings Ltd., 144A, |
5,378,000 | 5,468,996 | ||||||
Ford
Motor Co. |
6,649,000 | 6,424,362 | ||||||
9.625%, 4/22/30 |
1,959,000 | 2,276,430 | ||||||
3.25%, 2/12/32 |
11,170,000 | 8,728,747 | ||||||
6.10%, 8/19/32 |
7,821,000 | 7,481,318 | ||||||
Ford
Motor Credit Co. LLC |
3,114,000 | 3,023,932 | ||||||
4.063%, 11/1/24 |
5,977,000 | 5,795,912 | ||||||
2.30%, 2/10/25 |
4,931,000 | 4,637,364 | ||||||
4.687%, 6/9/25 |
2,407,000 | 2,319,153 | ||||||
5.125%, 6/16/25 |
6,936,000 | 6,758,506 | ||||||
4.134%, 8/4/25 |
5,593,000 | 5,332,041 | ||||||
3.375%, 11/13/25 |
8,394,000 | 7,824,695 | ||||||
GMTN, 4.389%, 1/8/26 |
4,796,000 | 4,531,644 | ||||||
6.95%, 3/6/26 |
5,196,000 | 5,214,290 | ||||||
6.95%, 6/10/26 |
4,150,000 | 4,159,462 | ||||||
4.542%, 8/1/26 |
3,059,000 | 2,886,601 | ||||||
2.70%, 8/10/26 |
6,007,000 | 5,378,470 | ||||||
4.271%, 1/9/27 |
3,598,000 | 3,329,831 | ||||||
4.95%, 5/28/27 |
6,001,000 | 5,635,521 | ||||||
4.125%, 8/17/27 |
4,984,000 | 4,530,748 | ||||||
3.815%, 11/2/27 |
2,992,000 | 2,664,231 | ||||||
7.35%, 11/4/27 |
6,009,000 | 6,134,768 | ||||||
2.90%, 2/16/28 |
3,004,000 | 2,566,248 | ||||||
6.80%, 5/12/28 |
6,009,000 | 6,012,600 | ||||||
2.90%, 2/10/29 |
3,035,000 | 2,507,702 | ||||||
5.113%, 5/3/29 |
6,007,000 | 5,531,349 | ||||||
7.35%, 3/6/30 |
4,537,000 | 4,622,550 | ||||||
7.20%, 6/10/30 |
3,393,000 | 3,447,695 | ||||||
4.00%, 11/13/30 |
6,607,000 | 5,596,314 | ||||||
3.625%, 6/17/31 |
3,995,000 | 3,240,407 | ||||||
|
|
|||||||
(Cost $164,717,135) |
151,608,889 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.9% | ||||||||
Adient
Global Holdings Ltd. |
3,544,000 | 3,411,239 | ||||||
144A, 7.00%, 4/15/28 |
2,278,000 | 2,303,637 | ||||||
144A, 8.25%, 4/15/31 |
2,222,000 | 2,280,030 | ||||||
American
Axle & Manufacturing, Inc. |
2,222,000 | 2,108,335 | ||||||
6.875%, 7/1/28 |
1,818,000 | 1,669,169 | ||||||
5.00%, 10/1/29 |
2,695,000 | 2,221,239 | ||||||
Clarios
Global LP, 144A, |
2,005,000 | 2,006,015 |
Principal |
Value |
|||||||
Auto Parts & Equipment (Continued) | ||||||||
Clarios
Global LP / Clarios US Finance Co. |
$ | 3,994,000 | $ | 3,958,961 | ||||
144A, 8.50%, 5/15/27 |
7,397,000 | 7,485,335 | ||||||
144A, 6.75%, 5/15/28 |
3,317,000 | 3,311,402 | ||||||
Dana,
Inc. |
1,785,000 | 1,690,279 | ||||||
5.625%, 6/15/28 |
1,748,000 | 1,647,070 | ||||||
4.25%, 9/1/30 |
1,815,000 | 1,494,053 | ||||||
Goodyear
Tire & Rubber Co. |
3,611,000 | 3,690,980 | ||||||
5.00%, 5/31/26 |
4,000,000 | 3,864,271 | ||||||
4.875%, 3/15/27 |
3,019,000 | 2,842,640 | ||||||
5.00%, 7/15/29 |
3,736,000 | 3,326,796 | ||||||
5.25%, 4/30/31 |
2,433,000 | 2,136,478 | ||||||
5.25%, 7/15/31 |
2,771,000 | 2,389,018 | ||||||
5.625%, 4/30/33 |
2,005,000 | 1,722,476 | ||||||
Tenneco,
Inc., 144A, |
8,500,000 | 7,012,755 | ||||||
ZF
North America Capital, Inc. |
4,766,000 | 4,634,887 | ||||||
144A, 6.875%, 4/14/28 |
2,694,000 | 2,682,983 | ||||||
144A, 7.125%, 4/14/30 |
2,674,000 | 2,711,829 | ||||||
|
|
|||||||
(Cost $76,333,715) |
72,601,877 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.4% | ||||||||
American
Builders & Contractors Supply Co., Inc. |
3,126,000 | 2,832,767 | ||||||
144A, 3.875%, 11/15/29 |
1,772,000 | 1,529,251 | ||||||
H&E
Equipment Services, Inc., 144A, |
5,669,000 | 4,954,894 | ||||||
Ritchie
Bros Holdings, Inc. |
2,433,000 | 2,448,436 | ||||||
144A, 7.75%, 3/15/31 |
3,526,000 | 3,627,994 | ||||||
|
|
|||||||
(Cost $16,639,510) |
15,393,342 | |||||||
|
|
|||||||
Entertainment — 3.7% | ||||||||
AMC
Entertainment Holdings, Inc. |
6,432,466 | 4,466,679 | ||||||
144A, 7.50%, 2/15/29 |
4,211,000 | 2,878,565 | ||||||
Caesars
Entertainment, Inc. |
15,500,000 | 15,393,567 | ||||||
144A, 8.125%, 7/1/27 |
7,216,000 | 7,333,476 | ||||||
144A, 4.625%, 10/15/29 |
5,354,000 | 4,691,131 | ||||||
144A, 7.00%, 2/15/30 |
8,933,000 | 8,976,879 | ||||||
Caesars
Resort Collection LLC / CRC Finco, Inc., 144A, |
4,404,000 | 4,411,120 | ||||||
CDI
Escrow Issuer, Inc., 144A, |
5,452,000 | 5,076,723 | ||||||
Cedar
Fair LP, |
2,228,000 | 2,008,411 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium
Op |
4,463,000 | 4,431,652 | ||||||
5.375%, 4/15/27 |
2,228,000 | 2,108,402 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Churchill
Downs, Inc. |
$ | 2,654,000 | $ | 2,559,426 | ||||
144A, 4.75%, 1/15/28 |
3,096,000 | 2,858,643 | ||||||
144A, 6.75%, 5/1/31 |
2,654,000 | 2,593,728 | ||||||
Cinemark
USA, Inc. |
1,791,000 | 1,721,024 | ||||||
144A, 5.25%, 7/15/28 |
3,400,000 | 3,023,076 | ||||||
International
Game Technology PLC |
2,228,000 | 2,231,921 | ||||||
144A, 4.125%, 4/15/26 |
3,342,000 | 3,175,585 | ||||||
144A, 6.25%, 1/15/27 |
3,333,000 | 3,303,353 | ||||||
144A, 5.25%, 1/15/29 |
3,317,000 | 3,122,266 | ||||||
Light &
Wonder International, Inc. |
3,121,000 | 3,112,311 | ||||||
144A, 7.25%, 11/15/29 |
2,237,000 | 2,244,606 | ||||||
144A, 7.50%, 9/1/31 |
2,450,000 | 2,486,567 | ||||||
Live
Nation Entertainment, Inc. |
2,555,000 | 2,511,786 | ||||||
144A, 6.50%, 5/15/27 |
5,308,000 | 5,316,891 | ||||||
144A, 4.75%, 10/15/27 |
4,227,000 | 3,941,678 | ||||||
144A, 3.75%, 1/15/28 |
2,222,000 | 1,983,732 | ||||||
Mohegan
Tribal Gaming Authority, 144A, |
5,222,000 | 4,867,687 | ||||||
Penn
Entertainment, Inc. |
1,785,000 | 1,689,267 | ||||||
144A, 4.125%, 7/1/29 |
1,785,000 | 1,455,411 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
3,362,000 | 2,686,574 | ||||||
144A, 5.875%, 9/1/31 |
3,301,000 | 2,555,304 | ||||||
Six
Flags Entertainment Corp. |
2,222,000 | 2,093,457 | ||||||
144A, 7.25%, 5/15/31 |
3,689,000 | 3,540,589 | ||||||
Vail
Resorts, Inc., 144A, |
2,666,000 | 2,659,047 | ||||||
WMG
Acquisition Corp. |
2,389,000 | 2,073,153 | ||||||
144A, 3.875%, 7/15/30 |
2,366,000 | 2,055,256 | ||||||
144A, 3.00%, 2/15/31 |
3,539,000 | 2,887,470 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. |
3,367,000 | 3,017,097 | ||||||
144A, 7.125%, 2/15/31 |
2,632,000 | 2,586,374 | ||||||
|
|
|||||||
(Cost $152,866,132) |
142,129,884 | |||||||
|
|
|||||||
Food Service — 0.5% | ||||||||
Aramark
Services, Inc. |
2,451,000 | 2,423,183 | ||||||
144A, 6.375%, 5/1/25 |
6,765,000 | 6,783,482 | ||||||
144A, 5.00%, 2/1/28 |
5,087,000 | 4,750,472 | ||||||
TKC
Holdings, Inc. |
2,101,000 | 1,901,468 | ||||||
144A, 10.50%, 5/15/29 |
2,975,000 | 2,471,927 | ||||||
|
|
|||||||
(Cost $19,404,794) |
18,330,532 | |||||||
|
|
|||||||
Home Builders — 0.5% | ||||||||
Ashton
Woods USA LLC / Ashton Woods Finance Co., 144A, |
1,803,000 | 1,554,673 |
Principal |
Value |
|||||||
Home Builders (Continued) | ||||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC |
$ | 2,654,000 | $ | 2,438,705 | ||||
144A, 4.875%, 2/15/30 |
2,212,000 | 1,829,516 | ||||||
Mattamy
Group Corp. |
2,212,000 | 2,088,815 | ||||||
144A, 4.625%, 3/1/30 |
2,666,000 | 2,355,006 | ||||||
Meritage
Homes Corp. |
1,996,000 | 1,988,625 | ||||||
144A, 3.875%, 4/15/29 |
2,053,000 | 1,793,716 | ||||||
Taylor
Morrison Communities, Inc. |
2,222,000 | 2,185,448 | ||||||
144A, 5.75%, 1/15/28 |
2,025,000 | 1,955,316 | ||||||
144A, 5.125%, 8/1/30 |
2,253,000 | 2,068,510 | ||||||
|
|
|||||||
(Cost $22,443,137) |
20,258,330 | |||||||
|
|
|||||||
Home Furnishings — 0.2% | ||||||||
Tempur
Sealy International, Inc. |
3,569,000 | 3,068,653 | ||||||
144A, 3.875%, 10/15/31 |
3,598,000 | 2,895,245 | ||||||
|
|
|||||||
(Cost $7,043,977) |
5,963,898 | |||||||
|
|
|||||||
Housewares — 0.5% | ||||||||
Newell
Brands, Inc. |
2,232,000 | 2,157,990 | ||||||
4.70%, 4/1/26 |
8,780,000 | 8,401,541 | ||||||
6.375%, 9/15/27 |
2,293,000 | 2,244,737 | ||||||
6.625%, 9/15/29 |
2,328,000 | 2,308,489 | ||||||
Scotts
Miracle-Gro Co. |
1,821,000 | 1,524,832 | ||||||
4.00%, 4/1/31 |
2,128,000 | 1,674,481 | ||||||
4.375%, 2/1/32 |
1,829,000 | 1,449,848 | ||||||
|
|
|||||||
(Cost $21,740,965) |
19,761,918 | |||||||
|
|
|||||||
Leisure Time — 3.4% | ||||||||
Carnival
Corp. |
6,444,000 | 6,429,634 | ||||||
144A, 5.75%, 3/1/27 |
15,481,000 | 14,558,085 | ||||||
144A, 9.875%, 8/1/27 |
4,017,000 | 4,245,190 | ||||||
144A, 4.00%, 8/1/28 |
10,796,000 | 9,669,293 | ||||||
144A, 6.00%, 5/1/29 |
8,847,000 | 8,015,502 | ||||||
144A, 7.00%, 8/15/29 |
2,050,000 | 2,081,855 | ||||||
144A, 10.50%, 6/1/30 |
4,423,000 | 4,715,338 | ||||||
Carnival
Holdings Bermuda Ltd., 144A, |
8,979,000 | 9,773,590 | ||||||
Life
Time, Inc. |
4,092,000 | 3,995,816 | ||||||
144A, 8.00%, 4/15/26 |
2,117,000 | 2,103,028 | ||||||
NCL
Corp. Ltd. |
2,509,000 | 2,405,454 | ||||||
144A, 5.875%, 3/15/26 |
6,303,000 | 5,937,430 | ||||||
144A, 5.875%, 2/15/27 |
4,423,000 | 4,288,486 | ||||||
144A, 8.375%, 2/1/28 |
2,684,000 | 2,768,895 | ||||||
144A, 7.75%, 2/15/29 |
2,736,000 | 2,601,668 | ||||||
Royal
Caribbean Cruises Ltd. |
1,915,000 | 2,025,325 | ||||||
144A, 4.25%, 7/1/26 |
2,935,000 | 2,739,060 | ||||||
144A, 5.50%, 8/31/26 |
4,423,000 | 4,240,683 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Leisure Time (Continued) | ||||||||
144A, 5.375%, 7/15/27 |
$ | 4,423,000 | $ | 4,163,001 | ||||
144A, 11.625%, 8/15/27 |
5,529,000 | 6,026,805 | ||||||
3.70%, 3/15/28 |
2,222,000 | 1,937,281 | ||||||
144A, 5.50%, 4/1/28 |
6,751,000 | 6,323,997 | ||||||
144A, 8.25%, 1/15/29 |
4,448,000 | 4,652,688 | ||||||
144A, 9.25%, 1/15/29 |
4,567,000 | 4,868,509 | ||||||
144A, 7.25%, 1/15/30 |
3,126,000 | 3,172,205 | ||||||
Viking
Cruises Ltd. |
3,649,000 | 3,415,336 | ||||||
144A, 7.00%, 2/15/29 |
2,362,000 | 2,241,774 | ||||||
144A, 9.125%, 7/15/31 |
3,190,000 | 3,298,580 | ||||||
|
|
|||||||
(Cost $136,343,210) |
132,694,508 | |||||||
|
|
|||||||
Lodging — 2.8% | ||||||||
Boyd
Gaming Corp. |
4,422,000 | 4,149,194 | ||||||
144A, 4.75%, 6/15/31 |
4,011,000 | 3,536,899 | ||||||
Hilton
Domestic Operating Co., Inc. |
2,228,000 | 2,209,142 | ||||||
144A, 5.75%, 5/1/28 |
2,212,000 | 2,172,130 | ||||||
144A, 3.75%, 5/1/29 |
3,564,000 | 3,142,718 | ||||||
4.875%, 1/15/30 |
4,423,000 | 4,130,189 | ||||||
144A, 4.00%, 5/1/31 |
4,886,000 | 4,246,867 | ||||||
144A, 3.625%, 2/15/32 |
6,793,000 | 5,649,499 | ||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower
Esc |
3,816,000 | 3,386,611 | ||||||
144A, 4.875%, 7/1/31 |
2,212,000 | 1,867,154 | ||||||
Las
Vegas Sands Corp. |
1,052,000 | 1,015,812 | ||||||
2.90%, 6/25/25 |
2,222,000 | 2,097,796 | ||||||
3.50%, 8/18/26 |
4,448,000 | 4,131,185 | ||||||
3.90%, 8/8/29 |
3,317,000 | 2,919,004 | ||||||
Marriott
Ownership Resorts, Inc., 144A, |
2,222,000 | 1,879,635 | ||||||
Melco
Resorts Finance Ltd. |
4,406,000 | 4,189,681 | ||||||
144A, 5.25%, 4/26/26 |
2,222,000 | 2,060,081 | ||||||
144A, 5.625%, 7/17/27 |
2,814,000 | 2,517,855 | ||||||
144A, 5.75%, 7/21/28 |
3,810,000 | 3,374,292 | ||||||
144A, 5.375%, 12/4/29 |
5,087,000 | 4,271,412 | ||||||
MGM
Resorts International |
3,471,000 | 3,479,813 | ||||||
5.75%, 6/15/25 |
2,986,000 | 2,947,712 | ||||||
4.625%, 9/1/26 |
1,769,000 | 1,667,762 | ||||||
5.50%, 4/15/27 |
2,986,000 | 2,855,695 | ||||||
4.75%, 10/15/28 |
3,324,000 | 3,019,594 | ||||||
Station
Casinos LLC |
3,070,000 | 2,750,413 | ||||||
144A, 4.625%, 12/1/31 |
2,200,000 | 1,815,594 | ||||||
Studio
City Finance Ltd. |
2,252,000 | 2,131,563 | ||||||
144A, 6.50%, 1/15/28 |
2,242,000 | 1,900,689 | ||||||
144A, 5.00%, 1/15/29 |
4,886,000 | 3,666,479 | ||||||
Travel
+ Leisure Co. |
2,875,000 | 2,838,238 | ||||||
6.00%, 4/1/27 |
1,787,000 | 1,735,552 |
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
144A, 4.50%, 12/1/29 |
$ | 2,889,000 | $ | 2,480,958 | ||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
6,287,000 | 6,216,567 | ||||||
144A, 5.25%, 5/15/27 |
4,247,000 | 4,023,313 | ||||||
|
|
|||||||
(Cost $115,805,571) |
106,477,098 | |||||||
|
|
|||||||
Retail — 4.9% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
2,228,000 | 2,213,257 | ||||||
144A, 3.875%, 1/15/28 |
6,881,000 | 6,264,458 | ||||||
144A, 4.375%, 1/15/28 |
3,317,000 | 3,048,097 | ||||||
144A, 3.50%, 2/15/29 |
3,357,000 | 2,942,298 | ||||||
144A, 4.00%, 10/15/30 |
12,883,000 | 10,921,637 | ||||||
Asbury
Automotive Group, Inc. |
1,769,000 | 1,615,153 | ||||||
144A, 4.625%, 11/15/29 |
3,559,000 | 3,143,462 | ||||||
4.75%, 3/1/30 |
2,038,000 | 1,791,602 | ||||||
144A, 5.00%, 2/15/32 |
2,666,000 | 2,289,333 | ||||||
Bath &
Body Works, Inc. |
2,222,000 | 2,133,772 | ||||||
7.50%, 6/15/29 |
2,146,000 | 2,165,256 | ||||||
144A, 6.625%, 10/1/30 |
4,423,000 | 4,317,307 | ||||||
Beacon
Roofing Supply, Inc., 144A, |
2,670,000 | 2,640,630 | ||||||
Carvana
Co. |
2,654,000 | 1,952,747 | ||||||
144A, 5.875%, 10/1/28 |
2,674,000 | 1,647,572 | ||||||
144A, 4.875%, 9/1/29 |
3,317,000 | 1,982,850 | ||||||
144A, 10.25%, 5/1/30 |
14,501,000 | 11,256,044 | ||||||
eG
Global Finance PLC |
3,088,000 | 3,046,034 | ||||||
144A, 8.50%, 10/30/25 |
2,597,000 | 2,573,680 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
2,905,000 | 2,733,217 | ||||||
144A, 5.875%, 4/1/29 |
3,749,000 | 3,312,768 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
4,613,000 | 3,988,056 | ||||||
144A, 6.75%, 1/15/30 |
5,529,000 | 4,573,294 | ||||||
FirstCash,
Inc. |
2,247,000 | 2,000,762 | ||||||
144A, 5.625%, 1/1/30 |
2,433,000 | 2,211,326 | ||||||
Gap,
Inc. |
3,467,000 | 2,642,421 | ||||||
144A, 3.875%, 10/1/31 |
3,317,000 | 2,407,589 | ||||||
Kohl’s
Corp., |
2,316,000 | 1,707,239 | ||||||
LBM
Acquisition LLC, 144A, |
3,742,000 | 3,269,446 | ||||||
Lithia
Motors, Inc. |
1,785,000 | 1,650,230 | ||||||
144A, 3.875%, 6/1/29 |
3,517,000 | 3,022,980 | ||||||
144A, 4.375%, 1/15/31 |
2,444,000 | 2,081,559 | ||||||
Macy’s
Retail Holdings LLC |
2,327,000 | 2,105,674 | ||||||
144A, 5.875%, 3/15/30 |
1,922,000 | 1,683,480 | ||||||
144A, 6.125%, 3/15/32 |
1,889,000 | 1,621,518 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Michaels
Cos., Inc. |
$ | 3,821,000 | $ | 3,188,166 | ||||
144A, 7.875%, 5/1/29 |
5,636,000 | 3,911,948 | ||||||
Murphy
Oil USA, Inc. |
2,222,000 | 2,040,885 | ||||||
144A, 3.75%, 2/15/31 |
2,212,000 | 1,862,725 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
4,886,000 | 4,647,839 | ||||||
Nordstrom,
Inc. |
2,291,000 | 1,834,805 | ||||||
4.25%, 8/1/31 |
1,880,000 | 1,415,978 | ||||||
Penske
Automotive Group, Inc. |
2,444,000 | 2,331,907 | ||||||
3.75%, 6/15/29 |
2,216,000 | 1,901,421 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp. |
5,333,000 | 4,788,766 | ||||||
144A, 7.75%, 2/15/29 |
5,247,000 | 5,017,013 | ||||||
QVC,
Inc. |
2,602,000 | 2,341,382 | ||||||
4.75%, 2/15/27 |
2,555,000 | 1,689,268 | ||||||
4.375%, 9/1/28 |
2,291,000 | 1,298,571 | ||||||
Rite
Aid Corp., 144A, |
3,759,000 | 2,390,799 | ||||||
Sonic
Automotive, Inc. |
2,875,000 | 2,456,032 | ||||||
144A, 4.875%, 11/15/31 |
2,232,000 | 1,857,534 | ||||||
SRS
Distribution, Inc. |
2,905,000 | 2,588,933 | ||||||
144A, 6.125%, 7/1/29 |
2,069,000 | 1,800,960 | ||||||
144A, 6.00%, 12/1/29 |
3,840,000 | 3,287,309 | ||||||
Staples,
Inc. |
8,887,000 | 7,361,735 | ||||||
144A, 10.75%, 4/15/27 |
4,300,000 | 2,337,890 | ||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp., 144A, |
2,891,000 | 2,474,424 | ||||||
Yum!
Brands, Inc. |
3,539,000 | 3,262,241 | ||||||
3.625%, 3/15/31 |
4,775,000 | 4,053,617 | ||||||
4.625%, 1/31/32 |
4,906,000 | 4,394,089 | ||||||
5.375%, 4/1/32 |
4,553,000 | 4,275,109 | ||||||
|
|
|||||||
(Cost $217,615,544) |
189,768,094 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 16.1% |
| |||||||
Agriculture — 0.3% | ||||||||
Darling
Ingredients, Inc. |
2,212,000 | 2,152,104 | ||||||
144A, 6.00%, 6/15/30 |
4,463,000 | 4,364,273 | ||||||
Vector
Group Ltd. |
3,005,000 | 3,017,486 | ||||||
144A, 5.75%, 2/1/29 |
3,890,000 | 3,388,259 | ||||||
|
|
|||||||
(Cost $13,608,258) |
12,922,122 | |||||||
|
|
|||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings, Inc., 144A, |
||||||||
(Cost $3,249,997) |
3,317,000 | 2,913,653 | ||||||
|
|
Principal |
Value |
|||||||
Commercial Services — 3.9% | ||||||||
ADT
Security Corp., 144A, |
$ | 4,423,000 | $ | 3,866,432 | ||||
Albion
Financing 1 SARL / Aggreko Holdings, Inc., 144A, |
2,511,000 | 2,378,570 | ||||||
Albion
Financing 2SARL, 144A, |
1,990,000 | 1,855,158 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
8,581,000 | 8,170,560 | ||||||
144A, 9.75%, 7/15/27 |
4,644,000 | 4,269,433 | ||||||
144A, 6.00%, 6/1/29 |
4,296,000 | 3,289,441 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4
SARL, 144A, |
5,694,000 | 4,845,025 | ||||||
APX
Group, Inc. |
2,654,000 | 2,570,860 | ||||||
144A, 5.75%, 7/15/29 |
3,539,000 | 3,053,553 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
2,212,000 | 2,013,375 | ||||||
144A, 5.375%, 3/1/29 |
2,722,000 | 2,501,343 | ||||||
Block,
Inc. |
4,423,000 | 4,026,356 | ||||||
3.50%, 6/1/31 |
4,574,000 | 3,754,696 | ||||||
Brink’s
Co. |
1,769,000 | 1,741,054 | ||||||
144A, 4.625%, 10/15/27 |
2,655,000 | 2,471,575 | ||||||
Garda
World Security Corp. |
2,540,000 | 2,351,806 | ||||||
144A, 9.50%, 11/1/27 |
2,686,000 | 2,600,748 | ||||||
144A, 7.75%, 2/15/28 |
1,761,000 | 1,749,695 | ||||||
144A, 6.00%, 6/1/29 |
2,282,000 | 1,861,625 | ||||||
Gartner,
Inc. |
3,539,000 | 3,303,003 | ||||||
144A, 3.625%, 6/15/29 |
2,653,000 | 2,332,742 | ||||||
144A, 3.75%, 10/1/30 |
3,521,000 | 3,043,677 | ||||||
Herc
Holdings, Inc., 144A, |
5,338,000 | 5,128,676 | ||||||
Hertz
Corp. |
2,374,000 | 2,151,532 | ||||||
144A, 5.00%, 12/1/29 |
4,423,000 | 3,640,878 | ||||||
MPH
Acquisition Holdings LLC |
4,705,000 | 4,000,814 | ||||||
144A, 5.75%, 11/1/28 |
4,578,000 | 3,434,301 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
5,967,000 | 5,861,097 | ||||||
144A, 3.375%, 8/31/27 |
4,423,000 | 3,937,740 | ||||||
144A, 6.25%, 1/15/28 |
5,750,500 | 5,470,732 | ||||||
Sabre
GLBL, Inc. |
3,856,000 | 3,793,353 | ||||||
144A, 11.25%, 12/15/27 |
2,455,000 | 2,341,976 | ||||||
Service
Corp. International |
2,451,000 | 2,306,146 | ||||||
5.125%, 6/1/29 |
3,486,000 | 3,289,912 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
3.375%, 8/15/30 |
$ | 3,760,000 | $ | 3,121,915 | ||||
4.00%, 5/15/31 |
3,561,000 | 3,022,399 | ||||||
Sotheby’s,
144A, |
3,384,000 | 3,084,585 | ||||||
United
Rentals North America, Inc. |
2,212,000 | 2,169,607 | ||||||
3.875%, 11/15/27 |
3,317,000 | 3,075,036 | ||||||
4.875%, 1/15/28 |
7,448,000 | 7,093,741 | ||||||
5.25%, 1/15/30 |
3,347,000 | 3,184,308 | ||||||
4.00%, 7/15/30 |
3,337,000 | 2,928,770 | ||||||
3.875%, 2/15/31 |
4,991,000 | 4,273,301 | ||||||
3.75%, 1/15/32 |
3,342,000 | 2,813,364 | ||||||
Williams
Scotsman International, Inc. |
2,369,000 | 2,350,106 | ||||||
144A, 4.625%, 8/15/28 |
2,262,000 | 2,066,111 | ||||||
|
|
|||||||
(Cost $167,772,814) |
152,591,127 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Coty,
Inc. |
3,981,000 | 3,830,438 | ||||||
144A, 6.50%, 4/15/26 |
2,092,000 | 2,075,578 | ||||||
Coty,
Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,
144A, |
3,350,000 | 3,347,102 | ||||||
Edgewell
Personal Care Co. |
3,317,000 | 3,129,291 | ||||||
144A, 4.125%, 4/1/29 |
2,281,000 | 1,978,859 | ||||||
|
|
|||||||
(Cost $15,053,112) |
14,361,268 | |||||||
|
|
|||||||
Food — 2.5% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
3,342,000 | 3,108,303 | ||||||
144A, 7.50%, 3/15/26 |
2,647,000 | 2,688,201 | ||||||
144A, 4.625%, 1/15/27 |
6,071,000 | 5,749,218 | ||||||
144A, 5.875%, 2/15/28 |
3,317,000 | 3,222,263 | ||||||
144A, 6.50%, 2/15/28 |
3,387,000 | 3,374,867 | ||||||
144A, 3.50%, 3/15/29 |
5,969,000 | 5,168,127 | ||||||
144A, 4.875%, 2/15/30 |
4,448,000 | 4,085,420 | ||||||
B&G
Foods, Inc. |
3,923,000 | 3,832,781 | ||||||
5.25%, 9/15/27 |
2,433,000 | 2,157,807 | ||||||
Lamb
Weston Holdings, Inc. |
2,237,000 | 2,114,800 | ||||||
144A, 4.125%, 1/31/30 |
4,291,000 | 3,777,525 | ||||||
144A, 4.375%, 1/31/32 |
3,219,000 | 2,796,860 | ||||||
Performance
Food Group, Inc. |
4,689,000 | 4,519,856 | ||||||
144A, 4.25%, 8/1/29 |
4,453,000 | 3,922,890 | ||||||
Pilgrim’s
Pride Corp. |
3,909,000 | 3,868,754 | ||||||
3.50%, 3/1/32 |
3,950,000 | 3,184,529 | ||||||
6.25%, 7/1/33 |
4,448,000 | 4,420,148 | ||||||
Post
Holdings, Inc. |
2,031,000 | 1,986,875 | ||||||
144A, 5.625%, 1/15/28 |
4,162,000 | 3,995,796 | ||||||
144A, 5.50%, 12/15/29 |
5,480,000 | 5,078,174 | ||||||
144A, 4.625%, 4/15/30 |
6,466,000 | 5,734,793 |
Principal |
Value |
|||||||
Food (Continued) | ||||||||
144A, 4.50%, 9/15/31 |
$ | 4,916,000 | $ | 4,221,273 | ||||
Sigma
Holdco BV, 144A, |
2,156,000 | 1,835,970 | ||||||
US
Foods, Inc. |
4,707,000 | 4,723,498 | ||||||
144A, 4.75%, 2/15/29 |
4,006,000 | 3,656,348 | ||||||
144A, 4.625%, 6/1/30 |
2,189,000 | 1,947,598 | ||||||
|
|
|||||||
(Cost $102,392,732) |
95,172,674 | |||||||
|
|
|||||||
Healthcare-Products — 1.2% | ||||||||
Avantor
Funding, Inc. |
6,856,000 | 6,370,845 | ||||||
144A, 3.875%, 11/1/29 |
3,539,000 | 3,107,169 | ||||||
Hologic,
Inc. |
1,794,000 | 1,687,896 | ||||||
144A, 3.25%, 2/15/29 |
4,216,000 | 3,665,460 | ||||||
Medline
Borrower LP |
20,101,000 | 17,512,214 | ||||||
144A, 5.25%, 10/1/29 |
11,156,000 | 9,918,263 | ||||||
Teleflex,
Inc. |
2,212,000 | 2,088,150 | ||||||
144A, 4.25%, 6/1/28 |
2,212,000 | 2,037,052 | ||||||
|
|
|||||||
(Cost $47,901,978) |
46,387,049 | |||||||
|
|
|||||||
Healthcare-Services — 4.7% | ||||||||
Catalent
Pharma Solutions, Inc. |
2,292,000 | 2,142,367 | ||||||
144A, 3.125%, 2/15/29 |
2,463,000 | 2,075,028 | ||||||
144A, 3.50%, 4/1/30 |
2,881,000 | 2,425,403 | ||||||
Charles
River Laboratories International, Inc. |
2,212,000 | 2,032,773 | ||||||
144A, 3.75%, 3/15/29 |
2,262,000 | 1,998,601 | ||||||
144A, 4.00%, 3/15/31 |
2,206,000 | 1,907,018 | ||||||
CHS/Community
Health Systems, Inc. |
9,332,000 | 9,118,474 | ||||||
144A, 5.625%, 3/15/27 |
8,480,000 | 7,470,359 | ||||||
144A, 8.00%, 12/15/27 |
3,096,000 | 2,979,451 | ||||||
144A, 6.875%, 4/1/28 |
3,453,000 | 2,076,781 | ||||||
144A, 6.00%, 1/15/29 |
3,981,000 | 3,338,586 | ||||||
144A, 6.875%, 4/15/29 |
6,202,000 | 3,758,713 | ||||||
144A, 6.125%, 4/1/30 |
5,559,000 | 3,173,800 | ||||||
144A, 5.25%, 5/15/30 |
6,859,000 | 5,415,946 | ||||||
144A, 4.75%, 2/15/31 |
4,679,000 | 3,490,066 | ||||||
DaVita,
Inc. |
12,318,000 | 10,577,024 | ||||||
144A, 3.75%, 2/15/31 |
6,635,000 | 5,289,141 | ||||||
Encompass
Health Corp. |
3,539,000 | 3,290,396 | ||||||
4.75%, 2/1/30 |
3,539,000 | 3,231,198 | ||||||
4.625%, 4/1/31 |
1,854,000 | 1,626,859 | ||||||
IQVIA,
Inc. |
4,644,000 | 4,490,370 | ||||||
144A, 5.00%, 5/15/27 |
4,891,000 | 4,713,020 | ||||||
144A, 6.50%, 5/15/30 |
2,212,000 | 2,226,636 | ||||||
Legacy
LifePoint Health LLC, 144A, |
2,654,000 | 2,288,743 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
LifePoint
Health, Inc. |
$ | 2,298,000 | $ | 1,591,421 | ||||
144A, 9.875%, 8/15/30 |
3,550,000 | 3,512,796 | ||||||
ModivCare,
Inc., 144A, |
2,328,000 | 2,211,274 | ||||||
Molina
Healthcare, Inc. |
3,555,000 | 3,265,964 | ||||||
144A, 3.875%, 11/15/30 |
2,889,000 | 2,469,667 | ||||||
144A, 3.875%, 5/15/32 |
3,353,000 | 2,784,153 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, |
5,728,000 | 5,362,560 | ||||||
Select
Medical Corp., 144A, |
5,419,000 | 5,372,841 | ||||||
Team
Health Holdings, Inc., 144A, |
3,160,000 | 2,436,961 | ||||||
Tenet
Healthcare Corp. |
9,583,000 | 9,282,119 | ||||||
6.25%, 2/1/27 |
6,695,000 | 6,598,825 | ||||||
5.125%, 11/1/27 |
6,660,000 | 6,307,231 | ||||||
4.625%, 6/15/28 |
2,654,000 | 2,446,287 | ||||||
6.125%, 10/1/28 |
11,223,000 | 10,803,316 | ||||||
4.25%, 6/1/29 |
6,253,000 | 5,584,105 | ||||||
4.375%, 1/15/30 |
6,472,000 | 5,755,926 | ||||||
6.125%, 6/15/30 |
8,927,000 | 8,661,329 | ||||||
144A, 6.75%, 5/15/31 |
6,106,000 | 6,082,420 | ||||||
|
|
|||||||
(Cost $202,632,002) |
181,665,948 | |||||||
|
|
|||||||
Household Products/Wares — 0.1% | ||||||||
Central
Garden & Pet Co. |
2,222,000 | 1,914,404 | ||||||
144A, 4.125%, 4/30/31 |
1,769,000 | 1,503,539 | ||||||
Spectrum
Brands, Inc., 144A, |
2,272,000 | 1,905,617 | ||||||
|
|
|||||||
(Cost $6,097,011) |
5,323,560 | |||||||
|
|
|||||||
Pharmaceuticals — 2.9% | ||||||||
AdaptHealth
LLC |
2,222,000 | 1,813,785 | ||||||
144A, 5.125%, 3/1/30 |
2,666,000 | 2,189,283 | ||||||
Bausch
Health Americas, Inc. |
3,297,000 | 3,008,173 | ||||||
144A, 8.50%, 1/31/27 |
2,856,000 | 1,592,063 | ||||||
Bausch
Health Cos., Inc. |
7,569,000 | 6,824,286 | ||||||
144A, 9.00%, 12/15/25 |
4,291,000 | 3,931,479 | ||||||
144A, 6.125%, 2/1/27 |
4,447,000 | 2,928,483 | ||||||
144A, 5.75%, 8/15/27 |
2,262,000 | 1,418,825 | ||||||
144A, 5.00%, 1/30/28 |
1,934,000 | 842,637 | ||||||
144A, 4.875%, 6/1/28 |
7,137,000 | 4,241,683 | ||||||
144A, 11.00%, 9/30/28 |
7,847,000 | 5,621,883 | ||||||
144A, 5.00%, 2/15/29 |
2,088,000 | 875,989 | ||||||
144A, 6.25%, 2/15/29 |
3,648,000 | 1,599,995 | ||||||
144A, 5.25%, 1/30/30 |
3,549,000 | 1,502,030 | ||||||
144A, 5.25%, 2/15/31 |
2,035,000 | 858,176 | ||||||
Cheplapharm
Arzneimittel GmbH, 144A, |
2,222,000 | 2,014,221 |
Principal |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
Grifols
SA, 144A, |
$ | 3,126,000 | $ | 2,745,472 | ||||
Herbalife
Nutrition Ltd / HLF Financing, Inc., 144A, |
2,654,000 | 2,556,359 | ||||||
HLF
Financing Sarl LLC / Herbalife International, Inc., 144A, |
2,736,000 | 2,048,553 | ||||||
Jazz
Securities DAC, 144A, |
6,780,000 | 6,080,903 | ||||||
Mallinckrodt
International Finance SA / Mallinckrodt CB LLC, 144A, |
1,894,000 | 1,499,316 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV |
9,379,000 | 8,496,630 | ||||||
144A, 5.125%, 4/30/31 |
8,977,000 | 7,652,578 | ||||||
Owens &
Minor, Inc. |
2,213,000 | 1,877,599 | ||||||
144A, 6.625%, 4/1/30 |
2,533,000 | 2,306,760 | ||||||
Perrigo
Finance Unlimited Co. |
3,066,000 | 2,963,505 | ||||||
4.375%, 3/15/26 |
3,096,000 | 2,941,744 | ||||||
4.65%, 6/15/30 |
3,444,000 | 3,050,988 | ||||||
Prestige
Brands, Inc. 144A, |
1,778,000 | 1,686,884 | ||||||
144A, 3.75%, 4/1/31 |
2,654,000 | 2,198,574 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
1,890,000 | 1,902,954 | ||||||
3.15%, 10/1/26 |
15,223,000 | 13,780,225 | ||||||
6.75%, 3/1/28 |
5,528,000 | 5,527,059 | ||||||
|
|
|||||||
(Cost $135,408,032) |
110,579,094 | |||||||
|
|
|||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler
International AG, 144A, |
||||||||
(Cost $2,250,950) |
2,212,000 | 2,222,101 | ||||||
|
|
|||||||
Energy — 10.4% | ||||||||
Oil & Gas — 4.7% | ||||||||
Antero
Resources Corp. |
1,842,000 | 1,887,311 | ||||||
144A, 5.375%, 3/1/30 |
2,796,000 | 2,618,059 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
2,661,000 | 2,648,023 | ||||||
144A, 5.875%, 6/30/29 |
1,782,000 | 1,625,000 | ||||||
Baytex
Energy Corp. |
1,846,000 | 1,891,029 | ||||||
144A, 8.50%, 4/30/30 |
3,580,000 | 3,632,465 | ||||||
Callon
Petroleum Co. |
2,875,000 | 2,917,958 | ||||||
144A, 7.50%, 6/15/30 |
2,660,000 | 2,632,086 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp.,
144A, |
1,829,000 | 1,877,026 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Chesapeake
Energy Corp. |
$ | 2,222,000 | $ | 2,170,771 | ||||
144A, 5.875%, 2/1/29 |
2,372,000 | 2,271,988 | ||||||
144A, 6.75%, 4/15/29 |
4,410,000 | 4,382,362 | ||||||
Civitas
Resources, Inc. |
1,778,000 | 1,681,309 | ||||||
144A, 8.375%, 7/1/28 |
6,026,000 | 6,229,377 | ||||||
144A, 8.75%, 7/1/31 |
6,094,000 | 6,301,489 | ||||||
CNX
Resources Corp. |
2,222,000 | 2,118,046 | ||||||
144A, 7.375%, 1/15/31 |
2,222,000 | 2,220,161 | ||||||
Comstock
Resources, Inc. |
5,414,000 | 5,070,092 | ||||||
144A, 5.875%, 1/15/30 |
4,318,000 | 3,815,604 | ||||||
Crescent
Energy Finance LLC |
3,090,000 | 3,046,801 | ||||||
144A, 9.25%, 2/15/28 |
3,092,000 | 3,165,806 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 144A, |
3,990,000 | 3,923,766 | ||||||
CVR
Energy, Inc. |
2,666,000 | 2,588,542 | ||||||
144A, 5.75%, 2/15/28 |
1,782,000 | 1,624,142 | ||||||
Earthstone
Energy Holdings LLC |
2,469,000 | 2,520,614 | ||||||
144A, 9.875%, 7/15/31 |
2,222,000 | 2,438,167 | ||||||
Energean
PLC, 144A, |
1,990,000 | 1,829,443 | ||||||
Kosmos
Energy Ltd. |
2,875,000 | 2,640,946 | ||||||
144A, 7.75%, 5/1/27 |
1,769,000 | 1,595,157 | ||||||
144A, 7.50%, 3/1/28 |
2,065,000 | 1,826,400 | ||||||
Leviathan
Bond Ltd. |
2,648,429 | 2,598,771 | ||||||
144A, REGS, 6.50%, 6/30/27 |
2,762,289 | 2,679,420 | ||||||
144A, REGS, 6.75%, 6/30/30 |
2,421,059 | 2,276,093 | ||||||
Matador
Resources Co. |
3,118,000 | 3,043,952 | ||||||
144A, 6.875%, 4/15/28 |
2,222,000 | 2,220,509 | ||||||
MEG
Energy Corp. |
2,261,000 | 2,287,994 | ||||||
144A, 5.875%, 2/1/29 |
2,654,000 | 2,538,285 | ||||||
Murphy
Oil Corp. |
2,403,000 | 2,364,770 | ||||||
6.375%, 7/15/28 |
2,058,000 | 2,058,594 | ||||||
Northern
Oil and Gas, Inc. |
3,133,000 | 3,143,370 | ||||||
144A, 8.75%, 6/15/31 |
2,222,000 | 2,272,592 | ||||||
Parkland
Corp. |
2,212,000 | 2,138,896 | ||||||
144A, 4.50%, 10/1/29 |
3,539,000 | 3,121,561 | ||||||
144A, 4.625%, 5/1/30 |
3,569,000 | 3,150,214 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
2,978,000 | 2,980,879 | ||||||
6.00%, 2/15/28 |
3,656,000 | 3,458,893 | ||||||
144A, 7.875%, 9/15/30 |
2,240,000 | 2,231,118 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Permian
Resources Operating LLC, 144A, |
$ | 3,111,000 | $ | 3,003,265 | ||||
Puma
International Financing SA, 144A, |
3,569,000 | 3,324,524 | ||||||
Range
Resources Corp. |
3,045,000 | 2,979,350 | ||||||
8.25%, 1/15/29 |
2,654,000 | 2,757,679 | ||||||
144A, 4.75%, 2/15/30 |
2,222,000 | 2,008,655 | ||||||
SM
Energy Co. |
1,879,000 | 1,872,799 | ||||||
6.625%, 1/15/27 |
1,855,000 | 1,833,482 | ||||||
6.50%, 7/15/28 |
1,774,000 | 1,735,682 | ||||||
Southwestern
Energy Co. |
3,102,000 | 2,947,040 | ||||||
5.375%, 3/15/30 |
5,308,000 | 4,966,923 | ||||||
4.75%, 2/1/32 |
5,175,000 | 4,589,666 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
2,654,000 | 2,628,870 | ||||||
4.50%, 5/15/29 |
3,555,000 | 3,218,449 | ||||||
4.50%, 4/30/30 |
3,536,000 | 3,155,302 | ||||||
Transocean,
Inc. |
2,518,000 | 2,480,130 | ||||||
144A, 11.50%, 1/30/27 |
3,040,000 | 3,204,662 | ||||||
144A, 8.00%, 2/1/27 |
2,708,000 | 2,642,994 | ||||||
Tullow
Oil PLC, 144A, |
2,817,000 | 1,946,730 | ||||||
Vital
Energy, |
2,015,000 | 2,027,150 | ||||||
|
|
|||||||
(Cost $188,909,094) |
183,079,203 | |||||||
|
|
|||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
2,222,000 | 2,186,559 | ||||||
144A, 6.25%, 4/1/28 |
3,555,000 | 3,396,971 | ||||||
CGG
SA, 144A, |
2,228,000 | 1,919,406 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
3,232,000 | 3,198,508 | ||||||
6.875%, 9/1/27 |
3,342,000 | 3,260,941 | ||||||
Weatherford
International Ltd., 144A, |
7,147,000 | 7,318,175 | ||||||
|
|
|||||||
(Cost $22,039,715) |
21,280,560 | |||||||
|
|
|||||||
Pipelines — 5.1% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
2,433,000 | 2,474,629 | ||||||
144A, 5.75%, 3/1/27 |
2,950,000 | 2,861,783 | ||||||
144A, 5.75%, 1/15/28 |
2,875,000 | 2,755,806 | ||||||
144A, 5.375%, 6/15/29 |
3,366,000 | 3,154,671 | ||||||
Buckeye
Partners LP |
2,362,000 | 2,276,803 | ||||||
3.95%, 12/1/26 |
2,654,000 | 2,450,332 | ||||||
4.125%, 12/1/27 |
1,763,000 | 1,604,665 | ||||||
144A, 4.50%, 3/1/28 |
2,225,000 | 2,021,190 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
CQP
Holdco LP / BIP-V Chinook Holdco
LLC, 144A, |
$ | 6,282,000 | $ | 5,735,909 | ||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp. |
2,246,000 | 2,226,206 | ||||||
144A, 5.625%, 5/1/27 |
2,654,000 | 2,563,658 | ||||||
144A, 6.00%, 2/1/29 |
3,126,000 | 3,072,076 | ||||||
144A, 8.00%, 4/1/29 |
1,990,000 | 2,058,170 | ||||||
144A, 7.375%, 2/1/31 |
2,654,000 | 2,723,150 | ||||||
DT
Midstream, Inc. |
4,906,000 | 4,351,822 | ||||||
144A, 4.375%, 6/15/31 |
4,423,000 | 3,833,415 | ||||||
EnLink
Midstream LLC |
2,212,000 | 2,141,700 | ||||||
5.375%, 6/1/29 |
2,226,000 | 2,124,852 | ||||||
144A, 6.50%, 9/1/30 |
4,534,000 | 4,550,762 | ||||||
EnLink
Midstream Partners LP |
1,865,000 | 1,806,719 | ||||||
4.85%, 7/15/26 |
2,188,000 | 2,102,515 | ||||||
EQM
Midstream Partners LP |
1,782,000 | 1,764,954 | ||||||
4.125%, 12/1/26 |
2,232,000 | 2,097,568 | ||||||
144A, 7.50%, 6/1/27 |
2,228,000 | 2,250,483 | ||||||
144A, 6.50%, 7/1/27 |
3,981,000 | 3,959,108 | ||||||
5.50%, 7/15/28 |
3,777,000 | 3,612,222 | ||||||
144A, 4.50%, 1/15/29 |
3,564,000 | 3,233,672 | ||||||
144A, 7.50%, 6/1/30 |
2,270,000 | 2,330,278 | ||||||
144A, 4.75%, 1/15/31 |
4,951,000 | 4,380,316 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
2,366,000 | 2,332,935 | ||||||
8.00%, 1/15/27 |
4,360,000 | 4,302,231 | ||||||
7.75%, 2/1/28 |
3,005,000 | 2,925,880 | ||||||
8.875%, 4/15/30 |
2,239,000 | 2,232,107 | ||||||
Hess
Midstream Operations LP |
3,516,000 | 3,429,366 | ||||||
144A, 5.125%, 6/15/28 |
2,433,000 | 2,284,493 | ||||||
144A, 4.25%, 2/15/30 |
3,369,000 | 2,965,310 | ||||||
144A, 5.50%, 10/15/30 |
1,785,000 | 1,672,857 | ||||||
ITT
Holdings LLC, 144A, |
5,446,000 | 4,920,134 | ||||||
New
Fortress Energy, Inc. |
5,529,000 | 5,349,374 | ||||||
144A, 6.50%, 9/30/26 |
6,787,000 | 6,308,928 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
9,108,000 | 9,059,504 | ||||||
NuStar
Logistics LP |
2,654,000 | 2,604,859 | ||||||
6.00%, 6/1/26 |
2,430,000 | 2,384,146 | ||||||
5.625%, 4/28/27 |
2,433,000 | 2,362,321 | ||||||
6.375%, 10/1/30 |
2,610,000 | 2,514,618 | ||||||
Rockies
Express Pipeline LLC |
1,803,000 | 1,702,344 | ||||||
144A, 4.95%, 7/15/29 |
2,442,000 | 2,238,572 | ||||||
Summit
Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, |
3,488,000 | 3,369,059 |
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
$ | 2,654,000 | $ | 2,657,120 | ||||
144A, 6.00%, 3/1/27 |
1,961,000 | 1,879,315 | ||||||
144A, 5.50%, 1/15/28 |
3,317,000 | 3,078,392 | ||||||
144A, 6.00%, 12/31/30 |
3,243,000 | 2,904,220 | ||||||
144A, 6.00%, 9/1/31 |
2,073,000 | 1,843,115 | ||||||
Venture
Global Calcasieu Pass LLC |
5,881,000 | 5,093,267 | ||||||
144A, 6.25%, 1/15/30 |
4,391,000 | 4,281,362 | ||||||
144A, 4.125%, 8/15/31 |
5,590,000 | 4,747,373 | ||||||
144A, 3.875%, 11/1/33 |
5,570,000 | 4,529,522 | ||||||
Venture
Global LNG, Inc. |
9,952,000 | 10,047,718 | ||||||
144A, 8.375%, 6/1/31 |
10,066,000 | 10,162,322 | ||||||
|
|
|||||||
(Cost $210,739,997) |
198,702,198 | |||||||
|
|
|||||||
Financial — 10.0% | ||||||||
Banks — 0.2% | ||||||||
Freedom
Mortgage Corp. |
2,423,000 | 2,390,002 | ||||||
144A, 7.625%, 5/1/26 |
2,175,000 | 2,002,885 | ||||||
144A, 6.625%, 1/15/27 |
2,250,000 | 1,971,749 | ||||||
144A, 6.625%, 1/15/27 |
122,000 | 106,913 | ||||||
|
|
|||||||
(Cost $6,573,535) |
6,471,549 | |||||||
|
|
|||||||
Diversified Financial Services — 3.4% | ||||||||
AG
Issuer LLC, 144A, |
2,222,000 | 2,130,974 | ||||||
AG
TTMT Escrow Issuer LLC, 144A, |
2,212,000 | 2,281,966 | ||||||
Burford
Capital Global Finance LLC, 144A, |
1,840,000 | 1,863,000 | ||||||
Coinbase
Global, Inc. |
4,444,000 | 3,273,724 | ||||||
144A, 3.625%, 10/1/31 |
4,350,000 | 2,933,248 | ||||||
Curo
Group Holdings Corp., 144A, |
3,038,000 | 1,210,582 | ||||||
Home
Point Capital, Inc., 144A, |
2,511,000 | 2,365,364 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
4,497,000 | 3,844,355 | ||||||
LD
Holdings Group LLC |
2,212,000 | 1,861,923 | ||||||
144A, 6.125%, 4/1/28 |
2,670,000 | 1,740,619 | ||||||
Macquarie
Airfinance Holdings Ltd., 144A, |
2,212,000 | 2,257,833 | ||||||
Nationstar
Mortgage Holdings, Inc. |
2,666,000 | 2,551,789 | ||||||
144A, 5.50%, 8/15/28 |
3,777,000 | 3,427,339 | ||||||
144A, 5.125%, 12/15/30 |
2,964,000 | 2,515,035 | ||||||
144A, 5.75%, 11/15/31 |
2,654,000 | 2,277,133 | ||||||
Navient
Corp. |
2,212,000 | 2,180,988 | ||||||
6.75%, 6/25/25 |
2,216,000 | 2,203,054 | ||||||
6.75%, 6/15/26 |
2,212,000 | 2,175,635 | ||||||
5.00%, 3/15/27 |
3,096,000 | 2,819,914 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
4.875%, 3/15/28 |
$ | 2,212,000 | $ | 1,928,643 | ||||
5.50%, 3/15/29 |
3,430,000 | 2,935,413 | ||||||
9.375%, 7/25/30 |
2,292,000 | 2,304,709 | ||||||
NFP
Corp. |
2,444,000 | 2,183,243 | ||||||
144A, 6.875%, 8/15/28 |
9,177,000 | 8,097,999 | ||||||
OneMain
Finance Corp. |
5,548,000 | 5,525,231 | ||||||
7.125%, 3/15/26 |
7,077,000 | 6,969,803 | ||||||
3.50%, 1/15/27 |
3,342,000 | 2,911,383 | ||||||
6.625%, 1/15/28 |
3,454,000 | 3,233,341 | ||||||
3.875%, 9/15/28 |
2,912,000 | 2,390,883 | ||||||
9.00%, 1/15/29 |
1,930,000 | 1,958,361 | ||||||
5.375%, 11/15/29 |
3,305,000 | 2,862,791 | ||||||
4.00%, 9/15/30 |
3,758,000 | 2,930,695 | ||||||
Osaic
Holdings, Inc., 144A, |
1,831,000 | 1,841,927 | ||||||
PennyMac
Financial Services, Inc. |
2,875,000 | 2,785,300 | ||||||
144A, 4.25%, 2/15/29 |
2,900,000 | 2,403,019 | ||||||
144A, 5.75%, 9/15/31 |
2,262,000 | 1,903,883 | ||||||
PRA
Group, Inc., 144A, |
1,838,000 | 1,679,273 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
5,087,000 | 4,526,158 | ||||||
144A, 3.625%, 3/1/29 |
3,337,000 | 2,844,506 | ||||||
144A, 3.875%, 3/1/31 |
5,662,000 | 4,624,750 | ||||||
144A, 4.00%, 10/15/33 |
3,764,000 | 2,982,226 | ||||||
SLM
Corp. |
2,247,000 | 2,115,326 | ||||||
3.125%, 11/2/26 |
2,222,000 | 1,979,847 | ||||||
Synchrony
Financial, |
3,334,000 | 3,069,738 | ||||||
United
Wholesale Mortgage LLC |
3,606,000 | 3,470,735 | ||||||
144A, 5.75%, 6/15/27 |
2,222,000 | 2,049,319 | ||||||
144A, 5.50%, 4/15/29 |
3,111,000 | 2,701,904 | ||||||
|
|
|||||||
(Cost $147,761,941) |
133,124,881 | |||||||
|
|
|||||||
Insurance — 1.3% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
4,091,000 | 3,957,779 | ||||||
144A, 10.125%, 8/1/26 |
1,799,000 | 1,858,029 | ||||||
144A, 4.25%, 2/15/29 |
3,181,000 | 2,754,154 | ||||||
144A, 6.00%, 8/1/29 |
2,222,000 | 1,932,232 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
3,317,000 | 3,014,963 | ||||||
144A, 6.75%, 10/15/27 |
5,987,000 | 5,665,468 | ||||||
144A, 6.75%, 4/15/28 |
5,569,000 | 5,491,849 | ||||||
144A, 5.875%, 11/1/29 |
2,057,000 | 1,803,316 | ||||||
AssuredPartners,
Inc. |
2,232,000 | 2,212,100 | ||||||
144A, 5.625%, 1/15/29 |
2,458,000 | 2,138,069 | ||||||
HUB
International Ltd. |
7,421,000 | 7,413,774 |
Principal |
Value |
|||||||
Insurance (Continued) | ||||||||
144A, 5.625%, 12/1/29 |
$ | 2,457,000 | $ | 2,170,079 | ||||
144A, 7.25%, 6/15/30 |
9,621,000 | 9,750,586 | ||||||
|
|
|||||||
(Cost $51,461,391) |
50,162,398 | |||||||
|
|
|||||||
Real Estate — 0.6% | ||||||||
Anywhere
Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, |
1,772,800 | 1,591,443 | ||||||
Cushman &
Wakefield US Borrower LLC |
2,900,000 | 2,763,787 | ||||||
144A, 8.875%, 9/1/31 |
1,850,000 | 1,867,408 | ||||||
Howard
Hughes Corp. |
3,387,000 | 3,054,094 | ||||||
144A, 4.125%, 2/1/29 |
2,875,000 | 2,374,692 | ||||||
144A, 4.375%, 2/1/31 |
2,875,000 | 2,291,597 | ||||||
Kennedy-Wilson,
Inc. |
2,666,000 | 2,144,797 | ||||||
4.75%, 2/1/30 |
2,686,000 | 2,070,893 | ||||||
5.00%, 3/1/31 |
2,664,000 | 2,018,491 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp. |
2,483,000 | 1,790,265 | ||||||
144A, 5.25%, 4/15/30 |
2,245,000 | 1,560,663 | ||||||
|
|
|||||||
(Cost $27,825,075) |
23,528,130 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 3.9% | ||||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
4,295,000 | 3,946,130 | ||||||
144A, 4.50%, 4/1/27 |
3,342,000 | 2,795,299 | ||||||
Diversified
Healthcare Trust |
2,212,000 | 2,177,490 | ||||||
4.75%, 2/15/28 |
2,332,000 | 1,783,884 | ||||||
4.375%, 3/1/31 |
2,229,000 | 1,684,032 | ||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
1,778,000 | 1,746,658 | ||||||
144A, 3.375%, 6/15/26 |
4,423,000 | 3,975,009 | ||||||
Iron
Mountain, Inc. |
4,448,000 | 4,181,020 | ||||||
144A, 5.25%, 3/15/28 |
3,816,000 | 3,581,351 | ||||||
144A, 5.00%, 7/15/28 |
2,212,000 | 2,050,869 | ||||||
144A, 7.00%, 2/15/29 |
4,423,000 | 4,415,513 | ||||||
144A, 4.875%, 9/15/29 |
4,448,000 | 4,023,290 | ||||||
144A, 5.25%, 7/15/30 |
5,750,000 | 5,186,991 | ||||||
144A, 4.50%, 2/15/31 |
4,866,000 | 4,184,913 | ||||||
144A, 5.625%, 7/15/32 |
2,693,000 | 2,419,141 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
2,908,000 | 2,631,681 | ||||||
144A, 4.75%, 6/15/29 |
2,889,000 | 2,431,786 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
2,212,000 | 1,882,222 | ||||||
5.00%, 10/15/27 |
6,267,000 | 4,958,402 | ||||||
4.625%, 8/1/29 |
4,001,000 | 2,896,005 | ||||||
3.50%, 3/15/31 |
5,812,000 | 3,780,084 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Office
Properties Income Trust |
$ | 2,914,000 | $ | 2,602,724 | ||||
3.45%, 10/15/31 |
1,767,000 | 898,660 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer |
2,902,000 | 2,907,911 | ||||||
144A, 5.875%, 10/1/28 |
3,468,000 | 3,211,393 | ||||||
144A, 4.875%, 5/15/29 |
3,317,000 | 2,880,486 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
3,094,500 | 2,879,852 | ||||||
144A, 7.25%, 7/15/28 |
1,785,000 | 1,795,526 | ||||||
144A, 4.50%, 2/15/29 |
2,650,000 | 2,328,555 | ||||||
RLJ
Lodging Trust LP |
2,212,000 | 2,028,736 | ||||||
144A, 4.00%, 9/15/29 |
2,232,000 | 1,868,638 | ||||||
SBA
Communications Corp. |
6,616,000 | 6,122,898 | ||||||
3.125%, 2/1/29 |
6,634,000 | 5,680,594 | ||||||
Service
Properties Trust |
3,649,000 | 3,514,802 | ||||||
7.50%, 9/15/25 |
3,555,000 | 3,516,057 | ||||||
4.75%, 10/1/26 |
1,990,000 | 1,729,789 | ||||||
4.95%, 2/15/27 |
1,778,000 | 1,541,043 | ||||||
5.50%, 12/15/27 |
2,009,000 | 1,780,117 | ||||||
3.95%, 1/15/28 |
1,817,000 | 1,448,020 | ||||||
4.95%, 10/1/29 |
1,915,000 | 1,512,077 | ||||||
4.375%, 2/15/30 |
1,777,000 | 1,352,607 | ||||||
Starwood
Property Trust, Inc. |
1,945,000 | 1,872,121 | ||||||
4.75%, 3/15/25 |
2,211,000 | 2,139,199 | ||||||
144A, 3.625%, 7/15/26 |
1,785,000 | 1,599,057 | ||||||
144A, 4.375%, 1/15/27 |
2,222,000 | 1,986,657 | ||||||
Uniti
Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, |
3,143,000 | 2,079,189 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
11,603,000 | 11,587,611 | ||||||
144A, 4.75%, 4/15/28 |
2,521,000 | 2,126,586 | ||||||
144A, 6.50%, 2/15/29 |
4,958,000 | 3,388,713 | ||||||
XHR
LP |
2,212,000 | 2,187,432 | ||||||
144A, 4.875%, 6/1/29 |
2,312,000 | 2,002,292 | ||||||
|
|
|||||||
(Cost $167,784,440) |
149,301,112 | |||||||
|
|
|||||||
Venture Capital — 0.6% | ||||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
4,797,000 | 4,641,733 | ||||||
6.375%, 12/15/25 |
3,346,000 | 3,193,988 | ||||||
6.25%, 5/15/26 |
5,771,000 | 5,358,434 | ||||||
5.25%, 5/15/27 |
6,425,000 | 5,644,876 | ||||||
4.375%, 2/1/29 |
3,416,000 | 2,699,905 | ||||||
|
|
|||||||
(Cost $23,799,565) |
21,538,936 | |||||||
|
|
Principal |
Value |
|||||||
Industrial — 9.1% | ||||||||
Aerospace/Defense — 2.9% | ||||||||
Bombardier,
Inc. |
$ | 5,488,000 | $ | 5,400,675 | ||||
144A, 7.875%, 4/15/27 |
8,459,000 | 8,452,240 | ||||||
144A, 6.00%, 2/15/28 |
3,317,000 | 3,103,549 | ||||||
144A, 7.50%, 2/1/29 |
3,353,000 | 3,288,007 | ||||||
Howmet
Aerospace, Inc., |
4,084,000 | 4,045,119 | ||||||
Rolls-Royce
PLC |
4,423,000 | 4,168,678 | ||||||
144A, 5.75%, 10/15/27 |
4,423,000 | 4,297,760 | ||||||
Spirit
AeroSystems, Inc. |
5,296,000 | 5,247,143 | ||||||
4.60%, 6/15/28 |
3,121,000 | 2,532,074 | ||||||
144A, 9.375%, 11/30/29 |
4,027,000 | 4,184,685 | ||||||
TransDigm,
Inc. |
19,461,000 | 19,296,224 | ||||||
6.375%, 6/15/26 |
4,529,000 | 4,533,290 | ||||||
7.50%, 3/15/27 |
2,444,000 | 2,451,371 | ||||||
5.50%, 11/15/27 |
11,718,000 | 11,129,342 | ||||||
144A, 6.75%, 8/15/28 |
9,238,000 | 9,279,802 | ||||||
4.625%, 1/15/29 |
5,308,000 | 4,760,108 | ||||||
4.875%, 5/1/29 |
3,352,000 | 3,019,061 | ||||||
144A, 6.875%, 12/15/30 |
6,681,000 | 6,732,644 | ||||||
Triumph
Group, Inc. |
2,148,000 | 2,024,393 | ||||||
144A, 9.00%, 3/15/28 |
5,486,000 | 5,508,114 | ||||||
|
|
|||||||
(Cost $117,422,082) |
113,454,279 | |||||||
|
|
|||||||
Building Materials — 0.8% | ||||||||
Builders
FirstSource, Inc. |
2,433,000 | 2,237,396 | ||||||
144A, 4.25%, 2/1/32 |
5,800,000 | 4,935,997 | ||||||
144A, 6.375%, 6/15/32 |
3,105,000 | 3,029,552 | ||||||
Smyrna
Ready Mix Concrete LLC, 144A, |
4,886,000 | 4,696,455 | ||||||
Standard
Industries, Inc. |
3,777,000 | 3,584,823 | ||||||
144A, 4.75%, 1/15/28 |
4,423,000 | 4,078,101 | ||||||
144A, 4.375%, 7/15/30 |
7,102,000 | 6,090,537 | ||||||
Summit
Materials LLC / Summit Materials Finance Corp., 144A, |
3,096,000 | 2,903,336 | ||||||
|
|
|||||||
(Cost $34,731,133) |
31,556,197 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer
Holdings, Inc. |
2,619,000 | 2,317,594 | ||||||
144A, 4.375%, 3/31/29 |
3,500,000 | 3,001,670 | ||||||
WESCO
Distribution, Inc. |
6,696,000 | 6,732,085 | ||||||
144A, 7.25%, 6/15/28 |
5,886,000 | 5,975,920 | ||||||
|
|
|||||||
(Cost $18,940,604) |
18,027,269 | |||||||
|
|
|||||||
Electronics — 0.4% | ||||||||
Sensata
Technologies BV |
1,778,000 | 1,763,696 |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Electronics (Continued) | ||||||||
144A, 5.00%, 10/1/25 |
$ | 3,090,000 | $ | 3,014,452 | ||||
144A, 4.00%, 4/15/29 |
4,473,000 | 3,932,232 | ||||||
144A, 5.875%, 9/1/30 |
2,252,000 | 2,130,702 | ||||||
Sensata
Technologies, Inc. |
2,016,000 | 1,784,996 | ||||||
144A, 3.75%, 2/15/31 |
3,442,000 | 2,887,421 | ||||||
|
|
|||||||
(Cost $17,182,273) |
15,513,499 | |||||||
|
|
|||||||
Engineering & Construction — 0.3% | ||||||||
Brand
Industrial Services, Inc., 144A, |
5,972,000 | 6,166,269 | ||||||
Fluor
Corp., |
2,651,000 | 2,474,576 | ||||||
IHS
Holding Ltd. |
2,226,000 | 1,922,619 | ||||||
144A, 6.25%, 11/29/28 |
2,212,000 | 1,787,650 | ||||||
|
|
|||||||
(Cost $12,423,810) |
12,351,114 | |||||||
|
|
|||||||
Environmental Control — 0.6% | ||||||||
Clean
Harbors, Inc., 144A, |
2,312,000 | 2,301,726 | ||||||
Covanta
Holding Corp., |
1,785,000 | 1,515,525 | ||||||
GFL
Environmental, Inc. |
2,212,000 | 2,141,694 | ||||||
144A, 3.75%, 8/1/25 |
3,317,000 | 3,161,350 | ||||||
144A, 5.125%, 12/15/26 |
2,212,000 | 2,142,500 | ||||||
144A, 4.00%, 8/1/28 |
3,367,000 | 3,008,375 | ||||||
144A, 3.50%, 9/1/28 |
3,334,000 | 2,950,153 | ||||||
144A, 4.75%, 6/15/29 |
3,337,000 | 3,026,069 | ||||||
144A, 4.375%, 8/15/29 |
2,433,000 | 2,153,596 | ||||||
Stericycle,
Inc., 144A, |
2,222,000 | 1,937,579 | ||||||
|
|
|||||||
(Cost $26,469,259) |
24,338,567 | |||||||
|
|
|||||||
Machinery-Diversified — 0.3% | ||||||||
SPX
FLOW, Inc., 144A, |
2,222,000 | 2,106,609 | ||||||
TK
Elevator Holdco GmbH, 144A, |
1,780,000 | 1,651,531 | ||||||
TK
Elevator US Newco, Inc., 144A, |
6,899,000 | 6,472,873 | ||||||
|
|
|||||||
(Cost $10,702,865) |
10,231,013 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand,
Inc., |
1,797,000 | 1,787,431 | ||||||
Trinity
Industries, Inc., 144A, |
1,785,000 | 1,817,234 | ||||||
|
|
|||||||
(Cost $3,631,845) |
3,604,665 | |||||||
|
|
|||||||
Packaging & Containers — 2.8% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance
PLC |
2,666,000 | 2,602,310 | ||||||
144A, 3.25%, 9/1/28 |
2,780,000 | 2,363,376 | ||||||
144A, 4.00%, 9/1/29 |
4,644,000 | 3,779,506 |
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
$ | 3,096,000 | $ | 3,019,673 | ||||
144A, 4.125%, 8/15/26 |
5,374,000 | 5,024,998 | ||||||
144A, 5.25%, 8/15/27 |
4,518,000 | 3,848,056 | ||||||
144A, 5.25%, 8/15/27 |
3,579,000 | 3,048,294 | ||||||
Ball
Corp. |
4,668,000 | 4,607,179 | ||||||
4.875%, 3/15/26 |
3,501,000 | 3,400,868 | ||||||
6.875%, 3/15/28 |
3,348,000 | 3,399,409 | ||||||
6.00%, 6/15/29 |
4,448,000 | 4,387,316 | ||||||
2.875%, 8/15/30 |
5,800,000 | 4,735,699 | ||||||
3.125%, 9/15/31 |
3,764,000 | 3,050,935 | ||||||
Berry
Global, Inc., 144A, |
2,242,000 | 2,199,876 | ||||||
Crown
Americas LLC, |
2,212,000 | 2,086,580 | ||||||
Graphic
Packaging International LLC |
2,009,000 | 1,791,794 | ||||||
144A, 3.75%, 2/1/30 |
1,822,000 | 1,554,777 | ||||||
LABL,
Inc. |
3,075,000 | 3,008,941 | ||||||
144A, 10.50%, 7/15/27 |
3,110,000 | 2,980,369 | ||||||
144A, 5.875%, 11/1/28 |
2,204,000 | 1,996,950 | ||||||
144A, 8.25%, 11/1/29 |
2,044,000 | 1,710,793 | ||||||
Mauser
Packaging Solutions Holding Co. |
12,346,000 | 12,169,197 | ||||||
144A, 9.25%, 4/15/27 |
6,019,000 | 5,462,728 | ||||||
OI
European Group BV, 144A, |
1,785,000 | 1,608,517 | ||||||
Owens-Brockway
Glass Container, Inc. |
2,719,000 | 2,690,124 | ||||||
144A, 7.25%, 5/15/31 |
3,066,000 | 3,077,791 | ||||||
Pactiv
Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,
144A, |
4,423,000 | 3,978,402 | ||||||
Sealed
Air Corp. |
1,880,000 | 1,855,889 | ||||||
144A, 5.50%, 9/15/25 |
1,769,000 | 1,744,154 | ||||||
144A, 4.00%, 12/1/27 |
1,897,000 | 1,731,939 | ||||||
144A, 5.00%, 4/15/29 |
1,906,000 | 1,767,272 | ||||||
Sealed
Air Corp./Sealed Air Corp., 144A, |
3,435,000 | 3,377,750 | ||||||
Silgan
Holdings, Inc., |
2,546,000 | 2,334,988 | ||||||
|
|
|||||||
(Cost $114,145,512) |
106,396,450 | |||||||
|
|
|||||||
Transportation — 0.2% | ||||||||
Cargo
Aircraft Management, Inc., 144A, |
2,580,000 | 2,333,094 | ||||||
Seaspan
Corp., 144A, |
3,333,000 | 2,595,205 | ||||||
XPO,
Inc., 144A, |
1,990,000 | 2,002,318 | ||||||
|
|
|||||||
(Cost $7,549,607) |
6,930,617 | |||||||
|
|
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
$ | 2,875,000 | $ | 2,841,639 | ||||
144A, 9.75%, 8/1/27 |
1,799,000 | 1,868,627 | ||||||
144A, 5.50%, 5/1/28 |
4,419,000 | 4,109,073 | ||||||
|
|
|||||||
(Cost $9,189,404) |
8,819,339 | |||||||
|
|
|||||||
Technology — 4.4% | ||||||||
Computers — 1.3% | ||||||||
McAfee
Corp., 144A, |
9,032,000 | 7,905,805 | ||||||
NCR
Corp. |
2,197,000 | 2,220,539 | ||||||
144A, 5.00%, 10/1/28 |
2,875,000 | 2,640,888 | ||||||
144A, 5.125%, 4/15/29 |
5,308,000 | 4,833,222 | ||||||
144A, 6.125%, 9/1/29 |
2,213,000 | 2,280,733 | ||||||
144A, 5.25%, 10/1/30 |
2,110,000 | 1,895,073 | ||||||
Presidio
Holdings, Inc. |
2,322,000 | 2,173,302 | ||||||
144A, 8.25%, 2/1/28 |
2,432,000 | 2,358,790 | ||||||
Seagate
HDD Cayman |
2,139,000 | 2,091,692 | ||||||
4.875%, 6/1/27 |
2,537,000 | 2,431,694 | ||||||
4.091%, 6/1/29 |
2,213,000 | 1,939,252 | ||||||
144A, 8.25%, 12/15/29 |
2,232,000 | 2,343,750 | ||||||
144A, 8.50%, 7/15/31 |
2,222,000 | 2,330,403 | ||||||
144A, 9.625%, 12/1/32 |
3,332,495 | 3,694,937 | ||||||
Western
Digital Corp., |
10,223,000 | 9,746,820 | ||||||
|
|
|||||||
(Cost $53,745,146) |
50,886,900 | |||||||
|
|
|||||||
Office/Business Equipment — 0.2% | ||||||||
Xerox
Holdings Corp. |
3,427,000 | 3,272,706 | ||||||
144A, 5.50%, 8/15/28 |
3,447,000 | 3,000,937 | ||||||
|
|
|||||||
(Cost $6,910,793) |
6,273,643 | |||||||
|
|
|||||||
Semiconductors — 0.5% | ||||||||
ams-OSRAM
AG, 144A, |
2,000,000 | 1,835,620 | ||||||
Entegris
Escrow Corp. |
7,076,000 | 6,569,548 | ||||||
144A, 5.95%, 6/15/30 |
3,979,000 | 3,814,397 | ||||||
Entegris,
Inc. |
1,778,000 | 1,622,646 | ||||||
144A, 3.625%, 5/1/29 |
1,774,000 | 1,526,341 | ||||||
ON
Semiconductor Corp., 144A, |
3,096,000 | 2,758,830 | ||||||
|
|
|||||||
(Cost $18,772,275) |
18,127,382 | |||||||
|
|
|||||||
Software — 2.4% | ||||||||
Alteryx,
Inc., 144A, |
2,000,000 | 1,931,781 | ||||||
AthenaHealth
Group, Inc., 144A, |
10,505,000 | 9,133,743 | ||||||
Boxer
Parent Co., Inc., 144A, |
2,678,000 | 2,683,758 |
Principal |
Value |
|||||||
Software (Continued) | ||||||||
Clarivate
Science Holdings Corp. |
$ | 4,094,000 | $ | 3,616,218 | ||||
144A, 4.875%, 7/1/29 |
4,177,000 | 3,644,831 | ||||||
Cloud
Software Group, Inc. |
17,718,000 | 15,863,859 | ||||||
144A, 9.00%, 9/30/29 |
17,279,000 | 15,445,556 | ||||||
Fair
Isaac Corp. |
1,786,000 | 1,735,206 | ||||||
144A, 4.00%, 6/15/28 |
4,006,000 | 3,667,530 | ||||||
MicroStrategy,
Inc., 144A, |
2,222,000 | 1,991,267 | ||||||
Open
Text Corp. |
4,000,000 | 3,563,465 | ||||||
144A, 3.875%, 12/1/29 |
3,777,000 | 3,207,503 | ||||||
Open
Text Holdings, Inc. |
4,000,000 | 3,450,599 | ||||||
144A, 4.125%, 12/1/31 |
2,969,000 | 2,467,582 | ||||||
PTC,
Inc. |
2,207,000 | 2,132,343 | ||||||
144A, 4.00%, 2/15/28 |
2,212,000 | 2,034,310 | ||||||
RingCentral,
Inc., 144A, |
1,770,000 | 1,743,070 | ||||||
ROBLOX
Corp., 144A, |
4,483,000 | 3,702,536 | ||||||
SS&C
Technologies, Inc., 144A, |
8,926,000 | 8,601,552 | ||||||
Twilio,
Inc. |
2,312,000 | 1,985,650 | ||||||
3.875%, 3/15/31 |
2,248,000 | 1,884,723 | ||||||
|
|
|||||||
(Cost $99,836,666) |
94,487,082 | |||||||
|
|
|||||||
Utilities — 2.7% | ||||||||
Electric — 2.4% | ||||||||
Calpine
Corp. |
1,858,000 | 1,824,561 | ||||||
144A, 4.50%, 2/15/28 |
5,529,000 | 5,128,965 | ||||||
144A, 5.125%, 3/15/28 |
6,418,000 | 5,851,170 | ||||||
144A, 4.625%, 2/1/29 |
2,889,000 | 2,516,745 | ||||||
144A, 5.00%, 2/1/31 |
3,760,000 | 3,181,265 | ||||||
144A, 3.75%, 3/1/31 |
3,981,000 | 3,327,538 | ||||||
Clearway
Energy Operating LLC |
3,777,000 | 3,494,879 | ||||||
144A, 3.75%, 2/15/31 |
4,111,000 | 3,384,409 | ||||||
DPL,
Inc., |
1,835,000 | 1,747,278 | ||||||
Drax
Finco PLC, 144A, |
2,212,000 | 2,177,202 | ||||||
FirstEnergy Corp. |
||||||||
Series B, 4.15%, 7/15/27 |
6,665,000 | 6,294,465 | ||||||
2.65%, 3/1/30 |
2,840,000 | 2,372,854 | ||||||
Series B, 2.25%, 9/1/30 |
2,000,000 | 1,606,922 | ||||||
NextEra
Energy Operating Partners LP |
2,208,000 | 2,041,967 | ||||||
144A, 4.50%, 9/15/27 |
2,433,000 | 2,260,710 | ||||||
NRG
Energy, Inc. |
3,649,000 | 3,452,486 | ||||||
144A, 3.375%, 2/15/29 |
2,322,000 | 1,916,256 |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
144A, 5.25%, 6/15/29 |
$ | 3,242,000 | $ | 2,915,774 | ||||
144A, 3.625%, 2/15/31 |
4,577,000 | 3,574,803 | ||||||
PG&E
Corp. |
4,443,000 | 4,091,701 | ||||||
5.25%, 7/1/30 |
4,536,000 | 4,042,324 | ||||||
Talen
Energy Supply LLC, 144A, |
5,308,000 | 5,532,465 | ||||||
TransAlta
Corp., |
1,785,000 | 1,845,155 | ||||||
Vistra
Operations Co. LLC |
4,423,000 | 4,270,204 | ||||||
144A, 5.625%, 2/15/27 |
5,815,000 | 5,603,182 | ||||||
144A, 5.00%, 7/31/27 |
5,775,000 | 5,436,635 | ||||||
144A, 4.375%, 5/1/29 |
5,672,000 | 5,005,978 | ||||||
|
|
|||||||
(Cost $104,302,760) |
94,897,893 | |||||||
|
|
|||||||
Gas — 0.3% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
3,096,000 | 3,041,463 | ||||||
5.875%, 8/20/26 |
3,011,000 | 2,859,002 |
Principal |
Value |
|||||||
Gas (Continued) | ||||||||
5.75%, 5/20/27 |
$ | 2,479,000 | $ | 2,295,327 | ||||
144A, 9.375%, 6/1/28 |
2,202,000 | 2,259,098 | ||||||
|
|
|||||||
(Cost $11,095,736) |
10,454,890 | |||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
3,776,622,772 | |||||||
|
|
|||||||
Number |
||||||||
CASH EQUIVALENTS — 1.3% | ||||||||
DWS
Government Money Market Series “Institutional Shares”,
5.28% (b) |
49,189,697 | 49,189,697 | ||||||
|
|
|||||||
TOTAL INVESTMENTS — 99.1% (Cost $4,212,497,205) |
$ | 3,825,812,469 | ||||||
Other assets and liabilities, net — 0.9% |
33,350,507 | |||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 3,859,162,976 | ||||||
|
|
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 |
||||||||||||||||||||||||||||
CORPORATE BONDS — 0.0% |
|
|||||||||||||||||||||||||||||||||||
Financial — 0.0% |
|
|||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 5.882%, 7/08/31 (c) |
|
|||||||||||||||||||||||||||||||||||
1,711,027 | 573,064 | (2,188,899 | ) | (536,171 | ) | 440,979 | 19,503 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.729%, 1/14/32 (c) |
|
|||||||||||||||||||||||||||||||||||
3,593,664 | 619,222 | (4,058,837 | ) | (1,424,285 | ) | 1,270,236 | 29,417 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.742%, 1/07/33 (c) |
|
|||||||||||||||||||||||||||||||||||
3,472,027 | 592,104 | (3,923,327 | ) | (1,320,470 | ) | 1,179,666 | 29,725 | — | — | — | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(d) |
| |||||||||||||||||||||||||||||||||||
78,245,816 | — | (78,245,816 | )(e) | — | — | 1,482,026 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.3% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
|
|||||||||||||||||||||||||||||||||||
21,909,142 | 416,444,027 | (389,163,472 | ) | — | — | 1,177,512 | — | 49,189,697 | 49,189,697 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
108,931,676 | 418,228,417 | (477,580,351 | ) | (3,280,926 | ) | 2,890,881 | 2,738,183 | — | 49,189,697 | 49,189,697 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
GMTN: | Global Medium Term Note |
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) |
$ | — | $ | 3,776,622,772 | $ | — | $ | 3,776,622,772 | ||||||||
Short-Term Investments (a) |
49,189,697 | — | — | 49,189,697 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 49,189,697 | $ | 3,776,622,772 | $ | — | $ | 3,825,812,469 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 66 |
This Page is Intentionally Left Blank
67
DBX ETF Trust
August 31, 2023
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Risk Managed USD High Yield Strategy ETF |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||
Assets |
||||||||||||||||
Investment in non-affiliated securities at value |
$ | 11,649,608 | $ | 219,110,839 | $ | — | $ | 80,972,028 | ||||||||
Investment in affiliated securities at value |
— | — | 43,618,058 | — | ||||||||||||
Investment in DWS Government Money Market Series |
203,368 | 3,360,237 | 311,422 | 1,126,201 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* |
— | — | 6,535,150 | — | ||||||||||||
Foreign currency at value |
3 | 472 | — | 28 | ||||||||||||
Receivables: |
||||||||||||||||
Investment securities sold |
321,691 | 3,990,335 | — | 1,626,528 | ||||||||||||
Dividends |
— | — | 472 | — | ||||||||||||
Interest |
232,751 | 3,039,906 | 1,414 | 1,394,641 | ||||||||||||
Securities lending income |
— | — | 232 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
$ | 12,407,421 | $ | 229,501,789 | $ | 50,466,748 | $ | 85,119,426 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Payable upon return of securities loaned |
$ | — | $ | — | $ | 6,535,150 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased |
426,360 | 6,451,105 | — | 2,404,254 | ||||||||||||
Investment advisory fees |
2,004 | 42,580 | 5,561 | 13,893 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
428,364 | 6,493,685 | 6,540,711 | 2,418,147 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 11,979,057 | $ | 223,008,104 | $ | 43,926,037 | $ | 82,701,279 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets Consist of |
||||||||||||||||
Paid-in capital |
$ | 24,958,877 | $ | 299,643,293 | $ | 47,774,051 | $ | 88,125,259 | ||||||||
Distributable earnings (loss) |
(12,979,820 | ) | (76,635,189 | ) | (3,848,014 | ) | (5,423,980 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 11,979,057 | $ | 223,008,104 | $ | 43,926,037 | $ | 82,701,279 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Number of Common Shares outstanding |
300,001 | 4,950,001 | 1,950,001 | 1,900,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Asset Value |
$ | 39.93 | $ | 45.05 | $ | 22.53 | $ | 43.53 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in non-affiliated securities at cost |
$ | 12,857,810 | $ | 232,149,169 | $ | — | $ | 83,284,663 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in affiliated securities at cost |
$ | — | $ | — | $ | 47,510,824 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Value of securities loaned |
$ | — | $ | — | $ | 6,369,617 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government Money Market Series at cost |
$ | 203,368 | $ | 3,360,237 | $ | 311,422 | $ | 1,126,201 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | — | $ | — | $ | 6,535,150 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign currency at cost |
$ | 3 | $ | 441 | $ | — | $ | 26 | ||||||||
|
|
|
|
|
|
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
August 31, 2023
Xtrackers USD High Yield Corporate Bond ETF |
||||
Assets |
||||
Investment in non-affiliated securities at value |
$ | 3,776,622,772 | ||
Investment in DWS Government Money Market Series |
49,189,697 | |||
Foreign currency at value |
5,724 | |||
Receivables: |
||||
Investment securities sold |
24,621,044 | |||
Capital shares |
20,743,875 | |||
Interest |
63,806,293 | |||
|
|
|||
Total assets |
$ | 3,934,989,405 | ||
|
|
|||
Liabilities |
||||
Payables: | ||||
Investment securities purchased |
$ | 75,335,751 | ||
Investment advisory fees |
490,678 | |||
|
|
|||
Total liabilities |
75,826,429 | |||
|
|
|||
Net Assets, at value |
$ | 3,859,162,976 | ||
|
|
|||
Net Assets Consist of |
||||
Paid-in capital |
$ | 4,503,549,516 | ||
Distributable earnings (loss) |
(644,386,540 | ) | ||
|
|
|||
Net Assets, at value |
$ | 3,859,162,976 | ||
|
|
|||
Number of Common Shares outstanding |
111,587,501 | |||
|
|
|||
Net Asset Value |
$ | 34.58 | ||
|
|
|||
Investment in non-affiliated securities at cost |
$ | 4,163,307,508 | ||
|
|
|||
Investment in DWS Government Money Market Series at cost |
$ | 49,189,697 | ||
|
|
|||
Foreign currency at cost |
$ | 5,502 | ||
|
|
See Notes to Financial Statements. | 69 |
DBX ETF Trust
For the Year Ended August 31, 2023
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Risk Managed USD High Yield Strategy ETF |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||
Investment Income |
||||||||||||||||
Unaffiliated interest income |
$ | 967,622 | $ | 41,635,488 | $ | 10 | $ | 4,865,066 | ||||||||
Affiliated interest income |
— | 64,452 | — | — | ||||||||||||
Affiliated dividend income |
— | — | 2,709,479 | — | ||||||||||||
Income distributions from affiliated funds |
6,318 | 211,084 | 16,386 | 26,720 | ||||||||||||
Affiliated securities lending income |
8,240 | 135,202 | 2,638 | 25,429 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
982,180 | 42,046,226 | 2,728,513 | 4,917,215 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
45,221 | 2,032,399 | 138,940 | 151,240 | ||||||||||||
Other expenses |
588 | 4,045 | 45 | 242 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
45,809 | 2,036,444 | 138,985 | 151,482 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less fees waived (see note 3): |
||||||||||||||||
Waiver |
(19,486 | ) | (410,177 | ) | (69,681 | ) | (439 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
26,323 | 1,626,267 | 69,304 | 151,043 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
955,857 | 40,419,959 | 2,659,209 | 4,766,172 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments |
(856,727 | ) | (28,839,735 | ) | — | (2,277,432 | ) | |||||||||
Investments in affiliates |
— | (2,208,152 | ) | (32,893 | ) | — | ||||||||||
In-kind redemptions |
(14,767 | ) | (57,926,649 | ) | — | (1,773,235 | ) | |||||||||
In-kind redemptions in affiliates |
— | (67,525 | ) | (255,661 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
(871,494 | ) | (89,042,061 | ) | (288,554 | ) | (4,050,667 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments |
981,672 | 88,709,659 | — | 4,643,664 | ||||||||||||
Investments in affiliates |
— | 1,898,234 | 868,253 | — | ||||||||||||
Foreign currency translations |
— | 31 | — | 2 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
981,672 | 90,607,924 | 868,253 | 4,643,666 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions |
110,178 | 1,565,863 | 579,699 | 592,999 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 1,066,035 | $ | 41,985,822 | $ | 3,238,908 | $ | 5,359,171 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended August 31, 2023
Xtrackers USD High Yield Corporate Bond ETF |
||||
Investment Income |
||||
Unaffiliated interest income |
$ | 219,419,772 | ||
Affiliated interest income |
78,645 | |||
Income distributions from affiliated funds |
1,177,512 | |||
Affiliated securities lending income |
1,482,026 | |||
|
|
|||
Total investment income |
222,157,955 | |||
|
|
|||
Expenses |
||||
Investment advisory fees |
7,605,249 | |||
Other expenses |
4,150 | |||
|
|
|||
Total expenses |
7,609,399 | |||
|
|
|||
Less fees waived (see note 3): |
||||
Waiver |
(1,921,118 | ) | ||
|
|
|||
Net expenses |
5,688,281 | |||
|
|
|||
Net investment income (loss) |
216,469,674 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) from: |
||||
Investments |
(129,780,406 | ) | ||
Investments in affiliates |
(1,921,217 | ) | ||
In-kind redemptions |
(17,953,283 | ) | ||
In-kind redemptions in affiliates |
(1,359,709 | ) | ||
Foreign currency transactions |
(10 | ) | ||
|
|
|||
Net realized gain (loss) |
(151,014,625 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments |
184,928,455 | |||
Investments in affiliates |
2,890,881 | |||
Foreign currency translations |
220 | |||
|
|
|||
Net change in unrealized appreciation (depreciation) |
187,819,556 | |||
|
|
|||
Net realized and unrealized gain (loss) on investments and foreign currency transactions |
36,804,931 | |||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 253,274,605 | ||
|
|
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Xtrackers High
Beta High Yield Bond ETF |
Xtrackers Low Beta High
Yield Bond ETF |
|||||||||||||||
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 955,857 | $ | 1,081,103 | $ | 40,419,959 | $ | 41,041,591 | ||||||||
Net realized gain (loss) |
(871,494 | ) | (1,209,094 | ) | (89,042,061 | ) | (42,727,027 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) |
981,672 | (2,372,970 | ) | 90,607,924 | (114,546,857 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
1,066,035 | (2,500,961 | ) | 41,985,822 | (116,232,293 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(974,644 | ) | (1,152,992 | ) | (44,403,017 | ) | (42,567,833 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
1,901,084 | 6,992,436 | 223,270,378 | 1,268,329,518 | ||||||||||||
Value of shares redeemed |
(1,965,874 | ) | (10,724,660 | ) | (1,438,511,784 | ) | (419,246,955 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(64,790 | ) | (3,732,224 | ) | (1,215,241,406 | ) | 849,082,563 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
26,601 | (7,386,177 | ) | (1,217,658,601 | ) | 690,282,437 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of year |
11,952,456 | 19,338,633 | 1,440,666,705 | 750,384,268 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 11,979,057 | $ | 11,952,456 | $ | 223,008,104 | $ | 1,440,666,705 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of year |
300,001 | 400,001 | 31,950,001 | 14,700,001 | ||||||||||||
Shares sold |
50,000 | 150,000 | 4,950,000 | 26,250,000 | ||||||||||||
Shares redeemed |
(50,000 | ) | (250,000 | ) | (31,950,000 | ) | (9,000,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
300,001 | 300,001 | 4,950,001 | 31,950,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Risk Managed USD High Yield Strategy ETF |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||||
Year Ended August 31, 2023 |
For the Period February 10, 2022(1) to August 31, 2022 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 2,659,209 | $ | 1,028,437 | $ | 4,766,172 | $ | 3,795,682 | ||||||||
Net realized gain (loss) |
(288,554 | ) | 128,548 | (4,050,667 | ) | (396,537 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) |
868,253 | (4,761,019 | ) | 4,643,666 | (8,681,574 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
3,238,908 | (3,604,034 | ) | 5,359,171 | (5,282,429 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(2,798,892 | ) | (844,002 | ) | (4,721,603 | ) | (3,956,845 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
1,679,445 | 56,938,197 | 25,919,023 | 23,388,169 | ||||||||||||
Value of shares redeemed |
(7,782,030 | ) | (2,901,580 | ) | (29,934,486 | ) | (4,697,674 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(6,102,585 | ) | 54,036,617 | (4,015,463 | ) | 18,690,495 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
(5,662,569 | ) | 49,588,581 | (3,377,895 | ) | 9,451,221 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
49,588,606 | 25 | 86,079,174 | 76,627,953 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 43,926,037 | $ | 49,588,606 | $ | 82,701,279 | $ | 86,079,174 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
2,225,001 | 1 | 2,000,001 | 1,600,001 | ||||||||||||
Shares sold |
75,000 | 2,350,000 | 600,000 | 500,000 | ||||||||||||
Shares redeemed |
(350,000 | ) | (125,000 | ) | (700,000 | ) | (100,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
1,950,001 | 2,225,001 | 1,900,001 | 2,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) |
Commencement of Operations. |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers USD High Yield Corporate Bond ETF |
||||||||
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income (loss) |
$ | 216,469,674 | $ | 222,522,218 | ||||
Net realized gain (loss) |
(151,014,625 | ) | (182,677,275 | ) | ||||
Net change in net unrealized appreciation (depreciation) |
187,819,556 | (602,952,647 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
253,274,605 | (563,107,704 | ) | |||||
|
|
|
|
|||||
Distributions to Shareholders |
(218,918,420 | ) | (242,753,834 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
6,278,010,067 | 4,826,710,036 | ||||||
Value of shares redeemed |
(6,068,454,467 | ) | (7,072,094,189 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from fund share transactions |
209,555,600 | (2,245,384,153 | ) | |||||
|
|
|
|
|||||
Total net increase (decrease) in Net Assets |
243,911,785 | (3,051,245,691 | ) | |||||
Net Assets |
||||||||
Beginning of year |
3,615,251,191 | 6,666,496,882 | ||||||
|
|
|
|
|||||
End of year |
$ | 3,859,162,976 | $ | 3,615,251,191 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of year |
105,187,501 | 165,387,501 | ||||||
Shares sold |
183,900,000 | 129,000,000 | ||||||
Shares redeemed |
(177,500,000 | ) | (189,200,000 | ) | ||||
|
|
|
|
|||||
Shares outstanding, end of year |
111,587,501 | 105,187,501 | ||||||
|
|
|
|
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Xtrackers
High Beta High Yield Bond ETF Selected Per Share Data |
Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 39.84 | $ | 48.35 | $ | 46.55 | $ | 48.61 | $ | 49.17 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) |
2.90 | 2.51 | 2.60 | 3.01 | (b) | 3.32 | ||||||||||||||
Net realized and unrealized gain (loss) |
0.15 | (8.37 | ) | 2.65 | (1.95 | )(b) | (0.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
3.05 | (5.86 | ) | 5.25 | 1.06 | 2.74 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(2.96 | ) | (2.65 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(2.96 | ) | (2.65 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 39.93 | $ | 39.84 | $ | 48.35 | $ | 46.55 | $ | 48.61 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(c) |
8.11 | (12.56 | ) | 11.67 | 2.46 | 5.90 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
12 | 12 | 19 | 7 | 151 | |||||||||||||||
Ratio of expenses before fee waiver (%) |
0.35 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||
Ratio of expenses after fee waiver (%) |
0.20 | 0.20 | 0.20 | 0.20 | 0.31 | |||||||||||||||
Ratio of net investment income (loss) (%) |
7.40 | 5.61 | 5.45 | 6.50 | (b) | 6.91 | ||||||||||||||
Portfolio turnover rate (%)(d) |
58 | 55 | 98 | 98 | 51 | |||||||||||||||
Xtrackers Low
Beta High Yield Bond ETF Selected Per Share Data |
Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 45.09 | $ | 51.05 | $ | 50.50 | $ | 50.62 | $ | 49.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) |
2.24 | 1.69 | 1.45 | 2.02 | (b) | 2.29 | ||||||||||||||
Net realized and unrealized gain (loss) |
0.14 | (5.87 | ) | 1.07 | 0.12 | (b) | 1.44 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
2.38 | (4.18 | ) | 2.52 | 2.14 | 3.73 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(2.42 | ) | (1.78 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(2.42 | ) | (1.78 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 45.05 | $ | 45.09 | $ | 51.05 | $ | 50.50 | $ | 50.62 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(c) |
5.44 | (8.36 | ) | 5.12 | 4.42 | 7.84 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
223 | 1,441 | 750 | 38 | 144 | |||||||||||||||
Ratio of expenses before fee waiver (%) |
0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||
Ratio of expenses after fee waiver (%) |
0.20 | 0.20 | 0.20 | 0.20 | 0.24 | |||||||||||||||
Ratio of net investment income (loss) (%) |
4.97 | 3.53 | 2.89 | 4.09 | (b) | 4.66 | ||||||||||||||
Portfolio turnover rate (%)(d) |
52 | 68 | 88 | 111 | 55 |
(a) |
Based on average shares outstanding during the period. |
(b) |
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(c) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Risk Managed
USD High Yield Strategy ETF Selected Per Share Data |
Year Ended 8/31/2023 |
Period Ended 8/31/2022(a) |
||||||
Net Asset Value, beginning of period |
$ | 22.29 | $ | 25.00 | ||||
|
|
|
|
|||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) |
1.28 | 0.58 | ||||||
Net realized and unrealized gain (loss) |
0.29 | (2.84 | ) | |||||
|
|
|
|
|||||
Total from investment operations |
1.57 | (2.26 | ) | |||||
|
|
|
|
|||||
Less distributions from: |
| |||||||
Net investment income |
(1.33 | ) | (0.45 | ) | ||||
|
|
|
|
|||||
Total distributions |
(1.33 | ) | (0.45 | ) | ||||
|
|
|
|
|||||
Net Asset Value, end of period |
$ | 22.53 | $ | 22.29 | ||||
|
|
|
|
|||||
Total Return (%)(c) |
7.27 | (9.12 | )** | |||||
Ratios to Average Net Assets and Supplemental Data |
||||||||
Net Assets, end of period ($ millions) |
44 | 50 | ||||||
Ratio of expenses before fee waiver (%)(d) |
0.30 | 0.30 | * | |||||
Ratio of expenses after fee waiver (%)(d) |
0.15 | 0.15 | * | |||||
Ratio of net investment income (loss) (%) |
5.74 | 4.54 | * | |||||
Portfolio turnover rate (%)(e) |
0 | 0 | ** |
Xtrackers
Short Duration High Yield Bond ETF Selected Per Share Data |
Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 43.04 | $ | 47.89 | $ | 46.57 | $ | 49.13 | $ | 49.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) |
2.71 | 2.04 | 2.34 | 2.69 | (f) | 2.83 | ||||||||||||||
Net realized and unrealized gain (loss) |
0.45 | (4.76 | ) | 1.67 | (2.47 | )(f) | (0.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
3.16 | (2.72 | ) | 4.01 | 0.22 | 2.29 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(2.67 | ) | (2.13 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(2.67 | ) | (2.13 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 43.53 | $ | 43.04 | $ | 47.89 | $ | 46.57 | $ | 49.13 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(c) |
7.65 | (5.84 | ) | 8.86 | 0.61 | 4.79 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
83 | 86 | 77 | 37 | 22 | |||||||||||||||
Ratio of expenses before fee waiver (%) |
0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||
Ratio of expenses after fee waiver (%) |
0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||
Ratio of net investment income (loss) (%) |
6.30 | 4.48 | 4.95 | 6.13 | (f) | 5.78 | ||||||||||||||
Portfolio turnover rate (%)(e) |
49 | 46 | 52 | 150 | 45 |
(a) |
For the period February 10, 2022 (commencement of operations) through August 31, 2022. |
(b) |
Based on average shares outstanding during the period. |
(c) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) |
The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(e) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) |
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
* |
Annualized. |
** |
Not Annualized. |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers USD
High Yield Corporate Bond ETF Selected Per Share Data |
Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020(a) | 2019(a) | ||||||||||||||||
Net Asset Value, beginning of year |
$ | 34.37 | $ | 40.31 | 39.06 | (a) | $ | 40.19 | $ | 39.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) |
1.94 | 1.61 | 1.70 | 2.03 | (c) | 2.39 | ||||||||||||||
Net realized and unrealized gain (loss) |
0.25 | (5.80 | ) | 1.79 | (0.95 | )(c) | 0.24 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
2.19 | (4.19 | ) | 3.49 | 1.08 | 2.63 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(1.98 | ) | (1.75 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.98 | ) | (1.75 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of year |
$ | 34.58 | $ | 34.37 | $ | 40.31 | $ | 39.06 | $ | 40.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%)(d) |
6.63 | (10.67 | ) | 8.31 | 2.91 | 6.87 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of year ($ millions) |
3,859 | 3,615 | 6,666 | 6,209 | 3,062 | |||||||||||||||
Ratio of expenses before fee waiver (%) |
0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||
Ratio of expenses after fee waiver (%) |
0.15 | 0.15 | 0.15 | 0.15 | 0.17 | |||||||||||||||
Ratio of net investment income (loss) (%) |
5.69 | 4.24 | 4.27 | 5.27 | (c) | 6.06 | ||||||||||||||
Portfolio turnover rate (%)(e) |
26 | 24 | 37 | 54 | 29 |
(a) |
On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly. |
(b) |
Based on average shares outstanding during the period. |
(c) |
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(d) |
Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2023, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers High Beta High Yield Bond ETF
Xtrackers Low Beta High Yield Bond ETF
Xtrackers Risk Managed USD High Yield Strategy ETF
Xtrackers Short Duration High Yield Bond ETF
Xtrackers USD High Yield Corporate Bond ETF
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index | |
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF |
Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index | |
Xtrackers Short Duration High Yield Bond ETF | Solactive USD High Yield Corporates Total Market 0-5 Year Index | |
Xtrackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
78
DBX ETF Trust
Notes to Financial Statements (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers Risk Managed USD High Yield Strategy ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
79
DBX ETF Trust
Notes to Financial Statements (Continued)
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2023, the Funds did not incur any interest or penalties.
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DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income |
Capital and Other Gains (Losses) |
Unrealized Appreciation (Depreciation) |
Total Accumulated Earnings (Losses) |
|||||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 72,841 | $ | (11,795,350 | ) | $ | (1,257,311 | ) | $ | (12,979,820 | ) | |||||
Xtrackers Low Beta High Yield Bond ETF |
1,905,987 | (64,406,194 | ) | (14,134,982 | ) | (76,635,189 | ) | |||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
44,752 | — | (3,892,766 | ) | (3,848,014 | ) | ||||||||||
Xtrackers Short Duration High Yield Bond ETF |
509,294 | (3,197,839 | ) | (2,735,435 | ) | (5,423,980 | ) | |||||||||
Xtrackers USD High Yield Corporate Bond ETF |
19,579,236 | (242,862,261 | ) | (421,103,515 | ) | (644,386,540 | ) |
The tax character of dividends and distributions declared for the years ended August 31, 2023 and August 31, 2022 were as follows:
Year Ended August 31, 2023 |
||||
Ordinary Income* | ||||
Xtrackers High Beta High Yield Bond ETF |
$ | 974,644 | ||
Xtrackers Low Beta High Yield Bond ETF |
44,403,017 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF |
2,798,892 | |||
Xtrackers Short Duration High Yield Bond ETF |
4,721,603 | |||
Xtrackers USD High Yield Corporate Bond ETF |
218,918,420 | |||
Year Ended August 31, 2022 |
||||
Ordinary Income* | ||||
Xtrackers High Beta High Yield Bond ETF |
$ | 1,152,992 | ||
Xtrackers Low Beta High Yield Bond ETF |
42,567,833 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF |
844,002 | |||
Xtrackers Short Duration High Yield Bond ETF |
3,956,845 | |||
Xtrackers USD High Yield Corporate Bond ETF |
242,753,834 |
* |
For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 2,996,574 | $ | 8,798,776 | $ | 11,795,350 | ||||||
Xtrackers Low Beta High Yield Bond ETF |
35,194,222 | 29,211,972 | 64,406,194 | |||||||||
Xtrackers Short Duration High Yield Bond ETF |
1,232,714 | 1,965,125 | 3,197,839 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF |
38,381,756 | 204,480,505 | 242,862,261 |
For the fiscal year ended August 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below.These differences are primarily due to redemptions-in-kind.
Distributable earnings (loss) |
Paid-In Capital | |||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 24,402 | $ | (24,402 | ) | |||
Xtrackers Low Beta High Yield Bond ETF |
62,097,456 | (62,097,456 | ) | |||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
291,189 | (291,189 | ) | |||||
Xtrackers Short Duration High Yield Bond ETF |
1,818,720 | (1,818,720 | ) | |||||
Xtrackers USD High Yield Corporate Bond ETF |
29,450,250 | (29,450,250 | ) |
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DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 13,110,287 | $ | (1,257,311 | ) | $ | 72,690 | $ | (1,330,001 | ) | ||||||
Xtrackers Low Beta High Yield Bond ETF |
236,606,089 | (14,135,013 | ) | 205,631 | (14,340,644 | ) | ||||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
54,357,396 | (3,892,766 | ) | — | (3,892,766 | ) | ||||||||||
Xtrackers Short Duration High Yield Bond ETF |
84,833,666 | (2,735,437 | ) | 475,301 | (3,210,738 | ) | ||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
4,246,916,206 | (421,103,737 | ) | 4,824,790 | (425,928,527 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of August 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and
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DBX ETF Trust
Notes to Financial Statements (Continued)
purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of August 31, 2023, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2023 |
||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
Xtrackers Risk Managed USD HighYield Strategy ETF |
| |||||||||||||||||||
Exchange-Traded Funds |
$ | 6,535,150 | $ | — | $ | — | $ | — | $ | 6,535,150 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 6,535,150 |
As of August 31, 2023, Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF had no securities on loan.
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee |
||||
Xtrackers High Beta High Yield Bond ETF |
0.35 | % | ||
Xtrackers Low Beta High Yield Bond ETF |
0.25 | % | ||
Xtrackers Risk Managed USD High Yield Strategy ETF |
0.30 | % | ||
Xtrackers Short Duration High Yield Bond ETF |
0.20 | % | ||
Xtrackers USD High Yield Corporate Bond ETF |
0.20 | % |
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $19,380 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for
83
DBX ETF Trust
Notes to Financial Statements (Continued)
interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $406,480 of expenses to the Fund.
The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended August 31, 2023, the Advisor waived $69,404 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $1,901,312 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:
Expenses Waived |
||||
Xtrackers High Beta High Yield Bond ETF |
$ | 106 | ||
Xtrackers Low Beta High Yield Bond ETF |
3,697 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF |
277 | |||
Xtrackers Short Duration High Yield Bond ETF |
439 | |||
Xtrackers USD High Yield Corporate Bond ETF |
19,806 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 7,190,506 | $ | 7,231,680 | ||||
Xtrackers Low Beta High Yield Bond ETF |
409,213,296 | 413,831,267 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
171,550 | 302,231 | ||||||
Xtrackers Short Duration High Yield Bond ETF |
35,942,166 | 37,085,784 | ||||||
Xtrackers USD High Yield Corporate Bond ETF |
954,929,407 | 971,400,974 |
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DBX ETF Trust
Notes to Financial Statements (Continued)
For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 1,743,289 | $ | 1,914,594 | ||||
Xtrackers Low Beta High Yield Bond ETF |
217,681,322 | 1,411,991,488 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
1,649,330 | 7,700,517 | ||||||
Xtrackers Short Duration High Yield Bond ETF |
25,548,248 | 28,808,301 | ||||||
Xtrackers USD High Yield Corporate Bond ETF |
6,158,454,717 | 5,951,186,221 |
Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the year ended August 31, 2023, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:
Securities Purchased |
Securities Sold |
Net Realized Gain (Loss) on Securities Sold |
||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 1,587,750 | $ | 2,445,439 | $ | (102,985 | ) | |||||
Xtrackers Low Beta High Yield Bond ETF |
2,445,439 | 1,587,750 | (149,808 | ) |
5. Fund Share Transactions
As of August 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2023.
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DBX ETF Trust
To the Shareholders of
Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and the Board of Trustees of DBX ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (collectively referred to as the “Funds”), (five of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the DBX ETF Trust |
Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers High Beta High Yield Bond ETF
Xtrackers Low Beta High Yield Bond ETF
Xtrackers Short Duration High Yield Bond ETF
Xtrackers USD High Yield Corporate Bond ETF |
For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the five years in the period ended August 31, 2023 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF | For the year ended August 31, 2023 | For the year ended August 31, 2023 and the period from February 10, 2022 (commencement of operations) through August 31, 2022 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant
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Report of Independent Registered Public Accounting Firm (Continued)
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
October 23, 2023
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DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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DBX ETF Trust
Identification and Background
The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.
The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.
Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.
Independent Board Members | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(1) |
Business Experience
and Directorships During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen |
Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016) |
Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006). | 42 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 |
Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 42 | — | |||
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015 |
Independent Director (2010- present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 42 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Officers(2) | ||
Name, Year of Birth, Position with the Trust and Length of Time Served(3) |
Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present |
Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |
Diane
Kenneally(4)
(1966) Treasurer, Chief Financial Officer and Controller, 2019-present |
Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018). | |
Frank Gecsedi(4) (1967) Chief Compliance Officer, 2010-present |
AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(4) (1978) Vice President, 2016-present |
Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |
John Millette(5) (1962) Secretary, 2020-present |
Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015- present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020). |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(3) |
Business Experience and Directorships During the Past 5 Years | |
Caroline
Pearson(5)
(1962) Assistant Secretary, 2020-present |
Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021). | |
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present |
Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present |
Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018- present). | |
Christina A.
Morse(6)
(1964) Assistant Secretary, 2017-present |
Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 |
Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(1) |
The length of time served is represented by the year in which the Board Member joined the Board. |
(2) |
As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds. |
(3) |
The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) |
Address: 875 Third Avenue, New York, New York 10022. |
(5) |
Address: 100 Summer Street, Boston, MA 02110. |
(6) |
Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286. |
The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
HYUP, HYDW, SHYL and HYLB (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.
The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.
Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent
registered public Ernst & Young LLP One Manhattan West New York, NY, 10001 |
Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-052201-7 (10/23) DBX005646 (10/24)