August 31, 2023

Annual Report

DBX ETF Trust

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     3  

Performance Summary

  

Xtrackers High Beta High Yield Bond ETF

     6  

Xtrackers Low Beta High Yield Bond ETF

     8  

Xtrackers Risk Managed USD High Yield Strategy ETF

     10  

Xtrackers Short Duration High Yield Bond ETF

     12  

Xtrackers USD High Yield Corporate Bond ETF

     14  

Fees and Expenses

     16  

Schedule of Investments

  

Xtrackers High Beta High Yield Bond ETF

     17  

Xtrackers Low Beta High Yield Bond ETF

     27  

Xtrackers Risk Managed USD High Yield Strategy ETF

     37  

Xtrackers Short Duration High Yield Bond ETF

     39  

Xtrackers USD High Yield Corporate Bond ETF

     50  

Statements of Assets and Liabilities

     68  

Statements of Operations

     70  

Statements of Changes in Net Assets

     72  

Financial Highlights

     75  

Notes to Financial Statements

     78  

Report of Independent Registered Public Accounting Firm

     86  

Other Information

     88  

Board Members and Officers

     89  

Additional Information

     92  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

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

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

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

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

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

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

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 Basis points (Bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF

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

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy. The Communications sector was the only negative contributor to performance.

Xtrackers Low Beta High Yield Bond ETF

The Xtrackers Low Beta High Yield Bond ETF (HYDW) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the HYDW Index). The HYDW Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2023, HYDW shares returned 5.44%, compared to the HYDW Index return of 5.57%.

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

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The HYRM Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. For the 12-month period ended August 31, 2023, HYRM shares returned 7.27%, compared to the HYRM Index return of 6.92%.

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

Xtrackers Short Duration High Yield Bond ETF

The Xtrackers Short Duration High Yield Bond ETF (SHYL) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the SHYL Index). The SHYL Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. For the 12-month period ended August 31, 2023, SHYL shares returned 7.65%, compared to the SHYL Index return of 7.46%.

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

 

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DBX ETF Trust

 

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

 

Xtrackers USD High Yield Corporate Bond ETF

The Xtrackers USD High Yield Corporate Bond ETF (HYLB) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the HYLB Index). The HYLB Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. For the 12-month period ended August 31, 2023, HYLB shares returned 6.63%, compared to the HYLB Index return of 6.92%

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

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

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

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

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF (HYUP)

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

 

Performance as of August 31, 2023

 

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

One Year

   8.11%    8.94%    8.20%    6.92%

Five Year

   2.73%    2.75%    2.73%    2.80%

Since Inception1

   2.79%    2.80%    2.80%    2.76%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market High Beta
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   8.11%    8.94%    8.20%    6.92%

Five Year

   14.44%    14.54%    14.43%    14.79%

Since Inception1

   16.81%    16.85%    16.87%    16.59%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Communications

    23.6%  

Consumer, Cyclical

    20.3%  

Consumer, Non-cyclical

    13.4%  

Energy

    13.2%  

Financial

    11.6%  

Industrial

    6.7%  

Basic Materials

    4.4%  

Technology

    4.2%  

Utilities

    2.5%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of August 31, 2023

 

Description   % of Market Value  

BBB

    0.7%  

BB

    46.8%  

B

    39.8%  

CCC

    11.7%  

CC

    0.9%  

NR

    0.1%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of August 31, 2023

 

United States

    81.5%  

Canada

    6.4%  

Luxembourg

    2.6%  

France

    2.0%  

Other

    7.5%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

 

7


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Low Beta High Yield Bond ETF (HYDW)

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

 

Performance as of August 31, 2023

 

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

One Year

   5.44%    6.06%    5.57%    6.92%

Five Year

   2.72%    2.71%    2.72%    2.80%

Since Inception1

   2.54%    2.55%    2.56%    2.76%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Low Beta
Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   5.44%    6.06%    5.57%    6.92%

Five Year

   14.33%    14.33%    14.36%    14.79%

Since Inception1

   15.16%    15.25%    15.31%    16.59%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    27.9%  

Consumer, Non-cyclical

    20.0%  

Industrial

    12.0%  

Communications

    11.0%  

Financial

    9.2%  

Energy

    8.4%  

Technology

    4.8%  

Basic Materials

    3.6%  

Utilities

    3.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of August 31, 2023

 

Description   % of Market Value  

BBB

    7.7%  

BB

    76.8%  

B

    15.4%  

CCC

    0.1%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of August 31, 2023

 

United States

    89.8%  

Canada

    4.1%  

Other

    6.1%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

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

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

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

 

Performance as of August 31, 2023

 

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

One Year

   7.27%    7.31%    6.92%    6.92%

Since Inception1

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

One Year

   7.27%    7.31%    6.92%    6.92%

Since Inception1

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

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. The expense ratio includes net expenses of the underlying funds in which the Fund invests.

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

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

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

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    24.8%  

Communications

    17.4%  

Consumer, Non-cyclical

    16.4%  

Energy

    10.8%  

Financial

    10.2%  

Industrial

    9.2%  

Technology

    4.5%  

Basic Materials

    3.8%  

Utilities

    2.8%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of August 31, 2023

 

Description   % of Market Value  

BBB

    3.9%  

BB

    61.8%  

B

    27.8%  

CCC

    6.0%  

CC

    0.5%  
 

 

 

 
    100.0%  

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

 

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

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

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Short Duration High Yield Bond ETF (SHYL)

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

 

Performance as of August 31, 2023

 

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

One Year

   7.65%    8.31%    7.46%    6.92%

Five Year

   3.05%    3.10%    3.16%    2.80%

Since Inception1

   3.15%    3.18%    3.24%    2.70%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market 0-5 Year Index
   Solactive USD High
Yield Corporates Total
Market Index

One Year

   7.65%    8.31%    7.46%    6.92%

Five Year

   16.24%    16.46%    16.84%    14.79%

Since Inception1

   19.10%    19.31%    19.75%    16.24%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    25.0%  

Communications

    16.4%  

Consumer, Non-cyclical

    15.4%  

Financial

    11.6%  

Industrial

    10.9%  

Energy

    10.4%  

Basic Materials

    4.0%  

Utilities

    3.3%  

Technology

    2.9%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 2.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of August 31, 2023

 

Description   % of Market Value  

BBB

    4.3%  

BB

    59.4%  

B

    29.2%  

CCC

    6.8%  

CC

    0.2%  

NR

    0.1%  
 

 

 

 
    100.0%  

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

Country Diversification * as of August 31, 2023

 

United States

    83.4%  

Canada

    5.9%  

Other

    10.7%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

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

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

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

 

Performance as of August 31, 2023
Average Annual Total Returns
      Net Asset Value    Market Value    Solactive USD High
Yield Corporates Total
Market Index
   iBoxx USD Liquid
High Yield Index

One Year

   6.63%    7.42%    6.92%    7.05%

Five Year

   2.55%    2.61%    2.80%    2.81%

Since Inception1

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

One Year

   6.63%    7.42%    6.92%    7.05%

Five Year

   13.40%    13.75%    14.79%    14.89%

Since Inception1

   24.08%    24.21%    26.26%    26.02%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Consumer, Cyclical

    24.8%  

Communications

    17.3%  

Consumer, Non-cyclical

    16.5%  

Energy

    10.7%  

Financial

    10.2%  

Industrial

    9.3%  

Technology

    4.5%  

Basic Materials

    3.8%  

Utilities

    2.8%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of August 31, 2023: 3.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of August 31, 2023

 

Description   % of Market Value  

BBB

    4.0%  

BB

    62.2%  

B

    27.5%  

CCC

    5.9%  

CC

    0.4%  
 

 

 

 

Total

    100.0%  

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

Country Diversification* as of August 31, 2023

 

United States

    85.9%  

Canada

    5.1%  

Other

    9.0%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

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

 

15


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

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

Actual expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

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

 

Actual

   $ 1,000.00      $ 1,049.60        0.21   $ 1.08  

Hypothetical (5% return before expenses)

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

 

Actual

   $ 1,000.00      $ 1,047.20        0.20   $ 1.03  

Hypothetical (5% return before expenses)

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

 

Actual

   $ 1,000.00      $ 1,042.90        0.15   $ 0.77  

Hypothetical (5% return before expenses)

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

 

Actual

   $ 1,000.00      $ 1,040.60        0.20   $ 1.03  

Hypothetical (5% return before expenses)

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

 

Actual

   $ 1,000.00      $ 1,042.40        0.15   $ 0.77  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.76  

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

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

 

16


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF

August 31, 2023

 

   

Principal
Amount

   

Value

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

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

  $ 23,000     $ 15,684  

144A, 7.50%, 9/30/29

    10,000       5,211  

Chemours Co.
5.375%, 5/15/27

    13,000       12,232  

144A, 5.75%, 11/15/28

    25,000       22,481  

144A, 4.625%, 11/15/29

    18,000       14,971  

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

    13,000       10,870  

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

    15,000       14,376  

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

    13,000       11,896  

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

    17,000       16,165  

144A, 5.25%, 6/1/27

    35,000       31,159  

144A, 4.25%, 5/15/29

    13,000       10,553  

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

    19,000       16,785  

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

    37,000       30,407  
   

 

 

 

(Cost $246,272)

      212,790  
   

 

 

 
Forest Products & Paper — 0.1%            

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

   

(Cost $22,583)

    24,000       19,655  
   

 

 

 
Iron/Steel — 0.5%            

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

    10,000       10,114  

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

    18,000       17,988  

144A, 8.00%, 11/1/27

    18,000       17,959  

144A, 8.50%, 5/1/30

    16,000       16,077  
   

 

 

 

(Cost $63,287)

      62,138  
   

 

 

 
Mining — 1.8%            

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

    50,000       49,340  

144A, 6.875%, 10/15/27

    54,000       52,641  

144A, 8.625%, 6/1/31

    36,000       36,704  

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

    15,000       14,117  

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

    15,000       13,287  

144A, 4.50%, 6/1/31

    20,000       16,179  

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

    15,000       9,823  

144A, 9.25%, 4/23/26

    35,000       20,064  
   

 

 

 

(Cost $223,294)

      212,155  
   

 

 

 
Communications — 23.0%    
Advertising — 1.3%            

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

    32,000       28,683  
   

Principal
Amount

   

Value

 
Advertising (Continued)            

144A, 7.75%, 4/15/28

  $ 20,000     $ 15,751  

144A, 9.00%, 9/15/28

    25,000       25,147  

144A, 7.50%, 6/1/29

    37,000       27,645  

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

    5,000       4,508  

144A, 4.25%, 1/15/29

    17,000       13,961  

144A, 4.625%, 3/15/30

    20,000       16,278  

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

    34,000       28,425  
   

 

 

 

(Cost $180,692)

      160,398  
   

 

 

 
Internet — 0.2%            

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

   

(Cost $16,509)

    17,000       17,170  
   

 

 

 
Media — 12.7%            

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

    32,000       26,046  

144A, 5.75%, 8/15/29

    59,000       46,791  

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

    27,000       25,336  

4.25%, 2/15/29

    26,000       16,608  

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

    15,000       11,714  

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

    32,000       31,807  

144A, 4.75%, 2/1/32

    35,000       28,995  

4.50%, 5/1/32

    80,000       64,931  

144A, 4.50%, 6/1/33

    45,000       35,555  

144A, 4.25%, 1/15/34

    55,000       42,169  

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

    38,000       32,808  

144A, 5.375%, 2/1/28

    22,000       18,018  

144A, 7.50%, 4/1/28

    30,000       19,108  

144A, 11.25%, 5/15/28

    20,000       19,745  

144A, 6.50%, 2/1/29

    56,000       46,319  

144A, 5.75%, 1/15/30

    62,000       34,218  

144A, 4.125%, 12/1/30

    31,000       22,126  

144A, 4.625%, 12/1/30

    65,000       34,072  

144A, 3.375%, 2/15/31

    27,000       18,563  

144A, 4.50%, 11/15/31

    41,000       29,185  

144A, 5.00%, 11/15/31

    18,000       9,637  

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

    56,000       52,141  

7.75%, 7/1/26

    54,000       40,400  

144A, 5.25%, 12/1/26

    81,000       68,409  

7.375%, 7/1/28

    25,000       15,724  

144A, 5.75%, 12/1/28

    70,000       54,300  

5.125%, 6/1/29

    43,000       23,245  

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

    91,000       92,405  

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

    27,000       24,730  

144A, 7.00%, 5/15/27

    17,000       15,276  

144A, 4.75%, 10/15/30

    20,000       13,985  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Media (Continued)            

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

  $ 12,000     $ 10,487  

8.375%, 5/1/27

    38,000       26,353  

144A, 5.25%, 8/15/27

    19,000       15,072  

144A, 4.75%, 1/15/28

    11,000       8,489  

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

    23,000       20,433  

144A, 8.00%, 8/1/29

    16,000       14,038  

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

    22,000       19,330  

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

    13,000       6,950  

144A, 4.125%, 12/1/30

    21,000       13,434  

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

    40,000       36,144  

144A, 4.125%, 7/1/30

    50,000       40,816  

144A, 3.875%, 9/1/31

    35,000       27,273  

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

    30,000       26,911  

5.00%, 9/15/29

    30,000       26,443  

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

    44,000       42,641  

144A, 8.00%, 8/15/28

    10,000       9,984  

144A, 4.50%, 5/1/29

    35,000       30,161  

144A, 7.375%, 6/30/30

    21,000       20,340  

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

    32,000       26,440  

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

    10,000       8,910  

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

    25,000       20,307  

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

    13,000       5,991  

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

    16,000       14,901  

144A, 5.125%, 2/28/30

    13,000       10,102  

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

    30,000       25,248  
   

 

 

 

(Cost $1,764,402)

      1,521,564  
   

 

 

 
Telecommunications — 8.8%            

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

    38,000       20,554  

144A, 6.00%, 2/15/28

    31,000       13,719  

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

    51,000       43,148  

144A, 5.50%, 1/15/28

    26,000       19,508  

144A, 5.125%, 1/15/29

    15,000       10,703  

144A, 5.125%, 7/15/29

    73,000       51,668  

144A, 5.50%, 10/15/29

    52,000       37,462  

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

    33,000       30,658  

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

    37,000       33,841  

144A, 5.00%, 3/15/27

    19,000       10,584  

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

    38,000       34,571  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

144A, 8.25%, 3/1/27

  $ 25,000     $ 16,589  

144A, 7.125%, 7/1/28

    20,000       11,162  

144A, 4.75%, 9/1/29

    43,000       31,994  

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

    12,000       8,790  

144A, 6.50%, 10/1/28

    20,000       15,404  

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

    38,000       34,642  

144A, 5.00%, 5/1/28

    45,000       38,600  

144A, 6.75%, 5/1/29

    26,000       20,207  

5.875%, 11/1/29

    20,000       14,830  

144A, 6.00%, 1/15/30

    30,000       22,192  

144A, 8.75%, 5/15/30

    30,000       29,187  

144A, 8.625%, 3/15/31

    20,000       19,242  

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

    30,000       27,619  

6.625%, 8/1/26

    19,000       16,501  

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

    31,000       29,604  

144A, 7.00%, 10/15/28

    23,000       21,418  

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

    86,000       79,053  

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

    25,000       18,806  

144A, 4.25%, 7/1/28

    32,000       20,982  

144A, 3.625%, 1/15/29

    22,000       13,114  

144A, 10.50%, 5/15/30

    26,000       26,405  

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

    15,000       7,784  

144A, 4.00%, 2/15/27

    35,000       22,028  

144A, 4.50%, 1/15/29

    12,000       3,973  

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

    13,500       12,255  

144A, 6.25%, 3/25/29

    18,000       16,483  

144A, 4.50%, 4/27/31

    25,000       19,771  

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

    12,000       11,143  

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

    17,000       16,024  

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

    18,000       17,027  

144A, 5.625%, 4/15/27

    16,000       14,329  

144A, 6.50%, 7/15/28

    10,000       7,822  

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

    40,000       32,460  

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

    38,000       28,506  

144A, 6.125%, 3/1/28

    30,000       19,529  
   

 

 

 

(Cost $1,277,367)

      1,051,891  
   

 

 

 
Consumer, Cyclical — 19.8%    
Airlines — 0.8%            

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

    16,000       15,326  

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

    25,000       24,583  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

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

  $ 33,000     $ 30,570  

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

    15,000       15,032  

144A, 8.00%, 9/20/25

    14,000       14,029  
   

 

 

 

(Cost $102,816)

      99,540  
   

 

 

 
Apparel — 0.4%            

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

    26,000       24,310  

144A, 9.00%, 2/15/31

    18,000       18,100  
   

 

 

 

(Cost $42,645)

      42,410  
   

 

 

 
Auto Manufacturers — 1.2%            

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

    20,000       20,339  

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

    16,000       18,593  

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

    15,000       15,034  

6.80%, 5/12/28

    40,000       40,024  

7.35%, 3/6/30

    34,000       34,641  

7.20%, 6/10/30

    20,000       20,322  
   

 

 

 

(Cost $149,445)

      148,953  
   

 

 

 
Auto Parts & Equipment — 1.8%            

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

    13,000       12,335  

6.875%, 7/1/28

    10,000       9,181  

5.00%, 10/1/29

    20,000       16,484  

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

    45,000       45,537  

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

    10,000       9,469  

5.625%, 6/15/28

    10,000       9,423  

4.25%, 9/1/30

    10,000       8,232  

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

    28,000       24,933  

5.25%, 4/30/31

    14,000       12,294  

5.25%, 7/15/31

    16,000       13,795  

5.625%, 4/30/33

    13,000       11,168  

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

    55,000       45,377  
   

 

 

 

(Cost $233,724)

      218,228  
   

 

 

 
Entertainment — 2.2%            

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

    36,000       24,998  

144A, 7.50%, 2/15/29

    28,000       19,140  

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

    35,000       30,667  

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

    17,000       16,336  

144A, 5.25%, 7/15/28

    20,000       17,783  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

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

  $ 19,000     $ 18,947  

144A, 7.25%, 11/15/29

    11,000       11,037  

144A, 7.50%, 9/1/31

    20,000       20,298  

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

    29,000       27,032  

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

    10,000       9,464  

144A, 4.125%, 7/1/29

    10,000       8,154  

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

    19,000       15,183  

144A, 5.875%, 9/1/31

    26,000       20,127  

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

    25,000       23,994  
   

 

 

 

(Cost $297,165)

      263,160  
   

 

 

 
Food Service — 0.2%            

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

    11,000       9,955  

144A, 10.50%, 5/15/29

    21,000       17,449  
   

 

 

 

(Cost $31,595)

      27,404  
   

 

 

 
Home Builders — 0.6%            

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

    10,000       8,623  

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

    18,000       16,540  

144A, 4.875%, 2/15/30

    15,000       12,406  

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

    13,000       12,276  

144A, 4.625%, 3/1/30

    18,000       15,900  
   

 

 

 

(Cost $71,642)

      65,745  
   

 

 

 
Home Furnishings — 0.1%            

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

   

(Cost $21,044)

    21,000       16,898  
   

 

 

 
Housewares — 1.1%            

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

    10,000       9,669  

4.70%, 4/1/26

    55,000       52,629  

6.375%, 9/15/27

    15,000       14,684  

6.625%, 9/15/29

    15,000       14,874  

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

    10,000       8,374  

4.00%, 4/1/31

    22,000       17,311  

4.375%, 2/1/32

    10,000       7,927  
   

 

 

 

(Cost $128,343)

      125,468  
   

 

 

 
Leisure Time — 4.4%            

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

    42,000       41,906  

144A, 5.75%, 3/1/27

    88,000       82,754  

144A, 6.00%, 5/1/29

    59,000       53,455  

144A, 10.50%, 6/1/30

    29,000       30,917  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

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

  $ 10,000     $ 9,934  

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

    45,000       42,390  

144A, 8.375%, 2/1/28

    5,000       5,158  

144A, 7.75%, 2/15/29

    17,000       16,165  

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

    18,000       16,798  

144A, 5.50%, 8/31/26

    29,000       27,805  

144A, 5.375%, 7/15/27

    29,000       27,295  

144A, 11.625%, 8/15/27

    35,000       38,151  

3.70%, 3/15/28

    15,000       13,078  

144A, 5.50%, 4/1/28

    34,000       31,850  

144A, 9.25%, 1/15/29

    29,000       30,915  

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

    26,000       24,335  

144A, 7.00%, 2/15/29

    13,000       12,338  

144A, 9.125%, 7/15/31

    22,000       22,749  
   

 

 

 

(Cost $525,906)

      527,993  
   

 

 

 
Lodging — 1.6%            

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

    13,000       10,997  

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

    26,000       24,724  

144A, 5.25%, 4/26/26

    10,000       9,271  

144A, 5.625%, 7/17/27

    16,000       14,316  

144A, 5.75%, 7/21/28

    23,000       20,370  

144A, 5.375%, 12/4/29

    29,000       24,351  

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

    13,000       10,729  

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

    25,000       23,663  

144A, 6.50%, 1/15/28

    15,000       12,716  

144A, 5.00%, 1/15/29

    32,000       24,013  

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

    19,000       16,316  
   

 

 

 

(Cost $210,981)

      191,466  
   

 

 

 
Retail — 5.4%            

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

    16,000       13,739  

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

    14,000       14,126  

144A, 6.625%, 10/1/30

    30,000       29,283  

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

    15,000       11,037  

144A, 5.875%, 10/1/28

    15,000       9,242  

144A, 4.875%, 9/1/29

    20,000       11,956  

144A, 10.25%, 5/1/30

    95,000       73,741  

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

    20,000       19,728  

144A, 8.50%, 10/30/25

    15,000       14,865  

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

    17,000       15,995  

144A, 5.875%, 4/1/29

    25,000       22,091  

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

    20,000       17,291  
   

Principal
Amount

   

Value

 
Retail (Continued)            

144A, 6.75%, 1/15/30

  $ 36,000     $ 29,777  

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

    19,000       14,481  

144A, 3.875%, 10/1/31

    24,000       17,420  

Kohl’s Corp.,
4.625%, 5/1/31

    15,000       11,057  

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

    19,000       16,601  

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

    13,000       11,764  

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

    15,000       12,516  

144A, 7.875%, 5/1/29

    37,000       25,682  

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

    32,000       30,440  

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

    15,000       12,013  

4.25%, 8/1/31

    11,000       8,285  

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

    24,000       22,948  

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

    15,000       13,498  

4.75%, 2/15/27

    15,000       9,917  

4.375%, 9/1/28

    13,000       7,369  

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

    25,000       15,900  

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

    17,000       14,523  

144A, 4.875%, 11/15/31

    17,000       14,148  

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

    12,000       10,445  

144A, 6.00%, 12/1/29

    25,000       21,402  

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

    49,000       40,590  

144A, 10.75%, 4/15/27

    28,000       15,223  

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

    16,000       13,694  
   

 

 

 

(Cost $747,465)

      642,787  
   

 

 

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

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

    12,000       12,050  

144A, 5.75%, 2/1/29

    29,000       25,259  
   

 

 

 

(Cost $40,792)

      37,309  
   

 

 

 
Beverages — 0.1%            

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

   

(Cost $18,989)

    19,000       16,690  
   

 

 

 
Commercial Services — 3.1%            

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

    10,000       9,473  

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

    15,000       13,984  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

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

  $ 47,000     $ 44,752  

144A, 9.75%, 7/15/27

    33,000       30,338  

144A, 6.00%, 6/1/29

    25,000       19,143  

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

    36,000       30,632  

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

    23,000       19,845  

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

    14,000       12,963  

144A, 9.50%, 11/1/27

    20,000       19,365  

144A, 7.75%, 2/15/28

    10,000       9,936  

144A, 6.00%, 6/1/29

    11,000       8,974  

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

    24,000       19,756  

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

    28,000       23,809  

144A, 5.75%, 11/1/28

    28,000       21,005  

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

    30,000       28,540  

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

    25,000       24,594  

144A, 11.25%, 12/15/27

    17,000       16,217  

Sotheby’s, 144A,
7.375%, 10/15/27

    20,000       18,230  
   

 

 

 

(Cost $411,550)

      371,556  
   

 

 

 
Cosmetics/Personal Care — 0.2%            

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

    14,000       13,890  

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

    13,000       11,278  
   

 

 

 

(Cost $27,118)

      25,168  
   

 

 

 
Food — 1.2%            

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

    24,000       23,448  

5.25%, 9/15/27

    14,000       12,417  

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

    32,000       29,654  

144A, 4.625%, 4/15/30

    42,000       37,250  

144A, 4.50%, 9/15/31

    33,000       28,336  

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

    19,000       16,180  
   

 

 

 

(Cost $161,169)

      147,285  
   

 

 

 
Healthcare-Services — 4.4%            

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

    57,000       55,696  

144A, 5.625%, 3/15/27

    50,000       44,047  

144A, 8.00%, 12/15/27

    24,000       23,097  

144A, 6.875%, 4/1/28

    28,000       16,840  

144A, 6.00%, 1/15/29

    16,000       13,418  

144A, 6.875%, 4/15/29

    38,000       23,030  

144A, 6.125%, 4/1/30

    34,000       19,412  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

144A, 5.25%, 5/15/30

  $ 41,000     $ 32,374  

144A, 4.75%, 2/15/31

    28,000       20,885  

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

    81,000       69,552  

144A, 3.75%, 2/15/31

    38,000       30,292  

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

    22,000       18,972  

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

    13,000       9,003  

144A, 9.875%, 8/15/30

    23,000       22,759  

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

    13,000       12,348  

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

    36,000       33,703  

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

    20,000       15,424  

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

    73,000       70,270  
   

 

 

 

(Cost $619,191)

      531,122  
   

 

 

 
Household Products/Wares — 0.2%            

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

    10,000       8,499  

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

    13,000       10,904  
   

 

 

 

(Cost $22,777)

      19,403  
   

 

 

 
Pharmaceuticals — 3.5%            

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

    11,000       8,979  

144A, 5.125%, 3/1/30

    16,000       13,139  

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

    22,000       20,073  

144A, 8.50%, 1/31/27

    20,000       11,149  

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

    49,000       44,179  

144A, 9.00%, 12/15/25

    28,000       25,654  

144A, 6.125%, 2/1/27

    26,000       17,122  

144A, 5.75%, 8/15/27

    13,000       8,154  

144A, 5.00%, 1/30/28

    7,000       3,050  

144A, 4.875%, 6/1/28

    37,000       21,990  

144A, 11.00%, 9/30/28

    52,000       37,255  

144A, 5.00%, 2/15/29

    15,000       6,293  

144A, 6.25%, 2/15/29

    23,000       10,088  

144A, 5.25%, 1/30/30

    24,000       10,157  

144A, 5.25%, 2/15/31

    11,000       4,639  

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

    13,000       11,784  

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

    19,000       16,687  

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

    20,000       19,264  

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

    16,000       11,980  

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

    10,000       7,916  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

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

  $ 55,000     $ 46,885  

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

    11,000       9,333  

144A, 6.625%, 4/1/30

    16,000       14,571  

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

    34,000       33,994  
   

 

 

 

(Cost $530,549)

      414,335  
   

 

 

 
Diversified — 0.1%    
Holding Companies-Diversified — 0.1%            

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

   

(Cost $15,264)

    15,000       15,069  
   

 

 

 
Energy — 12.8%    
Oil & Gas — 5.5%            

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

    12,000       12,293  

144A, 8.50%, 4/30/30

    20,000       20,293  

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

    17,000       17,254  

144A, 7.50%, 6/15/30

    15,000       14,843  

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

    35,000       36,181  

144A, 8.75%, 7/1/31

    40,000       41,362  

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

    13,000       12,392  

144A, 7.375%, 1/15/31

    11,000       10,991  

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

    32,000       29,967  

144A, 5.875%, 1/15/30

    28,000       24,742  

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

    20,000       19,720  

144A, 9.25%, 2/15/28

    22,000       22,525  

CVR Energy, Inc.

   

144A, 5.25%, 2/15/25

    15,000       14,564  

144A, 5.75%, 2/15/28

    11,000       10,026  

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

    15,000       15,314  

144A, 9.875%, 7/15/31

    14,000       15,362  

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

    16,000       14,709  

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

    22,000       20,209  

144A, 7.75%, 5/1/27

    14,000       12,624  

144A, 7.50%, 3/1/28

    10,000       8,845  

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

    16,000       15,700  

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

    25,000       24,250  

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

    14,000       13,162  

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

    19,000       19,063  

144A, 8.75%, 6/15/31

    20,000       20,455  

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

    33,000       29,108  

144A, 4.625%, 5/1/30

    21,000       18,536  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

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

  $ 19,000     $ 17,976  

144A, 7.875%, 9/15/30

    20,000       19,921  

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

    12,000       11,960  

6.625%, 1/15/27

    11,000       10,872  

6.50%, 7/15/28

    11,000       10,762  

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

    15,000       14,774  

144A, 11.50%, 1/30/27

    18,000       18,975  

144A, 8.00%, 2/1/27

    14,000       13,664  

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

    16,000       11,057  

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

    15,000       15,090  
   

 

 

 

(Cost $646,427)

      659,541  
   

 

 

 
Oil & Gas Services — 1.1%            

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

    16,000       15,745  

144A, 6.25%, 4/1/28

    21,000       20,066  

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

    16,000       13,784  

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

    19,000       18,803  

6.875%, 9/1/27

    19,000       18,539  

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

    41,000       41,982  
   

 

 

 

(Cost $132,910)

      128,919  
   

 

 

 
Pipelines — 6.2%            

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

    18,000       17,462  

144A, 5.75%, 1/15/28

    17,000       16,295  

Buckeye Partners LP
3.95%, 12/1/26

    15,000       13,849  

144A, 4.50%, 3/1/28

    13,000       11,809  

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

    15,000       14,489  

144A, 6.00%, 2/1/29

    29,000       28,500  

144A, 8.00%, 4/1/29

    13,000       13,445  

144A, 7.375%, 2/1/31

    10,000       10,261  

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

    13,000       13,131  

144A, 6.50%, 7/1/27

    24,000       23,868  

5.50%, 7/15/28

    25,000       23,909  

144A, 4.50%, 1/15/29

    21,000       19,054  

144A, 7.50%, 6/1/30

    13,000       13,345  

144A, 4.75%, 1/15/31

    32,000       28,312  

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

    14,000       13,804  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

8.00%, 1/15/27

  $ 25,000     $ 24,669  

7.75%, 2/1/28

    28,000       27,263  

8.875%, 4/15/30

    10,000       9,969  

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

    31,000       28,007  

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

    32,000       30,960  

144A, 6.50%, 9/30/26

    43,000       39,971  

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

    60,000       59,681  

NuStar Logistics LP
6.00%, 6/1/26

    15,000       14,717  

5.625%, 4/28/27

    15,000       14,564  

6.375%, 10/1/30

    10,000       9,635  

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

    22,000       21,250  

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

    15,000       15,018  

144A, 6.00%, 3/1/27

    11,000       10,542  

144A, 5.50%, 1/15/28

    22,000       20,417  

144A, 6.00%, 12/31/30

    19,000       17,015  

144A, 6.00%, 9/1/31

    14,000       12,447  

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

    63,000       63,606  

144A, 8.375%, 6/1/31

    63,000       63,603  
   

 

 

 

(Cost $770,213)

      744,867  
   

 

 

 
Financial — 11.2%    
Banks — 0.3%            

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

    14,000       13,809  

144A, 7.625%, 5/1/26

    15,000       13,813  

144A, 6.625%, 1/15/27

    14,000       12,269  
   

 

 

 

(Cost $40,805)

      39,891  
   

 

 

 
Diversified Financial Services — 4.3%            

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

    11,000       11,137  

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

    30,000       22,100  

144A, 3.625%, 10/1/31

    24,000       16,183  

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

    20,000       7,970  

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

    26,000       22,227  

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

    11,000       9,259  

144A, 6.125%, 4/1/28

    16,000       10,431  

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

    15,000       15,311  

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

    25,000       22,685  

144A, 5.125%, 12/15/30

    19,000       16,122  

144A, 5.75%, 11/15/31

    16,000       13,728  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

Navient Corp.
5.00%, 3/15/27

  $ 19,000     $ 17,306  

4.875%, 3/15/28

    13,000       11,335  

5.50%, 3/15/29

    22,000       18,828  

9.375%, 7/25/30

    15,000       15,083  

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

    59,000       52,063  

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

    45,000       44,318  

6.625%, 1/15/28

    25,000       23,403  

3.875%, 9/15/28

    15,000       12,316  

9.00%, 1/15/29

    10,000       10,147  

5.375%, 11/15/29

    22,000       19,056  

4.00%, 9/15/30

    22,000       17,157  

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

    15,000       15,089  

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

    17,000       14,087  

144A, 5.75%, 9/15/31

    13,000       10,942  

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

    10,000       9,136  

Synchrony Financial,
7.25%, 2/2/33

    20,000       18,415  

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

    11,000       10,145  

144A, 5.50%, 4/15/29

    29,000       25,186  
   

 

 

 

(Cost $566,744)

      511,165  
   

 

 

 
Insurance — 0.9%            

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

    32,000       30,958  

144A, 10.125%, 8/1/26

    5,000       5,164  

144A, 6.00%, 8/1/29

    13,000       11,305  

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

    38,000       35,959  

144A, 5.875%, 11/1/29

    12,000       10,520  

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

    14,000       12,178  
   

 

 

 

(Cost $109,461)

      106,084  
   

 

 

 
Real Estate — 0.9%            

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

    23,200       20,827  

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

    20,000       19,061  

144A, 8.875%, 9/1/31

    10,000       10,094  

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

    17,000       13,676  

4.75%, 2/1/30

    12,000       9,252  

5.00%, 3/1/31

    24,000       18,185  

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

    24,000       17,304  

144A, 5.25%, 4/15/30

    2,000       1,390  
   

 

 

 

(Cost $130,848)

      109,789  
   

 

 

 

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts — 3.7%            

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

  $ 28,000     $ 25,726  

144A, 4.50%, 4/1/27

    19,000       15,892  

Diversified Healthcare Trust
9.75%, 6/15/25

    25,000       24,610  

4.75%, 2/15/28

    13,000       9,944  

4.375%, 3/1/31

    10,000       7,555  

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

    15,000       13,575  

144A, 4.75%, 6/15/29

    17,000       14,310  

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

    10,000       8,509  

5.00%, 10/15/27

    41,000       32,439  

4.625%, 8/1/29

    29,000       20,991  

3.50%, 3/15/31

    34,000       22,113  

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

    20,000       17,864  

3.45%, 10/15/31

    12,000       6,103  

Service Properties Trust
7.50%, 9/15/25

    26,000       25,715  

4.75%, 10/1/26

    15,000       13,039  

4.95%, 2/15/27

    21,000       18,201  

5.50%, 12/15/27

    16,000       14,177  

3.95%, 1/15/28

    7,000       5,578  

4.95%, 10/1/29

    3,000       2,369  

4.375%, 2/15/30

    10,000       7,612  

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

    15,000       13,437  

144A, 4.375%, 1/15/27

    10,000       8,941  

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

    20,000       13,231  

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

    73,000       72,903  

144A, 4.75%, 4/15/28

    15,000       12,653  

144A, 6.50%, 2/15/29

    28,000       19,137  
   

 

 

 

(Cost $483,199)

      446,624  
   

 

 

 
Venture Capital — 1.1%            

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

    31,000       29,997  

6.375%, 12/15/25

    25,000       23,864  

6.25%, 5/15/26

    30,000       27,856  

5.25%, 5/15/27

    35,000       30,750  

4.375%, 2/1/29

    25,000       19,759  
   

 

 

 

(Cost $128,544)

      132,226  
   

 

 

 
Industrial — 6.5%    
Aerospace/Defense — 2.1%            

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

    31,000       30,507  

144A, 7.875%, 4/15/27

    55,000       54,956  

144A, 6.00%, 2/15/28

    20,000       18,713  
   

Principal
Amount

   

Value

 
Aerospace/Defense (Continued)            

144A, 7.50%, 2/1/29

  $ 26,000     $ 25,496  

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

    31,000       30,714  

4.60%, 6/15/28

    21,000       17,037  

144A, 9.375%, 11/30/29

    25,000       25,979  

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

    11,000       10,367  

144A, 9.00%, 3/15/28

    35,000       35,141  
   

 

 

 

(Cost $256,927)

      248,910  
   

 

 

 
Building Materials — 0.3%            

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

   

(Cost $36,052)

    36,000       34,604  
   

 

 

 
Electrical Components & Equipment — 0.3%            

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

    15,000       13,274  

144A, 4.375%, 3/31/29

    21,000       18,010  
   

 

 

 

(Cost $34,520)

      31,284  
   

 

 

 
Engineering & Construction — 0.5%            

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

    40,000       41,301  

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

    7,000       6,046  

144A, 6.25%, 11/29/28

    20,000       16,163  
   

 

 

 

(Cost $64,114)

      63,510  
   

 

 

 
Environmental Control — 0.0%            

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

   

(Cost $8,299)

    8,000       6,792  
   

 

 

 
Machinery-Diversified — 0.5%            

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

    14,000       13,273  

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

    10,000       9,278  

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

    46,000       43,159  
   

 

 

 

(Cost $69,010)

      65,710  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

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

   

(Cost $10,183)

    10,000       10,181  
   

 

 

 
Packaging & Containers — 2.3%            

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

    28,000       22,788  

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

    34,000       28,958  

144A, 5.25%, 8/15/27

    20,000       17,034  

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

    21,000       20,549  

144A, 10.50%, 7/15/27

    22,000       21,083  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)            

144A, 5.875%, 11/1/28

  $ 13,000     $ 11,779  

144A, 8.25%, 11/1/29

    11,000       9,207  

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

    70,000       68,997  

144A, 9.25%, 4/15/27

    38,000       34,488  

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

    16,000       15,830  

144A, 7.25%, 5/15/31

    20,000       20,077  
   

 

 

 

(Cost $290,243)

      270,790  
   

 

 

 
Transportation — 0.4%            

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

    18,000       16,277  

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

    21,000       16,352  

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

    12,000       12,074  
   

 

 

 

(Cost $47,437)

      44,703  
   

 

 

 
Technology — 4.1%    
Computers — 1.1%            

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

    55,000       48,142  

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

    30,000       27,317  

144A, 5.25%, 10/1/30

    11,000       9,879  

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

    15,000       14,548  

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

    15,000       15,732  

144A, 9.625%, 12/1/32

    15,600       17,297  
   

 

 

 

(Cost $142,428)

      132,915  
   

 

 

 
Office/Business Equipment — 0.3%            

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

    19,000       18,145  

144A, 5.50%, 8/15/28

    19,000       16,541  
   

 

 

 

(Cost $35,964)

      34,686  
   

 

 

 
Semiconductors — 0.1%            

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

   

(Cost $11,279)

    11,000       10,096  
   

 

 

 
Software — 2.6%            

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

    15,000       14,488  

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

    69,000       59,993  

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

    23,000       20,070  

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

    112,000       100,279  

144A, 9.00%, 9/30/29

    104,000       92,965  

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

    16,000       14,339  

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

    13,000       12,802  
   

 

 

 

(Cost $318,344)

      314,936  
   

 

 

 
   

Principal
Amount

   

Value

 
Utilities — 2.5%    
Electric — 2.1%            

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

  $ 37,000     $ 33,732  

144A, 4.625%, 2/1/29

    19,000       16,552  

144A, 5.00%, 2/1/31

    23,000       19,460  

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

    15,000       14,764  

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

    21,000       19,869  

144A, 3.375%, 2/15/29

    15,000       12,379  

144A, 5.25%, 6/15/29

    20,000       17,987  

144A, 3.625%, 2/15/31

    30,000       23,431  

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

    35,000       32,232  

5.25%, 7/1/30

    22,000       19,606  

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

    30,000       31,269  

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

    10,000       10,337  
   

 

 

 

(Cost $274,198)

      251,618  
   

 

 

 
Gas — 0.4%            

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

    18,000       17,091  

5.75%, 5/20/27

    18,000       16,667  

144A, 9.375%, 6/1/28

    10,000       10,259  
   

 

 

 

(Cost $45,085)

      44,017  
   

 

 

 

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

      11,649,608  
   

 

 

 
   

Number
of Shares

       
CASH EQUIVALENTS — 1.7%            

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

    203,368       203,368  
   

 

 

 

TOTAL INVESTMENTS — 98.9%

(Cost $13,061,178)

    $ 11,852,976  

Other assets and liabilities, net — 1.1%

      126,081  
   

 

 

 

NET ASSETS — 100.0%

    $ 11,979,057  
   

 

 

 

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2023

 

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

 

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

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

SECURITIES LENDING COLLATERAL 0.0%

 

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

 

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

CASH EQUIVALENTS1.7%

 

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

 

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

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

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

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

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

(b)

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

(c)

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

(d)

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

 

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

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Corporate Bonds (a)

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

Short-Term Investments (a)

       203,368                            203,368  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

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

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF

August 31, 2023

 

   

Principal
Amount

   

Value

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

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

  $ 241,000     $ 192,901  

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

    348,000       343,705  

144A, 7.125%, 8/1/30

    388,000       387,899  

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

    375,000       318,386  

Methanex Corp.
5.125%, 10/15/27

    375,000       352,108  

5.25%, 12/15/29

    360,000       328,271  

Olin Corp.
5.125%, 9/15/27

    268,000       256,848  

5.625%, 8/1/29

    359,000       343,941  

5.00%, 2/1/30

    276,000       252,641  

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

    589,000       530,062  

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

    322,000       316,813  

144A, 3.625%, 6/15/31

    287,000       228,416  
   

 

 

 

(Cost $4,067,473)

      3,851,991  
   

 

 

 
Iron/Steel — 0.6%            

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

    444,000       444,637  

5.875%, 6/1/27

    297,000       286,366  

144A, 6.75%, 4/15/30

    402,000       383,714  

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

    255,000       254,248  
   

 

 

 

(Cost $1,404,965)

      1,368,965  
   

 

 

 
Mining — 1.2%            

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

    322,000       297,454  

144A, 5.875%, 4/15/30

    375,000       348,497  

144A, 4.375%, 4/1/31

    804,000       674,532  

144A, 6.125%, 4/15/32

    409,000       380,951  

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

    305,000       288,122  

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

    375,000       352,943  

144A, 6.50%, 1/18/28

    268,000       259,925  
   

 

 

 

(Cost $2,794,456)

      2,602,424  
   

 

 

 
Communications — 10.8%    
Advertising — 0.4%            

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

    319,000       290,832  

4.00%, 2/15/30

    295,000       258,390  

3.625%, 1/15/31

    295,000       246,591  

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

    214,000       210,501  
   

 

 

 

(Cost $1,128,004)

      1,006,314  
   

 

 

 
   

Principal
Amount

   

Value

 
Internet — 3.0%            

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

  $ 589,000     $ 577,956  

144A, 6.75%, 9/30/27

    482,000       483,074  

144A, 7.125%, 9/30/30

    322,000       324,322  

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

    322,000       308,629  

144A, 3.50%, 3/1/29

    429,000       369,108  

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

    226,000       212,368  

144A, 4.625%, 6/1/28

    268,000       247,503  

144A, 4.125%, 8/1/30

    268,000       230,086  

144A, 3.625%, 10/1/31

    268,000       218,718  

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

    214,000       196,293  

3.125%, 1/14/31

    351,000       281,105  

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

    472,000       476,921  

144A, 8.00%, 11/1/26

    804,000       819,345  

144A, 7.50%, 9/15/27

    643,000       656,062  

144A, 6.25%, 1/15/28

    268,000       265,616  

144A, 4.50%, 8/15/29

    804,000       737,685  

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

    247,000       212,675  
   

 

 

 

(Cost $6,854,548)

      6,617,466  
   

 

 

 
Media — 6.5%            

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

    301,000       294,231  

144A, 5.125%, 5/1/27

    1,521,000       1,434,341  

144A, 5.00%, 2/1/28

    1,340,000       1,236,042  

144A, 5.375%, 6/1/29

    702,000       640,282  

144A, 6.375%, 9/1/29

    702,000       665,253  

144A, 4.75%, 3/1/30

    1,427,000       1,231,009  

144A, 4.50%, 8/15/30

    1,286,000       1,083,233  

144A, 4.25%, 2/1/31

    1,404,000       1,152,830  

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

    536,000       471,198  

144A, 5.125%, 2/15/32

    268,000       242,781  

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

    918,000       863,716  

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

    536,000       484,115  

144A, 5.00%, 8/1/27

    804,000       742,574  

144A, 4.00%, 7/15/28

    1,052,000       910,981  

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

    295,000       281,354  

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

    600,000       551,400  

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

    588,000       580,444  

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

    322,000       308,605  

144A, 3.625%, 6/15/29

    268,000       230,389  

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

    764,000       698,926  

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Media (Continued)            

144A, 4.50%, 8/15/30

  $ 490,000     $ 414,177  
   

 

 

 

(Cost $15,804,043)

      14,517,881  
   

 

 

 
Telecommunications — 0.9%            

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

    405,000       374,037  

144A, 3.875%, 11/15/29

    400,000       353,671  

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

    723,000       592,295  

144A, 4.75%, 7/15/31

    730,000       610,268  
   

 

 

 

(Cost $2,037,881)

      1,930,271  
   

 

 

 
Consumer, Cyclical — 27.4%    
Airlines — 2.3%            

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

    643,000       594,452  

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

    1,030,000       1,128,257  

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

    482,000       467,365  

7.375%, 1/15/26

    432,000       444,770  

4.375%, 4/19/28

    220,000       206,604  

3.75%, 10/28/29

    254,000       225,590  

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

    1,072,000       1,010,658  

144A, 4.625%, 4/15/29

    1,047,000       932,285  
   

 

 

 

(Cost $5,270,521)

      5,009,981  
   

 

 

 
Apparel — 0.1%            

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

   

(Cost $228,264)

    268,000       217,999  
   

 

 

 
Auto Manufacturers — 4.5%            

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

    214,000       201,085  

144A, 5.875%, 6/1/29

    268,000       259,141  

144A, 3.75%, 1/30/31

    536,000       448,252  

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

    804,000       776,837  

3.25%, 2/12/32

    1,340,000       1,047,137  

6.10%, 8/19/32

    938,000       897,261  

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

    413,000       400,487  

2.30%, 2/10/25

    344,000       323,515  

4.687%, 6/9/25

    165,000       158,978  

5.125%, 6/16/25

    482,000       469,665  

4.134%, 8/4/25

    385,000       367,037  

3.375%, 11/13/25

    578,000       538,798  

GMTN, 4.389%, 1/8/26

    330,000       311,810  

6.95%, 3/6/26

    358,000       359,260  

4.542%, 8/1/26

    207,000       195,334  

2.70%, 8/10/26

    413,000       369,787  

4.271%, 1/9/27

    248,000       229,516  

4.95%, 5/28/27

    413,000       387,847  

4.125%, 8/17/27

    344,000       312,716  

3.815%, 11/2/27

    207,000       184,323  
   

Principal
Amount

   

Value

 
Auto Manufacturers (Continued)            

7.35%, 11/4/27

  $ 413,000     $ 421,644  

2.90%, 2/16/28

    207,000       176,835  

2.90%, 2/10/29

    219,000       180,951  

5.113%, 5/3/29

    409,000       376,614  

4.00%, 11/13/30

    450,000       381,163  

3.625%, 6/17/31

    275,000       223,057  
   

 

 

 

(Cost $11,154,660)

      9,999,050  
   

 

 

 
Auto Parts & Equipment — 2.0%            

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

    426,000       410,042  

144A, 7.00%, 4/15/28

    268,000       271,016  

144A, 8.25%, 4/15/31

    268,000       274,999  

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

    250,000       250,127  

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

    481,000       476,780  

144A, 6.75%, 5/15/28

    402,000       401,321  

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

    376,000       384,328  

5.00%, 5/31/26

    482,000       465,645  

4.875%, 3/15/27

    375,000       353,094  

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

    577,000       561,127  

144A, 6.875%, 4/14/28

    322,000       320,683  

144A, 7.125%, 4/14/30

    322,000       326,555  
   

 

 

 

(Cost $4,593,046)

      4,495,717  
   

 

 

 
Distribution/Wholesale — 0.8%            

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

    375,000       339,823  

144A, 3.875%, 11/15/29

    214,000       184,684  

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

    670,000       585,602  

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

    295,000       296,872  

144A, 7.75%, 3/15/31

    429,000       441,409  
   

 

 

 

(Cost $1,939,584)

      1,848,390  
   

 

 

 
Entertainment — 5.4%            

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

    1,772,000       1,759,832  

144A, 8.125%, 7/1/27

    863,000       877,050  

144A, 7.00%, 2/15/30

    1,072,000       1,077,266  

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

    530,000       530,857  

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

    643,000       598,740  

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

    268,000       241,586  

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

    536,000       532,235  

5.375%, 4/15/27

    268,000       253,614  

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

    322,000       310,526  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Entertainment (Continued)            

144A, 4.75%, 1/15/28

  $ 375,000     $ 346,250  

144A, 6.75%, 5/1/31

    322,000       314,687  

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

    268,000       268,472  

144A, 4.125%, 4/15/26

    402,000       381,982  

144A, 6.25%, 1/15/27

    402,000       398,424  

144A, 5.25%, 1/15/29

    402,000       378,399  

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

    308,000       302,791  

144A, 6.50%, 5/15/27

    643,000       644,077  

144A, 4.75%, 10/15/27

    509,000       474,643  

144A, 3.75%, 1/15/28

    268,000       239,262  

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

    268,000       252,496  

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

    322,000       321,160  

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

    289,000       250,792  

144A, 3.875%, 7/15/30

    287,000       249,306  

144A, 3.00%, 2/15/31

    409,000       333,703  

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

    402,000       360,224  

144A, 7.125%, 2/15/31

    311,000       305,609  
   

 

 

 

(Cost $12,577,937)

      12,003,983  
   

 

 

 
Food Service — 0.7%            

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

    296,000       292,641  

144A, 6.375%, 5/1/25

    787,000       789,150  

144A, 5.00%, 2/1/28

    616,000       575,249  
   

 

 

 

(Cost $1,687,023)

      1,657,040  
   

 

 

 
Home Builders — 0.5%            

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

    245,000       244,095  

144A, 3.875%, 4/15/29

    236,000       206,194  

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

    268,000       263,592  

144A, 5.75%, 1/15/28

    250,000       241,397  

144A, 5.125%, 8/1/30

    248,000       227,692  
   

 

 

 

(Cost $1,270,506)

      1,182,970  
   

 

 

 
Home Furnishings — 0.2%            

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

   

(Cost $438,962)

    429,000       368,857  
   

 

 

 
Leisure Time — 2.5%            

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

    446,000       471,335  

144A, 4.00%, 8/1/28

    1,289,000       1,154,476  

144A, 7.00%, 8/15/29

    250,000       253,885  

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

    1,088,000       1,184,282  

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

    496,000       484,341  
   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

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

  $ 303,000     $ 290,495  

144A, 5.875%, 2/15/27

    536,000       519,699  

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

    330,000       349,012  

144A, 8.25%, 1/15/29

    496,000       518,825  

144A, 7.25%, 1/15/30

    375,000       380,543  
   

 

 

 

(Cost $5,608,244)

      5,606,893  
   

 

 

 
Lodging — 4.0%            

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

    536,000       502,933  

144A, 4.75%, 6/15/31

    482,000       425,028  

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

    268,000       265,732  

144A, 5.75%, 5/1/28

    268,000       263,169  

144A, 3.75%, 5/1/29

    429,000       378,290  

4.875%, 1/15/30

    536,000       500,516  

144A, 4.00%, 5/1/31

    589,000       511,953  

144A, 3.625%, 2/15/32

    784,000       652,025  

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

    455,000       403,802  

144A, 4.875%, 7/1/31

    268,000       226,219  

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

    268,000       253,019  

3.50%, 8/18/26

    536,000       497,823  

3.90%, 8/8/29

    402,000       353,765  

MGM Resorts International
6.75%, 5/1/25

    386,000       386,980  

5.75%, 6/15/25

    362,000       357,358  

4.625%, 9/1/26

    214,000       201,753  

5.50%, 4/15/27

    362,000       346,203  

4.75%, 10/15/28

    402,000       365,186  

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

    370,000       331,483  

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

    348,000       343,550  

6.00%, 4/1/27

    214,000       207,839  

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

    705,000       697,102  

144A, 5.25%, 5/15/27

    483,000       457,561  
   

 

 

 

(Cost $9,378,263)

      8,929,289  
   

 

 

 
Retail — 4.4%            

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

    268,000       266,227  

144A, 3.875%, 1/15/28

    831,000       756,542  

144A, 4.375%, 1/15/28

    402,000       369,411  

144A, 3.50%, 2/15/29

    402,000       352,340  

144A, 4.00%, 10/15/30

    1,534,000       1,300,457  

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

    217,000       198,128  

144A, 4.625%, 11/15/29

    409,000       361,246  

4.75%, 3/1/30

    238,000       209,225  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Retail (Continued)            

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

  $ 268,000     $ 257,359  

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

    300,000       296,700  

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

    268,000       238,631  

144A, 5.625%, 1/1/30

    295,000       268,122  

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

    214,000       197,843  

144A, 3.875%, 6/1/29

    409,000       351,549  

144A, 4.375%, 1/15/31

    295,000       251,252  

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

    228,000       199,705  

144A, 6.125%, 3/15/32

    228,000       195,715  

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

    268,000       246,155  

144A, 3.75%, 2/15/31

    268,000       225,683  

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

    295,000       281,470  

3.75%, 6/15/29

    268,000       229,955  

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

    643,000       577,382  

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

    348,000       310,137  

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

    429,000       395,451  

3.625%, 3/15/31

    543,000       460,966  

4.625%, 1/31/32

    589,000       527,542  

5.375%, 4/1/32

    536,000       503,285  
   

 

 

 

(Cost $10,635,180)

      9,828,478  
   

 

 

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

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

    268,000       260,743  

144A, 6.00%, 6/15/30

    536,000       524,143  
   

 

 

 

(Cost $814,283)

      784,886  
   

 

 

 
Commercial Services — 4.8%            

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

    536,000       468,552  

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

    322,000       311,913  

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

    268,000       243,935  

144A, 5.375%, 3/1/29

    322,000       295,897  

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

    536,000       487,933  

3.50%, 6/1/31

    536,000       439,991  

Brink’s Co.
144A, 5.50%, 7/15/25

    214,000       210,619  

144A, 4.625%, 10/15/27

    322,000       299,754  

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

    409,000       381,726  

144A, 3.625%, 6/15/29

    322,000       283,130  

144A, 3.75%, 10/1/30

    429,000       370,843  
   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

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

  $ 643,000     $ 617,785  

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

    268,000       242,886  

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

    703,000       690,523  

144A, 3.375%, 8/31/27

    536,000       477,194  

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

    275,000       258,747  

5.125%, 6/1/29

    402,000       379,388  

3.375%, 8/15/30

    455,000       377,785  

4.00%, 5/15/31

    429,000       364,114  

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

    268,000       262,864  

3.875%, 11/15/27

    402,000       372,675  

4.875%, 1/15/28

    894,000       851,478  

5.25%, 1/15/30

    402,000       382,459  

4.00%, 7/15/30

    367,000       322,103  

3.875%, 2/15/31

    589,000       504,303  

3.75%, 1/15/32

    402,000       338,412  

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

    282,000       279,751  

144A, 4.625%, 8/15/28

    268,000       244,791  
   

 

 

 

(Cost $11,683,339)

      10,761,551  
   

 

 

 
Cosmetics/Personal Care — 0.6%            

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

    482,000       463,771  

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

    400,000       399,654  

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

    402,000       379,251  
   

 

 

 

(Cost $1,283,749)

      1,242,676  
   

 

 

 
Food — 3.8%            

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

    402,000       373,889  

144A, 7.50%, 3/15/26

    322,000       327,012  

144A, 4.625%, 1/15/27

    723,000       684,679  

144A, 5.875%, 2/15/28

    402,000       390,518  

144A, 6.50%, 2/15/28

    402,000       400,560  

144A, 3.50%, 3/15/29

    723,000       625,994  

144A, 4.875%, 2/15/30

    516,000       473,938  

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

    268,000       253,360  

144A, 4.125%, 1/31/30

    520,000       457,775  

144A, 4.375%, 1/31/32

    360,000       312,790  

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

    568,000       547,511  

144A, 4.25%, 8/1/29

    536,000       472,192  

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

    455,000       450,315  

3.50%, 3/1/32

    462,000       372,469  

6.25%, 7/1/33

    536,000       532,644  

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2023

 

   

Principal
Amount

   

Value

 
Food (Continued)            

Post Holdings, Inc.
144A, 5.75%, 3/1/27

  $ 246,000     $ 240,655  

144A, 5.625%, 1/15/28

    504,000       483,873  

US Foods, Inc.
144A, 6.25%, 4/15/25

    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.
144A, 4.625%, 7/15/28

    816,000       758,257  

144A, 3.875%, 11/1/29

    429,000       376,653  

Hologic, Inc.
144A, 4.625%, 2/1/28

    214,000       201,343  

144A, 3.25%, 2/15/29

    509,000       442,533  

Medline Borrower LP
144A, 3.875%, 4/1/29

    2,391,000       2,083,066  

144A, 5.25%, 10/1/29

    1,325,000       1,177,994  

Teleflex, Inc.
4.625%, 11/15/27

    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.
144A, 5.00%, 7/15/27

    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.
144A, 4.25%, 5/1/28

    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.
4.50%, 2/1/28

    429,000       398,864  

4.75%, 2/1/30

    429,000       391,688  

4.625%, 4/1/31

    214,000       187,782  

IQVIA, Inc.
144A, 5.00%, 10/15/26

    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.
144A, 4.375%, 6/15/28

    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,
6.25%, 8/15/26

    630,000       624,634  

Tenet Healthcare Corp.
4.875%, 1/1/26

    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
Amount

   

Value

 
Household Products/Wares — 0.1%            

Central Garden & Pet Co.,
4.125%, 10/15/30

   

(Cost $245,766)

  $ 268,000     $ 230,900  
   

 

 

 
Pharmaceuticals — 2.3%            

Jazz Securities DAC, 144A,
4.375%, 1/15/29

    804,000       721,098  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A,
4.125%, 4/30/28

    1,105,000       1,001,042  

Perrigo Finance Unlimited Co.
3.90%, 12/15/24

    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.
144A, 5.125%, 1/15/28

    214,000       203,033  

144A, 3.75%, 4/1/31

    322,000       266,745  

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

    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.
144A, 7.625%, 2/1/29

    218,000       223,362  

144A, 5.375%, 3/1/30

    322,000       301,507  

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

    320,000       318,439  

144A, 5.875%, 6/30/29

    214,000       195,146  

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

    185,000       189,858  

Chesapeake Energy Corp.
144A, 5.50%, 2/1/26

    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,
5.00%, 10/15/26

    214,000       202,362  

CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25

    483,000       474,982  

Matador Resources Co.
5.875%, 9/15/26

    375,000       366,094  

144A, 6.875%, 4/15/28

    268,000       267,820  

MEG Energy Corp.
144A, 7.125%, 2/1/27

    203,000       205,424  

144A, 5.875%, 2/1/29

    322,000       307,961  

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

    291,000       286,370  

6.375%, 7/15/28

    242,000       242,070  

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

    268,000       259,143  

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

    358,000       358,346  

Permian Resources Operating LLC, 144A,
5.875%, 7/1/29

    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
Amount

   

Value

 
Oil & Gas (Continued)            

Range Resources Corp.
4.875%, 5/15/25

  $ 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.
5.375%, 2/1/29

    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.
6.00%, 4/15/27

    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.
144A, 7.875%, 5/15/26

    295,000       300,047  

144A, 5.375%, 6/15/29

    402,000       376,761  

Buckeye Partners LP
144A, 4.125%, 3/1/25

    268,000       258,333  

4.125%, 12/1/27

    214,000       194,781  

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

    750,000       684,803  

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.,
5.75%, 4/1/25

    268,000       265,638  

DT Midstream, Inc.
144A, 4.125%, 6/15/29

    589,000       522,467  

144A, 4.375%, 6/15/31

    536,000       464,551  

EnLink Midstream LLC
144A, 5.625%, 1/15/28

    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
4.15%, 6/1/25

    226,000       218,937  

4.85%, 7/15/26

    263,000       252,725  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    214,000       211,953  

4.125%, 12/1/26

    268,000       251,858  

Hess Midstream Operations LP
144A, 5.625%, 2/15/26

    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,
5.75%, 10/1/25

    322,000       316,038  

Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25

    214,000       202,053  

144A, 4.95%, 7/15/29

    295,000       270,425  

Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29

    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
Amount

   

Value

 
Financial — 9.1%    
Diversified Financial Services — 2.7%            

AG Issuer LLC, 144A,
6.25%, 3/1/28

  $ 268,000     $ 257,021  

AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27

    268,000       276,477  

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

    315,000       301,505  

Navient Corp.
5.875%, 10/25/24

    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,
4.875%, 8/15/28

    295,000       263,526  

OneMain Finance Corp.
6.875%, 3/15/25

    669,000       666,254  

3.50%, 1/15/27

    402,000       350,202  

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

    337,000       326,486  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A, 2.875%, 10/15/26

    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.
4.20%, 10/29/25

    268,000       252,295  

3.125%, 11/2/26

    268,000       238,793  

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

    429,000       412,908  
   

 

 

 

(Cost $6,406,352)

      5,914,047  
   

 

 

 
Insurance — 1.8%            

Acrisure LLC / Acrisure Finance, Inc., 144A,
4.25%, 2/15/29

    375,000       324,680  

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27

    402,000       365,395  

144A, 6.75%, 4/15/28

    670,000       660,718  

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

    268,000       265,611  

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

    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.
144A, 5.375%, 8/1/28

    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
144A, 6.00%, 4/15/25

    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
Amount

   

Value

 
Real Estate Investment Trusts (Continued)        

Iron Mountain, Inc.
144A, 4.875%, 9/15/27

  $ 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
144A, 7.50%, 6/1/25

    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.
4.75%, 10/15/27

    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
144A, 3.75%, 7/1/26

    268,000       245,796  

144A, 4.00%, 9/15/29

    268,000       224,370  

SBA Communications Corp.
3.875%, 2/15/27

    802,000       742,226  

3.125%, 2/1/29

    804,000       688,453  

Service Properties Trust,
4.35%, 10/1/24

    442,000       425,745  

Starwood Property Trust, Inc.
144A, 3.75%, 12/31/24

    214,000       205,981  

4.75%, 3/15/25

    268,000       259,297  

XHR LP
144A, 6.375%, 8/15/25

    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.,
5.125%, 10/1/24

    554,000       548,726  

Rolls-Royce PLC
144A, 3.625%, 10/14/25

    536,000       505,180  

144A, 5.75%, 10/15/27

    536,000       520,823  

TransDigm, Inc.
144A, 6.25%, 3/15/26

    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.
144A, 5.00%, 3/1/30

    295,000       271,283  
   

Principal
Amount

   

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.
144A, 5.00%, 2/15/27

    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,
5.25%, 1/15/29

    375,000       351,664  
   

 

 

 

(Cost $3,365,187)

      3,228,369  
   

 

 

 
Electrical Components & Equipment — 0.7%        

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    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
144A, 5.625%, 11/1/24

    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.
144A, 4.375%, 2/15/30

    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.,
4.25%, 9/15/28

   

(Cost $298,775)

    320,000       298,704  
   

 

 

 
Environmental Control — 1.2%            

Clean Harbors, Inc., 144A,
6.375%, 2/1/31

    268,000       266,809  

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

    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,
3.875%, 1/15/29

    268,000       233,695  
   

 

 

 

(Cost $2,872,422)

      2,725,570  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

Hillenbrand, Inc.,
5.75%, 6/15/25

   

(Cost $216,432)

    214,000       212,860  
   

 

 

 
Packaging & Containers — 3.3%            

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27

    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
Amount

   

Value

 
Packaging & Containers (Continued)            

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

  $ 375,000     $ 365,755  

144A, 4.125%, 8/15/26

    651,000       608,722  

Ball Corp.
5.25%, 7/1/25

    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,
5.625%, 7/15/27

    268,000       262,965  

Crown Americas LLC,
5.25%, 4/1/30

    268,000       252,804  

Graphic Packaging International LLC
144A, 3.50%, 3/15/28

    241,000       214,944  

144A, 3.75%, 2/1/30

    214,000       182,614  

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

    214,000       192,842  

Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
4.00%, 10/15/27

    536,000       482,122  

Sealed Air Corp.
144A, 5.125%, 12/1/24

    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,
6.125%, 2/1/28

    415,000       408,083  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    305,000       279,722  
   

 

 

 

(Cost $7,999,177)

      7,449,848  
   

 

 

 
Trucking & Leasing — 0.5%            

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

    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.
144A, 5.75%, 9/1/27

    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,
4.875%, 2/1/27

    281,000       263,005  

Seagate HDD Cayman
4.75%, 1/1/25

    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.,
4.75%, 2/15/26

    1,232,000       1,174,614  
   

 

 

 

(Cost $3,402,060)

      3,314,640  
   

 

 

 
   

Principal
Amount

   

Value

 
Semiconductors — 0.9%            

Entegris Escrow Corp.
144A, 4.75%, 4/15/29

  $ 857,000     $ 795,662  

144A, 5.95%, 6/15/30

    480,000       460,143  

Entegris, Inc.
144A, 4.375%, 4/15/28

    194,000       177,049  

144A, 3.625%, 5/1/29

    214,000       184,124  

ON Semiconductor Corp., 144A,
3.875%, 9/1/28

    375,000       334,161  
   

 

 

 

(Cost $2,002,461)

      1,951,139  
   

 

 

 
Software — 2.4%            

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

    322,000       322,692  

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

    494,000       436,349  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    214,000       207,914  

144A, 4.00%, 6/15/28

    482,000       441,275  

Open Text Corp.
144A, 3.875%, 2/15/28

    482,000       429,398  

144A, 3.875%, 12/1/29

    455,000       386,395  

Open Text Holdings, Inc.
144A, 4.125%, 2/15/30

    482,000       415,797  

144A, 4.125%, 12/1/31

    333,000       276,761  

PTC, Inc.
144A, 3.625%, 2/15/25

    268,000       258,934  

144A, 4.00%, 2/15/28

    268,000       246,472  

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

    536,000       442,686  

SS&C Technologies, Inc., 144A,
5.50%, 9/30/27

    1,072,000       1,033,034  

Twilio, Inc.
3.625%, 3/15/29

    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.
144A, 5.25%, 6/1/26

    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
144A, 4.75%, 3/15/28

    430,000       397,881  

144A, 3.75%, 2/15/31

    496,000       408,335  

DPL, Inc.,
4.125%, 7/1/25

    222,000       211,387  

FirstEnergy Corp.
Series B, 4.15%, 7/15/27

    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
144A, 3.875%, 10/15/26

    268,000       247,848  

144A, 4.50%, 9/15/27

    295,000       274,110  

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

    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
Amount

   

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.,
5.50%, 5/20/25

   

(Cost $366,925)

    375,000       368,395  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $232,149,169)

      219,110,839  
   

 

 

 
   

Number
of Shares

       
CASH EQUIVALENTS — 1.5%        

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $3,360,237)

    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 EQUIVALENTS1.5%

 

  

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
of Shares

   

Value

 
EXCHANGE-TRADED FUNDS — 99.3%            

Xtrackers High Beta High Yield Bond
ETF (a)(b)

    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)
(Cost $6,535,150)

    6,535,150       6,535,150  
   

 

 

 
CASH EQUIVALENTS — 0.7%        

DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $311,422)

    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 FUNDS99.3%

 

  

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 COLLATERAL14.9%

 

  

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 EQUIVALENTS0.7%

 

  

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
Amount

   

Value

 
CORPORATE BONDS — 97.9%    
Basic Materials — 3.9%    
Chemicals — 1.5%            

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

  $ 170,000     $ 167,902  

Chemours Co.,
5.375%, 5/15/27

    91,000       85,625  

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

    74,000       70,921  

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

    83,000       75,954  

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

    115,000       107,980  

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

    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.,
5.125%, 9/15/27

    83,000       79,546  

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

    191,000       171,888  
   

 

 

 

(Cost $1,226,367)

      1,208,333  
   

 

 

 
Iron/Steel — 0.6%            

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

    170,000       170,244  

5.875%, 6/1/27

    100,000       96,419  

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

    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.
144A, 7.50%, 4/1/25

    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,
4.50%, 9/15/27

    100,000       92,377  

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

    125,000       118,083  

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

    85,000       75,294  

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

    119,000       112,000  

144A, 6.50%, 1/18/28

    87,000       84,379  

Vedanta Resources Finance II PLC
144A, 13.875%, 1/21/24

    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,
6.125%, 8/9/24

    100,000       59,679  
   

 

 

 

(Cost $1,538,720)

      1,495,228  
   

 

 

 
Communications — 16.1%    
Advertising — 0.7%            

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

    202,000       181,060  

144A, 7.75%, 4/15/28

    174,000       137,030  
   

Principal
Amount

   

Value

 
Advertising (Continued)            

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

  $ 115,000     $ 104,845  

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

    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.
144A, 5.00%, 4/15/25

    160,000       157,000  

144A, 6.75%, 9/30/27

    156,000       156,348  

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

    100,000       95,848  

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

    78,000       73,295  

144A, 4.625%, 6/1/28

    88,000       81,270  

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

    50,000       45,863  

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

    185,000       186,850  

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

    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,
5.00%, 1/15/28

    208,000       169,297  

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

    126,000       124,748  

4.75%, 8/1/25

    132,000       123,867  

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

    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
5.25%, 6/1/24

    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.
5.875%, 11/15/24

    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,
11.75%, 11/15/27

    622,000       631,603  

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

    124,000       113,575  

144A, 7.00%, 5/15/27

    130,000       116,814  

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

    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
Amount

   

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,
5.75%, 8/1/28

    140,000       124,376  

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

    295,000       277,556  

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

    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.
144A, 4.75%, 3/15/26

    102,000       97,281  

4.625%, 3/15/28

    161,000       144,422  

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

    200,000       183,800  

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

    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,
5.50%, 1/15/28

    70,000       62,370  

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

    121,000       120,192  

144A, 5.125%, 4/15/27

    80,000       76,672  

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

    85,000       39,168  

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

    106,000       98,720  
   

 

 

 

(Cost $7,333,526)

      6,961,910  
   

 

 

 
Telecommunications — 5.0%            

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

    270,000       146,044  

144A, 6.00%, 2/15/28

    188,000       83,196  

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

    291,000       246,197  

144A, 5.50%, 1/15/28

    179,000       134,303  

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

    212,000       196,956  

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

    215,000       196,646  

144A, 5.00%, 3/15/27

    139,000       77,432  

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

    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
144A, 5.875%, 10/15/27

    200,000       182,326  

144A, 5.00%, 5/1/28

    257,000       220,450  

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

    124,000       114,158  

6.625%, 8/1/26

    137,000       118,984  

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

    201,000       191,947  

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

    108,000       99,743  

144A, 4.625%, 9/15/27

    197,000       148,195  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

144A, 4.25%, 7/1/28

  $ 170,000     $ 111,467  

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

    85,000       44,109  

144A, 4.00%, 2/15/27

    214,000       134,686  

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

    70,200       63,726  

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

    82,000       76,146  

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

    259,000       255,870  

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

    113,000       106,514  

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

    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,
7.75%, 8/15/28

    240,000       194,763  

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

    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,
3.875%, 8/15/26

    203,000       187,673  

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

    85,000       81,420  

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

    299,000       327,523  

144A, 7.25%, 2/15/28

    140,000       137,662  

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

    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,
5.75%, 1/20/26

    209,252       193,845  

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

    106,000       106,216  

144A, 8.00%, 9/20/25

    70,000       70,150  

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

    365,000       344,114  
   

 

 

 

(Cost $1,889,110)

      1,824,256  
   

 

 

 
Apparel — 0.2%            

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

   

(Cost $162,085)

    159,000       148,664  
   

 

 

 
Auto Manufacturers — 3.6%            

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

    61,000       57,318  

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

    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
Amount

   

Value

 
Auto Manufacturers (Continued)            

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

  $ 310,000     $ 299,527  

Ford Motor Credit Co. LLC
3.81%, 1/9/24

    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.
144A, 4.875%, 8/15/26

    140,000       134,756  

144A, 7.00%, 4/15/28

    84,000       84,945  

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

    108,000       102,475  

6.875%, 7/1/28

    55,000       50,498  

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

    165,000       166,970  

144A, 6.75%, 5/15/28

    150,000       149,747  

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

    86,000       81,436  

5.625%, 6/15/28

    67,000       63,131  

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

    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.
144A, 4.75%, 4/29/25

    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,
4.00%, 1/15/28

    130,000       117,806  

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

    65,000       65,412  
   

 

 

 

(Cost $185,749)

      183,218  
   

 

 

 
   

Principal
Amount

   

Value

 
Entertainment — 4.0%            

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

  $ 243,000     $ 168,738  

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

    537,000       533,313  

144A, 8.125%, 7/1/27

    315,000       320,128  

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

    169,000       169,273  

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

    192,000       190,651  

5.375%, 4/15/27

    97,000       91,793  

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

    102,000       98,365  

144A, 4.75%, 1/15/28

    120,000       110,800  

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

    78,000       74,953  

144A, 5.25%, 7/15/28

    120,000       106,697  

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

    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,
7.00%, 5/15/28

    90,000       89,749  

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

    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,
8.00%, 2/1/26

    204,000       190,159  

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

    68,000       64,353  

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

    86,000       81,025  

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

    100,000       99,739  
   

 

 

 

(Cost $3,365,273)

      3,273,480  
   

 

 

 
Food Service — 0.7%            

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

    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,
6.875%, 5/15/28

    70,000       63,352  
   

 

 

 

(Cost $552,713)

      555,605  
   

 

 

 
Home Builders — 0.6%            

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

    110,000       101,077  

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

    97,000       91,598  

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

    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
Amount

   

Value

 
Home Builders (Continued)            

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

  $ 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.
4.875%, 6/1/25

    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.
144A, 7.625%, 3/1/26

    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,
10.375%, 5/1/28

    300,000       326,548  

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

    173,000       168,933  

144A, 8.00%, 4/15/26

    80,000       79,472  

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

    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.
144A, 11.50%, 6/1/25

    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,
5.875%, 9/15/27

    140,000       131,035  
   

 

 

 

(Cost $3,616,939)

      3,672,857  
   

 

 

 
Lodging — 3.3%            

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

    186,000       174,525  

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

    81,000       80,314  

144A, 5.75%, 5/1/28

    100,000       98,198  

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

    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.
144A, 4.875%, 6/6/25

    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
6.75%, 5/1/25

    211,000       211,536  

5.75%, 6/15/25

    101,000       99,705  
   

Principal
Amount

   

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,
4.50%, 2/15/28

    118,000       105,716  

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

    80,000       75,722  

144A, 6.50%, 1/15/28

    94,000       79,690  

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

    110,000       108,594  

6.00%, 4/1/27

    73,000       70,898  

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

    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.
144A, 5.75%, 4/15/25

    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.,
4.50%, 3/1/28

    75,000       68,477  

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

    80,000       76,824  

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

    101,000       74,313  

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

    62,000       61,157  

144A, 8.50%, 10/30/25

    120,000       118,922  

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

    113,000       106,318  

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

    75,000       69,337  

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

    148,000       123,488  

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

    194,000       184,544  

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

    70,000       66,790  

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

    210,000       188,569  

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

    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,
8.00%, 11/15/26

    148,000       94,131  

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

    113,000       100,706  

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

    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
Amount

   

Value

 
Consumer, Non-cyclical — 15.0%    
Agriculture — 0.2%            

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

  $ 60,000     $ 58,375  

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

    94,000       94,391  
   

 

 

 

(Cost $152,790)

      152,766  
   

 

 

 
Commercial Services — 4.5%            

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

    123,000       114,666  

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

    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,
4.625%, 6/1/28

    203,000       172,733  

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

    98,000       94,930  

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

    84,000       76,457  

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

    174,000       158,396  

Brink’s Co.
144A, 5.50%, 7/15/25

    60,000       59,052  

144A, 4.625%, 10/15/27

    100,000       93,091  

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

    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,
4.50%, 7/1/28

    139,000       129,731  

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

    209,000       200,804  

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

    85,000       77,035  

Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.25%, 4/15/24

    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.
144A, 7.375%, 9/1/25

    155,000       152,482  

144A, 11.25%, 12/15/27

    93,000       88,718  

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

    100,000       94,090  

Sotheby’s, 144A,
7.375%, 10/15/27

    133,000       121,232  

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

    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.
144A, 6.125%, 6/15/25

    70,000       69,442  

144A, 4.625%, 8/15/28

    85,000       77,639  
   

 

 

 

(Cost $3,806,451)

      3,732,551  
   

 

 

 
   

Principal
Amount

   

Value

 
Cosmetics/Personal Care — 0.4%            

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

  $ 149,000     $ 143,365  

144A, 6.50%, 4/15/26

    93,000       92,270  

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

    132,000       124,530  
   

 

 

 

(Cost $369,057)

      360,165  
   

 

 

 
Food — 2.2%            

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

    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.
5.25%, 4/1/25

    159,000       155,344  

5.25%, 9/15/27

    95,000       84,255  

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

    87,000       82,248  

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

    161,000       155,192  

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

    195,000       192,992  

Post Holdings, Inc.
144A, 5.75%, 3/1/27

    80,000       78,262  

144A, 5.625%, 1/15/28

    164,000       157,451  

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

    81,000       68,977  

US Foods, Inc., 144A,
6.25%, 4/15/25

    182,000       182,638  
   

 

 

 

(Cost $1,842,869)

      1,816,583  
   

 

 

 
Healthcare-Products — 0.6%            

Avantor Funding, Inc., 144A,
4.625%, 7/15/28

    269,000       249,964  

Hologic, Inc., 144A,
4.625%, 2/1/28

    85,000       79,973  

Teleflex, Inc.
4.625%, 11/15/27

    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,
5.00%, 7/15/27

    77,000       71,973  

Charles River Laboratories International, Inc., 144A,
4.25%, 5/1/28

    76,000       69,842  

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

    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.,
4.50%, 2/1/28

    130,000       120,868  

IQVIA, Inc.
144A, 5.00%, 10/15/26

    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
Amount

   

Value

 
Healthcare-Services (Continued)            

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

  $ 84,000     $ 72,439  

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

    79,000       75,039  

Molina Healthcare, Inc., 144A,
4.375%, 6/15/28

    141,000       129,536  

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

    234,000       219,071  

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

    207,000       205,237  

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

    125,000       96,399  

Tenet Healthcare Corp.
4.875%, 1/1/26

    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.
144A, 9.25%, 4/1/26

    126,000       114,962  

144A, 8.50%, 1/31/27

    111,000       61,876  

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

    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,
5.50%, 1/15/28

    88,000       79,771  

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

    100,000       96,321  

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

    88,000       69,662  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A,
4.125%, 4/30/28

    346,000       313,448  

Perrigo Finance Unlimited Co.
3.90%, 12/15/24

    150,000       144,986  

4.375%, 3/15/26

    125,000       118,772  

Prestige Brands, Inc., 144A,
5.125%, 1/15/28

    42,000       39,848  

Teva Pharmaceutical Finance Netherlands III BV
6.00%, 4/15/24

    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,
10.50%, 5/15/28

   

(Cost $91,582)

    90,000       90,411  
   

 

 

 
   

Principal
Amount

   

Value

 
Energy — 10.2%    
Oil & Gas — 4.4%            

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

  $ 102,000     $ 101,503  

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

    69,000       70,683  

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

    60,000       60,897  

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

    78,000       80,048  

Chesapeake Energy Corp., 144A,
5.50%, 2/1/26

    134,000       130,911  

Civitas Resources, Inc.
144A, 5.00%, 10/15/26

    71,000       67,139  

144A, 8.375%, 7/1/28

    235,000       242,931  

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

    145,000       142,973  

144A, 9.25%, 2/15/28

    113,000       115,697  

CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25

    167,000       164,228  

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

    108,000       104,862  

144A, 5.75%, 2/15/28

    55,000       50,128  

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

    96,000       98,007  

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

    78,000       71,707  

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

    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.
144A, REGS, 6.125%, 6/30/25

    102,000       100,088  

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

    108,000       104,760  

Matador Resources Co.
5.875%, 9/15/26

    117,000       114,221  

144A, 6.875%, 4/15/28

    88,000       87,941  

MEG Energy Corp., 144A,
7.125%, 2/1/27

    100,000       101,194  

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

    68,000       66,918  

6.375%, 7/15/28

    25,000       25,007  

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

    124,000       124,410  

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

    85,000       82,191  

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

    55,000       55,053  

6.00%, 2/15/28

    145,000       137,183  

Range Resources Corp.,
4.875%, 5/15/25

    111,000       108,607  

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

    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.,
6.00%, 4/15/27

    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
Amount

   

Value

 
Oil & Gas (Continued)            

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

  $ 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,
7.00%, 3/1/25

    112,000       77,399  

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

    88,000       88,531  
   

 

 

 

(Cost $3,662,132)

      3,684,952  
   

 

 

 
Oil & Gas Services — 0.7%            

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

    85,000       83,644  

144A, 6.25%, 4/1/28

    134,000       128,043  

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

    88,000       75,811  

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

    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.
144A, 7.875%, 5/15/26

    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
144A, 4.125%, 3/1/25

    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.
5.75%, 4/1/25

    80,000       79,295  

144A, 5.625%, 5/1/27

    110,000       106,256  

EnLink Midstream LLC, 144A,
5.625%, 1/15/28

    70,000       67,775  

EnLink Midstream Partners LP
4.15%, 6/1/25

    80,000       77,500  

4.85%, 7/15/26

    91,000       87,445  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    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.
6.50%, 10/1/25

    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
144A, 5.625%, 2/15/26

    162,000       158,008  

144A, 5.125%, 6/15/28

    97,000       91,079  

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

    232,000       224,463  

144A, 6.50%, 9/30/26

    251,000       233,320  
   

Principal
Amount

   

Value

 
Pipelines (Continued)            

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

  $ 361,000     $ 359,078  

NuStar Logistics LP
5.75%, 10/1/25

    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,
3.60%, 5/15/25

    54,000       50,985  

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

    136,000       131,362  

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

    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,
8.125%, 6/1/28

    397,000       400,818  
   

 

 

 

(Cost $4,268,361)

      4,214,539  
   

 

 

 
Financial — 11.4%    
Banks — 0.3%            

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

    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,
6.25%, 3/1/28

    95,000       91,108  

AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27

    100,000       103,163  

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

    115,000       45,825  

Home Point Capital, Inc., 144A,
5.00%, 2/1/26

    40,000       37,680  

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

    200,000       170,974  

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

    83,000       69,864  

144A, 6.125%, 4/1/28

    106,000       69,103  

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

    100,000       102,072  

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

    104,000       99,545  

144A, 5.50%, 8/15/28

    160,000       145,188  

Navient Corp.
MTN, 6.125%, 3/25/24

    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.
144A, 4.875%, 8/15/28

    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
Amount

   

Value

 
Diversified Financial Services (Continued)            

OneMain Finance Corp.
6.125%, 3/15/24

  $ 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,
10.75%, 8/1/27

    70,000       70,418  

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

    119,000       115,287  

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

    70,000       63,955  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A,
2.875%, 10/15/26

    210,000       186,848  

SLM Corp.
4.20%, 10/29/25

    84,000       79,078  

3.125%, 11/2/26

    81,000       72,173  

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

    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.
144A, 7.00%, 11/15/25

    163,000       157,692  

144A, 10.125%, 8/1/26

    70,000       72,297  

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27

    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,
7.00%, 8/15/25

    97,000       96,135  

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

    304,000       303,704  
   

 

 

 

(Cost $1,190,173)

      1,187,247  
   

 

 

 
Real Estate — 0.2%            

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

    100,000       95,303  

Howard Hughes Corp., 144A,
5.375%, 8/1/28

    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
144A, 5.75%, 5/15/26

    167,000       153,435  

144A, 4.50%, 4/1/27

    122,000       102,043  

Diversified Healthcare Trust
9.75%, 6/15/25

    83,000       81,705  

4.75%, 2/15/28

    87,000       66,551  

HAT Holdings I LLC / HAT Holdings II LLC, 144A,
3.375%, 6/15/26

    193,000       173,452  

Iron Mountain, Inc. 144A,
4.875%, 9/15/27

    189,000       177,656  
   

Principal
Amount

   

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,
4.25%, 2/1/27

    107,000       96,833  

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

    79,000       67,222  

5.00%, 10/15/27

    243,000       192,260  

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

    120,000       107,182  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A,
7.50%, 6/1/25

    92,000       92,187  

RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27

    119,000       110,746  

144A, 7.25%, 7/15/28

    68,000       68,401  

RLJ Lodging Trust LP, 144A,
3.75%, 7/1/26

    92,000       84,378  

SBA Communications Corp.,
3.875%, 2/15/27

    264,000       244,324  

Service Properties Trust
4.35%, 10/1/24

    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.
144A, 3.75%, 12/31/24

    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
144A, 10.50%, 2/15/28

    452,000       451,401  

144A, 4.75%, 4/15/28

    84,000       70,858  

XHR LP, 144A,
6.375%, 8/15/25

    92,000       90,978  
   

 

 

 

(Cost $3,553,955)

      3,431,489  
   

 

 

 
Venture Capital — 0.9%            

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

    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.
144A, 7.125%, 6/15/26

    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
Amount

   

Value

 
Aerospace/Defense (Continued)            

Howmet Aerospace, Inc.,
5.125%, 10/1/24

  $ 132,000     $ 130,743  

Rolls-Royce PLC
144A, 3.625%, 10/14/25

    241,000       227,142  

144A, 5.75%, 10/15/27

    145,000       140,894  

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

    160,000       158,524  

4.60%, 6/15/28

    122,000       98,979  

TransDigm, Inc.
144A, 6.25%, 3/15/26

    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.
7.75%, 8/15/25

    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,
5.75%, 7/17/24

    130,000       87,311  

Standard Industries, Inc.
144A, 5.00%, 2/15/27

    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,
4.75%, 6/15/28

    103,000       91,146  

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    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
144A, 5.625%, 11/1/24

    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,
5.625%, 11/29/26
(Cost $75,655)

    87,000       75,143  
   

 

 

 
Environmental Control — 0.6%            

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

    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,
5.375%, 7/15/24

    87,000       86,680  
   

 

 

 

(Cost $470,225)

      460,258  
   

 

 

 
Machinery-Diversified — 0.4%            

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

    70,000       64,948  

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

    271,000       254,261  
   

 

 

 

(Cost $327,246)

      319,209  
   

 

 

 
   

Principal
Amount

   

Value

 
Miscellaneous Manufacturing — 0.2%            

Hillenbrand, Inc.,
5.75%, 6/15/25

  $ 94,000     $ 93,500  

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

    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,
6.00%, 6/15/27

    100,000       97,611  

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

    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.
4.00%, 11/15/23

    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,
5.625%, 7/15/27

    90,000       88,309  

Graphic Packaging International LLC, 144A,
3.50%, 3/15/28

    74,000       65,999  

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

    180,000       176,133  

144A, 10.50%, 7/15/27

    105,000       100,623  

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

    478,000       471,155  

144A, 9.25%, 4/15/27

    225,000       204,206  

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

    120,000       118,726  

Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
4.00%, 10/15/27

    183,000       164,605  

Sealed Air Corp.
144A, 5.125%, 12/1/24

    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,
6.125%, 2/1/28

    45,000       44,250  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    115,000       105,469  
   

 

 

 

(Cost $3,134,708)

      3,097,528  
   

 

 

 
Transportation — 0.1%            

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

   

(Cost $72,362)

    80,000       72,344  
   

 

 

 
Trucking & Leasing — 0.4%            

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

    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
Amount

   

Value

 
Technology — 2.8%    
Computers — 1.0%            

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

  $ 85,000     $ 85,911  

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

    86,000       80,492  

144A, 8.25%, 2/1/28

    90,000       87,291  

Seagate HDD Cayman
4.75%, 1/1/25

    81,000       79,208  

4.875%, 6/1/27

    81,000       77,638  

Western Digital Corp.,
4.75%, 2/15/26

    406,000       387,089  
   

 

 

 

(Cost $801,095)

      797,629  
   

 

 

 
Office/Business Equipment — 0.3%            

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

    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,
7.00%, 7/31/25

    77,000       70,672  

Entegris, Inc., 144A,
4.375%, 4/15/28

    50,000       45,631  
   

 

 

 

(Cost $122,663)

      116,303  
   

 

 

 
Software — 1.4%            

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

    82,000       79,203  

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

    60,000       60,129  

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

    160,000       141,327  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    68,000       66,066  

144A, 4.00%, 6/15/28

    159,000       145,566  

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

    88,000       78,862  

Open Text Corp., 144A,
3.875%, 2/15/28

    164,000       146,102  

PTC, Inc.
144A, 3.625%, 2/15/25

    92,000       88,888  

144A, 4.00%, 2/15/28

    80,000       73,574  

SS&C Technologies, Inc., 144A,
5.50%, 9/30/27

    327,000       315,114  
   

 

 

 

(Cost $1,197,730)

      1,194,831  
   

 

 

 
Utilities — 3.2%    
Electric — 2.7%            

Calpine Corp.
144A, 5.25%, 6/1/26

    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,
4.75%, 3/15/28

    155,000       143,422  

DPL, Inc.,
4.125%, 7/1/25

    76,000       72,367  

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

    50,000       49,214  
   

Principal
Amount

   

Value

 
Electric (Continued)            

FirstEnergy Corp., Series B,
4.15%, 7/15/27

  $ 254,000     $ 239,879  

NextEra Energy Operating Partners LP
144A, 4.25%, 7/15/24

    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.,
5.75%, 1/15/28

    150,000       141,922  

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

    174,000       160,242  

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

    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.
5.50%, 5/20/25

    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
(Cost $83,284,663)

      80,972,028  
   

 

 

 
   

Number
of Shares

       
CASH EQUIVALENTS — 1.4%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $1,126,201)

    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 COLLATERAL0.0%

 

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

 

     821,382               (821,382 )(d)                    25,429                       

CASH EQUIVALENTS1.4%

 

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
Amount

   

Value

 
CORPORATE BONDS — 97.8%

 

Basic Materials — 3.7%

 

Chemicals — 1.6%  

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

  $ 2,021,000     $ 1,617,646  

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

    3,579,000       2,440,557  

144A, 7.50%, 9/30/29

    1,797,000       936,416  

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

    2,952,000       2,915,567  

144A, 7.125%, 8/1/30

    3,345,000       3,344,132  

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

    3,096,000       2,628,598  

Chemours Co.
5.375%, 5/15/27

    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,
5.625%, 10/15/28

    2,424,000       2,026,764  

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

    1,914,000       1,834,350  

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

    2,212,000       2,024,223  

Methanex Corp.
5.125%, 10/15/27

    3,146,000       2,953,950  

5.25%, 12/15/29

    3,111,000       2,836,807  

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

    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.
5.125%, 9/15/27

    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.
144A, 4.875%, 5/1/28

    4,950,000       4,454,677  

144A, 6.625%, 5/1/29

    3,121,000       2,757,123  

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

    4,915,000       4,039,168  

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

    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.,
5.125%, 2/1/29

   

(Cost $3,871,202)

    3,907,000       3,199,626  
   

 

 

 
Iron/Steel — 0.6%  

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

    1,850,000       1,871,053  

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

    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.
144A, 8.125%, 5/1/27

    3,096,000       3,093,847  
   

Principal
Amount

   

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.,
6.875%, 3/1/29

    2,096,000       2,089,817  
   

 

 

 

(Cost $22,636,085)

      22,050,856  
   

 

 

 
Mining — 1.4%  

First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25

    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.
144A, 4.50%, 9/15/27

    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.
144A, 4.50%, 4/1/26

    2,654,000       2,507,136  

144A, 6.125%, 4/1/29

    2,654,000       2,497,676  

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

    2,212,000       1,959,421  

144A, 4.50%, 6/1/31

    2,508,000       2,028,831  

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

    3,096,000       2,913,895  

144A, 6.50%, 1/18/28

    2,212,000       2,145,353  

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

    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.
144A, 5.125%, 8/15/27

    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.
3.75%, 2/15/28

    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.
144A, 6.25%, 6/15/25

    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,
5.625%, 8/15/29

    4,940,000       4,130,026  
   

 

 

 

(Cost $39,792,944)

      34,524,802  
   

 

 

 
Internet — 1.6%  

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

    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
Amount

   

Value

 
Internet (Continued)  

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

  $ 2,674,000     $ 2,562,962  

144A, 3.50%, 3/1/29

    3,539,000       3,044,923  

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

    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.
2.375%, 1/14/26

    1,785,000       1,637,301  

3.125%, 1/14/31

    2,902,000       2,324,119  

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

    4,202,000       4,244,020  

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

    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,
4.625%, 10/15/30

    2,035,000       1,752,203  
   

 

 

 

(Cost $62,777,972)

      60,350,676  
   

 

 

 
Media — 9.7%  

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

    5,338,000       4,344,737  

144A, 5.75%, 8/15/29

    9,218,000       7,310,487  

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

    3,539,000       3,320,942  

4.25%, 2/15/29

    4,443,000       2,838,097  

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

    2,875,000       2,245,138  

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

    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
144A, 5.50%, 4/15/27

    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
Amount

   

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.
5.875%, 11/15/24

    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,
11.75%, 11/15/27

    15,571,000       15,811,401  

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

    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.
6.375%, 5/1/26

    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.
144A, 5.75%, 8/1/28

    3,690,000       3,278,196  

144A, 8.00%, 8/1/29

    3,048,000       2,674,185  

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

    4,423,000       3,888,259  

144A, 5.125%, 2/15/32

    2,222,000       2,012,910  

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

    7,743,000       7,285,131  

144A, 4.75%, 11/1/28

    4,448,000       3,908,252  

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

    2,212,000       1,182,638  

144A, 4.125%, 12/1/30

    3,319,000       2,123,238  

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

    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.
144A, 4.75%, 3/15/26

    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,
5.50%, 3/1/28

    4,400,000       4,043,600  

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

    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,
4.875%, 7/15/31

    5,637,000       4,657,571  

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

    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
Amount

   

Value

 
Media (Continued)  

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

  $ 2,653,500     $ 2,543,114  

144A, 3.625%, 6/15/29

    2,222,000       1,910,164  

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

    4,191,000       3,404,279  

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

    6,311,000       5,773,461  

144A, 4.50%, 8/15/30

    4,047,000       3,420,765  

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

    2,174,000       1,001,792  

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

    2,777,000       2,586,287  

144A, 5.125%, 2/28/30

    2,222,000       1,726,677  

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

    4,451,000       3,745,897  
   

 

 

 

(Cost $446,623,448)

      376,395,255  
   

 

 

 
Telecommunications — 4.7%  

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

    6,946,000       3,757,126  

144A, 6.00%, 2/15/28

    4,916,000       2,175,498  

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

    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,
6.875%, 9/15/27

    5,566,000       5,171,037  

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

    5,638,000       5,156,704  

144A, 5.00%, 3/15/27

    3,316,000       1,847,235  

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

    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.
144A, 5.00%, 10/1/28

    1,778,000       1,302,334  

144A, 6.50%, 10/1/28

    3,377,000       2,600,965  

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

    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.
5.25%, 8/1/26

    3,317,000       3,053,713  

6.625%, 8/1/26

    3,360,500       2,918,577  

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

    5,328,000       5,088,025  

144A, 7.00%, 10/15/28

    3,981,000       3,707,145  

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

    13,549,000       12,454,474  

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

    3,317,000       3,063,407  
   

Principal
Amount

   

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.
144A, 5.125%, 12/15/26

    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
144A, 5.125%, 1/15/28

    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,
5.75%, 9/7/27

    2,200,000       2,042,931  

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

    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
144A, 4.25%, 1/31/31

    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,
7.75%, 8/15/28

    6,322,000       5,130,372  

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

    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,
3.875%, 8/15/26

    5,308,000       4,907,234  

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

    1,037,000       993,325  

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

    10,264,000       11,243,134  

144A, 7.25%, 2/15/28

    3,317,000       3,261,612  

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

    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,
5.75%, 1/20/26

    5,407,858       5,009,666  

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

    2,653,195       2,658,608  

144A, 8.00%, 9/20/25

    2,335,366       2,340,375  

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

    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
Amount

   

Value

 
Apparel — 0.2%  

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

  $ 3,981,000     $ 3,722,203  

144A, 9.00%, 2/15/31

    2,781,000       2,796,490  

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

    2,222,000       1,807,442  
   

 

 

 

(Cost $8,799,078)

      8,326,135  
   

 

 

 
Auto Manufacturers — 3.9%  

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

    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,
10.50%, 11/30/25

    5,378,000       5,468,996  

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

    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
3.664%, 9/8/24

    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.
144A, 4.875%, 8/15/26

    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.
6.50%, 4/1/27

    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,
6.75%, 5/15/25

    2,005,000       2,006,015  
   

Principal
Amount

   

Value

 
Auto Parts & Equipment (Continued)  

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

  $ 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.
5.375%, 11/15/27

    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.
9.50%, 5/31/25

    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,
8.00%, 11/17/28

    8,500,000       7,012,755  

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

    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.
144A, 4.00%, 1/15/28

    3,126,000       2,832,767  

144A, 3.875%, 11/15/29

    1,772,000       1,529,251  

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

    5,669,000       4,954,894  

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

    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.
144A, 10.00%, 6/15/26

    6,432,466       4,466,679  

144A, 7.50%, 2/15/29

    4,211,000       2,878,565  

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

    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,
5.75%, 7/1/25

    4,404,000       4,411,120  

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

    5,452,000       5,076,723  

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

    2,228,000       2,008,411  

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

    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
Amount

   

Value

 
Entertainment (Continued)  

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

  $ 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.
144A, 5.875%, 3/15/26

    1,791,000       1,721,024  

144A, 5.25%, 7/15/28

    3,400,000       3,023,076  

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

    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.
144A, 7.00%, 5/15/28

    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.
144A, 4.875%, 11/1/24

    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,
8.00%, 2/1/26

    5,222,000       4,867,687  

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

    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.
144A, 5.625%, 9/1/29

    3,362,000       2,686,574  

144A, 5.875%, 9/1/31

    3,301,000       2,555,304  

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

    2,222,000       2,093,457  

144A, 7.25%, 5/15/31

    3,689,000       3,540,589  

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

    2,666,000       2,659,047  

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

    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.
144A, 5.125%, 10/1/29

    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.
144A, 5.00%, 4/1/25

    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.
144A, 6.875%, 5/15/28

    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,
4.625%, 4/1/30

    1,803,000       1,554,673  
   

Principal
Amount

   

Value

 
Home Builders (Continued)  

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

  $ 2,654,000     $ 2,438,705  

144A, 4.875%, 2/15/30

    2,212,000       1,829,516  

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

    2,212,000       2,088,815  

144A, 4.625%, 3/1/30

    2,666,000       2,355,006  

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

    1,996,000       1,988,625  

144A, 3.875%, 4/15/29

    2,053,000       1,793,716  

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

    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.
144A, 4.00%, 4/15/29

    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.
4.875%, 6/1/25

    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.
4.50%, 10/15/29

    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.
144A, 7.625%, 3/1/26

    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,
10.375%, 5/1/28

    8,979,000       9,773,590  

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

    4,092,000       3,995,816  

144A, 8.00%, 4/15/26

    2,117,000       2,103,028  

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

    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.
144A, 11.50%, 6/1/25

    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
Amount

   

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.
144A, 5.875%, 9/15/27

    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.
4.75%, 12/1/27

    4,422,000       4,149,194  

144A, 4.75%, 6/15/31

    4,011,000       3,536,899  

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

    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
144A, 5.00%, 6/1/29

    3,816,000       3,386,611  

144A, 4.875%, 7/1/31

    2,212,000       1,867,154  

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

    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,
4.50%, 6/15/29

    2,222,000       1,879,635  

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

    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
6.75%, 5/1/25

    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
144A, 4.50%, 2/15/28

    3,070,000       2,750,413  

144A, 4.625%, 12/1/31

    2,200,000       1,815,594  

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

    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.
144A, 6.625%, 7/31/26

    2,875,000       2,838,238  

6.00%, 4/1/27

    1,787,000       1,735,552  
   

Principal
Amount

   

Value

 
Lodging (Continued)  

144A, 4.50%, 12/1/29

  $ 2,889,000     $ 2,480,958  

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

    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.
144A, 5.75%, 4/15/25

    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.
4.50%, 3/1/28

    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.
5.25%, 2/1/28

    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,
6.50%, 8/1/30

    2,670,000       2,640,630  

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

    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
144A, 6.75%, 2/7/25

    3,088,000       3,046,034  

144A, 8.50%, 10/30/25

    2,597,000       2,573,680  

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

    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.
144A, 4.625%, 1/15/29

    4,613,000       3,988,056  

144A, 6.75%, 1/15/30

    5,529,000       4,573,294  

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

    2,247,000       2,000,762  

144A, 5.625%, 1/1/30

    2,433,000       2,211,326  

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

    3,467,000       2,642,421  

144A, 3.875%, 10/1/31

    3,317,000       2,407,589  

Kohl’s Corp.,
4.625%, 5/1/31

    2,316,000       1,707,239  

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

    3,742,000       3,269,446  

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

    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
144A, 5.875%, 4/1/29

    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
Amount

   

Value

 
Retail (Continued)  

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

  $ 3,821,000     $ 3,188,166  

144A, 7.875%, 5/1/29

    5,636,000       3,911,948  

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

    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,
7.125%, 4/1/26

    4,886,000       4,647,839  

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

    2,291,000       1,834,805  

4.25%, 8/1/31

    1,880,000       1,415,978  

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

    2,444,000       2,331,907  

3.75%, 6/15/29

    2,216,000       1,901,421  

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

    5,333,000       4,788,766  

144A, 7.75%, 2/15/29

    5,247,000       5,017,013  

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

    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,
8.00%, 11/15/26

    3,759,000       2,390,799  

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

    2,875,000       2,456,032  

144A, 4.875%, 11/15/31

    2,232,000       1,857,534  

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

    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.
144A, 7.50%, 4/15/26

    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,
5.00%, 6/1/31

    2,891,000       2,474,424  

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

    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.
144A, 5.25%, 4/15/27

    2,212,000       2,152,104  

144A, 6.00%, 6/15/30

    4,463,000       4,364,273  

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

    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,
4.375%, 4/30/29

   

(Cost $3,249,997)

    3,317,000       2,913,653  
   

 

 

 
   

Principal
Amount

   

Value

 
Commercial Services — 3.9%  

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

  $ 4,423,000     $ 3,866,432  

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

    2,511,000       2,378,570  

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

    1,990,000       1,855,158  

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

    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,
4.625%, 6/1/28

    5,694,000       4,845,025  

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

    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.
144A, 4.75%, 4/1/28

    2,212,000       2,013,375  

144A, 5.375%, 3/1/29

    2,722,000       2,501,343  

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

    4,423,000       4,026,356  

3.50%, 6/1/31

    4,574,000       3,754,696  

Brink’s Co.
144A, 5.50%, 7/15/25

    1,769,000       1,741,054  

144A, 4.625%, 10/15/27

    2,655,000       2,471,575  

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

    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.
144A, 4.50%, 7/1/28

    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,
5.50%, 7/15/27

    5,338,000       5,128,676  

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

    2,374,000       2,151,532  

144A, 5.00%, 12/1/29

    4,423,000       3,640,878  

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

    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.
144A, 5.75%, 4/15/26

    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.
144A, 7.375%, 9/1/25

    3,856,000       3,793,353  

144A, 11.25%, 12/15/27

    2,455,000       2,341,976  

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

    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
Amount

   

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,
7.375%, 10/15/27

    3,384,000       3,084,585  

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

    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.
144A, 6.125%, 6/15/25

    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.
144A, 5.00%, 4/15/26

    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,
6.625%, 7/15/30

    3,350,000       3,347,102  

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

    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
144A, 3.25%, 3/15/26

    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.
5.25%, 4/1/25

    3,923,000       3,832,781  

5.25%, 9/15/27

    2,433,000       2,157,807  

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

    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.
144A, 5.50%, 10/15/27

    4,689,000       4,519,856  

144A, 4.25%, 8/1/29

    4,453,000       3,922,890  

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

    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.
144A, 5.75%, 3/1/27

    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
Amount

   

Value

 
Food (Continued)            

144A, 4.50%, 9/15/31

  $ 4,916,000     $ 4,221,273  

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

    2,156,000       1,835,970  

US Foods, Inc.
144A, 6.25%, 4/15/25

    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.
144A, 4.625%, 7/15/28

    6,856,000       6,370,845  

144A, 3.875%, 11/1/29

    3,539,000       3,107,169  

Hologic, Inc.
144A, 4.625%, 2/1/28

    1,794,000       1,687,896  

144A, 3.25%, 2/15/29

    4,216,000       3,665,460  

Medline Borrower LP
144A, 3.875%, 4/1/29

    20,101,000       17,512,214  

144A, 5.25%, 10/1/29

    11,156,000       9,918,263  

Teleflex, Inc.
4.625%, 11/15/27

    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.
144A, 5.00%, 7/15/27

    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.
144A, 4.25%, 5/1/28

    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.
144A, 8.00%, 3/15/26

    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.
144A, 4.625%, 6/1/30

    12,318,000       10,577,024  

144A, 3.75%, 2/15/31

    6,635,000       5,289,141  

Encompass Health Corp.
4.50%, 2/1/28

    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.
144A, 5.00%, 10/15/26

    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,
4.375%, 2/15/27

    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
Amount

   

Value

 
Healthcare-Services (Continued)            

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

  $ 2,298,000     $ 1,591,421  

144A, 9.875%, 8/15/30

    3,550,000       3,512,796  

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

    2,328,000       2,211,274  

Molina Healthcare, Inc.
144A, 4.375%, 6/15/28

    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,
9.75%, 12/1/26

    5,728,000       5,362,560  

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

    5,419,000       5,372,841  

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

    3,160,000       2,436,961  

Tenet Healthcare Corp.
4.875%, 1/1/26

    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.
4.125%, 10/15/30

    2,222,000       1,914,404  

144A, 4.125%, 4/30/31

    1,769,000       1,503,539  

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

    2,272,000       1,905,617  
   

 

 

 

(Cost $6,097,011)

      5,323,560  
   

 

 

 
Pharmaceuticals — 2.9%            

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

    2,222,000       1,813,785  

144A, 5.125%, 3/1/30

    2,666,000       2,189,283  

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

    3,297,000       3,008,173  

144A, 8.50%, 1/31/27

    2,856,000       1,592,063  

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

    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,
5.50%, 1/15/28

    2,222,000       2,014,221  
   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

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

  $ 3,126,000     $ 2,745,472  

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

    2,654,000       2,556,359  

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

    2,736,000       2,048,553  

Jazz Securities DAC, 144A,
4.375%, 1/15/29

    6,780,000       6,080,903  

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

    1,894,000       1,499,316  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28

    9,379,000       8,496,630  

144A, 5.125%, 4/30/31

    8,977,000       7,652,578  

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

    2,213,000       1,877,599  

144A, 6.625%, 4/1/30

    2,533,000       2,306,760  

Perrigo Finance Unlimited Co.
3.90%, 12/15/24

    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,
5.125%, 1/15/28

    1,778,000       1,686,884  

144A, 3.75%, 4/1/31

    2,654,000       2,198,574  

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

    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,
10.50%, 5/15/28

   

(Cost $2,250,950)

    2,212,000       2,222,101  
   

 

 

 
Energy — 10.4%    
Oil & Gas — 4.7%            

Antero Resources Corp.
144A, 7.625%, 2/1/29

    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.
144A, 7.00%, 11/1/26

    2,661,000       2,648,023  

144A, 5.875%, 6/30/29

    1,782,000       1,625,000  

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

    1,846,000       1,891,029  

144A, 8.50%, 4/30/30

    3,580,000       3,632,465  

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

    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,
11.00%, 4/15/25

    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
Amount

   

Value

 
Oil & Gas (Continued)            

Chesapeake Energy Corp.
144A, 5.50%, 2/1/26

  $ 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.
144A, 5.00%, 10/15/26

    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.
144A, 6.00%, 1/15/29

    2,222,000       2,118,046  

144A, 7.375%, 1/15/31

    2,222,000       2,220,161  

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

    5,414,000       5,070,092  

144A, 5.875%, 1/15/30

    4,318,000       3,815,604  

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

    3,090,000       3,046,801  

144A, 9.25%, 2/15/28

    3,092,000       3,165,806  

CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25

    3,990,000       3,923,766  

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

    2,666,000       2,588,542  

144A, 5.75%, 2/15/28

    1,782,000       1,624,142  

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

    2,469,000       2,520,614  

144A, 9.875%, 7/15/31

    2,222,000       2,438,167  

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

    1,990,000       1,829,443  

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

    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.
144A, REGS, 6.125%, 6/30/25

    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.
5.875%, 9/15/26

    3,118,000       3,043,952  

144A, 6.875%, 4/15/28

    2,222,000       2,220,509  

MEG Energy Corp.
144A, 7.125%, 2/1/27

    2,261,000       2,287,994  

144A, 5.875%, 2/1/29

    2,654,000       2,538,285  

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

    2,403,000       2,364,770  

6.375%, 7/15/28

    2,058,000       2,058,594  

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

    3,133,000       3,143,370  

144A, 8.75%, 6/15/31

    2,222,000       2,272,592  

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

    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.
7.25%, 6/15/25

    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
Amount

   

Value

 
Oil & Gas (Continued)            

Permian Resources Operating LLC, 144A,
5.875%, 7/1/29

  $ 3,111,000     $ 3,003,265  

Puma International Financing SA, 144A,
5.00%, 1/24/26

    3,569,000       3,324,524  

Range Resources Corp.
4.875%, 5/15/25

    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.
6.75%, 9/15/26

    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.
5.375%, 2/1/29

    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.
6.00%, 4/15/27

    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.
144A, 7.50%, 1/15/26

    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,
7.00%, 3/1/25

    2,817,000       1,946,730  

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

    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.
144A, 6.875%, 4/1/27

    2,222,000       2,186,559  

144A, 6.25%, 4/1/28

    3,555,000       3,396,971  

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

    2,228,000       1,919,406  

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

    3,232,000       3,198,508  

6.875%, 9/1/27

    3,342,000       3,260,941  

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

    7,147,000       7,318,175  
   

 

 

 

(Cost $22,039,715)

      21,280,560  
   

 

 

 
Pipelines — 5.1%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    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
144A, 4.125%, 3/1/25

    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
Amount

   

Value

 
Pipelines (Continued)            

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

  $ 6,282,000     $ 5,735,909  

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.75%, 4/1/25

    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.
144A, 4.125%, 6/15/29

    4,906,000       4,351,822  

144A, 4.375%, 6/15/31

    4,423,000       3,833,415  

EnLink Midstream LLC
144A, 5.625%, 1/15/28

    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
4.15%, 6/1/25

    1,865,000       1,806,719  

4.85%, 7/15/26

    2,188,000       2,102,515  

EQM Midstream Partners LP
144A, 6.00%, 7/1/25

    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.
6.50%, 10/1/25

    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
144A, 5.625%, 2/15/26

    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,
6.50%, 8/1/29

    5,446,000       4,920,134  

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

    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,
7.50%, 2/1/26

    9,108,000       9,059,504  

NuStar Logistics LP
5.75%, 10/1/25

    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
144A, 3.60%, 5/15/25

    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,
9.00%, 10/15/26

    3,488,000       3,369,059  
   

Principal
Amount

   

Value

 
Pipelines (Continued)            

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

  $ 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
144A, 3.875%, 8/15/29

    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.
144A, 8.125%, 6/1/28

    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.
144A, 8.25%, 4/15/25

    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,
6.25%, 3/1/28

    2,222,000       2,130,974  

AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27

    2,212,000       2,281,966  

Burford Capital Global Finance LLC, 144A,
9.25%, 7/1/31

    1,840,000       1,863,000  

Coinbase Global, Inc.
144A, 3.375%, 10/1/28

    4,444,000       3,273,724  

144A, 3.625%, 10/1/31

    4,350,000       2,933,248  

Curo Group Holdings Corp., 144A,
7.50%, 8/1/28

    3,038,000       1,210,582  

Home Point Capital, Inc., 144A,
5.00%, 2/1/26

    2,511,000       2,365,364  

Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A,
5.00%, 8/15/28

    4,497,000       3,844,355  

LD Holdings Group LLC
144A, 6.50%, 11/1/25

    2,212,000       1,861,923  

144A, 6.125%, 4/1/28

    2,670,000       1,740,619  

Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28

    2,212,000       2,257,833  

Nationstar Mortgage Holdings, Inc.
144A, 6.00%, 1/15/27

    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.
5.875%, 10/25/24

    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
Amount

   

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.
144A, 4.875%, 8/15/28

    2,444,000       2,183,243  

144A, 6.875%, 8/15/28

    9,177,000       8,097,999  

OneMain Finance Corp.
6.875%, 3/15/25

    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,
10.75%, 8/1/27

    1,831,000       1,841,927  

PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25

    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,
8.375%, 2/1/28

    1,838,000       1,679,273  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A, 2.875%, 10/15/26

    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.
4.20%, 10/29/25

    2,247,000       2,115,326  

3.125%, 11/2/26

    2,222,000       1,979,847  

Synchrony Financial,
7.25%, 2/2/33

    3,334,000       3,069,738  

United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25

    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.
144A, 7.00%, 11/15/25

    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
144A, 4.25%, 10/15/27

    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.
144A, 7.00%, 8/15/25

    2,232,000       2,212,100  

144A, 5.625%, 1/15/29

    2,458,000       2,138,069  

HUB International Ltd.
144A, 7.00%, 5/1/26

    7,421,000       7,413,774  
   

Principal
Amount

   

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,
7.00%, 4/15/30

    1,772,800       1,591,443  

Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28

    2,900,000       2,763,787  

144A, 8.875%, 9/1/31

    1,850,000       1,867,408  

Howard Hughes Corp.
144A, 5.375%, 8/1/28

    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.
4.75%, 3/1/29

    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.
144A, 5.75%, 1/15/29

    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
144A, 5.75%, 5/15/26

    4,295,000       3,946,130  

144A, 4.50%, 4/1/27

    3,342,000       2,795,299  

Diversified Healthcare Trust
9.75%, 6/15/25

    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
144A, 6.00%, 4/15/25

    1,778,000       1,746,658  

144A, 3.375%, 6/15/26

    4,423,000       3,975,009  

Iron Mountain, Inc.
144A, 4.875%, 9/15/27

    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.
144A, 4.25%, 2/1/27

    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.
5.25%, 8/1/26

    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
Amount

   

Value

 
Real Estate Investment Trusts (Continued)        

Office Properties Income Trust
4.50%, 2/1/25

  $ 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
144A, 7.50%, 6/1/25

    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.
4.75%, 10/15/27

    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
144A, 3.75%, 7/1/26

    2,212,000       2,028,736  

144A, 4.00%, 9/15/29

    2,232,000       1,868,638  

SBA Communications Corp.
3.875%, 2/15/27

    6,616,000       6,122,898  

3.125%, 2/1/29

    6,634,000       5,680,594  

Service Properties Trust
4.35%, 10/1/24

    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.
144A, 3.75%, 12/31/24

    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,
6.00%, 1/15/30

    3,143,000       2,079,189  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28

    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
144A, 6.375%, 8/15/25

    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.
4.75%, 9/15/24

    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
Amount

   

Value

 
Industrial — 9.1%    
Aerospace/Defense — 2.9%            

Bombardier, Inc.
144A, 7.125%, 6/15/26

  $ 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.,
5.125%, 10/1/24

    4,084,000       4,045,119  

Rolls-Royce PLC
144A, 3.625%, 10/14/25

    4,423,000       4,168,678  

144A, 5.75%, 10/15/27

    4,423,000       4,297,760  

Spirit AeroSystems, Inc.
144A, 7.50%, 4/15/25

    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.
144A, 6.25%, 3/15/26

    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.
7.75%, 8/15/25

    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.
144A, 5.00%, 3/1/30

    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,
6.00%, 11/1/28

    4,886,000       4,696,455  

Standard Industries, Inc.
144A, 5.00%, 2/15/27

    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,
5.25%, 1/15/29

    3,096,000       2,903,336  
   

 

 

 

(Cost $34,731,133)

      31,556,197  
   

 

 

 
Electrical Components & Equipment — 0.5%        

Energizer Holdings, Inc.
144A, 4.75%, 6/15/28

    2,619,000       2,317,594  

144A, 4.375%, 3/31/29

    3,500,000       3,001,670  

WESCO Distribution, Inc.
144A, 7.125%, 6/15/25

    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
144A, 5.625%, 11/1/24

    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
Amount

   

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.
144A, 4.375%, 2/15/30

    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,
10.375%, 8/1/30

    5,972,000       6,166,269  

Fluor Corp.,
4.25%, 9/15/28

    2,651,000       2,474,576  

IHS Holding Ltd.
144A, 5.625%, 11/29/26

    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,
6.375%, 2/1/31

    2,312,000       2,301,726  

Covanta Holding Corp.,
5.00%, 9/1/30

    1,785,000       1,515,525  

GFL Environmental, Inc.
144A, 4.25%, 6/1/25

    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,
3.875%, 1/15/29

    2,222,000       1,937,579  
   

 

 

 

(Cost $26,469,259)

      24,338,567  
   

 

 

 
Machinery-Diversified — 0.3%            

SPX FLOW, Inc., 144A,
8.75%, 4/1/30

    2,222,000       2,106,609  

TK Elevator Holdco GmbH, 144A,
7.625%, 7/15/28

    1,780,000       1,651,531  

TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27

    6,899,000       6,472,873  
   

 

 

 

(Cost $10,702,865)

      10,231,013  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

Hillenbrand, Inc.,
5.75%, 6/15/25

    1,797,000       1,787,431  

Trinity Industries, Inc., 144A,
7.75%, 7/15/28

    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
144A, 6.00%, 6/15/27

    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
Amount

   

Value

 
Packaging & Containers (Continued)            

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25

  $ 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.
5.25%, 7/1/25

    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,
5.625%, 7/15/27

    2,242,000       2,199,876  

Crown Americas LLC,
5.25%, 4/1/30

    2,212,000       2,086,580  

Graphic Packaging International LLC
144A, 3.50%, 3/15/28

    2,009,000       1,791,794  

144A, 3.75%, 2/1/30

    1,822,000       1,554,777  

LABL, Inc.
144A, 6.75%, 7/15/26

    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.
144A, 7.875%, 8/15/26

    12,346,000       12,169,197  

144A, 9.25%, 4/15/27

    6,019,000       5,462,728  

OI European Group BV, 144A,
4.75%, 2/15/30

    1,785,000       1,608,517  

Owens-Brockway Glass Container, Inc.
144A, 6.625%, 5/13/27

    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,
4.00%, 10/15/27

    4,423,000       3,978,402  

Sealed Air Corp.
144A, 5.125%, 12/1/24

    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,
6.125%, 2/1/28

    3,435,000       3,377,750  

Silgan Holdings, Inc.,
4.125%, 2/1/28

    2,546,000       2,334,988  
   

 

 

 

(Cost $114,145,512)

      106,396,450  
   

 

 

 
Transportation — 0.2%            

Cargo Aircraft Management, Inc., 144A,
4.75%, 2/1/28

    2,580,000       2,333,094  

Seaspan Corp., 144A,
5.50%, 8/1/29

    3,333,000       2,595,205  

XPO, Inc., 144A,
7.125%, 6/1/31

    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
Amount

   

Value

 
Trucking & Leasing — 0.2%            

Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25

  $ 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,
7.375%, 2/15/30

    9,032,000       7,905,805  

NCR Corp.
144A, 5.75%, 9/1/27

    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.
144A, 4.875%, 2/1/27

    2,322,000       2,173,302  

144A, 8.25%, 2/1/28

    2,432,000       2,358,790  

Seagate HDD Cayman
4.75%, 1/1/25

    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.,
4.75%, 2/15/26

    10,223,000       9,746,820  
   

 

 

 

(Cost $53,745,146)

      50,886,900  
   

 

 

 
Office/Business Equipment — 0.2%            

Xerox Holdings Corp.
144A, 5.00%, 8/15/25

    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,
7.00%, 7/31/25

    2,000,000       1,835,620  

Entegris Escrow Corp.
144A, 4.75%, 4/15/29

    7,076,000       6,569,548  

144A, 5.95%, 6/15/30

    3,979,000       3,814,397  

Entegris, Inc.
144A, 4.375%, 4/15/28

    1,778,000       1,622,646  

144A, 3.625%, 5/1/29

    1,774,000       1,526,341  

ON Semiconductor Corp., 144A,
3.875%, 9/1/28

    3,096,000       2,758,830  
   

 

 

 

(Cost $18,772,275)

      18,127,382  
   

 

 

 
Software — 2.4%            

Alteryx, Inc., 144A,
8.75%, 3/15/28

    2,000,000       1,931,781  

AthenaHealth Group, Inc., 144A,
6.50%, 2/15/30

    10,505,000       9,133,743  

Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25

    2,678,000       2,683,758  
   

Principal
Amount

   

Value

 
Software (Continued)            

Clarivate Science Holdings Corp.
144A, 3.875%, 7/1/28

  $ 4,094,000     $ 3,616,218  

144A, 4.875%, 7/1/29

    4,177,000       3,644,831  

Cloud Software Group, Inc.
144A, 6.50%, 3/31/29

    17,718,000       15,863,859  

144A, 9.00%, 9/30/29

    17,279,000       15,445,556  

Fair Isaac Corp.
144A, 5.25%, 5/15/26

    1,786,000       1,735,206  

144A, 4.00%, 6/15/28

    4,006,000       3,667,530  

MicroStrategy, Inc., 144A,
6.125%, 6/15/28

    2,222,000       1,991,267  

Open Text Corp.
144A, 3.875%, 2/15/28

    4,000,000       3,563,465  

144A, 3.875%, 12/1/29

    3,777,000       3,207,503  

Open Text Holdings, Inc.
144A, 4.125%, 2/15/30

    4,000,000       3,450,599  

144A, 4.125%, 12/1/31

    2,969,000       2,467,582  

PTC, Inc.
144A, 3.625%, 2/15/25

    2,207,000       2,132,343  

144A, 4.00%, 2/15/28

    2,212,000       2,034,310  

RingCentral, Inc., 144A,
8.50%, 8/15/30

    1,770,000       1,743,070  

ROBLOX Corp., 144A,
3.875%, 5/1/30

    4,483,000       3,702,536  

SS&C Technologies, Inc., 144A,
5.50%, 9/30/27

    8,926,000       8,601,552  

Twilio, Inc.
3.625%, 3/15/29

    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.
144A, 5.25%, 6/1/26

    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
144A, 4.75%, 3/15/28

    3,777,000       3,494,879  

144A, 3.75%, 2/15/31

    4,111,000       3,384,409  

DPL, Inc.,
4.125%, 7/1/25

    1,835,000       1,747,278  

Drax Finco PLC, 144A,
6.625%, 11/1/25

    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
144A, 3.875%, 10/15/26

    2,208,000       2,041,967  

144A, 4.50%, 9/15/27

    2,433,000       2,260,710  

NRG Energy, Inc.
5.75%, 1/15/28

    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
Amount

   

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.
5.00%, 7/1/28

    4,443,000       4,091,701  

5.25%, 7/1/30

    4,536,000       4,042,324  

Talen Energy Supply LLC, 144A,
8.625%, 6/1/30

    5,308,000       5,532,465  

TransAlta Corp.,
7.75%, 11/15/29

    1,785,000       1,845,155  

Vistra Operations Co. LLC
144A, 5.50%, 9/1/26

    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.
5.50%, 5/20/25

    3,096,000       3,041,463  

5.875%, 8/20/26

    3,011,000       2,859,002  
   

Principal
Amount

   

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
(Cost $4,163,307,508)

      3,776,622,772  
   

 

 

 
   

Number
of Shares

       
CASH EQUIVALENTS — 1.3%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $49,189,697)

    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 BONDS0.0%

 

           

Financial0.0%

 

           

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 COLLATERAL0.0%

 

           

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 EQUIVALENTS1.3%

 

           

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

 

Statements of Assets and Liabilities

 

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

 

Statements of Operations

 

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

 

Statements of Changes in Net Assets

 

    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

 

Financial Highlights

 

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

 

Notes to Financial Statements

 

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 ShareholdersIt 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.

 

80


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

 

81


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

 

82


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

 

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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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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

 

Report of Independent Registered Public Accounting Firm

 

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.

 

LOGO

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

 

Other Information (Unaudited)

 

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

 

Board Members and Officers (Unaudited)

 

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

 

Additional Information (Unaudited)

 

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
accounting firm

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)