February 28, 2023

Semi-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  

Portfolio Summary

  

Xtrackers High Beta High Yield Bond ETF

     2  

Xtrackers Low Beta High Yield Bond ETF

     3  

Xtrackers Risk Managed USD High Yield Strategy ETF

     4  

Xtrackers Short Duration High Yield Bond ETF

     5  

Xtrackers USD High Yield Corporate Bond ETF

     6  

Fees and Expenses

     7  

Schedule of Investments

  

Xtrackers High Beta High Yield Bond ETF

     8  

Xtrackers Low Beta High Yield Bond ETF

     18  

Xtrackers Risk Managed USD High Yield Strategy ETF

     28  

Xtrackers Short Duration High Yield Bond ETF

     30  

Xtrackers USD High Yield Corporate Bond ETF

     40  

Statements of Assets and Liabilities

     56  

Statements of Operations

     58  

Statements of Changes in Net Assets

     60  

Financial Highlights

     63  

Notes to Financial Statements

     66  

Liquidity Risk Management

     74  

Board Consideration in Approval of Investment Advisory Contracts

     75  

Additional Information

     78  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this semi-annual report for five of our ETFs tracking the fixed income market for the period ended February 28, 2023.

The global economy showed signs of recovery during the reporting period, with financial markets paring some of the year-to-date losses, on the back of easing inflation and prospects of a slowdown in rate hikes. Owing to slowing inflation in the U.S. central banks across developed countries announced slower rate hikes in their fight against rising prices. However, the Bank of Japan (BoJ) continued to hold an accommodative stance on its monetary policy in its push to solidify the economic recovery. While the Russia-Ukraine war continued, concerns surrounding an energy crisis in Europe largely eased as the winter was not as cold as expected. Around the turn of the year, China’s resurgence, after dropping the zero-Covid policy, buoyed markets. In early 2023, developing markets continued to rally even though inflation seemed primed to stay resolute.

Global bond markets ended Q4 2022 on a mixed note, with government bond yields moving up toward the end of the quarter, reflecting market disappointment at the hawkish stance of major central banks, despite signs of easing inflation. The US Federal Reserve (Fed) raised rates four times during the reporting period, ending between 4.50% and 4.75%. The Bank of England (BoE) increased the rate twice to 3.5% at the end of Q4. Meanwhile, the BoJ modified its yield-curve-control policy. U.S. and European investment-grade and high-yield credit bonds outperformed government bonds during the quarter on improved risk sentiment. In the Eurozone, there were signs of slowing inflation toward the end of the quarter owing to a decline in energy prices. Nevertheless, the European Central Bank (ECB) continued to tighten its monetary policy.

Bond prices rose in January 2023 on softening inflation and expectations of an end to the global monetary tightening policy. The Bank of Canada raised the rate by 25bps1, indicating a pause in its hiking cycle. In the U.S. and Europe, credit market bonds outperformed government bonds across high yield and investment grades. Moreover, risk sentiment improved as investors welcomed the news on moderating inflation and higher-than-expected growth in the Eurozone and China.

A rebound in economic activity resulted in higher bond yields globally in February 2023. Bonds declined for the month, negating much of the prior month’s returns. The Fed, the ECB, and the BoE announced rate hikes at the beginning of February. Of late, investors have been wary of an expected improvement in the near-term global economic situation, as this implies that the interest rate will likely remain high longer than expected in order to tame inflation.

We believe 2023 will be a year of tackling uncertainties that can plague the investment environment including inflation rates, interest rate hikes, changing economic growth prospects, and geopolitical developments. Although there is a chance of a recession in 2023, we believe it will likely be shallow and mild, given the absence of structural imbalances in the economy. Meanwhile we believe slowing demand and declining housing prices are likely to slow inflation and prompt the major central banks around the globe to pause or scale back further rate hikes.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

 

1


DBX ETF Trust

 

Portfolio 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.

Quality * as of February 28, 2023

 

Description   % of Market Value  

BBB

    1.8%  

BB

    42.8%  

B

    42.1%  

CCC

    13.1%  

CC

    0.1%  

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 February 28, 2023

 

United States

    80.8%  

Canada

    5.4%  

Luxembourg

    3.0%  

France

    2.3%  

Other

    8.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2023

 

Consumer, Cyclical

    24.1%  

Communications

    20.8%  

Consumer, Non-cyclical

    15.3%  

Energy

    12.0%  

Financial

    10.3%  

Industrial

    6.7%  

Basic Materials

    4.7%  

Technology

    3.7%  

Utilities

    2.4%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 28, 2023: 3.9 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.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

 

2


DBX ETF Trust

 

Portfolio 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.

Quality* as of February 28, 2023

 

Description   % of Market Value  

BBB

    12.6%  

BB

    75.0%  

B

    11.9%  

CCC

    0.5%  
 

 

 

 

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 February 28, 2023

 

United States

    90.5%  

Canada

    2.9%  

Other

    6.6%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2023

 

Consumer, Cyclical

    23.5%  

Consumer, Non-cyclical

    17.8%  

Communications

    16.2%  

Industrial

    10.3%  

Energy

    10.0%  

Financial

    9.9%  

Technology

    5.6%  

Utilities

    3.5%  

Basic Materials

    3.2%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 28, 2023: 4.1 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.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 18.

 

3


DBX ETF Trust

 

Portfolio 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.

Quality* as of February 28, 2023

 

Description   % of Market Value  

BBB

    6.9%  

BB

    60.0%  

B

    26.5%  

CCC

    6.6%  
 

 

 

 

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.

Sector Diversification* as of February 28, 2023

 

Consumer, Cyclical

    24.6%  

Communications

    19.0%  

Consumer, Non-cyclical

    16.0%  

Energy

    10.9%  

Financial

    9.8%  

Industrial

    8.5%  

Basic Materials

    3.9%  

Technology

    4.5%  

Utilities

    2.8%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 28, 2023: 4.0 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.

 

*As a percent 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 28.

 

4


DBX ETF Trust

 

Portfolio 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.

Quality* as of February 28, 2023

 

Description   % of Market Value  

BBB

    9.0%  

BB

    55.5%  

B

    29.1%  

CCC

    6.2%  

CC

    0.1%  

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 February 28, 2023

 

United States

    84.1%  

Canada

    5.2%  

Netherlands

    2.2%  

Other

    8.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2023

 

Consumer, Cyclical

    26.0%  

Communications

    18.3%  

Consumer, Non-cyclical

    15.1%  

Financial

    10.8%  

Industrial

    10.2%  

Energy

    9.8%  

Basic Materials

    4.1%  

Technology

    2.9%  

Utilities

    2.8%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 28, 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.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 30.

 

5


DBX ETF Trust

 

Portfolio 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.

Quality* as of February 28, 2023

 

Description   % of Market Value  

BBB

    7.0%  

BB

    60.4%  

B

    26.1%  

CCC

    6.5%  
 

 

 

 

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 February 28, 2023

 

United States

    86.2%  

Canada

    4.0%  

Other

    9.8%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2023

 

Consumer, Cyclical

    24.6%  

Communications

    19.0%  

Consumer, Non-cyclical

    16.0%  

Energy

    10.9%  

Financial

    9.8%  

Industrial

    8.5%  

Technology

    4.5%  

Basic Materials

    3.9%  

Utilities

    2.8%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of February 28, 2023: 4.0 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.

 

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

 

6


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 (September 1, 2022 to February 28, 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
September 1, 2022
     Ending
Account Value
February 28, 2023
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers High Beta High Yield Bond ETF

 

Actual

   $  1,000.00      $  1,029.80        0.20   $ 1.01  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.80        0.20   $ 1.00  
Xtrackers Low Beta High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,017.60        0.20   $ 1.00  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.80        0.20   $ 1.00  
Xtrackers Risk Managed USD High Yield Strategy ETF(2)

 

Actual

   $ 1,000.00      $ 1,028.50        0.15   $ 0.75  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.05        0.15   $ 0.75  
Xtrackers Short Duration High Yield Bond ETF

 

Actual

   $ 1,000.00      $ 1,034.20        0.20   $ 1.01  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.80        0.20   $ 1.00  
Xtrackers USD High Yield Corporate Bond ETF

 

Actual

   $ 1,000.00      $ 1,022.90        0.15   $ 0.75  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.05        0.15   $ 0.75  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (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.

 

7


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 97.7%    
Basic Materials — 4.6%            
Chemicals — 2.0%    

ASP Unifrax Holdings, Inc.

   

144A, 5.25%, 9/30/28

  $ 31,000     $ 24,085  

144A, 7.50%, 9/30/29

    10,000       6,812  

Chemours Co.

   

5.375%, 5/15/27 (a)

    13,000       11,854  

144A, 5.75%, 11/15/28

    25,000       21,986  

144A, 4.625%, 11/15/29

    31,000       25,174  

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

    13,000       11,130  

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

    13,000       11,449  

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

    26,000       23,882  

NOVA Chemicals Corp.

   

144A, 5.00%, 5/1/25

    17,000       16,227  

144A, 5.25%, 6/1/27

    35,000       31,547  

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

    13,000       10,777  

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

    10,000       8,358  

SCIH Salt Holdings, Inc.

   

144A, 4.875%, 5/1/28

    38,000       32,893  

144A, 6.625%, 5/1/29

    19,000       15,447  

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

    37,000       30,194  
   

 

 

 

(Cost $317,791)

      281,815  
   

 

 

 
Forest Products & Paper — 0.2%            

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

   

(Cost $32,783)

    34,000       27,959  
   

 

 

 
Iron/Steel — 0.6%            

Mineral Resources Ltd.

   

144A, 8.125%, 5/1/27

    18,000       17,987  

144A, 8.00%, 11/1/27

    32,000       31,869  

144A, 8.50%, 5/1/30

    16,000       16,039  

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

    19,000       19,029  
   

 

 

 

(Cost $86,126)

      84,924  
   

 

 

 
Mining — 1.8%            

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

    24,000       23,727  

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

    13,000       10,810  

First Quantum Minerals Ltd.

   

144A, 7.50%, 4/1/25

    46,000       44,661  

144A, 6.875%, 3/1/26

    40,000       38,200  

144A, 6.875%, 10/15/27

    54,000       50,711  

FMG Resources August 2006 Pty Ltd.,
144A, 6.125%, 4/15/32

    28,000       26,500  

Hudbay Minerals, Inc.

   

144A, 4.50%, 4/1/26

    15,000       13,483  

144A, 6.125%, 4/1/29

    15,000       13,258  

Kaiser Aluminum Corp.

   

144A, 4.625%, 3/1/28

    15,000       12,937  

144A, 4.50%, 6/1/31

    15,000       11,892  
   

 

 

 

(Cost $261,152)

      246,179  
   

 

 

 
   

Principal
Amount

   

Value

 
Communications — 20.3%            
Advertising — 1.3%            

Clear Channel Outdoor Holdings, Inc.

   

144A, 5.125%, 8/15/27

  $ 42,000     $ 37,525  

144A, 7.75%, 4/15/28

    35,000       29,067  

144A, 7.50%, 6/1/29

    37,000       30,005  

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

    36,000       24,263  

Outfront Media Capital LLC / Outfront Media Capital Corp.

   

144A, 4.25%, 1/15/29

    17,000       13,998  

144A, 4.625%, 3/15/30

    20,000       16,473  

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

    29,000       24,894  
   

 

 

 

(Cost $203,159)

      176,225  
   

 

 

 
Internet — 0.1%            

Rakuten Group, Inc.,
144A, 10.25%, 11/30/24
(Cost $19,759)

    20,000       20,076  
   

 

 

 
Media — 9.6%            

Altice Financing SA

   

144A, 5.00%, 1/15/28

    32,000       26,585  

144A, 5.75%, 8/15/29

    64,000       52,409  

AMC Networks, Inc.

   

5.00%, 4/1/24

    24,000       23,906  

4.75%, 8/1/25

    27,000       25,560  

4.25%, 2/15/29

    36,000       26,505  

Audacy Capital Corp.

   

144A, 6.50%, 5/1/27

    21,000       3,016  

144A, 6.75%, 3/31/29

    14,000       2,016  

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

    32,000       31,154  

CSC Holdings LLC

   

5.25%, 6/1/24

    35,000       33,944  

144A, 5.50%, 4/15/27

    48,000       41,809  

144A, 5.375%, 2/1/28

    37,000       30,895  

144A, 7.50%, 4/1/28

    43,000       28,837  

144A, 6.50%, 2/1/29

    56,000       47,531  

144A, 5.75%, 1/15/30

    72,000       41,111  

144A, 4.125%, 12/1/30

    41,000       29,400  

144A, 4.625%, 12/1/30

    85,000       45,762  

144A, 3.375%, 2/15/31

    37,000       25,348  

144A, 4.50%, 11/15/31

    53,000       37,694  

144A, 5.00%, 11/15/31

    18,000       9,603  

DISH DBS Corp.

   

5.875%, 11/15/24

    66,000       61,650  

7.75%, 7/1/26

    72,000       55,962  

144A, 5.25%, 12/1/26

    98,000       82,259  

7.375%, 7/1/28

    30,000       20,550  

144A, 5.75%, 12/1/28

    91,000       72,861  

5.125%, 6/1/29

    48,000       28,410  

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

    113,000       114,684  

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

    10,000       7,437  

 

See Notes to Financial Statements.   8  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)            

Gray Television, Inc.

   

144A, 5.875%, 7/15/26

  $ 17,000     $ 15,371  

144A, 7.00%, 5/15/27

    30,000       27,112  

144A, 4.75%, 10/15/30

    20,000       14,618  

iHeartCommunications, Inc.

   

6.375%, 5/1/26

    22,000       20,762  

8.375%, 5/1/27

    38,000       33,478  

144A, 5.25%, 8/15/27

    19,000       16,554  

144A, 4.75%, 1/15/28

    26,000       21,893  

McGraw-Hill Education, Inc.

   

144A, 5.75%, 8/1/28

    23,000       20,164  

144A, 8.00%, 8/1/29

    28,000       23,959  

Sinclair Television Group, Inc.

   

144A, 5.50%, 3/1/30 (a)

    13,000       9,627  

144A, 4.125%, 12/1/30

    26,000       20,207  

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

    31,000       29,433  

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

    20,000       17,618  

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

    25,000       20,398  

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

    18,000       7,776  

Ziggo Bond Co. BV

   

144A, 6.00%, 1/15/27

    16,000       14,896  

144A, 5.125%, 2/28/30

    13,000       10,518  
   

 

 

 

(Cost $1,579,330)

      1,331,282  
   

 

 

 
Telecommunications — 9.3%            

Altice France Holding SA

   

144A, 10.50%, 5/15/27

    48,000       39,688  

144A, 6.00%, 2/15/28

    41,000       28,233  

Altice France SA

   

144A, 8.125%, 2/1/27

    64,000       59,805  

144A, 5.50%, 1/15/28

    41,000       33,813  

144A, 5.125%, 1/15/29

    15,000       11,533  

144A, 5.125%, 7/15/29

    79,000       61,074  

144A, 5.50%, 10/15/29

    67,000       52,336  

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

    43,000       39,000  

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

    53,000       50,856  

144A, 5.00%, 3/15/27

    19,000       14,494  

CommScope, Inc.

   

144A, 6.00%, 3/1/26

    48,000       46,297  

144A, 8.25%, 3/1/27

    35,000       29,845  

144A, 7.125%, 7/1/28

    30,000       23,397  

144A, 4.75%, 9/1/29

    43,000       35,193  

Consolidated Communications, Inc.

   

144A, 5.00%, 10/1/28

    12,000       8,114  

144A, 6.50%, 10/1/28

    30,000       22,125  

Frontier Communications Holdings LLC

   

144A, 6.75%, 5/1/29

    36,000       30,390  

5.875%, 11/1/29

    20,000       16,045  

144A, 6.00%, 1/15/30

    40,000       32,011  

144A, 8.75%, 5/15/30

    42,000       42,520  

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

    19,000       17,904  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

Iliad Holding SASU

   

144A, 6.50%, 10/15/26

  $ 31,000     $ 29,001  

144A, 7.00%, 10/15/28

    33,000       30,342  

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

    107,000       93,069  

Level 3 Financing, Inc.

   

144A, 3.40%, 3/1/27

    35,000       29,473  

144A, 4.625%, 9/15/27

    35,000       25,978  

144A, 4.25%, 7/1/28

    32,000       21,885  

144A, 3.625%, 1/15/29

    22,000       14,144  

144A, 3.75%, 7/15/29

    22,000       13,860  

144A, 3.875%, 11/15/29

    30,000       22,834  

Lumen Technologies, Inc.

   

144A, 5.125%, 12/15/26

    22,000       16,136  

144A, 4.00%, 2/15/27

    20,000       15,379  

144A, 4.50%, 1/15/29

    35,000       18,544  

Millicom International Cellular SA, 144A, 6.25%, 3/25/29

    18,000       16,345  

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

    17,000       15,669  

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

    65,000       63,357  

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

    17,000       15,120  

Viasat, Inc.

   

144A, 5.625%, 9/15/25

    18,000       16,683  

144A, 5.625%, 4/15/27

    16,000       14,613  

144A, 6.50%, 7/15/28

    20,000       14,814  

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

    45,000       36,827  

Zayo Group Holdings, Inc.

   

144A, 4.00%, 3/1/27

    53,000       40,863  

144A, 6.125%, 3/1/28

    38,000       23,986  
   

 

 

 

(Cost $1,480,168)

      1,283,595  
   

 

 

 
Consumer, Cyclical — 23.6%            
Airlines — 1.4%            

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

    16,000       14,621  

American Airlines, Inc.

   

144A, 11.75%, 7/15/25

    80,000       87,707  

144A, 7.25%, 2/15/28

    25,000       24,477  

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

    31,000       28,845  

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

    40,000       40,210  
   

 

 

 

(Cost $200,872)

      195,860  
   

 

 

 
Apparel — 0.4%            

Hanesbrands, Inc.

   

144A, 4.875%, 5/15/26

    34,000       31,432  

144A, 9.00%, 2/15/31

    23,000       23,286  
   

 

 

 

(Cost $54,697)

      54,718  
   

 

 

 
Auto Manufacturers — 0.8%            

Aston Martin Capital Holdings Ltd.,

   

144A, 10.50%, 11/30/25

    45,000       44,941  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Auto Manufacturers (Continued)            

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

  $ 16,000     $ 18,422  

Ford Motor Credit Co. LLC,
7.35%, 3/6/30

    44,000       44,610  
   

 

 

 

(Cost $109,219)

      107,973  
   

 

 

 
Auto Parts & Equipment — 1.4%            

American Axle & Manufacturing, Inc.

   

6.50%, 4/1/27 (a)

    13,000       12,031  

6.875%, 7/1/28

    10,000       8,983  

5.00%, 10/1/29

    24,000       19,384  

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

    52,000       51,742  

DanA, Inc.

   

5.375%, 11/15/27

    10,000       9,238  

5.625%, 6/15/28

    20,000       18,123  

4.25%, 9/1/30

    10,000       8,089  

Goodyear Tire & Rubber Co.

   

5.00%, 7/15/29

    23,000       20,031  

5.25%, 4/30/31 (a)

    14,000       12,024  

5.25%, 7/15/31 (a)

    16,000       13,642  

5.625%, 4/30/33 (a)

    21,000       17,868  
   

 

 

 

(Cost $210,156)

      191,155  
   

 

 

 
Distribution/Wholesale — 0.0%            

Wesco Aircraft Holdings, Inc.,
144A, 13.125%, 11/15/27
(Cost $13,429)

    15,000       1,313  
   

 

 

 
Entertainment — 2.6%            

AMC Entertainment Holdings, Inc.

   

144A, 10.00%, 6/15/26

    46,000       23,805  

144A, 7.50%, 2/15/29

    38,000       22,810  

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

    46,000       46,474  

144A, 4.625%, 10/15/29

    46,000       39,386  

Cinemark USA, Inc.

   

144A, 5.875%, 3/15/26

    22,000       20,081  

144A, 5.25%, 7/15/28

    20,000       16,831  

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

    53,000       49,701  

Penn Entertainment, Inc.

   

144A, 5.625%, 1/15/27

    10,000       9,283  

144A, 4.125%, 7/1/29

    10,000       8,124  

Premier Entertainment Sub LLC / Premier
Entertainment Finance Corp.

   

144A, 5.625%, 9/1/29

    19,000       13,987  

144A, 5.875%, 9/1/31

    31,000       22,266  

Scientific Games International, Inc.

   

144A, 7.00%, 5/15/28

    19,000       18,561  

144A, 7.25%, 11/15/29

    21,000       20,659  

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

    13,000       12,232  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.

   

144A, 5.125%, 10/1/29

    19,000       17,017  

144A, 7.125%, 2/15/31

    20,000       19,931  
   

 

 

 

(Cost $416,615)

      361,148  
   

 

 

 
   

Principal
Amount

   

Value

 
Food Service — 0.2%            

TKC Holdings, Inc.

   

144A, 6.875%, 5/15/28

  $ 11,000     $ 9,007  

144A, 10.50%, 5/15/29

    26,000       15,956  
   

 

 

 

(Cost $35,325)

      24,963  
   

 

 

 
Home Builders — 0.5%            

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

    10,000       8,060  

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC

   

144A, 6.25%, 9/15/27

    25,000       21,829  

144A, 4.875%, 2/15/30

    15,000       11,298  

Mattamy Group Corp.

   

144A, 5.25%, 12/15/27

    13,000       11,625  

144A, 4.625%, 3/1/30

    26,000       21,627  
   

 

 

 

(Cost $83,925)

      74,439  
   

 

 

 
Home Furnishings — 0.2%            

Tempur Sealy International, Inc.,
144A, 3.875%, 10/15/31
(Cost $28,672)

    31,000       25,017  
   

 

 

 
Housewares — 0.2%            

Scotts Miracle-Gro Co.

   

4.50%, 10/15/29 (a)

    10,000       8,676  

4.00%, 4/1/31

    22,000       17,623  

4.375%, 2/1/32

    10,000       8,174  
   

 

 

 

(Cost $37,822)

      34,473  
   

 

 

 
Leisure Time — 6.8%            

Carnival Corp.

   

144A, 10.50%, 2/1/26

    20,000       20,731  

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

    53,000       47,793  

144A, 5.75%, 3/1/27

    115,000       94,436  

144A, 9.875%, 8/1/27

    23,000       23,439  

144A, 4.00%, 8/1/28

    80,000       67,664  

144A, 6.00%, 5/1/29

    76,000       59,031  

144A, 10.50%, 6/1/30

    37,000       35,867  

Carnival Holdings Bermuda Ltd.,

   

144A, 10.375%, 5/1/28

    69,000       73,892  

Life Time, Inc.

   

144A, 5.75%, 1/15/26

    24,000       23,075  

144A, 8.00%, 4/15/26

    20,000       19,289  

NCL Corp. Ltd.

   

144A, 3.625%, 12/15/24

    14,000       13,160  

144A, 5.875%, 3/15/26

    45,000       38,978  

144A, 5.875%, 2/15/27

    26,000       24,140  

144A, 8.375%, 2/1/28

    25,000       25,492  

144A, 7.75%, 2/15/29 (a)

    25,000       21,787  

Royal Caribbean Cruises Ltd.

   

144A, 4.25%, 7/1/26

    18,000       15,811  

144A, 5.50%, 8/31/26

    38,000       34,433  

144A, 5.375%, 7/15/27

    36,000       31,660  

144A, 11.625%, 8/15/27 (a)

    35,000       37,378  

3.70%, 3/15/28

    22,000       17,586  

144A, 5.50%, 4/1/28

    63,000       54,968  

144A, 8.25%, 1/15/29

    26,000       26,938  

144A, 9.25%, 1/15/29 (a)

    26,000       27,595  

144A, 7.25%, 1/15/30

    25,000       25,138  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

Viking Cruises Ltd.

   

144A, 13.00%, 5/15/25

  $ 35,000     $ 37,235  

144A, 5.875%, 9/15/27

    32,000       27,481  

144A, 7.00%, 2/15/29

    13,000       11,193  
   

 

 

 

(Cost $977,338)

      936,190  
   

 

 

 
Lodging — 2.7%            

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

    12,000       10,540  

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

    13,000       10,922  

Melco Resorts Finance Ltd.

   

144A, 4.875%, 6/6/25

    26,000       24,278  

144A, 5.25%, 4/26/26

    10,000       9,023  

144A, 5.625%, 7/17/27

    16,000       14,162  

144A, 5.75%, 7/21/28

    33,000       28,524  

144A, 5.375%, 12/4/29

    39,000       32,409  

Station Casinos LLC

   

144A, 4.50%, 2/15/28

    19,000       16,731  

144A, 4.625%, 12/1/31

    13,000       10,603  

Studio City Finance Ltd.

   

144A, 6.00%, 7/15/25

    28,000       25,257  

144A, 6.50%, 1/15/28

    27,000       22,960  

144A, 5.00%, 1/15/29

    32,000       24,640  

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

    17,000       14,293  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.

   

144A, 5.50%, 3/1/25

    97,000       94,441  

144A, 5.25%, 5/15/27

    33,000       30,770  
   

 

 

 

(Cost $397,341)

      369,553  
   

 

 

 
Retail — 6.4%            

Asbury Automotive Group, Inc.

   

144A, 4.625%, 11/15/29

    21,000       18,282  

4.75%, 3/1/30

    18,000       15,615  

144A, 5.00%, 2/15/32

    16,000       13,656  

Bath & Body Works, Inc.

   

5.25%, 2/1/28

    13,000       12,120  

7.50%, 6/15/29 (a)

    14,000       14,152  

144A, 6.625%, 10/1/30

    36,000       34,138  

Carvana Co.

   

144A, 5.625%, 10/1/25

    13,000       8,074  

144A, 5.50%, 4/15/27

    15,000       7,666  

144A, 5.875%, 10/1/28

    25,000       12,048  

144A, 4.875%, 9/1/29

    29,000       14,065  

144A, 10.25%, 5/1/30

    116,000       71,621  

eG Global Finance PLC,

   

144A, 6.75%, 2/7/25

    50,000       45,185  

Ferrellgas LP / Ferrellgas Finance Corp.

   

144A, 5.375%, 4/1/26

    17,000       15,322  

144A, 5.875%, 4/1/29

    35,000       28,577  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.

   

144A, 4.625%, 1/15/29

    51,000       44,156  

144A, 6.75%, 1/15/30

    36,000       29,863  
   

Principal
Amount

   

Value

 
Retail (Continued)            

Gap, Inc.

   

144A, 3.625%, 10/1/29

  $ 19,000     $ 13,955  

144A, 3.875%, 10/1/31

    29,000       20,839  

Kohl’s Corp.,
3.625%, 5/1/31

    10,000       7,041  

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

    31,000       22,223  

Macy’s Retail Holdings LLC

   

144A, 5.875%, 4/1/29

    13,000       11,826  

144A, 5.875%, 3/15/30

    11,000       9,711  

144A, 6.125%, 3/15/32

    21,000       18,086  

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

    37,000       30,830  

144A, 7.875%, 5/1/29

    43,000       32,409  

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

    29,000       28,015  

Nordstrom, Inc.

   

4.375%, 4/1/30

    23,000       18,166  

4.25%, 8/1/31

    11,000       8,069  

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

    39,000       37,966  

QVC, Inc.

   

4.85%, 4/1/24

    16,000       15,051  

4.45%, 2/15/25

    15,000       12,149  

4.75%, 2/15/27

    15,000       9,620  

4.375%, 9/1/28

    23,000       12,848  

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

    33,000       17,526  

Sonic Automotive, Inc.

   

144A, 4.625%, 11/15/29

    17,000       14,136  

144A, 4.875%, 11/15/31

    17,000       13,545  

SRS Distribution, Inc.

   

144A, 6.125%, 7/1/29

    12,000       10,048  

144A, 6.00%, 12/1/29

    31,000       25,934  

Staples, Inc.

   

144A, 7.50%, 4/15/26

    66,000       58,814  

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

    36,000       27,609  

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

    28,000       23,329  
   

 

 

 

(Cost $1,038,349)

      884,285  
   

 

 

 
Consumer, Non-cyclical — 15.0%            
Agriculture — 0.4%            

Vector Group Ltd.

   

144A, 10.50%, 11/1/26

    22,000       22,072  

144A, 5.75%, 2/1/29

    33,000       28,549  
   

 

 

 

(Cost $54,380)

      50,621  
   

 

 

 
Beverages — 0.1%            

Primo Water Holdings, Inc.,
144A, 4.375%, 4/30/29
(Cost $18,989)

    19,000       16,292  
   

 

 

 
Biotechnology — 0.1%            

Grifols Escrow Issuer SA,
144A, 4.75%, 10/15/28
(Cost $18,074)

    19,000       16,262  
   

 

 

 

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services — 3.8%            

Allied Universal Holdco LLC / Allied Universal Finance Corp.

   

144A, 6.625%, 7/15/26

  $ 59,000     $ 56,101  

144A, 9.75%, 7/15/27

    48,000       44,104  

144A, 6.00%, 6/1/29

    25,000       18,712  

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

    51,000       42,445  

APX Group, Inc.

   

144A, 6.75%, 2/15/27

    15,000       14,420  

144A, 5.75%, 7/15/29

    30,000       25,167  

CoreCivic, Inc.,
8.25%, 4/15/26 (a)

    18,000       18,240  

Garda World Security Corp.

   

144A, 4.625%, 2/15/27

    14,000       12,484  

144A, 9.50%, 11/1/27

    26,000       25,021  

144A, 6.00%, 6/1/29

    11,000       9,038  

Hertz Corp.

   

144A, 4.625%, 12/1/26

    13,000       11,591  

144A, 5.00%, 12/1/29

    38,000       31,590  

MPH Acquisition Holdings LLC

   

144A, 5.50%, 9/1/28

    38,000       28,835  

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

    43,000       28,007  

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

    33,000       30,628  

Sabre GLBL, Inc.

   

144A, 9.25%, 4/15/25

    20,000       19,706  

144A, 7.375%, 9/1/25

    47,000       44,054  

144A, 11.25%, 12/15/27

    17,000       17,000  

Sotheby’s,
144A, 7.375%, 10/15/27 (a)

    20,000       18,886  

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

    29,000       29,135  
   

 

 

 

(Cost $584,298)

      525,164  
   

 

 

 
Cosmetics/Personal Care — 0.4%            

Coty, Inc.

   

144A, 5.00%, 4/15/26

    24,000       22,857  

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

    14,000       13,734  

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

    13,000       11,099  
   

 

 

 

(Cost $51,366)

      47,690  
   

 

 

 
Food — 1.7%            

B&G Foods, Inc.

   

5.25%, 4/1/25

    24,000       21,633  

5.25%, 9/15/27

    24,000       19,365  

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

    26,000       22,726  

Post Holdings, Inc.

   

144A, 5.625%, 1/15/28

    50,000       47,795  

144A, 5.50%, 12/15/29

    42,000       38,383  

144A, 4.625%, 4/15/30

    42,000       36,457  

144A, 4.50%, 9/15/31

    45,000       37,947  

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

    19,000       15,158  
   

 

 

 

(Cost $264,527)

      239,464  
   

 

 

 
   

Principal
Amount

   

Value

 
Healthcare-Services — 4.8%            

CHS/Community Health Systems, Inc.

   

144A, 8.00%, 3/15/26

  $ 67,000     $ 65,407  

144A, 5.625%, 3/15/27

    60,000       52,724  

144A, 8.00%, 12/15/27

    24,000       23,304  

144A, 6.875%, 4/1/28

    28,000       19,040  

144A, 6.00%, 1/15/29

    31,000       26,847  

144A, 6.875%, 4/15/29

    48,000       33,618  

144A, 6.125%, 4/1/30

    44,000       29,986  

144A, 5.25%, 5/15/30

    51,000       40,877  

144A, 4.75%, 2/15/31

    38,000       29,400  

DaVitA, Inc.

   

144A, 4.625%, 6/1/30

    102,000       84,173  

144A, 3.75%, 2/15/31

    48,000       36,416  

Envision Healthcare Corp.,
144A, 8.75%, 10/15/26

    29,000       6,821  

Legacy LifePoint Health LLC

   

144A, 6.75%, 4/15/25

    25,000       23,919  

144A, 4.375%, 2/15/27

    32,000       27,040  

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

    13,000       8,548  

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

    13,000       12,211  

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

    46,000       39,201  

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

    32,000       30,597  

Tenet Healthcare Corp.,
6.125%, 10/1/28 (a)

    79,000       73,146  
   

 

 

 

(Cost $752,248)

      663,275  
   

 

 

 
Household Products/Wares — 0.2%            

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

    10,000       8,201  

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

    23,000       18,230  
   

 

 

 

(Cost $30,693)

      26,431  
   

 

 

 
Pharmaceuticals — 3.5%            

AdaptHealth LLC

   

144A, 4.625%, 8/1/29

    21,000       17,646  

144A, 5.125%, 3/1/30

    16,000       13,786  

Bausch Health Americas, Inc.

   

144A, 9.25%, 4/1/26

    38,000       28,453  

144A, 8.50%, 1/31/27

    25,000       13,179  

Bausch Health Cos., Inc.

   

144A, 5.50%, 11/1/25

    63,000       54,862  

144A, 9.00%, 12/15/25

    28,000       22,206  

144A, 6.125%, 2/1/27

    26,000       17,970  

144A, 5.75%, 8/15/27

    13,000       8,642  

144A, 5.00%, 1/30/28

    7,000       3,025  

144A, 4.875%, 6/1/28

    52,000       32,550  

144A, 11.00%, 9/30/28

    63,000       49,609  

144A, 5.00%, 2/15/29

    15,000       6,475  

144A, 6.25%, 2/15/29

    23,000       10,118  

144A, 5.25%, 1/30/30

    24,000       10,380  

144A, 14.00%, 10/15/30

    14,000       8,950  

144A, 5.25%, 2/15/31

    11,000       4,926  

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

    13,000       11,514  

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

Elanco Animal Health, Inc.,
6.65%, 8/28/28

  $ 19,000     $ 18,190  

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

    26,000       20,183  

Mallinckrodt International Finance SA / Mallinckrodt CB LLC

   

144A, 10.00%, 4/15/25

    27,000       24,204  

144A, 11.50%, 12/15/28

    19,000       17,061  

Owens & Minor, Inc.

   

144A, 4.50%, 3/31/29

    21,000       16,139  

144A, 6.625%, 4/1/30

    16,000       13,202  

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

    26,000       26,353  

3.15%, 10/1/26

    10,000       8,764  

6.75%, 3/1/28 (a)

    32,000       30,790  
   

 

 

 

(Cost $623,824)

      489,177  
   

 

 

 
Energy — 11.7%            
Energy-Alternate Sources — 0.1%            

TerraForm Power Operating LLC, 144A, 5.00%, 1/31/28
(Cost $10,593)

    10,000       9,164  
   

 

 

 
Oil & Gas — 5.7%            

Ascent Resources Utica Holdings LLC / ARU Finance Corp.

   

144A, 7.00%, 11/1/26

    16,000       15,544  

144A, 5.875%, 6/30/29

    10,000       8,710  

Callon Petroleum Co.

   

144A, 8.00%, 8/1/28

    17,000       16,687  

144A, 7.50%, 6/15/30 (a)

    25,000       23,510  

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

    29,000       30,096  

CITGO Petroleum Corp.,
144A, 6.375%, 6/15/26

    17,000       16,434  

CNX Resources Corp.

   

144A, 6.00%, 1/15/29

    13,000       11,800  

144A, 7.375%, 1/15/31

    21,000       20,034  

Comstock Resources, Inc.

   

144A, 6.75%, 3/1/29

    42,000       38,691  

144A, 5.875%, 1/15/30

    40,000       34,457  

Crescent Energy Finance LLC,
144A, 9.25%, 2/15/28

    22,000       21,476  

CVR Energy, Inc.

   

144A, 5.25%, 2/15/25

    15,000       14,416  

144A, 5.75%, 2/15/28

    11,000       9,773  

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

    16,000       14,864  

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

    15,000       13,948  

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

    22,000       19,824  

144A, 7.75%, 5/1/27

    14,000       12,297  

144A, 7.50%, 3/1/28

    20,000       17,200  

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

    16,000       15,600  

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

    25,000       23,925  

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

    14,000       13,129  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

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

  $ 16,000     $ 14,940  

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

    19,000       18,352  

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

    11,000       10,331  

144A, 4.50%, 10/1/29

    33,000       27,756  

144A, 4.625%, 5/1/30

    31,000       25,838  

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

    18,000       17,964  

6.00%, 2/15/28

    29,000       27,048  

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

    19,000       17,059  

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

    50,000       48,312  

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

    16,000       16,435  

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

    12,000       11,591  

6.625%, 1/15/27

    11,000       10,435  

6.50%, 7/15/28

    11,000       10,159  

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

    25,000       22,973  

144A, 11.50%, 1/30/27

    18,000       18,518  

144A, 8.00%, 2/1/27

    24,000       21,270  

144A, 8.75%, 2/15/30

    41,000       41,666  

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

    31,000       19,555  

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

    15,000       15,136  

144A, 7.75%, 7/31/29

    5,000       4,336  
   

 

 

 

(Cost $824,673)

      792,089  
   

 

 

 
Oil & Gas Services — 1.2%            

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

    16,000       15,537  

144A, 6.25%, 4/1/28

    21,000       19,760  

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

    21,000       18,460  

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

    19,000       18,309  

6.875%, 9/1/27

    29,000       27,496  

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

    13,000       12,786  

144A, 8.625%, 4/30/30

    51,000       50,991  
   

 

 

 

(Cost $171,013)

      163,339  
   

 

 

 
Pipelines — 4.7%            

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

    18,000       17,013  

144A, 5.75%, 1/15/28

    17,000       15,975  

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

    13,000       11,427  

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

    15,000       13,823  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

144A, 6.00%, 2/1/29

  $ 29,000     $ 26,412  

144A, 8.00%, 4/1/29

    11,000       10,955  

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

    19,000       18,357  

144A, 7.50%, 6/1/27

    13,000       12,737  

144A, 6.50%, 7/1/27

    24,000       22,759  

5.50%, 7/15/28

    40,000       35,740  

144A, 4.50%, 1/15/29

    21,000       17,539  

144A, 7.50%, 6/1/30

    13,000       12,402  

144A, 4.75%, 1/15/31

    47,000       38,265  

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

    14,000       13,462  

8.00%, 1/15/27

    25,000       24,444  

7.75%, 2/1/28

    28,000       26,816  

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

    41,000       33,757  

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

    32,000       29,963  

144A, 6.50%, 9/30/26

    53,000       48,566  

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

    62,000       59,273  

NuStar Logistics LP
6.00%, 6/1/26

    25,000       23,781  

5.625%, 4/28/27

    15,000       13,972  

6.375%, 10/1/30

    15,000       14,004  

Summit Midstream Holdings LLC / Summit Midstream Finance Corp.,
144A, 8.50%, 10/15/26

    32,000       30,422  

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

    15,000       14,946  

144A, 6.00%, 3/1/27

    11,000       10,227  

144A, 5.50%, 1/15/28

    22,000       19,779  

144A, 6.00%, 12/31/30

    19,000       16,410  

144A, 6.00%, 9/1/31

    25,000       21,408  
   

 

 

 

(Cost $707,924)

      654,634  
   

 

 

 
Financial — 10.0%    
Banks — 0.4%            

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

    11,000       10,631  

144A, 8.25%, 4/15/25

    14,000       13,261  

144A, 7.625%, 5/1/26

    15,000       12,820  

144A, 6.625%, 1/15/27

    24,000       19,586  
   

 

 

 

(Cost $60,668)

      56,298  
   

 

 

 
Diversified Financial Services — 4.1%            

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

    37,000       24,274  

144A, 3.625%, 10/1/31

    34,000       20,394  

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

    33,000       13,485  

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

    26,000       21,968  

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

    11,000       8,161  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

144A, 6.125%, 4/1/28

  $ 26,000     $ 15,408  

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

    15,000       13,816  

144A, 5.50%, 8/15/28

    32,000       27,215  

144A, 5.125%, 12/15/30

    31,000       24,046  

144A, 5.75%, 11/15/31

    16,000       12,568  

Navient Corp.
6.75%, 6/25/25

    13,000       12,831  

6.75%, 6/15/26

    10,000       9,643  

5.00%, 3/15/27

    19,000       16,911  

4.875%, 3/15/28

    13,000       11,063  

5.50%, 3/15/29

    34,000       28,797  

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

    67,000       57,141  

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

    45,000       43,783  

6.625%, 1/15/28

    30,000       27,966  

3.875%, 9/15/28

    15,000       11,940  

5.375%, 11/15/29

    32,000       26,993  

4.00%, 9/15/30

    32,000       24,470  

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

    17,000       15,507  

144A, 4.25%, 2/15/29

    17,000       13,322  

144A, 5.75%, 9/15/31

    23,000       18,360  

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

    21,000       19,365  

144A, 5.75%, 6/15/27

    11,000       9,662  

144A, 5.50%, 4/15/29

    29,000       24,037  

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

    13,000       12,412  
   

 

 

 

(Cost $660,499)

      565,538  
   

 

 

 
Insurance — 0.7%            

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

    32,000       29,934  

144A, 10.125%, 8/1/26

    20,000       19,936  

144A, 6.00%, 8/1/29

    13,000       10,586  

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

    12,000       10,916  

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

    13,000       12,743  

144A, 5.625%, 1/15/29

    14,000       11,876  
   

 

 

 

(Cost $102,575)

      95,991  
   

 

 

 
Real Estate — 0.7%            

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

    17,000       13,672  

4.75%, 2/1/30

    25,000       19,242  

5.00%, 3/1/31

    24,000       18,472  

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

    24,000       17,315  

144A, 5.25%, 4/15/30

    35,000       24,015  

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

    18,000       9,555  
   

 

 

 

(Cost $132,734)

      102,271  
   

 

 

 

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts — 4.0%            

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

  $ 19,000     $ 16,300  

Diversified Healthcare Trust
9.75%, 6/15/25

    13,000       12,625  

4.75%, 2/15/28

    13,000       8,474  

4.375%, 3/1/31

    22,000       15,299  

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

    27,000       21,982  

MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27

    57,000       46,839  

4.625%, 8/1/29

    29,000       21,714  

3.50%, 3/15/31

    44,000       30,205  

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

    20,000       18,411  

3.45%, 10/15/31

    12,000       8,015  

Service Properties Trust
4.35%, 10/1/24

    32,000       30,664  

7.50%, 9/15/25

    26,000       25,797  

4.75%, 10/1/26

    15,000       13,029  

4.95%, 2/15/27

    21,000       18,121  

5.50%, 12/15/27

    16,000       14,435  

3.95%, 1/15/28

    7,000       5,601  

4.95%, 10/1/29

    22,000       17,378  

4.375%, 2/15/30

    10,000       7,651  

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

    87,000       88,744  

144A, 6.00%, 1/15/30

    26,000       16,147  

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

    83,000       83,199  

144A, 4.75%, 4/15/28

    15,000       11,911  

144A, 6.50%, 2/15/29

    38,000       24,930  
   

 

 

 

(Cost $598,331)

      557,471  
   

 

 

 
Venture Capital — 0.1%            

Compass Group Diversified Holdings LLC,
144A, 5.25%, 4/15/29
(Cost $10,344)

    10,000       8,733  
   

 

 

 
Industrial — 6.6%    
Aerospace/Defense — 2.5%            

Bombardier, Inc.
144A, 7.50%, 3/15/25

    24,000       24,002  

144A, 7.125%, 6/15/26

    41,000       40,318  

144A, 7.875%, 4/15/27

    70,000       69,669  

144A, 6.00%, 2/15/28

    30,000       28,135  

144A, 7.50%, 2/1/29

    26,000       25,510  

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

    12,000       11,160  

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

    31,000       31,006  

4.60%, 6/15/28

    29,000       23,971  

144A, 9.375%, 11/30/29

    25,000       26,529  

TransDigm, Inc.
7.50%, 3/15/27

    16,000       15,814  
   

Principal
Amount

   

Value

 
Aerospace/Defense (Continued)            

4.875%, 5/1/29

  $ 34,000     $ 29,187  

Triumph Group, Inc.
144A, 6.25%, 9/15/24

    13,000       12,992  

7.75%, 8/15/25

    11,000       10,529  
   

 

 

 

(Cost $356,404)

      348,822  
   

 

 

 
Building Materials — 0.7%            

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

    10,000       8,990  

144A, 4.875%, 12/15/27

    10,000       8,366  

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

    36,000       31,992  

Standard Industries, Inc.,
144A, 4.375%, 7/15/30

    56,000       46,675  
   

 

 

 

(Cost $108,190)

      96,023  
   

 

 

 
Electrical Components & Equipment — 0.3%        

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

    25,000       21,841  

144A, 4.375%, 3/31/29

    21,000       17,902  
   

 

 

 

(Cost $44,666)

      39,743  
   

 

 

 
Engineering & Construction — 0.3%            

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

    17,000       14,569  

144A, 6.25%, 11/29/28

    20,000       16,475  

Promontoria Holding 264 BV,
144A, 7.875%, 3/1/27

    12,000       11,556  
   

 

 

 

(Cost $42,385)

      42,600  
   

 

 

 
Environmental Control — 0.6%            

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

    10,000       8,459  

5.00%, 9/1/30

    10,000       8,296  

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

    19,000       16,548  

144A, 4.75%, 6/15/29

    19,000       16,952  

144A, 4.375%, 8/15/29

    30,000       25,998  
   

 

 

 

(Cost $86,339)

      76,253  
   

 

 

 
Machinery-Diversified — 0.3%            

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

    10,000       9,188  

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

    41,000       37,179  
   

 

 

 

(Cost $52,732)

      46,367  
   

 

 

 
Packaging & Containers — 1.5%            

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

    28,000       22,491  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 4.125%, 8/15/26

    31,000       28,240  

144A, 5.25%, 8/15/27

    40,000       32,894  

144A, 5.25%, 8/15/27

    34,000       27,960  

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

    18,000       17,142  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)            

144A, 10.50%, 7/15/27

  $ 28,000     $ 26,202  

144A, 5.875%, 11/1/28

    13,000       11,285  

144A, 8.25%, 11/1/29

    11,000       8,920  

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

    12,000       10,692  

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

    16,000       15,576  
   

 

 

 

(Cost $220,352)

      201,402  
   

 

 

 
Transportation — 0.1%            

Seaspan Corp.,
144A, 5.50%, 8/1/29
(Cost $25,234)

    27,000       20,352  
   

 

 

 
Trucking & Leasing — 0.3%            

Fortress Transportation and Infrastructure Investors LLC
144A, 9.75%, 8/1/27

    12,000       12,340  

144A, 5.50%, 5/1/28

    25,000       22,336  
   

 

 

 

(Cost $37,620)

      34,676  
   

 

 

 
Technology — 3.6%    
Computers — 1.4%            

Diebold Nixdorf, Inc.,
144A, 9.375%, 7/15/25

    28,000       19,629  

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

    70,000       55,559  

NCR Corp.
144A, 5.00%, 10/1/28

    32,000       27,540  

144A, 5.125%, 4/15/29

    32,000       27,364  

144A, 5.25%, 10/1/30

    11,000       9,100  

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

    15,000       14,270  

Seagate HDD Cayman
4.125%, 1/15/31

    5,000       4,153  

144A, 9.625%, 12/1/32

    15,600       17,072  

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

    16,894       18,098  
   

 

 

 

(Cost $213,865)

      192,785  
   

 

 

 
Office/Business Equipment — 0.3%            

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

    19,000       17,707  

144A, 5.50%, 8/15/28

    29,000       24,390  
   

 

 

 

(Cost $46,210)

      42,097  
   

 

 

 
Semiconductors — 0.1%            

ams-OSRAM AG,
144A, 7.00%, 7/31/25
(Cost $11,291)

    11,000       10,460  
   

 

 

 
Software — 1.8%            

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

    75,000       59,412  

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

    16,000       15,863  

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

    33,000       28,360  

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

    142,000       123,217  
   

Principal
Amount

   

Value

 
Software (Continued)            

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

  $ 16,000     $ 13,299  

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

    17,000       10,367  

144A, 5.375%, 12/1/28

    15,000       5,911  
   

 

 

 

(Cost $282,832)

      256,429  
   

 

 

 
Utilities — 2.3%    
Electric — 1.9%            

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

    37,000       32,868  

144A, 4.625%, 2/1/29

    31,000       26,204  

144A, 5.00%, 2/1/31

    23,000       18,999  

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

    25,000       24,653  

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

    21,000       19,733  

144A, 5.25%, 6/15/29

    20,000       17,779  

144A, 3.625%, 2/15/31

    46,000       35,702  

144A, 3.875%, 2/15/32

    13,000       10,097  

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

    25,000       22,854  

5.25%, 7/1/30

    37,000       33,068  

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

    20,000       20,464  
   

 

 

 

(Cost $290,758)

      262,421  
   

 

 

 
Gas — 0.4%            

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

    18,000       17,129  

5.875%, 8/20/26

    18,000       16,983  

5.75%, 5/20/27

    28,000       25,930  
   

 

 

 

(Cost $62,859)

      60,042  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $15,143,518)

      13,523,518  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 3.3%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)

   

(Cost $463,251)

    463,251       463,251  
   

 

 

 
CASH EQUIVALENTS — 1.9%            

DWS Government Money Market Series “Institutional Shares”, 4.51% (b)

   

(Cost $266,481)

    266,481       266,481  
   

 

 

 

TOTAL INVESTMENTS — 102.9%

   

(Cost $15,873,250)

    $ 14,253,250  

Other assets and liabilities, net — (2.9%)

      (406,562
   

 

 

 

NET ASSETS — 100.0%

    $ 13,846,688  
   

 

 

 

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 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
($)
     Number of
Shares at
2/28/2023
     Value ($) at
2/28/2023
 

SECURITIES LENDING COLLATERAL3.3%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)

 

     263,774        199,477  (d)                          5,790               463,251        463,251  

CASH EQUIVALENTS1.9%

 

DWS Government Money Market Series “Institutional Shares”, 4.51% (b)

 

     35,828        973,062       (742,409         —            —        3,574            —        266,481        266,481  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
       299,602          1,172,539         (742,409                     9,364                 729,732          729,732  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2023 amounted to $616,139, which is 4.4% of net assets.

(b)

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

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $180,599.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 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 February 28, 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)

     $        $ 13,523,518        $        $ 13,523,518  

Short-Term Investments (a)

       729,732                            729,732  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 729,732        $ 13,523,518        $     —        $ 14,253,250  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.3%    
Basic Materials — 3.2%            
Chemicals — 1.6%            

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

  $ 791,000     $ 630,870  

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

    1,132,000       1,110,967  

144A, 7.125%, 8/1/30

    1,241,000       1,245,672  

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

    1,220,000       1,016,181  

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

    1,277,000       1,201,440  

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

    1,808,000       1,773,645  

Olin Corp.
5.125%, 9/15/27

    909,000       865,009  

5.625%, 8/1/29 (a)

    1,028,000       980,584  

5.00%, 2/1/30

    966,000       880,134  

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

    995,000       973,508  

144A, 3.625%, 6/15/31

    942,000       759,700  
   

 

 

 

(Cost $12,018,014)

      11,437,710  
   

 

 

 
Iron/Steel — 0.3%            

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

    1,496,000       1,512,636  

5.875%, 6/1/27 (a)

    1,036,000       1,006,660  
   

 

 

 

(Cost $2,592,706)

      2,519,296  
   

 

 

 
Mining — 1.3%            

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

    1,133,000       1,133,000  

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

    1,419,000       1,402,738  

144A, 4.50%, 9/15/27

    1,367,000       1,259,110  

144A, 5.875%, 4/15/30

    1,139,000       1,073,832  

144A, 4.375%, 4/1/31

    2,571,000       2,175,876  

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

    1,250,000       1,179,644  

144A, 6.50%, 1/18/28

    840,000       811,241  
   

 

 

 

(Cost $9,544,978)

      9,035,441  
   

 

 

 
Communications — 15.9%    
Advertising — 0.6%    

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

    1,038,000       919,622  

4.00%, 2/15/30

    949,000       816,994  

3.625%, 1/15/31

    1,015,000       836,913  

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

    729,000       723,924  

144A, 5.00%, 8/15/27

    1,074,000       965,757  

144A, 4.25%, 1/15/29

    30,000       24,702  
   

 

 

 

(Cost $4,656,189)

      4,287,912  
   

 

 

 
Internet — 3.0%    

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

    1,950,000       1,888,673  

144A, 6.75%, 9/30/27

    1,621,000       1,595,092  
   

Principal
Amount

   

Value

 
Internet (Continued)            

144A, 7.125%, 9/30/30

  $ 1,052,000     $ 1,028,267  

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

    995,000       942,554  

144A, 3.50%, 3/1/29

    1,365,000       1,148,300  

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

    671,000       625,942  

144A, 4.625%, 6/1/28

    894,000       795,007  

144A, 4.125%, 8/1/30

    976,000       810,128  

144A, 3.625%, 10/1/31

    856,000       670,590  

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

    700,000       624,050  

3.125%, 1/14/31

    1,205,000       930,260  

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

    1,791,000       1,810,920  

144A, 8.00%, 11/1/26

    2,757,000       2,815,076  

144A, 7.50%, 9/15/27

    2,067,000       2,100,754  

144A, 6.25%, 1/15/28

    900,000       885,492  

144A, 4.50%, 8/15/29

    2,626,000       2,330,667  

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

    793,000       669,609  
   

 

 

 

(Cost $22,563,070)

      21,671,381  
   

 

 

 
Media — 9.4%            

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

    1,138,000       888,357  

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

    931,000       899,397  

144A, 5.125%, 5/1/27

    3,452,000       3,199,892  

144A, 5.00%, 2/1/28

    4,377,000       3,970,814  

144A, 5.375%, 6/1/29

    1,502,000       1,341,061  

144A, 6.375%, 9/1/29

    1,593,000       1,491,120  

144A, 4.75%, 3/1/30

    3,358,000       2,835,394  

144A, 4.50%, 8/15/30

    2,877,000       2,374,215  

144A, 4.25%, 2/1/31

    3,187,000       2,561,073  

144A, 4.75%, 2/1/32

    1,314,000       1,067,165  

4.50%, 5/1/32

    3,074,000       2,440,318  

144A, 4.50%, 6/1/33

    1,926,000       1,500,291  

144A, 4.25%, 1/15/34

    2,013,000       1,508,859  

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

    1,691,000       1,450,624  

144A, 5.125%, 2/15/32

    876,000       778,195  

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

    2,911,000       2,706,320  

144A, 4.75%, 11/1/28

    1,857,000       1,625,191  

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

    1,751,000       1,549,858  

144A, 5.00%, 8/1/27

    2,626,000       2,411,955  

144A, 4.00%, 7/15/28

    3,093,000       2,647,299  

144A, 5.50%, 7/1/29

    2,464,000       2,226,101  

144A, 4.125%, 7/1/30

    2,685,000       2,184,587  

144A, 3.875%, 9/1/31

    2,651,000       2,063,565  

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

    890,000       846,466  

4.625%, 3/15/28

    1,672,000       1,490,170  

5.00%, 9/15/29

    1,961,000       1,748,065  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)            

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

  $ 1,600,000     $ 1,502,440  

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

    2,590,000       2,524,110  

144A, 6.625%, 6/1/27

    2,682,000       2,557,629  

144A, 4.50%, 5/1/29

    1,839,000       1,552,737  

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

    2,215,000       1,872,074  

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

    895,000       886,251  

144A, 5.125%, 4/15/27

    1,081,000       1,011,794  

144A, 3.625%, 6/15/29 (a)

    916,000       772,554  

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

    2,536,000       2,300,304  

144A, 4.50%, 8/15/30

    1,588,000       1,315,833  

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

    37,000       30,470  

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

    1,678,000       1,420,533  
   

 

 

 

(Cost $73,885,188)

      67,553,081  
   

 

 

 
Telecommunications — 2.9%            

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

    2,013,000       1,873,539  

144A, 5.00%, 5/1/28

    2,714,000       2,404,631  

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

    1,306,000       1,251,879  

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

    655,200       577,488  

144A, 4.50%, 4/27/31

    1,482,000       1,198,197  

Sprint LLC
7.125%, 6/15/24

    3,946,000       3,999,271  

7.625%, 2/15/25

    2,427,000       2,489,468  

7.625%, 3/1/26

    2,988,000       3,105,656  

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

    2,372,000       1,905,338  

144A, 4.75%, 7/15/31

    2,451,000       2,032,124  
   

 

 

 

(Cost $21,951,360)

      20,837,591  
   

 

 

 
Consumer, Cyclical — 23.1%    
Airlines — 1.8%    

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

    2,066,000       1,863,617  

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

    1,550,000       1,476,232  

7.375%, 1/15/26

    1,659,000       1,708,252  

4.375%, 4/19/28

    712,000       650,412  

3.75%, 10/28/29 (a)

    742,000       634,463  

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

    3,783,000       3,549,766  

144A, 4.625%, 4/15/29

    3,387,000       3,005,645  
   

 

 

 

(Cost $13,700,355)

      12,888,387  
   

 

 

 
Auto Manufacturers — 4.6%    

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

    689,000       639,881  

144A, 5.875%, 6/1/29

    786,000       745,501  
   

Principal
Amount

   

Value

 
Auto Manufacturers (Continued)            

144A, 3.75%, 1/30/31

  $ 1,774,000     $ 1,474,709  

Ford Motor Co.
4.346%, 12/8/26 (a)

    2,637,000       2,520,332  

3.25%, 2/12/32

    4,426,000       3,350,078  

6.10%, 8/19/32

    2,935,000       2,737,627  

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

    556,000       544,133  

5.584%, 3/18/24

    1,195,000       1,188,027  

3.664%, 9/8/24

    573,000       550,209  

4.063%, 11/1/24

    1,086,000       1,045,482  

2.30%, 2/10/25

    954,000       877,838  

4.687%, 6/9/25

    458,000       438,409  

5.125%, 6/16/25

    1,336,000       1,291,231  

4.134%, 8/4/25

    1,357,000       1,279,013  

3.375%, 11/13/25

    1,803,000       1,661,681  

GMTN,
4.389%, 1/8/26

    1,056,000       997,012  

6.95%, 3/6/26

    1,043,000       1,044,131  

4.542%, 8/1/26

    573,000       531,444  

2.70%, 8/10/26

    1,345,000       1,175,564  

4.271%, 1/9/27

    827,000       751,453  

4.95%, 5/28/27

    1,145,000       1,069,069  

4.125%, 8/17/27

    954,000       851,868  

3.815%, 11/2/27

    573,000       503,687  

7.35%, 11/4/27

    1,317,000       1,337,545  

2.90%, 2/16/28

    573,000       477,615  

2.90%, 2/10/29

    573,000       466,932  

5.113%, 5/3/29

    1,285,000       1,175,775  

4.00%, 11/13/30

    1,460,000       1,222,122  

3.625%, 6/17/31

    1,129,000       895,716  
   

 

 

 

(Cost $36,630,864)

      32,844,084  
   

 

 

 
Auto Parts & Equipment — 1.3%    

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

    1,401,000       1,301,501  

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

    721,000       717,871  

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

    1,603,000       1,575,148  

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

    1,373,000       1,416,889  

5.00%, 5/31/26 (a)

    1,572,000       1,514,795  

4.875%, 3/15/27 (a)

    1,161,000       1,078,319  

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

    1,877,000       1,795,144  
   

 

 

 

(Cost $9,730,080)

      9,399,667  
   

 

 

 
Distribution/Wholesale — 0.5%    

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

    1,179,000       1,056,325  

144A, 3.875%, 11/15/29

    704,000       581,568  

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

    2,154,000       1,854,620  
   

 

 

 

(Cost $3,737,388)

      3,492,513  
   

 

 

 

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Entertainment — 4.9%    

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

  $ 6,533,000     $ 6,483,008  

144A, 7.00%, 2/15/30

    3,400,000       3,429,495  

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

    1,691,000       1,689,985  

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

    2,067,000       1,922,114  

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

    863,000       788,147  

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

    1,718,000       1,698,698  

5.375%, 4/15/27

    846,000       808,994  

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

    1,095,000       1,041,307  

144A, 4.75%, 1/15/28

    1,192,000       1,085,864  

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

    1,255,000       1,259,355  

144A, 4.125%, 4/15/26

    1,369,000       1,277,996  

144A, 6.25%, 1/15/27

    1,317,000       1,292,583  

144A, 5.25%, 1/15/29

    1,330,000       1,235,590  

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

    858,000       833,152  

144A, 6.50%, 5/15/27

    2,037,000       2,003,500  

144A, 4.75%, 10/15/27

    1,819,000       1,634,326  

144A, 3.75%, 1/15/28

    836,000       729,000  

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

    820,000       839,024  

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

    1,881,000       1,848,684  

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

    1,033,000       1,031,265  

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

    1,095,000       925,410  

144A, 3.875%, 7/15/30

    878,000       745,510  

144A, 3.00%, 2/15/31

    1,284,000       1,009,075  
   

 

 

 

(Cost $37,511,885)

      35,612,082  
   

 

 

 
Food Service — 0.8%            

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

    1,145,000       1,111,876  

144A, 6.375%, 5/1/25

    2,620,000       2,606,088  

144A, 5.00%, 2/1/28

    2,010,000       1,851,009  
   

 

 

 

(Cost $5,692,456)

      5,568,973  
   

 

 

 
Home Builders — 0.5%            

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

    785,000       781,947  

144A, 3.875%, 4/15/29

    746,000       647,908  

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

    917,000       879,467  

144A, 5.75%, 1/15/28

    728,000       686,996  

144A, 5.125%, 8/1/30

    923,000       814,548  
   

 

 

 

(Cost $4,125,394)

      3,810,866  
   

 

 

 
Home Furnishings — 0.2%            

Tempur Sealy International, Inc.,
144A, 4.00%, 4/15/29
(Cost $1,381,421)

    1,373,000       1,175,164  
   

 

 

 
   

Principal
Amount

   

Value

 
Housewares — 0.8%            

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

  $ 1,106,000     $ 1,072,975  

4.45%, 4/1/26

    3,383,000       3,205,342  

6.375%, 9/15/27

    846,000       842,366  

6.625%, 9/15/29 (a)

    817,000       811,032  
   

 

 

 

(Cost $6,338,802)

      5,931,715  
   

 

 

 
Leisure Time — 0.4%            

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

    2,376,000       2,532,864  

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

    500,000       531,922  
   

 

 

 

(Cost $3,068,323)

      3,064,786  
   

 

 

 
Lodging — 3.8%            

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

    1,751,000       1,643,244  

144A, 4.75%, 6/15/31

    1,538,000       1,359,434  

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

    846,000       837,360  

144A, 5.75%, 5/1/28

    896,000       869,911  

144A, 3.75%, 5/1/29

    1,572,000       1,364,105  

4.875%, 1/15/30

    1,634,000       1,500,747  

144A, 4.00%, 5/1/31

    1,955,000       1,665,308  

144A, 3.625%, 2/15/32

    2,591,000       2,129,517  

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

    1,464,000       1,285,840  

144A, 4.875%, 7/1/31

    860,000       723,776  

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

    3,010,000       2,898,139  

2.90%, 6/25/25

    746,000       691,755  

3.50%, 8/18/26

    1,785,000       1,633,791  

3.90%, 8/8/29

    1,299,000       1,130,914  

MGM Resorts International
6.75%, 5/1/25

    1,319,000       1,323,475  

5.75%, 6/15/25

    1,281,000       1,259,168  

4.625%, 9/1/26

    697,000       649,590  

5.50%, 4/15/27

    1,184,000       1,124,245  

4.75%, 10/15/28

    1,313,000       1,178,100  

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

    1,075,000       1,054,875  

6.00%, 4/1/27

    732,000       709,462  
   

 

 

 

(Cost $28,327,802)

      27,032,756  
   

 

 

 
Retail — 3.1%            

1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28

    2,598,000       2,313,955  

144A, 4.375%, 1/15/28

    1,333,000       1,192,822  

144A, 3.50%, 2/15/29

    1,431,000       1,219,913  

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

    697,000       624,372  

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

    834,000       777,530  

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

    909,000       790,594  

144A, 5.625%, 1/1/30

    972,000       861,167  

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

    689,000       626,225  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Retail (Continued)            

144A, 3.875%, 6/1/29

  $ 1,468,000     $ 1,228,048  

144A, 4.375%, 1/15/31

    950,000       792,096  

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

    859,000       767,727  

144A, 3.75%, 2/15/31

    875,000       708,895  

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

    820,000       767,734  

3.75%, 6/15/29

    897,000       754,610  

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

    2,155,000       1,976,006  

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

    1,136,000       995,023  

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

    1,377,000       1,256,306  

3.625%, 3/15/31

    1,806,000       1,512,823  

4.625%, 1/31/32

    1,966,000       1,739,871  

5.375%, 4/1/32

    1,812,000       1,680,561  
   

 

 

 

(Cost $25,030,164)

      22,586,278  
   

 

 

 
Toys/Games/Hobbies — 0.4%            

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

    971,000       892,072  

144A, 5.875%, 12/15/27

    1,095,000       1,070,527  

144A, 3.75%, 4/1/29

    1,127,000       975,988  
   

 

 

 

(Cost $3,229,384)

      2,938,587  
   

 

 

 
Consumer, Non-cyclical — 17.5%    
Agriculture — 0.3%            

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

    809,000       777,554  

144A, 6.00%, 6/15/30

    1,763,000       1,705,703  
   

 

 

 

(Cost $2,594,645)

      2,483,257  
   

 

 

 
Commercial Services — 4.8%            

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

    1,876,000       1,610,977  

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

    900,000       799,562  

144A, 5.375%, 3/1/29

    1,050,000       946,218  

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

    1,893,000       1,690,943  

3.50%, 6/1/31

    1,728,000       1,397,701  

Brink’s Co.
144A, 5.50%, 7/15/25

    697,000       679,274  

144A, 4.625%, 10/15/27

    1,033,000       937,644  

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

    1,377,000       1,264,862  

144A, 3.625%, 6/15/29

    1,145,000       991,856  

144A, 3.75%, 10/1/30

    1,288,000       1,091,764  

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

    2,066,000       1,948,445  

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

    1,319,000       1,297,114  

144A, 5.75%, 4/15/26

    2,013,000       1,947,406  

144A, 3.375%, 8/31/27

    1,785,000       1,545,846  

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

    820,000       764,363  

5.125%, 6/1/29

    1,197,000       1,123,684  
   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

3.375%, 8/15/30

  $ 1,660,000     $ 1,350,344  

4.00%, 5/15/31

    1,421,000       1,201,754  

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

    836,000       820,200  

3.875%, 11/15/27

    1,519,000       1,402,645  

4.875%, 1/15/28

    2,847,000       2,716,323  

5.25%, 1/15/30

    1,389,000       1,310,959  

4.00%, 7/15/30

    1,119,000       987,792  

3.875%, 2/15/31

    1,721,000       1,475,027  

3.75%, 1/15/32

    1,589,000       1,335,411  

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

    1,122,000       1,102,519  

144A, 4.625%, 8/15/28

    769,000       696,130  
   

 

 

 

(Cost $37,334,901)

      34,436,763  
   

 

 

 
Cosmetics/Personal Care — 0.2%            

Edgewell Personal Care Co.,
144A, 5.50%, 6/1/28
(Cost $1,300,935)

    1,269,000       1,186,363  
   

 

 

 
Food — 3.0%            

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

    1,333,000       1,224,703  

144A, 7.50%, 3/15/26

    1,125,000       1,146,092  

144A, 4.625%, 1/15/27

    2,443,000       2,299,144  

144A, 5.875%, 2/15/28

    1,214,000       1,176,311  

144A, 6.50%, 2/15/28

    1,313,000       1,306,330  

144A, 3.50%, 3/15/29

    2,380,000       2,020,025  

144A, 4.875%, 2/15/30

    1,706,000       1,532,548  

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

    846,000       798,174  

144A, 4.125%, 1/31/30

    1,712,000       1,504,136  

144A, 4.375%, 1/31/32

    1,204,000       1,060,466  

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

    1,825,000       1,732,272  

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

    1,268,000       1,242,220  

4.25%, 4/15/31

    84,000       70,435  

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

    791,000       770,832  

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

    1,818,000       1,813,766  

144A, 4.75%, 2/15/29

    1,536,000       1,385,725  

144A, 4.625%, 6/1/30

    859,000       750,987  
   

 

 

 

(Cost $23,209,590)

      21,834,166  
   

 

 

 
Healthcare-Products — 1.0%            

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

    2,713,000       2,496,693  

144A, 3.875%, 11/1/29

    1,343,000       1,163,293  

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

    825,000       770,039  

144A, 3.25%, 2/15/29

    1,633,000       1,409,696  

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

    809,000       763,777  

144A, 4.25%, 6/1/28

    892,000       805,913  
   

 

 

 

(Cost $8,176,661)

      7,409,411  
   

 

 

 

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Healthcare-Services — 4.7%            

Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27

  $ 816,000     $ 787,322  

144A, 3.125%, 2/15/29

    985,000       851,119  

144A, 3.50%, 4/1/30 (a)

    1,119,000       973,054  

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

    809,000       730,616  

144A, 3.75%, 3/15/29

    906,000       787,405  

144A, 4.00%, 3/15/31

    846,000       724,283  

Encompass Health Corp.
4.50%, 2/1/28

    1,414,000       1,299,777  

4.75%, 2/1/30

    1,418,000       1,255,956  

4.625%, 4/1/31

    714,000       611,238  

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

    1,819,000       1,739,055  

144A, 5.00%, 5/15/27

    1,920,000       1,828,819  

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

    1,377,000       1,251,968  

144A, 3.875%, 11/15/30

    1,142,000       963,301  

144A, 3.875%, 5/15/32

    1,356,000       1,114,686  

Tenet Healthcare Corp.
4.625%, 7/15/24

    1,148,000       1,130,424  

4.625%, 9/1/24

    300,000       295,749  

4.875%, 1/1/26

    3,769,000       3,593,296  

6.25%, 2/1/27

    2,643,000       2,576,469  

5.125%, 11/1/27

    2,644,000       2,491,071  

4.625%, 6/15/28

    945,000       855,875  

4.25%, 6/1/29

    2,483,000       2,176,598  

4.375%, 1/15/30

    2,500,000       2,194,500  

144A, 6.125%, 6/15/30

    3,554,000       3,390,187  
   

 

 

 

(Cost $35,854,325)

      33,622,768  
   

 

 

 
Household Products/Wares — 0.3%    

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

    870,000       725,702  

Spectrum Brands, Inc.,
5.75%, 7/15/25

    1,059,000       1,039,342  
   

 

 

 

(Cost $1,847,527)

      1,765,044  
   

 

 

 
Pharmaceuticals — 3.2%            

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

    2,663,000       2,360,949  

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

    3,677,000       3,248,997  

144A, 5.125%, 4/30/31

    3,502,000       2,976,543  

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

    1,537,000       1,472,884  

4.375%, 3/15/26

    1,134,000       1,066,833  

4.40%, 6/15/30

    1,278,000       1,099,195  

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

    597,000       561,345  

144A, 3.75%, 4/1/31

    1,077,000       876,167  

Teva Pharmaceutical Finance Netherlands I