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 III BV
6.00%, 4/15/24

    1,862,000       1,860,073  

7.125%, 1/31/25

    1,860,000       1,885,212  
   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

3.15%, 10/1/26

  $ 6,159,000     $ 5,397,932  
   

 

 

 

(Cost $24,226,220)

      22,806,130  
   

 

 

 
Energy — 9.8%    
Oil & Gas — 5.1%            

Antero Resources Corp.
144A, 7.625%, 2/1/29

    820,000       826,927  

144A, 5.375%, 3/1/30

    970,000       884,573  

Apache Corp.,
4.25%, 1/15/30

    1,004,000       887,866  

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

    746,000       731,957  

144A, 5.875%, 2/1/29

    900,000       841,936  

144A, 6.75%, 4/15/29

    1,637,000       1,587,604  

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

    1,761,000       1,701,240  

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

    1,207,000       1,226,366  

Murphy Oil Corp.
5.75%, 8/15/25

    444,000       439,989  

5.875%, 12/1/27

    979,000       936,709  

6.375%, 7/15/28

    719,000       694,777  

Occidental Petroleum Corp.
2.90%, 8/15/24

    978,000       933,324  

5.875%, 9/1/25

    1,293,000       1,291,209  

5.50%, 12/1/25

    682,000       676,629  

5.55%, 3/15/26

    1,378,000       1,369,257  

8.50%, 7/15/27

    857,000       920,371  

6.375%, 9/1/28

    1,015,000       1,026,617  

8.875%, 7/15/30

    2,031,000       2,310,222  

6.625%, 9/1/30

    2,387,000       2,456,044  

6.125%, 1/1/31

    2,029,000       2,039,084  

7.50%, 5/1/31

    1,390,000       1,485,590  

7.875%, 9/15/31

    849,000       923,088  

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

    1,269,000       1,239,416  

144A, 4.75%, 2/15/30 (a)

    870,000       779,524  

Southwestern Energy Co.
5.375%, 2/1/29

    1,197,000       1,120,940  

5.375%, 3/15/30

    2,101,000       1,925,609  

4.75%, 2/1/32

    2,011,000       1,731,149  

Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27

    1,095,000       1,077,151  

4.50%, 5/15/29

    1,465,000       1,287,170  

4.50%, 4/30/30

    1,300,000       1,127,750  
   

 

 

 

(Cost $39,482,268)

      36,480,088  
   

 

 

 
Pipelines — 4.7%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    946,000       956,405  

144A, 5.375%, 6/15/29

    1,313,000       1,183,026  

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

    746,000       700,132  

3.95%, 12/1/26

    1,084,000       959,615  

4.125%, 12/1/27

    717,000       621,292  

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

    2,482,000       2,176,165  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

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

  $ 746,000     $ 724,419  

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

    1,982,000       1,696,522  

144A, 4.375%, 6/15/31

    1,738,000       1,457,443  

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

    810,000       772,339  

5.375%, 6/1/29

    925,000       859,910  

144A, 6.50%, 9/1/30

    1,205,000       1,188,437  

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

    629,000       603,840  

4.85%, 7/15/26

    872,000       827,602  

EQM Midstream Partners LP,
4.125%, 12/1/26

    846,000       753,724  

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

    1,186,000       1,154,933  

144A, 5.125%, 6/15/28

    980,000       900,054  

144A, 4.25%, 2/15/30

    1,291,000       1,091,398  

144A, 5.50%, 10/15/30

    727,000       658,793  

NuStar Logistics LP,
5.75%, 10/1/25

    1,143,000       1,103,488  

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

    689,000       637,886  

144A, 4.95%, 7/15/29

    961,000       836,839  

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

    2,389,000       2,062,770  

144A, 6.25%, 1/15/30

    1,650,000       1,629,499  

144A, 4.125%, 8/15/31

    2,122,000       1,822,533  

144A, 3.875%, 11/1/33

    2,189,000       1,787,209  

Western Midstream Operating LP
3.35%, 2/1/25

    1,090,000       1,034,256  

4.65%, 7/1/26

    867,000       824,578  

4.50%, 3/1/28

    789,000       728,100  

4.75%, 8/15/28

    640,000       592,681  

4.30%, 2/1/30

    2,160,000       1,915,785  
   

 

 

 

(Cost $37,753,425)

      34,261,673  
   

 

 

 
Financial — 9.8%    
Diversified Financial Services — 2.8%            

LPL Holdings, Inc.
144A, 4.625%, 11/15/27

    689,000       641,399  

144A, 4.00%, 3/15/29

    1,550,000       1,364,069  

144A, 4.375%, 5/15/31

    704,000       609,720  

Navient Corp.

   

MTN, 6.125%, 3/25/24

    1,348,000       1,339,467  

5.875%, 10/25/24

    896,000       874,159  

6.75%, 6/25/25

    975,000       962,325  

NFP Corp.,
144A, 4.875%, 8/15/28

    946,000       828,996  

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

    1,949,000       1,923,746  

6.875%, 3/15/25

    2,174,000       2,133,814  

3.50%, 1/15/27

    1,343,000       1,129,276  

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

    1,965,000       1,686,324  

144A, 3.625%, 3/1/29

    1,282,000       1,034,510  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

144A, 3.875%, 3/1/31

  $ 2,263,000     $ 1,765,755  

144A, 4.00%, 10/15/33

    1,466,000       1,083,422  

SLM Corp.
4.20%, 10/29/25

    806,000       738,935  

3.125%, 11/2/26

    906,000       782,576  

Synchrony Financial,
7.25%, 2/2/33

    1,313,000       1,263,250  
   

 

 

 

(Cost $22,410,818)

      20,161,743  
   

 

 

 
Insurance — 0.7%            

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

    1,201,000       981,997  

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

    2,925,000       2,877,686  

144A, 5.625%, 12/1/29

    939,000       807,379  
   

 

 

 

(Cost $4,708,171)

      4,667,062  
   

 

 

 
Real Estate — 0.4%            

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

    1,285,000       1,165,893  

144A, 4.125%, 2/1/29

    1,217,000       1,015,175  

144A, 4.375%, 2/1/31

    1,119,000       912,835  
   

 

 

 

(Cost $3,499,976)

      3,093,903  
   

 

 

 
Real Estate Investment Trusts — 4.6%            

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

    1,628,000       1,500,495  

HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25

    673,000       646,742  

144A, 3.375%, 6/15/26

    1,727,000       1,499,943  

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

    1,751,000       1,613,782  

144A, 5.25%, 3/15/28

    1,396,000       1,286,477  

144A, 5.00%, 7/15/28

    866,000       785,739  

144A, 4.875%, 9/15/29

    1,751,000       1,534,112  

144A, 5.25%, 7/15/30

    2,352,000       2,053,625  

144A, 4.50%, 2/15/31

    1,919,000       1,590,654  

144A, 5.625%, 7/15/32

    1,050,000       909,647  

iStar, Inc.
4.75%, 10/1/24

    1,297,000       1,295,031  

4.25%, 8/1/25

    820,000       816,519  

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

    1,122,000       955,026  

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

    861,000       766,080  

3.50%, 3/15/31

    30,000       20,594  

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

    1,219,000       1,223,752  

144A, 5.875%, 10/1/28

    1,287,000       1,146,211  

144A, 4.875%, 5/15/29

    1,313,000       1,098,546  

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

    1,205,000       1,108,962  

144A, 4.50%, 2/15/29

    1,103,000       961,114  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)        

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

  $ 896,000     $ 811,595  

144A, 4.00%, 9/15/29

    841,000       694,060  

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

    2,797,000       2,533,259  

3.125%, 2/1/29

    2,455,000       2,029,303  

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

    697,000       656,726  

4.75%, 3/15/25

    809,000       766,818  

144A, 3.625%, 7/15/26

    742,000       649,857  

144A, 4.375%, 1/15/27

    911,000       790,316  

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

    746,000       724,277  

144A, 4.875%, 6/1/29

    892,000       762,767  
   

 

 

 

(Cost $35,627,613)

      33,232,029  
   

 

 

 
Venture Capital — 1.3%            

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

    2,188,000       2,128,421  

6.375%, 12/15/25

    1,313,000       1,297,178  

6.25%, 5/15/26

    2,111,000       2,050,214  

5.25%, 5/15/27

    2,496,000       2,311,467  

4.375%, 2/1/29

    1,272,000       1,100,201  
   

 

 

 

(Cost $8,995,835)

      8,887,481  
   

 

 

 
Industrial — 10.1%    
Aerospace/Defense — 3.6%            

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

    2,123,000       2,101,558  

6.875%, 5/1/25

    1,155,000       1,176,321  

3.00%, 1/15/29

    1,144,000       983,503  

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

    1,770,000       1,646,100  

144A, 5.75%, 10/15/27

    1,788,000       1,727,950  

TransDigm, Inc.
144A, 8.00%, 12/15/25

    2,121,000       2,169,635  

144A, 6.25%, 3/15/26

    7,617,000       7,525,916  

6.375%, 6/15/26

    1,750,000       1,699,010  

5.50%, 11/15/27

    4,856,000       4,477,999  

4.625%, 1/15/29

    1,900,000       1,634,774  

Triumph Group, Inc.,
144A, 8.875%, 6/1/24

    983,000       1,027,077  
   

 

 

 

(Cost $26,911,469)

      26,169,843  
   

 

 

 
Building Materials — 1.1%            

Builders FirstSource, Inc.
144A, 5.00%, 3/1/30

    957,000       863,178  

144A, 4.25%, 2/1/32

    2,316,000       1,946,671  

144A, 6.375%, 6/15/32

    1,226,000       1,178,442  

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

    1,463,000       1,353,142  

144A, 4.75%, 1/15/28

    1,722,000       1,548,403  

Summit Materials LLC / Summit Materials Finance Corp.,
144A, 5.25%, 1/15/29

    1,205,000       1,109,944  
   

 

 

 

(Cost $8,492,807)

      7,999,780  
   

 

 

 
   

Principal
Amount

   

Value

 
Electrical Components & Equipment — 0.7%        

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

  $ 2,497,000     $ 2,525,428  

144A, 7.25%, 6/15/28

    2,376,000       2,409,599  
   

 

 

 

(Cost $5,037,325)

      4,935,027  
   

 

 

 
Electronics — 0.8%            

Sensata Technologies BV
144A, 5.625%, 11/1/24

    637,000       630,896  

144A, 5.00%, 10/1/25

    1,144,000       1,114,032  

144A, 4.00%, 4/15/29

    1,887,000       1,666,400  

144A, 5.875%, 9/1/30

    846,000       803,198  

Sensata Technologies, Inc.
144A, 4.375%, 2/15/30

    831,000       736,013  

144A, 3.75%, 2/15/31

    1,258,000       1,049,889  
   

 

 

 

(Cost $6,670,680)

      6,000,428  
   

 

 

 
Environmental Control — 0.9%            

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

    861,000       855,989  

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

    809,000       775,208  

144A, 3.75%, 8/1/25

    1,319,000       1,242,940  

144A, 5.125%, 12/15/26

    896,000       858,712  

144A, 3.50%, 9/1/28

    1,289,000       1,127,617  

Stericycle, Inc.
144A, 5.375%, 7/15/24

    1,033,000       1,018,078  

144A, 3.875%, 1/15/29

    860,000       738,045  
   

 

 

 

(Cost $7,043,675)

      6,616,589  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

Hillenbrand, Inc.,
5.75%, 6/15/25
(Cost $809,785)

    797,000       787,886  
   

 

 

 
Packaging & Containers — 2.7%            

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

    955,000       925,271  

144A, 3.25%, 9/1/28

    1,168,000       981,697  

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

    1,044,000       1,010,331  

Ball Corp.
5.25%, 7/1/25

    1,841,000       1,809,641  

4.875%, 3/15/26

    1,119,000       1,082,369  

6.875%, 3/15/28

    1,371,000       1,385,944  

2.875%, 8/15/30

    2,261,000       1,807,104  

3.125%, 9/15/31

    1,563,000       1,253,237  

Berry Global, Inc.,
144A, 5.625%, 7/15/27

    969,000       933,724  

Crown Americas LLC,
5.25%, 4/1/30 (a)

    861,000       802,153  

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

    801,000       701,532  

144A, 3.75%, 2/1/30

    670,000       571,661  

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

    670,000       596,967  

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

    1,793,000       1,565,737  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Packaging & Containers (Continued)            

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

  $ 599,000     $ 589,081  

144A, 5.50%, 9/15/25

    647,000       637,295  

144A, 4.00%, 12/1/27

    919,000       821,197  

144A, 5.00%, 4/15/29

    634,000       584,973  

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

    1,027,000       939,859  
   

 

 

 

(Cost $20,658,633)

      18,999,773  
   

 

 

 
Trucking & Leasing — 0.2%            

Fortress Transportation and Infrastructure Investors LLC,
144A, 6.50%, 10/1/25
(Cost $1,113,975)

    1,150,000       1,126,891  
   

 

 

 
Technology — 5.5%    
Computers — 1.5%            

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

    826,000       801,288  

144A, 6.125%, 9/1/29

    912,000       888,156  

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

    873,000       795,961  

Seagate HDD Cayman
4.875%, 3/1/24

    996,000       982,454  

4.75%, 1/1/25

    815,000       787,706  

4.875%, 6/1/27

    932,000       878,457  

4.091%, 6/1/29

    831,000       717,735  

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

    3,958,000       3,740,706  

2.85%, 2/1/29

    918,000       722,457  

3.10%, 2/1/32

    895,000       645,633  
   

 

 

 

(Cost $11,338,853)

      10,960,553  
   

 

 

 
Semiconductors — 0.9%            

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

    2,801,000       2,549,031  

144A, 5.95%, 6/15/30

    1,581,000       1,472,463  

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

    689,000       609,771  

144A, 3.625%, 5/1/29 (a)

    689,000       571,946  

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

    1,222,000       1,075,122  
   

 

 

 

(Cost $6,499,428)

      6,278,333  
   

 

 

 
Software — 3.1%            

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

    1,598,000       1,375,701  

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

    847,000       824,605  

144A, 4.00%, 6/15/28

    1,481,000       1,346,348  

MSCI, Inc.
144A, 4.00%, 11/15/29

    1,905,000       1,685,735  

144A, 3.625%, 9/1/30

    1,459,000       1,243,287  

144A, 3.875%, 2/15/31

    1,801,000       1,552,822  

144A, 3.625%, 11/1/31

    1,068,000       894,124  

144A, 3.25%, 8/15/33

    1,199,000       946,796  

Open Text Corp.
144A, 6.90%, 12/1/27

    202,000       204,202  

144A, 3.875%, 2/15/28

    1,550,000       1,337,805  

144A, 3.875%, 12/1/29

    1,480,000       1,210,225  

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

    1,535,000       1,265,576  
   

Principal
Amount

   

Value

 
Software (Continued)            

144A, 4.125%, 12/1/31

  $ 1,119,000     $ 891,519  

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

    861,000       819,642  

144A, 4.00%, 2/15/28

    865,000       786,545  

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

    1,726,000       1,420,515  

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

    3,458,000       3,257,444  

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

    939,000       789,739  

3.875%, 3/15/31

    799,000       655,040  
   

 

 

 

(Cost $25,044,071)

      22,507,670  
   

 

 

 
Utilities — 3.4%    
Electric — 3.1%            

Calpine Corp.
144A, 5.25%, 6/1/26

    786,000       754,248  

144A, 4.50%, 2/15/28

    2,089,000       1,882,300  

144A, 3.75%, 3/1/31

    1,649,000       1,340,459  

Clearway Energy Operating LLC
144A, 4.75%, 3/15/28

    1,389,000       1,276,179  

144A, 3.75%, 2/15/31

    1,640,000       1,325,899  

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

    727,000       682,737  

FirstEnergy Corp.

   

Series B, 4.15%, 7/15/27

    2,457,000       2,294,580  

2.65%, 3/1/30

    1,129,000       937,307  

Series B, 2.25%, 9/1/30

    789,000       629,977  

NextEra Energy Operating Partners LP
144A, 4.25%, 7/15/24

    1,434,000       1,387,237  

144A, 3.875%, 10/15/26

    912,000       826,363  

144A, 4.50%, 9/15/27

    870,000       794,849  

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

    1,919,000       1,834,839  

144A, 5.625%, 2/15/27

    2,239,000       2,124,166  

144A, 5.00%, 7/31/27

    2,259,000       2,104,157  

144A, 4.375%, 5/1/29

    2,180,000       1,885,577  
   

 

 

 

(Cost $24,031,171)

      22,080,874  
   

 

 

 
Gas — 0.3%            

AmeriGas Partners LP / AmeriGas Finance Corp.
5.625%, 5/20/24

    1,372,000       1,342,611  

5.50%, 5/20/25

    1,206,000       1,147,679  
   

 

 

 

(Cost $2,525,428)

      2,490,290  
   

 

 

 
TOTAL CORPORATE BONDS            

(Cost $758,916,033)

      706,970,088  
   

 

 

 
   

Number

of Shares

       
SECURITIES LENDING COLLATERAL — 1.7%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
(Cost $12,621,919)

    12,621,919       12,621,919  
   

 

 

 

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
CASH EQUIVALENTS — 0.7%            

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

   

(Cost $5,136,544)

  $ 5,136,544     $ 5,136,544  
   

 

 

 

TOTAL INVESTMENTS — 100.7%
(Cost $776,674,496)

    $ 724,728,551  

Other assets and liabilities, net — (0.7%)

      (5,274,014
   

 

 

 

NET ASSETS — 100.0%

    $ 719,454,537  
   

 

 

 

 

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
 

CORPORATE BONDS0.0%

 

  

Financial0.0%

 

  

Deutsche Bank AG, 5.882%, 7/08/31 (d)

 

  
  1,552,065            (1,467,170     (398,114     313,219        15,533                       

Deutsche Bank AG, 3.729%, 1/14/32 (d)

 

  
  3,038,749            (2,883,343     (973,927     818,521        24,591                       

Deutsche Bank AG, 3.742%, 1/07/33 (d)

 

  
  2,794,732      46,341       (2,703,931     (903,636     766,494        24,328                       

SECURITIES LENDING COLLATERAL1.7%

 

  

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

 

  
  9,125,075      3,496,844  (e)                         94,983               12,621,919        12,621,919  

CASH EQUIVALENTS0.7%

 

  

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

 

  
  10,573,885      65,991,983       (71,429,324                  129,915            —        5,136,544        5,136,544  
 

 

  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
    27,084,506        69,535,168         (78,483,768       (2,275,677       1,898,234          289,350                 17,758,463          17,758,463  
 

 

  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 $12,173,331, which is 1.7% 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.

(d)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2023.

 

GMTN:   Global Medium Term Note
MTN:   Medium Term Note
REIT:   Real Estate Investment Trust
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

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)

     $        $ 706,970,088        $     —        $ 706,970,088  

Short-Term Investments (a)

       17,758,463                            17,758,463  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 17,758,463        $ 706,970,088        $        $ 724,728,551  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Risk Managed USD High Yield Strategy ETF

February 28, 2023 (Unaudited)

 

   

Number
of Shares

   

Value

 
EXCHANGE-TRADED FUNDS — 98.9%            

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

    24,823     $ 981,313  

Xtrackers USD High Yield Corporate Bond ETF (b)

    1,259,049       42,996,523  
   

 

 

 

TOTAL EXCHANGE-TRADED FUNDS
(Cost $48,462,184)

      43,977,836  
   

 

 

 
SECURITIES LENDING COLLATERAL — 0.1%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (c)(d)
(Cost $40,500)

    40,500       40,500  
   

 

 

 
CASH EQUIVALENTS — 1.1%        

DWS Government Money Market Series “Institutional Shares”, 4.51% (c)
(Cost $480,896)

    480,896       480,896  
   

 

 

 

TOTAL INVESTMENTS — 100.1%
(Cost $48,983,580)

    $ 44,499,232  

Other assets and liabilities, net — (0.1%)

      (43,689
   

 

 

 

NET ASSETS — 100.0%

    $ 44,455,543  
   

 

 

 

 

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
 

EXCHANGE-TRADED FUNDS98.9%

 

  

Xtrackers High Beta High Yield Bond ETF (b)

 

  
     1,090,918        36,451       (144,949     (6,740     5,633        39,071               24,823        981,313  

Xtrackers USD High Yield Corporate Bond ETF (b)

 

  
     48,129,309        1,612,879       (6,752,957     (263,746     271,038        1,351,080               1,259,049        42,996,523  

SECURITIES LENDING COLLATERAL0.1%

 

  

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

 

  
            40,500 (e)                         1,006               40,500        40,500  

CASH EQUIVALENTS1.1%

 

  

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

 

  
     374,305        447,743       (341,152                  6,881               480,896        480,896  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
       49,594,532          2,137,573         (7,239,058       (270,486       276,671          1,398,038            —          1,805,268          44,499,232  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 $39,532, which is 0.1% of net assets.

(b)

Affiliated fund advised by DBX Advisors LLC.

(c)

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

(d)

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

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2023.

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

February 28, 2023 (Unaudited)

 

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  

Exchange-Traded Funds

     $ 43,977,836        $        $        $ 43,977,836  

Short-Term Investments (a)

       521,396                            521,396  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 44,499,232        $   —        $   —        $ 44,499,232  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.3%    
Basic Materials — 4.1%    
Chemicals — 1.4%            

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

  $ 150,000     $ 147,213  

Chemours Co.,
5.375%, 5/15/27 (a)

    75,000       68,389  

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

    138,000       121,534  

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

    100,000       94,083  

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

    178,000       174,618  

144A, 5.00%, 5/1/25

    97,000       92,587  

144A, 5.25%, 6/1/27

    179,000       161,342  

Olin Corp.,
5.125%, 9/15/27

    167,000       158,918  
   

 

 

 

(Cost $1,047,410)

      1,018,684  
   

 

 

 
Iron/Steel — 0.7%            

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

    155,000       156,724  

5.875%, 6/1/27 (a)

    100,000       97,168  

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

    170,000       169,878  

144A, 8.00%, 11/1/27

    116,000       115,524  
   

 

 

 

(Cost $548,789)

      539,294  
   

 

 

 
Mining — 2.0%            

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

    169,000       169,000  

144A, 6.125%, 2/15/28

    120,000       118,636  

First Quantum Minerals Ltd.
144A, 6.50%, 3/1/24

    6,000       5,946  

144A, 7.50%, 4/1/25

    276,000       267,965  

144A, 6.875%, 3/1/26

    194,000       185,270  

144A, 6.875%, 10/15/27

    250,000       234,775  

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

    137,000       135,430  

144A, 4.50%, 9/15/27

    100,000       92,107  

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

    85,000       76,403  

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

    128,000       120,796  

144A, 6.50%, 1/18/28

    111,000       107,200  
   

 

 

 

(Cost $1,545,204)

      1,513,528  
   

 

 

 
Communications — 17.9%    
Advertising — 0.7%            

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

    214,000       191,199  

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

    182,000       122,662  

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

    100,000       88,596  

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

    65,000       64,547  

144A, 5.00%, 8/15/27

    119,000       107,007  
   

 

 

 

(Cost $593,522)

      574,011  
   

 

 

 
   

Principal
Amount

   

Value

 
Internet — 1.8%            

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

  $ 160,000     $ 154,968  

144A, 6.75%, 9/30/27

    152,000       149,571  

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

    100,000       94,729  

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

    50,000       46,642  

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

    50,000       44,575  

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

    165,000       165,627  

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

    225,000       227,503  

144A, 8.00%, 11/1/26

    244,000       249,140  

144A, 7.50%, 9/15/27

    176,000       178,874  

144A, 6.25%, 1/15/28

    80,000       78,710  
   

 

 

 

(Cost $1,395,078)

      1,390,339  
   

 

 

 
Media — 8.1%            

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

    200,000       166,156  

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

    68,000       67,733  

4.75%, 8/1/25

    160,000       151,468  

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

    100,000       96,606  

144A, 5.125%, 5/1/27

    599,000       555,254  

144A, 5.00%, 2/1/28

    420,000       381,024  

CSC Holdings LLC
5.25%, 6/1/24

    142,000       137,717  

144A, 5.50%, 4/15/27

    237,000       206,432  

144A, 5.375%, 2/1/28

    170,000       141,950  

DISH DBS Corp.
5.00%, 3/15/23

    209,000       208,666  

5.875%, 11/15/24

    390,000       364,295  

7.75%, 7/1/26

    312,000       242,504  

144A, 5.25%, 12/1/26

    505,000       423,884  

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

    615,000       624,167  

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

    143,000       129,301  

144A, 7.00%, 5/15/27

    127,000       114,773  

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

    162,000       152,886  

8.375%, 5/1/27

    226,000       199,106  

144A, 5.25%, 8/15/27

    101,000       87,999  

144A, 4.75%, 1/15/28

    50,000       42,101  

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

    295,000       274,258  

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

    270,000       238,984  

144A, 5.00%, 8/1/27

    168,000       154,306  

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

    102,000       97,011  

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

    250,000       243,640  

144A, 6.625%, 6/1/27

    244,000       232,685  

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)            

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

  $ 100,000     $ 88,090  

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

    121,000       119,817  

144A, 5.125%, 4/15/27

    80,000       74,878  

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

    106,000       98,683  
   

 

 

 

(Cost $6,525,605)

      6,116,374  
   

 

 

 
Telecommunications — 7.3%            

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

    289,000       238,954  

144A, 6.00%, 2/15/28

    170,000       117,062  

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

    259,000       242,025  

144A, 5.50%, 1/15/28

    235,000       193,807  

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

    225,000       204,068  

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

    215,000       206,301  

144A, 5.00%, 3/15/27

    118,000       90,016  

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

    268,000       258,492  

144A, 8.25%, 3/1/27

    192,000       163,722  

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

    188,000       174,975  

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

    150,000       143,784  

6.625%, 8/1/26 (a)

    126,000       118,735  

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

    221,000       206,746  

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

    127,000       106,946  

144A, 4.625%, 9/15/27

    186,000       138,053  

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

    120,000       88,013  

144A, 4.00%, 2/15/27

    204,000       156,866  

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

    65,700       57,907  

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

    84,000       77,424  

Sprint LLC
7.875%, 9/15/23

    714,000       721,230  

7.125%, 6/15/24

    550,000       557,425  

7.625%, 2/15/25

    120,000       123,089  

7.625%, 3/1/26

    315,000       327,403  

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

    259,000       252,455  

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

    113,000       100,501  

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

    236,000       218,737  

144A, 5.625%, 4/15/27

    14,000       12,786  

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

    256,000       197,376  
   

 

 

 

(Cost $5,832,466)

      5,494,898  
   

 

 

 
   

Principal
Amount

   

Value

 
Consumer, Cyclical — 25.6%            
Airlines — 2.5%            

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

  $ 203,000     $ 183,114  

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

    85,000       77,675  

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

    480,000       526,240  

144A, 7.25%, 2/15/28

    90,000       88,119  

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

    140,000       133,337  

7.375%, 1/15/26

    122,000       125,622  

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

    201,252       187,260  

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

    150,000       150,863  

144A, 8.00%, 9/20/25

    70,000       70,367  

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

    385,000       361,264  
   

 

 

 

(Cost $2,007,301)

      1,903,861  
   

 

 

 
Apparel — 0.2%            

Hanesbrands, Inc.,
144A, 4.875%, 5/15/26
(Cost $183,839)

    177,000       163,631  
   

 

 

 
Auto Manufacturers — 3.6%            

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

    61,000       56,651  

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

    180,000       179,763  

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

    300,000       286,727  

Ford Motor Credit Co. LLC
5.584%, 3/18/24

    130,000       129,242  

3.664%, 9/8/24

    213,000       204,528  

4.063%, 11/1/24

    215,000       206,979  

2.30%, 2/10/25

    161,000       148,147  

4.687%, 6/9/25

    97,000       92,851  

5.125%, 6/16/25

    186,000       179,767  

4.134%, 8/4/25

    125,000       117,816  

3.375%, 11/13/25

    210,000       193,540  

GMTN, 4.389%, 1/8/26

    180,000       169,945  

4.542%, 8/1/26

    82,000       76,053  

2.70%, 8/10/26

    151,000       131,978  

4.271%, 1/9/27

    113,000       102,677  

4.95%, 5/28/27

    159,000       148,456  

4.125%, 8/17/27

    107,000       95,545  

3.815%, 11/2/27

    35,000       30,766  

7.35%, 11/4/27

    128,000       129,997  

2.90%, 2/16/28

    50,000       41,677  
   

 

 

 

(Cost $2,853,207)

      2,723,105  
   

 

 

 
Auto Parts & Equipment — 1.9%            

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

    134,000       124,483  

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

    111,000       102,723  

 

See Notes to Financial Statements.   31  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Auto Parts & Equipment (Continued)            

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

  $ 66,000     $ 65,713  

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

    187,000       183,751  

144A, 8.50%, 5/15/27

    331,000       329,361  

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

    46,000       42,493  

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

    143,000       147,571  

5.00%, 5/31/26 (a)

    152,000       146,469  

4.875%, 3/15/27 (a)

    118,000       109,597  

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

    182,000       174,063  
   

 

 

 

(Cost $1,476,574)

      1,426,224  
   

 

 

 
Distribution/Wholesale — 0.1%            

American Builders & Contractors Supply Co., Inc.,
144A, 4.00%, 1/15/28
(Cost $104,078)

    115,000       103,034  
   

 

 

 
Entertainment — 4.3%            

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

    247,000       127,823  

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

    497,000       493,197  

144A, 8.125%, 7/1/27 (a)

    325,000       328,347  

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

    169,000       168,899  

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

    192,000       189,843  

5.375%, 4/15/27

    97,000       92,757  

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

    102,000       96,998  

144A, 4.75%, 1/15/28

    120,000       109,315  

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

    78,000       71,196  

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

    108,000       108,375  

144A, 4.125%, 4/15/26

    127,000       118,558  

144A, 6.25%, 1/15/27

    143,000       140,349  

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

    137,000       133,032  

144A, 6.50%, 5/15/27

    163,000       160,319  

144A, 4.75%, 10/15/27

    175,000       157,233  

144A, 3.75%, 1/15/28

    80,000       69,761  

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

    224,000       210,058  

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

    68,000       63,124  

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

    102,000       104,366  

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

    195,000       191,650  

144A, 5.50%, 4/15/27 (a)

    56,000       52,693  
   

Principal
Amount

   

Value

 
Entertainment (Continued)            

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

  $ 100,000     $ 99,832  
   

 

 

 

(Cost $3,461,831)

      3,287,725  
   

 

 

 
Food Service — 0.8%            

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

    50,000       48,554  

144A, 6.375%, 5/1/25

    434,000       431,695  

144A, 5.00%, 2/1/28

    150,000       138,135  
   

 

 

 

(Cost $627,557)

      618,384  
   

 

 

 
Home Builders — 0.5%            

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

    90,000       78,586  

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

    97,000       86,740  

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

    78,000       77,697  

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

    85,000       81,521  

144A, 5.75%, 1/15/28

    80,000       75,494  
   

 

 

 

(Cost $404,876)

      400,038  
   

 

 

 
Housewares — 0.7%            

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

    68,000       65,970  

4.45%, 4/1/26

    346,000       327,830  

6.375%, 9/15/27

    125,000       124,463  
   

 

 

 

(Cost $560,324)

      518,263  
   

 

 

 
Leisure Time — 4.0%            

Carnival Corp.
144A, 10.50%, 2/1/26

    140,000       145,116  

144A, 7.625%, 3/1/26

    289,000       260,606  

144A, 5.75%, 3/1/27

    619,000       508,310  

144A, 9.875%, 8/1/27

    93,000       94,774  

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

    176,000       169,220  

144A, 8.00%, 4/15/26

    80,000       77,158  

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

    94,000       88,360  

144A, 5.875%, 3/15/26

    257,000       222,608  

144A, 5.875%, 2/15/27

    197,000       182,907  

144A, 8.375%, 2/1/28

    60,000       61,181  

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

    251,000       267,571  

144A, 4.25%, 7/1/26

    194,000       170,404  

144A, 5.50%, 8/31/26

    169,000       153,138  

144A, 5.375%, 7/15/27

    134,000       117,847  

144A, 11.625%, 8/15/27

    192,000       205,046  

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

    152,000       161,704  

144A, 5.875%, 9/15/27

    139,000       119,369  
   

 

 

 

(Cost $3,167,961)

      3,005,319  
   

 

 

 

 

See Notes to Financial Statements.   32  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Lodging — 3.8%            

Boyd Gaming Corp.,
4.75%, 12/1/27 (a)

  $ 156,000     $ 146,400  

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

    81,000       80,173  

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

    313,000       301,368  

2.90%, 6/25/25

    100,000       92,729  

3.50%, 8/18/26

    180,000       164,752  

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

    200,000       186,750  

144A, 5.25%, 4/26/26

    85,000       76,694  

144A, 5.625%, 7/17/27

    100,000       88,509  

MGM Resorts International
6.00%, 3/15/23

    222,000       222,200  

6.75%, 5/1/25

    181,000       181,614  

5.75%, 6/15/25

    101,000       99,279  

4.625%, 9/1/26

    78,000       72,694  

5.50%, 4/15/27

    101,000       95,903  

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

    100,000       88,057  

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

    80,000       72,164  

144A, 6.50%, 1/15/28

    90,000       76,532  

Travel + Leisure Co.
3.90%, 3/1/23

    88,000       88,000  

144A, 6.625%, 7/31/26

    110,000       107,941  

6.00%, 4/1/27

    73,000       70,752  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A, 4.25%, 5/30/23

    109,000       108,773  

144A, 5.50%, 3/1/25

    295,000       287,217  

144A, 5.25%, 5/15/27 (a)

    153,000       142,662  
   

 

 

 

(Cost $2,891,055)

      2,851,163  
   

 

 

 
Retail — 2.9%            

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

    282,000       251,168  

144A, 4.375%, 1/15/28

    140,000       125,278  

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

    80,000       74,583  

Carvana Co.
144A, 5.625%, 10/1/25

    92,000       57,137  

144A, 5.50%, 4/15/27

    101,000       51,618  

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

    110,000       99,407  

144A, 8.50%, 10/30/25

    133,000       119,893  

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

    110,000       99,146  

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

    75,000       68,167  

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

    186,000       179,680  

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

    70,000       65,538  

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

    210,000       192,557  
   

Principal
Amount

   

Value

 
Retail (Continued)            

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

  $ 116,000     $ 109,119  

4.45%, 2/15/25

    138,000       111,768  

4.75%, 2/15/27

    74,000       47,459  

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

    144,000       76,478  

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

    349,000       311,001  

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

    170,000       130,374  
   

 

 

 

(Cost $2,447,227)

      2,170,371  
   

 

 

 
Toys/Games/Hobbies — 0.3%            

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

    102,000       93,709  

144A, 5.875%, 12/15/27

    110,000       107,541  
   

 

 

 

(Cost $211,494)

      201,250  
   

 

 

 
Consumer, Non-cyclical — 14.8%            
Agriculture — 0.2%            

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

    60,000       57,668  

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

    94,000       94,308  
   

 

 

 

(Cost $153,838)

      151,976  
   

 

 

 
Commercial Services — 4.4%            

ADT Security Corp.,
4.125%, 6/15/23

    118,000       117,399  

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

    355,000       337,557  

144A, 9.75%, 7/15/27

    177,000       162,635  

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

    132,000       126,892  

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

    169,000       150,961  

Brink’s Co.
144A, 5.50%, 7/15/25

    60,000       58,474  

144A, 4.625%, 10/15/27

    100,000       90,769  

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

    96,000       85,602  

144A, 9.50%, 11/1/27

    107,000       102,969  

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

    203,000       191,449  

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

    85,000       75,790  

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

    112,000       110,142  

144A, 5.75%, 4/15/26

    243,000       235,082  

144A, 3.375%, 8/31/27

    186,000       161,080  

144A, 6.25%, 1/15/28

    214,000       198,621  

Sabre GLBL, Inc.
144A, 9.25%, 4/15/25

    70,000       68,972  

144A, 7.375%, 9/1/25

    240,000       224,958  

144A, 11.25%, 12/15/27

    85,000       84,999  

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

    100,000       93,215  

 

See Notes to Financial Statements.   33  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

Sotheby’s,
144A, 7.375%, 10/15/27 (a)

  $ 128,000     $ 120,868  

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

    110,000       107,921  

3.875%, 11/15/27

    70,000       64,638  

4.875%, 1/15/28

    332,000       316,761  

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

    70,000       68,785  
   

 

 

 

(Cost $3,499,952)

      3,356,539  
   

 

 

 
Cosmetics/Personal Care — 0.3%            

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

    149,000       141,901  

144A, 6.50%, 4/15/26

    93,000       91,233  
   

 

 

 

(Cost $244,547)

      233,134  
   

 

 

 
Food — 2.3%            

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

    127,000       116,682  

144A, 7.50%, 3/15/26

    102,000       103,912  

144A, 4.625%, 1/15/27

    211,000       198,575  

144A, 5.875%, 2/15/28

    150,000       145,343  

144A, 6.50%, 2/15/28

    130,000       129,340  

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

    169,000       152,329  

5.25%, 9/15/27

    95,000       76,654  

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

    161,000       152,820  

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

    189,000       185,157  

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

    108,000       105,246  

144A, 5.625%, 1/15/28

    150,000       143,386  

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

    75,000       59,834  

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

    152,000       151,646  
   

 

 

 

(Cost $1,778,878)

      1,720,924  
   

 

 

 
Healthcare-Products — 0.2%            

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

    70,000       65,337  

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

    80,000       75,528  
   

 

 

 

(Cost $141,921)

      140,865  
   

 

 

 
Healthcare-Services — 4.1%            

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

    115,000       110,958  

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

    359,000       350,466  

144A, 5.625%, 3/15/27

    329,000       289,104  

144A, 8.00%, 12/15/27

    130,000       126,231  

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

    130,000       119,499  

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

    165,000       38,811  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

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

  $ 155,000     $ 148,188  

144A, 5.00%, 5/15/27

    217,000       206,695  

Legacy LifePoint Health LLC
144A, 6.75%, 4/15/25

    76,000       72,712  

144A, 4.375%, 2/15/27

    84,000       70,980  

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

    87,000       81,722  

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

    247,000       210,490  

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

    207,000       197,922  

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

    90,000       88,622  

4.625%, 9/1/24

    131,000       129,144  

4.875%, 1/1/26

    368,000       350,844  

6.25%, 2/1/27

    280,000       272,952  

5.125%, 11/1/27

    250,000       235,540  
   

 

 

 

(Cost $3,258,458)

      3,100,880  
   

 

 

 
Household Products/Wares — 0.1%            

Spectrum Brands, Inc.,
5.75%, 7/15/25
(Cost $59,168)

    60,000       58,886  
   

 

 

 
Pharmaceuticals — 3.2%            

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

    130,000       97,338  

144A, 8.50%, 1/31/27

    116,000       61,152  

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

    296,000       257,763  

144A, 9.00%, 12/15/25

    160,000       126,892  

144A, 6.125%, 2/1/27

    177,000       122,333  

144A, 5.75%, 8/15/27

    79,000       52,518  

144A, 5.00%, 1/30/28

    75,000       32,415  

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

    100,000       88,566  

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

    100,000       96,344  

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

    94,000       84,265  

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

    120,000       114,994  

4.375%, 3/15/26

    125,000       117,596  

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

    42,000       39,492  

Teva Pharmaceutical Finance Netherlands
III BV
2.80%, 7/21/23

    200,000       197,940  

6.00%, 4/15/24

    230,000       229,762  

7.125%, 1/31/25

    171,000       173,318  

3.15%, 10/1/26

    617,000       540,757  
   

 

 

 

(Cost $2,710,869)

      2,433,445  
   

 

 

 

 

See Notes to Financial Statements.   34  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Energy — 9.6%            
Oil & Gas — 4.3%            

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

  $ 102,000     $ 99,096  

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

    108,000       112,082  

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

    85,000       83,400  

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

    120,000       111,164  

144A, 9.25%, 2/15/28

    70,000       68,332  

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

    167,000       161,333  

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

    108,000       103,797  

144A, 5.75%, 2/15/28

    55,000       48,866  

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

    100,000       92,900  

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

    100,000       90,107  

144A, 7.75%, 5/1/27

    85,000       74,658  

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

    102,000       99,450  

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

    108,000       103,356  

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

    100,000       101,604  

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

    68,000       65,063  

Occidental Petroleum Corp.
2.90%, 8/15/24

    110,000       104,975  

5.875%, 9/1/25

    110,000       109,848  

5.50%, 12/1/25

    100,000       99,212  

5.55%, 3/15/26

    114,000       113,277  

8.50%, 7/15/27

    114,000       122,430  

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

    98,000       92,038  

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

    50,000       49,900  

6.00%, 2/15/28

    120,000       111,924  

Puma International Financing SA,
144A, 5.00%, 1/24/26

    200,000       182,250  

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

    111,000       108,412  

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

    75,000       72,445  

6.625%, 1/15/27

    46,000       43,637  

Sunoco LP / Sunoco Finance Corp.,
6.00%, 4/15/27

    110,000       108,207  

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

    85,000       78,108  

144A, 11.50%, 1/30/27

    136,000       139,911  

144A, 8.00%, 2/1/27

    116,000       102,806  

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

    138,000       87,052  

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

    88,000       88,795  
   

 

 

 

(Cost $3,299,449)

      3,230,435  
   

 

 

 
   

Principal
Amount

   

Value

 
Oil & Gas Services — 0.5%            

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

  $ 85,000     $ 82,542  

CGG SA,
144A, 8.75%, 4/1/27 (a)

    85,000       74,720  

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

    133,000       128,164  

6.875%, 9/1/27

    124,000       117,569  
   

 

 

 

(Cost $420,785)

      402,995  
   

 

 

 
Pipelines — 4.8%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    105,000       106,155  

144A, 5.75%, 3/1/27

    119,000       112,477  

144A, 5.75%, 1/15/28

    120,000       112,768  

Buckeye Partners LP
4.15%, 7/1/23

    75,000       74,521  

144A, 4.125%, 3/1/25

    100,000       93,851  

3.95%, 12/1/26

    130,000       115,083  

4.125%, 12/1/27

    60,000       51,991  

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

    80,000       77,686  

144A, 5.625%, 5/1/27

    110,000       101,366  

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

    100,000       95,351  

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

    20,000       19,200  

4.85%, 7/15/26

    91,000       86,367  

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

    63,000       60,866  

4.125%, 12/1/26

    92,000       81,965  

144A, 7.50%, 6/1/27

    85,000       83,282  

144A, 6.50%, 7/1/27

    151,000       143,192  

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

    75,000       72,117  

8.00%, 1/15/27

    176,000       172,085  

7.75%, 2/1/28

    110,000       105,349  

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

    177,000       172,363  

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

    212,000       198,502  

144A, 6.50%, 9/30/26

    261,000       239,163  

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

    351,000       335,560  

NuStar Logistics LP
5.75%, 10/1/25

    110,000       106,197  

6.00%, 6/1/26

    106,000       100,832  

5.625%, 4/28/27

    69,000       64,272  

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

    54,000       49,994  

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

    138,000       131,193  

 

See Notes to Financial Statements.   35  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

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

  $ 63,000     $ 62,773  

144A, 6.00%, 3/1/27

    79,000       73,452  

144A, 5.50%, 1/15/28

    156,000       140,250  

Western Midstream Operating LP
3.35%, 2/1/25

    123,000       116,710  

4.65%, 7/1/26

    83,000       78,939  
   

 

 

 

(Cost $3,801,012)

      3,635,872  
   

 

 

 
Financial — 10.6%            
Banks — 0.3%            

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

    61,000       57,779  

144A, 7.625%, 5/1/26

    90,000       76,923  

144A, 6.625%, 1/15/27

    107,000       87,319  
   

 

 

 

(Cost $249,642)

      222,021  
   

 

 

 
Diversified Financial Services — 3.4%            

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

    98,000       72,705  

LPL Holdings, Inc.,
144A, 4.625%, 11/15/27

    80,000       74,473  

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

    122,000       112,367  

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

    130,000       129,177  

5.875%, 10/25/24

    91,000       88,782  

6.75%, 6/25/25

    92,000       90,804  

6.75%, 6/15/26

    104,000       100,289  

5.00%, 3/15/27

    108,000       96,125  

OneMain Finance Corp.
5.625%, 3/15/23

    259,000       258,905  

6.125%, 3/15/24

    260,000       256,631  

6.875%, 3/15/25

    165,000       161,950  

7.125%, 3/15/26

    273,000       265,618  

3.50%, 1/15/27

    128,000       107,630  

6.625%, 1/15/28

    159,000       148,221  

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

    104,000       94,867  

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

    205,000       175,927  

SLM Corp.
4.20%, 10/29/25

    84,000       77,010  

3.125%, 11/2/26

    97,000       83,786  

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

    122,000       112,504  

144A, 5.75%, 6/15/27

    85,000       74,658  
   

 

 

 

(Cost $2,776,020)

      2,582,429  
   

 

 

 
Insurance — 0.8%            

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

    179,000       167,440  

144A, 10.125%, 8/1/26

    50,000       49,840  

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

    97,000       95,084  

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

    274,000       269,568  
   

 

 

 

(Cost $597,951)

      581,932  
   

 

 

 
   

Principal
Amount

   

Value

 
Real Estate — 0.1%            

WeWork Cos., Inc.,
144A, 7.875%, 5/1/25
(Cost $100,332)

  $ 115,000     $ 61,048  
   

 

 

 
Real Estate Investment Trusts — 5.0%            

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

    180,000       165,902  

144A, 4.50%, 4/1/27

    136,000       116,675  

Diversified Healthcare Trust
9.75%, 6/15/25

    106,000       102,940  

4.75%, 2/15/28

    80,000       52,148  

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

    205,000       178,048  

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

    169,000       155,756  

iStar, Inc.
4.75%, 10/1/24

    116,000       115,824  

4.25%, 8/1/25

    107,000       106,546  

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

    132,000       112,356  

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

    127,000       112,999  

5.00%, 10/15/27 (a)

    213,000       175,028  

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

    100,000       92,057  

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

    100,000       100,390  

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

    110,000       101,233  

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

    92,000       83,333  

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

    250,000       226,427  

Service Properties Trust
4.50%, 6/15/23

    80,000       80,021  

4.35%, 10/1/24

    125,000       119,783  

7.50%, 9/15/25

    136,000       134,939  

4.75%, 10/1/26

    83,000       72,096  

4.95%, 2/15/27

    80,000       69,034  

5.50%, 12/15/27

    65,000       58,642  

3.95%, 1/15/28

    70,000       56,007  

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

    73,000       68,782  

4.75%, 3/15/25

    70,000       66,350  

144A, 3.625%, 7/15/26

    73,000       63,935  

144A, 4.375%, 1/15/27

    85,000       73,740  

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

    400,000       408,016  

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

    450,000       451,078  

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

    92,000       89,321  
   

 

 

 

(Cost $3,968,188)

      3,809,406  
   

 

 

 

 

See Notes to Financial Statements.   36  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Venture Capital — 1.0%  

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

  $  200,000     $ 194,554  

6.375%, 12/15/25

    115,000       113,614  

6.25%, 5/15/26

    192,000       186,472  

5.25%, 5/15/27

    265,000       245,408  
   

 

 

 

(Cost $760,106)

      740,048  
   

 

 

 
Industrial — 10.0%  
Aerospace/Defense — 4.7%  

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

    159,000       159,010  

144A, 7.125%, 6/15/26

    210,000       206,505  

144A, 7.875%, 4/15/27

    332,000       330,430  

144A, 6.00%, 2/15/28

    120,000       112,541  

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

    198,000       196,000  

6.875%, 5/1/25

    114,000       116,104  

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

    201,000       186,930  

144A, 5.75%, 10/15/27

    145,000       140,130  

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

    160,000       160,028  

TransDigm, Inc.
144A, 8.00%, 12/15/25

    186,000       190,265  

144A, 6.25%, 3/15/26

    730,000       721,271  

6.375%, 6/15/26

    161,000       156,309  

7.50%, 3/15/27

    93,000       91,921  

5.50%, 11/15/27

    510,000       470,301  

Triumph Group, Inc.
144A, 8.875%, 6/1/24

    174,000       181,802  

144A, 6.25%, 9/15/24

    71,000       70,956  

7.75%, 8/15/25

    93,000       89,020  
   

 

 

 

(Cost $3,604,804)

      3,579,523  
   

 

 

 
Building Materials — 0.7%  

InterCement Financial Operations BV,
144A, 5.75%, 7/17/24

    120,000       91,197  

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

    68,000       61,134  

144A, 4.875%, 12/15/27

    75,000       62,745  

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

    100,000       92,491  

144A, 4.75%, 1/15/28

    233,000       209,511  
   

 

 

 

(Cost $534,096)

      517,078  
   

 

 

 
Electrical Components & Equipment — 0.4%  

WESCO Distribution, Inc.,
144A, 7.125%, 6/15/25
(Cost $270,097)

    264,000       267,006  
   

 

 

 
Electronics — 0.2%  

Sensata Technologies BV
144A, 5.625%, 11/1/24

    66,000       65,368  

144A, 5.00%, 10/1/25

    118,000       114,909  
   

 

 

 

(Cost $193,021)

      180,277  
   

 

 

 
Engineering & Construction — 0.2%  

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

    80,000       68,560  
   

Principal
Amount

   

Value

 
Engineering & Construction (Continued)  

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

  $ 70,000     $ 67,408  
   

 

 

 

(Cost $135,583)

      135,968  
   

 

 

 
Environmental Control — 0.5%  

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

    54,000       51,744  

144A, 3.75%, 8/1/25

    130,000       122,504  

144A, 5.125%, 12/15/26

    130,000       124,590  

Stericycle, Inc., 144A,
5.375%, 7/15/24

    87,000       85,743  
   

 

 

 

(Cost $398,900)

      384,581  
   

 

 

 
Machinery-Diversified — 0.3%  

TK Elevator US Newco, Inc.,
144A, 5.25%, 7/15/27
(Cost $256,092)

    265,000       240,302  
   

 

 

 
Miscellaneous Manufacturing — 0.1%  

Hillenbrand, Inc.,
5.75%, 6/15/25
(Cost $95,751)

    94,000       92,925  
   

 

 

 
Packaging & Containers — 2.7%  

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

    100,000       96,887  

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

    95,000       91,936  

144A, 4.125%, 8/15/26

    226,000       205,881  

144A, 5.25%, 8/15/27

    169,000       138,976  

144A, 5.25%, 8/15/27

    147,000       120,885  

Ball Corp.
4.00%, 11/15/23

    185,000       182,679  

5.25%, 7/1/25

    164,000       161,206  

4.875%, 3/15/26

    139,000       134,450  

Berry Global, Inc.,
144A, 5.625%, 7/15/27

    90,000       86,724  

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

    155,000       147,609  

144A, 10.50%, 7/15/27

    105,000       98,257  

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

    100,000       97,351  

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

    175,000       152,819  

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

    100,000       98,344  

144A, 5.50%, 9/15/25

    60,000       59,100  

144A, 4.00%, 12/1/27

    65,000       58,083  

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

    100,000       91,515  
   

 

 

 

(Cost $2,070,614)

      2,022,702  
   

 

 

 
Trucking & Leasing — 0.2%  

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

    141,000       138,166  

144A, 9.75%, 8/1/27

    42,000       43,190  
   

 

 

 

(Cost $184,210)

      181,356  
   

 

 

 

 

See Notes to Financial Statements.   37  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Technology — 2.9%  
Computers — 1.4%  

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

  $ 118,000     $ 82,720  

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

    100,000       97,008  

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

    100,000       91,175  

144A, 8.25%, 2/1/28

    90,000       85,621  

Seagate HDD Cayman
4.75%, 6/1/23

    110,000       109,465  

4.875%, 3/1/24

    89,000       87,790  

4.75%, 1/1/25

    81,000       78,287  

4.875%, 6/1/27

    81,000       76,347  

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

    398,000       376,150  
   

 

 

 

(Cost $1,095,597)

      1,084,563  
   

 

 

 
Office/Business Equipment — 0.2%  

Xerox Holdings Corp.,
144A, 5.00%, 8/15/25 (a)
(Cost $129,149)

    130,000       121,150  
   

 

 

 
Semiconductors — 0.1%  

ams-OSRAM AG,
144A, 7.00%, 7/31/25 (a)
(Cost $78,458)

    76,000       72,271  
   

 

 

 
Software — 1.2%  

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

    122,000       120,956  

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

    80,000       77,885  

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

    160,000       138,096  

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

    92,000       87,581  

144A, 4.00%, 2/15/28

    80,000       72,744  

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

    95,000       57,934  

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

    360,000       339,121  
   

 

 

 

(Cost $905,518)

      894,317  
   

 

 

 
Utilities — 2.8%

 

Electric — 2.2%  

Calpine Corp.
144A, 5.25%, 6/1/26

    71,000       68,132  

144A, 4.50%, 2/15/28

    220,000       198,232  

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

    80,000       75,129  

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

    287,000       268,028  

NextEra Energy Operating Partners LP
144A, 4.25%, 7/15/24

    150,000       145,109  

144A, 3.875%, 10/15/26

    80,000       72,488  

144A, 4.50%, 9/15/27

    87,000       79,485  

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

    150,000       140,948  
   

Principal
Amount

   

Value

 
Electric (Continued)  

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

  $ 173,000     $ 165,413  

144A, 5.625%, 2/15/27

    200,000       189,742  

144A, 5.00%, 7/31/27

    280,000       260,807  
   

 

 

 

(Cost $1,718,993)

      1,663,513  
   

 

 

 
Gas — 0.6%            

AmeriGas Partners LP / AmeriGas Finance Corp.
5.625%, 5/20/24

    121,000       118,408  

5.50%, 5/20/25

    175,000       166,537  

5.875%, 8/20/26

    116,000       109,445  

5.75%, 5/20/27

    46,000       42,599  
   

 

 

 

(Cost $466,083)

      436,989  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $77,843,480)

      74,356,852  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 2.0%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
(Cost $1,537,895)

    1,537,895       1,537,895  
   

 

 

 
CASH EQUIVALENTS — 1.5%  

DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
(Cost $1,112,435)

    1,112,435       1,112,435  
   

 

 

 

TOTAL INVESTMENTS — 101.8%
(Cost $80,493,810)

    $ 77,007,182  

Other assets and liabilities, net — (1.8%)

      (1,375,784
   

 

 

 

NET ASSETS — 100.0%

    $  75,631,398  
   

 

 

 

 

See Notes to Financial Statements.   38  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Short Duration 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 COLLATERAL2.0%

 

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

 

  821,382      716,513(d                         17,474               1,537,895        1,537,895  

CASH EQUIVALENTS1.5%

 

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

 

  589,978      6,872,767       (6,350,310                   10,233               1,112,435        1,112,435  
 

 

  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  1,411,360        7,589,280         (6,350,310         —            —          27,707            —          2,650,330          2,650,330  
 

 

  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 $2,102,499, which is 2.8% 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 $649,843.

(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.

 

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

Fair Value Measurements

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

The following is a summary of the inputs used as of 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)

     $        $ 74,356,852        $   —        $ 74,356,852  

Short-Term Investments (a)

       2,650,330                            2,650,330  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 2,650,330        $ 74,356,852        $  —        $ 77,007,182  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   39  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.0%    
Basic Materials — 3.9%    
Chemicals — 1.8%            

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

  $ 1,924,000     $ 1,534,505  

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

    3,420,000       2,657,087  

144A, 7.50%, 9/30/29 (a)

    1,710,000       1,164,886  

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

    2,779,000       2,727,365  

144A, 7.125%, 8/1/30

    3,099,000       3,110,668  

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

    2,993,000       2,492,974  

Chemours Co.
5.375%, 5/15/27 (a)

    2,115,000       1,928,571  

144A, 5.75%, 11/15/28

    3,420,000       3,007,710  

144A, 4.625%, 11/15/29

    2,652,000       2,153,646  

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

    2,244,000       1,921,203  

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

    1,817,000       1,775,909  

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

    2,138,000       1,882,901  

Methanex Corp.
5.125%, 10/15/27

    2,993,000       2,815,904  

5.25%, 12/15/29

    2,993,000       2,749,190  

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

    4,489,000       4,403,702  

144A, 5.00%, 5/1/25

    2,138,000       2,040,745  

144A, 5.25%, 6/1/27

    4,489,000       4,046,160  

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

    2,458,000       2,037,621  

Olin Corp.
5.125%, 9/15/27

    2,138,000       2,034,531  

5.625%, 8/1/29 (a)

    2,861,000       2,729,036  

5.00%, 2/1/30

    2,203,000       2,007,180  

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

    4,703,000       4,070,917  

144A, 6.625%, 5/1/29

    2,993,000       2,433,379  

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

    4,596,000       3,750,543  

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

    2,552,000       2,496,877  

144A, 3.625%, 6/15/31

    2,287,000       1,844,410  
   

 

 

 

(Cost $74,690,042)

      65,817,620  
   

 

 

 
Forest Products & Paper — 0.1%            

Mercer International, Inc.,
5.125%, 2/1/29
(Cost $3,748,089)

    3,728,000       3,065,590  
   

 

 

 
Iron/Steel — 0.5%            

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

    3,544,000       3,583,409  

5.875%, 6/1/27 (a)

    2,373,000       2,305,797  

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

    2,993,000       2,990,851  

144A, 8.00%, 11/1/27

    2,672,000       2,661,045  

144A, 8.50%, 5/1/30

    2,672,000       2,678,627  
   

Principal
Amount

   

Value

 
Iron/Steel (Continued)            

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

  $ 2,062,000     $ 2,065,134  
   

 

 

 

(Cost $16,812,040)

      16,284,863  
   

 

 

 
Mining — 1.5%            

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

    2,993,000       2,993,000  

144A, 6.125%, 2/15/28

    3,848,000       3,804,248  

First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25

    5,771,000       5,603,005  

144A, 6.875%, 3/1/26

    4,275,000       4,082,625  

144A, 6.875%, 10/15/27

    6,413,000       6,022,448  

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

    3,206,000       3,169,259  

144A, 4.50%, 9/15/27

    2,565,000       2,362,558  

144A, 5.875%, 4/15/30

    2,993,000       2,821,755  

144A, 4.375%, 4/1/31

    6,413,000       5,427,418  

144A, 6.125%, 4/15/32

    3,420,000       3,236,825  

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

    2,565,000       2,305,563  

144A, 6.125%, 4/1/29

    2,565,000       2,267,152  

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

    2,138,000       1,843,919  

144A, 4.50%, 6/1/31

    2,351,000       1,863,802  

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

    2,993,000       2,824,541  

144A, 6.50%, 1/18/28

    2,138,000       2,064,801  
   

 

 

 

(Cost $56,678,697)

      52,692,919  
   

 

 

 
Communications — 18.6%    
Advertising — 0.9%            

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

    5,344,000       4,774,624  

144A, 7.75%, 4/15/28

    4,275,000       3,550,399  

144A, 7.50%, 6/1/29

    4,489,000       3,640,310  

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

    4,339,000       2,924,334  

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

    2,544,000       2,253,872  

4.00%, 2/15/30 (a)

    2,351,000       2,023,976  

3.625%, 1/15/31

    2,351,000       1,938,505  

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

    1,710,000       1,698,092  

144A, 5.00%, 8/15/27

    2,779,000       2,498,919  

144A, 4.25%, 1/15/29

    2,138,000       1,760,429  

144A, 4.625%, 3/15/30

    2,138,000       1,761,006  

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

    4,703,000       4,037,055  
   

 

 

 

(Cost $39,257,920)

      32,861,521  
   

 

 

 
Internet — 1.6%            

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

    4,703,000       4,555,091  

144A, 6.75%, 9/30/27

    3,848,000       3,786,499  

144A, 7.125%, 9/30/30

    2,565,000       2,507,134  

 

See Notes to Financial Statements.   40  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Internet (Continued)            

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

  $ 2,565,000     $ 2,429,799  

144A, 3.50%, 3/1/29

    3,420,000       2,877,058  

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

    1,924,000       1,794,803  

144A, 4.625%, 6/1/28

    2,138,000       1,901,258  

144A, 4.125%, 8/1/30

    2,138,000       1,774,645  

144A, 3.625%, 10/1/31

    2,138,000       1,674,909  

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

    1,710,000       1,524,465  

3.125%, 1/14/31

    2,993,000       2,310,596  

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

    3,776,000       3,790,347  

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

    4,275,000       4,322,548  

144A, 8.00%, 11/1/26

    6,413,000       6,548,090  

144A, 7.50%, 9/15/27

    5,130,000       5,213,773  

144A, 6.25%, 1/15/28

    2,138,000       2,103,535  

144A, 4.50%, 8/15/29

    6,413,000       5,691,762  

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

    1,967,000       1,660,935  
   

 

 

 

(Cost $60,024,345)

      56,467,247  
   

 

 

 
Media — 10.2%            

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

    5,130,000       4,261,901  

144A, 5.75%, 8/15/29

    8,764,000       7,176,796  

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

    1,710,000       1,703,296  

4.75 %, 8/1/25

    3,420,000       3,237,637  

4.25%, 2/15/29

    4,275,000       3,147,426  

Audacy Capital Corp.
144A, 6.50%, 5/1/27

    1,997,000       286,813  

144A, 6.75%, 3/31/29

    2,270,000       326,914  

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

    2,779,000       2,169,371  

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

    4,001,000       3,865,186  

144A, 5.125%, 5/1/27

    14,655,000       13,584,709  

144A, 5.00%, 2/1/28

    11,337,000       10,284,926  

144A, 5.375%, 6/1/29

    7,142,000       6,376,735  

144A, 6.375%, 9/1/29

    6,835,000       6,397,868  

144A, 4.75%, 3/1/30

    13,669,000       11,541,694  

144A, 4.50%, 8/15/30

    12,116,000       9,998,608  

144A, 4.25%, 2/1/31

    13,177,000       10,589,037  

144A, 4.75%, 2/1/32

    5,499,000       4,466,013  

4.50%, 5/1/32

    12,371,000       9,820,811  

144A, 4.50%, 6/1/33

    7,644,000       5,954,428  

144A, 4.25%, 1/15/34

    8,550,000       6,408,717  

CSC Holdings LLC
5.25%, 6/1/24

    3,206,000       3,109,307  

144A, 5.50%, 4/15/27

    5,600,000       4,877,717  

144A, 5.375%, 2/1/28

    4,275,000       3,569,625  

144A, 7.50%, 4/1/28

    4,471,000       2,998,364  

144A, 6.50%, 2/1/29

    7,481,000       6,349,686  

144A, 5.75%, 1/15/30

    9,619,000       5,492,299  
   

Principal
Amount

   

Value

 
Media (Continued)            

144A, 4.125%, 12/1/30

  $ 4,703,000     $ 3,372,380  

144A, 4.625%, 12/1/30

    9,940,000       5,351,447  

144A, 3.375%, 2/15/31

    4,275,000       2,928,717  

144A, 4.50%, 11/15/31

    6,413,000       4,561,020  

144A, 5.00%, 11/15/31

    2,138,000       1,140,570  

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

    8,802,000       8,221,860  

7.75%, 7/1/26

    8,789,000       6,831,294  

144A, 5.25%, 12/1/26

    12,229,000       10,264,717  

7.375%, 7/1/28

    4,436,000       3,038,660  

144A, 5.75%, 12/1/28

    11,085,000       8,875,482  

5.125%, 6/1/29

    6,542,000       3,872,046  

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

    13,157,000       13,353,105  

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

    2,993,000       2,706,277  

144A, 7.00%, 5/15/27

    3,206,000       2,897,342  

144A, 4.75%, 10/15/30

    3,420,000       2,499,678  

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

    3,420,252       3,227,829  

8.375%, 5/1/27

    4,790,124       4,220,099  

144A, 5.25%, 8/15/27

    3,206,000       2,793,310  

144A, 4.75%, 1/15/28

    2,138,000       1,800,244  

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

    3,578,000       3,136,859  

144A, 8.00%, 8/1/29

    3,005,000       2,571,318  

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

    4,275,000       3,667,309  

144A, 5.125%, 2/15/32

    2,138,000       1,899,292  

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

    7,327,000       6,811,820  

144A, 4.75%, 11/1/28

    4,275,000       3,741,352  

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

    2,138,000       1,583,275  

144A, 4.125%, 12/1/30

    3,206,000       2,491,671  

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

    4,223,000       3,737,893  

144A, 5.00%, 8/1/27

    6,413,000       5,890,276  

144A, 4.00%, 7/15/28

    8,550,000       7,317,945  

144A, 5.50%, 7/1/29

    5,365,000       4,847,009  

144A, 4.125%, 7/1/30

    6,413,000       5,217,786  

144A, 3.875%, 9/1/31

    6,413,000       4,991,943  

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

    2,351,000       2,236,001  

4.625%, 3/15/28

    4,275,000       3,810,094  

5.00%, 9/15/29

    4,703,000       4,192,325  

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

    4,200,000       3,943,905  

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

    6,325,000       6,164,092  

144A, 6.625%, 6/1/27

    6,413,000       6,115,613  

144A, 4.50%, 5/1/29

    4,489,000       3,790,231  

144A, 7.375%, 6/30/30

    3,845,000       3,650,587  

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

    5,344,000       4,516,642  

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

    1,964,000       1,730,088  

 

See Notes to Financial Statements.   41  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Media (Continued)            

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

  $ 2,135,000     $ 2,114,130  

144A, 5.125%, 4/15/27

    2,605,500       2,438,696  

144A, 3.625%, 6/15/29

    2,171,000       1,831,021  

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

    3,954,000       3,226,069  

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

    6,092,000       5,525,810  

144A, 4.50%, 8/15/30

    3,912,000       3,241,522  

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

    2,065,000       892,136  

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

    2,714,000       2,526,666  

144A, 5.125%, 2/28/30

    2,138,000       1,729,781  

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

    4,237,000       3,586,887  
   

 

 

 

(Cost $439,808,410)

      365,120,005  
   

 

 

 
Telecommunications — 5.9%            

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

    6,678,000       5,521,571  

144A, 6.00%, 2/15/28

    4,701,000       3,237,109  

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

    7,481,000       6,990,695  

144A, 5.50%, 1/15/28

    4,703,000       3,878,611  

144A, 5.125%, 1/15/29

    2,031,000       1,561,531  

144A, 5.125%, 7/15/29

    10,688,000       8,262,798  

144A, 5.50%, 10/15/29

    8,550,000       6,678,653  

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

    5,216,000       4,730,756  

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

    5,564,000       5,338,877  

144A, 5.00%, 3/15/27

    3,206,000       2,445,675  

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

    6,413,000       6,185,480  

144A, 8.25%, 3/1/27

    4,275,000       3,645,367  

144A, 7.125%, 7/1/28

    2,993,000       2,334,272  

144A, 4.75%, 9/1/29

    5,344,000       4,373,743  

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

    1,710,000       1,156,311  

144A, 6.50%, 10/1/28

    3,206,000       2,364,425  

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

    4,916,000       4,575,420  

144A, 5.00%, 5/1/28

    6,626,000       5,870,702  

144A, 6.75%, 5/1/29

    4,275,000       3,608,869  

5.875%, 11/1/29

    3,206,685       2,572,547  

144A, 6.00%, 1/15/30

    4,274,000       3,420,375  

144A, 8.75%, 5/15/30

    5,130,000       5,193,497  

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

    3,206,000       3,073,143  

6.625%, 8/1/26 (a)

    3,205,500       3,020,671  

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

    5,130,000       4,799,133  

144A, 7.00%, 10/15/28

    3,848,000       3,538,032  

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

    12,825,000       11,155,185  

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

    3,206,000       2,699,754  
   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

144A, 4.625%, 9/15/27

  $ 4,275,000     $ 3,172,990  

144A, 4.25%, 7/1/28

    5,130,000       3,508,510  

144A, 3.625%, 1/15/29

    3,591,000       2,308,708  

144A, 3.875%, 11/15/29

    3,206,000       2,440,199  

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

    3,052,000       2,238,459  

144A, 4.00%, 2/15/27

    5,344,000       4,109,269  

144A, 4.50%, 1/15/29

    4,135,000       2,190,826  

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

    1,731,600       1,526,217  

144A, 6.25%, 3/25/29

    2,597,400       2,358,537  

144A, 4.50%, 4/27/31

    3,452,000       2,790,942  

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

    2,116,000       1,950,350  

Sprint LLC
7.125%, 6/15/24

    10,688,000       10,832,288  

7.625%, 2/15/25

    6,413,000       6,578,062  

7.625%, 3/1/26

    6,413,000       6,665,518  

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

    6,473,000       6,309,427  

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

    2,993,000       2,774,062  

144A, 5.625%, 4/15/27

    2,565,000       2,342,614  

144A, 6.50%, 7/15/28

    1,710,000       1,266,606  

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

    5,771,000       4,635,627  

144A, 4.75%, 7/15/31

    5,985,000       4,962,164  

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

    5,985,000       4,898,034  

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

    6,316,000       4,869,636  

144A, 6.125%, 3/1/28

    4,617,000       2,914,343  
   

 

 

 

(Cost $247,154,139)

      209,876,590  
   

 

 

 
Consumer, Cyclical — 24.1%    
Airlines — 1.6%            

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

    5,160,000       4,654,533  

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

    2,138,000       1,953,760  

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

    11,041,000       12,104,624  

144A, 7.25%, 2/15/28

    3,000,000       2,937,300  

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

    3,848,000       3,664,864  

7.375%, 1/15/26

    3,664,000       3,772,775  

4.375%, 4/19/28 (a)

    1,754,000       1,602,279  

3.75%, 10/28/29 (a)

    2,026,000       1,732,375  

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

    5,152,858       4,794,605  

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

    2,374,195       2,387,847  

144A, 8.00%, 9/20/25

    2,207,366       2,218,955  

 

See Notes to Financial Statements.   42  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Airlines (Continued)            

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

  $ 8,550,000     $ 8,022,866  

144A, 4.625%, 4/15/29

    8,550,000       7,587,324  
   

 

 

 

(Cost $61,771,838)

      57,434,107  
   

 

 

 
Apparel — 0.2%            

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

    3,848,000       3,557,361  

144A, 9.00%, 2/15/31

    2,565,000       2,596,934  
   

 

 

 

(Cost $6,581,781)

      6,154,295  
   

 

 

 
Auto Manufacturers — 3.9%            

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

    1,710,000       1,588,094  

144A, 5.875%, 6/1/29

    2,138,000       2,027,839  

144A, 3.75%, 1/30/31

    4,275,000       3,553,765  

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

    4,890,000       4,883,570  

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

    6,513,000       6,224,848  

9.625%, 4/22/30

    1,817,000       2,092,081  

3.25%, 2/12/32

    10,674,000       8,079,242  

6.10%, 8/19/32

    7,481,000       6,977,916  

Ford Motor Credit Co. LLC
5.584%, 3/18/24

    5,250,000       5,219,366  

3.664%, 9/8/24

    3,253,000       3,123,612  

4.063%, 11/1/24

    6,025,000       5,800,212  

2.30%, 2/10/25

    5,159,000       4,747,136  

4.687%, 6/9/25

    2,410,000       2,306,912  

5.125%, 6/16/25

    7,029,000       6,793,457  

4.134%, 8/4/25

    5,623,000       5,299,846  

3.375%, 11/13/25

    8,435,000       7,773,865  

GMTN, 4.389%, 1/8/26

    4,820,000       4,550,755  

6.95%, 3/6/26

    5,241,000       5,246,685  

4.542%, 8/1/26

    3,059,000       2,837,152  

2.70%, 8/10/26

    6,025,000       5,266,001  

4.271%, 1/9/27

    3,615,000       3,284,766  

4.95%, 5/28/27

    6,025,000       5,625,452  

4.125%, 8/17/27

    5,021,000       4,483,469  

3.815%, 11/2/27

    3,012,000       2,647,653  

7.35%, 11/4/27

    6,025,000       6,118,990  

2.90%, 2/16/28

    3,012,000       2,510,604  

2.90%, 2/10/29

    3,012,000       2,454,449  

5.113%, 5/3/29

    5,973,000       5,465,295  

7.35%, 3/6/30

    4,619,000       4,683,065  

4.00%, 11/13/30

    6,627,000       5,547,263  

3.625%, 6/17/31

    4,016,000       3,186,179  
   

 

 

 

(Cost $156,171,960)

      140,399,539  
   

 

 

 
Auto Parts & Equipment — 1.4%            

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

    3,450,000       3,204,981  

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

    2,137,000       1,977,655  

6.875%, 7/1/28 (a)

    1,710,000       1,536,178  

5.00%, 10/1/29

    2,565,000       2,071,722  

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

    1,890,000       1,881,796  
   

Principal
Amount

   

Value

 
Auto Parts & Equipment (Continued)            

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

  $ 3,848,000     $ 3,781,141  

144A, 8.50%, 5/15/27

    7,447,000       7,410,117  

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

    1,710,000       1,579,630  

5.625%, 6/15/28

    1,710,000       1,549,482  

4.25%, 9/1/30

    1,710,000       1,383,193  

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

    3,420,000       3,529,323  

5.00%, 5/31/26 (a)

    3,848,000       3,707,971  

4.875%, 3/15/27 (a)

    2,993,000       2,779,854  

5.00%, 7/15/29

    3,611,000       3,144,820  

5.25%, 4/30/31 (a)

    2,351,000       2,019,239  

5.25%, 7/15/31 (a)

    2,565,000       2,187,047  

5.625%, 4/30/33 (a)

    1,924,000       1,637,016  

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

    4,606,000       4,405,132  
   

 

 

 

(Cost $54,523,827)

      49,786,297  
   

 

 

 
Distribution/Wholesale — 0.2%            

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

    2,993,000       2,681,578  

144A, 3.875%, 11/15/29

    1,710,000       1,412,614  

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

    5,344,000       4,601,249  
   

 

 

 

(Cost $10,007,875)

      8,695,441  
   

 

 

 
Entertainment — 3.7%            

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

    6,137,635       3,176,226  

144A, 7.50%, 2/15/29

    4,061,000       2,437,676  

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

    15,899,000       15,777,336  

144A, 8.125%, 7/1/27 (a)

    6,887,000       6,957,919  

144A, 4.625%, 10/15/29

    5,130,000       4,392,357  

144A, 7.00%, 2/15/30

    8,150,000       8,220,701  

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

    4,478,000       4,475,313  

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

    5,130,000       4,770,413  

Cedar Fair LP,
5.25%, 7/15/29 (a)

    2,138,000       1,952,558  

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

    4,275,000       4,226,970  

5.375%, 4/15/27

    2,138,000       2,044,479  

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

    2,565,000       2,439,225  

144A, 4.75%, 1/15/28

    2,993,000       2,726,504  

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

    1,731,000       1,580,014  

144A, 5.25%, 7/15/28

    3,270,000       2,751,868  

 

See Notes to Financial Statements.   43  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Entertainment (Continued)            

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

  $ 2,993,000     $ 3,003,386  

144A, 4.125%, 4/15/26

    3,206,000       2,992,881  

144A, 6.25%, 1/15/27

    3,206,000       3,146,561  

144A, 5.25%, 1/15/29

    3,206,000       2,978,422  

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

    2,458,000       2,386,816  

144A, 6.50%, 5/15/27

    5,130,000       5,045,635  

144A, 4.75%, 10/15/27

    4,061,000       3,648,707  

144A, 3.75%, 1/15/28

    2,138,000       1,864,357  

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

    5,023,000       4,710,368  

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

    1,710,000       1,587,385  

144A, 4.125%, 7/1/29

    1,710,000       1,389,301  

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

    3,206,000       2,360,065  

144A, 5.875%, 9/1/31

    3,206,000       2,302,726  

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

    2,351,000       2,405,542  

144A, 7.00%, 5/15/28

    2,993,000       2,923,862  

144A, 7.25%, 11/15/29

    2,138,000       2,103,258  

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

    4,059,000       3,989,266  

144A, 5.50%, 4/15/27 (a)

    2,138,000       2,011,740  

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

    2,605,000       2,600,626  

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

    2,309,000       1,951,390  

144A, 3.875%, 7/15/30

    2,287,000       1,941,892  

144A, 3.00%, 2/15/31

    3,420,000       2,687,722  

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

    3,206,000       2,871,390  

144A, 7.125%, 2/15/31

    2,150,000       2,142,593  
   

 

 

 

(Cost $147,126,646)

      132,975,450  
   

 

 

 
Food Service — 0.5%            

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

    2,358,000       2,289,786  

144A, 6.375%, 5/1/25

    6,413,000       6,378,947  

144A, 5.00%, 2/1/28

    4,916,000       4,527,145  

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

    1,817,000       1,487,760  

144A, 10.50%, 5/15/29

    2,886,000       1,771,109  
   

 

 

 

(Cost $18,583,737)

      16,454,747  
   

 

 

 
Home Builders — 0.5%            

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

    1,710,000       1,378,298  

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

    2,565,000       2,239,704  

144A, 4.875%, 2/15/30

    2,138,000       1,610,281  

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

    2,138,000       1,911,853  

144A, 4.625%, 3/1/30

    2,565,000       2,133,593  
   

Principal
Amount

   

Value

 
Home Builders (Continued)            

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

  $ 1,710,000     $ 1,703,350  

144A, 3.875%, 4/15/29

    1,924,000       1,671,013  

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

    2,138,000       2,050,492  

144A, 5.75%, 1/15/28

    1,924,000       1,815,632  

144A, 5.125%, 8/1/30

    2,138,000       1,886,785  
   

 

 

 

(Cost $21,490,147)

      18,401,001  
   

 

 

 
Home Furnishings — 0.2%            

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

    3,420,000       2,927,212  

144A, 3.875%, 10/15/31

    3,420,000       2,759,940  
   

 

 

 

(Cost $6,765,285)

      5,687,152  
   

 

 

 
Housewares — 0.5%            

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

    2,138,000       2,074,159  

4.45%, 4/1/26

    8,486,000       8,040,358  

6.375%, 9/15/27

    2,138,000       2,128,817  

6.625%, 9/15/29 (a)

    2,138,000       2,122,382  

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

    1,760,000       1,526,994  

4.00%, 4/1/31

    2,031,000       1,626,861  

4.375%, 2/1/32

    1,710,000       1,397,754  
   

 

 

 

(Cost $20,953,052)

      18,917,325  
   

 

 

 
Leisure Time — 3.5%            

Carnival Corp.
144A, 10.50%, 2/1/26

    3,313,000       3,434,057  

144A, 7.625%, 3/1/26

    6,199,000       5,589,948  

144A, 5.75%, 3/1/27

    14,963,000       12,287,316  

144A, 9.875%, 8/1/27

    3,848,000       3,921,420  

144A, 4.00%, 8/1/28

    10,284,000       8,698,207  

144A, 6.00%, 5/1/29

    8,550,000       6,640,982  

144A, 10.50%, 6/1/30 (a)

    4,275,000       4,144,078  

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

    8,679,000       9,294,341  

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

    3,954,000       3,801,672  

144A, 8.00%, 4/15/26

    2,031,000       1,958,839  

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

    2,549,000       2,396,060  

144A, 5.875%, 3/15/26

    6,233,000       5,398,900  

144A, 5.875%, 2/15/27

    4,874,000       4,525,314  

144A, 8.375%, 2/1/28

    1,580,000       1,611,110  

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

    2,565,000       2,235,397  

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

    6,357,000       6,776,689  

144A, 4.25%, 7/1/26

    2,779,000       2,440,990  

144A, 5.50%, 8/31/26 (a)

    4,544,000       4,117,500  

144A, 5.375%, 7/15/27

    4,512,000       3,968,093  

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

    5,344,000       5,707,125  

3.70%, 3/15/28

    2,138,000       1,709,064  

144A, 5.50%, 4/1/28

    6,568,000       5,730,580  

144A, 8.25%, 1/15/29

    4,867,000       5,042,660  

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

    4,462,000       4,735,644  

144A, 7.25%, 1/15/30

    1,400,000       1,407,714  

 

See Notes to Financial Statements.   44  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Leisure Time (Continued)            

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

  $ 2,886,000     $ 3,070,257  

144A, 5.875%, 9/15/27

    3,527,000       3,028,882  

144A, 7.00%, 2/15/29 (a)

    2,138,000       1,840,858  
   

 

 

 

(Cost $136,371,608)

      125,513,697  
   

 

 

 
Lodging — 3.1%            

Boyd Gaming Corp.
4.75%, 12/1/27 (a)

    4,274,000       4,010,978  

144A, 4.75%, 6/15/31

    3,848,000       3,401,238  

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

    2,138,000       2,116,166  

144A, 5.75%, 5/1/28

    2,138,000       2,075,748  

144A, 3.75%, 5/1/29

    3,420,000       2,967,710  

4.875%, 1/15/30

    4,275,000       3,926,374  

144A, 4.00%, 5/1/31

    4,703,000       4,006,109  

144A, 3.625%, 2/15/32

    6,413,000       5,270,781  

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

    3,634,000       3,191,763  

144A, 4.875%, 7/1/31

    2,138,000       1,799,341  

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

    7,481,000       7,202,983  

2.90%, 6/25/25

    2,138,000       1,982,537  

3.50%, 8/18/26

    4,275,000       3,912,860  

3.90%, 8/8/29

    3,206,000       2,791,154  

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

    2,138,000       1,796,198  

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

    4,275,000       3,991,781  

144A, 5.25%, 4/26/26 (a)

    2,138,000       1,929,084  

144A, 5.625%, 7/17/27 (a)

    2,565,000       2,270,263  

144A, 5.75%, 7/21/28

    3,634,000       3,141,123  

144A, 5.375%, 12/4/29

    4,916,000       4,085,243  

MGM Resorts International
6.75%, 5/1/25

    3,206,000       3,216,878  

5.75%, 6/15/25

    2,886,000       2,836,815  

4.625%, 9/1/26

    1,710,000       1,593,685  

5.50%, 4/15/27

    2,886,000       2,740,348  

4.75%, 10/15/28

    3,206,000       2,876,609  

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

    2,953,000       2,600,321  

144A, 4.625%, 12/1/31

    2,138,000       1,743,817  

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

    2,138,000       1,928,578  

144A, 6.50%, 1/15/28

    2,138,000       1,818,070  

144A, 5.00%, 1/15/29

    4,703,000       3,621,381  

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

    2,779,000       2,726,974  

6.00%, 4/1/27

    1,710,000       1,657,349  

144A, 4.50%, 12/1/29

    2,779,000       2,336,486  

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

    8,641,000       8,413,039  

144A, 5.25%, 5/15/27 (a)

    4,282,000       3,992,678  
   

 

 

 

(Cost $120,739,983)

      109,972,462  
   

 

 

 
   

Principal
Amount

   

Value

 
Retail — 4.6%            

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

  $ 6,626,000     $ 5,901,566  

144A, 4.375%, 1/15/28

    3,206,000       2,868,857  

144A, 3.50%, 2/15/29

    3,206,000       2,733,082  

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

    1,731,000       1,550,629  

144A, 4.625%, 11/15/29

    3,420,000       2,977,332  

4.75%, 3/1/30

    1,902,000       1,649,956  

144A, 5.00%, 2/15/32

    2,565,000       2,189,190  

Bath & Body Works, Inc.
5.25%, 2/1/28

    2,138,000       1,993,236  

7.50%, 6/15/29 (a)

    2,138,000       2,161,176  

144A, 6.625%, 10/1/30

    4,275,000       4,053,876  

Carvana Co.
144A, 5.625%, 10/1/25

    2,138,000       1,327,805  

144A, 5.50%, 4/15/27

    2,565,000       1,310,897  

144A, 5.875%, 10/1/28

    2,565,000       1,236,134  

144A, 4.875%, 9/1/29

    3,206,000       1,554,910  

144A, 10.25%, 5/1/30

    14,001,000       8,644,588  

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

    3,206,000       2,897,262  

144A, 8.50%, 10/30/25

    2,715,000       2,447,452  

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

    2,779,000       2,504,787  

144A, 5.875%, 4/1/29

    3,527,000       2,879,743  

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

    4,275,000       3,701,295  

144A, 6.75%, 1/15/30

    5,344,000       4,433,008  

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

    2,138,000       1,859,504  

144A, 5.625%, 1/1/30

    2,351,000       2,082,925  

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

    3,206,000       2,354,694  

144A, 3.875%, 10/1/31

    3,206,000       2,303,816  

Kohl’s Corp.,
3.625%, 5/1/31

    2,138,000       1,505,334  

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

    3,506,000       2,513,413  

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

    1,710,000       1,554,202  

144A, 3.875%, 6/1/29

    3,420,000       2,860,984  

144A, 4.375%, 1/15/31

    2,351,000       1,960,229  

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

    2,138,000       1,944,917  

144A, 5.875%, 3/15/30

    1,817,000       1,604,048  

144A, 6.125%, 3/15/32

    1,817,000       1,564,873  

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

    3,634,000       3,028,049  

144A, 7.875%, 5/1/29

    5,558,000       4,189,037  

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

    2,138,000       1,910,827  

144A, 3.75%, 2/15/31

    2,138,000       1,732,134  

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

    4,703,000       4,543,192  

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

    2,138,000       1,688,646  

4.25%, 8/1/31

    1,817,000       1,332,806  

 

See Notes to Financial Statements.   45  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Retail (Continued)            

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

  $ 2,351,000     $ 2,201,151  

3.75%, 6/15/29

    2,138,000       1,798,614  

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

    5,130,000       4,703,902  

144A, 7.75%, 2/15/29

    4,916,000       4,785,700  

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

    2,565,000       2,412,844  

4.45%, 2/15/25

    2,565,000       2,077,419  

4.75%, 2/15/27

    2,458,000       1,576,414  

4.375%, 9/1/28

    2,138,000       1,194,276  

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

    3,634,000       1,930,017  

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

    2,779,000       2,310,780  

144A, 4.875%, 11/15/31

    2,138,000       1,703,494  

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

    2,779,000       2,434,129  

144A, 6.125%, 7/1/29

    1,924,000       1,611,105  

144A, 6.00%, 12/1/29

    3,634,000       3,040,186  

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

    8,550,000       7,619,076  

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

    4,060,000       3,113,634  

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

    2,779,000       2,315,436  

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

    3,420,000       3,120,237  

3.625%, 3/15/31

    4,489,000       3,760,278  

4.625%, 1/31/32

    4,703,000       4,162,061  

5.375%, 4/1/32

    4,275,000       3,964,899  
   

 

 

 

(Cost $199,793,501)

      165,386,063  
   

 

 

 
Toys/Games/Hobbies — 0.2%            

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

    2,565,000       2,356,504  

144A, 5.875%, 12/15/27

    2,565,000       2,507,672  

144A, 3.75%, 4/1/29

    2,565,000       2,221,303  
   

 

 

 

(Cost $7,802,262)

      7,085,479  
   

 

 

 
Consumer, Non-cyclical — 15.7%    
Agriculture — 0.3%            

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

    2,138,000       2,054,896  

144A, 6.00%, 6/15/30

    4,275,000       4,136,062  

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

    2,373,000       2,380,785  

144A, 5.75%, 2/1/29

    3,741,000       3,236,401  
   

 

 

 

(Cost $12,639,039)

      11,808,144  
   

 

 

 
Beverages — 0.1%            

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

   

(Cost $3,148,028)

    3,206,000       2,749,017  
   

 

 

 
Biotechnology — 0.1%            

Grifols Escrow Issuer SA,
144A, 4.75%, 10/15/28
(Cost $2,841,141)

    3,014,000       2,579,683  
   

 

 

 
   

Principal
Amount

   

Value

 
Commercial Services — 4.1%            

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

  $ 4,275,000     $ 3,671,071  

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

    8,294,000       7,886,474  

144A, 9.75%, 7/15/27

    4,489,000       4,124,673  

144A, 6.00%, 6/1/29

    4,104,000       3,071,680  

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

    5,237,000       4,358,535  

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

    2,565,000       2,465,744  

144A, 5.75%, 7/15/29

    3,420,000       2,869,072  

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

    2,138,000       1,899,405  

144A, 5.375%, 3/1/29 (a)

    2,565,000       2,311,476  

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

    4,275,000       3,818,691  

3.50%, 6/1/31

    4,275,000       3,457,855  

Brink’s Co.
144A, 5.50%, 7/15/25

    1,710,000       1,666,510  

144A, 4.625%, 10/15/27

    2,565,000       2,328,225  

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

    2,437,000       2,173,036  

144A, 9.50%, 11/1/27

    2,584,000       2,486,659  

144A, 6.00%, 6/1/29

    2,138,000       1,756,645  

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

    3,420,000       3,141,488  

144A, 3.625%, 6/15/29

    2,565,000       2,221,931  

144A, 3.75%, 10/1/30

    3,420,000       2,898,938  

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

    5,130,000       4,838,103  

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

    2,138,000       1,906,346  

144A, 5.00%, 12/1/29

    4,275,000       3,553,829  

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

    4,489,000       3,406,365  

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

    4,975,000       3,240,367  

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

    3,206,000       3,152,804  

144A, 5.75%, 4/15/26

    5,767,000       5,579,082  

144A, 3.375%, 8/31/27

    4,275,000       3,702,237  

144A, 6.25%, 1/15/28

    5,557,500       5,158,110  

Sabre GLBL, Inc.
144A, 9.25%, 4/15/25

    3,313,000       3,264,344  

144A, 7.375%, 9/1/25

    3,634,000       3,406,233  

144A, 11.25%, 12/15/27

    2,373,000       2,372,988  

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

    2,351,000       2,191,485  

5.125%, 6/1/29

    3,206,000       3,009,633  

3.375%, 8/15/30

    3,634,000       2,956,114  

4.00%, 5/15/31

    3,420,000       2,892,328  

Sotheby’s,
144A, 7.375%, 10/15/27 (a)

    3,270,000       3,087,796  

 

See Notes to Financial Statements.   46  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Commercial Services (Continued)            

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

  $ 2,138,000     $ 2,097,592  

3.875%, 11/15/27

    3,206,000       2,960,420  

4.875%, 1/15/28

    7,136,000       6,808,458  

5.25%, 1/15/30

    3,206,000       3,025,871  

4.00%, 7/15/30

    3,206,000       2,830,080  

3.875%, 2/15/31

    4,703,000       4,030,827  

3.75%, 1/15/32

    3,206,000       2,694,354  

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

    2,251,000       2,211,916  

144A, 4.625%, 8/15/28

    2,138,000       1,935,403  
   

 

 

 

(Cost $164,004,607)

      144,921,193  
   

 

 

 
Cosmetics/Personal Care — 0.3%            

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

    3,848,000       3,664,662  

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

    2,022,000       1,983,582  

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

    3,206,000       2,997,225  

144A, 4.125%, 4/1/29

    2,138,000       1,825,425  
   

 

 

 

(Cost $11,310,963)

      10,470,894  
   

 

 

 
Food — 2.3%            

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

    3,318,000       3,048,435  

144A, 7.50%, 3/15/26

    2,565,000       2,613,088  

144A, 4.625%, 1/15/27

    5,771,000       5,431,175  

144A, 5.875%, 2/15/28

    3,206,000       3,106,470  

144A, 6.50%, 2/15/28

    2,120,000       2,109,230  

144A, 3.50%, 3/15/29

    6,369,000       5,405,689  

144A, 4.875%, 2/15/30

    4,275,000       3,840,353  

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

    3,848,000       3,468,407  

5.25%, 9/15/27

    2,351,000       1,896,987  

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

    2,138,000       2,017,136  

144A, 4.125%, 1/31/30

    4,147,000       3,643,489  

144A, 4.375%, 1/31/32

    2,993,000       2,636,192  

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

    4,532,000       4,301,729  

144A, 4.25%, 8/1/29

    4,275,000       3,736,628  

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

    3,414,000       3,344,588  

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

    1,963,000       1,912,950  

144A, 5.625%, 1/15/28

    4,023,000       3,845,606  

144A, 5.50%, 12/15/29

    5,276,000       4,821,677  

144A, 4.625%, 4/15/30

    6,336,000       5,499,870  

144A, 4.50%, 9/15/31

    4,882,000       4,116,790  

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

    2,084,000       1,662,584  

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

    4,275,000       4,265,044  

144A, 4.75%, 2/15/29

    3,848,000       3,471,531  

144A, 4.625%, 6/1/30

    2,138,000       1,869,161  
   

 

 

 

(Cost $90,916,765)

      82,064,809  
   

 

 

 
   

Principal
Amount

   

Value

 
Healthcare-Products — 0.5%            

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

  $ 6,626,000     $ 6,097,709  

144A, 3.875%, 11/1/29

    3,420,000       2,962,370  

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

    1,710,000       1,596,081  

144A, 3.25%, 2/15/29

    4,061,000       3,505,678  

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

    2,138,000       2,018,486  

144A, 4.25%, 6/1/28

    2,138,000       1,931,662  
   

 

 

 

(Cost $20,176,847)

      18,111,986  
   

 

 

 
Healthcare-Services — 4.6%            

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

    2,138,000       2,062,860  

144A, 3.125%, 2/15/29

    2,351,000       2,031,452  

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

    2,779,000       2,416,549  

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

    2,138,000       1,930,849  

144A, 3.75%, 3/15/29

    2,138,000       1,858,136  

144A, 4.00%, 3/15/31

    2,138,000       1,830,398  

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

    8,981,000       8,767,522  

144A, 5.625%, 3/15/27

    8,123,000       7,137,964  

144A, 8.00%, 12/15/27

    2,992,000       2,905,262  

144A, 6.875%, 4/1/28

    3,232,000       2,197,808  

144A, 6.00%, 1/15/29

    3,848,000       3,332,438  

144A, 6.875%, 4/15/29 (a)

    5,927,000       4,151,184  

144A, 6.125%, 4/1/30

    5,267,000       3,589,460  

144A, 5.25%, 5/15/30

    6,562,000       5,259,509  

144A, 4.75%, 2/15/31

    4,522,000       3,498,581  

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

    11,757,000       9,702,170  

144A, 3.75%, 2/15/31

    6,413,000       4,865,319  

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

    3,420,000       3,143,732  

4.75%, 2/1/30

    3,420,000       3,029,175  

4.625%, 4/1/31

    1,710,000       1,463,888  

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

    4,050,000       952,641  

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

    4,489,000       4,291,708  

144A, 5.00%, 5/15/27

    4,703,000       4,479,655  

Legacy LifePoint Health LLC
144A, 6.75%, 4/15/25

    2,565,000       2,454,038  

144A, 4.375%, 2/15/27

    2,565,000       2,167,425  

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

    2,138,000       1,405,735  

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

    2,171,000       2,039,283  

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

    3,420,000       3,109,464  

144A, 3.875%, 11/15/30

    2,779,000       2,344,146  

144A, 3.875%, 5/15/32

    3,206,000       2,635,460  

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

    5,429,000       4,626,525  

 

See Notes to Financial Statements.   47  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

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

  $ 5,237,000     $ 5,007,331  

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

    3,000,000       2,954,070  

4.875%, 1/1/26

    8,978,000       8,559,462  

6.25%, 2/1/27

    5,910,000       5,761,231  

5.125%, 11/1/27

    6,673,000       6,287,034  

4.625%, 6/15/28

    2,657,000       2,406,412  

6.125%, 10/1/28 (a)

    11,523,000       10,669,146  

4.25%, 6/1/29

    6,201,000       5,435,797  

4.375%, 1/15/30

    5,222,000       4,583,872  

144A, 6.125%, 6/15/30

    8,667,000       8,267,516  
   

 

 

 

(Cost $188,637,696)

      165,612,207  
   

 

 

 
Household Products/Wares — 0.2%            

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

    2,138,000       1,783,391  

144A, 4.125%, 4/30/31

    1,710,000       1,402,429  

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

    1,879,000       1,844,121  

144A, 3.875%, 3/15/31

    2,138,000       1,694,589  
   

 

 

 

(Cost $7,780,551)

      6,724,530  
   

 

 

 
Pharmaceuticals — 3.2%            

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

    2,138,000       1,796,561  

144A, 5.125%, 3/1/30

    2,565,000       2,210,119  

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

    3,167,000       2,371,314  

144A, 8.50%, 1/31/27

    2,747,000       1,448,136  

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

    7,182,000       6,254,229  

144A, 9.00%, 12/15/25

    4,101,000       3,252,415  

144A, 6.125%, 2/1/27

    4,275,000       2,954,645  

144A, 5.75%, 8/15/27

    2,138,000       1,421,301  

144A, 5.00%, 1/30/28

    1,852,000       800,437  

144A, 4.875%, 6/1/28

    6,840,000       4,281,532  

144A, 11.00%, 9/30/28

    7,584,000       5,971,999  

144A, 5.00%, 2/15/29

    1,932,000       833,959  

144A, 6.25%, 2/15/29

    3,509,000       1,543,630  

144A, 5.25%, 1/30/30

    3,329,000       1,439,793  

144A, 5.25%, 2/15/31

    1,978,000       885,857  

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

    2,138,000       1,893,535  

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

    3,127,000       2,993,696  

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

    2,565,000       2,471,224  

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

    2,565,000       1,991,081  

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

    6,413,000       5,685,605  

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

    2,116,000       1,896,852  

144A, 11.50%, 12/15/28

    2,779,000       2,495,389  
   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

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

  $ 8,978,000     $ 7,932,961  

144A, 5.125%, 4/30/31

    8,550,000       7,267,115  

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

    2,138,000       1,643,128  

144A, 6.625%, 4/1/30

    2,565,000       2,116,484  

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

    2,993,000       2,868,147  

4.375%, 3/15/26

    2,993,000       2,815,725  

4.40%, 6/15/30

    3,206,000       2,757,449  

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

    1,710,000       1,607,873  

144A, 3.75%, 4/1/31

    2,565,000       2,086,692  

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

    5,336,000       5,330,477  

7.125%, 1/31/25

    4,270,000       4,327,880  

3.15%, 10/1/26

    14,963,000       13,114,022  

6.75%, 3/1/28 (a)

    5,343,000       5,140,981  
   

 

 

 

(Cost $144,606,143)

      115,902,243  
   

 

 

 
Energy — 10.6%    
Oil & Gas — 5.2%            

Antero Resources Corp.
144A, 7.625%, 2/1/29

    1,740,000       1,754,698  

144A, 5.375%, 3/1/30

    2,565,000       2,339,103  

Apache Corp.,
4.25%, 1/15/30 (a)

    2,419,000       2,139,191  

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

    2,552,000       2,479,332  

144A, 5.875%, 6/30/29

    1,710,000       1,489,470  

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

    2,779,000       2,727,797  

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

    2,565,000       2,412,126  

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

    2,230,000       2,314,294  

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

    2,138,000       2,097,752  

144A, 5.875%, 2/1/29

    2,138,000       2,000,067  

144A, 6.75%, 4/15/29

    4,061,000       3,938,459  

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

    2,138,000       1,940,684  

144A, 7.375%, 1/15/31

    2,138,000       2,039,652  

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

    5,232,000       4,819,849  

144A, 5.875%, 1/15/30

    4,125,000       3,553,337  

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

    2,993,000       2,772,625  

144A, 9.25%, 2/15/28

    1,710,000       1,669,259  

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

    4,313,000       4,166,638  

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

    2,565,000       2,465,170  

144A, 5.75%, 2/15/28

    1,710,000       1,519,292  

 

See Notes to Financial Statements.   48  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

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

  $ 1,954,000     $ 1,815,258  

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

    2,779,000       2,504,074  

144A, 7.75%, 5/1/27

    1,701,000       1,494,031  

144A, 7.50%, 3/1/28

    1,924,000       1,654,659  

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

    2,563,429       2,499,343  

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

    2,564,289       2,454,025  

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

    2,349,059       2,202,919  

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

    2,317,000       2,354,176  

144A, 5.875%, 2/1/29

    2,565,000       2,395,018  

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

    2,322,000       2,221,694  

6.375%, 7/15/28

    1,932,000       1,866,911  

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

    3,093,000       2,987,529  

Occidental Petroleum Corp.
2.90%, 8/15/24

    2,582,000       2,464,051  

5.875%, 9/1/25

    2,593,000       2,589,409  

5.50%, 12/1/25

    1,987,000       1,971,352  

5.55%, 3/15/26

    3,642,000       3,618,892  

8.50%, 7/15/27

    2,092,000       2,246,693  

6.375%, 9/1/28

    2,470,000       2,498,269  

8.875%, 7/15/30

    4,275,000       4,862,727  

6.625%, 9/1/30

    6,197,000       6,376,248  

6.125%, 1/1/31

    4,885,000       4,909,278  

7.50%, 5/1/31

    3,717,000       3,972,618  

7.875%, 9/15/31

    2,072,000       2,252,813  

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

    2,138,000       2,007,927  

144A, 4.50%, 10/1/29

    3,420,000       2,876,545  

144A, 4.625%, 5/1/30

    3,420,000       2,850,519  

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

    2,858,000       2,852,298  

6.00%, 2/15/28

    3,533,000       3,295,229  

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

    2,992,000       2,686,277  

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

    2,567,000       2,480,364  

144A, 5.00%, 1/24/26

    3,110,000       2,833,984  

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

    3,206,000       3,131,260  

8.25%, 1/15/29

    2,565,000       2,634,807  

144A,4.75%, 2/15/30 (a)

    2,138,000       1,915,659  

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

    1,792,000       1,730,960  

6.625%, 1/15/27 (a)

    1,782,000       1,690,468  

6.50%, 7/15/28

    1,710,000       1,579,262  

Southwestern Energy Co.
5.375%, 2/1/29

    2,974,000       2,785,025  

5.375%, 3/15/30

    5,130,000       4,701,748  

4.75%, 2/1/32

    4,916,000       4,231,889  

Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27

    2,565,000       2,523,191  

4.50%, 5/15/29

    3,420,000       3,004,860  

4.50%, 4/30/30

    3,418,000       2,965,115  
   

Principal
Amount

   

Value

 
Oil & Gas (Continued)            

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

  $ 2,637,000     $ 2,423,179  

144A, 11.50%, 1/30/27

    3,253,000       3,346,556  

144A, 8.00%, 2/1/27

    2,760,000       2,446,064  

144A, 8.75%, 2/15/30

    4,200,000       4,268,176  

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

    3,420,000       2,157,387  

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

    1,948,000       1,965,600  
   

 

 

 

(Cost $201,002,699)

      186,235,131  
   

 

 

 
Oil & Gas Services — 0.6%            

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

    2,138,000       2,076,169  

144A,6.25%, 4/1/28

    3,420,000       3,218,018  

CGG SA,
144A, 8.75%, 4/1/27 (a)

    2,138,000       1,879,431  

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

    3,099,000       2,986,311  

6.875%, 9/1/27

    3,206,000       3,039,737  

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

    2,138,000       2,102,808  

144A, 8.625%, 4/30/30

    6,840,000       6,838,735  
   

 

 

 

(Cost $23,470,765)

      22,141,209  
   

 

 

 
Pipelines — 4.8%            

Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26

    2,351,000       2,376,859  

144A, 5.75%, 3/1/27

    2,779,000       2,626,669  

144A, 5.75%, 1/15/28

    2,779,000       2,611,510  

144A, 5.375%, 6/15/29

    3,206,000       2,888,638  

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

    2,138,000       2,006,544  

3.95%, 12/1/26

    2,565,000       2,270,676  

4.125%, 12/1/27

    1,710,000       1,481,742  

144A, 4.50%, 3/1/28

    2,138,000       1,879,323  

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

    5,985,000       5,247,520  

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

    2,138,000       2,076,150  

144A, 5.625%, 5/1/27

    2,565,000       2,363,668  

144A, 6.00%, 2/1/29

    2,993,000       2,725,950  

144A, 8.00%, 4/1/29

    1,924,000       1,916,169  

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

    4,703,000       4,025,602  

144A, 4.375%, 6/15/31

    4,275,000       3,584,908  

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

    2,138,000       2,038,594  

5.375%, 6/1/29

    2,132,000       1,981,976  

144A, 6.50%, 9/1/30

    2,993,000       2,951,861  

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

    1,802,000       1,729,920  

4.85%, 7/15/26

    2,099,000       1,992,130  

 

See Notes to Financial Statements.   49  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Pipelines (Continued)            

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

  $ 1,710,000     $ 1,652,088  

4.125%, 12/1/26

    2,138,000       1,904,801  

144A, 7.50%, 6/1/27

    2,138,000       2,094,780  

144A, 6.50%, 7/1/27

    3,848,000       3,649,020  

5.50%, 7/15/28

    3,634,000       3,246,997  

144A, 4.50%, 1/15/29

    3,420,000       2,856,416  

144A, 7.50%, 6/1/30

    2,138,000       2,039,712  

144A, 4.75%, 1/15/31

    4,703,000       3,828,924  

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

    2,286,000       2,198,122  

8.00%, 1/15/27

    4,195,000       4,101,682  

7.75%, 2/1/28

    2,904,000       2,781,221  

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

    3,399,000       3,309,963  

144A, 5.125%, 6/15/28

    2,351,000       2,159,212  

144A, 4.25%, 2/15/30

    3,206,000       2,710,320  

144A, 5.50%, 10/15/30

    1,710,000       1,549,568  

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

    5,216,000       4,294,515  

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

    5,344,000       5,003,748  

144A, 6.50%, 9/30/26

    6,412,000       5,875,540  

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

    8,764,000       8,378,479  

NuStar Logistics LP
5.75%, 10/1/25

    2,565,000       2,476,332  

6.00%, 6/1/26

    2,138,000       2,033,763  

5.625%, 4/28/27

    2,351,000       2,189,907  

6.375%, 10/1/30

    2,565,000       2,394,762  

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

    1,710,000       1,583,143  

144A, 4.95%, 7/15/29

    2,351,000       2,047,251  

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

    3,356,000       3,190,459  

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

    2,565,000       2,555,766  

144A, 6.00%, 3/1/27

    1,838,000       1,708,921  

144A, 5.50%, 1/15/28

    3,206,000       2,882,323  

144A, 6.00%, 12/31/30

    3,100,000       2,677,377  

144A, 6.00%, 9/1/31

    1,999,000       1,711,752  

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

    5,344,000       4,614,250  

144A, 6.25%, 1/15/30

    4,275,000       4,221,883  

144A, 4.125%, 8/15/31

    5,344,000       4,589,828  

144A, 3.875%, 11/1/33

    5,344,000       4,363,109  

Western Midstream Operating LP
3.35%, 2/1/25

    3,124,000       2,964,235  

4.65%, 7/1/26

    2,027,000       1,927,819  

4.50%, 3/1/28

    1,710,000       1,578,011  

4.75%, 8/15/28

    1,710,000       1,583,568  

4.30%, 2/1/30

    5,130,000       4,549,989  
   

 

 

 

(Cost $191,647,928)

      172,255,965  
   

 

 

 
   

Principal
Amount

   

Value

 
Financial — 9.6%    
Banks — 0.2%            

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

  $ 2,306,000     $ 2,184,243  

144A, 7.625%, 5/1/26

    2,195,000       1,876,067  

144A, 6.625%, 1/15/27

    2,400,000       1,958,556  
   

 

 

 

(Cost $6,874,806)

      6,018,866  
   

 

 

 
Diversified Financial Services — 3.4%            

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

    4,275,000       2,804,678  

144A, 3.625%, 10/1/31

    4,275,000       2,564,310  

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

    4,275,000       1,746,880  

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

    4,245,000       3,586,649  

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

    2,138,000       1,586,152  

144A, 6.125%, 4/1/28

    2,565,000       1,520,019  

LPL Holdings, Inc.
144A, 4.625%, 11/15/27

    1,710,000       1,591,862  

144A, 4.00%, 3/15/29

    3,848,000       3,386,411  

144A, 4.375%, 5/15/31

    1,710,000       1,480,995  

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

    2,565,000       2,362,468  

144A, 5.50%, 8/15/28

    3,634,000       3,090,608  

144A, 5.125%, 12/15/30

    2,779,000       2,155,615  

144A, 5.75%, 11/15/31

    2,565,000       2,014,795  

Navient Corp.

   

MTN, 6.125%, 3/25/24

    3,634,000       3,610,997  

5.875%, 10/25/24

    2,138,000       2,085,885  

6.75%, 6/25/25

    2,138,000       2,110,206  

6.75%, 6/15/26

    2,138,000       2,061,708  

5.00%, 3/15/27

    2,993,000       2,663,905  

4.875%, 3/15/28

    2,138,000       1,819,523  

5.50%, 3/15/29

    3,206,000       2,715,367  

NFP Corp.
144A, 4.875%, 8/15/28

    2,351,000       2,060,221  

144A, 6.875%, 8/15/28

    8,869,000       7,563,927  

OneMain Finance Corp.
6.125%, 3/15/24 (a)

    5,431,000       5,360,628  

6.875%, 3/15/25

    5,338,000       5,239,327  

7.125%, 3/15/26

    6,840,000       6,655,045  

3.50%, 1/15/27

    3,206,000       2,695,800  

6.625%, 1/15/28

    3,208,000       2,990,522  

3.875%, 9/15/28

    2,564,000       2,040,970  

5.375%, 11/15/29

    3,165,000       2,669,741  

4.00%, 9/15/30

    3,599,000       2,752,110  

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

    2,778,000       2,534,057  

144A, 4.25%, 2/15/29

    2,779,000       2,177,705  

144A, 5.75%, 9/15/31

    2,138,000       1,706,664  

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

    4,916,000       4,218,813  

144A, 3.625%, 3/1/29

    3,206,000       2,587,081  

 

See Notes to Financial Statements.   50  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)        

144A, 3.875%, 3/1/31

  $ 5,344,000     $ 4,169,773  

144A, 4.00%, 10/15/33

    3,634,000       2,685,645  

SLM Corp.
4.20%, 10/29/25

    2,138,000       1,960,104  

3.125%, 11/2/26

    2,138,000       1,846,740  

Synchrony Financial,
7.25%, 2/2/33

    3,206,000       3,084,524  

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

    3,420,000       3,153,805  

144A, 5.75%, 6/15/27

    2,138,000       1,877,865  

144A, 5.50%, 4/15/29

    2,993,000       2,480,748  
   

 

 

 

(Cost $144,255,898)

      121,470,848  
   

 

 

 
Insurance — 0.6%            

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

    3,954,000       3,698,656  

144A, 10.125%, 8/1/26

    1,710,000       1,704,532  

144A, 4.25%, 2/15/29

    2,993,000       2,447,227  

144A, 6.00%, 8/1/29

    2,138,000       1,740,978  

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

    2,138,000       2,095,762  

144A, 5.625%, 1/15/29

    2,351,000       1,994,356  

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

    7,139,000       7,023,521  

144A, 5.625%, 12/1/29

    2,351,000       2,021,456  
   

 

 

 

(Cost $24,657,722)

      22,726,488  
   

 

 

 
Real Estate — 0.6%            

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

    3,206,000       2,908,836  

144A, 4.125%, 2/1/29

    2,779,000       2,318,135  

144A, 4.375%, 2/1/31

    2,779,000       2,266,997  

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

    2,565,000       2,062,886  

4.75%, 2/1/30

    2,565,000       1,974,248  

5.00%, 3/1/31

    2,565,000       1,974,158  

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

    3,848,000       2,776,197  

144A, 5.25%, 4/15/30

    4,275,000       2,933,184  

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

    2,860,000       1,518,227  
   

 

 

 

(Cost $26,881,098)

      20,732,868  
   

 

 

 
Real Estate Investment Trusts — 4.2%            

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

    4,042,000       3,725,430  

144A, 4.50%, 4/1/27

    3,206,000       2,750,443  

Diversified Healthcare Trust
9.75%, 6/15/25

    2,138,000       2,076,276  

4.75%, 2/15/28

    2,138,000       1,393,665  

4.375%, 3/1/31

    2,138,000       1,486,769  

HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25

    1,710,000       1,643,283  

144A, 3.375%, 6/15/26

    4,275,000       3,712,944  
   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)        

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

  $ 4,275,000     $ 3,939,988  

144A, 5.25%, 3/15/28

    3,527,000       3,250,289  

144A, 5.00%, 7/15/28

    2,138,000       1,939,850  

144A, 4.875%, 9/15/29

    4,275,000       3,745,477  

144A, 5.25%, 7/15/30

    5,558,000       4,852,912  

144A, 4.50%, 2/15/31

    4,703,000       3,898,305  

144A, 5.625%, 7/15/32

    2,565,000       2,222,136  

iStar, Inc.
4.75%, 10/1/24

    3,358,000       3,352,903  

4.25%, 8/1/25

    2,221,000       2,211,571  

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

    2,787,000       2,372,244  

144A, 4.75%, 6/15/29

    2,779,000       2,262,507  

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

    2,138,000       1,902,297  

5.00%, 10/15/27 (a)

    5,985,000       4,918,049  

4.625%, 8/1/29

    3,848,000       2,881,267  

3.50%, 3/15/31

    5,558,000       3,815,456  

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

    2,779,000       2,558,251  

3.45%, 10/15/31

    1,710,000       1,142,075  

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

    2,779,000       2,789,832  

144A, 5.875%, 10/1/28

    3,099,000       2,759,990  

144A, 4.875%, 5/15/29

    3,206,000       2,682,360  

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

    2,990,500       2,752,157  

144A, 4.50%, 2/15/29

    2,565,000       2,235,047  

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

    2,138,000       1,936,595  

144A, 4.00%, 9/15/29

    2,138,000       1,764,449  

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

    6,395,000       5,791,989  

3.125%, 2/1/29

    6,412,000       5,300,159  

Service Properties Trust
4.35%, 10/1/24

    3,527,000       3,379,801  

7.50%, 9/15/25

    3,420,000       3,393,324  

4.75%, 10/1/26

    1,924,000       1,671,244  

4.95%, 2/15/27

    1,710,000       1,475,593  

5.50%, 12/15/27

    1,924,000       1,735,809  

3.95%, 1/15/28

    1,710,000       1,368,171  

4.95%, 10/1/29

    1,817,000       1,435,296  

4.375%, 2/15/30

    1,710,000       1,308,310  

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

    1,710,000       1,611,192  

4.75%, 3/15/25

    2,137,000       2,025,576  

144A, 3.625%, 7/15/26

    1,710,000       1,497,649  

144A, 4.375%, 1/15/27

    2,138,000       1,854,769  

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

    9,970,000       10,169,806  

144A, 6.00%, 1/15/30

    2,957,000       1,836,391  

 

See Notes to Financial Statements.   51  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts (Continued)        

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

  $ 11,000,000     $ 11,026,345  

144A, 4.75%, 4/15/28

    2,521,000       2,001,775  

144A, 6.50%, 2/15/29

    4,665,000       3,060,480  

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

    2,138,000       2,075,744  

144A, 4.875%, 6/1/29

    2,138,000       1,828,247  
   

 

 

 

(Cost $171,455,362)

      150,822,487  
   

 

 

 
Venture Capital — 0.6%            

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

    4,701,000       4,572,992  

6.375%, 12/15/25

    3,195,000       3,156,500  

6.25%, 5/15/26

    5,336,000       5,182,350  

5.25%, 5/15/27

    6,205,000       5,746,256  

4.375%, 2/1/29

    3,205,000       2,772,125  
   

 

 

 

(Cost $22,892,973)

      21,430,223  
   

 

 

 
Industrial — 8.3%    
Aerospace/Defense — 3.0%            

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

    4,764,000       4,764,302  

144A, 7.125%, 6/15/26

    5,130,000       5,044,611  

144A, 7.875%, 4/15/27

    8,770,000       8,728,531  

144A, 6.00%, 2/15/28

    3,403,000       3,191,487  

144A, 7.50%, 2/1/29

    2,680,000       2,629,531  

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

    4,582,000       4,535,722  

6.875%, 5/1/25

    2,565,000       2,612,350  

3.00%, 1/15/29

    2,993,000       2,573,097  

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

    4,275,000       3,975,750  

144A, 5.75%, 10/15/27

    4,275,000       4,131,424  

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

    5,130,000       5,130,898  

4.60%, 6/15/28 (a)

    2,993,000       2,474,014  

144A, 9.375%, 11/30/29

    3,848,000       4,083,305  

TransDigm, Inc.
144A, 8.00%, 12/15/25

    3,895,000       3,984,312  

144A, 6.25%, 3/15/26

    18,809,000       18,584,081  

6.375%, 6/15/26

    4,061,000       3,942,675  

7.50%, 3/15/27

    2,438,000       2,409,719  

5.50%, 11/15/27

    11,370,000       10,484,936  

4.625%, 1/15/29

    5,130,000       4,413,891  

4.875%, 5/1/29

    3,205,000       2,751,280  

Triumph Group, Inc.
144A, 8.875%, 6/1/24

    2,539,000       2,652,848  

144A, 6.25%, 9/15/24

    2,569,000       2,567,394  

7.75%, 8/15/25

    2,171,000       2,078,092  
   

 

 

 

(Cost $113,315,483)

      107,744,250  
   

 

 

 
Building Materials — 0.9%            

Builders FirstSource, Inc.
144A, 5.00%, 3/1/30

    2,351,000       2,120,515  

144A, 4.25%, 2/1/32

    5,558,000       4,671,674  

144A, 6.375%, 6/15/32 (a)

    2,993,000       2,876,897  
   

Principal
Amount

   

Value

 
Building Materials (Continued)            

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

  $ 1,710,000     $ 1,537,330  

144A, 4.875%, 12/15/27

    1,710,000       1,430,586  

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

    4,703,000       4,179,392  

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

    3,634,000       3,361,120  

144A, 4.75%, 1/15/28

    4,275,000       3,844,032  

144A, 4.375%, 7/15/30

    6,840,000       5,701,003  

Summit Materials LLC / Summit Materials Finance Corp.,
144A, 5.25%, 1/15/29

    3,039,000       2,799,268  
   

 

 

 

(Cost $37,104,257)

      32,521,817  
   

 

 

 
Electrical Components & Equipment — 0.5%        

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

    2,496,000       2,180,568  

144A, 4.375%, 3/31/29

    3,383,000       2,884,007  

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

    6,413,000       6,486,012  

144A, 7.25%, 6/15/28

    5,665,000       5,745,108  
   

 

 

 

(Cost $18,362,213)

      17,295,695  
   

 

 

 
Electronics — 0.4%            

Sensata Technologies BV
144A, 5.625%, 11/1/24

    1,710,000       1,693,615  

144A, 5.00%, 10/1/25

    2,993,000       2,914,597  

144A, 4.00%, 4/15/29

    4,275,000       3,775,231  

144A, 5.875%, 9/1/30

    2,138,000       2,029,831  

Sensata Technologies, Inc.
144A, 4.375%, 2/15/30

    1,924,000       1,704,078  

144A, 3.75%, 2/15/31

    3,206,000       2,675,630  
   

 

 

 

(Cost $16,521,691)

      14,792,982  
   

 

 

 
Engineering & Construction — 0.2%            

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

    2,141,000       1,834,837  

144A, 6.25%, 11/29/28

    2,138,000       1,761,177  

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

    1,710,000       1,646,689  
   

 

 

 

(Cost $5,233,779)

      5,242,703  
   

 

 

 
Environmental Control — 0.7%            

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

    2,171,000       2,158,366  

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

    1,710,000       1,418,638  

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

    2,138,000       2,048,696  

144A, 3.75%, 8/1/25

    3,206,000       3,021,126  

144A, 5.125%, 12/15/26

    2,138,000       2,049,025  

144A, 4.00%, 8/1/28

    3,206,000       2,792,263  

144A, 3.50%, 9/1/28

    3,206,000       2,804,609  

144A, 4.75%, 6/15/29

    3,206,000       2,860,473  

144A, 4.375%, 8/15/29

    2,351,000       2,037,353  

Stericycle, Inc.
144A, 5.375%, 7/15/24

    2,565,000       2,527,947  

144A, 3.875%, 1/15/29

    2,138,000       1,834,814  
   

 

 

 

(Cost $28,116,016)

      25,553,310  
   

 

 

 

 

See Notes to Financial Statements.   52  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Machinery-Diversified — 0.2%            

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

  $ 1,712,000     $ 1,573,004  

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

    6,669,000       6,047,456  
   

 

 

 

(Cost $8,532,246)

      7,620,460  
   

 

 

 
Miscellaneous Manufacturing — 0.1%            

Hillenbrand, Inc.,
5.75%, 6/15/25
(Cost $1,869,964)

    1,840,000       1,818,960  
   

 

 

 
Packaging & Containers — 2.0%            

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

    2,565,000       2,485,151  

144A, 3.25%, 9/1/28

    2,538,000       2,133,175  

144A, 4.00%, 9/1/29

    4,489,000       3,605,767  

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

    2,633,000       2,548,086  

144A, 4.125%, 8/15/26

    5,405,000       4,923,847  

144A, 5.25%, 8/15/27 (a)

    4,275,000       3,515,525  

144A, 5.25%, 8/15/27

    3,420,000       2,812,420  

Ball Corp.
5.25%, 7/1/25

    4,275,000       4,202,181  

4.875%, 3/15/26

    3,206,000       3,101,052  

6.875%, 3/15/28

    3,206,000       3,240,945  

2.875%, 8/15/30

    5,558,000       4,442,231  

3.125%, 9/15/31

    3,634,000       2,913,796  

Berry Global, Inc.,
144A, 5.625%, 7/15/27

    2,138,000       2,060,166  

Crown Americas LLC,
5.25%, 4/1/30 (a)

    2,171,000       2,022,619  

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

    1,924,000       1,685,078  

144A, 3.75%, 2/1/30

    1,710,000       1,459,015  

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

    2,993,000       2,850,282  

144A, 10.50%, 7/15/27

    2,950,000       2,760,551  

144A, 5.875%, 11/1/28

    2,138,000       1,856,051  

144A, 8.25%, 11/1/29

    1,967,000       1,595,018  

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

    1,710,000       1,523,601  

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

    2,616,000       2,546,702  

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

    4,275,000       3,733,144  

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

    1,817,000       1,786,912  

144A, 5.50%, 9/15/25

    1,710,000       1,684,350  

144A, 4.00%, 12/1/27

    1,817,000       1,623,630  

144A, 5.00%, 4/15/29

    1,817,000       1,676,491  

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

    2,475,000       2,264,996  
   

 

 

 

(Cost $81,767,973)

      73,052,782  
   

 

 

 
   

Principal
Amount

   

Value

 
Transportation — 0.1%            

Seaspan Corp.,
144A, 5.50%, 8/1/29
(Cost $3,127,301)

  $ 3,206,000     $ 2,416,645  
   

 

 

 
Trucking & Leasing — 0.2%            

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

    2,779,000       2,723,156  

144A, 9.75%, 8/1/27

    1,710,000       1,758,445  

144A, 5.50%, 5/1/28

    4,275,000       3,819,538  
   

 

 

 

(Cost $8,927,925)

      8,301,139  
   

 

 

 
Technology — 4.5%    
Computers — 1.4%            

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

    3,070,000       2,152,132  

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

    8,636,000       6,854,444  

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

    2,138,000       2,074,038  

144A, 5.00%, 10/1/28

    2,779,000       2,391,708  

144A, 5.125%, 4/15/29

    5,130,000       4,386,765  

144A, 6.125%, 9/1/29

    2,138,000       2,082,102  

144A, 5.25%, 10/1/30

    1,924,000       1,591,721  

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

    2,244,000       2,045,975  

144A, 8.25%, 2/1/28

    2,351,000       2,236,606  

Seagate HDD Cayman
4.875%, 3/1/24

    1,935,000       1,908,684  

4.75%, 1/1/25

    2,049,000       1,980,379  

4.875%, 6/1/27

    2,159,000       2,034,967  

4.091%, 6/1/29

    2,114,000       1,825,862  

144A,9.625%, 12/1/32

    2,890,815       3,163,493  

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

    9,833,000       9,293,168  

2.85%, 2/1/29

    2,138,000       1,682,585  

3.10%, 2/1/32

    2,138,000       1,542,306  
   

 

 

 

(Cost $54,091,426)

      49,246,935  
   

 

 

 
Office/Business Equipment — 0.2%            

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

    3,206,000       2,987,737  

144A, 5.50%, 8/15/28

    3,206,000       2,696,407  
   

 

 

 

(Cost $6,544,681)

      5,684,144  
   

 

 

 
Semiconductors — 0.5%            

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

    1,924,000       1,829,609  

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

    6,600,000       6,006,285  

144A, 5.95%, 6/15/30

    3,826,000       3,563,341  

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

    1,710,000       1,513,366  

144A, 3.625%, 5/1/29 (a)

    1,944,000       1,613,734  

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

    3,039,000       2,673,727  
   

 

 

 

(Cost $18,040,585)

      17,200,062  
   

 

 

 

 

See Notes to Financial Statements.   53  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 
Software — 2.4%            

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

  $ 10,047,000     $ 7,958,753  

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

    2,605,000       2,582,712  

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

    3,938,000       3,390,182  

144A, 4.875%, 7/1/29

    3,939,000       3,385,122  

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

    17,101,000       14,838,928  

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

    1,710,000       1,664,788  

144A, 4.00%, 6/15/28

    3,848,000       3,498,140  

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

    2,138,000       1,777,084  

MSCI, Inc.
144A, 4.00%, 11/15/29

    4,275,000       3,782,948  

144A, 3.625%, 9/1/30

    3,848,000       3,279,073  

144A, 3.875%, 2/15/31

    4,275,000       3,685,905  

144A, 3.625%, 11/1/31

    2,565,000       2,147,405  

144A, 3.25%, 8/15/33

    2,993,000       2,363,437  

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

    3,848,000       3,321,209  

144A, 3.875%, 12/1/29

    3,634,000       2,971,594  

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

    3,848,000       3,172,598  

144A, 4.125%, 12/1/31

    2,772,000       2,208,480  

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

    2,138,000       2,035,301  

144A, 4.00%, 2/15/28

    2,138,000       1,944,083  

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

    2,351,000       1,433,722  

144A, 5.375%, 12/1/28

    2,351,000       926,487  

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

    4,275,000       3,518,368  

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

    8,550,000       8,054,119  

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

    2,138,000       1,798,150  

3.875%, 3/15/31

    2,138,000       1,752,786  
   

 

 

 

(Cost $100,642,576)

      87,491,374  
   

 

 

 
Utilities — 2.7%    
Electric — 2.4%            

Calpine Corp.
144A, 5.25%, 6/1/26

    1,796,000       1,723,447  

144A, 4.50%, 2/15/28

    5,344,000       4,815,227  

144A, 5.125%, 3/15/28

    5,985,000       5,316,593  

144A, 4.625%, 2/1/29

    2,779,000       2,349,043  

144A, 5.00%, 2/1/31

    3,634,000       3,001,782  

144A, 3.75%, 3/1/31

    3,848,000       3,128,010  

Clearway Energy Operating LLC
144A, 4.75%, 3/15/28

    3,634,000       3,338,828  

144A, 3.75%, 2/15/31

    3,954,000       3,196,710  

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

    1,858,000       1,744,876  

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

    1,700,000       1,676,438  

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

    6,413,000       5,989,069  

2.65%, 3/1/30

    2,565,000       2,129,489  
   

Principal
Amount

   

Value

 
Electric (Continued)            

Series B, 2.25%, 9/1/30

  $ 1,924,000     $ 1,536,218  

NextEra Energy Operating Partners LP
144A, 4.25%, 7/15/24

    2,993,000       2,895,398  

144A, 3.875%, 10/15/26

    2,138,000       1,937,242  

144A, 4.50%, 9/15/27

    2,351,000       2,147,921  

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

    3,510,000       3,298,186  

144A, 3.375%, 2/15/29

    2,138,000       1,738,474  

144A, 5.25%, 6/15/29

    3,134,000       2,786,048  

144A, 3.625%, 2/15/31

    4,403,000       3,417,279  

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

    4,275,000       3,908,077  

5.25%, 7/1/30

    4,275,000       3,820,738  

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

    1,737,000       1,777,298  

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

    4,275,000       4,087,512  

144A, 5.625%, 2/15/27

    5,558,000       5,272,941  

144A, 5.00%, 7/31/27

    5,558,000       5,177,027  

144A, 4.375%, 5/1/29

    5,344,000       4,622,258  
   

 

 

 

(Cost $98,138,496)

      86,832,129  
   

 

 

 
Gas — 0.3%            

AmeriGas Partners LP / AmeriGas Finance Corp.
5.625%, 5/20/24

    2,886,000       2,824,182  

5.50%, 5/20/25

    2,993,000       2,848,261  

5.875%, 8/20/26

    2,886,000       2,722,912  

5.75%, 5/20/27

    2,244,000       2,078,089  
   

 

 

 

(Cost $11,496,467)

      10,473,444  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $3,977,891,294)

      3,503,117,032  
   

 

 

 
SECURITIES LENDING COLLATERAL — 2.7%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
(Cost $97,081,967)

    97,081,967       97,081,967  
   

 

 

 
CASH EQUIVALENTS — 1.3%            

DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
(Cost $45,273,491)

    45,273,491       45,273,491  
   

 

 

 

TOTAL INVESTMENTS — 102.0%

   

(Cost $4,120,246,752)

    $ 3,645,472,490  

Other assets and liabilities, net — (2.0%)

      (71,801,512
   

 

 

 

NET ASSETS — 100.0%

    $ 3,573,670,978  
   

 

 

 

 

See Notes to Financial Statements.   54  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers USD High Yield Corporate 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
 

CORPORATE BONDS0.0%

 

  

Financial0.0%

 

  

Deutsche Bank AG, 5.882%, 7/08/31 (d)

 

  
     1,711,027       573,064       (2,188,899     (536,171     440,979        19,503                       

Deutsche Bank AG, 3.729%, 1/14/32 (d)

 

  
     3,593,664       619,222       (4,058,837     (1,424,285     1,270,236        29,417                       

Deutsche Bank AG, 3.742%, 1/07/33 (d)

 

  
     3,472,027       592,104       (3,923,327     (1,320,470     1,179,666        29,725                       

SECURITIES LENDING COLLATERAL2.7%

 

  

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

 

     78,245,816       18,836,151 (e)                      —        1,122,676               97,081,967        97,081,967  

CASH EQUIVALENTS1.3%

 

  

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

 

  
     21,909,142       205,950,395       (182,586,046                  481,399            —        45,273,491        45,273,491  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
       108,931,676         226,570,936         (192,757,109       (3,280,926       2,890,881          1,682,720                 142,355,458          142,355,458  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 $103,098,822, which is 2.9% 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 $10,253,077.

(d)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2023.

 

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

Fair Value Measurements

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

The following is a summary of the inputs used as of 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)

     $        $ 3,503,117,032        $     —        $ 3,503,117,032  

Short-Term Investments (a)

       142,355,458                       —          142,355,458  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 142,355,458        $ 3,503,117,032        $     —        $ 3,645,472,490  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   55  


DBX ETF Trust

 

Statements of Assets and Liabilities

 

February 28, 2023 (Unaudited)

 

     Xtrackers High
Beta High Yield
Bond ETF
    Xtrackers Low
Beta High Yield
Bond ETF
    Xtrackers Risk
Managed USD

High Yield
Strategy ETF
    Xtrackers Short
Duration

High Yield
Bond ETF
 

Assets

        

Investment in non-affiliated securities at value

   $ 13,523,518     $ 706,970,088     $     $ 74,356,852  

Investment in affiliated securities at value

                 43,977,836        

Investment in DWS Government Money Market Series

     266,481       5,136,544       480,896       1,112,435  

Investment in DWS Government & Agency Securities Portfolio*

     463,251       12,621,919       40,500       1,537,895  

Foreign currency at value

     3       400             26  
Receivables:         

Investment securities sold

     405,649       27,345,804             4,182,965  

Dividends

                 211        

Interest

     261,560       9,588,271       1,606       1,253,629  

Securities lending income

     1,046       11,902       151       3,151  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 14,921,508     $ 761,674,928     $ 44,501,200     $ 82,446,953  
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

        

Payable upon return of securities loaned

   $ 463,251     $ 12,621,919     $ 40,500     $ 1,537,895  
Payables:         

Investment securities purchased

     609,437       29,488,166             5,266,737  

Investment advisory fees

     2,132       110,306       5,157       10,923  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     1,074,820       42,220,391       45,657       6,815,555  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets, at value

   $ 13,846,688     $ 719,454,537     $ 44,455,543     $ 75,631,398  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of

        

Paid-in capital

   $ 26,949,152     $ 864,467,855     $ 49,186,402     $ 83,429,405  

Distributable earnings (loss)

     (13,102,464     (145,013,318     (4,730,859     (7,798,007
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets, at value

   $ 13,846,688     $ 719,454,537     $ 44,455,543     $ 75,631,398  
  

 

 

   

 

 

   

 

 

   

 

 

 

Number of Common Shares outstanding

     350,001       16,100,001       2,000,001       1,750,001  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value

   $ 39.56     $ 44.69     $ 22.23     $ 43.22  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in non-affiliated securities at cost

   $ 15,143,518     $ 758,916,033     $     $ 77,843,480  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in affiliated securities at cost

   $     $     $ 48,462,184     $  
  

 

 

   

 

 

   

 

 

   

 

 

 

Value of securities loaned

   $ 616,139     $ 12,173,331     $ 39,532     $ 2,102,499  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in DWS Government Money Market Series at cost

   $ 266,481     $ 5,136,544     $ 480,896     $ 1,112,435  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

   $ 463,251     $ 12,621,919     $ 40,500     $ 1,537,895  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-cash collateral for securities on loan

   $ 180,599     $     $     $ 649,843  
  

 

 

   

 

 

   

 

 

   

 

 

 

Foreign currency at cost

   $ 3     $ 380     $     $ 25  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   56  


DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

February 28, 2023 (Unaudited)

 

       Xtrackers USD
High Yield
Corporate
Bond ETF
 

Assets

    

Investment in non-affiliated securities at value

     $ 3,503,117,032  

Investment in DWS Government Money Market Series

       45,273,491  

Investment in DWS Government & Agency Securities Portfolio*

       97,081,967  

Cash

       5,017,280  

Foreign currency at value

       4,400  
Receivables:     

Investment securities sold

       351,399,371  

Capital shares

       58,087,616  

Interest

       57,241,407  

Securities lending income

       177,744  

Due from authorized participant

       239,267  
    

 

 

 

Total assets

     $ 4,117,639,575  
    

 

 

 

Liabilities

    

Payable upon return of securities loaned

     $ 97,081,967  

Payables:

    

Investment securities purchased

       132,084,331  

Capital shares

       314,356,153  

Investment advisory fees

       446,146  
    

 

 

 

Total liabilities

       543,968,597  
    

 

 

 

Net Assets, at value

     $ 3,573,670,978  
    

 

 

 

Net Assets Consist of

    

Paid-in capital

     $ 4,289,536,067  

Distributable earnings (loss)

       (715,865,089
    

 

 

 

Net Assets, at value

     $ 3,573,670,978  
    

 

 

 

Number of Common Shares outstanding

       104,587,501  
    

 

 

 

Net Asset Value

     $ 34.17  
    

 

 

 

Investment in non-affiliated securities at cost

     $ 3,977,891,294  
    

 

 

 

Value of securities loaned

     $ 103,098,822  
    

 

 

 

Investment in DWS Government Money Market Series at cost

     $ 45,273,491  
    

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

     $ 97,081,967  
    

 

 

 

Non-cash collateral for securities on loan

     $ 10,253,077  
    

 

 

 

Foreign currency at cost

     $ 4,283  
    

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   57  


DBX ETF Trust

 

Statements of Operations

 

For the Six Months Ended February 28, 2023 (Unaudited)

 

     Xtrackers High
Beta High Yield
Bond ETF
    Xtrackers Low
Beta High Yield
Bond ETF
    Xtrackers Risk
Managed USD

High Yield
Strategy ETF
    Xtrackers Short
Duration

High Yield
Bond ETF
 

Investment Income

        

Unaffiliated interest income

   $ 455,138     $ 25,508,028     $     $ 2,128,828  

Affiliated interest income

           64,452              

Affiliated dividend income

                 1,390,151        

Income distributions from affiliated funds

     3,574       129,915       6,881       10,233  

Affiliated securities lending income

     5,790       94,983       1,006       17,474  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     464,502       25,797,378       1,398,038       2,156,535  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

        

Investment advisory fees

     22,502       1,280,896       71,745       72,061  

Other expenses

     58       4,045       44       243  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     22,560       1,284,941       71,789       72,304  
  

 

 

   

 

 

   

 

 

   

 

 

 

Less fees waived (see note 3):

        

Waiver

     (9,703     (258,635     (35,977     (182
  

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     12,857       1,026,306       35,812       72,122  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)

     451,645       24,771,072       1,362,226       2,084,413  
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized and Unrealized Gain (Loss)

        

Net realized gain (loss) from:

        

Investments

     (565,749     (19,845,048           (1,602,882

Investments in affiliates

           (2,208,152     (32,893      

In-kind redemptions

           (35,001,763           (1,682,527

In-kind redemptions in affiliates

           (67,525     (237,593      

Foreign currency transactions

                        

Payments by Affiliates (see note 6)

     22       6,160             169  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

     (565,727     (57,116,328     (270,486     (3,285,240
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

        

Investments

     569,874       49,802,044             3,469,671  

Investments in affiliates

           1,898,234       276,671        

Foreign currency translations

           20             1  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

     569,874       51,700,298       276,671       3,469,672  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     4,147       (5,416,030     6,185       184,432  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ 455,792     $ 19,355,042     $ 1,368,411     $ 2,268,845  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.   58  


DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Six Months Ended February 28, 2023 (Unaudited)

 

       Xtrackers USD
High Yield
Corporate

Bond ETF
 

Investment Income

    

Unaffiliated interest income

     $ 106,057,600  

Affiliated interest income

       78,645  

Income distributions from affiliated funds

       481,399  

Affiliated securities lending income

       1,122,676  
    

 

 

 

Total investment income

       107,740,320  
    

 

 

 

Expenses

    

Investment advisory fees

       3,791,927  

Other expenses

       4,150  
    

 

 

 

Total expenses

       3,796,077  
    

 

 

 

Less fees waived (see note 3):

    

Waiver

       (956,263
    

 

 

 

Net expenses

       2,839,814  
    

 

 

 

Net investment income (loss)

       104,900,506  
    

 

 

 

Realized and Unrealized Gain (Loss)

    

Net realized gain (loss) from:

    

Investments

       (87,766,008

Investments in affiliates

       (1,921,217

In-kind redemptions

       (13,690,619

In-kind redemptions in affiliates

       (1,359,709

Foreign currency transactions

       (8

Payments by Affiliates (see note 6)

       2,717  
    

 

 

 

Net realized gain (loss)

       (104,734,844
    

 

 

 

Net change in unrealized appreciation (depreciation) on:

    

Investments

       96,838,929  

Investments in affiliates

       2,890,881  

Foreign currency translations

       115  
    

 

 

 

Net change in unrealized appreciation (depreciation)

       99,729,925  
    

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

       (5,004,919
    

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

     $ 99,895,587  
    

 

 

 

 

See Notes to Financial Statements.   59  


DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers High Beta
High Yield Bond ETF
    Xtrackers Low Beta
High Yield Bond ETF
 
     For the
Six Months Ended
February 28, 2023
(Unaudited)
    Year Ended
August 31, 2022
    For the
Six Months Ended
February 28, 2023
(Unaudited)
    Year Ended
August 31, 2022
 

Increase (Decrease) in Net Assets from Operations

        

Net investment income (loss)

   $ 451,645     $ 1,081,103     $ 24,771,072     $ 41,041,591  

Net realized gain (loss)

     (565,727     (1,209,094     (57,116,328     (42,727,027

Net change in net unrealized appreciation (depreciation)

     569,874       (2,372,970     51,700,298       (114,546,857
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     455,792       (2,500,961     19,355,042       (116,232,293
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

     (462,643     (1,152,992     (28,052,910     (42,567,833
  

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

        

Proceeds from shares sold

     1,901,083       6,992,436       127,263,390       1,268,329,518  

Value of shares redeemed

           (10,724,660     (839,777,690     (419,246,955
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     1,901,083       (3,732,224     (712,514,300     849,082,563  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     1,894,232       (7,386,177     (721,212,168     690,282,437  

Net Assets

        

Beginning of period

     11,952,456       19,338,633       1,440,666,705       750,384,268  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $ 13,846,688     $ 11,952,456     $ 719,454,537     $ 1,440,666,705  
  

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

        

Shares outstanding, beginning of period

     300,001       400,001       31,950,001       14,700,001  

Shares sold

     50,000       150,000       2,800,000       26,250,000  

Shares redeemed

           (250,000     (18,650,000     (9,000,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

     350,001       300,001       16,100,001       31,950,001  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.   60  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers Risk Managed USD

High Yield Strategy ETF
    Xtrackers Short Duration

High Yield Bond ETF
 
     For the
Six Months Ended
February 28, 2023
(Unaudited)
    For the Period
February 10, 2022(1) to
August 31, 2022
    For the
Six Months Ended
February 28, 2023
(Unaudited)
    Year Ended
August 31, 2022
 

Increase (Decrease) in Net Assets from Operations

        

Net investment income (loss)

   $ 1,362,226     $ 1,028,437     $ 2,084,413     $ 3,795,682  

Net realized gain (loss)

     (270,486     128,548       (3,285,240     (396,537

Net change in net unrealized appreciation (depreciation)

     276,671       (4,761,019     3,469,672       (8,681,574
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     1,368,411       (3,604,034     2,268,845       (5,282,429
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

     (1,520,051     (844,002     (2,186,584     (3,956,845
  

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

        

Proceeds from shares sold

     1,679,445       56,938,197       15,127,847       23,388,169  

Value of shares redeemed

     (6,660,868     (2,901,580     (25,657,884     (4,697,674
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     (4,981,423     54,036,617       (10,530,037     18,690,495  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     (5,133,063     49,588,581       (10,447,776     9,451,221  

Net Assets

        

Beginning of period

     49,588,606       25       86,079,174       76,627,953  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $ 44,455,543     $ 49,588,606     $ 75,631,398     $ 86,079,174  
  

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

        

Shares outstanding, beginning of period

     2,225,001       1       2,000,001       1,600,001  

Shares sold

     75,000       2,350,000       350,000       500,000  

Shares redeemed

     (300,000     (125,000     (600,000     (100,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

     2,000,001       2,225,001       1,750,001       2,000,001  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.   61  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers USD
High Yield Corporate Bond ETF
 
     For the
Six Months Ended
February 28, 2023
(Unaudited)
    Year Ended
August 31, 2022
 

Increase (Decrease) in Net Assets from Operations

    

Net investment income (loss)

   $ 104,900,506     $ 222,522,218  

Net realized gain (loss)

     (104,734,844     (182,677,275

Net change in net unrealized appreciation (depreciation)

     99,729,925       (602,952,647
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     99,895,587       (563,107,704
  

 

 

   

 

 

 

Distributions to Shareholders

     (107,567,701     (242,753,834
  

 

 

   

 

 

 

Fund Shares Transactions

    

Proceeds from shares sold

     4,379,593,376       4,826,710,036  

Value of shares redeemed

     (4,413,501,475     (7,072,094,189
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     (33,908,099     (2,245,384,153
  

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     (41,580,213     (3,051,245,691

Net Assets

    

Beginning of period

     3,615,251,191       6,666,496,882  
  

 

 

   

 

 

 

End of period

   $ 3,573,670,978     $ 3,615,251,191  
  

 

 

   

 

 

 

Changes in Shares Outstanding

    

Shares outstanding, beginning of period

     105,187,501       165,387,501  

Shares sold

     128,400,000       129,000,000  

Shares redeemed

     (129,000,000     (189,200,000
  

 

 

   

 

 

 

Shares outstanding, end of period

     104,587,501       105,187,501  
  

 

 

   

 

 

 

 

See Notes to Financial Statements.   62  


DBX ETF Trust

 

Financial Highlights

 

Xtrackers High Beta High Yield Bond ETF
Selected Per Share Data
  For the
Six Months Ended
2/28/2023
(Unaudited)
    Years Ended August 31,     Period Ended
8/31/2018(a)
 
  2022     2021     2020     2019  

Net Asset Value, beginning of period

  $ 39.84     $ 48.35     $ 46.55     $ 48.61     $ 49.17     $ 50.00  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:            

Net investment income (loss)(b)

    1.37       2.51       2.60       3.01 (c)      3.32       2.07  

Net realized and unrealized gain (loss)

    (0.22 )(d)      (8.37     2.65       (1.95 )(c)      (0.58     (1.11
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    1.15       (5.86     5.25       1.06       2.74       0.96  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.43     (2.65     (3.45     (3.12     (3.30     (1.79
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.43     (2.65     (3.45     (3.12     (3.30     (1.79
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 39.56     $ 39.84     $ 48.35     $ 46.55     $ 48.61     $ 49.17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)

    2.98 **(e)      (12.56 )(e)      11.67 (e)      2.46 (e)      5.90 (e)      2.01 ** 

Ratios to Average Net Assets and Supplemental Data

           

Net Assets, end of period ($ millions)

    14       12       19       7       151       148  

Ratio of expenses before fee waiver (%)

    0.35     0.35       0.35       0.35       0.35       0.35

Ratio of expenses after fee waiver (%)

    0.20     0.20       0.20       0.20       0.31       0.35

Ratio of net investment income (loss) (%)

    7.03     5.61       5.45       6.50 (c)      6.91       6.71

Portfolio turnover rate (%)(f)

    29 **      55       98       98       51       34 ** 
Xtrackers Low Beta High Yield Bond ETF
Selected Per Share Data
  For the
Six Months Ended
2/28/2023
(Unaudited)
    Years Ended August 31,     Period Ended
8/31/2018(a)
 
  2022     2021     2020     2019  

Net Asset Value, beginning of period

  $ 45.09     $ 51.05     $ 50.50     $ 50.62     $ 49.16     $ 50.00  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:            

Net investment income (loss)(b)

    1.08       1.69       1.45       2.02 (c)      2.29       1.37  

Net realized and unrealized gain (loss)

    (0.30     (5.87     1.07       0.12 (c)      1.44       (1.05
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.78       (4.18     2.52       2.14       3.73       0.32  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.18     (1.78     (1.97     (2.26     (2.27     (1.16
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.18     (1.78     (1.97     (2.26     (2.27     (1.16
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 44.69     $ 45.09     $ 51.05     $ 50.50     $ 50.62     $ 49.16  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)

    1.76 **(e)      (8.36 )(e)      5.12 (e)      4.42 (e)      7.84 (e)      0.68 ** 

Ratios to Average Net Assets and Supplemental Data

           

Net Assets, end of period ($ millions)

    719       1,441       750       38       144       138  

Ratio of expenses before fee waiver (%)

    0.25     0.25       0.25       0.25       0.25       0.25

Ratio of expenses after fee waiver (%)

    0.20     0.20       0.20       0.20       0.24       0.25

Ratio of net investment income (loss) (%)

    4.83     3.53       2.89       4.09 (c)      4.66       4.44

Portfolio turnover rate (%)(f)

    25 **      68       88       111       55       52 ** 

 

(a)

For the period January 11, 2018 (commencement of operations) through August 31, 2018.

(b)

Based on average shares outstanding during the period.

(c)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(d)

Because of timing of subscriptions and redemptions in relation to fluctuating markets at values, the amount shown may not agree with the change in aggregate gains and losses.

(e)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(f)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   63  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers Risk Managed USD High Yield Strategy ETF
Selected Per Share Data
  For the
Six Months Ended
2/28/2023
(Unaudited)
    Period Ended
8/31/2022(a)
                         

Net Asset Value, beginning of period

  $ 22.29     $ 25.00          
 

 

 

   

 

 

         
Income (loss) from investment operations:            

Net investment income (loss)(b)

    0.63       0.58          

Net realized and unrealized gain (loss)

    0.00 (c)      (2.84        
 

 

 

   

 

 

         

Total from investment operations

    0.63       (2.26        
 

 

 

   

 

 

         
Less distributions from:

 

Net investment income

    (0.69     (0.45        
 

 

 

   

 

 

         

Total distributions

    (0.69     (0.45        
 

 

 

   

 

 

         

Net Asset Value, end of period

  $ 22.23     $ 22.29          
 

 

 

   

 

 

         

Total Return (%)(d)

    2.85 **      (9.12 )**         

Ratios to Average Net Assets and Supplemental Data

           

Net Assets, end of period ($ millions)

    44       50          

Ratio of expenses before fee waiver (%)(e)

    0.30     0.30        

Ratio of expenses after fee waiver (%)(e)

    0.15     0.15        

Ratio of net investment income (loss) (%)

    5.70     4.54        

Portfolio turnover rate (%)(f)

    0 **      0 **         
Xtrackers Short Duration High Yield Bond ETF
Selected Per Share Data
  For the
Six Months Ended
2/28/2023
(Unaudited)
    Years Ended August 31,     Period Ended
8/31/2018(g)
 
  2022     2021     2020     2019  

Net Asset Value, beginning of period

  $ 43.04     $ 47.89     $ 46.57     $ 49.13     $ 49.69     $ 50.00  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:            

Net investment income (loss)(b)

    1.23       2.04       2.34       2.69 (h)      2.83       1.76  

Net realized and unrealized gain (loss)

    0.21       (4.76     1.67       (2.47 )(h)      (0.54     (0.59
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    1.44       (2.72     4.01       0.22       2.29       1.17  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

    (1.26     (2.13     (2.69     (2.78     (2.85     (1.48
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.26     (2.13     (2.69     (2.78     (2.85     (1.48
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 43.22     $ 43.04     $ 47.89     $ 46.57     $ 49.13     $ 49.69  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)

    3.42 **(d)      (5.84 )(d)      8.86 (d)      0.61 (d)      4.79 (d)      2.41 ** 

Ratios to Average Net Assets and Supplemental Data

           

Net Assets, end of period ($ millions)

    76       86       77       37       22       40  

Ratio of expenses before fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.20

Ratio of expenses after fee waiver (%)

    0.20     0.20       0.20       0.20       0.20       0.20

Ratio of net investment income (loss) (%)

    5.79     4.48       4.95       6.13 (h)      5.78       5.56

Portfolio turnover rate (%)(f)

    26 **      46       52       150       45       37 ** 

 

(a)

For the period February 10, 2022 (commencement of operations) through August 31, 2022.

(b)

Based on average shares outstanding during the period.

(c)

Amount represents less than $0.005.

(d)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(e)

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

(f)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(g)

For the period January 10, 2018 (commencement of operations) through August 31, 2018.

(h)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   64  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers USD High Yield Corporate Bond ETF
Selected Per Share Data
   For the
Six Months Ended
2/28/2023
(Unaudited)
    Years Ended August 31,  
  2022      2021     2020(a)     2019(a)      2018(a)  

Net Asset Value, beginning of period

   $ 34.37     $ 40.31      $  39.06 (a)    $ 40.19     $ 39.90      $ 40.97  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 
Income (loss) from investment operations:               

Net investment income (loss)(b)

     0.93       1.61        1.70       2.03 (c)      2.39        2.32  

Net realized and unrealized gain (loss)

     (0.16     (5.80      1.79       (0.95 )(c)      0.24        (1.24
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total from investment operations

     0.77       (4.19      3.49       1.08       2.63        1.08  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 
Less distributions from:

 

Net investment income

     (0.97     (1.75      (2.24     (2.21     (2.34      (2.15
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total distributions

     (0.97     (1.75      (2.24     (2.21     (2.34      (2.15
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Net Asset Value, end of period

   $ 34.17     $ 34.37      $ 40.31     $ 39.06     $ 40.19      $ 39.90  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total Return (%)(d)

     2.29 **      (10.67      8.31       2.91       6.87        2.76  

Ratios to Average Net Assets and Supplemental Data

              

Net Assets, end of period ($ millions)

     3,574       3,615        6,666       6,209       3,062        1,796  

Ratio of expenses before fee waiver (%)

     0.20     0.20        0.20       0.20       0.20        0.20  

Ratio of expenses after fee waiver (%)

     0.15     0.15        0.15       0.15       0.17        0.20  

Ratio of net investment income (loss) (%)

     5.53     4.24        4.27       5.27 (c)      6.06        5.86  

Portfolio turnover rate (%)(e)

     15 **      24        37       54       29        32  

 

(a)

On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly.

(b)

Based on average shares outstanding during the period.

(c)

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

(d)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(e)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   65  


DBX ETF Trust

 

Notes to Financial Statements (Unaudited)

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of February 28, 2023, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:

Xtrackers High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield Corporate Bond ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

 

Fund

 

Underlying Index

Xtrackers High Beta High Yield Bond ETF   Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF   Solactive USD High Yield Corporates Total Market Low Beta Index
Xtrackers Risk Managed USD High Yield Strategy ETF   Adaptive Wealth Strategies Risk Managed High Yield Index
Xtrackers Short Duration High Yield Bond ETF   Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield Corporate Bond ETF   Solactive USD High Yield Corporates Total Market Index

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.

 

66


DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

Xtrackers Risk Managed USD High Yield Strategy ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

Security Valuation    The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as

Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include,

 

67


DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash    Cash consists of cash held at banks and is on deposit with major financial institutions.

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2023, the Funds did not incur any interest or penalties.

 

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At August 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

     Short-Term      Long-Term      Total Amount  

Xtrackers High Beta High Yield Bond ETF

   $ 2,899,789      $ 8,049,104      $ 10,948,893  

Xtrackers Low Beta High Yield Bond ETF

     24,251,180        7,729,696        31,980,876  

Xtrackers Short Duration High Yield Bond ETF

     618,223        378,015        996,238  

Xtrackers USD High Yield Corporate Bond ETF

     27,135,091        93,515,542        120,650,633  

As of August 31, 2022, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

     Aggregate
Tax Cost
     Net
Unrealized
Appreciation
(Depreciation)
     Aggregate
Gross Unrealized
Appreciation
     Aggregate
Gross Unrealized
(Depreciation)
 

Xtrackers High Beta High Yield Bond ETF

   $ 14,241,683      $ (2,220,689    $ 12,415      $ (2,233,104

Xtrackers Low Beta High Yield Bond ETF

     1,543,431,644        (109,279,507      889,790        (110,169,297

Xtrackers Risk Managed USD High Yield Strategy ETF

     54,358,186        (4,763,654             (4,763,654

Xtrackers Short Duration High Yield Bond ETF

     93,155,018        (7,273,572      176,333        (7,449,905

Xtrackers USD High Yield Corporate Bond ETF

     4,265,422,743        (603,371,908      153,306        (603,525,214

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes    The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 28, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending    The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort

 

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to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of February 28, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

 

Remaining Contractual Maturity of the Agreements, as of February 28, 2023

 
Securities Lending Transactions    Overnight and
Continuous
     <30 Days      Between 30
& 90 days
     >90 days      Total  
Xtrackers High Beta High Yield Bond ETF               

Corporate Bonds

   $ 463,251      $  —      $ 3,521      $ 177,078      $ 643,850  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions

 

   $ 643,850  

Xtrackers Low Beta High Yield Bond ETF

 

           

Corporate Bonds

   $ 12,621,919      $      $      $      $ 12,621,919  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions

 

   $ 12,621,919  

Xtrackers Risk Managed USD HighYield Strategy ETF

 

Exchange-Traded Funds

   $ 40,500      $      $      $      $ 40,500  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions

 

   $ 40,500  

Xtrackers Short Duration High Yield Bond ETF

 

           

Corporate Bonds

   $ 1,537,895      $      $ 12,671      $ 637,172      $ 2,187,738  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions

 

   $ 2,187,738  

Xtrackers USD High Yield Corporate Bond ETF

 

           

Corporate Bonds

   $ 97,081,967      $      $ 199,916      $ 10,053,161      $ 107,335,044  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions

 

   $ 107,335,044  

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

 

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3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

 

     Unitary
Advisory Fee
 

Xtrackers High Beta High Yield Bond ETF

     0.35

Xtrackers Low Beta High Yield Bond ETF

     0.25

Xtrackers Risk Managed USD High Yield Strategy ETF

     0.30

Xtrackers Short Duration High Yield Bond ETF

     0.20

Xtrackers USD High Yield Corporate Bond ETF

     0.20

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $9,644 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $256,179 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 28, 2023, the Advisor waived $35,853 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $947,982 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 28, 2023, the Advisor waived expenses of the Funds as follows:

 

     Expenses
Waived
 

Xtrackers High Beta High Yield Bond ETF

   $ 59  

Xtrackers Low Beta High Yield Bond ETF

     2,456  

Xtrackers Risk Managed USD High Yield Strategy ETF

     124  

Xtrackers Short Duration High Yield Bond ETF

     182  

Xtrackers USD High Yield Corporate Bond ETF

     8,281  

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

 

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Notes to Financial Statements (Unaudited) (Continued)

 

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Investment Portfolio Transactions

For the period ended February 28, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers High Beta High Yield Bond ETF

   $ 3,673,829      $ 3,608,659  

Xtrackers Low Beta High Yield Bond ETF

     249,681,752        252,271,277  

Xtrackers Risk Managed USD High Yield Strategy ETF

            13,731,175  

Xtrackers Short Duration High Yield Bond ETF

     18,722,546        19,369,864  

Xtrackers USD High Yield Corporate Bond ETF

     536,776,092        553,063,496  

For the period ended February 28, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers High Beta High Yield Bond ETF

   $ 1,743,289      $  

Xtrackers Low Beta High Yield Bond ETF

     123,403,603        824,668,965  

Xtrackers Risk Managed USD High Yield Strategy ETF

     1,649,330        6,833,268  

Xtrackers Short Duration High Yield Bond ETF

     14,837,851        24,872,542  

Xtrackers USD High Yield Corporate Bond ETF

     4,298,231,473        4,328,577,284  

Transactions with Affiliates.    The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the period ended February 28, 2023, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

 

     Securities
Purchased
     Securities
Sold
     Net Realized Gain
(Loss) on
Securities Sold
 

Xtrackers High Beta High Yield Bond ETF

   $ 464,803      $ 803,881      $ (68,088

Xtrackers Low Beta High Yield Bond ETF

     803,881        464,803        (60,226

5. Fund Share Transactions

As of February 28, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

 

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Notes to Financial Statements (Unaudited) (Continued)

 

6. Payments by Affiliates

During the period ended February 28, 2023, the Advisor agreed to reimburse the following Funds for losses due to trades executed incorrectly. The amount compensated was less than 0.01% of the Funds average net assets, thus having no impact on the Funds total return.

 

     Total Amount  

Xtrackers High Beta High Yield Bond ETF

   $ 22  

Xtrackers Low Beta High Yield Bond ETF

     6,160  

Xtrackers Short Duration High Yield Bond ETF

     169  

Xtrackers USD High Yield Corporate Bond ETF

     2,717  

7. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 28, 2023.

 

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Liquidity Risk Management (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (the “Advisor”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

 

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DBX ETF Trust

 

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

 

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things,

 

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

 

the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided

 

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

 

information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

 

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Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

 

 

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This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Investing in a single industry, or group of industries, country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

HYUP, HYDW, SHYL and HYLB (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.

Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

 

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value


DBX ETF Trust

 

Investment advisor

DBX Advisors LLC

875 Third Avenue

New York, NY 10022

 

Administrator, custodian,

fund accounting agent, lending
agent & transfer agent

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

 

Distributor

ALPS Distributors, Inc.

1290 Broadway

Suite 1000

Denver, CO 80203

Independent registered public
accounting firm

Ernst & Young LLP

One Manhattan West

New York, NY, 10001

 

Legal counsel

Vedder Price P.C.

1633 Broadway

New York, NY 10019

 

 

R-050032-7 (4/23) DBX005476 (4/24)