February 28, 2022
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)
DBX ETF Trust
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Board Consideration in Approval of Investment Advisory Contracts |
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semiannual report for five of our ETFs tracking the fixed income market for the period ended February 28, 2022.
Global financial markets witnessed several severe shifts during the last six months as economies continued to unlock again. The emergence of the highly infectious Omicron variant of the coronavirus began to take a toll on global growth by the end of 2021. To tackle the attendant disruptions, countries had to restrict movements and expedite their vaccination programs. Additionally, the invasion of the Russian Army into Ukraine on February 24, 2022 increased volatility in financial markets. Macro data depicted a mixed picture of the U.S. economy since the start of the reporting period. The purchasing manager’s index (PMI)1 continued to slide worldwide; however, it recovered strongly in February 2022, signaling expanded economic activity. In 4Q 2021, Eurozone GDP experienced the slowest quarter-on-quarter growth in the last three quarters; nonetheless, the economy touched the pre-pandemic size. The PMI in the region slipped to an 11-month low in January 2022, due to weakness in the services sector, disrupted by the Omicron wave.
Central banks globally kept a hawkish stance as rallying oil and gas prices continued to trouble most parts of the world. The U.S. Federal Reserve (Fed) is on track to ending its bond purchase program in March 2022. The Federal Open Market Committee (FOMC) meeting confirmed widespread expectations of a Fed funds lift-off in March 2022. In addition, the FOMC is actively looking to reduce its inflated balance sheet. This would raise the cost of capital for corporates, evident in widening spreads on both investment grade and high-yield corporates in January 2022. U.S. benchmark Treasury yields rose as well during the reporting period.
Higher inflation and hawkish central bank policies contributed to dismal bond market returns during most of the period under consideration. Yield curves flattened globally as short-term yields rose higher than long-term yields as investors anticipated rate hikes in 2022. Spreads widened the most in the U.S. market followed by the European and U.K. markets during the fourth quarter of 2021 following fears the Omicron variant would impact global growth. However, spreads tightened again in December 2021 on evidence of a lower impact of the virus, fewer supply of new issues, and “Santa Claus Rally”.2
January and February 2022 were dominated by a number of negative themes, especially for the Eurozone bond markets, such as higher-than-expected inflation and increased geopolitical tensions over the Russia-Ukraine border. This resulted in relatively more widening of spreads in the European markets than in the U.S. bond market. During the last six months, the German 10-year government bond yields rose and entered into positive territory by January 2022 as European countries eased lockdown measures. The European Central Bank (ECB) has indicated that inflation in the Eurozone will likely remain elevated longer than previously expected, but will ease during the course of the year. In light of this and recovery in economic activity, the ECB is expected to end asset purchases under the Pandemic Emergency Purchase Programme by the end of March 2022.
We believe 2022 will be viewed as a year of transition as the global economy, along with the investment environment, evolves in search of a new normal. Geopolitical pressures coupled with disparities in central bank policies across different regions is expected to impact investment decisions. On one hand, the economic effects of the war between Russia and Ukraine and other supporting nations need to be monitored. On the other, we believe high inflation is a proxy of readjustment to demand-supply mismatches and labor markets. It can, therefore, be tackled with efficient risk management of portfolios, along with longer-term investment horizon.
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
1 The Purchasing Managers’ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.
2 A Santa Claus rally is a calendar effect that involves a rise in risk asset prices during the last five trading days in December and the first two trading days in the following January.
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.
2
DBX ETF Trust
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, 2022 |
Description | % of Market Value | |||
BBB |
1.2% | |||
BB |
48.4% | |||
B |
37.6% | |||
CCC |
12.7% | |||
CC |
0.1% | |||
|
|
|||
Total |
100.0% |
The quality ratings represents the average 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, 2022 |
United States |
84.6% | |||
Canada |
4.6% | |||
Luxembourg |
2.6% | |||
Netherlands |
2.3% | |||
Other |
5.9% | |||
|
|
|||
Total |
100.0% |
Sector Diversification* as of February 28, 2022 |
Communications |
21.0% | |||
Consumer, Cyclical |
20.0% | |||
Consumer, Non-cyclical |
18.4% | |||
Energy |
11.9% | |||
Financial |
9.8% | |||
Industrial |
8.9% | |||
Technology |
4.0% | |||
Basic Materials |
3.8% | |||
Utilities |
2.2% | |||
|
|
|||
Total |
100.0% |
Modified duration to worst as of February 28, 2022: 4.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.
* 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 10.
3
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 US 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, 2022 |
Description | % of Market Value | |||
BBB |
18.4% | |||
BB |
68.8% | |||
B |
11.9% | |||
CCC |
0.9% | |||
|
|
|||
Total |
100.0% |
The quality ratings represents the average 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, 2022 |
United States |
90.6% | |||
Canada |
2.2% | |||
Other |
7.2% | |||
|
|
|||
Total |
100.0% |
Sector Diversification* as of February 28, 2022 |
Consumer, Cyclical |
20.4% | |||
Consumer, Non-cyclical |
20.2% | |||
Communications |
17.3% | |||
Energy |
13.0% | |||
Financial |
11.8% | |||
Industrial |
7.7% | |||
Technology |
4.0% | |||
Basic Materials |
2.8% | |||
Utilities |
2.8% | |||
|
|
|||
Total |
100.0% |
Modified duration to worst as of February 28, 2022: 3.6 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 22.
4
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, 2022 |
Description | % of Market Value | |||
BB |
100.0% | |||
|
|
|||
Total |
100.0% |
The quality ratings represents the average 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, 2022 |
Consumer, Cyclical |
20.9% | |||
Communications |
19.0% | |||
Consumer, Non-cyclical |
18.9% | |||
Energy |
12.4% | |||
Financial |
10.8% | |||
Industrial |
8.2% | |||
Technology |
4.0% | |||
Basic Materials |
3.3% | |||
Utilities |
2.5% | |||
|
|
|||
Total |
100.0% |
Modified duration to worst as of February 28, 2022: 4.2 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 percentage of total investments excluding 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 33.
5
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, 2022 |
Description | % of Market Value | |||
BBB |
8.6% | |||
BB |
59.0% | |||
B |
26.2% | |||
CCC |
6.2% | |||
|
|
|||
Total |
100.0% |
The quality ratings represents the average 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, 2022 |
United States |
86.4% | |||
Canada |
3.8% | |||
Netherlands |
2.3% | |||
Other |
7.5% | |||
|
|
|||
Total |
100.0% |
Sector Diversification* as of February 28, 2022 |
Consumer, Cyclical |
25.7% | |||
Communications |
16.1% | |||
Consumer, Non-cyclical |
15.2% | |||
Energy |
13.6% | |||
Financial |
13.0% | |||
Industrial |
9.8% | |||
Technology |
2.9% | |||
Basic Materials |
1.9% | |||
Utilities |
1.8% | |||
|
|
|||
Total |
100.0% |
Modified duration to worst as of February 28, 2022: 2.2 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 35.
6
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, 2022 |
Description | % of Market Value | |||
BBB |
9.0% | |||
BB |
58.5% | |||
B |
25.3% | |||
CCC |
7.1% | |||
C |
0.1% | |||
|
|
|||
Total |
100.0% |
The quality ratings represents the average 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, 2022 |
United States |
87.5% | |||
Canada |
3.5% | |||
Netherlands |
2.0% | |||
Other |
7.0% | |||
|
|
|||
Total |
100.0% |
Sector Diversification* as of February 28, 2022 |
Consumer, Cyclical |
20.9% | |||
Communications |
19.0% | |||
Consumer, Non-cyclical |
18.9% | |||
Energy |
12.4% | |||
Financial |
10.8% | |||
Industrial |
8.2% | |||
Technology |
4.0% | |||
Basic Materials |
3.3% | |||
Utilities |
2.5% | |||
|
|
|||
Total |
100.0% |
Modified duration to worst as of February 28, 2022: 4.2 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 44.
7
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2021 to February 28, 2022), except Xtrackers Risk Managed USD High Yield Strategy ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 28, 2022).
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, 2021 |
Ending Account Value February 28, 2022 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Xtrackers High Beta High Yield Bond ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 966.80 | 0.20 | % | $ | 0.97 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.81 | 0.20 | % | $ | 1.00 | ||||||||
Xtrackers Low Beta High Yield Bond ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 970.70 | 0.20 | % | $ | 0.98 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.81 | 0.20 | % | $ | 1.00 | ||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF (3) |
|
|||||||||||||||
Actual (2) |
$ | 1,000.00 | $ | 994.80 | 0.15 | % | $ | 0.08 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.05 | 0.15 | % | $ | 0.76 | ||||||||
Xtrackers Short Duration High Yield Bond ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 985.80 | 0.20 | % | $ | 0.98 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.81 | 0.20 | % | $ | 1.00 |
8
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value September 1, 2021 |
Ending Account Value February 28, 2022 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Xtrackers USD High Yield Corporate Bond ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 969.00 | 0.15 | % | $ | 0.73 | ||||||||
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) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 19 (the number of days in the period February 10, 2022 (commencement of operations) to February 28, 2022), then divided by 365.
(3) 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.
9
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.3% | ||||||||
Basic Materials — 3.7% | ||||||||
Chemicals — 2.5% | ||||||||
ASP
Unifrax Holdings, Inc. |
$ | 28,000 | $ | 26,857 | ||||
144A, 7.50%, 9/30/29 (a) |
14,000 | 12,798 | ||||||
Axalta
Coating Systems LLC, 144A, |
31,000 | 28,332 | ||||||
Chemours
Co. |
8,000 | 8,040 | ||||||
144A, 5.75%, 11/15/28 |
47,000 | 46,246 | ||||||
144A, 4.625%, 11/15/29 |
18,000 | 16,701 | ||||||
Consolidated
Energy Finance SA |
14,000 | 14,003 | ||||||
144A, 5.625%, 10/15/28 |
28,000 | 25,915 | ||||||
Methanex
Corp. |
25,000 | 25,423 | ||||||
5.25%, 12/15/29 |
25,000 | 25,298 | ||||||
NOVA
Chemicals Corp. |
47,000 | 47,199 | ||||||
144A, 4.25%, 5/15/29 (a) |
20,000 | 18,775 | ||||||
Olympus
Water US Holding Corp. |
30,000 | 28,014 | ||||||
144A, 6.25%, 10/1/29 (a) |
14,000 | 12,861 | ||||||
SCIH
Salt Holdings, Inc. |
40,000 | 38,300 | ||||||
144A, 6.625%, 5/1/29 |
34,000 | 32,005 | ||||||
TPC
Group, Inc., 144A, |
33,000 | 18,150 | ||||||
Tronox,
Inc., 144A, |
37,000 | 34,926 | ||||||
Valvoline,
Inc. |
23,000 | 21,822 | ||||||
144A, 3.625%, 6/15/31 |
25,000 | 22,432 | ||||||
WR
Grace Holdings LLC |
26,000 | 26,007 | ||||||
144A, 5.625%, 8/15/29 |
50,000 | 48,000 | ||||||
|
|
|||||||
(Cost $619,729) |
578,104 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
||||||||
(Cost $31,529) |
31,000 | 30,360 | ||||||
|
|
|||||||
Iron/Steel — 0.3% | ||||||||
Cleveland-Cliffs,
Inc. |
5,000 | 4,833 | ||||||
144A, 4.875%, 3/1/31 (a) |
29,000 | 28,029 | ||||||
United
States Steel Corp., |
25,000 | 25,719 | ||||||
|
|
|||||||
(Cost $58,590) |
58,581 | |||||||
|
|
|||||||
Mining — 0.8% | ||||||||
Constellium
SE, 144A, |
18,000 | 16,571 | ||||||
Hudbay
Minerals, Inc. |
17,000 | 16,447 | ||||||
144A, 6.125%, 4/1/29 (a) |
26,000 | 26,621 |
Principal |
Value |
|||||||
Mining (Continued) | ||||||||
Kaiser
Aluminum Corp. |
$ | 15,000 | $ | 14,188 | ||||
144A, 4.50%, 6/1/31 |
21,000 | 18,946 | ||||||
Novelis
Corp. |
63,000 | 61,760 | ||||||
144A, 3.875%, 8/15/31 |
32,000 | 29,523 | ||||||
|
|
|||||||
(Cost $194,877) |
184,056 | |||||||
|
|
|||||||
Communications — 20.6% | ||||||||
Advertising — 1.0% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
50,000 | 51,925 | ||||||
144A, 7.50%, 6/1/29 |
31,000 | 32,186 | ||||||
Midas
OpCo Holdings LLC, 144A, |
41,000 | 40,232 | ||||||
Outfront
Media Capital LLC / Outfront Media |
23,000 | 22,732 | ||||||
144A, 4.25%, 1/15/29 |
18,000 | 17,191 | ||||||
144A, 4.625%, 3/15/30 |
18,000 | 17,054 | ||||||
Terrier
Media Buyer, Inc., 144A, |
38,000 | 38,993 | ||||||
|
|
|||||||
(Cost $223,990) |
220,313 | |||||||
|
|
|||||||
Internet — 0.4% | ||||||||
Arches
Buyer, Inc., 144A, |
18,000 | 16,881 | ||||||
Photo
Holdings Merger Sub, Inc., 144A, |
28,000 | 27,857 | ||||||
Uber
Technologies, Inc., 144A, |
63,000 | 60,434 | ||||||
|
|
|||||||
(Cost $109,869) |
105,172 | |||||||
|
|
|||||||
Media — 11.7% | ||||||||
Altice
Financing SA |
42,000 | 37,892 | ||||||
144A, 5.75%, 8/15/29 |
72,000 | 65,699 | ||||||
AMC
Networks, Inc., |
45,000 | 42,202 | ||||||
Audacy
Capital Corp. |
17,000 | 16,171 | ||||||
144A, 6.75%, 3/31/29 (a) |
24,000 | 22,783 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
101,000 | 96,878 | ||||||
144A, 4.25%, 2/1/31 |
120,000 | 112,634 | ||||||
144A, 4.75%, 2/1/32 |
45,000 | 43,750 | ||||||
4.50%, 5/1/32 |
114,000 | 108,275 | ||||||
144A, 4.50%, 6/1/33 |
71,000 | 66,667 | ||||||
144A, 4.25%, 1/15/34 |
74,000 | 67,889 | ||||||
CSC
Holdings LLC |
42,000 | 41,990 | ||||||
144A, 6.50%, 2/1/29 |
61,000 | 61,859 | ||||||
144A, 5.75%, 1/15/30 |
79,000 | 69,768 | ||||||
144A, 4.125%, 12/1/30 |
54,000 | 48,566 | ||||||
144A, 4.625%, 12/1/30 |
99,000 | 82,614 | ||||||
144A, 3.375%, 2/15/31 |
50,000 | 42,663 | ||||||
144A, 4.50%, 11/15/31 |
53,000 | 48,304 | ||||||
144A, 5.00%, 11/15/31 |
18,000 | 15,006 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Diamond
Sports Group LLC / Diamond Sports Finance Co. 144A, |
$ | 120,000 | $ | 49,406 | ||||
144A, 6.625%, 8/15/27 |
76,000 | 18,430 | ||||||
Directv
Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, |
145,000 | 145,231 | ||||||
DISH
DBS Corp. |
80,000 | 80,080 | ||||||
7.75%, 7/1/26 |
80,000 | 81,108 | ||||||
144A, 5.25%, 12/1/26 |
101,000 | 99,201 | ||||||
7.375%, 7/1/28 (a) |
35,000 | 32,962 | ||||||
144A, 5.75%, 12/1/28 |
108,000 | 103,580 | ||||||
5.125%, 6/1/29 |
53,000 | 44,814 | ||||||
Gray
Escrow II, Inc., 144A, |
56,000 | 53,418 | ||||||
Gray
Television, Inc., 144A, |
28,000 | 26,288 | ||||||
iHeartCommunications,
Inc. |
58,000 | 60,478 | ||||||
144A, 4.75%, 1/15/28 |
18,000 | 17,436 | ||||||
LCPR
Senior Secured Financing DAC |
56,000 | 57,038 | ||||||
144A, 5.125%, 7/15/29 |
30,000 | 28,883 | ||||||
McGraw-Hill
Education, Inc. |
34,000 | 32,300 | ||||||
144A, 8.00%, 8/1/29 |
24,000 | 21,585 | ||||||
Nexstar
Media, Inc., 144A, |
35,000 | 34,083 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc. |
41,000 | 39,223 | ||||||
144A, 6.50%, 9/15/28 |
35,000 | 32,915 | ||||||
Scripps
Escrow II, Inc., 144A, |
18,000 | 17,100 | ||||||
Sinclair
Television Group, Inc. |
14,000 | 12,756 | ||||||
144A, 5.50%, 3/1/30 |
18,000 | 15,816 | ||||||
144A, 4.125%, 12/1/30 |
26,000 | 23,311 | ||||||
Sirius
XM Radio, Inc., 144A, |
58,000 | 53,523 | ||||||
TEGNA,
Inc. |
44,000 | 44,055 | ||||||
5.00%, 9/15/29 |
42,000 | 41,966 | ||||||
Univision
Communications, Inc., 144A, |
37,000 | 35,198 | ||||||
UPC
Broadband Finco BV, 144A, |
52,000 | 49,739 | ||||||
Virgin
Media Finance PLC, 144A, |
33,000 | 31,056 | ||||||
Virgin
Media Secured Finance PLC |
50,000 | 50,033 | ||||||
144A, 4.50%, 8/15/30 |
32,000 | 29,969 | ||||||
VZ
Secured Financing BV, 144A, |
64,000 | 61,216 | ||||||
Ziggo
Bond Co. BV, 144A, |
18,000 | 16,807 |
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Ziggo
BV, 144A, |
$ | 35,000 | $ | 33,450 | ||||
|
|
|||||||
(Cost $2,882,643) |
2,666,064 | |||||||
|
|
|||||||
Telecommunications — 7.5% | ||||||||
Altice
France Holding SA |
64,000 | 67,114 | ||||||
144A, 6.00%, 2/15/28 (a) |
45,000 | 39,791 | ||||||
Altice
France SA |
39,000 | 36,512 | ||||||
144A, 5.125%, 1/15/29 |
17,000 | 15,447 | ||||||
144A, 5.125%, 7/15/29 |
108,000 | 97,873 | ||||||
144A, 5.50%, 10/15/29 |
70,000 | 64,237 | ||||||
Avaya,
Inc., 144A, |
38,000 | 36,678 | ||||||
C&W
Senior Financing DAC, 144A, |
47,000 | 48,794 | ||||||
CommScope
Technologies LLC |
46,000 | 45,146 | ||||||
144A, 5.00%, 3/15/27 |
26,000 | 23,044 | ||||||
CommScope,
Inc. |
54,000 | 55,149 | ||||||
144A, 8.25%, 3/1/27 |
35,000 | 34,887 | ||||||
144A, 7.125%, 7/1/28 |
40,000 | 37,568 | ||||||
144A, 4.75%, 9/1/29 |
44,000 | 41,101 | ||||||
Connect
Finco SARL / Connect US Finco LLC, 144A, |
73,000 | 73,985 | ||||||
Consolidated
Communications, Inc. |
14,000 | 13,281 | ||||||
144A, 6.50%, 10/1/28 (a) |
27,000 | 26,933 | ||||||
DKT
Finance ApS, 144A, |
13,000 | 13,067 | ||||||
Frontier
Communications Holdings LLC |
45,000 | 45,684 | ||||||
144A, 5.00%, 5/1/28 |
61,000 | 59,307 | ||||||
144A, 6.75%, 5/1/29 |
39,000 | 37,928 | ||||||
5.875%, 11/1/29 |
30,000 | 27,654 | ||||||
144A, 6.00%, 1/15/30 |
38,000 | 35,074 | ||||||
Iliad
Holding SASU |
43,000 | 42,838 | ||||||
144A, 7.00%, 10/15/28 |
41,000 | 40,852 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
116,000 | 118,030 | ||||||
Level 3
Financing, Inc. |
42,000 | 38,850 | ||||||
144A, 3.625%, 1/15/29 |
40,000 | 35,101 | ||||||
144A, 3.75%, 7/15/29 |
41,000 | 36,246 | ||||||
Lumen
Technologies, Inc. |
30,000 | 25,101 | ||||||
144A, 5.375%, 6/15/29 |
43,000 | 37,389 | ||||||
Telesat
Canada / Telesat LLC |
18,000 | 13,264 | ||||||
144A, 4.875%, 6/1/27 |
15,000 | 10,678 | ||||||
144A, 6.50%, 10/15/27 |
22,000 | 11,037 | ||||||
Viasat,
Inc. |
25,000 | 23,915 | ||||||
144A, 5.625%, 4/15/27 |
21,000 | 21,002 | ||||||
144A, 6.50%, 7/15/28 |
24,000 | 22,185 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
Vmed
O2 UK Financing I PLC |
$ | 52,000 | $ | 47,917 | ||||
144A, 4.75%, 7/15/31 |
60,000 | 57,606 | ||||||
Windstream
Escrow LLC / Windstream Escrow Finance Corp., 144A, |
49,000 | 49,516 | ||||||
Zayo
Group Holdings, Inc. |
62,000 | 59,029 | ||||||
144A, 6.125%, 3/1/28 (a) |
38,000 | 35,384 | ||||||
|
|
|||||||
(Cost $1,802,930) |
1,702,194 | |||||||
|
|
|||||||
Consumer, Cyclical — 19.7% | ||||||||
Airlines — 1.2% | ||||||||
American
Airlines Group, Inc., 144A, |
18,000 | 16,785 | ||||||
American
Airlines, Inc., 144A, |
97,000 | 117,884 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
52,000 | 52,711 | ||||||
United
Airlines, Inc., 144A, |
80,000 | 78,056 | ||||||
|
|
|||||||
(Cost $255,971) |
265,436 | |||||||
|
|
|||||||
Auto Manufacturers — 0.4% | ||||||||
Allison
Transmission, Inc., 144A, |
35,000 | 32,552 | ||||||
Jaguar
Land Rover Automotive PLC |
27,000 | 24,876 | ||||||
144A, 5.875%, 1/15/28 |
15,000 | 14,895 | ||||||
144A, 5.50%, 7/15/29 |
16,000 | 15,401 | ||||||
|
|
|||||||
(Cost $90,863) |
87,724 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.4% | ||||||||
Adient
Global Holdings Ltd., 144A, |
29,000 | 29,079 | ||||||
American
Axle & Manufacturing, Inc. |
14,000 | 14,452 | ||||||
5.00%, 10/1/29 (a) |
21,000 | 19,955 | ||||||
Clarios
Global LP / Clarios US Finance Co., 144A, |
72,000 | 75,042 | ||||||
Dana,
Inc., |
12,000 | 11,419 | ||||||
Goodyear
Tire & Rubber Co. |
30,000 | 29,553 | ||||||
5.25%, 4/30/31 |
16,000 | 15,578 | ||||||
144A, 5.25%, 7/15/31 |
24,000 | 23,407 | ||||||
5.625%, 4/30/33 |
26,000 | 25,038 | ||||||
Tenneco,
Inc. |
10,000 | 9,989 | ||||||
144A, 7.875%, 1/15/29 |
24,000 | 25,375 | ||||||
144A, 5.125%, 4/15/29 |
47,000 | 46,716 | ||||||
|
|
|||||||
(Cost $331,279) |
325,603 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.6% | ||||||||
American
Builders & Contractors Supply Co., Inc., 144A, |
14,000 | 13,182 |
Principal |
Value |
|||||||
Distribution/Wholesale (Continued) | ||||||||
H&E
Equipment Services, Inc., 144A, |
$ | 44,000 | $ | 41,232 | ||||
Wolverine
Escrow LLC |
25,000 | 21,041 | ||||||
144A, 9.00%, 11/15/26 (a) |
37,000 | 37,061 | ||||||
144A, 13.125%, 11/15/27 (a) |
19,000 | 9,405 | ||||||
|
|
|||||||
(Cost $132,540) |
121,921 | |||||||
|
|
|||||||
Entertainment — 2.5% | ||||||||
AMC
Entertainment Holdings, Inc. |
63,000 | 58,385 | ||||||
144A, 7.50%, 2/15/29 |
32,000 | 31,654 | ||||||
Caesars
Entertainment, Inc., 144A, |
52,000 | 49,546 | ||||||
Cedar
Fair LP, |
19,000 | 19,012 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. /
Millennium Op, |
15,000 | 15,128 | ||||||
Cinemark
USA, Inc. |
14,000 | 13,804 | ||||||
144A, 5.25%, 7/15/28 (a) |
27,000 | 25,581 | ||||||
Lions
Gate Capital Holdings LLC, 144A, |
35,000 | 33,330 | ||||||
Live
Nation Entertainment, Inc., 144A, |
40,000 | 39,350 | ||||||
Mohegan
Gaming & Entertainment, 144A, |
41,000 | 41,459 | ||||||
Penn
National Gaming, Inc. |
22,000 | 22,330 | ||||||
144A, 4.125%, 7/1/29 |
13,000 | 12,039 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
34,000 | 30,888 | ||||||
144A, 5.875%, 9/1/31 |
28,000 | 25,236 | ||||||
Resorts
World Las Vegas LLC / RWLV Capital, Inc., 144A, |
35,000 | 32,794 | ||||||
Scientific
Games International, Inc., 144A, |
50,000 | 51,550 | ||||||
Six
Flags Entertainment Corp., 144A, |
20,000 | 20,194 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. |
24,000 | 25,082 | ||||||
144A, 5.125%, 10/1/29 |
26,000 | 25,056 | ||||||
|
|
|||||||
(Cost $595,502) |
572,418 | |||||||
|
|
|||||||
Food Service — 0.4% | ||||||||
Aramark
Services, Inc., 144A, |
50,000 | 50,144 | ||||||
TKC
Holdings, Inc. |
20,000 | 19,825 | ||||||
144A, 10.50%, 5/15/29 |
20,000 | 20,536 | ||||||
|
|
|||||||
(Cost $92,342) |
90,505 | |||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Home Builders — 0.5% | ||||||||
Ashton
Woods USA LLC / Ashton Woods Finance Co., 144A, |
$ | 14,000 | $ | 13,212 | ||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC |
25,000 | 25,093 | ||||||
144A, 4.875%, 2/15/30 |
17,000 | 15,533 | ||||||
Century
Communities, Inc., 144A, |
18,000 | 16,723 | ||||||
Mattamy
Group Corp., 144A, |
21,000 | 19,778 | ||||||
Taylor
Morrison Communities, Inc., 144A, |
27,000 | 26,955 | ||||||
|
|
|||||||
(Cost $123,236) |
117,294 | |||||||
|
|
|||||||
Home Furnishings — 0.1% | ||||||||
Tempur
Sealy International, Inc., 144A, |
||||||||
(Cost $30,736) |
31,000 | 27,900 | ||||||
|
|
|||||||
Housewares — 0.2% | ||||||||
Scotts
Miracle-Gro Co. |
19,000 | 17,462 | ||||||
4.375%, 2/1/32 |
23,000 | 21,268 | ||||||
|
|
|||||||
(Cost $41,407) |
38,730 | |||||||
|
|
|||||||
Leisure Time — 3.8% | ||||||||
Carnival
Corp. |
26,000 | 29,219 | ||||||
144A, 7.625%, 3/1/26 |
56,000 | 57,624 | ||||||
144A, 5.75%, 3/1/27 |
137,000 | 133,410 | ||||||
144A, 9.875%, 8/1/27 |
35,000 | 39,337 | ||||||
144A, 4.00%, 8/1/28 |
100,000 | 95,644 | ||||||
144A, 6.00%, 5/1/29 |
78,000 | 75,380 | ||||||
Life
Time, Inc. |
40,000 | 39,841 | ||||||
144A, 8.00%, 4/15/26 (a) |
10,000 | 9,994 | ||||||
NCL
Corp. Ltd. |
16,000 | 15,020 | ||||||
144A, 5.875%, 3/15/26 |
53,000 | 51,331 | ||||||
144A, 5.875%, 2/15/27 |
39,000 | 39,024 | ||||||
144A, 7.75%, 2/15/29 |
28,000 | 28,875 | ||||||
Royal
Caribbean Cruises Ltd. |
21,000 | 19,920 | ||||||
144A, 5.50%, 8/31/26 |
35,000 | 34,711 | ||||||
144A, 5.375%, 7/15/27 |
36,000 | 35,412 | ||||||
3.70%, 3/15/28 (a) |
71,000 | 64,440 | ||||||
144A, 5.50%, 4/1/28 |
18,000 | 17,663 | ||||||
Viking
Cruises Ltd. |
26,000 | 28,928 | ||||||
144A, 5.875%, 9/15/27 |
29,000 | 27,076 | ||||||
144A, 7.00%, 2/15/29 |
22,000 | 20,823 | ||||||
|
|
|||||||
(Cost $883,444) |
863,672 | |||||||
|
|
|||||||
Lodging — 2.5% | ||||||||
Boyd
Gaming Corp. |
44,000 | 44,116 | ||||||
144A, 4.75%, 6/15/31 |
35,000 | 34,421 |
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower
Esc |
$ | 31,000 | $ | 30,427 | ||||
144A, 4.875%, 7/1/31 |
22,000 | 20,922 | ||||||
Marriott
Ownership Resorts, Inc., 144A, |
19,000 | 18,026 | ||||||
Melco
Resorts Finance Ltd. |
35,000 | 33,408 | ||||||
144A, 5.25%, 4/26/26 |
19,000 | 17,741 | ||||||
144A, 5.625%, 7/17/27 |
23,000 | 21,500 | ||||||
144A, 5.75%, 7/21/28 |
43,000 | 38,937 | ||||||
144A, 5.375%, 12/4/29 |
38,000 | 33,045 | ||||||
MGM
Resorts International |
24,000 | 24,814 | ||||||
4.75%, 10/15/28 |
27,000 | 26,932 | ||||||
Station
Casinos LLC |
25,000 | 24,063 | ||||||
144A, 4.625%, 12/1/31 |
18,000 | 16,986 | ||||||
Travel
+ Leisure Co. |
27,000 | 28,861 | ||||||
6.00%, 4/1/27 |
20,000 | 20,932 | ||||||
144A, 4.50%, 12/1/29 |
23,000 | 22,008 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
78,000 | 79,193 | ||||||
144A, 5.25%, 5/15/27 (a) |
32,000 | 31,718 | ||||||
|
|
|||||||
(Cost $593,259) |
568,050 | |||||||
|
|
|||||||
Retail — 6.1% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
35,000 | 34,446 | ||||||
144A, 3.50%, 2/15/29 |
26,000 | 24,553 | ||||||
144A, 4.00%, 10/15/30 |
114,000 | 105,699 | ||||||
Asbury
Automotive Group, Inc. |
14,000 | 13,784 | ||||||
144A, 4.625%, 11/15/29 |
38,000 | 37,120 | ||||||
4.75%, 3/1/30 |
16,000 | 15,550 | ||||||
144A, 5.00%, 2/15/32 |
21,000 | 20,417 | ||||||
Bath &
Body Works, Inc., 144A, |
35,000 | 37,932 | ||||||
Carvana
Co. |
24,000 | 22,824 | ||||||
144A, 5.50%, 4/15/27 |
26,000 | 23,284 | ||||||
144A, 5.875%, 10/1/28 (a) |
18,000 | 16,097 | ||||||
144A, 4.875%, 9/1/29 (a) |
29,000 | 24,270 | ||||||
eG
Global Finance PLC |
21,000 | 21,026 | ||||||
144A, 8.50%, 10/30/25 |
27,000 | 27,323 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
23,000 | 21,534 | ||||||
144A, 5.875%, 4/1/29 |
39,000 | 35,892 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
37,000 | 35,471 | ||||||
144A, 6.75%, 1/15/30 |
50,000 | 47,562 | ||||||
FirstCash,
Inc. |
20,000 | 18,907 | ||||||
144A, 5.625%, 1/1/30 |
18,000 | 17,903 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Gap,
Inc. |
$ | 29,000 | $ | 26,267 | ||||
144A, 3.875%, 10/1/31 |
26,000 | 23,205 | ||||||
IRB
Holding Corp., 144A, |
19,000 | 19,161 | ||||||
LBM
Acquisition LLC, 144A, |
29,000 | 26,946 | ||||||
LCM
Investments Holdings II LLC, 144A, |
36,000 | 34,351 | ||||||
Macy’s
Retail Holdings LLC, 144A, |
20,000 | 20,474 | ||||||
Michaels
Cos., Inc. |
46,000 | 43,200 | ||||||
144A, 7.875%, 5/1/29 |
45,000 | 39,459 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
39,000 | 40,190 | ||||||
Nordstrom,
Inc. |
26,000 | 23,730 | ||||||
4.25%, 8/1/31 (a) |
16,000 | 14,350 | ||||||
Party
City Holdings, Inc., 144A, |
26,000 | 26,065 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp. |
52,000 | 51,944 | ||||||
144A, 7.75%, 2/15/29 |
40,000 | 42,091 | ||||||
QVC,
Inc. |
20,000 | 18,632 | ||||||
4.375%, 9/1/28 |
18,000 | 16,342 | ||||||
Rite
Aid Corp. |
22,000 | 21,165 | ||||||
144A, 8.00%, 11/15/26 |
39,000 | 37,126 | ||||||
Sonic
Automotive, Inc. |
33,000 | 31,378 | ||||||
144A, 4.875%, 11/15/31 |
18,000 | 16,994 | ||||||
SRS
Distribution, Inc. |
24,000 | 22,949 | ||||||
144A, 6.125%, 7/1/29 |
23,000 | 22,004 | ||||||
144A, 6.00%, 12/1/29 |
30,000 | 28,427 | ||||||
Staples,
Inc. |
85,000 | 84,203 | ||||||
144A, 10.75%, 4/15/27 (a) |
35,000 | 32,701 | ||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp., 144A, |
25,000 | 23,780 | ||||||
|
|
|||||||
(Cost $1,455,894) |
1,388,728 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 18.1% | ||||||||
Agriculture — 0.2% | ||||||||
Vector
Group Ltd. |
20,000 | 20,568 | ||||||
144A, 5.75%, 2/1/29 |
31,000 | 28,652 | ||||||
|
|
|||||||
(Cost $52,728) |
49,220 | |||||||
|
|
|||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings, Inc., 144A, |
||||||||
(Cost $25,966) |
26,000 | 24,247 | ||||||
|
|
Principal |
Value |
|||||||
Biotechnology — 0.1% | ||||||||
Grifols
Escrow Issuer SA, 144A, |
||||||||
(Cost $25,491) |
$ | 27,000 | $ | 25,481 | ||||
|
|
|||||||
Commercial Services — 4.1% | ||||||||
ADT
Security Corp., 144A, |
53,000 | 50,062 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
68,000 | 69,720 | ||||||
144A, 9.75%, 7/15/27 |
37,000 | 38,702 | ||||||
144A, 6.00%, 6/1/29 (a) |
46,000 | 42,837 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4
SARL, 144A, |
47,000 | 44,689 | ||||||
APX
Group, Inc. |
42,000 | 43,171 | ||||||
144A, 5.75%, 7/15/29 |
17,000 | 15,268 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
20,000 | 19,167 | ||||||
144A, 5.375%, 3/1/29 (a) |
27,000 | 26,607 | ||||||
CoreCivic,
Inc., |
27,000 | 27,456 | ||||||
Garda
World Security Corp. |
27,000 | 26,199 | ||||||
144A, 9.50%, 11/1/27 |
21,000 | 21,691 | ||||||
144A, 6.00%, 6/1/29 |
19,000 | 17,265 | ||||||
Hertz
Corp. |
18,000 | 17,164 | ||||||
144A, 5.00%, 12/1/29 |
36,000 | 33,626 | ||||||
MPH
Acquisition Holdings LLC |
37,000 | 35,955 | ||||||
144A, 5.75%, 11/1/28 (a) |
56,000 | 50,602 | ||||||
Nielsen
Finance LLC / Nielsen Finance Co. |
35,000 | 33,574 | ||||||
144A, 4.50%, 7/15/29 |
22,000 | 19,807 | ||||||
144A, 5.875%, 10/1/30 |
27,000 | 25,972 | ||||||
144A, 4.75%, 7/15/31 |
31,000 | 27,701 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
45,000 | 46,236 | ||||||
144A, 3.375%, 8/31/27 |
40,000 | 37,063 | ||||||
144A, 6.25%, 1/15/28 |
46,000 | 44,445 | ||||||
Sabre
GLBL, Inc. |
27,000 | 30,484 | ||||||
144A, 7.375%, 9/1/25 |
30,000 | 31,125 | ||||||
Service
Corp. International, |
28,000 | 26,575 | ||||||
Sotheby’s,
144A, |
25,000 | 26,063 | ||||||
|
|
|||||||
(Cost $967,052) |
929,226 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Coty,
Inc. |
29,000 | 28,960 | ||||||
144A, 6.50%, 4/15/26 (a) |
21,000 | 21,365 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Cosmetics/Personal Care (Continued) | ||||||||
Edgewell
Personal Care Co., 144A, |
$ | 18,000 | $ | 16,934 | ||||
|
|
|||||||
(Cost $68,383) |
67,259 | |||||||
|
|
|||||||
Food — 1.6% | ||||||||
B&G
Foods, Inc., |
20,000 | 19,963 | ||||||
Lamb
Weston Holdings, Inc. |
35,000 | 33,925 | ||||||
144A, 4.375%, 1/31/32 |
34,000 | 33,091 | ||||||
Performance
Food Group, Inc., 144A, |
35,000 | 33,435 | ||||||
Post
Holdings, Inc. |
45,000 | 45,437 | ||||||
144A, 4.625%, 4/15/30 |
61,000 | 57,562 | ||||||
144A, 4.50%, 9/15/31 |
73,000 | 67,697 | ||||||
Sigma
Holdco BV, 144A, |
17,000 | 14,988 | ||||||
US
Foods, Inc. |
35,000 | 34,666 | ||||||
144A, 4.625%, 6/1/30 |
16,000 | 15,420 | ||||||
|
|
|||||||
(Cost $372,302) |
356,184 | |||||||
|
|
|||||||
Healthcare-Products — 1.2% | ||||||||
Mozart
Debt Merger Sub, Inc. |
177,000 | 167,303 | ||||||
144A, 5.25%, 10/1/29 (a) |
98,000 | 93,727 | ||||||
|
|
|||||||
(Cost $274,090) |
261,030 | |||||||
|
|
|||||||
Healthcare-Services — 4.5% | ||||||||
CHS/Community
Health Systems, Inc. |
83,000 | 86,230 | ||||||
144A, 5.625%, 3/15/27 |
71,000 | 71,253 | ||||||
144A, 8.00%, 12/15/27 |
27,000 | 28,511 | ||||||
144A, 6.875%, 4/1/28 |
27,000 | 24,988 | ||||||
144A, 6.00%, 1/15/29 |
35,000 | 35,103 | ||||||
144A, 6.875%, 4/15/29 |
65,000 | 63,104 | ||||||
144A, 6.125%, 4/1/30 (a) |
68,000 | 63,324 | ||||||
144A, 5.25%, 5/15/30 |
52,000 | 50,468 | ||||||
144A, 4.75%, 2/15/31 |
45,000 | 42,414 | ||||||
DaVita,
Inc. |
106,000 | 101,934 | ||||||
144A, 3.75%, 2/15/31 |
58,000 | 53,088 | ||||||
Encompass
Health Corp. |
30,000 | 28,464 | ||||||
4.625%, 4/1/31 |
15,000 | 14,177 | ||||||
Envision
Healthcare Corp., 144A, |
40,000 | 21,270 | ||||||
Legacy
LifePoint Health LLC, 144A, |
30,000 | 28,464 | ||||||
LifePoint
Health, Inc., 144A, |
18,000 | 16,669 | ||||||
Radiology
Partners, Inc., 144A, |
25,000 | 24,980 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, |
50,000 | 52,495 |
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
Tenet
Healthcare Corp. |
$ | 22,000 | $ | 21,535 | ||||
144A, 6.125%, 10/1/28 |
99,000 | 99,646 | ||||||
144A, 4.25%, 6/1/29 |
58,000 | 56,049 | ||||||
144A, 4.375%, 1/15/30 |
51,000 | 49,294 | ||||||
|
|
|||||||
(Cost $1,070,247) |
1,033,460 | |||||||
|
|
|||||||
Household Products/Wares — 0.3% | ||||||||
Central
Garden & Pet Co. |
20,000 | 19,023 | ||||||
144A, 4.125%, 4/30/31 |
12,000 | 11,237 | ||||||
Kronos
Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
10,000 | 9,036 | ||||||
144A, 7.00%, 12/31/27 (a) |
23,000 | 19,242 | ||||||
Spectrum
Brands, Inc., 144A, |
16,000 | 14,678 | ||||||
|
|
|||||||
(Cost $81,921) |
73,216 | |||||||
|
|
|||||||
Pharmaceuticals — 5.7% | ||||||||
AdaptHealth
LLC |
16,000 | 14,453 | ||||||
144A, 5.125%, 3/1/30 |
23,000 | 21,247 | ||||||
Bausch
Health Americas, Inc. |
54,000 | 55,929 | ||||||
144A, 8.50%, 1/31/27 |
50,000 | 50,724 | ||||||
Bausch
Health Cos., Inc. |
96,000 | 96,540 | ||||||
144A, 9.00%, 12/15/25 |
60,000 | 61,943 | ||||||
144A, 6.125%, 2/1/27 |
39,000 | 39,372 | ||||||
144A, 5.75%, 8/15/27 |
18,000 | 17,908 | ||||||
144A, 7.00%, 1/15/28 |
11,000 | 10,082 | ||||||
144A, 5.00%, 1/30/28 |
75,000 | 62,940 | ||||||
144A, 4.875%, 6/1/28 |
58,000 | 55,817 | ||||||
144A, 6.25%, 2/15/29 |
90,000 | 76,913 | ||||||
144A, 7.25%, 5/30/29 |
25,000 | 21,922 | ||||||
144A, 5.25%, 1/30/30 |
68,000 | 54,939 | ||||||
144A, 5.25%, 2/15/31 (a) |
35,000 | 27,882 | ||||||
Cheplapharm
Arzneimittel GmbH, 144A, |
17,000 | 17,011 | ||||||
Endo
Dac / Endo Finance LLC / Endo Finco, Inc. |
40,000 | 39,065 | ||||||
144A, 6.00%, 6/30/28 |
47,000 | 31,099 | ||||||
Endo
Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, |
47,000 | 44,131 | ||||||
HLF
Financing Sarl LLC / Herbalife International, Inc., 144A, |
20,000 | 18,381 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV, 144A, |
80,000 | 79,479 | ||||||
Par
Pharmaceutical, Inc., 144A, |
79,000 | 79,091 | ||||||
Prestige
Brands, Inc., 144A, |
23,000 | 21,224 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
Teva
Pharmaceutical Finance Netherlands III BV |
$ | 40,000 | $ | 42,053 | ||||
3.15%, 10/1/26 |
125,000 | 113,594 | ||||||
4.75%, 5/9/27 |
36,000 | 34,740 | ||||||
6.75%, 3/1/28 (a) |
50,000 | 52,535 | ||||||
5.125%, 5/9/29 |
46,000 | 44,160 | ||||||
|
|
|||||||
(Cost $1,372,669) |
1,285,174 | |||||||
|
|
|||||||
Energy — 11.7% | ||||||||
Energy-Alternate Sources — 0.2% | ||||||||
TerraForm
Power Operating LLC |
25,000 | 25,108 | ||||||
144A, 4.75%, 1/15/30 |
30,000 | 29,494 | ||||||
|
|
|||||||
(Cost $57,234) |
54,602 | |||||||
|
|
|||||||
Oil & Gas — 6.7% | ||||||||
Antero
Resources Corp. |
19,000 | 20,592 | ||||||
144A, 5.375%, 3/1/30 (a) |
22,000 | 22,452 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
36,000 | 35,611 | ||||||
144A, 5.875%, 6/30/29 |
14,000 | 13,344 | ||||||
Callon
Petroleum Co. |
14,000 | 13,961 | ||||||
144A, 8.00%, 8/1/28 (a) |
24,000 | 24,989 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
20,000 | 21,084 | ||||||
Chesapeake
Energy Corp., 144A, |
34,000 | 35,994 | ||||||
Citgo
Holding, Inc., 144A, |
62,000 | 62,420 | ||||||
CITGO
Petroleum Corp. |
28,000 | 28,032 | ||||||
144A, 6.375%, 6/15/26 |
35,000 | 34,830 | ||||||
CNX
Resources Corp. |
24,000 | 25,260 | ||||||
144A, 6.00%, 1/15/29 |
18,000 | 18,410 | ||||||
Colgate
Energy Partners III LLC, 144A, |
25,000 | 25,780 | ||||||
Comstock
Resources, Inc. |
52,000 | 52,974 | ||||||
144A, 5.875%, 1/15/30 |
35,000 | 34,013 | ||||||
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25 |
64,000 | 64,804 | ||||||
144A, 5.00%, 5/1/29 |
12,000 | 12,228 | ||||||
CVR
Energy, Inc. |
32,000 | 31,020 | ||||||
144A, 5.75%, 2/15/28 (a) |
8,000 | 7,551 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28 |
24,000 | 24,508 | ||||||
144A, 5.75%, 2/1/29 |
22,000 | 22,148 | ||||||
144A, 6.00%, 2/1/31 |
25,000 | 25,412 | ||||||
Laredo
Petroleum, Inc. |
23,000 | 23,704 | ||||||
144A, 7.75%, 7/31/29 (a) |
13,000 | 12,629 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Leviathan
Bond Ltd. |
$ | 22,000 | $ | 22,638 | ||||
144A, REGS, 6.75%, 6/30/30 |
19,000 | 19,352 | ||||||
Matador
Resources Co., |
37,000 | 37,601 | ||||||
MEG
Energy Corp. |
35,000 | 36,613 | ||||||
144A, 5.875%, 2/1/29 |
26,000 | 26,320 | ||||||
Moss
Creek Resources Holdings, Inc., 144A, |
56,000 | 49,662 | ||||||
Murphy
Oil Corp. |
19,000 | 19,381 | ||||||
6.375%, 7/15/28 |
20,000 | 20,749 | ||||||
Nabors
Industries Ltd., 144A, |
20,000 | 19,533 | ||||||
Nabors
Industries, Inc. |
22,000 | 21,142 | ||||||
144A, 7.375%, 5/15/27 |
25,000 | 25,844 | ||||||
Parkland
Corp. |
28,000 | 26,449 | ||||||
144A, 4.625%, 5/1/30 |
38,000 | 35,969 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25 (a) |
44,000 | 44,575 | ||||||
6.00%, 2/15/28 |
53,000 | 38,866 | ||||||
Puma
International Financing SA, 144A, |
50,000 | 49,124 | ||||||
Range
Resources Corp. |
21,000 | 23,039 | ||||||
144A, 4.75%, 2/15/30 |
21,000 | 20,584 | ||||||
SM
Energy Co. |
16,000 | 17,563 | ||||||
6.75%, 9/15/26 (a) |
22,000 | 22,248 | ||||||
6.625%, 1/15/27 |
27,000 | 27,303 | ||||||
6.50%, 7/15/28 (a) |
11,000 | 11,288 | ||||||
Southwestern
Energy Co. |
44,000 | 45,462 | ||||||
4.75%, 2/1/32 |
49,000 | 48,802 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
27,000 | 25,921 | ||||||
144A, 4.50%, 4/30/30 |
31,000 | 29,664 | ||||||
Transocean,
Inc. |
15,000 | 11,675 | ||||||
144A, 7.50%, 1/15/26 |
20,000 | 15,533 | ||||||
144A, 11.50%, 1/30/27 |
24,000 | 24,045 | ||||||
144A, 8.00%, 2/1/27 |
31,000 | 23,011 | ||||||
|
|
|||||||
(Cost $1,536,287) |
1,533,706 | |||||||
|
|
|||||||
Oil & Gas Services — 0.9% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
18,000 | 18,497 | ||||||
144A, 6.25%, 4/1/28 |
27,000 | 27,031 | ||||||
CGG
SA, 144A, |
20,000 | 19,538 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
25,000 | 25,140 | ||||||
6.875%, 9/1/27 |
27,000 | 27,056 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas Services (Continued) | ||||||||
Weatherford
International Ltd. |
$ | 18,000 | $ | 18,658 | ||||
144A, 8.625%, 4/30/30 |
66,000 | 67,011 | ||||||
|
|
|||||||
(Cost $206,864) |
202,931 | |||||||
|
|
|||||||
Pipelines — 3.9% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
34,000 | 34,557 | ||||||
144A, 5.75%, 1/15/28 |
22,000 | 22,358 | ||||||
144A, 5.375%, 6/15/29 |
26,000 | 26,163 | ||||||
Buckeye
Partners LP, 144A, |
18,000 | 17,129 | ||||||
CQP
Holdco LP / BIP-V Chinook Holdco
LLC, 144A, |
59,000 | 58,779 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27 |
21,000 | 20,879 | ||||||
144A, 6.00%, 2/1/29 |
25,000 | 25,193 | ||||||
144A, 8.00%, 4/1/29 |
22,000 | 23,437 | ||||||
EnLink
Midstream LLC, |
15,000 | 14,949 | ||||||
EQM
Midstream Partners LP |
31,000 | 32,269 | ||||||
144A, 4.50%, 1/15/29 |
33,000 | 30,870 | ||||||
144A, 4.75%, 1/15/31 |
45,000 | 42,250 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
19,000 | 18,544 | ||||||
8.00%, 1/15/27 |
44,000 | 44,550 | ||||||
7.75%, 2/1/28 (a) |
26,000 | 25,719 | ||||||
Hess
Midstream Operations LP, 144A, |
27,000 | 26,108 | ||||||
ITT
Holdings LLC, 144A, |
47,000 | 44,132 | ||||||
New
Fortress Energy, Inc. |
44,000 | 42,379 | ||||||
144A, 6.50%, 9/30/26 |
63,000 | 60,397 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
79,000 | 79,419 | ||||||
NGL
Energy Partners LP / NGL Energy Finance Corp., |
18,000 | 17,308 | ||||||
NuStar
Logistics LP |
15,000 | 15,043 | ||||||
6.375%, 10/1/30 |
24,000 | 24,356 | ||||||
Rockies
Express Pipeline LLC, 144A, |
19,000 | 18,414 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
15,000 | 15,771 | ||||||
144A, 6.00%, 3/1/27 |
28,000 | 28,046 | ||||||
144A, 5.50%, 1/15/28 |
20,000 | 19,157 | ||||||
144A, 6.00%, 12/31/30 |
36,000 | 34,481 | ||||||
144A, 6.00%, 9/1/31 |
18,000 | 16,994 | ||||||
|
|
|||||||
(Cost $905,135) |
879,651 | |||||||
|
|
Principal |
Value |
|||||||
Financial — 9.6% | ||||||||
Banks — 0.4% | ||||||||
Freedom
Mortgage Corp. |
$ | 22,000 | $ | 21,986 | ||||
144A, 7.625%, 5/1/26 |
24,000 | 23,085 | ||||||
144A, 6.625%, 1/15/27 |
34,000 | 31,430 | ||||||
Intesa
Sanpaolo SpA, 144A, |
27,000 | 24,441 | ||||||
|
|
|||||||
(Cost $106,502) |
100,942 | |||||||
|
|
|||||||
Diversified Financial Services — 3.5% | ||||||||
Coinbase
Global, Inc. |
43,000 | 39,262 | ||||||
144A, 3.625%, 10/1/31 |
38,000 | 33,535 | ||||||
Curo
Group Holdings Corp., 144A, |
35,000 | 31,126 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
43,000 | 41,459 | ||||||
LD
Holdings Group LLC |
11,000 | 10,469 | ||||||
144A, 6.125%, 4/1/28 |
29,000 | 25,917 | ||||||
Midcap
Financial Issuer Trust |
36,000 | 35,129 | ||||||
144A, 5.625%, 1/15/30 |
13,000 | 11,887 | ||||||
Nationstar
Mortgage Holdings, Inc. |
15,000 | 15,244 | ||||||
144A, 5.50%, 8/15/28 |
30,000 | 29,955 | ||||||
144A, 5.125%, 12/15/30 |
30,000 | 28,160 | ||||||
144A, 5.75%, 11/15/31 |
27,000 | 26,154 | ||||||
Navient
Corp. |
29,000 | 30,124 | ||||||
5.00%, 3/15/27 |
28,000 | 27,063 | ||||||
4.875%, 3/15/28 |
18,000 | 16,856 | ||||||
5.50%, 3/15/29 |
26,000 | 24,616 | ||||||
NFP
Corp. |
13,000 | 12,430 | ||||||
144A, 6.875%, 8/15/28 |
93,000 | 86,613 | ||||||
OneMain
Finance Corp. |
21,000 | 19,484 | ||||||
5.375%, 11/15/29 |
17,000 | 17,128 | ||||||
4.00%, 9/15/30 |
51,000 | 46,548 | ||||||
PennyMac
Financial Services, Inc. |
21,000 | 20,919 | ||||||
144A, 4.25%, 2/15/29 |
23,000 | 20,616 | ||||||
144A, 5.75%, 9/15/31 |
23,000 | 21,708 | ||||||
United
Wholesale Mortgage LLC |
28,000 | 26,988 | ||||||
144A, 5.75%, 6/15/27 |
18,000 | 17,231 | ||||||
144A, 5.50%, 4/15/29 (a) |
35,000 | 32,085 | ||||||
VistaJet
Malta Finance PLC / XO Management Holding, Inc., 144A, |
37,000 | 35,280 | ||||||
|
|
|||||||
(Cost $827,821) |
783,986 | |||||||
|
|
|||||||
Insurance — 1.1% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
56,000 | 55,500 | ||||||
144A, 10.125%, 8/1/26 |
5,000 | 5,304 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Insurance (Continued) | ||||||||
144A, 4.25%, 2/15/29 |
$ | 25,000 | $ | 23,530 | ||||
144A, 6.00%, 8/1/29 |
18,000 | 16,259 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, |
31,000 | 29,304 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
22,000 | 21,259 | ||||||
144A, 6.75%, 10/15/27 |
50,000 | 48,932 | ||||||
AssuredPartners,
Inc. |
18,000 | 17,838 | ||||||
144A, 5.625%, 1/15/29 |
19,000 | 17,508 | ||||||
HUB
International Ltd., 144A, |
20,000 | 19,025 | ||||||
|
|
|||||||
(Cost $263,008) |
254,459 | |||||||
|
|
|||||||
Real Estate — 1.0% | ||||||||
Howard
Hughes Corp., 144A, |
30,000 | 28,287 | ||||||
Kennedy-Wilson,
Inc. |
28,000 | 27,405 | ||||||
4.75%, 2/1/30 |
28,000 | 26,828 | ||||||
5.00%, 3/1/31 |
18,000 | 17,495 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp. |
40,000 | 39,738 | ||||||
144A, 5.25%, 4/15/30 |
37,000 | 35,310 | ||||||
WeWork
Cos. LLC / WW Co.-Obligor, Inc., 144A, |
21,000 | 17,679 | ||||||
WeWork
Cos., Inc., 144A, |
26,000 | 23,577 | ||||||
|
|
|||||||
(Cost $223,336) |
216,319 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 3.1% | ||||||||
Apollo
Commercial Real Estate Finance, Inc., 144A, |
18,000 | 16,276 | ||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco
LL |
31,000 | 30,645 | ||||||
144A, 4.50%, 4/1/27 |
34,000 | 31,764 | ||||||
Diversified
Healthcare Trust |
18,000 | 16,302 | ||||||
4.375%, 3/1/31 |
17,000 | 14,628 | ||||||
Iron
Mountain, Inc. |
15,000 | 14,884 | ||||||
144A, 4.875%, 9/15/29 |
39,000 | 37,696 | ||||||
144A, 5.25%, 7/15/30 |
56,000 | 55,522 | ||||||
144A, 4.50%, 2/15/31 |
40,000 | 37,455 | ||||||
144A, 5.625%, 7/15/32 |
26,000 | 25,759 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
27,000 | 26,340 | ||||||
144A, 4.75%, 6/15/29 |
19,000 | 18,440 |
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer |
$ | 17,000 | $ | 17,275 | ||||
144A, 4.875%, 5/15/29 |
34,000 | 32,810 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
26,000 | 25,499 | ||||||
144A, 4.50%, 2/15/29 |
26,000 | 24,602 | ||||||
RLJ
Lodging Trust LP, 144A, |
20,000 | 18,814 | ||||||
Service
Properties Trust |
19,000 | 18,839 | ||||||
7.50%, 9/15/25 |
55,000 | 57,833 | ||||||
5.50%, 12/15/27 |
28,000 | 27,440 | ||||||
3.95%, 1/15/28 |
25,000 | 21,721 | ||||||
4.95%, 10/1/29 |
33,000 | 29,892 | ||||||
4.375%, 2/15/30 |
10,000 | 8,743 | ||||||
Uniti
Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, |
25,000 | 22,393 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
20,000 | 19,070 | ||||||
144A, 6.50%, 2/15/29 |
49,000 | 45,491 | ||||||
XHR
LP, 144A, |
15,000 | 14,548 | ||||||
|
|
|||||||
(Cost $741,032) |
710,681 | |||||||
|
|
|||||||
Venture Capital — 0.5% | ||||||||
Compass
Group Diversified Holdings LLC, 144A, |
35,000 | 33,874 | ||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
51,000 | 50,719 | ||||||
4.375%, 2/1/29 |
34,000 | 31,591 | ||||||
|
|
|||||||
(Cost $122,231) |
116,184 | |||||||
|
|
|||||||
Industrial — 8.7% | ||||||||
Aerospace/Defense — 2.6% | ||||||||
Bombardier,
Inc. |
35,000 | 36,263 | ||||||
144A, 7.50%, 3/15/25 |
65,000 | 64,906 | ||||||
144A, 7.125%, 6/15/26 |
42,000 | 41,991 | ||||||
144A, 7.875%, 4/15/27 (a) |
91,000 | 91,626 | ||||||
144A, 6.00%, 2/15/28 |
26,000 | 24,866 | ||||||
Spirit
AeroSystems, Inc., |
25,000 | 23,902 | ||||||
TransDigm,
Inc. |
37,000 | 37,764 | ||||||
7.50%, 3/15/27 |
40,000 | 41,390 | ||||||
5.50%, 11/15/27 |
122,000 | 121,217 | ||||||
4.625%, 1/15/29 |
15,000 | 14,223 | ||||||
4.875%, 5/1/29 |
35,000 | 33,296 | ||||||
Triumph
Group, Inc. |
19,000 | 20,294 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
144A, 6.25%, 9/15/24 |
$ | 19,000 | $ | 18,877 | ||||
7.75%, 8/15/25 (a) |
18,000 | 18,086 | ||||||
|
|
|||||||
(Cost $591,586) |
588,701 | |||||||
|
|
|||||||
Building Materials — 1.3% | ||||||||
Builders
FirstSource, Inc., 144A, |
56,000 | 53,726 | ||||||
Griffon
Corp., |
35,000 | 34,835 | ||||||
JELD-WEN, Inc., 144A, |
16,000 | 15,581 | ||||||
SRM
Escrow Issuer LLC, 144A, |
42,000 | 41,952 | ||||||
Standard
Industries, Inc. |
35,000 | 34,359 | ||||||
144A, 4.375%, 7/15/30 |
56,000 | 53,107 | ||||||
144A, 3.375%, 1/15/31 |
54,000 | 47,861 | ||||||
Summit
Materials LLC / Summit Materials Finance Corp., 144A, |
25,000 | 25,126 | ||||||
|
|
|||||||
(Cost $322,620) |
306,547 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.2% | ||||||||
Energizer
Holdings, Inc. |
21,000 | 19,973 | ||||||
144A, 4.375%, 3/31/29 (a) |
28,000 | 25,305 | ||||||
|
|
|||||||
(Cost $49,551) |
45,278 | |||||||
|
|
|||||||
Electronics — 0.5% | ||||||||
II-VI, Inc., 144A, |
35,000 | 34,975 | ||||||
Imola
Merger Corp., 144A, |
80,000 | 77,717 | ||||||
|
|
|||||||
(Cost $117,181) |
112,692 | |||||||
|
|
|||||||
Engineering & Construction — 0.2% | ||||||||
Brand
Industrial Services, Inc., 144A, |
35,000 | 32,172 | ||||||
Promontoria
Holding 264 BV, 144A, |
16,000 | 15,731 | ||||||
|
|
|||||||
(Cost $51,402) |
47,903 | |||||||
|
|
|||||||
Environmental Control — 0.9% | ||||||||
Covanta
Holding Corp. 144A, |
29,000 | 27,786 | ||||||
5.00%, 9/1/30 |
15,000 | 14,433 | ||||||
GFL
Environmental, Inc. |
26,000 | 24,078 | ||||||
144A, 4.75%, 6/15/29 |
31,000 | 29,334 | ||||||
144A, 4.375%, 8/15/29 |
25,000 | 23,252 | ||||||
Madison
IAQ LLC |
38,000 | 35,997 | ||||||
144A, 5.875%, 6/30/29 |
37,000 | 33,625 | ||||||
Stericycle,
Inc., 144A, |
15,000 | 13,990 | ||||||
|
|
|||||||
(Cost $216,157) |
202,495 | |||||||
|
|
Principal |
Value |
|||||||
Machinery-Diversified — 0.3% | ||||||||
TK
Elevator Holdco GmbH, 144A, |
$ | 14,000 | $ | 14,259 | ||||
TK
Elevator US Newco, Inc., 144A, |
56,000 | 55,508 | ||||||
|
|
|||||||
(Cost $73,293) |
69,767 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
FXI
Holdings, Inc. |
18,000 | 17,752 | ||||||
144A, 12.25%, 11/15/26 |
25,000 | 26,781 | ||||||
|
|
|||||||
(Cost $45,159) |
44,533 | |||||||
|
|
|||||||
Packaging & Containers — 2.0% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,
144A, |
43,000 | 40,385 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
45,000 | 42,826 | ||||||
144A, 5.25%, 8/15/27 |
28,000 | 26,647 | ||||||
Flex
Acquisition Co., Inc. |
24,000 | 24,079 | ||||||
144A, 7.875%, 7/15/26 |
19,000 | 19,613 | ||||||
LABL,
Inc. |
25,000 | 25,092 | ||||||
144A, 10.50%, 7/15/27 |
24,000 | 24,644 | ||||||
144A, 5.875%, 11/1/28 |
18,000 | 17,263 | ||||||
144A, 8.25%, 11/1/29 (a) |
21,000 | 19,569 | ||||||
Mauser
Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24 |
58,000 | 57,768 | ||||||
144A, 7.25%, 4/15/25 |
52,000 | 51,183 | ||||||
OI
European Group BV, 144A, |
14,000 | 13,422 | ||||||
Owens-Brockway
Glass Container, Inc., 144A, |
30,000 | 31,157 | ||||||
Pactiv
Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro,
144A, |
40,000 | 37,058 | ||||||
Trivium
Packaging Finance BV, 144A, |
27,000 | 27,722 | ||||||
|
|
|||||||
(Cost $471,321) |
458,428 | |||||||
|
|
|||||||
Transportation — 0.1% | ||||||||
Seaspan
Corp., 144A, |
||||||||
(Cost $26,093) |
26,000 | 24,813 | ||||||
|
|
|||||||
Trucking & Leasing — 0.4% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
30,000 | 30,409 | ||||||
144A, 9.75%, 8/1/27 |
14,000 | 15,382 | ||||||
144A, 5.50%, 5/1/28 |
45,000 | 43,056 | ||||||
|
|
|||||||
(Cost $89,701) |
88,847 | |||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Technology — 4.0% | ||||||||
Computers — 1.4% | ||||||||
Condor
Merger Sub, Inc., 144A, |
$ | 78,000 | $ | 75,417 | ||||
Diebold
Nixdorf, Inc. |
14,000 | 13,812 | ||||||
144A,9.375%, 7/15/25 |
25,000 | 26,063 | ||||||
Exela
Intermediate LLC / Exela Finance, Inc., 144A, |
44,000 | 25,960 | ||||||
NCR
Corp. |
38,000 | 37,530 | ||||||
144A,5.125%, 4/15/29 |
42,000 | 41,374 | ||||||
144A,6.125%, 9/1/29 |
18,000 | 18,713 | ||||||
144A,5.25%, 10/1/30 |
15,000 | 14,531 | ||||||
Seagate
HDD Cayman, |
19,000 | 18,012 | ||||||
Vericast
Corp., 144A, |
43,894 | 44,882 | ||||||
|
|
|||||||
(Cost $330,365) |
316,294 | |||||||
|
|
|||||||
Office/Business Equipment — 0.2% | ||||||||
Pitney
Bowes, Inc., 144A, |
14,000 | 13,203 | ||||||
Xerox
Holdings Corp., 144A, |
32,000 | 31,976 | ||||||
|
|
|||||||
(Cost $47,335) |
45,179 | |||||||
|
|
|||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM AG, 144A, |
||||||||
(Cost $18,784) |
18,000 | 18,676 | ||||||
|
|
|||||||
Software — 2.3% | ||||||||
Boxer
Parent Co., Inc., 144A, |
21,000 | 21,756 | ||||||
Change
Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, |
51,000 | 50,758 | ||||||
Clarivate Science Holdings Corp. 144A,3.875%, 7/1/28 |
40,000 | 37,859 | ||||||
144A,4.875%, 7/1/29 |
34,000 | 32,057 | ||||||
MicroStrategy,
Inc., 144A, |
19,000 | 18,359 | ||||||
Minerva
Merger Sub, Inc., 144A, |
91,000 | 87,737 | ||||||
Open
Text Corp., 144A, |
30,000 | 28,359 | ||||||
Open
Text Holdings, Inc. |
32,000 | 30,687 | ||||||
144A,4.125%, 12/1/31 |
33,000 | 31,397 | ||||||
Rackspace Technology Global, Inc. 144A,3.50%, 2/15/28 |
33,000 | 29,983 | ||||||
144A,5.375%, 12/1/28 (a) |
13,000 | 11,681 | ||||||
ROBLOX
Corp., 144A, |
35,000 | 33,330 | ||||||
Twilio,
Inc., |
20,000 | 18,809 |
Principal |
Value |
|||||||
Software (Continued) | ||||||||
Veritas
US, Inc. / Veritas Bermuda Ltd., 144A, |
$ | 68,000 | $ | 67,340 | ||||
Ziff
Davis, Inc., 144A, |
24,000 | 23,124 | ||||||
|
|
|||||||
(Cost $540,674) |
523,236 | |||||||
|
|
|||||||
Utilities — 2.2% | ||||||||
Electric — 2.2% | ||||||||
Calpine
Corp. |
44,000 | 42,972 | ||||||
144A,5.125%, 3/15/28 |
55,000 | 53,042 | ||||||
144A,4.625%, 2/1/29 |
25,000 | 23,224 | ||||||
144A,5.00%, 2/1/31 |
38,000 | 35,237 | ||||||
144A,3.75%, 3/1/31 |
31,000 | 28,261 | ||||||
Clearway
Energy Operating LLC, 144A, |
32,000 | 29,816 | ||||||
NRG
Energy, Inc. |
46,000 | 42,371 | ||||||
144A,3.875%, 2/15/32 |
39,000 | 36,237 | ||||||
PG&E
Corp. |
40,000 | 39,666 | ||||||
5.25%, 7/1/30 |
38,000 | 37,808 | ||||||
Talen
Energy Supply LLC |
21,000 | 8,644 | ||||||
144A,10.50%, 1/15/26 |
23,000 | 10,390 | ||||||
144A,7.25%, 5/15/27 |
33,000 | 29,430 | ||||||
144A,6.625%, 1/15/28 |
36,000 | 31,290 | ||||||
Vistra
Operations Co. LLC, 144A, |
44,000 | 42,714 | ||||||
|
|
|||||||
(Cost $537,854) |
491,102 | |||||||
|
|
|||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $23,380,005) |
22,355,274 | |||||||
|
|
|||||||
Number |
||||||||
SECURITIES LENDING COLLATERAL — 6.9% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 0.01% (c)(d) |
1,561,891 | 1,561,891 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.6% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 0.04% (c) |
131,179 | 131,179 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 105.8% |
$ | 24,048,344 | ||||||
Other assets and liabilities, net — (5.8%) |
(1,315,597 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 22,732,747 | ||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:
Value ($) at 8/31/2021 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/28/2022 |
Value ($) at 2/28/2022 |
||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 6.9% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) |
|
|||||||||||||||||||||||||||||||||||
1,444,823 | 117,068 | (e) | — | — | — | 63 | — | 1,561,891 | 1,561,891 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.6% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
|
|||||||||||||||||||||||||||||||||||
171,850 | 962,584 | (1,003,255 | ) | — | — | 18 | — | 131,179 | 131,179 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
1,616,673 | 1,079,652 | (1,003,255 | ) | — | — | 81 | — | 1,693,070 | 1,693,070 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2022 amounted to $1,999,184, which is 8.8% of net assets. |
(b) |
Defaulted security or security for which income has been deemed uncollectible. |
(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $524,247. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022. |
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, 2022 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 (f) |
$ | — | $ | 22,355,274 | $ | — | $ | 22,355,274 | ||||||||
Short-Term Investments (f) |
1,693,070 | — | — | 1,693,070 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 1,693,070 | $ | 22,355,274 | $ | — | $ | 24,048,344 | ||||||||
|
|
|
|
|
|
|
|
(f) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.5% | ||||||||
Basic Materials — 2.8% | ||||||||
Chemicals — 0.9% | ||||||||
Ashland
LLC, 144A, |
$ | 1,352,000 | $ | 1,245,963 | ||||
INEOS
Quattro Finance 2 PLC, 144A, |
1,444,000 | 1,380,645 | ||||||
NOVA
Chemicals Corp. |
2,893,000 | 2,932,692 | ||||||
144A, 5.00%, 5/1/25 |
1,600,000 | 1,618,200 | ||||||
Olin
Corp. |
1,444,000 | 1,463,826 | ||||||
5.625%, 8/1/29 (a) |
2,212,000 | 2,311,197 | ||||||
5.00%, 2/1/30 |
1,647,000 | 1,662,243 | ||||||
Tronox,
Inc., 144A, |
1,475,000 | 1,533,594 | ||||||
|
|
|||||||
(Cost $14,497,962) |
14,148,360 | |||||||
|
|
|||||||
Iron/Steel — 0.4% | ||||||||
Cleveland-Cliffs,
Inc. |
1,802,000 | 2,002,418 | ||||||
144A, 6.75%, 3/15/26 |
2,507,000 | 2,647,066 | ||||||
5.875%, 6/1/27 |
1,762,000 | 1,817,151 | ||||||
|
|
|||||||
(Cost $6,465,873) |
6,466,635 | |||||||
|
|
|||||||
Mining — 1.5% | ||||||||
Alcoa
Nederland Holding BV |
2,212,000 | 2,308,852 | ||||||
144A, 6.125%, 5/15/28 |
1,547,000 | 1,630,213 | ||||||
144A, 4.125%, 3/31/29 |
1,475,000 | 1,481,258 | ||||||
Arconic
Corp. |
2,137,000 | 2,206,453 | ||||||
144A, 6.125%, 2/15/28 |
2,605,000 | 2,667,481 | ||||||
FMG
Resources August 2006 Pty Ltd. |
2,212,000 | 2,276,170 | ||||||
144A, 4.50%, 9/15/27 |
1,770,000 | 1,772,974 | ||||||
144A, 4.375%, 4/1/31 |
4,440,000 | 4,315,791 | ||||||
Freeport-McMoRan,
Inc., |
1,452,000 | 1,517,594 | ||||||
Novelis
Corp., 144A, |
2,212,000 | 2,101,909 | ||||||
|
|
|||||||
(Cost $22,626,034) |
22,278,695 | |||||||
|
|
|||||||
Communications — 17.0% | ||||||||
Advertising — 0.6% | ||||||||
Clear
Channel Outdoor Holdings, Inc., |
3,687,000 | 3,688,106 | ||||||
Lamar
Media Corp. |
1,816,000 | 1,747,900 | ||||||
4.00%, 2/15/30 |
1,622,000 | 1,558,556 | ||||||
3.625%, 1/15/31 |
1,622,000 | 1,525,126 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp., 144A, |
1,136,000 | 1,177,083 | ||||||
|
|
|||||||
(Cost $9,855,111) |
9,696,771 | |||||||
|
|
Principal |
Value |
|||||||
Internet — 2.0% | ||||||||
Arches
Buyer, Inc., 144A, |
$ | 2,802,000 | $ | 2,656,422 | ||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc. |
1,728,000 | 1,760,530 | ||||||
144A, 3.50%, 3/1/29 |
2,360,000 | 2,223,828 | ||||||
Match
Group Holdings II LLC |
1,340,000 | 1,341,648 | ||||||
144A, 4.625%, 6/1/28 |
1,475,000 | 1,481,977 | ||||||
144A, 4.125%, 8/1/30 (a) |
1,569,000 | 1,521,326 | ||||||
144A, 3.625%, 10/1/31 (a) |
1,394,000 | 1,302,024 | ||||||
NortonLifeLock,
Inc., 144A, |
3,245,000 | 3,254,767 | ||||||
Twitter,
Inc., 144A, |
2,065,000 | 2,033,612 | ||||||
Uber
Technologies, Inc. |
2,950,000 | 3,070,950 | ||||||
144A, 8.00%, 11/1/26 |
4,425,000 | 4,704,815 | ||||||
144A, 7.50%, 9/15/27 |
3,540,000 | 3,765,339 | ||||||
144A, 6.25%, 1/15/28 |
1,475,000 | 1,507,892 | ||||||
|
|
|||||||
(Cost $31,054,221) |
30,625,130 | |||||||
|
|
|||||||
Media — 7.6% | ||||||||
AMC
Networks, Inc. |
1,236,000 | 1,235,852 | ||||||
4.75%, 8/1/25 (a) |
2,321,000 | 2,319,549 | ||||||
Cable
One, Inc., 144A, |
1,924,000 | 1,782,086 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
1,483,000 | 1,482,815 | ||||||
144A, 5.50%, 5/1/26 |
2,225,000 | 2,272,259 | ||||||
144A, 5.125%, 5/1/27 |
9,643,000 | 9,760,934 | ||||||
144A, 5.00%, 2/1/28 |
7,428,000 | 7,455,298 | ||||||
144A, 5.375%, 6/1/29 |
4,450,000 | 4,513,235 | ||||||
144A, 4.75%, 3/1/30 |
9,049,000 | 8,883,992 | ||||||
CSC
Holdings LLC |
2,212,000 | 2,238,632 | ||||||
144A, 5.50%, 4/15/27 |
3,864,000 | 3,859,015 | ||||||
144A, 5.375%, 2/1/28 |
2,950,000 | 2,876,250 | ||||||
DISH
DBS Corp., |
4,425,000 | 4,478,100 | ||||||
Gray
Television, Inc. |
2,065,000 | 2,113,971 | ||||||
144A, 7.00%, 5/15/27 |
2,212,000 | 2,330,762 | ||||||
iHeartCommunications,
Inc. |
2,359,874 | 2,436,452 | ||||||
144A, 5.25%, 8/15/27 |
2,207,000 | 2,201,041 | ||||||
News
Corp. |
2,967,000 | 2,846,095 | ||||||
144A, 5.125%, 2/15/32 |
1,480,000 | 1,515,683 | ||||||
Nexstar
Media, Inc., 144A, |
5,265,000 | 5,386,753 | ||||||
Scripps
Escrow II, Inc., 144A, |
1,622,000 | 1,525,694 | ||||||
Sirius
XM Radio, Inc. |
2,967,000 | 2,837,521 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Media (Continued) | ||||||||
144A, 5.00%, 8/1/27 |
$ | 4,450,000 | $ | 4,499,662 | ||||
144A, 4.00%, 7/15/28 |
5,934,000 | 5,715,035 | ||||||
144A, 5.50%, 7/1/29 |
3,709,000 | 3,798,851 | ||||||
144A, 4.125%, 7/1/30 |
4,440,000 | 4,203,681 | ||||||
TEGNA,
Inc., 144A, |
1,634,000 | 1,646,794 | ||||||
Telenet
Finance Luxembourg Notes SARL, 144A, |
3,000,000 | 3,000,000 | ||||||
Univision
Communications, Inc. |
4,364,000 | 4,397,708 | ||||||
144A, 6.625%, 6/1/27 |
4,425,000 | 4,596,026 | ||||||
UPC
Holding BV, 144A, |
1,560,000 | 1,554,002 | ||||||
Videotron
Ltd. |
1,681,000 | 1,743,701 | ||||||
144A, 5.125%, 4/15/27 |
1,881,000 | 1,916,438 | ||||||
144A, 3.625%, 6/15/29 |
1,475,000 | 1,405,852 | ||||||
Ziggo
Bond Co. BV, 144A, |
1,844,000 | 1,868,995 | ||||||
|
|
|||||||
(Cost $119,066,029) |
116,698,734 | |||||||
|
|
|||||||
Telecommunications — 6.8% | ||||||||
Altice
France SA, 144A, |
5,192,000 | 5,471,070 | ||||||
Hughes
Satellite Systems Corp. |
2,206,000 | 2,268,695 | ||||||
6.625%, 8/1/26 (a) |
2,209,000 | 2,303,545 | ||||||
Level 3
Financing, Inc. |
2,459,000 | 2,468,787 | ||||||
5.25%, 3/15/26 |
2,193,000 | 2,199,952 | ||||||
144A, 4.625%, 9/15/27 |
2,950,000 | 2,842,133 | ||||||
Lumen Technologies, Inc. |
||||||||
Series W, 6.75%, 12/1/23 |
2,332,000 | 2,439,738 | ||||||
Series Y, 7.50%, 4/1/24 |
2,950,000 | 3,099,344 | ||||||
5.625%, 4/1/25 |
1,391,000 | 1,384,480 | ||||||
144A, 5.125%, 12/15/26 |
3,751,000 | 3,488,430 | ||||||
144A, 4.00%, 2/15/27 |
3,687,000 | 3,508,549 | ||||||
Nokia
OYJ, |
1,475,000 | 1,529,597 | ||||||
Sprint
Corp. |
12,610,000 | 13,563,631 | ||||||
7.125%, 6/15/24 |
7,417,000 | 8,035,652 | ||||||
7.625%, 2/15/25 |
4,450,000 | 4,933,937 | ||||||
7.625%, 3/1/26 |
4,493,000 | 5,127,412 | ||||||
Switch
Ltd. |
1,733,000 | 1,646,870 | ||||||
144A, 4.125%, 6/15/29 |
1,519,000 | 1,456,675 | ||||||
Telecom
Italia SpA, 144A, |
4,425,000 | 4,559,078 | ||||||
T-Mobile USA, Inc. |
2,967,000 | 2,866,552 | ||||||
2.625%, 4/15/26 |
3,540,000 | 3,463,093 | ||||||
5.375%, 4/15/27 |
1,483,000 | 1,529,299 | ||||||
4.75%, 2/1/28 |
4,425,000 | 4,573,127 | ||||||
2.625%, 2/15/29 |
2,950,000 | 2,771,658 | ||||||
3.375%, 4/15/29 |
3,709,000 | 3,640,903 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
2.875%, 2/15/31 |
$ | 2,967,000 | $ | 2,788,298 | ||||
3.50%, 4/15/31 |
4,005,000 | 3,936,214 | ||||||
VEON
Holdings BV |
1,370,000 | 863,100 | ||||||
144A, 7.25%, 4/26/23 (a) |
2,065,000 | 1,350,562 | ||||||
144A, 4.95%, 6/16/24 |
1,579,000 | 884,240 | ||||||
144A, 4.00%, 4/9/25 |
2,950,000 | 1,283,250 | ||||||
144A, 3.375%, 11/25/27 |
3,687,000 | 1,622,280 | ||||||
|
|
|||||||
(Cost $111,734,066) |
103,900,151 | |||||||
|
|
|||||||
Consumer, Cyclical — 20.1% | ||||||||
Airlines — 1.3% | ||||||||
Air
Canada, 144A, |
3,540,000 | 3,447,553 | ||||||
Delta
Air Lines, Inc. |
1,419,000 | 1,431,366 | ||||||
2.90%, 10/28/24 |
2,655,000 | 2,624,441 | ||||||
7.375%, 1/15/26 |
3,187,000 | 3,557,871 | ||||||
4.375%, 4/19/28 (a) |
1,519,000 | 1,521,552 | ||||||
3.75%, 10/28/29 (a) |
1,770,000 | 1,686,279 | ||||||
United
Airlines, Inc., 144A, |
5,900,000 | 5,910,384 | ||||||
|
|
|||||||
(Cost $20,523,086) |
20,179,446 | |||||||
|
|
|||||||
Apparel — 0.6% | ||||||||
Hanesbrands,
Inc. |
2,655,000 | 2,694,520 | ||||||
144A, 4.875%, 5/15/26 |
2,655,000 | 2,706,945 | ||||||
Levi
Strauss & Co., 144A, |
1,475,000 | 1,376,891 | ||||||
William
Carter Co. |
1,475,000 | 1,513,571 | ||||||
144A, 5.625%, 3/15/27 |
1,494,000 | 1,523,932 | ||||||
|
|
|||||||
(Cost $10,027,955) |
9,815,859 | |||||||
|
|
|||||||
Auto Manufacturers — 4.4% | ||||||||
Allison
Transmission, Inc. |
1,276,000 | 1,270,564 | ||||||
144A, 5.875%, 6/1/29 |
1,394,000 | 1,464,641 | ||||||
Ford
Motor Co. |
3,187,000 | 3,698,912 | ||||||
4.346%, 12/8/26 |
4,450,000 | 4,555,687 | ||||||
9.625%, 4/22/30 |
1,282,000 | 1,763,833 | ||||||
3.25%, 2/12/32 |
7,417,000 | 7,006,469 | ||||||
Ford
Motor Credit Co. LLC |
1,714,000 | 1,728,998 | ||||||
4.375%, 8/6/23 |
1,714,000 | 1,741,638 | ||||||
3.37%, 11/17/23 |
1,714,000 | 1,723,787 | ||||||
3.81%, 1/9/24 |
1,286,000 | 1,302,461 | ||||||
5.584%, 3/18/24 |
2,571,000 | 2,686,129 | ||||||
3.664%, 9/8/24 |
1,374,000 | 1,377,263 | ||||||
4.063%, 11/1/24 |
2,480,000 | 2,519,948 | ||||||
2.30%, 2/10/25 |
2,066,000 | 2,006,716 | ||||||
4.687%, 6/9/25 |
1,028,000 | 1,060,891 | ||||||
5.125%, 6/16/25 |
2,928,000 | 3,044,710 | ||||||
4.134%, 8/4/25 |
2,400,000 | 2,430,000 | ||||||
3.375%, 11/13/25 |
3,599,000 | 3,549,118 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Auto Manufacturers (Continued) | ||||||||
GMTN, 4.389%, 1/8/26 |
$ | 2,057,000 | $ | 2,100,876 | ||||
4.542%, 8/1/26 |
1,286,000 | 1,326,316 | ||||||
2.70%, 8/10/26 |
2,571,000 | 2,464,946 | ||||||
4.271%, 1/9/27 |
1,543,000 | 1,557,196 | ||||||
4.125%, 8/17/27 |
2,146,000 | 2,164,992 | ||||||
3.815%, 11/2/27 |
1,286,000 | 1,276,059 | ||||||
2.90%, 2/16/28 |
1,306,000 | 1,238,996 | ||||||
2.90%, 2/10/29 |
1,451,000 | 1,357,411 | ||||||
5.113%, 5/3/29 |
2,549,000 | 2,691,349 | ||||||
4.00%, 11/13/30 |
2,828,000 | 2,810,127 | ||||||
3.625%, 6/17/31 |
1,714,000 | 1,650,818 | ||||||
Jaguar
Land Rover Automotive PLC, 144A, |
2,065,000 | 2,178,575 | ||||||
|
|
|||||||
(Cost $68,983,478) |
67,749,426 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.3% | ||||||||
American
Axle & Manufacturing, Inc. |
1,081,000 | 1,097,799 | ||||||
6.50%, 4/1/27 (a) |
1,539,000 | 1,575,166 | ||||||
Clarios
Global LP, 144A, |
1,111,000 | 1,154,140 | ||||||
Clarios
Global LP / Clarios US Finance Co., 144A, |
2,693,000 | 2,790,931 | ||||||
Dana
Financing Luxembourg SARL, 144A, |
955,000 | 968,165 | ||||||
Dana,
Inc. |
1,413,000 | 1,443,033 | ||||||
5.625%, 6/15/28 |
1,098,000 | 1,124,083 | ||||||
Goodyear
Tire & Rubber Co. |
2,360,000 | 2,515,170 | ||||||
5.00%, 5/31/26 |
2,505,000 | 2,517,500 | ||||||
4.875%, 3/15/27 |
2,147,000 | 2,149,748 | ||||||
ZF
North America Capital, Inc., 144A, |
3,178,000 | 3,229,547 | ||||||
|
|
|||||||
(Cost $20,822,852) |
20,565,282 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.4% | ||||||||
American
Builders & Contractors Supply Co., Inc., 144A, |
2,065,000 | 2,022,007 | ||||||
Avient
Corp. |
1,898,000 | 1,947,946 | ||||||
144A, 5.75%, 5/15/25 |
1,833,000 | 1,883,444 | ||||||
|
|
|||||||
(Cost $5,920,108) |
5,853,397 | |||||||
|
|
|||||||
Entertainment — 4.3% | ||||||||
Banijay
Entertainment SASU, 144A, |
1,189,000 | 1,178,299 | ||||||
Caesars
Entertainment, Inc. |
10,029,000 | 10,406,742 | ||||||
144A, 8.125%, 7/1/27 (a) |
5,310,000 | 5,713,932 | ||||||
Caesars
Resort Collection LLC / CRC Finco, Inc., 144A, |
2,950,000 | 3,028,322 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium
Op, 144A, |
$ | 2,954,000 | $ | 3,039,858 | ||||
Churchill
Downs, Inc. |
1,770,000 | 1,798,630 | ||||||
144A, 4.75%, 1/15/28 |
2,065,000 | 2,030,876 | ||||||
International
Game Technology PLC |
3,245,000 | 3,451,625 | ||||||
144A, 4.125%, 4/15/26 |
2,313,000 | 2,281,173 | ||||||
144A, 6.25%, 1/15/27 |
2,154,000 | 2,286,126 | ||||||
144A, 5.25%, 1/15/29 |
2,212,000 | 2,259,116 | ||||||
Live
Nation Entertainment, Inc. |
1,696,000 | 1,715,979 | ||||||
144A, 6.50%, 5/15/27 |
3,540,000 | 3,794,066 | ||||||
144A, 3.75%, 1/15/28 |
1,480,000 | 1,418,950 | ||||||
Mohegan
Gaming & Entertainment, 144A, |
10,000 | 10,298 | ||||||
Scientific
Games International, Inc. |
1,727,000 | 1,832,347 | ||||||
144A, 5.00%, 10/15/25 |
3,687,000 | 3,728,368 | ||||||
144A, 8.25%, 3/15/26 |
3,245,000 | 3,382,199 | ||||||
Six
Flags Entertainment Corp., 144A, |
2,967,000 | 2,970,382 | ||||||
Six
Flags Theme Parks, Inc., 144A, |
2,162,000 | 2,256,577 | ||||||
Vail
Resorts, Inc., 144A, |
1,753,000 | 1,807,921 | ||||||
WMG
Acquisition Corp. |
1,598,000 | 1,528,870 | ||||||
144A, 3.875%, 7/15/30 |
1,578,000 | 1,517,381 | ||||||
144A, 3.00%, 2/15/31 |
2,360,000 | 2,127,977 | ||||||
|
|
|||||||
(Cost $66,325,282) |
65,566,014 | |||||||
|
|
|||||||
Food Service — 0.4% | ||||||||
Aramark
Services, Inc. |
1,770,000 | 1,786,142 | ||||||
144A, 6.375%, 5/1/25 |
4,442,000 | 4,592,340 | ||||||
|
|
|||||||
(Cost $6,393,977) |
6,378,482 | |||||||
|
|
|||||||
Home Builders — 0.7% | ||||||||
Century
Communities, Inc., |
1,475,000 | 1,528,321 | ||||||
Mattamy
Group Corp., 144A, |
1,494,000 | 1,501,485 | ||||||
Meritage
Homes Corp. |
1,236,000 | 1,317,823 | ||||||
144A, 3.875%, 4/15/29 |
1,307,000 | 1,279,756 | ||||||
Taylor
Morrison Communities, Inc. |
1,399,000 | 1,469,370 | ||||||
144A, 5.75%, 1/15/28 |
1,410,000 | 1,472,371 | ||||||
Williams
Scotsman International, Inc., 144A, |
1,480,000 | 1,461,500 | ||||||
|
|
|||||||
(Cost $10,258,088) |
10,030,626 | |||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Home Furnishings — 0.2% | ||||||||
Tempur
Sealy International, Inc., 144A, |
$ | 2,360,000 | $ | 2,228,453 | ||||
|
|
|||||||
Housewares — 0.8% | ||||||||
Newell
Brands, Inc. |
3,225,000 | 3,294,708 | ||||||
4.875%, 6/1/25 |
1,694,000 | 1,784,849 | ||||||
4.70%, 4/1/26 |
5,828,000 | 6,039,557 | ||||||
Scotts
Miracle-Gro Co., |
1,217,000 | 1,176,462 | ||||||
|
|
|||||||
(Cost $12,495,896) |
12,295,576 | |||||||
|
|
|||||||
Leisure Time — 0.7% | ||||||||
Royal
Caribbean Cruises Ltd. |
3,027,000 | 3,252,633 | ||||||
144A, 9.125%, 6/15/23 |
2,950,000 | 3,082,602 | ||||||
144A, 11.50%, 6/1/25 |
4,106,000 | 4,543,823 | ||||||
|
|
|||||||
(Cost $10,923,717) |
10,879,058 | |||||||
|
|
|||||||
Lodging — 1.9% | ||||||||
Hilton
Domestic Operating Co., Inc. |
1,475,000 | 1,523,675 | ||||||
144A, 5.75%, 5/1/28 |
1,483,000 | 1,551,522 | ||||||
144A, 3.75%, 5/1/29 |
2,374,000 | 2,294,649 | ||||||
4.875%, 1/15/30 |
2,967,000 | 3,057,509 | ||||||
144A, 4.00%, 5/1/31 |
3,256,000 | 3,186,647 | ||||||
144A, 3.625%, 2/15/32 |
4,440,000 | 4,229,233 | ||||||
Hilton
Worldwide Finance LLC / Hilton Worldwide Finance Corp., |
1,780,000 | 1,820,148 | ||||||
MGM
Resorts International |
3,610,000 | 3,727,325 | ||||||
6.75%, 5/1/25 |
2,384,000 | 2,470,086 | ||||||
5.75%, 6/15/25 |
1,933,000 | 2,005,488 | ||||||
4.625%, 9/1/26 |
1,184,000 | 1,182,496 | ||||||
Travel
+ Leisure Co., |
1,136,000 | 1,140,220 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, |
1,475,000 | 1,483,865 | ||||||
|
|
|||||||
(Cost $29,889,943) |
29,672,863 | |||||||
|
|
|||||||
Retail — 2.7% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
1,551,000 | 1,599,329 | ||||||
144A, 3.875%, 1/15/28 |
4,572,000 | 4,453,585 | ||||||
Bath &
Body Works, Inc. |
1,475,000 | 1,530,312 | ||||||
7.50%, 6/15/29 |
1,544,000 | 1,699,141 | ||||||
IRB
Holding Corp., 144A, |
2,132,000 | 2,230,051 | ||||||
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
144A, |
2,212,000 | 2,270,341 | ||||||
Lithia
Motors, Inc. |
1,036,000 | 1,060,538 | ||||||
144A, 3.875%, 6/1/29 |
2,471,000 | 2,438,309 | ||||||
144A, 4.375%, 1/15/31 |
1,624,000 | 1,638,843 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Murphy
Oil USA, Inc. |
$ | 1,419,000 | $ | 1,425,052 | ||||
144A, 3.75%, 2/15/31 |
1,519,000 | 1,422,741 | ||||||
Penske
Automotive Group, Inc. |
1,530,000 | 1,516,674 | ||||||
3.75%, 6/15/29 |
1,516,000 | 1,418,256 | ||||||
QVC,
Inc. |
2,342,000 | 2,385,807 | ||||||
4.85%, 4/1/24 |
1,628,000 | 1,646,266 | ||||||
4.45%, 2/15/25 |
1,778,000 | 1,771,181 | ||||||
Yum!
Brands, Inc. |
1,770,000 | 1,845,358 | ||||||
144A, 4.75%, 1/15/30 |
2,360,000 | 2,399,672 | ||||||
3.625%, 3/15/31 |
3,097,000 | 2,898,684 | ||||||
4.625%, 1/31/32 |
3,245,000 | 3,185,130 | ||||||
|
|
|||||||
(Cost $41,849,596) |
40,835,270 | |||||||
|
|
|||||||
Toys/Games/Hobbies — 0.4% | ||||||||
Mattel,
Inc. |
1,753,000 | 1,743,236 | ||||||
144A, 5.875%, 12/15/27 |
1,703,000 | 1,807,292 | ||||||
144A, 3.75%, 4/1/29 (a) |
1,803,000 | 1,808,048 | ||||||
|
|
|||||||
(Cost $5,417,932) |
5,358,576 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 19.9% | ||||||||
Agriculture — 0.1% | ||||||||
Darling
Ingredients, Inc., 144A, |
1,475,000 | 1,502,700 | ||||||
|
|
|||||||
Commercial Services — 3.8% | ||||||||
ADT
Security Corp., |
2,037,000 | 2,078,351 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, |
1,136,000 | 1,146,667 | ||||||
Block,
Inc. |
2,950,000 | 2,865,350 | ||||||
144A, 3.50%, 6/1/31 (a) |
2,950,000 | 2,774,711 | ||||||
Brink’s
Co. |
1,180,000 | 1,208,007 | ||||||
144A, 4.625%, 10/15/27 |
1,770,000 | 1,730,511 | ||||||
Gartner,
Inc. |
2,371,000 | 2,404,763 | ||||||
144A, 3.625%, 6/15/29 |
1,780,000 | 1,730,142 | ||||||
144A, 3.75%, 10/1/30 |
2,368,000 | 2,288,779 | ||||||
Grand
Canyon University, |
1,444,000 | 1,463,581 | ||||||
Herc
Holdings, Inc., 144A, |
3,540,000 | 3,632,925 | ||||||
Nielsen
Co. Luxembourg SARL, 144A, |
1,475,000 | 1,488,017 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc., 144A, |
2,212,000 | 2,259,149 | ||||||
Ritchie
Bros Auctioneers, Inc., 144A, |
1,475,000 | 1,499,928 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
RR
Donnelley & Sons Co., 144A, |
$ | 1,265,000 | $ | 1,348,806 | ||||
Service
Corp. International |
2,117,000 | 2,140,837 | ||||||
5.125%, 6/1/29 |
1,942,000 | 1,994,143 | ||||||
3.375%, 8/15/30 |
2,451,000 | 2,256,648 | ||||||
United
Rentals North America, Inc. |
2,950,000 | 3,046,745 | ||||||
4.875%, 1/15/28 |
4,924,000 | 5,019,464 | ||||||
5.25%, 1/15/30 |
2,312,000 | 2,408,561 | ||||||
4.00%, 7/15/30 |
2,212,000 | 2,181,585 | ||||||
3.875%, 2/15/31 |
3,245,000 | 3,140,235 | ||||||
3.75%, 1/15/32 |
2,212,000 | 2,110,171 | ||||||
Verscend
Escrow Corp., 144A, |
3,245,000 | 3,386,514 | ||||||
|
|
|||||||
(Cost $58,550,645) |
57,604,590 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.1% | ||||||||
Edgewell
Personal Care Co., 144A, |
2,212,000 | 2,226,245 | ||||||
|
|
|||||||
Food — 3.5% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
2,332,000 | 2,248,048 | ||||||
144A, 7.50%, 3/15/26 |
1,776,000 | 1,884,718 | ||||||
144A, 4.625%, 1/15/27 |
3,982,000 | 4,004,409 | ||||||
144A, 5.875%, 2/15/28 |
2,212,000 | 2,289,708 | ||||||
144A, 3.50%, 3/15/29 |
3,970,000 | 3,700,794 | ||||||
144A, 4.875%, 2/15/30 |
2,950,000 | 2,964,750 | ||||||
B&G
Foods, Inc., |
2,655,000 | 2,671,581 | ||||||
Kraft
Heinz Foods Co. |
5,637,000 | 5,640,241 | ||||||
3.875%, 5/15/27 |
4,293,000 | 4,461,286 | ||||||
3.75%, 4/1/30 |
1,917,000 | 1,963,583 | ||||||
Lamb
Weston Holdings, Inc., 144A, |
1,494,000 | 1,535,720 | ||||||
Performance
Food Group, Inc., 144A, |
3,127,000 | 3,185,881 | ||||||
Pilgrim’s
Pride Corp. |
2,507,000 | 2,579,665 | ||||||
144A, 4.25%, 4/15/31 |
2,982,000 | 2,885,085 | ||||||
144A, 3.50%, 3/1/32 |
2,630,000 | 2,410,500 | ||||||
Post
Holdings, Inc. |
3,833,000 | 3,875,163 | ||||||
144A, 5.625%, 1/15/28 |
2,776,000 | 2,789,394 | ||||||
US
Foods, Inc., 144A, |
2,950,000 | 3,056,879 | ||||||
|
|
|||||||
(Cost $55,585,144) |
54,147,405 | |||||||
|
|
|||||||
Healthcare-Products — 0.9% | ||||||||
Avantor
Funding, Inc. |
4,599,000 | 4,673,504 | ||||||
144A, 3.875%, 11/1/29 |
2,368,000 | 2,282,385 | ||||||
Hologic,
Inc. |
1,176,000 | 1,215,637 | ||||||
144A, 3.25%, 2/15/29 |
2,802,000 | 2,659,714 |
Principal |
Value |
|||||||
Healthcare-Products (Continued) | ||||||||
Teleflex,
Inc. |
$ | 1,475,000 | $ | 1,500,082 | ||||
144A, 4.25%, 6/1/28 |
1,478,000 | 1,462,171 | ||||||
|
|
|||||||
(Cost $13,968,308) |
13,793,493 | |||||||
|
|
|||||||
Healthcare-Services — 9.1% | ||||||||
Catalent
Pharma Solutions, Inc. |
1,475,000 | 1,510,009 | ||||||
144A, 3.125%, 2/15/29 |
1,639,000 | 1,520,181 | ||||||
144A, 3.50%, 4/1/30 |
1,917,000 | 1,787,056 | ||||||
Centene
Corp. |
7,367,000 | 7,550,254 | ||||||
2.45%, 7/15/28 |
6,784,000 | 6,400,840 | ||||||
4.625%, 12/15/29 |
10,324,000 | 10,650,806 | ||||||
3.375%, 2/15/30 |
5,892,000 | 5,662,124 | ||||||
3.00%, 10/15/30 |
6,489,000 | 6,195,347 | ||||||
2.50%, 3/1/31 |
6,489,000 | 6,003,915 | ||||||
2.625%, 8/1/31 |
3,835,000 | 3,541,738 | ||||||
Charles
River Laboratories International, Inc. |
1,419,000 | 1,408,918 | ||||||
144A, 3.75%, 3/15/29 |
1,519,000 | 1,460,807 | ||||||
144A, 4.00%, 3/15/31 |
1,475,000 | 1,414,341 | ||||||
Encompass
Health Corp., |
2,360,000 | 2,300,528 | ||||||
HCA,
Inc. |
3,709,000 | 3,861,533 | ||||||
5.375%, 2/1/25 |
7,714,000 | 8,177,843 | ||||||
5.875%, 2/15/26 |
4,450,000 | 4,814,569 | ||||||
5.375%, 9/1/26 |
2,967,000 | 3,196,141 | ||||||
5.625%, 9/1/28 |
4,450,000 | 4,937,876 | ||||||
5.875%, 2/1/29 |
2,967,000 | 3,327,639 | ||||||
3.50%, 9/1/30 |
8,011,000 | 7,942,906 | ||||||
IQVIA,
Inc. |
3,097,000 | 3,166,713 | ||||||
144A, 5.00%, 5/15/27 |
3,245,000 | 3,313,534 | ||||||
Legacy
LifePoint Health LLC, 144A, |
1,770,000 | 1,834,552 | ||||||
ModivCare,
Inc., 144A, |
1,475,000 | 1,482,065 | ||||||
Molina
Healthcare, Inc. |
2,374,000 | 2,367,982 | ||||||
144A, 3.875%, 11/15/30 |
1,929,000 | 1,896,930 | ||||||
144A, 3.875%, 5/15/32 |
2,220,000 | 2,157,185 | ||||||
Select
Medical Corp., 144A, |
3,613,000 | 3,630,162 | ||||||
Tenet
Healthcare Corp. |
5,521,000 | 5,747,747 | ||||||
4.625%, 7/15/24 |
2,285,000 | 2,296,105 | ||||||
144A, 4.625%, 9/1/24 |
1,919,000 | 1,947,113 | ||||||
144A, 4.875%, 1/1/26 |
6,195,000 | 6,218,789 | ||||||
144A, 6.25%, 2/1/27 |
4,425,000 | 4,555,715 | ||||||
144A, 5.125%, 11/1/27 |
4,425,000 | 4,468,808 | ||||||
|
|
|||||||
(Cost $141,586,405) |
138,748,771 | |||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Household Products/Wares — 0.1% | ||||||||
Spectrum
Brands, Inc., |
$ | 1,327,000 | $ | 1,351,928 | ||||
|
|
|||||||
Pharmaceuticals — 2.3% | ||||||||
Bausch
Health Cos., Inc., 144A, |
5,192,000 | 5,211,470 | ||||||
Elanco
Animal Health, Inc. |
2,212,000 | 2,281,235 | ||||||
6.40%, 8/28/28 |
2,179,000 | 2,364,869 | ||||||
Jazz
Securities DAC, 144A, |
4,440,000 | 4,405,457 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV, 144A, |
6,216,000 | 6,124,625 | ||||||
Perrigo
Finance Unlimited Co. |
2,065,000 | 2,063,390 | ||||||
4.375%, 3/15/26 |
2,134,000 | 2,141,939 | ||||||
3.90%, 6/15/30 |
2,212,000 | 2,029,705 | ||||||
Prestige
Brands, Inc., 144A, |
1,136,000 | 1,138,868 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
4,289,000 | 4,206,222 | ||||||
6.00%, 4/15/24 |
3,682,000 | 3,752,952 | ||||||
|
|
|||||||
(Cost $36,328,398) |
35,720,732 | |||||||
|
|
|||||||
Energy — 12.8% | ||||||||
Oil & Gas — 5.8% | ||||||||
Antero
Resources Corp., |
1,527,000 | 1,546,087 | ||||||
Apache
Corp. |
1,519,000 | 1,570,016 | ||||||
4.375%, 10/15/28 |
2,045,000 | 2,074,019 | ||||||
4.25%, 1/15/30 (a) |
1,710,000 | 1,725,766 | ||||||
Chesapeake
Energy Corp. |
1,530,000 | 1,574,133 | ||||||
144A, 5.875%, 2/1/29 |
1,425,000 | 1,476,770 | ||||||
Endeavor
Energy Resources LP / EER Finance, Inc. |
1,770,000 | 1,851,942 | ||||||
144A, 5.75%, 1/30/28 |
2,950,000 | 3,059,062 | ||||||
EQT
Corp. |
2,950,000 | 3,190,012 | ||||||
144A, 3.125%, 5/15/26 |
1,534,000 | 1,510,530 | ||||||
3.90%, 10/1/27 |
3,687,000 | 3,729,788 | ||||||
7.50%, 2/1/30 |
2,212,000 | 2,642,245 | ||||||
144A, 3.625%, 5/15/31 (a) |
1,475,000 | 1,436,680 | ||||||
Leviathan
Bond Ltd. |
1,474,488 | 1,487,896 | ||||||
144A, REGS, 6.125%, 6/30/25 |
1,770,385 | 1,812,653 | ||||||
Murphy
Oil Corp., |
1,618,000 | 1,650,344 | ||||||
Occidental
Petroleum Corp. |
1,658,000 | 1,800,986 | ||||||
2.90%, 8/15/24 |
2,700,000 | 2,706,534 | ||||||
8.00%, 7/15/25 |
1,445,000 | 1,636,679 | ||||||
5.875%, 9/1/25 |
2,561,000 | 2,750,104 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
5.50%, 12/1/25 |
$ | 2,134,000 | $ | 2,296,045 | ||||
5.55%, 3/15/26 |
3,078,000 | 3,305,880 | ||||||
3.40%, 4/15/26 |
2,223,000 | 2,225,923 | ||||||
3.20%, 8/15/26 |
2,185,000 | 2,188,234 | ||||||
3.00%, 2/15/27 |
1,805,000 | 1,763,151 | ||||||
8.50%, 7/15/27 |
1,384,000 | 1,670,087 | ||||||
6.375%, 9/1/28 |
1,707,000 | 1,931,931 | ||||||
3.50%, 8/15/29 |
4,193,000 | 4,189,541 | ||||||
8.875%, 7/15/30 |
2,890,000 | 3,723,462 | ||||||
6.625%, 9/1/30 |
4,258,000 | 4,961,549 | ||||||
6.125%, 1/1/31 (a) |
3,548,000 | 4,041,278 | ||||||
7.50%, 5/1/31 |
2,468,000 | 2,996,411 | ||||||
7.875%, 9/15/31 |
1,376,000 | 1,704,052 | ||||||
Parkland
Corp., 144A, |
1,475,000 | 1,494,669 | ||||||
Range
Resources Corp. |
1,570,000 | 1,591,226 | ||||||
4.875%, 5/15/25 |
2,212,000 | 2,243,377 | ||||||
Southwestern
Energy Co. |
1,305,000 | 1,383,170 | ||||||
5.375%, 2/1/29 |
2,101,000 | 2,164,051 | ||||||
Sunoco
LP / Sunoco Finance Corp., |
1,778,000 | 1,837,661 | ||||||
|
|
|||||||
(Cost $89,796,523) |
88,943,944 | |||||||
|
|
|||||||
Oil & Gas Services — 0.1% | ||||||||
TechnipFMC
PLC, 144A, |
1,867,000 | 1,930,095 | ||||||
|
|
|||||||
Pipelines — 6.9% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp., 144A, |
1,622,000 | 1,745,718 | ||||||
Buckeye
Partners LP |
1,475,000 | 1,494,868 | ||||||
144A, 4.125%, 3/1/25 |
1,451,000 | 1,432,906 | ||||||
3.95%, 12/1/26 |
1,878,000 | 1,815,162 | ||||||
4.125%, 12/1/27 |
1,127,000 | 1,066,018 | ||||||
Cheniere
Energy Partners LP |
4,524,000 | 4,595,796 | ||||||
4.00%, 3/1/31 |
4,421,000 | 4,361,383 | ||||||
144A, 3.25%, 1/31/32 |
3,540,000 | 3,333,689 | ||||||
Cheniere
Energy, Inc., |
5,898,000 | 6,009,118 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp., |
1,475,000 | 1,486,114 | ||||||
DCP
Midstream Operating LP |
1,483,000 | 1,501,486 | ||||||
5.375%, 7/15/25 |
2,525,000 | 2,677,258 | ||||||
5.625%, 7/15/27 |
1,475,000 | 1,586,635 | ||||||
5.125%, 5/15/29 |
1,770,000 | 1,865,961 | ||||||
3.25%, 2/15/32 |
1,180,000 | 1,101,849 | ||||||
DT
Midstream, Inc. |
3,245,000 | 3,145,233 | ||||||
144A, 4.375%, 6/15/31 |
2,950,000 | 2,886,560 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
EnLink
Midstream Partners LP |
$ | 1,676,000 | $ | 1,708,996 | ||||
4.15%, 6/1/25 |
2,126,000 | 2,131,474 | ||||||
4.85%, 7/15/26 |
1,381,000 | 1,399,961 | ||||||
EQM
Midstream Partners LP |
1,669,000 | 1,679,581 | ||||||
4.00%, 8/1/24 |
1,475,000 | 1,447,359 | ||||||
144A, 6.00%, 7/1/25 |
2,134,000 | 2,179,486 | ||||||
4.125%, 12/1/26 |
1,475,000 | 1,411,155 | ||||||
5.50%, 7/15/28 |
2,507,000 | 2,471,426 | ||||||
Hess
Midstream Operations LP |
2,358,000 | 2,419,933 | ||||||
144A, 5.125%, 6/15/28 |
1,622,000 | 1,658,657 | ||||||
NuStar
Logistics LP |
1,809,000 | 1,886,036 | ||||||
6.00%, 6/1/26 |
1,450,000 | 1,475,129 | ||||||
Rockies
Express Pipeline LLC, 144A, |
1,180,000 | 1,157,863 | ||||||
Targa
Resources Partners LP / Targa Resources Partners Finance Corp. |
3,079,000 | 3,182,531 | ||||||
5.375%, 2/1/27 |
1,212,000 | 1,246,887 | ||||||
6.50%, 7/15/27 |
2,019,000 | 2,142,825 | ||||||
5.00%, 1/15/28 |
2,066,000 | 2,135,841 | ||||||
6.875%, 1/15/29 |
2,004,000 | 2,184,019 | ||||||
5.50%, 3/1/30 |
2,801,000 | 2,974,606 | ||||||
4.875%, 2/1/31 |
2,950,000 | 3,043,338 | ||||||
4.00%, 1/15/32 |
2,950,000 | 2,917,653 | ||||||
Venture
Global Calcasieu Pass LLC |
3,687,000 | 3,615,933 | ||||||
144A, 4.125%, 8/15/31 |
3,687,000 | 3,655,716 | ||||||
144A, 3.875%, 11/1/33 |
3,687,000 | 3,556,130 | ||||||
Western
Midstream Operating LP |
2,160,000 | 2,171,999 | ||||||
4.65%, 7/1/26 |
1,399,000 | 1,451,407 | ||||||
4.50%, 3/1/28 |
1,236,000 | 1,285,786 | ||||||
4.75%, 8/15/28 |
1,173,000 | 1,216,055 | ||||||
4.55%, 2/1/30 |
3,540,000 | 3,646,837 | ||||||
|
|
|||||||
(Cost $107,579,179) |
105,560,373 | |||||||
|
|
|||||||
Financial — 11.6% | ||||||||
Banks — 1.5% | ||||||||
Commerzbank
AG, 144A, |
2,950,000 | 3,173,545 | ||||||
Deutsche
Bank AG |
1,475,000 | 1,600,705 | ||||||
3.729%, 1/14/32 (b) |
3,687,000 | 3,459,080 | ||||||
3.742%, 1/7/33 (b) |
3,687,000 | 3,453,656 | ||||||
Intesa
Sanpaolo SpA |
5,900,000 | 6,080,856 | ||||||
144A, 5.71%, 1/15/26 |
4,425,000 | 4,671,469 | ||||||
|
|
|||||||
(Cost $23,029,107) |
22,439,311 | |||||||
|
|
|||||||
Diversified Financial Services — 3.3% | ||||||||
Ally
Financial, Inc., |
3,097,000 | 3,302,075 |
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
LPL
Holdings, Inc. |
$ | 1,180,000 | $ | 1,176,130 | ||||
144A, 4.00%, 3/15/29 |
2,655,000 | 2,582,704 | ||||||
144A, 4.375%, 5/15/31 |
1,180,000 | 1,152,471 | ||||||
Navient
Corp. MTN, |
2,507,000 | 2,585,269 | ||||||
5.875%, 10/25/24 |
1,475,000 | 1,527,392 | ||||||
6.75%, 6/25/25 |
1,475,000 | 1,533,801 | ||||||
OneMain
Finance Corp. |
2,581,000 | 2,648,622 | ||||||
6.125%, 3/15/24 |
3,835,000 | 3,954,748 | ||||||
6.875%, 3/15/25 |
3,687,000 | 3,938,933 | ||||||
8.875%, 6/1/25 |
1,770,000 | 1,869,607 | ||||||
7.125%, 3/15/26 |
4,820,000 | 5,230,833 | ||||||
3.50%, 1/15/27 |
2,212,000 | 2,095,781 | ||||||
6.625%, 1/15/28 |
2,360,000 | 2,499,830 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
3,392,000 | 3,194,043 | ||||||
144A, 3.625%, 3/1/29 |
2,212,000 | 2,075,276 | ||||||
144A, 3.875%, 3/1/31 |
3,687,000 | 3,457,705 | ||||||
144A, 4.00%, 10/15/33 |
2,507,000 | 2,337,552 | ||||||
SLM
Corp. |
1,475,000 | 1,484,160 | ||||||
3.125%, 11/2/26 |
1,494,000 | 1,434,038 | ||||||
|
|
|||||||
(Cost $51,370,954) |
50,080,970 | |||||||
|
|
|||||||
Insurance — 0.7% | ||||||||
HUB
International Ltd., 144A, |
4,926,000 | 4,963,930 | ||||||
MGIC
Investment Corp., |
1,917,000 | 1,944,720 | ||||||
Radian
Group, Inc. |
1,395,000 | 1,410,638 | ||||||
6.625%, 3/15/25 |
1,633,000 | 1,730,955 | ||||||
4.875%, 3/15/27 |
1,235,000 | 1,277,231 | ||||||
|
|
|||||||
(Cost $11,504,356) |
11,327,474 | |||||||
|
|
|||||||
Real Estate — 0.3% | ||||||||
Howard
Hughes Corp. |
2,161,000 | 2,187,062 | ||||||
144A, 4.125%, 2/1/29 |
1,954,000 | 1,850,174 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp., 144A, |
1,228,000 | 1,256,956 | ||||||
|
|
|||||||
(Cost $5,351,527) |
5,294,192 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 5.2% | ||||||||
Blackstone
Mortgage Trust, Inc., 144A, |
1,180,000 | 1,116,781 | ||||||
Diversified
Healthcare Trust, |
2,950,000 | 3,119,861 | ||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
1,147,000 | 1,184,450 | ||||||
144A, 3.375%, 6/15/26 |
2,950,000 | 2,800,376 | ||||||
Iron
Mountain, Inc. |
2,889,000 | 2,886,371 | ||||||
144A, 5.25%, 3/15/28 |
2,481,000 | 2,485,962 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
iStar,
Inc. |
$ | 2,286,000 | $ | 2,303,042 | ||||
4.25%, 8/1/25 |
1,609,000 | 1,597,174 | ||||||
5.50%, 2/15/26 |
1,180,000 | 1,209,146 | ||||||
MGM
Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. |
1,858,000 | 1,931,063 | ||||||
144A, 4.625%, 6/15/25 |
2,210,000 | 2,279,792 | ||||||
4.50%, 9/1/26 (a) |
940,000 | 960,045 | ||||||
5.75%, 2/1/27 |
1,559,000 | 1,688,701 | ||||||
144A, 3.875%, 2/15/29 (a) |
2,109,000 | 2,123,341 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
1,494,000 | 1,525,568 | ||||||
5.00%, 10/15/27 |
4,130,000 | 4,224,660 | ||||||
4.625%, 8/1/29 |
2,655,000 | 2,669,616 | ||||||
3.50%, 3/15/31 |
3,835,000 | 3,619,243 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer, 144A, |
1,683,000 | 1,760,738 | ||||||
RLJ
Lodging Trust LP, 144A, |
1,475,000 | 1,438,567 | ||||||
SBA
Communications Corp. |
4,412,000 | 4,406,816 | ||||||
3.125%, 2/1/29 |
4,420,000 | 4,110,909 | ||||||
Starwood
Property Trust, Inc. |
1,274,000 | 1,246,775 | ||||||
4.75%, 3/15/25 |
1,294,000 | 1,308,994 | ||||||
144A, 3.625%, 7/15/26 |
1,249,000 | 1,184,014 | ||||||
144A, 4.375%, 1/15/27 |
1,480,000 | 1,438,868 | ||||||
Uniti
Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A,
|
6,637,000 | 6,914,261 | ||||||
VICI
Properties LP / VICI Note Co., Inc. |
2,047,000 | 2,054,318 | ||||||
144A, 4.25%, 12/1/26 |
3,821,000 | 3,863,509 | ||||||
144A, 3.75%, 2/15/27 |
2,217,000 | 2,204,108 | ||||||
144A, 4.625%, 12/1/29 |
2,950,000 | 3,013,823 | ||||||
144A, 4.125%, 8/15/30 |
2,950,000 | 2,932,344 | ||||||
XHR
LP, |
1,444,000 | 1,488,858 | ||||||
|
|
|||||||
(Cost $80,267,607) |
79,092,094 | |||||||
|
|
|||||||
Venture Capital — 0.6% | ||||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
3,239,000 | 3,218,481 | ||||||
6.375%, 12/15/25 |
2,202,000 | 2,234,700 | ||||||
6.25%, 5/15/26 |
3,682,000 | 3,713,610 | ||||||
|
|
|||||||
(Cost $9,319,090) |
9,166,791 | |||||||
|
|
|||||||
Industrial — 7.6% | ||||||||
Aerospace/Defense — 2.3% | ||||||||
Howmet
Aerospace, Inc. |
3,392,000 | 3,563,228 | ||||||
6.875%, 5/1/25 |
1,778,000 | 1,960,419 | ||||||
3.00%, 1/15/29 |
2,065,000 | 1,962,679 |
Principal |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
Rolls-Royce
PLC |
$ | 2,950,000 | $ | 2,884,510 | ||||
144A, 5.75%, 10/15/27 |
2,950,000 | 3,044,356 | ||||||
Spirit
AeroSystems, Inc. |
1,475,000 | 1,517,590 | ||||||
144A, 7.50%, 4/15/25 |
3,540,000 | 3,676,290 | ||||||
TransDigm,
Inc. |
3,245,000 | 3,392,193 | ||||||
144A, 6.25%, 3/15/26 |
13,079,000 | 13,501,386 | ||||||
|
|
|||||||
(Cost $35,799,112) |
35,502,651 | |||||||
|
|
|||||||
Building Materials — 0.5% | ||||||||
Builders
FirstSource, Inc. |
1,807,000 | 1,881,476 | ||||||
144A, 5.00%, 3/1/30 |
1,622,000 | 1,648,276 | ||||||
JELD-WEN, Inc., 144A, |
1,180,000 | 1,159,674 | ||||||
Standard
Industries, Inc., 144A, |
2,507,000 | 2,525,765 | ||||||
|
|
|||||||
(Cost $7,321,238) |
7,215,191 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.6% | ||||||||
WESCO
Distribution, Inc. |
4,425,000 | 4,642,666 | ||||||
144A, 7.25%, 6/15/28 |
3,908,000 | 4,170,578 | ||||||
|
|
|||||||
(Cost $8,842,010) |
8,813,244 | |||||||
|
|
|||||||
Electronics — 0.7% | ||||||||
Sensata
Technologies BV |
1,475,000 | 1,513,490 | ||||||
144A, 5.625%, 11/1/24 |
1,180,000 | 1,244,664 | ||||||
144A, 5.00%, 10/1/25 |
2,065,000 | 2,137,895 | ||||||
144A, 4.00%, 4/15/29 |
2,950,000 | 2,837,177 | ||||||
Sensata
Technologies, Inc. |
1,314,000 | 1,280,079 | ||||||
144A, 3.75%, 2/15/31 |
2,212,000 | 2,060,721 | ||||||
|
|
|||||||
(Cost $11,476,058) |
11,074,026 | |||||||
|
|
|||||||
Engineering & Construction — 0.1% | ||||||||
Fluor
Corp., |
1,770,000 | 1,732,618 | ||||||
|
|
|||||||
Environmental Control — 0.6% | ||||||||
GFL
Environmental, Inc. |
1,357,000 | 1,356,817 | ||||||
144A, 3.75%, 8/1/25 |
2,389,000 | 2,368,001 | ||||||
144A, 5.125%, 12/15/26 |
1,509,000 | 1,542,485 | ||||||
144A, 3.50%, 9/1/28 (a) |
2,212,000 | 2,115,402 | ||||||
Stericycle,
Inc., 144A, |
1,770,000 | 1,811,794 | ||||||
|
|
|||||||
(Cost $9,312,982) |
9,194,499 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand,
Inc., |
||||||||
(Cost $1,222,143) |
1,180,000 | 1,224,716 | ||||||
|
|
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Packaging & Containers — 2.5% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,
144A, |
$ | 1,770,000 | $ | 1,667,021 | ||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
1,998,000 | 2,018,000 | ||||||
144A, 4.125%, 8/15/26 |
3,635,000 | 3,522,897 | ||||||
Ball
Corp. |
2,950,000 | 3,016,080 | ||||||
5.25%, 7/1/25 |
2,950,000 | 3,130,393 | ||||||
4.875%, 3/15/26 |
2,242,000 | 2,344,706 | ||||||
2.875%, 8/15/30 |
3,835,000 | 3,511,767 | ||||||
3.125%, 9/15/31 |
2,507,000 | 2,301,226 | ||||||
Berry
Global, Inc., 144A, |
1,475,000 | 1,513,180 | ||||||
Graphic
Packaging International LLC |
1,315,000 | 1,251,084 | ||||||
144A, 3.75%, 2/1/30 |
1,197,000 | 1,142,285 | ||||||
Owens-Brockway
Glass Container, Inc., 144A, |
2,065,000 | 2,103,481 | ||||||
Sealed
Air Corp. |
1,261,000 | 1,284,600 | ||||||
144A, 5.125%, 12/1/24 |
1,125,000 | 1,165,708 | ||||||
144A, 5.50%, 9/15/25 |
1,361,000 | 1,427,362 | ||||||
144A, 4.00%, 12/1/27 |
1,254,000 | 1,243,548 | ||||||
Silgan
Holdings, Inc., |
1,681,000 | 1,651,465 | ||||||
Trivium
Packaging Finance BV, 144A, |
3,097,000 | 3,128,868 | ||||||
|
|
|||||||
(Cost $38,384,311) |
37,423,671 | |||||||
|
|
|||||||
Transportation — 0.2% | ||||||||
XPO
Logistics, Inc., 144A, |
3,448,000 | 3,582,644 | ||||||
|
|
|||||||
Technology — 3.9% | ||||||||
Computers — 1.0% | ||||||||
Booz
Allen Hamilton, Inc. |
2,065,000 | 2,024,815 | ||||||
144A, 4.00%, 7/1/29 |
1,524,000 | 1,506,261 | ||||||
NCR
Corp., 144A, |
1,475,000 | 1,491,631 | ||||||
Seagate
HDD Cayman |
1,603,000 | 1,648,982 | ||||||
4.875%, 3/1/24 |
1,584,000 | 1,635,559 | ||||||
4.75%, 1/1/25 |
1,414,000 | 1,458,095 | ||||||
4.875%, 6/1/27 (a) |
1,508,000 | 1,551,935 | ||||||
4.091%, 6/1/29 |
1,483,000 | 1,430,035 | ||||||
3.125%, 7/15/29 |
1,483,000 | 1,353,252 | ||||||
3.375%, 7/15/31 |
1,480,000 | 1,337,099 | ||||||
|
|
|||||||
(Cost $15,822,229) |
15,437,664 | |||||||
|
|
|||||||
Office/Business Equipment — 0.4% | ||||||||
Xerox
Corp., |
2,950,000 | 2,983,261 |
Principal |
Value |
|||||||
Office/Business Equipment (Continued) | ||||||||
Xerox
Holdings Corp., 144A, |
$ | 2,242,000 | $ | 2,286,840 | ||||
|
|
|||||||
(Cost $5,280,035) |
5,270,101 | |||||||
|
|
|||||||
Semiconductors — 0.1% | ||||||||
ON
Semiconductor Corp., 144A, |
1,962,000 | 1,947,658 | ||||||
|
|
|||||||
Software — 2.4% | ||||||||
Black
Knight InfoServ LLC, 144A, |
2,960,000 | 2,809,588 | ||||||
CDK
Global, Inc. |
1,475,000 | 1,546,508 | ||||||
4.875%, 6/1/27 |
1,770,000 | 1,814,861 | ||||||
144A, 5.25%, 5/15/29 |
1,458,000 | 1,497,060 | ||||||
Fair
Isaac Corp. |
1,286,000 | 1,366,330 | ||||||
144A, 4.00%, 6/15/28 |
2,580,000 | 2,535,830 | ||||||
MSCI,
Inc. |
2,914,000 | 2,934,485 | ||||||
144A, 3.625%, 9/1/30 |
2,919,000 | 2,866,925 | ||||||
144A, 3.875%, 2/15/31 |
2,734,000 | 2,725,798 | ||||||
144A, 3.625%, 11/1/31 |
1,770,000 | 1,741,361 | ||||||
144A, 3.25%, 8/15/33 |
2,065,000 | 1,954,502 | ||||||
Open
Text Corp., 144A, |
2,655,000 | 2,567,199 | ||||||
PTC,
Inc. |
1,544,000 | 1,543,491 | ||||||
144A, 4.00%, 2/15/28 |
1,475,000 | 1,440,625 | ||||||
SS&C
Technologies, Inc., 144A, |
5,900,000 | 6,068,858 | ||||||
Twilio,
Inc., |
1,475,000 | 1,411,929 | ||||||
|
|
|||||||
(Cost $37,577,461) |
36,825,350 | |||||||
|
|
|||||||
Utilities — 2.8% | ||||||||
Electric — 2.3% | ||||||||
Calpine
Corp., 144A, |
1,239,000 | 1,252,846 | ||||||
Clearway
Energy Operating LLC, 144A, |
2,507,000 | 2,524,323 | ||||||
DPL,
Inc., |
1,221,000 | 1,216,373 | ||||||
FirstEnergy Corp. |
||||||||
Series B, 4.40%, 7/15/27 |
4,425,000 | 4,581,623 | ||||||
2.65%, 3/1/30 |
1,724,000 | 1,619,129 | ||||||
Series B, 2.25%, 9/1/30 |
1,394,000 | 1,266,860 | ||||||
NextEra
Energy Operating Partners LP |
2,065,000 | 2,108,097 | ||||||
144A, 3.875%, 10/15/26 |
1,419,000 | 1,404,342 | ||||||
144A, 4.50%, 9/15/27 |
1,674,000 | 1,685,107 | ||||||
NRG
Energy, Inc. |
2,472,000 | 2,530,685 | ||||||
144A, 3.375%, 2/15/29 |
1,548,000 | 1,440,259 | ||||||
144A, 5.25%, 6/15/29 |
2,048,000 | 2,092,984 | ||||||
Vistra
Operations Co. LLC |
3,050,000 | 3,101,865 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Electric (Continued) | ||||||||
144A, 5.625%, 2/15/27 |
$ | 3,823,000 | $ | 3,921,786 | ||||
144A, 5.00%, 7/31/27 |
3,835,000 | 3,867,943 | ||||||
|
|
|||||||
(Cost $35,168,221) |
34,614,222 | |||||||
|
|
|||||||
Gas — 0.5% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
1,991,000 | 2,033,518 | ||||||
5.50%, 5/20/25 |
2,065,000 | 2,104,018 | ||||||
5.875%, 8/20/26 |
1,991,000 | 2,030,820 | ||||||
5.75%, 5/20/27 |
1,549,000 | 1,567,015 | ||||||
|
|
|||||||
(Cost $8,117,247) |
7,735,371 | |||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
1,507,747,538 | |||||||
|
|
Number |
Value |
|||||||
SECURITIES LENDING COLLATERAL — 1.3% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 0.01% (c)(d) |
20,540,953 | $ | 20,540,953 | |||||
|
|
|||||||
CASH EQUIVALENTS — 0.9% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 0.04% (c) |
13,841,389 | 13,841,389 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 100.7% |
$ | 1,542,129,880 | ||||||
Other assets and liabilities, net — (0.7%) |
(10,926,864 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 1,531,203,016 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:
Value ($) at 8/31/2021 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/28/2022 |
Value ($) at 2/28/2022 |
||||||||||||||||||||||||||||
CORPORATE BONDS — 0.6% |
|
|||||||||||||||||||||||||||||||||||
Financial — 0.6% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG , 3.73% (b) |
| |||||||||||||||||||||||||||||||||||
1,672,217 | 2,022,115 | — | — | (235,252 | ) | 40,950 | — | 3,687,000 | 3,459,080 | |||||||||||||||||||||||||||
Deutsche Bank AG , 5.88% (b) |
| |||||||||||||||||||||||||||||||||||
— | 1,639,302 | — | — | (38,597 | ) | 5,604 | — | 1,475,000 | 1,600,705 | |||||||||||||||||||||||||||
Deutsche Bank AG , 3.74% (b) |
| |||||||||||||||||||||||||||||||||||
— | 3,536,487 | — | — | (82,831 | ) | 8,929 | — | 3,687,000 | 3,453,656 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.3% |
|
|||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) |
| |||||||||||||||||||||||||||||||||||
4,866,433 | 15,674,520 | (e) | — | — | — | 423 | — | 20,540,953 | 20,540,953 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.9% |
|
|||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
29,654,545 | 114,683,954 | (130,497,110 | ) | — | — | 2,007 | — | 13,841,389 | 13,841,389 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
36,193,195 | 137,556,378 | (130,497,110 | ) | — | (356,680 | ) | 57,913 | — | 43,231,342 | 42,895,783 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2022 amounted to $29,095,050, which is 1.9% of net assets. |
(b) |
Affiliated issuer. This security is owned in proportion with its representation in the index. |
(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $9,610,830. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
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. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 28, 2022 (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, 2022 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 (f) |
$ | — | $ | 1,507,747,538 | $ | — | $ | 1,507,747,538 | ||||||||
Short-Term Investments (f) |
34,382,342 | — | — | 34,382,342 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 34,382,342 | $ | 1,507,747,538 | $ | — | $ | 1,542,129,880 | ||||||||
|
|
|
|
|
|
|
|
(f) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF
February 28, 2022 (Unaudited)
Number |
Value |
|||||||
EXCHANGE-TRADED FUNDS — 99.8% | ||||||||
Xtrackers High Beta High Yield Bond ETF (a) |
14,520 | $ | 661,774 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a) |
743,858 | 28,504,638 | ||||||
|
|
|||||||
TOTAL
EXCHANGE-TRADED FUNDS |
29,166,412 | |||||||
|
|
|||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 0.04% (b) |
61,597 | 61,597 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 100.0% |
$ | 29,228,009 | ||||||
Other assets and liabilities, net — (0.0)% |
(1,775 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 29,226,234 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:
|
Value ($) at 2/10/2022 (Commenc- ement of Operations) |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/28/2022 |
Value ($) at 2/28/2022 |
|||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 99.8% |
|
|||||||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a) |
||||||||||||||||||||||||||||||||||||
— | 657,658 | — | — | 4,116 | — | — | 14,520 | 661,774 | ||||||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a) |
||||||||||||||||||||||||||||||||||||
— | 28,315,154 | — | — | 189,484 | — | — | 743,858 | 28,504,638 | ||||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) |
| |||||||||||||||||||||||||||||||||||
— | 61,597 | — | — | — | 1 | — | 61,597 | 61,597 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
— | 29,034,409 | — | — | 193,600 | 1 | — | 819,975 | 29,228,009 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Affiliated fund advised by DBX Advisors LLC. |
(b) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)
February 28, 2022 (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, 2022 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 |
$ | 29,166,412 | $ | — | $ | — | $ | 29,166,412 | ||||||||
Short-Term Investments (c) |
61,597 | — | — | 61,597 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 29,228,009 | $ | — | $ | — | $ | 29,228,009 | ||||||||
|
|
|
|
|
|
|
|
(c) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.6% | ||||||||
Basic Materials — 1.9% | ||||||||
Chemicals — 1.0% | ||||||||
Consolidated
Energy Finance SA, 144A, |
$ | 150,000 | $ | 150,035 | ||||
INEOS
Quattro Finance 2 PLC, 144A, |
115,000 | 109,954 | ||||||
NOVA
Chemicals Corp. |
244,000 | 247,348 | ||||||
144A, 5.00%, 5/1/25 |
150,000 | 151,706 | ||||||
TPC
Group, Inc., 144A, |
190,000 | 104,500 | ||||||
Tronox,
Inc., 144A, |
97,000 | 100,853 | ||||||
|
|
|||||||
(Cost $952,104) |
864,396 | |||||||
|
|
|||||||
Iron/Steel — 0.2% | ||||||||
Cleveland-Cliffs,
Inc. 144A, |
124,000 | 137,791 | ||||||
144A, 6.75%, 3/15/26 |
79,000 | 83,414 | ||||||
|
|
|||||||
(Cost $221,166) |
221,205 | |||||||
|
|
|||||||
Mining — 0.7% | ||||||||
Arconic
Corp., 144A, |
150,000 | 154,875 | ||||||
FMG
Resources August 2006 Pty Ltd., 144A, |
170,000 | 174,932 | ||||||
Hudbay
Minerals, Inc., 144A, |
85,000 | 82,234 | ||||||
Novelis
Corp., 144A, |
200,000 | 190,046 | ||||||
|
|
|||||||
(Cost $621,067) |
602,087 | |||||||
|
|
|||||||
Communications — 15.8% | ||||||||
Advertising — 0.1% | ||||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp., 144A, |
||||||||
(Cost $66,814) |
65,000 | 67,351 | ||||||
|
|
|||||||
Internet — 1.5% | ||||||||
NortonLifeLock,
Inc. |
376,000 | 373,637 | ||||||
144A, 5.00%, 4/15/25 |
130,000 | 130,391 | ||||||
Photo
Holdings Merger Sub, Inc., 144A, |
150,000 | 149,232 | ||||||
Uber
Technologies, Inc. |
175,000 | 182,175 | ||||||
144A, 8.00%, 11/1/26 |
450,000 | 478,456 | ||||||
|
|
|||||||
(Cost $1,320,061) |
1,313,891 | |||||||
|
|
|||||||
Media — 5.6% | ||||||||
AMC
Networks, Inc. |
111,000 | 110,987 | ||||||
4.75%, 8/1/25 (b) |
155,000 | 154,903 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
133,000 | 132,983 | ||||||
144A, 5.50%, 5/1/26 |
100,000 | 102,124 |
Principal |
Value |
|||||||
Media (Continued) | ||||||||
CSC
Holdings LLC |
$ | 219,000 | $ | 222,259 | ||||
5.25%, 6/1/24 |
154,000 | 155,854 | ||||||
Diamond
Sports Group LLC / Diamond Sports Finance Co., 144A, |
626,000 | 257,737 | ||||||
DISH
DBS Corp. |
385,000 | 388,785 | ||||||
5.00%, 3/15/23 |
278,000 | 281,336 | ||||||
5.875%, 11/15/24 |
407,000 | 407,407 | ||||||
7.75%, 7/1/26 |
507,000 | 514,019 | ||||||
144A, 5.25%, 12/1/26 |
590,000 | 579,491 | ||||||
Gray
Television, Inc., 144A, |
160,000 | 163,794 | ||||||
iHeartCommunications,
Inc., |
130,000 | 134,218 | ||||||
Quebecor
Media, Inc., |
157,000 | 159,936 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc., 144A, |
174,000 | 166,461 | ||||||
Sirius
XM Radio, Inc., 144A, |
270,000 | 258,217 | ||||||
TEGNA,
Inc., 144A, |
102,000 | 102,799 | ||||||
Univision
Communications, Inc., 144A, |
337,000 | 339,603 | ||||||
Videotron
Ltd., 144A, |
261,000 | 270,735 | ||||||
|
|
|||||||
(Cost $5,123,939) |
4,903,648 | |||||||
|
|
|||||||
Telecommunications — 8.6% | ||||||||
CommScope
Technologies LLC, 144A, |
266,000 | 261,064 | ||||||
CommScope,
Inc., 144A, |
355,000 | 362,554 | ||||||
Connect
Finco SARL / Connect US Finco LLC, 144A, |
400,000 | 405,400 | ||||||
DKT
Finance ApS, 144A, |
200,000 | 201,023 | ||||||
Hughes
Satellite Systems Corp. |
125,000 | 128,553 | ||||||
6.625%, 8/1/26 (b) |
160,000 | 166,848 | ||||||
Iliad
Holding SASU, 144A, |
250,000 | 249,056 | ||||||
Level 3
Financing, Inc. |
160,000 | 160,637 | ||||||
5.25%, 3/15/26 |
160,000 | 160,507 | ||||||
Lumen Technologies, Inc. |
||||||||
Series T, 5.80%, 3/15/22 |
246,000 | 246,417 | ||||||
Series W, 6.75%, 12/1/23 |
245,000 | 256,319 | ||||||
Series Y, 7.50%, 4/1/24 |
194,000 | 203,821 | ||||||
5.625%, 4/1/25 |
97,000 | 96,545 | ||||||
144A, 5.125%, 12/15/26 |
318,000 | 295,740 | ||||||
144A, 4.00%, 2/15/27 |
200,000 | 190,320 | ||||||
Sprint
Communications, Inc., |
457,000 | 470,335 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
Sprint
Corp. |
$ | 993,000 | $ | 1,068,096 | ||||
7.125%, 6/15/24 |
595,000 | 644,629 | ||||||
7.625%, 2/15/25 |
278,000 | 308,233 | ||||||
7.625%, 3/1/26 |
265,000 | 302,418 | ||||||
Telecom
Italia SpA, 144A, |
259,000 | 266,848 | ||||||
Telesat
Canada / Telesat LLC, 144A, |
130,000 | 95,796 | ||||||
T-Mobile USA, Inc. |
324,000 | 324,162 | ||||||
2.25%, 2/15/26 |
200,000 | 193,229 | ||||||
2.625%, 4/15/26 |
235,000 | 229,895 | ||||||
VEON
Holdings BV, 144A, |
445,000 | 193,575 | ||||||
Viasat,
Inc., 144A, |
136,000 | 130,099 | ||||||
|
|
|||||||
(Cost $8,054,677) |
7,612,119 | |||||||
|
|
|||||||
Consumer, Cyclical — 25.4% | ||||||||
Airlines — 2.8% | ||||||||
Air
Canada, 144A, |
282,000 | 274,636 | ||||||
American
Airlines Group, Inc. |
250,000 | 250,910 | ||||||
144A, 3.75%, 3/1/25 (b) |
97,000 | 90,452 | ||||||
American
Airlines, Inc., 144A, |
484,000 | 588,205 | ||||||
Delta
Air Lines, Inc. |
115,000 | 116,002 | ||||||
2.90%, 10/28/24 |
245,000 | 242,180 | ||||||
7.375%, 1/15/26 (b) |
284,000 | 317,049 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
|
237,252 | 240,498 | ||||||
United
Airlines, Inc., 144A, |
370,000 | 370,651 | ||||||
|
|
|||||||
(Cost $2,497,786) |
2,490,583 | |||||||
|
|
|||||||
Apparel — 0.5% | ||||||||
Hanesbrands,
Inc. |
137,000 | 139,040 | ||||||
144A, 4.875%, 5/15/26 |
172,000 | 175,365 | ||||||
William
Carter Co., 144A, |
75,000 | 76,961 | ||||||
|
|
|||||||
(Cost $401,821) |
391,366 | |||||||
|
|
|||||||
Auto Manufacturers — 4.0% | ||||||||
Ford
Motor Co. |
260,000 | 301,762 | ||||||
4.346%, 12/8/26 |
200,000 | 204,750 | ||||||
Ford
Motor Credit Co. LLC |
368,000 | 370,521 | ||||||
3.087%, 1/9/23 |
200,000 | 201,498 | ||||||
3.096%, 5/4/23 |
250,000 | 252,188 | ||||||
4.375%, 8/6/23 |
218,000 | 221,515 | ||||||
5.584%, 3/18/24 |
115,000 | 120,150 | ||||||
3.664%, 9/8/24 |
122,000 | 122,290 |
Principal |
Value |
|||||||
Auto Manufacturers (Continued) | ||||||||
4.063%, 11/1/24 |
$ | 200,000 | $ | 203,222 | ||||
4.687%, 6/9/25 |
200,000 | 206,399 | ||||||
5.125%, 6/16/25 |
200,000 | 207,972 | ||||||
4.134%, 8/4/25 |
25,000 | 25,312 | ||||||
3.375%, 11/13/25 |
330,000 | 325,426 | ||||||
GMTN, 4.389%, 1/8/26 |
200,000 | 204,266 | ||||||
2.70%, 8/10/26 |
200,000 | 191,750 | ||||||
Jaguar
Land Rover Automotive PLC |
300,000 | 300,205 | ||||||
144A, 7.75%, 10/15/25 |
70,000 | 73,850 | ||||||
|
|
|||||||
(Cost $3,560,236) |
3,533,076 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.7% | ||||||||
Adient
Global Holdings Ltd., 144A, |
250,000 | 250,679 | ||||||
American
Axle & Manufacturing, Inc., |
60,000 | 60,932 | ||||||
Clarios
Global LP, 144A, |
134,000 | 139,203 | ||||||
Clarios
Global LP / Clarios US Finance Co., 144A, |
165,000 | 171,000 | ||||||
Goodyear
Tire & Rubber Co. |
310,000 | 330,383 | ||||||
5.00%, 5/31/26 |
196,000 | 196,978 | ||||||
Tenneco,
Inc., |
97,000 | 96,890 | ||||||
ZF
North America Capital, Inc., 144A, |
246,000 | 249,990 | ||||||
|
|
|||||||
(Cost $1,509,848) |
1,496,055 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.6% | ||||||||
Avient
Corp. |
67,000 | 68,763 | ||||||
144A, 5.75%, 5/15/25 |
141,000 | 144,880 | ||||||
Wolverine
Escrow LLC |
149,000 | 125,406 | ||||||
144A, 9.00%, 11/15/26 (b) |
180,000 | 180,297 | ||||||
|
|
|||||||
(Cost $518,645) |
519,346 | |||||||
|
|
|||||||
Entertainment — 4.3% | ||||||||
AMC
Entertainment Holdings, Inc., 144A, , |
310,000 | 287,289 | ||||||
Banijay
Entertainment SASU, 144A, |
125,000 | 123,875 | ||||||
Caesars
Entertainment, Inc., 144A, |
709,000 | 735,704 | ||||||
Caesars
Resort Collection LLC / CRC Finco, Inc., 144A, |
218,000 | 223,788 | ||||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium
Op, 144A, |
192,000 | 197,580 | ||||||
Cinemark
USA, Inc., 144A, |
78,000 | 76,908 | ||||||
International
Game Technology PLC 144A, |
175,000 | 186,143 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
144A, 4.125%, 4/15/26 |
$ | 220,000 | $ | 216,973 | ||||
144A, 6.25%, 1/15/27 |
200,000 | 212,268 | ||||||
Live
Nation Entertainment, Inc., 144A, |
126,000 | 127,484 | ||||||
Mohegan
Gaming & Entertainment, 144A, |
248,000 | 250,778 | ||||||
Scientific
Games International, Inc. |
52,000 | 55,172 | ||||||
144A, 5.00%, 10/15/25 |
330,000 | 333,703 | ||||||
144A, 8.25%, 3/15/26 |
225,000 | 234,513 | ||||||
Six
Flags Entertainment Corp., 144A, |
315,000 | 315,359 | ||||||
Six
Flags Theme Parks, Inc., 144A, |
134,000 | 139,862 | ||||||
Vail
Resorts, Inc., |
50,000 | 51,567 | ||||||
|
|
|||||||
(Cost $3,807,276) |
3,768,966 | |||||||
|
|
|||||||
Food Service — 0.5% | ||||||||
Aramark
Services, Inc., 144A, |
410,000 | 423,876 | ||||||
|
|
|||||||
Home Builders — 0.2% | ||||||||
Meritage
Homes Corp., |
164,000 | 174,857 | ||||||
|
|
|||||||
Housewares — 0.9% | ||||||||
Newell
Brands, Inc. |
189,000 | 193,085 | ||||||
4.875%, 6/1/25 |
68,000 | 71,647 | ||||||
4.70%, 4/1/26 |
505,000 | 523,332 | ||||||
|
|
|||||||
(Cost $812,372) |
788,064 | |||||||
|
|
|||||||
Leisure Time — 3.4% | ||||||||
Carnival
Corp. |
150,000 | 168,568 | ||||||
144A, 7.625%, 3/1/26 |
329,000 | 338,539 | ||||||
Life
Time, Inc. |
179,000 | 178,288 | ||||||
144A, 8.00%, 4/15/26 |
100,000 | 99,938 | ||||||
NCL
Corp. Ltd. |
300,000 | 281,630 | ||||||
144A, 5.875%, 3/15/26 |
200,000 | 193,700 | ||||||
144A, 5.875%, 2/15/27 |
200,000 | 200,125 | ||||||
Royal
Caribbean Cruises Ltd. |
155,000 | 156,336 | ||||||
144A, 10.875%, 6/1/23 |
194,000 | 208,461 | ||||||
144A, 9.125%, 6/15/23 |
185,000 | 193,316 | ||||||
144A, 11.50%, 6/1/25 |
358,000 | 396,174 | ||||||
144A, 4.25%, 7/1/26 |
110,000 | 104,344 | ||||||
144A, 5.50%, 8/31/26 |
300,000 | 297,524 | ||||||
Viking
Cruises Ltd., 144A, |
152,000 | 169,116 | ||||||
|
|
|||||||
(Cost $3,015,992) |
2,986,059 | |||||||
|
|
|||||||
Lodging — 2.8% | ||||||||
Hilton
Domestic Operating Co., Inc., 144A, |
81,000 | 83,673 |
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
Melco
Resorts Finance Ltd. |
$ | 200,000 | $ | 190,900 | ||||
144A, 5.25%, 4/26/26 |
215,000 | 200,756 | ||||||
MGM
Resorts International |
345,000 | 346,116 | ||||||
6.00%, 3/15/23 |
232,000 | 239,540 | ||||||
6.75%, 5/1/25 |
91,000 | 94,286 | ||||||
5.75%, 6/15/25 (b) |
192,000 | 199,200 | ||||||
4.625%, 9/1/26 |
120,000 | 119,848 | ||||||
Travel
+ Leisure Co. |
77,000 | 77,286 | ||||||
144A, 6.625%, 7/31/26 |
126,000 | 134,684 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
323,000 | 324,941 | ||||||
144A, 5.50%, 3/1/25 |
394,000 | 400,028 | ||||||
|
|
|||||||
(Cost $2,439,658) |
2,411,258 | |||||||
|
|
|||||||
Retail — 3.6% | ||||||||
1011778
BC ULC / New Red Finance, Inc., 144A, |
147,000 | 151,581 | ||||||
Carvana
Co., 144A, |
165,000 | 156,915 | ||||||
eG
Global Finance PLC |
200,000 | 200,251 | ||||||
144A, 8.50%, 10/30/25 |
90,000 | 91,078 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp., 144A, |
126,000 | 117,970 | ||||||
IRB
Holding Corp., 144A, |
337,000 | 352,499 | ||||||
Macy’s
Retail Holdings LLC, |
171,000 | 171,000 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
204,000 | 210,222 | ||||||
Party
City Holdings, Inc., 144A, |
130,000 | 130,325 | ||||||
Penske
Automotive Group, Inc., |
150,000 | 148,693 | ||||||
QVC,
Inc. |
139,000 | 141,600 | ||||||
4.85%, 4/1/24 |
116,000 | 117,302 | ||||||
4.45%, 2/15/25 |
116,000 | 115,555 | ||||||
4.75%, 2/15/27 |
50,000 | 46,581 | ||||||
Rite
Aid Corp. |
220,000 | 211,645 | ||||||
144A, 8.00%, 11/15/26 |
185,000 | 176,112 | ||||||
Staples,
Inc., 144A, |
500,000 | 495,312 | ||||||
Yum!
Brands, Inc., 144A, |
125,000 | 130,322 | ||||||
|
|
|||||||
(Cost $3,221,439) |
3,164,963 | |||||||
|
|
|||||||
Toys/Games/Hobbies — 0.1% | ||||||||
Mattel,
Inc., 144A, |
118,000 | 117,343 | ||||||
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Consumer, Non-cyclical — 15.0% | ||||||||
Agriculture — 0.1% | ||||||||
Vector
Group Ltd., 144A, |
$ | 110,000 | $ | 113,125 | ||||
|
|
|||||||
Commercial Services — 2.8% | ||||||||
ADT
Security Corp., |
218,000 | 222,425 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp., 144A, |
359,000 | 368,083 | ||||||
Block,
Inc., 144A, |
230,000 | 223,400 | ||||||
CoreCivic,
Inc., |
140,000 | 142,365 | ||||||
Garda
World Security Corp., 144A, |
125,000 | 121,293 | ||||||
Grand
Canyon University, |
115,000 | 116,559 | ||||||
Hertz
Corp., 144A, |
100,000 | 95,357 | ||||||
Nielsen
Co. Luxembourg SARL, 144A, |
132,000 | 133,165 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
112,000 | 114,387 | ||||||
144A, 5.75%, 4/15/26 |
243,000 | 249,674 | ||||||
Ritchie
Bros Auctioneers, Inc., 144A, |
100,000 | 101,690 | ||||||
RR
Donnelley & Sons Co., 144A, |
179,000 | 190,859 | ||||||
Sabre
GLBL, Inc. |
189,000 | 213,390 | ||||||
144A, 7.375%, 9/1/25 |
167,000 | 173,263 | ||||||
|
|
|||||||
(Cost $2,502,880) |
2,465,910 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Coty,
Inc. |
174,000 | 173,763 | ||||||
144A, 6.50%, 4/15/26 (b) |
127,000 | 129,206 | ||||||
|
|
|||||||
(Cost $304,912) |
302,969 | |||||||
|
|
|||||||
Food — 2.0% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
117,000 | 117,455 | ||||||
144A, 3.25%, 3/15/26 |
195,000 | 187,980 | ||||||
144A, 7.50%, 3/15/26 |
150,000 | 159,182 | ||||||
144A, 4.625%, 1/15/27 |
280,000 | 281,576 | ||||||
B&G
Foods, Inc., |
220,000 | 221,374 | ||||||
Kraft
Heinz Foods Co., |
390,000 | 390,224 | ||||||
Sigma
Holdco BV, 144A, |
105,000 | 92,572 | ||||||
US
Foods, Inc., 144A, |
269,000 | 278,746 | ||||||
|
|
|||||||
(Cost $1,768,457) |
1,729,109 | |||||||
|
|
Principal |
Value |
|||||||
Healthcare-Services — 4.9% | ||||||||
CHS/Community
Health Systems, Inc., 144A, |
$ | 457,000 | $ | 474,786 | ||||
Envision
Healthcare Corp., 144A, |
245,000 | 130,276 | ||||||
HCA,
Inc. |
232,000 | 241,541 | ||||||
5.375%, 2/1/25 |
522,000 | 553,388 | ||||||
5.875%, 2/15/26 |
328,000 | 354,872 | ||||||
5.375%, 9/1/26 |
250,000 | 269,307 | ||||||
IQVIA,
Inc., 144A, |
225,000 | 230,065 | ||||||
Legacy
LifePoint Health LLC |
136,000 | 140,960 | ||||||
144A, 4.375%, 2/15/27 |
150,000 | 142,321 | ||||||
ModivCare,
Inc., 144A, |
120,000 | 120,575 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,
|
100,000 | 104,990 | ||||||
Select
Medical Corp., 144A, |
277,000 | 278,316 | ||||||
Tenet
Healthcare Corp. |
357,000 | 371,662 | ||||||
4.625%, 7/15/24 |
90,000 | 90,437 | ||||||
144A, 4.625%, 9/1/24 |
131,000 | 132,919 | ||||||
144A, 4.875%, 1/1/26 |
539,000 | 541,070 | ||||||
144A, 6.25%, 2/1/27 |
100,000 | 102,954 | ||||||
|
|
|||||||
(Cost $4,360,510) |
4,280,439 | |||||||
|
|
|||||||
Household Products/Wares — 0.1% | ||||||||
Kronos
Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, |
101,000 | 91,268 | ||||||
|
|
|||||||
Pharmaceuticals — 4.8% | ||||||||
Bausch
Health Americas, Inc. |
300,000 | 310,719 | ||||||
144A, 8.50%, 1/31/27 |
400,000 | 405,792 | ||||||
Bausch
Health Cos., Inc. |
513,000 | 515,886 | ||||||
144A, 5.50%, 11/1/25 |
328,000 | 329,230 | ||||||
144A, 9.00%, 12/15/25 |
291,000 | 300,424 | ||||||
144A, 6.125%, 2/1/27 |
150,000 | 151,432 | ||||||
Elanco
Animal Health, Inc., |
147,000 | 151,601 | ||||||
Perrigo
Finance Unlimited Co. |
100,000 | 99,922 | ||||||
4.375%, 3/15/26 |
200,000 | 200,744 | ||||||
Teva
Pharmaceutical Finance Co. BV, |
189,000 | 188,783 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
297,000 | 291,268 | ||||||
6.00%, 4/15/24 |
190,000 | 193,661 | ||||||
7.125%, 1/31/25 |
386,000 | 405,813 | ||||||
3.15%, 10/1/26 |
706,000 | 641,577 | ||||||
|
|
|||||||
(Cost $4,248,312) |
4,186,852 | |||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Energy — 13.4% | ||||||||
Energy-Alternate Sources — 0.3% | ||||||||
TerraForm
Power Operating LLC, 144A, |
$ | 271,000 | $ | 271,660 | ||||
|
|
|||||||
Oil & Gas — 7.9% | ||||||||
Antero
Resources Corp., |
100,000 | 101,250 | ||||||
Apache
Corp., |
100,000 | 103,358 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp., 144A, |
120,000 | 118,704 | ||||||
Callon
Petroleum Co., |
88,000 | 87,758 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
200,000 | 210,844 | ||||||
Chesapeake
Energy Corp., 144A, |
130,000 | 133,750 | ||||||
Citgo
Holding, Inc., 144A, |
251,000 | 252,699 | ||||||
CITGO
Petroleum Corp., 144A, |
418,000 | 418,479 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 144A, |
230,000 | 232,890 | ||||||
CVR
Energy, Inc., 144A, |
27,000 | 26,173 | ||||||
Endeavor
Energy Resources LP / EER Finance, Inc., 144A, |
116,000 | 121,370 | ||||||
EQT
Corp. |
174,000 | 188,157 | ||||||
144A, 3.125%, 5/15/26 |
91,000 | 89,608 | ||||||
Laredo
Petroleum, Inc., |
169,000 | 174,176 | ||||||
Leviathan
Bond Ltd. |
87,000 | 87,791 | ||||||
144A, REGS, 6.125%, 6/30/25 |
208,000 | 212,966 | ||||||
Matador
Resources Co., |
310,000 | 315,037 | ||||||
MEG
Energy Corp., 144A, |
250,000 | 261,525 | ||||||
Moss
Creek Resources Holdings, Inc., 144A, |
186,000 | 164,948 | ||||||
Murphy
Oil Corp., |
100,000 | 101,999 | ||||||
Nabors
Industries Ltd., 144A, |
110,000 | 107,430 | ||||||
Nabors
Industries, Inc., |
119,000 | 114,359 | ||||||
Occidental
Petroleum Corp. |
150,000 | 162,936 | ||||||
2.90%, 8/15/24 |
256,000 | 256,620 | ||||||
8.00%, 7/15/25 |
50,000 | 56,632 | ||||||
5.875%, 9/1/25 |
264,000 | 283,494 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
5.50%, 12/1/25 |
$ | 100,000 | $ | 107,593 | ||||
5.55%, 3/15/26 |
194,000 | 208,363 | ||||||
3.40%, 4/15/26 |
175,000 | 175,230 | ||||||
3.20%, 8/15/26 |
150,000 | 150,222 | ||||||
3.00%, 2/15/27 |
150,000 | 146,522 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. 144A, |
282,000 | 285,683 | ||||||
7.25%, 6/15/25 (b) |
130,000 | 109,436 | ||||||
Puma
International Financing SA |
200,000 | 196,494 | ||||||
144A, 5.00%, 1/24/26 |
200,000 | 196,272 | ||||||
Range
Resources Corp. |
197,000 | 199,663 | ||||||
4.875%, 5/15/25 |
151,000 | 153,142 | ||||||
SM
Energy Co. |
174,000 | 190,998 | ||||||
6.625%, 1/15/27 (b) |
100,000 | 101,121 | ||||||
Transocean,
Inc. |
136,000 | 105,858 | ||||||
144A, 7.50%, 1/15/26 |
111,000 | 86,206 | ||||||
144A, 11.50%, 1/30/27 |
140,000 | 140,263 | ||||||
|
|
|||||||
(Cost $6,805,089) |
6,938,019 | |||||||
|
|
|||||||
Oil & Gas Services — 0.4% | ||||||||
TechnipFMC
PLC, 144A, |
109,000 | 112,684 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp., |
212,000 | 213,190 | ||||||
|
|
|||||||
(Cost $332,271) |
325,874 | |||||||
|
|
|||||||
Pipelines — 4.8% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp., 144A, |
75,000 | 80,721 | ||||||
Buckeye
Partners LP |
68,000 | 68,916 | ||||||
144A, 4.125%, 3/1/25 |
98,000 | 96,778 | ||||||
3.95%, 12/1/26 |
203,000 | 196,208 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp., |
50,000 | 50,377 | ||||||
DCP
Midstream Operating LP |
73,000 | 73,910 | ||||||
5.375%, 7/15/25 |
162,000 | 171,768 | ||||||
EnLink
Midstream Partners LP |
180,000 | 183,544 | ||||||
4.15%, 6/1/25 |
50,000 | 50,129 | ||||||
4.85%, 7/15/26 |
166,000 | 168,279 | ||||||
EQM
Midstream Partners LP |
100,000 | 100,634 | ||||||
4.00%, 8/1/24 |
25,000 | 24,531 | ||||||
144A, 6.00%, 7/1/25 |
170,000 | 173,623 | ||||||
4.125%, 12/1/26 |
120,000 | 114,806 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
110,000 | 107,363 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
8.00%, 1/15/27 |
$ | 210,000 | $ | 212,625 | ||||
Hess
Midstream Operations LP, 144A, |
147,000 | 150,861 | ||||||
New
Fortress Energy, Inc. |
282,000 | 271,612 | ||||||
144A, 6.50%, 9/30/26 |
310,000 | 297,192 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
420,000 | 422,226 | ||||||
NGL
Energy Partners LP / NGL Energy Finance Corp., |
116,000 | 111,539 | ||||||
NuStar
Logistics LP |
131,000 | 136,579 | ||||||
6.00%, 6/1/26 |
150,000 | 152,599 | ||||||
Rockies
Express Pipeline LLC, 144A, |
54,000 | 52,987 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp., 144A, |
113,000 | 118,810 | ||||||
Targa
Resources Partners LP / Targa Resources Partners Finance Corp., |
78,000 | 80,623 | ||||||
Western
Midstream Operating LP |
250,000 | 250,281 | ||||||
3.60%, 2/1/25 |
200,000 | 201,111 | ||||||
4.65%, 7/1/26 |
83,000 | 86,109 | ||||||
|
|
|||||||
(Cost $4,231,677) |
4,206,741 | |||||||
|
|
|||||||
Financial — 12.9% | ||||||||
Banks — 1.9% | ||||||||
Commerzbank
AG, 144A, |
286,000 | 307,672 | ||||||
Freedom
Mortgage Corp. |
92,000 | 91,929 | ||||||
144A, 8.25%, 4/15/25 |
111,000 | 110,927 | ||||||
144A, 7.625%, 5/1/26 |
142,000 | 136,587 | ||||||
144A, 6.625%, 1/15/27 |
142,000 | 131,268 | ||||||
Intesa
Sanpaolo SpA |
500,000 | 515,327 | ||||||
144A, 5.71%, 1/15/26 |
340,000 | 358,938 | ||||||
|
|
|||||||
(Cost $1,678,745) |
1,652,648 | |||||||
|
|
|||||||
Diversified Financial Services — 3.8% | ||||||||
Ally
Financial, Inc., |
180,000 | 191,919 | ||||||
LD
Holdings Group LLC, 144A, |
95,000 | 90,418 | ||||||
Nationstar
Mortgage Holdings, Inc., 144A, |
120,000 | 121,952 | ||||||
Navient
Corp. |
181,000 | 185,031 | ||||||
MTN, 6.125%, 3/25/24 |
165,000 | 170,151 | ||||||
5.875%, 10/25/24 |
91,000 | 94,232 | ||||||
6.75%, 6/25/25 |
110,000 | 114,385 | ||||||
6.75%, 6/15/26 |
140,000 | 145,426 | ||||||
OneMain
Finance Corp. |
197,000 | 202,161 |
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
6.125%, 3/15/24 |
$ | 241,000 | $ | 248,525 | ||||
6.875%, 3/15/25 |
265,000 | 283,107 | ||||||
8.875%, 6/1/25 |
230,000 | 242,943 | ||||||
7.125%, 3/15/26 |
296,000 | 321,230 | ||||||
3.50%, 1/15/27 |
150,000 | 142,119 | ||||||
PennyMac
Financial Services, Inc., 144A, |
126,000 | 125,512 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, |
240,000 | 225,994 | ||||||
SLM
Corp. |
200,000 | 201,242 | ||||||
3.125%, 11/2/26 |
100,000 | 95,987 | ||||||
United
Wholesale Mortgage LLC, 144A, |
145,000 | 139,758 | ||||||
|
|
|||||||
(Cost $3,420,428) |
3,342,092 | |||||||
|
|
|||||||
Insurance — 1.0% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc., 144A, |
209,000 | 207,134 | ||||||
AssuredPartners,
Inc., 144A, |
226,000 | 223,966 | ||||||
HUB
International Ltd., 144A, |
250,000 | 251,925 | ||||||
Radian
Group, Inc., |
210,000 | 222,597 | ||||||
|
|
|||||||
(Cost $914,466) |
905,622 | |||||||
|
|
|||||||
Real Estate — 0.4% | ||||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp., 144A, |
62,000 | 63,462 | ||||||
WeWork
Cos. LLC / WW Co.-Obligor, Inc., 144A, |
125,000 | 105,235 | ||||||
WeWork
Cos., Inc., 144A, |
150,000 | 136,022 | ||||||
|
|
|||||||
(Cost $308,332) |
304,719 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 5.0% | ||||||||
Blackstone
Mortgage Trust, Inc., 144A, |
159,000 | 150,482 | ||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,
144A, |
218,000 | 215,506 | ||||||
Diversified
Healthcare Trust, |
263,000 | 278,144 | ||||||
HAT
Holdings I LLC / HAT Holdings II LLC, 144A, |
250,000 | 237,320 | ||||||
iStar,
Inc. |
159,000 | 160,185 | ||||||
4.25%, 8/1/25 (b) |
107,000 | 106,214 | ||||||
5.50%, 2/15/26 |
85,000 | 87,099 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
|
125,000 | 121,943 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
MGM
Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. |
$ | 102,000 | $ | 106,011 | ||||
144A, 4.625%, 6/15/25 |
122,000 | 125,853 | ||||||
4.50%, 9/1/26 |
100,000 | 102,132 | ||||||
5.75%, 2/1/27 |
100,000 | 108,319 | ||||||
RLJ
Lodging Trust LP, 144A, |
115,000 | 112,159 | ||||||
SBA
Communications Corp., |
250,000 | 249,706 | ||||||
Service
Properties Trust |
168,000 | 167,562 | ||||||
4.35%, 10/1/24 |
145,000 | 139,014 | ||||||
7.50%, 9/15/25 |
211,000 | 221,867 | ||||||
4.75%, 10/1/26 |
100,000 | 92,673 | ||||||
Starwood
Property Trust, Inc. 144A, |
70,000 | 68,504 | ||||||
4.75%, 3/15/25 |
70,000 | 70,811 | ||||||
144A, 3.625%, 7/15/26 |
150,000 | 142,196 | ||||||
144A, 4.375%, 1/15/27 |
100,000 | 97,221 | ||||||
Uniti
Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, |
522,000 | 543,807 | ||||||
VICI
Properties LP / VICI Note Co., Inc. |
204,000 | 204,729 | ||||||
144A, 4.25%, 12/1/26 |
215,000 | 217,392 | ||||||
144A, 3.75%, 2/15/27 |
150,000 | 149,128 | ||||||
XHR
LP, 144A, |
97,000 | 100,013 | ||||||
|
|
|||||||
(Cost $4,447,983) |
4,375,990 | |||||||
|
|
|||||||
Venture Capital — 0.8% | ||||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
293,000 | 291,144 | ||||||
6.375%, 12/15/25 |
175,000 | 177,599 | ||||||
6.25%, 5/15/26 |
235,000 | 237,017 | ||||||
|
|
|||||||
(Cost $715,593) |
705,760 | |||||||
|
|
|||||||
Industrial — 9.6% | ||||||||
Aerospace/Defense — 4.0% | ||||||||
Bombardier,
Inc. |
200,000 | 207,215 | ||||||
144A, 7.50%, 3/15/25 |
291,000 | 290,580 | ||||||
144A, 7.125%, 6/15/26 |
282,000 | 281,938 | ||||||
Howmet
Aerospace, Inc. |
256,000 | 268,923 | ||||||
6.875%, 5/1/25 |
175,000 | 192,955 | ||||||
Rolls-Royce
PLC, 144A, |
186,000 | 181,871 | ||||||
Spirit
AeroSystems, Inc. |
130,000 | 133,754 | ||||||
144A, 7.50%, 4/15/25 |
145,000 | 150,582 | ||||||
TransDigm,
Inc. |
195,000 | 203,845 | ||||||
144A, 6.25%, 3/15/26 |
1,015,000 | 1,047,779 |
Principal |
Value |
|||||||
Aerospace/Defense (Continued) | ||||||||
6.375%, 6/15/26 |
$ | 205,000 | $ | 209,232 | ||||
Triumph
Group, Inc. |
138,000 | 147,401 | ||||||
144A, 6.25%, 9/15/24 |
71,000 | 70,539 | ||||||
7.75%, 8/15/25 (b) |
118,000 | 118,561 | ||||||
|
|
|||||||
(Cost $3,456,614) |
3,505,175 | |||||||
|
|
|||||||
Building Materials — 0.1% | ||||||||
JELD-WEN, Inc., 144A, |
95,000 | 93,364 | ||||||
|
|
|||||||
Electrical Components & Equipment — 0.4% | ||||||||
WESCO
Distribution, Inc., 144A, |
325,000 | 340,987 | ||||||
|
|
|||||||
Electronics — 0.3% | ||||||||
Sensata
Technologies BV |
76,000 | 77,983 | ||||||
144A, 5.625%, 11/1/24 |
66,000 | 69,617 | ||||||
144A, 5.00%, 10/1/25 |
156,000 | 161,507 | ||||||
|
|
|||||||
(Cost $315,072) |
309,107 | |||||||
|
|
|||||||
Engineering & Construction — 0.2% | ||||||||
Brand
Industrial Services, Inc., 144A, |
203,000 | 186,598 | ||||||
|
|
|||||||
Environmental Control — 0.6% | ||||||||
GFL
Environmental, Inc. |
282,000 | 281,962 | ||||||
144A, 3.75%, 8/1/25 |
130,000 | 128,857 | ||||||
Stericycle,
Inc., 144A, |
149,000 | 152,518 | ||||||
|
|
|||||||
(Cost $570,184) |
563,337 | |||||||
|
|
|||||||
Miscellaneous Manufacturing — 0.5% | ||||||||
FXI
Holdings, Inc. |
140,000 | 138,070 | ||||||
144A, 12.25%, 11/15/26 |
160,000 | 171,402 | ||||||
Hillenbrand,
Inc., |
94,000 | 97,562 | ||||||
|
|
|||||||
(Cost $412,528) |
407,034 | |||||||
|
|
|||||||
Packaging & Containers — 3.0% | ||||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
215,000 | 217,152 | ||||||
144A, 4.125%, 8/15/26 |
265,000 | 256,827 | ||||||
Ball
Corp. |
185,000 | 189,144 | ||||||
5.25%, 7/1/25 |
250,000 | 265,288 | ||||||
4.875%, 3/15/26 |
139,000 | 145,368 | ||||||
Flex
Acquisition Co., Inc., 144A, |
206,000 | 206,678 | ||||||
LABL,
Inc., 144A, |
185,000 | 185,682 | ||||||
Mauser
Packaging Solutions Holding Co. |
425,000 | 423,300 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
144A, 7.25%, 4/15/25 |
$ | 250,000 | $ | 246,071 | ||||
Owens-Brockway
Glass Container, Inc., 144A, |
136,000 | 138,534 | ||||||
Sealed
Air Corp. |
50,000 | 51,809 | ||||||
144A, 5.50%, 9/15/25 |
100,000 | 104,876 | ||||||
Trivium
Packaging Finance BV, 144A, |
200,000 | 202,058 | ||||||
|
|
|||||||
(Cost $2,670,328) |
2,632,787 | |||||||
|
|
|||||||
Transportation — 0.3% | ||||||||
XPO
Logistics, Inc., 144A, |
238,000 | 247,294 | ||||||
|
|
|||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC, 144A, |
185,000 | 187,521 | ||||||
|
|
|||||||
Technology — 2.8% | ||||||||
Computers — 1.1% | ||||||||
Diebold
Nixdorf, Inc. |
33,000 | 32,556 | ||||||
144A, 9.375%, 7/15/25 |
145,000 | 151,164 | ||||||
Exela
Intermediate LLC / Exela Finance, Inc., 144A, |
236,000 | 139,240 | ||||||
Seagate
HDD Cayman |
110,000 | 113,155 | ||||||
4.875%, 3/1/24 |
97,000 | 100,157 | ||||||
4.75%, 1/1/25 |
113,000 | 116,524 | ||||||
Vericast
Corp., 144A, |
277,000 | 283,233 | ||||||
|
|
|||||||
(Cost $956,628) |
936,029 | |||||||
|
|
|||||||
Office/Business Equipment — 0.4% | ||||||||
Xerox
Corp., |
185,000 | 187,086 | ||||||
Xerox
Holdings Corp., 144A, |
147,000 | 149,940 | ||||||
|
|
|||||||
(Cost $337,795) |
337,026 | |||||||
|
|
|||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM AG, 144A, |
125,000 | 129,695 | ||||||
|
|
|||||||
Software — 1.2% | ||||||||
Boxer
Parent Co., Inc., 144A, |
137,000 | 141,932 | ||||||
CDK
Global, Inc., |
87,000 | 91,218 | ||||||
Change
Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A,
|
260,000 | 258,765 | ||||||
Fair
Isaac Corp., 144A, |
80,000 | 84,997 |
Principal |
Value |
|||||||
Software (Continued) | ||||||||
PTC,
Inc., 144A, |
$ | 162,000 | $ | 161,946 | ||||
Veritas
US, Inc. / Veritas Bermuda Ltd., 144A, |
353,000 | 349,576 | ||||||
|
|
|||||||
(Cost $1,103,751) |
1,088,434 | |||||||
|
|
|||||||
Utilities — 1.8% | ||||||||
Electric — 1.3% | ||||||||
Calpine
Corp., 144A, |
84,000 | 84,939 | ||||||
DPL,
Inc., |
80,000 | 79,697 | ||||||
NextEra
Energy Operating Partners LP, 144A, |
350,000 | 357,304 | ||||||
Talen
Energy Supply LLC |
115,000 | 47,338 | ||||||
144A, 10.50%, 1/15/26 |
120,000 | 54,209 | ||||||
TransAlta
Corp., |
69,000 | 69,427 | ||||||
Vistra
Operations Co. LLC |
230,000 | 233,911 | ||||||
144A, 5.625%, 2/15/27 |
200,000 | 205,168 | ||||||
|
|
|||||||
(Cost $1,176,259) |
1,131,993 | |||||||
|
|
|||||||
Gas — 0.5% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
121,000 | 123,584 | ||||||
5.50%, 5/20/25 |
107,000 | 109,022 | ||||||
5.875%, 8/20/26 |
175,000 | 178,500 | ||||||
|
|
|||||||
(Cost $435,741) |
411,106 | |||||||
|
|
|||||||
TOTAL CORPORATE
BONDS (Cost $88,033,699) |
86,556,793 | |||||||
|
|
|||||||
Number |
||||||||
SECURITIES LENDING COLLATERAL — 4.0% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 0.01% (c)(d) |
3,496,240 | 3,496,240 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.4% | ||||||||
DWS
Government Money Market Series “Institutional Shares”, 0.04% (c) |
346,281 | 346,281 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 103.0% |
$ | 90,399,314 | ||||||
Other assets and liabilities, net — (3.0%) |
(2,598,530 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 87,800,784 | ||||||
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 28, 2022 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:
Value ($) at 8/31/2021 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income($) | Capital Gain Distributions ($) |
Number of Shares at 2/28/2022 |
Value ($) at 2/28/2022 |
||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 4.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) |
| |||||||||||||||||||||||||||||||||||
1,323,612 | 2,172,628 | (e) | — | — | — | 119 | — | 3,496,240 | 3,496,240 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
5,311,866 | 12,755,308 | (17,720,893 | ) | — | — | 549 | — | 346,281 | 346,281 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
6,635,478 | 14,927,936 | (17,720,893 | ) | — | — | 668 | — | 3,842,521 | 3,842,521 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Defaulted security or security for which income has been deemed uncollectible. |
(b) |
All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $4,335,578, which is 4.9% of net assets. |
(c) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,011,020. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022. |
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, 2022 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 (f) |
$ | — | $ | 86,556,793 | $ | — | $ | 86,556,793 | ||||||||
Short-Term Investments (f) |
3,842,521 | — | — | 3,842,521 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 3,842,521 | $ | 86,556,793 | $ | — | $ | 90,399,314 | ||||||||
|
|
|
|
|
|
|
|
(f) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.3% | ||||||||
Basic Materials — 3.2% |
| |||||||
Chemicals — 1.7% | ||||||||
Ashland
LLC, 144A, |
$ | 1,812,000 | $ | 1,669,885 | ||||
ASP
Unifrax Holdings, Inc. |
3,460,000 | 3,318,763 | ||||||
144A, 7.50%, 9/30/29 (a) |
1,700,000 | 1,554,047 | ||||||
Axalta
Coating Systems LLC, 144A, |
2,975,000 | 2,718,971 | ||||||
Chemours Co.
|
2,175,000 | 2,185,875 | ||||||
144A, 5.75%, 11/15/28 |
3,475,000 | 3,419,261 | ||||||
144A, 4.625%, 11/15/29 |
2,762,000 | 2,562,584 | ||||||
Consolidated
Energy Finance SA |
1,853,000 | 1,853,426 | ||||||
144A, 5.625%, 10/15/28 |
2,231,000 | 2,064,902 | ||||||
INEOS
Quattro Finance 2 PLC, 144A, |
2,135,000 | 2,041,327 | ||||||
Methanex Corp.
|
3,050,000 | 3,101,621 | ||||||
5.25%, 12/15/29 (a) |
2,975,000 | 3,010,402 | ||||||
NOVA
Chemicals Corp. |
4,462,000 | 4,523,219 | ||||||
144A, 5.00%, 5/1/25 |
2,111,000 | 2,135,013 | ||||||
144A, 5.25%, 6/1/27 |
4,327,000 | 4,345,303 | ||||||
144A, 4.25%, 5/15/29 (a) |
2,479,000 | 2,327,187 | ||||||
Olin Corp.
|
2,292,000 | 2,323,469 | ||||||
5.625%, 8/1/29 |
3,331,000 | 3,480,379 | ||||||
5.00%, 2/1/30 |
2,019,000 | 2,037,686 | ||||||
Olympus
Water US Holding Corp. |
3,463,000 | 3,233,749 | ||||||
144A, 6.25%, 10/1/29 (a) |
1,750,000 | 1,607,655 | ||||||
SCIH
Salt Holdings, Inc. |
4,975,000 | 4,763,563 | ||||||
144A, 6.625%, 5/1/29 (a) |
2,975,000 | 2,800,412 | ||||||
TPC
Group, Inc., 144A, |
1,900,000 | 1,045,000 | ||||||
Tronox, Inc.
|
2,125,000 | 2,209,416 | ||||||
144A, 4.625%, 3/15/29 |
4,568,000 | 4,311,941 | ||||||
Valvoline, Inc.
|
2,556,000 | 2,425,133 | ||||||
144A, 3.625%, 6/15/31 |
2,349,000 | 2,107,675 | ||||||
WR
Grace Holdings LLC |
3,156,000 | 3,156,852 | ||||||
144A, 5.625%, 8/15/29 |
4,908,000 | 4,711,680 | ||||||
|
|
|||||||
(Cost $88,784,351) |
83,046,396 | |||||||
|
|
|||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer
International, Inc., |
3,706,000 | 3,629,536 | ||||||
|
|
|||||||
Iron/Steel — 0.3% | ||||||||
Cleveland-Cliffs, Inc.
|
2,581,000 | 2,868,059 |
Principal |
Value |
|||||||
Iron/Steel (Continued) | ||||||||
144A, 6.75%, 3/15/26 |
$ | 3,591,000 | $ | 3,791,629 | ||||
5.875%, 6/1/27 |
2,458,000 | 2,534,935 | ||||||
144A, 4.625%, 3/1/29 (a) |
2,125,000 | 2,054,121 | ||||||
144A, 4.875%, 3/1/31 (a) |
2,125,000 | 2,053,834 | ||||||
United
States Steel Corp., |
3,187,000 | 3,278,706 | ||||||
|
|
|||||||
(Cost $16,984,269) |
16,581,284 | |||||||
|
|
|||||||
Mining — 1.1% | ||||||||
Alcoa
Nederland Holding BV |
3,302,000 | 3,446,578 | ||||||
144A, 6.125%, 5/15/28 |
2,125,000 | 2,239,304 | ||||||
144A, 4.125%, 3/31/29 |
2,135,000 | 2,144,059 | ||||||
Arconic Corp.
|
2,959,000 | 3,055,167 | ||||||
144A, 6.125%, 2/15/28 |
3,896,000 | 3,989,446 | ||||||
Constellium
SE, 144A, |
2,135,000 | 1,965,470 | ||||||
FMG
Resources August 2006 Pty Ltd. |
3,187,000 | 3,279,455 | ||||||
144A, 4.50%, 9/15/27 |
2,571,000 | 2,575,319 | ||||||
144A, 4.375%, 4/1/31 |
6,479,000 | 6,297,750 | ||||||
Hudbay
Minerals, Inc. |
2,589,000 | 2,504,741 | ||||||
144A, 6.125%, 4/1/29 (a) |
2,550,000 | 2,610,907 | ||||||
Kaiser
Aluminum Corp. |
2,149,000 | 2,032,707 | ||||||
144A, 4.50%, 6/1/31 |
2,363,000 | 2,131,863 | ||||||
Novelis Corp.
|
3,237,000 | 3,075,894 | ||||||
144A, 4.75%, 1/30/30 |
6,700,000 | 6,568,177 | ||||||
144A, 3.875%, 8/15/31 |
3,237,000 | 2,986,408 | ||||||
|
|
|||||||
(Cost $53,785,150) |
50,903,245 | |||||||
|
|
|||||||
Communications — 18.7% |
| |||||||
Advertising — 0.8% | ||||||||
Clear
Channel Outdoor Holdings, Inc. |
5,285,000 | 5,286,585 | ||||||
144A, 7.75%, 4/15/28 |
4,387,000 | 4,555,900 | ||||||
144A, 7.50%, 6/1/29 |
4,462,000 | 4,632,738 | ||||||
Lamar
Media Corp. |
2,632,000 | 2,533,300 | ||||||
4.00%, 2/15/30 |
2,337,000 | 2,245,588 | ||||||
3.625%, 1/15/31 |
2,337,000 | 2,197,423 | ||||||
Midas
OpCo Holdings LLC, 144A, |
4,675,000 | 4,587,391 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
1,609,000 | 1,667,189 | ||||||
144A, 5.00%, 8/15/27 |
2,906,000 | 2,872,218 | ||||||
144A, 4.25%, 1/15/29 |
2,125,000 | 2,029,449 | ||||||
144A, 4.625%, 3/15/30 |
2,125,000 | 2,013,342 | ||||||
Terrier
Media Buyer, Inc., 144A, |
4,413,000 | 4,528,312 | ||||||
|
|
|||||||
(Cost $40,489,287) |
39,149,435 | |||||||
|
|
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Internet — 1.2% | ||||||||
Arches
Buyer, Inc. |
$ | 4,037,000 | $ | 3,827,258 | ||||
144A, 6.125%, 12/1/28 |
2,125,000 | 1,992,825 | ||||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc. |
2,496,000 | 2,542,987 | ||||||
144A, 3.50%, 3/1/29 |
3,400,000 | 3,203,820 | ||||||
Match
Group Holdings II LLC |
1,822,000 | 1,824,241 | ||||||
144A, 4.625%, 6/1/28 (a) |
2,122,000 | 2,132,037 | ||||||
144A, 4.125%, 8/1/30 |
2,147,000 | 2,081,764 | ||||||
144A, 3.625%, 10/1/31 |
2,260,000 | 2,110,885 | ||||||
NortonLifeLock,
Inc., 144A, |
4,775,000 | 4,789,373 | ||||||
Photo
Holdings Merger Sub, Inc., 144A, |
3,336,000 | 3,318,920 | ||||||
Twitter,
Inc., 144A, |
2,975,000 | 2,929,780 | ||||||
Uber
Technologies, Inc. |
4,250,000 | 4,424,250 | ||||||
144A, 8.00%, 11/1/26 |
6,431,000 | 6,837,664 | ||||||
144A, 7.50%, 9/15/27 |
5,144,000 | 5,471,441 | ||||||
144A, 6.25%, 1/15/28 (a) |
2,267,000 | 2,317,554 | ||||||
144A, 4.50%, 8/15/29 |
6,375,000 | 6,115,378 | ||||||
|
|
|||||||
(Cost $57,763,382) |
55,920,177 | |||||||
|
|
|||||||
Media — 9.7% | ||||||||
Altice
Financing SA |
5,180,000 | 4,673,344 | ||||||
144A, 5.75%, 8/15/29 |
8,648,000 | 7,891,214 | ||||||
AMC
Networks, Inc. |
1,896,000 | 1,895,772 | ||||||
4.75%, 8/1/25 |
3,400,000 | 3,397,875 | ||||||
4.25%, 2/15/29 |
4,350,000 | 4,079,495 | ||||||
Audacy
Capital Corp. |
1,997,000 | 1,899,626 | ||||||
144A, 6.75%, 3/31/29 (a) |
2,295,000 | 2,178,643 | ||||||
Cable
One, Inc., 144A, |
2,762,000 | 2,558,275 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp. |
2,141,000 | 2,140,732 | ||||||
144A, 5.50%, 5/1/26 |
3,187,000 | 3,254,692 | ||||||
144A, 5.125%, 5/1/27 |
14,211,000 | 14,384,801 | ||||||
144A, 5.00%, 2/1/28 |
10,624,000 | 10,663,043 | ||||||
144A, 5.375%, 6/1/29 |
6,375,000 | 6,465,589 | ||||||
144A, 4.75%, 3/1/30 |
12,962,000 | 12,725,638 | ||||||
144A, 4.50%, 8/15/30 |
11,687,000 | 11,210,054 | ||||||
144A, 4.25%, 2/1/31 |
12,899,000 | 12,107,259 | ||||||
144A, 4.75%, 2/1/32 |
5,100,000 | 4,958,296 | ||||||
4.50%, 5/1/32 |
12,337,000 | 11,717,498 | ||||||
144A, 4.50%, 6/1/33 |
7,437,000 | 6,983,157 | ||||||
144A, 4.25%, 1/15/34 |
8,549,000 | 7,843,003 | ||||||
CSC
Holdings LLC |
3,187,000 | 3,225,371 | ||||||
144A, 5.50%, 4/15/27 |
5,567,000 | 5,559,819 | ||||||
144A, 5.375%, 2/1/28 |
4,359,000 | 4,250,025 |
Principal |
Value |
|||||||
Media (Continued) | ||||||||
144A, 7.50%, 4/1/28 |
$ | 4,445,000 | $ | 4,443,978 | ||||
144A, 6.50%, 2/1/29 |
7,437,000 | 7,541,676 | ||||||
144A, 5.75%, 1/15/30 |
9,873,000 | 8,719,217 | ||||||
144A, 4.125%, 12/1/30 |
4,675,000 | 4,204,578 | ||||||
144A, 4.625%, 12/1/30 |
9,886,000 | 8,249,743 | ||||||
144A, 3.375%, 2/15/31 |
4,280,000 | 3,651,921 | ||||||
144A, 4.50%, 11/15/31 |
6,375,000 | 5,810,175 | ||||||
144A, 5.00%, 11/15/31 |
2,350,000 | 1,959,148 | ||||||
Diamond
Sports Group LLC / Diamond Sports Finance Co. |
12,962,000 | 5,336,715 | ||||||
144A, 6.625%, 8/15/27 |
7,411,000 | 1,797,167 | ||||||
Directv
Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, |
15,624,000 | 15,648,842 | ||||||
DISH
DBS Corp. |
6,575,000 | 6,653,900 | ||||||
5.875%, 11/15/24 |
8,906,000 | 8,914,906 | ||||||
7.75%, 7/1/26 |
8,581,000 | 8,699,804 | ||||||
144A, 5.25%, 12/1/26 |
11,897,000 | 11,685,085 | ||||||
7.375%, 7/1/28 (a) |
4,245,000 | 3,997,856 | ||||||
144A, 5.75%, 12/1/28 |
10,574,000 | 10,141,259 | ||||||
5.125%, 6/1/29 |
6,474,000 | 5,474,026 | ||||||
Gray
Escrow II, Inc., 144A, |
5,525,000 | 5,270,242 | ||||||
Gray
Television, Inc. |
3,075,000 | 3,147,924 | ||||||
144A, 7.00%, 5/15/27 |
3,148,000 | 3,317,016 | ||||||
144A, 4.75%, 10/15/30 |
3,400,000 | 3,192,073 | ||||||
iHeartCommunications, Inc.
|
3,362,004 | 3,471,101 | ||||||
8.375%, 5/1/27 |
6,274,305 | 6,542,343 | ||||||
144A, 5.25%, 8/15/27 |
3,187,000 | 3,178,395 | ||||||
144A, 4.75%, 1/15/28 |
2,163,000 | 2,095,179 | ||||||
LCPR
Senior Secured Financing DAC |
5,022,000 | 5,115,133 | ||||||
144A, 5.125%, 7/15/29 |
3,547,000 | 3,414,892 | ||||||
McGraw-Hill
Education, Inc. |
3,880,000 | 3,686,000 | ||||||
144A, 8.00%, 8/1/29 |
3,126,000 | 2,811,431 | ||||||
News Corp.
|
4,250,000 | 4,076,813 | ||||||
144A, 5.125%, 2/15/32 |
2,505,000 | 2,565,396 | ||||||
Nexstar
Media, Inc. |
7,786,000 | 7,966,051 | ||||||
144A, 4.75%, 11/1/28 |
4,250,000 | 4,138,650 | ||||||
Radiate
Holdco LLC / Radiate Finance, Inc. |
3,825,000 | 3,659,263 | ||||||
144A, 6.50%, 9/15/28 |
4,250,000 | 3,996,764 | ||||||
Scripps
Escrow II, Inc. |
2,437,000 | 2,292,303 | ||||||
144A, 5.375%, 1/15/31 (a) |
2,170,000 | 2,061,500 | ||||||
Sinclair
Television Group, Inc. |
1,700,000 | 1,548,938 | ||||||
144A, 5.50%, 3/1/30 |
2,125,000 | 1,867,184 | ||||||
144A, 4.125%, 12/1/30 |
3,187,000 | 2,857,400 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Media (Continued) | ||||||||
Sirius
XM Radio, Inc. |
$ | 4,236,000 | $ | 4,051,142 | ||||
144A, 5.00%, 8/1/27 |
6,737,000 | 6,812,185 | ||||||
144A, 4.00%, 7/15/28 |
8,499,000 | 8,185,387 | ||||||
144A, 5.50%, 7/1/29 |
5,245,000 | 5,372,060 | ||||||
144A, 4.125%, 7/1/30 |
6,375,000 | 6,035,691 | ||||||
144A, 3.875%, 9/1/31 |
6,324,000 | 5,835,882 | ||||||
TEGNA, Inc.
|
2,346,000 | 2,364,369 | ||||||
4.625%, 3/15/28 |
4,448,000 | 4,453,582 | ||||||
5.00%, 9/15/29 |
4,727,000 | 4,723,124 | ||||||
Telenet
Finance Luxembourg Notes SARL, 144A, |
4,200,000 | 4,200,000 | ||||||
Univision
Communications, Inc. |
6,414,000 | 6,463,542 | ||||||
144A, 6.625%, 6/1/27 |
6,321,000 | 6,565,307 | ||||||
144A, 4.50%, 5/1/29 |
4,568,000 | 4,345,561 | ||||||
UPC
Broadband Finco BV, 144A, |
5,382,000 | 5,147,937 | ||||||
UPC
Holding BV, 144A, |
2,427,000 | 2,417,668 | ||||||
Videotron Ltd.
|
2,821,000 | 2,926,223 | ||||||
144A, 5.125%, 4/15/27 |
2,417,500 | 2,463,046 | ||||||
144A, 3.625%, 6/15/29 |
2,113,000 | 2,013,943 | ||||||
Virgin
Media Finance PLC, 144A, |
3,931,000 | 3,699,444 | ||||||
Virgin
Media Secured Finance PLC |
6,056,000 | 6,060,023 | ||||||
144A, 4.50%, 8/15/30 |
4,038,000 | 3,781,708 | ||||||
VZ
Secured Financing BV, 144A, |
6,631,000 | 6,342,518 | ||||||
Ziggo
Bond Co. BV |
2,656,000 | 2,692,002 | ||||||
144A, 5.125%, 2/28/30 (a) |
2,125,000 | 1,984,155 | ||||||
Ziggo
BV, 144A, |
4,211,000 | 4,024,516 | ||||||
|
|
|||||||
(Cost $507,296,613) |
464,226,223 | |||||||
|
|
|||||||
Telecommunications — 7.0% | ||||||||
Altice
France Holding SA |
6,813,000 | 7,144,487 | ||||||
144A, 6.00%, 2/15/28 |
5,206,000 | 4,603,405 | ||||||
Altice
France SA |
7,781,000 | 8,199,229 | ||||||
144A, 5.50%, 1/15/28 |
5,115,000 | 4,788,714 | ||||||
144A, 5.125%, 1/15/29 |
1,941,000 | 1,763,651 | ||||||
144A, 5.125%, 7/15/29 |
10,630,000 | 9,633,278 | ||||||
144A, 5.50%, 10/15/29 |
8,554,000 | 7,849,706 | ||||||
Avaya,
Inc., 144A, |
4,250,000 | 4,102,185 | ||||||
C&W
Senior Financing DAC, 144A, |
5,185,000 | 5,382,860 | ||||||
CommScope
Technologies LLC |
5,550,000 | 5,447,020 | ||||||
144A, 5.00%, 3/15/27 |
3,230,000 | 2,862,717 |
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
CommScope, Inc.
|
$ | 6,456,000 | $ | 6,593,384 | ||||
144A, 8.25%, 3/1/27 |
4,307,000 | 4,293,067 | ||||||
144A, 7.125%, 7/1/28 (a) |
3,010,000 | 2,826,962 | ||||||
144A, 4.75%, 9/1/29 |
5,312,000 | 4,962,072 | ||||||
Connect
Finco SARL / Connect US Finco LLC, 144A, |
8,923,000 | 9,043,460 | ||||||
Consolidated
Communications, Inc. |
1,686,000 | 1,599,458 | ||||||
144A, 6.50%, 10/1/28 (a) |
3,187,000 | 3,179,032 | ||||||
DKT
Finance ApS, 144A, |
1,892,000 | 1,901,679 | ||||||
Frontier
Communications Holdings LLC |
4,787,000 | 4,859,738 | ||||||
144A, 5.00%, 5/1/28 |
6,587,000 | 6,404,211 | ||||||
144A, 6.75%, 5/1/29 |
4,250,000 | 4,133,125 | ||||||
5.875%, 11/1/29 |
3,243,303 | 2,989,709 | ||||||
144A, 6.00%, 1/15/30 |
4,250,000 | 3,922,771 | ||||||
Hughes
Satellite Systems Corp. |
3,279,000 | 3,372,189 | ||||||
6.625%, 8/1/26 (a) |
3,182,500 | 3,318,711 | ||||||
Iliad
Holding SASU |
5,116,000 | 5,096,687 | ||||||
144A, 7.00%, 10/15/28 |
3,825,000 | 3,811,192 | ||||||
Intelsat
Jackson Holdings SA, 144A, |
12,000,000 | 12,210,000 | ||||||
Level 3
Financing, Inc. |
2,337,000 | 2,346,301 | ||||||
5.25%, 3/15/26 |
3,401,000 | 3,411,781 | ||||||
144A, 4.625%, 9/15/27 |
4,350,000 | 4,190,942 | ||||||
144A, 4.25%, 7/1/28 |
5,242,000 | 4,848,850 | ||||||
144A, 3.625%, 1/15/29 |
3,654,000 | 3,206,484 | ||||||
144A, 3.75%, 7/15/29 |
3,915,000 | 3,461,017 | ||||||
Lumen
Technologies, Inc. |
3,387,000 | 3,543,479 | ||||||
Series Y, 7.50%, 4/1/24 |
4,215,000 | 4,428,384 | ||||||
5.625%, 4/1/25 |
2,130,000 | 2,120,016 | ||||||
144A, 5.125%, 12/15/26 |
5,312,000 | 4,940,160 | ||||||
144A, 4.00%, 2/15/27 |
5,341,000 | 5,082,496 | ||||||
144A, 4.50%, 1/15/29 |
4,350,000 | 3,639,710 | ||||||
144A, 5.375%, 6/15/29 |
4,200,000 | 3,651,942 | ||||||
Nokia
OYJ, |
2,125,000 | 2,203,657 | ||||||
Sprint Corp.
|
18,211,000 | 19,588,207 | ||||||
7.125%, 6/15/24 |
11,324,000 | 12,268,535 | ||||||
7.625%, 2/15/25 |
6,515,000 | 7,223,506 | ||||||
7.625%, 3/1/26 |
6,225,000 | 7,103,970 | ||||||
Switch Ltd.
|
2,550,000 | 2,423,265 | ||||||
144A, 4.125%, 6/15/29 |
2,225,000 | 2,133,708 | ||||||
Telecom
Italia SpA, 144A, |
6,475,000 | 6,671,193 | ||||||
Telesat
Canada / Telesat LLC |
2,170,000 | 1,599,062 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Telecommunications (Continued) | ||||||||
144A, 4.875%, 6/1/27 |
$ | 1,775,000 | $ | 1,263,525 | ||||
144A, 6.50%, 10/15/27 |
2,337,000 | 1,172,391 | ||||||
T-Mobile USA, Inc. |
4,250,000 | 4,106,116 | ||||||
2.625%, 4/15/26 |
5,230,000 | 5,116,378 | ||||||
5.375%, 4/15/27 |
2,125,000 | 2,191,343 | ||||||
4.75%, 2/1/28 |
6,375,000 | 6,588,403 | ||||||
2.625%, 2/15/29 |
4,250,000 | 3,993,066 | ||||||
3.375%, 4/15/29 |
5,312,000 | 5,214,472 | ||||||
2.875%, 2/15/31 |
4,250,000 | 3,994,023 | ||||||
3.50%, 4/15/31 |
5,737,000 | 5,638,467 | ||||||
VEON
Holdings BV |
2,249,000 | 1,416,870 | ||||||
144A, 7.25%, 4/26/23 |
2,975,000 | 1,945,724 | ||||||
144A, 4.95%, 6/16/24 |
2,263,000 | 1,267,280 | ||||||
144A, 4.00%, 4/9/25 |
4,250,000 | 1,848,750 | ||||||
144A, 3.375%, 11/25/27 |
5,312,000 | 2,337,280 | ||||||
Viasat, Inc.
|
2,975,000 | 2,845,915 | ||||||
144A, 5.625%, 4/15/27 |
2,480,000 | 2,480,273 | ||||||
144A, 6.50%, 7/15/28 |
1,734,000 | 1,602,849 | ||||||
Vmed
O2 UK Financing I PLC |
5,737,000 | 5,286,588 | ||||||
144A, 4.75%, 7/15/31 |
5,950,000 | 5,712,595 | ||||||
Windstream
Escrow LLC / Windstream Escrow Finance Corp., 144A, |
5,950,000 | 6,012,713 | ||||||
Zayo
Group Holdings, Inc. |
6,479,000 | 6,168,526 | ||||||
144A, 6.125%, 3/1/28 (a) |
4,660,000 | 4,339,206 | ||||||
|
|
|||||||
(Cost $367,814,108) |
338,924,117 | |||||||
|
|
|||||||
Consumer, Cyclical — 20.6% |
| |||||||
Airlines — 1.2% | ||||||||
Air
Canada, 144A, |
5,100,000 | 4,966,814 | ||||||
American
Airlines Group, Inc., 144A, |
2,125,000 | 1,981,563 | ||||||
American
Airlines, Inc., 144A, |
10,624,000 | 12,911,347 | ||||||
Delta
Air Lines, Inc. |
2,170,000 | 2,188,912 | ||||||
2.90%, 10/28/24 |
3,825,000 | 3,780,974 | ||||||
7.375%, 1/15/26 |
4,592,000 | 5,126,371 | ||||||
4.375%, 4/19/28 (a) |
2,025,000 | 2,028,402 | ||||||
3.75%, 10/28/29 (a) |
2,605,000 | 2,481,784 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,
144A, |
5,199,506 | 5,270,635 | ||||||
United
Airlines, Inc. |
8,203,000 | 8,217,437 | ||||||
144A, 4.625%, 4/15/29 |
8,651,000 | 8,440,737 | ||||||
|
|
|||||||
(Cost $59,007,784) |
57,394,976 | |||||||
|
|
|||||||
Apparel — 0.3% | ||||||||
Hanesbrands, Inc.
|
3,825,000 | 3,881,935 |
Principal |
Value |
|||||||
Apparel (Continued) | ||||||||
144A, 4.875%, 5/15/26 |
$ | 3,825,000 | $ | 3,899,836 | ||||
Levi
Strauss & Co., 144A, |
2,225,000 | 2,077,004 | ||||||
William
Carter Co. |
2,125,000 | 2,180,569 | ||||||
144A, 5.625%, 3/15/27 |
2,197,000 | 2,241,017 | ||||||
|
|
|||||||
(Cost $14,750,115) |
14,280,361 | |||||||
|
|
|||||||
Auto Manufacturers — 3.3% | ||||||||
Allison
Transmission, Inc. |
1,824,000 | 1,816,230 | ||||||
144A, 5.875%, 6/1/29 |
2,125,000 | 2,232,684 | ||||||
144A, 3.75%, 1/30/31 |
4,285,000 | 3,985,350 | ||||||
Ford
Motor Co. |
4,951,000 | 5,746,254 | ||||||
4.346%, 12/8/26 |
6,344,000 | 6,494,670 | ||||||
9.625%, 4/22/30 |
1,861,000 | 2,560,448 | ||||||
3.25%, 2/12/32 |
10,624,000 | 10,035,962 | ||||||
Ford
Motor Credit Co. LLC |
4,250,000 | 4,287,188 | ||||||
4.375%, 8/6/23 |
4,250,000 | 4,318,531 | ||||||
3.37%, 11/17/23 |
4,093,000 | 4,116,371 | ||||||
3.81%, 1/9/24 |
3,187,000 | 3,227,794 | ||||||
5.584%, 3/18/24 |
6,375,000 | 6,660,473 | ||||||
3.664%, 9/8/24 |
3,162,000 | 3,169,510 | ||||||
4.063%, 11/1/24 |
6,024,000 | 6,121,035 | ||||||
2.30%, 2/10/25 |
5,437,000 | 5,280,985 | ||||||
4.687%, 6/9/25 |
2,550,000 | 2,631,587 | ||||||
5.125%, 6/16/25 |
7,537,000 | 7,837,425 | ||||||
4.134%, 8/4/25 |
5,950,000 | 6,024,375 | ||||||
3.375%, 11/13/25 |
8,924,000 | 8,800,313 | ||||||
GMTN, 4.389%, 1/8/26 |
5,200,000 | 5,310,916 | ||||||
4.542%, 8/1/26 |
3,247,000 | 3,348,793 | ||||||
2.70%, 8/10/26 |
6,494,000 | 6,226,122 | ||||||
4.271%, 1/9/27 |
3,896,000 | 3,931,843 | ||||||
4.125%, 8/17/27 |
5,569,000 | 5,618,286 | ||||||
3.815%, 11/2/27 |
3,332,000 | 3,306,244 | ||||||
2.90%, 2/16/28 |
3,243,000 | 3,076,618 | ||||||
2.90%, 2/10/29 |
3,187,000 | 2,981,438 | ||||||
5.113%, 5/3/29 |
6,319,000 | 6,671,885 | ||||||
4.00%, 11/13/30 |
6,977,000 | 6,932,905 | ||||||
3.625%, 6/17/31 |
4,250,000 | 4,093,334 | ||||||
Jaguar
Land Rover Automotive PLC |
2,237,000 | 2,360,035 | ||||||
144A, 4.50%, 10/1/27 |
2,389,000 | 2,201,045 | ||||||
144A, 5.875%, 1/15/28 |
2,897,000 | 2,876,721 | ||||||
144A, 5.50%, 7/15/29 |
2,165,000 | 2,083,899 | ||||||
|
|
|||||||
(Cost $162,324,667) |
156,367,269 | |||||||
|
|
|||||||
Auto Parts & Equipment — 1.4% | ||||||||
Adient
Global Holdings Ltd., 144A, |
3,565,000 | 3,574,679 | ||||||
American
Axle & Manufacturing, Inc. |
1,820,000 | 1,848,283 | ||||||
6.50%, 4/1/27 (a) |
2,108,000 | 2,157,538 | ||||||
6.875%, 7/1/28 (a) |
1,700,000 | 1,754,825 | ||||||
5.00%, 10/1/29 (a) |
2,550,000 | 2,423,112 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Auto Parts & Equipment (Continued) | ||||||||
Clarios
Global LP, 144A, |
$ | 1,912,000 | $ | 1,986,243 | ||||
Clarios
Global LP / Clarios US Finance Co. |
3,825,000 | 3,964,096 | ||||||
144A, 8.50%, 5/15/27 |
8,302,000 | 8,652,760 | ||||||
Dana
Financing Luxembourg SARL, 144A, |
1,849,000 | 1,874,488 | ||||||
Dana, Inc.
|
1,577,000 | 1,610,519 | ||||||
5.625%, 6/15/28 |
1,744,000 | 1,785,429 | ||||||
4.25%, 9/1/30 |
1,769,000 | 1,683,283 | ||||||
Goodyear
Tire & Rubber Co. |
3,449,000 | 3,675,772 | ||||||
5.00%, 5/31/26 |
3,915,000 | 3,934,536 | ||||||
4.875%, 3/15/27 |
2,975,000 | 2,978,808 | ||||||
144A, 5.00%, 7/15/29 |
3,612,000 | 3,558,217 | ||||||
5.25%, 4/30/31 |
2,737,000 | 2,664,894 | ||||||
144A, 5.25%, 7/15/31 |
2,432,000 | 2,371,930 | ||||||
5.625%, 4/30/33 |
1,948,000 | 1,875,924 | ||||||
Tenneco, Inc.
|
2,125,000 | 2,122,588 | ||||||
144A, 7.875%, 1/15/29 |
2,225,000 | 2,352,448 | ||||||
144A, 5.125%, 4/15/29 |
3,400,000 | 3,379,481 | ||||||
ZF
North America Capital, Inc., 144A, |
4,579,000 | 4,653,271 | ||||||
|
|
|||||||
(Cost $68,896,698) |
66,883,124 | |||||||
|
|
|||||||
Distribution/Wholesale — 0.5% | ||||||||
American
Builders & Contractors Supply Co., Inc. |
2,975,000 | 2,913,060 | ||||||
144A, 3.875%, 11/15/29 |
1,700,000 | 1,600,660 | ||||||
Avient Corp.
|
2,550,000 | 2,617,103 | ||||||
144A, 5.75%, 5/15/25 |
2,980,000 | 3,062,010 | ||||||
H&E
Equipment Services, Inc., 144A, |
5,312,000 | 4,977,796 | ||||||
Wolverine
Escrow LLC |
2,811,000 | 2,365,878 | ||||||
144A, 9.00%, 11/15/26 (a) |
3,635,000 | 3,640,997 | ||||||
144A, 13.125%, 11/15/27 (a) |
2,231,000 | 1,104,345 | ||||||
|
|
|||||||
(Cost $24,409,451) |
22,281,849 | |||||||
|
|
|||||||
Entertainment — 3.3% | ||||||||
AMC
Entertainment Holdings, Inc. |
6,585,730 | 6,103,259 | ||||||
144A, 7.50%, 2/15/29 |
3,800,000 | 3,758,903 | ||||||
Banijay
Entertainment SASU, 144A, |
1,763,000 | 1,747,133 | ||||||
Caesars
Entertainment, Inc. |
14,495,000 | 15,040,954 | ||||||
144A, 8.125%, 7/1/27 |
7,673,000 | 8,256,685 | ||||||
144A, 4.625%, 10/15/29 |
5,169,000 | 4,925,023 | ||||||
Caesars
Resort Collection LLC / CRC Finco, Inc., 144A, |
4,111,000 | 4,220,147 |
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
Cedar
Fair LP, |
$ | 2,125,000 | $ | 2,126,328 | ||||
Cedar
Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. /
Millennium Op |
4,450,000 | 4,579,339 | ||||||
5.375%, 4/15/27 (a) |
2,125,000 | 2,143,201 | ||||||
Churchill
Downs, Inc. |
2,550,000 | 2,591,246 | ||||||
144A, 4.75%, 1/15/28 |
3,075,000 | 3,024,186 | ||||||
Cinemark
USA, Inc. |
1,721,000 | 1,696,906 | ||||||
144A, 5.25%, 7/15/28 (a) |
3,251,000 | 3,080,193 | ||||||
International
Game Technology PLC |
4,834,000 | 5,141,805 | ||||||
144A, 4.125%, 4/15/26 |
3,278,000 | 3,232,895 | ||||||
144A, 6.25%, 1/15/27 |
3,187,000 | 3,382,491 | ||||||
144A, 5.25%, 1/15/29 |
3,237,000 | 3,305,948 | ||||||
Lions
Gate Capital Holdings LLC, 144A, |
4,270,000 | 4,066,321 | ||||||
Live
Nation Entertainment, Inc. |
2,444,000 | 2,472,790 | ||||||
144A, 6.50%, 5/15/27 |
5,100,000 | 5,466,027 | ||||||
144A, 4.75%, 10/15/27 |
4,037,000 | 3,971,439 | ||||||
144A, 3.75%, 1/15/28 |
2,225,000 | 2,133,219 | ||||||
Mohegan
Gaming & Entertainment, 144A, |
5,314,000 | 5,373,517 | ||||||
Penn
National Gaming, Inc. |
1,700,000 | 1,725,466 | ||||||
144A, 4.125%, 7/1/29 |
1,700,000 | 1,574,336 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
3,187,000 | 2,895,278 | ||||||
144A, 5.875%, 9/1/31 |
3,187,000 | 2,872,395 | ||||||
Resorts
World Las Vegas LLC / RWLV Capital, Inc., 144A, |
4,290,000 | 4,019,594 | ||||||
Scientific
Games International, Inc. |
2,386,000 | 2,531,546 | ||||||
144A, 5.00%, 10/15/25 |
5,412,000 | 5,472,723 | ||||||
144A, 8.25%, 3/15/26 |
4,768,000 | 4,969,591 | ||||||
144A, 7.00%, 5/15/28 |
2,975,000 | 3,067,225 | ||||||
144A, 7.25%, 11/15/29 |
2,125,000 | 2,259,938 | ||||||
Six
Flags Entertainment Corp. |
4,250,000 | 4,254,845 | ||||||
144A, 5.50%, 4/15/27 |
2,125,000 | 2,145,591 | ||||||
Six
Flags Theme Parks, Inc., 144A, |
3,085,000 | 3,219,953 | ||||||
Vail
Resorts, Inc., 144A, |
2,650,000 | 2,733,025 | ||||||
WMG
Acquisition Corp. |
2,295,000 | 2,195,718 | ||||||
144A, 3.875%, 7/15/30 (a) |
2,314,000 | 2,225,108 | ||||||
144A, 3.00%, 2/15/31 |
3,460,000 | 3,119,830 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp. |
2,550,000 | 2,664,992 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Entertainment (Continued) | ||||||||
144A, 5.125%, 10/1/29 |
$ | 3,187,000 | $ | 3,071,296 | ||||
|
|
|||||||
(Cost $164,312,081) |
158,858,405 | |||||||
|
|
|||||||
Food Service — 0.4% | ||||||||
Aramark
Services, Inc. |
2,550,000 | 2,573,256 | ||||||
144A, 6.375%, 5/1/25 |
6,575,000 | 6,797,531 | ||||||
144A, 5.00%, 2/1/28 (a) |
5,030,000 | 5,044,537 | ||||||
TKC
Holdings, Inc. |
1,806,000 | 1,790,170 | ||||||
144A, 10.50%, 5/15/29 |
2,869,000 | 2,945,904 | ||||||
|
|
|||||||
(Cost $19,506,234) |
19,151,398 | |||||||
|
|
|||||||
Home Builders — 0.6% | ||||||||
Ashton
Woods USA LLC / Ashton Woods Finance Co., 144A, |
1,698,000 | 1,602,462 | ||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC
|
2,600,000 | 2,609,633 | ||||||
144A, 4.875%, 2/15/30 |
2,125,000 | 1,941,655 | ||||||
Century
Communities, Inc. |
2,301,000 | 2,384,181 | ||||||
144A, 3.875%, 8/15/29 |
2,125,000 | 1,974,231 | ||||||
Mattamy
Group Corp. |
2,245,000 | 2,256,247 | ||||||
144A, 4.625%, 3/1/30 |
2,640,000 | 2,486,418 | ||||||
Meritage
Homes Corp. |
2,100,000 | 2,239,020 | ||||||
144A, 3.875%, 4/15/29 |
1,962,000 | 1,921,102 | ||||||
Taylor
Morrison Communities, Inc. |
1,975,000 | 2,074,343 | ||||||
144A, 5.75%, 1/15/28 |
1,912,000 | 1,996,577 | ||||||
144A, 5.125%, 8/1/30 |
2,175,000 | 2,171,346 | ||||||
Williams
Scotsman International, Inc., 144A, |
2,325,000 | 2,295,938 | ||||||
|
|
|||||||
(Cost $29,588,641) |
27,953,153 | |||||||
|
|
|||||||
Home Furnishings — 0.1% | ||||||||
Tempur
Sealy International, Inc. |
3,400,000 | 3,210,484 | ||||||
144A, 3.875%, 10/15/31 |
3,300,000 | 2,970,000 | ||||||
|
|
|||||||
(Cost $6,801,628) |
6,180,484 | |||||||
|
|
|||||||
Housewares — 0.4% | ||||||||
Newell
Brands, Inc. |
4,646,000 | 4,746,423 | ||||||
4.875%, 6/1/25 |
2,125,000 | 2,238,964 | ||||||
4.70%, 4/1/26 |
8,624,000 | 8,937,051 | ||||||
Scotts
Miracle-Gro Co. |
2,147,000 | 2,075,484 | ||||||
4.00%, 4/1/31 |
1,875,000 | 1,723,200 | ||||||
4.375%, 2/1/32 |
1,750,000 | 1,618,225 | ||||||
|
|
|||||||
(Cost $22,422,869) |
21,339,347 | |||||||
|
|
|||||||
Leisure Time — 2.3% | ||||||||
Carnival Corp.
|
3,294,000 | 3,701,764 |
Principal |
Value |
|||||||
Leisure Time (Continued) | ||||||||
144A, 7.625%, 3/1/26 |
$ | 6,034,000 | $ | 6,208,956 | ||||
144A, 5.75%, 3/1/27 |
14,934,000 | 14,542,655 | ||||||
144A, 9.875%, 8/1/27 |
3,923,000 | 4,409,079 | ||||||
144A, 4.00%, 8/1/28 |
10,349,000 | 9,898,198 | ||||||
144A, 6.00%, 5/1/29 |
8,574,000 | 8,285,956 | ||||||
Life
Time, Inc. |
3,997,000 | 3,981,112 | ||||||
144A, 8.00%, 4/15/26 (a) |
2,289,000 | 2,287,581 | ||||||
NCL
Corp. Ltd. |
2,601,000 | 2,441,728 | ||||||
144A, 5.875%, 3/15/26 |
6,056,000 | 5,865,236 | ||||||
144A, 5.875%, 2/15/27 |
4,000,000 | 4,002,500 | ||||||
144A, 7.75%, 2/15/29 |
2,500,000 | 2,578,100 | ||||||
Royal
Caribbean Cruises Ltd. |
4,079,000 | 4,383,049 | ||||||
144A, 9.125%, 6/15/23 |
4,250,000 | 4,441,037 | ||||||
144A, 11.50%, 6/1/25 |
6,167,000 | 6,824,587 | ||||||
144A, 4.25%, 7/1/26 |
2,762,000 | 2,619,992 | ||||||
144A, 5.50%, 8/31/26 |
4,250,000 | 4,214,916 | ||||||
144A, 5.375%, 7/15/27 |
4,316,000 | 4,245,563 | ||||||
3.70%, 3/15/28 (a) |
2,251,000 | 2,043,030 | ||||||
144A, 5.50%, 4/1/28 |
6,375,000 | 6,255,756 | ||||||
Viking
Cruises Ltd. |
2,982,000 | 3,317,788 | ||||||
144A, 5.875%, 9/15/27 |
3,581,000 | 3,343,472 | ||||||
144A, 7.00%, 2/15/29 |
2,195,000 | 2,077,589 | ||||||
|
|
|||||||
(Cost $115,309,682) |
111,969,644 | |||||||
|
|
|||||||
Lodging — 2.2% | ||||||||
Boyd
Gaming Corp. |
4,249,000 | 4,260,154 | ||||||
144A, 4.75%, 6/15/31 |
3,825,000 | 3,761,734 | ||||||
Hilton
Domestic Operating Co., Inc. |
2,125,000 | 2,195,125 | ||||||
144A, 5.75%, 5/1/28 |
2,215,000 | 2,317,344 | ||||||
144A, 3.75%, 5/1/29 |
3,350,000 | 3,238,026 | ||||||
4.875%, 1/15/30 |
4,650,000 | 4,791,848 | ||||||
144A, 4.00%, 5/1/31 |
4,675,000 | 4,575,422 | ||||||
144A, 3.625%, 2/15/32 |
6,375,000 | 6,072,379 | ||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations
Borrower Esc |
3,712,000 | 3,643,365 | ||||||
144A, 4.875%, 7/1/31 |
2,125,000 | 2,020,843 | ||||||
Hilton
Worldwide Finance LLC / Hilton Worldwide Finance Corp., |
2,550,000 | 2,607,515 | ||||||
Marriott
Ownership Resorts, Inc., 144A, |
2,225,000 | 2,110,958 | ||||||
Melco
Resorts Finance Ltd. |
4,410,000 | 4,209,345 | ||||||
144A, 5.25%, 4/26/26 (a) |
2,125,000 | 1,984,219 | ||||||
144A, 5.625%, 7/17/27 |
2,550,000 | 2,383,740 | ||||||
144A, 5.75%, 7/21/28 |
3,812,000 | 3,451,804 | ||||||
144A, 5.375%, 12/4/29 |
4,887,000 | 4,249,735 | ||||||
MGM
Resorts International |
5,412,000 | 5,587,890 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Lodging (Continued) | ||||||||
6.75%, 5/1/25 |
$ | 3,200,000 | $ | 3,315,552 | ||||
5.75%, 6/15/25 |
2,880,000 | 2,988,000 | ||||||
4.625%, 9/1/26 |
1,557,000 | 1,555,023 | ||||||
5.50%, 4/15/27 |
2,902,000 | 3,000,421 | ||||||
4.75%, 10/15/28 |
3,071,000 | 3,063,284 | ||||||
Station
Casinos LLC |
3,248,000 | 3,126,200 | ||||||
144A, 4.625%, 12/1/31 |
2,125,000 | 2,005,320 | ||||||
Travel
+ Leisure Co. |
1,689,000 | 1,695,275 | ||||||
144A, 6.625%, 7/31/26 |
2,762,000 | 2,952,357 | ||||||
6.00%, 4/1/27 |
1,700,000 | 1,779,237 | ||||||
144A, 4.50%, 12/1/29 |
2,762,000 | 2,642,889 | ||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp. |
2,125,000 | 2,137,771 | ||||||
144A, 5.50%, 3/1/25 |
7,649,000 | 7,766,030 | ||||||
144A, 5.25%, 5/15/27 (a) |
3,825,000 | 3,791,302 | ||||||
|
|
|||||||
(Cost $110,562,391) |
105,280,107 | |||||||
|
|
|||||||
Retail — 4.4% | ||||||||
1011778
BC ULC / New Red Finance, Inc. |
1,929,000 | 1,989,108 | ||||||
144A, 3.875%, 1/15/28 |
6,581,000 | 6,410,552 | ||||||
144A, 4.375%, 1/15/28 |
3,237,000 | 3,185,807 | ||||||
144A, 3.50%, 2/15/29 |
3,237,000 | 3,056,845 | ||||||
144A, 4.00%, 10/15/30 |
12,324,000 | 11,426,659 | ||||||
Asbury
Automotive Group, Inc. |
1,731,000 | 1,704,273 | ||||||
144A, 4.625%, 11/15/29 |
3,400,000 | 3,321,307 | ||||||
4.75%, 3/1/30 |
1,891,000 | 1,837,797 | ||||||
144A, 5.00%, 2/15/32 |
2,550,000 | 2,479,161 | ||||||
Bath &
Body Works, Inc. |
2,125,000 | 2,204,687 | ||||||
7.50%, 6/15/29 |
2,125,000 | 2,338,520 | ||||||
144A, 6.625%, 10/1/30 |
4,150,000 | 4,497,645 | ||||||
Carvana Co.
|
2,125,000 | 2,020,875 | ||||||
144A, 5.50%, 4/15/27 |
2,550,000 | 2,283,576 | ||||||
144A, 5.875%, 10/1/28 (a) |
2,550,000 | 2,280,401 | ||||||
144A, 4.875%, 9/1/29 (a) |
3,287,000 | 2,750,874 | ||||||
eG
Global Finance PLC |
3,441,000 | 3,445,318 | ||||||
144A, 8.50%, 10/30/25 |
2,612,000 | 2,643,292 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp. |
2,762,000 | 2,585,978 | ||||||
144A, 5.875%, 4/1/29 |
3,556,000 | 3,272,587 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
|
4,250,000 | 4,074,369 | ||||||
144A, 6.75%, 1/15/30 |
5,442,000 | 5,176,675 | ||||||
FirstCash, Inc.
|
2,125,000 | 2,008,869 | ||||||
144A, 5.625%, 1/1/30 |
2,387,000 | 2,374,194 | ||||||
Gap, Inc.
|
2,962,000 | 2,682,831 |
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
144A, 3.875%, 10/1/31 |
$ | 3,262,000 | $ | 2,911,335 | ||||
IRB
Holding Corp. |
3,333,000 | 3,486,285 | ||||||
144A, 6.75%, 2/15/26 |
2,061,000 | 2,078,518 | ||||||
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
144A, |
2,748,000 | 2,820,478 | ||||||
LBM
Acquisition LLC, 144A, |
3,485,000 | 3,238,175 | ||||||
LCM
Investments Holdings II LLC, 144A, |
4,250,000 | 4,055,329 | ||||||
Lithia
Motors, Inc. |
1,725,000 | 1,765,857 | ||||||
144A, 3.875%, 6/1/29 |
3,400,000 | 3,355,018 | ||||||
144A, 4.375%, 1/15/31 |
2,337,000 | 2,358,360 | ||||||
Macy’s
Retail Holdings LLC, 144A, |
2,157,000 | 2,208,089 | ||||||
Michaels
Cos., Inc. |
3,612,000 | 3,392,101 | ||||||
144A, 7.875%, 5/1/29 |
5,525,000 | 4,844,679 | ||||||
Murphy
Oil USA, Inc. |
2,175,000 | 2,184,276 | ||||||
144A, 3.75%, 2/15/31 (a) |
2,175,000 | 2,037,170 | ||||||
NMG
Holding Co, Inc. / Neiman Marcus Group LLC, 144A, |
5,175,000 | 5,332,838 | ||||||
Nordstrom, Inc.
|
2,125,000 | 1,939,488 | ||||||
4.25%, 8/1/31 (a) |
1,804,000 | 1,617,908 | ||||||
Party
City Holdings, Inc., 144A, |
3,187,000 | 3,194,968 | ||||||
Penske
Automotive Group, Inc. |
2,348,000 | 2,327,549 | ||||||
3.75%, 6/15/29 (a) |
2,125,000 | 1,987,991 | ||||||
PetSmart,
Inc. / PetSmart Finance Corp. |
5,100,000 | 5,094,543 | ||||||
144A, 7.75%, 2/15/29 |
5,152,000 | 5,421,269 | ||||||
QVC, Inc.
|
3,248,000 | 3,308,754 | ||||||
4.85%, 4/1/24 |
2,556,000 | 2,584,678 | ||||||
4.45%, 2/15/25 |
2,551,000 | 2,541,217 | ||||||
4.75%, 2/15/27 |
2,472,000 | 2,302,965 | ||||||
4.375%, 9/1/28 |
2,125,000 | 1,929,256 | ||||||
Rite
Aid Corp. |
2,525,000 | 2,429,113 | ||||||
144A, 8.00%, 11/15/26 |
3,612,000 | 3,438,461 | ||||||
Sonic
Automotive, Inc. |
2,762,000 | 2,626,234 | ||||||
144A, 4.875%, 11/15/31 |
2,225,000 | 2,100,656 | ||||||
SRS
Distribution, Inc. |
2,762,000 | 2,641,080 | ||||||
144A, 6.125%, 7/1/29 |
1,947,000 | 1,862,714 | ||||||
144A, 6.00%, 12/1/29 |
3,677,000 | 3,484,141 | ||||||
Staples, Inc.
|
8,586,000 | 8,505,506 | ||||||
144A, 10.75%, 4/15/27 (a) |
4,175,000 | 3,900,765 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Retail (Continued) | ||||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp., 144A, |
$ | 2,837,000 | $ | 2,698,512 | ||||
Yum!
Brands, Inc. |
1,908,000 | 1,989,233 | ||||||
144A, 4.75%, 1/15/30 |
3,455,000 | 3,513,079 | ||||||
3.625%, 3/15/31 |
4,359,000 | 4,079,871 | ||||||
4.625%, 1/31/32 |
4,828,000 | 4,738,923 | ||||||
|
|
|||||||
(Cost $223,113,151) |
210,379,582 | |||||||
|
|
|||||||
Toys/Games/Hobbies — 0.2% | ||||||||
Mattel, Inc.
|
2,650,000 | 2,635,239 | ||||||
144A, 5.875%, 12/15/27 |
2,508,000 | 2,661,590 | ||||||
144A, 3.75%, 4/1/29 (a) |
2,550,000 | 2,557,140 | ||||||
|
|
|||||||
(Cost $8,058,212) |
7,853,969 | |||||||
|
|
|||||||
Consumer, Non-cyclical — 18.6% | ||||||||
Agriculture — 0.2% | ||||||||
Darling
Ingredients, Inc., 144A, |
2,125,000 | 2,164,908 | ||||||
Vector
Group Ltd. |
2,459,000 | 2,528,860 | ||||||
144A, 5.75%, 2/1/29 |
3,718,000 | 3,436,343 | ||||||
|
|
|||||||
(Cost $8,599,958) |
8,130,111 | |||||||
|
|
|||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings, Inc., 144A, |
3,187,000 | 2,972,053 | ||||||
|
|
|||||||
Biotechnology — 0.1% | ||||||||
Grifols
Escrow Issuer SA, 144A, |
2,700,000 | 2,548,058 | ||||||
|
|
|||||||
Commercial Services — 3.9% | ||||||||
ADT
Security Corp. |
3,003,000 | 3,063,961 | ||||||
144A, 4.125%, 8/1/29 |
4,250,000 | 4,014,359 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. |
8,348,000 | 8,559,204 | ||||||
144A, 9.75%, 7/15/27 |
4,667,000 | 4,881,682 | ||||||
144A, 6.00%, 6/1/29 (a) |
4,237,000 | 3,945,664 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4
SARL, 144A, |
5,268,000 | 5,008,946 | ||||||
APX
Group, Inc. |
2,650,000 | 2,723,882 | ||||||
144A, 5.75%, 7/15/29 (a) |
3,400,000 | 3,053,489 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc. |
2,110,000 | 2,129,813 | ||||||
144A, 4.75%, 4/1/28 |
2,158,000 | 2,068,098 | ||||||
144A, 5.375%, 3/1/29 (a) |
2,590,000 | 2,552,302 |
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
Block, Inc.
|
$ | 4,250,000 | $ | 4,128,046 | ||||
144A, 3.50%, 6/1/31 (a) |
4,350,000 | 4,091,523 | ||||||
Brink’s Co.
|
1,700,000 | 1,740,349 | ||||||
144A, 4.625%, 10/15/27 |
2,720,000 | 2,659,317 | ||||||
CoreCivic,
Inc., |
2,869,000 | 2,917,472 | ||||||
Garda
World Security Corp. |
2,788,000 | 2,705,308 | ||||||
144A, 9.50%, 11/1/27 |
2,592,000 | 2,677,316 | ||||||
144A, 6.00%, 6/1/29 |
2,195,000 | 1,994,542 | ||||||
Gartner, Inc.
|
3,470,000 | 3,519,413 | ||||||
144A, 3.625%, 6/15/29 |
2,550,000 | 2,478,574 | ||||||
144A, 3.75%, 10/1/30 |
3,400,000 | 3,286,253 | ||||||
Grand
Canyon University, |
2,125,000 | 2,153,815 | ||||||
Herc
Holdings, Inc., 144A, |
5,200,000 | 5,336,500 | ||||||
Hertz Corp.
|
2,125,000 | 2,026,326 | ||||||
144A, 5.00%, 12/1/29 |
4,365,000 | 4,077,194 | ||||||
MPH
Acquisition Holdings LLC |
4,532,000 | 4,404,039 | ||||||
144A, 5.75%, 11/1/28 (a) |
5,525,000 | 4,992,445 | ||||||
Nielsen
Co. Luxembourg SARL, 144A, |
2,187,000 | 2,206,300 | ||||||
Nielsen
Finance LLC / Nielsen Finance Co. |
4,250,000 | 4,076,834 | ||||||
144A, 4.50%, 7/15/29 |
2,656,000 | 2,391,197 | ||||||
144A, 5.875%, 10/1/30 |
3,214,000 | 3,091,579 | ||||||
144A, 4.75%, 7/15/31 |
2,609,000 | 2,331,363 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc. |
3,228,000 | 3,296,805 | ||||||
144A, 5.75%, 4/15/26 |
5,712,000 | 5,868,880 | ||||||
144A, 3.375%, 8/31/27 |
4,250,000 | 3,937,952 | ||||||
144A, 6.25%, 1/15/28 |
5,625,000 | 5,434,847 | ||||||
Ritchie
Bros Auctioneers, Inc., 144A, |
2,125,000 | 2,160,912 | ||||||
RR
Donnelley & Sons Co., 144A, |
1,912,000 | 2,038,670 | ||||||
Sabre
GLBL, Inc. |
3,294,000 | 3,719,091 | ||||||
144A, 7.375%, 9/1/25 |
3,712,000 | 3,851,200 | ||||||
Service
Corp. International |
2,337,000 | 2,363,314 | ||||||
5.125%, 6/1/29 |
3,187,000 | 3,272,571 | ||||||
3.375%, 8/15/30 |
3,462,000 | 3,187,481 | ||||||
4.00%, 5/15/31 |
3,400,000 | 3,226,991 | ||||||
Sotheby’s,
144A, |
3,321,000 | 3,462,142 | ||||||
United
Rentals North America, Inc. |
4,669,000 | 4,822,120 | ||||||
4.875%, 1/15/28 |
6,698,000 | 6,827,857 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Commercial Services (Continued) | ||||||||
5.25%, 1/15/30 |
$ | 3,240,000 | $ | 3,375,318 | ||||
4.00%, 7/15/30 |
3,187,000 | 3,143,179 | ||||||
3.875%, 2/15/31 (a) |
4,752,000 | 4,598,582 | ||||||
3.75%, 1/15/32 |
3,233,000 | 3,084,169 | ||||||
Verscend
Escrow Corp., 144A, |
4,675,000 | 4,878,877 | ||||||
|
|
|||||||
(Cost $196,720,486) |
187,838,063 | |||||||
|
|
|||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Coty, Inc.
|
3,895,000 | 3,889,703 | ||||||
144A, 6.50%, 4/15/26 (a) |
2,437,000 | 2,479,331 | ||||||
Edgewell
Personal Care Co. |
3,287,000 | 3,308,168 | ||||||
144A, 4.125%, 4/1/29 |
2,125,000 | 1,999,125 | ||||||
|
|
|||||||
(Cost $12,072,033) |
11,676,327 | |||||||
|
|
|||||||
Food — 2.4% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
|
3,602,000 | 3,472,328 | ||||||
144A, 7.50%, 3/15/26 |
2,308,000 | 2,449,284 | ||||||
144A, 4.625%, 1/15/27 |
5,352,000 | 5,382,118 | ||||||
144A, 5.875%, 2/15/28 |
3,252,000 | 3,366,243 | ||||||
144A, 3.50%, 3/15/29 |
5,921,000 | 5,519,497 | ||||||
144A, 4.875%, 2/15/30 |
4,353,000 | 4,374,765 | ||||||
B&G
Foods, Inc. |
4,181,000 | 4,207,110 | ||||||
5.25%, 9/15/27 |
2,337,000 | 2,332,630 | ||||||
Kraft
Heinz Foods Co. |
7,765,000 | 7,769,465 | ||||||
3.875%, 5/15/27 |
5,734,000 | 5,958,773 | ||||||
3.75%, 4/1/30 |
3,203,000 | 3,280,833 | ||||||
Lamb
Weston Holdings, Inc. |
2,125,000 | 2,184,341 | ||||||
144A, 4.125%, 1/31/30 |
4,089,000 | 3,963,427 | ||||||
144A, 4.375%, 1/31/32 |
2,975,000 | 2,895,448 | ||||||
Performance
Food Group, Inc. |
4,505,000 | 4,589,829 | ||||||
144A, 4.25%, 8/1/29 |
4,350,000 | 4,155,555 | ||||||
Pilgrim’s
Pride Corp. |
3,312,000 | 3,407,998 | ||||||
144A, 4.25%, 4/15/31 |
4,350,000 | 4,208,625 | ||||||
144A, 3.50%, 3/1/32 |
3,825,000 | 3,505,765 | ||||||
Post
Holdings, Inc. |
5,522,000 | 5,582,742 | ||||||
144A, 5.625%, 1/15/28 |
3,769,000 | 3,787,185 | ||||||
144A, 5.50%, 12/15/29 |
5,410,000 | 5,462,477 | ||||||
144A, 4.625%, 4/15/30 |
7,096,000 | 6,696,105 | ||||||
144A, 4.50%, 9/15/31 |
7,649,000 | 7,093,377 | ||||||
Sigma
Holdco BV, 144A, |
2,071,000 | 1,825,866 | ||||||
US
Foods, Inc. |
4,320,000 | 4,476,514 | ||||||
144A, 4.75%, 2/15/29 |
3,825,000 | 3,788,529 | ||||||
144A, 4.625%, 6/1/30 |
2,125,000 | 2,047,969 | ||||||
|
|
|||||||
(Cost $123,670,374) |
117,784,798 | |||||||
|
|
Principal |
Value |
|||||||
Healthcare-Products — 1.0% | ||||||||
Avantor
Funding, Inc. |
$ | 6,587,000 | $ | 6,693,709 | ||||
144A, 3.875%, 11/1/29 |
3,400,000 | 3,277,073 | ||||||
Hologic, Inc.
|
1,528,000 | 1,579,501 | ||||||
144A, 3.25%, 2/15/29 |
4,085,000 | 3,877,564 | ||||||
Mozart
Debt Merger Sub, Inc. |
19,124,000 | 18,076,292 | ||||||
144A, 5.25%, 10/1/29 (a) |
10,724,000 | 10,256,434 | ||||||
Teleflex, Inc.
|
2,125,000 | 2,161,136 | ||||||
144A, 4.25%, 6/1/28 |
2,222,000 | 2,198,202 | ||||||
|
|
|||||||
(Cost $50,491,579) |
48,119,911 | |||||||
|
|
|||||||
Healthcare-Services — 6.6% | ||||||||
Catalent
Pharma Solutions, Inc. |
2,125,000 | 2,175,437 | ||||||
144A, 3.125%, 2/15/29 |
2,346,000 | 2,175,927 | ||||||
144A, 3.50%, 4/1/30 |
2,762,000 | 2,574,778 | ||||||
Centene Corp.
|
10,847,000 | 11,116,819 | ||||||
2.45%, 7/15/28 |
9,883,000 | 9,324,808 | ||||||
4.625%, 12/15/29 |
14,901,000 | 15,372,691 | ||||||
3.375%, 2/15/30 |
8,488,000 | 8,156,841 | ||||||
3.00%, 10/15/30 |
9,755,000 | 9,313,547 | ||||||
2.50%, 3/1/31 |
9,349,000 | 8,650,116 | ||||||
2.625%, 8/1/31 |
5,665,000 | 5,231,797 | ||||||
Charles
River Laboratories International, Inc. |
2,250,000 | 2,234,014 | ||||||
144A, 3.75%, 3/15/29 |
2,125,000 | 2,043,591 | ||||||
144A, 4.00%, 3/15/31 |
2,125,000 | 2,037,609 | ||||||
CHS/Community
Health Systems, Inc. |
9,028,000 | 9,379,370 | ||||||
144A, 5.625%, 3/15/27 |
8,374,000 | 8,403,853 | ||||||
144A, 8.00%, 12/15/27 |
2,974,000 | 3,140,455 | ||||||
144A, 6.875%, 4/1/28 (a) |
3,360,000 | 3,109,646 | ||||||
144A, 6.00%, 1/15/29 |
3,825,000 | 3,836,265 | ||||||
144A, 6.875%, 4/15/29 |
7,543,000 | 7,322,971 | ||||||
144A, 6.125%, 4/1/30 (a) |
6,270,000 | 5,838,875 | ||||||
144A, 5.25%, 5/15/30 |
6,700,000 | 6,502,618 | ||||||
144A, 4.75%, 2/15/31 |
4,653,000 | 4,385,592 | ||||||
DaVita, Inc.
|
11,787,000 | 11,334,910 | ||||||
144A, 3.75%, 2/15/31 |
6,375,000 | 5,835,101 | ||||||
Encompass
Health Corp. |
3,400,000 | 3,314,320 | ||||||
4.75%, 2/1/30 |
3,475,000 | 3,297,080 | ||||||
4.625%, 4/1/31 |
1,700,000 | 1,606,729 | ||||||
Envision
Healthcare Corp., 144A, |
4,412,000 | 2,346,037 | ||||||
HCA, Inc.
|
5,312,000 | 5,530,456 | ||||||
5.375%, 2/1/25 |
11,098,000 | 11,765,323 | ||||||
5.875%, 2/15/26 |
6,475,000 | 7,005,469 | ||||||
5.375%, 9/1/26 |
4,350,000 | 4,685,950 | ||||||
5.625%, 9/1/28 |
6,480,000 | 7,190,435 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Healthcare-Services (Continued) | ||||||||
5.875%, 2/1/29 |
$ | 4,200,000 | $ | 4,710,510 | ||||
3.50%, 9/1/30 |
11,735,000 | 11,635,252 | ||||||
IQVIA, Inc.
|
4,562,000 | 4,664,691 | ||||||
144A, 5.00%, 5/15/27 |
4,960,000 | 5,064,755 | ||||||
Legacy
LifePoint Health LLC |
2,550,000 | 2,642,998 | ||||||
144A, 4.375%, 2/15/27 |
2,750,000 | 2,609,214 | ||||||
LifePoint
Health, Inc., 144A, |
2,125,000 | 1,967,846 | ||||||
ModivCare,
Inc., 144A, |
2,167,000 | 2,177,380 | ||||||
Molina
Healthcare, Inc. |
3,400,000 | 3,391,381 | ||||||
144A, 3.875%, 11/15/30 |
2,762,000 | 2,716,082 | ||||||
144A, 3.875%, 5/15/32 |
3,187,000 | 3,096,824 | ||||||
Radiology
Partners, Inc., 144A, |
3,047,000 | 3,044,593 | ||||||
RegionalCare
Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, |
6,056,000 | 6,358,194 | ||||||
Select
Medical Corp., 144A, |
5,206,000 | 5,230,728 | ||||||
Tenet
Healthcare Corp. |
7,954,000 | 8,280,671 | ||||||
4.625%, 7/15/24 |
3,272,000 | 3,287,902 | ||||||
144A, 4.625%, 9/1/24 |
2,550,000 | 2,587,358 | ||||||
144A, 4.875%, 1/1/26 |
9,324,000 | 9,359,804 | ||||||
144A, 6.25%, 2/1/27 |
6,445,000 | 6,635,385 | ||||||
144A, 5.125%, 11/1/27 |
6,375,000 | 6,438,113 | ||||||
144A, 4.625%, 6/15/28 |
2,562,000 | 2,507,788 | ||||||
144A, 6.125%, 10/1/28 |
10,822,000 | 10,892,559 | ||||||
144A, 4.25%, 6/1/29 |
5,950,000 | 5,749,812 | ||||||
144A, 4.375%, 1/15/30 |
6,162,000 | 5,955,881 | ||||||
|
|
|||||||
(Cost $332,904,536) |
317,245,151 | |||||||
|
|
|||||||
Household Products/Wares — 0.2% | ||||||||
Central
Garden & Pet Co. |
2,125,000 | 2,021,226 | ||||||
144A, 4.125%, 4/30/31 |
1,750,000 | 1,638,647 | ||||||
Kronos
Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
2,019,000 | 1,824,449 | ||||||
144A, 7.00%, 12/31/27 (a) |
2,231,000 | 1,866,455 | ||||||
Spectrum
Brands, Inc. |
1,912,000 | 1,947,917 | ||||||
144A, 3.875%, 3/15/31 |
2,125,000 | 1,949,475 | ||||||
|
|
|||||||
(Cost $12,447,305) |
11,248,169 | |||||||
|
|
|||||||
Pharmaceuticals — 3.9% | ||||||||
AdaptHealth LLC
|
2,125,000 | 1,919,512 | ||||||
144A, 5.125%, 3/1/30 |
2,550,000 | 2,355,639 | ||||||
Bausch
Health Americas, Inc. |
6,375,000 | 6,602,779 | ||||||
144A, 8.50%, 1/31/27 |
7,437,000 | 7,544,688 | ||||||
Bausch
Health Cos., Inc. |
7,787,000 | 7,816,201 |
Principal |
Value |
|||||||
Pharmaceuticals (Continued) | ||||||||
144A, 9.00%, 12/15/25 |
$ | 6,657,000 | $ | 6,872,587 | ||||
144A, 6.125%, 2/1/27 |
3,500,000 | 3,533,407 | ||||||
144A, 5.75%, 8/15/27 |
2,259,000 | 2,247,457 | ||||||
144A, 7.00%, 1/15/28 |
3,187,000 | 2,920,885 | ||||||
144A, 5.00%, 1/30/28 |
5,312,000 | 4,457,857 | ||||||
144A, 4.875%, 6/1/28 |
6,850,000 | 6,592,166 | ||||||
144A, 5.00%, 2/15/29 |
4,476,000 | 3,622,270 | ||||||
144A, 6.25%, 2/15/29 |
6,545,000 | 5,593,259 | ||||||
144A, 7.25%, 5/30/29 |
3,237,000 | 2,838,477 | ||||||
144A, 5.25%, 1/30/30 |
5,312,000 | 4,291,724 | ||||||
144A, 5.25%, 2/15/31 (a) |
4,450,000 | 3,545,026 | ||||||
Cheplapharm
Arzneimittel GmbH, 144A, |
2,225,000 | 2,226,468 | ||||||
Elanco
Animal Health, Inc. |
3,248,000 | 3,349,662 | ||||||
6.40%, 8/28/28 |
3,145,000 | 3,413,268 | ||||||
Endo
Dac / Endo Finance LLC / Endo Finco, Inc. |
4,040,000 | 3,945,565 | ||||||
144A, 6.00%, 6/30/28 (a) |
5,441,000 | 3,600,174 | ||||||
Endo
Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, |
5,531,000 | 5,193,305 | ||||||
HLF
Financing Sarl LLC / Herbalife International, Inc., 144A, |
2,800,000 | 2,573,340 | ||||||
Jazz
Securities DAC, 144A, |
6,875,000 | 6,821,513 | ||||||
Organon &
Co. / Organon Foreign Debt Co.-Issuer BV |
8,924,000 | 8,792,817 | ||||||
144A, 5.125%, 4/30/31 |
8,649,000 | 8,592,695 | ||||||
Par
Pharmaceutical, Inc., 144A, |
8,684,000 | 8,694,030 | ||||||
Perrigo
Finance Unlimited Co. |
2,985,000 | 2,982,673 | ||||||
4.375%, 3/15/26 |
3,047,000 | 3,058,335 | ||||||
3.90%, 6/15/30 |
3,187,000 | 2,924,353 | ||||||
Prestige
Brands, Inc. |
1,820,000 | 1,824,596 | ||||||
144A, 3.75%, 4/1/31 |
2,550,000 | 2,353,140 | ||||||
Teva
Pharmaceutical Finance Netherlands III BV |
6,179,000 | 6,059,745 | ||||||
6.00%, 4/15/24 (a) |
5,604,000 | 5,711,989 | ||||||
7.125%, 1/31/25 |
4,442,000 | 4,670,008 | ||||||
3.15%, 10/1/26 (a) |
14,874,000 | 13,516,748 | ||||||
4.75%, 5/9/27 |
4,250,000 | 4,101,250 | ||||||
6.75%, 3/1/28 (a) |
5,340,000 | 5,610,765 | ||||||
5.125%, 5/9/29 (a) |
4,470,000 | 4,291,144 | ||||||
|
|
|||||||
(Cost $201,575,629) |
187,061,517 | |||||||
|
|
|||||||
Energy — 12.2% |
| |||||||
Energy-Alternate Sources — 0.1% | ||||||||
TerraForm
Power Operating LLC |
2,975,000 | 2,987,793 | ||||||
144A, 4.75%, 1/15/30 |
3,125,000 | 3,072,328 | ||||||
|
|
|||||||
(Cost $6,553,506) |
6,060,121 | |||||||
|
|
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas — 6.3% | ||||||||
Antero
Resources Corp. |
$ | 2,507,000 | $ | 2,538,337 | ||||
144A, 7.625%, 2/1/29 |
2,482,000 | 2,689,905 | ||||||
144A, 5.375%, 3/1/30 (a) |
2,550,000 | 2,602,377 | ||||||
Apache Corp.
|
2,052,000 | 2,120,916 | ||||||
4.375%, 10/15/28 |
2,987,000 | 3,029,386 | ||||||
4.25%, 1/15/30 (a) |
2,463,000 | 2,485,709 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp. |
2,650,000 | 2,621,380 | ||||||
144A, 5.875%, 6/30/29 |
1,700,000 | 1,620,312 | ||||||
Callon
Petroleum Co. |
2,015,000 | 2,009,459 | ||||||
144A, 8.00%, 8/1/28 (a) |
2,812,000 | 2,927,897 | ||||||
Calumet
Specialty Products Partners LP / Calumet Finance Corp., 144A, |
2,337,000 | 2,463,712 | ||||||
Chesapeake
Energy Corp. |
2,175,000 | 2,237,738 | ||||||
144A, 5.875%, 2/1/29 |
2,175,000 | 2,254,018 | ||||||
144A, 6.75%, 4/15/29 |
4,037,000 | 4,273,750 | ||||||
Citgo
Holding, Inc., 144A, |
5,922,000 | 5,962,092 | ||||||
CITGO
Petroleum Corp. |
4,781,000 | 4,786,474 | ||||||
144A, 6.375%, 6/15/26 |
2,762,000 | 2,748,590 | ||||||
CNX
Resources Corp. |
3,075,000 | 3,236,407 | ||||||
144A, 6.00%, 1/15/29 |
2,125,000 | 2,173,450 | ||||||
Colgate
Energy Partners III LLC, 144A, |
2,975,000 | 3,067,850 | ||||||
Comstock
Resources, Inc. |
5,333,000 | 5,432,860 | ||||||
144A, 5.875%, 1/15/30 |
4,326,000 | 4,203,964 | ||||||
CrownRock
LP / CrownRock Finance, Inc. |
5,036,000 | 5,099,277 | ||||||
144A, 5.00%, 5/1/29 |
1,800,000 | 1,834,137 | ||||||
CVR
Energy, Inc. |
2,550,000 | 2,471,881 | ||||||
144A, 5.75%, 2/15/28 (a) |
2,100,000 | 1,982,148 | ||||||
Endeavor
Energy Resources LP / EER Finance, Inc. |
2,641,000 | 2,763,265 | ||||||
144A, 5.75%, 1/30/28 |
4,262,000 | 4,419,566 | ||||||
EQT Corp.
|
3,996,000 | 4,321,115 | ||||||
144A, 3.125%, 5/15/26 |
2,125,000 | 2,092,487 | ||||||
3.90%, 10/1/27 |
5,340,700 | 5,402,679 | ||||||
7.50%, 2/1/30 |
3,287,000 | 3,926,338 | ||||||
144A, 3.625%, 5/15/31 (a) |
2,125,000 | 2,069,792 | ||||||
Hilcorp
Energy I LP / Hilcorp Finance Co. |
2,618,000 | 2,673,423 | ||||||
144A, 5.75%, 2/1/29 |
2,552,000 | 2,569,213 | ||||||
144A, 6.00%, 2/1/31 |
2,550,000 | 2,592,075 |
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
Laredo
Petroleum, Inc. |
$ | 2,456,000 | $ | 2,531,215 | ||||
144A, 7.75%, 7/31/29 (a) |
1,780,000 | 1,729,208 | ||||||
Leviathan
Bond Ltd. |
2,124,495 | 2,143,813 | ||||||
144A, REGS, 6.125%, 6/30/25 |
2,609,379 | 2,671,678 | ||||||
144A, REGS, 6.50%, 6/30/27 |
2,550,379 | 2,624,350 | ||||||
144A, REGS, 6.75%, 6/30/30 |
2,337,668 | 2,381,032 | ||||||
Matador
Resources Co., |
4,462,000 | 4,534,508 | ||||||
MEG
Energy Corp. |
5,100,000 | 5,335,110 | ||||||
144A, 5.875%, 2/1/29 |
2,657,000 | 2,689,681 | ||||||
Moss
Creek Resources Holdings, Inc. |
3,045,000 | 2,700,352 | ||||||
144A, 10.50%, 5/15/27 |
2,125,000 | 2,006,584 | ||||||
Murphy
Oil Corp. |
2,332,000 | 2,378,617 | ||||||
5.875%, 12/1/27 |
2,309,000 | 2,355,261 | ||||||
6.375%, 7/15/28 |
2,337,000 | 2,424,579 | ||||||
Nabors
Industries Ltd., 144A, |
2,380,000 | 2,324,391 | ||||||
Nabors
Industries, Inc. |
2,830,000 | 2,719,630 | ||||||
144A, 7.375%, 5/15/27 |
3,045,000 | 3,147,784 | ||||||
Occidental
Petroleum Corp. |
2,506,000 | 2,722,117 | ||||||
2.90%, 8/15/24 |
4,084,000 | 4,093,883 | ||||||
8.00%, 7/15/25 |
2,152,000 | 2,437,463 | ||||||
5.875%, 9/1/25 |
3,825,000 | 4,107,438 | ||||||
5.50%, 12/1/25 |
3,228,000 | 3,473,118 | ||||||
5.55%, 3/15/26 |
4,598,000 | 4,938,413 | ||||||
3.40%, 4/15/26 |
3,309,000 | 3,313,351 | ||||||
3.20%, 8/15/26 |
3,389,000 | 3,394,016 | ||||||
3.00%, 2/15/27 |
2,696,000 | 2,633,493 | ||||||
8.50%, 7/15/27 |
2,125,000 | 2,564,259 | ||||||
6.375%, 9/1/28 |
2,550,000 | 2,886,014 | ||||||
3.50%, 8/15/29 |
6,378,000 | 6,372,738 | ||||||
8.875%, 7/15/30 |
4,250,000 | 5,475,679 | ||||||
6.625%, 9/1/30 |
6,375,000 | 7,428,341 | ||||||
6.125%, 1/1/31 (a) |
5,312,000 | 6,050,527 | ||||||
7.50%, 5/1/31 |
3,695,000 | 4,486,118 | ||||||
7.875%, 9/15/31 |
2,160,000 | 2,674,966 | ||||||
Parkland Corp.
|
2,053,000 | 2,080,377 | ||||||
144A, 4.50%, 10/1/29 |
3,505,000 | 3,310,805 | ||||||
144A, 4.625%, 5/1/30 |
3,307,000 | 3,130,241 | ||||||
PBF
Holding Co. LLC / PBF Finance Corp. |
5,312,000 | 5,381,375 | ||||||
7.25%, 6/15/25 (a) |
2,841,000 | 2,391,596 | ||||||
6.00%, 2/15/28 |
3,686,000 | 2,702,999 | ||||||
Puma
International Financing SA |
2,640,000 | 2,593,721 | ||||||
144A, 5.00%, 1/24/26 |
3,248,000 | 3,187,457 | ||||||
Range
Resources Corp. |
2,762,000 | 2,799,342 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Oil & Gas (Continued) | ||||||||
4.875%, 5/15/25 |
$ | 3,406,000 | $ | 3,454,314 | ||||
8.25%, 1/15/29 |
2,550,000 | 2,797,554 | ||||||
144A, 4.75%, 2/15/30 |
1,700,000 | 1,666,340 | ||||||
SM
Energy Co. |
1,898,000 | 2,083,416 | ||||||
6.75%, 9/15/26 (a) |
1,782,000 | 1,802,083 | ||||||
6.625%, 1/15/27 (a) |
1,771,000 | 1,790,844 | ||||||
6.50%, 7/15/28 |
1,700,000 | 1,744,566 | ||||||
Southwestern
Energy Co. |
1,870,000 | 1,982,013 | ||||||
5.375%, 2/1/29 |
2,939,000 | 3,027,199 | ||||||
5.375%, 3/15/30 |
5,100,000 | 5,269,422 | ||||||
4.75%, 2/1/32 |
5,037,000 | 5,016,651 | ||||||
Sunoco
LP / Sunoco Finance Corp. |
2,593,000 | 2,680,009 | ||||||
4.50%, 5/15/29 |
3,607,000 | 3,462,900 | ||||||
144A, 4.50%, 4/30/30 |
3,300,000 | 3,157,820 | ||||||
Transocean, Inc.
|
1,760,000 | 1,369,922 | ||||||
144A, 7.50%, 1/15/26 |
2,487,000 | 1,931,491 | ||||||
144A, 11.50%, 1/30/27 |
2,941,000 | 2,946,529 | ||||||
144A, 8.00%, 2/1/27 |
2,619,000 | 1,944,058 | ||||||
|
|
|||||||
(Cost $310,441,920) |
303,158,750 | |||||||
|
|
|||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp. |
2,215,000 | 2,276,178 | ||||||
144A, 6.25%, 4/1/28 |
3,600,000 | 3,604,176 | ||||||
CGG
SA, 144A, |
2,125,000 | 2,075,891 | ||||||
TechnipFMC
PLC, 144A, |
3,044,000 | 3,146,872 | ||||||
USA
Compression Partners LP / USA Compression Finance Corp. |
3,081,000 | 3,098,300 | ||||||
6.875%, 9/1/27 |
3,187,000 | 3,193,661 | ||||||
Weatherford
International Ltd. |
2,161,000 | 2,239,931 | ||||||
144A, 8.625%, 4/30/30 |
6,714,000 | 6,816,791 | ||||||
|
|
|||||||
(Cost $27,165,172) |
26,451,800 | |||||||
|
|
|||||||
Pipelines — 5.2% | ||||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp. |
2,383,000 | 2,564,763 | ||||||
144A, 5.75%, 3/1/27 |
2,812,000 | 2,858,061 | ||||||
144A, 5.75%, 1/15/28 |
2,866,000 | 2,912,687 | ||||||
144A, 5.375%, 6/15/29 |
3,187,000 | 3,207,030 | ||||||
Buckeye
Partners LP |
2,125,000 | 2,153,624 | ||||||
144A, 4.125%, 3/1/25 |
2,125,000 | 2,098,501 | ||||||
3.95%, 12/1/26 |
2,550,000 | 2,464,677 | ||||||
4.125%, 12/1/27 |
1,827,000 | 1,728,141 | ||||||
144A, 4.50%, 3/1/28 |
2,125,000 | 2,022,182 | ||||||
Cheniere
Energy Partners LP |
6,374,000 | 6,475,155 |
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
4.00%, 3/1/31 |
$ | 6,369,000 | $ | 6,283,114 | ||||
144A, 3.25%, 1/31/32 |
5,100,000 | 4,802,772 | ||||||
Cheniere
Energy, Inc., |
8,898,000 | 9,065,638 | ||||||
CQP
Holdco LP / BIP-V Chinook Holdco LLC, 144A, |
6,050,000 | 6,027,312 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp. |
2,125,000 | 2,141,012 | ||||||
144A, 5.625%, 5/1/27 |
2,550,000 | 2,535,312 | ||||||
144A, 6.00%, 2/1/29 |
2,975,000 | 2,997,937 | ||||||
144A, 8.00%, 4/1/29 |
1,500,000 | 1,597,950 | ||||||
DCP
Midstream Operating LP |
1,797,000 | 1,819,400 | ||||||
5.375%, 7/15/25 |
3,634,000 | 3,853,130 | ||||||
5.625%, 7/15/27 |
2,125,000 | 2,285,831 | ||||||
5.125%, 5/15/29 |
2,550,000 | 2,688,248 | ||||||
3.25%, 2/15/32 |
1,600,000 | 1,494,032 | ||||||
DT
Midstream, Inc. |
4,775,000 | 4,628,193 | ||||||
144A, 4.375%, 6/15/31 |
4,250,000 | 4,158,604 | ||||||
EnLink
Midstream LLC, |
2,166,000 | 2,158,592 | ||||||
EnLink
Midstream Partners LP |
2,262,000 | 2,306,533 | ||||||
4.15%, 6/1/25 |
3,112,000 | 3,120,013 | ||||||
4.85%, 7/15/26 |
2,111,000 | 2,139,984 | ||||||
EQM
Midstream Partners LP |
2,601,000 | 2,617,490 | ||||||
4.00%, 8/1/24 |
1,978,000 | 1,940,932 | ||||||
144A, 6.00%, 7/1/25 |
2,998,000 | 3,061,902 | ||||||
4.125%, 12/1/26 |
2,064,000 | 1,974,660 | ||||||
144A, 6.50%, 7/1/27 |
3,896,000 | 4,055,502 | ||||||
5.50%, 7/15/28 |
3,856,000 | 3,801,283 | ||||||
144A, 4.50%, 1/15/29 |
3,400,000 | 3,180,598 | ||||||
144A, 4.75%, 1/15/31 |
4,675,000 | 4,389,264 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp. |
2,343,000 | 2,286,827 | ||||||
8.00%, 1/15/27 |
4,300,000 | 4,353,750 | ||||||
7.75%, 2/1/28 |
3,064,000 | 3,030,832 | ||||||
Hess
Midstream Operations LP |
3,378,000 | 3,466,723 | ||||||
144A, 5.125%, 6/15/28 |
2,337,000 | 2,389,816 | ||||||
144A, 4.25%, 2/15/30 |
3,112,000 | 3,009,148 | ||||||
ITT
Holdings LLC, 144A, |
5,255,000 | 4,934,340 | ||||||
New
Fortress Energy, Inc. |
5,312,000 | 5,116,332 | ||||||
144A, 6.50%, 9/30/26 |
6,375,000 | 6,111,617 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 144A, |
8,712,000 | 8,758,174 | ||||||
NGL
Energy Partners LP / NGL Energy Finance Corp., |
2,108,000 | 2,026,926 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Pipelines (Continued) | ||||||||
NuStar
Logistics LP |
$ | 2,550,000 | $ | 2,658,592 | ||||
6.00%, 6/1/26 |
2,125,000 | 2,161,826 | ||||||
5.625%, 4/28/27 |
2,385,000 | 2,391,905 | ||||||
6.375%, 10/1/30 |
2,602,000 | 2,640,549 | ||||||
Rockies
Express Pipeline LLC |
1,700,000 | 1,668,108 | ||||||
144A, 4.95%, 7/15/29 |
2,387,000 | 2,313,409 | ||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp. |
2,550,000 | 2,681,108 | ||||||
144A, 6.00%, 3/1/27 |
1,927,000 | 1,930,151 | ||||||
144A, 5.50%, 1/15/28 |
3,187,000 | 3,052,679 | ||||||
144A, 6.00%, 12/31/30 |
3,237,000 | 3,100,382 | ||||||
144A, 6.00%, 9/1/31 |
2,125,000 | 2,006,298 | ||||||
Targa
Resources Partners LP / Targa Resources Partners Finance Corp.
|
4,302,000 | 4,446,655 | ||||||
5.375%, 2/1/27 |
1,836,000 | 1,888,849 | ||||||
6.50%, 7/15/27 |
3,067,000 | 3,255,099 | ||||||
5.00%, 1/15/28 |
3,407,000 | 3,522,174 | ||||||
6.875%, 1/15/29 |
2,887,000 | 3,146,339 | ||||||
5.50%, 3/1/30 |
4,253,000 | 4,516,601 | ||||||
4.875%, 2/1/31 |
4,300,000 | 4,436,052 | ||||||
4.00%, 1/15/32 |
4,300,000 | 4,252,851 | ||||||
Venture
Global Calcasieu Pass LLC |
5,537,000 | 5,430,274 | ||||||
144A, 4.125%, 8/15/31 |
5,312,000 | 5,266,928 | ||||||
144A, 3.875%, 11/1/33 |
5,312,000 | 5,123,451 | ||||||
Western
Midstream Operating LP |
3,111,000 | 3,128,282 | ||||||
4.65%, 7/1/26 |
2,015,000 | 2,090,482 | ||||||
4.50%, 3/1/28 |
1,700,000 | 1,768,476 | ||||||
4.75%, 8/15/28 |
1,700,000 | 1,762,399 | ||||||
4.55%, 2/1/30 |
5,200,000 | 5,356,936 | ||||||
|
|
|||||||
(Cost $261,514,000) |
251,091,399 | |||||||
|
|
|||||||
Financial — 10.6% |
| |||||||
Banks — 0.9% | ||||||||
Commerzbank
AG, 144A, |
4,255,000 | 4,577,435 | ||||||
Deutsche
Bank AG |
2,154,000 | 2,337,571 | ||||||
3.729%, 1/14/32 (c) |
5,308,000 | 4,979,874 | ||||||
3.742%, 1/7/33 (c) |
5,312,000 | 4,975,813 | ||||||
Freedom
Mortgage Corp. |
1,823,000 | 1,821,587 | ||||||
144A, 8.25%, 4/15/25 |
2,292,000 | 2,290,487 | ||||||
144A, 7.625%, 5/1/26 |
2,550,000 | 2,452,794 | ||||||
144A, 6.625%, 1/15/27 |
2,797,000 | 2,585,617 | ||||||
Intesa
Sanpaolo SpA |
8,523,000 | 8,784,261 | ||||||
144A, 5.71%, 1/15/26 |
6,497,000 | 6,858,877 | ||||||
144A, 4.198%, 6/1/32 |
3,187,000 | 2,884,880 | ||||||
|
|
|||||||
(Cost $46,611,384) |
44,549,196 | |||||||
|
|
Principal |
Value |
|||||||
Diversified Financial Services — 3.3% | ||||||||
Ally
Financial, Inc., |
$ | 4,462,000 | $ | 4,757,462 | ||||
Coinbase
Global, Inc. |
4,250,000 | 3,880,526 | ||||||
144A, 3.625%, 10/1/31 |
4,375,000 | 3,860,937 | ||||||
Curo
Group Holdings Corp., 144A, |
4,250,000 | 3,779,546 | ||||||
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 144A, |
4,250,000 | 4,097,701 | ||||||
LD
Holdings Group LLC |
2,125,000 | 2,022,511 | ||||||
144A, 6.125%, 4/1/28 |
2,550,000 | 2,278,884 | ||||||
LPL
Holdings, Inc. |
1,950,000 | 1,943,604 | ||||||
144A, 4.00%, 3/15/29 |
3,825,000 | 3,720,845 | ||||||
144A, 4.375%, 5/15/31 |
1,700,000 | 1,660,339 | ||||||
Midcap
Financial Issuer Trust |
4,321,000 | 4,216,475 | ||||||
144A, 5.625%, 1/15/30 |
1,729,000 | 1,580,903 | ||||||
Nationstar
Mortgage Holdings, Inc. |
2,800,000 | 2,845,542 | ||||||
144A, 5.50%, 8/15/28 |
3,612,000 | 3,606,582 | ||||||
144A, 5.125%, 12/15/30 |
2,901,000 | 2,723,111 | ||||||
144A, 5.75%, 11/15/31 |
2,550,000 | 2,470,070 | ||||||
Navient Corp.MTN,
|
3,158,000 | 3,256,593 | ||||||
5.875%, 10/25/24 |
2,125,000 | 2,200,480 | ||||||
6.75%, 6/25/25 |
2,525,000 | 2,625,659 | ||||||
6.75%, 6/15/26 |
2,252,000 | 2,339,276 | ||||||
5.00%, 3/15/27 |
2,975,000 | 2,875,471 | ||||||
4.875%, 3/15/28 |
2,152,000 | 2,015,251 | ||||||
5.50%, 3/15/29 |
3,187,000 | 3,017,372 | ||||||
NFP Corp.
|
2,368,000 | 2,264,175 | ||||||
144A, 6.875%, 8/15/28 |
8,737,000 | 8,136,987 | ||||||
OneMain
Finance Corp. |
3,719,000 | 3,816,438 | ||||||
6.125%, 3/15/24 |
5,153,000 | 5,313,902 | ||||||
6.875%, 3/15/25 |
5,377,000 | 5,744,410 | ||||||
8.875%, 6/1/25 |
2,006,000 | 2,118,888 | ||||||
7.125%, 3/15/26 |
7,150,000 | 7,759,430 | ||||||
3.50%, 1/15/27 |
3,197,000 | 3,029,030 | ||||||
6.625%, 1/15/28 |
3,400,000 | 3,601,450 | ||||||
3.875%, 9/15/28 |
2,700,000 | 2,505,128 | ||||||
5.375%, 11/15/29 |
3,237,000 | 3,261,278 | ||||||
4.00%, 9/15/30 |
3,802,000 | 3,470,104 | ||||||
PennyMac
Financial Services, Inc. |
2,862,000 | 2,850,910 | ||||||
144A, 4.25%, 2/15/29 |
2,762,000 | 2,475,719 | ||||||
144A, 5.75%, 9/15/31 |
2,125,000 | 2,005,660 | ||||||
Rocket
Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
4,935,000 | 4,646,993 | ||||||
144A, 3.625%, 3/1/29 |
3,187,000 | 2,990,012 | ||||||
144A, 3.875%, 3/1/31 |
5,364,000 | 5,030,413 | ||||||
144A, 4.00%, 10/15/33 |
3,612,000 | 3,367,865 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Diversified Financial Services (Continued) | ||||||||
SLM Corp.
|
$ | 2,162,000 | $ | 2,175,426 | ||||
3.125%, 11/2/26 |
2,046,000 | 1,963,884 | ||||||
United
Wholesale Mortgage LLC |
3,400,000 | 3,277,073 | ||||||
144A, 5.75%, 6/15/27 |
2,125,000 | 2,034,199 | ||||||
144A, 5.50%, 4/15/29 (a) |
3,075,000 | 2,818,929 | ||||||
VistaJet
Malta Finance PLC / XO Management Holding, Inc., 144A, |
4,492,000 | 4,283,212 | ||||||
|
|
|||||||
(Cost $168,395,126) |
158,716,655 | |||||||
|
|
|||||||
Insurance — 0.9% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc. |
3,931,000 | 3,895,896 | ||||||
144A, 10.125%, 8/1/26 |
1,544,000 | 1,637,921 | ||||||
144A, 4.25%, 2/15/29 |
2,875,000 | 2,706,007 | ||||||
144A, 6.00%, 8/1/29 |
2,181,000 | 1,970,075 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, |
2,014,000 | 1,903,834 | ||||||
Alliant
Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
3,187,000 | 3,079,614 | ||||||
144A, 6.75%, 10/15/27 |
5,695,000 | 5,573,298 | ||||||
AssuredPartners, Inc.
|
2,184,000 | 2,164,344 | ||||||
144A, 5.625%, 1/15/29 |
2,337,000 | 2,153,499 | ||||||
HUB
International Ltd. |
7,697,000 | 7,756,267 | ||||||
144A, 5.625%, 12/1/29 |
2,337,000 | 2,223,071 | ||||||
MGIC
Investment Corp., |
2,812,000 | 2,852,662 | ||||||
Radian
Group, Inc. |
2,012,000 | 2,034,555 | ||||||
6.625%, 3/15/25 |
2,231,000 | 2,364,827 | ||||||
4.875%, 3/15/27 |
1,912,000 | 1,977,381 | ||||||
|
|
|||||||
(Cost $46,210,767) |
44,293,251 | |||||||
|
|
|||||||
Real Estate — 0.6% | ||||||||
Howard
Hughes Corp. |
3,190,000 | 3,228,471 | ||||||
144A, 4.125%, 2/1/29 |
2,762,000 | 2,615,241 | ||||||
144A, 4.375%, 2/1/31 |
2,862,000 | 2,698,551 | ||||||
Kennedy-Wilson, Inc.
|
2,550,000 | 2,495,813 | ||||||
4.75%, 2/1/30 |
2,600,000 | 2,491,138 | ||||||
5.00%, 3/1/31 |
2,550,000 | 2,478,524 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp. |
1,729,000 | 1,769,770 | ||||||
144A, 5.75%, 1/15/29 |
4,025,000 | 3,998,636 | ||||||
144A, 5.25%, 4/15/30 |
4,350,000 | 4,151,314 | ||||||
WeWork
Cos. LLC / WW Co.-Obligor, Inc., 144A, |
2,382,000 | 2,005,358 |
Principal |
Value |
|||||||
Real Estate (Continued) | ||||||||
WeWork
Cos., Inc., 144A, |
$ | 2,843,000 | $ | 2,578,075 | ||||
|
|
|||||||
(Cost $31,844,963) |
30,510,891 | |||||||
|
|
|||||||
Real Estate Investment Trusts — 4.3% | ||||||||
Apollo
Commercial Real Estate Finance, Inc., 144A, |
2,125,000 | 1,921,467 | ||||||
Blackstone
Mortgage Trust, Inc., 144A, |
1,750,000 | 1,656,244 | ||||||
Brookfield
Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI
Sellco LL |
4,017,000 | 3,971,046 | ||||||
144A, 4.50%, 4/1/27 |
3,187,000 | 2,977,423 | ||||||
Diversified
Healthcare Trust |
4,557,000 | 4,819,392 | ||||||
4.75%, 2/15/28 |
2,158,000 | 1,954,425 | ||||||
4.375%, 3/1/31 |
2,125,000 | 1,828,446 | ||||||
HAT
Holdings I LLC / HAT Holdings II LLC |
1,721,000 | 1,777,191 | ||||||
144A, 3.375%, 6/15/26 |
4,274,000 | 4,057,223 | ||||||
Iron
Mountain, Inc. |
4,324,000 | 4,320,065 | ||||||
144A, 5.25%, 3/15/28 |
3,706,000 | 3,713,412 | ||||||
144A, 5.00%, 7/15/28 |
2,125,000 | 2,108,595 | ||||||
144A, 4.875%, 9/15/29 |
4,250,000 | 4,107,923 | ||||||
144A, 5.25%, 7/15/30 |
5,525,000 | 5,477,844 | ||||||
144A, 4.50%, 2/15/31 |
4,675,000 | 4,377,530 | ||||||
144A, 5.625%, 7/15/32 |
2,550,000 | 2,526,374 | ||||||
iStar, Inc.
|
3,290,000 | 3,314,527 | ||||||
4.25%, 8/1/25 |
2,346,000 | 2,328,757 | ||||||
5.50%, 2/15/26 |
1,406,000 | 1,440,728 | ||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
|
2,770,000 | 2,702,260 | ||||||
144A, 4.75%, 6/15/29 |
2,762,000 | 2,680,549 | ||||||
MGM
Growth Properties Operating Partnership LP / MGP Finance
Co-Issuer, Inc. |
6,011,000 | 6,247,373 | ||||||
144A, 4.625%, 6/15/25 |
4,753,000 | 4,903,100 | ||||||
4.50%, 9/1/26 |
2,807,000 | 2,866,859 | ||||||
5.75%, 2/1/27 |
4,196,000 | 4,545,086 | ||||||
144A, 3.875%, 2/15/29 |
6,795,000 | 6,841,206 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp. |
2,148,000 | 2,193,387 | ||||||
5.00%, 10/15/27 |
5,515,000 | 5,641,404 | ||||||
4.625%, 8/1/29 |
3,866,000 | 3,887,282 | ||||||
3.50%, 3/15/31 |
5,645,000 | 5,327,412 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co.-Issuer |
1,546,000 | 1,617,410 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Real Estate Investment Trusts (Continued) | ||||||||
144A, 5.875%, 10/1/28 |
$ | 3,181,000 | $ | 3,232,548 | ||||
144A, 4.875%, 5/15/29 |
3,187,000 | 3,075,455 | ||||||
RHP
Hotel Properties LP / RHP Finance Corp. |
3,367,500 | 3,302,659 | ||||||
144A, 4.50%, 2/15/29 |
2,585,000 | 2,446,056 | ||||||
RLJ
Lodging Trust LP |
2,125,000 | 2,072,513 | ||||||
144A, 4.00%, 9/15/29 |
2,125,000 | 1,999,019 | ||||||
SBA
Communications Corp. |
6,844,000 | 6,835,958 | ||||||
3.125%, 2/1/29 |
6,548,000 | 6,090,098 | ||||||
Service
Properties Trust |
2,125,000 | 2,106,980 | ||||||
4.35%, 10/1/24 |
3,506,000 | 3,361,272 | ||||||
7.50%, 9/15/25 |
3,400,000 | 3,575,100 | ||||||
4.75%, 10/1/26 |
1,912,000 | 1,771,917 | ||||||
4.95%, 2/15/27 (a) |
1,700,000 | 1,583,898 | ||||||
5.50%, 12/15/27 |
2,012,000 | 1,971,760 | ||||||
3.95%, 1/15/28 |
1,700,000 | 1,477,062 | ||||||
4.95%, 10/1/29 |
1,806,000 | 1,635,902 | ||||||
4.375%, 2/15/30 |
1,700,000 | 1,486,259 | ||||||
Starwood
Property Trust, Inc. |
1,700,000 | 1,663,671 | ||||||
4.75%, 3/15/25 |
2,161,000 | 2,186,040 | ||||||
144A, 3.625%, 7/15/26 |
1,729,000 | 1,639,040 | ||||||
144A, 4.375%, 1/15/27 |
2,161,000 | 2,100,942 | ||||||
Uniti
Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC |
9,562,000 | 9,961,453 | ||||||
144A, 6.00%, 1/15/30 |
2,990,000 | 2,678,158 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
2,838,000 | 2,705,976 | ||||||
144A, 6.50%, 2/15/29 |
4,717,000 | 4,379,192 | ||||||
VICI
Properties LP / VICI Note Co., Inc. |
3,262,000 | 3,273,662 | ||||||
144A, 4.25%, 12/1/26 |
5,312,000 | 5,371,096 | ||||||
144A, 3.75%, 2/15/27 |
3,402,000 | 3,382,217 | ||||||
144A, 4.625%, 12/1/29 |
4,400,000 | 4,495,194 | ||||||
144A, 4.125%, 8/15/30 |
4,250,000 | 4,224,564 | ||||||
XHR LP
|
2,125,000 | 2,191,013 | ||||||
144A, 4.875%, 6/1/29 |
2,125,000 | 2,060,899 | ||||||
|
|
|||||||
(Cost $217,540,999) |
208,469,513 | |||||||
|
|
|||||||
Venture Capital — 0.6% | ||||||||
Compass
Group Diversified Holdings LLC, 144A, |
4,250,000 | 4,113,278 | ||||||
Icahn
Enterprises LP / Icahn Enterprises Finance Corp. |
4,714,000 | 4,684,137 | ||||||
6.375%, 12/15/25 |
3,172,000 | 3,219,104 | ||||||
6.25%, 5/15/26 |
5,007,000 | 5,049,985 | ||||||
5.25%, 5/15/27 |
6,203,000 | 6,168,790 | ||||||
4.375%, 2/1/29 |
3,243,000 | 3,013,266 | ||||||
|
|
|||||||
(Cost $27,428,054) |
26,248,560 | |||||||
|
|
Principal |
Value |
|||||||
Industrial — 8.1% | ||||||||
Aerospace/Defense — 2.4% | ||||||||
Bombardier, Inc.
|
$ | 4,318,000 | $ | 4,473,772 | ||||
144A, 7.50%, 3/15/25 |
5,978,000 | 5,969,362 | ||||||
144A, 7.125%, 6/15/26 |
5,162,000 | 5,160,864 | ||||||
144A, 7.875%, 4/15/27 (a) |
8,769,000 | 8,829,331 | ||||||
144A, 6.00%, 2/15/28 (a) |
3,187,000 | 3,048,047 | ||||||
Howmet
Aerospace, Inc. |
5,016,000 | 5,269,207 | ||||||
6.875%, 5/1/25 |
2,550,000 | 2,811,623 | ||||||
3.00%, 1/15/29 |
2,975,000 | 2,827,589 | ||||||
Rolls-Royce PLC
|
4,380,000 | 4,282,764 | ||||||
144A, 5.75%, 10/15/27 |
4,250,000 | 4,385,936 | ||||||
Spirit
AeroSystems, Inc. |
2,147,000 | 2,208,993 | ||||||
144A, 7.50%, 4/15/25 |
4,996,000 | 5,188,346 | ||||||
4.60%, 6/15/28 (a) |
3,134,000 | 2,996,370 | ||||||
TransDigm, Inc.
|
4,713,000 | 4,926,782 | ||||||
144A, 6.25%, 3/15/26 |
18,878,000 | 19,487,665 | ||||||
6.375%, 6/15/26 |
4,037,000 | 4,120,344 | ||||||
7.50%, 3/15/27 |
2,356,000 | 2,437,871 | ||||||
5.50%, 11/15/27 |
11,020,000 | 10,949,307 | ||||||
4.625%, 1/15/29 |
5,178,000 | 4,909,872 | ||||||
4.875%, 5/1/29 |
3,186,000 | 3,030,842 | ||||||
Triumph
Group, Inc. |
2,393,000 | 2,556,023 | ||||||
144A, 6.25%, 9/15/24 |
2,433,000 | 2,417,210 | ||||||
7.75%, 8/15/25 (a) |
2,250,000 | 2,260,687 | ||||||
|
|
|||||||
(Cost $117,112,937) |
114,548,807 | |||||||
|
|
|||||||
Building Materials — 0.9% | ||||||||
Builders
FirstSource, Inc. |
2,203,000 | 2,293,797 | ||||||
144A, 5.00%, 3/1/30 |
2,337,000 | 2,374,859 | ||||||
144A, 4.25%, 2/1/32 |
5,625,000 | 5,396,541 | ||||||
Griffon
Corp., |
4,647,000 | 4,625,159 | ||||||
JELD-WEN, Inc.
|
1,700,000 | 1,670,717 | ||||||
144A, 4.875%, 12/15/27 (a) |
1,700,000 | 1,655,451 | ||||||
SRM
Escrow Issuer LLC, 144A, |
4,675,000 | 4,669,624 | ||||||
Standard
Industries, Inc. |
3,612,000 | 3,639,036 | ||||||
144A, 4.75%, 1/15/28 |
4,250,000 | 4,172,182 | ||||||
144A, 4.375%, 7/15/30 |
6,900,000 | 6,543,581 | ||||||
144A, 3.375%, 1/15/31 |
4,687,000 | 4,154,158 | ||||||
Summit
Materials LLC / Summit Materials Finance Corp., 144A, |
2,975,000 | 2,990,039 | ||||||
|
|
|||||||
(Cost $46,920,661) |
44,185,144 | |||||||
|
|
|||||||
Electrical Components & Equipment — 0.4% | ||||||||
Energizer
Holdings, Inc. |
2,600,000 | 2,472,795 | ||||||
144A, 4.375%, 3/31/29 (a) |
3,525,000 | 3,185,719 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Electrical Components & Equipment (Continued) | ||||||||
WESCO
Distribution, Inc. |
$ | 6,526,000 | $ | 6,847,014 | ||||
144A, 7.25%, 6/15/28 |
5,631,000 | 6,009,347 | ||||||
|
|
|||||||
(Cost $19,242,529) |
18,514,875 | |||||||
|
|
|||||||
Electronics — 0.6% | ||||||||
II-VI,
Inc., 144A, |
4,207,000 | 4,204,013 | ||||||
Imola
Merger Corp., 144A, |
8,499,000 | 8,256,438 | ||||||
Sensata
Technologies BV |
2,125,000 | 2,180,452 | ||||||
144A, 5.625%, 11/1/24 |
1,700,000 | 1,793,160 | ||||||
144A, 5.00%, 10/1/25 |
3,200,000 | 3,312,960 | ||||||
144A, 4.00%, 4/15/29 |
4,250,000 | 4,087,459 | ||||||
Sensata
Technologies, Inc. |
1,912,000 | 1,862,642 | ||||||
144A, 3.75%, 2/15/31 |
3,187,000 | 2,969,041 | ||||||
|
|
|||||||
(Cost $30,292,763) |
28,666,165 | |||||||
|
|
|||||||
Engineering & Construction — 0.2% | ||||||||
Brand
Industrial Services, Inc., 144A, |
4,275,000 | 3,929,601 | ||||||
Fluor
Corp., |
2,511,000 | 2,457,968 | ||||||
Promontoria
Holding 264 BV, 144A, |
1,500,000 | 1,474,800 | ||||||
|
|
|||||||
(Cost $8,424,415) |
7,862,369 | |||||||
|
|
|||||||
Environmental Control — 0.7% | ||||||||
Covanta
Holding Corp. |
3,271,000 | 3,134,055 | ||||||
5.00%, 9/1/30 |
1,710,000 | 1,645,362 | ||||||
GFL
Environmental, Inc. |
2,250,000 | 2,249,696 | ||||||
144A, 3.75%, 8/1/25 |
3,187,000 | 3,158,986 | ||||||
144A, 5.125%, 12/15/26 |
2,125,000 | 2,172,154 | ||||||
144A, 4.00%, 8/1/28 (a) |
3,187,000 | 2,951,385 | ||||||
144A, 3.50%, 9/1/28 |
3,187,000 | 3,047,824 | ||||||
144A, 4.75%, 6/15/29 |
3,187,000 | 3,015,699 | ||||||
144A, 4.375%, 8/15/29 |
2,337,000 | 2,173,609 | ||||||
Madison
IAQ LLC |
2,975,000 | 2,818,217 | ||||||
144A, 5.875%, 6/30/29 |
4,391,000 | 3,990,431 | ||||||
Stericycle, Inc.
|
2,650,000 | 2,712,574 | ||||||
144A, 3.875%, 1/15/29 |
2,125,000 | 1,981,892 | ||||||
|
|
|||||||
(Cost $37,271,398) |
35,051,884 | |||||||
|
|
|||||||
Machinery-Diversified — 0.2% | ||||||||
TK
Elevator Holdco GmbH, 144A, |
1,702,000 | 1,733,487 | ||||||
TK
Elevator US Newco, Inc., 144A, |
6,795,000 | 6,735,306 | ||||||
|
|
|||||||
(Cost $8,908,634) |
8,468,793 | |||||||
|
|
Principal |
Value |
|||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
FXI
Holdings, Inc. |
$ | 2,145,000 | $ | 2,115,431 | ||||
144A, 12.25%, 11/15/26 |
3,237,000 | 3,467,669 | ||||||
Hillenbrand,
Inc., |
1,700,000 | 1,764,421 | ||||||
|
|
|||||||
(Cost $7,503,301) |
7,347,521 | |||||||
|
|
|||||||
Packaging & Containers — 2.2% | ||||||||
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
|
2,550,000 | 2,401,641 | ||||||
144A, 4.00%, 9/1/29 |
4,512,000 | 4,237,625 | ||||||
Ardagh
Packaging Finance PLC / Ardagh Holdings USA, Inc. |
3,001,000 | 3,031,040 | ||||||
144A, 4.125%, 8/15/26 |
4,968,000 | 4,814,787 | ||||||
144A, 5.25%, 8/15/27 |
4,250,000 | 4,044,632 | ||||||
144A, 5.25%, 8/15/27 |
3,469,000 | 3,301,372 | ||||||
Ball Corp.
|
4,250,000 | 4,345,200 | ||||||
5.25%, 7/1/25 |
4,250,000 | 4,509,888 | ||||||
4.875%, 3/15/26 |
3,337,000 | 3,489,868 | ||||||
2.875%, 8/15/30 |
5,525,000 | 5,059,325 | ||||||
3.125%, 9/15/31 |
3,612,000 | 3,315,527 | ||||||
Berry
Global, Inc., 144A, |
2,246,000 | 2,304,138 | ||||||
Flex
Acquisition Co., Inc. |
2,758,000 | 2,767,074 | ||||||
144A, 7.875%, 7/15/26 |
2,222,000 | 2,293,660 | ||||||
Graphic
Packaging International LLC |
1,912,000 | 1,819,067 | ||||||
144A, 3.75%, 2/1/30 |
1,754,000 | 1,673,825 | ||||||
LABL, Inc.
|
2,975,000 | 2,985,963 | ||||||
144A, 10.50%, 7/15/27 |
2,961,000 | 3,040,414 | ||||||
144A, 5.875%, 11/1/28 |
2,146,000 | 2,058,175 | ||||||
144A, 8.25%, 11/1/29 |
1,980,000 | 1,845,113 | ||||||
Mauser
Packaging Solutions Holding Co. |
6,290,000 | 6,264,840 | ||||||
144A, 7.25%, 4/15/25 |
5,877,000 | 5,784,643 | ||||||
OI
European Group BV, 144A, |
1,700,000 | 1,629,867 | ||||||
Owens-Brockway
Glass Container, Inc. |
2,888,000 | 2,941,818 | ||||||
144A, 6.625%, 5/13/27 |
3,125,000 | 3,245,500 | ||||||
Pactiv
Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro,
144A, |
4,250,000 | 3,937,391 | ||||||
Sealed
Air Corp. |
1,806,000 | 1,839,799 | ||||||
144A, 5.125%, 12/1/24 |
1,806,000 | 1,871,350 | ||||||
144A, 5.50%, 9/15/25 |
1,746,000 | 1,831,135 | ||||||
144A, 4.00%, 12/1/27 |
1,906,000 | 1,890,113 | ||||||
Silgan
Holdings, Inc., |
2,422,000 | 2,379,445 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Packaging & Containers (Continued) | ||||||||
Trivium
Packaging Finance BV |
$ | 4,499,000 | $ | 4,545,295 | ||||
144A, 8.50%, 8/15/27 |
2,802,000 | 2,876,925 | ||||||
|
|
|||||||
(Cost $108,843,379) |
104,376,455 | |||||||
|
|
|||||||
Transportation — 0.2% | ||||||||
Seaspan
Corp., 144A, |
3,197,000 | 3,051,025 | ||||||
XPO
Logistics, Inc., 144A, |
4,887,000 | 5,077,837 | ||||||
|
|
|||||||
(Cost $8,294,113) |
8,128,862 | |||||||
|
|
|||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC |
3,612,000 | 3,661,231 | ||||||
144A, 9.75%, 8/1/27 |
1,850,000 | 2,032,697 | ||||||
144A, 5.50%, 5/1/28 |
4,250,000 | 4,066,379 | ||||||
|
|
|||||||
(Cost $10,144,059) |
9,760,307 | |||||||
|
|
|||||||
Technology — 3.9% |
| |||||||
Computers — 1.2% | ||||||||
Booz
Allen Hamilton, Inc. |
3,175,000 | 3,113,215 | ||||||
144A, 4.00%, 7/1/29 |
2,125,000 | 2,100,265 | ||||||
Condor
Merger Sub, Inc., 144A, |
8,650,000 | 8,363,555 | ||||||
Diebold
Nixdorf, Inc. |
1,821,000 | 1,796,498 | ||||||
144A, 9.375%, 7/15/25 |
3,238,000 | 3,375,647 | ||||||
Exela
Intermediate LLC / Exela Finance, Inc., 144A, |
4,544,000 | 2,680,960 | ||||||
NCR Corp.
|
2,065,000 | 2,088,283 | ||||||
144A, 5.00%, 10/1/28 |
2,842,000 | 2,806,873 | ||||||
144A, 5.125%, 4/15/29 |
5,111,000 | 5,034,872 | ||||||
144A, 6.125%, 9/1/29 |
2,265,000 | 2,354,762 | ||||||
144A, 5.25%, 10/1/30 |
1,912,000 | 1,852,269 | ||||||
Seagate
HDD Cayman |
2,250,000 | 2,314,541 | ||||||
4.875%, 3/1/24 |
2,257,000 | 2,330,465 | ||||||
4.75%, 1/1/25 (a) |
2,121,000 | 2,187,143 | ||||||
4.875%, 6/1/27 |
2,077,000 | 2,137,513 | ||||||
4.091%, 6/1/29 |
2,158,000 | 2,080,927 | ||||||
3.125%, 7/15/29 |
2,125,000 | 1,939,084 | ||||||
4.125%, 1/15/31 |
2,167,000 | 2,054,262 | ||||||
3.375%, 7/15/31 |
2,125,000 | 1,919,821 | ||||||
Vericast
Corp., 144A, |
5,304,301 | 5,423,648 | ||||||
|
|
|||||||
(Cost $60,922,983) |
57,954,603 | |||||||
|
|
|||||||
Office/Business Equipment — 0.3% | ||||||||
Pitney
Bowes, Inc., 144A, |
1,700,000 | 1,603,227 | ||||||
Xerox
Corp., |
4,250,000 | 4,297,919 |
Principal |
Value |
|||||||
Office/Business Equipment (Continued) | ||||||||
Xerox
Holdings Corp. |
$ | 3,123,000 | $ | 3,185,460 | ||||
144A, 5.50%, 8/15/28 (a) |
3,347,000 | 3,344,440 | ||||||
|
|
|||||||
(Cost $12,927,417) |
12,431,046 | |||||||
|
|
|||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM
AG, 144A, |
2,058,000 | 2,135,298 | ||||||
ON
Semiconductor Corp., 144A, |
3,375,000 | 3,350,329 | ||||||
|
|
|||||||
(Cost $5,664,975) |
5,485,627 | |||||||
|
|
|||||||
Software — 2.3% | ||||||||
Black
Knight InfoServ LLC, 144A, |
4,250,000 | 4,034,036 | ||||||
Boxer
Parent Co., Inc., 144A, |
2,550,000 | 2,641,800 | ||||||
CDK
Global, Inc. |
2,093,000 | 2,194,469 | ||||||
4.875%, 6/1/27 |
2,638,000 | 2,704,860 | ||||||
144A, 5.25%, 5/15/29 |
2,125,000 | 2,181,929 | ||||||
Change
Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, |
5,656,000 | 5,629,134 | ||||||
Clarivate
Science Holdings Corp. |
3,915,000 | 3,705,450 | ||||||
144A, 4.875%, 7/1/29 |
3,916,000 | 3,692,240 | ||||||
Fair
Isaac Corp. |
1,561,000 | 1,658,508 | ||||||
144A, 4.00%, 6/15/28 |
4,121,000 | 4,050,449 | ||||||
MicroStrategy,
Inc., 144A, |
2,225,000 | 2,149,884 | ||||||
Minerva
Merger Sub, Inc., 144A, |
10,286,000 | 9,917,144 | ||||||
MSCI, Inc.
|
4,266,000 | 4,295,990 | ||||||
144A, 3.625%, 9/1/30 |
3,775,000 | 3,707,654 | ||||||
144A, 3.875%, 2/15/31 |
4,250,000 | 4,237,250 | ||||||
144A, 3.625%, 11/1/31 |
2,550,000 | 2,508,741 | ||||||
144A, 3.25%, 8/15/33 |
2,975,000 | 2,815,808 | ||||||
Open
Text Corp. |
3,825,000 | 3,698,507 | ||||||
144A, 3.875%, 12/1/29 |
3,612,000 | 3,414,424 | ||||||
Open
Text Holdings, Inc. |
3,825,000 | 3,668,060 | ||||||
144A, 4.125%, 12/1/31 |
2,762,000 | 2,627,808 | ||||||
PTC, Inc.
|
2,222,000 | 2,221,267 | ||||||
144A, 4.00%, 2/15/28 |
2,125,000 | 2,075,477 | ||||||
Rackspace
Technology Global, Inc. |
2,337,000 | 2,123,351 | ||||||
144A, 5.375%, 12/1/28 (a) |
2,387,000 | 2,144,827 | ||||||
ROBLOX
Corp., 144A, |
4,350,000 | 4,142,505 | ||||||
SS&C
Technologies, Inc., 144A, |
8,499,000 | 8,742,241 | ||||||
Twilio, Inc.
|
2,125,000 | 2,034,135 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
Principal |
Value |
|||||||
Software (Continued) | ||||||||
3.875%, 3/15/31 |
$ | 2,125,000 | $ | 1,998,456 | ||||
Veritas
US, Inc. / Veritas Bermuda Ltd., 144A, |
7,537,000 | 7,463,891 | ||||||
Ziff
Davis, Inc., 144A, |
2,833,000 | 2,729,581 | ||||||
|
|
|||||||
(Cost $116,003,612) |
111,209,876 | |||||||
|
|
|||||||
Utilities — 2.4% | ||||||||
Electric — 2.2% | ||||||||
Calpine Corp.
|
1,910,000 | 1,931,344 | ||||||
144A, 4.50%, 2/15/28 |
5,312,000 | 5,187,885 | ||||||
144A, 5.125%, 3/15/28 |
6,327,000 | 6,101,727 | ||||||
144A, 4.625%, 2/1/29 |
2,672,000 | 2,482,155 | ||||||
144A, 5.00%, 2/1/31 |
3,688,000 | 3,419,882 | ||||||
144A, 3.75%, 3/1/31 |
3,825,000 | 3,487,080 | ||||||
Clearway
Energy Operating LLC |
3,712,000 | 3,737,650 | ||||||
144A, 3.75%, 2/15/31 |
4,016,000 | 3,741,948 | ||||||
DPL,
Inc., |
1,759,000 | 1,752,333 | ||||||
FirstEnergy Corp.
|
6,496,000 | 6,725,926 | ||||||
2.65%, 3/1/30 |
2,500,000 | 2,347,925 | ||||||
Series B, 2.25%, 9/1/30 |
1,869,000 | 1,698,538 | ||||||
NextEra
Energy Operating Partners LP |
2,975,000 | 3,037,088 | ||||||
144A, 3.875%, 10/15/26 |
2,125,000 | 2,103,049 | ||||||
144A, 4.50%, 9/15/27 |
2,346,000 | 2,361,566 | ||||||
NRG
Energy, Inc. |
3,508,000 | 3,591,280 | ||||||
144A, 3.375%, 2/15/29 |
2,125,000 | 1,977,100 | ||||||
144A, 5.25%, 6/15/29 |
3,115,000 | 3,183,421 | ||||||
144A, 3.625%, 2/15/31 |
4,281,000 | 3,943,251 | ||||||
144A, 3.875%, 2/15/32 |
4,727,000 | 4,392,069 | ||||||
PG&E Corp.
|
4,050,000 | 4,016,183 | ||||||
5.25%, 7/1/30 |
4,350,000 | 4,328,076 | ||||||
Talen
Energy Supply LLC |
2,306,000 | 949,230 | ||||||
144A, 10.50%, 1/15/26 |
2,591,000 | 1,170,458 | ||||||
144A, 7.25%, 5/15/27 |
3,233,000 | 2,883,238 | ||||||
144A, 6.625%, 1/15/28 |
2,166,000 | 1,882,611 | ||||||
144A, 7.625%, 6/1/28 |
1,725,000 | 1,546,773 | ||||||
Vistra
Operations Co. LLC |
4,542,000 | 4,619,237 | ||||||
144A, 5.625%, 2/15/27 |
5,525,000 | 5,667,766 | ||||||
144A, 5.00%, 7/31/27 |
5,525,000 | 5,572,460 | ||||||
144A, 4.375%, 5/1/29 |
5,312,000 | 5,156,730 | ||||||
|
|
|||||||
(Cost $113,687,040) |
104,995,979 | |||||||
|
|
|||||||
Gas — 0.2% | ||||||||
AmeriGas
Partners LP / AmeriGas Finance Corp. |
2,892,000 | 2,953,759 | ||||||
5.50%, 5/20/25 |
2,975,000 | 3,031,212 |
Principal |
Value |
|||||||
Gas (Continued) | ||||||||
5.875%, 8/20/26 |
$ | 2,934,000 | $ | 2,992,680 | ||||
5.75%, 5/20/27 |
2,543,000 | 2,572,575 | ||||||
|
|
|||||||
(Cost $12,355,345) |
11,550,226 | |||||||
|
|
|||||||
TOTAL
CORPORATE BONDS |
4,723,266,914 | |||||||
|
|
|||||||
Number |
||||||||
SECURITIES LENDING COLLATERAL — 3.8% | ||||||||
DWS
Government & Agency Securities Portfolio “DWS Government Cash
Institutional Shares”, 0.01% (d)(e) |
181,376,226 | 181,376,226 | ||||||
|
|
|||||||
CASH EQUIVALENTS — 0.8% | ||||||||
DWS
Government Money Market Series “Institutional Shares”,
0.04% (d) |
36,045,170 | 36,045,170 | ||||||
|
|
|||||||
TOTAL
INVESTMENTS — 102.9% |
$ | 4,940,688,310 | ||||||
Other
assets and liabilities, |
(138,287,025 | ) | ||||||
|
|
|||||||
NET ASSETS — 100.0% |
$ | 4,802,401,285 | ||||||
|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2022 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:
Value ($) at 8/31/2021 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 2/28/2022 |
Value ($) at 2/28/2022 |
||||||||||||||||||||||||||||
CORPORATE BONDS — 0.2% |
| |||||||||||||||||||||||||||||||||||
Financial — 0.2% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 3.73%, 1/14/2032 (c) |
| |||||||||||||||||||||||||||||||||||
7,207,371 | 2,024,956 | (3,631,935 | ) | (26,785 | ) | (593,733 | ) | 124,636 | — | 5,308,000 | 4,979,874 | |||||||||||||||||||||||||
Deutsche Bank AG, 5.88%, 7/8/2031 (c) |
| |||||||||||||||||||||||||||||||||||
— | 2,604,667 | (191,260 | ) | (4,602 | ) | (71,234 | ) | 9,896 | — | 2,154,000 | 2,337,571 | |||||||||||||||||||||||||
Deutsche Bank AG, 3.74%, 1/7/2033 (c) |
| |||||||||||||||||||||||||||||||||||
— | 6,313,110 | (1,150,205 | ) | (23,401 | ) | (163,691 | ) | 16,147 | — | 5,312,000 | 4,975,813 | |||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 3.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) |
| |||||||||||||||||||||||||||||||||||
219,083,931 | — | (37,707,705 | )(f) | — | — | 10,061 | — | 181,376,226 | 181,376,226 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
168,443,173 | 554,429,485 | (686,827,488 | ) | — | — | 7,500 | — | 36,045,170 | 36,045,170 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
394,734,475 | 565,372,218 | (729,508,593 | ) | (54,788 | ) | (828,658 | ) | 168,240 | — | 230,195,396 | 229,714,654 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2022 amounted to $223,357,220, which is 4.7% of net assets. |
(b) |
Defaulted security or security for which income has been deemed uncollectible. |
(c) |
Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) |
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 $51,196,425. |
(f) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022. |
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, 2022 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 (g) |
$ | — | $ | 4,723,266,914 | $ | — | $ | 4,723,266,914 | ||||||||
Short-Term Investments (g) |
217,421,396 | — | — | 217,421,396 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 217,421,396 | $ | 4,723,266,914 | $ | — | $ | 4,940,688,310 | ||||||||
|
|
|
|
|
|
|
|
(g) |
See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 62 |
This Page is Intentionally Left Blank
63
DBX ETF Trust
February 28, 2022 (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 |
$ | 22,355,274 | $ | 1,499,234,097 | $ | — | $ | 86,556,793 | ||||||||
Investment in affiliated securities at value |
— | 8,513,441 | 29,166,412 | — | ||||||||||||
Investment in DWS Government Money Market Series |
131,179 | 13,841,389 | 61,597 | 346,281 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* |
1,561,891 | 20,540,953 | — | 3,496,240 | ||||||||||||
Cash |
— | — | — | 353,131 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold |
899,177 | 38,925,212 | — | 1,726,216 | ||||||||||||
Interest |
347,011 | 19,427,522 | 1 | 1,387,095 | ||||||||||||
Securities lending income |
1,026 | 4,722 | — | 2,072 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
$ | 25,295,558 | $ | 1,600,487,336 | $ | 29,228,010 | $ | 93,867,828 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Payable upon return of securities loaned |
$ | 1,561,891 | $ | 20,540,953 | $ | — | $ | 3,496,240 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased |
997,638 | 48,545,835 | — | 2,557,893 | ||||||||||||
Investment advisory fees |
3,282 | 197,532 | 1,776 | 12,911 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
2,562,811 | 69,284,320 | 1,776 | 6,067,044 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 22,732,747 | $ | 1,531,203,016 | $ | 29,226,234 | $ | 87,800,784 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets Consist of |
||||||||||||||||
Paid-in capital |
$ | 34,208,269 | $ | 1,567,615,362 | $ | 29,034,409 | $ | 89,380,029 | ||||||||
Distributable earnings (loss) |
(11,475,522 | ) | (36,412,346 | ) | 191,825 | (1,579,245 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets, at value |
$ | 22,732,747 | $ | 1,531,203,016 | $ | 29,226,234 | $ | 87,800,784 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Number of Common Shares outstanding |
500,001 | 31,400,001 | 1,175,001 | 1,900,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Asset Value |
$ | 45.47 | $ | 48.76 | $ | 24.87 | $ | 46.21 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in non-affiliated securities at cost |
$ | 23,380,005 | $ | 1,531,716,675 | $ | — | $ | 88,033,699 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in affiliated securities at cost |
$ | — | $ | 8,807,926 | $ | 28,972,812 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Value of securities loaned |
$ | 1,999,184 | $ | 29,095,050 | $ | — | $ | 4,335,578 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government Money Market Series at cost |
$ | 131,179 | $ | 13,841,389 | $ | 61,597 | $ | 346,281 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 1,561,891 | $ | 20,540,953 | $ | — | $ | 3,496,240 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-cash collateral for securities on loan |
$ | 524,247 | $ | 9,610,830 | $ | — | $ | 1,011,020 | ||||||||
|
|
|
|
|
|
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
February 28, 2022 (Unaudited)
Xtrackers USD High Yield Corporate Bond ETF |
||||
Assets |
||||
Investment in non-affiliated securities at value |
$ | 4,710,973,656 | ||
Investment in affiliated securities at value |
12,293,258 | |||
Investment in DWS Government Money Market Series |
36,045,170 | |||
Investment in DWS Government & Agency Securities Portfolio* |
181,376,226 | |||
Receivables: | ||||
Investment securities sold |
37,398,721 | |||
Capital shares |
64,998,345 | |||
Interest |
67,199,032 | |||
Securities lending income |
119,872 | |||
|
|
|||
Total assets |
$ | 5,110,404,280 | ||
|
|
|||
Liabilities |
||||
Payable upon return of securities loaned |
$ | 181,376,226 | ||
Payables: | ||||
Investment securities purchased |
126,039,572 | |||
Investment advisory fees |
587,197 | |||
|
|
|||
Total liabilities |
308,002,995 | |||
|
|
|||
Net Assets, at value |
$ | 4,802,401,285 | ||
|
|
|||
Net Assets Consist of |
||||
Paid-in capital |
$ | 5,189,708,930 | ||
Distributable earnings (loss) |
(387,307,645 | ) | ||
|
|
|||
Net Assets, at value |
$ | 4,802,401,285 | ||
|
|
|||
Number of Common Shares outstanding |
125,587,501 | |||
|
|
|||
Net Asset Value |
$ | 38.24 | ||
|
|
|||
Investment in non-affiliated securities at cost |
$ | 4,965,333,367 | ||
|
|
|||
Investment in affiliated securities at cost |
$ | 12,910,038 | ||
|
|
|||
Value of securities loaned |
$ | 223,357,220 | ||
|
|
|||
Investment in DWS Government Money Market Series at cost |
$ | 36,045,170 | ||
|
|
|||
Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 181,376,226 | ||
|
|
|||
Non-cash collateral for securities on loan |
$ | 51,196,425 | ||
|
|
* |
Represents collateral on securities loaned. |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
For the Six Months Ended February 28, 2022 (Unaudited)
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Risk Managed USD High Yield Strategy ETF(1) |
Xtrackers Short Duration High Yield Bond ETF |
|||||||||||||
Investment Income |
||||||||||||||||
Unaffiliated interest income |
$ | 563,883 | $ | 15,032,365 | $ | — | $ | 1,680,950 | ||||||||
Affiliated interest income |
— | 55,483 | — | — | ||||||||||||
Income distributions from affiliated funds |
18 | 2,007 | 1 | 549 | ||||||||||||
Affiliated securities lending income |
63 | 423 | — | 119 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates |
5,430 | 16,170 | — | 8,964 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
569,394 | 15,106,448 | 1 | 1,690,582 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
36,947 | 1,206,461 | 3,574 | 81,702 | ||||||||||||
Other expenses |
57 | 1,147 | — | 172 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
37,004 | 1,207,608 | 3,574 | 81,874 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less fees waived (see note 3): |
||||||||||||||||
Waiver |
(15,982 | ) | (243,153 | ) | (1,798 | ) | (483 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
21,022 | 964,455 | 1,776 | 81,391 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
548,372 | 14,141,993 | (1,775 | ) | 1,609,191 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments |
(7,013 | ) | (99,493 | ) | — | 285,649 | ||||||||||
In-kind redemptions |
5,089 | — | — | 59,151 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
(1,924 | ) | (99,493 | ) | — | 344,800 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments |
(1,207,827 | ) | (43,321,017 | ) | — | (3,202,181 | ) | |||||||||
Investments in affiliates |
— | (356,680 | ) | 193,600 | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
(1,207,827 | ) | (43,677,697 | ) | 193,600 | (3,202,181 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments |
(1,209,751 | ) | (43,777,190 | ) | 193,600 | (2,857,381 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (661,379 | ) | $ | (29,635,197 | ) | $ | 191,825 | $ | (1,248,190 | ) | |||||
|
|
|
|
|
|
|
|
(1) |
For the period February 10, 2022 (commencement of operations) through February 28, 2022. |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended February 28, 2022 (Unaudited)
Xtrackers USD High Yield Corporate Bond ETF |
||||
Investment Income |
||||
Unaffiliated interest income |
$ | 127,214,198 | ||
Affiliated interest income |
150,679 | |||
Income distributions from affiliated funds |
7,500 | |||
Affiliated securities lending income |
10,061 | |||
Unaffiliated securities lending income, net of borrower rebates |
816,544 | |||
|
|
|||
Total investment income |
128,198,982 | |||
|
|
|||
Expenses |
||||
Investment advisory fees |
6,306,511 | |||
Other expenses |
4,147 | |||
|
|
|||
Total expenses |
6,310,658 | |||
|
|
|||
Less fees waived (see note 3): |
||||
Waiver |
(1,583,562 | ) | ||
|
|
|||
Net expenses |
4,727,096 | |||
|
|
|||
Net investment income (loss) |
123,471,886 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) from: |
||||
Investments |
8,145,351 | |||
Investments in affiliates |
(20,008 | ) | ||
In-kind redemptions |
(38,409,021 | ) | ||
In-kind redemptions in affiliates |
(34,780 | ) | ||
|
|
|||
Net realized gain (loss) |
(30,318,458 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments |
(282,596,410 | ) | ||
Investments in affiliates |
(828,658 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) |
(283,425,068 | ) | ||
|
|
|||
Net realized and unrealized gain (loss) on investments |
(313,743,526 | ) | ||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (190,271,640 | ) | |
|
|
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
|||||||||||||||
For the Six Months Ended February 28, 2022 (Unaudited) |
Year Ended August 31, 2021 |
For the Six Months Ended February 28, 2022 (Unaudited) |
Year Ended August 31, 2021 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 548,372 | $ | 680,195 | $ | 14,141,993 | $ | 8,011,095 | ||||||||
Net realized gain (loss) |
(1,924 | ) | 331,044 | (99,493 | ) | 2,106,618 | ||||||||||
Net change in net unrealized appreciation (depreciation) |
(1,207,827 | ) | 178,690 | (43,677,697 | ) | 10,048,247 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(661,379 | ) | 1,189,929 | (29,635,197 | ) | 20,165,960 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders |
(588,992 | ) | (825,490 | ) | (14,867,722 | ) | (8,258,522 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
6,992,436 | 11,992,336 | 825,321,667 | 715,759,317 | ||||||||||||
Value of shares redeemed |
(2,347,951 | ) | — | — | (15,156,196 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
4,644,485 | 11,992,336 | 825,321,667 | 700,603,121 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net increase (decrease) in Net Assets |
3,394,114 | 12,356,775 | 780,818,748 | 712,510,559 | ||||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
19,338,633 | 6,981,858 | 750,384,268 | 37,873,709 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 22,732,747 | $ | 19,338,633 | $ | 1,531,203,016 | $ | 750,384,268 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
400,001 | 150,001 | 14,700,001 | 750,001 | ||||||||||||
Shares sold |
150,000 | 250,000 | 16,700,000 | 14,250,000 | ||||||||||||
Shares redeemed |
(50,000 | ) | — | — | (300,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
500,001 | 400,001 | 31,400,001 | 14,700,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 68 |
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 Period February 10, 2022(1) to February 28, 2022 (Unaudited) |
For the Six Months Ended February 28, 2022 (Unaudited) |
Year Ended August 31, 2021 |
||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||
Net investment income (loss) |
$ | (1,775 | ) | $ | 1,609,191 | $ | 2,489,447 | |||||
Net realized gain (loss) |
— | 344,800 | 1,271,532 | |||||||||
Net change in net unrealized appreciation (depreciation) |
193,600 | (3,202,181 | ) | 185,876 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from operations |
191,825 | (1,248,190 | ) | 3,946,855 | ||||||||
|
|
|
|
|
|
|||||||
Distributions to Shareholders |
— | (1,748,843 | ) | (2,657,928 | ) | |||||||
|
|
|
|
|
|
|||||||
Fund Shares Transactions |
||||||||||||
Proceeds from shares sold |
29,034,384 | 18,867,538 | 45,259,188 | |||||||||
Value of shares redeemed |
— | (4,697,674 | ) | (7,179,887 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from fund share transactions |
29,034,384 | 14,169,864 | 38,079,301 | |||||||||
|
|
|
|
|
|
|||||||
Total net increase (decrease) in Net Assets |
29,226,209 | 11,172,831 | 39,368,228 | |||||||||
Net Assets |
||||||||||||
Beginning of period |
25 | 76,627,953 | 37,259,725 | |||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | 29,226,234 | $ | 87,800,784 | $ | 76,627,953 | ||||||
|
|
|
|
|
|
|||||||
Changes in Shares Outstanding |
||||||||||||
Shares outstanding, beginning of period |
1 | 1,600,001 | 800,001 | |||||||||
Shares sold |
1,175,000 | 400,000 | 950,000 | |||||||||
Shares redeemed |
— | (100,000 | ) | (150,000 | ) | |||||||
|
|
|
|
|
|
|||||||
Shares outstanding, end of period |
1,175,001 | 1,900,001 | 1,600,001 | |||||||||
|
|
|
|
|
|
(1) |
Commencement of Operations. |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers USD High Yield Corporate Bond ETF |
||||||||
For the Six Months Ended February 28, 2022 (Unaudited) |
Year Ended August 31, 2021 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income (loss) |
$ | 123,471,886 | $ | 294,840,227 | ||||
Net realized gain (loss) |
(30,318,458 | ) | 261,534,954 | |||||
Net change in net unrealized appreciation (depreciation) |
(283,425,068 | ) | (13,795,630 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
(190,271,640 | ) | 542,579,551 | |||||
|
|
|
|
|||||
Distributions to Shareholders |
(136,451,771 | ) | (328,072,536 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
2,229,405,684 | 8,910,076,826 | ||||||
Value of shares redeemed |
(3,766,777,870 | ) | (8,666,637,450 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from fund share transactions |
(1,537,372,186 | ) | 243,439,376 | |||||
|
|
|
|
|||||
Total net increase (decrease) in Net Assets |
(1,864,095,597 | ) | 457,946,391 | |||||
Net Assets |
||||||||
Beginning of period |
6,666,496,882 | 6,208,550,491 | ||||||
|
|
|
|
|||||
End of period |
$ | 4,802,401,285 | $ | 6,666,496,882 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of period |
165,387,501 | 158,937,501 | * | |||||
Shares sold |
56,200,000 | 224,750,000 | * | |||||
Shares redeemed |
(96,000,000 | ) | (218,300,000 | )* | ||||
|
|
|
|
|||||
Shares outstanding, end of period |
125,587,501 | 165,387,501 | * | |||||
|
|
|
|
* |
Shares through April 12, 2021 have been adjusted to reflect the effects of a stock split effective April 13, 2021. See Note 9. |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Xtrackers
High Beta High Yield Bond ETF Selected Per Share Data |
For the Six Months Ended 2/28/2022 (Unaudited) |
Years Ended August 31, | Period Ended 8/31/2018(a) |
|||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net Asset Value, beginning of period |
$ | 48.35 | $ | 46.55 | $ | 48.61 | $ | 49.17 | $ | 50.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) |
1.21 | 2.60 | 3.01 | (c) | 3.32 | 2.07 | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.78 | ) | 2.65 | (1.95 | )(c) | (0.58 | ) | (1.11 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(1.57 | ) | 5.25 | 1.06 | 2.74 | 0.96 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(1.31 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | (1.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.31 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | (1.79 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 45.47 | $ | 48.35 | $ | 46.55 | $ | 48.61 | $ | 49.17 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%) |
(3.32 | )**(d) | 11.67 | (d) | 2.46 | (d) | 5.90 | (d) | 2.01 | ** | ||||||||||
Ratios
to Average Net Assets and |
||||||||||||||||||||
Net Assets, end of period ($ millions) |
23 | 19 | 7 | 151 | 148 | |||||||||||||||
Ratio
of expenses before fee |
0.35 | * | 0.35 | 0.35 | 0.35 | 0.35 | * | |||||||||||||
Ratio
of expenses after fee |
0.20 | * | 0.20 | 0.20 | 0.31 | 0.35 | * | |||||||||||||
Ratio
of net investment income |
5.19 | * | 5.45 | 6.50 | (c) | 6.91 | 6.71 | * | ||||||||||||
Portfolio turnover rate (%)(e) |
29 | ** | 98 | 98 | 51 | 34 | ** | |||||||||||||
Xtrackers Low
Beta High Yield Bond ETF Selected Per Share Data |
For the Six Months Ended 2/28/2022 (Unaudited) |
Years Ended August 31, | Period Ended 8/31/2018(a) |
|||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net Asset Value, beginning of period |
$ | 51.05 | $ | 50.50 | $ | 50.62 | $ | 49.16 | $ | 50.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) |
0.72 | 1.45 | 2.02 | (c) | 2.29 | 1.37 | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.20 | ) | 1.07 | 0.12 | (c) | 1.44 | (1.05 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(1.48 | ) | 2.52 | 2.14 | 3.73 | 0.32 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income |
(0.81 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | (1.16 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.81 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | (1.16 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 48.76 | $ | 51.05 | $ | 50.50 | $ | 50.62 | $ | 49.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%) |
(2.93 | )**(d) | 5.12 | (d) | 4.42 | (d) | 7.84 | (d) | 0.68 | ** | ||||||||||
Ratios
to Average Net Assets and |
||||||||||||||||||||
Net Assets, end of period ($ millions) |
1,531 | 750 | 38 | 144 | 138 | |||||||||||||||
Ratio
of expenses before fee |
0.25 | * | 0.25 | 0.25 | 0.25 | 0.25 | * | |||||||||||||
Ratio
of expenses after fee |
0.20 | * | 0.20 | 0.20 | 0.24 | 0.25 | * | |||||||||||||
Ratio
of net investment income |
2.93 | * | 2.89 | 4.09 | (c) | 4.66 | 4.44 | * | ||||||||||||
Portfolio turnover rate (%)(e) |
31 | ** | 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) |
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. | 71 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers
Risk Managed USD High Yield Strategy ETF Selected Per Share Data |
Period Ended 2/28/2022(a) (Unaudited) |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income (loss) from investment operations: | ||||
Net investment income (loss)(b) |
(0.00 | )(c) | ||
Net realized and unrealized gain (loss) |
(0.13 | )(d) | ||
|
|
|||
Total from investment operations |
(0.13 | ) | ||
|
|
|||
Net Asset Value, end of period |
$ | 24.87 | ||
|
|
|||
Total Return (%)(e) |
(0.52 | )** | ||
Ratios to Average Net Assets and Supplemental Data |
||||
Net Assets, end of period ($ millions) |
29 | |||
Ratio of expenses before fee waiver (%)(f) |
0.30 | * | ||
Ratio of expenses after fee waiver (%)(f) |
0.15 | * | ||
Ratio of net investment income (loss) (%) |
(0.15 | )* | ||
Portfolio turnover rate (%)(g) |
0 | ** |
Xtrackers
Short Duration High Yield Bond ETF Selected Per Share Data |
For the Six Months Ended 2/28/2022 (Unaudited) |
Years Ended August 31, | Period Ended 8/31/2018(h) |
|||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net Asset Value, beginning of period |
$ | 47.89 | $ | 46.57 | $ | 49.13 | $ | 49.69 | $ | 50.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) |
0.92 | 2.34 | 2.69 | (i) | 2.83 | 1.76 | ||||||||||||||
Net realized and unrealized gain (loss) |
(1.59 | ) | 1.67 | (2.47 | )(i) | (0.54 | ) | (0.59 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(0.67 | ) | 4.01 | 0.22 | 2.29 | 1.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income |
(1.01 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | (1.48 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.01 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | (1.48 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 46.21 | $ | 47.89 | $ | 46.57 | $ | 49.13 | $ | 49.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (%) |
(1.42 | )**(e) | 8.86 | (e) | 0.61 | (e) | 4.79 | (e) | 2.41 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||
Net Assets, end of period ($ millions) |
88 | 77 | 37 | 22 | 40 | |||||||||||||||
Ratio
of expenses before fee |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | * | |||||||||||||
Ratio
of expenses after fee |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | * | |||||||||||||
Ratio
of net investment income |
3.94 | * | 4.95 | 6.13 | (i) | 5.78 | 5.56 | * | ||||||||||||
Portfolio turnover rate (%)(g) |
25 | ** | 52 | 150 | 45 | 37 | ** |
(a) |
For the period February 10, 2022 (commencement of operations) through February 28, 2022. |
(b) |
Based on average shares outstanding during the period. |
(c) |
Amount represents less than $0.005. |
(d) |
Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, 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) |
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. |
(g) |
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(h) |
For the period January 10, 2018 (commencement of operations) through August 31, 2018. |
(i) |
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. | 72 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers USD
High Yield Corporate Bond ETF Selected Per Share Data |
For the Six Months Ended 2/28/2022 (Unaudited) |
Years Ended August 31, | Period Ended 8/31/2017(a)(b) |
|||||||||||||||||||||
2021 | 2020(b) | 2019(b) | 2018(b) | |||||||||||||||||||||
Net Asset Value, beginning of period |
$ | 40.31 | $ | 39.06 | (b) | $ | 40.19 | $ | 39.90 | $ | 40.97 | $ | 40.00 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) |
0.77 | 1.70 | 2.03 | (d) | 2.39 | 2.32 | 1.66 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(2.00 | ) | 1.79 | (0.95 | )(d) | 0.23 | (1.24 | ) | 0.89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(1.23 | ) | 3.49 | 1.08 | 2.62 | 1.08 | 2.55 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income |
(0.84 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | (2.15 | ) | (1.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.84 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | (2.15 | ) | (1.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Asset Value, end of period |
$ | 38.24 | $ | 40.31 | $ | 39.06 | $ | 40.19 | $ | 39.90 | $ | 40.97 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Return (%) |
(3.10 | )**(e) | 8.31 | (e) | 2.91 | (e) | 6.87 | (e) | 2.76 | (e) | 6.43 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
Net Assets, end of period ($ millions) |
4,802 | 6,666 | 6,209 | 3,062 | 1,796 | 220 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.20 | 0.20 | 0.25 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) |
0.15 | * | 0.15 | 0.15 | 0.17 | 0.20 | 0.25 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) |
3.92 | * | 4.27 | 5.27 | (d) | 6.06 | 5.86 | 5.57 | * | |||||||||||||||
Portfolio turnover rate (%)(f) |
13 | ** | 37 | 54 | 29 | 32 | 36 | ** |
(a) |
For the period December 7, 2016 (commencement of operations) through August 31, 2017. |
(b) |
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. |
(c) |
Based on average shares outstanding during the period. |
(d) |
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. |
(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. | 73 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 28, 2022, the Trust consists of thirty-six 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index | |
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF |
Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index | |
Xtrackers Short Duration High Yield Bond ETF | Solactive USD High Yield Corporates Total Market 0-5 Year Index | |
Xtrackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
74
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
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.
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 Funds’ Board. 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 Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
75
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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.
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, 2022, the Funds did not incur any interest or penalties.
At August 31, 2021, 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 |
$ | 2,689,526 | $ | 7,800,548 | $ | 10,490,074 | ||||||
Xtrackers Low Beta High Yield Bond ETF |
2,299,291 | 945,160 | 3,244,451 | |||||||||
Xtrackers Short Duration High Yield Bond ETF |
— | 420,709 | 420,709 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF |
16,148,977 | 61,720,592 | 77,869,569 |
76
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of August 31, 2021, 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 |
$ | 20,413,294 | $ | 157,148 | $ | 334,227 | $ | (177,079 | ) | |||||||
Xtrackers Low Beta High Yield Bond ETF |
763,246,426 | 9,656,626 | 10,135,340 | (478,714 | ) | |||||||||||
Xtrackers Short Duration High Yield Bond ETF |
77,497,802 | 1,588,348 | 1,672,322 | (83,974 | ) | |||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
6,974,502,514 | (58,833 | ) | 58,267,957 | (58,326,790 | ) |
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, 2022, 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 to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2022, 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 (0.06% annualized effective rate as of February 28, 2022) 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.
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Notes to Financial Statements (Unaudited) (Continued)
As of February 28, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of February 28, 2022 |
||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
Xtrackers High Beta High Yield Bond ETF |
|
|||||||||||||||||||
Corporate Bonds |
$ | 1,561,891 | $ | — | $ | 63,631 | $ | 460,616 | $ | 2,086,138 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 2,086,138 | |||||||||||||||||
Xtrackers Low Beta High Yield Bond ETF |
|
|||||||||||||||||||
Corporate Bonds |
$ | 20,540,953 | $ | — | $ | 932,305 | $ | 8,678,525 | $ | 30,151,783 | ||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 30,151,783 | |||||||||||||||||
Xtrackers Short Duration High Yield Bond ETF |
|
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Corporate Bonds |
$ | 3,496,240 | $ | — | $ | 123,297 | $ | 887,723 | $ | 4,507,260 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 4,507,260 | |||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
|
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Corporate Bonds |
$ | 181,376,226 | $ | — | $ | 5,789,407 | $ | 45,407,018 | $ | 232,572,651 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 232,572,651 |
As of February 28, 2022, Xtrackers Risk Managed USD High Yield Strategy ETF had no securities on loan.
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee |
||||
Xtrackers High Beta High Yield Bond ETF |
0.35 | % | ||
Xtrackers Low Beta High Yield Bond ETF |
0.25 | % | ||
Xtrackers Risk Managed USD High Yield Strategy ETF |
0.30 | % | ||
Xtrackers Short Duration High Yield Bond ETF |
0.20 | % | ||
Xtrackers USD High Yield Corporate Bond ETF |
0.20 | % |
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 16, 2022, 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
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Notes to Financial Statements (Unaudited) (Continued)
extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2022, the Advisor waived $15,834 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 16, 2022, 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, 2022, the Advisor waived $241,292 of expenses to the Fund.
The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 16, 2022, 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, 2022, the Advisor waived $1,576,628 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 Funds. For the period ended February 28, 2022, the Advisor waived expenses of the Funds as follows:
Expenses Waived |
||||
Xtrackers High Beta High Yield Bond ETF |
$ | 148 | ||
Xtrackers Low Beta High Yield Bond ETF |
1,861 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF |
1,798 | |||
Xtrackers Short Duration High Yield Bond ETF |
483 | |||
Xtrackers USD High Yield Corporate Bond ETF |
6,934 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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, 2022, 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 |
$ | 6,265,150 | $ | 6,191,773 | ||||
Xtrackers Low Beta High Yield Bond ETF |
313,208,740 | 301,890,012 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
533,752 | — | ||||||
Xtrackers Short Duration High Yield Bond ETF |
21,978,414 | 19,443,624 | ||||||
Xtrackers USD High Yield Corporate Bond ETF |
777,926,589 | 810,013,820 |
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Notes to Financial Statements (Unaudited) (Continued)
For the period ended February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 6,850,243 | $ | 2,273,725 | ||||
Xtrackers Low Beta High Yield Bond ETF |
810,168,401 | — | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF |
28,439,060 | — | ||||||
Xtrackers Short Duration High Yield Bond ETF |
18,992,161 | 4,410,318 | ||||||
Xtrackers USD High Yield Corporate Bond ETF |
2,200,896,083 | 3,686,941,094 |
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, 2022, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:
Securities Purchased |
Securities Sold |
Net Realized Gain (Loss) on Securities Sold |
||||||||||
Xtrackers High Beta High Yield Bond ETF |
$ | 1,604,138 | $ | 3,693,538 | $ | 18,541 | ||||||
Xtrackers Low Beta High Yield Bond ETF |
4,960,334 | 2,470,999 | (76,784 | ) | ||||||||
Xtrackers USD High Yield Corporate Bond ETF |
866,861 | 1,266,796 | 18,258 |
5. Fund Share Transactions
As of February 28, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. The 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 the Fund’s status as a regulated
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Notes to Financial Statements (Unaudited) (Continued)
investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 28, 2022.
8. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Funds and their service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.
9. Stock Split
On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split of its outstanding shares. The net effect of the stock split was to increase the number of outstanding shares and decrease the net asset value per share by a proportionate amount for the shares of the Fund. The stock split had no impact on the overall value of a shareholder’s investment in the Fund. Capital share activity referenced in the Statement of Changes in Net Assets, and per share and net asset value data in the Financial Highlights tables have been restated to reflect the stock split.
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DBX ETF Trust
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
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 (“Advisors”) 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). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors 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 2022, as required by the Program and the Liquidity Rule, Advisors 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, 2020 through November 30, 2021 (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 3 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, the 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, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
82 |
DBX ETF Trust
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 16-17, 2022 (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 also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16 and February 17, 2022. 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, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
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 each of 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 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.
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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.
Xtrackers Risk Managed USD High Yield Strategy 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 November 16, 2021, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers, unanimously approved the (i) Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers Risk Managed USD High Yield ETF (subsequently renamed as Xtrackers Risk Managed USD High Yield Strategy ETF) (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its 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 Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.
The Board reached a determination, with the assistance of 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 the 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 to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, 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, 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 will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange 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 Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the
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Advisor will provide 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 Fund.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fee to be 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 Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently managed funds (which would also cover the Fund).
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 the Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.
Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.
Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.
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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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
Rev. 12/2021
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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. 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 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 its 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 © 2022 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-050032-6 (4/22) DBX005125 (4/23)