May 31, 2022

Annual Report

DBX ETF Trust

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     3  

Performance Summary

  

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

     6  

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

     8  

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

     10  

Xtrackers Municipal Infrastructure Revenue Bond ETF

     12  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     14  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     16  

Fees and Expenses

     18  

Schedule of Investments

  

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

     19  

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

     31  

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

     36  

Xtrackers Municipal Infrastructure Revenue Bond ETF

     53  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     61  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     68  

Statements of Assets and Liabilities

     72  

Statements of Operations

     74  

Statements of Changes in Net Assets

     76  

Financial Highlights

     79  

Notes to Financial Statements

     82  

Report of Independent Registered Public Accounting Firm

     93  

Liquidity Risk Management

     94  

Board Considerations in Approval of Investment Advisory Contracts

     95  

Board Members and Officers

     98  

Additional Information

     101  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report for our six ETFs tracking the fixed income and equity dividend markets for the period ended May 31, 2022.

Globally, economic recovery had been underway, recouping from the impact of the COVID-19 pandemic, aided by accelerated vaccinations and high levels of post-infection immunity. However, developments around fast-spreading new variants, like Omicron in Q1 2022, resulted in strict lockdowns and the subsequent resurgence in cases raised concerns over the growth outlook and supply chain constraints. Geopolitical tensions stemming from the war in Ukraine amplified uncertainties and added to the woes of economies globally. Central banks pivoted to higher interest rates in the face of high inflation only to be challenged by slowing growth.

U.S. bond returns were volatile during the reporting period, driven by various economic events throughout the year, coupled with uncertainties around new variants like Omicron. Yields fell initially on moderating economic recovery followed by elevated inflation and hawkish central bank policy shifts buffeting the markets in Q4 2021. The emergence of the Omicron variant, along with the Ukraine war in early 2022, also made markets volatile, influencing a shift to safe haven assets. The U.S. 1-year Treasury yield rose over the reporting period, largely attributed to the first four months of 2022, driven by a significant rate hike in March 2022 and followed by a slight correction in May 2022.

With the Omicron wave easing, Eurozone’s economy continued to recover. Elevated inflation, slower economic growth, and a strong labor market highlighted Eurozone’s economic backdrop, alongside the war unfolding in Ukraine. Latest GDP1 data revealed the Euro Area economy had matched growth in Q4 2021. Developments around the Omicron variant and associated restrictions, as well as the impact of the war in Ukraine on commodity prices and supply chains, were the predominant factors weighing on growth. Eurozone’s inflation treaded higher over the period amid rising geopolitical risks and gas supply concerns, but stabilized in April 2022. Although the labor market remained a bright spot, consumer confidence dropped significantly over the period amid prevalent uncertainties. The accommodative European Central Bank (ECB) pivoted to a more hawkish tone lately. President Lagarde remarked the ECB could end the bond-buying program in July and steer away from negative interest rates by the end of the third quarter, chalking out plans to incorporate further hikes. The UK 10-year yield almost tripled over the reporting period, mostly attributed to an all-time high inflation in the UK and the Bank of England’s raising interest rates in Q1 2022. In the Eurozone, both Germany and Italy have witnessed rising 10-year yields in 2022 as Europe has seen surging inflation and speculation around monetary tightening.

Developments around the pandemic, central banks’ pivoting towards higher interest rates, sticky inflation alongside risks of recession, and geopolitics-fueled uncertainties are major themes for investors to digest. Although labor markets have recovered, and the number of Omicron variant infections receded, consumer confidence has remained weak owing to a less favorable long-term economic outlook. The economic impairment from the war in Ukraine is expected to contribute to a significant slowdown in global growth in 2022. However, a fragmented recovery is anticipated, as policy responses based on the region’s needs would influence growth. Investors remain wary of further actions from central banks as they balance the task of taming inflation and supporting slowing growth.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR), seeks to track the performance, before fees and expenses, of the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the ESCR Index). The ESCR index measures the investment grade, fixed-rate, taxable corporate bond market, including USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers, while implementing ESG considerations. On August 24, 2021, Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF was renamed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. Also on August 24, 2021, the Fund’s Underlying Index, Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index, was renamed to Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes have no impact on the Fund’s investment objective, policies, or investment strategy. For the 12-month period ended May 31, 2022, ESCR returned -10.36%, compared to the ESCR Index return of -10.30%.

All sectors contributed negatively to performance during the period with the Financial Institutions, Consumer Non-Cyclical and Technology sectors detracting the most from performance.

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the ESEB Index). The index is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities, while implementing ESG considerations. For the 12-month period ended May 31, 2022, ESEB returned -16.16%, compared to the ESEB Index return of -16.30%.

From a geographical perspective, Oman, Belize and Zambia were the major positive contributors while Ghana, Ukraine and Russia contributed negatively to performance.

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the ESHY Index). The ESHY Index provides exposure to a USD denominated high yield corporate bond index of developed market issuers while implementing ESG considerations. For the 12-month period ended May 31, 2022, ESHY returned -4.90%, compared to the ESHY Index return of -4.62%.

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

Xtrackers Municipal Infrastructure Revenue Bond ETF

The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the RVNU Index). The RVNU Index is designed to track returns of the segment of the U.S. long-term tax-exempt bond market that consists of infrastructure revenue bonds. For the 12-month period ended May 31, 2022, RVNU returned -9.87%, compared to the RVNU Index return of -9.46%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Transport, Utility and Tax-Backed while General Obligation sector was the only positive contributor to performance.

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the HDAW Index). The HDAW Index is designed to give investors exposure to equity securities across developed and emerging market countries (excluding the United States), with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher

 

3


DBX ETF Trust

 

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

 

dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2022, HDAW returned -3.61%, compared to the HDAW Index return of -3.47%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Energy, Materials and Consumer Discretionary while Health Care sector was the only positive contributor to performance. From a geographical perspective, United Kingdom, Indonesia and Switzerland were the major positive contributors while Russia, Hong Kong and Germany contributed negatively to performance.

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the HDEF Index). The HDEF Index is designed to give investors exposure to equity securities in developed international stock markets, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2022, HDEF returned -2.15%, compared to the HDEF Index return of -2.17%.

Health Care and Energy were the major positive contributors while Utilities, Consumer Discretionary and Financials sector detracted most from the performance. From a geographical perspective, United Kingdom, Switzerland and Singapore were the major positive contributors while Germany, Italy and Japan contributed negatively to performance.

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

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

The Xtrackers Bloomberg US Investment Grade Corporate ESG 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 Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. On August 24, 2021 the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF name changed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. At that time, the Underlying Index was renamed from the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes had no impact on the Fund’s investment objective, policies, or investment strategy. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    Bloomberg MSCI US
Corporate Sustainability
SRI Sector/Credit/
Maturity Neutral  Index2
   Bloomberg US
Aggregate Bond Index

One Year

   -10.36%    -10.19%    -10.30%    -8.22%

Five Year

   -1.17%    -1.37%    -2.01%    1.18%

Since Inception1

   -0.31%    -0.31%    -0.90%    1.47%
Cumulative Total Returns
      Net Asset Value    Market Value    Bloomberg MSCI US
Corporate Sustainability
SRI Sector/Credit/
Maturity Neutral Index2
   Bloomberg US
Aggregate Bond Index

One Year

   -10.36%    -10.19%    -10.30%    -8.22%

Five Year

   -5.71%    -6.68%    -9.67%    6.02%

Since Inception1

   -2.25%    -2.25%    -6.33%    11.15%

1 Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

2 On May 12, 2020, the Fund changed its Underlying Index from Solactive Investment Grade Bond — Interest Rate Hedged Index to the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. Returns reflect performance for the Solactive Investment Grade Bond — Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, March 3, 2015.

Sector Diversification* as of May 31, 2022

 

Financial

    33.7%  

Consumer, Non-cyclical

    17.0%  

Technology

    11.0%  

Communications

    8.9%  

Utilities

    8.3%  

Industrial

    7.4%  

Consumer, Cyclical

    7.2%  

Energy

    4.4%  

Basic Materials

    2.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of May 31, 2022: 7.8 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2022

 

Description   % of Market Value  

AAA

    3.9%  

AA

    14.3%  

A

    43.7%  

BBB

    38.1%  
 

 

 

 

Total

    100.0%  

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s and S&P 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 May 31, 2022

 

United States

    87.3%  

Canada

    3.8%  

United Kingdom

    3.3%  

Other

    5.6%  
 

 

 

 

Total

    100.0%  

 

* 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 19.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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 J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    J.P. Morgan ESG EMBI
Global Diversified
Sovereign Index2
   J.P. Morgan EMBI
Global Diversified
Sovereign Index

One Year

   -16.16%    -16.39%    -16.30%    -16.11%

Five Year

   -2.04%    -2.06%    -3.33%    -0.23%

Since Inception1

   0.13%    0.14%    -0.89%    1.91%
Cumulative Total Returns
      Net Asset Value    Market Value    J.P. Morgan ESG EMBI
Global Diversified
Sovereign Index2
   J.P. Morgan EMBI
Global Diversified
Sovereign Index

One Year

   -16.16%    -16.39%    -16.30%    -16.11%

Five Year

   -9.75%    -9.89%    -15.58%    -1.15%

Since Inception1

   0.98%    1.00%    -6.27%    14.67%

1 Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

2 On May 12, 2020, the Fund changed its Underlying Index from Solactive Emerging Markets Bond — Interest Rate Hedged Index to the J.P. Morgan ESG EMBI Global Diversified Sovereign Index. Returns reflect performance for the Solactive Emerging Markets Bond — Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, March 3, 2015.

 

Quality* as of May 31, 2022

 

Description   % of Market Value  

AA

    8.3%  

A

    11.3%  

BBB

    33.2%  

BB

    21.6%  

B

    19.9%  

CCC

    3.3%  

CC

    1.6%  

NR

    0.8%  
 

 

 

 

Total

    100.0%  

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s and S&P 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 May 31, 2022

 

Saudi Arabia

    5.6%  

Panama

    4.3%  

Philippines

    4.2%  

Uruguay

    4.1%  

Qatar

    4.1%  

Brazil

    3.7%  

Dominican Republic

    3.4%  

Peru

    3.3%  

Indonesia

    3.3%  

Oman

    3.1%  

Mexico

    3.1%  

United Arab Emirates

    3.1%  

South Africa

    3.0%  

Turkey

    2.8%  

Chile

    2.8%  

Egypt

    2.7%  

Romania

    2.7%  

Colombia

    2.3%  

Ecuador

    2.2%  

Argentina

    2.2%  

Costa Rica

    2.1%  

Bahrain

    2.0%  

Other

    29.9%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of May 31, 2022: 7.4 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 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 31.

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

The Xtrackers J.P. Morgan ESG 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 J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    J.P. Morgan ESG DM
Corporate High Yield
USD Index2
   Baseline JESG DM
Corporate HY USD
Index

One Year

   -4.90%    -4.67%    -4.62%    -4.66%

Five Year

   1.98%    1.95%    0.92%    3.59%

Since Inception1

   2.17%    2.18%    1.67%    4.35%
Cumulative Total Returns
      Net Asset Value    Market Value    J.P. Morgan ESG DM
Corporate High Yield
USD Index2
   Baseline JESG DM
Corporate HY USD
Index

One Year

   -4.90%    -4.67%    -4.62%    -4.66%

Five Year

   10.29%    10.16%    4.71%    19.27%

Since Inception1

   16.86%    16.91%    12.76%    36.19%

1 Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

2 On May 12, 2020, the Fund changed its Underlying Index from Solactive High Yield Corporate Bond — Interest Rate Hedged Index to the J.P. Morgan ESG DM Corporate High Yield USD Index. Returns reflect performance for theSolactive High Yield Corporate Bond — Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, March 3, 2015.

Sector Diversification* as of May 31, 2022

 

Consumer, Cyclical

    19.9%  

Communications

    17.9%  

Consumer, Non-cyclical

    15.0%  

Energy

    13.9%  

Industrial

    10.9%  

Financial

    10.8%  

Basic Materials

    5.7%  

Technology

    4.6%  

Utilities

    1.2%  

Diversified

    0.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of May 31, 2022: 4.4 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2022

 

Description   % of Market Value  

A

    0.0%  

BBB

    8.4%  

BB

    56.2%  

B

    25.4%  

CCC

    9.9%  

CC

    0.1%  
 

 

 

 

Total

    100.0%  

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s and S&P 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 May 31, 2022

 

United States

    85.9%  

Canada

    3.8%  

Other

    10.3%  
 

 

 

 

Total

    100.0%  

 

* As a percentage 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 36.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

The Xtrackers Municipal Infrastructure Revenue 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 Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value   

Solactive Municipal

Infrastructure Revenue

Bond Index

  

S&P Municipal Bond

Revenue Index

One Year

   -9.87%    -10.58%    -9.46%    -6.67%

Five Year

   1.93%    1.87%    2.38%    2.07%

Since Inception1

   3.15%    3.08%    3.48%    2.92%
Cumulative Total Returns
      Net Asset Value    Market Value   

Solactive Municipal

Infrastructure Revenue

Bond Index

  

S&P Municipal Bond

Revenue Index

One Year

   -9.87%    -10.58%    -9.46%    -6.67%

Five Year

   10.04%    9.73%    12.47%    10.79%

Since Inception1

   32.22%    31.42%    36.00%    29.56%

1 Total returns are calculated based on the commencement of operations, June 4, 2013 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, June 4, 2013.

Sector Diversification* as of May 31, 2022

 

Airport

    31.8%  

Transportation

    31.4%  

Water

    14.3%  

General

    8.7%  

Power

    8.6%  

Utilities

    3.1%  

Development

    2.1%  
 

 

 

 

Total

    100.0%  

Modified duration to worst as of May 31, 2022: 8.0 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2022

 

Description   % of
Market
Value
 

AAA

    5.0%  

AA

    50.4%  

A

    41.4%  

BBB

    3.2%  
 

 

 

 

Total

    100.0%  

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

 

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 53.

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

The Xtrackers MSCI All World ex US High Dividend Yield Equity 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 MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI ACWI ex USA
High Dividend Yield
Index
   MSCI ACWI ex US
Index

One Year

   -3.61%    -4.11%    -3.47%    -12.31%

Five Year

   3.05%    3.00%    3.08%    4.42%

Since Inception1

   3.71%    3.65%    3.87%    4.59%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI ACWI ex USA
High Dividend Yield
Index
   MSCI ACWI ex US
Index

One Year

   -3.61%    -4.11%    -3.47%    -12.31%

Five Year

   16.18%    15.92%    16.36%    24.16%

Since Inception1

   28.14%    27.63%    29.47%    35.70%

1 Total returns are calculated based on the commencement of operations, August 12, 2015 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, August 12, 2015.

Sector Diversification* as of May 31, 2022

 

Financials

    22.4%  

Materials

    18.9%  

Consumer Staples

    11.5%  

Health Care

    11.2%  

Industrials

    8.6%  

Utilities

    7.6%  

Consumer Discretionary

    5.7%  

Information Technology

    4.6%  

Communication Services

    4.0%  

Real Estate

    2.8%  

Energy

 

    2.7%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (27.8% of Net Assets)

 

Description   % of Net Assets  

Novartis AG (Switzerland)

    4.9%  

BHP Group Ltd. (Australia)

    4.0%  

Unilever PLC (United Kingdom)

    3.1%  

Sanofi (France)

    3.0%  

GSK PLC (United Kingdom)

    2.7%  

British American Tobacco PLC (United Kingdom)

    2.4%  

Allianz SE (Germany)

    2.1%  

Rio Tinto PLC (United Kingdom)

    2.0%  

Vale SA (Brazil)

    1.8%  

China Construction Bank Corp. (China)

    1.8%  
Country Diversification* as of May 31, 2022

 

United Kingdom

    16.5%  

Japan

    9.7%  

Switzerland

    9.5%  

Australia

    7.7%  

Taiwan

    6.6%  

China

    6.0%  

France

    5.4%  

Germany

    4.8%  

Hong Kong

    3.6%  

Canada

    3.6%  

Brazil

    3.2%  

Spain

    2.8%  

Italy

    2.6%  

Netherlands

    2.1%  

Other

 

    15.9%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equilvants.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 61.

 

15


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

The Xtrackers MSCI EAFE High Dividend Yield Equity 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 MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI EAFE High
Dividend Yield Index
   MSCI EAFE Index

One Year

   -2.15%    -2.11%    -2.17%    -10.66%

Five Year

   2.88%    2.83%    2.89%    4.17%

Since Inception1

   3.95%    3.96%    4.07%    4.05%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI EAFE High
Dividend Yield Index
   MSCI EAFE Index

One Year

   -2.15%    -2.11%    -2.17%    -10.66%

Five Year

   15.28%    14.97%    15.32%    22.69%

Since Inception1

   30.13%    30.23%    31.20%    31.01%

1 Total returns are calculated based on the commencement of operations, August 12, 2015 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

16


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, August 12, 2015.

Sector Diversification* as of May 31, 2022

 

Materials

    19.7%  

Financials

    18.2%  

Consumer Staples

    16.0%  

Health Care

    14.2%  

Utilities

    9.8%  

Industrials

    8.6%  

Consumer Discretionary

    6.8%  

Communication Services

    2.9%  

Real Estate

    2.3%  

Energy

    1.3%  

Information Technology

    0.2%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (38.8% of Net Assets)

 

Description   % of Net Assets  

Novartis AG (Switzerland)

    4.9%  

Unilever PLC (United Kingdom)

    4.8%  

Sanofi (France)

    4.7%  

BHP Group Ltd. (Australia)

    4.5%  

GSK PLC (United Kingdom)

    4.3%  

British American Tobacco PLC (United Kingdom)

    3.7%  

Allianz SE (Germany)

    3.3%  

Rio Tinto PLC (United Kingdom)

    3.2%  

Zurich Insurance Group AG (Switzerland)

    2.7%  

Iberdrola SA (Spain)

    2.7%  
Country Diversification* as of May 31, 2022

 

United Kingdom

    25.0%  

Japan

    13.7%  

Switzerland

    10.8%  

Australia

    10.3%  

France

    8.5%  

Germany

    7.5%  

Italy

    4.1%  

Spain

    3.5%  

Hong Kong

    3.5%  

Netherlands

    3.0%  

Singapore

    2.9%  

Other

    7.2%  
 

 

 

 

Total

    100.0%  

 

* 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 68.

 

17


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, limited these expenses; had they not done so, expenses would have been higher. 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 (December 1, 2021 to May 31, 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
December 1, 2021
     Ending
Account Value
May 31, 2022
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

 

Actual

   $ 1,000.00      $ 879.90        0.15   $ 0.70  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.18        0.15   $ 0.76  
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

 

Actual

   $ 1,000.00      $ 857.60        0.35   $ 1.62  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.19        0.35   $ 1.77  
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

 

Actual

   $ 1,000.00      $ 943.60        0.20   $ 0.97  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.93        0.20   $ 1.01  
Xtrackers Municipal Infrastructure Revenue Bond ETF

 

Actual

   $ 1,000.00      $ 893.00        0.15   $ 0.71  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.18        0.15   $ 0.76  
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

 

Actual

   $ 1,000.00      $ 1,042.30        0.20   $ 1.02  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.93        0.20   $ 1.01  
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

 

Actual

   $ 1,000.00      $ 1,065.50        0.20   $ 1.03  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.93        0.20   $ 1.01  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

 

18


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

May 31, 2022

 

   

Principal
Amount

   

Value

 
CORPORATE BONDS — 98.7%    
Basic Materials — 2.1%    
Chemicals — 1.5%            

Air Products and Chemicals, Inc.,
2.80%, 5/15/50

  $ 4,000     $ 3,083  

Dow Chemical Co.

   

7.375%, 11/1/29

    10,000       11,928  

2.10%, 11/15/30 (a)

    10,000       8,592  

3.60%, 11/15/50

    5,000       4,164  

DuPont de Nemours, Inc.

   

4.205%, 11/15/23

    10,000       10,191  

5.419%, 11/15/48

    8,000       8,500  

Ecolab, Inc.,
2.70%, 12/15/51

    5,000       3,767  

Linde, Inc.,
2.00%, 8/10/50

    5,000       3,313  

LYB International Finance III LLC,
2.25%, 10/1/30

    10,000       8,580  

LyondellBasell Industries NV,
4.625%, 2/26/55

    8,000       7,357  

Nutrien Ltd.

   

2.95%, 5/13/30

    10,000       9,205  

5.00%, 4/1/49

    6,000       6,271  

PPG Industries, Inc.,
1.20%, 3/15/26

    6,000       5,479  

Sherwin-Williams Co.,
4.50%, 6/1/47

    13,000       12,509  
   

 

 

 

(Cost $117,288)

      102,939  
   

 

 

 
Forest Products & Paper — 0.1%            

International Paper Co.,
4.80%, 6/15/44
(Cost $8,649)

    8,000       7,872  
   

 

 

 
Iron/Steel — 0.2%            

Steel Dynamics, Inc.

   

2.80%, 12/15/24

    2,000       1,968  

3.25%, 1/15/31

    12,000       10,938  
   

 

 

 

(Cost $14,755)

      12,906  
   

 

 

 
Mining — 0.3%            

Newmont Corp.

   

2.25%, 10/1/30

    10,000       8,620  

4.875%, 3/15/42

    5,000       5,067  

Rio Tinto Finance USA Ltd.,
2.75%, 11/2/51

    5,000       3,833  
   

 

 

 

(Cost $19,813)

      17,520  
   

 

 

 
Communications — 8.8%    
Advertising — 0.1%            

Interpublic Group of Cos., Inc.,
2.40%, 3/1/31
(Cost $5,107)

    5,000       4,211  
   

 

 

 
Internet — 2.4%            

Alibaba Group Holding Ltd.

   

3.40%, 12/6/27

    5,000       4,819  

4.50%, 11/28/34

    15,000       14,191  

3.25%, 2/9/61

    5,000       3,376  
   

Principal
Amount

   

Value

 
Internet (Continued)            

Alphabet, Inc.

   

1.998%, 8/15/26

  $ 22,000     $ 21,207  

2.05%, 8/15/50

    5,000       3,557  

2.25%, 8/15/60

    5,000       3,475  

Amazon.com, Inc.

   

5.20%, 12/3/25

    13,000       13,870  

1.00%, 5/12/26

    10,000       9,245  

1.65%, 5/12/28

    5,000       4,523  

1.50%, 6/3/30

    12,000       10,251  

2.10%, 5/12/31

    10,000       8,824  

2.875%, 5/12/41

    10,000       8,362  

3.10%, 5/12/51

    10,000       8,354  

3.25%, 5/12/61

    10,000       8,140  

4.10%, 4/13/62

    15,000       14,429  

Baidu, Inc.,
1.625%, 2/23/27

    10,000       8,920  

Booking Holdings, Inc.,
3.60%, 6/1/26

    8,000       8,040  

eBay, Inc.

   

1.90%, 3/11/25

    5,000       4,773  

4.00%, 7/15/42

    7,000       6,166  
   

 

 

 

(Cost $184,457)

      164,522  
   

 

 

 
Media — 1.9%            

Discovery Communications LLC

   

3.45%, 3/15/25

    10,000       9,831  

5.20%, 9/20/47

    5,000       4,574  

4.65%, 5/15/50

    5,000       4,207  

4.00%, 9/15/55

    6,000       4,554  

Fox Corp.

   

3.05%, 4/7/25

    11,000       10,850  

5.576%, 1/25/49

    5,000       5,215  

Paramount Global

   

4.95%, 1/15/31

    16,000       16,001  

4.95%, 5/19/50

    7,000       6,375  

TWDC Enterprises 18 Corp.,MTN,
2.95%, 6/15/27

    13,000       12,704  

Walt Disney Co.

   

1.75%, 8/30/24

    4,000       3,914  

3.70%, 3/23/27

    11,000       11,089  

2.65%, 1/13/31

    10,000       9,067  

2.75%, 9/1/49

    8,000       6,053  

4.70%, 3/23/50

    10,000       10,454  

3.60%, 1/13/51

    5,000       4,402  

3.80%, 5/13/60

    7,000       6,209  
   

 

 

 

(Cost $144,062)

      125,499  
   

 

 

 
Telecommunications — 4.4%            

Bell Telephone Co. of Canada or Bell Canada,Series US-4,
3.65%, 3/17/51

    3,000       2,556  

British Telecommunications PLC,
5.125%, 12/4/28

    10,000       10,262  

Cisco Systems, Inc.

   

2.20%, 9/20/23

    5,000       4,995  

5.50%, 1/15/40

    7,000       7,978  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Telecommunications (Continued)            

Corning, Inc.

   

5.35%, 11/15/48

  $ 4,000     $ 4,273  

4.375%, 11/15/57

    3,000       2,734  

Deutsche Telekom International Finance BV,
8.75%, 6/15/30

    10,000       12,744  

Motorola Solutions, Inc.,
2.30%, 11/15/30

    10,000       8,170  

Orange SA,
5.50%, 2/6/44

    6,000       6,585  

Rogers Communications, Inc.

   

4.50%, 3/15/43

    8,000       7,351  

4.30%, 2/15/48

    2,000       1,742  

3.70%, 11/15/49

    5,000       4,080  

Telefonica Europe BV,
8.25%, 9/15/30

    25,000       31,139  

TELUS Corp.,
3.70%, 9/15/27

    10,000       10,009  

Verizon Communications, Inc.

   

3.376%, 2/15/25

    5,000       5,051  

4.016%, 12/3/29

    8,000       7,946  

2.55%, 3/21/31

    11,000       9,757  

2.355%, 3/15/32

    20,000       17,228  

4.40%, 11/1/34

    25,000       25,266  

4.272%, 1/15/36

    17,000       16,813  

4.812%, 3/15/39

    20,000       20,792  

2.875%, 11/20/50

    15,000       11,221  

3.55%, 3/22/51

    5,000       4,243  

2.987%, 10/30/56

    9,000       6,676  

3.00%, 11/20/60

    6,000       4,373  

3.70%, 3/22/61

    12,000       10,051  

Vodafone Group PLC

   

4.125%, 5/30/25

    15,000       15,272  

4.375%, 2/19/43

    16,000       14,640  

5.25%, 5/30/48

    6,000       6,003  

4.25%, 9/17/50

    5,000       4,432  
   

 

 

 

(Cost $323,184)

      294,382  
   

 

 

 
Consumer, Cyclical — 7.1%    
Apparel — 0.3%            

NIKE, Inc.

   

2.75%, 3/27/27

    8,000       7,842  

3.625%, 5/1/43

    11,000       10,216  

VF Corp.,
2.40%, 4/23/25 (a)

    5,000       4,850  
   

 

 

 

(Cost $25,466)

      22,908  
   

 

 

 
Auto Manufacturers — 1.1%            

American Honda Finance Corp., MTN,
2.15%, 9/10/24

    30,000       29,441  

Cummins, Inc.,
1.50%, 9/1/30

    11,000       9,099  

Toyota Motor Credit Corp. GMTN,

   

3.45%, 9/20/23

    10,000       10,115  

3.65%, 1/8/29

    20,000       19,801  

1.90%, 9/12/31

    7,000       5,912  
   

 

 

 

(Cost $79,643)

      74,368  
   

 

 

 
   

Principal
Amount

   

Value

 
Auto Parts & Equipment — 0.3%            

Aptiv PLC / Aptiv Corp., 3.25%, 3/1/32

  $ 10,000     $ 8,857  

Lear Corp., 3.50%, 5/30/30

    10,000       9,023  
   

 

 

 

(Cost $20,694)

      17,880  
   

 

 

 
Entertainment — 0.7%            

Magallanes, Inc.

   

144A,3.755%, 3/15/27

    15,000       14,566  

144A,4.279%, 3/15/32

    10,000       9,339  

144A,5.05%, 3/15/42

    15,000       13,572  

144A,5.141%, 3/15/52

    10,000       8,957  
   

 

 

 

(Cost $46,491)

      46,434  
   

 

 

 
Home Builders — 0.2%            

D.R. Horton, Inc.,
5.75%, 8/15/23

    8,000       8,225  

MDC Holdings, Inc.,
3.966%, 8/6/61

    2,000       1,269  

NVR, Inc.,
3.00%, 5/15/30

    5,000       4,486  
   

 

 

 

(Cost $15,723)

      13,980  
   

 

 

 
Home Furnishings — 0.1%            

Whirlpool Corp.,
2.40%, 5/15/31

   

(Cost $6,017)

    6,000       5,100  
   

 

 

 
Leisure Time — 0.1%            

Harley-Davidson, Inc.,
3.50%, 7/28/25
(Cost $5,249)

    5,000       4,912  
   

 

 

 
Retail — 4.2%            

AutoNation, Inc.,
3.50%, 11/15/24

    5,000       4,973  

Costco Wholesale Corp.,
1.75%, 4/20/32

    10,000       8,461  

Dollar General Corp.,
3.875%, 4/15/27

    8,000       8,016  

Dollar Tree, Inc.

   

4.00%, 5/15/25

    5,000       5,049  

2.65%, 12/1/31

    7,000       5,946  

Home Depot, Inc.

   

3.75%, 2/15/24

    5,000       5,095  

3.00%, 4/1/26

    8,000       8,001  

2.70%, 4/15/30

    28,000       26,087  

3.90%, 6/15/47

    2,000       1,869  

4.50%, 12/6/48

    5,000       5,102  

2.375%, 3/15/51

    5,000       3,569  

2.75%, 9/15/51

    5,000       3,810  

3.50%, 9/15/56

    10,000       8,609  

Lowe’s Cos., Inc.

   

3.65%, 4/5/29

    14,000       13,603  

2.625%, 4/1/31

    15,000       13,266  

2.80%, 9/15/41

    5,000       3,885  

4.375%, 9/15/45

    6,000       5,520  

4.55%, 4/5/49

    4,000       3,820  

3.00%, 10/15/50

    5,000       3,741  

McDonald’s Corp.

   

MTN, 1.45%, 9/1/25

    10,000       9,459  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Retail (Continued)            

MTN, 2.125%, 3/1/30

  $ 21,000     $ 18,454  

MTN, 4.45%, 9/1/48

    5,000       4,844  

MTN, 3.625%, 9/1/49

    10,000       8,636  

Starbucks Corp.

   

3.85%, 10/1/23

    10,000       10,124  

4.00%, 11/15/28

    2,000       2,011  

2.55%, 11/15/30

    2,000       1,764  

4.50%, 11/15/48

    5,000       4,745  

3.50%, 11/15/50

    5,000       4,075  

Target Corp.

   

2.50%, 4/15/26

    7,000       6,866  

4.00%, 7/1/42

    6,000       5,831  

2.95%, 1/15/52

    3,000       2,418  

TJX Cos., Inc.,
2.25%, 9/15/26

    8,000       7,648  

Walgreens Boots Alliance, Inc.

   

3.80%, 11/18/24

    5,000       5,069  

4.10%, 4/15/50

    5,000       4,176  

Walmart, Inc.

   

2.85%, 7/8/24

    10,000       10,051  

1.05%, 9/17/26

    15,000       13,842  

1.50%, 9/22/28

    5,000       4,466  

1.80%, 9/22/31

    16,000       13,937  

2.65%, 9/22/51

    10,000       7,934  
   

 

 

 

(Cost $318,683)

      284,772  
   

 

 

 
Toys/Games/Hobbies — 0.1%            

Hasbro, Inc.,
3.90%, 11/19/29

   

(Cost $6,067)

    6,000       5,746  
   

 

 

 
Consumer, Non-cyclical — 16.8%    
Agriculture — 0.2%            

Archer-Daniels-Midland Co.,
4.50%, 3/15/49

    8,000       8,422  

Bunge Ltd. Finance Corp.,
2.75%, 5/14/31

    4,000       3,471  
   

 

 

 

(Cost $14,104)

      11,893  
   

 

 

 
Beverages — 1.8%            

Coca-Cola Co.

   

3.45%, 3/25/30

    25,000       24,868  

4.20%, 3/25/50

    10,000       10,194  

Fomento Economico Mexicano SAB de CV,
3.50%, 1/16/50

    10,000       8,240  

Keurig Dr Pepper, Inc.,
2.55%, 9/15/26

    30,000       28,527  

PepsiCo, Inc.

   

0.40%, 10/7/23

    12,000       11,733  

2.75%, 3/19/30

    21,000       19,811  

1.95%, 10/21/31

    10,000       8,759  

2.75%, 10/21/51

    10,000       8,103  
   

 

 

 

(Cost $135,044)

      120,235  
   

 

 

 
Biotechnology — 1.6%            

Amgen, Inc.

   

3.625%, 5/22/24

    10,000       10,120  

4.40%, 5/1/45

    25,000       23,947  
   

Principal
Amount

   

Value

 
Biotechnology (Continued)            

3.375%, 2/21/50

  $ 5,000     $ 4,041  

4.663%, 6/15/51

    4,000       3,977  

3.00%, 1/15/52

    3,000       2,251  

2.77%, 9/1/53

    5,000       3,564  

Baxalta, Inc.,
5.25%, 6/23/45

    10,000       10,395  

Biogen, Inc.

   

4.05%, 9/15/25

    10,000       10,090  

144A,3.25%, 2/15/51

    5,000       3,677  

Gilead Sciences, Inc.

   

2.95%, 3/1/27

    15,000       14,550  

1.65%, 10/1/30

    2,000       1,696  

4.00%, 9/1/36

    9,000       8,768  

4.75%, 3/1/46

    5,000       5,005  

4.15%, 3/1/47

    6,000       5,529  

2.80%, 10/1/50

    1,000       732  
   

 

 

 

(Cost $124,261)

      108,342  
   

 

 

 
Commercial Services — 0.6%            

Equifax, Inc.,
2.60%, 12/15/25

    8,000       7,677  

Moody’s Corp.,
5.25%, 7/15/44

    6,000       6,327  

PayPal Holdings, Inc.

   

2.85%, 10/1/29

    5,000       4,649  

3.25%, 6/1/50 (a)

    5,000       3,962  

Quanta Services, Inc.,
2.90%, 10/1/30

    5,000       4,352  

RELX Capital, Inc.,
4.00%, 3/18/29

    5,000       4,978  

S&P Global, Inc.,
2.30%, 8/15/60

    5,000       3,227  

Verisk Analytics, Inc.,
3.625%, 5/15/50

    5,000       4,041  
   

 

 

 

(Cost $47,214)

      39,213  
   

 

 

 
Cosmetics/Personal Care — 1.0%            

Colgate-Palmolive Co.,
MTN, 4.00%, 8/15/45

    3,000       2,897  

Estee Lauder Cos., Inc.,
2.00%, 12/1/24

    20,000       19,648  

GSK Consumer Healthcare Capital US LLC

   

144A,3.375%, 3/24/27

    8,000       7,837  

144A,3.625%, 3/24/32

    7,000       6,696  

Procter & Gamble Co.

   

2.85%, 8/11/27

    11,000       10,831  

3.60%, 3/25/50

    5,000       4,749  

Unilever Capital Corp.

   

1.75%, 8/12/31

    10,000       8,468  

Series 30Y,
2.625%, 8/12/51

    5,000       3,709  
   

 

 

 

(Cost $70,597)

      64,835  
   

 

 

 
Food — 2.0%            

Campbell Soup Co.,
4.15%, 3/15/28

    5,000       5,016  

Conagra Brands, Inc.

   

4.30%, 5/1/24

    7,000       7,101  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Food (Continued)            

5.40%, 11/1/48

  $ 5,000     $ 5,035  

General Mills, Inc.

   

3.20%, 2/10/27

    6,000       5,886  

3.00%, 2/1/51 (a)

    7,000       5,357  

Hershey Co.,
2.65%, 6/1/50

    4,000       3,004  

J M Smucker Co.,
2.125%, 3/15/32

    10,000       8,303  

Kellogg Co.,
2.10%, 6/1/30

    5,000       4,257  

Kraft Heinz Foods Co.

   

4.25%, 3/1/31

    5,000       4,915  

4.625%, 10/1/39

    5,000       4,617  

5.20%, 7/15/45

    10,000       9,755  

4.875%, 10/1/49

    5,000       4,680  

Kroger Co.

   

4.50%, 1/15/29

    12,000       12,246  

4.45%, 2/1/47

    3,000       2,839  

3.95%, 1/15/50

    3,000       2,636  

McCormick & Co., Inc.,
3.40%, 8/15/27

    5,000       4,894  

Mondelez International, Inc.,
2.75%, 4/13/30

    5,000       4,520  

Sysco Corp.

   

3.75%, 10/1/25

    5,000       5,050  

3.25%, 7/15/27

    17,000       16,512  

6.60%, 4/1/50

    5,000       6,113  

Tyson Foods, Inc.,
4.55%, 6/2/47

    10,000       9,627  
   

 

 

 

(Cost $145,524)

      132,363  
   

 

 

 
Healthcare-Products — 0.6%            

Baxter International, Inc.,
2.60%, 8/15/26

    7,000       6,679  

Danaher Corp.,
2.60%, 10/1/50

    5,000       3,628  

DH Europe Finance II SARL,
2.60%, 11/15/29

    5,000       4,591  

PerkinElmer, Inc.,
3.625%, 3/15/51

    5,000       4,033  

Thermo Fisher Scientific, Inc.

   

0.797%, 10/18/23

    15,000       14,618  

2.00%, 10/15/31

    4,000       3,431  

4.10%, 8/15/47

    5,000       4,840  
   

 

 

 

(Cost $48,031)

      41,820  
   

 

 

 
Healthcare-Services — 1.2%            

Aetna, Inc.,
3.875%, 8/15/47

    5,000       4,379  

Anthem, Inc.

   

1.50%, 3/15/26

    20,000       18,580  

2.25%, 5/15/30

    10,000       8,785  

3.125%, 5/15/50

    12,000       9,495  

HCA, Inc.

   

4.125%, 6/15/29

    2,000       1,946  

5.50%, 6/15/47

    7,000       6,948  

5.25%, 6/15/49

    3,000       2,896  

Humana, Inc.,
3.125%, 8/15/29

    13,000       12,144  
   

Principal
Amount

   

Value

 
Healthcare-Services (Continued)            

Laboratory Corp. of America Holdings,
3.60%, 2/1/25

  $ 10,000     $ 10,012  

Quest Diagnostics, Inc.

   

2.95%, 6/30/30

    5,000       4,527  

2.80%, 6/30/31

    3,000       2,650  
   

 

 

 

(Cost $91,815)

      82,362  
   

 

 

 
Household Products/Wares — 0.3%            

Clorox Co.,
3.50%, 12/15/24

    13,000       13,218  

Kimberly-Clark Corp.

   

2.75%, 2/15/26

    5,000       4,916  

2.875%, 2/7/50

    7,000       5,472  
   

 

 

 

(Cost $26,049)

      23,606  
   

 

 

 
Pharmaceuticals — 7.5%            

AbbVie, Inc.

   

3.80%, 3/15/25

    20,000       20,236  

3.60%, 5/14/25

    25,000       25,172  

4.25%, 11/14/28

    12,000       12,204  

4.70%, 5/14/45

    17,000       16,917  

4.45%, 5/14/46

    11,000       10,569  

4.875%, 11/14/48

    3,000       3,048  

4.25%, 11/21/49

    12,000       11,181  

AmerisourceBergen Corp.,
4.30%, 12/15/47

    6,000       5,679  

Astrazeneca Finance LLC,
0.70%, 5/28/24

    12,000       11,506  

AstraZeneca PLC

   

1.375%, 8/6/30

    5,000       4,187  

6.45%, 9/15/37

    10,000       12,596  

4.375%, 11/16/45

    4,000       4,047  

3.00%, 5/28/51

    3,000       2,497  

Becton Dickinson and Co.,
4.669%, 6/6/47

    10,000       9,806  

Bristol-Myers Squibb Co.

   

0.75%, 11/13/25

    5,000       4,621  

3.40%, 7/26/29

    6,000       5,929  

1.45%, 11/13/30

    20,000       16,788  

3.55%, 3/15/42

    7,000       6,336  

4.25%, 10/26/49

    18,000       17,821  

Cardinal Health, Inc.,
3.41%, 6/15/27

    13,000       12,774  

Cigna Corp.

   

3.75%, 7/15/23

    6,000       6,062  

4.375%, 10/15/28

    26,000       26,400  

4.80%, 7/15/46

    10,000       9,972  

4.90%, 12/15/48

    4,000       4,005  

3.40%, 3/15/51

    8,000       6,407  

CVS Health Corp.

   

3.875%, 7/20/25

    27,000       27,309  

4.30%, 3/25/28

    3,000       3,039  

3.25%, 8/15/29

    19,000       17,916  

4.78%, 3/25/38

    10,000       10,036  

5.125%, 7/20/45

    13,000       13,280  

5.05%, 3/25/48

    8,000       8,161  

4.25%, 4/1/50

    10,000       9,168  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Pharmaceuticals (Continued)            

Eli Lilly & Co.

   

2.75%, 6/1/25

  $ 5,000     $ 4,983  

3.95%, 3/15/49

    5,000       4,993  

2.25%, 5/15/50

    5,000       3,632  

GlaxoSmithKline Capital PLC,
3.375%, 6/1/29

    12,000       11,814  

GlaxoSmithKline Capital, Inc.,
3.875%, 5/15/28

    5,000       5,108  

Johnson & Johnson

   

2.625%, 1/15/25

    10,000       10,014  

5.95%, 8/15/37

    10,000       12,365  

3.70%, 3/1/46

    11,000       10,494  

3.50%, 1/15/48

    3,000       2,762  

2.45%, 9/1/60

    5,000       3,572  

McKesson Corp.,
1.30%, 8/15/26

    5,000       4,521  

Merck & Co., Inc.

   

2.15%, 12/10/31

    10,000       8,869  

3.60%, 9/15/42

    10,000       9,188  

4.15%, 5/18/43

    5,000       4,982  

3.70%, 2/10/45

    8,000       7,403  

4.00%, 3/7/49

    3,000       2,921  

Novartis Capital Corp.

   

2.00%, 2/14/27

    15,000       14,238  

2.75%, 8/14/50

    7,000       5,654  

Sanofi,
3.625%, 6/19/28

    3,000       3,039  

Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/23

    8,000       7,978  

Zoetis, Inc.

   

2.00%, 5/15/30

    3,000       2,598  

4.70%, 2/1/43

    2,000       2,042  

4.45%, 8/20/48

    3,000       2,965  
   

 

 

 

(Cost $554,478)

      501,804  
   

 

 

 
Energy — 4.4%    
Oil & Gas — 0.4%            

Marathon Petroleum Corp.

   

3.80%, 4/1/28

    2,000       1,949  

4.50%, 4/1/48

    6,000       5,282  

Phillips 66

   

2.15%, 12/15/30

    5,000       4,244  

5.875%, 5/1/42

    5,000       5,649  

4.875%, 11/15/44

    3,000       3,049  

Valero Energy Corp.

   

2.85%, 4/15/25

    2,000       1,963  

2.15%, 9/15/27

    4,000       3,631  

3.65%, 12/1/51

    5,000       4,003  
   

 

 

 

(Cost $34,154)

      29,770  
   

 

 

 
Oil & Gas Services — 0.5%            

Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.,
4.08%, 12/15/47

    6,000       5,412  

Halliburton Co.,
2.92%, 3/1/30

    28,000       25,728  
   

Principal
Amount

   

Value

 
Oil & Gas Services (Continued)            

NOV, Inc.,
3.95%, 12/1/42

  $ 2,000     $ 1,582  
   

 

 

 

(Cost $32,031)

      32,722  
   

 

 

 
Pipelines — 3.5%            

Boardwalk Pipelines LP,
3.40%, 2/15/31

    5,000       4,457  

Cheniere Corpus Christi Holdings LLC,
5.125%, 6/30/27

    10,000       10,315  

Enbridge, Inc.

   

3.70%, 7/15/27

    25,000       24,602  

3.40%, 8/1/51

    5,000       3,981  

Enterprise Products Operating LLC

   

3.95%, 2/15/27

    12,000       12,059  

2.80%, 1/31/30 (a)

    10,000       9,157  

3.30%, 2/15/53

    25,000       19,274  

MPLX LP

   

1.75%, 3/1/26

    15,000       13,772  

2.65%, 8/15/30

    15,000       13,051  

4.90%, 4/15/58

    8,000       7,035  

ONEOK, Inc.

   

2.75%, 9/1/24

    20,000       19,628  

4.35%, 3/15/29

    10,000       9,763  

5.20%, 7/15/48

    5,000       4,740  

Sabine Pass Liquefaction LLC

   

5.00%, 3/15/27

    10,000       10,314  

4.50%, 5/15/30

    5,000       5,001  

TransCanada PipeLines Ltd.

   

4.10%, 4/15/30

    2,000       1,980  

2.50%, 10/12/31

    10,000       8,651  

7.625%, 1/15/39

    13,000       16,883  

4.875%, 5/15/48

    3,000       3,039  

Transcontinental Gas Pipe Line Co. LLC,
4.60%, 3/15/48

    10,000       9,392  

Williams Cos., Inc.

   

4.00%, 9/15/25

    1,000       1,005  

3.50%, 11/15/30

    5,000       4,679  

2.60%, 3/15/31

    22,000       19,092  
   

 

 

 

(Cost $256,361)

      231,870  
   

 

 

 
Financial — 33.2%    
Banks — 22.9%            

Banco Santander SA,
2.958%, 3/25/31

    20,000       17,407  

Bank of America Corp.

   

MTN, 0.81%, 10/24/24

    40,000       38,595  

0.976%, 4/22/25

    25,000       23,838  

MTN, 2.015%, 2/13/26

    15,000       14,286  

MTN, 1.197%, 10/24/26

    20,000       18,276  

1.734%, 7/22/27

    20,000       18,221  

MTN, 1.898%, 7/23/31

    15,000       12,488  

Series N, 2.651%, 3/11/32

    10,000       8,736  

2.687%, 4/22/32

    30,000       26,231  

2.299%, 7/21/32

    10,000       8,401  

MTN, 2.676%, 6/19/41

    10,000       7,695  

MTN, 4.33%, 3/15/50

    8,000       7,727  

MTN, 4.083%, 3/20/51

    10,000       9,230  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Banks (Continued)            

MTN, 2.831%, 10/24/51

  $ 10,000     $ 7,349  

Series N, 3.483%, 3/13/52

    18,000       15,166  

2.972%, 7/21/52

    10,000       7,560  

Bank of Montreal,
MTN, 1.25%, 9/15/26

    15,000       13,525  

Bank of New York Mellon Corp.

   

MTN, 2.20%, 8/16/23

    5,000       4,997  

MTN, 3.95%, 11/18/25

    30,000       30,582  

Bank of Nova Scotia

   

3.40%, 2/11/24

    25,000       25,122  

4.50%, 12/16/25

    5,000       5,101  

Barclays PLC,
2.667%, 3/10/32

    40,000       33,773  

Canadian Imperial Bank of Commerce,
0.95%, 10/23/25

    15,000       13,751  

Citigroup, Inc.

   

3.875%, 3/26/25

    5,000       5,017  

3.30%, 4/27/25

    5,000       4,993  

4.40%, 6/10/25

    10,000       10,126  

3.106%, 4/8/26

    25,000       24,446  

4.45%, 9/29/27

    35,000       35,097  

4.125%, 7/25/28

    20,000       19,700  

2.976%, 11/5/30

    5,000       4,526  

2.666%, 1/29/31

    20,000       17,648  

2.572%, 6/3/31

    20,000       17,390  

2.561%, 5/1/32

    5,000       4,293  

4.75%, 5/18/46

    5,000       4,785  

4.65%, 7/23/48

    5,000       4,998  

Citizens Financial Group, Inc.,
2.85%, 7/27/26

    10,000       9,523  

Cooperatieve Rabobank UA,
5.25%, 5/24/41

    10,000       11,446  

Credit Suisse Group AG,
4.55%, 4/17/26

    15,000       15,025  

Deutsche Bank AG,
3.70%, 5/30/24 (b)

    10,000       10,033  

Deutsche Bank AG/New York NY,
3.035%, 5/28/32 (b)

    15,000       12,535  

Discover Bank,
2.70%, 2/6/30

    10,000       8,731  

Fifth Third Bancorp,
4.337%, 4/25/33

    15,000       14,950  

Goldman Sachs Group, Inc.

   

4.00%, 3/3/24

    15,000       15,250  

MTN, 3.85%, 7/8/24

    10,000       10,163  

3.50%, 1/23/25

    10,000       10,023  

3.50%, 11/16/26

    20,000       19,791  

1.542%, 9/10/27

    25,000       22,554  

3.80%, 3/15/30

    10,000       9,619  

2.615%, 4/22/32

    7,000       6,046  

2.65%, 10/21/32

    20,000       17,194  

6.25%, 2/1/41

    10,000       11,823  

MTN, 4.80%, 7/8/44

    5,000       5,050  

5.15%, 5/22/45

    5,000       5,151  

4.75%, 10/21/45

    10,000       10,062  

HSBC Holdings PLC,
6.10%, 1/14/42

    20,000       22,492  
   

Principal
Amount

   

Value

 
Banks (Continued)            

HSBC USA, Inc.,
3.50%, 6/23/24

  $ 60,000     $ 60,239  

ING Groep NV,
3.95%, 3/29/27

    10,000       9,837  

JPMorgan Chase & Co.

   

3.625%, 5/13/24

    15,000       15,206  

4.023%, 12/5/24

    10,000       10,102  

2.083%, 4/22/26

    40,000       38,092  

3.20%, 6/15/26

    10,000       9,902  

1.578%, 4/22/27

    15,000       13,765  

2.739%, 10/15/30

    10,000       9,049  

2.522%, 4/22/31

    30,000       26,528  

2.956%, 5/13/31

    30,000       26,855  

3.109%, 4/22/41

    5,000       4,138  

3.157%, 4/22/42

    5,000       4,137  

3.964%, 11/15/48

    20,000       18,134  

3.109%, 4/22/51

    10,000       7,841  

3.328%, 4/22/52

    12,000       9,775  

KeyCorp

   

MTN, 4.10%, 4/30/28

    5,000       4,973  

MTN, 2.55%, 10/1/29

    5,000       4,458  

Lloyds Banking Group PLC,
1.627%, 5/11/27

    35,000       31,709  

Mitsubishi UFJ Financial Group, Inc.

   

3.407%, 3/7/24

    15,000       15,069  

3.287%, 7/25/27

    20,000       19,264  

4.05%, 9/11/28

    12,000       11,856  

3.741%, 3/7/29

    5,000       4,820  

Mizuho Financial Group, Inc.,
2.564%, 9/13/31

    15,000       12,379  

Morgan Stanley

   

Series F, 3.875%, 4/29/24

    15,000       15,311  

GMTN, 3.70%, 10/23/24

    5,000       5,074  

0.79%, 5/30/25

    30,000       28,387  

MTN, 2.72%, 7/22/25

    5,000       4,904  

2.188%, 4/28/26

    10,000       9,553  

MTN, 3.125%, 7/27/26

    5,000       4,891  

GMTN, 4.35%, 9/8/26

    5,000       5,066  

GMTN, 2.699%, 1/22/31

    30,000       26,940  

GMTN, 2.239%, 7/21/32

    10,000       8,454  

4.30%, 1/27/45

    5,000       4,772  

4.375%, 1/22/47

    15,000       14,568  

GMTN, 5.597%, 3/24/51

    5,000       5,797  

NatWest Group PLC,
1.642%, 6/14/27

    30,000       26,938  

PNC Financial Services Group, Inc.

   

3.90%, 4/29/24

    20,000       20,289  

2.20%, 11/1/24

    10,000       9,852  

3.45%, 4/23/29

    5,000       4,830  

Royal Bank of Canada,GMTN,
2.25%, 11/1/24

    30,000       29,356  

Santander Holdings USA, Inc.,
4.40%, 7/13/27

    10,000       9,931  

Santander UK PLC,
4.00%, 3/13/24

    10,000       10,172  

State Street Corp.,
3.152%, 3/30/31

    8,000       7,465  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Banks (Continued)            

Sumitomo Mitsui Financial Group, Inc.

   

3.784%, 3/9/26

  $ 5,000     $ 4,977  

2.632%, 7/14/26

    5,000       4,742  

3.364%, 7/12/27

    30,000       29,141  

3.05%, 1/14/42

    5,000       4,014  

Toronto-Dominion Bank

   

GMTN, 3.50%, 7/19/23

    10,000       10,120  

MTN, 1.20%, 6/3/26

    10,000       9,100  

MTN, 1.25%, 9/10/26

    10,000       9,032  

Truist Bank,
3.20%, 4/1/24

    5,000       5,022  

Truist Financial Corp.

   

MTN, 3.70%, 6/5/25

    15,000       15,120  

MTN, 1.95%, 6/5/30 (a)

    10,000       8,590  

US Bancorp

   

2.40%, 7/30/24

    20,000       19,755  

Series DMTN, 3.00%, 7/30/29

    5,000       4,674  

MTN, 1.375%, 7/22/30

    6,000       4,926  

Westpac Banking Corp.

   

3.35%, 3/8/27

    15,000       14,775  

2.15%, 6/3/31

    10,000       8,624  
   

 

 

 

(Cost $1,672,650)

      1,541,827  
   

 

 

 
Diversified Financial Services — 4.1%            

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

   

2.875%, 8/14/24

    20,000       19,358  

2.45%, 10/29/26

    10,000       8,963  

3.30%, 1/30/32

    12,000       10,151  

Air Lease Corp.

   

0.80%, 8/18/24

    15,000       13,995  

1.875%, 8/15/26

    15,000       13,414  

Ally Financial, Inc.,
4.625%, 3/30/25

    30,000       30,548  

American Express Co.

   

1.65%, 11/4/26

    15,000       13,833  

4.05%, 12/3/42

    3,000       2,809  

BlackRock, Inc.,
3.20%, 3/15/27

    15,000       14,976  

Charles Schwab Corp.

   

4.625%, 3/22/30

    10,000       10,387  

1.65%, 3/11/31

    10,000       8,241  

CME Group, Inc.

   

3.75%, 6/15/28

    8,000       8,059  

5.30%, 9/15/43

    5,000       5,604  

Intercontinental Exchange, Inc.

   

3.75%, 12/1/25

    10,000       10,100  

3.00%, 9/15/60

    10,000       7,084  

Mastercard, Inc.

   

2.00%, 3/3/25

    14,000       13,686  

3.80%, 11/21/46

    8,000       7,526  

Nasdaq, Inc.,
1.65%, 1/15/31

    8,000       6,459  

Nomura Holdings, Inc.,
2.679%, 7/16/30

    10,000       8,562  

ORIX Corp.,
3.25%, 12/4/24

    5,000       4,990  
   

Principal
Amount

   

Value

 
Diversified Financial Services (Continued)            

Raymond James Financial, Inc.,
4.65%, 4/1/30

  $ 15,000     $ 15,246  

Synchrony Financial,
4.375%, 3/19/24

    10,000       10,087  

Visa, Inc.

   

3.15%, 12/14/25

    5,000       5,018  

2.75%, 9/15/27

    5,000       4,897  

4.15%, 12/14/35

    13,000       13,403  

3.65%, 9/15/47

    4,000       3,690  

2.00%, 8/15/50

    5,000       3,440  
   

 

 

 

(Cost $301,814)

      274,526  
   

 

 

 
Insurance — 2.7%            

Aflac, Inc.,
3.60%, 4/1/30

    5,000       4,900  

Allstate Corp.,
4.20%, 12/15/46

    5,000       4,779  

American International Group, Inc.

   

2.50%, 6/30/25

    10,000       9,688  

3.40%, 6/30/30

    5,000       4,735  

4.375%, 6/30/50

    3,000       2,897  

Arch Capital Group Ltd.,
3.635%, 6/30/50

    5,000       4,156  

Chubb INA Holdings, Inc.

   

3.35%, 5/3/26

    10,000       9,968  

4.35%, 11/3/45

    5,000       4,930  

Equitable Holdings, Inc.,
4.35%, 4/20/28

    10,000       10,021  

Hartford Financial Services Group, Inc.,
2.90%, 9/15/51

    5,000       3,662  

Lincoln National Corp.,
3.35%, 3/9/25

    13,000       12,934  

Manulife Financial Corp.,
4.15%, 3/4/26

    5,000       5,070  

Marsh & McLennan Cos., Inc.

   

4.375%, 3/15/29

    10,000       10,181  

2.25%, 11/15/30

    5,000       4,353  

MetLife, Inc.

   

4.125%, 8/13/42

    6,000       5,679  

4.60%, 5/13/46

    5,000       5,071  

Principal Financial Group, Inc.,
2.125%, 6/15/30

    10,000       8,496  

Progressive Corp.

   

2.45%, 1/15/27

    15,000       14,389  

4.125%, 4/15/47

    3,000       2,845  

Prudential Financial, Inc.

   

MTN, 2.10%, 3/10/30

    8,000       7,079  

MTN, 4.60%, 5/15/44

    10,000       9,838  

3.905%, 12/7/47

    12,000       10,857  

Travelers Cos., Inc.,
3.75%, 5/15/46

    9,000       8,001  

Voya Financial, Inc.,
3.65%, 6/15/26

    5,000       4,944  

Willis North America, Inc.

   

2.95%, 9/15/29

    5,000       4,498  

5.05%, 9/15/48

    5,000       4,870  
   

 

 

 

(Cost $199,048)

      178,841  
   

 

 

 

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Real Estate Investment Trusts — 3.5%            

Alexandria Real Estate Equities, Inc.,
3.375%, 8/15/31

  $ 20,000     $ 18,514  

American Tower Corp.

   

3.80%, 8/15/29

    2,000       1,893  

2.90%, 1/15/30

    20,000       17,698  

AvalonBay Communities, Inc.,
2.05%, 1/15/32

    5,000       4,314  

Boston Properties LP

   

3.125%, 9/1/23

    5,000       5,003  

3.40%, 6/21/29

    10,000       9,313  

Brixmor Operating Partnership LP,
3.65%, 6/15/24

    10,000       9,954  

Crown Castle International Corp.

   

3.65%, 9/1/27

    2,000       1,950  

3.80%, 2/15/28

    6,000       5,844  

2.25%, 1/15/31

    16,000       13,435  

2.10%, 4/1/31

    4,000       3,297  

Digital Realty Trust LP,
3.60%, 7/1/29 (a)

    6,000       5,655  

Equinix, Inc.

   

2.625%, 11/18/24

    25,000       24,497  

2.95%, 9/15/51

    5,000       3,592  

ERP Operating LP,
4.50%, 7/1/44

    8,000       7,824  

Healthpeak Properties, Inc.,
3.00%, 1/15/30

    5,000       4,577  

Host Hotels & Resorts LP,Series J,
2.90%, 12/15/31

    6,000       4,967  

Kilroy Realty LP,
2.65%, 11/15/33

    8,000       6,389  

Kimco Realty Corp.,
4.25%, 4/1/45

    7,000       6,129  

Prologis LP,
4.375%, 2/1/29

    20,000       20,440  

Realty Income Corp.

   

3.25%, 1/15/31

    5,000       4,697  

2.85%, 12/15/32

    5,000       4,488  

Regency Centers LP,
3.60%, 2/1/27

    10,000       9,873  

Ventas Realty LP,
4.40%, 1/15/29

    12,000       11,916  

Welltower, Inc.

   

3.625%, 3/15/24

    10,000       10,052  

4.25%, 4/15/28

    10,000       10,009  

Weyerhaeuser Co.,
4.00%, 4/15/30

    9,000       8,759  
   

 

 

 

(Cost $258,812)

      235,079  
   

 

 

 
Industrial — 7.3%    
Aerospace/Defense — 0.1%            

Teledyne Technologies, Inc.,
1.60%, 4/1/26
(Cost $5,035)

    5,000       4,552  
   

 

 

 
Building Materials — 0.7%            

Carrier Global Corp.

   

2.493%, 2/15/27

    3,000       2,801  

3.577%, 4/5/50

    6,000       4,848  
   

Principal
Amount

   

Value

 
Building Materials (Continued)            

Johnson Controls International PLC,
4.50%, 2/15/47

  $ 8,000     $ 7,498  

Martin Marietta Materials, Inc.

   

3.45%, 6/1/27

    3,000       2,909  

2.40%, 7/15/31

    8,000       6,757  

Masco Corp.,
2.00%, 10/1/30

    5,000       4,095  

Owens Corning,
4.30%, 7/15/47

    7,000       6,115  

Vulcan Materials Co.,
3.50%, 6/1/30

    10,000       9,422  
   

 

 

 

(Cost $50,719)

      44,445  
   

 

 

 
Electrical Components & Equipment — 0.0%            

Emerson Electric Co.,
2.75%, 10/15/50
(Cost $5,132)

    5,000       3,784  
   

 

 

 
Electronics — 0.5%            

Agilent Technologies, Inc.,
2.30%, 3/12/31

    5,000       4,223  

Amphenol Corp.,
2.20%, 9/15/31

    6,000       5,037  

Flex Ltd.,
4.875%, 5/12/30

    3,000       2,960  

Fortive Corp.,
3.15%, 6/15/26

    5,000       4,859  

TD SYNNEX Corp.,
144A, 1.25%, 8/9/24

    10,000       9,415  

Vontier Corp.,
2.95%, 4/1/31

    10,000       8,426  
   

 

 

 

(Cost $39,113)

      34,920  
   

 

 

 
Environmental Control — 0.4%            

Republic Services, Inc.

   

2.30%, 3/1/30

    5,000       4,391  

3.05%, 3/1/50

    5,000       3,894  

Waste Connections, Inc.

   

2.60%, 2/1/30

    5,000       4,478  

2.20%, 1/15/32

    5,000       4,232  

Waste Management, Inc.

   

3.15%, 11/15/27

    3,000       2,944  

1.50%, 3/15/31

    10,000       8,223  
   

 

 

 

(Cost $33,595)

      28,162  
   

 

 

 
Hand/Machine Tools — 0.1%            

Stanley Black & Decker, Inc.,
2.30%, 3/15/30
(Cost $10,639)

    10,000       8,802  
   

 

 

 
Machinery-Construction & Mining — 0.6%            

Caterpillar Financial Services Corp.

   

0.65%, 7/7/23

    7,000       6,871  

MTN, 0.45%, 5/17/24

    20,000       19,177  

MTN, 0.80%, 11/13/25

    5,000       4,634  

Caterpillar, Inc.

   

3.803%, 8/15/42

    5,000       4,773  

3.25%, 9/19/49

    7,000       6,072  
   

 

 

 

(Cost $44,107)

      41,527  
   

 

 

 

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Machinery-Diversified — 1.0%            

CNH Industrial Capital LLC,
1.875%, 1/15/26

  $ 7,000     $ 6,520  

Deere & Co.,
3.90%, 6/9/42

    8,000       7,792  

John Deere Capital Corp.

   

MTN, 2.05%, 1/9/25

    10,000       9,783  

MTN, 3.45%, 3/13/25

    10,000       10,152  

MTN, 2.00%, 6/17/31

    7,000       6,096  

Otis Worldwide Corp.,
3.112%, 2/15/40

    15,000       12,277  

Rockwell Automation, Inc.,
1.75%, 8/15/31

    8,000       6,731  

Xylem, Inc.,
2.25%, 1/30/31

    7,000       6,076  
   

 

 

 

(Cost $70,730)

      65,427  
   

 

 

 
Miscellaneous Manufacturing — 0.9%            

3M Co.

   

MTN, 3.25%, 2/14/24

    5,000       5,048  

MTN, 4.00%, 9/14/48

    10,000       9,487  

Carlisle Cos., Inc.,
2.20%, 3/1/32

    10,000       8,085  

Eaton Corp.,
4.15%, 11/2/42

    8,000       7,652  

Illinois Tool Works, Inc.,
3.50%, 3/1/24

    10,000       10,123  

Parker-Hannifin Corp.,
3.25%, 6/14/29

    10,000       9,377  

Trane Technologies Global Holding Co. Ltd.,
4.25%, 6/15/23

    10,000       10,133  
   

 

 

 

(Cost $66,591)

      59,905  
   

 

 

 
Packaging & Containers — 0.2%            

Sonoco Products Co.,
3.125%, 5/1/30

    2,000       1,807  

WRKCo, Inc.

   

3.00%, 9/15/24

    10,000       9,906  

3.75%, 3/15/25

    5,000       5,020  
   

 

 

 

(Cost $17,872)

      16,733  
   

 

 

 
Transportation — 2.7%            

Canadian National Railway Co.

   

2.75%, 3/1/26

    5,000       4,884  

2.45%, 5/1/50

    5,000       3,540  

Canadian Pacific Railway Co.

   

2.90%, 2/1/25

    10,000       9,870  

2.05%, 3/5/30

    9,000       7,885  

3.10%, 12/2/51

    3,000       2,358  

CSX Corp.

   

2.40%, 2/15/30

    15,000       13,454  

3.80%, 11/1/46

    15,000       13,293  

FedEx Corp.

   

3.25%, 4/1/26

    5,000       4,965  

4.25%, 5/15/30

    5,000       5,004  

2.40%, 5/15/31 (a)

    5,000       4,355  

5.25%, 5/15/50 (a)

    15,000       15,471  

Kansas City Southern/Old,
3.50%, 5/1/50

    5,000       4,108  
   

Principal
Amount

   

Value

 
Transportation (Continued)            

Norfolk Southern Corp.

   

2.90%, 8/25/51

  $ 5,000     $ 3,848  

4.05%, 8/15/52

    16,000       14,652  

Ryder System, Inc., MTN,
2.90%, 12/1/26

    5,000       4,755  

Union Pacific Corp.

   

2.40%, 2/5/30

    11,000       9,952  

2.375%, 5/20/31 (a)

    10,000       8,899  

2.891%, 4/6/36

    5,000       4,359  

3.839%, 3/20/60

    19,000       16,831  

3.55%, 5/20/61

    5,000       4,180  

United Parcel Service, Inc.

   

2.50%, 9/1/29

    10,000       9,235  

4.45%, 4/1/30

    7,000       7,345  

3.75%, 11/15/47

    7,000       6,457  
   

 

 

 

(Cost $209,403)

      179,700  
   

 

 

 
Trucking & Leasing — 0.1%            

GATX Corp.,
4.00%, 6/30/30
(Cost $6,914)

    6,000       5,783  
   

 

 

 
Technology — 10.8%    
Computers — 3.9%            

Apple, Inc.

   

3.00%, 2/9/24

    20,000       20,179  

2.75%, 1/13/25

    10,000       10,022  

3.20%, 5/13/25

    12,000       12,136  

2.45%, 8/4/26

    9,000       8,795  

3.20%, 5/11/27

    10,000       10,026  

1.65%, 2/8/31

    6,000       5,176  

1.70%, 8/5/31 (a)

    10,000       8,578  

4.45%, 5/6/44

    12,000       12,560  

3.85%, 8/4/46

    15,000       14,453  

3.75%, 11/13/47

    15,000       14,227  

2.95%, 9/11/49

    2,000       1,651  

2.65%, 2/8/51

    10,000       7,762  

2.80%, 2/8/61

    8,000       6,031  

Dell International LLC / EMC Corp.

   

6.02%, 6/15/26

    15,000       15,875  

5.30%, 10/1/29

    20,000       20,378  

Hewlett Packard Enterprise Co.

   

4.90%, 10/15/25

    10,000       10,368  

1.75%, 4/1/26

    7,000       6,506  

6.35%, 10/15/45

    3,000       3,241  

HP, Inc.,
3.40%, 6/17/30

    10,000       9,081  

International Business Machines Corp.

   

3.625%, 2/12/24

    15,000       15,217  

3.50%, 5/15/29

    15,000       14,499  

1.95%, 5/15/30

    10,000       8,611  

4.00%, 6/20/42

    12,000       11,001  

4.25%, 5/15/49

    5,000       4,691  

NetApp, Inc.,
1.875%, 6/22/25

    5,000       4,739  

Western Digital Corp.,
2.85%, 2/1/29

    5,000       4,293  
   

 

 

 

(Cost $280,987)

      260,096  
   

 

 

 

 

See Notes to Financial Statements.   27  


Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Office/Business Equipment — 0.1%            

CDW LLC / CDW Finance Corp.,
4.125%, 5/1/25
(Cost $10,198)

  $ 10,000     $ 9,906  
   

 

 

 
Semiconductors — 2.3%            

Analog Devices, Inc.,
2.95%, 10/1/51

    5,000       4,029  

Applied Materials, Inc.

   

4.35%, 4/1/47

    3,000       3,071  

2.75%, 6/1/50

    3,000       2,340  

Intel Corp.

   

3.70%, 7/29/25

    15,000       15,273  

2.60%, 5/19/26

    10,000       9,795  

3.15%, 5/11/27 (a)

    6,000       5,976  

4.10%, 5/11/47

    12,000       11,327  

3.05%, 8/12/51

    6,000       4,749  

3.10%, 2/15/60

    7,000       5,333  

4.95%, 3/25/60 (a)

    7,000       7,528  

Lam Research Corp.

   

4.875%, 3/15/49

    2,000       2,127  

2.875%, 6/15/50

    5,000       3,886  

Marvell Technology, Inc.,
1.65%, 4/15/26

    6,000       5,468  

Micron Technology, Inc.,
2.703%, 4/15/32

    10,000       8,397  

NVIDIA Corp.

   

2.85%, 4/1/30

    12,000       11,291  

3.70%, 4/1/60

    4,000       3,543  

NXP BV / NXP Funding LLC / NXP USA, Inc.

   

3.15%, 5/1/27

    5,000       4,786  

2.50%, 5/11/31

    12,000       10,113  

QUALCOMM, Inc.

   

3.45%, 5/20/25

    5,000       5,060  

1.65%, 5/20/32

    10,000       8,270  

3.25%, 5/20/50 (a)

    5,000       4,266  

Texas Instruments, Inc.,
4.15%, 5/15/48

    5,000       5,033  

TSMC Arizona Corp.,
2.50%, 10/25/31

    12,000       10,524  
   

 

 

 

(Cost $172,581)

      152,185  
   

 

 

 
Software — 4.5%            

Activision Blizzard, Inc.

   

3.40%, 9/15/26

    7,000       6,999  

2.50%, 9/15/50

    2,000       1,486  

Adobe, Inc.,
2.15%, 2/1/27

    7,000       6,684  

Autodesk, Inc.,
2.40%, 12/15/31

    5,000       4,255  

Broadridge Financial Solutions, Inc.,
2.60%, 5/1/31

    5,000       4,329  

Electronic Arts, Inc.,
1.85%, 2/15/31

    5,000       4,167  

Fidelity National Information Services, Inc.,
2.25%, 3/1/31

    7,000       5,876  

Fiserv, Inc.

   

4.20%, 10/1/28

    15,000       14,863  

3.50%, 7/1/29

    10,000       9,411  
   

Principal
Amount

   

Value

 
Software (Continued)            

Microsoft Corp.

   

2.00%, 8/8/23

  $ 10,000     $ 10,014  

2.40%, 8/8/26

    10,000       9,806  

3.30%, 2/6/27

    15,000       15,184  

3.50%, 2/12/35

    10,000       9,827  

3.70%, 8/8/46

    8,000       7,798  

2.525%, 6/1/50

    11,000       8,552  

2.921%, 3/17/52

    20,000       16,684  

3.95%, 8/8/56

    2,000       1,972  

2.675%, 6/1/60

    5,000       3,829  

3.041%, 3/17/62

    3,000       2,464  

Oracle Corp.

   

3.40%, 7/8/24

    10,000       9,991  

2.50%, 4/1/25

    15,000       14,463  

2.95%, 5/15/25

    5,000       4,876  

2.80%, 4/1/27

    5,000       4,656  

2.95%, 4/1/30

    9,000       7,880  

2.875%, 3/25/31

    17,000       14,516  

4.30%, 7/8/34

    20,000       18,387  

4.00%, 7/15/46

    10,000       7,828  

4.00%, 11/15/47

    10,000       7,849  

3.60%, 4/1/50

    7,000       5,073  

3.95%, 3/25/51

    10,000       7,691  

3.85%, 4/1/60

    10,000       7,185  

4.10%, 3/25/61

    8,000       6,012  

Roper Technologies, Inc.,
3.80%, 12/15/26

    13,000       12,988  

Salesforce, Inc.

   

0.625%, 7/15/24

    10,000       9,558  

3.70%, 4/11/28

    5,000       5,068  

3.05%, 7/15/61

    8,000       6,184  

VMware, Inc.

   

4.70%, 5/15/30

    6,000       5,955  

2.20%, 8/15/31

    5,000       4,059  
   

 

 

 

(Cost $350,299)

      304,419  
   

 

 

 
Utilities — 8.2%    
Electric — 5.7%            

Avangrid, Inc.,
3.20%, 4/15/25

    15,000       14,830  

Baltimore Gas and Electric Co.

   

3.50%, 8/15/46

    15,000       12,865  

2.90%, 6/15/50

    11,000       8,481  

CenterPoint Energy Houston Electric LLC

   

Series Z, 2.40%, 9/1/26

    5,000       4,798  

Series AC, 4.25%, 2/1/49

    7,000       6,899  

Series AF, 3.35%, 4/1/51

    5,000       4,269  

Commonwealth Edison Co.

   

2.55%, 6/15/26

    15,000       14,556  

2.20%, 3/1/30

    20,000       17,755  

4.00%, 3/1/48

    5,000       4,777  

3.00%, 3/1/50

    6,000       4,763  

Series 130, 3.125%, 3/15/51

    15,000       12,200  

Connecticut Light and Power Co.,
Series A, 2.05%, 7/1/31

    10,000       8,629  

Consolidated Edison Co. of New York, Inc.

   

Series 20A, 3.35%, 4/1/30

    10,000       9,578  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

   

Principal
Amount

   

Value

 
Electric (Continued)            

2.40%, 6/15/31

  $ 12,000     $ 10,554  

Series 20B, 3.95%, 4/1/50

    19,000       17,418  

3.20%, 12/1/51

    5,000       3,987  

4.625%, 12/1/54

    5,000       4,861  

Series C, 3.00%, 12/1/60

    5,000       3,599  

3.60%, 6/15/61

    10,000       8,235  

Entergy Mississippi LLC,
3.50%, 6/1/51

    5,000       4,233  

Entergy Texas, Inc.,
1.75%, 3/15/31

    10,000       8,326  

Eversource Energy

   

Series N, 3.80%, 12/1/23

    15,000       15,162  

Series L, 2.90%, 10/1/24

    15,000       14,921  

3.45%, 1/15/50

    13,000       10,396  

Exelon Corp.,
3.40%, 4/15/26

    10,000       9,871  

ITC Holdings Corp.,
3.35%, 11/15/27

    10,000       9,730  

National Rural Utilities Cooperative Finance Corp.

   

Series D, 1.00%, 10/18/24

    10,000       9,530  

2.75%, 4/15/32

    10,000       9,009  

NSTAR Electric Co.,
3.10%, 6/1/51

    2,000       1,572  

Ohio Power Co.,
Series Q, 1.625%, 1/15/31

    15,000       12,321  

Oncor Electric Delivery Co. LLC

   

0.55%, 10/1/25

    12,000       10,971  

2.75%, 5/15/30

    12,000       11,118  

3.10%, 9/15/49

    14,000       11,400  

PECO Energy Co.,
3.05%, 3/15/51

    7,000       5,594  

PPL Electric Utilities Corp.,
3.00%, 10/1/49

    10,000       7,887  

Public Service Electric and Gas Co.

   

MTN, 2.25%, 9/15/26

    5,000       4,748  

MTN, 1.90%, 8/15/31

    15,000       12,782  

MTN, 3.80%, 3/1/46

    13,000       11,830  

MTN, 2.05%, 8/1/50

    5,000       3,269  

San Diego Gas & Electric Co.

   

Series VVV, 1.70%, 10/1/30

    10,000       8,419  

Series RRR, 3.75%, 6/1/47

    10,000       8,918  

Sempra Energy,
3.40%, 2/1/28

    8,000       7,776  
   

 

 

 

(Cost $444,165)

      382,837  
   

 

 

 
Gas — 1.6%            

Atmos Energy Corp.

   

3.00%, 6/15/27

    7,000       6,820  

1.50%, 1/15/31

    6,000       4,940  

3.375%, 9/15/49

    8,000       6,726  

2.85%, 2/15/52

    4,000       3,010  

ONE Gas, Inc.,
2.00%, 5/15/30

    16,000       13,635  

Piedmont Natural Gas Co., Inc.,
2.50%, 3/15/31

    20,000       17,344  
   

Principal
Amount

   

Value

 
Gas (Continued)            

Southern California Gas Co.

   

3.20%, 6/15/25

  $ 10,000     $ 9,960  

Series TT, 2.60%, 6/15/26

    10,000       9,650  

Series XX, 2.55%, 2/1/30

    10,000       9,026  

Series VV, 4.30%, 1/15/49

    20,000       19,024  

Southwest Gas Corp.,
3.18%, 8/15/51

    8,000       5,814  
   

 

 

 

(Cost $123,897)

      105,949  
   

 

 

 
Water — 0.9%            

American Water Capital Corp.

   

3.40%, 3/1/25

    10,000       10,041  

2.95%, 9/1/27

    10,000       9,607  

2.80%, 5/1/30

    2,000       1,822  

2.30%, 6/1/31

    10,000       8,664  

3.45%, 5/1/50

    11,000       9,163  

3.25%, 6/1/51

    13,000       10,471  

Essential Utilities, Inc.

   

2.40%, 5/1/31

    8,000       6,848  

3.351%, 4/15/50

    5,000       3,918  
   

 

 

 

(Cost $74,787)

      60,534  
   

 

 

 

TOTAL CORPORATE BONDS
(Cost $7,370,099)

      6,626,725  
   

 

 

 
   

Number
of Shares

       
SECURITIES LENDING COLLATERAL — 0.5%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (c)(d)
(Cost $30,582)

    30,582       30,582  
   

 

 

 
CASH EQUIVALENTS — 0.3%            

DWS Government Money Market Series “Institutional Shares”, 0.72% (c)
(Cost $19,380)

    19,380       19,380  
   

 

 

 

TOTAL INVESTMENTS — 99.5%
(Cost $7,420,061)

    $ 6,676,687  

Other assets and liabilities, net — 0.5%

      35,972  
   

 

 

 

NET ASSETS — 100.0%

    $ 6,712,659  
   

 

 

 

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2022

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2022 is as follows:

 

     Value ($) at
5/31/2021
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
    Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
5/31/2022
     Value ($) at
5/31/2022
 

CORPORATE BONDS 0.3%

 

             

Financial 0.3%

 

     

Deutsche Bank AG, 3.70%, 5/30/24 (b)

 

             
     10,805        35                     (807     370               10,000        10,033  

Deutsche Bank AG/New York NY, 3.04%, 5/28/32 (b)

 

             
            15,093                     (2,558     244               15,000        12,535  

SECURITIES LENDING COLLATERAL 0.5%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (c)(d)

 

  
     41,760               (11,178 ) (e)                   27               30,582        30,582  

CASH EQUIVALENTS 0.3%

 

  

DWS Government Money Market Series “Institutional Shares”, 0.72% (c)

 

     
     108,903        455,202        (544,725)                    34               19,380        19,380  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
     161,468        470,330        (555,903            (3,365     675            —        74,962        72,530  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 May 31, 2022 amounted to $60,743, which is 0.9% 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 $32,281.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2022.

 

GMTN:   Global Medium Term Note
MTN:   Medium Term Note
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These se