UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
875 Third Avenue
New York, New York 10022
(Address of principal executive offices) (Zip code)
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 454-4500
Date of fiscal year end: August 31
Date of reporting period: February 29, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
February 29, 2024
Semi-Annual Report
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)
Xtrackers MSCI Kokusai Equity ETF (KOKU)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)
Xtrackers Russell US Multifactor ETF (DEUS)
DBX ETF Trust
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)
Xtrackers FTSE Developed ex US Multifactor 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 FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.
| | |
Ten Largest Equity Holdings
as of February 29, 2024 (7.1% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
3i Group PLC (United Kingdom) | | | 1.5% | |
E.ON SE (Germany) | | | 0.8% | |
Tokyo Gas Co. Ltd. (Japan) | | | 0.7% | |
Tesco PLC (United Kingdom) | | | 0.7% | |
Obayashi Corp. (Japan) | | | 0.6% | |
ACS Actividades de Construccion y Servicios SA (Spain) | | | 0.6% | |
Brenntag SE (Germany) | | | 0.6% | |
Repsol SA (Spain) | | | 0.6% | |
Holcim AG (Switzerland) | | | 0.5% | |
J Sainsbury PLC (United Kingdom) | | | 0.5% | |
| | |
| Country Diversification* as of February 29, 2024 |
| | | | |
Japan | | | 30.9% | |
United Kingdom | | | 11.2% | |
Australia | | | 9.4% | |
France | | | 6.4% | |
Germany | | | 5.5% | |
Canada | | | 4.5% | |
Switzerland | | | 4.4% | |
South Korea | | | 3.8% | |
Sweden | | | 3.2% | |
Netherlands | | | 2.9% | |
Italy | | | 2.9% | |
Singapore | | | 2.5% | |
Spain | | | 2.1% | |
Other | | | 10.3% | |
| | | | |
Total | | | 100.0% | |
| | |
| Sector Diversification* as of February 29, 2024 |
| | | | |
Industrials | | | 25.7% | |
Consumer Discretionary | | | 13.9% | |
Materials | | | 12.5% | |
Financials | | | 11.3% | |
Consumer Staples | | | 9.6% | |
Utilities | | | 6.8% | |
Information Technology | | | 4.6% | |
Energy | | | 4.2% | |
Communication Services | | | 4.2% | |
Health Care | | | 4.1% | |
Real Estate | | | 3.1% | |
| | | | |
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 6.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Kokusai Equity ETF (KOKU)
Xtrackers MSCI Kokusai 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 Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. It is not possible to invest directly into an index.
| | |
Ten Largest Equity Holdings
as of February 29, 2024 (23.8% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Microsoft Corp. (United States) | | | 4.9% | |
Apple, Inc. (United States) | | | 4.5% | |
NVIDIA Corp. (United States) | | | 3.3% | |
Amazon.com, Inc. (United States) | | | 2.8% | |
Alphabet, Inc. (United States) | | | 2.6% | |
Meta Platforms, Inc. (United States) | | | 1.8% | |
Eli Lilly & Co. (United States) | | | 1.0% | |
Broadcom, Inc. (United States) | | | 1.0% | |
Tesla, Inc. (United States) | | | 1.0% | |
JPMorgan Chase & Co. (United States) | | | 0.9% | |
| | |
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 73.9% | |
United Kingdom | | | 3.8% | |
Canada | | | 3.4% | |
France | | | 3.3% | |
Switzerland | | | 3.0% | |
Germany | | | 2.3% | |
Australia | | | 2.0% | |
Other | | | 8.3% | |
| | | | |
Total | | | 100.0% | |
| | |
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 24.6% | |
Financials | | | 15.3% | |
Health Care | | | 12.4% | |
Industrials | | | 10.4% | |
Consumer Discretionary | | | 10.4% | |
Communication Services | | | 7.4% | |
Consumer Staples | | | 6.6% | |
Energy | | | 4.4% | |
Materials | | | 3.7% | |
Utilities | | | 2.5% | |
Real Estate | | | 2.3% | |
| | | | |
Total | | | 100.0% | |
2
* 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 20.
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)
Xtrackers Russell 1000 US Quality at a Reasonable Price 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 Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
| | |
Ten Largest Equity Holdings
as of February 29, 2024 (31.9% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Microsoft Corp. | | | 5.5% | |
Meta Platforms, Inc. | | | 5.4% | |
Apple, Inc. | | | 4.4% | |
Exxon Mobil Corp. | | | 3.4% | |
Alphabet, Inc. | | | 2.5% | |
Costco Wholesale Corp. | | | 2.5% | |
Alphabet, Inc. | | | 2.3% | |
Walmart, Inc. | | | 2.2% | |
Chevron Corp. | | | 2.0% | |
Home Depot, Inc. | | | 1.7% | |
| | |
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 21.6% | |
Communication Services | | | 12.5% | |
Consumer Discretionary | | | 12.4% | |
Health Care | | | 12.1% | |
Energy | | | 10.5% | |
Financials | | | 9.0% | |
Consumer Staples | | | 8.9% | |
Industrials | | | 8.6% | |
Materials | | | 3.2% | |
Real Estate | | | 1.1% | |
Utilities | | | 0.1% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds, 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 34.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Russell US Multifactor ETF (DEUS)
Xtrackers Russell US Multifactor 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 Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality, value, momentum, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
| | |
Ten Largest Equity Holdings
as of February 29, 2024 (8.6% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Cardinal Health, Inc. | | | 1.2% | |
Cognizant Technology Solutions Corp. | | | 1.2% | |
McKesson Corp. | | | 1.0% | |
CDW Corp. | | | 0.9% | |
Reliance, Inc. | | | 0.8% | |
Cencora, Inc. | | | 0.8% | |
Jabil, Inc. | | | 0.8% | |
NVR, Inc. | | | 0.7% | |
Marathon Petroleum Corp. | | | 0.6% | |
Applied Materials, Inc. | | | 0.6% | |
| | |
| Sector Diversification* as of February 29, 2024 |
| | | | |
Industrials | | | 20.6% | |
Information Technology | | | 19.2% | |
Consumer Discretionary | | | 12.5% | |
Financials | | | 11.2% | |
Health Care | | | 10.3% | |
Materials | | | 6.7% | |
Consumer Staples | | | 5.1% | |
Energy | | | 4.2% | |
Real Estate | | | 3.6% | |
Communication Services | | | 3.4% | |
Utilities | | | 3.2% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds, 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 39.
4
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 management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. 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 period and held for the entire period (September 1, 2023 to February 29, 2024).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2023 | | | Ending
Account Value
February 29, 2024 | | | Annualized
Expense Ratio | | | Expenses Paid
During the Period
Per $1,000(1) | |
| Xtrackers FTSE Developed ex US Multifactor ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,075.00 | | | | 0.24 | % | | $ | 1.24 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.67 | | | | 0.24 | % | | $ | 1.21 | |
| Xtrackers MSCI Kokusai Equity ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,124.80 | | | | 0.09 | % | | $ | 0.48 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.42 | | | | 0.09 | % | | $ | 0.45 | |
| Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,106.30 | | | | 0.19 | % | | $ | 1.00 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.92 | | | | 0.19 | % | | $ | 0.96 | |
| Xtrackers Russell US Multifactor ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,121.60 | | | | 0.17 | % | | $ | 0.90 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.02 | | | | 0.17 | % | | $ | 0.86 | |
(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 366.
5
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 98.9% | | | | | | | | |
| Australia — 9.3% | | | | | | |
Adbri Ltd.* | | | 4,289 | | | $ | 8,741 | |
AGL Energy Ltd. | | | 6,537 | | | | 36,181 | |
ALS Ltd. | | | 3,741 | | | | 29,061 | |
Altium Ltd. | | | 312 | | | | 13,157 | |
Alumina Ltd.* | | | 20,810 | | | | 14,296 | |
AMP Ltd. | | | 37,245 | | | | 27,041 | |
Ampol Ltd. | | | 7,712 | | | | 197,854 | |
Ansell Ltd. | | | 2,141 | | | | 33,222 | |
ANZ Group Holdings Ltd. | | | 3,208 | | | | 59,429 | |
APA Group (a) | | | 1,346 | | | | 6,880 | |
Aristocrat Leisure Ltd. | | | 2,891 | | | | 87,780 | |
ASX Ltd. | | | 52 | | | | 2,227 | |
Atlas Arteria Ltd. (a) | | | 1,456 | | | | 5,120 | |
Aurizon Holdings Ltd. | | | 20,880 | | | | 51,801 | |
Beach Energy Ltd. | | | 6,642 | | | | 6,920 | |
Bendigo & Adelaide Bank Ltd. | | | 6,671 | | | | 42,048 | |
BHP Group Ltd. | | | 566 | | | | 16,190 | |
BlueScope Steel Ltd. | | | 16,644 | | | | 247,534 | |
Boral Ltd.* | | | 4,229 | | | | 16,495 | |
Brambles Ltd. | | | 18,931 | | | | 185,767 | |
CAR Group Ltd. | | | 1,074 | | | | 25,708 | |
Challenger Ltd. | | | 3,871 | | | | 16,964 | |
Charter Hall Group REIT | | | 1,800 | | | | 14,674 | |
Cleanaway Waste Management Ltd. | | | 17,841 | | | | 31,134 | |
Cochlear Ltd. | | | 652 | | | | 148,665 | |
Coles Group Ltd. | | | 20,326 | | | | 223,676 | |
Commonwealth Bank of Australia | | | 133 | | | | 10,081 | |
Computershare Ltd. | | | 5,854 | | | | 98,803 | |
CSL Ltd. | | | 32 | | | | 5,964 | |
CSR Ltd. | | | 27,926 | | | | 160,565 | |
Deterra Royalties Ltd. | | | 13,231 | | | | 42,732 | |
Downer EDI Ltd. | | | 20,268 | | | | 65,724 | |
EBOS Group Ltd. | | | 3,774 | | | | 84,960 | |
Endeavour Group Ltd. | | | 4,296 | | | | 15,385 | |
Evolution Mining Ltd. | | | 2,760 | | | | 5,302 | |
Flight Centre Travel Group Ltd. | | | 931 | | | | 12,979 | |
Fortescue Ltd. | | | 2,316 | | | | 39,104 | |
Goodman Group REIT | | | 8,691 | | | | 169,208 | |
GPT Group REIT | | | 19,976 | | | | 56,582 | |
Harvey Norman Holdings Ltd. | | | 8,970 | | | | 28,912 | |
IDP Education Ltd. | | | 699 | | | | 8,689 | |
IGO Ltd. | | | 1,105 | | | | 5,713 | |
Iluka Resources Ltd. | | | 3,104 | | | | 13,845 | |
Incitec Pivot Ltd. | | | 20,531 | | | | 36,096 | |
Insurance Australia Group Ltd. | | | 50,970 | | | | 205,773 | |
JB Hi-Fi Ltd. | | | 6,545 | | | | 262,355 | |
Lendlease Corp. Ltd. (a) | | | 1,239 | | | | 5,180 | |
Lottery Corp. Ltd. | | | 30,697 | | | | 101,541 | |
Macquarie Group Ltd. | | | 110 | | | | 13,954 | |
Medibank Pvt Ltd. | | | 111,824 | | | | 261,403 | |
Metcash Ltd. | | | 28,919 | | | | 69,862 | |
Mirvac Group REIT | | | 3,760 | | | | 5,337 | |
National Australia Bank Ltd. | | | 931 | | | | 20,515 | |
New Hope Corp. Ltd. | | | 4,148 | | | | 12,695 | |
NEXTDC Ltd.* | | | 250 | | | | 2,873 | |
Northern Star Resources Ltd. | | | 4,227 | | | | 35,506 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Australia (Continued) | | | | | | |
Nufarm Ltd. | | | 1,971 | | | $ | 7,392 | |
Orica Ltd. | | | 2,700 | | | | 30,081 | |
Origin Energy Ltd. | | | 10,104 | | | | 59,147 | |
Orora Ltd. | | | 27,656 | | | | 48,262 | |
Perpetual Ltd. | | | 827 | | | | 12,935 | |
Platinum Asset Management Ltd. | | | 24,987 | | | | 16,758 | |
Qantas Airways Ltd.* | | | 33,682 | | | | 112,511 | |
QBE Insurance Group Ltd. | | | 16,046 | | | | 180,652 | |
Qube Holdings Ltd. | | | 12,090 | | | | 25,585 | |
Ramsay Health Care Ltd. | | | 664 | | | | 23,741 | |
REA Group Ltd. | | | 359 | | | | 45,376 | |
Reece Ltd. | | | 2,650 | | | | 46,365 | |
Region RE Ltd. REIT | | | 39,798 | | | | 57,271 | |
Rio Tinto Ltd. | | | 2,507 | | | | 202,063 | |
Santos Ltd. | | | 17,469 | | | | 80,535 | |
Scentre Group REIT | | | 10,940 | | | | 22,154 | |
SEEK Ltd. | | | 745 | | | | 12,724 | |
Seven Group Holdings Ltd. | | | 3,977 | | | | 99,726 | |
Sims Ltd. | | | 2,193 | | | | 17,478 | |
Sonic Healthcare Ltd. | | | 2,598 | | | | 50,497 | |
South32 Ltd. | | | 7,876 | | | | 15,129 | |
Steadfast Group Ltd. | | | 23,208 | | | | 87,498 | |
Stockland REIT | | | 28,510 | | | | 83,354 | |
Suncorp Group Ltd. | | | 13,175 | | | | 131,257 | |
Tabcorp Holdings Ltd. | | | 18,755 | | | | 9,159 | |
Telstra Group Ltd. | | | 11,137 | | | | 27,702 | |
TPG Telecom Ltd. | | | 2,829 | | | | 8,639 | |
Transurban Group (a) | | | 4,496 | | | | 39,639 | |
Treasury Wine Estates Ltd. | | | 3,242 | | | | 26,071 | |
Vicinity Ltd. REIT | | | 17,269 | | | | 21,815 | |
Washington H Soul Pattinson & Co. Ltd. | | | 1,120 | | | | 25,190 | |
Wesfarmers Ltd. | | | 4,114 | | | | 178,517 | |
Westpac Banking Corp. | | | 2,428 | | | | 41,659 | |
WiseTech Global Ltd. | | | 147 | | | | 9,044 | |
Woodside Energy Group Ltd. | | | 3,145 | | | | 62,173 | |
Woolworths Group Ltd. | | | 6,632 | | | | 140,867 | |
Worley Ltd. | | | 4,674 | | | | 50,917 | |
| | | | | | | | |
(Cost $5,019,020) | | | | | | | 5,516,086 | |
| | | | | | | | |
| Austria — 0.6% | | | | | | |
ANDRITZ AG | | | 942 | | | | 59,226 | |
Erste Group Bank AG | | | 420 | | | | 16,771 | |
Eurotelesites AG* | | | 1,747 | | | | 6,900 | |
OMV AG | | | 1,677 | | | | 73,934 | |
Raiffeisen Bank International AG | | | 75 | | | | 1,562 | |
Telekom Austria AG* | | | 6,986 | | | | 55,490 | |
Verbund AG | | | 102 | | | | 7,395 | |
voestalpine AG | | | 4,733 | | | | 129,275 | |
| | | | | | | | |
(Cost $350,058) | | | | | | | 350,553 | |
| | | | | | | | |
| Belgium — 0.8% | | | | | | |
Ackermans & van Haaren NV | | | 370 | | | | 62,182 | |
Ageas SA/NV | | | 345 | | | | 14,635 | |
Anheuser-Busch InBev SA/NV | | | 253 | | | | 15,255 | |
Elia Group SA/NV | | | 53 | | | | 5,890 | |
KBC Group NV | | | 204 | | | | 14,327 | |
Lotus Bakeries NV | | | 5 | | | | 47,074 | |
| | | | |
| See Notes to Financial Statements. | | 6 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Belgium (Continued) | | | | | | |
Solvay SA | | | 2,453 | | | $ | 62,381 | |
Syensqo SA* | | | 2,453 | | | | 219,290 | |
UCB SA | | | 382 | | | | 44,025 | |
Umicore SA | | | 268 | | | | 5,594 | |
Warehouses De Pauw CVA REIT | | | 452 | | | | 12,072 | |
| | | | | | | | |
(Cost $486,144) | | | | | | | 502,725 | |
| | | | | | | | |
| Bermuda — 0.0% | | | | | | |
Hiscox Ltd.
(Cost $7,826) | | | 637 | | | | 9,129 | |
| | | | | | | | |
| Canada — 4.5% | | | | | | |
Agnico Eagle Mines Ltd. | | | 102 | | | | 4,895 | |
Alimentation Couche-Tard, Inc. | | | 2,648 | | | | 164,325 | |
Bank of Montreal | | | 218 | | | | 19,744 | |
Bank of Nova Scotia | | | 399 | | | | 19,359 | |
Barrick Gold Corp. | | | 1,360 | | | | 19,843 | |
BCE, Inc. | | | 430 | | | | 15,966 | |
Brookfield Asset Management Ltd., Class A | | | 2,916 | | | | 118,910 | |
Brookfield Corp. | | | 63 | | | | 2,601 | |
Canadian Imperial Bank of Commerce | | | 553 | | | | 26,183 | |
Canadian National Railway Co. | | | 341 | | | | 44,241 | |
Canadian Natural Resources Ltd. | | | 988 | | | | 68,865 | |
Canadian Pacific Kansas City Ltd. | | | 336 | | | | 28,545 | |
Canadian Tire Corp. Ltd., Class A | | | 753 | | | | 76,669 | |
Cenovus Energy, Inc. | | | 1,725 | | | | 30,078 | |
CGI, Inc.* | | | 1,659 | | | | 190,589 | |
Constellation Software, Inc. | | | 30 | | | | 83,571 | |
Dollarama, Inc. | | | 1,456 | | | | 112,693 | |
Enbridge, Inc. | | | 182 | | | | 6,260 | |
Fairfax Financial Holdings Ltd. | | | 146 | | | | 155,929 | |
Fortis, Inc. | | | 1,503 | | | | 57,988 | |
Franco-Nevada Corp. | | | 324 | | | | 33,942 | |
George Weston Ltd. | | | 652 | | | | 85,450 | |
Great-West Lifeco, Inc. | | | 663 | | | | 20,432 | |
Hydro One Ltd., 144A | | | 2,073 | | | | 61,822 | |
IGM Financial, Inc. | | | 1,760 | | | | 46,259 | |
Imperial Oil Ltd. | | | 1,024 | | | | 64,112 | |
Intact Financial Corp. | | | 621 | | | | 103,327 | |
Loblaw Cos. Ltd. | | | 581 | | | | 61,957 | |
Magna International, Inc. | | | 2,809 | | | | 154,869 | |
Manulife Financial Corp. | | | 2,836 | | | | 67,348 | |
Metro, Inc. | | | 1,987 | | | | 107,645 | |
National Bank of Canada | | | 448 | | | | 34,989 | |
Nutrien Ltd. | | | 453 | | | | 23,659 | |
Pembina Pipeline Corp. | | | 1,164 | | | | 40,532 | |
Power Corp. of Canada | | | 1,789 | | | | 51,717 | |
Restaurant Brands International, Inc. | | | 1,438 | | | | 111,724 | |
Royal Bank of Canada | | | 53 | | | | 5,150 | |
Saputo, Inc. | | | 1,214 | | | | 24,712 | |
Sun Life Financial, Inc. | | | 1,102 | | | | 58,563 | |
Suncor Energy, Inc. | | | 2,843 | | | | 97,740 | |
TC Energy Corp. | | | 99 | | | | 3,918 | |
Teck Resources Ltd., Class B | | | 188 | | | | 7,228 | |
TELUS Corp. | | | 634 | | | | 11,064 | |
Thomson Reuters Corp. | | | 214 | | | | 33,802 | |
Toronto-Dominion Bank | | | 93 | | | | 5,588 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Canada (Continued) | | | | | | |
Tourmaline Oil Corp. | | | 330 | | | $ | 14,944 | |
Waste Connections, Inc. | | | 222 | | | | 36,961 | |
Wheaton Precious Metals Corp. | | | 1,059 | | | | 43,669 | |
| | | | | | | | |
(Cost $2,268,010) | | | | | | | 2,660,377 | |
| | | | | | | | |
| Chile — 0.0% | | | | | | |
Antofagasta PLC
(Cost $8,576) | | | 604 | | | | 13,886 | |
| | | | | | | | |
| China — 0.0% | | | | | | |
Lenovo Group Ltd.
(Cost $18,809) | | | 26,916 | | | | 29,808 | |
| | | | | | | | |
| Denmark — 1.2% | | | | | | |
A.P. Moller — Maersk A/S, Class A | | | 14 | | | | 19,003 | |
A.P. Moller — Maersk A/S, Class B | | | 21 | | | | 29,712 | |
Carlsberg AS, Class B | | | 1,226 | | | | 171,042 | |
Coloplast A/S, Class B | | | 89 | | | | 11,830 | |
Danske Bank A/S | | | 649 | | | | 19,079 | |
Demant A/S* | | | 261 | | | | 13,076 | |
DSV A/S | | | 673 | | | | 108,058 | |
Genmab A/S* | | | 84 | | | | 23,536 | |
H Lundbeck A/S | | | 3,140 | | | | 15,216 | |
H Lundbeck A/S, Class A | | | 1,454 | | | | 6,307 | |
Novo Nordisk A/S, Class B | | | 193 | | | | 22,967 | |
Novozymes A/S, Class B | | | 1,138 | | | | 64,233 | |
Pandora A/S | | | 1,031 | | | | 166,587 | |
ROCKWOOL A/S, Class B | | | 101 | | | | 32,331 | |
Royal Unibrew A/S | | | 416 | | | | 27,032 | |
Tryg A/S | | | 199 | | | | 4,232 | |
| | | | | | | | |
(Cost $669,611) | | | | | | | 734,241 | |
| | | | | | | | |
| Finland — 0.7% | | | | | | |
Elisa OYJ | | | 1,001 | | | | 45,127 | |
Kesko OYJ, Class B | | | 2,921 | | | | 55,838 | |
Kone OYJ, Class B | | | 1,531 | | | | 74,919 | |
Mandatum OYJ* | | | 549 | | | | 2,412 | |
Metso Corp. | | | 2,582 | | | | 27,583 | |
Neste OYJ | | | 198 | | | | 5,436 | |
Nokia OYJ | | | 13,129 | | | | 46,309 | |
Nordea Bank Abp | | | 1,314 | | | | 15,983 | |
Orion OYJ, Class B | | | 924 | | | | 36,397 | |
Sampo OYJ, Class A | | | 549 | | | | 24,578 | |
Stora Enso OYJ, Class R | | | 2,359 | | | | 29,817 | |
UPM-Kymmene OYJ | | | 428 | | | | 14,326 | |
Wartsila OYJ Abp | | | 988 | | | | 15,284 | |
| | | | | | | | |
(Cost $456,910) | | | | | | | 394,009 | |
| | | | | | | | |
| France — 6.3% | | | | | | |
Accor SA | | | 1,395 | | | | 60,520 | |
Aeroports de Paris SA | | | 90 | | | | 12,242 | |
Air Liquide SA | | | 321 | | | | 65,271 | |
Airbus SE | | | 164 | | | | 27,143 | |
ALD SA, 144A | | | 466 | | | | 2,854 | |
Alstom SA | | | 616 | | | | 8,226 | |
Amundi SA, 144A | | | 375 | | | | 24,693 | |
Arkema SA | | | 1,559 | | | | 161,554 | |
AXA SA | | | 625 | | | | 22,238 | |
BioMerieux | | | 228 | | | | 24,944 | |
| | | | |
| See Notes to Financial Statements. | | 7 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| France (Continued) | | | | | | |
BNP Paribas SA | | | 132 | | | $ | 7,911 | |
Bollore SE | | | 11,021 | | | | 75,613 | |
Bouygues SA | | | 2,031 | | | | 80,375 | |
Bureau Veritas SA | | | 1,893 | | | | 55,044 | |
Capgemini SE | | | 254 | | | | 61,762 | |
Carrefour SA | | | 6,905 | | | | 116,044 | |
Cie de L’Odet SE | | | 14 | | | | 21,786 | |
Cie de Saint-Gobain SA | | | 3,289 | | | | 253,415 | |
Cie Generale des Etablissements Michelin SCA | | | 6,187 | | | | 228,911 | |
Covivio SA REIT | | | 100 | | | | 4,493 | |
Credit Agricole SA | | | 862 | | | | 11,679 | |
Danone SA | | | 1,373 | | | | 87,691 | |
Dassault Aviation SA | | | 350 | | | | 69,274 | |
Dassault Systemes SE | | | 155 | | | | 7,244 | |
Edenred SE | | | 1,010 | | | | 50,047 | |
Eiffage SA | | | 1,251 | | | | 136,257 | |
Engie SA | | | 9,646 | | | | 154,864 | |
EssilorLuxottica SA | | | 140 | | | | 29,718 | |
Eurazeo SE | | | 436 | | | | 36,849 | |
Gecina SA REIT | | | 27 | | | | 2,609 | |
Getlink SE | | | 658 | | | | 11,243 | |
Hermes International SCA | | | 3 | | | | 7,509 | |
Ipsen SA | | | 454 | | | | 50,014 | |
JCDecaux SE* | | | 1,191 | | | | 24,617 | |
Kering SA | | | 31 | | | | 14,259 | |
Klepierre SA REIT | | | 627 | | | | 15,931 | |
La Francaise des Jeux SAEM, 144A | | | 1,551 | | | | 64,988 | |
Legrand SA | | | 967 | | | | 97,842 | |
L’Oreal SA | | | 15 | | | | 7,170 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 14 | | | | 12,769 | |
Orange SA | | | 9,436 | | | | 108,300 | |
Pernod Ricard SA | | | 204 | | | | 34,118 | |
Pluxee NV* | | | 460 | | | | 13,159 | |
Publicis Groupe SA | | | 2,678 | | | | 283,366 | |
Remy Cointreau SA | | | 97 | | | | 10,287 | |
Renault SA | | | 295 | | | | 12,300 | |
Rexel SA | | | 6,927 | | | | 177,657 | |
Safran SA | | | 179 | | | | 37,521 | |
Sanofi SA | | | 398 | | | | 37,854 | |
Schneider Electric SE | | | 312 | | | | 70,835 | |
SCOR SE | | | 253 | | | | 7,715 | |
SEB SA | | | 236 | | | | 27,939 | |
Societe Generale SA | | | 378 | | | | 9,175 | |
Sodexo SA | | | 460 | | | | 36,687 | |
SOITEC* | | | 38 | | | | 5,558 | |
STMicroelectronics NV | | | 1,538 | | | | 69,445 | |
Teleperformance SE | | | 113 | | | | 14,008 | |
Thales SA | | | 349 | | | | 51,760 | |
TotalEnergies SE | | | 1,338 | | | | 85,413 | |
Valeo SE | | | 1,002 | | | | 11,613 | |
Veolia Environnement SA | | | 6,054 | | | | 187,696 | |
Vinci SA | | | 780 | | | | 99,939 | |
Wendel SE | | | 1,471 | | | | 143,982 | |
| | | | | | | | |
(Cost $3,324,372) | | | | | | | 3,743,940 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Germany — 5.2% | | | | | | |
adidas AG | | | 70 | | | $ | 14,174 | |
Allianz SE | | | 54 | | | | 14,834 | |
BASF SE | | | 2,154 | | | | 109,730 | |
Bayer AG | | | 682 | | | | 20,731 | |
Bayerische Motoren Werke AG | | | 1,130 | | | | 133,557 | |
Bechtle AG | | | 221 | | | | 11,398 | |
Beiersdorf AG | | | 336 | | | | 48,195 | |
Brenntag SE | | | 3,565 | | | | 325,527 | |
Carl Zeiss Meditec AG | | | 33 | | | | 4,062 | |
Continental AG | | | 500 | | | | 40,083 | |
Covestro AG, 144A* | | | 2,002 | | | | 108,973 | |
CTS Eventim AG & Co. KGaA | | | 420 | | | | 33,042 | |
Daimler Truck Holding AG | | | 548 | | | | 22,404 | |
Deutsche Bank AG (b) | | | 1,063 | | | | 14,220 | |
Deutsche Boerse AG | | | 37 | | | | 7,752 | |
Deutsche Lufthansa AG* | | | 8,997 | | | | 69,983 | |
Deutsche Post AG | | | 3,804 | | | | 176,639 | |
Deutsche Telekom AG | | | 1,739 | | | | 41,373 | |
DWS Group GmbH & Co. KGaA, 144A (b) | | | 743 | | | | 30,473 | |
E.ON SE | | | 36,589 | | | | 467,615 | |
Evonik Industries AG | | | 2,943 | | | | 54,332 | |
Fielmann Group AG | | | 325 | | | | 15,397 | |
Fraport AG Frankfurt Airport Services Worldwide* | | | 116 | | | | 6,452 | |
Fresenius Medical Care AG | | | 1,732 | | | | 66,312 | |
Fresenius SE & Co. KGaA | | | 2,261 | | | | 63,322 | |
FUCHS SE | | | 1,244 | | | | 43,415 | |
GEA Group AG | | | 2,994 | | | | 120,753 | |
Hannover Rueck SE | | | 189 | | | | 48,534 | |
Heidelberg Materials AG | | | 2,514 | | | | 244,031 | |
Hella GmbH & Co. KGaA | | | 244 | | | | 21,572 | |
Henkel AG & Co. KGaA | | | 255 | | | | 17,219 | |
HOCHTIEF AG | | | 695 | | | | 82,430 | |
Infineon Technologies AG | | | 752 | | | | 26,932 | |
Knorr-Bremse AG | | | 372 | | | | 26,038 | |
Mercedes-Benz Group AG | | | 1,094 | | | | 87,180 | |
Merck KGaA | | | 218 | | | | 37,226 | |
MTU Aero Engines AG | | | 382 | | | | 91,895 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 43 | | | | 20,028 | |
Nemetschek SE | | | 88 | | | | 8,397 | |
Puma SE | | | 241 | | | | 11,076 | |
Rational AG | | | 25 | | | | 20,561 | |
RWE AG | | | 1,220 | | | | 40,927 | |
SAP SE | | | 105 | | | | 19,644 | |
Scout24 SE, 144A | | | 884 | | | | 64,285 | |
Siemens AG | | | 125 | | | | 24,746 | |
Siemens Energy AG* | | | 835 | | | | 12,836 | |
Siemens Healthineers AG, 144A* | | | 100 | | | | 6,006 | |
Symrise AG | | | 84 | | | | 8,596 | |
Talanx AG | | | 301 | | | | 21,498 | |
thyssenkrupp AG | | | 951 | | | | 4,861 | |
Traton SE | | | 615 | | | | 16,292 | |
Wacker Chemie AG | | | 91 | | | | 9,951 | |
| | | | | | | | |
(Cost $2,769,129) | | | | | | | 3,037,509 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 8 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Hong Kong — 1.0% | | | | | | |
ASMPT Ltd. | | | 1,976 | | | $ | 24,218 | |
Bank of East Asia Ltd. | | | 14,327 | | | | 17,916 | |
BOC Hong Kong Holdings Ltd. | | | 5,105 | | | | 13,465 | |
Cafe de Coral Holdings Ltd. | | | 1,776 | | | | 1,883 | |
Cathay Pacific Airways Ltd.* | | | 6,621 | | | | 7,172 | |
Chow Tai Fook Jewellery Group Ltd. | | | 1,838 | | | | 2,751 | |
CK Asset Holdings Ltd. | | | 4,712 | | | | 21,758 | |
CK Hutchison Holdings Ltd. | | | 8,689 | | | | 44,118 | |
CK Infrastructure Holdings Ltd. | | | 1,846 | | | | 10,858 | |
CLP Holdings Ltd. | | | 3,189 | | | | 26,579 | |
Dah Sing Banking Group Ltd. | | | 5,516 | | | | 3,495 | |
Dah Sing Financial Holdings Ltd. | | | 1,478 | | | | 3,085 | |
DFI Retail Group Holdings Ltd. | | | 3,200 | | | | 6,752 | |
First Pacific Co. Ltd. | | | 35,866 | | | | 14,477 | |
Hang Lung Group Ltd. | | | 3,219 | | | | 3,746 | |
Hang Seng Bank Ltd. | | | 773 | | | | 8,827 | |
Henderson Land Development Co. Ltd. | | | 1,601 | | | | 4,622 | |
Hong Kong & China Gas Co. Ltd. | | | 21,537 | | | | 16,671 | |
Hong Kong Exchanges & Clearing Ltd. | | | 364 | | | | 11,289 | |
Hutchison Port Holdings Trust, Class U | | | 74,400 | | | | 9,821 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | | | 51,480 | | | | 6,970 | |
Jardine Matheson Holdings Ltd. | | | 700 | | | | 29,337 | |
Johnson Electric Holdings Ltd. | | | 7,097 | | | | 9,682 | |
Kerry Properties Ltd. | | | 3,453 | | | | 5,690 | |
Link REIT | | | 6,745 | | | | 33,558 | |
MTR Corp. Ltd. | | | 420 | | | | 1,395 | |
NWS Holdings Ltd. | | | 16,630 | | | | 19,543 | |
PCCW Ltd. | | | 54,419 | | | | 27,109 | |
Power Assets Holdings Ltd. | | | 10,509 | | | | 63,225 | |
Sino Land Co. Ltd. | | | 8,634 | | | | 9,319 | |
Sun Hung Kai Properties Ltd. | | | 1,897 | | | | 19,130 | |
Swire Pacific Ltd., Class A | | | 2,055 | | | | 17,036 | |
Swire Pacific Ltd., Class B | | | 7,627 | | | | 9,937 | |
Swire Properties Ltd. | | | 3,032 | | | | 6,259 | |
Techtronic Industries Co. Ltd. | | | 1,179 | | | | 12,763 | |
VTech Holdings Ltd. | | | 4,138 | | | | 23,917 | |
WH Group Ltd., 144A | | | 28,474 | | | | 17,167 | |
Yue Yuen Industrial Holdings Ltd. | | | 6,967 | | | | 7,306 | |
| | | | | | | | |
(Cost $634,954) | | | | | | | 572,846 | |
| | | | | | | | |
| Ireland — 1.9% | | | | | | |
AIB Group PLC | | | 1,912 | | | | 8,868 | |
CRH PLC | | | 3,489 | | | | 294,158 | |
DCC PLC | | | 3,371 | | | | 239,475 | |
Experian PLC | | | 1,210 | | | | 51,810 | |
Flutter Entertainment PLC* | | | 114 | | | | 24,666 | |
Glanbia PLC | | | 7,630 | | | | 138,219 | |
James Hardie Industries PLC CDI* | | | 3,099 | | | | 122,588 | |
Kerry Group PLC, Class A | | | 304 | | | | 26,693 | |
Kingspan Group PLC | | | 416 | | | | 37,581 | |
Smurfit Kappa Group PLC | | | 3,896 | | | | 166,476 | |
| | | | | | | | |
(Cost $818,144) | | | | | | | 1,110,534 | |
| | | | | | | | |
| Israel — 0.8% | | | | | | |
Airport City Ltd.* | | | 601 | | | | 10,131 | |
Amot Investments Ltd. | | | 1,559 | | | | 7,966 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Israel (Continued) | | | | | | |
Azrieli Group Ltd. | | | 50 | | | $ | 3,623 | |
Bank Hapoalim BM | | | 5,160 | | | | 49,381 | |
Bank Leumi Le-Israel BM | | | 3,528 | | | | 29,555 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | | | 28,335 | | | | 38,263 | |
Elbit Systems Ltd. | | | 180 | | | | 40,016 | |
First International Bank Of Israel Ltd. | | | 498 | | | | 21,487 | |
ICL Group Ltd. | | | 6,049 | | | | 31,993 | |
Israel Discount Bank Ltd., Class A | | | 5,601 | | | | 29,200 | |
Melisron Ltd. | | | 316 | | | | 24,410 | |
Mivne Real Estate KD Ltd. | | | 5,705 | | | | 15,309 | |
Mizrahi Tefahot Bank Ltd. | | | 687 | | | | 27,179 | |
Nice Ltd.* | | | 176 | | | | 43,202 | |
Nova Ltd.* | | | 316 | | | | 53,793 | |
Phoenix Holdings Ltd. | | | 1,995 | | | | 21,522 | |
Strauss Group Ltd.* | | | 374 | | | | 7,415 | |
Teva Pharmaceutical Industries Ltd.* | | | 1,126 | | | | 14,814 | |
Tower Semiconductor Ltd.* | | | 196 | | | | 6,448 | |
| | | | | | | | |
(Cost $411,466) | | | | | | | 475,707 | |
| | | | | | | | |
| Italy — 2.9% | | | | | | |
A2A SpA | | | 92,583 | | | | 168,317 | |
Amplifon SpA | | | 481 | | | | 16,079 | |
Assicurazioni Generali SpA | | | 2,639 | | | | 62,599 | |
Banca Mediolanum SpA | | | 1,757 | | | | 18,926 | |
Banco BPM SpA | | | 338 | | | | 1,966 | |
Buzzi SpA | | | 2,572 | | | | 86,950 | |
Davide Campari-Milano NV | | | 1,966 | | | | 19,939 | |
Enel SpA | | | 19,394 | | | | 123,468 | |
Eni SpA | | | 15,228 | | | | 234,793 | |
Ferrari NV | | | 154 | | | | 64,977 | |
FinecoBank Banca Fineco SpA | | | 476 | | | | 6,583 | |
Hera SpA | | | 45,024 | | | | 155,718 | |
Infrastrutture Wireless Italiane SpA, 144A | | | 1,524 | | | | 16,879 | |
Interpump Group SpA | | | 814 | | | | 38,635 | |
Italgas SpA | | | 4,700 | | | | 25,659 | |
Leonardo SpA | | | 4,253 | | | | 90,920 | |
Mediobanca Banca di Credito Finanziario SpA | | | 3,386 | | | | 46,150 | |
Moncler SpA | | | 1,348 | | | | 97,239 | |
Pirelli & C SpA, 144A | | | 12,596 | | | | 74,288 | |
Poste Italiane SpA, 144A | | | 1,425 | | | | 16,716 | |
Prysmian SpA | | | 3,450 | | | | 171,924 | |
Recordati Industria Chimica e Farmaceutica SpA | | | 408 | | | | 22,853 | |
Reply SpA | | | 45 | | | | 6,243 | |
Snam SpA | | | 6,650 | | | | 31,095 | |
Terna — Rete Elettrica Nazionale | | | 8,922 | | | | 69,940 | |
UniCredit SpA | | | 393 | | | | 13,146 | |
UnipolSai Assicurazioni SpA | | | 4,420 | | | | 12,733 | |
| | | | | | | | |
(Cost $1,464,884) | | | | | | | 1,694,735 | |
| | | | | | | | |
| Japan — 30.7% | | | | | | |
ABC-Mart, Inc. | | | 1,289 | | | | 22,095 | |
Acom Co. Ltd. | | | 4,500 | | | | 11,194 | |
Activia Properties, Inc. REIT | | | 2 | | | | 5,205 | |
Advance Residence Investment Corp. REIT | | | 6 | | | | 12,267 | |
| | | | |
| See Notes to Financial Statements. | | 9 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Advantest Corp. | | | 248 | | | $ | 11,450 | |
Aeon Co. Ltd. | | | 2,049 | | | | 48,942 | |
Aeon Mall Co. Ltd. (c) | | | 600 | | | | 7,011 | |
AEON REIT Investment Corp. REIT | | | 9 | | | | 7,907 | |
AGC, Inc. | | | 1,554 | | | | 55,579 | |
Aica Kogyo Co. Ltd. | | | 1,414 | | | | 33,595 | |
Ain Holdings, Inc. | | | 400 | | | | 12,663 | |
Air Water, Inc. | | | 5,300 | | | | 76,506 | |
Aisin Corp. | | | 2,893 | | | | 109,152 | |
Ajinomoto Co., Inc. | | | 1,300 | | | | 47,798 | |
Alfresa Holdings Corp. | | | 9,100 | | | | 135,980 | |
Amada Co. Ltd. | | | 8,443 | | | | 93,783 | |
Amano Corp. | | | 1,500 | | | | 36,701 | |
ANA Holdings, Inc.* | | | 2,700 | | | | 58,882 | |
Ariake Japan Co. Ltd. | | | 200 | | | | 7,055 | |
As One Corp. | | | 100 | | | | 3,486 | |
Asahi Group Holdings Ltd. | | | 692 | | | | 23,732 | |
Asahi Intecc Co. Ltd. | | | 216 | | | | 4,490 | |
Asahi Kasei Corp. | | | 3,119 | | | | 21,704 | |
ASKUL Corp. | | | 400 | | | | 5,623 | |
Astellas Pharma, Inc. | | | 3,883 | | | | 42,846 | |
Azbil Corp. | | | 813 | | | | 23,852 | |
Bandai Namco Holdings, Inc. | | | 1,600 | | | | 30,927 | |
Bic Camera, Inc. | | | 1,400 | | | | 12,038 | |
BIPROGY, Inc. | | | 900 | | | | 27,865 | |
Bridgestone Corp. | | | 2,224 | | | | 95,783 | |
Brother Industries Ltd. | | | 242 | | | | 4,058 | |
Calbee, Inc. | | | 880 | | | | 18,850 | |
Canon Marketing Japan, Inc. | | | 1,400 | | | | 41,662 | |
Canon, Inc. | | | 3,322 | | | | 97,150 | |
Capcom Co. Ltd. | | | 1,208 | | | | 48,661 | |
Casio Computer Co. Ltd. | | | 900 | | | | 7,255 | |
Central Japan Railway Co. | | | 1,555 | | | | 39,158 | |
Chiba Bank Ltd. | | | 1,200 | | | | 9,765 | |
Chubu Electric Power Co., Inc. | | | 23,531 | | | | 293,450 | |
Chugai Pharmaceutical Co. Ltd. | | | 700 | | | | 28,062 | |
Chugoku Electric Power Co., Inc. | | | 2,183 | | | | 14,739 | |
Coca-Cola Bottlers Japan Holdings, Inc. | | | 1,200 | | | | 15,895 | |
COMSYS Holdings Corp. | | | 4,934 | | | | 108,985 | |
Concordia Financial Group Ltd. | | | 3,500 | | | | 17,726 | |
Cosmo Energy Holdings Co. Ltd. | | | 1,200 | | | | 53,454 | |
Cosmos Pharmaceutical Corp. | | | 250 | | | | 24,437 | |
Dai Nippon Printing Co. Ltd. | | | 2,307 | | | | 67,313 | |
Daicel Corp. | | | 8,427 | | | | 79,670 | |
Daido Steel Co. Ltd. | | | 5,275 | | | | 62,365 | |
Daifuku Co. Ltd. | | | 1,278 | | | | 30,279 | |
Dai-ichi Life Holdings, Inc. | | | 500 | | | | 11,385 | |
Daiichikosho Co. Ltd. | | | 1,700 | | | | 21,990 | |
Daikin Industries Ltd. | | | 50 | | | | 7,074 | |
Daito Trust Construction Co. Ltd. | | | 1,289 | | | | 152,997 | |
Daiwa House Industry Co. Ltd. | | | 5,402 | | | | 156,282 | |
Daiwa House REIT Investment Corp. REIT | | | 3 | | | | 4,899 | |
Daiwa Office Investment Corp. REIT | | | 1 | | | | 3,895 | |
Daiwa Securities Group, Inc. | | | 1,400 | | | | 10,308 | |
Daiwa Securities Living Investments Corp. REIT | | | 10 | | | | 6,735 | |
Denka Co. Ltd. | | | 700 | | | | 11,487 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Denso Corp. | | | 2,384 | | | $ | 43,867 | |
Dentsu Group, Inc. | | | 800 | | | | 22,171 | |
Dentsu Soken, Inc. | | | 100 | | | | 3,581 | |
DIC Corp. | | | 1,700 | | | | 32,791 | |
Disco Corp. | | | 193 | | | | 62,231 | |
DMG Mori Co. Ltd. | | | 1,500 | | | | 34,666 | |
Dowa Holdings Co. Ltd. | | | 300 | | | | 10,481 | |
East Japan Railway Co. | | | 1,000 | | | | 59,230 | |
Ebara Corp. | | | 800 | | | | 67,428 | |
Electric Power Development Co. Ltd. | | | 6,576 | | | | 108,172 | |
ENEOS Holdings, Inc. | | | 48,820 | | | | 210,813 | |
EXEO Group, Inc. | | | 2,272 | | | | 47,787 | |
Ezaki Glico Co. Ltd. | | | 400 | | | | 11,941 | |
Fancl Corp. | | | 200 | | | | 2,769 | |
FANUC Corp. | | | 980 | | | | 28,627 | |
Fast Retailing Co. Ltd. | | | 15 | | | | 4,336 | |
Frontier Real Estate Investment Corp. REIT | | | 3 | | | | 8,609 | |
Fuji Electric Co. Ltd. | | | 788 | | | | 47,911 | |
Fuji Media Holdings, Inc. | | | 1,800 | | | | 21,557 | |
Fuji Oil Holdings, Inc. | | | 200 | | | | 3,345 | |
FUJIFILM Holdings Corp. | | | 451 | | | | 28,696 | |
Fujikura Ltd. | | | 700 | | | | 8,549 | |
Fujitsu General Ltd. | | | 400 | | | | 5,167 | |
Fujitsu Ltd. | | | 642 | | | | 100,308 | |
Fukuoka Financial Group, Inc. | | | 500 | | | | 12,975 | |
Furukawa Electric Co. Ltd. | | | 1,500 | | | | 29,710 | |
Fuyo General Lease Co. Ltd. | | | 300 | | | | 27,410 | |
GLP J REIT | | | 10 | | | | 7,944 | |
Goldwin, Inc. | | | 400 | | | | 23,192 | |
GS Yuasa Corp. | | | 1,038 | | | | 19,523 | |
GungHo Online Entertainment, Inc. | | | 800 | | | | 11,615 | |
Hachijuni Bank Ltd. | | | 1,800 | | | | 11,032 | |
Hakuhodo DY Holdings, Inc. | | | 3,969 | | | | 36,900 | |
Hamamatsu Photonics KK | | | 650 | | | | 23,330 | |
Hankyu Hanshin Holdings, Inc. | | | 1,467 | | | | 42,313 | |
Haseko Corp. | | | 1,697 | | | | 21,027 | |
Heiwa Corp. | | | 1,100 | | | | 15,191 | |
Hikari Tsushin, Inc. | | | 127 | | | | 22,970 | |
Hirogin Holdings, Inc. | | | 1,300 | | | | 9,281 | |
Hirose Electric Co. Ltd. | | | 182 | | | | 19,353 | |
Hisamitsu Pharmaceutical Co., Inc. | | | 500 | | | | 12,942 | |
Hitachi Construction Machinery Co. Ltd. | | | 600 | | | | 17,334 | |
Hitachi Ltd. | | | 1,346 | | | | 113,898 | |
Honda Motor Co. Ltd. | | | 11,235 | | | | 133,766 | |
Horiba Ltd. | | | 900 | | | | 87,823 | |
Hoshizaki Corp. | | | 1,426 | | | | 48,648 | |
House Foods Group, Inc. | | | 1,257 | | | | 26,396 | |
Hoya Corp. | | | 200 | | | | 26,037 | |
Hulic Co. Ltd. | | | 5,748 | | | | 57,338 | |
Ibiden Co. Ltd. | | | 100 | | | | 4,611 | |
Idemitsu Kosan Co. Ltd. | | | 12,625 | | | | 79,966 | |
IHI Corp. | | | 400 | | | | 8,809 | |
Iida Group Holdings Co. Ltd. | | | 800 | | | | 10,324 | |
Industrial & Infrastructure Fund Investment Corp. REIT | | | 3 | | | | 2,526 | |
INFRONEER Holdings, Inc. | | | 6,984 | | | | 71,650 | |
| | | | |
| See Notes to Financial Statements. | | 10 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Inpex Corp. | | | 5,699 | | | $ | 76,573 | |
Internet Initiative Japan, Inc. | | | 700 | | | | 12,990 | |
Isetan Mitsukoshi Holdings Ltd. | | | 3,600 | | | | 50,848 | |
Isuzu Motors Ltd. | | | 4,500 | | | | 64,101 | |
ITOCHU Corp. | | | 3,236 | | | | 140,882 | |
Itoham Yonekyu Holdings, Inc. | | | 460 | | | | 12,632 | |
Iwatani Corp. | | | 2,900 | | | | 144,254 | |
Iyogin Holdings, Inc. | | | 1,000 | | | | 7,503 | |
Izumi Co. Ltd. | | | 800 | | | | 18,531 | |
J. Front Retailing Co. Ltd. | | | 1,365 | | | | 13,548 | |
Japan Airlines Co. Ltd. | | | 1,400 | | | | 26,154 | |
Japan Airport Terminal Co. Ltd. | | | 100 | | | | 3,938 | |
Japan Aviation Electronics Industry Ltd. | | | 1,000 | | | | 17,679 | |
Japan Exchange Group, Inc. | | | 600 | | | | 15,691 | |
Japan Logistics Fund, Inc. REIT | | | 3 | | | | 5,129 | |
Japan Metropolitan Fund Invest REIT | | | 12 | | | | 7,080 | |
Japan Post Bank Co. Ltd. | | | 900 | | | | 9,606 | |
Japan Post Holdings Co. Ltd. | | | 1,200 | | | | 11,597 | |
Japan Post Insurance Co. Ltd. | | | 400 | | | | 7,382 | |
Japan Prime Realty Investment Corp. REIT | | | 4 | | | | 8,779 | |
Japan Real Estate Investment Corp. REIT | | | 4 | | | | 14,432 | |
Japan Tobacco, Inc. | | | 2,064 | | | | 53,672 | |
JFE Holdings, Inc. | | | 5,500 | | | | 90,215 | |
JGC Holdings Corp. | | | 1,100 | | | | 10,014 | |
JSR Corp. | | | 600 | | | | 16,123 | |
JTEKT Corp. | | | 5,200 | | | | 48,432 | |
Kadokawa Corp. | | | 200 | | | | 3,816 | |
Kagome Co. Ltd. | | | 265 | | | | 6,094 | |
Kajima Corp. | | | 4,300 | | | | 79,797 | |
Kamigumi Co. Ltd. | | | 3,232 | | | | 75,709 | |
Kandenko Co. Ltd. | | | 5,592 | | | | 63,852 | |
Kaneka Corp. | | | 1,422 | | | | 34,194 | |
Kansai Electric Power Co., Inc. | | | 8,511 | | | | 109,209 | |
Kansai Paint Co. Ltd. | | | 1,588 | | | | 23,024 | |
Kao Corp. | | | 853 | | | | 32,463 | |
Kawasaki Heavy Industries Ltd. | | | 843 | | | | 23,279 | |
KDDI Corp. | | | 1,229 | | | | 37,395 | |
KDX Realty Investment Corp. REIT | | | 8 | | | | 8,012 | |
Keihan Holdings Co. Ltd. | | | 400 | | | | 9,258 | |
Keikyu Corp. | | | 400 | | | | 3,556 | |
Keio Corp. | | | 200 | | | | 5,616 | |
Keisei Electric Railway Co. Ltd. | | | 800 | | | | 37,389 | |
Kewpie Corp. | | | 2,059 | | | | 38,389 | |
Keyence Corp. | | | 29 | | | | 13,571 | |
Kikkoman Corp. | | | 273 | | | | 17,877 | |
Kinden Corp. | | | 6,200 | | | | 105,736 | |
Kintetsu Group Holdings Co. Ltd. | | | 2,300 | | | | 70,781 | |
Kirin Holdings Co. Ltd. | | | 1,212 | | | | 16,880 | |
Kobayashi Pharmaceutical Co. Ltd. | | | 226 | | | | 9,030 | |
Kobe Bussan Co. Ltd. | | | 300 | | | | 8,078 | |
Kobe Steel Ltd. | | | 1,500 | | | | 20,555 | |
Koei Tecmo Holdings Co. Ltd. | | | 724 | | | | 9,058 | |
Koito Manufacturing Co. Ltd. | | | 1,800 | | | | 22,784 | |
Kokuyo Co. Ltd. | | | 1,400 | | | | 22,150 | |
Komatsu Ltd. | | | 2,970 | | | | 86,241 | |
Konami Group Corp. | | | 282 | | | | 18,992 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Kotobuki Spirits Co. Ltd. | | | 500 | | | $ | 6,681 | |
K’s Holdings Corp. | | | 1,511 | | | | 13,099 | |
Kubota Corp. | | | 400 | | | | 5,864 | |
Kuraray Co. Ltd. | | | 8,481 | | | | 85,734 | |
Kurita Water Industries Ltd. | | | 528 | | | | 21,481 | |
Kusuri no Aoki Holdings Co. Ltd. | | | 600 | | | | 12,580 | |
Kyocera Corp. | | | 2,288 | | | | 33,700 | |
Kyoto Financial Group, Inc. | | | 400 | | | | 6,990 | |
Kyowa Kirin Co. Ltd. | | | 400 | | | | 7,941 | |
Kyudenko Corp. | | | 1,499 | | | | 58,309 | |
Kyushu Electric Power Co., Inc.* | | | 10,264 | | | | 83,905 | |
Kyushu Financial Group, Inc. | | | 800 | | | | 6,024 | |
Kyushu Railway Co. | | | 1,400 | | | | 32,206 | |
LaSalle Logiport REIT | | | 7 | | | | 6,590 | |
Lawson, Inc. | | | 700 | | | | 47,962 | |
Lion Corp. | | | 1,406 | | | | 12,409 | |
Lixil Corp. | | | 811 | | | | 10,404 | |
Mabuchi Motor Co. Ltd. | | | 1,400 | | | | 25,574 | |
Macnica Holdings, Inc. | | | 200 | | | | 11,035 | |
Makita Corp. | | | 400 | | | | 10,442 | |
Marubeni Corp. | | | 11,491 | | | | 189,789 | |
Marui Group Co. Ltd. | | | 379 | | | | 6,175 | |
Maruichi Steel Tube Ltd. | | | 2,450 | | | | 64,168 | |
MatsukiyoCocokara & Co. | | | 3,291 | | | | 54,553 | |
Mazda Motor Corp. | | | 3,800 | | | | 44,634 | |
McDonald’s Holdings Co. Japan Ltd. | | | 1,400 | | | | 65,197 | |
Mebuki Financial Group, Inc. | | | 3,800 | | | | 11,877 | |
Medipal Holdings Corp. | | | 8,751 | | | | 132,461 | |
MEIJI Holdings Co. Ltd. | | | 4,438 | | | | 100,134 | |
MINEBEA MITSUMI, Inc. | | | 871 | | | | 18,011 | |
MISUMI Group, Inc. | | | 140 | | | | 2,138 | |
Mitsubishi Chemical Group Corp. | | | 38,602 | | | | 221,419 | |
Mitsubishi Corp. | | | 7,308 | | | | 156,492 | |
Mitsubishi Electric Corp. | | | 6,874 | | | | 109,377 | |
Mitsubishi Estate Co. Ltd. | | | 1,200 | | | | 18,445 | |
Mitsubishi Gas Chemical Co., Inc. | | | 3,067 | | | | 50,000 | |
Mitsubishi HC Capital, Inc. | | | 3,450 | | | | 23,811 | |
Mitsubishi Heavy Industries Ltd. | | | 713 | | | | 56,332 | |
Mitsubishi Logistics Corp. | | | 1,500 | | | | 46,051 | |
Mitsubishi Materials Corp. | | | 3,000 | | | | 52,485 | |
Mitsubishi Motors Corp. | | | 800 | | | | 2,468 | |
Mitsubishi UFJ Financial Group, Inc. | | | 1,200 | | | | 12,363 | |
Mitsui & Co. Ltd. | | | 3,925 | | | | 171,848 | |
Mitsui Chemicals, Inc. | | | 5,400 | | | | 149,657 | |
Mitsui Fudosan Co. Ltd. | | | 1,200 | | | | 32,560 | |
Mitsui Fudosan Logistics Park, Inc. REIT | | | 2 | | | | 5,672 | |
Mitsui Mining & Smelting Co. Ltd. | | | 1,300 | | | | 38,322 | |
Mitsui OSK Lines Ltd. | | | 1,174 | | | | 40,255 | |
Miura Co. Ltd. | | | 1,200 | | | | 25,576 | |
Mizuho Financial Group, Inc. | | | 1,180 | | | | 22,083 | |
Mori Hills REIT Investment Corp. REIT | | | 6 | | | | 5,256 | |
Morinaga & Co. Ltd. | | | 400 | | | | 7,188 | |
Morinaga Milk Industry Co. Ltd. | | | 800 | | | | 16,613 | |
MS&AD Insurance Group Holdings, Inc. | | | 1,100 | | | | 54,460 | |
Murata Manufacturing Co. Ltd. | | | 1,551 | | | | 31,327 | |
Nabtesco Corp. | | | 200 | | | | 3,319 | |
Nagase & Co. Ltd. | | | 4,165 | | | | 69,347 | |
| | | | |
| See Notes to Financial Statements. | | 11 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Nagoya Railroad Co. Ltd. | | | 1,400 | | | $ | 20,003 | |
Nankai Electric Railway Co. Ltd. | | | 718 | | | | 14,032 | |
NEC Corp. | | | 900 | | | | 60,673 | |
NEC Networks & System Integration Corp. | | | 200 | | | | 3,273 | |
NET One Systems Co. Ltd. | | | 1,100 | | | | 19,109 | |
Nexon Co. Ltd. | | | 200 | | | | 3,242 | |
NGK Insulators Ltd. | | | 2,177 | | | | 28,422 | |
NH Foods Ltd. | | | 900 | | | | 31,545 | |
NHK Spring Co. Ltd. | | | 3,800 | | | | 36,510 | |
Nichirei Corp. | | | 2,000 | | | | 50,204 | |
Nifco, Inc. | | | 1,461 | | | | 35,210 | |
Nihon Kohden Corp. | | | 200 | | | | 5,538 | |
Nikon Corp. | | | 500 | | | | 4,946 | |
Nintendo Co. Ltd. | | | 1,350 | | | | 75,767 | |
Nippon Accommodations Fund, Inc. REIT | | | 2 | | | | 7,590 | |
Nippon Building Fund, Inc. REIT | | | 3 | | | | 11,565 | |
Nippon Electric Glass Co. Ltd. | | | 1,100 | | | | 26,576 | |
NIPPON EXPRESS HOLDINGS, Inc. | | | 1,236 | | | | 65,396 | |
Nippon Kayaku Co. Ltd. | | | 5,400 | | | | 46,488 | |
Nippon Prologis REIT, Inc. REIT | | | 2 | | | | 3,349 | |
Nippon Sanso Holdings Corp. | | | 1,459 | | | | 42,287 | |
Nippon Shokubai Co. Ltd. | | | 800 | | | | 29,991 | |
Nippon Steel Corp. | | | 5,413 | | | | 134,358 | |
Nippon Telegraph & Telephone Corp. | | | 11,775 | | | | 14,342 | |
Nippon Yusen KK | | | 1,400 | | | | 44,637 | |
Nishi-Nippon Railroad Co. Ltd. | | | 900 | | | | 14,480 | |
Nissan Chemical Corp. | | | 583 | | | | 24,357 | |
Nissan Motor Co. Ltd. | | | 4,200 | | | | 16,523 | |
Nisshin Seifun Group, Inc. | | | 3,678 | | | | 50,991 | |
Nissin Foods Holdings Co. Ltd. | | | 2,952 | | | | 86,329 | |
Niterra Co. Ltd. | | | 3,702 | | | | 112,319 | |
Nitori Holdings Co. Ltd. | | | 429 | | | | 63,001 | |
Nitto Denko Corp. | | | 2,043 | | | | 187,688 | |
Noevir Holdings Co. Ltd. | | | 200 | | | | 6,975 | |
NOF Corp. | | | 1,307 | | | | 58,761 | |
NOK Corp. | | | 3,200 | | | | 45,337 | |
Nomura Holdings, Inc. | | | 900 | | | | 5,116 | |
Nomura Real Estate Holdings, Inc. | | | 486 | | | | 12,089 | |
Nomura Real Estate Master Fund, Inc. REIT | | | 12 | | | | 11,938 | |
Nomura Research Institute Ltd. | | | 700 | | | | 19,662 | |
NS Solutions Corp. | | | 600 | | | | 20,084 | |
NSK Ltd. | | | 6,600 | | | | 36,155 | |
Obayashi Corp. | | | 37,062 | | | | 358,932 | |
OBIC Business Consultants Co. Ltd. | | | 100 | | | | 4,777 | |
Obic Co. Ltd. | | | 279 | | | | 43,667 | |
Odakyu Electric Railway Co. Ltd. | | | 1,800 | | | | 25,316 | |
Oji Holdings Corp. | | | 14,188 | | | | 55,578 | |
OKUMA Corp. | | | 1,200 | | | | 56,540 | |
Omron Corp. | | | 600 | | | | 22,257 | |
Ono Pharmaceutical Co. Ltd. | | | 1,477 | | | | 24,553 | |
Open House Group Co. Ltd. | | | 580 | | | | 18,299 | |
Oracle Corp. | | | 400 | | | | 30,654 | |
Oriental Land Co. Ltd. | | | 490 | | | | 17,558 | |
ORIX Corp. | | | 3,836 | | | | 80,400 | |
Orix JREIT, Inc. REIT | | | 8 | | | | 8,451 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Osaka Gas Co. Ltd. | | | 4,829 | | | $ | 96,599 | |
OSG Corp. | | | 1,100 | | | | 15,430 | |
Otsuka Corp. | | | 808 | | | | 35,522 | |
Otsuka Holdings Co. Ltd. | | | 2,034 | | | | 82,654 | |
PALTAC Corp. | | | 1,282 | | | | 35,872 | |
Pan Pacific International Holdings Corp. | | | 499 | | | | 11,752 | |
Panasonic Holdings Corp. | | | 9,572 | | | | 90,847 | |
Penta-Ocean Construction Co. Ltd. | | | 4,120 | | | | 21,347 | |
Persol Holdings Co. Ltd. | | | 9,390 | | | | 13,570 | |
Pigeon Corp. | | | 300 | | | | 3,059 | |
Pola Orbis Holdings, Inc. | | | 1,000 | | | | 9,995 | |
Recruit Holdings Co. Ltd. | | | 326 | | | | 13,165 | |
Renesas Electronics Corp. | | | 1,300 | | | | 21,319 | |
Rengo Co. Ltd. | | | 5,812 | | | | 38,789 | |
Resona Holdings, Inc. | | | 3,100 | | | | 16,901 | |
Resonac Holdings Corp. | | | 2,200 | | | | 53,137 | |
Resorttrust, Inc. | | | 500 | | | | 8,621 | |
Ricoh Co. Ltd. | | | 1,400 | | | | 11,646 | |
Rinnai Corp. | | | 451 | | | | 10,513 | |
Rohm Co. Ltd. | | | 2,156 | | | | 36,625 | |
Rohto Pharmaceutical Co. Ltd. | | | 1,322 | | | | 26,860 | |
Ryohin Keikaku Co. Ltd. | | | 1,100 | | | | 17,374 | |
Sankyo Co. Ltd. | | | 12,045 | | | | 137,616 | |
Sankyu, Inc. | | | 1,800 | | | | 63,632 | |
Sanrio Co. Ltd. | | | 100 | | | | 5,605 | |
Santen Pharmaceutical Co. Ltd. | | | 3,600 | | | | 35,755 | |
Sanwa Holdings Corp. | | | 7,400 | | | | 131,219 | |
Sapporo Holdings Ltd. | | | 300 | | | | 13,213 | |
SBI Holdings, Inc. | | | 800 | | | | 21,514 | |
SCREEN Holdings Co. Ltd. | | | 600 | | | | 75,105 | |
SCSK Corp. | | | 800 | | | | 14,752 | |
Secom Co. Ltd. | | | 1,535 | | | | 111,994 | |
Sega Sammy Holdings, Inc. | | | 3,200 | | | | 40,131 | |
Seibu Holdings, Inc. | | | 1,000 | | | | 14,458 | |
Seiko Epson Corp. | | | 1,851 | | | | 29,941 | |
Seino Holdings Co. Ltd. | | | 5,400 | | | | 76,416 | |
Sekisui Chemical Co. Ltd. | | | 7,201 | | | | 101,469 | |
Sekisui House Ltd. | | | 4,936 | | | | 110,151 | |
Sekisui House Reit, Inc. REIT | | | 13 | | | | 6,436 | |
Seven & i Holdings Co. Ltd. | | | 3,600 | | | | 53,638 | |
Seven Bank Ltd. | | | 5,800 | | | | 11,595 | |
SG Holdings Co. Ltd. | | | 3,860 | | | | 48,434 | |
Shikoku Electric Power Co., Inc. | | | 5,400 | | | | 39,290 | |
Shimadzu Corp. | | | 1,496 | | | | 40,811 | |
Shimamura Co. Ltd. | | | 1,622 | | | | 86,383 | |
Shimano, Inc. | | | 262 | | | | 36,516 | |
Shimizu Corp. | | | 18,546 | | | | 107,655 | |
Shin-Etsu Chemical Co. Ltd. | | | 2,535 | | | | 108,178 | |
Shinko Electric Industries Co. Ltd. | | | 200 | | | | 7,240 | |
Shionogi & Co. Ltd. | | | 800 | | | | 40,003 | |
Shiseido Co. Ltd. | | | 200 | | | | 5,408 | |
Shizuoka Financial Group, Inc. | | | 1,200 | | | | 11,746 | |
SHO-BOND Holdings Co. Ltd. | | | 349 | | | | 14,949 | |
Skylark Holdings Co. Ltd.* | | | 3,060 | | | | 44,611 | |
SMC Corp. | | | 41 | | | | 24,695 | |
Socionext, Inc. | | | 1,000 | | | | 25,676 | |
SoftBank Corp. | | | 2,905 | | | | 38,285 | |
| | | | |
| See Notes to Financial Statements. | | 12 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Sohgo Security Services Co. Ltd. | | | 6,535 | | | $ | 36,253 | |
Sojitz Corp. | | | 10,620 | | | | 269,562 | |
Sompo Holdings, Inc. | | | 700 | | | | 41,073 | |
Sony Group Corp. | | | 73 | | | | 6,314 | |
Sotetsu Holdings, Inc. | | | 900 | | | | 16,326 | |
Square Enix Holdings Co. Ltd. | | | 300 | | | | 12,716 | |
Stanley Electric Co. Ltd. | | | 2,531 | | | | 43,325 | |
Subaru Corp. | | | 5,464 | | | | 124,270 | |
Sugi Holdings Co. Ltd. | | | 2,805 | | | | 44,033 | |
SUMCO Corp. | | | 4,200 | | | | 65,777 | |
Sumitomo Bakelite Co. Ltd. | | | 700 | | | | 40,222 | |
Sumitomo Chemical Co. Ltd. | | | 7,600 | | | | 15,426 | |
Sumitomo Corp. | | | 8,132 | | | | 190,545 | |
Sumitomo Electric Industries Ltd. | | | 14,326 | | | | 212,540 | |
Sumitomo Forestry Co. Ltd. | | | 2,383 | | | | 68,129 | |
Sumitomo Heavy Industries Ltd. | | | 2,049 | | | | 61,017 | |
Sumitomo Metal Mining Co. Ltd. | | | 869 | | | | 22,667 | |
Sumitomo Mitsui Financial Group, Inc. | | | 600 | | | | 33,450 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 2,000 | | | | 40,609 | |
Sumitomo Realty & Development Co. Ltd. | | | 771 | | | | 22,862 | |
Sumitomo Rubber Industries Ltd. | | | 2,500 | | | | 29,131 | |
Sundrug Co. Ltd. | | | 1,188 | | | | 37,092 | |
Suntory Beverage & Food Ltd. | | | 974 | | | | 32,031 | |
Suzuken Co. Ltd. | | | 4,084 | | | | 121,644 | |
Suzuki Motor Corp. | | | 1,442 | | | | 63,366 | |
Sysmex Corp. | | | 127 | | | | 7,145 | |
Taiheiyo Cement Corp. | | | 600 | | | | 12,600 | |
Taisei Corp. | | | 1,834 | | | | 57,678 | |
Taisho Pharmaceutical Holdings Co. Ltd. | | | 300 | | | | 17,198 | |
Takara Bio, Inc. | | | 800 | | | | 5,431 | |
Takara Holdings, Inc. | | | 7,300 | | | | 61,187 | |
Takashimaya Co. Ltd. | | | 800 | | | | 12,048 | |
Takeda Pharmaceutical Co. Ltd. | | | 400 | | | | 11,724 | |
TBS Holdings, Inc. | | | 1,500 | | | | 39,417 | |
TDK Corp. | | | 430 | | | | 22,369 | |
TechnoPro Holdings, Inc. | | | 387 | | | | 7,748 | |
Teijin Ltd. | | | 3,920 | | | | 33,262 | |
Terumo Corp. | | | 116 | | | | 4,523 | |
THK Co. Ltd. | | | 800 | | | | 17,607 | |
TIS, Inc. | | | 600 | | | | 13,530 | |
Tobu Railway Co. Ltd. | | | 1,800 | | | | 46,025 | |
Toda Corp. | | | 1,000 | | | | 6,188 | |
Toho Co. Ltd. | | | 1,059 | | | | 34,401 | |
Toho Gas Co. Ltd. | | | 800 | | | | 16,051 | |
Tohoku Electric Power Co., Inc. | | | 5,619 | | | | 38,106 | |
Tokai Carbon Co. Ltd. | | | 1,500 | | | | 9,889 | |
Tokio Marine Holdings, Inc. | | | 1,400 | | | | 40,933 | |
Tokyo Electric Power Co. Holdings, Inc.* | | | 5,404 | | | | 29,246 | |
Tokyo Electron Ltd. | | | 108 | | | | 26,605 | |
Tokyo Gas Co. Ltd. | | | 19,159 | | | | 419,739 | |
Tokyo Ohka Kogyo Co. Ltd. | | | 2,100 | | | | 64,640 | |
Tokyo Seimitsu Co. Ltd. | | | 100 | | | | 6,832 | |
Tokyo Tatemono Co. Ltd. | | | 500 | | | | 7,251 | |
Tokyu Corp. | | | 1,800 | | | | 22,411 | |
Tokyu Fudosan Holdings Corp. | | | 2,722 | | | | 17,870 | |
TOPPAN Holdings, Inc. | | | 5,065 | | | | 120,576 | |
Toray Industries, Inc. | | | 10,000 | | | | 46,135 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Toshiba TEC Corp. | | | 91 | | | $ | 1,903 | |
Tosoh Corp. | | | 2,241 | | | | 30,530 | |
TOTO Ltd. | | | 280 | | | | 7,575 | |
Toyo Seikan Group Holdings Ltd. | | | 821 | | | | 13,812 | |
Toyo Suisan Kaisha Ltd. | | | 1,400 | | | | 81,435 | |
Toyo Tire Corp. | | | 1,700 | | | | 30,781 | |
Toyoda Gosei Co. Ltd. | | | 1,984 | | | | 40,841 | |
Toyota Boshoku Corp. | | | 2,100 | | | | 33,260 | |
Toyota Industries Corp. | | | 798 | | | | 79,389 | |
Toyota Motor Corp. | | | 300 | | | | 7,258 | |
Toyota Tsusho Corp. | | | 3,023 | | | | 195,393 | |
Trend Micro, Inc. | | | 139 | | | | 6,897 | |
TS Tech Co. Ltd. | | | 4,558 | | | | 58,989 | |
Tsuruha Holdings, Inc. | | | 228 | | | | 17,214 | |
UBE Corp. | | | 293 | | | | 4,915 | |
Unicharm Corp. | | | 877 | | | | 29,157 | |
United Urban Investment Corp. REIT | | | 14 | | | | 13,236 | |
Ushio, Inc. | | | 601 | | | | 7,959 | |
USS Co. Ltd. | | | 2,600 | | | | 45,262 | |
Welcia Holdings Co. Ltd. | | | 800 | | | | 15,105 | |
West Japan Railway Co. | | | 1,500 | | | | 62,447 | |
Workman Co. Ltd. | | | 200 | | | | 5,412 | |
Yakult Honsha Co. Ltd. | | | 1,300 | | | | 28,038 | |
Yamada Holdings Co. Ltd. | | | 9,457 | | | | 27,220 | |
Yamaguchi Financial Group, Inc. | | | 1,200 | | | | 12,179 | |
Yamaha Motor Co. Ltd. | | | 7,800 | | | | 69,808 | |
Yamato Holdings Co. Ltd. | | | 6,400 | | | | 97,281 | |
Yamato Kogyo Co. Ltd. | | | 1,400 | | | | 78,105 | |
Yamazaki Baking Co. Ltd. | | | 2,053 | | | | 48,352 | |
Yaoko Co. Ltd. | | | 600 | | | | 34,524 | |
Yaskawa Electric Corp. | | | 300 | | | | 12,265 | |
Yokogawa Electric Corp. | | | 1,600 | | | | 33,824 | |
Yokohama Rubber Co. Ltd. | | | 1,400 | | | | 37,219 | |
Zenkoku Hosho Co. Ltd. | | | 1,238 | | | | 45,452 | |
Zensho Holdings Co. Ltd. | | | 1,200 | | | | 52,540 | |
Zeon Corp. | | | 1,359 | | | | 11,532 | |
ZOZO, Inc. | | | 200 | | | | 4,535 | |
| | | | | | | | |
(Cost $16,158,770) | | | | | | | 18,106,673 | |
| | | | | | | | |
| Jordan — 0.1% | | | | | | |
Hikma Pharmaceuticals PLC
(Cost $75,421) | | | 2,888 | | | | 71,858 | |
| | | | | | | | |
| Luxembourg — 0.3% | | | | | | |
ArcelorMittal SA | | | 3,053 | | | | 79,688 | |
Eurofins Scientific SE | | | 221 | | | | 13,211 | |
L’Occitane International SA | | | 2,138 | | | | 8,084 | |
RTL Group SA | | | 1,004 | | | | 37,092 | |
Tenaris SA | | | 2,444 | | | | 43,427 | |
| | | | | | | | |
(Cost $184,111) | | | | | | | 181,502 | |
| | | | | | | | |
| Netherlands — 2.9% | | | | | | |
Aalberts NV | | | 813 | | | | 36,511 | |
ABN AMRO Bank NV, 144A | | | 846 | | | | 13,595 | |
Akzo Nobel NV | | | 1,246 | | | | 90,799 | |
ASM International NV | | | 12 | | | | 7,320 | |
ASML Holding NV | | | 10 | | | | 9,420 | |
ASR Nederland NV | | | 214 | | | | 9,872 | |
| | | | |
| See Notes to Financial Statements. | | 13 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Netherlands (Continued) | | | | | | |
BE Semiconductor Industries NV | | | 73 | | | $ | 13,204 | |
CTP NV, 144A | | | 838 | | | | 13,585 | |
Euronext NV, 144A | | | 71 | | | | 6,550 | |
EXOR NV | | | 2,030 | | | | 219,237 | |
Heineken Holding NV | | | 1,021 | | | | 78,888 | |
Heineken NV | | | 275 | | | | 25,420 | |
IMCD NV | | | 353 | | | | 53,824 | |
ING Groep NV | | | 1,125 | | | | 15,449 | |
JDE Peet’s NV | | | 621 | | | | 14,206 | |
Koninklijke Ahold Delhaize NV | | | 8,896 | | | | 264,930 | |
Koninklijke KPN NV | | | 32,243 | | | | 118,039 | |
Koninklijke Philips NV | | | 301 | | | | 6,027 | |
Koninklijke Vopak NV | | | 603 | | | | 22,434 | |
OCI NV | | | 126 | | | | 3,320 | |
QIAGEN NV* | | | 372 | | | | 15,956 | |
Randstad NV | | | 5,147 | | | | 283,727 | |
Signify NV, 144A | | | 1,312 | | | | 35,182 | |
Stellantis NV | | | 8,035 | | | | 209,856 | |
Universal Music Group NV | | | 784 | | | | 23,645 | |
Wolters Kluwer NV | | | 732 | | | | 115,533 | |
| | | | | | | | |
(Cost $1,564,625) | | | | | | | 1,706,529 | |
| | | | | | | | |
| New Zealand — 1.0% | | | | | | |
Air New Zealand Ltd. | | | 88,726 | | | | 33,245 | |
Auckland International Airport Ltd. | | | 6,368 | | | | 31,426 | |
Contact Energy Ltd. | | | 8,533 | | | | 41,954 | |
Fisher & Paykel Healthcare Corp. Ltd. | | | 6,798 | | | | 101,471 | |
Fletcher Building Ltd. | | | 15,607 | | | | 38,985 | |
Infratil Ltd. | | | 7,272 | | | | 45,678 | |
Mainfreight Ltd. | | | 941 | | | | 38,847 | |
Mercury NZ Ltd. | | | 8,012 | | | | 32,607 | |
Meridian Energy Ltd. | | | 13,791 | | | | 50,245 | |
Ryman Healthcare Ltd.* | | | 419 | | | | 1,185 | |
SKYCITY Entertainment Group Ltd. | | | 5,563 | | | | 6,541 | |
Spark New Zealand Ltd. | | | 48,800 | | | | 150,738 | |
Xero Ltd.* | | | 84 | | | | 6,963 | |
| | | | | | | | |
(Cost $592,252) | | | | | | | 579,885 | |
| | | | | | | | |
| Norway — 0.8% | | | | | | |
Aker ASA, Class A | | | 340 | | | | 18,380 | |
Aker BP ASA | | | 214 | | | | 5,203 | |
DNB Bank ASA | | | 830 | | | | 16,625 | |
Equinor ASA | | | 511 | | | | 12,614 | |
Gjensidige Forsikring ASA | | | 422 | | | | 6,673 | |
Kongsberg Gruppen ASA | | | 503 | | | | 32,104 | |
Mowi ASA | | | 2,762 | | | | 53,394 | |
Norsk Hydro ASA | | | 9,967 | | | | 51,287 | |
Orkla ASA | | | 7,554 | | | | 54,207 | |
Telenor ASA | | | 3,259 | | | | 35,728 | |
Var Energi ASA | | | 2,245 | | | | 6,865 | |
Yara International ASA | | | 6,342 | | | | 197,454 | |
| | | | | | | | |
(Cost $589,129) | | | | | | | 490,534 | |
| | | | | | | | |
| Poland — 0.3% | | | | | | |
Bank Polska Kasa Opieki SA | | | 283 | | | | 12,277 | |
Dino Polska SA, 144A* | | | 355 | | | | 41,367 | |
KGHM Polska Miedz SA | | | 494 | | | | 13,354 | |
ORLEN SA | | | 3,020 | | | | 46,937 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Poland (Continued) | | | | | | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 1,631 | | | $ | 22,723 | |
Powszechny Zaklad Ubezpieczen SA | | | 4,477 | | | | 55,133 | |
Santander Bank Polska SA | | | 82 | | | | 11,299 | |
| | | | | | | | |
(Cost $148,535) | | | | | | | 203,090 | |
| | | | | | | | |
| Portugal — 0.6% | | | | | | |
EDP — Energias de Portugal SA | | | 5,908 | | | | 23,521 | |
Galp Energia SGPS SA | | | 15,258 | | | | 240,572 | |
Jeronimo Martins SGPS SA | | | 2,877 | | | | 68,867 | |
| | | | | | | | |
(Cost $285,560) | | | | | | | 332,960 | |
| | | | | | | | |
| Russia — 0.0% | | | | | | |
Evraz PLC*(d)
(Cost $35,071) | | | 4,559 | | | | 0 | |
| | | | | | | | |
| Singapore — 2.5% | | | | | | |
BOC Aviation Ltd., 144A | | | 719 | | | | 5,299 | |
CapitaLand Ascendas REIT | | | 34,436 | | | | 70,173 | |
CapitaLand Ascott Trust (a) | | | 25,555 | | | | 17,010 | |
CapitaLand Integrated Commercial Trust REIT | | | 25,074 | | | | 36,550 | |
CapitaLand Investment Ltd. | | | 3,500 | | | | 7,236 | |
City Developments Ltd. | | | 5,200 | | | | 21,928 | |
ComfortDelGro Corp. Ltd. | | | 71,144 | | | | 71,430 | |
DBS Group Holdings Ltd. | | | 1,026 | | | | 25,433 | |
Frasers Logistics & Commercial Trust REIT | | | 66,200 | | | | 50,711 | |
Genting Singapore Ltd. | | | 136,800 | | | | 92,584 | |
Jardine Cycle & Carriage Ltd. | | | 1,710 | | | | 32,366 | |
Keppel REIT | | | 26,172 | | | | 16,837 | |
Keppel DC REIT | | | 36,500 | | | | 46,148 | |
Keppel Ltd. | | | 16,162 | | | | 87,024 | |
Mapletree Industrial Trust REIT | | | 12,078 | | | | 20,570 | |
Mapletree Logistics Trust REIT | | | 39,767 | | | | 43,771 | |
Mapletree Pan Asia Commercial Trust REIT | | | 8,991 | | | | 9,027 | |
NETLINK NBN TRUST | | | 37,400 | | | | 23,365 | |
Olam Group Ltd. | | | 22,964 | | | | 16,737 | |
Oversea-Chinese Banking Corp. Ltd. | | | 6,262 | | | | 60,450 | |
Sembcorp Industries Ltd. | | | 23,253 | | | | 88,197 | |
SIA Engineering Co. Ltd. | | | 2,200 | | | | 3,747 | |
Singapore Airlines Ltd. (c) | | | 59,400 | | | | 285,823 | |
Singapore Exchange Ltd. | | | 17,380 | | | | 122,149 | |
Singapore Post Ltd. | | | 7,300 | | | | 2,144 | |
Singapore Technologies Engineering Ltd. | | | 9,528 | | | | 28,203 | |
Singapore Telecommunications Ltd. | | | 13,266 | | | | 23,185 | |
Suntec Real Estate Investment Trust REIT | | | 15,000 | | | | 12,941 | |
United Overseas Bank Ltd. | | | 2,200 | | | | 45,731 | |
UOL Group Ltd. (c) | | | 3,829 | | | | 16,773 | |
Venture Corp. Ltd. | | | 2,962 | | | | 30,840 | |
Wilmar International Ltd. | | | 15,900 | | | | 39,259 | |
| | | | | | | | |
(Cost $1,495,882) | | | | | | | 1,453,641 | |
| | | | | | | | |
| South Korea — 3.7% | | | | | | |
BGF retail Co. Ltd. | | | 215 | | | | 21,329 | |
BNK Financial Group, Inc. | | | 6,590 | | | | 37,117 | |
Cheil Worldwide, Inc. | | | 1,315 | | | | 18,269 | |
| | | | |
| See Notes to Financial Statements. | | 14 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea (Continued) | | | | | | |
CJ CheilJedang Corp. | | | 26 | | | $ | 5,848 | |
CJ Corp.* | | | 242 | | | | 17,610 | |
DB Insurance Co. Ltd.* | | | 1,141 | | | | 84,658 | |
DGB Financial Group, Inc. | | | 2,164 | | | | 14,399 | |
Doosan Bobcat, Inc. | | | 526 | | | | 18,546 | |
E-MART, Inc.* | | | 136 | | | | 7,558 | |
Fila Holdings Corp. | | | 163 | | | | 4,701 | |
GS Holdings Corp. | | | 659 | | | | 23,780 | |
GS Retail Co. Ltd. | | | 502 | | | | 8,407 | |
Hana Financial Group, Inc. | | | 2,047 | | | | 87,008 | |
Hankook Tire & Technology Co. Ltd. | | | 590 | | | | 24,015 | |
Hanwha Aerospace Co. Ltd. | | | 34 | | | | 4,787 | |
HD Hyundai Co. Ltd. | | | 530 | | | | 28,140 | |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | | | 62 | | | | 5,210 | |
Hotel Shilla Co. Ltd. | | | 309 | | | | 13,946 | |
Hyundai Department Store Co. Ltd. | | | 97 | | | | 3,817 | |
Hyundai Engineering & Construction Co. Ltd.* | | | 244 | | | | 6,358 | |
Hyundai Glovis Co. Ltd.* | | | 302 | | | | 43,204 | |
Hyundai Marine & Fire Insurance Co. Ltd.* | | | 771 | | | | 18,239 | |
Hyundai Mobis Co. Ltd. | | | 771 | | | | 140,408 | |
Hyundai Motor Co. | | | 354 | | | | 66,594 | |
Hyundai Steel Co.* | | | 488 | | | | 13,175 | |
Industrial Bank of Korea* | | | 5,135 | | | | 53,988 | |
KB Financial Group, Inc. | | | 1,401 | | | | 66,809 | |
Kia Corp.* | | | 1,986 | | | | 185,684 | |
Korea Aerospace Industries Ltd.* | | | 340 | | | | 13,099 | |
Korea Investment Holdings Co. Ltd.* | | | 83 | | | | 4,426 | |
Korean Air Lines Co. Ltd. | | | 2,313 | | | | 39,951 | |
KT&G Corp. | | | 2,058 | | | | 143,732 | |
Kumho Petrochemical Co. Ltd.* | | | 30 | | | | 3,332 | |
LG Corp. | | | 261 | | | | 18,366 | |
LG Electronics, Inc. | | | 645 | | | | 45,968 | |
LG Innotek Co. Ltd. | | | 22 | | | | 3,337 | |
LG Uplus Corp. | | | 4,455 | | | | 34,527 | |
LOTTE Fine Chemical Co. Ltd. | | | 254 | | | | 9,061 | |
LS Corp. | | | 87 | | | | 5,743 | |
Meritz Financial Group, Inc. | | | 24 | | | | 1,498 | |
Mirae Asset Securities Co. Ltd.* | | | 2,863 | | | | 19,393 | |
NAVER Corp. | | | 46 | | | | 6,736 | |
NH Investment & Securities Co. Ltd.* | | | 3,556 | | | | 31,351 | |
NongShim Co. Ltd. | | | 123 | | | | 32,145 | |
OCI Holdings Co. Ltd. | | | 88 | | | | 6,212 | |
Orion Corp. | | | 391 | | | | 27,278 | |
POSCO Holdings, Inc. | | | 64 | | | | 20,739 | |
S-1 Corp. | | | 475 | | | | 20,725 | |
Samsung C&T Corp. | | | 741 | | | | 87,199 | |
Samsung Card Co. Ltd.* | | | 197 | | | | 5,555 | |
Samsung Electro-Mechanics Co. Ltd. | | | 254 | | | | 26,705 | |
Samsung Electronics Co. Ltd. | | | 359 | | | | 19,789 | |
Samsung Engineering Co. Ltd.* | | | 1,708 | | | | 31,554 | |
Samsung Fire & Marine Insurance Co. Ltd.* | | | 636 | | | | 142,331 | |
Samsung Life Insurance Co. Ltd. | | | 321 | | | | 23,359 | |
Samsung SDI Co. Ltd. | | | 21 | | | | 5,945 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea (Continued) | | | | | | |
Samsung SDS Co. Ltd. | | | 532 | | | $ | 63,923 | |
Samsung Securities Co. Ltd. | | | 1,709 | | | | 53,326 | |
Shinhan Financial Group Co. Ltd. | | | 2,407 | | | | 78,721 | |
Shinsegae, Inc. | | | 32 | | | | 4,201 | |
SK Hynix, Inc. | | | 103 | | | | 12,082 | |
SK Square Co. Ltd.* | | | 190 | | | | 9,974 | |
S-Oil Corp. | | | 126 | | | | 7,229 | |
Woori Financial Group, Inc. | | | 6,764 | | | | 75,686 | |
Yuhan Corp. | | | 640 | | | | 32,394 | |
| | | | | | | | |
(Cost $1,789,852) | | | | | | | 2,191,196 | |
| | | | | | | | |
| Spain — 2.1% | | | | | | |
ACS Actividades de Construccion y Servicios SA | | | 7,976 | | | | 327,469 | |
Aena SME SA, 144A | | | 347 | | | | 65,770 | |
Amadeus IT Group SA | | | 743 | | | | 43,724 | |
Banco Bilbao Vizcaya Argentaria SA | | | 4,856 | | | | 48,272 | |
Banco Santander SA | | | 5,741 | | | | 23,891 | |
Bankinter SA | | | 802 | | | | 5,093 | |
Cellnex Telecom SA, 144A* | | | 174 | | | | 6,264 | |
Enagas SA | | | 1,370 | | | | 19,785 | |
Endesa SA | | | 3,647 | | | | 65,671 | |
Ferrovial SE | | | 736 | | | | 27,597 | |
Iberdrola SA | | | 4,631 | | | | 53,221 | |
Industria de Diseno Textil SA | | | 632 | | | | 28,047 | |
Mapfre SA | | | 10,730 | | | | 22,747 | |
Merlin Properties Socimi SA REIT | | | 570 | | | | 5,400 | |
Naturgy Energy Group SA | | | 860 | | | | 20,363 | |
Redeia Corp. SA | | | 1,352 | | | | 21,507 | |
Repsol SA | | | 20,331 | | | | 323,968 | |
Telefonica SA | | | 25,747 | | | | 105,681 | |
| | | | | | | | |
(Cost $1,105,700) | | | | | | | 1,214,470 | |
| | | | | | | | |
| Sweden — 3.2% | | | | | | |
Alfa Laval AB | | | 1,539 | | | | 57,961 | |
Assa Abloy AB, Class B | | | 3,989 | | | | 113,878 | |
Atlas Copco AB, Class A | | | 2,517 | | | | 43,724 | |
Atlas Copco AB, Class B | | | 1,359 | | | | 20,337 | |
Axfood AB | | | 793 | | | | 22,179 | |
Boliden AB | | | 4,757 | | | | 120,609 | |
Electrolux AB, Class B* | | | 1,231 | | | | 10,540 | |
Epiroc AB, Class A | | | 2,245 | | | | 40,734 | |
Epiroc AB, Class B | | | 1,462 | | | | 24,132 | |
Essity AB, Class B | | | 4,795 | | | | 112,004 | |
Evolution AB, 144A | | | 94 | | | | 12,186 | |
Getinge AB, Class B | | | 1,166 | | | | 23,123 | |
H & M Hennes & Mauritz AB, Class B | | | 2,797 | | | | 37,967 | |
Hexagon AB, Class B | | | 2,086 | | | | 24,464 | |
Holmen AB, Class B | | | 988 | | | | 39,702 | |
Husqvarna AB, Class B | | | 1,822 | | | | 14,062 | |
Indutrade AB | | | 960 | | | | 25,421 | |
Investment AB Latour, Class B | | | 363 | | | | 9,212 | |
L E Lundbergforetagen AB, Class B | | | 151 | | | | 8,216 | |
Lifco AB, Class B | | | 1,417 | | | | 37,769 | |
Saab AB, Class B | | | 269 | | | | 21,224 | |
Sagax AB, Class B | | | 129 | | | | 3,053 | |
Sagax AB, Class D | | | 1,295 | | | | 3,636 | |
| | | | |
| See Notes to Financial Statements. | | 15 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Sweden (Continued) | | | | | | |
Sandvik AB | | | 5,199 | | | $ | 117,019 | |
Securitas AB, Class B | | | 1,680 | | | | 18,079 | |
Skandinaviska Enskilda Banken AB, Class A | | | 3,990 | | | | 59,306 | |
Skanska AB, Class B | | | 5,856 | | | | 108,094 | |
SKF AB, Class B | | | 4,039 | | | | 88,138 | |
SSAB AB, Class A | | | 2,393 | | | | 18,732 | |
SSAB AB, Class B | | | 6,321 | | | | 49,530 | |
Svenska Cellulosa AB SCA, Class B | | | 2,150 | | | | 30,471 | |
Svenska Handelsbanken AB, Class A | | | 1,721 | | | | 20,590 | |
Sweco AB, Class B | | | 895 | | | | 9,549 | |
Swedbank AB, Class A | | | 3,468 | | | | 76,214 | |
Swedish Orphan Biovitrum AB* | | | 1,145 | | | | 28,173 | |
Tele2 AB, Class B | | | 6,275 | | | | 52,711 | |
Telefonaktiebolaget LM Ericsson, Class B | | | 12,939 | | | | 70,313 | |
Trelleborg AB, Class B | | | 3,150 | | | | 114,493 | |
Volvo AB, Class A | | | 860 | | | | 24,003 | |
Volvo AB, Class B | | | 5,775 | | | | 159,117 | |
| | | | | | | | |
(Cost $1,625,382) | | | | | | | 1,870,665 | |
| | | | | | | | |
| Switzerland — 4.3% | | | | | | |
ABB Ltd. | | | 1,691 | | | | 78,198 | |
Adecco Group AG | | | 1,289 | | | | 51,864 | |
Alcon, Inc. | | | 253 | | | | 21,601 | |
Bachem Holding AG | | | 182 | | | | 14,468 | |
Baloise Holding AG | | | 115 | | | | 18,624 | |
Banque Cantonale Vaudoise | | | 82 | | | | 9,862 | |
Barry Callebaut AG | | | 10 | | | | 14,105 | |
Belimo Holding AG | | | 99 | | | | 47,176 | |
BKW AG | | | 560 | | | | 78,860 | |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | | | 7 | | | | 86,014 | |
Cie Financiere Richemont SA, Class A | | | 217 | | | | 34,649 | |
Clariant AG* | | | 645 | | | | 8,014 | |
Coca-Cola HBC AG* | | | 2,477 | | | | 77,235 | |
DKSH Holding AG | | | 347 | | | | 25,595 | |
DSM-Firmenich AG | | | 511 | | | | 54,745 | |
Emmi AG | | | 37 | | | | 37,817 | |
EMS-Chemie Holding AG | | | 54 | | | | 37,807 | |
Flughafen Zurich AG | | | 175 | | | | 37,065 | |
Geberit AG | | | 262 | | | | 152,698 | |
Georg Fischer AG | | | 1,559 | | | | 115,967 | |
Givaudan SA | | | 9 | | | | 37,889 | |
Glencore PLC | | | 9,594 | | | | 45,528 | |
Helvetia Holding AG | | | 197 | | | | 27,943 | |
Holcim AG* | | | 3,829 | | | | 313,521 | |
Julius Baer Group Ltd. | | | 384 | | | | 20,618 | |
Kuehne + Nagel International AG | | | 382 | | | | 129,105 | |
Logitech International SA | | | 1,471 | | | | 130,269 | |
Lonza Group AG | | | 53 | | | | 27,808 | |
Nestle SA | | | 71 | | | | 7,399 | |
Novartis AG | | | 235 | | | | 23,883 | |
Partners Group Holding AG | | | 48 | | | | 69,175 | |
PSP Swiss Property AG | | | 320 | | | | 40,884 | |
Roche Holding AG | | | 13 | | | | 3,424 | |
Sandoz Group AG* | | | 47 | | | | 1,466 | |
Schindler Holding AG | | | 99 | | | | 25,274 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Switzerland (Continued) | | | | | | |
Schindler Holding AG Participation Certificates | | | 197 | | | $ | 52,105 | |
SGS SA | | | 438 | | | | 42,181 | |
SIG Group AG* | | | 531 | | | | 10,553 | |
Sika AG | | | 250 | | | | 72,540 | |
Sonova Holding AG | | | 262 | | | | 81,021 | |
Straumann Holding AG | | | 134 | | | | 21,244 | |
Swatch Group AG — Bearer | | | 300 | | | | 71,069 | |
Swatch Group AG — Registered | | | 693 | | | | 31,834 | |
Swiss Life Holding AG | | | 43 | | | | 31,331 | |
Swiss Prime Site AG | | | 372 | | | | 35,698 | |
Swiss Re AG | | | 167 | | | | 20,217 | |
Swisscom AG | | | 123 | | | | 70,597 | |
Tecan Group AG | | | 57 | | | | 22,320 | |
Temenos AG | | | 89 | | | | 6,701 | |
UBS Group AG | | | 513 | | | | 14,687 | |
VAT Group AG, 144A | | | 120 | | | | 60,344 | |
Zurich Insurance Group AG | | | 16 | | | | 8,540 | |
| | | | | | | | |
(Cost $2,236,353) | | | | | | | 2,559,532 | |
| | | | | | | | |
| United Kingdom — 11.2% | | | | | | |
3i Group PLC | | | 27,989 | | | | 873,788 | |
Admiral Group PLC | | | 1,445 | | | | 48,731 | |
Amcor PLC CDI | | | 6,885 | | | | 61,285 | |
Anglo American PLC | | | 109 | | | | 2,345 | |
Ashtead Group PLC | | | 753 | | | | 54,102 | |
Associated British Foods PLC | | | 2,353 | | | | 67,654 | |
AstraZeneca PLC | | | 46 | | | | 5,809 | |
Auto Trader Group PLC, 144A | | | 7,571 | | | | 70,908 | |
Aviva PLC | | | 1,846 | | | | 10,422 | |
B&M European Value Retail SA | | | 28,073 | | | | 186,717 | |
BAE Systems PLC | | | 4,899 | | | | 76,967 | |
Barclays PLC | | | 4,270 | | | | 8,883 | |
Barratt Developments PLC | | | 27,904 | | | | 164,661 | |
Beazley PLC | | | 714 | | | | 5,889 | |
Berkeley Group Holdings PLC | | | 3,207 | | | | 188,352 | |
BP PLC | | | 11,103 | | | | 64,704 | |
British American Tobacco PLC | | | 295 | | | | 8,751 | |
BT Group PLC | | | 21,174 | | | | 27,976 | |
Bunzl PLC | | | 2,541 | | | | 101,345 | |
Burberry Group PLC | | | 6,258 | | | | 101,721 | |
Centrica PLC | | | 179,812 | | | | 286,250 | |
Compass Group PLC | | | 3,252 | | | | 89,266 | |
ConvaTec Group PLC, 144A | | | 3,102 | | | | 9,661 | |
Croda International PLC | | | 591 | | | | 35,630 | |
Diageo PLC | | | 506 | | | | 18,959 | |
DS Smith PLC | | | 46,323 | | | | 188,739 | |
Endeavour Mining PLC | | | 1,044 | | | | 16,838 | |
Entain PLC | | | 1,052 | | | | 12,150 | |
Ferguson PLC | | | 744 | | | | 155,144 | |
GSK PLC | | | 8,828 | | | | 185,886 | |
Haleon PLC | | | 17,396 | | | | 72,936 | |
Halma PLC | | | 1,103 | | | | 32,118 | |
Hargreaves Lansdown PLC | | | 3,225 | | | | 29,715 | |
Howden Joinery Group PLC | | | 17,649 | | | | 184,629 | |
HSBC Holdings PLC | | | 1,735 | | | | 13,486 | |
IMI PLC | | | 3,844 | | | | 84,267 | |
| | | | |
| See Notes to Financial Statements. | | 16 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United Kingdom (Continued) | | | | | | |
Imperial Brands PLC | | | 4,407 | | | $ | 95,020 | |
Informa PLC | | | 6,839 | | | | 70,090 | |
InterContinental Hotels Group PLC | | | 2,046 | | | | 216,882 | |
Intermediate Capital Group PLC | | | 934 | | | | 22,749 | |
International Consolidated Airlines Group SA* | | | 4,448 | | | | 8,285 | |
Intertek Group PLC | | | 1,511 | | | | 88,342 | |
ITV PLC | | | 54,026 | | | | 38,229 | |
J Sainsbury PLC | | | 93,722 | | | | 295,910 | |
JD Sports Fashion PLC | | | 11,409 | | | | 17,015 | |
Johnson Matthey PLC | | | 248 | | | | 4,836 | |
Kingfisher PLC | | | 29,550 | | | | 87,654 | |
Legal & General Group PLC | | | 2,992 | | | | 9,163 | |
London Stock Exchange Group PLC | | | 55 | | | | 6,175 | |
Melrose Industries PLC | | | 2,968 | | | | 23,840 | |
Mondi PLC | | | 4,231 | | | | 75,383 | |
National Grid PLC | | | 4,187 | | | | 54,950 | |
NatWest Group PLC | | | 1,654 | | | | 5,002 | |
Next PLC | | | 2,378 | | | | 250,090 | |
Pearson PLC | | | 2,944 | | | | 35,773 | |
Persimmon PLC | | | 1,670 | | | | 28,803 | |
Reckitt Benckiser Group PLC | | | 367 | | | | 23,203 | |
RELX PLC | | | 1,899 | | | | 83,138 | |
Renishaw PLC | | | 203 | | | | 11,062 | |
Rightmove PLC | | | 6,090 | | | | 43,648 | |
Rio Tinto PLC | | | 888 | | | | 57,051 | |
RS GROUP PLC | | | 724 | | | | 6,902 | |
Sage Group PLC | | | 3,744 | | | | 58,939 | |
Schroders PLC | | | 3,204 | | | | 15,940 | |
Severn Trent PLC | | | 920 | | | | 29,094 | |
Shell PLC | | | 1,151 | | | | 35,773 | |
Smith & Nephew PLC | | | 1,852 | | | | 24,376 | |
Smiths Group PLC | | | 8,589 | | | | 174,704 | |
Spirax-Sarco Engineering PLC | | | 153 | | | | 19,983 | |
SSE PLC | | | 2,102 | | | | 43,221 | |
Standard Chartered PLC | | | 2,258 | | | | 19,068 | |
Tate & Lyle PLC | | | 8,110 | | | | 61,604 | |
Taylor Wimpey PLC | | | 124,878 | | | | 217,754 | |
Tesco PLC | | | 113,771 | | | | 401,234 | |
Unilever PLC | | | 528 | | | | 25,824 | |
UNITE Group PLC REIT | | | 1,053 | | | | 12,787 | |
United Utilities Group PLC | | | 3,133 | | | | 40,622 | |
Vodafone Group PLC | | | 25,519 | | | | 22,312 | |
Weir Group PLC | | | 2,275 | | | | 52,749 | |
Whitbread PLC | | | 1,635 | | | | 68,312 | |
WPP PLC | | | 6,715 | | | | 60,071 | |
| | | | | | | | |
(Cost $5,848,656) | | | | | | | 6,590,246 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $52,443,212) | | | | | | | 58,398,866 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.4% | | | | | | | | |
| Germany — 0.3% | | | | | | |
Bayerische Motoren Werke AG | | | 206 | | | | 22,582 | |
FUCHS SE | | | 1,903 | | | | 81,096 | |
Henkel AG & Co. KGaA | | | 506 | | | | 38,089 | |
Volkswagen AG | | | 36 | | | | 4,883 | |
| | | | | | | | |
(Cost $134,580) | | | | | | | 146,650 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea — 0.1% | | | | | | |
Hyundai Motor Co. | | | 188 | | | $ | 22,688 | |
Hyundai Motor Co. | | | 120 | | | | 14,374 | |
LG Electronics, Inc. | | | 219 | | | | 7,220 | |
Mirae Asset Securities Co. Ltd.* | | | 2,996 | | | | 9,090 | |
Samsung Fire & Marine Insurance Co.
Ltd.* | | | 86 | | | | 14,693 | |
| | | | | | | | |
(Cost $49,395) | | | | | | | 68,065 | |
| | | | | | | | |
| Spain — 0.0% | | | | | | |
Grifols SA, Class B*
(Cost $4,847) | | | 713 | | | | 3,962 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $188,822) | | | | | | | 218,677 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Canada — 0.0% | | | | | | |
Constellation Software, Inc.*(d), expires 8/22/28
(Cost $0) | | | 38 | | | | 0 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.5% | | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f)
(Cost $290,445) | | | 290,445 | | | | 290,445 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.1% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (e)
(Cost $79,730) | | | 79,730 | | | | 79,730 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.9% (Cost $53,002,209) | | | | | | $ | 58,987,718 | |
Other assets and liabilities, net — 0.1% | | | | | | | 56,046 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 59,043,764 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 17 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
COMMON STOCKS — 0.1% | | | | | |
Germany — 0.1% | | | | | |
Deutsche Bank AG (b) | | | | | |
| | | 5,858 | | | | 6,644 | | | | (896 | ) | | | 91 | | | | 2,523 | | | | — | | | | — | | | | 1,063 | | | | 14,220 | |
DWS Group GmbH & Co. KGaA, 144A (b) | | | | | |
| | | — | | | | 27,700 | | | | (1,642 | ) | | | (331 | ) | | | 4,746 | | | | — | | | | — | | | | 743 | | | | 30,473 | |
| |
SECURITIES LENDING COLLATERAL — 0.5% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f) | | | | | |
| | | — | | | | 290,445 | (g) | | | — | | | | — | | | | — | | | | 314 | | | | — | | | | 290,445 | | | | 290,445 | |
| |
CASH EQUIVALENTS — 0.1% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (e) | | | | | |
| | | 24,747 | | | | 2,574,189 | | | | (2,519,206 | ) | | | — | | | | — | | | | 3,232 | | | | — | | | | 79,730 | | | | 79,730 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 30,605 | | | | 2,898,978 | | | | (2,521,744 | ) | | | (240 | ) | | | 7,269 | | | | 3,546 | | | | — | | | | 371,981 | | | | 414,868 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (c) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $276,396, which is 0.5% of net assets. |
| (d) | Investment was valued using significant unobservable inputs. |
| (e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| CDI: | | Chess Depositary Interests |
| CVA: | | Credit Valuation Adjustment |
| REIT: | | Real Estate Investment Trust |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
MINI TOPIX Index Futures | | JPY | | 1 | | $ | 15,776 | | | $ | 17,913 | | | 3/07/2024 | | $ | 2,137 | |
MSCI EAFE Futures | | USD | | 3 | | | 341,755 | | | | 343,185 | | | 3/15/2024 | | | 1,430 | |
| | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | $ | 3,567 | |
| | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| | | | |
| See Notes to Financial Statements. | | 18 | | |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 58,398,866 | | | $ | — | | | $ | 0 | | | $ | 58,398,866 | |
Preferred Stocks (a) | | | 218,677 | | | | — | | | | — | | | | 218,677 | |
Warrants | | | — | | | | — | | | | 0 | | | | 0 | |
Short-Term Investments (a) | | | 370,175 | | | | — | | | | — | | | | 370,175 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 3,567 | | | | — | | | | — | | | | 3,567 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 58,991,285 | | | $ | — | | | $ | 0 | | | $ | 58,991,285 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended February 29, 2024, the amount of transfers from Level 3 to Level 1 was $ 64,772. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.
| | | | |
| See Notes to Financial Statements. | | 19 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.4% | | | | | | | | |
| Australia — 2.0% | | | | | | |
Ampol Ltd. | | | 2,163 | | | $ | 55,492 | |
ANZ Group Holdings Ltd. | | | 27,516 | | | | 509,740 | |
APA Group (a) | | | 14,563 | | | | 74,439 | |
Aristocrat Leisure Ltd. | | | 6,048 | | | | 183,636 | |
ASX Ltd. | | | 1,935 | | | | 82,869 | |
Atlassian Corp., Class A* | | | 1,425 | | | | 295,574 | |
Aurizon Holdings Ltd. | | | 14,347 | | | | 35,593 | |
BHP Group Ltd. | | | 47,872 | | | | 1,369,380 | |
BlueScope Steel Ltd. | | | 4,565 | | | | 67,892 | |
Brambles Ltd. | | | 13,185 | | | | 129,382 | |
CAR Group Ltd. | | | 3,362 | | | | 80,474 | |
Cochlear Ltd. | | | 700 | | | | 159,609 | |
Coles Group Ltd. | | | 11,697 | | | | 128,719 | |
Commonwealth Bank of Australia | | | 15,752 | | | | 1,194,008 | |
Computershare Ltd. | | | 5,036 | | | | 84,997 | |
CSL Ltd. | | | 4,560 | | | | 849,917 | |
Dexus REIT | | | 10,579 | | | | 50,700 | |
EBOS Group Ltd. | | | 1,840 | | | | 41,422 | |
Endeavour Group Ltd. | | | 12,216 | | | | 43,749 | |
Fortescue Ltd. | | | 15,921 | | | | 268,815 | |
Goodman Group REIT | | | 15,392 | | | | 299,673 | |
GPT Group REIT | | | 19,635 | | | | 55,616 | |
IDP Education Ltd. (b) | | | 2,029 | | | | 25,221 | |
Insurance Australia Group Ltd. | | | 21,567 | | | | 87,069 | |
Lottery Corp. Ltd. | | | 24,744 | | | | 81,849 | |
Macquarie Group Ltd. | | | 3,654 | | | | 463,512 | |
Medibank Pvt Ltd. | | | 27,382 | | | | 64,009 | |
Mineral Resources Ltd. | | | 1,700 | | | | 73,823 | |
Mirvac Group REIT | | | 38,903 | | | | 55,223 | |
National Australia Bank Ltd. | | | 29,925 | | | | 659,395 | |
Northern Star Resources Ltd. | | | 10,404 | | | | 87,392 | |
Orica Ltd. | | | 4,548 | | | | 50,670 | |
Origin Energy Ltd. | | | 17,517 | | | | 102,542 | |
Pilbara Minerals Ltd. (b) | | | 23,291 | | | | 63,697 | |
Qantas Airways Ltd.* | | | 7,373 | | | | 24,629 | |
QBE Insurance Group Ltd. | | | 14,072 | | | | 158,428 | |
Ramsay Health Care Ltd. | | | 1,810 | | | | 64,716 | |
REA Group Ltd. | | | 558 | | | | 70,528 | |
Reece Ltd. | | | 1,153 | | | | 20,173 | |
Rio Tinto Ltd. | | | 3,516 | | | | 283,387 | |
Santos Ltd. | | | 31,147 | | | | 143,592 | |
Scentre Group REIT | | | 45,432 | | | | 92,003 | |
SEEK Ltd. | | | 3,210 | | | | 54,826 | |
Seven Group Holdings Ltd. | | | 1,632 | | | | 40,924 | |
Sonic Healthcare Ltd. | | | 4,592 | | | | 89,254 | |
South32 Ltd. | | | 38,467 | | | | 73,891 | |
Stockland REIT | | | 26,221 | | | | 76,661 | |
Suncorp Group Ltd. | | | 11,667 | | | | 116,234 | |
Telstra Group Ltd. | | | 33,546 | | | | 83,442 | |
Transurban Group (a) | | | 29,601 | | | | 260,979 | |
Treasury Wine Estates Ltd. | | | 7,946 | | | | 63,899 | |
Vicinity Ltd. REIT | | | 45,331 | | | | 57,264 | |
Washington H Soul Pattinson & Co. Ltd. | | | 1,986 | | | | 44,667 | |
Wesfarmers Ltd. | | | 10,486 | | | | 455,015 | |
Westpac Banking Corp. | | | 32,397 | | | | 555,862 | |
WiseTech Global Ltd. | | | 1,269 | | | | 78,070 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Australia (Continued) | | | | | | |
Woodside Energy Group Ltd. | | | 17,700 | | | $ | 349,910 | |
Woolworths Group Ltd. | | | 11,218 | | | | 238,276 | |
| | | | | | | | |
(Cost $11,299,953) | | | | | | | 11,372,728 | |
| | | | | | | | |
| Austria — 0.0% | |
Erste Group Bank AG | | | 3,164 | | | | 126,343 | |
OMV AG | | | 1,656 | | | | 73,008 | |
Verbund AG | | | 523 | | | | 37,920 | |
voestalpine AG | | | 1,006 | | | | 27,477 | |
| | | | | | | | |
(Cost $267,831) | | | | | | | 264,748 | |
| | | | | | | | |
| Belgium — 0.2% | | | | | | |
Ageas SA/NV | | | 1,365 | | | | 57,903 | |
Anheuser-Busch InBev SA/NV | | | 8,156 | | | | 491,786 | |
D’ieteren Group | | | 265 | | | | 51,045 | |
Elia Group SA/NV | | | 279 | | | | 31,007 | |
Groupe Bruxelles Lambert NV | | | 778 | | | | 58,378 | |
KBC Group NV | | | 2,340 | | | | 164,342 | |
Lotus Bakeries NV | | | 4 | | | | 37,659 | |
Sofina SA | | | 121 | | | | 27,576 | |
Syensqo SA* | | | 726 | | | | 64,902 | |
UCB SA | | | 1,261 | | | | 145,329 | |
Umicore SA | | | 1,949 | | | | 40,685 | |
Warehouses De Pauw CVA REIT | | | 1,397 | | | | 37,310 | |
| | | | | | | | |
(Cost $1,311,683) | | | | | | | 1,207,922 | |
| | | | | | | | |
| Bermuda — 0.1% | | | | | | |
Arch Capital Group Ltd.* | | | 3,497 | | | | 306,302 | |
Everest Group Ltd. | | | 388 | | | | 143,126 | |
| | | | | | | | |
(Cost $260,120) | | | | | | | 449,428 | |
| | | | | | | | |
| Canada — 3.3% | | | | | | |
Agnico Eagle Mines Ltd. | | | 4,512 | | | | 216,527 | |
Air Canada* | | | 1,355 | | | | 18,102 | |
Alimentation Couche-Tard, Inc. | | | 7,086 | | | | 439,731 | |
AltaGas Ltd. | | | 3,345 | | | | 71,741 | |
ARC Resources Ltd. | | | 6,377 | | | | 108,748 | |
Bank of Montreal | | | 7,026 | | | | 636,321 | |
Bank of Nova Scotia | | | 11,603 | | | | 562,977 | |
Barrick Gold Corp. | | | 16,981 | | | | 247,763 | |
BCE, Inc. | | | 680 | | | | 25,248 | |
Brookfield Asset Management Ltd., Class A | | | 3,298 | | | | 134,488 | |
Brookfield Corp. | | | 13,108 | | | | 541,194 | |
BRP, Inc. | | | 312 | | | | 20,606 | |
CAE, Inc.* | | | 2,611 | | | | 48,780 | |
Cameco Corp. | | | 3,815 | | | | 154,698 | |
Canadian Apartment Properties REIT | | | 758 | | | | 26,607 | |
Canadian Imperial Bank of Commerce | | | 8,388 | | | | 397,152 | |
Canadian National Railway Co. | | | 5,219 | | | | 677,102 | |
Canadian Natural Resources Ltd. | | | 10,001 | | | | 697,087 | |
Canadian Pacific Kansas City Ltd. | | | 9,078 | | | | 771,230 | |
Canadian Tire Corp. Ltd., Class A | | | 568 | | | | 57,832 | |
Canadian Utilities Ltd., Class A | | | 1,200 | | | | 27,037 | |
CCL Industries, Inc., Class B | | | 1,375 | | | | 70,131 | |
Cenovus Energy, Inc. | | | 12,907 | | | | 225,053 | |
CGI, Inc.* | | | 2,047 | | | | 235,163 | |
Constellation Software, Inc. | | | 195 | | | | 543,212 | |
| | | | |
| See Notes to Financial Statements. | | 20 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Canada (Continued) | | | | | | |
Descartes Systems Group, Inc.* | | | 765 | | | $ | 66,345 | |
Dollarama, Inc. | | | 2,486 | | | | 192,414 | |
Element Fleet Management Corp. | | | 3,352 | | | | 55,976 | |
Emera, Inc. | | | 2,509 | | | | 88,051 | |
Empire Co. Ltd., Class A | | | 1,245 | | | | 31,567 | |
Enbridge, Inc. | | | 19,807 | | | | 681,237 | |
Fairfax Financial Holdings Ltd. | | | 217 | | | | 231,757 | |
First Quantum Minerals Ltd. | | | 5,412 | | | | 51,273 | |
FirstService Corp. | | | 387 | | | | 63,724 | |
Fortis, Inc. | | | 4,377 | | | | 168,871 | |
Franco-Nevada Corp. | | | 1,790 | | | | 187,519 | |
George Weston Ltd. | | | 732 | | | | 95,934 | |
GFL Environmental, Inc. | | | 2,536 | | | | 91,486 | |
Gildan Activewear, Inc. | | | 1,985 | | | | 69,164 | |
Great-West Lifeco, Inc. | | | 2,264 | | | | 69,772 | |
Hydro One Ltd., 144A | | | 3,230 | | | | 96,327 | |
iA Financial Corp., Inc. | | | 959 | | | | 59,505 | |
IGM Financial, Inc. | | | 1,077 | | | | 28,308 | |
Imperial Oil Ltd. | | | 2,077 | | | | 130,039 | |
Intact Financial Corp. | | | 1,624 | | | | 270,214 | |
Ivanhoe Mines Ltd., Class A* | | | 5,605 | | | | 59,631 | |
Keyera Corp. | | | 1,897 | | | | 46,699 | |
Kinross Gold Corp. | | | 12,491 | | | | 61,150 | |
Loblaw Cos. Ltd. | | | 1,517 | | | | 161,772 | |
Lululemon Athletica, Inc.* | | | 1,073 | | | | 501,188 | |
Lundin Mining Corp. | | | 5,620 | | | | 44,459 | |
Magna International, Inc. | | | 2,522 | | | | 139,046 | |
Manulife Financial Corp. | | | 16,191 | | | | 384,497 | |
MEG Energy Corp.* | | | 2,425 | | | | 51,938 | |
Metro, Inc. | | | 1,990 | | | | 107,808 | |
National Bank of Canada | | | 3,140 | | | | 245,232 | |
Northland Power, Inc. | | | 2,418 | | | | 41,003 | |
Nutrien Ltd. | | | 4,779 | | | | 249,600 | |
Onex Corp. | | | 641 | | | | 47,765 | |
Open Text Corp. | | | 2,252 | | | | 86,653 | |
Pan American Silver Corp. | | | 3,501 | | | | 43,467 | |
Parkland Corp. | | | 1,631 | | | | 52,200 | |
Pembina Pipeline Corp. | | | 4,731 | | | | 164,740 | |
Power Corp. of Canada | | | 5,477 | | | | 158,332 | |
Quebecor, Inc., Class B | | | 1,393 | | | | 32,598 | |
Restaurant Brands International, Inc. | | | 2,668 | | | | 207,287 | |
RioCan Real Estate Investment Trust REIT | | | 1,386 | | | | 18,271 | |
Rogers Communications, Inc., Class B | | | 3,568 | | | | 157,993 | |
Royal Bank of Canada | | | 13,073 | | | | 1,270,337 | |
Saputo, Inc. | | | 2,155 | | | | 43,867 | |
Shopify, Inc., Class A* | | | 11,251 | | | | 860,114 | |
Stantec, Inc. | | | 1,027 | | | | 85,804 | |
Sun Life Financial, Inc. | | | 5,417 | | | | 287,874 | |
Suncor Energy, Inc. | | | 12,520 | | | | 430,425 | |
TC Energy Corp. | | | 9,335 | | | | 369,449 | |
Teck Resources Ltd., Class B | | | 4,532 | | | | 174,250 | |
TELUS Corp. | | | 4,388 | | | | 76,576 | |
TFI International, Inc. | | | 745 | | | | 110,139 | |
Thomson Reuters Corp. | | | 1,464 | | | | 231,244 | |
TMX Group Ltd. | | | 2,820 | | | | 74,016 | |
Toromont Industries Ltd. | | | 784 | | | | 72,050 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Canada (Continued) | | | | | | |
Toronto-Dominion Bank | | | 16,426 | | | $ | 986,880 | |
Tourmaline Oil Corp. | | | 2,930 | | | | 132,680 | |
Waste Connections, Inc. | | | 2,365 | | | | 393,631 | |
West Fraser Timber Co. Ltd. | | | 382 | | | | 30,760 | |
Wheaton Precious Metals Corp. | | | 4,157 | | | | 171,417 | |
WSP Global, Inc. | | | 1,207 | | | | 191,700 | |
| | | | | | | | |
(Cost $17,560,666) | | | | | | | 18,740,555 | |
| | | | | | | | |
| Chile — 0.0% | | | | | | |
Antofagasta PLC
(Cost $72,609) | | | 3,670 | | | | 84,375 | |
| | | | | | | | |
| Denmark — 1.0% | | | | | | |
A.P. Moller — Maersk A/S, Class A | | | 16 | | | | 21,718 | |
A.P. Moller — Maersk A/S, Class B | | | 55 | | | | 77,817 | |
Carlsberg AS, Class B | | | 872 | | | | 121,654 | |
Coloplast A/S, Class B | | | 1,103 | | | | 146,612 | |
Danske Bank A/S | | | 7,010 | | | | 206,078 | |
Demant A/S* | | | 797 | | | | 39,929 | |
DSV A/S | | | 1,763 | | | | 283,071 | |
Genmab A/S* | | | 573 | | | | 160,546 | |
Novo Nordisk A/S, Class B | | | 30,528 | | | | 3,632,798 | |
Novozymes A/S, Class B | | | 3,531 | | | | 199,302 | |
Orsted AS, 144A | | | 1,803 | | | | 101,218 | |
Pandora A/S | | | 781 | | | | 126,193 | |
ROCKWOOL A/S, Class B | | | 134 | | | | 42,895 | |
Tryg A/S | | | 3,365 | | | | 71,567 | |
Vestas Wind Systems A/S* | | | 9,492 | | | | 264,491 | |
| | | | | | | | |
(Cost $3,449,087) | | | | | | | 5,495,889 | |
| | | | | | | | |
| Finland — 0.3% | | | | | | |
Elisa OYJ | | | 1,103 | | | | 49,726 | |
Fortum OYJ | | | 4,378 | | | | 54,720 | |
Kesko OYJ, Class B | | | 2,116 | | | | 40,450 | |
Kone OYJ, Class B | | | 3,140 | | | | 153,655 | |
Metso Corp. | | | 6,554 | | | | 70,016 | |
Neste OYJ | | | 3,922 | | | | 107,675 | |
Nokia OYJ | | | 52,073 | | | | 183,675 | |
Nordea Bank Abp | | | 28,914 | | | | 351,692 | |
Orion OYJ, Class B | | | 1,086 | | | | 42,778 | |
Sampo OYJ, Class A | | | 4,443 | | | | 198,907 | |
Stora Enso OYJ, Class R | | | 6,713 | | | | 84,849 | |
UPM-Kymmene OYJ | | | 5,200 | | | | 174,049 | |
Wartsila OYJ Abp | | | 4,432 | | | | 68,560 | |
| | | | | | | | |
(Cost $1,943,813) | | | | | | | 1,580,752 | |
| | | | | | | | |
| France — 3.3% | | | | | | |
Accor SA | | | 1,790 | | | | 77,656 | |
Aeroports de Paris SA | | | 290 | | | | 39,448 | |
Air Liquide SA | | | 4,802 | | | | 976,420 | |
Airbus SE | | | 5,409 | | | | 895,212 | |
Alstom SA | | | 3,140 | | | | 41,931 | |
Amundi SA, 144A | | | 854 | | | | 56,235 | |
Arkema SA | | | 570 | | | | 59,067 | |
AXA SA | | | 17,435 | | | | 620,357 | |
BioMerieux | | | 468 | | | | 51,202 | |
BNP Paribas SA | | | 9,688 | | | | 580,597 | |
Bollore SE | | | 8,796 | | | | 60,348 | |
| | | | |
| See Notes to Financial Statements. | | 21 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| France (Continued) | | | | | | |
Bouygues SA | | | 1,538 | | | $ | 60,865 | |
Bureau Veritas SA | | | 3,039 | | | | 88,366 | |
Capgemini SE | | | 1,496 | | | | 363,766 | |
Carrefour SA | | | 4,920 | | | | 82,685 | |
Cie de Saint-Gobain SA | | | 4,172 | | | | 321,449 | |
Cie Generale des Etablissements Michelin SCA | | | 6,721 | | | | 248,668 | |
Covivio SA REIT | | | 619 | | | | 27,812 | |
Credit Agricole SA | | | 10,644 | | | | 144,210 | |
Danone SA | | | 6,138 | | | | 392,025 | |
Dassault Aviation SA | | | 202 | | | | 39,981 | |
Dassault Systemes SE | | | 6,118 | | | | 285,910 | |
Edenred SE | | | 2,281 | | | | 113,027 | |
Eiffage SA | | | 773 | | | | 84,194 | |
Engie SA | | | 16,684 | | | | 267,858 | |
EssilorLuxottica SA | | | 2,735 | | | | 580,571 | |
Eurazeo SE | | | 417 | | | | 35,243 | |
Gecina SA REIT | | | 481 | | | | 46,482 | |
Getlink SE | | | 3,088 | | | | 52,765 | |
Hermes International SCA | | | 299 | | | | 748,401 | |
Ipsen SA | | | 308 | | | | 33,930 | |
Kering SA | | | 703 | | | | 323,358 | |
Klepierre SA REIT | | | 1,631 | | | | 41,442 | |
La Francaise des Jeux SAEM, 144A | | | 764 | | | | 32,012 | |
Legrand SA | | | 2,407 | | | | 243,543 | |
L’Oreal SA | | | 2,267 | | | | 1,083,594 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 2,599 | | | | 2,370,382 | |
Orange SA | | | 18,986 | | | | 217,908 | |
Pernod Ricard SA | | | 1,907 | | | | 318,939 | |
Publicis Groupe SA | | | 2,139 | | | | 226,333 | |
Remy Cointreau SA | | | 246 | | | | 26,088 | |
Renault SA | | | 1,766 | | | | 73,634 | |
Rexel SA | | | 1,886 | | | | 48,370 | |
Safran SA | | | 3,287 | | | | 688,996 | |
Sanofi SA | | | 10,976 | | | | 1,043,929 | |
Sartorius Stedim Biotech | | | 273 | | | | 75,127 | |
Schneider Electric SE | | | 5,238 | | | | 1,189,210 | |
SEB SA | | | 129 | | | | 15,272 | |
Societe Generale SA | | | 7,272 | | | | 176,511 | |
Sodexo SA | | | 898 | | | | 71,620 | |
STMicroelectronics NV | | | 6,236 | | | | 281,572 | |
Teleperformance SE | | | 569 | | | | 70,533 | |
Thales SA | | | 949 | | | | 140,745 | |
TotalEnergies SE | | | 20,141 | | | | 1,285,722 | |
Unibail-Rodamco-Westfield REIT* | | | 1,102 | | | | 80,591 | |
Veolia Environnement SA | | | 6,453 | | | | 200,066 | |
Vinci SA | | | 4,886 | | | | 626,027 | |
Vivendi SE | | | 6,582 | | | | 73,578 | |
Worldline SA, 144A* | | | 2,243 | | | | 25,790 | |
| | | | | | | | |
(Cost $15,261,840) | | | | | | | 18,527,573 | |
| | | | | | | | |
| Germany — 2.3% | | | | | | |
adidas AG | | | 1,560 | | | | 315,888 | |
Allianz SE | | | 3,706 | | | | 1,018,053 | |
BASF SE | | | 8,518 | | | | 433,926 | |
Bayer AG | | | 9,206 | | | | 279,840 | |
Bayerische Motoren Werke AG | | | 3,140 | | | | 371,124 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Germany (Continued) | | | | | | |
Bechtle AG | | | 666 | | | $ | 34,349 | |
Beiersdorf AG | | | 887 | | | | 127,230 | |
Brenntag SE | | | 1,248 | | | | 113,957 | |
Carl Zeiss Meditec AG | | | 385 | | | | 47,391 | |
Commerzbank AG | | | 9,869 | | | | 114,220 | |
Continental AG | | | 984 | | | | 78,883 | |
Covestro AG, 144A* | | | 1,800 | | | | 97,978 | |
Daimler Truck Holding AG | | | 4,794 | | | | 195,996 | |
Delivery Hero SE, 144A* | | | 1,386 | | | | 32,045 | |
Deutsche Bank AG (c) | | | 18,744 | | | | 250,749 | |
Deutsche Boerse AG | | | 1,753 | | | | 367,261 | |
Deutsche Lufthansa AG* | | | 5,202 | | | | 40,464 | |
Deutsche Post AG | | | 9,328 | | | | 433,146 | |
Deutsche Telekom AG | | | 29,793 | | | | 708,808 | |
E.ON SE | | | 21,827 | | | | 278,953 | |
Evonik Industries AG | | | 1,952 | | | | 36,037 | |
Fresenius Medical Care AG | | | 1,811 | | | | 69,337 | |
Fresenius SE & Co. KGaA | | | 3,735 | | | | 104,603 | |
GEA Group AG | | | 1,446 | | | | 58,320 | |
Hannover Rueck SE | | | 514 | | | | 131,992 | |
Heidelberg Materials AG | | | 1,370 | | | | 132,984 | |
Henkel AG & Co. KGaA | | | 1,006 | | | | 67,931 | |
Infineon Technologies AG | | | 12,270 | | | | 439,435 | |
Knorr-Bremse AG | | | 561 | | | | 39,266 | |
LEG Immobilien SE* | | | 590 | | | | 43,429 | |
Mercedes-Benz Group AG | | | 7,697 | | | | 613,371 | |
Merck KGaA | | | 1,189 | | | | 203,038 | |
MTU Aero Engines AG | | | 557 | | | | 133,993 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 1,327 | | | | 618,060 | |
Nemetschek SE | | | 503 | | | | 47,998 | |
Puma SE | | | 1,007 | | | | 46,281 | |
Rational AG | | | 34 | | | | 27,963 | |
Rheinmetall AG | | | 370 | | | | 169,768 | |
RWE AG | | | 6,010 | | | | 201,615 | |
SAP SE | | | 9,881 | | | | 1,848,559 | |
Scout24 SE, 144A | | | 500 | | | | 36,360 | |
Siemens AG | | | 7,115 | | | | 1,408,547 | |
Siemens Energy AG* | | | 4,797 | | | | 73,739 | |
Siemens Healthineers AG, 144A* | | | 2,613 | | | | 156,935 | |
Symrise AG | | | 1,261 | | | | 129,036 | |
Talanx AG | | | 700 | | | | 49,995 | |
Volkswagen AG | | | 259 | | | | 40,710 | |
Vonovia SE | | | 7,201 | | | | 201,048 | |
Zalando SE, 144A* | | | 1,904 | | | | 40,219 | |
| | | | | | | | |
(Cost $12,036,762) | | | | | | | 12,510,830 | |
| | | | | | | | |
| Hong Kong — 0.6% | | | | | | |
AIA Group Ltd. | | | 106,093 | | | | 861,884 | |
BOC Hong Kong Holdings Ltd. | | | 31,794 | | | | 83,863 | |
CK Asset Holdings Ltd. | | | 18,937 | | | | 87,443 | |
CK Hutchison Holdings Ltd. | | | 24,471 | | | | 124,249 | |
CK Infrastructure Holdings Ltd. | | | 5,867 | | | | 34,510 | |
CLP Holdings Ltd. | | | 15,011 | | | | 125,111 | |
ESR Group Ltd., 144A | | | 23,983 | | | | 32,043 | |
Futu Holdings Ltd., ADR* | | | 576 | | | | 30,828 | |
Galaxy Entertainment Group Ltd. | | | 18,781 | | | | 102,556 | |
| | | | |
| See Notes to Financial Statements. | | 22 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Hong Kong (Continued) | | | | | | |
Hang Lung Properties Ltd. | | | 25,220 | | | $ | 27,253 | |
Hang Seng Bank Ltd. | | | 6,323 | | | | 72,205 | |
Henderson Land Development Co. Ltd. | | | 15,716 | | | | 45,369 | |
HKT Trust & HKT Ltd. (a) | | | 28,778 | | | | 35,105 | |
Hong Kong & China Gas Co. Ltd. | | | 90,987 | | | | 70,430 | |
Hong Kong Exchanges & Clearing Ltd. | | | 11,404 | | | | 353,680 | |
Hongkong Land Holdings Ltd. | | | 12,100 | | | | 40,898 | |
Jardine Matheson Holdings Ltd. | | | 1,651 | | | | 69,193 | |
Link REIT | | | 20,849 | | | | 103,728 | |
MTR Corp. Ltd. | | | 15,618 | | | | 51,868 | |
Power Assets Holdings Ltd. | | | 12,996 | | | | 78,187 | |
Prudential PLC | | | 25,408 | | | | 249,920 | |
Sino Land Co. Ltd. | | | 35,977 | | | | 38,832 | |
SITC International Holdings Co. Ltd. | | | 13,739 | | | | 22,604 | |
Sun Hung Kai Properties Ltd. | | | 13,207 | | | | 133,187 | |
Swire Pacific Ltd., Class A | | | 2,942 | | | | 24,389 | |
Swire Properties Ltd. | | | 11,937 | | | | 24,640 | |
Techtronic Industries Co. Ltd. | | | 13,030 | | | | 141,055 | |
WH Group Ltd., 144A | | | 97,811 | | | | 58,970 | |
Wharf Holdings Ltd. | | | 9,318 | | | | 34,457 | |
Wharf Real Estate Investment Co. Ltd. | | | 12,600 | | | | 42,087 | |
| | | | | | | | |
(Cost $4,515,108) | | | | | | | 3,200,544 | |
| | | | | | | | |
| Ireland — 1.1% | | | | | | |
Accenture PLC, Class A | | | 5,928 | | | | 2,221,696 | |
AerCap Holdings NV* | | | 1,867 | | | | 144,095 | |
AIB Group PLC | | | 14,643 | | | | 67,916 | |
Allegion PLC | | | 845 | | | | 108,050 | |
Aptiv PLC* | | | 2,547 | | | | 202,461 | |
Bank of Ireland Group PLC | | | 9,531 | | | | 83,069 | |
CRH PLC | | | 6,523 | | | | 542,439 | |
DCC PLC | | | 1,011 | | | | 71,821 | |
Experian PLC | | | 8,247 | | | | 353,125 | |
Flutter Entertainment PLC* | | | 1,661 | | | | 359,390 | |
James Hardie Industries PLC CDI* | | | 3,833 | | | | 151,623 | |
Kerry Group PLC, Class A | | | 1,634 | | | | 143,475 | |
Kingspan Group PLC | | | 1,454 | | | | 131,351 | |
Medtronic PLC | | | 12,747 | | | | 1,062,590 | |
Smurfit Kappa Group PLC | | | 1,894 | | | | 80,815 | |
Trane Technologies PLC | | | 2,134 | | | | 601,724 | |
| | | | | | | | |
(Cost $5,491,631) | | | | | | | 6,325,640 | |
| | | | | | | | |
| Israel — 0.2% | | | | | | |
Azrieli Group Ltd. | | | 475 | | | | 34,419 | |
Bank Hapoalim BM | | | 11,742 | | | | 112,370 | |
Bank Leumi Le-Israel BM | | | 12,900 | | | | 108,066 | |
Check Point Software Technologies Ltd.* | | | 912 | | | | 146,303 | |
CyberArk Software Ltd.* | | | 410 | | | | 108,142 | |
Elbit Systems Ltd. | | | 279 | | | | 62,024 | |
Global-e Online Ltd.* | | | 849 | | | | 28,756 | |
ICL Group Ltd. | | | 6,749 | | | | 35,695 | |
Israel Discount Bank Ltd., Class A | | | 10,976 | | | | 57,222 | |
Mizrahi Tefahot Bank Ltd. | | | 1,519 | | | | 60,095 | |
Monday.com Ltd.* | | | 367 | | | | 81,845 | |
Nice Ltd.* | | | 634 | | | | 155,624 | |
Teva Pharmaceutical Industries Ltd.,
ADR* | | | 10,729 | | | | 141,086 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Israel (Continued) | | | | | | |
Wix.com Ltd.* | | | 558 | | | $ | 78,220 | |
| | | | | | | | |
(Cost $1,087,310) | | | | | | | 1,209,867 | |
| | | | | | | | |
| Italy — 0.6% | | | | | | |
Amplifon SpA | | | 1,103 | | | | 36,871 | |
Assicurazioni Generali SpA | | | 10,191 | | | | 241,738 | |
Banco BPM SpA | | | 11,114 | | | | 64,633 | |
Davide Campari-Milano NV | | | 5,918 | | | | 60,020 | |
DiaSorin SpA | | | 193 | | | | 19,503 | |
Enel SpA | | | 75,461 | | | | 480,407 | |
Eni SpA | | | 21,004 | | | | 323,850 | |
Ferrari NV | | | 1,199 | | | | 505,895 | |
FinecoBank Banca Fineco SpA | | | 5,830 | | | | 80,628 | |
Infrastrutture Wireless Italiane SpA, 144A | | | 2,522 | | | | 27,933 | |
Intesa Sanpaolo SpA | | | 132,833 | | | | 422,324 | |
Leonardo SpA | | | 3,280 | | | | 70,119 | |
Mediobanca Banca di Credito Finanziario SpA | | | 4,962 | | | | 67,630 | |
Moncler SpA | | | 1,895 | | | | 136,698 | |
Nexi SpA, 144A* | | | 5,963 | | | | 43,712 | |
Poste Italiane SpA, 144A | | | 3,397 | | | | 39,848 | |
Prysmian SpA | | | 2,612 | | | | 130,164 | |
Recordati Industria Chimica e Farmaceutica SpA | | | 1,171 | | | | 65,590 | |
Snam SpA | | | 18,659 | | | | 87,249 | |
Telecom Italia SpA* | | | 132,745 | | | | 39,949 | |
Terna — Rete Elettrica Nazionale | | | 11,321 | | | | 88,746 | |
UniCredit SpA | | | 14,959 | | | | 500,368 | |
| | | | | | | | |
(Cost $2,790,718) | | | | | | | 3,533,875 | |
| | | | | | | | |
| Jordan — 0.0% | | | | | | |
Hikma Pharmaceuticals PLC
(Cost $57,728) | | | 1,795 | | | | 44,662 | |
| | | | | | | | |
| Luxembourg — 0.1% | | | | | | |
ArcelorMittal SA | | | 4,594 | | | | 119,910 | |
Eurofins Scientific SE | | | 1,271 | | | | 75,978 | |
Tenaris SA | | | 4,350 | | | | 77,295 | |
| | | | | | | | |
(Cost $278,153) | | | | | | | 273,183 | |
| | | | | | | | |
| Macau — 0.0% | | | | | | |
Sands China Ltd.*
(Cost $89,378) | | | 23,263 | | | | 66,264 | |
| | | | | | | | |
| Netherlands — 1.6% | | | | | | |
ABN AMRO Bank NV, 144A | | | 4,352 | | | | 69,936 | |
Adyen NV, 144A* | | | 209 | | | | 330,207 | |
Aegon Ltd. | | | 17,310 | | | | 103,888 | |
Akzo Nobel NV | | | 1,721 | | | | 125,413 | |
Argenx SE* | | | 561 | | | | 208,352 | |
ASM International NV | | | 405 | | | | 247,053 | |
ASML Holding NV | | | 3,773 | | | | 3,554,211 | |
ASR Nederland NV | | | 1,356 | | | | 62,555 | |
BE Semiconductor Industries NV | | | 721 | | | | 130,416 | |
Euronext NV, 144A | | | 818 | | | | 75,463 | |
EXOR NV | | | 763 | | | | 82,403 | |
Heineken Holding NV | | | 1,228 | | | | 94,882 | |
Heineken NV | | | 2,688 | | | | 248,471 | |
| | | | |
| See Notes to Financial Statements. | | 23 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Netherlands (Continued) | | | | | | |
IMCD NV | | | 582 | | | $ | 88,740 | |
ING Groep NV | | | 31,016 | | | | 425,927 | |
JDE Peet’s NV | | | 654 | | | | 14,961 | |
Koninklijke Ahold Delhaize NV | | | 8,849 | | | | 263,530 | |
Koninklijke KPN NV | | | 32,989 | | | | 120,770 | |
Koninklijke Philips NV | | | 7,390 | | | | 147,962 | |
NN Group NV | | | 2,867 | | | | 128,010 | |
NXP Semiconductors NV | | | 2,360 | | | | 589,363 | |
OCI NV | | | 935 | | | | 24,638 | |
Prosus NV* | | | 13,514 | | | | 394,707 | |
QIAGEN NV* | | | 2,048 | | | | 87,841 | |
Randstad NV | | | 1,269 | | | | 69,953 | |
Stellantis NV | | | 20,262 | | | | 529,197 | |
Universal Music Group NV | | | 7,634 | | | | 230,238 | |
Wolters Kluwer NV | | | 2,189 | | | | 345,494 | |
| | | | | | | | |
(Cost $6,568,428) | | | | | | | 8,794,581 | |
| | | | | | | | |
| New Zealand — 0.1% | | | | | | |
Auckland International Airport Ltd. | | | 11,351 | | | | 56,016 | |
Fisher & Paykel Healthcare Corp. Ltd. | | | 4,896 | | | | 73,081 | |
Mercury NZ Ltd. | | | 6,346 | | | | 25,827 | |
Meridian Energy Ltd. | | | 11,932 | | | | 43,472 | |
Spark New Zealand Ltd. | | | 19,728 | | | | 60,938 | |
Xero Ltd.* | | | 1,353 | | | | 112,161 | |
| | | | | | | | |
(Cost $414,734) | | | | | | | 371,495 | |
| | | | | | | | |
| Norway — 0.2% | | | | | | |
Adevinta ASA* | | | 4,038 | | | | 43,202 | |
Aker BP ASA | | | 2,837 | | | | 68,976 | |
DNB Bank ASA | | | 8,523 | | | | 170,713 | |
Equinor ASA | | | 8,712 | | | | 215,062 | |
Gjensidige Forsikring ASA | | | 1,643 | | | | 25,980 | |
Kongsberg Gruppen ASA | | | 858 | | | | 54,762 | |
Mowi ASA | | | 3,760 | | | | 72,687 | |
Norsk Hydro ASA | | | 14,446 | | | | 74,334 | |
Orkla ASA | | | 7,621 | | | | 54,688 | |
Salmar ASA | | | 534 | | | | 33,927 | |
Telenor ASA | | | 6,921 | | | | 75,875 | |
Yara International ASA | | | 1,261 | | | | 39,260 | |
| | | | | | | | |
(Cost $1,093,069) | | | | | | | 929,466 | |
| | | | | | | | |
| Portugal — 0.0% | | | | | | |
EDP – Energias de Portugal SA | | | 33,312 | | | | 132,623 | |
Galp Energia SGPS SA | | | 3,516 | | | | 55,436 | |
Jeronimo Martins SGPS SA | | | 3,072 | | | | 73,535 | |
| | | | | | | | |
(Cost $274,169) | | | | | | | 261,594 | |
| | | | | | | | |
| Singapore — 0.4% | | | | | | |
CapitaLand Ascendas REIT | | | 25,179 | | | | 51,309 | |
CapitaLand Integrated Commercial Trust REIT | | | 65,656 | | | | 95,705 | |
CapitaLand Investment Ltd. | | | 16,402 | | | | 33,911 | |
City Developments Ltd. | | | 3,300 | | | | 13,916 | |
DBS Group Holdings Ltd. | | | 17,307 | | | | 429,007 | |
Genting Singapore Ltd. | | | 29,608 | | | | 20,038 | |
Grab Holdings Ltd., Class A* | | | 19,212 | | | | 58,981 | |
Jardine Cycle & Carriage Ltd. | | | 1,300 | | | | 24,606 | |
Keppel Ltd. | | | 15,500 | | | | 83,460 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Singapore (Continued) | | | | | | |
Mapletree Logistics Trust REIT | | | 27,728 | | | $ | 30,520 | |
Mapletree Pan Asia Commercial Trust REIT | | | 14,100 | | | | 14,157 | |
Oversea-Chinese Banking Corp. Ltd. | | | 30,185 | | | | 291,389 | |
Sea Ltd., ADR* | | | 3,350 | | | | 162,542 | |
Seatrium Ltd.*(b) | | | 465,718 | | | | 31,172 | |
Sembcorp Industries Ltd. | | | 8,600 | | | | 32,619 | |
Singapore Airlines Ltd. | | | 14,250 | | | | 68,569 | |
Singapore Exchange Ltd. | | | 9,131 | | | | 64,174 | |
Singapore Technologies Engineering Ltd. | | | 23,602 | | | | 69,862 | |
Singapore Telecommunications Ltd. | | | 78,600 | | | | 137,372 | |
United Overseas Bank Ltd. | | | 13,101 | | | | 272,328 | |
Wilmar International Ltd. | | | 20,400 | | | | 50,370 | |
| | | | | | | | |
(Cost $2,360,888) | | | | | | | 2,036,007 | |
| | | | | | | | |
| Spain — 0.7% | | | | | | |
Acciona SA | | | 263 | | | | 29,442 | |
ACS Actividades de Construccion y Servicios SA | | | 2,162 | | | | 88,765 | |
Aena SME SA, 144A | | | 652 | | | | 123,579 | |
Amadeus IT Group SA | | | 4,518 | | | | 265,872 | |
Banco Bilbao Vizcaya Argentaria SA | | | 56,150 | | | | 558,167 | |
Banco Santander SA | | | 151,463 | | | | 630,300 | |
CaixaBank SA | | | 32,412 | | | | 146,261 | |
Cellnex Telecom SA, 144A* | | | 3,979 | | | | 143,257 | |
EDP Renovaveis SA | | | 2,577 | | | | 35,124 | |
Enagas SA | | | 2,432 | | | | 35,121 | |
Endesa SA | | | 2,964 | | | | 53,373 | |
Ferrovial SE | | | 4,671 | | | | 175,146 | |
Grifols SA* | | | 3,140 | | | | 25,770 | |
Iberdrola SA | | | 58,519 | | | | 672,526 | |
Industria de Diseno Textil SA | | | 10,048 | | | | 445,920 | |
Redeia Corp. SA | | | 3,658 | | | | 58,190 | |
Repsol SA | | | 12,252 | | | | 195,231 | |
Telefonica SA | | | 50,299 | | | | 206,457 | |
| | | | | | | | |
(Cost $3,426,511) | | | | | | | 3,888,501 | |
| | | | | | | | |
| Sweden — 0.9% | | | | | | |
Alfa Laval AB | | | 3,047 | | | | 114,754 | |
Assa Abloy AB, Class B | | | 9,158 | | | | 261,443 | |
Atlas Copco AB, Class A | | | 25,022 | | | | 434,668 | |
Atlas Copco AB, Class B | | | 14,644 | | | | 219,148 | |
Beijer Ref AB | | | 2,868 | | | | 40,356 | |
Boliden AB | | | 2,538 | | | | 64,349 | |
Epiroc AB, Class A | | | 6,304 | | | | 114,383 | |
Epiroc AB, Class B | | | 4,172 | | | | 68,865 | |
EQT AB | | | 4,284 | | | | 125,447 | |
Essity AB, Class B | | | 5,220 | | | | 121,931 | |
Evolution AB, 144A | | | 1,629 | | | | 211,177 | |
Fastighets AB Balder, Class B* | | | 7,242 | | | | 45,002 | |
Getinge AB, Class B | | | 2,287 | | | | 45,353 | |
H & M Hennes & Mauritz AB, Class B | | | 6,645 | | | | 90,202 | |
Hexagon AB, Class B | | | 21,124 | | | | 247,732 | |
Holmen AB, Class B | | | 884 | | | | 35,523 | |
Husqvarna AB, Class B | | | 3,092 | | | | 23,864 | |
Industrivarden AB, Class A | | | 1,337 | | | | 45,650 | |
| | | | |
| See Notes to Financial Statements. | | 24 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Sweden (Continued) | | | | | | |
Industrivarden AB, Class C | | | 1,628 | | | $ | 55,429 | |
Indutrade AB | | | 2,534 | | | | 67,100 | |
Investment AB Latour, Class B | | | 1,183 | | | | 30,022 | |
Investor AB, Class B | | | 15,908 | | | | 400,335 | |
L E Lundbergforetagen AB, Class B | | | 575 | | | | 31,286 | |
Lifco AB, Class B | | | 2,416 | | | | 64,396 | |
Nibe Industrier AB, Class B | | | 14,369 | | | | 80,236 | |
Saab AB, Class B | | | 751 | | | | 59,253 | |
Sagax AB, Class B | | | 1,756 | | | | 41,560 | |
Sandvik AB | | | 9,950 | | | | 223,954 | |
Securitas AB, Class B | | | 5,900 | | | | 63,491 | |
Skandinaviska Enskilda Banken AB, Class A | | | 15,079 | | | | 224,128 | |
Skanska AB, Class B | | | 2,517 | | | | 46,460 | |
SKF AB, Class B | | | 2,962 | | | | 64,636 | |
Svenska Cellulosa AB SCA, Class B | | | 5,365 | | | | 76,036 | |
Svenska Handelsbanken AB, Class A | | | 12,573 | | | | 150,427 | |
Swedbank AB, Class A | | | 8,598 | | | | 188,953 | |
Swedish Orphan Biovitrum AB* | | | 1,744 | | | | 42,911 | |
Tele2 AB, Class B | | | 4,973 | | | | 41,774 | |
Telefonaktiebolaget LM Ericsson, Class B | | | 28,000 | | | | 152,157 | |
Telia Co. AB | | | 23,075 | | | | 55,015 | |
Volvo AB, Class A | | | 2,525 | | | | 70,473 | |
Volvo AB, Class B | | | 13,917 | | | | 383,451 | |
Volvo Car AB, Class B* | | | 5,503 | | | | 20,082 | |
| | | | | | | | |
(Cost $4,971,462) | | | | | | | 4,943,412 | |
| | | | | | | | |
| Switzerland — 3.0% | | | | | | |
ABB Ltd. | | | 15,003 | | | | 693,796 | |
Adecco Group AG | | | 1,275 | | | | 51,301 | |
Alcon, Inc. | | | 4,593 | | | | 392,143 | |
Avolta AG* | | | 828 | | | | 32,526 | |
Bachem Holding AG | | | 205 | | | | 16,297 | |
Baloise Holding AG | | | 470 | | | | 76,114 | |
Banque Cantonale Vaudoise | | | 279 | | | | 33,554 | |
Barry Callebaut AG | | | 38 | | | | 53,598 | |
BKW AG | | | 222 | | | | 31,262 | |
Chocoladefabriken Lindt & Spruengli AG | | | 1 | | | | 120,606 | |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | | | 8 | | | | 98,302 | |
Chubb Ltd. | | | 3,737 | | | | 940,491 | |
Cie Financiere Richemont SA, Class A | | | 5,155 | | | | 823,114 | |
Clariant AG* | | | 1,432 | | | | 17,791 | |
Coca-Cola HBC AG* | | | 2,269 | | | | 70,750 | |
DSM-Firmenich AG | | | 1,868 | | | | 200,124 | |
EMS-Chemie Holding AG | | | 75 | | | | 52,510 | |
Garmin Ltd. | | | 1,424 | | | | 195,586 | |
Geberit AG | | | 355 | | | | 206,900 | |
Givaudan SA | | | 89 | | | | 374,678 | |
Glencore PLC | | | 98,383 | | | | 466,873 | |
Helvetia Holding AG | | | 271 | | | | 38,440 | |
Holcim AG* | | | 4,792 | | | | 392,372 | |
Julius Baer Group Ltd. | | | 1,825 | | | | 97,991 | |
Kuehne + Nagel International AG | | | 485 | | | | 163,916 | |
Logitech International SA | | | 1,443 | | | | 127,790 | |
Lonza Group AG | | | 699 | | | | 366,746 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Switzerland (Continued) | | | | | | |
Nestle SA | | | 25,277 | | | $ | 2,634,055 | |
Novartis AG | | | 19,293 | | | | 1,960,741 | |
Partners Group Holding AG | | | 221 | | | | 318,493 | |
Roche Holding AG | | | 6,679 | | | | 1,759,348 | |
Roche Holding AG | | | 280 | | | | 78,033 | |
Sandoz Group AG* | | | 3,810 | | | | 118,815 | |
Schindler Holding AG | | | 250 | | | | 63,824 | |
Schindler Holding AG Participation Certificates | | | 308 | | | | 81,464 | |
SGS SA | | | 1,507 | | | | 145,129 | |
SIG Group AG* | | | 2,787 | | | | 55,389 | |
Sika AG | | | 1,492 | | | | 432,918 | |
Sonova Holding AG | | | 478 | | | | 147,816 | |
Straumann Holding AG | | | 1,000 | | | | 158,537 | |
Swatch Group AG — Bearer | | | 286 | | | | 67,753 | |
Swatch Group AG — Registered | | | 905 | | | | 41,573 | |
Swiss Life Holding AG | | | 264 | | | | 192,360 | |
Swiss Prime Site AG | | | 641 | | | | 61,512 | |
Swiss Re AG | | | 2,874 | | | | 347,929 | |
Swisscom AG | | | 276 | | | | 158,413 | |
Temenos AG | | | 564 | | | | 42,466 | |
UBS Group AG | | | 30,531 | | | | 874,097 | |
VAT Group AG, 144A | | | 283 | | | | 142,312 | |
Zurich Insurance Group AG | | | 1,340 | | | | 715,235 | |
| | | | | | | | |
(Cost $16,073,395) | | | | | | | 16,733,783 | |
| | | | | | | | |
| United Kingdom — 3.8% | | | | | | |
3i Group PLC | | | 9,590 | | | | 299,390 | |
abrdn PLC | | | 15,485 | | | | 30,831 | |
Admiral Group PLC | | | 2,632 | | | | 88,761 | |
Amcor PLC | | | 12,892 | | | | 116,802 | |
Anglo American PLC | | | 11,678 | | | | 251,273 | |
Ashtead Group PLC | | | 3,987 | | | | 286,463 | |
Associated British Foods PLC | | | 2,916 | | | | 83,842 | |
AstraZeneca PLC | | | 14,536 | | | | 1,835,607 | |
Auto Trader Group PLC, 144A | | | 9,388 | | | | 87,925 | |
Aviva PLC | | | 25,701 | | | | 145,094 | |
BAE Systems PLC | | | 29,097 | | | | 457,134 | |
Barclays PLC | | | 136,636 | | | | 284,249 | |
Barratt Developments PLC | | | 8,712 | | | | 51,409 | |
Berkeley Group Holdings PLC | | | 1,102 | | | | 64,722 | |
BP PLC | | | 157,514 | | | | 917,933 | |
British American Tobacco PLC | | | 18,670 | | | | 553,810 | |
BT Group PLC | | | 64,238 | | | | 84,874 | |
Bunzl PLC | | | 3,124 | | | | 124,597 | |
Burberry Group PLC | | | 3,230 | | | | 52,502 | |
Centrica PLC | | | 57,073 | | | | 90,857 | |
CNH Industrial NV | | | 8,932 | | | | 106,737 | |
Coca-Cola Europacific Partners PLC | | | 1,816 | | | | 124,632 | |
Compass Group PLC | | | 16,112 | | | | 442,265 | |
Croda International PLC | | | 1,284 | | | | 77,409 | |
Diageo PLC | | | 20,877 | | | | 782,216 | |
Endeavour Mining PLC | | | 2,388 | | | | 38,514 | |
Entain PLC | | | 5,890 | | | | 68,024 | |
Ferguson PLC | | | 1,934 | | | | 408,944 | |
GSK PLC | | | 38,630 | | | | 813,408 | |
Haleon PLC | | | 52,461 | | | | 219,952 | |
| | | | |
| See Notes to Financial Statements. | | 25 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United Kingdom (Continued) | | | | | | |
Halma PLC | | | 3,233 | | | $ | 94,142 | |
Hargreaves Lansdown PLC | | | 3,119 | | | | 28,738 | |
HSBC Holdings PLC | | | 181,025 | | | | 1,407,130 | |
Imperial Brands PLC | | | 8,321 | | | | 179,410 | |
Informa PLC | | | 11,835 | | | | 121,293 | |
InterContinental Hotels Group PLC | | | 1,448 | | | | 153,492 | |
Intertek Group PLC | | | 1,510 | | | | 88,284 | |
J Sainsbury PLC | | | 16,636 | | | | 52,525 | |
JD Sports Fashion PLC | | | 29,214 | | | | 43,569 | |
Kingfisher PLC | | | 15,920 | | | | 47,224 | |
Land Securities Group PLC REIT | | | 6,472 | | | | 50,725 | |
Legal & General Group PLC | | | 65,114 | | | | 199,408 | |
Liberty Global Ltd., Class C* | | | 2,535 | | | | 47,024 | |
Lloyds Banking Group PLC | | | 608,937 | | | | 358,717 | |
London Stock Exchange Group PLC | | | 3,979 | | | | 446,750 | |
M&G PLC | | | 25,866 | | | | 73,520 | |
Melrose Industries PLC | | | 12,588 | | | | 101,112 | |
Mondi PLC | | | 4,564 | | | | 81,316 | |
National Grid PLC | | | 35,207 | | | | 462,052 | |
NatWest Group PLC | | | 48,248 | | | | 145,926 | |
Next PLC | | | 1,040 | | | | 109,375 | |
Ocado Group PLC* | | | 4,604 | | | | 29,783 | |
Pearson PLC | | | 4,699 | | | | 57,098 | |
Pentair PLC | | | 1,621 | | | | 126,098 | |
Persimmon PLC | | | 2,961 | | | | 51,070 | |
Phoenix Group Holdings PLC | | | 6,953 | | | | 43,739 | |
Reckitt Benckiser Group PLC | | | 6,703 | | | | 423,779 | |
RELX PLC | | | 17,452 | | | | 764,048 | |
Rentokil Initial PLC | | | 23,150 | | | | 128,350 | |
Rio Tinto PLC | | | 10,368 | | | | 666,111 | |
Rolls-Royce Holdings PLC* | | | 79,872 | | | | 372,917 | |
Sage Group PLC | | | 10,222 | | | | 160,918 | |
Schroders PLC | | | 9,357 | | | | 46,552 | |
Segro PLC REIT | | | 11,459 | | | | 122,541 | |
Severn Trent PLC | | | 2,520 | | | | 79,692 | |
Shell PLC | | | 61,253 | | | | 1,903,734 | |
Smith & Nephew PLC | | | 8,147 | | | | 107,229 | |
Smiths Group PLC | | | 3,021 | | | | 61,448 | |
Spirax-Sarco Engineering PLC | | | 597 | | | | 77,972 | |
SSE PLC | | | 9,669 | | | | 198,812 | |
St James’s Place PLC | | | 5,028 | | | | 31,992 | |
Standard Chartered PLC | | | 22,393 | | | | 189,105 | |
Taylor Wimpey PLC | | | 29,729 | | | | 51,840 | |
Tesco PLC | | | 62,649 | | | | 220,943 | |
Unilever PLC | | | 23,702 | | | | 1,159,249 | |
United Utilities Group PLC | | | 7,363 | | | | 95,467 | |
Vodafone Group PLC | | | 204,833 | | | | 179,092 | |
Whitbread PLC | | | 1,891 | | | | 79,009 | |
Willis Towers Watson PLC | | | 957 | | | | 260,888 | |
Wise PLC, Class A* | | | 6,253 | | | | 72,596 | |
WPP PLC | | | 11,289 | | | | 100,988 | |
| | | | | | | | |
(Cost $20,002,039) | | | | | | | 21,144,968 | |
| | | | | | | | |
| United States — 73.5% | | | | | | |
3M Co. | | | 5,088 | | | | 468,707 | |
A O Smith Corp. | | | 1,212 | | | | 100,475 | |
Abbott Laboratories | | | 16,303 | | | | 1,934,188 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
AbbVie, Inc. | | | 16,722 | | | $ | 2,943,908 | |
Adobe, Inc.* | | | 4,247 | | | | 2,379,509 | |
Advanced Micro Devices, Inc.* | | | 15,197 | | | | 2,925,878 | |
AECOM | | | 1,513 | | | | 134,400 | |
AES Corp. | | | 6,303 | | | | 95,806 | |
Aflac, Inc. | | | 5,336 | | | | 430,829 | |
Agilent Technologies, Inc. | | | 2,750 | | | | 377,740 | |
Air Products and Chemicals, Inc. | | | 2,080 | | | | 486,803 | |
Airbnb, Inc., Class A* | | | 4,046 | | | | 637,124 | |
Akamai Technologies, Inc.* | | | 1,517 | | | | 168,266 | |
Albemarle Corp. | | | 1,059 | | | | 145,983 | |
Albertsons Cos., Inc., Class A | | | 3,285 | | | | 66,620 | |
Alexandria Real Estate Equities, Inc. REIT | | | 1,431 | | | | 178,489 | |
Align Technology, Inc.* | | | 661 | | | | 199,900 | |
Alliant Energy Corp. | | | 2,414 | | | | 115,269 | |
Allstate Corp. | | | 2,512 | | | | 400,714 | |
Ally Financial, Inc. | | | 2,964 | | | | 109,638 | |
Alnylam Pharmaceuticals, Inc.* | | | 1,078 | | | | 162,875 | |
Alphabet, Inc., Class A* | | | 55,857 | | | | 7,733,960 | |
Alphabet, Inc., Class C* | | | 48,310 | | | | 6,752,772 | |
Altria Group, Inc. | | | 16,820 | | | | 688,106 | |
Amazon.com, Inc.* | | | 87,531 | | | | 15,471,980 | |
Ameren Corp. | | | 2,497 | | | | 177,761 | |
American Electric Power Co., Inc. | | | 4,951 | | | | 421,776 | |
American Express Co. | | | 5,526 | | | | 1,212,515 | |
American Financial Group, Inc. | | | 661 | | | | 84,390 | |
American Homes 4 Rent, Class A REIT | | | 2,864 | | | | 105,997 | |
American International Group, Inc. | | | 6,963 | | | | 507,533 | |
American Tower Corp. REIT | | | 4,309 | | | | 856,888 | |
American Water Works Co., Inc. | | | 1,854 | | | | 219,773 | |
Ameriprise Financial, Inc. | | | 992 | | | | 404,101 | |
AMETEK, Inc. | | | 2,115 | | | | 381,081 | |
Amgen, Inc. | | | 4,955 | | | | 1,356,828 | |
Amphenol Corp., Class A | | | 5,674 | | | | 619,828 | |
Analog Devices, Inc. | | | 4,710 | | | | 903,472 | |
Annaly Capital Management, Inc. REIT | | | 4,516 | | | | 86,210 | |
ANSYS, Inc.* | | | 835 | | | | 279,032 | |
Aon PLC, Class A | | | 1,867 | | | | 589,953 | |
APA Corp. | | | 3,226 | | | | 96,103 | |
Apollo Global Management, Inc. | | | 3,694 | | | | 412,989 | |
Apple, Inc. | | | 138,243 | | | | 24,987,422 | |
Applied Materials, Inc. | | | 7,772 | | | | 1,566,991 | |
AppLovin Corp., Class A* | | | 1,537 | | | | 91,790 | |
Archer-Daniels-Midland Co. | | | 5,077 | | | | 269,639 | |
Ares Management Corp., Class A | | | 1,461 | | | | 193,772 | |
Arista Networks, Inc.* | | | 2,423 | | | | 672,479 | |
Arthur J Gallagher & Co. | | | 2,009 | | | | 490,055 | |
Aspen Technology, Inc.* | | | 279 | | | | 54,095 | |
Assurant, Inc. | | | 562 | | | | 101,975 | |
AT&T, Inc. | | | 66,197 | | | | 1,120,715 | |
Atmos Energy Corp. | | | 1,392 | | | | 157,171 | |
Autodesk, Inc.* | | | 2,036 | | | | 525,634 | |
Automatic Data Processing, Inc. | | | 3,911 | | | | 982,169 | |
AutoZone, Inc.* | | | 166 | | | | 498,999 | |
AvalonBay Communities, Inc. REIT | | | 1,472 | | | | 260,588 | |
Avantor, Inc.* | | | 5,653 | | | | 139,290 | |
Avery Dennison Corp. | | | 772 | | | | 167,161 | |
| | | | |
| See Notes to Financial Statements. | | 26 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Axon Enterprise, Inc.* | | | 662 | | | $ | 203,479 | |
Baker Hughes Co. | | | 9,575 | | | | 283,324 | |
Ball Corp. | | | 2,956 | | | | 189,243 | |
Bank of America Corp. | | | 67,118 | | | | 2,316,913 | |
Bank of New York Mellon Corp. | | | 7,213 | | | | 404,577 | |
Bath & Body Works, Inc. | | | 1,972 | | | | 90,120 | |
Baxter International, Inc. | | | 4,543 | | | | 185,900 | |
Becton Dickinson and Co. | | | 2,817 | | | | 663,544 | |
Bentley Systems, Inc., Class B | | | 2,199 | | | | 112,963 | |
Berkshire Hathaway, Inc., Class B* | | | 12,320 | | | | 5,043,808 | |
Best Buy Co., Inc. | | | 2,063 | | | | 166,855 | |
BILL Holdings, Inc.* | | | 899 | | | | 56,934 | |
Biogen, Inc.* | | | 1,357 | | | | 294,455 | |
BioMarin Pharmaceutical, Inc.* | | | 1,679 | | | | 144,864 | |
Bio-Rad Laboratories, Inc., Class A* | | | 238 | | | | 77,559 | |
Bio-Techne Corp. | | | 1,472 | | | | 108,295 | |
BlackRock, Inc. | | | 1,407 | | | | 1,141,555 | |
Blackstone, Inc. | | | 6,682 | | | | 854,093 | |
Block, Inc.* | | | 5,012 | | | | 398,304 | |
Boeing Co.* | | | 5,345 | | | | 1,088,883 | |
Booking Holdings, Inc.* | | | 325 | | | | 1,127,370 | |
Booz Allen Hamilton Holding Corp. | | | 1,112 | | | | 164,254 | |
BorgWarner, Inc. | | | 1,879 | | | | 58,493 | |
Boston Properties, Inc. REIT | | | 1,274 | | | | 82,453 | |
Boston Scientific Corp.* | | | 13,897 | | | | 920,120 | |
Bristol-Myers Squibb Co. | | | 19,620 | | | | 995,715 | |
Broadcom, Inc. | | | 4,193 | | | | 5,452,955 | |
Broadridge Financial Solutions, Inc. | | | 1,089 | | | | 221,699 | |
Brookfield Renewable Corp., Class A | | | 1,188 | | | | 28,221 | |
Brown & Brown, Inc. | | | 2,396 | | | | 201,767 | |
Brown-Forman Corp., Class B | | | 2,831 | | | | 170,511 | |
Builders FirstSource, Inc.* | | | 1,103 | | | | 215,284 | |
Bunge Global SA | | | 1,367 | | | | 129,004 | |
Burlington Stores, Inc.* | | | 562 | | | | 115,266 | |
C.H. Robinson Worldwide, Inc. | | | 1,179 | | | | 87,340 | |
Cadence Design Systems, Inc.* | | | 2,529 | | | | 769,777 | |
Caesars Entertainment, Inc.* | | | 1,906 | | | | 82,854 | |
Camden Property Trust REIT | | | 896 | | | | 84,654 | |
Campbell Soup Co. | | | 1,703 | | | | 72,616 | |
Capital One Financial Corp. | | | 3,436 | | | | 472,828 | |
Cardinal Health, Inc. | | | 2,297 | | | | 257,218 | |
Carlisle Cos., Inc. | | | 458 | | | | 160,300 | |
Carlyle Group, Inc. | | | 1,754 | | | | 80,421 | |
CarMax, Inc.* | | | 1,371 | | | | 108,309 | |
Carnival Corp.* | | | 9,381 | | | | 148,783 | |
Carrier Global Corp. | | | 7,893 | | | | 438,693 | |
Catalent, Inc.* | | | 1,532 | | | | 87,845 | |
Caterpillar, Inc. | | | 4,807 | | | | 1,605,346 | |
Cboe Global Markets, Inc. | | | 896 | | | | 172,032 | |
CBRE Group, Inc., Class A* | | | 2,814 | | | | 258,578 | |
CDW Corp. | | | 1,228 | | | | 302,346 | |
Celanese Corp. | | | 1,064 | | | | 161,696 | |
Celsius Holdings, Inc.* | | | 1,447 | | | | 118,104 | |
Cencora, Inc. | | | 1,572 | | | | 370,363 | |
Centene Corp.* | | | 5,152 | | | | 404,071 | |
CenterPoint Energy, Inc. | | | 5,847 | | | | 160,793 | |
CF Industries Holdings, Inc. | | | 1,884 | | | | 152,076 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Charles River Laboratories International, Inc.* | | | 486 | | | $ | 123,536 | |
Charles Schwab Corp. | | | 13,880 | | | | 926,906 | |
Charter Communications, Inc., Class A* | | | 891 | | | | 261,892 | |
Cheniere Energy, Inc. | | | 2,283 | | | | 354,322 | |
Chesapeake Energy Corp. (b) | | | 897 | | | | 74,254 | |
Chevron Corp. | | | 16,791 | | | | 2,552,400 | |
Chipotle Mexican Grill, Inc.* | | | 267 | | | | 717,902 | |
Church & Dwight Co., Inc. | | | 2,210 | | | | 221,265 | |
Cigna Group | | | 2,772 | | | | 931,780 | |
Cincinnati Financial Corp. | | | 1,435 | | | | 163,590 | |
Cintas Corp. | | | 853 | | | | 536,204 | |
Cisco Systems, Inc. | | | 37,883 | | | | 1,832,401 | |
Citigroup, Inc. | | | 18,320 | | | | 1,016,577 | |
Citizens Financial Group, Inc. | | | 4,542 | | | | 142,573 | |
Cleveland-Cliffs, Inc.* | | | 4,836 | | | | 100,589 | |
Clorox Co. | | | 1,123 | | | | 172,167 | |
Cloudflare, Inc., Class A* | | | 2,862 | | | | 282,021 | |
CME Group, Inc. | | | 3,369 | | | | 742,359 | |
CMS Energy Corp. | | | 2,485 | | | | 142,564 | |
Coca-Cola Co. | | | 38,594 | | | | 2,316,412 | |
Cognizant Technology Solutions Corp., Class A | | | 4,700 | | | | 371,394 | |
Coinbase Global, Inc., Class A* | | | 1,513 | | | | 307,986 | |
Colgate-Palmolive Co. | | | 7,623 | | | | 659,542 | |
Comcast Corp., Class A | | | 37,745 | | | | 1,617,373 | |
Conagra Brands, Inc. | | | 4,606 | | | | 129,336 | |
Confluent, Inc., Class A* | | | 1,513 | | | | 51,245 | |
ConocoPhillips | | | 11,125 | | | | 1,252,008 | |
Consolidated Edison, Inc. | | | 3,301 | | | | 287,880 | |
Constellation Brands, Inc., Class A | | | 1,589 | | | | 394,898 | |
Constellation Energy Corp. | | | 3,100 | | | | 522,195 | |
Cooper Cos., Inc. | | | 1,824 | | | | 170,726 | |
Copart, Inc.* | | | 8,278 | | | | 439,976 | |
Corebridge Financial, Inc. | | | 2,323 | | | | 57,680 | |
Corning, Inc. | | | 7,554 | | | | 243,541 | |
Corteva, Inc. | | | 6,712 | | | | 359,226 | |
CoStar Group, Inc.* | | | 3,807 | | | | 331,323 | |
Costco Wholesale Corp. | | | 4,180 | | | | 3,109,460 | |
Coterra Energy, Inc. | | | 7,540 | | | | 194,381 | |
Crowdstrike Holdings, Inc., Class A* | | | 2,137 | | | | 692,709 | |
Crown Castle, Inc. REIT | | | 3,970 | | | | 436,462 | |
Crown Holdings, Inc. | | | 1,218 | | | | 93,323 | |
CSX Corp. | | | 18,284 | | | | 693,695 | |
Cummins, Inc. | | | 1,401 | | | | 376,323 | |
CVS Health Corp. | | | 11,983 | | | | 891,176 | |
D.R. Horton, Inc. | | | 2,777 | | | | 414,995 | |
Danaher Corp. | | | 6,581 | | | | 1,665,914 | |
Darden Restaurants, Inc. | | | 1,178 | | | | 201,096 | |
Darling Ingredients, Inc.* | | | 1,440 | | | | 60,926 | |
Datadog, Inc., Class A* | | | 2,643 | | | | 347,449 | |
DaVita, Inc.* | | | 604 | | | | 76,690 | |
Dayforce, Inc.* | | | 1,557 | | | | 108,616 | |
Deckers Outdoor Corp.* | | | 263 | | | | 235,540 | |
Deere & Co. | | | 2,482 | | | | 906,054 | |
Dell Technologies, Inc., Class C | | | 2,374 | | | | 224,723 | |
Delta Air Lines, Inc. | | | 1,184 | | | | 50,048 | |
| | | | |
| See Notes to Financial Statements. | | 27 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Devon Energy Corp. | | | 6,247 | | | $ | 275,243 | |
Dexcom, Inc.* | | | 3,570 | | | | 410,800 | |
Diamondback Energy, Inc. | | | 1,516 | | | | 276,700 | |
Dick’s Sporting Goods, Inc. | | | 543 | | | | 96,594 | |
Digital Realty Trust, Inc. REIT | | | 2,937 | | | | 431,181 | |
Discover Financial Services | | | 2,412 | | | | 291,128 | |
DocuSign, Inc.* | | | 1,812 | | | | 96,525 | |
Dollar General Corp. | | | 2,115 | | | | 307,331 | |
Dollar Tree, Inc.* | | | 2,065 | | | | 302,894 | |
Dominion Energy, Inc. | | | 7,830 | | | | 374,509 | |
Domino’s Pizza, Inc. | | | 330 | | | | 147,956 | |
DoorDash, Inc., Class A* | | | 2,420 | | | | 301,459 | |
Dover Corp. | | | 1,348 | | | | 222,932 | |
Dow, Inc. | | | 6,712 | | | | 375,067 | |
DraftKings, Inc., Class A* | | | 3,880 | | | | 168,082 | |
Dropbox, Inc., Class A* | | | 2,414 | | | | 57,815 | |
DTE Energy Co. | | | 1,885 | | | | 204,240 | |
Duke Energy Corp. | | | 7,087 | | | | 650,799 | |
DuPont de Nemours, Inc. | | | 3,983 | | | | 275,584 | |
Dynatrace, Inc.* | | | 2,732 | | | | 135,371 | |
Eastman Chemical Co. | | | 983 | | | | 86,248 | |
Eaton Corp. PLC | | | 3,711 | | | | 1,072,479 | |
eBay, Inc. | | | 4,944 | | | | 233,752 | |
Ecolab, Inc. | | | 2,418 | | | | 543,663 | |
Edison International | | | 3,581 | | | | 243,580 | |
Edwards Lifesciences Corp.* | | | 5,792 | | | | 491,567 | |
Electronic Arts, Inc. | | | 2,405 | | | | 335,449 | |
Elevance Health, Inc. | | | 2,195 | | | | 1,100,244 | |
Eli Lilly & Co. | | | 7,568 | | | | 5,703,850 | |
Emerson Electric Co. | | | 5,474 | | | | 584,897 | |
Enphase Energy, Inc.* | | | 1,258 | | | | 159,779 | |
Entegris, Inc. | | | 1,453 | | | | 195,225 | |
Entergy Corp. | | | 2,261 | | | | 229,650 | |
EOG Resources, Inc. | | | 5,390 | | | | 616,939 | |
EPAM Systems, Inc.* | | | 532 | | | | 161,941 | |
EQT Corp. | | | 3,764 | | | | 139,833 | |
Equifax, Inc. | | | 1,140 | | | | 311,893 | |
Equinix, Inc. REIT | | | 872 | | | | 775,051 | |
Equitable Holdings, Inc. | | | 3,668 | | | | 125,592 | |
Equity LifeStyle Properties, Inc. REIT | | | 1,797 | | | | 120,974 | |
Equity Residential REIT | | | 3,484 | | | | 209,772 | |
Erie Indemnity Co., Class A | | | 270 | | | | 109,858 | |
Essential Utilities, Inc. | | | 3,028 | | | | 105,314 | |
Essex Property Trust, Inc. REIT | | | 626 | | | | 144,856 | |
Estee Lauder Cos., Inc., Class A | | | 2,123 | | | | 315,435 | |
Etsy, Inc.* | | | 1,168 | | | | 83,734 | |
Evergy, Inc. | | | 2,106 | | | | 104,331 | |
Eversource Energy | | | 3,715 | | | | 218,071 | |
Exact Sciences Corp.* | | | 1,631 | | | | 93,831 | |
Exelon Corp. | | | 9,275 | | | | 332,416 | |
Expedia Group, Inc.* | | | 1,268 | | | | 173,488 | |
Expeditors International of Washington, Inc. | | | 1,324 | | | | 158,350 | |
Extra Space Storage, Inc. REIT | | | 1,926 | | | | 271,508 | |
Exxon Mobil Corp. | | | 37,360 | | | | 3,904,867 | |
F5, Inc.* | | | 559 | | | | 104,656 | |
FactSet Research Systems, Inc. | | | 365 | | | | 168,842 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Fair Isaac Corp.* | | | 242 | | | $ | 307,318 | |
Fastenal Co. | | | 5,287 | | | | 386,004 | |
FedEx Corp. | | | 2,221 | | | | 552,962 | |
Fidelity National Financial, Inc. | | | 2,298 | | | | 116,233 | |
Fidelity National Information Services, Inc. | | | 5,685 | | | | 393,345 | |
Fifth Third Bancorp | | | 6,342 | | | | 217,784 | |
First Citizens BancShares, Inc., Class A | | | 85 | | | | 133,774 | |
First Solar, Inc.* | | | 906 | | | | 139,424 | |
FirstEnergy Corp. | | | 5,476 | | | | 200,476 | |
Fiserv, Inc.* | | | 5,604 | | | | 836,509 | |
FleetCor Technologies, Inc.* | | | 623 | | | | 173,985 | |
FMC Corp. | | | 1,151 | | | | 64,905 | |
Ford Motor Co. | | | 36,840 | | | | 458,290 | |
Fortinet, Inc.* | | | 5,857 | | | | 404,777 | |
Fortive Corp. | | | 3,265 | | | | 277,949 | |
Fortune Brands Innovations, Inc. | | | 1,281 | | | | 104,197 | |
Fox Corp., Class A | | | 2,514 | | | | 74,892 | |
Fox Corp., Class B | | | 1,391 | | | | 38,086 | |
Franklin Resources, Inc. | | | 2,954 | | | | 81,087 | |
Freeport-McMoRan, Inc. | | | 13,889 | | | | 525,143 | |
Gaming and Leisure Properties, Inc. REIT | | | 2,758 | | | | 125,434 | |
Gartner, Inc.* | | | 771 | | | | 358,947 | |
GE HealthCare Technologies, Inc. | | | 3,813 | | | | 348,051 | |
Gen Digital, Inc. | | | 4,997 | | | | 107,386 | |
General Dynamics Corp. | | | 2,132 | | | | 582,569 | |
General Electric Co. | | | 10,238 | | | | 1,606,240 | |
General Mills, Inc. | | | 5,448 | | | | 349,653 | |
General Motors Co. | | | 12,734 | | | | 521,839 | |
Genuine Parts Co. | | | 1,374 | | | | 205,083 | |
Gilead Sciences, Inc. | | | 11,600 | | | | 836,360 | |
Global Payments, Inc. | | | 2,399 | | | | 311,150 | |
Globe Life, Inc. | | | 890 | | | | 112,968 | |
GoDaddy, Inc., Class A* | | | 1,250 | | | | 142,688 | |
Goldman Sachs Group, Inc. | | | 3,081 | | | | 1,198,663 | |
Graco, Inc. | | | 1,488 | | | | 135,795 | |
Halliburton Co. | | | 8,613 | | | | 302,058 | |
Hartford Financial Services Group, Inc. | | | 3,005 | | | | 287,999 | |
Hasbro, Inc. | | | 1,184 | | | | 59,543 | |
HCA Healthcare, Inc. | | | 1,866 | | | | 581,632 | |
Healthpeak Properties, Inc. REIT | | | 6,623 | | | | 110,935 | |
HEICO Corp. | | | 388 | | | | 75,039 | |
HEICO Corp., Class A | | | 728 | | | | 113,270 | |
Henry Schein, Inc.* | | | 1,183 | | | | 90,464 | |
Hershey Co. | | | 1,367 | | | | 256,887 | |
Hess Corp. | | | 2,508 | | | | 365,541 | |
Hewlett Packard Enterprise Co. | | | 12,000 | | | | 182,760 | |
HF Sinclair Corp. | | | 1,501 | | | | 83,306 | |
Hilton Worldwide Holdings, Inc. | | | 2,489 | | | | 508,552 | |
Hologic, Inc.* | | | 2,138 | | | | 157,784 | |
Home Depot, Inc. | | | 9,367 | | | | 3,565,174 | |
Honeywell International, Inc. | | | 6,224 | | | | 1,236,896 | |
Hormel Foods Corp. | | | 2,950 | | | | 104,194 | |
Host Hotels & Resorts, Inc. REIT | | | 6,329 | | | | 131,263 | |
Howmet Aerospace, Inc. | | | 3,734 | | | | 248,498 | |
HP, Inc. | | | 8,623 | | | | 244,290 | |
Hubbell, Inc. | | | 472 | | | | 179,676 | |
| | | | |
| See Notes to Financial Statements. | | 28 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
HubSpot, Inc.* | | | 478 | | | $ | 295,791 | |
Humana, Inc. | | | 1,161 | | | | 406,722 | |
Huntington Bancshares, Inc. | | | 13,808 | | | | 180,056 | |
Huntington Ingalls Industries, Inc. | | | 332 | | | | 96,818 | |
Hyatt Hotels Corp., Class A | | | 317 | | | | 48,688 | |
IDEX Corp. | | | 747 | | | | 176,217 | |
IDEXX Laboratories, Inc.* | | | 803 | | | | 461,910 | |
Illinois Tool Works, Inc. | | | 2,864 | | | | 750,798 | |
Illumina, Inc.* | | | 1,518 | | | | 212,262 | |
Incyte Corp.* | | | 1,790 | | | | 104,464 | |
Ingersoll Rand, Inc. | | | 3,754 | | | | 342,853 | |
Insulet Corp.* | | | 651 | | | | 106,764 | |
Intel Corp. | | | 39,905 | | | | 1,717,910 | |
Intercontinental Exchange, Inc. | | | 5,280 | | | | 730,858 | |
International Business Machines Corp. | | | 8,448 | | | | 1,563,133 | |
International Flavors & Fragrances, Inc. | | | 2,369 | | | | 178,860 | |
International Paper Co. | | | 3,488 | | | | 123,336 | |
Interpublic Group of Cos., Inc. | | | 3,632 | | | | 114,045 | |
Intuit, Inc. | | | 2,625 | | | | 1,740,086 | |
Intuitive Surgical, Inc.* | | | 3,341 | | | | 1,288,290 | |
Invitation Homes, Inc. REIT | | | 5,674 | | | | 193,313 | |
IQVIA Holdings, Inc.* | | | 1,661 | | | | 410,533 | |
Iron Mountain, Inc. REIT | | | 2,820 | | | | 221,765 | |
J M Smucker Co. | | | 1,011 | | | | 121,492 | |
Jabil, Inc. | | | 1,218 | | | | 175,502 | |
Jack Henry & Associates, Inc. | | | 609 | | | | 105,826 | |
Jacobs Solutions, Inc. | | | 1,009 | | | | 147,970 | |
Jazz Pharmaceuticals PLC* | | | 560 | | | | 66,584 | |
JB Hunt Transport Services, Inc. | | | 714 | | | | 147,305 | |
Johnson & Johnson | | | 22,791 | | | | 3,678,012 | |
Johnson Controls International PLC | | | 6,333 | | | | 375,357 | |
JPMorgan Chase & Co. | | | 27,134 | | | | 5,048,552 | |
Juniper Networks, Inc. | | | 2,516 | | | | 93,167 | |
Kellanova | | | 2,547 | | | | 140,467 | |
Kenvue, Inc. | | | 16,206 | | | | 307,914 | |
Keurig Dr Pepper, Inc. | | | 9,949 | | | | 297,575 | |
KeyCorp | | | 9,559 | | | | 136,407 | |
Keysight Technologies, Inc.* | | | 1,665 | | | | 256,910 | |
Kimberly-Clark Corp. | | | 3,140 | | | | 380,474 | |
Kimco Realty Corp. REIT | | | 6,246 | | | | 123,421 | |
Kinder Morgan, Inc. | | | 19,254 | | | | 334,827 | |
KKR & Co., Inc. | | | 5,560 | | | | 546,326 | |
KLA Corp. | | | 1,303 | | | | 889,037 | |
Knight-Swift Transportation Holdings, Inc. | | | 1,372 | | | | 77,298 | |
Kraft Heinz Co. | | | 8,038 | | | | 283,581 | |
Kroger Co. | | | 6,654 | | | | 330,105 | |
L3Harris Technologies, Inc. | | | 1,775 | | | | 375,697 | |
Laboratory Corp. of America Holdings | | | 897 | | | | 193,600 | |
Lam Research Corp. | | | 1,260 | | | | 1,182,195 | |
Lamb Weston Holdings, Inc. | | | 1,276 | | | | 130,420 | |
Las Vegas Sands Corp. | | | 3,765 | | | | 205,268 | |
Lattice Semiconductor Corp.* | | | 1,290 | | | | 98,827 | |
Lear Corp. | | | 556 | | | | 76,367 | |
Leidos Holdings, Inc. | | | 1,330 | | | | 170,054 | |
Lennar Corp., Class A | | | 2,309 | | | | 366,000 | |
Lennox International, Inc. | | | 279 | | | | 131,468 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Liberty Broadband Corp., Class C* | | | 1,072 | | | $ | 64,513 | |
Liberty Media Corp.-Liberty Formula One, Class C* | | | 1,967 | | | | 143,119 | |
Liberty Media Corp.-Liberty SiriusXM* | | | 1,721 | | | | 49,875 | |
Linde PLC | | | 4,615 | | | | 2,071,304 | |
Live Nation Entertainment, Inc.* | | | 1,635 | | | | 158,562 | |
LKQ Corp. | | | 2,219 | | | | 116,032 | |
Lockheed Martin Corp. | | | 2,049 | | | | 877,464 | |
Loews Corp. | | | 1,787 | | | | 134,257 | |
Lowe’s Cos., Inc. | | | 5,369 | | | | 1,292,157 | |
LPL Financial Holdings, Inc. | | | 759 | | | | 203,329 | |
LyondellBasell Industries NV, Class A | | | 2,268 | | | | 227,435 | |
M&T Bank Corp. | | | 1,538 | | | | 214,920 | |
Manhattan Associates, Inc.* | | | 576 | | | | 145,918 | |
Marathon Oil Corp. | | | 6,440 | | | | 156,170 | |
Marathon Petroleum Corp. | | | 3,474 | | | | 587,905 | |
Markel Group, Inc.* | | | 122 | | | | 182,083 | |
MarketAxess Holdings, Inc. | | | 309 | | | | 65,944 | |
Marriott International, Inc., Class A | | | 2,405 | | | | 600,937 | |
Marsh & McLennan Cos., Inc. | | | 4,605 | | | | 931,453 | |
Martin Marietta Materials, Inc. | | | 539 | | | | 311,386 | |
Marvell Technology, Inc. | | | 7,955 | | | | 570,055 | |
Masco Corp. | | | 2,029 | | | | 155,746 | |
Mastercard, Inc., Class A | | | 7,878 | | | | 3,740,159 | |
Match Group, Inc.* | | | 2,517 | | | | 90,713 | |
McCormick & Co., Inc. | | | 2,371 | | | | 163,267 | |
McDonald’s Corp. | | | 6,797 | | | | 1,986,627 | |
McKesson Corp. | | | 1,247 | | | | 650,198 | |
Merck & Co., Inc. | | | 23,625 | | | | 3,003,919 | |
Meta Platforms, Inc., Class A | | | 20,890 | | | | 10,238,816 | |
MetLife, Inc. | | | 5,802 | | | | 404,631 | |
Mettler-Toledo International, Inc.* | | | 213 | | | | 265,658 | |
MGM Resorts International* | | | 2,663 | | | | 115,255 | |
Microchip Technology, Inc. | | | 5,124 | | | | 431,133 | |
Micron Technology, Inc. | | | 10,116 | | | | 916,611 | |
Microsoft Corp. | | | 66,438 | | | | 27,481,414 | |
Mid-America Apartment Communities, Inc. REIT | | | 1,094 | | | | 137,494 | |
Moderna, Inc.* | | | 3,010 | | | | 277,642 | |
Molina Healthcare, Inc.* | | | 569 | | | | 224,135 | |
Molson Coors Beverage Co., Class B | | | 1,709 | | | | 106,676 | |
Mondelez International, Inc., Class A | | | 12,643 | | | | 923,824 | |
MongoDB, Inc.* | | | 670 | | | | 299,879 | |
Monolithic Power Systems, Inc. | | | 430 | | | | 309,617 | |
Monster Beverage Corp.* | | | 7,200 | | | | 425,520 | |
Moody’s Corp. | | | 1,568 | | | | 594,931 | |
Morgan Stanley | | | 11,822 | | | | 1,017,165 | |
Mosaic Co. | | | 3,106 | | | | 96,783 | |
Motorola Solutions, Inc. | | | 1,511 | | | | 499,219 | |
MSCI, Inc. | | | 772 | | | | 433,069 | |
Nasdaq, Inc. | | | 3,200 | | | | 179,840 | |
NetApp, Inc. | | | 2,060 | | | | 183,587 | |
Netflix, Inc.* | | | 4,164 | | | | 2,510,559 | |
Neurocrine Biosciences, Inc.* | | | 886 | | | | 115,534 | |
Newmont Corp. | | | 10,605 | | | | 331,406 | |
News Corp., Class A | | | 3,735 | | | | 100,397 | |
NextEra Energy, Inc. | | | 19,279 | | | | 1,064,008 | |
| | | | |
| See Notes to Financial Statements. | | 29 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
NIKE, Inc., Class B | | | 11,617 | | | $ | 1,207,355 | |
NiSource, Inc. | | | 3,755 | | | | 97,855 | |
Nordson Corp. | | | 561 | | | | 149,030 | |
Norfolk Southern Corp. | | | 2,108 | | | | 534,125 | |
Northern Trust Corp. | | | 1,942 | | | | 159,496 | |
Northrop Grumman Corp. | | | 1,370 | | | | 631,597 | |
NRG Energy, Inc. | | | 2,326 | | | | 128,674 | |
Nucor Corp. | | | 2,358 | | | | 453,443 | |
NVIDIA Corp. | | | 23,250 | | | | 18,393,540 | |
NVR, Inc.* | | | 33 | | | | 251,644 | |
Occidental Petroleum Corp. | | | 6,247 | | | | 378,631 | |
Okta, Inc.* | | | 1,410 | | | | 151,293 | |
Old Dominion Freight Line, Inc. | | | 921 | | | | 407,524 | |
Omnicom Group, Inc. | | | 1,881 | | | | 166,262 | |
ON Semiconductor Corp.* | | | 4,194 | | | | 330,990 | |
ONEOK, Inc. | | | 5,835 | | | | 438,325 | |
Oracle Corp. | | | 15,386 | | | | 1,718,308 | |
O’Reilly Automotive, Inc.* | | | 578 | | | | 628,529 | |
Otis Worldwide Corp. | | | 4,058 | | | | 386,727 | |
Ovintiv, Inc. | | | 2,255 | | | | 111,420 | |
Owens Corning | | | 890 | | | | 133,304 | |
PACCAR, Inc. | | | 5,023 | | | | 557,000 | |
Packaging Corp. of America | | | 899 | | | | 162,890 | |
Palantir Technologies, Inc., Class A* | | | 17,084 | | | | 428,467 | |
Palo Alto Networks, Inc.* | | | 2,914 | | | | 904,943 | |
Paramount Global, Class B | | | 3,906 | | | | 43,122 | |
Parker-Hannifin Corp. | | | 1,218 | | | | 652,178 | |
Paychex, Inc. | | | 3,045 | | | | 373,378 | |
Paycom Software, Inc. | | | 493 | | | | 89,918 | |
Paylocity Holding Corp.* | | | 331 | | | | 55,810 | |
PayPal Holdings, Inc.* | | | 9,464 | | | | 571,058 | |
PepsiCo, Inc. | | | 13,025 | | | | 2,153,554 | |
Pfizer, Inc. | | | 53,125 | | | | 1,411,000 | |
PG&E Corp. | | | 18,618 | | | | 310,734 | |
Philip Morris International, Inc. | | | 14,514 | | | | 1,305,679 | |
Phillips 66 | | | 4,061 | | | | 578,733 | |
Pinterest, Inc., Class A* | | | 4,920 | | | | 180,564 | |
Pioneer Natural Resources Co. | | | 2,202 | | | | 517,888 | |
PNC Financial Services Group, Inc. | | | 3,812 | | | | 561,126 | |
Pool Corp. | | | 336 | | | | 133,768 | |
PPG Industries, Inc. | | | 2,139 | | | | 302,882 | |
PPL Corp. | | | 6,801 | | | | 179,342 | |
Principal Financial Group, Inc. | | | 2,194 | | | | 177,407 | |
Procter & Gamble Co. | | | 22,177 | | | | 3,524,812 | |
Progressive Corp. | | | 5,444 | | | | 1,031,965 | |
Prologis, Inc. REIT | | | 8,692 | | | | 1,158,383 | |
Prudential Financial, Inc. | | | 3,443 | | | | 375,253 | |
PTC, Inc.* | | | 1,212 | | | | 221,808 | |
Public Service Enterprise Group, Inc. | | | 4,814 | | | | 300,394 | |
Public Storage REIT | | | 1,519 | | | | 431,199 | |
PulteGroup, Inc. | | | 2,009 | | | | 217,735 | |
Qorvo, Inc.* | | | 968 | | | | 110,884 | |
QUALCOMM, Inc. | | | 10,506 | | | | 1,657,742 | |
Quanta Services, Inc. | | | 1,344 | | | | 324,589 | |
Quest Diagnostics, Inc. | | | 986 | | | | 123,142 | |
Raymond James Financial, Inc. | | | 1,807 | | | | 217,418 | |
RB Global, Inc. | | | 1,655 | | | | 124,935 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Realty Income Corp. REIT | | | 7,784 | | | $ | 405,624 | |
Regency Centers Corp. REIT | | | 1,519 | | | | 94,102 | |
Regeneron Pharmaceuticals, Inc.* | | | 996 | | | | 962,226 | |
Regions Financial Corp. | | | 10,078 | | | | 187,753 | |
Reliance, Inc. | | | 500 | | | | 160,610 | |
Repligen Corp.* | | | 450 | | | | 87,296 | |
Republic Services, Inc. | | | 1,970 | | | | 361,692 | |
ResMed, Inc. | | | 1,370 | | | | 237,996 | |
Revvity, Inc. | | | 1,110 | | | | 121,645 | |
Rivian Automotive, Inc., Class A*(b) | | | 5,917 | | | | 66,980 | |
Robert Half, Inc. | | | 884 | | | | 71,074 | |
Robinhood Markets, Inc., Class A* | | | 3,980 | | | | 64,914 | |
ROBLOX Corp., Class A* | | | 3,985 | | | | 159,002 | |
Rockwell Automation, Inc. | | | 1,050 | | | | 299,334 | |
Roku, Inc.* | | | 1,107 | | | | 69,940 | |
Rollins, Inc. | | | 2,846 | | | | 125,423 | |
Roper Technologies, Inc. | | | 987 | | | | 537,649 | |
Ross Stores, Inc. | | | 3,096 | | | | 461,180 | |
Royal Caribbean Cruises Ltd.* | | | 2,330 | | | | 287,406 | |
Royalty Pharma PLC, Class A | | | 4,033 | | | | 122,361 | |
RPM International, Inc. | | | 1,184 | | | | 136,574 | |
RTX Corp. | | | 13,445 | | | | 1,205,613 | |
S&P Global, Inc. | | | 3,092 | | | | 1,324,551 | |
Salesforce, Inc.* | | | 9,089 | | | | 2,806,865 | |
Samsara, Inc., Class A* | | | 1,744 | | | | 60,255 | |
SBA Communications Corp. REIT | | | 1,076 | | | | 225,131 | |
Schlumberger NV | | | 13,366 | | | | 645,979 | |
Seagate Technology Holdings PLC | | | 1,789 | | | | 166,466 | |
SEI Investments Co. | | | 1,109 | | | | 74,580 | |
Sempra | | | 5,808 | | | | 410,045 | |
ServiceNow, Inc.* | | | 1,910 | | | | 1,473,259 | |
Sherwin-Williams Co. | | | 2,296 | | | | 762,341 | |
Simon Property Group, Inc. REIT | | | 3,170 | | | | 469,604 | |
Sirius XM Holdings, Inc. (b) | | | 7,008 | | | | 30,975 | |
Skyworks Solutions, Inc. | | | 1,525 | | | | 160,003 | |
Snap, Inc., Class A* | | | 9,871 | | | | 108,778 | |
Snap-on, Inc. | | | 475 | | | | 130,939 | |
Snowflake, Inc., Class A* | | | 2,685 | | | | 505,532 | |
Southern Co. | | | 10,264 | | | | 690,254 | |
Southwest Airlines Co. | | | 1,374 | | | | 47,087 | |
Splunk, Inc.* | | | 1,503 | | | | 234,799 | |
SS&C Technologies Holdings, Inc. | | | 2,333 | | | | 148,752 | |
Stanley Black & Decker, Inc. | | | 1,525 | | | | 136,167 | |
Starbucks Corp. | | | 10,655 | | | | 1,011,160 | |
State Street Corp. | | | 2,934 | | | | 216,324 | |
Steel Dynamics, Inc. | | | 1,557 | | | | 208,358 | |
STERIS PLC | | | 898 | | | | 209,153 | |
Stryker Corp. | | | 3,228 | | | | 1,126,798 | |
Sun Communities, Inc. REIT | | | 1,101 | | | | 147,270 | |
Super Micro Computer, Inc.* | | | 482 | | | | 417,470 | |
Synchrony Financial | | | 4,209 | | | | 173,832 | |
Synopsys, Inc.* | | | 1,443 | | | | 827,892 | |
Sysco Corp. | | | 4,654 | | | | 376,834 | |
T. Rowe Price Group, Inc. | | | 2,066 | | | | 234,181 | |
Take-Two Interactive Software, Inc.* | | | 1,677 | | | | 246,402 | |
Targa Resources Corp. | | | 2,028 | | | | 199,231 | |
Target Corp. | | | 4,395 | | | | 672,083 | |
| | | | |
| See Notes to Financial Statements. | | 30 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
TE Connectivity Ltd. | | | 2,968 | | | $ | 426,086 | |
Teledyne Technologies, Inc.* | | | 448 | | | | 191,417 | |
Teleflex, Inc. | | | 463 | | | | 103,152 | |
Teradyne, Inc. | | | 1,520 | | | | 157,457 | |
Tesla, Inc.* | | | 26,937 | | | | 5,438,042 | |
Texas Instruments, Inc. | | | 8,529 | | | | 1,427,158 | |
Texas Pacific Land Corp. | | | 65 | | | | 102,402 | |
Textron, Inc. | | | 1,979 | | | | 176,270 | |
Thermo Fisher Scientific, Inc. | | | 3,673 | | | | 2,094,271 | |
TJX Cos., Inc. | | | 10,773 | | | | 1,068,035 | |
T-Mobile US, Inc. | | | 4,871 | | | | 795,434 | |
Toast, Inc., Class A* | | | 3,134 | | | | 72,082 | |
Toro Co. | | | 927 | | | | 85,571 | |
Tractor Supply Co. | | | 953 | | | | 242,367 | |
Trade Desk, Inc., Class A* | | | 4,132 | | | | 352,997 | |
Tradeweb Markets, Inc., Class A | | | 1,005 | | | | 106,349 | |
TransDigm Group, Inc. | | | 510 | | | | 600,647 | |
TransUnion | | | 1,906 | | | | 147,963 | |
Travelers Cos., Inc. | | | 2,111 | | | | 466,447 | |
Trimble, Inc.* | | | 2,416 | | | | 147,835 | |
Truist Financial Corp. | | | 12,398 | | | | 433,682 | |
Twilio, Inc., Class A* | | | 1,548 | | | | 92,245 | |
Tyler Technologies, Inc.* | | | 435 | | | | 190,156 | |
Tyson Foods, Inc., Class A | | | 2,586 | | | | 140,265 | |
Uber Technologies, Inc.* | | | 17,545 | | | | 1,394,828 | |
UDR, Inc. REIT | | | 2,921 | | | | 103,696 | |
U-Haul Holding Co. | | | 850 | | | | 54,035 | |
UiPath, Inc., Class A* | | | 3,437 | | | | 81,629 | |
Ulta Beauty, Inc.* | | | 452 | | | | 247,949 | |
Union Pacific Corp. | | | 5,785 | | | | 1,467,597 | |
United Parcel Service, Inc., Class B | | | 6,745 | | | | 1,000,014 | |
United Rentals, Inc. | | | 658 | | | | 456,172 | |
United Therapeutics Corp.* | | | 420 | | | | 94,769 | |
UnitedHealth Group, Inc. | | | 8,718 | | | | 4,303,205 | |
Unity Software, Inc.* | | | 2,410 | | | | 70,661 | |
Universal Health Services, Inc., Class B | | | 553 | | | | 92,384 | |
US Bancorp | | | 14,644 | | | | 614,462 | |
Vail Resorts, Inc. | | | 337 | | | | 77,614 | |
Valero Energy Corp. | | | 3,276 | | | | 463,423 | |
Veeva Systems, Inc., Class A* | | | 1,430 | | | | 322,479 | |
Ventas, Inc. REIT | | | 3,691 | | | | 156,092 | |
Veralto Corp. | | | 2,136 | | | | 184,593 | |
VeriSign, Inc.* | | | 891 | | | | 174,003 | |
Verisk Analytics, Inc. | | | 1,338 | | | | 323,662 | |
Verizon Communications, Inc. | | | 39,296 | | | | 1,572,626 | |
Vertex Pharmaceuticals, Inc.* | | | 2,436 | | | | 1,024,923 | |
Vertiv Holdings Co., Class A | | | 3,263 | | | | 220,644 | |
Viatris, Inc. | | | 11,087 | | | | 137,146 | |
VICI Properties, Inc. REIT | | | 10,231 | | | | 306,214 | |
Visa, Inc., Class A | | | 14,912 | | | | 4,214,728 | |
Vistra Corp. | | | 3,030 | | | | 165,256 | |
Vulcan Materials Co. | | | 1,293 | | | | 343,744 | |
W.R. Berkley Corp. | | | 1,761 | | | | 147,220 | |
W.W. Grainger, Inc. | | | 428 | | | | 416,641 | |
Walgreens Boots Alliance, Inc. | | | 6,647 | | | | 141,315 | |
Walmart, Inc. | | | 41,667 | | | | 2,442,103 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United States (Continued) | | | | | | |
Walt Disney Co. | | | 17,117 | | | $ | 1,909,915 | |
Warner Bros Discovery, Inc.* | | | 21,666 | | | | 190,444 | |
Waste Management, Inc. | | | 3,848 | | | | 791,341 | |
Waters Corp.* | | | 573 | | | | 193,342 | |
Watsco, Inc. | | | 279 | | | | 109,959 | |
WEC Energy Group, Inc. | | | 2,891 | | | | 226,915 | |
Wells Fargo & Co. | | | 34,168 | | | | 1,899,399 | |
Welltower, Inc. REIT | | | 5,242 | | | | 483,103 | |
West Pharmaceutical Services, Inc. | | | 677 | | | | 242,610 | |
Western Digital Corp.* | | | 3,116 | | | | 185,309 | |
Westinghouse Air Brake Technologies Corp. | | | 1,636 | | | | 231,150 | |
Westlake Corp. | | | 316 | | | | 43,832 | |
Westrock Co. | | | 2,428 | | | | 109,964 | |
Weyerhaeuser Co. REIT | | | 6,918 | | | | 237,841 | |
Williams Cos., Inc. | | | 11,860 | | | | 426,248 | |
Williams-Sonoma, Inc. | | | 563 | | | | 132,603 | |
Workday, Inc., Class A* | | | 1,934 | | | | 569,872 | |
WP Carey, Inc. REIT | | | 2,168 | | | | 122,123 | |
Wynn Resorts Ltd. | | | 1,011 | | | | 106,357 | |
Xcel Energy, Inc. | | | 5,109 | | | | 269,193 | |
Xylem, Inc. | | | 2,188 | | | | 277,985 | |
Yum! Brands, Inc. | | | 2,610 | | | | 361,276 | |
Zebra Technologies Corp., Class A* | | | 445 | | | | 124,369 | |
Zillow Group, Inc., Class C* | | | 1,280 | | | | 71,872 | |
Zimmer Biomet Holdings, Inc. | | | 1,885 | | | | 234,419 | |
Zoetis, Inc. | | | 4,301 | | | | 853,017 | |
Zoom Video Communications, Inc.,
Class A* | | | 2,432 | | | | 172,015 | |
Zscaler, Inc.* | | | 889 | | | | 215,111 | |
| | | | | | | | |
(Cost $326,470,966) | | | | | | | 411,350,416 | |
| | | | | | | | |
| Uruguay — 0.1% | | | | | | |
MercadoLibre, Inc.*
(Cost $498,354) | | | 436 | | | | 695,551 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $459,928,405) | | | | | | | 556,038,609 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.1% | | | | | | | | |
| Germany — 0.1% | | | | | | |
Bayerische Motoren Werke AG | | | 472 | | | | 51,741 | |
Dr Ing hc F Porsche AG, 144A | | | 1,026 | | | | 95,862 | |
Henkel AG & Co. KGaA | | | 1,617 | | | | 121,719 | |
Porsche Automobil Holding SE | | | 1,443 | | | | 77,109 | |
Sartorius AG | | | 259 | | | | 98,041 | |
Volkswagen AG | | | 1,915 | | | | 259,744 | |
| | | | | | | | |
(Cost $842,582) | | | | | | | 704,216 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Canada — 0.0% | | | | | | |
Constellation Software, Inc.*(d), expires 8/22/28
(Cost $0) | | | 214 | | | | 0 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 31 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| SECURITIES LENDING COLLATERAL — 0.0% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f)
(Cost $309,212) | | | 309,212 | | | $ | 309,212 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.2% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (e)
(Cost $1,167,020) | | | 1,167,020 | | | | 1,167,020 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.7% (Cost $462,247,219) | | | | | | $ | 558,219,057 | |
Other assets and liabilities, net — 0.3% | | | | | | | 1,545,165 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 559,764,222 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
COMMON STOCKS — 0.1% | | | | | |
Germany — 0.1% | | | | | |
Deutsche Bank AG (c) | | | | | |
| | | 211,696 | | | | — | | | | (8,757 | ) | | | 2,616 | | | | 45,194 | | | | — | | | | — | | | | 18,744 | | | | 250,749 | |
| |
SECURITIES LENDING COLLATERAL — 0.0% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f) | | | | | |
| | | — | | | | 309,212 | (g) | | | — | | | | — | | | | — | | | | 6,385 | | | | — | | | | 309,212 | | | | 309,212 | |
| |
CASH EQUIVALENTS — 0.2% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (e) | | | | | |
| | | 820,287 | | | | 6,646,516 | | | | (6,299,783 | ) | | | — | | | | — | | | | 27,309 | | | | — | | | | 1,167,020 | | | | 1,167,020 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,031,983 | | | | 6,955,728 | | | | (6,308,540 | ) | | | 2,616 | | | | 45,194 | | | | 33,694 | | | | — | | | | 1,494,976 | | | | 1,726,981 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $283,214, which is 0.1% of net assets. |
| (c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (d) | Investment was valued using significant unobservable inputs. |
| (e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| ADR: | | American Depositary Receipt |
| CDI: | | Chess Depositary Interests |
| CVA: | | Credit Valuation Adjustment |
| REIT: | | Real Estate Investment Trust |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
| | | | |
| See Notes to Financial Statements. | | 32 | | |
DBX ETF Trust
Xtrackers MSCI Kokusai Equity ETF (Continued)
February 29, 2024 (Unaudited)
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
MINI S&P/TSX 60 Futures | | CAD | | 2 | | $ | 90,767 | | | $ | 95,152 | | | 3/14/2024 | | $ | 4,385 | |
MSCI EAFE Futures | | USD | | 4 | | | 436,213 | | | | 457,580 | | | 3/15/2024 | | | 21,367 | |
S&P 500 E-Mini Futures | | USD | | 9 | | | 2,184,001 | | | | 2,296,688 | | | 3/15/2024 | | | 112,687 | |
| | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | $ | 138,439 | |
| | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 556,038,609 | | | $ | — | | | $ | — | | | $ | 556,038,609 | |
Preferred Stocks | | | 704,216 | | | | — | | | | — | | | | 704,216 | |
Warrants | �� | | — | | | | — | | | | 0 | | | | 0 | |
Short-Term Investments (a) | | | 1,476,232 | | | | — | | | | — | | | | 1,476,232 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 138,439 | | | | — | | | | — | | | | 138,439 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 558,357,496 | | | $ | — | | | $ | 0 | | | $ | 558,357,496 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 33 | | |
DBX ETF Trust
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.7% | | | | | | | | |
| Communication Services — 12.4% | | | | | | |
Alphabet, Inc., Class A* | | | 11,943 | | | $ | 1,653,628 | |
Alphabet, Inc., Class C* | | | 10,771 | | | | 1,505,570 | |
AT&T, Inc. | | | 18,994 | | | | 321,569 | |
Charter Communications, Inc., Class A* | | | 270 | | | | 79,361 | |
Comcast Corp., Class A | | | 9,618 | | | | 412,131 | |
Electronic Arts, Inc. | | | 732 | | | | 102,099 | |
Interpublic Group of Cos., Inc. | | | 550 | | | | 17,270 | |
Live Nation Entertainment, Inc.* | | | 544 | | | | 52,757 | |
Meta Platforms, Inc., Class A | | | 7,187 | | | | 3,522,564 | |
New York Times Co., Class A | | | 442 | | | | 19,572 | |
News Corp., Class A | | | 987 | | | | 26,531 | |
Nexstar Media Group, Inc. | | | 102 | | | | 16,949 | |
Omnicom Group, Inc. | | | 158 | | | | 13,966 | |
Verizon Communications, Inc. | | | 8,406 | | | | 336,408 | |
| | | | | | | | |
(Cost $6,192,187) | | | | | | | 8,080,375 | |
| | | | | | | | |
| Consumer Discretionary — 12.4% | | | | | | |
Advance Auto Parts, Inc. | | | 322 | | | | 21,748 | |
Airbnb, Inc., Class A* | | | 877 | | | | 138,101 | |
Amazon.com, Inc.* | | | 1,327 | | | | 234,560 | |
Aramark | | | 385 | | | | 11,677 | |
AutoNation, Inc.* | | | 167 | | | | 25,016 | |
AutoZone, Inc.* | | | 80 | | | | 240,482 | |
Bath & Body Works, Inc. | | | 977 | | | | 44,649 | |
Best Buy Co., Inc. | | | 1,762 | | | | 142,510 | |
Booking Holdings, Inc.* | | | 110 | | | | 381,571 | |
BorgWarner, Inc. | | | 757 | | | | 23,565 | |
Brunswick Corp. | | | 170 | | | | 14,858 | |
Capri Holdings Ltd.* | | | 775 | | | | 35,751 | |
Chipotle Mexican Grill, Inc.* | | | 65 | | | | 174,770 | |
D.R. Horton, Inc. | | | 222 | | | | 33,176 | |
Darden Restaurants, Inc. | | | 497 | | | | 84,843 | |
Deckers Outdoor Corp.* | | | 99 | | | | 88,663 | |
Dick’s Sporting Goods, Inc. | | | 284 | | | | 50,521 | |
Domino’s Pizza, Inc. | | | 108 | | | | 48,422 | |
eBay, Inc. | | | 336 | | | | 15,886 | |
Expedia Group, Inc.* | | | 647 | | | | 88,522 | |
Five Below, Inc.* | | | 153 | | | | 30,704 | |
Floor & Decor Holdings, Inc., Class A* | | | 264 | | | | 31,976 | |
Garmin Ltd. | | | 539 | | | | 74,032 | |
General Motors Co. | | | 2,135 | | | | 87,492 | |
Gentex Corp. | | | 881 | | | | 32,183 | |
Genuine Parts Co. | | | 398 | | | | 59,405 | |
Grand Canyon Education, Inc.* | | | 162 | | | | 21,838 | |
H&R Block, Inc. | | | 988 | | | | 48,363 | |
Home Depot, Inc. | | | 2,967 | | | | 1,129,270 | |
Lear Corp. | | | 217 | | | | 29,805 | |
Lennar Corp., Class A | | | 1,376 | | | | 218,110 | |
LKQ Corp. | | | 1,086 | | | | 56,787 | |
Lowe’s Cos., Inc. | | | 3,292 | | | | 792,286 | |
Lululemon Athletica, Inc.* | | | 278 | | | | 129,851 | |
Macy’s, Inc. | | | 1,440 | | | | 25,114 | |
MGM Resorts International* | | | 873 | | | | 37,783 | |
Mohawk Industries, Inc.* | | | 166 | | | | 19,691 | |
Murphy USA, Inc. | | | 165 | | | | 68,807 | |
NIKE, Inc., Class B | | | 661 | | | | 68,698 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Discretionary (Continued) | | | | | | |
NVR, Inc.* | | | 23 | | | $ | 175,388 | |
O’Reilly Automotive, Inc.* | | | 230 | | | | 250,107 | |
Penske Automotive Group, Inc. | | | 112 | | | | 17,192 | |
Phinia, Inc. | | | 157 | | | | 5,372 | |
Polaris, Inc. | | | 166 | | | | 15,390 | |
Pool Corp. | | | 86 | | | | 34,238 | |
PulteGroup, Inc. | | | 760 | | | | 82,369 | |
Ralph Lauren Corp. | | | 164 | | | | 30,491 | |
Ross Stores, Inc. | | | 1,142 | | | | 170,112 | |
Skechers U.S.A., Inc., Class A* | | | 427 | | | | 26,393 | |
Starbucks Corp. | | | 2,919 | | | | 277,013 | |
Tapestry, Inc. | | | 1,368 | | | | 65,021 | |
Tesla, Inc.* | | | 4,326 | | | | 873,333 | |
Texas Roadhouse, Inc. | | | 224 | | | | 33,459 | |
Thor Industries, Inc. | | | 494 | | | | 63,321 | |
TJX Cos., Inc. | | | 4,671 | | | | 463,083 | |
Toll Brothers, Inc. | | | 442 | | | | 50,671 | |
TopBuild Corp.* | | | 114 | | | | 45,871 | |
Tractor Supply Co. | | | 496 | | | | 126,143 | |
Ulta Beauty, Inc.* | | | 253 | | | | 138,786 | |
Williams-Sonoma, Inc. | | | 650 | | | | 153,094 | |
Yum! Brands, Inc. | | | 702 | | | | 97,171 | |
| | | | | | | | |
(Cost $6,913,989) | | | | | | | 8,055,504 | |
| | | | | | | | |
| Consumer Staples — 8.9% | | | | | | |
Albertsons Cos., Inc., Class A | | | 2,791 | | | | 56,602 | |
Altria Group, Inc. | | | 5,120 | | | | 209,459 | |
Archer-Daniels-Midland Co. | | | 3,230 | | | | 171,545 | |
BJ’s Wholesale Club Holdings, Inc.* | | | 997 | | | | 72,821 | |
Casey’s General Stores, Inc. | | | 172 | | | | 52,372 | |
Clorox Co. | | | 103 | | | | 15,791 | |
Colgate-Palmolive Co. | | | 552 | | | | 47,759 | |
Costco Wholesale Corp. | | | 2,213 | | | | 1,646,229 | |
Dollar General Corp. | | | 265 | | | | 38,507 | |
Dollar Tree, Inc.* | | | 394 | | | | 57,792 | |
Estee Lauder Cos., Inc., Class A | | | 657 | | | | 97,617 | |
Hershey Co. | | | 270 | | | | 50,738 | |
Kroger Co. | | | 3,233 | | | | 160,389 | |
Monster Beverage Corp.* | | | 1,711 | | | | 101,120 | |
Philip Morris International, Inc. | | | 1,308 | | | | 117,668 | |
Procter & Gamble Co. | | | 5,221 | | | | 829,826 | |
Sysco Corp. | | | 2,020 | | | | 163,559 | |
Target Corp. | | | 2,040 | | | | 311,957 | |
Tyson Foods, Inc., Class A | | | 1,146 | | | | 62,159 | |
US Foods Holding Corp.* | | | 1,034 | | | | 52,517 | |
Walgreens Boots Alliance, Inc. | | | 767 | | | | 16,307 | |
Walmart, Inc. | | | 24,825 | | | | 1,454,993 | |
| | | | | | | | |
(Cost $5,116,637) | | | | | | | 5,787,727 | |
| | | | | | | | |
| Energy — 10.4% | | | | | | |
Antero Resources Corp.* | | | 1,150 | | | | 29,555 | |
APA Corp. | | | 1,702 | | | | 50,703 | |
Cheniere Energy, Inc. | | | 611 | | | | 94,827 | |
Chesapeake Energy Corp. (a) | | | 648 | | | | 53,641 | |
Chevron Corp. | | | 8,341 | | | | 1,267,915 | |
ConocoPhillips | | | 6,412 | | | | 721,607 | |
Coterra Energy, Inc. | | | 3,461 | | | | 89,225 | |
| | | | |
| See Notes to Financial Statements. | | 34 | | |
DBX ETF Trust
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Energy (Continued) | | | | | | |
Devon Energy Corp. | | | 2,956 | | | $ | 130,241 | |
Diamondback Energy, Inc. | | | 600 | | | | 109,512 | |
EOG Resources, Inc. | | | 2,696 | | | | 308,584 | |
EQT Corp. | | | 874 | | | | 32,469 | |
Exxon Mobil Corp. | | | 21,332 | | | | 2,229,621 | |
HF Sinclair Corp. | | | 720 | | | | 39,960 | |
Marathon Oil Corp. | | | 2,495 | | | | 60,504 | |
Marathon Petroleum Corp. | | | 2,887 | | | | 488,567 | |
Occidental Petroleum Corp. | | | 2,037 | | | | 123,463 | |
ONEOK, Inc. | | | 227 | | | | 17,052 | |
Ovintiv, Inc. | | | 1,157 | | | | 57,167 | |
Phillips 66 | | | 1,657 | | | | 236,139 | |
Pioneer Natural Resources Co. | | | 926 | | | | 217,786 | |
Range Resources Corp. | | | 864 | | | | 27,320 | |
Southwestern Energy Co.* | | | 4,132 | | | | 28,800 | |
Targa Resources Corp. | | | 217 | | | | 21,318 | |
Texas Pacific Land Corp. | | | 14 | | | | 22,056 | |
Valero Energy Corp. | | | 2,261 | | | | 319,841 | |
| | | | | | | | |
(Cost $6,720,146) | | | | | | | 6,777,873 | |
| | | | | | | | |
| Financials — 9.0% | | | | | | |
Affiliated Managers Group, Inc. | | | 548 | | | | 85,658 | |
Allstate Corp. | | | 217 | | | | 34,616 | |
Aon PLC, Class A | | | 705 | | | | 222,773 | |
Apollo Global Management, Inc. | | | 225 | | | | 25,155 | |
Arch Capital Group Ltd.* | | | 222 | | | | 19,445 | |
Berkshire Hathaway, Inc., Class B* | | | 2,419 | | | | 990,339 | |
Blackstone, Inc. | | | 605 | | | | 77,331 | |
Cincinnati Financial Corp. | | | 265 | | | | 30,210 | |
Coinbase Global, Inc., Class A* | | | 332 | | | | 67,582 | |
Credit Acceptance Corp.* | | | 53 | | | | 29,341 | |
Discover Financial Services | | | 115 | | | | 13,880 | |
Evercore, Inc., Class A | | | 537 | | | | 100,462 | |
FactSet Research Systems, Inc. | | | 190 | | | | 87,890 | |
Franklin Resources, Inc. | | | 1,090 | | | | 29,920 | |
Houlihan Lokey, Inc. | | | 170 | | | | 21,872 | |
Jack Henry & Associates, Inc. | | | 219 | | | | 38,056 | |
Janus Henderson Group PLC | | | 496 | | | | 15,455 | |
Lazard, Inc. | | | 659 | | | | 25,398 | |
LPL Financial Holdings, Inc. | | | 603 | | | | 161,538 | |
MarketAxess Holdings, Inc. | | | 164 | | | | 34,999 | |
Marsh & McLennan Cos., Inc. | | | 2,091 | | | | 422,947 | |
Mastercard, Inc., Class A | | | 2,182 | | | | 1,035,926 | |
MGIC Investment Corp. | | | 4,221 | | | | 83,956 | |
Moody’s Corp. | | | 644 | | | | 244,346 | |
MSCI, Inc. | | | 346 | | | | 194,096 | |
PayPal Holdings, Inc.* | | | 2,459 | | | | 148,376 | |
Progressive Corp. | | | 387 | | | | 73,360 | |
RLI Corp. | | | 279 | | | | 40,859 | |
S&P Global, Inc. | | | 250 | | | | 107,095 | |
SEI Investments Co. | | | 863 | | | | 58,037 | |
Synchrony Financial | | | 1,142 | | | | 47,165 | |
T. Rowe Price Group, Inc. | | | 1,984 | | | | 224,886 | |
Visa, Inc., Class A | | | 3,561 | | | | 1,006,481 | |
Willis Towers Watson PLC | | | 163 | | | | 44,435 | |
| | | | | | | | |
(Cost $4,935,311) | | | | | | | 5,843,885 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care — 12.1% | | | | | | |
Abbott Laboratories | | | 3,348 | | | $ | 397,207 | |
AbbVie, Inc. | | | 222 | | | | 39,083 | |
Align Technology, Inc.* | | | 57 | | | | 17,238 | |
Amgen, Inc. | | | 165 | | | | 45,182 | |
Biogen, Inc.* | | | 166 | | | | 36,020 | |
Bio-Rad Laboratories, Inc., Class A* | | | 35 | | | | 11,406 | |
Bio-Techne Corp. | | | 264 | | | | 19,422 | |
Bristol-Myers Squibb Co. | | | 865 | | | | 43,899 | |
Cardinal Health, Inc. | | | 1,926 | | | | 215,673 | |
Cencora, Inc. | | | 1,196 | | | | 281,778 | |
Centene Corp.* | | | 3,069 | | | | 240,702 | |
Chemed Corp. | | | 42 | | | | 26,297 | |
Cigna Group | | | 1,046 | | | | 351,602 | |
CVS Health Corp. | | | 5,868 | | | | 436,403 | |
Edwards Lifesciences Corp.* | | | 1,529 | | | | 129,766 | |
Elevance Health, Inc. | | | 694 | | | | 347,868 | |
Eli Lilly & Co. | | | 84 | | | | 63,309 | |
Enovis Corp.* | | | 262 | | | | 15,670 | |
Fortrea Holdings, Inc.* | | | 111 | | | | 4,167 | |
GE HealthCare Technologies, Inc. | | | 1,036 | | | | 94,566 | |
Gilead Sciences, Inc. | | | 658 | | | | 47,442 | |
HCA Healthcare, Inc. | | | 552 | | | | 172,058 | |
Henry Schein, Inc.* | | | 501 | | | | 38,311 | |
Hologic, Inc.* | | | 1,046 | | | | 77,195 | |
Humana, Inc. | | | 695 | | | | 243,472 | |
IDEXX Laboratories, Inc.* | | | 42 | | | | 24,160 | |
Incyte Corp.* | | | 545 | | | | 31,806 | |
Intuitive Surgical, Inc.* | | | 573 | | | | 220,949 | |
Johnson & Johnson | | | 1,923 | | | | 310,334 | |
Laboratory Corp. of America Holdings | | | 111 | | | | 23,957 | |
McKesson Corp. | | | 1,421 | | | | 740,924 | |
Medpace Holdings, Inc.* | | | 61 | | | | 24,249 | |
Merck & Co., Inc. | | | 5,880 | | | | 747,642 | |
Mettler-Toledo International, Inc.* | | | 52 | | | | 64,855 | |
Moderna, Inc.* | | | 2,255 | | | | 208,001 | |
Molina Healthcare, Inc.* | | | 352 | | | | 138,656 | |
Pfizer, Inc. | | | 33,300 | | | | 884,448 | |
Premier, Inc., Class A | | | 430 | | | | 8,970 | |
Quest Diagnostics, Inc. | | | 338 | | | | 42,213 | |
Regeneron Pharmaceuticals, Inc.* | | | 164 | | | | 158,439 | |
Shockwave Medical, Inc.* | | | 56 | | | | 14,609 | |
Thermo Fisher Scientific, Inc. | | | 53 | | | | 30,220 | |
United Therapeutics Corp.* | | | 142 | | | | 32,041 | |
UnitedHealth Group, Inc. | | | 635 | | | | 313,436 | |
Universal Health Services, Inc., Class B | | | 158 | | | | 26,395 | |
Vertex Pharmaceuticals, Inc.* | | | 773 | | | | 325,232 | |
Waters Corp.* | | | 130 | | | | 43,865 | |
West Pharmaceutical Services, Inc. | | | 164 | | | | 58,771 | |
| | | | | | | | |
(Cost $7,535,509) | | | | | | | 7,869,908 | |
| | | | | | | | |
| Industrials — 8.6% | | | | | | |
3M Co. | | | 1,597 | | | | 147,116 | |
A O Smith Corp. | | | 543 | | | | 45,015 | |
Acuity Brands, Inc. | | | 155 | | | | 38,942 | |
Advanced Drainage Systems, Inc. | | | 208 | | | | 33,954 | |
AGCO Corp. | | | 281 | | | | 30,826 | |
Alaska Air Group, Inc.* | | | 828 | | | | 30,959 | |
| | | | |
| See Notes to Financial Statements. | | 35 | | |
DBX ETF Trust
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
American Airlines Group, Inc.* | | | 2,194 | | | $ | 34,402 | |
Automatic Data Processing, Inc. | | | 1,262 | | | | 316,926 | |
Avis Budget Group, Inc. | | | 68 | | | | 7,347 | |
Builders FirstSource, Inc.* | | | 1,093 | | | | 213,332 | |
C.H. Robinson Worldwide, Inc. | | | 1,031 | | | | 76,376 | |
Carlisle Cos., Inc. | | | 175 | | | | 61,250 | |
Carrier Global Corp. | | | 394 | | | | 21,898 | |
Caterpillar, Inc. | | | 817 | | | | 272,845 | |
Cintas Corp. | | | 160 | | | | 100,578 | |
Clean Harbors, Inc.* | | | 111 | | | | 20,213 | |
CNH Industrial NV | | | 3,033 | | | | 36,244 | |
Copart, Inc.* | | | 2,144 | | | | 113,954 | |
CSX Corp. | | | 3,291 | | | | 124,861 | |
Cummins, Inc. | | | 173 | | | | 46,469 | |
Delta Air Lines, Inc. | | | 2,365 | | | | 99,969 | |
Donaldson Co., Inc. | | | 372 | | | | 26,643 | |
EMCOR Group, Inc. | | | 230 | | | | 72,110 | |
Emerson Electric Co. | | | 165 | | | | 17,630 | |
Expeditors International of Washington, Inc. | | | 1,215 | | | | 145,314 | |
Fastenal Co. | | | 1,802 | | | | 131,564 | |
FedEx Corp. | | | 996 | | | | 247,974 | |
Fortune Brands Innovations, Inc. | | | 521 | | | | 42,378 | |
FTI Consulting, Inc.* | | | 84 | | | | 17,378 | |
Genpact Ltd. | | | 392 | | | | 13,328 | |
Graco, Inc. | | | 485 | | | | 44,261 | |
Hubbell, Inc. | | | 80 | | | | 30,454 | |
Illinois Tool Works, Inc. | | | 603 | | | | 158,076 | |
ITT, Inc. | | | 160 | | | | 20,182 | |
JB Hunt Transport Services, Inc. | | | 485 | | | | 100,060 | |
Knight-Swift Transportation Holdings, Inc. | | | 929 | | | | 52,340 | |
Landstar System, Inc. | | | 276 | | | | 52,495 | |
Lockheed Martin Corp. | | | 717 | | | | 307,048 | |
ManpowerGroup, Inc. | | | 262 | | | | 18,906 | |
Masco Corp. | | | 934 | | | | 71,694 | |
Nordson Corp. | | | 115 | | | | 30,550 | |
Old Dominion Freight Line, Inc. | | | 356 | | | | 157,523 | |
Oshkosh Corp. | | | 274 | | | | 30,376 | |
Otis Worldwide Corp. | | | 830 | | | | 79,099 | |
Owens Corning | | | 555 | | | | 83,128 | |
PACCAR, Inc. | | | 994 | | | | 110,225 | |
Paychex, Inc. | | | 876 | | | | 107,415 | |
Paycom Software, Inc. | | | 65 | | | | 11,855 | |
Quanta Services, Inc. | | | 318 | | | | 76,800 | |
RB Global, Inc. | | | 390 | | | | 29,605 | |
Robert Half, Inc. | | | 815 | | | | 65,526 | |
Rollins, Inc. | | | 382 | | | | 16,835 | |
Ryder System, Inc. | | | 210 | | | | 23,961 | |
Saia, Inc.* | | | 76 | | | | 43,730 | |
Snap-on, Inc. | | | 165 | | | | 45,484 | |
Southwest Airlines Co. | | | 2,300 | | | | 78,821 | |
Tetra Tech, Inc. | | | 169 | | | | 29,967 | |
Textron, Inc. | | | 447 | | | | 39,814 | |
Trane Technologies PLC | | | 329 | | | | 92,768 | |
Trex Co., Inc.* | | | 273 | | | | 25,050 | |
Union Pacific Corp. | | | 926 | | | | 234,917 | |
United Airlines Holdings, Inc.* | | | 597 | | | | 27,157 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
United Parcel Service, Inc., Class B | | | 2,743 | | | $ | 406,677 | |
United Rentals, Inc. | | | 127 | | | | 88,045 | |
Vestis Corp. | | | 151 | | | | 2,833 | |
W.W. Grainger, Inc. | | | 137 | | | | 133,364 | |
Waste Management, Inc. | | | 166 | | | | 34,138 | |
Watsco, Inc. | | | 140 | | | | 55,177 | |
| | | | | | | | |
(Cost $4,963,130) | | | | | | | 5,604,151 | |
| | | | | | | | |
| Information Technology — 21.5% | | | | | | |
Accenture PLC, Class A | | | 2,173 | | | | 814,397 | |
Adobe, Inc.* | | | 1,225 | | | | 686,343 | |
Advanced Micro Devices, Inc.* | | | 928 | | | | 178,668 | |
Amdocs Ltd. | | | 497 | | | | 45,326 | |
Analog Devices, Inc. | | | 720 | | | | 138,110 | |
Apple, Inc. | | | 15,644 | | | | 2,827,653 | |
Applied Materials, Inc. | | | 3,064 | | | | 617,764 | |
Arista Networks, Inc.* | | | 603 | | | | 167,357 | |
Autodesk, Inc.* | | | 377 | | | | 97,330 | |
Cadence Design Systems, Inc.* | | | 163 | | | | 49,614 | |
CDW Corp. | | | 210 | | | | 51,704 | |
Cirrus Logic, Inc.* | | | 219 | | | | 20,109 | |
Cisco Systems, Inc. | | | 17,894 | | | | 865,533 | |
Cognex Corp. | | | 332 | | | | 13,097 | |
Cognizant Technology Solutions Corp., Class A | | | 2,679 | | | | 211,695 | |
Dropbox, Inc., Class A* | | | 594 | | | | 14,226 | |
EPAM Systems, Inc.* | | | 142 | | | | 43,225 | |
F5, Inc.* | | | 155 | | | | 29,019 | |
Fair Isaac Corp.* | | | 56 | | | | 71,115 | |
Fortinet, Inc.* | | | 1,419 | | | | 98,067 | |
Gartner, Inc.* | | | 34 | | | | 15,829 | |
HP, Inc. | | | 3,904 | | | | 110,600 | |
Intel Corp. | | | 5,928 | | | | 255,200 | |
Intuit, Inc. | | | 52 | | | | 34,470 | |
Keysight Technologies, Inc.* | | | 394 | | | | 60,794 | |
KLA Corp. | | | 469 | | | | 319,999 | |
Lam Research Corp. | | | 415 | | | | 389,374 | |
Lattice Semiconductor Corp.* | | | 220 | | | | 16,854 | |
Manhattan Associates, Inc.* | | | 105 | | | | 26,600 | |
Microchip Technology, Inc. | | | 1,036 | | | | 87,169 | |
Micron Technology, Inc. | | | 6,306 | | | | 571,387 | |
Microsoft Corp. | | | 8,611 | | | | 3,561,854 | |
NVIDIA Corp. | | | 218 | | | | 172,464 | |
ON Semiconductor Corp.* | | | 1,160 | | | | 91,547 | |
Oracle Corp. | | | 444 | | | | 49,586 | |
Pure Storage, Inc., Class A* | | | 539 | | | | 28,378 | |
QUALCOMM, Inc. | | | 2,807 | | | | 442,917 | |
Salesforce, Inc.* | | | 83 | | | | 25,632 | |
Skyworks Solutions, Inc. | | | 491 | | | | 51,516 | |
Teradyne, Inc. | | | 498 | | | | 51,588 | |
Texas Instruments, Inc. | | | 3,249 | | | | 543,655 | |
VeriSign, Inc.* | | | 211 | | | | 41,206 | |
| | | | | | | | |
(Cost $11,667,817) | | | | | | | 13,988,971 | |
| | | | | | | | |
| Materials — 3.2% | | | | | | |
Albemarle Corp. | | | 391 | | | | 53,899 | |
Berry Global Group, Inc. | | | 272 | | | | 15,833 | |
| | | | |
| See Notes to Financial Statements. | | 36 | | |
DBX ETF Trust
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials (Continued) | | | | | | |
Celanese Corp. | | | 117 | | | $ | 17,780 | |
CF Industries Holdings, Inc. | | | 1,928 | | | | 155,628 | |
Cleveland-Cliffs, Inc.* | | | 2,295 | | | | 47,736 | |
Corteva, Inc. | | | 727 | | | | 38,909 | |
Dow, Inc. | | | 2,700 | | | | 150,876 | |
DuPont de Nemours, Inc. | | | 539 | | | | 37,293 | |
Eagle Materials, Inc. | | | 155 | | | | 39,300 | |
Freeport-McMoRan, Inc. | | | 1,581 | | | | 59,778 | |
Graphic Packaging Holding Co. | | | 927 | | | | 24,056 | |
Huntsman Corp. | | | 830 | | | | 21,248 | |
International Paper Co. | | | 1,362 | | | | 48,160 | |
Louisiana-Pacific Corp. | | | 611 | | | | 45,196 | |
LyondellBasell Industries NV, Class A | | | 1,970 | | | | 197,552 | |
Mosaic Co. | | | 3,010 | | | | 93,792 | |
Nucor Corp. | | | 2,023 | | | | 389,023 | |
Olin Corp. | | | 1,146 | | | | 61,655 | |
Packaging Corp. of America | | | 395 | | | | 71,570 | |
Reliance, Inc. | | | 540 | | | | 173,459 | |
Steel Dynamics, Inc. | | | 1,698 | | | | 227,226 | |
United States Steel Corp. | | | 1,638 | | | | 77,543 | |
Westlake Corp. | | | 161 | | | | 22,332 | |
Westrock Co. | | | 757 | | | | 34,285 | |
| | | | | | | | |
(Cost $1,845,773) | | | | | | | 2,104,129 | |
| | | | | | | | |
| Real Estate — 1.1% | | | | | | |
Apartment Income REIT Corp. REIT | | | 880 | | | | 26,682 | |
Camden Property Trust REIT | | | 174 | | | | 16,440 | |
CBRE Group, Inc., Class A* | | | 1,308 | | | | 120,192 | |
Extra Space Storage, Inc. REIT | | | 216 | | | | 30,450 | |
Jones Lang LaSalle, Inc.* | | | 118 | | | | 22,448 | |
Lamar Advertising Co., Class A REIT | | | 157 | | | | 17,356 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Real Estate (Continued) | | | | | | |
Public Storage REIT | | | 663 | | | $ | 188,206 | |
Simon Property Group, Inc. REIT | | | 721 | | | | 106,809 | |
Weyerhaeuser Co. REIT | | | 4,509 | | | | 155,019 | |
| | | | | | | | |
(Cost $607,696) | | | | | | | 683,602 | |
| | | | | | | | |
| Utilities — 0.1% | | | | | | |
DTE Energy Co. | | | 152 | | | | 16,469 | |
UGI Corp. | | | 660 | | | | 16,157 | |
| | | | | | | | |
(Cost $33,198) | | | | | | | 32,626 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $56,531,393) | | | | | | | 64,828,751 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.0% | | | | | | |
iShares Russell 1000 ETF
(Cost $2,111) | | | 10 | | | | 2,798 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.1% | | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $48,826) | | | 48,826 | | | | 48,826 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.1% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $59,003) | | | 59,003 | | | | 59,003 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.9% (Cost $56,641,333) | | | | | | $ | 64,939,378 | |
Other assets and liabilities, net — 0.1% | | | | | | | 61,124 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 65,000,502 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.1% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| | | — | | | | 48,826 | (d) | | | — | | | | — | | | | — | | | | 30 | | | | — | | | | 48,826 | | | | 48,826 | |
|
CASH EQUIVALENTS — 0.1% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| | | 14,718 | | | | 665,845 | | | | (621,560 | ) | | | — | | | | — | | | | 886 | | | | — | | | | 59,003 | | | | 59,003 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 14,718 | | | | 714,671 | | | | (621,560 | ) | | | — | | | | — | | | | 916 | | | | — | | | | 107,829 | | | | 107,829 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $47,835, which is 0.1% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
| | | | |
| See Notes to Financial Statements. | | 37 | | |
DBX ETF Trust
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2024 (Unaudited)
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | Expiration
Date | | | Unrealized
Appreciation | |
Micro E-mini NASDAQ 100 futures | | USD | | 3 | | $ | 106,616 | | | $108,497 | | | 3/15/2024 | | | $ | 1,881 | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 64,828,751 | | | $ | — | | | $ | — | | | $ | 64,828,751 | |
Exchange-Traded Funds | | | 2,798 | | | | — | | | | — | | | | 2,798 | |
Short-Term Investments (a) | | | 107,829 | | | | — | | | | — | | | | 107,829 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 1,881 | | | | — | | | | — | | | | 1,881 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 64,941,259 | | | $ | — | | | $ | — | | | $ | 64,941,259 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 38 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.4% | | | | | | | | |
| Communication Services — 3.4% | | | | | | |
Alphabet, Inc., Class A* | | | 1,356 | | | $ | 187,752 | |
Alphabet, Inc., Class C* | | | 1,212 | | | | 169,413 | |
AT&T, Inc. | | | 11,148 | | | | 188,736 | |
Cable One, Inc. | | | 75 | | | | 34,200 | |
Charter Communications, Inc., Class A* | | | 1,577 | | | | 463,528 | |
Comcast Corp., Class A | | | 8,925 | | | | 382,436 | |
Electronic Arts, Inc. | | | 2,980 | | | | 415,650 | |
Fox Corp., Class A | | | 4,665 | | | | 138,970 | |
Fox Corp., Class B | | | 2,655 | | | | 72,694 | |
Frontier Communications Parent, Inc.* | | | 1,514 | | | | 35,851 | |
IAC, Inc.* | | | 277 | | | | 15,734 | |
Interpublic Group of Cos., Inc. | | | 9,699 | | | | 304,549 | |
Iridium Communications, Inc. | | | 188 | | | | 5,443 | |
Liberty Broadband Corp., Class A* | | | 378 | | | | 22,737 | |
Liberty Broadband Corp., Class C* | | | 2,582 | | | | 155,385 | |
Liberty Media Corp.-Liberty Formula One, Class A* | | | 206 | | | | 13,503 | |
Liberty Media Corp.-Liberty Formula One, Class C* | | | 2,157 | | | | 156,943 | |
Liberty Media Corp.-Liberty Live,
Class A* | | | 515 | | | | 19,874 | |
Liberty Media Corp.-Liberty Live,
Class C* | | | 1,022 | | | | 40,696 | |
Liberty Media Corp.-Liberty SiriusXM* | | | 1,226 | | | | 35,529 | |
Liberty Media Corp.-Liberty SiriusXM, Class A* | | | 341 | | | | 9,937 | |
Live Nation Entertainment, Inc.* | | | 2,018 | | | | 195,706 | |
Madison Square Garden Sports Corp.* | | | 441 | | | | 82,992 | |
Match Group, Inc.* | | | 1,103 | | | | 39,752 | |
Meta Platforms, Inc., Class A | | | 239 | | | | 117,141 | |
Netflix, Inc.* | | | 57 | | | | 34,366 | |
New York Times Co., Class A | | | 4,725 | | | | 209,223 | |
News Corp., Class A | | | 6,208 | | | | 166,871 | |
News Corp., Class B | | | 2,065 | | | | 57,799 | |
Nexstar Media Group, Inc. | | | 777 | | | | 129,114 | |
Omnicom Group, Inc. | | | 3,886 | | | | 343,483 | |
Paramount Global, Class B | | | 992 | | | | 10,952 | |
Pinterest, Inc., Class A* | | | 952 | | | | 34,938 | |
Sirius XM Holdings, Inc. (a) | | | 4,988 | | | | 22,047 | |
Spotify Technology SA* | | | 143 | | | | 36,667 | |
TKO Group Holdings, Inc. | | | 2,895 | | | | 242,398 | |
T-Mobile US, Inc. | | | 329 | | | | 53,726 | |
Trade Desk, Inc., Class A* | | | 189 | | | | 16,146 | |
TripAdvisor, Inc.* | | | 1,684 | | | | 45,165 | |
Verizon Communications, Inc. | | | 7,891 | | | | 315,798 | |
Walt Disney Co. | | | 729 | | | | 81,342 | |
| | | | | | | | |
(Cost $4,980,764) | | | | | | | 5,105,186 | |
| | | | | | | | |
| Consumer Discretionary — 12.5% | | | | | | |
Advance Auto Parts, Inc. | | | 303 | | | | 20,465 | |
Airbnb, Inc., Class A* | | | 1,031 | | | | 162,352 | |
Amazon.com, Inc.* | | | 409 | | | | 72,295 | |
Aptiv PLC* | | | 126 | | | | 10,016 | |
Aramark | | | 1,985 | | | | 60,205 | |
AutoNation, Inc.* | | | 1,302 | | | | 195,040 | |
AutoZone, Inc.* | | | 180 | | | | 541,084 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Discretionary (Continued) | | | | | | |
Best Buy Co., Inc. | | | 4,307 | | | $ | 348,350 | |
Birkenstock Holding PLC* | | | 288 | | | | 14,403 | |
Booking Holdings, Inc.* | | | 124 | | | | 430,135 | |
BorgWarner, Inc. | | | 9,193 | | | | 286,178 | |
Boyd Gaming Corp. | | | 142 | | | | 9,390 | |
Bright Horizons Family Solutions, Inc.* | | | 728 | | | | 83,618 | |
Brunswick Corp. | | | 1,976 | | | | 172,702 | |
Burlington Stores, Inc.* | | | 50 | | | | 10,255 | |
CarMax, Inc.* | | | 1,285 | | | | 101,515 | |
Carter’s, Inc. | | | 912 | | | | 73,826 | |
Chipotle Mexican Grill, Inc.* | | | 135 | | | | 362,984 | |
Choice Hotels International, Inc. | | | 451 | | | | 50,485 | |
Churchill Downs, Inc. | | | 89 | | | | 10,846 | |
Columbia Sportswear Co. | | | 874 | | | | 72,271 | |
Coupang, Inc.* | | | 1,690 | | | | 31,299 | |
D.R. Horton, Inc. | | | 5,464 | | | | 816,540 | |
Darden Restaurants, Inc. | | | 869 | | | | 148,347 | |
Deckers Outdoor Corp.* | | | 332 | | | | 297,336 | |
Dick’s Sporting Goods, Inc. | | | 1,079 | | | | 191,943 | |
Domino’s Pizza, Inc. | | | 833 | | | | 373,476 | |
eBay, Inc. | | | 5,746 | | | | 271,671 | |
Expedia Group, Inc.* | | | 1,669 | | | | 228,353 | |
Five Below, Inc.* | | | 547 | | | | 109,772 | |
Floor & Decor Holdings, Inc., Class A* | | | 691 | | | | 83,694 | |
Ford Motor Co. | | | 26,496 | | | | 329,610 | |
Gap, Inc. | | | 807 | | | | 15,285 | |
Garmin Ltd. | | | 3,563 | | | | 489,378 | |
General Motors Co. | | | 3,065 | | | | 125,604 | |
Gentex Corp. | | | 11,321 | | | | 413,556 | |
Genuine Parts Co. | | | 2,017 | | | | 301,057 | |
Grand Canyon Education, Inc.* | | | 1,544 | | | | 208,131 | |
H&R Block, Inc. | | | 7,476 | | | | 365,950 | |
Harley-Davidson, Inc. | | | 266 | | | | 9,648 | |
Hasbro, Inc. | | | 410 | | | | 20,619 | |
Hilton Worldwide Holdings, Inc. | | | 1,334 | | | | 272,563 | |
Home Depot, Inc. | | | 195 | | | | 74,219 | |
Hyatt Hotels Corp., Class A | | | 750 | | | | 115,192 | |
Las Vegas Sands Corp. | | | 827 | | | | 45,088 | |
Lear Corp. | | | 1,752 | | | | 240,637 | |
Leggett & Platt, Inc. | | | 962 | | | | 19,644 | |
Lennar Corp., Class A | | | 4,126 | | | | 654,012 | |
Lennar Corp., Class B | | | 229 | | | | 33,748 | |
Lithia Motors, Inc. | | | 155 | | | | 46,354 | |
LKQ Corp. | | | 3,661 | | | | 191,434 | |
Lowe’s Cos., Inc. | | | 1,500 | | | | 361,005 | |
Lululemon Athletica, Inc.* | | | 343 | | | | 160,212 | |
Marriott International, Inc., Class A | | | 693 | | | | 173,160 | |
Mattel, Inc.* | | | 5,469 | | | | 107,739 | |
McDonald’s Corp. | | | 285 | | | | 83,300 | |
MGM Resorts International* | | | 576 | | | | 24,929 | |
Mohawk Industries, Inc.* | | | 179 | | | | 21,233 | |
Murphy USA, Inc. | | | 1,251 | | | | 521,680 | |
NIKE, Inc., Class B | | | 855 | | | | 88,860 | |
NVR, Inc.* | | | 130 | | | | 991,324 | |
Ollie’s Bargain Outlet Holdings, Inc.* | | | 1,313 | | | | 105,263 | |
O’Reilly Automotive, Inc.* | | | 519 | | | | 564,371 | |
Penske Automotive Group, Inc. | | | 933 | | | | 143,215 | |
| | | | |
| See Notes to Financial Statements. | | 39 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Discretionary (Continued) | | | | | | |
Phinia, Inc. | | | 2,887 | | | $ | 98,793 | |
Polaris, Inc. | | | 934 | | | | 86,591 | |
Pool Corp. | | | 1,068 | | | | 425,192 | |
PulteGroup, Inc. | | | 4,478 | | | | 485,326 | |
PVH Corp. | | | 193 | | | | 26,377 | |
Ralph Lauren Corp. | | | 1,611 | | | | 299,517 | |
RH* | | | 111 | | | | 30,458 | |
Ross Stores, Inc. | | | 1,680 | | | | 250,253 | |
Service Corp. International | | | 1,224 | | | | 89,585 | |
Skechers U.S.A., Inc., Class A* | | | 3,938 | | | | 243,408 | |
Starbucks Corp. | | | 2,721 | | | | 258,223 | |
Tapestry, Inc. | | | 2,493 | | | | 118,492 | |
Tempur Sealy International, Inc. | | | 214 | | | | 11,657 | |
Texas Roadhouse, Inc. | | | 1,889 | | | | 282,160 | |
Thor Industries, Inc. | | | 650 | | | | 83,317 | |
TJX Cos., Inc. | | | 4,030 | | | | 399,534 | |
Toll Brothers, Inc. | | | 2,958 | | | | 339,105 | |
TopBuild Corp.* | | | 547 | | | | 220,102 | |
Tractor Supply Co. | | | 1,491 | | | | 379,191 | |
Travel + Leisure Co. | | | 1,452 | | | | 64,890 | |
Ulta Beauty, Inc.* | | | 507 | | | | 278,120 | |
Vail Resorts, Inc. | | | 503 | | | | 115,846 | |
Valvoline, Inc.* | | | 5,758 | | | | 245,521 | |
Whirlpool Corp. | | | 671 | | | | 72,059 | |
Williams-Sonoma, Inc. | | | 1,877 | | | | 442,090 | |
Wingstop, Inc. | | | 155 | | | | 54,413 | |
Wyndham Hotels & Resorts, Inc. | | | 775 | | | | 59,326 | |
YETI Holdings, Inc.* | | | 457 | | | | 18,755 | |
Yum! Brands, Inc. | | | 2,091 | | | | 289,436 | |
| | | | | | | | |
(Cost $15,065,676) | | | | | | | 18,726,603 | |
| | | | | | | | |
| Consumer Staples — 5.1% | | | | | | |
Albertsons Cos., Inc., Class A | | | 22,635 | | | | 459,038 | |
Altria Group, Inc. | | | 7,974 | | | | 326,216 | |
Archer-Daniels-Midland Co. | | | 3,669 | | | | 194,861 | |
BJ’s Wholesale Club Holdings, Inc.* | | | 5,149 | | | | 376,083 | |
Boston Beer Co., Inc., Class A* | | | 245 | | | | 75,494 | |
Brown-Forman Corp., Class B | | | 248 | | | | 14,937 | |
Bunge Global SA | | | 550 | | | | 51,904 | |
Campbell Soup Co. | | | 1,115 | | | | 47,544 | |
Casey’s General Stores, Inc. | | | 2,065 | | | | 628,772 | |
Church & Dwight Co., Inc. | | | 2,500 | | | | 250,300 | |
Clorox Co. | | | 982 | | | | 150,550 | |
Coca-Cola Co. | | | 758 | | | | 45,495 | |
Colgate-Palmolive Co. | | | 2,226 | | | | 192,594 | |
Conagra Brands, Inc. | | | 1,630 | | | | 45,770 | |
Constellation Brands, Inc., Class A | | | 728 | | | | 180,923 | |
Costco Wholesale Corp. | | | 473 | | | | 351,860 | |
Darling Ingredients, Inc.* | | | 237 | | | | 10,027 | |
Dollar General Corp. | | | 440 | | | | 63,936 | |
Dollar Tree, Inc.* | | | 1,757 | | | | 257,717 | |
Estee Lauder Cos., Inc., Class A | | | 178 | | | | 26,447 | |
Flowers Foods, Inc. | | | 3,277 | | | | 73,470 | |
General Mills, Inc. | | | 1,312 | | | | 84,204 | |
Grocery Outlet Holding Corp.* | | | 2,446 | | | | 63,082 | |
Hershey Co. | | | 797 | | | | 149,772 | |
Hormel Foods Corp. | | | 931 | | | | 32,883 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Staples (Continued) | | | | | | |
Ingredion, Inc. | | | 1,787 | | | $ | 210,205 | |
J M Smucker Co. | | | 526 | | | | 63,209 | |
Kellanova | | | 1,641 | | | | 90,501 | |
Kenvue, Inc. | | | 13,789 | | | | 261,991 | |
Keurig Dr Pepper, Inc. | | | 2,277 | | | | 68,105 | |
Kimberly-Clark Corp. | | | 1,666 | | | | 201,869 | |
Kraft Heinz Co. | | | 1,354 | | | | 47,769 | |
Kroger Co. | | | 11,673 | | | | 579,098 | |
Lamb Weston Holdings, Inc. | | | 480 | | | | 49,061 | |
Maplebear, Inc.* | | | 806 | | | | 26,227 | |
McCormick & Co., Inc. | | | 640 | | | | 44,070 | |
Molson Coors Beverage Co., Class B | | | 3,284 | | | | 204,987 | |
Mondelez International, Inc., Class A | | | 2,103 | | | | 153,666 | |
Monster Beverage Corp.* | | | 3,095 | | | | 182,915 | |
PepsiCo, Inc. | | | 414 | | | | 68,451 | |
Philip Morris International, Inc. | | | 606 | | | | 54,516 | |
Pilgrim’s Pride Corp.* | | | 2,075 | | | | 66,068 | |
Post Holdings, Inc.* | | | 943 | | | | 98,223 | |
Procter & Gamble Co. | | | 406 | | | | 64,530 | |
Reynolds Consumer Products, Inc. | | | 497 | | | | 14,662 | |
Seaboard Corp. | | | 11 | | | | 36,163 | |
Spectrum Brands Holdings, Inc. | | | 701 | | | | 56,374 | |
Sysco Corp. | | | 3,446 | | | | 279,023 | |
Target Corp. | | | 715 | | | | 109,338 | |
Tyson Foods, Inc., Class A | | | 3,316 | | | | 179,860 | |
US Foods Holding Corp.* | | | 2,385 | | | | 121,134 | |
Walgreens Boots Alliance, Inc. | | | 365 | | | | 7,760 | |
Walmart, Inc. | | | 1,749 | | | | 102,509 | |
WK Kellogg Co. | | | 2,387 | | | | 34,946 | |
| | | | | | | | |
(Cost $6,989,540) | | | | | | | 7,631,109 | |
| | | | | | | | |
| Energy — 4.2% | | | | | | |
Antero Midstream Corp. | | | 1,101 | | | | 14,753 | |
Baker Hughes Co. | | | 1,614 | | | | 47,758 | |
Cheniere Energy, Inc. | | | 3,484 | | | | 540,717 | |
Chesapeake Energy Corp. (a) | | | 3,299 | | | | 273,091 | |
Chevron Corp. | | | 736 | | | | 111,879 | |
ConocoPhillips | | | 1,800 | | | | 202,572 | |
Coterra Energy, Inc. | | | 32,845 | | | | 846,744 | |
Devon Energy Corp. | | | 911 | | | | 40,139 | |
Diamondback Energy, Inc. | | | 419 | | | | 76,476 | |
DT Midstream, Inc. | | | 910 | | | | 52,443 | |
EOG Resources, Inc. | | | 1,462 | | | | 167,341 | |
EQT Corp. | | | 1,824 | | | | 67,762 | |
Exxon Mobil Corp. | | | 1,329 | | | | 138,907 | |
Halliburton Co. | | | 402 | | | | 14,098 | |
Hess Corp. | | | 617 | | | | 89,928 | |
HF Sinclair Corp. | | | 8,069 | | | | 447,829 | |
Kinder Morgan, Inc. | | | 4,118 | | | | 71,612 | |
Marathon Oil Corp. | | | 3,134 | | | | 75,999 | |
Marathon Petroleum Corp. | | | 5,416 | | | | 916,550 | |
Occidental Petroleum Corp. | | | 777 | | | | 47,094 | |
ONEOK, Inc. | | | 867 | | | | 65,129 | |
Ovintiv, Inc. | | | 335 | | | | 16,552 | |
Phillips 66 | | | 5,326 | | | | 759,008 | |
Pioneer Natural Resources Co. | | | 2,001 | | | | 470,615 | |
Range Resources Corp. | | | 472 | | | | 14,925 | |
| | | | |
| See Notes to Financial Statements. | | 40 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Energy (Continued) | | | | | | |
Schlumberger NV | | | 496 | | | $ | 23,972 | |
Southwestern Energy Co.* | | | 2,252 | | | | 15,696 | |
TechnipFMC PLC | | | 982 | | | | 21,300 | |
Valero Energy Corp. | | | 3,925 | | | | 555,231 | |
Williams Cos., Inc. | | | 2,051 | | | | 73,713 | |
| | | | | | | | |
(Cost $5,206,800) | | | | | | | 6,259,833 | |
| | | | | | | | |
| Financials — 11.1% | | | | | | |
Affiliated Managers Group, Inc. | | | 1,761 | | | | 275,262 | |
Aflac, Inc. | | | 2,583 | | | | 208,551 | |
Allstate Corp. | | | 252 | | | | 40,199 | |
Ally Financial, Inc. | | | 1,458 | | | | 53,931 | |
American Express Co. | | | 701 | | | | 153,813 | |
American Financial Group, Inc. | | | 429 | | | | 54,770 | |
American International Group, Inc. | | | 1,862 | | | | 135,721 | |
Ameriprise Financial, Inc. | | | 410 | | | | 167,018 | |
Annaly Capital Management, Inc. REIT | | | 6,637 | | | | 126,700 | |
Aon PLC, Class A | | | 1,065 | | | | 336,529 | |
Apollo Global Management, Inc. | | | 113 | | | | 12,633 | |
Arch Capital Group Ltd.* | | | 4,123 | | | | 361,134 | |
Ares Management Corp., Class A | | | 395 | | | | 52,389 | |
Arthur J Gallagher & Co. | | | 809 | | | | 197,339 | |
Assurant, Inc. | | | 544 | | | | 98,709 | |
Assured Guaranty Ltd. | | | 377 | | | | 34,533 | |
Axis Capital Holdings Ltd. | | | 781 | | | | 48,867 | |
Bank of America Corp. | | | 436 | | | | 15,051 | |
Bank of New York Mellon Corp. | | | 3,960 | | | | 222,116 | |
Bank OZK | | | 1,513 | | | | 66,269 | |
BlackRock, Inc. | | | 122 | | | | 98,984 | |
Blackstone, Inc. | | | 1,736 | | | | 221,896 | |
Blue Owl Capital, Inc. | | | 1,218 | | | | 21,875 | |
BOK Financial Corp. | | | 100 | | | | 8,501 | |
Brown & Brown, Inc. | | | 4,275 | | | | 359,998 | |
Capital One Financial Corp. | | | 1,313 | | | | 180,682 | |
Carlyle Group, Inc. | | | 3,287 | | | | 150,709 | |
Cboe Global Markets, Inc. | | | 1,167 | | | | 224,064 | |
Charles Schwab Corp. | | | 169 | | | | 11,286 | |
Chubb Ltd. | | | 680 | | | | 171,136 | |
Cincinnati Financial Corp. | | | 81 | | | | 9,234 | |
Citigroup, Inc. | | | 1,959 | | | | 108,705 | |
Citizens Financial Group, Inc. | | | 735 | | | | 23,072 | |
CME Group, Inc. | | | 430 | | | | 94,751 | |
CNA Financial Corp. | | | 251 | | | | 11,031 | |
Columbia Banking System, Inc. | | | 612 | | | | 11,077 | |
Comerica, Inc. | | | 846 | | | | 41,776 | |
Commerce Bancshares, Inc. | | | 307 | | | | 15,976 | |
Corebridge Financial, Inc. | | | 4,929 | | | | 122,387 | |
Credit Acceptance Corp.* | | | 184 | | | | 101,862 | |
Cullen/Frost Bankers, Inc. | | | 70 | | | | 7,596 | |
Discover Financial Services | | | 1,594 | | | | 192,396 | |
East West Bancorp, Inc. | | | 1,375 | | | | 100,183 | |
Equitable Holdings, Inc. | | | 1,440 | | | | 49,306 | |
Euronet Worldwide, Inc.* | | | 1,071 | | | | 117,210 | |
Evercore, Inc., Class A | | | 2,247 | | | | 420,369 | |
Everest Group Ltd. | | | 591 | | | | 218,008 | |
FactSet Research Systems, Inc. | | | 796 | | | | 368,214 | |
Fidelity National Financial, Inc. | | | 5,916 | | | | 299,231 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Fidelity National Information Services, Inc. | | | 289 | | | $ | 19,996 | |
Fifth Third Bancorp | | | 2,528 | | | | 86,812 | |
First American Financial Corp. | | | 1,483 | | | | 86,622 | |
First Citizens BancShares, Inc., Class A | | | 26 | | | | 40,919 | |
First Hawaiian, Inc. | | | 551 | | | | 11,549 | |
First Horizon Corp. | | | 3,432 | | | | 48,391 | |
Fiserv, Inc.* | | | 1,081 | | | | 161,361 | |
FleetCor Technologies, Inc.* | | | 629 | | | | 175,661 | |
FNB Corp. | | | 2,996 | | | | 39,967 | |
Franklin Resources, Inc. | | | 2,264 | | | | 62,147 | |
Global Payments, Inc. | | | 1,229 | | | | 159,401 | |
Globe Life, Inc. | | | 1,033 | | | | 131,119 | |
Goldman Sachs Group, Inc. | | | 167 | | | | 64,971 | |
Hanover Insurance Group, Inc. | | | 291 | | | | 38,258 | |
Hartford Financial Services Group, Inc. | | | 2,478 | | | | 237,492 | |
Houlihan Lokey, Inc. | | | 1,840 | | | | 236,734 | |
Huntington Bancshares, Inc. | | | 6,650 | | | | 86,716 | |
Interactive Brokers Group, Inc., Class A | | | 1,256 | | | | 136,552 | |
Intercontinental Exchange, Inc. | | | 573 | | | | 79,315 | |
Invesco Ltd. | | | 1,785 | | | | 27,507 | |
Jack Henry & Associates, Inc. | | | 740 | | | | 128,590 | |
Janus Henderson Group PLC | | | 4,644 | | | | 144,707 | |
Jefferies Financial Group, Inc. | | | 842 | | | | 35,212 | |
JPMorgan Chase & Co. | | | 199 | | | | 37,026 | |
KeyCorp | | | 4,698 | | | | 67,040 | |
Kinsale Capital Group, Inc. | | | 591 | | | | 305,062 | |
KKR & Co., Inc. | | | 175 | | | | 17,196 | |
Lazard, Inc. | | | 1,444 | | | | 55,652 | |
Loews Corp. | | | 2,806 | | | | 210,815 | |
LPL Financial Holdings, Inc. | | | 1,641 | | | | 439,608 | |
M&T Bank Corp. | | | 452 | | | | 63,162 | |
Markel Group, Inc.* | | | 48 | | | | 71,639 | |
MarketAxess Holdings, Inc. | | | 305 | | | | 65,090 | |
Marsh & McLennan Cos., Inc. | | | 1,907 | | | | 385,729 | |
Mastercard, Inc., Class A | | | 121 | | | | 57,446 | |
MetLife, Inc. | | | 747 | | | | 52,096 | |
MGIC Investment Corp. | | | 17,674 | | | | 351,536 | |
Moody’s Corp. | | | 828 | | | | 314,160 | |
Morgan Stanley | | | 149 | | | | 12,820 | |
Morningstar, Inc. | | | 187 | | | | 55,836 | |
MSCI, Inc. | | | 554 | | | | 310,777 | |
Nasdaq, Inc. | | | 2,422 | | | | 136,116 | |
NCR Atleos Corp.* | | | 1,238 | | | | 26,939 | |
New York Community Bancorp, Inc. | | | 1,444 | | | | 6,917 | |
Northern Trust Corp. | | | 570 | | | | 46,814 | |
Old Republic International Corp. | | | 8,381 | | | | 242,714 | |
OneMain Holdings, Inc. | | | 1,040 | | | | 49,119 | |
PayPal Holdings, Inc.* | | | 2,437 | | | | 147,049 | |
Pinnacle Financial Partners, Inc. | | | 526 | | | | 43,511 | |
PNC Financial Services Group, Inc. | | | 507 | | | | 74,630 | |
Popular, Inc. | | | 1,162 | | | | 97,236 | |
Primerica, Inc. | | | 795 | | | | 194,982 | |
Principal Financial Group, Inc. | | | 1,137 | | | | 91,938 | |
Progressive Corp. | | | 639 | | | | 121,129 | |
Prosperity Bancshares, Inc. | | | 436 | | | | 27,211 | |
Prudential Financial, Inc. | | | 587 | | | | 63,977 | |
| | | | |
| See Notes to Financial Statements. | | 41 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Raymond James Financial, Inc. | | | 285 | | | $ | 34,291 | |
Regions Financial Corp. | | | 2,918 | | | | 54,362 | |
Reinsurance Group of America, Inc. | | | 679 | | | | 120,081 | |
RenaissanceRe Holdings Ltd. | | | 70 | | | | 15,737 | |
Rithm Capital Corp. REIT | | | 15,257 | | | | 165,386 | |
RLI Corp. | | | 1,503 | | | | 220,114 | |
Ryan Specialty Holdings, Inc.* | | | 672 | | | | 35,199 | |
S&P Global, Inc. | | | 509 | | | | 218,045 | |
SEI Investments Co. | | | 3,419 | | | | 229,928 | |
SLM Corp. | | | 1,867 | | | | 38,890 | |
Starwood Property Trust, Inc. REIT | | | 3,070 | | | | 62,597 | |
State Street Corp. | | | 2,027 | | | | 149,451 | |
Stifel Financial Corp. | | | 1,301 | | | | 98,694 | |
Synchrony Financial | | | 2,701 | | | | 111,551 | |
Synovus Financial Corp. | | | 614 | | | | 23,295 | |
T. Rowe Price Group, Inc. | | | 2,381 | | | | 269,886 | |
TPG, Inc. | | | 1,102 | | | | 48,874 | |
Tradeweb Markets, Inc., Class A | | | 2,251 | | | | 238,201 | |
Travelers Cos., Inc. | | | 792 | | | | 175,000 | |
Truist Financial Corp. | | | 2,297 | | | | 80,349 | |
Unum Group | | | 2,967 | | | | 146,718 | |
US Bancorp | | | 2,600 | | | | 109,096 | |
UWM Holdings Corp. | | | 2,191 | | | | 13,979 | |
Virtu Financial, Inc., Class A | | | 2,692 | | | | 48,591 | |
Visa, Inc., Class A | | | 267 | | | | 75,465 | |
Voya Financial, Inc. | | | 1,133 | | | | 77,452 | |
W.R. Berkley Corp. | | | 3,419 | | | | 285,828 | |
Webster Financial Corp. | | | 786 | | | | 37,445 | |
Wells Fargo & Co. | | | 1,182 | | | | 65,707 | |
Western Alliance Bancorp | | | 605 | | | | 34,927 | |
Western Union Co. | | | 8,969 | | | | 120,274 | |
WEX, Inc.* | | | 313 | | | | 68,776 | |
White Mountains Insurance Group Ltd. | | | 4 | | | | 7,062 | |
Willis Towers Watson PLC | | | 552 | | | | 150,481 | |
Wintrust Financial Corp. | | | 447 | | | | 43,068 | |
XP, Inc., Class A | | | 591 | | | | 13,971 | |
Zions Bancorp NA | | | 1,726 | | | | 68,056 | |
| | | | | | | | |
(Cost $13,662,092) | | | | | | | 16,662,847 | |
| | | | | | | | |
| Health Care — 10.2% | | | | | | |
Abbott Laboratories | | | 805 | | | | 95,505 | |
AbbVie, Inc. | | | 427 | | | | 75,173 | |
Acadia Healthcare Co., Inc.* | | | 247 | | | | 20,612 | |
Agilent Technologies, Inc. | | | 478 | | | | 65,658 | |
Align Technology, Inc.* | | | 399 | | | | 120,666 | |
Amedisys, Inc.* | | | 200 | | | | 18,604 | |
Amgen, Inc. | | | 451 | | | | 123,497 | |
Avantor, Inc.* | | | 2,283 | | | | 56,253 | |
Azenta, Inc.* | | | 371 | | | | 24,171 | |
Baxter International, Inc. | | | 1,496 | | | | 61,216 | |
Becton Dickinson and Co. | | | 345 | | | | 81,265 | |
Biogen, Inc.* | | | 93 | | | | 20,180 | |
BioMarin Pharmaceutical, Inc.* | | | 138 | | | | 11,907 | |
Bio-Techne Corp. | | | 295 | | | | 21,703 | |
Boston Scientific Corp.* | | | 1,338 | | | | 88,589 | |
Bristol-Myers Squibb Co. | | | 1,054 | | | | 53,491 | |
Bruker Corp. | | | 520 | | | | 45,001 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Cardinal Health, Inc. | | | 15,862 | | | $ | 1,776,227 | |
Catalent, Inc.* | | | 352 | | | | 20,184 | |
Cencora, Inc. | | | 4,910 | | | | 1,156,796 | |
Centene Corp.* | | | 6,296 | | | | 493,795 | |
Charles River Laboratories International, Inc.* | | | 339 | | | | 86,170 | |
Chemed Corp. | | | 456 | | | | 285,515 | |
Cigna Group | | | 888 | | | | 298,492 | |
Cooper Cos., Inc. | | | 1,124 | | | | 105,206 | |
CVS Health Corp. | | | 2,266 | | | | 168,522 | |
Danaher Corp. | | | 242 | | | | 61,260 | |
DaVita, Inc.* | | | 1,968 | | | | 249,877 | |
DENTSPLY SIRONA, Inc. | | | 487 | | | | 15,915 | |
Dexcom, Inc.* | | | 133 | | | | 15,304 | |
Edwards Lifesciences Corp.* | | | 3,068 | | | | 260,381 | |
Elanco Animal Health, Inc.* | | | 1,022 | | | | 16,240 | |
Elevance Health, Inc. | | | 477 | | | | 239,096 | |
Eli Lilly & Co. | | | 40 | | | | 30,147 | |
Encompass Health Corp. | | | 2,836 | | | | 210,998 | |
Enovis Corp.* | | | 1,960 | | | | 117,228 | |
Exelixis, Inc.* | | | 7,949 | | | | 174,083 | |
Fortrea Holdings, Inc.* | | | 4,017 | | | | 150,798 | |
GE HealthCare Technologies, Inc. | | | 5,966 | | | | 544,577 | |
Gilead Sciences, Inc. | | | 1,458 | | | | 105,122 | |
Globus Medical, Inc., Class A* | | | 453 | | | | 24,457 | |
HCA Healthcare, Inc. | | | 591 | | | | 184,215 | |
Henry Schein, Inc.* | | | 2,428 | | | | 185,669 | |
Hologic, Inc.* | | | 1,166 | | | | 86,051 | |
Humana, Inc. | | | 1,560 | | | | 546,499 | |
ICON PLC* | | | 807 | | | | 258,740 | |
IDEXX Laboratories, Inc.* | | | 479 | | | | 275,535 | |
Incyte Corp.* | | | 441 | | | | 25,737 | |
Integra LifeSciences Holdings Corp.* | | | 770 | | | | 28,421 | |
Intuitive Surgical, Inc.* | | | 505 | | | | 194,728 | |
IQVIA Holdings, Inc.* | | | 488 | | | | 120,614 | |
Jazz Pharmaceuticals PLC* | | | 380 | | | | 45,182 | |
Johnson & Johnson | | | 210 | | | | 33,890 | |
Laboratory Corp. of America Holdings | | | 1,323 | | | | 285,543 | |
McKesson Corp. | | | 2,981 | | | | 1,554,323 | |
Medpace Holdings, Inc.* | | | 417 | | | | 165,766 | |
Medtronic PLC | | | 1,194 | | | | 99,532 | |
Merck & Co., Inc. | | | 866 | | | | 110,112 | |
Mettler-Toledo International, Inc.* | | | 34 | | | | 42,405 | |
Molina Healthcare, Inc.* | | | 1,216 | | | | 478,995 | |
Neurocrine Biosciences, Inc.* | | | 804 | | | | 104,842 | |
Perrigo Co. PLC | | | 494 | | | | 12,972 | |
Pfizer, Inc. | | | 692 | | | | 18,380 | |
Premier, Inc., Class A | | | 2,551 | | | | 53,214 | |
QIAGEN NV* | | | 692 | | | | 29,611 | |
Quest Diagnostics, Inc. | | | 1,745 | | | | 217,933 | |
Regeneron Pharmaceuticals, Inc.* | | | 274 | | | | 264,709 | |
Repligen Corp.* | | | 102 | | | | 19,787 | |
ResMed, Inc. | | | 294 | | | | 51,074 | |
Revvity, Inc. | | | 206 | | | | 22,576 | |
Royalty Pharma PLC, Class A | | | 618 | | | | 18,750 | |
Shockwave Medical, Inc.* | | | 92 | | | | 24,000 | |
STERIS PLC | | | 835 | | | | 194,480 | |
| | | | |
| See Notes to Financial Statements. | | 42 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Stryker Corp. | | | 267 | | | $ | 93,202 | |
Teleflex, Inc. | | | 151 | | | | 33,641 | |
Thermo Fisher Scientific, Inc. | | | 85 | | | | 48,465 | |
United Therapeutics Corp.* | | | 386 | | | | 87,097 | |
UnitedHealth Group, Inc. | | | 64 | | | | 31,590 | |
Universal Health Services, Inc., Class B | | | 1,419 | | | | 237,058 | |
Veeva Systems, Inc., Class A* | | | 399 | | | | 89,979 | |
Vertex Pharmaceuticals, Inc.* | | | 974 | | | | 409,801 | |
Viatris, Inc. | | | 10,878 | | | | 134,561 | |
Waters Corp.* | | | 199 | | | | 67,147 | |
West Pharmaceutical Services, Inc. | | | 1,323 | | | | 474,110 | |
Zimmer Biomet Holdings, Inc. | | | 504 | | | | 62,677 | |
Zoetis, Inc. | | | 966 | | | | 191,587 | |
| | | | | | | | |
(Cost $12,573,999) | | | | | | | 15,305,081 | |
| | | | | | | | |
| Industrials — 20.4% | | | | | | |
3M Co. | | | 1,055 | | | | 97,187 | |
A O Smith Corp. | | | 3,928 | | | | 325,631 | |
Acuity Brands, Inc. | | | 1,188 | | | | 298,473 | |
Advanced Drainage Systems, Inc. | | | 1,299 | | | | 212,049 | |
AECOM | | | 1,699 | | | | 150,922 | |
AGCO Corp. | | | 995 | | | | 109,152 | |
Alaska Air Group, Inc.* | | | 2,367 | | | | 88,502 | |
Allegion PLC | | | 625 | | | | 79,919 | |
Allison Transmission Holdings, Inc. | | | 5,230 | | | | 393,976 | |
American Airlines Group, Inc.* | | | 3,380 | | | | 52,998 | |
AMETEK, Inc. | | | 1,341 | | | | 241,621 | |
Armstrong World Industries, Inc. | | | 1,328 | | | | 160,170 | |
Automatic Data Processing, Inc. | | | 446 | | | | 112,004 | |
Axon Enterprise, Inc.* | | | 83 | | | | 25,512 | |
AZEK Co., Inc.* | | | 1,663 | | | | 80,007 | |
Boeing Co.* | | | 66 | | | | 13,446 | |
Booz Allen Hamilton Holding Corp. | | | 1,821 | | | | 268,980 | |
Broadridge Financial Solutions, Inc. | | | 2,604 | | | | 530,122 | |
Builders FirstSource, Inc.* | | | 2,089 | | | | 407,731 | |
BWX Technologies, Inc. | | | 1,522 | | | | 153,463 | |
C.H. Robinson Worldwide, Inc. | | | 3,852 | | | | 285,356 | |
CACI International, Inc., Class A* | | | 830 | | | | 311,126 | |
Carlisle Cos., Inc. | | | 1,097 | | | | 383,950 | |
Carrier Global Corp. | | | 6,392 | | | | 355,267 | |
Caterpillar, Inc. | | | 591 | | | | 197,370 | |
Cintas Corp. | | | 395 | | | | 248,301 | |
Clarivate PLC* | | | 1,654 | | | | 11,876 | |
Clean Harbors, Inc.* | | | 1,311 | | | | 238,733 | |
CNH Industrial NV | | | 4,523 | | | | 54,050 | |
Concentrix Corp. | | | 148 | | | | 10,723 | |
Copart, Inc.* | | | 6,482 | | | | 344,518 | |
Core & Main, Inc., Class A* | | | 7,633 | | | | 364,323 | |
CSX Corp. | | | 6,148 | | | | 233,255 | |
Cummins, Inc. | | | 573 | | | | 153,914 | |
Curtiss-Wright Corp. | | | 491 | | | | 116,009 | |
Dayforce, Inc.* | | | 496 | | | | 34,601 | |
Deere & Co. | | | 205 | | | | 74,835 | |
Delta Air Lines, Inc. | | | 7,330 | | | | 309,839 | |
Donaldson Co., Inc. | | | 3,232 | | | | 231,476 | |
Dover Corp. | | | 1,075 | | | | 177,784 | |
Dun & Bradstreet Holdings, Inc. | | | 2,935 | | | | 30,935 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Eaton Corp. PLC | | | 807 | | | $ | 233,223 | |
EMCOR Group, Inc. | | | 2,231 | | | | 699,463 | |
Equifax, Inc. | | | 430 | | | | 117,644 | |
Esab Corp. | | | 2,073 | | | | 205,476 | |
Expeditors International of Washington, Inc. | | | 6,018 | | | | 719,753 | |
Fastenal Co. | | | 9,440 | | | | 689,214 | |
FedEx Corp. | | | 1,596 | | | | 397,356 | |
Ferguson PLC | | | 1,986 | | | | 419,940 | |
Flowserve Corp. | | | 835 | | | | 35,337 | |
Fortive Corp. | | | 2,387 | | | | 203,205 | |
Fortune Brands Innovations, Inc. | | | 4,605 | | | | 374,571 | |
FTI Consulting, Inc.* | | | 924 | | | | 191,157 | |
Gates Industrial Corp. PLC* | | | 2,291 | | | | 33,724 | |
Generac Holdings, Inc.* | | | 340 | | | | 38,253 | |
General Dynamics Corp. | | | 581 | | | | 158,758 | |
General Electric Co. | | | 786 | | | | 123,316 | |
Genpact Ltd. | | | 1,223 | | | | 41,582 | |
Graco, Inc. | | | 3,205 | | | | 292,488 | |
GXO Logistics, Inc.* | | | 1,441 | | | | 74,586 | |
Hayward Holdings, Inc.* | | | 1,461 | | | | 21,608 | |
HEICO Corp. | | | 267 | | | | 51,638 | |
HEICO Corp., Class A | | | 589 | | | | 91,643 | |
Hexcel Corp. | | | 457 | | | | 34,028 | |
Honeywell International, Inc. | | | 307 | | | | 61,010 | |
Howmet Aerospace, Inc. | | | 2,159 | | | | 143,681 | |
Hubbell, Inc. | | | 1,040 | | | | 395,897 | |
Huntington Ingalls Industries, Inc. | | | 575 | | | | 167,682 | |
IDEX Corp. | | | 244 | | | | 57,560 | |
Illinois Tool Works, Inc. | | | 1,109 | | | | 290,724 | |
Ingersoll Rand, Inc. | | | 2,131 | | | | 194,624 | |
ITT, Inc. | | | 2,101 | | | | 265,020 | |
Jacobs Solutions, Inc. | | | 2,433 | | | | 356,799 | |
JB Hunt Transport Services, Inc. | | | 1,416 | | | | 292,135 | |
Johnson Controls International PLC | | | 1,684 | | | | 99,811 | |
KBR, Inc. | | | 2,070 | | | | 124,262 | |
Kirby Corp.* | | | 925 | | | | 81,141 | |
Knight-Swift Transportation Holdings, Inc. | | | 2,623 | | | | 147,780 | |
L3Harris Technologies, Inc. | | | 272 | | | | 57,572 | |
Landstar System, Inc. | | | 2,159 | | | | 410,642 | |
Leidos Holdings, Inc. | | | 3,487 | | | | 445,848 | |
Lennox International, Inc. | | | 520 | | | | 245,029 | |
Lincoln Electric Holdings, Inc. | | | 1,096 | | | | 281,234 | |
Lockheed Martin Corp. | | | 228 | | | | 97,639 | |
ManpowerGroup, Inc. | | | 1,806 | | | | 130,321 | |
Masco Corp. | | | 7,919 | | | | 607,862 | |
MasTec, Inc.* | | | 128 | | | | 9,659 | |
MDU Resources Group, Inc. | | | 3,932 | | | | 85,246 | |
Middleby Corp.* | | | 261 | | | | 39,714 | |
MSA Safety, Inc. | | | 549 | | | | 101,098 | |
MSC Industrial Direct Co., Inc., Class A | | | 3,002 | | | | 303,022 | |
Nordson Corp. | | | 773 | | | | 205,347 | |
Norfolk Southern Corp. | | | 447 | | | | 113,261 | |
Northrop Grumman Corp. | | | 112 | | | | 51,634 | |
nVent Electric PLC | | | 3,568 | | | | 240,198 | |
Old Dominion Freight Line, Inc. | | | 850 | | | | 376,108 | |
| | | | |
| See Notes to Financial Statements. | | 43 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Oshkosh Corp. | | | 2,774 | | | $ | 307,526 | |
Otis Worldwide Corp. | | | 3,128 | | | | 298,098 | |
Owens Corning | | | 4,138 | | | | 619,790 | |
PACCAR, Inc. | | | 5,428 | | | | 601,911 | |
Parker-Hannifin Corp. | | | 128 | | | | 68,538 | |
Paychex, Inc. | | | 1,589 | | | | 194,843 | |
Paycom Software, Inc. | | | 1,007 | | | | 183,667 | |
Paycor HCM, Inc.* | | | 637 | | | | 13,453 | |
Paylocity Holding Corp.* | | | 81 | | | | 13,657 | |
Pentair PLC | | | 1,275 | | | | 99,182 | |
Quanta Services, Inc. | | | 1,650 | | | | 398,492 | |
RB Global, Inc. | | | 5,348 | | | | 405,967 | |
RBC Bearings, Inc.* | | | 147 | | | | 40,106 | |
Regal Rexnord Corp. | | | 1,262 | | | | 216,420 | |
Republic Services, Inc. | | | 1,544 | | | | 283,478 | |
Robert Half, Inc. | | | 5,165 | | | | 415,266 | |
Rockwell Automation, Inc. | | | 1,006 | | | | 286,790 | |
Rollins, Inc. | | | 4,774 | | | | 210,390 | |
RTX Corp. | | | 664 | | | | 59,541 | |
Ryder System, Inc. | | | 2,766 | | | | 315,601 | |
Saia, Inc.* | | | 452 | | | | 260,081 | |
Schneider National, Inc., Class B | | | 3,391 | | | | 79,858 | |
Science Applications International Corp. | | | 2,637 | | | | 369,075 | |
Sensata Technologies Holding PLC | | | 458 | | | | 15,764 | |
SiteOne Landscape Supply, Inc.* | | | 848 | | | | 142,871 | |
Snap-on, Inc. | | | 1,218 | | | | 335,754 | |
Southwest Airlines Co. | | | 3,420 | | | | 117,203 | |
SS&C Technologies Holdings, Inc. | | | 3,907 | | | | 249,110 | |
Stanley Black & Decker, Inc. | | | 925 | | | | 82,593 | |
Stericycle, Inc.* | | | 1,435 | | | | 78,050 | |
Tetra Tech, Inc. | | | 509 | | | | 90,256 | |
Textron, Inc. | | | 1,891 | | | | 168,431 | |
Timken Co. | | | 1,113 | | | | 93,481 | |
Toro Co. | | | 422 | | | | 38,955 | |
Trane Technologies PLC | | | 1,321 | | | | 372,482 | |
TransDigm Group, Inc. | | | 55 | | | | 64,776 | |
TransUnion | | | 791 | | | | 61,405 | |
Trex Co., Inc.* | | | 1,520 | | | | 139,475 | |
U-Haul Holding Co.* | | | 209 | | | | 13,455 | |
U-Haul Holding Co. | | | 1,495 | | | | 95,037 | |
Union Pacific Corp. | | | 334 | | | | 84,732 | |
United Airlines Holdings, Inc.* | | | 489 | | | | 22,245 | |
United Parcel Service, Inc., Class B | | | 960 | | | | 142,330 | |
United Rentals, Inc. | | | 387 | | | | 268,295 | |
Valmont Industries, Inc. | | | 108 | | | | 22,888 | |
Veralto Corp. | | | 2,130 | | | | 184,075 | |
Verisk Analytics, Inc. | | | 1,319 | | | | 319,066 | |
Vertiv Holdings Co., Class A | | | 393 | | | | 26,575 | |
Vestis Corp. | | | 4,766 | | | | 89,410 | |
W.W. Grainger, Inc. | | | 561 | | | | 546,111 | |
Waste Management, Inc. | | | 1,633 | | | | 335,826 | |
Watsco, Inc. | | | 1,307 | | | | 515,115 | |
WESCO International, Inc. | | | 207 | | | | 30,944 | |
Westinghouse Air Brake Technologies Corp. | | | 1,285 | | | | 181,558 | |
WillScot Mobile Mini Holdings Corp.* | | | 1,222 | | | | 58,351 | |
Woodward, Inc. | | | 890 | | | | 125,926 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
XPO, Inc.* | | | 991 | | | $ | 119,237 | |
Xylem, Inc. | | | 563 | | | | 71,529 | |
| | | | | | | | |
(Cost $23,297,407) | | | | | | | 30,742,670 | |
| | | | | | | | |
| Information Technology — 19.1% | | | | | | |
Accenture PLC, Class A | | | 499 | | | | 187,015 | |
Adobe, Inc.* | | | 458 | | | | 256,608 | |
Advanced Micro Devices, Inc.* | | | 186 | | | | 35,811 | |
Akamai Technologies, Inc.* | | | 7,164 | | | | 794,631 | |
Allegro MicroSystems, Inc.* | | | 1,429 | | | | 44,999 | |
Amdocs Ltd. | | | 6,492 | | | | 592,070 | |
Amphenol Corp., Class A | | | 6,593 | | | | 720,219 | |
Analog Devices, Inc. | | | 2,292 | | | | 439,651 | |
ANSYS, Inc.* | | | 1,455 | | | | 486,217 | |
Apple, Inc. | | | 2,919 | | | | 527,609 | |
Applied Materials, Inc. | | | 4,470 | | | | 901,241 | |
Arista Networks, Inc.* | | | 969 | | | | 268,936 | |
Arrow Electronics, Inc.* | | | 1,921 | | | | 225,718 | |
Aspen Technology, Inc.* | | | 69 | | | | 13,378 | |
Atlassian Corp., Class A* | | | 535 | | | | 110,970 | |
Autodesk, Inc.* | | | 2,686 | | | | 693,445 | |
Avnet, Inc. | | | 290 | | | | 13,511 | |
Bentley Systems, Inc., Class B | | | 343 | | | | 17,620 | |
Broadcom, Inc. | | | 115 | | | | 149,556 | |
Cadence Design Systems, Inc.* | | | 2,342 | | | | 712,858 | |
CCC Intelligent Solutions Holdings, Inc.* | | | 2,859 | | | | 33,479 | |
CDW Corp. | | | 5,188 | | | | 1,277,338 | |
Ciena Corp.* | | | 210 | | | | 11,966 | |
Cirrus Logic, Inc.* | | | 3,145 | | | | 288,774 | |
Cisco Systems, Inc. | | | 5,590 | | | | 270,388 | |
Cognex Corp. | | | 840 | | | | 33,138 | |
Cognizant Technology Solutions Corp., Class A | | | 22,087 | | | | 1,745,315 | |
Corning, Inc. | | | 9,017 | | | | 290,708 | |
Crane NXT Co. | | | 1,750 | | | | 102,235 | |
Crowdstrike Holdings, Inc., Class A* | | | 148 | | | | 47,974 | |
Datadog, Inc., Class A* | | | 119 | | | | 15,644 | |
DocuSign, Inc.* | | | 415 | | | | 22,107 | |
Dolby Laboratories, Inc., Class A | | | 3,782 | | | | 306,342 | |
DoubleVerify Holdings, Inc.* | | | 2,410 | | | | 74,445 | |
Dropbox, Inc., Class A* | | | 16,482 | | | | 394,744 | |
DXC Technology Co.* | | | 2,544 | | | | 55,612 | |
Dynatrace, Inc.* | | | 1,687 | | | | 83,591 | |
EPAM Systems, Inc.* | | | 728 | | | | 221,603 | |
F5, Inc.* | | | 3,201 | | | | 599,291 | |
Fair Isaac Corp.* | | | 153 | | | | 194,296 | |
First Solar, Inc.* | | | 62 | | | | 9,541 | |
Five9, Inc.* | | | 179 | | | | 10,919 | |
Fortinet, Inc.* | | | 9,593 | | | | 662,972 | |
Gartner, Inc.* | | | 1,090 | | | | 507,460 | |
GLOBALFOUNDRIES, Inc.* | | | 325 | | | | 17,768 | |
Globant SA* | | | 446 | | | | 99,534 | |
GoDaddy, Inc., Class A* | | | 2,777 | | | | 316,995 | |
Guidewire Software, Inc.* | | | 925 | | | | 110,390 | |
Hewlett Packard Enterprise Co. | | | 30,557 | | | | 465,383 | |
HP, Inc. | | | 6,420 | | | | 181,879 | |
HubSpot, Inc.* | | | 159 | | | | 98,391 | |
| | | | |
| See Notes to Financial Statements. | | 44 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Information Technology (Continued) | | | | | | |
Intel Corp. | | | 3,568 | | | $ | 153,602 | |
International Business Machines Corp. | | | 1,099 | | | | 203,348 | |
Intuit, Inc. | | | 693 | | | | 459,383 | |
IPG Photonics Corp.* | | | 1,330 | | | | 114,846 | |
Jabil, Inc. | | | 7,971 | | | | 1,148,541 | |
Juniper Networks, Inc. | | | 2,002 | | | | 74,134 | |
Keysight Technologies, Inc.* | | | 1,537 | | | | 237,159 | |
KLA Corp. | | | 1,201 | | | | 819,442 | |
Kyndryl Holdings, Inc.* | | | 1,450 | | | | 31,857 | |
Lam Research Corp. | | | 873 | | | | 819,092 | |
Lattice Semiconductor Corp.* | | | 1,996 | | | | 152,914 | |
Littelfuse, Inc. | | | 439 | | | | 104,587 | |
Manhattan Associates, Inc.* | | | 1,683 | | | | 426,354 | |
Marvell Technology, Inc. | | | 1,149 | | | | 82,337 | |
Microchip Technology, Inc. | | | 6,462 | | | | 543,713 | |
Micron Technology, Inc. | | | 119 | | | | 10,783 | |
Microsoft Corp. | | | 1,335 | | | | 552,209 | |
Monolithic Power Systems, Inc. | | | 697 | | | | 501,868 | |
Motorola Solutions, Inc. | | | 1,038 | | | | 342,945 | |
NCR Voyix Corp.* | | | 901 | | | | 13,164 | |
NetApp, Inc. | | | 4,720 | | | | 420,646 | |
NVIDIA Corp. | | | 109 | | | | 86,232 | |
ON Semiconductor Corp.* | | | 1,512 | | | | 119,327 | |
Oracle Corp. | | | 171 | | | | 19,097 | |
Palo Alto Networks, Inc.* | | | 688 | | | | 213,658 | |
PTC, Inc.* | | | 670 | | | | 122,617 | |
Pure Storage, Inc., Class A* | | | 5,228 | | | | 275,254 | |
Qorvo, Inc.* | | | 1,125 | | | | 128,869 | |
QUALCOMM, Inc. | | | 2,297 | | | | 362,444 | |
Roper Technologies, Inc. | | | 89 | | | | 48,481 | |
Salesforce, Inc.* | | | 547 | | | | 168,925 | |
ServiceNow, Inc.* | | | 267 | | | | 205,948 | |
Skyworks Solutions, Inc. | | | 4,721 | | | | 495,327 | |
Snowflake, Inc., Class A* | | | 197 | | | | 37,091 | |
Splunk, Inc.* | | | 230 | | | | 35,931 | |
Synopsys, Inc.* | | | 1,150 | | | | 659,790 | |
TD SYNNEX Corp. | | | 3,374 | | | | 350,559 | |
Teledyne Technologies, Inc.* | | | 142 | | | | 60,672 | |
Teradata Corp.* | | | 3,033 | | | | 114,102 | |
Teradyne, Inc. | | | 3,614 | | | | 374,374 | |
Texas Instruments, Inc. | | | 2,340 | | | | 391,552 | |
Trimble, Inc.* | | | 795 | | | | 48,646 | |
Tyler Technologies, Inc.* | | | 509 | | | | 222,504 | |
Universal Display Corp. | | | 872 | | | | 152,094 | |
VeriSign, Inc.* | | | 2,691 | | | | 525,525 | |
Viasat, Inc.* | | | 571 | | | | 11,175 | |
Vontier Corp. | | | 4,677 | | | | 201,111 | |
Workday, Inc., Class A* | | | 457 | | | | 134,660 | |
Zebra Technologies Corp., Class A* | | | 311 | | | | 86,918 | |
Zoom Video Communications, Inc., Class A* | | | 470 | | | | 33,243 | |
Zscaler, Inc.* | | | 87 | | | | 21,051 | |
| | | | | | | | |
(Cost $23,208,126) | | | | | | | 28,662,386 | |
| | | | | | | | |
| Materials — 6.7% | | | | | | |
Air Products and Chemicals, Inc. | | | 207 | | | | 48,446 | |
Albemarle Corp. | | | 151 | | | | 20,815 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials (Continued) | | | | | | |
Amcor PLC | | | 9,338 | | | $ | 84,602 | |
AptarGroup, Inc. | | | 1,453 | | | | 204,088 | |
Ashland, Inc. | | | 108 | | | | 10,113 | |
Avery Dennison Corp. | | | 1,371 | | | | 296,863 | |
Axalta Coating Systems Ltd.* | | | 2,776 | | | | 90,858 | |
Ball Corp. | | | 994 | | | | 63,636 | |
Berry Global Group, Inc. | | | 1,678 | | | | 97,676 | |
Celanese Corp. | | | 370 | | | | 56,229 | |
CF Industries Holdings, Inc. | | | 2,483 | | | | 200,428 | |
Cleveland-Cliffs, Inc.* | | | 1,116 | | | | 23,213 | |
Corteva, Inc. | | | 2,002 | | | | 107,147 | |
Crown Holdings, Inc. | | | 1,740 | | | | 133,319 | |
Dow, Inc. | | | 9,049 | | | | 505,658 | |
DuPont de Nemours, Inc. | | | 3,253 | | | | 225,075 | |
Eagle Materials, Inc. | | | 1,427 | | | | 361,816 | |
Eastman Chemical Co. | | | 2,020 | | | | 177,235 | |
Ecolab, Inc. | | | 921 | | | | 207,078 | |
Element Solutions, Inc. | | | 2,778 | | | | 65,283 | |
FMC Corp. | | | 138 | | | | 7,782 | |
Freeport-McMoRan, Inc. | | | 1,013 | | | | 38,302 | |
Graphic Packaging Holding Co. | | | 13,423 | | | | 348,327 | |
Huntsman Corp. | | | 5,942 | | | | 152,115 | |
International Flavors & Fragrances, Inc. | | | 582 | | | | 43,941 | |
International Paper Co. | | | 8,150 | | | | 288,184 | |
Linde PLC | | | 377 | | | | 169,205 | |
Louisiana-Pacific Corp. | | | 1,645 | | | | 121,681 | |
LyondellBasell Industries NV, Class A | | | 7,668 | | | | 768,947 | |
Martin Marietta Materials, Inc. | | | 289 | | | | 166,958 | |
Mosaic Co. | | | 2,289 | | | | 71,325 | |
NewMarket Corp. | | | 374 | | | | 239,985 | |
Newmont Corp. | | | 718 | | | | 22,437 | |
Nucor Corp. | | | 4,237 | | | | 814,775 | |
Olin Corp. | | | 3,646 | | | | 196,155 | |
Packaging Corp. of America | | | 2,635 | | | | 477,436 | |
PPG Industries, Inc. | | | 898 | | | | 127,157 | |
Reliance, Inc. | | | 3,713 | | | | 1,192,690 | |
Royal Gold, Inc. | | | 661 | | | | 67,838 | |
RPM International, Inc. | | | 1,398 | | | | 161,259 | |
Scotts Miracle-Gro Co. | | | 487 | | | | 31,996 | |
Sealed Air Corp. | | | 453 | | | | 15,796 | |
Sherwin-Williams Co. | | | 508 | | | | 168,671 | |
Silgan Holdings, Inc. | | | 2,185 | | | | 95,943 | |
Sonoco Products Co. | | | 1,297 | | | | 73,514 | |
Southern Copper Corp. | | | 507 | | | | 40,996 | |
Steel Dynamics, Inc. | | | 4,407 | | | | 589,745 | |
United States Steel Corp. | | | 1,930 | | | | 91,366 | |
Vulcan Materials Co. | | | 714 | | | | 189,817 | |
Westlake Corp. | | | 1,349 | | | | 187,120 | |
Westrock Co. | | | 2,634 | | | | 119,294 | |
| | | | | | | | |
(Cost $7,834,501) | | | | | | | 10,060,335 | |
| | | | | | | | |
| Real Estate — 3.5% | | | | | | |
Agree Realty Corp. REIT | | | 211 | | | | 11,594 | |
Alexandria Real Estate Equities, Inc. REIT | | | 192 | | | | 23,948 | |
American Homes 4 Rent, Class A REIT | | | 2,804 | | | | 103,776 | |
American Tower Corp. REIT | | | 167 | | | | 33,210 | |
Americold Realty Trust, Inc. REIT | | | 482 | | | | 12,195 | |
| | | | |
| See Notes to Financial Statements. | | 45 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Real Estate (Continued) | | | | | | |
Apartment Income REIT Corp. REIT | | | 6,802 | | | $ | 206,237 | |
AvalonBay Communities, Inc. REIT | | | 1,373 | | | | 243,062 | |
Boston Properties, Inc. REIT | | | 1,152 | | | | 74,557 | |
Brixmor Property Group, Inc. REIT | | | 3,004 | | | | 67,920 | |
Camden Property Trust REIT | | | 861 | | | | 81,347 | |
CBRE Group, Inc., Class A* | | | 4,267 | | | | 392,095 | |
CoStar Group, Inc.* | | | 1,315 | | | | 114,444 | |
Cousins Properties, Inc. REIT | | | 590 | | | | 13,458 | |
Crown Castle, Inc. REIT | | | 404 | | | | 44,416 | |
CubeSmart REIT | | | 2,682 | | | | 116,962 | |
Digital Realty Trust, Inc. REIT | | | 518 | | | | 76,048 | |
EastGroup Properties, Inc. REIT | | | 862 | | | | 151,445 | |
Equinix, Inc. REIT | | | 109 | | | | 96,881 | |
Equity LifeStyle Properties, Inc. REIT | | | 2,131 | | | | 143,459 | |
Equity Residential REIT | | | 1,819 | | | | 109,522 | |
Essex Property Trust, Inc. REIT | | | 494 | | | | 114,312 | |
Extra Space Storage, Inc. REIT | | | 896 | | | | 126,309 | |
Federal Realty Investment Trust REIT | | | 619 | | | | 62,426 | |
First Industrial Realty Trust, Inc. REIT | | | 2,577 | | | | 136,581 | |
Gaming and Leisure Properties, Inc. REIT | | | 744 | | | | 33,837 | |
Healthcare Realty Trust, Inc. REIT | | | 841 | | | | 11,589 | |
Healthpeak Properties, Inc. REIT | | | 614 | | | | 10,284 | |
Highwoods Properties, Inc. REIT | | | 625 | | | | 15,281 | |
Host Hotels & Resorts, Inc. REIT | | | 11,037 | | | | 228,907 | |
Howard Hughes Holdings, Inc.* | | | 224 | | | | 17,114 | |
Invitation Homes, Inc. REIT | | | 2,779 | | | | 94,681 | |
Iron Mountain, Inc. REIT | | | 2,933 | | | | 230,651 | |
Jones Lang LaSalle, Inc.* | | | 812 | | | | 154,475 | |
Kilroy Realty Corp. REIT | | | 556 | | | | 21,067 | |
Kimco Realty Corp. REIT | | | 472 | | | | 9,327 | |
Lamar Advertising Co., Class A REIT | | | 1,434 | | | | 158,529 | |
Mid-America Apartment Communities, Inc. REIT | | | 473 | | | | 59,447 | |
National Storage Affiliates Trust REIT | | | 744 | | | | 26,643 | |
NNN REIT, Inc. REIT | | | 1,066 | | | | 43,376 | |
Omega Healthcare Investors, Inc. REIT | | | 1,551 | | | | 48,267 | |
Prologis, Inc. REIT | | | 715 | | | | 95,288 | |
Public Storage REIT | | | 1,148 | | | | 325,883 | |
Rayonier, Inc. REIT | | | 850 | | | | 29,265 | |
Realty Income Corp. REIT | | | 1,567 | | | | 81,656 | |
Regency Centers Corp. REIT | | | 1,407 | | | | 87,164 | |
Rexford Industrial Realty, Inc. REIT | | | 449 | | | | 22,845 | |
SBA Communications Corp. REIT | | | 256 | | | | 53,563 | |
Simon Property Group, Inc. REIT | | | 802 | | | | 118,808 | |
STAG Industrial, Inc. REIT | | | 2,567 | | | | 95,338 | |
Sun Communities, Inc. REIT | | | 230 | | | | 30,765 | |
UDR, Inc. REIT | | | 625 | | | | 22,187 | |
VICI Properties, Inc. REIT | | | 1,699 | | | | 50,851 | |
Welltower, Inc. REIT | | | 387 | | | | 35,666 | |
Weyerhaeuser Co. REIT | | | 15,987 | | | | 549,633 | |
WP Carey, Inc. REIT | | | 595 | | | | 33,516 | |
| | | | | | | | |
(Cost $5,069,463) | | | | | | | 5,352,107 | |
| | | | | | | | |
| Utilities — 3.2% | | | | | | |
AES Corp. | | | 836 | | | | 12,707 | |
Alliant Energy Corp. | | | 1,834 | | | | 87,573 | |
Ameren Corp. | | | 1,805 | | | | 128,498 | |
American Electric Power Co., Inc. | | | 1,475 | | | | 125,655 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Utilities (Continued) | | | | | | |
American Water Works Co., Inc. | | | 464 | | | $ | 55,003 | |
Atmos Energy Corp. | | | 3,488 | | | | 393,830 | |
Avangrid, Inc. | | | 348 | | | | 10,833 | |
Brookfield Renewable Corp., Class A | | | 1,661 | | | | 39,399 | |
CenterPoint Energy, Inc. | | | 4,792 | | | | 131,780 | |
Clearway Energy, Inc. | | | 506 | | | | 11,031 | |
CMS Energy Corp. | | | 2,257 | | | | 129,484 | |
Consolidated Edison, Inc. | | | 2,996 | | | | 261,281 | |
Constellation Energy Corp. | | | 447 | | | | 75,297 | |
Dominion Energy, Inc. | | | 1,438 | | | | 68,780 | |
DTE Energy Co. | | | 1,617 | | | | 175,202 | |
Duke Energy Corp. | | | 1,235 | | | | 113,410 | |
Edison International | | | 3,772 | | | | 256,571 | |
Entergy Corp. | | | 1,428 | | | | 145,042 | |
Essential Utilities, Inc. | | | 815 | | | | 28,346 | |
Evergy, Inc. | | | 1,864 | | | | 92,343 | |
Eversource Energy | | | 834 | | | | 48,956 | |
Exelon Corp. | | | 5,778 | | | | 207,084 | |
FirstEnergy Corp. | | | 3,205 | | | | 117,335 | |
Hawaiian Electric Industries, Inc. | | | 6,981 | | | | 85,029 | |
IDACORP, Inc. | | | 845 | | | | 74,453 | |
National Fuel Gas Co. | | | 1,856 | | | | 90,461 | |
NextEra Energy, Inc. | | | 574 | | | | 31,679 | |
NiSource, Inc. | | | 8,165 | | | | 212,780 | |
NRG Energy, Inc. | | | 7,978 | | | | 441,343 | |
OGE Energy Corp. | | | 3,524 | | | | 115,975 | |
Pinnacle West Capital Corp. | | | 2,028 | | | | 138,573 | |
PPL Corp. | | | 3,539 | | | | 93,323 | |
Public Service Enterprise Group, Inc. | | | 3,291 | | | | 205,358 | |
Sempra | | | 1,185 | | | | 83,661 | |
Southern Co. | | | 2,860 | | | | 192,335 | |
Vistra Corp. | | | 1,716 | | | | 93,591 | |
WEC Energy Group, Inc. | | | 1,373 | | | | 107,767 | |
Xcel Energy, Inc. | | | 2,507 | | | | 132,094 | |
| | | | | | | | |
(Cost $4,811,389) | | | | | | | 4,813,862 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $122,699,757) | | | | | | | 149,322,019 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.3% | | | | | | |
iShares Russell 1000 ETF (a) | | | 300 | | | | 83,931 | |
Vanguard S&P 500 ETF | | | 750 | | | | 350,197 | |
| | | | | | | | |
(Cost $372,161) | | | | | | | 434,128 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.2% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $327,111) | | | 327,111 | | | | 327,111 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.2% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $287,137) | | | 287,137 | | | | 287,137 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.1% (Cost $123,686,166) | | | | | | $ | 150,370,395 | |
Other assets and liabilities, net — (0.1%) | | | | | | | (144,136 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 150,226,259 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 46 | | |
DBX ETF Trust
Xtrackers Russell US Multifactor ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.2% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | | | | | |
| | | — | | | | 327,111 | (d) | | | — | | | | — | | | | — | | | | 1,898 | | | | — | | | | 327,111 | | | | 327,111 | |
| |
CASH EQUIVALENTS — 0.2% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | | | | | |
| | | 139,790 | | | | 2,392,579 | | | | (2,245,232 | ) | | | — | | | | — | | | | 5,763 | | | | — | | | | 287,137 | | | | 287,137 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 139,790 | | | | 2,719,690 | | | | (2,245,232 | ) | | | — | | | | — | | | | 7,661 | | | | — | | | | 614,248 | | | | 614,248 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $319,501, which is 0.2% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | | Unrealized
Appreciation | |
S&P 500 E-Mini Futures | | USD | | 1 | | $ | 233,888 | | | | $255,188 | | | | 3/15/2024 | | | $ | 21,300 | |
Micro E-Mini S&P 500 Futures | | USD | | 4 | | | 99,490 | | | | 102,075 | | | | 3/15/2024 | | | | 2,585 | |
| | | | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | | | $ | 23,885 | |
| | | | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 149,322,019 | | | $ | — | | | $ | — | | | $ | 149,322,019 | |
Exchange-Traded Funds | | | 434,128 | | | | — | | | | — | | | | 434,128 | |
Short-Term Investments (a) | | | 614,248 | | | | — | | | | — | | | | 614,248 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 23,885 | | | | — | | | | — | | | | 23,885 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 150,394,280 | | | $ | — | | | $ | — | | | $ | 150,394,280 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| | | | |
| See Notes to Financial Statements. | | 47 | | |
DBX ETF Trust
Statements of Assets and Liabilities
February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers FTSE
Developed ex US
Multifactor ETF | | | Xtrackers MSCI
Kokusai Equity
ETF | | | Xtrackers Russell
1000 US Quality at
a Reasonable
Price ETF | | | Xtrackers Russell
US Multifactor ETF | |
Assets | | | | | | | | | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 58,572,850 | | | $ | 556,492,076 | | | $ | 64,831,549 | | | $ | 149,756,147 | |
Investment in affiliated securities at value | | | 44,693 | | | | 250,749 | | | | — | | | | — | |
Investment in DWS Government Money Market Series | | | 79,730 | | | | 1,167,020 | | | | 59,003 | | | | 287,137 | |
Investment in DWS Government & Agency Securities Portfolio* | | | 290,445 | | | | 309,212 | | | | 48,826 | | | | 327,111 | |
Foreign currency at value | | | 146,072 | | | | 743,466 | | | | — | | | | — | |
Deposit with broker for futures contracts | | | 12,500 | | | | 137,391 | | | | 5,841 | | | | 18,172 | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 8,651 | | | | 3,278,272 | | | | — | | | | — | |
Variation margin on futures contracts | | | — | | | | 11,713 | | | | 1,005 | | | | 2,300 | |
Dividends | | | 131,009 | | | | 774,697 | | | | 112,527 | | | | 192,394 | |
Interest | | | 326 | | | | 4,425 | | | | 162 | | | | 1,081 | |
Affiliated securities lending income | | | 12 | | | | 1,173 | | | | 28 | | | | 664 | |
Foreign tax reclaim | | | 60,502 | | | | 185,674 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 59,346,790 | | | $ | 563,355,868 | | | $ | 65,058,941 | | | $ | 150,585,006 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
Payable upon return of securities loaned | | $ | 290,445 | | | $ | 309,212 | | | $ | 48,826 | | | $ | 327,111 | |
Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 535 | | | | 3,243,354 | | | | — | | | | 11,921 | |
Investment advisory fees | | | 11,066 | | | | 39,080 | | | | 9,613 | | | | 19,715 | |
Variation margin on futures contracts | | | 980 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 303,026 | | | | 3,591,646 | | | | 58,439 | | | | 358,747 | |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 59,043,764 | | | $ | 559,764,222 | | | $ | 65,000,502 | | | $ | 150,226,259 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 75,013,679 | | | $ | 466,314,940 | | | $ | 58,154,007 | | | $ | 155,068,523 | |
Distributable earnings (loss) | | | (15,969,915 | ) | | | 93,449,282 | | | | 6,846,495 | | | | (4,842,264 | ) |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 59,043,764 | | | $ | 559,764,222 | | | $ | 65,000,502 | | | $ | 150,226,259 | |
| | | | | | | | | | | | | | | | |
| | | | |
Number of Common Shares outstanding | | | 2,050,001 | | | | 6,210,001 | | | | 1,375,001 | | | | 3,000,001 | |
| | | | | | | | | | | | | | | | |
Net Asset Value | | $ | 28.80 | | | $ | 90.14 | | | $ | 47.27 | | | $ | 50.08 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment in non-affiliated securities at cost | | $ | 52,595,067 | | | $ | 460,554,297 | | | $ | 56,533,504 | | | $ | 123,071,918 | |
| | | | | | | | | | | | | | | | |
Investment in affiliated securities at cost | | $ | 36,967 | | | $ | 216,690 | | | $ | – | | | $ | – | |
| | | | | | | | | | | | | | | | |
Value of securities loaned | | $ | 276,396 | | | $ | 283,214 | | | $ | 47,835 | | | $ | 319,501 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | 79,730 | | | $ | 1,167,020 | | | $ | 59,003 | | | $ | 287,137 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government & Agency Securities Portfolio at cost* | | $ | 290,445 | | | $ | 309,212 | | | $ | 48,826 | | | $ | 327,111 | |
| | | | | | | | | | | | | | | | |
Foreign currency at cost | | $ | 146,302 | | | $ | 737,167 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| * | Represents collateral on securities loaned. |
| | | | |
| See Notes to Financial Statements. | | 48 | | |
DBX ETF Trust
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers FTSE
Developed ex US
Multifactor ETF | | | Xtrackers MSCI
Kokusai Equity
ETF | | | Xtrackers Russell
1000 US Quality at
a Reasonable
Price ETF | | | Xtrackers Russell
US Multifactor ETF | |
Investment Income | | | | | | | | | | | | | | | | |
Unaffiliated dividend income* | | $ | 658,721 | | | $ | 3,892,326 | | | $ | 496,738 | | | $ | 1,179,096 | |
Income distributions from affiliated funds | | | 3,232 | | | | 27,309 | | | | 886 | | | | 5,763 | |
Affiliated securities lending income | | | 314 | | | | 6,385 | | | | 30 | | | | 1,898 | |
Affiliated other income (see note 6) | | | 515 | | | | 2,502 | | | | — | | | | 500 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 662,782 | | | | 3,928,522 | | | | 497,654 | | | | 1,187,257 | |
| | | | | | | | | | | | | | | | |
| | | | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 99,574 | | | | 232,715 | | | | 51,739 | | | | 115,600 | |
Other expenses | | | 58 | | | | 58 | | | | 58 | | | | 58 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 99,632 | | | | 232,773 | | | | 51,797 | | | | 115,658 | |
| | | | | | | | | | | | | | | | |
Less fees waived (see note 3): | | | | | | | | | | | | | | | | |
Waiver | | | (31,362 | ) | | | (550 | ) | | | (19 | ) | | | (117 | ) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 68,270 | | | | 232,223 | | | | 51,778 | | | | 115,541 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 594,512 | | | | 3,696,299 | | | | 445,876 | | | | 1,071,716 | |
| | | | | | | | | | | | | | | | |
| | | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments | | | (1,508,397 | ) | | | (1,286,824 | ) | | | (13,033 | ) | | | (930,339 | ) |
In-kind redemptions | | | 1,549,246 | | | | 5,024,240 | | | | 1,865,770 | | | | 5,843,205 | |
In-kind redemptions in affiliates | | | (240 | ) | | | 2,616 | | | | — | | | | — | |
Futures contracts | | | 49,545 | | | | 143,336 | | | | (5 | ) | | | 9,722 | |
Foreign currency transactions | | | 5,470 | | | | 1,748 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 95,624 | | | | 3,885,116 | | | | 1,852,732 | | | | 4,922,588 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 3,213,134 | | | | 55,281,462 | | | | 5,517,102 | | | | 10,611,428 | |
Investments in affiliates | | | 7,269 | | | | 45,194 | | | | — | | | | — | |
Futures contracts | | | 6,813 | | | | 112,443 | | | | 1,881 | | | | 17,499 | |
Foreign currency translations | | | 109 | | | | (28,093 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 3,227,325 | | | | 55,411,006 | | | | 5,518,983 | | | | 10,628,927 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | | | 3,322,949 | | | | 59,296,122 | | | | 7,371,715 | | | | 15,551,515 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 3,917,461 | | | $ | 62,992,421 | | | $ | 7,817,591 | | | $ | 16,623,231 | |
| | | | | | | | | | | | | | | | |
* Unaffiliated foreign tax withheld | | $ | 61,528 | | | $ | 360,664 | | | $ | 42 | | | $ | 554 | |
| | | | |
| See Notes to Financial Statements. | | 49 | | |
DBX ETF Trust
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Xtrackers FTSE Developed ex US
Multifactor ETF | | | Xtrackers MSCI Kokusai Equity ETF | |
| | | For the Six
Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the Six
Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 594,512 | | | $ | 2,211,616 | | | $ | 3,696,299 | | | $ | 10,516,535 | |
Net realized gain (loss) | | | 95,624 | | | | (5,384,510 | ) | | | 3,885,116 | | | | 7,420,412 | |
Net change in net unrealized appreciation (depreciation) | | | 3,227,325 | | | | 9,700,089 | | | | 55,411,006 | | | | 60,585,767 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 3,917,461 | | | | 6,527,195 | | | | 62,992,421 | | | | 78,522,714 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (1,438,980 | ) | | | (2,130,476 | ) | | | (4,510,307 | ) | | | (10,244,127 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 4,074,833 | | | | 6,891,035 | | | | — | | | | — | |
Value of shares redeemed | | | (7,824,665 | ) | | | (16,975,746 | ) | | | (18,424,205 | ) | | | (50,947,243 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | (3,749,832 | ) | | | (10,084,711 | ) | | | (18,424,205 | ) | | | (50,947,243 | ) |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | (1,271,351 | ) | | | (5,687,992 | ) | | | 40,057,909 | | | | 17,331,344 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 60,315,115 | | | | 66,003,107 | | | | 519,706,313 | | | | 502,374,969 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 59,043,764 | | | $ | 60,315,115 | | | $ | 559,764,222 | | | $ | 519,706,313 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 2,200,001 | | | | 2,600,001 | | | | 6,430,001 | | | | 7,070,001 | |
Shares sold | | | 150,000 | | | | 250,000 | | | | — | | | | — | |
Shares redeemed | | | (300,000 | ) | | | (650,000 | ) | | | (220,000 | ) | | | (640,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 2,050,001 | | | | 2,200,001 | | | | 6,210,001 | | | | 6,430,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 50 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | | | | | |
| | | Xtrackers Russell 1000 US Quality
at a Reasonable Price ETF | | | Xtrackers Russell US
Multifactor ETF | |
| | | For the Six
Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the Six
Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 445,876 | | | $ | 259,221 | | | $ | 1,071,716 | | | $ | 2,526,303 | |
Net realized gain (loss) | | | 1,852,732 | | | | 594,889 | | | | 4,922,588 | | | | 3,947,253 | |
Net change in net unrealized appreciation (depreciation) | | | 5,518,983 | | | | 2,517,678 | | | | 10,628,927 | | | | 5,908,420 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 7,817,591 | | | | 3,371,788 | | | | 16,623,231 | | | | 12,381,976 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (325,757 | ) | | | (210,231 | ) | | | (1,115,297 | ) | | | (2,664,258 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 36,288,139 | | | | 18,421,557 | | | | 18,456,777 | | | | 28,235,429 | |
Value of shares redeemed | | | (7,821,155 | ) | | | (3,689,886 | ) | | | (18,703,743 | ) | | | (48,688,101 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | 28,466,984 | | | | 14,731,671 | | | | (246,966 | ) | | | (20,452,672 | ) |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 35,958,818 | | | | 17,893,228 | | | | 15,260,968 | | | | (10,734,954 | ) |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 29,041,684 | | | | 11,148,456 | | | | 134,965,291 | | | | 145,700,245 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 65,000,502 | | | $ | 29,041,684 | | | $ | 150,226,259 | | | $ | 134,965,291 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 675,001 | | | | 300,001 | | | | 3,000,001 | | | | 3,500,001 | |
Shares sold | | | 875,000 | | | | 475,000 | | | | 400,000 | | | | 700,000 | |
Shares redeemed | | | (175,000 | ) | | | (100,000 | ) | | | (400,000 | ) | | | (1,200,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 1,375,001 | | | | 675,001 | | | | 3,000,001 | | | | 3,000,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 51 | | |
DBX ETF Trust
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers FTSE Developed ex US Multifactor ETF
Selected Per Share Data | | For the Six
Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | $ | 27.42 | | | $ | 25.39 | | | $ | 32.88 | | | $ | 27.84 | | | $ | 26.80 | | | $ | 28.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 0.28 | | | | 0.90 | | | | 1.01 | | | | 0.84 | | | | 0.62 | | | | 0.83 | |
Net realized and unrealized gain (loss) | | | 1.74 | | | | 1.98 | | | | (7.37 | ) | | | 5.35 | | | | 1.32 | | | | (2.11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.02 | | | | 2.88 | | | | (6.36 | ) | | | 6.19 | | | | 1.94 | | | | (1.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | |
Net investment income | | | (0.64 | ) | | | (0.85 | ) | | | (1.13 | ) | | | (1.15 | ) | | | (0.90 | ) | | | (0.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.64 | ) | | | (0.85 | ) | | | (1.13 | ) | | | (1.15 | ) | | | (0.90 | ) | | | (0.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 28.80 | | | $ | 27.42 | | | $ | 25.39 | | | $ | 32.88 | | | $ | 27.84 | | | $ | 26.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(b) | | | 7.50 | ** | | | 11.59 | | | | (19.75 | ) | | | 22.69 | | | | 7.49 | | | | (4.51 | ) |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 59 | | | | 60 | | | | 66 | | | | 71 | | | | 72 | | | | 72 | |
Ratio of expenses before fee waiver (%) | | | 0.35 | * | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | |
Ratio of expenses after fee waiver (%) | | | 0.24 | * | | | 0.24 | | | | 0.24 | | | | 0.24 | | | | 0.24 | | | | 0.29 | |
Ratio of net investment income (loss) (%) | | | 2.09 | * | | | 3.44 | | | | 3.45 | | | | 2.75 | | | | 2.37 | | | | 3.05 | |
Portfolio turnover rate (%)(c) | | | 27 | ** | | | 52 | | | | 56 | | | | 53 | | | | 43 | | | | 51 | |
| | | | | | | | | | | | | | | | | | | | |
Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data | | For the Six
Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | | | Period Ended
8/31/2020(d) | |
| | 2023 | | | 2022 | | | 2021 | |
Net Asset Value, beginning of period | | $ | 80.83 | | | $ | 71.06 | | | $ | 84.95 | | | $ | 65.83 | | | $ | 50.00 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 0.58 | | | | 1.50 | | | | 1.53 | | | | 1.28 | | | | 0.49 | |
Net realized and unrealized gain (loss) | | | 9.43 | | | | 9.72 | | | | (13.73 | ) | | | 18.91 | | | | 15.34 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 10.01 | | | | 11.22 | | | | (12.20 | ) | | | 20.19 | | | | 15.83 | |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | |
Net investment income | | | (0.70 | ) | | | (1.45 | ) | | | (1.69 | ) | | | (1.06 | ) | | | — | |
Net realized gains | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.70 | ) | | | (1.45 | ) | | | (1.69 | ) | | | (1.07 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 90.14 | | | $ | 80.83 | | | $ | 71.06 | | | $ | 84.95 | | | $ | 65.83 | |
| | | | | | | | | | | | | | | | | | | | |
Total Return (%)(b) | | | 12.48 | ** | | | 16.02 | | | | (14.55 | ) | | | 30.87 | | | | 31.66 | ** |
| | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 560 | | | | 520 | | | | 502 | | | | 803 | | | | 132 | |
Ratio of expenses before fee waiver (%) | | | 0.09 | * | | | 0.09 | | | | 0.09 | | | | 0.09 | | | | 0.09 | * |
Ratio of expenses after fee waiver (%) | | | 0.09 | * | | | 0.09 | | | | 0.09 | | | | 0.09 | | | | 0.09 | * |
Ratio of net investment income (loss) (%) | | | 1.43 | * | | | 2.02 | | | | 1.93 | | | | 1.73 | | | | 2.08 | * |
Portfolio turnover rate (%)(c) | | | 2 | ** | | | 2 | | | | 4 | | | | 6 | | | | 7 | ** |
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (d) | For the period April 8, 2020 (commencement of operations) through August 31, 2020. |
| | | | |
| See Notes to Financial Statements. | | 52 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data | | For the Six
Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | $ | 43.02 | | | $ | 37.16 | | | $ | 41.83 | | | $ | 31.43 | | | $ | 27.08 | | | $ | 27.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 0.35 | | | | 0.61 | | | | 0.53 | | | | 0.52 | | | | 0.52 | | | | 0.51 | |
Net realized and unrealized gain (loss) | | | 4.20 | | | | 5.85 | | | | (4.60 | ) | | | 10.44 | | | | 4.42 | | | | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.55 | | | | 6.46 | | | | (4.07 | ) | | | 10.96 | | | | 4.94 | | | | 0.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | |
Net investment income | | | (0.30 | ) | | | (0.60 | ) | | | (0.60 | ) | | | (0.56 | ) | | | (0.59 | ) | | | (0.47 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.30 | ) | | | (0.60 | ) | | | (0.60 | ) | | | (0.56 | ) | | | (0.59 | ) | | | (0.47 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 47.27 | | | $ | 43.02 | | | $ | 37.16 | | | $ | 41.83 | | | $ | 31.43 | | | $ | 27.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(b) | | | 10.63 | ** | | | 17.63 | | | | (9.84 | ) | | | 35.25 | | | | 18.72 | | | | 1.03 | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 65 | | | | 29 | | | | 11 | | | | 40 | | | | 101 | | | | 111 | |
Ratio of expenses before fee waiver (%) | | | 0.19 | * | | | 0.19 | | | | 0.19 | | | | 0.19 | | | | 0.19 | | | | 0.19 | |
Ratio of expenses after fee waiver (%) | | | 0.19 | * | | | 0.19 | | | | 0.19 | | | | 0.19 | | | | 0.19 | | | | 0.19 | |
Ratio of net investment income (loss) (%) | | | 1.63 | * | | | 1.55 | | | | 1.29 | | | | 1.51 | | | | 1.85 | | | | 1.93 | |
Portfolio turnover rate (%)(c) | | | 1 | ** | | | 34 | | | | 14 | | | | 13 | | | | 22 | | | | 31 | |
| | |
Xtrackers Russell US Multifactor ETF Selected Per Share Data | | For the Six
Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | $ | 44.99 | | | $ | 41.63 | | | $ | 46.33 | | | $ | 34.84 | | | $ | 33.88 | | | $ | 33.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 0.36 | | | | 0.77 | | | | 0.72 | | | | 0.56 | | | | 0.62 | | | | 0.57 | |
Net realized and unrealized gain (loss) | | | 5.08 | | | | 3.38 | | | | (4.76 | ) | | | 11.47 | | | | 0.96 | | | | (0.09 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 5.44 | | | | 4.15 | | | | (4.04 | ) | | | 12.03 | | | | 1.58 | | | | 0.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | |
Net investment income | | | (0.35 | ) | | | (0.79 | ) | | | (0.66 | ) | | | (0.54 | ) | | | (0.62 | ) | | | (0.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.79 | ) | | | (0.66 | ) | | | (0.54 | ) | | | (0.62 | ) | | | (0.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 50.08 | | | $ | 44.99 | | | $ | 41.63 | | | $ | 46.33 | | | $ | 34.84 | | | $ | 33.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(b) | | | 12.16 | ** | | | 10.12 | | | | (8.80 | ) | | | 34.85 | | | | 4.93 | | | | 1.53 | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 150 | | | | 135 | | | | 146 | | | | 206 | | | | 150 | | | | 203 | |
Ratio of expenses before fee waiver (%) | | | 0.17 | * | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.17 | |
Ratio of expenses after fee waiver (%) | | | 0.17 | * | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.17 | |
Ratio of net investment income (loss) (%) | | | 1.58 | * | | | 1.80 | | | | 1.60 | | | | 1.40 | | | | 1.85 | | | | 1.77 | |
Portfolio turnover rate (%)(c) | | | 19 | ** | | | 44 | | | | 38 | | | | 39 | | | | 47 | | | | 48 | |
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| | | | |
| See Notes to Financial Statements. | | 53 | | |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
|
| Xtrackers FTSE Developed ex US Multifactor ETF |
| Xtrackers MSCI Kokusai Equity ETF |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Xtrackers Russell US Multifactor ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| | |
Fund | | Underlying Index |
| Xtrackers FTSE Developed ex US Multifactor ETF | | FTSE Developed ex US Comprehensive Factor Index |
| Xtrackers MSCI Kokusai Equity ETF | | MSCI Kokusai Index |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Xtrackers Russell US Multifactor ETF | | Russell 1000 2Qual/Val 5% Capped Factor Index Russell 1000 Comprehensive Factor Index |
The FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.
The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.
The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.
The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility
54
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Each Fund is diversified. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
55
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
56
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| | | | | | | | | | | | |
| | | Short-Term | | | Long-Term | | | Total Amount | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 11,267,957 | | | $ | 10,104,213 | | | $ | 21,372,170 | |
Xtrackers MSCI Kokusai Equity ETF | | | 2,162,841 | | | | 5,270,305 | | | | 7,433,146 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 267,626 | | | | 3,163,204 | | | | 3,430,830 | |
Xtrackers Russell US Multifactor ETF | | | 23,101,573 | | | | 12,985,749 | | | | 36,087,322 | |
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Tax Cost | | | Net
Unrealized
Appreciation
(Depreciation) | | | Aggregate
Gross Unrealized
Appreciation | | | Aggregate
Gross Unrealized
(Depreciation) | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 58,017,951 | | | $ | 1,880,242 | | | $ | 5,336,717 | | | $ | (3,456,475 | ) |
Xtrackers MSCI Kokusai Equity ETF | | | 476,828,382 | | | | 40,254,580 | | | | 78,661,885 | | | | (38,407,305 | ) |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 26,309,282 | | | | 2,696,269 | | | | 3,277,626 | | | | (581,357 | ) |
Xtrackers Russell US Multifactor ETF | | | 119,443,940 | | | | 15,334,455 | | | | 18,227,862 | | | | (2,893,407 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Funds. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the
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Notes to Financial Statements (Unaudited) (Continued)
value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| | | | | | | | | | | | | | | | | | | | |
Remaining Contractual Maturity of the Agreements, as of February 29, 2024 | |
| | | | | |
| Securities Lending Transactions | | Overnight and
Continuous | | | <30 Days | | | Between
30 & 90 days | | | >90 days | | | Total | |
Xtrackers FTSE Developed ex US Multifactor ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 290,445 | | | $ | — | | | $ | — | | | $ | — | | | $ | 290,445 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 290,445 | |
| | | | | |
Xtrackers MSCI Kokusai Equity ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 309,212 | | | $ | — | | | $ | — | | | $ | — | | | $ | 309,212 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 309,212 | |
| | | |
Xtrackers Russell 1000 Quality at a Reasonable Price ETF | | | | | | | | | | | | | |
Common Stocks | | $ | 48,826 | | | $ | — | | | $ | — | | | $ | — | | | $ | 48,826 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 48,826 | |
| | | | | |
Xtrackers Russell US Multifactor ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 269,977 | | | $ | — | | | $ | — | | | $ | — | | | $ | 269,977 | |
Exchange-Traded Funds | | $ | 57,134 | | | $ | — | | | $ | — | | | $ | — | | | $ | 57,134 | |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 327,111 | | | $ | — | | | $ | — | | | $ | — | | | $ | 327,111 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 327,111 | |
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the
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Notes to Financial Statements (Unaudited) (Continued)
contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| | | | | | | | | | | | | | |
| | | | | Asset Derivatives | | | Liability Derivatives | |
| Xtrackers FTSE Developed ex US Multifactor ETF | |
| | | | | |
| | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 3,567 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| Xtrackers MSCI Kokusai Equity ETF | |
| | | | | |
| | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 138,439 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | |
| | | | | |
| | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 1,881 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| Xtrackers Russell US Multifactor ETF | |
| | | | | |
| | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 23,885 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| * | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| | | | |
Net Realized Gain (Loss) from: | |
| |
| | | Futures Contracts —
Equity Contracts | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 49,545 | |
Xtrackers MSCI Kokusai Equity ETF | | | 143,336 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | (5 | ) |
Xtrackers Russell US Multifactor ETF | | | 9,722 | |
| | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | |
| |
| | | Futures Contracts —
Equity Contracts | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 6,813 | |
Xtrackers MSCI Kokusai Equity ETF | | | 112,443 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 1,881 | |
Xtrackers Russell US Multifactor ETF | | | 17,499 | |
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Notes to Financial Statements (Unaudited) (Continued)
For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:
| | | | |
| | | Futures Contracts
(Contract Value) | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 376,469 | |
Xtrackers MSCI Kokusai Equity ETF | | | 2,285,035 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 15,500 | |
Xtrackers Russell US Multifactor ETF | | | 246,188 | |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| | | | |
| | | Unitary
Advisory Fee | |
Xtrackers FTSE Developed ex US Multifactor ETF | | | 0.35 | % |
Xtrackers MSCI Kokusai Equity ETF | | | 0.09 | % |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 0.19 | % |
Xtrackers Russell US Multifactor ETF | | | 0.17 | % |
The Advisor for Xtrackers FTSE Developed ex US Multifactor ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.24% of the Fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $31,295 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:
| | | | |
| | | Expenses
Waived | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 67 | |
Xtrackers MSCI Kokusai Equity ETF | | | 550 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 19 | |
Xtrackers Russell US Multifactor ETF | | | 117 | |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
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Notes to Financial Statements (Unaudited) (Continued)
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:
| | | | |
| | | Securities
Lending
Agent Fees | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 5 | |
Xtrackers MSCI Kokusai Equity ETF | | | 469 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 1 | |
Xtrackers Russell US Multifactor ETF | | | 153 | |
4. Investment Portfolio Transactions
For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 18,676,819 | | | $ | 15,444,361 | |
Xtrackers MSCI Kokusai Equity ETF | | | 8,967,709 | | | | 9,139,398 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 422,717 | | | | 470,794 | |
Xtrackers Russell US Multifactor ETF | | | 26,389,228 | | | | 26,563,817 | |
For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | — | | | $ | 7,753,218 | |
Xtrackers MSCI Kokusai Equity ETF | | | — | | | | 18,421,112 | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | | | 36,256,008 | | | | 7,735,817 | |
Xtrackers Russell US Multifactor ETF | | | 18,457,635 | | | | 18,685,047 | |
5. Fund Share Transactions
As of February 29, 2024 there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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Notes to Financial Statements (Unaudited) (Continued)
6. Payments by Affiliates
During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)
The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.
| | | | |
DBX Advisors LLC | | Amounts | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 343 | |
Xtrackers MSCI Kokusai Equity ETF | | | 1,668 | |
Xtrackers Russell US Multifactor ETF | | | 333 | |
| |
Deutsche Bank AG | | Amounts | |
Xtrackers FTSE Developed ex US Multifactor ETF | | $ | 172 | |
Xtrackers MSCI Kokusai Equity ETF | | | 834 | |
Xtrackers Russell US Multifactor ETF | | | 167 | |
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DBX ETF Trust
Other Information (Unaudited)
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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Liquidity Risk Management (Unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
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Board Considerations in Approval of Investment Advisory
Contracts (Unaudited)
Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.
The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things,
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Board Considerations in Approval of Investment Advisory
Contracts (Unaudited) (Continued)
the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Funds had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of their respective Peer Groups:
| | — | | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
| | — | | Xtrackers Russell US Multifactor ETF |
The Board considered, however, the following additional factors in connection with those Funds:
| | — | | The advisory fees and total expenses for each of Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF were almost equivalent to the average of its respective Peer Group. |
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a
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Contracts (Unaudited) (Continued)
day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
67
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
68
DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region, generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| | | | |
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | | Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 |
| | |
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 | | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY | | |
R-045855-9 (4/24) DBX005917 (4/25)
February 29, 2024
Semi-Annual Report
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (HYUP)
Xtrackers Low Beta High Yield Bond ETF (HYDW)
Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)
Xtrackers Short Duration High Yield Bond ETF (SHYL)
Xtrackers USD High Yield BB-B ex Financials ETF (BHYB)
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
DBX ETF Trust
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers High Beta High Yield Bond ETF (HYUP)
The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.
|
| Quality* as of February 29, 2024 |
| | | | |
| Description | | % of Market Value | |
BBB | | | 0.9% | |
BB | | | 47.9% | |
B | | | 38.9% | |
CCC | | | 12.3% | |
| | | | |
Total | | | 100.0% | |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
|
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 82.4% | |
Canada | | | 6.3% | |
Luxembourg | | | 2.6% | |
Other | | | 8.7% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Communications | | | 25.9% | |
Consumer, Cyclical | | | 18.0% | |
Energy | | | 13.2% | |
Consumer, Non-cyclical | | | 13.1% | |
Financial | | | 11.6% | |
Industrial | | | 7.1% | |
Basic Materials | | | 4.7% | |
Technology | | | 3.8% | |
Utilities | | | 2.5% | |
Diversified | | | 0.1% | |
| | | | |
Total | | | 100.0% | |
Modified duration to worst as of February 29, 2024: 3.5 years
Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.
* 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 9.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Low Beta High Yield Bond ETF (HYDW)
The Xtrackers Low Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.
|
| Quality* as of February 29, 2024 |
| | | | |
| |
| Description | | % of Market Value | |
BBB | | | 6.3% | |
BB | | | 80.5% | |
B | | | 12.6% | |
CCC | | | 0.5% | |
| | | | |
Total | | | 99.9% | |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
|
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 89.2% | |
Canada | | | 5.1% | |
Other | | | 5.7% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Consumer, Cyclical | | | 22.5% | |
Consumer, Non-cyclical | | | 21.8% | |
Financial | | | 12.5% | |
Industrial | | | 12.0% | |
Energy | | | 11.0% | |
Communications | | | 6.4% | |
Technology | | | 6.2% | |
Utilities | | | 3.9% | |
Basic Materials | | | 3.7% | |
| | | | |
Total | | | 100.0% | |
Modified duration to worst as of February 29, 2024: 3.5 years
Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.
* 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.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)
The Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. It is not possible to invest directly into an index.
|
| Quality* as of February 29, 2024 |
| | | | |
| Description | | % of Market Value | |
BBB | | | 3.4% | |
BB | | | 63.1% | |
B | | | 26.7% | |
CCC | | | 6.8% | |
| | | | |
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, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Consumer, Cyclical | | | 20.1% | |
Communications | | | 17.1% | |
Consumer, Non-cyclical | | | 17.0% | |
Energy | | | 12.0% | |
Financial | | | 12.0% | |
Industrial | | | 9.5% | |
Technology | | | 4.9% | |
Basic Materials | | | 4.2% | |
Utilities | | | 3.1% | |
Diversified | | | 0.1% | |
| | | | |
Total | | | 100.0% | |
Modified duration to worst as of February 29, 2024: 3.5 years
Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.
* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Short Duration High Yield Bond ETF (SHYL)
The Xtrackers Short Duration High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.
|
| Quality* as of February 29, 2024 |
| | | | |
| Description | | % of Market Value | |
BBB | | | 3.7% | |
BB | | | 58.8% | |
B | | | 28.1% | |
CCC | | | 7.8% | |
CC | | | 0.3% | |
| | | | |
Total | | | 98.7% | |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
|
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 82.4% | |
Canada | | | 6.6% | |
Other | | | 11.0% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Consumer, Cyclical | | | 21.0% | |
Communications | | | 17.3% | |
Consumer, Non-cyclical | | | 16.5% | |
Financial | | | 13.3% | |
Energy | | | 11.1% | |
Industrial | | | 10.0% | |
Basic Materials | | | 4.0% | |
Utilities | | | 3.5% | |
Technology | | | 3.2% | |
Diversified | | | 0.1% | |
| | | | |
Total | | | 100.0% | |
Modified duration to worst as of February 29, 2024: 2.6 years
Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.
* 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 30.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers USD High Yield BB-B ex Financials ETF (BHYB)
The Xtrackers USD High Yield BB-B ex Financial 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 ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the “Underlying Index”). The Underlying Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. It is not possible to invest directly into an index.
|
| Quality* as of February 29, 2024 |
| | | | |
| Description | | % of Market Value | |
BBB | | | 5.4% | |
BB | | | 67.5% | |
B | | | 27.1% | |
| | | | |
Total | | | 100.0% | |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
|
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 85.0% | |
Canada | | | 5.0% | |
United Kingdom | | | 2.3% | |
Luxembourg | | | 2.2% | |
Other | | | 5.5% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Consumer, Cyclical | | | 22.6% | |
Consumer, Non-cyclical | | | 16.0% | |
Communications | | | 15.5% | |
Energy | | | 14.8% | |
Industrial | | | 12.2% | |
Basic Materials | | | 5.5% | |
Financial | | | 4.8% | |
Technology | | | 4.5% | |
Utilities | | | 3.9% | |
Diversified | | | 0.2% | |
| | | | |
Total | | | 100.0% | |
Modified duration to worst as of February 29, 2024: 3.7 years
Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. It is not possible to invest directly into an index.
|
| Quality* as of February 29, 2024 |
| | | | |
| Description | | % of Market Value | |
BBB | | | 3.5% | |
BB | | | 63.5% | |
B | | | 26.4% | |
CCC | | | 6.6% | |
| | | | |
Total | | | 100.0% | |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
|
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 85.4% | |
Canada | | | 5.7% | |
Other | | | 8.9% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Consumer, Cyclical | | | 20.1% | |
Consumer, Non-cyclical | | | 17.1% | |
Communications | | | 16.9% | |
Financial | | | 12.0% | |
Energy | | | 12.0% | |
Industrial | | | 9.6% | |
Technology | | | 4.9% | |
Basic Materials | | | 4.2% | |
Utilities | | | 3.1% | |
Diversified | | | 0.1% | |
| | | | |
Total | | | 100.0% | |
Modified duration to worst as of February 29, 2024: 3.5 years
Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.
* 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 65.
6
DBX ETF Trust
Fees and Expenses (Unaudited)
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2023 to February 29, 2024) except Xtrackers USD High Yield BB-B ex Financials ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 29, 2024.
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.
7
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2023 | | | Ending
Account Value
February 29, 2024 | | | Annualized
Expense Ratio | | | Expenses Paid
During the Period
Per $1,000(1) | |
| Xtrackers High Beta High Yield Bond ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,067.30 | | | | 0.20 | % | | $ | 1.03 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.87 | | | | 0.20 | % | | $ | 1.01 | |
| Xtrackers Low Beta High Yield Bond ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,049.10 | | | | 0.20 | % | | $ | 1.02 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.87 | | | | 0.20 | % | | $ | 1.01 | |
| Xtrackers Risk Managed USD High Yield Strategy ETF (2) | |
Actual | | $ | 1,000.00 | | | $ | 1,057.30 | | | | 0.21 | % | | $ | 1.07 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.82 | | | | 0.21 | % | | $ | 1.06 | |
| Xtrackers Short Duration High Yield Bond ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,056.30 | | | | 0.20 | % | | $ | 1.02 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.87 | | | | 0.20 | % | | $ | 1.01 | |
| Xtrackers USD High Yield BB-B ex Financials ETF | |
Actual (3)(4) | | $ | 1,000.00 | | | $ | 1,086.40 | | | | 0.21 | % | | $ | 0.75 | |
Hypothetical (5% return before expenses) (4) | | $ | 1,000.00 | | | $ | 1,023.82 | | | | 0.21 | % | | $ | 1.06 | |
| Xtrackers USD High Yield Corporate Bond ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,058.20 | | | | 0.09 | % | | $ | 0.46 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.42 | | | | 0.09 | % | | $ | 0.45 | |
(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 366.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 126 (the number of days in the period October 27, 2023 (commencement of operations) to February 29, 2024), then divided by 366.
(4) Includes excise tax expense. Excluding this expense, the expense ratio would have been 0.20%.
8
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| CORPORATE BONDS — 97.6% | | | | | | | | |
| Basic Materials — 4.6% | | | | | | | | |
| Chemicals — 2.1% | | | | | | |
ASP Unifrax Holdings, Inc.
144A, 5.25%, 9/30/28 | | $ | 23,000 | | | $ | 14,617 | |
144A, 7.50%, 9/30/29 | | | 10,000 | | | | 5,470 | |
Chemours Co.
5.375%, 5/15/27 | | | 13,000 | | | | 11,890 | |
144A, 5.75%, 11/15/28 | | | 25,000 | | | | 21,953 | |
144A, 4.625%, 11/15/29 | | | 18,000 | | | | 14,824 | |
Consolidated Energy Finance SA
144A, 5.625%, 10/15/28 | | | 13,000 | | | | 10,565 | |
144A, 12.00%, 2/15/31 | | | 17,000 | | | | 17,397 | |
INEOS Finance PLC
144A, 6.75%, 5/15/28 | | | 15,000 | | | | 14,684 | |
144A, 7.50%, 4/15/29 | | | 14,000 | | | | 13,914 | |
INEOS Quattro Finance 2 PLC, 144A,
9.625%, 3/15/29 | | | 15,000 | | | | 15,798 | |
NOVA Chemicals Corp.
144A, 5.00%, 5/1/25 | | | 17,000 | | | | 16,622 | |
144A, 5.25%, 6/1/27 | | | 29,000 | | | | 26,905 | |
144A, 8.50%, 11/15/28 | | | 10,000 | | | | 10,571 | |
144A, 4.25%, 5/15/29 | | | 13,000 | | | | 10,769 | |
144A, 9.00%, 2/15/30 | | | 16,000 | | | | 16,071 | |
SCIH Salt Holdings, Inc., 144A,
6.625%, 5/1/29 | | | 19,000 | | | | 17,298 | |
Tronox, Inc., 144A,
4.625%, 3/15/29 (a) | | | 27,000 | | | | 23,935 | |
| | | | | | | | |
(Cost $291,671) | | | | | | | 263,283 | |
| | | | | | | | |
| Forest Products & Paper — 0.2% | | | | | | |
Mercer International, Inc.,
5.125%, 2/1/29 | | | | | | | | |
(Cost $22,688) | | | 24,000 | | | | 20,710 | |
| | | | | | | | |
| Iron/Steel — 0.8% | | | | | | |
ATI, Inc.,
7.25%, 8/15/30 | | | 10,000 | | | | 10,289 | |
Mineral Resources Ltd.
144A, 8.125%, 5/1/27 | | | 18,000 | | | | 18,178 | |
144A, 8.00%, 11/1/27 | | | 18,000 | | | | 18,355 | |
144A, 9.25%, 10/1/28 | | | 30,000 | | | | 31,500 | |
144A, 8.50%, 5/1/30 | | | 16,000 | | | | 16,452 | |
| | | | | | | | |
(Cost $93,118) | | | | | | | 94,774 | |
| | | | | | | | |
| Mining — 1.5% | | | | | | |
First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25 | | | 20,000 | | | | 20,000 | |
144A, 6.875%, 3/1/26 (a) | | | 28,000 | | | | 28,000 | |
144A, 6.875%, 10/15/27 | | | 49,000 | | | | 46,647 | |
144A, 8.625%, 6/1/31 | | | 36,000 | | | | 34,426 | |
Hudbay Minerals, Inc., 144A,
6.125%, 4/1/29 | | | 15,000 | | | | 14,734 | |
Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28 | | | 15,000 | | | | 13,853 | |
144A, 4.50%, 6/1/31 | | | 20,000 | | | | 17,113 | |
Vedanta Resources Finance II PLC, 144A,
9.25%, 4/23/26 | | | 15,000 | | | | 12,463 | |
| | | | | | | | |
(Cost $192,588) | | | | | | | 187,236 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Communications — 25.3% | | | | | | | | |
| Advertising — 1.4% | | | | | | |
Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27 | | $ | 32,000 | | | $ | 29,957 | |
144A, 7.75%, 4/15/28 | | | 25,000 | | | | 21,640 | |
144A, 9.00%, 9/15/28 (a) | | | 25,000 | | | | 26,093 | |
144A, 7.50%, 6/1/29 | | | 32,000 | | | | 26,514 | |
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27 | | | 5,000 | | | | 4,814 | |
144A, 4.25%, 1/15/29 | | | 17,000 | | | | 15,284 | |
144A, 4.625%, 3/15/30 | | | 13,000 | | | | 11,550 | |
Stagwell Global LLC, 144A,
5.625%, 8/15/29 | | | 34,000 | | | | 30,389 | |
| | | | | | | | |
(Cost $174,666) | | | | | | | 166,241 | |
| | | | | | | | |
| Internet — 0.8% | | | | | | |
EquipmentShare.com, Inc., 144A,
9.00%, 5/15/28 | | | 30,000 | | | | 30,779 | |
Newfold Digital Holdings Group, Inc., 144A,
11.75%, 10/15/28 | | | 15,000 | | | | 16,305 | |
Rakuten Group, Inc., 144A,
11.25%, 2/15/27 | | | 45,000 | | | | 47,922 | |
| | | | | | | | |
(Cost $91,625) | | | | | | | 95,006 | |
| | | | | | | | |
| Media — 14.7% | | | | | | |
Altice Financing SA
144A, 5.00%, 1/15/28 | | | 32,000 | | | | 28,344 | |
144A, 5.75%, 8/15/29 | | | 59,000 | | | | 50,878 | |
AMC Networks, Inc.
4.75%, 8/1/25 | | | 27,000 | | | | 25,774 | |
4.25%, 2/15/29 | | | 26,000 | | | | 16,854 | |
Cable One, Inc., 144A,
4.00%, 11/15/30 | | | 15,000 | | | | 11,348 | |
CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.00%, 2/1/28 | | | 80,000 | | | | 73,899 | |
144A, 5.375%, 6/1/29 | | | 30,000 | | | | 27,161 | |
144A, 6.375%, 9/1/29 | | | 20,000 | | | | 18,805 | |
144A, 4.75%, 3/1/30 | | | 50,000 | | | | 42,581 | |
144A, 4.50%, 8/15/30 | | | 55,000 | | | | 45,673 | |
144A, 4.25%, 2/1/31 | | | 56,000 | | | | 45,093 | |
144A, 7.375%, 3/1/31 (a) | | | 32,000 | | | | 31,026 | |
144A, 4.75%, 2/1/32 | | | 35,000 | | | | 28,276 | |
4.50%, 5/1/32 | | | 60,000 | | | | 47,458 | |
144A, 4.50%, 6/1/33 | | | 45,000 | | | | 34,663 | |
144A, 4.25%, 1/15/34 | | | 35,000 | | | | 26,202 | |
CSC Holdings LLC
144A, 5.50%, 4/15/27 | | | 38,000 | | | | 34,132 | |
144A, 5.375%, 2/1/28 | | | 22,000 | | | | 19,199 | |
144A, 7.50%, 4/1/28 | | | 30,000 | | | | 21,360 | |
144A, 11.25%, 5/15/28 | | | 28,000 | | | | 28,917 | |
144A, 11.75%, 1/31/29 | | | 49,000 | | | | 51,251 | |
144A, 6.50%, 2/1/29 | | | 51,000 | | | | 44,508 | |
144A, 5.75%, 1/15/30 | | | 62,000 | | | | 36,518 | |
144A, 4.125%, 12/1/30 | | | 31,000 | | | | 23,108 | |
144A, 4.625%, 12/1/30 | | | 65,000 | | | | 36,211 | |
144A, 3.375%, 2/15/31 | | | 27,000 | | | | 19,081 | |
144A, 4.50%, 11/15/31 | | | 41,000 | | | | 30,481 | |
144A, 5.00%, 11/15/31 | | | 14,000 | | | | 7,645 | |
DISH DBS Corp.
7.75%, 7/1/26 | | | 54,000 | | | | 34,480 | |
| | | | |
| See Notes to Financial Statements. | | 9 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Media (Continued) | | | | | | |
144A, 5.25%, 12/1/26 | | $ | 76,000 | | | $ | 60,848 | |
7.375%, 7/1/28 | | | 23,000 | | | | 11,244 | |
144A, 5.75%, 12/1/28 | | | 70,000 | | | | 48,606 | |
5.125%, 6/1/29 | | | 43,000 | | | | 18,383 | |
DISH Network Corp., 144A,
11.75%, 11/15/27 | | | 101,000 | | | | 105,424 | |
Gray Television, Inc.
144A, 5.875%, 7/15/26 | | | 27,000 | | | | 25,650 | |
144A, 7.00%, 5/15/27 (a) | | | 17,000 | | | | 15,383 | |
144A, 4.75%, 10/15/30 | | | 20,000 | | | | 12,908 | |
iHeartCommunications, Inc.
6.375%, 5/1/26 | | | 22,000 | | | | 18,755 | |
8.375%, 5/1/27 | | | 27,000 | | | | 16,232 | |
144A, 5.25%, 8/15/27 | | | 19,000 | | | | 14,106 | |
144A, 4.75%, 1/15/28 | | | 11,000 | | | | 7,931 | |
McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28 | | | 23,000 | | | | 21,389 | |
144A, 8.00%, 8/1/29 | | | 16,000 | | | | 14,615 | |
Nexstar Media, Inc.
144A, 5.625%, 7/15/27 | | | 50,000 | | | | 47,438 | |
144A, 4.75%, 11/1/28 (a) | | | 29,000 | | | | 25,784 | |
Radiate Holdco LLC / Radiate Finance, Inc.
144A, 4.50%, 9/15/26 | | | 25,000 | | | | 19,714 | |
144A, 6.50%, 9/15/28 | | | 29,000 | | | | 13,989 | |
Sinclair Television Group, Inc.
144A, 5.50%, 3/1/30 | | | 13,000 | | | | 9,445 | |
144A, 4.125%, 12/1/30 | | | 21,000 | | | | 15,364 | |
Sirius XM Radio, Inc.
144A, 5.50%, 7/1/29 | | | 40,000 | | | | 37,865 | |
144A, 4.125%, 7/1/30 | | | 40,000 | | | | 34,453 | |
144A, 3.875%, 9/1/31 | | | 40,000 | | | | 33,103 | |
TEGNA, Inc.
4.625%, 3/15/28 | | | 30,000 | | | | 27,047 | |
5.00%, 9/15/29 | | | 30,000 | | | | 26,431 | |
Univision Communications, Inc.
144A, 6.625%, 6/1/27 | | | 44,000 | | | | 42,686 | |
144A, 8.00%, 8/15/28 | | | 40,000 | | | | 40,248 | |
144A, 4.50%, 5/1/29 | | | 30,000 | | | | 26,334 | |
144A, 7.375%, 6/30/30 | | | 21,000 | | | | 20,303 | |
VTR Finance NV, 144A,
6.375%, 7/15/28 | | | 13,000 | | | | 5,697 | |
Ziggo Bond Co. BV
144A, 6.00%, 1/15/27 | | | 16,000 | | | | 15,647 | |
144A, 5.125%, 2/28/30 | | | 13,000 | | | | 11,134 | |
Ziggo BV, 144A,
4.875%, 1/15/30 | | | 30,000 | | | | 26,754 | |
| | | | | | | | |
(Cost $2,041,690) | | | | | | | 1,811,836 | |
| | | | | | | | |
| Telecommunications — 8.4% | | | | | | |
Altice France Holding SA
144A, 10.50%, 5/15/27 | | | 43,000 | | | | 28,134 | |
144A, 6.00%, 2/15/28 | | | 31,000 | | | | 15,683 | |
Altice France SA
144A, 8.125%, 2/1/27 | | | 51,000 | | | | 46,918 | |
144A, 5.50%, 1/15/28 | | | 26,000 | | | | 21,243 | |
144A, 5.125%, 1/15/29 | | | 15,000 | | | | 11,354 | |
144A, 5.125%, 7/15/29 | | | 68,000 | | | | 51,433 | |
144A, 5.50%, 10/15/29 | | | 52,000 | | | | 39,437 | |
C&W Senior Financing DAC, 144A,
6.875%, 9/15/27 | | | 33,000 | | | | 31,137 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Telecommunications (Continued) | | | | | | |
CommScope Technologies LLC
144A, 6.00%, 6/15/25 (a) | | $ | 37,000 | | | $ | 30,191 | |
144A, 5.00%, 3/15/27 | | | 19,000 | | | | 6,820 | |
CommScope, Inc.
144A, 6.00%, 3/1/26 (a) | | | 38,000 | | | | 34,245 | |
144A, 8.25%, 3/1/27 | | | 25,000 | | | | 10,973 | |
144A, 7.125%, 7/1/28 | | | 15,000 | | | | 6,016 | |
144A, 4.75%, 9/1/29 | | | 37,000 | | | | 25,383 | |
Consolidated Communications, Inc.
144A, 5.00%, 10/1/28 | | | 12,000 | | | | 9,922 | |
144A, 6.50%, 10/1/28 | | | 20,000 | | | | 17,200 | |
Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27 | | | 30,000 | | | | 29,019 | |
144A, 5.00%, 5/1/28 | | | 45,000 | | | | 41,693 | |
144A, 6.75%, 5/1/29 | | | 25,000 | | | | 22,475 | |
5.875%, 11/1/29 | | | 20,000 | | | | 17,151 | |
144A, 6.00%, 1/15/30 | | | 30,000 | | | | 25,684 | |
144A, 8.75%, 5/15/30 | | | 30,000 | | | | 30,630 | |
144A, 8.625%, 3/15/31 | | | 20,000 | | | | 20,282 | |
Hughes Satellite Systems Corp.
5.25%, 8/1/26 | | | 25,000 | | | | 21,384 | |
6.625%, 8/1/26 (a) | | | 19,000 | | | | 12,540 | |
Iliad Holding SASU, 144A,
7.00%, 10/15/28 | | | 23,000 | | | | 22,775 | |
Intelsat Jackson Holdings SA, 144A,
6.50%, 3/15/30 | | | 80,000 | | | | 74,631 | |
Level 3 Financing, Inc.
144A, 3.40%, 3/1/27 | | | 10,000 | | | | 8,100 | |
144A, 4.625%, 9/15/27 | | | 30,000 | | | | 18,600 | |
144A, 4.25%, 7/1/28 | | | 32,000 | | | | 15,360 | |
144A, 3.625%, 1/15/29 | | | 22,000 | | | | 9,460 | |
144A, 3.875%, 11/15/29 (a) | | | 20,000 | | | | 11,800 | |
144A, 10.50%, 5/15/30 (a) | | | 26,000 | | | | 26,780 | |
Lumen Technologies, Inc.
144A, 5.125%, 12/15/26 | | | 15,000 | | | | 10,034 | |
144A, 4.00%, 2/15/27 | | | 35,000 | | | | 21,211 | |
144A, 4.50%, 1/15/29 | | | 12,000 | | | | 3,791 | |
Millicom International Cellular SA
144A, 5.125%, 1/15/28 | | | 7,200 | | | | 6,870 | |
144A, 6.25%, 3/25/29 | | | 18,000 | | | | 17,494 | |
144A, 4.50%, 4/27/31 | | | 22,000 | | | | 19,002 | |
Sable International Finance Ltd., 144A,
5.75%, 9/7/27 | | | 12,000 | | | | 11,517 | |
Viasat, Inc.
144A, 5.625%, 9/15/25 | | | 18,000 | | | | 17,488 | |
144A, 5.625%, 4/15/27 | | | 24,000 | | | | 22,555 | |
144A, 6.50%, 7/15/28 | | | 10,000 | | | | 7,419 | |
144A, 7.50%, 5/30/31 | | | 20,000 | | | | 14,075 | |
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,
7.75%, 8/15/28 | | | 40,000 | | | | 37,388 | |
Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27 (a) | | | 39,000 | | | | 32,513 | |
144A, 6.125%, 3/1/28 | | | 30,000 | | | | 22,832 | |
| | | | | | | | |
(Cost $1,234,582) | | | | | | | 1,038,642 | |
| | | | | | | | |
| Consumer, Cyclical — 17.6% | | | | | | | | |
| Airlines — 1.4% | | | | | | |
American Airlines Group, Inc., 144A,
3.75%, 3/1/25 | | | 16,000 | | | | 15,645 | |
| | | | |
| See Notes to Financial Statements. | | 10 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Airlines (Continued) | | | | | | |
American Airlines, Inc.
144A, 7.25%, 2/15/28 | | $ | 25,000 | | | $ | 25,231 | |
144A, 8.50%, 5/15/29 | | | 20,000 | | | | 21,037 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
5.75%, 1/20/26 | | | 33,000 | | | | 31,185 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25 | | | 15,000 | | | | 10,862 | |
144A, 8.00%, 9/20/25 (a) | | | 14,000 | | | | 10,138 | |
United Airlines, Inc., 144A,
4.625%, 4/15/29 | | | 60,000 | | | | 55,403 | |
| | | | | | | | |
(Cost $178,172) | | | | | | | 169,501 | |
| | | | | | | | |
| Apparel — 0.4% | | | | | | |
Hanesbrands, Inc.
144A, 4.875%, 5/15/26 | | | 26,000 | | | | 25,120 | |
144A, 9.00%, 2/15/31 (a) | | | 18,000 | | | | 18,059 | |
| | | | | | | | |
(Cost $42,901) | | | | | | | 43,179 | |
| | | | | | | | |
| Auto Manufacturers — 0.2% | | | | | | |
Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25 | | | | | | | | |
(Cost $27,764) | | | 28,000 | | | | 28,415 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.8% | | | | | | |
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 | | | 13,000 | | | | 12,851 | |
6.875%, 7/1/28 | | | 10,000 | | | | 9,672 | |
5.00%, 10/1/29 | | | 20,000 | | | | 17,361 | |
Clarios Global LP / Clarios US Finance Co., 144A,
8.50%, 5/15/27 | | | 45,000 | | | | 45,318 | |
Dana, Inc.
5.375%, 11/15/27 | | | 10,000 | | | | 9,663 | |
5.625%, 6/15/28 | | | 10,000 | | | | 9,692 | |
4.25%, 9/1/30 | | | 15,000 | | | | 12,953 | |
Goodyear Tire & Rubber Co.
5.00%, 7/15/29 (a) | | | 22,000 | | | | 20,274 | |
5.25%, 4/30/31 (a) | | | 14,000 | | | | 12,694 | |
5.25%, 7/15/31 | | | 16,000 | | | | 14,455 | |
5.625%, 4/30/33 | | | 13,000 | | | | 11,638 | |
Tenneco, Inc., 144A,
8.00%, 11/17/28 | | | 51,000 | | | | 46,523 | |
| | | | | | | | |
(Cost $228,524) | | | | | | | 223,094 | |
| | | | | | | | |
| Entertainment — 2.3% | | | | | | |
AMC Entertainment Holdings, Inc., 144A,
7.50%, 2/15/29 (a) | | | 25,000 | | | | 17,307 | |
Banijay Entertainment SASU, 144A,
8.125%, 5/1/29 | | | 10,000 | | | | 10,352 | |
Caesars Entertainment, Inc., 144A,
4.625%, 10/15/29 | | | 35,000 | | | | 31,977 | |
Cinemark USA, Inc.
144A, 5.875%, 3/15/26 | | | 17,000 | | | | 16,760 | |
144A, 5.25%, 7/15/28 | | | 20,000 | | | | 18,705 | |
Light & Wonder International, Inc.
144A, 7.25%, 11/15/29 | | | 11,000 | | | | 11,267 | |
144A, 7.50%, 9/1/31 | | | 20,000 | | | | 20,851 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Entertainment (Continued) | | | | | | |
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31 | | $ | 9,000 | | | $ | 9,011 | |
Mohegan Tribal Gaming Authority, 144A,
8.00%, 2/1/26 | | | 29,000 | | | | 27,369 | |
Penn Entertainment, Inc.
144A, 5.625%, 1/15/27 | | | 15,000 | | | | 14,353 | |
144A, 4.125%, 7/1/29 (a) | | | 10,000 | | | | 8,408 | |
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29 (a) | | | 19,000 | | | | 13,700 | |
144A, 5.875%, 9/1/31 | | | 21,000 | | | | 14,901 | |
Six Flags Entertainment Corp., 144A,
7.25%, 5/15/31 (a) | | | 25,000 | | | | 25,178 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A,
5.125%, 10/1/29 | | | 20,000 | | | | 18,880 | |
144A, 7.125%, 2/15/31 | | | 24,000 | | | | 24,799 | |
| | | | | | | | |
(Cost $304,597) | | | | | | | 283,818 | |
| | | | | | | | |
| Food Service — 0.2% | | | | | | |
TKC Holdings, Inc.
144A, 6.875%, 5/15/28 | | | 16,000 | | | | 14,995 | |
144A, 10.50%, 5/15/29 | | | 16,000 | | | | 14,542 | |
| | | | | | | | |
(Cost $31,116) | | | | | | | 29,537 | |
| | | | | | | | |
| Home Builders — 0.5% | | | | | | |
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30 | | | 10,000 | | | | 9,002 | |
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27 | | | 18,000 | | | | 17,456 | |
144A, 4.875%, 2/15/30 | | | 15,000 | | | | 13,339 | |
Mattamy Group Corp., 144A,
4.625%, 3/1/30 | | | 18,000 | | | | 16,176 | |
| | | | | | | | |
(Cost $59,522) | | | | | | | 55,973 | |
| | | | | | | | |
| Home Furnishings — 0.1% | | | | | | |
Tempur Sealy International, Inc., 144A,
3.875%, 10/15/31 | | | | | | | | |
(Cost $21,042) | | | 21,000 | | | | 17,489 | |
| | | | | | | | |
| Housewares — 1.0% | | | | | | |
Newell Brands, Inc.
4.875%, 6/1/25 | | | 10,000 | | | | 9,799 | |
5.20%, 4/1/26 | | | 55,000 | | | | 53,466 | |
6.375%, 9/15/27 (a) | | | 15,000 | | | | 14,578 | |
6.625%, 9/15/29 | | | 15,000 | | | | 14,386 | |
Scotts Miracle-Gro Co.
4.50%, 10/15/29 | | | 10,000 | | | | 8,885 | |
4.00%, 4/1/31 | | | 15,000 | | | | 12,738 | |
4.375%, 2/1/32 | | | 10,000 | | | | 8,372 | |
| | | | | | | | |
(Cost $122,330) | | | | | | | 122,224 | |
| | | | | | | | |
| Leisure Time — 3.2% | | | | | | |
Carnival Corp.
144A, 7.625%, 3/1/26 (a) | | | 32,000 | | | | 32,440 | |
144A, 5.75%, 3/1/27 | | | 78,000 | | | | 77,087 | |
144A, 6.00%, 5/1/29 | | | 59,000 | | | | 57,693 | |
144A, 10.50%, 6/1/30 | | | 29,000 | | | | 31,663 | |
Life Time, Inc., 144A,
8.00%, 4/15/26 (a) | | | 10,000 | | | | 10,100 | |
| | | | |
| See Notes to Financial Statements. | | 11 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Leisure Time (Continued) | | | | | | |
NCL Corp. Ltd.
144A, 5.875%, 3/15/26 | | $ | 40,000 | | | $ | 39,100 | |
144A, 8.375%, 2/1/28 | | | 20,000 | | | | 21,010 | |
144A, 8.125%, 1/15/29 | | | 18,000 | | | | 18,952 | |
144A, 7.75%, 2/15/29 (a) | | | 17,000 | | | | 17,439 | |
Royal Caribbean Cruises Ltd., 144A,
9.25%, 1/15/29 | | | 29,000 | | | | 31,216 | |
Viking Cruises Ltd.
144A, 5.875%, 9/15/27 | | | 21,000 | | | | 20,545 | |
144A, 7.00%, 2/15/29 | | | 13,000 | | | | 13,007 | |
144A, 9.125%, 7/15/31 | | | 22,000 | | | | 23,832 | |
| | | | | | | | |
(Cost $377,666) | | | | | | | 394,084 | |
| | | | | | | | |
| Lodging — 1.7% | | | | | | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 6.625%, 1/15/32 | | | 25,000 | | | | 25,017 | |
Marriott Ownership Resorts, Inc., 144A,
4.50%, 6/15/29 (a) | | | 13,000 | | | | 11,804 | |
Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25 | | | 26,000 | | | | 25,439 | |
144A, 5.25%, 4/26/26 | | | 10,000 | | | | 9,608 | |
144A, 5.625%, 7/17/27 | | | 16,000 | | | | 15,181 | |
144A, 5.75%, 7/21/28 | | | 23,000 | | | | 21,618 | |
144A, 5.375%, 12/4/29 | | | 34,000 | | | | 30,622 | |
Station Casinos LLC, 144A,
4.625%, 12/1/31 | | | 13,000 | | | | 11,570 | |
Studio City Finance Ltd.
144A, 6.50%, 1/15/28 | | | 15,000 | | | | 14,238 | |
144A, 5.00%, 1/15/29 | | | 32,000 | | | | 27,935 | |
Travel + Leisure Co., 144A,
4.50%, 12/1/29 | | | 19,000 | | | | 17,415 | |
| | | | | | | | |
(Cost $216,882) | | | | | | | 210,447 | |
| | | | | | | | |
| Retail — 4.8% | | | | | | |
Asbury Automotive Group, Inc., 144A,
5.00%, 2/15/32 | | | 16,000 | | | | 14,222 | |
Bath & Body Works, Inc.
7.50%, 6/15/29 (a) | | | 19,000 | | | | 19,634 | |
144A, 6.625%, 10/1/30 | | | 25,000 | | | | 25,164 | |
eG Global Finance PLC, 144A,
12.00%, 11/30/28 | | | 30,000 | | | | 31,710 | |
Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26 | | | 17,000 | | | | 16,843 | |
144A, 5.875%, 4/1/29 | | | 25,000 | | | | 23,758 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A, 4.625%, 1/15/29 | | | 25,000 | | | | 22,712 | |
144A, 6.75%, 1/15/30 | | | 36,000 | | | | 31,831 | |
FirstCash, Inc., 144A,
6.875%, 3/1/32 | | | 10,000 | | | | 9,914 | |
Gap, Inc.
144A, 3.625%, 10/1/29 | | | 19,000 | | | | 16,071 | |
144A, 3.875%, 10/1/31 | | | 24,000 | | | | 19,388 | |
Kohl’s Corp.,
4.625%, 5/1/31 | | | 15,000 | | | | 11,830 | |
LBM Acquisition LLC, 144A,
6.25%, 1/15/29 | | | 19,000 | | | | 17,137 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail (Continued) | | | | | | |
Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29 | | $ | 13,000 | | | $ | 12,533 | |
144A, 6.125%, 3/15/32 | | | 10,000 | | | | 9,317 | |
Michaels Cos., Inc.
144A, 5.25%, 5/1/28 | | | 20,000 | | | | 15,553 | |
144A, 7.875%, 5/1/29 | | | 32,000 | | | | 20,704 | |
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26 | | | 32,000 | | | | 31,416 | |
Nordstrom, Inc.
4.375%, 4/1/30 | | | 15,000 | | | | 13,271 | |
4.25%, 8/1/31 | | | 11,000 | | | | 9,269 | |
PetSmart, Inc. / PetSmart Finance Corp., 144A,
7.75%, 2/15/29 | | | 31,000 | | | | 30,658 | |
QVC, Inc.
4.75%, 2/15/27 | | | 15,000 | | | | 13,534 | |
4.375%, 9/1/28 | | | 13,000 | | | | 10,677 | |
Sonic Automotive, Inc.
144A, 4.625%, 11/15/29 | | | 17,000 | | | | 15,021 | |
144A, 4.875%, 11/15/31 | | | 17,000 | | | | 14,625 | |
SRS Distribution, Inc.
144A, 6.125%, 7/1/29 | | | 12,000 | | | | 11,200 | |
144A, 6.00%, 12/1/29 | | | 25,000 | | | | 23,297 | |
Staples, Inc.
144A, 7.50%, 4/15/26 | | | 54,000 | | | | 51,970 | |
144A, 10.75%, 4/15/27 | | | 28,000 | | | | 25,653 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31 | | | 17,000 | | | | 15,288 | |
| | | | | | | | |
(Cost $618,049) | | | | | | | 584,200 | |
| | | | | | | | |
| Consumer, Non-cyclical — 12.8% | | | | | | |
| Agriculture — 0.2% | | | | | | |
Vector Group Ltd., 144A,
5.75%, 2/1/29
(Cost $28,776) | | | 29,000 | | | | 26,598 | |
| | | | | | | | |
| Beverages — 0.1% | | | | | | |
Primo Water Holdings, Inc., 144A,
4.375%, 4/30/29
(Cost $18,990) | | | 19,000 | | | | 17,253 | |
| | | | | | | | |
| Commercial Services — 3.6% | | | | | | |
Albion Financing 2 SARL, 144A,
8.75%, 4/15/27 | | | 15,000 | | | | 15,074 | |
Allied Universal Holdco LLC, 144A,
7.875%, 2/15/31 | | | 24,000 | | | | 23,864 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26 | | | 14,000 | | | | 13,969 | |
144A, 9.75%, 7/15/27 | | | 33,000 | | | | 32,921 | |
144A, 6.00%, 6/1/29 (a) | | | 25,000 | | | | 20,726 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A,
4.625%, 6/1/28 | | | 36,000 | | | | 32,053 | |
APX Group, Inc., 144A,
5.75%, 7/15/29 | | | 23,000 | | | | 21,896 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 8.00%, 2/15/31 | | | 15,000 | | | | 14,499 | |
Garda World Security Corp.
144A, 4.625%, 2/15/27 | | | 14,000 | | | | 13,387 | |
| | | | |
| See Notes to Financial Statements. | | 12 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services (Continued) | | | | | | |
144A, 9.50%, 11/1/27 | | $ | 20,000 | | | $ | 20,095 | |
144A, 7.75%, 2/15/28 | | | 10,000 | | | | 10,165 | |
144A, 6.00%, 6/1/29 | | | 16,000 | | | | 14,019 | |
Hertz Corp.
144A, 4.625%, 12/1/26 | | | 20,000 | | | | 17,725 | |
144A, 5.00%, 12/1/29 | | | 24,000 | | | | 18,413 | |
MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28 | | | 28,000 | | | | 24,461 | |
144A, 5.75%, 11/1/28 (a) | | | 28,000 | | | | 22,367 | |
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28 | | | 35,000 | | | | 34,559 | |
Sabre GLBL, Inc.
144A, 8.625%, 6/1/27 | | | 25,000 | | | | 22,036 | |
144A, 11.25%, 12/15/27 | | | 17,000 | | | | 15,991 | |
Sotheby’s, 144A,
7.375%, 10/15/27 | | | 20,000 | | | | 19,237 | |
Wand NewCo 3, Inc., 144A,
7.625%, 1/30/32 | | | 28,000 | | | | 28,794 | |
| | | | | | | | |
(Cost $457,618) | | | | | | | 436,251 | |
| | | | | | | | |
| Cosmetics/Personal Care — 0.1% | | | | | | |
Edgewell Personal Care Co., 144A,
4.125%, 4/1/29
(Cost $12,956) | | | 13,000 | | | | 11,859 | |
| | | | | | | | |
| Food — 1.1% | | | | | | |
B&G Foods, Inc.
5.25%, 9/15/27 (a) | | | 14,000 | | | | 13,033 | |
144A, 8.00%, 9/15/28 | | | 15,000 | | | | 15,635 | |
Post Holdings, Inc.
144A, 5.50%, 12/15/29 | | | 32,000 | | | | 30,643 | |
144A, 4.625%, 4/15/30 | | | 42,000 | | | | 38,246 | |
144A, 4.50%, 9/15/31 | | | 28,000 | | | | 24,948 | |
Sigma Holdco BV, 144A,
7.875%, 5/15/26 | | | 12,000 | | | | 11,477 | |
| | | | | | | | |
(Cost $140,590) | | | | | | | 133,982 | |
| | | | | | | | |
| Healthcare-Products — 0.3% | | | | | | |
Bausch + Lomb Escrow Corp., 144A,
8.375%, 10/1/28
(Cost $40,348) | | | 40,000 | | | | 41,850 | |
| | | | | | | | |
| Healthcare-Services — 4.3% | | | | | | |
CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26 (a) | | | 47,000 | | | | 46,576 | |
144A, 5.625%, 3/15/27 | | | 50,000 | | | | 45,805 | |
144A, 8.00%, 12/15/27 | | | 24,000 | | | | 22,982 | |
144A, 6.875%, 4/1/28 | | | 19,000 | | | | 12,289 | |
144A, 6.00%, 1/15/29 | | | 23,000 | | | | 19,804 | |
144A, 6.875%, 4/15/29 | | | 38,000 | | | | 24,294 | |
144A, 6.125%, 4/1/30 | | | 34,000 | | | | 21,307 | |
144A, 5.25%, 5/15/30 | | | 41,000 | | | | 32,753 | |
144A, 4.75%, 2/15/31 | | | 28,000 | | | | 21,332 | |
144A, 10.875%, 1/15/32 | | | 15,000 | | | | 15,293 | |
DaVita, Inc.
144A, 4.625%, 6/1/30 | | | 81,000 | | | | 71,327 | |
144A, 3.75%, 2/15/31 | | | 38,000 | | | | 31,228 | |
Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27 | | | 22,000 | | | | 20,432 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Healthcare-Services (Continued) | | | | | | |
LifePoint Health, Inc.
144A, 5.375%, 1/15/29 | | $ | 13,000 | | | $ | 10,381 | |
144A, 9.875%, 8/15/30 | | | 23,000 | | | | 23,891 | |
144A, 11.00%, 10/15/30 | | | 30,000 | | | | 31,772 | |
ModivCare, Inc., 144A,
5.875%, 11/15/25 | | | 13,000 | | | | 12,704 | |
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,
9.75%, 12/1/26 | | | 36,000 | | | | 36,027 | |
Star Parent, Inc., 144A,
9.00%, 10/1/30 | | | 26,000 | | | | 27,472 | |
| | | | | | | | |
(Cost $587,680) | | | | | | | 527,669 | |
| | | | | | | | |
| Household Products/Wares — 0.1% | | | | | | |
Central Garden & Pet Co., 144A,
4.125%, 4/30/31
(Cost $9,973) | | | 10,000 | | | | 8,758 | |
| | | | | | | | |
| Pharmaceuticals — 3.0% | | | | | | |
AdaptHealth LLC
144A, 4.625%, 8/1/29 | | | 13,000 | | | | 10,835 | |
144A, 5.125%, 3/1/30 (a) | | | 16,000 | | | | 13,396 | |
Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26 | | | 17,000 | | | | 16,001 | |
144A, 8.50%, 1/31/27 (a) | | | 20,000 | | | | 11,404 | |
Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25 | | | 49,000 | | | | 45,646 | |
144A, 9.00%, 12/15/25 | | | 28,000 | | | | 26,665 | |
144A, 6.125%, 2/1/27 | | | 26,000 | | | | 16,672 | |
144A, 5.75%, 8/15/27 | | | 13,000 | | | | 7,850 | |
144A, 5.00%, 1/30/28 | | | 12,000 | | | | 5,490 | |
144A, 4.875%, 6/1/28 | | | 45,000 | | | | 25,692 | |
144A, 11.00%, 9/30/28 | | | 47,000 | | | | 31,725 | |
144A, 5.00%, 2/15/29 | | | 15,000 | | | | 6,626 | |
144A, 6.25%, 2/15/29 | | | 23,000 | | | | 10,553 | |
144A, 5.25%, 1/30/30 | | | 17,000 | | | | 7,352 | |
144A, 5.25%, 2/15/31 | | | 11,000 | | | | 4,758 | |
Cheplapharm Arzneimittel GmbH, 144A,
5.50%, 1/15/28 | | | 13,000 | | | | 12,237 | |
Grifols SA, 144A,
4.75%, 10/15/28 | | | 19,000 | | | | 15,844 | |
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A,
7.875%, 9/1/25 | | | 20,000 | | | | 19,422 | |
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29 | | | 16,000 | | | | 11,461 | |
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31 | | | 55,000 | | | | 47,180 | |
Owens & Minor, Inc.
144A, 4.50%, 3/31/29 | | | 11,000 | | | | 9,842 | |
144A, 6.625%, 4/1/30 (a) | | | 16,000 | | | | 15,476 | |
| | | | | | | | |
(Cost $469,671) | | | | | | | 372,127 | |
| | | | | | | | |
| Diversified — 0.1% | | | | | | | | |
| Holding Companies-Diversified — 0.1% | | | | | | |
Benteler International AG, 144A,
10.50%, 5/15/28
(Cost $15,241) | | | 15,000 | | | | 16,122 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 13 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Energy — 12.9% | | | | | | |
| Energy-Alternate Sources — 0.1% | | | | | | |
Sunnova Energy Corp., 144A,
11.75%, 10/1/28 (a)
(Cost $8,608) | | $ | 10,000 | | | $ | 8,426 | |
| | | | | | | | |
| Oil & Gas — 5.5% | | | | | | |
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 8.25%, 12/31/28 | | | 15,000 | | | | 15,243 | |
Baytex Energy Corp.
144A, 8.75%, 4/1/27 | | | 12,000 | | | | 12,458 | |
144A, 8.50%, 4/30/30 | | | 20,000 | | | | 20,812 | |
Civitas Resources, Inc.
144A, 8.375%, 7/1/28 | | | 35,000 | | | | 36,669 | |
144A, 8.625%, 11/1/30 | | | 30,000 | | | | 32,127 | |
144A, 8.75%, 7/1/31 | | | 40,000 | | | | 42,589 | |
CNX Resources Corp.
144A, 7.375%, 1/15/31 | | | 11,000 | | | | 11,100 | |
144A, 7.25%, 3/1/32 | | | 10,000 | | | | 9,972 | |
Comstock Resources, Inc.
144A, 6.75%, 3/1/29 | | | 32,000 | | | | 29,560 | |
144A, 5.875%, 1/15/30 | | | 28,000 | | | | 24,518 | |
Crescent Energy Finance LLC
144A, 7.25%, 5/1/26 | | | 20,000 | | | | 19,944 | |
144A, 9.25%, 2/15/28 | | | 22,000 | | | | 23,044 | |
CVR Energy, Inc.
144A, 5.75%, 2/15/28 | | | 11,000 | | | | 10,219 | |
144A, 8.50%, 1/15/29 | | | 10,000 | | | | 10,071 | |
Energean PLC, 144A,
6.50%, 4/30/27 | | | 16,000 | | | | 14,631 | |
Kosmos Energy Ltd.
144A, 7.125%, 4/4/26 | | | 22,000 | | | | 21,306 | |
144A, 7.75%, 5/1/27 | | | 14,000 | | | | 13,321 | |
144A, 7.50%, 3/1/28 | | | 10,000 | | | | 9,305 | |
Leviathan Bond Ltd.
144A, REGS, 6.125%, 6/30/25 | | | 16,000 | | | | 15,699 | |
144A, REGS, 6.50%, 6/30/27 | | | 17,000 | | | | 16,318 | |
144A, REGS, 6.75%, 6/30/30 | | | 14,000 | | | | 12,837 | |
Medco Maple Tree Pte Ltd., 144A,
8.96%, 4/27/29 | | | 10,000 | | | | 10,476 | |
Northern Oil & Gas, Inc.
144A, 8.125%, 3/1/28 | | | 19,000 | | | | 19,256 | |
144A, 8.75%, 6/15/31 | | | 15,000 | | | | 15,694 | |
Parkland Corp., 144A,
4.625%, 5/1/30 | | | 21,000 | | | | 19,203 | |
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28 | | | 29,000 | | | | 28,229 | |
144A, 7.875%, 9/15/30 | | | 20,000 | | | | 20,509 | |
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28 | | | 20,000 | | | | 20,461 | |
Talos Production, Inc.
144A, 9.00%, 2/1/29 | | | 15,000 | | | | 15,343 | |
144A, 9.375%, 2/1/31 | | | 16,000 | | | | 16,543 | |
Transocean, Inc.
144A, 7.50%, 1/15/26 | | | 15,000 | | | | 14,841 | |
144A, 11.50%, 1/30/27 | | | 23,000 | | | | 23,937 | |
144A, 8.00%, 2/1/27 | | | 19,000 | | | | 18,563 | |
Tullow Oil PLC, 144A,
7.00%, 3/1/25 | | | 16,000 | | | | 15,039 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | | | | | | |
Vital Energy, Inc.
10.125%, 1/15/28 | | $ | 25,000 | | | $ | 26,185 | |
9.75%, 10/15/30 | | | 13,000 | | | | 13,936 | |
| | | | | | | | |
(Cost $672,925) | | | | | | | 679,958 | |
| | | | | | | | |
| Oil & Gas Services — 1.1% | | | | | | |
Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27 | | | 16,000 | | | | 15,934 | |
144A, 6.25%, 4/1/28 | | | 21,000 | | | | 20,493 | |
CGG SA, 144A,
8.75%, 4/1/27 | | | 16,000 | | | | 14,291 | |
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26 | | | 19,000 | | | | 18,987 | |
6.875%, 9/1/27 | | | 19,000 | | | | 18,920 | |
Weatherford International Ltd., 144A,
8.625%, 4/30/30 | | | 41,000 | | | | 42,540 | |
| | | | | | | | |
(Cost $132,243) | | | | | | | 131,165 | |
| | | | | | | | |
| Pipelines — 6.2% | | | | | | |
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 5.75%, 3/1/27 | | | 18,000 | | | | 17,625 | |
144A, 5.75%, 1/15/28 | | | 17,000 | | | | 16,681 | |
144A, 6.625%, 2/1/32 | | | 20,000 | | | | 19,931 | |
Buckeye Partners LP
144A, 4.125%, 3/1/25 | | | 20,000 | | | | 19,575 | |
144A, 4.50%, 3/1/28 | | | 13,000 | | | | 12,098 | |
EQM Midstream Partners LP
144A, 7.50%, 6/1/27 | | | 13,000 | | | | 13,310 | |
144A, 7.50%, 6/1/30 | | | 13,000 | | | | 13,831 | |
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27 | | | 25,000 | | | | 25,197 | |
7.75%, 2/1/28 | | | 28,000 | | | | 28,025 | |
8.25%, 1/15/29 | | | 18,000 | | | | 18,315 | |
8.875%, 4/15/30 | | | 10,000 | | | | 10,378 | |
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27 | | | 10,000 | | | | 10,011 | |
144A, 8.25%, 1/15/32 | | | 10,000 | | | | 10,263 | |
ITT Holdings LLC,
144A, 6.50%, 8/1/29 | | | 36,000 | | | | 31,988 | |
New Fortress Energy, Inc.
144A, 6.75%, 9/15/25 | | | 32,000 | | | | 31,864 | |
144A, 6.50%, 9/30/26 | | | 43,000 | | | | 41,564 | |
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A, 8.125%, 2/15/29 | | | 25,000 | | | | 25,257 | |
144A, 8.375%, 2/15/32 | | | 33,000 | | | | 33,548 | |
NuStar Logistics LP
6.00%, 6/1/26 | | | 15,000 | | | | 14,841 | |
6.375%, 10/1/30 | | | 15,000 | | | | 15,056 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27 | | | 11,000 | | | | 10,866 | |
144A, 5.50%, 1/15/28 | | | 22,000 | | | | 20,926 | |
144A, 7.375%, 2/15/29 | | | 20,000 | | | | 19,971 | |
| | | | |
| See Notes to Financial Statements. | | 14 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | | | | | | |
144A, 6.00%, 12/31/30 | | $ | 19,000 | | | $ | 17,687 | |
144A, 6.00%, 9/1/31 | | | 14,000 | | | | 12,836 | |
Venture Global LNG, Inc.
144A, 8.125%, 6/1/28 | | | 63,000 | | | | 64,053 | |
144A, 9.50%, 2/1/29 | | | 78,000 | | | | 83,213 | |
144A, 8.375%, 6/1/31 | | | 63,000 | | | | 63,770 | |
144A, 9.875%, 2/1/32 | | | 57,000 | | | | 60,050 | |
| | | | | | | | |
(Cost $764,480) | | | | | | | 762,730 | |
| | | | | | | | |
| Financial — 11.3% | | | | | | |
| Banks — 0.5% | | | | | | |
Freedom Mortgage Corp.
144A, 7.625%, 5/1/26 | | | 15,000 | | | | 14,900 | |
144A, 6.625%, 1/15/27 | | | 14,000 | | | | 13,358 | |
144A, 12.00%, 10/1/28 | | | 22,000 | | | | 23,863 | |
144A, 12.25%, 10/1/30 | | | 13,000 | | | | 14,320 | |
| | | | | | | | |
(Cost $62,062) | | | | | | | 66,441 | |
| | | | | | | | |
| Diversified Financial Services — 4.0% | | | | | | |
Bread Financial Holdings, Inc., 144A,
9.75%, 3/15/29 | | | 25,000 | | | | 25,603 | |
Burford Capital Global Finance LLC, 144A,
9.25%, 7/1/31 | | | 11,000 | | | | 11,564 | |
Coinbase Global, Inc.
144A, 3.375%, 10/1/28 | | | 30,000 | | | | 25,378 | |
144A, 3.625%, 10/1/31 | | | 19,000 | | | | 14,894 | |
Credit Acceptance Corp., 144A,
9.25%, 12/15/28 | | | 15,000 | | | | 15,886 | |
Curo Group Holdings Corp., 144A,
7.50%, 8/1/28* | | | 20,000 | | | | 5,475 | |
Enova International, Inc., 144A,
11.25%, 12/15/28 | | | 10,000 | | | | 10,482 | |
goeasy Ltd., 144A,
9.25%, 12/1/28 | | | 10,000 | | | | 10,620 | |
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A,
5.00%, 8/15/28 | | | 26,000 | | | | 23,418 | |
LD Holdings Group LLC 144A,
6.50%, 11/1/25 | | | 11,000 | | | | 10,192 | |
144A, 6.125%, 4/1/28 | | | 16,000 | | | | 13,079 | |
Nationstar Mortgage Holdings, Inc.
144A, 5.50%, 8/15/28 | | | 25,000 | | | | 23,634 | |
144A, 5.125%, 12/15/30 | | | 19,000 | | | | 16,983 | |
144A, 5.75%, 11/15/31 | | | 16,000 | | | | 14,673 | |
144A, 7.125%, 2/1/32 | | | 20,000 | | | | 19,687 | |
Navient Corp.
4.875%, 3/15/28 | | | 13,000 | | | | 11,883 | |
5.50%, 3/15/29 | | | 22,000 | | | | 19,937 | |
9.375%, 7/25/30 | | | 15,000 | | | | 15,693 | |
11.50%, 3/15/31 | | | 17,000 | | | | 18,617 | |
OneMain Finance Corp.
3.875%, 9/15/28 | | | 15,000 | | | | 13,123 | |
9.00%, 1/15/29 | | | 30,000 | | | | 31,537 | |
5.375%, 11/15/29 | | | 22,000 | | | | 20,442 | |
7.875%, 3/15/30 | | | 22,000 | | | | 22,392 | |
4.00%, 9/15/30 | | | 22,000 | | | | 18,562 | |
Osaic Holdings, Inc., 144A,
10.75%, 8/1/27 | | | 15,000 | | | | 15,594 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Diversified Financial Services (Continued) | | | | | | |
PennyMac Financial Services, Inc., 144A,
5.75%, 9/15/31 | | $ | 13,000 | | | $ | 11,965 | |
PRA Group, Inc., 144A,
8.375%, 2/1/28 | | | 10,000 | | | | 9,781 | |
Synchrony Financial,
7.25%, 2/2/33 | | | 20,000 | | | | 19,457 | |
United Wholesale Mortgage LLC, 144A,
5.50%, 4/15/29 | | | 22,000 | | | | 20,564 | |
| | | | | | | | |
(Cost $511,197) | | | | | | | 491,115 | |
| | | | | | | | |
| Insurance — 0.9% | | | | | | |
Acrisure LLC / Acrisure Finance, Inc.
144A, 10.125%, 8/1/26 | | | 12,000 | | | | 12,488 | |
144A, 6.00%, 8/1/29 | | | 13,000 | | | | 11,715 | |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 6.75%, 10/15/27 | | | 38,000 | | | | 36,952 | |
144A, 5.875%, 11/1/29 | | | 12,000 | | | | 10,994 | |
AssuredPartners, Inc.
144A, 5.625%, 1/15/29 | | | 14,000 | | | | 12,893 | |
144A, 7.50%, 2/15/32 | | | 8,000 | | | | 7,867 | |
USI, Inc.,
144A, 7.50%, 1/15/32 | | | 20,000 | | | | 19,950 | |
| | | | | | | | |
(Cost $113,371) | | | | | | | 112,859 | |
| | | | | | | | |
| Investment Companies — 0.2% | | | | | | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29
(Cost $20,438) | | | 20,000 | | | | 20,925 | |
| | | | | | | | |
| Real Estate — 0.9% | | | | | | |
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30 | | | 18,200 | | | | 16,516 | |
Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28 | | | 20,000 | | | | 19,719 | |
144A, 8.875%, 9/1/31 | | | 10,000 | | | | 10,420 | |
Kennedy-Wilson, Inc.
4.75%, 3/1/29 | | | 17,000 | | | | 13,788 | |
4.75%, 2/1/30 | | | 12,000 | | | | 9,507 | |
5.00%, 3/1/31 | | | 24,000 | | | | 18,683 | |
Realogy Group LLC / Realogy Co.-Issuer Corp.
144A, 5.75%, 1/15/29 | | | 20,000 | | | | 14,900 | |
144A, 5.25%, 4/15/30 | | | 7,000 | | | | 4,911 | |
| | | | | | | | |
(Cost $123,740) | | | | | | | 108,444 | |
| | | | | | | | |
| Real Estate Investment Trusts — 3.6% | | | | | | |
Brandywine Operating Partnership LP,
3.95%, 11/15/27 | | | 15,000 | | | | 13,203 | |
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26 | | | 28,000 | | | | 27,032 | |
144A, 4.50%, 4/1/27 | | | 19,000 | | | | 16,725 | |
Diversified Healthcare Trust
9.75%, 6/15/25 | | | 15,000 | | | | 14,948 | �� |
4.75%, 2/15/28 | | | 13,000 | | | | 10,361 | |
4.375%, 3/1/31 | | | 15,000 | | | | 11,416 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,
3.75%, 12/15/27 | | | 15,000 | | | | 12,683 | |
| | | | |
| See Notes to Financial Statements. | | 15 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Real Estate Investment Trusts (Continued) | | | | | | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
4.75%, 6/15/29 | | $ | 17,000 | | | $ | 15,278 | |
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a) | | | 10,000 | | | | 8,917 | |
5.00%, 10/15/27 (a) | | | 41,000 | | | | 33,597 | |
4.625%, 8/1/29 | | | 25,000 | | | | 18,653 | |
3.50%, 3/15/31 (a) | | | 34,000 | | | | 22,795 | |
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,
4.50%, 9/30/28 | | | 11,000 | | | | 9,276 | |
Office Properties Income Trust,
3.45%, 10/15/31 | | | 12,000 | | | | 5,295 | |
Service Properties Trust
4.75%, 10/1/26 | | | 15,000 | | | | 13,892 | |
4.95%, 2/15/27 | | | 21,000 | | | | 19,304 | |
5.50%, 12/15/27 | | | 16,000 | | | | 15,081 | |
3.95%, 1/15/28 | | | 7,000 | | | | 5,928 | |
4.95%, 10/1/29 | | | 11,000 | | | | 9,062 | |
4.375%, 2/15/30 | | | 10,000 | | | | 7,719 | |
144A, 8.625%, 11/15/31 | | | 25,000 | | | | 26,425 | |
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30 | | | 20,000 | | | | 14,623 | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28 | | | 68,000 | | | | 70,457 | |
144A, 4.75%, 4/15/28 | | | 15,000 | | | | 13,051 | |
144A, 6.50%, 2/15/29 | | | 30,000 | | | | 23,129 | |
| | | | | | | | |
(Cost $458,896) | | | | | | | 438,850 | |
| | | | | | | | |
| REITS — 0.3% | | | | | | |
Hudson Pacific Properties LP
3.95%, 11/1/27 | | | 8,000 | | | | 6,917 | |
4.65%, 4/1/29 | | | 15,000 | | | | 12,512 | |
3.25%, 1/15/30 | | | 10,000 | | | | 7,520 | |
Vornado Realty LP,
2.15%, 6/1/26 | | | 12,000 | | | | 10,774 | |
| | | | | | | | |
(Cost $39,471) | | | | | | | 37,723 | |
| | | | | | | | |
| Venture Capital — 0.9% | | | | | | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.375%, 12/15/25 | | | 25,000 | | | | 24,801 | |
6.25%, 5/15/26 | | | 30,000 | | | | 29,261 | |
5.25%, 5/15/27 | | | 40,000 | | | | 36,795 | |
4.375%, 2/1/29 | | | 25,000 | | | | 21,125 | |
| | | | | | | | |
(Cost $105,175) | | | | | | | 111,982 | |
| | | | | | | | |
| Industrial — 6.9% | | | | | | | | |
| Aerospace/Defense — 1.5% | | | | | | |
Bombardier, Inc.
144A, 7.875%, 4/15/27 | | | 55,000 | | | | 55,105 | |
144A, 7.50%, 2/1/29 | | | 18,000 | | | | 18,272 | |
144A, 8.75%, 11/15/30 | | | 23,000 | | | | 24,122 | |
Spirit AeroSystems, Inc.
4.60%, 6/15/28 | | | 21,000 | | | | 18,457 | |
144A, 9.75%, 11/15/30 | | | 35,000 | | | | 37,541 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Aerospace/Defense (Continued) | | | | | | |
Triumph Group, Inc., 144A,
9.00%, 3/15/28 | | $ | 35,000 | | | $ | 36,630 | |
| | | | | | | | |
(Cost $189,540) | | | | | | | 190,127 | |
| | | | | | | | |
| Building Materials — 0.5% | | | | | | |
Smyrna Ready Mix Concrete LLC
144A, 6.00%, 11/1/28 | | | 36,000 | | | | 34,957 | |
144A, 8.875%, 11/15/31 | | | 30,000 | | | | 31,823 | |
| | | | | | | | |
(Cost $66,239) | | | | | | | 66,780 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.3% | | | | | | |
Energizer Holdings, Inc.
144A, 4.75%, 6/15/28 | | | 15,000 | | | | 13,730 | |
144A, 4.375%, 3/31/29 | | | 21,000 | | | | 18,628 | |
| | | | | | | | |
(Cost $34,622) | | | | | | | 32,358 | |
| | | | | | | | |
| Engineering & Construction — 0.5% | | | | | | |
Brand Industrial Services, Inc., 144A,
10.375%, 8/1/30 | | | 40,000 | | | | 42,587 | |
IHS Holding Ltd. 144A,
5.625%, 11/29/26 | | | 7,000 | | | | 6,152 | |
144A, 6.25%, 11/29/28 | | | 16,000 | | | | 13,098 | |
| | | | | | | | |
(Cost $61,017) | | | | | | | 61,837 | |
| | | | | | | | |
| Environmental Control — 0.2% | | | | | | |
Covanta Holding Corp.,
5.00%, 9/1/30 | | | 8,000 | | | | 6,957 | |
Madison IAQ LLC, 144A,
5.875%, 6/30/29 | | | 24,000 | | | | 21,451 | |
| | | | | | | | |
(Cost $29,732) | | | | | | | 28,408 | |
| | | | | | | | |
| Machinery-Diversified — 0.7% | | | | | | |
Maxim Crane Works Holdings Capital LLC, 144A,
11.50%, 9/1/28 | | | 14,000 | | | | 14,572 | |
SPX FLOW, Inc., 144A,
8.75%, 4/1/30 | | | 14,000 | | | | 13,737 | |
TK Elevator Holdco GmbH, 144A,
7.625%, 7/15/28 | | | 10,000 | | | | 9,792 | |
TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27 | | | 46,000 | | | | 44,252 | |
| | | | | | | | |
(Cost $82,389) | | | | | | | 82,353 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.1% | | | | | | |
Trinity Industries, Inc., 144A,
7.75%, 7/15/28
(Cost $10,168) | | | 10,000 | | | | 10,311 | |
| | | | | | | | |
| Packaging & Containers — 2.6% | | | | | | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A,
4.00%, 9/1/29 | | | 28,000 | | | | 22,772 | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25 | | | 20,000 | | | | 19,807 | |
144A, 4.125%, 8/15/26 | | | 35,000 | | | | 32,332 | |
144A, 5.25%, 8/15/27 | | | 29,000 | | | | 21,067 | |
144A, 5.25%, 8/15/27 | | | 20,000 | | | | 14,529 | |
| | | | |
| See Notes to Financial Statements. | | 16 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Packaging & Containers (Continued) | | | | | | |
LABL, Inc.
144A, 6.75%, 7/15/26 | | $ | 21,000 | | | $ | 20,384 | |
144A, 10.50%, 7/15/27 | | | 22,000 | | | | 21,384 | |
144A, 5.875%, 11/1/28 | | | 13,000 | | | | 11,669 | |
144A, 8.25%, 11/1/29 | | | 11,000 | | | | 9,315 | |
Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26 | | | 70,000 | | | | 70,976 | |
144A, 9.25%, 4/15/27 | | | 38,000 | | | | 36,997 | |
Owens-Brockway Glass Container, Inc.
144A, 6.625%, 5/13/27 | | | 16,000 | | | | 15,977 | |
144A, 7.25%, 5/15/31 | | | 20,000 | | | | 20,295 | |
| | | | | | | | |
(Cost $334,699) | | | | | | | 317,504 | |
| | | | | | | | |
| Transportation — 0.5% | | | | | | |
Cargo Aircraft Management, Inc., 144A,
4.75%, 2/1/28 | | | 18,000 | | | | 15,942 | |
Seaspan Corp., 144A,
5.50%, 8/1/29 | | | 21,000 | | | | 17,931 | |
XPO, Inc.
144A, 7.125%, 6/1/31 | | | 12,000 | | | | 12,269 | |
144A, 7.125%, 2/1/32 | | | 15,000 | | | | 15,262 | |
| | | | | | | | |
(Cost $63,305) | | | | | | | 61,404 | |
| | | | | | | | |
| Technology — 3.7% | | | | | | | | |
| Computers — 1.0% | | | | | | |
CA Magnum Holdings, 144A,
SR SECURED, 10/31/26 | | | 18,000 | | | | 17,347 | |
McAfee Corp., 144A,
7.375%, 2/15/30 | | | 55,000 | | | | 48,606 | |
NCR Atleos Corp., 144A,
9.50%, 4/1/29 | | | 35,000 | | | | 37,056 | |
Presidio Holdings, Inc., 144A,
8.25%, 2/1/28 | | | 15,000 | | | | 14,803 | |
| | | | | | | | |
(Cost $119,645) | | | | | | | 117,812 | |
| | | | | | | | |
| Office/Business Equipment — 0.1% | | | | | | |
Xerox Holdings Corp., 144A,
5.50%, 8/15/28
(Cost $17,544) | | | 19,000 | | | | 17,205 | |
| | | | | | | | |
| Semiconductors — 0.1% | | | | | | |
ams-OSRAM AG, 144A,
12.25%, 3/30/29
(Cost $11,111) | | | 10,000 | | | | 10,156 | |
| | | | | | | | |
| Software — 2.5% | | | | | | |
AthenaHealth Group, Inc., 144A,
6.50%, 2/15/30 (a) | | | 69,000 | | | | 61,842 | |
Clarivate Science Holdings Corp., 144A,
4.875%, 7/1/29 | | | 23,000 | | | | 20,887 | |
Cloud Software Group, Inc.
144A, 6.50%, 3/31/29 | | | 112,000 | | | | 104,371 | |
144A, 9.00%, 9/30/29 | | | 103,000 | | | | 96,253 | |
MicroStrategy, Inc., 144A,
6.125%, 6/15/28 | | | 16,000 | | | | 15,445 | |
RingCentral, Inc., 144A,
8.50%, 8/15/30 | | | 13,000 | | | | 13,451 | |
| | | | | | | | |
(Cost $304,504) | | | | | | | 312,249 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Utilities — 2.4% | | | | | | |
| Electric — 1.9% | | | | | | |
Calpine Corp.
144A, 5.125%, 3/15/28 | | $ | 37,000 | | | $ | 35,221 | |
144A, 4.625%, 2/1/29 | | | 19,000 | | | | 17,506 | |
144A, 5.00%, 2/1/31 | | | 23,000 | | | | 20,586 | |
Drax Finco PLC, 144A,
6.625%, 11/1/25 | | | 15,000 | | | | 14,826 | |
NRG Energy, Inc.
5.75%, 1/15/28 | | | 21,000 | | | | 20,707 | |
144A, 3.375%, 2/15/29 | | | 15,000 | | | | 13,106 | |
144A, 5.25%, 6/15/29 | | | 20,000 | | | | 18,975 | |
144A, 3.625%, 2/15/31 | | | 30,000 | | | | 25,258 | |
PG&E Corp.,
5.25%, 7/1/30 | | | 26,000 | | | | 24,468 | |
Talen Energy Supply LLC, 144A,
8.625%, 6/1/30 | | | 35,000 | | | | 36,958 | |
TransAlta Corp.,
7.75%, 11/15/29 | | | 10,000 | | | | 10,407 | |
| | | | | | | | |
(Cost $247,751) | | | | | | | 238,018 | |
| | | | | | | | |
| Gas — 0.5% | | | | | | |
AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25 | | | 20,000 | | | | 19,651 | |
5.875%, 8/20/26 | | | 18,000 | | | | 17,460 | |
5.75%, 5/20/27 | | | 18,000 | | | | 17,034 | |
144A, 9.375%, 6/1/28 | | | 10,000 | | | | 10,158 | |
| | | | | | | | |
(Cost $64,993) | | | | | | | 64,303 | |
| | | | | | | | |
| TOTAL CORPORATE BONDS | | | | | | |
(Cost $12,802,901) | | | | | | | 12,013,601 | |
| | | | | | | | |
| | |
| | | Number
of Shares | | | | |
| SECURITIES LENDING COLLATERAL — 6.0% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $737,865) | | | 737,865 | | | | 737,865 | |
| | | | | | | | |
| CASH EQUIVALENTS — 1.0% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $116,884) | | | 116,884 | | | | 116,884 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 104.6%
(Cost $13,657,650) | | | | | | $ | 12,868,350 | |
Other assets and liabilities, net — (4.6%) | | | | | | | (569,850 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 12,298,500 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 17 | | |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 6.0% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| | | — | | | | 737,865 | (d) | | | — | | | | — | | | | — | | | | 1,329 | | | | — | | | | 737,865 | | | | 737,865 | |
|
CASH EQUIVALENTS — 1.0% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| | | 203,368 | | | | 683,609 | | | | (770,093 | ) | | | — | | | | — | | | | 3,010 | | | | — | | | | 116,884 | | | | 116,884 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 203,368 | | | | 1,421,474 | | | | (770,093 | ) | | | — | | | | — | | | | 4,339 | | | | — | | | | 854,749 | | | | 854,749 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $721,132, which is 5.9% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
| REGS: | | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds (a) | | $ | — | | | $ | 12,013,601 | | | $ | — | | | $ | 12,013,601 | |
Short-Term Investments (a) | | | 854,749 | | | | — | | | | — | | | | 854,749 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 854,749 | | | $ | 12,013,601 | | | $ | — | | | $ | 12,868,350 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 18 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| CORPORATE BONDS — 97.1% | | | | | | | | |
| Basic Materials — 3.5% | | | | | | | | |
| Chemicals — 1.7% | | | | | | |
Ashland, Inc., 144A,
3.375%, 9/1/31 | | $ | 241,000 | | | $ | 202,150 | |
Avient Corp.
144A, 5.75%, 5/15/25 | | | 334,000 | | | | 332,368 | |
144A, 7.125%, 8/1/30 | | | 372,000 | | | | 380,608 | |
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31 | | | 257,000 | | | | 266,946 | |
Axalta Coating Systems LLC, 144A,
3.375%, 2/15/29 | | | 359,000 | | | | 319,386 | |
Methanex Corp.
5.125%, 10/15/27 | | | 359,000 | | | | 345,445 | |
5.25%, 12/15/29 | | | 379,000 | | | | 360,715 | |
Olin Corp.
5.125%, 9/15/27 | | | 277,000 | | | | 268,950 | |
5.625%, 8/1/29 | | | 344,000 | | | | 336,891 | |
5.00%, 2/1/30 | | | 265,000 | | | | 247,939 | |
SCIH Salt Holdings, Inc., 144A,
4.875%, 5/1/28 | | | 555,000 | | | | 507,833 | |
| | | | | | | | |
(Cost $3,670,830) | | | | | | | 3,569,231 | |
| | | | | | | | |
| Iron/Steel — 0.6% | | | | | | |
Cleveland-Cliffs, Inc.
144A, 6.75%, 3/15/26 | | | 426,000 | | | | 429,674 | |
5.875%, 6/1/27 (a) | | | 285,000 | | | | 282,294 | |
144A, 6.75%, 4/15/30 | | | 385,000 | | | | 382,664 | |
United States Steel Corp.,
6.875%, 3/1/29 | | | 254,000 | | | | 257,211 | |
| | | | | | | | |
(Cost $1,352,384) | | | | | | | 1,351,843 | |
| | | | | | | | |
| Mining — 1.2% | | | | | | |
FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27 | | | 308,000 | | | | 295,190 | |
144A, 5.875%, 4/15/30 | | | 415,000 | | | | 406,625 | |
144A, 4.375%, 4/1/31 | | | 765,000 | | | | 686,327 | |
144A, 6.125%, 4/15/32 | | | 411,000 | | | | 406,561 | |
Hudbay Minerals, Inc.,
144A, 4.50%, 4/1/26 | | | 305,000 | | | | 294,272 | |
Nexa Resources SA
144A, 5.375%, 5/4/27 | | | 372,000 | | | | 359,238 | |
144A, 6.50%, 1/18/28 | | | 257,000 | | | | 257,900 | |
| | | | | | | | |
(Cost $2,775,729) | | | | | | | 2,706,113 | |
| | | | | | | | |
| Communications — 6.2% | | | | | | | | |
| Advertising — 0.5% | | | | | | |
Lamar Media Corp.
3.75%, 2/15/28 | | | 305,000 | | | | 283,159 | |
4.00%, 2/15/30 | | | 282,000 | | | | 251,906 | |
3.625%, 1/15/31 | | | 282,000 | | | | 243,716 | |
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A,
7.375%, 2/15/31 | | | 231,000 | | | | 241,241 | |
| | | | | | | | |
(Cost $1,108,435) | | | | | | | 1,020,022 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Internet — 2.8% | | | | | | |
Gen Digital, Inc.
144A, 5.00%, 4/15/25 | | $ | 565,000 | | | $ | 559,892 | |
144A, 6.75%, 9/30/27 | | | 492,000 | | | | 494,976 | |
144A, 7.125%, 9/30/30 | | | 318,000 | | | | 325,158 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A, 5.25%, 12/1/27 | | | 312,000 | | | | 302,164 | |
144A, 3.50%, 3/1/29 | | | 431,000 | | | | 384,144 | |
Match Group Holdings II LLC
144A, 5.00%, 12/15/27 | | | 241,000 | | | | 230,071 | |
144A, 4.625%, 6/1/28 | | | 272,000 | | | | 255,961 | |
144A, 4.125%, 8/1/30 | | | 266,000 | | | | 235,201 | |
144A, 3.625%, 10/1/31 | | | 257,000 | | | | 216,744 | |
MercadoLibre, Inc.
2.375%, 1/14/26 | | | 205,000 | | | | 193,214 | |
3.125%, 1/14/31 | | | 341,000 | | | | 285,737 | |
Uber Technologies, Inc.
144A, 8.00%, 11/1/26 | | | 770,000 | | | | 784,161 | |
144A, 7.50%, 9/15/27 | | | 626,000 | | | | 640,901 | |
144A, 6.25%, 1/15/28 | | | 272,000 | | | | 272,596 | |
144A, 4.50%, 8/15/29 | | | 770,000 | | | | 722,417 | |
Ziff Davis, Inc., 144A,
4.625%, 10/15/30 | | | 236,000 | | | | 211,848 | |
| | | | | | | | |
(Cost $6,233,015) | | | | | | | 6,115,185 | |
| | | | | | | | |
| Media — 2.6% | | | | | | |
CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.50%, 5/1/26 | | | 411,000 | | | | 404,173 | |
144A, 5.125%, 5/1/27 | | | 1,691,000 | | | | 1,600,312 | |
News Corp.
144A, 3.875%, 5/15/29 | | | 503,000 | | | | 455,038 | |
144A, 5.125%, 2/15/32 | | | 263,000 | | | | 245,257 | |
Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26 | | | 513,000 | | | | 478,847 | |
144A, 5.00%, 8/1/27 | | | 785,000 | | | | 748,754 | |
144A, 4.00%, 7/15/28 | | | 1,057,000 | | | | 953,346 | |
TEGNA, Inc., 144A,
4.75%, 3/15/26 | | | 282,000 | | | | 272,776 | |
Videotron Ltd.
144A, 5.125%, 4/15/27 | | | 308,000 | | | | 302,067 | |
144A, 3.625%, 6/15/29 | | | 272,000 | | | | 244,566 | |
| | | | | | | | |
(Cost $6,121,117) | | | | | | | 5,705,136 | |
| | | | | | | | |
| Telecommunications — 0.3% | | | | | | |
Iliad Holding SASU,
144A, 6.50%, 10/15/26
(Cost $620,803) | | | 621,000 | | | | 614,415 | |
| | | | | | | | |
| Consumer, Cyclical — 21.9% | | | | | | | | |
| Airlines — 1.1% | | | | | | |
Air Canada, 144A,
3.875%, 8/15/26 | | | 626,000 | | | | 593,592 | |
Delta Air Lines, Inc.
7.375%, 1/15/26 | | | 414,000 | | | | 427,382 | |
4.375%, 4/19/28 (a) | | | 230,000 | | | | 220,759 | |
3.75%, 10/28/29 | | | 234,000 | | | | 212,957 | |
| | | | |
| See Notes to Financial Statements. | | 19 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Airlines (Continued) | | | | | | |
United Airlines, Inc., 144A,
4.375%, 4/15/26 | | $ | 1,057,000 | | | $ | 1,018,467 | |
| | | | | | | | |
(Cost $2,609,494) | | | | | | | 2,473,157 | |
| | | | | | | | |
| Apparel — 0.1% | | | | | | |
Levi Strauss & Co., 144A,
3.50%, 3/1/31 (a) | | | | | | | | |
(Cost $220,945) | | | 257,000 | | | | 222,938 | |
| | | | | | | | |
| Auto Manufacturers — 0.4% | | | | | | |
Allison Transmission, Inc.
144A, 4.75%, 10/1/27 | | | 205,000 | | | | 196,762 | |
144A, 5.875%, 6/1/29 | | | 257,000 | | | | 253,375 | |
144A, 3.75%, 1/30/31 | | | 528,000 | | | | 456,686 | |
| | | | | | | | |
(Cost $960,939) | | | | | | | 906,823 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.1% | | | | | | |
Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26 | | | 408,000 | | | | 395,867 | |
144A, 7.00%, 4/15/28 | | | 257,000 | | | | 262,286 | |
144A, 8.25%, 4/15/31 | | | 257,000 | | | | 270,798 | |
Clarios Global LP, 144A,
6.75%, 5/15/25 | | | 291,000 | | | | 291,050 | |
Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26 | | | 461,000 | | | | 460,144 | |
144A, 6.75%, 5/15/28 | | | 385,000 | | | | 389,990 | |
Goodyear Tire & Rubber Co.
9.50%, 5/31/25 | | | 371,000 | | | | 375,057 | |
5.00%, 5/31/26 | | | 477,000 | | | | 465,006 | |
4.875%, 3/15/27 | | | 379,000 | | | | 364,113 | |
ZF North America Capital, Inc.
144A, 4.75%, 4/29/25 | | | 553,000 | | | | 545,119 | |
144A, 6.875%, 4/14/28 | | | 338,000 | | | | 345,362 | |
144A, 7.125%, 4/14/30 | | | 308,000 | | | | 321,144 | |
| | | | | | | | |
(Cost $4,501,401) | | | | | | | 4,485,936 | |
| | | | | | | | |
| Distribution/Wholesale — 0.9% | | | | | | |
American Builders & Contractors Supply Co., Inc.
144A, 4.00%, 1/15/28 | | | 365,000 | | | | 341,333 | |
144A, 3.875%, 11/15/29 | | | 214,000 | | | | 191,312 | |
H&E Equipment Services, Inc., 144A,
3.875%, 12/15/28 | | | 672,000 | | | | 607,026 | |
Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28 | | | 302,000 | | | | 309,459 | |
144A, 7.75%, 3/15/31 | | | 411,000 | | | | 432,578 | |
| | | | | | | | |
(Cost $1,921,229) | | | | | | | 1,881,708 | |
| | | | | | | | |
| Entertainment — 4.8% | | | | | | |
Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25 | | | 795,000 | | | | 795,535 | |
144A, 8.125%, 7/1/27 | | | 827,000 | | | | 849,702 | |
144A, 7.00%, 2/15/30 | | | 1,027,000 | | | | 1,052,931 | |
144A, 6.50%, 2/15/32 | | | 755,000 | | | | 761,122 | |
Cedar Fair LP,5.25%, 7/15/29 | | | 283,000 | | | | 267,493 | |
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
144A, 5.50%, 5/1/25 | | | 556,000 | | | | 554,603 | |
5.375%, 4/15/27 (a) | | | 228,000 | | | | 225,740 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Entertainment (Continued) | | | | | | |
Churchill Downs, Inc.
144A, 5.50%, 4/1/27 | | $ | 308,000 | | | $ | 302,737 | |
144A, 4.75%, 1/15/28 | | | 369,000 | | | | 349,356 | |
144A, 5.75%, 4/1/30 | | | 616,000 | | | | 592,272 | |
144A, 6.75%, 5/1/31 | | | 323,000 | | | | 323,596 | |
International Game Technology PLC
144A, 4.125%, 4/15/26 | | | 385,000 | | | | 371,894 | |
144A, 6.25%, 1/15/27 | | | 385,000 | | | | 386,889 | |
144A, 5.25%, 1/15/29 | | | 385,000 | | | | 372,453 | |
Light & Wonder International, Inc., 144A,
7.00%, 5/15/28 | | | 379,000 | | | | 381,029 | |
Live Nation Entertainment, Inc.
144A, 6.50%, 5/15/27 | | | 616,000 | | | | 621,804 | |
144A, 4.75%, 10/15/27 | | | 488,000 | | | | 467,646 | |
144A, 3.75%, 1/15/28 | | | 257,000 | | | | 237,185 | |
Six Flags Entertainment Corp., 144A,
5.50%, 4/15/27 | | | 310,000 | | | | 303,659 | |
Vail Resorts, Inc., 144A,
6.25%, 5/15/25 | | | 308,000 | | | | 309,304 | |
WMG Acquisition Corp.
144A, 3.75%, 12/1/29 | | | 277,000 | | | | 245,537 | |
144A, 3.875%, 7/15/30 | | | 305,000 | | | | 269,402 | |
144A, 3.00%, 2/15/31 | | | 411,000 | | | | 343,584 | |
| | | | | | | | |
(Cost $10,619,509) | | | | | | | 10,385,473 | |
| | | | | | | | |
| Food Service — 0.4% | | | | | | |
Aramark Services, Inc.
144A, 5.00%, 4/1/25 | | | 283,000 | | | | 281,435 | |
144A, 5.00%, 2/1/28 | | | 640,000 | | | | 613,986 | |
| | | | | | | | |
(Cost $904,031) | | | | | | | 895,421 | |
| | | | | | | | |
| Home Builders — 0.5% | | | | | | |
Mattamy Group Corp., 144A,
5.25%, 12/15/27 | | | 263,000 | | | | 253,859 | |
Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27 | | | 257,000 | | | | 255,852 | |
144A, 5.75%, 1/15/28 | | | 231,000 | | | | 226,585 | |
144A, 5.125%, 8/1/30 | | | 257,000 | | | | 242,836 | |
| | | | | | | | |
(Cost $995,649) | | | | | | | 979,132 | |
| | | | | | | | |
| Home Furnishings — 0.2% | | | | | | |
Tempur Sealy International, Inc., 144A,
4.00%, 4/15/29
(Cost $378,889) | | | 422,000 | | | | 378,660 | |
| | | | | | | | |
| Leisure Time — 2.9% | | | | | | |
Carnival Corp.
144A, 4.00%, 8/1/28 | | | 1,235,000 | | | | 1,140,145 | |
144A, 7.00%, 8/15/29 | | | 260,000 | | | | 269,887 | |
Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28 | | | 1,062,000 | | | | 1,159,305 | |
Life Time, Inc., 144A,
5.75%, 1/15/26 | | | 475,000 | | | | 471,484 | |
NCL Corp. Ltd., 144A,
5.875%, 2/15/27 | | | 513,000 | | | | 507,381 | |
Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26 | | | 338,000 | | | | 325,845 | |
144A, 5.50%, 8/31/26 | | | 519,000 | | | | 513,563 | |
144A, 5.375%, 7/15/27 | | | 519,000 | | | | 509,569 | |
| | | | |
| See Notes to Financial Statements. | | 20 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Leisure Time (Continued) | | | | | | |
144A, 11.625%, 8/15/27 | | $ | 35,000 | | | $ | 37,884 | |
3.70%, 3/15/28 | | | 285,000 | | | | 263,277 | |
144A, 5.50%, 4/1/28 | | | 784,000 | | | | 772,279 | |
144A, 7.25%, 1/15/30 | | | 369,000 | | | | 383,932 | |
| | | | | | | | |
(Cost $6,297,140) | | | | | | | 6,354,551 | |
| | | | | | | | |
| Lodging — 3.4% | | | | | | |
Boyd Gaming Corp.
4.75%, 12/1/27 | | | 558,000 | | | | 537,058 | |
144A, 4.75%, 6/15/31 | | | 462,000 | | | | 420,117 | |
Hilton Domestic Operating Co., Inc.
144A, 5.375%, 5/1/25 | | | 257,000 | | | | 256,404 | |
144A, 5.75%, 5/1/28 | | | 257,000 | | | | 256,505 | |
144A, 3.75%, 5/1/29 | | | 411,000 | | | | 373,633 | |
4.875%, 1/15/30 | | | 553,000 | | | | 526,196 | |
144A, 4.00%, 5/1/31 | | | 585,000 | | | | 520,306 | |
144A, 3.625%, 2/15/32 | | | 770,000 | | | | 658,454 | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A, 5.00%, 6/1/29 | | | 437,000 | | | | 405,267 | |
144A, 4.875%, 7/1/31 | | | 257,000 | | | | 227,018 | |
MGM Resorts International
6.75%, 5/1/25 | | | 316,000 | | | | 316,642 | |
5.75%, 6/15/25 | | | 457,000 | | | | 456,646 | |
4.625%, 9/1/26 | | | 214,000 | | | | 207,655 | |
5.50%, 4/15/27 | | | 376,000 | | | | 368,608 | |
4.75%, 10/15/28 (a) | | | 385,000 | | | | 361,704 | |
Station Casinos LLC, 144A,
4.50%, 2/15/28 | | | 355,000 | | | | 331,273 | |
Travel + Leisure Co.
144A, 6.625%, 7/31/26 | | | 334,000 | | | | 337,823 | |
6.00%, 4/1/27 | | | 205,000 | | | | 204,424 | |
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a) | | | 462,000 | | | | 452,578 | |
| | | | | | | | |
(Cost $7,453,568) | | | | | | | 7,218,311 | |
| | | | | | | | |
| Retail — 5.1% | | | | | | |
1011778 BC ULC / New Red Finance, Inc.
144A, 5.75%, 4/15/25 | | | 257,000 | | | | 256,275 | |
144A, 3.875%, 1/15/28 | | | 796,000 | | | | 743,285 | |
144A, 4.375%, 1/15/28 | | | 405,000 | | | | 380,525 | |
144A, 3.50%, 2/15/29 (a) | | | 385,000 | | | | 347,462 | |
144A, 4.00%, 10/15/30 | | | 1,502,000 | | | | 1,320,609 | |
Advance Auto Parts, Inc.,
3.90%, 4/15/30 | | | 250,000 | | | | 223,441 | |
Asbury Automotive Group, Inc.
4.50%, 3/1/28 | | | 204,000 | | | | 190,431 | |
144A, 4.625%, 11/15/29 | | | 439,000 | | | | 400,262 | |
4.75%, 3/1/30 | | | 228,000 | | | | 207,732 | |
Bath & Body Works, Inc.,
5.25%, 2/1/28 | | | 247,000 | | | | 240,048 | |
Beacon Roofing Supply, Inc., 144A,
6.50%, 8/1/30 | | | 308,000 | | | | 309,915 | |
FirstCash, Inc.
144A, 4.625%, 9/1/28 | | | 257,000 | | | | 238,031 | |
144A, 5.625%, 1/1/30 | | | 302,000 | | | | 286,451 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail (Continued) | | | | | | |
Lithia Motors, Inc.
144A, 4.625%, 12/15/27 | | $ | 205,000 | | | $ | 195,501 | |
144A, 3.875%, 6/1/29 (a) | | | 410,000 | | | | 366,302 | |
144A, 4.375%, 1/15/31 | | | 282,000 | | | | 250,439 | |
Macy’s Retail Holdings LLC, 144A,
5.875%, 3/15/30 | | | 218,000 | | | | 204,603 | |
Murphy Oil USA, Inc.
4.75%, 9/15/29 | | | 257,000 | | | | 239,874 | |
144A, 3.75%, 2/15/31 | | | 257,000 | | | | 219,548 | |
Penske Automotive Group, Inc.
3.50%, 9/1/25 | | | 282,000 | | | | 273,849 | |
3.75%, 6/15/29 | | | 277,000 | | | | 245,608 | |
PetSmart, Inc. / PetSmart Finance Corp., 144A,
4.75%, 2/15/28 | | | 616,000 | | | | 578,144 | |
SRS Distribution, Inc., 144A,
4.625%, 7/1/28 | | | 337,000 | | | | 314,704 | |
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26 | | | 750,000 | | | | 715,638 | |
3.20%, 4/15/30 | | | 260,000 | | | | 224,672 | |
Yum! Brands, Inc.
144A, 4.75%, 1/15/30 | | | 411,000 | | | | 390,275 | |
3.625%, 3/15/31 | | | 543,000 | | | | 477,978 | |
4.625%, 1/31/32 | | | 565,000 | | | | 519,181 | |
5.375%, 4/1/32 | | | 563,000 | | | | 541,122 | |
| | | | | | | | |
(Cost $11,389,007) | | | | | | | 10,901,905 | |
| | | | | | | | |
| Consumer, Non-cyclical — 21.2% | | | | | | | | |
| Agriculture — 0.4% | | | | | | |
Darling Ingredients, Inc.
144A, 5.25%, 4/15/27 | | | 297,000 | | | | 291,632 | |
144A, 6.00%, 6/15/30 | | | 513,000 | | | | 505,869 | |
| | | | | | | | |
(Cost $817,205) | | | | | | | 797,501 | |
| | | | | | | | |
| Commercial Services — 5.1% | | | | | | |
ADT Security Corp., 144A,
4.125%, 8/1/29 (a) | | | 528,000 | | | | 477,695 | |
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 | | | 300,000 | | | | 296,985 | |
APX Group, Inc., 144A,
6.75%, 2/15/27 | | | 308,000 | | | | 308,711 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27 | | | 180,000 | | | | 171,692 | |
144A, 4.75%, 4/1/28 (a) | | | 307,000 | | | | 278,478 | |
144A, 5.375%, 3/1/29 | | | 301,000 | | | | 274,378 | |
Block, Inc.
2.75%, 6/1/26 | | | 613,000 | | | | 572,502 | |
3.50%, 6/1/31 | | | 513,000 | | | | 438,109 | |
Brink’s Co.
144A, 5.50%, 7/15/25 | | | 205,000 | | | | 204,052 | |
144A, 4.625%, 10/15/27 | | | 298,000 | | | | 281,907 | |
Herc Holdings, Inc.,
144A, 5.50%, 7/15/27 | | | 616,000 | | | | 603,592 | |
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26 | | | 693,000 | | | | 688,345 | |
144A, 3.375%, 8/31/27 | | | 523,000 | | | | 479,358 | |
| | | | |
| See Notes to Financial Statements. | | 21 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services (Continued) | | | | | | |
Service Corp. International
4.625%, 12/15/27 | | $ | 282,000 | | | $ | 270,788 | |
5.125%, 6/1/29 | | | 395,000 | | | | 386,429 | |
3.375%, 8/15/30 | | | 436,000 | | | | 374,637 | |
4.00%, 5/15/31 | | | 441,000 | | | | 387,907 | |
United Rentals North America, Inc.
5.50%, 5/15/27 | | | 307,000 | | | | 305,283 | |
3.875%, 11/15/27 | | | 395,000 | | | | 372,361 | |
4.875%, 1/15/28 | | | 867,000 | | | | 837,791 | |
5.25%, 1/15/30 | | | 391,000 | | | | 378,933 | |
4.00%, 7/15/30 | | | 382,000 | | | | 346,137 | |
3.875%, 2/15/31 | | | 595,000 | | | | 526,376 | |
3.75%, 1/15/32 | | | 385,000 | | | | 333,549 | |
Valvoline, Inc.
144A, 4.25%, 2/15/30 | | | 308,000 | | | | 306,342 | |
144A, 3.625%, 6/15/31 | | | 275,000 | | | | 232,678 | |
Williams Scotsman, Inc.
144A, 6.125%, 6/15/25 | | | 270,000 | | | | 269,756 | |
144A, 4.625%, 8/15/28 | | | 257,000 | | | | 241,594 | |
144A, 7.375%, 10/1/31 | | | 287,000 | | | | 297,899 | |
| | | | | | | | |
(Cost $11,469,087) | | | | | | | 10,944,264 | |
| | | | | | | | |
| Cosmetics/Personal Care — 0.5% | | | | | | |
Coty, Inc., 144A,
5.00%, 4/15/26 | | | 377,000 | | | | 369,817 | |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A,
6.625%, 7/15/30 | | | 380,000 | | | | 386,458 | |
Edgewell Personal Care Co., 144A,
5.50%, 6/1/28 | | | 385,000 | | | | 376,218 | |
| | | | | | | | |
(Cost $1,142,440) | | | | | | | 1,132,493 | |
| | | | | | | | |
| Food — 4.2% | | | | | | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26 | | | 385,000 | | | | 366,166 | |
144A, 7.50%, 3/15/26 | | | 308,000 | | | | 313,781 | |
144A, 4.625%, 1/15/27 | | | 693,000 | | | | 668,791 | |
144A, 5.875%, 2/15/28 | | | 435,000 | | | | 429,011 | |
144A, 6.50%, 2/15/28 | | | 385,000 | | | | 387,673 | |
144A, 3.50%, 3/15/29 | | | 713,000 | | | | 635,951 | |
144A, 4.875%, 2/15/30 | | | 513,000 | | | | 482,034 | |
Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28 | | | 257,000 | | | | 249,153 | |
144A, 4.125%, 1/31/30 | | | 498,000 | | | | 451,693 | |
144A, 4.375%, 1/31/32 | | | 387,000 | | | | 346,075 | |
Performance Food Group, Inc.
144A, 5.50%, 10/15/27 | | | 574,000 | | | | 562,783 | |
144A, 4.25%, 8/1/29 | | | 513,000 | | | | 466,073 | |
Pilgrim’s Pride Corp.
3.50%, 3/1/32 | | | 464,000 | | | | 388,069 | |
6.25%, 7/1/33 | | | 513,000 | | | | 519,132 | |
6.875%, 5/15/34 | | | 270,000 | | | | 284,681 | |
Post Holdings, Inc.
144A, 5.75%, 3/1/27 | | | 236,000 | | | | 238,261 | |
144A, 5.625%, 1/15/28 | | | 483,000 | | | | 474,596 | |
144A, 6.25%, 2/15/32 | | | 490,000 | | | | 493,146 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Food (Continued) | | | | | | |
US Foods, Inc.
144A, 6.875%, 9/15/28 | | $ | 257,000 | | | $ | 261,819 | |
144A, 4.75%, 2/15/29 | | | 455,000 | | | | 427,575 | |
144A, 4.625%, 6/1/30 | | | 292,000 | | | | 267,831 | |
144A, 7.25%, 1/15/32 | | | 257,000 | | | | 265,646 | |
| | | | | | | | |
(Cost $9,159,795) | | | | | | | 8,979,940 | |
| | | | | | | | |
| Healthcare-Products — 2.6% | | | | | | |
Avantor Funding, Inc.
144A, 4.625%, 7/15/28 | | | 806,000 | | | | 761,741 | |
144A, 3.875%, 11/1/29 | | | 411,000 | | | | 368,813 | |
Hologic, Inc.
144A, 4.625%, 2/1/28 | | | 205,000 | | | | 196,623 | |
144A, 3.25%, 2/15/29 | | | 503,000 | | | | 448,977 | |
Medline Borrower LP
144A, 3.875%, 4/1/29 | | | 2,346,000 | | | | 2,105,531 | |
144A, 5.25%, 10/1/29 | | | 1,323,000 | | | | 1,225,007 | |
Teleflex, Inc.
4.625%, 11/15/27 | | | 257,000 | | | | 245,676 | |
144A, 4.25%, 6/1/28 | | | 257,000 | | | | 240,206 | |
| | | | | | | | |
(Cost $5,670,691) | | | | | | | 5,592,574 | |
| | | | | | | | |
| Healthcare-Services — 5.8% | | | | | | |
Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27 | | | 257,000 | | | | 253,279 | |
144A, 3.125%, 2/15/29 | | | 282,000 | | | | 272,585 | |
144A, 3.50%, 4/1/30 | | | 329,000 | | | | 317,144 | |
Charles River Laboratories International, Inc.
144A, 4.25%, 5/1/28 | | | 257,000 | | | | 241,326 | |
144A, 3.75%, 3/15/29 | | | 257,000 | | | | 232,104 | |
144A, 4.00%, 3/15/31 | | | 257,000 | | | | 226,859 | |
Encompass Health Corp.
4.50%, 2/1/28 | | | 411,000 | | | | 389,288 | |
4.75%, 2/1/30 | | | 411,000 | | | | 381,572 | |
4.625%, 4/1/31 | | | 224,000 | | | | 202,896 | |
IQVIA, Inc.
144A, 5.00%, 10/15/26 | | | 539,000 | | | | 527,464 | |
144A, 5.00%, 5/15/27 | | | 565,000 | | | | 550,736 | |
144A, 6.50%, 5/15/30 | | | 257,000 | | | | 260,883 | |
Molina Healthcare, Inc.
144A, 4.375%, 6/15/28 | | | 411,000 | | | | 383,256 | |
144A, 3.875%, 11/15/30 | | | 334,000 | | | | 293,289 | |
144A, 3.875%, 5/15/32 | | | 405,000 | | | | 348,615 | |
Select Medical Corp., 144A,
6.25%, 8/15/26 | | | 669,000 | | | | 667,926 | |
Tenet Healthcare Corp.
4.875%, 1/1/26 | | | 928,000 | | | | 927,621 | |
6.25%, 2/1/27 | | | 690,000 | | | | 688,935 | |
5.125%, 11/1/27 | | | 694,000 | | | | 680,187 | |
4.625%, 6/15/28 | | | 292,000 | | | | 278,219 | |
6.125%, 10/1/28 (a) | | | 1,123,000 | | | | 1,111,225 | |
4.25%, 6/1/29 | | | 699,000 | | | | 643,495 | |
4.375%, 1/15/30 | | | 894,000 | | | | 819,659 | |
6.125%, 6/15/30 | | | 1,247,000 | | | | 1,236,538 | |
144A, 6.75%, 5/15/31 | | | 611,000 | | | | 617,110 | |
| | | | | | | | |
(Cost $12,905,747) | | | | | | | 12,552,211 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 22 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Household Products/Wares — 0.2% | | | | | | |
Central Garden & Pet Co.,
4.125%, 10/15/30 | | $ | 257,000 | | | $ | 228,547 | |
Spectrum Brands, Inc., 144A,
3.875%, 3/15/31 | | | 243,000 | | | | 231,002 | |
| | | | | | | | |
(Cost $459,503) | | | | | | | 459,549 | |
| | | | | | | | |
| Pharmaceuticals — 2.4% | | | | | | |
Jazz Securities DAC, 144A,
4.375%, 1/15/29 | | | 770,000 | | | | 710,132 | |
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28 | | | 1,078,000 | | | | 987,551 | |
Perrigo Finance Unlimited Co.
4.375%, 3/15/26 | | | 374,000 | | | | 361,347 | |
4.65%, 6/15/30 | | | 405,000 | | | | 362,953 | |
Prestige Brands, Inc.
144A, 5.125%, 1/15/28 | | | 205,000 | | | | 198,337 | |
144A, 3.75%, 4/1/31 | | | 308,000 | | | | 266,358 | |
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26 | | | 1,764,000 | | | | 1,635,927 | |
6.75%, 3/1/28 | | | 642,000 | | | | 650,205 | |
| | | | | | | | |
(Cost $5,362,583) | | | | | | | 5,172,810 | |
| | | | | | | | |
| Energy — 10.7% | | | | | | | | |
| Oil & Gas — 5.4% | | | | | | |
Antero Resources Corp.
144A, 7.625%, 2/1/29 | | | 209,000 | | | | 215,438 | |
144A, 5.375%, 3/1/30 | | | 308,000 | | | | 293,818 | |
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26 | | | 306,000 | | | | 306,033 | |
144A, 5.875%, 6/30/29 | | | 225,000 | | | | 209,359 | |
Callon Petroleum Co.
144A, 8.00%, 8/1/28 | | | 332,000 | | | | 346,994 | |
144A, 7.50%, 6/15/30 | | | 315,000 | | | | 332,095 | |
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A,
11.00%, 4/15/25 | | | 225,000 | | | | 226,877 | |
Chesapeake Energy Corp.
144A, 5.50%, 2/1/26 | | | 277,000 | | | | 274,818 | |
144A, 5.875%, 2/1/29 | | | 257,000 | | | | 254,444 | |
144A, 6.75%, 4/15/29 | | | 488,000 | | | | 490,318 | |
Civitas Resources, Inc., 144A,
5.00%, 10/15/26 | | | 255,000 | | | | 247,300 | |
CNX Resources Corp., 144A,
6.00%, 1/15/29 | | | 258,000 | | | | 248,200 | |
CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25 | | | 446,000 | | | | 444,203 | |
Matador Resources Co.
5.875%, 9/15/26 | | | 359,000 | | | | 355,739 | |
144A, 6.875%, 4/15/28 | | | 257,000 | | | | 261,218 | |
Murphy Oil Corp.,
5.875%, 12/1/27 | | | 238,000 | | | | 236,531 | |
Parkland Corp.
144A, 5.875%, 7/15/27 | | | 287,000 | | | | 281,927 | |
144A, 4.50%, 10/1/29 | | | 421,000 | | | | 385,091 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | | | | | | |
Permian Resources Operating LLC
144A, 8.00%, 4/15/27 | | $ | 282,000 | | | $ | 291,075 | |
144A, 5.875%, 7/1/29 | | | 349,000 | | | | 341,342 | |
144A, 9.875%, 7/15/31 | | | 257,000 | | | | 284,873 | |
144A, 7.00%, 1/15/32 | | | 517,000 | | | | 531,167 | |
Range Resources Corp.
4.875%, 5/15/25 | | | 353,000 | | | | 348,398 | |
8.25%, 1/15/29 | | | 308,000 | | | | 321,571 | |
144A, 4.75%, 2/15/30 | | | 257,000 | | | | 239,010 | |
Rockcliff Energy II LLC, 144A,
5.50%, 10/15/29 | | | 359,000 | | | | 331,060 | |
SM Energy Co.
6.75%, 9/15/26 | | | 222,000 | | | | 220,949 | |
6.625%, 1/15/27 | | | 211,000 | | | | 210,328 | |
6.50%, 7/15/28 | | | 205,000 | | | | 205,422 | |
Southwestern Energy Co.
5.375%, 2/1/29 | | | 357,000 | | | | 345,306 | |
5.375%, 3/15/30 | | | 616,000 | | | | 589,352 | |
4.75%, 2/1/32 | | | 590,000 | | | | 536,349 | |
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27 | | | 338,000 | | | | 337,064 | |
144A, 7.00%, 9/15/28 | | | 257,000 | | | | 263,483 | |
4.50%, 5/15/29 | | | 411,000 | | | | 380,036 | |
4.50%, 4/30/30 | | | 410,000 | | | | 373,437 | |
| | | | | | | | |
(Cost $11,646,000) | | | | | | | 11,560,625 | |
| | | | | | | | |
| Pipelines — 5.3% | | | | | | |
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26 | | | 282,000 | | | | 288,227 | |
144A, 5.375%, 6/15/29 | | | 385,000 | | | | 366,559 | |
Buckeye Partners LP
3.95%, 12/1/26 | | | 315,000 | | | | 298,179 | |
4.125%, 12/1/27 | | | 205,000 | | | | 190,978 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A, 5.50%, 6/15/31 | | | 729,000 | | | | 679,858 | |
144A, 7.50%, 12/15/33 | | | 270,000 | | | | 275,529 | |
DT Midstream, Inc.
144A, 4.125%, 6/15/29 | | | 565,000 | | | | 516,800 | |
144A, 4.375%, 6/15/31 | | | 537,000 | | | | 483,881 | |
EnLink Midstream LLC
144A, 5.625%, 1/15/28 | | | 272,000 | | | | 268,250 | |
5.375%, 6/1/29 | | | 272,000 | | | | 263,872 | |
144A, 6.50%, 9/1/30 | | | 513,000 | | | | 526,282 | |
EnLink Midstream Partners LP
4.15%, 6/1/25 | | | 216,000 | | | | 210,759 | |
4.85%, 7/15/26 | | | 282,000 | | | | 275,203 | |
EQM Midstream Partners LP
144A, 6.00%, 7/1/25 | | | 205,000 | | | | 204,881 | |
4.125%, 12/1/26 | | | 257,000 | | | | 246,587 | |
144A, 6.50%, 7/1/27 | | | 524,000 | | | | 529,652 | |
5.50%, 7/15/28 | | | 436,000 | | | | 428,020 | |
144A, 4.50%, 1/15/29 | | | 401,000 | | | | 376,240 | |
144A, 4.75%, 1/15/31 | | | 582,000 | | | | 541,734 | |
Hess Midstream Operations LP
144A, 5.625%, 2/15/26 | | | 408,000 | | | | 402,604 | |
144A, 5.125%, 6/15/28 | | | 282,000 | | | | 271,177 | |
| | | | |
| See Notes to Financial Statements. | | 23 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | | | | | | |
144A, 4.25%, 2/15/30 | | $ | 415,000 | | | $ | 378,271 | |
144A, 5.50%, 10/15/30 | | | 205,000 | | | | 197,196 | |
NuStar Logistics LP
5.75%, 10/1/25 | | | 308,000 | | | | 305,455 | |
5.625%, 4/28/27 | | | 282,000 | | | | 279,356 | |
Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25 | | | 205,000 | | | | 198,928 | |
144A, 4.95%, 7/15/29 | | | 282,000 | | | | 263,974 | |
Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29 | | | 642,000 | | | | 576,846 | |
144A, 6.25%, 1/15/30 | | | 523,000 | | | | 522,560 | |
144A, 4.125%, 8/15/31 | | | 642,000 | | | | 563,955 | |
144A, 3.875%, 11/1/33 | | | 659,000 | | | | 553,233 | |
| | | | | | | | |
(Cost $12,003,102) | | | | | | | 11,485,046 | |
| | | | | | | | |
| Financial — 12.1% | | | | | | | | |
| Diversified Financial Services — 4.6% | | | | | | |
AG Issuer LLC, 144A,
6.25%, 3/1/28 | | | 257,000 | | | | 248,917 | |
AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27 | | | 257,000 | | | | 264,793 | |
Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28 | | | 256,000 | | | | 268,365 | |
Nationstar Mortgage Holdings, Inc.
144A, 5.00%, 2/1/26 | | | 250,000 | | | | 243,165 | |
144A, 6.00%, 1/15/27 | | | 342,000 | | | | 336,557 | |
Navient Corp.
6.75%, 6/25/25 | | | 257,000 | | | | 258,750 | |
6.75%, 6/15/26 | | | 261,000 | | | | 262,309 | |
5.00%, 3/15/27 | | | 369,000 | | | | 350,261 | |
NFP Corp.
144A, 4.875%, 8/15/28 | | | 282,000 | | | | 281,554 | |
144A, 6.875%, 8/15/28 | | | 1,129,000 | | | | 1,147,559 | |
OneMain Finance Corp.
6.875%, 3/15/25 | | | 641,000 | | | | 647,929 | |
7.125%, 3/15/26 | | | 856,000 | | | | 870,567 | |
3.50%, 1/15/27 | | | 385,000 | | | | 354,871 | |
6.625%, 1/15/28 | | | 375,000 | | | | 373,182 | |
PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25 | | | 334,000 | | | | 329,010 | |
144A, 4.25%, 2/15/29 | | | 347,000 | | | | 313,251 | |
144A, 7.875%, 12/15/29 | | | 397,000 | | | | 406,722 | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A, 2.875%, 10/15/26 | | | 590,000 | | | | 543,464 | |
144A, 3.625%, 3/1/29 | | | 405,000 | | | | 359,635 | |
144A, 3.875%, 3/1/31 (a) | | | 642,000 | | | | 551,703 | |
144A, 4.00%, 10/15/33 | | | 443,000 | | | | 368,153 | |
SLM Corp.
4.20%, 10/29/25 | | | 257,000 | | | | 249,460 | |
3.125%, 11/2/26 | | | 287,000 | | | | 263,961 | |
United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25 | | | 441,000 | | | | 433,869 | |
144A, 5.75%, 6/15/27 | | | 271,000 | | | | 263,178 | |
| | | | | | | | |
(Cost $10,226,938) | | | | | | | 9,991,185 | |
| | | | | | | | |
| Insurance — 2.4% | | | | | | |
Acrisure LLC / Acrisure Finance, Inc., 144A,
4.25%, 2/15/29 | | | 359,000 | | | | 318,805 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Insurance (Continued) | | | | | | |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27 | | $ | 385,000 | | | $ | 355,790 | |
144A, 6.75%, 4/15/28 | | | 642,000 | | | | 638,183 | |
144A, 7.00%, 1/15/31 | | | 390,000 | | | | 388,750 | |
AmWINS Group, Inc., 144A,
6.375%, 2/15/29 | | | 380,000 | | | | 380,486 | |
HUB International Ltd.
144A, 5.625%, 12/1/29 | | | 298,000 | | | | 276,930 | |
144A, 7.25%, 6/15/30 | | | 1,697,000 | | | | 1,732,243 | |
144A, 7.375%, 1/31/32 | | | 1,000,000 | | | | 1,003,793 | |
| | | | | | | | |
(Cost $5,116,142) | | | | | | | 5,094,980 | |
| | | | | | | | |
| Real Estate — 0.5% | | | | | | |
Howard Hughes Corp.
144A, 5.375%, 8/1/28 | | | 385,000 | | | | 363,642 | |
144A, 4.125%, 2/1/29 | | | 352,000 | | | | 312,934 | |
144A, 4.375%, 2/1/31 | | | 340,000 | | | | 290,111 | |
| | | | | | | | |
(Cost $1,051,704) | | | | | | | 966,687 | |
| | | | | | | | |
| Real Estate Investment Trusts — 4.1% | | | | | | |
Iron Mountain, Inc.
144A, 4.875%, 9/15/27 | | | 513,000 | | | | 492,566 | |
144A, 5.25%, 3/15/28 | | | 444,000 | | | | 428,398 | |
144A, 5.00%, 7/15/28 | | | 257,000 | | | | 243,547 | |
144A, 7.00%, 2/15/29 | | | 513,000 | | | | 521,242 | |
144A, 4.875%, 9/15/29 | | | 513,000 | | | | 477,543 | |
144A, 5.25%, 7/15/30 | | | 672,000 | | | | 629,456 | |
144A, 4.50%, 2/15/31 | | | 565,000 | | | | 500,500 | |
144A, 5.625%, 7/15/32 | | | 348,000 | | | | 323,828 | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
4.25%, 2/1/27 | | | 343,000 | | | | 316,027 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25 | | | 334,000 | | | | 335,338 | |
144A, 5.875%, 10/1/28 | | | 372,000 | | | | 361,922 | |
144A, 4.875%, 5/15/29 | | | 385,000 | | | | 354,084 | |
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27 | | | 359,000 | | | | 343,166 | |
144A, 7.25%, 7/15/28 | | | 205,000 | | | | 210,140 | |
144A, 4.50%, 2/15/29 | | | 308,000 | | | | 286,563 | |
RLJ Lodging Trust LP
144A, 3.75%, 7/1/26 | | | 257,000 | | | | 242,518 | |
144A, 4.00%, 9/15/29 | | | 257,000 | | | | 224,564 | |
SBA Communications Corp.
3.875%, 2/15/27 | | | 803,000 | | | | 758,460 | |
3.125%, 2/1/29 | | | 779,000 | | | | 689,948 | |
Service Properties Trust,
7.50%, 9/15/25 | | | 376,000 | | | | 381,199 | |
Starwood Property Trust, Inc.
4.75%, 3/15/25 | | | 257,000 | | | | 253,830 | |
144A, 3.625%, 7/15/26 | | | 205,000 | | | | 191,409 | |
144A, 4.375%, 1/15/27 | | | 293,000 | | | | 275,063 | |
| | | | | | | | |
(Cost $9,042,899) | | | | | | | 8,841,311 | |
| | | | | | | | |
| Venture Capital — 0.5% | | | | | | |
HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25 | | | 205,000 | | | | 203,100 | |
| | | | |
| See Notes to Financial Statements. | | 24 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Venture Capital (Continued) | | | | | | |
144A, 3.375%, 6/15/26 | | $ | 513,000 | | | $ | 480,398 | |
144A, 8.00%, 6/15/27 | | | 420,000 | | | | 436,617 | |
| | | | | | | | |
(Cost $1,157,471) | | | | | | | 1,120,115 | |
| | | | | | | | |
| Industrial — 11.7% | | | | | | |
| Aerospace/Defense — 3.2% | | | | | | |
Bombardier, Inc.
144A, 7.125%, 6/15/26 | | | 516,000 | | | | 520,672 | |
144A, 6.00%, 2/15/28 | | | 380,000 | | | | 369,269 | |
Rolls-Royce PLC
144A, 3.625%, 10/14/25 | | | 513,000 | | | | 495,876 | |
144A, 5.75%, 10/15/27 | | | 564,000 | | | | 561,787 | |
Spirit AeroSystems, Inc., 144A,
9.375%, 11/30/29 | | | 465,000 | | | | 503,411 | |
TransDigm, Inc.
7.50%, 3/15/27 | | | 311,000 | | | | 310,968 | |
5.50%, 11/15/27 | | | 1,167,000 | | | | 1,128,003 | |
144A, 6.75%, 8/15/28 | | | 939,000 | | | | 951,400 | |
4.625%, 1/15/29 | | | 545,000 | | | | 500,245 | |
4.875%, 5/1/29 | | | 356,000 | | | | 327,364 | |
144A, 6.875%, 12/15/30 | | | 638,000 | | | | 646,236 | |
144A, 7.125%, 12/1/31 | | | 450,000 | | | | 462,181 | |
| | | | | | | | |
(Cost $6,764,717) | | | | | | | 6,777,412 | |
| | | | | | | | |
| Building Materials — 1.9% | | | | | | |
Builders FirstSource, Inc.
144A, 5.00%, 3/1/30 | | | 282,000 | | | | 266,553 | |
144A, 4.25%, 2/1/32 | | | 695,000 | | | | 611,357 | |
144A, 6.375%, 6/15/32 | | | 350,000 | | | | 350,371 | |
Standard Industries, Inc.
144A, 5.00%, 2/15/27 | | | 466,000 | | | | 449,208 | |
144A, 4.75%, 1/15/28 | | | 506,000 | | | | 477,984 | |
144A, 4.375%, 7/15/30 | | | 838,000 | | | | 747,928 | |
144A, 3.375%, 1/15/31 | | | 580,000 | | | | 481,192 | |
Summit Materials LLC / Summit Materials Finance Corp.
144A, 5.25%, 1/15/29 | | | 384,000 | | | | 372,100 | |
144A, 7.25%, 1/15/31 | | | 415,000 | | | | 431,014 | |
| | | | | | | | |
(Cost $4,223,259) | | | | | | | 4,187,707 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.7% | | | | |
WESCO Distribution, Inc.
144A, 7.125%, 6/15/25 | | | 800,000 | | | | 805,468 | |
144A, 7.25%, 6/15/28 | | | 710,000 | | | | 726,221 | |
| | | | | | | | |
(Cost $1,533,825) | | | | | | | 1,531,689 | |
| | | | | | | | |
| Electronics — 0.8% | | | | | | |
Sensata Technologies BV
144A, 5.00%, 10/1/25 | | | 359,000 | | | | 355,970 | |
144A, 4.00%, 4/15/29 | | | 533,000 | | | | 483,891 | |
144A, 5.875%, 9/1/30 | | | 277,000 | | | | 270,034 | |
Sensata Technologies, Inc.
144A, 4.375%, 2/15/30 | | | 231,000 | | | | 210,687 | |
144A, 3.75%, 2/15/31 | | | 375,000 | | | | 321,022 | |
| | | | | | | | |
(Cost $1,800,343) | | | | | | | 1,641,604 | |
| | | | | | | | |
| Engineering & Construction — 0.1% | | | | | | |
Fluor Corp.,
4.25%, 9/15/28
(Cost $298,855) | | | 318,000 | | | | 300,931 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Environmental Control — 1.6% | | | | | | |
Clean Harbors, Inc., 144A,
6.375%, 2/1/31 | | $ | 257,000 | | | $ | 255,676 | |
GFL Environmental, Inc.
144A, 4.25%, 6/1/25 | | | 257,000 | | | | 252,708 | |
144A, 3.75%, 8/1/25 | | | 395,000 | | | | 383,880 | |
144A, 5.125%, 12/15/26 | | | 257,000 | | | | 251,644 | |
144A, 4.00%, 8/1/28 | | | 385,000 | | | | 353,333 | |
144A, 3.50%, 9/1/28 | | | 382,000 | | | | 346,692 | |
144A, 4.75%, 6/15/29 | | | 385,000 | | | | 360,817 | |
144A, 4.375%, 8/15/29 | | | 312,000 | | | | 284,503 | |
144A, 6.75%, 1/15/31 | | | 530,000 | | | | 542,779 | |
Madison IAQ LLC, 144A,
4.125%, 6/30/28 | | | 360,000 | | | | 328,301 | |
| | | | | | | | |
(Cost $3,438,269) | | | | | | | 3,360,333 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.2% | | | | | | |
Hillenbrand, Inc.
5.75%, 6/15/25 | | | 205,000 | | | | 203,668 | |
6.25%, 2/15/29 | | | 250,000 | | | | 250,347 | |
| | | | | | | | |
(Cost $456,369) | | | | | | | 454,015 | |
| | | | | | | | |
| Packaging & Containers — 2.6% | | | | | | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27 | | | 308,000 | | | | 302,749 | |
144A, 3.25%, 9/1/28 | | | 312,000 | | | | 270,807 | |
Ball Corp.
6.875%, 3/15/28 | | | 385,000 | | | | 394,687 | |
6.00%, 6/15/29 | | | 533,000 | | | | 536,250 | |
2.875%, 8/15/30 | | | 667,000 | | | | 565,325 | |
3.125%, 9/15/31 (a) | | | 466,000 | | | | 393,044 | |
Berry Global, Inc., 144A,
5.625%, 7/15/27 | | | 257,000 | | | | 253,657 | |
Crown Americas LLC,
5.25%, 4/1/30 | | | 257,000 | | | | 247,794 | |
Graphic Packaging International LLC
144A, 3.50%, 3/15/28 | | | 227,000 | | | | 207,832 | |
144A, 3.75%, 2/1/30 | | | 214,000 | | | | 190,666 | |
OI European Group BV, 144A,
4.75%, 2/15/30 | | | 205,000 | | | | 188,918 | |
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
4.00%, 10/15/27 | | | 513,000 | | | | 478,419 | |
Sealed Air Corp.
144A, 5.50%, 9/15/25 | | | 205,000 | | | | 204,805 | |
144A, 4.00%, 12/1/27 | | | 218,000 | | | | 202,992 | |
144A, 6.125%, 2/1/28 | | | 398,000 | | | | 397,108 | |
144A, 5.00%, 4/15/29 | | | 198,000 | | | | 187,747 | |
144A, 7.25%, 2/15/31 | | | 236,000 | | | | 243,937 | |
Silgan Holdings, Inc.,
4.125%, 2/1/28 | | | 293,000 | | | | 273,849 | |
| | | | | | | | |
(Cost $5,855,094) | | | | | | | 5,540,586 | |
| | | | | | | | |
| Trucking & Leasing — 0.6% | | | | | | |
Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25 | | | 334,000 | | | | 334,487 | |
| | | | |
| See Notes to Financial Statements. | | 25 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Trucking & Leasing (Continued) | | | | | | |
144A, 9.75%, 8/1/27 | | $ | 205,000 | | | $ | 212,685 | |
144A, 5.50%, 5/1/28 | | | 513,000 | | | | 491,896 | |
144A, 7.875%, 12/1/30 | | | 257,000 | | | | 269,684 | |
| | | | | | | | |
(Cost $1,282,120) | | | | | | | 1,308,752 | |
| | | | | | | | |
| Technology — 6.0% | | | | | | | | |
| Computers — 1.8% | | | | | | |
NCR Voyix Corp.
144A, 5.00%, 10/1/28 | | | 334,000 | | | | 310,805 | |
144A, 5.125%, 4/15/29 | | | 616,000 | | | | 571,919 | |
144A, 5.25%, 10/1/30 | | | 230,000 | | | | 208,029 | |
Presidio Holdings, Inc., 144A,
4.875%, 2/1/27 | | | 270,000 | | | | 259,733 | |
Seagate HDD Cayman
4.875%, 6/1/27 | | | 259,000 | | | | 251,069 | |
4.091%, 6/1/29 | | | 284,000 | | | | 259,430 | |
144A, 8.25%, 12/15/29 | | | 257,000 | | | | 275,593 | |
144A, 8.50%, 7/15/31 | | | 257,000 | | | | 278,087 | |
9.625%, 12/1/32 | | | 385,600 | | | | 436,114 | |
Western Digital Corp.,
4.75%, 2/15/26 | | | 1,211,000 | | | | 1,184,703 | |
| | | | | | | | |
(Cost $4,023,940) | | | | | | | 4,035,482 | |
| | | | | | | | |
| Office/Business Equipment — 0.2% | | | | | | |
Xerox Holdings Corp., 144A,
5.00%, 8/15/25
(Cost $380,998) | | | 389,000 | | | | 382,952 | |
| | | | | | | | |
| Semiconductors — 0.9% | | | | | | |
Entegris, Inc.
144A, 4.375%, 4/15/28 | | | 205,000 | | | | 191,755 | |
144A, 4.75%, 4/15/29 | | | 850,000 | | | | 802,318 | |
144A, 3.625%, 5/1/29 | | | 199,000 | | | | 176,297 | |
144A, 5.95%, 6/15/30 | | | 459,000 | | | | 450,409 | |
ON Semiconductor Corp., 144A,
3.875%, 9/1/28 | | | 359,000 | | | | 328,625 | |
| | | | | | | | |
(Cost $1,966,282) | | | | | | | 1,949,404 | |
| | | | | | | | |
| Software — 3.1% | | | | | | |
Alteryx, Inc., 144A,
8.75%, 3/15/28 | | | 235,000 | | | | 238,500 | |
Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25 | | | 308,000 | | | | 308,517 | |
Clarivate Science Holdings Corp., 144A,
3.875%, 7/1/28 | | | 483,000 | | | | 441,407 | |
Fair Isaac Corp.
144A, 5.25%, 5/15/26 | | | 205,000 | | | | 203,011 | |
144A, 4.00%, 6/15/28 | | | 462,000 | | | | 429,628 | |
Open Text Corp.
144A, 3.875%, 2/15/28 | | | 462,000 | | | | 424,996 | |
144A, 3.875%, 12/1/29 | | | 436,000 | | | | 385,750 | |
Open Text Holdings, Inc.
144A, 4.125%, 2/15/30 | | | 477,000 | | | | 421,653 | |
144A, 4.125%, 12/1/31 | | | 349,000 | | | | 299,028 | |
PTC, Inc., 144A,
4.00%, 2/15/28 | | | 257,000 | | | | 240,033 | |
ROBLOX Corp., 144A,
3.875%, 5/1/30 | | | 533,000 | | | | 467,209 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Software (Continued) | | | | | | |
SS&C Technologies, Inc., 144A,
5.50%, 9/30/27 | | $ | 1,047,000 | | | $ | 1,020,558 | |
Twilio, Inc.
3.625%, 3/15/29 | | | 257,000 | | | | 229,046 | |
3.875%, 3/15/31 | | | 257,000 | | | | 223,848 | |
UKG, Inc., 144A,
6.875%, 2/1/31 | | | 1,300,000 | | | | 1,314,449 | |
| | | | | | | | |
(Cost $6,890,341) | | | | | | | 6,647,633 | |
| | | | | | | | |
| Utilities — 3.8% | | | | | | | | |
| Electric — 3.8% | | | | | | |
Calpine Corp.
144A, 5.25%, 6/1/26 | | | 216,000 | | | | 212,991 | |
144A, 4.50%, 2/15/28 | | | 642,000 | | | | 605,355 | |
144A, 3.75%, 3/1/31 | | | 482,000 | | | | 413,659 | |
Clearway Energy Operating LLC
144A, 4.75%, 3/15/28 | | | 436,000 | | | | 408,165 | |
144A, 3.75%, 2/15/31 | | | 476,000 | | | | 401,913 | |
DPL, Inc.,
4.125%, 7/1/25 | | | 212,000 | | | | 206,379 | |
FirstEnergy Corp. | | | | | | | | |
Series B, 4.15%, 7/15/27 | | | 790,000 | | | | 751,143 | |
2.65%, 3/1/30 | | | 308,000 | | | | 263,609 | |
Series B, 2.25%, 9/1/30 | | | 261,000 | | | | 215,083 | |
NextEra Energy Operating Partners LP
144A, 3.875%, 10/15/26 | | | 297,000 | | | | 277,666 | |
144A, 4.50%, 9/15/27 | | | 282,000 | | | | 263,408 | |
144A, 7.25%, 1/15/29 | | | 390,000 | | | | 396,759 | |
PG&E Corp.,
5.00%, 7/1/28 | | | 515,000 | | | | 491,694 | |
Vistra Operations Co. LLC
144A, 5.50%, 9/1/26 | | | 523,000 | | | | 515,519 | |
144A, 5.625%, 2/15/27 | | | 667,000 | | | | 650,678 | |
144A, 5.00%, 7/31/27 | | | 687,000 | | | | 659,266 | |
144A, 4.375%, 5/1/29 | | | 642,000 | | | | 586,311 | |
144A, 7.75%, 10/15/31 | | | 740,000 | | | | 766,090 | |
| | | | | | | | |
(Cost $8,486,125) | | | | | | | 8,085,688 | |
| | | | | | | | |
| TOTAL CORPORATE BONDS | | | | | | |
(Cost $214,765,958) | | | | | | | 209,061,439 | |
| | | | | | | | |
| | |
| | | Number
of Shares | | | | |
| SECURITIES LENDING COLLATERAL — 2.0% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $4,254,324) | | | 4,254,324 | | | | 4,254,324 | |
| | | | | | | | |
| CASH EQUIVALENTS — 2.4% | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $5,226,220) | | | 5,226,220 | | | | 5,226,220 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 101.5%
(Cost $224,246,502) | | | | | | $ | 218,541,983 | |
Other assets and liabilities, net — (1.5%) | | | | | | | (3,212,050 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 215,329,933 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 26 | | |
DBX ETF Trust
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 2.0% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | | | | | |
| | | — | | | | 4,254,324 | (d) | | | — | | | | — | | | | — | | | | 11,443 | | | | — | | | | 4,254,324 | | | | 4,254,324 | |
| |
CASH EQUIVALENTS — 2.4% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | | | | | |
| | | 3,360,237 | | | | 16,978,821 | | | | (15,112,838 | ) | | | — | | | | — | | | | 38,501 | | | | — | | | | 5,226,220 | | | | 5,226,220 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3,360,237 | | | | 21,233,145 | | | | (15,112,838 | ) | | | — | | | | — | | | | 49,944 | | | | — | | | | 9,480,544 | | | | 9,480,544 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $4,162,522, which is 1.9% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds (a) | | $ | — | | | $ | 209,061,439 | | | $ | — | | | $ | 209,061,439 | |
Short-Term Investments (a) | | | 9,480,544 | | | | — | | | | — | | | | 9,480,544 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 9,480,544 | | | $ | 209,061,439 | | | $ | — | | | $ | 218,541,983 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 27 | | |
DBX ETF Trust
Xtrackers Risk Managed USD High Yield Strategy ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| EXCHANGE-TRADED FUNDS — 99.4% | | | | | | |
Xtrackers High Beta High Yield Bond ETF (a) | | | 22,975 | | | $ | 940,500 | |
Xtrackers USD High Yield Corporate Bond ETF (a)(b) | | | 1,169,869 | | | | 41,530,350 | |
| | | | | | | | |
(Cost $45,195,482) | | | | | | | 42,470,850 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 1.0% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
(Cost $420,500) | | | 420,500 | | | | 420,500 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.6% | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $239,157) | | | 239,157 | | | | 239,157 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 101.0%
(Cost $45,855,139) | | | | | | $ | 43,130,507 | |
Other assets and liabilities, net — (1.0%) | | | | | | | (436,414 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 42,694,093 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
EXCHANGE-TRADED FUNDS — 99.4% | | | | | |
Xtrackers High Beta High Yield Bond ETF (a) | | | | | |
| | | 967,365 | | | | — | | | | (49,497 | ) | | | (2,454 | ) | | | 25,086 | | | | 36,878 | | | | — | | | | 22,975 | | | | 940,500 | |
| |
Xtrackers USD High Yield Corporate Bond ETF (a)(b) | | | | | |
| | | 42,650,693 | | | | — | | | | (2,200,245 | ) | | | (63,146 | ) | | | 1,143,048 | | | | 1,296,321 | | | | — | | | | 1,169,869 | | | | 41,530,350 | |
| |
SECURITIES LENDING COLLATERAL — 1.0% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) | | | | | |
| | | 6,535,150 | | | | — | | | | (6,114,650 | )(e) | | | — | | | | — | | | | 4,120 | | | | — | | | | 420,500 | | | | 420,500 | |
| |
CASH EQUIVALENTS — 0.6% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | | | | | |
| | | 311,422 | | | | 65,356 | | | | (137,621 | ) | | | — | | | | — | | | | 7,679 | | | | — | | | | 239,157 | | | | 239,157 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 50,464,630 | | | | 65,356 | | | | (8,502,013 | ) | | | (65,600 | ) | | | 1,168,134 | | | | 1,344,998 | | | | — | | | | 1,852,501 | | | | 43,130,507 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Affiliated fund advised by DBX Advisors LLC. |
| (b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $411,800, which is 1.0% of net assets. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| | | | |
| See Notes to Financial Statements. | | 28 | | |
DBX ETF Trust
Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange-Traded Funds | | $ | 42,470,850 | | | $ | — | | | $ | — | | | $ | 42,470,850 | |
Short-Term Investments (a) | | | 659,657 | | | | — | | | | — | | | | 659,657 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 43,130,507 | | | $ | — | | | $ | — | | | $ | 43,130,507 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 29 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| CORPORATE BONDS — 97.4% | | | | | | | | |
| Basic Materials — 3.9% | | | | | | | | |
| Chemicals — 1.6% | | | | | | |
ASP Unifrax Holdings, Inc., 144A,
5.25%, 9/30/28 | | $ | 161,000 | | | $ | 102,318 | |
Avient Corp., 144A,
5.75%, 5/15/25 | | | 130,000 | | | | 129,365 | |
Axalta Coating Systems LLC, 144A,
3.375%, 2/15/29 | | | 85,000 | | | | 75,621 | |
Chemours Co.
5.375%, 5/15/27 | | | 105,000 | | | | 96,034 | |
144A, 5.75%, 11/15/28 | | | 160,000 | | | | 140,500 | |
Consolidated Energy Finance SA, 144A,
5.625%, 10/15/28 | | | 103,000 | | | | 83,708 | |
INEOS Finance PLC, 144A,
6.75%, 5/15/28 | | | 94,000 | | | | 92,018 | |
Methanex Corp.,
5.125%, 10/15/27 | | | 146,000 | | | | 140,487 | |
NOVA Chemicals Corp.
144A, 5.00%, 5/1/25 | | | 112,000 | | | | 109,510 | |
144A, 5.25%, 6/1/27 | | | 205,000 | | | | 190,193 | |
144A, 8.50%, 11/15/28 | | | 100,000 | | | | 105,711 | |
Olin Corp.,
5.125%, 9/15/27 | | | 98,000 | | | | 95,152 | |
SCIH Salt Holdings, Inc., 144A,
4.875%, 5/1/28 | | | 236,000 | | | | 215,944 | |
| | | | | | | | |
(Cost $1,587,321) | | | | | | | 1,576,561 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | | | | | | |
Mercer International, Inc.,
5.125%, 2/1/29
(Cost $132,110) | | | 153,000 | | | | 132,024 | |
| | | | | | | | |
| Iron/Steel — 0.8% | | | | | | |
Cleveland-Cliffs, Inc. 144A,
6.75%, 3/15/26 | | | 200,000 | | | | 201,725 | |
5.875%, 6/1/27 | | | 130,000 | | | | 128,766 | |
Mineral Resources Ltd.
144A, 8.125%, 5/1/27 | | | 113,000 | | | | 114,120 | |
144A, 8.00%, 11/1/27 | | | 122,000 | | | | 124,403 | |
144A, 9.25%, 10/1/28 | | | 221,000 | | | | 232,050 | |
| | | | | | | | |
(Cost $792,397) | | | | | | | 801,064 | |
| | | | | | | | |
| Mining — 1.4% | | | | | | |
First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25 | | | 214,000 | | | | 214,000 | |
144A, 6.875%, 3/1/26 (a) | | | 195,000 | | | | 195,000 | |
144A, 6.875%, 10/15/27 | | | 323,000 | | | | 307,488 | |
FMG Resources August 2006 Pty Ltd., 144A,
4.50%, 9/15/27 | | | 115,000 | | | | 110,217 | |
Hudbay Minerals, Inc., 144A,
4.50%, 4/1/26 | | | 125,000 | | | | 120,603 | |
Kaiser Aluminum Corp., 144A,
4.625%, 3/1/28 | | | 98,000 | | | | 90,508 | |
Nexa Resources SA
144A, 5.375%, 5/4/27 | | | 137,000 | | | | 132,300 | |
144A, 6.50%, 1/18/28 | | | 94,000 | | | | 94,329 | |
Vedanta Resources Finance II PLC, 144A,
9.25%, 4/23/26 | | | 100,000 | | | | 83,087 | |
| | | | | | | | |
(Cost $1,327,539) | | | | | | | 1,347,532 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Communications — 16.8% | | | | | | | | |
| Advertising — 0.9% | | | | | | |
Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27 | | $ | 252,000 | | | $ | 235,907 | |
144A, 7.75%, 4/15/28 | | | 195,000 | | | | 168,795 | |
144A, 9.00%, 9/15/28 (a) | | | 150,000 | | | | 156,554 | |
Lamar Media Corp.,
3.75%, 2/15/28 | | | 115,000 | | | | 106,765 | |
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27 | | | 124,000 | | | | 119,386 | |
144A, 4.25%, 1/15/29 | | | 100,000 | | | | 89,908 | |
| | | | | | | | |
(Cost $844,983) | | | | | | | 877,315 | |
| | | | | | | | |
| Internet — 2.0% | | | | | | |
EquipmentShare.com, Inc., 144A,
9.00%, 5/15/28 | | | 200,000 | | | | 205,195 | |
Gen Digital, Inc.
144A, 5.00%, 4/15/25 | | | 226,000 | | | | 223,957 | |
144A, 6.75%, 9/30/27 | | | 176,000 | | | | 177,064 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27 | | | 120,000 | | | | 116,217 | |
Match Group Holdings II LLC
144A, 5.00%, 12/15/27 | | | 88,000 | | | | 84,009 | |
144A, 4.625%, 6/1/28 | | | 88,000 | | | | 82,811 | |
MercadoLibre, Inc.,
2.375%, 1/14/26 | | | 75,000 | | | | 70,688 | |
Newfold Digital Holdings Group, Inc., 144A,
11.75%, 10/15/28 | | | 105,000 | | | | 114,137 | |
Rakuten Group, Inc., 144A,
11.25%, 2/15/27 | | | 328,000 | | | | 349,296 | |
Uber Technologies, Inc.
144A, 8.00%, 11/1/26 | | | 274,000 | | | | 279,039 | |
144A, 7.50%, 9/15/27 | | | 234,000 | | | | 239,570 | |
144A, 6.25%, 1/15/28 | | | 98,000 | | | | 98,215 | |
| | | | | | | | |
(Cost $2,009,778) | | | | | | | 2,040,198 | |
| | | | | | | | |
| Media — 8.9% | | | | | | |
Altice Financing SA, 144A,
5.00%, 1/15/28 | | | 234,000 | | | | 207,266 | |
AMC Networks, Inc.
4.75%, 8/1/25 | | | 151,000 | | | | 144,145 | |
4.25%, 2/15/29 | | | 184,000 | | | | 119,273 | |
CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.50%, 5/1/26 | | | 170,000 | | | | 167,176 | |
144A, 5.125%, 5/1/27 | | | 635,000 | | | | 600,945 | |
144A, 5.00%, 2/1/28 | | | 493,000 | | | | 455,405 | |
CSC Holdings LLC
144A, 5.50%, 4/15/27 | | | 256,000 | | | | 229,939 | |
144A, 5.375%, 2/1/28 | | | 181,000 | | | | 157,952 | |
144A, 7.50%, 4/1/28 | | | 216,000 | | | | 153,792 | |
144A, 11.25%, 5/15/28 | | | 195,000 | | | | 201,388 | |
144A, 11.75%, 1/31/29 | | | 420,000 | | | | 439,298 | |
144A, 6.50%, 2/1/29 | | | 293,000 | | | | 255,704 | |
DISH DBS Corp.
5.875%, 11/15/24 (a) | | | 392,000 | | | | 370,820 | |
7.75%, 7/1/26 | | | 391,000 | | | | 249,657 | |
| | | | |
| See Notes to Financial Statements. | | 30 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Media (Continued) | | | | | | |
144A, 5.25%, 12/1/26 | | $ | 539,000 | | | $ | 431,537 | |
7.375%, 7/1/28 | | | 195,000 | | | | 95,333 | |
144A, 5.75%, 12/1/28 | | | 478,000 | | | | 331,911 | |
DISH Network Corp., 144A,
11.75%, 11/15/27 | | | 684,000 | | | | 713,962 | |
Gray Television, Inc. 144A,
5.875%, 7/15/26 | | | 124,000 | | | | 117,800 | |
144A, 7.00%, 5/15/27 (a) | | | 150,000 | | | | 135,734 | |
iHeartCommunications, Inc.
6.375%, 5/1/26 (a) | | | 156,000 | | | | 132,990 | |
8.375%, 5/1/27 | | | 167,000 | | | | 100,398 | |
144A, 5.25%, 8/15/27 | | | 152,000 | | | | 112,851 | |
144A, 4.75%, 1/15/28 | | | 105,000 | | | | 75,708 | |
McGraw-Hill Education, Inc., 144A,
5.75%, 8/1/28 | | | 165,000 | | | | 153,446 | |
Nexstar Media, Inc.
144A, 5.625%, 7/15/27 | | | 335,000 | | | | 317,834 | |
144A, 4.75%, 11/1/28 (a) | | | 192,000 | | | | 170,710 | |
Radiate Holdco LLC / Radiate Finance, Inc.
144A, 4.50%, 9/15/26 | | | 156,000 | | | | 123,013 | |
144A, 6.50%, 9/15/28 | | | 205,000 | | | | 98,887 | |
Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26 | | | 220,000 | | | | 205,354 | |
144A, 5.00%, 8/1/27 | | | 293,000 | | | | 279,471 | |
144A, 4.00%, 7/15/28 | | | 367,000 | | | | 331,010 | |
TEGNA, Inc. 144A,
4.75%, 3/15/26 | | | 102,000 | | | | 98,664 | |
4.625%, 3/15/28 | | | 195,000 | | | | 175,802 | |
Univision Communications, Inc.
144A, 6.625%, 6/1/27 | | | 293,000 | | | | 284,252 | |
144A, 8.00%, 8/15/28 | | | 285,000 | | | | 286,767 | |
Videotron Ltd.
144A, 5.375%, 6/15/24 | | | 121,000 | | | | 120,696 | |
144A, 5.125%, 4/15/27 | | | 125,000 | | | | 122,592 | |
VTR Finance NV, 144A,
6.375%, 7/15/28 | | | 95,000 | | | | 41,631 | |
Ziggo Bond Co. BV, 144A,
6.00%, 1/15/27 | | | 106,000 | | | | 103,660 | |
| | | | | | | | |
(Cost $9,297,881) | | | | | | | 8,914,773 | |
| | | | | | | | |
| Telecommunications — 5.0% | | | | | | |
Altice France Holding SA
144A, 10.50%, 5/15/27 | | | 317,000 | | | | 207,410 | |
144A, 6.00%, 2/15/28 | | | 212,000 | | | | 107,249 | |
Altice France SA
144A, 8.125%, 2/1/27 | | | 312,000 | | | | 287,029 | |
144A, 5.50%, 1/15/28 | | | 214,000 | | | | 174,845 | |
144A, 5.125%, 1/15/29 | | | 100,000 | | | | 75,692 | |
C&W Senior Financing DAC, 144A,
6.875%, 9/15/27 | | | 218,000 | | | | 205,695 | |
CommScope Technologies LLC
144A, 6.00%, 6/15/25 | | | 263,000 | | | | 214,603 | |
144A, 5.00%, 3/15/27 | | | 138,000 | | | | 49,538 | |
CommScope, Inc.
144A, 6.00%, 3/1/26 (a) | | | 280,000 | | | | 252,334 | |
144A, 8.25%, 3/1/27 | | | 174,000 | | | | 76,375 | |
144A, 7.125%, 7/1/28 | | | 125,000 | | | | 50,129 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Telecommunications (Continued) | | | | | | |
Consolidated Communications, Inc.
144A, 5.00%, 10/1/28 | | $ | 78,000 | | | $ | 64,491 | |
144A, 6.50%, 10/1/28 | | | 155,000 | | | | 133,300 | |
Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27 | | | 225,000 | | | | 217,643 | |
144A, 5.00%, 5/1/28 | | | 302,000 | | | | 279,806 | |
Hughes Satellite Systems Corp.
5.25%, 8/1/26 | | | 154,000 | | | | 131,725 | |
6.625%, 8/1/26 | | | 133,000 | | | | 87,780 | |
Iliad Holding SASU
144A, 6.50%, 10/15/26 | | | 221,000 | | | | 218,656 | |
144A, 7.00%, 10/15/28 | | | 167,000 | | | | 165,369 | |
Level 3 Financing, Inc.
144A, 3.40%, 3/1/27 (a) | | | 138,000 | | | | 111,784 | |
144A, 4.625%, 9/15/27 | | | 197,000 | | | | 122,140 | |
144A, 4.25%, 7/1/28 | | | 259,000 | | | | 124,320 | |
144A, 3.625%, 1/15/29 | | | 165,000 | | | | 70,950 | |
Lumen Technologies, Inc.
144A, 5.125%, 12/15/26 | | | 85,000 | | | | 56,859 | |
144A, 4.00%, 2/15/27 | | | 222,000 | | | | 134,539 | |
144A, 4.50%, 1/15/29 | | | 60,000 | | | | 18,957 | |
Millicom International Cellular SA, 144A,
5.125%, 1/15/28 | | | 88,200 | | | | 84,152 | |
Sable International Finance Ltd., 144A,
5.75%, 9/7/27 | | | 82,000 | | | | 78,700 | |
Telecom Italia SpA, 144A,
5.303%, 5/30/24 | | | 304,000 | | | | 303,157 | |
Viasat, Inc.
144A, 5.625%, 9/15/25 | | | 66,000 | | | | 64,121 | |
144A, 5.625%, 4/15/27 | | | 89,000 | | | | 83,641 | |
144A, 6.50%, 7/15/28 | | | 90,000 | | | | 66,771 | |
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,
7.75%, 8/15/28 | | | 273,000 | | | | 255,173 | |
Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27 (a) | | | 299,000 | | | | 249,267 | |
144A, 6.125%, 3/1/28 | | | 211,000 | | | | 160,588 | |
| | | | | | | | |
(Cost $5,426,437) | | | | | | | 4,984,788 | |
| | | | | | | | |
| Consumer, Cyclical — 20.5% | | | | | | | | |
| Airlines — 1.7% | | | | | | |
Air Canada, 144A,
3.875%, 8/15/26 | | | 253,000 | | | | 239,902 | |
American Airlines Group, Inc., 144A,
3.75%, 3/1/25 | | | 95,000 | | | | 92,894 | |
American Airlines, Inc., 144A,
7.25%, 2/15/28 | | | 140,000 | | | | 141,293 | |
Delta Air Lines, Inc.
2.90%, 10/28/24 | | | 200,000 | | | | 196,166 | |
7.375%, 1/15/26 | | | 170,000 | | | | 175,495 | |
4.375%, 4/19/28 | | | 71,000 | | | | 68,147 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
5.75%, 1/20/26 | | | 232,252 | | | | 219,476 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25 (a) | | | 121,000 | | | | 87,620 | |
144A, 8.00%, 9/20/25 | | | 100,000 | | | | 72,413 | |
| | | | |
| See Notes to Financial Statements. | | 31 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Airlines (Continued) | | | | | | |
United Airlines, Inc., 144A,
4.375%, 4/15/26 | | $ | 390,000 | | | $ | 375,782 | |
| | | | | | | | |
(Cost $1,755,971) | | | | | | | 1,669,188 | |
| | | | | | | | |
| Apparel — 0.2% | | | | | | |
Hanesbrands, Inc., 144A,
4.875%, 5/15/26
(Cost $169,071) | | | 170,000 | | | | 164,248 | |
| | | | | | | | |
| Auto Manufacturers — 0.3% | | | | | | |
Allison Transmission, Inc., 144A,
4.75%, 10/1/27 | | | 81,000 | | | | 77,745 | |
Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25 | | | 223,000 | | | | 226,309 | |
| | | | | | | | |
(Cost $297,582) | | | | | | | 304,054 | |
| | | | | | | | |
| Auto Parts & Equipment — 2.3% | | | | | | |
Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26 | | | 155,000 | | | | 150,390 | |
144A, 7.00%, 4/15/28 | | | 104,000 | | | | 106,139 | |
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 | | | 98,000 | | | | 96,877 | |
6.875%, 7/1/28 | | | 75,000 | | | | 72,541 | |
Clarios Global LP, 144A,
6.75%, 5/15/25 | | | 88,000 | | | | 88,015 | |
Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26 | | | 150,000 | | | | 149,721 | |
144A, 8.50%, 5/15/27 | | | 315,000 | | | | 317,223 | |
144A, 6.75%, 5/15/28 | | | 150,000 | | | | 151,944 | |
Dana, Inc.
5.375%, 11/15/27 | | | 86,000 | | | | 83,103 | |
5.625%, 6/15/28 | | | 78,000 | | | | 75,598 | |
Goodyear Tire & Rubber Co.
9.50%, 5/31/25 | | | 156,000 | | | | 157,706 | |
5.00%, 5/31/26 | | | 176,000 | | | | 171,575 | |
4.875%, 3/15/27 | | | 133,000 | | | | 127,776 | |
Tenneco, Inc., 144A,
8.00%, 11/17/28 | | | 371,000 | | | | 338,432 | |
ZF North America Capital, Inc., 144A,
6.875%, 4/14/28 | | | 165,000 | | | | 168,594 | |
| | | | | | | | |
(Cost $2,223,192) | | | | | | | 2,255,634 | |
| | | | | | | | |
| Distribution/Wholesale — 0.4% | | | | | | |
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28 | | | 130,000 | | | | 121,571 | |
H&E Equipment Services, Inc., 144A,
3.875%, 12/15/28 | | | 244,000 | | | | 220,408 | |
Ritchie Bros Holdings, Inc., 144A,
6.75%, 3/15/28 | | | 99,000 | | | | 101,445 | |
| | | | | | | | |
(Cost $443,970) | | | | | | | 443,424 | |
| | | | | | | | |
| Entertainment — 3.4% | | | | | | |
AMC Entertainment Holdings, Inc., 144A,
7.50%, 2/15/29 | | | 178,000 | | | | 123,226 | |
Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25 | | | 360,000 | | | | 360,242 | |
144A, 8.125%, 7/1/27 | | | 315,000 | | | | 323,647 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Entertainment (Continued) | | | | | | |
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25 | | $ | 202,000 | | | $ | 201,492 | |
5.375%, 4/15/27 | | | 97,000 | | | | 96,039 | |
Churchill Downs, Inc.
144A, 5.50%, 4/1/27 | | | 122,000 | | | | 119,915 | |
144A, 4.75%, 1/15/28 | | | 135,000 | | | | 127,813 | |
Cinemark USA, Inc.
144A, 5.875%, 3/15/26 | | | 78,000 | | | | 76,899 | |
144A, 5.25%, 7/15/28 | | | 144,000 | | | | 134,678 | |
International Game Technology PLC
144A, 6.50%, 2/15/25 | | | 128,000 | | | | 128,273 | |
144A, 4.125%, 4/15/26 | | | 207,000 | | | | 199,953 | |
144A, 6.25%, 1/15/27 | | | 150,000 | | | | 150,736 | |
144A, 5.25%, 1/15/29 | | | 100,000 | | | | 96,741 | |
Light & Wonder International, Inc., 144A,
7.00%, 5/15/28 | | | 130,000 | | | | 130,696 | |
Live Nation Entertainment, Inc.
144A, 4.875%, 11/1/24 | | | 137,000 | | | | 135,967 | |
144A, 6.50%, 5/15/27 | | | 263,000 | | | | 265,478 | |
144A, 4.75%, 10/15/27 | | | 198,000 | | | | 189,741 | |
144A, 3.75%, 1/15/28 | | | 80,000 | | | | 73,832 | |
Mohegan Tribal Gaming Authority, 144A,
8.00%, 2/1/26 | | | 229,000 | | | | 216,120 | |
Penn Entertainment, Inc., 144A,
5.625%, 1/15/27 | | | 68,000 | | | | 65,068 | |
Six Flags Entertainment Corp., 144A,
5.50%, 4/15/27 | | | 86,000 | | | | 84,241 | |
Vail Resorts, Inc., 144A,
6.25%, 5/15/25 | | | 119,000 | | | | 119,504 | |
| | | | | | | | |
(Cost $3,412,844) | | | | | | | 3,420,301 | |
| | | | | | | | |
| Food Service — 0.4% | | | | | | |
Aramark Services, Inc.
144A, 5.00%, 4/1/25 | | | 126,000 | | | | 125,303 | |
144A, 5.00%, 2/1/28 | | | 220,000 | | | | 211,058 | |
TKC Holdings, Inc., 144A,
6.875%, 5/15/28 | | | 85,000 | | | | 79,658 | |
| | | | | | | | |
(Cost $406,248) | | | | | | | 416,019 | |
| | | | | | | | |
| Home Builders — 0.4% | | | | | | |
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A,
6.25%, 9/15/27 | | | 120,000 | | | | 116,373 | |
Mattamy Group Corp., 144A,
5.25%, 12/15/27 | | | 102,000 | | | | 98,455 | |
Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27 | | | 98,000 | | | | 97,562 | |
144A, 5.75%, 1/15/28 | | | 80,000 | | | | 78,471 | |
| | | | | | | | |
(Cost $374,825) | | | | | | | 390,861 | |
| | | | | | | | |
| Housewares — 0.6% | | | | | | |
Newell Brands, Inc.
4.875%, 6/1/25 | | | 87,000 | | | | 85,254 | |
5.20%, 4/1/26 | | | 388,000 | | | | 377,175 | |
6.375%, 9/15/27 | | | 98,000 | | | | 95,240 | |
| | | | | | | | |
(Cost $578,371) | | | | | | | 557,669 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 32 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Leisure Time — 4.5% | | | | | | |
Carnival Corp.
144A, 7.625%, 3/1/26 | | $ | 260,000 | | | $ | 263,572 | |
144A, 5.75%, 3/1/27 | | | 538,000 | | | | 531,705 | |
144A, 4.00%, 8/1/28 | | | 470,000 | | | | 433,901 | |
Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28 | | | 400,000 | | | | 436,649 | |
Life Time, Inc.
144A, 5.75%, 1/15/26 | | | 203,000 | | | | 201,497 | |
144A, 8.00%, 4/15/26 | | | 100,000 | | | | 101,003 | |
NCL Corp. Ltd.
144A, 3.625%, 12/15/24 | | | 114,000 | | | | 112,341 | |
144A, 5.875%, 3/15/26 | | | 290,000 | | | | 283,475 | |
144A, 5.875%, 2/15/27 | | | 175,000 | | | | 173,083 | |
144A, 8.375%, 2/1/28 | | | 150,000 | | | | 157,573 | |
144A, 8.125%, 1/15/29 | | | 150,000 | | | | 157,933 | |
144A, 7.75%, 2/15/29 | | | 92,000 | | | | 94,378 | |
Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26 | | | 175,000 | | | | 168,707 | |
144A, 5.50%, 8/31/26 | | | 204,000 | | | | 201,863 | |
144A, 5.375%, 7/15/27 | | | 195,000 | | | | 191,457 | |
144A, 11.625%, 8/15/27 | | | 232,000 | | | | 251,120 | |
3.70%, 3/15/28 | | | 103,000 | | | | 95,149 | |
144A, 5.50%, 4/1/28 | | | 338,000 | | | | 332,947 | |
144A, 9.25%, 1/15/29 | | | 100,000 | | | | 107,643 | |
Viking Cruises Ltd.
144A, 5.875%, 9/15/27 | | | 155,000 | | | | 151,640 | |
144A, 7.00%, 2/15/29 | | | 50,000 | | | | 50,025 | |
| | | | | | | | |
(Cost $4,367,235) | | | | | | | 4,497,661 | |
| | | | | | | | |
| Lodging — 2.3% | | | | | | |
Boyd Gaming Corp.,
4.75%, 12/1/27 | | | 196,000 | | | | 188,644 | |
Hilton Domestic Operating Co., Inc.
144A, 5.375%, 5/1/25 | | | 81,000 | | | | 80,812 | |
144A, 5.75%, 5/1/28 | | | 98,000 | | | | 97,811 | |
Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25 | | | 190,000 | | | | 185,902 | |
144A, 5.25%, 4/26/26 | | | 85,000 | | | | 81,669 | |
144A, 5.625%, 7/17/27 | | | 117,000 | | | | 111,012 | |
144A, 5.75%, 7/21/28 | | | 156,000 | | | | 146,627 | |
MGM Resorts International
6.75%, 5/1/25 | | | 151,000 | | | | 151,307 | |
5.75%, 6/15/25 | | | 161,000 | | | | 160,875 | |
4.625%, 9/1/26 | | | 78,000 | | | | 75,687 | |
5.50%, 4/15/27 | | | 132,000 | | | | 129,405 | |
4.75%, 10/15/28 (a) | | | 140,000 | | | | 131,529 | |
Station Casinos LLC, 144A,
4.50%, 2/15/28 | | | 135,000 | | | | 125,977 | |
Studio City Finance Ltd.
144A, 6.50%, 1/15/28 | | | 104,000 | | | | 98,719 | |
144A, 5.00%, 1/15/29 | | | 220,000 | | | | 192,052 | |
Travel + Leisure Co. 144A,
6.625%, 7/31/26 | | | 127,000 | | | | 128,454 | |
6.00%, 4/1/27 | | | 73,000 | | | | 72,795 | |
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a) | | | 157,000 | | | | 153,798 | |
| | | | | | | | |
(Cost $2,278,105) | | | | | | | 2,313,075 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail — 4.0% | | | | | | |
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25 | | $ | 70,000 | | | $ | 69,803 | |
144A, 3.875%, 1/15/28 | | | 324,000 | | | | 302,543 | |
144A, 4.375%, 1/15/28 | | | 184,000 | | | | 172,881 | |
144A, 3.50%, 2/15/29 | | | 100,000 | | | | 90,250 | |
Asbury Automotive Group, Inc.,
4.50%, 3/1/28 | | | 110,000 | | | | 102,683 | |
Bath & Body Works, Inc.,
5.25%, 2/1/28 | | | 100,000 | | | | 97,185 | |
eG Global Finance PLC, 144A,
12.00%, 11/30/28 | | | 215,000 | | | | 227,255 | |
Ferrellgas LP / Ferrellgas Finance Corp., 144A,
5.375%, 4/1/26 | | | 113,000 | | | | 111,956 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A,
4.625%, 1/15/29 | | | 200,000 | | | | 181,698 | |
FirstCash, Inc.,
144A, 4.625%, 9/1/28 | | | 122,000 | | | | 112,995 | |
LBM Acquisition LLC,
144A, 6.25%, 1/15/29 | | | 130,000 | | | | 117,256 | |
Lithia Motors, Inc.,
144A, 4.625%, 12/15/27 | | | 75,000 | | | | 71,525 | |
Michaels Cos., Inc., 144A,
5.25%, 5/1/28 | | | 166,000 | | | | 129,091 | |
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26 | | | 215,000 | | | | 211,076 | |
Penske Automotive Group, Inc.,
3.50%, 9/1/25 | | | 100,000 | | | | 97,110 | |
PetSmart, Inc. / PetSmart Finance Corp.
144A, 4.75%, 2/15/28 | | | 228,000 | | | | 213,988 | |
144A, 7.75%, 2/15/29 | | | 193,000 | | | | 190,872 | |
QVC, Inc.
4.85%, 4/1/24 | | | 60,000 | | | | 59,904 | |
4.45%, 2/15/25 | | | 114,000 | | | | 110,788 | |
4.75%, 2/15/27 (a) | | | 118,000 | | | | 106,467 | |
4.375%, 9/1/28 | | | 106,000 | | | | 87,057 | |
SRS Distribution, Inc., 144A,
4.625%, 7/1/28 | | | 133,000 | | | | 124,201 | |
Staples, Inc.
144A, 7.50%, 4/15/26 | | | 360,000 | | | | 346,469 | |
144A, 10.75%, 4/15/27 | | | 193,000 | | | | 176,825 | |
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24 | | | 240,000 | | | | 236,649 | |
3.45%, 6/1/26 | | | 290,000 | | | | 276,713 | |
| | | | | | | | |
(Cost $3,960,016) | | | | | | | 4,025,240 | |
| | | | | | | | |
| Consumer, Non-cyclical — 16.1% | | | | | | | | |
| Agriculture — 0.3% | | | | | | |
Darling Ingredients, Inc.,
144A, 5.25%, 4/15/27 | | | 90,000 | | | | 88,373 | |
Vector Group Ltd.
144A, 10.50%, 11/1/26 | | | 94,000 | | | | 94,671 | |
144A, 5.75%, 2/1/29 | | | 151,000 | | | | 138,494 | |
| | | | | | | | |
(Cost $320,243) | | | | | | | 321,538 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 33 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services — 4.4% | | | | | | |
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 | | $ | 59,000 | | | $ | 58,407 | |
Albion Financing 2 SARL, 144A,
8.75%, 4/15/27 | | | 137,000 | | | | 137,673 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26 | | | 268,000 | | | | 267,407 | |
144A, 9.75%, 7/15/27 | | | 210,000 | | | | 209,498 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 | | | 226,000 | | | | 201,222 | |
APX Group, Inc., 144A,
6.75%, 2/15/27 | | | 98,000 | | | | 98,226 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27 | | | 39,000 | | | | 37,200 | |
144A, 4.75%, 4/1/28 (a) | | | 94,000 | | | | 85,267 | |
Block, Inc.,
2.75%, 6/1/26 | | | 229,000 | | | | 213,871 | |
Brink’s Co.
144A, 5.50%, 7/15/25 | | | 75,000 | | | | 74,653 | |
144A, 4.625%, 10/15/27 | | | 116,000 | | | | 109,736 | |
Garda World Security Corp.
144A, 4.625%, 2/15/27 | | | 96,000 | | | | 91,794 | |
144A, 9.50%, 11/1/27 | | | 133,000 | | | | 133,632 | |
144A, 7.75%, 2/15/28 | | | 88,000 | | | | 89,456 | |
Herc Holdings, Inc., 144A,
5.50%, 7/15/27 | | | 239,000 | | | | 234,186 | |
Hertz Corp., 144A,
4.625%, 12/1/26 | | | 99,000 | | | | 87,739 | |
MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28 | | | 203,000 | | | | 177,343 | |
144A, 5.75%, 11/1/28 (a) | | | 191,000 | | | | 152,574 | |
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26 | | | 263,000 | | | | 261,233 | |
144A, 3.375%, 8/31/27 | | | 194,000 | | | | 177,812 | |
144A, 6.25%, 1/15/28 (a) | | | 261,000 | | | | 257,710 | |
Sabre GLBL, Inc.
144A, 8.625%, 6/1/27 | | | 167,000 | | | | 147,203 | |
144A, 11.25%, 12/15/27 | | | 107,000 | | | | 100,647 | |
Service Corp. International,
4.625%, 12/15/27 | | | 113,000 | | | | 108,507 | |
Sotheby’s, 144A,
7.375%, 10/15/27 | | | 145,000 | | | | 139,467 | |
United Rentals North America, Inc.
5.50%, 5/15/27 | | | 72,000 | | | | 71,597 | |
3.875%, 11/15/27 | | | 146,000 | | | | 137,632 | |
4.875%, 1/15/28 | | | 326,000 | | | | 315,017 | |
Williams Scotsman, Inc.
144A, 6.125%, 6/15/25 | | | 110,000 | | | | 109,900 | |
144A, 4.625%, 8/15/28 | | | 106,000 | | | | 99,646 | |
| | | | | | | | |
(Cost $4,356,185) | | | | | | | 4,386,255 | |
| | | | | | | | |
| Cosmetics/Personal Care — 0.3% | | | | | | |
Coty, Inc., 144A,
5.00%, 4/15/26 | | | 129,000 | | | | 126,542 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Cosmetics/Personal Care (Continued) | | | | | | |
Edgewell Personal Care Co., 144A,
5.50%, 6/1/28 | | $ | 152,000 | | | $ | 148,533 | |
| | | | | | | | |
(Cost $273,905) | | | | | | | 275,075 | |
| | | | | | | | |
| Food — 1.9% | | | | | | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26 | | | 201,000 | | | | 191,167 | |
144A, 7.50%, 3/15/26 | | | 110,000 | | | | 112,065 | |
144A, 4.625%, 1/15/27 | | | 271,000 | | | | 261,533 | |
144A, 5.875%, 2/15/28 | | | 130,000 | | | | 128,210 | |
144A, 6.50%, 2/15/28 | | | 146,000 | | | | 147,014 | |
B&G Foods, Inc.
5.25%, 9/15/27 | | | 107,000 | | | | 99,610 | |
144A, 8.00%, 9/15/28 | | | 105,000 | | | | 109,442 | |
Lamb Weston Holdings, Inc., 144A,
4.875%, 5/15/28 | | | 107,000 | | | | 103,733 | |
Performance Food Group, Inc., 144A,
5.50%, 10/15/27 | | | 207,000 | | | | 202,955 | |
Post Holdings, Inc.
144A, 5.75%, 3/1/27 | | | 90,000 | | | | 90,862 | |
144A, 5.625%, 1/15/28 | | | 184,000 | | | | 180,799 | |
Sigma Holdco BV, 144A,
7.875%, 5/15/26 | | | 91,000 | | | | 87,030 | |
US Foods, Inc.
144A, 6.875%, 9/15/28 | | | 105,000 | | | | 106,969 | |
144A, 4.75%, 2/15/29 | | | 130,000 | | | | 122,164 | |
| | | | | | | | |
(Cost $1,929,502) | | | | | | | 1,943,553 | |
| | | | | | | | |
| Healthcare-Products — 1.0% | | | | | | |
Avantor Funding, Inc., 144A,
4.625%, 7/15/28 | | | 359,000 | | | | 339,287 | |
Bausch + Lomb Escrow Corp., 144A,
8.375%, 10/1/28 | | | 274,000 | | | | 286,672 | |
Hologic, Inc.
144A, 4.625%, 2/1/28 | | | 85,000 | | | | 81,527 | |
144A, 3.25%, 2/15/29 | | | 126,000 | | | | 112,467 | |
Teleflex, Inc.
4.625%, 11/15/27 | | | 100,000 | | | | 95,594 | |
144A, 4.25%, 6/1/28 | | | 98,000 | | | | 91,596 | |
| | | | | | | | |
(Cost $991,040) | | | | | | | 1,007,143 | |
| | | | | | | | |
| Healthcare-Services — 4.3% | | | | | | |
Catalent Pharma Solutions, Inc., 144A,
5.00%, 7/15/27 | | | 107,000 | | | | 105,451 | |
Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28 | | | 91,000 | | | | 85,450 | |
CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26 | | | 226,000 | | | | 223,960 | |
144A, 5.625%, 3/15/27 | | | 371,000 | | | | 339,875 | |
144A, 8.00%, 12/15/27 | | | 130,000 | | | | 124,484 | |
144A, 6.875%, 4/1/28 | | | 141,000 | | | | 91,199 | |
144A, 6.00%, 1/15/29 | | | 128,000 | | | | 110,213 | |
Encompass Health Corp.,
4.50%, 2/1/28 | | | 147,000 | | | | 139,235 | |
IQVIA, Inc.
144A, 5.00%, 10/15/26 | | | 195,000 | | | | 190,826 | |
144A, 5.00%, 5/15/27 | | | 237,000 | | | | 231,017 | |
| | | | |
| See Notes to Financial Statements. | | 34 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Healthcare-Services (Continued) | | | | | | |
Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27 | | $ | 114,000 | | | $ | 105,877 | |
LifePoint Health, Inc., 144A,
5.375%, 1/15/29 | | | 95,000 | | | | 75,859 | |
ModivCare, Inc., 144A,
5.875%, 11/15/25 (a) | | | 89,000 | | | | 86,971 | |
Molina Healthcare, Inc., 144A,
4.375%, 6/15/28 | | | 161,000 | | | | 150,132 | |
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,
9.75%, 12/1/26 | | | 254,000 | | | | 254,189 | |
Select Medical Corp., 144A,
6.25%, 8/15/26 | | | 267,000 | | | | 266,571 | |
Team Health Holdings, Inc., 144A,
6.375%, 2/1/25 | | | 145,000 | | | | 133,458 | |
Tenet Healthcare Corp.
4.875%, 1/1/26 | | | 408,000 | | | | 407,833 | |
6.25%, 2/1/27 | | | 293,000 | | | | 292,548 | |
5.125%, 11/1/27 | | | 300,000 | | | | 294,029 | |
4.625%, 6/15/28 | | | 106,000 | | | | 100,997 | |
6.125%, 10/1/28 (a) | | | 488,000 | | | | 482,883 | |
| | | | | | | | |
(Cost $4,262,836) | | | | | | | 4,293,057 | |
| | | | | | | | |
| Pharmaceuticals — 3.9% | | | | | | |
Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26 | | | 176,000 | | | | 165,660 | |
144A, 8.50%, 1/31/27 (a) | | | 125,000 | | | | 71,274 | |
Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25 | | | 328,000 | | | | 305,550 | |
144A, 9.00%, 12/15/25 | | | 165,000 | | | | 157,134 | |
144A, 6.125%, 2/1/27 | | | 195,000 | | | | 125,044 | |
144A, 5.75%, 8/15/27 | | | 99,000 | | | | 59,779 | |
144A, 5.00%, 1/30/28 | | | 77,000 | | | | 35,227 | |
144A, 4.875%, 6/1/28 | | | 325,000 | | | | 185,555 | |
144A, 11.00%, 9/30/28 | | | 350,000 | | | | 236,250 | |
144A, 6.25%, 2/15/29 | | | 197,000 | | | | 90,388 | |
Cheplapharm Arzneimittel GmbH, 144A,
5.50%, 1/15/28 | | | 108,000 | | | | 101,664 | |
Grifols SA, 144A,
4.75%, 10/15/28 (a) | | | 125,000 | | | | 104,238 | |
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25 | | | 120,000 | | | | 116,529 | |
Jazz Securities DAC, 144A,
4.375%, 1/15/29 | | | 293,000 | | | | 270,219 | |
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28 | | | 410,000 | | | | 375,599 | |
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 | | | 80,000 | | | | 78,698 | |
4.375%, 3/15/26 | | | 165,000 | | | | 159,418 | |
Prestige Brands, Inc., 144A,
5.125%, 1/15/28 | | | 72,000 | | | | 69,660 | |
Teva Pharmaceutical Finance Netherlands III BV
6.00%, 4/15/24 | | | 190,000 | | | | 189,911 | |
7.125%, 1/31/25 | | | 71,000 | | | | 71,423 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pharmaceuticals (Continued) | | | | | | |
3.15%, 10/1/26 | | $ | 690,000 | | | $ | 639,903 | |
6.75%, 3/1/28 | | | 242,000 | | | | 245,093 | |
| | | | | | | | |
(Cost $3,971,137) | | | | | | | 3,854,216 | |
| | | | | | | | |
| Diversified — 0.1% | | | | | | | | |
| Holding Companies-Diversified — 0.1% | | | | | | |
Benteler International AG, 144A,
10.50%, 5/15/28
(Cost $93,487) | | | 92,000 | | | | 98,885 | |
| | | | | | | | |
| Energy — 10.8% | | | | | | | | |
| Energy-Alternate Sources — 0.1% | | | | | | |
Sunnova Energy Corp., 144A,
11.75%, 10/1/28 (a) | | | | | | | | |
(Cost $73,240) | | | 85,000 | | | | 71,617 | |
| | | | | | | | |
| Oil & Gas — 5.1% | | | | | | |
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26 | | | 152,000 | | | | 152,016 | |
144A, 8.25%, 12/31/28 | | | 110,000 | | | | 111,781 | |
Baytex Energy Corp., 144A,
8.75%, 4/1/27 | | | 70,000 | | | | 72,671 | |
Callon Petroleum Co., 144A,
8.00%, 8/1/28 | | | 121,000 | | | | 126,465 | |
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A,
11.00%, 4/15/25 | | | 78,000 | | | | 78,650 | |
Chesapeake Energy Corp., 144A,
5.50%, 2/1/26 | | | 104,000 | | | | 103,181 | |
Civitas Resources, Inc.
144A, 5.00%, 10/15/26 | | | 71,000 | | | | 68,856 | |
144A, 8.375%, 7/1/28 | | | 273,000 | | | | 286,015 | |
CNX Resources Corp., 144A,
6.00%, 1/15/29 | | | 90,000 | | | | 86,581 | |
Crescent Energy Finance LLC
144A, 7.25%, 5/1/26 | | | 145,000 | | | | 144,594 | |
144A, 9.25%, 2/15/28 | | | 203,000 | | | | 212,636 | |
CrownRock LP / CrownRock Finance, Inc., 144A,
5.625%, 10/15/25 | | | 167,000 | | | | 166,327 | |
CVR Energy, Inc.
144A, 5.75%, 2/15/28 | | | 75,000 | | | | 69,678 | |
144A, 8.50%, 1/15/29 | | | 100,000 | | | | 100,705 | |
Energean PLC, 144A,
6.50%, 4/30/27 | | | 98,000 | | | | 89,616 | |
Kosmos Energy Ltd.
144A, 7.125%, 4/4/26 | | | 200,000 | | | | 193,694 | |
144A, 7.75%, 5/1/27 | | | 111,000 | | | | 105,614 | |
144A, 7.50%, 3/1/28 | | | 30,000 | | | | 27,914 | |
Leviathan Bond Ltd.
144A, REGS, 6.125%, 6/30/25 | | | 142,000 | | | | 139,330 | |
144A, REGS, 6.50%, 6/30/27 | | | 123,000 | | | | 118,062 | |
Matador Resources Co.
5.875%, 9/15/26 | | | 167,000 | | | | 165,483 | |
144A, 6.875%, 4/15/28 | | | 138,000 | | | | 140,265 | |
Murphy Oil Corp.,
5.875%, 12/1/27 | | | 73,000 | | | | 72,550 | |
| | | | |
| See Notes to Financial Statements. | | 35 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | | | | | | |
Northern Oil & Gas, Inc., 144A,
8.125%, 3/1/28 | | $ | 124,000 | | | $ | 125,670 | |
Parkland Corp., 144A,
5.875%, 7/15/27 | | | 98,000 | | | | 96,268 | |
PBF Holding Co. LLC / PBF Finance Corp.,
6.00%, 2/15/28 | | | 161,000 | | | | 156,720 | |
Permian Resources Operating LLC, 144A,
8.00%, 4/15/27 | | | 96,000 | | | | 99,089 | |
Puma International Financing SA, 144A,
5.00%, 1/24/26 | | | 200,000 | | | | 189,473 | |
Range Resources Corp.,
4.875%, 5/15/25 | | | 111,000 | | | | 109,553 | |
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A,
7.875%, 11/1/28 | | | 120,000 | | | | 122,768 | |
SM Energy Co.
6.75%, 9/15/26 | | | 75,000 | | | | 74,645 | |
6.625%, 1/15/27 | | | 97,000 | | | | 96,691 | |
6.50%, 7/15/28 | | | 69,000 | | | | 69,142 | |
Southwestern Energy Co.,
5.375%, 2/1/29 | | | 200,000 | | | | 193,448 | |
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27 | | | 100,000 | | | | 99,723 | |
144A, 7.00%, 9/15/28 | | | 118,000 | | | | 120,977 | |
Talos Production, Inc., 144A,
9.00%, 2/1/29 | | | 95,000 | | | | 97,171 | |
Transocean, Inc.
144A, 7.50%, 1/15/26 | | | 95,000 | | | | 93,992 | |
144A, 11.50%, 1/30/27 | | | 135,000 | | | | 140,502 | |
144A, 8.00%, 2/1/27 | | | 120,000 | | | | 117,240 | |
Tullow Oil PLC, 144A,
7.00%, 3/1/25 | | | 103,000 | | | | 96,815 | |
Vital Energy, Inc.,
10.125%, 1/15/28 | | | 151,000 | | | | 158,158 | |
| | | | | | | | |
(Cost $5,000,272) | | | | | | | 5,090,729 | |
| | | | | | | | |
| Oil & Gas Services — 0.6% | | | | | | |
Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27 | | | 85,000 | | | | 84,651 | |
144A, 6.25%, 4/1/28 | | | 156,000 | | | | 152,237 | |
CGG SA, 144A,
8.75%, 4/1/27 | | | 103,000 | | | | 91,996 | |
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26 | | | 142,000 | | | | 141,906 | |
6.875%, 9/1/27 | | | 142,000 | | | | 141,400 | |
| | | | | | | | |
(Cost $613,432) | | | | | | | 612,190 | |
| | | | | | | | |
| Pipelines — 5.0% | | | | | | |
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26 | | | 121,000 | | | | 123,672 | |
144A, 5.75%, 3/1/27 | | | 144,000 | | | | 140,999 | |
144A, 5.75%, 1/15/28 | | | 120,000 | | | | 117,747 | |
Buckeye Partners LP
144A, 4.125%, 3/1/25 | | | 85,000 | | | | 83,194 | |
3.95%, 12/1/26 | | | 122,000 | | | | 115,485 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | | | | | | |
4.125%, 12/1/27 | | $ | 110,000 | | | $ | 102,476 | |
144A, 4.50%, 3/1/28 | | | 106,000 | | | | 98,643 | |
EnLink Midstream LLC, 144A,
5.625%, 1/15/28 | | | 107,000 | | | | 105,525 | |
EnLink Midstream Partners LP
4.15%, 6/1/25 | | | 80,000 | | | | 78,059 | |
4.85%, 7/15/26 | | | 91,000 | | | | 88,807 | |
EQM Midstream Partners LP
144A, 6.00%, 7/1/25 | | | 108,000 | | | | 107,937 | |
4.125%, 12/1/26 | | | 102,000 | | | | 97,867 | |
144A, 7.50%, 6/1/27 | | | 119,000 | | | | 121,837 | |
144A, 6.50%, 7/1/27 | | | 204,000 | | | | 206,200 | |
5.50%, 7/15/28 | | | 165,000 | | | | 161,980 | |
144A, 4.50%, 1/15/29 | | | 136,000 | | | | 127,603 | |
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27 | | | 196,000 | | | | 197,545 | |
7.75%, 2/1/28 | | | 133,000 | | | | 133,119 | |
8.25%, 1/15/29 | | | 117,000 | | | | 119,046 | |
Hess Midstream Operations LP
144A, 5.625%, 2/15/26 | | | 162,000 | | | | 159,858 | |
144A, 5.125%, 6/15/28 | | | 97,000 | | | | 93,277 | |
New Fortress Energy, Inc.
144A, 6.75%, 9/15/25 | | | 242,000 | | | | 240,975 | |
144A, 6.50%, 9/30/26 | | | 301,000 | | | | 290,951 | |
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 8.125%, 2/15/29 | | | 158,000 | | | | 159,624 | |
NuStar Logistics LP
5.75%, 10/1/25 | | | 110,000 | | | | 109,091 | |
6.00%, 6/1/26 | | | 106,000 | | | | 104,876 | |
5.625%, 4/28/27 | | | 107,000 | | | | 105,997 | |
Rockies Express Pipeline LLC, 144A,
3.60%, 5/15/25 | | | 78,000 | | | | 75,690 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27 | | | 79,000 | | | | 78,039 | |
144A, 5.50%, 1/15/28 | | | 152,000 | | | | 144,576 | |
144A, 7.375%, 2/15/29 | | | 120,000 | | | | 119,824 | |
Venture Global LNG, Inc.
144A, 8.125%, 6/1/28 | | | 439,000 | | | | 446,336 | |
144A, 9.50%, 2/1/29 | | | 560,000 | | | | 597,430 | |
| | | | | | | | |
(Cost $5,044,270) | | | | | | | 5,054,285 | |
| | | | | | | | |
| Financial — 13.0% | | | | | | | | |
| Banks — 0.4% | | | | | | |
Freedom Mortgage Corp.
144A, 7.625%, 5/1/26 | | | 98,000 | | | | 97,348 | |
144A, 6.625%, 1/15/27 | | | 99,000 | | | | 94,460 | |
144A, 12.00%, 10/1/28 | | | 156,000 | | | | 169,211 | |
| | | | | | | | |
(Cost $346,188) | | | | | | | 361,019 | |
| | | | | | | | |
| Diversified Financial Services — 4.7% | | | | | | |
AG Issuer LLC, 144A,
6.25%, 3/1/28 | | | 95,000 | | | | 92,012 | |
AG TTMT Escrow Issuer LLC, 144A,
8.625%, 9/30/27 | | | 100,000 | | | | 103,032 | |
| | | | |
| See Notes to Financial Statements. | | 36 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Diversified Financial Services (Continued) | | | | | | |
Coinbase Global, Inc., 144A,
3.375%, 10/1/28 | | $ | 206,000 | | | $ | 174,262 | |
Credit Acceptance Corp., 144A,
9.25%, 12/15/28 | | | 110,000 | | | | 116,501 | |
Curo Group Holdings Corp., 144A,
7.50%, 8/1/28 * | | | 140,000 | | | | 38,325 | |
Enova International, Inc., 144A,
11.25%, 12/15/28 | | | 80,000 | | | | 83,853 | |
goeasy Ltd., 144A,
9.25%, 12/1/28 | | | 63,000 | | | | 66,906 | |
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28 | | | 189,000 | | | | 170,235 | |
LD Holdings Group LLC
144A, 6.50%, 11/1/25 | | | 98,000 | | | | 90,798 | |
144A, 6.125%, 4/1/28 | | | 121,000 | | | | 98,907 | |
Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28 | | | 98,000 | | | | 102,733 | |
Nationstar Mortgage Holdings, Inc.
144A, 5.00%, 2/1/26 | | | 98,000 | | | | 95,321 | |
144A, 6.00%, 1/15/27 | | | 104,000 | | | | 102,345 | |
144A, 5.50%, 8/15/28 | | | 183,000 | | | | 173,002 | |
Navient Corp.
5.875%, 10/25/24 | | | 110,000 | | | | 109,817 | |
6.75%, 6/25/25 | | | 92,000 | | | | 92,626 | |
6.75%, 6/15/26 | | | 91,000 | | | | 91,457 | |
5.00%, 3/15/27 | | | 137,000 | | | | 130,043 | |
4.875%, 3/15/28 | | | 98,000 | | | | 89,580 | |
NFP Corp.
144A, 4.875%, 8/15/28 | | | 99,000 | | | | 98,844 | |
144A, 6.875%, 8/15/28 | | | 410,000 | | | | 416,740 | |
OneMain Finance Corp.
6.875%, 3/15/25 | | | 286,000 | | | | 289,092 | |
7.125%, 3/15/26 | | | 313,000 | | | | 318,326 | |
3.50%, 1/15/27 | | | 145,000 | | | | 133,653 | |
6.625%, 1/15/28 | | | 154,000 | | | | 153,253 | |
3.875%, 9/15/28 | | | 110,000 | | | | 96,239 | |
9.00%, 1/15/29 | | | 150,000 | | | | 157,683 | |
Osaic Holdings, Inc., 144A,
10.75%, 8/1/27 | | | 81,000 | | | | 84,209 | |
PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25 | | | 149,000 | | | | 146,774 | |
144A, 4.25%, 2/15/29 | | | 87,000 | | | | 78,538 | |
PRA Group, Inc., 144A,
8.375%, 2/1/28 | | | 78,000 | | | | 76,294 | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26 | | | 210,000 | | | | 193,436 | |
SLM Corp.
4.20%, 10/29/25 | | | 84,000 | | | | 81,535 | |
3.125%, 11/2/26 | | | 102,000 | | | | 93,812 | |
United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25 | | | 176,000 | | | | 173,154 | |
144A, 5.75%, 6/15/27 | | | 105,000 | | | | 101,969 | |
| | | | | | | | |
(Cost $4,632,226) | | | | | | | 4,715,306 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Insurance — 1.1% | | | | | | |
Acrisure LLC / Acrisure Finance, Inc.
144A, 10.125%, 8/1/26 | | $ | 89,000 | | | $ | 92,619 | |
144A, 4.25%, 2/15/29 | | | 135,000 | | | | 119,885 | |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27 | | | 146,000 | | | | 134,923 | |
144A, 6.75%, 10/15/27 | | | 248,000 | | | | 241,163 | |
144A, 6.75%, 4/15/28 | | | 264,000 | | | | 262,431 | |
AmWINS Group, Inc., 144A,
6.375%, 2/15/29 | | | 146,000 | | | | 146,186 | |
AssuredPartners, Inc., 144A,
5.625%, 1/15/29 | | | 110,000 | | | | 101,301 | |
| | | | | | | | |
(Cost $1,094,337) | | | | | | | 1,098,508 | |
| | | | | | | | |
| Investment Companies — 0.1% | | | | | | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29
(Cost $154,190) | | | 150,000 | | | | 156,938 | |
| | | | | | | | |
| Real Estate — 0.5% | | | | | | |
Cushman & Wakefield US Borrower LLC,
144A, 6.75%, 5/15/28 | | | 130,000 | | | | 128,173 | |
Howard Hughes Corp.
144A, 5.375%, 8/1/28 | | | 167,000 | | | | 157,735 | |
144A, 4.125%, 2/1/29 | | | 117,000 | | | | 104,015 | |
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 5.75%, 1/15/29 | | | 110,000 | | | | 81,950 | |
| | | | | | | | |
(Cost $463,682) | | | | | | | 471,873 | |
| | | | | | | | |
| Real Estate Investment Trusts — 4.8% | | | | | | |
Brandywine Operating Partnership LP,
3.95%, 11/15/27 | | | 87,000 | | | | 76,575 | |
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26 | | | 187,000 | | | | 180,535 | |
144A, 4.50%, 4/1/27 | | | 142,000 | | | | 124,997 | |
Diversified Healthcare Trust
9.75%, 6/15/25 | | | 98,000 | | | | 97,663 | |
4.75%, 2/15/28 | | | 95,000 | | | | 75,714 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,
3.75%, 12/15/27 | | | 95,000 | | | | 80,328 | |
Hudson Pacific Properties LP,
3.95%, 11/1/27 | | | 80,000 | | | | 69,175 | |
Iron Mountain, Inc.
144A, 4.875%, 9/15/27 | | | 189,000 | | | | 181,472 | |
144A, 5.25%, 3/15/28 | | | 161,000 | | | | 155,342 | |
144A, 5.00%, 7/15/28 | | | 98,000 | | | | 92,870 | |
144A, 7.00%, 2/15/29 | | | 122,000 | | | | 123,960 | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,
4.25%, 2/1/27 | | | 117,000 | | | | 107,799 | |
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a) | | | 99,000 | | | | 88,281 | |
5.00%, 10/15/27 (a) | | | 273,000 | | | | 223,708 | |
| | | | |
| See Notes to Financial Statements. | | 37 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Real Estate Investment Trusts (Continued) | | | | | | |
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,
4.50%, 9/30/28 | | $ | 106,000 | | | $ | 89,386 | |
Office Properties Income Trust,
4.50%, 2/1/25 | | | 127,000 | | | | 103,036 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25 | | | 132,000 | | | | 132,529 | |
144A, 5.875%, 10/1/28 | | | 149,000 | | | | 144,964 | |
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27 | | | 137,000 | | | | 130,958 | |
144A, 7.25%, 7/15/28 | | | 68,000 | | | | 69,705 | |
144A, 4.50%, 2/15/29 | | | 75,000 | | | | 69,780 | |
RLJ Lodging Trust LP, 144A,
3.75%, 7/1/26 | | | 92,000 | | | | 86,816 | |
SBA Communications Corp.
3.875%, 2/15/27 | | | 292,000 | | | | 275,804 | |
3.125%, 2/1/29 | | | 258,000 | | | | 228,507 | |
Service Properties Trust
7.50%, 9/15/25 | | | 136,000 | | | | 137,881 | |
4.75%, 10/1/26 | | | 93,000 | | | | 86,130 | |
4.95%, 2/15/27 | | | 80,000 | | | | 73,539 | |
5.50%, 12/15/27 | | | 88,000 | | | | 82,946 | |
3.95%, 1/15/28 | | | 80,000 | | | | 67,744 | |
Starwood Property Trust, Inc.
144A, 3.75%, 12/31/24 | | | 97,000 | | | | 95,149 | |
4.75%, 3/15/25 | | | 100,000 | | | | 98,766 | |
144A, 3.625%, 7/15/26 | | | 77,000 | | | | 71,895 | |
144A, 4.375%, 1/15/27 | | | 92,000 | | | | 86,368 | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28 | | | 508,000 | | | | 526,355 | |
144A, 4.75%, 4/15/28 | | | 134,000 | | | | 116,585 | |
144A, 6.50%, 2/15/29 | | | 195,000 | | | | 150,337 | |
Vornado Realty LP
3.50%, 1/15/25 | | | 88,000 | | | | 85,504 | |
2.15%, 6/1/26 | | | 78,000 | | | | 70,033 | |
| | | | | | | | |
(Cost $4,760,291) | | | | | | | 4,759,136 | |
| | | | | | | | |
| Venture Capital — 1.4% | | | | | | |
HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25 | | | 71,000 | | | | 70,342 | |
144A, 3.375%, 6/15/26 (a) | | | 253,000 | | | | 236,921 | |
144A, 8.00%, 6/15/27 | | | 110,000 | | | | 114,352 | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 9/15/24 | | | 211,000 | | | | 209,866 | |
6.375%, 12/15/25 | | | 146,000 | | | | 144,834 | |
6.25%, 5/15/26 | | | 258,000 | | | | 251,647 | |
5.25%, 5/15/27 | | | 262,000 | | | | 241,009 | |
4.375%, 2/1/29 | | | 132,000 | | | | 111,539 | |
| | | | | | | | |
(Cost $1,406,339) | | | | | | | 1,380,510 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Industrial — 9.7% | | | | | | | | |
| Aerospace/Defense — 2.9% | | | | | | |
Bombardier, Inc.
144A, 7.125%, 6/15/26 | | $ | 198,000 | | | $ | 199,793 | |
144A, 7.875%, 4/15/27 | | | 312,000 | | | | 312,593 | |
144A, 6.00%, 2/15/28 | | | 146,000 | | | | 141,877 | |
144A, 7.50%, 2/1/29 | | | 104,000 | | | | 105,572 | |
Rolls-Royce PLC
144A, 3.625%, 10/14/25 | | | 249,000 | | | | 240,688 | |
144A, 5.75%, 10/15/27 | | | 181,000 | | | | 180,290 | |
Spirit AeroSystems, Inc.,
4.60%, 6/15/28 | | | 134,000 | | | | 117,774 | |
TransDigm, Inc.
7.50%, 3/15/27 | | | 80,000 | | | | 79,992 | |
5.50%, 11/15/27 | | | 555,000 | | | | 536,454 | |
144A, 6.75%, 8/15/28 | | | 375,000 | | | | 379,952 | |
4.625%, 1/15/29 | | | 234,000 | | | | 214,784 | |
Triumph Group, Inc.
7.75%, 8/15/25 | | | 85,000 | | | | 84,875 | |
144A, 9.00%, 3/15/28 | | | 259,000 | | | | 271,065 | |
| | | | | | | | |
(Cost $2,821,344) | | | | | | | 2,865,709 | |
| | | | | | | | |
| Building Materials — 0.8% | | | | | | |
InterCement Financial Operations BV, 144A,
5.75%, 7/17/24 | | | 158,000 | | | | 137,062 | |
Smyrna Ready Mix Concrete LLC, 144A,
6.00%, 11/1/28 | | | 215,000 | | | | 208,769 | |
Standard Industries, Inc.
144A, 5.00%, 2/15/27 | | | 150,000 | | | | 144,595 | |
144A, 4.75%, 1/15/28 | | | 220,000 | | | | 207,819 | |
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29 | | | 140,000 | | | | 135,662 | |
| | | | | | | | |
(Cost $838,635) | | | | | | | 833,907 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.7% | |
Energizer Holdings, Inc., 144A,
4.75%, 6/15/28 | | | 123,000 | | | | 112,592 | |
WESCO Distribution, Inc.
144A, 7.125%, 6/15/25 | | | 264,000 | | | | 265,804 | |
144A, 7.25%, 6/15/28 | | | 333,000 | | | | 340,608 | |
| | | | | | | | |
(Cost $715,306) | | | | | | | 719,004 | |
| | | | | | | | |
| Electronics — 0.2% | | | | | | |
Sensata Technologies BV, 144A,
5.00%, 10/1/25 | | | | | | | | |
(Cost $141,383) | | | 143,000 | | | | 141,793 | |
| | | | | | | | |
| Engineering & Construction — 0.3% | | | | | | |
Fluor Corp.,
4.25%, 9/15/28 | | | 110,000 | | | | 104,096 | |
IHS Holding Ltd.
144A, 5.625%, 11/29/26 | | | 87,000 | | | | 76,463 | |
144A, 6.25%, 11/29/28 | | | 100,000 | | | | 81,859 | |
| | | | | | | | |
(Cost $259,418) | | | | | | | 262,418 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 38 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Environmental Control — 0.7% | | | | |
GFL Environmental, Inc.
144A, 4.25%, 6/1/25 | | $ | 114,000 | | | $ | 112,096 | |
144A, 3.75%, 8/1/25 | | | 150,000 | | | | 145,777 | |
144A, 5.125%, 12/15/26 | | | 98,000 | | | | 95,958 | |
144A, 4.00%, 8/1/28 | | | 143,000 | | | | 131,238 | |
144A, 3.50%, 9/1/28 | | | 135,000 | | | | 122,522 | |
Madison IAQ LLC, 144A,
4.125%, 6/30/28 | | | 133,000 | | | | 121,289 | |
| | | | | | | | |
(Cost $727,590) | | | | | | | 728,880 | |
| | | | | | | | |
| Machinery-Diversified — 0.5% | | | | | | |
Maxim Crane Works Holdings Capital LLC, 144A,
11.50%, 9/1/28 | | | 98,000 | | | | 102,001 | |
TK Elevator Holdco GmbH, 144A,
7.625%, 7/15/28 | | | 70,000 | | | | 68,546 | |
TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27 | | | 305,000 | | | | 293,410 | |
| | | | | | | | |
(Cost $460,321) | | | | | | | 463,957 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.2% | | | | | | |
Hillenbrand, Inc.
5.75%, 6/15/25 | | | 94,000 | | | | 93,389 | |
6.25%, 2/15/29 | | | 69,000 | | | | 69,096 | |
Trinity Industries, Inc., 144A,
7.75%, 7/15/28 | | | 70,000 | | | | 72,175 | |
| | | | | | | | |
(Cost $234,699) | | | | | | | 234,660 | |
| | | | | | | | |
| Packaging & Containers — 2.9% | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27 | | | 100,000 | | | | 98,295 | |
144A, 3.25%, 9/1/28 | | | 111,000 | | | | 96,345 | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25 | | | 137,000 | | | | 135,676 | |
144A, 4.125%, 8/15/26 | | | 203,000 | | | | 187,525 | |
144A, 5.25%, 8/15/27 | | | 206,000 | | | | 149,648 | |
144A, 5.25%, 8/15/27 | | | 156,000 | | | | 113,326 | |
Ball Corp.,
6.875%, 3/15/28 | | | 159,000 | | | | 163,001 | |
Berry Global, Inc., 144A,
5.625%, 7/15/27 | | | 130,000 | | | | 128,309 | |
Graphic Packaging International LLC, 144A,
3.50%, 3/15/28 | | | 87,000 | | | | 79,654 | |
LABL, Inc.
144A, 6.75%, 7/15/26 | | | 137,000 | | | | 132,981 | |
144A, 10.50%, 7/15/27 | | | 120,000 | | | | 116,640 | |
144A, 5.875%, 11/1/28 | | | 109,000 | | | | 97,838 | |
Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26 | | | 460,000 | | | | 466,413 | |
144A, 9.25%, 4/15/27 | | | 268,000 | | | | 260,928 | |
Owens-Brockway Glass Container, Inc., 144A,
6.625%, 5/13/27 | | | 120,000 | | | | 119,826 | |
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,
4.00%, 10/15/27 | | | 183,000 | | | | 170,664 | |
Sealed Air Corp. 144A,
5.50%, 9/15/25 | | | 60,000 | | | | 59,943 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Packaging & Containers (Continued) | |
144A, 4.00%, 12/1/27 | | $ | 100,000 | | | $ | 93,115 | |
144A, 6.125%, 2/1/28 | | | 149,000 | | | | 148,666 | |
Silgan Holdings, Inc.,
4.125%, 2/1/28 | | | 115,000 | | | | 107,483 | |
| | | | | | | | |
(Cost $2,930,706) | | | | | | | 2,926,276 | |
| | | | | | | | |
| Transportation — 0.1% | | | | | | |
Cargo Aircraft Management, Inc., 144A,
4.75%, 2/1/28
(Cost $106,640) | | | 117,000 | | | | 103,623 | |
| | | | | | | | |
| Trucking & Leasing — 0.4% | | | | | | |
Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25 | | | 166,000 | | | | 166,242 | |
144A, 9.75%, 8/1/27 | | | 65,000 | | | | 67,437 | |
144A, 5.50%, 5/1/28 | | | 195,000 | | | | 186,978 | |
| | | | | | | | |
(Cost $411,595) | | | | | | | 420,657 | |
| | | | | | | | |
| Technology — 3.1% | | | | | | | | |
| Computers — 1.1% | | | | | | |
CA Magnum Holdings, 144A, ,
SR SECURED, 10/31/26 | | | 150,000 | | | | 144,553 | |
NCR Voyix Corp., 144A,
5.00%, 10/1/28 | | | 135,000 | | | | 125,625 | |
Presidio Holdings, Inc. 144A,
4.875%, 2/1/27 | | | 86,000 | | | | 82,730 | |
144A, 8.25%, 2/1/28 | | | 107,000 | | | | 105,593 | |
Seagate HDD Cayman
4.75%, 1/1/25 | | | 101,000 | | | | 99,648 | |
4.875%, 6/1/27 | | | 114,000 | | | | 110,509 | |
Western Digital Corp.,
4.75%, 2/15/26 | | | 449,000 | | | | 439,250 | |
| | | | | | | | |
(Cost $1,097,162) | | | | | | | 1,107,908 | |
| | | | | | | | |
| Office/Business Equipment — 0.3% | | | | | | |
Xerox Holdings Corp.
144A, 5.00%, 8/15/25 | | | 180,000 | | | | 177,201 | |
144A, 5.50%, 8/15/28 | | | 139,000 | | | | 125,867 | |
| | | | | | | | |
(Cost $299,505) | | | | | | | 303,068 | |
| | | | | | | | |
| Semiconductors — 0.2% | | | | | | |
Entegris, Inc., 144A,
4.375%, 4/15/28 | | | 70,000 | | | | 65,477 | |
ON Semiconductor Corp., 144A,
3.875%, 9/1/28 | | | 136,000 | | | | 124,493 | |
| | | | | | | | |
(Cost $186,488) | | | | | | | 189,970 | |
| | | | | | | | |
| Software — 1.5% | | | | | | |
Alteryx, Inc., 144A,
8.75%, 3/15/28 | | | 92,000 | | | | 93,370 | |
Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25 | | | 120,000 | | | | 120,202 | |
Clarivate Science Holdings Corp., 144A,
3.875%, 7/1/28 | | | 180,000 | | | | 164,500 | |
Fair Isaac Corp.
144A, 5.25%, 5/15/26 | | | 68,000 | | | | 67,340 | |
144A, 4.00%, 6/15/28 | | | 174,000 | | | | 161,808 | |
| | | | |
| See Notes to Financial Statements. | | 39 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Software (Continued) | | | | | | |
MicroStrategy, Inc., 144A,
6.125%, 6/15/28 (a) | | $ | 98,000 | | | $ | 94,602 | |
Open Text Corp., 144A,
3.875%, 2/15/28 | | | 164,000 | | | | 150,864 | |
PTC, Inc.
144A, 3.625%, 2/15/25 | | | 112,000 | | | | 109,424 | |
144A, 4.00%, 2/15/28 | | | 98,000 | | | | 91,530 | |
SS&C Technologies, Inc., 144A,
5.50%, 9/30/27 | | | 441,000 | | | | 429,862 | |
| | | | | | | | |
(Cost $1,462,917) | | | | | | | 1,483,502 | |
| | | | | | | | |
| Utilities — 3.4% | | | | | | | | |
| Electric — 2.9% | | | | | | |
Calpine Corp.
144A, 5.25%, 6/1/26 | | | 73,000 | | | | 71,983 | |
144A, 4.50%, 2/15/28 | | | 244,000 | | | | 230,073 | |
144A, 5.125%, 3/15/28 | | | 280,000 | | | | 266,537 | |
144A, 4.625%, 2/1/29 | | | 80,000 | | | | 73,709 | |
Clearway Energy Operating LLC, 144A,
4.75%, 3/15/28 | | | 160,000 | | | | 149,785 | |
DPL, Inc.,
4.125%, 7/1/25 | | | 126,000 | | | | 122,659 | |
Drax Finco PLC, 144A,
6.625%, 11/1/25 | | | 92,000 | | | | 90,930 | |
FirstEnergy Corp., Series B,
4.15%, 7/15/27 | | | 302,000 | | | | 287,146 | |
NextEra Energy Operating Partners LP
144A, 4.25%, 7/15/24 | | | 150,000 | | | | 148,234 | |
144A, 3.875%, 10/15/26 | | | 90,000 | | | | 84,141 | |
144A, 4.50%, 9/15/27 | | | 102,000 | | | | 95,275 | |
144A, 7.25%, 1/15/29 | | | 161,000 | | | | 163,790 | |
NRG Energy, Inc.
5.75%, 1/15/28 | | | 160,000 | | | | 157,768 | |
144A, 3.375%, 2/15/29 | | | 60,000 | | | | 52,425 | |
PG&E Corp.,
5.00%, 7/1/28 | | | 204,000 | | | | 194,768 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Electric (Continued) | | | | | | |
Vistra Operations Co. LLC
144A, 5.50%, 9/1/26 | | $ | 226,000 | | | $ | 222,767 | |
144A, 5.625%, 2/15/27 | | | 225,000 | | | | 219,494 | |
144A, 5.00%, 7/31/27 | | | 254,000 | | | | 243,746 | |
| | | | | | | | |
(Cost $2,879,129) | | | | | | | 2,875,230 | |
| | | | | | | | |
| Gas — 0.5% | | | | | | |
AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25 | | | 160,000 | | | | 157,208 | |
5.875%, 8/20/26 | | | 150,000 | | | | 145,497 | |
5.75%, 5/20/27 | | | 103,000 | | | | 97,474 | |
144A, 9.375%, 6/1/28 | | | 88,000 | | | | 89,389 | |
| | | | | | | | |
(Cost $500,574) | | | | | | | 489,568 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $97,546,090) | | | | | | | 97,233,592 | |
| | | | | | | | |
| | |
| | | Number
of Shares | | | | |
| SECURITIES LENDING COLLATERAL — 3.7% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $3,673,787) | | | 3,673,787 | | | | 3,673,787 | |
| | | | | | | | |
| CASH EQUIVALENTS — 2.9% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $2,886,494) | | | 2,886,494 | | | | 2,886,494 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS —104.0% (Cost $104,106,371) | | | | | | $ | 103,793,873 | |
Other assets and liabilities, net — (4.0%) | | | | | | | (3,976,670 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 99,817,203 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 3.7% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| | | — | | | | 3,673,787 | (d) | | | — | | | | — | | | | — | | | | 6,628 | | | | — | | | | 3,673,787 | | | | 3,673,787 | |
CASH EQUIVALENTS — 2.9% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| | | 1,126,201 | | | | 14,597,865 | | | | (12,837,572 | ) | | | — | | | | — | | | | 21,868 | | | | — | | | | 2,886,494 | | | | 2,886,494 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,126,201 | | | | 18,271,652 | | | | (12,837,572 | ) | | | — | | | | — | | | | 28,496 | | | | — | | | | 6,560,281 | | | | 6,560,281 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $3,596,146, which is 3.6% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| | | | |
| See Notes to Financial Statements. | | 40 | | |
DBX ETF Trust
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2024 (Unaudited)
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
| REGS: | | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds (a) | | $ | — | | | $ | 97,233,592 | | | $ | — | | | $ | 97,233,592 | |
Short-Term Investments (a) | | | 6,560,281 | | | | — | | | | — | | | | 6,560,281 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 6,560,281 | | | $ | 97,233,592 | | | $ | — | | | $ | 103,793,873 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 41 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| CORPORATE BONDS — 96.9% | |
| Basic Materials — 5.3% | |
| Chemicals — 2.7% | |
Ashland, Inc.
144A, 3.375%, 9/1/31 | | $ | 288,000 | | | $ | 241,283 | |
6.875%, 5/15/43 | | | 172,000 | | | | 177,592 | |
Avient Corp.
144A, 5.75%, 5/15/25 | | | 420,000 | | | | 417,544 | |
144A, 7.125%, 8/1/30 | | | 483,000 | | | | 493,583 | |
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31 | | | 306,000 | | | | 317,460 | |
Axalta Coating Systems LLC, 144A,
3.375%, 2/15/29 | | | 439,000 | | | | 390,135 | |
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27 | | | 406,000 | | | | 391,975 | |
Cerdia Finanz GmbH, 144A,
10.50%, 2/15/27 | | | 326,000 | | | | 335,357 | |
Chemours Co.
5.375%, 5/15/27 | | | 303,000 | | | | 276,787 | |
144A, 5.75%, 11/15/28 | | | 549,000 | | | | 481,499 | |
144A, 4.625%, 11/15/29 | | | 380,000 | | | | 312,465 | |
Consolidated Energy Finance SA
144A, 5.625%, 10/15/28 | | | 329,000 | | | | 266,901 | |
144A, 12.00%, 2/15/31 | | | 379,000 | | | | 387,368 | |
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28 | | | 337,000 | | | | 318,660 | |
Element Solutions, Inc., 144A,
3.875%, 9/1/28 | | | 490,000 | | | | 444,100 | |
HB Fuller Co.
4.00%, 2/15/27 | | | 184,000 | | | | 174,939 | |
4.25%, 10/15/28 | | | 184,000 | | | | 170,418 | |
Herens Holdco SARL, 144A,
4.75%, 5/15/28 | | | 214,000 | | | | 186,899 | |
INEOS Finance PLC
144A, 6.75%, 5/15/28 | | | 260,000 | | | | 254,254 | |
144A, 7.50%, 4/15/29 | | | 455,000 | | | | 451,633 | |
INEOS Quattro Finance 2 PLC, 144A,
9.625%, 3/15/29 | | | 245,000 | | | | 257,727 | |
Ingevity Corp., 144A,
3.875%, 11/1/28 | | | 337,000 | | | | 297,402 | |
Mativ Holdings, Inc., 144A,
6.875%, 10/1/26 | | | 214,000 | | | | 207,312 | |
Methanex Corp.
5.125%, 10/15/27 | | | 429,000 | | | | 412,295 | |
5.25%, 12/15/29 | | | 429,000 | | | | 407,903 | |
5.65%, 12/1/44 | | | 212,000 | | | | 179,678 | |
Minerals Technologies, Inc., 144A,
5.00%, 7/1/28 | | | 245,000 | | | | 232,444 | |
NOVA Chemicals Corp.
144A, 5.00%, 5/1/25 | | | 306,000 | | | | 298,829 | |
144A, 5.25%, 6/1/27 | | | 699,000 | | | | 647,423 | |
144A, 8.50%, 11/15/28 | | | 245,000 | | | | 258,685 | |
144A, 4.25%, 5/15/29 | | | 352,000 | | | | 291,154 | |
144A, 9.00%, 2/15/30 | | | 400,000 | | | | 401,279 | |
Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A, 5.00%, 1/27/30 | | | 214,000 | | | | 196,253 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Chemicals (Continued) | |
Olin Corp.
5.125%, 9/15/27 | | $ | 306,000 | | | $ | 296,759 | |
5.625%, 8/1/29 | | | 430,000 | | | | 420,699 | |
5.00%, 2/1/30 | | | 316,000 | | | | 295,343 | |
Olympus Water US Holding Corp.
144A, 7.125%, 10/1/27 | | | 197,000 | | | | 196,032 | |
144A, 4.25%, 10/1/28 | | | 499,000 | | | | 446,854 | |
144A, 9.75%, 11/15/28 | | | 1,132,000 | | | | 1,202,803 | |
Rain Carbon, Inc., 144A,
12.25%, 9/1/29 | | | 276,000 | | | | 276,036 | |
SCIH Salt Holdings, Inc., 144A,
4.875%, 5/1/28 | | | 724,000 | | | | 661,555 | |
SCIL IV LLC / SCIL USA Holdings LLC, 144A,
5.375%, 11/1/26 | | | 465,000 | | | | 450,543 | |
SK Invictus Intermediate II SARL, 144A,
5.00%, 10/30/29 | | | 413,000 | | | | 350,636 | |
SNF Group SACA
144A, 3.125%, 3/15/27 | | | 214,000 | | | | 198,463 | |
144A, 3.375%, 3/15/30 | | | 214,000 | | | | 184,589 | |
TPC Group, Inc., 144A,
13.00%, 12/16/27 | | | 214,000 | | | | 218,119 | |
Tronox, Inc., 144A,
4.625%, 3/15/29 | | | 715,000 | | | | 632,869 | |
WR Grace Holdings LLC
144A, 4.875%, 6/15/27 | | | 455,000 | | | | 432,241 | |
144A, 7.375%, 3/1/31 | | | 214,000 | | | | 216,983 | |
| | | | | | | | |
(Cost $16,879,735) | | | | | | | 17,059,760 | |
| | | | | | | | |
| Forest Products & Paper — 0.2% | |
Ahlstrom Holding 3 Oy, 144A,
4.875%, 2/4/28 | | | 187,000 | | | | 170,170 | |
Domtar Corp., 144A,
6.75%, 10/1/28 | | | 393,000 | | | | 363,052 | |
Mercer International, Inc.
5.50%, 1/15/26 | | | 184,000 | | | | 177,564 | |
5.125%, 2/1/29 | | | 581,000 | | | | 500,544 | |
| | | | | | | | |
(Cost $1,169,940) | | | | | | | 1,211,330 | |
| | | | | | | | |
| Iron/Steel — 1.1% | |
ATI, Inc.
5.875%, 12/1/27 | | | 214,000 | | | | 209,656 | |
4.875%, 10/1/29 | | | 199,000 | | | | 182,726 | |
7.25%, 8/15/30 | | | 260,000 | | | | 267,246 | |
5.125%, 10/1/31 | | | 219,000 | | | | 200,466 | |
Big River Steel LLC / BRS Finance Corp., 144A,
6.625%, 1/31/29 | | | 441,000 | | | | 443,626 | |
Carpenter Technology Corp.
6.375%, 7/15/28 | | | 245,000 | | | | 243,934 | |
7.625%, 3/15/30 | | | 184,000 | | | | 190,033 | |
Cleveland-Cliffs, Inc.
144A, 6.75%, 3/15/26 | | | 552,000 | | | | 556,151 | |
5.875%, 6/1/27 | | | 340,000 | | | | 336,391 | |
144A, 4.625%, 3/1/29 | | | 226,000 | | | | 207,481 | |
144A, 6.75%, 4/15/30 | | | 500,000 | | | | 496,341 | |
144A, 4.875%, 3/1/31 | | | 199,000 | | | | 179,154 | |
| | | | |
| See Notes to Financial Statements. | | 42 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Iron/Steel (Continued) | |
Commercial Metals Co.
4.125%, 1/15/30 | | $ | 184,000 | | | $ | 168,320 | |
3.875%, 2/15/31 | | | 184,000 | | | | 160,639 | |
4.375%, 3/15/32 | | | 184,000 | | | | 164,243 | |
Infrabuild Australia Pty Ltd., 144A,
14.50%, 11/15/28 | | | 234,000 | | | | 236,745 | |
Mineral Resources Ltd.
144A, 8.125%, 5/1/27 | | | 429,000 | | | | 432,810 | |
144A, 8.00%, 11/1/27 | | | 383,000 | | | | 390,089 | |
144A, 9.25%, 10/1/28 | | | 690,000 | | | | 723,638 | |
144A, 8.50%, 5/1/30 | | | 383,000 | | | | 393,347 | |
TMS International Corp., 144A,
6.25%, 4/15/29 | | | 214,000 | | | | 186,180 | |
United States Steel Corp.
6.875%, 3/1/29 | | | 291,000 | | | | 294,342 | |
6.65%, 6/1/37 | | | 168,000 | | | | 173,696 | |
| | | | | | | | |
(Cost $6,728,343) | | | | | | | 6,837,254 | |
| | | | | | | | |
| Mining — 1.3% | |
Arsenal AIC Parent LLC
144A, 8.00%, 10/1/30 | | | 429,000 | | | | 449,378 | |
144A, 11.50%, 10/1/31 | | | 313,000 | | | | 344,300 | |
Century Aluminum Co., 144A,
7.50%, 4/1/28 | | | 153,000 | | | | 146,880 | |
Compass Minerals International, Inc., 144A,
6.75%, 12/1/27 | | | 306,000 | | | | 298,500 | |
Constellium SE
144A, 5.875%, 2/15/26 | | | 153,000 | | | | 151,747 | |
144A, 5.625%, 6/15/28 | | | 199,000 | | | | 191,845 | |
144A, 3.75%, 4/15/29 | | | 306,000 | | | | 272,591 | |
Eldorado Gold Corp., 144A,
6.25%, 9/1/29 | | | 306,000 | | | | 286,591 | |
FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27 | | | 367,000 | | | | 351,297 | |
144A, 5.875%, 4/15/30 | | | 429,000 | | | | 419,855 | |
144A, 4.375%, 4/1/31 | | | 949,000 | | | | 850,446 | |
144A, 6.125%, 4/15/32 | | | 533,000 | | | | 526,878 | |
Hecla Mining Co.,
7.25%, 2/15/28 | | | 291,000 | | | | 290,297 | |
Hudbay Minerals, Inc.
144A, 4.50%, 4/1/26 | | | 367,000 | | | | 353,657 | |
144A, 6.125%, 4/1/29 | | | 367,000 | | | | 360,110 | |
Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28 | | | 306,000 | | | | 282,143 | |
144A, 4.50%, 6/1/31 | | | 337,000 | | | | 287,952 | |
New Gold, Inc., 144A,
7.50%, 7/15/27 | | | 245,000 | | | | 242,625 | |
Novelis Corp.
144A, 3.25%, 11/15/26 | | | 459,000 | | | | 425,654 | |
144A, 4.75%, 1/30/30 | | | 1,061,000 | | | | 968,914 | |
144A, 3.875%, 8/15/31 | | | 459,000 | | | | 388,432 | |
Perenti Finance Pty Ltd., 144A,
6.50%, 10/7/25 | | | 265,000 | | | | 261,356 | |
Taseko Mines Ltd., 144A,
7.00%, 2/15/26 | | | 245,000 | | | | 241,243 | |
| | | | | | | | |
(Cost $8,304,649) | | | | | | | 8,392,691 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Communications — 15.1% | |
| Advertising — 0.8% | |
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28 | | $ | 458,000 | | | $ | 426,283 | |
Clear Channel International BV, 144A,
6.625%, 8/1/25 | | | 230,000 | | | | 230,060 | |
Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27 | | | 791,000 | | | | 739,617 | |
144A, 9.00%, 9/15/28 | | | 499,000 | | | | 520,457 | |
Lamar Media Corp.
3.75%, 2/15/28 | | | 364,000 | | | | 337,610 | |
4.875%, 1/15/29 | | | 245,000 | | | | 232,137 | |
4.00%, 2/15/30 | | | 337,000 | | | | 300,772 | |
3.625%, 1/15/31 | | | 362,000 | | | | 312,580 | |
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27 | | | 398,000 | | | | 382,888 | |
144A, 4.25%, 1/15/29 | | | 306,000 | | | | 274,834 | |
144A, 4.625%, 3/15/30 | | | 317,000 | | | | 281,371 | |
144A, 7.375%, 2/15/31 | | | 276,000 | | | | 288,053 | |
Stagwell Global LLC, 144A,
5.625%, 8/15/29 | | | 696,000 | | | | 621,389 | |
Summer BC Bidco B LLC, 144A,
5.50%, 10/31/26 | | | 260,000 | | | | 251,007 | |
| | | | | | | | |
(Cost $5,137,573) | | | | | | | 5,199,058 | |
| | | | | | | | |
| Internet — 1.9% | |
ANGI Group LLC, 144A,
3.875%, 8/15/28 | | | 356,000 | | | | 305,945 | |
Arches Buyer, Inc., 144A,
4.25%, 6/1/28 | | | 582,000 | | | | 497,207 | |
Cablevision Lightpath LLC, 144A,
3.875%, 9/15/27 | | | 276,000 | | | | 250,177 | |
Cars.com, Inc., 144A,
6.375%, 11/1/28 | | | 245,000 | | | | 235,902 | |
Cogent Communications Group, Inc.
144A, 3.50%, 5/1/26 | | | 306,000 | | | | 290,064 | |
144A, 7.00%, 6/15/27 | | | 276,000 | | | | 275,619 | |
EquipmentShare.com, Inc., 144A,
9.00%, 5/15/28 | | | 658,000 | | | | 674,269 | |
Gen Digital, Inc.
144A, 5.00%, 4/15/25 | | | 674,000 | | | | 667,260 | |
144A, 6.75%, 9/30/27 | | | 564,000 | | | | 566,898 | |
144A, 7.125%, 9/30/30 | | | 376,000 | | | | 384,131 | |
Getty Images, Inc., 144A,
9.75%, 3/1/27 | | | 200,000 | | | | 199,390 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A, 5.25%, 12/1/27 | | | 367,000 | | | | 355,072 | |
144A, 3.50%, 3/1/29 | | | 490,000 | | | | 436,285 | |
GrubHub Holdings, Inc., 144A,
5.50%, 7/1/27 | | | 306,000 | | | | 266,768 | |
ION Trading Technologies SARL, 144A,
5.75%, 5/15/28 | | | 276,000 | | | | 247,710 | |
Match Group Holdings II LLC
144A, 5.00%, 12/15/27 | | | 276,000 | | | | 263,255 | |
144A, 4.625%, 6/1/28 | | | 306,000 | | | | 287,692 | |
144A, 5.625%, 2/15/29 | | | 214,000 | | | | 205,440 | |
| | | | |
| See Notes to Financial Statements. | | 43 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Internet (Continued) | |
144A, 4.125%, 8/1/30 | | $ | 306,000 | | | $ | 270,330 | |
144A, 3.625%, 10/1/31 | | | 327,000 | | | | 275,497 | |
Newfold Digital Holdings Group, Inc., 144A,
11.75%, 10/15/28 | | | 315,000 | | | | 342,027 | |
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A,
4.75%, 4/30/27 | | | 214,000 | | | | 205,440 | |
Rakuten Group, Inc.
144A, 5.125%, Perpetual | | | 481,000 | | | | 408,864 | |
144A, 6.25%, Perpetual | | | 633,000 | | | | 452,595 | |
144A, 11.25%, 2/15/27 | | | 1,100,000 | | | | 1,164,820 | |
TripAdvisor, Inc., 144A,
7.00%, 7/15/25 | | | 306,000 | | | | 306,364 | |
Uber Technologies, Inc.
144A, 7.50%, 9/15/27 | | | 823,000 | | | | 841,927 | |
144A, 6.25%, 1/15/28 | | | 306,000 | | | | 306,383 | |
144A, 4.50%, 8/15/29 | | | 949,000 | | | | 888,576 | |
Ziff Davis, Inc., 144A,
4.625%, 10/15/30 | | | 282,000 | | | | 252,897 | |
| | | | | | | | |
(Cost $11,949,794) | | | | | | | 12,124,804 | |
| | | | | | | | |
| Media — 8.0% | |
Altice Financing SA
144A, 5.00%, 1/15/28 | | | 759,000 | | | | 671,519 | |
144A, 5.75%, 8/15/29 | | | 1,297,000 | | | | 1,117,068 | |
AMC Networks, Inc.
4.75%, 8/1/25 | | | 490,000 | | | | 467,305 | |
4.25%, 2/15/29 | | | 612,000 | | | | 396,086 | |
Block Communications, Inc., 144A,
4.875%, 3/1/28 | | | 184,000 | | | | 162,756 | |
Cable One, Inc., 144A,
4.00%, 11/15/30 | | | 398,000 | | | | 300,729 | |
CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.50%, 5/1/26 | | | 361,000 | | | | 354,695 | |
144A, 5.125%, 5/1/27 | | | 1,619,000 | | | | 1,530,222 | |
144A, 5.00%, 2/1/28 | | | 1,363,000 | | | | 1,257,703 | |
144A, 5.375%, 6/1/29 | | | 759,000 | | | | 686,415 | |
144A, 6.375%, 9/1/29 | | | 771,000 | | | | 724,367 | |
144A, 4.75%, 3/1/30 | | | 1,624,000 | | | | 1,381,512 | |
144A, 4.50%, 8/15/30 | | | 1,519,000 | | | | 1,260,041 | |
144A, 4.25%, 2/1/31 | | | 1,604,000 | | | | 1,290,157 | |
144A, 7.375%, 3/1/31 | | | 576,000 | | | | 558,103 | |
144A, 4.75%, 2/1/32 | | | 628,000 | | | | 506,655 | |
4.50%, 5/1/32 | | | 1,541,000 | | | | 1,217,397 | |
144A, 4.50%, 6/1/33 | | | 921,000 | | | | 708,477 | |
144A, 4.25%, 1/15/34 | | | 1,065,000 | | | | 796,256 | |
CSC Holdings LLC 144A,
5.50%, 4/15/27 | | | 829,000 | | | | 743,674 | |
144A, 5.375%, 2/1/28 | | | 616,000 | | | | 536,924 | |
144A, 11.25%, 5/15/28 | | | 633,000 | | | | 653,110 | |
144A, 11.75%, 1/31/29 | | | 1,257,000 | | | | 1,313,970 | |
144A, 6.50%, 2/1/29 | | | 1,107,000 | | | | 964,939 | |
144A, 4.125%, 12/1/30 | | | 696,000 | | | | 518,228 | |
144A, 3.375%, 2/15/31 | | | 633,000 | | | | 446,854 | |
144A, 4.50%, 11/15/31 | | | 921,000 | | | | 683,843 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Media (Continued) | |
Directv Financing LLC, 144A,
8.875%, 2/1/30 | | $ | 460,000 | | | $ | 463,066 | |
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A,
5.875%, 8/15/27 | | | 2,339,000 | | | | 2,207,711 | |
DISH Network Corp., 144A,
11.75%, 11/15/27 | | | 2,214,000 | | | | 2,308,268 | |
Gannett Holdings LLC, 144A,
6.00%, 11/1/26 | | | 183,000 | | | | 165,366 | |
GCI LLC, 144A,
4.75%, 10/15/28 | | | 367,000 | | | | 329,298 | |
Gray Escrow II, Inc., 144A,
5.375%, 11/15/31 | | | 823,000 | | | | 532,403 | |
Gray Television, Inc.
144A, 5.875%, 7/15/26 | | | 429,000 | | | | 407,112 | |
144A, 7.00%, 5/15/27 | | | 459,000 | | | | 414,798 | |
144A, 4.75%, 10/15/30 | | | 502,000 | | | | 323,461 | |
LCPR Senior Secured Financing DAC
144A, 6.75%, 10/15/27 | | | 744,000 | | | | 703,080 | |
144A, 5.125%, 7/15/29 | | | 502,000 | | | | 421,841 | |
McGraw-Hill Education, Inc., 144A,
5.75%, 8/1/28 | | | 519,000 | | | | 482,159 | |
Midcontinent Communications / Midcontinent Finance Corp., 144A,
5.375%, 8/15/27 | | | 264,000 | | | | 250,140 | |
News Corp.
144A, 3.875%, 5/15/29 | | | 666,000 | | | | 601,940 | |
144A, 5.125%, 2/15/32 | | | 306,000 | | | | 285,070 | |
Nexstar Media, Inc.
144A, 5.625%, 7/15/27 | | | 1,084,000 | | | | 1,027,285 | |
144A, 4.75%, 11/1/28 | | | 626,000 | | | | 555,857 | |
Paramount Global
6.25%, 2/28/57 | | | 398,000 | | | | 327,900 | |
6.375%, 3/30/62 | | | 666,000 | | | | 577,755 | |
Scripps Escrow II, Inc.
144A, 3.875%, 1/15/29 | | | 321,000 | | | | 253,906 | |
144A, 5.375%, 1/15/31 | | | 240,000 | | | | 136,868 | |
Scripps Escrow, Inc., 144A,
5.875%, 7/15/27 | | | 267,000 | | | | 216,732 | |
Sinclair Television Group, Inc., 144A,
4.125%, 12/1/30 | | | 450,000 | | | | 328,838 | |
Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26 | | | 633,000 | | | | 590,228 | |
144A, 5.00%, 8/1/27 | | | 949,000 | | | | 904,043 | |
144A, 4.00%, 7/15/28 | | | 1,265,000 | | | | 1,139,658 | |
144A, 5.50%, 7/1/29 | | | 791,000 | | | | 748,013 | |
144A, 4.125%, 7/1/30 | | | 949,000 | | | | 816,480 | |
144A, 3.875%, 9/1/31 | | | 919,000 | | | | 759,623 | |
Sunrise FinCo I BV, 144A,
4.875%, 7/15/31 | | | 790,000 | | | | 699,150 | |
Sunrise HoldCo IV BV, 144A,
5.50%, 1/15/28 | | | 287,000 | | | | 277,622 | |
TEGNA, Inc.
144A, 4.75%, 3/15/26 | | | 337,000 | | | | 325,626 | |
4.625%, 3/15/28 | | | 666,000 | | | | 597,935 | |
5.00%, 9/15/29 | | | 696,000 | | | | 612,480 | |
Townsquare Media, Inc., 144A,
6.875%, 2/1/26 | | | 308,000 | | | | 297,130 | |
| | | | |
| See Notes to Financial Statements. | | 44 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Media (Continued) | |
Univision Communications, Inc.
144A, 6.625%, 6/1/27 | | $ | 919,000 | | | $ | 890,876 | |
144A, 8.00%, 8/15/28 | | | 767,000 | | | | 771,096 | |
144A, 4.50%, 5/1/29 | | | 699,000 | | | | 612,974 | |
144A, 7.375%, 6/30/30 | | | 599,000 | | | | 578,556 | |
Urban One, Inc., 144A,
7.375%, 2/1/28 | | | 400,000 | | | | 343,084 | |
Videotron Ltd.
144A, 5.125%, 4/15/27 | | | 377,000 | | | | 369,403 | |
144A, 3.625%, 6/15/29 | | | 306,000 | | | | 274,886 | |
Virgin Media Finance PLC, 144A,
5.00%, 7/15/30 | | | 566,000 | | | | 488,637 | |
Virgin Media Secured Finance PLC
144A, 5.50%, 5/15/29 | | | 871,000 | | | | 816,187 | |
144A, 4.50%, 8/15/30 | | | 507,000 | | | | 443,123 | |
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28 | | | 313,000 | | | | 288,739 | |
VZ Secured Financing BV, 144A,
5.00%, 1/15/32 | | | 965,000 | | | | 823,692 | |
Ziggo Bond Co. BV
144A, 6.00%, 1/15/27 | | | 383,000 | | | | 374,288 | |
144A, 5.125%, 2/28/30 | | | 306,000 | | | | 261,821 | |
Ziggo BV, 144A,
4.875%, 1/15/30 | | | 661,000 | | | | 588,826 | |
| | | | | | | | |
(Cost $50,591,934) | | | | | | | 50,264,035 | |
| | | | | | | | |
| Telecommunications — 4.4% | |
Altice France SA
144A, 8.125%, 2/1/27 | | | 1,107,000 | | | | 1,017,250 | |
144A, 5.50%, 1/15/28 | | | 696,000 | | | | 567,884 | |
144A, 5.125%, 1/15/29 | | | 291,000 | | | | 219,976 | |
144A, 5.125%, 7/15/29 | | | 1,551,000 | | | | 1,171,230 | |
144A, 5.50%, 10/15/29 | | | 1,265,000 | | | | 957,819 | |
British Telecommunications PLC
144A, 4.25%, 11/23/81 | | | 306,000 | | | | 286,399 | |
144A, 4.875%, 11/23/81 | | | 306,000 | | | | 269,205 | |
Ciena Corp., 144A,
4.00%, 1/31/30 | | | 245,000 | | | | 219,275 | |
CommScope, Inc.
144A, 6.00%, 3/1/26 | | | 949,000 | | | | 854,100 | |
144A, 4.75%, 9/1/29 | | | 784,000 | | | | 537,040 | |
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26 | | | 1,313,000 | | | | 1,288,286 | |
Consolidated Communications, Inc.
144A, 5.00%, 10/1/28 | | | 245,000 | | | | 202,372 | |
144A, 6.50%, 10/1/28 | | | 475,000 | | | | 407,312 | |
Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27 | | | 777,000 | | | | 750,972 | |
144A, 5.00%, 5/1/28 | | | 980,000 | | | | 906,945 | |
144A, 8.75%, 5/15/30 | | | 735,000 | | | | 749,678 | |
144A, 8.625%, 3/15/31 | | | 430,000 | | | | 435,763 | |
Frontier Florida LLC, Series E,
6.86%, 2/1/28 | | | 184,000 | | | | 177,100 | |
GoTo Group, Inc., 144A,
5.50%, 5/1/28 | | | 230,000 | | | | 198,087 | |
Hughes Satellite Systems Corp.,
5.25%, 8/1/26 | | | 459,000 | | | | 392,156 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Telecommunications (Continued) | |
Iliad Holding SASU
144A, 7.00%, 10/15/28 | | $ | 569,000 | | | $ | 563,001 | |
144A, 6.50%, 10/15/2026 10/15/2026 10/15/2026 10/15/2026 10/15/2026 | | | 759,000 | | | | 750,355 | |
Intelsat Jackson Holdings SA, 144A,
6.50%, 3/15/30 | | | 1,898,000 | | | | 1,765,866 | |
Level 3 Financing, Inc.
144A, 3.40%, 3/1/27 | | | 459,000 | | | | 369,509 | |
144A, 10.50%, 5/15/30 | | | 620,000 | | | | 635,500 | |
Millicom International Cellular SA
144A, 5.125%, 1/15/28 | | | 275,400 | | | | 262,571 | |
144A, 6.25%, 3/25/29 | | | 460,800 | | | | 447,552 | |
144A, 4.50%, 4/27/31 | | | 487,000 | | | | 420,259 | |
Qwest Corp.,
7.25%, 9/15/25 | | | 83,000 | | | | 80,300 | |
Rogers Communications, Inc., 144A,
5.25%, 3/15/82 | | | 459,000 | | | | 438,218 | |
Telecom Italia Capital SA
6.375%, 11/15/33 | | | 627,000 | | | | 601,774 | |
6.00%, 9/30/34 | | | 665,000 | | | | 616,975 | |
7.20%, 7/18/36 | | | 602,000 | | | | 598,367 | |
7.721%, 6/4/38 | | | 617,000 | | | | 631,950 | |
United States Cellular Corp.,
6.70%, 12/15/33 | | | 319,000 | | | | 313,867 | |
Viasat, Inc.
144A, 5.625%, 9/15/25 | | | 429,000 | | | | 416,375 | |
144A, 5.625%, 4/15/27 | | | 367,000 | | | | 344,521 | |
144A, 6.50%, 7/15/28 | | | 245,000 | | | | 181,516 | |
144A, 7.50%, 5/30/31 | | | 479,000 | | | | 336,497 | |
Viavi Solutions, Inc., 144A,
3.75%, 10/1/29 | | | 245,000 | | | | 213,054 | |
Vmed O2 UK Financing I PLC
144A, 4.25%, 1/31/31 | | | 877,000 | | | | 743,743 | |
144A, 4.75%, 7/15/31 | | | 906,000 | | | | 783,441 | |
Vodafone Group PLC
7.00%, 4/4/79 | | | 1,265,000 | | | | 1,296,278 | |
3.25%, 6/4/81 | | | 306,000 | | | | 283,988 | |
4.125%, 6/4/81 | | | 604,000 | | | | 515,849 | |
5.125%, 6/4/81 | | | 601,000 | | | | 445,205 | |
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,
7.75%, 8/15/28 | | | 886,000 | | | | 827,190 | |
Zayo Group Holdings, Inc., 144A,
4.00%, 3/1/27 | | | 935,000 | | | | 778,388 | |
| | | | | | | | |
(Cost $26,859,005) | | | | | | | 27,270,958 | |
| | | | | | | | |
| Consumer, Cyclical — 21.9% | |
| Airlines — 1.7% | |
Air Canada, 144A,
3.875%, 8/15/26 | | | 759,000 | | | | 718,814 | |
Allegiant Travel Co., 144A,
7.25%, 8/15/27 | | | 337,000 | | | | 328,071 | |
American Airlines Group, Inc., 144A,
3.75%, 3/1/25 | | | 295,000 | | | | 288,207 | |
American Airlines Inc/AAdvantage Loyalty IP Ltd.
144A, 5.50%, 4/20/26 | | | 1,735,500 | | | | 1,719,591 | |
144A, 5.75%, 4/20/29 | | | 1,897,000 | | | | 1,855,169 | |
| | | | |
| See Notes to Financial Statements. | | 45 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Airlines (Continued) | |
American Airlines, Inc.
144A, 7.25%, 2/15/28 | | $ | 500,000 | | | $ | 504,161 | |
144A, 8.50%, 5/15/29 | | | 633,000 | | | | 665,446 | |
Delta Air Lines, Inc.
7.375%, 1/15/26 | | | 537,000 | | | | 553,781 | |
4.375%, 4/19/28 | | | 251,000 | | | | 240,646 | |
3.75%, 10/28/29 | | | 290,000 | | | | 263,590 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,
5.75%, 1/20/26 | | | 759,000 | | | | 716,306 | |
United Airlines, Inc.
144A, 4.375%, 4/15/26 | | | 1,265,000 | | | | 1,217,518 | |
144A, 4.625%, 4/15/29 | | | 1,265,000 | | | | 1,166,842 | |
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
144A, 7.875%, 5/1/27 | | | 313,000 | | | | 264,968 | |
144A, 6.375%, 2/1/30 | | | 644,000 | | | | 470,120 | |
| | | | | | | | |
(Cost $10,931,595) | | | | | | | 10,973,230 | |
| | | | | | | | |
| Apparel — 0.4% | |
Crocs, Inc.
144A, 4.25%, 3/15/29 | | | 214,000 | | | | 192,067 | |
144A, 4.125%, 8/15/31 | | | 214,000 | | | | 182,071 | |
Hanesbrands, Inc.
144A, 4.875%, 5/15/26 | | | 599,000 | | | | 578,049 | |
144A, 9.00%, 2/15/31 | | | 367,000 | | | | 367,813 | |
Kontoor Brands, Inc., 144A,
4.125%, 11/15/29 | | | 245,000 | | | | 219,098 | |
Levi Strauss & Co., 144A,
3.50%, 3/1/31 | | | 316,000 | | | | 273,836 | |
Under Armour, Inc.,
3.25%, 6/15/26 | | | 367,000 | | | | 345,584 | |
William Carter Co., 144A,
5.625%, 3/15/27 | | | 306,000 | | | | 300,209 | |
| | | | | | | | |
(Cost $2,427,081) | | | | | | | 2,458,727 | |
| | | | | | | | |
| Auto Manufacturers — 0.5% | |
Allison Transmission, Inc.
144A, 4.75%, 10/1/27 | | | 245,000 | | | | 234,916 | |
144A, 5.875%, 6/1/29 | | | 306,000 | | | | 301,417 | |
144A, 3.75%, 1/30/31 | | | 666,000 | | | | 575,481 | |
Jaguar Land Rover Automotive PLC
144A, 7.75%, 10/15/25 | | | 428,000 | | | | 431,800 | |
144A, 4.50%, 10/1/27 | | | 306,000 | | | | 287,964 | |
144A, 5.875%, 1/15/28 | | | 339,000 | | | | 333,802 | |
144A, 5.50%, 7/15/29 | | | 260,000 | | | | 249,976 | |
JB Poindexter & Co., Inc., 144A,
8.75%, 12/15/31 | | | 380,000 | | | | 389,288 | |
Wabash National Corp., 144A,
4.50%, 10/15/28 | | | 245,000 | | | | 224,175 | |
| | | | | | | | |
(Cost $2,994,621) | | | | | | | 3,028,819 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.8% | |
Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26 | | | 530,000 | | | | 513,709 | |
144A, 7.00%, 4/15/28 | | | 306,000 | | | | 311,966 | |
144A, 8.25%, 4/15/31 | | | 306,000 | | | | 322,169 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Auto Parts & Equipment (Continued) | |
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 | | $ | 306,000 | | | $ | 302,244 | |
6.875%, 7/1/28 | | | 245,000 | | | | 236,746 | |
5.00%, 10/1/29 | | | 376,000 | | | | 326,023 | |
Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26 | | | 610,000 | | | | 608,345 | |
144A, 8.50%, 5/15/27 | | | 730,000 | | | | 733,783 | |
144A, 6.75%, 5/15/28 | | | 570,000 | | | | 576,900 | |
Dana, Inc.
5.375%, 11/15/27 | | | 245,000 | | | | 236,493 | |
5.625%, 6/15/28 | | | 245,000 | | | | 237,167 | |
4.25%, 9/1/30 | | | 245,000 | | | | 211,291 | |
4.50%, 2/15/32 | | | 247,000 | | | | 207,458 | |
Goodyear Tire & Rubber Co.
9.50%, 5/31/25 | | | 450,000 | | | | 454,500 | |
5.00%, 5/31/26 | | | 651,000 | | | | 633,947 | |
4.875%, 3/15/27 | | | 429,000 | | | | 411,740 | |
5.00%, 7/15/29 | | | 527,000 | | | | 485,070 | |
5.25%, 4/30/31 | | | 337,000 | | | | 305,202 | |
5.25%, 7/15/31 | | | 379,000 | | | | 342,040 | |
5.625%, 4/30/33 | | | 276,000 | | | | 246,786 | |
IHO Verwaltungs GmbH
144A, 4.75%, 9/15/26, 4.75% Cash or 5.50% PIK | | | 306,000 | | | | 294,220 | |
144A, 6.00%, 5/15/27, 6.00% Cash or 6.75% PIK | | | 275,000 | | | | 269,892 | |
144A, 6.3750%, 5/15/29, 6.3750% Cash or 7.125% PIK | | | 245,000 | | | | 241,478 | |
Tenneco, Inc., 144A,
8.00%, 11/17/28 | | | 1,182,000 | | | | 1,077,098 | |
Titan International, Inc.,
7.00%, 4/30/28 | | | 244,000 | | | | 242,277 | |
ZF North America Capital, Inc.
144A, 4.75%, 4/29/25 | | | 760,000 | | | | 748,436 | |
144A, 6.875%, 4/14/28 | | | 367,000 | | | | 374,711 | |
144A, 7.125%, 4/14/30 | | | 367,000 | | | | 382,388 | |
| | | | | | | | |
(Cost $11,181,402) | | | | | | | 11,334,079 | |
| | | | | | | | |
| Distribution/Wholesale — 0.6% | |
American Builders & Contractors Supply Co., Inc.
144A, 4.00%, 1/15/28 | | | 429,000 | | | | 400,735 | |
144A, 3.875%, 11/15/29 | | | 245,000 | | | | 218,807 | |
G-III Apparel Group Ltd., 144A,
7.875%, 8/15/25 | | | 269,000 | | | | 271,063 | |
H&E Equipment Services, Inc., 144A,
3.875%, 12/15/28 | | | 791,000 | | | | 713,749 | |
Resideo Funding, Inc., 144A,
4.00%, 9/1/29 | | | 184,000 | | | | 162,873 | |
Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28 | | | 337,000 | | | | 344,903 | |
144A, 7.75%, 3/15/31 | | | 533,000 | | | | 560,316 | |
Verde Purchaser LLC, 144A,
10.50%, 11/30/30 | | | 429,000 | | | | 448,305 | |
| | | | |
| See Notes to Financial Statements. | | 46 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Distribution/Wholesale (Continued) | |
Windsor Holdings III LLC, 144A,
8.50%, 6/15/30 | | $ | 533,000 | | | $ | 551,480 | |
| | | | | | | | |
(Cost $3,633,403) | | | | | | | 3,672,231 | |
| | | | | | | | |
| Entertainment — 3.8% | |
Affinity Interactive, 144A,
6.875%, 12/15/27 | | | 334,000 | | | | 308,085 | |
Banijay Entertainment SASU, 144A,
8.125%, 5/1/29 | | | 245,000 | | | | 253,385 | |
Boyne USA, Inc., 144A,
4.75%, 5/15/29 | | | 423,000 | | | | 388,895 | |
Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25 | | | 350,000 | | | | 350,017 | |
144A, 8.125%, 7/1/27 | | | 1,037,000 | | | | 1,064,777 | |
144A, 4.625%, 10/15/29 | | | 1,039,000 | | | | 948,603 | |
144A, 7.00%, 2/15/30 | | | 1,265,000 | | | | 1,295,941 | |
144A, 6.50%, 2/15/32 | | | 565,000 | | | | 569,228 | |
CCM Merger, Inc., 144A,
6.375%, 5/1/26 | | | 162,000 | | | | 159,809 | |
Cedar Fair LP,
5.25%, 7/15/29 | | | 356,000 | | | | 336,271 | |
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
144A, 5.50%, 5/1/25 | | | 662,000 | | | | 659,781 | |
5.375%, 4/15/27 | | | 316,000 | | | | 312,622 | |
6.50%, 10/1/28 | | | 184,000 | | | | 184,311 | |
Churchill Downs, Inc.
144A, 5.50%, 4/1/27 | | | 367,000 | | | | 360,439 | |
144A, 4.75%, 1/15/28 | | | 429,000 | | | | 405,805 | |
144A, 5.75%, 4/1/30 | | | 755,000 | | | | 725,446 | |
144A, 6.75%, 5/1/31 | | | 376,000 | | | | 376,224 | |
Cinemark USA, Inc.
144A, 5.875%, 3/15/26 | | | 248,000 | | | | 244,294 | |
144A, 5.25%, 7/15/28 | | | 469,000 | | | | 438,093 | |
Empire Resorts, Inc., 144A,
7.75%, 11/1/26 | | | 184,000 | | | | 169,216 | |
Everi Holdings, Inc., 144A,
5.00%, 7/15/29 | | | 245,000 | | | | 242,856 | |
Golden Entertainment, Inc., 144A,
7.625%, 4/15/26 | | | 383,000 | | | | 381,305 | |
International Game Technology PLC
144A, 4.125%, 4/15/26 | | | 459,000 | | | | 442,966 | |
144A, 6.25%, 1/15/27 | | | 500,000 | | | | 502,111 | |
144A, 5.25%, 1/15/29 | | | 459,000 | | | | 443,671 | |
Jacobs Entertainment, Inc., 144A,
6.75%, 2/15/29 | | | 306,000 | | | | 291,762 | |
Light & Wonder International, Inc.
144A, 7.00%, 5/15/28 | | | 439,000 | | | | 441,073 | |
144A, 7.25%, 11/15/29 | | | 306,000 | | | | 313,135 | |
144A, 7.50%, 9/1/31 | | | 337,000 | | | | 351,101 | |
Lions Gate Capital Holdings LLC, 144A,
5.50%, 4/15/29 | | | 452,000 | | | | 341,652 | |
Live Nation Entertainment, Inc.
144A, 5.625%, 3/15/26 | | | 184,000 | | | | 181,692 | |
144A, 6.50%, 5/15/27 | | | 759,000 | | | | 765,533 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Entertainment (Continued) | |
144A, 4.75%, 10/15/27 | | $ | 632,000 | | | $ | 605,086 | |
144A, 3.75%, 1/15/28 | | | 306,000 | | | | 281,642 | |
Merlin Entertainments Group US Holdings, Inc., 144A,
7.375%, 2/15/31 | | | 300,000 | | | | 300,155 | |
Merlin Entertainments Ltd., 144A,
5.75%, 6/15/26 | | | 245,000 | | | | 242,165 | |
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A,
4.875%, 5/1/29 | | | 459,000 | | | | 420,902 | |
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26 | | | 743,000 | | | | 700,278 | |
Odeon Finco PLC, 144A,
12.75%, 11/1/27 | | | 245,000 | | | | 250,170 | |
Ontario Gaming GTA LP, 144A,
8.00%, 8/1/30 | | | 245,000 | | | | 249,878 | |
Penn Entertainment, Inc.
144A, 5.625%, 1/15/27 | | | 265,000 | | | | 253,317 | |
144A, 4.125%, 7/1/29 | | | 245,000 | | | | 205,800 | |
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29 | | | 449,000 | | | | 323,343 | |
144A, 5.875%, 9/1/31 | | | 492,000 | | | | 348,513 | |
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 144A, 4.875%, 11/1/26 | | | 214,000 | | | | 205,979 | |
Resorts World Las Vegas LLC / RWLV Capital, Inc.
144A, 4.625%, 4/16/29 | | | 680,000 | | | | 620,160 | |
144A, 8.45%, 7/27/30 | | | 200,000 | | | | 212,984 | |
144A, 4.625%, 4/6/31 | | | 200,000 | | | | 170,859 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A,
6.625%, 3/1/30 | | | 490,000 | | | | 459,375 | |
SeaWorld Parks & Entertainment, Inc., 144A, 5.25%, 8/15/29 | | | 444,000 | | | | 414,032 | |
Six Flags Entertainment Corp.
144A, 5.50%, 4/15/27 | | | 306,000 | | | | 299,498 | |
144A, 7.25%, 5/15/31 | | | 533,000 | | | | 536,331 | |
Six Flags Theme Parks, Inc., 144A,
7.00%, 7/1/25 | | | 224,000 | | | | 224,520 | |
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A,
4.875%, 11/1/27 | | | 214,000 | | | | 202,547 | |
Vail Resorts, Inc., 144A,
6.25%, 5/15/25 | | | 367,000 | | | | 368,325 | |
WMG Acquisition Corp.
144A, 3.75%, 12/1/29 | | | 331,000 | | | | 293,141 | |
144A, 3.875%, 7/15/30 | | | 338,000 | | | | 298,285 | |
144A, 3.00%, 2/15/31 | | | 485,000 | | | | 405,080 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29 | | | 459,000 | | | | 432,977 | |
144A, 7.125%, 2/15/31 | | | 627,000 | | | | 647,492 | |
| | | | | | | | |
(Cost $23,889,957) | | | | | | | 24,222,933 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 47 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Food Service — 0.2% | |
Aramark Services, Inc.
144A, 5.00%, 4/1/25 | | $ | 338,000 | | | $ | 335,844 | |
144A, 5.00%, 2/1/28 | | | 727,000 | | | | 696,701 | |
TKC Holdings, Inc., 144A,
6.875%, 5/15/28 | | | 260,000 | | | | 243,425 | |
| | | | | | | | |
(Cost $1,263,145) | | | | | | | 1,275,970 | |
| | | | | | | | |
| Home Builders — 1.3% | |
Adams Homes, Inc., 144A,
9.25%, 10/15/28 | | | 153,000 | | | | 156,482 | |
Ashton Woods USA LLC / Ashton Woods Finance Co.
144A, 6.625%, 1/15/28 | | | 153,000 | | | | 152,063 | |
144A, 4.625%, 8/1/29 | | | 214,000 | | | | 194,311 | |
144A, 4.625%, 4/1/30 | | | 245,000 | | | | 220,246 | |
Beazer Homes USA, Inc.
5.875%, 10/15/27 | | | 219,000 | | | | 212,872 | |
7.25%, 10/15/29 | | | 214,000 | | | | 214,608 | |
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27 | | | 367,000 | | | | 355,567 | |
144A, 5.00%, 6/15/29 | | | 214,000 | | | | 191,479 | |
144A, 4.875%, 2/15/30 | | | 343,000 | | | | 304,630 | |
Century Communities, Inc.
6.75%, 6/1/27 | | | 303,000 | | | | 303,470 | |
144A, 3.875%, 8/15/29 | | | 356,000 | | | | 314,151 | |
Dream Finders Homes, Inc., 144A,
8.25%, 8/15/28 | | | 184,000 | | | | 191,209 | |
Empire Communities Corp., 144A,
7.00%, 12/15/25 | | | 291,000 | | | | 287,694 | |
Forestar Group, Inc.
144A, 3.85%, 5/15/26 | | | 245,000 | | | | 232,730 | |
144A, 5.00%, 3/1/28 | | | 184,000 | | | | 173,920 | |
Installed Building Products, Inc., 144A,
5.75%, 2/1/28 | | | 184,000 | | | | 180,824 | |
KB Home
6.875%, 6/15/27 | | | 184,000 | | | | 189,062 | |
4.80%, 11/15/29 | | | 184,000 | | | | 172,500 | |
7.25%, 7/15/30 | | | 214,000 | | | | 219,871 | |
4.00%, 6/15/31 | | | 237,000 | | | | 205,773 | |
LGI Homes, Inc.
144A, 8.75%, 12/15/28 | | | 245,000 | | | | 256,791 | |
144A, 4.00%, 7/15/29 | | | 184,000 | | | | 157,785 | |
M/I Homes, Inc.
4.95%, 2/1/28 | | | 244,000 | | | | 232,278 | |
3.95%, 2/15/30 | | | 184,000 | | | | 164,191 | |
Mattamy Group Corp.
144A, 5.25%, 12/15/27 | | | 316,000 | | | | 304,659 | |
144A, 4.625%, 3/1/30 | | | 367,000 | | | | 329,341 | |
Shea Homes LP / Shea Homes Funding Corp.
4.75%, 2/15/28 | | | 275,000 | | | | 262,300 | |
4.75%, 4/1/29 | | | 183,000 | | | | 171,871 | |
Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27 | | | 306,000 | | | | 304,290 | |
144A, 5.75%, 1/15/28 | | | 276,000 | | | | 270,429 | |
144A, 5.125%, 8/1/30 | | | 364,000 | | | | 343,562 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Home Builders (Continued) | |
Thor Industries, Inc., 144A,
4.00%, 10/15/29 | | $ | 306,000 | | | $ | 270,810 | |
Tri Pointe Homes, Inc.
5.25%, 6/1/27 | | | 184,000 | | | | 179,400 | |
5.70%, 6/15/28 | | | 214,000 | | | | 210,428 | |
Winnebago Industries, Inc.,
144A, 6.25%, 7/15/28 | | | 184,000 | | | | 181,096 | |
| | | | | | | | |
(Cost $7,942,208) | | | | | | | 8,112,693 | |
| | | | | | | | |
| Home Furnishings — 0.1% | |
Tempur Sealy International, Inc.
144A, 4.00%, 4/15/29 | | | 490,000 | | | | 439,208 | |
144A, 3.875%, 10/15/31 | | | 502,000 | | | | 417,537 | |
| | | | | | | | |
(Cost $848,250) | | | | | | | 856,745 | |
| | | | | | | | |
| Housewares — 0.6% | |
CD&R Smokey Buyer, Inc., 144A,
6.75%, 7/15/25 | | | 429,000 | | | | 427,306 | |
Newell Brands, Inc.
4.875%, 6/1/25 | | | 306,000 | | | | 299,524 | |
5.20%, 4/1/26 | | | 1,336,000 | | | | 1,297,338 | |
6.375%, 9/15/27 | | | 306,000 | | | | 296,424 | |
6.625%, 9/15/29 | | | 306,000 | | | | 292,908 | |
6.375%, 4/1/36 | | | 257,000 | | | | 225,725 | |
6.50%, 4/1/46 | | | 428,000 | | | | 341,466 | |
Scotts Miracle-Gro Co.
5.25%, 12/15/26 | | | 153,000 | | | | 148,410 | |
4.50%, 10/15/29 | | | 252,000 | | | | 223,650 | |
4.00%, 4/1/31 | | | 338,000 | | | | 286,698 | |
4.375%, 2/1/32 | | | 245,000 | | | | 204,873 | |
| | | | | | | | |
(Cost $4,028,384) | | | | | | | 4,044,322 | |
| | | | | | | | |
| Leisure Time — 3.0% | |
Acushnet Co., 144A,
7.375%, 10/15/28 | | | 214,000 | | | | 220,687 | |
Amer Sports Co., 144A,
6.75%, 2/16/31 | | | 502,000 | | | | 499,595 | |
Carnival Corp.
144A, 7.625%, 3/1/26 | | | 855,000 | | | | 866,124 | |
144A, 5.75%, 3/1/27 | | | 1,671,000 | | | | 1,650,069 | |
144A, 4.00%, 8/1/28 | | | 1,522,000 | | | | 1,403,831 | |
144A, 6.00%, 5/1/29 | | | 1,265,000 | | | | 1,236,174 | |
144A, 7.00%, 8/15/29 | | | 306,000 | | | | 317,412 | |
144A, 10.50%, 6/1/30 | | | 633,000 | | | | 690,623 | |
Carnival Holdings Bermuda Ltd., 144A,
10.375%, 5/1/28 | | | 1,284,000 | | | | 1,400,798 | |
Life Time, Inc.
144A, 5.75%, 1/15/26 | | | 616,000 | | | | 610,830 | |
144A, 8.00%, 4/15/26 | | | 291,000 | | | | 293,663 | |
Lindblad Expeditions Holdings, Inc., 144A, 9.00%, 5/15/28 | | | 168,000 | | | | 177,240 | |
Lindblad Expeditions LLC, 144A,
6.75%, 2/15/27 | | | 221,000 | | | | 221,909 | |
NCL Corp. Ltd.
144A, 5.875%, 2/15/27 | | | 633,000 | | | | 625,607 | |
144A, 8.375%, 2/1/28 | | | 367,000 | | | | 385,263 | |
144A, 8.125%, 1/15/29 | | | 526,000 | | | | 553,395 | |
| | | | |
| See Notes to Financial Statements. | | 48 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Leisure Time (Continued) | |
Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26 | | $ | 398,000 | | | $ | 383,342 | |
144A, 5.50%, 8/31/26 | | | 612,000 | | | | 604,998 | |
144A, 5.375%, 7/15/27 | | | 662,000 | | | | 649,286 | |
144A, 11.625%, 8/15/27 | | | 166,000 | | | | 179,554 | |
7.50%, 10/15/27 | | | 184,000 | | | | 192,864 | |
3.70%, 3/15/28 | | | 358,000 | | | | 330,393 | |
144A, 5.50%, 4/1/28 | | | 949,000 | | | | 933,882 | |
144A, 9.25%, 1/15/29 | | | 712,000 | | | | 765,893 | |
144A, 7.25%, 1/15/30 | | | 429,000 | | | | 446,021 | |
144A, 6.25%, 3/15/32 | | | 780,000 | | | | 782,083 | |
Viking Cruises Ltd.
144A, 5.875%, 9/15/27 | | | 517,000 | | | | 505,367 | |
144A, 7.00%, 2/15/29 | | | 313,000 | | | | 312,863 | |
144A, 9.125%, 7/15/31 | | | 440,000 | | | | 476,335 | |
Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%, 2/15/29 | | | 214,000 | | | | 206,510 | |
Vista Outdoor, Inc., 144A,
4.50%, 3/15/29 | | | 306,000 | | | | 302,175 | |
VOC Escrow Ltd., 144A,
5.00%, 2/15/28 | | | 413,000 | | | | 396,658 | |
| | | | | | | | |
(Cost $18,326,674) | | | | | | | 18,621,444 | |
| | | | | | | | |
| Lodging — 1.9% | |
Boyd Gaming Corp.
4.75%, 12/1/27 | | | 666,000 | | | | 639,756 | |
144A, 4.75%, 6/15/31 | | | 599,000 | | | | 544,111 | |
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26 | | | 410,000 | | | | 382,508 | |
Hilton Domestic Operating Co., Inc.
144A, 5.75%, 5/1/28 | | | 306,000 | | | | 305,156 | |
144A, 3.75%, 5/1/29 | | | 490,000 | | | | 445,080 | |
4.875%, 1/15/30 | | | 732,000 | | | | 695,979 | |
144A, 4.00%, 5/1/31 | | | 674,000 | | | | 598,837 | |
144A, 3.625%, 2/15/32 | | | 914,000 | | | | 780,794 | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A, 5.00%, 6/1/29 | | | 567,000 | | | | 525,320 | |
144A, 4.875%, 7/1/31 | | | 306,000 | | | | 269,929 | |
144A, 6.625%, 1/15/32 | | | 550,000 | | | | 549,999 | |
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,
4.875%, 4/1/27 | | | 367,000 | | | | 358,067 | |
Marriott Ownership Resorts, Inc.
4.75%, 1/15/28 | | | 214,000 | | | | 198,876 | |
144A, 4.50%, 6/15/29 | | | 306,000 | | | | 277,571 | |
MGM Resorts International
6.75%, 5/1/25 | | | 519,000 | | | | 519,722 | |
5.75%, 6/15/25 | | | 463,000 | | | | 462,347 | |
4.625%, 9/1/26 | | | 245,000 | | | | 237,527 | |
5.50%, 4/15/27 | | | 413,000 | | | | 404,490 | |
4.75%, 10/15/28 | | | 519,000 | | | | 487,152 | |
Station Casinos LLC
144A, 4.50%, 2/15/28 | | | 423,000 | | | | 394,412 | |
144A, 4.625%, 12/1/31 | | | 295,000 | | | | 262,279 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Lodging (Continued) | |
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 144A, 5.875%, 5/15/25 | | $ | 193,000 | | | $ | 191,053 | |
Travel + Leisure Co.
6.60%, 10/1/25 | | | 214,000 | | | | 216,404 | |
144A, 6.625%, 7/31/26 | | | 398,000 | | | | 402,219 | |
6.00%, 4/1/27 | | | 245,000 | | | | 244,104 | |
144A, 4.50%, 12/1/29 | | | 408,000 | | | | 373,655 | |
144A, 4.625%, 3/1/30 | | | 244,000 | | | | 220,210 | |
Wyndham Hotels & Resorts, Inc., 144A,
4.375%, 8/15/28 | | | 306,000 | | | | 284,505 | |
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A,
5.25%, 5/15/27 | | | 600,000 | | | | 587,143 | |
| | | | | | | | |
(Cost $11,712,814) | | | | | | | 11,859,205 | |
| | | | | | | | |
| Office Furnishings — 0.1% | |
Interface, Inc., 144A,
5.50%, 12/1/28 | | | 184,000 | | | | 172,567 | |
Steelcase, Inc.,
5.125%, 1/18/29 | | | 326,000 | | | | 306,878 | |
| | | | | | | | |
(Cost $465,003) | | | | | | | 479,445 | |
| | | | | | | | |
| Retail — 5.9% | |
1011778 BC ULC / New Red Finance, Inc.
144A, 5.75%, 4/15/25 | | | 306,000 | | | | 304,869 | |
144A, 3.875%, 1/15/28 | | | 1,019,000 | | | | 950,502 | |
144A, 4.375%, 1/15/28 | | | 469,000 | | | | 440,240 | |
144A, 3.50%, 2/15/29 | | | 459,000 | | | | 413,836 | |
144A, 4.00%, 10/15/30 | | | 1,851,000 | | | | 1,625,926 | |
Academy Ltd., 144A,
6.00%, 11/15/27 | | | 245,000 | | | | 242,528 | |
Advance Auto Parts, Inc.
1.75%, 10/1/27 | | | 250,000 | | | | 216,011 | |
5.95%, 3/9/28 | | | 188,000 | | | | 187,815 | |
3.90%, 4/15/30 | | | 313,000 | | | | 279,539 | |
3.50%, 3/15/32 | | | 219,000 | | | | 183,684 | |
Arko Corp., 144A,
5.125%, 11/15/29 | | | 276,000 | | | | 239,292 | |
Asbury Automotive Group, Inc.
4.50%, 3/1/28 | | | 248,000 | | | | 231,260 | |
144A, 4.625%, 11/15/29 | | | 490,000 | | | | 446,363 | |
4.75%, 3/1/30 | | | 273,000 | | | | 248,438 | |
144A, 5.00%, 2/15/32 | | | 428,000 | | | | 379,978 | |
Bath & Body Works, Inc.
144A, 9.375%, 7/1/25 | | | 192,000 | | | | 200,091 | |
6.694%, 1/15/27 | | | 182,000 | | | | 184,374 | |
5.25%, 2/1/28 | | | 292,000 | | | | 283,504 | |
7.50%, 6/15/29 | | | 306,000 | | | | 315,061 | |
144A, 6.625%, 10/1/30 | | | 593,000 | | | | 596,256 | |
6.95%, 3/1/33 | | | 201,000 | | | | 195,677 | |
6.875%, 11/1/35 | | | 508,000 | | | | 508,255 | |
6.75%, 7/1/36 | | | 375,000 | | | | 368,555 | |
Beacon Roofing Supply, Inc.
144A, 4.50%, 11/15/26 | | | 184,000 | | | | 177,428 | |
144A, 4.125%, 5/15/29 | | | 214,000 | | | | 192,463 | |
144A, 6.50%, 8/1/30 | | | 367,000 | | | | 368,987 | |
| | | | |
| See Notes to Financial Statements. | | 49 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail (Continued) | |
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC, 144A, 5.125%, 4/15/29 | | $ | 184,000 | | | $ | 169,642 | |
BlueLinx Holdings, Inc., 144A,
6.00%, 11/15/29 | | | 184,000 | | | | 175,582 | |
Brinker International, Inc., 144A,
8.25%, 7/15/30 | | | 214,000 | | | | 224,274 | |
CEC Entertainment LLC, 144A,
6.75%, 5/1/26 | | | 398,000 | | | | 394,071 | |
Dave & Buster’s, Inc., 144A,
7.625%, 11/1/25 | | | 269,000 | | | | 269,702 | |
eG Global Finance PLC, 144A,
12.00%, 11/30/28 | | | 696,000 | | | | 734,802 | |
Evergreen Acqco 1 LP / TVI, Inc., 144A,
9.75%, 4/26/28 | | | 303,000 | | | | 319,698 | |
Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26 | | | 398,000 | | | | 394,032 | |
144A, 5.875%, 4/1/29 | | | 549,000 | | | | 521,140 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A,
4.625%, 1/15/29 | | | 666,000 | | | | 604,368 | |
Foot Locker, Inc., 144A,
4.00%, 10/1/29 | | | 245,000 | | | | 207,329 | |
Gap, Inc.
144A, 3.625%, 10/1/29 | | | 481,000 | | | | 406,293 | |
144A, 3.875%, 10/1/31 | | | 459,000 | | | | 370,252 | |
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A, 8.375%, 1/15/29 | | | 320,000 | | | | 305,094 | |
144A, 8.75%, 1/15/32 | | | 320,000 | | | | 303,899 | |
Group 1 Automotive, Inc., 144A,
4.00%, 8/15/28 | | | 459,000 | | | | 418,976 | |
GYP Holdings III Corp., 144A,
4.625%, 5/1/29 | | | 214,000 | | | | 199,437 | |
IRB Holding Corp., 144A,
7.00%, 6/15/25 | | | 203,000 | | | | 203,254 | |
Ken Garff Automotive LLC, 144A,
4.875%, 9/15/28 | | | 245,000 | | | | 225,396 | |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A,
4.75%, 6/1/27 | | | 459,000 | | | | 447,289 | |
Kohl’s Corp.
4.25%, 7/17/25 | | | 146,000 | | | | 141,858 | |
4.625%, 5/1/31 | | | 306,000 | | | | 240,975 | |
5.55%, 7/17/45 | | | 291,000 | | | | 196,486 | |
LCM Investments Holdings II LLC
144A, 4.875%, 5/1/29 | | | 666,000 | | | | 598,101 | |
144A, 8.25%, 8/1/31 | | | 456,000 | | | | 465,392 | |
Lithia Motors, Inc.
144A, 4.625%, 12/15/27 | | | 245,000 | | | | 233,418 | |
144A, 3.875%, 6/1/29 | | | 521,000 | | | | 464,992 | |
144A, 4.375%, 1/15/31 | | | 337,000 | | | | 299,014 | |
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A,
7.75%, 2/15/26 | | | 530,000 | | | | 525,030 | |
Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29 | | | 306,000 | | | | 294,699 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail (Continued) | |
144A, 5.875%, 3/15/30 | | $ | 260,000 | | | $ | 243,750 | |
144A, 6.125%, 3/15/32 | | | 266,000 | | | | 247,585 | |
4.50%, 12/15/34 | | | 235,000 | | | | 193,581 | |
5.125%, 1/15/42 | | | 153,000 | | | | 119,340 | |
4.30%, 2/15/43 | | | 163,000 | | | | 121,435 | |
Marks & Spencer PLC, 144A,
7.125%, 12/1/37 | | | 184,000 | | | | 187,970 | |
Michaels Cos., Inc., 144A,
5.25%, 5/1/28 | | | 552,000 | | | | 428,572 | |
Murphy Oil USA, Inc.
5.625%, 5/1/27 | | | 184,000 | | | | 181,241 | |
4.75%, 9/15/29 | | | 306,000 | | | | 285,310 | |
144A, 3.75%, 2/15/31 | | | 306,000 | | | | 261,109 | |
Nordstrom, Inc.
4.00%, 3/15/27 | | | 214,000 | | | | 200,625 | |
6.95%, 3/15/28 | | | 184,000 | | | | 185,840 | |
4.375%, 4/1/30 | | | 310,000 | | | | 273,885 | |
4.25%, 8/1/31 | | | 260,000 | | | | 218,795 | |
5.00%, 1/15/44 | | | 626,000 | | | | 447,277 | |
Papa John’s International, Inc., 144A,
3.875%, 9/15/29 | | | 245,000 | | | | 217,131 | |
Patrick Industries, Inc.
144A, 7.50%, 10/15/27 | | | 184,000 | | | | 184,690 | |
144A, 4.75%, 5/1/29 | | | 214,000 | | | | 195,840 | |
Penske Automotive Group, Inc.
3.50%, 9/1/25 | | | 347,000 | | | | 336,660 | |
3.75%, 6/15/29 | | | 306,000 | | | | 271,036 | |
PetSmart, Inc. / PetSmart Finance Corp.
144A, 4.75%, 2/15/28 | | | 799,000 | | | | 748,907 | |
144A, 7.75%, 2/15/29 | | | 727,000 | | | | 718,397 | |
QVC, Inc.
4.75%, 2/15/27 | | | 402,000 | | | | 362,283 | |
4.375%, 9/1/28 | | | 316,000 | | | | 259,193 | |
5.45%, 8/15/34 | | | 225,000 | | | | 160,533 | |
5.95%, 3/15/43 | | | 184,000 | | | | 126,642 | |
Raising Cane’s Restaurants LLC, 144A,
9.375%, 5/1/29 | | | 306,000 | | | | 325,955 | |
Sally Holdings LLC / Sally Capital, Inc.,
6.75%, 3/1/32 | | | 376,000 | | | | 374,919 | |
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25 | | | 214,000 | | | | 214,454 | |
Sonic Automotive, Inc.
144A, 4.625%, 11/15/29 | | | 398,000 | | | | 351,211 | |
144A, 4.875%, 11/15/31 | | | 306,000 | | | | 262,921 | |
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A,
6.375%, 9/30/26 | | | 444,000 | | | | 434,250 | |
SRS Distribution, Inc., 144A,
4.625%, 7/1/28 | | | 398,000 | | | | 371,207 | |
Staples, Inc., 144A,
7.50%, 4/15/26 | | | 1,265,000 | | | | 1,216,189 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.875%, 3/1/27 | | | 214,000 | | | | 210,790 | |
144A, 5.00%, 6/1/31 | | | 398,000 | | | | 357,540 | |
| | | | |
| See Notes to Financial Statements. | | 50 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail (Continued) | |
Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29 | | $ | 367,000 | | | $ | 332,135 | |
Victoria’s Secret & Co., 144A,
4.625%, 7/15/29 | | | 367,000 | | | | 309,573 | |
Walgreen Co.,
4.40%, 9/15/42 | | | 157,000 | | | | 128,206 | |
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26 | | | 900,000 | | | | 858,494 | |
3.20%, 4/15/30 | | | 313,000 | | | | 270,264 | |
4.50%, 11/18/34 | | | 170,000 | | | | 150,712 | |
4.80%, 11/18/44 | | | 501,000 | | | | 417,435 | |
4.65%, 6/1/46 | | | 190,000 | | | | 159,915 | |
4.10%, 4/15/50 | | | 440,000 | | | | 320,573 | |
Yum! Brands, Inc.
144A, 4.75%, 1/15/30 | | | 533,000 | | | | 505,636 | |
3.625%, 3/15/31 | | | 624,000 | | | | 548,748 | |
4.625%, 1/31/32 | | | 696,000 | | | | 638,935 | |
5.375%, 4/1/32 | | | 633,000 | | | | 607,813 | |
6.875%, 11/15/37 | | | 199,000 | | | | 216,098 | |
5.35%, 11/1/43 | | | 174,000 | | | | 166,801 | |
| | | | | | | | |
(Cost $36,419,047) | | | | | | | 37,063,828 | |
| | | | | | | | |
| Consumer, Non-cyclical — 15.5% | |
| Agriculture — 0.3% | |
Darling Ingredients, Inc.
144A, 5.25%, 4/15/27 | | | 386,000 | | | | 378,613 | |
144A, 6.00%, 6/15/30 | | | 633,000 | | | | 623,786 | |
Turning Point Brands, Inc., 144A,
5.625%, 2/15/26 | | | 153,000 | | | | 149,964 | |
Vector Group Ltd., 144A,
5.75%, 2/1/29 | | | 583,000 | | | | 534,099 | |
| | | | | | | | |
(Cost $1,663,963) | | | | | | | 1,686,462 | |
| | | | | | | | |
| Beverages — 0.1% | |
Primo Water Holdings, Inc., 144A,
4.375%, 4/30/29
(Cost $417,539) | | | 459,000 | | | | 416,428 | |
| | | | | | | | |
| Commercial Services — 4.6% | |
ADT Security Corp.
144A, 4.125%, 8/1/29 | | | 616,000 | | | | 556,710 | |
144A, 4.875%, 7/15/32 | | | 441,000 | | | | 396,900 | |
Adtalem Global Education, Inc., 144A,
5.50%, 3/1/28 | | | 248,000 | | | | 236,054 | |
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A,
6.125%, 10/15/26 | | | 346,000 | | | | 342,159 | |
Albion Financing 2 SARL, 144A,
8.75%, 4/15/27 | | | 276,000 | | | | 275,977 | |
Allied Universal Holdco LLC, 144A,
7.875%, 2/15/31 | | | 580,000 | | | | 575,986 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A,
6.625%, 7/15/26 | | | 466,000 | | | | 464,589 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 | | | 775,000 | | | | 689,053 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services (Continued) | |
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 | | $ | 524,000 | | | $ | 464,185 | |
Alta Equipment Group, Inc., 144A,
5.625%, 4/15/26 | | | 193,000 | | | | 186,637 | |
AMN Healthcare, Inc.
144A, 4.625%, 10/1/27 | | | 306,000 | | | | 287,931 | |
144A, 4.00%, 4/15/29 | | | 214,000 | | | | 187,785 | |
APi Group DE, Inc.
144A, 4.125%, 7/15/29 | | | 206,000 | | | | 185,400 | |
144A, 4.75%, 10/15/29 | | | 184,000 | | | | 170,660 | |
APX Group, Inc.
144A, 6.75%, 2/15/27 | | | 367,000 | | | | 367,503 | |
144A, 5.75%, 7/15/29 | | | 533,000 | | | | 506,846 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27 | | | 245,000 | | | | 233,448 | |
144A, 5.75%, 7/15/27 | | | 214,000 | | | | 203,297 | |
144A, 4.75%, 4/1/28 | | | 306,000 | | | | 277,196 | |
144A, 5.375%, 3/1/29 | | | 386,000 | | | | 351,422 | |
144A, 8.00%, 2/15/31 | | | 306,000 | | | | 295,420 | |
Brink’s Co.
144A, 5.50%, 7/15/25 | | | 245,000 | | | | 243,651 | |
144A, 4.625%, 10/15/27 | | | 377,000 | | | | 356,262 | |
Carriage Services, Inc.,
144A, 4.25%, 5/15/29 | | | 245,000 | | | | 213,055 | |
CoreCivic, Inc.,
8.25%, 4/15/26 | | | 363,000 | | | | 370,957 | |
CoreLogic, Inc., 144A,
4.50%, 5/1/28 | | | 474,000 | | | | 419,789 | |
Garda World Security Corp.
144A, 4.625%, 2/15/27 | | | 399,000 | | | | 381,106 | |
144A, 7.75%, 2/15/28 | | | 245,000 | | | | 248,813 | |
GEO Group, Inc.,
10.50%, 6/30/28 | | | 170,000 | | | | 173,232 | |
Graham Holdings Co., 144A,
5.75%, 6/1/26 | | | 245,000 | | | | 242,492 | |
Grand Canyon University,
5.125%, 10/1/28 | | | 249,000 | | | | 223,988 | |
Herc Holdings, Inc., 144A,
5.50%, 7/15/27 | | | 759,000 | | | | 742,831 | |
Hertz Corp.
144A, 4.625%, 12/1/26 | | | 306,000 | | | | 270,874 | |
144A, 5.00%, 12/1/29 | | | 607,000 | | | | 465,028 | |
Korn Ferry, 144A,
4.625%, 12/15/27 | | | 245,000 | | | | 231,533 | |
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc., 144A, 5.00%, 2/1/26 | | | 245,000 | | | | 243,541 | |
Matthews International Corp., 144A,
5.25%, 12/1/25 | | | 184,000 | | | | 180,912 | |
MPH Acquisition Holdings LLC, 144A,
5.50%, 9/1/28 | | | 685,000 | | | | 597,662 | |
Neptune Bidco US, Inc., 144A,
9.29%, 4/15/29 | | | 1,651,000 | | | | 1,553,553 | |
NESCO Holdings II, Inc., 144A,
5.50%, 4/15/29 | | | 573,000 | | | | 534,632 | |
| | | | |
| See Notes to Financial Statements. | | 51 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services (Continued) | |
Port of Newcastle Investments Financing Pty Ltd., 144A,
5.90%, 11/24/31 | | $ | 184,000 | | | $ | 163,070 | |
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26 | | | 853,000 | | | | 846,549 | |
144A, 3.375%, 8/31/27 | | | 666,000 | | | | 609,717 | |
144A, 6.25%, 1/15/28 | | | 822,000 | | | | 811,054 | |
RR Donnelley & Sons Co., 144A,
9.75%, 7/31/28 | | | 175,000 | | | | 178,788 | |
Sabre GLBL, Inc.
144A, 8.625%, 6/1/27 | | | 560,000 | | | | 492,893 | |
144A, 11.25%, 12/15/27 | | | 346,000 | | | | 325,240 | |
Service Corp. International
4.625%, 12/15/27 | | | 337,000 | | | | 323,292 | |
5.125%, 6/1/29 | | | 459,000 | | | | 447,892 | |
3.375%, 8/15/30 | | | 521,000 | | | | 447,289 | |
4.00%, 5/15/31 | | | 531,000 | | | | 466,570 | |
Sotheby’s, 144A,
7.375%, 10/15/27 | | | 517,000 | | | | 496,591 | |
Sotheby’s/Bidfair Holdings, Inc., 144A,
5.875%, 6/1/29 | | | 184,000 | | | | 161,567 | |
TriNet Group, Inc.
144A, 3.50%, 3/1/29 | | | 306,000 | | | | 270,945 | |
144A, 7.125%, 8/15/31 | | | 245,000 | | | | 249,566 | |
United Rentals North America, Inc.
5.50%, 5/15/27 | | | 336,000 | | | | 333,763 | |
3.875%, 11/15/27 | | | 459,000 | | | | 432,213 | |
4.875%, 1/15/28 | | | 1,102,000 | | | | 1,063,755 | |
5.25%, 1/15/30 | | | 469,000 | | | | 454,107 | |
4.00%, 7/15/30 | | | 459,000 | | | | 415,523 | |
3.875%, 2/15/31 | | | 706,000 | | | | 623,927 | |
3.75%, 1/15/32 | | | 459,000 | | | | 397,193 | |
Upbound Group, Inc., 144A,
6.375%, 2/15/29 | | | 276,000 | | | | 264,165 | |
Valvoline, Inc.
144A, 4.25%, 2/15/30 | | | 367,000 | | | | 364,679 | |
144A, 3.625%, 6/15/31 | | | 328,000 | | | | 277,162 | |
VT Topco, Inc., 144A,
8.50%, 8/15/30 | | | 306,000 | | | | 319,143 | |
Wand NewCo 3, Inc., 144A,
7.625%, 1/30/32 | | | 784,000 | | | | 805,560 | |
WASH Multifamily Acquisition, Inc., 144A,
5.75%, 4/15/26 | | | 567,000 | | | | 549,990 | |
Williams Scotsman, Inc.
144A, 6.125%, 6/15/25 | | | 322,000 | | | | 321,391 | |
144A, 4.625%, 8/15/28 | | | 306,000 | | | | 287,340 | |
144A, 7.375%, 10/1/31 | | | 356,000 | | | | 369,297 | |
ZipRecruiter, Inc., 144A,
5.00%, 1/15/30 | | | 337,000 | | | | 296,654 | |
| | | | | | | | |
(Cost $28,646,528) | | | | | | | 28,815,954 | |
| | | | | | | | |
| Cosmetics/Personal Care — 0.3% | |
Coty, Inc.
144A, 5.00%, 4/15/26 | | | 398,000 | | | | 390,040 | |
144A, 6.50%, 4/15/26 | | | 198,000 | | | | 197,717 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Cosmetics/Personal Care (Continued) | |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC
144A, 4.75%, 1/15/29 | | $ | 306,000 | | | $ | 286,493 | |
144A, 6.625%, 7/15/30 | | | 499,000 | | | | 507,109 | |
Edgewell Personal Care Co.
144A, 5.50%, 6/1/28 | | | 459,000 | | | | 448,103 | |
144A, 4.125%, 4/1/29 | | | 306,000 | | | | 278,824 | |
| | | | | | | | |
(Cost $2,091,195) | | | | | | | 2,108,286 | |
| | | | | | | | |
| Food — 2.4% | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26 | | | 459,000 | | | | 436,140 | |
144A, 7.50%, 3/15/26 | | | 367,000 | | | | 373,578 | |
144A, 4.625%, 1/15/27 | | | 846,000 | | | | 815,579 | |
144A, 5.875%, 2/15/28 | | | 470,000 | | | | 463,188 | |
144A, 6.50%, 2/15/28 | | | 500,000 | | | | 503,104 | |
144A, 3.50%, 3/15/29 | | | 854,000 | | | | 760,878 | |
144A, 4.875%, 2/15/30 | | | 633,000 | | | | 594,199 | |
B&G Foods, Inc., 144A,
8.00%, 9/15/28 | | | 337,000 | | | | 350,837 | |
C&S Group Enterprises LLC, 144A,
5.00%, 12/15/28 | | | 261,000 | | | | 206,771 | |
Chobani LLC / Chobani Finance Corp., Inc., 144A, 4.625%, 11/15/28 | | | 260,000 | | | | 240,496 | |
Fiesta Purchaser, Inc., 144A,
7.875%, 3/1/31 | | | 300,000 | | | | 309,349 | |
Ingles Markets, Inc., 144A,
4.00%, 6/15/31 | | | 214,000 | | | | 185,464 | |
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 144A, 9.00%, 2/15/29 | | | 474,000 | | | | 475,391 | |
Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28 | | | 306,000 | | | | 296,370 | |
144A, 4.125%, 1/31/30 | | | 646,000 | | | | 585,324 | |
144A, 4.375%, 1/31/32 | | | 429,000 | | | | 383,284 | |
Performance Food Group, Inc.
144A, 6.875%, 5/1/25 | | | 168,000 | | | | 168,433 | |
144A, 5.50%, 10/15/27 | | | 699,000 | | | | 684,553 | |
144A, 4.25%, 8/1/29 | | | 616,000 | | | | 559,053 | |
Pilgrim’s Pride Corp.
4.25%, 4/15/31 | | | 601,000 | | | | 537,154 | |
3.50%, 3/1/32 | | | 545,000 | | | | 455,369 | |
6.25%, 7/1/33 | | | 633,000 | | | | 639,776 | |
6.875%, 5/15/34 | | | 316,000 | | | | 332,787 | |
Post Holdings, Inc.
144A, 5.625%, 1/15/28 | | | 595,000 | | | | 584,082 | |
144A, 5.50%, 12/15/29 | | | 781,000 | | | | 747,276 | |
144A, 4.625%, 4/15/30 | | | 876,000 | | | | 797,051 | |
144A, 4.50%, 9/15/31 | | | 648,000 | | | | 576,915 | |
Safeway, Inc.,
7.25%, 2/1/31 | | | 160,000 | | | | 169,765 | |
SEG Holding LLC / SEG Finance Corp., 144A,
5.625%, 10/15/28 | | | 199,000 | | | | 203,732 | |
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A,
4.625%, 3/1/29 | | | 521,000 | | | | 456,529 | |
| | | | |
| See Notes to Financial Statements. | | 52 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Food (Continued) | |
US Foods, Inc.
144A, 6.875%, 9/15/28 | | $ | 306,000 | | | $ | 311,355 | |
144A, 4.75%, 2/15/29 | | | 599,000 | | | | 562,323 | |
144A, 4.625%, 6/1/30 | | | 306,000 | | | | 280,393 | |
144A, 7.25%, 1/15/32 | | | 306,000 | | | | 315,912 | |
| | | | | | | | |
(Cost $15,268,027) | | | | | | | 15,362,410 | |
| | | | | | | | |
| Healthcare-Products — 1.3% | |
Avantor Funding, Inc.
144A, 4.625%, 7/15/28 | | | 999,000 | | | | 942,940 | |
144A, 3.875%, 11/1/29 | | | 490,000 | | | | 439,187 | |
Bausch + Lomb Escrow Corp., 144A,
8.375%, 10/1/28 | | | 886,000 | | | | 925,870 | |
Embecta Corp., 144A,
5.00%, 2/15/30 | | | 306,000 | | | | 243,882 | |
Garden Spinco Corp., 144A,
8.625%, 7/20/30 | | | 214,000 | | | | 226,862 | |
Hologic, Inc.
144A, 4.625%, 2/1/28 | | | 245,000 | | | | 234,736 | |
144A, 3.25%, 2/15/29 | | | 632,000 | | | | 563,496 | |
Medline Borrower LP
144A, 3.875%, 4/1/29 | | | 2,846,000 | | | | 2,551,818 | |
144A, 5.25%, 10/1/29 | | | 1,581,000 | | | | 1,462,403 | |
Teleflex, Inc.
4.625%, 11/15/27 | | | 306,000 | | | | 292,192 | |
144A, 4.25%, 6/1/28 | | | 306,000 | | | | 285,678 | |
| | | | | | | | |
(Cost $8,165,799) | | | | | | | 8,169,064 | |
| | | | | | | | |
| Healthcare-Services — 4.6% | |
Acadia Healthcare Co., Inc.
144A, 5.50%, 7/1/28 | | | 276,000 | | | | 266,807 | |
144A, 5.00%, 4/15/29 | | | 291,000 | | | | 274,995 | |
Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27 | | | 306,000 | | | | 301,276 | |
144A, 3.125%, 2/15/29 | | | 337,000 | | | | 325,451 | |
144A, 3.50%, 4/1/30 | | | 426,000 | | | | 410,315 | |
Charles River Laboratories International, Inc.
144A, 4.25%, 5/1/28 | | | 306,000 | | | | 286,997 | |
144A, 3.75%, 3/15/29 | | | 306,000 | | | | 276,051 | |
144A, 4.00%, 3/15/31 | | | 328,000 | | | | 289,299 | |
CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26 | | | 700,000 | | | | 693,042 | |
144A, 5.625%, 3/15/27 | | | 1,191,000 | | | | 1,089,677 | |
144A, 8.00%, 12/15/27 | | | 429,000 | | | | 410,274 | |
144A, 6.00%, 1/15/29 | | | 436,000 | | | | 374,960 | |
144A, 5.25%, 5/15/30 | | | 971,000 | | | | 774,691 | |
144A, 4.75%, 2/15/31 | | | 648,000 | | | | 493,102 | |
144A, 10.875%, 1/15/32 | | | 592,000 | | | | 602,834 | |
DaVita, Inc.
144A, 4.625%, 6/1/30 | | | 1,739,000 | | | | 1,529,706 | |
144A, 3.75%, 2/15/31 | | | 949,000 | | | | 778,728 | |
Encompass Health Corp.
5.75%, 9/15/25 | | | 214,000 | | | | 213,242 | |
4.50%, 2/1/28 | | | 533,000 | | | | 504,359 | |
4.75%, 2/1/30 | | | 483,000 | | | | 448,069 | |
4.625%, 4/1/31 | | | 245,000 | | | | 221,765 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Healthcare-Services (Continued) | |
Fortrea Holdings, Inc., 144A,
7.50%, 7/1/30 | | $ | 349,000 | | | $ | 356,852 | |
HealthEquity, Inc., 144A,
4.50%, 10/1/29 | | | 367,000 | | | | 337,315 | |
Heartland Dental LLC / Heartland Dental Finance Corp., 144A, 10.50%, 4/30/28 | | | 429,000 | | | | 450,450 | |
IQVIA, Inc.
144A, 5.00%, 10/15/26 | | | 643,000 | | | | 628,495 | |
144A, 5.00%, 5/15/27 | | | 674,000 | | | | 656,165 | |
144A, 6.50%, 5/15/30 | | | 313,000 | | | | 317,338 | |
Kedrion SpA, 144A,
6.50%, 9/1/29 | | | 527,000 | | | | 472,224 | |
Legacy LifePoint Health LLC, 144A,
4.375%, 2/15/27 | | | 367,000 | | | | 340,435 | |
LifePoint Health, Inc.
144A, 9.875%, 8/15/30 | | | 533,000 | | | | 552,981 | |
144A, 11.00%, 10/15/30 | | | 696,000 | | | | 736,231 | |
ModivCare Escrow Issuer, Inc., 144A,
5.00%, 10/1/29 | | | 306,000 | | | | 225,675 | |
ModivCare, Inc., 144A,
5.875%, 11/15/25 | | | 306,000 | | | | 298,780 | |
Molina Healthcare, Inc.
144A, 4.375%, 6/15/28 | | | 490,000 | | | | 456,416 | |
144A, 3.875%, 11/15/30 | | | 398,000 | | | | 349,136 | |
144A, 3.875%, 5/15/32 | | | 518,000 | | | | 445,554 | |
Pediatrix Medical Group, Inc., 144A,
5.375%, 2/15/30 | | | 245,000 | | | | 220,200 | |
Prime Healthcare Services, Inc., 144A,
7.25%, 11/1/25 | | | 582,000 | | | | 580,545 | |
Select Medical Corp., 144A,
6.25%, 8/15/26 | | | 750,000 | | | | 748,109 | |
Star Parent, Inc., 144A,
9.00%, 10/1/30 | | | 633,000 | | | | 668,049 | |
Tenet Healthcare Corp.
4.875%, 1/1/26 | | | 916,000 | | | | 915,053 | |
6.25%, 2/1/27 | | | 819,000 | | | | 817,056 | |
5.125%, 11/1/27 | | | 919,000 | | | | 899,578 | |
4.625%, 6/15/28 | | | 368,000 | | | | 350,251 | |
6.125%, 10/1/28 | | | 1,581,000 | | | | 1,563,214 | |
4.25%, 6/1/29 | | | 886,000 | | | | 814,843 | |
4.375%, 1/15/30 | | | 917,000 | | | | 839,875 | |
6.125%, 6/15/30 | | | 1,265,000 | | | | 1,252,805 | |
144A, 6.75%, 5/15/31 | | | 833,000 | | | | 840,289 | |
6.875%, 11/15/31 | | | 227,000 | | | | 232,391 | |
Toledo Hospital Series B,
5.325%, 11/15/28 | | | 260,000 | | | | 242,775 | |
4.982%, 11/15/45 | | | 171,000 | | | | 117,722 | |
6.015%, 11/15/48 | | | 245,000 | | | | 197,837 | |
US Acute Care Solutions LLC, 144A,
6.375%, 3/1/26 | | | 455,000 | | | | 411,807 | |
| | | | | | | | |
(Cost $28,426,946) | | | | | | | 28,902,086 | |
| | | | | | | | |
| Household Products/Wares — 0.3% | |
ACCO Brands Corp., 144A,
4.25%, 3/15/29 | | | 352,000 | | | | 312,058 | |
Central Garden & Pet Co.
5.125%, 2/1/28 | | | 184,000 | | | | 177,335 | |
4.125%, 10/15/30 | | | 306,000 | | | | 271,841 | |
144A, 4.125%, 4/30/31 | | | 245,000 | | | | 214,367 | |
| | | | |
| See Notes to Financial Statements. | | 53 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Household Products/Wares (Continued) | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A,
5.00%, 12/31/26 | | $ | 291,000 | | | $ | 279,724 | |
Spectrum Brands, Inc.
144A, 5.00%, 10/1/29 | | | 183,000 | | | | 177,510 | |
144A, 3.875%, 3/15/31 | | | 262,000 | | | | 248,838 | |
| | | | | | | | |
(Cost $1,643,178) | | | | | | | 1,681,673 | |
| | | | | | | | |
| Pharmaceuticals — 1.6% | |
180 Medical, Inc., 144A,
3.875%, 10/15/29 | | | 306,000 | | | | 273,870 | |
AdaptHealth LLC
144A, 6.125%, 8/1/28 | | | 219,000 | | | | 200,245 | |
144A, 4.625%, 8/1/29 | | | 306,000 | | | | 254,745 | |
144A, 5.125%, 3/1/30 | | | 367,000 | | | | 306,904 | |
Bausch Health Cos., Inc., 144A,
5.50%, 11/1/25 | | | 1,063,000 | | | | 989,238 | |
BellRing Brands, Inc., 144A,
7.00%, 3/15/30 | | | 559,000 | | | | 570,415 | |
Cheplapharm Arzneimittel GmbH, 144A,
5.50%, 1/15/28 | | | 306,000 | | | | 287,640 | |
Elanco Animal Health, Inc.,
6.65%, 8/28/28 | | | 447,000 | | | | 450,332 | |
Grifols SA, 144A,
4.75%, 10/15/28 | | | 432,000 | | | | 359,770 | |
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25 | | | 367,000 | | | | 355,990 | |
HLF Financing Sarl LLC / Herbalife International, Inc., 144A,
4.875%, 6/1/29 | | | 390,000 | | | | 278,951 | |
Jazz Securities DAC, 144A,
4.375%, 1/15/29 | | | 949,000 | | | | 874,298 | |
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A,
14.75%, 11/14/28 | | | 492,000 | | | | 533,900 | |
Option Care Health, Inc., 144A,
4.375%, 10/31/29 | | | 306,000 | | | | 279,439 | |
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28 | | | 1,328,000 | | | | 1,214,935 | |
144A, 5.125%, 4/30/31 | | | 1,255,000 | | | | 1,075,685 | |
Owens & Minor, Inc.
144A, 4.50%, 3/31/29 | | | 293,000 | | | | 261,785 | |
144A, 6.625%, 4/1/30 | | | 338,000 | | | | 326,604 | |
Perrigo Finance Unlimited Co.
4.375%, 3/15/26 | | | 429,000 | | | | 414,060 | |
4.65%, 6/15/30 | | | 459,000 | | | | 410,854 | |
4.90%, 12/15/44 | | | 206,000 | | | | 160,805 | |
Prestige Brands, Inc.
144A, 5.125%, 1/15/28 | | | 251,000 | | | | 242,607 | |
144A, 3.75%, 4/1/31 | | | 367,000 | | | | 317,055 | |
| | | | | | | | |
(Cost $10,343,157) | | | | | | | 10,440,127 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Diversified — 0.1% | |
| Holding Companies-Diversified — 0.1% | |
Benteler International AG, 144A,
10.50%, 5/15/28 | | $ | 306,000 | | | $ | 328,567 | |
Stena International SA
144A, 7.25%, 1/15/31 | | | 480,000 | | | | 477,257 | |
144A, 7.625%, 2/15/31 | | | 160,000 | | | | 160,883 | |
| | | | | | | | |
(Cost $957,336) | | | | | | | 966,707 | |
| | | | | | | | |
| Energy — 14.4% | |
| Coal — 0.1% | |
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 144A, 7.50%, 5/1/25 | | | 224,000 | | | | 224,499 | |
SunCoke Energy, Inc., 144A,
4.875%, 6/30/29 | | | 306,000 | | | | 274,635 | |
| | | | | | | | |
(Cost $491,129) | | | | | | | 499,134 | |
| | | | | | | | |
| Energy-Alternate Sources — 0.2% | |
Sunnova Energy Corp., 144A,
5.875%, 9/1/26 | | | 254,000 | | | | 206,464 | |
TerraForm Power Operating LLC
144A, 5.00%, 1/31/28 | | | 429,000 | | | | 405,370 | |
144A, 4.75%, 1/15/30 | | | 459,000 | | | | 414,977 | |
Topaz Solar Farms LLC, 144A,
5.75%, 9/30/39 | | | 331,000 | | | | 328,567 | |
| | | | | | | | |
(Cost $1,354,387) | | | | | | | 1,355,378 | |
| | | | | | | | |
| Oil & Gas — 7.0% | |
Aethon United BR LP / Aethon United Finance Corp., 144A,
8.25%, 2/15/26 | | | 500,000 | | | | 502,069 | |
Antero Resources Corp.
144A, 7.625%, 2/1/29 | | | 249,000 | | | | 256,454 | |
144A, 5.375%, 3/1/30 | | | 367,000 | | | | 349,752 | |
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26 | | | 366,000 | | | | 365,752 | |
144A, 9.00%, 11/1/27 | | | 213,000 | | | | 269,725 | |
144A, 8.25%, 12/31/28 | | | 314,000 | | | | 318,828 | |
144A, 5.875%, 6/30/29 | | | 245,000 | | | | 227,780 | |
Baytex Energy Corp.
144A, 8.75%, 4/1/27 | | | 251,000 | | | | 260,375 | |
144A, 8.50%, 4/30/30 | | | 533,000 | | | | 554,218 | |
Berry Petroleum Co. LLC, 144A,
7.00%, 2/15/26 | | | 245,000 | | | | 240,018 | |
Borr IHC Ltd / Borr Finance LLC
144A, 10.00%, 11/15/28 | | | 668,000 | | | | 688,875 | |
144A, 10.375%, 11/15/30 | | | 315,000 | | | | 325,941 | |
California Resources Corp., 144A,
7.125%, 2/1/26 | | | 336,000 | | | | 337,771 | |
Callon Petroleum Co.
6.375%, 7/1/26 | | | 196,000 | | | | 196,329 | |
144A, 8.00%, 8/1/28 | | | 398,000 | | | | 415,718 | |
144A, 7.50%, 6/15/30 | | | 367,000 | | | | 386,630 | |
Chesapeake Energy Corp.
144A, 5.50%, 2/1/26 | | | 316,000 | | | | 313,234 | |
144A, 5.875%, 2/1/29 | | | 306,000 | | | | 302,695 | |
144A, 6.75%, 4/15/29 | | | 632,000 | | | | 634,363 | |
| | | | |
| See Notes to Financial Statements. | | 54 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | |
Chord Energy Corp., 144A,
6.375%, 6/1/26 | | $ | 245,000 | | | $ | 245,306 | |
CITGO Petroleum Corp.
144A, 7.00%, 6/15/25 | | | 739,000 | | | | 737,257 | |
144A, 6.375%, 6/15/26 | | | 398,000 | | | | 400,481 | |
144A, 8.375%, 1/15/29 | | | 696,000 | | | | 730,918 | |
Civitas Resources, Inc.
144A, 5.00%, 10/15/26 | | | 245,000 | | | | 237,392 | |
144A, 8.375%, 7/1/28 | | | 854,000 | | | | 893,646 | |
144A, 8.625%, 11/1/30 | | | 633,000 | | | | 677,361 | |
144A, 8.75%, 7/1/31 | | | 854,000 | | | | 908,204 | |
CNX Resources Corp.
144A, 6.00%, 1/15/29 | | | 316,000 | | | | 303,721 | |
144A, 7.375%, 1/15/31 | | | 328,000 | | | | 330,668 | |
144A, 7.25%, 3/1/32 | | | 251,000 | | | | 250,128 | |
Comstock Resources, Inc.
144A, 6.75%, 3/1/29 | | | 773,000 | | | | 713,045 | |
144A, 5.875%, 1/15/30 | | | 623,000 | | | | 544,758 | |
Crescent Energy Finance LLC
144A, 7.25%, 5/1/26 | | | 429,000 | | | | 427,434 | |
144A, 9.25%, 2/15/28 | | | 632,000 | | | | 661,383 | |
CrownRock LP / CrownRock Finance, Inc.
144A, 5.625%, 10/15/25 | | | 592,000 | | | | 589,070 | |
144A, 5.00%, 5/1/29 | | | 230,000 | | | | 226,263 | |
CVR Energy, Inc.
144A, 5.75%, 2/15/28 | | | 245,000 | | | | 227,411 | |
144A, 8.50%, 1/15/29 | | | 380,000 | | | | 382,375 | |
Diamond Foreign Asset Co. / Diamond Finance LLC, 144A,
8.50%, 10/1/30 | | | 337,000 | | | | 345,095 | |
Encino Acquisition Partners Holdings LLC, 144A,
8.50%, 5/1/28 | | | 429,000 | | | | 428,311 | |
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28 | | | 603,000 | | | | 607,884 | |
Energean PLC, 144A,
6.50%, 4/30/27 | | | 276,000 | | | | 251,022 | |
EnQuest PLC, 144A,
11.625%, 11/1/27 | | | 187,000 | | | | 182,621 | |
Greenfire Resources Ltd., 144A,
12.00%, 10/1/28 | | | 210,000 | | | | 220,038 | |
Gulfport Energy Corp., 144A,
8.00%, 5/17/26 | | | 271,000 | | | | 275,787 | |
Harbour Energy PLC, 144A,
5.50%, 10/15/26 | | | 306,000 | | | | 298,243 | |
Hilcorp Energy I LP / Hilcorp Finance Co.
144A, 6.25%, 11/1/28 | | | 367,000 | | | | 364,313 | |
144A, 5.75%, 2/1/29 | | | 367,000 | | | | 354,918 | |
144A, 6.00%, 4/15/30 | | | 306,000 | | | | 297,077 | |
144A, 6.00%, 2/1/31 | | | 394,000 | | | | 379,944 | |
144A, 6.25%, 4/15/32 | | | 306,000 | | | | 296,055 | |
144A, 8.375%, 11/1/33 | | | 376,000 | | | | 403,918 | |
Ithaca Energy North Sea PLC, 144A,
9.00%, 7/15/26 | | | 383,000 | | | | 385,796 | |
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144A, 6.00%, 8/1/26 | | | 245,000 | | | | 240,170 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | |
Matador Resources Co.
5.875%, 9/15/26 | | $ | 428,000 | | | $ | 423,822 | |
144A, 6.875%, 4/15/28 | | | 306,000 | | | | 310,725 | |
MEG Energy Corp., 144A,
5.875%, 2/1/29 | | | 367,000 | | | | 357,810 | |
Moss Creek Resources Holdings, Inc.
144A, 7.50%, 1/15/26 | | | 416,000 | | | | 413,585 | |
144A, 10.50%, 5/15/27 | | | 316,000 | | | | 323,816 | |
Murphy Oil Corp.
5.875%, 12/1/27 | | | 271,000 | | | | 269,101 | |
6.375%, 7/15/28 | | | 228,000 | | | | 228,311 | |
5.875%, 12/1/42 | | | 230,000 | | | | 202,572 | |
Nabors Industries, Inc.
144A, 7.375%, 5/15/27 | | | 429,000 | | | | 427,421 | |
144A, 9.125%, 1/31/30 | | | 433,000 | | | | 443,825 | |
Noble Finance II LLC, 144A,
8.00%, 4/15/30 | | | 367,000 | | | | 377,329 | |
Northern Oil & Gas, Inc.
144A, 8.125%, 3/1/28 | | | 432,000 | | | | 437,456 | |
144A, 8.75%, 6/15/31 | | | 306,000 | | | | 319,770 | |
Parkland Corp.
144A, 5.875%, 7/15/27 | | | 306,000 | | | | 300,303 | |
144A, 4.50%, 10/1/29 | | | 490,000 | | | | 447,738 | |
144A, 4.625%, 5/1/30 | | | 502,000 | | | | 458,557 | |
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28 | | | 550,000 | | | | 534,875 | |
144A, 7.875%, 9/15/30 | | | 306,000 | | | | 313,552 | |
Permian Resources Operating LLC
144A, 5.375%, 1/15/26 | | | 177,000 | | | | 174,114 | |
144A, 7.75%, 2/15/26 | | | 184,000 | | | | 186,199 | |
144A, 6.875%, 4/1/27 | | | 218,000 | | | | 217,401 | |
144A, 8.00%, 4/15/27 | | | 337,000 | | | | 347,535 | |
144A, 5.875%, 7/1/29 | | | 429,000 | | | | 419,201 | |
144A, 9.875%, 7/15/31 | | | 306,000 | | | | 338,895 | |
144A, 7.00%, 1/15/32 | | | 666,000 | | | | 683,834 | |
Precision Drilling Corp.
144A, 7.125%, 1/15/26 | | | 167,000 | | | | 166,785 | |
144A, 6.875%, 1/15/29 | | | 245,000 | | | | 242,002 | |
Range Resources Corp.
4.875%, 5/15/25 | | | 422,000 | | | | 416,167 | |
8.25%, 1/15/29 | | | 367,000 | | | | 382,879 | |
144A, 4.75%, 2/15/30 | | | 316,000 | | | | 293,566 | |
Rockcliff Energy II LLC, 144A,
5.50%, 10/15/29 | | | 429,000 | | | | 395,087 | |
Seadrill Finance Ltd., 144A,
8.375%, 8/1/30 | | | 352,000 | | | | 361,739 | |
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A,
7.875%, 11/1/28 | | | 367,000 | | | | 375,111 | |
SM Energy Co.
5.625%, 6/1/25 | | | 214,000 | | | | 212,395 | |
6.75%, 9/15/26 | | | 257,000 | | | | 255,564 | |
6.625%, 1/15/27 | | | 255,000 | | | | 253,970 | |
6.50%, 7/15/28 | | | 245,000 | | | | 245,306 | |
Southwestern Energy Co.
8.375%, 9/15/28 | | | 186,000 | | | | 193,441 | |
5.375%, 2/1/29 | | | 426,000 | | | | 411,690 | |
| | | | |
| See Notes to Financial Statements. | | 55 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | |
5.375%, 3/15/30 | | $ | 779,000 | | | $ | 744,553 | |
4.75%, 2/1/32 | | | 727,000 | | | | 660,360 | |
Strathcona Resources Ltd/Alberta, 144A,
6.875%, 8/1/26 | | | 306,000 | | | | 304,088 | |
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27 | | | 367,000 | | | | 365,648 | |
5.875%, 3/15/28 | | | 264,000 | | | | 261,164 | |
144A, 7.00%, 9/15/28 | | | 336,000 | | | | 344,128 | |
4.50%, 5/15/29 | | | 490,000 | | | | 452,636 | |
4.50%, 4/30/30 | | | 501,000 | | | | 455,851 | |
Talos Production, Inc.
144A, 9.00%, 2/1/29 | | | 426,000 | | | | 435,399 | |
144A, 9.375%, 2/1/31 | | | 378,000 | | | | 390,442 | |
Teine Energy Ltd., 144A,
6.875%, 4/15/29 | | | 245,000 | | | | 232,510 | |
Transocean Aquila Ltd., 144A,
8.00%, 9/30/28 | | | 199,000 | | | | 202,731 | |
Transocean Poseidon Ltd., 144A,
6.875%, 2/1/27 | | | 294,975 | | | | 293,974 | |
Transocean Titan Financing Ltd., 144A,
8.375%, 2/1/28 | | | 322,000 | | | | 330,453 | |
Transocean, Inc., 144A,
8.75%, 2/15/30 | | | 727,200 | | | | 746,706 | |
Valaris Ltd., 144A,
8.375%, 4/30/30 | | | 696,000 | | | | 713,670 | |
Vermilion Energy, Inc.
144A, 5.625%, 3/15/25 | | | 184,000 | | | | 183,152 | |
144A, 6.875%, 5/1/30 | | | 245,000 | | | | 236,119 | |
Viper Energy, Inc.
144A, 5.375%, 11/1/27 | | | 264,000 | | | | 256,105 | |
144A, 7.375%, 11/1/31 | | | 245,000 | | | | 252,267 | |
Vital Energy, Inc.
10.125%, 1/15/28 | | | 429,000 | | | | 449,002 | |
144A, 7.75%, 7/31/29 | | | 183,000 | | | | 182,022 | |
9.75%, 10/15/30 | | | 342,000 | | | | 366,323 | |
W&T Offshore, Inc., 144A,
11.75%, 2/1/26 | | | 168,000 | | | | 172,820 | |
| | | | | | | | |
(Cost $43,315,048) | | | | | | | 43,960,112 | |
| | | | | | | | |
| Oil & Gas Services — 0.8% | |
Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27 | | | 306,000 | | | | 304,460 | |
144A, 6.25%, 4/1/28 | | | 533,000 | | | | 519,712 | |
Bristow Group, Inc., 144A,
6.875%, 3/1/28 | | | 245,000 | | | | 239,855 | |
CGG SA, 144A,
8.75%, 4/1/27 | | | 306,000 | | | | 272,946 | |
CSI Compressco LP / CSI Compressco Finance, Inc., 144A,
7.50%, 4/1/25 | | | 214,000 | | | | 214,214 | |
Enerflex Ltd., 144A,
9.00%, 10/15/27 | | | 383,000 | | | | 385,554 | |
Helix Energy Solutions Group, Inc., 144A, 9.75%, 3/1/29 | | | 188,000 | | | | 198,677 | |
Kodiak Gas Services LLC, 144A,
7.25%, 2/15/29 | | | 400,000 | | | | 407,230 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas Services (Continued) | |
Oceaneering International, Inc.,
6.00%, 2/1/28 | | $ | 184,000 | | | $ | 180,934 | |
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26 | | | 444,000 | | | | 443,395 | |
6.875%, 9/1/27 | | | 500,000 | | | | 497,431 | |
Weatherford International Ltd., 144A, 8.625%, 4/30/30 | | | 1,012,000 | | | | 1,049,191 | |
Welltec International ApS, 144A,
8.25%, 10/15/26 | | | 179,000 | | | | 181,835 | |
| | | | | | | | |
(Cost $4,841,886) | | | | | | | 4,895,434 | |
| | | | | | | | |
| Pipelines — 6.3% | |
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26 | | | 448,000 | | | | 457,612 | |
144A, 5.75%, 3/1/27 | | | 398,000 | | | | 389,418 | |
144A, 5.75%, 1/15/28 | | | 398,000 | | | | 390,173 | |
144A, 5.375%, 6/15/29 | | | 459,000 | | | | 436,558 | |
144A, 6.625%, 2/1/32 | | | 380,000 | | | | 378,446 | |
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A, 7.625%, 12/15/25 | | | 367,000 | | | | 370,217 | |
144A, 6.625%, 7/15/26 | | | 184,000 | | | | 182,613 | |
Buckeye Partners LP
144A, 4.125%, 3/1/25 | | | 306,000 | | | | 299,236 | |
3.95%, 12/1/26 | | | 367,000 | | | | 347,072 | |
4.125%, 12/1/27 | | | 245,000 | | | | 228,022 | |
144A, 4.50%, 3/1/28 | | | 313,000 | | | | 290,999 | |
5.85%, 11/15/43 | | | 245,000 | | | | 201,843 | |
5.60%, 10/15/44 | | | 184,000 | | | | 143,060 | |
Cheniere Energy Partners LP,
5.95%, 6/30/33 | | | 878,000 | | | | 883,766 | |
CNX Midstream Partners LP, 144A,
4.75%, 4/15/30 | | | 245,000 | | | | 214,339 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31 | | | 886,000 | | | | 825,442 | |
Delek Logistics Partners LP / Delek Logistics Finance Corp., 144A,
7.125%, 6/1/28 | | | 245,000 | | | | 234,588 | |
DT Midstream, Inc.
144A, 4.125%, 6/15/29 | | | 716,000 | | | | 654,242 | |
144A, 4.375%, 6/15/31 | | | 584,000 | | | | 525,767 | |
Energy Transfer LP,
8.00%, 5/15/54 | | | 502,000 | | | | 521,578 | |
EnLink Midstream LLC
144A, 5.625%, 1/15/28 | | | 306,000 | | | | 301,505 | |
5.375%, 6/1/29 | | | 305,000 | | | | 295,593 | |
144A, 6.50%, 9/1/30 | | | 627,000 | | | | 642,716 | |
EnLink Midstream Partners LP
4.15%, 6/1/25 | | | 258,000 | | | | 251,530 | |
4.85%, 7/15/26 | | | 301,000 | | | | 293,479 | |
5.60%, 4/1/44 | | | 214,000 | | | | 193,948 | |
5.05%, 4/1/45 | | | 276,000 | | | | 234,746 | |
5.45%, 6/1/47 | | | 319,000 | | | | 280,720 | |
EQM Midstream Partners LP
144A, 6.00%, 7/1/25 | | | 245,000 | | | | 244,664 | |
4.125%, 12/1/26 | | | 306,000 | | | | 293,334 | |
| | | | |
| See Notes to Financial Statements. | | 56 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | |
144A, 7.50%, 6/1/27 | | $ | 300,000 | | | $ | 306,931 | |
144A, 6.50%, 7/1/27 | | | 599,000 | | | | 604,991 | |
5.50%, 7/15/28 | | | 567,000 | | | | 556,093 | |
144A, 4.50%, 1/15/29 | | | 533,000 | | | | 499,645 | |
144A, 6.375%, 4/1/29 | | | 200,000 | | | | 200,574 | |
144A, 7.50%, 6/1/30 | | | 316,000 | | | | 335,863 | |
144A, 4.75%, 1/15/31 | | | 696,000 | | | | 647,220 | |
6.50%, 7/15/48 | | | 358,000 | | | | 363,383 | |
Genesis Energy LP / Genesis Energy Finance Corp.
6.25%, 5/15/26 | | | 229,000 | | | | 226,936 | |
8.00%, 1/15/27 | | | 641,000 | | | | 645,435 | |
7.75%, 2/1/28 | | | 416,000 | | | | 416,003 | |
8.25%, 1/15/29 | | | 380,000 | | | | 386,338 | |
8.875%, 4/15/30 | | | 306,000 | | | | 317,260 | |
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27 | | | 245,000 | | | | 245,078 | |
6.875%, 1/15/29 | | | 214,000 | | | | 210,921 | |
144A, 8.25%, 1/15/32 | | | 285,000 | | | | 292,325 | |
Harvest Midstream I LP, 144A,
7.50%, 9/1/28 | | | 533,000 | | | | 537,306 | |
Hess Midstream Operations LP
144A, 5.625%, 2/15/26 | | | 529,000 | | | | 521,515 | |
144A, 5.125%, 6/15/28 | | | 337,000 | | | | 323,769 | |
144A, 4.25%, 2/15/30 | | | 459,000 | | | | 417,961 | |
144A, 5.50%, 10/15/30 | | | 245,000 | | | | 235,446 | |
Howard Midstream Energy Partners LLC
144A, 6.75%, 1/15/27 | | | 245,000 | | | | 244,068 | |
144A, 8.875%, 7/15/28 | | | 337,000 | | | | 355,114 | |
ITT Holdings LLC, 144A,
6.50%, 8/1/29 | | | 772,000 | | | | 685,211 | |
Kinetik Holdings LP
144A, 6.625%, 12/15/28 | | | 506,000 | | | | 512,226 | |
144A, 5.875%, 6/15/30 | | | 653,000 | | | | 636,292 | |
Martin Midstream Partners LP / Martin Midstream Finance Corp., 144A,
11.50%, 2/15/28 | | | 245,000 | | | | 257,250 | |
New Fortress Energy, Inc.
144A, 6.75%, 9/15/25 | | | 811,000 | | | | 806,815 | |
144A, 6.50%, 9/30/26 | | | 949,000 | | | | 916,296 | |
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A, 8.125%, 2/15/29 | | | 564,000 | | | | 569,317 | |
144A, 8.375%, 2/15/32 | | | 813,000 | | | | 825,831 | |
Northriver Midstream Finance LP, 144A,
5.625%, 2/15/26 | | | 322,000 | | | | 315,668 | |
NuStar Logistics LP
5.75%, 10/1/25 | | | 367,000 | | | | 363,672 | |
6.00%, 6/1/26 | | | 306,000 | | | | 302,496 | |
5.625%, 4/28/27 | | | 337,000 | | | | 333,532 | |
6.375%, 10/1/30 | | | 424,000 | | | | 425,200 | |
Prairie Acquiror LP, 144A,
9.00%, 8/1/29 | | | 280,000 | | | | 282,131 | |
Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25 | | | 245,000 | | | | 237,545 | |
144A, 4.95%, 7/15/29 | | | 345,000 | | | | 322,621 | |
144A, 4.80%, 5/15/30 | | | 214,000 | | | | 198,218 | |
144A, 7.50%, 7/15/38 | | | 153,000 | | | | 155,302 | |
144A, 6.875%, 4/15/40 | | | 306,000 | | | | 301,314 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | |
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26 | | $ | 523,000 | | | $ | 517,415 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27 | | | 263,000 | | | | 259,581 | |
144A, 5.50%, 1/15/28 | | | 573,000 | | | | 544,350 | |
144A, 7.375%, 2/15/29 | | | 450,000 | | | | 448,992 | |
144A, 6.00%, 12/31/30 | | | 444,000 | | | | 412,887 | |
144A, 6.00%, 9/1/31 | | | 286,000 | | | | 261,986 | |
Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29 | | | 791,000 | | | | 709,929 | |
144A, 6.25%, 1/15/30 | | | 633,000 | | | | 631,998 | |
144A, 4.125%, 8/15/31 | | | 791,000 | | | | 694,229 | |
144A, 3.875%, 11/1/33 | | | 791,000 | | | | 663,423 | |
Venture Global LNG, Inc.
144A, 8.125%, 6/1/28 | | | 1,423,000 | | | | 1,445,635 | |
144A, 9.50%, 2/1/29 | | | 1,888,000 | | | | 2,013,011 | |
144A, 8.375%, 6/1/31 | | | 1,423,000 | | | | 1,439,309 | |
144A, 9.875%, 2/1/32 | | | 1,224,000 | | | | 1,288,726 | |
| | | | | | | | |
(Cost $39,135,259) | | | | | | | 39,675,809 | |
| | | | | | | | |
| Financial — 4.6% | |
| Real Estate — 0.7% | |
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A,
7.00%, 4/15/30 | | | 392,000 | | | | 355,230 | |
Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28 | | | 398,000 | | | | 392,058 | |
144A, 8.875%, 9/1/31 | | | 245,000 | | | | 255,106 | |
Five Point Operating Co. LP / Five Point Capital Corp., 144A,
10.50%, 1/15/28 | | | 321,561 | | | | 328,844 | |
Greystar Real Estate Partners LLC, 144A,
7.75%, 9/1/30 | | | 245,000 | | | | 254,174 | |
Howard Hughes Corp.
144A, 5.375%, 8/1/28 | | | 478,000 | | | | 450,807 | |
144A, 4.125%, 2/1/29 | | | 418,000 | | | | 371,054 | |
144A, 4.375%, 2/1/31 | | | 415,000 | | | | 353,536 | |
Hunt Cos., Inc., 144A,
5.25%, 4/15/29 | | | 389,000 | | | | 355,905 | |
Kennedy-Wilson, Inc.
4.75%, 3/1/29 | | | 367,000 | | | | 297,270 | |
4.75%, 2/1/30 | | | 367,000 | | | | 290,389 | |
5.00%, 3/1/31 | | | 422,000 | | | | 328,105 | |
Newmark Group, Inc., 144A,
7.50%, 1/12/29 | | | 380,000 | | | | 386,391 | |
| | | | | | | | |
(Cost $4,357,750) | | | | | | | 4,418,869 | |
| | | | | | | | |
| Real Estate Investment Trusts — 3.7% | |
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29 | | | 306,000 | | | | 253,117 | |
Blackstone Mortgage Trust, Inc., 144A,
3.75%, 1/15/27 | | | 224,000 | | | | 196,135 | |
Brandywine Operating Partnership LP
3.95%, 11/15/27 | | | 276,000 | | | | 242,561 | |
7.80%, 3/15/28 | | | 214,000 | | | | 211,983 | |
4.55%, 10/1/29 | | | 244,000 | | | | 203,556 | |
| | | | |
| See Notes to Financial Statements. | | 57 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Real Estate Investment Trusts (Continued) | |
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26 | | $ | 593,000 | | | $ | 571,942 | |
144A, 4.50%, 4/1/27 | | | 446,000 | | | | 392,077 | |
CTR Partnership LP / CareTrust Capital Corp., 144A, 3.875%, 6/30/28 | | | 245,000 | | | | 221,575 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,
3.75%, 12/15/27 | | | 306,000 | | | | 258,568 | |
Hudson Pacific Properties LP
3.95%, 11/1/27 | | | 252,000 | | | | 217,602 | |
5.95%, 2/15/28 | | | 222,000 | | | | 199,226 | |
4.65%, 4/1/29 | | | 317,000 | | | | 264,013 | |
3.25%, 1/15/30 | | | 254,000 | | | | 190,690 | |
Iron Mountain Information Management Services, Inc., 144A, 5.00%, 7/15/32 | | | 467,000 | | | | 417,514 | |
Iron Mountain, Inc. 144A,
4.875%, 9/15/27 | | | 612,000 | | | | 586,965 | |
144A, 5.25%, 3/15/28 | | | 517,000 | | | | 498,282 | |
144A, 5.00%, 7/15/28 | | | 306,000 | | | | 289,702 | |
144A, 7.00%, 2/15/29 | | | 612,000 | | | | 621,229 | |
144A, 4.875%, 9/15/29 | | | 633,000 | | | | 588,660 | |
144A, 5.25%, 7/15/30 | | | 815,000 | | | | 762,661 | |
144A, 4.50%, 2/15/31 | | | 696,000 | | | | 615,915 | |
144A, 5.625%, 7/15/32 | | | 367,000 | | | | 341,091 | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A, 5.25%, 10/1/25 | | | 201,000 | | | | 198,008 | |
144A, 4.25%, 2/1/27 | | | 375,000 | | | | 345,063 | |
144A, 4.75%, 6/15/29 | | | 390,000 | | | | 350,003 | |
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 | | | 306,000 | | | | 272,469 | |
5.00%, 10/15/27 | | | 872,000 | | | | 713,351 | |
4.625%, 8/1/29 | | | 551,000 | | | | 410,429 | |
3.50%, 3/15/31 | | | 837,000 | | | | 560,538 | |
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,
4.50%, 9/30/28 | | | 306,000 | | | | 257,649 | |
Office Properties Income Trust, 144A,
9.00%, 3/31/29 | | | 188,000 | | | | 175,310 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25 | | | 398,000 | | | | 399,278 | |
144A, 5.875%, 10/1/28 | | | 444,000 | | | | 431,581 | |
144A, 4.875%, 5/15/29 | | | 459,000 | | | | 421,706 | |
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27 | | | 458,000 | | | | 437,390 | |
144A, 7.25%, 7/15/28 | | | 245,000 | | | | 250,923 | |
144A, 4.50%, 2/15/29 | | | 367,000 | | | | 341,137 | |
Rithm Capital Corp., 144A,
6.25%, 10/15/25 | | | 337,000 | | | | 332,646 | |
RLJ Lodging Trust LP
144A, 3.75%, 7/1/26 | | | 306,000 | | | | 288,481 | |
144A, 4.00%, 9/15/29 | | | 356,000 | | | | 310,738 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Real Estate Investment Trusts (Continued) | |
SBA Communications Corp.
3.875%, 2/15/27 | | $ | 946,000 | | | $ | 892,634 | |
3.125%, 2/1/29 | | | 949,000 | | | | 839,860 | |
Service Properties Trust
4.50%, 3/15/25 | | | 214,000 | | | | 209,080 | |
7.50%, 9/15/25 | | | 490,000 | | | | 496,428 | |
5.25%, 2/15/26 | | | 214,000 | | | | 207,832 | |
4.75%, 10/1/26 | | | 276,000 | | | | 255,322 | |
4.95%, 2/15/27 | | | 245,000 | | | | 224,949 | |
5.50%, 12/15/27 | | | 276,000 | | | | 259,825 | |
3.95%, 1/15/28 | | | 245,000 | | | | 207,225 | |
4.95%, 10/1/29 | | | 260,000 | | | | 213,927 | |
4.375%, 2/15/30 | | | 245,000 | | | | 188,855 | |
144A, 8.625%, 11/15/31 | | | 706,000 | | | | 745,615 | |
Starwood Property Trust, Inc.
4.75%, 3/15/25 | | | 306,000 | | | | 301,936 | |
144A, 3.625%, 7/15/26 | | | 245,000 | | | | 228,462 | |
144A, 4.375%, 1/15/27 | | | 306,000 | | | | 286,875 | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28 | | | 1,645,000 | | | | 1,702,736 | |
144A, 4.75%, 4/15/28 | | | 349,000 | | | | 303,287 | |
Vornado Realty LP
3.50%, 1/15/25 | | | 135,000 | | | | 131,140 | |
2.15%, 6/1/26 | | | 253,000 | | | | 227,038 | |
3.40%, 6/1/31 | | | 215,000 | | | | 166,879 | |
XHR LP
144A, 6.375%, 8/15/25 | | | 285,000 | | | | 285,342 | |
144A, 4.875%, 6/1/29 | | | 306,000 | | | | 282,593 | |
| | | | | | | | |
(Cost $23,053,212) | | | | | | | 23,299,604 | |
| | | | | | | | |
| Venture Capital — 0.2% | |
HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25 | | | 245,000 | | | | 242,510 | |
144A, 3.375%, 6/15/26 | | | 666,000 | | | | 622,766 | |
144A, 8.00%, 6/15/27 | | | 378,000 | | | | 392,483 | |
144A, 3.75%, 9/15/30 | | | 290,000 | | | | 238,589 | |
| | | | | | | | |
(Cost $1,492,224) | | | | | | | 1,496,348 | |
| | | | | | | | |
| Industrial — 11.8% | |
| Aerospace/Defense — 2.6% | |
AAR Escrow Issuer LLC, 144A,
6.75%, 3/15/29 | | | 300,000 | | | | 302,836 | |
Bombardier, Inc.
144A, 7.125%, 6/15/26 | | | 612,000 | | | | 617,125 | |
144A, 7.875%, 4/15/27 | | | 1,092,000 | | | | 1,093,393 | |
144A, 6.00%, 2/15/28 | | | 459,000 | | | | 445,586 | |
144A, 7.50%, 2/1/29 | | | 499,000 | | | | 506,133 | |
144A, 8.75%, 11/15/30 | | | 459,000 | | | | 480,807 | |
144A, 7.45%, 5/1/34 | | | 323,000 | | | | 357,293 | |
Moog, Inc., 144A,
4.25%, 12/15/27 | | | 306,000 | | | | 286,371 | |
Rolls-Royce PLC 144A,
3.625%, 10/14/25 | | | 633,000 | | | | 609,497 | |
144A, 5.75%, 10/15/27 | | | 684,000 | | | | 680,645 | |
Spirit AeroSystems, Inc.
3.85%, 6/15/26 | | | 184,000 | | | | 174,890 | |
| | | | |
| See Notes to Financial Statements. | | 58 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Aerospace/Defense (Continued) | |
144A, 9.375%, 11/30/29 | | $ | 599,000 | | | $ | 647,731 | |
144A, 9.75%, 11/15/30 | | | 759,000 | | | | 813,160 | |
TransDigm, Inc.
5.50%, 11/15/27 | | | 1,723,000 | | | | 1,663,675 | |
144A, 6.75%, 8/15/28 | | | 1,286,000 | | | | 1,301,375 | |
4.625%, 1/15/29 | | | 785,000 | | | | 719,853 | |
144A, 6.375%, 3/1/29 | | | 1,350,000 | | | | 1,356,102 | |
4.875%, 5/1/29 | | | 459,000 | | | | 421,606 | |
144A, 6.875%, 12/15/30 | | | 898,000 | | | | 908,695 | |
144A, 7.125%, 12/1/31 | | | 652,000 | | | | 668,835 | |
144A, 6.625%, 3/1/32 | | | 1,400,000 | | | | 1,408,747 | |
Triumph Group, Inc., 144A,
9.00%, 3/15/28 | | | 759,000 | | | | 793,408 | |
| | | | | | | | |
(Cost $16,213,348) | | | | | | | 16,257,763 | |
| | | | | | | | |
| Building Materials — 2.0% | |
AmeriTex HoldCo Intermediate LLC, 144A,
10.25%, 10/15/28 | | | 325,000 | | | | 340,438 | |
Boise Cascade Co., 144A,
4.875%, 7/1/30 | | | 245,000 | | | | 226,069 | |
Builders FirstSource, Inc.
144A, 5.00%, 3/1/30 | | | 337,000 | | | | 318,221 | |
144A, 4.25%, 2/1/32 | | | 815,000 | | | | 716,079 | |
144A, 6.375%, 6/15/32 | | | 429,000 | | | | 428,932 | |
Camelot Return Merger Sub, Inc., 144A,
8.75%, 8/1/28 | | | 473,000 | | | | 485,416 | |
Eco Material Technologies, Inc., 144A,
7.875%, 1/31/27 | | | 408,000 | | | | 407,088 | |
Emerald Debt Merger Sub LLC, 144A,
6.625%, 12/15/30 | | | 1,740,000 | | | | 1,746,090 | |
Griffon Corp.,
5.75%, 3/1/28 | | | 618,000 | | | | 597,915 | |
James Hardie International Finance DAC, 144A,
5.00%, 1/15/28 | | | 245,000 | | | | 236,263 | |
JELD-WEN, Inc., 144A,
4.875%, 12/15/27 | | | 245,000 | | | | 233,056 | |
Knife River Corp., 144A,
7.75%, 5/1/31 | | | 260,000 | | | | 269,264 | |
Louisiana-Pacific Corp., 144A,
3.625%, 3/15/29 | | | 214,000 | | | | 191,982 | |
Masonite International Corp.
144A, 5.375%, 2/1/28 | | | 306,000 | | | | 304,853 | |
144A, 3.50%, 2/15/30 | | | 230,000 | | | | 203,000 | |
MIWD Holdco II LLC / MIWD Finance Corp., 144A, 5.50%, 2/1/30 | | | 306,000 | | | | 279,208 | |
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28 | | | 358,000 | | | | 341,135 | |
PGT Innovations, Inc., 144A,
4.375%, 10/1/29 | | | 352,000 | | | | 354,364 | |
Smyrna Ready Mix Concrete LLC
144A, 6.00%, 11/1/28 | | | 696,000 | | | | 675,008 | |
144A, 8.875%, 11/15/31 | | | 696,000 | | | | 737,610 | |
Standard Industries, Inc.
144A, 5.00%, 2/15/27 | | | 533,000 | | | | 513,170 | |
144A, 4.75%, 1/15/28 | | | 612,000 | | | | 577,384 | |
144A, 4.375%, 7/15/30 | | | 1,012,000 | | | | 902,284 | |
144A, 3.375%, 1/15/31 | | | 690,000 | | | | 571,732 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Building Materials (Continued) | |
Summit Materials LLC / Summit Materials Finance Corp.
144A, 6.50%, 3/15/27 | | $ | 184,000 | | | $ | 184,000 | |
144A, 5.25%, 1/15/29 | | | 429,000 | | | | 415,281 | |
144A, 7.25%, 1/15/31 | | | 506,000 | | | | 525,078 | |
| | | | | | | | |
(Cost $12,616,267) | | | | | | | 12,780,920 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.5% | |
Energizer Holdings, Inc.
144A, 6.50%, 12/31/27 | | | 184,000 | | | | 182,456 | |
144A, 4.75%, 6/15/28 | | | 358,000 | | | | 327,337 | |
144A, 4.375%, 3/31/29 | | | 485,000 | | | | 429,700 | |
EnerSys
144A, 4.375%, 12/15/27 | | | 184,000 | | | | 173,190 | |
144A, 6.625%, 1/15/32 | | | 200,000 | | | | 200,827 | |
WESCO Distribution, Inc.
144A, 7.125%, 6/15/25 | | | 969,000 | | | | 974,790 | |
144A, 7.25%, 6/15/28 | | | 851,000 | | | | 869,668 | |
| | | | | | | | |
(Cost $3,145,290) | | | | | | | 3,157,968 | |
| | | | | | | | |
| Electronics — 0.7% | |
Atkore, Inc., 144A,
4.25%, 6/1/31 | | | 251,000 | | | | 220,493 | |
Coherent Corp., 144A,
5.00%, 12/15/29 | | | 560,000 | | | | 522,200 | |
Imola Merger Corp., 144A,
4.75%, 5/15/29 | | | 1,265,000 | | | | 1,172,149 | |
Sensata Technologies BV
144A, 5.00%, 10/1/25 | | | 428,000 | | | | 424,009 | |
144A, 4.00%, 4/15/29 | | | 666,000 | | | | 604,014 | |
144A, 5.875%, 9/1/30 | | | 306,000 | | | | 298,026 | |
Sensata Technologies, Inc.
144A, 4.375%, 2/15/30 | | | 276,000 | | | | 251,488 | |
144A, 3.75%, 2/15/31 | | | 459,000 | | | | 392,514 | |
TTM Technologies, Inc., 144A,
4.00%, 3/1/29 | | | 306,000 | | | | 272,370 | |
| | | | | | | | |
(Cost $4,134,919) | | | | | | | 4,157,263 | |
| | | | | | | | |
| Engineering & Construction — 0.9% | |
AECOM,
5.125%, 3/15/27 | | | 690,000 | | | | 675,894 | |
Arcosa, Inc., 144A,
4.375%, 4/15/29 | | | 245,000 | | | | 226,134 | |
Artera Services LLC, 144A,
8.50%, 2/15/31 | | | 350,000 | | | | 357,544 | |
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par, 144A,
4.05%, 4/27/26 | | | 230,000 | | | | 213,325 | |
Brand Industrial Services, Inc., 144A,
10.375%, 8/1/30 | | | 868,000 | | | | 923,054 | |
Brundage-Bone Concrete Pumping Holdings, Inc., 144A,
6.00%, 2/1/26 | | | 230,000 | | | | 226,951 | |
Cellnex Finance Co. SA, 144A,
3.875%, 7/7/41 | | | 380,000 | | | | 295,709 | |
Dycom Industries, Inc., 144A,
4.50%, 4/15/29 | | | 306,000 | | | | 281,591 | |
| | | | |
| See Notes to Financial Statements. | | 59 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Engineering & Construction (Continued) | |
Fluor Corp.,
4.25%, 9/15/28 | | $ | 367,000 | | | $ | 346,925 | |
Global Infrastructure Solutions, Inc.
144A, 5.625%, 6/1/29 | | | 245,000 | | | | 221,595 | |
144A, 7.50%, 4/15/32 | | | 184,000 | | | | 176,640 | |
HTA Group Ltd/Mauritius, 144A,
7.00%, 12/18/25 | | | 398,000 | | | | 393,345 | |
Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28 | | | 199,000 | | | | 197,658 | |
TopBuild Corp.
144A, 3.625%, 3/15/29 | | | 245,000 | | | | 219,437 | |
144A, 4.125%, 2/15/32 | | | 306,000 | | | | 268,004 | |
VM Consolidated, Inc., 144A,
5.50%, 4/15/29 | | | 231,000 | | | | 217,707 | |
Weekley Homes LLC / Weekley Finance Corp., 144A, 4.875%, 9/15/28 | | | 245,000 | | | | 227,382 | |
| | | | | | | | |
(Cost $5,361,391) | | | | | | | 5,468,895 | |
| | | | | | | | |
| Environmental Control — 0.9% | |
Clean Harbors, Inc.
144A, 4.875%, 7/15/27 | | | 334,000 | | | | 322,260 | |
144A, 5.125%, 7/15/29 | | | 184,000 | | | | 177,371 | |
144A, 6.375%, 2/1/31 | | | 306,000 | | | | 304,204 | |
Covanta Holding Corp.
144A, 4.875%, 12/1/29 | | | 515,000 | | | | 450,056 | |
5.00%, 9/1/30 | | | 245,000 | | | | 212,537 | |
Enviri Corp., 144A,
5.75%, 7/31/27 | | | 291,000 | | | | 271,922 | |
GFL Environmental, Inc.
144A, 4.25%, 6/1/25 | | | 306,000 | | | | 300,593 | |
144A, 3.75%, 8/1/25 | | | 459,000 | | | | 445,642 | |
144A, 5.125%, 12/15/26 | | | 313,000 | | | | 306,162 | |
144A, 4.00%, 8/1/28 | | | 505,000 | | | | 463,020 | |
144A, 3.50%, 9/1/28 | | | 459,000 | | | | 416,109 | |
144A, 4.75%, 6/15/29 | | | 459,000 | | | | 429,778 | |
144A, 4.375%, 8/15/29 | | | 337,000 | | | | 307,031 | |
144A, 6.75%, 1/15/31 | | | 627,000 | | | | 641,334 | |
Madison IAQ LLC, 144A,
4.125%, 6/30/28 | | | 429,000 | | | | 390,801 | |
Stericycle, Inc., 144A,
3.875%, 1/15/29 | | | 306,000 | | | | 275,375 | |
| | | | | | | | |
(Cost $5,656,688) | | | | | | | 5,714,195 | |
| | | | | | | | |
| Machinery-Construction & Mining — 0.2% | |
BWX Technologies, Inc.
144A, 4.125%, 6/30/28 | | | 245,000 | | | | 227,877 | |
144A, 4.125%, 4/15/29 | | | 245,000 | | | | 227,363 | |
Manitowoc Co., Inc., 144A,
9.00%, 4/1/26 | | | 184,000 | | | | 183,770 | |
Terex Corp., 144A,
5.00%, 5/15/29 | | | 367,000 | | | | 342,705 | |
Vertiv Group Corp., 144A,
4.125%, 11/15/28 | | | 567,000 | | | | 523,136 | |
| | | | | | | | |
(Cost $1,485,578) | | | | | | | 1,504,851 | |
| | | | | | | | |
| Machinery-Diversified — 0.4% | |
ATS Corp., 144A,
4.125%, 12/15/28 | | | 214,000 | | | | 195,307 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Machinery-Diversified (Continued) | |
Chart Industries, Inc.
144A, 7.50%, 1/1/30 | | $ | 923,000 | | | $ | 952,085 | |
144A, 9.50%, 1/1/31 | | | 312,000 | | | | 335,203 | |
Mueller Water Products, Inc., 144A,
4.00%, 6/15/29 | | | 276,000 | | | | 250,993 | |
TK Elevator US Newco, Inc., 144A,
5.25%, 7/15/27 | | | 987,000 | | | | 948,059 | |
| | | | | | | | |
(Cost $2,665,244) | | | | | | | 2,681,647 | |
| | | | | | | | |
| Metal Fabricate/Hardware — 0.1% | |
Advanced Drainage Systems, Inc.
144A, 5.00%, 9/30/27 | | | 214,000 | | | | 206,743 | |
144A, 6.375%, 6/15/30 | | | 306,000 | | | | 305,990 | |
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29 | | | 306,000 | | | | 278,777 | |
| | | | | | | | |
(Cost $783,142) | | | | | | | 791,510 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.5% | |
Amsted Industries, Inc.
144A, 5.625%, 7/1/27 | | | 245,000 | | | | 240,178 | |
144A, 4.625%, 5/15/30 | | | 245,000 | | | | 223,066 | |
Calderys Financing LLC, 144A,
11.25%, 6/1/28 | | | 337,000 | | | | 360,793 | |
Enpro Industries, Inc.,
5.75%, 10/15/26 | | | 212,000 | | | | 208,747 | |
Gates Global LLC / Gates Corp., 144A,
6.25%, 1/15/26 | | | 250,000 | | | | 249,148 | |
Hillenbrand, Inc.
5.75%, 6/15/25 | | | 245,000 | | | | 243,177 | |
5.00%, 9/15/26 | | | 230,000 | | | | 225,007 | |
6.25%, 2/15/29 | | | 313,000 | | | | 313,043 | |
3.75%, 3/1/31 | | | 214,000 | | | | 182,435 | |
LSB Industries, Inc., 144A,
6.25%, 10/15/28 | | | 352,000 | | | | 333,791 | |
Trinity Industries, Inc., 144A,
7.75%, 7/15/28 | | | 245,000 | | | | 252,461 | |
| | | | | | | | |
(Cost $2,791,785) | | | | | | | 2,831,846 | |
| | | | | | | | |
| Packaging & Containers — 2.6% | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27 | | | 367,000 | | | | 360,358 | |
144A, 3.25%, 9/1/28 | | | 367,000 | | | | 318,061 | |
144A, 4.00%, 9/1/29 | | | 669,000 | | | | 543,336 | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25 | | | 429,000 | | | | 424,504 | |
144A, 4.125%, 8/15/26 | | | 769,000 | | | | 709,433 | |
Ball Corp.
6.875%, 3/15/28 | | | 499,000 | | | | 511,124 | |
6.00%, 6/15/29 | | | 612,000 | | | | 614,966 | |
2.875%, 8/15/30 | | | 822,000 | | | | 695,953 | |
3.125%, 9/15/31 | | | 551,000 | | | | 464,194 | |
Berry Global, Inc.
144A, 4.50%, 2/15/26 | | | 178,000 | | | | 172,529 | |
144A, 5.625%, 7/15/27 | | | 366,000 | | | | 360,842 | |
| | | | |
| See Notes to Financial Statements. | | 60 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Packaging & Containers (Continued) | |
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28 | | $ | 273,000 | | | $ | 263,899 | |
Clearwater Paper Corp., 144A,
4.75%, 8/15/28 | | | 168,000 | | | | 155,400 | |
Clydesdale Acquisition Holdings, Inc., 144A, 6.625%, 4/15/29 | | | 306,000 | | | | 304,232 | |
Crown Americas LLC,
5.25%, 4/1/30 | | | 306,000 | | | | 294,739 | |
Crown Americas LLC / Crown Americas Capital Corp. V,
4.25%, 9/30/26 | | | 245,000 | | | | 235,141 | |
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26 | | | 536,000 | | | | 524,396 | |
Crown Cork & Seal Co., Inc.,
7.375%, 12/15/26 | | | 314,000 | | | | 330,586 | |
Graphic Packaging International LLC
144A, 4.75%, 7/15/27 | | | 184,000 | | | | 177,974 | |
144A, 3.50%, 3/15/28 | | | 276,000 | | | | 252,391 | |
144A, 3.50%, 3/1/29 | | | 214,000 | | | | 190,783 | |
144A, 3.75%, 2/1/30 | | | 251,000 | | | | 223,347 | |
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28 | | | 420,000 | | | | 390,503 | |
LABL, Inc.
144A, 6.75%, 7/15/26 | | | 429,000 | | | | 416,064 | |
144A, 5.875%, 11/1/28 | | | 306,000 | | | | 274,091 | |
144A, 9.50%, 11/1/28 | | | 224,000 | | | | 224,053 | |
Mauser Packaging Solutions Holding Co., 144A,
7.875%, 8/15/26 | | | 1,739,000 | | | | 1,762,158 | |
OI European Group BV, 144A,
4.75%, 2/15/30 | | | 245,000 | | | | 225,547 | |
Owens-Brockway Glass Container, Inc.
144A, 6.375%, 8/15/25 | | | 184,000 | | | | 185,995 | |
144A, 6.625%, 5/13/27 | | | 375,000 | | | | 374,170 | |
144A, 7.25%, 5/15/31 | | | 452,000 | | | | 458,097 | |
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28 | | | 306,000 | | | | 283,603 | |
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27 | | | 666,000 | | | | 620,379 | |
Sealed Air Corp.
144A, 5.50%, 9/15/25 | | | 245,000 | | | | 244,535 | |
144A, 4.00%, 12/1/27 | | | 260,000 | | | | 241,834 | |
144A, 6.125%, 2/1/28 | | | 555,000 | | | | 553,301 | |
144A, 5.00%, 4/15/29 | | | 260,000 | | | | 246,295 | |
144A, 7.25%, 2/15/31 | | | 260,000 | | | | 268,420 | |
144A, 6.875%, 7/15/33 | | | 266,000 | | | | 275,284 | |
Silgan Holdings, Inc.,
4.125%, 2/1/28 | | | 349,000 | | | | 325,822 | |
TriMas Corp., 144A,
4.125%, 4/15/29 | | | 245,000 | | | | 223,327 | |
Trivium Packaging Finance BV, 144A,
5.50%, 8/15/26 | | | 664,000 | | | | 647,531 | |
| | | | | | | | |
(Cost $16,234,495) | | | | | | | 16,369,197 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Transportation — 0.4% | |
Danaos Corp., 144A,
8.50%, 3/1/28 | | $ | 161,000 | | | $ | 165,221 | |
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29 | | | 383,000 | | | | 333,210 | |
GN Bondco LLC, 144A,
9.50%, 10/15/31 | | | 473,000 | | | | 468,270 | |
Rand Parent LLC, 144A,
8.50%, 2/15/30 | | | 566,000 | | | | 549,681 | |
RXO, Inc., 144A,
7.50%, 11/15/27 | | | 217,000 | | | | 224,052 | |
XPO CNW, Inc.,
6.70%, 5/1/34 | | | 183,000 | | | | 189,345 | |
XPO, Inc.
144A, 7.125%, 6/1/31 | | | 276,000 | | | | 281,877 | |
144A, 7.125%, 2/1/32 | | | 370,000 | | | | 376,162 | |
| | | | | | | | |
(Cost $2,562,003) | | | | | | | 2,587,818 | |
| | | | | | | | |
| Technology — 4.4% | |
| Computers — 1.3% | |
ASGN, Inc., 144A,
4.625%, 5/15/28 | | | 337,000 | | | | 314,287 | |
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29 | | | 318,000 | | | | 291,786 | |
Crane NXT Co.,
4.20%, 3/15/48 | | | 221,000 | | | | 159,797 | |
Crowdstrike Holdings, Inc.,
3.00%, 2/15/29 | | | 459,000 | | | | 405,043 | |
KBR, Inc., 144A,
4.75%, 9/30/28 | | | 153,000 | | | | 140,373 | |
NCR Atleos Corp., 144A,
9.50%, 4/1/29 | | | 874,000 | | | | 924,513 | |
NCR Voyix Corp.
144A, 5.00%, 10/1/28 | | | 398,000 | | | | 369,893 | |
144A, 5.125%, 4/15/29 | | | 785,000 | | | | 727,832 | |
144A, 5.25%, 10/1/30 | | | 276,000 | | | | 249,314 | |
Presidio Holdings, Inc., 144A,
4.875%, 2/1/27 | | | 322,000 | | | | 309,482 | |
Science Applications International Corp., 144A,
4.875%, 4/1/28 | | | 245,000 | | | | 232,003 | |
Seagate HDD Cayman
4.875%, 6/1/27 | | | 309,000 | | | | 299,231 | |
4.091%, 6/1/29 | | | 226,000 | | | | 206,230 | |
144A, 8.25%, 12/15/29 | | | 349,000 | | | | 373,956 | |
4.125%, 1/15/31 | | | 169,000 | | | | 148,442 | |
144A, 8.50%, 7/15/31 | | | 349,000 | | | | 377,345 | |
9.625%, 12/1/32 | | | 547,000 | | | | 618,165 | |
5.75%, 12/1/34 | | | 300,000 | | | | 288,360 | |
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A,
5.75%, 6/1/25 | | | 184,000 | | | | 182,188 | |
Unisys Corp., 144A,
6.875%, 11/1/27 | | | 297,000 | | | | 266,863 | |
Western Digital Corp.,
4.75%, 2/15/26 | | | 1,455,000 | | | | 1,421,992 | |
| | | | | | | | |
(Cost $8,200,301) | | | | | | | 8,307,095 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 61 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Office/Business Equipment — 0.3% | |
Pitney Bowes, Inc.
144A, 6.875%, 3/15/27 | | $ | 233,000 | | | $ | 209,117 | |
144A, 7.25%, 3/15/29 | | | 244,000 | | | | 211,280 | |
Xerox Corp.
4.80%, 3/1/35 | | | 153,000 | | | | 116,075 | |
6.75%, 12/15/39 | | | 214,000 | | | | 183,049 | |
Xerox Holdings Corp.
144A, 5.00%, 8/15/25 | | | 459,000 | | | | 451,435 | |
144A, 5.50%, 8/15/28 | | | 518,000 | | | | 468,428 | |
| | | | | | | | |
(Cost $1,572,146) | | | | | | | 1,639,384 | |
| | | | | | | | |
| Semiconductors — 0.5% | |
Amkor Technology, Inc., 144A,
6.625%, 9/15/27 | | | 322,000 | | | | 323,711 | |
ams-OSRAM AG, 144A,
12.25%, 3/30/29 | | | 244,000 | | | | 247,508 | |
Entegris, Inc.
144A, 4.375%, 4/15/28 | | | 245,000 | | | | 228,934 | |
144A, 4.75%, 4/15/29 | | | 1,012,000 | | | | 954,243 | |
144A, 3.625%, 5/1/29 | | | 245,000 | | | | 216,825 | |
144A, 5.95%, 6/15/30 | | | 596,000 | | | | 584,410 | |
ON Semiconductor Corp., 144A,
3.875%, 9/1/28 | | | 429,000 | | | | 392,333 | |
Synaptics, Inc., 144A,
4.00%, 6/15/29 | | | 245,000 | | | | 219,423 | |
| | | | | | | | |
(Cost $3,184,047) | | | | | | | 3,167,387 | |
| | | | | | | | |
| Software — 2.3% | |
Alteryx, Inc., 144A,
8.75%, 3/15/28 | | | 276,000 | | | | 279,900 | |
Boxer Parent Co., Inc., 144A,
7.125%, 10/2/25 | | | 379,000 | | | | 379,375 | |
Camelot Finance SA, 144A,
4.50%, 11/1/26 | | | 429,000 | | | | 409,837 | |
Capstone Borrower, Inc., 144A,
8.00%, 6/15/30 | | | 245,000 | | | | 253,220 | |
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 144A,
8.00%, 6/15/29 | | | 503,000 | | | | 515,545 | |
Central Parent, Inc. / CDK Global, Inc., 144A,
7.25%, 6/15/29 | | | 500,000 | | | | 503,313 | |
Clarivate Science Holdings Corp.
144A, 3.875%, 7/1/28 | | | 578,000 | | | | 527,619 | |
144A, 4.875%, 7/1/29 | | | 578,000 | | | | 524,195 | |
Cloud Software Group, Inc., 144A,
6.50%, 3/31/29 | | | 2,530,000 | | | | 2,356,083 | |
Consensus Cloud Solutions, Inc.
144A, 6.00%, 10/15/26 | | | 187,000 | | | | 177,589 | |
144A, 6.50%, 10/15/28 | | | 291,000 | | | | 258,879 | |
Dun & Bradstreet Corp., 144A,
5.00%, 12/15/29 | | | 282,000 | | | | 259,440 | |
Elastic NV, 144A,
4.125%, 7/15/29 | | | 352,000 | | | | 316,178 | |
Fair Isaac Corp.
144A, 5.25%, 5/15/26 | | | 245,000 | | | | 242,402 | |
144A, 4.00%, 6/15/28 | | | 564,000 | | | | 523,908 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Software (Continued) | |
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A, 4.625%, 5/1/28 | | $ | 214,000 | | | $ | 190,846 | |
MicroStrategy, Inc., 144A,
6.125%, 6/15/28 | | | 306,000 | | | | 295,045 | |
Open Text Corp.
144A, 3.875%, 2/15/28 | | | 564,000 | | | | 518,248 | |
144A, 3.875%, 12/1/29 | | | 521,000 | | | | 460,492 | |
Open Text Holdings, Inc.
144A, 4.125%, 2/15/30 | | | 564,000 | | | | 497,940 | |
144A, 4.125%, 12/1/31 | | | 398,000 | | | | 340,656 | |
PTC, Inc., 144A,
4.00%, 2/15/28 | | | 306,000 | | | | 285,495 | |
RingCentral, Inc., 144A,
8.50%, 8/15/30 | | | 268,000 | | | | 277,083 | |
ROBLOX Corp., 144A,
3.875%, 5/1/30 | | | 666,000 | | | | 583,303 | |
SS&C Technologies, Inc., 144A,
5.50%, 9/30/27 | | | 1,315,000 | | | | 1,280,547 | |
Twilio, Inc.
3.625%, 3/15/29 | | | 336,000 | | | | 299,129 | |
3.875%, 3/15/31 | | | 306,000 | | | | 266,240 | |
UKG, Inc., 144A,
6.875%, 2/1/31 | | | 1,500,000 | | | | 1,515,600 | |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A, 3.875%, 2/1/29 | | | 398,000 | | | | 356,580 | |
| | | | | | | | |
(Cost $14,640,209) | | | | | | | 14,694,687 | |
| | | | | | | | |
| Utilities — 3.8% | |
| Electric — 3.5% | |
Algonquin Power & Utilities Corp.,
4.75%, 1/18/82 | | | 459,000 | | | | 397,174 | |
Atlantica Sustainable Infrastructure PLC, 144A,
4.125%, 6/15/28 | | | 245,000 | | | | 223,880 | |
Calpine Corp.
144A, 5.25%, 6/1/26 | | | 257,000 | | | | 253,195 | |
144A, 4.50%, 2/15/28 | | | 784,000 | | | | 738,486 | |
144A, 5.125%, 3/15/28 | | | 886,000 | | | | 842,269 | |
144A, 4.625%, 2/1/29 | | | 398,000 | | | | 366,271 | |
144A, 5.00%, 2/1/31 | | | 567,000 | | | | 506,752 | |
144A, 3.75%, 3/1/31 | | | 514,000 | | | | 440,603 | |
Clearway Energy Operating LLC
144A, 4.75%, 3/15/28 | | | 567,000 | | | | 530,056 | |
144A, 3.75%, 2/15/31 | | | 616,000 | | | | 519,451 | |
144A, 3.75%, 1/15/32 | | | 214,000 | | | | 179,002 | |
DPL, Inc.
4.125%, 7/1/25 | | | 254,000 | | | | 246,319 | |
4.35%, 4/15/29 | | | 262,000 | | | | 237,411 | |
Drax Finco PLC, 144A,
6.625%, 11/1/25 | | | 306,000 | | | | 302,175 | |
Edison International
8.125%, 6/15/53 | | | 306,000 | | | | 314,045 | |
7.875%, 6/15/54 | | | 285,000 | | | | 290,541 | |
Electricite de France SA, 144A,
9.125%, Perpetual | | | 948,000 | | | | 1,051,863 | |
Emera, Inc., Series 16-A,
6.75%, 6/15/76 | | | 759,000 | | | | 743,736 | |
| | | | |
| See Notes to Financial Statements. | | 62 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Electric (Continued) | |
FirstEnergy Corp.
2.05%, 3/1/25 | | $ | 184,000 | | | $ | 177,214 | |
Series A, 1.60%, 1/15/26 | | | 188,000 | | | | 173,909 | |
Series B, 4.15%, 7/15/27 | | | 1,012,000 | | | | 961,146 | |
2.65%, 3/1/30 | | | 367,000 | | | | 313,724 | |
Series B, 2.25%, 9/1/30 | | | 348,000 | | | | 286,406 | |
Series C, 7.375%, 11/15/31 | | | 284,000 | | | | 329,639 | |
Series C, 5.10%, 7/15/47 | | | 384,000 | | | | 330,868 | |
Series C, 3.40%, 3/1/50 | | | 480,000 | | | | 320,703 | |
Leeward Renewable Energy Operations LLC,
144A, 4.25%, 7/1/29 | | | 230,000 | | | | 198,003 | |
NextEra Energy Operating Partners LP
144A, 3.875%, 10/15/26 | | | 306,000 | | | | 285,727 | |
144A, 4.50%, 9/15/27 | | | 337,000 | | | | 314,401 | |
144A, 7.25%, 1/15/29 | | | 474,000 | | | | 481,817 | |
NRG Energy, Inc.
6.625%, 1/15/27 | | | 230,000 | | | | 229,964 | |
5.75%, 1/15/28 | | | 547,000 | | | | 538,797 | |
144A, 3.375%, 2/15/29 | | | 306,000 | | | | 267,087 | |
144A, 5.25%, 6/15/29 | | | 449,000 | | | | 425,509 | |
144A, 3.625%, 2/15/31 | | | 687,000 | | | | 577,652 | |
144A, 3.875%, 2/15/32 | | | 294,000 | | | | 245,595 | |
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A,
4.50%, 8/15/28 | | | 391,000 | | | | 358,647 | |
PG&E Corp.
5.00%, 7/1/28 | | | 633,000 | | | | 603,743 | |
5.25%, 7/1/30 | | | 633,000 | | | | 595,057 | |
Pike Corp.
144A, 5.50%, 9/1/28 | | | 400,000 | | | | 379,426 | |
144A, 8.625%, 1/31/31 | | | 310,000 | | | | 327,376 | |
Talen Energy Supply LLC, 144A,
8.625%, 6/1/30 | | | 759,000 | | | | 800,776 | |
TransAlta Corp.
7.75%, 11/15/29 | | | 245,000 | | | | 254,739 | |
6.50%, 3/15/40 | | | 184,000 | | | | 181,389 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Electric (Continued) | |
Vistra Operations Co. LLC
144A, 5.50%, 9/1/26 | | $ | 612,000 | | | $ | 602,622 | |
144A, 5.625%, 2/15/27 | | | 822,000 | | | | 800,997 | |
144A, 5.00%, 7/31/27 | | | 822,000 | | | | 787,899 | |
144A, 4.375%, 5/1/29 | | | 791,000 | | | | 721,516 | |
144A, 7.75%, 10/15/31 | | | 917,000 | | | | 948,542 | |
| | | | | | | | |
(Cost $21,928,684) | | | | | | | 22,004,119 | |
| | | | | | | | |
| Gas — 0.2% | |
AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25 | | | 429,000 | | | | 421,063 | |
5.875%, 8/20/26 | | | 413,000 | | | | 400,253 | |
5.75%, 5/20/27 | | | 322,000 | | | | 304,417 | |
144A, 9.375%, 6/1/28 | | | 306,000 | | | | 310,590 | |
| | | | | | | | |
(Cost $1,441,309) | | | | | | | 1,436,323 | |
| | | | | | | | |
| Water — 0.1% | |
Solaris Midstream Holdings LLC, 144A,
7.625%, 4/1/26 | | | | | | | | |
(Cost $242,059) | | | 245,000 | | | | 244,814 | |
| | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $604,208,025) | | | | | | | 610,311,128 | |
| | | | | | | | |
| | |
| | | Number
of Shares | | | | |
| CASH EQUIVALENTS — 2.0% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $12,640,713) | | | 12,640,713 | | | | 12,640,713 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 98.9% (Cost $616,848,738) | | | | | | $ | 622,951,841 | |
Other assets and liabilities, net — 1.1% | | | | | | | 6,708,359 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 629,660,200 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
10/27/2023
(Commencement
of Operations) | | | Purchases
Cost ($) | | | Sales
Proceeds($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
CASH EQUIVALENTS — 2.0% | | | | | | | | | | | | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | | | | | | | | | | | | | | | | | |
| | | — | | | | 24,463,327 | | | | (11,822,614 | ) | | | — | | | | — | | | | 49,885 | | | | — | | | | 12,640,713 | | | | 12,640,713 | |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| Perpetual: | | Callable security with no stated maturity date. |
| PIK: | | Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
| REIT: | | Real Estate Investment Trust |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| | | | |
| See Notes to Financial Statements. | | 63 | | |
DBX ETF Trust
Xtrackers USD High Yield BB-B ex Financials ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds (a) | | $ | — | | | $ | 610,311,128 | | | $ | — | | | $ | 610,311,128 | |
Short-Term Investments (a) | | | 12,640,713 | | | | — | | | | — | | | | 12,640,713 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 12,640,713 | | | $ | 610,311,128 | | | $ | — | | | $ | 622,951,841 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 64 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| CORPORATE BONDS — 97.6% | | | | | | | | |
| Basic Materials — 4.1% | |
| Chemicals — 1.9% | |
Ashland, Inc., 144A,
3.375%, 9/1/31 | | $ | 1,859,000 | | | $ | 1,559,325 | |
ASP Unifrax Holdings, Inc.
144A, 5.25%, 9/30/28 | | | 3,217,000 | | | | 2,044,455 | |
144A, 7.50%, 9/30/29 | | | 1,609,000 | | | | 880,143 | |
Avient Corp.
144A, 5.75%, 5/15/25 | | | 2,728,000 | | | | 2,714,666 | |
144A, 7.125%, 8/1/30 | | | 2,986,000 | | | | 3,055,096 | |
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31 | | | 2,068,000 | | | | 2,148,030 | |
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29 | | | 2,846,000 | | | | 2,531,958 | |
Chemours Co.
5.375%, 5/15/27 | | | 2,015,000 | | | | 1,842,939 | |
144A, 5.75%, 11/15/28 (a) | | | 3,147,000 | | | | 2,763,466 | |
144A, 4.625%, 11/15/29 | | | 2,619,000 | | | | 2,156,857 | |
Consolidated Energy Finance SA
144A, 5.625%, 10/15/28 | | | 2,125,000 | | | | 1,726,977 | |
144A, 12.00%, 2/15/31 | | | 2,400,000 | | | | 2,455,992 | |
INEOS Finance PLC
144A, 6.75%, 5/15/28 | | | 1,856,000 | | | | 1,816,874 | |
144A, 7.50%, 4/15/29 | | | 2,750,000 | | | | 2,733,088 | |
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29 (a) | | | 1,566,000 | | | | 1,649,304 | |
Methanex Corp.
5.125%, 10/15/27 | | | 3,038,000 | | | | 2,923,287 | |
5.25%, 12/15/29 (a) | | | 2,712,000 | | | | 2,581,156 | |
NOVA Chemicals Corp.
144A, 5.00%, 5/1/25 | | | 2,011,000 | | | | 1,966,296 | |
144A, 5.25%, 6/1/27 | | | 4,369,000 | | | | 4,053,440 | |
144A, 8.50%, 11/15/28 | | | 1,499,000 | | | | 1,584,602 | |
144A, 4.25%, 5/15/29 | | | 2,370,000 | | | | 1,963,349 | |
144A, 9.00%, 2/15/30 | | | 2,500,000 | | | | 2,511,120 | |
Olin Corp.
5.125%, 9/15/27 | | | 2,016,000 | | | | 1,957,415 | |
5.625%, 8/1/29 | | | 2,760,000 | | | | 2,702,965 | |
5.00%, 2/1/30 | | | 2,166,000 | | | | 2,026,550 | |
SCIH Salt Holdings, Inc.
144A, 4.875%, 5/1/28 | | | 4,155,000 | | | | 3,801,887 | |
144A, 6.625%, 5/1/29 | | | 2,815,000 | | | | 2,562,844 | |
Tronox, Inc., 144A, 4.625%, 3/15/29 (a) | | | 4,323,000 | | | | 3,832,236 | |
| | | | | | | | |
(Cost $72,269,064) | | | | | | | 66,546,317 | |
| | | | | | | | |
| Forest Products & Paper — 0.1% | |
Mercer International, Inc.,
5.125%, 2/1/29 | | | | | | | | |
(Cost $3,449,542) | | | 3,507,000 | | | | 3,026,192 | |
| | | | | | | | |
| Iron/Steel — 0.7% | |
ATI, Inc.,
7.25%, 8/15/30 | | | 1,772,000 | | | | 1,823,299 | |
Cleveland-Cliffs, Inc.
144A, 6.75%, 3/15/26 | | | 3,334,000 | | | | 3,362,753 | |
5.875%, 6/1/27 (a) | | | 2,232,000 | | | | 2,210,808 | |
144A, 6.75%, 4/15/30 | | | 3,016,000 | | | | 2,997,699 | |
Metinvest BV,
144A, 7.75%, 10/17/29 | | | 600,000 | | | | 426,648 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Iron/Steel (Continued) | |
Mineral Resources Ltd.
144A, 8.125%, 5/1/27 | | $ | 2,798,000 | | | $ | 2,825,742 | |
144A, 8.00%, 11/1/27 | | | 2,514,000 | | | | 2,563,526 | |
144A, 9.25%, 10/1/28 | | | 4,424,000 | | | | 4,645,200 | |
144A, 8.50%, 5/1/30 | | | 2,578,000 | | | | 2,650,776 | |
United States Steel Corp., 6.875%, 3/1/29 | | | 1,908,000 | | | | 1,932,127 | |
| | | | | | | | |
(Cost $25,327,246) | | | | | | | 25,438,578 | |
| | | | | | | | |
| Mining — 1.4% | |
First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25 | | | 4,546,000 | | | | 4,546,000 | |
144A, 6.875%, 3/1/26 (a) | | | 4,127,000 | | | | 4,127,000 | |
144A, 6.875%, 10/15/27 | | | 6,088,000 | | | | 5,795,628 | |
144A, 8.625%, 6/1/31 (a) | | | 5,227,000 | | | | 4,998,403 | |
FMG Resources August 2006 Pty Ltd.
144A, 4.50%, 9/15/27 | | | 2,688,000 | | | | 2,576,199 | |
144A, 5.875%, 4/15/30 | | | 2,679,000 | | | | 2,624,935 | |
144A, 4.375%, 4/1/31 | | | 6,033,000 | | | | 5,412,565 | |
144A, 6.125%, 4/15/32 | | | 3,150,000 | | | | 3,115,977 | |
Hudbay Minerals, Inc.
144A, 4.50%, 4/1/26 | | | 2,398,000 | | | | 2,313,656 | |
144A, 6.125%, 4/1/29 | | | 2,685,000 | | | | 2,637,465 | |
Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28 | | | 2,016,000 | | | | 1,861,878 | |
144A, 4.50%, 6/1/31 | | | 2,212,000 | | | | 1,892,710 | |
Nexa Resources SA
144A, 5.375%, 5/4/27 | | | 3,037,000 | | | | 2,932,812 | |
144A, 6.50%, 1/18/28 | | | 2,012,000 | | | | 2,019,044 | |
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26 | | | 1,835,000 | | | | 1,524,647 | |
| | | | | | | | |
(Cost $49,691,063) | | | | | | | 48,378,919 | |
| | | | | | | | |
| Communications — 16.5% | |
| Advertising — 0.9% | |
Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27 (a) | | | 5,027,000 | | | | 4,705,979 | |
144A, 7.75%, 4/15/28 (a) | | | 4,022,000 | | | | 3,481,499 | |
144A, 9.00%, 9/15/28 (a) | | | 3,022,000 | | | | 3,154,046 | |
144A, 7.50%, 6/1/29 (a) | | | 4,192,000 | | | | 3,473,323 | |
Lamar Media Corp.
3.75%, 2/15/28 | | | 2,468,000 | | | | 2,291,267 | |
4.00%, 2/15/30 | | | 2,265,000 | | | | 2,023,291 | |
3.625%, 1/15/31 (a) | | | 2,069,000 | | | | 1,788,113 | |
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 5.00%, 8/15/27 | | | 2,681,000 | | | | 2,581,240 | |
144A, 4.25%, 1/15/29 | | | 2,038,000 | | | | 1,832,315 | |
144A, 4.625%, 3/15/30 (a) | | | 2,009,000 | | | | 1,784,935 | |
144A, 7.375%, 2/15/31 | | | 1,613,000 | | | | 1,684,512 | |
Stagwell Global LLC, 144A, 5.625%, 8/15/29 | | | 4,501,000 | | | | 4,022,994 | |
| | | | | | | | |
(Cost $35,595,315) | | | | | | | 32,823,514 | |
| | | | | | | | |
| Internet — 1.8% | |
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28 | | | 4,182,000 | | | | 4,290,627 | |
| | | | |
| See Notes to Financial Statements. | | 65 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Internet (Continued) | |
Gen Digital, Inc.
144A, 5.00%, 4/15/25 | | $ | 4,453,000 | | | $ | 4,412,745 | |
144A, 6.75%, 9/30/27 | | | 3,620,000 | | | | 3,641,896 | |
144A, 7.125%, 9/30/30 | | | 2,475,000 | | | | 2,530,711 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27 | | | 2,518,000 | | | | 2,438,620 | |
144A, 3.50%, 3/1/29 | | | 3,357,000 | | | | 2,992,049 | |
Match Group Holdings II LLC
144A, 5.00%, 12/15/27 | | | 1,848,000 | | | | 1,764,197 | |
144A, 4.625%, 6/1/28 | | | 2,053,000 | | | | 1,931,945 | |
144A, 4.125%, 8/1/30 | | | 2,048,000 | | | | 1,810,872 | |
144A, 3.625%, 10/1/31 | | | 1,842,000 | | | | 1,553,469 | |
MercadoLibre, Inc.
2.375%, 1/14/26 | | | 1,370,000 | | | | 1,291,233 | |
3.125%, 1/14/31 | | | 2,534,000 | | | | 2,123,337 | |
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28 | | | 2,071,000 | | | | 2,251,208 | |
Rakuten Group, Inc.,
144A, 11.25%, 2/15/27 | | | 7,100,000 | | | | 7,560,986 | |
Uber Technologies, Inc.
144A, 8.00%, 11/1/26 | | | 5,974,000 | | | | 6,083,868 | |
144A, 7.50%, 9/15/27 | | | 4,906,000 | | | | 5,022,778 | |
144A, 6.25%, 1/15/28 | | | 2,018,000 | | | | 2,022,419 | |
144A, 4.50%, 8/15/29 | | | 5,883,000 | | | | 5,519,452 | |
Ziff Davis, Inc., 144A, 4.625%, 10/15/30 | | | 1,852,000 | | | | 1,662,465 | |
| | | | | | | | |
(Cost $62,044,372) | | | | | | | 60,904,877 | |
| | | | | | | | |
| Media — 9.3% | |
Altice Financing SA
144A, 5.00%, 1/15/28 | | | 4,881,000 | | | | 4,323,351 | |
144A, 5.75%, 8/15/29 | | | 8,245,000 | | | | 7,110,039 | |
AMC Networks, Inc.
4.75%, 8/1/25 | | | 3,098,000 | | | | 2,957,364 | |
4.25%, 2/15/29 (a) | | | 4,022,000 | | | | 2,607,161 | |
Cable One, Inc., 144A, 4.00%, 11/15/30 (a) | | | 2,643,000 | | | | 1,999,430 | |
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26 | | | 3,016,000 | | | | 2,965,905 | |
144A, 5.125%, 5/1/27 | | | 13,071,000 | | | | 12,370,001 | |
144A, 5.00%, 2/1/28 | | | 10,130,000 | | | | 9,357,501 | |
144A, 5.375%, 6/1/29 | | | 5,911,000 | | | | 5,351,599 | |
144A, 6.375%, 9/1/29 | | | 6,033,000 | | | | 5,672,388 | |
144A, 4.75%, 3/1/30 | | | 12,265,000 | | | | 10,445,119 | |
144A, 4.50%, 8/15/30 | | | 11,056,000 | | | | 9,181,013 | |
144A, 4.25%, 2/1/31 | | | 12,065,000 | | | | 9,715,190 | |
144A, 7.375%, 3/1/31 (a) | | | 4,424,000 | | | | 4,289,305 | |
144A, 4.75%, 2/1/32 | | | 4,826,000 | | | | 3,898,925 | |
4.50%, 5/1/32 | | | 11,638,000 | | | | 9,205,362 | |
144A, 4.50%, 6/1/33 | | | 7,036,000 | | | | 5,419,775 | |
144A, 4.25%, 1/15/34 | | | 8,044,000 | | | | 6,022,083 | |
CSC Holdings LLC
144A, 5.50%, 4/15/27 | | | 5,371,000 | | | | 4,824,222 | |
144A, 5.375%, 2/1/28 | | | 3,996,000 | | | | 3,487,169 | |
144A, 7.50%, 4/1/28 | | | 4,206,000 | | | | 2,994,672 | |
144A, 11.25%, 5/15/28 | | | 3,991,000 | | | | 4,121,745 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Media (Continued) | |
144A, 11.75%, 1/31/29 | | $ | 8,245,000 | | | $ | 8,623,833 | |
144A, 6.50%, 2/1/29 | | | 7,038,000 | | | | 6,142,133 | |
144A, 5.75%, 1/15/30 | | | 9,049,000 | | | | 5,329,861 | |
144A, 4.125%, 12/1/30 | | | 4,424,000 | | | | 3,297,716 | |
144A, 4.625%, 12/1/30 (a) | | | 9,351,000 | | | | 5,209,442 | |
144A, 3.375%, 2/15/31 | | | 4,022,000 | | | | 2,842,408 | |
144A, 4.50%, 11/15/31 | | | 6,033,000 | | | | 4,485,143 | |
144A, 5.00%, 11/15/31 | | | 2,011,000 | | | | 1,098,107 | |
DISH DBS Corp.
7.75%, 7/1/26 | | | 8,043,000 | | | | 5,135,536 | |
144A, 5.25%, 12/1/26 | | | 11,060,000 | | | | 8,854,913 | |
7.375%, 7/1/28 | | | 4,018,000 | | | | 1,964,340 | |
144A, 5.75%, 12/1/28 | | | 10,054,000 | | | | 6,981,246 | |
5.125%, 6/1/29 | | | 6,032,000 | | | | 2,578,680 | |
DISH Network Corp., 144A, 11.75%, 11/15/27 | | | 14,076,000 | | | | 14,692,575 | |
Gray Television, Inc.
144A, 5.875%, 7/15/26 | | | 2,713,000 | | | | 2,577,350 | |
144A, 7.00%, 5/15/27 (a) | | | 3,004,000 | | | | 2,718,290 | |
144A, 4.75%, 10/15/30 | | | 3,217,000 | | | | 2,076,235 | |
iHeartCommunications, Inc.
6.375%, 5/1/26 (a) | | | 3,227,587 | | | | 2,751,518 | |
8.375%, 5/1/27 | | | 3,686,151 | | | | 2,216,059 | |
144A, 5.25%, 8/15/27 (a) | | | 3,016,000 | | | | 2,239,199 | |
144A, 4.75%, 1/15/28 | | | 1,998,000 | | | | 1,440,618 | |
McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28 | | | 3,332,000 | | | | 3,098,677 | |
144A, 8.00%, 8/1/29 | | | 2,570,000 | | | | 2,347,489 | |
News Corp.
144A, 3.875%, 5/15/29 | | | 3,997,000 | | | | 3,615,881 | |
144A, 5.125%, 2/15/32 | | | 2,148,000 | | | | 2,003,085 | |
Nexstar Media, Inc.
144A, 5.625%, 7/15/27 | | | 6,925,000 | | | | 6,570,159 | |
144A, 4.75%, 11/1/28 (a) | | | 4,022,000 | | | | 3,576,023 | |
Radiate Holdco LLC / Radiate Finance, Inc.
144A, 4.50%, 9/15/26 (a) | | | 3,574,000 | | | | 2,818,252 | |
144A, 6.50%, 9/15/28 | | | 4,022,000 | | | | 1,940,112 | |
Sinclair Television Group, Inc.
144A, 5.50%, 3/1/30 (a) | | | 1,952,000 | | | | 1,418,187 | |
144A, 4.125%, 12/1/30 | | | 3,018,000 | | | | 2,208,044 | |
Sirius XM Radio, Inc.
144A, 3.125%, 9/1/26 | | | 4,022,000 | | | | 3,754,235 | |
144A, 5.00%, 8/1/27 | | | 6,180,000 | | | | 5,894,653 | |
144A, 4.00%, 7/15/28 | | | 8,044,000 | | | | 7,255,171 | |
144A, 5.50%, 7/1/29 | | | 5,067,000 | | | | 4,796,574 | |
144A, 4.125%, 7/1/30 | | | 5,888,000 | | | | 5,071,469 | |
144A, 3.875%, 9/1/31 | | | 6,033,000 | | | | 4,992,826 | |
TEGNA, Inc.
144A, 4.75%, 3/15/26 | | | 2,154,000 | | | | 2,083,543 | |
4.625%, 3/15/28 | | | 3,903,000 | | | | 3,518,750 | |
5.00%, 9/15/29 | | | 4,424,000 | | | | 3,897,632 | |
Univision Communications, Inc.
144A, 6.625%, 6/1/27 | | | 6,033,000 | | | | 5,852,870 | |
144A, 8.00%, 8/15/28 | | | 5,793,000 | | | | 5,828,917 | |
144A, 4.50%, 5/1/29 | | | 4,223,000 | | | | 3,706,927 | |
144A, 7.375%, 6/30/30 (a) | | | 3,684,000 | | | | 3,561,675 | |
| | | | |
| See Notes to Financial Statements. | | 66 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Media (Continued) | |
Videotron Ltd.
144A, 5.125%, 4/15/27 | | $ | 2,413,500 | | | $ | 2,367,010 | |
144A, 3.625%, 6/15/29 (a) | | | 1,952,000 | | | | 1,755,121 | |
VTR Finance NV, 144A, 6.375%, 7/15/28 | | | 1,943,000 | | | | 851,466 | |
Ziggo Bond Co. BV
144A, 6.00%, 1/15/27 | | | 2,514,000 | | | | 2,458,496 | |
144A, 5.125%, 2/28/30 | | | 2,072,000 | | | | 1,774,522 | |
Ziggo BV, 144A,
4.875%, 1/15/30 | | | 3,986,000 | | | | 3,554,700 | |
| | | | | | | | |
(Cost $378,896,437) | | | | | | | 324,146,987 | |
| | | | | | | | |
| Telecommunications — 4.5% | |
Altice France Holding SA
144A, 10.50%, 5/15/27 | | | 6,282,000 | | | | 4,110,246 | |
144A, 6.00%, 2/15/28 | | | 4,422,000 | | | | 2,237,052 | |
Altice France SA
144A, 8.125%, 2/1/27 | | | 7,038,000 | | | | 6,474,711 | |
144A, 5.50%, 1/15/28 | | | 4,424,000 | | | | 3,614,545 | |
144A, 5.125%, 1/15/29 | | | 1,922,000 | | | | 1,454,794 | |
144A, 5.125%, 7/15/29 | | | 10,054,000 | | | | 7,604,493 | |
144A, 5.50%, 10/15/29 | | | 8,044,000 | | | | 6,100,603 | |
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27 | | | 4,907,000 | | | | 4,630,024 | |
CommScope Technologies LLC
144A, 6.00%, 6/15/25 (a) | | | 5,126,000 | | | | 4,182,713 | |
144A, 5.00%, 3/15/27 (a) | | | 3,016,000 | | | | 1,082,654 | |
CommScope, Inc.
144A, 6.00%, 3/1/26 (a) | | | 6,033,000 | | | | 5,436,909 | |
144A, 8.25%, 3/1/27 (a) | | | 3,487,000 | | | | 1,530,584 | |
144A, 7.125%, 7/1/28 (a) | | | 2,580,000 | | | | 1,034,670 | |
144A, 4.75%, 9/1/29 (a) | | | 5,027,000 | | | | 3,448,648 | |
Consolidated Communications, Inc.
144A, 5.00%, 10/1/28 | | | 1,609,000 | | | | 1,330,345 | |
144A, 6.50%, 10/1/28 | | | 3,016,000 | | | | 2,593,760 | |
Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27 | | | 4,754,000 | | | | 4,598,550 | |
144A, 5.00%, 5/1/28 | | | 6,195,000 | | | | 5,739,724 | |
144A, 6.75%, 5/1/29 | | | 4,022,000 | | | | 3,615,709 | |
5.875%, 11/1/29 | | | 3,055,189 | | | | 2,619,992 | |
144A, 6.00%, 1/15/30 (a) | | | 3,970,000 | | | | 3,398,853 | |
144A, 8.75%, 5/15/30 | | | 4,826,000 | | | | 4,927,324 | |
144A, 8.625%, 3/15/31 | | | 3,016,000 | | | | 3,058,504 | |
Hughes Satellite Systems Corp.
5.25%, 8/1/26 | | | 3,016,000 | | | | 2,579,751 | |
6.625%, 8/1/26 (a) | | | 3,015,500 | | | | 1,990,230 | |
Iliad Holding SASU
144A, 6.50%, 10/15/26 | | | 4,826,000 | | | | 4,774,823 | |
144A, 7.00%, 10/15/28 | | | 3,436,000 | | | | 3,402,434 | |
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30 | | | 12,065,000 | | | | 11,255,225 | |
Level 3 Financing, Inc.
144A, 3.40%, 3/1/27 (a) | | | 2,983,000 | | | | 2,416,319 | |
144A, 4.625%, 9/15/27 | | | 4,022,000 | | | | 2,493,640 | |
144A, 4.25%, 7/1/28 | | | 4,826,000 | | | | 2,316,480 | |
144A, 3.625%, 1/15/29 | | | 3,378,000 | | | | 1,452,540 | |
144A, 3.875%, 11/15/29 (a) | | | 3,016,000 | | | | 1,779,440 | |
144A, 10.50%, 5/15/30 (a) | | | 3,767,000 | | | | 3,880,010 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Telecommunications (Continued) | |
Lumen Technologies, Inc.
144A, 5.125%, 12/15/26 | | $ | 1,612,000 | | | $ | 1,078,313 | |
144A, 4.00%, 2/15/27 (a) | | | 4,996,000 | | | | 3,027,726 | |
144A, 4.50%, 1/15/29 | | | 1,695,000 | | | | 535,535 | |
Millicom International Cellular SA
144A, 5.125%, 1/15/28 | | | 1,751,400 | | | | 1,671,020 | |
144A, 6.25%, 3/25/29 | | | 2,428,200 | | | | 2,359,907 | |
144A, 4.50%, 4/27/31 | | | 3,194,000 | | | | 2,758,818 | |
Sable International Finance Ltd., 144A, 5.75%, 9/7/27 | | | 2,039,000 | | | | 1,956,951 | |
Viasat, Inc.
144A, 5.625%, 9/15/25 | | | 2,828,000 | | | | 2,747,501 | |
144A, 5.625%, 4/15/27 | | | 2,440,000 | | | | 2,293,075 | |
144A, 6.50%, 7/15/28 | | | 1,609,000 | | | | 1,193,717 | |
144A, 7.50%, 5/30/31 | | | 2,950,000 | | | | 2,076,063 | |
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 | | | 5,630,000 | | | | 5,262,351 | |
Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27 (a) | | | 5,942,000 | | | | 4,953,667 | |
144A, 6.125%, 3/1/28 | | | 4,344,000 | | | | 3,306,138 | |
| | | | | | | | |
(Cost $188,923,452) | | | | | | | 158,387,081 | |
| | | | | | | | |
| Consumer, Cyclical — 19.6% | |
| Airlines — 1.2% | |
Air Canada, 144A,
3.875%, 8/15/26 | | | 4,826,000 | | | | 4,576,155 | |
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 | | | 1,959,000 | | | | 1,915,571 | |
American Airlines, Inc.
144A, 7.25%, 2/15/28 (a) | | | 3,114,000 | | | | 3,142,751 | |
144A, 8.50%, 5/15/29 | | | 3,972,000 | | | | 4,178,079 | |
Delta Air Lines, Inc.
7.375%, 1/15/26 | | | 3,389,000 | | | | 3,498,549 | |
4.375%, 4/19/28 (a) | | | 1,688,000 | | | | 1,620,176 | |
3.75%, 10/28/29 (a) | | | 1,699,000 | | | | 1,546,217 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26 | | | 4,836,858 | | | | 4,570,783 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | | | | | | | | |
144A, 8.00%, 9/20/25 (a) | | | 2,414,868 | | | | 1,748,678 | |
144A, 8.00%, 9/20/25 | | | 2,050,366 | | | | 1,484,732 | |
United Airlines, Inc.
144A, 4.375%, 4/15/26 | | | 8,044,000 | | | | 7,750,753 | |
144A, 4.625%, 4/15/29 | | | 7,769,000 | | | | 7,173,777 | |
| | | | | | | | |
(Cost $45,977,057) | | | | | | | 43,206,221 | |
| | | | | | | | |
| Apparel — 0.2% | |
Hanesbrands, Inc.
144A, 4.875%, 5/15/26 | | | 3,620,000 | | | | 3,497,511 | |
144A, 9.00%, 2/15/31 (a) | | | 2,490,000 | | | | 2,498,105 | |
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a) | | | 1,998,000 | | | | 1,733,195 | |
| | | | | | | | |
(Cost $7,871,571) | | | | | | | 7,728,811 | |
| | | | | | | | |
| Auto Manufacturers — 0.4% | |
Allison Transmission, Inc.
144A, 4.75%, 10/1/27 | | | 1,622,000 | | | | 1,556,821 | |
144A, 5.875%, 6/1/29 | | | 2,067,000 | | | | 2,037,843 | |
| | | | |
| See Notes to Financial Statements. | | 67 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Auto Manufacturers (Continued) | |
144A, 3.75%, 1/30/31 | | $ | 3,878,000 | | | $ | 3,354,219 | |
Aston Martin Capital Holdings Ltd., 144A,
10.50%, 11/30/25 | | | 4,986,000 | | | | 5,059,987 | |
| | | | | | | | |
(Cost $12,505,961) | | | | | | | 12,008,870 | |
| | | | | | | | |
| Auto Parts & Equipment — 1.9% | |
Adient Global Holdings Ltd.
144A, 4.875%, 8/15/26 | | | 3,195,000 | | | | 3,099,985 | |
144A, 7.00%, 4/15/28 (a) | | | 2,023,000 | | | | 2,064,609 | |
144A, 8.25%, 4/15/31 (a) | | | 2,067,000 | | | | 2,177,977 | |
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 | | | 2,011,000 | | | | 1,987,957 | |
6.875%, 7/1/28 | | | 1,545,000 | | | | 1,494,339 | |
5.00%, 10/1/29 (a) | | | 2,485,000 | | | | 2,157,097 | |
Clarios Global LP, 144A, 6.75%, 5/15/25 | | | 1,798,000 | | | | 1,798,307 | |
Clarios Global LP / Clarios US Finance Co.
144A, 6.25%, 5/15/26 | | | 3,591,000 | | | | 3,584,330 | |
144A, 8.50%, 5/15/27 | | | 6,582,000 | | | | 6,628,449 | |
144A, 6.75%, 5/15/28 | | | 3,152,000 | | | | 3,192,850 | |
Dana, Inc.
5.375%, 11/15/27 | | | 1,620,000 | | | | 1,565,428 | |
5.625%, 6/15/28 | | | 1,624,000 | | | | 1,573,993 | |
4.25%, 9/1/30 | | | 1,679,000 | | | | 1,449,804 | |
Goodyear Tire & Rubber Co.
9.50%, 5/31/25 | | | 3,220,000 | | | | 3,255,211 | |
5.00%, 5/31/26 | | | 3,620,000 | | | | 3,528,977 | |
4.875%, 3/15/27 (a) | | | 2,918,000 | | | | 2,803,385 | |
5.00%, 7/15/29 (a) | | | 3,149,000 | | | | 2,901,996 | |
5.25%, 4/30/31 (a) | | | 2,248,000 | | | | 2,038,314 | |
5.25%, 7/15/31 (a) | | | 2,465,000 | | | | 2,227,017 | |
5.625%, 4/30/33 | | | 1,810,000 | | | | 1,620,355 | |
Tenneco, Inc., 144A,
8.00%, 11/17/28 | | | 7,642,000 | | | | 6,971,147 | |
ZF North America Capital, Inc.
144A, 4.75%, 4/29/25 | | | 4,333,000 | | | | 4,271,252 | |
144A, 6.875%, 4/14/28 | | | 2,413,000 | | | | 2,465,560 | |
144A, 7.125%, 4/14/30 | | | 2,470,000 | | | | 2,575,405 | |
| | | | | | | | |
(Cost $68,941,088) | | | | | | | 67,433,744 | |
| | | | | | | | |
| Distribution/Wholesale — 0.4% | |
American Builders & Contractors Supply Co., Inc.
144A, 4.00%, 1/15/28 | | | 2,887,000 | | | | 2,699,805 | |
144A, 3.875%, 11/15/29 | | | 1,627,000 | | | | 1,454,506 | |
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28 | | | 5,027,000 | | | | 4,540,954 | |
Ritchie Bros Holdings, Inc.
144A, 6.75%, 3/15/28 | | | 2,212,000 | | | | 2,266,636 | |
144A, 7.75%, 3/15/31 | | | 3,301,000 | | | | 3,474,303 | |
| | | | | | | | |
(Cost $15,145,241) | | | | | | | 14,436,204 | |
| | | | | | | | |
| Entertainment — 3.4% | |
AMC Entertainment Holdings, Inc., 144A,
7.50%, 2/15/29 (a) | | | 3,861,000 | | | | 2,672,897 | |
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29 | | | 1,624,000 | | | | 1,681,101 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Entertainment (Continued) | |
Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25 | | $ | 2,471,000 | | | $ | 2,472,663 | |
144A, 8.125%, 7/1/27 | | | 6,723,000 | | | | 6,907,553 | |
144A, 4.625%, 10/15/29 (a) | | | 4,876,000 | | | | 4,454,815 | |
144A, 7.00%, 2/15/30 | | | 8,420,000 | | | | 8,632,597 | |
144A, 6.50%, 2/15/32 | | | 5,700,000 | | | | 5,746,215 | |
Cedar Fair LP, 5.25%, 7/15/29 | | | 2,085,000 | | | | 1,970,754 | |
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A,
5.50%, 5/1/25 | | | 4,216,000 | | | | 4,205,407 | |
5.375%, 4/15/27 (a) | | | 2,011,000 | | | | 1,991,069 | |
Churchill Downs, Inc.
144A, 5.50%, 4/1/27 | | | 2,413,000 | | | | 2,371,769 | |
144A, 4.75%, 1/15/28 | | | 2,847,000 | | | | 2,695,435 | |
144A, 5.75%, 4/1/30 | | | 4,971,000 | | | | 4,779,521 | |
144A, 6.75%, 5/1/31 | | | 2,315,000 | | | | 2,319,273 | |
Cinemark USA, Inc.
144A, 5.875%, 3/15/26 | | | 1,628,000 | | | | 1,605,012 | |
144A, 5.25%, 7/15/28 (a) | | | 2,958,000 | | | | 2,766,514 | |
International Game Technology PLC
144A, 4.125%, 4/15/26 | | | 3,016,000 | | | | 2,913,330 | |
144A, 6.25%, 1/15/27 | | | 3,092,000 | | | | 3,107,170 | |
144A, 5.25%, 1/15/29 (a) | | | 3,097,000 | | | | 2,996,066 | |
Light & Wonder International, Inc.
144A, 7.00%, 5/15/28 | | | 2,815,000 | | | | 2,830,069 | |
144A, 7.25%, 11/15/29 | | | 2,011,000 | | | | 2,059,709 | |
144A, 7.50%, 9/1/31 | | | 2,264,000 | | | | 2,360,342 | |
Live Nation Entertainment, Inc.
144A, 6.50%, 5/15/27 | | | 4,826,000 | | | | 4,871,471 | |
144A, 4.75%, 10/15/27 | | | 3,847,000 | | | | 3,686,542 | |
144A, 3.75%, 1/15/28 | | | 2,107,000 | | | | 1,944,550 | |
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31 | | | 2,000,000 | | | | 2,002,484 | |
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26 | | | 4,726,000 | | | | 4,460,186 | |
Penn Entertainment, Inc.
144A, 5.625%, 1/15/27 | | | 1,602,000 | | | | 1,532,914 | |
144A, 4.125%, 7/1/29 (a) | | | 1,660,000 | | | | 1,395,778 | |
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29 (a) | | | 3,016,000 | | | | 2,174,642 | |
144A, 5.875%, 9/1/31 (a) | | | 2,956,000 | | | | 2,097,415 | |
Six Flags Entertainment Corp.
144A, 5.50%, 4/15/27 (a) | | | 2,008,000 | | | | 1,966,926 | |
144A, 7.25%, 5/15/31 (a) | | | 3,217,000 | | | | 3,239,905 | |
Vail Resorts, Inc.,
144A, 6.25%, 5/15/25 | | | 2,397,000 | | | | 2,407,151 | |
WMG Acquisition Corp.
144A, 3.75%, 12/1/29 | | | 2,218,000 | | | | 1,966,072 | |
144A, 3.875%, 7/15/30 | | | 2,208,000 | | | | 1,950,293 | |
144A, 3.00%, 2/15/31 (a) | | | 3,032,000 | | | | 2,534,665 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29 | | | 3,087,000 | | | | 2,914,188 | |
144A, 7.125%, 2/15/31 | | | 3,923,000 | | | | 4,053,668 | |
| | | | | | | | |
(Cost $124,019,732) | | | | | | | 118,738,131 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 68 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Food Service — 0.3% | |
Aramark Services, Inc.
144A, 5.00%, 4/1/25 | | $ | 2,189,000 | | | $ | 2,176,895 | |
144A, 5.00%, 2/1/28 | | | 4,846,000 | | | | 4,649,029 | |
TKC Holdings, Inc.
144A, 6.875%, 5/15/28 | | | 1,832,000 | | | | 1,716,859 | |
144A, 10.50%, 5/15/29 | | | 2,715,000 | | | | 2,467,655 | |
| | | | | | | | |
(Cost $11,618,712) | | | | | | | 11,010,438 | |
| | | | | | | | |
| Home Builders — 0.5% | |
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30 | | | 1,672,000 | | | | 1,505,204 | |
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27 | | | 2,423,000 | | | | 2,349,770 | |
144A, 4.875%, 2/15/30 | | | 1,954,000 | | | | 1,737,634 | |
Mattamy Group Corp.
144A, 5.25%, 12/15/27 | | | 2,088,000 | | | | 2,015,430 | |
144A, 4.625%, 3/1/30 | | | 2,443,000 | | | | 2,195,433 | |
Taylor Morrison Communities, Inc.
144A, 5.875%, 6/15/27 | | | 2,053,000 | | | | 2,043,827 | |
144A, 5.75%, 1/15/28 | | | 1,858,000 | | | | 1,822,487 | |
144A, 5.125%, 8/1/30 | | | 1,894,000 | | | | 1,789,617 | |
| | | | | | | | |
(Cost $16,572,166) | | | | | | | 15,459,402 | |
| | | | | | | | |
| Home Furnishings — 0.2% | |
Tempur Sealy International, Inc.
144A, 4.00%, 4/15/29 | | | 3,321,000 | | | | 2,979,928 | |
144A, 3.875%, 10/15/31 | | | 3,071,000 | | | | 2,557,504 | |
| | | | | | | | |
(Cost $6,229,045) | | | | | | | 5,537,432 | |
| | | | | | | | |
| Housewares — 0.5% | |
Newell Brands, Inc.
4.875%, 6/1/25 | | | 2,011,000 | | | | 1,970,635 | |
5.20%, 4/1/26 | | | 7,983,000 | | | | 7,760,284 | |
6.375%, 9/15/27 (a) | | | 2,163,000 | | | | 2,102,071 | |
6.625%, 9/15/29 (a) | | | 2,011,000 | | | | 1,928,734 | |
Scotts Miracle-Gro Co.
4.50%, 10/15/29 | | | 1,670,000 | | | | 1,483,828 | |
4.00%, 4/1/31 | | | 1,910,000 | | | | 1,621,991 | |
4.375%, 2/1/32 | | | 1,655,000 | | | | 1,385,566 | |
| | | | | | | | |
(Cost $19,556,874) | | | | | | | 18,253,109 | |
| | | | | | | | |
| Leisure Time — 3.2% | |
Carnival Corp.
144A, 7.625%, 3/1/26 (a) | | | 5,582,000 | | | | 5,658,698 | |
144A, 5.75%, 3/1/27 | | | 11,153,000 | | | | 11,022,500 | |
144A, 4.00%, 8/1/28 | | | 9,353,000 | | | | 8,634,636 | |
144A, 6.00%, 5/1/29 (a) | | | 8,044,000 | | | | 7,865,729 | |
144A, 7.00%, 8/15/29 | | | 2,044,000 | | | | 2,121,729 | |
144A, 10.50%, 6/1/30 | | | 4,022,000 | | | | 4,391,369 | |
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28 | | | 8,164,000 | | | | 8,912,018 | |
Life Time, Inc.
144A, 5.75%, 1/15/26 | | | 3,817,000 | | | | 3,788,744 | |
144A, 8.00%, 4/15/26 (a) | | | 1,855,000 | | | | 1,873,606 | |
NCL Corp. Ltd.
144A, 5.875%, 3/15/26 | | | 5,731,000 | | | | 5,602,053 | |
144A, 5.875%, 2/15/27 | | | 4,022,000 | | | | 3,977,945 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Leisure Time (Continued) | |
144A, 8.375%, 2/1/28 | | $ | 2,418,000 | | | $ | 2,540,070 | |
144A, 8.125%, 1/15/29 | | | 3,205,000 | | | | 3,374,503 | |
144A, 7.75%, 2/15/29 (a) | | | 2,413,000 | | | | 2,475,366 | |
Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26 | | | 2,623,000 | | | | 2,528,676 | |
144A, 5.50%, 8/31/26 | | | 4,022,000 | | | | 3,979,864 | |
144A, 5.375%, 7/15/27 | | | 4,101,000 | | | | 4,026,481 | |
144A, 11.625%, 8/15/27 | | | 5,596,000 | | | | 6,057,187 | |
3.70%, 3/15/28 | | | 2,056,000 | | | | 1,899,292 | |
144A, 5.50%, 4/1/28 | | | 5,771,000 | | | | 5,684,724 | |
144A, 9.25%, 1/15/29 | | | 4,197,000 | | | | 4,517,764 | |
144A, 7.25%, 1/15/30 | | | 2,918,000 | | | | 3,036,077 | |
Viking Cruises Ltd. 144A, 5.875%, 9/15/27 | | | 3,339,000 | | | | 3,266,611 | |
144A, 7.00%, 2/15/29 | | | 2,068,000 | | | | 2,069,037 | |
144A, 9.125%, 7/15/31 | | | 2,896,000 | | | | 3,137,146 | |
| | | | | | | | |
(Cost $113,037,790) | | | | | | | 112,441,825 | |
| | | | | | | | |
| Lodging — 2.5% | |
Boyd Gaming Corp.
4.75%, 12/1/27 | | | 4,126,000 | | | | 3,971,148 | |
144A, 4.75%, 6/15/31 | | | 3,662,000 | | | | 3,330,021 | |
Hilton Domestic Operating Co., Inc.
144A, 5.375%, 5/1/25 | | | 2,184,000 | | | | 2,178,937 | |
144A, 5.75%, 5/1/28 | | | 2,011,000 | | | | 2,007,123 | |
144A, 3.75%, 5/1/29 | | | 3,272,000 | | | | 2,974,516 | |
4.875%, 1/15/30 | | | 4,187,000 | | | | 3,984,058 | |
144A, 4.00%, 5/1/31 | | | 4,471,000 | | | | 3,976,564 | |
144A, 3.625%, 2/15/32 | | | 5,750,000 | | | | 4,917,027 | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A, 5.00%, 6/1/29 | | | 3,524,000 | | | | 3,268,106 | |
144A, 4.875%, 7/1/31 | | | 1,845,000 | | | | 1,629,756 | |
144A, 6.625%, 1/15/32 | | | 3,747,000 | | | | 3,749,556 | |
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a) | | | 2,001,000 | | | | 1,816,828 | |
Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25 | | | 4,022,000 | | | | 3,935,245 | |
144A, 5.25%, 4/26/26 | | | 2,011,000 | | | | 1,932,183 | |
144A, 5.625%, 7/17/27 | | | 2,413,000 | | | | 2,289,502 | |
144A, 5.75%, 7/21/28 | | | 3,527,000 | | | | 3,315,077 | |
144A, 5.375%, 12/4/29 | | | 4,584,000 | | | | 4,128,612 | |
MGM Resorts International
6.75%, 5/1/25 | | | 3,189,000 | | | | 3,195,480 | |
5.75%, 6/15/25 | | | 2,715,000 | | | | 2,712,897 | |
4.625%, 9/1/26 | | | 1,624,000 | | | | 1,575,846 | |
5.50%, 4/15/27 | | | 2,782,000 | | | | 2,727,308 | |
4.75%, 10/15/28 (a) | | | 3,084,000 | | | | 2,897,390 | |
Station Casinos LLC
144A, 4.50%, 2/15/28 | | | 2,841,000 | | | | 2,651,113 | |
144A, 4.625%, 12/1/31 | | | 1,908,000 | | | | 1,698,053 | |
Studio City Finance Ltd.
144A, 6.50%, 1/15/28 | | | 2,074,000 | | | | 1,968,693 | |
144A, 5.00%, 1/15/29 | | | 4,352,000 | | | | 3,799,146 | |
Travel + Leisure Co.
144A, 6.625%, 7/31/26 | | | 2,582,000 | | | | 2,611,551 | |
6.00%, 4/1/27 | | | 1,907,000 | | | | 1,901,644 | |
144A, 4.50%, 12/1/29 | | | 2,456,000 | | | | 2,251,108 | |
| | | | |
| See Notes to Financial Statements. | | 69 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Lodging (Continued) | |
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A, 5.50%, 3/1/25 | | $ | 25,000 | | | $ | 25,009 | |
144A, 5.25%, 5/15/27 (a) | | | 3,715,000 | | | | 3,639,238 | |
| | | | | | | | |
(Cost $91,642,095) | | | | | | | 87,058,735 | |
| | | | | | | | |
| Retail — 4.9% | |
1011778 BC ULC / New Red Finance, Inc.
144A, 5.75%, 4/15/25 | | | 2,003,000 | | | | 1,997,350 | |
144A, 3.875%, 1/15/28 | | | 6,234,000 | | | | 5,821,152 | |
144A, 4.375%, 1/15/28 | | | 2,997,000 | | | | 2,815,889 | |
144A, 3.50%, 2/15/29 (a) | | | 3,094,000 | | | | 2,792,331 | |
144A, 4.00%, 10/15/30 | | | 11,663,000 | | | | 10,254,505 | |
Advance Auto Parts, Inc., 3.90%, 4/15/30 | | | 2,000,000 | | | | 1,787,530 | |
Asbury Automotive Group, Inc.
4.50%, 3/1/28 | | | 1,535,000 | | | | 1,432,899 | |
144A, 4.625%, 11/15/29 (a) | | | 3,252,000 | | | | 2,965,041 | |
4.75%, 3/1/30 | | | 1,927,000 | | | | 1,755,699 | |
144A, 5.00%, 2/15/32 | | | 2,319,000 | | | | 2,061,309 | |
Bath & Body Works, Inc.
5.25%, 2/1/28 | | | 1,939,000 | | | | 1,884,424 | |
7.50%, 6/15/29 (a) | | | 2,131,000 | | | | 2,202,090 | |
144A, 6.625%, 10/1/30 | | | 3,802,000 | | | | 3,826,964 | |
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30 | | | 2,473,000 | | | | 2,488,380 | |
eG Global Finance PLC, 144A, 12.00%, 11/30/28 | | | 4,424,000 | | | | 4,676,168 | |
Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26 | | | 2,614,000 | | | | 2,589,860 | |
144A, 5.875%, 4/1/29 | | | 3,438,000 | | | | 3,267,145 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A, 4.625%, 1/15/29 | | | 4,114,000 | | | | 3,737,528 | |
144A, 6.75%, 1/15/30 | | | 5,027,000 | | | | 4,444,844 | |
FirstCash, Inc.
144A, 4.625%, 9/1/28 | | | 2,148,000 | | | | 1,989,459 | |
144A, 5.625%, 1/1/30 | | | 2,269,000 | | | | 2,152,173 | |
144A, 6.875%, 3/1/32 | | | 1,800,000 | | | | 1,784,463 | |
Gap, Inc.
144A, 3.625%, 10/1/29 | | | 3,016,000 | | | | 2,551,110 | |
144A, 3.875%, 10/1/31 | | | 3,009,000 | | | | 2,430,741 | |
Kohl’s Corp.,
4.625%, 5/1/31 | | | 2,057,000 | | | | 1,622,335 | |
LBM Acquisition LLC, 144A, 6.25%, 1/15/29 | | | 2,920,000 | | | | 2,633,749 | |
Lithia Motors, Inc.
144A, 4.625%, 12/15/27 | | | 1,649,000 | | | | 1,572,588 | |
144A, 3.875%, 6/1/29 (a) | | | 3,198,000 | | | | 2,857,157 | |
144A, 4.375%, 1/15/31 | | | 2,100,000 | | | | 1,864,970 | |
Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29 (a) | | | 2,074,000 | | | | 1,999,409 | |
144A, 5.875%, 3/15/30 | | | 1,709,000 | | | | 1,603,973 | |
144A, 6.125%, 3/15/32 | | | 1,707,000 | | | | 1,590,455 | |
Michaels Cos., Inc.
144A, 5.25%, 5/1/28 | | | 3,419,000 | | | | 2,658,813 | |
144A, 7.875%, 5/1/29 | | | 4,612,000 | | | | 2,983,934 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Retail (Continued) | |
Murphy Oil USA, Inc.
4.75%, 9/15/29 | | $ | 2,058,000 | | | $ | 1,920,855 | |
144A, 3.75%, 2/15/31 | | | 1,904,000 | | | | 1,626,532 | |
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26 | | | 4,396,000 | | | | 4,315,766 | |
Nordstrom, Inc.
4.375%, 4/1/30 (a) | | | 2,011,000 | | | | 1,779,132 | |
4.25%, 8/1/31 | | | 1,770,000 | | | | 1,491,464 | |
Penske Automotive Group, Inc.
3.50%, 9/1/25 | | | 2,212,000 | | | | 2,148,067 | |
3.75%, 6/15/29 | | | 2,018,000 | | | | 1,789,305 | |
PetSmart, Inc. / PetSmart Finance Corp.
144A, 4.75%, 2/15/28 | | | 4,826,000 | | | | 4,529,418 | |
144A, 7.75%, 2/15/29 | | | 4,734,000 | | | | 4,681,792 | |
QVC, Inc.
4.75%, 2/15/27 (a) | | | 2,298,000 | | | | 2,073,408 | |
4.375%, 9/1/28 | | | 1,982,000 | | | | 1,627,799 | |
Sonic Automotive, Inc.
144A, 4.625%, 11/15/29 (a) | | | 2,693,000 | | | | 2,379,426 | |
144A, 4.875%, 11/15/31 (a) | | | 1,943,000 | | | | 1,671,602 | |
SRS Distribution, Inc.
144A, 4.625%, 7/1/28 | | | 2,683,000 | | | | 2,505,493 | |
144A, 6.125%, 7/1/29 | | | 1,792,000 | | | | 1,672,581 | |
144A, 6.00%, 12/1/29 | | | 3,396,000 | | | | 3,164,648 | |
Staples, Inc.
144A, 7.50%, 4/15/26 | | | 8,044,000 | | | | 7,741,663 | |
144A, 10.75%, 4/15/27 | | | 3,819,000 | | | | 3,498,930 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31 | | | 2,691,000 | | | | 2,419,979 | |
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26 | | | 5,821,000 | | | | 5,554,305 | |
3.20%, 4/15/30 (a) | | | 2,098,000 | | | | 1,812,926 | |
Yum! Brands, Inc. 144A,
4.75%, 1/15/30 | | | 3,191,000 | | | | 3,030,094 | |
3.625%, 3/15/31 | | | 4,033,000 | | | | 3,550,064 | |
4.625%, 1/31/32 | | | 4,511,000 | | | | 4,145,180 | |
5.375%, 4/1/32 | | | 4,112,000 | | | | 3,952,208 | |
| | | | | | | | |
(Cost $181,486,731) | | | | | | | 170,179,074 | |
| | | | | | | | |
| Consumer, Non-cyclical — 16.7% | |
| Agriculture — 0.3% | |
Darling Ingredients, Inc.
144A, 5.25%, 4/15/27 | | | 2,011,000 | | | | 1,974,655 | |
144A, 6.00%, 6/15/30 | | | 4,139,000 | | | | 4,081,463 | |
Vector Group Ltd.
144A, 10.50%, 11/1/26 | | | 2,801,000 | | | | 2,820,999 | |
144A, 5.75%, 2/1/29 | | | 3,519,000 | | | | 3,227,547 | |
| | | | | | | | |
(Cost $12,485,903) | | | | | | | 12,104,664 | |
| | | | | | | | |
| Beverages — 0.1% | |
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 | | | | | | | | |
(Cost $3,008,553) | | | 3,067,000 | | | | 2,785,005 | |
| | | | | | | | |
| Commercial Services — 4.3% | |
ADT Security Corp., 144A,
4.125%, 8/1/29 (a) | | | 3,850,000 | | | | 3,483,191 | |
| | | | |
| See Notes to Financial Statements. | | 70 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services (Continued) | |
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 | | $ | 2,272,000 | | | $ | 2,249,166 | |
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27 | | | 1,810,000 | | | | 1,818,897 | |
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31 | | | 3,800,000 | | | | 3,778,452 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26 (a) | | | 4,652,000 | | | | 4,641,702 | |
144A, 9.75%, 7/15/27 | | | 4,223,000 | | | | 4,212,915 | |
144A, 6.00%, 6/1/29 (a) | | | 3,861,000 | | | | 3,201,000 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28 | | | 4,929,000 | | | | 4,388,587 | |
APX Group, Inc.
144A, 6.75%, 2/15/27 | | | 2,398,000 | | | | 2,403,539 | |
144A, 5.75%, 7/15/29 | | | 3,347,000 | | | | 3,186,414 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A, 5.75%, 7/15/27 | | | 1,250,000 | | | | 1,192,306 | |
144A, 4.75%, 4/1/28 (a) | | | 2,106,000 | | | | 1,910,344 | |
144A, 5.375%, 3/1/29 | | | 2,415,000 | | | | 2,201,404 | |
144A, 8.00%, 2/15/31 | | | 2,011,000 | | | | 1,943,784 | |
Block, Inc.
2.75%, 6/1/26 | | | 4,022,000 | | | | 3,756,287 | |
3.50%, 6/1/31 (a) | | | 4,142,000 | | | | 3,537,324 | |
Brink’s Co.
144A, 5.50%, 7/15/25 | | | 1,609,000 | | | | 1,601,562 | |
144A, 4.625%, 10/15/27 | | | 2,291,000 | | | | 2,167,280 | |
Garda World Security Corp.
144A, 4.625%, 2/15/27 | | | 2,303,000 | | | | 2,202,092 | |
144A, 9.50%, 11/1/27 | | | 2,431,000 | | | | 2,442,545 | |
144A, 7.75%, 2/15/28 | | | 1,607,000 | | | | 1,633,593 | |
144A, 6.00%, 6/1/29 | | | 2,073,000 | | | | 1,816,386 | |
Herc Holdings, Inc., 144A, 5.50%, 7/15/27 | | | 4,826,000 | | | | 4,728,788 | |
Hertz Corp.
144A, 4.625%, 12/1/26 | | | 2,011,000 | | | | 1,782,249 | |
144A, 5.00%, 12/1/29 (a) | | | 4,022,000 | | | | 3,085,756 | |
MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28 | | | 4,223,000 | | | | 3,689,255 | |
144A, 5.75%, 11/1/28 (a) | | | 3,941,000 | | | | 3,148,130 | |
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.75%, 4/15/26 | | | 5,425,000 | | | | 5,388,557 | |
144A, 3.375%, 8/31/27 | | | 4,131,000 | | | | 3,786,290 | |
144A, 6.25%, 1/15/28 (a) | | | 5,228,500 | | | | 5,162,586 | |
Sabre GLBL, Inc.
144A, 8.625%, 6/1/27 | | | 3,431,000 | | | | 3,024,273 | |
144A, 11.25%, 12/15/27 | | | 2,263,000 | | | | 2,128,634 | |
Service Corp. International
4.625%, 12/15/27 | | | 2,219,000 | | | | 2,130,771 | |
5.125%, 6/1/29 | | | 3,240,000 | | | | 3,169,692 | |
3.375%, 8/15/30 | | | 3,468,000 | | | | 2,979,914 | |
4.00%, 5/15/31 | | | 3,003,000 | | | | 2,641,461 | |
Sotheby’s,
144A, 7.375%, 10/15/27 (a) | | | 3,077,000 | | | | 2,959,580 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Commercial Services (Continued) | |
United Rentals North America, Inc.
5.50%, 5/15/27 | | $ | 1,919,000 | | | $ | 1,908,265 | |
3.875%, 11/15/27 | | | 3,006,000 | | | | 2,833,716 | |
4.875%, 1/15/28 (a) | | | 6,452,000 | | | | 6,234,634 | |
5.25%, 1/15/30 | | | 3,094,000 | | | | 2,998,517 | |
4.00%, 7/15/30 | | | 3,109,000 | | | | 2,817,123 | |
3.875%, 2/15/31 | | | 4,400,000 | | | | 3,892,526 | |
3.75%, 1/15/32 | | | 3,099,000 | | | | 2,684,851 | |
Valvoline, Inc.
144A, 4.25%, 2/15/30 (a) | | | 2,262,000 | | | | 2,249,821 | |
144A, 3.625%, 6/15/31 | | | 2,226,000 | | | | 1,883,424 | |
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32 | | | 5,000,000 | | | | 5,141,725 | |
Williams Scotsman, Inc.
144A, 6.125%, 6/15/25 | | | 2,285,000 | | | | 2,282,932 | |
144A, 4.625%, 8/15/28 | | | 2,079,000 | | | | 1,954,374 | |
144A, 7.375%, 10/1/31 | | | 2,062,000 | | | | 2,140,305 | |
| | | | | | | | |
(Cost $157,535,371) | | | | | | | 148,596,919 | |
| | | | | | | | |
| Cosmetics/Personal Care — 0.3% | |
Coty, Inc., 144A,
5.00%, 4/15/26 | | | 2,212,000 | | | | 2,169,850 | |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30 | | | 3,194,000 | | | | 3,248,282 | |
Edgewell Personal Care Co.
144A, 5.50%, 6/1/28 | | | 3,022,000 | | | | 2,953,068 | |
144A, 4.125%, 4/1/29 | | | 2,048,000 | | | | 1,868,186 | |
| | | | | | | | |
(Cost $10,477,796) | | | | | | | 10,239,386 | |
| | | | | | | | |
| Food — 2.5% | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 3.25%, 3/15/26 | | | 3,029,000 | | | | 2,880,823 | |
144A, 7.50%, 3/15/26 | | | 2,690,000 | | | | 2,740,486 | |
144A, 4.625%, 1/15/27 | | | 5,429,000 | | | | 5,239,349 | |
144A, 5.875%, 2/15/28 | | | 3,016,000 | | | | 2,974,477 | |
144A, 6.50%, 2/15/28 (a) | | | 3,019,000 | | | | 3,039,964 | |
144A, 3.50%, 3/15/29 | | | 5,503,000 | | | | 4,908,331 | |
144A, 4.875%, 2/15/30 | | | 3,895,000 | | | | 3,659,891 | |
B&G Foods, Inc.
5.25%, 9/15/27 (a) | | | 2,248,000 | | | | 2,092,745 | |
144A, 8.00%, 9/15/28 (a) | | | 2,361,000 | | | | 2,460,889 | |
Lamb Weston Holdings, Inc.
144A, 4.875%, 5/15/28 | | | 2,048,000 | | | | 1,985,470 | |
144A, 4.125%, 1/31/30 | | | 3,977,000 | | | | 3,607,193 | |
144A, 4.375%, 1/31/32 | | | 2,608,000 | | | | 2,332,205 | |
Performance Food Group, Inc.
144A, 5.50%, 10/15/27 | | | 4,263,000 | | | | 4,179,690 | |
144A, 4.25%, 8/1/29 | | | 4,107,000 | | | | 3,731,308 | |
Pilgrim’s Pride Corp.
3.50%, 3/1/32 | | | 3,606,000 | | | | 3,015,896 | |
6.25%, 7/1/33 | | | 4,082,000 | | | | 4,130,796 | |
6.875%, 5/15/34 | | | 1,828,000 | | | | 1,927,397 | |
Post Holdings, Inc.
144A, 5.75%, 3/1/27 | | | 1,844,000 | | | | 1,861,666 | |
144A, 5.625%, 1/15/28 | | | 3,887,000 | | | | 3,819,370 | |
144A, 5.50%, 12/15/29 | | | 4,964,000 | | | | 4,753,522 | |
| | | | |
| See Notes to Financial Statements. | | 71 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Food (Continued) | |
144A, 4.625%, 4/15/30 | | $ | 5,691,000 | | | $ | 5,182,397 | |
144A, 4.50%, 9/15/31 | | | 4,262,000 | | | | 3,797,402 | |
144A, 6.25%, 2/15/32 | | | 3,300,000 | | | | 3,321,184 | |
Sigma Holdco BV, 144A, 7.875%, 5/15/26 | | | 1,960,000 | | | | 1,874,497 | |
US Foods, Inc.
144A, 6.875%, 9/15/28 | | | 2,043,000 | | | | 2,081,306 | |
144A, 4.75%, 2/15/29 | | | 3,722,000 | | | | 3,497,656 | |
144A, 4.625%, 6/1/30 | | | 1,686,000 | | | | 1,546,451 | |
144A, 7.25%, 1/15/32 | | | 2,048,000 | | | | 2,116,897 | |
| | | | | | | | |
(Cost $92,430,127) | | | | | | | 88,759,258 | |
| | | | | | | | |
| Healthcare-Products — 1.4% | |
Avantor Funding, Inc.
144A, 4.625%, 7/15/28 | | | 6,420,000 | | | | 6,067,468 | |
144A, 3.875%, 11/1/29 | | | 3,038,000 | | | | 2,726,168 | |
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28 | | | 5,682,000 | | | | 5,944,792 | |
Hologic, Inc.
144A, 4.625%, 2/1/28 | | | 1,810,000 | | | | 1,736,037 | |
144A, 3.25%, 2/15/29 | | | 3,561,000 | | | | 3,178,540 | |
Medline Borrower LP
144A, 3.875%, 4/1/29 | | | 18,098,000 | | | | 16,242,921 | |
144A, 5.25%, 10/1/29 | | | 10,054,000 | | | | 9,309,310 | |
Teleflex, Inc.
4.625%, 11/15/27 | | | 2,067,000 | | | | 1,975,928 | |
144A, 4.25%, 6/1/28 | | | 2,073,000 | | | | 1,937,536 | |
| | | | | | | | |
(Cost $49,506,106) | | | | | | | 49,118,700 | |
| | | | | | | | |
| Healthcare-Services — 5.0% | |
Catalent Pharma Solutions, Inc.
144A, 5.00%, 7/15/27 | | | 2,011,000 | | | | 1,981,885 | |
144A, 3.125%, 2/15/29 | | | 2,198,000 | | | | 2,124,620 | |
144A, 3.50%, 4/1/30 | | | 2,698,000 | | | | 2,600,777 | |
Charles River Laboratories International, Inc.
144A, 4.25%, 5/1/28 | | | 2,073,000 | | | | 1,946,568 | |
144A, 3.75%, 3/15/29 | | | 2,002,000 | | | | 1,808,064 | |
144A, 4.00%, 3/15/31 | | | 2,031,000 | | | | 1,792,804 | |
CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26 (a) | | | 4,488,000 | | | | 4,447,495 | |
144A, 5.625%, 3/15/27 | | | 7,641,000 | | | | 6,999,964 | |
144A, 8.00%, 12/15/27 | | | 2,751,000 | | | | 2,634,275 | |
144A, 6.875%, 4/1/28 | | | 3,040,000 | | | | 1,966,285 | |
144A, 6.00%, 1/15/29 (a) | | | 2,590,000 | | | | 2,230,081 | |
144A, 6.875%, 4/15/29 | | | 5,005,000 | | | | 3,199,742 | |
144A, 6.125%, 4/1/30 | | | 4,936,000 | | | | 3,093,342 | |
144A, 5.25%, 5/15/30 | | | 6,172,000 | | | | 4,930,523 | |
144A, 4.75%, 2/15/31 | | | 4,247,000 | | | | 3,235,683 | |
144A, 10.875%, 1/15/32 | | | 4,022,000 | | | | 4,100,634 | |
DaVita, Inc.
144A, 4.625%, 6/1/30 | | | 11,060,000 | | | | 9,739,292 | |
144A, 3.75%, 2/15/31 | | | 6,033,000 | | | | 4,957,784 | |
Encompass Health Corp.
4.50%, 2/1/28 | | | 3,302,000 | | | | 3,127,568 | |
4.75%, 2/1/30 | | | 3,296,000 | | | | 3,060,005 | |
4.625%, 4/1/31 | | | 1,428,000 | | | | 1,293,465 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Healthcare-Services (Continued) | |
IQVIA, Inc.
144A, 5.00%, 10/15/26 | | $ | 4,223,000 | | | $ | 4,132,615 | |
144A, 5.00%, 5/15/27 | | | 4,424,000 | | | | 4,312,308 | |
144A, 6.50%, 5/15/30 | | | 1,842,000 | | | | 1,869,833 | |
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27 | | | 2,498,000 | | | | 2,320,005 | |
LifePoint Health, Inc.
144A, 5.375%, 1/15/29 | | | 2,011,000 | | | | 1,605,823 | |
144A, 9.875%, 8/15/30 | | | 3,229,000 | | | | 3,354,085 | |
144A, 11.00%, 10/15/30 | | | 4,424,000 | | | | 4,685,250 | |
ModivCare, Inc., 144A, 5.875%, 11/15/25 (a) | | | 2,011,000 | | | | 1,965,149 | |
Molina Healthcare, Inc.
144A, 4.375%, 6/15/28 | | | 3,372,000 | | | | 3,144,375 | |
144A, 3.875%, 11/15/30 | | | 2,663,000 | | | | 2,338,410 | |
144A, 3.875%, 5/15/32 | | | 2,895,000 | | | | 2,491,955 | |
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26 | | | 5,101,000 | | | | 5,104,795 | |
Select Medical Corp., 144A, 6.25%, 8/15/26 | | | 4,927,000 | | | | 4,919,087 | |
Star Parent, Inc., 144A,
9.00%, 10/1/30 | | | 4,022,000 | | | | 4,249,722 | |
Tenet Healthcare Corp.
4.875%, 1/1/26 | | | 7,836,000 | | | | 7,832,797 | |
6.25%, 2/1/27 | | | 6,243,000 | | | | 6,233,365 | |
5.125%, 11/1/27 | | | 6,033,000 | | | | 5,912,919 | |
4.625%, 6/15/28 | | | 2,453,000 | | | | 2,337,230 | |
6.125%, 10/1/28 (a) | | | 10,054,000 | | | | 9,948,584 | |
4.25%, 6/1/29 | | | 5,414,000 | | | | 4,984,090 | |
4.375%, 1/15/30 | | | 5,715,000 | | | | 5,239,764 | |
6.125%, 6/15/30 | | | 8,276,000 | | | | 8,206,564 | |
144A, 6.75%, 5/15/31 | | | 5,678,000 | | | | 5,734,780 | |
| | | | | | | | |
(Cost $186,166,714) | | | | | | | 174,194,361 | |
| | | | | | | | |
| Household Products/Wares — 0.1% | |
Central Garden & Pet Co.
4.125%, 10/15/30 | | | 2,052,000 | | | | 1,824,820 | |
144A, 4.125%, 4/30/31 | | | 1,437,000 | | | | 1,258,605 | |
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31 (a) | | | 1,683,000 | | | | 1,599,902 | |
| | | | | | | | |
(Cost $5,095,431) | | | | | | | 4,683,327 | |
| | | | | | | | |
| Pharmaceuticals — 2.7% | |
AdaptHealth LLC
144A, 4.625%, 8/1/29 | | | 2,084,000 | | | | 1,736,941 | |
144A, 5.125%, 3/1/30 (a) | | | 2,468,000 | | | | 2,066,321 | |
Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26 | | | 2,421,000 | | | | 2,278,760 | |
144A, 8.50%, 1/31/27 (a) | | | 2,584,000 | | | | 1,473,366 | |
Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25 | | | 6,653,000 | | | | 6,197,636 | |
144A, 9.00%, 12/15/25 | | | 3,380,000 | | | | 3,218,875 | |
144A, 6.125%, 2/1/27 (a) | | | 4,051,000 | | | | 2,597,704 | |
144A, 5.75%, 8/15/27 | | | 1,981,000 | | | | 1,196,191 | |
144A, 5.00%, 1/30/28 | | | 1,757,000 | | | | 803,817 | |
144A, 4.875%, 6/1/28 | | | 6,435,000 | | | | 3,673,993 | |
144A, 11.00%, 9/30/28 | | | 7,135,000 | | | | 4,816,125 | |
| | | | |
| See Notes to Financial Statements. | | 72 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pharmaceuticals (Continued) | |
144A, 5.00%, 2/15/29 | | $ | 1,818,000 | | | $ | 803,069 | |
144A, 6.25%, 2/15/29 (a) | | | 3,301,000 | | | | 1,514,565 | |
144A, 5.25%, 1/30/30 | | | 3,132,000 | | | | 1,354,517 | |
144A, 5.25%, 2/15/31 | | | 1,861,000 | | | | 804,886 | |
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28 | | | 2,006,000 | | | | 1,888,318 | |
Grifols SA, 144A,
4.75%, 10/15/28 (a) | | | 2,843,000 | | | | 2,370,778 | |
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25 | | | 2,620,000 | | | | 2,544,217 | |
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29 | | | 2,413,000 | | | | 1,728,504 | |
Jazz Securities DAC, 144A, 4.375%, 1/15/29 | | | 6,219,000 | | | | 5,735,465 | |
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28 | | | 8,429,000 | | | | 7,721,768 | |
144A, 5.125%, 4/30/31 | | | 8,044,000 | | | | 6,900,223 | |
Owens & Minor, Inc.
144A, 4.50%, 3/31/29 (a) | | | 1,948,000 | | | | 1,742,851 | |
144A, 6.625%, 4/1/30 (a) | | | 2,312,000 | | | | 2,236,351 | |
Perrigo Finance Unlimited Co.
4.375%, 3/15/26 | | | 2,815,000 | | | | 2,719,766 | |
4.65%, 6/15/30 | | | 2,937,000 | | | | 2,632,083 | |
Prestige Brands, Inc.
144A, 5.125%, 1/15/28 | | | 1,643,000 | | | | 1,589,603 | |
144A, 3.75%, 4/1/31 | | | 2,453,000 | | | | 2,121,354 | |
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26 | | | 13,531,000 | | | | 12,548,598 | |
6.75%, 3/1/28 | | | 5,026,000 | | | | 5,090,232 | |
| | | | | | | | |
(Cost $113,944,996) | | | | | | | 94,106,877 | |
| | | | | | | | |
| Diversified — 0.1% | |
| Holding Companies-Diversified — 0.1% | |
Benteler International AG, 144A, 10.50%, 5/15/28 | | | | | | | | |
(Cost $2,068,331) | | | 2,011,000 | | | | 2,161,493 | |
| | | | | | | | |
| Energy — 11.7% | |
| Energy-Alternate Sources — 0.0% | |
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a) | | | | | | | | |
(Cost $1,432,948) | | | 1,648,000 | | | | 1,388,530 | |
| | | | | | | | |
| Oil & Gas — 5.4% | |
Antero Resources Corp.
144A, 7.625%, 2/1/29 | | | 1,637,000 | | | | 1,687,429 | |
144A, 5.375%, 3/1/30 | | | 2,453,000 | | | | 2,340,046 | |
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26 | | | 2,401,000 | | | | 2,401,258 | |
144A, 8.25%, 12/31/28 | | | 2,062,000 | | | | 2,095,384 | |
144A, 5.875%, 6/30/29 | | | 1,548,000 | | | | 1,440,390 | |
Baytex Energy Corp.
144A, 8.75%, 4/1/27 | | | 1,648,000 | | | | 1,710,873 | |
144A, 8.50%, 4/30/30 | | | 3,217,000 | | | | 3,347,687 | |
Callon Petroleum Co.
144A, 8.00%, 8/1/28 | | | 2,614,000 | | | | 2,732,056 | |
144A, 7.50%, 6/15/30 | | | 2,485,000 | | | | 2,619,858 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | |
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25 | | $ | 1,585,000 | | | $ | 1,598,219 | |
Chesapeake Energy Corp.
144A, 5.50%, 2/1/26 | | | 2,010,000 | | | | 1,994,167 | |
144A, 5.875%, 2/1/29 | | | 2,059,000 | | | | 2,038,523 | |
144A, 6.75%, 4/15/29 | | | 3,871,000 | | | | 3,889,386 | |
Civitas Resources, Inc.
144A, 5.00%, 10/15/26 | | | 1,609,000 | | | | 1,560,417 | |
144A, 8.375%, 7/1/28 | | | 5,445,000 | | | | 5,704,585 | |
144A, 8.625%, 11/1/30 | | | 4,092,000 | | | | 4,382,086 | |
144A, 8.75%, 7/1/31 | | | 5,429,000 | | | | 5,780,370 | |
CNX Resources Corp.
144A, 6.00%, 1/15/29 | | | 2,083,000 | | | | 2,003,881 | |
144A, 7.375%, 1/15/31 | | | 2,067,000 | | | | 2,085,890 | |
144A, 7.25%, 3/1/32 | | | 1,520,000 | | | | 1,515,699 | |
Comstock Resources, Inc.
144A, 6.75%, 3/1/29 | | | 4,922,000 | | | | 4,546,766 | |
144A, 5.875%, 1/15/30 (a) | | | 3,934,000 | | | | 3,444,729 | |
Crescent Energy Finance LLC
144A, 7.25%, 5/1/26 | | | 2,583,000 | | | | 2,575,768 | |
144A, 9.25%, 2/15/28 | | | 4,019,000 | | | | 4,209,772 | |
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25 | | | 3,402,000 | | | | 3,388,290 | |
CVR Energy, Inc.
144A, 5.75%, 2/15/28 | | | 1,627,000 | | | | 1,511,540 | |
144A, 8.50%, 1/15/29 | | | 2,366,000 | | | | 2,382,692 | |
Energean PLC,
144A, 6.50%, 4/30/27 | | | 1,798,000 | | | | 1,644,181 | |
Kosmos Energy Ltd.
144A, 7.125%, 4/4/26 | | | 2,587,000 | | | | 2,505,432 | |
144A, 7.75%, 5/1/27 | | | 1,609,000 | | | | 1,530,923 | |
144A, 7.50%, 3/1/28 | | | 1,798,000 | | | | 1,672,985 | |
Leviathan Bond Ltd.144A, REGS,
6.125%, 6/30/25 | | | 2,415,429 | | | | 2,370,012 | |
144A, REGS, 6.50%, 6/30/27 | | | 2,527,289 | | | | 2,425,831 | |
144A, REGS, 6.75%, 6/30/30 | | | 2,240,059 | | | | 2,053,986 | |
Matador Resources Co.
5.875%, 9/15/26 | | | 2,812,000 | | | | 2,786,461 | |
144A, 6.875%, 4/15/28 | | | 2,048,000 | | | | 2,081,612 | |
Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29 | | | 2,000,000 | | | | 2,095,158 | |
Murphy Oil Corp.,
5.875%, 12/1/27 | | | 1,783,000 | | | | 1,771,997 | |
Northern Oil & Gas, Inc.
144A, 8.125%, 3/1/28 | | | 2,835,000 | | | | 2,873,187 | |
144A, 8.75%, 6/15/31 | | | 1,899,000 | | | | 1,986,829 | |
Parkland Corp.
144A, 5.875%, 7/15/27 | | | 2,011,000 | | | | 1,975,452 | |
144A, 4.50%, 10/1/29 | | | 3,263,000 | | | | 2,984,682 | |
144A, 4.625%, 5/1/30 | | | 3,127,000 | | | | 2,859,376 | |
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28 | | | 3,324,000 | | | | 3,235,631 | |
144A, 7.875%, 9/15/30 | | | 2,073,000 | | | | 2,125,810 | |
Permian Resources Operating LLC
144A, 8.00%, 4/15/27 | | | 2,212,000 | | | | 2,283,187 | |
144A, 5.875%, 7/1/29 | | | 2,867,000 | | | | 2,804,091 | |
144A, 9.875%, 7/15/31 | | | 2,063,000 | | | | 2,286,743 | |
144A, 7.00%, 1/15/32 | | | 3,738,000 | | | | 3,840,432 | |
| | | | |
| See Notes to Financial Statements. | | 73 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Oil & Gas (Continued) | |
Puma International Financing SA, 144A, 5.00%, 1/24/26 | | $ | 3,016,000 | | | $ | 2,857,246 | |
Range Resources Corp.
4.875%, 5/15/25 | | | 2,733,000 | | | | 2,697,368 | |
8.25%, 1/15/29 | | | 2,533,000 | | | | 2,644,610 | |
144A, 4.75%, 2/15/30 | | | 2,059,000 | | | | 1,914,870 | |
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29 | | | 2,815,000 | | | | 2,595,918 | |
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28 | | | 2,428,000 | | | | 2,484,003 | |
SM Energy Co.
6.75%, 9/15/26 | | | 1,686,000 | | | | 1,678,014 | |
6.625%, 1/15/27 | | | 1,689,000 | | | | 1,683,621 | |
6.50%, 7/15/28 | | | 1,652,000 | | | | 1,655,403 | |
Southwestern Energy Co.
5.375%, 2/1/29 | | | 2,880,000 | | | | 2,785,658 | |
5.375%, 3/15/30 | | | 4,962,000 | | | | 4,747,345 | |
4.75%, 2/1/32 | | | 4,336,000 | | | | 3,941,709 | |
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27 | | | 2,413,000 | | | | 2,406,316 | |
144A, 7.00%, 9/15/28 | | | 2,129,000 | | | | 2,182,706 | |
4.50%, 5/15/29 | | | 3,319,000 | | | | 3,068,955 | |
4.50%, 4/30/30 | | | 2,933,000 | | | | 2,671,439 | |
Talos Production, Inc.
144A, 9.00%, 2/1/29 | | | 2,500,000 | | | | 2,557,133 | |
144A, 9.375%, 2/1/31 | | | 2,500,000 | | | | 2,584,910 | |
Transocean, Inc.
144A, 7.50%, 1/15/26 | | | 2,289,000 | | | | 2,264,713 | |
144A, 11.50%, 1/30/27 | | | 2,922,000 | | | | 3,041,086 | |
144A, 8.00%, 2/1/27 | | | 2,462,000 | | | | 2,405,374 | |
Tullow Oil PLC, 144A,
7.00%, 3/1/25 | | | 2,029,000 | | | | 1,907,164 | |
Vital Energy, Inc.
10.125%, 1/15/28 (a) | | | 2,816,000 | | | | 2,949,493 | |
9.75%, 10/15/30 | | | 2,142,000 | | | | 2,296,222 | |
| | | | | | | | |
(Cost $191,524,564) | | | | | | | 189,203,035 | |
| | | | | | | | |
| Oil & Gas Services — 0.6% | |
Archrock Partners LP / Archrock Partners Finance Corp.
144A, 6.875%, 4/1/27 | | | 2,011,000 | | | | 2,002,749 | |
144A, 6.25%, 4/1/28 | | | 3,247,000 | | | | 3,168,678 | |
CGG SA, 144A,
8.75%, 4/1/27 (a) | | | 2,034,000 | | | | 1,816,697 | |
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26 | | | 2,956,000 | | | | 2,954,044 | |
6.875%, 9/1/27 | | | 3,016,000 | | | | 3,003,248 | |
Weatherford International Ltd., 144A, 8.625%, 4/30/30 | | | 6,322,000 | | | | 6,559,423 | |
| | | | | | | | |
(Cost $19,838,950) | | | | | | | 19,504,839 | |
| | | | | | | | |
| Pipelines — 5.7% | |
Antero Midstream Partners LP / Antero Midstream Finance Corp. | | | | | | | | |
144A, 7.875%, 5/15/26 | | | 2,985,000 | | | | 3,050,909 | |
144A, 5.75%, 3/1/27 | | | 2,614,000 | | | | 2,559,531 | |
144A, 5.75%, 1/15/28 | | | 2,656,000 | | | | 2,606,130 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | |
144A, 5.375%, 6/15/29 | | $ | 2,668,000 | | | $ | 2,540,209 | |
144A, 6.625%, 2/1/32 | | | 2,473,000 | | | | 2,464,431 | |
Buckeye Partners LP
144A, 4.125%, 3/1/25 | | | 2,024,000 | | | | 1,980,991 | |
3.95%, 12/1/26 | | | 2,553,000 | | | | 2,416,670 | |
4.125%, 12/1/27 | | | 1,654,000 | | | | 1,540,866 | |
144A, 4.50%, 3/1/28 | | | 2,052,000 | | | | 1,909,588 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A, 5.50%, 6/15/31 | | | 5,630,000 | | | | 5,250,484 | |
144A, 7.50%, 12/15/33 (a) | | | 2,097,000 | | | | 2,139,945 | |
DT Midstream, Inc.
144A, 4.125%, 6/15/29 | | | 4,424,000 | | | | 4,046,592 | |
144A, 4.375%, 6/15/31 | | | 4,070,000 | | | | 3,667,400 | |
EnLink Midstream LLC
144A, 5.625%, 1/15/28 | | | 2,058,000 | | | | 2,029,623 | |
5.375%, 6/1/29 | | | 2,022,000 | | | | 1,961,580 | |
144A, 6.50%, 9/1/30 | | | 3,861,000 | | | | 3,960,965 | |
EnLink Midstream Partners LP
4.15%, 6/1/25 | | | 1,697,000 | | | | 1,655,826 | |
4.85%, 7/15/26 | | | 1,975,000 | | | | 1,927,399 | |
EQM Midstream Partners LP
144A, 6.00%, 7/1/25 | | | 1,609,000 | | | | 1,608,066 | |
4.125%, 12/1/26 | | | 2,062,000 | | | | 1,978,456 | |
144A, 7.50%, 6/1/27 | | | 1,998,000 | | | | 2,045,636 | |
144A, 6.50%, 7/1/27 | | | 3,722,000 | | | | 3,762,146 | |
5.50%, 7/15/28 | | | 3,440,000 | | | | 3,377,041 | |
144A, 4.50%, 1/15/29 | | | 3,239,000 | | | | 3,039,007 | |
144A, 7.50%, 6/1/30 | | | 2,049,000 | | | | 2,179,984 | |
144A, 4.75%, 1/15/31 | | | 4,190,000 | | | | 3,900,111 | |
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27 | | | 3,946,000 | | | | 3,977,107 | |
7.75%, 2/1/28 | | | 2,732,000 | | | | 2,734,451 | |
8.25%, 1/15/29 | | | 2,408,000 | | | | 2,450,102 | |
8.875%, 4/15/30 | | | 2,006,000 | | | | 2,081,782 | |
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27 | | | 1,600,000 | | | | 1,601,760 | |
144A, 8.25%, 1/15/32 | | | 1,810,000 | | | | 1,857,652 | |
Hess Midstream Operations LP
144A, 5.625%, 2/15/26 | | | 3,197,000 | | | | 3,154,720 | |
144A, 5.125%, 6/15/28 | | | 2,278,000 | | | | 2,190,570 | |
144A, 4.25%, 2/15/30 | | | 2,796,000 | | | | 2,548,540 | |
144A, 5.50%, 10/15/30 | | | 1,649,000 | | | | 1,586,223 | |
ITT Holdings LLC, 144A,
6.50%, 8/1/29 | | | 4,907,000 | | | | 4,360,184 | |
New Fortress Energy, Inc.
144A, 6.75%, 9/15/25 | | | 5,027,000 | | | | 5,005,708 | |
144A, 6.50%, 9/30/26 (a) | | | 6,032,000 | | | | 5,830,611 | |
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A, 8.125%, 2/15/29 | | | 3,600,000 | | | | 3,636,997 | |
144A, 8.375%, 2/15/32 | | | 5,200,000 | | | | 5,286,278 | |
NuStar Logistics LP
5.75%, 10/1/25 | | | 2,111,000 | | | | 2,093,557 | |
6.00%, 6/1/26 | | | 1,748,000 | | | | 1,729,463 | |
5.625%, 4/28/27 | | | 2,533,000 | | | | 2,509,253 | |
6.375%, 10/1/30 | | | 2,501,000 | | | | 2,510,379 | |
| | | | |
| See Notes to Financial Statements. | | 74 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Pipelines (Continued) | |
Rockies Express Pipeline LLC
144A, 3.60%, 5/15/25 | | $ | 1,610,000 | | | $ | 1,562,313 | |
144A, 4.95%, 7/15/29 | | | 2,284,000 | | | | 2,138,003 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A, 6.00%, 3/1/27 | | | 1,729,000 | | | | 1,707,975 | |
144A, 5.50%, 1/15/28 | | | 3,194,000 | | | | 3,038,005 | |
144A, 7.375%, 2/15/29 | | | 3,064,000 | | | | 3,059,499 | |
144A, 6.00%, 12/31/30 | | | 2,958,000 | | | | 2,753,577 | |
144A, 6.00%, 9/1/31 | | | 1,829,000 | | | | 1,676,907 | |
Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29 | | | 5,152,000 | | | | 4,629,143 | |
144A, 6.25%, 1/15/30 | | | 4,101,000 | | | | 4,097,545 | |
144A, 4.125%, 8/15/31 | | | 5,086,000 | | | | 4,467,717 | |
144A, 3.875%, 11/1/33 | | | 4,923,000 | | | | 4,132,880 | |
Venture Global LNG, Inc.
144A, 8.125%, 6/1/28 | | | 9,001,000 | | | | 9,151,421 | |
144A, 9.50%, 2/1/29 | | | 12,065,000 | | | | 12,871,406 | |
144A, 8.375%, 6/1/31 | | | 9,049,000 | | | | 9,159,633 | |
144A, 9.875%, 2/1/32 | | | 8,044,000 | | | | 8,474,402 | |
| | | | | | | | |
(Cost $205,998,391) | | | | | | | 199,665,349 | |
| | | | | | | | |
| Financial — 11.7% | |
| Banks — 0.3% | |
Freedom Mortgage Corp.
144A, 7.625%, 5/1/26 | | | 2,016,000 | | | | 2,002,593 | |
144A, 6.625%, 1/15/27 | | | 2,152,000 | | | | 2,053,302 | |
144A, 12.00%, 10/1/28 | | | 3,217,000 | | | | 3,489,435 | |
144A, 12.25%, 10/1/30 | | | 2,079,000 | | | | 2,290,037 | |
| | | | | | | | |
(Cost $9,393,389) | | | | | | | 9,835,367 | |
| | | | | | | | |
| Diversified Financial Services — 4.3% | |
AG Issuer LLC, 144A,
6.25%, 3/1/28 | | | 2,029,000 | | | | 1,965,183 | |
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27 | | | 2,011,000 | | | | 2,071,978 | |
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29 | | | 3,615,000 | | | | 3,702,266 | |
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31 | | | 2,690,000 | | | | 2,827,863 | |
Coinbase Global, Inc.
144A, 3.375%, 10/1/28 | | | 4,120,000 | | | | 3,485,236 | |
144A, 3.625%, 10/1/31 | | | 2,937,000 | | | | 2,302,260 | |
Credit Acceptance Corp., 144A, 9.25%, 12/15/28 | | | 2,516,000 | | | | 2,664,696 | |
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28* | | | 2,744,000 | | | | 751,170 | |
Enova International, Inc., 144A, 11.25%, 12/15/28 | | | 1,627,000 | | | | 1,705,353 | |
goeasy Ltd., 144A,
9.25%, 12/1/28 | | | 2,200,000 | | | | 2,336,400 | |
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28 | | | 3,994,000 | | | | 3,597,443 | |
LD Holdings Group LLC
144A, 6.50%, 11/1/25 | | | 2,009,000 | | | | 1,861,368 | |
144A, 6.125%, 4/1/28 | | | 2,413,000 | | | | 1,972,422 | |
Macquarie Airfinance Holdings Ltd., 144A,
8.375%, 5/1/28 | | | 2,011,000 | | | | 2,108,131 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Diversified Financial Services (Continued) | |
Nationstar Mortgage Holdings, Inc.
144A, 5.00%, 2/1/26 | | $ | 2,011,000 | | | $ | 1,956,023 | |
144A, 6.00%, 1/15/27 | | | 2,378,000 | | | | 2,340,154 | |
144A, 5.50%, 8/15/28 | | | 3,397,000 | | | | 3,211,416 | |
144A, 5.125%, 12/15/30 | | | 2,692,000 | | | | 2,406,260 | |
144A, 5.75%, 11/15/31 | | | 2,413,000 | | | | 2,212,815 | |
144A, 7.125%, 2/1/32 | | | 3,900,000 | | | | 3,838,922 | |
Navient Corp.
6.75%, 6/25/25 | | | 2,023,000 | | | | 2,036,775 | |
6.75%, 6/15/26 | | | 1,956,000 | | | | 1,965,811 | |
5.00%, 3/15/27 | | | 2,648,000 | | | | 2,513,530 | |
4.875%, 3/15/28 | | | 1,966,000 | | | | 1,797,091 | |
5.50%, 3/15/29 | | | 3,049,000 | | | | 2,763,150 | |
9.375%, 7/25/30 | | | 2,033,000 | | | | 2,126,910 | |
11.50%, 3/15/31 | | | 2,093,000 | | | | 2,292,080 | |
NFP Corp.
144A, 4.875%, 8/15/28 | | | 2,355,000 | | | | 2,351,279 | |
144A, 6.875%, 8/15/28 | | | 8,587,000 | | | | 8,728,160 | |
OneMain Finance Corp.
6.875%, 3/15/25 | | | 5,210,000 | | | | 5,266,320 | |
7.125%, 3/15/26 | | | 6,435,000 | | | | 6,544,504 | |
3.50%, 1/15/27 | | | 3,034,000 | | | | 2,796,570 | |
6.625%, 1/15/28 | | | 3,186,000 | | | | 3,170,554 | |
3.875%, 9/15/28 | | | 2,318,000 | | | | 2,028,015 | |
9.00%, 1/15/29 | | | 3,620,000 | | | | 3,805,417 | |
5.375%, 11/15/29 | | | 3,024,000 | | | | 2,809,804 | |
7.875%, 3/15/30 | | | 2,815,000 | | | | 2,865,231 | |
4.00%, 9/15/30 | | | 3,276,000 | | | | 2,764,064 | |
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27 (a) | | | 1,646,000 | | | | 1,711,210 | |
PennyMac Financial Services, Inc.
144A, 5.375%, 10/15/25 | | | 2,614,000 | | | | 2,574,943 | |
144A, 4.25%, 2/15/29 | | | 2,497,000 | | | | 2,254,143 | |
144A, 7.875%, 12/15/29 | | | 3,076,000 | | | | 3,151,328 | |
144A, 5.75%, 9/15/31 | | | 1,998,000 | | | | 1,838,893 | |
PRA Group, Inc., 144A,
8.375%, 2/1/28 | | | 1,623,000 | | | | 1,587,497 | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A, 2.875%, 10/15/26 | | | 4,625,000 | | | | 4,260,203 | |
144A, 3.625%, 3/1/29 | | | 3,038,000 | | | | 2,697,705 | |
144A, 3.875%, 3/1/31 | | | 5,096,000 | | | | 4,379,248 | |
144A, 4.00%, 10/15/33 | | | 3,357,000 | | | | 2,789,818 | |
SLM Corp.
4.20%, 10/29/25 | | | 2,011,000 | | | | 1,951,997 | |
3.125%, 11/2/26 | | | 2,077,000 | | | | 1,910,270 | |
Synchrony Financial,
7.25%, 2/2/33 | | | 3,016,000 | | | | 2,934,065 | |
United Wholesale Mortgage LLC
144A, 5.50%, 11/15/25 | | | 3,217,000 | | | | 3,164,984 | |
144A, 5.75%, 6/15/27 | | | 2,100,000 | | | | 2,039,383 | |
144A, 5.50%, 4/15/29 | | | 2,820,000 | | | | 2,635,885 | |
| | | | | | | | |
(Cost $156,743,193) | | | | | | | 149,824,196 | |
| | | | | | | | |
| Insurance — 1.7% | |
Acrisure LLC / Acrisure Finance, Inc.
144A, 10.125%, 8/1/26 | | | 1,752,000 | | | | 1,823,251 | |
144A, 4.25%, 2/15/29 | | | 2,887,000 | | | | 2,563,757 | |
144A, 6.00%, 8/1/29 | | | 2,091,000 | | | | 1,884,222 | |
| | | | |
| See Notes to Financial Statements. | | 75 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Insurance (Continued) | |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
144A, 4.25%, 10/15/27 | | $ | 3,131,000 | | | $ | 2,893,453 | |
144A, 6.75%, 10/15/27 | | | 5,272,000 | | | | 5,126,651 | |
144A, 6.75%, 4/15/28 | | | 5,166,000 | | | | 5,135,288 | |
144A, 5.875%, 11/1/29 | | | 1,765,000 | | | | 1,617,084 | |
144A, 7.00%, 1/15/31 | | | 3,027,000 | | | | 3,017,298 | |
AmWINS Group, Inc., 144A, 6.375%, 2/15/29 | | | 2,900,000 | | | | 2,903,704 | |
AssuredPartners, Inc.
144A, 5.625%, 1/15/29 | | | 2,275,000 | | | | 2,095,080 | |
144A, 7.50%, 2/15/32 | | | 1,900,000 | | | | 1,868,375 | |
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 144A, 7.25%, 2/15/31 | | | 3,900,000 | | | | 3,908,522 | |
HUB International Ltd.
144A, 5.625%, 12/1/29 | | | 2,273,000 | | | | 2,112,290 | |
144A, 7.25%, 6/15/30 | | | 13,110,000 | | | | 13,382,268 | |
144A, 7.375%, 1/31/32 | | | 7,500,000 | | | | 7,528,448 | |
USI, Inc., 144A,
7.50%, 1/15/32 | | | 2,637,000 | | | | 2,630,408 | |
| | | | | | | | |
(Cost $61,302,992) | | | | | | | 60,490,099 | |
| | | | | | | | |
| Investment Companies — 0.1% | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29 | | | | | | | | |
(Cost $2,885,259) | | | 2,815,000 | | | | 2,945,194 | |
| | | | | | | | |
| Real Estate — 0.7% | |
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30 | | | 2,601,197 | | | | 2,360,534 | |
Cushman & Wakefield US Borrower LLC
144A, 6.75%, 5/15/28 | | | 2,687,000 | | | | 2,649,234 | |
144A, 8.875%, 9/1/31 | | | 1,507,000 | | | | 1,570,256 | |
Howard Hughes Corp.
144A, 5.375%, 8/1/28 | | | 2,982,000 | | | | 2,816,574 | |
144A, 4.125%, 2/1/29 | | | 2,587,000 | | | | 2,299,882 | |
144A, 4.375%, 2/1/31 | | | 2,648,000 | | | | 2,259,453 | |
Kennedy-Wilson, Inc.
4.75%, 3/1/29 | | | 2,460,000 | | | | 1,995,146 | |
4.75%, 2/1/30 | | | 2,482,000 | | | | 1,966,427 | |
5.00%, 3/1/31 | | | 2,413,000 | | | | 1,878,460 | |
Realogy Group LLC / Realogy Co.-Issuer Corp.
144A, 5.75%, 1/15/29 | | | 2,317,000 | | | | 1,726,165 | |
144A, 5.25%, 4/15/30 | | | 1,839,000 | | | | 1,290,247 | |
| | | | | | | | |
(Cost $25,637,401) | | | | | | | 22,812,378 | |
| | | | | | | | |
| Real Estate Investment Trusts — 3.9% | |
Brandywine Operating Partnership LP, 3.95%, 11/15/27 | | | 1,813,000 | | | | 1,595,756 | |
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A, 5.75%, 5/15/26 | | | 3,802,000 | | | | 3,670,561 | |
144A, 4.50%, 4/1/27 | | | 2,922,000 | | | | 2,572,123 | |
Diversified Healthcare Trust
9.75%, 6/15/25 | | | 2,011,000 | | | | 2,004,080 | |
4.75%, 2/15/28 | | | 1,936,000 | | | | 1,542,970 | |
4.375%, 3/1/31 | | | 2,042,000 | | | | 1,554,085 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Real Estate Investment Trusts (Continued) | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27 | | $ | 2,086,000 | | | $ | 1,763,839 | |
Hudson Pacific Properties LP
3.95%, 11/1/27 | | | 1,602,000 | | | | 1,385,239 | |
4.65%, 4/1/29 | | | 2,011,000 | | | | 1,677,400 | |
3.25%, 1/15/30 | | | 1,627,000 | | | | 1,223,461 | |
Iron Mountain, Inc.
144A, 4.875%, 9/15/27 | | | 3,812,000 | | | | 3,660,162 | |
144A, 5.25%, 3/15/28 | | | 3,417,000 | | | | 3,296,928 | |
144A, 5.00%, 7/15/28 | | | 2,078,000 | | | | 1,969,222 | |
144A, 7.00%, 2/15/29 | | | 4,131,000 | | | | 4,197,366 | |
144A, 4.875%, 9/15/29 | | | 4,101,000 | | | | 3,817,551 | |
144A, 5.25%, 7/15/30 | | | 5,191,000 | | | | 4,862,359 | |
144A, 4.50%, 2/15/31 | | | 4,292,000 | | | | 3,802,026 | |
144A, 5.625%, 7/15/32 | | | 2,480,000 | | | | 2,307,737 | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A, 4.25%, 2/1/27 | | | 2,458,000 | | | | 2,264,708 | |
144A, 4.75%, 6/15/29 | | | 2,521,000 | | | | 2,265,632 | |
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26 (a) | | | 2,011,000 | | | | 1,793,260 | |
5.00%, 10/15/27 (a) | | | 5,630,000 | | | | 4,613,462 | |
4.625%, 8/1/29 (a) | | | 3,620,000 | | | | 2,700,954 | |
3.50%, 3/15/31 (a) | | | 5,228,000 | | | | 3,505,026 | |
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28 | | | 2,027,000 | | | | 1,709,298 | |
Office Properties Income Trust, 3.45%, 10/15/31 | | | 1,609,000 | | | | 710,028 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A, 7.50%, 6/1/25 | | | 2,711,000 | | | | 2,721,858 | |
144A, 5.875%, 10/1/28 | | | 2,992,000 | | | | 2,910,947 | |
144A, 4.875%, 5/15/29 | | | 2,875,000 | | | | 2,644,138 | |
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27 | | | 2,940,500 | | | | 2,810,809 | |
144A, 7.25%, 7/15/28 | | | 1,659,000 | | | | 1,700,595 | |
144A, 4.50%, 2/15/29 | | | 2,161,000 | | | | 2,010,594 | |
RLJ Lodging Trust LP
144A, 3.75%, 7/1/26 | | | 2,011,000 | | | | 1,897,680 | |
144A, 4.00%, 9/15/29 | | | 2,133,000 | | | | 1,863,794 | |
SBA Communications Corp.
3.875%, 2/15/27 | | | 6,200,000 | | | | 5,856,103 | |
3.125%, 2/1/29 | | | 5,725,000 | | | | 5,070,544 | |
Service Properties Trust
7.50%, 9/15/25 | | | 3,217,000 | | | | 3,261,485 | |
4.75%, 10/1/26 | | | 1,749,000 | | | | 1,619,799 | |
4.95%, 2/15/27 | | | 1,602,000 | | | | 1,472,621 | |
5.50%, 12/15/27 | | | 1,851,000 | | | | 1,744,687 | |
3.95%, 1/15/28 | | | 1,615,000 | | | | 1,367,585 | |
4.95%, 10/1/29 | | | 1,686,000 | | | | 1,388,979 | |
4.375%, 2/15/30 | | | 1,609,000 | | | | 1,241,943 | |
144A, 8.625%, 11/15/31 | | | 4,124,000 | | | | 4,359,097 | |
| | | | |
| See Notes to Financial Statements. | | 76 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Real Estate Investment Trusts (Continued) | |
Starwood Property Trust, Inc.
4.75%, 3/15/25 | | $ | 1,962,000 | | | $ | 1,937,799 | |
144A, 3.625%, 7/15/26 | | | 1,609,000 | | | | 1,502,331 | |
144A, 4.375%, 1/15/27 (a) | | | 1,989,000 | | | | 1,867,233 | |
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30 | | | 2,815,000 | | | | 2,058,215 | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A, 10.50%, 2/15/28 | | | 10,457,000 | | | | 10,834,839 | |
144A, 4.75%, 4/15/28 | | | 2,278,000 | | | | 1,981,955 | |
144A, 6.50%, 2/15/29 | | | 4,464,000 | | | | 3,441,560 | |
Vornado Realty LP,
2.15%, 6/1/26 | | | 1,609,000 | | | | 1,444,650 | |
| | | | | | | | |
(Cost $148,157,542) | | | | | | | 137,477,073 | |
| | | | | | | | |
| Venture Capital — 0.7% | |
HAT Holdings I LLC / HAT Holdings II LLC
144A, 6.00%, 4/15/25 | | | 1,425,000 | | | | 1,411,795 | |
144A, 3.375%, 6/15/26 (a) | | | 4,034,000 | | | | 3,777,633 | |
144A, 8.00%, 6/15/27 (a) | | | 2,994,000 | | | | 3,112,455 | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.375%, 12/15/25 | | | 3,006,000 | | | | 2,981,996 | |
6.25%, 5/15/26 | | | 5,019,000 | | | | 4,895,413 | |
5.25%, 5/15/27 | | | 5,738,000 | | | | 5,278,271 | |
4.375%, 2/1/29 | | | 2,944,000 | | | | 2,487,665 | |
| | | | | | | | |
(Cost $25,125,196) | | | | | | | 23,945,228 | |
| | | | | | | | |
| Industrial — 9.3% | |
| Aerospace/Defense — 2.4% | |
Bombardier, Inc.
144A, 7.125%, 6/15/26 | | | 3,836,000 | | | | 3,870,731 | |
144A, 7.875%, 4/15/27 | | | 7,278,000 | | | | 7,291,835 | |
144A, 6.00%, 2/15/28 | | | 3,054,000 | | | | 2,967,754 | |
144A, 7.50%, 2/1/29 (a) | | | 3,073,000 | | | | 3,119,447 | |
144A, 8.75%, 11/15/30 | | | 3,004,000 | | | | 3,150,475 | |
Rolls-Royce PLC
144A, 3.625%, 10/14/25 | | | 4,127,000 | | | | 3,989,241 | |
144A, 5.75%, 10/15/27 | | | 3,800,000 | | | | 3,785,088 | |
Spirit AeroSystems, Inc.
4.60%, 6/15/28 | | | 2,828,000 | | | | 2,485,557 | |
144A, 9.375%, 11/30/29 | | | 3,620,000 | | | | 3,919,026 | |
144A, 9.75%, 11/15/30 | | | 4,977,000 | | | | 5,338,365 | |
TransDigm, Inc.
7.50%, 3/15/27 | | | 2,668,000 | | | | 2,667,728 | |
5.50%, 11/15/27 | | | 10,921,000 | | | | 10,556,060 | |
144A, 6.75%, 8/15/28 | | | 8,657,000 | | | | 8,771,324 | |
4.625%, 1/15/29 | | | 4,976,000 | | | | 4,567,371 | |
4.875%, 5/1/29 | | | 3,107,000 | | | | 2,857,076 | |
144A, 6.875%, 12/15/30 | | | 5,950,000 | | | | 6,026,815 | |
144A, 7.125%, 12/1/31 | | | 4,167,000 | | | | 4,279,801 | |
Triumph Group, Inc.
7.75%, 8/15/25 | | | 1,150,000 | | | | 1,148,304 | |
144A, 9.00%, 3/15/28 | | | 4,806,000 | | | | 5,029,883 | |
| | | | | | | | |
(Cost $87,131,720) | | | | | | | 85,821,881 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Building Materials — 1.2% | |
Builders FirstSource, Inc.
144A, 5.00%, 3/1/30 | | $ | 2,255,000 | | | $ | 2,131,476 | |
144A, 4.25%, 2/1/32 | | | 5,301,000 | | | | 4,663,025 | |
144A, 6.375%, 6/15/32 | | | 2,591,000 | | | | 2,593,751 | |
Smyrna Ready Mix Concrete LLC
144A, 6.00%, 11/1/28 | | | 4,503,000 | | | | 4,372,499 | |
144A, 8.875%, 11/15/31 | | | 4,296,000 | | | | 4,557,064 | |
Standard Industries, Inc.
144A, 5.00%, 2/15/27 | | | 3,419,000 | | | | 3,295,801 | |
144A, 4.75%, 1/15/28 | | | 4,055,000 | | | | 3,830,484 | |
144A, 4.375%, 7/15/30 | | | 6,435,000 | | | | 5,743,337 | |
144A, 3.375%, 1/15/31 | | | 4,336,000 | | | | 3,597,328 | |
Summit Materials LLC / Summit Materials Finance Corp.
144A, 5.25%, 1/15/29 | | | 2,868,000 | | | | 2,779,121 | |
144A, 7.25%, 1/15/31 | | | 3,307,000 | | | | 3,434,610 | |
| | | | | | | | |
(Cost $42,918,201) | | | | | | | 40,998,496 | |
| | | | | | | | |
| Electrical Components & Equipment — 0.5% | |
Energizer Holdings, Inc.
144A, 4.75%, 6/15/28 | | | 2,481,000 | | | | 2,271,052 | |
144A, 4.375%, 3/31/29 | | | 2,998,000 | | | | 2,659,346 | |
WESCO Distribution, Inc.
144A, 7.125%, 6/15/25 | | | 6,299,000 | | | | 6,342,054 | |
144A, 7.25%, 6/15/28 | | | 5,602,000 | | | | 5,729,985 | |
| | | | | | | | |
(Cost $17,494,787) | | | | | | | 17,002,437 | |
| | | | | | | | |
| Electronics — 0.4% | |
Sensata Technologies BV
144A, 5.00%, 10/1/25 | | | 2,810,000 | | | | 2,786,285 | |
144A, 4.00%, 4/15/29 | | | 4,043,000 | | | | 3,670,489 | |
144A, 5.875%, 9/1/30 | | | 2,042,000 | | | | 1,990,646 | |
Sensata Technologies, Inc.
144A, 4.375%, 2/15/30 | | | 1,669,000 | | | | 1,522,235 | |
144A, 3.75%, 2/15/31 | | | 3,038,000 | | | | 2,600,710 | |
| | | | | | | | |
(Cost $13,555,817) | | | | | | | 12,570,365 | |
| | | | | | | | |
| Engineering & Construction — 0.3% | |
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30 | | | 5,471,000 | | | | 5,824,846 | |
Fluor Corp.,
4.25%, 9/15/28 | | | 2,453,000 | | | | 2,321,335 | |
IHS Holding Ltd.
144A, 5.625%, 11/29/26 | | | 2,011,000 | | | | 1,767,448 | |
144A, 6.25%, 11/29/28 | | | 1,980,000 | | | | 1,620,804 | |
| | | | | | | | |
(Cost $11,412,318) | | | | | | | 11,534,433 | |
| | | | | | | | |
| Environmental Control — 0.9% | |
Clean Harbors, Inc., 144A, 6.375%, 2/1/31 | | | 2,063,000 | | | | 2,052,374 | |
Covanta Holding Corp.,
5.00%, 9/1/30 | | | 1,654,000 | | | | 1,438,443 | |
GFL Environmental, Inc.
144A, 4.25%, 6/1/25 | | | 1,998,000 | | | | 1,964,633 | |
144A, 3.75%, 8/1/25 | | | 3,027,000 | | | | 2,941,782 | |
144A, 5.125%, 12/15/26 | | | 2,002,000 | | | | 1,960,275 | |
144A, 4.00%, 8/1/28 | | | 2,701,000 | | | | 2,478,835 | |
144A, 3.50%, 9/1/28 | | | 3,016,000 | | | | 2,737,230 | |
144A, 4.75%, 6/15/29 | | | 3,087,000 | | | | 2,893,095 | |
144A, 4.375%, 8/15/29 | | | 2,223,000 | | | | 2,027,087 | |
144A, 6.75%, 1/15/31 | | | 4,117,000 | | | | 4,216,265 | |
| | | | |
| See Notes to Financial Statements. | | 77 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Environmental Control (Continued) | |
Madison IAQ LLC
144A, 4.125%, 6/30/28 | | $ | 2,800,000 | | | $ | 2,553,456 | |
144A, 5.875%, 6/30/29 | | | 4,100,000 | | | | 3,664,464 | |
| | | | | | | | |
(Cost $32,137,230) | | | | | | | 30,927,939 | |
| | | | | | | | |
| Machinery-Diversified — 0.4% | |
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28 | | | 2,009,000 | | | | 2,091,019 | |
SPX FLOW, Inc., 144A,
8.75%, 4/1/30 | | | 2,035,000 | | | | 1,996,764 | |
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26 | | | 2,000,000 | | | | 2,001,600 | |
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28 | | | 1,560,000 | | | | 1,527,599 | |
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27 | | | 6,436,000 | | | | 6,191,439 | |
| | | | | | | | |
(Cost $13,928,666) | | | | | | | 13,808,421 | |
| | | | | | | | |
| Miscellaneous Manufacturing — 0.1% | |
Hillenbrand, Inc.
5.75%, 6/15/25 | | | 1,725,000 | | | | 1,713,791 | |
6.25%, 2/15/29 | | | 1,700,000 | | | | 1,702,358 | |
Trinity Industries, Inc., 144A, 7.75%, 7/15/28 | | | 1,602,000 | | | | 1,651,789 | |
| | | | | | | | |
(Cost $5,066,565) | | | | | | | 5,067,938 | |
| | | | | | | | |
| Packaging & Containers — 2.6% | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A, 6.00%, 6/15/27 | | | 2,418,000 | | | | 2,376,776 | |
144A, 3.25%, 9/1/28 | | | 2,482,000 | | | | 2,154,301 | |
144A, 4.00%, 9/1/29 (a) | | | 4,126,000 | | | | 3,355,702 | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A, 5.25%, 4/30/25 | | | 2,977,000 | | | | 2,948,223 | |
144A, 4.125%, 8/15/26 (a) | | | 4,886,000 | | | | 4,513,540 | |
144A, 5.25%, 8/15/27 | | | 4,022,000 | | | | 2,921,768 | |
144A, 5.25%, 8/15/27 | | | 3,217,000 | | | | 2,336,978 | |
Ball Corp.
6.875%, 3/15/28 | | | 3,016,000 | | | | 3,091,886 | |
6.00%, 6/15/29 | | | 4,022,000 | | | | 4,046,522 | |
2.875%, 8/15/30 | | | 5,334,000 | | | | 4,520,905 | |
3.125%, 9/15/31 (a) | | | 3,257,000 | | | | 2,747,089 | |
Berry Global, Inc., 144A, 5.625%, 7/15/27 | | | 2,214,000 | | | | 2,185,199 | |
Crown Americas LLC,
5.25%, 4/1/30 | | | 2,049,000 | | | | 1,975,605 | |
Graphic Packaging International LLC
144A, 3.50%, 3/15/28 | | | 1,832,000 | | | | 1,677,304 | |
144A, 3.75%, 2/1/30 | | | 1,415,000 | | | | 1,260,715 | |
LABL, Inc.
144A, 6.75%, 7/15/26 | | | 2,815,000 | | | | 2,732,413 | |
144A, 10.50%, 7/15/27 (a) | | | 2,710,000 | | | | 2,634,111 | |
144A, 5.875%, 11/1/28 | | | 1,981,000 | | | | 1,778,143 | |
144A, 8.25%, 11/1/29 | | | 1,888,000 | | | | 1,598,900 | |
Mauser Packaging Solutions Holding Co.
144A, 7.875%, 8/15/26 | | | 11,060,000 | | | | 11,214,199 | |
144A, 9.25%, 4/15/27 (a) | | | 5,403,000 | | | | 5,260,432 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Packaging & Containers (Continued) | |
OI European Group BV, 144A, 4.75%, 2/15/30 | | $ | 1,309,000 | | | $ | 1,206,309 | |
Owens-Brockway Glass Container, Inc.
144A, 6.625%, 5/13/27 | | | 2,426,000 | | | | 2,422,489 | |
144A, 7.25%, 5/15/31 | | | 2,923,000 | | | | 2,966,085 | |
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27 | | | 4,218,000 | | | | 3,933,665 | |
Sealed Air Corp.
144A, 5.50%, 9/15/25 | | | 1,809,000 | | | | 1,807,281 | |
144A, 4.00%, 12/1/27 | | | 1,757,000 | | | | 1,636,038 | |
144A, 6.125%, 2/1/28 | | | 3,117,000 | | | | 3,110,017 | |
144A, 5.00%, 4/15/29 | | | 1,757,000 | | | | 1,666,019 | |
144A, 7.25%, 2/15/31 | | | 1,471,000 | | | | 1,520,475 | |
Silgan Holdings, Inc.,
4.125%, 2/1/28 | | | 2,304,000 | | | | 2,153,406 | |
| | | | | | | | |
(Cost $94,878,303) | | | | | | | 89,752,495 | |
| | | | | | | | |
| Transportation — 0.2% | |
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (a) | | | 2,368,000 | | | | 2,097,267 | |
Seaspan Corp., 144A,
5.50%, 8/1/29 | | | 3,019,000 | | | | 2,577,803 | |
XPO, Inc.
144A, 7.125%, 6/1/31 | | | 1,857,000 | | | | 1,898,595 | |
144A, 7.125%, 2/1/32 | | | 2,450,000 | | | | 2,492,846 | |
| | | | | | | | |
(Cost $9,505,208) | | | | | | | 9,066,511 | |
| | | | | | | | |
| Trucking & Leasing — 0.3% | |
Fortress Transportation and Infrastructure Investors LLC
144A, 6.50%, 10/1/25 | | | 2,631,000 | | | | 2,634,838 | |
144A, 9.75%, 8/1/27 | | | 1,665,000 | | | | 1,727,421 | |
144A, 5.50%, 5/1/28 | | | 4,122,000 | | | | 3,952,426 | |
144A, 7.875%, 12/1/30 | | | 1,806,000 | | | | 1,895,130 | |
| | | | | | | | |
(Cost $10,362,679) | | | | | | | 10,209,815 | |
| | | | | | | | |
| Technology — 4.8% | |
| Computers — 1.4% | |
CA Magnum Holdings, 144A, 5.375%, 10/31/26 | | | 3,900,000 | | | | 3,758,391 | |
McAfee Corp., 144A,
7.375%, 2/15/30 | | | 8,124,000 | | | | 7,179,568 | |
NCR Atleos Corp., 144A, 9.50%, 4/1/29 | | | 5,429,000 | | | | 5,747,954 | |
NCR Voyix Corp.
144A, 5.00%, 10/1/28 | | | 2,642,000 | | | | 2,458,524 | |
144A, 5.125%, 4/15/29 | | | 4,668,000 | | | | 4,333,959 | |
144A, 5.25%, 10/1/30 | | | 1,810,000 | | | | 1,637,100 | |
Presidio Holdings, Inc.
144A, 4.875%, 2/1/27 | | | 2,111,000 | | | | 2,030,727 | |
144A, 8.25%, 2/1/28 | | | 2,212,000 | | | | 2,182,911 | |
Seagate HDD Cayman
4.875%, 6/1/27 | | | 2,079,000 | | | | 2,015,339 | |
4.091%, 6/1/29 | | | 2,031,000 | | | | 1,855,287 | |
144A, 8.25%, 12/15/29 | | | 2,068,000 | | | | 2,217,614 | |
144A, 8.50%, 7/15/31 (a) | | | 2,038,000 | | | | 2,205,223 | |
9.625%, 12/1/32 | | | 2,868,495 | | | | 3,244,268 | |
Western Digital Corp.,
4.75%, 2/15/26 | | | 9,267,000 | | | | 9,065,762 | |
| | | | | | | | |
(Cost $51,379,605) | | | | | | | 49,932,627 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 78 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Office/Business Equipment — 0.2% | |
Xerox Holdings Corp.
144A, 5.00%, 8/15/25 | | $ | 3,016,000 | | | $ | 2,969,109 | |
144A, 5.50%, 8/15/28 | | | 3,138,000 | | | | 2,841,510 | |
| | | | | | | | |
(Cost $6,187,215) | | | | | | | 5,810,619 | |
| | | | | | | | |
| Semiconductors — 0.5% | |
ams-OSRAM AG, 144A, 12.25%, 3/30/29 | | | 1,607,000 | | | | 1,632,109 | |
Entegris, Inc.
144A, 4.375%, 4/15/28 | | | 1,865,000 | | | | 1,744,499 | |
144A, 4.75%, 4/15/29 | | | 6,218,000 | | | | 5,869,188 | |
144A, 3.625%, 5/1/29 | | | 1,590,000 | | | | 1,408,605 | |
144A, 5.95%, 6/15/30 | | | 3,690,000 | | | | 3,620,939 | |
ON Semiconductor Corp., 144A, 3.875%, 9/1/28 | | | 2,837,000 | | | | 2,596,962 | |
| | | | | | | | |
(Cost $17,221,623) | | | | | | | 16,872,302 | |
| | | | | | | | |
| Software — 2.7% | |
Alteryx, Inc., 144A,
8.75%, 3/15/28 | | | 1,802,000 | | | | 1,828,835 | |
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a) | | | 9,451,000 | | | | 8,470,569 | |
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25 | | | 2,388,000 | | | | 2,392,012 | |
Clarivate Science Holdings Corp.
144A, 3.875%, 7/1/28 | | | 3,434,000 | | | | 3,138,284 | |
144A, 4.875%, 7/1/29 (a) | | | 3,815,000 | | | | 3,464,484 | |
Cloud Software Group, Inc.
144A, 6.50%, 3/31/29 | | | 16,087,000 | | | | 14,991,202 | |
144A, 9.00%, 9/30/29 | | | 15,434,000 | | | | 14,423,055 | |
Fair Isaac Corp.
144A, 5.25%, 5/15/26 | | | 1,607,000 | | | | 1,591,412 | |
144A, 4.00%, 6/15/28 | | | 3,494,000 | | | | 3,249,174 | |
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a) | | | 2,002,000 | | | | 1,932,582 | |
Open Text Corp.
144A, 3.875%, 2/15/28 | | | 3,515,000 | | | | 3,233,466 | |
144A, 3.875%, 12/1/29 | | | 3,503,000 | | | | 3,099,270 | |
Open Text Holdings, Inc.
144A, 4.125%, 2/15/30 | | | 3,687,000 | | | | 3,259,189 | |
144A, 4.125%, 12/1/31 | | | 2,554,000 | | | | 2,188,303 | |
PTC, Inc., 144A, 4.00%, 2/15/28 | | | 2,202,000 | | | | 2,056,624 | |
RingCentral, Inc., 144A, 8.50%, 8/15/30 | | | 1,635,000 | | | | 1,691,694 | |
ROBLOX Corp., 144A,
3.875%, 5/1/30 | | | 4,097,000 | | | | 3,591,287 | |
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27 | | | 8,044,000 | | | | 7,840,847 | |
Twilio, Inc.
3.625%, 3/15/29 (a) | | | 2,043,000 | | | | 1,820,783 | |
3.875%, 3/15/31 | | | 2,036,000 | | | | 1,773,363 | |
UKG, Inc., 144A,
6.875%, 2/1/31 | | | 9,900,000 | | | | 10,010,039 | |
| | | | | | | | |
(Cost $98,704,447) | | | | | | | 96,046,474 | |
| | | | | | | | |
| Utilities — 3.1% | |
| Electric — 2.8% | |
Calpine Corp.
144A, 5.25%, 6/1/26 | | | 1,689,000 | | | | 1,665,469 | |
144A, 4.50%, 2/15/28 | | | 5,156,000 | | | | 4,861,703 | |
| | | | | | | | |
| | | Principal
Amount | | | Value | |
| Electric (Continued) | |
144A, 5.125%, 3/15/28 | | $ | 5,630,000 | | | $ | 5,359,292 | |
144A, 4.625%, 2/1/29 | | | 2,667,000 | | | | 2,457,280 | |
144A, 5.00%, 2/1/31 | | | 3,411,000 | | | | 3,053,039 | |
144A, 3.75%, 3/1/31 | | | 3,430,000 | | | | 2,943,673 | |
Clearway Energy Operating LLC
144A, 4.75%, 3/15/28 | | | 3,507,000 | | | | 3,283,107 | |
144A, 3.75%, 2/15/31 | | | 3,630,000 | | | | 3,065,009 | |
DPL, Inc., 4.125%, 7/1/25 | | | 1,631,000 | | | | 1,587,753 | |
Drax Finco PLC, 144A, 6.625%, 11/1/25 | | | 1,963,000 | | | | 1,940,160 | |
FirstEnergy Corp.
Series B, 4.15%, 7/15/27 | | | 6,216,000 | | | | 5,910,257 | |
2.65%, 3/1/30 | | | 2,468,000 | | | | 2,112,296 | |
Series B, 2.25%, 9/1/30 | | | 1,649,000 | | | | 1,358,895 | |
NextEra Energy Operating Partners LP
144A, 3.875%, 10/15/26 | | | 2,081,000 | | | | 1,945,533 | |
144A, 4.50%, 9/15/27 | | | 2,264,000 | | | | 2,114,738 | |
144A, 7.25%, 1/15/29 | | | 3,089,000 | | | | 3,142,535 | |
NRG Energy, Inc.
5.75%, 1/15/28 | | | 3,302,000 | | | | 3,255,930 | |
144A, 3.375%, 2/15/29 | | | 2,063,000 | | | | 1,802,552 | |
144A, 5.25%, 6/15/29 | | | 2,984,000 | | | | 2,831,027 | |
144A, 3.625%, 2/15/31 | | | 4,005,000 | | | | 3,371,961 | |
PG&E Corp.
5.00%, 7/1/28 | | | 4,022,000 | | | | 3,839,984 | |
5.25%, 7/1/30 | | | 4,072,000 | | | | 3,832,131 | |
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30 | | | 4,942,000 | | | | 5,218,463 | |
TransAlta Corp.,
7.75%, 11/15/29 | | | 1,664,000 | | | | 1,731,708 | |
Vistra Operations Co. LLC
144A, 5.50%, 9/1/26 | | | 4,022,000 | | | | 3,964,468 | |
144A, 5.625%, 2/15/27 | | | 5,228,000 | | | | 5,100,067 | |
144A, 5.00%, 7/31/27 | | | 5,391,000 | | | | 5,173,365 | |
144A, 4.375%, 5/1/29 | | | 5,027,000 | | | | 4,590,945 | |
144A, 7.75%, 10/15/31 | | | 5,680,000 | | | | 5,880,260 | |
| | | | | | | | |
(Cost $103,019,780) | | | | | | | 97,393,600 | |
| | | | | | | | |
| Gas — 0.3% | |
AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 5/20/25 | | | 2,815,000 | | | | 2,765,877 | |
5.875%, 8/20/26 | | | 2,717,000 | | | | 2,635,434 | |
5.75%, 5/20/27 | | | 2,109,000 | | | | 1,995,843 | |
144A, 9.375%, 6/1/28 | | | 2,013,000 | | | | 2,044,786 | |
| | | | | | | | |
(Cost $9,932,503) | | | | | | | 9,441,940 | |
| | | | | | | | |
TOTAL CORPORATE BONDS (Cost $3,636,396,374) | | | | | | | 3,409,244,032 | |
| | | | | | | | |
| | |
| | | Number
of Shares | | | | |
| SECURITIES LENDING COLLATERAL — 6.6% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b) (c)
(Cost $230,680,677) | | | 230,680,677 | | | | 230,680,677 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 79 | | |
DBX ETF Trust
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| CASH EQUIVALENTS — 1.7% | |
DWS Government Money Market
Series “Institutional Shares”, 5.28% (b)
(Cost $57,656,658) | | | 57,656,658 | | | $ | 57,656,658 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS —105.9% (Cost $3,924,733,709) | | | | | | $ | 3,697,581,367 | |
Other assets and liabilities, net — (5.9%) | | | | | | | (206,122,074 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 3,491,459,293 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 6.6% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| | | — | | | | 230,680,677 | (d) | | | — | | | | — | | | | — | | | | 504,162 | | | | — | | | | 230,680,677 | | | | 230,680,677 | |
|
CASH EQUIVALENTS — 1.7% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| | | 49,189,697 | | | | 242,248,661 | | | | (233,781,700 | ) | | | — | | | | — | | | | 648,266 | | | | — | | | | 57,656,658 | | | | 57,656,658 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 49,189,697 | | | | 472,929,338 | | | | (233,781,700 | ) | | | — | | | | — | | | | 1,152,428 | | | | — | | | | 288,337,335 | | | | 288,337,335 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $225,651,638, which is 6.5% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
| REGS: | | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds (a) | | $ | — | | | $ | 3,409,244,032 | | | $ | — | | | $ | 3,409,244,032 | |
Short-Term Investments (a) | | | 288,337,335 | | | | — | | | | — | | | | 288,337,335 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 288,337,335 | | | $ | 3,409,244,032 | | | $ | — | | | $ | 3,697,581,367 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 80 | | |
This Page is Intentionally Left Blank
81
DBX ETF Trust
Statements of Assets and Liabilities
February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers High
Beta High Yield
Bond ETF | | | Xtrackers Low
Beta High Yield
Bond ETF | | | Xtrackers Risk
Managed USD
High Yield
Strategy ETF | | | Xtrackers Short
Duration High
Yield Bond ETF | |
Assets | | | | | | | | | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 12,013,601 | | | $ | 209,061,439 | | | $ | — | | | $ | 97,233,592 | |
Investment in affiliated securities at value | | | — | | | | — | | | | 42,470,850 | | | | — | |
Investment in DWS Government Money Market Series | | | 116,884 | | | | 5,226,220 | | | | 239,157 | | | | 2,886,494 | |
Investment in DWS Government & Agency Securities Portfolio* | | | 737,865 | | | | 4,254,324 | | | | 420,500 | | | | 3,673,787 | |
Cash | | | — | | | | 389,846 | | | | — | | | | 34,244 | |
Foreign currency at value | | | 3 | | | | 471 | | | | — | | | | 86 | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 411,612 | | | | 6,574,024 | | | | — | | | | 3,033,802 | |
Capital shares | | | — | | | | 2,290,031 | | | | — | | | | — | |
Dividends | | | — | | | | — | | | | 82 | | | | — | |
Interest | | | 232,854 | | | | 2,845,080 | | | | 994 | | | | 1,576,593 | |
Affiliated securities lending income | | | 380 | | | | 1,372 | | | | 2 | | | | 1,562 | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 13,513,199 | | | $ | 230,642,807 | | | $ | 43,131,585 | | | $ | 108,440,160 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
Due to custodian | | $ | 2,512 | | | $ | — | | | $ | — | | | $ | — | |
Payable upon return of securities loaned | | | 737,865 | | | | 4,254,324 | | | | 420,500 | | | | 3,673,787 | |
| Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 472,395 | | | | 11,024,957 | | | | — | | | | 4,933,704 | |
Investment advisory fees | | | 1,927 | | | | 33,593 | | | | 16,992 | | | | 15,466 | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 1,214,699 | | | | 15,312,874 | | | | 437,492 | | | | 8,622,957 | |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 12,298,500 | | | $ | 215,329,933 | | | $ | 42,694,093 | | | $ | 99,817,203 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 24,958,877 | | | $ | 288,093,086 | | | $ | 45,494,656 | | | $ | 103,414,059 | |
Distributable earnings (loss) | | | (12,660,377 | ) | | | (72,763,153 | ) | | | (2,800,563 | ) | | | (3,596,856 | ) |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 12,298,500 | | | $ | 215,329,933 | | | $ | 42,694,093 | | | $ | 99,817,203 | |
| | | | | | | | | | | | | | | | |
| | | | |
Number of Common Shares outstanding | | | 300,001 | | | | 4,700,001 | | | | 1,850,001 | | | | 2,250,001 | |
| | | | | | | | | | | | | | | | |
Net Asset Value | | $ | 40.99 | | | $ | 45.81 | | | $ | 23.08 | | | $ | 44.36 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment in non-affiliated securities at cost | | $ | 12,802,901 | | | $ | 214,765,958 | | | $ | — | | | $ | 97,546,090 | |
| | | | | | | | | | | | | | | | |
Investment in affiliated securities at cost | | $ | — | | | $ | — | | | $ | 45,195,482 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Value of securities loaned | | $ | 721,132 | | | $ | 4,162,522 | | | $ | 411,800 | | | $ | 3,596,146 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | 116,884 | | | $ | 5,226,220 | | | $ | 239,157 | | | $ | 2,886,494 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government & Agency Securities Portfolio at cost* | | $ | 737,865 | | | $ | 4,254,324 | | | $ | 420,500 | | | $ | 3,673,787 | |
| | | | | | | | | | | | | | | | |
Foreign currency at cost | | $ | 3 | | | $ | 442 | | | $ | — | | | $ | 84 | |
| | | | | | | | | | | | | | | | |
| * | Represents collateral on securities loaned. |
| | | | |
| See Notes to Financial Statements. | | 82 | | |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Xtrackers USD
High Yield BB-B
ex Financials
ETF | | | Xtrackers USD
High Yield
Corporate Bond
ETF | |
Assets | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 610,311,128 | | | $ | 3,409,244,032 | |
Investment in DWS Government Money Market Series | | | 12,640,713 | | | | 57,656,658 | |
Investment in DWS Government & Agency Securities Portfolio* | | | — | | | | 230,680,677 | |
Cash | | | 506,294 | | | | 3,031,789 | |
Foreign currency at value | | | — | | | | 7,405 | |
Receivables: | | | | | | | | |
Investment securities sold | | | 14,895,312 | | | | 136,691,498 | |
Capital shares | | | — | | | | 10,641,123 | |
Interest | | | 9,508,733 | | | | 56,638,077 | |
Affiliated securities lending income | | | — | | | | 101,661 | |
| | | | | | | | |
Total assets | | $ | 647,862,180 | | | $ | 3,904,692,920 | |
| | | | | | | | |
Liabilities | | | | | | | | |
Payable upon return of securities loaned | | $ | — | | | $ | 230,680,677 | |
| Payables: | | | | | | | | |
Investment securities purchased | | | 18,103,335 | | | | 111,477,811 | |
Capital shares | | | — | | | | 70,940,125 | |
Investment advisory fees | | | 98,645 | | | | 135,014 | |
| | | | | | | | |
Total liabilities | | | 18,201,980 | | | | 413,233,627 | |
| | | | | | | | |
| | |
Net Assets, at value | | $ | 629,660,200 | | | $ | 3,491,459,293 | |
| | | | | | | | |
| | |
Net Assets Consist of | | | | | | | | |
Paid-in capital | | $ | 619,301,201 | | | $ | 4,079,296,049 | |
Distributable earnings (loss) | | | 10,358,999 | | | | (587,836,756 | ) |
| | | | | | | | |
| | |
Net Assets, at value | | $ | 629,660,200 | | | $ | 3,491,459,293 | |
| | | | | | | | |
| | |
Number of Common Shares outstanding | | | 11,750,001 | | | | 98,387,501 | |
| | | | | | | | |
Net Asset Value | | $ | 53.59 | | | $ | 35.49 | |
| | | | | | | | |
| | |
Investment in non-affiliated securities at cost | | $ | 604,208,025 | | | $ | 3,636,396,374 | |
| | | | | | | | |
Value of securities loaned | | $ | — | | | $ | 225,651,638 | |
| | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | 12,640,713 | | | $ | 57,656,658 | |
| | | | | | | | |
Investment in DWS Government & Agency Securities Portfolio at cost* | | $ | — | | | $ | 230,680,677 | |
| | | | | | | | |
Foreign currency at cost | | $ | — | | | $ | 7,178 | |
| | | | | | | | |
| * | Represents collateral on securities loaned. |
| | | | |
| See Notes to Financial Statements. | | 83 | | |
DBX ETF Trust
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers High
Beta High Yield
Bond ETF | | | Xtrackers Low
Beta High Yield
Bond ETF | | | Xtrackers Risk
Managed USD
High Yield
Strategy ETF | | | Xtrackers Short
Duration High
Yield Bond ETF | |
Investment Income | | | | | | | | | | | | | | | | |
Unaffiliated interest income | | $ | 467,586 | | | $ | 5,739,429 | | | $ | — | | | $ | 3,363,581 | |
Affiliated dividend income | | | — | | | | — | | | | 1,333,199 | | | | — | |
Income distributions from affiliated funds | | | 3,010 | | | | 38,501 | | | | 7,679 | | | | 21,868 | |
Affiliated securities lending income | | | 1,329 | | | | 11,443 | | | | 4,120 | | | | 6,628 | |
Affiliated other income (see note 6) | | | — | | | | 2,730 | | | | — | | | | 549 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 471,925 | | | | 5,792,103 | | | | 1,344,998 | | | | 3,392,626 | |
| | | | | | | | | | | | | | | | |
| | | | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 20,793 | | | | 270,207 | | | | 64,365 | | | | 91,416 | |
Other expenses | | | 58 | | | | 2,150 | | | | 58 | | | | 173 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 20,851 | | | | 272,357 | | | | 64,423 | | | | 91,589 | |
| | | | | | | | | | | | | | | | |
Less fees waived (see note 3): | | | | | | | | | | | | | | | | |
Waiver | | | (8,972 | ) | | | (54,823 | ) | | | (20,398 | ) | | | (415 | ) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 11,879 | | | | 217,534 | | | | 44,025 | | | | 91,174 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 460,046 | | | | 5,574,569 | | | | 1,300,973 | | | | 3,301,452 | |
| | | | | | | | | | | | | | | | |
| | | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments | | | (96,486 | ) | | | (2,306,372 | ) | | | — | | | | (365,556 | ) |
In-kind redemptions | | | — | | | | 50,829 | | | | — | | | | 137,646 | |
In-kind redemptions in affiliates | | | — | | | | — | | | | (65,600 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | (96,486 | ) | | | (2,255,543 | ) | | | (65,600 | ) | | | (227,910 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 418,902 | | | | 7,333,811 | | | | — | | | | 2,000,137 | |
Investments in affiliates | | | — | | | | — | | | | 1,168,134 | | | | — | |
Foreign currency translations | | | — | | | | (2 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 418,902 | | | | 7,333,809 | | | | 1,168,134 | | | | 2,000,137 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | | | 322,416 | | | | 5,078,266 | | | | 1,102,534 | | | | 1,772,227 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 782,462 | | | $ | 10,652,835 | | | $ | 2,403,507 | | | $ | 5,073,679 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 84 | | |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Xtrackers USD
High Yield BB-B
ex Financials
ETF(1) | | | Xtrackers USD
High Yield
Corporate Bond
ETF | |
Investment Income | | | | | | | | |
Unaffiliated interest income | | $ | 10,584,708 | | | $ | 98,571,811 | |
Income distributions from affiliated funds | | | 49,885 | | | | 648,266 | |
Affiliated securities lending income | | | — | | | | 504,162 | |
Affiliated other income (see note 6) | | | — | | | | 43,823 | |
| | | | | | | | |
Total investment income | | | 10,634,593 | | | | 99,768,062 | |
| | | | | | | | |
| | |
Expenses | | | | | | | | |
Investment advisory fees | | | 291,779 | | | | 3,269,028 | |
Excise tax expense | | | 42,337 | | | | — | |
Other expenses | | | — | | | | 4,150 | |
| | | | | | | | |
Total expenses | | | 334,116 | | | | 3,273,178 | |
| | | | | | | | |
Less fees waived (see note 3): | | | | | | | | |
Waiver | | | (950 | ) | | | (1,776,790 | ) |
| | | | | | | | |
Net expenses | | | 333,166 | | | | 1,496,388 | |
| | | | | | | | |
Net investment income (loss) | | | 10,301,427 | | | | 98,271,674 | |
| | | | | | | | |
Realized and Unrealized Gain (Loss) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments | | | (264,918 | ) | | | (28,236,195 | ) |
In-kind redemptions | | | — | | | | (70,721,319 | ) |
Foreign currency transactions | | | — | | | | (1 | ) |
| | | | | | | | |
Net realized gain (loss) | | | (264,918 | ) | | | (98,957,515 | ) |
| | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | 6,103,103 | | | | 159,532,394 | |
Foreign currency translations | | | — | | | | 5 | |
| | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 6,103,103 | | | | 159,532,399 | |
| | | | | | | | |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | | | 5,838,185 | | | | 60,574,884 | |
| | | | | | | | |
| | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 16,139,612 | | | $ | 158,846,558 | |
| | | | | | | | |
| (1) | For the period October 27, 2023 (commencement of operations) through February 29, 2024. |
| | | | |
| See Notes to Financial Statements. | | 85 | | |
DBX ETF Trust
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Xtrackers High Beta High Yield
Bond ETF | | | Xtrackers Low Beta High Yield
Bond ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 460,046 | | | $ | 955,857 | | | $ | 5,574,569 | | | $ | 40,419,959 | |
Net realized gain (loss) | | | (96,486 | ) | | | (871,494 | ) | | | (2,255,543 | ) | | | (89,042,061 | ) |
Net change in net unrealized appreciation (depreciation) | | | 418,902 | | | | 981,672 | | | | 7,333,809 | | | | 90,607,924 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 782,462 | | | | 1,066,035 | | | | 10,652,835 | | | | 41,985,822 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (463,019 | ) | | | (974,644 | ) | | | (6,780,799 | ) | | | (44,403,017 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | 1,901,084 | | | | 11,353,752 | | | | 223,270,378 | |
Value of shares redeemed | | | — | | | | (1,965,874 | ) | | | (22,903,959 | ) | | | (1,438,511,784 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | — | | | | (64,790 | ) | | | (11,550,207 | ) | | | (1,215,241,406 | ) |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 319,443 | | | | 26,601 | | | | (7,678,171 | ) | | | (1,217,658,601 | ) |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 11,979,057 | | | | 11,952,456 | | | | 223,008,104 | | | | 1,440,666,705 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 12,298,500 | | | $ | 11,979,057 | | | $ | 215,329,933 | | | $ | 223,008,104 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 300,001 | | | | 300,001 | | | | 4,950,001 | | | | 31,950,001 | |
Shares sold | | | — | | | | 50,000 | | | | 250,000 | | | | 4,950,000 | |
Shares redeemed | | | — | | | | (50,000 | ) | | | (500,000 | ) | | | (31,950,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 300,001 | | | | 300,001 | | | | 4,700,001 | | | | 4,950,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 86 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | | | | | |
| | | Xtrackers Risk Managed USD High
Yield Strategy ETF | | | Xtrackers Short Duration High
Yield Bond ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,300,973 | | | $ | 2,659,209 | | | $ | 3,301,452 | | | $ | 4,766,172 | |
Net realized gain (loss) | | | (65,600 | ) | | | (288,554 | ) | | | (227,910 | ) | | | (4,050,667 | ) |
Net change in net unrealized appreciation (depreciation) | | | 1,168,134 | | | | 868,253 | | | | 2,000,137 | | | | 4,643,666 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,403,507 | | | | 3,238,908 | | | | 5,073,679 | | | | 5,359,171 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (1,356,056 | ) | | | (2,798,892 | ) | | | (3,246,555 | ) | | | (4,721,603 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | 1,679,445 | | | | 19,705,523 | | | | 25,919,023 | |
Value of shares redeemed | | | (2,279,395 | ) | | | (7,782,030 | ) | | | (4,416,723 | ) | | | (29,934,486 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | (2,279,395 | ) | | | (6,102,585 | ) | | | 15,288,800 | | | | (4,015,463 | ) |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | (1,231,944 | ) | | | (5,662,569 | ) | | | 17,115,924 | | | | (3,377,895 | ) |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 43,926,037 | | | | 49,588,606 | | | | 82,701,279 | | | | 86,079,174 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 42,694,093 | | | $ | 43,926,037 | | | $ | 99,817,203 | | | $ | 82,701,279 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1,950,001 | | | | 2,225,001 | | | | 1,900,001 | | | | 2,000,001 | |
Shares sold | | | — | | | | 75,000 | | | | 450,000 | | | | 600,000 | |
Shares redeemed | | | (100,000 | ) | | | (350,000 | ) | | | (100,000 | ) | | | (700,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 1,850,001 | | | | 1,950,001 | | | | 2,250,001 | | | | 1,900,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 87 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | |
| | | Xtrackers USD High
Yield BB-B ex
Financials ETF | | | Xtrackers USD High Yield Corporate
Bond ETF | |
| | | For the Period
October 27, 2023(1) to
February 29, 2024
(Unaudited) | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | |
Net investment income (loss) | | $ | 10,301,427 | | | $ | 98,271,674 | | | $ | 216,469,674 | |
Net realized gain (loss) | | | (264,918 | ) | | | (98,957,515 | ) | | | (151,014,625 | ) |
Net change in net unrealized appreciation (depreciation) | | | 6,103,103 | | | | 159,532,399 | | | | 187,819,556 | |
| | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 16,139,612 | | | | 158,846,558 | | | | 253,274,605 | |
| | | | | | | | | | | | |
Distributions to Shareholders | | | (5,780,613 | ) | | | (102,296,774 | ) | | | (218,918,420 | ) |
| | | | | | | | | | | | |
| | | |
Fund Shares Transactions | | | | | | | | | | | | |
Proceeds from shares sold | | | 619,301,151 | | | | 1,604,693,654 | | | | 6,278,010,067 | |
Value of shares redeemed | | | — | | | | (2,028,947,121 | ) | | | (6,068,454,467 | ) |
| | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | 619,301,151 | | | | (424,253,467 | ) | | | 209,555,600 | |
| | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 629,660,150 | | | | (367,703,683 | ) | | | 243,911,785 | |
| | | |
Net Assets | | | | | | | | | | | | |
Beginning of period | | | 50 | | | | 3,859,162,976 | | | | 3,615,251,191 | |
| | | | | | | | | | | | |
End of period | | $ | 629,660,200 | | | $ | 3,491,459,293 | | | $ | 3,859,162,976 | |
| | | | | | | | | | | | |
| | | |
Changes in Shares Outstanding | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1 | | | | 111,587,501 | | | | 105,187,501 | |
Shares sold | | | 11,750,000 | | | | 46,400,000 | | | | 183,900,000 | |
Shares redeemed | | | — | | | | (59,600,000 | ) | | | (177,500,000 | ) |
| | | | | | | | | | | | |
Shares outstanding, end of period | | | 11,750,001 | | | | 98,387,501 | | | | 111,587,501 | |
| | | | | | | | | | | | |
| (1) | Commencement of Operations. |
| | | | |
| See Notes to Financial Statements. | | 88 | | |
DBX ETF Trust
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers High Beta High Yield Bond ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | $ | 39.93 | | | $ | 39.84 | | | $ | 48.35 | | | $ | 46.55 | | | $ | 48.61 | | | $ | 49.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 1.53 | | | | 2.90 | | | | 2.51 | | | | 2.60 | | | | 3.01 | (b) | | | 3.32 | |
Net realized and unrealized gain (loss) | | | 1.07 | | | | 0.15 | | | | (8.37 | ) | | | 2.65 | | | | (1.95 | )(b) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.60 | | | | 3.05 | | | | (5.86 | ) | | | 5.25 | | | | 1.06 | | | | 2.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (1.54 | ) | | | (2.96 | ) | | | (2.65 | ) | | | (3.45 | ) | | | (3.12 | ) | | | (3.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.54 | ) | | | (2.96 | ) | | | (2.65 | ) | | | (3.45 | ) | | | (3.12 | ) | | | (3.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 40.99 | | | $ | 39.93 | | | $ | 39.84 | | | $ | 48.35 | | | $ | 46.55 | | | $ | 48.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 6.73 | ** | | | 8.11 | | | | (12.56 | ) | | | 11.67 | | | | 2.46 | | | | 5.90 | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 12 | | | | 12 | | | | 12 | | | | 19 | | | | 7 | | | | 151 | |
Ratio of expenses before fee waiver (%) | | | 0.35 | * | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | |
Ratio of expenses after fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.31 | |
Ratio of net investment income (loss) (%) | | | 7.74 | * | | | 7.40 | | | | 5.61 | | | | 5.45 | | | | 6.50 | (b) | | | 6.91 | |
Portfolio turnover rate (%)(d) | | | 24 | ** | | | 58 | | | | 55 | | | | 98 | | | | 98 | | | | 51 | |
| | | | | | | | | | | | | | | | | | | |
Xtrackers Low Beta High Yield Bond ETF
Selected Per Share Data | | For the
Six Months
Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | $ | 45.05 | | | $ | 45.09 | | | $ | 51.05 | | | $ | 50.50 | | | $ | 50.62 | | | $ | 49.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 1.16 | | | | 2.24 | | | | 1.69 | | | | 1.45 | | | | 2.02 | (b) | | | 2.29 | |
Net realized and unrealized gain (loss) | | | 1.01 | | | | 0.14 | | | | (5.87 | ) | | | 1.07 | | | | 0.12 | (b) | | | 1.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.17 | | | | 2.38 | | | | (4.18 | ) | | | 2.52 | | | | 2.14 | | | | 3.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (1.41 | ) | | | (2.42 | ) | | | (1.78 | ) | | | (1.97 | ) | | | (2.26 | ) | | | (2.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.41 | ) | | | (2.42 | ) | | | (1.78 | ) | | | (1.97 | ) | | | (2.26 | ) | | | (2.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 45.81 | | | $ | 45.05 | | | $ | 45.09 | | | $ | 51.05 | | | $ | 50.50 | | | $ | 50.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 4.91 | ** | | | 5.44 | | | | (8.36 | ) | | | 5.12 | | | | 4.42 | | | | 7.84 | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 215 | | | | 223 | | | | 1,441 | | | | 750 | | | | 38 | | | | 144 | |
Ratio of expenses before fee waiver (%) | | | 0.25 | * | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
Ratio of expenses after fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.24 | |
Ratio of net investment income (loss) (%) | | | 5.17 | * | | | 4.97 | | | | 3.53 | | | | 2.89 | | | | 4.09 | (b) | | | 4.66 | |
Portfolio turnover rate (%)(d) | | | 25 | ** | | | 52 | | | | 68 | | | | 88 | | | | 111 | | | | 55 | |
| (a) | Based on average shares outstanding during the period. |
| (b) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| | | | |
| See Notes to Financial Statements. | | 89 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers Risk Managed USD High Yield
Strategy ETF
Selected Per Share Data | | For the
Six Months
Ended
2/29/2024
(Unaudited) | | | Year Ended
8/31/2023 | | | Period Ended
8/31/2022(a) | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 22.53 | | | $ | 22.29 | | | $ | 25.00 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.68 | | | | 1.28 | | | | 0.58 | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 0.29 | | | | (2.84 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.25 | | | | 1.57 | | | | (2.26 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.70 | ) | | | (1.33 | ) | | | (0.45 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.70 | ) | | | (1.33 | ) | | | (0.45 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 23.08 | | | $ | 22.53 | | | $ | 22.29 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 5.73 | ** | | | 7.27 | | | | (9.12 | )** | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 43 | | | | 44 | | | | 50 | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%)(d) | | | 0.30 | * | | | 0.30 | | | | 0.30 | * | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%)(d) | | | 0.21 | * | | | 0.15 | | | | 0.15 | * | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 6.07 | * | | | 5.74 | | | | 4.54 | * | | | | | | | | | | | | |
Portfolio turnover rate (%)(e) | | | 0 | (f)** | | | 0 | (f) | | | 0 | (f)** | | | | | | | | | | | | |
| | |
Xtrackers Short Duration High Yield Bond ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | $ | 43.53 | | | $ | 43.04 | | | $ | 47.89 | | | $ | 46.57 | | | $ | 49.13 | | | $ | 49.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 1.56 | | | | 2.71 | | | | 2.04 | | | | 2.34 | | | | 2.69 | (g) | | | 2.83 | |
Net realized and unrealized gain (loss) | | | 0.82 | | | | 0.45 | | | | (4.76 | ) | | | 1.67 | | | | (2.47 | )(g) | | | (0.54 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.38 | | | | 3.16 | | | | (2.72 | ) | | | 4.01 | | | | 0.22 | | | | 2.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (1.55 | ) | | | (2.67 | ) | | | (2.13 | ) | | | (2.69 | ) | | | (2.78 | ) | | | (2.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.55 | ) | | | (2.67 | ) | | | (2.13 | ) | | | (2.69 | ) | | | (2.78 | ) | | | (2.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 44.36 | | | $ | 43.53 | | | $ | 43.04 | | | $ | 47.89 | | | $ | 46.57 | | | $ | 49.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 5.63 | ** | | | 7.65 | | | | (5.84 | ) | | | 8.86 | | | | 0.61 | | | | 4.79 | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 100 | | | | 83 | | | | 86 | | | | 77 | | | | 37 | | | | 22 | |
Ratio of expenses before fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | |
Ratio of expenses after fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | |
Ratio of net investment income (loss) (%) | | | 7.21 | * | | | 6.30 | | | | 4.48 | | | | 4.95 | | | | 6.13 | (g) | | | 5.78 | |
Portfolio turnover rate (%)(e) | | | 24 | ** | | | 49 | | | | 46 | | | | 52 | | | | 150 | | | | 45 | |
| (a) | For the period February 10, 2022 (commencement of operations) through August 31, 2022. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (f) | Amount is less than 0.5%. |
| (g) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
| | | | |
| See Notes to Financial Statements. | | 90 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers USD High Yield BB-B ex Financials ETF
Selected Per Share Data | | Period Ended
2/29/2024(a)
(Unaudited) | | | | | | | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 50.00 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 1.26 | | | | | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 3.05 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.31 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.72 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.72 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 53.59 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 8.64 | ** | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 630 | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%)(d) | | | 0.21 | * | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%)(d) | | | 0.21 | * | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 7.03 | * | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate (%)(e) | | | 14 | ** | | | | | | | | | | | | | | | | | | | | |
| | |
Xtrackers USD High Yield Corporate Bond ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | |
| | 2023 | | | 2022 | | | 2021 | | | 2020(f) | | | 2019(f) | |
Net Asset Value, beginning of period | | $ | 34.58 | | | $ | 34.37 | | | $ | 40.31 | | | $ | 39.06 | (e) | | $ | 40.19 | | | $ | 39.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 1.04 | | | | 1.94 | | | | 1.61 | | | | 1.70 | | | | 2.03 | (g) | | | 2.39 | |
Net realized and unrealized gain (loss) | | | 0.94 | | | | 0.25 | | | | (5.80 | ) | | | 1.79 | | | | (0.95 | )(g) | | | 0.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.98 | | | | 2.19 | | | | (4.19 | ) | | | 3.49 | | | | 1.08 | | | | 2.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (1.07 | ) | | | (1.98 | ) | | | (1.75 | ) | | | (2.24 | ) | | | (2.21 | ) | | | (2.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.07 | ) | | | (1.98 | ) | | | (1.75 | ) | | | (2.24 | ) | | | (2.21 | ) | | | (2.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 35.49 | | | $ | 34.58 | | | $ | 34.37 | | | $ | 40.31 | | | $ | 39.06 | | | $ | 40.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 5.82 | ** | | | 6.63 | | | | (10.67 | ) | | | 8.31 | | | | 2.91 | | | | 6.87 | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 3,491 | | | | 3,859 | | | | 3,615 | | | | 6,666 | | | | 6,209 | | | | 3,062 | |
Ratio of expenses before fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | |
Ratio of expenses after fee waiver (%) | | | 0.09 | * | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.17 | |
Ratio of net investment income (loss) (%) | | | 6.03 | * | | | 5.69 | | | | 4.24 | | | | 4.27 | | | | 5.27 | (g) | | | 6.06 | |
Portfolio turnover rate (%)(e) | | | 14 | ** | | | 26 | | | | 24 | | | | 37 | | | | 54 | | | | 29 | |
| (a) | For the period October 27, 2023 (commencement of operations) through February 29, 2024. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Includes excise tax expense. Excluding this expense, the ratio of expenses would have been 0.20%. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (f) | On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly. |
| (g) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
| | | | |
| See Notes to Financial Statements. | | 91 | | |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:
Xtrackers High Beta High Yield Bond ETF
Xtrackers Low Beta High Yield Bond ETF
Xtrackers Risk Managed USD High Yield Strategy ETF
Xtrackers Short Duration High Yield Bond ETF
Xtrackers USD High Yield BB-B ex Financials ETF
Xtrackers USD High Yield Corporate Bond ETF
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers USD High Yield BB-B ex Financials ETF offers shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| | |
Fund | | Underlying Index |
| Xtrackers High Beta High Yield Bond ETF | | Solactive USD High Yield Corporates Total Market High Beta Index |
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF | | Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index |
| Xtrackers Short Duration High Yield Bond ETF | | Solactive USD High Yield Corporates Total Market 0-5 Year Index |
| Xtrackers USD High Yield BB-B ex Financials ETF | | ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index |
| Xtrackers USD High Yield Corporate Bond ETF | | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade
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Notes to Financial Statements (Unaudited) (Continued)
corporate debt publicly issued in the US domestic market. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF are non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated
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Notes to Financial Statements (Unaudited) (Continued)
mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
94
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Notes to Financial Statements (Unaudited) (Continued)
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| | | | | | | | | | | | |
| | | Short-Term | | | Long-Term | | | Total Amount | |
Xtrackers High Beta High Yield Bond ETF | | $ | 2,996,574 | | | $ | 8,798,776 | | | $ | 11,795,350 | |
Xtrackers Low Beta High Yield Bond ETF | | | 35,194,222 | | | | 29,211,972 | | | | 64,406,194 | |
Xtrackers Short Duration High Yield Bond ETF | | | 1,232,714 | | | | 1,965,125 | | | | 3,197,839 | |
Xtrackers USD High Yield Corporate Bond ETF | | | 38,381,756 | | | | 204,480,505 | | | | 242,862,261 | |
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Tax Cost | | | Net
Unrealized
Appreciation
(Depreciation) | | | Aggregate
Gross Unrealized
Appreciation | | | Aggregate
Gross Unrealized
(Depreciation) | |
Xtrackers High Beta High Yield Bond ETF | | $ | 13,110,287 | | | $ | (1,257,311 | ) | | $ | 72,690 | | | $ | (1,330,001) | |
Xtrackers Low Beta High Yield Bond ETF | | | 236,606,089 | | | | (14,135,013 | ) | | | 205,631 | | | | (14,340,644 | ) |
Xtrackers Risk Managed USD High Yield Strategy ETF | | | 54,357,396 | | | | (3,892,766 | ) | | | — | | | | (3,892,766 | ) |
Xtrackers Short Duration High Yield Bond ETF | | | 84,833,666 | | | | (2,735,437 | ) | | | 475,301 | | | | (3,210,738 | ) |
Xtrackers USD High Yield Corporate Bond ETF | | | 4,246,916,206 | | | | (421,103,737 | ) | | | 4,824,790 | | | | (425,928,527 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF.
95
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2024, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| | | | | | | | | | | | | | | | | | | | |
Remaining Contractual Maturity of the Agreements, as of February 29, 2024 | |
| | | | | |
| Securities Lending Transactions | | Overnight and
Continuous | | | <30 Days | | | Between
30 & 90 days | | | >90 days | | | Total | |
Xtrackers High Beta High Yield Bond ETF | |
Corporate Bonds | | $ | 737,865 | | | $ | — | | | $ | — | | | $ | — | | | $ | 737,865 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 737,865 | |
|
Xtrackers Low Beta High Yield Bond ETF | |
Corporate Bonds | | $ | 4,254,324 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,254,324 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 4,254,324 | |
|
Xtrackers Risk Managed USD HighYield Strategy ETF | |
Exchange-Traded Funds | | $ | 420,500 | | | $ | — | | | $ | — | | | $ | — | | | $ | 420,500 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 420,500 | |
|
Xtrackers Short Duration High Yield Bond ETF | |
Corporate Bonds | | $ | 3,673,787 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,673,787 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 3,673,787 | |
|
Xtrackers USD High Yield Corporate Bond ETF | |
Corporate Bonds | | $ | 230,680,677 | | | $ | — | | | $ | — | | | $ | — | | | $ | 230,680,677 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 230,680,677 | |
As of February 29, 2024, Xtrackers USD High Yield BB-B ex Financials ETF had no securities on loan.
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the
96
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| | | | |
| | | Unitary
Advisory Fee | |
Xtrackers High Beta High Yield Bond ETF | | | 0.35 | % |
Xtrackers Low Beta High Yield Bond ETF | | | 0.25 | % |
Xtrackers Risk Managed USD High Yield Strategy ETF | | | 0.30 | % |
Xtrackers Short Duration High Yield Bond ETF | | | 0.20 | % |
Xtrackers USD High Yield BB-B ex Financials ETF | | | 0.20 | % |
Xtrackers USD High Yield Corporate Bond ETF | | | 0.20 | % |
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $8,911 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $54,041 of expenses to the Fund.
The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 29, 2024, the Advisor waived $20,247 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
For the period from September 1, 2023 through November 16, 2023 the Advisor for Xtrackers USD High Yield Corporate Bond ETF had contractually agreed, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. Effective November 17, 2023 until December 20, 2024, the Advisor has contractually agreed to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.05% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $1,763,788 of expenses to the Fund.
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Notes to Financial Statements (Unaudited) (Continued)
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:
| | | | |
| | | Expenses
Waived | |
Xtrackers High Beta High Yield Bond ETF | | $ | 61 | |
Xtrackers Low Beta High Yield Bond ETF | | | 782 | |
Xtrackers Risk Managed USD High Yield Strategy ETF | | | 151 | |
Xtrackers Short Duration High Yield Bond ETF | | | 415 | |
Xtrackers USD High Yield BB-B ex Financials ETF | | | 950 | |
Xtrackers USD High Yield Corporate Bond ETF | | | 13,002 | |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:
| | | | |
| | | Securities
Lending
Agent Fees | |
Xtrackers High Beta High Yield Bond ETF | | $ | 111 | |
Xtrackers Low Beta High Yield Bond ETF | | | 899 | |
Xtrackers Short Duration High Yield Bond ETF | | | 542 | |
Xtrackers USD High Yield Corporate Bond ETF | | | 40,881 | |
4. Investment Portfolio Transactions
For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers High Beta High Yield Bond ETF | | $ | 2,814,086 | | | $ | 2,807,247 | |
Xtrackers Low Beta High Yield Bond ETF | | | 53,317,303 | | | | 57,131,425 | |
Xtrackers Risk Managed USD High Yield Strategy ETF | | | — | | | | — | |
Xtrackers Short Duration High Yield Bond ETF | | | 24,360,258 | | | | 21,468,962 | |
Xtrackers USD High Yield BB-B ex Financials ETF | | | 48,579,465 | | | | 53,760,332 | |
Xtrackers USD High Yield Corporate Bond ETF | | | 475,815,722 | | | | 465,387,214 | |
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For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers High Beta High Yield Bond ETF | | $ | — | | | $ | — | |
Xtrackers Low Beta High Yield Bond ETF | | | 11,113,338 | | | | 22,357,506 | |
Xtrackers Risk Managed USD High Yield Strategy ETF | | | — | | | | 2,249,742 | |
Xtrackers Short Duration High Yield Bond ETF | | | 14,902,728 | | | | 4,304,584 | |
Xtrackers USD High Yield BB-B ex Financials ETF | | | 607,898,388 | | | | — | |
Xtrackers USD High Yield Corporate Bond ETF | | | 1,560,868,628 | | | | 1,995,280,552 | |
Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees During the period ended February 29, 2024, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:
| | | | | | | | | | | | |
| | | Securities
Purchased | | | Securities
Sold | | | Net Realized Gain
(Loss) on
Securities Sold | |
Xtrackers High Beta High Yield Bond ETF | | $ | 709,672 | | | $ | 1,249,476 | | | $ | (9,600 | ) |
Xtrackers Low Beta High Yield Bond ETF | | | 1,249,476 | | | | 709,672 | | | | (35,928 | ) |
5. Fund Share Transactions
As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)
The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.
| | | | |
DBX Advisors LLC | | Amounts | |
Xtrackers Low Beta High Yield Bond ETF | | $ | 1,820 | |
Xtrackers Short Duration High Yield Bond ETF | | | 366 | |
Xtrackers USD High Yield Corporate Bond ETF | | | 29,215 | |
| | | | |
Deutsche Bank AG | | Amounts | |
Xtrackers Low Beta High Yield Bond ETF | | $ | 910 | |
Xtrackers Short Duration High Yield Bond ETF | | | 183 | |
Xtrackers USD High Yield Corporate Bond ETF | | | 14,608 | |
7. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely
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payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 29, 2024.
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Other Information (Unaudited)
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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Liquidity Risk Management (Unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
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Board Considerations in Approval of Investment Advisory
Contracts (Unaudited)
Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, and Xtrackers USD High Yield Corporate Bond ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.
The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio
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Contracts (Unaudited) (Continued)
management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Fund had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group:
| | • | | Xtrackers Risk Managed USD High Yield Strategy ETF |
The Board considered, however, the following additional factors in connection with this Fund:
| | • | | Xtrackers Risk Managed USD High Yield Strategy ETF’s advisory fees and total expenses were below the average and equal to the median of its Peer Group. |
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including
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Contracts (Unaudited) (Continued)
monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
Xtrackers USD High Yield BB-B ex Financials ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers USD High Yield BB-B ex Financials ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the “Advisor and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.
The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate
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Board Considerations in Approval of Investment Advisory
Contracts (Unaudited) (Continued)
services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently managed funds (which would also cover the Fund).
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.
Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.
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Contracts (Unaudited) (Continued)
Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM and BHYB are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.
ICE Data Indices, LLC, is used with permission. “ICE®” is a trade mark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (“Index”) for use by DBX Advisors LLC in connection with Xtrackers USD High Yield BB-B ex Financials ETF (the “Product”). Neither Advisor, DBX ETF Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
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Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| | | | |
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | | Administrator, custodian,
fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 |
| | |
Independent registered public
accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001 | | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 | | |
R-050032-8 (4/24) DBX005918 (4/25)
February 29, 2024
Semi-Annual Report
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
Xtrackers MSCI USA Climate Action Equity ETF (USCA)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)
Xtrackers RREEF Global Natural Resources ETF (NRES)
DBX ETF Trust
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)
The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers 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 ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “Underlying Index”). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (25.9% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 9.6% | |
Tencent Holdings Ltd. (China) | | | 4.0% | |
Samsung Electronics Co. Ltd. (South Korea) | | | 3.0% | |
Alibaba Group Holding Ltd. (China) | | | 1.6% | |
Infosys Ltd. (India) | | | 1.6% | |
PDD Holdings, Inc. (Ireland) | | | 1.5% | |
ICICI Bank Ltd. (India) | | | 1.2% | |
SK Hynix, Inc. (South Korea) | | | 1.2% | |
Tata Consultancy Services Ltd. (India) | | | 1.1% | |
China Construction Bank Corp. (China) | | | 1.1% | |
|
| Country Diversification* as of February 29, 2024 |
| | | | |
China | | | 24.2% | |
Taiwan | | | 19.8% | |
India | | | 17.1% | |
South Korea | | | 11.2% | |
Brazil | | | 4.7% | |
Saudi Arabia | | | 3.3% | |
Mexico | | | 2.8% | |
South Africa | | | 2.8% | |
Indonesia | | | 2.1% | |
United Arab Emirates | | | 2.1% | |
Other | | | 9.9% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Financials | | | 29.0% | |
Information Technology | | | 26.7% | |
Communication Services | | | 11.4% | |
Consumer Discretionary | | | 10.8% | |
Health Care | | | 5.3% | |
Industrials | | | 5.3% | |
Consumer Staples | | | 4.9% | |
Materials | | | 3.4% | |
Real Estate | | | 1.8% | |
Utilities | | | 1.4% | |
Energy | | | 0.0% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 10.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
The Xtrackers MSCI EAFE ESG Leaders 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 ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (25.2% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Novo Nordisk A/S (Denmark) | | | 4.7% | |
ASML Holding NV (Netherlands) | | | 4.6% | |
LVMH Moet Hennessy Louis Vuitton SE (France) | | | 3.1% | |
Novartis AG (Switzerland) | | | 2.5% | |
AstraZeneca PLC (United Kingdom) | | | 2.4% | |
HSBC Holdings PLC (United Kingdom) | | | 1.8% | |
TotalEnergies SE (France) | | | 1.7% | |
Schneider Electric SE (France) | | | 1.5% | |
Unilever PLC (United Kingdom) | | | 1.5% | |
Tokyo Electron Ltd. (Japan) | | | 1.4% | |
|
| Country Diversification* as of February 29, 2024 |
| | | | |
Japan | | | 26.3% | |
France | | | 13.5% | |
United Kingdom | | | 12.6% | |
Switzerland | | | 9.0% | |
Netherlands | | | 7.3% | |
Denmark | | | 6.6% | |
Australia | | | 5.8% | |
Germany | | | 4.9% | |
Sweden | | | 3.1% | |
Hong Kong | | | 2.1% | |
Other | | | 8.8% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Financials | | | 18.0% | |
Industrials | | | 16.2% | |
Health Care | | | 13.9% | |
Consumer Discretionary | | | 12.7% | |
Information Technology | | | 10.3% | |
Consumer Staples | | | 8.5% | |
Materials | | | 7.3% | |
Communication Services | | | 4.2% | |
Energy | | | 3.3% | |
Utilities | | | 3.0% | |
Real Estate | | | 2.6% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds, 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 28.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
The Xtrackers MSCI Emerging Markets ESG Leaders 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 Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (35.7% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 14.4% | |
Tencent Holdings Ltd. (China) | | | 6.3% | |
Alibaba Group Holding Ltd. (China) | | | 4.0% | |
Reliance Industries Ltd. (India) | | | 2.9% | |
Infosys Ltd. (India) | | | 1.8% | |
China Construction Bank Corp. (China) | | | 1.6% | |
MediaTek, Inc. (Taiwan) | | | 1.4% | |
Tata Consultancy Services Ltd. (India) | | | 1.2% | |
NetEase, Inc. (China) | | | 1.2% | |
PT Bank Central Asia Tbk (Indonesia) | | | 0.9% | |
|
| Country Diversification* as of February 29, 2024 |
| | | | |
China | | | 24.8% | |
Taiwan | | | 22.7% | |
India | | | 16.5% | |
South Korea | | | 6.3% | |
South Africa | | | 4.4% | |
Brazil | | | 4.3% | |
Mexico | | | 3.0% | |
Saudi Arabia | | | 2.3% | |
Indonesia | | | 2.2% | |
Malaysia | | | 2.1% | |
Thailand | | | 2.1% | |
United Arab Emirates | | | 2.0% | |
Other | | | 7.3% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 21.9% | |
Financials | | | 21.7% | |
Communication Services | | | 13.7% | |
Consumer Discretionary | | | 11.6% | |
Industrials | | | 7.1% | |
Materials | | | 5.8% | |
Consumer Staples | | | 5.4% | |
Energy | | | 4.9% | |
Health Care | | | 3.6% | |
Utilities | | | 2.5% | |
Real Estate | | | 1.8% | |
| | | | |
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 34.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI USA Climate Action Equity ETF (USCA)
Xtrackers MSCI USA Climate Action 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 USA Climate Action Index (the “Underlying Index”) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (35.1% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
NVIDIA Corp. | | | 6.1% | |
Amazon.com, Inc. | | | 5.1% | |
Microsoft Corp. | | | 4.9% | |
Alphabet, Inc. | | | 4.5% | |
Apple, Inc. | | | 3.9% | |
Meta Platforms, Inc. | | | 3.4% | |
Eli Lilly & Co. | | | 1.9% | |
Broadcom, Inc. | | | 1.8% | |
Tesla, Inc. | | | 1.8% | |
JPMorgan Chase & Co. | | | 1.7% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 27.4% | |
Health Care | | | 13.6% | |
Financials | | | 12.7% | |
Consumer Discretionary | | | 12.2% | |
Communication Services | | | 11.4% | |
Industrials | | | 6.8% | |
Consumer Staples | | | 5.3% | |
Energy | | | 4.0% | |
Materials | | | 2.3% | |
Real Estate | | | 2.3% | |
Utilities | | | 2.0% | |
| | | | |
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 42.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers MSCI USA ESG Leaders 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 USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (41.5% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Microsoft Corp. | | | 12.7% | |
NVIDIA Corp. | | | 8.5% | |
Alphabet, Inc. | | | 6.7% | |
Eli Lilly & Co. | | | 2.6% | |
Tesla, Inc. | | | 2.5% | |
Visa, Inc. | | | 1.9% | |
Mastercard, Inc. | | | 1.7% | |
Johnson & Johnson | | | 1.7% | |
Home Depot, Inc. | | | 1.6% | |
Procter & Gamble Co. | | | 1.6% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 33.1% | |
Health Care | | | 12.3% | |
Financials | | | 12.1% | |
Consumer Discretionary | | | 9.8% | |
Communication Services | | | 9.6% | |
Industrials | | | 9.1% | |
Consumer Staples | | | 5.6% | |
Materials | | | 2.8% | |
Real Estate | | | 2.4% | |
Energy | | | 2.2% | |
Utilities | | | 1.0% | |
| | | | |
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 47.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)
Xtrackers Net Zero Pathway Paris Aligned US 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 Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “Underlying Index”), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ ESG “) criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (33.4% of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
Apple, Inc. | | | 8.0% | |
Microsoft Corp. | | | 6.7% | |
NVIDIA Corp. | | | 5.9% | |
Alphabet, Inc. | | | 3.6% | |
Meta Platforms, Inc. | | | 2.6% | |
Eli Lilly & Co. | | | 1.6% | |
Broadcom, Inc. | | | 1.5% | |
JPMorgan Chase & Co. | | | 1.3% | |
UnitedHealth Group, Inc. | | | 1.1% | |
Visa, Inc. | | | 1.1% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 36.2% | |
Health Care | | | 17.7% | |
Financials | | | 12.5% | |
Communication Services | | | 9.7% | |
Consumer Discretionary | | | 6.3% | |
Consumer Staples | | | 5.2% | |
Industrials | | | 4.9% | |
Real Estate | | | 4.7% | |
Materials | | | 1.8% | |
Utilities | | | 1.0% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds, 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 51.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers RREEF Global Natural Resources ETF (NRES)
Xtrackers RREEF Global Natural Resources ETF (the “fund”) seeks total return from both capital appreciation and current income. The fund is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.
|
Ten Largest Equity Holdings as of February 29, 2024 (36.8%
of Net Assets) |
| | | | |
| Description | | % of Net Assets | |
TotalEnergies SE (France) | | | 4.8% | |
Nutrien Ltd. (Canada) | | | 4.7% | |
BHP Group Ltd. (Australia) | | | 4.1% | |
Shell PLC (United Kingdom) | | | 3.9% | |
Chevron Corp. (United States) | | | 3.7% | |
Glencore PLC (Switzerland) | | | 3.4% | |
Cenovus Energy, Inc. (Canada) | | | 3.2% | |
Corteva, Inc. (United States) | | | 3.1% | |
Vale SA (Brazil) | | | 3.1% | |
Teck Resources Ltd. (Canada) | | | 2.8% | |
|
| Country Diversification* as of February 29, 2024 |
| | | | |
United States | | | 37.9% | |
Canada | | | 20.6% | |
United Kingdom | | | 9.7% | |
Australia | | | 5.8% | |
Switzerland | | | 5.4% | |
Brazil | | | 5.2% | |
France | | | 4.9% | |
Finland | | | 3.8% | |
Ireland | | | 2.0% | |
Other | | | 4.7% | |
| | | | |
Total | | | 100.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Metals & Mining | | | 33.6% | |
Oil, Gas & Consumable Fuels | | | 32.0% | |
Containers & Packaging | | | 12.2% | |
Chemicals | | | 11.7% | |
Paper & Forest Products | | | 4.7% | |
Food Products | | | 3.6% | |
Energy Equipment & Services | | | 1.6% | |
Specialized REITs | | | 0.6% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.
7
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 management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. 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 period and held for the entire period (Seprember 1, 2023 to February 29, 2024) except Xtrackers RREEF Global Natural Resources ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to Febreuary 29, 2024).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2023 | | | Ending
Account Value
February 29, 2024 | | | Annualized
Expense Ratio | | | Expenses Paid
During the Period
Per $1,000(1) | |
| Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,049.50 | | | | 0.15 | % | | $ | 0.76 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.15 | % | | $ | 0.75 | |
| Xtrackers MSCI EAFE ESG Leaders Equity ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,093.30 | | | | 0.14 | % | | $ | 0.73 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.17 | | | | 0.14 | % | | $ | 0.70 | |
| Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,025.10 | | | | 0.20 | % | | $ | 1.01 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.87 | | | | 0.20 | % | | $ | 1.01 | |
| Xtrackers MSCI USA Climate Action Equity ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,147.80 | | | | 0.07 | % | | $ | 0.37 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.52 | | | | 0.07 | % | | $ | 0.35 | |
| Xtrackers MSCI USA ESG Leaders Equity ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,149.60 | | | | 0.09 | % | | $ | 0.48 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.42 | | | | 0.09 | % | | $ | 0.45 | |
| Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,148.00 | | | | 0.10 | % | | $ | 0.53 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.37 | | | | 0.10 | % | | $ | 0.50 | |
8
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2023 | | | Ending
Account Value
February 29, 2024 | | | Annualized
Expense Ratio | | | Expenses Paid
During the Period
Per $1,000(1) | |
| Xtrackers RREEF Global Natural Resources ETF | |
Actual (2) | | $ | 1,000.00 | | | $ | 999.30 | | | | 0.43 | % | | $ | 0.04 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.73 | | | | 0.43 | % | | $ | 2.16 | |
(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 366.
(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 3 (the number of days in the period February 27, 2024 (commencement of operations) to February 29, 2024), then divided by 366.
9
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 98.2% | | | | | | | | |
| Brazil — 3.6% | | | | | | |
Ambev SA | | | 501,816 | | | $ | 1,270,535 | |
Atacadao SA | | | 62,902 | | | | 153,057 | |
B3 SA — Brasil Bolsa Balcao | | | 637,314 | | | | 1,645,666 | |
Banco Bradesco SA | | | 180,773 | | | | 447,507 | |
Banco BTG Pactual S.A | | | 176,874 | | | | 1,295,411 | |
Banco do Brasil SA | | | 101,242 | | | | 1,178,965 | |
Banco Santander Brasil SA | | | 46,415 | | | | 267,169 | |
BB Seguridade Participacoes SA | | | 84,945 | | | | 569,987 | |
Caixa Seguridade Participacoes S/A | | | 69,650 | | | | 201,437 | |
CCR SA | | | 135,765 | | | | 376,529 | |
Centrais Eletricas Brasileiras SA | | | 132,487 | | | | 1,159,910 | |
Cia de Saneamento Basico do Estado de Sao Paulo | | | 21,563 | | | | 343,539 | |
Cia Energetica de Minas Gerais | | | 8,011 | | | | 24,217 | |
Companhia Paranaense de Energia | | | 75,626 | | | | 139,725 | |
CPFL Energia SA | | | 3,173 | | | | 22,600 | |
Energisa SA | | | 23,547 | | | | 240,937 | |
Engie Brasil Energia SA | | | 29,210 | | | | 247,030 | |
Equatorial Energia SA | | | 36,350 | | | | 250,056 | |
Hapvida Participacoes e Investimentos SA, 144A* | | | 354,769 | | | | 262,043 | |
Hypera SA | | | 49,859 | | | | 329,941 | |
Itau Unibanco Holding SA | | | 62,709 | | | | 369,920 | |
Klabin SA | | | 86,092 | | | | 391,071 | |
Localiza Rent a Car SA* | | | 298 | | | | 3,179 | |
Localiza Rent a Car SA | | | 61,945 | | | | 660,760 | |
Lojas Renner SA | | | 125,558 | | | | 399,267 | |
Magazine Luiza SA* | | | 327,396 | | | | 140,351 | |
Multiplan Empreendimentos Imobiliarios SA | | | 41,877 | | | | 222,590 | |
Natura & Co. Holding SA* | | | 59,953 | | | | 196,801 | |
NU Holdings Ltd., Class A* | | | 159,820 | | | | 1,770,806 | |
Pagseguro Digital Ltd., Class A* | | | 26,990 | | | | 375,701 | |
Porto Seguro SA | | | 7,866 | | | | 45,214 | |
Raia Drogasil SA | | | 147,272 | | | | 789,616 | |
Rede D’Or Sao Luiz SA, 144A | | | 119,347 | | | | 608,187 | |
Rumo SA | | | 142,824 | | | | 653,087 | |
Sendas Distribuidora SA | | | 131,323 | | | | 375,311 | |
StoneCo Ltd., Class A* | | | 32,315 | | | | 556,141 | |
Suzano SA | | | 82,323 | | | | 933,634 | |
Telefonica Brasil SA | | | 52,554 | | | | 576,241 | |
TIM SA | | | 101,014 | | | | 369,401 | |
TOTVS SA | | | 56,812 | | | | 350,912 | |
WEG SA | | | 89,793 | | | | 663,058 | |
XP, Inc., Series BDR | | | 12,196 | | | | 286,917 | |
XP, Inc., Class A | | | 33,304 | | | | 787,307 | |
| | | | | | | | |
(Cost $19,610,841) | | | | | | | 21,951,733 | |
| | | | | | | | |
| Chile — 0.4% | | | | | | |
Banco de Chile | | | 4,882,765 | | | | 565,523 | |
Banco de Credito e Inversiones SA | | | 12,937 | | | | 358,538 | |
Banco Santander Chile | | | 7,633,143 | | | | 370,837 | |
Cencosud SA | | | 142,508 | | | | 255,685 | |
Cia Sud Americana de Vapores SA | | | 2,538,964 | | | | 177,095 | |
Empresas CMPC SA | | | 57,343 | | | | 101,698 | |
Enel Americas SA | | | 1,380,974 | | | | 140,666 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Chile (Continued) | | | | | | |
Falabella SA* | | | 95,078 | | | $ | 240,887 | |
Latam Airlines Group SA* | | | 5,124,806 | | | | 64,390 | |
| | | | | | | | |
(Cost $2,165,095) | | | | | | | 2,275,319 | |
| | | | | | | | |
| China — 24.2% | | | | | | |
360 Security Technology, Inc., Class A* | | | 89,854 | | | | 109,367 | |
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | | | 35,511 | | | | 96,007 | |
3peak, Inc., Class A | | | 4,432 | | | | 67,816 | |
Accelink Technologies Co. Ltd., Class A | | | 12,850 | | | | 53,538 | |
Advanced Micro-Fabrication Equipment, Inc., China, Class A | | | 6,558 | | | | 133,604 | |
AECC Aero-Engine Control Co. Ltd., Class A | | | 10,600 | | | | 26,025 | |
Agricultural Bank of China Ltd., Class A | | | 653,632 | | | | 380,100 | |
Agricultural Bank of China Ltd., Class H | | | 3,147,665 | | | | 1,294,640 | |
Aier Eye Hospital Group Co. Ltd., Class A | | | 92,761 | | | | 188,605 | |
Air China Ltd., Class A* | | | 25,796 | | | | 26,780 | |
Air China Ltd., Class H* | | | 78,902 | | | | 42,329 | |
Aisino Corp., Class A | | | 49,950 | | | | 71,058 | |
Akeso, Inc., 144A* | | | 46,827 | | | | 281,723 | |
Alibaba Group Holding Ltd. | | | 1,061,993 | | | | 9,889,037 | |
Amlogic Shanghai Co. Ltd., Class A | | | 9,766 | | | | 75,835 | |
Angang Steel Co. Ltd., Class A | | | 41,100 | | | | 14,432 | |
Angel Yeast Co. Ltd., Class A | | | 7,987 | | | | 37,334 | |
Anjoy Foods Group Co. Ltd., Class A | | | 2,425 | | | | 29,382 | |
Anker Innovations Technology Co. Ltd., Class A | | | 4,250 | | | | 48,191 | |
ANTA Sports Products Ltd. | | | 90,648 | | | | 888,672 | |
Apeloa Pharmaceutical Co. Ltd., Class A | | | 33,200 | | | | 64,416 | |
APT Medical, Inc., Class A | | | 1,090 | | | | 68,991 | |
Asia — Potash International Investment Guangzhou Co. Ltd., Class A* | | | 14,225 | | | | 44,539 | |
ASR Microelectronics Co. Ltd., Class A* | | | 9,207 | | | | 65,475 | |
Asymchem Laboratories Tianjin Co. Ltd., Class A | | | 3,802 | | | | 53,611 | |
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A | | | 10,258 | | | | 89,951 | |
Autobio Diagnostics Co. Ltd., Class A | | | 11,575 | | | | 106,605 | |
Autohome, Inc., ADR | | | 10,220 | | | | 265,618 | |
Avary Holding Shenzhen Co. Ltd., Class A | | | 5,636 | | | | 16,489 | |
AVIC Industry-Finance Holdings Co. Ltd., Class A | | | 198,759 | | | | 91,583 | |
BAIC BluePark New Energy Technology Co. Ltd., Class A* | | | 97,300 | | | | 80,349 | |
Baidu, Inc., ADR* | | | 31,416 | | | | 3,183,383 | |
Bank of Beijing Co. Ltd., Class A | | | 230,278 | | | | 165,552 | |
Bank of Changsha Co. Ltd., Class A | | | 41,125 | | | | 44,463 | |
Bank of Chengdu Co. Ltd., Class A | | | 54,075 | | | | 99,290 | |
Bank of China Ltd., Class A | | | 314,613 | | | | 195,180 | |
Bank of China Ltd., Class H | | | 9,338,974 | | | | 3,674,131 | |
Bank of Chongqing Co. Ltd., Class A | | | 74,050 | | | | 74,510 | |
Bank of Communications Co. Ltd., Class A | | | 268,998 | | | | 234,082 | |
Bank of Communications Co. Ltd., Class H | | | 827,147 | | | | 543,063 | |
| | | | |
| See Notes to Financial Statements. | | 10 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Bank of Guiyang Co. Ltd., Class A | | | 98,575 | | | $ | 75,382 | |
Bank of Hangzhou Co. Ltd., Class A | | | 68,852 | | | | 105,878 | |
Bank of Jiangsu Co. Ltd., Class A | | | 162,586 | | | | 173,073 | |
Bank of Nanjing Co. Ltd., Class A | | | 99,396 | | | | 120,706 | |
Bank of Ningbo Co. Ltd., Class A | | | 59,835 | | | | 185,021 | |
Bank of Shanghai Co. Ltd., Class A | | | 140,018 | | | | 126,896 | |
Bank of Suzhou Co. Ltd., Class A | | | 85,100 | | | | 83,739 | |
Bank of Zhengzhou Co. Ltd., Class A* | | | 189,835 | | | | 55,065 | |
Baoshan Iron & Steel Co. Ltd., Class A | | | 7,256 | | | | 6,717 | |
BBMG Corp., Class A | | | 74,605 | | | | 20,191 | |
Beijing Dabeinong Technology Group Co. Ltd., Class A | | | 28,838 | | | | 21,052 | |
Beijing Easpring Material Technology Co. Ltd., Class A | | | 7,675 | | | | 37,111 | |
Beijing E-Hualu Information Technology Co. Ltd., Class A* | | | 22,950 | | | | 82,432 | |
Beijing Enlight Media Co. Ltd., Class A | | | 79,925 | | | | 100,721 | |
Beijing Kingsoft Office Software, Inc., Class A | | | 5,134 | | | | 193,062 | |
Beijing New Building Materials PLC, Class A | | | 1,200 | | | | 4,678 | |
Beijing Originwater Technology Co. Ltd., Class A | | | 62,800 | | | | 44,364 | |
Beijing Roborock Technology Co. Ltd., Class A | | | 1,096 | | | | 49,553 | |
Beijing Shiji Information Technology Co. Ltd., Class A* | | | 68,409 | | | | 76,429 | |
Beijing Tiantan Biological Products Corp. Ltd., Class A | | | 24,024 | | | | 94,359 | |
Beijing Tongrentang Co. Ltd., Class A | | | 14,100 | | | | 87,082 | |
Beijing Ultrapower Software Co. Ltd., Class A | | | 56,775 | | | | 85,573 | |
Beijing United Information Technology Co. Ltd., Class A | | | 11,320 | | | | 33,071 | |
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | | | 10,127 | | | | 103,375 | |
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | | | 392,959 | | | | 275,416 | |
Bethel Automotive Safety Systems Co. Ltd., Class A | | | 9,100 | | | | 79,693 | |
Betta Pharmaceuticals Co. Ltd., Class A | | | 11,509 | | | | 69,211 | |
BGI Genomics Co. Ltd., Class A | | | 11,875 | | | | 72,879 | |
Bilibili, Inc., Class Z* | | | 32,903 | | | | 322,146 | |
Bloomage Biotechnology Corp. Ltd., Class A | | | 4,360 | | | | 38,685 | |
BOC International China Co. Ltd., Class A | | | 65,730 | | | | 99,618 | |
BOE Technology Group Co. Ltd., Class A | | | 109,022 | | | | 60,372 | |
BTG Hotels Group Co. Ltd., Class A* | | | 33,775 | | | | 71,626 | |
By-health Co. Ltd., Class A | | | 18,075 | | | | 42,395 | |
Caida Securities Co. Ltd., Class A | | | 54,100 | | | | 58,265 | |
Caitong Securities Co. Ltd., Class A | | | 92,850 | | | | 102,834 | |
Cathay Biotech, Inc., Class A | | | 6,719 | | | | 45,031 | |
CECEP Solar Energy Co. Ltd., Class A | | | 74,275 | | | | 56,078 | |
CECEP Wind-Power Corp., Class A | | | 175,925 | | | | 73,249 | |
CETC Cyberspace Security Technology Co. Ltd., Class A | | | 16,585 | | | | 46,795 | |
CGN Power Co. Ltd., Class A | | | 140,539 | | | | 75,290 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
CGN Power Co. Ltd., Class H, 144A | | | 1,390,021 | | | $ | 422,574 | |
Changchun High & New Technology Industry Group, Inc., Class A | | | 5,462 | | | | 97,410 | |
Changjiang Securities Co. Ltd., Class A | | | 108,450 | | | | 82,783 | |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | | | 4,337 | | | | 84,540 | |
Chaozhou Three-Circle Group Co. Ltd., Class A | | | 25,850 | | | | 90,983 | |
Chengxin Lithium Group Co. Ltd., Class A | | | 21,125 | | | | 64,238 | |
Chifeng Jilong Gold Mining Co. Ltd., Class A* | | | 21,025 | | | | 37,701 | |
China Baoan Group Co. Ltd., Class A | | | 41,712 | | | | 68,890 | |
China Cinda Asset Management Co. Ltd., Class H | | | 1,273,608 | | | | 122,012 | |
China CITIC Bank Corp. Ltd., Class A | | | 85,825 | | | | 76,591 | |
China CITIC Bank Corp. Ltd., Class H | | | 1,199,668 | | | | 639,002 | |
China Construction Bank Corp., Class A | | | 65,096 | | | | 63,242 | |
China Construction Bank Corp., Class H | | | 10,471,016 | | | | 6,526,997 | |
China Eastern Airlines Corp. Ltd.,
Class A* | | | 27,208 | | | | 14,387 | |
China Eastern Airlines Corp. Ltd.,
Class H* | | | 115,558 | | | | 29,226 | |
China Energy Engineering Corp. Ltd., Class A | | | 101,150 | | | | 30,604 | |
China Energy Engineering Corp. Ltd., Class H | | | 351,738 | | | | 32,349 | |
China Enterprise Co. Ltd., Class A | | | 188,450 | | | | 82,387 | |
China Everbright Bank Co. Ltd., Class A | | | 367,450 | | | | 164,212 | |
China Everbright Bank Co. Ltd., Class H | | | 930,899 | | | | 291,322 | |
China Feihe Ltd., 144A | | | 233,691 | | | | 116,416 | |
China Film Co. Ltd., Class A* | | | 48,225 | | | | 81,187 | |
China Galaxy Securities Co. Ltd., Class A | | | 60,525 | | | | 102,062 | |
China Galaxy Securities Co. Ltd., Class H | | | 378,319 | | | | 199,095 | |
China Great Wall Securities Co. Ltd., Class A | | | 83,975 | | | | 92,305 | |
China Greatwall Technology Group Co. Ltd., Class A | | | 53,624 | | | | 77,252 | |
China International Capital Corp. Ltd., Class A | | | 29,303 | | | | 141,935 | |
China International Capital Corp. Ltd., Class H, 144A | | | 220,443 | | | | 276,793 | |
China Jushi Co. Ltd., Class A | | | 25,875 | | | | 35,983 | |
China Lesso Group Holdings Ltd. | | | 30,183 | | | | 14,381 | |
China Life Insurance Co. Ltd., Class H | | | 727,202 | | | | 896,370 | |
China Literature Ltd., 144A* | | | 61,064 | | | | 188,368 | |
China Merchants Bank Co. Ltd., Class A | | | 138,394 | | | | 615,405 | |
China Merchants Bank Co. Ltd., Class H | | | 424,198 | | | | 1,655,330 | |
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | | | 65,725 | | | | 96,235 | |
China Merchants Securities Co. Ltd., Class A | | | 83,669 | | | | 163,732 | |
China Merchants Securities Co. Ltd., Class H, 144A | | | 145,795 | | | | 116,021 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | | | 78,852 | | | | 103,090 | |
| | | | |
| See Notes to Financial Statements. | | 11 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
China Minsheng Banking Corp. Ltd., Class A | | | 290,938 | | | $ | 163,130 | |
China Minsheng Banking Corp. Ltd., Class H | | | 906,325 | | | | 319,520 | |
China National Chemical Engineering Co. Ltd., Class A | | | 10,701 | | | | 10,366 | |
China National Medicines Corp. Ltd., Class A | | | 7,975 | | | | 34,865 | |
China National Software & Service Co. Ltd., Class A | | | 20,900 | | | | 93,459 | |
China Pacific Insurance Group Co. Ltd., Class A | | | 12,385 | | | | 44,038 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 225,968 | | | | 431,223 | |
China Railway Signal & Communication Corp. Ltd., Class A | | | 47,311 | | | | 32,043 | |
China Railway Signal & Communication Corp. Ltd., Class H, 144A | | | 98,070 | | | | 35,576 | |
China Rare Earth Resources And Technology Co. Ltd., Class A | | | 7,775 | | | | 30,095 | |
China Resources Microelectronics Ltd., Class A | | | 7,857 | | | | 46,726 | |
China Resources Mixc Lifestyle Services Ltd., 144A | | | 74,047 | | | | 224,161 | |
China Resources Pharmaceutical Group Ltd., 144A | | | 22,148 | | | | 14,994 | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | | | 11,425 | | | | 87,179 | |
China Science Publishing & Media Ltd., Class A | | | 19,850 | | | | 70,526 | |
China South Publishing & Media Group Co. Ltd., Class A | | | 29,300 | | | | 50,424 | |
China Southern Airlines Co. Ltd.,
Class A* | | | 33,400 | | | | 27,442 | |
China Southern Airlines Co. Ltd.,
Class H* | | | 88,273 | | | | 32,811 | |
China Three Gorges Renewables Group Co. Ltd., Class A | | | 249,595 | | | | 160,040 | |
China Tourism Group Duty Free Corp. Ltd., Class A | | | 13,375 | | | | 161,682 | |
China Tourism Group Duty Free Corp. Ltd., Class H, 144A | | | 14,219 | | | | 139,669 | |
China Tower Corp. Ltd., Class H, 144A | | | 3,058,388 | | | | 371,126 | |
China United Network Communications Ltd., Class A | | | 222,467 | | | | 148,203 | |
China Vanke Co. Ltd., Class A | | | 65,852 | | | | 91,760 | |
China Vanke Co. Ltd., Class H | | | 147,185 | | | | 113,931 | |
China Yangtze Power Co. Ltd., Class A | | | 213,927 | | | | 743,745 | |
China Zhenhua Group Science & Technology Co. Ltd., Class A | | | 11,534 | | | | 91,821 | |
China Zheshang Bank Co. Ltd., Class A | | | 219,758 | | | | 84,789 | |
China Zheshang Bank Co. Ltd., Class H | | | 302,375 | | | | 83,427 | |
Chinalin Securities Co. Ltd., Class A | | | 25,350 | | | | 45,632 | |
Chongqing Brewery Co. Ltd., Class A | | | 8,600 | | | | 78,179 | |
Chongqing Rural Commercial Bank Co. Ltd., Class A | | | 63,625 | | | | 39,560 | |
Chongqing Rural Commercial Bank Co. Ltd., Class H | | | 289,729 | | | | 116,946 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Chongqing Taiji Industry Group Co. Ltd., Class A* | | | 8,800 | | | $ | 46,337 | |
Chongqing Zhifei Biological Products Co. Ltd., Class A | | | 18,910 | | | | 140,383 | |
CITIC Securities Co. Ltd., Class A | | | 111,446 | | | | 329,454 | |
CITIC Securities Co. Ltd., Class H | | | 242,496 | | | | 449,755 | |
CNGR Advanced Material Co. Ltd., Class A | | | 4,300 | | | | 28,294 | |
CNPC Capital Co. Ltd., Class A | | | 34,500 | | | | 29,687 | |
Contemporary Amperex Technology Co. Ltd., Class A | | | 1,380 | | | | 31,317 | |
COSCO SHIPPING Development Co. Ltd., Class A | | | 90,525 | | | | 30,907 | |
COSCO SHIPPING Holdings Co. Ltd., Class A | | | 20,876 | | | | 30,422 | |
Country Garden Holdings Co. Ltd.* | | | 1,425,412 | | | | 116,527 | |
Country Garden Services Holdings Co. Ltd. | | | 88,033 | | | | 67,356 | |
CRRC Corp. Ltd., Class A | | | 8,100 | | | | 7,172 | |
CSC Financial Co. Ltd., Class A | | | 41,800 | | | | 135,171 | |
CSC Financial Co. Ltd., Class H, 144A | | | 192,413 | | | | 155,330 | |
DaShenLin Pharmaceutical Group Co. Ltd., Class A | | | 9,036 | | | | 29,835 | |
DHC Software Co. Ltd., Class A | | | 91,675 | | | | 73,414 | |
Do-Fluoride New Materials Co. Ltd., Class A | | | 7,920 | | | | 14,531 | |
Dong-E-E-Jiao Co. Ltd., Class A | | | 13,225 | | | | 106,622 | |
Dongfeng Motor Group Co. Ltd., Class H | | | 71,455 | | | | 30,576 | |
Dongxing Securities Co. Ltd., Class A | | | 82,625 | | | | 97,358 | |
East Buy Holding Ltd., 144A* | | | 44,995 | | | | 139,086 | |
East Money Information Co. Ltd., Class A | | | 102,767 | | | | 200,250 | |
Eastroc Beverage Group Co. Ltd., Class A | | | 3,825 | | | | 95,014 | |
Easyhome New Retail Group Co. Ltd., Class A | | | 127,059 | | | | 53,432 | |
Ecovacs Robotics Co. Ltd., Class A | | | 5,740 | | | | 29,739 | |
ENN Energy Holdings Ltd. | | | 13,833 | | | | 113,702 | |
Eve Energy Co. Ltd., Class A | | | 8,807 | | | | 46,826 | |
Everbright Securities Co. Ltd., Class A | | | 59,309 | | | | 139,028 | |
Fangda Carbon New Material Co. Ltd., Class A* | | | 38,700 | | | | 26,479 | |
First Capital Securities Co. Ltd., Class A | | | 112,325 | | | | 89,327 | |
Focus Media Information Technology Co. Ltd., Class A | | | 133,917 | | | | 117,092 | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | | | 28,260 | | | | 159,474 | |
Founder Securities Co. Ltd., Class A | | | 99,710 | | | | 105,450 | |
Foxconn Industrial Internet Co. Ltd., Class A | | | 8,457 | | | | 21,937 | |
Fujian Sunner Development Co. Ltd., Class A | | | 12,460 | | | | 28,170 | |
Full Truck Alliance Co. Ltd., ADR* | | | 82,356 | | | | 543,550 | |
Fuyao Glass Industry Group Co. Ltd., Class A | | | 8,281 | | | | 49,753 | |
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | | | 49,369 | | | | 247,513 | |
| | | | |
| See Notes to Financial Statements. | | 12 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Gan & Lee Pharmaceuticals Co. Ltd., Class A* | | | 13,700 | | | $ | 81,589 | |
Ganfeng Lithium Group Co. Ltd., Class A | | | 9,197 | | | | 51,121 | |
Ganfeng Lithium Group Co. Ltd., Class H, 144A | | | 26,056 | | | | 86,534 | |
G-bits Network Technology Xiamen Co. Ltd., Class A | | | 2,550 | | | | 76,653 | |
GEM Co. Ltd., Class A | | | 39,841 | | | | 29,638 | |
Gemdale Corp., Class A | | | 84,146 | | | | 50,334 | |
Genscript Biotech Corp.* | | | 130,418 | | | | 263,541 | |
GF Securities Co. Ltd., Class A | | | 70,313 | | | | 138,377 | |
GF Securities Co. Ltd., Class H | | | 183,543 | | | | 197,872 | |
Giant Biogene Holding Co. Ltd., 144A* | | | 28,933 | | | | 132,307 | |
Giant Network Group Co. Ltd., Class A | | | 31,725 | | | | 49,842 | |
GigaDevice Semiconductor, Inc., Class A | | | 8,479 | | | | 86,223 | |
Ginlong Technologies Co. Ltd., Class A | | | 6,750 | | | | 61,015 | |
Glodon Co. Ltd., Class A | | | 39,475 | | | | 75,003 | |
GoerTek, Inc., Class A | | | 13,863 | | | | 32,016 | |
Goldwind Science & Technology Co. Ltd., Class A | | | 5,487 | | | | 5,818 | |
Goldwind Science & Technology Co. Ltd., Class H | | | 38,146 | | | | 14,520 | |
GoodWe Technologies Co. Ltd., Class A | | | 4,563 | | | | 68,699 | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | | 15,996 | | | | 86,693 | |
Greenland Holdings Corp. Ltd., Class A* | | | 87,500 | | | | 26,717 | |
Greentown China Holdings Ltd. | | | 117,158 | | | | 94,130 | |
GRG Banking Equipment Co. Ltd., Class A | | | 28,900 | | | | 46,246 | |
Guangdong Haid Group Co. Ltd., Class A | | | 4,970 | | | | 29,743 | |
Guangdong Kinlong Hardware Products Co. Ltd., Class A | | | 4,671 | | | | 24,252 | |
Guangzhou Automobile Group Co. Ltd., Class H | | | 38,903 | | | | 16,846 | |
Guangzhou Baiyun International Airport Co. Ltd., Class A* | | | 73,425 | | | | 103,230 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | | | 10,332 | | | | 42,416 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | | | 9,826 | | | | 25,604 | |
Guangzhou Haige Communications Group, Inc. Co., Class A | | | 41,375 | | | | 66,381 | |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | | | 8,646 | | | | 72,357 | |
Guangzhou Port Co. Ltd., Class A | | | 150,975 | | | | 66,003 | |
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | | | 5,575 | | | | 30,362 | |
Guangzhou Tinci Materials Technology Co. Ltd., Class A | | | 15,260 | | | | 43,713 | |
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | | | 105,300 | | | | 90,024 | |
Guolian Securities Co. Ltd., Class A* | | | 63,575 | | | | 96,793 | |
Guolian Securities Co. Ltd., Class H* | | | 213,837 | | | | 87,952 | |
Guosen Securities Co. Ltd., Class A | | | 82,306 | | | | 98,467 | |
Guotai Junan Securities Co. Ltd., Class A | | | 59,426 | | | | 124,456 | |
Guotai Junan Securities Co. Ltd., Class H, 144A | | | 123,148 | | | | 141,728 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Guoyuan Securities Co. Ltd., Class A | | | 98,850 | | | $ | 95,760 | |
H World Group Ltd., ADR | | | 13,779 | | | | 503,760 | |
Haidilao International Holding Ltd., 144A | | | 139,866 | | | | 256,192 | |
Haier Smart Home Co. Ltd., Class H | | | 131,478 | | | | 401,380 | |
Hainan Airlines Holding Co. Ltd.,
Class A* | | | 264,425 | | | | 52,479 | |
Hainan Airport Infrastructure Co. Ltd., Class A* | | | 197,350 | | | | 102,712 | |
Haisco Pharmaceutical Group Co. Ltd., Class A* | | | 23,450 | | | | 81,364 | |
Haitian International Holdings Ltd. | | | 17,650 | | | | 44,729 | |
Haitong Securities Co. Ltd., Class A | | | 90,527 | | | | 114,835 | |
Haitong Securities Co. Ltd., Class H | | | 320,654 | | | | 159,328 | |
Hang Zhou Great Star Industrial Co. Ltd., Class A | | | 15,800 | | | | 47,738 | |
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | | | 76,700 | | | | 80,476 | |
Hangzhou Chang Chuan Technology Co. Ltd., Class A | | | 18,459 | | | | 74,269 | |
Hangzhou First Applied Material Co. Ltd., Class A | | | 32,226 | | | | 124,427 | |
Hangzhou Lion Microelectronics Co. Ltd., Class A | | | 19,100 | | | | 62,772 | |
Hangzhou Oxygen Plant Group Co. Ltd., Class A | | | 6,950 | | | | 27,008 | |
Hangzhou Robam Appliances Co. Ltd., Class A | | | 5,400 | | | | 18,736 | |
Hangzhou Silan Microelectronics Co. Ltd., Class A | | | 26,964 | | | | 78,213 | |
Hangzhou Tigermed Consulting Co. Ltd., Class A | | | 12,530 | | | | 78,342 | |
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A | | | 21,963 | | | | 76,447 | |
Hansoh Pharmaceutical Group Co. Ltd., 144A | | | 162,149 | | | | 285,824 | |
Haohua Chemical Science & Technology Co. Ltd., Class A | | | 7,975 | | | | 37,632 | |
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | | | 24,125 | | | | 83,974 | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | | | 10,825 | | | | 28,981 | |
Heilongjiang Agriculture Co. Ltd., Class A | | | 26,200 | | | | 45,198 | |
Henan Shuanghui Investment & Development Co. Ltd., Class A | | | 10,300 | | | | 41,770 | |
Hengan International Group Co. Ltd. | | | 3,321 | | | | 10,266 | |
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | | | 14,300 | | | | 28,480 | |
Hengtong Optic-electric Co. Ltd., Class A | | | 17,200 | | | | 29,219 | |
Hithink RoyalFlush Information Network Co. Ltd., Class A | | | 5,842 | | | | 111,136 | |
Hongta Securities Co. Ltd., Class A | | | 80,075 | | | | 86,129 | |
Hoshine Silicon Industry Co. Ltd., Class A | | | 9,975 | | | | 73,374 | |
Hoyuan Green Energy Co. Ltd., Class A | | | 7,930 | | | | 30,607 | |
Hua Hong Semiconductor Ltd., 144A* | | | 71,607 | | | | 153,663 | |
Huaan Securities Co. Ltd., Class A | | | 132,000 | | | | 88,302 | |
| | | | |
| See Notes to Financial Statements. | | 13 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Huadong Medicine Co. Ltd., Class A | | | 17,725 | | | $ | 82,853 | |
Huafon Chemical Co. Ltd., Class A | | | 13,000 | | | | 12,305 | |
Huagong Tech Co. Ltd., Class A | | | 7,975 | | | | 35,120 | |
Hualan Biological Engineering, Inc., Class A | | | 32,500 | | | | 88,994 | |
Huali Industrial Group Co. Ltd., Class A | | | 7,650 | | | | 61,516 | |
Huaneng Lancang River Hydropower, Inc., Class A | | | 88,217 | | | | 113,619 | |
Huatai Securities Co. Ltd., Class A | | | 63,785 | | | | 128,716 | |
Huatai Securities Co. Ltd., Class H, 144A | | | 148,653 | | | | 175,829 | |
Huaxi Securities Co. Ltd., Class A | | | 80,800 | | | | 88,255 | |
Huaxia Bank Co. Ltd., Class A | | | 122,502 | | | | 107,791 | |
Huayu Automotive Systems Co. Ltd., Class A | | | 15,456 | | | | 37,475 | |
Hubei Feilihua Quartz Glass Co. Ltd., Class A | | | 15,925 | | | | 66,284 | |
Huizhou Desay Sv Automotive Co. Ltd., Class A | | | 4,164 | | | | 59,294 | |
Humanwell Healthcare Group Co. Ltd., Class A | | | 23,650 | | | | 72,211 | |
Hundsun Technologies, Inc., Class A | | | 28,133 | | | | 95,348 | |
Hygeia Healthcare Holdings Co. Ltd., 144A | | | 48,106 | | | | 180,963 | |
IEIT Systems Co. Ltd., Class A | | | 9,366 | | | | 48,603 | |
Iflytek Co. Ltd., Class A | | | 21,165 | | | | 145,080 | |
Imeik Technology Development Co. Ltd., Class A | | | 2,825 | | | | 128,209 | |
Industrial & Commercial Bank of China Ltd., Class A | | | 447,142 | | | | 330,768 | |
Industrial & Commercial Bank of China Ltd., Class H | | | 7,626,153 | | | | 3,935,425 | |
Industrial Bank Co. Ltd., Class A | | | 155,765 | | | | 359,944 | |
Industrial Securities Co. Ltd., Class A | | | 77,800 | | | | 62,735 | |
Ingenic Semiconductor Co. Ltd., Class A | | | 8,780 | | | | 79,876 | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | | 11,402 | | | | 44,863 | |
Innovent Biologics, Inc., 144A* | | | 147,728 | | | | 799,137 | |
iQIYI, Inc., ADR* | | | 34,655 | | | | 127,877 | |
iRay Technology Co. Ltd., Class A | | | 2,558 | | | | 87,892 | |
Isoftstone Information Technology Group Co. Ltd., Class A* | | | 16,025 | | | | 101,129 | |
Jafron Biomedical Co. Ltd., Class A | | | 25,673 | | | | 71,511 | |
Jason Furniture Hangzhou Co. Ltd., Class A | | | 6,100 | | | | 31,790 | |
JCET Group Co. Ltd., Class A | | | 11,542 | | | | 41,905 | |
JD Health International, Inc., 144A* | | | 110,906 | | | | 422,159 | |
JD Logistics, Inc., 144A* | | | 116,121 | | | | 115,249 | |
JD.com, Inc., ADR | | | 74,067 | | | | 1,675,396 | |
JD.com, Inc., Class A | | | 17,186 | | | | 195,485 | |
Jiangsu Eastern Shenghong Co. Ltd., Class A | | | 13,209 | | | | 19,249 | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | | 5,050 | | | | 39,817 | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | | | 37,262 | | | | 220,513 | |
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | | | 21,325 | | | | 74,583 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | | | 23,875 | | | $ | 34,494 | |
Jiangsu Yangnong Chemical Co. Ltd., Class A | | | 4,405 | | | | 33,454 | |
Jiangsu Yoke Technology Co. Ltd., Class A | | | 4,825 | | | | 33,784 | |
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | | | 17,350 | | | | 86,229 | |
Jiangxi Special Electric Motor Co. Ltd., Class A* | | | 10,700 | | | | 15,504 | |
Jinko Solar Co. Ltd., Class A | | | 25,260 | | | | 30,956 | |
Joinn Laboratories China Co. Ltd., Class A | | | 13,070 | | | | 33,014 | |
Joinn Laboratories China Co. Ltd., Class H, 144A | | | 59,427 | | | | 74,997 | |
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A* | | | 5,814 | | | | 20,423 | |
Juewei Food Co. Ltd., Class A | | | 5,500 | | | | 17,160 | |
Juneyao Airlines Co. Ltd., Class A* | | | 16,800 | | | | 31,081 | |
Kanzhun Ltd., ADR | | | 31,508 | | | | 493,100 | |
KE Holdings, Inc., ADR | | | 63,589 | | | | 864,174 | |
Keda Industrial Group Co. Ltd., Class A | | | 16,500 | | | | 27,526 | |
Kingdee International Software Group Co. Ltd.* | | | 249,966 | | | | 270,120 | |
Kingnet Network Co. Ltd., Class A | | | 45,100 | | | | 78,242 | |
Kingsoft Corp. Ltd. | | | 129,279 | | | | 360,815 | |
Kuaishou Technology, 144A* | | | 192,229 | | | | 1,092,657 | |
Kuang-Chi Technologies Co. Ltd.,
Class A* | | | 46,775 | | | | 96,273 | |
Kunlun Tech Co. Ltd., Class A* | | | 20,850 | | | | 116,820 | |
LB Group Co. Ltd., Class A | | | 10,801 | | | | 28,152 | |
Lenovo Group Ltd. | | | 856,817 | | | | 948,881 | |
Lens Technology Co. Ltd., Class A | | | 15,713 | | | | 26,387 | |
Lepu Medical Technology Beijing Co. Ltd., Class A | | | 31,925 | | | | 66,861 | |
Li Auto, Inc., Class A* | | | 112,294 | | | | 2,543,139 | |
Li Ning Co. Ltd. | | | 185,851 | | | | 463,393 | |
Liaoning Port Co. Ltd., Class A | | | 228,150 | | | | 46,863 | |
Livzon Pharmaceutical Group, Inc., Class A | | | 6,525 | | | | 34,856 | |
Livzon Pharmaceutical Group, Inc., Class H | | | 23,352 | | | | 81,730 | |
Longfor Group Holdings Ltd., 144A | | | 170,711 | | | | 215,438 | |
LONGi Green Energy Technology Co. Ltd., Class A | | | 43,758 | | | | 128,992 | |
Longshine Technology Group Co. Ltd., Class A | | | 40,425 | | | | 71,758 | |
Lufax Holding Ltd., ADR | | | 37,621 | | | | 117,378 | |
Luxshare Precision Industry Co. Ltd., Class A | | | 36,028 | | | | 137,907 | |
Mango Excellent Media Co. Ltd., Class A | | | 28,935 | | | | 99,512 | |
Maxscend Microelectronics Co. Ltd., Class A | | | 6,141 | | | | 91,622 | |
MeiHua Holdings Group Co. Ltd., Class A | | | 31,200 | | | | 46,766 | |
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | | | 87,925 | | | | 68,092 | |
| | | | |
| See Notes to Financial Statements. | | 14 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Meituan, Class B, 144A* | | | 512,163 | | | $ | 5,220,546 | |
Metallurgical Corp. of China Ltd., Class A | | | 74,492 | | | | 34,427 | |
Metallurgical Corp. of China Ltd., Class H | | | 96,349 | | | | 19,445 | |
Microport Scientific Corp.* | | | 118,500 | | | | 116,248 | |
Ming Yang Smart Energy Group Ltd., Class A | | | 31,584 | | | | 44,711 | |
MINISO Group Holding Ltd. | | | 47,622 | | | | 221,723 | |
Minth Group Ltd. | | | 27,622 | | | | 46,996 | |
Montage Technology Co. Ltd., Class A | | | 13,999 | | | | 101,419 | |
Muyuan Foods Co. Ltd., Class A | | | 17,250 | | | | 92,148 | |
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | | | 41,700 | | | | 83,108 | |
Nanjing Securities Co. Ltd., Class A | | | 86,250 | | | | 99,833 | |
NARI Technology Co. Ltd., Class A | | | 35,833 | | | | 115,278 | |
National Silicon Industry Group Co. Ltd., Class A* | | | 44,089 | | | | 94,294 | |
NAURA Technology Group Co. Ltd., Class A | | | 4,093 | | | | 161,363 | |
NavInfo Co. Ltd., Class A* | | | 76,231 | | | | 77,762 | |
NetEase, Inc. | | | 200,242 | | | | 4,506,775 | |
New China Life Insurance Co. Ltd., Class A | | | 7,330 | | | | 33,368 | |
New Hope Liuhe Co. Ltd., Class A* | | | 12,878 | | | | 15,836 | |
New Oriental Education & Technology Group, Inc., ADR* | | | 10,820 | | | | 1,011,995 | |
Ninestar Corp., Class A | | | 25,409 | | | | 82,625 | |
Ningbo Deye Technology Co. Ltd., Class A | | | 6,965 | | | | 80,909 | |
Ningbo Orient Wires & Cables Co. Ltd., Class A | | | 3,675 | | | | 19,780 | |
Ningbo Ronbay New Energy Technology Co. Ltd., Class A | | | 4,358 | | | | 18,780 | |
Ningbo Shanshan Co. Ltd., Class A | | | 17,775 | | | | 28,222 | |
Ningbo Tuopu Group Co. Ltd., Class A | | | 9,775 | | | | 79,662 | |
Ningbo Zhoushan Port Co. Ltd., Class A | | | 87,700 | | | | 43,088 | |
NIO, Inc., ADR*(a) | | | 150,651 | | | | 866,243 | |
Nongfu Spring Co. Ltd., Class H, 144A | | | 213,501 | | | | 1,210,843 | |
Offcn Education Technology Co. Ltd., Class A* | | | 167,564 | | | | 81,163 | |
Onewo, Inc., Class H | | | 40,011 | | | | 98,126 | |
Oppein Home Group, Inc., Class A | | | 3,541 | | | | 34,146 | |
Orient Securities Co. Ltd., Class A | | | 88,630 | | | | 108,370 | |
Orient Securities Co. Ltd., Class H, 144A | | | 218,056 | | | | 92,751 | |
Ovctek China, Inc., Class A | | | 26,602 | | | | 76,019 | |
Pacific Securities Co. Ltd., Class A* | | | 185,475 | | | | 88,294 | |
People.cn Co. Ltd., Class A | | | 26,625 | | | | 98,071 | |
People’s Insurance Co. Group of China Ltd., Class A | | | 45,629 | | | | 33,247 | |
People’s Insurance Co. Group of China Ltd., Class H | | | 35,824 | | | | 11,943 | |
Perfect World Co. Ltd., Class A | | | 45,625 | | | | 74,213 | |
Pharmaron Beijing Co. Ltd., Class A | | | 14,132 | | | | 45,797 | |
Pharmaron Beijing Co. Ltd., Class H, 144A | | | 64,107 | | | | 86,144 | |
PICC Property & Casualty Co. Ltd., Class H | | | 315,933 | | | | 432,608 | |
Ping An Bank Co. Ltd., Class A | | | 90,858 | | | | 133,540 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Ping An Insurance Group Co. of China Ltd., Class A | | | 79,017 | | | $ | 470,467 | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 691,003 | | | | 3,098,074 | |
Poly Developments and Holdings Group Co. Ltd., Class A | | | 93,538 | | | | 126,833 | |
Poly Property Services Co. Ltd., Class H | | | 5,472 | | | | 19,676 | |
Pop Mart International Group Ltd., 144A | | | 82,915 | | | | 207,372 | |
Postal Savings Bank of China Co. Ltd., Class A | | | 21,073 | | | | 14,185 | |
Postal Savings Bank of China Co. Ltd., Class H, 144A | | | 1,043,757 | | | | 550,623 | |
Qi An Xin Technology Group, Inc.,
Class A* | | | 17,251 | | | | 83,774 | |
Qinghai Salt Lake Industry Co. Ltd., Class A* | | | 32,352 | | | | 72,514 | |
Raytron Technology Co. Ltd., Class A | | | 14,053 | | | | 75,694 | |
Red Star Macalline Group Corp. Ltd., Class A | | | 54,200 | | | | 26,855 | |
Remegen Co. Ltd., Class A* | | | 11,993 | | | | 83,557 | |
Remegen Co. Ltd., Class H, 144A* | | | 31,496 | | | | 90,520 | |
Rockchip Electronics Co. Ltd., Class A | | | 3,400 | | | | 25,406 | |
SAIC Motor Corp. Ltd., Class A | | | 7,588 | | | | 15,755 | |
Sanan Optoelectronics Co. Ltd., Class A | | | 53,375 | | | | 92,153 | |
Sangfor Technologies, Inc., Class A* | | | 10,462 | | | | 92,057 | |
Sany Heavy Industry Co. Ltd., Class A | | | 3,412 | | | | 6,601 | |
Satellite Chemical Co. Ltd., Class A* | | | 19,724 | | | | 45,414 | |
SDIC Capital Co. Ltd., Class A | | | 102,425 | | | | 98,086 | |
Sealand Securities Co. Ltd., Class A | | | 180,900 | | | | 89,380 | |
Seazen Holdings Co. Ltd., Class A* | | | 15,315 | | | | 22,127 | |
SenseTime Group, Inc., Class B, 144A* | | | 2,138,756 | | | | 245,872 | |
Seres Group Co. Ltd., Class A* | | | 10,625 | | | | 135,562 | |
SG Micro Corp., Class A | | | 8,471 | | | | 83,167 | |
Shandong Gold Mining Co. Ltd., Class A | | | 2,225 | | | | 6,698 | |
Shandong Gold Mining Co. Ltd., Class H, 144A | | | 27,491 | | | | 43,683 | |
Shandong Hi-speed Co. Ltd., Class A | | | 72,400 | | | | 82,295 | |
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | | | 11,900 | | | | 45,418 | |
Shandong Linglong Tyre Co. Ltd., Class A | | | 5,644 | | | | 17,358 | |
Shandong Sinocera Functional Material Co. Ltd., Class A | | | 16,550 | | | | 46,789 | |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | | | 229,567 | | | | 149,256 | |
Shanghai Aiko Solar Energy Co. Ltd., Class A | | | 32,900 | | | | 69,085 | |
Shanghai Baosight Software Co. Ltd., Class A | | | 18,243 | | | | 118,493 | |
Shanghai Baosight Software Co. Ltd., Class B | | | 77,926 | | | | 175,333 | |
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | | | 2,760 | | | | 107,745 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | | | 24,371 | | | | 83,139 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | | | 75,411 | | | | 136,396 | |
| | | | |
| See Notes to Financial Statements. | | 15 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Shanghai Fudan Microelectronics Group Co. Ltd., Class A | | | 14,185 | | | $ | 73,098 | |
Shanghai Fudan Microelectronics Group Co. Ltd., Class H | | | 61,761 | | | | 109,341 | |
Shanghai International Airport Co. Ltd., Class A* | | | 26,301 | | | | 128,416 | |
Shanghai International Port Group Co. Ltd., Class A | | | 110,575 | | | | 83,331 | |
Shanghai Jinjiang International Hotels Co. Ltd., Class A | | | 18,757 | | | | 75,650 | |
Shanghai Junshi Biosciences Co. Ltd., Class A* | | | 16,996 | | | | 74,067 | |
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A* | | | 40,706 | | | | 64,994 | |
Shanghai Lingang Holdings Corp. Ltd., Class A | | | 56,325 | | | | 83,566 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | | | 59,300 | | | | 75,388 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | | | 253,900 | | | | 102,576 | |
Shanghai M&G Stationery, Inc., Class A | | | 14,300 | | | | 70,694 | |
Shanghai MicroPort MedBot Group Co. Ltd.* | | | 63,004 | | | | 116,853 | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | | | 9,500 | | | | 23,904 | |
Shanghai Pudong Development Bank Co. Ltd., Class A | | | 218,331 | | | | 216,657 | |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | | | 13,036 | | | | 33,941 | |
Shanghai RAAS Blood Products Co. Ltd., Class A | | | 98,200 | | | | 98,128 | |
Shanghai Rural Commercial Bank Co. Ltd., Class A | | | 88,152 | | | | 78,912 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | | | 71,510 | | | | 65,602 | |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | | | 37,875 | | | | 104,606 | |
Shanxi Securities Co. Ltd., Class A | | | 112,575 | | | | 84,682 | |
Shengyi Technology Co. Ltd., Class A | | | 14,625 | | | | 34,811 | |
Shennan Circuits Co. Ltd., Class A | | | 3,350 | | | | 32,639 | |
Shenwan Hongyuan Group Co. Ltd., Class A | | | 256,727 | | | | 163,188 | |
Shenzhen Capchem Technology Co. Ltd., Class A | | | 4,332 | | | | 24,458 | |
Shenzhen Dynanonic Co. Ltd., Class A | | | 2,040 | | | | 12,126 | |
Shenzhen Goodix Technology Co. Ltd., Class A* | | | 4,925 | | | | 43,267 | |
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | | | 20,825 | | | | 25,752 | |
Shenzhen Inovance Technology Co. Ltd., Class A | | | 17,743 | | | | 155,655 | |
Shenzhen Kaifa Technology Co. Ltd., Class A | | | 14,300 | | | | 28,341 | |
Shenzhen Kangtai Biological Products Co. Ltd., Class A | | | 14,624 | | | | 49,259 | |
Shenzhen Kedali Industry Co. Ltd., Class A | | | 2,000 | | | | 20,241 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | | 10,066 | | | $ | 403,995 | |
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | | | 11,065 | | | | 124,375 | |
Shenzhen Overseas Chinese Town Co. Ltd., Class A* | | | 176,739 | | | | 75,305 | |
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | | | 23,100 | | | | 93,615 | |
Shenzhen SC New Energy Technology Corp., Class A | | | 9,350 | | | | 84,024 | |
Shenzhen Sunlord Electronics Co. Ltd., Class A | | | 14,525 | | | | 55,296 | |
Shenzhen Transsion Holdings Co. Ltd., Class A | | | 4,632 | | | | 102,023 | |
Shenzhou International Group Holdings Ltd. | | | 91,504 | | | | 754,469 | |
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | | | 26,450 | | | | 78,778 | |
Shuangliang Eco-Energy Systems Co. Ltd., Class A | | | 24,300 | | | | 27,520 | |
Sichuan Chuantou Energy Co. Ltd., Class A | | | 48,379 | | | | 105,148 | |
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | | | 7,575 | | | | 28,859 | |
Sichuan Swellfun Co. Ltd., Class A | | | 10,850 | | | | 75,624 | |
Sinolink Securities Co. Ltd., Class A | | | 84,185 | | | | 106,323 | |
Sinoma Science & Technology Co. Ltd., Class A | | | 6,082 | | | | 13,210 | |
Sinomine Resource Group Co. Ltd., Class A | | | 15,675 | | | | 81,625 | |
Sinopharm Group Co. Ltd., Class H | | | 121,834 | | | | 341,592 | |
Sinotrans Ltd., Class H | | | 65,423 | | | | 27,911 | |
Skshu Paint Co. Ltd., Class A* | | | 11,025 | | | | 59,216 | |
Smoore International Holdings Ltd., 144A | | | 243,938 | | | | 170,440 | |
Songcheng Performance Development Co. Ltd., Class A | | | 57,925 | | | | 86,824 | |
SooChow Securities Co. Ltd., Class A | | | 97,075 | | | | 98,352 | |
Southwest Securities Co. Ltd., Class A | | | 170,400 | | | | 102,165 | |
Spring Airlines Co. Ltd., Class A* | | | 4,525 | | | | 36,029 | |
StarPower Semiconductor Ltd., Class A | | | 3,600 | | | | 75,720 | |
Sungrow Power Supply Co. Ltd., Class A | | | 8,156 | | | | 98,718 | |
Sunny Optical Technology Group Co. Ltd. | | | 49,436 | | | | 320,783 | |
Sunresin New Materials Co. Ltd., Class A | | | 8,900 | | | | 62,131 | |
Sunwoda Electronic Co. Ltd., Class A | | | 15,372 | | | | 30,338 | |
SUPCON Technology Co. Ltd., Class A | | | 15,471 | | | | 98,728 | |
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | | | 11,450 | | | | 23,789 | |
Suzhou Maxwell Technologies Co. Ltd., Class A | | | 5,354 | | | | 90,320 | |
TAL Education Group, ADR* | | | 32,833 | | | | 483,630 | |
TangShan Port Group Co. Ltd., Class A | | | 134,225 | | | | 81,221 | |
Tasly Pharmaceutical Group Co. Ltd., Class A | | | 25,409 | | | | 59,491 | |
TCL Technology Group Corp., Class A* | | | 41,024 | | | | 25,792 | |
Tencent Holdings Ltd. | | | 682,216 | | | | 24,155,717 | |
| | | | |
| See Notes to Financial Statements. | | 16 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Tencent Music Entertainment Group,
ADR* | | | 63,181 | | | $ | 661,505 | |
Thunder Software Technology Co. Ltd., Class A | | | 9,921 | | | | 83,524 | |
Tianfeng Securities Co. Ltd., Class A* | | | 209,775 | | | | 90,836 | |
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A | | | 13,900 | | | | 57,855 | |
Tianqi Lithium Corp., Class A | | | 4,293 | | | | 31,954 | |
Tianqi Lithium Corp., Class H | | | 7,233 | | | | 36,725 | |
Tianshui Huatian Technology Co. Ltd., Class A | | | 27,450 | | | | 31,164 | |
Toly Bread Co. Ltd., Class A | | | 15,240 | | | | 14,827 | |
Tongcheng Travel Holdings Ltd.* | | | 141,576 | | | | 357,340 | |
TongFu Microelectronics Co. Ltd., Class A | | | 11,150 | | | | 34,354 | |
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | | | 51,350 | | | | 74,047 | |
Topchoice Medical Corp., Class A* | | | 7,965 | | | | 72,694 | |
Topsports International Holdings Ltd., 144A | | | 267,121 | | | | 181,520 | |
TravelSky Technology Ltd., Class H | | | 147,054 | | | | 176,191 | |
Trip.com Group Ltd., ADR* | | | 64,272 | | | | 2,858,176 | |
Tsinghua Tongfang Co. Ltd., Class A* | | | 82,775 | | | | 77,545 | |
Unigroup Guoxin Microelectronics Co. Ltd., Class A* | | | 11,503 | | | | 114,292 | |
Uni-President China Holdings Ltd. | | | 52,856 | | | | 31,732 | |
Unisplendour Corp. Ltd., Class A* | | | 21,950 | | | | 67,325 | |
Universal Scientific Industrial Shanghai Co. Ltd., Class A | | | 12,400 | | | | 24,834 | |
Venustech Group, Inc., Class A | | | 26,825 | | | | 82,054 | |
Vipshop Holdings Ltd., ADR* | | | 24,128 | | | | 464,464 | |
Walvax Biotechnology Co. Ltd., Class A | | | 30,920 | | | | 78,960 | |
Wanda Film Holding Co. Ltd., Class A* | | | 25,814 | | | | 42,813 | |
Wangfujing Group Co. Ltd., Class A | | | 33,650 | | | | 70,614 | |
Weibo Corp., ADR | | | 15,874 | | | | 144,771 | |
Weichai Power Co. Ltd., Class A | | | 33,663 | | | | 78,864 | |
Weichai Power Co. Ltd., Class H | | | 144,186 | | | | 283,628 | |
Weihai Guangwei Composites Co. Ltd., Class A | | | 20,230 | | | | 76,762 | |
Western Mining Co. Ltd., Class A | | | 2,550 | | | | 5,893 | |
Western Securities Co. Ltd., Class A | | | 101,806 | | | | 112,611 | |
Western Superconducting Technologies Co. Ltd., Class A | | | 8,110 | | | | 45,045 | |
Will Semiconductor Co. Ltd., Class A | | | 10,093 | | | | 134,475 | |
Wingtech Technology Co. Ltd., Class A* | | | 7,051 | | | | 37,333 | |
Winner Medical Co. Ltd., Class A | | | 9,225 | | | | 45,669 | |
Winning Health Technology Group Co. Ltd., Class A | | | 89,800 | | | | 88,364 | |
WUS Printed Circuit Kunshan Co. Ltd., Class A | | | 15,800 | | | | 57,891 | |
WuXi AppTec Co. Ltd., Class A | | | 19,675 | | | | 148,766 | |
WuXi AppTec Co. Ltd., Class H, 144A | | | 48,773 | | | | 303,398 | |
Wuxi Autowell Technology Co. Ltd., Class A | | | 2,422 | | | | 29,349 | |
Wuxi Biologics Cayman, Inc., 144A* | | | 430,904 | | | | 1,047,978 | |
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | | | 8,300 | | | | 26,149 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
WuXi XDC Cayman, Inc.* | | | 25,228 | | | $ | 58,649 | |
Xiamen C & D, Inc., Class A | | | 30,524 | | | | 44,100 | |
Xiamen Faratronic Co. Ltd., Class A | | | 5,825 | | | | 84,296 | |
Xiaomi Corp., Class B, 144A* | | | 1,749,645 | | | | 2,954,515 | |
Xinhu Zhongbao Co. Ltd., Class A | | | 226,000 | | | | 70,574 | |
Xinyi Solar Holdings Ltd. | | | 472,857 | | | | 287,502 | |
XPeng, Inc., Class A* | | | 112,817 | | | | 517,337 | |
Yadea Group Holdings Ltd., 144A | | | 74,149 | | | | 116,308 | |
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | | | 5,100 | | | | 28,136 | |
Yealink Network Technology Corp. Ltd., Class A | | | 21,371 | | | | 87,023 | |
Yifeng Pharmacy Chain Co. Ltd., Class A | | | 13,953 | | | | 76,260 | |
Yihai Kerry Arawana Holdings Co. Ltd., Class A | | | 9,434 | | | | 42,344 | |
Yintai Gold Co. Ltd., Class A | | | 42,331 | | | | 88,008 | |
Yonghui Superstores Co. Ltd., Class A* | | | 71,700 | | | | 26,271 | |
YongXing Special Materials Technology Co. Ltd., Class A | | | 2,480 | | | | 18,996 | |
Yonyou Network Technology Co. Ltd., Class A | | | 48,050 | | | | 84,493 | |
Youngor Fashion Co. Ltd., Class A | | | 47,350 | | | | 48,301 | |
YTO Express Group Co. Ltd., Class A | | | 14,230 | | | | 25,181 | |
Yunda Holding Co. Ltd., Class A | | | 10,218 | | | | 10,225 | |
Yunnan Baiyao Group Co. Ltd., Class A | | | 16,322 | | | | 112,880 | |
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | | | 9,950 | | | | 90,534 | |
Yunnan Energy New Material Co. Ltd., Class A | | | 13,402 | | | | 85,357 | |
Yunnan Yuntianhua Co. Ltd., Class A | | | 12,500 | | | | 31,644 | |
Zai Lab Ltd., ADR* | | | 8,618 | | | | 180,806 | |
Zangge Mining Co. Ltd., Class A | | | 19,313 | | | | 78,509 | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | | | 4,559 | | | | 141,099 | |
Zhaojin Mining Industry Co. Ltd., Class H | | | 136,079 | | | | 141,662 | |
Zhefu Holding Group Co. Ltd., Class A | | | 95,375 | | | | 45,005 | |
Zhejiang Century Huatong Group Co. Ltd., Class A* | | | 113,386 | | | | 76,952 | |
Zhejiang China Commodities City Group Co. Ltd., Class A | | | 97,025 | | | | 110,689 | |
Zhejiang Chint Electrics Co. Ltd., Class A | | | 16,904 | | | | 48,282 | |
Zhejiang Dahua Technology Co. Ltd., Class A | | | 42,118 | | | | 108,199 | |
Zhejiang Dingli Machinery Co. Ltd., Class A | | | 3,900 | | | | 31,951 | |
Zhejiang Expressway Co. Ltd., Class H | | | 271,981 | | | | 207,752 | |
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | | | 39,309 | | | | 75,997 | |
Zhejiang Huayou Cobalt Co. Ltd., Class A | | | 9,548 | | | | 36,706 | |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | | | 17,500 | | | | 89,865 | |
Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A* | | | 95,275 | | | | 60,165 | |
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | | | 26,205 | | | | 74,375 | |
Zhejiang Juhua Co. Ltd., Class A | | | 5,100 | | | | 14,447 | |
| | | | |
| See Notes to Financial Statements. | | 17 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Zhejiang Leapmotor Technology Co. Ltd., 144A* | | | 57,376 | | | $ | 200,810 | |
Zhejiang NHU Co. Ltd., Class A | | | 33,616 | | | | 83,979 | |
Zhejiang Supor Co. Ltd., Class A | | | 4,300 | | | | 32,990 | |
Zhejiang Weiming Environment Protection Co. Ltd., Class A | | | 20,000 | | | | 49,686 | |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | | | 13,600 | | | | 29,728 | |
Zheshang Securities Co. Ltd., Class A | | | 74,581 | | | | 105,993 | |
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | | | 86,255 | | | | 136,619 | |
Zhongsheng Group Holdings Ltd. | | | 34,989 | | | | 64,179 | |
Zhongtai Securities Co. Ltd., Class A | | | 108,450 | | | | 104,608 | |
Zhuhai Huafa Properties Co. Ltd., Class A | | | 80,584 | | | | 80,749 | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | | | 33,684 | | | | 98,959 | |
Zhuzhou Kibing Group Co. Ltd., Class A | | | 12,080 | | | | 10,881 | |
Zijin Mining Group Co. Ltd., Class A | | | 32,536 | | | | 59,199 | |
Zijin Mining Group Co. Ltd., Class H | | | 344,691 | | | | 557,402 | |
ZTE Corp., Class A | | | 15,937 | | | | 66,046 | |
ZTE Corp., Class H | | | 48,471 | | | | 109,340 | |
ZTO Express Cayman, Inc., ADR | | | 29,398 | | | | 564,148 | |
| | | | | | | | |
(Cost $204,279,267) | | | | | | | 146,384,204 | |
| | | | | | | | |
| Colombia — 0.1% | | | | | | |
Bancolombia SA | | | 29,385 | | | | 246,509 | |
Ecopetrol SA | | | 100,132 | | | | 58,397 | |
Interconexion Electrica SA ESP | | | 29,401 | | | | 125,194 | |
| | | | | | | | |
(Cost $427,288) | | | | | | | 430,100 | |
| | | | | | | | |
| Czech Republic — 0.1% | | | | | | |
CEZ AS | | | 7,630 | | | | 261,344 | |
Komercni Banka AS | | | 7,433 | | | | 259,364 | |
| | | | | | | | |
(Cost $611,530) | | | | | | | 520,708 | |
| | | | | | | | |
| Egypt — 0.1% | | | | | | |
Abou Kir Fertilizers & Chemical Industries | | | 13,456 | | | | 29,177 | |
Commercial International Bank — Egypt (CIB) | | | 214,569 | | | | 507,605 | |
EFG Holding S.A.E.* | | | 173,352 | | | | 105,526 | |
Misr Fertilizers Production Co. SAE | | | 46,335 | | | | 94,544 | |
Telecom Egypt Co. | | | 60,174 | | | | 75,169 | |
| | | | | | | | |
(Cost $703,153) | | | | | | | 812,021 | |
| | | | | | | | |
| Greece — 0.4% | | | | | | |
Alpha Services and Holdings SA* | | | 239,368 | | | | 449,939 | |
Eurobank Ergasias Services and Holdings SA* | | | 271,227 | | | | 561,041 | |
Hellenic Telecommunications Organization SA | | | 25,505 | | | | 385,300 | |
JUMBO SA | | | 8,279 | | | | 242,255 | |
National Bank of Greece SA* | | | 65,790 | | | | 515,734 | |
Piraeus Financial Holdings SA* | | | 55,010 | | | | 242,283 | |
Star Bulk Carriers Corp. | | | 2,179 | | | | 52,013 | |
Terna Energy SA | | | 11,100 | | | | 199,277 | |
| | | | | | | | |
(Cost $2,096,794) | | | | | | | 2,647,842 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Hong Kong — 0.6% | | | | | | |
Beijing Enterprises Water Group Ltd. | | | 333,786 | | | $ | 78,450 | |
BOC Hong Kong Holdings Ltd. | | | 422,857 | | | | 1,115,368 | |
C&D International Investment Group Ltd. | | | 93,668 | | | | 152,428 | |
China Jinmao Holdings Group Ltd. | | | 1,015,981 | | | | 83,056 | |
China Medical System Holdings Ltd. | | | 154,580 | | | | 253,921 | |
China Merchants Port Holdings Co. Ltd. | | | 134,525 | | | | 166,850 | |
China Overseas Land & Investment Ltd. | | | 267,782 | | | | 398,143 | |
China Resources Land Ltd. | | | 205,388 | | | | 632,262 | |
China Ruyi Holdings Ltd.* | | | 791,407 | | | | 155,677 | |
China State Construction International Holdings Ltd. | | | 151,041 | | | | 168,428 | |
China Taiping Insurance Holdings Co. Ltd. | | | 3,945 | | | | 3,442 | |
Far East Horizon Ltd. | | | 256,300 | | | | 205,923 | |
Want Want China Holdings Ltd. | | | 233,912 | | | | 129,075 | |
Yuexiu Property Co. Ltd. | | | 187,059 | | | | 124,964 | |
| | | | | | | | |
(Cost $4,756,067) | | | | | | | 3,667,987 | |
| | | | | | | | |
| Hungary — 0.3% | | | | | | |
OTP Bank Nyrt | | | 24,995 | | | | 1,197,907 | |
Richter Gedeon Nyrt | | | 17,185 | | | | 457,322 | |
| | | | | | | | |
(Cost $1,863,141) | | | | | | | 1,655,229 | |
| | | | | | | | |
| India — 17.1% | | | | | | |
ABB India Ltd. | | | 2,421 | | | | 158,982 | |
Adani Green Energy Ltd.* | | | 44,005 | | | | 1,005,734 | |
Adani Ports & Special Economic Zone Ltd. | | | 83,648 | | | | 1,332,154 | |
Adani Wilmar Ltd.* | | | 15,530 | | | | 71,482 | |
Aditya Birla Capital Ltd.* | | | 64,200 | | | | 142,196 | |
Alkem Laboratories Ltd. | | | 3,743 | | | | 231,459 | |
APL Apollo Tubes Ltd. | | | 10,187 | | | | 190,130 | |
Apollo Hospitals Enterprise Ltd. | | | 12,126 | | | | 892,322 | |
Ashok Leyland Ltd. | | | 27,181 | | | | 55,695 | |
Asian Paints Ltd. | | | 28,879 | | | | 982,843 | |
Astral Ltd. | | | 11,686 | | | | 291,614 | |
AU Small Finance Bank Ltd., 144A | | | 44,522 | | | | 305,982 | |
Aurobindo Pharma Ltd. | | | 33,977 | | | | 421,290 | |
Avenue Supermarts Ltd., 144A* | | | 17,262 | | | | 815,860 | |
Axis Bank Ltd. | | | 236,542 | | | | 3,067,026 | |
Axis Bank Ltd., GDR | | | 5,528 | | | | 360,426 | |
Bajaj Auto Ltd. | | | 3,971 | | | | 378,792 | |
Bajaj Finance Ltd. | | | 18,502 | | | | 1,449,378 | |
Bajaj Finserv Ltd. | | | 45,705 | | | | 878,533 | |
Bajaj Holdings & Investment Ltd. | | | 3,183 | | | | 351,236 | |
Bandhan Bank Ltd., 144A | | | 58,966 | | | | 139,101 | |
Bank of Baroda | | | 72,820 | | | | 233,128 | |
Bank of India | | | 57,327 | | | | 90,883 | |
Berger Paints India Ltd. | | | 24,425 | | | | 178,718 | |
Bharat Forge Ltd. | | | 20,395 | | | | 283,113 | |
Bharti Airtel Ltd. | | | 272,438 | | | | 3,690,992 | |
Biocon Ltd. | | | 60,678 | | | | 202,342 | |
Bosch Ltd. | | | 702 | | | | 242,061 | |
Britannia Industries Ltd. | | | 5,588 | | | | 334,621 | |
Canara Bank | | | 15,804 | | | | 107,585 | |
CG Power & Industrial Solutions Ltd. | | | 39,826 | | | | 212,900 | |
Cholamandalam Investment and Finance Co. Ltd. | | | 32,624 | | | | 428,554 | |
| | | | |
| See Notes to Financial Statements. | | 18 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| India (Continued) | | | | | | |
Cipla Ltd. | | | 64,138 | | | $ | 1,145,091 | |
Colgate-Palmolive India Ltd. | | | 15,890 | | | | 484,224 | |
Container Corp. Of India Ltd. | | | 22,398 | | | | 264,023 | |
Cummins India Ltd. | | | 11,566 | | | | 382,015 | |
Dabur India Ltd. | | | 48,874 | | | | 317,206 | |
Deepak Nitrite Ltd. | | | 7,234 | | | | 193,059 | |
Delhivery Ltd.* | | | 41,123 | | | | 234,638 | |
Divi’s Laboratories Ltd. | | | 15,163 | | | | 638,001 | |
DLF Ltd. | | | 42,880 | | | | 466,054 | |
Dr. Reddy’s Laboratories Ltd. | | | 17,241 | | | | 1,335,812 | |
Eicher Motors Ltd. | | | 5,810 | | | | 265,736 | |
Embassy Office Parks REIT | | | 63,239 | | | | 285,092 | |
FSN E-Commerce Ventures Ltd.* | | | 125,724 | | | | 237,904 | |
Gland Pharma Ltd., 144A* | | | 8,013 | | | | 170,661 | |
Godrej Consumer Products Ltd. | | | 44,773 | | | | 679,131 | |
Godrej Properties Ltd.* | | | 9,782 | | | | 282,909 | |
Grasim Industries Ltd. | | | 3,803 | | | | 100,510 | |
Gujarat Fluorochemicals Ltd. | | | 1,588 | | | | 70,895 | |
HCL Technologies Ltd. | | | 121,000 | | | | 2,428,063 | |
HDFC Asset Management Co. Ltd., 144A | | | 10,625 | | | | 480,914 | |
HDFC Bank Ltd. | | | 310,428 | | | | 5,254,153 | |
HDFC Life Insurance Co. Ltd., 144A | | | 108,665 | | | | 762,734 | |
Hero MotoCorp Ltd. | | | 4,711 | | | | 251,498 | |
Hindalco Industries Ltd. | | | 41,561 | | | | 252,550 | |
Hindustan Unilever Ltd. | | | 101,417 | | | | 2,950,546 | |
Honeywell Automation India Ltd. | | | 271 | | | | 123,971 | |
ICICI Bank Ltd. | | | 575,144 | | | | 7,298,527 | |
ICICI Lombard General Insurance Co. Ltd., 144A | | | 28,391 | | | | 586,113 | |
ICICI Prudential Life Insurance Co. Ltd., 144A | | | 40,799 | | | | 262,091 | |
IDFC First Bank Ltd.* | | | 306,679 | | | | 299,776 | |
Indian Hotels Co. Ltd. | | | 85,659 | | | | 606,107 | |
Indian Railway Catering & Tourism Corp. Ltd. | | | 33,694 | | | | 376,860 | |
Indian Railway Finance Corp. Ltd., 144A | | | 255,381 | | | | 451,988 | |
IndusInd Bank Ltd. | | | 64,783 | | | | 1,152,349 | |
Info Edge India Ltd. | | | 6,929 | | | | 440,206 | |
Infosys Ltd. | | | 481,622 | | | | 9,722,908 | |
InterGlobe Aviation Ltd., 144A* | | | 2,704 | | | | 102,900 | |
JSW Steel Ltd. | | | 35,035 | | | | 338,070 | |
Jubilant Foodworks Ltd. | | | 34,953 | | | | 195,555 | |
Kotak Mahindra Bank Ltd. | | | 122,610 | | | | 2,498,225 | |
L&T Technology Services Ltd., 144A | | | 3,334 | | | | 213,212 | |
Life Insurance Corp. Of India | | | 22,733 | | | | 280,419 | |
Linde India Ltd. | | | 2,410 | | | | 156,478 | |
LTIMindtree Ltd., 144A | | | 8,739 | | | | 558,686 | |
Lupin Ltd. | | | 28,965 | | | | 566,279 | |
Macrotech Developers Ltd., 144A | | | 25,625 | | | | 360,117 | |
Mahindra & Mahindra Financial Services Ltd. | | | 75,728 | | | | 258,831 | |
Mahindra & Mahindra Ltd. | | | 34,956 | | | | 814,665 | |
Marico Ltd. | | | 69,158 | | | | 435,885 | |
Maruti Suzuki India Ltd. | | | 7,863 | | | | 1,070,481 | |
Max Financial Services Ltd.* | | | 21,682 | | | | 253,570 | |
Max Healthcare Institute Ltd. | | | 73,476 | | | | 703,025 | |
Mphasis Ltd. | | | 7,690 | | | | 242,744 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| India (Continued) | | | | | | |
Muthoot Finance Ltd. | | | 11,372 | | | $ | 178,810 | |
Nestle India Ltd. | | | 25,765 | | | | 806,731 | |
NHPC Ltd. | | | 315,448 | | | | 335,359 | |
NMDC Ltd. | | | 68,836 | | | | 187,539 | |
Oberoi Realty Ltd. | | | 10,762 | | | | 174,475 | |
One 97 Communications Ltd.* | | | 34,103 | | | | 165,875 | |
Oracle Financial Services Software Ltd. | | | 3,853 | | | | 356,553 | |
Page Industries Ltd. | | | 669 | | | | 276,823 | |
Patanjali Foods Ltd. | | | 1,615 | | | | 29,951 | |
PB Fintech Ltd.* | | | 28,156 | | | | 396,416 | |
Persistent Systems Ltd. | | | 5,057 | | | | 526,359 | |
PI Industries Ltd. | | | 6,107 | | | | 270,504 | |
Pidilite Industries Ltd. | | | 11,101 | | | | 366,301 | |
Power Finance Corp. Ltd. | | | 111,742 | | | | 540,003 | |
Power Grid Corp. of India Ltd. | | | 309,002 | | | | 1,054,090 | |
Procter & Gamble Hygiene & Health Care Ltd. | | | 1,398 | | | | 265,438 | |
Punjab National Bank | | | 116,234 | | | | 170,812 | |
Rail Vikas Nigam Ltd. | | | 27,362 | | | | 80,601 | |
REC Ltd. | | | 98,838 | | | | 526,933 | |
Samvardhana Motherson International Ltd. | | | 126,890 | | | | 182,416 | |
SBI Cards & Payment Services Ltd. | | | 27,613 | | | | 239,660 | |
SBI Life Insurance Co. Ltd., 144A | | | 29,189 | | | | 546,544 | |
Schaeffler India Ltd. | | | 3,715 | | | | 129,610 | |
Shriram Finance Ltd. | | | 17,624 | | | | 518,329 | |
Sona Blw Precision Forgings Ltd., 144A | | | 31,982 | | | | 265,892 | |
SRF Ltd. | | | 13,271 | | | | 382,471 | |
State Bank of India | | | 189,719 | | | | 1,711,713 | |
Sun Pharmaceutical Industries Ltd. | | | 123,531 | | | | 2,350,875 | |
Supreme Industries Ltd. | | | 5,382 | | | | 269,411 | |
Suzlon Energy Ltd.* | | | 641,223 | | | | 349,936 | |
Tata Communications Ltd. | | | 13,321 | | | | 308,974 | |
Tata Consultancy Services Ltd. | | | 136,638 | | | | 6,748,331 | |
Tata Consumer Products Ltd. | | | 43,937 | | | | 630,603 | |
Tata Elxsi Ltd. | | | 3,579 | | | | 337,156 | |
Tata Motors Ltd. | | | 103,770 | | | | 1,189,179 | |
Tata Motors Ltd., Class A | | | 15,177 | | | | 115,727 | |
Tata Steel Ltd. | | | 160,360 | | | | 272,404 | |
Tech Mahindra Ltd. | | | 88,492 | | | | 1,359,511 | |
Thermax Ltd. | | | 2,380 | | | | 104,402 | |
Titan Co. Ltd. | | | 25,819 | | | | 1,128,589 | |
Torrent Pharmaceuticals Ltd. | | | 12,288 | | | | 395,110 | |
Trent Ltd. | | | 18,068 | | | | 845,870 | |
Tube Investments of India Ltd. | | | 7,695 | | | | 323,762 | |
TVS Motor Co. Ltd.* | | | 16,595 | | | | 428,143 | |
UltraTech Cement Ltd. | | | 4,375 | | | | 521,963 | |
Union Bank of India Ltd. | | | 9,229 | | | | 16,284 | |
United Spirits Ltd. | | | 21,434 | | | | 301,374 | |
UPL Ltd. | | | 37,045 | | | | 209,851 | |
Varun Beverages Ltd. | | | 45,691 | | | | 776,154 | |
Vedant Fashions Ltd. | | | 3,896 | | | | 48,357 | |
Vodafone Idea Ltd.* | | | 1,255,014 | | | | 206,605 | |
Voltas Ltd. | | | 24,817 | | | | 331,956 | |
Wipro Ltd. | | | 201,770 | | | | 1,261,971 | |
WNS Holdings Ltd., ADR* | | | 4,769 | | | | 275,171 | |
Yes Bank Ltd.* | | | 1,324,024 | | | | 390,423 | |
| | | | |
| See Notes to Financial Statements. | | 19 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| India (Continued) | | | | | | |
Zomato Ltd.* | | | 383,944 | | | $ | 766,117 | |
Zydus Lifesciences Ltd. | | | 22,998 | | | | 261,249 | |
| | | | | | | | |
(Cost $84,455,183) | | | | | | | 103,042,255 | |
| | | | | | | | |
| Indonesia — 2.1% | | | | | | |
Aneka Tambang Tbk | | | 228,348 | | | | 21,215 | |
GoTo Gojek Tokopedia Tbk PT* | | | 79,889,150 | | | | 360,937 | |
PT Astra International Tbk | | | 598,214 | | | | 198,897 | |
PT Bank Central Asia Tbk | | | 5,875,696 | | | | 3,692,173 | |
PT Bank Mandiri Persero Tbk | | | 4,030,953 | | | | 1,795,525 | |
PT Bank Negara Indonesia Persero Tbk | | | 1,768,884 | | | | 675,361 | |
PT Bank Rakyat Indonesia Persero Tbk | | | 7,882,665 | | | | 3,072,308 | |
PT Barito Pacific Tbk | | | 1,797,090 | | | | 111,496 | |
PT Chandra Asri Pacific Tbk | | | 510,609 | | | | 148,813 | |
PT Charoen Pokphand Indonesia Tbk | | | 191,889 | | | | 59,099 | |
PT Dayamitra Telekomunikasi | | | 2,497,872 | | | | 100,932 | |
PT Elang Mahkota Teknologi Tbk | | | 3,065,184 | | | | 91,673 | |
PT Indocement Tunggal Prakarsa Tbk | | | 10,606 | | | | 6,125 | |
PT Indofood CBP Sukses Makmur Tbk | | | 117,490 | | | | 86,351 | |
PT Indosat Tbk | | | 215,293 | | | | 156,521 | |
PT Kalbe Farma Tbk | | | 1,884,064 | | | | 178,635 | |
PT Merdeka Copper Gold Tbk* | | | 286,704 | | | | 41,231 | |
PT Sarana Menara Nusantara Tbk | | | 2,848,662 | | | | 166,769 | |
PT Sumber Alfaria Trijaya Tbk | | | 1,359,476 | | | | 237,898 | |
PT Telkom Indonesia Persero Tbk | | | 5,457,824 | | | | 1,389,201 | |
PT Tower Bersama Infrastructure Tbk | | | 1,150,474 | | | | 136,168 | |
PT Unilever Indonesia Tbk | | | 795,607 | | | | 138,212 | |
| | | | | | | | |
(Cost $11,021,131) | | | | | | | 12,865,540 | |
| | | | | | | | |
| Ireland — 1.5% | | | | | | |
PDD Holdings, Inc., ADR*
(Cost $7,684,825) | | | 71,920 | | | | 8,956,917 | |
| | | | | | | | |
| Kazakhstan — 0.0% | | | | | | |
Polymetal International PLC* (b)
(Cost $548,412) | | | 28,889 | | | | 0 | |
| | | | | | | | |
| Kuwait — 0.8% | | | | | | |
Agility Public Warehousing Co. KSC* | | | 149,001 | | | | 291,076 | |
Boubyan Bank KSCP | | | 116,182 | | | | 242,825 | |
Gulf Bank KSCP | | | 275,212 | | | | 263,896 | |
Kuwait Finance House KSCP | | | 705,079 | | | | 1,856,376 | |
Mabanee Co KPSC | | | 79,285 | | | | 210,808 | |
Mobile Telecommunications Co. KSCP | | | 224,760 | | | | 367,477 | |
National Bank of Kuwait SAKP | | | 513,113 | | | | 1,634,489 | |
| | | | | | | | |
(Cost $4,434,747) | | | | | | | 4,866,947 | |
| | | | | | | | |
| Malaysia — 1.2% | | | | | | |
AMMB Holdings Bhd | | | 244,300 | | | | 223,425 | |
Axiata Group Bhd | | | 524,352 | | | | 307,175 | |
Celcomdigi Bhd | | | 265,300 | | | | 243,189 | |
CIMB Group Holdings Bhd | | | 758,404 | | | | 1,032,407 | |
Gamuda Bhd | | | 247,078 | | | | 275,428 | |
Hong Leong Bank Bhd | | | 71,800 | | | | 298,366 | |
IHH Healthcare Bhd | | | 291,000 | | | | 377,126 | |
Inari Amertron Bhd | | | 207,900 | | | | 138,877 | |
Kuala Lumpur Kepong Bhd | | | 764 | | | | 3,606 | |
Malayan Banking Bhd | | | 543,756 | | | | 1,091,981 | |
Malaysia Airports Holdings Bhd | | | 98,162 | | | | 175,411 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Malaysia (Continued) | | | | | | |
Maxis Bhd | | | 306,800 | | | $ | 240,501 | |
MR DIY Group M Bhd, 144A | | | 215,850 | | | | 70,957 | |
Nestle Malaysia Bhd | | | 5,519 | | | | 145,258 | |
Petronas Chemicals Group Bhd | | | 23,900 | | | | 35,254 | |
PPB Group Bhd | | | 44,600 | | | | 146,427 | |
Press Metal Aluminium Holdings Bhd | | | 119,600 | | | | 117,949 | |
Public Bank Bhd | | | 1,366,200 | | | | 1,266,733 | |
QL Resources Bhd | | | 41,500 | | | | 50,809 | |
RHB Bank Bhd | | | 267,275 | | | | 315,402 | |
Sime Darby Bhd | | | 137,300 | | | | 78,408 | |
Telekom Malaysia Bhd | | | 310,600 | | | | 395,981 | |
TIME dotCom Bhd | | | 155,200 | | | | 179,876 | |
| | | | | | | | |
(Cost $7,066,091) | | | | | | | 7,210,546 | |
| | | | | | | | |
| Mexico — 2.8% | | | | | | |
Alfa SAB de CV, Class A | | | 234,075 | | | | 174,324 | |
America Movil SAB de CV, Series B | | | 3,643,150 | | | | 3,406,948 | |
Arca Continental SAB de CV | | | 54,803 | | | | 589,598 | |
Cemex SAB de CV, Series CPO* | | | 182,187 | | | | 139,097 | |
Coca-Cola Femsa SAB de CV | | | 61,678 | | | | 601,222 | |
El Puerto de Liverpool SAB de CV, Class C1 | | | 20,652 | | | | 150,886 | |
Fibra Uno Administracion SA de CV REIT | | | 235,019 | | | | 424,140 | |
Fomento Economico Mexicano SAB de CV | | | 141,408 | | | | 1,763,447 | |
Gruma SAB de CV, Class B | | | 4,564 | | | | 81,171 | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | | | 27,617 | | | | 407,252 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | | 14,708 | | | | 430,980 | |
Grupo Bimbo SAB de CV, Series A | | | 148,839 | | | | 621,816 | |
Grupo Carso SAB de CV, Series A1 | | | 35,527 | | | | 306,965 | |
Grupo Comercial Chedraui SA de CV | | | 41,576 | | | | 318,839 | |
Grupo Elektra SAB DE CV | | | 5,463 | | | | 380,510 | |
Grupo Financiero Banorte SAB de CV, Class O | | | 319,945 | | | | 3,303,589 | |
Grupo Financiero Inbursa SAB de CV, Class O* | | | 124,814 | | | | 378,176 | |
Grupo Mexico SAB de CV, Series B | | | 205,843 | | | | 997,946 | |
Industrias Penoles SAB de CV* | | | 6,169 | | | | 77,203 | |
Kimberly-Clark de Mexico SAB de CV, Class A | | | 151,145 | | | | 335,474 | |
Orbia Advance Corp. SAB de CV | | | 3,167 | | | | 5,849 | |
Wal-Mart de Mexico SAB de CV | | | 564,925 | | | | 2,259,170 | |
| | | | | | | | |
(Cost $15,203,670) | | | | | | | 17,154,602 | |
| | | | | | | | |
| Philippines — 0.6% | | | | | | |
Ayala Land, Inc. | | | 500,200 | | | | 311,429 | |
Bank of the Philippine Islands | | | 236,124 | | | | 525,467 | |
BDO Unibank, Inc. | | | 228,218 | | | | 621,140 | |
International Container Terminal Services, Inc. | | | 71,210 | | | | 366,089 | |
JG Summit Holdings, Inc. | | | 158,540 | | | | 115,630 | |
Jollibee Foods Corp. | | | 37,050 | | | | 180,455 | |
Metropolitan Bank & Trust Co. | | | 124,550 | | | | 137,367 | |
PLDT, Inc. | | | 11,225 | | | | 262,180 | |
SM Investments Corp. | | | 34,770 | | | | 581,407 | |
| | | | |
| See Notes to Financial Statements. | | 20 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Philippines (Continued) | | | | | | |
SM Prime Holdings, Inc. | | | 892,700 | | | $ | 501,811 | |
Universal Robina Corp. | | | 35,650 | | | | 74,198 | |
| | | | | | | | |
(Cost $3,520,881) | | | | | | | 3,677,173 | |
| | | | | | | | |
| Qatar — 0.8% | | | | | | |
Commercial Bank PSQC | | | 245,610 | | | | 341,061 | |
Dukhan Bank | | | 186,833 | | | | 213,465 | |
Industries Qatar QSC | | | 109,827 | | | | 389,115 | |
Masraf Al Rayan QSC | | | 560,429 | | | | 389,422 | |
Mesaieed Petrochemical Holding Co. | | | 118,348 | | | | 61,433 | |
Ooredoo QPSC | | | 66,253 | | | | 206,893 | |
Qatar International Islamic Bank QSC | | | 120,205 | | | | 376,693 | |
Qatar Islamic Bank SAQ | | | 119,442 | | | | 661,015 | |
Qatar National Bank QPSC | | | 496,898 | | | | 2,078,483 | |
| | | | | | | | |
(Cost $4,959,217) | | | | | | | 4,717,580 | |
| | | | | | | | |
| Russia — 0.0% | | | | | | |
Alrosa PJSC* (b) | | | 246,725 | | | | 0 | |
MMC Norilsk Nickel PJSC* (b) | | | 5,593 | | | | 0 | |
Mobile TeleSystems PJSC, ADR* (b) | | | 25,457 | | | | 0 | |
Mobile TeleSystems PJSC* (b) | | | 32,151 | | | | 0 | |
Novolipetsk Steel PJSC* (b) | | | 121,611 | | | | 0 | |
PIK Group PJSC* (b) | | | 21,692 | | | | 0 | |
Polyus PJSC* (b) | | | 2,793 | | | | 0 | |
Sberbank of Russia PJSC* (b) | | | 989,954 | | | | 0 | |
United Co. RUSAL International
PJSC* (b) | | | 255,320 | | | | 0 | |
Yandex NV, Class A* (b) | | | 28,401 | | | | 0 | |
| | | | | | | | |
(Cost $9,710,782) | | | | | | | 0 | |
| | | | | | | | |
| Saudi Arabia — 3.3% | | | | | | |
Advanced Petrochemical Co. | | | 6,290 | | | | 64,153 | |
Al Rajhi Bank | | | 220,358 | | | | 5,229,411 | |
Alinma Bank | | | 92,928 | | | | 1,089,029 | |
Almarai Co. JSC | | | 22,998 | | | | 360,580 | |
Arab National Bank | | | 64,447 | | | | 478,588 | |
Arabian Internet & Communications Services Co. | | | 2,958 | | | | 289,309 | |
Bank AlBilad | | | 48,678 | | | | 641,200 | |
Banque Saudi Fransi | | | 56,068 | | | | 569,605 | |
Bupa Arabia for Cooperative Insurance Co. | | | 6,649 | | | | 407,063 | |
Co. for Cooperative Insurance | | | 5,415 | | | | 233,909 | |
Dr Sulaiman Al Habib Medical Services Group Co. | | | 6,511 | | | | 571,880 | |
Etihad Etisalat Co. | | | 37,740 | | | | 556,495 | |
Jarir Marketing Co. | | | 61,209 | | | | 254,283 | |
Mouwasat Medical Services Co. | | | 8,485 | | | | 279,191 | |
Nahdi Medical Co. | | | 4,970 | | | | 188,182 | |
Riyad Bank | | | 104,711 | | | | 868,334 | |
Sahara International Petrochemical Co. | | | 18,411 | | | | 150,467 | |
Saudi Awwal Bank | | | 70,997 | | | | 780,904 | |
Saudi Basic Industries Corp. | | | 85,124 | | | | 1,788,596 | |
Saudi Industrial Investment Group | | | 8,980 | | | | 49,566 | |
Saudi Kayan Petrochemical Co.* | | | 33,469 | | | | 86,120 | |
Saudi National Bank | | | 201,384 | | | | 2,274,115 | |
Saudi Telecom Co. | | | 206,850 | | | | 2,341,355 | |
Savola Group | | | 9,112 | | | | 128,773 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Saudi Arabia (Continued) | | | | | | |
Yanbu National Petrochemical Co. | | | 26,531 | | | $ | 264,935 | |
| | | | | | | | |
(Cost $17,334,817) | | | | | | | 19,946,043 | |
| | | | | | | | |
| Singapore — 0.0% | | | | | | |
BOC Aviation Ltd., 144A
(Cost $182,850) | | | 23,259 | | | | 171,424 | |
| | | | | | | | |
| South Africa — 2.8% | | | | | | |
Absa Group Ltd. | | | 96,329 | | | | 821,298 | |
Anglo American Platinum Ltd. | | | 3,084 | | | | 118,466 | |
Aspen Pharmacare Holdings Ltd. | | | 43,304 | | | | 442,414 | |
Bid Corp. Ltd. | | | 37,764 | | | | 883,284 | |
Bidvest Group Ltd. | | | 24,993 | | | | 304,417 | |
Capitec Bank Holdings Ltd. | | | 10,803 | | | | 1,136,273 | |
Clicks Group Ltd. | | | 29,386 | | | | 459,683 | |
Discovery Ltd. | | | 63,578 | | | | 450,394 | |
FirstRand Ltd. | | | 534,980 | | | | 1,806,529 | |
Gold Fields Ltd. | | | 100,651 | | | | 1,321,114 | |
Impala Platinum Holdings Ltd. | | | 38,867 | | | | 131,247 | |
Investec Ltd. | | | 26,802 | | | | 168,521 | |
MTN Group Ltd. | | | 190,672 | | | | 829,927 | |
MultiChoice Group* | | | 45,235 | | | | 246,197 | |
Naspers Ltd., Class N | | | 20,436 | | | | 3,361,097 | |
Nedbank Group Ltd. | | | 38,427 | | | | 439,060 | |
Northam Platinum Holdings Ltd. | | | 12,828 | | | | 73,342 | |
OUTsurance Group Ltd. | | | 105,074 | | | | 228,072 | |
Pepkor Holdings Ltd., 144A | | | 133,762 | | | | 130,180 | |
Sanlam Ltd. | | | 181,903 | | | | 697,411 | |
Shoprite Holdings Ltd. | | | 30,923 | | | | 416,234 | |
Sibanye Stillwater Ltd. | | | 107,500 | | | | 111,346 | |
Standard Bank Group Ltd. | | | 142,357 | | | | 1,497,647 | |
Vodacom Group Ltd. | | | 76,746 | | | | 376,134 | |
Woolworths Holdings Ltd. | | | 94,632 | | | | 316,546 | |
| | | | | | | | |
(Cost $19,360,155) | | | | | | | 16,766,833 | |
| | | | | | | | |
| South Korea — 10.7% | | | | | | |
Alteogen, Inc.* | | | 2,944 | | | | 355,066 | |
Amorepacific Corp. | | | 1,963 | | | | 176,310 | |
AMOREPACIFIC Group | | | 2,089 | | | | 41,808 | |
Celltrion Pharm, Inc.* | | | 2,185 | | | | 181,974 | |
Celltrion, Inc. | | | 17,241 | | | | 2,326,680 | |
Cheil Worldwide, Inc. | | | 5,809 | | | | 80,705 | |
Chunbo Co. Ltd.* | | | 1,142 | | | | 77,443 | |
CJ CheilJedang Corp. | | | 224 | | | | 50,381 | |
CJ Corp.* | | | 914 | | | | 66,511 | |
CJ ENM Co. Ltd.* | | | 1,942 | | | | 115,797 | |
CJ Logistics Corp.* | | | 353 | | | | 32,978 | |
CosmoAM&T Co. Ltd.* | | | 2,173 | | | | 289,004 | |
Coway Co. Ltd. | | | 3,728 | | | | 151,740 | |
Daewoo Engineering & Construction Co. Ltd.* | | | 8,982 | | | | 26,846 | |
DB Insurance Co. Ltd.* | | | 1,161 | | | | 86,142 | |
DL E&C Co. Ltd. | | | 604 | | | | 16,783 | |
Dongsuh Cos., Inc. | | | 2,907 | | | | 38,182 | |
Doosan Co. Ltd.* | | | 772 | | | | 52,758 | |
Doosan Enerbility Co. Ltd.* | | | 19,898 | | | | 242,673 | |
Doosan Fuel Cell Co. Ltd.* | | | 3,835 | | | | 57,168 | |
Ecopro BM Co. Ltd.* | | | 2,942 | | | | 588,798 | |
| | | | |
| See Notes to Financial Statements. | | 21 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea (Continued) | | | | | | |
Ecopro Co. Ltd.* | | | 1,486 | | | $ | 689,658 | |
E-MART, Inc.* | | | 703 | | | | 39,067 | |
F&F Co. Ltd. / New | | | 1,113 | | | | 60,515 | |
Fila Holdings Corp. | | | 5,130 | | | | 147,936 | |
Green Cross Corp. | | | 365 | | | | 32,317 | |
GS Engineering & Construction Corp.* | | | 3,654 | | | | 43,768 | |
Hana Financial Group, Inc. | | | 32,738 | | | | 1,391,537 | |
Hanjin Kal Corp. | | | 2,399 | | | | 113,861 | |
Hankook Tire & Technology Co. Ltd. | | | 47 | | | | 1,913 | |
Hanmi Pharm. Co. Ltd. | | | 838 | | | | 210,192 | |
Hanmi Science Co. Ltd. | | | 3,234 | | | | 100,061 | |
Hanmi Semiconductor Co. Ltd.* | | | 5,017 | | | | 319,497 | |
Hanon Systems | | | 16,452 | | | | 76,231 | |
Hansol Chemical Co. Ltd.* | | | 821 | | | | 104,999 | |
Hanssem Co. Ltd. | | | 1,144 | | | | 41,581 | |
Hanwha Solutions Corp. | | | 11,051 | | | | 230,298 | |
HD Hyundai Infracore Co. Ltd.* | | | 4,330 | | | | 26,176 | |
HLB, Inc.* | | | 9,572 | | | | 585,850 | |
HMM Co. Ltd.* | | | 5,919 | | | | 81,211 | |
Hugel, Inc.* | | | 997 | | | | 137,690 | |
HYBE Co. Ltd. | | | 1,696 | | | | 253,585 | |
Hyosung Advanced Materials Corp. | | | 152 | | | | 38,068 | |
Hyundai Autoever Corp.* | | | 683 | | | | 76,578 | |
Hyundai Department Store Co. Ltd. | | | 1,154 | | | | 45,411 | |
Hyundai Engineering & Construction Co. Ltd.* | | | 2,320 | | | | 60,457 | |
Hyundai Glovis Co. Ltd.* | | | 751 | | | | 107,439 | |
Hyundai Mobis Co. Ltd. | | | 2,968 | | | | 540,508 | |
Hyundai Motor Co. | | | 8,397 | | | | 1,579,640 | |
Industrial Bank of Korea* | | | 34,699 | | | | 364,814 | |
JYP Entertainment Corp.* | | | 3,279 | | | | 181,483 | |
Kakao Corp. | | | 34,924 | | | | 1,397,904 | |
Kakao Games Corp.* | | | 6,025 | | | | 106,103 | |
KakaoBank Corp. | | | 16,285 | | | | 347,934 | |
Kakaopay Corp.* | | | 4,568 | | | | 151,112 | |
KB Financial Group, Inc. | | | 41,741 | | | | 1,990,503 | |
KCC Corp. | | | 109 | | | | 21,733 | |
KEPCO Engineering & Construction Co., Inc.* | | | 2,410 | | | | 128,319 | |
KEPCO Plant Service & Engineering Co. Ltd.* | | | 2,035 | | | | 56,850 | |
Kia Corp.* | | | 9,226 | | | | 862,599 | |
KIWOOM Securities Co. Ltd.* | | | 1,892 | | | | 178,600 | |
Korea Investment Holdings Co. Ltd.* | | | 4,440 | | | | 236,738 | |
Korea Zinc Co. Ltd. | | | 242 | | | | 81,327 | |
Korean Air Lines Co. Ltd. | | | 3,240 | | | | 55,963 | |
Krafton, Inc.* | | | 2,163 | | | | 368,730 | |
KT Corp. | | | 9,202 | | | | 270,200 | |
KT&G Corp. | | | 11,946 | | | | 834,318 | |
Kum Yang Co. Ltd.* | | | 2,926 | | | | 212,045 | |
Kumho Petrochemical Co. Ltd.* | | | 26 | | | | 2,888 | |
L&F Co. Ltd.* | | | 1,761 | | | | 224,423 | |
LEENO Industrial, Inc. | | | 1,068 | | | | 166,825 | |
LG Chem Ltd. | | | 3,236 | | | | 1,100,862 | |
LG Corp. | | | 4,126 | | | | 290,332 | |
LG Display Co. Ltd. | | | 11,173 | | | | 95,486 | |
LG Electronics, Inc. | | | 4,971 | | | | 354,271 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea (Continued) | | | | | | |
LG Energy Solution Ltd.* | | | 3,709 | | | $ | 1,118,326 | |
LG H&H Co. Ltd. | | | 545 | | | | 130,561 | |
LG Innotek Co. Ltd. | | | 1,697 | | | | 257,430 | |
LG Uplus Corp. | | | 26,651 | | | | 206,547 | |
Lotte Energy Materials Corp. | | | 2,949 | | | | 77,069 | |
Lotte Shopping Co. Ltd. | | | 1,388 | | | | 80,887 | |
Meritz Financial Group, Inc. | | | 10,245 | | | | 639,351 | |
Mirae Asset Securities Co. Ltd.* | | | 40,470 | | | | 274,136 | |
NAVER Corp. | | | 15,394 | | | | 2,254,303 | |
NCSoft Corp. | | | 1,310 | | | | 190,853 | |
Netmarble Corp., 144A* | | | 2,673 | | | | 123,854 | |
NH Investment & Securities Co. Ltd.* | | | 23,989 | | | | 211,498 | |
OCI Holdings Co. Ltd. | | | 342 | | | | 24,142 | |
Orion Corp. | | | 941 | | | | 65,650 | |
Pan Ocean Co. Ltd. | | | 4,830 | | | | 17,646 | |
Pearl Abyss Corp.* | | | 4,559 | | | | 103,909 | |
Posco DX Co. Ltd.* | | | 4,223 | | | | 171,571 | |
POSCO Future M Co. Ltd.* | | | 1,803 | | | | 429,221 | |
S-1 Corp. | | | 1,147 | | | | 50,046 | |
Samsung Biologics Co. Ltd., 144A* | | | 2,048 | | | | 1,190,412 | |
Samsung C&T Corp. | | | 5,471 | | | | 643,816 | |
Samsung Card Co. Ltd.* | | | 5,334 | | | | 150,414 | |
Samsung Electro-Mechanics Co. Ltd. | | | 6,502 | | | | 683,599 | |
Samsung Electronics Co. Ltd. | | | 322,732 | | | | 17,789,523 | |
Samsung Engineering Co. Ltd.* | | | 13,710 | | | | 253,279 | |
Samsung Fire & Marine Insurance Co.
Ltd.* | | | 1,518 | | | | 339,715 | |
Samsung Life Insurance Co. Ltd. | | | 5,001 | | | | 363,921 | |
Samsung SDI Co. Ltd. | | | 5,888 | | | | 1,666,999 | |
Samsung SDS Co. Ltd. | | | 4,183 | | | | 502,613 | |
Samsung Securities Co. Ltd. | | | 9,531 | | | | 297,396 | |
SD Biosensor, Inc.* | | | 4,740 | | | | 44,673 | |
Shinhan Financial Group Co. Ltd. | | | 49,140 | | | | 1,607,125 | |
Shinsegae, Inc. | | | 834 | | | | 109,480 | |
SK Biopharmaceuticals Co. Ltd.* | | | 3,771 | | | | 274,414 | |
SK Bioscience Co. Ltd.* | | | 4,118 | | | | 189,881 | |
SK Chemicals Co. Ltd. | | | 193 | | | | 9,841 | |
SK Hynix, Inc. | | | 59,900 | | | | 7,026,419 | |
SK IE Technology Co. Ltd., 144A* | | | 4,133 | | | | 227,507 | |
SK Innovation Co. Ltd.* | | | 1,494 | | | | 131,381 | |
SK Networks Co. Ltd.* | | | 3,361 | | | | 16,532 | |
SK Square Co. Ltd.* | | | 12,014 | | | | 630,654 | |
SK Telecom Co. Ltd. | | | 12,735 | | | | 504,006 | |
SKC Co. Ltd.* | | | 872 | | | | 54,222 | |
Soulbrain Co. Ltd. | | | 184 | | | | 37,585 | |
SSANGYONG C&E Co. Ltd. | | | 5,733 | | | | 30,051 | |
Studio Dragon Corp.* | | | 2,907 | | | | 98,676 | |
Wemade Co. Ltd.* | | | 2,555 | | | | 89,318 | |
Woori Financial Group, Inc. | | | 71,929 | | | | 804,853 | |
Yuhan Corp. | | | 7,044 | | | | 356,538 | |
| | | | | | | | |
(Cost $63,556,881) | | | | | | | 64,825,996 | |
| | | | | | | | |
| Taiwan — 19.8% | | | | | | |
Accton Technology Corp. | | | 47,944 | | | | 787,198 | |
Acer, Inc. | | | 86,239 | | | | 123,181 | |
Advantech Co. Ltd. | | | 51,906 | | | | 640,420 | |
Airtac International Group | | | 9,970 | | | | 381,648 | |
| | | | |
| See Notes to Financial Statements. | | 22 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Taiwan (Continued) | | | | | | |
Alchip Technologies Ltd. | | | 7,040 | | | $ | 922,052 | |
ASE Technology Holding Co. Ltd. | | | 389,603 | | | | 1,713,245 | |
Asia Cement Corp. | | | 820 | | | | 1,049 | |
Asia Vital Components Co. Ltd. | | | 17,925 | | | | 301,685 | |
ASMedia Technology, Inc. | | | 3,720 | | | | 277,151 | |
ASPEED Technology, Inc. | | | 3,504 | | | | 303,182 | |
Asustek Computer, Inc. | | | 78,591 | | | | 1,131,271 | |
AUO Corp.* | | | 667,479 | | | | 369,537 | |
Catcher Technology Co. Ltd. | | | 28,875 | | | | 179,958 | |
Cathay Financial Holding Co. Ltd.* | | | 1,491,331 | | | | 2,125,452 | |
Chailease Holding Co. Ltd. | | | 180,017 | | | | 993,782 | |
Chang Hwa Commercial Bank Ltd. | | | 710,559 | | | | 400,131 | |
Chicony Electronics Co. Ltd. | | | 40,100 | | | | 237,864 | |
China Airlines Ltd. | | | 173 | | | | 109 | |
China Development Financial Holding Corp.* | | | 1,921,976 | | | | 763,087 | |
China Steel Corp. | | | 578,465 | | | | 450,189 | |
Chroma ATE, Inc. | | | 33,772 | | | | 248,940 | |
Chunghwa Telecom Co. Ltd. | | | 437,374 | | | | 1,667,333 | |
Compal Electronics, Inc. | | | 497 | | | | 574 | |
CTBC Financial Holding Co. Ltd. | | | 1,944,304 | | | | 1,808,397 | |
Delta Electronics, Inc. | | | 215,498 | | | | 2,007,756 | |
E Ink Holdings, Inc. | | | 85,975 | | | | 669,098 | |
E.Sun Financial Holding Co. Ltd. | | | 1,706,640 | | | | 1,363,282 | |
Eclat Textile Co. Ltd. | | | 27,588 | | | | 471,299 | |
Elite Material Co. Ltd. | | | 28,125 | | | | 440,433 | |
eMemory Technology, Inc. | | | 6,705 | | | | 574,845 | |
Eva Airways Corp. | | | 54,441 | | | | 54,166 | |
Evergreen Marine Corp. Taiwan Ltd. | | | 16,299 | | | | 85,338 | |
Far Eastern New Century Corp. | | | 133,773 | | | | 137,965 | |
Far EasTone Telecommunications Co. Ltd. | | | 193,147 | | | | 480,889 | |
Feng TAY Enterprise Co. Ltd. | | | 70,164 | | | | 367,362 | |
First Financial Holding Co. Ltd. | | | 1,161,892 | | | | 996,133 | |
Formosa Chemicals & Fibre Corp. | | | 200,697 | | | | 363,178 | |
Formosa Plastics Corp. | | | 318,404 | | | | 722,238 | |
Formosa Sumco Technology Corp. | | | 6,343 | | | | 31,404 | |
Foxconn Technology Co. Ltd. | | | 79,473 | | | | 124,956 | |
Fubon Financial Holding Co. Ltd. | | | 913,150 | | | | 1,964,416 | |
Giant Manufacturing Co. Ltd. | | | 32,633 | | | | 210,605 | |
Global Unichip Corp. | | | 8,197 | | | | 412,320 | |
Globalwafers Co. Ltd. | | | 17,593 | | | | 310,568 | |
Gold Circuit Electronics Ltd. | | | 14,525 | | | | 118,095 | |
Highwealth Construction Corp. | | | 178,903 | | | | 224,694 | |
Hiwin Technologies Corp. | | | 736 | | | | 5,588 | |
Hon Hai Precision Industry Co. Ltd. | | | 1,208,545 | | | | 3,938,061 | |
Hotai Motor Co. Ltd. | | | 23,676 | | | | 502,589 | |
Hua Nan Financial Holdings Co. Ltd. | | | 904,759 | | | | 629,706 | |
Innolux Corp.* | | | 657,503 | | | | 315,132 | |
Inventec Corp. | | | 374,268 | | | | 651,220 | |
Largan Precision Co. Ltd. | | | 6,513 | | | | 533,658 | |
Lite-On Technology Corp. | | | 167,498 | | | | 580,238 | |
Lotes Co. Ltd. | | | 9,541 | | | | 309,386 | |
Macronix International Co. Ltd. | | | 22,773 | | | | 20,497 | |
MediaTek, Inc. | | | 100,984 | | | | 3,641,999 | |
Mega Financial Holding Co. Ltd. | | | 1,273,497 | | | | 1,559,162 | |
Merida Industry Co. Ltd. | | | 22,410 | | | | 147,819 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Taiwan (Continued) | | | | | | |
Micro-Star International Co. Ltd. | | | 63,911 | | | $ | 386,181 | |
momo.com, Inc. | | | 7,632 | | | | 107,323 | |
Nan Ya Plastics Corp. | | | 333,461 | | | | 629,799 | |
Nan Ya Printed Circuit Board Corp. | | | 16,787 | | | | 112,322 | |
Nanya Technology Corp. | | | 137,242 | | | | 292,203 | |
Nien Made Enterprise Co. Ltd. | | | 10,675 | | | | 124,786 | |
Novatek Microelectronics Corp. | | | 63,738 | | | | 1,211,868 | |
Oneness Biotech Co. Ltd. | | | 44,511 | | | | 248,539 | |
Pegatron Corp. | | | 124,483 | | | | 336,712 | |
PharmaEssentia Corp.* | | | 29,251 | | | | 303,989 | |
Phison Electronics Corp. | | | 11,915 | | | | 236,721 | |
Polaris Group* | | | 31,094 | | | | 69,449 | |
Pou Chen Corp. | | | 170,141 | | | | 164,169 | |
Powerchip Semiconductor Manufacturing Corp. | | | 187,338 | | | | 163,575 | |
Powertech Technology, Inc. | | | 81,138 | | | | 400,434 | |
Quanta Computer, Inc. | | | 241,363 | | | | 1,771,500 | |
Realtek Semiconductor Corp. | | | 31,352 | | | | 564,365 | |
Ruentex Development Co. Ltd.* | | | 136,207 | | | | 156,634 | |
Ruentex Industries Ltd.* | | | 82,352 | | | | 154,233 | |
Shanghai Commercial & Savings Bank Ltd. | | | 440,966 | | | | 627,769 | |
Shin Kong Financial Holding Co. Ltd.* | | | 1,590,655 | | | | 417,170 | |
Sino-American Silicon Products, Inc. | | | 29,278 | | | | 171,818 | |
SinoPac Financial Holdings Co. Ltd. | | | 1,052,997 | | | | 669,585 | |
Synnex Technology International Corp. | | | 47,104 | | | | 115,936 | |
TA Chen Stainless Pipe | | | 93 | | | | 106 | |
Taishin Financial Holding Co. Ltd. | | | 1,541,226 | | | | 848,395 | |
Taiwan Business Bank | | | 750,180 | | | | 332,258 | |
Taiwan Cement Corp. | | | 159,726 | | | | 162,205 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 798,115 | | | | 655,217 | |
Taiwan Fertilizer Co. Ltd. | | | 850 | | | | 1,791 | |
Taiwan High Speed Rail Corp. | | | 320,405 | | | | 306,118 | |
Taiwan Mobile Co. Ltd. | | | 268,149 | | | | 839,835 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 2,655,330 | | | | 57,962,881 | |
Tatung Co. Ltd.* | | | 142,114 | | | | 233,339 | |
Teco Electric and Machinery Co. Ltd. | | | 4,051 | | | | 6,305 | |
Tripod Technology Corp. | | | 12,276 | | | | 80,780 | |
Unimicron Technology Corp. | | | 110,771 | | | | 629,032 | |
Uni-President Enterprises Corp. | | | 270,713 | | | | 656,881 | |
United Microelectronics Corp. | | | 1,293,049 | | | | 1,998,306 | |
Vanguard International Semiconductor Corp. | | | 106,575 | | | | 243,430 | |
VisEra Technologies Co. Ltd. | | | 15,424 | | | | 149,802 | |
Voltronic Power Technology Corp. | | | 4,613 | | | | 234,229 | |
Walsin Lihwa Corp. | | | 624 | | | | 730 | |
Walsin Technology Corp. | | | 21,383 | | | | 75,765 | |
Wan Hai Lines Ltd. | | | 1,039 | | | | 1,657 | |
Win Semiconductors Corp. | | | 53,164 | | | | 255,649 | |
Winbond Electronics Corp. | | | 121,943 | | | | 107,825 | |
Wistron Corp. | | | 225,687 | | | | 824,652 | |
Wiwynn Corp. | | | 6,837 | | | | 503,969 | |
WPG Holdings Ltd. | | | 25,122 | | | | 73,754 | |
WT Microelectronics Co. Ltd. | | | 36,700 | | | | 199,119 | |
Yageo Corp. | | | 28,079 | | | | 495,676 | |
| | | | |
| See Notes to Financial Statements. | | 23 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Taiwan (Continued) | | | | | | |
Yang Ming Marine Transport Corp. | | | 2,038 | | | $ | 3,214 | |
Yuanta Financial Holding Co. Ltd. | | | 1,309,494 | | | | 1,137,177 | |
Yulon Finance Corp. | | | 45,403 | | | | 237,720 | |
Yulon Motor Co. Ltd. | | | 25,497 | | | | 57,028 | |
Zhen Ding Technology Holding Ltd. | | | 48,125 | | | | 153,010 | |
| | | | | | | | |
(Cost $106,436,568) | | | | | | | 119,698,465 | |
| | | | | | | | |
| Thailand — 1.8% | | | | | | |
Advanced Info Service PCL, NVDR | | | 134,400 | | | | 753,225 | |
Airports of Thailand PCL, NVDR | | | 370,300 | | | | 655,627 | |
Asset World Corp. PCL | | | 381,900 | | | | 41,102 | |
Asset World Corp. PCL, NVDR (a) | | | 1,344,300 | | | | 144,681 | |
Bangkok Bank PCL | | | 67,900 | | | | 268,836 | |
Bangkok Bank PCL, NVDR (a) | | | 59,700 | | | | 238,034 | |
Bangkok Dusit Medical Services PCL, NVDR | | | 625,900 | | | | 497,369 | |
Bangkok Expressway & Metro PCL | | | 526,600 | | | | 118,197 | |
Bangkok Expressway & Metro PCL, NVDR | | | 866,600 | | | | 194,511 | |
Bangkok Life Assurance PCL, NVDR | | | 53,300 | | | | 26,602 | |
Berli Jucker PCL, NVDR (a) | | | 73,300 | | | | 49,459 | |
BTS Group Holdings PCL, NVDR | | | 1,035,100 | | | | 148,634 | |
Bumrungrad Hospital PCL, NVDR | | | 74,600 | | | | 465,925 | |
Carabao Group PCL, NVDR | | | 43,400 | | | | 84,101 | |
Central Pattana PCL, NVDR | | | 193,700 | | | | 349,702 | |
Central Retail Corp. PCL | | | 88,500 | | | | 85,749 | |
Central Retail Corp. PCL, NVDR | | | 217,300 | | | | 210,544 | |
Charoen Pokphand Foods PCL, NVDR | | | 370,300 | | | | 195,139 | |
Com7 PCL, Class F | | | 106,300 | | | | 59,574 | |
Com7 PCL, NVDR | | | 118,700 | | | | 68,509 | |
CP ALL PCL, NVDR | | | 586,200 | | | | 939,816 | |
CP Axtra PCL | | | 19,600 | | | | 18,171 | |
CP Axtra PCL, NVDR | | | 195,500 | | | | 181,246 | |
Delta Electronics Thailand PCL, NVDR* | | | 47,700 | | | | 94,762 | |
Energy Absolute PCL, NVDR | | | 282,100 | | | | 277,263 | |
Home Product Center PCL, NVDR | | | 641,800 | | | | 200,423 | |
Indorama Ventures PCL, NVDR | | | 29,700 | | | | 19,295 | |
Intouch Holdings PCL, Class F | | | 3,400 | | | | 6,423 | |
Intouch Holdings PCL, NVDR | | | 151,700 | | | | 286,566 | |
JMT Network Services PCL | | | 93,500 | | | | 58,397 | |
JMT Network Services PCL, NVDR | | | 144,800 | | | | 90,437 | |
Kasikornbank PCL, NVDR | | | 151,300 | | | | 518,887 | |
KCE Electronics PCL, NVDR | | | 58,700 | | | | 61,785 | |
Krung Thai Bank PCL, NVDR | | | 384,600 | | | | 172,649 | |
Krungthai Card PCL | | | 72,400 | | | | 86,299 | |
Krungthai Card PCL, NVDR | | | 118,000 | | | | 140,652 | |
Land & Houses PCL, NVDR | | | 849,900 | | | | 180,099 | |
Minor International PCL, NVDR | | | 371,083 | | | | 328,506 | |
Muangthai Capital PCL | | | 600 | | | | 765 | |
Muangthai Capital PCL, NVDR | | | 152,500 | | | | 194,532 | |
Ngern Tid Lor PCL | | | 80,400 | | | | 50,439 | |
Ngern Tid Lor PCL, NVDR | | | 232,200 | | | | 145,671 | |
Osotspa PCL, NVDR (a) | | | 130,400 | | | | 73,808 | |
PTT Global Chemical PCL, NVDR | | | 148,900 | | | | 157,764 | |
Siam Global House PCL, NVDR | | | 140,009 | | | | 66,364 | |
Srisawad Corp. PCL, NVDR | | | 187,700 | | | | 198,874 | |
Thai Beverage PCL | | | 551,200 | | | | 207,018 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Thailand (Continued) | | | | | | |
Thai Life Insurance PCL | | | 182,600 | | | $ | 45,822 | |
Thai Life Insurance PCL, NVDR | | | 218,200 | | | | 54,755 | |
Tisco Financial Group PCL, NVDR (a) | | | 92,800 | | | | 260,042 | |
TMBThanachart Bank PCL, NVDR | | | 4,453,777 | | | | 228,494 | |
TOA Paint Thailand PCL | | | 58,500 | | | | 32,622 | |
True Corp. PCL* | | | 299,400 | | | | 58,853 | |
True Corp. PCL, NVDR* | | | 1,699,369 | | | | 334,046 | |
WHA Corp. PCL, NVDR | | | 1,655,400 | | | | 212,320 | |
| | | | | | | | |
(Cost $12,191,009) | | | | | | | 10,639,385 | |
| | | | | | | | |
| Turkey — 0.8% | | | | | | |
Akbank TAS | | | 222,412 | | | | 296,219 | |
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | | | 12,616 | | | | 49,018 | |
Aydem Yenilenebilir Enerji AS* | | | 96,331 | | | | 89,482 | |
Bera Holding AS | | | 80,219 | | | | 51,955 | |
BIM Birlesik Magazalar AS | | | 41,539 | | | | 516,581 | |
Borusan Yatirim ve Pazarlama AS | | | 1,247 | | | | 172,652 | |
Bosch Fren Sistemleri Sanayi ve Ticaret AS | | | 3,149 | | | | 129,622 | |
Celebi Hava Servisi AS | | | 2,151 | | | | 93,840 | |
Deva Holding AS | | | 21,533 | | | | 53,626 | |
Dogus Otomotiv Servis Ve Ticaret AS | | | 11,259 | | | | 96,380 | |
Eczacibasi Yatirim Holding Ortakligi AS | | | 4,088 | | | | 34,995 | |
Ege Endustri Ve Ticaret AS | | | 106 | | | | 58,959 | |
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS | | | 50,671 | | | | 87,157 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | | | 318,750 | | | | 113,330 | |
Girisim Elektrik Taahhut Ticaret VE Sanayi AS* | | | 13,268 | | | | 32,937 | |
Haci Omer Sabanci Holding AS | | | 21,539 | | | | 54,848 | |
Hektas Ticaret TAS* | | | 177,054 | | | | 108,320 | |
Investco Holding AS* | | | 6,851 | | | | 82,950 | |
Is Gayrimenkul Yatirim Ortakligi AS
REIT* | | | 167,626 | | | | 92,941 | |
Is Yatirim Menkul Degerler AS | | | 100,608 | | | | 119,816 | |
Kiler Holding AS* | | | 82,995 | | | | 164,822 | |
Koza Altin Isletmeleri AS | | | 168,095 | | | | 123,299 | |
Logo Yazilim Sanayi Ve Ticaret AS | | | 28,254 | | | | 97,197 | |
Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A | | | 13,814 | | | | 62,787 | |
MLP Saglik Hizmetleri AS, 144A* | | | 17,625 | | | | 96,537 | |
Pegasus Hava Tasimaciligi AS* | | | 684 | | | | 18,787 | |
Penta Teknoloji Urunleri Dagitim Ticaret AS* | | | 55,037 | | | | 36,562 | |
Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS | | | 46,222 | | | | 50,279 | |
Sasa Polyester Sanayi AS* | | | 149,476 | | | | 189,408 | |
Selcuk Ecza Deposu Ticaret Ve Sanayi AS | | | 15,152 | | | | 29,193 | |
Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS* | | | 16,991 | | | | 35,403 | |
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT | | | 66,908 | | | | 80,196 | |
Turk Hava Yollari AO* | | | 22,101 | | | | 199,456 | |
Turk Telekomunikasyon AS* | | | 95,380 | | | | 98,069 | |
| | | | |
| See Notes to Financial Statements. | | 24 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Turkey (Continued) | | | | | | |
Turkcell Iletisim Hizmetleri AS | | | 150,757 | | | $ | 323,295 | |
Turkiye Is Bankasi AS, Class C | | | 677,210 | | | | 240,778 | |
Turkiye Sigorta AS | | | 51,437 | | | | 82,709 | |
Turkiye Sinai Kalkinma Bankasi AS* | | | 174,967 | | | | 46,404 | |
Verusa Holding AS | | | 11,525 | | | | 98,565 | |
Ziraat Gayrimenkul Yatirim Ortakligi AS | | | 417,878 | | | | 93,026 | |
| | | | | | | | |
(Cost $3,449,656) | | | | | | | 4,502,400 | |
| | | | | | | | |
| United Arab Emirates — 2.1% | | | | | | |
Abu Dhabi Commercial Bank PJSC | | | 337,606 | | | | 787,738 | |
Abu Dhabi Islamic Bank PJSC | | | 136,904 | | | | 418,961 | |
Aldar Properties PJSC | | | 275,268 | | | | 414,450 | |
Alpha Dhabi Holding PJSC* | | | 136,125 | | | | 597,439 | |
Borouge PLC | | | 234,180 | | | | 151,746 | |
Dubai Islamic Bank PJSC | | | 207,384 | | | | 363,624 | |
Emaar Properties PJSC | | | 435,638 | | | | 963,103 | |
Emirates NBD Bank PJSC | | | 272,986 | | | | 1,360,136 | |
Emirates Telecommunications Group Co. PJSC | | | 403,505 | | | | 1,988,467 | |
First Abu Dhabi Bank PJSC | | | 501,009 | | | | 1,860,590 | |
International Holding Co. PJSC* | | | 32,236 | | | | 3,510,686 | |
Multiply Group PJSC* | | | 414,673 | | | | 256,285 | |
| | | | | | | | |
(Cost $10,531,808) | | | | | | | 12,673,225 | |
| | | | | | | | |
| United States — 0.2% | | | | | | |
BeiGene Ltd., ADR* | | | 4,313 | | | | 714,448 | |
BeiGene Ltd., Class A* | | | 2,911 | | | | 53,338 | |
Parade Technologies Ltd. | | | 7,858 | | | | 252,325 | |
| | | | | | | | |
(Cost $1,244,874) | | | | | | | 1,020,111 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $619,406,733) | | | | | | | 593,080,585 | |
| | | | | | | | |
| PREFERRED STOCKS — 1.8% | | | | | | | | |
| Brazil — 1.1% | | | | | | |
Banco Bradesco SA | | | 589,163 | | | | 1,630,421 | |
Centrais Eletricas Brasileiras SA, Class B | | | 30,819 | | | | 297,171 | |
Cia Energetica de Minas Gerais | | | 128,823 | | | | 310,348 | |
Companhia Paranaense de Energia | | | 107,621 | | | | 221,365 | |
Itau Unibanco Holding SA | | | 544,258 | | | | 3,717,734 | |
Itausa SA | | | 383,928 | | | | 795,882 | |
| | | | | | | | |
(Cost $6,025,722) | | | | | | | 6,972,921 | |
| | | | | | | | |
| Chile — 0.1% | | | | | | |
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $495,960) | | | 9,835 | | | | 488,183 | |
| | | | | | | | |
| Colombia — 0.1% | | | | | | |
Bancolombia SA
(Cost $477,212) | | | 63,384 | | | | 517,842 | |
| | | | | | | | |
| Russia — 0.0% | | | | | | |
Sberbank of Russia PJSC (b)
(Cost $275,893) | | | 71,636 | | | | 0 | |
| | | | | | | | |
| South Korea — 0.5% | | | | | | |
Doosan Co. Ltd.* | | | 1,109 | | | | 42,225 | |
Hyundai Motor Co. | | | 281 | | | | 33,658 | |
Hyundai Motor Co. — 2nd Preferred | | | 1,153 | | | | 139,146 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea (Continued) | | | | | | |
LG Chem Ltd. | | | 558 | | | $ | 125,713 | |
Samsung Electronics Co. Ltd. | | | 54,327 | | | | 2,594,771 | |
Samsung SDI Co. Ltd. | | | 523 | | | | 90,139 | |
| | | | | | | | |
(Cost $3,096,837) | | | | | | | 3,025,652 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $10,371,624) | | | | | | | 11,004,598 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
| Brazil — 0.0% | | | | | | |
Magazine Luiza SA* , expires 3/15/24 (Cost $0) | | | 25,893 | | | | 938 | |
| | | | | | | | |
| South Korea — 0.0% | | | | | | |
LG Display Co. Ltd.* , expires 3/14/24 (Cost $0) | | | 8,821 | | | | 8,678 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $0) | | | | | | | 9,616 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Thailand — 0.0% | | | | | | |
BTS Group Holdings PCL*,
expires 11/7/24 | | | 400 | | | | 0 | |
BTS Group Holdings PCL*, expires 11/20/26 | | | 800 | | | | 2 | |
| | | | | | | | |
(Cost $0) | | | | | | | 2 | |
| | | | | | | | |
TOTAL WARRANTS
(Cost $0) | | | | | | | 2 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.2% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
(Cost $1,498,996) | | | 1,498,996 | | | | 1,498,996 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.2% | | | | | | | | |
(Cost $631,277,353) | | | | | | $ | 605,593,797 | |
Other assets and liabilities, net — (0.2%) | | | | | | | (1,418,035 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 604,175,762 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 25 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.2% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) | |
| | | — | | | | 1,498,996 | (e) | | | — | | | | — | | | | — | | | | 5,670 | | | | — | | | | 1,498,996 | | | | 1,498,996 | |
|
CASH EQUIVALENTS — 0.0% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | |
| | | 1,488,084 | | | | 110,405,101 | | | | (111,893,185 | ) | | | — | | | | — | | | | 108,404 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,488,084 | | | | 111,904,097 | | | | (111,893,185 | ) | | | — | | | | — | | | | 114,074 | | | | — | | | | 1,498,996 | | | | 1,498,996 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $1,379,004, which is 0.2% of net assets. |
| (b) | Investment was valued using significant unobservable inputs. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| ADR: | | American Depositary Receipt |
| CPO: | | Ordinary Participation Certificates |
| GDR: | | Global Depositary Receipt |
| KSC: | | Kuwait Shareholding Company |
| KSCP: | | Kuwait Shareholding Company Public |
| NVDR: | | Non Voting Depositary Receipt |
| PJSC: | | Public Joint Stock Company |
| PSQC: | | Public Shareholders Qatari Company |
| QPSC: | | Qatari Public Shareholders Company |
| QSC: | | Qatari Shareholders Company |
| REIT: | | Real Estate Investment Trust |
| SAE: | | Societe Anonyme Egyptienne |
| SAQ: | | Societe Anonyme Qatar |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Depreciation | |
MSCI Emerging Markets Index Future | | USD | | 49 | | $ | 2,497,780 | | | $ | 2,491,160 | | | 3/15/2024 | | $ | (6,620 | ) |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| | | | |
| See Notes to Financial Statements. | | 26 | | |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 593,080,585 | | | $ | — | | | $ | 0 | | | $ | 593,080,585 | |
Preferred Stocks (a) | | | 11,004,598 | | | | — | | | | 0 | | | | 11,004,598 | |
Rights (a) | | | — | | | | 9,616 | | | | — | | | | 9,616 | |
Warrants | | | 2 | | | | — | | | | — | | | | 2 | |
Short-Term Investments (a) | | | 1,498,996 | | | | — | | | | — | | | | 1,498,996 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 605,584,181 | | | $ | 9,616 | | | $ | 0 | | | $ | 605,593,797 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (6,620 | ) | | $ | — | | | $ | — | | | $ | (6,620 | ) |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | (6,620 | ) | | $ | — | | | $ | — | | | $ | (6,620 | ) |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 27 | | |
DBX ETF Trust
Xtrackers MSCI EAFE ESG Leaders Equity ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.5% | | | | | | | | |
| Australia — 5.8% | | | | | | |
ANZ Group Holdings Ltd. | | | 17,870 | | | $ | 331,046 | |
APA Group (a) | | | 7,750 | | | | 39,614 | |
Aristocrat Leisure Ltd. | | | 3,462 | | | | 105,117 | |
ASX Ltd. | | | 1,113 | | | | 47,666 | |
Aurizon Holdings Ltd. | | | 10,499 | | | | 26,047 | |
BlueScope Steel Ltd. | | | 2,699 | | | | 40,140 | |
Brambles Ltd. | | | 8,110 | | | | 79,582 | |
Cochlear Ltd. | | | 383 | | | | 87,329 | |
Coles Group Ltd. | | | 7,916 | | | | 87,111 | |
Computershare Ltd. | | | 3,284 | | | | 55,427 | |
Dexus REIT | | | 6,382 | | | | 30,586 | |
EBOS Group Ltd. | | | 886 | | | | 19,945 | |
Endeavour Group Ltd. | | | 8,514 | | | | 30,491 | |
Fortescue Ltd. | | | 10,286 | | | | 173,672 | |
Goodman Group REIT | | | 10,054 | | | | 195,745 | |
GPT Group REIT | | | 10,588 | | | | 29,991 | |
IDP Education Ltd. (b) | | | 1,511 | | | | 18,782 | |
Macquarie Group Ltd. | | | 2,185 | | | | 277,169 | |
Mineral Resources Ltd. | | | 1,010 | | | | 43,859 | |
Mirvac Group REIT | | | 22,038 | | | | 31,283 | |
Northern Star Resources Ltd. | | | 6,752 | | | | 56,716 | |
Orica Ltd. | | | 2,597 | | | | 28,934 | |
Pilbara Minerals Ltd. | | | 15,703 | | | | 42,945 | |
QBE Insurance Group Ltd. | | | 8,724 | | | | 98,218 | |
Ramsay Health Care Ltd. | | | 1,048 | | | | 37,471 | |
REA Group Ltd. | | | 315 | | | | 39,814 | |
Scentre Group REIT | | | 31,173 | | | | 63,128 | |
SEEK Ltd. | | | 2,050 | | | | 35,013 | |
Sonic Healthcare Ltd. | | | 2,604 | | | | 50,614 | |
Stockland REIT | | | 14,536 | | | | 42,498 | |
Suncorp Group Ltd. | | | 7,418 | | | | 73,903 | |
Telstra Group Ltd. | | | 23,681 | | | | 58,904 | |
Transurban Group (a) | | | 17,961 | | | | 158,354 | |
Vicinity Ltd. REIT | | | 21,528 | | | | 27,195 | |
Woodside Energy Group Ltd. | | | 11,078 | | | | 219,000 | |
| | | | | | | | |
(Cost $2,617,903) | | | | | | | 2,783,309 | |
| | | | | | | | |
| Austria — 0.1% | | | | | | |
OMV AG | | | 865 | | | | 38,135 | |
Verbund AG | | | 408 | | | | 29,582 | |
| | | | | | | | |
(Cost $80,146) | | | | | | | 67,717 | |
| | | | | | | | |
| Belgium — 0.3% | | | | | | |
KBC Group NV | | | 1,456 | | | | 102,257 | |
Umicore SA | | | 1,232 | | | | 25,718 | |
| | | | | | | | |
(Cost $150,659) | | | | | | | 127,975 | |
| | | | | | | | |
| Chile — 0.1% | | | | | | |
Antofagasta PLC
(Cost $43,973) | | | 2,234 | | | | 51,361 | |
| | | | | | | | |
| Denmark — 6.6% | | | | | | |
A.P. Moller — Maersk A/S, Class A | | | 20 | | | | 27,147 | |
A.P. Moller — Maersk A/S, Class B | | | 23 | | | | 32,542 | |
Coloplast A/S, Class B | | | 741 | | | | 98,494 | |
DSV A/S | | | 1,034 | | | | 166,021 | |
Genmab A/S* | | | 382 | | | | 107,031 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Denmark (Continued) | | | | | | |
Novo Nordisk A/S, Class B | | | 19,216 | | | $ | 2,286,683 | |
Novozymes A/S, Class B | | | 2,197 | | | | 124,006 | |
Orsted AS, 144A | | | 1,108 | | | | 62,202 | |
Pandora A/S | | | 510 | | | | 82,405 | |
ROCKWOOL A/S, Class B | | | 55 | | | | 17,606 | |
Vestas Wind Systems A/S* | | | 5,889 | | | | 164,095 | |
| | | | | | | | |
(Cost $1,913,125) | | | | | | | 3,168,232 | |
| | | | | | | | |
| Finland — 1.0% | | | | | | |
Elisa OYJ | | | 882 | | | | 39,763 | |
Kesko OYJ, Class B | | | 1,625 | | | | 31,064 | |
Metso Corp. | | | 3,812 | | | | 40,723 | |
Neste OYJ | | | 2,469 | | | | 67,784 | |
Nokia OYJ | | | 31,428 | | | | 110,855 | |
Stora Enso OYJ, Class R | | | 3,313 | | | | 41,875 | |
UPM-Kymmene OYJ | | | 3,094 | | | | 103,559 | |
Wartsila OYJ Abp | | | 2,797 | | | | 43,268 | |
| | | | | | | | |
(Cost $553,762) | | | | | | | 478,891 | |
| | | | | | | | |
| France — 13.5% | | | | | | |
Aeroports de Paris SA | | | 205 | | | | 27,885 | |
AXA SA | | | 10,643 | | | | 378,690 | |
BNP Paribas SA | | | 6,065 | | | | 363,472 | |
Bouygues SA | | | 1,150 | | | | 45,510 | |
Carrefour SA | | | 3,453 | | | | 58,030 | |
Cie Generale des Etablissements Michelin SCA | | | 3,945 | | | | 145,960 | |
Credit Agricole SA | | | 6,405 | | | | 86,778 | |
Danone SA | | | 3,796 | | | | 242,445 | |
Dassault Systemes SE | | | 3,894 | | | | 181,977 | |
Eiffage SA | | | 402 | | | | 43,785 | |
Gecina SA REIT | | | 265 | | | | 25,609 | |
Getlink SE | | | 2,053 | | | | 35,080 | |
Hermes International SCA | | | 187 | | | | 468,064 | |
Kering SA | | | 433 | | | | 199,166 | |
Klepierre SA REIT | | | 1,291 | | | | 32,803 | |
L’Oreal SA | | | 1,416 | | | | 676,828 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 1,626 | | | | 1,482,971 | |
Orange SA | | | 11,056 | | | | 126,893 | |
Schneider Electric SE | | | 3,201 | | | | 726,740 | |
Societe Generale SA | | | 4,242 | | | | 102,965 | |
STMicroelectronics NV | | | 3,996 | | | | 180,430 | |
Teleperformance SE | | | 343 | | | | 42,518 | |
TotalEnergies SE | | | 12,781 | | | | 815,889 | |
Worldline SA, 144A* | | | 1,382 | | | | 15,890 | |
| | | | | | | | |
(Cost $5,646,520) | | | | | | | 6,506,378 | |
| | | | | | | | |
| Germany — 4.6% | | | | | | |
adidas AG | | | 948 | | | | 191,962 | |
Bayerische Motoren Werke AG | | | 1,902 | | | | 224,802 | |
Beiersdorf AG | | | 577 | | | | 82,764 | |
Brenntag SE | | | 784 | | | | 71,589 | |
Commerzbank AG | | | 6,213 | | | | 71,907 | |
Covestro AG, 144A* | | | 1,135 | | | | 61,781 | |
Deutsche Boerse AG | | | 1,131 | | | | 236,949 | |
Deutsche Lufthansa AG* | | | 3,510 | | | | 27,303 | |
Deutsche Post AG | | | 5,875 | | | | 272,806 | |
Evonik Industries AG | | | 1,448 | | | | 26,732 | |
| | | | |
| See Notes to Financial Statements. | | 28 | | |
DBX ETF Trust
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Germany (Continued) | | | | | | |
GEA Group AG | | | 992 | | | $ | 40,009 | |
Heidelberg Materials AG | | | 764 | | | | 74,161 | |
Henkel AG & Co. KGaA | | | 605 | | | | 40,853 | |
Knorr-Bremse AG | | | 414 | | | | 28,977 | |
LEG Immobilien SE* | | | 430 | | | | 31,651 | |
Merck KGaA | | | 753 | | | | 128,585 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 809 | | | | 376,798 | |
Puma SE | | | 621 | | | | 28,541 | |
Symrise AG | | | 775 | | | | 79,304 | |
Vonovia SE | | | 4,285 | | | | 119,635 | |
Zalando SE, 144A* | | | 1,311 | | | | 27,693 | |
| | | | | | | | |
(Cost $2,024,706) | | | | | | | 2,244,802 | |
| | | | | | | | |
| Hong Kong — 2.1% | | | | | | |
AIA Group Ltd. | | | 66,888 | | | | 543,388 | |
BOC Hong Kong Holdings Ltd. | | | 21,542 | | | | 56,821 | |
CK Infrastructure Holdings Ltd. | | | 3,709 | | | | 21,817 | |
Hang Seng Bank Ltd. | | | 4,420 | | | | 50,473 | |
HKT Trust & HKT Ltd. (a) | | | 20,672 | | | | 25,217 | |
Hong Kong & China Gas Co. Ltd. | | | 65,542 | | | | 50,734 | |
MTR Corp. Ltd. | | | 9,231 | | | | 30,657 | |
Prudential PLC | | | 16,053 | | | | 157,901 | |
Sino Land Co. Ltd. | | | 24,034 | | | | 25,941 | |
Swire Pacific Ltd., Class A | | | 2,763 | | | | 22,905 | |
Swire Properties Ltd. | | | 5,685 | | | | 11,735 | |
WH Group Ltd., 144A | | | 47,870 | | | | 28,861 | |
| | | | | | | | |
(Cost $1,321,538) | | | | | | | 1,026,450 | |
| | | | | | | | |
| Ireland — 1.5% | | | | | | |
CRH PLC | | | 4,085 | | | | 339,700 | |
DCC PLC | | | 557 | | | | 39,569 | |
James Hardie Industries PLC CDI* | | | 2,595 | | | | 102,651 | |
Kerry Group PLC, Class A | | | 931 | | | | 81,747 | |
Kingspan Group PLC | | | 899 | | | | 81,214 | |
Smurfit Kappa Group PLC | | | 1,497 | | | | 63,876 | |
| | | | | | | | |
(Cost $510,564) | | | | | | | 708,757 | |
| | | | | | | | |
| Israel — 0.2% | | | | | | |
Bank Leumi Le-Israel BM
(Cost $71,190) | | | 8,902 | | | | 74,574 | |
| | | | | | | | |
| Italy — 1.7% | | | | | | |
Assicurazioni Generali SpA | | | 5,922 | | | | 140,474 | |
Enel SpA | | | 48,103 | | | | 306,238 | |
FinecoBank Banca Fineco SpA | | | 3,550 | | | | 49,096 | |
Mediobanca Banca di Credito Finanziario SpA | | | 3,175 | | | | 43,274 | |
Moncler SpA | | | 1,225 | | | | 88,367 | |
Nexi SpA, 144A* | | | 3,404 | | | | 24,953 | |
Poste Italiane SpA, 144A | | | 2,639 | | | | 30,957 | |
Prysmian SpA | | | 1,481 | | | | 73,803 | |
Terna — Rete Elettrica Nazionale | | | 8,256 | | | | 64,719 | |
| | | | | | | | |
(Cost $789,563) | | | | | | | 821,881 | |
| | | | | | | | |
| Japan — 26.2% | | | | | | |
Advantest Corp. | | | 4,500 | | | | 207,757 | |
Aeon Co. Ltd. | | | 3,800 | | | | 90,766 | |
Ajinomoto Co., Inc. | | | 2,700 | | | | 99,272 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
ANA Holdings, Inc.* | | | 800 | | | $ | 17,446 | |
Asahi Kasei Corp. | | | 7,200 | | | | 50,102 | |
Astellas Pharma, Inc. | | | 10,400 | | | | 114,756 | |
Azbil Corp. | | | 600 | | | | 17,603 | |
Bandai Namco Holdings, Inc. | | | 3,500 | | | | 67,652 | |
Bridgestone Corp. | | | 3,300 | | | | 142,125 | |
Brother Industries Ltd. | | | 1,500 | | | | 25,150 | |
Dai Nippon Printing Co. Ltd. | | | 1,165 | | | | 33,992 | |
Daifuku Co. Ltd. | | | 1,848 | | | | 43,783 | |
Daiichi Sankyo Co. Ltd. | | | 11,000 | | | | 365,564 | |
Daikin Industries Ltd. | | | 1,571 | | | | 222,262 | |
Daiwa House Industry Co. Ltd. | | | 3,400 | | | | 98,363 | |
Daiwa Securities Group, Inc. | | | 7,900 | | | | 58,167 | |
Denso Corp. | | | 11,100 | | | | 204,245 | |
Eisai Co. Ltd. | | | 1,508 | | | | 63,012 | |
FANUC Corp. | | | 5,625 | | | | 164,312 | |
Fast Retailing Co. Ltd. | | | 1,042 | | | | 301,175 | |
Fuji Electric Co. Ltd. | | | 700 | | | | 42,560 | |
FUJIFILM Holdings Corp. | | | 2,250 | | | | 143,160 | |
Fujitsu Ltd. | | | 1,051 | | | | 164,212 | |
Hankyu Hanshin Holdings, Inc. | | | 1,300 | | | | 37,497 | |
Hirose Electric Co. Ltd. | | | 221 | | | | 23,500 | |
Hitachi Construction Machinery Co. Ltd. | | | 600 | | | | 17,334 | |
Hitachi Ltd. | | | 5,500 | | | | 465,407 | |
Hoya Corp. | | | 2,099 | | | | 273,261 | |
Hulic Co. Ltd. | | | 2,300 | | | | 22,943 | |
Ibiden Co. Ltd. | | | 700 | | | | 32,276 | |
Inpex Corp. | | | 5,700 | | | | 76,587 | |
Isuzu Motors Ltd. | | | 3,300 | | | | 47,007 | |
ITOCHU Corp. | | | 7,000 | | | | 304,750 | |
JFE Holdings, Inc. | | | 3,400 | | | | 55,769 | |
JSR Corp. | | | 1,100 | | | | 29,560 | |
Kao Corp. | | | 2,784 | | | | 105,951 | |
KDDI Corp. | | | 8,902 | | | | 270,861 | |
Kikkoman Corp. | | | 800 | | | | 52,387 | |
Koito Manufacturing Co. Ltd. | | | 1,200 | | | | 15,189 | |
Komatsu Ltd. | | | 5,500 | | | | 159,705 | |
Kubota Corp. | | | 6,000 | | | | 87,954 | |
Kyowa Kirin Co. Ltd. | | | 1,700 | | | | 33,751 | |
LY Corp. | | | 15,800 | | | | 43,588 | |
Marubeni Corp. | | | 8,600 | | | | 142,041 | |
MatsukiyoCocokara & Co. | | | 1,900 | | | | 31,495 | |
Mazda Motor Corp. | | | 3,200 | | | | 37,587 | |
McDonald’s Holdings Co. Japan Ltd. | | | 500 | | | | 23,285 | |
MEIJI Holdings Co. Ltd. | | | 1,300 | | | | 29,332 | |
Mitsubishi Chemical Group Corp. | | | 7,700 | | | | 44,167 | |
Mitsubishi Estate Co. Ltd. | | | 6,500 | | | | 99,908 | |
Mitsui Chemicals, Inc. | | | 900 | | | | 24,943 | |
Mitsui Fudosan Co. Ltd. | | | 5,300 | | | | 143,805 | |
Mizuho Financial Group, Inc. | | | 14,300 | | | | 267,617 | |
MS&AD Insurance Group Holdings, Inc. | | | 2,500 | | | | 123,772 | |
NEC Corp. | | | 1,500 | | | | 101,122 | |
Nintendo Co. Ltd. | | | 6,120 | | | | 343,476 | |
NIPPON EXPRESS HOLDINGS, Inc. | | | 450 | | | | 23,809 | |
Nippon Paint Holdings Co. Ltd. | | | 5,550 | | | | 41,179 | |
Nippon Prologis REIT, Inc. REIT | | | 15 | | | | 25,115 | |
Nissin Foods Holdings Co. Ltd. | | | 1,200 | | | | 35,093 | |
| | | | |
| See Notes to Financial Statements. | | 29 | | |
DBX ETF Trust
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Nitori Holdings Co. Ltd. | | | 442 | | | $ | 64,911 | |
Nitto Denko Corp. | | | 850 | | | | 78,088 | |
Nomura Holdings, Inc. | | | 17,100 | | | | 97,205 | |
Nomura Real Estate Holdings, Inc. | | | 700 | | | | 17,412 | |
Nomura Research Institute Ltd. | | | 2,300 | | | | 64,603 | |
NTT Data Group Corp. | | | 3,500 | | | | 56,930 | |
Omron Corp. | | | 1,013 | | | | 37,577 | |
Ono Pharmaceutical Co. Ltd. | | | 2,300 | | | | 38,233 | |
Oriental Land Co. Ltd. | | | 6,425 | | | | 230,222 | |
ORIX Corp. | | | 6,800 | | | | 142,524 | |
Osaka Gas Co. Ltd. | | | 2,300 | | | | 46,009 | |
Pan Pacific International Holdings Corp. | | | 2,300 | | | | 54,169 | |
Panasonic Holdings Corp. | | | 12,900 | | | | 122,432 | |
Rakuten Group, Inc.* | | | 8,800 | | | | 48,213 | |
Recruit Holdings Co. Ltd. | | | 8,500 | | | | 343,249 | |
Renesas Electronics Corp. | | | 8,600 | | | | 141,035 | |
Ricoh Co. Ltd. | | | 3,200 | | | | 26,619 | |
SCSK Corp. | | | 800 | | | | 14,752 | |
Secom Co. Ltd. | | | 1,200 | | | | 87,553 | |
Seiko Epson Corp. | | | 1,800 | | | | 29,116 | |
Sekisui Chemical Co. Ltd. | | | 2,200 | | | | 31,000 | |
Sekisui House Ltd. | | | 3,600 | | | | 80,337 | |
Seven & i Holdings Co. Ltd. | | | 13,500 | | | | 201,143 | |
SG Holdings Co. Ltd. | | | 2,000 | | | | 25,095 | |
Sharp Corp.* | | | 1,600 | | | | 8,718 | |
Shimadzu Corp. | | | 1,340 | | | | 36,555 | |
Shimizu Corp. | | | 3,100 | | | | 17,995 | |
Shin-Etsu Chemical Co. Ltd. | | | 10,575 | | | | 451,276 | |
Shionogi & Co. Ltd. | | | 1,400 | | | | 70,005 | |
SoftBank Corp. | | | 17,100 | | | | 225,361 | |
Sompo Holdings, Inc. | | | 1,740 | | | | 102,096 | |
Sony Group Corp. | | | 7,433 | | | | 642,882 | |
Subaru Corp. | | | 3,500 | | | | 79,602 | |
Sumitomo Electric Industries Ltd. | | | 4,100 | | | | 60,828 | |
Sumitomo Metal Mining Co. Ltd. | | | 1,553 | | | | 40,509 | |
Sumitomo Mitsui Financial Group, Inc. | | | 7,453 | | | | 415,500 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 3,800 | | | | 77,158 | |
Suntory Beverage & Food Ltd. | | | 700 | | | | 23,020 | |
Sysmex Corp. | | | 1,000 | | | | 56,257 | |
T&D Holdings, Inc. | | | 2,900 | | | | 50,436 | |
TDK Corp. | | | 2,325 | | | | 120,949 | |
Terumo Corp. | | | 3,950 | | | | 154,020 | |
TIS, Inc. | | | 1,300 | | | | 29,315 | |
Tobu Railway Co. Ltd. | | | 1,000 | | | | 25,570 | |
Tokio Marine Holdings, Inc. | | | 10,600 | | | | 309,919 | |
Tokyo Electron Ltd. | | | 2,775 | | | | 683,599 | |
Tokyo Gas Co. Ltd. | | | 2,100 | | | | 46,007 | |
Tokyu Corp. | | | 3,200 | | | | 39,842 | |
Toray Industries, Inc. | | | 8,300 | | | | 38,292 | |
TOTO Ltd. | | | 700 | | | | 18,937 | |
Unicharm Corp. | | | 2,400 | | | | 79,792 | |
USS Co. Ltd. | | | 1,100 | | | | 19,149 | |
West Japan Railway Co. | | | 1,250 | | | | 52,040 | |
Yamaha Corp. | | | 919 | | | | 20,085 | |
Yamaha Motor Co. Ltd. | | | 5,400 | | | | 48,328 | |
Yamato Holdings Co. Ltd. | | | 1,600 | | | | 24,320 | |
Yaskawa Electric Corp. | | | 1,372 | | | | 56,092 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Japan (Continued) | | | | | | |
Yokogawa Electric Corp. | | | 1,279 | | | $ | 27,038 | |
ZOZO, Inc. | | | 900 | | | | 20,409 | |
| | | | | | | | |
(Cost $10,883,496) | | | | | | | 12,680,787 | |
| | | | | | | | |
| Luxembourg — 0.1% | | | | | | |
Tenaris SA
(Cost $34,527) | | | 2,733 | | | | 48,562 | |
| | | | | | | | |
| Netherlands — 7.3% | | | | | | |
Akzo Nobel NV | | | 1,002 | | | | 73,018 | |
ASML Holding NV | | | 2,373 | | | | 2,235,394 | |
ING Groep NV | | | 19,511 | | | | 267,935 | |
JDE Peet’s NV | | | 550 | | | | 12,582 | |
Koninklijke Ahold Delhaize NV | | | 5,705 | | | | 169,899 | |
Koninklijke KPN NV | | | 19,797 | | | | 72,475 | |
NN Group NV | | | 1,642 | | | | 73,315 | |
Prosus NV* | | | 8,697 | | | | 254,015 | |
Universal Music Group NV | | | 4,773 | | | | 143,951 | |
Wolters Kluwer NV | | | 1,461 | | | | 230,592 | |
| | | | | | | | |
(Cost $2,341,851) | | | | | | | 3,533,176 | |
| | | | | | | | |
| New Zealand — 0.3% | | | | | | |
Mercury NZ Ltd. | | | 3,759 | | | | 15,298 | |
Meridian Energy Ltd. | | | 7,158 | | | | 26,079 | |
Spark New Zealand Ltd. | | | 10,726 | | | | 33,132 | |
Xero Ltd.* | | | 824 | | | | 68,308 | |
| | | | | | | | |
(Cost $137,481) | | | | | | | 142,817 | |
| | | | | | | | |
| Norway — 1.0% | | | | | | |
Aker BP ASA | | | 1,828 | | | | 44,444 | |
DNB Bank ASA | | | 5,448 | | | | 109,122 | |
Equinor ASA | | | 5,335 | | | | 131,698 | |
Gjensidige Forsikring ASA | | | 1,141 | | | | 18,042 | |
Mowi ASA | | | 2,618 | | | | 50,610 | |
Norsk Hydro ASA | | | 7,858 | | | | 40,435 | |
Orkla ASA | | | 4,284 | | | | 30,742 | |
Salmar ASA | | | 430 | | | | 27,319 | |
Telenor ASA | | | 3,709 | | | | 40,662 | |
| | | | | | | | |
(Cost $556,474) | | | | | | | 493,074 | |
| | | | | | | | |
| Portugal — 0.2% | | | | | | |
Galp Energia SGPS SA | | | 2,868 | | | | 45,219 | |
Jeronimo Martins SGPS SA | | | 1,691 | | | | 40,478 | |
| | | | | | | | |
(Cost $70,334) | | | | | | | 85,697 | |
| | | | | | | | |
| Singapore — 0.7% | | | | | | |
CapitaLand Integrated Commercial Trust REIT (b) | | | 32,865 | | | | 47,907 | |
CapitaLand Investment Ltd. | | | 15,100 | | | | 31,220 | |
City Developments Ltd. | | | 2,900 | | | | 12,229 | |
Keppel Ltd. | | | 8,700 | | | | 46,845 | |
Singapore Exchange Ltd. | | | 5,100 | | | | 35,843 | |
United Overseas Bank Ltd. | | | 7,500 | | | | 155,901 | |
| | | | | | | | |
(Cost $331,477) | | | | | | | 329,945 | |
| | | | | | | | |
| Spain — 1.6% | | | | | | |
ACS Actividades de Construccion y Servicios SA | | | 1,300 | | | | 53,374 | |
Amadeus IT Group SA | | | 2,626 | | | | 154,533 | |
| | | | |
| See Notes to Financial Statements. | | 30 | | |
DBX ETF Trust
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Spain (Continued) | | | | | | |
Iberdrola SA | | | 36,138 | | | $ | 415,314 | |
Redeia Corp. SA | | | 2,333 | | | | 37,112 | |
Repsol SA | | | 7,144 | | | | 113,837 | |
| | | | | | | | |
(Cost $755,889) | | | | | | | 774,170 | |
| | | | | | | | |
| Sweden — 3.1% | | | | | | |
Alfa Laval AB | | | 1,681 | | | | 63,309 | |
Assa Abloy AB, Class B | | | 5,868 | | | | 167,520 | |
Atlas Copco AB, Class A | | | 15,697 | | | | 272,679 | |
Atlas Copco AB, Class B | | | 9,015 | | | | 134,910 | |
Beijer Ref AB | | | 2,410 | | | | 33,911 | |
Boliden AB | | | 1,587 | | | | 40,237 | |
Epiroc AB, Class A | | | 3,833 | | | | 69,548 | |
Epiroc AB, Class B | | | 2,267 | | | | 37,420 | |
EQT AB | | | 2,069 | | | | 60,586 | |
Essity AB, Class B | | | 3,568 | | | | 83,343 | |
H & M Hennes & Mauritz AB, Class B | | | 3,845 | | | | 52,193 | |
Holmen AB, Class B | | | 537 | | | | 21,579 | |
Husqvarna AB, Class B | | | 2,369 | | | | 18,284 | |
Nibe Industrier AB, Class B | | | 8,871 | | | | 49,536 | |
Sandvik AB | | | 6,223 | | | | 140,067 | |
SKF AB, Class B | | | 1,989 | | | | 43,404 | |
Svenska Cellulosa AB SCA, Class B | | | 3,560 | | | | 50,454 | |
Svenska Handelsbanken AB, Class A | | | 8,511 | | | | 101,828 | |
Tele2 AB, Class B | | | 3,151 | | | | 26,469 | |
Telia Co. AB | | | 14,391 | | | | 34,310 | |
| | | | | | | | |
(Cost $1,379,617) | | | | | | | 1,501,587 | |
| | | | | | | | |
| Switzerland — 9.0% | | | | | | |
ABB Ltd. | | | 9,393 | | | | 434,368 | |
Baloise Holding AG | | | 273 | | | | 44,211 | |
Banque Cantonale Vaudoise | | | 174 | | | | 20,926 | |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | | | 12 | | | | 147,453 | |
Clariant AG* | | | 1,226 | | | | 15,232 | |
Coca-Cola HBC AG* | | | 1,304 | | | | 40,660 | |
DSM-Firmenich AG | | | 1,107 | | | | 118,596 | |
Geberit AG | | | 201 | | | | 117,146 | |
Givaudan SA | | | 54 | | | | 227,333 | |
Julius Baer Group Ltd. | | | 1,179 | | | | 63,305 | |
Kuehne + Nagel International AG | | | 320 | | | | 108,151 | |
Logitech International SA | | | 962 | | | | 85,193 | |
Lonza Group AG | | | 441 | | | | 231,380 | |
Novartis AG | | | 12,072 | | | | 1,226,873 | |
SGS SA | | | 879 | | | | 84,651 | |
SIG Group AG* | | | 1,794 | | | | 35,654 | |
Sika AG | | | 902 | | | | 261,724 | |
Sonova Holding AG | | | 306 | | | | 94,627 | |
Swiss Life Holding AG | | | 174 | | | | 126,783 | |
Swiss Re AG | | | 1,766 | | | | 213,793 | |
Swisscom AG | | | 151 | | | | 86,668 | |
Temenos AG | | | 377 | | | | 28,386 | |
VAT Group AG, 144A | | | 157 | | | | 78,950 | |
Zurich Insurance Group AG | | | 861 | | | | 459,565 | |
| | | | | | | | |
(Cost $3,814,462) | | | | | | | 4,351,628 | |
| | | | | | | | |
| United Kingdom — 12.5% | | | | | | |
3i Group PLC | | | 5,804 | | | | 181,195 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| United Kingdom (Continued) | | | | | | |
abrdn PLC | | | 11,746 | | | $ | 23,387 | |
Admiral Group PLC | | | 1,552 | | | | 52,339 | |
Anglo American PLC | | | 7,515 | | | | 161,699 | |
Ashtead Group PLC | | | 2,554 | | | | 183,503 | |
Associated British Foods PLC | | | 2,076 | | | | 59,690 | |
AstraZeneca PLC | | | 9,128 | | | | 1,152,684 | |
Auto Trader Group PLC, 144A | | | 5,244 | | | | 49,114 | |
Barratt Developments PLC | | | 5,685 | | | | 33,547 | |
Berkeley Group Holdings PLC | | | 636 | | | | 37,353 | |
BT Group PLC | | | 37,863 | | | | 50,026 | |
Burberry Group PLC | | | 2,220 | | | | 36,085 | |
Coca-Cola Europacific Partners PLC | | | 1,197 | | | | 82,150 | |
Croda International PLC | | | 813 | | | | 49,014 | |
Endeavour Mining PLC | | | 1,034 | | | | 16,677 | |
HSBC Holdings PLC | | | 112,776 | | | | 876,622 | |
Informa PLC | | | 8,051 | | | | 82,512 | |
Intertek Group PLC | | | 938 | | | | 54,841 | |
J Sainsbury PLC | | | 9,691 | | | | 30,598 | |
Kingfisher PLC | | | 11,105 | | | | 32,941 | |
Legal & General Group PLC | | | 35,020 | | | | 107,247 | |
Lloyds Banking Group PLC | | | 375,520 | | | | 221,214 | |
Mondi PLC | | | 2,577 | | | | 45,914 | |
National Grid PLC | | | 21,736 | | | | 285,260 | |
Ocado Group PLC* | | | 3,580 | | | | 23,159 | |
Phoenix Group Holdings PLC | | | 4,387 | | | | 27,597 | |
Reckitt Benckiser Group PLC | | | 4,252 | | | | 268,821 | |
RELX PLC | | | 11,086 | | | | 485,345 | |
Sage Group PLC | | | 6,016 | | | | 94,706 | |
Schroders PLC | | | 4,378 | | | | 21,781 | |
Segro PLC REIT | | | 6,864 | | | | 73,403 | |
Spirax-Sarco Engineering PLC | | | 426 | | | | 55,638 | |
St James’s Place PLC | | | 3,119 | | | | 19,845 | |
Taylor Wimpey PLC | | | 21,071 | | | | 36,742 | |
Tesco PLC | | | 41,686 | | | | 147,013 | |
Unilever PLC | | | 14,787 | | | | 723,222 | |
Vodafone Group PLC | | | 133,876 | | | | 117,052 | |
WPP PLC | | | 6,278 | | | | 56,161 | |
| | | | | | | | |
(Cost $6,069,165) | | | | | | | 6,056,097 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $42,098,422) | | | | | | | 48,057,867 | |
| | | | | | | | |
| PREFERRED STOCKS — 0.3% | | | | | | | | |
| Germany — 0.3% | | | | | | |
Bayerische Motoren Werke AG | | | 339 | | | | 37,161 | |
Henkel AG & Co. KGaA | | | 987 | | | | 74,296 | |
| | | | | | | | |
(Cost $112,176) | | | | | | | 111,457 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.0% | | | | | | |
iShares ESG Aware MSCI EAFE ETF (b)
(Cost $687) | | | 10 | | | | 773 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.2% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
(Cost $99,674) | | | 99,674 | | | | 99,674 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 31 | | |
DBX ETF Trust
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| CASH EQUIVALENTS — 0.0% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $15,377) | | | 15,377 | | | $ | 15,377 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.0%
(Cost $42,326,336) | | | | | | $ | 48,285,148 | |
Other assets and liabilities, net — 0.0% | | | | | | | 16,940 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 48,302,088 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.2% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) | | | | | |
| | | — | | | | 99,674 | (e) | | | — | | | | — | | | | — | | | | 370 | | | | — | | | | 99,674 | | | | 99,674 | |
| |
CASH EQUIVALENTS — 0.0% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | | | | | |
| | | 11,252 | | | | 479,408 | | | | (475,283 | ) | | | — | | | | — | | | | 763 | | | | — | | | | 15,377 | | | | 15,377 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 11,252 | | | | 579,082 | | | | (475,283 | ) | | | — | | | | — | | | | 1,133 | | | | — | | | | 115,051 | | | | 115,051 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $96,283, which is 0.2% of net assets. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| CDI: | | Chess Depositary Interests |
| REIT: | | Real Estate Investment Trust |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
EURO STOXX 50 Futures | | EUR | | 1 | | $ | 49,774 | | | $ | 52,960 | | | 3/15/2024 | | $ | 3,186 | |
Micro EURO STOXX 50 Futures | | EUR | | 5 | | | 26,350 | | | | 26,480 | | | 3/15/2024 | | | 130 | |
MINI TOPIX Index Futures | | JPY | | 2 | | | 31,553 | | | | 35,826 | | | 3/07/2024 | | | 4,273 | |
| | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | $ | 7,589 | |
| | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| | | | |
| See Notes to Financial Statements. | | 32 | | |
DBX ETF Trust
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 48,057,867 | | | $ | — | | | $ | — | | | $ | 48,057,867 | |
Preferred Stocks | | | 111,457 | | | | — | | | | — | | | | 111,457 | |
Exchange-Traded Funds | | | 773 | | | | — | | | | — | | | | 773 | |
Short-Term Investments (a) | | | 115,051 | | | | — | | | | — | | | | 115,051 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 7,589 | | | | — | | | | — | | | | 7,589 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 48,292,737 | | | $ | — | | | $ | — | | | $ | 48,292,737 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 33 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 98.4% | | | | | | | | |
| Brazil — 2.8% | | | | | | |
Atacadao SA | | | 4,126 | | | $ | 10,040 | |
Banco Santander Brasil SA | | | 2,487 | | | | 14,315 | |
CCR SA | | | 7,060 | | | | 19,580 | |
Cia de Saneamento Basico do Estado de Sao Paulo | | | 2,297 | | | | 36,596 | |
Cia Siderurgica Nacional SA | | | 4,500 | | | | 15,233 | |
Cosan SA | | | 8,349 | | | | 28,566 | |
Energisa SA | | | 1,404 | | | | 14,366 | |
Equatorial Energia SA | | | 7,217 | | | | 49,647 | |
Hapvida Participacoes e Investimentos SA, 144A* | | | 33,365 | | | | 24,644 | |
Klabin SA | | | 5,133 | | | | 23,317 | |
Localiza Rent a Car SA | | | 6,266 | | | | 66,839 | |
Localiza Rent a Car SA* | | | 22 | | | | 235 | |
Lojas Renner SA | | | 6,576 | | | | 20,911 | |
Magazine Luiza SA* | | | 20,440 | | | | 8,762 | |
Natura & Co. Holding SA* | | | 6,237 | | | | 20,473 | |
PRIO SA | | | 5,351 | | | | 47,074 | |
Raia Drogasil SA | | | 9,006 | | | | 48,287 | |
Rede D’Or Sao Luiz SA, 144A | | | 3,812 | | | | 19,426 | |
Rumo SA | | | 9,072 | | | | 41,483 | |
Telefonica Brasil SA | | | 2,834 | | | | 31,074 | |
TIM SA | | | 5,043 | | | | 18,442 | |
TOTVS SA | | | 3,923 | | | | 24,231 | |
Ultrapar Participacoes SA | | | 4,964 | | | | 29,333 | |
WEG SA | | | 11,310 | | | | 83,516 | |
| | | | | | | | |
(Cost $625,203) | | | | | | | 696,390 | |
| | | | | | | | |
| Chile — 0.3% | | | | | | |
Cencosud SA | | | 8,783 | | | | 15,758 | |
Empresas CMPC SA | | | 7,977 | | | | 14,147 | |
Empresas Copec SA | | | 2,668 | | | | 17,106 | |
Enel Americas SA | | | 145,631 | | | | 14,834 | |
Falabella SA* | | | 5,724 | | | | 14,502 | |
| | | | | | | | |
(Cost $86,272) | | | | | | | 76,347 | |
| | | | | | | | |
| China — 24.9% | | | | | | |
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | | | 1,000 | | | | 2,704 | |
AAC Technologies Holdings, Inc. | | | 4,879 | | | | 12,128 | |
Agricultural Bank of China Ltd., Class A | | | 35,800 | | | | 20,818 | |
Agricultural Bank of China Ltd., Class H | | | 186,363 | | | | 76,651 | |
Aier Eye Hospital Group Co. Ltd., Class A | | | 4,300 | | | | 8,743 | |
Air China Ltd., Class A* | | | 4,800 | | | | 4,983 | |
Air China Ltd., Class H* | | | 13,956 | | | | 7,487 | |
Alibaba Group Holding Ltd. | | | 109,161 | | | | 1,016,482 | |
Angel Yeast Co. Ltd., Class A | | | 200 | | | | 935 | |
Anhui Conch Cement Co. Ltd., Class A | | | 1,700 | | | | 5,648 | |
Anhui Conch Cement Co. Ltd., Class H | | | 8,533 | | | | 18,660 | |
Anjoy Foods Group Co. Ltd., Class A | | | 100 | | | | 1,212 | |
Baidu, Inc., Class A* | | | 15,290 | | | | 194,426 | |
Beijing Tongrentang Co. Ltd., Class A | | | 600 | | | | 3,706 | |
BYD Co. Ltd., Class A | | | 777 | | | | 20,619 | |
BYD Co. Ltd., Class H | | | 7,038 | | | | 173,774 | |
By-health Co. Ltd., Class A | | | 300 | | | | 704 | |
CECEP Solar Energy Co. Ltd., Class A | | | 1,600 | | | | 1,208 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
China Baoan Group Co. Ltd., Class A | | | 900 | | | $ | 1,486 | |
China Construction Bank Corp., Class H | | | 643,580 | | | | 401,169 | |
China Eastern Airlines Corp. Ltd.,
Class A* | | | 7,100 | | | | 3,754 | |
China Feihe Ltd., 144A | | | 24,804 | | | | 12,356 | |
China Jushi Co. Ltd., Class A | | | 1,828 | | | | 2,542 | |
China Literature Ltd., 144A* | | | 2,801 | | | | 8,640 | |
China Mengniu Dairy Co. Ltd.* | | | 21,414 | | | | 53,830 | |
China Merchants Bank Co. Ltd., Class A | | | 8,134 | | | | 36,170 | |
China Merchants Bank Co. Ltd., Class H | | | 26,168 | | | | 102,114 | |
China Resources Pharmaceutical Group Ltd., 144A | | | 11,070 | | | | 7,494 | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | | | 400 | | | | 3,052 | |
China Southern Airlines Co. Ltd., Class A* | | | 3,674 | | | | 3,019 | |
China Three Gorges Renewables Group Co. Ltd., Class A | | | 12,810 | | | | 8,214 | |
China Tourism Group Duty Free Corp. Ltd., Class A | | | 800 | | | | 9,671 | |
China Tourism Group Duty Free Corp. Ltd., Class H, 144A | | | 764 | | | | 7,505 | |
China Vanke Co. Ltd., Class A | | | 4,385 | | | | 6,110 | |
China Vanke Co. Ltd., Class H | | | 15,367 | | | | 11,895 | |
China Yangtze Power Co. Ltd., Class A | | | 10,100 | | | | 35,114 | |
Chongqing Zhifei Biological Products Co. Ltd., Class A | | | 800 | | | | 5,939 | |
CITIC Ltd. | | | 39,068 | | | | 39,473 | |
CMOC Group Ltd., Class A | | | 8,624 | | | | 7,361 | |
CMOC Group Ltd., Class H | | | 25,630 | | | | 15,845 | |
CNGR Advanced Material Co. Ltd., Class A | | | 300 | | | | 1,974 | |
Contemporary Amperex Technology Co. Ltd., Class A | | | 1,795 | | | | 40,734 | |
Country Garden Services Holdings Co. Ltd. | | | 15,205 | | | | 11,634 | |
CSPC Pharmaceutical Group Ltd. | | | 60,443 | | | | 47,250 | |
East Buy Holding Ltd., 144A* | | | 2,796 | | | | 8,643 | |
Ecovacs Robotics Co. Ltd., Class A | | | 200 | | | | 1,036 | |
ENN Energy Holdings Ltd. | | | 5,489 | | | | 45,118 | |
ENN Natural Gas Co. Ltd., Class A | | | 1,200 | | | | 3,119 | |
Fosun International Ltd. | | | 17,016 | | | | 9,824 | |
Ganfeng Lithium Group Co. Ltd., Class A | | | 664 | | | | 3,691 | |
Ganfeng Lithium Group Co. Ltd., Class H, 144A | | | 2,798 | | | | 9,292 | |
GEM Co. Ltd., Class A | | | 1,200 | | | | 893 | |
Genscript Biotech Corp.* | | | 7,910 | | | | 15,984 | |
Goldwind Science & Technology Co. Ltd., Class A | | | 1,700 | | | | 1,803 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | | | 300 | | | | 1,232 | |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | | | 200 | | | | 1,674 | |
Haier Smart Home Co. Ltd., Class A | | | 2,700 | | | | 9,027 | |
Haier Smart Home Co. Ltd., Class H | | | 16,422 | | | | 50,134 | |
Haitian International Holdings Ltd. | | | 3,835 | | | | 9,719 | |
Hangzhou Robam Appliances Co. Ltd., Class A | | | 400 | | | | 1,388 | |
| | | | |
| See Notes to Financial Statements. | | 34 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Hangzhou Tigermed Consulting Co. Ltd., Class A | | | 200 | | | $ | 1,250 | |
Hansoh Pharmaceutical Group Co. Ltd., 144A | | | 7,839 | | | | 13,818 | |
Henan Shuanghui Investment & Development Co. Ltd., Class A | | | 1,642 | | | | 6,659 | |
Huadong Medicine Co. Ltd., Class A | | | 600 | | | | 2,805 | |
Huatai Securities Co. Ltd., Class A | | | 3,356 | | | | 6,772 | |
Huatai Securities Co. Ltd., Class H, 144A | | | 9,778 | | | | 11,566 | |
Hygeia Healthcare Holdings Co. Ltd., 144A | | | 2,198 | | | | 8,268 | |
Industrial & Commercial Bank of China Ltd., Class A | | | 26,500 | | | | 19,603 | |
Industrial & Commercial Bank of China Ltd., Class H | | | 433,460 | | | | 223,684 | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | | 2,650 | | | | 10,427 | |
Innovent Biologics, Inc., 144A* | | | 7,822 | | | | 42,313 | |
JD Logistics, Inc., 144A* | | | 13,209 | | | | 13,110 | |
JD.com, Inc., Class A | | | 15,595 | | | | 177,388 | |
Jiangsu Eastern Shenghong Co. Ltd., Class A | | | 1,600 | | | | 2,332 | |
Jiangsu Expressway Co. Ltd., Class H | | | 7,064 | | | | 7,264 | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | | | 2,700 | | | | 15,978 | |
Jiangsu Zhongtian Technology Co. Ltd., Class A | | | 1,500 | | | | 2,725 | |
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | | | 800 | | | | 1,341 | |
Kanzhun Ltd., ADR | | | 1,513 | | | | 23,678 | |
Kingdee International Software Group Co. Ltd.* | | | 18,914 | | | | 20,439 | |
Kuaishou Technology, 144A* | | | 15,828 | | | | 89,969 | |
Kuang-Chi Technologies Co. Ltd.,
Class A* | | | 1,100 | | | | 2,264 | |
Lenovo Group Ltd. | | | 53,308 | | | | 59,036 | |
Li Auto, Inc., Class A* | | | 7,854 | | | | 177,871 | |
Livzon Pharmaceutical Group, Inc., Class A | | | 300 | | | | 1,603 | |
Longfor Group Holdings Ltd., 144A | | | 13,294 | | | | 16,777 | |
Ming Yang Smart Energy Group Ltd., Class A | | | 900 | | | | 1,274 | |
MINISO Group Holding Ltd. | | | 2,664 | | | | 12,403 | |
NetEase, Inc. | | | 12,907 | | | | 290,493 | |
NIO, Inc., ADR* (a) | | | 9,477 | | | | 54,493 | |
Nongfu Spring Co. Ltd., Class H, 144A | | | 13,667 | | | | 77,511 | |
Offshore Oil Engineering Co. Ltd., Class A | | | 1,800 | | | | 1,546 | |
Perfect World Co. Ltd., Class A | | | 1,000 | | | | 1,627 | |
Pharmaron Beijing Co. Ltd., Class A | | | 750 | | | | 2,430 | |
Pop Mart International Group Ltd., 144A | | | 3,220 | | | | 8,053 | |
Postal Savings Bank of China Co. Ltd., Class A | | | 12,284 | | | | 8,269 | |
Postal Savings Bank of China Co. Ltd., Class H, 144A | | | 55,065 | | | | 29,049 | |
Sany Heavy Equipment International Holdings Co. Ltd. | | | 6,439 | | | | 5,001 | |
SF Holding Co. Ltd., Class A | | | 2,188 | | | | 11,646 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Shandong Nanshan Aluminum Co. Ltd., Class A | | | 4,300 | | | $ | 1,850 | |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | | | 17,011 | | | | 11,060 | |
Shanghai Electric Group Co. Ltd.,
Class A* | | | 4,200 | | | | 2,472 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | | | 826 | | | | 2,818 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | | | 3,817 | | | | 6,904 | |
Shanghai M&G Stationery, Inc., Class A | | | 400 | | | | 1,977 | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | | | 1,278 | | | | 3,216 | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | | | 5,091 | | | | 8,194 | |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | | | 1,052 | | | | 2,739 | |
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | | | 1,600 | | | | 1,468 | |
Shenzhen Inovance Technology Co. Ltd., Class A | | | 624 | | | | 5,474 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | | 448 | | | | 17,980 | |
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | | | 200 | | | | 2,248 | |
Sinopharm Group Co. Ltd., Class H | | | 8,868 | | | | 24,864 | |
Sinotruk Hong Kong Ltd. | | | 4,708 | | | | 12,448 | |
Skshu Paint Co. Ltd., Class A* | | | 196 | | | | 1,053 | |
Sungrow Power Supply Co. Ltd., Class A | | | 670 | | | | 8,109 | |
Sunwoda Electronic Co. Ltd., Class A | | | 800 | | | | 1,579 | |
TCL Technology Group Corp., Class A* | | | 7,900 | | | | 4,967 | |
Tencent Holdings Ltd. | | | 44,393 | | | | 1,571,855 | |
Tianqi Lithium Corp., Class A | | | 600 | | | | 4,466 | |
Tongcheng Travel Holdings Ltd.* | | | 8,100 | | | | 20,444 | |
Topchoice Medical Corp., Class A* | | | 100 | | | | 913 | |
Vipshop Holdings Ltd., ADR* | | | 2,362 | | | | 45,468 | |
Weichai Power Co. Ltd., Class A | | | 2,700 | | | | 6,325 | |
Weichai Power Co. Ltd., Class H | | | 13,000 | | | | 25,572 | |
Western Mining Co. Ltd., Class A | | | 1,000 | | | | 2,311 | |
WuXi AppTec Co. Ltd., Class A | | | 1,088 | | | | 8,226 | |
WuXi AppTec Co. Ltd., Class H, 144A | | | 2,489 | | | | 15,483 | |
Wuxi Biologics Cayman, Inc., 144A* | | | 25,939 | | | | 63,085 | |
XPeng, Inc., Class A* | | | 7,334 | | | | 33,631 | |
Yadea Group Holdings Ltd., 144A | | | 8,450 | | | | 13,254 | |
Yihai Kerry Arawana Holdings Co. Ltd., Class A | | | 700 | | | | 3,142 | |
Yum China Holdings, Inc. | | | 2,709 | | | | 116,189 | |
Yunnan Baiyao Group Co. Ltd., Class A | | | 806 | | | | 5,574 | |
Yunnan Energy New Material Co. Ltd., Class A | | | 358 | | | | 2,280 | |
Zai Lab Ltd.* | | | 6,241 | | | | 13,584 | |
Zangge Mining Co. Ltd., Class A | | | 800 | | | | 3,252 | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | | | 300 | | | | 9,285 | |
Zhejiang Chint Electrics Co. Ltd., Class A | | | 912 | | | | 2,605 | |
Zhejiang Expressway Co. Ltd., Class H | | | 11,942 | | | | 9,122 | |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | | | 800 | | | | 1,749 | |
| | | | |
| See Notes to Financial Statements. | | 35 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| China (Continued) | | | | | | |
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | | | 3,800 | | | $ | 4,219 | |
ZTO Express Cayman, Inc., ADR | | | 2,885 | | | | 55,363 | |
| | | | | | | | |
(Cost $8,553,344) | | | | | | | 6,249,362 | |
| | | | | | | | |
| Colombia — 0.1% | | | | | | |
Bancolombia SA | | | 1,711 | | | | 14,353 | |
Interconexion Electrica SA ESP | | | 2,679 | | | | 11,408 | |
| | | | | | | | |
(Cost $30,945) | | | | | | | 25,761 | |
| | | | | | | | |
| Czech Republic — 0.1% | | | | | | |
Komercni Banka AS | | | 454 | | | | 15,842 | |
Moneta Money Bank AS, 144A | | | 2,257 | | | | 9,941 | |
| | | | | | | | |
(Cost $22,281) | | | | | | | 25,783 | |
| | | | | | | | |
| Egypt — 0.2% | | | | | | |
Commercial International Bank — Egypt (CIB) (Cost $26,611) | | | 17,245 | | | | 40,796 | |
| | | | | | | | |
| Greece — 0.5% | | | | | | |
Alpha Services and Holdings SA* | | | 14,485 | | | | 27,227 | |
Eurobank Ergasias Services and Holdings SA* | | | 17,815 | | | | 36,851 | |
Hellenic Telecommunications Organization SA | | | 1,363 | | | | 20,591 | |
Motor Oil Hellas Corinth Refineries SA | | | 446 | | | | 12,742 | |
Mytilineos SA | | | 629 | | | | 24,504 | |
| | | | | | | | |
(Cost $74,352) | | | | | | | 121,915 | |
| | | | | | | | |
| Hong Kong — 1.4% | | | | | | |
Alibaba Health Information Technology
Ltd.* | | | 36,842 | | | | 16,188 | |
Beijing Enterprises Water Group Ltd. | | | 28,772 | | | | 6,762 | |
Bosideng International Holdings Ltd. | | | 26,391 | | | | 13,316 | |
China Medical System Holdings Ltd. | | | 9,149 | | | | 15,029 | |
China Merchants Port Holdings Co. Ltd. | | | 7,436 | | | | 9,223 | |
China Overseas Land & Investment Ltd. | | | 25,691 | | | | 38,198 | |
China Resources Gas Group Ltd. | | | 6,347 | | | | 19,214 | |
China Resources Land Ltd. | | | 21,826 | | | | 67,189 | |
China Ruyi Holdings Ltd.* | | | 41,857 | | | | 8,234 | |
Chow Tai Fook Jewellery Group Ltd. | | | 13,756 | | | | 20,593 | |
Far East Horizon Ltd. | | | 10,270 | | | | 8,251 | |
Geely Automobile Holdings Ltd. | | | 41,613 | | | | 45,500 | |
Kunlun Energy Co. Ltd. | | | 26,615 | | | | 22,743 | |
Orient Overseas International Ltd. | | | 836 | | | | 12,996 | |
Sino Biopharmaceutical Ltd. | | | 68,556 | | | | 27,409 | |
Vinda International Holdings Ltd. | | | 1,942 | | | | 5,767 | |
Want Want China Holdings Ltd. | | | 32,681 | | | | 18,034 | |
| | | | | | | | |
(Cost $508,039) | | | | | | | 354,646 | |
| | | | | | | | |
| Hungary — 0.5% | | | | | | |
MOL Hungarian Oil & Gas PLC | | | 2,959 | | | | 23,534 | |
OTP Bank Nyrt | | | 1,479 | | | | 70,882 | |
Richter Gedeon Nyrt | | | 973 | | | | 25,893 | |
| | | | | | | | |
(Cost $104,626) | | | | | | | 120,309 | |
| | | | | | | | |
| India — 16.5% | | | | | | |
ABB India Ltd. | | | 366 | | | | 24,035 | |
Adani Green Energy Ltd.* | | | 2,144 | | | | 49,001 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| India (Continued) | | | | | | |
Ashok Leyland Ltd. | | | 9,600 | | | $ | 19,671 | |
Asian Paints Ltd. | | | 2,599 | | | | 88,452 | |
Astral Ltd. | | | 795 | | | | 19,839 | |
AU Small Finance Bank Ltd., 144A | | | 1,191 | | | | 8,185 | |
Axis Bank Ltd. | | | 15,442 | | | | 200,222 | |
Bajaj Finance Ltd. | | | 1,867 | | | | 146,254 | |
Berger Paints India Ltd. | | | 1,947 | | | | 14,246 | |
Bharti Airtel Ltd. | | | 15,158 | | | | 205,361 | |
Britannia Industries Ltd. | | | 747 | | | | 44,732 | |
Cipla Ltd. | | | 3,420 | | | | 61,059 | |
Colgate-Palmolive India Ltd. | | | 919 | | | | 28,005 | |
Cummins India Ltd. | | | 958 | | | | 31,642 | |
Dabur India Ltd. | | | 4,232 | | | | 27,467 | |
DLF Ltd. | | | 4,907 | | | | 53,333 | |
Eicher Motors Ltd. | | | 942 | | | | 43,085 | |
GAIL India Ltd. | | | 14,638 | | | | 32,174 | |
GMR Airports Infrastructure Ltd.* | | | 14,178 | | | | 14,363 | |
Grasim Industries Ltd. | | | 1,710 | | | | 45,194 | |
Havells India Ltd. | | | 1,700 | | | | 31,397 | |
HCL Technologies Ltd. | | | 6,300 | | | | 126,420 | |
Hero MotoCorp Ltd. | | | 824 | | | | 43,989 | |
Hindalco Industries Ltd. | | | 8,530 | | | | 51,834 | |
Hindustan Unilever Ltd. | | | 5,567 | | | | 161,962 | |
ICICI Prudential Life Insurance Co. Ltd., 144A | | | 2,296 | | | | 14,749 | |
Indian Hotels Co. Ltd. | | | 5,952 | | | | 42,115 | |
Indraprastha Gas Ltd. | | | 1,998 | | | | 10,265 | |
Info Edge India Ltd. | | | 483 | | | | 30,686 | |
Infosys Ltd. | | | 15,068 | | | | 304,190 | |
Infosys Ltd., ADR | | | 7,118 | | | | 142,075 | |
InterGlobe Aviation Ltd., 144A* | | | 1,015 | | | | 38,626 | |
Kotak Mahindra Bank Ltd. | | | 7,395 | | | | 150,676 | |
Lupin Ltd. | | | 1,463 | | | | 28,602 | |
Mahindra & Mahindra Ltd. | | | 6,160 | | | | 143,562 | |
Marico Ltd. | | | 3,537 | | | | 22,293 | |
Max Healthcare Institute Ltd. | | | 5,022 | | | | 48,051 | |
Nestle India Ltd. | | | 2,221 | | | | 69,542 | |
PI Industries Ltd. | | | 568 | | | | 25,159 | |
Pidilite Industries Ltd. | | | 1,000 | | | | 32,997 | |
Power Grid Corp. of India Ltd. | | | 31,262 | | | | 106,643 | |
Reliance Industries Ltd. | | | 20,401 | | | | 718,841 | |
Shree Cement Ltd. | | | 63 | | | | 19,378 | |
Shriram Finance Ltd. | | | 1,899 | | | | 55,850 | |
Siemens Ltd. | | | 617 | | | | 34,819 | |
Supreme Industries Ltd. | | | 429 | | | | 21,475 | |
Suzlon Energy Ltd.* | | | 55,479 | | | | 30,277 | |
Tata Consultancy Services Ltd. | | | 6,046 | | | | 298,602 | |
Torrent Pharmaceuticals Ltd. | | | 733 | | | | 23,569 | |
TVS Motor Co. Ltd.* | | | 1,672 | | | | 43,137 | |
UPL Ltd. | | | 3,029 | | | | 17,159 | |
Vedanta Ltd. | | | 6,423 | | | | 20,764 | |
Zomato Ltd.* | | | 40,661 | | | | 81,134 | |
| | | | | | | | |
(Cost $3,211,254) | | | | | | | 4,147,158 | |
| | | | | | | | |
| Indonesia — 2.2% | | | | | | |
Aneka Tambang Tbk | | | 64,114 | | | | 5,956 | |
PT Bank Central Asia Tbk | | | 366,793 | | | | 230,486 | |
| | | | |
| See Notes to Financial Statements. | | 36 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Indonesia (Continued) | | | | | | |
PT Bank Rakyat Indonesia Persero Tbk | | | 461,814 | | | $ | 179,994 | |
PT Barito Pacific Tbk | | | 202,106 | | | | 12,539 | |
PT Kalbe Farma Tbk | | | 142,363 | | | | 13,498 | |
PT Merdeka Copper Gold Tbk* | | | 66,750 | | | | 9,599 | |
PT Sarana Menara Nusantara Tbk | | | 140,658 | | | | 8,235 | |
PT Telkom Indonesia Persero Tbk | | | 333,840 | | | | 84,974 | |
PT Unilever Indonesia Tbk | | | 51,759 | | | | 8,992 | |
| | | | | | | | |
(Cost $525,333) | | | | | | | 554,273 | |
| | | | | | | | |
| Kazakhstan — 0.0% | | | | | | |
Polymetal International PLC* (b)
(Cost $40,174) | | | 2,070 | | | | 0 | |
| | | | | | | | |
| Kuwait — 0.6% | | | | | | |
Kuwait Finance House KSCP
(Cost $129,010) | | | 56,593 | | | | 149,002 | |
| | | | | | | | |
| Malaysia — 2.1% | | | | | | |
AMMB Holdings Bhd | | | 11,100 | | | | 10,151 | |
Axiata Group Bhd | | | 17,983 | | | | 10,535 | |
Celcomdigi Bhd | | | 23,200 | | | | 21,266 | |
CIMB Group Holdings Bhd | | | 43,073 | | | | 58,635 | |
Gamuda Bhd | | | 12,859 | | | | 14,334 | |
IHH Healthcare Bhd | | | 15,200 | | | | 19,699 | |
Kuala Lumpur Kepong Bhd | | | 2,670 | | | | 12,603 | |
Malayan Banking Bhd | | | 36,653 | | | | 73,607 | |
Malaysia Airports Holdings Bhd | | | 6,328 | | | | 11,308 | |
Maxis Bhd | | | 17,000 | | | | 13,326 | |
MISC Bhd | | | 7,600 | | | | 12,171 | |
MR DIY Group M Bhd, 144A | | | 23,100 | | | | 7,594 | |
Nestle Malaysia Bhd | | | 500 | | | | 13,160 | |
Petronas Chemicals Group Bhd | | | 18,300 | | | | 26,994 | |
Petronas Dagangan Bhd | | | 1,900 | | | | 9,145 | |
Petronas Gas Bhd | | | 5,300 | | | | 20,036 | |
PPB Group Bhd | | | 4,700 | | | | 15,431 | |
Press Metal Aluminium Holdings Bhd | | | 25,400 | | | | 25,049 | |
Public Bank Bhd | | | 98,175 | | | | 91,027 | |
QL Resources Bhd | | | 7,400 | | | | 9,060 | |
RHB Bank Bhd | | | 11,057 | | | | 13,048 | |
Sime Darby Bhd | | | 20,200 | | | | 11,536 | |
Telekom Malaysia Bhd | | | 8,500 | | | | 10,837 | |
YTL Corp. Bhd | | | 21,100 | | | | 11,872 | |
YTL Power International Bhd | | | 15,900 | | | | 13,235 | |
| | | | | | | | |
(Cost $531,042) | | | | | | | 535,659 | |
| | | | | | | | |
| Mexico — 3.0% | | | | | | |
America Movil SAB de CV, Series B | | | 127,765 | | | | 119,482 | |
Arca Continental SAB de CV | | | 3,394 | | | | 36,514 | |
Cemex SAB de CV, Series CPO* | | | 103,001 | | | | 78,640 | |
Fibra Uno Administracion SA de CV REIT | | | 18,492 | | | | 33,373 | |
Fomento Economico Mexicano SAB de CV | | | 12,841 | | | | 160,135 | |
Gruma SAB de CV, Class B | | | 1,247 | | | | 22,178 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | | 1,277 | | | | 37,419 | |
Grupo Bimbo SAB de CV, Series A | | | 8,796 | | | | 36,748 | |
Grupo Financiero Banorte SAB de CV, Class O | | | 17,620 | | | | 181,935 | |
Industrias Penoles SAB de CV* | | | 1,366 | | | | 17,095 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Mexico (Continued) | | | | | | |
Orbia Advance Corp. SAB de CV | | | 5,347 | | | $ | 9,875 | |
Prologis Property Mexico SA de CV REIT | | | 4,884 | | | | 21,924 | |
| | | | | | | | |
(Cost $580,704) | | | | | | | 755,318 | |
| | | | | | | | |
| Netherlands — 0.1% | | | | | | |
NEPI Rockcastle NV*
(Cost $24,867) | | | 3,824 | | | | 27,279 | |
| | | | | | | | |
| Peru — 0.3% | | | | | | |
Credicorp Ltd.
(Cost $62,469) | | | 454 | | | | 77,579 | |
| | | | | | | | |
| Philippines — 0.5% | | | | | | |
Ayala Corp. | | | 1,710 | | | | 20,624 | |
JG Summit Holdings, Inc. | | | 17,770 | | | | 12,960 | |
PLDT, Inc. | | | 515 | | | | 12,029 | |
SM Investments Corp. | | | 1,632 | | | | 27,290 | |
SM Prime Holdings, Inc. | | | 69,500 | | | | 39,068 | |
Universal Robina Corp. | | | 5,810 | | | | 12,092 | |
| | | | | | | | |
(Cost $139,899) | | | | | | | 124,063 | |
| | | | | | | | |
| Poland — 1.2% | | | | | | |
Allegro.eu SA, 144A* | | | 3,390 | | | | 27,411 | |
CD Projekt SA | | | 442 | | | | 12,159 | |
KGHM Polska Miedz SA | | | 926 | | | | 25,031 | |
mBank SA* | | | 103 | | | | 17,950 | |
ORLEN SA | | | 3,960 | | | | 61,546 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 6,004 | | | | 83,649 | |
Powszechny Zaklad Ubezpieczen SA | | | 3,894 | | | | 47,954 | |
Santander Bank Polska SA | | | 250 | | | | 34,448 | |
| | | | | | | | |
(Cost $240,944) | | | | | | | 310,148 | |
| | | | | | | | |
| Qatar — 0.7% | | | | | | |
Qatar Fuel QSC | | | 3,952 | | | | 16,238 | |
Qatar Gas Transport Co. Ltd. | | | 17,822 | | | | 19,579 | |
Qatar National Bank QPSC | | | 31,185 | | | | 130,444 | |
| | | | | | | | |
(Cost $196,976) | | | | | | | 166,261 | |
| | | | | | | | |
| Russia — 0.0% | | | | | | |
Gazprom PJSC* (b) | | | 68,905 | | | | 0 | |
LUKOIL PJSC* (b) | | | 2,409 | | | | 0 | |
Mobile TeleSystems PJSC, ADR* (b) | | | 2,662 | | | | 0 | |
Moscow Exchange MICEX-RTS PJSC* (b) | | | 8,602 | | | | 0 | |
Novatek PJSC* (b) | | | 5,300 | | | | 0 | |
Novolipetsk Steel PJSC* (b) | | | 8,462 | | | | 0 | |
PhosAgro PJSC* (b) | | | 267 | | | | 0 | |
PhosAgro PJSC, GDR* (b) | | | 300 | | | | 0 | |
PhosAgro PJSC, GDR* (b) | | | 4 | | | | 0 | |
Polyus PJSC* (b) | | | 193 | | | | 0 | |
| | | | | | | | |
(Cost $634,818) | | | | | | | 0 | |
| | | | | | | | |
| Saudi Arabia — 2.3% | | | | | | |
ACWA Power Co. | | | 657 | | | | 46,249 | |
Alinma Bank | | | 6,433 | | | | 75,389 | |
Bank AlBilad | | | 3,183 | | | | 41,927 | |
Dr Sulaiman Al Habib Medical Services Group Co. | | | 611 | | | | 53,666 | |
Sahara International Petrochemical Co. | | | 2,442 | | | | 19,958 | |
| | | | |
| See Notes to Financial Statements. | | 37 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Saudi Arabia (Continued) | | | | | | |
Saudi Arabian Oil Co., 144A | | | 18,046 | | | $ | 152,537 | |
Saudi Basic Industries Corp. | | | 6,101 | | | | 128,192 | |
Saudi Electricity Co. | | | 5,739 | | | | 30,605 | |
Savola Group | | | 1,773 | | | | 25,056 | |
| | | | | | | | |
(Cost $550,678) | | | | | | | 573,579 | |
| | | | | | | | |
| Singapore — 0.1% | | | | | | |
BOC Aviation Ltd., 144A
(Cost $11,623) | | | 1,457 | | | | 10,738 | |
| | | | | | | | |
| South Africa — 4.4% | | | | | | |
Absa Group Ltd. | | | 5,708 | | | | 48,666 | |
Anglo American Platinum Ltd. | | | 454 | | | | 17,440 | |
Aspen Pharmacare Holdings Ltd. | | | 2,580 | | | | 26,358 | |
Bid Corp. Ltd. | | | 2,121 | | | | 49,609 | |
Bidvest Group Ltd. | | | 1,999 | | | | 24,348 | |
Capitec Bank Holdings Ltd. | | | 585 | | | | 61,531 | |
Clicks Group Ltd. | | | 1,595 | | | | 24,951 | |
Discovery Ltd. | | | 3,532 | | | | 25,021 | |
FirstRand Ltd. | | | 32,884 | | | | 111,043 | |
Gold Fields Ltd. | | | 6,199 | | | | 81,366 | |
Impala Platinum Holdings Ltd. | | | 5,889 | | | | 19,886 | |
Kumba Iron Ore Ltd. | | | 440 | | | | 12,316 | |
MTN Group Ltd. | | | 11,506 | | | | 50,082 | |
Naspers Ltd., Class N | | | 1,223 | | | | 201,146 | |
Nedbank Group Ltd. | | | 3,039 | | | | 34,723 | |
Northam Platinum Holdings Ltd. | | | 2,332 | | | | 13,333 | |
Old Mutual Ltd. | | | 32,825 | | | | 20,430 | |
Sanlam Ltd. | | | 12,032 | | | | 46,130 | |
Sasol Ltd. | | | 3,929 | | | | 29,642 | |
Shoprite Holdings Ltd. | | | 3,426 | | | | 46,115 | |
Sibanye Stillwater Ltd. | | | 19,424 | | | | 20,119 | |
Standard Bank Group Ltd. | | | 9,108 | | | | 95,820 | |
Vodacom Group Ltd. | | | 4,310 | | | | 21,123 | |
Woolworths Holdings Ltd. | | | 6,649 | | | | 22,241 | |
| | | | | | | | |
(Cost $1,350,812) | | | | | | | 1,103,439 | |
| | | | | | | | |
| South Korea — 6.3% | | | | | | |
Amorepacific Corp. | | | 202 | | | | 18,143 | |
CJ CheilJedang Corp. | | | 47 | | | | 10,571 | |
Coway Co. Ltd. | | | 375 | | | | 15,264 | |
Doosan Bobcat, Inc. | | | 381 | | | | 13,433 | |
Doosan Enerbility Co. Ltd.* | | | 3,022 | | | | 36,856 | |
Hana Financial Group, Inc. | | | 1,977 | | | | 84,033 | |
Hanon Systems | | | 1,245 | | | | 5,769 | |
Hanwha Solutions Corp. | | | 772 | | | | 16,088 | |
HD Hyundai Co. Ltd. | | | 305 | | | | 16,194 | |
HMM Co. Ltd.* | | | 1,658 | | | | 22,748 | |
Hyundai Engineering & Construction Co. Ltd.* | | | 524 | | | | 13,655 | |
Hyundai Glovis Co. Ltd.* | | | 130 | | | | 18,598 | |
Kakao Corp. | | | 2,113 | | | | 84,577 | |
KB Financial Group, Inc. | | | 2,600 | | | | 123,986 | |
Korea Zinc Co. Ltd. | | | 55 | | | | 18,483 | |
Korean Air Lines Co. Ltd. | | | 1,048 | | | | 18,102 | |
Kumho Petrochemical Co. Ltd.* | | | 119 | | | | 13,217 | |
LG Chem Ltd. | | | 335 | | | | 113,964 | |
LG Corp. | | | 651 | | | | 45,809 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| South Korea (Continued) | | | | | | |
LG Display Co. Ltd. | | | 1,599 | | | $ | 13,665 | |
LG Electronics, Inc. | | | 716 | | | | 51,028 | |
LG Energy Solution Ltd.* | | | 302 | | | | 91,058 | |
LG H&H Co. Ltd. | | | 67 | | | | 16,051 | |
LG Uplus Corp. | | | 1,461 | | | | 11,323 | |
Lotte Chemical Corp. | | | 134 | | | | 12,317 | |
Mirae Asset Securities Co. Ltd.* | | | 1,883 | | | | 12,755 | |
NAVER Corp. | | | 890 | | | | 130,332 | |
NCSoft Corp. | | | 98 | | | | 14,278 | |
Netmarble Corp., 144A* | | | 150 | | | | 6,950 | |
POSCO Future M Co. Ltd.* | | | 209 | | | | 49,754 | |
Samsung Engineering Co. Ltd.* | | | 992 | | | | 18,326 | |
Samsung SDI Co. Ltd. | | | 374 | | | | 105,886 | |
Samsung SDS Co. Ltd. | | | 270 | | | | 32,442 | |
Samsung Securities Co. Ltd. | | | 429 | | | | 13,386 | |
Shinhan Financial Group Co. Ltd. | | | 2,862 | | | | 93,602 | |
SK Biopharmaceuticals Co. Ltd.* | | | 211 | | | | 15,354 | |
SK Bioscience Co. Ltd.* | | | 184 | | | | 8,484 | |
SK IE Technology Co. Ltd., 144A* | | | 164 | | | | 9,028 | |
SK Innovation Co. Ltd.* | | | 413 | | | | 36,319 | |
SK Square Co. Ltd.* | | | 688 | | | | 36,115 | |
SK, Inc. | | | 243 | | | | 35,001 | |
SKC Co. Ltd.* | | | 130 | | | | 8,084 | |
Woori Financial Group, Inc. | | | 4,041 | | | | 45,217 | |
Yuhan Corp. | | | 376 | | | | 19,032 | |
| | | | | | | | |
(Cost $1,868,076) | | | | | | | 1,575,277 | |
| | | | | | | | |
| Taiwan — 22.7% | | | | | | |
Acer, Inc. | | | 18,941 | | | | 27,055 | |
Airtac International Group | | | 1,106 | | | | 42,337 | |
AUO Corp.* | | | 43,513 | | | | 24,090 | |
Cathay Financial Holding Co. Ltd.* | | | 64,095 | | | | 91,348 | |
China Airlines Ltd. | | | 21,022 | | | | 13,301 | |
China Steel Corp. | | | 79,930 | | | | 62,205 | |
Chunghwa Telecom Co. Ltd. | | | 26,058 | | | | 99,337 | |
CTBC Financial Holding Co. Ltd. | | | 119,403 | | | | 111,057 | |
Delta Electronics, Inc. | | | 13,377 | | | | 124,631 | |
E.Sun Financial Holding Co. Ltd. | | | 95,725 | | | | 76,466 | |
Eva Airways Corp. | | | 17,784 | | | | 17,694 | |
Evergreen Marine Corp. Taiwan Ltd. | | | 6,987 | | | | 36,582 | |
Far Eastern New Century Corp. | | | 20,050 | | | | 20,678 | |
Far EasTone Telecommunications Co. Ltd. | | | 12,313 | | | | 30,656 | |
First Financial Holding Co. Ltd. | | | 72,930 | | | | 62,526 | |
Fubon Financial Holding Co. Ltd. | | | 51,438 | | | | 110,656 | |
Hotai Motor Co. Ltd. | | | 2,140 | | | | 45,428 | |
Hua Nan Financial Holdings Co. Ltd. | | | 62,065 | | | | 43,197 | |
Lite-On Technology Corp. | | | 14,000 | | | | 48,498 | |
MediaTek, Inc. | | | 10,034 | | | | 361,877 | |
Mega Financial Holding Co. Ltd. | | | 79,519 | | | | 97,356 | |
Nan Ya Plastics Corp. | | | 30,034 | | | | 56,724 | |
PharmaEssentia Corp.* | | | 1,000 | | | | 10,392 | |
President Chain Store Corp. | | | 3,406 | | | | 29,039 | |
SinoPac Financial Holdings Co. Ltd. | | | 73,005 | | | | 46,423 | |
Taishin Financial Holding Co. Ltd. | | | 77,541 | | | | 42,684 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 69,274 | | | | 56,871 | |
Taiwan High Speed Rail Corp. | | | 13,623 | | | | 13,016 | |
| | | | |
| See Notes to Financial Statements. | | 38 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Taiwan (Continued) | | | | | | |
Taiwan Mobile Co. Ltd. | | | 12,023 | | | $ | 37,656 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 165,722 | | | | 3,617,526 | |
Uni-President Enterprises Corp. | | | 32,748 | | | | 79,463 | |
United Microelectronics Corp. | | | 75,869 | | | | 117,250 | |
Voltronic Power Technology Corp. | | | 425 | | | | 21,580 | |
Wan Hai Lines Ltd. | | | 4,523 | | | | 7,212 | |
Yang Ming Marine Transport Corp. | | | 11,041 | | | | 17,412 | |
| | | | | | | | |
(Cost $3,982,992) | | | | | | | 5,700,223 | |
| | | | | | | | |
| Thailand — 2.1% | | | | | | |
Advanced Info Service PCL, NVDR | | | 8,200 | | | | 45,956 | |
Airports of Thailand PCL, NVDR | | | 28,400 | | | | 50,283 | |
Asset World Corp. PCL, NVDR | | | 57,700 | | | | 6,210 | |
Bangkok Dusit Medical Services PCL, NVDR | | | 75,200 | | | | 59,757 | |
Bangkok Expressway & Metro PCL | | | 51,100 | | | | 11,470 | |
BTS Group Holdings PCL, NVDR | | | 46,900 | | | | 6,735 | |
Bumrungrad Hospital PCL, NVDR | | | 4,100 | | | | 25,607 | |
Central Retail Corp. PCL, NVDR | | | 12,600 | | | | 12,208 | |
Charoen Pokphand Foods PCL, NVDR | | | 21,200 | | | | 11,172 | |
CP ALL PCL, NVDR | | | 39,700 | | | | 63,648 | |
Delta Electronics Thailand PCL, NVDR* | | | 21,000 | | | | 41,719 | |
Energy Absolute PCL, NVDR | | | 12,200 | | | | 11,991 | |
Home Product Center PCL, NVDR | | | 39,700 | | | | 12,398 | |
Indorama Ventures PCL, NVDR | | | 12,500 | | | | 8,121 | |
Intouch Holdings PCL, NVDR | | | 7,300 | | | | 13,790 | |
Kasikornbank PCL, NVDR | | | 4,200 | | | | 14,404 | |
Minor International PCL, NVDR | | | 21,054 | | | | 18,638 | |
Muangthai Capital PCL, NVDR | | | 5,200 | | | | 6,633 | |
PTT Exploration & Production PCL, NVDR | | | 9,500 | | | | 39,997 | |
PTT Global Chemical PCL, NVDR | | | 15,500 | | | | 16,423 | |
PTT Oil & Retail Business PCL, NVDR | | | 20,200 | | | | 10,194 | |
SCG Packaging PCL, NVDR | | | 8,900 | | | | 6,948 | |
Siam Cement PCL, NVDR | | | 5,300 | | | | 39,752 | |
| | | | | | | | |
(Cost $649,462) | | | | | | | 534,054 | |
| | | | | | | | |
| Turkey — 0.5% | | | | | | |
Haci Omer Sabanci Holding AS | | | 7,273 | | | | 18,520 | |
KOC Holding AS | | | 5,324 | | | | 28,684 | |
Turk Hava Yollari AO* | | | 3,870 | | | | 34,926 | |
Turkiye Is Bankasi AS, Class C | | | 57,832 | | | | 20,562 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 9,393 | | | | 15,389 | |
Yapi ve Kredi Bankasi AS | | | 23,098 | | | | 17,091 | |
| | | | | | | | |
(Cost $75,694) | | | | | | | 135,172 | |
| | | | | | | | |
| United Arab Emirates — 2.0% | | | | | | |
Abu Dhabi Commercial Bank PJSC | | | 19,923 | | | | 46,486 | |
Abu Dhabi Islamic Bank PJSC | | | 9,395 | | | | 28,751 | |
Aldar Properties PJSC | | | 26,719 | | | | 40,229 | |
Emaar Properties PJSC | | | 43,697 | | | | 96,605 | |
Emirates NBD Bank PJSC | | | 12,390 | | | | 61,732 | |
Emirates Telecommunications Group Co. PJSC | | | 23,575 | | | | 116,177 | |
First Abu Dhabi Bank PJSC | | | 29,993 | | | | 111,385 | |
| | | | | | | | |
(Cost $470,582) | | | | | | | 501,365 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $25,309,082) | | | | | | | 24,691,896 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| PREFERRED STOCKS — 1.8% | | | | | | | | |
| Brazil — 1.5% | | | | | | |
Banco Bradesco SA | | | 36,072 | | | $ | 99,824 | |
Cia Energetica de Minas Gerais | | | 9,478 | | | | 22,833 | |
Gerdau SA | | | 7,809 | | | | 33,791 | |
Itau Unibanco Holding SA | | | 32,069 | | | | 219,058 | |
| | | | | | | | |
(Cost $344,581) | | | | | | | 375,506 | |
| | | | | | | | |
| Chile — 0.2% | | | | | | |
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $60,597) | | | 969 | | | | 48,098 | |
| | | | | | | | |
| Colombia — 0.1% | | | | | | |
Bancolombia SA
(Cost $21,437) | | | 3,129 | | | | 25,564 | |
| | | | | | | | |
| South Korea — 0.0% | | | | | | |
LG Chem Ltd.
(Cost $11,393) | | | 53 | | | | 11,940 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost $438,008) | | | | | | | 461,108 | |
| | | | | | | | |
| RIGHTS — 0.0% | | | | | | | | |
| Brazil — 0.0% | | | | | | |
Magazine Luiza SA* , expires 3/15/24
(Cost $0) | | | 1,957 | | | | 71 | |
| | | | | | | | |
| South Korea — 0.0% | | | | | | |
LG Display Co. Ltd.* , expires 3/14/24
(Cost $0) | | | 508 | | | | 500 | |
| | | | | | | | |
TOTAL RIGHTS
(Cost $0) | | | | | | | 571 | |
| | | | | | | | |
| WARRANTS — 0.0% | | | | | | | | |
| Thailand — 0.0% | | | | | | |
BTS Group Holdings PCL*, expires 11/7/24 | | | 3,050 | | | | 2 | |
BTS Group Holdings PCL*, expires 11/20/26 | | | 6,100 | | | | 15 | |
| | | | | | | | |
TOTAL WARRANTS
(Cost $0) | | | | | | | 17 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.2% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
(Cost $49,042) | | | 49,042 | | | | 49,042 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.1% | | | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $32,554) | | | 32,554 | | | | 32,554 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.5%
(Cost $25,828,686) | | | | | | $ | 25,235,188 | |
Other assets and liabilities, net — (0.5%) | | | | | | | (127,555 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 25,107,633 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 39 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
EXCHANGE-TRADED FUNDS — 0.0% | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (e) | |
| | | 2,689 | | | | 34,856 | | | | (37,982 | ) | | | 468 | | | | (31 | ) | | | 400 | | | | — | | | | — | | | | — | |
SECURITIES LENDING COLLATERAL — 0.2% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) | |
| | | — | | | | 49,042 | (f) | | | — | | | | — | | | | — | | | | 3 | | | | — | | | | 49,042 | | | | 49,042 | |
CASH EQUIVALENTS — 0.1% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | |
| | | 191,969 | | | | 921,671 | | | | (1,081,086 | ) | | | — | | | | — | | | | 1,011 | | | | — | | | | 32,554 | | | | 32,554 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 194,658 | | | | 1,005,569 | | | | (1,119,068 | ) | | | 468 | | | | (31 | ) | | | 1,414 | | | | — | | | | 81,596 | | | | 81,596 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $46,312, which is 0.2% of net assets. |
| (b) | Investment was valued using significant unobservable inputs. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (e) | Affiliated fund advised by DBX Advisors LLC. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| ADR: | | American Depositary Receipt |
| CPO: | | Ordinary Participation Certificates |
| GDR: | | Global Depositary Receipt |
| KSCP: | | Kuwait Shareholding Company Public |
| NVDR: | | Non Voting Depositary Receipt |
| PJSC: | | Public Joint Stock Company |
| QPSC: | | Qatari Public Shareholders Company |
| QSC: | | Qatari Shareholders Company |
| REIT: | | Real Estate Investment Trust |
| 144A: | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
MSCI Emerging Markets Index Future | | USD | | 1 | | $ | 49,275 | | | $ | 50,840 | | | 3/15/2024 | | $ | 1,565 | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| | | | |
| See Notes to Financial Statements. | | 40 | | |
DBX ETF Trust
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 24,691,896 | | | $ | — | | | $ | 0 | | | $ | 24,691,896 | |
Preferred Stocks (a) | | | 461,108 | | | | — | | | | — | | | | 461,108 | |
Rights (a) | | | — | | | | 571 | | | | — | | | | 571 | |
Warrants | | | 17 | | | | — | | | | — | | | | 17 | |
Short-Term Investments (a) | | | 81,596 | | | | — | | | | — | | | | 81,596 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 1,565 | | | | — | | | | — | | | | 1,565 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 25,236,182 | | | $ | 571 | | | $ | 0 | | | $ | 25,236,753 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 41 | | |
DBX ETF Trust
Xtrackers MSCI USA Climate Action Equity ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.7% | | | | | | | | |
| Communication Services — 11.4% | | | | | | |
Alphabet, Inc., Class A* | | | 342,797 | | | $ | 47,463,673 | |
Alphabet, Inc., Class C* | | | 299,957 | | | | 41,927,989 | |
AT&T, Inc. | | | 444,703 | | | | 7,528,822 | |
Charter Communications, Inc.,
Class A* | | | 6,055 | | | | 1,779,746 | |
Comcast Corp., Class A | | | 249,605 | | | | 10,695,574 | |
Liberty Global Ltd., Class C* | | | 12,220 | | | | 226,681 | |
Liberty Media Corp.-Liberty Formula One, Class C* | | | 12,111 | | | | 881,196 | |
Match Group, Inc.* | | | 17,094 | | | | 616,068 | |
Meta Platforms, Inc., Class A | | | 137,998 | | | | 67,636,960 | |
Netflix, Inc.* | | | 27,357 | | | | 16,494,082 | |
Pinterest, Inc., Class A* | | | 35,855 | | | | 1,315,879 | |
Snap, Inc., Class A* | | | 64,552 | | | | 711,363 | |
Take-Two Interactive Software, Inc.* | | | 10,626 | | | | 1,561,278 | |
T-Mobile US, Inc. | | | 32,792 | | | | 5,354,934 | |
Verizon Communications, Inc. | | | 260,174 | | | | 10,412,163 | |
Walt Disney Co. | | | 113,994 | | | | 12,719,451 | |
| | | | | | | | |
(Cost $169,354,038) | | | | | | | 227,325,859 | |
| | | | | | | | |
| Consumer Discretionary — 12.1% | | | | | | |
Airbnb, Inc., Class A* | | | 27,135 | | | | 4,272,948 | |
Amazon.com, Inc.* | | | 578,229 | | | | 102,207,758 | |
Booking Holdings, Inc.* | | | 2,166 | | | | 7,513,486 | |
Caesars Entertainment, Inc.* | | | 13,176 | | | | 572,761 | |
Chipotle Mexican Grill, Inc.* | | | 1,759 | | | | 4,729,546 | |
Darden Restaurants, Inc. | | | 7,419 | | | | 1,266,498 | |
Deckers Outdoor Corp.* | | | 1,680 | | | | 1,504,591 | |
eBay, Inc. | | | 33,019 | | | | 1,561,138 | |
Etsy, Inc.* | | | 7,634 | | | | 547,281 | |
Ford Motor Co. | | | 243,222 | | | | 3,025,682 | |
Garmin Ltd. | | | 9,665 | | | | 1,327,488 | |
General Motors Co. | | | 85,053 | | | | 3,485,472 | |
Hasbro, Inc. | | | 8,136 | | | | 409,159 | |
Hilton Worldwide Holdings, Inc. | | | 16,018 | | | | 3,272,798 | |
Home Depot, Inc. | | | 62,019 | | | | 23,605,052 | |
Hyatt Hotels Corp., Class A (a) | | | 2,942 | | | | 451,862 | |
Las Vegas Sands Corp. | | | 23,460 | | | | 1,279,039 | |
Lululemon Athletica, Inc.* | | | 7,020 | | | | 3,278,972 | |
Marriott International, Inc., Class A | | | 15,676 | | | | 3,916,962 | |
McDonald’s Corp. | | | 45,057 | | | | 13,169,260 | |
MercadoLibre, Inc.* | | | 2,872 | | | | 4,581,702 | |
MGM Resorts International* | | | 17,313 | | | | 749,307 | |
NIKE, Inc., Class B | | | 75,856 | | | | 7,883,714 | |
Starbucks Corp. | | | 70,837 | | | | 6,722,431 | |
Tesla, Inc.* | | | 177,840 | | | | 35,902,339 | |
Ulta Beauty, Inc.* | | | 3,190 | | | | 1,749,906 | |
Vail Resorts, Inc. | | | 2,316 | | | | 533,398 | |
Wynn Resorts Ltd. | | | 6,364 | | | | 669,493 | |
Yum! Brands, Inc. | | | 17,273 | | | | 2,390,929 | |
| | | | | | | | |
(Cost $212,552,470) | | | | | | | 242,580,972 | |
| | | | | | | | |
| Consumer Staples — 5.3% | | | | | | |
Bunge Global SA | | | 9,467 | | | | 893,401 | |
Campbell Soup Co. | | | 11,840 | | | | 504,858 | |
Church & Dwight Co., Inc. | | | 15,294 | | | | 1,531,235 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Staples (Continued) | | | | | | |
Clorox Co. | | | 7,718 | | | $ | 1,183,247 | |
Coca-Cola Co. | | | 255,347 | | | | 15,325,927 | |
Colgate-Palmolive Co. | | | 48,427 | | | | 4,189,904 | |
Constellation Brands, Inc., Class A | | | 10,285 | | | | 2,556,028 | |
Estee Lauder Cos., Inc., Class A | | | 14,387 | | | | 2,137,620 | |
General Mills, Inc. | | | 35,847 | | | | 2,300,660 | |
Hershey Co. | | | 9,415 | | | | 1,769,267 | |
Kellanova | | | 16,968 | | | | 935,785 | |
Keurig Dr Pepper, Inc. | | | 64,734 | | | | 1,936,194 | |
Kimberly-Clark Corp. | | | 20,818 | | | | 2,522,517 | |
McCormick & Co., Inc. | | | 15,688 | | | | 1,080,276 | |
Mondelez International, Inc., Class A | | | 84,616 | | | | 6,182,891 | |
Monster Beverage Corp.* | | | 48,461 | | | | 2,864,045 | |
PepsiCo, Inc. | | | 85,455 | | | | 14,129,130 | |
Procter & Gamble Co. | | | 146,525 | | | | 23,288,683 | |
Target Corp. | | | 28,468 | | | | 4,353,327 | |
Walgreens Boots Alliance, Inc. | | | 45,518 | | | | 967,713 | |
Walmart, Inc. | | | 274,732 | | | | 16,102,042 | |
| | | | | | | | |
(Cost $107,100,912) | | | | | | | 106,754,750 | |
| | | | | | | | |
| Energy — 4.0% | | | | | | |
Baker Hughes Co. | | | 62,415 | | | | 1,846,860 | |
Chevron Corp. | | | 111,095 | | | | 16,887,551 | |
ConocoPhillips | | | 74,116 | | | | 8,341,015 | |
Diamondback Energy, Inc. | | | 10,653 | | | | 1,944,385 | |
EOG Resources, Inc. | | | 36,258 | | | | 4,150,091 | |
Exxon Mobil Corp. | | | 248,423 | | | | 25,965,172 | |
Halliburton Co. | | | 56,669 | | | | 1,987,382 | |
Hess Corp. | | | 17,187 | | | | 2,505,005 | |
Kinder Morgan, Inc. | | | 124,130 | | | | 2,158,621 | |
Marathon Oil Corp. | | | 38,295 | | | | 928,654 | |
Occidental Petroleum Corp. | | | 40,884 | | | | 2,477,979 | |
ONEOK, Inc. | | | 35,942 | | | | 2,699,963 | |
Pioneer Natural Resources Co. | | | 14,424 | | | | 3,392,380 | |
Schlumberger NV | | | 87,961 | | | | 4,251,155 | |
| | | | | | | | |
(Cost $79,645,413) | | | | | | | 79,536,213 | |
| | | | | | | | |
| Financials — 12.6% | | | | | | |
American Express Co. | | | 36,208 | | | | 7,944,759 | |
American International Group, Inc. | | | 43,637 | | | | 3,180,701 | |
Annaly Capital Management, Inc. REIT | | | 30,717 | | | | 586,388 | |
Aon PLC, Class A | | | 12,447 | | | | 3,933,128 | |
Apollo Global Management, Inc. | | | 24,516 | | | | 2,740,889 | |
Arch Capital Group Ltd.* | | | 23,397 | | | | 2,049,343 | |
Ares Management Corp., Class A | | | 10,406 | | | | 1,380,148 | |
Arthur J Gallagher & Co. | | | 13,167 | | | | 3,211,826 | |
Bank of America Corp. | | | 442,330 | | | | 15,269,232 | |
Bank of New York Mellon Corp. | | | 48,187 | | | | 2,702,809 | |
BlackRock, Inc. | | | 9,371 | | | | 7,603,067 | |
Blackstone, Inc. | | | 44,181 | | | | 5,647,215 | |
Block, Inc.* | | | 34,020 | | | | 2,703,569 | |
Cboe Global Markets, Inc. | | | 6,903 | | | | 1,325,376 | |
Charles Schwab Corp. | | | 93,192 | | | | 6,223,362 | |
Chubb Ltd. | | | 25,514 | | | | 6,421,108 | |
FactSet Research Systems, Inc. | | | 2,319 | | | | 1,072,723 | |
Fidelity National Information Services, Inc. | | | 36,727 | | | | 2,541,141 | |
Fiserv, Inc.* | | | 37,724 | | | | 5,631,061 | |
| | | | |
| See Notes to Financial Statements. | | 42 | | |
DBX ETF Trust
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Global Payments, Inc. | | | 16,017 | | | $ | 2,077,405 | |
Goldman Sachs Group, Inc. | | | 20,505 | | | | 7,977,470 | |
Hartford Financial Services Group, Inc. | | | 18,859 | | | | 1,807,447 | |
Intercontinental Exchange, Inc. | | | 35,495 | | | | 4,913,218 | |
Jack Henry & Associates, Inc. | | | 4,367 | | | | 758,854 | |
JPMorgan Chase & Co. | | | 179,881 | | | | 33,468,659 | |
MarketAxess Holdings, Inc. | | | 2,272 | | | | 484,868 | |
Marsh & McLennan Cos., Inc. | | | 30,650 | | | | 6,199,575 | |
Mastercard, Inc., Class A | | | 52,057 | | | | 24,714,581 | |
Moody’s Corp. | | | 10,210 | | | | 3,873,878 | |
Morgan Stanley | | | 77,012 | | | | 6,626,112 | |
Nasdaq, Inc. | | | 21,266 | | | | 1,195,149 | |
Northern Trust Corp. | | | 12,889 | | | | 1,058,574 | |
PayPal Holdings, Inc.* | | | 64,510 | | | | 3,892,533 | |
PNC Financial Services Group, Inc. | | | 24,509 | | | | 3,607,725 | |
Progressive Corp. | | | 36,162 | | | | 6,854,869 | |
S&P Global, Inc. | | | 20,145 | | | | 8,629,715 | |
T. Rowe Price Group, Inc. | | | 13,904 | | | | 1,576,018 | |
Tradeweb Markets, Inc., Class A | | | 6,908 | | | | 731,005 | |
Travelers Cos., Inc. | | | 14,230 | | | | 3,144,261 | |
US Bancorp | | | 96,843 | | | | 4,063,532 | |
Visa, Inc., Class A | | | 98,367 | | | | 27,802,449 | |
W.R. Berkley Corp. | | | 13,147 | | | | 1,099,089 | |
Wells Fargo & Co. | | | 226,332 | | | | 12,581,796 | |
Willis Towers Watson PLC | | | 6,106 | | | | 1,664,557 | |
| | | | | | | | |
(Cost $206,712,323) | | | | | | | 252,971,184 | |
| | | | | | | | |
| Health Care — 13.6% | | | | | | |
Abbott Laboratories | | | 107,910 | | | | 12,802,442 | |
AbbVie, Inc. | | | 109,763 | | | | 19,323,776 | |
Agilent Technologies, Inc. | | | 18,120 | | | | 2,488,963 | |
Amgen, Inc. | | | 33,219 | | | | 9,096,359 | |
Biogen, Inc.* | | | 9,010 | | | | 1,955,080 | |
Boston Scientific Corp.* | | | 90,718 | | | | 6,006,439 | |
Bristol-Myers Squibb Co. | | | 129,263 | | | | 6,560,097 | |
Charles River Laboratories International, Inc.* | | | 3,172 | | | | 806,291 | |
Cigna Group | | | 18,166 | | | | 6,106,319 | |
CVS Health Corp. | | | 79,583 | | | | 5,918,588 | |
Danaher Corp. | | | 43,638 | | | | 11,046,523 | |
DaVita, Inc.* | | | 3,451 | | | | 438,173 | |
Edwards Lifesciences Corp.* | | | 37,595 | | | | 3,190,688 | |
Elevance Health, Inc. | | | 14,438 | | | | 7,237,047 | |
Eli Lilly & Co. | | | 50,156 | | | | 37,801,574 | |
Gilead Sciences, Inc. | | | 77,072 | | | | 5,556,891 | |
IDEXX Laboratories, Inc.* | | | 5,159 | | | | 2,967,612 | |
Illumina, Inc.* | | | 9,717 | | | | 1,358,728 | |
Incyte Corp.* | | | 11,911 | | | | 695,126 | |
IQVIA Holdings, Inc.* | | | 11,340 | | | | 2,802,794 | |
Johnson & Johnson | | | 149,664 | | | | 24,152,776 | |
Laboratory Corp. of America Holdings | | | 5,586 | | | | 1,205,626 | |
McKesson Corp. | | | 8,215 | | | | 4,283,383 | |
Merck & Co., Inc. | | | 157,546 | | | | 20,031,974 | |
Mettler-Toledo International, Inc.* | | | 1,382 | | | | 1,723,658 | |
Pfizer, Inc. | | | 349,059 | | | | 9,271,007 | |
Regeneron Pharmaceuticals, Inc.* | | | 6,701 | | | | 6,473,769 | |
Repligen Corp.* | | | 3,144 | | | | 609,905 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Revvity, Inc. | | | 7,722 | | | $ | 846,254 | |
Thermo Fisher Scientific, Inc. | | | 24,023 | | | | 13,697,434 | |
UnitedHealth Group, Inc. | | | 57,503 | | | | 28,383,481 | |
Vertex Pharmaceuticals, Inc.* | | | 15,865 | | | | 6,675,040 | |
Waters Corp.* | | | 3,625 | | | | 1,223,148 | |
West Pharmaceutical Services, Inc. | | | 4,599 | | | | 1,648,098 | |
Zimmer Biomet Holdings, Inc. | | | 13,038 | | | | 1,621,406 | |
Zoetis, Inc. | | | 28,366 | | | | 5,625,829 | |
| | | | | | | | |
(Cost $247,443,346) | | | | | | | 271,632,298 | |
| | | | | | | | |
| Industrials — 6.8% | | | | | | |
3M Co. | | | 34,226 | | | | 3,152,899 | |
AECOM | | | 8,202 | | | | 728,584 | |
Allegion PLC | | | 5,582 | | | | 713,770 | |
AMETEK, Inc. | | | 14,426 | | | | 2,599,277 | |
Automatic Data Processing, Inc. | | | 25,603 | | | | 6,429,681 | |
Booz Allen Hamilton Holding Corp. | | | 8,288 | | | | 1,224,220 | |
Broadridge Financial Solutions, Inc. | | | 7,061 | | | | 1,437,478 | |
Carlisle Cos., Inc. | | | 3,075 | | | | 1,076,250 | |
Cintas Corp. | | | 5,655 | | | | 3,554,790 | |
Copart, Inc.* | | | 52,570 | | | | 2,794,095 | |
CSX Corp. | | | 124,102 | | | | 4,708,430 | |
Cummins, Inc. | | | 8,764 | | | | 2,354,098 | |
Dayforce, Inc.* | | | 9,258 | | | | 645,838 | |
Deere & Co. | | | 16,939 | | | | 6,183,582 | |
Dover Corp. | | | 8,636 | | | | 1,428,222 | |
Eaton Corp. PLC | | | 24,561 | | | | 7,098,129 | |
Emerson Electric Co. | | | 35,423 | | | | 3,784,948 | |
Equifax, Inc. | | | 7,613 | | | | 2,082,841 | |
Expeditors International of Washington, Inc. | | | 9,263 | | | | 1,107,855 | |
FedEx Corp. | | | 14,691 | | | | 3,657,618 | |
Fortive Corp. | | | 21,910 | | | | 1,865,198 | |
Graco, Inc. | | | 10,598 | | | | 967,173 | |
Hubbell, Inc. | | | 3,334 | | | | 1,269,154 | |
IDEX Corp. | | | 4,581 | | | | 1,080,658 | |
Illinois Tool Works, Inc. | | | 18,604 | | | | 4,877,039 | |
JB Hunt Transport Services, Inc. | | | 5,148 | | | | 1,062,084 | |
Johnson Controls International PLC | | | 41,935 | | | | 2,485,487 | |
Norfolk Southern Corp. | | | 14,117 | | | | 3,576,965 | |
Old Dominion Freight Line, Inc. | | | 6,028 | | | | 2,667,269 | |
Owens Corning | | | 5,723 | | | | 857,191 | |
PACCAR, Inc. | | | 32,898 | | | | 3,648,059 | |
Paychex, Inc. | | | 20,125 | | | | 2,467,728 | |
Paycom Software, Inc. | | | 3,245 | | | | 591,856 | |
Quanta Services, Inc. | | | 9,049 | | | | 2,185,424 | |
Republic Services, Inc. | | | 13,698 | | | | 2,514,953 | |
Robert Half, Inc. | | | 6,738 | | | | 541,735 | |
Rockwell Automation, Inc. | | | 6,982 | | | | 1,990,429 | |
Stanley Black & Decker, Inc. | | | 9,751 | | | | 870,667 | |
Trane Technologies PLC | | | 14,086 | | | | 3,971,829 | |
TransUnion | | | 11,960 | | | | 928,455 | |
Uber Technologies, Inc.* | | | 115,190 | | | | 9,157,605 | |
Union Pacific Corp. | | | 37,716 | | | | 9,568,172 | |
United Parcel Service, Inc., Class B | | | 44,617 | | | | 6,614,916 | |
Verisk Analytics, Inc. | | | 9,269 | | | | 2,242,171 | |
Waste Connections, Inc. | | | 15,830 | | | | 2,634,745 | |
| | | | |
| See Notes to Financial Statements. | | 43 | | |
DBX ETF Trust
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Waste Management, Inc. | | | 25,052 | | | $ | 5,151,944 | |
Westinghouse Air Brake Technologies Corp. | | | 11,313 | | | | 1,598,414 | |
Xylem, Inc. | | | 14,860 | | | | 1,887,963 | |
| | | | | | | | |
(Cost $111,567,431) | | | | | | | 136,037,888 | |
| | | | | | | | |
| Information Technology — 27.3% | | | | | | |
Accenture PLC, Class A | | | 38,989 | | | | 14,612,297 | |
Adobe, Inc.* | | | 28,092 | | | | 15,739,386 | |
Advanced Micro Devices, Inc.* | | | 100,480 | | | | 19,345,414 | |
Akamai Technologies, Inc.* | | | 9,495 | | | | 1,053,185 | |
Analog Devices, Inc. | | | 30,677 | | | | 5,884,462 | |
ANSYS, Inc.* | | | 5,476 | | | | 1,829,915 | |
Apple, Inc. | | | 435,360 | | | | 78,691,320 | |
Aspen Technology, Inc.* | | | 1,943 | | | | 376,728 | |
Atlassian Corp., Class A* | | | 9,636 | | | | 1,998,699 | |
Autodesk, Inc.* | | | 13,235 | | | | 3,416,880 | |
Bentley Systems, Inc., Class B | | | 13,111 | | | | 673,512 | |
Broadcom, Inc. | | | 27,650 | | | | 35,958,549 | |
Cadence Design Systems, Inc.* | | | 16,906 | | | | 5,145,848 | |
Cisco Systems, Inc. | | | 252,638 | | | | 12,220,100 | |
Cloudflare, Inc., Class A* | | | 18,412 | | | | 1,814,318 | |
Cognizant Technology Solutions Corp., Class A | | | 31,901 | | | | 2,520,817 | |
Confluent, Inc., Class A* | | | 11,155 | | | | 377,820 | |
Datadog, Inc., Class A* | | | 16,982 | | | | 2,232,454 | |
Dell Technologies, Inc., Class C | | | 16,132 | | | | 1,527,055 | |
Dropbox, Inc., Class A* | | | 16,442 | | | | 393,786 | |
Enphase Energy, Inc.* | | | 8,332 | | | | 1,058,247 | |
EPAM Systems, Inc.* | | | 3,533 | | | | 1,075,445 | |
First Solar, Inc.* | | | 6,274 | | | | 965,506 | |
Fortinet, Inc.* | | | 41,264 | | | | 2,851,755 | |
Gartner, Inc.* | | | 4,781 | | | | 2,225,842 | |
Gen Digital, Inc. | | | 36,060 | | | | 774,929 | |
Hewlett Packard Enterprise Co. | | | 77,007 | | | | 1,172,817 | |
HubSpot, Inc.* | | | 3,068 | | | | 1,898,509 | |
International Business Machines Corp. | | | 56,321 | | | | 10,421,075 | |
Intuit, Inc. | | | 17,268 | | | | 11,446,785 | |
Microsoft Corp. | | | 235,191 | | | | 97,284,405 | |
NVIDIA Corp. | | | 153,564 | | | | 121,487,552 | |
Okta, Inc.* | | | 9,597 | | | | 1,029,758 | |
Oracle Corp. | | | 102,517 | | | | 11,449,099 | |
Palo Alto Networks, Inc.* | | | 19,612 | | | | 6,090,507 | |
PTC, Inc.* | | | 7,469 | | | | 1,366,902 | |
QUALCOMM, Inc. | | | 69,021 | | | | 10,890,824 | |
Roper Technologies, Inc. | | | 6,679 | | | | 3,638,252 | |
Salesforce, Inc.* | | | 60,178 | | | | 18,584,170 | |
ServiceNow, Inc.* | | | 12,749 | | | | 9,833,814 | |
Snowflake, Inc., Class A* | | | 17,269 | | | | 3,251,407 | |
Splunk, Inc.* | | | 10,128 | | | | 1,582,196 | |
Synopsys, Inc.* | | | 9,491 | | | | 5,445,271 | |
Texas Instruments, Inc. | | | 56,475 | | | | 9,449,962 | |
Trimble, Inc.* | | | 15,458 | | | | 945,875 | |
Workday, Inc., Class A* | | | 12,995 | | | | 3,829,107 | |
Zscaler, Inc.* | | | 5,654 | | | | 1,368,098 | |
| | | | | | | | |
(Cost $388,795,174) | | | | | | | 547,230,654 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials — 2.3% | | | | | | |
Albemarle Corp. | | | 7,171 | | | $ | 988,522 | |
Avery Dennison Corp. | | | 4,987 | | | | 1,079,835 | |
Ball Corp. | | | 19,512 | | | | 1,249,158 | |
Corteva, Inc. | | | 43,812 | | | | 2,344,818 | |
Crown Holdings, Inc. | | | 7,452 | | | | 570,972 | |
DuPont de Nemours, Inc. | | | 28,272 | | | | 1,956,140 | |
Ecolab, Inc. | | | 16,071 | | | | 3,613,404 | |
FMC Corp. | | | 7,773 | | | | 438,320 | |
Freeport-McMoRan, Inc. | | | 88,476 | | | | 3,345,278 | |
Linde PLC | | | 30,208 | | | | 13,557,955 | |
Newmont Corp. | | | 71,238 | | | | 2,226,188 | |
Nucor Corp. | | | 15,491 | | | | 2,978,919 | |
PPG Industries, Inc. | | | 14,435 | | | | 2,043,996 | |
RPM International, Inc. | | | 8,141 | | | | 939,064 | |
Sherwin-Williams Co. | | | 15,102 | | | | 5,014,317 | |
Steel Dynamics, Inc. | | | 9,653 | | | | 1,291,764 | |
Vulcan Materials Co. | | | 8,205 | | | | 2,181,299 | |
| | | | | | | | |
(Cost $40,124,543) | | | | | | | 45,819,949 | |
| | | | | | | | |
| Real Estate — 2.3% | | | | | | |
Alexandria Real Estate Equities, Inc. REIT | | | 10,212 | | | | 1,273,743 | |
American Tower Corp. REIT | | | 28,835 | | | | 5,734,128 | |
AvalonBay Communities, Inc. REIT | | | 8,792 | | | | 1,556,448 | |
CBRE Group, Inc., Class A* | | | 19,283 | | | | 1,771,915 | |
Crown Castle, Inc. REIT | | | 26,915 | | | | 2,959,035 | |
Digital Realty Trust, Inc. REIT | | | 19,111 | | | | 2,805,686 | |
Equinix, Inc. REIT | | | 5,836 | | | | 5,187,153 | |
Equity Residential REIT | | | 22,193 | | | | 1,336,241 | |
Essex Property Trust, Inc. REIT | | | 4,035 | | | | 933,699 | |
Healthpeak Properties, Inc. REIT | | | 43,794 | | | | 733,549 | |
Kimco Realty Corp. REIT | | | 41,916 | | | | 828,260 | |
Prologis, Inc. REIT | | | 57,465 | | | | 7,658,361 | |
Realty Income Corp. REIT | | | 51,450 | | | | 2,681,059 | |
Regency Centers Corp. REIT | | | 10,366 | | | | 642,174 | |
Simon Property Group, Inc. REIT | | | 20,296 | | | | 3,006,649 | |
VICI Properties, Inc. REIT | | | 62,701 | | | | 1,876,641 | |
Welltower, Inc. REIT | | | 34,417 | | | | 3,171,871 | |
Weyerhaeuser Co. REIT | | | 44,989 | | | | 1,546,722 | |
| | | | | | | | |
(Cost $42,514,887) | | | | | | | 45,703,334 | |
| | | | | | | | |
| Utilities — 2.0% | | | | | | |
Alliant Energy Corp. | | | 15,627 | | | | 746,189 | |
American Electric Power Co., Inc. | | | 32,708 | | | | 2,786,395 | |
American Water Works Co., Inc. | | | 11,906 | | | | 1,411,337 | |
Consolidated Edison, Inc. | | | 21,353 | | | | 1,862,195 | |
Constellation Energy Corp. | | | 19,819 | | | | 3,338,511 | |
Dominion Energy, Inc. | | | 51,865 | | | | 2,480,703 | |
Duke Energy Corp. | | | 47,692 | | | | 4,379,556 | |
Edison International | | | 23,703 | | | | 1,612,278 | |
Essential Utilities, Inc. | | | 15,449 | | | | 537,316 | |
Eversource Energy | | | 21,676 | | | | 1,272,381 | |
Exelon Corp. | | | 61,616 | | | | 2,208,318 | |
NextEra Energy, Inc. | | | 127,571 | | | | 7,040,644 | |
Public Service Enterprise Group, Inc. | | | 30,759 | | | | 1,919,362 | |
Sempra | | | 38,962 | | | | 2,750,717 | |
Southern Co. | | | 67,401 | | | | 4,532,717 | |
| | | | |
| See Notes to Financial Statements. | | 44 | | |
DBX ETF Trust
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Utilities (Continued) | | | | | | |
Xcel Energy, Inc. | | | 34,190 | | | $ | 1,801,471 | |
| | | | | | | | |
(Cost $45,658,772) | | | | | | | 40,680,090 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,651,469,309) | | | | | | | 1,996,273,191 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.0% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $569,800) | | | 569,800 | | | | 569,800 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| CASH EQUIVALENTS — 0.2% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $3,285,510) | | | 3,285,510 | | | $ | 3,285,510 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.9%
(Cost $1,655,324,619) | | | | | | $ | 2,000,128,501 | |
Other assets and liabilities, net — 0.1% | | | | | | | 2,242,837 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 2,002,371,338 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.0% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| | | 565,175 | | | | 4,625 | (d) | | | — | | | | — | | | | — | | | | 4,712 | | | | — | | | | 569,800 | | | | 569,800 | |
|
CASH EQUIVALENTS — 0.2% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| | | 6,190,253 | | | | 24,946,448 | | | | (27,851,191 | ) | | | — | | | | — | | | | 92,937 | | | | — | | | | 3,285,510 | | | | 3,285,510 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6,755,428 | | | | 24,951,073 | | | | (27,851,191 | ) | | | — | | | | — | | | | 97,649 | | | | — | | | | 3,855,310 | | | | 3,855,310 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $551,889, which is 0.03% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
E-Mini S&P 500 ESG Futures | | USD | | 22 | | $ | 4,785,796 | | | $ | 4,950,880 | | | 3/15/2024 | | $ | 165,084 | |
S&P 500 E-Mini Futures | | USD | | 1 | | | 233,888 | | | | 255,188 | | | 3/15/2024 | | | 21,300 | |
S&P Mid 400 E-Mini Futures | | USD | | 2 | | | 556,970 | | | | 578,520 | | | 3/15/2024 | | | 21,550 | |
| | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | $ | 207,934 | |
| | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| | | | |
| See Notes to Financial Statements. | | 45 | | |
DBX ETF Trust
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 1,996,273,191 | | | $ | — | | | $ | — | | | $ | 1,996,273,191 | |
Short-Term Investments (a) | | | 3,855,310 | | | | — | | | | — | | | | 3,855,310 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 207,934 | | | | — | | | | — | | | | 207,934 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 2,000,336,435 | | | $ | — | | | $ | — | | | $ | 2,000,336,435 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 46 | | |
DBX ETF Trust
Xtrackers MSCI USA ESG Leaders Equity ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.6% | | | | | | | | |
| Communication Services — 9.6% | | | | | | |
Alphabet, Inc., Class A* | | | 268,901 | | | $ | 37,232,033 | |
Alphabet, Inc., Class C* | | | 237,921 | | | | 33,256,597 | |
Comcast Corp., Class A | | | 183,838 | | | | 7,877,458 | |
Electronic Arts, Inc. | | | 11,780 | | | | 1,643,075 | |
Fox Corp., Class A | | | 13,263 | | | | 395,105 | |
Fox Corp., Class B | | | 6,374 | | | | 174,520 | |
Interpublic Group of Cos., Inc. | | | 17,937 | | | | 563,222 | |
Liberty Global Ltd., Class C* | | | 8,438 | | | | 156,525 | |
Omnicom Group, Inc. | | | 9,017 | | | | 797,013 | |
Sirius XM Holdings, Inc. | | | 35,043 | | | | 154,890 | |
Snap, Inc., Class A* | | | 47,716 | | | | 525,830 | |
Take-Two Interactive Software, Inc.* | | | 7,695 | | | | 1,130,626 | |
Verizon Communications, Inc. | | | 191,614 | | | | 7,668,392 | |
Walt Disney Co. | | | 83,946 | | | | 9,366,695 | |
| | | | | | | | |
(Cost $98,269,168) | | | | | | | 100,941,981 | |
| | | | | | | | |
| Consumer Discretionary — 9.7% | | | | | | |
Aptiv PLC* | | | 12,980 | | | | 1,031,780 | |
AutoZone, Inc.* | | | 806 | | | | 2,422,852 | |
Best Buy Co., Inc. | | | 8,893 | | | | 719,266 | |
Booking Holdings, Inc.* | | | 1,613 | | | | 5,595,223 | |
BorgWarner, Inc. | | | 10,898 | | | | 339,255 | |
Burlington Stores, Inc.* | | | 3,076 | | | | 630,888 | |
CarMax, Inc.* | | | 7,186 | | | | 567,694 | |
Deckers Outdoor Corp.* | | | 1,191 | | | | 1,066,648 | |
eBay, Inc. | | | 24,018 | | | | 1,135,571 | |
Genuine Parts Co. | | | 6,392 | | | | 954,070 | |
Hasbro, Inc. | | | 6,170 | | | | 310,289 | |
Hilton Worldwide Holdings, Inc. | | | 12,091 | | | | 2,470,433 | |
Home Depot, Inc. | | | 45,553 | | | | 17,337,927 | |
Lear Corp. | | | 2,807 | | | | 385,541 | |
LKQ Corp. | | | 11,738 | | | | 613,780 | |
Lowe’s Cos., Inc. | | | 26,298 | | | | 6,329,140 | |
Lululemon Athletica, Inc.* | | | 5,215 | | | | 2,435,874 | |
McDonald’s Corp. | | | 33,214 | | | | 9,707,788 | |
MercadoLibre, Inc.* | | | 2,084 | | | | 3,324,605 | |
NIKE, Inc., Class B | | | 55,607 | | | | 5,779,236 | |
NVR, Inc.* | | | 149 | | | | 1,136,210 | |
Pool Corp. | | | 1,767 | | | | 703,478 | |
PulteGroup, Inc. | | | 9,953 | | | | 1,078,706 | |
Rivian Automotive, Inc., Class A* (a) | | | 29,107 | | | | 329,491 | |
Tesla, Inc.* | | | 130,967 | | | | 26,439,618 | |
TJX Cos., Inc. | | | 51,991 | | | | 5,154,388 | |
Tractor Supply Co. | | | 5,019 | | | | 1,276,432 | |
Ulta Beauty, Inc.* | | | 2,293 | | | | 1,257,848 | |
Vail Resorts, Inc. | | | 1,936 | | | | 445,880 | |
Yum! Brands, Inc. | | | 12,568 | | | | 1,739,663 | |
| | | | | | | | |
(Cost $108,427,915) | | | | | | | 102,719,574 | |
| | | | | | | | |
| Consumer Staples — 5.6% | | | | | | |
Bunge Global SA | | | 6,845 | | | | 645,963 | |
Campbell Soup Co. | | | 8,789 | | | | 374,763 | |
Church & Dwight Co., Inc. | | | 11,338 | | | | 1,135,160 | |
Clorox Co. | | | 5,595 | | | | 857,769 | |
Coca-Cola Co. | | | 188,042 | | | | 11,286,281 | |
Colgate-Palmolive Co. | | | 35,835 | | | | 3,100,444 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Staples (Continued) | | | | | | |
Conagra Brands, Inc. | | | 21,486 | | | $ | 603,327 | |
Darling Ingredients, Inc.* | | | 7,174 | | | | 303,532 | |
General Mills, Inc. | | | 26,608 | | | | 1,707,701 | |
Hormel Foods Corp. | | | 13,376 | | | | 472,440 | |
J M Smucker Co. | | | 4,833 | | | | 580,782 | |
Kellanova | | | 12,808 | | | | 706,361 | |
Keurig Dr Pepper, Inc. | | | 47,627 | | | | 1,424,524 | |
Kimberly-Clark Corp. | | | 15,672 | | | | 1,898,976 | |
Kroger Co. | | | 30,781 | | | | 1,527,045 | |
Lamb Weston Holdings, Inc. | | | 6,671 | | | | 681,843 | |
McCormick & Co., Inc. | | | 11,281 | | | | 776,810 | |
PepsiCo, Inc. | | | 62,946 | | | | 10,407,492 | |
Procter & Gamble Co. | | | 107,905 | | | | 17,150,421 | |
Target Corp. | | | 21,016 | | | | 3,213,767 | |
| | | | | | | | |
(Cost $60,593,298) | | | | | | | 58,855,401 | |
| | | | | | | | |
| Energy — 2.1% | | | | | | |
Baker Hughes Co. | | | 45,612 | | | | 1,349,659 | |
Cheniere Energy, Inc. | | | 10,976 | | | | 1,703,475 | |
Halliburton Co. | | | 41,285 | | | | 1,447,865 | |
HF Sinclair Corp. | | | 7,566 | | | | 419,913 | |
Kinder Morgan, Inc. | | | 91,363 | | | | 1,588,802 | |
Marathon Petroleum Corp. | | | 17,391 | | | | 2,943,079 | |
ONEOK, Inc. | | | 26,289 | | | | 1,974,830 | |
Phillips 66 | | | 20,468 | | | | 2,916,895 | |
Schlumberger NV | | | 64,657 | | | | 3,124,873 | |
Targa Resources Corp. | | | 9,723 | | | | 955,187 | |
Valero Energy Corp. | | | 15,591 | | | | 2,205,503 | |
Williams Cos., Inc. | | | 54,966 | | | | 1,975,478 | |
| | | | | | | | |
(Cost $19,159,826) | | | | | | | 22,605,559 | |
| | | | | | | | |
| Financials — 12.1% | | | | | | |
Aflac, Inc. | | | 26,305 | | | | 2,123,866 | |
Allstate Corp. | | | 11,944 | | | | 1,905,307 | |
Ally Financial, Inc. | | | 11,989 | | | | 443,473 | |
American Express Co. | | | 26,699 | | | | 5,858,294 | |
Ameriprise Financial, Inc. | | | 4,730 | | | | 1,926,813 | |
Annaly Capital Management, Inc. REIT | | | 22,232 | | | | 424,409 | |
Arch Capital Group Ltd.* | | | 16,874 | | | | 1,477,994 | |
Assurant, Inc. | | | 2,465 | | | | 447,274 | |
Bank of New York Mellon Corp. | | | 35,222 | | | | 1,975,602 | |
BlackRock, Inc. | | | 6,846 | | | | 5,554,434 | |
Cboe Global Markets, Inc. | | | 4,997 | | | | 959,424 | |
Charles Schwab Corp. | | | 68,491 | | | | 4,573,829 | |
Citizens Financial Group, Inc. | | | 20,810 | | | | 653,226 | |
Discover Financial Services | | | 11,643 | | | | 1,405,310 | |
Equitable Holdings, Inc. | | | 16,191 | | | | 554,380 | |
FactSet Research Systems, Inc. | | | 1,718 | | | | 794,712 | |
Fidelity National Information Services, Inc. | | | 26,675 | | | | 1,845,643 | |
Fiserv, Inc.* | | | 27,476 | | | | 4,101,342 | |
Franklin Resources, Inc. | | | 14,233 | | | | 390,696 | |
Hartford Financial Services Group, Inc. | | | 14,098 | | | | 1,351,152 | |
Huntington Bancshares, Inc. | | | 66,755 | | | | 870,485 | |
Intercontinental Exchange, Inc. | | | 25,799 | | | | 3,571,098 | |
LPL Financial Holdings, Inc. | | | 3,566 | | | | 955,296 | |
MarketAxess Holdings, Inc. | | | 1,630 | | | | 347,858 | |
Marsh & McLennan Cos., Inc. | | | 22,567 | | | | 4,564,627 | |
| | | | |
| See Notes to Financial Statements. | | 47 | | |
DBX ETF Trust
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Mastercard, Inc., Class A | | | 38,475 | | | $ | 18,266,391 | |
Moody’s Corp. | | | 7,451 | | | | 2,827,058 | |
Morgan Stanley | | | 56,518 | | | | 4,862,809 | |
Nasdaq, Inc. | | | 15,785 | | | | 887,117 | |
Northern Trust Corp. | | | 9,436 | | | | 774,979 | |
PNC Financial Services Group, Inc. | | | 18,123 | | | | 2,667,706 | |
Principal Financial Group, Inc. | | | 10,956 | | | | 885,902 | |
Progressive Corp. | | | 26,675 | | | | 5,056,513 | |
Prudential Financial, Inc. | | | 16,523 | | | | 1,800,842 | |
Raymond James Financial, Inc. | | | 9,030 | | | | 1,086,490 | |
Regions Financial Corp. | | | 43,338 | | | | 807,387 | |
S&P Global, Inc. | | | 14,743 | | | | 6,315,606 | |
State Street Corp. | | | 15,183 | | | | 1,119,443 | |
Synchrony Financial | | | 19,131 | | | | 790,110 | |
T. Rowe Price Group, Inc. | | | 10,132 | | | | 1,148,462 | |
Travelers Cos., Inc. | | | 10,423 | | | | 2,303,066 | |
Truist Financial Corp. | | | 60,810 | | | | 2,127,134 | |
US Bancorp | | | 70,068 | | | | 2,940,053 | |
Visa, Inc., Class A | | | 72,463 | | | | 20,480,942 | |
Willis Towers Watson PLC | | | 4,713 | | | | 1,284,811 | |
| | | | | | | | |
(Cost $111,031,502) | | | | | | | 127,509,365 | |
| | | | | | | | |
| Health Care — 12.3% | | | | | | |
Agilent Technologies, Inc. | | | 13,402 | | | | 1,840,899 | |
Align Technology, Inc.* | | | 3,275 | | | | 990,425 | |
Amgen, Inc. | | | 24,443 | | | | 6,693,227 | |
Avantor, Inc.* | | | 30,173 | | | | 743,463 | |
Biogen, Inc.* | | | 6,523 | | | | 1,415,426 | |
Bio-Techne Corp. | | | 7,108 | | | | 522,936 | |
Bristol-Myers Squibb Co. | | | 93,188 | | | | 4,729,291 | |
Cencora, Inc. | | | 7,718 | | | | 1,818,361 | |
Cigna Group | | | 13,436 | | | | 4,516,377 | |
Cooper Cos., Inc. | | | 8,972 | | | | 839,779 | |
Danaher Corp. | | | 32,134 | | | | 8,134,401 | |
DaVita, Inc.* | | | 2,421 | | | | 307,394 | |
Dexcom, Inc.* | | | 17,464 | | | | 2,009,582 | |
Edwards Lifesciences Corp.* | | | 27,566 | | | | 2,339,526 | |
Elevance Health, Inc. | | | 10,760 | | | | 5,393,450 | |
Eli Lilly & Co. | | | 36,938 | | | | 27,839,432 | |
Gilead Sciences, Inc. | | | 56,828 | | | | 4,097,299 | |
HCA Healthcare, Inc. | | | 9,194 | | | | 2,865,770 | |
Hologic, Inc.* | | | 11,198 | | | | 826,412 | |
Humana, Inc. | | | 5,652 | | | | 1,980,009 | |
IDEXX Laboratories, Inc.* | | | 3,750 | | | | 2,157,112 | |
Illumina, Inc.* | | | 7,167 | | | | 1,002,162 | |
Insulet Corp.* | | | 3,299 | | | | 541,036 | |
Jazz Pharmaceuticals PLC* | | | 2,843 | | | | 338,033 | |
Johnson & Johnson | | | 110,212 | | | | 17,786,013 | |
Laboratory Corp. of America Holdings | | | 4,012 | | | | 865,910 | |
Merck & Co., Inc. | | | 115,856 | | | | 14,731,090 | |
Mettler-Toledo International, Inc.* | | | 1,054 | | | | 1,314,570 | |
Molina Healthcare, Inc.* | | | 2,646 | | | | 1,042,286 | |
Quest Diagnostics, Inc. | | | 5,085 | | | | 635,066 | |
Repligen Corp.* | | | 2,419 | | | | 469,262 | |
STERIS PLC | | | 4,546 | | | | 1,058,809 | |
Teleflex, Inc. | | | 2,086 | | | | 464,740 | |
Waters Corp.* | | | 2,677 | | | | 903,273 | |
West Pharmaceutical Services, Inc. | | | 3,390 | | | | 1,214,840 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Zimmer Biomet Holdings, Inc. | | | 9,445 | | | $ | 1,174,580 | |
Zoetis, Inc. | | | 20,892 | | | | 4,143,510 | |
| | | | | | | | |
(Cost $113,716,461) | | | | | | | 129,745,751 | |
| | | | | | | | |
| Industrials — 9.1% | | | | | | |
3M Co. | | | 25,320 | | | | 2,332,478 | |
AECOM | | | 5,938 | | | | 527,473 | |
Allegion PLC | | | 3,785 | | | | 483,988 | |
Automatic Data Processing, Inc. | | | 18,733 | | | | 4,704,418 | |
Axon Enterprise, Inc.* | | | 3,355 | | | | 1,031,226 | |
Broadridge Financial Solutions, Inc. | | | 5,371 | | | | 1,093,428 | |
Builders FirstSource, Inc.* | | | 5,757 | | | | 1,123,651 | |
C.H. Robinson Worldwide, Inc. | | | 5,277 | | | | 390,920 | |
Carrier Global Corp. | | | 37,696 | | | | 2,095,144 | |
Caterpillar, Inc. | | | 23,265 | | | | 7,769,579 | |
Cintas Corp. | | | 4,237 | | | | 2,663,421 | |
CSX Corp. | | | 91,734 | | | | 3,480,388 | |
Cummins, Inc. | | | 6,382 | | | | 1,714,269 | |
Dayforce, Inc.* | | | 6,498 | | | | 453,301 | |
Delta Air Lines, Inc. | | | 6,829 | | | | 288,662 | |
Dover Corp. | | | 6,382 | | | | 1,055,455 | |
Eaton Corp. PLC | | | 18,249 | | | | 5,273,961 | |
Emerson Electric Co. | | | 26,208 | | | | 2,800,325 | |
Expeditors International of Washington, Inc. | | | 6,980 | | | | 834,808 | |
Fastenal Co. | | | 25,726 | | | | 1,878,255 | |
Ferguson PLC | | | 9,251 | | | | 1,956,124 | |
Fortive Corp. | | | 16,111 | | | | 1,371,529 | |
Fortune Brands Innovations, Inc. | | | 5,866 | | | | 477,140 | |
Graco, Inc. | | | 7,499 | | | | 684,359 | |
IDEX Corp. | | | 3,359 | | | | 792,388 | |
Illinois Tool Works, Inc. | | | 13,799 | | | | 3,617,408 | |
Ingersoll Rand, Inc. | | | 18,696 | | | | 1,707,506 | |
JB Hunt Transport Services, Inc. | | | 3,970 | | | | 819,051 | |
Johnson Controls International PLC | | | 31,097 | | | | 1,843,119 | |
Knight-Swift Transportation Holdings, Inc. | | | 7,272 | | | | 409,705 | |
Lennox International, Inc. | | | 1,535 | | | | 723,307 | |
Masco Corp. | | | 10,208 | | | | 783,566 | |
Norfolk Southern Corp. | | | 10,371 | | | | 2,627,804 | |
Old Dominion Freight Line, Inc. | | | 4,564 | | | | 2,019,479 | |
Otis Worldwide Corp. | | | 18,689 | | | | 1,781,062 | |
Owens Corning | | | 4,150 | | | | 621,587 | |
Paychex, Inc. | | | 14,849 | | | | 1,820,784 | |
Paylocity Holding Corp.* | | | 2,058 | | | | 346,999 | |
Pentair PLC | | | 7,702 | | | | 599,139 | |
Quanta Services, Inc. | | | 6,465 | | | | 1,561,362 | |
Robert Half, Inc. | | | 4,873 | | | | 391,789 | |
Rockwell Automation, Inc. | | | 5,142 | | | | 1,465,881 | |
Toro Co. | | | 4,619 | | | | 426,380 | |
Trane Technologies PLC | | | 10,327 | | | | 2,911,904 | |
TransUnion | | | 8,584 | | | | 666,376 | |
Union Pacific Corp. | | | 27,924 | | | | 7,084,040 | |
United Parcel Service, Inc., Class B | | | 33,114 | | | | 4,909,482 | |
United Rentals, Inc. | | | 3,157 | | | | 2,188,653 | |
W.W. Grainger, Inc. | | | 2,051 | | | | 1,996,566 | |
Waste Management, Inc. | | | 18,344 | | | | 3,772,444 | |
| | | | |
| See Notes to Financial Statements. | | 48 | | |
DBX ETF Trust
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Xylem, Inc. | | | 10,793 | | | $ | 1,371,251 | |
| | | | | | | | |
(Cost $79,686,510) | | | | | | | 95,743,334 | |
| | | | | | | | |
| Information Technology — 32.9% | | | | | | |
Accenture PLC, Class A | | | 28,607 | | | | 10,721,331 | |
Adobe, Inc.* | | | 20,805 | | | | 11,656,625 | |
Akamai Technologies, Inc.* | | | 6,941 | | | | 769,896 | |
ANSYS, Inc.* | | | 3,895 | | | | 1,301,592 | |
Applied Materials, Inc. | | | 38,064 | | | | 7,674,464 | |
Autodesk, Inc.* | | | 9,693 | | | | 2,502,442 | |
Cadence Design Systems, Inc.* | | | 12,406 | | | | 3,776,138 | |
DocuSign, Inc.* | | | 9,072 | | | | 483,265 | |
Fair Isaac Corp.* | | | 1,097 | | | | 1,393,091 | |
Gartner, Inc.* | | | 3,585 | | | | 1,669,033 | |
Gen Digital, Inc. | | | 26,753 | | | | 574,922 | |
Hewlett Packard Enterprise Co. | | | 60,344 | | | | 919,039 | |
HP, Inc. | | | 43,150 | | | | 1,222,439 | |
HubSpot, Inc.* | | | 2,192 | | | | 1,356,432 | |
Intel Corp. | | | 193,025 | | | | 8,309,726 | |
International Business Machines Corp. | | | 41,827 | | | | 7,739,250 | |
Intuit, Inc. | | | 12,824 | | | | 8,500,901 | |
Keysight Technologies, Inc.* | | | 8,139 | | | | 1,255,848 | |
Lam Research Corp. | | | 6,050 | | | | 5,676,413 | |
Marvell Technology, Inc. | | | 39,391 | | | | 2,822,759 | |
Microsoft Corp. | | | 323,209 | | | | 133,692,171 | |
NetApp, Inc. | | | 9,484 | | | | 845,214 | |
NVIDIA Corp. | | | 113,073 | | | | 89,454,312 | |
NXP Semiconductors NV | | | 11,810 | | | | 2,949,311 | |
PTC, Inc.* | | | 5,462 | | | | 999,601 | |
Salesforce, Inc.* | | | 44,270 | | | | 13,671,461 | |
Seagate Technology Holdings PLC | | | 9,028 | | | | 840,055 | |
ServiceNow, Inc.* | | | 9,358 | | | | 7,218,200 | |
Splunk, Inc.* | | | 7,339 | | | | 1,146,499 | |
Synopsys, Inc.* | | | 6,952 | | | | 3,988,571 | |
Texas Instruments, Inc. | | | 41,599 | | | | 6,960,761 | |
Trimble, Inc.* | | | 11,637 | | | | 712,068 | |
Twilio, Inc., Class A* | | | 7,926 | | | | 472,310 | |
Western Digital Corp.* | | | 14,983 | | | | 891,039 | |
Workday, Inc., Class A* | | | 9,452 | | | | 2,785,126 | |
Zscaler, Inc.* | | | 4,110 | | | | 994,497 | |
| | | | | | | | |
(Cost $224,993,856) | | | | | | | 347,946,802 | |
| | | | | | | | |
| Materials — 2.8% | | | | | | |
Amcor PLC | | | 69,812 | | | | 632,497 | |
Avery Dennison Corp. | | | 3,661 | | | | 792,716 | |
Ball Corp. | | | 14,255 | | | | 912,605 | |
Ecolab, Inc. | | | 11,632 | | | | 2,615,339 | |
International Flavors & Fragrances, Inc. | | | 11,824 | | | | 892,712 | |
International Paper Co. | | | 15,043 | | | | 531,920 | |
Linde PLC | | | 22,232 | | | | 9,978,166 | |
LyondellBasell Industries NV, Class A | | | 11,689 | | | | 1,172,173 | |
Martin Marietta Materials, Inc. | | | 2,866 | | | | 1,655,717 | |
Newmont Corp. | | | 52,143 | | | | 1,629,469 | |
Nucor Corp. | | | 11,404 | | | | 2,192,989 | |
PPG Industries, Inc. | | | 10,663 | | | | 1,509,881 | |
Sherwin-Williams Co. | | | 11,180 | | | | 3,712,095 | |
Steel Dynamics, Inc. | | | 7,040 | | | | 942,093 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials (Continued) | | | | | | |
Westrock Co. | | | 12,089 | | | $ | 547,511 | |
| | | | | | | | |
(Cost $27,429,699) | | | | | | | 29,717,883 | |
| | | | | | | | |
| Real Estate — 2.4% | | | | | | |
American Tower Corp. REIT | | | 21,329 | | | | 4,241,485 | |
Boston Properties, Inc. REIT | | | 6,772 | | | | 438,284 | |
CBRE Group, Inc., Class A* | | | 14,288 | | | | 1,312,924 | |
Crown Castle, Inc. REIT | | | 19,587 | | | | 2,153,395 | |
Digital Realty Trust, Inc. REIT | | | 13,856 | | | | 2,034,199 | |
Equinix, Inc. REIT | | | 4,264 | | | | 3,789,928 | |
Healthpeak Properties, Inc. REIT | | | 32,249 | | | | 540,171 | |
Iron Mountain, Inc. REIT | | | 13,122 | | | | 1,031,914 | |
Prologis, Inc. REIT | | | 42,084 | | | | 5,608,535 | |
SBA Communications Corp. REIT | | | 4,916 | | | | 1,028,575 | |
Welltower, Inc. REIT | | | 25,376 | | | | 2,338,652 | |
Weyerhaeuser Co. REIT | | | 33,151 | | | | 1,139,731 | |
| | | | | | | | |
(Cost $27,894,616) | | | | | | | 25,657,793 | |
| | | | | | | | |
| Utilities — 1.0% | | | | | | |
American Water Works Co., Inc. | | | 8,788 | | | | 1,041,730 | |
Atmos Energy Corp. | | | 6,714 | | | | 758,078 | |
CMS Energy Corp. | | | 13,308 | | | | 763,480 | |
Consolidated Edison, Inc. | | | 15,640 | | | | 1,363,964 | |
Edison International | | | 17,306 | | | | 1,177,154 | |
Essential Utilities, Inc. | | | 12,092 | | | | 420,560 | |
Eversource Energy | | | 15,683 | | | | 920,592 | |
Exelon Corp. | | | 45,088 | | | | 1,615,954 | |
NRG Energy, Inc. | | | 10,368 | | | | 573,558 | |
Sempra | | | 28,507 | | | | 2,012,594 | |
| | | | | | | | |
(Cost $12,069,426) | | | | | | | 10,647,664 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $883,272,277) | | | | | | | 1,052,091,107 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.0% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $307,803) | | | 307,803 | | | | 307,803 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.2% | | | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $2,185,111) | | | 2,185,111 | | | | 2,185,111 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.8%
(Cost $885,765,191) | | | | | | $ | 1,054,584,021 | |
Other assets and liabilities, net — 0.2% | | | | | | | 1,948,729 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 1,056,532,750 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 49 | | |
DBX ETF Trust
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value ($) at
8/31/2023 | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.0% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| — | | | 307,803 | (d) | | | — | | | | — | | | | — | | | | 24,343 | | | | — | | | | 307,803 | | | | 307,803 | |
|
CASH EQUIVALENTS — 0.2% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| 4,273,305 | | | 13,368,051 | | | | (15,456,245 | ) | | | — | | | | — | | | | 88,004 | | | | — | | | | 2,185,111 | | | | 2,185,111 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 4,273,305 | | | 13,675,854 | | | | (15,456,245 | ) | | | — | | | | — | | | | 112,347 | | | | — | | | | 2,492,914 | | | | 2,492,914 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $296,015, which is 0.03% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
E-Mini S&P 500 ESG Futures | | USD | | 15 | | $ | 3,261,645 | | | $ | 3,375,600 | | | 3/15/2024 | | $ | 113,955 | |
MSCI USA ESG Leaders GTR Index Futures | | USD | | 2 | | | 105,760 | | | | 116,540 | | | 3/15/2024 | | | 10,780 | |
S&P 500 E-Mini Futures | | USD | | 1 | | | 233,888 | | | | 255,188 | | | 3/15/2024 | | | 21,300 | |
S&P Mid 400 E-Mini Futures | | USD | | 1 | | | 267,450 | | | | 289,260 | | | 3/15/2024 | | | 21,810 | |
| | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | $ | 167,845 | |
| | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 1,052,091,107 | | | $ | — | | | $ | — | | | $ | 1,052,091,107 | |
Short-Term Investments (a) | | | 2,492,914 | | | | — | | | | — | | | | 2,492,914 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 167,845 | | | | — | | | | — | | | | 167,845 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 1,054,751,866 | | | $ | — | | | $ | — | | | $ | 1,054,751,866 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 50 | | |
DBX ETF Trust
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.5% | | | | | | | | |
| Communication Services — 9.7% | | | | | | |
Alphabet, Inc., Class A* | | | 25,047 | | | $ | 3,468,008 | |
Alphabet, Inc., Class C* | | | 20,939 | | | | 2,926,853 | |
AT&T, Inc. | | | 31,901 | | | | 540,084 | |
Charter Communications, Inc., Class A* | | | 508 | | | | 149,316 | |
Comcast Corp., Class A | | | 17,564 | | | | 752,617 | |
Electronic Arts, Inc. | | | 1,466 | | | | 204,478 | |
Fox Corp., Class A | | | 1,839 | | | | 54,784 | |
Fox Corp., Class B | | | 1,180 | | | | 32,308 | |
Liberty Broadband Corp., Class A* | | | 668 | | | | 40,180 | |
Liberty Broadband Corp., Class C* | | | 1,141 | | | | 68,665 | |
Live Nation Entertainment, Inc.* | | | 933 | | | | 90,482 | |
Match Group, Inc.* | | | 2,355 | | | | 84,874 | |
Meta Platforms, Inc., Class A | | | 9,289 | | | | 4,552,818 | |
Netflix, Inc.* | | | 1,906 | | | | 1,149,165 | |
Omnicom Group, Inc. | | | 1,094 | | | | 96,699 | |
Pinterest, Inc., Class A* | | | 3,694 | | | | 135,570 | |
ROBLOX Corp., Class A* | | | 3,123 | | | | 124,608 | |
Sirius XM Holdings, Inc. (a) | | | 9,659 | | | | 42,693 | |
Snap, Inc., Class A* | | | 7,105 | | | | 78,297 | |
Spotify Technology SA* | | | 809 | | | | 207,436 | |
Take-Two Interactive Software, Inc.* | | | 1,004 | | | | 147,518 | |
T-Mobile US, Inc. | | | 2,191 | | | | 357,790 | |
Trade Desk, Inc., Class A* | | | 2,555 | | | | 218,274 | |
Verizon Communications, Inc. | | | 18,420 | | | | 737,168 | |
Walt Disney Co. | | | 7,803 | | | | 870,659 | |
Warner Bros Discovery, Inc.* | | | 12,054 | | | | 105,955 | |
Warner Music Group Corp., Class A | | | 1,592 | | | | 55,609 | |
| | | | | | | | |
(Cost $12,621,292) | | | | | | | 17,292,908 | |
| | | | | | | | |
| Consumer Discretionary — 6.3% | | | | | | |
Airbnb, Inc., Class A* | | | 2,146 | | | | 337,931 | |
Aptiv PLC* | | | 2,881 | | | | 229,011 | |
AutoZone, Inc.* | | | 149 | | | | 447,897 | |
Best Buy Co., Inc. | | | 1,511 | | | | 122,210 | |
Booking Holdings, Inc.* | | | 157 | | | | 544,606 | |
Chipotle Mexican Grill, Inc.* | | | 132 | | | | 354,918 | |
D.R. Horton, Inc. | | | 2,068 | | | | 309,042 | |
Domino’s Pizza, Inc. | | | 177 | | | | 79,358 | |
DoorDash, Inc., Class A* | | | 3,087 | | | | 384,548 | |
eBay, Inc. | | | 6,707 | | | | 317,107 | |
Expedia Group, Inc.* | | | 809 | | | | 110,687 | |
Ford Motor Co. | | | 6,926 | | | | 86,159 | |
Garmin Ltd. | | | 2,083 | | | | 286,100 | |
General Motors Co. | | | 4,267 | | | | 174,862 | |
Genuine Parts Co. | | | 1,804 | | | | 269,265 | |
Home Depot, Inc. | | | 4,333 | | | | 1,649,183 | |
Lennar Corp., Class A | | | 1,952 | | | | 309,412 | |
Lennar Corp., Class B | | | 879 | | | | 129,538 | |
LKQ Corp. | | | 4,865 | | | | 254,391 | |
Lowe’s Cos., Inc. | | | 2,669 | | | | 642,348 | |
Lululemon Athletica, Inc.* | | | 861 | | | | 402,164 | |
McDonald’s Corp. | | | 3,069 | | | | 897,007 | |
MercadoLibre, Inc.* | | | 309 | | | | 492,948 | |
NIKE, Inc., Class B | | | 6,813 | | | | 708,075 | |
NVR, Inc.* | | | 32 | | | | 244,018 | |
O’Reilly Automotive, Inc.* | | | 455 | | | | 494,776 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Discretionary (Continued) | | | | | | |
PulteGroup, Inc. | | | 1,623 | | | $ | 175,901 | |
Tractor Supply Co. | | | 701 | | | | 178,278 | |
Ulta Beauty, Inc.* | | | 593 | | | | 325,296 | |
Yum China Holdings, Inc. | | | 2,283 | | | | 97,918 | |
Yum! Brands, Inc. | | | 829 | | | | 114,750 | |
| | | | | | | | |
(Cost $8,919,127) | | | | | | | 11,169,704 | |
| | | | | | | | |
| Consumer Staples — 5.1% | | | | | | |
Archer-Daniels-Midland Co. | | | 12 | | | | 637 | |
Campbell Soup Co. | | | 4,147 | | | | 176,828 | |
Church & Dwight Co., Inc. | | | 2,915 | | | | 291,850 | |
Clorox Co. | | | 1,781 | | | | 273,045 | |
Coca-Cola Co. | | | 19,005 | | | | 1,140,680 | |
Colgate-Palmolive Co. | | | 4,866 | | | | 421,006 | |
Conagra Brands, Inc. | | | 5,768 | | | | 161,966 | |
Estee Lauder Cos., Inc., Class A | | | 2,338 | | | | 347,380 | |
General Mills, Inc. | | | 4,904 | | | | 314,739 | |
Hershey Co. | | | 1,574 | | | | 295,786 | |
Hormel Foods Corp. | | | 3,991 | | | | 140,962 | |
J M Smucker Co. | | | 1,575 | | | | 189,268 | |
Kellanova | | | 3,945 | | | | 217,567 | |
Keurig Dr Pepper, Inc. | | | 9,097 | | | | 272,091 | |
Kimberly-Clark Corp. | | | 2,737 | | | | 331,642 | |
Kraft Heinz Co. | | | 6,817 | | | | 240,504 | |
McCormick & Co., Inc. | | | 3,834 | | | | 264,009 | |
Mondelez International, Inc., Class A | | | 7,835 | | | | 572,504 | |
PepsiCo, Inc. | | | 6,711 | | | | 1,109,597 | |
Procter & Gamble Co. | | | 10,629 | | | | 1,689,373 | |
Sysco Corp. | | | 4,198 | | | | 339,912 | |
Target Corp. | | | 2,558 | | | | 391,169 | |
Tyson Foods, Inc., Class A | | | 33 | | | | 1,790 | |
| | | | | | | | |
(Cost $9,420,714) | | | | | | | 9,184,305 | |
| | | | | | | | |
| Financials — 12.4% | | | | | | |
Aflac, Inc. | | | 2,582 | | | | 208,471 | |
Allstate Corp. | | | 791 | | | | 126,180 | |
American Express Co. | | | 2,736 | | | | 600,333 | |
American International Group, Inc. | | | 2,793 | | | | 203,582 | |
Ameriprise Financial, Inc. | | | 424 | | | | 172,721 | |
Aon PLC, Class A | | | 966 | | | | 305,246 | |
Apollo Global Management, Inc. | | | 2,109 | | | | 235,786 | |
Arch Capital Group Ltd.* | | | 1,705 | | | | 149,341 | |
Ares Management Corp., Class A | | | 1,113 | | | | 147,617 | |
Arthur J Gallagher & Co. | | | 1,043 | | | | 254,419 | |
Bank of America Corp. | | | 29,572 | | | | 1,020,825 | |
Bank of New York Mellon Corp. | | | 4,021 | | | | 225,538 | |
BlackRock, Inc. | | | 670 | | | | 543,598 | |
Block, Inc.* | | | 3,039 | | | | 241,509 | |
Capital One Financial Corp. | | | 1,194 | | | | 164,306 | |
Cboe Global Markets, Inc. | | | 672 | | | | 129,024 | |
Charles Schwab Corp. | | | 6,477 | | | | 432,534 | |
Chubb Ltd. | | | 1,817 | | | | 457,284 | |
Cincinnati Financial Corp. | | | 865 | | | | 98,610 | |
Citigroup, Inc. | | | 8,649 | | | | 479,933 | |
Citizens Financial Group, Inc. | | | 1,527 | | | | 47,933 | |
CME Group, Inc. | | | 1,739 | | | | 383,189 | |
Coinbase Global, Inc., Class A* | | | 847 | | | | 172,415 | |
| | | | |
| See Notes to Financial Statements. | | 51 | | |
DBX ETF Trust
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Discover Financial Services | | | 1,384 | | | $ | 167,049 | |
Everest Group Ltd. | | | 99 | | | | 36,519 | |
Fidelity National Financial, Inc. | | | 688 | | | | 34,799 | |
Fidelity National Information Services, Inc. | | | 3,285 | | | | 227,289 | |
Fifth Third Bancorp | | | 2,764 | | | | 94,916 | |
Fiserv, Inc.* | | | 2,900 | | | | 432,883 | |
FleetCor Technologies, Inc.* | | | 468 | | | | 130,698 | |
Franklin Resources, Inc. | | | 2,641 | | | | 72,496 | |
Global Payments, Inc. | | | 1,465 | | | | 190,011 | |
Globe Life, Inc. | | | 604 | | | | 76,666 | |
Goldman Sachs Group, Inc. | | | 1,509 | | | | 587,077 | |
Hartford Financial Services Group, Inc. | | | 1,080 | | | | 103,507 | |
Huntington Bancshares, Inc. | | | 9,447 | | | | 123,189 | |
Interactive Brokers Group, Inc., Class A | | | 977 | | | | 106,219 | |
Intercontinental Exchange, Inc. | | | 2,725 | | | | 377,195 | |
JPMorgan Chase & Co. | | | 12,340 | | | | 2,295,980 | |
KeyCorp | | | 3,844 | | | | 54,854 | |
KKR & Co., Inc. | | | 3,396 | | | | 333,691 | |
M&T Bank Corp. | | | 656 | | | | 91,669 | |
Markel Group, Inc.* | | | 58 | | | | 86,564 | |
Marsh & McLennan Cos., Inc. | | | 2,187 | | | | 442,365 | |
Mastercard, Inc., Class A | | | 3,608 | | | | 1,712,934 | |
MetLife, Inc. | | | 2,222 | | | | 154,962 | |
Moody’s Corp. | | | 798 | | | | 302,777 | |
Morgan Stanley | | | 5,896 | | | | 507,292 | |
MSCI, Inc. | | | 419 | | | | 235,046 | |
Nasdaq, Inc. | | | 2,336 | | | | 131,283 | |
Northern Trust Corp. | | | 1,407 | | | | 115,557 | |
PayPal Holdings, Inc.* | | | 5,316 | | | | 320,767 | |
PNC Financial Services Group, Inc. | | | 1,794 | | | | 264,077 | |
Principal Financial Group, Inc. | | | 906 | | | | 73,259 | |
Progressive Corp. | | | 2,429 | | | | 460,441 | |
Prudential Financial, Inc. | | | 1,232 | | | | 134,276 | |
Raymond James Financial, Inc. | | | 1,214 | | | | 146,069 | |
Regions Financial Corp. | | | 2,623 | | | | 48,867 | |
Rocket Cos., Inc., Class A* | | | 4,387 | | | | 55,101 | |
S&P Global, Inc. | | | 1,461 | | | | 625,863 | |
State Street Corp. | | | 1,865 | | | | 137,506 | |
Synchrony Financial | | | 2,681 | | | | 110,725 | |
T. Rowe Price Group, Inc. | | | 1,349 | | | | 152,909 | |
Travelers Cos., Inc. | | | 907 | | | | 200,411 | |
Truist Financial Corp. | | | 5,592 | | | | 195,608 | |
US Bancorp | | | 6,210 | | | | 260,572 | |
Visa, Inc., Class A | | | 6,770 | | | | 1,913,473 | |
W.R. Berkley Corp. | | | 1,024 | | | | 85,606 | |
Wells Fargo & Co. | | | 15,339 | | | | 852,695 | |
Willis Towers Watson PLC | | | 576 | | | | 157,023 | |
| | | | | | | | |
(Cost $17,834,832) | | | | | | | 22,221,129 | |
| | | | | | | | |
| Health Care — 17.6% | | | | | | |
Abbott Laboratories | | | 8,847 | | | | 1,049,608 | |
AbbVie, Inc. | | | 8,526 | | | | 1,501,002 | |
Agilent Technologies, Inc. | | | 2,729 | | | | 374,856 | |
Align Technology, Inc.* | | | 947 | | | | 286,392 | |
Alnylam Pharmaceuticals, Inc.* | | | 1,522 | | | | 229,959 | |
Amgen, Inc. | | | 2,863 | | | | 783,975 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Avantor, Inc.* | | | 9,820 | | | $ | 241,965 | |
Baxter International, Inc. | | | 6,452 | | | | 264,016 | |
Becton Dickinson and Co. | | | 1,988 | | | | 468,274 | |
Biogen, Inc.* | | | 1,379 | | | | 299,229 | |
BioMarin Pharmaceutical, Inc.* | | | 2,902 | | | | 250,385 | |
Boston Scientific Corp.* | | | 9,325 | | | | 617,408 | |
Bristol-Myers Squibb Co. | | | 12,378 | | | | 628,184 | |
Cardinal Health, Inc. | | | 373 | | | | 41,769 | |
Cencora, Inc. | | | 1,227 | | | | 289,081 | |
Centene Corp.* | | | 1,880 | | | | 147,448 | |
Cigna Group | | | 1,212 | | | | 407,402 | |
Cooper Cos., Inc. | | | 2,792 | | | | 261,331 | |
CVS Health Corp. | | | 7,703 | | | | 572,872 | |
Danaher Corp. | | | 3,618 | | | | 915,861 | |
Dexcom, Inc.* | | | 3,146 | | | | 362,010 | |
Edwards Lifesciences Corp.* | | | 5,051 | | | | 428,678 | |
Elevance Health, Inc. | | | 1,001 | | | | 501,751 | |
Eli Lilly & Co. | | | 3,827 | | | | 2,884,333 | |
GE HealthCare Technologies, Inc. | | | 3,779 | | | | 344,947 | |
Gilead Sciences, Inc. | | | 7,573 | | | | 546,013 | |
HCA Healthcare, Inc. | | | 907 | | | | 282,712 | |
Henry Schein, Inc.* | | | 2,774 | | | | 212,128 | |
Hologic, Inc.* | | | 3,583 | | | | 264,425 | |
Humana, Inc. | | | 616 | | | | 215,797 | |
IDEXX Laboratories, Inc.* | | | 693 | | | | 398,634 | |
Illumina, Inc.* | | | 2,073 | | | | 289,868 | |
Incyte Corp.* | | | 3,728 | | | | 217,566 | |
Intuitive Surgical, Inc.* | | | 1,969 | | | | 759,246 | |
IQVIA Holdings, Inc.* | | | 897 | | | | 221,703 | |
Johnson & Johnson | | | 11,211 | | | | 1,809,231 | |
Laboratory Corp. of America Holdings | | | 543 | | | | 117,196 | |
McKesson Corp. | | | 798 | | | | 416,085 | |
Medtronic PLC | | | 7,778 | | | | 648,374 | |
Merck & Co., Inc. | | | 12,201 | | | | 1,551,357 | |
Mettler-Toledo International, Inc.* | | | 256 | | | | 319,288 | |
Moderna, Inc.* | | | 3,085 | | | | 284,560 | |
Pfizer, Inc. | | | 30,221 | | | | 802,670 | |
Quest Diagnostics, Inc. | | | 649 | | | | 81,054 | |
Regeneron Pharmaceuticals, Inc.* | | | 649 | | | | 626,993 | |
ResMed, Inc. | | | 1,697 | | | | 294,803 | |
Royalty Pharma PLC, Class A | | | 8,459 | | | | 256,646 | |
STERIS PLC | | | 1,266 | | | | 294,864 | |
Stryker Corp. | | | 1,935 | | | | 675,451 | |
Thermo Fisher Scientific, Inc. | | | 1,953 | | | | 1,113,562 | |
UnitedHealth Group, Inc. | | | 3,912 | | | | 1,930,963 | |
Veeva Systems, Inc., Class A* | | | 873 | | | | 196,870 | |
Vertex Pharmaceuticals, Inc.* | | | 1,538 | | | | 647,098 | |
Viatris, Inc. | | | 19,779 | | | | 244,666 | |
Waters Corp.* | | | 870 | | | | 293,555 | |
West Pharmaceutical Services, Inc. | | | 825 | | | | 295,647 | |
Zimmer Biomet Holdings, Inc. | | | 2,440 | | | | 303,438 | |
Zoetis, Inc. | | | 2,895 | | | | 574,165 | |
| | | | | | | | |
(Cost $28,496,965) | | | | | | | 31,339,364 | |
| | | | | | | | |
| Industrials — 4.9% | | | | | | |
A O Smith Corp. | | | 6 | | | | 497 | |
Automatic Data Processing, Inc. | | | 1,940 | | | | 487,192 | |
| | | | |
| See Notes to Financial Statements. | | 52 | | |
DBX ETF Trust
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Broadridge Financial Solutions, Inc. | | | 698 | | | $ | 142,099 | |
C.H. Robinson Worldwide, Inc. | | | 43 | | | | 3,185 | |
Carrier Global Corp. | | | 16 | | | | 889 | |
Cintas Corp. | | | 441 | | | | 277,217 | |
Copart, Inc.* | | | 7,826 | | | | 415,952 | |
Deere & Co. | | | 1,346 | | | | 491,357 | |
Delta Air Lines, Inc. | | | 4,406 | | | | 186,242 | |
Dover Corp. | | | 1,148 | | | | 189,856 | |
Equifax, Inc. | | | 691 | | | | 189,051 | |
Expeditors International of Washington, Inc. | | | 1,657 | | | | 198,177 | |
Fastenal Co. | | | 5,370 | | | | 392,064 | |
FedEx Corp. | | | 1,482 | | | | 368,973 | |
Ferguson PLC | | | 1,782 | | | | 376,804 | |
JB Hunt Transport Services, Inc. | | | 1,242 | | | | 256,237 | |
Johnson Controls International PLC | | | 2,854 | | | | 169,157 | |
Masco Corp. | | | 2,014 | | | | 154,595 | |
Old Dominion Freight Line, Inc. | | | 873 | | | | 386,285 | |
Otis Worldwide Corp. | | | 3,361 | | | | 320,303 | |
PACCAR, Inc. | | | 155 | | | | 17,188 | |
Paychex, Inc. | | | 1,764 | | | | 216,302 | |
Paycom Software, Inc. | | | 462 | | | | 84,264 | |
Rollins, Inc. | | | 2,351 | | | | 103,609 | |
Snap-on, Inc. | | | 707 | | | | 194,892 | |
Southwest Airlines Co. | | | 5,120 | | | | 175,462 | |
SS&C Technologies Holdings, Inc. | | | 1,640 | | | | 104,566 | |
Stanley Black & Decker, Inc. | | | 1,351 | | | | 120,631 | |
Trane Technologies PLC | | | 5 | | | | 1,410 | |
TransUnion | | | 1,466 | | | | 113,806 | |
Uber Technologies, Inc.* | | | 10,383 | | | | 825,448 | |
United Airlines Holdings, Inc.* | | | 2,298 | | | | 104,536 | |
United Parcel Service, Inc., Class B | | | 4,057 | | | | 601,491 | |
Verisk Analytics, Inc. | | | 813 | | | | 196,665 | |
W.W. Grainger, Inc. | | | 265 | | | | 257,967 | |
Waste Management, Inc. | | | 2,596 | | | | 533,867 | |
Westinghouse Air Brake Technologies Corp. | | | 838 | | | | 118,401 | |
| | | | | | | | |
(Cost $7,232,493) | | | | | | | 8,776,637 | |
| | | | | | | | |
| Information Technology — 36.0% | | | | | | |
Accenture PLC, Class A | | | 2,792 | | | | 1,046,386 | |
Adobe, Inc.* | | | 1,972 | | | | 1,104,872 | |
Advanced Micro Devices, Inc.* | | | 7,874 | | | | 1,515,981 | |
Akamai Technologies, Inc.* | | | 1,042 | | | | 115,579 | |
Amdocs Ltd. | | | 1,051 | | | | 95,851 | |
Analog Devices, Inc. | | | 3,136 | | | | 601,548 | |
Apple, Inc. | | | 79,474 | | | | 14,364,925 | |
Applied Materials, Inc. | | | 4,602 | | | | 927,855 | |
Arista Networks, Inc.* | | | 1,765 | | | | 489,858 | |
Atlassian Corp., Class A* | | | 856 | | | | 177,552 | |
Autodesk, Inc.* | | | 1,107 | | | | 285,794 | |
Broadcom, Inc. | | | 2,101 | | | | 2,732,330 | |
Cadence Design Systems, Inc.* | | | 1,319 | | | | 401,477 | |
CDW Corp. | | | 712 | | | | 175,302 | |
Cisco Systems, Inc. | | | 20,562 | | | | 994,584 | |
Cloudflare, Inc., Class A* | | | 1,813 | | | | 178,653 | |
Cognizant Technology Solutions Corp., Class A | | | 2,757 | | | | 217,858 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Information Technology (Continued) | | | | | | |
Corning, Inc. | | | 8,374 | | | $ | 269,978 | |
Crowdstrike Holdings, Inc., Class A* | | | 1,096 | | | | 355,268 | |
Datadog, Inc., Class A* | | | 1,612 | | | | 211,914 | |
Enphase Energy, Inc.* | | | 2,226 | | | | 282,724 | |
EPAM Systems, Inc.* | | | 389 | | | | 118,412 | |
Fair Isaac Corp.* | | | 144 | | | | 182,867 | |
Fortinet, Inc.* | | | 3,625 | | | | 250,524 | |
Gartner, Inc.* | | | 421 | | | | 196,001 | |
Gen Digital, Inc. | | | 4,844 | | | | 104,098 | |
GLOBALFOUNDRIES, Inc.* (a) | | | 3,344 | | | | 182,816 | |
HP, Inc. | | | 6,400 | | | | 181,312 | |
HubSpot, Inc.* | | | 283 | | | | 175,123 | |
Intel Corp. | | | 21,302 | | | | 917,051 | |
Intuit, Inc. | | | 1,212 | | | | 803,423 | |
Keysight Technologies, Inc.* | | | 1,889 | | | | 291,473 | |
KLA Corp. | | | 913 | | | | 622,940 | |
Lam Research Corp. | | | 807 | | | | 757,168 | |
Marvell Technology, Inc. | | | 5,454 | | | | 390,834 | |
Microchip Technology, Inc. | | | 4,387 | | | | 369,122 | |
Micron Technology, Inc. | | | 6,718 | | | | 608,718 | |
Microsoft Corp. | | | 28,702 | | | | 11,872,295 | |
MongoDB, Inc.* | | | 421 | | | | 188,431 | |
Motorola Solutions, Inc. | | | 1,305 | | | | 431,159 | |
NetApp, Inc. | | | 3,119 | | | | 277,965 | |
NVIDIA Corp. | | | 13,318 | | | | 10,536,136 | |
Okta, Inc.* | | | 1,242 | | | | 133,267 | |
ON Semiconductor Corp.* | | | 3,745 | | | | 295,555 | |
Oracle Corp. | | | 6,981 | | | | 779,638 | |
Palo Alto Networks, Inc.* | | | 1,455 | | | | 451,850 | |
QUALCOMM, Inc. | | | 6,011 | | | | 948,476 | |
Salesforce, Inc.* | | | 4,073 | | | | 1,257,824 | |
Seagate Technology Holdings PLC | | | 2,593 | | | | 241,279 | |
ServiceNow, Inc.* | | | 922 | | | | 711,175 | |
Skyworks Solutions, Inc. | | | 2,343 | | | | 245,828 | |
Snowflake, Inc., Class A* | | | 1,397 | | | | 263,027 | |
Splunk, Inc.* | | | 945 | | | | 147,628 | |
Synopsys, Inc.* | | | 729 | | | | 418,249 | |
TE Connectivity Ltd. | | | 2,732 | | | | 392,206 | |
Teradyne, Inc. | | | 2,192 | | | | 227,069 | |
Texas Instruments, Inc. | | | 4,854 | | | | 812,220 | |
Twilio, Inc., Class A* | | | 1,433 | | | | 85,392 | |
Unity Software, Inc.* | | | 2,410 | | | | 70,661 | |
VeriSign, Inc.* | | | 623 | | | | 121,666 | |
Western Digital Corp.* | | | 2,560 | | | | 152,243 | |
Workday, Inc., Class A* | | | 1,049 | | | | 309,098 | |
Zoom Video Communications, Inc., Class A* | | | 1,747 | | | | 123,565 | |
Zscaler, Inc.* | | | 596 | | | | 144,214 | |
| | | | | | | | |
(Cost $44,333,213) | | | | | | | 64,336,287 | |
| | | | | | | | |
| Materials — 1.8% | | | | | | |
Ball Corp. | | | 3,403 | | | | 217,860 | |
Corteva, Inc. | | | 6,601 | | | | 353,286 | |
CRH PLC | | | 3,492 | | | | 294,411 | |
Ecolab, Inc. | | | 1,984 | | | | 446,083 | |
International Flavors & Fragrances, Inc. | | | 2,947 | | | | 222,498 | |
International Paper Co. | | | 93 | | | | 3,288 | |
| | | | |
| See Notes to Financial Statements. | | 53 | | |
DBX ETF Trust
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials (Continued) | | | | | | |
Martin Marietta Materials, Inc. | | | 482 | | | $ | 278,456 | |
Mosaic Co. | | | 3,419 | | | | 106,536 | |
Nucor Corp. | | | 413 | | | | 79,420 | |
Packaging Corp. of America | | | 1,211 | | | | 219,421 | |
PPG Industries, Inc. | | | 1,879 | | | | 266,066 | |
Sherwin-Williams Co. | | | 1,511 | | | | 501,697 | |
Southern Copper Corp. | | | 2,346 | | | | 189,698 | |
| | | | | | | | |
(Cost $2,697,724) | | | | | | | 3,178,720 | |
| | | | | | | | |
| Real Estate — 4.7% | | | | | | |
Alexandria Real Estate Equities, Inc. REIT | | | 2,157 | | | | 269,043 | |
American Tower Corp. REIT | | | 2,849 | | | | 566,552 | |
AvalonBay Communities, Inc. REIT | | | 1,672 | | | | 295,994 | |
CBRE Group, Inc., Class A* | | | 8 | | | | 735 | |
CoStar Group, Inc.* | | | 2,310 | | | | 201,039 | |
Crown Castle, Inc. REIT | | | 3,559 | | | | 391,276 | |
Digital Realty Trust, Inc. REIT | | | 2,645 | | | | 388,312 | |
Equinix, Inc. REIT | | | 623 | | | | 553,735 | |
Equity Residential REIT | | | 4,672 | | | | 281,301 | |
Essex Property Trust, Inc. REIT | | | 1,066 | | | | 246,672 | |
Extra Space Storage, Inc. REIT | | | 2,124 | | | | 299,420 | |
Healthpeak Properties, Inc. REIT | | | 11,962 | | | | 200,364 | |
Invitation Homes, Inc. REIT | | | 8,213 | | | | 279,817 | |
Iron Mountain, Inc. REIT | | | 4,129 | | | | 324,705 | |
Mid-America Apartment Communities, Inc. REIT | | | 1,918 | | | | 241,054 | |
Prologis, Inc. REIT | | | 5,296 | | | | 705,798 | |
Public Storage REIT | | | 1,328 | | | | 376,979 | |
Realty Income Corp. REIT | | | 6,230 | | | | 324,645 | |
SBA Communications Corp. REIT | | | 1,269 | | | | 265,513 | |
Simon Property Group, Inc. REIT | | | 2,681 | | | | 397,163 | |
UDR, Inc. REIT | | | 6,443 | | | | 228,727 | |
Ventas, Inc. REIT | | | 5,707 | | | | 241,349 | |
VICI Properties, Inc. REIT | | | 10,576 | | | | 316,540 | |
Welltower, Inc. REIT | | | 4,503 | | | | 414,997 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Real Estate (Continued) | | | | | | |
Weyerhaeuser Co. REIT | | | 7,936 | | | $ | 272,840 | |
WP Carey, Inc. REIT | | | 3,893 | | | | 219,293 | |
| | | | | | | | |
(Cost $8,440,953) | | | | | | | 8,303,863 | |
| | | | | | | | |
| Utilities — 1.0% | | | | | | |
American Water Works Co., Inc. | | | 7,354 | | | | 871,743 | |
Edison International | | | 13,067 | | | | 888,818 | |
| | | | | | | | |
(Cost $1,908,798) | | | | | | | 1,760,561 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $141,906,111) | | | | | | | 177,563,478 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.3% | | | | | | | | |
iShares Paris-Aligned Climate MSCI USA ETF (a) | | | 4,800 | | | | 268,512 | |
Vanguard Mid-Cap ETF (a) | | | 300 | | | | 72,168 | |
Xtrackers MSCI USA Climate Action Equity ETF (b) | | | 3,400 | | | | 108,621 | |
| | | | | | | | |
(Cost $401,470) | | | | | | | 449,301 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.2% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
(Cost $388,400) | | | 388,400 | | | | 388,400 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.1% | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $267,018) | | | 267,018 | | | | 267,018 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.1%
(Cost $142,962,999) | | | | | | $ | 178,668,197 | |
Other assets and liabilities, net — (0.1%) | | | | | | | (199,256 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 178,468,941 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value ($) at
8/31/2023 | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
EXCHANGE-TRADED FUNDS — 0.1% | |
Xtrackers MSCI USA Climate Action Equity ETF (b) | |
| — | | | 101,335 | | | | — | | | | — | | | | 7,286 | | | | — | | | | — | | | | 3,400 | | | | 108,621 | |
|
SECURITIES LENDING COLLATERAL — 0.2% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) | |
| 67,850 | | | 320,550 | (e) | | | — | | | | — | | | | — | | | | 3,446 | | | | — | | | | 388,400 | | | | 388,400 | |
|
CASH EQUIVALENTS — 0.1% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | |
| 334,935 | | | 2,297,032 | | | | (2,364,949 | ) | | | — | | | | — | | | | 11,026 | | | | — | | | | 267,018 | | | | 267,018 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 402,785 | | | 2,718,917 | | | | (2,364,949 | ) | | | — | | | | 7,286 | | | | 14,472 | | | | — | | | | 658,818 | | | | 764,039 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $382,806, which is 0.2% of net assets. |
| | | | |
| See Notes to Financial Statements. | | 54 | | |
DBX ETF Trust
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
February 29, 2024 (Unaudited)
| (b) | Affiliated fund advised by DBX Advisors LLC. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
E-Mini S&P 500 ESG Futures | | USD | | 1 | | $ | 211,422 | | | $ | 225,040 | | | 3/15/2024 | | $ | 13,618 | |
Micro E-Mini S&P 500 Futures | | USD | | 7 | | | 176,012 | | | | 178,631 | | | 3/15/2024 | | | 2,619 | |
| | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | | | | | | | | | $ | 16,237 | |
| | | | | | | | | | | | | | | | | | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 177,563,478 | | | $ | — | | | $ | — | | | $ | 177,563,478 | |
Exchange-Traded Funds | | | 449,301 | | | | — | | | | — | | | | 449,301 | |
Short-Term Investments (a) | | | 655,418 | | | | — | | | | — | | | | 655,418 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 16,237 | | | | — | | | | — | | | | 16,237 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 178,684,434 | | | $ | — | | | $ | — | | | $ | 178,684,434 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 55 | | |
DBX ETF Trust
Xtrackers RREEF Global Natural Resources ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 98.4% | | | | | | | | |
| Australia — 5.7% | | | | | | |
BHP Group Ltd. | | | 14,400 | | | $ | 411,912 | |
Rio Tinto Ltd. | | | 1,982 | | | | 159,748 | |
| | | | | | | | |
(Cost $574,453) | | | | | | | 571,660 | |
| | | | | | | | |
| Brazil — 5.1% | | | | | | |
Petroleo Brasileiro SA, ADR | | | 7,393 | | | | 122,132 | |
Suzano SA, ADR | | | 7,374 | | | | 83,695 | |
Vale SA, ADR | | | 22,912 | | | | 307,250 | |
| | | | | | | | |
(Cost $524,769) | | | | | | | 513,077 | |
| | | | | | | | |
| Canada — 20.3% | | | | | | |
Agnico Eagle Mines Ltd. | | | 5,503 | | | | 264,084 | |
Barrick Gold Corp. | | | 16,094 | | | | 234,822 | |
Cenovus Energy, Inc. | | | 18,240 | | | | 318,042 | |
First Quantum Minerals Ltd. | | | 5,296 | | | | 50,174 | |
Franco-Nevada Corp. | | | 1,119 | | | | 117,225 | |
Imperial Oil Ltd. | | | 880 | | | | 55,096 | |
Ivanhoe Mines Ltd., Class A* | | | 10,289 | | | | 109,463 | |
Nutrien Ltd. | | | 8,951 | | | | 467,496 | |
Teck Resources Ltd., Class B | | | 7,185 | | | | 276,255 | |
Wheaton Precious Metals Corp. | | | 3,359 | | | | 138,511 | |
| | | | | | | | |
(Cost $2,038,202) | | | | | | | 2,031,168 | |
| | | | | | | | |
| Finland — 3.8% | | | | | | |
Stora Enso OYJ, Class R | | | 15,771 | | | | 199,338 | |
UPM-Kymmene OYJ | | | 5,290 | | | | 177,061 | |
| | | | | | | | |
(Cost $369,860) | | | | | | | 376,399 | |
| | | | | | | | |
| France — 4.8% | | | | | | |
TotalEnergies SE
(Cost $485,494) | | | 7,525 | | | | 480,366 | |
| | | | | | | | |
| Ireland — 1.9% | | | | | | |
Smurfit Kappa Group PLC
(Cost $188,069) | | | 4,540 | | | | 193,718 | |
| | | | | | | | |
| Israel — 0.2% | | | | | | |
ICL Group Ltd.
(Cost $23,051) | | | 4,525 | | | | 23,932 | |
| | | | | | | | |
| Italy — 0.7% | | | | | | |
Eni SpA
(Cost $69,755) | | | 4,480 | | | | 69,075 | |
| | | | | | | | |
| Japan — 1.4% | | | | | | |
Nippon Steel Corp.
(Cost $142,257) | | | 5,800 | | | | 143,963 | |
| | | | | | | | |
| Norway — 1.3% | | | | | | |
Norsk Hydro ASA
(Cost $129,794) | | | 24,335 | | | | 125,219 | |
| | | | | | | | |
| Singapore — 1.0% | | | | | | |
Wilmar International Ltd.
(Cost $96,136) | | | 38,400 | | | | 94,815 | |
| | | | | | | | |
| Switzerland — 5.3% | | | | | | |
Glencore PLC | | | 71,577 | | | | 339,666 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Switzerland (Continued) | | | | | | |
SIG Group AG* | | | 9,475 | | | $ | 188,306 | |
| | | | | | | | |
(Cost $528,506) | | | | | | | 527,972 | |
| | | | | | | | |
| United Kingdom — 9.6% | | | | | | |
Amcor PLC | | | 21,218 | | | | 192,235 | |
Anglo American PLC | | | 3,261 | | | | 70,166 | |
BP PLC | | | 28,540 | | | | 166,321 | |
DS Smith PLC | | | 34,250 | | | | 139,549 | |
Shell PLC | | | 12,415 | | | | 385,856 | |
| | | | | | | | |
(Cost $960,916) | | | | | | | 954,127 | |
| | | | | | | | |
| United States — 37.3% | | | | | | |
Archer-Daniels-Midland Co. | | | 1,133 | | | | 60,174 | |
Avery Dennison Corp. | | | 269 | | | | 58,246 | |
CF Industries Holdings, Inc. | | | 1,647 | | | | 132,946 | |
Chesapeake Energy Corp. | | | 608 | | | | 50,330 | |
Chevron Corp. | | | 2,400 | | | | 364,824 | |
Cleveland-Cliffs, Inc.* | | | 5,119 | | | | 106,475 | |
ConocoPhillips | | | 2,429 | | | | 273,360 | |
Corteva, Inc. | | | 5,814 | | | | 311,165 | |
Darling Ingredients, Inc.* | | | 3,680 | | | | 155,701 | |
Diamondback Energy, Inc. | | | 323 | | | | 58,954 | |
Exxon Mobil Corp. | | | 2,525 | | | | 263,913 | |
FMC Corp. | | | 1,471 | | | | 82,950 | |
Freeport-McMoRan, Inc. | | | 4,465 | | | | 168,822 | |
Graphic Packaging Holding Co. | | | 3,887 | | | | 100,868 | |
Hess Corp. | | | 574 | | | | 83,660 | |
Ingredion, Inc. | | | 333 | | | | 39,171 | |
International Paper Co. | | | 3,197 | | | | 113,046 | |
Marathon Petroleum Corp. | | | 1,264 | | | | 213,907 | |
Mosaic Co. | | | 4,575 | | | | 142,557 | |
Nucor Corp. | | | 783 | | | | 150,571 | |
Phillips 66 | | | 656 | | | | 93,486 | |
Pioneer Natural Resources Co. | | | 622 | | | | 146,288 | |
Reliance, Inc. | | | 391 | | | | 125,597 | |
Schlumberger NV | | | 3,217 | | | | 155,478 | |
Sealed Air Corp. | | | 1,550 | | | | 54,048 | |
Silgan Holdings, Inc. | | | 1,133 | | | | 49,750 | |
Westrock Co. | | | 2,608 | | | | 118,116 | |
Weyerhaeuser Co. REIT | | | 1,584 | | | | 54,458 | |
| | | | | | | | |
(Cost $3,728,355) | | | | | | | 3,728,861 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $9,859,617) | | | | | | | 9,834,352 | |
| | | | | | | | |
| CASH EQUIVALENTS — 1.4% | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $138,884) | | | 138,884 | | | | 138,884 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.8%
(Cost $9,998,501) | | | | | | $ | 9,973,236 | |
Other assets and liabilities, net — 0.2% | | | | | | | 20,236 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 9,993,472 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 56 | | |
DBX ETF Trust
Xtrackers RREEF Global Natural Resources ETF (Continued)
February 29, 2024 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value ($) at
2/27/2024
(Commencement
of Operations) | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
CASH EQUIVALENTS — 1.4% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | |
| — | | | 2,632,403 | | | | (2,493,519 | ) | | | — | | | | — | | | | 382 | | | | — | | | | 138,884 | | | | 138,884 | |
| * | Non-income producing security. |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| ADR: | | American Depositary Receipt |
| REIT: | | Real Estate Investment Trust |
Securities are listed in country of domicile.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 9,834,352 | | | $ | — | | | $ | — | | | $ | 9,834,352 | |
Short-Term Investments (a) | | | 138,884 | | | | — | | | | — | | | | 138,884 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 9,973,236 | | | $ | — | | | $ | — | | | $ | 9,973,236 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 57 | | |
DBX ETF Trust
Statements of Assets and Liabilities
February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers
Emerging Markets
Carbon Reduction
and Climate
Improvers ETF | | | Xtrackers MSCI
EAFE ESG
Leaders Equity
ETF | | | Xtrackers MSCI
Emerging Markets
ESG Leaders
Equity ETF | | | Xtrackers MSCI
USA Climate Action
Equity ETF | |
Assets | | | | | | | | | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 604,094,801 | | | $ | 48,170,097 | | | $ | 25,153,592 | | | $ | 1,996,273,191 | |
Investment in DWS Government Money Market Series | | | — | | | | 15,377 | | | | 32,554 | | | | 3,285,510 | |
Investment in DWS Government & Agency Securities Portfolio* | | | 1,498,996 | | | | 99,674 | | | | 49,042 | | | | 569,800 | |
Foreign currency at value | | | 2,567,687 | | | | 36,776 | | | | 10,140 | | | | — | |
Deposit with broker for futures contracts | | | 78,869 | | | | 7,338 | | | | 1,611 | | | | 251,900 | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 21,755,982 | | | | 384,732 | | | | 436,168 | | | | 30,399,950 | |
Capital shares | | | 439,743 | | | | — | | | | — | | | | 11,168,603 | |
Variation margin on futures contracts | | | 464 | | | | 136 | | | | 10 | | | | — | |
Dividends | | | 1,262,029 | | | | 56,073 | | | | 40,686 | | | | 2,786,897 | |
Interest | | | 5,855 | | | | 55 | | | | 130 | | | | 11,921 | |
Affiliated securities lending income | | | 1,941 | | | | 22 | | | | 3 | | | | 2,575 | |
Foreign tax reclaim | | | 4,594 | | | | 60,955 | | | | — | | | | 1,805 | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 631,710,961 | | | $ | 48,831,235 | | | $ | 25,723,936 | | | $ | 2,044,752,152 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
Due to custodian | | $ | 12,871,670 | | | $ | — | | | $ | — | | | $ | — | |
Payable upon return of securities loaned | | | 1,498,996 | | | | 99,674 | | | | 49,042 | | | | 569,800 | |
Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 9,340,118 | | | | 424,201 | | | | 463,078 | | | | 17,800,823 | |
Capital shares | | | 1,342,142 | | | | — | | | | — | | | | 23,897,932 | |
Investment advisory fees | | | 82,139 | | | | 5,272 | | | | 3,993 | | | | 109,198 | |
Variation margin on futures contracts | | | — | | | | — | | | | — | | | | 3,061 | |
Deferred foreign tax | | | 2,400,134 | | | | — | | | | 100,190 | | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 27,535,199 | | | | 529,147 | | | | 616,303 | | | | 42,380,814 | |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 604,175,762 | | | $ | 48,302,088 | | | $ | 25,107,633 | | | $ | 2,002,371,338 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 722,372,464 | | | $ | 44,940,953 | | | $ | 29,794,589 | | | $ | 1,503,112,875 | |
Distributable earnings (loss) | | | (118,196,702 | ) | | | 3,361,135 | | | | (4,686,956 | ) | | | 499,258,463 | |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 604,175,762 | | | $ | 48,302,088 | | | $ | 25,107,633 | | | $ | 2,002,371,338 | |
| | | | | | | | | | | | | | | | |
| | | | |
Number of Common Shares outstanding | | | 21,750,001 | | | | 1,600,001 | | | | 1,050,001 | | | | 62,750,001 | |
| | | | | | | | | | | | | | | | |
Net Asset Value | | $ | 27.78 | | | $ | 30.19 | | | $ | 23.91 | | | $ | 31.91 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment in non-affiliated securities at cost | | $ | 629,778,357 | | | $ | 42,211,285 | | | $ | 25,747,090 | | | $ | 1,651,469,309 | |
| | | | | | | | | | | | | | | | |
Value of securities loaned | | $ | 1,379,004 | | | $ | 96,283 | | | $ | 46,312 | | | $ | 551,889 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | — | | | $ | 15,377 | | | $ | 32,554 | | | $ | 3,285,510 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government & Agency Securities Portfolio at cost* | | $ | 1,498,996 | | | $ | 99,674 | | | $ | 49,042 | | | $ | 569,800 | |
| | | | | | | | | | | | | | | | |
Foreign currency at cost | | $ | 2,567,622 | | | $ | 36,865 | | | $ | 14,344 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| * | Represents collateral on securities loaned. |
| | | | |
| See Notes to Financial Statements. | | 58 | | |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | | | | | |
| | | Xtrackers MSCI
USA ESG Leaders
Equity ETF | | | Xtrackers Net Zero
Pathway Paris
Aligned US Equity
ETF | | | Xtrackers RREEF
Global Natural
Resources ETF | |
Assets | | | | | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 1,052,091,107 | | | $ | 177,904,158 | | | $ | 9,834,352 | |
Investment in affiliated securities at value | | | — | | | | 108,621 | | | | — | |
Investment in DWS Government Money Market Series | | | 2,185,111 | | | | 267,018 | | | | 138,884 | |
Investment in DWS Government & Agency Securities Portfolio* | | | 307,803 | | | | 388,400 | | | | — | |
Foreign currency at value | | | — | | | | — | | | | 30,695 | |
Deposit with broker for futures contracts | | | 174,055 | | | | 18,436 | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 3,716,157 | | | | — | | | | 32,814 | |
Capital shares | | | — | | | | — | | | | 17,339 | |
Variation margin on futures contracts | | | — | | | | 1,866 | | | | — | |
Dividends | | | 1,373,818 | | | | 183,920 | | | | 4,821 | |
Interest | | | 8,120 | | | | 1,166 | | | | 382 | |
Affiliated securities lending income | | | 2,932 | | | | 1,909 | | | | — | |
Foreign tax reclaim | | | 1,253 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total assets | | $ | 1,059,860,356 | | | $ | 178,875,494 | | | $ | 10,059,287 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Payable upon return of securities loaned | | $ | 307,803 | | | $ | 388,400 | | | $ | — | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 2,924,303 | | | | 4,239 | | | | 65,639 | |
Investment advisory fees | | | 73,774 | | | | 13,914 | | | | 176 | |
Variation margin on futures contracts | | | 21,726 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total liabilities | | | 3,327,606 | | | | 406,553 | | | | 65,815 | |
| | | | | | | | | | | | |
Net Assets, at value | | $ | 1,056,532,750 | | | $ | 178,468,941 | | | $ | 9,993,472 | |
| | | | | | | | | | | | |
| | | |
Net Assets Consist of | | | | | | | | | | | | |
Paid-in capital | | $ | 889,703,694 | | | $ | 140,136,007 | | | $ | 10,013,980 | |
Distributable earnings (loss) | | | 166,829,056 | | | | 38,332,934 | | | | (20,508 | ) |
| | | | | | | | | | | | |
Net Assets, at value | | $ | 1,056,532,750 | | | $ | 178,468,941 | | | $ | 9,993,472 | |
| | | | | | | | | | | | |
| | | |
Number of Common Shares outstanding | | | 22,150,001 | | | | 5,400,001 | | | | 400,001 | |
| | | | | | | | | | | | |
Net Asset Value | | $ | 47.70 | | | $ | 33.05 | | | $ | 24.98 | |
| | | | | | | | | | | | |
Investment in non-affiliated securities at cost | | $ | 883,272,277 | | | $ | 142,206,246 | | | $ | 9,859,617 | |
| | | | | | | | | | | | |
Investment in affiliated securities at cost | | $ | — | | | $ | 101,335 | | | $ | — | |
| | | | | | | | | | | | |
Value of securities loaned | | $ | 296,015 | | | $ | 382,806 | | | $ | — | |
| | | | | | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | 2,185,111 | | | $ | 267,018 | | | $ | 138,884 | |
| | | | | | | | | | | | |
Investment in DWS Government & Agency Securities Portfolio at cost* | | $ | 307,803 | | | $ | 388,400 | | | $ | — | |
| | | | | | | | | | | | |
Foreign currency at cost | | $ | — | | | $ | — | | | $ | 30,676 | |
| | | | | | | | | | | | |
| * | Represents collateral on securities loaned. |
| | | | |
| See Notes to Financial Statements. | | 59 | | |
DBX ETF Trust
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers
Emerging Markets
Carbon Reduction
and Climate
Improvers ETF | | | Xtrackers MSCI
EAFE ESG
Leaders Equity
ETF | | | Xtrackers MSCI
Emerging Markets
ESG Leaders
Equity ETF | | | Xtrackers MSCI
USA Climate
Action Equity ETF | |
Investment Income | | | | | | | | | | | | | | | | |
Unaffiliated dividend income* | | $ | 4,352,167 | | | $ | 358,190 | | | $ | 188,284 | | | $ | 16,176,213 | |
Affiliated dividend income | | | — | | | | — | | | | 400 | | | | — | |
Income distributions from affiliated funds | | | 108,404 | | | | 763 | | | | 1,011 | | | | 92,937 | |
Affiliated securities lending income | | | 5,670 | | | | 370 | | | | 3 | | | | 4,712 | |
Affiliated other income (see note 6) | | | 10,148 | | | | — | | | | — | | | | — | |
Unaffiliated securities lending income, net of borrower rebates | | | — | | | | — | | | | — | | | | 6,000 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 4,476,389 | | | | 359,323 | | | | 189,698 | | | | 16,279,862 | |
| | | | | | | | | | | | | | | | |
| | | | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 472,149 | | | | 31,047 | | | | 24,329 | | | | 739,273 | |
Other expenses | | | 58 | | | | 58 | | | | 58 | | | | 30 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 472,207 | | | | 31,105 | | | | 24,387 | | | | 739,303 | |
| | | | | | | | | | | | | | | | |
Less fees waived (see note 3): | | | | | | | | | | | | | | | | |
Waiver | | | (1,844 | ) | | | (18 | ) | | | (31 | ) | | | (1,842 | ) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 470,363 | | | | 31,087 | | | | 24,356 | | | | 737,461 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 4,006,026 | | | | 328,236 | | | | 165,342 | | | | 15,542,401 | |
| | | | | | | | | | | | | | | | |
| | | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments** | | | (34,898,085 | ) | | | (138,757 | ) | | | (444,036 | ) | | | (11,783,082 | ) |
Investments in affiliates | | | — | | | | — | | | | 468 | | | | — | |
In-kind redemptions | | | 4,755,980 | | | | — | | | | — | | | | 162,690,143 | |
Futures contracts | | | 158,477 | | | | 10,282 | | | | (199 | ) | | | 377,697 | |
Foreign currency transactions | | | (415,997 | ) | | | 2,546 | | | | (26,907 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | (30,399,625 | ) | | | (125,929 | ) | | | (470,674 | ) | | | 151,284,758 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
Investments*** | | | 60,910,601 | | | | 3,996,509 | | | | 894,914 | | | | 121,448,490 | |
Investments in affiliates | | | — | | | | — | | | | (31 | ) | | | — | |
Futures contracts | | | 36,368 | | | | 5,934 | | | | 1,030 | | | | 64,746 | |
Foreign currency translations | | | (5,851 | ) | | | (211 | ) | | | 24,641 | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 60,941,118 | | | | 4,002,232 | | | | 920,554 | | | | 121,513,236 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | | | 30,541,493 | | | | 3,876,303 | | | | 449,880 | | | | 272,797,994 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 34,547,519 | | | $ | 4,204,539 | | | $ | 615,222 | | | $ | 288,340,395 | |
| | | | | | | | | | | | | | | | |
* Unaffiliated foreign tax withheld | | $ | 624,632 | | | $ | 32,041 | | | $ | 29,409 | | | $ | — | |
** Including foreign taxes | | $ | 768,779 | | | $ | — | | | $ | 4,549 | | | $ | — | |
*** Including change in deferred foreign taxes | | $ | 2,017,175 | | | $ | — | | | $ | 75,484 | | | $ | — | |
| | | | |
| See Notes to Financial Statements. | | 60 | | |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | | | | | |
| | | Xtrackers MSCI
USA ESG Leaders
Equity ETF | | | Xtrackers Net Zero
Pathway Paris
Aligned US Equity
ETF | | | Xtrackers RREEF
Global Natural
Resources ETF(1) | |
Investment Income | | | | | | | | | | | | |
Unaffiliated dividend income* | | $ | 8,224,664 | | | $ | 1,148,555 | | | $ | 4,820 | |
Income distributions from affiliated funds | | | 88,004 | | | | 11,026 | | | | 382 | |
Affiliated securities lending income | | | 24,343 | | | | 3,446 | | | | — | |
Affiliated other income (see note 6) | | | 8,669 | | | | — | | | | — | |
Unaffiliated securities lending income, net of borrower rebates | | | — | | | | 1,139 | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 8,345,680 | | | | 1,164,166 | | | | 5,202 | |
| | | | | | | | | | | | |
| | | |
Expenses | | | | | | | | | | | | |
Investment advisory fees | | | 568,533 | | | | 78,003 | | | | 184 | |
Other expenses | | | 58 | | | | 58 | | | | — | |
| | | | | | | | | | | | |
Total expenses | | | 568,591 | | | | 78,061 | | | | 184 | |
| | | | | | | | | | | | |
Less fees waived (see note 3): | | | | | | | | | | | | |
Waiver | | | (58,597 | ) | | | (228 | ) | | | (8 | ) |
| | | | | | | | | | | | |
Net expenses | | | 509,994 | | | | 77,833 | | | | 176 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 7,835,686 | | | | 1,086,333 | | | | 5,026 | |
| | | | | | | | | | | | |
| | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments | | | (2,498,927 | ) | | | (331,179 | ) | | | (193 | ) |
In-kind redemptions | | | 83,683,455 | | | | 3,212,238 | | | | — | |
Futures contracts | | | 328,101 | | | | 52,310 | | | | — | |
Foreign currency transactions | | | — | | | | — | | | | (87 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 81,512,629 | | | | 2,933,369 | | | | (280 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 57,222,483 | | | | 19,287,076 | | | | (25,265 | ) |
Investments in affiliates | | | — | | | | 7,286 | | | | — | |
Futures contracts | | | 55,578 | | | | 15,007 | | | | — | |
Foreign currency translations | | | — | | | | — | | | | 11 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 57,278,061 | | | | 19,309,369 | | | | (25,254 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | | | 138,790,690 | | | | 22,242,738 | | | | (25,534 | ) |
| | | | | | | | | | | | |
| | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 146,626,376 | | | $ | 23,329,071 | | | $ | (20,508 | ) |
| | | | | | | | | | | | |
* Unaffiliated foreign tax withheld | | $ | 3,119 | | | $ | — | | | $ | 569 | |
| (1) | For the period February 27, 2024 (commencement of operations) through February 29, 2024. |
| | | | |
| See Notes to Financial Statements. | | 61 | | |
DBX ETF Trust
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Xtrackers Emerging Markets Carbon
Reduction and Climate Improvers
ETF | | | Xtrackers MSCI EAFE ESG Leaders
Equity ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 4,006,026 | | | $ | 11,115,481 | | | $ | 328,236 | | | $ | 1,044,986 | |
Net realized gain (loss) | | | (30,399,625 | ) | | | (18,487,055 | ) | | | (125,929 | ) | | | (735,306 | ) |
Net change in net unrealized appreciation (depreciation) | | | 60,941,118 | | | | 17,309,303 | | | | 4,002,232 | | | | 5,026,694 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 34,547,519 | | | | 9,937,729 | | | | 4,204,539 | | | | 5,336,374 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (8,720,560 | ) | | | (12,833,632 | ) | | | (417,296 | ) | | | (957,399 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 326,530,249 | | | | 2,359,527 | | | | 1,331,290 | | | | 13,833,465 | |
Value of shares redeemed | | | (240,426,282 | ) | | | — | | | | — | | | | (4,135,077 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | 86,103,967 | | | | 2,359,527 | | | | 1,331,290 | | | | 9,698,388 | |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 111,930,926 | | | | (536,376 | ) | | | 5,118,533 | | | | 14,077,363 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 492,244,836 | | | | 492,781,212 | | | | 43,183,555 | | | | 29,106,192 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 604,175,762 | | | $ | 492,244,836 | | | $ | 48,302,088 | | | $ | 43,183,555 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 18,400,001 | | | | 18,300,001 | | | | 1,550,001 | | | | 1,200,001 | |
Shares sold | | | 12,100,000 | | | | 100,000 | | | | 50,000 | | | | 500,000 | |
Shares redeemed | | | (8,750,000 | ) | | | — | | | | — | | | | (150,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 21,750,001 | | | | 18,400,001 | | | | 1,600,001 | | | | 1,550,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 62 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | | | | | |
| | | Xtrackers MSCI Emerging Markets
ESG Leaders Equity ETF | | | Xtrackers MSCI USA Climate Action
Equity ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | For the Period
April 4, 2023(1) to
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 165,342 | | | $ | 539,869 | | | $ | 15,542,401 | | | $ | 13,732,996 | |
Net realized gain (loss) | | | (470,674 | ) | | | (1,939,343 | ) | | | 151,284,758 | | | | 24,723,533 | |
Net change in net unrealized appreciation (depreciation) | | | 920,554 | | | | 1,411,821 | | | | 121,513,236 | | | | 223,498,580 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 615,222 | | | | 12,347 | | | | 288,340,395 | | | | 261,955,109 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (494,593 | ) | | | (495,191 | ) | | | (20,927,635 | ) | | | (6,700,040 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | 4,573,005 | | | | 367,790,930 | | | | 2,206,770,268 | |
Value of shares redeemed | | | — | | | | (2,277,610 | ) | | | (907,956,805 | ) | | | (186,900,909 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | — | | | | 2,295,395 | | | | (540,165,875 | ) | | | 2,019,869,359 | |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 120,629 | | | | 1,812,551 | | | | (272,753,115 | ) | | | 2,275,124,428 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 24,987,004 | | | | 23,174,453 | | | | 2,275,124,453 | | | | 25 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 25,107,633 | | | $ | 24,987,004 | | | $ | 2,002,371,338 | | | $ | 2,275,124,453 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1,050,001 | | | | 950,001 | | | | 81,100,001 | | | | 1 | |
Shares sold | | | — | | | | 200,000 | | | | 12,800,000 | | | | 88,350,000 | |
Shares redeemed | | | — | | | | (100,000 | ) | | | (31,150,000 | ) | | | (7,250,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 1,050,001 | | | | 1,050,001 | | | | 62,750,001 | | | | 81,100,001 | |
| | | | | | | | | | | | | | | | |
| (1) | Commencement of Operations. |
| | | | |
| See Notes to Financial Statements. | | 63 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | | | | | |
| | | Xtrackers MSCI USA ESG Leaders
Equity ETF | | | Xtrackers Net Zero Pathway Paris
Aligned US Equity ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,835,686 | | | $ | 36,167,624 | | | $ | 1,086,333 | | | $ | 1,476,161 | |
Net realized gain (loss) | | | 81,512,629 | | | | 502,735,282 | | | | 2,933,369 | | | | 1,416,539 | |
Net change in net unrealized appreciation (depreciation) | | | 57,278,061 | | | | (225,613,355 | ) | | | 19,309,369 | | | | 14,860,113 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 146,626,376 | | | | 313,289,551 | | | | 23,329,071 | | | | 17,752,813 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (9,442,729 | ) | | | (41,345,101 | ) | | | (1,135,554 | ) | | | (1,268,208 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 63,685,161 | | | | 240,179,457 | | | | 16,494,603 | | | | 64,054,316 | |
Value of shares redeemed | | | (427,228,149 | ) | | | (2,288,923,620 | ) | | | (8,115,143 | ) | | | (8,280,393 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | (363,542,988 | ) | | | (2,048,744,163 | ) | | | 8,379,460 | | | | 55,773,923 | |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | (226,359,341 | ) | | | (1,776,799,713 | ) | | | 30,572,977 | | | | 72,258,528 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 1,282,892,091 | | | | 3,059,691,804 | | | | 147,895,964 | | | | 75,637,436 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,056,532,750 | | | $ | 1,282,892,091 | | | $ | 178,468,941 | | | $ | 147,895,964 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 30,650,001 | | | | 85,300,001 | | | | 5,100,001 | | | | 3,000,001 | |
Shares sold | | | 1,500,000 | | | | 6,650,000 | | | | 550,000 | | | | 2,400,000 | |
Shares redeemed | | | (10,000,000 | ) | | | (61,300,000 | ) | | | (250,000 | ) | | | (300,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 22,150,001 | | | | 30,650,001 | | | | 5,400,001 | | | | 5,100,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 64 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | |
| | | Xtrackers RREEF
Global Natural
Resources ETF | |
| | | For the Period
February 27, 2024(1) to
February 29, 2024
(Unaudited) | |
Increase (Decrease) in Net Assets from Operations | | | | |
Net investment income (loss) | | $ | 5,026 | |
Net realized gain (loss) | | | (280 | ) |
Net change in net unrealized appreciation (depreciation) | | | (25,254 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | (20,508 | ) |
| | | | |
| |
Fund Shares Transactions | | | | |
Proceeds from shares sold | | | 10,013,955 | |
Value of shares redeemed | | | — | |
| | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | 10,013,955 | |
| | | | |
Total net increase (decrease) in Net Assets | | | 9,993,447 | |
| |
Net Assets | | | | |
Beginning of period | | | 25 | |
| | | | |
End of period | | $ | 9,993,472 | |
| | | | |
| |
Changes in Shares Outstanding | | | | |
Shares outstanding, beginning of period | | | 1 | |
Shares sold | | | 400,000 | |
Shares redeemed | | | — | |
| | | | |
Shares outstanding, end of period | | | 400,001 | |
| | | | |
| (1) | Commencement of Operations. |
| | | | |
| See Notes to Financial Statements. | | 65 | | |
DBX ETF Trust
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers Emerging Markets Carbon Reduction and
Climate Improvers ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | | | Period Ended
8/31/2019(a) | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | |
Net Asset Value, beginning of period | | $ | 26.75 | | | $ | 26.93 | | | $ | 34.69 | | | $ | 27.90 | | | $ | 25.42 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.17 | | | | 0.60 | | | | 0.70 | | | | 0.57 | | | | 0.68 | | | | 0.60 | |
Net realized and unrealized gain (loss) | | | 1.15 | | | | (0.08 | ) | | | (7.88 | ) | | | 6.86 | | | | 2.53 | | | | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.32 | | | | 0.52 | | | | (7.18 | ) | | | 7.43 | | | | 3.21 | | | | 0.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.29 | ) | | | (0.70 | ) | | | (0.58 | ) | | | (0.64 | ) | | | (0.73 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.29 | ) | | | (0.70 | ) | | | (0.58 | ) | | | (0.64 | ) | | | (0.73 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 27.78 | | | $ | 26.75 | | | $ | 26.93 | | | $ | 34.69 | | | $ | 27.90 | | | $ | 25.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 4.95 | ** | | | 2.01 | | | | (20.81 | ) | | | 26.80 | | | | 12.74 | | | | 3.44 | ** |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 604 | | | | 492 | | | | 493 | | | | 496 | | | | 8 | | | | 8 | |
Ratio of expenses before fee waiver (%) | | | 0.15 | * | | | 0.15 | | | | 0.15 | | | | 0.16 | | | | 0.16 | | | | 0.16 | * |
Ratio of expenses after fee waiver (%) | | | 0.15 | * | | | 0.15 | | | | 0.15 | | | | 0.16 | | | | 0.16 | | | | 0.16 | * |
Ratio of net investment income (loss) (%) | | | 1.27 | * | | | 2.30 | | | | 2.30 | | | | 1.97 | | | | 2.61 | | | | 3.17 | * |
Portfolio turnover rate (%)(d) | | | 37 | ** | | | 16 | | | | 33 | | | | 17 | | | | 13 | | | | 10 | ** |
| | | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | | | Period Ended
8/31/2019(e) | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | |
Net Asset Value, beginning of period | | $ | 27.86 | | | $ | 24.26 | | | $ | 31.79 | | | $ | 25.96 | | | $ | 24.10 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.21 | | | | 0.78 | | | | 0.85 | | | | 0.72 | | | | 0.59 | | | | 0.78 | |
Net realized and unrealized gain (loss) | | | 2.38 | | | | 3.51 | | | | (7.57 | ) | | | 5.80 | | | | 1.83 | | | | (1.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.59 | | | | 4.29 | | | | (6.72 | ) | | | 6.52 | | | | 2.42 | | | | (0.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.26 | ) | | | (0.69 | ) | | | (0.81 | ) | | | (0.69 | ) | | | (0.56 | ) | | | (0.66 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.26 | ) | | | (0.69 | ) | | | (0.81 | ) | | | (0.69 | ) | | | (0.56 | ) | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 30.19 | | | $ | 27.86 | | | $ | 24.26 | | | $ | 31.79 | | | $ | 25.96 | | | $ | 24.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 9.33 | ** | | | 17.79 | | | | (21.40 | ) | | | 25.28 | | | | 10.12 | | | | (0.91 | )** |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 48 | | | | 43 | | | | 29 | | | | 19 | | | | 12 | | | | 7 | |
Ratio of expenses before fee waiver (%) | | | 0.14 | * | | | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.14 | * |
Ratio of expenses after fee waiver (%) | | | 0.14 | * | | | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.14 | * |
Ratio of net investment income (loss) (%) | | | 1.48 | * | | | 2.92 | | | | 3.04 | | | | 2.45 | | | | 2.39 | | | | 3.25 | * |
Portfolio turnover rate (%)(d) | | | 3 | ** | | | 25 | | | | 22 | | | | 22 | | | | 16 | | | | 10 | ** |
| (a) | For the period December 6, 2018 (commencement of operations) through August 31, 2019. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | For the period September 6, 2018 (commencement of operations) through August 31, 2019. |
| | | | |
| See Notes to Financial Statements. | | 66 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers MSCI Emerging Markets ESG Leaders
Equity ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | | | Period Ended
8/31/2019(a) | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | |
Net Asset Value, beginning of period | | $ | 23.80 | | | $ | 24.39 | | | $ | 33.60 | | | $ | 28.57 | | | $ | 24.70 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.16 | | | | 0.53 | | | | 0.64 | | | | 0.49 | | | | 0.86 | | | | 0.50 | |
Net realized and unrealized gain (loss) | | | 0.42 | | | | (0.65 | ) | | | (9.14 | ) | | | 4.77 | | | | 4.07 | | | | (0.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.58 | | | | (0.12 | ) | | | (8.50 | ) | | | 5.26 | | | | 4.93 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.47 | ) | | | (0.47 | ) | | | (0.71 | ) | | | (0.23 | ) | | | (1.06 | ) | | | (0.27 | ) |
Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.00 | )(c) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.47 | ) | | | (0.47 | ) | | | (0.71 | ) | | | (0.23 | ) | | | (1.06 | ) | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 23.91 | | | $ | 23.80 | | | $ | 24.39 | | | $ | 33.60 | | | $ | 28.57 | | | $ | 24.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(d) | | | 2.51 | ** | | | (0.51 | ) | | | (25.55 | ) | | | 18.43 | | | | 20.32 | | | | (0.17 | )** |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 25 | | | | 25 | | | | 23 | | | | 25 | | | | 9 | | | | 7 | |
Ratio of expenses before fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | * |
Ratio of expenses after fee waiver (%) | | | 0.20 | * | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | * |
Ratio of net investment income (loss) (%) | | | 1.36 | * | | | 2.21 | | | | 2.22 | | | | 1.48 | | | | 3.38 | | | | 2.68 | * |
Portfolio turnover rate (%)(e) | | | 3 | ** | | | 23 | | | | 24 | | | | 26 | | | | 17 | | | | 16 | ** |
| | | | | | |
Xtrackers MSCI USA Climate Action Equity ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Period Ended
8/31/2023(f) | | | | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 28.05 | | | $ | 25.00 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.21 | | | | 0.17 | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 3.91 | | | | 2.96 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.12 | | | | 3.13 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.22 | ) | | | (0.08 | ) | | | | | | | | | | | | | | | | |
Net realized gains | | | (0.04 | ) | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.26 | ) | | | (0.08 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 31.91 | | | $ | 28.05 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(d) | | | 14.78 | ** | | | 12.55 | ** | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 2,002 | | | | 2,275 | | | | | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%) | | | 0.07 | * | | | 0.07 | * | | | | | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%) | | | 0.07 | * | | | 0.07 | * | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 1.47 | * | | | 1.57 | * | | | | | | | | | | | | | | | | |
Portfolio turnover rate (%)(e) | | | 16 | ** | | | 7 | ** | | | | | | | | | | | | | | | | |
| (a) | For the period December 6, 2018 (commencement of operations) through August 31, 2019. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Amount represents less than $0.005. |
| (d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (f) | For the period April 4, 2023 (commencement of operations) through August 31, 2023. |
| | | | |
| See Notes to Financial Statements. | | 67 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers MSCI USA ESG Leaders Equity ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | | | Period Ended
8/31/2019(a) | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | |
Net Asset Value, beginning of period | | $ | 41.86 | | | $ | 35.87 | | | $ | 41.89 | | | $ | 31.84 | | | $ | 26.69 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.29 | | | | 0.57 | | | | 0.53 | | | | 0.50 | | | | 0.51 | | | | 0.24 | |
Net realized and unrealized gain (loss) | | | 5.92 | | | | 6.04 | | | | (6.04 | ) | | | 10.05 | | | | 5.10 | | | | 1.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.21 | | | | 6.61 | | | | (5.51 | ) | | | 10.55 | | | | 5.61 | | | | 1.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.37 | ) | | | (0.62 | ) | | | (0.51 | ) | | | (0.50 | ) | | | (0.46 | ) | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.37 | ) | | | (0.62 | ) | | | (0.51 | ) | | | (0.50 | ) | | | (0.46 | ) | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 47.70 | | | $ | 41.86 | | | $ | 35.87 | | | $ | 41.89 | | | $ | 31.84 | | | $ | 26.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 14.96 | ** | | | 18.68 | | | | (13.29 | ) | | | 33.48 | | | | 21.42 | | | | 7.23 | ** |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 1,057 | | | | 1,283 | | | | 3,060 | | | | 3,889 | | | | 2,666 | | | | 1,341 | |
Ratio of expenses before fee waiver (%) | | | 0.10 | * | | | 0.10 | | | | 0.10 | | | | 0.10 | | | | 0.10 | | | | 0.10 | * |
Ratio of expenses after fee waiver (%) | | | 0.09 | * | | | 0.09 | | | | 0.09 | | | | 0.09 | | | | 0.09 | | | | 0.10 | * |
Ratio of net investment income (loss) (%) | | | 1.38 | * | | | 1.56 | | | | 1.32 | | | | 1.39 | | | | 1.83 | | | | 1.89 | * |
Portfolio turnover rate (%)(d) | | | 1 | ** | | | 6 | | | | 6 | | | | 12 | | | | 9 | | | | 5 | ** |
| | | | | | |
Xtrackers Net Zero Pathway Paris Aligned
US Equity ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Year Ended
8/31/2023 | | | Period Ended
8/31/2022(e) | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 29.00 | | | $ | 25.21 | | | $ | 25.00 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(b) | | | 0.21 | | | | 0.39 | | | | 0.07 | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 4.06 | | | | 3.74 | | | | 0.14 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.27 | | | | 4.13 | | | | 0.21 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.22 | ) | | | (0.34 | ) | | | — | | | | | | | | | | | | | |
Net realized gains | | | — | | | | (0.00 | )(f) | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.22 | ) | | | (0.34 | ) | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 33.05 | | | $ | 29.00 | | | $ | 25.21 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%)(c) | | | 14.80 | ** | | | 16.60 | | | | 0.84 | ** | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 178 | | | | 148 | | | | 76 | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%) | | | 0.10 | * | | | 0.10 | | | | 0.10 | * | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%) | | | 0.10 | * | | | 0.10 | | | | 0.10 | * | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 1.39 | * | | | 1.49 | | | | 1.50 | * | | | | | | | | | | | | |
Portfolio turnover rate (%)(d) | | | 5 | ** | | | 8 | | | | 11 | ** | | | | | | | | | | | | |
| (a) | For the period March 7, 2019 (commencement of operations) through August 31, 2019. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | For the period June 28, 2022 (commencement of operations) through August 31, 2022. |
| (f) | Amount represents less than $0.005. |
| | | | |
| See Notes to Financial Statements. | | 68 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | |
Xtrackers RREEF Global Natural Resources ETF
Selected Per Share Data | | Period Ended
2/29/2024(a)
(Unaudited) | |
Net Asset Value, beginning of period | | $ | 25.00 | |
| | | | |
Income (loss) from investment operations: | | | | |
Net investment income (loss)(b) | | | 0.02 | |
Net realized and unrealized gain (loss) | | | (0.04 | ) |
| | | | |
Total from investment operations | | | (0.02 | ) |
| | | | |
Net Asset Value, end of period | | $ | 24.98 | |
| | | | |
Total Return (%)(c) | | | (0.07 | )** |
| |
Ratios to Average Net Assets and Supplemental Data | | | | |
Net Assets, end of period ($ millions) | | | 10 | |
Ratio of expenses before fee waiver (%) | | | 0.45 | * |
Ratio of expenses after fee waiver (%) | | | 0.43 | * |
Ratio of net investment income (loss) (%) | | | 0.10 | ** |
Portfolio turnover rate (%)(d) | | | 1 | ** |
| (a) | For the period February 27, 2024 (commencement of operations) through February 29, 2024. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| | | | |
| See Notes to Financial Statements. | | 69 | | |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
|
| Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF |
| Xtrackers MSCI EAFE ESG Leaders Equity ETF |
| Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| Xtrackers MSCI USA Climate Action Equity ETF |
| Xtrackers MSCI USA ESG Leaders Equity ETF |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF Xtrackers RREEF Global Natural Resources ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), except Xtrackers RREEF Global Natural Resources ETF which offers shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares except for Xtrackers RREEF Global Natural Resources ETF which lots consists of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each of the following Funds is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| | |
Fund | | Underlying Index |
| Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR |
| Xtrackers MSCI EAFE ESG Leaders Equity ETF | | MSCI EAFE ESG Leaders Index |
| Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | MSCI Emerging Markets ESG Leaders Index |
| Xtrackers MSCI USA Climate Action Equity ETF | | MSCI USA Climate Action Index |
| Xtrackers MSCI USA ESG Leaders Equity ETF | | MSCI USA ESG Leaders Index |
| Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | Solactive ISS ESG United States Net Zero Pathway Enhanced Index |
The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”) is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
70
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
The MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
The MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between its respective index provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers RREEF Global Resources ETF “NRES” seeks total return from both capital appreciation and current income. NRES is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, NRES invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported
71
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| | | | | | | | | | | | |
| | | Short-Term | | | Long-Term | | | Total Amount | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 36,954,462 | | | $ | 17,646,907 | | | $ | 54,601,369 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 564,063 | | | | 1,075,552 | | | | 1,639,615 | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 883,141 | | | | 1,690,761 | | | | 2,573,902 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 16,442,851 | | | | 48,838,132 | | | | 65,280,983 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 327,541 | | | | 145,797 | | | | 473,338 | |
73
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Tax Cost | | | Net
Unrealized
Appreciation
(Depreciation) | | | Aggregate
Gross Unrealized
Appreciation | | | Aggregate
Gross Unrealized
(Depreciation) | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 585,327,607 | | | $ | (94,253,323 | ) | | $ | 30,786,427 | | | $ | (125,039,750 | ) |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 41,969,941 | | | | 1,022,418 | | | | 3,464,406 | | | | (2,441,988 | ) |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 27,678,329 | | | | (2,528,641 | ) | | | 1,978,563 | | | | (4,507,204 | ) |
Xtrackers MSCI USA Climate Action Equity ETF | | | 2,050,985,369 | | | | 222,033,739 | | | | 273,621,602 | | | | (51,587,863 | ) |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 1,189,746,928 | | | | 91,391,193 | | | | 172,814,725 | | | | (81,423,532 | ) |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 131,638,257 | | | | 16,196,671 | | | | 20,425,088 | | | | (4,228,417 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations he books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| | | | | | | | | | | | | | | | | | | | |
Remaining Contractual Maturity of the Agreements, as of February 29, 2024 | |
| | | | | |
| Securities Lending Transactions | | Overnight and
Continuous | | | <30 Days | | | Between
30 & 90
days | | | >90 days | | | Total | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | | | | | | | | | | | | |
Common Stocks | | $ | 1,498,996 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,498,996 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 1,498,996 | |
| | | | | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 52,424 | | | $ | — | | | $ | — | | | $ | — | | | $ | 52,424 | |
Exchange-Traded Funds | | | 47,250 | | | | — | | | | — | | | | — | | | | 47,250 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Borrowings | | $ | 99,674 | | | $ | — | | | $ | — | | | $ | — | | | $ | 99,674 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 99,674 | |
| | | | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 49,042 | | | $ | — | | | $ | — | | | $ | — | | | $ | 49,042 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 49,042 | |
| | | | | |
Xtrackers MSCI USA Climate Action Equity ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 569,800 | | | $ | — | | | $ | — | | | $ | — | | | $ | 569,800 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 569,800 | |
| | | | | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 307,803 | | | $ | — | | | $ | — | | | $ | — | | | $ | 307,803 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 307,803 | |
| | | | | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 157,366 | | | $ | — | | | $ | — | | | $ | — | | | $ | 157,366 | |
Exchange-Traded Funds | | | 231,034 | | | | — | | | | — | | | | — | | | | 231,034 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Borrowings | | $ | 388,400 | | | $ | — | | | $ | — | | | $ | — | | | $ | 388,400 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 388,400 | |
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Derivatives
Futures Contracts Each Fund may enter into futures contracts. For each fund, except, Xtrackers RREEF Global Natural Resources ETF, these futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. For Xtrackers RREEF Global Natural Resources ETF these futures will be used for liquidity purposes. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| | | | | | | | | | | | | | |
| | | | | Asset Derivatives | | | Liability Derivatives | |
| Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | — | | | Unrealized depreciation on futures contracts* | | $ | 6,620 | |
| | | |
| Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 7,589 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| | | |
| Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 1,565 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| | | |
| Xtrackers MSCI USA Climate Action Equity ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 207,934 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| | | |
| Xtrackers MSCI USA ESG Leaders Equity ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 167,845 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| | | |
| Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 16,237 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| * | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
76
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| | | | |
Net Realized Gain (Loss) from: | |
| |
| | | Futures Contracts —
Equity Contracts | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 158,477 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 10,282 | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | (199 | ) |
Xtrackers MSCI USA Climate Action Equity ETF | | | 377,697 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 328,101 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 52,310 | |
| | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | |
| |
| | | Futures Contracts —
Equity Contracts | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 36,368 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 5,934 | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 1,030 | |
Xtrackers MSCI USA Climate Action Equity ETF | | | 64,746 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 55,578 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 15,007 | |
For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:
| | | | |
| | | Futures Contracts
(Contract Value) | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 3,712,913 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 184,658 | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 49,089 | |
Xtrackers MSCI USA Climate Action Equity ETF | | | 6,554,303 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 3,770,711 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 461,327 | |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
RREEF America L.L.C. (“RREEF”) an affiliate of the Advisor serves as the Sub-Advisor to the Xtrackers RREEF Global Natural Resources ETF. The Sub-Advisor is responsible for day-to-day management of the Fund, subject to supervision of the Advisor.
77
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| | | | |
| | | Unitary
Advisory
Fee | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | | 0.15 | % |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 0.14 | % |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 0.20 | % |
Xtrackers MSCI USA Climate Action Equity ETF | | | 0.07 | % |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 0.10 | % |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 0.10 | % |
Xtrackers RREEF Global Natural Resources ETF | | | 0.45 | % |
The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 29, 2024, the Advisor waived $56,853 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:
| | | | |
| | | Expenses
Waived | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 1,844 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 18 | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 31 | |
Xtrackers MSCI USA Climate Action Equity ETF | | | 1,842 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 1,744 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 228 | |
Xtrackers RREEF Global Natural Resources ETF | | | 8 | |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
Affiliated Securities Lending Agent Fees Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:
| | | | |
| | | Securities
Lending
Agent Fees | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 480 | |
Xtrackers Emerging Markets ESG Leaders Equity ETF | | | — | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 1,937 | |
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 332,011,150 | | | $ | 229,021,880 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 1,283,833 | | | | 1,253,302 | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | 827,670 | | | | 1,158,524 | |
Xtrackers MSCI USA Climate Action Equity ETF | | | 340,185,858 | | | | 345,899,411 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 12,699,015 | | | | 12,357,079 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 8,234,169 | | | | 8,157,213 | |
Xtrackers RREEF Global Natural Resources ETF | | | 2,512,544 | | | | 32,654 | |
For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 55,195,999 | | | $ | 77,243,657 | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | | | 1,295,474 | | | | — | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | | | — | | | | — | |
Xtrackers MSCI USA Climate Action Equity ETF | | | 367,792,421 | | | | 904,382,344 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 63,616,293 | | | | 427,114,037 | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | | | 16,487,652 | | | | 8,150,476 | |
Xtrackers RREEF Global Natural Resources ETF | | | 7,379,920 | | | | — | |
5. Fund Share Transactions
As of February 29, 2024, here were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index or portfolio and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)
The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.
| | | | |
| DBX Advisors LLC | | Amounts | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 6,765 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 5,779 | |
| |
Deutsche Bank AG | | Amounts | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | | $ | 3,383 | |
Xtrackers MSCI USA ESG Leaders Equity ETF | | | 2,890 | |
7. Investing in Emerging Markets
Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments.
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Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at February 29, 2024.
9. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2024, there was one affiliated shareholder account for the fund listed below holding a significant percentage of the shares outstanding:
| | | | |
| | | Approximate Percent of
Outstanding Shares Held | |
Xtrackers RREEF Global Natural Resources ETF | | | 99 | % |
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Other Information (Unaudited)
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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Liquidity Risk Management (Unaudited)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in January 2023. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-RN was required. Also, because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and
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has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
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Board Considerations in Approval of Investment Advisory
Contracts (Unaudited)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.
The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the
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Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
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Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
Xtrackers RREEF Global Natural Resources ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on November 14, 2023 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with DBX Advisors LLC (“DBX” or the “Advisor”) and the Investment Sub-Advisory Agreement between DBX and RREEF America L.L.C. (“RREEF” or the “Sub-Advisor”) with respect to Xtrackers RREEF Global Natural Resources ETF (the “Fund”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching its decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the anticipated profits to be realized by the Advisor from its relationship with the Fund; (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.
In reaching its decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the performance of RREEF with respect to its management of other funds, as well as RREEF’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by RREEF from its relationship with the Fund; and (4) the extent to which economies of scale would be realized, and if the Fund’s’ shareholders would benefit from those economies.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
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The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly together with the Sub-Advisor, the Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising investment sub-advisors for certain of its currently managed funds and third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently managed funds (which would also cover the Fund).
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.
Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the
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profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.
Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisor’s can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that RREEF would provide to the Fund, the Board reviewed in detail the nature, extent and quality of services to be provided by RREEF under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Advisor. The Board considered that these services include, among other things, furnishing a continuous target allocation representing RREEF’s recommendations as to the securities to be purchased, sold or retained by the Fund, which RREEF continually reviews and adjusts as necessary on an ongoing daily basis.
The Board also considered RREEF’s operational capabilities and resources, and its experience in serving as an investment sub-advisor to funds with similar strategies. The Board considered the professional experience, qualifications and performance of RREEF’s senior management and key professional personnel, as well as RREEF’s depth and breadth of experience in managing investment portfolios with similar strategies and their techniques for implementing such strategies. In addition, the Board considered RREEF’s operational capabilities and resources.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by RREEF under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to RREEF.
RREEF’s Financial Resources. The Board considered RREEF’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that RREEF has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board considered that the fee to be paid to RREEF in respect of the Fund would be paid by the Advisor and not the Fund. Based on its review, the Board concluded that the fees agreed upon with RREEF are reasonable in light of the nature and quality of investment advisory services rendered for the Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Fund, the fact that the sub-advisory fee is paid by the Advisor and not the Fund, and fees paid by comparable funds to advisors.
Costs of Services and Profitability. The Board considered the anticipated expenses of RREEF in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Sub-Advisor at this time. The Board considered whether RREEF would benefit in other ways from its
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relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the RREEF related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Sub-Advisor until a new fund achieves scale.
Economies of Scale. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisor’s can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
89
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e.,at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
90
DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on a fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. EMSG, USCA, USNZ and NRES are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. There are special risks associated with natural resources investments, this means that the fund is more vulnerable to the price movements that particularly affect one or more of the various industries and sub-industries within the natural resources sector. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Nasdaq Stock Market, as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| | | | |
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 Sub-Advisor RREEF America L.L.C. 222 S. Riverside Plaza Chicago, IL 60606 | | Administrator, custodian,
fund accounting agent &
transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 |
| | |
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 | | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 | | |
R-094866-2 (4/24) DBX005919 (4/25)
February 29, 2024
Semi-Annual Report
DBX ETF Trust
Xtrackers S&P 500 ESG ETF (SNPE)
Xtrackers S&P 500 Growth ESG ETF (SNPG)
Xtrackers S&P 500 Value ESG ETF (SNPV)
Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)
Xtrackers S&P MidCap 400 ESG ETF (MIDE)
Xtrackers S&P SmallCap 600 ESG ETF (SMLE)
DBX ETF Trust
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P 500 ESG ETF (SNPE)
Xtrackers S&P 500 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 S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (42.0% of Net Assets) |
| | | | |
| |
| Description | | % of Net Assets | |
Microsoft Corp. | | | 9.6% | |
Apple, Inc. | | | 8.3% | |
NVIDIA Corp. | | | 6.1% | |
Amazon.com, Inc. | | | 5.0% | |
Alphabet, Inc. | | | 4.8% | |
Eli Lilly & Co. | | | 1.9% | |
Tesla, Inc. | | | 1.8% | |
JPMorgan Chase & Co. | | | 1.7% | |
UnitedHealth Group, Inc. | | | 1.4% | |
Visa, Inc. | | | 1.4% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 32.9% | |
Health Care | | | 12.8% | |
Financials | | | 12.7% | |
Consumer Discretionary | | | 11.9% | |
Communication Services | | | 8.2% | |
Industrials | | | 6.9% | |
Consumer Staples | | | 5.7% | |
Energy | | | 3.3% | |
Real Estate | | | 2.3% | |
Materials | | | 2.1% | |
Utilities | | | 1.2% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P Growth ESG ETF (SNPG)
Xtrackers S&P 500 Growth 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 S&P 500 Growth ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (62.5% of Net Assets) |
| | | | |
| |
| Description | | % of Net Assets | |
NVIDIA Corp. | | | 11.2% | |
Amazon.com, Inc. | | | 9.6% | |
Microsoft Corp. | | | 8.8% | |
Alphabet, Inc. | | | 8.0% | |
Apple, Inc. | | | 7.8% | |
Eli Lilly & Co. | | | 4.8% | |
Tesla, Inc. | | | 4.1% | |
Advanced Micro Devices, Inc. | | | 2.9% | |
Visa, Inc. | | | 2.7% | |
Mastercard, Inc. | | | 2.6% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Information Technology | | | 40.5% | |
Consumer Discretionary | | | 18.0% | |
Health Care | | | 11.2% | |
Communication Services | | | 8.0% | |
Financials | | | 7.9% | |
Consumer Staples | | | 5.0% | |
Industrials | | | 4.6% | |
Energy | | | 2.8% | |
Materials | | | 1.4% | |
Real Estate | | | 0.6% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P Value ESG ETF (SNPV)
Xtrackers S&P 500 Value 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 S&P 500 Value ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (23.7% of Net Assets) |
| | | | |
| |
| Description | | % of Net Assets | |
JPMorgan Chase & Co. | | | 5.2% | |
Walmart, Inc. | | | 2.4% | |
Home Depot, Inc. | | | 2.3% | |
Bank of America Corp. | | | 2.3% | |
Procter & Gamble Co. | | | 2.2% | |
Abbott Laboratories | | | 2.0% | |
Walt Disney Co. | | | 2.0% | |
Cisco Systems, Inc. | | | 1.9% | |
Intel Corp. | | | 1.7% | |
Comcast Corp. | | | 1.7% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Financials | | | 26.4% | |
Health Care | | | 11.4% | |
Consumer Staples | | | 11.3% | |
Industrials | | | 10.6% | |
Consumer Discretionary | | | 8.5% | |
Information Technology | | | 8.3% | |
Communication Services | | | 7.7% | |
Real Estate | | | 5.8% | |
Materials | | | 4.0% | |
Utilities | | | 3.5% | |
Energy | | | 2.5% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)
Xtrackers S&P ESG Dividend Aristocrats 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 S&P ESG High Yield Dividend Aristocrats Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (22.0% of Net Assets) |
| | | | |
| |
| Description | | % of Net Assets | |
Best Buy Co., Inc. | | | 2.4% | |
Realty Income Corp. | | | 2.4% | |
Amcor PLC | | | 2.3% | |
Eversource Energy | | | 2.3% | |
UGI Corp. | | | 2.3% | |
T. Rowe Price Group, Inc. | | | 2.2% | |
Edison International | | | 2.1% | |
International Business Machines Corp. | | | 2.0% | |
Chevron Corp. | | | 2.0% | |
AbbVie, Inc. | | | 2.0% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Consumer Staples | | | 18.3% | |
Industrials | | | 15.5% | |
Materials | | | 12.6% | |
Utilities | | | 11.5% | |
Consumer Discretionary | | | 9.2% | |
Financials | | | 8.4% | |
Health Care | | | 7.6% | |
Information Technology | | | 6.8% | |
Real Estate | | | 6.1% | |
Energy | | | 4.0% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P MidCap 400 ESG ETF (MIDE)
Xtrackers S&P MidCap 400 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 S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (10.1% of Net Assets) |
| | | | |
| |
| Description | | % of Net Assets | |
Deckers Outdoor Corp. | | | 1.4% | |
Carlisle Cos., Inc. | | | 1.1% | |
Manhattan Associates, Inc. | | | 1.0% | |
Saia, Inc. | | | 1.0% | |
Lennox International, Inc. | | | 1.0% | |
Williams-Sonoma, Inc. | | | 1.0% | |
RPM International, Inc. | | | 0.9% | |
EMCOR Group, Inc. | | | 0.9% | |
Lincoln Electric Holdings, Inc. | | | 0.9% | |
iShares ESG Screened S&P Mid-Cap ETF | | | 0.9% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Industrials | | | 23.7% | |
Consumer Discretionary | | | 17.8% | |
Financials | | | 16.5% | |
Health Care | | | 9.7% | |
Information Technology | | | 8.0% | |
Materials | | | 6.8% | |
Real Estate | | | 6.2% | |
Energy | | | 4.3% | |
Consumer Staples | | | 4.0% | |
Communication Services | | | 1.5% | |
Utilities | | | 1.5% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds, 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 21.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P SmallCap 600 ESG ETF (SMLE)
Xtrackers S&P SmallCap 600 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 S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.
|
Ten Largest Equity Holdings
as of February 29, 2024 (9.3% of Net Assets) |
| | | | |
| |
| Description | | % of Net Assets | |
Fabrinet | | | 1.1% | |
Applied Industrial Technologies, Inc. | | | 1.1% | |
Cytokinetics, Inc. | | | 1.0% | |
Ensign Group, Inc. | | | 1.0% | |
SPS Commerce, Inc. | | | 1.0% | |
Abercrombie & Fitch Co. | | | 0.9% | |
Meritage Homes Corp. | | | 0.8% | |
Academy Sports & Outdoors, Inc. | | | 0.8% | |
AAON, Inc. | | | 0.8% | |
SPDR Portfolio S&P 600 Small Cap ETF | | | 0.8% | |
|
| Sector Diversification* as of February 29, 2024 |
| | | | |
Industrials | | | 19.2% | |
Financials | | | 18.2% | |
Consumer Discretionary | | | 16.4% | |
Information Technology | | | 12.3% | |
Health Care | | | 10.1% | |
Real Estate | | | 7.7% | |
Materials | | | 5.4% | |
Energy | | | 4.5% | |
Consumer Staples | | | 3.1% | |
Communication Services | | | 1.6% | |
Utilities | | | 1.5% | |
| | | | |
Total | | | 100.0% | |
* As a percent of total investments excluding exchange-traded funds, 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 25.
6
DBX ETF Trust
Fees and Expenses (Unaudited)
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. 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 period and held for the entire period (September 1, 2023 to February 29, 2024).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2023 | | | Ending
Account Value
February 29, 2024 | | | Annualized
Expense Ratio | | | Expenses Paid
During the Period
Per $1,000(1) | |
| Xtrackers S&P 500 ESG ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,130.40 | | | | 0.10 | % | | $ | 0.53 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.37 | | | | 0.10 | % | | $ | 0.50 | |
| Xtrackers S&P 500 Growth ESG ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,150.10 | | | | 0.15 | % | | $ | 0.80 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.15 | % | | $ | 0.75 | |
| Xtrackers S&P 500 Value ESG ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,121.10 | | | | 0.15 | % | | $ | 0.79 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.15 | % | | $ | 0.75 | |
| Xtrackers S&P ESG Dividend Aristocrats ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,043.10 | | | | 0.15 | % | | $ | 0.76 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.15 | % | | $ | 0.75 | |
| Xtrackers S&P MidCap 400 ESG ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,081.80 | | | | 0.15 | % | | $ | 0.78 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.15 | % | | $ | 0.75 | |
| Xtrackers S&P SmallCap 600 ESG ETF | |
Actual | | $ | 1,000.00 | | | $ | 1,092.30 | | | | 0.15 | % | | $ | 0.78 | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.15 | % | | $ | 0.75 | |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.
7
DBX ETF Trust
Xtrackers S&P 500 ESG ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.7% | | | | | | | | |
| Communication Services — 8.2% | | | | | | |
Alphabet, Inc., Class A* | | | 207,241 | | | $ | 28,694,589 | |
Alphabet, Inc., Class C* | | | 174,367 | | | | 24,373,019 | |
AT&T, Inc. | | | 247,756 | | | | 4,194,509 | |
Charter Communications, Inc., Class A* | | | 3,531 | | | | 1,037,867 | |
Comcast Corp., Class A | | | 140,740 | | | | 6,030,709 | |
Electronic Arts, Inc. | | | 8,606 | | | | 1,200,365 | |
Fox Corp., Class A | | | 9,980 | | | | 297,304 | |
Fox Corp., Class B | | | 4,659 | | | | 127,563 | |
Interpublic Group of Cos., Inc. | | | 14,377 | | | | 451,438 | |
Match Group, Inc.* | | | 9,232 | | | | 332,721 | |
Netflix, Inc.* | | | 15,328 | | | | 9,241,558 | |
News Corp., Class A | | | 13,322 | | | | 358,095 | |
News Corp., Class B | | | 4,108 | | | | 114,983 | |
Omnicom Group, Inc. | | | 7,081 | | | | 625,890 | |
Paramount Global, Class B | | | 16,749 | | | | 184,909 | |
Verizon Communications, Inc. | | | 145,862 | | | | 5,837,397 | |
Walt Disney Co. | | | 63,479 | | | | 7,082,987 | |
Warner Bros Discovery, Inc.* | | | 76,787 | | | | 674,958 | |
| | | | | | | | |
(Cost $90,567,972) | | | | | | | 90,860,861 | |
| | | | | | | | |
| Consumer Discretionary — 11.8% | | | | | | |
Amazon.com, Inc.* | | | 318,018 | | | | 56,212,862 | |
Aptiv PLC* | | | 9,419 | | | | 748,716 | |
Best Buy Co., Inc. | | | 6,755 | | | | 546,344 | |
BorgWarner, Inc. | | | 7,984 | | | | 248,542 | |
Caesars Entertainment, Inc.* | | | 7,797 | | | | 338,936 | |
Darden Restaurants, Inc. | | | 4,257 | | | | 726,713 | |
eBay, Inc. | | | 18,848 | | | | 891,133 | |
Etsy, Inc.* | | | 3,790 | | | | 271,705 | |
Ford Motor Co. | | | 135,733 | | | | 1,688,519 | |
General Motors Co. | | | 48,221 | | | | 1,976,097 | |
Hasbro, Inc. | | | 4,772 | | | | 239,984 | |
Hilton Worldwide Holdings, Inc. | | | 9,243 | | | | 1,888,530 | |
Home Depot, Inc. | | | 35,114 | | | | 13,364,740 | |
Las Vegas Sands Corp. | | | 11,467 | | | | 625,181 | |
Lowe’s Cos., Inc. | | | 20,014 | | | | 4,816,769 | |
Marriott International, Inc., Class A | | | 8,516 | | | | 2,127,893 | |
McDonald’s Corp. | | | 25,488 | | | | 7,449,633 | |
MGM Resorts International* | | | 10,523 | | | | 455,435 | |
Mohawk Industries, Inc.* | | | 2,015 | | | | 239,019 | |
NIKE, Inc., Class B | | | 42,775 | | | | 4,445,606 | |
Norwegian Cruise Line Holdings Ltd.* | | | 13,898 | | | | 269,482 | |
PulteGroup, Inc. | | | 7,750 | | | | 839,945 | |
Ralph Lauren Corp. | | | 1,383 | | | | 257,127 | |
Royal Caribbean Cruises Ltd.* | | | 8,223 | | | | 1,014,307 | |
Starbucks Corp. | | | 39,996 | | | | 3,795,620 | |
Tapestry, Inc. | | | 8,198 | | | | 389,651 | |
Tesla, Inc.* | | | 96,772 | | | | 19,536,331 | |
TJX Cos., Inc. | | | 40,237 | | | | 3,989,096 | |
Tractor Supply Co. | | | 3,841 | | | | 976,843 | |
VF Corp. | | | 11,747 | | | | 191,946 | |
Whirlpool Corp. | | | 1,900 | | | | 204,041 | |
Yum! Brands, Inc. | | | 9,747 | | | | 1,349,180 | |
| | | | | | | | |
(Cost $120,176,467) | | | | | | | 132,115,926 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Staples — 5.7% | | | | | | |
Archer-Daniels-Midland Co. | | | 19,061 | | | $ | 1,012,330 | |
Brown-Forman Corp., Class B | | | 6,744 | | | | 406,191 | |
Campbell Soup Co. | | | 7,390 | | | | 315,110 | |
Coca-Cola Co. | | | 136,220 | | | | 8,175,924 | |
Colgate-Palmolive Co. | | | 28,888 | | | | 2,499,390 | |
Conagra Brands, Inc. | | | 16,288 | | | | 457,367 | |
Constellation Brands, Inc., Class A | | | 5,735 | | | | 1,425,262 | |
Dollar General Corp. | | | 7,747 | | | | 1,125,717 | |
Dollar Tree, Inc.* | | | 7,216 | | | | 1,058,443 | |
Estee Lauder Cos., Inc., Class A | | | 8,075 | | | | 1,199,784 | |
General Mills, Inc. | | | 20,524 | | | | 1,317,230 | |
Hershey Co. | | | 5,144 | | | | 966,661 | |
Hormel Foods Corp. | | | 10,645 | | | | 375,981 | |
J M Smucker Co. | | | 3,719 | | | | 446,912 | |
Kellanova | | | 8,735 | | | | 481,735 | |
Keurig Dr Pepper, Inc. | | | 35,086 | | | | 1,049,422 | |
Kraft Heinz Co. | | | 27,429 | | | | 967,695 | |
Kroger Co. | | | 22,571 | | | | 1,119,747 | |
McCormick & Co., Inc. | | | 8,663 | | | | 596,534 | |
Molson Coors Beverage Co., Class B | | | 6,893 | | | | 430,261 | |
Mondelez International, Inc., Class A | | | 47,382 | | | | 3,462,203 | |
PepsiCo, Inc. | | | 47,892 | | | | 7,918,463 | |
Procter & Gamble Co. | | | 82,392 | | | | 13,095,385 | |
Sysco Corp. | | | 17,871 | | | | 1,447,015 | |
Target Corp. | | | 15,961 | | | | 2,440,756 | |
Tyson Foods, Inc., Class A | | | 9,725 | | | | 527,484 | |
Walgreens Boots Alliance, Inc. | | | 24,580 | | | | 522,571 | |
Walmart, Inc. | | | 149,500 | | | | 8,762,195 | |
| | | | | | | | |
(Cost $65,148,359) | | | | | | | 63,603,768 | |
| | | | | | | | |
| Energy — 3.3% | | | | | | |
APA Corp. | | | 11,057 | | | | 329,388 | |
Baker Hughes Co. | | | 34,881 | | | | 1,032,129 | |
Chevron Corp. | | | 61,419 | | | | 9,336,302 | |
ConocoPhillips | | | 41,838 | | | | 4,708,448 | |
Devon Energy Corp. | | | 22,430 | | | | 988,266 | |
EOG Resources, Inc. | | | 20,302 | | | | 2,323,767 | |
EQT Corp. | | | 14,237 | | | | 528,905 | |
Halliburton Co. | | | 31,281 | | | | 1,097,025 | |
Hess Corp. | | | 9,604 | | | | 1,399,783 | |
Kinder Morgan, Inc. | | | 68,798 | | | | 1,196,397 | |
Marathon Oil Corp. | | | 21,695 | | | | 526,104 | |
Marathon Petroleum Corp. | | | 13,226 | | | | 2,238,236 | |
ONEOK, Inc. | | | 20,306 | | | | 1,525,387 | |
Phillips 66 | | | 15,581 | | | | 2,220,448 | |
Pioneer Natural Resources Co. | | | 8,216 | | | | 1,932,321 | |
Schlumberger NV | | | 49,352 | | | | 2,385,182 | |
Valero Energy Corp. | | | 11,831 | | | | 1,673,613 | |
Williams Cos., Inc. | | | 42,135 | | | | 1,514,332 | |
| | | | | | | | |
(Cost $34,133,290) | | | | | | | 36,956,033 | |
| | | | | | | | |
| Financials — 12.6% | | | | | | |
Aflac, Inc. | | | 18,843 | | | | 1,521,384 | |
Allstate Corp. | | | 9,083 | | | | 1,448,920 | |
American Express Co. | | | 20,308 | | | | 4,455,981 | |
American International Group, Inc. | | | 23,836 | | | | 1,737,406 | |
Ameriprise Financial, Inc. | | | 3,527 | | | | 1,436,759 | |
| | | | |
| See Notes to Financial Statements. | | 8 | | |
DBX ETF Trust
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Arch Capital Group Ltd.* | | | 12,884 | | | $ | 1,128,509 | |
Arthur J Gallagher & Co. | | | 7,329 | | | | 1,787,763 | |
Assurant, Inc. | | | 2,055 | | | | 372,880 | |
Bank of America Corp. | | | 242,108 | | | | 8,357,568 | |
Bank of New York Mellon Corp. | | | 26,336 | | | | 1,477,186 | |
BlackRock, Inc. | | | 4,889 | | | | 3,966,641 | |
Capital One Financial Corp. | | | 13,308 | | | | 1,831,314 | |
Cboe Global Markets, Inc. | | | 3,847 | | | | 738,624 | |
Charles Schwab Corp. | | | 51,847 | | | | 3,462,343 | |
Chubb Ltd. | | | 14,420 | | | | 3,629,081 | |
Citigroup, Inc. | | | 67,312 | | | | 3,735,143 | |
CME Group, Inc. | | | 12,499 | | | | 2,754,155 | |
Discover Financial Services | | | 8,720 | | | | 1,052,504 | |
Everest Group Ltd. | | | 1,480 | | | | 545,942 | |
FactSet Research Systems, Inc. | | | 1,396 | | | | 645,762 | |
Fidelity National Information Services, Inc. | | | 20,632 | | | | 1,427,528 | |
Fifth Third Bancorp | | | 23,069 | | | | 792,189 | |
Franklin Resources, Inc. | | | 10,147 | | | | 278,535 | |
Globe Life, Inc. | | | 3,299 | | | | 418,742 | |
Goldman Sachs Group, Inc. | | | 11,314 | | | | 4,401,712 | |
Hartford Financial Services Group, Inc. | | | 10,987 | | | | 1,052,994 | |
Intercontinental Exchange, Inc. | | | 19,962 | | | | 2,763,140 | |
Invesco Ltd. | | | 16,776 | | | | 258,518 | |
JPMorgan Chase & Co. | | | 101,100 | | | | 18,810,666 | |
M&T Bank Corp. | | | 5,856 | | | | 818,317 | |
MarketAxess Holdings, Inc. | | | 1,385 | | | | 295,573 | |
Mastercard, Inc., Class A | | | 29,010 | | | | 13,772,788 | |
MetLife, Inc. | | | 21,371 | | | | 1,490,413 | |
Moody’s Corp. | | | 5,392 | | | | 2,045,833 | |
Morgan Stanley | | | 44,579 | | | | 3,835,577 | |
MSCI, Inc. | | | 2,798 | | | | 1,569,594 | |
Nasdaq, Inc. | | | 11,468 | | | | 644,502 | |
Northern Trust Corp. | | | 7,222 | | | | 593,143 | |
PayPal Holdings, Inc.* | | | 38,376 | | | | 2,315,608 | |
PNC Financial Services Group, Inc. | | | 13,933 | | | | 2,050,938 | |
Principal Financial Group, Inc. | | | 8,260 | | | | 667,904 | |
Progressive Corp. | | | 20,269 | | | | 3,842,192 | |
Prudential Financial, Inc. | | | 12,242 | | | | 1,334,255 | |
Raymond James Financial, Inc. | | | 6,637 | | | | 798,564 | |
Regions Financial Corp. | | | 32,763 | | | | 610,375 | |
S&P Global, Inc. | | | 11,429 | | | | 4,895,955 | |
State Street Corp. | | | 11,128 | | | | 820,467 | |
Synchrony Financial | | | 14,753 | | | | 609,299 | |
T. Rowe Price Group, Inc. | | | 7,822 | | | | 886,624 | |
Travelers Cos., Inc. | | | 7,986 | | | | 1,764,586 | |
Truist Financial Corp. | | | 45,597 | | | | 1,594,983 | |
Visa, Inc., Class A | | | 55,739 | | | | 15,754,071 | |
W.R. Berkley Corp. | | | 7,660 | | | | 640,376 | |
Willis Towers Watson PLC | | | 3,705 | | | | 1,010,020 | |
| | | | | | | | |
(Cost $125,576,079) | | | | | | | 140,951,846 | |
| | | | | | | | |
| Health Care — 12.8% | | | | | | |
Abbott Laboratories | | | 60,676 | | | | 7,198,601 | |
AbbVie, Inc. | | | 61,807 | | | | 10,881,122 | |
Agilent Technologies, Inc. | | | 10,223 | | | | 1,404,231 | |
Amgen, Inc. | | | 18,592 | | | | 5,091,047 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Baxter International, Inc. | | | 17,410 | | | $ | 712,417 | |
Becton Dickinson and Co. | | | 10,106 | | | | 2,380,468 | |
Biogen, Inc.* | | | 4,960 | | | | 1,076,270 | |
Bio-Rad Laboratories, Inc., Class A* | | | 668 | | | | 217,688 | |
Boston Scientific Corp.* | | | 51,079 | | | | 3,381,941 | |
Bristol-Myers Squibb Co. | | | 71,440 | | | | 3,625,580 | |
Cardinal Health, Inc. | | | 8,982 | | | | 1,005,804 | |
Cencora, Inc. | | | 5,651 | | | | 1,331,376 | |
Centene Corp.* | | | 19,097 | | | | 1,497,778 | |
Cigna Group | | | 10,196 | | | | 3,427,283 | |
CVS Health Corp. | | | 44,604 | | | | 3,317,200 | |
DaVita, Inc.* | | | 2,276 | | | | 288,984 | |
Edwards Lifesciences Corp.* | | | 21,530 | | | | 1,827,251 | |
Elevance Health, Inc. | | | 8,265 | | | | 4,142,831 | |
Eli Lilly & Co. | | | 27,857 | | | | 20,995,264 | |
Gilead Sciences, Inc. | | | 43,456 | | | | 3,133,178 | |
Henry Schein, Inc.* | | | 4,893 | | | | 374,168 | |
Hologic, Inc.* | | | 8,615 | | | | 635,787 | |
Humana, Inc. | | | 4,344 | | | | 1,521,790 | |
IDEXX Laboratories, Inc.* | | | 2,882 | | | | 1,657,813 | |
Illumina, Inc.* | | | 5,422 | | | | 758,158 | |
Laboratory Corp. of America Holdings | | | 3,017 | | | | 651,159 | |
Medtronic PLC | | | 46,698 | | | | 3,892,745 | |
Merck & Co., Inc. | | | 88,683 | | | | 11,276,044 | |
Mettler-Toledo International, Inc.* | | | 782 | | | | 975,326 | |
Moderna, Inc.* | | | 11,509 | | | | 1,061,590 | |
Pfizer, Inc. | | | 197,102 | | | | 5,235,029 | |
Quest Diagnostics, Inc. | | | 3,843 | | | | 479,952 | |
Regeneron Pharmaceuticals, Inc.* | | | 3,765 | | | | 3,637,329 | |
Teleflex, Inc. | | | 1,529 | | | | 340,646 | |
Thermo Fisher Scientific, Inc. | | | 13,467 | | | | 7,678,614 | |
UnitedHealth Group, Inc. | | | 32,380 | | | | 15,982,768 | |
Vertex Pharmaceuticals, Inc.* | | | 8,988 | | | | 3,781,611 | |
Viatris, Inc. | | | 44,259 | | | | 547,484 | |
Waters Corp.* | | | 2,029 | | | | 684,625 | |
Zimmer Biomet Holdings, Inc. | | | 7,272 | | | | 904,346 | |
Zoetis, Inc. | | | 16,235 | | | | 3,219,888 | |
| | | | | | | | |
(Cost $131,125,001) | | | | | | | 142,233,186 | |
| | | | | | | | |
| Industrials — 6.9% | | | | | | |
American Airlines Group, Inc.* | | | 23,944 | | | | 375,442 | |
Automatic Data Processing, Inc. | | | 14,388 | | | | 3,613,258 | |
Broadridge Financial Solutions, Inc. | | | 4,129 | | | | 840,582 | |
C.H. Robinson Worldwide, Inc. | | | 3,885 | | | | 287,801 | |
Carrier Global Corp. | | | 29,546 | | | | 1,642,167 | |
Caterpillar, Inc. | | | 17,811 | | | | 5,948,161 | |
Cintas Corp. | | | 2,961 | | | | 1,861,314 | |
CSX Corp. | | | 68,879 | | | | 2,613,269 | |
Cummins, Inc. | | | 4,925 | | | | 1,322,904 | |
Deere & Co. | | | 9,441 | | | | 3,446,437 | |
Dover Corp. | | | 4,847 | | | | 801,597 | |
Eaton Corp. PLC | | | 13,848 | | | | 4,002,072 | |
Emerson Electric Co. | | | 19,833 | | | | 2,119,156 | |
Expeditors International of Washington, Inc. | | | 5,307 | | | | 634,717 | |
Fortive Corp. | | | 12,290 | | | | 1,046,248 | |
Generac Holdings, Inc.* | | | 2,317 | | | | 260,686 | |
| | | | |
| See Notes to Financial Statements. | | 9 | | |
DBX ETF Trust
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
General Electric Co. | | | 37,894 | | | $ | 5,945,190 | |
IDEX Corp. | | | 2,780 | | | | 655,802 | |
Illinois Tool Works, Inc. | | | 9,639 | | | | 2,526,864 | |
Ingersoll Rand, Inc. | | | 13,852 | | | | 1,265,103 | |
JB Hunt Transport Services, Inc. | | | 2,861 | | | | 590,253 | |
Johnson Controls International PLC | | | 23,619 | | | | 1,399,898 | |
Nordson Corp. | | | 1,881 | | | | 499,688 | |
Norfolk Southern Corp. | | | 7,858 | | | | 1,991,060 | |
Otis Worldwide Corp. | | | 14,257 | | | | 1,358,692 | |
PACCAR, Inc. | | | 18,167 | | | | 2,014,539 | |
Parker-Hannifin Corp. | | | 4,480 | | | | 2,398,816 | |
Paychex, Inc. | | | 11,126 | | | | 1,364,270 | |
Pentair PLC | | | 5,934 | | | | 461,606 | |
Quanta Services, Inc. | | | 4,928 | | | | 1,190,161 | |
Republic Services, Inc. | | | 7,110 | | | | 1,305,396 | |
Robert Half, Inc. | | | 3,967 | | | | 318,947 | |
Rockwell Automation, Inc. | | | 3,912 | | | | 1,115,233 | |
Stanley Black & Decker, Inc. | | | 5,851 | | | | 522,436 | |
Trane Technologies PLC | | | 8,061 | | | | 2,272,960 | |
Union Pacific Corp. | | | 21,229 | | | | 5,385,585 | |
United Parcel Service, Inc., Class B | | | 25,405 | | | | 3,766,545 | |
United Rentals, Inc. | | | 2,400 | | | | 1,663,848 | |
Verisk Analytics, Inc. | | | 5,066 | | | | 1,225,465 | |
Waste Management, Inc. | | | 12,905 | | | | 2,653,913 | |
Westinghouse Air Brake Technologies Corp. | | | 6,303 | | | | 890,551 | |
Xylem, Inc. | | | 8,275 | | | | 1,051,339 | |
| | | | | | | | |
(Cost $62,910,974) | | | | | | | 76,649,971 | |
| | | | | | | | |
| Information Technology — 32.8% | | | | | | |
Adobe, Inc.* | | | 15,917 | | | | 8,917,977 | |
Advanced Micro Devices, Inc.* | | | 56,546 | | | | 10,886,801 | |
Apple, Inc. | | | 511,389 | | | | 92,433,562 | |
Applied Materials, Inc. | | | 29,334 | | | | 5,914,321 | |
Arista Networks, Inc.* | | | 8,607 | | | | 2,388,787 | |
Autodesk, Inc.* | | | 7,552 | | | | 1,949,700 | |
Cisco Systems, Inc. | | | 142,510 | | | | 6,893,209 | |
Corning, Inc. | | | 25,970 | | | | 837,273 | |
F5, Inc.* | | | 1,990 | | | | 372,568 | |
Fortinet, Inc.* | | | 22,539 | | | | 1,557,670 | |
Gen Digital, Inc. | | | 21,009 | | | | 451,483 | |
Hewlett Packard Enterprise Co. | | | 47,907 | | | | 729,624 | |
HP, Inc. | | | 29,740 | | | | 842,534 | |
Intel Corp. | | | 147,581 | | | | 6,353,362 | |
Intuit, Inc. | | | 9,737 | | | | 6,454,560 | |
Juniper Networks, Inc. | | | 11,880 | | | | 439,916 | |
Keysight Technologies, Inc.* | | | 6,192 | | | | 955,425 | |
KLA Corp. | | | 4,809 | | | | 3,281,181 | |
Lam Research Corp. | | | 4,645 | | | | 4,358,171 | |
Micron Technology, Inc. | | | 37,931 | | | | 3,436,928 | |
Microsoft Corp. | | | 259,909 | | | | 107,508,759 | |
Motorola Solutions, Inc. | | | 5,805 | | | | 1,917,914 | |
NVIDIA Corp. | | | 86,405 | | | | 68,356,724 | |
NXP Semiconductors NV | | | 9,033 | | | | 2,255,811 | |
ON Semiconductor Corp.* | | | 14,986 | | | | 1,182,695 | |
QUALCOMM, Inc. | | | 38,800 | | | | 6,122,252 | |
Salesforce, Inc.* | | | 34,156 | | | | 10,548,056 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Information Technology (Continued) | | | | | | |
Seagate Technology Holdings PLC | | | 6,624 | | | $ | 616,363 | |
TE Connectivity Ltd. | | | 10,914 | | | | 1,566,814 | |
Texas Instruments, Inc. | | | 31,561 | | | | 5,281,102 | |
Tyler Technologies, Inc.* | | | 1,491 | | | | 651,776 | |
Zebra Technologies Corp., Class A* | | | 1,813 | | | | 506,697 | |
| | | | | | | | |
(Cost $270,523,070) | | | | | | | 365,970,015 | |
| | | | | | | | |
| Materials — 2.1% | | | | | | |
Air Products and Chemicals, Inc. | | | 7,711 | | | | 1,804,683 | |
Albemarle Corp. | | | 3,971 | | | | 547,402 | |
Amcor PLC | | | 51,340 | | | | 465,140 | |
Ball Corp. | | | 10,904 | | | | 698,074 | |
CF Industries Holdings, Inc. | | | 6,771 | | | | 546,555 | |
Corteva, Inc. | | | 24,626 | | | | 1,317,984 | |
Dow, Inc. | | | 24,866 | | | | 1,389,512 | |
Ecolab, Inc. | | | 8,798 | | | | 1,978,142 | |
FMC Corp. | | | 4,680 | | | | 263,905 | |
Freeport-McMoRan, Inc. | | | 49,650 | | | | 1,877,267 | |
International Flavors & Fragrances, Inc. | | | 9,127 | | | | 689,089 | |
International Paper Co. | | | 12,076 | | | | 427,007 | |
Linde PLC | | | 16,962 | | | | 7,612,885 | |
LyondellBasell Industries NV, Class A | | | 8,660 | | | | 868,425 | |
Mosaic Co. | | | 11,512 | | | | 358,714 | |
Newmont Corp. | | | 40,805 | | | | 1,275,156 | |
PPG Industries, Inc. | | | 8,149 | | | | 1,153,898 | |
Westrock Co. | | | 8,237 | | | | 373,054 | |
| | | | | | | | |
(Cost $24,391,857) | | | | | | | 23,646,892 | |
| | | | | | | | |
| Real Estate — 2.3% | | | | | | |
Alexandria Real Estate Equities, Inc. REIT | | | 5,401 | | | | 673,667 | |
American Tower Corp. REIT | | | 16,229 | | | | 3,227,299 | |
AvalonBay Communities, Inc. REIT | | | 4,803 | | | | 850,275 | |
Boston Properties, Inc. REIT | | | 5,172 | | | | 334,732 | |
CBRE Group, Inc., Class A* | | | 10,965 | | | | 1,007,574 | |
Digital Realty Trust, Inc. REIT | | | 10,676 | | | | 1,567,344 | |
Equinix, Inc. REIT | | | 3,259 | | | | 2,896,664 | |
Equity Residential REIT | | | 12,612 | | | | 759,368 | |
Essex Property Trust, Inc. REIT | | | 2,372 | | | | 548,881 | |
Extra Space Storage, Inc. REIT | | | 7,343 | | | | 1,035,143 | |
Federal Realty Investment Trust REIT | | | 2,564 | | | | 258,579 | |
Healthpeak Properties, Inc. REIT | | | 24,770 | | | | 414,897 | |
Host Hotels & Resorts, Inc. REIT | | | 26,044 | | | | 540,153 | |
Iron Mountain, Inc. REIT | | | 9,928 | | | | 780,738 | |
Kimco Realty Corp. REIT | | | 22,045 | | | | 435,609 | |
Prologis, Inc. REIT | | | 32,137 | | | | 4,282,898 | |
Regency Centers Corp. REIT | | | 5,168 | | | | 320,158 | |
SBA Communications Corp. REIT | | | 3,775 | | | | 789,843 | |
Simon Property Group, Inc. REIT | | | 11,358 | | | | 1,682,574 | |
UDR, Inc. REIT | | | 11,027 | | | | 391,458 | |
Ventas, Inc. REIT | | | 14,447 | | | | 610,964 | |
Welltower, Inc. REIT | | | 19,297 | | | | 1,778,411 | |
Weyerhaeuser Co. REIT | | | 25,363 | | | | 871,980 | |
| | | | | | | | |
(Cost $27,149,508) | | | | | | | 26,059,209 | |
| | | | | | | | |
| Utilities — 1.2% | | | | | | |
American Water Works Co., Inc. | | | 6,714 | | | | 795,877 | |
CenterPoint Energy, Inc. | | | 21,936 | | | | 603,240 | |
| | | | |
| See Notes to Financial Statements. | | 10 | | |
DBX ETF Trust
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Utilities (Continued) | | | | | | |
Constellation Energy Corp. | | | 11,349 | | | $ | 1,911,739 | |
Edison International | | | 13,285 | | | | 903,646 | |
Entergy Corp. | | | 7,359 | | | | 747,454 | |
Eversource Energy | | | 12,033 | | | | 706,337 | |
Exelon Corp. | | | 34,469 | | | | 1,235,369 | |
NextEra Energy, Inc. | | | 71,896 | | | | 3,967,940 | |
Public Service Enterprise Group, Inc. | | | 17,229 | | | | 1,075,090 | |
Sempra | | | 21,833 | | | | 1,541,410 | |
| | | | | | | | |
(Cost $14,912,088) | | | | | | | 13,488,102 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $966,614,665) | | | | | | | 1,112,535,809 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.2% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $2,432,826) | | | 2,432,826 | | | | 2,432,826 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.9% (Cost $969,047,491) | | | | | | $ | 1,114,968,635 | |
Other assets and liabilities, net — 0.1% | | | | | | | 1,308,269 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 1,116,276,904 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.0% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b) | |
| | | — | | | | — | | | | (0 | )(c) | | | — | | | | — | | | | 40 | | | | — | | | | — | | | | — | |
|
CASH EQUIVALENTS — 0.2% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | |
| | | 1,432,502 | | | | 9,110,710 | | | | (8,110,386 | ) | | | — | | | | — | | | | 38,923 | | | | — | | | | 2,432,826 | | | | 2,432,826 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,432,502 | | | | 9,110,710 | | | | (8,110,386 | ) | | | — | | | | — | | | | 38,963 | | | | — | | | | 2,432,826 | | | | 2,432,826 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (b) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
E-Mini S&P 500 ESG Futures | | USD | | 15 | | $ | 3,214,621 | | | $ | 3,375,600 | | | 3/15/2024 | | $ | 160,979 | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| | | | |
| See Notes to Financial Statements. | | 11 | | |
DBX ETF Trust
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2024 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 1,112,535,809 | | | $ | — | | | $ | — | | | $ | 1,112,535,809 | |
Short-Term Investments (a) | | | 2,432,826 | | | | — | | | | — | | | | 2,432,826 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 160,979 | | | | — | | | | — | | | | 160,979 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 1,115,129,614 | | | $ | — | | | $ | — | | | $ | 1,115,129,614 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 12 | | |
DBX ETF Trust
Xtrackers S&P 500 Growth ESG ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.4% | | | | | | | | |
| Communication Services — 8.0% | | | | | | |
Alphabet, Inc., Class A* | | | 2,335 | | | $ | 323,304 | |
Alphabet, Inc., Class C* | | | 1,965 | | | | 274,668 | |
| | | | | | | | |
(Cost $491,942) | | | | | | | 597,972 | |
| | | | | | | | |
| Consumer Discretionary — 17.9% | | | | | | |
Amazon.com, Inc.* | | | 4,080 | | | | 721,181 | |
Etsy, Inc.* | | | 39 | | | | 2,796 | |
Hilton Worldwide Holdings, Inc. | | | 178 | | | | 36,369 | |
Home Depot, Inc. | | | 257 | | | | 97,817 | |
McDonald’s Corp. | | | 221 | | | | 64,594 | |
Starbucks Corp. | | | 468 | | | | 44,413 | |
Tesla, Inc.* | | | 1,514 | | | | 305,646 | |
TJX Cos., Inc. | | | 516 | | | | 51,156 | |
Tractor Supply Co. | | | 32 | | | | 8,138 | |
Yum! Brands, Inc. | | | 89 | | | | 12,320 | |
| | | | | | | | |
(Cost $1,097,357) | | | | | | | 1,344,430 | |
| | | | | | | | |
| Consumer Staples — 5.0% | | | | | | |
Coca-Cola Co. | | | 1,053 | | | | 63,201 | |
Colgate-Palmolive Co. | | | 223 | | | | 19,294 | |
Costco Wholesale Corp. | | | 129 | | | | 95,962 | |
Hershey Co. | | | 40 | | | | 7,517 | |
Mondelez International, Inc., Class A | | | 397 | | | | 29,009 | |
PepsiCo, Inc. | | | 343 | | | | 56,711 | |
Procter & Gamble Co. | | | 638 | | | | 101,404 | |
| | | | | | | | |
(Cost $351,943) | | | | | | | 373,098 | |
| | | | | | | | |
| Energy — 2.8% | | | | | | |
APA Corp. | | | 200 | | | | 5,958 | |
ConocoPhillips | | | 569 | | | | 64,035 | |
EOG Resources, Inc. | | | 267 | | | | 30,561 | |
Hess Corp. | | | 192 | | | | 27,984 | |
Marathon Oil Corp. | | | 215 | | | | 5,214 | |
Marathon Petroleum Corp. | | | 145 | | | | 24,538 | |
ONEOK, Inc. | | | 251 | | | | 18,855 | |
Pioneer Natural Resources Co. | | | 81 | | | | 19,051 | |
Williams Cos., Inc. | | | 329 | | | | 11,824 | |
| | | | | | | | |
(Cost $196,046) | | | | | | | 208,020 | |
| | | | | | | | |
| Financials — 7.9% | | | | | | |
American Express Co. | | | 280 | | | | 61,437 | |
Arch Capital Group Ltd.* | | | 259 | | | | 22,686 | |
Arthur J Gallagher & Co. | | | 76 | | | | 18,539 | |
Cboe Global Markets, Inc. | | | 44 | | | | 8,448 | |
FactSet Research Systems, Inc. | | | 12 | | | | 5,551 | |
Mastercard, Inc., Class A | | | 412 | | | | 195,601 | |
Moody’s Corp. | | | 51 | | | | 19,350 | |
MSCI, Inc. | | | 31 | | | | 17,390 | |
Progressive Corp. | | | 203 | | | | 38,481 | |
Visa, Inc., Class A | | | 730 | | | | 206,327 | |
| | | | | | | | |
(Cost $503,333) | | | | | | | 593,810 | |
| | | | | | | | |
| Health Care — 11.2% | | | | | | |
AbbVie, Inc. | | | 453 | | | | 79,751 | |
Eli Lilly & Co. | | | 475 | | | | 357,998 | |
IDEXX Laboratories, Inc.* | | | 32 | | | | 18,407 | |
IQVIA Holdings, Inc.* | | | 48 | | | | 11,864 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Health Care (Continued) | | | | | | |
Merck & Co., Inc. | | | 703 | | | $ | 89,387 | |
Mettler-Toledo International, Inc.* | | | 6 | | | | 7,483 | |
Regeneron Pharmaceuticals, Inc.* | | | 45 | | | | 43,474 | |
Thermo Fisher Scientific, Inc. | | | 102 | | | | 58,158 | |
UnitedHealth Group, Inc. | | | 243 | | | | 119,945 | |
Vertex Pharmaceuticals, Inc.* | | | 114 | | | | 47,964 | |
Waters Corp.* | | | 15 | | | | 5,061 | |
| | | | | | | | |
(Cost $650,273) | | | | | | | 839,492 | |
| | | | | | | | |
| Industrials — 4.5% | | | | | | |
Automatic Data Processing, Inc. | | | 111 | | | | 27,875 | |
Broadridge Financial Solutions, Inc. | | | 47 | | | | 9,568 | |
Caterpillar, Inc. | | | 205 | | | | 68,462 | |
Cintas Corp. | | | 32 | | | | 20,116 | |
CSX Corp. | | | 686 | | | | 26,027 | |
Deere & Co. | | | 106 | | | | 38,695 | |
Illinois Tool Works, Inc. | | | 88 | | | | 23,069 | |
Paychex, Inc. | | | 89 | | | | 10,913 | |
Quanta Services, Inc. | | | 70 | | | | 16,906 | |
Republic Services, Inc. | | | 80 | | | | 14,688 | |
Union Pacific Corp. | | | 190 | | | | 48,201 | |
Verisk Analytics, Inc. | | | 55 | | | | 13,305 | |
Waste Management, Inc. | | | 120 | | | | 24,678 | |
| | | | | | | | |
(Cost $287,748) | | | | | | | 342,503 | |
| | | | | | | | |
| Information Technology — 40.2% | | | | | | |
Adobe, Inc.* | | | 315 | | | | 176,488 | |
Advanced Micro Devices, Inc.* | | | 1,120 | | | | 215,634 | |
Apple, Inc. | | | 3,260 | | | | 589,245 | |
Applied Materials, Inc. | | | 581 | | | | 117,141 | |
Arista Networks, Inc.* | | | 175 | | | | 48,569 | |
Autodesk, Inc.* | | | 77 | | | | 19,879 | |
Fortinet, Inc.* | | | 442 | | | | 30,547 | |
Lam Research Corp. | | | 91 | | | | 85,381 | |
Microsoft Corp. | | | 1,593 | | | | 658,929 | |
Motorola Solutions, Inc. | | | 67 | | | | 22,136 | |
NVIDIA Corp. | | | 1,060 | | | | 838,587 | |
ON Semiconductor Corp.* | | | 132 | | | | 10,417 | |
QUALCOMM, Inc. | | | 394 | | | | 62,169 | |
ServiceNow, Inc.* | | | 142 | | | | 109,530 | |
Texas Instruments, Inc. | | | 233 | | | | 38,988 | |
| | | | | | | | |
(Cost $2,252,200) | | | | | | | 3,023,640 | |
| | | | | | | | |
| Materials — 1.4% | | | | | | |
CF Industries Holdings, Inc. | | | 72 | | | | 5,812 | |
Freeport-McMoRan, Inc. | | | 498 | | | | 18,829 | |
Linde PLC | | | 175 | | | | 78,544 | |
| | | | | | | | |
(Cost $85,883) | | | | | | | 103,185 | |
| | | | | | | | |
| Real Estate — 0.5% | | | | | | |
American Tower Corp. REIT | | | 133 | | | | 26,448 | |
Iron Mountain, Inc. REIT | | | 114 | | | | 8,965 | |
SBA Communications Corp. REIT | | | 30 | | | | 6,277 | |
| | | | | | | | |
(Cost $40,744) | | | | | | | 41,690 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $5,957,469) | | | | | | | 7,467,840 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 13 | | |
DBX ETF Trust
Xtrackers S&P 500 Growth ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| EXCHANGE-TRADED FUNDS — 0.3% | | | | | | |
SPDR Portfolio S&P 500 Growth ETF | | | 150 | | | $ | 10,761 | |
Vanguard S&P 500 Growth ETF | | | 25 | | | | 7,459 | |
| | | | | | | | |
(Cost $16,464) | | | | | | | 18,220 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.3% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $20,847) | | | 20,847 | | | | 20,847 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.9% (Cost $5,994,780) | | | | | | $ | 7,506,907 | |
Other assets and liabilities, net — 0.1% | | | | | | | 4,104 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 7,511,011 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
CASH EQUIVALENTS — 0.3% | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | |
| | | 1,630 | | | | 94,141 | | | | (74,924 | ) | | | — | | | | — | | | | 126 | | | | — | | | | 20,847 | | | | 20,847 | |
| * | Non-income producing security. |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| REIT: | | Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 7,467,840 | | | $ | — | | | $ | — | | | $ | 7,467,840 | |
Exchange-Traded Funds | | | 18,220 | | | | — | | | | — | | | | 18,220 | |
Short-Term Investments (a) | | | 20,847 | | | | — | | | | — | | | | 20,847 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 7,506,907 | | | $ | — | | | $ | — | | | $ | 7,506,907 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 14 | | |
DBX ETF Trust
Xtrackers S&P 500 Value ESG ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.4% | | | | | | | | |
| Communication Services — 7.6% | | | | | | |
AT&T, Inc. | | | 4,044 | | | $ | 68,465 | |
Charter Communications, Inc., Class A* | | | 31 | | | | 9,112 | |
Comcast Corp., Class A | | | 2,286 | | | | 97,955 | |
Electronic Arts, Inc. | | | 78 | | | | 10,880 | |
Fox Corp., Class A | | | 141 | | | | 4,201 | |
Fox Corp., Class B | | | 93 | | | | 2,546 | |
Interpublic Group of Cos., Inc. | | | 218 | | | | 6,845 | |
Match Group, Inc.* | | | 155 | | | | 5,586 | |
News Corp., Class A | | | 216 | | | | 5,806 | |
News Corp., Class B | | | 83 | | | | 2,323 | |
Omnicom Group, Inc. | | | 113 | | | | 9,988 | |
Paramount Global, Class B | | | 274 | | | | 3,025 | |
Verizon Communications, Inc. | | | 2,400 | | | | 96,048 | |
Walt Disney Co. | | | 1,035 | | | | 115,485 | |
Warner Bros Discovery, Inc.* | | | 1,275 | | | | 11,207 | |
| | | | | | | | |
(Cost $430,139) | | | | | | | 449,472 | |
| | | | | | | | |
| Consumer Discretionary — 8.4% | | | | | | |
Aptiv PLC* | | | 162 | | | | 12,877 | |
Best Buy Co., Inc. | | | 110 | | | | 8,897 | |
BorgWarner, Inc. | | | 134 | | | | 4,171 | |
Caesars Entertainment, Inc.* | | | 53 | | | | 2,304 | |
Carnival Corp.* | | | 190 | | | | 3,013 | |
Darden Restaurants, Inc. | | | 36 | | | | 6,146 | |
eBay, Inc. | | | 295 | | | | 13,948 | |
Etsy, Inc.* | | | 38 | | | | 2,724 | |
General Motors Co. | | | 779 | | | | 31,923 | |
Hasbro, Inc. | | | 74 | | | | 3,722 | |
Home Depot, Inc. | | | 358 | | | | 136,258 | |
Las Vegas Sands Corp. | | | 82 | | | | 4,471 | |
Lowe’s Cos., Inc. | | | 328 | | | | 78,940 | |
McDonald’s Corp. | | | 231 | | | | 67,517 | |
MGM Resorts International* | | | 55 | | | | 2,380 | |
Mohawk Industries, Inc.* | | | 30 | | | | 3,559 | |
NIKE, Inc., Class B | | | 397 | | | | 41,260 | |
Ralph Lauren Corp. | | | 10 | | | | 1,859 | |
Starbucks Corp. | | | 262 | | | | 24,864 | |
Tapestry, Inc. | | | 130 | | | | 6,179 | |
TJX Cos., Inc. | | | 228 | | | | 22,604 | |
VF Corp. | | | 188 | | | | 3,072 | |
Whirlpool Corp. | | | 31 | | | | 3,329 | |
Yum! Brands, Inc. | | | 86 | | | | 11,904 | |
| | | | | | | | |
(Cost $457,097) | | | | | | | 497,921 | |
| | | | | | | | |
| Consumer Staples — 11.3% | | | | | | |
Archer-Daniels-Midland Co. | | | 303 | | | | 16,092 | |
Brown-Forman Corp., Class B | | | 104 | | | | 6,264 | |
Bunge Global SA | | | 83 | | | | 7,833 | |
Campbell Soup Co. | | | 112 | | | | 4,776 | |
Coca-Cola Co. | | | 1,349 | | | | 80,967 | |
Colgate-Palmolive Co. | | | 286 | | | | 24,745 | |
Conagra Brands, Inc. | | | 272 | | | | 7,638 | |
Constellation Brands, Inc., Class A | | | 92 | | | | 22,864 | |
Estee Lauder Cos., Inc., Class A | | | 132 | | | | 19,613 | |
General Mills, Inc. | | | 330 | | | | 21,179 | |
Hormel Foods Corp. | | | 165 | | | | 5,828 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Staples (Continued) | | | | | | |
J M Smucker Co. | | | 60 | | | $ | 7,210 | |
Kellanova | | | 150 | | | | 8,272 | |
Keurig Dr Pepper, Inc. | | | 572 | | | | 17,109 | |
Kraft Heinz Co. | | | 466 | | | | 16,440 | |
Kroger Co. | | | 387 | | | | 19,199 | |
McCormick & Co., Inc. | | | 143 | | | | 9,847 | |
Molson Coors Beverage Co., Class B | | | 105 | | | | 6,554 | |
Mondelez International, Inc., Class A | | | 457 | | | | 33,393 | |
Procter & Gamble Co. | | | 817 | | | | 129,854 | |
Target Corp. | | | 265 | | | | 40,524 | |
Tyson Foods, Inc., Class A | | | 162 | | | | 8,787 | |
Walgreens Boots Alliance, Inc. | | | 408 | | | | 8,674 | |
Walmart, Inc. | | | 2,433 | | | | 142,598 | |
| | | | | | | | |
(Cost $650,172) | | | | | | | 666,260 | |
| | | | | | | | |
| Energy — 2.5% | | | | | | |
Baker Hughes Co. | | | 572 | | | | 16,926 | |
Halliburton Co. | | | 509 | | | | 17,851 | |
Kinder Morgan, Inc. | | | 1,129 | | | | 19,633 | |
Marathon Petroleum Corp. | | | 97 | | | | 16,415 | |
Phillips 66 | | | 253 | | | | 36,055 | |
Schlumberger NV | | | 812 | | | | 39,244 | |
| | | | | | | | |
(Cost $141,194) | | | | | | | 146,124 | |
| | | | | | | | |
| Financials — 26.2% | | | | | | |
Aflac, Inc. | | | 302 | | | | 24,384 | |
Allstate Corp. | | | 149 | | | | 23,768 | |
American Express Co. | | | 101 | | | | 22,161 | |
American International Group, Inc. | | | 399 | | | | 29,083 | |
Arthur J Gallagher & Co. | | | 58 | | | | 14,148 | |
Assurant, Inc. | | | 30 | | | | 5,444 | |
Bank of America Corp. | | | 3,914 | | | | 135,111 | |
Bank of New York Mellon Corp. | | | 437 | | | | 24,511 | |
BlackRock, Inc. | | | 79 | | | | 64,096 | |
Capital One Financial Corp. | | | 217 | | | | 29,861 | |
Cboe Global Markets, Inc. | | | 25 | | | | 4,800 | |
Charles Schwab Corp. | | | 846 | | | | 56,496 | |
Chubb Ltd. | | | 232 | | | | 58,387 | |
Citigroup, Inc. | | | 1,088 | | | | 60,373 | |
CME Group, Inc. | | | 131 | | | | 28,866 | |
Discover Financial Services | | | 65 | | | | 7,846 | |
FactSet Research Systems, Inc. | | | 11 | | | | 5,088 | |
Fidelity National Information Services, Inc. | | | 337 | | | | 23,317 | |
Fifth Third Bancorp | | | 398 | | | | 13,667 | |
Fiserv, Inc.* | | | 164 | | | | 24,480 | |
Franklin Resources, Inc. | | | 160 | | | | 4,392 | |
Global Payments, Inc. | | | 152 | | | | 19,714 | |
Globe Life, Inc. | | | 49 | | | | 6,220 | |
Goldman Sachs Group, Inc. | | | 184 | | | | 71,585 | |
Hartford Financial Services Group, Inc. | | | 176 | | | | 16,868 | |
Intercontinental Exchange, Inc. | | | 329 | | | | 45,540 | |
Invesco Ltd. | | | 256 | | | | 3,945 | |
JPMorgan Chase & Co. | | | 1,650 | | | | 306,999 | |
M&T Bank Corp. | | | 94 | | | | 13,136 | |
MarketAxess Holdings, Inc. | | | 22 | | | | 4,695 | |
MetLife, Inc. | | | 353 | | | | 24,618 | |
Moody’s Corp. | | | 47 | | | | 17,833 | |
| | | | |
| See Notes to Financial Statements. | | 15 | | |
DBX ETF Trust
Xtrackers S&P 500 Value ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Morgan Stanley | | | 718 | | | $ | 61,777 | |
MSCI, Inc. | | | 19 | | | | 10,658 | |
Nasdaq, Inc. | | | 194 | | | | 10,903 | |
Northern Trust Corp. | | | 118 | | | | 9,691 | |
PayPal Holdings, Inc.* | | | 619 | | | | 37,350 | |
PNC Financial Services Group, Inc. | | | 226 | | | | 33,267 | |
Principal Financial Group, Inc. | | | 125 | | | | 10,108 | |
Prudential Financial, Inc. | | | 205 | | | | 22,343 | |
Regions Financial Corp. | | | 529 | | | | 9,855 | |
S&P Global, Inc. | | | 104 | | | | 44,552 | |
State Street Corp. | | | 175 | | | | 12,903 | |
Synchrony Financial | | | 235 | | | | 9,706 | |
T. Rowe Price Group, Inc. | | | 131 | | | | 14,849 | |
Travelers Cos., Inc. | | | 130 | | | | 28,725 | |
Truist Financial Corp. | | | 758 | | | | 26,515 | |
Willis Towers Watson PLC | | | 59 | | | | 16,084 | |
| | | | | | | | |
(Cost $1,420,058) | | | | | | | 1,550,718 | |
| | | | | | | | |
| Health Care — 11.4% | | | | | | |
Abbott Laboratories | | | 987 | | | | 117,098 | |
Agilent Technologies, Inc. | | | 166 | | | | 22,802 | |
Baxter International, Inc. | | | 291 | | | | 11,908 | |
Becton Dickinson and Co. | | | 167 | | | | 39,337 | |
Biogen, Inc.* | | | 82 | | | | 17,793 | |
Bio-Rad Laboratories, Inc., Class A* | | | 12 | | | | 3,911 | |
Bio-Techne Corp. | | | 90 | | | | 6,621 | |
Boston Scientific Corp.* | | | 375 | | | | 24,829 | |
Cardinal Health, Inc. | | | 144 | | | | 16,125 | |
Catalent, Inc.* | | | 102 | | | | 5,849 | |
Cencora, Inc. | | | 95 | | | | 22,382 | |
Centene Corp.* | | | 304 | | | | 23,843 | |
Cigna Group | | | 166 | | | | 55,799 | |
CVS Health Corp. | | | 730 | | | | 54,290 | |
DaVita, Inc.* | | | 14 | | | | 1,778 | |
Edwards Lifesciences Corp.* | | | 219 | | | | 18,586 | |
Henry Schein, Inc.* | | | 74 | | | | 5,659 | |
Humana, Inc. | | | 70 | | | | 24,522 | |
IDEXX Laboratories, Inc.* | | | 22 | | | | 12,655 | |
Illumina, Inc.* | | | 91 | | | | 12,724 | |
IQVIA Holdings, Inc.* | | | 65 | | | | 16,065 | |
Medtronic PLC | | | 753 | | | | 62,770 | |
Mettler-Toledo International, Inc.* | | | 8 | | | | 9,978 | |
Quest Diagnostics, Inc. | | | 64 | | | | 7,993 | |
Stryker Corp. | | | 69 | | | | 24,086 | |
Teleflex, Inc. | | | 27 | | | | 6,015 | |
Viatris, Inc. | | | 682 | | | | 8,436 | |
Zimmer Biomet Holdings, Inc. | | | 119 | | | | 14,799 | |
Zoetis, Inc. | | | 117 | | | | 23,205 | |
| | | | | | | | |
(Cost $659,198) | | | | | | | 671,858 | |
| | | | | | | | |
| Industrials — 10.5% | | | | | | |
American Airlines Group, Inc.* | | | 372 | | | | 5,833 | |
Broadridge Financial Solutions, Inc. | | | 29 | | | | 5,904 | |
C.H. Robinson Worldwide, Inc. | | | 66 | | | | 4,889 | |
Carrier Global Corp. | | | 248 | | | | 13,784 | |
Caterpillar, Inc. | | | 122 | | | | 40,743 | |
Cintas Corp. | | | 22 | | | | 13,829 | |
CSX Corp. | | | 562 | | | | 21,322 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Cummins, Inc. | | | 81 | | | $ | 21,757 | |
Dover Corp. | | | 80 | | | | 13,230 | |
Eaton Corp. PLC | | | 86 | | | | 24,854 | |
Emerson Electric Co. | | | 324 | | | | 34,619 | |
Generac Holdings, Inc.* | | | 14 | | | | 1,575 | |
General Electric Co. | | | 353 | | | | 55,382 | |
IDEX Corp. | | | 43 | | | | 10,144 | |
Illinois Tool Works, Inc. | | | 85 | | | | 22,283 | |
Ingersoll Rand, Inc. | | | 53 | | | | 4,841 | |
Johnson Controls International PLC | | | 387 | | | | 22,938 | |
Nordson Corp. | | | 31 | | | | 8,235 | |
Norfolk Southern Corp. | | | 129 | | | | 32,686 | |
Otis Worldwide Corp. | | | 142 | | | | 13,533 | |
PACCAR, Inc. | | | 80 | | | | 8,871 | |
Parker-Hannifin Corp. | | | 16 | | | | 8,567 | |
Paychex, Inc. | | | 110 | | | | 13,488 | |
Pentair PLC | | | 31 | | | | 2,412 | |
Republic Services, Inc. | | | 50 | | | | 9,180 | |
Robert Half, Inc. | | | 60 | | | | 4,824 | |
Rockwell Automation, Inc. | | | 34 | | | | 9,693 | |
Stanley Black & Decker, Inc. | | | 87 | | | | 7,768 | |
Trane Technologies PLC | | | 40 | | | | 11,279 | |
Union Pacific Corp. | | | 191 | | | | 48,455 | |
United Parcel Service, Inc., Class B | | | 409 | | | | 60,638 | |
Verisk Analytics, Inc. | | | 38 | | | | 9,192 | |
Waste Management, Inc. | | | 111 | | | | 22,827 | |
Westinghouse Air Brake Technologies Corp. | | | 102 | | | | 14,412 | |
Xylem, Inc. | | | 141 | | | | 17,914 | |
| | | | | | | | |
(Cost $552,003) | | | | | | | 621,901 | |
| | | | | | | | |
| Information Technology — 8.3% | | | | | | |
Akamai Technologies, Inc.* | | | 50 | | | | 5,546 | |
Analog Devices, Inc. | | | 116 | | | | 22,251 | |
Autodesk, Inc.* | | | 58 | | | | 14,974 | |
Cisco Systems, Inc. | | | 2,303 | | | | 111,396 | |
Corning, Inc. | | | 448 | | | | 14,444 | |
Gen Digital, Inc. | | | 321 | | | | 6,898 | |
Hewlett Packard Enterprise Co. | | | 737 | | | | 11,224 | |
HP, Inc. | | | 508 | | | | 14,392 | |
Intel Corp. | | | 2,400 | | | | 103,320 | |
Keysight Technologies, Inc.* | | | 101 | | | | 15,584 | |
Microchip Technology, Inc. | | | 126 | | | | 10,602 | |
Micron Technology, Inc. | | | 624 | | | | 56,541 | |
Motorola Solutions, Inc. | | | 41 | | | | 13,546 | |
NXP Semiconductors NV | | | 37 | | | | 9,240 | |
TE Connectivity Ltd. | | | 109 | | | | 15,648 | |
Teradyne, Inc. | | | 87 | | | | 9,012 | |
Texas Instruments, Inc. | | | 325 | | | | 54,382 | |
| | | | | | | | |
(Cost $453,499) | | | | | | | 489,000 | |
| | | | | | | | |
| Materials — 3.9% | | | | | | |
Amcor PLC | | | 822 | | | | 7,447 | |
Ball Corp. | | | 179 | | | | 11,460 | |
Corteva, Inc. | | | 401 | | | | 21,462 | |
Dow, Inc. | | | 399 | | | | 22,296 | |
Ecolab, Inc. | | | 70 | | | | 15,739 | |
International Flavors & Fragrances, Inc. | | | 145 | | | | 10,948 | |
| | | | |
| See Notes to Financial Statements. | | 16 | | |
DBX ETF Trust
Xtrackers S&P 500 Value ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials (Continued) | | | | | | |
Linde PLC | | | 132 | | | $ | 59,244 | |
LyondellBasell Industries NV, Class A | | | 147 | | | | 14,741 | |
Newmont Corp. | | | 655 | | | | 20,469 | |
PPG Industries, Inc. | | | 134 | | | | 18,974 | |
Sherwin-Williams Co. | | | 67 | | | | 22,246 | |
Westrock Co. | | | 146 | | | | 6,612 | |
| | | | | | | | |
(Cost $213,239) | | | | | | | 231,638 | |
| | | | | | | | |
| Real Estate — 5.8% | | | | | | |
Alexandria Real Estate Equities, Inc. REIT | | | 89 | | | | 11,101 | |
American Tower Corp. REIT | | | 156 | | | | 31,022 | |
AvalonBay Communities, Inc. REIT | | | 83 | | | | 14,694 | |
Boston Properties, Inc. REIT | | | 82 | | | | 5,307 | |
CBRE Group, Inc., Class A* | | | 175 | | | | 16,081 | |
Digital Realty Trust, Inc. REIT | | | 101 | | | | 14,828 | |
Equinix, Inc. REIT | | | 28 | | | | 24,887 | |
Equity Residential REIT | | | 196 | | | | 11,801 | |
Essex Property Trust, Inc. REIT | | | 36 | | | | 8,330 | |
Extra Space Storage, Inc. REIT | | | 120 | | | | 16,916 | |
Federal Realty Investment Trust REIT | | | 42 | | | | 4,236 | |
Healthpeak Properties, Inc. REIT | | | 403 | | | | 6,750 | |
Host Hotels & Resorts, Inc. REIT | | | 178 | | | | 3,692 | |
Iron Mountain, Inc. REIT | | | 81 | | | | 6,370 | |
Kimco Realty Corp. REIT | | | 378 | | | | 7,469 | |
Prologis, Inc. REIT | | | 523 | | | | 69,700 | |
Regency Centers Corp. REIT | | | 93 | | | | 5,761 | |
SBA Communications Corp. REIT | | | 37 | | | | 7,742 | |
Simon Property Group, Inc. REIT | | | 118 | | | | 17,481 | |
UDR, Inc. REIT | | | 172 | | | | 6,106 | |
Ventas, Inc. REIT | | | 229 | | | | 9,684 | |
Welltower, Inc. REIT | | | 315 | | | | 29,030 | |
Weyerhaeuser Co. REIT | | | 415 | | | | 14,268 | |
| | | | | | | | |
(Cost $333,589) | | | | | | | 343,256 | |
| | | | | | | | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Utilities — 3.5% | | | | | | |
American Water Works Co., Inc. | | | 112 | | | $ | 13,277 | |
CenterPoint Energy, Inc. | | | 359 | | | | 9,873 | |
Constellation Energy Corp. | | | 100 | | | | 16,845 | |
Edison International | | | 224 | | | | 15,236 | |
Entergy Corp. | | | 120 | | | | 12,188 | |
Eversource Energy | | | 199 | | | | 11,681 | |
Exelon Corp. | | | 566 | | | | 20,285 | |
NextEra Energy, Inc. | | | 1,166 | | | | 64,352 | |
Public Service Enterprise Group, Inc. | | | 291 | | | | 18,158 | |
Sempra | | | 358 | | | | 25,275 | |
| | | | | | | | |
(Cost $222,754) | | | | | | | 207,170 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $5,532,942) | | | | | | | 5,875,318 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.4% | | | | | | | | |
SPDR Portfolio S&P 500 Value ETF
(Cost $22,505) | | | 525 | | | | 25,263 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.0% | | | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $2,827) | | | 2,827 | | | | 2,827 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.9%
| | | | | | | | |
(Cost $5,558,274) | | | | | | $ | 5,903,408 | |
Other assets and liabilities, net — 0.1% | | | | | | | 7,227 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 5,910,635 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
CASH EQUIVALENTS — 0.0% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | |
| | | 493 | | | | 98,886 | | | | (96,552 | ) | | | — | | | | — | | | | 89 | | | | — | | | | 2,827 | | | | 2,827 | |
| * | Non-income producing security. |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| REIT: | | Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| | | | |
| See Notes to Financial Statements. | | 17 | | |
DBX ETF Trust
Xtrackers S&P 500 Value ESG ETF (Continued)
February 29, 2024 (Unaudited)
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 5,875,318 | | | $ | — | | | $ | — | | | $ | 5,875,318 | |
Exchange-Traded Funds | | | 25,263 | | | | — | | | | — | | | | 25,263 | |
Short-Term Investments (a) | | | 2,827 | | | | — | | | | — | | | | 2,827 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 5,903,408 | | | $ | — | | | $ | — | | | $ | 5,903,408 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 18 | | |
DBX ETF Trust
Xtrackers S&P ESG Dividend Aristocrats ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 99.1% | | | | | | | | |
| Consumer Discretionary — 9.2% | | | | | | |
Best Buy Co., Inc. | | | 1,548 | | | $ | 125,202 | |
Genuine Parts Co. | | | 463 | | | | 69,108 | |
Leggett & Platt, Inc. | | | 3,559 | | | | 72,675 | |
Lowe’s Cos., Inc. | | | 218 | | | | 52,466 | |
McDonald’s Corp. | | | 183 | | | | 53,487 | |
NIKE, Inc., Class B | | | 328 | | | | 34,089 | |
Polaris, Inc. | | | 696 | | | | 64,526 | |
| | | | | | | | |
(Cost $496,622) | | | | | | | 471,553 | |
| | | | | | | | |
| Consumer Staples — 18.1% | | | | | | |
Archer-Daniels-Midland Co. | | | 1,167 | | | | 61,979 | |
Brown-Forman Corp., Class B | | | 683 | | | | 41,137 | |
Church & Dwight Co., Inc. | | | 286 | | | | 28,634 | |
Coca-Cola Co. | | | 1,269 | | | | 76,166 | |
Colgate-Palmolive Co. | | | 725 | | | | 62,727 | |
Hormel Foods Corp. | | | 2,807 | | | | 99,143 | |
J M Smucker Co. | | | 631 | | | | 75,827 | |
Kimberly-Clark Corp. | | | 769 | | | | 93,180 | |
McCormick & Co., Inc. | | | 920 | | | | 63,351 | |
PepsiCo, Inc. | | | 437 | | | | 72,254 | |
Procter & Gamble Co. | | | 420 | | | | 66,755 | |
Sysco Corp. | | | 876 | | | | 70,930 | |
Target Corp. | | | 533 | | | | 81,506 | |
Walmart, Inc. | | | 648 | | | | 37,979 | |
| | | | | | | | |
(Cost $964,062) | | | | | | | 931,568 | |
| | | | | | | | |
| Energy — 4.0% | | | | | | |
Chevron Corp. | | | 688 | | | | 104,583 | |
Exxon Mobil Corp. | | | 950 | | | | 99,294 | |
| | | | | | | | |
(Cost $223,463) | | | | | | | 203,877 | |
| | | | | | | | |
| Financials — 8.3% | | | | | | |
Aflac, Inc. | | | 694 | | | | 56,033 | |
Chubb Ltd. | | | 154 | | | | 38,757 | |
FactSet Research Systems, Inc. | | | 43 | | | | 19,891 | |
Franklin Resources, Inc. | | | 3,557 | | | | 97,640 | |
Jack Henry & Associates, Inc. | | | 183 | | | | 31,800 | |
S&P Global, Inc. | | | 45 | | | | 19,277 | |
SEI Investments Co. | | | 544 | | | | 36,584 | |
T. Rowe Price Group, Inc. | | | 991 | | | | 112,330 | |
W.R. Berkley Corp. | | | 195 | | | | 16,302 | |
| | | | | | | | |
(Cost $386,204) | | | | | | | 428,614 | |
| | | | | | | | |
| Health Care — 7.6% | | | | | | |
Abbott Laboratories | | | 424 | | | | 50,303 | |
AbbVie, Inc. | | | 586 | | | | 103,165 | |
Becton Dickinson and Co. | | | 160 | | | | 37,688 | |
Cardinal Health, Inc. | | | 456 | | | | 51,063 | |
Medtronic PLC | | | 938 | | | | 78,192 | |
Perrigo Co. PLC | | | 2,442 | | | | 64,127 | |
West Pharmaceutical Services, Inc. | | | 16 | | | | 5,734 | |
| | | | | | | | |
(Cost $364,844) | | | | | | | 390,272 | |
| | | | | | | | |
| Industrials — 15.3% | | | | | | |
ABM Industries, Inc. | | | 1,146 | | | | 47,341 | |
Automatic Data Processing, Inc. | | | 243 | | | | 61,025 | |
C.H. Robinson Worldwide, Inc. | | | 785 | | | | 58,153 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Carlisle Cos., Inc. | | | 85 | | | $ | 29,750 | |
Caterpillar, Inc. | | | 147 | | | | 49,092 | |
Cintas Corp. | | | 36 | | | | 22,630 | |
Donaldson Co., Inc. | | | 572 | | | | 40,967 | |
Dover Corp. | | | 216 | | | | 35,722 | |
Emerson Electric Co. | | | 543 | | | | 58,019 | |
Expeditors International of Washington, Inc. | | | 204 | | | | 24,398 | |
Illinois Tool Works, Inc. | | | 201 | | | | 52,692 | |
Lincoln Electric Holdings, Inc. | | | 142 | | | | 36,437 | |
MSA Safety, Inc. | | | 161 | | | | 29,648 | |
Nordson Corp. | | | 98 | | | | 26,034 | |
Pentair PLC | | | 421 | | | | 32,750 | |
Republic Services, Inc. | | | 186 | | | | 34,150 | |
Stanley Black & Decker, Inc. | | | 832 | | | | 74,289 | |
Toro Co. | | | 384 | | | | 35,447 | |
Waste Management, Inc. | | | 205 | | | | 42,158 | |
| | | | | | | | |
(Cost $719,860) | | | | | | | 790,702 | |
| | | | | | | | |
| Information Technology — 6.7% | | | | | | |
Analog Devices, Inc. | | | 213 | | | | 40,858 | |
Badger Meter, Inc. | | | 109 | | | | 17,297 | |
International Business Machines Corp. | | | 569 | | | | 105,282 | |
Microchip Technology, Inc. | | | 519 | | | | 43,669 | |
QUALCOMM, Inc. | | | 350 | | | | 55,226 | |
Roper Technologies, Inc. | | | 24 | | | | 13,074 | |
Texas Instruments, Inc. | | | 422 | | | | 70,613 | |
| | | | | | | | |
(Cost $309,471) | | | | | | | 346,019 | |
| | | | | | | | |
| Materials — 12.5% | | | | | | |
Air Products and Chemicals, Inc. | | | 239 | | | | 55,935 | |
Albemarle Corp. | | | 222 | | | | 30,603 | |
Amcor PLC | | | 13,259 | | | | 120,126 | |
AptarGroup, Inc. | | | 245 | | | | 34,413 | |
Ecolab, Inc. | | | 139 | | | | 31,253 | |
HB Fuller Co. | | | 314 | | | | 24,972 | |
International Flavors & Fragrances, Inc. | | | 1,214 | | | | 91,657 | |
Linde PLC | | | 74 | | | | 33,213 | |
Nucor Corp. | | | 176 | | | | 33,845 | |
PPG Industries, Inc. | | | 296 | | | | 41,914 | |
RPM International, Inc. | | | 370 | | | | 42,679 | |
Sherwin-Williams Co. | | | 61 | | | | 20,254 | |
Sonoco Products Co. | | | 1,032 | | | | 58,494 | |
Stepan Co. | | | 270 | | | | 24,084 | |
| | | | | | | | |
(Cost $687,943) | | | | | | | 643,442 | |
| | | | | | | | |
| Real Estate — 6.0% | | | | | | |
Essex Property Trust, Inc. REIT | | | 372 | | | | 86,081 | |
Federal Realty Investment Trust REIT | | | 1,016 | | | | 102,463 | |
Realty Income Corp. REIT | | | 2,335 | | | | 121,677 | |
| | | | | | | | |
(Cost $319,210) | | | | | | | 310,221 | |
| | | | | | | | |
| Utilities — 11.4% | | | | | | |
California Water Service Group | | | 707 | | | | 32,444 | |
Edison International | | | 1,562 | | | | 106,248 | |
Eversource Energy | | | 2,006 | | | | 117,752 | |
NextEra Energy, Inc. | | | 1,311 | | | | 72,354 | |
ONE Gas, Inc. | | | 1,392 | | | | 82,963 | |
| | | | |
| See Notes to Financial Statements. | | 19 | | |
DBX ETF Trust
Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Utilities (Continued) | | | | | | |
Spire, Inc. | | | 982 | | | $ | 58,252 | |
UGI Corp. | | | 4,746 | | | | 116,182 | |
| | | | | | | | |
(Cost $615,738) | | | | | | | 586,195 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $5,087,417) | | | | | | | 5,102,463 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.6% | | | | | | |
ProShares S&P 500 Dividend Aristocrats ETF
(Cost $29,728) | | | 315 | | | | 30,659 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.1% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $3,119) | | | 3,119 | | | | 3,119 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 99.8% (Cost $5,120,264) | | | | | | $ | 5,136,241 | |
Other assets and liabilities, net — 0.2% | | | | | | | 12,320 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 5,148,561 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
CASH EQUIVALENTS — 0.1% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | |
| | | 1,971 | | | | 124,289 | | | | (123,141 | ) | | | — | | | | — | | | | 99 | | | | — | | | | 3,119 | | | | 3,119 | |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| REIT: | | Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 5,102,463 | | | $ | — | | | $ | — | | | $ | 5,102,463 | |
Exchange-Traded Funds | | | 30,659 | | | | — | | | | — | | | | 30,659 | |
Short-Term Investments (a) | | | 3,119 | | | | — | | | | — | | | | 3,119 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 5,136,241 | | | $ | — | | | $ | — | | | $ | 5,136,241 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| | | | |
| See Notes to Financial Statements. | | 20 | | |
DBX ETF Trust
Xtrackers S&P MidCap 400 ESG ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 98.4% | | | | | | | | |
| Communication Services — 1.5% | | | | | | |
Cable One, Inc. | | | 20 | | | $ | 9,120 | |
Iridium Communications, Inc. | | | 572 | | | | 16,559 | |
New York Times Co., Class A | | | 733 | | | | 32,457 | |
Nexstar Media Group, Inc. | | | 144 | | | | 23,929 | |
TEGNA, Inc. | | | 879 | | | | 12,315 | |
Ziff Davis, Inc.* | | | 213 | | | | 14,646 | |
| | | | | | | | |
(Cost $170,401) | | | | | | | 109,026 | |
| | | | | | | | |
| Consumer Discretionary — 17.6% | | | | | | |
Adient PLC* | | | 431 | | | | 14,628 | |
Aramark | | | 1,166 | | | | 35,365 | |
Autoliv, Inc. | | | 339 | | | | 39,334 | |
AutoNation, Inc.* | | | 121 | | | | 18,126 | |
Boyd Gaming Corp. | | | 308 | | | | 20,368 | |
Brunswick Corp. | | | 305 | | | | 26,657 | |
Capri Holdings Ltd.* | | | 520 | | | | 23,988 | |
Carter’s, Inc. | | | 163 | | | | 13,195 | |
Choice Hotels International, Inc. (a) | | | 112 | | | | 12,537 | |
Columbia Sportswear Co. | | | 151 | | | | 12,486 | |
Deckers Outdoor Corp.* | | | 115 | | | | 102,993 | |
Dick’s Sporting Goods, Inc. | | | 280 | | | | 49,809 | |
Five Below, Inc.* | | | 255 | | | | 51,173 | |
Gap, Inc. | | | 995 | | | | 18,845 | |
Goodyear Tire & Rubber Co.* | | | 1,285 | | | | 15,266 | |
Grand Canyon Education, Inc.* | | | 129 | | | | 17,389 | |
H&R Block, Inc. | | | 647 | | | | 31,671 | |
Harley-Davidson, Inc. | | | 588 | | | | 21,327 | |
Helen of Troy Ltd.* | | | 107 | | | | 13,375 | |
KB Home | | | 346 | | | | 22,985 | |
Lear Corp. | | | 262 | | | | 35,986 | |
Leggett & Platt, Inc. | | | 600 | | | | 12,252 | |
Lithia Motors, Inc. | | | 128 | | | | 38,280 | |
Macy’s, Inc. | | | 1,245 | | | | 21,713 | |
Marriott Vacations Worldwide Corp. | | | 144 | | | | 13,419 | |
Nordstrom, Inc. | | | 415 | | | | 8,702 | |
Polaris, Inc. | | | 239 | | | | 22,158 | |
PVH Corp. | | | 273 | | | | 37,311 | |
RH* | | | 72 | | | | 19,757 | |
Service Corp. International | | | 666 | | | | 48,744 | |
Taylor Morrison Home Corp.* | | | 477 | | | | 27,003 | |
Tempur Sealy International, Inc. | | | 788 | | | | 42,922 | |
Texas Roadhouse, Inc. | | | 301 | | | | 44,960 | |
Thor Industries, Inc. | | | 241 | | | | 30,891 | |
Toll Brothers, Inc. | | | 485 | | | | 55,600 | |
Travel + Leisure Co. | | | 325 | | | | 14,524 | |
Valvoline, Inc.* | | | 632 | | | | 26,948 | |
Visteon Corp.* | | | 122 | | | | 13,801 | |
Wendy’s Co. | | | 772 | | | | 13,981 | |
Williams-Sonoma, Inc. | | | 288 | | | | 67,833 | |
Wingstop, Inc. | | | 132 | | | | 46,339 | |
Wyndham Hotels & Resorts, Inc. | | | 374 | | | | 28,630 | |
YETI Holdings, Inc.* | | | 395 | | | | 16,211 | |
| | | | | | | | |
(Cost $1,017,879) | | | | | | | 1,249,482 | |
| | | | | | | | |
| Consumer Staples — 3.9% | | | | | | |
BJ’s Wholesale Club Holdings, Inc.* | | | 609 | | | | 44,481 | |
Coca-Cola Consolidated, Inc. | | | 22 | | | | 18,498 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Staples (Continued) | | | | | | |
Coty, Inc., Class A* | | | 1,742 | | | $ | 21,879 | |
Darling Ingredients, Inc.* | | | 715 | | | | 30,252 | |
Flowers Foods, Inc. | | | 869 | | | | 19,483 | |
Ingredion, Inc. | | | 295 | | | | 34,701 | |
Pilgrim’s Pride Corp.* | | | 185 | | | | 5,890 | |
Post Holdings, Inc.* | | | 225 | | | | 23,436 | |
Sprouts Farmers Market, Inc.* | | | 463 | | | | 28,910 | |
US Foods Holding Corp.* | | | 1,015 | | | | 51,552 | |
| | | | | | | | |
(Cost $235,249) | | | | | | | 279,082 | |
| | | | | | | | |
| Energy — 4.2% | | | | | | |
Antero Midstream Corp. | | | 1,503 | | | | 20,140 | |
Antero Resources Corp.* | | | 1,285 | | | | 33,025 | |
ChampionX Corp. | | | 884 | | | | 27,457 | |
CNX Resources Corp.* | | | 696 | | | | 14,581 | |
Equitrans Midstream Corp. | | | 1,915 | | | | 20,471 | |
HF Sinclair Corp. | | | 712 | | | | 39,516 | |
Murphy Oil Corp. | | | 664 | | | | 26,341 | |
NOV, Inc. | | | 1,768 | | | | 29,879 | |
Range Resources Corp. | | | 1,091 | | | | 34,498 | |
Southwestern Energy Co.* | | | 5,061 | | | | 35,275 | |
Valaris Ltd.* | | | 283 | | | | 17,843 | |
| | | | | | | | |
(Cost $257,621) | | | | | | | 299,026 | |
| | | | | | | | |
| Financials — 16.2% | | | | | | |
Affiliated Managers Group, Inc. | | | 150 | | | | 23,447 | |
Annaly Capital Management, Inc. REIT | | | 2,243 | | | | 42,819 | |
Associated Banc-Corp. | | | 694 | | | | 14,463 | |
Bank OZK | | | 470 | | | | 20,586 | |
Brighthouse Financial, Inc.* | | | 279 | | | | 12,987 | |
Cadence Bank | | | 826 | | | | 22,864 | |
CNO Financial Group, Inc. | | | 492 | | | | 13,131 | |
Columbia Banking System, Inc. | | | 943 | | | | 17,068 | |
Commerce Bancshares, Inc. | | | 541 | | | | 28,154 | |
East West Bancorp, Inc. | | | 635 | | | | 46,266 | |
Evercore, Inc., Class A | | | 156 | | | | 29,184 | |
Federated Hermes, Inc. | | | 390 | | | | 13,740 | |
First American Financial Corp. | | | 467 | | | | 27,277 | |
First Horizon Corp. | | | 2,539 | | | | 35,800 | |
FNB Corp. | | | 1,615 | | | | 21,544 | |
Glacier Bancorp, Inc. | | | 502 | | | | 18,785 | |
Hanover Insurance Group, Inc. | | | 164 | | | | 21,561 | |
Janus Henderson Group PLC | | | 594 | | | | 18,509 | |
Jefferies Financial Group, Inc. | | | 765 | | | | 31,992 | |
Kinsale Capital Group, Inc. | | | 100 | | | | 51,618 | |
MGIC Investment Corp. | | | 1,235 | | | | 24,564 | |
New York Community Bancorp, Inc. (a) | | | 3,302 | | | | 15,817 | |
Old National Bancorp. | | | 1,325 | | | | 21,770 | |
Pinnacle Financial Partners, Inc. | | | 344 | | | | 28,456 | |
Primerica, Inc. | | | 158 | | | | 38,751 | |
Reinsurance Group of America, Inc. | | | 297 | | | | 52,524 | |
RenaissanceRe Holdings Ltd. | | | 234 | | | | 52,608 | |
SEI Investments Co. | | | 449 | | | | 30,195 | |
Selective Insurance Group, Inc. | | | 268 | | | | 28,001 | |
SLM Corp. | | | 1,019 | | | | 21,226 | |
Stifel Financial Corp. | | | 461 | | | | 34,971 | |
Synovus Financial Corp. | | | 660 | | | | 25,040 | |
Texas Capital Bancshares, Inc.* | | | 223 | | | | 13,079 | |
| | | | |
| See Notes to Financial Statements. | | 21 | | |
DBX ETF Trust
Xtrackers S&P MidCap 400 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
UMB Financial Corp. | | | 201 | | | $ | 16,404 | |
United Bankshares, Inc. | | | 623 | | | | 21,612 | |
Unum Group | | | 837 | | | | 41,390 | |
Valley National Bancorp | | | 1,907 | | | | 15,618 | |
Voya Financial, Inc. | | | 473 | | | | 32,334 | |
Webster Financial Corp. | | | 775 | | | | 36,921 | |
Western Union Co. | | | 1,670 | | | | 22,395 | |
WEX, Inc.* | | | 192 | | | | 42,188 | |
Wintrust Financial Corp. | | | 279 | | | | 26,882 | |
| | | | | | | | |
(Cost $1,079,400) | | | | | | | 1,154,541 | |
| | | | | | | | |
| Health Care — 9.5% | | | | | | |
Acadia Healthcare Co., Inc.* | | | 411 | | | | 34,298 | |
Amedisys, Inc.* | | | 151 | | | | 14,046 | |
Azenta, Inc.* | | | 270 | | | | 17,590 | |
Encompass Health Corp. | | | 450 | | | | 33,480 | |
Enovis Corp.* | | | 219 | | | | 13,098 | |
Envista Holdings Corp.* | | | 783 | | | | 16,169 | |
Exelixis, Inc.* | | | 1,413 | | | | 30,945 | |
Haemonetics Corp.* | | | 225 | | | | 16,421 | |
Halozyme Therapeutics, Inc.* | | | 593 | | | | 23,607 | |
HealthEquity, Inc.* | | | 379 | | | | 31,309 | |
Inari Medical, Inc.* | | | 233 | | | | 10,746 | |
Integra LifeSciences Holdings Corp.* | | | 297 | | | | 10,962 | |
Jazz Pharmaceuticals PLC* | | | 289 | | | | 34,362 | |
Lantheus Holdings, Inc.* | | | 311 | | | | 20,333 | |
LivaNova PLC* | | | 251 | | | | 13,757 | |
Neurocrine Biosciences, Inc.* | | | 445 | | | | 58,028 | |
Option Care Health, Inc.* | | | 807 | | | | 26,042 | |
Penumbra, Inc.* | | | 175 | | | | 41,111 | |
Perrigo Co. PLC | | | 595 | | | | 15,625 | |
Progyny, Inc.* | | | 383 | | | | 13,987 | |
QuidelOrtho Corp.* | | | 226 | | | | 10,306 | |
R1 RCM, Inc.* | | | 910 | | | | 12,786 | |
Repligen Corp.* | | | 233 | | | | 45,200 | |
Shockwave Medical, Inc.* | | | 168 | | | | 43,826 | |
Tenet Healthcare Corp.* | | | 463 | | | | 43,059 | |
United Therapeutics Corp.* | | | 208 | | | | 46,933 | |
| | | | | | | | |
(Cost $729,094) | | | | | | | 678,026 | |
| | | | | | | | |
| Industrials — 23.3% | | | | | | |
Acuity Brands, Inc. | | | 141 | | | | 35,425 | |
Advanced Drainage Systems, Inc. | | | 308 | | | | 50,278 | |
AECOM | | | 624 | | | | 55,430 | |
AGCO Corp. | | | 277 | | | | 30,387 | |
ASGN, Inc.* | | | 210 | | | | 20,857 | |
Avis Budget Group, Inc. | | | 81 | | | | 8,751 | |
Carlisle Cos., Inc. | | | 219 | | | | 76,650 | |
Chart Industries, Inc.* | | | 194 | | | | 27,715 | |
Clean Harbors, Inc.* | | | 229 | | | | 41,701 | |
Concentrix Corp. | | | 210 | | | | 15,215 | |
Donaldson Co., Inc. | | | 554 | | | | 39,677 | |
EMCOR Group, Inc. | | | 213 | | | | 66,780 | |
EnerSys | | | 187 | | | | 17,182 | |
ExlService Holdings, Inc.* | | | 737 | | | | 22,935 | |
Flowserve Corp. | | | 597 | | | | 25,265 | |
Fortune Brands Innovations, Inc. | | | 563 | | | | 45,794 | |
FTI Consulting, Inc.* | | | 162 | | | | 33,515 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
Genpact Ltd. | | | 751 | | | $ | 25,534 | |
GXO Logistics, Inc.* | | | 545 | | | | 28,209 | |
Insperity, Inc. | | | 157 | | | | 15,981 | |
Kirby Corp.* | | | 267 | | | | 23,421 | |
Knight-Swift Transportation Holdings, Inc. | | | 736 | | | | 41,466 | |
Lennox International, Inc. | | | 147 | | | | 69,268 | |
Lincoln Electric Holdings, Inc. | | | 260 | | | | 66,716 | |
ManpowerGroup, Inc. | | | 220 | | | | 15,875 | |
MasTec, Inc.* | | | 270 | | | | 20,374 | |
Maximus, Inc. | | | 276 | | | | 23,090 | |
Middleby Corp.* | | | 244 | | | | 37,127 | |
MSA Safety, Inc. | | | 165 | | | | 30,385 | |
MSC Industrial Direct Co., Inc., Class A | | | 208 | | | | 20,996 | |
nVent Electric PLC | | | 746 | | | | 50,221 | |
Owens Corning | | | 401 | | | | 60,062 | |
Paylocity Holding Corp.* | | | 196 | | | | 33,048 | |
Regal Rexnord Corp. | | | 302 | | | | 51,790 | |
Ryder System, Inc. | | | 199 | | | | 22,706 | |
Saia, Inc.* | | | 121 | | | | 69,623 | |
Simpson Manufacturing Co., Inc. | | | 189 | | | | 39,441 | |
Stericycle, Inc.* | | | 419 | | | | 22,789 | |
Terex Corp. | | | 307 | | | | 17,606 | |
Tetra Tech, Inc. | | | 239 | | | | 42,379 | |
Timken Co. | | | 299 | | | | 25,113 | |
Toro Co. | | | 465 | | | | 42,924 | |
Trex Co., Inc.* | | | 489 | | | | 44,871 | |
Valmont Industries, Inc. | | | 93 | | | | 19,709 | |
Watts Water Technologies, Inc., Class A | | | 125 | | | | 25,494 | |
XPO, Inc.* | | | 522 | | | | 62,807 | |
| | | | | | | | |
(Cost $1,254,508) | | | | | | | 1,662,582 | |
| | | | | | | | |
| Information Technology — 7.9% | | | | | | |
Amkor Technology, Inc. | | | 450 | | | | 13,959 | |
Arrow Electronics, Inc.* | | | 245 | | | | 28,788 | |
Avnet, Inc. | | | 402 | | | | 18,729 | |
Belden, Inc. | | | 191 | | | | 16,269 | |
Blackbaud, Inc.* | | | 191 | | | | 13,213 | |
Calix, Inc.* | | | 266 | | | | 9,275 | |
Ciena Corp.* | | | 673 | | | | 38,348 | |
Cirrus Logic, Inc.* | | | 246 | | | | 22,588 | |
Coherent Corp.* | | | 604 | | | | 35,926 | |
CommVault Systems, Inc.* | | | 200 | | | | 19,142 | |
Crane NXT Co. | | | 220 | | | | 12,852 | |
IPG Photonics Corp.* | | | 130 | | | | 11,226 | |
Littelfuse, Inc. | | | 111 | | | | 26,445 | |
Lumentum Holdings, Inc.* | | | 303 | | | | 14,686 | |
Manhattan Associates, Inc.* | | | 277 | | | | 70,172 | |
MKS Instruments, Inc. | | | 283 | | | | 34,741 | |
Novanta, Inc.* | | | 159 | | | | 27,498 | |
Power Integrations, Inc. | | | 251 | | | | 17,936 | |
Qualys, Inc.* | | | 167 | | | | 28,701 | |
Silicon Laboratories, Inc.* | | | 145 | | | | 19,943 | |
Synaptics, Inc.* | | | 177 | | | | 17,718 | |
Teradata Corp.* | | | 450 | | | | 16,929 | |
Universal Display Corp. | | | 195 | | | | 34,012 | |
Wolfspeed, Inc.* | | | 565 | | | | 14,701 | |
| | | | | | | | |
(Cost $549,289) | | | | | | | 563,797 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 22 | | |
DBX ETF Trust
Xtrackers S&P MidCap 400 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials — 6.7% | | | | | | |
Alcoa Corp. | | | 809 | | | $ | 22,013 | |
AptarGroup, Inc. | | | 300 | | | | 42,138 | |
Ashland, Inc. | | | 236 | | | | 22,099 | |
Avient Corp. | | | 425 | | | | 17,204 | |
Axalta Coating Systems Ltd.* | | | 999 | | | | 32,697 | |
Cabot Corp. | | | 251 | | | | 21,322 | |
Chemours Co. | | | 671 | | | | 13,199 | |
Cleveland-Cliffs, Inc.* | | | 2,255 | | | | 46,904 | |
Commercial Metals Co. | | | 529 | | | | 28,566 | |
Greif, Inc., Class A | | | 110 | | | | 7,091 | |
Louisiana-Pacific Corp. | | | 294 | | | | 21,747 | |
Royal Gold, Inc. | | | 295 | | | | 30,276 | |
RPM International, Inc. | | | 583 | | | | 67,249 | |
Scotts Miracle-Gro Co. | | | 184 | | | | 12,089 | |
Sonoco Products Co. | | | 439 | | | | 24,883 | |
United States Steel Corp. | | | 1,004 | | | | 47,529 | |
Westlake Corp. | | | 144 | | | | 19,974 | |
| | | | | | | | |
(Cost $470,587) | | | | | | | 476,980 | |
| | | | | | | | |
| Real Estate — 6.1% | | | | | | |
Agree Realty Corp. REIT | | | 460 | | | | 25,277 | |
Apartment Income REIT Corp. REIT | | | 655 | | | | 19,860 | |
Brixmor Property Group, Inc. REIT | | | 1,350 | | | | 30,523 | |
COPT Defense Properties REIT | | | 507 | | | | 12,285 | |
Cousins Properties, Inc. REIT | | | 692 | | | | 15,784 | |
CubeSmart REIT | | | 1,013 | | | | 44,177 | |
EastGroup Properties, Inc. REIT | | | 210 | | | | 36,895 | |
Healthcare Realty Trust, Inc. REIT | | | 1,720 | | | | 23,702 | |
Jones Lang LaSalle, Inc.* | | | 213 | | | | 40,521 | |
Kilroy Realty Corp. REIT | | | 482 | | | | 18,263 | |
Medical Properties Trust, Inc. REIT (a) | | | 2,697 | | | | 11,354 | |
NNN REIT, Inc. REIT | | | 814 | | | | 33,122 | |
Park Hotels & Resorts, Inc. REIT | | | 959 | | | | 15,919 | |
PotlatchDeltic Corp. REIT | | | 361 | | | | 16,321 | |
Rayonier, Inc. REIT | | | 614 | | | | 21,140 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Real Estate (Continued) | | | | | | |
Rexford Industrial Realty, Inc. REIT | | | 959 | | | $ | 48,794 | |
Vornado Realty Trust REIT | | | 726 | | | | 19,094 | |
| | | | | | | | |
(Cost $530,668) | | | | | | | 433,031 | |
| | | | | | | | |
| Utilities — 1.5% | | | | | | |
National Fuel Gas Co. | | | 412 | | | | 20,081 | |
ONE Gas, Inc. | | | 255 | | | | 15,198 | |
Ormat Technologies, Inc. | | | 237 | | | | 15,440 | |
Southwest Gas Holdings, Inc. | | | 264 | | | | 17,992 | |
Spire, Inc. | | | 240 | | | | 14,237 | |
UGI Corp. | | | 947 | | | | 23,183 | |
| | | | | | | | |
(Cost $128,932) | | | | | | | 106,131 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $6,423,628) | | | | | | | 7,011,704 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 1.1% | | | | | | | | |
iShares ESG Screened S&P Mid-Cap ETF | | | 1,650 | | | | 64,532 | |
SPDR S&P MidCap 400 ETF Trust | | | 25 | | | | 13,200 | |
| | | | | | | | |
(Cost $68,849) | | | | | | | 77,732 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.5% | | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $33,249) | | | 33,249 | | | | 33,249 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.4% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $27,742) | | | 27,742 | | | | 27,742 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.4% (Cost $6,553,468) | | | | | | $ | 7,150,427 | |
Other assets and liabilities, net — (0.4%) | | | | | | | (25,739 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 7,124,688 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.5% | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | |
| | | 77,625 | | | | — | | | | (44,376 | )(d) | | | — | | | | — | | | | 23 | | | | — | | | | 33,249 | | | | 33,249 | |
|
CASH EQUIVALENTS — 0.4% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | |
| | | 9,093 | | | | 288,573 | | | | (269,924 | ) | | | — | | | | — | | | | 224 | | | | — | | | | 27,742 | | | | 27,742 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 86,718 | | | | 288,573 | | | | (314,300 | ) | | | — | | | | — | | | | 247 | | | | — | | | | 60,991 | | | | 60,991 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $32,223, which is 0.5% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| | | | |
| See Notes to Financial Statements. | | 23 | | |
DBX ETF Trust
Xtrackers S&P MidCap 400 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Appreciation | |
Micro E-mini S&P MidCap 400 Index Futures | | USD | | 1 | | $ | 28,632 | | | $ | 28,926 | | | 3/15/2024 | | $ | 294 | |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 7,011,704 | | | $ | — | | | $ | — | | | $ | 7,011,704 | |
Exchange-Traded Funds | | | 77,732 | | | | — | | | | — | | | | 77,732 | |
Short-Term Investments (a) | | | 60,991 | | | | — | | | | — | | | | 60,991 | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | | 294 | | | | — | | | | — | | | | 294 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 7,150,721 | | | $ | — | | | $ | — | | | $ | 7,150,721 | |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 24 | | |
DBX ETF Trust
Xtrackers S&P SmallCap 600 ESG ETF
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| COMMON STOCKS — 98.4% | | | | | | |
| Communication Services — 1.6% | | | | | | |
Cars.com, Inc.* | | | 116 | | | $ | 2,127 | |
Cinemark Holdings, Inc.* | | | 211 | | | | 3,674 | |
Consolidated Communications Holdings, Inc.* | | | 158 | | | | 681 | |
EW Scripps Co., Class A* | | | 105 | | | | 423 | |
Lumen Technologies, Inc.* | | | 2,012 | | | | 3,259 | |
QuinStreet, Inc.* | | | 93 | | | | 1,361 | |
Scholastic Corp. | | | 52 | | | | 2,051 | |
TechTarget, Inc.* | | | 55 | | | | 1,744 | |
Thryv Holdings, Inc.* | | | 59 | | | | 1,235 | |
Yelp, Inc.* | | | 127 | | | | 4,882 | |
| | | | | | | | |
(Cost $29,637) | | | | | | | 21,437 | |
| | | | | | | | |
| Consumer Discretionary — 16.1% | | | | | | |
Abercrombie & Fitch Co., Class A* | | | 95 | | | | 12,137 | |
Academy Sports & Outdoors, Inc. | | | 143 | | | | 10,685 | |
Adtalem Global Education, Inc.* | | | 76 | | | | 3,762 | |
American Axle & Manufacturing Holdings, Inc.* | | | 204 | | | | 1,412 | |
American Eagle Outfitters, Inc. | | | 352 | | | | 8,360 | |
America’s Car-Mart, Inc.* | | | 12 | | | | 808 | |
BJ’s Restaurants, Inc.* | | | 40 | | | | 1,401 | |
Bloomin’ Brands, Inc. | | | 163 | | | | 4,430 | |
Boot Barn Holdings, Inc.* | | | 57 | | | | 5,272 | |
Brinker International, Inc.* | | | 82 | | | | 3,800 | |
Caleres, Inc. | | | 67 | | | | 2,587 | |
Cavco Industries, Inc.* | | | 15 | | | | 5,589 | |
Century Communities, Inc. | | | 54 | | | | 4,660 | |
Cheesecake Factory, Inc. | | | 94 | | | | 3,326 | |
Chuy’s Holdings, Inc.* | | | 37 | | | | 1,252 | |
Cracker Barrel Old Country Store, Inc. | | | 43 | | | | 2,844 | |
Dine Brands Global, Inc. | | | 27 | | | | 1,310 | |
Dorman Products, Inc.* | | | 54 | | | | 5,088 | |
Ethan Allen Interiors, Inc. | | | 48 | | | | 1,605 | |
Frontdoor, Inc.* | | | 156 | | | | 4,892 | |
Gentherm, Inc.* | | | 63 | | | | 3,582 | |
Green Brick Partners, Inc.* | | | 50 | | | | 2,925 | |
Group 1 Automotive, Inc. | | | 26 | | | | 7,037 | |
Guess?, Inc. | | | 51 | | | | 1,294 | |
Hanesbrands, Inc.* | | | 644 | | | | 3,478 | |
Haverty Furniture Cos., Inc. | | | 24 | | | | 823 | |
Hibbett, Inc. | | | 27 | | | | 2,213 | |
iRobot Corp.* | | | 47 | | | | 536 | |
Jack in the Box, Inc. | | | 39 | | | | 2,847 | |
La-Z-Boy, Inc. | | | 84 | | | | 3,191 | |
LCI Industries | | | 48 | | | | 6,047 | |
Leslie’s, Inc.* | | | 340 | | | | 2,686 | |
LGI Homes, Inc.* | | | 39 | | | | 4,449 | |
MDC Holdings, Inc. | | | 111 | | | | 6,960 | |
Meritage Homes Corp. | | | 70 | | | | 11,036 | |
Mister Car Wash, Inc. *(a) | | | 172 | | | | 1,426 | |
Monro, Inc. | | | 55 | | | | 1,846 | |
Movado Group, Inc. | | | 34 | | | | 976 | |
ODP Corp.* | | | 66 | | | | 3,728 | |
Oxford Industries, Inc. | | | 27 | | | | 2,737 | |
Sally Beauty Holdings, Inc.* | | | 205 | | | | 2,589 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Consumer Discretionary (Continued) | | | | | | |
Shake Shack, Inc., Class A* | | | 71 | | | $ | 7,549 | |
Signet Jewelers Ltd. | | | 85 | | | | 8,650 | |
Sonos, Inc.* | | | 238 | | | | 4,512 | |
Standard Motor Products, Inc. | | | 37 | | | | 1,175 | |
Steven Madden Ltd. | | | 133 | | | | 5,695 | |
Strategic Education, Inc. | | | 42 | | | | 4,653 | |
Stride, Inc.* | | | 74 | | | | 4,421 | |
Tri Pointe Homes, Inc.* | | | 182 | | | | 6,439 | |
Upbound Group, Inc. | | | 89 | | | | 3,005 | |
Urban Outfitters, Inc.* | | | 106 | | | | 4,404 | |
Winnebago Industries, Inc. | | | 57 | | | | 4,089 | |
Wolverine World Wide, Inc. | | | 147 | | | | 1,495 | |
| | | | | | | | |
(Cost $221,353) | | | | | | | 213,713 | |
| | | | | | | | |
| Consumer Staples — 3.1% | | | | | | |
Andersons, Inc. | | | 60 | | | | 3,317 | |
B&G Foods, Inc. | | | 145 | | | | 1,675 | |
Calavo Growers, Inc. | | | 33 | | | | 952 | |
Cal-Maine Foods, Inc. | | | 77 | | | | 4,427 | |
Edgewell Personal Care Co. | | | 96 | | | | 3,666 | |
Fresh Del Monte Produce, Inc. | | | 68 | | | | 1,627 | |
Hain Celestial Group, Inc.* | | | 185 | | | | 1,850 | |
John B Sanfilippo & Son, Inc. | | | 17 | | | | 1,740 | |
MGP Ingredients, Inc. | | | 29 | | | | 2,470 | |
National Beverage Corp.* | | | 46 | | | | 2,421 | |
PriceSmart, Inc. | | | 49 | | | | 4,123 | |
Simply Good Foods Co.* | | | 176 | | | | 6,245 | |
SpartanNash Co. | | | 66 | | | | 1,391 | |
TreeHouse Foods, Inc.* | | | 95 | | | | 3,400 | |
United Natural Foods, Inc.* | | | 112 | | | | 1,748 | |
| | | | | | | | |
(Cost $50,916) | | | | | | | 41,052 | |
| | | | | | | | |
| Energy — 4.4% | | | | | | |
Archrock, Inc. | | | 255 | | | | 4,659 | |
Bristow Group, Inc.* | | | 47 | | | | 1,267 | |
Callon Petroleum Co.* | | | 105 | | | | 3,272 | |
Comstock Resources, Inc. (a) | | | 165 | | | | 1,411 | |
Core Laboratories, Inc. | | | 81 | | | | 1,213 | |
Dril-Quip, Inc.* | | | 59 | | | | 1,333 | |
Green Plains, Inc.* | | | 126 | | | | 2,684 | |
Helix Energy Solutions Group, Inc.* | | | 285 | | | | 2,565 | |
Helmerich & Payne, Inc. | | | 191 | | | | 7,332 | |
Nabors Industries Ltd.* | | | 18 | | | | 1,411 | |
Oil States International, Inc.* | | | 106 | | | | 571 | |
Par Pacific Holdings, Inc.* | | | 104 | | | | 3,756 | |
Patterson-UTI Energy, Inc. | | | 617 | | | | 7,139 | |
SM Energy Co. | | | 224 | | | | 9,804 | |
Talos Energy, Inc.* | | | 243 | | | | 3,205 | |
US Silica Holdings, Inc.* | | | 141 | | | | 1,622 | |
Vital Energy, Inc.* | | | 49 | | | | 2,466 | |
World Kinect Corp. | | | 115 | | | | 2,801 | |
| | | | | | | | |
(Cost $68,729) | | | | | | | 58,511 | |
| | | | | | | | |
| Financials — 17.9% | | | | | | |
Ambac Financial Group, Inc.* | | | 78 | | | | 1,276 | |
American Equity Investment Life Holding Co.* | | | 116 | | | | 6,443 | |
Ameris Bancorp | | | 126 | | | | 5,838 | |
| | | | |
| See Notes to Financial Statements. | | 25 | | |
DBX ETF Trust
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
AMERISAFE, Inc. | | | 40 | | | $ | 2,110 | |
Assured Guaranty Ltd. | | | 103 | | | | 9,435 | |
Atlantic Union Bankshares Corp. | | | 147 | | | | 4,889 | |
Axos Financial, Inc.* | | | 99 | | | | 5,160 | |
Banc of California, Inc. | | | 258 | | | | 3,775 | |
BancFirst Corp. | | | 26 | | | | 2,281 | |
Bancorp, Inc.* | | | 102 | | | | 4,553 | |
BankUnited, Inc. | | | 147 | | | | 3,943 | |
Banner Corp. | | | 65 | | | | 2,850 | |
Berkshire Hills Bancorp, Inc. | | | 84 | | | | 1,805 | |
Bread Financial Holdings, Inc. | | | 93 | | | | 3,560 | |
Brightsphere Investment Group, Inc. | | | 64 | | | | 1,450 | |
Central Pacific Financial Corp. | | | 52 | | | | 970 | |
City Holding Co. | | | 28 | | | | 2,814 | |
Community Bank System, Inc. | | | 100 | | | | 4,530 | |
Customers Bancorp, Inc.* | | | 56 | | | | 3,041 | |
Donnelley Financial Solutions, Inc.* | | | 46 | | | | 2,970 | |
Encore Capital Group, Inc.* | | | 46 | | | | 2,208 | |
Enova International, Inc.* | | | 58 | | | | 3,669 | |
EVERTEC, Inc. | | | 129 | | | | 4,661 | |
FB Financial Corp. | | | 63 | | | | 2,245 | |
First BanCorp | | | 330 | | | | 5,603 | |
First Commonwealth Financial Corp. | | | 192 | | | | 2,502 | |
First Financial Bancorp | | | 187 | | | | 4,058 | |
First Hawaiian, Inc. | | | 246 | | | | 5,156 | |
Franklin BSP Realty Trust, Inc. REIT | | | 146 | | | | 1,885 | |
Genworth Financial, Inc., Class A* | | | 838 | | | | 5,154 | |
Green Dot Corp., Class A* | | | 75 | | | | 616 | |
Hanmi Financial Corp. | | | 49 | | | | 740 | |
Heritage Financial Corp. | | | 68 | | | | 1,248 | |
Hilltop Holdings, Inc. | | | 86 | | | | 2,656 | |
Hope Bancorp, Inc. | | | 225 | | | | 2,468 | |
Horace Mann Educators Corp. | | | 76 | | | | 2,750 | |
Independent Bank Group, Inc. | | | 69 | | | | 3,017 | |
Mr Cooper Group, Inc.* | | | 124 | | | | 8,839 | |
National Bank Holdings Corp., Class A | | | 69 | | | | 2,335 | |
NBT Bancorp, Inc. | | | 88 | | | | 3,026 | |
Northfield Bancorp, Inc. | | | 66 | | | | 667 | |
Northwest Bancshares, Inc. | | | 252 | | | | 2,888 | |
OFG Bancorp | | | 86 | | | | 3,115 | |
Pacific Premier Bancorp, Inc. | | | 187 | | | | 4,275 | |
Park National Corp. | | | 26 | | | | 3,341 | |
Pathward Financial, Inc. | | | 50 | | | | 2,542 | |
PennyMac Mortgage Investment Trust REIT | | | 162 | | | | 2,289 | |
Piper Sandler Cos. | | | 29 | | | | 5,460 | |
PRA Group, Inc.* | | | 76 | | | | 1,943 | |
ProAssurance Corp. | | | 92 | | | | 1,134 | |
PROG Holdings, Inc.* | | | 89 | | | | 2,747 | |
Provident Financial Services, Inc. | | | 142 | | | | 2,141 | |
Radian Group, Inc. | | | 291 | | | | 8,480 | |
Redwood Trust, Inc. REIT | | | 214 | | | | 1,312 | |
Renasant Corp. | | | 108 | | | | 3,414 | |
S&T Bancorp, Inc. | | | 70 | | | | 2,183 | |
Safety Insurance Group, Inc. | | | 28 | | | | 2,301 | |
Seacoast Banking Corp. of Florida | | | 158 | | | | 3,814 | |
Simmons First National Corp., Class A | | | 230 | | | | 4,416 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Financials (Continued) | | | | | | |
Southside Bancshares, Inc. | | | 49 | | | $ | 1,404 | |
Stewart Information Services Corp. | | | 52 | | | | 3,275 | |
StoneX Group, Inc.* | | | 52 | | | | 3,602 | |
Tompkins Financial Corp. | | | 26 | | | | 1,252 | |
Triumph Financial, Inc.* | | | 42 | | | | 3,150 | |
Trupanion, Inc.* | | | 68 | | | | 1,819 | |
TrustCo Bank Corp. NY | | | 40 | | | | 1,092 | |
Trustmark Corp. | | | 119 | | | | 3,196 | |
Two Harbors Investment Corp. REIT | | | 194 | | | | 2,458 | |
United Fire Group, Inc. | | | 38 | | | | 885 | |
Veritex Holdings, Inc. | | | 102 | | | | 2,002 | |
Virtus Investment Partners, Inc. | | | 13 | | | | 3,020 | |
Walker & Dunlop, Inc. | | | 64 | | | | 6,104 | |
WisdomTree, Inc. | | | 209 | | | | 1,685 | |
World Acceptance Corp.* | | | 7 | | | | 838 | |
WSFS Financial Corp. | | | 119 | | | | 5,044 | |
| | | | | | | | |
(Cost $268,246) | | | | | | | 237,817 | |
| | | | | | | | |
| Health Care — 9.9% | | | | | | |
Addus HomeCare Corp.* | | | 33 | | | | 3,045 | |
AMN Healthcare Services, Inc.* | | | 72 | | | | 4,051 | |
Amphastar Pharmaceuticals, Inc.* | | | 75 | | | | 3,493 | |
Arcus Biosciences, Inc.* | | | 106 | | | | 2,028 | |
Catalyst Pharmaceuticals, Inc.* | | | 202 | | | | 3,238 | |
Certara, Inc.* | | | 211 | | | | 3,562 | |
CONMED Corp. | | | 59 | | | | 4,739 | |
Cross Country Healthcare, Inc.* | | | 63 | | | | 1,151 | |
Cytokinetics, Inc.* | | | 187 | | | | 13,509 | |
Dynavax Technologies Corp.* | | | 265 | | | | 3,358 | |
Embecta Corp. | | | 101 | | | | 1,442 | |
Ensign Group, Inc. | | | 107 | | | | 13,366 | |
Fulgent Genetics, Inc.* | | | 43 | | | | 970 | |
Glaukos Corp.* | | | 93 | | | | 8,239 | |
HealthStream, Inc. | | | 45 | | | | 1,228 | |
Innoviva, Inc.* | | | 98 | | | | 1,497 | |
Integer Holdings Corp.* | | | 64 | | | | 7,059 | |
Ironwood Pharmaceuticals, Inc.* | | | 264 | | | | 2,489 | |
Ligand Pharmaceuticals, Inc.* | | | 29 | | | | 2,301 | |
Merit Medical Systems, Inc.* | | | 110 | | | | 8,382 | |
ModivCare, Inc.* | | | 20 | | | | 561 | |
Myriad Genetics, Inc.* | | | 163 | | | | 3,412 | |
OraSure Technologies, Inc.* | | | 146 | | | | 1,050 | |
Owens & Minor, Inc.* | | | 153 | | | | 3,722 | |
Pediatrix Medical Group, Inc.* | | | 160 | | | | 1,464 | |
Phibro Animal Health Corp., Class A | | | 35 | | | | 453 | |
Prestige Consumer Healthcare, Inc.* | | | 95 | | | | 6,610 | |
RadNet, Inc.* | | | 112 | | | | 4,240 | |
REGENXBIO, Inc.* | | | 72 | | | | 1,256 | |
Select Medical Holdings Corp. | | | 202 | | | | 5,500 | |
US Physical Therapy, Inc. | | | 29 | | | | 3,082 | |
Varex Imaging Corp.* | | | 69 | | | | 1,187 | |
Veradigm, Inc.* | | | 198 | | | | 1,186 | |
Vericel Corp.* | | | 92 | | | | 4,203 | |
Vir Biotechnology, Inc.* | | | 161 | | | | 1,810 | |
Xencor, Inc.* | | | 112 | | | | 2,570 | |
| | | | | | | | |
(Cost $154,953) | | | | | | | 131,453 | |
| | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 26 | | |
DBX ETF Trust
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials — 18.9% | | | | | | |
AAON, Inc. | | | 127 | | | $ | 10,665 | |
ABM Industries, Inc. | | | 122 | | | | 5,040 | |
Alamo Group, Inc. | | | 19 | | | | 3,843 | |
Allegiant Travel Co. | | | 30 | | | | 2,183 | |
American Woodmark Corp.* | | | 34 | | | | 3,408 | |
Applied Industrial Technologies, Inc. | | | 74 | | | | 14,052 | |
ArcBest Corp. | | | 46 | | | | 6,572 | |
Arcosa, Inc. | | | 93 | | | | 7,719 | |
Astec Industries, Inc. | | | 44 | | | | 1,786 | |
AZZ, Inc. | | | 49 | | | | 3,567 | |
Barnes Group, Inc. | | | 95 | | | | 3,319 | |
Boise Cascade Co. | | | 75 | | | | 10,193 | |
Brady Corp., Class A | | | 87 | | | | 5,070 | |
CSG Systems International, Inc. | | | 56 | | | | 3,055 | |
Deluxe Corp. | | | 77 | | | | 1,495 | |
Dnow, Inc.* | | | 194 | | | | 2,745 | |
Dycom Industries, Inc.* | | | 57 | | | | 7,210 | |
Encore Wire Corp. | | | 30 | | | | 7,230 | |
Enerpac Tool Group Corp. | | | 100 | | | | 3,371 | |
Enpro, Inc. | | | 40 | | | | 6,233 | |
Enviri Corp.* | | | 150 | | | | 1,179 | |
Federal Signal Corp. | | | 116 | | | | 9,502 | |
Forward Air Corp. | | | 51 | | | | 1,894 | |
GEO Group, Inc.* | | | 222 | | | | 2,724 | |
Gibraltar Industries, Inc.* | | | 58 | | | | 4,492 | |
Granite Construction, Inc. | | | 81 | | | | 4,174 | |
Greenbrier Cos., Inc. | | | 61 | | | | 3,157 | |
Griffon Corp. | | | 77 | | | | 5,498 | |
Heartland Express, Inc. | | | 79 | | | | 1,010 | |
Heidrick & Struggles International, Inc. | | | 38 | | | | 1,292 | |
Hillenbrand, Inc. | | | 134 | | | | 6,372 | |
HNI Corp. | | | 90 | | | | 4,033 | |
Hub Group, Inc., Class A* | | | 116 | | | | 4,933 | |
Interface, Inc. | | | 114 | | | | 1,792 | |
John Bean Technologies Corp. | | | 61 | | | | 6,190 | |
Kelly Services, Inc., Class A | | | 62 | | | | 1,521 | |
Kennametal, Inc. | | | 149 | | | | 3,761 | |
Korn Ferry | | | 100 | | | | 6,366 | |
Lindsay Corp. | | | 21 | | | | 2,506 | |
Liquidity Services, Inc.* | | | 43 | | | | 771 | |
Matson, Inc. | | | 66 | | | | 7,329 | |
Matthews International Corp., Class A | | | 61 | | | | 1,765 | |
MillerKnoll, Inc. | | | 135 | | | | 4,124 | |
MYR Group, Inc.* | | | 32 | | | | 5,199 | |
OPENLANE, Inc.* | | | 199 | | | | 3,039 | |
Pitney Bowes, Inc. | | | 335 | | | | 1,350 | |
Powell Industries, Inc. | | | 18 | | | | 3,334 | |
Proto Labs, Inc.* | | | 53 | | | | 1,931 | |
Quanex Building Products Corp. | | | 65 | | | | 2,248 | |
Resideo Technologies, Inc.* | | | 270 | | | | 6,029 | |
Resources Connection, Inc. | | | 53 | | | | 733 | |
SkyWest, Inc.* | | | 79 | | | | 5,073 | |
SPX Technologies, Inc.* | | | 87 | | | | 10,196 | |
Standex International Corp. | | | 22 | | | | 3,806 | |
Tennant Co. | | | 34 | | | | 3,848 | |
Trinity Industries, Inc. | | | 160 | | | | 4,061 | |
TrueBlue, Inc.* | | | 53 | | | | 623 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Industrials (Continued) | | | | | | |
TTEC Holdings, Inc. | | | 34 | | | $ | 593 | |
Viad Corp.* | | | 38 | | | | 1,415 | |
Wabash National Corp. | | | 87 | | | | 2,373 | |
| | | | | | | | |
(Cost $247,032) | | | | | | | 250,992 | |
| | | | | | | | |
| Information Technology — 12.1% | | | | | | |
A10 Networks, Inc. | | | 129 | | | | 1,717 | |
Adeia, Inc. | | | 195 | | | | 2,211 | |
ADTRAN Holdings, Inc. | | | 118 | | | | 671 | |
Agilysys, Inc.* | | | 39 | | | | 3,034 | |
Alarm.com Holdings, Inc.* | | | 93 | | | | 7,039 | |
Arlo Technologies, Inc.* | | | 168 | | | | 1,749 | |
Axcelis Technologies, Inc.* | | | 63 | | | | 7,098 | |
Badger Meter, Inc. | | | 56 | | | | 8,887 | |
Benchmark Electronics, Inc. | | | 67 | | | | 2,058 | |
Cohu, Inc.* | | | 86 | | | | 2,763 | |
Consensus Cloud Solutions, Inc.* | | | 31 | | | | 494 | |
CTS Corp. | | | 56 | | | | 2,495 | |
Digi International, Inc.* | | | 64 | | | | 1,892 | |
Digital Turbine, Inc.* | | | 146 | | | | 463 | |
Diodes, Inc.* | | | 90 | | | | 6,118 | |
ePlus, Inc.* | | | 53 | | | | 4,367 | |
Extreme Networks, Inc.* | | | 257 | | | | 3,249 | |
Fabrinet* | | | 69 | | | | 14,874 | |
FormFactor, Inc.* | | | 149 | | | | 6,412 | |
Harmonic, Inc.* | | | 208 | | | | 2,731 | |
Insight Enterprises, Inc.* | | | 53 | | | | 9,964 | |
InterDigital, Inc. | | | 49 | | | | 5,244 | |
Itron, Inc.* | | | 87 | | | | 8,063 | |
Kulicke & Soffa Industries, Inc. | | | 109 | | | | 5,191 | |
LiveRamp Holdings, Inc.* | | | 129 | | | | 4,512 | |
Methode Electronics, Inc. | | | 76 | | | | 1,619 | |
NetScout Systems, Inc.* | | | 130 | | | | 2,815 | |
OSI Systems, Inc.* | | | 30 | | | | 3,935 | |
Plexus Corp.* | | | 53 | | | | 5,003 | |
Progress Software Corp. | | | 81 | | | | 4,322 | |
Rogers Corp.* | | | 32 | | | | 3,586 | |
ScanSource, Inc.* | | | 51 | | | | 2,205 | |
Semtech Corp.* | | | 116 | | | | 2,459 | |
SPS Commerce, Inc.* | | | 69 | | | | 12,776 | |
Veeco Instruments, Inc.* | | | 111 | | | | 4,019 | |
Viavi Solutions, Inc.* | | | 438 | | | | 4,183 | |
| | | | | | | | |
(Cost $178,407) | | | | | | | 160,218 | |
| | | | | | | | |
| Materials — 5.4% | | | | | | |
AdvanSix, Inc. | | | 56 | | | | 1,567 | |
Balchem Corp. | | | 61 | | | | 9,588 | |
Carpenter Technology Corp. | | | 92 | | | | 5,948 | |
Century Aluminum Co.* | | | 103 | | | | 1,078 | |
Clearwater Paper Corp.* | | | 35 | | | | 1,375 | |
Compass Minerals International, Inc. | | | 64 | | | | 1,459 | |
Hawkins, Inc. | | | 36 | | | | 2,529 | |
Haynes International, Inc. | | | 24 | | | | 1,426 | |
HB Fuller Co. | | | 102 | | | | 8,112 | |
Innospec, Inc. | | | 47 | | | | 5,841 | |
Kaiser Aluminum Corp. | | | 31 | | | | 2,248 | |
Koppers Holdings, Inc. | | | 40 | | | | 2,265 | |
Materion Corp. | | | 40 | | | | 5,373 | |
| | | | |
| See Notes to Financial Statements. | | 27 | | |
DBX ETF Trust
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Materials (Continued) | | | | | | |
Metallus, Inc.* | | | 65 | | | $ | 1,414 | |
Minerals Technologies, Inc. | | | 63 | | | | 4,559 | |
Quaker Chemical Corp. | | | 26 | | | | 5,213 | |
Stepan Co. | | | 42 | | | | 3,746 | |
SunCoke Energy, Inc. | | | 156 | | | | 1,671 | |
Warrior Met Coal, Inc. | | | 98 | | | | 5,583 | |
| | | | | | | | |
(Cost $72,092) | | | | | | | 70,995 | |
| | | | | | | | |
| Real Estate — 7.6% | | | | | | |
Acadia Realty Trust REIT | | | 177 | | | | 2,901 | |
Alexander & Baldwin, Inc. REIT | | | 137 | | | | 2,228 | |
American Assets Trust, Inc. REIT | | | 91 | | | | 1,963 | |
Anywhere Real Estate, Inc.* | | | 207 | | | | 1,298 | |
Armada Hoffler Properties, Inc. REIT | | | 131 | | | | 1,334 | |
Brandywine Realty Trust REIT | | | 305 | | | | 1,312 | |
CareTrust REIT, Inc. REIT | | | 232 | | | | 5,234 | |
Centerspace REIT | | | 31 | | | | 1,723 | |
Chatham Lodging Trust REIT | | | 82 | | | | 836 | |
Cushman & Wakefield PLC* | | | 303 | | | | 3,027 | |
DiamondRock Hospitality Co. REIT | | | 387 | | | | 3,638 | |
Easterly Government Properties, Inc. REIT | | | 175 | | | | 2,065 | |
Elme Communities REIT | | | 166 | | | | 2,138 | |
Four Corners Property Trust, Inc. REIT | | | 167 | | | | 4,038 | |
Getty Realty Corp. REIT | | | 88 | | | | 2,320 | |
Hudson Pacific Properties, Inc. REIT | | | 237 | | | | 1,503 | |
Innovative Industrial Properties, Inc. REIT | | | 54 | | | | 5,291 | |
JBG SMITH Properties REIT | | | 176 | | | | 2,918 | |
Kennedy-Wilson Holdings, Inc. | | | 220 | | | | 1,932 | |
LTC Properties, Inc. REIT | | | 76 | | | | 2,391 | |
LXP Industrial Trust REIT | | | 565 | | | | 4,893 | |
Pebblebrook Hotel Trust REIT | | | 225 | | | | 3,564 | |
Retail Opportunity Investments Corp. REIT | | | 238 | | | | 3,077 | |
SITE Centers Corp. REIT | | | 347 | | | | 4,712 | |
SL Green Realty Corp. REIT (a) | | | 120 | | | | 5,818 | |
St Joe Co. | | | 67 | | | | 3,609 | |
Summit Hotel Properties, Inc. REIT | | | 232 | | | | 1,489 | |
Sunstone Hotel Investors, Inc. REIT | | | 403 | | | | 4,510 | |
Tanger, Inc. REIT | | | 205 | | | | 5,906 | |
Uniti Group, Inc. REIT | | | 454 | | | | 2,660 | |
Urban Edge Properties REIT | | | 218 | | | | 3,708 | |
Veris Residential, Inc. REIT | | | 163 | | | | 2,380 | |
Whitestone REIT | | | 79 | | | | 973 | |
| | | | | | | | |
| | | Number
of Shares | | | Value | |
| Real Estate (Continued) | | | | | | |
Xenia Hotels & Resorts, Inc. REIT | | | 215 | | | $ | 3,298 | |
| | | | | | | | |
(Cost $123,164) | | | | | | | 100,687 | |
| | | | | | | | |
| Utilities — 1.4% | | | | | | |
American States Water Co. | | | 71 | | | | 5,070 | |
California Water Service Group | | | 109 | | | | 5,002 | |
Middlesex Water Co. | | | 35 | | | | 1,781 | |
Northwest Natural Holding Co. | | | 69 | | | | 2,535 | |
SJW Group | | | 57 | | | | 3,139 | |
Unitil Corp. | | | 28 | | | | 1,427 | |
| | | | | | | | |
(Cost $25,065) | | | | | | | 18,954 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $1,439,594) | | | | | | | 1,305,829 | |
| | | | | | | | |
| OTHER INVESTMENTS — 0.0% | | | | | | | | |
| Health Care — 0.0% | | | | | | |
Omniab, Inc. $12.50 Earnout*(b)(c) | | | 105 | | | | 0 | |
Omniab, Inc. $15.00 Earnout*(b)(c) | | | 105 | | | | 0 | |
| | | | | | | | |
(Cost $0) | | | | | | | 0 | |
| | | | | | | | |
TOTAL OTHER INVESTMENTS
(Cost $0) | | | | | | | 0 | |
| | | | | | | | |
| EXCHANGE-TRADED FUNDS — 0.8% | | | | | | |
SPDR Portfolio S&P 600 Small Cap ETF
(Cost $8,840) | | | 245 | | | | 10,241 | |
| | | | | | | | |
| SECURITIES LENDING COLLATERAL — 0.5% | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
(Cost $6,400) | | | 6,400 | | | | 6,400 | |
| | | | | | | | |
| CASH EQUIVALENTS — 0.7% | | | | | | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (d)
(Cost $9,018) | | | 9,018 | | | | 9,018 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS — 100.4% (Cost $1,463,852) | | | | | | $ | 1,331,488 | |
Other assets and liabilities, net — (0.4%) | | | | | | | (4,999 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 1,326,489 | |
| | | | | | | | |
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Value ($) at
8/31/2023 | | | Purchases
Cost ($) | | | Sales
Proceeds ($) | | | Net Realized
Gain/(Loss) ($) | | | Net Change
in Unrealized
Appreciation
(Depreciation)
($) | | | Income ($) | | | Capital Gain
Distributions
($) | | | Number of
Shares at
2/29/2024 | | | Value ($) at
2/29/2024 | |
SECURITIES LENDING COLLATERAL — 0.5% | | | | | |
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) | |
| | | 145,100 | | | | — | | | | (138,700 | )(f) | | | — | | | | — | | | | 93 | | | | — | | | | 6,400 | | | | 6,400 | |
|
CASH EQUIVALENTS — 0.7% | |
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) | |
| | | 4,613 | | | | 237,807 | | | | (233,402 | ) | | | — | | | | — | | | | 207 | | | | — | | | | 9,018 | | | | 9,018 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 149,713 | | | | 237,807 | | | | (372,102 | ) | | | — | | | | — | | | | 300 | | | | — | | | | 15,418 | | | | 15,418 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | Non-income producing security. |
| | | | |
| See Notes to Financial Statements. | | 28 | | |
DBX ETF Trust
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
February 29, 2024 (Unaudited)
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $6,532, which is 0.5% of net assets. |
| (b) | Investment was valued using significant unobservable inputs. |
| (c) | Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. |
| (d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
| REIT: | | Real Estate Investment Trust |
At February 29, 2024, open futures contracts purchased were as follows:
| | | | | | | | | | | | | | | | | | |
Contract Description | | Currency | | Number of
Contracts | | Notional
Amount | | | Contract
Value | | | Expiration
Date | | Unrealized
Depreciation | |
Micro E-Mini Russell 2000 Index Futures | | USD | | 1 | | $ | 10,337 | | | $ | 10,287 | | | 3/15/2024 | | $ | (50 | ) |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| | | | | | | | | | | | | | | | |
Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks (a) | | $ | 1,305,829 | | | $ | — | | | $ | — | | | $ | 1,305,829 | |
Other Investments | | | — | | | | — | | | | 0 | | | | 0 | |
Exchange-Traded Funds | | | 10,241 | | | | — | | | | — | | | | 10,241 | |
Short-Term Investments (a) | | | 15,418 | | | | — | | | | — | | | | 15,418 | |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | 1,331,488 | | | $ | — | | | $ | 0 | | | $ | 1,331,488 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Derivatives (b) | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (50 | ) | | $ | — | | | $ | — | | | $ | (50 | ) |
| | | | | | | | | | | | | | | | |
TOTAL | | $ | (50 | ) | | $ | — | | | $ | — | | | $ | (50 | ) |
| | | | | | | | | | | | | | | | |
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| | | | |
| See Notes to Financial Statements. | | 29 | | |
DBX ETF Trust
Statements of Assets and Liabilities
February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers
S&P 500
ESG ETF | | | Xtrackers
S&P 500
Growth
ESG ETF | | | Xtrackers
S&P 500
Value
ESG ETF | | | Xtrackers
S&P ESG
Dividend
Aristocrats ETF | |
Assets | | | | | | | | | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 1,112,535,809 | | | $ | 7,486,060 | | | $ | 5,900,581 | | | $ | 5,133,122 | |
Investment in DWS Government Money Market Series | | | 2,432,826 | | | | 20,847 | | | | 2,827 | | | | 3,119 | |
Deposit with broker for futures contracts | | | 140,250 | | | | — | | | | — | | | | — | |
| Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 6,920,385 | | | | — | | | | — | | | | — | |
Variation margin on futures contracts | | | 16,050 | | | | — | | | | — | | | | — | |
Dividends | | | 1,312,720 | | | | 4,961 | | | | 9,453 | | | | 12,910 | |
Interest | | | 8,747 | | | | 22 | | | | 12 | | | | 18 | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 1,123,366,787 | | | $ | 7,511,890 | | | $ | 5,912,873 | | | $ | 5,149,169 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | $ | 87,709 | | | $ | — | | | $ | 1,542 | | | $ | — | |
Capital shares | | | 6,920,367 | | | | — | | | | — | | | | — | |
Investment advisory fees | | | 81,807 | | | | 879 | | | | 696 | | | | 608 | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 7,089,883 | | | | 879 | | | | 2,238 | | | | 608 | |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 1,116,276,904 | | | $ | 7,511,011 | | | $ | 5,910,635 | | | $ | 5,148,561 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 971,617,898 | | | $ | 5,553,595 | | | $ | 5,006,583 | | | $ | 5,085,669 | |
Distributable earnings (loss) | | | 144,659,006 | | | | 1,957,416 | | | | 904,052 | | | | 62,892 | |
| | | | | | | | | | | | | | | | |
Net Assets, at value | | $ | 1,116,276,904 | | | $ | 7,511,011 | | | $ | 5,910,635 | | | $ | 5,148,561 | |
| | | | | | | | | | | | | | | | |
| | | | |
Number of Common Shares outstanding | | | 24,050,001 | | | | 200,001 | | | | 200,001 | | | | 200,001 | |
| | | | | | | | | | | | | | | | |
Net Asset Value | | $ | 46.41 | | | $ | 37.55 | | | $ | 29.55 | | | $ | 25.74 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment in non-affiliated securities at cost | | $ | 966,614,665 | | | $ | 5,973,933 | | | $ | 5,555,447 | | | $ | 5,117,145 | |
| | | | | | | | | | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | 2,432,826 | | | $ | 20,847 | | | $ | 2,827 | | | $ | 3,119 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 30 | | |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Xtrackers
S&P MidCap
400
ESG ETF | | | Xtrackers
S&P SmallCap
600
ESG ETF | |
Assets | | | | | | | | |
Investment in non-affiliated securities at value | | $ | 7,089,436 | | | $ | 1,316,070 | |
Investment in DWS Government Money Market Series | | | 27,742 | | | | 9,018 | |
Investment in DWS Government & Agency Securities Portfolio* | | | 33,249 | | | | 6,400 | |
Deposit with broker for futures contracts | | | 1,661 | | | | 715 | |
| Receivables: | | | | | | | | |
Investment securities sold | | | 12,266 | | | | — | |
Variation margin on futures contracts | | | 220 | | | | 70 | |
Dividends | | | 6,425 | | | | 3,439 | |
Interest | | | 55 | | | | 21 | |
Affiliated securities lending income | | | 14 | | | | 8 | |
| | | | | | | | |
Total assets | | $ | 7,171,068 | | | $ | 1,335,741 | |
| | | | | | | | |
| | |
Liabilities | | | | | | | | |
Payable upon return of securities loaned | | $ | 33,249 | | | $ | 6,400 | |
| Payables: | | | | | | | | |
Investment securities purchased | | | 11,871 | | | | 1,887 | |
Investment advisory fees | | | 1,260 | | | | 965 | |
| | | | | | | | |
Total liabilities | | | 46,380 | | | | 9,252 | |
| | | | | | | | |
Net Assets, at value | | $ | 7,124,688 | | | $ | 1,326,489 | |
| | | | | | | | |
| | |
Net Assets Consist of | | | | | | | | |
Paid-in capital | | $ | 6,027,117 | | | $ | 846,269 | |
Distributable earnings (loss) | | | 1,097,571 | | | | 480,220 | |
| | | | | | | | |
Net Assets, at value | | $ | 7,124,688 | | | $ | 1,326,489 | |
| | | | | | | | |
| | |
Number of Common Shares outstanding | | | 250,001 | | | | 50,001 | |
| | | | | | | | |
Net Asset Value | | $ | 28.50 | | | $ | 26.53 | |
| | | | | | | | |
| | |
Investment in non-affiliated securities at cost | | $ | 6,492,477 | | | $ | 1,448,434 | |
| | | | | | | | |
Value of securities loaned | | $ | 32,223 | | | $ | 6,532 | |
| | | | | | | | |
Investment in DWS Government Money Market Series at cost | | $ | 27,742 | | | $ | 9,018 | |
| | | | | | | | |
Investment in DWS Government & Agency Securities Portfolio at cost* | | $ | 33,249 | | | $ | 6,400 | |
| | | | | | | | |
| * | Represents collateral on securities loaned. |
| | | | |
| See Notes to Financial Statements. | | 31 | | |
DBX ETF Trust
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Xtrackers
S&P 500
ESG ETF | | | Xtrackers
S&P 500
Growth
ESG ETF | | | Xtrackers
S&P 500
Value
ESG ETF | | | Xtrackers
S&P ESG
Dividend
Aristocrats ETF | |
Investment Income | | | | | | | | | | | | | | | | |
Unaffiliated dividend income* | | $ | 7,020,577 | | | $ | 38,366 | | | $ | 58,905 | | | $ | 71,667 | |
Income distributions from affiliated funds | | | 38,923 | | | | 126 | | | | 89 | | | | 99 | |
Affiliated securities lending income | | | 40 | | | | — | | | | — | | | | — | |
Affiliated other income (see note 6) | | | 1,521 | | | | 104 | | | | 200 | | | | 43 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 7,061,061 | | | | 38,596 | | | | 59,194 | | | | 71,809 | |
| | | | | | | | | | | | | | | | |
| | | | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 509,412 | | | | 5,005 | | | | 4,082 | | | | 3,646 | |
Other expenses | | | 58 | | | | 58 | | | | 58 | | | | 58 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 509,470 | | | | 5,063 | | | | 4,140 | | | | 3,704 | |
| | | | | | | | | | | | | | | | |
Less fees waived (see note 3): | | | | | | | | | | | | | | | | |
Waiver | | | (47,107 | ) | | | (2 | ) | | | (2 | ) | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 462,363 | | | | 5,061 | | | | 4,138 | | | | 3,702 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 6,598,698 | | | | 33,535 | | | | 55,056 | | | | 68,107 | |
| | | | | | | | | | | | | | | | |
| | | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments | | | (1,227,261 | ) | | | (89,737 | ) | | | (45,897 | ) | | | (142,400 | ) |
In-kind redemptions | | | 15,394,404 | | | | 588,165 | | | | 605,373 | | | | 249,886 | |
Futures contracts | | | 128,808 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 14,295,951 | | | | 498,428 | | | | 559,476 | | | | 107,486 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 101,478,760 | | | | 408,889 | | | | 24,704 | | | | 25,972 | |
Futures contracts | | | 138,456 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 101,617,216 | | | | 408,889 | | | | 24,704 | | | | 25,972 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) on investments and futures | | | 115,913,167 | | | | 907,317 | | | | 584,180 | | | | 133,458 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 122,511,865 | | | $ | 940,852 | | | $ | 639,236 | | | $ | 201,565 | |
| | | | | | | | | | | | | | | | |
* Unaffiliated foreign tax withheld | | $ | 2,491 | | | $ | — | | | $ | 20 | | | $ | — | |
| | | | |
| See Notes to Financial Statements. | | 32 | | |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended February 29, 2024 (Unaudited)
| | | | | | | | |
| | | Xtrackers
S&P MidCap
400
ESG ETF | | | Xtrackers
S&P SmallCap
600
ESG ETF | |
Investment Income | | | | | | | | |
Unaffiliated dividend income* | | $ | 94,035 | | | $ | 81,574 | |
Income distributions from affiliated funds | | | 224 | | | | 207 | |
Affiliated securities lending income | | | 23 | | | | 93 | |
| | | | | | | | |
Total investment income | | | 94,282 | | | | 81,874 | |
| | | | | | | | |
| | |
Expenses | | | | | | | | |
Investment advisory fees | | | 8,564 | | | | 7,829 | |
Other expenses | | | 58 | | | | 58 | |
| | | | | | | | |
Total expenses | | | 8,622 | | | | 7,887 | |
| | | | | | | | |
Less fees waived (see note 3): | | | | | | | | |
Waiver | | | (5 | ) | | | (5 | ) |
| | | | | | | | |
Net expenses | | | 8,617 | | | | 7,882 | |
| | | | | | | | |
Net investment income (loss) | | | 85,665 | | | | 73,992 | |
| | | | | | | | |
| | |
Realized and Unrealized Gain (Loss) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments | | | 8,766 | | | | 134,698 | |
In-kind redemptions | | | 1,013,440 | | | | 1,581,823 | |
Futures contracts | | | (2 | ) | | | (2 | ) |
| | | | | | | | |
Net realized gain (loss) | | | 1,022,204 | | | | 1,716,519 | |
| | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | (195,165 | ) | | | (732,264 | ) |
Futures contracts | | | 294 | | | | (50 | ) |
| | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | (194,871 | ) | | | (732,314 | ) |
| | | | | | | | |
Net realized and unrealized gain (loss) on investments and futures | | | 827,333 | | | | 984,205 | |
| | | | | | | | |
| | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 912,998 | | | $ | 1,058,197 | |
| | | | | | | | |
* Unaffiliated foreign tax withheld | | $ | — | | | $ | 122 | |
| | | | |
| See Notes to Financial Statements. | | 33 | | |
DBX ETF Trust
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Xtrackers S&P 500 ESG ETF | | | Xtrackers S&P 500 Growth ESG ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | For the Period
November 9,
2022(1) to
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 6,598,698 | | | $ | 11,849,356 | | | $ | 33,535 | | | $ | 51,749 | |
Net realized gain (loss) | | | 14,295,951 | | | | 25,225,191 | | | | 498,428 | | | | 457,486 | |
Net change in net unrealized appreciation (depreciation) | | | 101,617,216 | | | | 83,799,483 | | | | 408,889 | | | | 1,103,238 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 122,511,865 | | | | 120,874,030 | | | | 940,852 | | | | 1,612,473 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (6,756,367 | ) | | | (11,480,600 | ) | | | (36,858 | ) | | | (37,566 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 177,100,395 | | | | 315,559,828 | | | | 1,791,206 | | | | 7,802,232 | |
Value of shares redeemed | | | (61,732,671 | ) | | | (287,664,724 | ) | | | (1,751,318 | ) | | | (2,810,035 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | 115,367,724 | | | | 27,895,104 | | | | 39,888 | | | | 4,992,197 | |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 231,123,222 | | | | 137,288,534 | | | | 943,882 | | | | 6,567,104 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 885,153,682 | | | | 747,865,148 | | | | 6,567,129 | | | | 25 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,116,276,904 | | | $ | 885,153,682 | | | $ | 7,511,011 | | | $ | 6,567,129 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 21,400,001 | | | | 21,000,001 | | | | 200,001 | | | | 1 | |
Shares sold | | | 4,100,000 | | | | 8,450,000 | | | | 50,000 | | | | 300,000 | |
Shares redeemed | | | (1,450,000 | ) | | | (8,050,000 | ) | | | (50,000 | ) | | | (100,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 24,050,001 | | | | 21,400,001 | | | | 200,001 | | | | 200,001 | |
| | | | | | | | | | | | | | | | |
| (1) | Commencement of Operations. |
| | | | |
| See Notes to Financial Statements. | | 34 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | | | | | |
| | | Xtrackers S&P 500 Value ESG ETF | | | Xtrackers S&P ESG Dividend
Aristocrats ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | For the Period
November 9,
2022(1) to
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | For the Period
November 9,
2022(1) to
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 55,056 | | | $ | 93,322 | | | $ | 68,107 | | | $ | 111,874 | |
Net realized gain (loss) | | | 559,476 | | | | (23,756 | ) | | | 107,486 | | | | 9,247 | |
Net change in net unrealized appreciation (depreciation) | | | 24,704 | | | | 320,430 | | | | 25,972 | | | | (9,995 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 639,236 | | | | 389,996 | | | | 201,565 | | | | 111,126 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (52,718 | ) | | | (72,462 | ) | | | (75,043 | ) | | | (87,024 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 2,852,603 | | | | 5,000,000 | | | | 1,270,790 | | | | 6,282,907 | |
Value of shares redeemed | | | (2,846,045 | ) | | | — | | | | (1,259,701 | ) | | | (1,296,084 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | 6,558 | | | | 5,000,000 | | | | 11,089 | | | | 4,986,823 | |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | 593,076 | | | | 5,317,534 | | | | 137,611 | | | | 5,010,925 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 5,317,559 | | | | 25 | | | | 5,010,950 | | | | 25 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 5,910,635 | | | $ | 5,317,559 | | | $ | 5,148,561 | | | $ | 5,010,950 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 200,001 | | | | 1 | | | | 200,001 | | | | 1 | |
Shares sold | | | 100,000 | | | | 200,000 | | | | 50,000 | | | | 250,000 | |
Shares redeemed | | | (100,000 | ) | | | — | | | | (50,000 | ) | | | (50,000 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 200,001 | | | | 200,001 | | | | 200,001 | | | | 200,001 | |
| | | | | | | | | | | | | | | | |
| (1) | Commencement of Operations. |
| | | | |
| See Notes to Financial Statements. | | 35 | | |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| | | | | | | | | | | | | | | | |
| | | Xtrackers S&P MidCap 400 ESG ETF | | | Xtrackers S&P SmallCap 600 ESG ETF | |
| | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | | | For the
Six Months Ended
February 29, 2024
(Unaudited) | | | Year Ended
August 31, 2023 | |
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 85,665 | | | $ | 164,321 | | | $ | 73,992 | | | $ | 165,735 | |
Net realized gain (loss) | | | 1,022,204 | | | | (229,076 | ) | | | 1,716,519 | | | | (666,285 | ) |
Net change in net unrealized appreciation (depreciation) | | | (194,871 | ) | | | 1,170,609 | | | | (732,314 | ) | | | 1,194,348 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 912,998 | | | | 1,105,854 | | | | 1,058,197 | | | | 693,798 | |
| | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | (99,837 | ) | | | (160,493 | ) | | | (100,436 | ) | | | (153,399 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Fund Shares Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | — | | | | — | | | | 2,320,499 | |
Value of shares redeemed | | | (5,641,398 | ) | | | — | | | | (11,884,754 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from fund share transactions | | | (5,641,398 | ) | | | — | | | | (11,884,754 | ) | | | 2,320,499 | |
| | | | | | | | | | | | | | | | |
Total net increase (decrease) in Net Assets | | | (4,828,237 | ) | | | 945,361 | | | | (10,926,993 | ) | | | 2,860,898 | |
| | | | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 11,952,925 | | | | 11,007,564 | | | | 12,253,482 | | | | 9,392,584 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 7,124,688 | | | $ | 11,952,925 | | | $ | 1,326,489 | | | $ | 12,253,482 | |
| | | | | | | | | | | | | | | | |
| | | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 450,001 | | | | 450,001 | | | | 500,001 | | | | 400,001 | |
Shares sold | | | — | | | | — | | | | — | | | | 100,000 | |
Shares redeemed | | | (200,000 | ) | | | — | | | | (450,000 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Shares outstanding, end of period | | | 250,001 | | | | 450,001 | | | | 50,001 | | | | 500,001 | |
| | | | | | | | | | | | | | | | |
| | | | |
| See Notes to Financial Statements. | | 36 | | |
DBX ETF Trust
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers S&P 500 ESG ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended August 31, | | | Period Ended
8/31/2019(a) | |
| | 2023 | | | 2022 | | | 2021 | | | 2020 | |
Net Asset Value, beginning of period | | $ | 41.36 | | | $ | 35.61 | | | $ | 39.93 | | | $ | 31.08 | | | $ | 25.30 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (b) | | | 0.30 | | | | 0.60 | | | | 0.53 | | | | 0.49 | | | | 0.50 | | | | 0.10 | |
Net realized and unrealized gain (loss) | | | 5.06 | | | | 5.72 | | | | (4.32 | ) | | | 8.79 | | | | 5.85 | | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 5.36 | | | | 6.32 | | | | (3.79 | ) | | | 9.28 | | | | 6.35 | | | | 0.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.31 | ) | | | (0.57 | ) | | | (0.53 | ) | | | (0.43 | ) | | | (0.57 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.31 | ) | | | (0.57 | ) | | | (0.53 | ) | | | (0.43 | ) | | | (0.57 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 46.41 | | | $ | 41.36 | | | $ | 35.61 | | | $ | 39.93 | | | $ | 31.08 | | | $ | 25.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%) (c) | | | 13.04 | ** | | | 17.99 | | | | (9.59 | ) | | | 30.16 | | | | 25.71 | | | | 1.20 | ** |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 1,116 | | | | 885 | | | | 748 | | | | 745 | | | | 270 | | | | 11 | |
Ratio of expenses before fee waiver (%) | | | 0.11 | * | | | 0.11 | | | | 0.11 | | | | 0.11 | | | | 0.11 | | | | 0.11 | * |
Ratio of expenses after fee waiver (%) | | | 0.10 | * | | | 0.10 | | | | 0.10 | | | | 0.10 | | | | 0.11 | | | | 0.11 | * |
Ratio of net investment income (loss) (%) | | | 1.42 | * | | | 1.63 | | | | 1.37 | | | | 1.41 | | | | 1.86 | | | | 2.08 | * |
Portfolio turnover rate (%) (d) | | | 0 | (e)** | | | 9 | | | | 6 | | | | 13 | | | | 11 | | | | 0 | (e)** |
| | | | | | |
Xtrackers S&P 500 Growth ESG ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Period Ended
8/31/2023(f) | | | | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 32.84 | | | $ | 25.00 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (b) | | | 0.17 | | | | 0.26 | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 4.72 | | | | 7.77 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.89 | | | | 8.03 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.18 | ) | | | (0.19 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.18 | ) | | | (0.19 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 37.55 | | | $ | 32.84 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%) (c) | | | 15.01 | ** | | | 32.23 | ** | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 8 | | | | 7 | | | | | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%) | | | 0.15 | * | | | 0.15 | * | | | | | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%) | | | 0.15 | * | | | 0.15 | * | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 1.00 | * | | | 1.11 | * | | | | | | | | | | | | | | | | |
Portfolio turnover rate (%) (d) | | | 23 | ** | | | 57 | ** | | | | | | | | | | | | | | | | |
| (a) | For the period June 26, 2019 (commencement of operations) through August 31, 2019. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | Amount is less than 0.5%. |
| (f) | For the period November 9, 2022 (commencement of operations) through August 31, 2023. |
| | | | |
| See Notes to Financial Statements. | | 37 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
Xtrackers S&P 500 Value ESG ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Period Ended
8/31/2023(a) | | | | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 26.59 | | | $ | 25.00 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (b) | | | 0.27 | | | | 0.47 | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 2.92 | | | | 1.48 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.19 | | | | 1.95 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.23 | ) | | | (0.36 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.23 | ) | | | (0.36 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 29.55 | | | $ | 26.59 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%) (c) | | | 12.11 | ** | | | 7.91 | ** | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 6 | | | | 5 | | | | | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%) | | | 0.15 | * | | | 0.15 | * | | | | | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%) | | | 0.15 | * | | | 0.15 | * | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 2.02 | * | | | 2.23 | * | | | | | | | | | | | | | | | | |
Portfolio turnover rate (%) (d) | | | 12 | ** | | | 66 | ** | | | | | | | | | | | | | | | | |
| | | | | | |
Xtrackers S&P ESG Dividend Aristocrats ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Period Ended
8/31/2023(a) | | | | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 25.05 | | | $ | 25.00 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (b) | | | 0.34 | | | | 0.56 | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 0.73 | | | | (0.07 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.07 | | | | 0.49 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.38 | ) | | | (0.44 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.38 | ) | | | (0.44 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 25.74 | | | $ | 25.05 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Return (%) (c) | | | 4.31 | ** | | | 1.99 | ** | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 5 | | | | 5 | | | | | | | | | | | | | | | | | |
Ratio of expenses before fee waiver (%) | | | 0.15 | * | | | 0.15 | * | | | | | | | | | | | | | | | | |
Ratio of expenses after fee waiver (%) | | | 0.15 | * | | | 0.15 | * | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) (%) | | | 2.80 | * | | | 2.74 | * | | | | | | | | | | | | | | | | |
Portfolio turnover rate (%) (d) | | | 27 | ** | | | 29 | ** | | | | | | | | | | | | | | | | |
| (a) | For the period November 9, 2022 (commencement of operations) through August 31, 2023. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| | | | |
| See Notes to Financial Statements. | | 38 | | |
DBX ETF Trust
Financial Highlights (Continued)
| | | | | | | | | | | | | | | | |
Xtrackers S&P MidCap 400 ESG ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended
August 31, | | | Period Ended
8/31/2021(a) | |
| | 2023 | | | 2022 | |
Net Asset Value, beginning of period | | $ | 26.56 | | | $ | 24.46 | | | $ | 27.39 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) (b) | | | 0.20 | | | | 0.37 | | | | 0.32 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | 1.96 | | | | 2.09 | | | | (2.94 | ) | | | 2.33 | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.16 | | | | 2.46 | | | | (2.62 | ) | | | 2.47 | |
| | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.22 | ) | | | (0.36 | ) | | | (0.31 | ) | | | (0.08 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | (0.22 | ) | | | (0.36 | ) | | | (0.31 | ) | | | (0.08 | ) |
| | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 28.50 | | | $ | 26.56 | | | $ | 24.46 | | | $ | 27.39 | |
| | | | | | | | | | | | | | | | |
Total Return (%) (c) | | | 8.18 | ** | | | 10.18 | | | | (9.64 | ) | | | 9.92 | ** |
| | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 7 | | | | 12 | | | | 11 | | | | 11 | |
Ratio of expenses before fee waiver (%) | | | 0.15 | * | | | 0.15 | | | | 0.15 | | | | 0.15 | * |
Ratio of expenses after fee waiver (%) | | | 0.15 | * | | | 0.15 | | | | 0.15 | | | | 0.15 | * |
Ratio of net investment income (loss) (%) | | | 1.52 | * | | | 1.45 | | | | 1.24 | | | | 1.00 | * |
Portfolio turnover rate (%) (d) | | | 8 | ** | | | 39 | | | | 41 | | | | 27 | ** |
| | | |
Xtrackers S&P SmallCap 600 ESG ETF
Selected Per Share Data | | For the
Six Months Ended
2/29/2024
(Unaudited) | | | Years Ended
August 31, | | | Period Ended
8/31/2021(a) | |
| | 2023 | | | 2022 | |
Net Asset Value, beginning of period | | $ | 24.51 | | | $ | 23.48 | | | $ | 26.68 | | | $ | 25.00 | |
| | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) (b) | | | 0.18 | | | | 0.36 | | | | 0.31 | | | | 0.16 | |
Net realized and unrealized gain (loss) | | | 2.06 | | | | 1.01 | | | | (3.05 | ) | | | 1.59 | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.24 | | | | 1.37 | | | | (2.74 | ) | | | 1.75 | |
| | | | | | | | | | | | | | | | |
| Less distributions from: | |
Net investment income | | | (0.22 | ) | | | (0.34 | ) | | | (0.34 | ) | | | (0.07 | ) |
Net realized gains | | | — | | | | — | | | | (0.12 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions | | | (0.22 | ) | | | (0.34 | ) | | | (0.46 | ) | | | (0.07 | ) |
| | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 26.53 | | | $ | 24.51 | | | $ | 23.48 | | | $ | 26.68 | |
| | | | | | | | | | | | | | | | |
Total Return (%) (c) | | | 9.23 | ** | | | 5.95 | | | | (10.43 | ) | | | 7.01 | ** |
| | | | |
Ratios to Average Net Assets and Supplemental Data | | | | | | | | | | | | | | | | |
Net Assets, end of period ($ millions) | | | 1 | | | | 12 | | | | 9 | | | | 11 | |
Ratio of expenses before fee waiver (%) | | | 0.15 | * | | | 0.15 | | | | 0.15 | | | | 0.15 | * |
Ratio of expenses after fee waiver (%) | | | 0.15 | * | | | 0.15 | | | | 0.15 | | | | 0.15 | * |
Ratio of net investment income (loss) (%) | | | 1.45 | * | | | 1.55 | | | | 1.22 | | | | 1.19 | * |
Portfolio turnover rate (%) (d) | | | 12 | ** | | | 31 | | | | 43 | | | | 25 | ** |
| (a) | For the period February 24, 2021 (commencement of operations) through August 31, 2021. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| | | | |
| See Notes to Financial Statements. | | 39 | | |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
|
| Xtrackers S&P 500 ESG ETF |
| Xtrackers S&P 500 Growth ESG ETF |
| Xtrackers S&P 500 Value ESG ETF |
| Xtrackers S&P ESG Dividend Aristocrats ETF |
| Xtrackers S&P MidCap 400 ESG ETF |
| Xtrackers S&P SmallCap 600 ESG ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| | |
Fund | | Underlying Index |
| Xtrackers S&P 500 ESG ETF | | S&P 500 ESG Index |
| Xtrackers S&P 500 Growth ESG ETF | | S&P 500 Growth ESG Index |
| Xtrackers S&P 500 Value ESG ETF | | S&P 500 Value ESG Index |
| Xtrackers S&P ESG Dividend Aristocrats ETF | | S&P ESG High Yield Dividend Aristocrats Index |
| Xtrackers S&P MidCap 400 ESG ETF | | S&P MidCap 400 ESG Index |
| Xtrackers S&P SmallCap 600 ESG ETF | | S&P SmallCap 600 ESG Index |
S&P 500 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
S&P 500 Growth ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.
40
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
S&P 500 Value ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.
S&P ESG High Yield Dividend Aristocrats Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. Constituent weights are updated quarterly after the close of the last business day in April, July and October. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between its respective index provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF are diversified series of the Trust. Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of their assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund
41
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
42
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| | | | | | | | | | | | |
| | | Short-Term | | | Long-Term | | | Total Amount | |
Xtrackers S&P 500 ESG ETF | | $ | 4,198,330 | | | $ | 1,301,855 | | | $ | 5,500,185 | |
Xtrackers S&P 500 Growth ESG ETF | | | 25,585 | | | | — | | | | 25,585 | |
Xtrackers S&P 500 Value ESG ETF | | | 23,406 | | | | — | | | | 23,406 | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 60,249 | | | | — | | | | 60,249 | |
Xtrackers S&P MidCap 400 ESG ETF | | | 101,872 | | | | 208,144 | | | | 310,016 | |
Xtrackers S&P SmallCap 600 ESG ETF | | | 204,598 | | | | 726,460 | | | | 931,058 | |
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Tax Cost | | | Net
Unrealized
Appreciation
(Depreciation) | | | Aggregate
Gross Unrealized
Appreciation | | | Aggregate
Gross Unrealized
(Depreciation) | |
Xtrackers S&P 500 ESG ETF | | $ | 852,058,211 | | | $ | 31,811,921 | | | $ | 91,642,695 | | | $ | (59,830,774 | ) |
Xtrackers S&P 500 Growth ESG ETF | | | 5,494,772 | | | | 1,064,824 | | | | 1,195,207 | | | | (130,383 | ) |
Xtrackers S&P 500 Value ESG ETF | | | 4,988,786 | | | | 320,108 | | | | 553,331 | | | | (233,223 | ) |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 5,029,637 | | | | (28,231 | ) | | | 288,332 | | | | (316,563 | ) |
Xtrackers S&P MidCap 400 ESG ETF | | | 11,460,298 | | | | 560,154 | | | | 1,615,342 | | | | (1,055,188 | ) |
Xtrackers S&P SmallCap 600 ESG ETF | | | 11,981,703 | | | | 413,339 | | | | 1,874,526 | | | | (1,461,187 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
43
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29,2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end for Xtrackers S&P MidCap 400 ESG ETF. Due to the increased market values of securities on loan on February 29, 2024, the value of the related collateral was less
44
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
than the value of securities on loan at period end for Xtrackers S&P SmallCap 600 ESG ETF. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan.
| | | | | | | | | | | | | | | | | | | | |
Remaining Contractual Maturity of the Agreements, as of February 29, 2024 | |
| | | | | |
| Securities Lending Transactions | | Overnight and
Continuous | | | <30 Days | | | Between 30
& 90 days | | | >90 days | | | Total | |
Xtrackers S&P MidCap 400 ESG ETF | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 33,249 | | | $ | — | | | $ | — | | | $ | — | | | $ | 33,249 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 33,249 | |
| | | | |
Xtrackers S&P SmallCap 600 ESG ETF | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 6,400 | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,400 | |
| | | | | | | | | | | | | | | | | | | | |
Gross amount of recognized liabilities for securities lending transactions | | | $ | 6,400 | |
As of February 29, 2024, Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF had no securities on loan.
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.
45
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| | | | | | | | | | | | | | |
| | | | | Asset Derivatives | | | Liability Derivatives | |
| Xtrackers S&P 500 ESG ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 160,979 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| | | |
| Xtrackers S&P MidCap 400 ESG ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | 294 | | | Unrealized depreciation on futures contracts* | | $ | — | |
| | | |
| Xtrackers S&P SmallCap 600 ESG ETF | | | | | | | | | | |
| | | | | |
| | | Equity contracts | | Unrealized appreciation on futures contracts* | | $ | — | | | Unrealized depreciation on futures contracts* | | $ | 50 | |
| * | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| | | | |
Net Realized Gain (Loss) from: | |
| |
| | | Futures Contracts —
Equity Contracts | |
Xtrackers S&P 500 ESG ETF | | $ | 128,808 | |
Xtrackers S&P MidCap 400 ESG ETF | | | (2 | ) |
Xtrackers S&P SmallCap 600 ESG ETF | | | (2 | ) |
|
Net Change in Unrealized Appreciation (Depreciation) on: | |
| |
| | | Futures Contracts —
Equity Contracts | |
Xtrackers S&P 500 ESG ETF | | $ | 138,456 | |
Xtrackers S&P MidCap 400 ESG ETF | | | 294 | |
Xtrackers S&P SmallCap 600 ESG ETF | | | (50 | ) |
For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:
| | | | |
| | | Futures Contracts
(Contract Value) | |
Xtrackers S&P 500 ESG ETF | | $ | 2,100,570 | |
Xtrackers S&P MidCap 400 ESG ETF | | | 4,132 | |
Xtrackers S&P SmallCap 600 ESG ETF | | | 1,470 | |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
46
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| | | | |
| | | Unitary
Advisory Fee | |
Xtrackers S&P 500 ESG ETF | | | 0.11 | % |
Xtrackers S&P 500 Growth ESG ETF | | | 0.15 | % |
Xtrackers S&P 500 Value ESG ETF | | | 0.15 | % |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 0.15 | % |
Xtrackers S&P MidCap 400 ESG ETF | | | 0.15 | % |
Xtrackers S&P SmallCap 600 ESG ETF | | | 0.15 | % |
The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 20, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended February 29, 2024, the Advisor waived $46,310 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:
| | | | |
| | | Expenses
Waived | |
Xtrackers S&P 500 ESG ETF | | $ | 797 | |
Xtrackers S&P 500 Growth ESG ETF | | | 2 | |
Xtrackers S&P 500 Value ESG ETF | | | 2 | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 2 | |
Xtrackers S&P MidCap 400 ESG ETF | | | 5 | |
Xtrackers S&P SmallCap 600 ESG ETF | | | 5 | |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
47
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:
| | | | |
| | | Securities
Lending
Agent Fees | |
Xtrackers S&P 500 ESG ETF | | $ | 4 | |
Xtrackers S&P 500 Growth ESG ETF | | | — | |
Xtrackers S&P 500 Value ESG ETF | | | — | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | — | |
4. Investment Portfolio Transactions
For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers S&P 500 ESG ETF | | $ | 4,373,335 | | | $ | 5,295,391 | |
Xtrackers S&P 500 Growth ESG ETF | | | 1,610,078 | | | | 1,643,256 | |
Xtrackers S&P 500 Value ESG ETF | | | 743,880 | | | | 657,674 | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 1,371,360 | | | | 1,353,011 | |
Xtrackers S&P MidCap 400 ESG ETF | | | 898,299 | | | | 926,053 | |
Xtrackers S&P SmallCap 600 ESG ETF | | | 1,150,967 | | | | 1,179,985 | |
For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
Xtrackers S&P 500 ESG ETF | | $ | 177,092,585 | | | $ | 61,705,066 | |
Xtrackers S&P 500 Growth ESG ETF | | | 1,791,236 | | | | 1,737,268 | |
Xtrackers S&P 500 Value ESG ETF | | | 2,779,609 | | | | 2,857,574 | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 1,270,787 | | | | 1,288,457 | |
Xtrackers S&P MidCap 400 ESG ETF | | | — | | | | 5,641,436 | |
Xtrackers S&P SmallCap 600 ESG ETF | | | — | | | | 11,885,079 | |
5. Fund Share Transactions
As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)
48
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.
| | | | |
DBX Advisors LLC | | Amounts | |
Xtrackers S&P 500 ESG ETF | | $ | 1,014 | |
Xtrackers S&P 500 Growth ESG ETF | | | 69 | |
Xtrackers S&P 500 Value ESG ETF | | | 133 | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 29 | |
| | | | |
Deutsche Bank AG | | Amounts | |
Xtrackers S&P 500 ESG ETF | | $ | 507 | |
Xtrackers S&P 500 Growth ESG ETF | | | 35 | |
Xtrackers S&P 500 Value ESG ETF | | | 67 | |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 14 | |
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2024, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
| | | | |
| | | Approximate Percent of
Outstanding Shares Held | |
Xtrackers S&P 500 Growth ESG ETF | | | 90 | % |
Xtrackers S&P 500 Value ESG ETF | | | 93 | % |
Xtrackers S&P ESG Dividend Aristocrats ETF | | | 70 | % |
49
DBX ETF Trust
Other Information (Unaudited)
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
50
DBX ETF Trust
Liquidity Risk Management (Unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.
51
DBX ETF Trust
Board Considerations in Approval of Investment Advisory
Contracts (Unaudited)
Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P MidCap 400 ESG ETF, and Xtrackers S&P SmallCap 600 ESG ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.
The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The
52
DBX ETF Trust
Board Considerations in Approval of Investment Advisory
Contracts (Unaudited) (Continued)
Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s
53
DBX ETF Trust
Board Considerations in Approval of Investment Advisory
Contracts (Unaudited) (Continued)
profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
54
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe at a price above (i.e.,at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
55
DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Stocks may decline in value. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. Small company stocks tend to be more volatile than medium-sized or large company stocks. Each Fund, with the exception of MIDE and SMLE, is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| | | | |
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | | Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 |
| | |
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 | | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 | | |
R-094867-2 (4/24) DBX005920 (4/25)
(b) Not applicable
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.
(b) Not applicable.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
| Item 11. | Controls and Procedures. |
| | |
| (a) | | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| |
| (b) | | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| (Registrant) | | DBX ETF Trust |
| |
| By (Signature and Title) | | /s/ Freddi Klassen |
| | Freddi Klassen |
| | Principal Executive |
|
| Date May 3, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title) | | /s/ Freddi Klassen |
| | Freddi Klassen |
| | Principal Executive |
| | |
| By (Signature and Title) | | /s/ Diane Kenneally |
| | Diane Kenneally |
| | Principal Financial Officer |
|
| Date May 3, 2024 |
