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: August 31, 2020
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.
The Report to Shareholders is attached herewith.
August 31, 2020
Annual Report
DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)
Xtrackers MSCI Kokusai Equity ETF (KOKU)
Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)
DBX ETF Trust
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Performance Summary | ||||
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7 | ||||
9 | ||||
11 | ||||
13 | ||||
Schedule of Investments | ||||
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28 | ||||
41 | ||||
50 | ||||
55 | ||||
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59 | ||||
61 | ||||
70 | ||||
Board Consideration in Approval of Investment Advisory Contracts | 72 | |||
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77 | ||||
78 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for four of our equity ETFs for the period ended August 31, 2020.
During the reporting period, the global economy coped with its lowest growth phases on record as the COVID-19 pandemic diverted all funds towards the health crisis, suppressing investment activities. Fiscal measures in the form of relief packages cushioned the fall, ensuring consumption activity, and in some sections, such as equity markets, even sparked an immediate revival. Major central banks, including the Federal Reserve Board, European Central Bank (ECB) and Bank of England, promptly undertook sharp interest rate cuts while continuing their stimulus packages. Furthermore, all revenues from export-driven activities were stalled, and this was a discount on the trade balance, which many nations had to bear.
The U.S. economy was the most affected in terms of the number of COVID-19 cases, and hence, also one of the worst impacted in terms of growth over the review period. Unemployment was at the highest level ever witnessed, which surpassed three times its pre-COVID-19 level; however, as lockdown restrictions were increasingly alleviated, labor data started soothing, but is still at double the rate than the historic lows recorded in September 2019. Interest rates were gradually easing for the first half of the year, before taking a sharp cut, shedding a total of 2% in the wake of the virus. Additionally, the U.S. Federal government emerged steadfast amid the unforeseen entry of the pandemic and issued a sizeable USD2.2 trillion under the CARES Act to anchor economic activity1. Riding on optimistic forecasts, business confidence was high, pushing manufacturing PMIs to their highest levels since January 2019. Elsewhere, trade surplus was lower due to lower exports2. Equity markets recovered and reached new highs despite momentary volatility caused by pandemic-induced fears.
The Eurozone entered into a recession; its Q2 2020 GDP reading was the lowest on record for the region owing to the impact of COVID-19 lockdown on all major sectors, especially industrial production and exports3. In its attempt to truncate the financial risks that the region could face, the ECB sanctioned EUR1.35trn trillion in the form of a Pandemic Emergency Purchase Programme, while keeping interest rates at 0%. Germany, being one of the bloc’s largest economies, was representative of the broader zone’s state, entering into a recession, weighed by lower household spending and fixed investments. France also entered into a recession as its trade deficit increased considerably and government spending receded. Among other regions, the UK too embraced a recession, mostly dragged down by lower private consumption.
The only major economy to avoid a recession and post a positive growth quarter after a lockdown-induced negative quarter was China. The rapid recovery resulted in the largest single quarter growth in the nation’s history. Despite most major economies implied opposition towards the COVID-19 epicenter, both domestic and foreign demand resurged. In contrast, India was one of the major economies that witnessed a steep fall, as it was impacted by a sudden spike in unemployment rates - a shock to its income-generating service sector.
In anticipation of a recovery towards normalcy and growth, administrators around the world are focusing their best efforts on developing an effective vaccine quickly. However, risks include a second wave of COVID-19, resurgence of US-China trade tensions and the divide among regional political opponents pertaining to further relief packages and their composition. Manufacturing activity and business sentiment have shown initial recovery in all regions, which provides optimism to broader investor markets. However, whether markets remain relatively calm, or we witness some episodic volatility, our view is that retaining a diversified factor approach is right. It takes advantage of the relatively uncorrelated nature of their excess returns,
1
and mitigates the need to try and time a particular market cycle. Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Coronavirus Aid, Relief and Economic Security (CARES) Act.
2 The Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of industrial companies.
3 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Xtrackers FTSE Developed Ex US Comprehensive Factor ETF (DEEF)
The Xtrackers FTSE Developed ex-US Comprehensive Factor ETF (DEEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex-US Comprehensive Factor Index (the DEEF Index). The DEEF index is designed to provide exposure to developed international equities (except the United States) based on five factors — value, momentum, quality, low volatility and size. For the 12-month period ended August 31, 2020, DEEF shares returned 7.49%, compared to the DEEF Index return of 7.73%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Industrials, Materials and Financials. Real Estate, Energy and Communication Services were the only negative contributors to performance. From a geographical perspective, Sweden, Japan and United Kingdom were the major positive contributors, while Hong Kong and Singapore contributed negatively to performance.
Xtrackers MSCI Kokusai Equity ETF (KOKU)
The Xtrackers MSCI Kokusai Equity ETF (KOKU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the KOKU Index). The KOKU Index is a market capitalization weighted index designed to capture exposure to the large- and mid-cap equity securities in 22 of the 23 developed stock market across the world, excluding Japan. For the period April 8, 2020 (Commencement of Operations) to August 31, 2020, KOKU shares returned 31.66%, compared to the KOKU Index return of 31.48%.
All the sectors contributed positively to performance with greatest contribution coming from Information Technology, Consumer Discretionary and Communication. From a geographical perspective, all the countries contributed positively with greatest contribution coming from United States, Germany and Canada.
Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)
The Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the DEUS Index). The DEUS index is designed to provide exposure to large-cap United States equities based on five factors — value, momentum, quality, low volatility and size. For the 12-month period ended August 31, 2020, DEUS shares returned 4.93%, compared to the DEUS Index return of 4.94%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Information Technology, Healthcare and Industrials. Financials, Real Estate and Energy were the major negative contributors to performance.
Russell 1000 US Quality at a Reasonable Price ETF (QARP)
The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Index. Russell 1000 2Qual/Val 5% Capped Index — a multifactor index designed to capture exposure to large-cap U.S. equities that exhibit strong quality and value factor characteristics. For the 12-month period ended August 31, 2020, QARP shares returned 18.72%, compared to the QARP Index return of 19.09%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Information Technology, Healthcare and Communication Services. Energy and Real Estate were the major negative contributors to performance.
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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-12 of this report for additional performance information, including performance data based on market value.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
4
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)
The Xtrackers FTSE Developed ex US Comprehensive Factor 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.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | FTSE Developed ex US Comprehensive Factor Index | FTSE Developed ex US Net Tax (US RIC) Index | |||||
One Year | 7.49% | 6.97% | 7.73% | 7.45% | ||||
Since Inception1 | 5.39% | 5.24% | 5.96% | 5.42% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | FTSE Developed ex US Comprehensive Factor Index | FTSE Developed ex US Net Tax (US RIC) Index | |||||
One Year | 7.49% | 6.97% | 7.73% | 7.45% | ||||
Since Inception1 | 28.48% | 27.60% | 31.85% | 28.64% |
1 Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
5
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, November 24, 2015.
Sector Diversification* as of August 31, 2020 |
Industrials | 23.3% | |||
Consumer Discretionary | 12.8% | |||
Consumer Staples | 10.3% | |||
Financials | 10.2% | |||
Materials | 9.6% | |||
Real Estate | 9.3% | |||
Utilities | 6.5% | |||
Communication Services | 5.6% | |||
Information Technology | 5.5% | |||
Health Care | 5.0% | |||
Energy | 1.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (7.7% of Net Assets) |
Description | % of Net Assets | |||
Coles Group Ltd. (Australia) | 1.2% | |||
Industrivarden AB (Sweden) | 1.2% | |||
Kinnevik AB (Sweden) | 1.1% | |||
Investor AB (Sweden) | 0.8% | |||
Sekisui House Ltd. (Japan) | 0.7% | |||
Segro PLC (United Kingdom) | 0.6% | |||
Woolworths Group Ltd. (Australia) | 0.6% | |||
ITOCHU Corp. (Japan) | 0.5% | |||
Goodman Group (Australia) | 0.5% | |||
Magna International, Inc. (Canada) | 0.5% |
Country Diversification* as of August 31, 2020 |
Japan | 23.1% | |||
United Kingdom | 12.0% | |||
Australia | 10.9% | |||
Sweden | 8.7% | |||
Canada | 6.1% | |||
France | 6.0% | |||
Germany | 4.8% | |||
Switzerland | 4.4% | |||
Singapore | 2.9% | |||
Netherlands | 2.6% | |||
South Korea | 2.0% | |||
Other | 16.5% | |||
|
| |||
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 14.
6
DBX ETF Trust
Performance 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.
Performance as of August 31, 2020 |
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Kokusai Index | MSCI World Index | |||||
Since Inception1 | 31.66% | 31.46% | 31.48% | 30.43% |
1 Total returns are calculated based on the commencement of operations, April 8, 2020 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated January 13, 2020, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
7
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Kokusai Equity ETF (KOKU) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, April 8, 2020.
Sector Diversification* as of August 31, 2020 |
Information Technology | 23.1% | |||
Health Care | 13.6% | |||
Financials | 12.4% | |||
Consumer Discretionary | 11.4% | |||
Industrials | 9.3% | |||
Communication Services | 8.9% | |||
Consumer Staples | 8.1% | |||
Materials | 4.3% | |||
Utilities | 3.3% | |||
Energy | 2.9% | |||
Real Estate | 2.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (20.5% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. (United States) | 5.2% | |||
Microsoft Corp. (United States) | 3.8% | |||
Amazon.com, Inc. (United States) | 3.4% | |||
Alphabet, Inc. (United States) | 2.3% | |||
Facebook, Inc. (United States) | 1.6% | |||
Johnson & Johnson (United States) | 0.9% | |||
Tesla, Inc. (United States) | 0.9% | |||
Visa, Inc. (United States) | 0.8% | |||
Nestle SA (Switzerland) | 0.8% | |||
Procter & Gamble Co. (United States) | 0.8% |
Country Diversification* as of August 31, 2020 |
United States | 70.2% | |||
United Kingdom | 4.7% | |||
Switzerland | 3.7% | |||
France | 3.5% | |||
Canada | 3.5% | |||
Germany | 3.1% | |||
Australia | 2.3% | |||
Other | 9.0% | |||
|
| |||
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 28.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)
Xtrackers Russell 1000 Comprehensive Factor 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 value, momentum, quality, 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.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 Comprehensive Factor Index | Russell 1000 Index Total Return | |||||
One Year | 4.93% | 4.96% | 4.94% | 22.50% | ||||
Since Inception1 | 9.14% | 9.14% | 9.31% | 13.71% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 Comprehensive Factor Index | Russell 1000 Index Total Return | |||||
One Year | 4.93% | 4.96% | 4.94% | 22.50% | ||||
Since Inception1 | 51.83% | 51.82% | 52.99% | 84.72% |
1 Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.17%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, November 24, 2015.
Sector Diversification* as of August 31, 2020 |
Information Technology | 19.0% | |||
Industrials | 16.5% | |||
Health Care | 16.0% | |||
Financials | 10.8% | |||
Consumer Discretionary | 10.5% | |||
Consumer Staples | 7.1% | |||
Utilities | 6.0% | |||
Materials | 5.4% | |||
Communication Services | 3.9% | |||
Real Estate | 3.8% | |||
Energy | 1.0% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (6.8% of Net Assets) |
Description | % of Net Assets | |||
McKesson Corp. | 0.8% | |||
Cardinal Health, Inc. | 0.8% | |||
Progressive Corp. | 0.7% | |||
Target Corp. | 0.7% | |||
Humana, Inc. | 0.7% | |||
NortonLifeLock, Inc. | 0.7% | |||
Western Union Co. | 0.6% | |||
AmerisourceBergen Corp. | 0.6% | |||
Cummins, Inc. | 0.6% | |||
Cigna Corp. | 0.6% |
* 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 41.
10
DBX ETF Trust
Performance 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.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 2Qual/Val 5% Capped Factor Index | Russell 1000 Index Total Return | |||||
One Year | 18.72% | 18.81% | 19.09% | 22.50% | ||||
Since Inception1 | 11.99% | 11.96% | 12.26% | 14.64% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 2Qual/Val 5% Capped Factor Index | Russell 1000 Index Total Return | |||||
One Year | 18.72% | 18.81% | 19.09% | 22.50% | ||||
Since Inception1 | 31.35% | 31.31% | 32.16% | 39.01% |
1 Total returns are calculated based on the commencement of operations, April 5, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.19%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, April 5, 2018.
Sector Diversification* as of August 31, 2020 |
Information Technology | 28.0% | |||
Health Care | 16.5% | |||
Communication Services | 13.0% | |||
Consumer Discretionary | 10.2% | |||
Industrials | 9.1% | |||
Financials | 8.1% | |||
Consumer Staples | 6.0% | |||
Energy | 5.2% | |||
Materials | 2.1% | |||
Real Estate | 1.2% | |||
Utilities | 0.6% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (34.3% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. | 6.8% | |||
Alphabet, Inc. | 5.2% | |||
Facebook, Inc. | 4.3% | |||
Berkshire Hathaway, Inc. | 4.2% | |||
Intel Corp. | 3.0% | |||
Johnson & Johnson | 2.9% | |||
Visa, Inc. | 2.4% | |||
Mastercard, Inc. | 2.0% | |||
Home Depot, Inc. | 1.8% | |||
Chevron Corp. | 1.7% |
* 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 50.
12
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. 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 (March 1, 2020 to August 31, 2020), except Xtrackers MSCI Kokusai Equity 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 August 31, 2020).
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 March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,091.80 | 0.24 | % | $ | 1.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.93 | 0.24 | % | $ | 1.22 | ||||||||
Xtrackers MSCI Kokusai Equity ETF |
| |||||||||||||||
Actual (2) | $ | 1,000.00 | $ | 1,316.60 | 0.09 | % | $ | 0.42 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.68 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,081.60 | 0.17 | % | $ | 0.89 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.28 | 0.17 | % | $ | 0.87 | ||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,172.80 | 0.19 | % | $ | 1.04 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.18 | 0.19 | % | $ | 0.97 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (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 146 (the number of days in the period April 8, 2020 (commencement of operations) to August 31, 2020), then divided by 366.
13
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Australia — 10.8% | ||||||||
AGL Energy Ltd. | 16,753 | $ | 183,367 | |||||
ALS Ltd. | 5,889 | 38,021 | ||||||
Alumina Ltd. | 26,821 | 31,142 | ||||||
Ampol Ltd. | 8,602 | 165,529 | ||||||
Ansell Ltd. | 4,544 | 129,985 | ||||||
APA Group (a) | 15,328 | 118,233 | ||||||
Aristocrat Leisure Ltd. | 7,496 | 157,274 | ||||||
ASX Ltd. | 1,452 | 93,788 | ||||||
Atlas Arteria Ltd. (a) | 5,510 | 26,487 | ||||||
Aurizon Holdings Ltd. | 56,697 | 182,397 | ||||||
AusNet Services | 26,982 | 36,417 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,343 | 18,156 | ||||||
Bank of Queensland Ltd. (b) | 1,707 | 7,739 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,905 | 9,214 | ||||||
BHP Group Ltd. | 2,867 | 80,380 | ||||||
BHP Group PLC | 3,609 | 82,767 | ||||||
BlueScope Steel Ltd. | 3,763 | 35,315 | ||||||
Boral Ltd. | 29,281 | 86,836 | ||||||
Brambles Ltd. | 39,037 | 320,166 | ||||||
Challenger Ltd. | 3,798 | 11,460 | ||||||
Charter Hall Group REIT | 24,775 | 229,213 | ||||||
Cleanaway Waste Management Ltd. | 19,606 | 37,409 | ||||||
Coca-Cola Amatil Ltd. | 15,829 | 106,528 | ||||||
Cochlear Ltd. | 1,059 | 150,489 | ||||||
Coles Group Ltd. | 66,444 | 871,229 | ||||||
Commonwealth Bank of Australia | 194 | 9,796 | ||||||
Computershare Ltd. | 12,443 | 122,298 | ||||||
Crown Resorts Ltd. | 8,275 | 55,139 | ||||||
CSL Ltd. | 215 | 45,477 | ||||||
CSR Ltd. | 27,035 | 73,177 | ||||||
Dexus REIT | 32,399 | 211,573 | ||||||
Domino’s Pizza Enterprises Ltd. | 752 | 44,908 | ||||||
Downer EDI Ltd. | 19,511 | 64,788 | ||||||
Flight Centre Travel Group Ltd. | 987 | 9,657 | ||||||
Fortescue Metals Group Ltd. | 928 | 11,955 | ||||||
Goodman Group REIT | 26,769 | 362,483 | ||||||
GPT Group REIT | 43,421 | 122,989 | ||||||
Harvey Norman Holdings Ltd. | 27,149 | 88,745 | ||||||
IDP Education Ltd. | 1,248 | 18,524 | ||||||
Iluka Resources Ltd. | 907 | 6,802 | ||||||
Incitec Pivot Ltd. | 8,895 | 13,814 | ||||||
Insurance Australia Group Ltd. | 14,123 | 49,821 | ||||||
JB Hi-Fi Ltd. | 8,107 | 300,736 | ||||||
Lendlease Group (a) | 10,288 | 88,411 | ||||||
Macquarie Group Ltd. | 270 | 25,499 | ||||||
Magellan Financial Group Ltd. | 2,448 | 107,267 | ||||||
Medibank Pvt Ltd. | 105,034 | 212,061 | ||||||
Metcash Ltd. | 20,639 | 44,570 | ||||||
Mirvac Group REIT | 169,955 | 265,206 | ||||||
National Australia Bank Ltd. | 1,812 | 24,027 | ||||||
Newcrest Mining Ltd. | 2,677 | 63,274 | ||||||
Oil Search Ltd. | 3,350 | 8,101 | ||||||
Orica Ltd. | 5,723 | 73,560 | ||||||
Origin Energy Ltd. | 7,761 | 32,142 | ||||||
Orora Ltd. | 32,028 | 53,057 |
Number | Value | |||||||
Australia (Continued) | ||||||||
OZ Minerals Ltd. | 1,606 | $ | 17,364 | |||||
Perpetual Ltd. | 2,439 | 55,917 | ||||||
Platinum Asset Management Ltd. (b) | 4,138 | 11,354 | ||||||
Qantas Airways Ltd. | 36,955 | 107,681 | ||||||
QBE Insurance Group Ltd. | 8,448 | 66,288 | ||||||
Qube Holdings Ltd. | 28,147 | 57,036 | ||||||
Ramsay Health Care Ltd. | 1,537 | 73,953 | ||||||
REA Group Ltd. | 755 | 63,748 | ||||||
Scentre Group REIT | 28,080 | 46,932 | ||||||
SEEK Ltd. | 5,710 | 87,286 | ||||||
Shopping Centres Australasia Property Group REIT | 25,914 | 43,121 | ||||||
Sonic Healthcare Ltd. | 5,359 | 127,022 | ||||||
South32 Ltd. | 6,076 | 9,436 | ||||||
Star Entertainment Group Ltd. | 16,149 | 35,232 | ||||||
Stockland REIT | 16,998 | 49,781 | ||||||
Suncorp Group Ltd. | 4,070 | 27,993 | ||||||
Sydney Airport (a) | 11,178 | 47,285 | ||||||
Tabcorp Holdings Ltd. | 21,860 | 58,523 | ||||||
Telstra Corp. Ltd. | 30,053 | 64,232 | ||||||
TPG Telecom Ltd.* | 2,220 | 13,512 | ||||||
Transurban Group (a) | 3,631 | 36,144 | ||||||
Treasury Wine Estates Ltd. | 1,257 | 8,599 | ||||||
Tuas Ltd.* | 1,110 | 410 | ||||||
Vicinity Centres REIT | 20,202 | 21,589 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 715 | 11,067 | ||||||
Wesfarmers Ltd. | 10,071 | 353,930 | ||||||
Westpac Banking Corp. | 830 | 10,767 | ||||||
Woodside Petroleum Ltd. | 6,232 | 90,242 | ||||||
Woolworths Group Ltd. | 14,609 | 430,759 | ||||||
|
| |||||||
(Cost $7,076,243) | 7,846,601 | |||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 1,080 | 36,217 | ||||||
Erste Group Bank AG* | 409 | 9,969 | ||||||
OMV AG* | 1,012 | 32,993 | ||||||
Telekom Austria AG* | 5,611 | 41,471 | ||||||
Verbund AG | 310 | 16,683 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe* | 267 | 6,546 | ||||||
voestalpine AG | 1,045 | 26,008 | ||||||
|
| |||||||
(Cost $188,289) | 169,887 | |||||||
|
| |||||||
Belgium — 1.1% | ||||||||
Ackermans & van Haaren NV* | 337 | 48,002 | ||||||
Ageas SA/NV | 1,183 | 49,801 | ||||||
Colruyt SA | 566 | 35,876 | ||||||
Elia Group SA/NV | 856 | 92,238 | ||||||
KBC Group NV | 115 | 6,615 | ||||||
Proximus SADP | 4,337 | 86,050 | ||||||
Sofina SA | 901 | 271,004 | ||||||
Solvay SA | 316 | 27,452 | ||||||
Telenet Group Holding NV | 682 | 26,574 | ||||||
UCB SA | 842 | 100,216 | ||||||
Umicore SA(b) | 1,689 | 77,748 | ||||||
|
| |||||||
(Cost $748,539) | 821,576 | |||||||
|
|
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Cambodia — 0.0% | ||||||||
NagaCorp Ltd. | 23,103 | $ | 27,932 | |||||
|
| |||||||
Canada — 6.0% | ||||||||
Agnico Eagle Mines Ltd. | 466 | 38,462 | ||||||
Alimentation Couche-Tard, Inc., Class B | 9,588 | 313,259 | ||||||
Bank of Montreal | 502 | 31,893 | ||||||
Bank of Nova Scotia | 179 | 7,744 | ||||||
BCE, Inc. | 1,059 | 45,564 | ||||||
Brookfield Asset Management, Inc., Class A | 1,118 | 37,771 | ||||||
Canadian Imperial Bank of Commerce | 574 | 45,622 | ||||||
Canadian National Railway Co. | 690 | 72,583 | ||||||
Canadian Natural Resources Ltd. | 2,916 | 57,561 | ||||||
Canadian Pacific Railway Ltd. | 546 | 161,707 | ||||||
Canadian Tire Corp. Ltd., Class A | 1,399 | 146,509 | ||||||
Canadian Utilities Ltd., Class A | 4,179 | 105,008 | ||||||
Cenovus Energy, Inc. | 2,137 | 10,103 | ||||||
CGI, Inc.* | 1,606 | 112,930 | ||||||
Constellation Software, Inc. | 78 | 90,394 | ||||||
Dollarama, Inc. | 3,557 | 139,010 | ||||||
Enbridge, Inc. | 958 | 30,682 | ||||||
Fairfax Financial Holdings Ltd. | 133 | 41,044 | ||||||
Fortis, Inc. | 4,901 | 196,236 | ||||||
Franco-Nevada Corp. | 547 | 82,355 | ||||||
George Weston Ltd. | 1,906 | 137,843 | ||||||
Great-West Lifeco, Inc. | 1,312 | 26,795 | ||||||
Hydro One Ltd., 144A | 7,143 | 148,019 | ||||||
IGM Financial, Inc. | 3,617 | 88,360 | ||||||
Imperial Oil Ltd. (b) | 2,222 | 36,682 | ||||||
Intact Financial Corp. | 1,120 | 120,093 | ||||||
Inter Pipeline Ltd. | 4,256 | 44,979 | ||||||
Loblaw Cos. Ltd. | 1,195 | 61,825 | ||||||
Magna International, Inc. | 7,308 | 356,272 | ||||||
Manulife Financial Corp. | 4,443 | 65,608 | ||||||
Metro, Inc. | 6,815 | 308,177 | ||||||
National Bank of Canada | 1,599 | 87,991 | ||||||
Nutrien Ltd. | 500 | 18,539 | ||||||
Pembina Pipeline Corp. | 1,843 | 45,688 | ||||||
Power Corp. of Canada | 4,172 | 83,379 | ||||||
Restaurant Brands International, Inc. | 1,033 | 56,028 | ||||||
RioCan Real Estate Investment Trust REIT | 11,052 | 129,016 | ||||||
Rogers Communications, Inc., Class B | 1,606 | 66,880 | ||||||
Royal Bank of Canada | 100 | 7,623 | ||||||
Saputo, Inc. | 1,306 | 32,616 | ||||||
Shaw Communications, Inc., Class B | 7,109 | 133,074 | ||||||
Sun Life Financial, Inc. | 2,099 | 87,701 | ||||||
Suncor Energy, Inc. | 2,469 | 39,661 | ||||||
TC Energy Corp. | 1,671 | 78,218 | ||||||
TELUS Corp. | 12,611 | 232,485 | ||||||
Thomson Reuters Corp. | 847 | 64,818 | ||||||
Toronto-Dominion Bank | 430 | 21,474 | ||||||
Wheaton Precious Metals Corp. | 444 | 23,738 | ||||||
|
| |||||||
(Cost $4,203,190) | 4,370,019 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 597 | 8,585 | ||||||
|
|
Number | Value | |||||||
China — 0.1% | ||||||||
Lenovo Group Ltd. | 24,848 | $ | 16,608 | |||||
Tingyi Cayman Islands Holding Corp. | 6,658 | 12,508 | ||||||
Uni-President China Holdings Ltd. | 15,093 | 13,749 | ||||||
Want Want China Holdings Ltd. | 27,846 | 19,115 | ||||||
|
| |||||||
(Cost $61,866) | 61,980 | |||||||
|
| |||||||
Cyprus — 0.3% | ||||||||
Polymetal International PLC | 6,773 | 183,914 | ||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
Avast PLC, 144A | 5,824 | 41,798 | ||||||
|
| |||||||
Denmark — 1.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 29 | 41,371 | ||||||
A.P. Moller — Maersk A/S, Class B | 23 | 35,339 | ||||||
Carlsberg A/S, Class B | 1,466 | 206,453 | ||||||
Chr Hansen Holding A/S | 271 | 31,181 | ||||||
Coloplast A/S, Class B | 675 | 114,783 | ||||||
Demant A/S* | 638 | 19,085 | ||||||
DSV PANALPINA A/S | 95 | 14,886 | ||||||
Genmab A/S* | 110 | 41,634 | ||||||
GN Store Nord A/S | 1,448 | 105,123 | ||||||
ISS A/S* | 1,509 | 23,282 | ||||||
Novo Nordisk A/S, Class B | 654 | 43,408 | ||||||
Novozymes A/S, Class B | 2,127 | 126,124 | ||||||
Orsted A/S, 144A | 310 | 43,955 | ||||||
Pandora A/S | 285 | 20,860 | ||||||
ROCKWOOL International A/S, Class B | 126 | 47,974 | ||||||
Tryg A/S | 2,058 | 63,314 | ||||||
Vestas Wind Systems A/S | 1,378 | 209,955 | ||||||
|
| |||||||
(Cost $840,493) | 1,188,727 | |||||||
|
| |||||||
Finland — 1.9% | ||||||||
Elisa OYJ | 3,558 | 209,738 | ||||||
Fortum OYJ | 3,739 | 79,215 | ||||||
Huhtamaki OYJ* | 3,031 | 146,955 | ||||||
Kesko OYJ, Class B | 6,262 | 139,221 | ||||||
Kone OYJ, Class B | 3,137 | 269,522 | ||||||
Metso Outotec OYJ | 2,539 | 18,872 | ||||||
Neles OYJ | 592 | 8,100 | ||||||
Neste OYJ | 1,494 | 80,064 | ||||||
Nokian Renkaat OYJ | 1,566 | 43,694 | ||||||
Orion OYJ, Class B | 2,016 | 94,802 | ||||||
Sampo OYJ, Class A | 770 | 31,061 | ||||||
Stora Enso OYJ, Class R | 2,870 | 42,321 | ||||||
UPM-Kymmene OYJ | 6,668 | 202,635 | ||||||
Wartsila OYJ Abp | 1,811 | 15,516 | ||||||
|
| |||||||
(Cost $1,060,093) | 1,381,716 | |||||||
|
| |||||||
France — 6.0% | ||||||||
Accor SA* | 990 | 30,476 | ||||||
Aeroports de Paris | 88 | 9,240 | ||||||
Air Liquide SA | 448 | 74,501 | ||||||
Airbus SE* | 55 | 4,528 | ||||||
ALD SA, 144A | 1,036 | 10,668 | ||||||
Alstom SA* | 5,189 | 289,438 | ||||||
Amundi SA, 144A* | 421 | 32,777 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
France (Continued) | ||||||||
Arkema SA | 661 | $ | 73,440 | |||||
Atos SE* | 208 | 18,035 | ||||||
BioMerieux | 406 | 61,666 | ||||||
Bollore SA | 25,225 | 94,968 | ||||||
Bouygues SA* | 6,828 | 271,518 | ||||||
Bureau Veritas SA* | 2,961 | 67,265 | ||||||
Capgemini SE | 840 | 116,533 | ||||||
Carrefour SA | 2,262 | 36,412 | ||||||
Casino Guichard Perrachon SA*(b) | 163 | 4,240 | ||||||
Cie de Saint-Gobain* | 3,635 | 147,721 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,728 | 195,542 | ||||||
Cie Plastic Omnium SA | 672 | 15,198 | ||||||
Covivio REIT | 640 | 47,532 | ||||||
Danone SA | 463 | 30,510 | ||||||
Dassault Aviation SA* | 15 | 13,679 | ||||||
Dassault Systemes SE | 33 | 6,230 | ||||||
Edenred | 822 | 42,537 | ||||||
Eiffage SA* | 2,374 | 219,242 | ||||||
Electricite de France SA | 1,215 | 12,790 | ||||||
Elis SA* | 5,086 | 65,996 | ||||||
Engie SA* | 6,822 | 95,090 | ||||||
Eurazeo SE* | 290 | 15,337 | ||||||
Eutelsat Communications SA | 1,878 | 18,884 | ||||||
Faurecia SE* | 383 | 16,723 | ||||||
Gecina SA REIT | 1,681 | 231,597 | ||||||
Getlink SE* | 2,205 | 33,860 | ||||||
Hermes International | 19 | 16,347 | ||||||
ICADE REIT | 78 | 5,061 | ||||||
Iliad SA (b) | 93 | 19,909 | ||||||
Imerys SA | 316 | 12,857 | ||||||
Ingenico Group SA* | 167 | 28,401 | ||||||
JCDecaux SA* | 378 | 7,229 | ||||||
Kering SA | 17 | 10,462 | ||||||
Klepierre SA REIT (b) | 371 | 6,119 | ||||||
Legrand SA | 1,975 | 165,104 | ||||||
L’Oreal SA | 42 | 13,909 | ||||||
Orange SA | 6,385 | 71,245 | ||||||
Orpea* | 284 | 34,186 | ||||||
Pernod Ricard SA | 137 | 23,512 | ||||||
Peugeot SA* | 2,055 | 35,317 | ||||||
Publicis Groupe SA* | 1,930 | 67,791 | ||||||
Remy Cointreau SA (b) | 44 | 7,257 | ||||||
Rexel SA* | 6,279 | 84,180 | ||||||
Rubis SCA | 2,417 | 114,410 | ||||||
Safran SA* | 446 | 51,750 | ||||||
Sanofi | 103 | 10,454 | ||||||
Sartorius Stedim Biotech | 103 | 36,930 | ||||||
Schneider Electric SE | 1,083 | 134,378 | ||||||
SCOR SE* | 851 | 22,818 | ||||||
SEB SA | 85 | 14,954 | ||||||
Sodexo SA | 481 | 34,492 | ||||||
Suez SA | 11,057 | 191,809 | ||||||
Teleperformance | 525 | 162,243 | ||||||
Thales SA | 163 | 12,769 | ||||||
TOTAL SE | 319 | 12,628 | ||||||
Ubisoft Entertainment SA* | 112 | 9,237 |
Number | Value | |||||||
France (Continued) | ||||||||
Unibail-Rodamco-Westfield REIT (b) | 97 | $ | 4,543 | |||||
Valeo SA | 1,832 | 56,089 | ||||||
Veolia Environnement SA | 11,173 | 269,920 | ||||||
Vinci SA | 761 | 71,517 | ||||||
Vivendi SA | 1,390 | 39,564 | ||||||
Wendel SE | 76 | 7,812 | ||||||
Worldline SA, 144A* | 386 | 35,555 | ||||||
|
| |||||||
(Cost $4,013,473) | 4,306,931 | |||||||
|
| |||||||
Germany — 4.4% | ||||||||
adidas AG* | 293 | 89,215 | ||||||
Allianz SE | 81 | 17,584 | ||||||
BASF SE | 1,116 | 68,149 | ||||||
Bayer AG | 385 | 25,573 | ||||||
Bayerische Motoren Werke AG | 196 | 14,100 | ||||||
Bechtle AG | 402 | 81,347 | ||||||
Beiersdorf AG | 567 | 65,641 | ||||||
Brenntag AG | 2,363 | 148,254 | ||||||
Carl Zeiss Meditec AG | 283 | 31,950 | ||||||
Continental AG | 116 | 12,652 | ||||||
Covestro AG, 144A | 795 | 37,898 | ||||||
CTS Eventim AG & Co. KGaA* | 1,349 | 67,147 | ||||||
Daimler AG | 308 | 15,708 | ||||||
Deutsche Boerse AG | 54 | 10,230 | ||||||
Deutsche Lufthansa AG*(b) | 808 | 8,436 | ||||||
Deutsche Post AG | 1,502 | 68,476 | ||||||
Deutsche Telekom AG | 3,050 | 53,803 | ||||||
Deutsche Wohnen SE | 2,992 | 159,735 | ||||||
DWS Group GmbH & Co. KGaA, 144A*(c) | 202 | 7,951 | ||||||
E.ON SE | 6,908 | 81,873 | ||||||
Evonik Industries AG | 3,799 | 110,405 | ||||||
Fielmann AG* | 579 | 42,205 | ||||||
Fraport AG Frankfurt Airport Services Worldwide*(b) | 642 | 29,299 | ||||||
Fresenius Medical Care AG & Co. KGaA | 386 | 32,804 | ||||||
Fresenius SE & Co. KGaA | 718 | 33,317 | ||||||
FUCHS PETROLUB SE | 377 | 13,639 | ||||||
GEA Group AG | 2,872 | 104,967 | ||||||
Hannover Rueck SE | 251 | 42,806 | ||||||
HeidelbergCement AG | 1,135 | 72,241 | ||||||
Hella GmbH & Co. KGaA | 787 | 38,590 | ||||||
Henkel AG & Co. KGaA | 132 | 11,879 | ||||||
HOCHTIEF AG | 117 | 10,397 | ||||||
HUGO BOSS AG | 109 | 2,894 | ||||||
Infineon Technologies AG | 1,194 | 33,072 | ||||||
KION Group AG | 702 | 59,491 | ||||||
Knorr-Bremse AG | 297 | 37,821 | ||||||
LANXESS AG | 1,937 | 113,534 | ||||||
LEG Immobilien AG | 2,144 | 316,053 | ||||||
Merck KGaA | 892 | 121,240 | ||||||
METRO AG | 821 | 8,142 | ||||||
MTU Aero Engines AG | 373 | 69,255 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 182 | 52,609 | ||||||
Nemetschek SE | 96 | 7,646 | ||||||
ProSiebenSat.1 Media SE*(b) | 2,695 | 30,561 | ||||||
Puma SE* | 320 | 26,476 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Germany (Continued) | ||||||||
Rational AG | 30 | $ | 19,231 | |||||
Rheinmetall AG | 475 | 44,049 | ||||||
RWE AG | 1,597 | 63,601 | ||||||
SAP SE | 70 | 11,556 | ||||||
Scout24 AG, 144A | 407 | 37,942 | ||||||
Siemens AG | 312 | 43,157 | ||||||
Siemens Healthineers AG, 144A | 97 | 4,420 | ||||||
Symrise AG | 631 | 87,199 | ||||||
Talanx AG | 287 | 10,688 | ||||||
TeamViewer AG, 144A* | 383 | 20,782 | ||||||
Telefonica Deutschland Holding AG | 8,356 | 23,145 | ||||||
TUI AG (b) | 6,062 | 26,761 | ||||||
Uniper SE | 4,494 | 147,479 | ||||||
United Internet AG | 194 | 9,545 | ||||||
Vonovia SE | 1,970 | 141,361 | ||||||
Zalando SE, 144A* | 287 | 25,104 | ||||||
|
| |||||||
(Cost $2,618,246) | 3,203,085 | |||||||
|
| |||||||
Hong Kong — 1.7% | ||||||||
ASM Pacific Technology Ltd. | 1,159 | 12,465 | ||||||
Cafe de Coral Holdings Ltd. | 12,343 | 28,508 | ||||||
Cathay Pacific Airways Ltd. | 8,852 | 7,196 | ||||||
China Mengniu Dairy Co. Ltd.* | 12,759 | 62,724 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 13,706 | 15,386 | ||||||
CK Asset Holdings Ltd. | 7,495 | 40,714 | ||||||
CK Hutchison Holdings Ltd. | 6,587 | 43,133 | ||||||
CK Infrastructure Holdings Ltd. | 1,308 | 6,920 | ||||||
CLP Holdings Ltd. | 2,523 | 24,790 | ||||||
Dairy Farm International Holdings Ltd. | 2,365 | 9,886 | ||||||
First Pacific Co. Ltd. | 50,967 | 14,270 | ||||||
Hang Lung Group Ltd. | 12,326 | 31,808 | ||||||
Hang Lung Properties Ltd. | 15,742 | 44,381 | ||||||
Hang Seng Bank Ltd. | 197 | 3,099 | ||||||
Henderson Land Development Co. Ltd. | 8,473 | 33,399 | ||||||
Hong Kong & China Gas Co. Ltd. | 11,608 | 16,895 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 156 | 7,874 | ||||||
Hongkong Land Holdings Ltd. | 1,844 | 7,063 | ||||||
Hutchison Port Holdings Trust, Class U | 71,600 | 7,590 | ||||||
Hysan Development Co. Ltd. | 6,788 | 21,458 | ||||||
Jardine Matheson Holdings Ltd. | 500 | 21,000 | ||||||
Jardine Strategic Holdings Ltd. | 300 | 6,018 | ||||||
Johnson Electric Holdings Ltd. | 9,597 | 18,946 | ||||||
Kerry Logistics Network Ltd. | 16,436 | 27,357 | ||||||
Kerry Properties Ltd. | 5,853 | 15,218 | ||||||
Link REIT | 16,392 | 130,499 | ||||||
MTR Corp. Ltd. | 675 | 3,514 | ||||||
New World Development Co. Ltd. | 5,693 | 29,566 | ||||||
NWS Holdings Ltd. | 5,144 | 4,374 | ||||||
PCCW Ltd. | 49,281 | 30,903 | ||||||
Power Assets Holdings Ltd. | 15,172 | 86,919 | ||||||
Shun Tak Holdings Ltd. | 28,093 | 9,751 | ||||||
Sino Land Co. Ltd. | 14,951 | 17,420 | ||||||
SITC International Holdings Co. Ltd. | 18,987 | 24,940 | ||||||
Sun Art Retail Group Ltd. | 5,180 | 6,751 | ||||||
Sun Hung Kai Properties Ltd. | 2,281 | 30,668 | ||||||
Swire Pacific Ltd., Class A | 3,572 | 19,450 | ||||||
Swire Pacific Ltd., Class B | 9,035 | 8,207 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Swire Properties Ltd. | 6,969 | $ | 18,883 | |||||
Techtronic Industries Co. Ltd. | 12,820 | 162,769 | ||||||
Vitasoy International Holdings Ltd. (b) | 3,541 | 12,610 | ||||||
VTech Holdings Ltd. | 5,073 | 29,586 | ||||||
WH Group Ltd., 144A | 25,126 | 21,689 | ||||||
Wharf Holdings Ltd. | 3,608 | 7,039 | ||||||
Wharf Real Estate Investment Co. Ltd. | 1,000 | 4,161 | ||||||
Xinyi Glass Holdings Ltd. | 32,015 | 55,354 | ||||||
Yue Yuen Industrial Holdings Ltd. | 7,438 | 12,880 | ||||||
|
| |||||||
(Cost $1,280,767) | 1,256,031 | |||||||
|
| |||||||
Ireland — 1.2% | ||||||||
CRH PLC | 5,509 | 208,749 | ||||||
DCC PLC | 541 | 48,011 | ||||||
Experian PLC | 3,443 | 128,619 | ||||||
Flutter Entertainment PLC | 670 | 111,061 | ||||||
Glanbia PLC | 894 | 10,317 | ||||||
James Hardie Industries PLC CDI | 1,222 | 27,862 | ||||||
Kerry Group PLC, Class A | 411 | 54,069 | ||||||
Kingspan Group PLC | 1,246 | 107,217 | ||||||
Smurfit Kappa Group PLC | 3,863 | 138,309 | ||||||
|
| |||||||
(Cost $606,522) | 834,214 | |||||||
|
| |||||||
Israel — 1.3% | ||||||||
Airport City Ltd.* | 3,892 | 45,391 | ||||||
Alony Hetz Properties & Investments Ltd. | 2,614 | 30,728 | ||||||
Amot Investments Ltd. | 7,390 | 37,967 | ||||||
Azrieli Group Ltd. | 426 | 23,005 | ||||||
Bank Hapoalim BM | 4,816 | 29,226 | ||||||
Bank Leumi Le-Israel BM | 10,449 | 53,621 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.* | 23,674 | 27,073 | ||||||
Elbit Systems Ltd. | 259 | 35,005 | ||||||
Fattal Holdings 1998 Ltd.* | 71 | 4,715 | ||||||
First International Bank of Israel Ltd. | 1,028 | 24,122 | ||||||
Harel Insurance Investments & Financial Services Ltd.* | 2,048 | 14,707 | ||||||
ICL Group Ltd. | 4,122 | 15,360 | ||||||
Israel Discount Bank Ltd., Class A | 10,002 | 32,109 | ||||||
Melisron Ltd. | 1,577 | 63,329 | ||||||
Mivne Real Estate KD Ltd.* | 14,527 | 30,122 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,759 | 35,902 | ||||||
Nice Ltd.* | 1,010 | 231,425 | ||||||
Oil Refineries Ltd. | 43,336 | 8,844 | ||||||
Paz Oil Co. Ltd. | 400 | 40,671 | ||||||
Phoenix Holdings Ltd.* | 2,462 | 12,333 | ||||||
Shapir Engineering and Industry Ltd.* | 2,227 | 15,581 | ||||||
Shufersal Ltd. | 2,716 | 21,393 | ||||||
Strauss Group Ltd. | 1,459 | 42,659 | ||||||
Tower Semiconductor Ltd.* | 1,299 | 25,575 | ||||||
|
| |||||||
(Cost $821,779) | 900,863 | |||||||
|
| |||||||
Italy — 1.7% | ||||||||
A2A SpA | 56,969 | 83,326 | ||||||
Amplifon SpA* | 732 | 24,442 | ||||||
Assicurazioni Generali SpA | 1,626 | 25,290 | ||||||
Atlantia SpA* | 1,073 | 17,106 | ||||||
Banca Mediolanum SpA | 2,127 | 15,810 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Italy (Continued) | ||||||||
Buzzi Unicem SpA | 1,502 | $ | 36,860 | |||||
Buzzi Unicem SpA-RSP | 1,162 | 16,232 | ||||||
Davide Campari-Milano NV | 2,291 | 23,541 | ||||||
DiaSorin SpA | 423 | 76,642 | ||||||
Enel SpA | 8,701 | 78,971 | ||||||
Eni SpA | 1,502 | 14,011 | ||||||
Ferrari NV | 752 | 146,775 | ||||||
Hera SpA | 32,981 | 126,298 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 4,469 | 43,639 | ||||||
Italgas SpA | 15,890 | 102,525 | ||||||
Leonardo SpA | 3,600 | 24,403 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 1,536 | 13,377 | ||||||
Moncler SpA* | 1,143 | 44,358 | ||||||
Nexi SpA, 144A* | 987 | 17,606 | ||||||
Pirelli & C SpA, 144A* | 3,646 | 15,789 | ||||||
Poste Italiane SpA, 144A | 2,602 | 23,930 | ||||||
Prysmian SpA | 975 | 27,332 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 1,039 | 56,749 | ||||||
Salvatore Ferragamo SpA* | 490 | 7,073 | ||||||
Snam SpA | 21,981 | 112,776 | ||||||
Telecom Italia SpA | 18,390 | 8,771 | ||||||
Telecom Italia SpA-RSP | 22,325 | 10,568 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,793 | 34,726 | ||||||
UnipolSai Assicurazioni SpA (b) | 2,498 | 7,182 | ||||||
|
| |||||||
(Cost $1,121,160) | 1,236,108 | |||||||
|
| |||||||
Japan — 22.9% | ||||||||
ABC-Mart, Inc. (b) | 563 | 29,625 | ||||||
Advantest Corp. | 400 | 19,124 | ||||||
Aeon Co. Ltd. | 3,949 | 97,901 | ||||||
Aeon Mall Co. Ltd. (b) | 1,200 | 15,876 | ||||||
AGC, Inc. | 1,200 | 34,004 | ||||||
Aica Kogyo Co. Ltd. | 1,214 | 41,671 | ||||||
Ain Holdings, Inc. | 100 | 6,469 | ||||||
Air Water, Inc. | 3,000 | 42,152 | ||||||
Aisin Seiki Co. Ltd. | 1,593 | 54,755 | ||||||
Ajinomoto Co., Inc. | 3,000 | 55,901 | ||||||
Alfresa Holdings Corp. | 1,270 | 25,509 | ||||||
Alps Alpine Co. Ltd. | 300 | 4,770 | ||||||
Amada Co. Ltd. | 7,443 | 66,257 | ||||||
Amano Corp. | 2,300 | 47,932 | ||||||
ANA Holdings, Inc.*(b) | 1,243 | 31,032 | ||||||
Ariake Japan Co. Ltd. | 212 | 14,574 | ||||||
Asahi Group Holdings Ltd. | 1,392 | 48,739 | ||||||
Asahi Intecc Co. Ltd. | 116 | 3,440 | ||||||
Asahi Kasei Corp. | 6,819 | 57,230 | ||||||
ASKUL Corp. | 509 | 15,719 | ||||||
Astellas Pharma, Inc. | 6,783 | 106,467 | ||||||
Autobacs Seven Co. Ltd. | 1,379 | 17,841 | ||||||
Azbil Corp. | 4,713 | 147,996 | ||||||
Bandai Namco Holdings, Inc. | 1,900 | 118,019 | ||||||
Benesse Holdings, Inc. | 300 | 7,641 | ||||||
Bic Camera, Inc. | 1,200 | 13,285 | ||||||
Bridgestone Corp. | 3,624 | 114,859 | ||||||
Brother Industries Ltd. | 1,442 | 23,864 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Calbee, Inc. | 980 | $ | 30,543 | |||||
Canon Marketing Japan, Inc. | 1,200 | 21,455 | ||||||
Canon, Inc. | 1,322 | 22,838 | ||||||
Capcom Co. Ltd. | 654 | 31,699 | ||||||
Casio Computer Co. Ltd. | 1,398 | 22,530 | ||||||
Central Japan Railway Co. | 156 | 23,375 | ||||||
Chubu Electric Power Co., Inc. | 7,931 | 97,936 | ||||||
Chugai Pharmaceutical Co. Ltd. | 600 | 26,711 | ||||||
Chugoku Electric Power Co., Inc. | 8,083 | 98,479 | ||||||
Citizen Watch Co. Ltd. | 1,300 | 4,131 | ||||||
COMSYS Holdings Corp. | 2,234 | 62,399 | ||||||
Cosmos Pharmaceutical Corp. | 390 | 68,589 | ||||||
Dai Nippon Printing Co. Ltd. | 3,007 | 63,914 | ||||||
Daicel Corp. | 4,127 | 29,966 | ||||||
Daido Steel Co. Ltd. | 555 | 18,475 | ||||||
Daifuku Co. Ltd. | 326 | 28,682 | ||||||
Dai-ichi Life Holdings, Inc. | 1,200 | 18,168 | ||||||
Daiichikosho Co. Ltd. | 916 | 28,591 | ||||||
Daikin Industries Ltd. | 484 | 91,122 | ||||||
Daito Trust Construction Co. Ltd. | 1,485 | 131,647 | ||||||
Daiwa House Industry Co. Ltd. | 3,102 | 83,090 | ||||||
Daiwa Securities Group, Inc. | 3,245 | 14,627 | ||||||
DeNA Co. Ltd. | 600 | 9,556 | ||||||
Denka Co. Ltd. | 1,200 | 33,744 | ||||||
Denso Corp. | 1,644 | 69,096 | ||||||
DIC Corp. | 1,100 | 26,171 | ||||||
Disco Corp. | 111 | 25,885 | ||||||
Dowa Holdings Co. Ltd. | 600 | 18,643 | ||||||
East Japan Railway Co. | 547 | 35,576 | ||||||
Ebara Corp. | 600 | 15,458 | ||||||
Electric Power Development Co. Ltd. | 3,576 | 53,921 | ||||||
ENEOS Holdings, Inc. | 27,620 | 108,245 | ||||||
Ezaki Glico Co. Ltd. | 300 | 12,730 | ||||||
Fancl Corp. | 400 | 13,070 | ||||||
FANUC Corp. | 296 | 51,932 | ||||||
Fast Retailing Co. Ltd. (b) | 11 | 6,564 | ||||||
FP Corp. | 400 | 30,478 | ||||||
Fuji Electric Co. Ltd. | 1,488 | 46,515 | ||||||
Fuji Media Holdings, Inc. | 800 | 7,944 | ||||||
FUJIFILM Holdings Corp. | 1,151 | 54,769 | ||||||
Fujitsu General Ltd. | 900 | 23,543 | ||||||
Fujitsu Ltd. | 142 | 18,506 | ||||||
Fukuyama Transporting Co. Ltd. | 700 | 34,523 | ||||||
Furukawa Electric Co. Ltd. | 500 | 11,919 | ||||||
Glory Ltd. | 2,288 | 47,812 | ||||||
GS Yuasa Corp. | 1,938 | 32,110 | ||||||
Hakuhodo DY Holdings, Inc. | 3,669 | 45,670 | ||||||
Hamamatsu Photonics KK | 1,450 | 66,043 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,767 | 57,403 | ||||||
Haseko Corp. | 4,597 | 62,727 | ||||||
Heiwa Corp. | 1,464 | 24,698 | ||||||
Hikari Tsushin, Inc. | 100 | 24,160 | ||||||
Hino Motors Ltd. | 5,759 | 38,775 | ||||||
Hirose Electric Co. Ltd. | 440 | 49,832 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 340 | 15,678 | ||||||
Hitachi Ltd. | 5,346 | 177,956 | ||||||
Hitachi Metals Ltd. | 2,000 | 30,006 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Japan (Continued) | ||||||||
Hitachi Transport System Ltd. | 680 | $ | 23,694 | |||||
Hokuriku Electric Power Co. | 2,963 | 21,878 | ||||||
Honda Motor Co. Ltd. | 1,645 | 42,333 | ||||||
Horiba Ltd. | 500 | 27,394 | ||||||
Hoshizaki Corp. | 513 | 39,233 | ||||||
House Foods Group, Inc. | 657 | 22,180 | ||||||
Hoya Corp. | 700 | 68,749 | ||||||
Hulic Co. Ltd. | 6,848 | 62,381 | ||||||
Ibiden Co. Ltd. | 600 | 18,813 | ||||||
Idemitsu Kosan Co. Ltd. | 725 | 15,971 | ||||||
IHI Corp. | 901 | 13,382 | ||||||
Iida Group Holdings Co. Ltd. | 900 | 17,568 | ||||||
Inpex Corp. | 3,399 | 21,597 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 900 | 4,956 | ||||||
Isuzu Motors Ltd. | 2,700 | 26,708 | ||||||
Ito En Ltd. | 600 | 36,268 | ||||||
ITOCHU Corp. (b) | 14,636 | 375,889 | ||||||
Itochu Techno-Solutions Corp. | 700 | 25,348 | ||||||
Itoham Yonekyu Holdings, Inc. | 1,300 | 8,667 | ||||||
J. Front Retailing Co. Ltd. (b) | 2,165 | 15,067 | ||||||
Japan Airlines Co. Ltd. | 1,479 | 29,484 | ||||||
Japan Petroleum Exploration Co. Ltd. | 400 | 6,956 | ||||||
Japan Tobacco, Inc. | 1,664 | 31,108 | ||||||
JSR Corp. | 3,332 | 71,011 | ||||||
JTEKT Corp. | 500 | 3,862 | ||||||
Justsystems Corp. | 307 | 23,507 | ||||||
Kagome Co. Ltd. | 265 | 8,234 | ||||||
Kajima Corp. | 3,500 | 43,599 | ||||||
Kakaku.com, Inc. | 1,286 | 34,283 | ||||||
Kaken Pharmaceutical Co. Ltd. | 547 | 25,275 | ||||||
Kamigumi Co. Ltd. | 3,032 | 62,616 | ||||||
Kandenko Co. Ltd. | 8,792 | 68,980 | ||||||
Kaneka Corp. | 422 | 10,697 | ||||||
Kansai Electric Power Co., Inc. | 2,911 | 28,658 | ||||||
Kansai Paint Co. Ltd. | 2,188 | 52,180 | ||||||
Kao Corp. | 553 | 42,078 | ||||||
Kawasaki Heavy Industries Ltd. | 1,343 | 19,022 | ||||||
KDDI Corp. | 2,629 | 76,308 | ||||||
Keihan Holdings Co. Ltd. | 1,010 | 43,526 | ||||||
Keikyu Corp. | 1,681 | 25,077 | ||||||
Keio Corp. | 419 | 25,327 | ||||||
Keisei Electric Railway Co. Ltd. | 1,100 | 32,364 | ||||||
Kewpie Corp. | 1,059 | 20,053 | ||||||
Keyence Corp. | 50 | 20,595 | ||||||
Kikkoman Corp. | 973 | 52,850 | ||||||
Kinden Corp. | 4,900 | 80,862 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,500 | 65,915 | ||||||
Kirin Holdings Co. Ltd. | 1,312 | 25,796 | ||||||
Kissei Pharmaceutical Co. Ltd. | 300 | 6,541 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 226 | 20,118 | ||||||
Koei Tecmo Holdings Co. Ltd. | 740 | 29,343 | ||||||
Koito Manufacturing Co. Ltd. | 400 | 19,388 | ||||||
Kokuyo Co. Ltd. | 1,800 | 20,063 | ||||||
Komatsu Ltd. | 1,370 | 29,765 | ||||||
Konami Holdings Corp. | 1,082 | 41,680 | ||||||
K’s Holdings Corp. | 9,511 | 134,802 | ||||||
Kubota Corp. | 1,500 | 27,109 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Kuraray Co. Ltd. | 3,581 | $ | 36,639 | |||||
Kurita Water Industries Ltd. | 4,728 | 148,022 | ||||||
Kyocera Corp. | 1,972 | 113,193 | ||||||
Kyowa Exeo Corp. | 2,372 | 59,700 | ||||||
Kyowa Kirin Co. Ltd. | 800 | 20,686 | ||||||
Kyudenko Corp. | 699 | 19,972 | ||||||
Kyushu Electric Power Co., Inc. | 2,164 | 19,162 | ||||||
Kyushu Railway Co. | 2,424 | 53,443 | ||||||
Lawson, Inc. (b) | 800 | 39,455 | ||||||
Lintec Corp. | 2,613 | 61,897 | ||||||
Lion Corp. | 1,306 | 27,661 | ||||||
LIXIL Group Corp. | 3,411 | 62,723 | ||||||
M3, Inc. | 600 | 34,740 | ||||||
Mabuchi Motor Co. Ltd. | 500 | 17,610 | ||||||
Maeda Road Construction Co. Ltd. | 1,300 | 23,978 | ||||||
Makita Corp. | 1,318 | 60,901 | ||||||
Mani, Inc. | 400 | 10,139 | ||||||
Marubeni Corp. | 17,091 | 103,083 | ||||||
Marui Group Co. Ltd. | 879 | 16,056 | ||||||
Maruichi Steel Tube Ltd. | 1,350 | 36,193 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 897 | 31,382 | ||||||
Mazda Motor Corp. | 1,400 | 8,977 | ||||||
Medipal Holdings Corp. | 2,351 | 44,938 | ||||||
Megmilk Snow Brand Co. Ltd. | 200 | 4,526 | ||||||
MEIJI Holdings Co. Ltd. | 569 | 45,930 | ||||||
MINEBEA MITSUMI, Inc. | 1,471 | 25,510 | ||||||
MISUMI Group, Inc. | 1,140 | 29,907 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,802 | 57,290 | ||||||
Mitsubishi Corp. | 4,336 | 102,732 | ||||||
Mitsubishi Electric Corp. | 9,674 | 133,463 | ||||||
Mitsubishi Estate Co. Ltd. | 1,500 | 23,502 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 8,067 | 144,079 | ||||||
Mitsubishi Heavy Industries Ltd. | 2,413 | 59,924 | ||||||
Mitsubishi Logistics Corp. | 900 | 27,286 | ||||||
Mitsubishi Materials Corp. | 2,200 | 46,222 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 1,500 | 38,686 | ||||||
Mitsui & Co. Ltd. | 11,925 | 215,234 | ||||||
Mitsui Chemicals, Inc. | 3,100 | 72,878 | ||||||
Mitsui Fudosan Co. Ltd. | 1,000 | 18,105 | ||||||
Mitsui OSK Lines Ltd. | 200 | 3,702 | ||||||
Miura Co. Ltd. | 1,657 | 67,814 | ||||||
Mochida Pharmaceutical Co. Ltd. | 261 | 9,636 | ||||||
Morinaga & Co. Ltd. | 200 | 7,327 | ||||||
Morinaga Milk Industry Co. Ltd. | 400 | 19,426 | ||||||
MS&AD Insurance Group Holdings, Inc. | 900 | 24,960 | ||||||
Murata Manufacturing Co. Ltd. | 417 | 24,695 | ||||||
Nabtesco Corp. | 800 | 25,310 | ||||||
Nagase & Co. Ltd. | 3,765 | 49,031 | ||||||
Nagoya Railroad Co. Ltd. | 2,276 | 63,508 | ||||||
Nankai Electric Railway Co. Ltd. | 718 | 15,796 | ||||||
NEC Corp. | 700 | 36,899 | ||||||
Nexon Co. Ltd. | 400 | 9,366 | ||||||
NGK Insulators Ltd. | 2,377 | 33,779 | ||||||
NGK Spark Plug Co. Ltd. | 902 | 15,523 | ||||||
NH Foods Ltd. | 2,000 | 90,622 | ||||||
NHK Spring Co. Ltd. | 3,500 | 22,014 | ||||||
Nichirei Corp. | 700 | 18,265 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Japan (Continued) | ||||||||
Nidec Corp. | 272 | $ | 22,856 | |||||
Nifco, Inc. | 2,161 | 55,408 | ||||||
Nihon Kohden Corp. | 700 | 23,928 | ||||||
Nihon M&A Center, Inc. | 600 | 29,874 | ||||||
Nihon Unisys Ltd. | 1,300 | 37,267 | ||||||
Nikon Corp. | 2,200 | 17,261 | ||||||
Nippo Corp. | 2,861 | 74,112 | ||||||
Nippon Express Co. Ltd. | 1,336 | 78,992 | ||||||
Nippon Kayaku Co. Ltd. | 5,800 | 57,100 | ||||||
Nippon Paper Industries Co. Ltd. | 1,230 | 15,658 | ||||||
Nippon Shinyaku Co. Ltd. | 300 | 24,754 | ||||||
Nippon Shokubai Co. Ltd. | 500 | 26,310 | ||||||
Nippon Steel Corp. | 2,513 | 24,752 | ||||||
Nippon Telegraph & Telephone Corp. | 1,691 | 38,454 | ||||||
Nippon Television Holdings, Inc. | 500 | 5,903 | ||||||
Nippon Yusen KK | 300 | 4,690 | ||||||
Nipro Corp. | 400 | 4,508 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 700 | 20,364 | ||||||
Nissan Chemical Corp. | 1,083 | 57,395 | ||||||
Nissan Shatai Co. Ltd. | 2,580 | 23,234 | ||||||
Nisshin Seifun Group, Inc. | 1,378 | 22,753 | ||||||
Nissin Foods Holdings Co. Ltd. | 584 | 58,375 | ||||||
Nitori Holdings Co. Ltd. | 432 | 90,356 | ||||||
Nitto Denko Corp. | 1,643 | 99,778 | ||||||
Noevir Holdings Co. Ltd. | 200 | 9,147 | ||||||
NOF Corp. | 1,307 | 52,997 | ||||||
NOK Corp. | 800 | 8,713 | ||||||
Nomura Real Estate Holdings, Inc. | 1,986 | 37,999 | ||||||
Nomura Research Institute Ltd. | 1,730 | 45,989 | ||||||
NS Solutions Corp. | 200 | 5,818 | ||||||
NSK Ltd. | 2,156 | 16,529 | ||||||
NTT Data Corp. | 1,917 | 21,910 | ||||||
NTT DOCOMO, Inc. | 1,268 | 35,381 | ||||||
Obayashi Corp. | 12,862 | 125,776 | ||||||
Obic Co. Ltd. | 300 | 53,157 | ||||||
Odakyu Electric Railway Co. Ltd. | 809 | 20,010 | ||||||
Oji Holdings Corp. | 10,288 | 46,470 | ||||||
OKUMA Corp. | 200 | 9,138 | ||||||
Olympus Corp. | 456 | 9,026 | ||||||
Omron Corp. | 1,500 | 109,906 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,177 | 35,506 | ||||||
Open House Co. Ltd. | 645 | 22,900 | ||||||
Oracle Corp. | 200 | 23,462 | ||||||
Oriental Land Co. Ltd. | 200 | 27,139 | ||||||
ORIX Corp. | 7,636 | 95,193 | ||||||
Osaka Gas Co. Ltd. | 2,229 | 43,573 | ||||||
OSG Corp. | 1,700 | 25,136 | ||||||
Otsuka Corp. | 1,508 | 73,946 | ||||||
Otsuka Holdings Co. Ltd. | 734 | 32,234 | ||||||
PALTAC Corp. | 582 | 32,161 | ||||||
Pan Pacific International Holdings Corp. | 2,499 | 58,702 | ||||||
Panasonic Corp. | 5,472 | 50,460 | ||||||
Park24 Co. Ltd. | 1,864 | 33,678 | ||||||
Penta-Ocean Construction Co. Ltd. | 5,120 | 32,880 | ||||||
Persol Holdings Co. Ltd. | 2,029 | 31,666 | ||||||
Pigeon Corp. | 100 | 4,569 | ||||||
Pilot Corp. | 448 | 13,181 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Rakuten, Inc. | 1,415 | $ | 12,449 | |||||
Recruit Holdings Co. Ltd. | 1,326 | 50,342 | ||||||
Relo Group, Inc. | 700 | 15,908 | ||||||
Rengo Co. Ltd. | 2,312 | 17,071 | ||||||
Resona Holdings, Inc. | 1,100 | 4,045 | ||||||
Resorttrust, Inc. | 600 | 8,544 | ||||||
Ricoh Co. Ltd. (b) | 1,200 | 8,974 | ||||||
Rinnai Corp. | 1,117 | 103,331 | ||||||
Rohm Co. Ltd. | 414 | 26,625 | ||||||
Rohto Pharmaceutical Co. Ltd. | 1,011 | 32,129 | ||||||
Ryohin Keikaku Co. Ltd. | 240 | 3,757 | ||||||
Sankyo Co. Ltd. | 1,209 | 33,404 | ||||||
Sankyu, Inc. | 2,000 | 83,549 | ||||||
Santen Pharmaceutical Co. Ltd. | 2,200 | 41,927 | ||||||
Sanwa Holdings Corp. | 4,400 | 44,313 | ||||||
Sapporo Holdings Ltd. | 1,200 | 21,410 | ||||||
Sawai Pharmaceutical Co. Ltd. | 800 | 40,888 | ||||||
SCSK Corp. | 500 | 27,064 | ||||||
Secom Co. Ltd. | 1,435 | 135,658 | ||||||
Sega Sammy Holdings, Inc. | 500 | 5,795 | ||||||
Seibu Holdings, Inc. | 1,500 | 16,493 | ||||||
Seiko Epson Corp. | 2,151 | 25,679 | ||||||
Seino Holdings Co. Ltd. | 3,600 | 55,029 | ||||||
Sekisui Chemical Co. Ltd. | 8,701 | 139,239 | ||||||
Sekisui House Ltd. | 25,936 | 512,630 | ||||||
Seven & i Holdings Co. Ltd. (b) | 1,800 | 58,271 | ||||||
SG Holdings Co. Ltd. | 722 | 33,191 | ||||||
Shikoku Electric Power Co., Inc. | 1,300 | 9,881 | ||||||
Shimadzu Corp. | 1,496 | 44,649 | ||||||
Shimamura Co. Ltd. | 300 | 24,754 | ||||||
Shimano, Inc. | 266 | 56,313 | ||||||
Shimizu Corp. | 6,446 | 49,601 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,100 | 133,656 | ||||||
Shionogi & Co. Ltd. | 900 | 49,929 | ||||||
Ship Healthcare Holdings, Inc. | 319 | 14,740 | ||||||
SHO-BOND Holdings Co. Ltd. | 949 | 44,835 | ||||||
Shochiku Co. Ltd. | 118 | 15,801 | ||||||
SKY Perfect JSAT Holdings, Inc. | 2,400 | 9,166 | ||||||
Skylark Holdings Co. Ltd. | 2,046 | 32,529 | ||||||
SMC Corp. | 84 | 46,141 | ||||||
SoftBank Corp. (b) | 1,405 | 18,449 | ||||||
Sohgo Security Services Co. Ltd. | 1,087 | 50,791 | ||||||
Sojitz Corp. | 17,100 | 39,184 | ||||||
Sompo Holdings, Inc. | 500 | 18,766 | ||||||
Sony Corp. | 1,508 | 118,157 | ||||||
Sotetsu Holdings, Inc. | 700 | 19,057 | ||||||
Square Enix Holdings Co. Ltd. | 700 | 46,141 | ||||||
Stanley Electric Co. Ltd. | 2,631 | 75,423 | ||||||
Subaru Corp. | 3,464 | 71,945 | ||||||
Sugi Holdings Co. Ltd. | 1,335 | 96,306 | ||||||
Sumitomo Bakelite Co. Ltd. | 300 | 7,944 | ||||||
Sumitomo Chemical Co. Ltd. | 7,700 | 25,051 | ||||||
Sumitomo Corp. | 11,632 | 150,768 | ||||||
Sumitomo Electric Industries Ltd. | 7,126 | 83,930 | ||||||
Sumitomo Forestry Co. Ltd. | 2,383 | 38,134 | ||||||
Sumitomo Heavy Industries Ltd. | 849 | 19,319 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,269 | 38,736 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Japan (Continued) | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 100 | $ | 2,940 | |||||
Sumitomo Osaka Cement Co. Ltd. | 1,300 | 42,171 | ||||||
Sumitomo Realty & Development Co. Ltd. | 771 | 22,764 | ||||||
Sumitomo Rubber Industries Ltd. | 1,400 | 13,479 | ||||||
Sundrug Co. Ltd. | 1,188 | 44,195 | ||||||
Suntory Beverage & Food Ltd. | 974 | 37,566 | ||||||
Sushiro Global Holdings Ltd. | 2,084 | 48,462 | ||||||
Suzuken Co. Ltd. | 384 | 14,267 | ||||||
Suzuki Motor Corp. | 1,942 | 79,643 | ||||||
Sysmex Corp. | 227 | 19,816 | ||||||
T&D Holdings, Inc. | 1,341 | 14,037 | ||||||
Taiheiyo Cement Corp. | 1,500 | 38,135 | ||||||
Taisei Corp. | 234 | 8,087 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 100 | 6,148 | ||||||
Taiyo Nippon Sanso Corp. | 859 | 15,115 | ||||||
Takashimaya Co. Ltd. (b) | 1,700 | 13,402 | ||||||
TDK Corp. | 510 | 52,950 | ||||||
TechnoPro Holdings, Inc. | 729 | 38,909 | ||||||
Teijin Ltd. | 8,020 | 125,845 | ||||||
Terumo Corp. | 216 | 8,779 | ||||||
TIS, Inc. | 4,000 | 79,966 | ||||||
Tobu Railway Co. Ltd. | 2,800 | 87,397 | ||||||
Toho Co. Ltd. | 1,059 | 40,245 | ||||||
Toho Gas Co. Ltd. | 649 | 28,581 | ||||||
Tohoku Electric Power Co., Inc. | 5,019 | 50,879 | ||||||
Tokai Rika Co. Ltd. | 1,200 | 18,015 | ||||||
Tokio Marine Holdings, Inc. | 600 | 27,667 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 1,172 | 20,247 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 1,904 | 5,602 | ||||||
Tokyo Electron Ltd. | 311 | 79,623 | ||||||
Tokyo Gas Co. Ltd. | 2,859 | 63,532 | ||||||
Tokyo Tatemono Co. Ltd. | 1,100 | 13,391 | ||||||
Tokyu Corp. | 2,800 | 37,441 | ||||||
Tokyu Fudosan Holdings Corp. | 4,722 | 20,305 | ||||||
Toppan Printing Co. Ltd. | 8,065 | 125,335 | ||||||
Toray Industries, Inc. | 17,300 | 82,173 | ||||||
Toshiba Corp. | 600 | 17,285 | ||||||
Toshiba TEC Corp. | 891 | 37,263 | ||||||
Tosoh Corp. | 3,941 | 58,532 | ||||||
TOTO Ltd. | 480 | 21,070 | ||||||
Toyo Seikan Group Holdings Ltd. | 1,500 | 16,776 | ||||||
Toyo Suisan Kaisha Ltd. | 2,300 | 130,567 | ||||||
Toyoda Gosei Co. Ltd. | 1,384 | 30,213 | ||||||
Toyota Industries Corp. | 698 | 40,677 | ||||||
Toyota Motor Corp. | 100 | 6,607 | ||||||
Toyota Tsusho Corp. | 2,923 | 85,172 | ||||||
Trend Micro, Inc. | 1,039 | 64,273 | ||||||
TS Tech Co. Ltd. | 1,329 | 38,976 | ||||||
Tsuruha Holdings, Inc. | 1,128 | 150,620 | ||||||
TV Asahi Holdings Corp. | 300 | 4,756 | ||||||
Ube Industries Ltd. | 2,393 | 42,762 | ||||||
Unicharm Corp. | 877 | 38,158 | ||||||
Ushio, Inc. | 1,901 | 23,555 | ||||||
USS Co. Ltd. | 2,400 | 40,534 | ||||||
Wacoal Holdings Corp. | 1,000 | 17,775 | ||||||
Welcia Holdings Co. Ltd. | 1,242 | 53,114 |
Number | Value | |||||||
Japan (Continued) | ||||||||
West Japan Railway Co. | 1,336 | $ | 70,186 | |||||
Yakult Honsha Co. Ltd. | 200 | 11,410 | ||||||
Yamada Denki Co. Ltd. | 16,857 | 90,449 | ||||||
Yamaha Corp. | 581 | 28,325 | ||||||
Yamato Holdings Co. Ltd. | 1,200 | 31,368 | ||||||
Yamato Kogyo Co. Ltd. | 700 | 16,813 | ||||||
Yamazaki Baking Co. Ltd. | 2,353 | 38,298 | ||||||
Yaoko Co. Ltd. | 400 | 31,270 | ||||||
Yaskawa Electric Corp. | 400 | 14,390 | ||||||
Yokogawa Electric Corp. | 1,400 | 22,879 | ||||||
Yokohama Rubber Co. Ltd. | 900 | 14,097 | ||||||
Z Holdings Corp. | 8,382 | 55,725 | ||||||
Zenkoku Hosho Co. Ltd. | 1,338 | 47,378 | ||||||
Zensho Holdings Co. Ltd. | 500 | 11,259 | ||||||
Zeon Corp. | 5,459 | 57,450 | ||||||
|
| |||||||
(Cost $15,774,804) | 16,597,218 | |||||||
|
| |||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 1,710 | 54,287 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
Aroundtown SA* | 32,099 | 175,897 | ||||||
Eurofins Scientific SE* | 36 | 28,915 | ||||||
RTL Group SA* | 836 | 27,815 | ||||||
Tenaris SA | 744 | 4,378 | ||||||
|
| |||||||
(Cost $356,458) | 237,005 | |||||||
|
| |||||||
Macau — 0.0% | ||||||||
Sands China Ltd. | 1,360 | 6,001 | ||||||
|
| |||||||
Netherlands — 2.6% | ||||||||
Aalberts NV | 3,508 | 132,742 | ||||||
Akzo Nobel NV | 1,187 | 117,741 | ||||||
ASM International NV | 1,246 | 187,909 | ||||||
ASML Holding NV | 104 | 39,092 | ||||||
ASR Nederland NV | 656 | 22,791 | ||||||
Euronext NV, 144A | 1,628 | 198,205 | ||||||
EXOR NV | 285 | 16,838 | ||||||
GrandVision NV, 144A* | 416 | 11,940 | ||||||
Heineken Holding NV | 269 | 22,085 | ||||||
Heineken NV | 184 | 17,067 | ||||||
ING Groep NV* | 937 | 7,625 | ||||||
Koninklijke Ahold Delhaize NV | 4,583 | 138,232 | ||||||
Koninklijke DSM NV | 1,179 | 189,578 | ||||||
Koninklijke KPN NV | 38,166 | 100,281 | ||||||
Koninklijke Philips NV* | 1,652 | 78,307 | ||||||
Koninklijke Vopak NV | 1,195 | 65,770 | ||||||
NN Group NV | 572 | 21,583 | ||||||
QIAGEN NV* | 261 | 13,288 | ||||||
Randstad NV | 4,004 | 209,118 | ||||||
Royal Dutch Shell PLC, Class A | 456 | 6,758 | ||||||
Royal Dutch Shell PLC, Class B | 383 | 5,451 | ||||||
Signify NV, 144A* | 5,009 | 167,675 | ||||||
Wolters Kluwer NV | 1,504 | 123,751 | ||||||
|
| |||||||
(Cost $1,506,999) | 1,893,827 | |||||||
|
|
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
New Zealand — 1.6% | ||||||||
Air New Zealand Ltd. | 40,013 | $ | 37,863 | |||||
Auckland International Airport Ltd. | 14,057 | 62,993 | ||||||
Contact Energy Ltd. | 36,980 | 156,217 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 10,425 | 259,655 | ||||||
Fletcher Building Ltd.* | 18,711 | 45,402 | ||||||
Kiwi Property Group Ltd. | 63,421 | 44,581 | ||||||
Mercury NZ Ltd. | 24,388 | 85,551 | ||||||
Meridian Energy Ltd. | 25,692 | 88,215 | ||||||
Ryman Healthcare Ltd. | 9,886 | 89,805 | ||||||
SKYCITY Entertainment Group Ltd. | 20,445 | 35,238 | ||||||
Spark New Zealand Ltd. | 85,593 | 279,427 | ||||||
|
| |||||||
(Cost $997,410) | 1,184,947 | |||||||
|
| |||||||
Norway — 1.1% | ||||||||
Adevinta ASA* | 1,360 | 25,545 | ||||||
DNB ASA* | 782 | 12,634 | ||||||
Equinor ASA | 898 | 14,653 | ||||||
Gjensidige Forsikring ASA* | 2,794 | 59,917 | ||||||
Leroy Seafood Group ASA | 3,656 | 23,264 | ||||||
Mowi ASA | 4,991 | 98,261 | ||||||
Norsk Hydro ASA* | 7,617 | 24,480 | ||||||
Orkla ASA | 24,033 | 246,257 | ||||||
Salmar ASA* | 1,022 | 55,764 | ||||||
Schibsted ASA, Class A* | 166 | 7,277 | ||||||
Schibsted ASA, Class B* | 630 | 25,133 | ||||||
Telenor ASA | 1,911 | 31,292 | ||||||
Yara International ASA | 3,388 | 142,891 | ||||||
|
| |||||||
(Cost $681,124) | 767,368 | |||||||
|
| |||||||
Poland — 0.2% | ||||||||
Bank Polska Kasa Opieki SA* | 726 | 10,350 | ||||||
CD Projekt SA* | 64 | 7,650 | ||||||
Cyfrowy Polsat SA* | 2,904 | 22,766 | ||||||
Dino Polska SA, 144A* | 184 | 11,215 | ||||||
Grupa Lotos SA | 1,549 | 17,084 | ||||||
KGHM Polska Miedz SA* | 700 | 26,112 | ||||||
LPP SA* | 3 | 5,876 | ||||||
Polski Koncern Naftowy ORLEN SA | 2,479 | 34,220 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 8,422 | 11,777 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 1,552 | 9,125 | ||||||
Powszechny Zaklad Ubezpieczen SA* | 1,128 | 8,354 | ||||||
|
| |||||||
(Cost $215,154) | 164,529 | |||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 33,770 | 171,323 | ||||||
Galp Energia SGPS SA | 4,262 | 45,731 | ||||||
Jeronimo Martins SGPS SA | 6,327 | 104,081 | ||||||
|
| |||||||
(Cost $310,131) | 321,135 | |||||||
|
| |||||||
Singapore — 2.9% | ||||||||
Ascendas Real Estate Investment Trust REIT | 54,291 | 132,573 | ||||||
Ascott Residence Trust | 46,564 | 30,823 | ||||||
BOC Aviation Ltd., 144A | 6,733 | 50,084 | ||||||
CapitaLand Commercial Trust REIT | 48,359 | 59,755 | ||||||
CapitaLand Ltd. | 25,464 | 51,879 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
CapitaLand Mall Trust REIT | 79,796 | $ | 115,034 | |||||
City Developments Ltd. | 5,968 | 35,248 | ||||||
ComfortDelGro Corp. Ltd. | 47,544 | 51,754 | ||||||
DBS Group Holdings Ltd. | 1,200 | 18,420 | ||||||
Frasers Property Ltd. | 10,100 | 8,691 | ||||||
Genting Singapore Ltd. | 70,300 | 36,194 | ||||||
Jardine Cycle & Carriage Ltd. | 905 | 12,614 | ||||||
Keppel REIT | 11,200 | 8,650 | ||||||
Keppel Corp. Ltd. | 11,662 | 39,285 | ||||||
Mapletree Commercial Trust REIT | 143,791 | 203,059 | ||||||
Mapletree Industrial Trust REIT | 73,351 | 164,549 | ||||||
Mapletree Logistics Trust REIT | 126,614 | 192,771 | ||||||
Mapletree North Asia Commercial Trust REIT | 148,896 | 102,944 | ||||||
Olam International Ltd. | 14,608 | 14,182 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,423 | 21,828 | ||||||
SATS Ltd. | 14,965 | 33,021 | ||||||
Sembcorp Industries Ltd. | 7,853 | 10,801 | ||||||
SIA Engineering Co. Ltd. | 11,400 | 15,428 | ||||||
Singapore Airlines Ltd. | 18,627 | 50,006 | ||||||
Singapore Exchange Ltd. | 32,180 | 203,788 | ||||||
Singapore Post Ltd. | 31,300 | 16,115 | ||||||
Singapore Press Holdings Ltd. | 12,966 | 10,395 | ||||||
Singapore Technologies Engineering Ltd. | 25,528 | 63,839 | ||||||
Singapore Telecommunications Ltd. | 26,966 | 45,618 | ||||||
StarHub Ltd. | 23,700 | 21,266 | ||||||
Suntec Real Estate Investment Trust REIT | 35,000 | 36,040 | ||||||
United Overseas Bank Ltd. | 1,500 | 21,580 | ||||||
UOL Group Ltd. | 11,129 | 53,779 | ||||||
Venture Corp. Ltd. | 5,362 | 78,285 | ||||||
Wilmar International Ltd. | 22,800 | 73,116 | ||||||
|
| |||||||
(Cost $2,149,201) | 2,083,414 | |||||||
|
| |||||||
South Africa — 0.0% | ||||||||
Investec PLC | 1,550 | 3,058 | ||||||
|
| |||||||
South Korea — 2.0% | ||||||||
BNK Financial Group, Inc. | 1,086 | 4,644 | ||||||
Cheil Worldwide, Inc. | 1,481 | 22,753 | ||||||
CJ CheilJedang Corp. | 62 | 21,243 | ||||||
Coway Co. Ltd. | 225 | 15,115 | ||||||
Daelim Industrial Co. Ltd. | 290 | 21,215 | ||||||
Doosan Bobcat, Inc. | 617 | 13,660 | ||||||
Doosan Solus Co. Ltd.* | 163 | 5,489 | ||||||
E-MART, Inc. | 56 | 5,657 | ||||||
GS Engineering & Construction Corp. | 163 | 3,389 | ||||||
GS Holdings Corp. | 791 | 21,641 | ||||||
GS Retail Co. Ltd. | 324 | 8,987 | ||||||
Hana Financial Group, Inc. | 512 | 12,155 | ||||||
Hankook Tire & Technology Co. Ltd. | 606 | 15,049 | ||||||
Hite Jinro Co. Ltd. | 514 | 15,967 | ||||||
Hyundai Department Store Co. Ltd. | 161 | 7,278 | ||||||
Hyundai Glovis Co. Ltd. | 398 | 48,749 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 105 | 19,976 | ||||||
Hyundai Mobis Co. Ltd. | 732 | 138,032 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Motor Co. | 278 | $ | 41,306 | |||||
Industrial Bank of Korea | 1,202 | 8,186 | ||||||
Kangwon Land, Inc. | 434 | 7,544 | ||||||
KB Financial Group, Inc. | 1,072 | 33,255 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 507 | 11,865 | ||||||
Kia Motors Corp. | 8,553 | 305,644 | ||||||
Korea Electric Power Corp.* | 594 | 10,251 | ||||||
Korea Zinc Co. Ltd. | 125 | 41,933 | ||||||
KT&G Corp. | 524 | 36,657 | ||||||
LG Chem Ltd. | 48 | 29,902 | ||||||
LG Corp. | 825 | 57,435 | ||||||
LG Electronics, Inc. | 599 | 42,458 | ||||||
LG Household & Health Care Ltd. | 7 | 8,680 | ||||||
LG Uplus Corp. | 1,280 | 12,876 | ||||||
LOTTE Fine Chemical Co. Ltd. | 466 | 17,535 | ||||||
Mando Corp. | 362 | 9,569 | ||||||
NAVER Corp. | 296 | 80,360 | ||||||
NCSoft Corp. | 71 | 49,310 | ||||||
NongShim Co. Ltd. | 59 | 17,855 | ||||||
Orion Corp. | 134 | 15,849 | ||||||
POSCO | 208 | 32,306 | ||||||
S-1 Corp. | 154 | 11,305 | ||||||
Samsung C&T Corp. | 113 | 10,274 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 257 | 26,935 | ||||||
Samsung Electronics Co. Ltd. | 457 | 20,774 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 64 | 10,075 | ||||||
Samsung SDI Co. Ltd. | 18 | 6,857 | ||||||
Shinhan Financial Group Co. Ltd. | 589 | 14,701 | ||||||
SK Holdings Co. Ltd. | 53 | 9,548 | ||||||
SK Hynix, Inc. | 55 | 3,477 | ||||||
SK Innovation Co. Ltd. | 301 | 36,741 | ||||||
SK Telecom Co. Ltd. | 139 | 29,019 | ||||||
SKC Co. Ltd. | 115 | 8,955 | ||||||
S-Oil Corp. | 87 | 4,138 | ||||||
Woori Financial Group, Inc. | 505 | 3,597 | ||||||
|
| |||||||
(Cost $1,340,096) | 1,468,171 | |||||||
|
| |||||||
Spain — 1.3% | ||||||||
Acciona SA | 315 | 37,748 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,192 | 29,253 | ||||||
Aena SME SA, 144A* | 344 | 51,467 | ||||||
Amadeus IT Group SA | 1,045 | 58,627 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,872 | 8,425 | ||||||
Bankinter SA | 1,605 | 8,651 | ||||||
Cellnex Telecom SA, 144A* | 207 | 13,289 | ||||||
EDP Renovaveis SA | 1,900 | 32,539 | ||||||
Enagas SA | 2,052 | 50,284 | ||||||
Endesa SA | 1,778 | 49,396 | ||||||
Ferrovial SA | 1,816 | 48,606 | ||||||
Grifols SA | 564 | 15,318 | ||||||
Iberdrola SA | 5,227 | 65,951 | ||||||
Industria de Diseno Textil SA | 243 | 6,844 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 19,406 | 171,164 | ||||||
Mapfre SA | 4,033 | 7,659 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Merlin Properties Socimi SA REIT | 7,254 | $ | 65,239 | |||||
Naturgy Energy Group SA | 2,136 | 41,282 | ||||||
Red Electrica Corp. SA | 4,666 | 89,424 | ||||||
Repsol SA | 1,907 | 15,103 | ||||||
Siemens Gamesa Renewable Energy SA | 244 | 6,548 | ||||||
Telefonica SA | 9,443 | 37,392 | ||||||
Zardoya Otis SA | 3,702 | 25,768 | ||||||
|
| |||||||
(Cost $1,014,313) | 935,977 | |||||||
|
| |||||||
Sweden — 8.7% | ||||||||
Alfa Laval AB* | 5,162 | 126,522 | ||||||
Assa Abloy AB, Class B | 5,399 | 125,195 | ||||||
Atlas Copco AB, Class A | 1,250 | 57,957 | ||||||
Atlas Copco AB, Class B | 1,061 | 42,723 | ||||||
Boliden AB | 3,880 | 116,018 | ||||||
Castellum AB | 13,370 | 274,377 | ||||||
Electrolux AB, Series B | 2,052 | 44,585 | ||||||
Electrolux Professional AB, Class B* | 1,903 | 8,453 | ||||||
Elekta AB, Class B | 2,247 | 28,254 | ||||||
Epiroc AB, Class A | 7,912 | 118,107 | ||||||
Epiroc AB, Class B | 5,184 | 74,740 | ||||||
Essity AB, Class B* | 4,463 | 153,994 | ||||||
Fastighets AB Balder, Class B* | 3,985 | 159,216 | ||||||
Hennes & Mauritz AB, Class B | 7,029 | 112,383 | ||||||
Hexagon AB, Class B* | 1,098 | 79,744 | ||||||
Hufvudstaden AB, Class A | 5,068 | 62,990 | ||||||
Husqvarna AB, Class B | 7,773 | 84,697 | ||||||
ICA Gruppen AB | 1,030 | 50,658 | ||||||
Industrivarden AB, Class A* | 17,641 | 469,611 | ||||||
Industrivarden AB, Class C* | 14,367 | 379,624 | ||||||
Investment AB Latour, Class B | 3,410 | 76,266 | ||||||
Investor AB, Class A | 2,114 | 133,826 | ||||||
Investor AB, Class B | 7,336 | 468,996 | ||||||
Kinnevik AB, Class B (b) | 20,510 | 794,366 | ||||||
L E Lundbergforetagen AB, Class B* | 5,759 | 263,747 | ||||||
Lundin Energy AB | 1,799 | 44,094 | ||||||
Nibe Industrier AB, Class B* | 4,710 | 132,700 | ||||||
Saab AB, Class B* | 658 | 19,835 | ||||||
Sandvik AB* | 6,964 | 137,101 | ||||||
Securitas AB, Class B* | 8,173 | 116,650 | ||||||
Skandinaviska Enskilda Banken AB, Class A* | 429 | 4,265 | ||||||
Skanska AB, Class B* | 8,158 | 166,661 | ||||||
SKF AB, Class B | 7,769 | 155,471 | ||||||
Svenska Cellulosa AB SCA, Class B* | 18,741 | 242,168 | ||||||
Svenska Handelsbanken AB, Class A* | 2,082 | 21,006 | ||||||
Swedbank AB, Class A* | 886 | 15,062 | ||||||
Swedish Match AB | 4,169 | 317,378 | ||||||
Tele2 AB, Class B | 9,866 | 140,184 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 2,991 | 34,765 | ||||||
Telia Co. AB | 23,922 | 92,388 | ||||||
Trelleborg AB, Class B* | 3,687 | 64,507 | ||||||
Volvo AB, Class B* | 12,962 | 248,421 | ||||||
|
| |||||||
(Cost $4,454,910) | 6,259,705 | |||||||
|
| |||||||
Switzerland — 4.4% | ||||||||
ABB Ltd. | 2,997 | 76,452 | ||||||
Adecco Group AG | 4,388 | 230,304 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Alcon, Inc.* | 446 | $ | 25,439 | |||||
Baloise Holding AG | 164 | 25,589 | ||||||
Banque Cantonale Vaudoise | 76 | 8,145 | ||||||
Barry Callebaut AG | 26 | 57,749 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 88,622 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 2 | 17,092 | ||||||
Cie Financiere Richemont SA, Class A | 650 | 43,138 | ||||||
Clariant AG | 425 | 8,873 | ||||||
Coca-Cola HBC AG* | 2,331 | 62,235 | ||||||
DKSH Holding AG | 958 | 64,367 | ||||||
Dufry AG* | 186 | 5,612 | ||||||
EMS-Chemie Holding AG | 78 | 70,555 | ||||||
Flughafen Zurich AG* | 454 | 68,570 | ||||||
Geberit AG | 476 | 275,202 | ||||||
Georg Fischer AG | 53 | 52,856 | ||||||
Givaudan SA | 34 | 143,106 | ||||||
Helvetia Holding AG | 292 | 27,580 | ||||||
Kuehne + Nagel International AG* | 673 | 130,833 | ||||||
LafargeHolcim Ltd.* | 1,462 | 69,654 | ||||||
Logitech International SA | 1,673 | 124,149 | ||||||
Lonza Group AG | 176 | 109,535 | ||||||
Nestle SA | 218 | 26,283 | ||||||
Novartis AG | 164 | 14,214 | ||||||
OC Oerlikon Corp. AG | 545 | 4,984 | ||||||
Partners Group Holding AG | 132 | 134,543 | ||||||
PSP Swiss Property AG | 1,372 | 164,405 | ||||||
Roche Holding AG | 75 | 26,295 | ||||||
Schindler Holding AG | 158 | 41,726 | ||||||
Schindler Holding AG Participation Certificates | 285 | 76,310 | ||||||
SGS SA | 31 | 80,491 | ||||||
Sika AG | 106 | 25,498 | ||||||
Sonova Holding AG* | 646 | 151,447 | ||||||
STMicroelectronics NV | 627 | 18,904 | ||||||
Straumann Holding AG | 77 | 76,004 | ||||||
Sulzer AG | 321 | 28,680 | ||||||
Swatch Group AG — Bearer | 175 | 37,120 | ||||||
Swatch Group AG — Registered | 111 | 4,393 | ||||||
Swiss Life Holding AG | 113 | 45,780 | ||||||
Swiss Prime Site AG | 1,886 | 170,388 | ||||||
Swiss Re AG | 190 | 15,327 | ||||||
Swisscom AG | 227 | 126,048 | ||||||
Temenos AG | 116 | 18,783 | ||||||
UBS Group AG | 1,038 | 12,663 | ||||||
Vifor Pharma AG | 249 | 36,903 | ||||||
Zurich Insurance Group AG | 132 | 48,962 | ||||||
|
| |||||||
(Cost $2,749,033) | 3,171,808 | |||||||
|
| |||||||
United Kingdom — 11.9% | ||||||||
3i Group PLC | 28,141 | 353,433 | ||||||
Admiral Group PLC | 4,198 | 148,224 | ||||||
Amcor PLC CDI | 594 | 6,655 | ||||||
Ashmore Group PLC | 13,917 | 78,562 | ||||||
Ashtead Group PLC | 3,608 | 125,846 | ||||||
Associated British Foods PLC | 2,860 | 78,349 | ||||||
AstraZeneca PLC | 125 | 13,959 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Auto Trader Group PLC, 144A | 9,169 | $ | 69,143 | |||||
AVEVA Group PLC | 239 | 16,231 | ||||||
Aviva PLC | 3,196 | 12,098 | ||||||
B&M European Value Retail SA | 9,639 | 61,433 | ||||||
Babcock International Group PLC | 6,897 | 25,128 | ||||||
BAE Systems PLC | 40,563 | 282,204 | ||||||
Barclays PLC* | 6,721 | 10,075 | ||||||
Barratt Developments PLC | 16,436 | 115,581 | ||||||
Bellway PLC | 4,777 | 152,804 | ||||||
Berkeley Group Holdings PLC | 3,897 | 237,884 | ||||||
BP PLC | 4,785 | 16,927 | ||||||
British American Tobacco PLC | 624 | 21,159 | ||||||
BT Group PLC | 26,316 | 36,874 | ||||||
Bunzl PLC | 2,063 | 66,902 | ||||||
Burberry Group PLC | 2,751 | 53,207 | ||||||
Centrica PLC | 39,084 | 24,093 | ||||||
CNH Industrial NV* | 2,078 | 16,487 | ||||||
Compass Group PLC | 6,104 | 99,751 | ||||||
ConvaTec Group PLC, 144A | 5,756 | 14,767 | ||||||
Croda International PLC | 1,966 | 155,310 | ||||||
Derwent London PLC REIT | 2,161 | 81,827 | ||||||
Diageo PLC | 720 | 24,193 | ||||||
Direct Line Insurance Group PLC | 31,182 | 123,124 | ||||||
DS Smith PLC | 5,055 | 17,510 | ||||||
easyJet PLC | 2,289 | 19,407 | ||||||
Ferguson PLC | 2,846 | 281,074 | ||||||
Fiat Chrysler Automobiles NV* | 2,016 | 22,256 | ||||||
G4S PLC | 17,391 | 33,438 | ||||||
GlaxoSmithKline PLC | 194 | 3,824 | ||||||
Halma PLC | 6,483 | 192,532 | ||||||
Hargreaves Lansdown PLC | 1,229 | 26,601 | ||||||
HomeServe PLC | 5,594 | 97,296 | ||||||
Howden Joinery Group PLC | 20,252 | 152,394 | ||||||
IMI PLC | 7,200 | 101,707 | ||||||
Imperial Brands PLC | 1,571 | 26,357 | ||||||
Inchcape PLC* | 33,491 | 226,680 | ||||||
Informa PLC* | 587 | 3,249 | ||||||
InterContinental Hotels Group PLC* | 2,009 | 118,519 | ||||||
Intermediate Capital Group PLC | 1,456 | 26,650 | ||||||
International Consolidated Airlines Group SA (b) | 4,114 | 11,915 | ||||||
Intertek Group PLC | 2,755 | 216,754 | ||||||
ITV PLC | 76,412 | 62,124 | ||||||
J Sainsbury PLC | 17,923 | 44,108 | ||||||
JD Sports Fashion PLC | 5,197 | 50,505 | ||||||
John Wood Group PLC* | 1,315 | 4,363 | ||||||
Johnson Matthey PLC | 629 | 20,002 | ||||||
Kingfisher PLC | 63,324 | 229,181 | ||||||
Legal & General Group PLC | 4,685 | 13,631 | ||||||
London Stock Exchange Group PLC | 61 | 7,187 | ||||||
Marks & Spencer Group PLC | 11,106 | 16,521 | ||||||
Meggitt PLC | 16,706 | 65,070 | ||||||
Mondi PLC | 5,268 | 103,053 | ||||||
National Grid PLC | 6,995 | 78,974 | ||||||
Next PLC | 2,427 | 196,213 | ||||||
Ninety One PLC* | 776 | 2,292 | ||||||
Pearson PLC | 990 | 7,415 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Pennon Group PLC | 9,592 | $ | 129,203 | |||||
Persimmon PLC | 5,433 | 190,592 | ||||||
Phoenix Group Holdings PLC | 1,448 | 13,417 | ||||||
Reckitt Benckiser Group PLC | 31 | 3,117 | ||||||
RELX PLC | 3,978 | 90,681 | ||||||
Renishaw PLC | 167 | 10,697 | ||||||
Rentokil Initial PLC* | 30,947 | 220,857 | ||||||
Rightmove PLC | 12,702 | 107,793 | ||||||
Rio Tinto Ltd. | 4,173 | 302,442 | ||||||
Rio Tinto PLC | 1,450 | 89,988 | ||||||
RSA Insurance Group PLC | 6,265 | 37,690 | ||||||
Sage Group PLC | 14,820 | 146,959 | ||||||
Schroders PLC | 885 | 34,340 | ||||||
Segro PLC REIT | 36,085 | 460,355 | ||||||
Severn Trent PLC | 5,302 | 165,551 | ||||||
Smith & Nephew PLC | 6,947 | 141,525 | ||||||
Smiths Group PLC | 2,461 | 46,198 | ||||||
Spirax-Sarco Engineering PLC | 1,502 | 206,038 | ||||||
SSE PLC | 4,569 | 77,021 | ||||||
St James’s Place PLC | 1,206 | 15,822 | ||||||
Standard Life Aberdeen PLC | 10,280 | 32,649 | ||||||
Tate & Lyle PLC | 14,996 | 136,898 | ||||||
Taylor Wimpey PLC | 67,768 | 111,154 | ||||||
Tesco PLC | 24,471 | 71,658 | ||||||
Travis Perkins PLC | 3,430 | 56,466 | ||||||
Unilever NV | 1,191 | 69,097 | ||||||
Unilever PLC | 1,861 | 111,134 | ||||||
United Utilities Group PLC | 13,073 | 145,494 | ||||||
Vodafone Group PLC | 30,090 | 44,898 | ||||||
Whitbread PLC | 837 | 28,343 | ||||||
Wm Morrison Supermarkets PLC | 50,193 | 129,237 | ||||||
WPP PLC | 19,672 | 170,050 | ||||||
|
| |||||||
(Cost $7,876,337) | 8,598,396 | |||||||
|
| |||||||
United States — 0.2% | ||||||||
Carnival PLC | 1,231 | 17,381 | ||||||
Sims Ltd. | 618 | 3,702 | ||||||
Waste Connections, Inc. | 968 | 96,908 | ||||||
|
| |||||||
(Cost $154,203) | 117,991 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 71,704,804 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Germany — 0.3% | ||||||||
FUCHS PETROLUB SE | 973 | 46,104 | ||||||
Henkel AG & Co. KGaA | 350 | 35,814 | ||||||
Porsche Automobil Holding SE* | 1,437 | 88,163 | ||||||
Sartorius AG | 108 | 45,853 | ||||||
|
| |||||||
(Cost $191,934) | 215,934 | |||||||
|
| |||||||
South Korea — 0.0% | ||||||||
Hanwha Corp. | 1,241 | 13,529 | ||||||
Hyundai Motor Co. — 2nd Preferred | 55 | 4,093 | ||||||
|
| |||||||
(Cost $20,178) | 17,622 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 233,556 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Sydney Airport*, expires 9/7/20 | 2,170 | $ | 1,861 | |||||
Tabcorp Holdings Ltd.*, expires 9/16/20 | 1,987 | 544 | ||||||
|
| |||||||
TOTAL RIGHTS | 2,405 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.7% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (d)(e) | 1,188,901 | 1,188,901 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (d) | 15,272 | 15,272 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.1% (Cost $65,850,793) | $ | 73,144,938 | ||||||
Other assets and liabilities, net — (1.1%) | (768,333 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 72,376,605 | ||||||
|
|
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Group GmbH & Co. KGaA, 144A*(c) |
| |||||||||||||||||||||||||||||||||||
— | 25,453 | (13,739 | ) | (5,432 | ) | 1,669 | — | — | 202 | 7,951 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (d)(e) |
| |||||||||||||||||||||||||||||||||||
906,421 | 282,480(f | ) | — | — | — | 5,726 | — | 1,188,901 | 1,188,901 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (d) |
| |||||||||||||||||||||||||||||||||||
27,889 | 5,098,213 | (5,110,830 | ) | — | — | 1,303 | — | 15,272 | 15,272 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
934,310 | 5,406,146 | (5,124,569 | ) | (5,432 | ) | 1,669 | 7,029 | — | 1,204,375 | 1,212,124 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $1,572,218, which is 2.2% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $529,707. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
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 August 31, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
MSCI EAFE Futures | USD | 4 | $ | 366,800 | $380,020 | 9/18/2020 | $ | 13,220 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
August 31, 2020
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 August 31, 2020 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 (g) | $ | 71,704,804 | $ | – | $ | – | $ | 71,704,804 | ||||||||
Preferred Stocks (g) | 233,556 | – | – | 233,556 | ||||||||||||
Rights | 544 | 1,861 | – | 2,405 | ||||||||||||
Short-Term Investments (g) | 1,204,173 | – | – | 1,204,173 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 13,220 | – | – | 13,220 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 73,156,297 | $ | 1,861 | $ | – | $ | 73,158,158 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 99.5% |
| |||||||
Argentina — 0.1% | ||||||||
MercadoLibre, Inc.* | 140 | $ | 163,603 | |||||
|
| |||||||
Australia — 2.3% | ||||||||
Afterpay Ltd.* | 640 | 43,280 | ||||||
AGL Energy Ltd. | 1,976 | 21,628 | ||||||
AMP Ltd.* | 16,782 | 18,989 | ||||||
Ampol Ltd. | 955 | 18,377 | ||||||
APA Group(a) | 3,165 | 24,413 | ||||||
Aristocrat Leisure Ltd. | 1,737 | 36,444 | ||||||
ASX Ltd. | 653 | 42,179 | ||||||
Aurizon Holdings Ltd. | 8,274 | 26,618 | ||||||
Australia & New Zealand Banking Group Ltd. | 8,503 | 114,952 | ||||||
BHP Group Ltd. | 8,650 | 242,514 | ||||||
BHP Group PLC | 6,047 | 138,679 | ||||||
BlueScope Steel Ltd. | 2,416 | 22,674 | ||||||
Brambles Ltd. | 4,172 | 34,217 | ||||||
Cochlear Ltd. | 287 | 40,784 | ||||||
Coles Group Ltd. | 3,688 | 48,358 | ||||||
Commonwealth Bank of Australia | 5,555 | 280,508 | ||||||
Computershare Ltd. | 989 | 9,721 | ||||||
CSL Ltd. | 1,418 | 299,934 | ||||||
Dexus REIT | 3,324 | 21,706 | ||||||
Evolution Mining Ltd. | 5,047 | 20,715 | ||||||
Fortescue Metals Group Ltd. | 5,972 | 76,937 | ||||||
Goodman Group REIT | 4,850 | 65,675 | ||||||
GPT Group REIT | 6,152 | 17,425 | ||||||
Insurance Australia Group Ltd. | 10,031 | 35,386 | ||||||
Lendlease Group(a) | 2,083 | 17,900 | ||||||
Macquarie Group Ltd. | 1,035 | 97,746 | ||||||
Magellan Financial Group Ltd. | 447 | 19,587 | ||||||
Medibank Pvt Ltd. | 8,653 | 17,470 | ||||||
Mirvac Group REIT | 12,215 | 19,061 | ||||||
National Australia Bank Ltd. | 10,278 | 136,288 | ||||||
Newcrest Mining Ltd. | 2,355 | 55,663 | ||||||
Northern Star Resources Ltd. | 2,241 | 22,623 | ||||||
Oil Search Ltd. | 7,712 | 18,650 | ||||||
Orica Ltd. | 1,480 | 19,023 | ||||||
Origin Energy Ltd. | 7,411 | 30,693 | ||||||
QBE Insurance Group Ltd. | 6,095 | 47,825 | ||||||
Ramsay Health Care Ltd. | 569 | 27,378 | ||||||
REA Group Ltd. | 258 | 21,784 | ||||||
Santos Ltd. | 6,253 | 26,220 | ||||||
Scentre Group REIT | 14,727 | 24,614 | ||||||
SEEK Ltd. | 1,382 | 21,126 | ||||||
Sonic Healthcare Ltd. | 801 | 18,986 | ||||||
South32 Ltd. | 15,423 | 23,953 | ||||||
Stockland REIT | 8,306 | 24,325 | ||||||
Suncorp Group Ltd. | 3,023 | 20,792 | ||||||
Sydney Airport(a) | 4,434 | 18,757 | ||||||
Tabcorp Holdings Ltd. | 7,643 | 20,462 | ||||||
Telstra Corp. Ltd. | 10,557 | 22,563 | ||||||
Transurban Group(a) | 8,399 | 83,607 | ||||||
Treasury Wine Estates Ltd. | 2,482 | 16,979 | ||||||
Wesfarmers Ltd. | 3,474 | 122,088 | ||||||
Westpac Banking Corp. | 10,898 | 141,366 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Woodside Petroleum Ltd. | 3,090 | $ | 44,744 | |||||
Woolworths Group Ltd. | 3,827 | 112,842 | ||||||
|
| |||||||
(Cost $2,398,477) | 2,997,228 | |||||||
|
| |||||||
Austria — 0.0% | ||||||||
Erste Group Bank AG* | 708 | 17,257 | ||||||
OMV AG* | 499 | 16,268 | ||||||
|
| |||||||
(Cost $29,594) | 33,525 | |||||||
|
| |||||||
Belgium — 0.3% | ||||||||
Ageas SA/NV | 449 | 18,902 | ||||||
Anheuser-Busch InBev SA/NV | 2,500 | 145,921 | ||||||
Galapagos NV* | 131 | 17,845 | ||||||
Groupe Bruxelles Lambert SA | 295 | 27,371 | ||||||
KBC Group NV | 820 | 47,171 | ||||||
Sofina SA | 67 | 20,152 | ||||||
Solvay SA | 225 | 19,546 | ||||||
UCB SA | 410 | 48,798 | ||||||
Umicore SA | 471 | 21,681 | ||||||
|
| |||||||
(Cost $303,243) | 367,387 | |||||||
|
| |||||||
Bermuda — 0.1% | ||||||||
Arch Capital Group Ltd.* | 1,394 | 43,967 | ||||||
Athene Holding Ltd., Class A* | 623 | 22,777 | ||||||
Everest Re Group Ltd. | 124 | 27,290 | ||||||
RenaissanceRe Holdings Ltd. | 105 | 19,292 | ||||||
|
| |||||||
(Cost $91,358) | 113,326 | |||||||
|
| |||||||
Canada — 3.4% | ||||||||
Agnico Eagle Mines Ltd. | 724 | 59,756 | ||||||
Algonquin Power & Utilities Corp. | 1,285 | 17,831 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,506 | 81,876 | ||||||
B2Gold Corp. | 3,219 | 21,642 | ||||||
Bank of Montreal | 2,077 | 131,958 | ||||||
Bank of Nova Scotia | 3,400 | 147,095 | ||||||
Barrick Gold Corp. | 5,767 | 171,025 | ||||||
BCE, Inc. | 326 | 14,026 | ||||||
Brookfield Asset Management, Inc., Class A | 4,332 | 146,356 | ||||||
CAE, Inc. | 1,101 | 17,475 | ||||||
Cameco Corp. | 1,668 | 19,343 | ||||||
Canadian Imperial Bank of Commerce | 1,435 | 114,056 | ||||||
Canadian National Railway Co. | 2,111 | 222,060 | ||||||
Canadian Natural Resources Ltd. | 3,962 | 78,209 | ||||||
Canadian Pacific Railway Ltd. | 390 | 115,505 | ||||||
Canadian Tire Corp. Ltd., Class A | 234 | 24,505 | ||||||
Canopy Growth Corp.* | 948 | 15,650 | ||||||
CCL Industries, Inc., Class B | 696 | 25,752 | ||||||
Cenovus Energy, Inc. | 4,069 | 19,237 | ||||||
CGI, Inc.* | 674 | 47,394 | ||||||
Constellation Software, Inc. | 63 | 73,011 | ||||||
Dollarama, Inc. | 748 | 29,232 | ||||||
Emera, Inc. | 557 | 22,764 | ||||||
Empire Co. Ltd., Class A | 731 | 19,047 | ||||||
Enbridge, Inc. | 5,909 | 189,249 | ||||||
Fairfax Financial Holdings Ltd. | 58 | 17,899 | ||||||
First Quantum Minerals Ltd. | 2,724 | 26,990 | ||||||
Fortis, Inc. | 1,475 | 59,059 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Canada (Continued) | ||||||||
Franco-Nevada Corp. | 587 | $ | 88,378 | |||||
George Weston Ltd. | 231 | 16,706 | ||||||
Great-West Lifeco, Inc. | 1,120 | 22,874 | ||||||
Hydro One Ltd., 144A | 1,035 | 21,447 | ||||||
Imperial Oil Ltd. | 1,092 | 18,028 | ||||||
Intact Financial Corp. | 492 | 52,755 | ||||||
Inter Pipeline Ltd. | 1,897 | 20,048 | ||||||
Kinross Gold Corp.* | 3,944 | 35,052 | ||||||
Kirkland Lake Gold Ltd. | 983 | 52,434 | ||||||
Loblaw Cos. Ltd. | 738 | 38,182 | ||||||
Lululemon Athletica, Inc.* | 369 | 138,622 | ||||||
Magna International, Inc. | 802 | 39,098 | ||||||
Manulife Financial Corp. | 6,260 | 92,438 | ||||||
Metro, Inc. | 639 | 28,896 | ||||||
National Bank of Canada | 1,107 | 60,917 | ||||||
Nutrien Ltd. | 1,926 | 71,411 | ||||||
Onex Corp. | 363 | 17,644 | ||||||
Open Text Corp. | 693 | 31,465 | ||||||
Pan American Silver Corp. | 642 | 23,203 | ||||||
Parkland Corp. | 461 | 13,080 | ||||||
Pembina Pipeline Corp. | 1,844 | 45,713 | ||||||
Power Corp. of Canada | 1,715 | 34,275 | ||||||
Quebecor, Inc., Class B | 791 | 19,633 | ||||||
Restaurant Brands International, Inc. | 943 | 51,147 | ||||||
Ritchie Bros Auctioneers, Inc. | 398 | 23,313 | ||||||
Rogers Communications, Inc., Class B | 1,189 | 49,515 | ||||||
Royal Bank of Canada | 4,388 | 334,518 | ||||||
Saputo, Inc. | 661 | 16,508 | ||||||
Shaw Communications, Inc., Class B | 1,623 | 30,381 | ||||||
Shopify, Inc., Class A* | 328 | 350,727 | ||||||
Sun Life Financial, Inc. | 1,965 | 82,102 | ||||||
Suncor Energy, Inc. | 4,298 | 69,041 | ||||||
TC Energy Corp. | 2,993 | 140,100 | ||||||
Teck Resources Ltd., Class B | 2,336 | 26,965 | ||||||
TELUS Corp. | 921 | 16,979 | ||||||
Thomson Reuters Corp. | 534 | 40,865 | ||||||
TMX Group Ltd. | 173 | 18,206 | ||||||
Toronto-Dominion Bank | 5,484 | 273,874 | ||||||
Wheaton Precious Metals Corp. | 1,248 | 66,722 | ||||||
WSP Global, Inc. | 291 | 19,763 | ||||||
Yamana Gold, Inc. | 2,991 | 18,548 | ||||||
|
| |||||||
(Cost $3,758,041) | 4,539,575 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 1,599 | 22,994 | ||||||
|
| |||||||
China — 0.0% | ||||||||
BeiGene Ltd., ADR* | ||||||||
(Cost $17,720) | 108 | 26,090 | ||||||
|
| |||||||
Denmark — 0.8% | ||||||||
A.P. Moller — Maersk A/S, Class B | 6 | 9,219 | ||||||
Ambu A/S, Class B | 539 | 15,881 | ||||||
Carlsberg A/S, Class B | 369 | 51,965 | ||||||
Chr Hansen Holding A/S | 319 | 36,704 | ||||||
Coloplast A/S, Class B | 409 | 69,550 | ||||||
Danske Bank A/S* | 1,776 | 27,544 | ||||||
DSV PANALPINA A/S | 697 | 109,220 |
Number | Value | |||||||
Denmark (Continued) | ||||||||
Genmab A/S* | 205 | $ | 77,591 | |||||
GN Store Nord A/S | 372 | 27,007 | ||||||
Novo Nordisk A/S, Class B | 5,315 | 352,774 | ||||||
Novozymes A/S, Class B | 778 | 46,133 | ||||||
Orsted A/S, 144A | 613 | 86,918 | ||||||
Pandora A/S | 379 | 27,740 | ||||||
Vestas Wind Systems A/S | 612 | 93,245 | ||||||
|
| |||||||
(Cost $843,584) | 1,031,491 | |||||||
|
| |||||||
Finland — 0.4% | ||||||||
Elisa OYJ | 532 | 31,361 | ||||||
Fortum OYJ | 1,008 | 21,356 | ||||||
Kone OYJ, Class B | 1,106 | 95,024 | ||||||
Neste OYJ | 1,157 | 62,004 | ||||||
Nokia OYJ* | 18,831 | 91,717 | ||||||
Nordea Bank Abp* | 10,808 | 87,254 | ||||||
Orion OYJ, Class B | 335 | 15,753 | ||||||
Sampo OYJ, Class A | 1,598 | 64,462 | ||||||
Stora Enso OYJ, Class R | 1,464 | 21,588 | ||||||
UPM-Kymmene OYJ | 1,721 | 52,300 | ||||||
Wartsila OYJ Abp | 2,155 | 18,464 | ||||||
|
| |||||||
(Cost $429,785) | 561,283 | |||||||
|
| |||||||
France — 3.5% | ||||||||
Accor SA* | 811 | 24,966 | ||||||
Aeroports de Paris | 124 | 13,021 | ||||||
Air Liquide SA | 1,435 | 238,636 | ||||||
Airbus SE* | 1,886 | 155,273 | ||||||
Alstom SA* | 613 | 34,193 | ||||||
Amundi SA, 144A* | 244 | 18,997 | ||||||
Arkema SA | 287 | 31,887 | ||||||
Atos SE* | 320 | 27,746 | ||||||
AXA SA | 6,219 | 127,005 | ||||||
BioMerieux | 132 | 20,049 | ||||||
BNP Paribas SA* | 3,272 | 143,084 | ||||||
Bouygues SA* | 738 | 29,347 | ||||||
Bureau Veritas SA* | 1,230 | 27,942 | ||||||
Capgemini SE | 533 | 73,943 | ||||||
Carrefour SA | 2,047 | 32,952 | ||||||
Cie de Saint-Gobain* | 1,599 | 64,981 | ||||||
Cie Generale des Etablissements Michelin SCA | 573 | 64,841 | ||||||
Credit Agricole SA* | 3,150 | 32,353 | ||||||
Danone SA | 2,006 | 132,189 | ||||||
Dassault Systemes SE | 450 | 84,951 | ||||||
Edenred | 819 | 42,382 | ||||||
Eiffage SA* | 328 | 30,291 | ||||||
Electricite de France SA | 2,500 | 26,317 | ||||||
Engie SA* | 5,972 | 83,242 | ||||||
EssilorLuxottica SA* | 902 | 120,928 | ||||||
Gecina SA REIT | 206 | 28,381 | ||||||
Getlink SE* | 1,435 | 22,036 | ||||||
Hermes International | 106 | 91,199 | ||||||
Ingenico Group SA* | 101 | 17,176 | ||||||
Kering SA | 246 | 151,397 | ||||||
Klepierre SA REIT | 1,762 | 29,059 | ||||||
Legrand SA | 901 | 75,321 | ||||||
L’Oreal SA | 779 | 257,973 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
France (Continued) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 859 | $ | 403,532 | |||||
Orange SA | 6,421 | 71,647 | ||||||
Orpea* | 180 | 21,667 | ||||||
Pernod Ricard SA | 694 | 119,103 | ||||||
Peugeot SA* | 1,925 | 33,083 | ||||||
Publicis Groupe SA* | 654 | 22,972 | ||||||
Remy Cointreau SA(b) | 19 | 3,133 | ||||||
Renault SA* | 390 | 11,119 | ||||||
Safran SA* | 875 | 101,527 | ||||||
Sanofi | 3,349 | 339,925 | ||||||
Sartorius Stedim Biotech | 82 | 29,401 | ||||||
Schneider Electric SE | 1,624 | 201,506 | ||||||
SCOR SE* | 626 | 16,785 | ||||||
Societe Generale SA* | 2,665 | 43,289 | ||||||
Sodexo SA | 185 | 13,266 | ||||||
Suez SA | 1,521 | 26,385 | ||||||
Teleperformance | 205 | 63,352 | ||||||
Thales SA | 369 | 28,905 | ||||||
TOTAL SE | 7,612 | 301,328 | ||||||
Ubisoft Entertainment SA* | 187 | 15,422 | ||||||
Unibail-Rodamco-Westfield REIT(b) | 331 | 15,502 | ||||||
Valeo SA | 379 | 11,604 | ||||||
Veolia Environnement SA | 1,926 | 46,529 | ||||||
Vinci SA | 1,639 | 154,030 | ||||||
Vivendi SA | 2,664 | 75,827 | ||||||
Worldline SA, 144A* | 382 | 35,187 | ||||||
|
| |||||||
(Cost $3,737,659) | 4,560,084 | |||||||
|
| |||||||
Germany — 2.8% | ||||||||
adidas AG* | 561 | 170,818 | ||||||
Allianz SE | 1,258 | 273,098 | ||||||
BASF SE | 2,682 | 163,777 | ||||||
Bayer AG | 2,910 | 193,291 | ||||||
Bayerische Motoren Werke AG | 1,106 | 79,562 | ||||||
Beiersdorf AG | 328 | 37,972 | ||||||
Brenntag AG | 532 | 33,377 | ||||||
Carl Zeiss Meditec AG | 161 | 18,177 | ||||||
Commerzbank AG* | 4,552 | 26,474 | ||||||
Continental AG | 369 | 40,247 | ||||||
Covestro AG, 144A | 738 | 35,181 | ||||||
Daimler AG | 2,512 | 128,115 | ||||||
Delivery Hero SE, 144A* | 369 | 39,726 | ||||||
Deutsche Bank AG*(c) | 6,545 | 62,816 | ||||||
Deutsche Boerse AG | 613 | 116,126 | ||||||
Deutsche Post AG | 3,172 | 144,610 | ||||||
Deutsche Telekom AG | 9,895 | 174,550 | ||||||
Deutsche Wohnen SE | 883 | 47,141 | ||||||
E.ON SE | 6,222 | 73,742 | ||||||
Evonik Industries AG | 941 | 27,347 | ||||||
Fresenius Medical Care AG & Co. KGaA | 574 | 48,781 | ||||||
Fresenius SE & Co. KGaA | 1,352 | 62,737 | ||||||
GEA Group AG | 590 | 21,563 | ||||||
Hannover Rueck SE | 205 | 34,961 | ||||||
HeidelbergCement AG | 613 | 39,016 | ||||||
Henkel AG & Co. KGaA | 279 | 25,109 | ||||||
Infineon Technologies AG | 3,500 | 96,944 | ||||||
Knorr-Bremse AG | 170 | 21,649 | ||||||
LANXESS AG | 332 | 19,460 | ||||||
LEG Immobilien AG | 212 | 31,252 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Merck KGaA | 451 | $ | 61,300 | |||||
MTU Aero Engines AG | 135 | 25,066 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 412 | 119,093 | ||||||
Nemetschek SE | 229 | 18,240 | ||||||
Puma SE* | 158 | 13,072 | ||||||
RWE AG | 1,642 | 65,393 | ||||||
SAP SE | 3,172 | 523,662 | ||||||
Scout24 AG, 144A | 304 | 28,340 | ||||||
Siemens AG | 2,299 | 318,006 | ||||||
Siemens Healthineers AG, 144A | 450 | 20,505 | ||||||
Symrise AG | 410 | 56,659 | ||||||
TeamViewer AG, 144A* | 391 | 21,216 | ||||||
Uniper SE | 659 | 21,626 | ||||||
United Internet AG | 404 | 19,877 | ||||||
Volkswagen AG* | 108 | 19,400 | ||||||
Vonovia SE | 1,640 | 117,682 | ||||||
Zalando SE, 144A* | 648 | 56,682 | ||||||
|
| |||||||
(Cost $2,903,811) | 3,793,438 | |||||||
|
| |||||||
Hong Kong — 1.1% | ||||||||
AIA Group Ltd. | 37,532 | 386,451 | ||||||
ASM Pacific Technology Ltd. | 1,700 | 18,283 | ||||||
Bank of East Asia Ltd. | 8,000 | 18,043 | ||||||
BOC Hong Kong Holdings Ltd. | 10,025 | 28,457 | ||||||
Budweiser Brewing Co. APAC Ltd., 144A | 5,800 | 19,570 | ||||||
CK Asset Holdings Ltd. | 7,278 | 39,535 | ||||||
CK Hutchison Holdings Ltd. | 7,776 | 50,919 | ||||||
CK Infrastructure Holdings Ltd. | 3,000 | 15,871 | ||||||
CLP Holdings Ltd. | 4,749 | 46,662 | ||||||
Galaxy Entertainment Group Ltd. | 5,925 | 46,673 | ||||||
Hang Lung Properties Ltd. | 8,000 | 22,554 | ||||||
Hang Seng Bank Ltd. | 2,000 | 31,457 | ||||||
Henderson Land Development Co. Ltd. | 4,998 | 19,701 | ||||||
HKT Trust & HKT Ltd.(a) | 9,090 | 12,996 | ||||||
Hong Kong & China Gas Co. Ltd. | 27,440 | 39,938 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 3,428 | 173,033 | ||||||
Hongkong Land Holdings Ltd. | 4,200 | 16,086 | ||||||
Jardine Matheson Holdings Ltd. | 651 | 27,342 | ||||||
Jardine Strategic Holdings Ltd. | 800 | 16,048 | ||||||
Link REIT | 6,899 | 54,924 | ||||||
MTR Corp. Ltd. | 4,937 | 25,704 | ||||||
New World Development Co. Ltd. | 4,738 | 24,607 | ||||||
PCCW Ltd. | 28,996 | 18,183 | ||||||
Power Assets Holdings Ltd. | 3,266 | 18,711 | ||||||
Sino Land Co. Ltd. | 13,998 | 16,310 | ||||||
Sun Hung Kai Properties Ltd. | 4,177 | 56,159 | ||||||
Swire Pacific Ltd., Class A | 3,000 | 16,335 | ||||||
Swire Properties Ltd. | 6,000 | 16,258 | ||||||
Techtronic Industries Co. Ltd. | 4,547 | 57,731 | ||||||
WH Group Ltd., 144A | 40,127 | 34,638 | ||||||
Wharf Real Estate Investment Co. Ltd. | 3,998 | 16,637 | ||||||
|
| |||||||
(Cost $1,248,940) | 1,385,816 | |||||||
|
| |||||||
Ireland — 1.2% | ||||||||
Accenture PLC, Class A | 1,866 | 447,709 | ||||||
AerCap Holdings NV* | 586 | 17,328 | ||||||
Allegion PLC | 327 | 33,809 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Ireland (Continued) | ||||||||
Aptiv PLC | 860 | $ | 74,063 | |||||
CRH PLC | 2,664 | 98,766 | ||||||
DCC PLC | 285 | 25,293 | ||||||
Experian PLC | 2,911 | 108,745 | ||||||
Flutter Entertainment PLC | 91 | 15,084 | ||||||
Flutter Entertainment PLC | 369 | 62,357 | ||||||
James Hardie Industries PLC CDI | 1,244 | 28,364 | ||||||
Jazz Pharmaceuticals PLC* | 165 | 22,174 | ||||||
Kerry Group PLC, Class A | 533 | 70,119 | ||||||
Kingspan Group PLC | 400 | 34,420 | ||||||
Medtronic PLC | 3,977 | 427,408 | ||||||
Perrigo Co. PLC | 450 | 23,535 | ||||||
Smurfit Kappa Group PLC | 587 | 20,836 | ||||||
Trane Technologies PLC | 778 | 92,107 | ||||||
|
| |||||||
(Cost $1,299,516) | 1,602,117 | |||||||
|
| |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC* | 1,736 | 18,693 | ||||||
|
| |||||||
Israel — 0.2% | ||||||||
Bank Hapoalim BM | 2,826 | 17,149 | ||||||
Bank Leumi Le-Israel BM | 4,014 | 20,598 | ||||||
Check Point Software Technologies Ltd.* | 335 | 42,297 | ||||||
CyberArk Software Ltd.* | 171 | 18,896 | ||||||
Elbit Systems Ltd. | 123 | 16,624 | ||||||
Israel Discount Bank Ltd., Class A | 5,486 | 17,611 | ||||||
Mizrahi Tefahot Bank Ltd. | 853 | 17,410 | ||||||
Nice Ltd.* | 193 | 44,223 | ||||||
Teva Pharmaceutical Industries Ltd., ADR* | 3,378 | 33,341 | ||||||
Wix.com Ltd.* | 163 | 48,025 | ||||||
|
| |||||||
(Cost $236,965) | 276,174 | |||||||
|
| |||||||
Italy — 0.7% | ||||||||
Assicurazioni Generali SpA | 3,108 | 48,340 | ||||||
Atlantia SpA* | 1,196 | 19,067 | ||||||
Davide Campari-Milano NV | 2,214 | 22,750 | ||||||
DiaSorin SpA | 83 | 15,038 | ||||||
Enel SpA | 25,650 | 232,801 | ||||||
Eni SpA | 8,389 | 78,256 | ||||||
Ferrari NV | 409 | 79,828 | ||||||
FinecoBank Banca Fineco SpA* | 1,477 | 22,433 | ||||||
Intesa Sanpaolo SpA* | 49,044 | 105,883 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 2,664 | 23,201 | ||||||
Moncler SpA* | 588 | 22,819 | ||||||
Nexi SpA, 144A* | 1,086 | 19,372 | ||||||
Poste Italiane SpA, 144A | 2,016 | 18,541 | ||||||
Prysmian SpA | 837 | 23,464 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 365 | 19,936 | ||||||
Snam SpA | 7,120 | 36,530 | ||||||
Telecom Italia SpA | 27,250 | 12,997 | ||||||
Terna Rete Elettrica Nazionale SpA | 3,580 | 25,937 | ||||||
UniCredit SpA* | 6,627 | 65,386 | ||||||
|
| |||||||
(Cost $722,489) | 892,579 | |||||||
|
|
Number | Value | |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 543 | $ | 17,238 | |||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
ArcelorMittal SA* | 1,582 | 20,059 | ||||||
Aroundtown SA* | 2,986 | 16,363 | ||||||
Eurofins Scientific SE* | 41 | 32,931 | ||||||
Tenaris SA | 2,633 | 15,493 | ||||||
|
| |||||||
(Cost $72,928) | 84,846 | |||||||
|
| |||||||
Macau — 0.0% | ||||||||
Sands China Ltd. | 7,388 | 32,602 | ||||||
Wynn Macau Ltd.* | 9,200 | 17,307 | ||||||
|
| |||||||
(Cost $45,384) | 49,909 | |||||||
|
| |||||||
Netherlands — 1.6% | ||||||||
Adyen NV, 144A* | 58 | 98,013 | ||||||
Aegon NV | 6,567 | 18,323 | ||||||
Akzo Nobel NV | 696 | 69,038 | ||||||
Argenx SE* | 164 | 37,992 | ||||||
ASML Holding NV | 1,300 | 488,653 | ||||||
EXOR NV | 350 | 20,678 | ||||||
Heineken Holding NV | 409 | 33,580 | ||||||
Heineken NV | 861 | 79,865 | ||||||
ING Groep NV* | 12,857 | 104,621 | ||||||
Just Eat Takeaway.com NV, 144A* | 410 | 45,719 | ||||||
Koninklijke Ahold Delhaize NV | 3,689 | 111,267 | ||||||
Koninklijke DSM NV(b) | 488 | 78,468 | ||||||
Koninklijke KPN NV | 12,695 | 33,356 | ||||||
Koninklijke Philips NV* | 2,671 | 126,609 | ||||||
Koninklijke Vopak NV | 307 | 16,897 | ||||||
NN Group NV | 819 | 30,903 | ||||||
NXP Semiconductors NV | 761 | 95,703 | ||||||
Prosus NV* | 1,509 | 151,305 | ||||||
QIAGEN NV* | 778 | 39,609 | ||||||
Randstad NV | 408 | 21,309 | ||||||
Royal Dutch Shell PLC, Class A | 12,483 | 184,992 | ||||||
Royal Dutch Shell PLC, Class B | 11,630 | 165,530 | ||||||
Wolters Kluwer NV | 901 | 74,135 | ||||||
|
| |||||||
(Cost $1,802,868) | 2,126,565 | |||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
a2 Milk Co. Ltd.* | 1,976 | 24,828 | ||||||
Auckland International Airport Ltd. | 5,685 | 25,476 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 1,528 | 38,058 | ||||||
Meridian Energy Ltd. | 5,553 | 19,066 | ||||||
Spark New Zealand Ltd. | 5,771 | 18,840 | ||||||
|
| |||||||
(Cost $103,141) | 126,268 | |||||||
|
| |||||||
Norway — 0.2% | ||||||||
DNB ASA* | 2,652 | 42,845 | ||||||
Equinor ASA | 3,308 | 53,977 | ||||||
Mowi ASA | 1,181 | 23,251 | ||||||
Norsk Hydro ASA* | 6,699 | 21,530 | ||||||
Orkla ASA | 2,422 | 24,818 | ||||||
Telenor ASA | 2,188 | 35,828 | ||||||
Yara International ASA | 400 | 16,870 | ||||||
|
| |||||||
(Cost $178,933) | 219,119 | |||||||
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 9,058 | $ | 45,953 | |||||
Galp Energia SGPS SA | 1,070 | 11,481 | ||||||
Jeronimo Martins SGPS SA | 1,031 | 16,961 | ||||||
|
| |||||||
(Cost $67,856) | 74,395 | |||||||
|
| |||||||
Singapore — 0.4% | ||||||||
Ascendas Real Estate Investment Trust REIT | 8,700 | 21,244 | ||||||
CapitaLand Commercial Trust REIT | 14,400 | 17,793 | ||||||
CapitaLand Ltd. | 12,300 | 25,060 | ||||||
CapitaLand Mall Trust REIT | 12,400 | 17,876 | ||||||
DBS Group Holdings Ltd. | 5,400 | 82,890 | ||||||
Genting Singapore Ltd. | 7,200 | 3,707 | ||||||
Keppel Corp. Ltd. | 4,400 | 14,822 | ||||||
Mapletree Logistics Trust REIT | 12,700 | 19,336 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 9,500 | 60,580 | ||||||
Singapore Airlines Ltd. | 5,550 | 14,900 | ||||||
Singapore Exchange Ltd. | 2,400 | 15,199 | ||||||
Singapore Technologies Engineering Ltd. | 7,800 | 19,506 | ||||||
Singapore Telecommunications Ltd. | 28,600 | 48,382 | ||||||
United Overseas Bank Ltd. | 4,100 | 58,985 | ||||||
UOL Group Ltd. | 5,800 | 28,027 | ||||||
Venture Corp. Ltd. | 100 | 1,460 | ||||||
Wilmar International Ltd. | 6,000 | 19,241 | ||||||
|
| |||||||
(Cost $456,918) | 469,008 | |||||||
|
| |||||||
Spain — 0.7% | ||||||||
ACS Actividades de Construccion y Servicios SA | 1,167 | 28,639 | ||||||
Aena SME SA, 144A* | 206 | 30,820 | ||||||
Amadeus IT Group SA | 1,394 | 78,206 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 21,739 | 63,775 | ||||||
Banco Santander SA | 45,966 | 102,404 | ||||||
CaixaBank SA | 7,620 | 16,786 | ||||||
Cellnex Telecom SA, 144A* | 1,030 | 66,125 | ||||||
Enagas SA | 752 | 18,428 | ||||||
Endesa SA | 608 | 16,892 | ||||||
Ferrovial SA | 1,610 | 43,092 | ||||||
Grifols SA | 983 | 26,698 | ||||||
Iberdrola SA | 17,867 | 225,433 | ||||||
Industria de Diseno Textil SA | 3,564 | 100,379 | ||||||
Naturgy Energy Group SA | 962 | 18,592 | ||||||
Red Electrica Corp. SA | 1,763 | 33,788 | ||||||
Repsol SA | 4,976 | 39,408 | ||||||
Siemens Gamesa Renewable Energy SA | 559 | 15,002 | ||||||
Telefonica SA | 16,088 | 63,705 | ||||||
|
| |||||||
(Cost $877,155) | 988,172 | |||||||
|
| |||||||
Sweden — 1.0% | ||||||||
Alfa Laval AB* | 665 | 16,299 | ||||||
Assa Abloy AB, Class B | 3,359 | 77,890 | ||||||
Atlas Copco AB, Class A | 1,815 | 84,153 | ||||||
Atlas Copco AB, Class B | 1,393 | 56,092 | ||||||
Autoliv, Inc. | 258 | 20,212 | ||||||
Boliden AB | 910 | 27,211 | ||||||
Electrolux AB, Series B | 1,000 | 21,728 | ||||||
Epiroc AB, Class A | 2,541 | 37,931 | ||||||
Epiroc AB, Class B | 631 | 9,097 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
EQT AB | 1,006 | $ | 18,604 | |||||
Essity AB, Class B* | 2,089 | 72,080 | ||||||
Evolution Gaming Group AB, 144A | 380 | 28,541 | ||||||
Hennes & Mauritz AB, Class B | 2,623 | 41,938 | ||||||
Hexagon AB, Class B* | 942 | 68,414 | ||||||
ICA Gruppen AB | 492 | 24,198 | ||||||
Investor AB, Class B | 1,516 | 96,919 | ||||||
Kinnevik AB, Class B(b) | 730 | 28,273 | ||||||
Lundin Energy AB | 727 | 17,819 | ||||||
Nibe Industrier AB, Class B* | 904 | 25,469 | ||||||
Sandvik AB* | 3,636 | 71,582 | ||||||
Securitas AB, Class B* | 579 | 8,264 | ||||||
Skandinaviska Enskilda Banken AB, Class A* | 5,808 | 57,737 | ||||||
Skanska AB, Class B* | 790 | 16,139 | ||||||
SKF AB, Class B | 930 | 18,611 | ||||||
Svenska Cellulosa AB SCA, Class B* | 1,661 | 21,463 | ||||||
Svenska Handelsbanken AB, Class A* | 4,989 | 50,336 | ||||||
Swedbank AB, Class A* | 3,213 | 54,619 | ||||||
Swedish Match AB | 366 | 27,863 | ||||||
Tele2 AB, Class B | 2,172 | 30,862 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 8,851 | 102,877 | ||||||
Telia Co. AB | 9,742 | 37,624 | ||||||
Volvo AB, Class B* | 5,068 | 97,130 | ||||||
|
| |||||||
(Cost $1,056,903) | 1,367,975 | |||||||
|
| |||||||
Switzerland — 3.7% | ||||||||
ABB Ltd. | 5,932 | 151,322 | ||||||
Adecco Group AG | 654 | 34,325 | ||||||
Alcon, Inc.* | 1,394 | 79,511 | ||||||
Baloise Holding AG | 206 | 32,143 | ||||||
Barry Callebaut AG | 9 | 19,990 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 7 | 59,820 | ||||||
Chubb Ltd. | 1,335 | 166,875 | ||||||
Cie Financiere Richemont SA, Class A | 1,680 | 111,496 | ||||||
Coca-Cola HBC AG* | 720 | 19,223 | ||||||
Credit Suisse Group AG | 8,225 | 90,740 | ||||||
EMS-Chemie Holding AG | 18 | 16,282 | ||||||
Garmin Ltd. | 409 | 42,376 | ||||||
Geberit AG | 123 | 71,113 | ||||||
Givaudan SA | 25 | 105,225 | ||||||
Glencore PLC* | 26,944 | 61,035 | ||||||
Julius Baer Group Ltd. | 738 | 35,488 | ||||||
Kuehne + Nagel International AG* | 206 | 40,047 | ||||||
LafargeHolcim Ltd.* | 1,640 | 78,134 | ||||||
Logitech International SA | 472 | 35,026 | ||||||
Lonza Group AG | 211 | 131,317 | ||||||
Nestle SA | 8,964 | 1,080,717 | ||||||
Novartis AG | 6,982 | 605,114 | ||||||
Partners Group Holding AG | 63 | 64,214 | ||||||
Roche Holding AG | 2,122 | 743,978 | ||||||
Schindler Holding AG | 73 | 19,279 | ||||||
Schindler Holding AG Participation Certificates | 124 | 33,202 | ||||||
SGS SA | 15 | 38,947 | ||||||
Sika AG | 410 | 98,624 | ||||||
Sonova Holding AG* | 166 | 38,917 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Switzerland (Continued) | ||||||||
STMicroelectronics NV | 2,255 | $ | 67,988 | |||||
Straumann Holding AG | 41 | 40,470 | ||||||
Swatch Group AG — Bearer | 78 | 16,545 | ||||||
Swiss Life Holding AG | 83 | 33,626 | ||||||
Swiss Prime Site AG | 195 | 17,617 | ||||||
Swiss Re AG | 984 | 79,380 | ||||||
Swisscom AG | 82 | 45,533 | ||||||
TE Connectivity Ltd. | 1,066 | 102,976 | ||||||
Temenos AG | 126 | 20,402 | ||||||
UBS Group AG | 10,859 | 132,474 | ||||||
Vifor Pharma AG | 99 | 14,672 | ||||||
Zurich Insurance Group AG | 436 | 161,724 | ||||||
|
| |||||||
(Cost $4,262,774) | 4,837,887 | |||||||
|
| |||||||
United Kingdom — 4.7% | ||||||||
3i Group PLC | 3,213 | 40,353 | ||||||
Admiral Group PLC | 586 | 20,691 | ||||||
Amcor PLC | 4,761 | 52,657 | ||||||
Anglo American PLC | 3,390 | 83,182 | ||||||
Ashtead Group PLC | 1,516 | 52,878 | ||||||
Associated British Foods PLC | 1,189 | 32,573 | ||||||
AstraZeneca PLC | 4,032 | 450,247 | ||||||
Auto Trader Group PLC, 144A | 4,254 | 32,079 | ||||||
Aviva PLC | 12,902 | 48,837 | ||||||
BAE Systems PLC | 10,278 | 71,506 | ||||||
Barclays PLC* | 56,902 | 85,301 | ||||||
Barratt Developments PLC | 2,738 | 19,254 | ||||||
Berkeley Group Holdings PLC | 202 | 12,331 | ||||||
BP PLC | 60,036 | 212,378 | ||||||
British American Tobacco PLC | 6,729 | 228,173 | ||||||
British Land Co. PLC REIT | 3,770 | 18,460 | ||||||
BT Group PLC | 28,040 | 39,290 | ||||||
Bunzl PLC | 1,107 | 35,899 | ||||||
Burberry Group PLC | 1,022 | 19,767 | ||||||
CNH Industrial NV* | 4,251 | 33,727 | ||||||
Coca-Cola European Partners PLC | 819 | 33,710 | ||||||
Compass Group PLC | 5,110 | 83,507 | ||||||
Croda International PLC | 265 | 20,934 | ||||||
Diageo PLC | 6,749 | 226,773 | ||||||
Direct Line Insurance Group PLC | 5,026 | 19,845 | ||||||
Ferguson PLC | 654 | 64,590 | ||||||
Fiat Chrysler Automobiles NV* | 2,983 | 32,932 | ||||||
GlaxoSmithKline PLC | 14,760 | 290,910 | ||||||
Halma PLC | 1,353 | 40,181 | ||||||
Hargreaves Lansdown PLC | 990 | 21,428 | ||||||
HSBC Holdings PLC | 60,912 | 269,264 | ||||||
IHS Markit Ltd. | 1,027 | 82,078 | ||||||
Imperial Brands PLC | 3,049 | 51,153 | ||||||
Informa PLC* | 4,554 | 25,207 | ||||||
InterContinental Hotels Group PLC* | 572 | 33,745 | ||||||
Intertek Group PLC | 533 | 41,935 | ||||||
J Sainsbury PLC | 7,734 | 19,033 | ||||||
Johnson Matthey PLC | 666 | 21,179 | ||||||
Kingfisher PLC | 8,034 | 29,076 | ||||||
Land Securities Group PLC REIT | 1,486 | 11,502 | ||||||
Legal & General Group PLC | 19,609 | 57,053 | ||||||
Liberty Global PLC, Class A* | 781 | 18,252 | ||||||
Liberty Global PLC, Class C* | 1,393 | 32,053 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Linde PLC | 1,546 | $ | 386,098 | |||||
Lloyds Banking Group PLC* | 233,724 | 88,720 | ||||||
London Stock Exchange Group PLC | 1,024 | 120,656 | ||||||
M&G PLC | 11,028 | 25,545 | ||||||
Melrose Industries PLC | 21,456 | 29,246 | ||||||
Mondi PLC | 1,598 | 31,260 | ||||||
National Grid PLC | 11,259 | 127,114 | ||||||
Natwest Group PLC* | 11,031 | 16,661 | ||||||
Next PLC | 397 | 32,096 | ||||||
Ocado Group PLC* | 1,476 | 49,348 | ||||||
Pearson PLC | 1,328 | 9,947 | ||||||
Pentair PLC | 465 | 20,990 | ||||||
Persimmon PLC | 907 | 31,818 | ||||||
Prudential PLC | 8,226 | 134,539 | ||||||
Reckitt Benckiser Group PLC | 2,105 | 211,669 | ||||||
RELX PLC | 5,545 | 126,402 | ||||||
Rentokil Initial PLC* | 6,095 | 43,498 | ||||||
Rio Tinto Ltd. | 1,130 | 81,898 | ||||||
Rio Tinto PLC | 3,513 | 218,018 | ||||||
Rolls-Royce Holdings PLC* | 7,366 | 23,779 | ||||||
RSA Insurance Group PLC | 3,603 | 21,675 | ||||||
Sage Group PLC | 2,026 | 20,090 | ||||||
Schroders PLC | 472 | 18,315 | ||||||
Segro PLC REIT | 3,921 | 50,022 | ||||||
Severn Trent PLC | 467 | 14,582 | ||||||
Smith & Nephew PLC | 2,869 | 58,448 | ||||||
Smiths Group PLC | 1,311 | 24,610 | ||||||
Spirax-Sarco Engineering PLC | 287 | 39,369 | ||||||
SSE PLC | 3,349 | 56,455 | ||||||
St James’s Place PLC | 1,602 | 21,017 | ||||||
Standard Chartered PLC* | 8,720 | 45,815 | ||||||
Standard Life Aberdeen PLC | 4,880 | 15,499 | ||||||
Taylor Wimpey PLC | 9,355 | 15,344 | ||||||
Tesco PLC | 27,227 | 79,728 | ||||||
Unilever NV | 4,185 | 242,795 | ||||||
Unilever PLC | 3,595 | 214,683 | ||||||
United Utilities Group PLC | 2,665 | 29,660 | ||||||
Vodafone Group PLC | 86,552 | 129,147 | ||||||
Whitbread PLC | 453 | 15,339 | ||||||
Willis Towers Watson PLC | 390 | 80,157 | ||||||
Wm Morrison Supermarkets PLC | 10,113 | 26,039 | ||||||
WPP PLC | 4,169 | 36,038 | ||||||
|
| |||||||
(Cost $5,502,034) | 6,180,052 | |||||||
|
| |||||||
United States — 70.0% | ||||||||
3M Co. | 1,721 | 280,557 | ||||||
A O Smith Corp. | 390 | 19,098 | ||||||
Abbott Laboratories | 5,286 | 578,658 | ||||||
AbbVie, Inc. | 5,583 | 534,684 | ||||||
ABIOMED, Inc.* | 124 | 38,145 | ||||||
Activision Blizzard, Inc. | 2,278 | 190,259 | ||||||
Adobe, Inc.* | 1,462 | 750,576 | ||||||
Advance Auto Parts, Inc. | 246 | 38,452 | ||||||
Advanced Micro Devices, Inc.* | 3,683 | 334,490 | ||||||
AES Corp. | 2,419 | 42,937 | ||||||
Aflac, Inc. | 1,930 | 70,098 | ||||||
Agilent Technologies, Inc. | 943 | 94,696 | ||||||
AGNC Investment Corp. REIT | 2,088 | 29,462 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United States (Continued) | ||||||||
Air Products and Chemicals, Inc. | 631 | $ | 184,416 | |||||
Akamai Technologies, Inc.* | 533 | 62,057 | ||||||
Albemarle Corp. | 286 | 26,029 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 409 | 68,867 | ||||||
Alexion Pharmaceuticals, Inc.* | 738 | 84,294 | ||||||
Align Technology, Inc.* | 246 | 73,057 | ||||||
Alleghany Corp. | 42 | 23,292 | ||||||
Alliant Energy Corp. | 738 | 39,963 | ||||||
Allstate Corp. | 939 | 87,327 | ||||||
Ally Financial, Inc. | 899 | 20,569 | ||||||
Alnylam Pharmaceuticals, Inc.* | 369 | 48,944 | ||||||
Alphabet, Inc., Class A* | 908 | 1,479,613 | ||||||
Alphabet, Inc., Class C* | 930 | 1,519,787 | ||||||
Altice USA, Inc., Class A* | 951 | 26,229 | ||||||
Altria Group, Inc. | 5,550 | 242,757 | ||||||
Amazon.com, Inc.* | 1,295 | 4,468,993 | ||||||
Ameren Corp. | 778 | 61,548 | ||||||
American Electric Power Co., Inc. | 1,558 | 122,817 | ||||||
American Express Co. | 1,977 | 200,843 | ||||||
American Financial Group, Inc. | 293 | 19,587 | ||||||
American International Group, Inc. | 2,504 | 72,967 | ||||||
American Tower Corp. REIT | 1,324 | 329,875 | ||||||
American Water Works Co., Inc. | 573 | 80,988 | ||||||
Ameriprise Financial, Inc. | 323 | 50,646 | ||||||
AmerisourceBergen Corp. | 532 | 51,620 | ||||||
AMETEK, Inc. | 737 | 74,216 | ||||||
Amgen, Inc. | 1,766 | 447,363 | ||||||
Amphenol Corp., Class A | 761 | 83,558 | ||||||
Analog Devices, Inc. | 1,106 | 129,269 | ||||||
Annaly Capital Management, Inc. REIT | 3,067 | 22,542 | ||||||
ANSYS, Inc.* | 286 | 96,957 | ||||||
Anthem, Inc. | 761 | 214,237 | ||||||
Aon PLC, Class A | 692 | 138,393 | ||||||
Apollo Global Management, Inc. | 513 | 24,044 | ||||||
Apple, Inc. | 52,933 | 6,830,474 | ||||||
Applied Materials, Inc. | 2,695 | 166,012 | ||||||
Aramark | 653 | 17,997 | ||||||
Archer-Daniels-Midland Co. | 1,722 | 77,077 | ||||||
Arista Networks, Inc.* | 165 | 36,869 | ||||||
Arrow Electronics, Inc.* | 249 | 19,561 | ||||||
Arthur J Gallagher & Co. | 612 | 64,444 | ||||||
Assurant, Inc. | 167 | 20,301 | ||||||
AT&T, Inc. | 21,640 | 645,088 | ||||||
Atmos Energy Corp. | 321 | 32,042 | ||||||
Autodesk, Inc.* | 697 | 171,253 | ||||||
Automatic Data Processing, Inc. | 1,257 | 174,836 | ||||||
AutoZone, Inc.* | 67 | 80,153 | ||||||
Avalara, Inc.* | 200 | 26,482 | ||||||
AvalonBay Communities, Inc. REIT | 451 | 71,285 | ||||||
Avantor, Inc.* | 1,078 | 24,330 | ||||||
Avery Dennison Corp. | 287 | 33,117 | ||||||
Axalta Coating Systems Ltd.* | 783 | 18,675 | ||||||
Baker Hughes Co. | 1,740 | 24,847 | ||||||
Ball Corp. | 1,024 | 82,299 | ||||||
Bank of America Corp. | 23,776 | 611,994 | ||||||
Bank of New York Mellon Corp. | 2,269 | 83,908 | ||||||
Bausch Health Cos., Inc.* | 768 | 12,761 |
Number | Value | |||||||
United States (Continued) | ||||||||
Baxter International, Inc. | 1,476 | $ | 128,515 | |||||
Becton Dickinson and Co. | 882 | 214,123 | ||||||
Berkshire Hathaway, Inc., Class B* | 4,154 | 905,738 | ||||||
Best Buy Co., Inc. | 779 | 86,399 | ||||||
Biogen, Inc.* | 520 | 149,573 | ||||||
BioMarin Pharmaceutical, Inc.* | 572 | 44,633 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 82 | 41,704 | ||||||
Black Knight, Inc.* | 532 | 44,741 | ||||||
BlackRock, Inc. | 461 | 273,922 | ||||||
Blackstone Group, Inc., Class A | 1,944 | 102,935 | ||||||
Boeing Co. | 1,582 | 271,819 | ||||||
Booking Holdings, Inc.* | 124 | 236,896 | ||||||
Booz Allen Hamilton Holding Corp. | 451 | 39,715 | ||||||
BorgWarner, Inc. | 598 | 24,273 | ||||||
Boston Properties, Inc. REIT | 403 | 35,009 | ||||||
Boston Scientific Corp.* | 4,210 | 172,694 | ||||||
Bristol-Myers Squibb Co. | 6,747 | 419,663 | ||||||
Broadcom, Inc. | 1,229 | 426,647 | ||||||
Broadridge Financial Solutions, Inc. | 368 | 50,563 | ||||||
Brown & Brown, Inc. | 819 | 38,002 | ||||||
Brown-Forman Corp., Class B | 943 | 68,999 | ||||||
Bunge Ltd. | 466 | 21,259 | ||||||
Burlington Stores, Inc.* | 206 | 40,568 | ||||||
C.H. Robinson Worldwide, Inc. | 491 | 48,265 | ||||||
Cable One, Inc. | 14 | 25,765 | ||||||
Cabot Oil & Gas Corp. | 944 | 17,908 | ||||||
Cadence Design Systems, Inc.* | 777 | 86,177 | ||||||
Camden Property Trust REIT | 266 | 24,190 | ||||||
Campbell Soup Co. | 612 | 32,197 | ||||||
Capital One Financial Corp. | 1,517 | 104,719 | ||||||
Cardinal Health, Inc. | 943 | 47,867 | ||||||
CarMax, Inc.* | 533 | 56,994 | ||||||
Carnival Corp. | 1,925 | 31,724 | ||||||
Carrier Global Corp. | 2,289 | 68,327 | ||||||
Catalent, Inc.* | 453 | 41,902 | ||||||
Caterpillar, Inc. | 1,669 | 237,515 | ||||||
Cboe Global Markets, Inc. | 328 | 30,107 | ||||||
CBRE Group, Inc., Class A* | 909 | 42,750 | ||||||
CDK Global, Inc. | 428 | 19,953 | ||||||
CDW Corp. | 491 | 55,802 | ||||||
Celanese Corp. | 410 | 41,471 | ||||||
Centene Corp.* | 1,844 | 113,074 | ||||||
CenterPoint Energy, Inc. | 1,885 | 37,832 | ||||||
CenturyLink, Inc.(b) | 3,376 | 36,292 | ||||||
Cerner Corp. | 983 | 72,123 | ||||||
CF Industries Holdings, Inc. | 603 | 19,676 | ||||||
Charles Schwab Corp. | 3,371 | 119,772 | ||||||
Charter Communications, Inc., Class A* | 436 | 268,406 | ||||||
Cheniere Energy, Inc.* | 644 | 33,520 | ||||||
Chevron Corp. | 5,592 | 469,337 | ||||||
Chipotle Mexican Grill, Inc.* | 82 | 107,443 | ||||||
Church & Dwight Co., Inc. | 778 | 74,556 | ||||||
Cigna Corp. | 1,144 | 202,911 | ||||||
Cincinnati Financial Corp. | 491 | 38,990 | ||||||
Cintas Corp. | 287 | 95,640 | ||||||
Cisco Systems, Inc. | 12,864 | 543,118 | ||||||
Citigroup, Inc. | 6,195 | 316,688 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United States (Continued) | ||||||||
Citizens Financial Group, Inc. | 1,091 | $ | 28,224 | |||||
Citrix Systems, Inc. | 331 | 48,061 | ||||||
Clorox Co. | 409 | 91,411 | ||||||
CME Group, Inc. | 1,072 | 188,533 | ||||||
CMS Energy Corp. | 861 | 52,082 | ||||||
Coca-Cola Co. | 12,361 | 612,240 | ||||||
Cognex Corp. | 572 | 39,577 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,599 | 106,909 | ||||||
Colgate-Palmolive Co. | 2,373 | 188,084 | ||||||
Comcast Corp., Class A | 13,662 | 612,194 | ||||||
Comerica, Inc. | 510 | 20,160 | ||||||
Conagra Brands, Inc. | 1,557 | 59,727 | ||||||
Concho Resources, Inc. | 572 | 29,733 | ||||||
ConocoPhillips | 3,305 | 125,226 | ||||||
Consolidated Edison, Inc. | 1,106 | 78,902 | ||||||
Constellation Brands, Inc., Class A | 533 | 98,328 | ||||||
Cooper Cos., Inc. | 124 | 38,983 | ||||||
Copart, Inc.* | 697 | 72,014 | ||||||
Corning, Inc. | 2,583 | 83,844 | ||||||
Corteva, Inc. | 2,541 | 72,546 | ||||||
CoStar Group, Inc.* | 123 | 104,378 | ||||||
Costco Wholesale Corp. | 1,319 | 458,564 | ||||||
Coupa Software, Inc.* | 199 | 65,220 | ||||||
Crowdstrike Holdings, Inc., Class A* | 494 | 62,111 | ||||||
Crown Castle International Corp. REIT | 1,228 | 200,471 | ||||||
Crown Holdings, Inc.* | 492 | 37,810 | ||||||
CSX Corp. | 2,378 | 181,822 | ||||||
Cummins, Inc. | 428 | 88,703 | ||||||
CVS Health Corp. | 3,991 | 247,921 | ||||||
D.R. Horton, Inc. | 1,147 | 81,861 | ||||||
Danaher Corp. | 1,926 | 397,661 | ||||||
Darden Restaurants, Inc. | 450 | 39,001 | ||||||
Datadog, Inc., Class A* | 313 | 26,151 | ||||||
DaVita, Inc.* | 253 | 21,950 | ||||||
Deere & Co. | 863 | 181,282 | ||||||
Dell Technologies, Inc., Class C* | 613 | 40,507 | ||||||
DENTSPLY SIRONA, Inc. | 738 | 33,114 | ||||||
DexCom, Inc.* | 286 | 121,667 | ||||||
Diamondback Energy, Inc. | 485 | 18,896 | ||||||
Digital Realty Trust, Inc. REIT | 860 | 133,859 | ||||||
Discover Financial Services | 1,065 | 56,530 | ||||||
Discovery, Inc., Class C* | 1,393 | 27,818 | ||||||
DISH Network Corp., Class A* | 742 | 26,356 | ||||||
DocuSign, Inc.* | 521 | 116,183 | ||||||
Dollar General Corp. | 746 | 150,602 | ||||||
Dollar Tree, Inc.* | 689 | 66,330 | ||||||
Dominion Energy, Inc. | 2,582 | 202,532 | ||||||
Domino’s Pizza, Inc. | 123 | 50,302 | ||||||
Dover Corp. | 492 | 54,041 | ||||||
Dow, Inc. | 2,419 | 109,145 | ||||||
Dropbox, Inc., Class A* | 753 | 15,941 | ||||||
DTE Energy Co. | 612 | 72,626 | ||||||
Duke Energy Corp. | 2,263 | 181,809 | ||||||
Duke Realty Corp. REIT | 1,230 | 47,416 | ||||||
DuPont de Nemours, Inc. | 2,243 | 125,070 | ||||||
Dynatrace, Inc.* | 449 | 19,859 |
Number | Value | |||||||
United States (Continued) | ||||||||
E*TRADE Financial Corp. | 819 | $ | 44,308 | |||||
East West Bancorp, Inc. | 500 | 18,390 | ||||||
Eastman Chemical Co. | 380 | 27,782 | ||||||
Eaton Corp. PLC | 1,219 | 124,460 | ||||||
eBay, Inc. | 2,501 | 137,005 | ||||||
Ecolab, Inc. | 779 | 153,525 | ||||||
Edison International | 1,107 | 58,095 | ||||||
Edwards Lifesciences Corp.* | 1,865 | 160,092 | ||||||
Elanco Animal Health, Inc.* | 1,147 | 33,332 | ||||||
Electronic Arts, Inc.* | 846 | 117,992 | ||||||
Eli Lilly and Co. | 2,589 | 384,182 | ||||||
Emerson Electric Co. | 1,714 | 119,072 | ||||||
Entergy Corp. | 613 | 60,773 | ||||||
EOG Resources, Inc. | 1,767 | 80,116 | ||||||
EPAM Systems, Inc.* | 165 | 53,971 | ||||||
Equifax, Inc. | 410 | 68,991 | ||||||
Equinix, Inc. REIT | 267 | 210,871 | ||||||
Equitable Holdings, Inc. | 1,151 | 24,390 | ||||||
Equity LifeStyle Properties, Inc. REIT | 572 | 37,918 | ||||||
Equity Residential REIT | 1,229 | 69,377 | ||||||
Erie Indemnity Co., Class A(b) | 98 | 20,917 | ||||||
Essential Utilities, Inc. | 653 | 27,753 | ||||||
Essex Property Trust, Inc. REIT | 175 | 37,889 | ||||||
Estee Lauder Cos., Inc., Class A | 643 | 142,566 | ||||||
Evergy, Inc. | 738 | 39,276 | ||||||
Eversource Energy | 1,066 | 91,367 | ||||||
Exact Sciences Corp.* | 492 | 37,043 | ||||||
Exelon Corp. | 2,698 | 99,583 | ||||||
Expedia Group, Inc. | 451 | 44,266 | ||||||
Expeditors International of Washington, Inc. | 573 | 50,647 | ||||||
Extra Space Storage, Inc. REIT | 305 | 32,498 | ||||||
Exxon Mobil Corp. | 12,556 | 501,487 | ||||||
F5 Networks, Inc.* | 164 | 21,702 | ||||||
Facebook, Inc., Class A* | 7,285 | 2,135,962 | ||||||
FactSet Research Systems, Inc. | 123 | 43,099 | ||||||
Fair Isaac Corp.* | 80 | 33,663 | ||||||
Fastenal Co. | 1,804 | 88,143 | ||||||
Federal Realty Investment Trust REIT | 116 | 9,192 | ||||||
FedEx Corp. | 819 | 180,049 | ||||||
Fidelity National Financial, Inc. | 942 | 30,926 | ||||||
Fidelity National Information Services, Inc. | 1,885 | 284,352 | ||||||
Fifth Third Bancorp | 2,129 | 43,985 | ||||||
First Republic Bank | 533 | 60,181 | ||||||
FirstEnergy Corp. | 1,049 | 29,991 | ||||||
Fiserv, Inc.* | 1,678 | 167,095 | ||||||
FleetCor Technologies, Inc.* | 287 | 72,166 | ||||||
FLIR Systems, Inc. | 390 | 14,391 | ||||||
FMC Corp. | 451 | 48,194 | ||||||
Ford Motor Co. | 12,325 | 84,057 | ||||||
Fortinet, Inc.* | 491 | 64,814 | ||||||
Fortive Corp. | 1,025 | 73,913 | ||||||
Fortune Brands Home & Security, Inc. | 533 | 44,815 | ||||||
Fox Corp., Class A | 1,189 | 33,126 | ||||||
Fox Corp., Class B | 608 | 16,902 | ||||||
Franklin Resources, Inc. | 914 | 19,249 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United States (Continued) | ||||||||
Freeport-McMoRan, Inc. | 4,317 | $ | 67,388 | |||||
Gartner, Inc.* | 328 | 42,581 | ||||||
General Dynamics Corp. | 637 | 95,136 | ||||||
General Electric Co. | 27,412 | 173,792 | ||||||
General Mills, Inc. | 1,861 | 119,011 | ||||||
General Motors Co. | 4,194 | 124,268 | ||||||
Genuine Parts Co. | 450 | 42,498 | ||||||
Gilead Sciences, Inc. | 3,909 | 260,926 | ||||||
Global Payments, Inc. | 890 | 157,192 | ||||||
Globe Life, Inc. | 368 | 30,353 | ||||||
GoDaddy, Inc., Class A* | 572 | 47,865 | ||||||
Goldman Sachs Group, Inc. | 923 | 189,095 | ||||||
Guidewire Software, Inc.*(b) | 227 | 25,494 | ||||||
Halliburton Co. | 2,576 | 41,680 | ||||||
Hartford Financial Services Group, Inc. | 1,106 | 44,738 | ||||||
Hasbro, Inc. | 369 | 29,129 | ||||||
HCA Healthcare, Inc. | 819 | 111,155 | ||||||
HD Supply Holdings, Inc.* | 557 | 22,091 | ||||||
Healthpeak Properties, Inc. REIT | 1,680 | 46,435 | ||||||
HEICO Corp. | 185 | 20,335 | ||||||
HEICO Corp., Class A | 221 | 19,753 | ||||||
Henry Schein, Inc.* | 533 | 35,413 | ||||||
Hershey Co. | 451 | 67,037 | ||||||
Hess Corp. | 791 | 36,418 | ||||||
Hewlett Packard Enterprise Co. | 4,373 | 42,287 | ||||||
Hilton Worldwide Holdings, Inc. | 860 | 77,710 | ||||||
Hologic, Inc.* | 942 | 56,256 | ||||||
Home Depot, Inc. | 3,264 | 930,371 | ||||||
Honeywell International, Inc. | 2,046 | 338,715 | ||||||
Hormel Foods Corp. | 902 | 45,984 | ||||||
Host Hotels & Resorts, Inc. REIT | 2,419 | 27,165 | ||||||
Howmet Aerospace, Inc. | 1,360 | 23,827 | ||||||
HP, Inc. | 4,865 | 95,111 | ||||||
Humana, Inc. | 407 | 168,974 | ||||||
Huntington Bancshares, Inc. | 2,498 | 23,506 | ||||||
Huntington Ingalls Industries, Inc. | 124 | 18,788 | ||||||
IAC/InterActiveCorp* | 223 | 29,657 | ||||||
IDEX Corp. | 246 | 44,337 | ||||||
IDEXX Laboratories, Inc.* | 262 | 102,458 | ||||||
Illinois Tool Works, Inc. | 873 | 172,461 | ||||||
Illumina, Inc.* | 451 | 161,106 | ||||||
Incyte Corp.* | 572 | 55,112 | ||||||
Ingersoll Rand, Inc.* | 941 | 32,991 | ||||||
Ingredion, Inc. | 211 | 16,973 | ||||||
Insulet Corp.* | 205 | 44,741 | ||||||
Intel Corp. | 12,869 | 655,676 | ||||||
Intercontinental Exchange, Inc. | 1,618 | 171,880 | ||||||
International Business Machines Corp. | 2,706 | 333,677 | ||||||
International Flavors & Fragrances, Inc.(b) | 238 | 29,462 | ||||||
International Paper Co. | 1,270 | 46,063 | ||||||
Interpublic Group of Cos., Inc. | 1,312 | 23,301 | ||||||
Intuit, Inc. | 769 | 265,605 | ||||||
Intuitive Surgical, Inc.* | 339 | 247,755 | ||||||
Invitation Homes, Inc. REIT | 1,804 | 51,649 | ||||||
Ionis Pharmaceuticals, Inc.* | 352 | 19,184 | ||||||
IPG Photonics Corp.* | 106 | 17,143 |
Number | Value | |||||||
United States (Continued) | ||||||||
IQVIA Holdings, Inc.* | 532 | $ | 87,115 | |||||
Iron Mountain, Inc. REIT(b) | 1,025 | 30,842 | ||||||
J M Smucker Co. | 369 | 44,346 | ||||||
Jack Henry & Associates, Inc. | 246 | 40,693 | ||||||
Jacobs Engineering Group, Inc. | 451 | 40,712 | ||||||
JB Hunt Transport Services, Inc. | 287 | 40,335 | ||||||
Johnson & Johnson | 7,951 | 1,219,763 | ||||||
Johnson Controls International PLC | 2,123 | 86,470 | ||||||
Jones Lang LaSalle, Inc. | 205 | 21,123 | ||||||
JPMorgan Chase & Co. | 9,303 | 932,068 | ||||||
Juniper Networks, Inc. | 812 | 20,300 | ||||||
Kansas City Southern | 327 | 59,527 | ||||||
Kellogg Co. | 860 | 60,983 | ||||||
Keurig Dr Pepper, Inc. | 962 | 28,696 | ||||||
KeyCorp | 2,482 | 30,578 | ||||||
Keysight Technologies, Inc.* | 484 | 47,684 | ||||||
Kimberly-Clark Corp. | 985 | 155,394 | ||||||
Kinder Morgan, Inc. | 6,052 | 83,639 | ||||||
KKR & Co., Inc. | 1,722 | 61,682 | ||||||
KLA Corp. | 492 | 100,929 | ||||||
Knight-Swift Transportation Holdings, Inc.(b) | 417 | 18,957 | ||||||
Kraft Heinz Co. | 2,173 | 76,142 | ||||||
Kroger Co. | 2,311 | 82,456 | ||||||
L3Harris Technologies, Inc. | 647 | 116,939 | ||||||
Laboratory Corp. of America Holdings* | 287 | 50,440 | ||||||
Lam Research Corp. | 450 | 151,353 | ||||||
Lamb Weston Holdings, Inc. | 492 | 30,922 | ||||||
Las Vegas Sands Corp. | 1,066 | 54,057 | ||||||
Lear Corp. | 161 | 18,343 | ||||||
Leidos Holdings, Inc. | 451 | 40,811 | ||||||
Lennar Corp., Class A | 943 | 70,555 | ||||||
Lennox International, Inc. | 123 | 34,481 | ||||||
Liberty Broadband Corp., Class A* | 122 | 16,859 | ||||||
Liberty Broadband Corp., Class C* | 328 | 45,950 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 671 | 26,156 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* | 512 | 18,429 | ||||||
Lincoln National Corp. | 541 | 19,503 | ||||||
Live Nation Entertainment, Inc.* | 487 | 27,662 | ||||||
LKQ Corp.* | 1,189 | 37,739 | ||||||
Lockheed Martin Corp. | 776 | 302,842 | ||||||
Loews Corp. | 902 | 32,346 | ||||||
Lowe’s Cos., Inc. | 2,256 | 371,541 | ||||||
LyondellBasell Industries NV, Class A | 820 | 53,694 | ||||||
M&T Bank Corp. | 450 | 46,467 | ||||||
Marathon Petroleum Corp. | 1,984 | 70,353 | ||||||
Markel Corp.* | 41 | 44,560 | ||||||
MarketAxess Holdings, Inc. | 123 | 59,771 | ||||||
Marriott International, Inc., Class A | 761 | 78,315 | ||||||
Marsh & McLennan Cos., Inc. | 1,444 | 165,930 | ||||||
Martin Marietta Materials, Inc. | 205 | 41,588 | ||||||
Marvell Technology Group Ltd. | 2,089 | 81,011 | ||||||
Masco Corp. | 499 | 29,092 | ||||||
Masimo Corp.* | 140 | 31,360 | ||||||
Mastercard, Inc., Class A | 2,719 | 973,919 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United States (Continued) | ||||||||
Match Group, Inc.* | 890 | $ | 99,395 | |||||
Maxim Integrated Products, Inc. | 624 | 42,707 | ||||||
McCormick & Co., Inc. | 409 | 84,336 | ||||||
McDonald’s Corp. | 2,224 | 474,868 | ||||||
McKesson Corp. | 492 | 75,492 | ||||||
Medical Properties Trust, Inc. REIT | 1,762 | 32,738 | ||||||
Merck & Co., Inc. | 7,639 | 651,378 | ||||||
MetLife, Inc. | 2,459 | 94,573 | ||||||
Mettler-Toledo International, Inc.* | 82 | 79,604 | ||||||
MGM Resorts International(b) | 1,885 | 42,413 | ||||||
Microchip Technology, Inc. | 632 | 69,330 | ||||||
Micron Technology, Inc.* | 3,308 | 150,547 | ||||||
Microsoft Corp. | 21,894 | 4,937,754 | ||||||
Mid-America Apartment Communities, Inc. REIT | 304 | 35,604 | ||||||
Moderna, Inc.*(b) | 646 | 41,919 | ||||||
Mohawk Industries, Inc.* | 246 | 22,713 | ||||||
Molina Healthcare, Inc.* | 174 | 32,185 | ||||||
Molson Coors Beverage Co., Class B | 499 | 18,782 | ||||||
Mondelez International, Inc., Class A | 4,387 | 256,289 | ||||||
MongoDB, Inc.*(b) | 134 | 31,329 | ||||||
Monster Beverage Corp.* | 1,271 | 106,586 | ||||||
Moody’s Corp. | 509 | 149,972 | ||||||
Morgan Stanley | 3,615 | 188,920 | ||||||
Mosaic Co. | 1,486 | 27,090 | ||||||
Motorola Solutions, Inc. | 492 | 76,137 | ||||||
MSCI, Inc. | 238 | 88,838 | ||||||
Mylan NV* | 1,722 | 28,206 | ||||||
Nasdaq, Inc. | 368 | 49,467 | ||||||
National Oilwell Varco, Inc. | 1,361 | 16,332 | ||||||
National Retail Properties, Inc. REIT | 654 | 23,178 | ||||||
NetApp, Inc. | 778 | 36,869 | ||||||
Netflix, Inc.* | 1,320 | 699,019 | ||||||
Neurocrine Biosciences, Inc.* | 287 | 33,413 | ||||||
Newell Brands, Inc.(b) | 1,353 | 21,621 | ||||||
Newmont Corp. | 2,381 | 160,194 | ||||||
News Corp., Class A | 1,476 | 22,317 | ||||||
NextEra Energy, Inc. | 1,505 | 420,151 | ||||||
Nielsen Holdings PLC(b) | 1,228 | 18,764 | ||||||
NIKE, Inc., Class B | 3,658 | 409,294 | ||||||
NiSource, Inc. | 1,270 | 28,143 | ||||||
Nordson Corp. | 152 | 28,346 | ||||||
Norfolk Southern Corp. | 732 | 155,572 | ||||||
Northern Trust Corp. | 653 | 53,474 | ||||||
Northrop Grumman Corp. | 492 | 168,564 | ||||||
NortonLifeLock, Inc. | 2,089 | 49,133 | ||||||
NRG Energy, Inc. | 725 | 24,947 | ||||||
Nucor Corp. | 1,025 | 46,597 | ||||||
NVIDIA Corp. | 1,836 | 982,223 | ||||||
NVR, Inc.* | 10 | 41,683 | ||||||
Occidental Petroleum Corp. | 2,385 | 30,385 | ||||||
OGE Energy Corp. | 544 | 17,332 | ||||||
Okta, Inc.* | 368 | 79,256 | ||||||
Old Dominion Freight Line, Inc. | 328 | 66,315 | ||||||
Omega Healthcare Investors, Inc. REIT | 861 | 26,665 | ||||||
Omnicom Group, Inc. | 738 | 39,918 | ||||||
ON Semiconductor Corp.* | 1,131 | 24,169 |
Number | Value | |||||||
United States (Continued) | ||||||||
ONEOK, Inc. | 1,255 | $ | 34,487 | |||||
Oracle Corp. | 6,395 | 365,922 | ||||||
O’Reilly Automotive, Inc.* | 246 | 114,545 | ||||||
Otis Worldwide Corp. | 1,312 | 82,525 | ||||||
Owens Corning | 372 | 25,162 | ||||||
PACCAR, Inc. | 1,107 | 95,025 | ||||||
Packaging Corp. of America(b) | 328 | 33,207 | ||||||
Palo Alto Networks, Inc.* | 328 | 84,430 | ||||||
Parker-Hannifin Corp. | 350 | 72,104 | ||||||
Paychex, Inc. | 942 | 72,035 | ||||||
Paycom Software, Inc.* | 164 | 49,111 | ||||||
PayPal Holdings, Inc.* | 3,345 | 682,848 | ||||||
Peloton Interactive, Inc., Class A* | 632 | 48,455 | ||||||
People’s United Financial, Inc. | 1,487 | 15,732 | ||||||
PepsiCo, Inc. | 4,150 | 581,249 | ||||||
PerkinElmer, Inc. | 410 | 48,265 | ||||||
Pfizer, Inc. | 16,653 | 629,317 | ||||||
PG&E Corp.* | 3,674 | 34,021 | ||||||
Philip Morris International, Inc. | 4,814 | 384,109 | ||||||
Phillips 66 | 1,077 | 62,972 | ||||||
Pinnacle West Capital Corp. | 409 | 30,000 | ||||||
Pinterest, Inc., Class A* | 1,077 | 39,623 | ||||||
Pioneer Natural Resources Co. | 473 | 49,159 | ||||||
PNC Financial Services Group, Inc. | 1,272 | 141,446 | ||||||
PPG Industries, Inc. | 779 | 93,792 | ||||||
PPL Corp. | 2,378 | 65,704 | ||||||
Principal Financial Group, Inc. | 943 | 39,710 | ||||||
Procter & Gamble Co. | 7,420 | 1,026,409 | ||||||
Progressive Corp. | 1,751 | 166,415 | ||||||
Prologis, Inc. REIT | 2,199 | 223,990 | ||||||
Prudential Financial, Inc. | 1,137 | 77,054 | ||||||
PTC, Inc.* | 305 | 27,880 | ||||||
Public Service Enterprise Group, Inc. | 1,598 | 83,480 | ||||||
Public Storage REIT | 443 | 94,093 | ||||||
PulteGroup, Inc. | 1,024 | 45,660 | ||||||
Qorvo, Inc.* | 369 | 47,332 | ||||||
QUALCOMM, Inc. | 3,513 | 418,398 | ||||||
Quest Diagnostics, Inc. | 451 | 50,169 | ||||||
Raymond James Financial, Inc. | 272 | 20,596 | ||||||
Raytheon Technologies Corp. | 4,623 | 282,003 | ||||||
Realty Income Corp. REIT | 918 | 56,944 | ||||||
Regency Centers Corp. REIT | 653 | 25,931 | ||||||
Regeneron Pharmaceuticals, Inc.* | 314 | 194,658 | ||||||
Regions Financial Corp. | 2,455 | 28,380 | ||||||
Reinsurance Group of America, Inc. | 192 | 17,603 | ||||||
Republic Services, Inc. | 697 | 64,626 | ||||||
ResMed, Inc. | 450 | 81,351 | ||||||
RingCentral, Inc., Class A* | 246 | 71,529 | ||||||
Robert Half International, Inc. | 340 | 18,088 | ||||||
Rockwell Automation, Inc. | 369 | 85,066 | ||||||
Roku, Inc.* | 328 | 56,901 | ||||||
Rollins, Inc. | 418 | 23,049 | ||||||
Roper Technologies, Inc. | 328 | 140,118 | ||||||
Ross Stores, Inc. | 1,148 | 104,560 | ||||||
Royal Caribbean Cruises Ltd. | 501 | 34,489 | ||||||
RPM International, Inc. | 369 | 31,280 | ||||||
S&P Global, Inc. | 738 | 270,418 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United States (Continued) | ||||||||
salesforce.com, Inc.* | 2,808 | $ | 765,601 | |||||
Sarepta Therapeutics, Inc.* | 205 | 30,016 | ||||||
SBA Communications Corp. REIT | 328 | 100,391 | ||||||
Schlumberger N.V. | 4,031 | 76,629 | ||||||
Seagate Technology PLC | 820 | 39,352 | ||||||
Sealed Air Corp. | 547 | 21,497 | ||||||
Seattle Genetics, Inc.* | 369 | 58,427 | ||||||
SEI Investments Co. | 322 | 16,860 | ||||||
Sempra Energy | 852 | 105,350 | ||||||
Sensata Technologies Holding PLC* | 454 | 18,905 | ||||||
ServiceNow, Inc.* | 571 | 275,233 | ||||||
Sherwin-Williams Co. | 260 | 174,473 | ||||||
Signature Bank | 173 | 16,786 | ||||||
Simon Property Group, Inc. REIT | 859 | 58,283 | ||||||
Sirius XM Holdings, Inc. | 2,228 | 13,078 | ||||||
Skyworks Solutions, Inc. | 436 | 63,155 | ||||||
Slack Technologies, Inc., Class A* | 906 | 29,753 | ||||||
Snap, Inc., Class A* | 3,115 | 70,368 | ||||||
Snap-on, Inc. | 123 | 18,237 | ||||||
Southern Co. | 3,279 | 171,098 | ||||||
Southwest Airlines Co. | 592 | 22,247 | ||||||
Splunk, Inc.* | 492 | 107,910 | ||||||
Square, Inc., Class A* | 1,027 | 163,868 | ||||||
SS&C Technologies Holdings, Inc. | 819 | 52,187 | ||||||
Stanley Black & Decker, Inc. | 491 | 79,198 | ||||||
Starbucks Corp. | 3,605 | 304,514 | ||||||
State Street Corp. | 987 | 67,205 | ||||||
Steel Dynamics, Inc. | 677 | 19,985 | ||||||
STERIS PLC | 286 | 45,657 | ||||||
Stryker Corp. | 985 | 195,188 | ||||||
Sun Communities, Inc. REIT | 246 | 36,674 | ||||||
SVB Financial Group* | 157 | 40,095 | ||||||
Synchrony Financial | 1,966 | 48,776 | ||||||
Synopsys, Inc.* | 488 | 107,994 | ||||||
Sysco Corp. | 1,517 | 91,232 | ||||||
T. Rowe Price Group, Inc. | 738 | 102,737 | ||||||
Take-Two Interactive Software, Inc.* | 409 | 70,017 | ||||||
Target Corp. | 1,599 | 241,785 | ||||||
TD Ameritrade Holding Corp. | 942 | 36,154 | ||||||
Teladoc Health, Inc.* | 212 | 45,726 | ||||||
Teledyne Technologies, Inc.* | 123 | 38,574 | ||||||
Teleflex, Inc. | 124 | 48,726 | ||||||
Teradyne, Inc. | 572 | 48,603 | ||||||
Tesla, Inc.* | 2,284 | 1,138,163 | ||||||
Texas Instruments, Inc. | 2,869 | 407,828 | ||||||
Textron, Inc. | 901 | 35,526 | ||||||
Thermo Fisher Scientific, Inc. | 1,223 | 524,643 | ||||||
Tiffany & Co. | 369 | 45,203 | ||||||
TJX Cos., Inc. | 3,535 | 193,683 | ||||||
T-Mobile US, Inc.* | 1,742 | 203,257 | ||||||
Tractor Supply Co. | 410 | 61,020 | ||||||
Trade Desk, Inc., Class A*(b) | 121 | 58,237 | ||||||
Tradeweb Markets, Inc., Class A | 271 | 15,526 | ||||||
TransDigm Group, Inc. | 164 | 81,946 | ||||||
TransUnion | 612 | 53,073 | ||||||
Travelers Cos., Inc. | 684 | 79,371 | ||||||
Trimble, Inc.* | 860 | 45,073 |
Number | Value | |||||||
United States (Continued) | ||||||||
Truist Financial Corp. | 3,899 | $ | 151,320 | |||||
Twilio, Inc., Class A* | 350 | 94,416 | ||||||
Twitter, Inc.* | 2,500 | 101,450 | ||||||
Tyler Technologies, Inc.* | 123 | 42,473 | ||||||
Tyson Foods, Inc., Class A | 943 | 59,220 | ||||||
Uber Technologies, Inc.* | 2,906 | 97,729 | ||||||
UDR, Inc. REIT | 984 | 34,253 | ||||||
UGI Corp. | 566 | 19,544 | ||||||
Ulta Beauty, Inc.* | 165 | 38,310 | ||||||
Union Pacific Corp. | 2,111 | 406,241 | ||||||
United Parcel Service, Inc., Class B | 2,214 | 362,255 | ||||||
United Rentals, Inc.* | 246 | 43,554 | ||||||
UnitedHealth Group, Inc. | 2,896 | 905,145 | ||||||
Universal Health Services, Inc., Class B | 286 | 31,560 | ||||||
US Bancorp | 4,208 | 153,171 | ||||||
Vail Resorts, Inc. | 122 | 26,556 | ||||||
Valero Energy Corp. | 1,260 | 66,263 | ||||||
Varian Medical Systems, Inc.* | 328 | 56,964 | ||||||
Veeva Systems, Inc., Class A* | 410 | 115,731 | ||||||
Ventas, Inc. REIT | 1,270 | 52,337 | ||||||
VEREIT, Inc. REIT | 4,414 | 29,662 | ||||||
VeriSign, Inc.* | 291 | 62,507 | ||||||
Verisk Analytics, Inc. | 446 | 83,255 | ||||||
Verizon Communications, Inc. | 12,545 | 743,542 | ||||||
Vertex Pharmaceuticals, Inc.* | 749 | 209,061 | ||||||
VF Corp. | 1,107 | 72,785 | ||||||
ViacomCBS, Inc., Class B(b) | 1,626 | 45,284 | ||||||
VICI Properties, Inc. REIT | 1,640 | 36,638 | ||||||
Visa, Inc., Class A | 5,105 | 1,082,209 | ||||||
Vistra Corp. | 1,271 | 24,441 | ||||||
VMware, Inc., Class A*(b) | 287 | 41,454 | ||||||
Vornado Realty Trust REIT(b) | 694 | 24,866 | ||||||
Voya Financial, Inc. | 391 | 20,297 | ||||||
Vulcan Materials Co. | 451 | 54,120 | ||||||
W.R. Berkley Corp. | 492 | 30,529 | ||||||
W.W. Grainger, Inc. | 131 | 47,871 | ||||||
Walgreens Boots Alliance, Inc. | 2,418 | 91,932 | ||||||
Walmart, Inc. | 4,270 | 592,890 | ||||||
Walt Disney Co. | 5,428 | 715,790 | ||||||
Waste Connections, Inc. | 901 | 90,127 | ||||||
Waste Management, Inc. | 1,137 | 129,618 | ||||||
Waters Corp.* | 206 | 44,550 | ||||||
Wayfair, Inc., Class A*(b) | 199 | 59,015 | ||||||
WEC Energy Group, Inc. | 984 | 92,575 | ||||||
Wells Fargo & Co. | 11,559 | 279,150 | ||||||
Welltower, Inc. REIT | 1,393 | 80,125 | ||||||
West Pharmaceutical Services, Inc. | 246 | 69,854 | ||||||
Western Digital Corp. | 1,024 | 39,342 | ||||||
Western Union Co. | 1,435 | 33,852 | ||||||
Westinghouse Air Brake Technologies Corp. | 485 | 32,277 | ||||||
Westrock Co. | 697 | 21,140 | ||||||
Weyerhaeuser Co. REIT | 2,025 | 61,378 | ||||||
Whirlpool Corp.(b) | 164 | 29,146 | ||||||
Williams Cos., Inc. | 3,693 | 76,667 | ||||||
Workday, Inc., Class A* | 533 | 127,765 | ||||||
WP Carey, Inc. REIT | 466 | 32,326 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United States (Continued) | ||||||||
Wynn Resorts Ltd. | 209 | $ | 18,277 | |||||
Xcel Energy, Inc. | 1,681 | 116,787 | ||||||
Xilinx, Inc. | 819 | 85,307 | ||||||
XPO Logistics, Inc.* | 265 | 23,392 | ||||||
Xylem, Inc. | 572 | 45,863 | ||||||
Yum! Brands, Inc. | 843 | 80,802 | ||||||
Zebra Technologies Corp., Class A* | 165 | 47,277 | ||||||
Zillow Group, Inc., Class C* | 411 | 35,247 | ||||||
Zimmer Biomet Holdings, Inc. | 612 | 86,219 | ||||||
Zions Bancorp NA | 561 | 18,042 | ||||||
Zoetis, Inc. | 1,441 | 230,704 | ||||||
Zoom Video Communications, Inc., Class A* | 492 | 159,949 | ||||||
Zscaler, Inc.* | 236 | 33,828 | ||||||
|
| |||||||
(Cost $75,404,331) | 92,148,090 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 131,074,927 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.2% | ||||||||
Germany — 0.2% | ||||||||
Henkel AG & Co. KGaA | 572 | 58,530 | ||||||
Porsche Automobil Holding SE* | 493 | 30,247 | ||||||
Sartorius AG | 123 | 52,221 | ||||||
Volkswagen AG* | 613 | 102,153 | ||||||
|
| |||||||
(Cost $191,183) | 243,151 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS (Continued) | ||||||||
Germany (Continued) | ||||||||
TOTAL PREFERRED STOCKS | $ | 243,151 | ||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Sydney Airport*, expires 9/7/20 | 817 | 701 | ||||||
Tabcorp Holdings Ltd.*, expires 9/16/20 | 659 | 180 | ||||||
|
| |||||||
TOTAL RIGHTS | 881 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04%(d)(e) | 70,099 | 70,099 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06%(d) | 358,192 | $ | 358,192 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $108,632,259) | $ | 131,747,250 | ||||||
Other assets and liabilities, net — (0.1%) | (84,337 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 131,662,913 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2020 is as follows:
Value ($) at 4/8/2020 (Commencement of Operations) | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||||
COMMON STOCKS — 0.0% | ||||||||||||||||||||||||||||||||||||||
Germany — 0.0% | ||||||||||||||||||||||||||||||||||||||
Deutsche Bank AG*(c) | ||||||||||||||||||||||||||||||||||||||
— | 46,205 | (3,006 | ) | 1,015 | 18,602 | — | — | 6,545 | 62,816 | |||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04%(d)(e) | ||||||||||||||||||||||||||||||||||||||
— | 70,099(f | ) | — | — | — | 19 | — | 70,099 | 70,099 | |||||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% | ||||||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06%(d) | ||||||||||||||||||||||||||||||||||||||
— | 5,748,486 | (5,390,294 | ) | — | — | 178 | — | 358,192 | 358,192 | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||
— | 5,864,790 | (5,393,300 | ) | 1,015 | 18,602 | 197 | — | 434,836 | 491,107 | |||||||||||||||||||||||||||||
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* | 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 August 31, 2020 amounted to $575,618, which is 0.4% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $530,595. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2020. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2020
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
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 August 31, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
E-Mini S&P 500 Futures | USD | 1 | $ | 154,575 | $ | 174,945 | 9/18/2020 | $ | 20,370 | |||||||||
MSCI EAFE Futures | USD | 1 | 95,410 | 95,005 | 9/18/2020 | (405 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 19,965 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
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 August 31, 2020 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(h) | $ | 131,074,927 | $ | — | $ | — | $ | 131,074,927 | ||||||||
Preferred Stocks | 243,151 | — | — | 243,151 | ||||||||||||
Rights | 180 | 701 | — | 881 | ||||||||||||
Short-Term Investments(h) | 428,291 | — | — | 428,291 | ||||||||||||
Derivatives(i) | ||||||||||||||||
Futures Contracts | 20,370 | — | — | 20,370 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 131,766,919 | $ | 701 | $ | — | $ | 131,767,620 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives(i) | ||||||||||||||||
Futures Contracts | $ | (405 | ) | $ | — | $ | — | $ | (405 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (405 | ) | $ | — | $ | — | $ | (405 | ) | ||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 98.8% |
| |||||||
Communication Services — 3.9% | ||||||||
Activision Blizzard, Inc. | 4,312 | $ | 360,138 | |||||
Alphabet, Inc., Class A* | 48 | 78,217 | ||||||
Alphabet, Inc., Class C* | 51 | 83,343 | ||||||
Altice USA, Inc., Class A* | 3,712 | 102,377 | ||||||
AT&T, Inc. | 4,468 | 133,191 | ||||||
Cable One, Inc. | 90 | 165,630 | ||||||
CenturyLink, Inc. (a) | 22,053 | 237,070 | ||||||
Charter Communications, Inc., Class A* | 244 | 150,209 | ||||||
Comcast Corp., Class A | 2,615 | 117,178 | ||||||
Discovery, Inc., Class A*(a) | 2,709 | 59,774 | ||||||
Discovery, Inc., Class C* | 4,818 | 96,215 | ||||||
DISH Network Corp., Class A* | 1,576 | 55,980 | ||||||
Electronic Arts, Inc.* | 5,109 | 712,552 | ||||||
Facebook, Inc., Class A* | 202 | 59,226 | ||||||
Fox Corp., Class A | 4,205 | 117,151 | ||||||
Fox Corp., Class B (a) | 2,027 | 56,351 | ||||||
GCI Liberty, Inc., Class A* | 4,015 | 324,332 | ||||||
IAC/InterActiveCorp* | 631 | 83,917 | ||||||
Interpublic Group of Cos., Inc. | 14,280 | 253,613 | ||||||
John Wiley & Sons, Inc., Class A | 2,473 | 78,270 | ||||||
Liberty Broadband Corp., Class A* | 67 | 9,259 | ||||||
Liberty Broadband Corp., Class C* | 363 | 50,853 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 483 | 18,827 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 1,481 | 53,775 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* | 2,743 | 98,734 | ||||||
Madison Square Garden Entertainment Corp.* | 503 | 37,811 | ||||||
Madison Square Garden Sports Corp.* | 466 | 76,424 | ||||||
Match Group, Inc.* | 1,992 | 222,467 | ||||||
Netflix, Inc.* | 16 | 8,473 | ||||||
New York Times Co., Class A | 6,576 | 284,938 | ||||||
News Corp., Class A | 18,977 | 286,932 | ||||||
News Corp., Class B | 5,288 | 79,690 | ||||||
Nexstar Media Group, Inc., Class A | 146 | 14,017 | ||||||
Omnicom Group, Inc. | 4,518 | 244,379 | ||||||
Sirius XM Holdings, Inc. | 11,890 | 69,794 | ||||||
Spotify Technology SA* | 460 | 129,794 | ||||||
Take-Two Interactive Software, Inc.* | 2,798 | 478,990 | ||||||
Telephone and Data Systems, Inc. | 1,783 | 41,241 | ||||||
T-Mobile US, Inc.* | 377 | 43,988 | ||||||
Twitter, Inc.* | 812 | 32,951 | ||||||
United States Cellular Corp.* | 266 | 9,677 | ||||||
Verizon Communications, Inc. | 2,192 | 129,920 | ||||||
Zynga, Inc., Class A* | 10,880 | 98,573 | ||||||
|
| |||||||
(Cost $5,229,963) | 5,846,241 | |||||||
|
| |||||||
Consumer Discretionary — 10.3% | ||||||||
Advance Auto Parts, Inc. | 1,987 | 310,588 | ||||||
Amazon.com, Inc.* | 26 | 89,725 | ||||||
Aptiv PLC | 887 | 76,388 | ||||||
Aramark | 2,103 | 57,959 | ||||||
AutoNation, Inc.* | 1,961 | 111,502 | ||||||
AutoZone, Inc.* | 470 | 562,266 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Best Buy Co., Inc. | 7,624 | $ | 845,578 | |||||
Booking Holdings, Inc.* | 118 | 225,433 | ||||||
BorgWarner, Inc. (a) | 4,460 | 181,031 | ||||||
Bright Horizons Family Solutions, Inc.* | 338 | 44,957 | ||||||
Brunswick Corp. | 1,421 | 87,946 | ||||||
Burlington Stores, Inc.* | 580 | 114,219 | ||||||
CarMax, Inc.*(a) | 1,136 | 121,472 | ||||||
Carter’s, Inc. | 1,473 | 117,280 | ||||||
Chegg, Inc.* | 311 | 22,933 | ||||||
Chipotle Mexican Grill, Inc.* | 119 | 155,923 | ||||||
Choice Hotels International, Inc. | 755 | 74,964 | ||||||
Columbia Sportswear Co. (a) | 716 | 61,268 | ||||||
D.R. Horton, Inc. | 5,055 | 360,775 | ||||||
Darden Restaurants, Inc. | 410 | 35,535 | ||||||
Dick’s Sporting Goods, Inc. (a) | 905 | 48,979 | ||||||
Dollar General Corp. | 1,594 | 321,797 | ||||||
Dollar Tree, Inc.* | 469 | 45,151 | ||||||
Domino’s Pizza, Inc. | 1,081 | 442,086 | ||||||
Dunkin’ Brands Group, Inc. | 1,188 | 90,383 | ||||||
eBay, Inc. | 14,232 | 779,629 | ||||||
Expedia Group, Inc. | 531 | 52,118 | ||||||
Extended Stay America, Inc. | 2,245 | 28,040 | ||||||
Five Below, Inc.* | 124 | 13,572 | ||||||
Floor & Decor Holdings, Inc., Class A* | 201 | 14,721 | ||||||
Foot Locker, Inc. | 1,807 | 54,806 | ||||||
Ford Motor Co. | 14,361 | 97,942 | ||||||
frontdoor, Inc.* | 833 | 36,294 | ||||||
Garmin Ltd. | 4,125 | 427,391 | ||||||
General Motors Co. | 3,641 | 107,883 | ||||||
Gentex Corp. | 18,823 | 509,162 | ||||||
Genuine Parts Co. | 2,078 | 196,246 | ||||||
Graham Holdings Co., Class B | 44 | 18,830 | ||||||
Grand Canyon Education, Inc.* | 1,333 | 125,355 | ||||||
Grubhub, Inc.* | 294 | 21,271 | ||||||
H&R Block, Inc. | 5,353 | 77,618 | ||||||
Hanesbrands, Inc. (a) | 3,269 | 49,983 | ||||||
Harley-Davidson, Inc. | 1,709 | 47,356 | ||||||
Hasbro, Inc. | 798 | 62,994 | ||||||
Hilton Worldwide Holdings, Inc. | 1,228 | 110,962 | ||||||
Home Depot, Inc. | 331 | 94,348 | ||||||
Hyatt Hotels Corp., Class A (a) | 518 | 29,262 | ||||||
Las Vegas Sands Corp. | 1,273 | 64,554 | ||||||
Lear Corp. | 1,190 | 135,577 | ||||||
Leggett & Platt, Inc. | 1,914 | 78,474 | ||||||
Lennar Corp., Class A | 3,427 | 256,408 | ||||||
Lennar Corp., Class B | 434 | 25,736 | ||||||
LKQ Corp.* | 8,135 | 258,205 | ||||||
Lowe’s Cos., Inc. | 1,080 | 177,865 | ||||||
Lululemon Athletica, Inc.* | 455 | 170,930 | ||||||
Marriott International, Inc., Class A | 361 | 37,151 | ||||||
McDonald’s Corp. | 451 | 96,298 | ||||||
Mohawk Industries, Inc.* | 575 | 53,090 | ||||||
Newell Brands, Inc. (a) | 10,206 | 163,092 | ||||||
NIKE, Inc., Class B | 1,901 | 212,703 | ||||||
NVR, Inc.* | 105 | 437,676 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 466 | 44,522 | ||||||
O’Reilly Automotive, Inc.* | 819 | 381,351 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Peloton Interactive, Inc., Class A* | 365 | $ | 27,985 | |||||
Polaris, Inc. | 1,397 | 141,153 | ||||||
Pool Corp. | 1,203 | 394,392 | ||||||
PulteGroup, Inc. | 6,824 | 304,282 | ||||||
PVH Corp. | 155 | 8,643 | ||||||
Qurate Retail, Inc., Series A* | 3,015 | 33,316 | ||||||
Ralph Lauren Corp. | 712 | 49,007 | ||||||
Ross Stores, Inc. | 2,244 | 204,384 | ||||||
Service Corp. International | 3,273 | 149,412 | ||||||
ServiceMaster Global Holdings, Inc.* | 573 | 22,863 | ||||||
Skechers U.S.A., Inc., Class A* | 626 | 18,686 | ||||||
Starbucks Corp. | 3,171 | 267,854 | ||||||
Tapestry, Inc. | 1,263 | 18,604 | ||||||
Target Corp. | 7,054 | 1,066,635 | ||||||
Thor Industries, Inc. (a) | 267 | 25,213 | ||||||
Tiffany & Co. | 3,075 | 376,687 | ||||||
TJX Cos., Inc. | 5,770 | 316,138 | ||||||
Toll Brothers, Inc. | 827 | 34,916 | ||||||
Tractor Supply Co. | 3,482 | 518,226 | ||||||
Ulta Beauty, Inc.* | 117 | 27,165 | ||||||
Vail Resorts, Inc. (a) | 764 | 166,300 | ||||||
VF Corp. | 605 | 39,779 | ||||||
Wendy’s Co. | 524 | 10,973 | ||||||
Whirlpool Corp. | 1,989 | 353,485 | ||||||
Williams-Sonoma, Inc. | 1,766 | 154,984 | ||||||
Wyndham Destinations, Inc. | 795 | 23,047 | ||||||
Yum China Holdings, Inc. | 6,052 | 349,261 | ||||||
Yum! Brands, Inc. | 2,211 | 211,924 | ||||||
|
| |||||||
(Cost $12,623,362) | 15,470,867 | |||||||
|
| |||||||
Consumer Staples — 7.0% | ||||||||
Altria Group, Inc. | 3,679 | 160,919 | ||||||
Archer-Daniels-Midland Co. | 546 | 24,439 | ||||||
Boston Beer Co., Inc., Class A* | 116 | 102,310 | ||||||
Brown-Forman Corp., Class A | 461 | 30,647 | ||||||
Brown-Forman Corp., Class B (a) | 2,059 | 150,657 | ||||||
Campbell Soup Co. | 4,713 | 247,951 | ||||||
Casey’s General Stores, Inc. (a) | 2,703 | 480,729 | ||||||
Church & Dwight Co., Inc. | 4,467 | 428,073 | ||||||
Clorox Co. | 3,083 | 689,050 | ||||||
Coca-Cola Co. | 1,283 | 63,547 | ||||||
Colgate-Palmolive Co. | 3,302 | 261,716 | ||||||
Conagra Brands, Inc. | 823 | 31,570 | ||||||
Constellation Brands, Inc., Class A | 845 | 155,886 | ||||||
Costco Wholesale Corp. | 1,170 | 406,762 | ||||||
Energizer Holdings, Inc. (a) | 434 | 20,090 | ||||||
Estee Lauder Cos., Inc., Class A | 2,171 | 481,354 | ||||||
Flowers Foods, Inc. | 9,006 | 220,287 | ||||||
General Mills, Inc. | 7,733 | 494,525 | ||||||
Hain Celestial Group, Inc.* | 988 | 32,396 | ||||||
Herbalife Nutrition Ltd.* | 1,944 | 95,548 | ||||||
Hershey Co. | 3,228 | 479,810 | ||||||
Hormel Foods Corp. | 7,318 | 373,072 | ||||||
Ingredion, Inc. | 5,031 | 404,694 | ||||||
J M Smucker Co. | 3,687 | 443,104 | ||||||
Kellogg Co. | 5,261 | 373,057 | ||||||
Keurig Dr Pepper, Inc. | 1,100 | 32,813 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Kimberly-Clark Corp. | 3,098 | $ | 488,740 | |||||
Kraft Heinz Co. | 4,645 | 162,761 | ||||||
Kroger Co. | 7,071 | 252,293 | ||||||
Lamb Weston Holdings, Inc. | 3,063 | 192,510 | ||||||
McCormick & Co., Inc. | 1,916 | 395,079 | ||||||
Molson Coors Beverage Co., Class B | 3,450 | 129,858 | ||||||
Mondelez International, Inc., Class A | 3,703 | 216,329 | ||||||
Monster Beverage Corp.* | 3,320 | 278,415 | ||||||
Nu Skin Enterprises, Inc., Class A | 186 | 8,792 | ||||||
PepsiCo, Inc. | 827 | 115,830 | ||||||
Philip Morris International, Inc. | 2,596 | 207,135 | ||||||
Pilgrim’s Pride Corp.* | 1,150 | 18,400 | ||||||
Post Holdings, Inc.* | 1,447 | 127,365 | ||||||
Procter & Gamble Co. | 546 | 75,528 | ||||||
Reynolds Consumer Products, Inc. | 878 | 29,176 | ||||||
Seaboard Corp. | 9 | 24,147 | ||||||
Spectrum Brands Holdings, Inc. | 712 | 42,435 | ||||||
Sprouts Farmers Market, Inc.* | 7,583 | 177,063 | ||||||
Sysco Corp. | 4,170 | 250,784 | ||||||
TreeHouse Foods, Inc.* | 253 | 10,831 | ||||||
Tyson Foods, Inc., Class A | 3,192 | 200,458 | ||||||
Walgreens Boots Alliance, Inc. | 10,609 | 403,354 | ||||||
Walmart, Inc. | 409 | 56,790 | ||||||
|
| |||||||
(Cost $9,462,130) | 10,549,079 | |||||||
|
| |||||||
Energy — 1.0% | ||||||||
Baker Hughes Co. | 2,598 | 37,099 | ||||||
Cabot Oil & Gas Corp. | 14,787 | 280,509 | ||||||
Cheniere Energy, Inc.* | 920 | 47,886 | ||||||
Chevron Corp. | 975 | 81,832 | ||||||
Concho Resources, Inc. | 567 | 29,473 | ||||||
ConocoPhillips | 4,320 | 163,685 | ||||||
EOG Resources, Inc. | 1,927 | 87,370 | ||||||
EQT Corp. | 1,772 | 28,122 | ||||||
Exxon Mobil Corp. | 1,030 | 41,138 | ||||||
Hess Corp. | 541 | 24,908 | ||||||
HollyFrontier Corp. | 1,663 | 39,696 | ||||||
Kinder Morgan, Inc. | 3,161 | 43,685 | ||||||
Marathon Petroleum Corp. | 2,427 | 86,061 | ||||||
National Oilwell Varco, Inc. | 353 | 4,236 | ||||||
Phillips 66 | 2,765 | 161,670 | ||||||
Pioneer Natural Resources Co. | 986 | 102,475 | ||||||
Schlumberger N.V. | 1,030 | 19,580 | ||||||
Valero Energy Corp. | 2,182 | 114,751 | ||||||
Williams Cos., Inc. | 1,060 | 22,006 | ||||||
|
| |||||||
(Cost $1,744,465) | 1,416,182 | |||||||
|
| |||||||
Financials — 10.7% | ||||||||
Affiliated Managers Group, Inc. | 285 | 19,565 | ||||||
Aflac, Inc. | 2,100 | 76,272 | ||||||
AGNC Investment Corp. REIT | 3,923 | 55,354 | ||||||
Alleghany Corp. | 271 | 150,286 | ||||||
Allstate Corp. | 6,709 | 623,937 | ||||||
Ally Financial, Inc. | 865 | 19,791 | ||||||
American Express Co. | 752 | 76,396 | ||||||
American Financial Group, Inc. | 316 | 21,125 | ||||||
American International Group, Inc. | 531 | 15,473 | ||||||
American National Group, Inc. | 275 | 20,628 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Financials (Continued) | ||||||||
Ameriprise Financial, Inc. | 768 | $ | 120,422 | |||||
Aon PLC, Class A | 1,333 | 266,587 | ||||||
Apollo Global Management, Inc. | 9,650 | 452,295 | ||||||
Arch Capital Group Ltd.* | 6,639 | 209,394 | ||||||
Arthur J Gallagher & Co. | 2,884 | 303,685 | ||||||
Associated Banc-Corp. | 587 | 7,889 | ||||||
Assurant, Inc. | 940 | 114,266 | ||||||
Assured Guaranty Ltd. | 452 | 9,695 | ||||||
Axis Capital Holdings Ltd. | 594 | 28,369 | ||||||
Bank of America Corp. | 711 | 18,301 | ||||||
Bank of Hawaii Corp. (a) | 401 | 22,071 | ||||||
Bank of New York Mellon Corp. | 1,758 | 65,011 | ||||||
Bank OZK | 703 | 16,197 | ||||||
Berkshire Hathaway, Inc., Class B* | 1,115 | 243,115 | ||||||
BlackRock, Inc. | 209 | 124,186 | ||||||
Brown & Brown, Inc. | 7,469 | 346,562 | ||||||
Capital One Financial Corp. | 722 | 49,840 | ||||||
Carlyle Group, Inc. | 802 | 20,700 | ||||||
Cboe Global Markets, Inc. | 2,796 | 256,645 | ||||||
Charles Schwab Corp. | 1,893 | 67,258 | ||||||
Chubb Ltd. | 748 | 93,500 | ||||||
Cincinnati Financial Corp. | 2,673 | 212,263 | ||||||
Citigroup, Inc. | 369 | 18,863 | ||||||
Citizens Financial Group, Inc. | 1,257 | 32,519 | ||||||
CME Group, Inc. | 430 | 75,624 | ||||||
CNA Financial Corp. | 509 | 16,375 | ||||||
Comerica, Inc. | 352 | 13,915 | ||||||
Commerce Bancshares, Inc. | 1,143 | 68,089 | ||||||
Credit Acceptance Corp.*(a) | 148 | 57,246 | ||||||
Cullen/Frost Bankers, Inc. | 456 | 31,674 | ||||||
Discover Financial Services | 593 | 31,476 | ||||||
E*TRADE Financial Corp. | 2,099 | 113,556 | ||||||
East West Bancorp, Inc. | 1,226 | 45,092 | ||||||
Eaton Vance Corp. | 7,507 | 307,937 | ||||||
Erie Indemnity Co., Class A (a) | 441 | 94,127 | ||||||
Evercore, Inc., Class A | 1,238 | 76,607 | ||||||
Everest Re Group Ltd. | 994 | 218,760 | ||||||
FactSet Research Systems, Inc. (a) | 1,098 | 384,739 | ||||||
Fidelity National Financial, Inc. | 7,383 | 242,384 | ||||||
Fifth Third Bancorp | 2,019 | 41,713 | ||||||
First American Financial Corp. | 5,698 | 299,544 | ||||||
First Citizens BancShares, Inc., Class A | 80 | 31,452 | ||||||
First Hawaiian, Inc. | 787 | 13,009 | ||||||
First Horizon National Corp. | 1,560 | 14,898 | ||||||
First Republic Bank | 718 | 81,069 | ||||||
FNB Corp. | 1,649 | 12,367 | ||||||
Franklin Resources, Inc. | 3,705 | 78,027 | ||||||
Globe Life, Inc. | 2,346 | 193,498 | ||||||
Goldman Sachs Group, Inc. | 535 | 109,605 | ||||||
Hanover Insurance Group, Inc. | 1,182 | 121,143 | ||||||
Hartford Financial Services Group, Inc. | 3,076 | 124,424 | ||||||
Huntington Bancshares, Inc. | 4,313 | 40,585 | ||||||
Interactive Brokers Group, Inc., Class A | 741 | 39,288 | ||||||
Intercontinental Exchange, Inc. | 979 | 103,999 | ||||||
Invesco Ltd. | 968 | 9,874 | ||||||
Jefferies Financial Group, Inc. | 4,509 | 79,088 | ||||||
JPMorgan Chase & Co. | 138 | 13,826 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Kemper Corp. | 1,505 | $ | 116,878 | |||||
KeyCorp | 2,755 | 33,942 | ||||||
KKR & Co., Inc. | 2,074 | 74,291 | ||||||
Lazard Ltd., Class A | 4,971 | 157,432 | ||||||
Loews Corp. | 1,337 | 47,945 | ||||||
LPL Financial Holdings, Inc. | 1,968 | 161,691 | ||||||
M&T Bank Corp. | 482 | 49,771 | ||||||
Markel Corp.* | 389 | 422,777 | ||||||
MarketAxess Holdings, Inc. | 694 | 337,242 | ||||||
Marsh & McLennan Cos., Inc. | 3,560 | 409,080 | ||||||
Mercury General Corp. | 1,322 | 59,133 | ||||||
MetLife, Inc. | 1,794 | 68,997 | ||||||
MGIC Investment Corp. | 5,180 | 47,501 | ||||||
Moody’s Corp. | 1,432 | 421,924 | ||||||
Morgan Stanley | 1,407 | 73,530 | ||||||
Morningstar, Inc. | 599 | 95,930 | ||||||
MSCI, Inc. | 1,488 | 555,426 | ||||||
Nasdaq, Inc. | 2,316 | 311,317 | ||||||
New York Community Bancorp, Inc. | 6,136 | 55,531 | ||||||
Northern Trust Corp. | 1,092 | 89,424 | ||||||
Old Republic International Corp. | 12,005 | 193,401 | ||||||
PacWest Bancorp | 337 | 6,430 | ||||||
People’s United Financial, Inc. | 2,606 | 27,571 | ||||||
Pinnacle Financial Partners, Inc. | 484 | 19,336 | ||||||
PNC Financial Services Group, Inc. | 745 | 82,844 | ||||||
Popular, Inc. | 656 | 24,298 | ||||||
Primerica, Inc. | 657 | 82,026 | ||||||
Principal Financial Group, Inc. | 1,005 | 42,321 | ||||||
Progressive Corp. | 11,619 | 1,104,270 | ||||||
Prosperity Bancshares, Inc. | 456 | 24,861 | ||||||
Prudential Financial, Inc. | 588 | 39,849 | ||||||
Raymond James Financial, Inc. | 1,478 | 111,914 | ||||||
Regions Financial Corp. | 3,367 | 38,923 | ||||||
Reinsurance Group of America, Inc. | 406 | 37,222 | ||||||
RenaissanceRe Holdings Ltd. | 1,686 | 309,786 | ||||||
S&P Global, Inc. | 1,108 | 405,993 | ||||||
SEI Investments Co. | 6,095 | 319,134 | ||||||
Signature Bank | 538 | 52,202 | ||||||
SLM Corp. | 4,920 | 37,589 | ||||||
Starwood Property Trust, Inc. REIT | 795 | 12,402 | ||||||
State Street Corp. | 2,554 | 173,902 | ||||||
SVB Financial Group* | 153 | 39,073 | ||||||
Synchrony Financial | 2,246 | 55,723 | ||||||
Synovus Financial Corp. | 420 | 9,185 | ||||||
T. Rowe Price Group, Inc. | 5,793 | 806,444 | ||||||
TCF Financial Corp. | 196 | 5,268 | ||||||
TD Ameritrade Holding Corp. | 3,202 | 122,893 | ||||||
Tradeweb Markets, Inc., Class A | 1,122 | 64,279 | ||||||
Travelers Cos., Inc. | 1,054 | 122,306 | ||||||
Truist Financial Corp. | 633 | 24,567 | ||||||
Umpqua Holdings Corp. | 582 | 6,565 | ||||||
Unum Group | 323 | 5,969 | ||||||
US Bancorp | 1,189 | 43,280 | ||||||
Voya Financial, Inc. (a) | 519 | 26,941 | ||||||
W.R. Berkley Corp. | 1,744 | 108,215 | ||||||
Webster Financial Corp. | 480 | 13,200 | ||||||
Wells Fargo & Co. | 541 | 13,065 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Financials (Continued) | ||||||||
Western Alliance Bancorp | 648 | $ | 22,874 | |||||
White Mountains Insurance Group Ltd. | 233 | 207,696 | ||||||
Willis Towers Watson PLC | 1,009 | 207,380 | ||||||
Zions Bancorp NA | 1,038 | 33,382 | ||||||
|
| |||||||
(Cost $14,737,264) | 16,037,811 | |||||||
|
| |||||||
Health Care — 15.8% | ||||||||
10X Genomics, Inc., Class A* | 231 | 26,477 | ||||||
Abbott Laboratories | 973 | 106,514 | ||||||
AbbVie, Inc. | 1,895 | 181,484 | ||||||
ABIOMED, Inc.* | 208 | 63,985 | ||||||
Acadia Healthcare Co., Inc.*(a) | 541 | 16,722 | ||||||
Adaptive Biotechnologies Corp.* | 428 | 17,809 | ||||||
Agilent Technologies, Inc. | 2,943 | 295,536 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,997 | 228,097 | ||||||
Align Technology, Inc.* | 256 | 76,027 | ||||||
Amedisys, Inc.* | 729 | 176,345 | ||||||
AmerisourceBergen Corp. | 9,385 | 910,627 | ||||||
Amgen, Inc. | 1,178 | 298,411 | ||||||
Anthem, Inc. | 1,494 | 420,591 | ||||||
Baxter International, Inc. | 3,186 | 277,405 | ||||||
Becton Dickinson and Co. | 612 | 148,575 | ||||||
Biogen, Inc.* | 2,627 | 755,630 | ||||||
BioMarin Pharmaceutical, Inc.* | 473 | 36,908 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 1,669 | 848,837 | ||||||
Bio-Techne Corp. | 674 | 172,180 | ||||||
Boston Scientific Corp.* | 691 | 28,345 | ||||||
Bruker Corp. | 1,784 | 74,964 | ||||||
Cardinal Health, Inc. | 22,616 | 1,147,988 | ||||||
Catalent, Inc.* | 490 | 45,325 | ||||||
Centene Corp.* | 6,292 | 385,825 | ||||||
Cerner Corp. | 6,504 | 477,198 | ||||||
Change Healthcare, Inc.* | 5,047 | 71,415 | ||||||
Charles River Laboratories International, Inc.* | 1,007 | 220,483 | ||||||
Chemed Corp. | 860 | 444,715 | ||||||
Cigna Corp. | 4,978 | 882,948 | ||||||
Cooper Cos., Inc. | 718 | 225,725 | ||||||
CVS Health Corp. | 11,705 | 727,115 | ||||||
Danaher Corp. | 999 | 206,264 | ||||||
DaVita, Inc.* | 7,914 | 686,619 | ||||||
DENTSPLY SIRONA, Inc. | 2,056 | 92,253 | ||||||
DexCom, Inc.* | 50 | 21,271 | ||||||
Edwards Lifesciences Corp.* | 3,754 | 322,243 | ||||||
Elanco Animal Health, Inc.* | 714 | 20,749 | ||||||
Eli Lilly and Co. | 1,482 | 219,914 | ||||||
Encompass Health Corp. | 3,351 | 218,619 | ||||||
Envista Holdings Corp.*(a) | 5,077 | 121,797 | ||||||
Exelixis, Inc.* | 848 | 18,843 | ||||||
Gilead Sciences, Inc. | 3,162 | 211,064 | ||||||
Globus Medical, Inc., Class A* | 3,043 | 171,990 | ||||||
Haemonetics Corp.* | 723 | 64,824 | ||||||
HCA Healthcare, Inc. | 1,449 | 196,658 | ||||||
Henry Schein, Inc.* | 6,348 | 421,761 | ||||||
Hill-Rom Holdings, Inc. | 1,809 | 169,666 | ||||||
Hologic, Inc.* | 2,652 | 158,377 | ||||||
Horizon Therapeutics PLC* | 1,102 | 82,782 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Humana, Inc. | 2,519 | $ | 1,045,813 | |||||
ICU Medical, Inc.* | 323 | 64,678 | ||||||
IDEXX Laboratories, Inc.* | 825 | 322,625 | ||||||
Illumina, Inc.* | 310 | 110,738 | ||||||
Incyte Corp.* | 1,204 | 116,005 | ||||||
Insulet Corp.* | 462 | 100,832 | ||||||
Integra LifeSciences Holdings Corp.* | 1,060 | 50,657 | ||||||
Intuitive Surgical, Inc.* | 334 | 244,101 | ||||||
Ionis Pharmaceuticals, Inc.* | 332 | 18,094 | ||||||
IQVIA Holdings, Inc.* | 638 | 104,473 | ||||||
Jazz Pharmaceuticals PLC* | 2,131 | 286,385 | ||||||
Johnson & Johnson | 365 | 55,995 | ||||||
Laboratory Corp. of America Holdings* | 1,511 | 265,558 | ||||||
Livongo Health, Inc.*(a) | 112 | 15,378 | ||||||
Masimo Corp.* | 1,447 | 324,128 | ||||||
McKesson Corp. | 7,788 | 1,194,991 | ||||||
Medtronic PLC | 1,106 | 118,862 | ||||||
Merck & Co., Inc. | 1,498 | 127,734 | ||||||
Mettler-Toledo International, Inc.* | 254 | 246,578 | ||||||
Molina Healthcare, Inc.* | 885 | 163,698 | ||||||
Mylan NV* | 8,276 | 135,561 | ||||||
Neurocrine Biosciences, Inc.* | 265 | 30,851 | ||||||
Penumbra, Inc.* | 377 | 78,850 | ||||||
PerkinElmer, Inc. | 1,334 | 157,038 | ||||||
Perrigo Co. PLC | 2,196 | 114,851 | ||||||
Pfizer, Inc. | 2,092 | 79,057 | ||||||
PPD, Inc.* | 750 | 25,755 | ||||||
PRA Health Sciences, Inc.* | 1,144 | 122,305 | ||||||
Premier, Inc., Class A | 2,283 | 74,768 | ||||||
QIAGEN NV* | 2,384 | 121,489 | ||||||
Quest Diagnostics, Inc. | 4,179 | 464,872 | ||||||
Quidel Corp.* | 475 | 83,581 | ||||||
Regeneron Pharmaceuticals, Inc.* | 429 | 265,950 | ||||||
Repligen Corp.* | 335 | 51,895 | ||||||
ResMed, Inc. | 1,718 | 310,580 | ||||||
Seattle Genetics, Inc.* | 232 | 36,735 | ||||||
STERIS PLC | 2,106 | 336,202 | ||||||
Stryker Corp. | 540 | 107,006 | ||||||
Syneos Health, Inc.* | 364 | 22,968 | ||||||
Teleflex, Inc. | 479 | 188,223 | ||||||
Thermo Fisher Scientific, Inc. | 323 | 138,561 | ||||||
United Therapeutics Corp.* | 97 | 10,375 | ||||||
UnitedHealth Group, Inc. | 283 | 88,452 | ||||||
Universal Health Services, Inc., Class B | 2,178 | 240,342 | ||||||
Varian Medical Systems, Inc.* | 1,827 | 317,295 | ||||||
Veeva Systems, Inc., Class A* | 1,024 | 289,044 | ||||||
Vertex Pharmaceuticals, Inc.* | 546 | 152,400 | ||||||
Waters Corp.* | 1,331 | 287,842 | ||||||
West Pharmaceutical Services, Inc. | 2,273 | 645,441 | ||||||
Zimmer Biomet Holdings, Inc. | 1,447 | 203,853 | ||||||
Zoetis, Inc. | 1,611 | 257,921 | ||||||
|
| |||||||
(Cost $20,920,348) | 23,613,286 | |||||||
|
| |||||||
Industrials — 16.3% | ||||||||
3M Co. | 626 | 102,051 | ||||||
A O Smith Corp. (a) | 5,926 | 290,196 | ||||||
Acuity Brands, Inc. (a) | 823 | 89,946 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Industrials (Continued) | ||||||||
AECOM* | 3,343 | $ | 132,082 | |||||
AGCO Corp. | 1,170 | 83,187 | ||||||
Alaska Air Group, Inc. | 1,094 | 42,611 | ||||||
Allegion PLC | 2,022 | 209,055 | ||||||
Allison Transmission Holdings, Inc. | 5,090 | 182,578 | ||||||
AMERCO | 237 | 84,109 | ||||||
AMETEK, Inc. | 2,170 | 218,519 | ||||||
Armstrong World Industries, Inc. | 775 | 57,148 | ||||||
Axon Enterprise, Inc.* | 213 | 18,250 | ||||||
BWX Technologies, Inc. | 2,839 | 157,877 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 3,356 | 329,895 | ||||||
Carlisle Cos., Inc. | 1,606 | 210,306 | ||||||
Carrier Global Corp. | 22,971 | 685,684 | ||||||
Caterpillar, Inc. | 1,373 | 195,392 | ||||||
Cintas Corp. | 784 | 261,260 | ||||||
Clean Harbors, Inc.* | 353 | 21,568 | ||||||
Copart, Inc.* | 3,836 | 396,336 | ||||||
CoreLogic, Inc. | 1,854 | 123,106 | ||||||
CoStar Group, Inc.* | 447 | 379,324 | ||||||
Crane Co. | 602 | 34,037 | ||||||
CSX Corp. | 1,782 | 136,252 | ||||||
Cummins, Inc. | 4,359 | 903,403 | ||||||
Curtiss-Wright Corp. | 1,062 | 108,664 | ||||||
Deere & Co. | 658 | 138,219 | ||||||
Delta Air Lines, Inc. | 1,633 | 50,378 | ||||||
Donaldson Co., Inc. | 3,823 | 192,526 | ||||||
Dover Corp. | 2,018 | 221,657 | ||||||
Eaton Corp. PLC | 4,079 | 416,466 | ||||||
Emerson Electric Co. | 4,941 | 343,251 | ||||||
Equifax, Inc. | 407 | 68,486 | ||||||
Expeditors International of Washington, Inc. | 6,220 | 549,786 | ||||||
Fastenal Co. | 13,378 | 653,649 | ||||||
FedEx Corp. | 1,187 | 260,950 | ||||||
Flowserve Corp. | 406 | 12,050 | ||||||
Fortive Corp. | 775 | 55,885 | ||||||
Fortune Brands Home & Security, Inc. | 4,161 | 349,857 | ||||||
FTI Consulting, Inc.* | 2,427 | 278,523 | ||||||
Generac Holdings, Inc.* | 1,752 | 332,845 | ||||||
General Dynamics Corp. | 1,215 | 181,460 | ||||||
General Electric Co. | 4,801 | 30,438 | ||||||
Graco, Inc. | 4,832 | 280,353 | ||||||
HD Supply Holdings, Inc.* | 2,718 | 107,796 | ||||||
HEICO Corp. | 165 | 18,137 | ||||||
HEICO Corp., Class A | 442 | 39,506 | ||||||
Hexcel Corp. | 374 | 14,732 | ||||||
Honeywell International, Inc. | 597 | 98,833 | ||||||
Howmet Aerospace, Inc. | 1,763 | 30,888 | ||||||
Hubbell, Inc. | 2,025 | 293,463 | ||||||
Huntington Ingalls Industries, Inc. | 1,420 | 215,158 | ||||||
IAA, Inc.* | 3,173 | 166,011 | ||||||
IDEX Corp. | 1,463 | 263,676 | ||||||
IHS Markit Ltd. | 2,204 | 176,144 | ||||||
Illinois Tool Works, Inc. | 1,890 | 373,369 | ||||||
Ingersoll Rand, Inc.* | 576 | 20,195 | ||||||
ITT, Inc. | 2,015 | 126,562 | ||||||
Jacobs Engineering Group, Inc. | 815 | 73,570 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
JB Hunt Transport Services, Inc. | 4,162 | $ | 584,927 | |||||
JetBlue Airways Corp.* | 1,290 | 14,861 | ||||||
Johnson Controls International PLC | 10,631 | 433,001 | ||||||
Kansas City Southern | 1,978 | 360,075 | ||||||
Kirby Corp.* | 419 | 17,782 | ||||||
Knight-Swift Transportation Holdings, Inc. (a) | 7,095 | 322,539 | ||||||
L3Harris Technologies, Inc. | 1,118 | 202,067 | ||||||
Landstar System, Inc. | 2,734 | 363,868 | ||||||
Lennox International, Inc. | 363 | 101,760 | ||||||
Lincoln Electric Holdings, Inc. | 2,665 | 257,732 | ||||||
Lockheed Martin Corp. | 653 | 254,840 | ||||||
Macquarie Infrastructure Corp. | 440 | 12,329 | ||||||
ManpowerGroup, Inc. | 1,980 | 145,154 | ||||||
Masco Corp. | 9,060 | 528,198 | ||||||
Mercury Systems, Inc.* | 855 | 64,758 | ||||||
Middleby Corp.* | 165 | 16,154 | ||||||
MSA Safety, Inc. | 1,068 | 134,515 | ||||||
MSC Industrial Direct Co., Inc., Class A | 3,225 | 212,527 | ||||||
Nielsen Holdings PLC (a) | 2,139 | 32,684 | ||||||
Nordson Corp. | 1,026 | 191,339 | ||||||
Norfolk Southern Corp. | 940 | 199,778 | ||||||
Northrop Grumman Corp. | 813 | 278,542 | ||||||
nVent Electric PLC | 295 | 5,640 | ||||||
Old Dominion Freight Line, Inc. | 2,095 | 423,567 | ||||||
Oshkosh Corp. | 2,895 | 222,944 | ||||||
Otis Worldwide Corp. | 4,728 | 297,391 | ||||||
Owens Corning | 2,429 | 164,298 | ||||||
PACCAR, Inc. | 6,685 | 573,840 | ||||||
Parker-Hannifin Corp. | 1,235 | 254,422 | ||||||
Pentair PLC | 3,477 | 156,952 | ||||||
Quanta Services, Inc. | 3,571 | 183,014 | ||||||
Raytheon Technologies Corp. | 1,095 | 66,795 | ||||||
Regal Beloit Corp. | 1,587 | 156,891 | ||||||
Republic Services, Inc. | 2,043 | 189,427 | ||||||
Robert Half International, Inc. | 4,890 | 260,148 | ||||||
Rockwell Automation, Inc. | 1,972 | 454,605 | ||||||
Rollins, Inc. (a) | 2,494 | 137,519 | ||||||
Roper Technologies, Inc. | 580 | 247,770 | ||||||
Ryder System, Inc. | 436 | 17,832 | ||||||
Schneider National, Inc., Class B | 5,638 | 152,564 | ||||||
Sensata Technologies Holding PLC* | 1,327 | 55,256 | ||||||
Snap-on, Inc. | 1,956 | 290,016 | ||||||
Southwest Airlines Co. | 4,721 | 177,415 | ||||||
Stanley Black & Decker, Inc. | 1,096 | 176,785 | ||||||
Stericycle, Inc.* | 372 | 23,849 | ||||||
Teledyne Technologies, Inc.* | 466 | 146,142 | ||||||
Textron, Inc. | 1,357 | 53,507 | ||||||
Timken Co. | 1,204 | 65,245 | ||||||
Toro Co. | 1,158 | 87,174 | ||||||
Trane Technologies PLC | 2,846 | 336,938 | ||||||
TransDigm Group, Inc. | 62 | 30,980 | ||||||
TransUnion | 1,723 | 149,419 | ||||||
Trex Co., Inc.* | 662 | 98,962 | ||||||
Trinity Industries, Inc. (a) | 1,870 | 38,279 | ||||||
Union Pacific Corp. | 665 | 127,973 | ||||||
United Parcel Service, Inc., Class B | 2,102 | 343,929 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Industrials (Continued) | ||||||||
United Rentals, Inc.*(a) | 649 | $ | 114,905 | |||||
Valmont Industries, Inc. | 893 | 113,456 | ||||||
Verisk Analytics, Inc. | 1,044 | 194,883 | ||||||
Vertiv Holdings Co.* | 1,549 | 25,140 | ||||||
W.W. Grainger, Inc. | 1,135 | 414,763 | ||||||
Waste Management, Inc. | 1,883 | 214,662 | ||||||
Watsco, Inc. | 1,615 | 395,659 | ||||||
Westinghouse Air Brake Technologies Corp. | 109 | 7,254 | ||||||
Woodward, Inc. | 328 | 28,106 | ||||||
XPO Logistics, Inc.*(a) | 510 | 45,018 | ||||||
Xylem, Inc. | 1,766 | 141,598 | ||||||
|
| |||||||
(Cost $20,616,815) | 24,480,017 | |||||||
|
| |||||||
Information Technology — 18.8% | ||||||||
Accenture PLC, Class A | 871 | 208,979 | ||||||
Adobe, Inc.* | 328 | 168,392 | ||||||
Advanced Micro Devices, Inc.* | 152 | 13,805 | ||||||
Akamai Technologies, Inc.* | 2,483 | 289,096 | ||||||
Alteryx, Inc., Class A*(a) | 53 | 6,404 | ||||||
Amdocs Ltd. | 11,276 | 690,429 | ||||||
Amphenol Corp., Class A | 1,887 | 207,193 | ||||||
Analog Devices, Inc. | 1,786 | 208,748 | ||||||
ANSYS, Inc.* | 1,484 | 503,091 | ||||||
Apple, Inc. | 3,128 | 403,637 | ||||||
Applied Materials, Inc. | 5,401 | 332,702 | ||||||
Arista Networks, Inc.* | 571 | 127,590 | ||||||
Arrow Electronics, Inc.* | 3,278 | 257,520 | ||||||
Aspen Technology, Inc.* | 716 | 90,954 | ||||||
Atlassian Corp. PLC, Class A* | 265 | 50,816 | ||||||
Autodesk, Inc.* | 867 | 213,022 | ||||||
Automatic Data Processing, Inc. | 1,226 | 170,524 | ||||||
Avnet, Inc. | 3,380 | 92,984 | ||||||
Bill.com Holdings, Inc.* | 237 | 23,458 | ||||||
Black Knight, Inc.* | 2,281 | 191,832 | ||||||
Booz Allen Hamilton Holding Corp. | 3,502 | 308,386 | ||||||
Broadcom, Inc. | 256 | 88,870 | ||||||
Broadridge Financial Solutions, Inc. | 3,581 | 492,029 | ||||||
CACI International, Inc., Class A* | 886 | 207,492 | ||||||
Cadence Design Systems, Inc.* | 5,832 | 646,827 | ||||||
CDK Global, Inc. | 1,307 | 60,932 | ||||||
CDW Corp. | 4,298 | 488,468 | ||||||
Ceridian HCM Holding, Inc.* | 252 | 20,039 | ||||||
Ciena Corp.* | 11,071 | 628,501 | ||||||
Cirrus Logic, Inc.* | 3,390 | 205,400 | ||||||
Cisco Systems, Inc. | 2,241 | 94,615 | ||||||
Citrix Systems, Inc. | 5,419 | 786,839 | ||||||
Cognex Corp. | 2,770 | 191,656 | ||||||
Cognizant Technology Solutions Corp., Class A | 9,580 | 640,519 | ||||||
Coherent, Inc.*(a) | 124 | 13,970 | ||||||
Corning, Inc. | 4,430 | 143,798 | ||||||
Coupa Software, Inc.* | 73 | 23,925 | ||||||
Crowdstrike Holdings, Inc., Class A* | 278 | 34,953 | ||||||
Datadog, Inc., Class A* | 260 | 21,723 | ||||||
Dell Technologies, Inc., Class C* | 1,629 | 107,644 | ||||||
DocuSign, Inc.* | 55 | 12,265 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Dolby Laboratories, Inc., Class A | 2,723 | $ | 190,202 | |||||
Dropbox, Inc., Class A* | 2,035 | 43,081 | ||||||
EchoStar Corp., Class A* | 1,871 | 54,970 | ||||||
Entegris, Inc. | 3,643 | 243,680 | ||||||
EPAM Systems, Inc.* | 1,618 | 529,248 | ||||||
Euronet Worldwide, Inc.* | 159 | 16,437 | ||||||
Everbridge, Inc.*(a) | 146 | 21,697 | ||||||
F5 Networks, Inc.* | 2,802 | 370,789 | ||||||
Fair Isaac Corp.* | 348 | 146,435 | ||||||
First Solar, Inc.* | 199 | 15,241 | ||||||
Five9, Inc.* | 188 | 23,959 | ||||||
FleetCor Technologies, Inc.* | 402 | 101,083 | ||||||
FLIR Systems, Inc. | 2,155 | 79,520 | ||||||
Fortinet, Inc.* | 2,031 | 268,102 | ||||||
Gartner, Inc.* | 604 | 78,411 | ||||||
Genpact Ltd. | 3,476 | 146,618 | ||||||
Globant SA* | 297 | 52,741 | ||||||
GoDaddy, Inc., Class A* | 1,746 | 146,105 | ||||||
Guidewire Software, Inc.*(a) | 446 | 50,090 | ||||||
Hewlett Packard Enterprise Co. | 22,875 | 221,201 | ||||||
HP, Inc. | 41,458 | 810,504 | ||||||
Inphi Corp.* | 356 | 40,577 | ||||||
Intel Corp. | 3,163 | 161,155 | ||||||
International Business Machines Corp. | 1,081 | 133,298 | ||||||
Intuit, Inc. | 1,003 | 346,426 | ||||||
IPG Photonics Corp.*(a) | 436 | 70,514 | ||||||
Jabil, Inc. | 7,948 | 271,424 | ||||||
Jack Henry & Associates, Inc. | 2,336 | 386,421 | ||||||
Juniper Networks, Inc. | 6,639 | 165,975 | ||||||
Keysight Technologies, Inc.* | 5,258 | 518,018 | ||||||
KLA Corp. | 1,012 | 207,602 | ||||||
Lam Research Corp. | 1,822 | 612,812 | ||||||
Leidos Holdings, Inc. | 6,028 | 545,474 | ||||||
Littelfuse, Inc. | 293 | 52,986 | ||||||
Manhattan Associates, Inc.* | 965 | 93,846 | ||||||
Marvell Technology Group Ltd. | 5,224 | 202,587 | ||||||
Mastercard, Inc., Class A | 131 | 46,923 | ||||||
Maxim Integrated Products, Inc. | 8,117 | 555,527 | ||||||
Microchip Technology, Inc. | 1,141 | 125,168 | ||||||
Micron Technology, Inc.* | 5,354 | 243,661 | ||||||
Microsoft Corp. | 981 | 221,245 | ||||||
MKS Instruments, Inc. | 357 | 42,672 | ||||||
Monolithic Power Systems, Inc. | 1,557 | 415,921 | ||||||
Motorola Solutions, Inc. | 1,428 | 220,983 | ||||||
National Instruments Corp. | 4,577 | 164,269 | ||||||
NCR Corp.* | 682 | 13,940 | ||||||
NetApp, Inc. | 6,070 | 287,657 | ||||||
NortonLifeLock, Inc. | 43,821 | 1,030,670 | ||||||
Nuance Communications, Inc.* | 6,765 | 202,679 | ||||||
NVIDIA Corp. | 103 | 55,103 | ||||||
Oracle Corp. | 2,175 | 124,454 | ||||||
Palo Alto Networks, Inc.* | 313 | 80,569 | ||||||
Paychex, Inc. | 2,613 | 199,816 | ||||||
Paycom Software, Inc.* | 359 | 107,506 | ||||||
Paylocity Holding Corp.* | 286 | 42,114 | ||||||
PayPal Holdings, Inc.* | 443 | 90,434 | ||||||
Pegasystems, Inc. | 719 | 92,370 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Proofpoint, Inc.* | 588 | $ | 64,486 | |||||
PTC, Inc.* | 278 | 25,412 | ||||||
Qorvo, Inc.* | 2,878 | 369,161 | ||||||
QUALCOMM, Inc. | 1,769 | 210,688 | ||||||
RealPage, Inc.* | 1,053 | 65,939 | ||||||
salesforce.com, Inc.* | 183 | 49,895 | ||||||
Science Applications International Corp. | 4,467 | 372,816 | ||||||
ServiceNow, Inc.* | 410 | 197,628 | ||||||
Skyworks Solutions, Inc. | 4,867 | 704,985 | ||||||
Slack Technologies, Inc., Class A* | 612 | 20,098 | ||||||
SolarEdge Technologies, Inc.* | 149 | 32,951 | ||||||
Square, Inc., Class A* | 226 | 36,061 | ||||||
SS&C Technologies Holdings, Inc. | 2,694 | 171,662 | ||||||
Switch, Inc., Class A | 1,644 | 28,277 | ||||||
SYNNEX Corp. | 3,288 | 418,069 | ||||||
Synopsys, Inc.* | 2,912 | 644,426 | ||||||
Teradata Corp.* | 985 | 23,985 | ||||||
Teradyne, Inc. | 6,374 | 541,599 | ||||||
Texas Instruments, Inc. | 2,429 | 345,282 | ||||||
Trimble, Inc.* | 1,847 | 96,801 | ||||||
Tyler Technologies, Inc.* | 1,161 | 400,905 | ||||||
Ubiquiti, Inc. (a) | 81 | 14,722 | ||||||
Universal Display Corp. | 133 | 23,342 | ||||||
VeriSign, Inc.* | 1,973 | 423,800 | ||||||
Visa, Inc., Class A | 253 | 53,633 | ||||||
VMware, Inc., Class A*(a) | 267 | 38,565 | ||||||
Western Digital Corp. | 291 | 11,180 | ||||||
Western Union Co. (a) | 39,241 | 925,695 | ||||||
WEX, Inc.* | 92 | 14,693 | ||||||
Workday, Inc., Class A* | 221 | 52,976 | ||||||
Xerox Holdings Corp. | 1,853 | 34,948 | ||||||
Xilinx, Inc. | 2,496 | 259,983 | ||||||
Zebra Technologies Corp., Class A* | 676 | 193,694 | ||||||
Zendesk, Inc.* | 237 | 22,842 | ||||||
|
| |||||||
(Cost $23,584,528) | 28,144,136 | |||||||
|
| |||||||
Materials — 5.4% | ||||||||
Air Products and Chemicals, Inc. | 1,704 | 498,011 | ||||||
Albemarle Corp. (a) | 1,716 | 156,173 | ||||||
AptarGroup, Inc. | 1,578 | 186,819 | ||||||
Ashland Global Holdings, Inc. | 1,183 | 87,175 | ||||||
Avery Dennison Corp. | 1,742 | 201,009 | ||||||
Axalta Coating Systems Ltd.* | 2,359 | 56,262 | ||||||
Ball Corp. | 2,943 | 236,529 | ||||||
Berry Global Group, Inc.* | 1,052 | 54,220 | ||||||
Cabot Corp. | 2,071 | 76,648 | ||||||
Celanese Corp. | 2,358 | 238,512 | ||||||
CF Industries Holdings, Inc. | 1,111 | 36,252 | ||||||
Corteva, Inc. | 2,760 | 78,798 | ||||||
Crown Holdings, Inc.* | 3,980 | 305,863 | ||||||
Dow, Inc. | 427 | 19,266 | ||||||
DuPont de Nemours, Inc. | 902 | 50,296 | ||||||
Eagle Materials, Inc. | 278 | 22,732 | ||||||
Eastman Chemical Co. | 3,046 | 222,693 | ||||||
Ecolab, Inc. | 958 | 188,803 | ||||||
Element Solutions, Inc.* | 1,878 | 20,189 | ||||||
FMC Corp. | 1,856 | 198,332 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Graphic Packaging Holding Co. | 14,199 | $ | 198,502 | |||||
Huntsman Corp. | 1,739 | 37,597 | ||||||
International Flavors & Fragrances, Inc. | 1,430 | 177,020 | ||||||
International Paper Co. | 10,029 | 363,752 | ||||||
Linde PLC | 807 | 201,540 | ||||||
LyondellBasell Industries NV, Class A | 2,324 | 152,176 | ||||||
Martin Marietta Materials, Inc. | 552 | 111,984 | ||||||
NewMarket Corp. | 411 | 153,093 | ||||||
Newmont Corp. | 1,418 | 95,403 | ||||||
Nucor Corp. | 7,303 | 331,994 | ||||||
Olin Corp. | 125 | 1,406 | ||||||
Packaging Corp. of America | 3,721 | 376,714 | ||||||
PPG Industries, Inc. | 2,117 | 254,887 | ||||||
Reliance Steel & Aluminum Co. | 6,067 | 636,246 | ||||||
Royal Gold, Inc. | 990 | 134,957 | ||||||
RPM International, Inc. | 3,427 | 290,507 | ||||||
Scotts Miracle-Gro Co. | 3,081 | 519,241 | ||||||
Sealed Air Corp. | 1,232 | 48,418 | ||||||
Sherwin-Williams Co. | 327 | 219,433 | ||||||
Silgan Holdings, Inc. | 5,055 | 192,393 | ||||||
Sonoco Products Co. | 1,860 | 98,636 | ||||||
Southern Copper Corp. | 626 | 30,111 | ||||||
Steel Dynamics, Inc. | 5,382 | 158,877 | ||||||
Valvoline, Inc. | 3,255 | 66,402 | ||||||
Vulcan Materials Co. | 772 | 92,640 | ||||||
W.R. Grace & Co. | 716 | 29,148 | ||||||
Westlake Chemical Corp. (a) | 242 | 14,355 | ||||||
Westrock Co. | 3,305 | 100,241 | ||||||
|
| |||||||
(Cost $7,458,668) | 8,022,255 | |||||||
|
| |||||||
Real Estate — 3.7% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 554 | 93,282 | ||||||
American Campus Communities, Inc. REIT | 121 | 4,102 | ||||||
American Homes 4 Rent, Class A REIT | 1,605 | 45,967 | ||||||
American Tower Corp. REIT | 375 | 93,431 | ||||||
Americold Realty Trust REIT | 1,429 | 54,802 | ||||||
Apartment Investment and Management Co., Class A REIT | 4,070 | 146,642 | ||||||
AvalonBay Communities, Inc. REIT | 755 | 119,335 | ||||||
Boston Properties, Inc. REIT | 431 | 37,441 | ||||||
Brandywine Realty Trust REIT | 949 | 10,562 | ||||||
Brixmor Property Group, Inc. REIT | 1,866 | 22,019 | ||||||
Camden Property Trust REIT | 958 | 87,120 | ||||||
CBRE Group, Inc., Class A* | 7,287 | 342,708 | ||||||
CoreSite Realty Corp. REIT | 846 | 103,593 | ||||||
Corporate Office Properties Trust REIT | 3,207 | 79,020 | ||||||
Cousins Properties, Inc. REIT (a) | 971 | 28,984 | ||||||
Crown Castle International Corp. REIT | 457 | 74,605 | ||||||
CubeSmart REIT | 2,573 | 81,358 | ||||||
CyrusOne, Inc. REIT | 617 | 51,538 | ||||||
Digital Realty Trust, Inc. REIT | 714 | 111,134 | ||||||
Douglas Emmett, Inc. REIT | 2,106 | 58,800 | ||||||
Duke Realty Corp. REIT | 7,003 | 269,966 | ||||||
Equinix, Inc. REIT | 131 | 103,461 | ||||||
Equity Commonwealth REIT | 11,141 | 349,716 | ||||||
Equity LifeStyle Properties, Inc. REIT | 3,675 | 243,616 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Equity Residential REIT | 2,586 | $ | 145,980 | |||||
Essex Property Trust, Inc. REIT | 457 | 98,945 | ||||||
Extra Space Storage, Inc. REIT | 1,442 | 153,645 | ||||||
Federal Realty Investment Trust REIT | 537 | 42,552 | ||||||
First Industrial Realty Trust, Inc. REIT | 5,435 | 231,803 | ||||||
Gaming and Leisure Properties, Inc. REIT | 623 | 22,646 | ||||||
Healthcare Trust of America, Inc., Class A REIT | 892 | 23,540 | ||||||
Healthpeak Properties, Inc. REIT | 689 | 19,044 | ||||||
Highwoods Properties, Inc. REIT | 1,146 | 42,700 | ||||||
Host Hotels & Resorts, Inc. REIT | 11,805 | 132,570 | ||||||
Hudson Pacific Properties, Inc. REIT | 293 | 6,880 | ||||||
Invitation Homes, Inc. REIT | 1,312 | 37,563 | ||||||
Iron Mountain, Inc. REIT (a) | 2,825 | 85,004 | ||||||
JBG SMITH Properties REIT | 679 | 18,788 | ||||||
Jones Lang LaSalle, Inc. | 838 | 86,348 | ||||||
Kilroy Realty Corp. REIT | 654 | 38,272 | ||||||
Kimco Realty Corp. REIT | 1,717 | 20,587 | ||||||
Lamar Advertising Co., Class A REIT | 1,849 | 128,006 | ||||||
Life Storage, Inc. REIT | 1,861 | 196,205 | ||||||
Medical Properties Trust, Inc. REIT | 5,279 | 98,084 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,110 | 130,003 | ||||||
National Retail Properties, Inc. REIT | 813 | 28,813 | ||||||
Omega Healthcare Investors, Inc. REIT | 411 | 12,729 | ||||||
Prologis, Inc. REIT | 1,348 | 137,307 | ||||||
Public Storage REIT | 1,081 | 229,604 | ||||||
Rayonier, Inc. REIT | 889 | 26,030 | ||||||
Realty Income Corp. REIT | 887 | 55,021 | ||||||
Regency Centers Corp. REIT | 426 | 16,916 | ||||||
Rexford Industrial Realty, Inc. REIT (a) | 890 | 42,702 | ||||||
SBA Communications Corp. REIT | 245 | 74,987 | ||||||
Simon Property Group, Inc. REIT | 295 | 20,016 | ||||||
SL Green Realty Corp. REIT (a) | 52 | 2,432 | ||||||
Spirit Realty Capital, Inc. REIT (a) | 574 | 20,383 | ||||||
STORE Capital Corp. REIT | 757 | 20,469 | ||||||
Sun Communities, Inc. REIT | 539 | 80,354 | ||||||
Taubman Centers, Inc. REIT | 1,772 | 67,868 | ||||||
UDR, Inc. REIT | 1,395 | 48,560 | ||||||
VICI Properties, Inc. REIT | 1,491 | 33,309 | ||||||
Vornado Realty Trust REIT (a) | 5,319 | 190,580 | ||||||
Weingarten Realty Investors REIT | 2,604 | 45,492 | ||||||
Welltower, Inc. REIT | 137 | 7,880 | ||||||
Weyerhaeuser Co. REIT | 600 | 18,186 | ||||||
WP Carey, Inc. REIT | 701 | 48,628 | ||||||
|
| |||||||
(Cost $5,452,711) | 5,600,633 | |||||||
|
| |||||||
Utilities — 5.9% | ||||||||
AES Corp. | 13,291 | 235,915 | ||||||
Alliant Energy Corp. | 4,816 | 260,786 | ||||||
Ameren Corp. | 4,885 | 386,452 | ||||||
American Electric Power Co., Inc. | 3,056 | 240,904 | ||||||
American Water Works Co., Inc. | 2,168 | 306,425 | ||||||
Atmos Energy Corp. (a) | 2,295 | 229,087 | ||||||
Avangrid, Inc. | 1,081 | 51,931 | ||||||
CenterPoint Energy, Inc. | 4,500 | 90,315 | ||||||
CMS Energy Corp. | 5,695 | 344,491 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Consolidated Edison, Inc. | 3,952 | $ | 281,936 | |||||
Dominion Energy, Inc. | 1,668 | 130,838 | ||||||
DTE Energy Co. | 1,974 | 234,255 | ||||||
Duke Energy Corp. | 3,632 | 291,795 | ||||||
Edison International | 2,198 | 115,351 | ||||||
Entergy Corp. | 4,107 | 407,168 | ||||||
Essential Utilities, Inc. | 3,308 | 140,590 | ||||||
Evergy, Inc. | 7,476 | 397,873 | ||||||
Eversource Energy | 3,371 | 288,928 | ||||||
Exelon Corp. | 7,602 | 280,590 | ||||||
FirstEnergy Corp. | 7,796 | 222,888 | ||||||
Hawaiian Electric Industries, Inc. | 4,818 | 166,751 | ||||||
IDACORP, Inc. | 1,575 | 141,593 | ||||||
MDU Resources Group, Inc. | 5,370 | 126,839 | ||||||
National Fuel Gas Co. | 4,287 | 195,659 | ||||||
NextEra Energy, Inc. | 598 | 166,944 | ||||||
NiSource, Inc. | 10,487 | 232,392 | ||||||
NRG Energy, Inc. | 9,523 | 327,686 | ||||||
OGE Energy Corp. | 4,594 | 146,365 | ||||||
Pinnacle West Capital Corp. | 2,195 | 161,003 | ||||||
PPL Corp. | 10,140 | 280,168 | ||||||
Public Service Enterprise Group, Inc. | 5,664 | 295,887 | ||||||
Sempra Energy | 1,723 | 213,049 | ||||||
Southern Co. | 5,801 | 302,696 | ||||||
UGI Corp. | 2,319 | 80,075 | ||||||
Vistra Corp. | 17,844 | 343,140 | ||||||
WEC Energy Group, Inc. | 3,894 | 366,348 | ||||||
Xcel Energy, Inc. | 5,201 | 361,339 | ||||||
|
| |||||||
(Cost $8,814,206) | 8,846,452 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 148,026,959 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 50,625 | 50,625 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 1,498,098 | 1,498,098 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $132,193,183) | $ | 149,575,682 | ||||||
Other assets and liabilities, net — 0.2% | 253,315 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 149,828,997 | ||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
August 31, 2020
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
35,815 | 14,810(d | ) | — | — | — | 1,081 | — | 50,625 | 50,625 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
1,501,074 | 7,478,988 | (7,481,964 | ) | — | — | 17,328 | — | 1,498,098 | 1,498,098 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,536,889 | 7,493,798 | (7,481,964 | ) | — | — | 18,409 | — | 1,548,723 | 1,548,723 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $3,558,109, which is 2.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $3,646,279. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
REIT: | Real Estate Investment Trust |
At August 31, 2020, 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 Futures | USD | 3 | $ | 480,300 | $ | 524,835 | 9/18/2020 | $ | 44,535 | |||||||||
E-Mini S&P MidCap 400 Futures | USD | 5 | 898,083 | 962,900 | 9/18/2020 | 64,817 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 109,352 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
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 August 31, 2020 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 (e) | $ | 148,026,959 | $ | — | $ | — | $ | 148,026,959 | ||||||||
Short-Term Investments (e) | 1,548,723 | — | — | 1,548,723 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 109,352 | — | — | 109,352 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 149,685,034 | $ | — | $ | — | $ | 149,685,034 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
August 31, 2019
Number | Value | |||||||
COMMON STOCKS — 99.3% |
| |||||||
Communication Services — 12.9% | ||||||||
Activision Blizzard, Inc. | 601 | $ | 50,195 | |||||
Alphabet, Inc., Class A* | 1,585 | 2,582,805 | ||||||
Alphabet, Inc., Class C* | 1,609 | 2,629,396 | ||||||
AT&T, Inc. | 34,280 | 1,021,887 | ||||||
Comcast Corp., Class A | 666 | 29,843 | ||||||
Discovery, Inc., Class C* | 1,395 | 27,858 | ||||||
Electronic Arts, Inc.* | 2,636 | 367,643 | ||||||
Facebook, Inc., Class A* | 14,655 | 4,296,846 | ||||||
Fox Corp., Class A | 3,524 | 98,179 | ||||||
Fox Corp., Class B(a) | 1,549 | 43,062 | ||||||
Interpublic Group of Cos., Inc. | 2,650 | 47,064 | ||||||
New York Times Co., Class A | 732 | 31,718 | ||||||
News Corp., Class A | 3,142 | 47,507 | ||||||
Omnicom Group, Inc. | 1,409 | 76,213 | ||||||
Take-Two Interactive Software, Inc.* | 725 | 124,113 | ||||||
TripAdvisor, Inc. | 1,238 | 28,932 | ||||||
Verizon Communications, Inc. | 20,576 | 1,219,539 | ||||||
Walt Disney Co. | 2,079 | 274,158 | ||||||
|
| |||||||
(Cost $9,886,205) | 12,996,958 | |||||||
|
| |||||||
Consumer Discretionary — 10.1% | ||||||||
Advance Auto Parts, Inc. | 596 | 93,161 | ||||||
Aptiv PLC | 343 | 29,539 | ||||||
Aramark | 752 | 20,725 | ||||||
AutoZone, Inc.* | 177 | 211,747 | ||||||
Best Buy Co., Inc. | 2,539 | 281,601 | ||||||
Booking Holdings, Inc.* | 429 | 819,583 | ||||||
BorgWarner, Inc.(a) | 2,832 | 114,951 | ||||||
Burlington Stores, Inc.* | 91 | 17,921 | ||||||
Carnival Corp.(a) | 5,551 | 91,481 | ||||||
Carter’s, Inc. | 271 | 21,577 | ||||||
Columbia Sportswear Co. | 234 | 20,023 | ||||||
D.R. Horton, Inc. | 1,167 | 83,289 | ||||||
Darden Restaurants, Inc. | 1,901 | 164,760 | ||||||
Dick’s Sporting Goods, Inc.(a) | 708 | 38,317 | ||||||
Dollar General Corp. | 577 | 116,485 | ||||||
eBay, Inc. | 6,931 | 379,680 | ||||||
Expedia Group, Inc. | 1,296 | 127,202 | ||||||
Foot Locker, Inc. | 1,354 | 41,067 | ||||||
Gap, Inc. | 2,152 | 37,423 | ||||||
Garmin Ltd. | 1,238 | 128,269 | ||||||
Gentex Corp. | 2,887 | 78,093 | ||||||
Genuine Parts Co. | 275 | 25,971 | ||||||
Grand Canyon Education, Inc.* | 223 | 20,971 | ||||||
H&R Block, Inc.(a) | 2,479 | 35,946 | ||||||
Hanesbrands, Inc.(a) | 2,061 | 31,513 | ||||||
Home Depot, Inc. | 6,309 | 1,798,317 | ||||||
Kohl’s Corp.(a) | 1,146 | 24,479 | ||||||
Las Vegas Sands Corp. | 1,733 | 87,880 | ||||||
Lear Corp. | 619 | 70,523 | ||||||
Lennar Corp., Class A | 937 | 70,106 | ||||||
LKQ Corp.* | 1,080 | 34,279 | ||||||
Lowe’s Cos., Inc. | 1,329 | 218,873 | ||||||
Lululemon Athletica, Inc.* | 135 | 50,715 | ||||||
MGM Resorts International(a) | 1,718 | 38,655 | ||||||
Mohawk Industries, Inc.* | 600 | 55,398 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Newell Brands, Inc. | 2,267 | $ | 36,227 | |||||
NIKE, Inc., Class B | 8,790 | 983,513 | ||||||
Norwegian Cruise Line Holdings Ltd.*(a) | 1,685 | 28,830 | ||||||
NVR, Inc.* | 40 | 166,734 | ||||||
O’Reilly Automotive, Inc.* | 114 | 53,082 | ||||||
Polaris, Inc. | 398 | 40,214 | ||||||
PulteGroup, Inc. | 2,219 | 98,945 | ||||||
PVH Corp. | 486 | 27,099 | ||||||
Ralph Lauren Corp. | 655 | 45,084 | ||||||
Ross Stores, Inc. | 2,571 | 234,167 | ||||||
Royal Caribbean Cruises Ltd. | 1,273 | 87,633 | ||||||
Skechers U.S.A., Inc., Class A* | 1,100 | 32,835 | ||||||
Starbucks Corp. | 11,232 | 948,767 | ||||||
Tapestry, Inc. | 3,315 | 48,830 | ||||||
Target Corp. | 5,752 | 869,760 | ||||||
Thor Industries, Inc.(a) | 282 | 26,629 | ||||||
TJX Cos., Inc. | 8,633 | 473,002 | ||||||
Tractor Supply Co. | 712 | 105,967 | ||||||
Ulta Beauty, Inc.* | 350 | 81,263 | ||||||
Vail Resorts, Inc. | 135 | 29,385 | ||||||
VF Corp. | 442 | 29,062 | ||||||
Whirlpool Corp.(a) | 433 | 76,953 | ||||||
Williams-Sonoma, Inc. | 683 | 59,940 | ||||||
Yum China Holdings, Inc. | 900 | 51,939 | ||||||
Yum! Brands, Inc. | 444 | 42,557 | ||||||
|
| |||||||
(Cost $8,373,295) | 10,158,937 | |||||||
|
| |||||||
Consumer Staples — 5.9% | ||||||||
Altria Group, Inc. | 1,799 | 78,688 | ||||||
Casey’s General Stores, Inc. | 220 | 39,127 | ||||||
Clorox Co. | 530 | 118,455 | ||||||
Colgate-Palmolive Co. | 1,114 | 88,296 | ||||||
Costco Wholesale Corp. | 4,295 | 1,493,200 | ||||||
Estee Lauder Cos., Inc., Class A | 1,724 | 382,245 | ||||||
Hershey Co. | 619 | 92,008 | ||||||
Hormel Foods Corp.(a) | 2,143 | 109,250 | ||||||
Ingredion, Inc. | 484 | 38,933 | ||||||
Kimberly-Clark Corp. | 1,688 | 266,299 | ||||||
Lamb Weston Holdings, Inc. | 525 | 32,996 | ||||||
Monster Beverage Corp.* | 2,233 | 187,259 | ||||||
PepsiCo, Inc. | 1,687 | 236,281 | ||||||
Philip Morris International, Inc. | 10,086 | 804,762 | ||||||
Procter & Gamble Co. | 1,060 | 146,630 | ||||||
Spectrum Brands Holdings, Inc. | 452 | 26,939 | ||||||
Sysco Corp. | 5,106 | 307,075 | ||||||
Walgreens Boots Alliance, Inc. | 10,478 | 398,374 | ||||||
Walmart, Inc. | 7,932 | 1,101,358 | ||||||
|
| |||||||
(Cost $4,982,705) | 5,948,175 | |||||||
|
| |||||||
Energy — 5.2% | ||||||||
Cabot Oil & Gas Corp. | 5,335 | 101,205 | ||||||
Chevron Corp. | 20,559 | 1,725,517 | ||||||
Concho Resources, Inc. | 875 | 45,482 | ||||||
ConocoPhillips | 14,744 | 558,650 | ||||||
Devon Energy Corp. | 3,598 | 39,110 | ||||||
Diamondback Energy, Inc. | 1,056 | 41,142 | ||||||
EOG Resources, Inc. | 9,031 | 409,466 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2019
Number | Value | |||||||
Energy (Continued) | ||||||||
Exxon Mobil Corp. | 36,020 | $ | 1,438,639 | |||||
Helmerich & Payne, Inc. | 1,614 | 26,599 | ||||||
HollyFrontier Corp. | 1,456 | 34,755 | ||||||
Marathon Oil Corp. | 6,878 | 36,316 | ||||||
Marathon Petroleum Corp. | 7,624 | 270,347 | ||||||
Occidental Petroleum Corp. | 2,815 | 35,863 | ||||||
Parsley Energy, Inc., Class A | 1,747 | 18,780 | ||||||
Phillips 66 | 1,457 | 85,191 | ||||||
Pioneer Natural Resources Co. | 2,029 | 210,874 | ||||||
Valero Energy Corp. | 1,416 | 74,467 | ||||||
WPX Energy, Inc.* | 3,342 | 18,581 | ||||||
|
| |||||||
(Cost $7,736,434) | 5,170,984 | |||||||
|
| |||||||
Financials — 8.1% | ||||||||
Allstate Corp. | 1,193 | 110,949 | ||||||
Apollo Global Management, Inc. | 1,614 | 75,648 | ||||||
Arch Capital Group Ltd.* | 1,637 | 51,631 | ||||||
Berkshire Hathaway, Inc., Class B* | 19,405 | 4,231,066 | ||||||
Cboe Global Markets, Inc. | 376 | 34,513 | ||||||
Cincinnati Financial Corp. | 2,073 | 164,617 | ||||||
Credit Acceptance Corp.*(a) | 139 | 53,765 | ||||||
Eaton Vance Corp. | 1,867 | 76,584 | ||||||
Erie Indemnity Co., Class A(a) | 244 | 52,079 | ||||||
Evercore, Inc., Class A | 1,088 | 67,325 | ||||||
FactSet Research Systems, Inc.(a) | 205 | 71,832 | ||||||
Fidelity National Financial, Inc. | 4,554 | 149,508 | ||||||
First American Financial Corp. | 1,037 | 54,515 | ||||||
Franklin Resources, Inc. | 3,917 | 82,492 | ||||||
Lazard Ltd., Class A | 1,732 | 54,852 | ||||||
LPL Financial Holdings, Inc. | 1,235 | 101,468 | ||||||
Markel Corp.* | 60 | 65,210 | ||||||
MarketAxess Holdings, Inc. | 133 | 64,630 | ||||||
Marsh & McLennan Cos., Inc. | 1,045 | 120,081 | ||||||
MGIC Investment Corp. | 8,470 | 77,670 | ||||||
Moody’s Corp. | 1,148 | 338,247 | ||||||
MSCI, Inc. | 503 | 187,755 | ||||||
Old Republic International Corp. | 1,723 | 27,758 | ||||||
Progressive Corp. | 6,696 | 636,388 | ||||||
S&P Global, Inc. | 1,767 | 647,464 | ||||||
SEI Investments Co. | 1,427 | 74,718 | ||||||
T. Rowe Price Group, Inc. | 2,771 | 385,751 | ||||||
TD Ameritrade Holding Corp. | 1,673 | 64,210 | ||||||
White Mountains Insurance Group Ltd. | 25 | 22,285 | ||||||
|
| |||||||
(Cost $6,630,479) | 8,145,011 | |||||||
|
| |||||||
Health Care — 16.4% | ||||||||
AbbVie, Inc. | 11,795 | 1,129,607 | ||||||
ABIOMED, Inc.* | 183 | 56,294 | ||||||
Agilent Technologies, Inc. | 259 | 26,009 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,897 | 216,675 | ||||||
Align Technology, Inc.* | 430 | 127,701 | ||||||
AmerisourceBergen Corp. | 2,071 | 200,949 | ||||||
Amgen, Inc. | 3,993 | 1,011,507 | ||||||
Anthem, Inc. | 1,840 | 517,997 | ||||||
Baxter International, Inc. | 632 | 55,028 | ||||||
Biogen, Inc.* | 2,972 | 854,866 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 167 | 84,935 | ||||||
Bristol-Myers Squibb Co. | 3,733 | 232,193 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Cardinal Health, Inc. | 3,443 | $ | 174,767 | |||||
Cerner Corp. | 2,117 | 155,324 | ||||||
Chemed Corp. | 88 | 45,506 | ||||||
Cigna Corp. | 6,177 | 1,095,614 | ||||||
CVS Health Corp. | 9,993 | 620,765 | ||||||
DaVita, Inc.* | 898 | 77,910 | ||||||
Edwards Lifesciences Corp.* | 3,139 | 269,452 | ||||||
Eli Lilly and Co. | 4,340 | 644,013 | ||||||
Exelixis, Inc.* | 2,006 | 44,573 | ||||||
Gilead Sciences, Inc. | 1,881 | 125,557 | ||||||
HCA Healthcare, Inc. | 1,130 | 153,364 | ||||||
Henry Schein, Inc.* | 1,454 | 96,604 | ||||||
Humana, Inc. | 1,984 | 823,697 | ||||||
Illumina, Inc.* | 582 | 207,902 | ||||||
Incyte Corp.* | 749 | 72,166 | ||||||
Intuitive Surgical, Inc.* | 425 | 310,607 | ||||||
Ionis Pharmaceuticals, Inc.* | 496 | 27,032 | ||||||
Jazz Pharmaceuticals PLC* | 390 | 52,412 | ||||||
Johnson & Johnson | 18,839 | 2,890,091 | ||||||
McKesson Corp. | 3,132 | 480,574 | ||||||
Merck & Co., Inc. | 13,939 | 1,188,579 | ||||||
Mettler-Toledo International, Inc.* | 119 | 115,523 | ||||||
Regeneron Pharmaceuticals, Inc.* | 582 | 360,799 | ||||||
UnitedHealth Group, Inc. | 5,080 | 1,587,754 | ||||||
Universal Health Services, Inc., Class B | 642 | 70,845 | ||||||
Varian Medical Systems, Inc.* | 531 | 92,219 | ||||||
Waters Corp.* | 505 | 109,211 | ||||||
West Pharmaceutical Services, Inc. | 341 | 96,830 | ||||||
|
| |||||||
(Cost $14,732,570) | 16,503,451 | |||||||
|
| |||||||
Industrials — 9.0% | ||||||||
3M Co. | 891 | 145,251 | ||||||
A O Smith Corp. | 1,620 | 79,331 | ||||||
Acuity Brands, Inc.(a) | 663 | 72,459 | ||||||
AECOM* | 658 | 25,998 | ||||||
AGCO Corp. | 691 | 49,130 | ||||||
Alaska Air Group, Inc. | 2,221 | 86,508 | ||||||
Allegion PLC | 325 | 33,602 | ||||||
Allison Transmission Holdings, Inc. | 1,081 | 38,775 | ||||||
American Airlines Group, Inc.(a) | 1,779 | 23,216 | ||||||
Boeing Co. | 1,182 | 203,091 | ||||||
C.H. Robinson Worldwide, Inc.(a) | 434 | 42,662 | ||||||
Carlisle Cos., Inc. | 333 | 43,606 | ||||||
Carrier Global Corp. | 12,186 | 363,752 | ||||||
Caterpillar, Inc. | 2,440 | 347,236 | ||||||
Copa Holdings SA, Class A(a) | 517 | 27,530 | ||||||
Copart, Inc.* | 1,139 | 117,681 | ||||||
Cummins, Inc. | 2,559 | 530,353 | ||||||
Curtiss-Wright Corp. | 246 | 25,171 | ||||||
Delta Air Lines, Inc. | 11,762 | 362,858 | ||||||
Donaldson Co., Inc.(a) | 695 | 35,000 | ||||||
Eaton Corp. PLC | 2,328 | 237,689 | ||||||
Emerson Electric Co. | 5,287 | 367,288 | ||||||
Expeditors International of Washington, Inc. | 1,675 | 148,053 | ||||||
Fastenal Co. | 3,860 | 188,600 | ||||||
FedEx Corp. | 1,278 | 280,956 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2019
Number | Value | |||||||
Industrials (Continued) | ||||||||
Fortune Brands Home & Security, Inc. | 709 | $ | 59,613 | |||||
FTI Consulting, Inc.* | 214 | 24,559 | ||||||
Graco, Inc. | 1,205 | 69,914 | ||||||
HD Supply Holdings, Inc.* | 764 | 30,300 | ||||||
HEICO Corp., Class A | 310 | 27,708 | ||||||
Hexcel Corp. | 864 | 34,033 | ||||||
Honeywell International, Inc. | 869 | 143,863 | ||||||
Howmet Aerospace, Inc. | 1,391 | 24,370 | ||||||
Hubbell, Inc. | 273 | 39,563 | ||||||
Huntington Ingalls Industries, Inc. | 484 | 73,336 | ||||||
IAA, Inc.* | 487 | 25,480 | ||||||
IDEX Corp. | 262 | 47,220 | ||||||
Illinois Tool Works, Inc. | 1,887 | 372,777 | ||||||
ITT, Inc. | 937 | 58,853 | ||||||
JB Hunt Transport Services, Inc. | 937 | 131,686 | ||||||
JetBlue Airways Corp.* | 4,565 | 52,589 | ||||||
Johnson Controls International PLC | 5,413 | 220,471 | ||||||
Knight-Swift Transportation Holdings, Inc.(a) | 1,419 | 64,508 | ||||||
Landstar System, Inc. | 395 | 52,571 | ||||||
Lincoln Electric Holdings, Inc. | 518 | 50,096 | ||||||
Lockheed Martin Corp. | 1,913 | 746,567 | ||||||
ManpowerGroup, Inc. | 596 | 43,693 | ||||||
Masco Corp. | 1,512 | 88,150 | ||||||
MSC Industrial Direct Co., Inc., Class A | 531 | 34,993 | ||||||
Old Dominion Freight Line, Inc. | 716 | 144,761 | ||||||
Oshkosh Corp. | 1,178 | 90,718 | ||||||
Otis Worldwide Corp. | 3,441 | 216,439 | ||||||
Owens Corning | 463 | 31,317 | ||||||
PACCAR, Inc. | 2,169 | 186,187 | ||||||
Parker-Hannifin Corp. | 700 | 144,207 | ||||||
Robert Half International, Inc. | 1,385 | 73,682 | ||||||
Rockwell Automation, Inc. | 909 | 209,552 | ||||||
Snap-on, Inc. | 509 | 75,469 | ||||||
Southwest Airlines Co. | 11,531 | 433,335 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 1,150 | 23,644 | ||||||
Stanley Black & Decker, Inc. | 592 | 95,490 | ||||||
Textron, Inc. | 1,167 | 46,015 | ||||||
Trane Technologies PLC | 1,029 | 121,823 | ||||||
Trex Co., Inc.* | 219 | 32,738 | ||||||
Union Pacific Corp. | 659 | 126,818 | ||||||
United Airlines Holdings, Inc.*(a) | 2,294 | 82,584 | ||||||
United Parcel Service, Inc., Class B | 1,208 | 197,653 | ||||||
United Rentals, Inc.*(a) | 527 | 93,305 | ||||||
Vertiv Holdings Co.* | 1,479 | 24,004 | ||||||
W.W. Grainger, Inc. | 355 | 129,728 | ||||||
Watsco, Inc. | 269 | 65,902 | ||||||
Woodward, Inc. | 296 | 25,364 | ||||||
|
| |||||||
(Cost $8,244,333) | 9,063,444 | |||||||
|
| |||||||
Information Technology — 27.8% | ||||||||
Accenture PLC, Class A | 4,902 | 1,176,137 | ||||||
Adobe, Inc.* | 1,895 | 972,874 | ||||||
Amdocs Ltd. | 1,313 | 80,395 | ||||||
Apple, Inc. | 52,976 | 6,836,023 | ||||||
Applied Materials, Inc. | 3,470 | 213,752 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Arista Networks, Inc.* | 353 | $ | 78,878 | |||||
Arrow Electronics, Inc.* | 394 | 30,953 | ||||||
Automatic Data Processing, Inc. | 2,660 | 369,979 | ||||||
Avnet, Inc. | 1,348 | 37,084 | ||||||
Broadridge Financial Solutions, Inc. | 849 | 116,653 | ||||||
Cadence Design Systems, Inc.* | 1,274 | 141,299 | ||||||
CDW Corp. | 548 | 62,280 | ||||||
Ciena Corp.* | 1,587 | 90,094 | ||||||
Cirrus Logic, Inc.* | 333 | 20,176 | ||||||
Cisco Systems, Inc. | 37,193 | 1,570,288 | ||||||
Citrix Systems, Inc. | 821 | 119,209 | ||||||
Cognizant Technology Solutions Corp., Class A | 6,773 | 452,843 | ||||||
Dolby Laboratories, Inc., Class A | 525 | 36,671 | ||||||
Enphase Energy, Inc.* | 435 | 33,595 | ||||||
F5 Networks, Inc.* | 458 | 60,607 | ||||||
Fortinet, Inc.* | 644 | 85,011 | ||||||
Hewlett Packard Enterprise Co. | 8,512 | 82,311 | ||||||
HP, Inc. | 32,236 | 630,214 | ||||||
Intel Corp. | 58,326 | 2,971,710 | ||||||
International Business Machines Corp. | 160 | 19,730 | ||||||
Intuit, Inc. | 1,107 | 382,347 | ||||||
IPG Photonics Corp.*(a) | 244 | 39,462 | ||||||
Jabil, Inc. | 2,072 | 70,759 | ||||||
Jack Henry & Associates, Inc. | 370 | 61,205 | ||||||
Keysight Technologies, Inc.* | 1,297 | 127,780 | ||||||
KLA Corp. | 224 | 45,951 | ||||||
Lam Research Corp. | 1,512 | 508,546 | ||||||
Leidos Holdings, Inc. | 487 | 44,069 | ||||||
Manhattan Associates, Inc.* | 372 | 36,177 | ||||||
Mastercard, Inc., Class A | 5,575 | 1,996,909 | ||||||
Maxim Integrated Products, Inc. | 2,070 | 141,671 | ||||||
Micron Technology, Inc.* | 17,783 | 809,304 | ||||||
Microsoft Corp. | 115 | 25,936 | ||||||
National Instruments Corp. | 908 | 32,588 | ||||||
NetApp, Inc. | 3,067 | 145,345 | ||||||
NortonLifeLock, Inc. | 4,700 | 110,544 | ||||||
NVIDIA Corp. | 2,813 | 1,504,899 | ||||||
Oracle Corp. | 11,515 | 658,888 | ||||||
Paychex, Inc. | 2,112 | 161,505 | ||||||
PayPal Holdings, Inc.* | 1,011 | 206,386 | ||||||
Science Applications International Corp. | 460 | 38,392 | ||||||
Skyworks Solutions, Inc. | 1,539 | 222,924 | ||||||
SolarEdge Technologies, Inc.* | 181 | 40,028 | ||||||
SYNNEX Corp. | 355 | 45,138 | ||||||
Synopsys, Inc.* | 526 | 116,404 | ||||||
Teradyne, Inc. | 1,413 | 120,063 | ||||||
Texas Instruments, Inc. | 7,841 | 1,114,598 | ||||||
Universal Display Corp. | 156 | 27,378 | ||||||
VeriSign, Inc.* | 464 | 99,667 | ||||||
Visa, Inc., Class A(a) | 11,257 | 2,386,371 | ||||||
Western Union Co. | 7,911 | 186,621 | ||||||
Xerox Holdings Corp. | 1,382 | 26,065 | ||||||
Xilinx, Inc. | 1,509 | 157,177 | ||||||
|
| |||||||
(Cost $20,436,801) | 27,979,863 | |||||||
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2019
Number | Value | |||||||
Materials — 2.1% | ||||||||
Air Products and Chemicals, Inc. | 1,240 | $ | 362,402 | |||||
Cabot Corp. | 674 | 24,945 | ||||||
Celanese Corp. | 878 | 88,810 | ||||||
CF Industries Holdings, Inc. | 1,430 | 46,661 | ||||||
Corteva, Inc. | 3,452 | 98,555 | ||||||
Dow, Inc. | 4,601 | 207,597 | ||||||
DuPont de Nemours, Inc. | 711 | 39,645 | ||||||
International Paper Co. | 2,613 | 94,774 | ||||||
Linde PLC | 2,084 | 520,458 | ||||||
LyondellBasell Industries NV, Class A | 3,029 | 198,339 | ||||||
Nucor Corp. | 3,238 | 147,200 | ||||||
Packaging Corp. of America | 668 | 67,628 | ||||||
PPG Industries, Inc. | 261 | 31,424 | ||||||
Reliance Steel & Aluminum Co. | 927 | 97,215 | ||||||
Scotts Miracle-Gro Co. | 170 | 28,650 | ||||||
Steel Dynamics, Inc. | 1,916 | 56,560 | ||||||
|
| |||||||
(Cost $2,021,388) | 2,110,863 | |||||||
|
| |||||||
Real Estate — 1.2% | ||||||||
Apartment Investment and Management Co., Class A REIT | 1,241 | 44,713 | ||||||
CBRE Group, Inc., Class A* | 5,624 | 264,497 | ||||||
Equity Commonwealth REIT | 1,050 | 32,960 | ||||||
Healthpeak Properties, Inc. REIT | 772 | 21,338 | ||||||
Host Hotels & Resorts, Inc. REIT | 8,867 | 99,577 | ||||||
Jones Lang LaSalle, Inc. | 359 | 36,991 | ||||||
Lamar Advertising Co., Class A REIT | 410 | 28,384 | ||||||
Medical Properties Trust, Inc. REIT | 1,738 | 32,292 | ||||||
Public Storage REIT | 1,231 | 261,464 | ||||||
Simon Property Group, Inc. REIT | 3,067 | 208,096 | ||||||
Vornado Realty Trust REIT(a) | 3,199 | 114,620 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Weingarten Realty Investors REIT | 1,762 | $ | 30,782 | |||||
|
| |||||||
(Cost $1,489,220) | 1,175,714 | |||||||
|
| |||||||
Utilities — 0.6% | ||||||||
AES Corp. | 2,888 | 51,262 | ||||||
Evergy, Inc. | 1,017 | 54,125 | ||||||
Exelon Corp. | 4,856 | 179,235 | ||||||
NRG Energy, Inc. | 4,529 | 155,843 | ||||||
Public Service Enterprise Group, Inc. | 1,766 | 92,256 | ||||||
Vistra Corp. | 4,396 | 84,535 | ||||||
|
| |||||||
(Cost $648,308) | 617,256 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 99,870,656 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04%(b)(c) | 37,088 | 37,088 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.5% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06%(b) | 483,373 | 483,373 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% | $ | 100,391,117 | ||||||
Other assets and liabilities, net — 0.2% | 177,004 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 100,568,121 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04%(b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 37,088(d | ) | — | — | — | 356 | — | 37,088 | 37,088 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06%(b) |
| |||||||||||||||||||||||||||||||||||
3,716,009 | 3,634,361 | (6,866,997 | ) | — | — | 9,519 | — | 483,373 | 483,373 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,716,009 | 3,671,449 | (6,866,997 | ) | — | — | 9,875 | — | 520,461 | 520,461 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $1,322,693, which is 1.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,353,043. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2019
At August 31, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
E-Mini Russell 1000 Index | USD | 1 | $ | 90,580 | $ | 97,310 | 9/18/2020 | $ | 6,730 | |||||||||
E-Mini S&P 500 Futures | USD | 3 | 459,300 | 524,835 | 9/18/2020 | 65,535 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 72,265 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
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 August 31, 2020 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(e) | $ | 99,870,656 | $ | — | $ | — | $ | 99,870,656 | ||||||||
Short-Term Investments(e) | 520,461 | — | — | 520,461 | ||||||||||||
Derivatives(f) | ||||||||||||||||
Futures Contracts | 72,265 | — | — | 72,265 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 100,463,382 | $ | — | $ | — | $ | 100,463,382 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
August 31, 2020
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | Xtrackers MSCI Kokusai Equity ETF | Xtrackers Russell 1000 Comprehensive Factor ETF | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 71,932,814 | $ | 131,256,143 | $ | 148,026,959 | $ | 99,870,656 | ||||||||
Investment in affiliated securities at value | 7,951 | 62,816 | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 15,272 | 358,192 | 1,498,098 | 483,373 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 1,188,901 | 70,099 | 50,625 | 37,088 | ||||||||||||
Cash | — | — | 26 | — | ||||||||||||
Foreign currency at value | 145,326 | 140,049 | — | — | ||||||||||||
Deposit with broker for futures contracts | 35,200 | 20,800 | 103,500 | 42,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 28,337 | 43,757 | — | — | ||||||||||||
Capital shares | — | 16,846 | — | — | ||||||||||||
Variation margin on futures contracts | — | 30,213 | — | — | ||||||||||||
Dividends | 193,312 | 215,784 | 231,957 | 188,313 | ||||||||||||
Securities lending income | 806 | 144 | 569 | 230 | ||||||||||||
Foreign tax reclaim | 34,872 | 10,630 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 73,582,791 | $ | 132,225,473 | $ | 149,911,734 | $ | 100,621,660 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,188,901 | $ | 70,099 | $ | 50,625 | $ | 37,088 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 483,247 | — | — | ||||||||||||
Investment advisory fees | 14,425 | 9,214 | 21,287 | 15,626 | ||||||||||||
Variation margin on futures contracts | 2,860 | — | 10,825 | 825 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 1,206,186 | 562,560 | 82,737 | 53,539 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 72,376,605 | $ | 131,662,913 | $ | 149,828,997 | $ | 100,568,121 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 76,776,044 | $ | 107,711,432 | $ | 156,789,988 | $ | 90,444,321 | ||||||||
Distributable earnings (loss) | (4,399,439 | ) | 23,951,481 | (6,960,991 | ) | 10,123,800 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 72,376,605 | $ | 131,662,913 | $ | 149,828,997 | $ | 100,568,121 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 2,600,001 | 2,000,001 | 4,300,001 | 3,200,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 27.84 | $ | 65.83 | $ | 34.84 | $ | 31.43 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 64,640,338 | $ | 108,159,754 | $ | 130,644,460 | $ | 85,181,738 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | 6,282 | $ | 44,214 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,572,218 | $ | 575,618 | $ | 3,558,109 | $ | 1,322,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 15,272 | $ | 358,192 | $ | 1,498,098 | $ | 483,373 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 1,188,901 | $ | 70,099 | $ | 50,625 | $ | 37,088 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 529,707 | $ | 530,595 | $ | 3,646,279 | $ | 1,353,043 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 141,688 | $ | 136,293 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
For the Year Ended August 31, 2020
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | Xtrackers MSCI Kokusai Equity ETF(1) | Xtrackers Russell 1000 Comprehensive Factor ETF | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 1,868,965 | $ | 799,208 | $ | 3,518,779 | $ | 2,042,257 | ||||||||
Income distributions from affiliated funds | 1,303 | 178 | 17,328 | 9,519 | ||||||||||||
Affiliated securities lending income | 5,726 | 19 | 1,081 | 356 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 5,597 | 1,139 | 21,945 | 6,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,881,591 | 800,544 | 3,559,133 | 2,058,441 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 252,500 | 33,206 | 300,072 | 191,789 | ||||||||||||
Other expenses | 57 | — | 57 | 400 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 252,557 | 33,206 | 300,129 | 192,189 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (79,472 | ) | (80 | ) | (1,206 | ) | (544 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 173,085 | 33,126 | 298,923 | 191,645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 1,708,506 | 767,418 | 3,260,210 | 1,866,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (7,579,967 | ) | 18,917 | (13,271,410 | ) | (4,566,531 | ) | |||||||||
Investments in affiliates | (5,393 | ) | 1,015 | — | — | |||||||||||
In-kind redemptions | 910,775 | 1,199,697 | 12,294,371 | 9,068,919 | ||||||||||||
In-kind redemptions in affiliates | (39 | ) | — | — | — | |||||||||||
Futures contracts | 63,010 | 56,004 | (271,212 | ) | 42,984 | |||||||||||
Foreign currency transactions | 1,528 | (7,059 | ) | — | — | |||||||||||
Payments by Affiliates (see note 8) | — | 26,486 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (6,610,086 | ) | 1,295,060 | (1,248,251 | ) | 4,545,372 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 8,932,501 | 23,096,389 | (2,119,955 | ) | 10,901,013 | |||||||||||
Investments in affiliates | 1,669 | 18,602 | — | — | ||||||||||||
Futures contracts | 33,440 | 19,965 | 113,997 | 9,957 | ||||||||||||
Foreign currency translations | 14,100 | 6,004 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 8,981,710 | 23,140,960 | (2,005,958 | ) | 10,910,970 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 2,371,624 | 24,436,020 | (3,254,209 | ) | 15,456,342 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,080,130 | $ | 25,203,438 | $ | 6,001 | $ | 17,323,138 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 195,268 | $ | 38,484 | $ | 783 | $ | 460 |
(1) | For the period April 8, 2020 (commencement of operations) through August 31, 2020. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | Xtrackers MSCI Kokusai Equity ETF | |||||||||||
Year Ended August 31, 2020 | Year Ended August 31, 2019 | For the Period April 8, 2020(1) to August 31, 2020 | ||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||
Net investment income (loss) | $ | 1,708,506 | $ | 2,231,326 | $ | 767,418 | ||||||
Net realized gain (loss) | (6,610,086 | ) | (2,782,464 | ) | 1,295,060 | |||||||
Net change in net unrealized appreciation (depreciation) | 8,981,710 | (1,883,278 | ) | 23,140,960 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 4,080,130 | (2,434,416 | ) | 25,203,438 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders | (2,471,676 | ) | (2,029,470 | ) | — | |||||||
|
|
|
|
|
| |||||||
Fund Shares Transactions | ||||||||||||
Proceeds from shares sold | 13,809,804 | 34,949,614 | 115,024,649 | |||||||||
Value of shares redeemed | (15,395,512 | ) | (17,258,305 | ) | (8,565,224 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,585,708 | ) | 17,691,309 | 106,459,425 | ||||||||
|
|
|
|
|
| |||||||
Total net increase (decrease) in Net Assets | 22,746 | 13,227,423 | 131,662,863 | |||||||||
Net Assets | ||||||||||||
Beginning of period | 72,353,859 | 59,126,436 | 50 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 72,376,605 | $ | 72,353,859 | $ | 131,662,913 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding | ||||||||||||
Shares outstanding, beginning of period | 2,700,001 | 2,050,001 | 1 | |||||||||
Shares sold | 550,000 | 1,300,000 | 2,150,000 | |||||||||
Shares redeemed | (650,000 | ) | (650,000 | ) | (150,000 | ) | ||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 2,600,001 | 2,700,001 | 2,000,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Russell 1000 Comprehensive Factor ETF | �� | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | ||||||||||||||
Year Ended August 31, 2020 | Year Ended August 31, 2019 | Year Ended August 31, 2020 | Year Ended August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 3,260,210 | $ | 3,286,586 | $ | 1,866,796 | $ | 1,978,165 | ||||||||
Net realized gain (loss) | (1,248,251 | ) | (767,812 | ) | 4,545,372 | 4,286,115 | ||||||||||
Net change in net unrealized appreciation (depreciation) | (2,005,958 | ) | 2,660,930 | 10,910,970 | (119,010 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 6,001 | 5,179,704 | 17,323,138 | 6,145,270 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (3,463,473 | ) | (3,011,382 | ) | (2,168,938 | ) | (1,746,917 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 74,739,642 | 73,507,056 | 24,136,207 | 82,359,575 | ||||||||||||
Value of shares redeemed | (124,756,049 | ) | (43,711,180 | ) | (49,740,049 | ) | (37,153,935 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (50,016,407 | ) | 29,795,876 | (25,603,842 | ) | 45,205,640 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (53,473,879 | ) | 31,964,198 | (10,449,642 | ) | 49,603,993 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 203,302,876 | 171,338,678 | 111,017,763 | 61,413,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 149,828,997 | $ | 203,302,876 | $ | 100,568,121 | $ | 111,017,763 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 6,000,001 | 5,050,001 | 4,100,001 | 2,250,001 | ||||||||||||
Shares sold | 2,250,000 | 2,300,000 | 900,000 | 3,250,000 | ||||||||||||
Shares redeemed | (3,950,000 | ) | (1,350,000 | ) | (1,800,000 | ) | (1,400,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 4,300,001 | 6,000,001 | 3,200,001 | 4,100,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2016(a) | ||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 26.80 | $ | 28.84 | $ | 28.17 | $ | 25.41 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (b) | 0.62 | 0.83 | 0.77 | 0.54 | 0.52 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.32 | (2.11 | ) | 0.72 | 3.19 | 0.27 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.94 | (1.28 | ) | 1.49 | 3.73 | 0.79 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.90 | ) | (0.76 | ) | (0.82 | ) | (0.97 | ) | (0.38 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.90 | ) | (0.76 | ) | (0.82 | ) | (0.97 | ) | (0.38 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 27.84 | $ | 26.80 | $ | 28.84 | $ | 28.17 | $ | 25.41 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 7.49 | (c) | (4.51 | )(c) | 5.32 | 15.16 | 3.21 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 72 | 72 | 59 | 15 | 3 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.35 | 0.36 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.24 | 0.29 | 0.35 | 0.35 | 0.36 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.37 | 3.05 | 2.62 | 2.10 | 2.77 | * | ||||||||||||||
Portfolio turnover rate (%) (d) | 43 | 51 | 45 | 45 | 35 | ** | ||||||||||||||
Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data | Period Ended 8/31/2020(e) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 50.00 | ||||||||||||||||||
|
| |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (b) | 0.49 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 15.34 | |||||||||||||||||||
|
| |||||||||||||||||||
Total from investment operations | 15.83 | |||||||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 65.83 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Return (%) (c) | 31.66 | ** | ||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 132 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.09 | * | ||||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | ||||||||||||||||||
Ratio of net investment income (loss) (%) | 2.08 | * | ||||||||||||||||||
Portfolio turnover rate (%)(d) | 7 | ** |
(a) | For the period November 24, 2015 (commencement of operations) through August 31, 2016. |
(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 April 8, 2020 (commencement of operations) through August 31, 2020. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Russell 1000 Comprehensive Factor ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2016(a) | ||||||||||||||||||
2020 | 2019 | 2018 | 2017 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 33.88 | $ | 33.93 | $ | 29.47 | $ | 26.76 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.62 | 0.57 | 0.52 | 0.51 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.96 | (c) | (0.09 | )(c) | 4.44 | 2.85 | 1.60 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.58 | 0.48 | 4.96 | 3.36 | 2.00 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.62 | ) | (0.53 | ) | (0.50 | ) | (0.65 | ) | (0.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.62 | ) | (0.53 | ) | (0.50 | ) | (0.65 | ) | (0.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 34.84 | $ | 33.88 | $ | 33.93 | $ | 29.47 | $ | 26.76 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 4.93 | (d) | 1.53 | (d) | 16.97 | (d) | 12.75 | (d) | 8.06 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 150 | 203 | 171 | 100 | 21 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.17 | 0.17 | 0.19 | 0.23 | 0.25 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.17 | 0.17 | 0.18 | 0.21 | 0.25 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 1.85 | 1.77 | 1.62 | 1.83 | 2.01 | * | ||||||||||||||
Portfolio turnover rate (%)(e) | 47 | 48 | 45 | 67 | 64 | ** | ||||||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2018(f) | ||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.08 | $ | 27.29 | $ | 25.00 | ||||||||||||||
|
|
|
|
|
| |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.52 | 0.51 | 0.21 | |||||||||||||||||
Net realized and unrealized gain (loss) | 4.42 | (0.25 | )(c) | 2.16 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||
Total from investment operations | 4.94 | 0.26 | 2.37 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.59 | ) | (0.47 | ) | (0.08 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||
Total distributions | (0.59 | ) | (0.47 | ) | (0.08 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||
Net Asset Value, end of period | $ | 31.43 | $ | 27.08 | $ | 27.29 | ||||||||||||||
|
|
|
|
|
| |||||||||||||||
Total Return (%) | 18.72 | (d) | 1.03 | (d) | 9.52 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 101 | 111 | 61 | |||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.19 | 0.19 | 0.19 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.19 | 0.19 | 0.19 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.85 | 1.93 | 2.00 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 22 | 31 | 26 | ** |
(a) | For the period November 24, 2015 (commencement of operations) through August 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(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 5, 2018 (commencement of operations) through August 31, 2018. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2020, the Trust consists of thirty-three 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 Comprehensive Factor ETF |
Xtrackers MSCI Kokusai Equity ETF |
Xtrackers Russell 1000 Comprehensive Factor ETF |
Xtrackers Russell 1000 US Quality at a Reasonable Price 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, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | FTSE Developed ex US Comprehensive Factor Index | |
Xtrackers MSCI Kokusai Equity ETF | MSCI Kokusai Index | |
Xtrackers Russell 1000 Comprehensive Factor ETF Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | Russell 1000 Comprehensive Factor Index Russell 1000 2Qual/Val 5% Capped Factor Index |
The FTSE Developed ex US Comprehensive Factor 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). 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 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 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.
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
61
DBX ETF Trust
Notes to Financial Statements (Continued)
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.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Xtrackers MSCI Kokusai Equity ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF is diversified. Xtrackers MSCI Kokusai Equity ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF are non-diversified and is not limited by the 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 amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
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 Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
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DBX ETF Trust
Notes to Financial Statements (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 Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; 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, except Xtrackers MSCI Kokusai Equity ETF to pay out dividends from its net investment income, if any, to investors quarterly. It is the policy of Xtrackers MSCI Kokusai Equity ETF to pay out dividends from its net investment income, if any, to investors annually. 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.
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DBX ETF Trust
Notes to Financial Statements (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 year ended August 31, 2020, the Funds did not incur any interest or penalties.
As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Undistributed Long-Term Capital Gains | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | ||||||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 1,052,093 | $ | — | $ | (11,125,767 | ) | $ | 5,674,235 | $ | (4,399,439 | ) | ||||||||
Xtrackers MSCI Kokusai Equity ETF | 927,367 | 35,128 | — | 22,988,986 | 23,951,481 | |||||||||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 551,729 | — | (22,728,499 | ) | 15,215,779 | (6,960,991 | ) | |||||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 326,388 | — | (3,502,026 | ) | 13,299,438 | 10,123,800 |
The tax character of dividends and distributions declared for the years ended August 31, 2020 and August 31, 2019 were as follows:
Year Ended August 31, 2020 | ||||
Ordinary Income* | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 2,471,676 | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 3,463,473 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 2,168,938 | |||
Year Ended August 31, 2019 | ||||
Ordinary Income* | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 2,029,470 | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 3,011,382 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 1,746,917 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2020, 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 Comprehensive Factor ETF | $ | 5,483,816 | $ | 5,641,951 | $ | 11,125,767 | ||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 14,547,840 | 8,180,659 | 22,728,499 | |||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 769,625 | 2,732,401 | 3,502,026 |
For the fiscal year ended August 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.
Distributable earnings (loss) | Paid-In Capital | |||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | (618,504 | ) | $ | 618,504 | |||
Xtrackers MSCI Kokusai Equity ETF | (1,251,957 | ) | 1,251,957 | |||||
Xtrackers Russell 1000 Comprehensive Factor ETF | (10,554,409 | ) | 10,554,409 | |||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | (8,831,365 | ) | 8,831,365 |
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DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2020, 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 Comprehensive Factor ETF | $ | 67,481,342 | $ | 5,663,596 | $ | 10,747,138 | $ | (5,083,542 | ) | |||||||
Xtrackers MSCI Kokusai Equity ETF | 108,764,268 | 22,982,982 | 23,687,907 | (704,925 | ) | |||||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 134,359,903 | 15,215,779 | 20,399,534 | (5,183,755 | ) | |||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 87,091,679 | 13,299,438 | 19,472,087 | (6,172,649 | ) |
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 August 31, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of August 31, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
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Notes to Financial Statements (Continued)
As of August 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at Year end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF |
| |||||||||||||||||||
Common Stocks | $ | 1,188,901 | $ | — | $ | — | $ | 529,707 | $ | 1,718,608 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,718,608 | |||||||||||||||||
Xtrackers MSCI Kokusai Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 70,099 | $ | — | $ | 5,834 | $ | 524,761 | $ | 600,694 | ||||||||||
|
|
|
|
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|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 600,694 | |||||||||||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF |
| |||||||||||||||||||
Common Stocks | $ | 50,625 | $ | 23,323 | $ | 80,202 | $ | 3,542,754 | $ | 3,696,904 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 3,696,904 | |||||||||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
| |||||||||||||||||||
Common Stocks | $ | 37,088 | $ | 5,342 | $ | 25,754 | $ | 1,321,947 | $ | 1,390,131 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,390,131 |
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 year ended August 31, 2020, Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 Comprehensive Factor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price 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 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 August 31, 2020 is included in a table following the Funds’ Schedule of Investments.
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DBX ETF Trust
Notes to Financial Statements (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of August 31, 2020 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 Comprehensive Factor ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 13,220 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI Kokusai Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 20,370 | Unrealized depreciation on futures contracts* | $ | 405 | ||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 109,352 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 72,265 | 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 year ended August 31, 2020 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 Comprehensive Factor ETF | $ | 63,010 | ||
Xtrackers MSCI Kokusai Equity ETF | 56,004 | |||
Xtrackers Russell 1000 Comprehensive Factor ETF | (271,212 | ) | ||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 42,984 |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 33,440 | ||
Xtrackers MSCI Kokusai Equity ETF | 19,965 | |||
Xtrackers Russell 1000 Comprehensive Factor ETF | 113,997 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 9,957 |
For the year ended August 31, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 483,740 | ||
Xtrackers MSCI Kokusai Equity ETF | 388,676 | |||
Xtrackers Russell 1000 Comprehensive Factor ETF | 1,502,227 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 902,157 |
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
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DBX ETF Trust
Notes to Financial Statements (Continued)
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 Comprehensive Factor ETF | 0.35 | % | ||
Xtrackers MSCI Kokusai Equity ETF | 0.09 | % | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 0.17 | % | ||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 0.19 | % |
The Advisor for Xtrackers FTSE Developed ex US Comprehensive Factor ETF has contractually agreed, until December 19, 2020, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.24% of the Fund’s average daily net assets. For the year ended August 31, 2020, the Advisor waived $79,354 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 118 | ||
Xtrackers MSCI Kokusai Equity ETF | 80 | |||
Xtrackers Russell 1000 Comprehensive Factor ETF | 1,206 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 544 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and 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).
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DBX ETF Trust
Notes to Financial Statements (Continued)
4. Investment Portfolio Transactions
For the year ended August 31, 2020, 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 Comprehensive Factor ETF | $ | 30,333,250 | $ | 30,889,018 | ||||
Xtrackers MSCI Kokusai Equity ETF | 11,325,032 | 5,771,128 | ||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 81,758,297 | 81,618,427 | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 25,601,764 | 22,182,001 |
For the year ended August 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 13,006,744 | $ | 14,549,568 | ||||
Xtrackers MSCI Kokusai Equity ETF | 109,859,009 | 8,436,587 | ||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 74,641,017 | 124,936,633 | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 24,134,498 | 49,937,323 |
5. Fund Share Transactions
As of August 31, 2020, 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 year ended August 31, 2020, the Advisor agreed to reimburse Xtrackers MSCI Kokusai Equity ETF $26,486 for a loss due to a trade executed incorrectly. The amount compensated was 0.03% of the Fund’s average net assets.
7. Other — COVID-19 Pandemic
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
To the Shareholders of Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, Xtrackers MSCI Kokusai Equity ETF and the Board of Trustees of DBX ETF Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, and Xtrackers MSCI Kokusai Equity ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
Xtrackers Russell 1000 Comprehensive Factor ETF | For the year ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 | For each of the four years in the period ended August 31, 2020 and the period from November 24, 2015 (commencement of operations) through August 31, 2016 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | For the year ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 and the period from April 5, 2018 (commencement of operations) through August 31, 2018 | |||
Xtrackers MSCI Kokusai Equity ETF | For the period from April 8, 2020 (commencement of operations) through August 31, 2020 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
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Report of Independent Registered Public Accounting Firm (Continued)
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
October 26, 2020
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Xtrackers MSCI Kokusai Equity ETF
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on November 12, 2019, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Xtrackers MSCI Kokusai Equity ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Advisor”) 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.
The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.
The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its Deutsche Bank 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 fee to be paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to its currently managed Funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite 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).
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Board Consideration in Approval of Investment Advisory Contracts (Unaudited) (Continued)
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is 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 relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.
Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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DBX ETF Trust
Identification and Background
The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.
The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.
Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.
Independent Board Members | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(1) | Business Experience and Directorships During the Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016) | Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006). | 33 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015 | Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 33 | — | |||
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015 | Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 33 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
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Board Members and Officers (Unaudited) (Continued)
Officers(2) | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(4) | Business Experience and Directorships During the Past 5 Years | |||||
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016- present | Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present | Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012). | |||||
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present | Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018). | |||||
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present | Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||
Bryan Richards(5) (1978) Vice President, 2016-present | Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |||||
John Millette(6) (1962) Secretary, 2020-present | Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(4) | Business Experience and Directorships During the Past 5 Years | |||||
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present | Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017). | |||||
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present | Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present). | |||||
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present | Director(3) in DWS. | |||||
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present | Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present). | |||||
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present | Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |||||
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020 | Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020). |
(1) | The length of time served is represented by the year in which the Board Member joined the Board. |
(2) | As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds. |
(3) | Executive title, not a board directorship. |
(4) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(5) | Address: 875 Third Avenue, New York, New York 10022. |
(6) | Address: 100 Summer Street, Boston, MA 02110. |
(7) | Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286. |
The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca 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.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended August 31, 2020.
Qualified Dividend Income* | Dividends Received Deduction* | |||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | 72% | 0% | ||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 83% | 78% | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 100% | 96% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Income | |||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $2,055,386 | $159,606 |
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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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. 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. QARP and KOKU are currently non-diversified and can take larger positions in fewer issues, increasing their potential risk. 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, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
DEEF, DEUS and QARP have been developed solely by DBX Advisors LLC. The Funds are not in any way connected to or sponsored, endorsed, issued, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Russell 1000 Comprehensive Factor Index and Russell 1000 2Qual/Val 5% Capped Factor Index vest in the relevant LSE Group company which owns the Indexes. “FTSE®” “Russell®” and “FTSE Russell®” are a trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of the Indexes for the purpose to which it is being put by DBX Advisors LLC.
KOKU is not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2020 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-047731-5 (10/20) DBX004596 (10/21)
August 31, 2020
Annual Report
DBX ETF Trust
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers S&P 500 ESG ETF (SNPE)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our five equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended August 31, 2020.
The global economy contracted during the reporting period owing to COVID-19 led disruptions, financial market volatility, and a decline in energy prices. While growth remained in the contractionary territory, resumption of activities gradually helped economies recover from their April trough, anchored by extraordinary stimulus packages. The U.S. economy recorded its largest decline since the 1940s as the spread of the virus intensified, leading to lockdowns and spending cutbacks. Meanwhile, in the Eurozone, prolonged weakness in the industrial sector and lackluster external demand continued to weigh on the economy. Within Emerging Markets, China witnessed a strong recovery, while many other countries continued to remain weak, affected by pandemic-related disruptions and a drop in oil prices.
As the world recovers from the impact of COVID-19, calls for a more sustainable future are growing. The pandemic, which could act as an accelerator for ESG, is supported by the EU’s proposed €750 billion economic stimulus aimed at boosting green industries and technologies, with a strong focus on climate neutrality initiatives. Furthermore, as governments globally introduce more climate-related regulations, it could become a standard practice for companies and investors to commit to net zero emissions. More than 12,000 companies are signatories to the UN Global Compact, which was launched in 2000 with the aim of incorporating sustainability into business activities. Several investors have also made high-level commitments to ESG, signing up to the UN Principles for Responsible Investment or initiatives such as Climate Action 100+ and UNEP’s Tobacco-Free Finance Pledge.
The U.S. economy was impacted severely as measures initiated to contain the pandemic reduced both consumer and business spending. However, after the slowdown in late March and April, a consumer-led recovery began, with a spike in U.S. labor markets. On the policy front, the Federal Reserve Board remained much more dovish than before, unveiling a new strategic framework, wherein employment and inflation will be allowed to overshoot to compensate for past periods of inflation. A combination of unconventional policy support and slowing infection rates has also helped equity markets recover quite sharply since the end of March.
As the pandemic hit economic activities across sectors, ranging from retailers to auto exporters, growth abated in Europe, with Germany, France and Italy entering a recession. The European Central Bank maintained a dovish tilt and introduced a string of measures, including the expansion of the scope of the Pandemic Emergency Purchase Programme envelope. The UK economy deteriorated at a record rate, mainly due to pressures on corporate balance sheets, uncertainties surrounding the pandemic and Brexit1 negotiations. Elsewhere, Japan’s economy recorded its sharpest contraction since World War II, driven by a decline in exports, private consumption, and capital expenditure.
Globally, monetary aggregates are growing briskly, while the inflation outlook remains benign, at least for now. While growth concerns persist, major headwinds include resurgence of the virus, tensions on the geopolitical front, and a re-escalation of the U.S.-China trade war. Amid the virus threat and the drag caused by restrictions, an aggressive fiscal and monetary stimulus is likely to be maintained for a much longer period to ensure recovery is not derailed. On the ESG front, climate change will likely remain a dominant theme, as the world witnesses more climate change-related calamities and governments introduce climate-related regulations. Given the rising significance of sustainable investing among policymakers and investors, we have integrated ESG factors into a range of passive equity products to help you invest for a sustainable future.
1
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
Management’s Discussion of Fund Performance (Unaudited)
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)
The Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA ESG Leaders Index (the ACSG Index). The ACSG Index provides exposure to companies in the developed and emerging markets that exhibit high Environmental, Social and Governance (ESG) performance relative to their sector peers. For the 12-month period ended August 31, 2020, ACSG shares returned 12.74%, compared to the ACSG Index return of 12.84%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Information Technology, Consumer Discretionary and Healthcare. Financials, Energy and Real Estate were the only negative contributors to the performance. From a geographical perspective, Hong Kong, United States and Japan were the major positive contributors, while Brazil and Spain contributed negatively to performance.
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
The Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the EASG Index). The EASG Index provides exposure to companies across developed market countries, (except the United States and Canada) that exhibit high environmental, social and governance (ESG) performance relative to their sector peers. For the 12-month period ended August 31, 2020, EASG shares returned 10.12%, compared to the EASG Index return of 10.07%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Healthcare, Information Technology and Industrials. Energy, Real Estate, Financials and Communication Services were the only negative contributors to performance. From a geographical perspective, the majority of countries contributed positively to performance with the greatest contribution coming from Japan, Germany and Switzerland, while Spain, Australia and Singapore contributed negatively to performance.
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the EMSG Index). The EMSG Index provides exposure to large and mid-sized companies across emerging markets that exhibit high Environmental, Social and Governance (ESG) performance relative to their sector peers. For the 12-month period ended August 31, 2020, EMSG shares returned 20.32%, compared to the EMSG Index return of 20.55%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Consumer Discretionary, Information Technology and Communication. Financials was the major negative contributor to performance. From a geographical perspective, Hong Kong, United States and Taiwan were the major positive contributors, while Brazil and South Africa contributed negatively to performance.
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the USSG Index). The USSG Index is designed to provide exposure to large and medium sized companies in US markets that exhibit high Environmental, Social and Governance (ESG) performance relative to their sector peers. For the 12-month period ended August 31, 2020, USSG shares returned 21.42%, compared to the USSG Index return of 21.52%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Information Technology, Consumer Discretionary and Healthcare. Energy and Financials detracted most from the performance.
Xtrackers S&P 500 ESG ETF (SNPE)
Xtrackers S&P 500 ESG ETF (SNPE) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the SNPE Index). The SNPE Index measures the performance of securities that fulfill sustainability criteria, while preserving similar overall industry group weights as the S&P 500 index. For the 12-month period ended August 31, 2020, SNPE shares returned 25.71%, compared to the SNPE Index return of 25.90%.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
The majority of sectors contributed positively to performance with the greatest contribution coming from Information Technology, Consumer Discretionary and Healthcare. Energy, Financials and Real Estate were the only negative contributors to performance.
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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-14 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
4
Performance Summary (Unaudited)
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)
The Xtrackers MSCI ACWI ex 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 ACWI ex 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 is constructed using regional indexes that provide exposure to large- and medium-capitalization companies from developed and emerging markets countries (excluding the United States). It is not possible to invest directly into an index.
Performance as of August 31, 2020 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA ESG Leaders Index | MSCI ACWI ex USA Index | |||||
One Year | 12.74% | 12.78% | 12.84% | 8.31% | ||||
Since Inception1 | 9.24% | 9.27% | 9.35% | 6.49% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA ESG Leaders Index | MSCI ACWI ex USA Index | |||||
One Year | 12.74% | 12.78% | 12.84% | 8.31% | ||||
Since Inception1 | 16.62% | 16.71% | 16.85% | 11.57% |
1 Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.16%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
5
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, December 6, 2018.
Sector Diversification* as of August 31, 2020 |
Financials | 17.4% | |||
Consumer Discretionary | 14.7% | |||
Information Technology | 12.0% | |||
Industrials | 11.0% | |||
Health Care | 10.0% | |||
Consumer Staples | 8.7% | |||
Materials | 8.1% | |||
Communication Services | 7.8% | |||
Energy | 4.3% | |||
Utilities | 3.5% | |||
Real Estate | 2.5% | |||
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| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (19.7% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 4.6% | |||
Tencent Holdings Ltd. (China) | 3.3% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.0% | |||
Roche Holding AG (Switzerland) | 2.1% | |||
SAP SE (Germany) | 1.5% | |||
ASML Holding NV (Netherlands) | 1.3% | |||
Meituan Dianping (China) | 1.0% | |||
Novo Nordisk A/S (Denmark) | 1.0% | |||
Shopify, Inc. (Canada) | 1.0% | |||
Siemens AG (Germany) | 0.9% |
Country Diversification* as of August 31, 2020 |
Japan | 16.3% | |||
China | 11.7% | |||
United Kingdom | 7.8% | |||
Canada | 7.6% | |||
Germany | 6.3% | |||
France | 6.2% | |||
Switzerland | 5.6% | |||
Taiwan | 5.4% | |||
Australia | 4.2% | |||
Netherlands | 3.6% | |||
India | 2.9% | |||
Denmark | 2.3% | |||
Sweden | 2.0% | |||
Other | 18.1% | |||
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| |||
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 16.
6
DBX ETF Trust
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.
Performance as of August 31, 2020 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EAFE ESG Leaders Index | MSCI EAFE Index | |||||
One Year | 10.12% | 9.51% | 10.07% | 6.13% | ||||
Since Inception1 | 4.49% | 4.31% | 4.44% | 2.34% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EAFE ESG Leaders Index | MSCI EAFE Index | |||||
One Year | 10.12% | 9.51% | 10.07% | 6.13% | ||||
Since Inception1 | 9.12% | 8.75% | 9.03% | 4.72% |
1 Total returns are calculated based on the commencement of operations, September 6, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.14%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
7
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, September 6, 2018.
Sector Diversification* as of August 31, 2020 |
Financials | 16.3% | |||
Industrials | 14.6% | |||
Health Care | 14.0% | |||
Consumer Discretionary | 11.4% | |||
Consumer Staples | 10.8% | |||
Information Technology | 8.8% | |||
Materials | 8.7% | |||
Communication Services | 4.9% | |||
Utilities | 4.5% | |||
Real Estate | 3.2% | |||
Energy | 2.8% | |||
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| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (17.6% of Net Assets) |
Description | % of Net Assets | |||
Roche Holding AG (Switzerland) | 3.4% | |||
SAP SE (Germany) | 2.4% | |||
ASML Holding NV (Netherlands) | 2.2% | |||
Novo Nordisk A/S (Denmark) | 1.6% | |||
Siemens AG (Germany) | 1.5% | |||
GlaxoSmithKline PLC (United Kingdom) | 1.4% | |||
Sony Corp. (Japan) | 1.4% | |||
TOTAL SE (France) | 1.3% | |||
Allianz SE (Germany) | 1.2% | |||
Commonwealth Bank of Australia (Australia) | 1.2% |
Country Diversification* as of August 31, 2020 |
Japan | 26.3% | |||
United Kingdom | 12.6% | |||
Germany | 10.3% | |||
France | 10.0% | |||
Switzerland | 9.1% | |||
Australia | 6.9% | |||
Netherlands | 5.8% | |||
Denmark | 3.7% | |||
Sweden | 3.2% | |||
Spain | 2.5% | |||
Other | 9.6% | |||
|
| |||
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 27.
8
DBX ETF Trust
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. It is not possible to invest directly into an index.
Performance as of August 31, 2020 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Emerging Markets ESG Leaders Index | MSCI Emerging Markets Index | |||||
One Year | 20.32% | 20.76% | 20.55% | 14.49% | ||||
Since Inception1 | 11.11% | 11.28% | 11.49% | 7.57% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Emerging Markets ESG Leaders Index | MSCI Emerging Markets Index | |||||
One Year | 20.32% | 20.76% | 20.55% | 14.49% | ||||
Since Inception1 | 20.12% | 20.46% | 20.87% | 13.57% |
1 Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, December 6, 2018.
Sector Diversification* as of August 31, 2020 |
Consumer Discretionary | 23.9% | |||
Information Technology | 17.4% | |||
Financials | 15.8% | |||
Communication Services | 15.1% | |||
Materials | 5.7% | |||
Energy | 5.4% | |||
Consumer Staples | 5.2% | |||
Industrials | 4.1% | |||
Health Care | 3.9% | |||
Utilities | 1.9% | |||
Real Estate | 1.6% | |||
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| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (48.5% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 14.9% | |||
Tencent Holdings Ltd. (China) | 10.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 9.9% | |||
Meituan Dianping (China) | 3.3% | |||
Reliance Industries Ltd. (India) | 2.2% | |||
Naspers Ltd. (South Africa) | 2.2% | |||
China Construction Bank Corp. (China) | 1.9% | |||
Infosys Ltd. (India) | 1.2% | |||
Housing Development Finance Corp. Ltd. (India) | 1.1% | |||
NAVER Corp. (South Korea) | 0.9% |
Country Diversification* as of August 31, 2020 |
China | 38.6% | |||
Taiwan | 17.5% | |||
India | 9.4% | |||
South Korea | 6.0% | |||
South Africa | 5.4% | |||
Brazil | 3.9% | |||
Thailand | 2.7% | |||
Hong Kong | 2.4% | |||
Malaysia | 2.3% | |||
Russia | 2.0% | |||
Other | 9.8% | |||
|
| |||
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.
10
Performance 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. The S&P 500 Index or the Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. It is not possible to invest directly into an index.
Performance as of August 31, 2020 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI USA ESG Leaders Index | S&P 500 Index | |||||
One Year | 21.42% | 21.43% | 21.52% | 21.94% | ||||
Since Inception1 | 19.41% | 19.32% | 19.47% | 19.26% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI USA ESG Leaders Index | S&P 500 Index | |||||
One Year | 21.42% | 21.43% | 21.52% | 21.94% | ||||
Since Inception1 | 30.19% | 30.11% | 30.37% | 30.02% |
1 Total returns are calculated based on the commencement of operations, March 7, 2019 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.10%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, March 7, 2019.
Sector Diversification* as of August 31, 2020 |
Information Technology | 28.1% | |||
Health Care | 13.6% | |||
Consumer Discretionary | 12.5% | |||
Communication Services | 10.7% | |||
Financials | 9.4% | |||
Industrials | 8.4% | |||
Consumer Staples | 6.8% | |||
Real Estate | 3.0% | |||
Materials | 2.9% | |||
Utilities | 2.7% | |||
Energy | 1.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (34.2% of Net Assets) |
Description | % of Net Assets | |||
Microsoft Corp. | 10.5% | |||
Alphabet, Inc. | 6.4% | |||
Johnson & Johnson | 2.6% | |||
Tesla, Inc. | 2.4% | |||
Visa, Inc. | 2.3% | |||
Procter & Gamble Co. | 2.2% | |||
NVIDIA Corp. | 2.1% | |||
Mastercard, Inc. | 2.1% | |||
Home Depot, Inc. | 2.0% | |||
Adobe, Inc. | 1.6% |
* 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 41.
12
DBX ETF Trust
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 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 Index. It is not possible to invest directly into an index.
Performance as of August 31, 2020 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | S&P 500 ESG Index | S&P 500 Index | |||||
One Year | 25.71% | 25.71% | 25.90% | 21.94% | ||||
Since Inception1 | 22.56% | 22.50% | 22.68% | 18.88% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P 500 ESG Index | S&P 500 Index | |||||
One Year | 25.71% | 25.71% | 25.90% | 21.94% | ||||
Since Inception1 | 27.22% | 27.22% | 27.44% | 22.77% |
1 Total returns are calculated based on the commencement of operations, June 26, 2019 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, as supplemented July 28, 2020 was 0.11%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
13
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P 500 ESG ETF (SNPE) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, June 26, 2019.
Sector Diversification* as of August 31, 2020 |
Information Technology | 30.5% | |||
Health Care | 13.2% | |||
Consumer Discretionary | 12.3% | |||
Communication Services | 12.3% | |||
Financials | 9.0% | |||
Industrials | 6.5% | |||
Consumer Staples | 6.3% | |||
Utilities | 2.8% | |||
Real Estate | 2.6% | |||
Materials | 2.3% | |||
Energy | 2.2% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2020 (38.4% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. | 9.4% | |||
Microsoft Corp. | 7.6% | |||
Amazon.com, Inc. | 6.5% | |||
Alphabet, Inc. | 4.3% | |||
Facebook, Inc. | 3.2% | |||
Visa, Inc. | 1.6% | |||
Procter & Gamble Co. | 1.5% | |||
NVIDIA Corp. | 1.5% | |||
Mastercard, Inc. | 1.4% | |||
Home Depot, Inc. | 1.4% |
* 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 46.
14
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. 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 (March 1, 2020 to August 31, 2020).
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 March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,111.20 | 0.16 | % | $ | 0.85 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.33 | 0.16 | % | $ | 0.81 | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,089.70 | 0.14 | % | $ | 0.74 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.43 | 0.14 | % | $ | 0.71 | ||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,161.10 | 0.20 | % | $ | 1.09 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.13 | 0.20 | % | $ | 1.02 | ||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,178.90 | 0.09 | % | $ | 0.49 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.68 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers S&P 500 ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,223.10 | 0.11 | % | $ | 0.61 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.58 | 0.11 | % | $ | 0.56 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.
15
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Argentina — 0.1% | ||||||||
Globant SA* | 26 | $ | 4,617 | |||||
|
| |||||||
Australia — 4.2% | ||||||||
APA Group (a) | 835 | 6,441 | ||||||
ASX Ltd. | 135 | 8,720 | ||||||
Aurizon Holdings Ltd. | 1,511 | 4,861 | ||||||
AusNet Services | 919 | 1,240 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,039 | 27,565 | ||||||
BlueScope Steel Ltd. | 405 | 3,801 | ||||||
Brambles Ltd. | 1,155 | 9,473 | ||||||
Coca-Cola Amatil Ltd. | 374 | 2,517 | ||||||
Cochlear Ltd. | 42 | 5,968 | ||||||
Coles Group Ltd. | 950 | 12,457 | ||||||
Commonwealth Bank of Australia | 1,255 | 63,373 | ||||||
Computershare Ltd. | 382 | 3,755 | ||||||
Dexus REIT | 757 | 4,943 | ||||||
Evolution Mining Ltd. | 1,212 | 4,975 | ||||||
Fortescue Metals Group Ltd. | 1,107 | 14,261 | ||||||
Goodman Group REIT | 1,223 | 16,561 | ||||||
GPT Group REIT | 1,286 | 3,643 | ||||||
Insurance Australia Group Ltd. | 1,678 | 5,919 | ||||||
Lendlease Group (a) | 426 | 3,661 | ||||||
Macquarie Group Ltd. | 229 | 21,627 | ||||||
Mirvac Group REIT | 2,834 | 4,422 | ||||||
National Australia Bank Ltd. | 2,214 | 29,358 | ||||||
Newcrest Mining Ltd. | 602 | 14,229 | ||||||
Northern Star Resources Ltd. | 531 | 5,360 | ||||||
Orica Ltd. | 274 | 3,522 | ||||||
Origin Energy Ltd. | 1,289 | 5,338 | ||||||
Ramsay Health Care Ltd. | 130 | 6,255 | ||||||
SEEK Ltd. | 253 | 3,868 | ||||||
Stockland REIT | 1,811 | 5,304 | ||||||
Suncorp Group Ltd. | 843 | 5,798 | ||||||
Sydney Airport (a) | 803 | 3,397 | ||||||
Telstra Corp. Ltd. | 3,062 | 6,544 | ||||||
Transurban Group (a) | 2,013 | 20,038 | ||||||
Vicinity Centres REIT | 2,364 | 2,526 | ||||||
Woodside Petroleum Ltd. | 655 | 9,485 | ||||||
|
| |||||||
(Cost $348,948) | 351,205 | |||||||
|
| |||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 45 | 1,509 | ||||||
Erste Group Bank AG* | 203 | 4,948 | ||||||
OMV AG* | 122 | 3,977 | ||||||
voestalpine AG | 83 | 2,066 | ||||||
|
| |||||||
(Cost $15,034) | 12,500 | |||||||
|
| |||||||
Belgium — 0.4% | ||||||||
Colruyt SA | 42 | 2,662 | ||||||
KBC Group NV | 182 | 10,469 | ||||||
Solvay SA | 55 | 4,778 | ||||||
Telenet Group Holding NV | 33 | 1,286 | ||||||
UCB SA | 93 | 11,069 | ||||||
Umicore SA | 149 | 6,859 | ||||||
|
| |||||||
(Cost $37,499) | 37,123 | |||||||
|
|
Number | Value | |||||||
Brazil — 0.8% | ||||||||
Atacadao SA | 300 | $ | 1,069 | |||||
B2W Cia Digital* | 154 | 3,147 | ||||||
B3 SA — Brasil Bolsa Balcao | 1,535 | 16,453 | ||||||
Banco do Brasil SA | 647 | 3,851 | ||||||
Banco Santander Brasil SA | 305 | 1,572 | ||||||
Cia Brasileira de Distribuicao | 118 | 1,366 | ||||||
Cielo SA | 960 | 798 | ||||||
Cosan SA | 109 | 1,654 | ||||||
Energisa SA | 124 | 982 | ||||||
Engie Brasil Energia SA | 121 | 940 | ||||||
Klabin SA | 521 | 2,441 | ||||||
Localiza Rent a Car SA | 404 | 3,552 | ||||||
Lojas Renner SA | 537 | 4,255 | ||||||
Natura & Co. Holding SA | 499 | 4,488 | ||||||
Notre Dame Intermedica Participacoes SA | 338 | 4,565 | ||||||
TIM Participacoes SA | 689 | 1,799 | ||||||
Ultrapar Participacoes SA | 512 | 1,814 | ||||||
Via Varejo S/A* | 905 | 3,382 | ||||||
WEG SA | 575 | 6,773 | ||||||
|
| |||||||
(Cost $64,293) | 64,901 | |||||||
|
| |||||||
Canada — 7.5% | ||||||||
Agnico Eagle Mines Ltd. | 165 | 13,618 | ||||||
Algonquin Power & Utilities Corp. | 392 | 5,439 | ||||||
Alimentation Couche-Tard, Inc., Class B | 610 | 19,930 | ||||||
B2Gold Corp. | 742 | 4,989 | ||||||
Bank of Montreal | 472 | 29,987 | ||||||
Bank of Nova Scotia | 866 | 37,466 | ||||||
BlackBerry Ltd.* | 378 | 1,973 | ||||||
CAE, Inc. | 193 | 3,063 | ||||||
Canadian Apartment Properties REIT | 57 | 1,969 | ||||||
Canadian Imperial Bank of Commerce | 304 | 24,162 | ||||||
Canadian National Railway Co. | 510 | 53,648 | ||||||
Canadian Tire Corp. Ltd., Class A | 43 | 4,503 | ||||||
Canopy Growth Corp.* | 148 | 2,443 | ||||||
Cenovus Energy, Inc. | 762 | 3,603 | ||||||
CGI, Inc.* | 166 | 11,673 | ||||||
Cronos Group, Inc.* | 142 | 788 | ||||||
Dollarama, Inc. | 195 | 7,621 | ||||||
Empire Co. Ltd., Class A | 130 | 3,387 | ||||||
Enbridge, Inc. | 1,456 | 46,632 | ||||||
First Capital Real Estate Investment Trust REIT | 56 | 588 | ||||||
Fortis, Inc. | 342 | 13,694 | ||||||
Franco-Nevada Corp. | 136 | 20,476 | ||||||
Gildan Activewear, Inc. | 165 | 3,203 | ||||||
Intact Financial Corp. | 104 | 11,151 | ||||||
Keyera Corp. | 147 | 2,687 | ||||||
Loblaw Cos. Ltd. | 113 | 5,846 | ||||||
Lundin Mining Corp. | 473 | 2,966 | ||||||
Magna International, Inc. | 221 | 10,774 | ||||||
Manulife Financial Corp. | 1,400 | 20,673 | ||||||
Metro, Inc. | 185 | 8,366 | ||||||
Nutrien Ltd. | 397 | 14,720 | ||||||
Open Text Corp. | 174 | 7,900 | ||||||
Ritchie Bros Auctioneers, Inc. | 74 | 4,335 | ||||||
Rogers Communications, Inc., Class B | 252 | 10,494 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Canada (Continued) | ||||||||
Shopify, Inc., Class A* | 76 | $ | 81,266 | |||||
Sun Life Financial, Inc. | 422 | 17,632 | ||||||
Suncor Energy, Inc. | 1,130 | 18,152 | ||||||
Teck Resources Ltd., Class B | 372 | 4,294 | ||||||
TELUS Corp. | 333 | 6,139 | ||||||
Toronto-Dominion Bank | 1,283 | 64,074 | ||||||
Wheaton Precious Metals Corp. | 314 | 16,787 | ||||||
WSP Global, Inc. | 69 | 4,686 | ||||||
|
| |||||||
(Cost $570,304) | 627,797 | |||||||
|
| |||||||
Chile — 0.1% | ||||||||
Empresa Nacional de Telecomunicaciones SA | 142 | 862 | ||||||
Empresas CMPC SA | 870 | 1,811 | ||||||
Empresas COPEC SA | 344 | 2,529 | ||||||
Enel Americas SA | 27,627 | 3,985 | ||||||
Falabella SA | 691 | 2,183 | ||||||
|
| |||||||
(Cost $18,409) | 11,370 | |||||||
|
| |||||||
China — 11.6% | ||||||||
3SBio, Inc., 144A* | 961 | 1,128 | ||||||
51job, Inc., ADR*(b) | 19 | 1,245 | ||||||
AAC Technologies Holdings, Inc. | 587 | 3,704 | ||||||
Air China Ltd., Class H | 1,505 | 1,037 | ||||||
Alibaba Group Holding Ltd., ADR* | 1,331 | 382,037 | ||||||
A-Living Services Co. Ltd., Class H, 144A | 301 | 1,554 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 2,439 | 1,168 | ||||||
Bank of Shanghai Co. Ltd., Class A | 1,300 | 1,598 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 1,800 | 1,298 | ||||||
BYD Co. Ltd., Class A | 200 | 2,482 | ||||||
BYD Co. Ltd., Class H | 455 | 4,521 | ||||||
BYD Electronic International Co. Ltd. | 323 | 1,369 | ||||||
China CITIC Bank Corp. Ltd., Class H | 5,765 | 2,410 | ||||||
China Conch Venture Holdings Ltd. | 1,213 | 5,259 | ||||||
China Construction Bank Corp., Class H | 68,554 | 48,562 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 1,000 | 737 | ||||||
China Lesso Group Holdings Ltd. | 841 | 1,569 | ||||||
China Literature Ltd., 144A* | 212 | 1,317 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,531 | 1,597 | ||||||
China Medical System Holdings Ltd. | 1,129 | 1,275 | ||||||
China Merchants Bank Co. Ltd., Class H | 2,873 | 13,716 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 300 | 732 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 5,002 | 3,046 | ||||||
China Molybdenum Co. Ltd., Class H | 2,790 | 1,134 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 1,134 | 642 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,532 | 4,228 | ||||||
China Vanke Co. Ltd., Class A | 500 | 1,991 | ||||||
China Vanke Co. Ltd., Class H | 1,182 | 3,676 | ||||||
CITIC Ltd. | 5,000 | 4,561 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 100 | 3,013 | ||||||
Country Garden Services Holdings Co. Ltd. | 762 | 5,314 | ||||||
CSPC Pharmaceutical Group Ltd. | 4,148 | 9,216 | ||||||
Dali Foods Group Co. Ltd., 144A | 2,295 | 1,407 |
Number | Value | |||||||
China (Continued) | ||||||||
ENN Energy Holdings Ltd. | 577 | $ | 6,403 | |||||
Fosun International Ltd. | 1,660 | 1,848 | ||||||
Genscript Biotech Corp.* | 673 | 1,301 | ||||||
Greentown Service Group Co. Ltd. | 968 | 1,302 | ||||||
Huaxia Bank Co. Ltd., Class A | 1,400 | 1,314 | ||||||
Industrial Bank Co. Ltd., Class A | 1,100 | 2,595 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 300 | 1,837 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 979 | 980 | ||||||
Kingdee International Software Group Co. Ltd.* | 1,806 | 4,605 | ||||||
KWG Group Holdings Ltd.* | 903 | 1,717 | ||||||
Lenovo Group Ltd. | 5,418 | 3,621 | ||||||
Logan Group Co. Ltd. | 976 | 1,818 | ||||||
Meituan Dianping, Class B* | 2,541 | 83,802 | ||||||
NARI Technology Co. Ltd., Class A | 300 | 981 | ||||||
NIO, Inc., ADR* | 642 | 12,217 | ||||||
Ping An Healthcare and Technology Co. Ltd., 144A*(b) | 265 | 3,864 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 700 | 1,645 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 766 | 1,366 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 100 | 5,000 | ||||||
Sinopharm Group Co. Ltd., Class H | 908 | 2,235 | ||||||
SOHO China Ltd.* | 2,427 | 748 | ||||||
Suning.com Co. Ltd., Class A | 800 | 1,151 | ||||||
Tencent Holdings Ltd. | 4,075 | 278,935 | ||||||
Vipshop Holdings Ltd., ADR* | 352 | 5,812 | ||||||
WuXi AppTec Co. Ltd., Class A | 140 | 2,247 | ||||||
WuXi AppTec Co. Ltd., Class H, 144A | 196 | 2,903 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 723 | 18,788 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 1,036 | 892 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 100 | 1,689 | ||||||
Yuzhou Group Holdings Co. Ltd. | 2,537 | 1,185 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,141 | 770 | ||||||
|
| |||||||
(Cost $647,920) | 974,114 | |||||||
|
| |||||||
Cyprus — 0.0% | ||||||||
Polymetal International PLC | 125 | 3,338 | ||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 92 | 1,899 | ||||||
Komercni banka AS* | 46 | 1,110 | ||||||
|
| |||||||
(Cost $4,042) | 3,009 | |||||||
|
| |||||||
Denmark — 2.3% | ||||||||
Chr Hansen Holding A/S | 73 | 8,399 | ||||||
Coloplast A/S, Class B | 80 | 13,604 | ||||||
Demant A/S* | 75 | 2,244 | ||||||
Genmab A/S* | 45 | 17,032 | ||||||
GN Store Nord A/S | 91 | 6,606 | ||||||
H Lundbeck A/S | 52 | 1,711 | ||||||
Novo Nordisk A/S, Class B | 1,238 | 82,170 | ||||||
Novozymes A/S, Class B | 150 | 8,894 | ||||||
Orsted A/S, 144A | 136 | 19,284 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Denmark (Continued) | ||||||||
Pandora A/S | 53 | $ | 3,879 | |||||
Tryg A/S | 104 | 3,200 | ||||||
Vestas Wind Systems A/S | 143 | 21,788 | ||||||
|
| |||||||
(Cost $120,314) | 188,811 | |||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE (Cost $3,328) | 983 | 4,191 | ||||||
|
| |||||||
Finland — 0.6% | ||||||||
Elisa OYJ | 103 | 6,072 | ||||||
Neste OYJ | 305 | 16,345 | ||||||
Orion OYJ, Class B | 74 | 3,480 | ||||||
Stora Enso OYJ, Class R | 402 | 5,928 | ||||||
UPM-Kymmene OYJ | 391 | 11,882 | ||||||
Wartsila OYJ Abp | 318 | 2,724 | ||||||
|
| |||||||
(Cost $38,276) | 46,431 | |||||||
|
| |||||||
France — 6.1% | ||||||||
Accor SA* | 126 | 3,879 | ||||||
Air Liquide SA | 343 | 57,040 | ||||||
Amundi SA, 144A* | 43 | 3,348 | ||||||
Atos SE* | 73 | 6,330 | ||||||
AXA SA | 1,385 | 28,285 | ||||||
Bouygues SA* | 159 | 6,323 | ||||||
Carrefour SA | 432 | 6,954 | ||||||
Cie de Saint-Gobain* | 370 | 15,036 | ||||||
Cie Generale des Etablissements Michelin SCA | 121 | 13,692 | ||||||
CNP Assurances* | 105 | 1,409 | ||||||
Covivio REIT | 37 | 2,748 | ||||||
Credit Agricole SA* | 859 | 8,823 | ||||||
Danone SA | 431 | 28,402 | ||||||
Dassault Systemes SE | 92 | 17,368 | ||||||
Eiffage SA* | 61 | 5,633 | ||||||
EssilorLuxottica SA* | 202 | 27,081 | ||||||
Eurazeo SE* | 40 | 2,115 | ||||||
Gecina SA REIT | 34 | 4,684 | ||||||
Getlink SE* | 349 | 5,359 | ||||||
JCDecaux SA* | 55 | 1,052 | ||||||
Kering SA | 54 | 33,234 | ||||||
Klepierre SA REIT (b) | 142 | 2,342 | ||||||
L’Oreal SA | 178 | 58,946 | ||||||
Natixis SA* | 593 | 1,635 | ||||||
Orange SA | 1,426 | 15,912 | ||||||
Publicis Groupe SA* | 149 | 5,234 | ||||||
Schneider Electric SE | 390 | 48,391 | ||||||
SEB SA | 16 | 2,815 | ||||||
Teleperformance | 43 | 13,288 | ||||||
TOTAL SE | 1,745 | 69,077 | ||||||
Ubisoft Entertainment SA* | 64 | 5,278 | ||||||
Unibail-Rodamco-Westfield REIT (b) | 100 | 4,683 | ||||||
Valeo SA | 160 | 4,899 | ||||||
Wendel SE | 22 | 2,261 | ||||||
|
| |||||||
(Cost $505,465) | 513,556 | |||||||
|
| |||||||
Germany — 6.0% | ||||||||
adidas AG* | 135 | 41,106 | ||||||
Allianz SE | 299 | 64,910 |
Number | Value | |||||||
Germany (Continued) | ||||||||
BASF SE | 642 | $ | 39,204 | |||||
Bayerische Motoren Werke AG | 249 | 17,912 | ||||||
Beiersdorf AG | 74 | 8,567 | ||||||
Commerzbank AG* | 724 | 4,211 | ||||||
Delivery Hero SE, 144A* | 91 | 9,797 | ||||||
Deutsche Boerse AG | 134 | 25,385 | ||||||
Deutsche Wohnen SE | 258 | 13,774 | ||||||
Fraport AG Frankfurt Airport Services Worldwide*(b) | 39 | 1,780 | ||||||
HeidelbergCement AG | 98 | 6,238 | ||||||
Henkel AG & Co. KGaA | 67 | 6,030 | ||||||
Merck KGaA | 88 | 11,961 | ||||||
METRO AG | 139 | 1,378 | ||||||
MTU Aero Engines AG | 38 | 7,055 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 102 | 29,484 | ||||||
SAP SE | 743 | 122,661 | ||||||
Siemens AG | 547 | 75,663 | ||||||
Symrise AG | 89 | 12,299 | ||||||
Telefonica Deutschland Holding AG | 511 | 1,415 | ||||||
|
| |||||||
(Cost $425,143) | 500,830 | |||||||
|
| |||||||
Greece — 0.0% | ||||||||
Hellenic Telecommunications Organization SA | 119 | 1,950 | ||||||
|
| |||||||
Hong Kong — 1.9% | ||||||||
Alibaba Health Information Technology Ltd.* | 2,674 | 6,459 | ||||||
ASM Pacific Technology Ltd. | 245 | 2,635 | ||||||
BOC Hong Kong Holdings Ltd. | 2,732 | 7,755 | ||||||
China Everbright International Ltd. | 2,618 | 1,581 | ||||||
China Gas Holdings Ltd. | 1,866 | 5,116 | ||||||
China Mengniu Dairy Co. Ltd.* | 2,095 | 10,299 | ||||||
China Overseas Land & Investment Ltd. | 2,894 | 8,383 | ||||||
China Resources Gas Group Ltd. | 641 | 3,011 | ||||||
CLP Holdings Ltd. | 1,176 | 11,555 | ||||||
Geely Automobile Holdings Ltd. | 3,802 | 8,036 | ||||||
Hang Seng Bank Ltd. | 563 | 8,855 | ||||||
HKT Trust & HKT Ltd. (a) | 2,998 | 4,286 | ||||||
Hong Kong & China Gas Co. Ltd. | 7,942 | 11,559 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 867 | 43,763 | ||||||
Hutchison China MediTech Ltd., ADR* | 43 | 1,429 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,293 | 774 | ||||||
MTR Corp. Ltd. | 1,149 | 5,982 | ||||||
PCCW Ltd. | 3,393 | 2,128 | ||||||
Shenzhen Investment Ltd. | 985 | 334 | ||||||
Sino Biopharmaceutical Ltd. | 7,713 | 8,907 | ||||||
Sun Art Retail Group Ltd. | 1,538 | 2,004 | ||||||
Swire Pacific Ltd., Class A | 377 | 2,053 | ||||||
Swire Properties Ltd. | 1,018 | 2,758 | ||||||
Wharf Holdings Ltd. | 1,000 | 1,951 | ||||||
|
| |||||||
(Cost $152,876) | 161,613 | |||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC* | 348 | 1,966 | ||||||
OTP Bank Nyrt* | 153 | 5,176 | ||||||
|
| |||||||
(Cost $10,241) | 7,142 | |||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
India — 2.8% | ||||||||
Ambuja Cements Ltd. | 440 | $ | 1,259 | |||||
Asian Paints Ltd. | 185 | 4,773 | ||||||
Axis Bank Ltd., GDR* | 175 | 5,909 | ||||||
Axis Bank Ltd.* | 550 | 3,712 | ||||||
Berger Paints India Ltd. | 169 | 1,235 | ||||||
Bharat Petroleum Corp. Ltd. | 389 | 2,155 | ||||||
Bharti Airtel Ltd. | 940 | 6,552 | ||||||
Britannia Industries Ltd. | 43 | 2,177 | ||||||
Dabur India Ltd. | 360 | 2,321 | ||||||
Divi’s Laboratories Ltd. | 57 | 2,418 | ||||||
DLF Ltd. | 421 | 906 | ||||||
Eicher Motors Ltd. | 80 | 2,274 | ||||||
Grasim Industries Ltd. | 216 | 1,980 | ||||||
Havells India Ltd. | 185 | 1,547 | ||||||
HCL Technologies Ltd. | 767 | 7,236 | ||||||
Hero MotoCorp Ltd. | 72 | 2,940 | ||||||
Hindalco Industries Ltd.* | 1,148 | 2,889 | ||||||
Hindustan Petroleum Corp. Ltd. | 450 | 1,232 | ||||||
Hindustan Unilever Ltd. | 596 | 17,144 | ||||||
Housing Development Finance Corp. Ltd. | 1,157 | 28,806 | ||||||
Infosys Ltd., ADR | 1,321 | 16,645 | ||||||
Infosys Ltd. | 1,180 | 14,886 | ||||||
Lupin Ltd. | 164 | 2,067 | ||||||
Mahindra & Mahindra Ltd. | 643 | 5,302 | ||||||
Nestle India Ltd. | 16 | 3,467 | ||||||
Pidilite Industries Ltd. | 88 | 1,677 | ||||||
Piramal Enterprises Ltd. | 68 | 1,263 | ||||||
Reliance Industries Ltd. | 2,052 | 58,005 | ||||||
Shree Cement Ltd. | 6 | 1,653 | ||||||
Tata Consultancy Services Ltd. | 668 | 20,485 | ||||||
Tech Mahindra Ltd. | 274 | 2,758 | ||||||
Titan Co. Ltd. | 275 | 4,111 | ||||||
UPL Ltd. | 480 | 3,299 | ||||||
Wipro Ltd. | 551 | 2,031 | ||||||
|
| |||||||
(Cost $221,554) | 237,114 | |||||||
|
| |||||||
Indonesia — 0.6% | ||||||||
PT Astra International Tbk | 15,008 | 5,256 | ||||||
PT Bank Central Asia Tbk | 6,823 | 14,700 | ||||||
PT Bank Mandiri Persero Tbk | 13,891 | 5,676 | ||||||
PT Bank Negara Indonesia Persero Tbk | 5,468 | 1,915 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 40,841 | 9,844 | ||||||
PT Barito Pacific Tbk* | 19,700 | 1,136 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk* | 2,093 | 1,337 | ||||||
PT Indofood Sukses Makmur Tbk | 2,981 | 1,561 | ||||||
PT Kalbe Farma Tbk | 15,558 | 1,688 | ||||||
PT Perusahaan Gas Negara Tbk | 8,505 | 733 | ||||||
PT Unilever Indonesia Tbk | 6,190 | 3,496 | ||||||
PT United Tractors Tbk | 1,262 | 1,993 | ||||||
|
| |||||||
(Cost $57,153) | 49,335 | |||||||
|
| |||||||
Ireland — 0.6% | ||||||||
CRH PLC | 572 | 21,207 | ||||||
DCC PLC | 78 | 6,922 | ||||||
Kerry Group PLC, Class A | 111 | 14,603 | ||||||
Kingspan Group PLC | 108 | 9,293 | ||||||
|
| |||||||
(Cost $38,596) | 52,025 | |||||||
|
|
Number | Value | |||||||
Israel — 0.2% | ||||||||
Bank Hapoalim BM | 859 | $ | 5,213 | |||||
Bank Leumi Le-Israel BM | 1,118 | 5,737 | ||||||
Mizrahi Tefahot Bank Ltd. | 116 | 2,368 | ||||||
|
| |||||||
(Cost $15,215) | 13,318 | |||||||
|
| |||||||
Italy — 1.1% | ||||||||
Assicurazioni Generali SpA | 790 | 12,287 | ||||||
Enel SpA | 5,708 | 51,806 | ||||||
Intesa Sanpaolo SpA* | 11,857 | 25,599 | ||||||
|
| |||||||
(Cost $84,805) | 89,692 | |||||||
|
| |||||||
Japan — 16.2% | ||||||||
Aeon Co. Ltd. | 500 | 12,396 | ||||||
Ajinomoto Co., Inc. | 300 | 5,590 | ||||||
ANA Holdings, Inc.* | 100 | 2,497 | ||||||
Asahi Kasei Corp. | 700 | 5,875 | ||||||
Astellas Pharma, Inc. | 1,300 | 20,405 | ||||||
Bridgestone Corp. | 400 | 12,678 | ||||||
Casio Computer Co. Ltd. | 100 | 1,612 | ||||||
Central Japan Railway Co. | 100 | 14,984 | ||||||
Chugai Pharmaceutical Co. Ltd. | 510 | 22,705 | ||||||
CyberAgent, Inc. | 100 | 5,328 | ||||||
Dai Nippon Printing Co. Ltd. | 200 | 4,251 | ||||||
Daicel Corp. | 200 | 1,452 | ||||||
Daifuku Co. Ltd. (b) | 100 | 8,798 | ||||||
Dai-ichi Life Holdings, Inc. | 800 | 12,112 | ||||||
Daiichi Sankyo Co. Ltd. | 400 | 35,634 | ||||||
Daikin Industries Ltd. | 190 | 35,771 | ||||||
Daiwa House Industry Co. Ltd. | 400 | 10,714 | ||||||
Denso Corp. | 300 | 12,609 | ||||||
East Japan Railway Co. | 230 | 14,959 | ||||||
Eisai Co. Ltd. | 200 | 17,474 | ||||||
ENEOS Holdings, Inc. | 2,200 | 8,622 | ||||||
Fast Retailing Co. Ltd. | 44 | 26,256 | ||||||
Fujitsu Ltd. | 150 | 19,548 | ||||||
Hankyu Hanshin Holdings, Inc. | 100 | 3,249 | ||||||
Hino Motors Ltd. | 200 | 1,347 | ||||||
Hirose Electric Co. Ltd. | 25 | 2,831 | ||||||
Hitachi Construction Machinery Co. Ltd. | 100 | 3,508 | ||||||
Hitachi Metals Ltd. | 200 | 3,001 | ||||||
Honda Motor Co. Ltd. | 1,100 | 28,308 | ||||||
Hulic Co. Ltd. | 200 | 1,822 | ||||||
Inpex Corp. | 700 | 4,448 | ||||||
Isuzu Motors Ltd. | 300 | 2,968 | ||||||
Japan Retail Fund Investment Corp. REIT | 2 | 3,016 | ||||||
JFE Holdings, Inc. | 300 | 2,272 | ||||||
Kajima Corp. | 300 | 3,737 | ||||||
Kansai Paint Co. Ltd. | 100 | 2,385 | ||||||
Kao Corp. | 350 | 26,632 | ||||||
Kawasaki Heavy Industries Ltd. | 100 | 1,416 | ||||||
KDDI Corp. | 1,100 | 31,928 | ||||||
Keio Corp. | 100 | 6,045 | ||||||
Keyence Corp. | 136 | 56,018 | ||||||
Kikkoman Corp. | 100 | 5,432 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 50 | 4,451 | ||||||
Komatsu Ltd. | 600 | 13,036 | ||||||
Konami Holdings Corp. | 50 | 1,926 | ||||||
Kubota Corp. | 800 | 14,458 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Japan (Continued) | ||||||||
Kuraray Co. Ltd. | 200 | $ | 2,046 | |||||
Kurita Water Industries Ltd. | 100 | 3,131 | ||||||
Kyushu Railway Co. | 100 | 2,205 | ||||||
Lawson, Inc. | 50 | 2,466 | ||||||
Marubeni Corp. | 1,100 | 6,634 | ||||||
Marui Group Co. Ltd. | 100 | 1,827 | ||||||
Mazda Motor Corp. | 200 | 1,282 | ||||||
Mercari, Inc.* | 100 | 4,536 | ||||||
Mitsubishi Chemical Holdings Corp. | 800 | 4,676 | ||||||
Mitsubishi Estate Co. Ltd. | 900 | 14,101 | ||||||
Mitsubishi Materials Corp. | 100 | 2,101 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 300 | 1,417 | ||||||
Mitsui Chemicals, Inc. | 100 | 2,351 | ||||||
Mitsui Fudosan Co. Ltd. | 600 | 10,863 | ||||||
Mizuho Financial Group, Inc. | 16,600 | 22,510 | ||||||
MS&AD Insurance Group Holdings, Inc. | 300 | 8,320 | ||||||
Murata Manufacturing Co. Ltd. | 400 | 23,688 | ||||||
Nabtesco Corp. | 100 | 3,164 | ||||||
Nagoya Railroad Co. Ltd. | 100 | 2,790 | ||||||
NEC Corp. | 200 | 10,543 | ||||||
NGK Insulators Ltd. | 200 | 2,842 | ||||||
NGK Spark Plug Co. Ltd. | 100 | 1,721 | ||||||
Nikon Corp. | 200 | 1,569 | ||||||
Nintendo Co. Ltd. | 85 | 45,480 | ||||||
Nippon Building Fund, Inc. REIT | 1 | 6,026 | ||||||
Nippon Express Co. Ltd. | 50 | 2,956 | ||||||
Nippon Paint Holdings Co. Ltd. | 100 | 8,581 | ||||||
Nippon Prologis REIT, Inc. REIT | 2 | 6,544 | ||||||
Nippon Yusen KK | 100 | 1,563 | ||||||
Nissin Foods Holdings Co. Ltd. | 50 | 4,998 | ||||||
Nitori Holdings Co. Ltd. | 60 | 12,549 | ||||||
Nitto Denko Corp. | 100 | 6,073 | ||||||
Nomura Real Estate Holdings, Inc. | 100 | 1,913 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 3 | 3,845 | ||||||
Nomura Research Institute Ltd. | 200 | 5,317 | ||||||
NSK Ltd. | 300 | 2,300 | ||||||
NTT DOCOMO, Inc. | 800 | 22,323 | ||||||
Obayashi Corp. | 400 | 3,912 | ||||||
Odakyu Electric Railway Co. Ltd. | 200 | 4,947 | ||||||
Omron Corp. | 150 | 10,991 | ||||||
Ono Pharmaceutical Co. Ltd. | 300 | 9,050 | ||||||
Oriental Land Co. Ltd. | 150 | 20,355 | ||||||
ORIX Corp. | 1,000 | 12,466 | ||||||
Osaka Gas Co. Ltd. | 300 | 5,864 | ||||||
Otsuka Corp. | 100 | 4,904 | ||||||
Panasonic Corp. | 1,600 | 14,754 | ||||||
Park24 Co. Ltd. | 100 | 1,807 | ||||||
Rakuten, Inc. | 500 | 4,399 | ||||||
Recruit Holdings Co. Ltd. | 900 | 34,168 | ||||||
Resona Holdings, Inc. | 1,500 | 5,516 | ||||||
Rohm Co. Ltd. | 100 | 6,431 | ||||||
Santen Pharmaceutical Co. Ltd. | 300 | 5,717 | ||||||
Secom Co. Ltd. | 150 | 14,180 | ||||||
Sega Sammy Holdings, Inc. | 100 | 1,159 | ||||||
Sekisui Chemical Co. Ltd. | 300 | 4,801 | ||||||
Sekisui House Ltd. | 400 | 7,906 | ||||||
Seven & i Holdings Co. Ltd. | 500 | 16,186 |
Number | Value | |||||||
Japan (Continued) | ||||||||
SG Holdings Co. Ltd. | 100 | $ | 4,597 | |||||
Sharp Corp. | 200 | 2,484 | ||||||
Shimadzu Corp. | 100 | 2,985 | ||||||
Shimizu Corp. | 400 | 3,078 | ||||||
Shin-Etsu Chemical Co. Ltd. | 250 | 30,376 | ||||||
Shionogi & Co. Ltd. | 200 | 11,095 | ||||||
Shiseido Co. Ltd. | 300 | 17,458 | ||||||
Showa Denko KK | 100 | 1,949 | ||||||
Sohgo Security Services Co. Ltd. | 50 | 2,336 | ||||||
Sompo Holdings, Inc. | 250 | 9,383 | ||||||
Sony Corp. | 900 | 70,518 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,867 | ||||||
Sumitomo Chemical Co. Ltd. | 1,100 | 3,579 | ||||||
Sumitomo Metal Mining Co. Ltd. | 200 | 6,105 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 200 | 5,792 | ||||||
Sumitomo Rubber Industries Ltd. | 100 | 963 | ||||||
Suntory Beverage & Food Ltd. | 100 | 3,857 | ||||||
Sysmex Corp. | 100 | 8,729 | ||||||
T&D Holdings, Inc. | 400 | 4,187 | ||||||
Taisei Corp. | 100 | 3,456 | ||||||
Takeda Pharmaceutical Co. Ltd. | 1,100 | 41,066 | ||||||
TDK Corp. | 100 | 10,382 | ||||||
Teijin Ltd. | 100 | 1,569 | ||||||
Tobu Railway Co. Ltd. | 100 | 3,121 | ||||||
Tokyo Electron Ltd. | 115 | 29,443 | ||||||
Tokyo Gas Co. Ltd. | 200 | 4,444 | ||||||
Tokyu Corp. | 300 | 4,011 | ||||||
Toppan Printing Co. Ltd. | 100 | 1,554 | ||||||
Toray Industries, Inc. | 1,000 | 4,750 | ||||||
TOTO Ltd. | 100 | 4,390 | ||||||
Toyo Suisan Kaisha Ltd. | 100 | 5,677 | ||||||
Toyota Tsusho Corp. | 100 | 2,914 | ||||||
Unicharm Corp. | 300 | 13,053 | ||||||
USS Co. Ltd. | 200 | 3,378 | ||||||
West Japan Railway Co. | 100 | 5,253 | ||||||
Yakult Honsha Co. Ltd. | 100 | 5,705 | ||||||
Yamada Denki Co. Ltd. | 400 | 2,146 | ||||||
Yamaha Corp. | 100 | 4,875 | ||||||
Yamaha Motor Co. Ltd. | 200 | 3,151 | ||||||
Yaskawa Electric Corp. (b) | 200 | 7,195 | ||||||
Yokogawa Electric Corp. | 200 | 3,268 | ||||||
ZOZO, Inc. | 100 | 2,814 | ||||||
|
| |||||||
(Cost $1,225,706) | 1,353,221 | |||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 99 | 3,143 | ||||||
|
| |||||||
Luxembourg — 0.0% | ||||||||
SES SA | 269 | 1,914 | ||||||
Tenaris SA | 322 | 1,895 | ||||||
|
| |||||||
(Cost $9,792) | 3,809 | |||||||
|
| |||||||
Malaysia — 0.7% | ||||||||
AMMB Holdings Bhd | 1,400 | 981 | ||||||
Axiata Group Bhd | 2,152 | 1,555 | ||||||
CIMB Group Holdings Bhd | 3,587 | 2,842 | ||||||
Dialog Group Bhd | 2,800 | 2,413 | ||||||
DiGi.Com Bhd | 2,500 | 2,371 | ||||||
Fraser & Neave Holdings Bhd | 200 | 1,470 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Malaysia (Continued) | ||||||||
HAP Seng Consolidated Bhd | 500 | $ | 864 | |||||
Hartalega Holdings Bhd | 1,000 | 3,966 | ||||||
IHH Healthcare Bhd | 1,900 | 2,445 | ||||||
Malayan Banking Bhd | 2,859 | 5,031 | ||||||
Malaysia Airports Holdings Bhd | 900 | 1,102 | ||||||
Maxis Bhd | 2,100 | 2,521 | ||||||
MISC Bhd | 900 | 1,644 | ||||||
Nestle Malaysia Bhd | 19 | 635 | ||||||
Petronas Dagangan Bhd | 300 | 1,484 | ||||||
PPB Group Bhd | 400 | 1,728 | ||||||
Press Metal Aluminium Holdings Bhd | 1,100 | 1,376 | ||||||
Public Bank Bhd | 2,100 | 8,278 | ||||||
RHB Bank Bhd | 900 | 990 | ||||||
Sime Darby Bhd | 2,000 | 1,051 | ||||||
Tenaga Nasional Bhd | 1,800 | 4,693 | ||||||
Top Glove Corp. Bhd | 1,000 | 6,309 | ||||||
Westports Holdings Bhd | 1,100 | 964 | ||||||
|
| |||||||
(Cost $61,667) | 56,713 | |||||||
|
| |||||||
Mexico — 0.3% | ||||||||
Alfa SAB de CV, Class A | 2,091 | 1,344 | ||||||
Arca Continental SAB de CV | 349 | 1,592 | ||||||
Cemex SAB de CV, Series CPO | 11,057 | 3,547 | ||||||
Coca-Cola Femsa SAB de CV | 384 | 1,611 | ||||||
Fomento Economico Mexicano SAB de CV | 1,459 | 8,490 | ||||||
Gruma SAB de CV, Class B | 161 | 1,904 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B* | 173 | 1,960 | ||||||
Grupo Bimbo SAB de CV, Series A | 1,236 | 2,283 | ||||||
Industrias Penoles SAB de CV | 103 | 1,718 | ||||||
Infraestructura Energetica Nova SAB de CV | 331 | 969 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,156 | 1,857 | ||||||
|
| |||||||
(Cost $34,323) | 27,275 | |||||||
|
| |||||||
Netherlands — 3.5% | ||||||||
Aegon NV | 1,145 | 3,195 | ||||||
Akzo Nobel NV | 140 | 13,887 | ||||||
ASML Holding NV | 299 | 112,390 | ||||||
ING Groep NV* | 2,860 | 23,273 | ||||||
Koninklijke Ahold Delhaize NV | 777 | 23,436 | ||||||
Koninklijke DSM NV | 123 | 19,778 | ||||||
Koninklijke KPN NV | 2,733 | 7,181 | ||||||
Koninklijke Philips NV* | 636 | 30,147 | ||||||
Koninklijke Vopak NV | 38 | 2,091 | ||||||
NN Group NV | 226 | 8,528 | ||||||
Prosus NV* | 348 | 34,893 | ||||||
Wolters Kluwer NV | 193 | 15,880 | ||||||
|
| |||||||
(Cost $221,128) | 294,679 | |||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Auckland International Airport Ltd. | 706 | 3,164 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 409 | 10,187 | ||||||
Mercury NZ Ltd. | 509 | 1,785 | ||||||
Meridian Energy Ltd. | 827 | 2,840 | ||||||
Ryman Healthcare Ltd. | 374 | 3,397 | ||||||
|
| |||||||
(Cost $17,559) | 21,373 | |||||||
|
|
Number | Value | |||||||
Norway — 0.5% | ||||||||
Equinor ASA | 680 | $ | 11,096 | |||||
Mowi ASA | 310 | 6,103 | ||||||
Norsk Hydro ASA* | 954 | 3,066 | ||||||
Orkla ASA | 628 | 6,435 | ||||||
Schibsted ASA, Class B* | 73 | 2,912 | ||||||
Telenor ASA | 537 | 8,793 | ||||||
|
| |||||||
(Cost $46,676) | 38,405 | |||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,620 | 1,604 | ||||||
Aboitiz Power Corp. | 1,700 | 934 | ||||||
Ayala Corp. | 200 | 3,026 | ||||||
Bank of the Philippine Islands | 790 | 1,092 | ||||||
BDO Unibank, Inc. | 1,500 | 2,661 | ||||||
JG Summit Holdings, Inc. | 1,700 | 2,254 | ||||||
Manila Electric Co. | 150 | 832 | ||||||
Metropolitan Bank & Trust Co. | 1,582 | 1,093 | ||||||
SM Investments Corp. | 160 | 2,805 | ||||||
SM Prime Holdings, Inc. | 8,000 | 4,818 | ||||||
|
| |||||||
(Cost $24,688) | 21,119 | |||||||
|
| |||||||
Poland — 0.3% | ||||||||
Bank Polska Kasa Opieki SA* | 118 | 1,682 | ||||||
CD Projekt SA* | 45 | 5,379 | ||||||
Grupa Lotos SA | 91 | 1,003 | ||||||
KGHM Polska Miedz SA* | 94 | 3,506 | ||||||
mBank SA* | 10 | 513 | ||||||
Polski Koncern Naftowy ORLEN SA | 251 | 3,465 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 540 | 3,175 | ||||||
Powszechny Zaklad Ubezpieczen SA* | 423 | 3,133 | ||||||
Santander Bank Polska SA* | 23 | 950 | ||||||
|
| |||||||
(Cost $31,676) | 22,806 | |||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 1,982 | 10,055 | ||||||
Galp Energia SGPS SA | 411 | 4,410 | ||||||
Jeronimo Martins SGPS SA | 203 | 3,340 | ||||||
|
| |||||||
(Cost $16,345) | 17,805 | |||||||
|
| |||||||
Qatar — 0.2% | ||||||||
Commercial Bank PSQC | 1,380 | 1,574 | ||||||
Ooredoo QPSC | 670 | 1,215 | ||||||
Qatar National Bank QPSC | 3,331 | 16,468 | ||||||
|
| |||||||
(Cost $20,057) | 19,257 | |||||||
|
| |||||||
Romania — 0.0% | ||||||||
NEPI Rockcastle PLC | 296 | 1,385 | ||||||
|
| |||||||
Russia — 0.6% | ||||||||
Gazprom PJSC | 8,515 | 20,775 | ||||||
Inter RAO UES PJSC | 26,571 | 1,865 | ||||||
LUKOIL PJSC | 303 | 20,331 | ||||||
Novolipetsk Steel PJSC | 886 | 1,845 | ||||||
PhosAgro PJSC, GDR | 105 | 1,252 | ||||||
Polyus PJSC | 21 | 5,101 | ||||||
|
| |||||||
(Cost $55,008) | 51,169 | |||||||
|
|
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Saudi Arabia — 0.4% | ||||||||
Almarai Co. JSC | 185 | $ | 2,649 | |||||
Banque Saudi Fransi | 401 | 3,416 | ||||||
Samba Financial Group | 635 | 4,664 | ||||||
Saudi Arabian Mining Co.* | 302 | 3,173 | ||||||
Saudi Basic Industries Corp. | 638 | 14,970 | ||||||
Savola Group | 174 | 2,255 | ||||||
|
| |||||||
(Cost $34,047) | 31,127 | |||||||
|
| |||||||
Singapore — 0.8% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,972 | 4,815 | ||||||
BOC Aviation Ltd., 144A | 179 | 1,332 | ||||||
CapitaLand Commercial Trust REIT | 1,800 | 2,224 | ||||||
CapitaLand Ltd. | 1,800 | 3,667 | ||||||
CapitaLand Mall Trust REIT | 1,800 | 2,595 | ||||||
City Developments Ltd. | 300 | 1,772 | ||||||
DBS Group Holdings Ltd. | 1,300 | 19,955 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 1,394 | ||||||
Keppel Corp. Ltd. | 1,000 | 3,369 | ||||||
Singapore Airlines Ltd. | 1,000 | 2,685 | ||||||
Singapore Exchange Ltd. | 500 | 3,166 | ||||||
Singapore Telecommunications Ltd. | 5,600 | 9,473 | ||||||
United Overseas Bank Ltd. | 800 | 11,509 | ||||||
UOL Group Ltd. | 400 | 1,933 | ||||||
|
| |||||||
(Cost $79,977) | 69,889 | |||||||
|
| |||||||
South Africa — 1.6% | ||||||||
Absa Group Ltd. | 507 | 2,312 | ||||||
Anglo American Platinum Ltd.(b) | 37 | 2,761 | ||||||
Aspen Pharmacare Holdings Ltd.* | 289 | 2,318 | ||||||
Bid Corp. Ltd. | 185 | 3,057 | ||||||
Bidvest Group Ltd. | 240 | 1,928 | ||||||
Capitec Bank Holdings Ltd. | 15 | 739 | ||||||
Clicks Group Ltd. | 194 | 2,634 | ||||||
Exxaro Resources Ltd. | 171 | 1,385 | ||||||
FirstRand Ltd. | 3,385 | 7,563 | ||||||
Gold Fields Ltd. | 587 | 7,591 | ||||||
Growthpoint Properties Ltd. REIT | 2,335 | 1,683 | ||||||
Impala Platinum Holdings Ltd. | 550 | 5,076 | ||||||
Kumba Iron Ore Ltd. | 42 | 1,316 | ||||||
Life Healthcare Group Holdings Ltd. | 934 | 912 | ||||||
Mr Price Group Ltd. | 212 | 1,450 | ||||||
MTN Group Ltd. | 1,249 | 4,502 | ||||||
MultiChoice Group* | 327 | 1,870 | ||||||
Naspers Ltd., Class N | 319 | 58,236 | ||||||
Nedbank Group Ltd. | 290 | 1,643 | ||||||
Northam Platinum Ltd.* | 264 | 2,494 | ||||||
Old Mutual Ltd. | 3,667 | 2,422 | ||||||
Remgro Ltd. | 410 | 2,128 | ||||||
Sanlam Ltd. | 1,309 | 4,248 | ||||||
Sasol Ltd.*(b) | 419 | 3,427 | ||||||
Shoprite Holdings Ltd. | 317 | 2,068 | ||||||
SPAR Group Ltd. | 143 | 1,364 | ||||||
Standard Bank Group Ltd. | 927 | 5,778 | ||||||
Vodacom Group Ltd. | 442 | 3,336 | ||||||
Woolworths Holdings Ltd. | 771 | 1,447 | ||||||
|
| |||||||
(Cost $196,440) | 137,688 | |||||||
|
|
Number | Value | |||||||
South Korea — 1.8% | ||||||||
Amorepacific Corp. | 27 | $ | 3,819 | |||||
AMOREPACIFIC Group | 25 | 1,073 | ||||||
BNK Financial Group, Inc. | 119 | 509 | ||||||
CJ CheilJedang Corp. | 7 | 2,398 | ||||||
CJ Corp. | 12 | 818 | ||||||
GS Engineering & Construction Corp. | 46 | 957 | ||||||
GS Holdings Corp. | 38 | 1,040 | ||||||
Hana Financial Group, Inc. | 223 | 5,294 | ||||||
Hankook Tire & Technology Co. Ltd. | 59 | 1,465 | ||||||
Hanwha Solutions Corp. | 92 | 3,094 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 7 | 1,332 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 48 | 893 | ||||||
KB Financial Group, Inc. | 294 | 9,120 | ||||||
LG Chem Ltd. | 30 | 18,689 | ||||||
LG Corp. | 70 | 4,873 | ||||||
LG Display Co. Ltd.* | 169 | 2,077 | ||||||
LG Electronics, Inc. | 81 | 5,741 | ||||||
LG Household & Health Care Ltd. | 7 | 8,680 | ||||||
LG Innotek Co. Ltd. | 3 | 366 | ||||||
Lotte Chemical Corp. | 13 | 2,074 | ||||||
Lotte Corp. | 25 | 631 | ||||||
NAVER Corp. | 89 | 24,162 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 40 | 4,192 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 23 | 3,621 | ||||||
Samsung SDI Co. Ltd. | 40 | 15,237 | ||||||
Shinhan Financial Group Co. Ltd. | 317 | 7,912 | ||||||
SK Holdings Co. Ltd. | 24 | 4,324 | ||||||
SK Innovation Co. Ltd. | 34 | 4,150 | ||||||
SK Telecom Co. Ltd. | 28 | 5,846 | ||||||
S-Oil Corp. | 33 | 1,570 | ||||||
Woori Financial Group, Inc. | 388 | 2,763 | ||||||
Yuhan Corp. | 30 | 1,692 | ||||||
|
| |||||||
(Cost $148,114) | 150,412 | |||||||
|
| |||||||
Spain — 1.6% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 4,875 | 14,302 | ||||||
Bankinter SA | 505 | 2,722 | ||||||
CaixaBank SA | 2,656 | 5,851 | ||||||
Iberdrola SA | 4,119 | 51,971 | ||||||
Industria de Diseno Textil SA | 785 | 22,109 | ||||||
Naturgy Energy Group SA | 237 | 4,580 | ||||||
Red Electrica Corp. SA | 328 | 6,286 | ||||||
Repsol SA | 1,036 | 8,205 | ||||||
Telefonica SA | 3,498 | 13,851 | ||||||
|
| |||||||
(Cost $159,170) | 129,877 | |||||||
|
| |||||||
Sweden — 2.0% | ||||||||
Assa Abloy AB, Class B | 695 | 16,116 | ||||||
Atlas Copco AB, Class A | 477 | 22,116 | ||||||
Atlas Copco AB, Class B | 286 | 11,516 | ||||||
Boliden AB | 195 | 5,831 | ||||||
Electrolux AB, Series B | 140 | 3,042 | ||||||
Essity AB, Class B* | 444 | 15,320 | ||||||
Hennes & Mauritz AB, Class B | 566 | 9,050 | ||||||
Husqvarna AB, Class B | 321 | 3,498 | ||||||
ICA Gruppen AB | 60 | 2,951 | ||||||
Investment AB Latour, Class B | 116 | 2,594 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Sweden (Continued) | ||||||||
Kinnevik AB, Class B (b) | 139 | $ | 5,384 | |||||
Sandvik AB* | 803 | 15,809 | ||||||
Skandinaviska Enskilda Banken AB, Class A* | 1,160 | 11,532 | ||||||
Skanska AB, Class B* | 250 | 5,107 | ||||||
SKF AB, Class B | 253 | 5,063 | ||||||
Svenska Cellulosa AB SCA, Class B* | 420 | 5,427 | ||||||
Svenska Handelsbanken AB, Class A* | 1,080 | 10,896 | ||||||
Tele2 AB, Class B | 361 | 5,129 | ||||||
Telia Co. AB | 1,878 | 7,253 | ||||||
|
| |||||||
(Cost $132,938) | 163,634 | |||||||
|
| |||||||
Switzerland — 5.5% | ||||||||
ABB Ltd. | 1,329 | 33,902 | ||||||
Adecco Group AG | 120 | 6,298 | ||||||
Alcon, Inc.* | 352 | 20,077 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 1 | 8,546 | ||||||
Cie Financiere Richemont SA, Class A | 373 | 24,755 | ||||||
Clariant AG | 145 | 3,027 | ||||||
Coca-Cola HBC AG* | 147 | 3,925 | ||||||
Givaudan SA | 7 | 29,463 | ||||||
Kuehne + Nagel International AG* | 41 | 7,971 | ||||||
Lonza Group AG | 53 | 32,985 | ||||||
Roche Holding AG | 494 | 173,198 | ||||||
SGS SA | 4 | 10,386 | ||||||
Sika AG | 105 | 25,257 | ||||||
Sonova Holding AG* | 41 | 9,612 | ||||||
Straumann Holding AG | 7 | 6,910 | ||||||
Swiss Re AG | 212 | 17,102 | ||||||
Swisscom AG | 19 | 10,550 | ||||||
Zurich Insurance Group AG | 108 | 40,060 | ||||||
|
| |||||||
(Cost $359,782) | 464,024 | |||||||
|
| |||||||
Taiwan — 5.3% | ||||||||
Accton Technology Corp. | 347 | 2,767 | ||||||
Acer, Inc. | 2,216 | 1,764 | ||||||
Advantech Co. Ltd. | 267 | 2,762 | ||||||
ASE Technology Holding Co. Ltd. | 2,612 | 5,448 | ||||||
AU Optronics Corp.* | 5,940 | 2,116 | ||||||
Catcher Technology Co. Ltd. | 471 | 3,219 | ||||||
Cathay Financial Holding Co. Ltd. | 4,995 | 6,784 | ||||||
Chailease Holding Co. Ltd. | 1,006 | 4,440 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,499 | 1,839 | ||||||
China Steel Corp. | 8,819 | 5,981 | ||||||
Chunghwa Telecom Co. Ltd. | 2,878 | 10,642 | ||||||
Compal Electronics, Inc. | 3,010 | 1,898 | ||||||
CTBC Financial Holding Co. Ltd. | 13,085 | 8,451 | ||||||
Delta Electronics, Inc. | 1,485 | 9,565 | ||||||
E.Sun Financial Holding Co. Ltd. | 8,161 | 7,565 | ||||||
Eva Airways Corp. | 226 | 89 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 2,510 | 1,488 | ||||||
Far Eastern New Century Corp. | 2,498 | 2,252 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,268 | 2,649 | ||||||
First Financial Holding Co. Ltd. | 7,163 | 5,188 | ||||||
Fubon Financial Holding Co. Ltd. | 4,213 | 6,145 | ||||||
Hiwin Technologies Corp. | 170 | 1,866 | ||||||
Hotai Motor Co. Ltd. | 204 | 4,151 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 6,500 | $ | 3,999 | |||||
Innolux Corp.* | 7,081 | 2,201 | ||||||
Inventec Corp. | 1,950 | 1,512 | ||||||
Lite-On Technology Corp. | 1,579 | 2,497 | ||||||
MediaTek, Inc. | 1,101 | 20,863 | ||||||
Micro-Star International Co. Ltd. | 456 | 2,106 | ||||||
Nan Ya Plastics Corp. | 3,413 | 7,154 | ||||||
President Chain Store Corp. | 448 | 4,122 | ||||||
Quanta Computer, Inc. | 1,910 | 5,012 | ||||||
SinoPac Financial Holdings Co. Ltd. | 6,388 | 2,351 | ||||||
Standard Foods Corp. | 609 | 1,322 | ||||||
Taishin Financial Holding Co. Ltd. | 7,598 | 3,431 | ||||||
Taiwan Business Bank | 3,489 | 1,189 | ||||||
Taiwan High Speed Rail Corp. | 1,537 | 1,702 | ||||||
Taiwan Mobile Co. Ltd. | 1,259 | 4,355 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 17,491 | 254,244 | ||||||
Uni-President Enterprises Corp. | 3,686 | 8,367 | ||||||
United Microelectronics Corp. | 7,051 | 5,095 | ||||||
Vanguard International Semiconductor Corp. | 639 | 2,036 | ||||||
Win Semiconductors Corp. | 218 | 2,125 | ||||||
Wistron Corp. | 2,104 | 2,287 | ||||||
Yageo Corp. | 194 | 2,202 | ||||||
Yuanta Financial Holding Co. Ltd. | 8,185 | 5,133 | ||||||
|
| |||||||
(Cost $295,711) | 444,374 | |||||||
|
| |||||||
Thailand — 0.8% | ||||||||
Advanced Info Service PCL, NVDR | 800 | 4,704 | ||||||
Airports of Thailand PCL, NVDR | 3,100 | 5,578 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 7,200 | 4,812 | ||||||
BTS Group Holdings PCL, NVDR | 4,000 | 1,337 | ||||||
Bumrungrad Hospital PCL, NVDR | 300 | 1,065 | ||||||
Central Pattana PCL, NVDR | 1,400 | 2,114 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,800 | 2,901 | ||||||
CP ALL PCL, NVDR | 4,400 | 8,977 | ||||||
Electricity Generating PCL, NVDR | 200 | 1,427 | ||||||
Energy Absolute PCL, NVDR | 1,200 | 1,619 | ||||||
Global Power Synergy PCL, NVDR | 500 | 1,028 | ||||||
Gulf Energy Development PCL, NVDR | 2,000 | 2,024 | ||||||
Home Product Center PCL, NVDR | 4,800 | 2,298 | ||||||
Indorama Ventures PCL, NVDR | 1,400 | 1,066 | ||||||
Intouch Holdings PCL, NVDR | 1,600 | 2,802 | ||||||
IRPC PCL, NVDR | 13,400 | 1,008 | ||||||
Kasikornbank PCL, NVDR | 1,400 | 3,790 | ||||||
Land & Houses PCL, NVDR | 4,800 | 1,141 | ||||||
Minor International PCL, NVDR* | 1,600 | 1,152 | ||||||
Muangthai Capital PCL | 600 | 959 | ||||||
PTT Exploration & Production PCL, NVDR | 1,000 | 2,860 | ||||||
PTT Global Chemical PCL, NVDR | 1,700 | 2,526 | ||||||
Siam Cement PCL, NVDR | 600 | 6,825 | ||||||
Siam Commercial Bank PCL, NVDR | 700 | 1,631 | ||||||
Thai Oil PCL, NVDR | 500 | 667 | ||||||
TMB Bank PCL, NVDR | 18,445 | 557 | ||||||
True Corp. PCL, NVDR | 5,900 | 629 | ||||||
|
| |||||||
(Cost $86,094) | 67,497 | |||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Turkey — 0.1% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 572 | $ | 1,262 | |||||
KOC Holding AS | 746 | 1,510 | ||||||
Turkcell Iletisim Hizmetleri AS | 897 | 1,746 | ||||||
|
| |||||||
(Cost $5,051) | 4,518 | |||||||
|
| |||||||
United Arab Emirates — 0.3% | ||||||||
Abu Dhabi Commercial Bank PJSC | 2,038 | 3,074 | ||||||
Aldar Properties PJSC | 3,128 | 1,729 | ||||||
Dubai Islamic Bank PJSC | 1,453 | 1,622 | ||||||
Emirates NBD Bank PJSC | 1,790 | 5,263 | ||||||
Emirates Telecommunications Group Co. PJSC | 1,266 | 5,707 | ||||||
First Abu Dhabi Bank PJSC | 1,987 | 6,199 | ||||||
NMC Health PLC*(c) | 76 | 0 | ||||||
|
| |||||||
(Cost $29,286) | 23,594 | |||||||
|
| |||||||
United Kingdom — 7.7% | ||||||||
3i Group PLC | 653 | 8,201 | ||||||
Associated British Foods PLC | 262 | 7,178 | ||||||
Aviva PLC | 2,667 | 10,095 | ||||||
Barratt Developments PLC | 698 | 4,908 | ||||||
Berkeley Group Holdings PLC | 84 | 5,128 | ||||||
British Land Co. PLC REIT | 710 | 3,477 | ||||||
BT Group PLC | 6,174 | 8,651 | ||||||
Burberry Group PLC | 313 | 6,054 | ||||||
CNH Industrial NV* | 738 | 5,855 | ||||||
Coca-Cola European Partners PLC | 155 | 6,380 | ||||||
Compass Group PLC | 1,269 | 20,738 | ||||||
Croda International PLC | 97 | 7,663 | ||||||
Ferguson PLC | 170 | 16,789 | ||||||
GlaxoSmithKline PLC | 3,570 | 70,362 | ||||||
Informa PLC* | 1,089 | 6,028 | ||||||
InterContinental Hotels Group PLC* | 132 | 7,787 | ||||||
J Sainsbury PLC | 1,332 | 3,278 | ||||||
JD Sports Fashion PLC | 297 | 2,886 | ||||||
Johnson Matthey PLC | 140 | 4,452 | ||||||
Kingfisher PLC | 1,399 | 5,063 | ||||||
Land Securities Group PLC REIT | 499 | 3,863 | ||||||
Legal & General Group PLC | 4,256 | 12,383 | ||||||
London Stock Exchange Group PLC | 231 | 27,218 | ||||||
Mondi PLC | 359 | 7,023 | ||||||
National Grid PLC | 2,508 | 28,315 | ||||||
Next PLC | 94 | 7,600 | ||||||
Pearson PLC | 388 | 2,906 | ||||||
Prudential PLC | 1,871 | 30,601 | ||||||
Reckitt Benckiser Group PLC | 508 | 51,082 | ||||||
RELX PLC | 1,404 | 32,005 | ||||||
Rentokil Initial PLC* | 1,390 | 9,920 | ||||||
RSA Insurance Group PLC | 778 | 4,680 | ||||||
Sage Group PLC | 692 | 6,862 | ||||||
Schroders PLC | 70 | 2,716 | ||||||
Segro PLC REIT | 774 | 9,874 | ||||||
Smith & Nephew PLC | 632 | 12,875 | ||||||
Spirax-Sarco Engineering PLC | 52 | 7,133 | ||||||
SSE PLC | 726 | 12,238 | ||||||
Standard Chartered PLC* | 2,017 | 10,597 | ||||||
Standard Life Aberdeen PLC | 1,754 | 5,571 | ||||||
Taylor Wimpey PLC | 2,688 | 4,409 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Tesco PLC | 6,752 | $ | 19,772 | |||||
Unilever NV | 1,037 | 60,162 | ||||||
Unilever PLC | 815 | 48,670 | ||||||
Whitbread PLC | 156 | 5,283 | ||||||
Wm Morrison Supermarkets PLC | 1,741 | 4,483 | ||||||
WPP PLC | 924 | 7,987 | ||||||
|
| |||||||
(Cost $630,793) | 647,201 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 8,221,976 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.9% | ||||||||
Brazil — 0.4% | ||||||||
Banco Bradesco SA | 3,152 | 11,916 | ||||||
Cia Energetica de Minas Gerais | 668 | 1,282 | ||||||
Itau Unibanco Holding SA | 3,274 | 14,055 | ||||||
Itausa SA | 3,246 | 5,580 | ||||||
Telefonica Brasil SA | 338 | 2,947 | ||||||
|
| |||||||
(Cost $70,278) | 35,780 | |||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 379 | 809 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 92 | 2,883 | ||||||
|
| |||||||
(Cost $5,661) | 3,692 | |||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 374 | 2,665 | ||||||
|
| |||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 36 | 2,028 | ||||||
Henkel AG & Co. KGaA | 134 | 13,712 | ||||||
Sartorius AG | 27 | 11,463 | ||||||
|
| |||||||
(Cost $21,890) | 27,203 | |||||||
|
| |||||||
South Korea — 0.1% | ||||||||
AMOREPACIFIC Group | 1 | 28 | ||||||
LG Chem Ltd. | 8 | 2,526 | ||||||
LG Household & Health Care Ltd. | 2 | 1,180 | ||||||
|
| |||||||
(Cost $2,583) | 3,734 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 73,074 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Sydney Airport*, expires 9/7/20 | 155 | 133 | ||||||
|
| |||||||
Thailand — 0.0% | ||||||||
Gulf Energy Development PCL*, | 200 | 10 | ||||||
|
| |||||||
TOTAL RIGHTS | 143 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL*, | 400 | 11 | ||||||
Minor International PCL*, | 73 | 23 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Thailand (Continued) | ||||||||
Minor International PCL*, | 80 | $ | 2 | |||||
|
| |||||||
TOTAL WARRANTS | 36 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF (d) | 475 | 12,303 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (d) | 200 | 5,738 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 18,041 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (e)(f) | 18,551 | 18,551 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (e) | 6,027 | 6,027 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% (Cost $7,455,691) | $ | 8,337,848 | ||||||
Other assets and liabilities, net — 0.4% | 33,078 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,370,926 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.2% |
| |||||||||||||||||||||||||||||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF (d) |
| |||||||||||||||||||||||||||||||||||
2,415 | 115,960 | (111,725 | ) | 4,471 | 1,182 | 209 | — | 475 | 12,303 | |||||||||||||||||||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (d) |
| |||||||||||||||||||||||||||||||||||
— | 40,667 | (36,891 | ) | 1,057 | 905 | 116 | — | 200 | 5,738 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (e)(f) |
| |||||||||||||||||||||||||||||||||||
51,069 | — | (32,518 | )(g) | — | — | 601 | — | 18,551 | 18,551 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (e) |
| |||||||||||||||||||||||||||||||||||
6,580 | 390,480 | (391,033 | ) | — | — | 99 | — | 6,027 | 6,027 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
60,064 | 547,107 | (572,167 | ) | 5,528 | 2,087 | 1,025 | — | 25,253 | 42,619 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $39,489, which is 0.5% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund advised by DBX Advisors LLC. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
August 31, 2020
(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $23,446. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
PSQC | Public Shareholders Qatari Company |
QPSC: | Qatari Public Shareholders Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
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 August 31, 2020, 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 Futures | USD | 1 | $ | 49,365 | $ | 55,020 | 9/18/2020 | $ | 5,655 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
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 August 31, 2020 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 (h) | $ | 8,221,976 | $ | — | $ | 0 | $ | 8,221,976 | ||||||||
Preferred Stocks (h) | 73,074 | — | — | 73,074 | ||||||||||||
Rights (h) | — | 143 | — | 143 | ||||||||||||
Warrants | 36 | — | — | 36 | ||||||||||||
Exchange-Traded Funds | 18,041 | — | — | 18,041 | ||||||||||||
Short-Term Investments (h) | 24,578 | — | — | 24,578 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Futures Contracts | 5,655 | — | — | 5,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 8,343,360 | $ | 143 | $ | 0 | $ | 8,343,503 | ||||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended August 31, 2020, the amount of transfers between Level 1 and Level 3 was $2,316. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 26 |
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Australia — 6.8% | ||||||||
APA Group (a) | 1,855 | $ | 14,309 | |||||
ASX Ltd. | 319 | 20,605 | ||||||
Aurizon Holdings Ltd. | 3,261 | 10,491 | ||||||
AusNet Services | 3,262 | 4,403 | ||||||
Australia & New Zealand Banking Group Ltd. | 4,585 | 61,985 | ||||||
BlueScope Steel Ltd. | 739 | 6,935 | ||||||
Brambles Ltd. | 2,551 | 20,922 | ||||||
Coca-Cola Amatil Ltd. | 786 | 5,290 | ||||||
Cochlear Ltd. | 103 | 14,637 | ||||||
Coles Group Ltd. | 2,138 | 28,034 | ||||||
Commonwealth Bank of Australia | 2,847 | 143,764 | ||||||
Computershare Ltd. | 766 | 7,529 | ||||||
Dexus REIT | 1,728 | 11,284 | ||||||
Evolution Mining Ltd. | 2,504 | 10,278 | ||||||
Fortescue Metals Group Ltd. | 2,809 | 36,188 | ||||||
Goodman Group REIT | 2,680 | 36,290 | ||||||
GPT Group REIT | 3,168 | 8,973 | ||||||
Insurance Australia Group Ltd. | 3,644 | 12,855 | ||||||
Lendlease Group (a) | 1,061 | 9,118 | ||||||
Macquarie Group Ltd. | 553 | 52,226 | ||||||
Mirvac Group REIT | 6,410 | 10,002 | ||||||
National Australia Bank Ltd. | 5,218 | 69,191 | ||||||
Newcrest Mining Ltd. | 1,325 | 31,318 | ||||||
Northern Star Resources Ltd. | 1,183 | 11,942 | ||||||
Orica Ltd. | 590 | 7,583 | ||||||
Origin Energy Ltd. | 2,701 | 11,186 | ||||||
Ramsay Health Care Ltd. | 287 | 13,809 | ||||||
SEEK Ltd. | 513 | 7,842 | ||||||
Stockland REIT | 3,730 | 10,924 | ||||||
Suncorp Group Ltd. | 2,100 | 14,443 | ||||||
Sydney Airport (a) | 1,868 | 7,902 | ||||||
Telstra Corp. Ltd. | 6,618 | 14,145 | ||||||
Transurban Group (a) | 4,387 | 43,670 | ||||||
Vicinity Centres REIT | 5,163 | 5,517 | ||||||
Woodside Petroleum Ltd. | 1,530 | 22,155 | ||||||
|
| |||||||
(Cost $808,531) | 797,745 | |||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 116 | 3,890 | ||||||
Erste Group Bank AG* | 454 | 11,066 | ||||||
OMV AG* | 233 | 7,596 | ||||||
voestalpine AG | 170 | 4,231 | ||||||
|
| |||||||
(Cost $31,317) | 26,783 | |||||||
|
| |||||||
Belgium — 0.7% | ||||||||
Colruyt SA | 95 | 6,022 | ||||||
KBC Group NV | 394 | 22,665 | ||||||
Solvay SA | 117 | 10,164 | ||||||
Telenet Group Holding NV | 72 | 2,805 | ||||||
UCB SA | 203 | 24,161 | ||||||
Umicore SA | 327 | 15,053 | ||||||
|
| |||||||
(Cost $83,061) | 80,870 | |||||||
|
| |||||||
Denmark — 3.7% | ||||||||
Chr Hansen Holding A/S | 171 | 19,675 | ||||||
Coloplast A/S, Class B | 190 | 32,309 |
Number | Value | |||||||
Denmark (Continued) | ||||||||
Demant A/S* | 190 | $ | 5,683 | |||||
Genmab A/S* | 105 | 39,742 | ||||||
GN Store Nord A/S | 210 | 15,246 | ||||||
H Lundbeck A/S | 108 | 3,553 | ||||||
Novo Nordisk A/S, Class B | 2,773 | 184,053 | ||||||
Novozymes A/S, Class B | 342 | 20,279 | ||||||
Orsted A/S, 144A | 313 | 44,381 | ||||||
Pandora A/S | 150 | 10,979 | ||||||
Tryg A/S | 205 | 6,307 | ||||||
Vestas Wind Systems A/S | 317 | 48,299 | ||||||
|
| |||||||
(Cost $301,726) | 430,506 | |||||||
|
| |||||||
Finland — 0.9% | ||||||||
Elisa OYJ | 234 | 13,794 | ||||||
Neste OYJ | 679 | 36,388 | ||||||
Orion OYJ, Class B | 161 | 7,571 | ||||||
Stora Enso OYJ, Class R | 962 | 14,186 | ||||||
UPM-Kymmene OYJ | 846 | 25,709 | ||||||
Wartsila OYJ Abp | 704 | 6,032 | ||||||
|
| |||||||
(Cost $96,963) | 103,680 | |||||||
|
| |||||||
France — 9.9% | ||||||||
Accor SA* | 287 | 8,835 | ||||||
Air Liquide SA | 759 | 126,219 | ||||||
Amundi SA, 144A* | 101 | 7,863 | ||||||
Atos SE* | 152 | 13,179 | ||||||
AXA SA | 3,113 | 63,574 | ||||||
Bouygues SA* | 381 | 15,151 | ||||||
Carrefour SA | 995 | 16,017 | ||||||
Cie de Saint-Gobain* | 842 | 34,218 | ||||||
Cie Generale des Etablissements Michelin SCA | 280 | 31,685 | ||||||
CNP Assurances* | 283 | 3,797 | ||||||
Covivio REIT | 59 | 4,382 | ||||||
Credit Agricole SA* | 1,805 | 18,539 | ||||||
Danone SA | 994 | 65,502 | ||||||
Dassault Systemes SE | 211 | 39,833 | ||||||
Eiffage SA* | 132 | 12,190 | ||||||
EssilorLuxottica SA* | 460 | 61,670 | ||||||
Eurazeo SE* | 54 | 2,856 | ||||||
Gecina SA REIT | 79 | 10,884 | ||||||
Getlink SE* | 676 | 10,381 | ||||||
JCDecaux SA* | 122 | 2,333 | ||||||
Kering SA | 121 | 74,468 | ||||||
Klepierre SA REIT (b) | 317 | 5,228 | ||||||
L’Oreal SA | 408 | 135,113 | ||||||
Natixis SA* | 1,501 | 4,138 | ||||||
Orange SA | 3,219 | 35,918 | ||||||
Publicis Groupe SA* | 347 | 12,188 | ||||||
Schneider Electric SE | 886 | 109,935 | ||||||
SEB SA | 37 | 6,509 | ||||||
Teleperformance | 97 | 29,976 | ||||||
TOTAL SE | 3,980 | 157,552 | ||||||
Ubisoft Entertainment SA* | 148 | 12,206 | ||||||
Unibail-Rodamco-Westfield REIT | 224 | 10,491 | ||||||
Valeo SA | 345 | 10,563 | ||||||
Wendel SE | 43 | 4,420 | ||||||
|
| |||||||
(Cost $1,171,682) | 1,157,813 | |||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Germany — 9.7% | ||||||||
adidas AG* | 307 | $ | 93,478 | |||||
Allianz SE | 670 | 145,450 | ||||||
BASF SE | 1,490 | 90,987 | ||||||
Bayerische Motoren Werke AG | 547 | 39,349 | ||||||
Beiersdorf AG | 160 | 18,523 | ||||||
Commerzbank AG* | 1,662 | 9,666 | ||||||
Delivery Hero SE, 144A* | 211 | 22,716 | ||||||
Deutsche Boerse AG | 305 | 57,779 | ||||||
Deutsche Wohnen SE | 553 | 29,523 | ||||||
Fraport AG Frankfurt Airport Services Worldwide*(b) | 70 | 3,195 | ||||||
HeidelbergCement AG | 232 | 14,766 | ||||||
Henkel AG & Co. KGaA | 163 | 14,669 | ||||||
Merck KGaA | 214 | 29,087 | ||||||
METRO AG | 275 | 2,727 | ||||||
MTU Aero Engines AG | 85 | 15,782 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 226 | 65,328 | ||||||
SAP SE | 1,679 | 277,185 | ||||||
Siemens AG | 1,233 | 170,553 | ||||||
Symrise AG | 204 | 28,191 | ||||||
Telefonica Deutschland Holding AG | 1,729 | 4,789 | ||||||
|
| |||||||
(Cost $1,006,699) | 1,133,743 | |||||||
|
| |||||||
Hong Kong — 1.9% | ||||||||
ASM Pacific Technology Ltd. | 490 | 5,270 | ||||||
BOC Hong Kong Holdings Ltd. | 6,025 | 17,103 | ||||||
CLP Holdings Ltd. | 2,594 | 25,488 | ||||||
Hang Seng Bank Ltd. | 1,240 | 19,504 | ||||||
HKT Trust & HKT Ltd. (a) | 5,657 | 8,087 | ||||||
Hong Kong & China Gas Co. Ltd. | 16,733 | 24,354 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,962 | 99,035 | ||||||
MTR Corp. Ltd. | 2,834 | 14,755 | ||||||
PCCW Ltd. | 7,301 | 4,578 | ||||||
Swire Pacific Ltd., Class A | 704 | 3,833 | ||||||
Swire Properties Ltd. | 1,686 | 4,568 | ||||||
|
| |||||||
(Cost $217,983) | 226,575 | |||||||
|
| |||||||
Ireland — 1.0% | ||||||||
CRH PLC | 1,265 | 46,899 | ||||||
DCC PLC | 161 | 14,288 | ||||||
Kerry Group PLC, Class A | 257 | 33,810 | ||||||
Kingspan Group PLC | 254 | 21,856 | ||||||
|
| |||||||
(Cost $97,869) | 116,853 | |||||||
|
| |||||||
Israel — 0.2% | ||||||||
Bank Hapoalim BM | 1,810 | 10,984 | ||||||
Bank Leumi Le-Israel BM | 2,354 | 12,080 | ||||||
Mizrahi Tefahot Bank Ltd. | 228 | 4,653 | ||||||
|
| |||||||
(Cost $32,511) | 27,717 | |||||||
|
| |||||||
Italy — 1.8% | ||||||||
Assicurazioni Generali SpA | 1,774 | 27,592 | ||||||
Enel SpA | 13,080 | 118,715 | ||||||
Intesa Sanpaolo SpA* | 26,654 | 57,544 | ||||||
Pirelli & C SpA, 144A* | 679 | 2,940 | ||||||
|
| |||||||
(Cost $199,982) | 206,791 | |||||||
|
|
Number | Value | |||||||
Japan — 26.2% | ||||||||
Aeon Co. Ltd. | 1,100 | $ | 27,270 | |||||
Ajinomoto Co., Inc. | 800 | 14,907 | ||||||
ANA Holdings, Inc.*(b) | 200 | 4,993 | ||||||
Asahi Kasei Corp. | 2,100 | 17,625 | ||||||
Astellas Pharma, Inc. | 3,000 | 47,088 | ||||||
Benesse Holdings, Inc. | 100 | 2,547 | ||||||
Bridgestone Corp. | 900 | 28,525 | ||||||
Casio Computer Co. Ltd. | 300 | 4,835 | ||||||
Central Japan Railway Co. | 235 | 35,213 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,098 | 48,882 | ||||||
CyberAgent, Inc. | 128 | 6,820 | ||||||
Dai Nippon Printing Co. Ltd. | 365 | 7,758 | ||||||
Daicel Corp. | 500 | 3,631 | ||||||
Daifuku Co. Ltd. | 166 | 14,605 | ||||||
Dai-ichi Life Holdings, Inc. | 1,800 | 27,252 | ||||||
Daiichi Sankyo Co. Ltd. | 900 | 80,176 | ||||||
Daikin Industries Ltd. | 404 | 76,061 | ||||||
Daiwa House Industry Co. Ltd. | 900 | 24,107 | ||||||
Denso Corp. | 660 | 27,739 | ||||||
East Japan Railway Co. | 479 | 31,153 | ||||||
Eisai Co. Ltd. | 408 | 35,646 | ||||||
ENEOS Holdings, Inc. | 5,000 | 19,595 | ||||||
Fast Retailing Co. Ltd. | 93 | 55,496 | ||||||
Fujitsu Ltd. | 309 | 40,269 | ||||||
Hankyu Hanshin Holdings, Inc. | 400 | 12,994 | ||||||
Hino Motors Ltd. | 400 | 2,693 | ||||||
Hirose Electric Co. Ltd. | 40 | 4,530 | ||||||
Hitachi Construction Machinery Co. Ltd. | 200 | 7,016 | ||||||
Hitachi Metals Ltd. | 400 | 6,001 | ||||||
Honda Motor Co. Ltd. | 2,600 | 66,909 | ||||||
Hulic Co. Ltd. | 500 | 4,555 | ||||||
Inpex Corp. | 1,700 | 10,802 | ||||||
Isuzu Motors Ltd. | 900 | 8,903 | ||||||
Japan Retail Fund Investment Corp. REIT | 4 | 6,031 | ||||||
JFE Holdings, Inc. | 800 | 6,058 | ||||||
Kajima Corp. | 800 | 9,966 | ||||||
Kansai Paint Co. Ltd. | 300 | 7,155 | ||||||
Kao Corp. | 784 | 59,655 | ||||||
Kawasaki Heavy Industries Ltd. | 200 | 2,833 | ||||||
KDDI Corp. | 2,600 | 75,466 | ||||||
Keio Corp. | 164 | 9,913 | ||||||
Keyence Corp. | 299 | 123,158 | ||||||
Kikkoman Corp. | 200 | 10,863 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 80 | 7,121 | ||||||
Kobe Bussan Co. Ltd. | 100 | 5,894 | ||||||
Komatsu Ltd. | 1,400 | 30,417 | ||||||
Konami Holdings Corp. | 200 | 7,704 | ||||||
Kubota Corp. | 1,700 | 30,723 | ||||||
Kuraray Co. Ltd. | 600 | 6,139 | ||||||
Kurita Water Industries Ltd. | 200 | 6,261 | ||||||
Kyushu Railway Co. | 230 | 5,071 | ||||||
Lawson, Inc. (b) | 100 | 4,932 | ||||||
Marubeni Corp. | 2,700 | 16,285 | ||||||
Marui Group Co. Ltd. | 300 | 5,480 | ||||||
Mazda Motor Corp. | 1,000 | 6,412 | ||||||
Mercari, Inc.* | 150 | 6,804 | ||||||
Mitsubishi Chemical Holdings Corp. | 2,000 | 11,689 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Japan (Continued) | ||||||||
Mitsubishi Estate Co. Ltd. | 2,000 | $ | 31,336 | |||||
Mitsubishi Materials Corp. | 150 | 3,151 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 700 | 3,307 | ||||||
Mitsui Chemicals, Inc. | 300 | 7,053 | ||||||
Mitsui Fudosan Co. Ltd. | 1,500 | 27,158 | ||||||
Miura Co. Ltd. | 100 | 4,093 | ||||||
Mizuho Financial Group, Inc. | 38,900 | 52,749 | ||||||
MS&AD Insurance Group Holdings, Inc. | 700 | 19,413 | ||||||
Murata Manufacturing Co. Ltd. | 950 | 56,259 | ||||||
Nabtesco Corp. | 150 | 4,746 | ||||||
Nagoya Railroad Co. Ltd. | 300 | 8,371 | ||||||
NEC Corp. | 400 | 21,085 | ||||||
NGK Insulators Ltd. | 500 | 7,105 | ||||||
NGK Spark Plug Co. Ltd. | 200 | 3,442 | ||||||
Nikon Corp. | 400 | 3,138 | ||||||
Nintendo Co. Ltd. | 179 | 95,775 | ||||||
Nippon Building Fund, Inc. REIT | 2 | 12,051 | ||||||
Nippon Express Co. Ltd. | 100 | 5,913 | ||||||
Nippon Paint Holdings Co. Ltd. | 250 | 21,453 | ||||||
Nippon Prologis REIT, Inc. REIT | 4 | 13,089 | ||||||
Nippon Shinyaku Co. Ltd. | 50 | 4,126 | ||||||
Nippon Yusen KK | 200 | 3,127 | ||||||
Nissin Foods Holdings Co. Ltd. | 100 | 9,996 | ||||||
Nitori Holdings Co. Ltd. | 129 | 26,981 | ||||||
Nitto Denko Corp. | 250 | 15,182 | ||||||
Nomura Real Estate Holdings, Inc. | 200 | 3,827 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 8 | 10,252 | ||||||
Nomura Research Institute Ltd. | 500 | 13,292 | ||||||
NSK Ltd. | 500 | 3,833 | ||||||
NTT DOCOMO, Inc. | 1,850 | 51,621 | ||||||
Obayashi Corp. | 1,000 | 9,779 | ||||||
Odakyu Electric Railway Co. Ltd. | 500 | 12,367 | ||||||
Omron Corp. | 313 | 22,934 | ||||||
Ono Pharmaceutical Co. Ltd. | 600 | 18,100 | ||||||
Oriental Land Co. Ltd. | 315 | 42,745 | ||||||
ORIX Corp. | 2,100 | 26,179 | ||||||
Osaka Gas Co. Ltd. | 600 | 11,729 | ||||||
Otsuka Corp. | 150 | 7,355 | ||||||
Panasonic Corp. | 3,500 | 32,275 | ||||||
Park24 Co. Ltd. | 200 | 3,614 | ||||||
Rakuten, Inc. | 1,500 | 13,197 | ||||||
Recruit Holdings Co. Ltd. | 2,000 | 75,930 | ||||||
Resona Holdings, Inc. | 3,400 | 12,504 | ||||||
Rohm Co. Ltd. | 150 | 9,647 | ||||||
Santen Pharmaceutical Co. Ltd. | 600 | 11,435 | ||||||
SCSK Corp. | 100 | 5,413 | ||||||
Secom Co. Ltd. | 340 | 32,142 | ||||||
Sega Sammy Holdings, Inc. | 300 | 3,477 | ||||||
Sekisui Chemical Co. Ltd. | 600 | 9,602 | ||||||
Sekisui House Ltd. (b) | 1,000 | 19,765 | ||||||
Seven & i Holdings Co. Ltd. (b) | 1,200 | 38,848 | ||||||
SG Holdings Co. Ltd. | 300 | 13,791 | ||||||
Sharp Corp. | 300 | 3,726 | ||||||
Shimadzu Corp. | 340 | 10,148 | ||||||
Shimizu Corp. | 900 | 6,925 | ||||||
Shin-Etsu Chemical Co. Ltd. | 573 | 69,622 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Shionogi & Co. Ltd. | 400 | $ | 22,191 | |||||
Shiseido Co. Ltd. | 650 | 37,825 | ||||||
Showa Denko KK | 234 | 4,561 | ||||||
Sohgo Security Services Co. Ltd. | 100 | 4,673 | ||||||
Sompo Holdings, Inc. | 540 | 20,267 | ||||||
Sony Corp. | 2,030 | 159,058 | ||||||
Stanley Electric Co. Ltd. | 200 | 5,733 | ||||||
Sumitomo Chemical Co. Ltd. | 2,400 | 7,808 | ||||||
Sumitomo Metal Mining Co. Ltd. | 353 | 10,775 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 500 | 14,480 | ||||||
Sumitomo Rubber Industries Ltd. | 300 | 2,888 | ||||||
Suntory Beverage & Food Ltd. | 200 | 7,714 | ||||||
Sysmex Corp. | 250 | 21,823 | ||||||
T&D Holdings, Inc. | 900 | 9,421 | ||||||
Taisei Corp. | 274 | 9,470 | ||||||
Takeda Pharmaceutical Co. Ltd. | 2,550 | 95,200 | ||||||
TDK Corp. | 200 | 20,765 | ||||||
Teijin Ltd. | 300 | 4,707 | ||||||
Tobu Railway Co. Ltd. | 300 | 9,364 | ||||||
Tokyo Century Corp. | 100 | 5,130 | ||||||
Tokyo Electron Ltd. | 253 | 64,774 | ||||||
Tokyo Gas Co. Ltd. | 600 | 13,333 | ||||||
Tokyu Corp. | 800 | 10,697 | ||||||
Toppan Printing Co. Ltd. | 500 | 7,770 | ||||||
Toray Industries, Inc. | 2,400 | 11,400 | ||||||
TOTO Ltd. | 200 | 8,779 | ||||||
Toyo Suisan Kaisha Ltd. | 150 | 8,515 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 2,183 | ||||||
Toyota Tsusho Corp. | 300 | 8,742 | ||||||
Unicharm Corp. | 700 | 30,457 | ||||||
USS Co. Ltd. | 400 | 6,756 | ||||||
West Japan Railway Co. | 250 | 13,134 | ||||||
Yakult Honsha Co. Ltd. | 180 | 10,269 | ||||||
Yamada Denki Co. Ltd. | 1,000 | 5,366 | ||||||
Yamaha Corp. | 219 | 10,677 | ||||||
Yamaha Motor Co. Ltd. | 500 | 7,879 | ||||||
Yaskawa Electric Corp. | 401 | 14,426 | ||||||
Yokogawa Electric Corp. | 400 | 6,537 | ||||||
ZOZO, Inc. | 200 | 5,628 | ||||||
|
| |||||||
(Cost $2,842,612) | 3,055,974 | |||||||
|
| |||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 245 | 7,778 | ||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
SES SA | 570 | 4,056 | ||||||
Tenaris SA | 784 | 4,613 | ||||||
|
| |||||||
(Cost $20,161) | 8,669 | |||||||
|
| |||||||
Netherlands — 5.7% | ||||||||
Aegon NV | 2,872 | 8,013 | ||||||
Akzo Nobel NV | 324 | 32,138 | ||||||
ASML Holding NV | 680 | 255,603 | ||||||
ING Groep NV* | 6,257 | 50,915 | ||||||
Koninklijke Ahold Delhaize NV | 1,790 | 53,990 | ||||||
Koninklijke DSM NV | 291 | 46,792 | ||||||
Koninklijke KPN NV | 5,645 | 14,832 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Koninklijke Philips NV* | 1,470 | $ | 69,680 | |||||
Koninklijke Vopak NV | 107 | 5,889 | ||||||
NN Group NV | 471 | 17,772 | ||||||
Prosus NV* | 783 | 78,510 | ||||||
Wolters Kluwer NV | 436 | 35,875 | ||||||
|
| |||||||
(Cost $541,176) | 670,009 | |||||||
|
| |||||||
New Zealand — 0.4% | ||||||||
Auckland International Airport Ltd. | 2,003 | 8,976 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 942 | 23,462 | ||||||
Mercury NZ Ltd. | 1,209 | 4,241 | ||||||
Meridian Energy Ltd. | 1,974 | 6,778 | ||||||
Ryman Healthcare Ltd. | 606 | 5,505 | ||||||
|
| |||||||
(Cost $40,484) | 48,962 | |||||||
|
| |||||||
Norway — 0.7% | ||||||||
Equinor ASA | 1,645 | 26,842 | ||||||
Mowi ASA | 688 | 13,545 | ||||||
Norsk Hydro ASA* | 2,015 | 6,476 | ||||||
Orkla ASA | 1,291 | 13,228 | ||||||
Schibsted ASA, Class B* | 151 | 6,024 | ||||||
Telenor ASA | 1,195 | 19,568 | ||||||
|
| |||||||
(Cost $97,325) | 85,683 | |||||||
|
| |||||||
Portugal — 0.3% | ||||||||
EDP — Energias de Portugal SA | 4,368 | 22,160 | ||||||
Galp Energia SGPS SA | 786 | 8,434 | ||||||
Jeronimo Martins SGPS SA | 403 | 6,629 | ||||||
|
| |||||||
(Cost $37,554) | 37,223 | |||||||
|
| |||||||
Singapore — 1.4% | ||||||||
Ascendas Real Estate Investment Trust REIT | 4,912 | 11,994 | ||||||
CapitaLand Commercial Trust REIT | 4,200 | 5,190 | ||||||
CapitaLand Ltd. | 4,200 | 8,557 | ||||||
CapitaLand Mall Trust REIT | 4,200 | 6,055 | ||||||
City Developments Ltd. | 800 | 4,725 | ||||||
DBS Group Holdings Ltd. | 2,900 | 44,515 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 1,394 | ||||||
Keppel Corp. Ltd. | 2,400 | 8,085 | ||||||
Singapore Airlines Ltd. | 2,250 | 6,040 | ||||||
Singapore Exchange Ltd. | 1,300 | 8,232 | ||||||
Singapore Telecommunications Ltd. | 13,100 | 22,161 | ||||||
United Overseas Bank Ltd. | 1,800 | 25,896 | ||||||
UOL Group Ltd. | 800 | 3,866 | ||||||
|
| |||||||
(Cost $175,281) | 156,710 | |||||||
|
| |||||||
Spain — 2.5% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 10,764 | 31,578 | ||||||
Bankinter SA | 1,070 | 5,767 | ||||||
CaixaBank SA | 5,564 | 12,257 | ||||||
Iberdrola SA | 9,580 | 120,874 | ||||||
Industria de Diseno Textil SA | 1,789 | 50,387 | ||||||
Naturgy Energy Group SA | 472 | 9,122 | ||||||
Red Electrica Corp. SA | 696 | 13,339 | ||||||
Repsol SA | 2,418 | 19,150 | ||||||
Telefonica SA | 7,822 | 30,973 | ||||||
|
| |||||||
(Cost $344,582) | 293,447 | |||||||
|
|
Number | Value | |||||||
Sweden — 3.2% | ||||||||
Assa Abloy AB, Class B | 1,628 | $ | 37,751 | |||||
Atlas Copco AB, Class A | 1,072 | 49,704 | ||||||
Atlas Copco AB, Class B | 626 | 25,207 | ||||||
Boliden AB | 447 | 13,366 | ||||||
Electrolux AB, Series B | 329 | 7,148 | ||||||
Essity AB, Class B* | 985 | 33,987 | ||||||
Hennes & Mauritz AB, Class B | 1,270 | 20,305 | ||||||
Husqvarna AB, Class B | 663 | 7,224 | ||||||
ICA Gruppen AB | 166 | 8,164 | ||||||
Investment AB Latour, Class B | 234 | 5,234 | ||||||
Kinnevik AB, Class B (b) | 380 | 14,718 | ||||||
Sandvik AB* | 1,802 | 35,476 | ||||||
Skandinaviska Enskilda Banken AB, Class A* | 2,617 | 26,015 | ||||||
Skanska AB, Class B* | 535 | 10,930 | ||||||
SKF AB, Class B | 607 | 12,147 | ||||||
Svenska Cellulosa AB SCA, Class B* | 934 | 12,069 | ||||||
Svenska Handelsbanken AB, Class A* | 2,525 | 25,476 | ||||||
Tele2 AB, Class B | 797 | 11,324 | ||||||
Telia Co. AB | 4,162 | 16,074 | ||||||
|
| |||||||
(Cost $317,555) | 372,319 | |||||||
|
| |||||||
Switzerland ��� 9.0% | ||||||||
ABB Ltd. | 2,956 | 75,406 | ||||||
Adecco Group AG | 258 | 13,541 | ||||||
Alcon, Inc.* | 790 | 45,060 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 3 | 25,637 | ||||||
Cie Financiere Richemont SA, Class A | 845 | 56,080 | ||||||
Clariant AG | 310 | 6,472 | ||||||
Coca-Cola HBC AG* | 327 | 8,730 | ||||||
Givaudan SA | 15 | 63,135 | ||||||
Kuehne + Nagel International AG* | 90 | 17,496 | ||||||
Lonza Group AG | 120 | 74,683 | ||||||
Roche Holding AG | 1,132 | 396,882 | ||||||
SGS SA | 10 | 25,965 | ||||||
Sika AG | 228 | 54,845 | ||||||
Sonova Holding AG* | 88 | 20,631 | ||||||
Straumann Holding AG | 17 | 16,780 | ||||||
Swiss Re AG | 474 | 38,238 | ||||||
Swisscom AG | 42 | 23,322 | ||||||
Zurich Insurance Group AG | 242 | 89,764 | ||||||
|
| |||||||
(Cost $869,887) | 1,052,667 | |||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC*(c) | 144 | 0 | ||||||
|
| |||||||
United Kingdom — 12.5% | ||||||||
3i Group PLC | 1,538 | 19,316 | ||||||
Associated British Foods PLC | 562 | 15,396 | ||||||
Aviva PLC | 6,305 | 23,866 | ||||||
Barratt Developments PLC | 1,605 | 11,287 | ||||||
Berkeley Group Holdings PLC | 204 | 12,453 | ||||||
British Land Co. PLC REIT | 1,462 | 7,159 | ||||||
BT Group PLC | 14,372 | 20,138 | ||||||
Burberry Group PLC | 641 | 12,398 | ||||||
CNH Industrial NV* | 1,599 | 12,686 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Coca-Cola European Partners PLC | 335 | $ | 13,789 | |||||
Compass Group PLC | 2,896 | 47,326 | ||||||
Croda International PLC | 199 | 15,721 | ||||||
Ferguson PLC | 363 | 35,850 | ||||||
GlaxoSmithKline PLC | 8,087 | 159,389 | ||||||
Informa PLC* | 2,408 | 13,329 | ||||||
InterContinental Hotels Group PLC* | 288 | 16,990 | ||||||
J Sainsbury PLC | 2,723 | 6,701 | ||||||
JD Sports Fashion PLC | 742 | 7,211 | ||||||
Johnson Matthey PLC | 327 | 10,399 | ||||||
Kingfisher PLC | 3,131 | 11,332 | ||||||
Land Securities Group PLC REIT | 1,030 | 7,973 | ||||||
Legal & General Group PLC | 9,721 | 28,284 | ||||||
London Stock Exchange Group PLC | 512 | 60,328 | ||||||
Mondi PLC | 776 | 15,180 | ||||||
National Grid PLC | 5,716 | 64,534 | ||||||
Next PLC | 212 | 17,139 | ||||||
Pearson PLC | 1,214 | 9,093 | ||||||
Prudential PLC | 4,184 | 68,430 | ||||||
Reckitt Benckiser Group PLC | 1,146 | 115,236 | ||||||
RELX PLC | 3,107 | 70,826 | ||||||
Rentokil Initial PLC* | 2,990 | 21,338 | ||||||
RSA Insurance Group PLC | 1,681 | 10,113 | ||||||
Sage Group PLC | 1,763 | 17,482 | ||||||
Schroders PLC | 195 | 7,566 | ||||||
Segro PLC REIT | 1,855 | 23,665 | ||||||
Smith & Nephew PLC | 1,392 | 28,358 | ||||||
Spirax-Sarco Engineering PLC | 116 | 15,912 | ||||||
SSE PLC | 1,671 | 28,169 | ||||||
Standard Chartered PLC* | 4,446 | 23,359 | ||||||
Standard Life Aberdeen PLC | 3,680 | 11,688 | ||||||
Taylor Wimpey PLC | 5,319 | 8,724 | ||||||
Tesco PLC | 15,651 | 45,831 | ||||||
Unilever NV | 2,351 | 136,395 | ||||||
Unilever PLC | 1,884 | 112,507 | ||||||
Whitbread PLC | 321 | 10,870 | ||||||
Wm Morrison Supermarkets PLC | 3,642 | 9,377 | ||||||
WPP PLC | 2,014 | 17,410 | ||||||
|
| |||||||
(Cost $1,484,121) | 1,458,523 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 11,557,040 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 73 | 4,112 | ||||||
Henkel AG & Co. KGaA | 294 | 30,084 | ||||||
Sartorius AG | 59 | 25,049 | ||||||
|
| |||||||
(Cost $50,324) | 59,245 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 59,245 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Sydney Airport*, expires 9/7/20 | 362 | 310 | ||||||
|
|
Number | Value | |||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||
iShares Trust iShares ESG Aware MSCI EAFE ETF | 380 | $ | 24,681 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (d)(e) | 55,300 | 55,300 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (d) | 143 | 143 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $10,962,018) | $ | 11,696,719 | ||||||
Other assets and liabilities, net — (0.1%) | (16,200 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 11,680,519 | ||||||
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2020
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (d)(e) |
| |||||||||||||||||||||||||||||||||||
42,850 | 12,450(f | ) | — | — | — | 577 | — | 55,300 | 55,300 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (d) |
| |||||||||||||||||||||||||||||||||||
2,055 | 358,488 | (360,400 | ) | — | — | 65 | — | 143 | 143 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
44,905 | 370,938 | (360,400 | ) | — | — | 642 | — | 55,443 | 55,443 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $89,209, which is 0.8% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $39,060. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
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 August 31, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
MINI Topix Index Futures | JPY | 1 | $ | 15,327 | $ | 15,239 | 9/10/2020 | $ | (88 | ) |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
JPY | Japanese Yen |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2020
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 August 31, 2020 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 (g) | $ | 11,557,040 | $ | — | $ | 0 | $ | 11,557,040 | ||||||||
Preferred Stocks | 59,245 | — | — | 59,245 | ||||||||||||
Rights | — | 310 | — | 310 | ||||||||||||
Exchange-Traded Funds | 24,681 | — | — | 24,681 | ||||||||||||
Short-Term Investments (g) | 55,443 | — | — | 55,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 11,696,409 | $ | 310 | $ | 0 | $ | 11,696,719 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | $ | (88 | ) | $ | — | $ | — | $ | (88 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (88 | ) | $ | — | $ | — | $ | (88 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended Aug 31, 2020, the amount of transfers from Level 1 to Level 3 was $3,291. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 33 |
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
August 31, 2020
Number | Value | |||||||||
COMMON STOCKS — 97.5% | ||||||||||
Argentina — 0.2% | ||||||||||
Globant SA* | 91 | $ | 16,160 | |||||||
|
| |||||||||
Brazil — 2.5% | ||||||||||
Atacadao SA | 978 | 3,485 | ||||||||
B2W Cia Digital* | 535 | 10,931 | ||||||||
B3 SA — Brasil Bolsa Balcao | 4,898 | 52,499 | ||||||||
Banco do Brasil SA | 2,107 | 12,540 | ||||||||
Banco Santander Brasil SA | 854 | 4,402 | ||||||||
Cia Brasileira de Distribuicao | 335 | 3,878 | ||||||||
Cielo SA | 3,378 | 2,808 | ||||||||
Cosan SA | 386 | 5,858 | ||||||||
Energisa SA | 424 | 3,358 | ||||||||
Engie Brasil Energia SA | 558 | 4,336 | ||||||||
Klabin SA | 1,670 | 7,824 | ||||||||
Localiza Rent a Car SA | 1,461 | 12,845 | ||||||||
Lojas Renner SA | 1,729 | 13,700 | ||||||||
Natura & Co. Holding SA | 1,804 | 16,225 | ||||||||
Notre Dame Intermedica Participacoes SA | 1,251 | 16,898 | ||||||||
TIM Participacoes SA | 1,887 | 4,926 | ||||||||
Ultrapar Participacoes SA | 1,746 | 6,187 | ||||||||
Via Varejo S/A* | 3,043 | 11,371 | ||||||||
WEG SA | 1,935 | 22,793 | ||||||||
|
| |||||||||
(Cost $212,842) | 216,864 | |||||||||
|
| |||||||||
Chile — 0.5% | ||||||||||
Aguas Andinas SA, Class A | 5,171 | 1,553 | ||||||||
Colbun SA | 19,075 | 2,951 | ||||||||
Empresa Nacional de Telecomunicaciones SA | 448 | 2,719 | ||||||||
Empresas CMPC SA | 2,083 | 4,338 | ||||||||
Empresas COPEC SA | 983 | 7,226 | ||||||||
Enel Americas SA | 78,081 | 11,263 | ||||||||
Enel Chile SA | 71,814 | 5,537 | ||||||||
Falabella SA | 1,900 | 6,002 | ||||||||
|
| |||||||||
(Cost $60,508) | 41,589 | |||||||||
|
| |||||||||
China — 38.3% | ||||||||||
3SBio, Inc., 144A* | 3,404 | 3,997 | ||||||||
51job, Inc., ADR*(a) | 53 | 3,474 | ||||||||
AAC Technologies Holdings, Inc. | 1,978 | 12,480 | ||||||||
Air China Ltd., Class A | 1,000 | 1,059 | ||||||||
Air China Ltd., Class H | 5,074 | 3,496 | ||||||||
Alibaba Group Holding Ltd., ADR* | 4,457 | 1,279,293 | ||||||||
A-Living Services Co. Ltd., Class H, 144A | 964 | 4,975 | ||||||||
BAIC Motor Corp. Ltd., Class H, 144A | 4,815 | 2,305 | ||||||||
Bank of Shanghai Co. Ltd., Class A | 2,300 | 2,827 | ||||||||
Baoshan Iron & Steel Co. Ltd., Class A | 2,900 | 2,092 | ||||||||
BBMG Corp., Class A | 2,500 | 1,205 | ||||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 400 | 3,501 | ||||||||
BEST, Inc., ADR*(a) | 443 | 1,772 | ||||||||
BYD Co. Ltd., Class A | 200 | 2,482 | ||||||||
BYD Co. Ltd., Class H | 1,785 | 17,734 | ||||||||
BYD Electronic International Co. Ltd. | 1,572 | 6,663 | ||||||||
China CITIC Bank Corp. Ltd., Class H | 17,848 | 7,461 | ||||||||
China Conch Venture Holdings Ltd. | 3,898 | 16,899 |
Number | Value | |||||||||
China (Continued) | ||||||||||
China Construction Bank Corp., Class H | 228,891 | $ | 162,140 | |||||||
China Eastern Airlines Corp. Ltd., Class A | 1,600 | 1,180 | ||||||||
China Eastern Airlines Corp. Ltd., Class H | 3,797 | 1,568 | ||||||||
China Everbright Bank Co. Ltd., Class H | 9,368 | 3,360 | ||||||||
China Jushi Co. Ltd., Class A | 200 | 434 | ||||||||
China Lesso Group Holdings Ltd. | 3,014 | 5,623 | ||||||||
China Literature Ltd., 144A* | 800 | 4,970 | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 8,106 | 5,114 | ||||||||
China Medical System Holdings Ltd. | 3,767 | 4,253 | ||||||||
China Merchants Bank Co. Ltd., Class H | 9,238 | 44,103 | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,500 | 3,657 | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 13,850 | 8,435 | ||||||||
China Molybdenum Co. Ltd., Class A | 2,000 | 1,250 | ||||||||
China Molybdenum Co. Ltd., Class H | 8,614 | 3,501 | ||||||||
China Resources Pharmaceutical Group Ltd., 144A | 4,506 | 2,552 | ||||||||
China Shenhua Energy Co. Ltd., Class H | 7,800 | 13,023 | ||||||||
China Vanke Co. Ltd., Class A | 1,500 | 5,972 | ||||||||
China Vanke Co. Ltd., Class H | 3,957 | 12,305 | ||||||||
CITIC Ltd. | 15,012 | 13,695 | ||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 304 | 9,159 | ||||||||
Country Garden Services Holdings Co. Ltd. | 3,274 | 22,833 | ||||||||
CSPC Pharmaceutical Group Ltd. | 12,640 | 28,085 | ||||||||
Dali Foods Group Co. Ltd., 144A | 5,848 | 3,584 | ||||||||
ENN Energy Holdings Ltd. | 1,843 | 20,451 | ||||||||
Eve Energy Co. Ltd., Class A | 380 | 2,719 | ||||||||
Fosun International Ltd. | 6,760 | 7,527 | ||||||||
GEM Co. Ltd., Class A | 2,100 | 1,662 | ||||||||
Genscript Biotech Corp.* | 2,612 | 5,049 | ||||||||
GoerTek, Inc., Class A | 600 | 3,600 | ||||||||
Greenland Holdings Corp. Ltd., Class A | 1,200 | 1,340 | ||||||||
Greentown Service Group Co. Ltd. | 2,970 | 3,993 | ||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 2,800 | 3,562 | ||||||||
Huadong Medicine Co. Ltd., Class A | 400 | 1,633 | ||||||||
Industrial Bank Co. Ltd., Class A | 3,000 | 7,078 | ||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 900 | 5,511 | ||||||||
Jiangsu Expressway Co. Ltd., Class H | 3,304 | 3,308 | ||||||||
Jinke Properties Group Co. Ltd., Class A | 1,400 | 2,089 | ||||||||
Kingdee International Software Group Co. Ltd.* | 5,381 | 13,720 | ||||||||
KWG Group Holdings Ltd.* | 3,000 | 5,706 | ||||||||
Legend Holdings Corp., Class H, 144A | 1,154 | 1,700 | ||||||||
Lenovo Group Ltd. | 15,000 | 10,026 | ||||||||
Logan Group Co. Ltd. | 3,000 | 5,590 | ||||||||
Meituan Dianping, Class B* | 8,513 | 280,759 | ||||||||
NARI Technology Co. Ltd., Class A | 800 | 2,616 | ||||||||
NIO, Inc., ADR* | 2,173 | 41,352 | ||||||||
Offshore Oil Engineering Co. Ltd., Class A | 100 | 72 | ||||||||
Ping An Healthcare and Technology Co. Ltd., 144A*(a) | 800 | 11,664 | ||||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 2,000 | 4,701 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||||
China (Continued) | ||||||||||
Shanghai International Airport Co. Ltd., Class A | 100 | $ | 1,115 | |||||||
Shanghai M&G Stationery, Inc., Class A | 200 | 2,029 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 300 | 972 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,075 | 3,700 | ||||||||
Shenzhen Expressway Co. Ltd., Class H | 1,788 | 1,620 | ||||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 400 | 3,259 | ||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 100 | 5,000 | ||||||||
Sino-Ocean Group Holding Ltd. | 7,165 | 1,655 | ||||||||
Sinopharm Group Co. Ltd., Class H | 3,383 | 8,329 | ||||||||
Sinotruk Hong Kong Ltd. | 1,828 | 4,753 | ||||||||
SOHO China Ltd.* | 5,067 | 1,563 | ||||||||
Suning.com Co. Ltd., Class A | 1,200 | 1,726 | ||||||||
TCL Technology Group Corp., Class A | 2,900 | 2,998 | ||||||||
Tencent Holdings Ltd. | 13,617 | 932,088 | ||||||||
Topchoice Medical Corp., Class A* | 100 | 3,304 | ||||||||
TravelSky Technology Ltd., Class H | 2,000 | 4,160 | ||||||||
Unisplendour Corp. Ltd., Class A | 840 | 4,023 | ||||||||
Vipshop Holdings Ltd., ADR* | 1,022 | 16,873 | ||||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 300 | 1,997 | ||||||||
WuXi AppTec Co. Ltd., Class A | 280 | 4,493 | ||||||||
WuXi AppTec Co. Ltd., Class H, 144A (a) | 700 | 10,369 | ||||||||
Wuxi Biologics Cayman, Inc., 144A* | 2,400 | 62,368 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 700 | 1,116 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 2,164 | 1,862 | ||||||||
Yunnan Baiyao Group Co. Ltd., Class A | 200 | 3,379 | ||||||||
Yuzhou Group Holdings Co. Ltd. | 5,904 | 2,758 | ||||||||
Zhejiang Expressway Co. Ltd., Class H | 4,006 | 2,703 | ||||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A* | 200 | 1,173 | ||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 600 | 1,245 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A* | 2,100 | 2,612 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H* | 2,978 | 2,982 | ||||||||
|
| |||||||||
(Cost $2,143,805) | 3,280,163 | |||||||||
|
| |||||||||
Colombia — 0.0% | ||||||||||
Bancolombia SA | 617 |
| 4,278 |
| ||||||
|
| |||||||||
Cyprus — 0.2% | ||||||||||
Polymetal International PLC | 563 | 15,034 | ||||||||
|
| |||||||||
Czech Republic — 0.2% | ||||||||||
CEZ AS | 377 | 7,782 | ||||||||
Komercni banka AS* | 142 | 3,425 | ||||||||
Moneta Money Bank AS, 144A | 1,235 | 3,120 | ||||||||
|
| |||||||||
(Cost $17,446) | 14,327 | |||||||||
|
|
Number | Value | |||||||||
Egypt — 0.2% | ||||||||||
Commercial International Bank Egypt SAE | 3,233 | $ | 13,783 | |||||||
|
| |||||||||
Greece — 0.1% | ||||||||||
Hellenic Telecommunications Organization SA | 621 | 10,175 | ||||||||
|
| |||||||||
Hong Kong — 2.3% | ||||||||||
Alibaba Health Information Technology Ltd.* | 7,014 | 16,942 | ||||||||
China Everbright International Ltd. | 10,098 | 6,098 | ||||||||
China Gas Holdings Ltd. | 6,462 | 17,718 | ||||||||
China Mengniu Dairy Co. Ltd.* | 6,963 | 34,230 | ||||||||
China Overseas Land & Investment Ltd. | 9,565 | 27,707 | ||||||||
China Overseas Property Holdings Ltd. | 3,000 | 2,706 | ||||||||
China Resources Gas Group Ltd. | 1,992 | 9,356 | ||||||||
Geely Automobile Holdings Ltd. | 13,970 | 29,526 | ||||||||
Hutchison China MediTech Ltd., ADR* | 153 | 5,083 | ||||||||
Lee & Man Paper Manufacturing Ltd. | 2,038 | 1,220 | ||||||||
Shanghai Industrial Holdings Ltd. | 1,000 | 1,502 | ||||||||
Shenzhen Investment Ltd. | 9,074 | 3,079 | ||||||||
Sino Biopharmaceutical Ltd. | 23,467 | 27,100 | ||||||||
Sun Art Retail Group Ltd. | 5,500 | 7,167 | ||||||||
Vinda International Holdings Ltd. | 1,000 | 3,419 | ||||||||
Wharf Holdings Ltd. | 4,000 | 7,804 | ||||||||
|
| |||||||||
(Cost $181,537) | 200,657 | |||||||||
|
| |||||||||
Hungary — 0.3% | ||||||||||
MOL Hungarian Oil & Gas PLC* | 907 | 5,122 | ||||||||
OTP Bank Nyrt* | 519 | 17,559 | ||||||||
|
| |||||||||
(Cost $31,697) | 22,681 | |||||||||
|
| |||||||||
India — 9.3% | ||||||||||
Ambuja Cements Ltd. | 1,169 | 3,344 | ||||||||
Asian Paints Ltd. | 618 | 15,945 | ||||||||
Axis Bank Ltd.* | 5,415 | 36,544 | ||||||||
Berger Paints India Ltd. | 494 | 3,609 | ||||||||
Bharat Petroleum Corp. Ltd. | 1,456 | 8,066 | ||||||||
Bharti Airtel Ltd. | 3,139 | 21,881 | ||||||||
Bosch Ltd. | 14 | 2,437 | ||||||||
Britannia Industries Ltd. | 150 | 7,593 | ||||||||
Colgate-Palmolive India Ltd. | 158 | 2,926 | ||||||||
Dabur India Ltd. | 1,315 | 8,479 | ||||||||
Divi’s Laboratories Ltd. | 191 | 8,103 | ||||||||
DLF Ltd. | 1,419 | 3,053 | ||||||||
Eicher Motors Ltd. | 320 | 9,095 | ||||||||
Grasim Industries Ltd. | 690 | 6,326 | ||||||||
Havells India Ltd. | 496 | 4,148 | ||||||||
HCL Technologies Ltd. | 2,586 | 24,396 | ||||||||
Hero MotoCorp Ltd. | 259 | 10,577 | ||||||||
Hindalco Industries Ltd.* | 2,523 | 6,350 | ||||||||
Hindustan Petroleum Corp. Ltd. | 1,432 | 3,921 | ||||||||
Hindustan Unilever Ltd. | 1,961 | 56,409 | ||||||||
Housing Development Finance Corp. Ltd. | 3,869 | 96,326 | ||||||||
Infosys Ltd. | 3,154 | 39,789 | ||||||||
Infosys Ltd., ADR | 5,054 | 63,680 | ||||||||
Lupin Ltd. | 550 | 6,931 | ||||||||
Mahindra & Mahindra Ltd. | 1,556 | 12,829 | ||||||||
Marico Ltd. | 959 | 4,806 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||||
India (Continued) | ||||||||||
Nestle India Ltd. | 60 | $ | 13,001 | |||||||
Pidilite Industries Ltd. | 300 | 5,717 | ||||||||
Piramal Enterprises Ltd. | 254 | 4,718 | ||||||||
Reliance Industries Ltd. | 6,791 | 191,965 | ||||||||
Shree Cement Ltd. | 21 | 5,787 | ||||||||
Siemens Ltd. | 247 | 3,892 | ||||||||
Tata Consultancy Services Ltd. | 2,149 | 65,901 | ||||||||
Tech Mahindra Ltd. | 1,115 | 11,225 | ||||||||
Titan Co. Ltd. | 778 | 11,632 | ||||||||
UPL Ltd. | 1,056 | 7,259 | ||||||||
Wipro Ltd. | 2,577 | 9,498 | ||||||||
Wipro Ltd., ADR | 202 | 869 | ||||||||
|
| |||||||||
(Cost $759,082) | 799,027 | |||||||||
|
| |||||||||
Indonesia — 1.9% | ||||||||||
PT Astra International Tbk | 44,133 | 15,456 | ||||||||
PT Bank Central Asia Tbk | 23,737 | 51,142 | ||||||||
PT Bank Mandiri Persero Tbk | 44,853 | 18,326 | ||||||||
PT Bank Negara Indonesia Persero Tbk | 20,011 | 7,008 | ||||||||
PT Bank Rakyat Indonesia Persero Tbk | 132,427 | 31,919 | ||||||||
PT Barito Pacific Tbk* | 65,955 | 3,804 | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk* | 5,165 | 3,298 | ||||||||
PT Indofood Sukses Makmur Tbk | 11,377 | 5,957 | ||||||||
PT Kalbe Farma Tbk | 44,044 | 4,779 | ||||||||
PT Perusahaan Gas Negara Tbk | 29,323 | 2,527 | ||||||||
PT Unilever Indonesia Tbk | 17,175 | 9,701 | ||||||||
PT United Tractors Tbk | 4,520 | 7,139 | ||||||||
PT XL Axiata Tbk | 10,900 | 1,826 | ||||||||
|
| |||||||||
(Cost $185,010) | 162,882 | |||||||||
|
| |||||||||
Malaysia — 2.3% | ||||||||||
AMMB Holdings Bhd | 3,600 | 2,524 | ||||||||
Axiata Group Bhd | 6,383 | 4,612 | ||||||||
CIMB Group Holdings Bhd | 13,584 | 10,762 | ||||||||
Dialog Group Bhd | 8,900 | 7,670 | ||||||||
DiGi.Com Bhd | 8,400 | 7,965 | ||||||||
Fraser & Neave Holdings Bhd | 300 | 2,205 | ||||||||
HAP Seng Consolidated Bhd | 1,600 | 2,766 | ||||||||
Hartalega Holdings Bhd | 4,100 | 16,260 | ||||||||
IHH Healthcare Bhd | 5,400 | 6,949 | ||||||||
Kuala Lumpur Kepong Bhd | 1,000 | 5,440 | ||||||||
Malayan Banking Bhd | 8,518 | 14,989 | ||||||||
Malaysia Airports Holdings Bhd | 2,600 | 3,183 | ||||||||
Maxis Bhd | 6,700 | 8,042 | ||||||||
MISC Bhd | 3,000 | 5,481 | ||||||||
Nestle Malaysia Bhd | 200 | 6,683 | ||||||||
Petronas Dagangan Bhd | 700 | 3,462 | ||||||||
PPB Group Bhd | 1,300 | 5,618 | ||||||||
Press Metal Aluminium Holdings Bhd | 3,700 | 4,628 | ||||||||
Public Bank Bhd | 7,035 | 27,731 | ||||||||
RHB Bank Bhd | 4,000 | 4,398 | ||||||||
Sime Darby Bhd | 7,200 | 3,785 | ||||||||
Telekom Malaysia Bhd | 3,000 | 2,989 | ||||||||
Tenaga Nasional Bhd | 5,400 | 14,078 | ||||||||
Top Glove Corp. Bhd | 3,600 | 22,712 | ||||||||
Westports Holdings Bhd | 2,700 | 2,366 | ||||||||
YTL Corp. Bhd | 6,600 | 1,062 | ||||||||
|
| |||||||||
(Cost $207,044) | 198,360 | |||||||||
|
|
Number | Value | |||||||||
Mexico — 1.0% | ||||||||||
Alfa SAB de CV, Class A | 7,804 | $ | 5,017 | |||||||
Arca Continental SAB de CV | 1,186 | 5,410 | ||||||||
Cemex SAB de CV, Series CPO | 34,946 | 11,209 | ||||||||
Coca-Cola Femsa SAB de CV | 1,181 | 4,954 | ||||||||
Fomento Economico Mexicano SAB de CV | 4,512 | 26,256 | ||||||||
Gruma SAB de CV, Class B | 509 | 6,019 | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B* | 554 | 6,277 | ||||||||
Grupo Bimbo SAB de CV, Series A | 4,078 | 7,531 | ||||||||
Industrias Penoles SAB de CV | 390 | 6,505 | ||||||||
Infraestructura Energetica Nova SAB de CV | 1,269 | 3,716 | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 3,447 | 5,538 | ||||||||
|
| |||||||||
(Cost $110,352) | 88,432 | |||||||||
|
| |||||||||
Philippines — 0.8% | ||||||||||
Aboitiz Equity Ventures, Inc. | 4,630 | 4,584 | ||||||||
Aboitiz Power Corp. | 4,700 | 2,583 | ||||||||
Ayala Corp. | 640 | 9,682 | ||||||||
Bank of the Philippine Islands | 1,940 | 2,681 | ||||||||
BDO Unibank, Inc. | 4,600 | 8,159 | ||||||||
JG Summit Holdings, Inc. | 6,400 | 8,488 | ||||||||
Manila Electric Co. | 580 | 3,218 | ||||||||
Metropolitan Bank & Trust Co. | 4,576 | 3,162 | ||||||||
SM Investments Corp. | 562 | 9,852 | ||||||||
SM Prime Holdings, Inc. | 22,000 | 13,249 | ||||||||
|
| |||||||||
(Cost $75,747) | 65,658 | |||||||||
|
| |||||||||
Poland — 1.0% | ||||||||||
Bank Polska Kasa Opieki SA* | 455 | 6,487 | ||||||||
CD Projekt SA* | 145 | 17,332 | ||||||||
Cyfrowy Polsat SA* | 500 | 3,920 | ||||||||
Grupa Lotos SA | 260 | 2,867 | ||||||||
KGHM Polska Miedz SA* | 371 | 13,840 | ||||||||
mBank SA* | 37 | 1,897 | ||||||||
Orange Polska SA* | 1,812 | 3,569 | ||||||||
Polski Koncern Naftowy ORLEN SA | 640 | 8,834 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 1,983 | 11,659 | ||||||||
Powszechny Zaklad Ubezpieczen SA* | 1,408 | 10,428 | ||||||||
Santander Bank Polska SA* | 88 | 3,634 | ||||||||
|
| |||||||||
(Cost $110,576) | 84,467 | |||||||||
|
| |||||||||
Qatar — 0.8% | ||||||||||
Commercial Bank PSQC | 3,856 | 4,399 | ||||||||
Ooredoo QPSC | 2,200 | 3,988 | ||||||||
Qatar Fuel QSC | 1,040 | 5,256 | ||||||||
Qatar National Bank QPSC | 10,979 | 54,277 | ||||||||
|
| |||||||||
(Cost $70,604) | 67,920 | |||||||||
|
| |||||||||
Romania — 0.1% | ||||||||||
NEPI Rockcastle PLC | 1,023 | 4,788 | ||||||||
|
| |||||||||
Russia — 2.0% | ||||||||||
Gazprom PJSC | 28,327 | 69,113 | ||||||||
Inter RAO UES PJSC | 94,565 | 6,639 | ||||||||
LUKOIL PJSC | 978 | 65,622 | ||||||||
LUKOIL PJSC, ADR | 1 | 67 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||||
Russia (Continued) | ||||||||||
Novolipetsk Steel PJSC | 3,151 | $ | 6,562 | |||||||
PhosAgro PJSC, GDR | 301 | 3,588 | ||||||||
Polyus PJSC | 73 | 17,732 | ||||||||
|
| |||||||||
(Cost $179,501) | 169,323 | |||||||||
|
| |||||||||
Saudi Arabia — 1.2% | ||||||||||
Almarai Co. JSC | 563 | 8,061 | ||||||||
Banque Saudi Fransi | 1,454 | 12,386 | ||||||||
Samba Financial Group | 2,377 | 17,461 | ||||||||
Saudi Arabian Mining Co.* | 1,088 | 11,430 | ||||||||
Saudi Basic Industries Corp. | 2,110 | 49,509 | ||||||||
Savola Group | 635 | 8,229 | ||||||||
|
| |||||||||
(Cost $116,378) | 107,076 | |||||||||
|
| |||||||||
Singapore — 0.0% | ||||||||||
BOC Aviation Ltd., 144A | 534 | 3,972 | ||||||||
|
| |||||||||
South Africa — 5.3% | ||||||||||
Absa Group Ltd. | 1,738 | 7,925 | ||||||||
Anglo American Platinum Ltd. (a) | 140 | 10,447 | ||||||||
Aspen Pharmacare Holdings Ltd.* | 911 | 7,306 | ||||||||
Bid Corp. Ltd. | 800 | 13,218 | ||||||||
Bidvest Group Ltd. | 600 | 4,821 | ||||||||
Capitec Bank Holdings Ltd. | 53 | 2,612 | ||||||||
Clicks Group Ltd. | 502 | 6,815 | ||||||||
Exxaro Resources Ltd. | 701 | 5,676 | ||||||||
FirstRand Ltd. | 11,337 | 25,329 | ||||||||
Gold Fields Ltd. | 2,001 | 25,875 | ||||||||
Growthpoint Properties Ltd. REIT | 7,701 | 5,550 | ||||||||
Impala Platinum Holdings Ltd. | 1,811 | 16,716 | ||||||||
Kumba Iron Ore Ltd. | 161 | 5,046 | ||||||||
Life Healthcare Group Holdings Ltd. | 2,527 | 2,467 | ||||||||
Momentum Metropolitan Holdings | 2,010 | 1,799 | ||||||||
Mr Price Group Ltd. | 650 | 4,446 | ||||||||
MTN Group Ltd. | 4,089 | 14,740 | ||||||||
MultiChoice Group* | 1,085 | 6,205 | ||||||||
Naspers Ltd., Class N | 1,034 | 188,764 | ||||||||
Nedbank Group Ltd. | 965 | 5,468 | ||||||||
Northam Platinum Ltd.* | 922 | 8,711 | ||||||||
Old Mutual Ltd. | 12,446 | 8,221 | ||||||||
Remgro Ltd. | 1,265 | 6,565 | ||||||||
Sanlam Ltd. | 4,155 | 13,485 | ||||||||
Sasol Ltd.*(a) | 1,338 | 10,944 | ||||||||
Shoprite Holdings Ltd. | 1,166 | 7,605 | ||||||||
SPAR Group Ltd. | 508 | 4,848 | ||||||||
Standard Bank Group Ltd. | 3,008 | 18,748 | ||||||||
Vodacom Group Ltd. | 1,549 | 11,692 | ||||||||
Woolworths Holdings Ltd. | 2,422 | 4,545 | ||||||||
|
| |||||||||
(Cost $632,212) | 456,589 | |||||||||
|
| |||||||||
South Korea — 5.9% | ||||||||||
Amorepacific Corp. | 77 | 10,890 | ||||||||
AMOREPACIFIC Group | 67 | 2,877 | ||||||||
BGF retail Co. Ltd. | 19 | 2,039 | ||||||||
BNK Financial Group, Inc. | 786 | 3,361 | ||||||||
CJ CheilJedang Corp. | 21 | 7,195 | ||||||||
CJ Corp. | 40 | 2,728 | ||||||||
Doosan Bobcat, Inc. | 91 | 2,015 |
Number | Value | |||||||||
South Korea (Continued) | ||||||||||
GS Engineering & Construction Corp. | 161 | $ | 3,348 | |||||||
GS Holdings Corp. | 140 | 3,830 | ||||||||
Hana Financial Group, Inc. | 755 | 17,923 | ||||||||
Hankook Tire & Technology Co. Ltd. | 109 | 2,707 | ||||||||
Hanwha Solutions Corp. | 290 | 9,753 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 17 | 3,234 | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 172 | 3,200 | ||||||||
KB Financial Group, Inc. | 926 | 28,726 | ||||||||
Korea Gas Corp. | 80 | 1,589 | ||||||||
LG Chem Ltd. | 109 | 67,901 | ||||||||
LG Corp. | 202 | 14,063 | ||||||||
LG Display Co. Ltd.* | 495 | 6,084 | ||||||||
LG Electronics, Inc. | 227 | 16,090 | ||||||||
LG Household & Health Care Ltd. | 23 | 28,520 | ||||||||
LG Innotek Co. Ltd. | 40 | 4,883 | ||||||||
Lotte Chemical Corp. | 45 | 7,179 | ||||||||
Lotte Corp. | 68 | 1,717 | ||||||||
NAVER Corp. | 293 | 79,546 | ||||||||
Samsung Card Co. Ltd. | 58 | 1,404 | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 127 | 13,311 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 70 | 11,019 | ||||||||
Samsung SDI Co. Ltd. | 131 | 49,901 | ||||||||
Shinhan Financial Group Co. Ltd. | 1,077 | 26,882 | ||||||||
SK Holdings Co. Ltd. | 82 | 14,772 | ||||||||
SK Innovation Co. Ltd. | 128 | 15,624 | ||||||||
SK Telecom Co. Ltd. | 97 | 20,251 | ||||||||
S-Oil Corp. | 110 | 5,232 | ||||||||
Woori Financial Group, Inc. | 1,227 | 8,738 | ||||||||
Yuhan Corp. | 135 | 7,614 | ||||||||
|
| |||||||||
(Cost $493,180) | 506,146 | |||||||||
|
| |||||||||
Taiwan — 17.3% | ||||||||||
Accton Technology Corp. | 1,000 | 7,975 | ||||||||
Acer, Inc. | 7,500 | 5,969 | ||||||||
Advantech Co. Ltd. | 1,038 | 10,737 | ||||||||
ASE Technology Holding Co. Ltd. | 8,036 | 16,761 | ||||||||
AU Optronics Corp.* | 21,617 | 7,699 | ||||||||
Catcher Technology Co. Ltd. | 1,651 | 11,282 | ||||||||
Cathay Financial Holding Co. Ltd. | 18,505 | 25,133 | ||||||||
Chailease Holding Co. Ltd. | 3,322 | 14,662 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 3,417 | 4,192 | ||||||||
Chicony Electronics Co. Ltd. | 1,000 | 3,016 | ||||||||
China Steel Corp. | 25,936 | 17,590 | ||||||||
Chunghwa Telecom Co. Ltd. | 9,490 | 35,092 | ||||||||
Compal Electronics, Inc. | 10,000 | 6,305 | ||||||||
CTBC Financial Holding Co. Ltd. | 42,287 | 27,311 | ||||||||
Delta Electronics, Inc. | 4,363 | 28,104 | ||||||||
E.Sun Financial Holding Co. Ltd. | 26,615 | 24,673 | ||||||||
Eva Airways Corp. | 4,813 | 1,886 | ||||||||
Evergreen Marine Corp. Taiwan Ltd.* | 6,560 | 3,890 | ||||||||
Far Eastern New Century Corp. | 5,978 | 5,389 | ||||||||
Far EasTone Telecommunications Co. Ltd. | 3,279 | 6,851 | ||||||||
First Financial Holding Co. Ltd. | 24,271 | 17,578 | ||||||||
Fubon Financial Holding Co. Ltd. | 15,441 | 22,524 | ||||||||
Hiwin Technologies Corp. | 613 | 6,727 | ||||||||
Hotai Motor Co. Ltd. | 788 | 16,033 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 21,420 | 13,177 | ||||||||
Innolux Corp.* | 21,212 | 6,593 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
Inventec Corp. | 6,889 | $ | 5,341 | |||||||
Lite-On Technology Corp. | 5,500 | 8,698 | ||||||||
MediaTek, Inc. | 3,559 | 67,440 | ||||||||
Micro-Star International Co. Ltd. | 1,500 | 6,927 | ||||||||
Nan Ya Plastics Corp. | 12,792 | 26,812 | ||||||||
President Chain Store Corp. | 1,177 | 10,831 | ||||||||
Quanta Computer, Inc. | 7,252 | 19,031 | ||||||||
Ruentex Development Co. Ltd. | 2,002 | 2,948 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 22,328 | 8,219 | ||||||||
Standard Foods Corp. | 1,072 | 2,327 | ||||||||
Taishin Financial Holding Co. Ltd. | 24,767 | 11,184 | ||||||||
Taiwan Business Bank | 15,197 | 5,179 | ||||||||
Taiwan High Speed Rail Corp. | 4,767 | 5,280 | ||||||||
Taiwan Mobile Co. Ltd. | 4,050 | 14,010 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 58,600 | 851,794 | ||||||||
Uni-President Enterprises Corp. | 11,990 | 27,215 | ||||||||
United Microelectronics Corp. | 28,211 | 20,383 | ||||||||
Vanguard International Semiconductor Corp. | 2,000 | 6,373 | ||||||||
Win Semiconductors Corp. | 700 | 6,823 | ||||||||
Wistron Corp. | 5,837 | 6,346 | ||||||||
Yageo Corp. | 900 | 10,214 | ||||||||
Yuanta Financial Holding Co. Ltd. | 22,062 | 13,835 | ||||||||
|
| |||||||||
(Cost $985,346) | 1,484,359 | |||||||||
|
| |||||||||
Thailand — 2.7% | ||||||||||
Advanced Info Service PCL, NVDR | 2,800 | 16,464 | ||||||||
Airports of Thailand PCL, NVDR | 9,800 | 17,633 | ||||||||
B Grimm Power PCL, NVDR | 1,400 | 2,080 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 22,600 | 15,104 | ||||||||
BTS Group Holdings PCL, NVDR | 18,200 | 6,082 | ||||||||
Bumrungrad Hospital PCL, NVDR | 1,100 | 3,905 | ||||||||
Central Pattana PCL, NVDR | 4,500 | 6,796 | ||||||||
Charoen Pokphand Foods PCL, NVDR | 8,600 | 8,912 | ||||||||
CP ALL PCL, NVDR | 13,800 | 28,156 | ||||||||
Electricity Generating PCL, NVDR | 800 | 5,706 | ||||||||
Energy Absolute PCL, NVDR | 4,600 | 6,208 | ||||||||
Global Power Synergy PCL, NVDR | 1,400 | 2,879 | ||||||||
Gulf Energy Development PCL, NVDR | 6,000 | 6,073 | ||||||||
Home Product Center PCL, NVDR | 15,200 | 7,277 | ||||||||
Indorama Ventures PCL, NVDR | 5,100 | 3,884 | ||||||||
Intouch Holdings PCL, NVDR | 5,000 | 8,756 | ||||||||
IRPC PCL, NVDR | 30,000 | 2,256 | ||||||||
Kasikornbank PCL, NVDR | 4,100 | 11,099 | ||||||||
Land & Houses PCL, NVDR | 20,800 | 4,946 | ||||||||
Minor International PCL, NVDR* | 7,800 | 5,614 | ||||||||
Muangthai Capital PCL, NVDR | 1,800 | 2,877 | ||||||||
PTT Exploration & Production PCL, NVDR | 3,100 | 8,865 | ||||||||
PTT Global Chemical PCL, NVDR | 5,600 | 8,322 | ||||||||
Siam Cement PCL, NVDR | 1,800 | 20,474 | ||||||||
Siam Commercial Bank PCL, NVDR | 2,100 | 4,892 | ||||||||
Thai Oil PCL, NVDR | 3,300 | 4,400 | ||||||||
Thai Union Group PCL, NVDR | 5,700 | 2,582 | ||||||||
TMB Bank PCL, NVDR | 33,168 | 1,002 | ||||||||
Total Access Communication PCL, NVDR | 1,700 | 1,953 | ||||||||
True Corp. PCL, NVDR | 34,100 | 3,638 | ||||||||
|
| |||||||||
(Cost $283,490) | 228,835 | |||||||||
|
|
Number | Value | |||||||||||
Turkey — 0.2% | ||||||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,656 | $ | 3,654 | |||||||||
KOC Holding AS | 1,504 | 3,045 | ||||||||||
Turk Hava Yollari AO* | 1,330 | 1,909 | ||||||||||
Turkcell Iletisim Hizmetleri AS | 2,621 | 5,100 | ||||||||||
|
| |||||||||||
(Cost $15,271) | 13,708 | |||||||||||
|
| |||||||||||
United Arab Emirates — 0.9% | ||||||||||||
Abu Dhabi Commercial Bank PJSC | 6,234 | 9,402 | ||||||||||
Aldar Properties PJSC | 9,220 | 5,096 | ||||||||||
Dubai Islamic Bank PJSC | 5,179 | 5,781 | ||||||||||
Emirates NBD Bank PJSC | 5,835 | 17,156 | ||||||||||
Emirates Telecommunications Group Co. PJSC | 3,941 | 17,768 | ||||||||||
First Abu Dhabi Bank PJSC | 6,361 | 19,846 | ||||||||||
|
| |||||||||||
(Cost $81,760) | 75,049 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 8,352,302 | |||||||||||
|
| |||||||||||
PREFERRED STOCKS — 1.7% | ||||||||||||
Brazil — 1.4% | ||||||||||||
Banco Bradesco SA | 10,231 | 38,679 | ||||||||||
Cia Energetica de Minas Gerais | 2,611 | 5,012 | ||||||||||
Itau Unibanco Holding SA | 11,550 | 49,582 | ||||||||||
Itausa SA | 10,241 | 17,604 | ||||||||||
Telefonica Brasil SA | 1,078 | 9,401 | ||||||||||
|
| |||||||||||
(Cost $236,963) | 120,278 | |||||||||||
|
| |||||||||||
Chile — 0.1% | ||||||||||||
Embotelladora Andina SA, Class B | 628 | 1,341 | ||||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 287 | 8,993 | ||||||||||
|
| |||||||||||
(Cost $15,616) | 10,334 | |||||||||||
|
| |||||||||||
Colombia — 0.1% | ||||||||||||
Bancolombia SA | 1,082 | 7,710 | ||||||||||
|
| |||||||||||
South Korea — 0.1% | ||||||||||||
Amorepacific Corp. | 25 | 1,256 | ||||||||||
AMOREPACIFIC Group | 5 | 142 | ||||||||||
LG Chem Ltd. | 17 | 5,367 | ||||||||||
LG Household & Health Care Ltd. | 3 | 1,770 | ||||||||||
|
| |||||||||||
(Cost $6,836) | 8,535 | |||||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | 146,857 | |||||||||||
|
| |||||||||||
Principal Amount | ||||||||||||
CORPORATE BONDS — 0.0% | ||||||||||||
India — 0.0% | ||||||||||||
Britannia Industries Ltd. | INR | 4,500 | 65 | |||||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||||||
RIGHTS — 0.0% | ||||||||||||
Thailand — 0.0% | ||||||||||||
Gulf Energy Development PCL*, expires 9/23/20 | 600 | $ | 29 | |||||||||
|
| |||||||||||
WARRANTS — 0.0% | ||||||||||||
Thailand — 0.0% | ||||||||||||
BTS Group Holdings PCL*, expires 2/16/21 | 1,821 | 52 | ||||||||||
Minor International PCL*, expires 7/31/23 | 355 | 112 | ||||||||||
Minor International PCL*, expires 9/30/21 | 305 | 7 | ||||||||||
|
| |||||||||||
TOTAL WARRANTS | 171 | |||||||||||
|
| |||||||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||||||
iShares Inc iShares ESG Aware MSCI EM ETF (a) | 512 | 18,417 | ||||||||||
|
| |||||||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 29,475 | 29,475 | ||||||||||
|
| |||||||||||
CASH EQUIVALENTS — 0.4% | ||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 32,100 | 32,100 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 100.1% (Cost $7,348,580) | $ | 8,579,416 | ||||||||||
Other assets and liabilities, net — (0.1%) | (8,954 | ) | ||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 8,570,462 | ||||||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
130,104 | — | (100,629 | )(d) | — | — | 762 | — | 29,475 | 29,475 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
16,016 | 523,062 | (506,978 | ) | — | — | 373 | — | 32,100 | 32,100 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
146,120 | 523,062 | (607,607 | ) | — | — | 1,135 | — | 61,575 | 61,575 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $53,443, which is 0.6% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $27,254. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2020
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
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 |
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 August 31, 2020, 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 Futures | USD | 1 | $ | 49,365 | $55,020 | 9/18/2020 | $ | 5,655 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
INR | Indian Rupee |
USD | U.S. Dollar |
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 August 31, 2020 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 (e) | $ | 8,352,302 | $ | — | $ | — | $ | 8,352,302 | ||||||||
Preferred Stocks (e) | 146,857 | — | — | 146,857 | ||||||||||||
Corporate Bonds | — | 65 | — | 65 | ||||||||||||
Rights | — | 29 | — | 29 | ||||||||||||
Warrants | 171 | — | — | 171 | ||||||||||||
Exchange-Traded Funds | 18,417 | — | — | 18,417 | ||||||||||||
Short-Term Investments (e) | 61,575 | — | — | 61,575 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 5,655 | — | — | 5,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 8,584,977 | $ | 94 | $ | — | $ | 8,585,071 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended Aug 31, 2020, the amount of transfers from Level 3 to Level 2 was $1. The investments were transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.
See Notes to Financial Statements. | 40 |
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Communication Services — 10.6% | ||||||||
Activision Blizzard, Inc. | 132,451 | $ | 11,062,308 | |||||
Alphabet, Inc., Class A* | 51,742 | 84,315,141 | ||||||
Alphabet, Inc., Class C* | 52,462 | 85,732,351 | ||||||
Cable One, Inc. | 764 | 1,406,012 | ||||||
CenturyLink, Inc. (a) | 160,083 | 1,720,892 | ||||||
Discovery, Inc., Class A* | 27,853 | 614,576 | ||||||
Discovery, Inc., Class C* | 59,929 | 1,196,782 | ||||||
Electronic Arts, Inc.* | 50,062 | 6,982,147 | ||||||
Liberty Broadband Corp., Class C* | 18,317 | 2,566,029 | ||||||
Liberty Global PLC, Class A* | 28,089 | 656,440 | ||||||
Liberty Global PLC, Class C* | 71,461 | 1,644,318 | ||||||
Omnicom Group, Inc. | 37,448 | 2,025,562 | ||||||
Verizon Communications, Inc. | 714,364 | 42,340,354 | ||||||
Walt Disney Co. | 312,018 | 41,145,814 | ||||||
|
| |||||||
(Cost $236,835,448) | 283,408,726 | |||||||
|
| |||||||
Consumer Discretionary — 12.5% | ||||||||
Advance Auto Parts, Inc. | 11,949 | 1,867,748 | ||||||
Aptiv PLC | 46,382 | 3,994,418 | ||||||
Aramark | 39,159 | 1,079,222 | ||||||
Best Buy Co., Inc. | 40,243 | 4,463,351 | ||||||
Booking Holdings, Inc.* | 7,066 | 13,499,240 | ||||||
BorgWarner, Inc. (a) | 34,917 | 1,417,281 | ||||||
Burlington Stores, Inc.* | 11,458 | 2,256,424 | ||||||
CarMax, Inc.*(a) | 28,304 | 3,026,547 | ||||||
Darden Restaurants, Inc. | 22,166 | 1,921,127 | ||||||
Domino’s Pizza, Inc. | 6,682 | 2,732,671 | ||||||
eBay, Inc. | 121,934 | 6,679,545 | ||||||
Expedia Group, Inc. | 22,948 | 2,252,346 | ||||||
Garmin Ltd. | 24,705 | 2,559,685 | ||||||
Genuine Parts Co. | 25,122 | 2,372,522 | ||||||
Hasbro, Inc. | 22,226 | 1,754,521 | ||||||
Hilton Worldwide Holdings, Inc. | 47,939 | 4,331,768 | ||||||
Home Depot, Inc. | 185,911 | 52,992,071 | ||||||
LKQ Corp.* | 50,415 | 1,600,172 | ||||||
Lowe’s Cos., Inc. | 130,327 | 21,463,554 | ||||||
Lululemon Athletica, Inc.* | 21,403 | 8,040,465 | ||||||
McDonald’s Corp. | 128,818 | 27,505,219 | ||||||
MercadoLibre, Inc.* | 7,737 | 9,041,381 | ||||||
Mohawk Industries, Inc.* | 10,242 | 945,644 | ||||||
Newell Brands, Inc. (a) | 67,104 | 1,072,322 | ||||||
NIKE, Inc., Class B | 213,515 | 23,890,193 | ||||||
NVR, Inc.* | 582 | 2,425,974 | ||||||
Ross Stores, Inc. | 62,013 | 5,648,144 | ||||||
Royal Caribbean Cruises Ltd. | 30,366 | 2,090,395 | ||||||
Starbucks Corp. | 202,803 | 17,130,769 | ||||||
Target Corp. | 87,381 | 13,212,881 | ||||||
Tesla, Inc.* | 128,232 | 63,900,570 | ||||||
Tiffany & Co. | 18,777 | 2,300,183 | ||||||
TJX Cos., Inc. | 207,895 | 11,390,567 | ||||||
Tractor Supply Co. | 19,605 | 2,917,812 | ||||||
Ulta Beauty, Inc.* | 9,407 | 2,184,117 | ||||||
Vail Resorts, Inc. (a) | 6,828 | 1,486,251 | ||||||
VF Corp. | 57,999 | 3,813,434 | ||||||
Whirlpool Corp. (a) | 10,879 | 1,933,416 | ||||||
|
| |||||||
(Cost $237,122,623) | 333,193,950 | |||||||
|
|
Number | Value | |||||||
Consumer Staples — 6.8% | ||||||||
Bunge Ltd. | 24,675 | $ | 1,125,673 | |||||
Campbell Soup Co. | 31,513 | 1,657,899 | ||||||
Clorox Co. | 21,494 | 4,803,909 | ||||||
Coca-Cola Co. | 705,185 | 34,927,813 | ||||||
Colgate-Palmolive Co. | 141,254 | 11,195,792 | ||||||
Estee Lauder Cos., Inc., Class A | 38,337 | 8,500,080 | ||||||
General Mills, Inc. | 104,541 | 6,685,397 | ||||||
Hormel Foods Corp. (a) | 50,801 | 2,589,835 | ||||||
Kellogg Co. | 43,914 | 3,113,942 | ||||||
Kimberly-Clark Corp. | 59,047 | 9,315,255 | ||||||
McCormick & Co., Inc. | 21,373 | 4,407,112 | ||||||
PepsiCo, Inc. | 240,147 | 33,634,989 | ||||||
Procter & Gamble Co. | 428,175 | 59,229,448 | ||||||
|
| |||||||
(Cost $155,822,326) | 181,187,144 | |||||||
|
| |||||||
Energy — 1.9% | ||||||||
Baker Hughes Co. | 110,389 | 1,576,355 | ||||||
Cheniere Energy, Inc.* | 39,539 | 2,058,005 | ||||||
ConocoPhillips | 186,762 | 7,076,412 | ||||||
EOG Resources, Inc. | 100,527 | 4,557,894 | ||||||
Hess Corp. | 47,177 | 2,172,029 | ||||||
Kinder Morgan, Inc. | 352,079 | 4,865,732 | ||||||
Marathon Petroleum Corp. | 112,149 | 3,976,804 | ||||||
National Oilwell Varco, Inc. | 67,395 | 808,740 | ||||||
Occidental Petroleum Corp. | 152,482 | 1,942,621 | ||||||
ONEOK, Inc. | 75,852 | 2,084,413 | ||||||
Phillips 66 | 75,916 | 4,438,808 | ||||||
Pioneer Natural Resources Co. | 28,630 | 2,975,516 | ||||||
Schlumberger N.V. | 238,442 | 4,532,782 | ||||||
Valero Energy Corp. | 70,720 | 3,719,165 | ||||||
Williams Cos., Inc. | 209,513 | 4,349,490 | ||||||
|
| |||||||
(Cost $77,318,774) | 51,134,766 | |||||||
|
| |||||||
Financials — 9.4% | ||||||||
Allstate Corp. | 54,780 | 5,094,540 | ||||||
Ally Financial, Inc. | 64,831 | 1,483,333 | ||||||
American Express Co. | 118,693 | 12,058,022 | ||||||
American Financial Group, Inc. | 13,503 | 902,676 | ||||||
American International Group, Inc. | 150,920 | 4,397,809 | ||||||
Ameriprise Financial, Inc. | 21,313 | 3,341,878 | ||||||
Aon PLC, Class A | 40,024 | 8,004,400 | ||||||
Arch Capital Group Ltd.* | 69,184 | 2,182,063 | ||||||
Arthur J Gallagher & Co. | 32,504 | 3,422,671 | ||||||
Assurant, Inc. | 10,307 | 1,252,919 | ||||||
Bank of New York Mellon Corp. | 138,403 | 5,118,143 | ||||||
BlackRock, Inc. | 26,357 | 15,661,066 | ||||||
Carlyle Group, Inc. | 24,044 | 620,576 | ||||||
Cboe Global Markets, Inc. | 19,060 | 1,749,517 | ||||||
Charles Schwab Corp. | 200,064 | 7,108,274 | ||||||
Chubb Ltd. | 77,942 | 9,742,750 | ||||||
Citizens Financial Group, Inc. | 73,855 | 1,910,629 | ||||||
CME Group, Inc. | 61,926 | 10,890,926 | ||||||
Comerica, Inc. | 24,449 | 966,469 | ||||||
Discover Financial Services | 53,292 | 2,828,739 | ||||||
E*TRADE Financial Corp. | 38,229 | 2,068,189 | ||||||
East West Bancorp, Inc. | 24,675 | 907,546 | ||||||
Equitable Holdings, Inc. | 71,811 | 1,521,675 | ||||||
Erie Indemnity Co., Class A (a) | 4,412 | 941,697 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Financials (Continued) | ||||||||
FactSet Research Systems, Inc. (a) | 6,556 | $ | 2,297,222 | |||||
Fifth Third Bancorp | 122,506 | 2,530,974 | ||||||
First Republic Bank | 29,580 | 3,339,878 | ||||||
Franklin Resources, Inc. (a) | 50,257 | 1,058,412 | ||||||
Hartford Financial Services Group, Inc. | 61,908 | 2,504,179 | ||||||
Huntington Bancshares, Inc. | 176,111 | 1,657,205 | ||||||
Intercontinental Exchange, Inc. | 95,630 | 10,158,775 | ||||||
Invesco Ltd. (a) | 63,758 | 650,332 | ||||||
KeyCorp | 167,524 | 2,063,896 | ||||||
Lincoln National Corp. | 33,755 | 1,216,868 | ||||||
Loews Corp. | 44,770 | 1,605,452 | ||||||
M&T Bank Corp. | 21,936 | 2,265,111 | ||||||
MarketAxess Holdings, Inc. | 6,558 | 3,186,795 | ||||||
Marsh & McLennan Cos., Inc. | 87,923 | 10,103,232 | ||||||
Moody’s Corp. | 29,121 | 8,580,211 | ||||||
Nasdaq, Inc. | 20,124 | 2,705,068 | ||||||
Northern Trust Corp. | 34,007 | 2,784,833 | ||||||
People’s United Financial, Inc. | 76,755 | 812,068 | ||||||
PNC Financial Services Group, Inc. | 72,981 | 8,115,487 | ||||||
Principal Financial Group, Inc. | 47,440 | 1,997,698 | ||||||
Progressive Corp. | 101,168 | 9,615,007 | ||||||
Prudential Financial, Inc. | 68,604 | 4,649,293 | ||||||
Raymond James Financial, Inc. | 21,665 | 1,640,474 | ||||||
Regions Financial Corp. | 165,381 | 1,911,804 | ||||||
Reinsurance Group of America, Inc. | 11,709 | 1,073,481 | ||||||
S&P Global, Inc. | 41,768 | 15,304,631 | ||||||
State Street Corp. | 61,256 | 4,170,921 | ||||||
SVB Financial Group* | 8,898 | 2,272,371 | ||||||
T. Rowe Price Group, Inc. | 39,238 | 5,462,322 | ||||||
TD Ameritrade Holding Corp. | 46,866 | 1,798,717 | ||||||
Travelers Cos., Inc. | 44,051 | 5,111,678 | ||||||
Truist Financial Corp. | 231,957 | 9,002,251 | ||||||
US Bancorp | 229,806 | 8,364,938 | ||||||
Voya Financial, Inc. (a) | 22,313 | 1,158,268 | ||||||
Willis Towers Watson PLC | 22,226 | 4,568,110 | ||||||
Zions Bancorp NA | 28,497 | 916,464 | ||||||
|
| |||||||
(Cost $253,216,811) | 250,830,933 | |||||||
|
| |||||||
Health Care — 13.6% | ||||||||
AbbVie, Inc. | 303,994 | 29,113,505 | ||||||
ABIOMED, Inc.* | 7,808 | 2,401,897 | ||||||
Agilent Technologies, Inc. | 53,694 | 5,391,951 | ||||||
Align Technology, Inc.* | 12,954 | 3,847,079 | ||||||
AmerisourceBergen Corp. | 26,606 | 2,581,580 | ||||||
Amgen, Inc. | 101,927 | 25,820,148 | ||||||
Becton Dickinson and Co. | 50,019 | 12,143,113 | ||||||
Biogen, Inc.* | 28,166 | 8,101,668 | ||||||
BioMarin Pharmaceutical, Inc.* | 30,799 | 2,403,246 | ||||||
Bristol-Myers Squibb Co. | 389,926 | 24,253,397 | ||||||
Cardinal Health, Inc. | 50,413 | 2,558,964 | ||||||
Centene Corp.* | 100,923 | 6,188,598 | ||||||
Cerner Corp. | 53,892 | 3,954,056 | ||||||
Cigna Corp. | 64,402 | 11,422,983 | ||||||
DaVita, Inc.* | 15,188 | 1,317,711 | ||||||
DENTSPLY SIRONA, Inc. | 38,331 | 1,719,912 | ||||||
DexCom, Inc.* | 15,802 | 6,722,329 | ||||||
Edwards Lifesciences Corp.* | 108,417 | 9,306,515 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Gilead Sciences, Inc. | 218,109 | $ | 14,558,776 | |||||
HCA Healthcare, Inc. | 46,788 | 6,350,067 | ||||||
Henry Schein, Inc.* | 24,790 | 1,647,048 | ||||||
Hologic, Inc.* | 45,488 | 2,716,543 | ||||||
Humana, Inc. | 22,850 | 9,486,635 | ||||||
IDEXX Laboratories, Inc.* | 14,757 | 5,770,872 | ||||||
Jazz Pharmaceuticals PLC* | 9,986 | 1,342,019 | ||||||
Johnson & Johnson | 455,258 | 69,841,130 | ||||||
Laboratory Corp. of America Holdings* | 16,797 | 2,952,073 | ||||||
Merck & Co., Inc. | 436,529 | 37,222,828 | ||||||
Mettler-Toledo International, Inc.* | 4,130 | 4,009,321 | ||||||
Perrigo Co. PLC | 23,011 | 1,203,475 | ||||||
Quest Diagnostics, Inc. | 23,075 | 2,566,863 | ||||||
ResMed, Inc. | 24,994 | 4,518,415 | ||||||
STERIS PLC | 14,606 | 2,331,702 | ||||||
Teladoc Health, Inc.* | 12,145 | 2,619,555 | ||||||
Varian Medical Systems, Inc.* | 15,468 | 2,686,328 | ||||||
Vertex Pharmaceuticals, Inc.* | 44,816 | 12,509,042 | ||||||
Waters Corp.* | 10,717 | 2,317,658 | ||||||
West Pharmaceutical Services, Inc. | 12,782 | 3,629,577 | ||||||
Zoetis, Inc. | 82,068 | 13,139,087 | ||||||
|
| |||||||
(Cost $318,318,234) | 362,667,666 | |||||||
|
| |||||||
Industrials — 8.4% | ||||||||
3M Co. | 98,702 | 16,090,400 | ||||||
Allegion PLC | 15,729 | 1,626,221 | ||||||
AMERCO | 1,707 | 605,797 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 23,264 | 2,286,851 | ||||||
Caterpillar, Inc. | 93,356 | 13,285,492 | ||||||
Copart, Inc.* | 36,624 | 3,783,992 | ||||||
CSX Corp. | 133,726 | 10,224,690 | ||||||
Cummins, Inc. | 25,974 | 5,383,111 | ||||||
Deere & Co. | 51,499 | 10,817,880 | ||||||
Delta Air Lines, Inc. | 27,681 | 853,959 | ||||||
Dover Corp. | 24,946 | 2,740,069 | ||||||
Eaton Corp. PLC | 68,180 | 6,961,178 | ||||||
Expeditors International of Washington, Inc. | 28,979 | 2,561,454 | ||||||
Fastenal Co. | 99,212 | 4,847,498 | ||||||
Fortune Brands Home & Security, Inc. | 24,675 | 2,074,674 | ||||||
Howmet Aerospace, Inc. | 67,764 | 1,187,225 | ||||||
IDEX Corp. | 13,025 | 2,347,496 | ||||||
IHS Markit Ltd. | 65,616 | 5,244,031 | ||||||
Illinois Tool Works, Inc. | 53,804 | 10,628,980 | ||||||
Johnson Controls International PLC | 132,001 | 5,376,401 | ||||||
Kansas City Southern | 16,620 | 3,025,505 | ||||||
Lennox International, Inc. | 6,027 | 1,689,549 | ||||||
Masco Corp. | 48,013 | 2,799,158 | ||||||
Nielsen Holdings PLC (a) | 60,518 | 924,715 | ||||||
Norfolk Southern Corp. | 44,579 | 9,474,375 | ||||||
Owens Corning | 18,777 | 1,270,076 | ||||||
PACCAR, Inc. | 59,865 | 5,138,812 | ||||||
Parker-Hannifin Corp. | 22,167 | 4,566,624 | ||||||
Pentair PLC | 28,089 | 1,267,937 | ||||||
Robert Half International, Inc. | 20,521 | 1,091,717 | ||||||
Rockwell Automation, Inc. | 20,077 | 4,628,351 | ||||||
Roper Technologies, Inc. | 17,854 | 7,627,050 | ||||||
Snap-on, Inc. | 8,952 | 1,327,313 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2020
Number | Value | |||||||
Industrials (Continued) | ||||||||
Stanley Black & Decker, Inc. | 26,382 | $ | 4,255,417 | |||||
Teledyne Technologies, Inc.* | 6,343 | 1,989,228 | ||||||
Trane Technologies PLC | 41,219 | 4,879,917 | ||||||
Union Pacific Corp. | 116,903 | 22,496,813 | ||||||
United Parcel Service, Inc., Class B | 121,031 | 19,803,092 | ||||||
United Rentals, Inc.*(a) | 12,871 | 2,278,811 | ||||||
W.W. Grainger, Inc. | 7,974 | 2,913,939 | ||||||
Waste Management, Inc. | 73,400 | 8,367,600 | ||||||
Xylem, Inc. | 31,159 | 2,498,329 | ||||||
|
| |||||||
(Cost $188,670,322) | 223,241,727 | |||||||
|
| |||||||
Information Technology — 28.0% | ||||||||
Accenture PLC, Class A | 109,849 | 26,356,071 | ||||||
Adobe, Inc.* | 83,065 | 42,644,740 | ||||||
Applied Materials, Inc. | 156,761 | 9,656,478 | ||||||
Autodesk, Inc.* | 38,039 | 9,346,182 | ||||||
Cadence Design Systems, Inc.* | 48,573 | 5,387,232 | ||||||
Cisco Systems, Inc. | 730,175 | 30,827,989 | ||||||
Citrix Systems, Inc. | 20,087 | 2,916,632 | ||||||
Cognex Corp. | 29,838 | 2,064,491 | ||||||
Hewlett Packard Enterprise Co. | 223,500 | 2,161,245 | ||||||
HP, Inc. | 247,577 | 4,840,130 | ||||||
Intel Corp. | 731,678 | 37,278,994 | ||||||
International Business Machines Corp. | 153,537 | 18,932,648 | ||||||
Intuit, Inc. | 45,020 | 15,549,458 | ||||||
Keysight Technologies, Inc.* | 32,430 | 3,195,004 | ||||||
Lam Research Corp. | 25,088 | 8,438,098 | ||||||
Mastercard, Inc., Class A | 154,495 | 55,338,564 | ||||||
Microsoft Corp. | 1,245,478 | 280,892,653 | ||||||
NVIDIA Corp. | 106,444 | 56,945,411 | ||||||
salesforce.com, Inc.* | 155,402 | 42,370,355 | ||||||
Texas Instruments, Inc. | 159,422 | 22,661,837 | ||||||
Trimble, Inc.* | 43,452 | 2,277,319 | ||||||
Visa, Inc., Class A | 291,565 | 61,808,864 | ||||||
VMware, Inc., Class A*(a) | 15,281 | 2,207,188 | ||||||
Western Union Co. | 71,410 | 1,684,562 | ||||||
|
| |||||||
(Cost $530,485,428) | 745,782,145 | |||||||
|
| |||||||
Materials — 2.9% | ||||||||
Amcor PLC | 277,216 | 3,066,009 | ||||||
Axalta Coating Systems Ltd.* | 36,624 | 873,482 | ||||||
Ball Corp. | 56,268 | 4,522,259 | ||||||
DuPont de Nemours, Inc. | 127,749 | 7,123,284 | ||||||
Ecolab, Inc. | 44,008 | 8,673,097 | ||||||
International Flavors & Fragrances, Inc. (a) | 14,772 | 1,828,626 | ||||||
Linde PLC | 90,626 | 22,632,937 | ||||||
Mosaic Co. | 64,037 | 1,167,395 | ||||||
Newmont Corp. | 139,525 | 9,387,242 | ||||||
Nucor Corp. | 52,145 | 2,370,512 | ||||||
PPG Industries, Inc. | 40,719 | 4,902,568 | ||||||
Sherwin-Williams Co. | 14,369 | 9,642,317 | ||||||
Steel Dynamics, Inc. | 36,900 | 1,089,288 | ||||||
|
| |||||||
(Cost $63,255,123) | 77,279,016 | |||||||
|
| |||||||
Real Estate — 2.9% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 21,203 | 3,570,161 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
American Tower Corp. REIT | 76,553 | $ | 19,073,180 | |||||
Boston Properties, Inc. REIT | 25,400 | 2,206,498 | ||||||
CBRE Group, Inc., Class A* | 57,819 | 2,719,228 | ||||||
Equinix, Inc. REIT | 15,412 | 12,172,089 | ||||||
Equity Residential REIT | 64,253 | 3,627,082 | ||||||
Healthpeak Properties, Inc. REIT | 94,469 | 2,611,123 | ||||||
Host Hotels & Resorts, Inc. REIT | 121,986 | 1,369,903 | ||||||
Iron Mountain, Inc. REIT (a) | 50,376 | 1,515,814 | ||||||
Jones Lang LaSalle, Inc. | 8,764 | 903,043 | ||||||
Prologis, Inc. REIT | 126,397 | 12,874,798 | ||||||
SBA Communications Corp. REIT | 19,368 | 5,927,964 | ||||||
UDR, Inc. REIT | 51,445 | 1,790,800 | ||||||
Welltower, Inc. REIT | 71,405 | 4,107,216 | ||||||
Weyerhaeuser Co. REIT | 128,830 | 3,904,837 | ||||||
|
| |||||||
(Cost $70,385,803) | 78,373,736 | |||||||
|
| |||||||
Utilities — 2.7% | ||||||||
AES Corp. | 114,991 | 2,041,090 | ||||||
Alliant Energy Corp. | 42,942 | 2,325,309 | ||||||
American Water Works Co., Inc. | 31,292 | 4,422,811 | ||||||
CMS Energy Corp. | 49,038 | 2,966,309 | ||||||
Consolidated Edison, Inc. | 57,703 | 4,116,532 | ||||||
Dominion Energy, Inc. | 143,894 | 11,287,045 | ||||||
DTE Energy Co. | 34,232 | 4,062,311 | ||||||
Edison International | 67,256 | 3,529,595 | ||||||
Eversource Energy | 56,767 | 4,865,500 | ||||||
Pinnacle West Capital Corp. | 19,753 | 1,448,883 | ||||||
Public Service Enterprise Group, Inc. | 87,279 | 4,559,455 | ||||||
Sempra Energy | 50,450 | 6,238,142 | ||||||
Southern Co. | 182,184 | 9,506,361 | ||||||
WEC Energy Group, Inc. | 54,534 | 5,130,559 | ||||||
Xcel Energy, Inc. | 90,655 | 6,298,256 | ||||||
|
| |||||||
(Cost $72,424,981) | 72,798,158 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,659,897,967 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 95,593 | 95,593 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 2,101,479 | 2,101,479 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $2,206,052,945) | $ | 2,662,095,039 | ||||||
Other assets and liabilities, net — 0.2% | 4,349,839 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,666,444,878 | ||||||
|
|
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2020
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
719,723 | — | (624,130 | )(d) | — | — | 8,393 | — | 95,593 | 95,593 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
2,902,467 | 47,824,287 | (48,625,275 | ) | — | — | 33,962 | — | 2,101,479 | 2,101,479 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,622,190 | 47,824,287 | (49,249,405 | ) | — | — | 42,355 | — | 2,197,072 | 2,197,072 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $19,911,586, which is 0.7% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $20,512,155. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
REIT: | Real Estate Investment Trust |
At August 31, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
E-Mini S&P MidCap 400 Futures | USD | 2 | $ | 387,380 | $ | 385,160 | 9/18/2020 | $ | (2,220 | ) | ||||||||
E-Mini S&P 500 ESG Futures | USD | 16 | 2,291,370 | 2,410,560 | 9/18/2020 | 119,190 | ||||||||||||
E-Mini S&P 500 Futures | USD | 18 | 2,955,900 | 3,149,010 | 9/18/2020 | 193,110 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 310,080 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2020
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 August 31, 2020 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 (e) | $ | 2,659,897,967 | $ | — | $ | — | $ | 2,659,897,967 | ||||||||
Short-Term Investments (e) | 2,197,072 | — | — | 2,197,072 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 312,300 | — | — | 312,300 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,662,407,339 | $ | — | $ | — | $ | 2,662,407,339 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (2,220 | ) | $ | — | $ | — | $ | (2,220 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (2,220 | ) | $ | — | $ | — | $ | (2,220 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 45 |
Schedule of Investments
Xtrackers S&P 500 ESG ETF
August 31, 2020
Number | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Communication Services — 12.2% | ||||||||
Activision Blizzard, Inc. | 9,286 | $ | 775,567 | |||||
Alphabet, Inc., Class A* | 3,623 | 5,903,787 | ||||||
Alphabet, Inc., Class C* | 3,531 | 5,770,290 | ||||||
AT&T, Inc. | 85,989 | 2,563,332 | ||||||
CenturyLink, Inc. (a) | 12,302 | 132,247 | ||||||
Comcast Corp., Class A | 54,910 | 2,460,517 | ||||||
Discovery, Inc., Class A* | 1,914 | 42,232 | ||||||
Discovery, Inc., Class C* | 4,006 | 80,000 | ||||||
Electronic Arts, Inc.* | 3,509 | 489,400 | ||||||
Facebook, Inc., Class A* | 29,045 | 8,515,994 | ||||||
Interpublic Group of Cos., Inc. | 4,524 | 80,346 | ||||||
News Corp., Class A | 4,524 | 68,403 | ||||||
News Corp., Class B | 1,566 | 23,600 | ||||||
Omnicom Group, Inc. | 2,610 | 141,175 | ||||||
Take-Two Interactive Software, Inc.* | 1,392 | 238,296 | ||||||
Verizon Communications, Inc. | 49,875 | 2,956,091 | ||||||
Walt Disney Co. | 21,782 | 2,872,392 | ||||||
|
| |||||||
(Cost $28,770,221) | 33,113,669 | |||||||
|
| |||||||
Consumer Discretionary — 12.3% | ||||||||
Amazon.com, Inc.* | 5,060 | 17,461,858 | ||||||
Aptiv PLC | 3,265 | 281,182 | ||||||
Best Buy Co., Inc. | 2,784 | 308,773 | ||||||
BorgWarner, Inc. (a) | 2,436 | 98,877 | ||||||
eBay, Inc. | 7,967 | 436,432 | ||||||
Gap, Inc. | 2,784 | 48,414 | ||||||
General Motors Co. | 15,093 | 447,206 | ||||||
H&R Block, Inc. | 2,436 | 35,322 | ||||||
Hanesbrands, Inc. (a) | 4,350 | 66,511 | ||||||
Hasbro, Inc. | 1,544 | 121,883 | ||||||
Hilton Worldwide Holdings, Inc. | 3,263 | 294,845 | ||||||
Home Depot, Inc. | 12,970 | 3,696,969 | ||||||
Kohl’s Corp. (a) | 1,914 | 40,883 | ||||||
L Brands, Inc. | 2,784 | 81,850 | ||||||
Las Vegas Sands Corp. | 3,984 | 202,029 | ||||||
Leggett & Platt, Inc. | 1,566 | 64,206 | ||||||
Lowe’s Cos., Inc. | 9,171 | 1,510,372 | ||||||
McDonald’s Corp. | 9,012 | 1,924,242 | ||||||
MGM Resorts International (a) | 6,067 | 136,507 | ||||||
Newell Brands, Inc. (a) | 4,428 | 70,759 | ||||||
NIKE, Inc., Class B | 14,945 | 1,672,196 | ||||||
PulteGroup, Inc. | 2,959 | 131,942 | ||||||
PVH Corp. | 870 | 48,511 | ||||||
Ralph Lauren Corp. | 564 | 38,820 | ||||||
Royal Caribbean Cruises Ltd. | 2,056 | 141,535 | ||||||
Starbucks Corp. | 14,080 | 1,189,338 | ||||||
Tapestry, Inc. | 3,480 | 51,260 | ||||||
Target Corp. | 6,067 | 917,391 | ||||||
Tiffany & Co. | 1,362 | 166,845 | ||||||
TJX Cos., Inc. | 14,391 | 788,483 | ||||||
VF Corp. | 3,752 | 246,694 | ||||||
Whirlpool Corp. (a) | 694 | 123,338 | ||||||
Yum! Brands, Inc. | 3,654 | 350,236 | ||||||
|
| |||||||
(Cost $25,652,791) | 33,195,709 | |||||||
|
|
Number | Value | |||||||
Consumer Staples — 6.2% | ||||||||
Archer-Daniels-Midland Co. | 6,914 | $ | 309,471 | |||||
Brown-Forman Corp., Class B (a) | 2,250 | 164,632 | ||||||
Campbell Soup Co. | 2,068 | 108,797 | ||||||
Coca-Cola Co. | 46,491 | 2,302,699 | ||||||
Colgate-Palmolive Co. | 10,348 | 820,182 | ||||||
Conagra Brands, Inc. | 5,936 | 227,705 | ||||||
Constellation Brands, Inc., Class A | 2,037 | 375,786 | ||||||
Costco Wholesale Corp. | 5,335 | 1,854,766 | ||||||
General Mills, Inc. | 7,311 | 467,538 | ||||||
Hershey Co. | 1,853 | 275,430 | ||||||
Hormel Foods Corp. (a) | 3,306 | 168,540 | ||||||
J M Smucker Co. | 1,392 | 167,291 | ||||||
Kellogg Co. | 3,101 | 219,892 | ||||||
Kraft Heinz Co. | 7,777 | 272,506 | ||||||
Kroger Co. | 9,468 | 337,818 | ||||||
McCormick & Co., Inc. | 1,545 | 318,579 | ||||||
Molson Coors Beverage Co., Class B | 2,262 | 85,142 | ||||||
Mondelez International, Inc., Class A | 17,221 | 1,006,051 | ||||||
PepsiCo, Inc. | 16,763 | 2,347,826 | ||||||
Procter & Gamble Co. | 29,903 | 4,136,482 | ||||||
Sysco Corp. | 6,228 | 374,552 | ||||||
Tyson Foods, Inc., Class A | 3,651 | 229,283 | ||||||
Walgreens Boots Alliance, Inc. | 8,716 | 331,382 | ||||||
|
| |||||||
(Cost $15,741,425) | 16,902,350 | |||||||
|
| |||||||
Energy — 2.2% | ||||||||
Apache Corp. | 4,471 | 66,171 | ||||||
Baker Hughes Co. | 7,984 | 114,012 | ||||||
Chevron Corp. | 22,586 | 1,895,643 | ||||||
ConocoPhillips | 13,042 | 494,161 | ||||||
Exxon Mobil Corp. | 50,733 | 2,026,276 | ||||||
Halliburton Co. | 11,085 | 179,355 | ||||||
Hess Corp. | 3,132 | 144,197 | ||||||
Kinder Morgan, Inc. | 23,948 | 330,961 | ||||||
Marathon Oil Corp. | 9,249 | 48,835 | ||||||
Noble Energy, Inc. | 5,639 | 56,108 | ||||||
Occidental Petroleum Corp. | 10,947 | 139,465 | ||||||
ONEOK, Inc. | 4,875 | 133,965 | ||||||
Schlumberger N.V. | 16,856 | 320,433 | ||||||
|
| |||||||
(Cost $7,770,714) | 5,949,582 | |||||||
|
| |||||||
Financials — 9.0% | ||||||||
Aflac, Inc. | 8,518 | 309,374 | ||||||
Allstate Corp. | 3,810 | 354,330 | ||||||
American Express Co. | 7,996 | 812,314 | ||||||
American International Group, Inc. | 10,622 | 309,525 | ||||||
Ameriprise Financial, Inc. | 1,433 | 224,694 | ||||||
Aon PLC, Class A | 2,781 | 556,172 | ||||||
Assurant, Inc. | 674 | 81,931 | ||||||
Bank of America Corp. | 93,940 | 2,418,016 | ||||||
Bank of New York Mellon Corp. | 9,887 | 365,621 | ||||||
BlackRock, Inc. | 1,863 | 1,106,976 | ||||||
Capital One Financial Corp. | 5,578 | 385,049 | ||||||
Cboe Global Markets, Inc. | 1,392 | 127,772 | ||||||
Charles Schwab Corp. | 13,690 | 486,406 | ||||||
Chubb Ltd. | 5,386 | 673,250 | ||||||
Citigroup, Inc. | 25,006 | 1,278,307 | ||||||
CME Group, Inc. | 4,336 | 762,572 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2020
Number | Value | |||||||
Financials (Continued) | ||||||||
Comerica, Inc. | 1,914 | $ | 75,660 | |||||
Discover Financial Services | 3,828 | 203,190 | ||||||
E*TRADE Financial Corp. | 2,611 | 141,255 | ||||||
Franklin Resources, Inc. (a) | 3,480 | 73,289 | ||||||
Globe Life, Inc. | 1,218 | 100,461 | ||||||
Goldman Sachs Group, Inc. | 3,696 | 757,200 | ||||||
Hartford Financial Services Group, Inc. | 4,350 | 175,957 | ||||||
Intercontinental Exchange, Inc. | 6,629 | 704,199 | ||||||
Invesco Ltd. (a) | 4,698 | 47,920 | ||||||
JPMorgan Chase & Co. | 36,775 | 3,684,487 | ||||||
Lincoln National Corp. | 2,575 | 92,829 | ||||||
MarketAxess Holdings, Inc. | 484 | 235,195 | ||||||
Marsh & McLennan Cos., Inc. | 6,067 | 697,159 | ||||||
MetLife, Inc. | 9,188 | 353,370 | ||||||
Moody’s Corp. | 1,923 | 566,593 | ||||||
Morgan Stanley | 14,431 | 754,164 | ||||||
MSCI, Inc. | 1,042 | 388,947 | ||||||
Nasdaq, Inc. | 1,392 | 187,113 | ||||||
Northern Trust Corp. | 2,610 | 213,733 | ||||||
PNC Financial Services Group, Inc. | 5,195 | 577,684 | ||||||
Principal Financial Group, Inc. | 3,132 | 131,889 | ||||||
Prudential Financial, Inc. | 4,872 | 330,175 | ||||||
Raymond James Financial, Inc. | 1,547 | 117,139 | ||||||
S&P Global, Inc. | 2,930 | 1,073,611 | ||||||
State Street Corp. | 4,355 | 296,532 | ||||||
Synchrony Financial | 6,788 | 168,410 | ||||||
T. Rowe Price Group, Inc. | 2,750 | 382,827 | ||||||
Travelers Cos., Inc. | 2,981 | 345,915 | ||||||
Unum Group | 2,436 | 45,017 | ||||||
Wells Fargo & Co. | 44,804 | 1,082,017 | ||||||
|
| |||||||
(Cost $24,855,649) | 24,256,246 | |||||||
|
| |||||||
Health Care — 13.2% | ||||||||
Abbott Laboratories | 21,390 | 2,341,563 | ||||||
AbbVie, Inc. | 21,290 | 2,038,943 | ||||||
Agilent Technologies, Inc. | 3,727 | 374,265 | ||||||
Amgen, Inc. | 7,114 | 1,802,119 | ||||||
Anthem, Inc. | 3,052 | 859,199 | ||||||
Baxter International, Inc. | 6,158 | 536,177 | ||||||
Becton Dickinson and Co. | 3,570 | 866,689 | ||||||
Biogen, Inc.* | 1,958 | 563,199 | ||||||
Boston Scientific Corp.* | 17,219 | 706,323 | ||||||
Bristol-Myers Squibb Co. | 27,288 | 1,697,314 | ||||||
Cardinal Health, Inc. | 3,474 | 176,340 | ||||||
Cigna Corp. | 4,468 | 792,489 | ||||||
CVS Health Corp. | 15,768 | 979,508 | ||||||
Danaher Corp. | 7,600 | 1,569,172 | ||||||
DaVita, Inc.* | 1,054 | 91,445 | ||||||
Edwards Lifesciences Corp.* | 7,520 | 645,517 | ||||||
Eli Lilly and Co. | 10,170 | 1,509,126 | ||||||
Gilead Sciences, Inc. | 15,121 | 1,009,327 | ||||||
Henry Schein, Inc.* | 1,740 | 115,606 | ||||||
Humana, Inc. | 1,585 | 658,045 | ||||||
Illumina, Inc.* | 1,764 | 630,136 | ||||||
Incyte Corp.* | 2,237 | 215,535 | ||||||
Laboratory Corp. of America Holdings* | 1,210 | 212,658 | ||||||
McKesson Corp. | 1,922 | 294,912 | ||||||
Medtronic PLC | 16,165 | 1,737,253 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Merck & Co., Inc. | 30,558 | $ | 2,605,681 | |||||
Mettler-Toledo International, Inc.* | 300 | 291,234 | ||||||
PerkinElmer, Inc. | 1,313 | 154,566 | ||||||
Pfizer, Inc. | 67,104 | 2,535,860 | ||||||
Quest Diagnostics, Inc. | 1,587 | 176,538 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,217 | 754,455 | ||||||
Thermo Fisher Scientific, Inc. | 4,781 | 2,050,953 | ||||||
UnitedHealth Group, Inc. | 11,426 | 3,571,196 | ||||||
Vertex Pharmaceuticals, Inc.* | 3,128 | 873,087 | ||||||
Waters Corp.* | 746 | 161,330 | ||||||
|
| |||||||
(Cost $32,745,278) | 35,597,760 | |||||||
|
| |||||||
Industrials — 6.5% | ||||||||
A O Smith Corp. | 1,572 | 76,981 | ||||||
Alaska Air Group, Inc. | 1,392 | 54,218 | ||||||
Allegion PLC | 1,060 | 109,593 | ||||||
American Airlines Group, Inc. (a) | 6,442 | 84,068 | ||||||
AMETEK, Inc. | 2,781 | 280,047 | ||||||
Caterpillar, Inc. | 6,600 | 939,246 | ||||||
Cintas Corp. | 1,044 | 347,903 | ||||||
CSX Corp. | 9,214 | 704,502 | ||||||
Cummins, Inc. | 1,766 | 366,003 | ||||||
Deere & Co. | 3,828 | 804,110 | ||||||
Delta Air Lines, Inc. | 7,117 | 219,559 | ||||||
Dover Corp. | 1,740 | 191,122 | ||||||
Eaton Corp. PLC | 4,827 | 492,837 | ||||||
Emerson Electric Co. | 7,302 | 507,270 | ||||||
Expeditors International of Washington, Inc. | 2,088 | 184,558 | ||||||
Fastenal Co. | 6,908 | 337,525 | ||||||
FedEx Corp. | 2,934 | 645,011 | ||||||
Flowserve Corp. | 1,566 | 46,479 | ||||||
Fortive Corp. | 3,515 | 253,467 | ||||||
Fortune Brands Home & Security, Inc. | 1,561 | 131,249 | ||||||
General Electric Co. | 103,727 | 657,629 | ||||||
Howmet Aerospace, Inc. | 4,671 | 81,836 | ||||||
IDEX Corp. | 870 | 156,800 | ||||||
IHS Markit Ltd. | 4,889 | 390,729 | ||||||
Illinois Tool Works, Inc. | 3,473 | 686,091 | ||||||
Johnson Controls International PLC | 8,975 | 365,552 | ||||||
L3Harris Technologies, Inc. | 2,622 | 473,900 | ||||||
Nielsen Holdings PLC (a) | 4,350 | 66,468 | ||||||
Norfolk Southern Corp. | 3,123 | 663,731 | ||||||
PACCAR, Inc. | 4,176 | 358,468 | ||||||
Parker-Hannifin Corp. | 1,529 | 314,989 | ||||||
Pentair PLC | 1,914 | 86,398 | ||||||
Republic Services, Inc. | 2,610 | 241,999 | ||||||
Rockwell Automation, Inc. | 1,392 | 320,898 | ||||||
Roper Technologies, Inc. | 1,238 | 528,861 | ||||||
Snap-on, Inc. | 696 | 103,196 | ||||||
Stanley Black & Decker, Inc. | 1,894 | 305,502 | ||||||
Trane Technologies PLC | 2,953 | 349,606 | ||||||
Union Pacific Corp. | 8,183 | 1,574,737 | ||||||
United Parcel Service, Inc., Class B | 8,493 | 1,389,625 | ||||||
United Rentals, Inc.*(a) | 880 | 155,804 | ||||||
Verisk Analytics, Inc. | 1,941 | 362,326 | ||||||
W.W. Grainger, Inc. | 524 | 191,485 | ||||||
Waste Management, Inc. | 4,726 | 538,764 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2020
Number | Value | |||||||
Industrials (Continued) | ||||||||
Westinghouse Air Brake Technologies Corp. | 2,251 | $ | 149,804 | |||||
Xylem, Inc. | 2,243 | 179,844 | ||||||
|
| |||||||
(Cost $15,300,155) | 17,470,790 | |||||||
|
| |||||||
Information Technology — 30.4% | ||||||||
Accenture PLC, Class A | 7,672 | 1,840,743 | ||||||
Adobe, Inc.* | 5,823 | 2,989,470 | ||||||
Advanced Micro Devices, Inc.* | 14,122 | 1,282,560 | ||||||
Akamai Technologies, Inc.* | 1,959 | 228,086 | ||||||
ANSYS, Inc.* | 1,044 | 353,927 | ||||||
Apple, Inc. | 196,868 | 25,403,847 | ||||||
Arista Networks, Inc.* | 666 | 148,818 | ||||||
Autodesk, Inc.* | 2,644 | 649,631 | ||||||
Automatic Data Processing, Inc. | 5,192 | 722,155 | ||||||
Cisco Systems, Inc. | 51,069 | 2,156,133 | ||||||
Corning, Inc. | 9,163 | 297,431 | ||||||
DXC Technology Co. | 3,132 | 62,577 | ||||||
Hewlett Packard Enterprise Co. | 15,826 | 153,037 | ||||||
HP, Inc. | 17,222 | 336,690 | ||||||
Intel Corp. | 51,148 | 2,605,991 | ||||||
Intuit, Inc. | 3,149 | 1,087,633 | ||||||
Juniper Networks, Inc. | 4,176 | 104,400 | ||||||
Keysight Technologies, Inc.* | 2,262 | 222,852 | ||||||
KLA Corp. | 1,914 | 392,638 | ||||||
Lam Research Corp. | 1,749 | 588,259 | ||||||
Mastercard, Inc., Class A | 10,623 | 3,805,052 | ||||||
Micron Technology, Inc.* | 13,208 | 601,096 | ||||||
Microsoft Corp. | 91,610 | 20,660,803 | ||||||
Motorola Solutions, Inc. | 2,091 | 323,582 | ||||||
NortonLifeLock, Inc. | 6,949 | 163,441 | ||||||
NVIDIA Corp. | 7,428 | 3,973,832 | ||||||
QUALCOMM, Inc. | 13,602 | 1,619,998 | ||||||
salesforce.com, Inc.* | 10,868 | 2,963,160 | ||||||
Seagate Technology PLC | 2,625 | 125,974 | ||||||
TE Connectivity Ltd. | 4,008 | 387,173 | ||||||
Texas Instruments, Inc. | 11,021 | 1,566,635 | ||||||
Visa, Inc., Class A (a) | 20,323 | 4,308,273 | ||||||
Xerox Holdings Corp. | 2,262 | 42,661 | ||||||
|
| |||||||
(Cost $61,213,680) | 82,168,558 | |||||||
|
| |||||||
Materials — 2.4% | ||||||||
Air Products and Chemicals, Inc. | 2,666 | 779,165 | ||||||
Ball Corp. | 4,002 | 321,641 | ||||||
CF Industries Holdings, Inc. | 2,610 | 85,164 | ||||||
Corteva, Inc. | 8,856 | 252,839 | ||||||
Eastman Chemical Co. | 1,566 | 114,490 | ||||||
Ecolab, Inc. | 2,965 | 584,342 | ||||||
FMC Corp. | 1,566 | 167,343 | ||||||
Freeport-McMoRan, Inc. | 18,230 | 284,570 | ||||||
International Flavors & Fragrances, Inc. | 1,251 | 154,861 | ||||||
International Paper Co. | 4,525 | 164,122 | ||||||
Linde PLC | 6,312 | 1,576,359 | ||||||
LyondellBasell Industries NV, Class A | 3,132 | 205,083 | ||||||
Martin Marietta Materials, Inc. | 710 | 144,038 | ||||||
Mosaic Co. | 4,330 | 78,936 | ||||||
Newmont Corp. | 9,722 | 654,096 | ||||||
Packaging Corp. of America | 1,074 | 108,732 | ||||||
PPG Industries, Inc. | 2,873 | 345,909 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Sealed Air Corp. | 1,759 | $ | 69,129 | |||||
Vulcan Materials Co. | 1,566 | 187,920 | ||||||
Westrock Co. | 2,958 | 89,716 | ||||||
|
| |||||||
(Cost $5,621,552) | 6,368,455 | |||||||
|
| |||||||
Real Estate — 2.6% | ||||||||
Alexandria Real Estate Equities, Inc. REIT (a) | 1,529 | 257,453 | ||||||
American Tower Corp. REIT | 5,352 | 1,333,451 | ||||||
Apartment Investment and Management Co., Class A REIT | 1,740 | 62,692 | ||||||
AvalonBay Communities, Inc. REIT | 1,719 | 271,705 | ||||||
Boston Properties, Inc. REIT | 1,742 | 151,328 | ||||||
CBRE Group, Inc., Class A* | 4,155 | 195,410 | ||||||
Digital Realty Trust, Inc. REIT | 3,247 | 505,396 | ||||||
Duke Realty Corp. REIT | 4,520 | 174,246 | ||||||
Equinix, Inc. REIT | 1,072 | 846,644 | ||||||
Equity Residential REIT | 4,217 | 238,050 | ||||||
Essex Property Trust, Inc. REIT | 804 | 174,074 | ||||||
Federal Realty Investment Trust REIT | 870 | 68,939 | ||||||
Healthpeak Properties, Inc. REIT | 6,063 | 167,581 | ||||||
Host Hotels & Resorts, Inc. REIT | 8,693 | 97,622 | ||||||
Iron Mountain, Inc. REIT (a) | 3,306 | 99,478 | ||||||
Kimco Realty Corp. REIT | 4,872 | 58,415 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,392 | 163,031 | ||||||
Prologis, Inc. REIT | 8,903 | 906,860 | ||||||
Regency Centers Corp. REIT | 2,100 | 83,391 | ||||||
Simon Property Group, Inc. REIT | 3,803 | 258,034 | ||||||
SL Green Realty Corp. REIT (a) | 1,044 | 48,817 | ||||||
UDR, Inc. REIT | 3,630 | 126,360 | ||||||
Ventas, Inc. REIT | 4,561 | 187,959 | ||||||
Vornado Realty Trust REIT (a) | 1,903 | 68,184 | ||||||
Welltower, Inc. REIT | 5,041 | 289,958 | ||||||
Weyerhaeuser Co. REIT | 8,874 | 268,971 | ||||||
|
| |||||||
(Cost $7,310,808) | 7,104,049 | |||||||
|
| |||||||
Utilities — 2.8% | ||||||||
AES Corp. | 7,828 | 138,947 | ||||||
American Electric Power Co., Inc. | 5,879 | 463,442 | ||||||
American Water Works Co., Inc. | 2,160 | 305,294 | ||||||
CMS Energy Corp. | 3,596 | 217,522 | ||||||
Dominion Energy, Inc. | 10,209 | 800,794 | ||||||
DTE Energy Co. | 2,265 | 268,788 | ||||||
Duke Energy Corp. | 8,884 | 713,741 | ||||||
Entergy Corp. | 2,410 | 238,927 | ||||||
Eversource Energy | 4,062 | 348,154 | ||||||
Exelon Corp. | 11,796 | 435,390 | ||||||
NextEra Energy, Inc. | 5,892 | 1,644,870 | ||||||
NiSource, Inc. | 4,350 | 96,396 | ||||||
NRG Energy, Inc. | 3,132 | 107,772 | ||||||
PPL Corp. | 9,050 | 250,052 | ||||||
Public Service Enterprise Group, Inc. | 6,238 | 325,873 | ||||||
Sempra Energy | 3,596 | 444,645 | ||||||
WEC Energy Group, Inc. | 3,811 | 358,539 | ||||||
Xcel Energy, Inc. | 6,234 | 433,107 | ||||||
|
| |||||||
(Cost $7,596,024) | 7,592,253 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 269,719,421 | |||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2020
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 84,196 | $ | 84,196 | |||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 344,797 | 344,797 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $233,007,290) | $ | 270,148,414 | ||||||
Other assets and liabilities, net — 0.1% | 286,437 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 270,434,851 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
4,434 | 79,762(d | ) | — | — | — | 386 | — | 84,196 | 84,196 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
5,888 | 4,111,316 | (3,772,407 | ) | — | — | 2,314 | — | 344,797 | 344,797 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
10,322 | 4,191,078 | (3,772,407 | ) | — | — | 2,700 | — | 428,993 | 428,993 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 August 31, 2020 amounted to $3,671,917, which is 1.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $3,733,742. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
REIT: | Real Estate Investment Trust |
At August 31, 2020, 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 | 4 | $ | 552,380 | $602,640 | 9/18/2020 | $ | 50,260 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2020
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 August 31, 2020 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 (e) | $ | 269,719,421 | $ | — | $ | — | $ | 269,719,421 | ||||||||
Short-Term Investments (e) | 428,993 | — | — | 428,993 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 50,260 | — | — | 50,260 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 270,198,674 | $ | — | $ | — | $ | 270,198,674 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 50 |
Statements of Assets and Liabilities
August 31, 2020
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 8,295,229 | $ | 11,641,276 | $ | 8,517,841 | $ | 2,659,897,967 | ||||||||
Investment in affiliated securities at value | 18,041 | — | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 6,027 | 143 | 32,100 | 2,101,479 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 18,551 | 55,300 | 29,475 | 95,593 | ||||||||||||
Foreign currency at value | 39,215 | 5,665 | 28,697 | — | ||||||||||||
Deposit with broker for futures contracts | 5,300 | 655 | 5,300 | 403,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 37,908 | 28,462 | 79,244 | 7,333,854 | ||||||||||||
Variation margin on futures contracts | — | 114 | — | — | ||||||||||||
Dividends | 14,308 | 25,007 | 6,185 | 4,037,623 | ||||||||||||
Interest | — | — | 1 | — | ||||||||||||
Securities lending income | 59 | 71 | 44 | 2,899 | ||||||||||||
Foreign tax reclaim | 6,536 | 11,494 | 292 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 8,441,174 | $ | 11,768,187 | $ | 8,699,179 | $ | 2,673,872,415 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | 18,551 | 55,300 | 29,475 | 95,593 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 46,692 | 31,002 | 92,127 | 7,024,536 | ||||||||||||
Investment advisory fees | 1,078 | 1,366 | 1,437 | 192,916 | ||||||||||||
Variation margin on futures contracts | 1,240 | — | 1,240 | 114,492 | ||||||||||||
Deferred foreign tax payable | 2,687 | — | 4,438 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 70,248 | 87,668 | �� | 128,717 | 7,427,537 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,370,926 | $ | 11,680,519 | $ | 8,570,462 | $ | 2,666,444,878 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 7,501,563 | $ | 11,136,256 | $ | 7,485,979 | $ | 2,227,937,535 | ||||||||
Distributable earnings (loss) | 869,363 | 544,263 | 1,084,483 | 438,507,343 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,370,926 | $ | 11,680,519 | $ | 8,570,462 | $ | 2,666,444,878 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 300,001 | 450,001 | 300,001 | 83,750,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 27.90 | $ | 25.96 | $ | 28.57 | $ | 31.84 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 7,415,221 | $ | 10,906,575 | $ | 7,287,005 | $ | 2,203,855,873 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | 15,892 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 39,489 | $ | 89,209 | $ | 53,443 | $ | 19,911,586 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 6,027 | $ | 143 | $ | 32,100 | $ | 2,101,479 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 18,551 | $ | 55,300 | $ | 29,475 | $ | 95,593 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 23,446 | $ | 39,060 | $ | 27,254 | $ | 20,512,155 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 38,107 | $ | 5,249 | $ | 28,689 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
August 31, 2020
Xtrackers S&P 500 ESG ETF | ||||
Assets | ||||
Investment in non-affiliated securities at value | $ | 269,719,421 | ||
Investment in DWS Government Money Market Series | 344,797 | |||
Investment in DWS Government & Agency Securities Portfolio* | 84,196 | |||
Deposit with broker for futures contracts | 40,000 | |||
Receivables: | ||||
Dividends | 352,523 | |||
Interest | 24 | |||
Securities lending income | 417 | |||
|
| |||
Total assets | $ | 270,541,378 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | 84,196 | |||
Payables: | ||||
Investment advisory fees | 21,251 | |||
Variation margin on futures contracts | 1,080 | |||
|
| |||
Total liabilities | 106,527 | |||
|
| |||
Net Assets, at value | $ | 270,434,851 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 233,833,890 | ||
Distributable earnings (loss) | 36,600,961 | |||
|
| |||
Net Assets, at value | $ | 270,434,851 | ||
|
| |||
Number of Common Shares outstanding | 8,700,001 | |||
|
| |||
Net Asset Value | $ | 31.08 | ||
|
| |||
Investment in non-affiliated securities at cost | $ | 232,578,297 | ||
|
| |||
Value of securities loaned | $ | 3,671,917 | ||
|
| |||
Investment in DWS Government Money Market Series at cost | $ | 344,797 | ||
|
| |||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 84,196 | ||
|
| |||
Non-cash collateral for securities on loan | $ | 3,733,742 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 52 |
Statements of Operations
For the Year Ended August 31, 2020
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 181,423 | $ | 241,231 | $ | 166,255 | $ | 34,553,636 | ||||||||
Affiliated dividend income | 325 | — | — | — | ||||||||||||
Income distributions from affiliated funds | 99 | 65 | 373 | 33,962 | ||||||||||||
Affiliated securities lending income | 601 | 577 | 762 | 8,393 | ||||||||||||
Unaffiliated non-cash dividend income | 32,225 | — | 105,760 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 972 | 777 | 240 | 40,326 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 215,645 | 242,650 | 273,390 | 34,636,317 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 12,466 | 13,409 | 15,287 | 1,806,467 | ||||||||||||
Other expenses | 43 | 57 | 43 | 30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 12,509 | 13,466 | 15,330 | 1,806,497 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (49 | ) | (4 | ) | (24 | ) | (183,039 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 12,460 | 13,462 | 15,306 | 1,623,458 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 203,185 | 229,188 | 258,084 | 33,012,859 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments** | (50,212 | ) | (181,079 | ) | (174,161 | ) | (22,951,284 | ) | ||||||||
Investments in affiliates | 5,528 | — | — | — | ||||||||||||
In-kind redemptions | — | — | — | 28,636,308 | ||||||||||||
Futures contracts | (1,845 | ) | 5,578 | 10,322 | (1,192,367 | ) | ||||||||||
Foreign currency transactions | (1,725 | ) | 473 | (761 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (48,254 | ) | (175,028 | ) | (164,600 | ) | 4,492,657 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments*** | 796,238 | 987,660 | 1,378,716 | 385,971,175 | ||||||||||||
Investments in affiliates | 2,087 | — | — | — | ||||||||||||
Futures contracts | 8,050 | (22 | ) | 6,820 | 294,392 | |||||||||||
Foreign currency translations | 2,125 | 1,934 | 223 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 808,500 | 989,572 | 1,385,759 | 386,265,567 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 760,246 | 814,544 | 1,221,159 | 390,758,224 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 963,431 | $ | 1,043,732 | $ | 1,479,243 | $ | 423,771,083 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 26,284 | $ | 29,556 | $ | 22,233 | $ | — | ||||||||
** Net of foreign taxes | $ | 128 | $ | — | $ | — | $ | — | ||||||||
*** Net of change in deferred foreign taxes | $ | 2,687 | $ | — | $ | 4,438 | $ | — |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended August 31, 2020
Xtrackers S&P 500 ESG ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 2,479,316 | ||
Income distributions from affiliated funds | 2,314 | |||
Affiliated securities lending income | 386 | |||
Unaffiliated securities lending income, net of borrower rebates | 4,542 | |||
|
| |||
Total investment income | 2,486,558 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 138,972 | |||
Other expenses | 30 | |||
|
| |||
Total expenses | 139,002 | |||
|
| |||
Less fees waived (see note 3): | ||||
Waiver | (2,593 | ) | ||
|
| |||
Net expenses | 136,409 | |||
|
| |||
Net investment income (loss) | 2,350,149 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (1,360,859 | ) | ||
In-kind redemptions | 2,142,356 | |||
Futures contracts | (35,753 | ) | ||
|
| |||
Net realized gain (loss) | 745,744 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 37,052,660 | |||
Futures contracts | 50,260 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 37,102,920 | |||
|
| |||
Net realized and unrealized gain (loss) on investments and futures | 37,848,664 | |||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 40,198,813 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 493 |
See Notes to Financial Statements. | 54 |
Statements of Changes in Net Assets
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | |||||||||||||||
Year Ended August 31, 2020 | For the Period December 6, 2018(1) to August 31, 2019 | Year Ended August 31, 2020 | For the Period September 6, 2018(1) to August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 203,185 | $ | 179,629 | $ | 229,188 | $ | 232,575 | ||||||||
Net realized gain (loss) | (48,254 | ) | 2,102 | (175,028 | ) | (53,873 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 808,500 | 78,484 | 989,572 | (253,106 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 963,431 | 260,215 | 1,043,732 | (74,404 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (218,581 | ) | (135,702 | ) | (223,206 | ) | (201,859 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 7,501,538 | 3,628,617 | 7,507,614 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 7,501,538 | 3,628,617 | 7,507,614 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 744,850 | 7,626,051 | 4,449,143 | 7,231,351 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 7,626,076 | 25 | 7,231,376 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,370,926 | $ | 7,626,076 | $ | 11,680,519 | $ | 7,231,376 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 1 | 300,001 | 1 | ||||||||||||
Shares sold | — | 300,000 | 150,000 | 300,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 300,001 | 300,001 | 450,001 | 300,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | |||||||||||||||
Year Ended August 31, 2020 | For the Period December 6, 2018(1) to August 31, 2019 | Year Ended August 31, 2020 | For the Period March 7, 2019(1) to August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 258,084 | $ | 150,899 | $ | 33,012,859 | $ | 9,603,428 | ||||||||
Net realized gain (loss) | (164,600 | ) | 6,372 | 4,492,657 | (233,999 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 1,385,759 | (153,826 | ) | 386,265,567 | 70,086,607 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,479,243 | 3,445 | 423,771,083 | 79,456,036 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (318,526 | ) | (79,679 | ) | (29,554,714 | ) | (5,225,013 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 7,485,954 | 1,074,035,689 | 1,307,476,148 | ||||||||||||
Value of shares redeemed | — | — | (142,918,766 | ) | (40,595,610 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 7,485,954 | 931,116,923 | 1,266,880,538 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,160,717 | 7,409,720 | 1,325,333,292 | 1,341,111,561 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 7,409,745 | 25 | 1,341,111,586 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,570,462 | $ | 7,409,745 | $ | 2,666,444,878 | $ | 1,341,111,586 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 1 | 50,250,001 | 1 | ||||||||||||
Shares sold | — | 300,000 | 38,450,000 | 51,850,000 | ||||||||||||
Shares redeemed | — | — | (4,950,000 | ) | (1,600,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 300,001 | 300,001 | 83,750,001 | 50,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers S&P 500 ESG ETF | ||||||||
Year Ended August 31, 2020 | For the Period June 26, 2019(1) to August 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 2,350,149 | $ | 87,334 | ||||
Net realized gain (loss) | 745,744 | (70,217 | ) | |||||
Net change in net unrealized appreciation (depreciation) | 37,102,920 | 88,464 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 40,198,813 | 105,581 | ||||||
|
|
|
| |||||
Distributions to Shareholders | (1,693,157 | ) | — | |||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 280,622,402 | 25,000,000 | ||||||
Value of shares redeemed | (60,077,355 | ) | (13,721,458 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | 220,545,047 | 11,278,542 | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 259,050,703 | 11,384,123 | ||||||
Net Assets | ||||||||
Beginning of period | 11,384,148 | 25 | ||||||
|
|
|
| |||||
End of period | $ | 270,434,851 | $ | 11,384,148 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 450,001 | 1 | ||||||
Shares sold | 10,700,000 | 1,000,000 | ||||||
Shares redeemed | (2,450,000 | ) | (550,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 8,700,001 | 450,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 57 |
Financial Highlights
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF Selected Per Share Data | Year Ended 8/31/2020 | Period Ended 8/31/2019(a) | ||||||
Net Asset Value, beginning of period | $ | 25.42 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.68 | 0.60 | ||||||
Net realized and unrealized gain (loss) | 2.53 | 0.27 | ||||||
|
|
|
| |||||
Total from investment operations | 3.21 | 0.87 | ||||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.73 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Total distributions | (0.73 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 27.90 | $ | 25.42 | ||||
|
|
|
| |||||
Total Return (%) (c) | 12.74 | 3.44 | ** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 8 | 8 | ||||||
Ratio of expenses before fee waiver (%) | 0.16 | 0.16 | * | |||||
Ratio of expenses after fee waiver (%) | 0.16 | 0.16 | * | |||||
Ratio of net investment income (loss) (%) | 2.61 | 3.17 | * | |||||
Portfolio turnover rate (%) (d) | 13 | 10 | ** | |||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data | Year Ended 8/31/2020 | Period Ended 8/31/2019(e) | ||||||
Net Asset Value, beginning of period | $ | 24.10 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.59 | 0.78 | ||||||
Net realized and unrealized gain (loss) | 1.83 | (1.01 | ) | |||||
|
|
|
| |||||
Total from investment operations | 2.42 | (0.23 | ) | |||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.56 | ) | (0.66 | ) | ||||
Net realized gains | — | (0.01 | ) | |||||
|
|
|
| |||||
Total distributions | (0.56 | ) | (0.67 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.96 | $ | 24.10 | ||||
|
|
|
| |||||
Total Return (%) (c) | 10.12 | (0.91 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 12 | 7 | ||||||
Ratio of expenses before fee waiver (%) | 0.14 | 0.14 | * | |||||
Ratio of expenses after fee waiver (%) | 0.14 | 0.14 | * | |||||
Ratio of net investment income (loss) (%) | 2.39 | 3.25 | * | |||||
Portfolio turnover rate (%) (d) | 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data | Year Ended 8/31/2020 | Period Ended 8/31/2019(a) | ||||||
Net Asset Value, beginning of period | $ | 24.70 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.86 | 0.50 | ||||||
Net realized and unrealized gain (loss) | 4.07 | (0.53 | ) | |||||
|
|
|
| |||||
Total from investment operations | 4.93 | (0.03 | ) | |||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (1.06 | ) | (0.27 | ) | ||||
Net realized gains | (0.00 | )(c) | — | |||||
|
|
|
| |||||
Total distributions | (1.06 | ) | (0.27 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 28.57 | $ | 24.70 | ||||
|
|
|
| |||||
Total Return (%) (d) | 20.32 | (0.17 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 9 | 7 | ||||||
Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | * | |||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | * | |||||
Ratio of net investment income (loss) (%) | 3.38 | 2.68 | * | |||||
Portfolio turnover rate (%) (e) | 17 | 16 | ** | |||||
Xtrackers MSCI USA ESG Leaders Equity ETF Selected Per Share Data | Year Ended 8/31/2020 | Period Ended 8/31/2019(f) | ||||||
Net Asset Value, beginning of period | $ | 26.69 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.51 | 0.24 | ||||||
Net realized and unrealized gain (loss) | 5.10 | 1.57 | ||||||
|
|
|
| |||||
Total from investment operations | 5.61 | 1.81 | ||||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.46 | ) | (0.12 | ) | ||||
|
|
|
| |||||
Total distributions | (0.46 | ) | (0.12 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 31.84 | $ | 26.69 | ||||
|
|
|
| |||||
Total Return (%) (d) | 21.42 | 7.23 | ** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2,666 | 1,341 | ||||||
Ratio of expenses before fee waiver (%) | 0.10 | 0.10 | * | |||||
Ratio of expenses after fee waiver (%) | 0.09 | 0.10 | * | |||||
Ratio of net investment income (loss) (%) | 1.83 | 1.89 | * | |||||
Portfolio turnover rate (%) (e) | 9 | 5 | ** |
(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 March 7, 2019 (commencement of operations) through August 31, 2019. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers S&P 500 ESG ETF Selected Per Share Data | Year Ended 8/31/2020 | Period Ended 8/31/2019(a) | ||||||
Net Asset Value, beginning of period | $ | 25.30 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.50 | 0.10 | ||||||
Net realized and unrealized gain (loss) | 5.85 | 0.20 | ||||||
|
|
|
| |||||
Total from investment operations | 6.35 | 0.30 | ||||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.57 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.57 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 31.08 | $ | 25.30 | ||||
|
|
|
| |||||
Total Return (%) (c) | 25.71 | 1.20 | ** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 270 | 11 | ||||||
Ratio of expenses before fee waiver (%) | 0.11 | 0.11 | * | |||||
Ratio of expenses after fee waiver (%) | 0.11 | 0.11 | * | |||||
Ratio of net investment income (loss) (%) | 1.86 | 2.08 | * | |||||
Portfolio turnover rate (%) (d) | 11 | 0 | ** |
(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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 60 |
Notes to Financial Statements
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2020, the Trust consists of thirty-three 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 MSCI ACWI ex USA ESG Leaders Equity ETF |
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
Xtrackers MSCI USA ESG Leaders Equity ETF |
Xtrackers S&P 500 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”).
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, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | MSCI ACWI ex USA ESG Leaders Index | |
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 ESG Leaders Equity ETF | MSCI USA ESG Leaders Index | |
Xtrackers S&P 500 ESG ETF | S&P 500 ESG Index |
The MSCI ACWI ex USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (“ESG”) performance relative to their sector peers. The Underlying Index is constructed using regional indexes that provide exposure to large- and medium- capitalization companies from developed and emerging markets countries (excluding the United States). 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 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. 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 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. 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.
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. 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.
61
DBX ETF Trust
Notes to Financial Statements (Continued)
S&P 500 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 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 the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the 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 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.
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 Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
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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 Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; 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 Xtrackers MSCI ACWI ex USA ESG Leaders Equity 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 and Xtrackers S&P 500 ESG 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.
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The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2020, the Funds did not incur any interest or penalties.
As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 43,268 | $ | (41,721 | ) | $ | 867,816 | $ | 869,363 | |||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 54,743 | (206,763 | ) | 696,283 | 544,263 | |||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 27,474 | (143,062 | ) | 1,200,071 | 1,084,483 | |||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 7,836,560 | (16,829,206 | ) | 447,499,989 | 438,507,343 | |||||||||||
Xtrackers S&P 500 ESG ETF | 744,326 | (532,195 | ) | 36,388,830 | 36,600,961 |
The tax character of dividends and distributions declared for the year ended August 31, 2020 and period ended August 31, 2019 were as follows:
Year Ended August 31, 2020 | ||||||||
Ordinary Income* | Long Term Capital Gain | |||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 218,581 | $ | — | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 223,206 | — | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 317,935 | 591 | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 29,554,714 | — | ||||||
Xtrackers S&P 500 ESG ETF | 1,693,157 | — |
Period Ended August 31, 2019 | ||||
Ordinary Income* | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 135,702 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 201,859 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 79,679 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 5,225,013 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2020, 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 MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 188 | $ | 41,533 | $ | 41,721 | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 74,886 | 131,877 | 206,763 | |||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 47,690 | 95,372 | 143,062 | |||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 5,844,483 | 10,984,723 | 16,829,206 | |||||||||
Xtrackers S&P 500 ESG ETF | 532,195 | — | 532,195 |
For the period ended August 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.
Distributable earnings (loss) | Paid-In Capital | |||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | $ | (28,136,009 | ) | $ | 28,136,009 | |||
Xtrackers S&P 500 ESG ETF | (2,080,249 | ) | 2,080,249 |
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As of August 31, 2020, 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 MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 7,469,204 | 868,644 | $ | 1,635,517 | $ | (766,873 | ) | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 11,002,201 | 694,430 | 1,580,624 | (886,194 | ) | |||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 7,374,787 | 1,204,629 | 2,158,719 | (954,090 | ) | |||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 2,214,595,050 | 447,499,989 | 527,611,813 | (80,111,824 | ) | |||||||||||
Xtrackers S&P 500 ESG ETF | 233,759,584 | 36,388,830 | 42,983,368 | (6,594,538 | ) |
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 August 31, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of August 31, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash
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collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of August 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 18,551 | $ | 11 | $ | 34 | $ | 23,401 | $ | 41,997 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 41,997 | |||||||||||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 55,300 | $ | — | $ | — | $ | 39,060 | $ | 94,360 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 94,360 | |||||||||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 18,150 | $ | 31 | $ | 95 | $ | 27,128 | $ | 45,404 | ||||||||||
Exchange- Trade Funds | 11,325 | — | — | — | 11,325 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 29,475 | $ | 31 | $ | 95 | $ | 27,128 | $ | 56,729 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 45,404 | |||||||||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 95,593 | $ | 139,054 | $ | 504,691 | $ | 19,868,410 | $ | 20,607,748 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 20,607,748 | |||||||||||||||||
Xtrackers S&P 500 ESG ETF |
| |||||||||||||||||||
Common Stocks | $ | 84,196 | $ | 5,161 | $ | 82,088 | $ | 3,646,493 | $ | 3,817,938 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 3,817,938 |
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 year ended August 31, 2020, Xtrackers MSCI ACWI ex USA ESG Leaders Equity 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 S&P 500 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
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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 August 31, 2020 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 August 31, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 5,655 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 88 | ||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 5,655 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 312,300 | Unrealized depreciation on futures contracts* | $ | 2,220 | ||||||||
Xtrackers S&p 500 ESG ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 50,260 | 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 year ended August 31, 2020 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 MSCI ACWI ex USA ESG Leaders Equity ETF | $ | (1,845 | ) | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 5,578 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 10,322 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | (1,192,367 | ) | ||
Xtrackers S&P 500 ESG ETF | (35,753 | ) | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 8,050 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | (22 | ) | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 6,820 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 294,392 | |||
Xtrackers S&P 500 ESG ETF | 50,260 |
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For the year ended August 31, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 50,313 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 32,174 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 47,078 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 3,934,747 | |||
Xtrackers S&P 500 ESG ETF | 319,346 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | 0.16 | % | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 0.14 | % | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 0.20 | % | ||
Xtrackers MSCI USA ESG Leaders Equity ETF | 0.10 | % | ||
Xtrackers S&P 500 ESG ETF | 0.11 | % |
Effective July 31, 2019, 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 0.09% 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 year ended August 31, 2020, the Advisor waived $180,646 of expenses to the Fund.
Effective July 28, 2020, the Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through July 28, 2021 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 year ended August 31, 2020, the Advisor waived $2,385 of expenses to the Fund.
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Notes to Financial Statements (Continued)
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 49 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 4 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 24 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 2,393 | |||
Xtrackers S&P 500 ESG ETF | 208 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended August 31, 2020, 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 MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 1,033,022 | $ | 1,052,752 | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 1,549,689 | 1,503,824 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 1,297,979 | 1,348,664 | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 158,253,786 | 156,204,931 | ||||||
Xtrackers S&P 500 ESG ETF | 14,577,476 | 14,541,919 |
For the year ended August 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | $ | 3,587,041 | $ | — | ||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 1,073,654,046 | 142,906,957 | ||||||
Xtrackers S&P 500 ESG ETF | 280,601,553 | 60,074,300 |
5. Fund Share Transactions
As of August 31, 2020, 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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DBX ETF Trust
Notes to Financial Statements (Continued)
6. 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 August 31, 2020, 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 MSCI ACWI ex USA ESG Leaders Equity ETF | 53 | % | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 21 | % | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 30 | % |
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI ACWI ex USA ESG Leaders Equity 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at August 31, 2020.
9. Other — COVID-19 Pandemic
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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Report of Independent Registered Public Accounting Firm
To the Shareholders of Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, and the Board of Trustees of DBX ETF Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI ACWI ex USA ESG Leaders Equity 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 S&P 500 ESG ETF (collectively referred to as the “Funds”), (five of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the funds constituting DBX ETF Trust) at August 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers MSCI ACWI
Xtrackers MSCI | For the year ended August 31, 2020 | For the year ended August 31, 2020 and the period from December 6, 2018 (commencement of operations) through August 31, 2019 | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | For the year ended August 31, 2020 | For the year ended August 31, 2020 and the period from September 6, 2018 (commencement of operations) through August 31, 2019 | ||||
Xtrackers MSCI USA ESG Leaders Equity ETF | For the year ended August 31, 2020 | For the year ended August 31, 2020 and the period from March 7, 2019 (commencement of operations) through August 31, 2019 | ||||
Xtrackers S&P 500 ESG ETF | For the year ended August 31, 2020 | For the year ended August 31, 2020 and the period from June 26, 2019 (commencement of operations) through August 31, 2019 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020, by correspondence
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
October 26, 2020
72
Board Members and Officers (Unaudited)
Identification and Background
The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.
The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.
Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.
Independent Board Members | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(1) | Business Experience and Directorships During the Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016) | Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006). | 33 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015 | Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 33 | — | |||
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015 | Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 33 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Officers(2) | ||
Name, Year of Birth, Position with the Trust and Length of Time Served(4) | Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016-present | Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present | Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012). | |
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present | Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018). | |
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present | Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(5) (1978) Vice President, 2016-present | Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |
John Millette(6) (1962) Secretary, 2020-present | Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(4) | Business Experience and Directorships During the Past 5 Years | |
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present | Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017). | |
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present | Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present). | |
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present | Director(3) in DWS. | |
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present | Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present). | |
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present | Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020 | Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020). |
(1) | The length of time served is represented by the year in which the Board Member joined the Board. |
(2) | As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds. |
(3) | Executive title, not a board directorship. |
(4) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(5) | Address: 875 Third Avenue, New York, New York 10022. |
(6) | Address: 100 Summer Street, Boston, MA 02110. |
(7) | Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286. |
The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.
75
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.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2020.
Qualified Dividend Income* | Dividends Received Deduction* | |||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | 85% | 0% | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 90% | 0% | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 73% | 0% | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 100% | 90% | ||||||
Xtrackers S&P 500 ESG ETF | 95% | 91% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Income | |||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $239,979 | $22,683 | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 270,461 | 23,793 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 294,243 | 20,702 |
76
Privacy Policy Notice (Unaudited)
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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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. ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss. 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. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. These Funds are 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.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
The S&P 500 ESG Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by DBX Advisors. S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DBX Advisors. The ESG Scores used in the Index are calculated by SAM. DBX Advisors Xtrackers ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates or SAM, and none of such parties make any representation regarding the advisability of investing in such ETFs, nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 ESG Index.
Copyright © 2020 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, 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 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-070013-2 (10/20) DBX004598 (10/21)
August 31, 2020
Annual Report
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (HYUP)
Xtrackers Low Beta High Yield Bond ETF (HYDW)
Xtrackers Short Duration High Yield Bond ETF (SHYL)
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our ETFs tracking the fixed income market for the period ended August 31, 2020.
The global economy shrank at a record pace during the reporting period owing to COVID-19-driven collapse of economic activity. The pandemic severely affected the U.S. economy, as it was one of the worst hit countries in terms of COVID-19 infections. Consumer and business spending took a hit as nationwide lockdowns brought business activity to a halt. Labor markets also saw considerable weakness as record numbers of Americans filed for unemployment benefits; however, the gradual reopening of the economy led to some recovery. Though economic activity picked up momentum in May, a resurgence of COVID-19 infections hurt sentiments. The Eurozone economy plunged into recession owing to stringent lockdown measures implemented in the region. However, its success in containing infections, along with government stimulus, helped support an initial recovery.
Amid the global growth slowdown and containment activities, monetary and fiscal authorities globally offered unprecedented rescue packages on the back of benign inflation numbers. In light of evolving risks from COVID-19, the Federal Reserve Board (FRB) took a dovish stance, maintaining a near-zero policy rate in March 2020. Furthermore, given the proximity of interest rates to zero percent, the FRB reaffirmed that it is prepared to use its full range of tools to achieve its maximum employment and price stability goals. To keep the economy afloat, the US Congress passed the largest stimulus package ever, called the Coronavirus Aid, Relief and Economic Security (CARES) Act, worth USD2.2 trillion. The unusual stimulus packages along with gradual reopening of the economy buoyed U.S. equity markets to reach their all-time highs.
The high-yield spreads over U.S. treasuries crossed the 1,000 basis points (1 basis point = 0.01%) mark during the initial panic over the pandemic. However, the FRB’s foray into high yield debt put a lid on the yields and supported the high-yield bond prices at a level that otherwise would be unimaginable in a recession. The improved borrowing conditions led to the issuance in the U.S. high-yield bond markets to reach record levels. To address the unprecedented situation, the European Central Bank announced a Pandemic Emergency Purchase Programme (PEPP) worth 7.3% of Euro area GDP1. PEPP targets to enhance credit to businesses and households, as well as to support production and employment.
Second wave of COVID-19 infections, worsening trade relations with China and failure to reach an agreement on the second U.S. stimulus package are some major risks ahead of the U.S. economy. However, willingness of policymakers to provide unprecedented fiscal and monetary support, coupled with gradual reopening of the economy, should support an initial recovery. Given the unprecedented resources devoted to COVID-19 vaccine research by both the public and private sectors, positive surprises certainly appear possible.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
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2
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (HYUP)
The Xtrackers High Beta High Yield Bond ETF (HYUP) 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 HYUP Index). The HYUP Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits higher overall beta1 to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2020 HYUP shares returned 2.46%, compared to the HYUP Index return of 1.98%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Consumer Non-Cyclical, Consumer Cyclical and Technology. Energy and Transportation were the only negative contributors to performance.
Xtrackers Low Beta High Yield Bond ETF (HYDW)
The Xtrackers Low Beta High Yield Bond ETF (HYDW) 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 HYDW Index). The HYDW 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 beta1 to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2020 HYDW shares returned 4.42%, compared to the HYDW Index return of 4.06%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Communications, Consumer Non-Cyclical and Consumer Cyclical. Transportation was the only sector that detracted slightly from performance.
Xtrackers Short Duration High Yield Bond ETF (SHYL)
The Xtrackers Short Duration High Yield Bond ETF (SHYL) 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 SHYL Index). The SHYL Index is designed to track the performance of high yield rated corporate bonds issued in USD with 0 to 5 years term to maturity. For the 12-month period ended August 31, 2020, SHYL shares returned 0.61%, compared to the SHYL Index return of 0.91%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Technology. Energy, Transportation and Communications were the only negative contributors to performance.
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
The Xtrackers USD High Yield Corporate Bond ETF (HYLB) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the HYLB Index). The HYLB Index is designed to track the performance of a basket of U.S. dollar denominated high yield liquid corporate bonds. For the 12-month period ended August 31, 2020, HYLB shares returned 2.91%, compared to the HYLB Index return of 3.29%.
The majority of sectors contributed positively to performance with the greatest contribution coming from Consumer Non-Cyclical, Consumer Cyclical and Communications. Energy and Transportation were the only negative contributors to performance.
1 Beta is a measure of a security’s price sensitivity (i.e., volatility) it reflects the rate of change in a security’s price that results from overall market movements.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-12 of this report for additional performance information, including performance data based on market value.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
4
DBX ETF Trust
Performance 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 U.S. 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.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market High Beta Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 2.46% | 2.34% | 1.98% | 3.29% | ||||
Since Inception1 | 3.92% | 3.80% | 3.78% | 4.47% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market High Beta Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 2.46% | 2.34% | 1.98% | 3.29% | ||||
Since Inception1 | 10.67% | 10.36% | 10.28% | 12.23% |
1 Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
5
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers High Beta High Yield Bond ETF (HYUP) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, January 11, 2018.
Sector Diversification* as of August 31, 2020 |
Consumer, Cyclical | 24.1% | |||
Communications | 19.5% | |||
Consumer, Non-cyclical | 18.6% | |||
Energy | 10.7% | |||
Financial | 8.1% | |||
Industrial | 8.1% | |||
Basic Materials | 5.5% | |||
Technology | 3.4% | |||
Utilities | 2.0% | |||
|
| |||
Total | 100.0% |
Modified duration as of August 31, 2020: 4.5 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of August 31, 2020 |
Description | % of Market Value | |||
BBB | 2.4% | |||
BB | 41.4% | |||
B | 41.4% | |||
CCC | 14.8% | |||
|
| |||
100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2020 |
United States | 87.4% | |||
Canada | 3.4% | |||
Netherlands | 3.3% | |||
France | 2.4% | |||
Other | 3.5% | |||
|
| |||
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 14.
6
DBX ETF Trust
Performance 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.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market Low Beta Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 4.42% | 4.52% | 4.06% | 3.29% | ||||
Since Inception1 | 4.87% | 4.88% | 4.82% | 4.47% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market Low Beta Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 4.42% | 4.52% | 4.06% | 3.29% | ||||
Since Inception1 | 13.37% | 13.40% | 13.24% | 12.23% |
1 Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
7
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Low Beta High Yield Bond ETF (HYDW) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, January 11, 2018.
Sector Diversification* as of August 31, 2020 |
Consumer, Non-cyclical | 20.4% | |||
Communications | 19.0% | |||
Consumer, Cyclical | 17.3% | |||
Energy | 13.4% | |||
Financial | 10.1% | |||
Industrial | 8.9% | |||
Technology | 4.4% | |||
Basic Materials | 3.9% | |||
Utilities | 2.6% | |||
|
| |||
100% |
Modified duration as of August 31, 2020: 4.7 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of August 31, 2020 |
Description | % of Market Value | |||
BBB | 15.1% | |||
BB | 75.4% | |||
B | 9.4% | |||
NR | 0.1% | |||
|
| |||
100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2020 |
United States | 90.2% | |||
Canada | 3.1% | |||
Other | 6.7% | |||
|
| |||
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 20.
8
DBX ETF Trust
Performance 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 U.S. dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market 0-5 Year Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 0.61% | 0.64% | 0.91% | 3.29% | ||||
Since Inception1 | 2.94% | 2.88% | 3.07% | 4.34% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market 0-5 Year Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 0.61% | 0.64% | 0.91% | 3.29% | ||||
Since Inception1 | 7.96% | 7.79% | 8.32% | 11.90% |
1 Total returns are calculated based on the commencement of operations, January 10, 2018 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Short Duration High Yield Bond ETF (SHYL) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, January 10, 2018.
Sector Diversification* as of August 31, 2020 |
Consumer, Cyclical | 25.4% | |||
Communications | 15.8% | |||
Consumer, Non-cyclical | 15.2% | |||
Energy | 13.1% | |||
Financial | 11.2% | |||
Industrial | 9.3% | |||
Basic Materials | 5.3% | |||
Technology | 3.6% | |||
Utilities | 1.0% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of August 31, 2020: 2.8 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of August 31, 2020 |
Description | % of Market Value | |||
BBB | 9.5% | |||
BB | 60.0% | |||
B | 22.5% | |||
CCC | 7.9% | |||
C | 0.1% | |||
|
| |||
100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2020 |
United States | 89.0% | |||
Canada | 4.2% | |||
Netherlands | 2.7% | |||
Other | 4.1% | |||
|
| |||
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 31.
10
DBX ETF Trust
Performance 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.
Performance as of August 31, 2020 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market Index | iBoxx USD Liquid High Yield Index | |||||
One Year | 2.91% | 2.93% | 3.29% | 3.20% | ||||
Since Inception1 | 5.07% | 5.03% | 5.36% | 5.30% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market Index | iBoxx USD Liquid High Yield Index | |||||
One Year | 2.91% | 2.93% | 3.29% | 3.20% | ||||
Since Inception1 | 20.29% | 20.14% | 21.54% | 21.26% |
1 Total returns are calculated based on the commencement of operations, December 7, 2016 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 20, 2019, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers USD High Yield Corporate Bond ETF (HYLB) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, December 7, 2016.
Sector Diversification* as of August 31, 2020 |
Consumer, Cyclical | 20.4% | |||
Communications | 19.6% | |||
Consumer, Non-cyclical | 19.5% | |||
Energy | 12.0% | |||
Financial | 8.7% | |||
Industrial | 8.6% | |||
Basic Materials | 4.6% | |||
Technology | 4.1% | |||
Utilities | 2.5% | |||
Diversified | 0.0% | |||
|
| |||
Total | 100.0% |
Modified duration as of August 31, 2020: 4.6 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of August 31, 2020 |
Description | % of Market Value | |||
BBB | 8.9% | |||
BB | 59.3% | |||
B | 24.9% | |||
CCC | 6.7% | |||
CC | 0.1% | |||
C | 0.0% | |||
NR | 0.1% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2020 |
United States | 87.4% | |||
Canada | 3.3% | |||
Netherlands | 2.4% | |||
Other | 6.9% | |||
|
| |||
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 40.
12
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. 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 (March 1, 2020 to August 31, 2020).
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 March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers High Beta High Yield Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,017.80 | 0.20 | % | $1.01 | |||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.13 | 0.20 | % | $1.02 | |||||||||
Xtrackers Low Beta High Yield Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,037.00 | 0.20 | % | $1.02 | |||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.13 | 0.20 | % | $1.02 | |||||||||
Xtrackers Short Duration High Yield Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,003.30 | 0.20 | % | $1.01 | |||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.13 | 0.20 | % | $1.02 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,022.50 | 0.15 | % | $0.76 | |||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.38 | 0.15 | % | $0.76 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.
13
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF
August 31, 2020
Principal | Value | |||||||
CORPORATE BONDS — 95.7% | ||||||||
Basic Materials — 5.3% | ||||||||
Chemicals — 2.9% | ||||||||
Chemours Co. | $ | 25,000 | $ | 25,525 | ||||
Consolidated Energy Finance SA, 144A | 25,000 | 23,203 | ||||||
Methanex Corp. | 25,000 | 25,224 | ||||||
NOVA Chemicals Corp., 144A | 50,000 | 49,750 | ||||||
OCI NV, 144A | 25,000 | 26,063 | ||||||
Olin Corp. | 25,000 | 25,031 | ||||||
Tronox, Inc., 144A | 25,000 | 25,789 | ||||||
|
| |||||||
(Cost $200,705) | 200,585 | |||||||
|
| |||||||
Iron/Steel — 0.9% | ||||||||
Cleveland-Cliffs, Inc., 144A | 25,000 | 27,608 | ||||||
United States Steel Corp. | 25,000 | 26,538 | ||||||
6.875%, 8/15/25 (a) | 15,000 | 11,025 | ||||||
|
| |||||||
(Cost $65,921) | 65,171 | |||||||
|
| |||||||
Mining — 1.5% | ||||||||
Alcoa Nederland Holding BV, 144A | 25,000 | 26,951 | ||||||
Constellium SE, 144A | 25,000 | 25,591 | ||||||
Hudbay Minerals, Inc., 144A | 25,000 | 25,986 | ||||||
Novelis Corp., 144A | 25,000 | 25,387 | ||||||
|
| |||||||
(Cost $101,356) | 103,915 | |||||||
|
| |||||||
Communications — 18.7% | ||||||||
Advertising — 0.8% | ||||||||
Lamar Media Corp., 144A | 19,000 | 19,036 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A | 25,000 | 24,597 | ||||||
Terrier Media Buyer, Inc., 144A | 15,000 | 15,558 | ||||||
|
| |||||||
(Cost $60,742) | 59,191 | |||||||
|
| |||||||
Internet — 0.8% | ||||||||
Uber Technologies, Inc., 144A | 50,000 | 52,480 | ||||||
|
| |||||||
Media — 9.9% | ||||||||
AMC Networks, Inc. | 25,000 | 25,913 | ||||||
Clear Channel Worldwide Holdings, Inc. | 50,000 | 49,130 |
Principal | Value | |||||||
Media (Continued) | ||||||||
CSC Holdings LLC | $ | 25,000 | $ | 28,172 | ||||
5.75%, 1/15/30, 144A | 50,000 | 54,563 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A | 50,000 | 39,121 | ||||||
DISH DBS Corp. | 100,000 | 105,844 | ||||||
7.75%, 7/1/26 | 25,000 | 28,657 | ||||||
Gray Television, Inc., 144A | 25,000 | 25,987 | ||||||
iHeartCommunications, Inc. | 50,000 | 50,716 | ||||||
LCPR Senior Secured Financing DAC, 144A | 25,000 | 26,844 | ||||||
Meredith Corp. | 25,000 | 21,770 | ||||||
Nexstar Broadcasting, Inc., 144A | 25,000 | 26,414 | ||||||
Sinclair Television Group, Inc., 144A | 25,000 | 24,472 | ||||||
Sirius XM Radio, Inc., 144A | 25,000 | 27,512 | ||||||
TEGNA, Inc., 144A | 25,000 | 25,312 | ||||||
Univision Communications, Inc., 144A | 50,000 | 50,437 | ||||||
Virgin Media Secured Finance PLC, 144A | 50,000 | 52,550 | ||||||
Ziggo BV, 144A | 25,000 | 26,321 | ||||||
|
| |||||||
(Cost $681,034) | 689,735 | |||||||
|
| |||||||
Telecommunications — 7.2% | ||||||||
Altice France Holding SA, 144A | 25,000 | 25,046 | ||||||
Altice France SA, 144A | 125,000 | 132,838 | ||||||
C&W Senior Financing DAC, 144A | 25,000 | 26,242 | ||||||
CenturyLink, Inc., 144A | 50,000 | 51,924 | ||||||
CommScope Technologies LLC | 22,000 | 22,584 | ||||||
5.00%, 3/15/27, 144A | 20,000 | 19,902 | ||||||
CommScope, Inc., 144A | 50,000 | 53,191 | ||||||
Connect Finco SARL / Connect US Finco LLC, 144A | 25,000 | 25,836 | ||||||
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 144A | 15,000 | 15,638 | ||||||
GTT Communications, Inc., 144A | 15,000 | 5,698 | ||||||
Hughes Satellite Systems Corp. | 25,000 | 28,402 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Intrado Corp., 144A | $ | 15,000 | $ | 13,327 | ||||
ViaSat, Inc., 144A | 25,000 | 25,125 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A | 15,000 | 15,056 | ||||||
Zayo Group Holdings, Inc. | 27,000 | 26,731 | ||||||
6.125%, 3/1/28, 144A | 15,000 | 15,516 | ||||||
|
| |||||||
(Cost $496,099) | 503,056 | |||||||
|
| |||||||
Consumer, Cyclical — 23.0% | ||||||||
Airlines — 1.4% | ||||||||
American Airlines, Inc., 144A | 50,000 | 48,100 | ||||||
Delta Air Lines, Inc. | 50,000 | 52,101 | ||||||
|
| |||||||
(Cost $92,289) | 100,201 | |||||||
|
| |||||||
Auto Manufacturers — 2.9% | ||||||||
Ford Motor Co. | 25,000 | 27,675 | ||||||
4.346%, 12/8/26 | 150,000 | 150,591 | ||||||
Navistar International Corp., 144A | 25,000 | 25,583 | ||||||
|
| |||||||
(Cost $171,975) | 203,849 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.8% | ||||||||
Adient Global Holdings Ltd., 144A | 25,000 | 23,485 | ||||||
American Axle & Manufacturing, Inc. | 25,000 | 25,734 | ||||||
Clarios Global LP / Clarios US Finance Co., 144A | 25,000 | 26,586 | ||||||
Goodyear Tire & Rubber Co. | 50,000 | 50,219 | ||||||
|
| |||||||
(Cost $124,872) | 126,024 | |||||||
|
| |||||||
Distribution/Wholesale — 0.7% | ||||||||
KAR Auction Services, Inc., 144A | 25,000 | 25,219 | ||||||
Wolverine Escrow LLC, 144A | 25,000 | 19,312 | ||||||
|
| |||||||
(Cost $48,827) | 44,531 | |||||||
|
| |||||||
Entertainment — 3.8% | ||||||||
Caesars Entertainment, Inc. | 50,000 | 53,062 | ||||||
8.125%, 7/1/27, 144A | 50,000 | 53,065 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 144A | 25,000 | 25,844 | ||||||
Lions Gate Capital Holdings LLC, 144A | 15,000 | 15,167 |
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
Live Nation Entertainment, Inc. | $ | 18,000 | $ | 19,643 | ||||
4.75%, 10/15/27, 144A | 25,000 | 23,649 | ||||||
Scientific Games International, Inc., 144A | 50,000 | 51,335 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A | 25,000 | 24,406 | ||||||
|
| |||||||
(Cost $262,812) | 266,171 | |||||||
|
| |||||||
Food Service — 0.6% | ||||||||
Aramark Services, Inc. | 27,000 | 28,316 | ||||||
5.00%, 2/1/28, 144A | 15,000 | 14,950 | ||||||
|
| |||||||
(Cost $43,267) | 43,266 | |||||||
|
| |||||||
Home Builders — 0.4% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 144A | 25,000 | 25,370 | ||||||
|
| |||||||
Leisure Time — 3.2% | ||||||||
Carnival Corp. | 75,000 | 83,828 | ||||||
9.875%, 8/1/27, 144A | 15,000 | 15,159 | ||||||
NCL Corp. Ltd., 144A | 25,000 | 25,219 | ||||||
Royal Caribbean Cruises Ltd. | 50,000 | 52,687 | ||||||
11.50%, 6/1/25, 144A | 25,000 | 28,999 | ||||||
Viking Cruises Ltd., 144A | 25,000 | 17,797 | ||||||
|
| |||||||
(Cost $225,290) | 223,689 | |||||||
|
| |||||||
Lodging — 3.7% | ||||||||
Boyd Gaming Corp. | 50,000 | 52,309 | ||||||
Diamond Resorts International, Inc., 144A | 25,000 | 24,578 | ||||||
Melco Resorts Finance Ltd., 144A | 28,000 | 28,840 | ||||||
MGM Resorts International | 50,000 | 52,844 | ||||||
Station Casinos LLC, 144A | 25,000 | 23,828 | ||||||
Wyndham Destinations, Inc., 144A | 25,000 | 26,531 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 50,000 | 48,794 | ||||||
|
| |||||||
(Cost $248,775) | 257,724 | |||||||
|
| |||||||
Retail — 4.5% | ||||||||
Beacon Roofing Supply, Inc., 144A | 25,000 | 24,830 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 144A | 25,000 | 27,297 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Retail (Continued) | ||||||||
Gap, Inc., 144A | $ | 25,000 | $ | 28,219 | ||||
Golden Nugget, Inc., 144A | 25,000 | 21,312 | ||||||
L Brands, Inc. | 25,000 | 25,743 | ||||||
7.50%, 6/15/29 (a) | 25,000 | 26,667 | ||||||
Macy’s Retail Holdings LLC | 50,000 | 41,532 | ||||||
PetSmart, Inc., 144A | 50,000 | 50,435 | ||||||
Rite Aid Corp., 144A | 25,000 | 25,437 | ||||||
Staples, Inc., 144A | 50,000 | 44,334 | ||||||
|
| |||||||
(Cost $306,879) | 315,806 | |||||||
|
| |||||||
Consumer, Non-cyclical — 17.8% | ||||||||
Agriculture — 0.4% | ||||||||
Vector Group Ltd., 144A | 25,000 | 25,435 | ||||||
|
| |||||||
Commercial Services — 2.6% | ||||||||
APX Group, Inc., 144A | 25,000 | 26,293 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A | 25,000 | 29,090 | ||||||
MPH Acquisition Holdings LLC, 144A | 25,000 | 25,414 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 25,000 | 26,285 | ||||||
Sabre GLBL, Inc., 144A | 25,000 | 27,859 | ||||||
Team Health Holdings, Inc., 144A | 25,000 | 17,125 | ||||||
Verscend Escrow Corp., 144A | 25,000 | 27,193 | ||||||
|
| |||||||
(Cost $180,013) | 179,259 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.5% | ||||||||
Coty, Inc., 144A | 15,000 | 12,460 | ||||||
Edgewell Personal Care Co., 144A | 25,000 | 26,722 | ||||||
|
| |||||||
(Cost $40,680) | 39,182 | |||||||
|
| |||||||
Food — 3.3% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144A | 25,000 | 26,900 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc., 144A | 50,000 | 55,490 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144A | 50,000 | 55,621 |
Principal | Value | |||||||
Food (Continued) | ||||||||
Post Holdings, Inc. | $ | 14,000 | $ | 14,827 | ||||
4.625%, 4/15/30, 144A | 50,000 | 52,250 | ||||||
US Foods, Inc., 144A | 25,000 | 26,471 | ||||||
|
| |||||||
(Cost $217,300) | 231,559 | |||||||
|
| |||||||
Healthcare-Products — 0.4% | ||||||||
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A | 25,000 | 25,922 | ||||||
|
| |||||||
Healthcare-Services — 4.8% | ||||||||
Acadia Healthcare Co., Inc., 144A | 25,000 | 26,000 | ||||||
CHS/Community Health Systems, Inc. | 50,000 | 34,906 | ||||||
8.00%, 3/15/26, 144A | 100,000 | 103,850 | ||||||
MEDNAX, Inc., 144A | 25,000 | 26,532 | ||||||
Radiology Partners, Inc., 144A | 15,000 | 16,012 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A | 25,000 | 27,079 | ||||||
Select Medical Corp., 144A | 25,000 | 26,895 | ||||||
Tenet Healthcare Corp. | 25,000 | 25,531 | ||||||
6.25%, 2/1/27, 144A | 50,000 | 52,570 | ||||||
|
| |||||||
(Cost $335,240) | 339,375 | |||||||
|
| |||||||
Pharmaceuticals — 5.8% | ||||||||
Bausch Health Americas, Inc., 144A | 100,000 | 110,142 | ||||||
Bausch Health Cos., Inc. | 25,000 | 25,744 | ||||||
5.25%, 1/30/30, 144A | 75,000 | 74,633 | ||||||
Par Pharmaceutical, Inc., 144A | 50,000 | 53,440 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 50,000 | 48,092 | ||||||
3.15%, 10/1/26 | 100,000 | 91,813 | ||||||
|
| |||||||
(Cost $397,511) | 403,864 | |||||||
|
| |||||||
Energy — 10.2% | ||||||||
Coal — 0.2% | ||||||||
Peabody Energy Corp., 144A | 25,000 | 11,703 | ||||||
|
| |||||||
Oil & Gas — 7.2% | ||||||||
Antero Resources Corp. | 40,000 | 31,962 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A | 25,000 | 23,453 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Callon Petroleum Co. | $ | 25,000 | $ | 8,242 | ||||
Citgo Holding, Inc., 144A | 15,000 | 14,850 | ||||||
CITGO Petroleum Corp., 144A | 23,000 | 23,158 | ||||||
Comstock Resources, Inc., 144A | 25,000 | 25,063 | ||||||
Gulfport Energy Corp. | 25,000 | 14,953 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 144A | 25,000 | 23,591 | ||||||
Laredo Petroleum, Inc. | 25,000 | 17,914 | ||||||
MEG Energy Corp., 144A | 25,000 | 23,982 | ||||||
Moss Creek Resources Holdings, Inc., 144A | 25,000 | 17,214 | ||||||
Murphy Oil Corp. | 25,000 | 24,034 | ||||||
Nabors Industries Ltd., 144A | 25,000 | 11,500 | ||||||
Occidental Petroleum Corp. | 50,000 | 55,219 | ||||||
6.625%, 9/1/30 | 30,000 | 31,118 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 144A | 50,000 | 42,256 | ||||||
QEP Resources, Inc. | 25,000 | 20,563 | ||||||
Range Resources Corp. | 50,000 | 50,406 | ||||||
SM Energy Co. | 25,000 | 12,339 | ||||||
Southwestern Energy Co. | 25,000 | 25,015 | ||||||
Transocean, Inc., 144A | 25,000 | 8,000 | ||||||
|
| |||||||
(Cost $566,274) | 504,832 | |||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
SESI LLC, 144A | 20,000 | 7,850 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 19,000 | 19,697 | ||||||
Weatherford International Ltd., 144A | 25,000 | 17,063 | ||||||
|
| |||||||
(Cost $66,267) | 44,610 | |||||||
|
| |||||||
Pipelines — 2.2% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 25,000 | 23,125 | ||||||
5.75%, 3/1/27, 144A | 25,000 | 22,392 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 25,000 | 24,685 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
EnLink Midstream Partners LP | $ | 30,000 | $ | 26,778 | ||||
Genesis Energy LP / Genesis Energy Finance Corp. | 25,000 | 21,695 | ||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | 15,000 | 10,010 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A | 25,000 | 24,578 | ||||||
|
| |||||||
(Cost $140,760) | 153,263 | |||||||
|
| |||||||
Financial — 7.8% | ||||||||
Banks — 0.4% | ||||||||
Freedom Mortgage Corp., 144A | 25,000 | 25,763 | ||||||
|
| |||||||
Diversified Financial Services — 1.8% | ||||||||
Nationstar Mortgage Holdings, Inc., 144A | 25,000 | 27,235 | ||||||
Navient Corp. | 75,000 | 79,453 | ||||||
NFP Corp., 144A | 20,000 | 20,937 | ||||||
|
| |||||||
(Cost $119,658) | 127,625 | |||||||
|
| |||||||
Insurance — 1.0% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 144A | 25,000 | 25,422 | ||||||
HUB International Ltd., 144A | 29,000 | 30,117 | ||||||
Radian Group, Inc. | 14,000 | 15,076 | ||||||
|
| |||||||
(Cost $67,909) | 70,615 | |||||||
|
| |||||||
Real Estate — 0.9% | ||||||||
Howard Hughes Corp., 144A | 10,000 | 10,181 | ||||||
Kennedy-Wilson, Inc. | 25,000 | 25,336 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A | 25,000 | 26,060 | ||||||
|
| |||||||
(Cost $61,087) | 61,577 | |||||||
|
| |||||||
Real Estate Investment Trusts — 3.7% | ||||||||
Diversified Healthcare Trust | 15,000 | 14,009 | ||||||
ESH Hospitality, Inc., 144A | 18,000 | 18,022 | ||||||
iStar, Inc. | 25,000 | 24,982 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A | 25,000 | 24,828 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
RHP Hotel Properties LP / RHP Finance Corp. | $ | 16,000 | $ | 14,587 | ||||
Service Properties Trust | 75,000 | 81,662 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A | 50,000 | 52,923 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 25,000 | 24,688 | ||||||
|
| |||||||
(Cost $247,479) | 255,701 | |||||||
|
| |||||||
Industrial — 7.7% | ||||||||
Aerospace/Defense — 4.3% | ||||||||
Bombardier, Inc. | 50,000 | 40,550 | ||||||
7.875%, 4/15/27, 144A | 50,000 | 36,311 | ||||||
Spirit AeroSystems, Inc., 144A | 25,000 | 25,281 | ||||||
TransDigm, Inc. | 75,000 | 79,272 | ||||||
6.375%, 6/15/26 | 75,000 | 76,111 | ||||||
5.50%, 11/15/27 | 25,000 | 24,453 | ||||||
Triumph Group, Inc., 144A | 25,000 | 20,425 | ||||||
|
| |||||||
(Cost $327,498) | 302,403 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.8% | ||||||||
WESCO Distribution, Inc., 144A | 50,000 | 55,845 | ||||||
|
| |||||||
Engineering & Construction — 0.5% | ||||||||
Brand Industrial Services, Inc., 144A | 25,000 | 24,328 | ||||||
Fluor Corp. | 15,000 | 12,025 | ||||||
|
| |||||||
(Cost $38,896) | 36,353 | |||||||
|
| |||||||
Environmental Control — 0.2% | ||||||||
Covanta Holding Corp. | 10,000 | 10,265 | ||||||
|
| |||||||
Packaging & Containers — 1.7% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A | 25,000 | 26,034 | ||||||
Flex Acquisition Co., Inc., 144A | 25,000 | 25,560 | ||||||
LABL Escrow Issuer LLC, 144A | 25,000 | 27,495 | ||||||
Mauser Packaging Solutions Holding Co., 144A | 25,000 | 24,337 | ||||||
Owens-Brockway Glass Container, Inc., 144A | 15,000 | 15,995 | ||||||
|
| |||||||
(Cost $117,077) | 119,421 | |||||||
|
|
Principal | Value | |||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress Transportation and Infrastructure Investors LLC, 144A | $ | 15,000 | $ | 16,050 | ||||
|
| |||||||
Technology — 3.2% | ||||||||
Computers — 1.4% | ||||||||
Banff Merger Sub, Inc., 144A | 25,000 | 26,668 | ||||||
Diebold Nixdorf, Inc., 144A | 15,000 | 16,200 | ||||||
Exela Intermediate LLC / Exela Finance, Inc., 144A | 15,000 | 4,425 | ||||||
NCR Corp., 144A | 25,000 | 26,855 | ||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A | 25,000 | 25,515 | ||||||
|
| |||||||
(Cost $108,562) | 99,663 | |||||||
|
| |||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox Holdings Corp., 144A | 20,000 | 20,500 | ||||||
|
| |||||||
Semiconductors — 0.3% | ||||||||
ON Semiconductor Corp., 144A | 20,000 | 20,944 | ||||||
|
| |||||||
Software — 1.2% | ||||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A | 25,000 | 25,406 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 25,000 | 26,250 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd. | 15,000 | 15,036 | ||||||
7.50%, 9/1/25, 144A | 15,000 | 15,614 | ||||||
|
| |||||||
(Cost $81,278) | 82,306 | |||||||
|
| |||||||
Utilities — 2.0% | ||||||||
Electric — 1.6% | ||||||||
Calpine Corp. | 50,000 | 51,916 | ||||||
5.00%, 2/1/31, 144A | 10,000 | 10,471 | ||||||
PG&E Corp. | 25,000 | 24,919 | ||||||
Talen Energy Supply LLC, 144A | 25,000 | 20,135 | ||||||
|
| |||||||
(Cost $110,821) | 107,441 | |||||||
|
| |||||||
Gas — 0.4% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 25,000 | 28,388 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 6,680,628 | |||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2020
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 2.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 168,578 | $ | 168,578 | |||||
|
| |||||||
CASH EQUIVALENTS — 7.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 503,524 | 503,524 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 105.3% (Cost $7,348,324) | $ | 7,352,730 | ||||||
Other assets and liabilities, net — (5.3%) | (370,872 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,981,858 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
9,810,481 | — | (9,641,903 | )(d) | — | — | 88,198 | — | 168,578 | 168,578 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 7.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
2,360,073 | 23,261,916 | (25,118,465 | ) | — | — | 9,579 | — | 503,524 | 503,524 | |||||||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
12,170,554 | 23,261,916 | (34,760,368 | ) | — | — | 97,777 | — | 672,102 | 672,102 | |||||||||||||||||||||||||||
|
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|
|
(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 August 31, 2020 amounted to $264,689, which is 3.8% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $104,830. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
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 August 31, 2020 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 (e) | $ | — | $ | 6,680,628 | $ | — | $ | 6,680,628 | ||||||||
Short-Term Investments (e) | 672,102 | — | — | 672,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 672,102 | $ | 6,680,628 | $ | — | $ | 7,352,730 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF
August 31, 2020
Principal | Value | |||||||
CORPORATE BONDS — 98.8% | ||||||||
Basic Materials — 3.8% | ||||||||
Chemicals — 1.2% | ||||||||
Ashland LLC | $ | 26,000 | $ | 27,316 | ||||
Avient Corp. | 39,000 | 42,400 | ||||||
5.75%, 5/15/25, 144A | 42,000 | 44,678 | ||||||
Axalta Coating Systems LLC, 144A | 32,000 | 32,863 | ||||||
Blue Cube Spinco LLC | 46,000 | 47,620 | ||||||
CF Industries, Inc. | 48,000 | 50,056 | ||||||
Element Solutions, Inc., 144A | 50,000 | 51,160 | ||||||
SPCM SA, 144A | 32,000 | 33,340 | ||||||
Valvoline, Inc. | 45,000 | 46,861 | ||||||
4.25%, 2/15/30, 144A | 39,000 | 41,447 | ||||||
WR Grace & Co.-Conn, 144A | 48,000 | 50,398 | ||||||
|
| |||||||
(Cost $459,074) | 468,139 | |||||||
|
| |||||||
Iron/Steel — 0.5% | ||||||||
ArcelorMittal SA | 39,000 | 40,984 | ||||||
6.125%, 6/1/25 | 32,000 | 36,985 | ||||||
4.55%, 3/11/26 | 49,000 | 53,732 | ||||||
4.25%, 7/16/29 | 33,000 | 35,376 | ||||||
|
| |||||||
(Cost $158,056) | 167,077 | |||||||
|
| |||||||
Mining — 2.1% | ||||||||
Alcoa Nederland Holding BV, 144A | 55,000 | 56,994 | ||||||
Arconic Corp., 144A | 45,000 | 47,784 | ||||||
Constellium SE, 144A | 45,000 | 46,458 | ||||||
FMG Resources August 2006 Pty Ltd. | 32,000 | 33,748 | ||||||
5.125%, 5/15/24, 144A | 48,000 | 51,965 | ||||||
4.50%, 9/15/27, 144A | 47,000 | 50,839 | ||||||
Freeport-McMoRan, Inc. | 35,000 | 35,942 | ||||||
3.875%, 3/15/23 | 65,000 | 67,430 | ||||||
4.55%, 11/14/24 | 47,000 | 50,802 | ||||||
5.00%, 9/1/27 | 39,000 | 41,307 | ||||||
4.125%, 3/1/28 | 45,000 | 47,130 | ||||||
4.375%, 8/1/28 | 32,000 | 33,740 | ||||||
5.25%, 9/1/29 (a) | 39,000 | 42,771 | ||||||
4.25%, 3/1/30 | 39,000 | 41,011 | ||||||
4.625%, 8/1/30 (a) | 55,000 | 58,878 | ||||||
Novelis Corp., 144A | 97,000 | 101,467 | ||||||
|
| |||||||
(Cost $792,350) | 808,266 | |||||||
|
|
Principal | Value | |||||||
Communications — 18.8% | ||||||||
Advertising — 0.1% | ||||||||
Lamar Media Corp. | $ | 42,000 | $ | 43,872 | ||||
|
| |||||||
Internet — 2.8% | ||||||||
Match Group Holdings II LLC | 22,000 | 23,536 | ||||||
4.625%, 6/1/28, 144A | 18,000 | 18,997 | ||||||
4.125%, 8/1/30, 144A | 45,000 | 47,215 | ||||||
Netflix, Inc. | 45,000 | 47,475 | ||||||
5.75%, 3/1/24 | 26,000 | 29,398 | ||||||
5.875%, 2/15/25 | 52,000 | 60,195 | ||||||
3.625%, 6/15/25, 144A | 32,000 | 33,837 | ||||||
4.375%, 11/15/26 | 65,000 | 72,470 | ||||||
4.875%, 4/15/28 | 104,000 | 120,550 | ||||||
5.875%, 11/15/28 | 123,000 | 150,895 | ||||||
6.375%, 5/15/29 | 52,000 | 65,715 | ||||||
5.375%, 11/15/29, 144A | 49,000 | 58,984 | ||||||
4.875%, 6/15/30, 144A | 65,000 | 75,205 | ||||||
NortonLifeLock, Inc. | 26,000 | 26,910 | ||||||
5.00%, 4/15/25, 144A | 71,000 | 72,864 | ||||||
Twitter, Inc., 144A | 46,000 | 48,654 | ||||||
VeriSign, Inc. | 39,000 | 39,532 | ||||||
5.25%, 4/1/25 | 32,000 | 35,923 | ||||||
4.75%, 7/15/27 | 36,000 | 38,420 | ||||||
|
| |||||||
(Cost $1,021,633) | 1,066,775 | |||||||
|
| |||||||
Media — 8.5% | ||||||||
Altice Financing SA, 144A | 185,000 | 197,661 | ||||||
AMC Networks, Inc. | 26,000 | 26,123 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 36,000 | 36,607 | ||||||
5.75%, 2/15/26, 144A | 164,000 | 172,087 | ||||||
5.50%, 5/1/26, 144A | 99,000 | 103,594 | ||||||
5.125%, 5/1/27, 144A | 210,000 | 223,935 | ||||||
5.875%, 5/1/27, 144A | 53,000 | 55,769 | ||||||
5.00%, 2/1/28, 144A | 162,000 | 171,477 | ||||||
5.375%, 6/1/29, 144A | 97,000 | 106,568 | ||||||
4.75%, 3/1/30, 144A | 197,000 | 211,893 | ||||||
4.50%, 8/15/30, 144A | 177,000 | 188,063 | ||||||
4.25%, 2/1/31, 144A | 178,000 | 186,429 | ||||||
4.50%, 5/1/32, 144A | 90,000 | 95,503 | ||||||
CSC Holdings LLC | 64,000 | 67,380 | ||||||
5.875%, 9/15/22 | 42,000 | 44,613 | ||||||
5.25%, 6/1/24 | 48,000 | 52,075 | ||||||
5.50%, 5/15/26, 144A | 97,000 | 101,870 | ||||||
5.50%, 4/15/27, 144A | 84,000 | 89,667 | ||||||
5.375%, 2/1/28, 144A | 64,000 | 68,440 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Media (Continued) | ||||||||
4.125%, 12/1/30, 144A | $ | 71,000 | $ | 73,769 | ||||
3.375%, 2/15/31, 144A | 60,000 | 59,335 | ||||||
DISH DBS Corp. | 130,000 | 136,630 | ||||||
Gray Television, Inc., 144A | 35,000 | 35,871 | ||||||
Quebecor Media, Inc. | 55,000 | 59,131 | ||||||
Sirius XM Radio, Inc. | 64,000 | 64,640 | ||||||
4.625%, 7/15/24, 144A | 97,000 | 100,759 | ||||||
5.375%, 7/15/26, 144A | 64,000 | 67,156 | ||||||
5.00%, 8/1/27, 144A | 97,000 | 103,028 | ||||||
4.125%, 7/1/30, 144A | 97,000 | 102,223 | ||||||
Videotron Ltd. | 51,000 | 53,720 | ||||||
5.375%, 6/15/24, 144A | 39,000 | 42,577 | ||||||
5.125%, 4/15/27, 144A | 39,000 | 41,356 | ||||||
Virgin Media Secured Finance PLC, 144A | 50,000 | 52,813 | ||||||
|
| |||||||
(Cost $3,143,374) | 3,192,762 | |||||||
|
| |||||||
Telecommunications — 7.4% | ||||||||
CenturyLink, Inc. | 91,000 | 95,261 | ||||||
Series W, 6.75%, 12/1/23 | 35,000 | 38,850 | ||||||
4.00%, 2/15/27, 144A | 81,000 | 82,366 | ||||||
Level 3 Financing, Inc. | 58,000 | 58,864 | ||||||
5.25%, 3/15/26 | 50,000 | 52,193 | ||||||
4.625%, 9/15/27, 144A | 65,000 | 68,204 | ||||||
4.25%, 7/1/28, 144A | 79,000 | 81,390 | ||||||
Nokia OYJ | 32,000 | 33,060 | ||||||
4.375%, 6/12/27 | 33,000 | 36,180 | ||||||
Qwest Corp. | 87,000 | 92,232 | ||||||
Sprint Communications, Inc. | 65,000 | 72,394 | ||||||
6.00%, 11/15/22 | 148,000 | 160,765 | ||||||
Sprint Corp. | 146,000 | 154,227 | ||||||
7.875%, 9/15/23 | 276,000 | 321,368 | ||||||
7.125%, 6/15/24 | 162,000 | 188,482 | ||||||
7.625%, 2/15/25 | 97,000 | 116,339 | ||||||
7.625%, 3/1/26 | 84,000 | 103,432 | ||||||
Telecom Italia SpA, 144A | 97,000 | 107,232 | ||||||
Telefonaktiebolaget LM Ericsson | 65,000 | 68,303 | ||||||
T-Mobile USA, Inc. | 32,000 | 33,296 | ||||||
6.00%, 4/15/24 | 65,000 | 66,357 | ||||||
6.375%, 3/1/25 | 110,000 | 112,338 | ||||||
5.125%, 4/15/25 | 100,000 | 102,824 | ||||||
6.50%, 1/15/26 | 130,000 | 136,256 | ||||||
4.50%, 2/1/26 | 65,000 | 67,152 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
5.375%, 4/15/27 | $ | 27,000 | $ | 29,171 | ||||
4.75%, 2/1/28 | 97,000 | 104,639 | ||||||
VEON Holdings BV | 27,000 | 29,223 | ||||||
5.95%, 2/13/23, 144A | 34,000 | 37,166 | ||||||
7.25%, 4/26/23, 144A | 45,000 | 50,110 | ||||||
4.95%, 6/16/24, 144A | 35,000 | 37,959 | ||||||
4.00%, 4/9/25, 144A | 65,000 | 67,702 | ||||||
|
| |||||||
(Cost $2,756,977) | 2,805,335 | |||||||
|
| |||||||
Consumer, Cyclical — 17.1% | ||||||||
Apparel — 0.7% | ||||||||
Hanesbrands, Inc. | 48,000 | 50,525 | ||||||
5.375%, 5/15/25, 144A | 20,000 | 21,355 | ||||||
4.875%, 5/15/26, 144A | 69,000 | 75,252 | ||||||
Levi Strauss & Co. | 67,000 | 68,752 | ||||||
William Carter Co. | 32,000 | 34,356 | ||||||
5.625%, 3/15/27, 144A | 32,000 | 33,693 | ||||||
|
| |||||||
(Cost $277,062) | 283,933 | |||||||
|
| |||||||
Auto Manufacturers — 5.2% | ||||||||
Allison Transmission, Inc. | 65,000 | 65,692 | ||||||
4.75%, 10/1/27, 144A | 26,000 | 27,263 | ||||||
5.875%, 6/1/29, 144A | 24,000 | 26,313 | ||||||
Fiat Chrysler Automobiles NV | 95,000 | 100,878 | ||||||
Ford Motor Credit Co. LLC | 91,000 | 93,727 | ||||||
3.219%, 1/9/22 | 49,000 | 48,933 | ||||||
3.339%, 3/28/22 | 55,000 | 55,333 | ||||||
2.979%, 8/3/22 | 58,000 | 57,819 | ||||||
4.25%, 9/20/22 | 65,000 | 66,130 | ||||||
Series MTN, 3.55%, 10/7/22 | 39,000 | 39,156 | ||||||
3.35%, 11/1/22 | 81,000 | 80,991 | ||||||
3.087%, 1/9/23 | 97,000 | 96,611 | ||||||
4.14%, 2/15/23 | 58,000 | 59,433 | ||||||
3.096%, 5/4/23 | 65,000 | 64,772 | ||||||
4.375%, 8/6/23 | 65,000 | 67,093 | ||||||
3.37%, 11/17/23 | 40,000 | 40,283 | ||||||
3.81%, 1/9/24 | 49,000 | 49,276 | ||||||
5.584%, 3/18/24 | 97,000 | 103,547 | ||||||
3.664%, 9/8/24 | 49,000 | 48,862 | ||||||
4.063%, 11/1/24 | 97,000 | 98,571 | ||||||
4.687%, 6/9/25 | 39,000 | 40,166 | ||||||
5.125%, 6/16/25 | 114,000 | 119,955 | ||||||
4.134%, 8/4/25 | 91,000 | 91,464 | ||||||
Series GMTN, 4.389%, 1/8/26 | 78,000 | 79,461 | ||||||
4.542%, 8/1/26 | 49,000 | 50,072 | ||||||
4.271%, 1/9/27 | 55,000 | 55,550 | ||||||
4.125%, 8/17/27 | 75,000 | 74,939 | ||||||
3.815%, 11/2/27 | 49,000 | 48,020 | ||||||
Tesla, Inc., 144A | 117,000 | 121,695 | ||||||
|
| |||||||
(Cost $1,939,567) | 1,972,005 | |||||||
|
|
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Auto Parts & Equipment — 0.8% | ||||||||
Clarios Global LP, 144A | $ | 32,000 | $ | 34,337 | ||||
Clarios Global LP / Clarios US Finance Co., 144A | 65,000 | 69,062 | ||||||
Dana, Inc. | 27,000 | 27,638 | ||||||
5.375%, 11/15/27 | 25,000 | 26,313 | ||||||
5.625%, 6/15/28 | 26,000 | 27,408 | ||||||
ZF North America Capital, Inc. | 40,000 | 41,525 | ||||||
4.75%, 4/29/25, 144A | 70,000 | 74,165 | ||||||
|
| |||||||
(Cost $287,695) | 300,448 | |||||||
|
| |||||||
Distribution/Wholesale — 0.4% | ||||||||
American Builders & Contractors Supply Co., Inc. | 39,000 | 40,943 | ||||||
4.00%, 1/15/28, 144A | 45,000 | 46,386 | ||||||
HD Supply, Inc., 144A | 48,000 | 50,611 | ||||||
|
| |||||||
(Cost $137,158) | 137,940 | |||||||
|
| |||||||
Entertainment — 1.1% | ||||||||
Churchill Downs, Inc. | 39,000 | 41,040 | ||||||
4.75%, 1/15/28, 144A | 32,000 | 32,714 | ||||||
International Game Technology PLC | 65,000 | 66,930 | ||||||
6.50%, 2/15/25, 144A | 65,000 | 70,890 | ||||||
Six Flags Theme Parks, Inc., 144A | 47,000 | 50,957 | ||||||
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 144A | 65,000 | 69,185 | ||||||
WMG Acquisition Corp. | 35,000 | 36,631 | ||||||
3.00%, 2/15/31, 144A | 35,000 | 34,912 | ||||||
|
| |||||||
(Cost $395,799) | 403,259 | |||||||
|
| |||||||
Food Service — 0.1% | ||||||||
Aramark Services, Inc., 144A | 39,000 | 39,508 | ||||||
|
| |||||||
Home Builders — 2.0% | ||||||||
KB Home | 29,000 | 30,519 | ||||||
Lennar Corp. | 40,000 | 40,985 | ||||||
4.75%, 11/15/22 | 37,000 | 38,932 | ||||||
4.875%, 12/15/23 | 26,000 | 27,950 | ||||||
4.50%, 4/30/24 | 42,000 | 45,150 | ||||||
5.875%, 11/15/24 | 27,000 | 30,271 | ||||||
4.75%, 5/30/25 | 32,000 | 35,123 | ||||||
4.75%, 11/29/27 | 55,000 | 62,769 | ||||||
Mattamy Group Corp. | 32,000 | 33,540 | ||||||
4.625%, 3/1/30, 144A | 39,000 | 39,945 |
Principal | Value | |||||||
Home Builders (Continued) | ||||||||
Meritage Homes Corp. | $ | 26,000 | $ | 29,545 | ||||
PulteGroup, Inc. | 45,000 | 51,431 | ||||||
5.00%, 1/15/27 | 39,000 | 44,557 | ||||||
Taylor Morrison Communities, Inc. | 25,000 | 28,057 | ||||||
5.75%, 1/15/28, 144A | 29,000 | 32,635 | ||||||
5.125%, 8/1/30, 144A | 33,000 | 35,919 | ||||||
Toll Brothers Finance Corp. | 27,000 | 28,232 | ||||||
4.375%, 4/15/23 | 26,000 | 27,330 | ||||||
4.875%, 3/15/27 | 29,000 | 32,728 | ||||||
4.35%, 2/15/28 | 26,000 | 28,237 | ||||||
3.80%, 11/1/29 | 26,000 | 27,496 | ||||||
|
| |||||||
(Cost $719,956) | 751,351 | |||||||
|
| |||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc. | 29,000 | 29,613 | ||||||
5.50%, 6/15/26 | 39,000 | 40,894 | ||||||
|
| |||||||
(Cost $70,132) | 70,507 | |||||||
|
| |||||||
Housewares — 0.8% | ||||||||
Newell Brands, Inc. | 90,000 | 95,344 | ||||||
4.875%, 6/1/25 | 32,000 | 34,713 | ||||||
4.70%, 4/1/26 | 129,000 | 139,182 | ||||||
Scotts Miracle-Gro Co. | 26,000 | 27,900 | ||||||
|
| |||||||
(Cost $287,234) | 297,139 | |||||||
|
| |||||||
Lodging — 1.9% | ||||||||
Hilton Domestic Operating Co., Inc. | 65,000 | 65,562 | ||||||
5.375%, 5/1/25, 144A | 32,000 | 33,578 | ||||||
5.125%, 5/1/26 | 97,000 | 100,255 | ||||||
5.75%, 5/1/28, 144A | 32,000 | 33,840 | ||||||
4.875%, 1/15/30 | 61,000 | 62,963 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 58,000 | 58,791 | ||||||
4.875%, 4/1/27 | 39,000 | 40,065 | ||||||
Marriott Ownership Resorts, Inc., 144A | 32,000 | 34,140 | ||||||
Melco Resorts Finance Ltd. | 65,000 | 67,356 | ||||||
5.25%, 4/26/26, 144A | 32,000 | 33,071 | ||||||
MGM Resorts International | 55,000 | 58,472 | ||||||
5.75%, 6/15/25 | 44,000 | 47,103 | ||||||
Wyndham Destinations, Inc. | 42,000 | 42,341 | ||||||
Wyndham Hotels & Resorts, Inc., 144A | 33,000 | 33,316 | ||||||
|
| |||||||
(Cost $697,089) | 710,853 | |||||||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Retail — 3.5% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | $ | 100,000 | $ | 101,975 | ||||
5.75%, 4/15/25, 144A | 32,000 | 34,210 | ||||||
5.00%, 10/15/25, 144A | 180,000 | 185,149 | ||||||
3.875%, 1/15/28, 144A | 48,000 | 49,281 | ||||||
4.375%, 1/15/28, 144A | 45,000 | 46,314 | ||||||
eG Global Finance PLC | 49,000 | 50,751 | ||||||
8.50%, 10/30/25, 144A | 41,000 | 43,951 | ||||||
Gap, Inc., 144A | 32,000 | 35,760 | ||||||
Group 1 Automotive, Inc. | 36,000 | 36,000 | ||||||
4.00%, 8/15/28, 144A | 32,000 | 31,987 | ||||||
IRB Holding Corp., 144A | 48,000 | 51,325 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 68,000 | 70,338 | ||||||
5.25%, 6/1/26, 144A | 68,000 | 70,765 | ||||||
4.75%, 6/1/27, 144A | 48,000 | 50,539 | ||||||
Penske Automotive Group, Inc. | 36,000 | 36,137 | ||||||
3.50%, 9/1/25 | 37,000 | 37,337 | ||||||
5.50%, 5/15/26 | 32,000 | 33,391 | ||||||
PetSmart, Inc., 144A | 74,000 | 76,312 | ||||||
QVC, Inc. | 48,000 | 50,220 | ||||||
4.85%, 4/1/24 | 39,000 | 41,457 | ||||||
4.45%, 2/15/25 | 39,000 | 40,852 | ||||||
4.75%, 2/15/27 | 45,000 | 48,080 | ||||||
4.375%, 9/1/28 | 20,000 | 20,860 | ||||||
Yum! Brands, Inc. | 39,000 | 43,583 | ||||||
4.75%, 1/15/30, 144A | 52,000 | 57,466 | ||||||
|
| |||||||
(Cost $1,313,012) | 1,344,040 | |||||||
|
| |||||||
Toys/Games/Hobbies — 0.4% | ||||||||
Mattel, Inc. | 97,000 | 103,038 | ||||||
5.875%, 12/15/27, 144A | 39,000 | 42,514 | ||||||
|
| |||||||
(Cost $140,428) | 145,552 | |||||||
|
| |||||||
Consumer, Non-cyclical — 20.2% | ||||||||
Agriculture — 0.1% | ||||||||
Darling Ingredients, Inc., 144A | 32,000 | 34,053 | ||||||
|
| |||||||
Commercial Services — 5.1% | ||||||||
ADT Security Corp. | 35,000 | 35,897 | ||||||
4.125%, 6/15/23 | 45,000 | 47,110 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A | 126,000 | 135,292 |
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
ASGN, Inc., 144A | $ | 36,000 | $ | 37,321 | ||||
Brink’s Co. | 26,000 | 27,479 | ||||||
4.625%, 10/15/27, 144A | 39,000 | 40,597 | ||||||
Garda World Security Corp., 144A | 37,000 | 38,110 | ||||||
Gartner, Inc. | 37,000 | 38,565 | ||||||
4.50%, 7/1/28, 144A | 52,000 | 54,405 | ||||||
Herc Holdings, Inc., 144A | 80,000 | 84,000 | ||||||
Jaguar Holding Co. II / PPD Development LP | 32,000 | 33,332 | ||||||
5.00%, 6/15/28, 144A | 45,000 | 47,756 | ||||||
Nielsen Co. Luxembourg SARL, 144A | 30,000 | 30,122 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 150,000 | 150,292 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 48,000 | 51,005 | ||||||
5.75%, 4/15/26, 144A | 97,000 | 107,379 | ||||||
3.375%, 8/31/27, 144A | 60,000 | 59,935 | ||||||
Refinitiv US Holdings, Inc. | 81,000 | 87,126 | ||||||
8.25%, 11/15/26, 144A | 102,000 | 112,582 | ||||||
Service Corp. International | 20,000 | 21,708 | ||||||
5.125%, 6/1/29 | 66,000 | 73,292 | ||||||
3.375%, 8/15/30 | 45,000 | 45,938 | ||||||
ServiceMaster Co. LLC, 144A | 49,000 | 50,108 | ||||||
United Rentals North America, Inc. | 25,000 | 25,609 | ||||||
5.875%, 9/15/26 | 65,000 | 69,234 | ||||||
5.50%, 5/15/27 | 65,000 | 69,743 | ||||||
3.875%, 11/15/27 | 49,000 | 51,144 | ||||||
4.875%, 1/15/28 | 108,000 | 114,075 | ||||||
5.25%, 1/15/30 | 51,000 | 56,736 | ||||||
4.00%, 7/15/30 | 49,000 | 51,266 | ||||||
3.875%, 2/15/31 | 72,000 | 74,673 | ||||||
WEX, Inc., 144A | 26,000 | 26,279 | ||||||
|
| |||||||
(Cost $1,905,896) | 1,948,110 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.1% | ||||||||
Edgewell Personal Care Co. | 32,000 | 33,540 | ||||||
|
| |||||||
Food — 3.7% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | 48,000 | 49,128 | ||||||
5.75%, 3/15/25 | 16,000 | 16,498 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Food (Continued) | ||||||||
3.25%, 3/15/26, 144A | $ | 50,000 | $ | 51,130 | ||||
7.50%, 3/15/26, 144A | 39,000 | 43,686 | ||||||
4.625%, 1/15/27, 144A | 87,000 | 91,659 | ||||||
3.50%, 3/15/29, 144A | 45,000 | 45,455 | ||||||
B&G Foods, Inc. | 58,000 | 60,071 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc. | 23,000 | 23,496 | ||||||
5.75%, 6/15/25, 144A | 68,000 | 70,380 | ||||||
Kraft Heinz Foods Co. | 41,000 | 43,129 | ||||||
4.00%, 6/15/23 | 29,000 | 31,073 | ||||||
3.95%, 7/15/25 | 104,000 | 113,051 | ||||||
3.00%, 6/1/26 | 115,000 | 119,998 | ||||||
3.875%, 5/15/27, 144A | 88,000 | 94,305 | ||||||
4.625%, 1/30/29 | 71,000 | 80,524 | ||||||
3.75%, 4/1/30, 144A | 65,000 | 69,585 | ||||||
4.25%, 3/1/31, 144A | 88,000 | 97,527 | ||||||
Lamb Weston Holdings, Inc. | 54,000 | 56,492 | ||||||
4.875%, 11/1/26, 144A | 54,000 | 56,624 | ||||||
4.875%, 5/15/28, 144A | 32,000 | 35,273 | ||||||
Post Holdings, Inc., 144A | 110,000 | 114,349 | ||||||
TreeHouse Foods, Inc., 144A | 39,000 | 40,277 | ||||||
|
| |||||||
(Cost $1,380,478) | 1,403,710 | |||||||
|
| |||||||
Healthcare-Products — 1.1% | ||||||||
Avantor Funding, Inc., 144A | 101,000 | 106,954 | ||||||
Avantor, Inc., 144A | 97,000 | 101,486 | ||||||
Hill-Rom Holdings, Inc., 144A | 28,000 | 29,358 | ||||||
Hologic, Inc. | 62,000 | 63,415 | ||||||
4.625%, 2/1/28, 144A | 26,000 | 27,697 | ||||||
Teleflex, Inc. | 26,000 | 27,263 | ||||||
4.625%, 11/15/27 | 32,000 | 34,074 | ||||||
4.25%, 6/1/28, 144A | 32,000 | 33,800 | ||||||
|
| |||||||
(Cost $420,200) | 424,047 | |||||||
|
| |||||||
Healthcare-Services — 8.4% | ||||||||
Acadia Healthcare Co., Inc. | 40,000 | 40,404 | ||||||
Catalent Pharma Solutions, Inc. | 29,000 | 29,683 | ||||||
5.00%, 7/15/27, 144A | 32,000 | 33,814 | ||||||
Centene Corp. | 65,000 | 65,569 | ||||||
4.75%, 1/15/25 | 78,000 | 80,340 | ||||||
4.75%, 1/15/25 | 65,000 | 66,950 | ||||||
5.25%, 4/1/25, 144A | 74,000 | 76,867 | ||||||
5.375%, 6/1/26, 144A | 107,000 | 113,019 | ||||||
5.375%, 8/15/26, 144A | 49,000 | 52,078 |
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
4.25%, 12/15/27 | $ | 162,000 | $ | 169,665 | ||||
4.625%, 12/15/29 | 217,000 | 238,380 | ||||||
3.375%, 2/15/30 | 130,000 | 135,566 | ||||||
Charles River Laboratories International, Inc. | 32,000 | 33,693 | ||||||
4.25%, 5/1/28, 144A | 32,000 | 33,614 | ||||||
DaVita, Inc. | 114,000 | 119,914 | ||||||
3.75%, 2/15/31, 144A | 90,000 | 89,388 | ||||||
Encompass Health Corp. | 45,000 | 45,342 | ||||||
4.50%, 2/1/28 | 52,000 | 53,407 | ||||||
HCA, Inc. | 81,000 | 88,813 | ||||||
5.375%, 2/1/25 | 169,000 | 190,504 | ||||||
5.875%, 2/15/26 | 77,000 | 88,261 | ||||||
5.375%, 9/1/26 | 65,000 | 73,772 | ||||||
5.625%, 9/1/28 | 97,000 | 115,536 | ||||||
5.875%, 2/1/29 | 65,000 | 79,065 | ||||||
3.50%, 9/1/30 | 176,000 | 185,491 | ||||||
IQVIA, Inc. | 68,000 | 71,230 | ||||||
5.00%, 5/15/27, 144A | 71,000 | 74,874 | ||||||
Molina Healthcare, Inc. | 45,000 | 47,233 | ||||||
4.375%, 6/15/28, 144A | 52,000 | 54,392 | ||||||
Tenet Healthcare Corp. | 150,000 | 162,113 | ||||||
4.625%, 7/15/24 | 121,000 | 123,904 | ||||||
4.625%, 9/1/24, 144A | 39,000 | 40,285 | ||||||
7.50%, 4/1/25, 144A | 45,000 | 49,451 | ||||||
4.875%, 1/1/26, 144A | 136,000 | 141,609 | ||||||
5.125%, 11/1/27, 144A | 99,000 | 104,712 | ||||||
|
| |||||||
(Cost $3,103,375) | 3,168,938 | |||||||
|
| |||||||
Household Products/Wares — 0.3% | ||||||||
Prestige Brands, Inc., 144A | 39,000 | 40,361 | ||||||
Spectrum Brands, Inc. | 64,000 | 66,240 | ||||||
|
| |||||||
(Cost $106,044) | 106,601 | |||||||
|
| |||||||
Pharmaceuticals — 1.4% | ||||||||
Bausch Health Cos., Inc. | 130,000 | 135,070 | ||||||
5.50%, 11/1/25, 144A | 114,000 | 117,785 | ||||||
5.75%, 8/15/27, 144A | 32,000 | 34,440 | ||||||
Elanco Animal Health, Inc. | 39,000 | 42,778 | ||||||
5.90%, 8/28/28 | 48,000 | 56,971 | ||||||
Horizon Therapeutics USA, Inc., 144A | 39,000 | 42,533 | ||||||
Teva Pharmaceutical Finance Co. BV | 40,000 | 40,213 | ||||||
2.95%, 12/18/22 | 55,000 | 53,472 | ||||||
|
| |||||||
(Cost $511,936) | 523,262 | |||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Energy — 13.3% | ||||||||
Energy-Alternate Sources — 0.4% | ||||||||
TerraForm Power Operating LLC | $ | 22,000 | $ | 22,827 | ||||
5.00%, 1/31/28, 144A | 46,000 | 51,219 | ||||||
4.75%, 1/15/30, 144A | 45,000 | 48,249 | ||||||
|
| |||||||
(Cost $117,934) | 122,295 | |||||||
|
| |||||||
Oil & Gas — 7.6% | ||||||||
Aker BP ASA | 26,000 | 26,534 | ||||||
5.875%, 3/31/25, 144A | 32,000 | 33,535 | ||||||
Apache Corp. | 35,000 | 35,919 | ||||||
4.875%, 11/15/27 | 40,000 | 40,995 | ||||||
4.375%, 10/15/28 | 65,000 | 64,672 | ||||||
4.25%, 1/15/30 | 39,000 | 38,021 | ||||||
Cenovus Energy, Inc. | 32,000 | 32,530 | ||||||
3.80%, 9/15/23 | 29,000 | 28,874 | ||||||
5.375%, 7/15/25 | 62,000 | 63,172 | ||||||
CITGO Petroleum Corp., 144A | 42,000 | 42,026 | ||||||
Continental Resources, Inc. | 71,000 | 70,716 | ||||||
4.50%, 4/15/23 | 87,000 | 87,975 | ||||||
3.80%, 6/1/24 | 65,000 | 64,192 | ||||||
4.375%, 1/15/28 (a) | 65,000 | 62,029 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A | 77,000 | 76,207 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc. | 39,000 | 40,680 | ||||||
5.50%, 1/30/26, 144A | 33,000 | 33,069 | ||||||
5.75%, 1/30/28, 144A | 65,000 | 66,613 | ||||||
EQT Corp. | 49,000 | 48,510 | ||||||
7.875%, 2/1/25 (a) | 55,000 | 63,189 | ||||||
3.90%, 10/1/27 | 81,000 | 78,544 | ||||||
8.75%, 2/1/30 (a) | 49,000 | 58,739 | ||||||
Leviathan Bond Ltd. | 30,000 | 31,161 | ||||||
6.125%, 6/30/25, 144A | 40,000 | 41,728 | ||||||
6.50%, 6/30/27, 144A | 35,000 | 36,577 | ||||||
Occidental Petroleum Corp. | 53,000 | 52,401 | ||||||
2.60%, 4/15/22 | 26,000 | 25,480 | ||||||
2.70%, 8/15/22 | 155,000 | 152,780 | ||||||
2.70%, 2/15/23 | 78,000 | 75,240 | ||||||
2.90%, 8/15/24 | 195,000 | 179,765 | ||||||
3.50%, 6/15/25 | 49,000 | 44,684 | ||||||
8.00%, 7/15/25 (a) | 32,000 | 34,880 | ||||||
5.875%, 9/1/25 | 55,000 | 55,413 | ||||||
5.55%, 3/15/26 | 70,000 | 69,049 | ||||||
3.40%, 4/15/26 | 75,000 | 66,629 | ||||||
3.20%, 8/15/26 | 65,000 | 57,127 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
3.00%, 2/15/27 | $ | 49,000 | $ | 42,036 | ||||
3.50%, 8/15/29 | 97,000 | 83,575 | ||||||
Parkland Corp. | 32,000 | 33,836 | ||||||
5.875%, 7/15/27, 144A | 32,000 | 34,234 | ||||||
Parsley Energy LLC / Parsley Finance Corp. | 42,000 | 42,914 | ||||||
5.25%, 8/15/25, 144A | 29,000 | 29,888 | ||||||
5.625%, 10/15/27, 144A | 45,000 | 46,659 | ||||||
4.125%, 2/15/28, 144A | 26,000 | 25,217 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 144A | 64,000 | 70,171 | ||||||
PDC Energy, Inc. | 39,000 | 40,019 | ||||||
Sunoco LP / Sunoco Finance Corp. | 65,000 | 66,212 | ||||||
5.50%, 2/15/26 | 52,000 | 53,765 | ||||||
6.00%, 4/15/27 | 39,000 | 41,604 | ||||||
WPX Energy, Inc. | 31,000 | 31,701 | ||||||
5.75%, 6/1/26 | 32,000 | 32,730 | ||||||
5.25%, 10/15/27 (a) | 36,000 | 35,870 | ||||||
5.875%, 6/15/28 (a) | 32,000 | 32,521 | ||||||
4.50%, 1/15/30 | 58,000 | 55,497 | ||||||
|
| |||||||
(Cost $2,798,236) | 2,878,104 | |||||||
|
| |||||||
Oil & Gas Services — 0.2% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp., 144A | 33,000 | 33,241 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 47,000 | 48,515 | ||||||
|
| |||||||
(Cost $83,683) | 81,756 | |||||||
|
| |||||||
Pipelines — 5.1% | ||||||||
Buckeye Partners LP | 32,000 | 32,100 | ||||||
4.125%, 3/1/25, 144A | 32,000 | 32,239 | ||||||
3.95%, 12/1/26 | 35,000 | 34,759 | ||||||
4.125%, 12/1/27 | 26,000 | 26,081 | ||||||
4.50%, 3/1/28, 144A | 32,000 | 32,747 | ||||||
Cheniere Energy Partners LP | 87,000 | 88,175 | ||||||
5.625%, 10/1/26 | 71,000 | 74,542 | ||||||
4.50%, 10/1/29 | 97,000 | 101,267 | ||||||
DCP Midstream Operating LP | 32,000 | 32,730 | ||||||
3.875%, 3/15/23 | 32,000 | 32,500 | ||||||
5.375%, 7/15/25 | 49,000 | 52,763 | ||||||
5.625%, 7/15/27 | 32,000 | 34,592 | ||||||
5.125%, 5/15/29 | 39,000 | 41,113 | ||||||
EQM Midstream Partners LP | 71,000 | 72,970 | ||||||
4.00%, 8/1/24 | 32,000 | 32,210 | ||||||
6.00%, 7/1/25, 144A | 45,000 | 47,813 | ||||||
4.125%, 12/1/26 | 29,000 | 28,248 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
6.50%, 7/1/27, 144A | $ | 58,000 | $ | 63,592 | ||||
5.50%, 7/15/28 | 55,000 | 57,083 | ||||||
Hess Midstream Operations LP | 52,000 | 54,221 | ||||||
5.125%, 6/15/28, 144A | 36,000 | 37,046 | ||||||
NuStar Logistics LP | 32,000 | 33,545 | ||||||
5.625%, 4/28/27 | 36,000 | 36,263 | ||||||
Rockies Express Pipeline LLC | 26,000 | 25,598 | ||||||
4.95%, 7/15/29, 144A | 36,000 | 36,270 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A | 32,000 | 31,460 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 30,000 | 30,234 | ||||||
4.25%, 11/15/23 | 38,000 | 38,338 | ||||||
5.125%, 2/1/25 | 31,000 | 31,756 | ||||||
5.875%, 4/15/26 | 63,000 | 66,426 | ||||||
5.375%, 2/1/27 | 30,000 | 31,045 | ||||||
6.50%, 7/15/27 | 46,000 | 49,795 | ||||||
5.00%, 1/15/28 | 46,000 | 47,016 | ||||||
6.875%, 1/15/29 | 44,000 | 48,758 | ||||||
5.50%, 3/1/30, 144A | 65,000 | 68,616 | ||||||
4.875%, 2/1/31, 144A | 57,000 | 57,791 | ||||||
Western Midstream Operating LP | 41,000 | 41,820 | ||||||
4.10%, 2/1/25 | 55,000 | 54,929 | ||||||
3.95%, 6/1/25 | 32,000 | 32,070 | ||||||
4.65%, 7/1/26 | 32,000 | 32,800 | ||||||
4.50%, 3/1/28 | 26,000 | 26,195 | ||||||
4.75%, 8/15/28 | 26,000 | 26,260 | ||||||
5.05%, 2/1/30 | 78,000 | 79,957 | ||||||
|
| |||||||
(Cost $1,851,346) | 1,935,733 | |||||||
|
| |||||||
Financial — 9.9% | ||||||||
Banks — 1.5% | ||||||||
CIT Group, Inc. | 75,000 | 78,577 | ||||||
5.00%, 8/1/23 | 34,000 | 36,063 | ||||||
4.75%, 2/16/24 | 32,000 | 33,730 | ||||||
3.929%, 6/19/24 | 32,000 | 33,073 | ||||||
5.25%, 3/7/25 | 32,000 | 34,957 | ||||||
6.125%, 3/9/28 | 26,000 | 30,740 | ||||||
Commerzbank AG, 144A | 65,000 | 75,179 | ||||||
Intesa Sanpaolo SpA | 130,000 | 140,270 | ||||||
5.71%, 1/15/26, 144A | 97,000 | 107,910 | ||||||
|
| |||||||
(Cost $549,246) | 570,499 | |||||||
|
| |||||||
Diversified Financial Services — 2.7% | ||||||||
Ally Financial, Inc. | 68,000 | 76,314 | ||||||
Credit Acceptance Corp., 144A | 26,000 | 26,842 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
LPL Holdings, Inc. | $ | 60,000 | $ | 62,587 | ||||
4.625%, 11/15/27, 144A | 26,000 | 27,121 | ||||||
Navient Corp. | 50,000 | 52,611 | ||||||
6.50%, 6/15/22 | 65,000 | 67,925 | ||||||
OneMain Finance Corp. | 42,000 | 44,091 | ||||||
6.125%, 5/15/22 | 64,000 | 67,400 | ||||||
5.625%, 3/15/23 | 57,000 | 60,598 | ||||||
6.125%, 3/15/24 | 84,000 | 91,184 | ||||||
6.875%, 3/15/25 | 75,000 | 84,141 | ||||||
8.875%, 6/1/25 | 40,000 | 45,174 | ||||||
7.125%, 3/15/26 | 100,000 | 114,875 | ||||||
5.375%, 11/15/29 | 49,000 | 52,308 | ||||||
Quicken Loans LLC | 81,000 | 83,481 | ||||||
5.25%, 1/15/28, 144A | 65,000 | 69,495 | ||||||
|
| |||||||
(Cost $1,005,517) | 1,026,147 | |||||||
|
| |||||||
Insurance — 0.3% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 144A | 62,000 | 65,549 | ||||||
MGIC Investment Corp. | 40,000 | 42,100 | ||||||
Radian Group, Inc. | 29,000 | 29,218 | ||||||
|
| |||||||
(Cost $136,351) | 136,867 | |||||||
|
| |||||||
Real Estate — 0.2% | ||||||||
Howard Hughes Corp., 144A | 65,000 | 66,002 | ||||||
|
| |||||||
Real Estate Investment Trusts — 4.2% | ||||||||
ESH Hospitality, Inc., 144A | 84,000 | 85,384 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC | 35,000 | 36,721 | ||||||
6.00%, 4/15/25, 144A | 20,000 | 21,475 | ||||||
Iron Mountain, Inc. | 65,000 | 67,626 | ||||||
5.25%, 3/15/28, 144A | 54,000 | 56,944 | ||||||
5.00%, 7/15/28, 144A | 32,000 | 33,240 | ||||||
4.875%, 9/15/29, 144A | 65,000 | 67,503 | ||||||
5.25%, 7/15/30, 144A | 84,000 | 89,306 | ||||||
4.50%, 2/15/31, 144A | 63,000 | 64,780 | ||||||
5.625%, 7/15/32, 144A | 40,000 | 43,055 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 144A | 52,000 | 54,652 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 68,000 | 73,617 | ||||||
4.50%, 9/1/26 | 32,000 | 33,693 | ||||||
5.75%, 2/1/27 | 49,000 | 54,283 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
MPT Operating Partnership LP / MPT Finance Corp. | $ | 60,000 | $ | 62,044 | ||||
5.00%, 10/15/27 | 90,000 | 95,335 | ||||||
4.625%, 8/1/29 | 58,000 | 62,012 | ||||||
SBA Communications Corp. | 49,000 | 49,440 | ||||||
4.875%, 9/1/24 | 71,000 | 73,020 | ||||||
3.875%, 2/15/27, 144A | 97,000 | 100,844 | ||||||
Starwood Property Trust, Inc. | 45,000 | 45,797 | ||||||
VICI Properties LP / VICI Note Co., Inc. | 49,000 | 49,196 | ||||||
4.25%, 12/1/26, 144A | 81,000 | 82,950 | ||||||
3.75%, 2/15/27, 144A | 49,000 | 48,962 | ||||||
4.625%, 12/1/29, 144A | 65,000 | 67,710 | ||||||
4.125%, 8/15/30, 144A | 60,000 | 60,075 | ||||||
|
| |||||||
(Cost $1,542,554) | 1,579,664 | |||||||
|
| |||||||
Venture Capital — 1.0% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 80,000 | 81,078 | ||||||
6.75%, 2/1/24 | 32,000 | 33,076 | ||||||
4.75%, 9/15/24 | 56,000 | 57,908 | ||||||
6.375%, 12/15/25 | 48,000 | 49,925 | ||||||
6.25%, 5/15/26 | 80,000 | 85,587 | ||||||
5.25%, 5/15/27 | 70,000 | 74,594 | ||||||
|
| |||||||
(Cost $365,175) | 382,168 | |||||||
|
| |||||||
Industrial — 8.8% | ||||||||
Aerospace/Defense — 0.8% | ||||||||
Howmet Aerospace, Inc. | 31,000 | 32,892 | ||||||
5.125%, 10/1/24 | 81,000 | 86,928 | ||||||
6.875%, 5/1/25 | 78,000 | 88,749 | ||||||
Rolls-Royce PLC, 144A | 65,000 | 62,898 | ||||||
Signature Aviation US Holdings, Inc., 144A | 25,000 | 25,823 | ||||||
|
| |||||||
(Cost $286,994) | 297,290 | |||||||
|
| |||||||
Building Materials — 1.2% | ||||||||
Builders FirstSource, Inc. | 51,000 | 55,740 | ||||||
5.00%, 3/1/30, 144A | 36,000 | 38,511 | ||||||
JELD-WEN, Inc. | 26,000 | 26,225 | ||||||
4.875%, 12/15/27, 144A | 26,000 | 27,132 | ||||||
Standard Industries, Inc. | 55,000 | 57,590 | ||||||
4.75%, 1/15/28, 144A | 64,000 | 67,520 | ||||||
4.375%, 7/15/30, 144A | 74,000 | 78,523 | ||||||
3.375%, 1/15/31, 144A | 65,000 | 64,817 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 144A | 40,000 | 42,053 | ||||||
|
| |||||||
(Cost $440,072) | 458,111 | |||||||
|
|
Principal | Value | |||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer Holdings, Inc. | $ | 45,000 | $ | 47,813 | ||||
7.75%, 1/15/27, 144A | 40,000 | 43,899 | ||||||
WESCO Distribution, Inc., 144A | 97,000 | 106,828 | ||||||
|
| |||||||
(Cost $195,392) | 198,540 | |||||||
|
| |||||||
Electronics — 0.5% | ||||||||
Sensata Technologies BV | 32,000 | 33,859 | ||||||
5.625%, 11/1/24, 144A | 26,000 | 28,565 | ||||||
5.00%, 10/1/25, 144A | 46,000 | 50,135 | ||||||
Sensata Technologies, Inc. | 30,000 | 31,726 | ||||||
3.75%, 2/15/31, 144A | 45,000 | 45,293 | ||||||
|
| |||||||
(Cost $187,564) | 189,578 | |||||||
|
| |||||||
Engineering & Construction — 0.4% | ||||||||
AECOM | 52,000 | 58,050 | ||||||
5.125%, 3/15/27 | 65,000 | 71,507 | ||||||
MasTec, Inc., 144A | 35,000 | 35,744 | ||||||
|
| |||||||
(Cost $159,413) | 165,301 | |||||||
|
| |||||||
Environmental Control — 0.7% | ||||||||
Advanced Disposal Services, Inc., 144A | 27,000 | 28,010 | ||||||
Clean Harbors, Inc., 144A | 35,000 | 36,778 | ||||||
Covanta Holding Corp. | 30,000 | 31,309 | ||||||
GFL Environmental, Inc. | 32,000 | 32,660 | ||||||
3.75%, 8/1/25, 144A | 40,000 | 40,350 | ||||||
7.00%, 6/1/26, 144A | 26,000 | 27,365 | ||||||
5.125%, 12/15/26, 144A | 33,000 | 34,887 | ||||||
Stericycle, Inc., 144A | 39,000 | 40,853 | ||||||
|
| |||||||
(Cost $270,280) | 272,212 | |||||||
|
| |||||||
Hand/Machine Tools — 0.2% | ||||||||
Colfax Corp. | 39,000 | 40,564 | ||||||
6.375%, 2/15/26, 144A | 26,000 | 28,121 | ||||||
|
| |||||||
(Cost $67,228) | 68,685 | |||||||
|
| |||||||
Machinery-Diversified — 0.3% | ||||||||
Vertical US Newco, Inc., 144A | 102,000 | 106,463 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand, Inc. | 26,000 | 27,915 | ||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Packaging & Containers — 3.3% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | $ | 52,000 | $ | 54,288 | ||||
5.25%, 4/30/25, 144A | 45,000 | 47,801 | ||||||
4.125%, 8/15/26, 144A | 79,000 | 82,512 | ||||||
Ball Corp. | 49,000 | 52,120 | ||||||
4.00%, 11/15/23 | 65,000 | 69,225 | ||||||
5.25%, 7/1/25 | 65,000 | 73,798 | ||||||
4.875%, 3/15/26 | 49,000 | 54,962 | ||||||
2.875%, 8/15/30 | 80,000 | 80,020 | ||||||
Berry Global, Inc. | 137,000 | 138,884 | ||||||
4.50%, 2/15/26, 144A | 32,000 | 32,701 | ||||||
4.875%, 7/15/26, 144A | 81,000 | 86,147 | ||||||
5.625%, 7/15/27, 144A | 32,000 | 33,848 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 65,000 | 68,452 | ||||||
Graphic Packaging International LLC, 144A | 29,000 | 29,577 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A | 104,000 | 105,659 | ||||||
Sealed Air Corp. | 28,000 | 29,638 | ||||||
5.25%, 4/1/23, 144A | 28,000 | 30,068 | ||||||
5.125%, 12/1/24, 144A | 28,000 | 30,888 | ||||||
5.50%, 9/15/25, 144A | 26,000 | 29,215 | ||||||
4.00%, 12/1/27, 144A | 28,000 | 29,890 | ||||||
Silgan Holdings, Inc. | 39,000 | 40,511 | ||||||
Trivium Packaging Finance BV, 144A | 68,000 | 71,884 | ||||||
|
| |||||||
(Cost $1,250,435) | 1,272,088 | |||||||
|
| |||||||
Transportation — 0.8% | ||||||||
Cargo Aircraft Management, Inc., 144A | 32,000 | 32,960 | ||||||
XPO Logistics, Inc. | 77,000 | 77,408 | ||||||
6.125%, 9/1/23, 144A | 34,000 | 34,700 | ||||||
6.75%, 8/15/24, 144A | 65,000 | 69,280 | ||||||
6.25%, 5/1/25, 144A | 74,000 | 79,134 | ||||||
|
| |||||||
(Cost $290,859) | 293,482 | |||||||
|
| |||||||
Technology — 4.4% | ||||||||
Computers — 0.9% | ||||||||
Dell International LLC / EMC Corp., 144A | 106,000 | 110,081 | ||||||
EMC Corp. | 65,000 | 67,315 | ||||||
Western Digital Corp. | 144,000 | 156,008 | ||||||
|
| |||||||
(Cost $324,896) | 333,404 | |||||||
|
|
Principal | Value | |||||||
Office/Business Equipment — 0.7% | ||||||||
CDW LLC / CDW Finance Corp. | $ | 37,000 | $ | 40,981 | ||||
4.125%, 5/1/25 | 39,000 | 40,741 | ||||||
5.00%, 9/1/25 | 39,000 | 40,512 | ||||||
4.25%, 4/1/28 | 39,000 | 40,821 | ||||||
3.25%, 2/15/29 | 40,000 | 40,955 | ||||||
Xerox Corp. | 65,000 | 66,917 | ||||||
|
| |||||||
(Cost $262,334) | 270,927 | |||||||
|
| |||||||
Semiconductors — 0.5% | ||||||||
Microchip Technology, Inc., 144A | 78,000 | 81,276 | ||||||
Qorvo, Inc. | 58,000 | 61,629 | ||||||
4.375%, 10/15/29 | 55,000 | 59,082 | ||||||
|
| |||||||
(Cost $200,162) | 201,987 | |||||||
|
| |||||||
Software — 2.3% | ||||||||
Black Knight InfoServ LLC, 144A | 60,000 | 60,919 | ||||||
Camelot Finance SA, 144A | 45,000 | 46,668 | ||||||
CDK Global, Inc. | 32,000 | 36,268 | ||||||
5.875%, 6/15/26 | 32,000 | 33,686 | ||||||
4.875%, 6/1/27 | 39,000 | 41,254 | ||||||
Dun & Bradstreet Corp., 144A | 45,000 | 48,909 | ||||||
MSCI, Inc. | 30,000 | 31,287 | ||||||
5.375%, 5/15/27, 144A | 32,000 | 34,644 | ||||||
4.00%, 11/15/29, 144A | 65,000 | 69,660 | ||||||
3.625%, 9/1/30, 144A | 26,000 | 27,315 | ||||||
3.875%, 2/15/31, 144A | 60,000 | 63,450 | ||||||
Nuance Communications, Inc. | 32,000 | 34,013 | ||||||
Open Text Corp. | 55,000 | 57,946 | ||||||
3.875%, 2/15/28, 144A | 58,000 | 59,756 | ||||||
PTC, Inc. | 32,000 | 32,960 | ||||||
4.00%, 2/15/28, 144A | 32,000 | 33,210 | ||||||
SS&C Technologies, Inc., 144A | 130,000 | 139,406 | ||||||
|
| |||||||
(Cost $836,039) | 851,351 | |||||||
|
| |||||||
Utilities — 2.5% | ||||||||
Electric — 2.5% | ||||||||
AES Corp. | 35,000 | 36,162 | ||||||
6.00%, 5/15/26 | 32,000 | 33,674 | ||||||
5.125%, 9/1/27 | 32,000 | 34,618 | ||||||
Calpine Corp., 144A | 77,000 | 80,380 | ||||||
Clearway Energy Operating LLC | 39,000 | 41,442 | ||||||
4.75%, 3/15/28, 144A | 55,000 | 57,664 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Electric (Continued) | ||||||||
DPL, Inc., 144A | $ | 27,000 | $ | 28,519 | ||||
NextEra Energy Operating Partners LP | 45,000 | 48,110 | ||||||
4.25%, 9/15/24, 144A | 26,000 | 27,723 | ||||||
3.875%, 10/15/26, 144A | 33,000 | 34,892 | ||||||
4.50%, 9/15/27, 144A | 36,000 | 39,420 | ||||||
NRG Energy, Inc. | 65,000 | 69,643 | ||||||
6.625%, 1/15/27 | 70,000 | 75,016 | ||||||
5.75%, 1/15/28 | 53,000 | 57,760 | ||||||
5.25%, 6/15/29, 144A | 48,000 | 52,431 | ||||||
Vistra Operations Co. LLC | 65,000 | 68,331 | ||||||
5.625%, 2/15/27, 144A | 84,000 | 88,953 | ||||||
5.00%, 7/31/27, 144A | 84,000 | 89,164 | ||||||
|
| |||||||
(Cost $949,644) | 963,902 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 37,401,493 | |||||||
|
|
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 1.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 612,989 | $ | 612,989 | |||||
|
| |||||||
CASH EQUIVALENTS — 2.9% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 1,116,381 | 1,116,381 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.3% (Cost $38,278,476) | $ | 39,130,863 |
| |||||
Other assets and liabilities, net — (3.3%) | (1,257,154 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 37,873,709 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.6% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
1,219,663 | — | (606,674 | )(d) | — | — | 5,347 | — | 612,989 | 612,989 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 2.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
1,864,770 | 43,113,459 | (43,861,848 | ) | — | — | 13,006 | — | 1,116,381 | 1,116,381 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,084,433 | 43,113,459 | (44,468,522 | ) | — | — | 18,353 | — | 1,729,370 | 1,729,370 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 August 31, 2020 amounted to $700,686, 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $110,490. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
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. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2020
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 August 31, 2020 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 (e) | $ | — | $ | 37,401,493 | $ | — | $ | 37,401,493 | ||||||||
Short-Term Investments (e) | 1,729,370 | — | — | 1,729,370 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,729,370 | $ | 37,401,493 | $ | — | $ | 39,130,863 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF
August 31, 2020
Principal | Value | |||||||
CORPORATE BONDS — 96.7% | ||||||||
Basic Materials — 5.1% | ||||||||
Chemicals — 2.5% | ||||||||
Ashland LLC | $ | 34,000 | $ | 35,721 | ||||
Avient Corp. | 32,000 | 34,790 | ||||||
5.75%, 5/15/25, 144A | 75,000 | 79,781 | ||||||
Blue Cube Spinco LLC | 50,000 | 51,761 | ||||||
CF Industries, Inc. | 100,000 | 104,282 | ||||||
Chemours Co. | 75,000 | 75,513 | ||||||
7.00%, 5/15/25 (a) | 75,000 | 76,575 | ||||||
NOVA Chemicals Corp. | 27,000 | 27,084 | ||||||
4.875%, 6/1/24, 144A | 139,000 | 138,306 | ||||||
OCI NV, 144A | 144,000 | 150,120 | ||||||
Olin Corp., 144A | 75,000 | 86,918 | ||||||
Tronox, Inc., 144A | 50,000 | 53,719 | ||||||
|
| |||||||
(Cost $881,707) | 914,570 | |||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International, Inc. | 45,000 | 46,350 | ||||||
|
| |||||||
Iron/Steel — 0.8% | ||||||||
Allegheny Technologies, Inc. | 41,000 | 43,185 | ||||||
ArcelorMittal SA | 60,000 | 63,052 | ||||||
Cleveland-Cliffs, Inc., 144A | 33,000 | 32,543 | ||||||
United States Steel Corp. | 100,000 | 106,151 | ||||||
6.875%, 8/15/25 | 75,000 | 55,125 | ||||||
|
| |||||||
(Cost $288,764) | 300,056 | |||||||
|
| |||||||
Mining — 1.7% | ||||||||
Alcoa Nederland Holding BV, 144A | 130,000 | 134,713 | ||||||
Arconic Corp., 144A | 50,000 | 53,094 | ||||||
Constellium SE, 144A | 150,000 | 154,860 | ||||||
FMG Resources August 2006 Pty Ltd. | 62,000 | 64,230 | ||||||
5.125%, 3/15/23, 144A | 41,000 | 43,239 | ||||||
5.125%, 5/15/24, 144A | 20,000 | 21,652 | ||||||
Freeport-McMoRan, Inc. | 70,000 | 75,662 | ||||||
Hudbay Minerals, Inc. | 33,000 | 33,533 | ||||||
7.625%, 1/15/25, 144A | 50,000 | 51,972 | ||||||
|
| |||||||
(Cost $599,218) | 632,955 | |||||||
|
|
Principal | Value | |||||||
Communications — 15.3% | ||||||||
Advertising — 0.1% | ||||||||
Lamar Media Corp. | $ | 26,000 | $ | 26,373 | ||||
|
| |||||||
Internet — 2.0% | ||||||||
Netflix, Inc. | 81,000 | 82,746 | ||||||
5.50%, 2/15/22 | 28,000 | 29,540 | ||||||
5.75%, 3/1/24 | 33,000 | 37,313 | ||||||
5.875%, 2/15/25 | 50,000 | 57,880 | ||||||
NortonLifeLock, Inc. | 116,000 | 116,064 | ||||||
3.95%, 6/15/22 | 22,000 | 22,770 | ||||||
5.00%, 4/15/25, 144A | 100,000 | 102,625 | ||||||
Uber Technologies, Inc. | 90,000 | 93,544 | ||||||
7.50%, 5/15/25, 144A | 75,000 | 78,825 | ||||||
VeriSign, Inc. | 100,000 | 112,261 | ||||||
|
| |||||||
(Cost $720,871) | 733,568 | |||||||
|
| |||||||
Media — 5.0% | ||||||||
AMC Networks, Inc. | 38,000 | 38,179 | ||||||
5.00%, 4/1/24 | 105,000 | 107,166 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 144A | 42,000 | 42,708 | ||||||
Cengage Learning, Inc., 144A | 51,000 | 34,356 | ||||||
Clear Channel Worldwide Holdings, Inc. | 159,000 | 156,234 | ||||||
CSC Holdings LLC | 83,000 | 87,384 | ||||||
5.875%, 9/15/22 | 54,000 | 57,360 | ||||||
5.25%, 6/1/24 | 62,000 | 67,264 | ||||||
DISH DBS Corp. | 137,000 | 140,562 | ||||||
5.875%, 7/15/22 | 166,000 | 174,466 | ||||||
5.00%, 3/15/23 | 125,000 | 129,531 | ||||||
5.875%, 11/15/24 | 150,000 | 158,766 | ||||||
Entercom Media Corp., 144A | 50,000 | 40,182 | ||||||
Gray Television, Inc., 144A | 50,000 | 51,245 | ||||||
Nexstar Broadcasting, Inc., 144A | 80,000 | 82,284 | ||||||
Quebecor Media, Inc. | 69,000 | 74,182 | ||||||
Sinclair Television Group, Inc., 144A | 55,000 | 55,138 | ||||||
Sirius XM Radio, Inc. | 50,000 | 50,500 | ||||||
4.625%, 7/15/24, 144A | 100,000 | 103,875 | ||||||
Univision Communications, Inc., 144A | 100,000 | 100,875 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Media (Continued) | ||||||||
Videotron Ltd., 144A | $ | 86,000 | $ | 93,888 | ||||
|
| |||||||
(Cost $1,808,606) | 1,846,145 | |||||||
|
| |||||||
Telecommunications — 8.2% | ||||||||
CenturyLink, Inc. | 104,000 | 107,654 | ||||||
Series T, 5.80%, 3/15/22 | 116,000 | 121,432 | ||||||
Series W, 6.75%, 12/1/23 | 62,000 | 68,821 | ||||||
Series Y, 7.50%, 4/1/24 | 83,000 | 94,205 | ||||||
5.625%, 4/1/25 | 42,000 | 45,412 | ||||||
Cincinnati Bell, Inc., 144A | 62,000 | 64,286 | ||||||
CommScope Technologies LLC, 144A | 107,000 | 109,842 | ||||||
CommScope, Inc., 144A | 104,000 | 107,522 | ||||||
Consolidated Communications, Inc. | 37,000 | 36,283 | ||||||
DKT Finance ApS, 144A | 50,000 | 50,562 | ||||||
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 144A | 77,000 | 80,273 | ||||||
GTT Communications, Inc., 144A | 48,000 | 18,235 | ||||||
Hughes Satellite Systems Corp. | 75,000 | 77,906 | ||||||
Level 3 Financing, Inc. | 189,000 | 191,815 | ||||||
Nokia OYJ | 27,000 | 27,894 | ||||||
Qwest Corp. | 51,000 | 54,067 | ||||||
Sprint Communications, Inc. | 83,000 | 92,441 | ||||||
6.00%, 11/15/22 | 189,000 | 205,301 | ||||||
Sprint Corp. | 120,000 | 126,762 | ||||||
7.875%, 9/15/23 | 353,000 | 411,024 | ||||||
7.125%, 6/15/24 | 208,000 | 242,002 | ||||||
7.625%, 2/15/25 | 125,000 | 149,922 | ||||||
Telecom Italia SpA, 144A | 95,000 | 105,021 | ||||||
Telefonaktiebolaget LM Ericsson | 54,000 | 56,744 | ||||||
T-Mobile USA, Inc. | 139,000 | 144,630 | ||||||
6.00%, 4/15/24 | 160,000 | 163,341 | ||||||
VEON Holdings BV, 144A | 120,000 | 121,787 | ||||||
|
| |||||||
(Cost $2,972,871) | 3,075,184 | |||||||
|
| |||||||
Consumer, Cyclical — 24.5% | ||||||||
Airlines — 1.8% | ||||||||
Air Canada, 144A | 33,000 | 33,120 |
Principal | Value | |||||||
Airlines (Continued) | ||||||||
American Airlines Group, Inc., 144A | $ | 105,000 | $ | 68,044 | ||||
American Airlines, Inc., 144A | 200,000 | 192,401 | ||||||
Delta Air Lines, Inc. | 290,000 | 288,410 | ||||||
3.80%, 4/19/23 | 50,000 | 48,068 | ||||||
United Airlines Holdings, Inc. | 33,000 | 30,577 | ||||||
|
| |||||||
(Cost $646,440) | 660,620 | |||||||
|
| |||||||
Apparel — 0.6% | ||||||||
Hanesbrands, Inc., 144A | 200,000 | 210,521 | ||||||
|
| |||||||
Auto Manufacturers — 5.2% | ||||||||
Allison Transmission, Inc., 144A | 50,000 | 50,532 | ||||||
Fiat Chrysler Automobiles NV | 50,000 | 53,094 | ||||||
Ford Motor Co. | 75,000 | 87,866 | ||||||
Ford Motor Credit Co. LLC | 284,000 | 290,444 | ||||||
Series MTN, 3.55%, 10/7/22 | 649,000 | 651,596 | ||||||
4.375%, 8/6/23 | 218,000 | 225,020 | ||||||
3.664%, 9/8/24 | 542,000 | 540,474 | ||||||
Navistar International Corp., 144A | 50,000 | 57,125 | ||||||
|
| |||||||
(Cost $1,815,408) | 1,956,151 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.6% | ||||||||
Adient US LLC, 144A | 100,000 | 111,187 | ||||||
American Axle & Manufacturing, Inc. | 58,000 | 59,940 | ||||||
Clarios Global LP, 144A | 50,000 | 53,652 | ||||||
Dana, Inc. | 80,000 | 81,892 | ||||||
Goodyear Tire & Rubber Co. | 83,000 | 83,364 | ||||||
9.50%, 5/31/25 | 100,000 | 112,460 | ||||||
ZF North America Capital, Inc., 144A | 100,000 | 105,950 | ||||||
|
| |||||||
(Cost $555,869) | 608,445 | |||||||
|
| |||||||
Distribution/Wholesale — 0.5% | ||||||||
Core & Main LP, 144A | 60,000 | 61,806 | ||||||
KAR Auction Services, Inc., 144A | 75,000 | 75,656 | ||||||
Wolverine Escrow LLC, 144A | 44,000 | 34,100 | ||||||
|
| |||||||
(Cost $168,020) | 171,562 | |||||||
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Entertainment — 2.7% | ||||||||
AMC Entertainment Holdings, Inc., 144A | $ | 50,000 | $ | 44,125 | ||||
Caesars Entertainment, Inc., 144A | 300,000 | 318,374 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 144A | 100,000 | 103,375 | ||||||
Cinemark USA, Inc. | 22,000 | 20,680 | ||||||
4.875%, 6/1/23 | 83,000 | 76,559 | ||||||
International Game Technology PLC, 144A | 200,000 | 218,123 | ||||||
Lions Gate Capital Holdings LLC | 46,000 | 47,178 | ||||||
5.875%, 11/1/24, 144A | 50,000 | 50,557 | ||||||
Live Nation Entertainment, Inc., 144A | 48,000 | 47,273 | ||||||
Scientific Games International, Inc., 144A | 40,000 | 41,773 | ||||||
Six Flags Entertainment Corp., 144A | 50,000 | 48,567 | ||||||
|
| |||||||
(Cost $982,698) | 1,016,584 | |||||||
|
| |||||||
Food Service — 0.4% | ||||||||
Aramark Services, Inc., 144A | 160,000 | 167,800 | ||||||
|
| |||||||
Home Builders — 1.2% | ||||||||
KB Home | 29,000 | 30,519 | ||||||
Lennar Corp. | 76,000 | 77,871 | ||||||
4.75%, 11/15/22 | 50,000 | 52,611 | ||||||
4.875%, 12/15/23 | 40,000 | 43,000 | ||||||
4.50%, 4/30/24 | 54,000 | 58,050 | ||||||
5.875%, 11/15/24 | 40,000 | 44,846 | ||||||
Meritage Homes Corp. | 50,000 | 56,818 | ||||||
Toll Brothers Finance Corp. | 40,000 | 41,825 | ||||||
4.375%, 4/15/23 | 56,000 | 58,864 | ||||||
|
| |||||||
(Cost $441,384) | 464,404 | |||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International, Inc. | 24,000 | 24,507 | ||||||
|
| |||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | 130,000 | 137,719 | ||||||
|
| |||||||
Leisure Time — 2.4% | ||||||||
Carnival Corp., 144A | 300,000 | 335,311 | ||||||
NCL Corp. Ltd., 144A | 100,000 | 111,562 |
Principal | Value | |||||||
Leisure Time (Continued) | ||||||||
Royal Caribbean Cruises Ltd. | $ | 50,000 | $ | 44,844 | ||||
10.875%, 6/1/23, 144A | 75,000 | 82,682 | ||||||
9.125%, 6/15/23, 144A | 75,000 | 79,031 | ||||||
11.50%, 6/1/25, 144A | 175,000 | 202,995 | ||||||
Viking Cruises Ltd., 144A | 50,000 | 55,625 | ||||||
|
| |||||||
(Cost $889,118) | 912,050 | |||||||
|
| |||||||
Lodging — 2.7% | ||||||||
Boyd Gaming Corp., 144A | 50,000 | 55,188 | ||||||
Diamond Resorts International, Inc. | 27,000 | 26,544 | ||||||
10.75%, 9/1/24, 144A (a) | 56,000 | 49,764 | ||||||
Hilton Domestic Operating Co., Inc. | 24,000 | 24,207 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 150,000 | 152,047 | ||||||
MGM Resorts International | 128,000 | 136,080 | ||||||
6.00%, 3/15/23 | 104,000 | 109,915 | ||||||
6.75%, 5/1/25 | 50,000 | 53,579 | ||||||
5.75%, 6/15/25 | 50,000 | 53,526 | ||||||
Wyndham Destinations, Inc. | 54,000 | 54,438 | ||||||
3.90%, 3/1/23 | 33,000 | 32,747 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 104,000 | 102,376 | ||||||
5.50%, 3/1/25, 144A | 149,000 | 147,789 | ||||||
|
| |||||||
(Cost $967,451) | 998,200 | |||||||
|
| |||||||
Retail — 4.9% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 125,000 | 127,469 | ||||||
5.75%, 4/15/25, 144A | 42,000 | 44,901 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 74,000 | 65,758 | ||||||
6.75%, 1/15/22 (a) | 39,000 | 34,652 | ||||||
6.75%, 6/15/23 (a) | 42,000 | 36,483 | ||||||
Gap, Inc., 144A | 100,000 | 111,865 | ||||||
Golden Nugget, Inc., 144A | 112,000 | 95,480 | ||||||
Group 1 Automotive, Inc. | 100,000 | 100,000 | ||||||
IRB Holding Corp., 144A | 60,000 | 64,156 | ||||||
L Brands, Inc. | 71,000 | 73,110 | ||||||
5.625%, 10/15/23 | 50,000 | 52,261 | ||||||
9.375%, 7/1/25, 144A | 50,000 | 58,303 | ||||||
Macy’s Retail Holdings LLC | 134,000 | 111,307 | ||||||
Macy’s, Inc., 144A | 100,000 | 104,636 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Retail (Continued) | ||||||||
Penske Automotive Group, Inc. | $ | 101,000 | $ | 101,385 | ||||
PetSmart, Inc. | 181,000 | 182,574 | ||||||
5.875%, 6/1/25, 144A | 100,000 | 103,125 | ||||||
QVC, Inc. | 62,000 | 64,868 | ||||||
4.85%, 4/1/24 | 50,000 | 53,150 | ||||||
4.45%, 2/15/25 | 50,000 | 52,375 | ||||||
Rite Aid Corp., 144A | 76,000 | 77,330 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | 44,000 | 44,577 | ||||||
Yum! Brands, Inc., 144A | 50,000 | 55,875 | ||||||
|
| |||||||
(Cost $1,730,041) | 1,815,640 | |||||||
|
| |||||||
Consumer, Non-cyclical — 14.7% | ||||||||
Agriculture — 0.2% | ||||||||
Vector Group Ltd., 144A | 71,000 | 72,235 | ||||||
|
| |||||||
Commercial Services — 2.9% | ||||||||
ADT Security Corp. | 50,000 | 51,281 | ||||||
4.125%, 6/15/23 | 98,000 | 102,595 | ||||||
APX Group, Inc. | 54,000 | 54,675 | ||||||
7.625%, 9/1/23 | 33,000 | 33,863 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A | 100,000 | 116,359 | ||||||
Gartner, Inc., 144A | 75,000 | 78,173 | ||||||
MPH Acquisition Holdings LLC, 144A | 130,000 | 132,151 | ||||||
Nielsen Co. Luxembourg SARL | 6,000 | 6,024 | ||||||
5.00%, 2/1/25, 144A (a) | 53,000 | 54,193 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 123,000 | 123,240 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 62,000 | 65,882 | ||||||
Sabre GLBL, Inc., 144A | 150,000 | 149,327 | ||||||
ServiceMaster Co. LLC, 144A | 50,000 | 51,130 | ||||||
Team Health Holdings, Inc., 144A | 59,000 | 40,415 | ||||||
WEX, Inc., 144A | 22,000 | 22,236 | ||||||
|
| |||||||
(Cost $1,012,138) | 1,081,544 | |||||||
|
|
Principal | Value | |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Avon Products, Inc. | $ | 38,000 | $ | 39,844 | ||||
Edgewell Personal Care Co. | 42,000 | 44,021 | ||||||
|
| |||||||
(Cost $77,814) | 83,865 | |||||||
|
| |||||||
Food — 1.8% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144A | 68,000 | 69,598 | ||||||
B&G Foods, Inc. | 75,000 | 77,678 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc., 144A | 37,000 | 37,798 | ||||||
Kraft Heinz Foods Co. | 125,000 | 135,878 | ||||||
Lamb Weston Holdings, Inc., 144A | 69,000 | 72,184 | ||||||
Pilgrim’s Pride Corp., 144A | 100,000 | 102,875 | ||||||
TreeHouse Foods, Inc., 144A | 32,000 | 33,048 | ||||||
US Foods, Inc. | 50,000 | 50,875 | ||||||
6.25%, 4/15/25, 144A | 83,000 | 87,884 | ||||||
|
| |||||||
(Cost $657,118) | 667,818 | |||||||
|
| |||||||
Healthcare-Products — 0.3% | ||||||||
Avantor, Inc., 144A | 120,000 | 125,550 | ||||||
|
| |||||||
Healthcare-Services — 5.9% | ||||||||
Acadia Healthcare Co., Inc. | 35,000 | 35,354 | ||||||
Centene Corp. | 50,000 | 51,500 | ||||||
4.75%, 1/15/25 | 50,000 | 51,500 | ||||||
5.25%, 4/1/25, 144A | 166,000 | 172,433 | ||||||
CHS/Community Health Systems, Inc. | 157,000 | 157,589 | ||||||
9.875%, 6/30/23, 144A (a) | 140,000 | 118,110 | ||||||
8.625%, 1/15/24, 144A | 131,000 | 137,141 | ||||||
8.125%, 6/30/24, 144A | 100,000 | 69,811 | ||||||
6.625%, 2/15/25, 144A | 100,000 | 102,490 | ||||||
HCA, Inc. | 66,000 | 72,366 | ||||||
5.375%, 2/1/25 | 249,000 | 280,684 | ||||||
LifePoint Health, Inc., 144A | 50,000 | 54,000 | ||||||
MEDNAX, Inc., 144A | 62,000 | 63,163 | ||||||
Molina Healthcare, Inc. | 58,000 | 60,878 | ||||||
Tenet Healthcare Corp. | 232,000 | 250,734 | ||||||
6.75%, 6/15/23 | 188,000 | 200,878 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
4.625%, 7/15/24 | $ | 155,000 | $ | 158,720 | ||||
4.625%, 9/1/24, 144A | 50,000 | 51,647 | ||||||
5.125%, 5/1/25 | 100,000 | 102,125 | ||||||
|
| |||||||
(Cost $2,116,775) | 2,191,123 | |||||||
|
| |||||||
Household Products/Wares — 0.0% | ||||||||
Prestige Brands, Inc., 144A | 10,000 | 10,349 | ||||||
|
| |||||||
Pharmaceuticals — 3.4% | ||||||||
Bausch Health Cos., Inc. | 166,000 | 172,474 | ||||||
6.125%, 4/15/25, 144A | 270,000 | 278,033 | ||||||
Elanco Animal Health, Inc. | 42,000 | 43,181 | ||||||
5.272%, 8/28/23 | 62,000 | 68,006 | ||||||
Teva Pharmaceutical Finance Co. BV | 51,000 | 51,271 | ||||||
2.95%, 12/18/22 | 70,000 | 68,056 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 122,000 | 122,040 | ||||||
2.80%, 7/21/23 | 175,000 | 168,322 | ||||||
6.00%, 4/15/24 | 100,000 | 105,232 | ||||||
7.125%, 1/31/25, 144A | 170,000 | 184,312 | ||||||
|
| |||||||
(Cost $1,229,860) | 1,260,927 | |||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Stena AB, 144A | 50,000 | 49,914 | ||||||
|
| |||||||
Energy — 12.7% | ||||||||
Coal — 0.1% | ||||||||
Peabody Energy Corp. | 38,000 | 17,789 | ||||||
6.375%, 3/31/25, 144A | 40,000 | 13,525 | ||||||
|
| |||||||
(Cost $57,902) | 31,314 | |||||||
|
| |||||||
Energy-Alternate Sources — 0.1% | ||||||||
TerraForm Power Operating LLC, 144A | 41,000 | 42,542 | ||||||
|
| |||||||
Oil & Gas — 9.2% | ||||||||
Aker BP ASA, 144A | 70,000 | 71,439 | ||||||
Antero Resources Corp. | 141,000 | 137,122 | ||||||
5.125%, 12/1/22 | 111,000 | 95,707 | ||||||
5.625%, 6/1/23 (a) | 62,000 | 49,541 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A | 75,000 | 70,359 | ||||||
Baytex Energy Corp., 144A | 38,000 | 22,653 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Callon Petroleum Co. | $ | 25,000 | $ | 8,922 | ||||
6.125%, 10/1/24 | 25,000 | 8,242 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A | 50,000 | 47,624 | ||||||
Cenovus Energy, Inc. | 63,000 | 62,725 | ||||||
5.375%, 7/15/25 | 75,000 | 76,418 | ||||||
Citgo Holding, Inc., 144A | 100,000 | 99,000 | ||||||
CITGO Petroleum Corp., 144A | 239,000 | 239,147 | ||||||
Comstock Resources, Inc., 144A | 50,000 | 50,125 | ||||||
Continental Resources, Inc. | 91,000 | 90,636 | ||||||
4.50%, 4/15/23 | 115,000 | 116,289 | ||||||
3.80%, 6/1/24 | 104,000 | 102,707 | ||||||
CVR Energy, Inc., 144A | 50,000 | 47,449 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc., 144A | 50,000 | 52,153 | ||||||
EQT Corp. | 50,000 | 49,500 | ||||||
7.875%, 2/1/25 (a) | 96,000 | 110,294 | ||||||
Gulfport Energy Corp. | 50,000 | 29,906 | ||||||
6.375%, 5/15/25 | 50,000 | 29,682 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 144A | 50,000 | 47,557 | ||||||
Laredo Petroleum, Inc. | 55,000 | 39,411 | ||||||
Leviathan Bond Ltd. | 50,000 | 51,934 | ||||||
6.125%, 6/30/25, 144A | 50,000 | 52,160 | ||||||
MEG Energy Corp. | 54,000 | 53,736 | ||||||
6.50%, 1/15/25, 144A | 50,000 | 51,039 | ||||||
Murphy Oil Corp. | 57,000 | 58,021 | ||||||
Nabors Industries, Inc. | 77,000 | 22,418 | ||||||
Occidental Petroleum Corp. | 305,000 | 300,631 | ||||||
2.90%, 8/15/24 | 310,000 | 285,780 | ||||||
Parsley Energy LLC / Parsley Finance Corp., 144A | 60,000 | 61,306 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 75,000 | 82,232 | ||||||
7.25%, 6/15/25 | 50,000 | 47,605 | ||||||
PDC Energy, Inc. | 50,000 | 51,245 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
QEP Resources, Inc. | $ | 46,000 | $ | 40,412 | ||||
5.25%, 5/1/23 | 60,000 | 49,350 | ||||||
Range Resources Corp. | 31,000 | 31,252 | ||||||
5.00%, 3/15/23 (a) | 84,000 | 83,841 | ||||||
4.875%, 5/15/25 | 50,000 | 46,776 | ||||||
SM Energy Co., 144A | 34,000 | 33,656 | ||||||
Southwestern Energy Co. | 83,000 | 83,051 | ||||||
Sunoco LP / Sunoco Finance Corp. | 83,000 | 84,548 | ||||||
WPX Energy, Inc. | 100,000 | 102,261 | ||||||
|
| |||||||
(Cost $3,142,738) | 3,427,862 | |||||||
|
| |||||||
Oil & Gas Services — 0.4% | ||||||||
SESI LLC | 51,000 | 20,017 | ||||||
7.75%, 9/15/24 | 40,000 | 13,900 | ||||||
Weatherford International Ltd., 144A | 174,000 | 118,755 | ||||||
|
| |||||||
(Cost $167,812) | 152,672 | |||||||
|
| |||||||
Pipelines — 2.9% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 54,000 | 49,950 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A | 29,000 | 28,920 | ||||||
Buckeye Partners LP | 50,000 | 50,156 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 112,000 | 110,588 | ||||||
DCP Midstream Operating LP | 73,000 | 74,140 | ||||||
5.375%, 7/15/25 | 60,000 | 64,608 | ||||||
EnLink Midstream Partners LP | 50,000 | 46,406 | ||||||
4.15%, 6/1/25 | 50,000 | 44,630 | ||||||
EQM Midstream Partners LP | 148,000 | 152,107 | ||||||
4.00%, 8/1/24 | 25,000 | 25,164 | ||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | 56,000 | 41,054 | ||||||
NuStar Logistics LP | 24,000 | 24,000 | ||||||
Rockies Express Pipeline LLC, 144A | 25,000 | 24,613 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 27,000 | 26,544 | ||||||
5.50%, 9/15/24, 144A | 82,000 | 80,615 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | $ | 81,000 | $ | 81,720 | ||||
Western Midstream Operating LP | 150,000 | 149,807 | ||||||
|
| |||||||
(Cost $990,663) | 1,075,022 | |||||||
|
| |||||||
Financial — 10.8% | ||||||||
Banks — 1.8% | ||||||||
CIT Group, Inc. | 220,000 | 230,492 | ||||||
5.00%, 8/1/23 | 159,000 | 168,647 | ||||||
Freedom Mortgage Corp., 144A | 81,000 | 83,118 | ||||||
Intesa Sanpaolo SpA, 144A | 165,000 | 178,035 | ||||||
|
| |||||||
(Cost $619,044) | 660,292 | |||||||
|
| |||||||
Diversified Financial Services — 3.0% | ||||||||
Ally Financial, Inc. | 25,000 | 25,047 | ||||||
Credit Acceptance Corp., 144A | 25,000 | 25,810 | ||||||
Navient Corp. | 27,000 | 27,096 | ||||||
5.875%, 3/25/21 | 48,000 | 48,855 | ||||||
6.625%, 7/26/21 | 52,000 | 53,430 | ||||||
Series MTN, 7.25%, 1/25/22 | 62,000 | 65,238 | ||||||
6.50%, 6/15/22 | 54,000 | 56,430 | ||||||
5.50%, 1/25/23 | 100,000 | 103,194 | ||||||
7.25%, 9/25/23 | 95,000 | 100,641 | ||||||
Series MTN, 6.125%, 3/25/24 | 45,000 | 47,165 | ||||||
5.875%, 10/25/24 | 41,000 | 42,281 | ||||||
OneMain Finance Corp. | 35,000 | 36,742 | ||||||
6.125%, 5/15/22 | 79,000 | 83,197 | ||||||
5.625%, 3/15/23 | 72,000 | 76,545 | ||||||
6.125%, 3/15/24 | 107,000 | 116,151 | ||||||
6.875%, 3/15/25 | 103,000 | 115,553 | ||||||
8.875%, 6/1/25 | 50,000 | 56,468 | ||||||
Quicken Loans LLC, 144A | 50,000 | 51,531 | ||||||
|
| |||||||
(Cost $1,057,050) | 1,131,374 | |||||||
|
| |||||||
Insurance — 0.8% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 144A | 117,000 | 123,698 | ||||||
Genworth Holdings, Inc. | 58,000 | 59,468 | ||||||
Radian Group, Inc. | 100,000 | 107,687 | ||||||
|
| |||||||
(Cost $274,314) | 290,853 | |||||||
|
| |||||||
Real Estate — 0.7% | ||||||||
Howard Hughes Corp., 144A | 83,000 | 84,279 | ||||||
Kennedy-Wilson, Inc. | 95,000 | 96,276 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Real Estate (Continued) | ||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | $ | 42,000 | $ | 41,344 | ||||
7.625%, 6/15/25, 144A | 50,000 | 52,669 | ||||||
|
| |||||||
(Cost $266,291) | 274,568 | |||||||
|
| |||||||
Real Estate Investment Trusts — 3.9% | ||||||||
CBL & Associates LP | 35,000 | 14,263 | ||||||
Diversified Healthcare Trust | 75,000 | 83,727 | ||||||
ESH Hospitality, Inc., 144A | 100,000 | 101,648 | ||||||
iStar, Inc. | 33,000 | 33,488 | ||||||
4.75%, 10/1/24 | 64,000 | 63,954 | ||||||
4.25%, 8/1/25 | 50,000 | 48,750 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A | 41,000 | 40,718 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 144A | 75,000 | 78,825 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 50,000 | 54,130 | ||||||
SBA Communications Corp. | 40,000 | 40,359 | ||||||
4.875%, 9/1/24 | 60,000 | 61,707 | ||||||
Service Properties Trust | 150,000 | 150,375 | ||||||
4.35%, 10/1/24 | 50,000 | 47,110 | ||||||
Starwood Property Trust, Inc. | 75,000 | 75,178 | ||||||
5.00%, 12/15/21 | 55,000 | 55,974 | ||||||
4.75%, 3/15/25 | 50,000 | 48,307 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | 50,000 | 48,219 | ||||||
7.875%, 2/15/25, 144A | 187,000 | 197,931 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 46,000 | 46,582 | ||||||
8.25%, 10/15/23 (a) | 92,000 | 90,850 | ||||||
VICI Properties LP / VICI Note Co., Inc., 144A | 50,000 | 50,200 | ||||||
Washington Prime Group LP | 52,000 | 27,306 | ||||||
|
| |||||||
(Cost $1,389,867) | 1,459,601 | |||||||
|
| |||||||
Venture Capital — 0.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 79,000 | 80,064 | ||||||
6.75%, 2/1/24 | 50,000 | 51,682 | ||||||
4.75%, 9/15/24 | 85,000 | 87,896 | ||||||
|
| |||||||
(Cost $208,787) | 219,642 | |||||||
|
|
Principal | Value | |||||||
Industrial — 9.0% | ||||||||
Aerospace/Defense — 2.8% | ||||||||
Bombardier, Inc. | $ | 50,000 | $ | 47,833 | ||||
5.75%, 3/15/22, 144A | 47,000 | 41,995 | ||||||
6.00%, 10/15/22, 144A | 142,000 | 121,410 | ||||||
6.125%, 1/15/23, 144A | 66,000 | 53,526 | ||||||
7.50%, 12/1/24, 144A | 50,000 | 37,625 | ||||||
7.50%, 3/15/25, 144A | 125,000 | 92,031 | ||||||
Howmet Aerospace, Inc. | 37,000 | 39,259 | ||||||
5.125%, 10/1/24 | 104,000 | 111,612 | ||||||
6.875%, 5/1/25 | 100,000 | 113,781 | ||||||
Spirit AeroSystems, Inc., 144A | 100,000 | 101,125 | ||||||
TransDigm, Inc. | 100,000 | 100,744 | ||||||
6.50%, 5/15/25 | 50,000 | 50,500 | ||||||
Triumph Group, Inc. | 50,000 | 52,906 | ||||||
6.25%, 9/15/24, 144A | 44,000 | 35,947 | ||||||
7.75%, 8/15/25 | 50,000 | 29,875 | ||||||
|
| |||||||
(Cost $1,039,909) | 1,030,169 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.3% | ||||||||
WESCO Distribution, Inc., 144A | 115,000 | 126,652 | ||||||
|
| |||||||
Electronics — 0.2% | ||||||||
Sensata Technologies BV | 42,000 | 44,441 | ||||||
5.625%, 11/1/24, 144A | 33,000 | 36,255 | ||||||
|
| |||||||
(Cost $79,122) | 80,696 | |||||||
|
| |||||||
Engineering & Construction — 0.5% | ||||||||
AECOM | 50,000 | 55,818 | ||||||
Brand Industrial Services, Inc., 144A | 75,000 | 72,984 | ||||||
Fluor Corp. | 50,000 | 38,937 | ||||||
|
| |||||||
(Cost $165,809) | 167,739 | |||||||
|
| |||||||
Environmental Control — 0.6% | ||||||||
GFL Environmental, Inc., 144A | 100,000 | 102,062 | ||||||
Stericycle, Inc., 144A | 99,000 | 103,703 | ||||||
|
| |||||||
(Cost $201,998) | 205,765 | |||||||
|
| |||||||
Machinery-Diversified — 0.2% | ||||||||
Maxim Crane Works Holdings Capital LLC, 144A | 45,000 | 45,189 | ||||||
Welbilt, Inc. | 35,000 | 35,635 | ||||||
|
| |||||||
(Cost $69,370) | 80,824 | |||||||
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand, Inc. | $ | 50,000 | $ | 53,682 | ||||
|
| |||||||
Packaging & Containers — 3.1% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A | 188,000 | 196,272 | ||||||
Ball Corp. | 62,000 | 65,948 | ||||||
4.00%, 11/15/23 | 83,000 | 88,395 | ||||||
5.25%, 7/1/25 | 75,000 | 85,152 | ||||||
Berry Global, Inc. | 50,000 | 50,687 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 83,000 | 87,408 | ||||||
Flex Acquisition Co., Inc., 144A | 52,000 | 53,166 | ||||||
Graphic Packaging International LLC | 35,000 | 35,525 | ||||||
Mauser Packaging Solutions Holding Co. | 123,000 | 125,025 | ||||||
7.25%, 4/15/25, 144A | 112,000 | 109,027 | ||||||
Owens-Brockway Glass Container, Inc., 144A | 58,000 | 61,849 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A | 85,000 | 86,356 | ||||||
Sealed Air Corp. | 79,000 | 83,623 | ||||||
5.125%, 12/1/24, 144A | 35,000 | 38,609 | ||||||
|
| |||||||
(Cost $1,115,685) | 1,167,042 | |||||||
|
| |||||||
Transportation — 1.0% | ||||||||
Kenan Advantage Group, Inc., 144A | 34,000 | 32,502 | ||||||
XPO Logistics, Inc. | 200,000 | 201,060 | ||||||
6.75%, 8/15/24, 144A | 130,000 | 138,561 | ||||||
|
| |||||||
(Cost $364,003) | 372,123 | |||||||
|
| |||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress Transportation and Infrastructure Investors LLC, 144A | 58,000 | 57,713 | ||||||
|
| |||||||
Technology — 3.5% | ||||||||
Computers — 1.2% | ||||||||
Dell International LLC / EMC Corp., 144A | 56,000 | 56,053 | ||||||
Dell, Inc. | 33,000 | 33,491 | ||||||
Diebold Nixdorf, Inc. | 33,000 | 31,660 | ||||||
9.375%, 7/15/25, 144A | 50,000 | 54,000 |
Principal | Value | |||||||
Computers (Continued) | ||||||||
EMC Corp. | $ | 83,000 | $ | 85,956 | ||||
NCR Corp., 144A | 40,000 | 44,848 | ||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A | 100,000 | 102,062 | ||||||
Vericast Corp., 144A | 66,000 | 54,218 | ||||||
|
| |||||||
(Cost $453,521) | 462,288 | |||||||
|
| |||||||
Office/Business Equipment — 0.9% | ||||||||
CDW LLC / CDW Finance Corp. | 48,000 | 53,165 | ||||||
Xerox Corp. | 88,000 | 89,937 | ||||||
4.125%, 3/15/23 | 83,000 | 85,448 | ||||||
Xerox Holdings Corp., 144A | 100,000 | 101,187 | ||||||
|
| |||||||
(Cost $324,144) | 329,737 | |||||||
|
| |||||||
Software — 1.4% | ||||||||
CDK Global, Inc. | 42,000 | 47,602 | ||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A | 110,000 | 111,787 | ||||||
PTC, Inc., 144A | 42,000 | 43,260 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 166,000 | 174,300 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd. | 90,000 | 90,441 | ||||||
10.50%, 2/1/24, 144A (a) | 50,000 | 50,120 | ||||||
|
| |||||||
(Cost $486,707) | 517,510 | |||||||
|
| |||||||
Utilities — 1.0% | ||||||||
Electric — 0.7% | ||||||||
NextEra Energy Operating Partners LP | 58,000 | 62,009 | ||||||
4.25%, 9/15/24, 144A | 50,000 | 53,312 | ||||||
Talen Energy Supply LLC | 50,000 | 34,995 | ||||||
TransAlta Corp. | 90,000 | 92,419 | ||||||
|
| |||||||
(Cost $234,785) | 242,735 | |||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 56,000 | 61,313 | ||||||
5.50%, 5/20/25 | 50,000 | 55,031 | ||||||
|
| |||||||
(Cost $111,688) | 116,344 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 36,039,490 | |||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2020
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 4.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 1,815,630 | $ | 1,815,630 | |||||
|
| |||||||
CASH EQUIVALENTS — 4.5% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 1,670,002 | 1,670,002 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 106.1% (Cost $37,985,723) | $ | 39,525,122 | ||||||
Other assets and liabilities, net — (6.1%) | (2,265,397 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 37,259,725 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 4.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
1,835,191 | — | (19,561 | )(d) | — | — | 12,551 | — | 1,815,630 | 1,815,630 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 4.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) |
| |||||||||||||||||||||||||||||||||||
311,842 | 21,393,112 | (20,034,952 | ) | — | — | 5,751 | — | 1,670,002 | 1,670,002 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
2,147,033 | 21,393,112 | (20,054,513 | ) | — | — | 18,302 | — | 3,485,632 | 3,485,632 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 August 31, 2020 amounted to $1,955,484, which is 5.2% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $219,713. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
MTN: | Medium Term Note |
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 August 31, 2020 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 (e) | $ | — | $ | 36,039,490 | $ | — | $ | 36,039,490 | ||||||||
Short-Term Investments (e) | 3,485,632 | — | — | 3,485,632 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,485,632 | $ | 36,039,490 | $ | — | $ | 39,525,122 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF
August 31, 2020
Principal | Value | |||||||
CORPORATE BONDS — 98.4% | ||||||||
Basic Materials — 4.5% | ||||||||
Chemicals — 2.0% | ||||||||
Ashland LLC | $ | 2,235,000 | $ | 2,348,147 | ||||
Avient Corp. | 3,136,000 | 3,409,381 | ||||||
5.75%, 5/15/25, 144A | 3,415,000 | 3,632,706 | ||||||
Axalta Coating Systems LLC, 144A | 2,838,000 | 2,914,583 | ||||||
Blue Cube Spinco LLC | 3,896,000 | 4,033,198 | ||||||
10.00%, 10/15/25 | 2,975,000 | 3,158,572 | ||||||
CF Industries, Inc. | 4,279,000 | 4,462,248 | ||||||
Chemours Co. | 4,650,000 | 4,681,783 | ||||||
7.00%, 5/15/25 (a) | 4,395,000 | 4,487,295 | ||||||
5.375%, 5/15/27 | 2,788,000 | 2,810,457 | ||||||
Consolidated Energy Finance SA | 3,485,000 | 3,234,481 | ||||||
6.50%, 5/15/26, 144A (a) | 1,787,000 | 1,583,389 | ||||||
Element Solutions, Inc. | 4,650,000 | 4,841,813 | ||||||
3.875%, 9/1/28, 144A | 4,500,000 | 4,604,400 | ||||||
Hexion, Inc., 144A | 2,283,000 | 2,294,483 | ||||||
INEOS Group Holdings SA, 144A | 3,140,000 | 3,187,979 | ||||||
Methanex Corp. | 3,815,000 | 3,849,240 | ||||||
Nouryon Holding BV, 144A | 3,684,000 | 3,957,887 | ||||||
NOVA Chemicals Corp. | 2,665,000 | 2,673,301 | ||||||
4.875%, 6/1/24, 144A | 5,712,000 | 5,683,469 | ||||||
5.00%, 5/1/25, 144A | 2,629,000 | 2,635,849 | ||||||
5.25%, 6/1/27, 144A | 6,174,000 | 5,981,062 | ||||||
OCI NV | 3,980,000 | 4,149,150 | ||||||
5.25%, 11/1/24, 144A | 3,560,000 | 3,671,250 | ||||||
Olin Corp. | 2,853,000 | 3,306,356 | ||||||
5.125%, 9/15/27 | 2,903,000 | 2,882,403 | ||||||
5.625%, 8/1/29 | 4,271,000 | 4,276,360 | ||||||
5.00%, 2/1/30 | 3,074,000 | 2,973,526 | ||||||
SPCM SA, 144A | 2,801,000 | 2,918,320 | ||||||
Tronox, Inc. | 2,579,000 | 2,770,813 | ||||||
6.50%, 4/15/26, 144A (a) | 3,257,000 | 3,359,715 | ||||||
Valvoline, Inc. | 2,121,000 | 2,208,693 | ||||||
4.25%, 2/15/30, 144A | 3,794,000 | 4,032,074 | ||||||
WR Grace & Co.-Conn, 144A | 4,018,000 | 4,218,759 | ||||||
|
| |||||||
(Cost $119,793,029) | 121,233,142 | |||||||
|
|
Principal | Value | |||||||
Forest Products & Paper — 0.0% | ||||||||
Mercer International, Inc. | $ | 3,140,000 | $ | 3,234,200 | ||||
|
| |||||||
Iron/Steel — 0.7% | ||||||||
Allegheny Technologies, Inc. | 2,580,000 | 2,717,527 | ||||||
ArcelorMittal SA | 3,965,000 | 4,166,660 | ||||||
6.125%, 6/1/25 | 2,630,000 | 3,039,709 | ||||||
4.55%, 3/11/26 | 3,973,000 | 4,356,705 | ||||||
4.25%, 7/16/29 | 3,101,000 | 3,324,257 | ||||||
Cleveland-Cliffs, Inc. | 2,358,000 | 2,325,330 | ||||||
9.875%, 10/17/25, 144A | 5,102,000 | 5,634,292 | ||||||
6.75%, 3/15/26, 144A | 4,848,000 | 4,957,080 | ||||||
5.875%, 6/1/27 | 3,164,000 | 2,906,925 | ||||||
United States Steel Corp. | 5,952,000 | 6,318,107 | ||||||
6.875%, 8/15/25 (a) | 3,968,000 | 2,916,500 | ||||||
6.25%, 3/15/26 (a) | 3,647,000 | 2,442,451 | ||||||
|
| |||||||
(Cost $44,672,886) | 45,105,543 | |||||||
|
| |||||||
Mining — 1.8% | ||||||||
Alcoa Nederland Holding BV | 4,900,000 | 5,077,649 | ||||||
7.00%, 9/30/26, 144A | 2,856,000 | 3,062,532 | ||||||
5.50%, 12/15/27, 144A | 4,680,000 | 5,045,134 | ||||||
6.125%, 5/15/28, 144A | 2,143,000 | 2,319,187 | ||||||
Arconic Corp. | 4,216,000 | 4,476,865 | ||||||
6.125%, 2/15/28, 144A | 3,505,000 | 3,707,677 | ||||||
Constellium SE | 1,960,000 | 2,006,344 | ||||||
6.625%, 3/1/25, 144A | 3,989,000 | 4,118,244 | ||||||
5.875%, 2/15/26, 144A | 2,598,000 | 2,667,483 | ||||||
FMG Resources August 2006 Pty Ltd. | 4,873,000 | 5,048,306 | ||||||
5.125%, 3/15/23, 144A | 2,782,000 | 2,933,925 | ||||||
5.125%, 5/15/24, 144A (a) | 3,930,000 | 4,254,638 | ||||||
4.50%, 9/15/27, 144A | 3,303,000 | 3,572,822 | ||||||
Freeport-McMoRan, Inc. | 963,000 | 988,929 | ||||||
3.875%, 3/15/23 | 1,042,000 | 1,080,950 | ||||||
4.55%, 11/14/24 | 3,845,000 | 4,156,003 | ||||||
5.00%, 9/1/27 | 5,251,000 | 5,561,570 | ||||||
4.125%, 3/1/28 | 4,533,000 | 4,747,569 | ||||||
4.375%, 8/1/28 | 4,364,000 | 4,601,292 | ||||||
5.25%, 9/1/29 (a) | 3,598,000 | 3,945,891 | ||||||
4.25%, 3/1/30 | 3,580,000 | 3,764,585 | ||||||
4.625%, 8/1/30 (a) | 5,063,000 | 5,420,017 | ||||||
Hudbay Minerals, Inc. | 2,122,000 | 2,156,260 | ||||||
7.625%, 1/15/25, 144A | 2,979,000 | 3,096,492 | ||||||
Joseph T Ryerson & Son, Inc., 144A | 3,006,000 | 3,291,570 | ||||||
Novelis Corp. | 8,406,000 | 8,793,096 | ||||||
4.75%, 1/30/30, 144A | 9,129,000 | 9,270,363 | ||||||
|
| |||||||
(Cost $107,633,844) | 109,165,393 | |||||||
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Communications — 19.2% | ||||||||
Advertising — 0.5% | ||||||||
Lamar Media Corp. | $ | 1,675,000 | $ | 1,699,061 | ||||
5.75%, 2/1/26 | 3,895,000 | 4,068,620 | ||||||
3.75%, 2/15/28, 144A | 3,366,000 | 3,372,311 | ||||||
4.875%, 1/15/29, 144A (a) | 1,593,000 | 1,666,676 | ||||||
4.00%, 2/15/30, 144A | 3,649,000 | 3,735,664 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 2,648,000 | 2,694,618 | ||||||
6.25%, 6/15/25, 144A | 3,046,000 | 3,183,070 | ||||||
5.00%, 8/15/27, 144A | 3,568,000 | 3,510,520 | ||||||
4.625%, 3/15/30, 144A | 2,437,000 | 2,360,844 | ||||||
Terrier Media Buyer, Inc., 144A | 5,740,000 | 5,953,384 | ||||||
|
| |||||||
(Cost $32,244,561) | 32,244,768 | |||||||
|
| |||||||
Internet — 2.0% | ||||||||
Match Group Holdings II LLC | 2,788,000 | 2,982,630 | ||||||
4.625%, 6/1/28, 144A | 2,677,000 | 2,825,319 | ||||||
4.125%, 8/1/30, 144A | 2,588,000 | 2,715,381 | ||||||
Netflix, Inc. | 3,723,000 | 3,927,765 | ||||||
5.75%, 3/1/24 | 2,425,000 | 2,741,923 | ||||||
5.875%, 2/15/25 | 4,189,000 | 4,849,207 | ||||||
3.625%, 6/15/25, 144A | 2,465,000 | 2,606,491 | ||||||
4.375%, 11/15/26 | 5,745,000 | 6,405,215 | ||||||
4.875%, 4/15/28 | 9,052,000 | 10,492,445 | ||||||
5.875%, 11/15/28 | 11,332,000 | 13,901,928 | ||||||
6.375%, 5/15/29 | 3,960,000 | 5,004,450 | ||||||
5.375%, 11/15/29, 144A | 4,975,000 | 5,988,656 | ||||||
4.875%, 6/15/30, 144A | 5,717,000 | 6,614,569 | ||||||
NortonLifeLock, Inc. | 2,241,000 | 2,319,458 | ||||||
5.00%, 4/15/25, 144A | 6,115,000 | 6,275,519 | ||||||
Photo Holdings Merger Sub, Inc., 144A | 4,448,000 | 4,095,630 | ||||||
Twitter, Inc., 144A | 3,919,000 | 4,145,126 | ||||||
Uber Technologies, Inc. | 3,096,000 | 3,217,905 | ||||||
7.50%, 5/15/25, 144A | 5,588,000 | 5,872,988 | ||||||
8.00%, 11/1/26, 144A | 8,449,000 | 8,960,925 | ||||||
7.50%, 9/15/27, 144A | 6,776,000 | 7,112,089 | ||||||
VeriSign, Inc. | 4,235,000 | 4,292,808 | ||||||
5.25%, 4/1/25 | 2,602,000 | 2,921,018 | ||||||
4.75%, 7/15/27 | 3,244,000 | 3,462,046 | ||||||
|
| |||||||
(Cost $120,131,161) | 123,731,491 | |||||||
|
| |||||||
Media — 9.3% | ||||||||
Altice Financing SA | 14,826,000 | 15,840,654 | ||||||
5.00%, 1/15/28, 144A | 7,067,000 | 7,268,586 | ||||||
AMC Networks, Inc. | 1,834,000 | 1,842,666 |
Principal | Value | |||||||
Media (Continued) | ||||||||
5.00%, 4/1/24 | $ | 5,417,000 | $ | 5,528,726 | ||||
4.75%, 8/1/25 | 4,794,000 | 4,969,005 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 2,873,000 | 2,921,453 | ||||||
5.375%, 5/1/25, 144A | 3,642,000 | 3,753,536 | ||||||
5.75%, 2/15/26, 144A | 14,827,000 | 15,558,119 | ||||||
5.50%, 5/1/26, 144A | 8,811,000 | 9,219,874 | ||||||
5.125%, 5/1/27, 144A | 17,837,000 | 19,020,574 | ||||||
5.875%, 5/1/27, 144A | 4,500,000 | 4,735,125 | ||||||
5.00%, 2/1/28, 144A | 13,673,000 | 14,472,871 | ||||||
5.375%, 6/1/29, 144A | 8,396,000 | 9,224,181 | ||||||
4.75%, 3/1/30, 144A | 17,100,000 | 18,392,760 | ||||||
4.50%, 8/15/30, 144A | 14,611,000 | 15,524,261 | ||||||
4.25%, 2/1/31, 144A | 17,492,000 | 18,320,329 | ||||||
4.50%, 5/1/32, 144A | 7,923,000 | 8,407,412 | ||||||
Cengage Learning, Inc., 144A | 3,546,000 | 2,388,745 | ||||||
Clear Channel Worldwide Holdings, Inc. | 10,642,000 | 10,456,882 | ||||||
5.125%, 8/15/27, 144A | 6,824,000 | 6,902,817 | ||||||
CSC Holdings LLC | 5,447,000 | 5,734,683 | ||||||
5.875%, 9/15/22 | 4,069,000 | 4,322,194 | ||||||
5.25%, 6/1/24 | 4,209,000 | 4,566,344 | ||||||
5.50%, 5/15/26, 144A | 8,083,000 | 8,488,847 | ||||||
5.50%, 4/15/27, 144A | 6,861,000 | 7,323,843 | ||||||
5.375%, 2/1/28, 144A | 5,732,000 | 6,129,686 | ||||||
7.50%, 4/1/28, 144A | 6,077,000 | 6,829,849 | ||||||
6.50%, 2/1/29, 144A | 9,479,000 | 10,681,648 | ||||||
5.75%, 1/15/30, 144A | 12,599,000 | 13,748,722 | ||||||
4.125%, 12/1/30, 144A | 6,498,000 | 6,751,422 | ||||||
4.625%, 12/1/30, 144A | 12,658,000 | 12,989,450 | ||||||
3.375%, 2/15/31, 144A | 5,616,000 | 5,553,775 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co. | 16,628,000 | 13,009,997 | ||||||
6.625%, 8/15/27, 144A | 9,765,000 | 5,505,019 | ||||||
DISH DBS Corp. | 11,672,000 | 12,267,272 | ||||||
5.00%, 3/15/23 | 8,230,000 | 8,528,338 | ||||||
5.875%, 11/15/24 | 10,034,000 | 10,620,362 | ||||||
7.75%, 7/1/26 | 11,195,000 | 12,832,437 | ||||||
7.375%, 7/1/28, 144A | 6,293,000 | 6,684,267 | ||||||
Entercom Media Corp. | 2,422,000 | 1,946,428 | ||||||
6.50%, 5/1/27, 144A | 2,252,000 | 1,927,847 | ||||||
Gray Television, Inc. | 3,017,000 | 3,092,108 | ||||||
5.875%, 7/15/26, 144A | 4,300,000 | 4,469,850 | ||||||
7.00%, 5/15/27, 144A | 3,885,000 | 4,225,132 | ||||||
iHeartCommunications, Inc. | 4,588,215 | 4,804,962 | ||||||
8.375%, 5/1/27 | 8,118,141 | 8,234,352 | ||||||
5.25%, 8/15/27, 144A | 4,203,000 | 4,189,088 | ||||||
4.75%, 1/15/28, 144A | 2,647,000 | 2,531,564 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Media (Continued) | ||||||||
LCPR Senior Secured Financing DAC, 144A | $ | 6,488,000 | $ | 6,966,490 | ||||
Meredith Corp. | 7,128,000 | 6,207,152 | ||||||
Nexstar Broadcasting, Inc. | 5,113,000 | 5,258,951 | ||||||
5.625%, 7/15/27, 144A | 10,157,000 | 10,731,531 | ||||||
Quebecor Media, Inc. | 5,515,000 | 5,929,204 | ||||||
Sinclair Television Group, Inc. | 3,294,000 | 3,302,251 | ||||||
5.125%, 2/15/27, 144A | 2,644,000 | 2,577,900 | ||||||
5.50%, 3/1/30, 144A | 2,800,000 | 2,740,892 | ||||||
Sirius XM Radio, Inc. | 4,869,000 | 4,917,690 | ||||||
4.625%, 7/15/24, 144A | 7,893,000 | 8,198,854 | ||||||
5.375%, 7/15/26, 144A | 6,355,000 | 6,668,333 | ||||||
5.00%, 8/1/27, 144A | 8,772,000 | 9,317,136 | ||||||
5.50%, 7/1/29, 144A | 6,770,000 | 7,450,182 | ||||||
4.125%, 7/1/30, 144A | 8,551,000 | 9,011,471 | ||||||
TEGNA, Inc. | 5,522,000 | 5,591,025 | ||||||
5.00%, 9/15/29, 144A | 6,366,000 | 6,409,289 | ||||||
Telenet Finance Luxembourg Notes SARL, 144A | 4,800,000 | 5,126,400 | ||||||
Univision Communications, Inc. | 8,139,000 | 8,210,216 | ||||||
6.625%, 6/1/27, 144A | 8,194,000 | 8,235,626 | ||||||
UPC Holding BV, 144A | 3,037,000 | 3,177,173 | ||||||
Videotron Ltd. | 4,160,000 | 4,381,832 | ||||||
5.375%, 6/15/24, 144A | 2,742,000 | 2,993,496 | ||||||
5.125%, 4/15/27, 144A | 4,229,000 | 4,484,453 | ||||||
Virgin Media Finance PLC, 144A | 4,913,000 | 5,066,900 | ||||||
Virgin Media Secured Finance PLC | 4,985,000 | 5,265,406 | ||||||
5.50%, 5/15/29, 144A | 8,029,000 | 8,694,122 | ||||||
4.50%, 8/15/30, 144A | 3,979,000 | 4,181,929 | ||||||
Ziggo Bond Co. BV | 3,547,000 | 3,743,522 | ||||||
5.125%, 2/28/30, 144A | 2,856,000 | 3,030,930 | ||||||
Ziggo BV | 10,121,000 | 10,655,945 | ||||||
4.875%, 1/15/30, 144A | 3,830,000 | 4,071,252 | ||||||
|
| |||||||
(Cost $575,815,862) | 575,335,615 | |||||||
|
| |||||||
Telecommunications — 7.4% | ||||||||
Altice France Holding SA | 9,304,000 | 10,682,155 | ||||||
6.00%, 2/15/28, 144A | 6,846,000 | 6,858,699 | ||||||
Altice France SA | 28,693,000 | 30,492,051 | ||||||
8.125%, 2/1/27, 144A | 10,030,000 | 11,194,934 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
5.50%, 1/15/28, 144A | $ | 5,958,000 | $ | 6,267,071 | ||||
C&W Senior Financing DAC | 2,607,000 | 2,790,546 | ||||||
6.875%, 9/15/27, 144A | 6,830,000 | 7,169,280 | ||||||
CenturyLink, Inc. | 8,014,000 | 8,389,256 | ||||||
Series W, 6.75%, 12/1/23 | 3,830,000 | 4,251,338 | ||||||
Series Y, 7.50%, 4/1/24 | 5,769,000 | 6,547,815 | ||||||
5.625%, 4/1/25 | 2,498,000 | 2,700,963 | ||||||
5.125%, 12/15/26, 144A | 7,434,000 | 7,720,060 | ||||||
4.00%, 2/15/27, 144A | 7,004,000 | 7,122,087 | ||||||
Cincinnati Bell, Inc., 144A | 3,668,000 | 3,803,221 | ||||||
CommScope Technologies LLC | 7,379,000 | 7,574,986 | ||||||
5.00%, 3/15/27, 144A | 3,816,000 | 3,797,321 | ||||||
CommScope, Inc. | 6,668,000 | 6,893,812 | ||||||
6.00%, 3/1/26, 144A | 8,212,000 | 8,736,049 | ||||||
8.25%, 3/1/27, 144A (a) | 5,786,000 | 6,263,027 | ||||||
7.125%, 7/1/28, 144A | 4,828,000 | 5,159,112 | ||||||
Connect Finco SARL / Connect US Finco LLC, 144A | 11,656,000 | 12,045,893 | ||||||
Consolidated Communications, Inc. | 2,406,000 | 2,359,384 | ||||||
DKT Finance ApS, 144A | 2,276,000 | 2,301,605 | ||||||
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 144A | 5,051,000 | 5,265,668 | ||||||
GTT Communications, Inc., 144A | 3,289,000 | 1,249,458 | ||||||
Hughes Satellite Systems Corp. | 3,916,000 | 4,292,171 | ||||||
6.625%, 8/1/26 | 4,187,000 | 4,756,683 | ||||||
Intrado Corp., 144A | 6,507,000 | 5,781,063 | ||||||
Level 3 Financing, Inc. | 6,330,000 | 6,424,285 | ||||||
5.375%, 5/1/25 | 2,650,000 | 2,735,595 | ||||||
5.25%, 3/15/26 | 5,573,000 | 5,817,376 | ||||||
4.625%, 9/15/27, 144A | 5,922,000 | 6,213,925 | ||||||
4.25%, 7/1/28, 144A | 7,208,000 | 7,426,042 | ||||||
3.625%, 1/15/29, 144A | 3,800,000 | 3,821,755 | ||||||
Metropolitan Light Co. Ltd., 144A | 3,051,000 | 3,122,749 | ||||||
Nokia OYJ | 3,079,000 | 3,180,961 | ||||||
4.375%, 6/12/27 | 2,697,000 | 2,956,923 | ||||||
Qwest Corp. | 5,361,000 | 5,683,390 | ||||||
Sable International Finance Ltd., 144A | 3,207,000 | 3,390,312 | ||||||
Sprint Communications, Inc. | 5,682,000 | 6,328,328 | ||||||
6.00%, 11/15/22 | 13,633,000 | 14,808,846 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Sprint Corp. | $ | 12,807,000 | $ | 13,528,675 | ||||
7.875%, 9/15/23 | 24,095,000 | 28,055,616 | ||||||
7.125%, 6/15/24 | 13,573,000 | 15,791,778 | ||||||
7.625%, 2/15/25 | 8,014,000 | 9,611,791 | ||||||
7.625%, 3/1/26 | 8,521,000 | 10,492,163 | ||||||
Telecom Italia SpA, 144A | 8,401,000 | 9,287,180 | ||||||
Telefonaktiebolaget LM Ericsson | 5,930,000 | 6,231,333 | ||||||
T-Mobile USA, Inc. | 1,983,000 | 2,063,321 | ||||||
6.00%, 3/1/23 | 4,887,000 | 4,899,218 | ||||||
6.00%, 4/15/24 | 6,637,000 | 6,775,581 | ||||||
6.375%, 3/1/25 | 6,428,000 | 6,564,595 | ||||||
5.125%, 4/15/25 | 3,721,000 | 3,826,081 | ||||||
6.50%, 1/15/26 | 10,542,000 | 11,049,334 | ||||||
4.50%, 2/1/26 | 6,962,000 | 7,192,512 | ||||||
5.375%, 4/15/27 | 3,605,000 | 3,894,860 | ||||||
4.75%, 2/1/28 | 8,105,000 | 8,743,269 | ||||||
VEON Holdings BV | 2,243,000 | 2,427,677 | ||||||
5.95%, 2/13/23, 144A | 2,592,000 | 2,833,380 | ||||||
7.25%, 4/26/23, 144A | 3,403,000 | 3,789,441 | ||||||
4.95%, 6/16/24, 144A | 2,602,000 | 2,822,012 | ||||||
4.00%, 4/9/25, 144A | 6,455,000 | 6,723,302 | ||||||
ViaSat, Inc. | 3,934,000 | 3,953,690 | ||||||
5.625%, 4/15/27, 144A | 3,584,000 | 3,807,337 | ||||||
6.50%, 7/15/28, 144A | 2,136,000 | 2,214,060 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A | 7,800,000 | 7,829,250 | ||||||
Zayo Group Holdings, Inc. | 8,568,000 | 8,482,791 | ||||||
6.125%, 3/1/28, 144A | 5,739,000 | 5,936,536 | ||||||
|
| |||||||
(Cost $457,153,098) | 463,202,978 | |||||||
|
| |||||||
Consumer, Cyclical — 20.1% | ||||||||
Airlines — 0.7% | ||||||||
American Airlines Group, Inc. | 4,684,000 | 3,035,419 | ||||||
3.75%, 3/1/25, 144A | 3,599,000 | 1,724,713 | ||||||
American Airlines, Inc., 144A | 12,982,000 | 12,488,749 | ||||||
Delta Air Lines, Inc. | 4,929,000 | 4,901,974 | ||||||
3.80%, 4/19/23 | 3,471,000 | 3,336,901 | ||||||
2.90%, 10/28/24 | 5,043,000 | 4,633,661 | ||||||
7.375%, 1/15/26 | 7,005,000 | 7,299,279 | ||||||
4.375%, 4/19/28 | 2,660,000 | 2,492,312 | ||||||
3.75%, 10/28/29 | 3,362,000 | 3,003,787 | ||||||
United Airlines Holdings, Inc. | 2,114,000 | 1,958,758 | ||||||
|
| |||||||
(Cost $43,724,821) | 44,875,553 | |||||||
|
|
Principal | Value | |||||||
Apparel — 0.5% | ||||||||
Hanesbrands, Inc. | $ | 5,576,000 | $ | 5,869,325 | ||||
5.375%, 5/15/25, 144A | 3,957,000 | 4,225,087 | ||||||
4.875%, 5/15/26, 144A | 4,929,000 | 5,375,592 | ||||||
Levi Strauss & Co. | 5,392,000 | 5,532,974 | ||||||
Michael Kors USA, Inc., 144A | 2,330,000 | 2,248,450 | ||||||
Under Armour, Inc. | 3,582,000 | 3,367,080 | ||||||
William Carter Co. | 2,889,000 | 3,101,717 | ||||||
5.625%, 3/15/27, 144A | 3,114,000 | 3,278,746 | ||||||
|
| |||||||
(Cost $32,311,180) | 32,998,971 | |||||||
|
| |||||||
Auto Manufacturers — 4.2% | ||||||||
Allison Transmission, Inc. | 5,603,000 | 5,662,616 | ||||||
4.75%, 10/1/27, 144A | 2,388,000 | 2,503,961 | ||||||
5.875%, 6/1/29, 144A | 2,941,000 | 3,224,409 | ||||||
Fiat Chrysler Automobiles NV | 8,191,000 | 8,697,818 | ||||||
Ford Motor Co. | 18,744,000 | 20,749,608 | ||||||
9.00%, 4/22/25 | 19,873,000 | 23,282,213 | ||||||
4.346%, 12/8/26 | 8,123,000 | 8,155,005 | ||||||
9.625%, 4/22/30 | 5,787,000 | 7,594,743 | ||||||
Ford Motor Credit Co. LLC | 7,523,000 | 7,748,464 | ||||||
3.219%, 1/9/22 | 4,850,000 | 4,843,404 | ||||||
3.339%, 3/28/22 | 4,601,000 | 4,628,836 | ||||||
2.979%, 8/3/22 | 4,683,000 | 4,668,366 | ||||||
4.25%, 9/20/22 | 5,636,000 | 5,734,010 | ||||||
Series MTN, 3.55%, 10/7/22 | 3,594,000 | 3,608,376 | ||||||
3.35%, 11/1/22 | 7,178,000 | 7,177,210 | ||||||
3.087%, 1/9/23 | 8,433,000 | 8,399,184 | ||||||
4.14%, 2/15/23 | 6,659,000 | 6,823,477 | ||||||
3.096%, 5/4/23 | 6,005,000 | 5,983,982 | ||||||
4.375%, 8/6/23 | 5,593,000 | 5,773,095 | ||||||
3.37%, 11/17/23 | 1,500,000 | 1,510,627 | ||||||
3.81%, 1/9/24 | 6,460,000 | 6,496,338 | ||||||
5.584%, 3/18/24 | 8,012,000 | 8,552,810 | ||||||
3.664%, 9/8/24 | 4,734,000 | 4,720,674 | ||||||
4.063%, 11/1/24 | 7,821,000 | 7,947,661 | ||||||
4.687%, 6/9/25 | 5,102,000 | 5,254,499 | ||||||
5.125%, 6/16/25 | 8,412,000 | 8,851,443 | ||||||
4.134%, 8/4/25 | 7,778,000 | 7,817,668 | ||||||
Series GMTN, 4.389%, 1/8/26 | 7,231,000 | 7,366,437 | ||||||
4.542%, 8/1/26 | 4,883,000 | 4,989,816 | ||||||
4.271%, 1/9/27 | 4,615,000 | 4,661,150 | ||||||
4.125%, 8/17/27 | 5,800,000 | 5,795,273 | ||||||
3.815%, 11/2/27 | 4,933,000 | 4,834,340 | ||||||
5.113%, 5/3/29 | 8,627,000 | 9,129,523 | ||||||
Jaguar Land Rover Automotive PLC | 2,842,000 | 2,751,383 | ||||||
4.50%, 10/1/27, 144A (a) | 2,911,000 | 2,453,696 | ||||||
Navistar International Corp. | 3,359,000 | 3,837,658 | ||||||
6.625%, 11/1/25, 144A | 6,277,000 | 6,423,285 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Auto Manufacturers (Continued) | ||||||||
Tesla, Inc., 144A | $ | 9,357,000 | $ | 9,732,496 | ||||
|
| |||||||
(Cost $245,192,522) | 258,385,554 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.3% | ||||||||
Adient Global Holdings Ltd., 144A | 5,099,000 | 4,789,873 | ||||||
Adient US LLC, 144A | 3,374,000 | 3,751,466 | ||||||
American Axle & Manufacturing, Inc. | 3,991,000 | 4,124,519 | ||||||
6.25%, 3/15/26 | 2,195,000 | 2,245,019 | ||||||
6.50%, 4/1/27 | 2,728,000 | 2,808,135 | ||||||
6.875%, 7/1/28 | 2,306,000 | 2,406,034 | ||||||
Clarios Global LP, 144A | 3,168,000 | 3,399,391 | ||||||
Clarios Global LP / Clarios US Finance Co. | 6,171,000 | 6,556,687 | ||||||
8.50%, 5/15/27, 144A | 10,352,000 | 11,008,705 | ||||||
Dana, Inc. | 2,343,000 | 2,398,400 | ||||||
5.375%, 11/15/27 | 1,582,000 | 1,665,055 | ||||||
5.625%, 6/15/28 | 2,709,000 | 2,855,652 | ||||||
Goodyear Tire & Rubber Co. | 5,696,000 | 5,720,977 | ||||||
9.50%, 5/31/25 | 4,863,000 | 5,468,905 | ||||||
5.00%, 5/31/26 | 4,625,000 | 4,648,125 | ||||||
4.875%, 3/15/27 (a) | 3,923,000 | 3,928,002 | ||||||
Meritor, Inc. | 2,719,000 | 2,766,868 | ||||||
Tenneco, Inc. | 2,411,000 | 1,773,664 | ||||||
ZF North America Capital, Inc. | 3,185,000 | 3,306,428 | ||||||
4.75%, 4/29/25, 144A | 6,177,000 | 6,544,532 | ||||||
|
| |||||||
(Cost $80,859,662) | 82,166,437 | |||||||
|
| |||||||
Distribution/Wholesale — 0.6% | ||||||||
American Builders & Contractors Supply Co., Inc. | 3,443,000 | 3,614,513 | ||||||
4.00%, 1/15/28, 144A | 3,836,000 | 3,954,187 | ||||||
Core & Main LP, 144A | 4,223,000 | 4,350,070 | ||||||
HD Supply, Inc., 144A | 3,840,000 | 4,048,858 | ||||||
KAR Auction Services, Inc., 144A | 5,199,000 | 5,244,491 | ||||||
Performance Food Group, Inc., 144A | 5,954,000 | 6,217,941 | ||||||
Wolverine Escrow LLC | 3,737,000 | 2,896,175 | ||||||
9.00%, 11/15/26, 144A | 4,521,000 | 3,492,472 | ||||||
13.125%, 11/15/27, 144A | 3,366,000 | 2,347,785 | ||||||
|
| |||||||
(Cost $37,444,007) | 36,166,492 | |||||||
|
|
Principal | Value | |||||||
Entertainment — 2.8% | ||||||||
AMC Entertainment Holdings, Inc., 144A | $ | 2,470,000 | $ | 2,179,775 | ||||
Caesars Entertainment, Inc. | 18,838,000 | 19,991,733 | ||||||
8.125%, 7/1/27, 144A | 10,749,000 | 11,407,967 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc. | 5,820,000 | 6,103,725 | ||||||
5.25%, 10/15/25, 144A | 8,918,000 | 8,549,553 | ||||||
Cedar Fair LP | 2,698,000 | 2,619,245 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | 5,780,000 | 5,975,075 | ||||||
5.375%, 4/15/27 | 2,976,000 | 2,969,468 | ||||||
Churchill Downs, Inc. | 3,794,000 | 3,992,483 | ||||||
4.75%, 1/15/28, 144A | 2,759,000 | 2,820,567 | ||||||
Cinemark USA, Inc. | 2,188,000 | 2,056,720 | ||||||
4.875%, 6/1/23 | 4,181,000 | 3,856,554 | ||||||
Cirsa Finance International SARL, 144A | 2,773,000 | 2,523,430 | ||||||
International Game Technology PLC | 5,627,000 | 5,794,094 | ||||||
6.50%, 2/15/25, 144A | 6,118,000 | 6,672,383 | ||||||
6.25%, 1/15/27, 144A | 4,332,000 | 4,756,601 | ||||||
5.25%, 1/15/29, 144A | 4,053,000 | 4,160,830 | ||||||
Lions Gate Capital Holdings LLC | 3,116,000 | 3,195,816 | ||||||
5.875%, 11/1/24, 144A | 3,519,000 | 3,558,219 | ||||||
Live Nation Entertainment, Inc. | 2,887,000 | 2,843,262 | ||||||
6.50%, 5/15/27, 144A | 6,366,000 | 6,947,089 | ||||||
4.75%, 10/15/27, 144A | 5,777,000 | 5,464,667 | ||||||
Merlin Entertainments Ltd., 144A | 2,186,000 | 2,106,342 | ||||||
Scientific Games International, Inc. | 3,248,000 | 3,391,984 | ||||||
5.00%, 10/15/25, 144A | 6,640,000 | 6,572,106 | ||||||
8.25%, 3/15/26, 144A | 6,696,000 | 6,874,817 | ||||||
7.00%, 5/15/28, 144A | 3,736,000 | 3,668,416 | ||||||
7.25%, 11/15/29, 144A | 2,589,000 | 2,561,013 | ||||||
Six Flags Entertainment Corp. | 5,653,000 | 5,490,929 | ||||||
5.50%, 4/15/27, 144A (a) | 2,524,000 | 2,464,055 | ||||||
Six Flags Theme Parks, Inc., 144A | 4,382,000 | 4,750,943 | ||||||
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 144A | 5,174,000 | 5,507,076 | ||||||
WMG Acquisition Corp. | 2,761,000 | 2,889,676 | ||||||
3.00%, 2/15/31, 144A | 3,230,000 | 3,221,893 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | $ | 4,197,000 | $ | 4,411,949 | ||||
5.125%, 10/1/29, 144A | 4,189,000 | 4,089,511 | ||||||
|
| |||||||
(Cost $175,920,930) | 176,439,966 | |||||||
|
| |||||||
Food Service — 0.4% | ||||||||
Aramark Services, Inc. | 3,287,000 | 3,329,780 | ||||||
6.375%, 5/1/25, 144A | 8,828,000 | 9,258,365 | ||||||
4.75%, 6/1/26 | 2,713,000 | 2,705,119 | ||||||
5.00%, 2/1/28, 144A (a) | 6,423,000 | 6,401,451 | ||||||
|
| |||||||
(Cost $21,818,462) | 21,694,715 | |||||||
|
| |||||||
Home Builders — 1.2% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. | 3,447,000 | 3,498,067 | ||||||
4.875%, 2/15/30, 144A | 2,586,000 | 2,425,177 | ||||||
KB Home | 2,466,000 | 2,595,157 | ||||||
Lennar Corp. | 3,632,000 | 3,721,438 | ||||||
4.75%, 11/15/22 | 3,132,000 | 3,295,569 | ||||||
4.875%, 12/15/23 | 1,595,000 | 1,714,625 | ||||||
4.50%, 4/30/24 | 3,346,000 | 3,596,967 | ||||||
5.875%, 11/15/24 | 2,976,000 | 3,336,527 | ||||||
4.75%, 5/30/25 | 2,428,000 | 2,664,985 | ||||||
4.75%, 11/29/27 | 5,571,000 | 6,357,904 | ||||||
Mattamy Group Corp. | 2,215,000 | 2,321,597 | ||||||
4.625%, 3/1/30, 144A | 3,266,000 | 3,345,102 | ||||||
Meritage Homes Corp. | 2,286,000 | 2,597,708 | ||||||
PulteGroup, Inc. | 4,038,000 | 4,615,050 | ||||||
5.00%, 1/15/27 | 3,098,000 | 3,539,465 | ||||||
Taylor Morrison Communities, Inc. | 2,579,000 | 2,894,360 | ||||||
5.75%, 1/15/28, 144A | 2,483,000 | 2,794,194 | ||||||
5.125%, 8/1/30, 144A | 3,059,000 | 3,329,569 | ||||||
Toll Brothers Finance Corp. | 2,138,000 | 2,235,546 | ||||||
4.375%, 4/15/23 | 3,506,000 | 3,685,314 | ||||||
4.875%, 3/15/27 | 1,882,000 | 2,123,950 | ||||||
4.35%, 2/15/28 | 2,414,000 | 2,621,749 | ||||||
3.80%, 11/1/29 | 2,376,000 | 2,512,691 | ||||||
|
| |||||||
(Cost $70,114,340) | 71,822,711 | |||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International, Inc. | 2,522,000 | 2,575,328 | ||||||
5.50%, 6/15/26 | 3,553,000 | 3,725,551 | ||||||
|
| |||||||
(Cost $6,248,443) | 6,300,879 | |||||||
|
| |||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | 8,511,000 | 9,016,341 |
Principal | Value | |||||||
Housewares (Continued) | ||||||||
4.875%, 6/1/25 (a) | $ | 3,290,000 | $ | 3,568,893 | ||||
4.70%, 4/1/26 | 10,829,000 | 11,683,733 | ||||||
Scotts Miracle-Gro Co. | 1,653,000 | 1,773,826 | ||||||
|
| |||||||
(Cost $25,399,035) | 26,042,793 | |||||||
|
| |||||||
Leisure Time — 1.4% | ||||||||
Carnival Corp. | 22,526,000 | 25,177,423 | ||||||
10.50%, 2/1/26, 144A | 4,304,000 | 4,529,960 | ||||||
9.875%, 8/1/27, 144A | 5,000,000 | 5,052,850 | ||||||
NCL Corp. Ltd. | 3,953,000 | 4,410,066 | ||||||
3.625%, 12/15/24, 144A | 2,754,000 | 1,891,654 | ||||||
10.25%, 2/1/26, 144A | 4,175,000 | 4,211,531 | ||||||
Royal Caribbean Cruises Ltd. | 3,731,000 | 3,346,241 | ||||||
10.875%, 6/1/23, 144A | 6,000,000 | 6,614,526 | ||||||
9.125%, 6/15/23, 144A | 6,040,000 | 6,364,650 | ||||||
11.50%, 6/1/25, 144A | 13,500,000 | 15,659,586 | ||||||
3.70%, 3/15/28 | 2,111,000 | 1,599,082 | ||||||
Viking Cruises Ltd. | 3,922,000 | 4,363,225 | ||||||
5.875%, 9/15/27, 144A | 4,744,000 | 3,377,135 | ||||||
|
| |||||||
(Cost $86,152,187) | 86,597,929 | |||||||
|
| |||||||
Lodging — 2.5% | ||||||||
Boyd Gaming Corp. | 3,160,000 | 3,487,850 | ||||||
6.375%, 4/1/26 | 4,169,000 | 4,352,019 | ||||||
6.00%, 8/15/26 | 4,117,000 | 4,307,164 | ||||||
4.75%, 12/1/27 | 5,643,000 | 5,627,143 | ||||||
Diamond Resorts International, Inc. | 2,210,000 | 2,172,684 | ||||||
10.75%, 9/1/24, 144A (a) | 3,694,000 | 3,282,655 | ||||||
Hilton Domestic Operating Co., Inc. | 5,471,000 | 5,518,297 | ||||||
5.375%, 5/1/25, 144A | 3,357,000 | 3,522,500 | ||||||
5.125%, 5/1/26 | 8,582,000 | 8,870,012 | ||||||
5.75%, 5/1/28, 144A | 3,118,000 | 3,297,285 | ||||||
4.875%, 1/15/30 | 5,229,000 | 5,397,269 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 5,440,000 | 5,514,229 | ||||||
4.875%, 4/1/27 | 3,033,000 | 3,115,846 | ||||||
Marriott Ownership Resorts, Inc., 144A | 3,008,000 | 3,209,160 | ||||||
Melco Resorts Finance Ltd. | 5,429,000 | 5,625,768 | ||||||
5.25%, 4/26/26, 144A | 2,340,000 | 2,418,308 | ||||||
5.625%, 7/17/27, 144A | 4,207,000 | 4,374,257 | ||||||
5.75%, 7/21/28, 144A | 4,671,000 | 4,885,037 | ||||||
5.375%, 12/4/29, 144A | 4,922,000 | 5,069,660 | ||||||
MGM Resorts International | 4,712,000 | 5,009,445 | ||||||
6.00%, 3/15/23 | 6,929,000 | 7,323,087 | ||||||
6.75%, 5/1/25 | 4,627,000 | 4,958,178 | ||||||
5.75%, 6/15/25 | 3,918,000 | 4,194,278 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Lodging (Continued) | ||||||||
4.625%, 9/1/26 | $ | 2,457,000 | $ | 2,507,135 | ||||
5.50%, 4/15/27 | 4,839,000 | 5,124,041 | ||||||
Station Casinos LLC | 2,792,000 | 2,764,094 | ||||||
4.50%, 2/15/28, 144A | 4,011,000 | 3,822,884 | ||||||
Wyndham Destinations, Inc. | 3,281,000 | 3,307,625 | ||||||
3.90%, 3/1/23 | 2,157,000 | 2,140,488 | ||||||
6.625%, 7/31/26, 144A | 3,953,000 | 4,195,121 | ||||||
5.75%, 4/1/27 | 2,336,000 | 2,402,716 | ||||||
Wyndham Hotels & Resorts, Inc. | 2,500,000 | 2,598,438 | ||||||
4.375%, 8/15/28, 144A | 2,800,000 | 2,826,810 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 2,553,000 | 2,513,135 | ||||||
5.50%, 3/1/25, 144A | 9,622,000 | 9,543,821 | ||||||
5.25%, 5/15/27, 144A | 4,780,000 | 4,664,683 | ||||||
|
| |||||||
(Cost $153,177,678) | 153,943,122 | |||||||
|
| |||||||
Retail — 3.8% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 8,042,000 | 8,200,829 | ||||||
5.75%, 4/15/25, 144A | 2,816,000 | 3,010,501 | ||||||
5.00%, 10/15/25, 144A | 15,511,000 | 15,954,692 | ||||||
3.875%, 1/15/28, 144A | 3,749,000 | 3,849,061 | ||||||
4.375%, 1/15/28, 144A | 4,680,000 | 4,816,609 | ||||||
Beacon Roofing Supply, Inc., 144A | 7,409,000 | 7,358,508 | ||||||
eG Global Finance PLC | 4,070,000 | 4,215,421 | ||||||
8.50%, 10/30/25, 144A | 3,762,000 | 4,032,789 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 3,048,000 | 2,708,194 | ||||||
6.75%, 6/15/23 (a) | 2,489,000 | 2,162,057 | ||||||
10.00%, 4/15/25, 144A | 3,839,000 | 4,191,708 | ||||||
Gap, Inc. | 2,785,000 | 3,112,237 | ||||||
8.625%, 5/15/25, 144A (a) | 4,605,000 | 5,151,383 | ||||||
8.875%, 5/15/27, 144A | 5,393,000 | 6,087,349 | ||||||
Golden Nugget, Inc. | 7,540,000 | 6,427,850 | ||||||
8.75%, 10/1/25, 144A | 3,895,000 | 2,901,385 | ||||||
Group 1 Automotive, Inc. | 2,701,000 | 2,701,000 | ||||||
4.00%, 8/15/28, 144A | 2,930,000 | 2,928,813 | ||||||
IRB Holding Corp. | 4,130,000 | 4,416,106 | ||||||
6.75%, 2/15/26, 144A | 2,968,000 | 3,023,353 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 5,211,000 | 5,390,180 | ||||||
5.25%, 6/1/26, 144A | 6,205,000 | 6,457,264 | ||||||
4.75%, 6/1/27, 144A | 3,961,000 | 4,170,557 | ||||||
L Brands, Inc. | 4,368,000 | 4,497,839 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
5.625%, 10/15/23 | $ | 2,383,000 | $ | 2,490,747 | ||||
6.875%, 7/1/25, 144A | 4,526,000 | 4,903,876 | ||||||
9.375%, 7/1/25, 144A (a) | 2,921,000 | 3,406,032 | ||||||
5.25%, 2/1/28 | 2,874,000 | 2,765,406 | ||||||
7.50%, 6/15/29 (a) | 2,859,000 | 3,049,667 | ||||||
Macy’s Retail Holdings LLC | 2,571,000 | 2,365,063 | ||||||
2.875%, 2/15/23 | 3,821,000 | 3,173,914 | ||||||
3.625%, 6/1/24 (a) | 2,707,000 | 2,050,417 | ||||||
Macy’s, Inc., 144A | 7,135,000 | 7,465,779 | ||||||
Michaels Stores, Inc., 144A | 2,746,000 | 2,778,101 | ||||||
Penske Automotive Group, Inc. | 2,751,000 | 2,761,495 | ||||||
3.50%, 9/1/25 | 3,290,000 | 3,319,923 | ||||||
5.50%, 5/15/26 | 2,527,000 | 2,636,836 | ||||||
PetSmart, Inc. | 10,194,000 | 10,282,637 | ||||||
5.875%, 6/1/25, 144A | 6,765,000 | 6,976,406 | ||||||
8.875%, 6/1/25, 144A (a) | 3,886,000 | 4,038,525 | ||||||
QVC, Inc. | 4,506,000 | 4,714,402 | ||||||
4.85%, 4/1/24 | 2,762,000 | 2,936,006 | ||||||
4.45%, 2/15/25 | 4,395,000 | 4,603,763 | ||||||
4.75%, 2/15/27 | 3,183,000 | 3,400,860 | ||||||
4.375%, 9/1/28 | 2,300,000 | 2,398,843 | ||||||
Rite Aid Corp. | 3,202,000 | 3,207,684 | ||||||
8.00%, 11/15/26, 144A | 4,830,000 | 4,914,525 | ||||||
Sally Holdings LLC / Sally Capital, Inc. | 3,709,000 | 3,771,218 | ||||||
Staples, Inc. | 11,055,000 | 9,802,137 | ||||||
10.75%, 4/15/27, 144A | 5,690,000 | 3,965,219 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | 2,700,000 | 2,735,411 | ||||||
Yum! Brands, Inc. | 3,396,000 | 3,795,030 | ||||||
4.75%, 1/15/30, 144A | 4,483,000 | 4,954,231 | ||||||
|
| |||||||
(Cost $236,352,392) | 237,429,838 | |||||||
|
| |||||||
Toys/Games/Hobbies — 0.2% | ||||||||
Mattel, Inc. | 7,548,000 | 8,017,863 | ||||||
5.875%, 12/15/27, 144A | 3,887,000 | 4,237,219 | ||||||
|
| |||||||
(Cost $11,969,526) | 12,255,082 | |||||||
|
| |||||||
Consumer, Non-cyclical — 19.2% | ||||||||
Agriculture — 0.4% | ||||||||
Darling Ingredients, Inc., 144A | 2,623,000 | 2,791,278 | ||||||
JBS Investments II GmbH | 5,606,000 | 6,071,831 | ||||||
5.75%, 1/15/28, 144A | 5,215,000 | 5,523,259 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Agriculture (Continued) | ||||||||
Vector Group Ltd. | $ | 4,528,000 | $ | 4,606,787 | ||||
10.50%, 11/1/26, 144A | 3,045,000 | 3,170,104 | ||||||
|
| |||||||
(Cost $21,800,459) | 22,163,259 | |||||||
|
| |||||||
Commercial Services — 4.0% | ||||||||
Adani Abbot Point Terminal Pty Ltd., 144A | 3,186,000 | 3,004,565 | ||||||
ADT Security Corp. | 5,386,000 | 5,523,962 | ||||||
4.125%, 6/15/23 | 4,164,000 | 4,359,250 | ||||||
Algeco Global Finance PLC, 144A | 3,009,000 | 3,078,553 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | 11,479,000 | 12,325,576 | ||||||
9.75%, 7/15/27, 144A | 5,754,000 | 6,382,567 | ||||||
APX Group, Inc. | 4,359,000 | 4,413,487 | ||||||
7.625%, 9/1/23 | 2,226,000 | 2,284,199 | ||||||
6.75%, 2/15/27, 144A | 3,253,000 | 3,421,245 | ||||||
ASGN, Inc., 144A | 2,958,000 | 3,066,529 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 3,096,000 | 3,602,490 | ||||||
5.75%, 7/15/27, 144A | 2,302,000 | 2,201,932 | ||||||
Brink’s Co. | 2,041,000 | 2,157,082 | ||||||
4.625%, 10/15/27, 144A | 3,424,000 | 3,564,213 | ||||||
Garda World Security Corp. | 3,413,000 | 3,515,390 | ||||||
9.50%, 11/1/27, 144A | 3,058,000 | 3,323,098 | ||||||
Gartner, Inc. | 4,480,000 | 4,669,526 | ||||||
4.50%, 7/1/28, 144A | 4,603,000 | 4,815,889 | ||||||
Herc Holdings, Inc., 144A | 6,900,000 | 7,245,000 | ||||||
Jaguar Holding Co. II / PPD Development LP | 3,188,000 | 3,320,716 | ||||||
5.00%, 6/15/28, 144A | 3,642,000 | 3,865,072 | ||||||
MPH Acquisition Holdings LLC, 144A | 8,989,000 | 9,137,768 | ||||||
Nielsen Co. Luxembourg SARL | 2,338,000 | 2,347,504 | ||||||
5.00%, 2/1/25, 144A (a) | 2,850,000 | 2,914,125 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 11,677,000 | 11,699,770 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 4,246,000 | 4,511,821 | ||||||
5.75%, 4/15/26, 144A | 7,548,000 | 8,355,609 | ||||||
3.375%, 8/31/27, 144A | 5,191,000 | 5,185,342 | ||||||
6.25%, 1/15/28, 144A | 7,886,000 | 8,291,419 |
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
Refinitiv US Holdings, Inc. | $ | 6,550,000 | $ | 7,045,344 | ||||
8.25%, 11/15/26, 144A | 8,969,000 | 9,899,534 | ||||||
Sabre GLBL, Inc. | 2,815,000 | 2,802,375 | ||||||
9.25%, 4/15/25, 144A | 4,487,000 | 5,000,201 | ||||||
7.375%, 9/1/25, 144A | 4,500,000 | 4,740,660 | ||||||
Service Corp. International | 3,069,000 | 3,331,108 | ||||||
5.125%, 6/1/29 | 4,177,000 | 4,638,475 | ||||||
3.375%, 8/15/30 | 4,794,000 | 4,893,979 | ||||||
ServiceMaster Co. LLC, 144A | 4,207,000 | 4,302,099 | ||||||
Sotheby’s, 144A | 3,341,000 | 3,413,466 | ||||||
Team Health Holdings, Inc., 144A | 4,081,000 | 2,795,485 | ||||||
United Rentals North America, Inc. | 3,723,000 | 3,813,748 | ||||||
5.875%, 9/15/26 | 6,012,000 | 6,403,592 | ||||||
5.50%, 5/15/27 | 5,498,000 | 5,899,217 | ||||||
3.875%, 11/15/27 | 4,325,000 | 4,514,219 | ||||||
4.875%, 1/15/28 | 10,183,000 | 10,755,794 | ||||||
5.25%, 1/15/30 | 3,655,000 | 4,066,078 | ||||||
4.00%, 7/15/30 | 4,539,000 | 4,748,929 | ||||||
3.875%, 2/15/31 | 6,013,000 | 6,236,233 | ||||||
Verscend Escrow Corp., 144A | 6,350,000 | 6,907,054 | ||||||
WEX, Inc., 144A | 1,904,000 | 1,924,411 | ||||||
|
| |||||||
(Cost $247,240,794) | 250,715,700 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Avon Products, Inc. | 2,794,000 | 2,929,551 | ||||||
Coty, Inc., 144A | 3,111,000 | 2,584,168 | ||||||
Edgewell Personal Care Co. | 2,771,000 | 2,904,326 | ||||||
5.50%, 6/1/28, 144A | 4,288,000 | 4,583,422 | ||||||
Revlon Consumer Products Corp. | 2,360,000 | 354,000 | ||||||
|
| |||||||
(Cost $14,175,505) | 13,355,467 | |||||||
|
| |||||||
Food — 3.5% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | 5,017,000 | 5,134,900 | ||||||
5.75%, 3/15/25 | 7,311,000 | 7,538,701 | ||||||
3.25%, 3/15/26, 144A | 3,800,000 | 3,885,918 | ||||||
7.50%, 3/15/26, 144A | 2,865,000 | 3,209,258 | ||||||
4.625%, 1/15/27, 144A | 7,789,000 | 8,206,140 | ||||||
5.875%, 2/15/28, 144A | 4,201,000 | 4,544,180 | ||||||
3.50%, 3/15/29, 144A | 4,000,000 | 4,040,440 | ||||||
4.875%, 2/15/30, 144A | 5,604,000 | 6,029,904 | ||||||
B&G Foods, Inc. | 5,238,000 | 5,425,049 | ||||||
5.25%, 9/15/27 | 2,936,000 | 3,142,430 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Food (Continued) | ||||||||
JBS USA LUX SA / JBS USA Finance, Inc. | $ | 1,968,000 | $ | 2,010,440 | ||||
5.75%, 6/15/25, 144A | 6,082,000 | 6,294,870 | ||||||
6.75%, 2/15/28, 144A | 5,321,000 | 5,905,299 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | 7,986,000 | 9,084,235 | ||||||
5.50%, 1/15/30, 144A | 6,989,000 | 7,774,705 | ||||||
Kraft Heinz Foods Co. | 3,135,000 | 3,297,782 | ||||||
4.00%, 6/15/23 (a) | 2,852,000 | 3,055,871 | ||||||
3.95%, 7/15/25 | 9,043,000 | 9,829,976 | ||||||
3.00%, 6/1/26 | 11,225,000 | 11,712,832 | ||||||
3.875%, 5/15/27, 144A | 7,593,000 | 8,136,984 | ||||||
4.625%, 1/30/29 | 6,187,000 | 7,016,891 | ||||||
3.75%, 4/1/30, 144A | 5,420,000 | 5,802,308 | ||||||
4.25%, 3/1/31, 144A | 7,662,000 | 8,491,493 | ||||||
Lamb Weston Holdings, Inc. | 4,090,000 | 4,278,733 | ||||||
4.875%, 11/1/26, 144A | 4,566,000 | 4,787,885 | ||||||
4.875%, 5/15/28, 144A | 3,024,000 | 3,333,325 | ||||||
Pilgrim’s Pride Corp. | 5,515,000 | 5,673,556 | ||||||
5.875%, 9/30/27, 144A | 4,353,000 | 4,630,504 | ||||||
Post Holdings, Inc. | 9,919,000 | 10,311,148 | ||||||
5.75%, 3/1/27, 144A | 7,060,000 | 7,476,999 | ||||||
5.625%, 1/15/28, 144A | 5,341,000 | 5,719,810 | ||||||
5.50%, 12/15/29, 144A | 4,044,000 | 4,433,336 | ||||||
4.625%, 4/15/30, 144A | 9,094,000 | 9,503,230 | ||||||
Sigma Holdco BV, 144A | 2,492,000 | 2,535,149 | ||||||
TreeHouse Foods, Inc., 144A | 3,623,000 | 3,741,671 | ||||||
US Foods, Inc. | 4,026,000 | 4,096,455 | ||||||
6.25%, 4/15/25, 144A | 5,543,000 | 5,869,122 | ||||||
|
| |||||||
(Cost $212,486,262) | 215,961,529 | |||||||
|
| |||||||
Healthcare-Products — 0.7% | ||||||||
Avantor Funding, Inc., 144A | 8,681,000 | 9,192,745 | ||||||
Avantor, Inc., 144A | 8,533,000 | 8,927,651 | ||||||
Hill-Rom Holdings, Inc., 144A | 2,509,000 | 2,630,686 | ||||||
Hologic, Inc. | 5,107,000 | 5,223,567 | ||||||
4.625%, 2/1/28, 144A | 1,676,000 | 1,785,409 | ||||||
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA | 1,518,000 | 1,573,976 | ||||||
7.25%, 2/1/28, 144A | 4,359,000 | 4,519,738 | ||||||
Teleflex, Inc. | 2,417,000 | 2,534,370 | ||||||
4.625%, 11/15/27 | 2,888,000 | 3,075,186 | ||||||
4.25%, 6/1/28, 144A | 2,742,000 | 2,896,238 | ||||||
|
| |||||||
(Cost $42,201,827) | 42,359,566 | |||||||
|
|
Principal | Value | |||||||
Healthcare-Services — 6.9% | ||||||||
Acadia Healthcare Co., Inc. | $ | 3,495,000 | $ | 3,530,317 | ||||
5.50%, 7/1/28, 144A | 2,204,000 | 2,292,160 | ||||||
AHP Health Partners, Inc., 144A | 2,601,000 | 2,850,852 | ||||||
Catalent Pharma Solutions, Inc. | 3,023,000 | 3,094,222 | ||||||
5.00%, 7/15/27, 144A | 2,250,000 | 2,377,552 | ||||||
Centene Corp. | 5,056,000 | 5,100,240 | ||||||
4.75%, 1/15/25 | 6,898,000 | 7,104,940 | ||||||
4.75%, 1/15/25 | 5,106,000 | 5,259,180 | ||||||
5.25%, 4/1/25, 144A | 5,144,000 | 5,343,330 | ||||||
5.375%, 6/1/26, 144A | 10,396,000 | 10,980,775 | ||||||
5.375%, 8/15/26, 144A | 5,144,000 | 5,467,120 | ||||||
4.25%, 12/15/27 | 13,943,000 | 14,602,713 | ||||||
4.625%, 12/15/29 | 19,740,000 | 21,684,884 | ||||||
3.375%, 2/15/30 | 11,268,000 | 11,750,439 | ||||||
Charles River Laboratories International, Inc. | 2,676,000 | 2,817,574 | ||||||
4.25%, 5/1/28, 144A | 2,861,000 | 3,005,309 | ||||||
CHS/Community Health Systems, Inc. | 15,480,000 | 15,538,050 | ||||||
9.875%, 6/30/23, 144A (a) | 9,938,000 | 8,384,144 | ||||||
8.625%, 1/15/24, 144A | 5,974,000 | 6,254,031 | ||||||
8.125%, 6/30/24, 144A | 7,535,000 | 5,260,297 | ||||||
6.625%, 2/15/25, 144A | 7,574,000 | 7,762,593 | ||||||
8.00%, 3/15/26, 144A | 11,935,000 | 12,394,497 | ||||||
8.00%, 12/15/27, 144A | 3,902,000 | 3,992,234 | ||||||
6.875%, 4/1/28, 144A | 9,469,000 | 4,266,968 | ||||||
DaVita, Inc. | 9,605,000 | 10,103,259 | ||||||
3.75%, 2/15/31, 144A | 8,520,000 | 8,462,064 | ||||||
Encompass Health Corp. | 3,489,000 | 3,515,499 | ||||||
4.50%, 2/1/28 | 4,423,000 | 4,542,686 | ||||||
4.75%, 2/1/30 | 4,670,000 | 4,874,873 | ||||||
Envision Healthcare Corp., 144A | 5,809,000 | 2,576,640 | ||||||
HCA, Inc. | 7,057,000 | 7,737,683 | ||||||
5.375%, 2/1/25 | 14,757,000 | 16,634,754 | ||||||
5.875%, 2/15/26 | 8,613,000 | 9,872,651 | ||||||
5.375%, 9/1/26 | 5,633,000 | 6,393,173 | ||||||
5.625%, 9/1/28 | 9,631,000 | 11,471,388 | ||||||
5.875%, 2/1/29 | 4,659,000 | 5,667,114 | ||||||
3.50%, 9/1/30 | 14,879,000 | 15,681,372 | ||||||
IQVIA, Inc. | 6,254,000 | 6,551,065 | ||||||
5.00%, 5/15/27, 144A | 6,016,000 | 6,344,293 | ||||||
LifePoint Health, Inc. | 3,417,000 | 3,690,360 | ||||||
4.375%, 2/15/27, 144A | 3,765,000 | 3,765,000 | ||||||
MEDNAX, Inc. | 4,702,000 | 4,790,186 | ||||||
6.25%, 1/15/27, 144A | 5,762,000 | 6,115,038 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
Molina Healthcare, Inc. | $ | 3,385,000 | $ | 3,552,981 | ||||
4.375%, 6/15/28, 144A | 4,851,000 | 5,074,146 | ||||||
Radiology Partners, Inc., 144A | 3,873,000 | 4,134,428 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A | 7,698,000 | 8,338,127 | ||||||
Select Medical Corp., 144A | 6,863,000 | 7,383,284 | ||||||
Surgery Center Holdings, Inc., 144A | 3,170,000 | 3,440,401 | ||||||
Tenet Healthcare Corp. | 13,791,000 | 14,904,623 | ||||||
6.75%, 6/15/23 | 10,626,000 | 11,353,881 | ||||||
4.625%, 7/15/24 | 10,118,000 | 10,360,832 | ||||||
4.625%, 9/1/24, 144A | 3,046,000 | 3,146,335 | ||||||
7.50%, 4/1/25, 144A | 4,563,000 | 5,014,349 | ||||||
5.125%, 5/1/25 | 7,494,000 | 7,653,248 | ||||||
7.00%, 8/1/25 (a) | 3,084,000 | 3,184,554 | ||||||
4.875%, 1/1/26, 144A | 12,255,000 | 12,760,396 | ||||||
6.25%, 2/1/27, 144A | 8,336,000 | 8,764,429 | ||||||
5.125%, 11/1/27, 144A | 8,414,000 | 8,899,488 | ||||||
4.625%, 6/15/28, 144A | 3,061,000 | 3,182,889 | ||||||
|
| |||||||
(Cost $428,784,413) | 431,051,910 | |||||||
|
| |||||||
Household Products/Wares — 0.2% | ||||||||
Prestige Brands, Inc. | 3,131,000 | 3,240,256 | ||||||
5.125%, 1/15/28, 144A | 2,523,000 | 2,652,632 | ||||||
Spectrum Brands, Inc. | 5,660,000 | 5,858,100 | ||||||
|
| |||||||
(Cost $11,665,084) | 11,750,988 | |||||||
|
| |||||||
Pharmaceuticals — 3.3% | ||||||||
Bausch Health Americas, Inc. | 8,463,000 | 9,383,774 | ||||||
8.50%, 1/31/27, 144A | 9,163,000 | 10,092,266 | ||||||
Bausch Health Cos., Inc. | 9,719,000 | 10,098,041 | ||||||
6.125%, 4/15/25, 144A | 18,290,000 | 18,834,128 | ||||||
5.50%, 11/1/25, 144A | 9,783,000 | 10,107,796 | ||||||
9.00%, 12/15/25, 144A | 8,581,000 | 9,406,492 | ||||||
5.75%, 8/15/27, 144A | 3,655,000 | 3,933,694 | ||||||
7.00%, 1/15/28, 144A | 3,979,000 | 4,244,360 | ||||||
5.00%, 1/30/28, 144A | 6,657,000 | 6,582,109 | ||||||
6.25%, 2/15/29, 144A | 8,991,000 | 9,408,542 | ||||||
7.25%, 5/30/29, 144A | 3,977,000 | 4,371,459 | ||||||
5.25%, 1/30/30, 144A | 7,185,000 | 7,149,865 | ||||||
Elanco Animal Health, Inc. | 5,442,000 | 5,969,194 | ||||||
5.90%, 8/28/28 | 3,635,000 | 4,314,345 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | 5,646,000 | 6,122,381 | ||||||
6.00%, 6/30/28, 144A | 6,655,000 | 5,164,280 |
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
Horizon Therapeutics USA, Inc., 144A | $ | 3,722,000 | $ | 4,059,213 | ||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | 1,923,000 | 418,253 | ||||||
5.625%, 10/15/23, 144A | 2,636,000 | 540,380 | ||||||
10.00%, 4/15/25, 144A | 702,000 | 547,560 | ||||||
Par Pharmaceutical, Inc., 144A | 11,465,000 | 12,253,907 | ||||||
Teva Pharmaceutical Finance Co. BV | 3,480,000 | 3,498,496 | ||||||
2.95%, 12/18/22 | 4,760,000 | 4,627,791 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 17,130,000 | 16,476,319 | ||||||
6.00%, 4/15/24 (a) | 7,186,000 | 7,562,007 | ||||||
7.125%, 1/31/25, 144A | 4,897,000 | 5,309,278 | ||||||
3.15%, 10/1/26 | 19,529,000 | 17,930,063 | ||||||
6.75%, 3/1/28 (a) | 7,290,000 | 7,959,404 | ||||||
|
| |||||||
(Cost $203,653,781) | 206,365,397 | |||||||
|
| |||||||
Diversified — 0.0% | ||||||||
Holding Companies-Diversified — 0.0% | ||||||||
Stena AB, 144A | 2,346,000 | 2,341,988 | ||||||
|
| |||||||
Energy — 11.8% | ||||||||
Coal — 0.0% | ||||||||
Peabody Energy Corp. | 2,611,000 | 1,222,274 | ||||||
6.375%, 3/31/25, 144A (a) | 2,782,000 | 940,664 | ||||||
|
| |||||||
(Cost $4,479,730) | 2,162,938 | |||||||
|
| |||||||
Energy-Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC | 3,245,000 | 3,367,012 | ||||||
5.00%, 1/31/28, 144A | 3,354,000 | 3,734,511 | ||||||
4.75%, 1/15/30, 144A | 4,532,000 | 4,859,256 | ||||||
|
| |||||||
(Cost $11,683,796) | 11,960,779 | |||||||
|
| |||||||
Oil & Gas — 7.5% | ||||||||
Aker BP ASA | 1,020,000 | 1,040,962 | ||||||
5.875%, 3/31/25, 144A | 4,370,000 | 4,579,639 | ||||||
Antero Resources Corp. | 1,129,000 | 1,097,952 | ||||||
5.125%, 12/1/22 | 4,202,000 | 3,623,069 | ||||||
5.625%, 6/1/23 (a) | 3,656,000 | 2,921,327 | ||||||
5.00%, 3/1/25 (a) | 3,662,000 | 2,518,028 | ||||||
Apache Corp. | 2,400,000 | 2,463,000 | ||||||
4.875%, 11/15/27 | 3,800,000 | 3,894,544 | ||||||
4.375%, 10/15/28 | 5,261,000 | 5,234,485 | ||||||
4.25%, 1/15/30 | 4,086,000 | 3,983,462 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | 5,233,000 | 4,909,156 | ||||||
7.00%, 11/1/26, 144A | 3,552,000 | 2,472,405 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Baytex Energy Corp. | $ | 2,061,000 | $ | 1,228,655 | ||||
8.75%, 4/1/27, 144A | 2,896,000 | 1,426,280 | ||||||
Callon Petroleum Co. | 3,905,000 | 1,393,636 | ||||||
6.125%, 10/1/24 | 3,519,000 | 1,160,170 | ||||||
6.375%, 7/1/26 | 1,861,000 | 560,273 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A | 3,237,000 | 3,083,210 | ||||||
Cenovus Energy, Inc. | 3,147,000 | 3,199,066 | ||||||
3.80%, 9/15/23 | 2,653,000 | 2,641,434 | ||||||
5.375%, 7/15/25 | 5,400,000 | 5,502,065 | ||||||
Citgo Holding, Inc., 144A | 7,712,000 | 7,634,880 | ||||||
CITGO Petroleum Corp. | 4,128,000 | 4,130,539 | ||||||
7.00%, 6/15/25, 144A | 6,058,000 | 6,099,649 | ||||||
CNX Resources Corp., 144A | 2,697,000 | 2,808,305 | ||||||
Comstock Resources, Inc. | 3,827,000 | 3,836,567 | ||||||
9.75%, 8/15/26 | 4,660,000 | 4,974,597 | ||||||
9.75%, 8/15/26 | 4,220,000 | 4,524,262 | ||||||
Continental Resources, Inc. | 5,974,000 | 5,950,104 | ||||||
4.50%, 4/15/23 | 8,420,000 | 8,514,346 | ||||||
3.80%, 6/1/24 | 5,619,000 | 5,549,156 | ||||||
4.375%, 1/15/28 (a) | 5,472,000 | 5,221,875 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A | 6,728,000 | 6,658,702 | ||||||
CVR Energy, Inc. | 2,695,000 | 2,557,488 | ||||||
5.75%, 2/15/28, 144A | 2,904,000 | 2,642,640 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc. | 3,721,000 | 3,881,263 | ||||||
5.50%, 1/30/26, 144A | 3,140,000 | 3,146,578 | ||||||
5.75%, 1/30/28, 144A | 4,770,000 | 4,888,368 | ||||||
EQT Corp. | 4,240,000 | 4,197,600 | ||||||
7.875%, 2/1/25 (a) | 6,158,000 | 7,074,895 | ||||||
3.90%, 10/1/27 | 7,596,000 | 7,365,689 | ||||||
8.75%, 2/1/30(a) | 3,511,000 | 4,208,811 | ||||||
Gulfport Energy Corp. | 3,194,000 | 1,910,411 | ||||||
6.375%, 5/15/25 | 2,777,000 | 1,648,552 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | 2,801,000 | 2,664,157 | ||||||
5.75%, 10/1/25, 144A | 3,344,000 | 3,155,549 | ||||||
6.25%, 11/1/28, 144A | 2,943,000 | 2,776,603 | ||||||
Laredo Petroleum, Inc. | 3,645,000 | 2,611,861 | ||||||
10.125%, 1/15/28 | 1,980,000 | 1,415,502 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Leviathan Bond Ltd. | $ | 2,800,000 | $ | 2,908,332 | ||||
6.125%, 6/30/25, 144A | 3,700,000 | 3,859,858 | ||||||
6.50%, 6/30/27, 144A | 2,800,000 | 2,926,126 | ||||||
6.75%, 6/30/30, 144A | 3,300,000 | 3,448,665 | ||||||
Matador Resources Co. | 5,859,000 | 5,111,216 | ||||||
MEG Energy Corp. | 3,108,000 | 3,092,786 | ||||||
6.50%, 1/15/25, 144A | 2,659,000 | 2,714,254 | ||||||
7.125%, 2/1/27, 144A | 6,849,000 | 6,570,040 | ||||||
Moss Creek Resources Holdings, Inc. | 3,900,000 | 2,685,384 | ||||||
10.50%, 5/15/27, 144A (a) | 2,790,000 | 1,985,755 | ||||||
Murphy Oil Corp. | 3,764,000 | 3,831,394 | ||||||
5.75%, 8/15/25 | 2,314,000 | 2,224,575 | ||||||
5.875%, 12/1/27 | 3,132,000 | 3,011,606 | ||||||
Nabors Industries Ltd. | 3,612,000 | 1,661,520 | ||||||
7.50%, 1/15/28, 144A | 2,277,000 | 1,008,996 | ||||||
Nabors Industries, Inc. | 3,966,000 | 1,154,681 | ||||||
Oasis Petroleum, Inc. | 4,676,000 | 923,510 | ||||||
Occidental Petroleum Corp. | 3,034,000 | 2,999,716 | ||||||
2.60%, 4/15/22 | 3,182,000 | 3,118,360 | ||||||
2.70%, 8/15/22 | 11,838,000 | 11,668,421 | ||||||
2.70%, 2/15/23 | 6,040,000 | 5,826,305 | ||||||
6.95%, 7/1/24 | 4,225,000 | 4,383,437 | ||||||
2.90%, 8/15/24 | 16,500,000 | 15,210,855 | ||||||
3.50%, 6/15/25 | 4,389,000 | 4,002,417 | ||||||
8.00%, 7/15/25 (a) | 4,086,000 | 4,453,740 | ||||||
5.875%, 9/1/25 | 3,500,000 | 3,526,250 | ||||||
5.55%, 3/15/26 | 5,774,000 | 5,695,589 | ||||||
3.40%, 4/15/26 | 7,045,000 | 6,258,637 | ||||||
3.20%, 8/15/26 | 6,253,000 | 5,495,637 | ||||||
3.00%, 2/15/27 | 4,020,000 | 3,448,678 | ||||||
8.50%, 7/15/27 | 2,962,000 | 3,271,174 | ||||||
6.375%, 9/1/28 | 3,200,000 | 3,244,400 | ||||||
3.50%, 8/15/29 | 8,051,000 | 6,936,742 | ||||||
8.875%, 7/15/30 | 5,620,000 | 6,364,650 | ||||||
6.625%, 9/1/30 | 8,400,000 | 8,713,152 | ||||||
7.50%, 5/1/31 | 4,894,000 | 5,199,875 | ||||||
7.875%, 9/15/31 | 2,436,000 | 2,617,177 | ||||||
Parkland Corp. | 3,076,000 | 3,252,485 | ||||||
5.875%, 7/15/27, 144A | 2,656,000 | 2,841,429 | ||||||
Parsley Energy LLC / Parsley Finance Corp. | 3,543,000 | 3,620,096 | ||||||
5.25%, 8/15/25, 144A | 2,673,000 | 2,754,887 | ||||||
5.625%, 10/15/27, 144A | 3,857,000 | 3,999,227 | ||||||
4.125%, 2/15/28, 144A | 2,190,000 | 2,124,081 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
PBF Holding Co. LLC / PBF Finance Corp. | $ | 5,863,000 | $ | 6,428,340 | ||||
7.25%, 6/15/25 | 4,826,000 | 4,594,811 | ||||||
6.00%, 2/15/28, 144A | 4,967,000 | 4,197,736 | ||||||
PDC Energy, Inc. | 1,614,000 | 1,654,181 | ||||||
5.75%, 5/15/26 | 3,872,000 | 3,973,156 | ||||||
Puma International Financing SA | 3,091,000 | 2,782,147 | ||||||
5.00%, 1/24/26, 144A | 4,239,000 | 3,731,136 | ||||||
QEP Resources, Inc. | 2,048,000 | 1,799,199 | ||||||
5.25%, 5/1/23 | 3,233,000 | 2,659,142 | ||||||
5.625%, 3/1/26 | 3,253,000 | 2,100,316 | ||||||
Range Resources Corp. | 1,597,000 | 1,609,976 | ||||||
5.00%, 3/15/23 (a) | 4,423,000 | 4,414,618 | ||||||
4.875%, 5/15/25 (a) | 4,088,000 | 3,824,426 | ||||||
9.25%, 2/1/26, 144A | 4,667,000 | 4,922,378 | ||||||
Seven Generations Energy Ltd., 144A | 4,061,000 | 3,916,286 | ||||||
SM Energy Co. | 2,918,000 | 2,888,470 | ||||||
6.75%, 9/15/26 | 2,468,000 | 1,218,106 | ||||||
6.625%, 1/15/27 | 1,957,000 | 964,615 | ||||||
Southwestern Energy Co. | 4,207,000 | 4,209,566 | ||||||
7.50%, 4/1/26 (a) | 3,482,000 | 3,562,278 | ||||||
7.75%, 10/1/27 (a) | 2,727,000 | 2,795,175 | ||||||
8.375%, 9/15/28 | 201,000 | 208,537 | ||||||
Sunoco LP / Sunoco Finance Corp. | 5,277,000 | 5,375,390 | ||||||
5.50%, 2/15/26 | 5,447,000 | 5,631,871 | ||||||
6.00%, 4/15/27 | 2,495,000 | 2,661,591 | ||||||
Transocean, Inc. | 3,159,000 | 1,026,675 | ||||||
7.50%, 1/15/26, 144A | 4,909,000 | 1,570,880 | ||||||
8.00%, 2/1/27, 144A | 4,704,000 | 1,464,120 | ||||||
WPX Energy, Inc. | 2,954,000 | 3,020,805 | ||||||
5.75%, 6/1/26 | 2,830,000 | 2,894,595 | ||||||
5.25%, 10/15/27 (a) | 3,652,000 | 3,638,816 | ||||||
5.875%, 6/15/28 (a) | 2,216,000 | 2,252,054 | ||||||
4.50%, 1/15/30 | 5,080,000 | 4,860,773 | ||||||
|
| |||||||
(Cost $471,881,765) | 463,980,047 | |||||||
|
| |||||||
Oil & Gas Services — 0.4% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | 2,862,000 | 2,956,174 | ||||||
6.25%, 4/1/28, 144A | 2,911,000 | 2,932,250 | ||||||
SESI LLC | 3,907,000 | 1,533,498 | ||||||
7.75%, 9/15/24 | 2,775,000 | 964,312 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 3,948,000 | 4,075,284 | ||||||
6.875%, 9/1/27 | 3,828,000 | 3,968,449 |
Principal | Value | |||||||
Oil & Gas Services (Continued) | ||||||||
Weatherford International Ltd., 144A | $ | 11,736,000 | $ | 8,009,820 | ||||
|
| |||||||
(Cost $28,240,939) | 24,439,787 | |||||||
|
| |||||||
Pipelines — 3.7% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 3,579,000 | 3,310,575 | ||||||
5.75%, 3/1/27, 144A | 3,394,000 | 3,039,853 | ||||||
5.75%, 1/15/28, 144A | 3,962,000 | 3,545,594 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A | 3,658,000 | 3,647,849 | ||||||
Buckeye Partners LP | 2,508,000 | 2,515,837 | ||||||
4.125%, 3/1/25, 144A | 2,989,000 | 3,011,358 | ||||||
3.95%, 12/1/26 | 3,636,000 | 3,611,002 | ||||||
4.125%, 12/1/27 | 1,719,000 | 1,724,372 | ||||||
4.50%, 3/1/28, 144A | 3,082,000 | 3,153,934 | ||||||
Cheniere Energy Partners LP | 8,387,000 | 8,500,224 | ||||||
5.625%, 10/1/26 | 6,138,000 | 6,444,225 | ||||||
4.50%, 10/1/29 | 8,391,000 | 8,760,120 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 4,451,000 | 4,394,895 | ||||||
5.75%, 4/1/25 | 2,190,000 | 2,101,940 | ||||||
5.625%, 5/1/27, 144A | 3,569,000 | 3,285,818 | ||||||
DCP Midstream Operating LP | 2,727,000 | 2,789,216 | ||||||
3.875%, 3/15/23 | 2,080,000 | 2,112,469 | ||||||
5.375%, 7/15/25 | 4,718,000 | 5,080,342 | ||||||
5.625%, 7/15/27 | 3,041,000 | 3,287,321 | ||||||
5.125%, 5/15/29 | 3,489,000 | 3,678,069 | ||||||
EnLink Midstream LLC | 2,384,000 | 2,108,588 | ||||||
EnLink Midstream Partners LP | 3,170,000 | 2,942,125 | ||||||
4.15%, 6/1/25 | 4,429,000 | 3,953,348 | ||||||
4.85%, 7/15/26 | 2,745,000 | 2,419,031 | ||||||
EQM Midstream Partners LP | 5,244,000 | 5,389,521 | ||||||
4.00%, 8/1/24 | 3,256,000 | 3,277,376 | ||||||
6.00%, 7/1/25, 144A | 4,562,000 | 4,847,125 | ||||||
4.125%, 12/1/26 | 2,754,000 | 2,682,575 | ||||||
6.50%, 7/1/27, 144A | 4,809,000 | 5,272,660 | ||||||
5.50%, 7/15/28 | 4,726,000 | 4,904,974 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 3,147,000 | 2,731,014 | ||||||
6.25%, 5/15/26 | 1,762,000 | 1,495,832 | ||||||
7.75%, 2/1/28 | 4,553,000 | 4,056,450 | ||||||
Hess Midstream Operations LP | 4,608,000 | 4,804,854 | ||||||
5.125%, 6/15/28, 144A | 2,943,000 | 3,028,524 | ||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | 3,106,000 | 2,277,055 | ||||||
7.50%, 4/15/26 | 2,470,000 | 1,648,330 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
NuStar Logistics LP | $ | 2,796,000 | $ | 2,931,005 | ||||
5.625%, 4/28/27 | 3,124,000 | 3,146,852 | ||||||
Rockies Express Pipeline LLC | 1,793,000 | 1,765,280 | ||||||
4.95%, 7/15/29, 144A | 3,318,000 | 3,342,885 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 2,313,000 | 2,273,945 | ||||||
5.50%, 9/15/24, 144A | 4,092,000 | 4,022,907 | ||||||
6.00%, 3/1/27, 144A | 2,393,000 | 2,243,437 | ||||||
5.50%, 1/15/28, 144A | 4,665,000 | 4,282,027 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 3,400,000 | 3,426,537 | ||||||
4.25%, 11/15/23 | 2,747,000 | 2,771,407 | ||||||
5.125%, 2/1/25 | 2,686,000 | 2,751,498 | ||||||
5.875%, 4/15/26 | 5,328,000 | 5,617,710 | ||||||
5.375%, 2/1/27 (a) | 2,575,000 | 2,664,649 | ||||||
6.50%, 7/15/27 | 3,952,000 | 4,278,040 | ||||||
5.00%, 1/15/28 | 4,100,000 | 4,190,589 | ||||||
6.875%, 1/15/29 | 4,501,000 | 4,987,671 | ||||||
5.50%, 3/1/30, 144A | 4,881,000 | 5,152,506 | ||||||
4.875%, 2/1/31, 144A | 5,500,000 | 5,576,340 | ||||||
Western Midstream Operating LP | 3,707,000 | 3,781,140 | ||||||
4.10%, 2/1/25 | 6,050,000 | 6,042,195 | ||||||
3.95%, 6/1/25 | 3,005,000 | 3,011,581 | ||||||
4.65%, 7/1/26 | 2,937,000 | 3,010,425 | ||||||
4.50%, 3/1/28 | 2,123,000 | 2,138,922 | ||||||
4.75%, 8/15/28 | 2,196,000 | 2,217,960 | ||||||
5.05%, 2/1/30 | 6,279,000 | 6,436,509 | ||||||
|
| |||||||
(Cost $225,223,596) | 227,898,412 | |||||||
|
| |||||||
Financial — 8.6% | ||||||||
Banks — 0.9% | ||||||||
CIT Group, Inc. | 6,655,000 | 6,972,377 | ||||||
5.00%, 8/1/23 | 4,585,000 | 4,863,195 | ||||||
4.75%, 2/16/24 | 2,848,000 | 3,001,977 | ||||||
3.929%, 6/19/24 | 2,640,000 | 2,728,572 | ||||||
5.25%, 3/7/25 | 3,128,000 | 3,417,027 | ||||||
6.125%, 3/9/28 | 1,814,000 | 2,144,711 | ||||||
Commerzbank AG, 144A | 5,952,000 | 6,884,095 | ||||||
Freedom Mortgage Corp. | 2,441,000 | 2,504,820 | ||||||
8.25%, 4/15/25, 144A | 3,787,000 | 3,902,560 | ||||||
Intesa Sanpaolo SpA | 11,188,000 | 12,071,837 | ||||||
5.71%, 1/15/26, 144A | 8,147,000 | 9,063,344 | ||||||
|
| |||||||
(Cost $55,799,146) | 57,554,515 | |||||||
|
| |||||||
Diversified Financial Services — 2.3% | ||||||||
Ally Financial, Inc. | 5,841,000 | 6,555,181 | ||||||
Credit Acceptance Corp. | 2,340,000 | 2,415,816 | ||||||
6.625%, 3/15/26 | 2,342,000 | 2,516,186 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
LPL Holdings, Inc. | $ | 5,117,000 | $ | 5,337,619 | ||||
4.625%, 11/15/27, 144A | 1,945,000 | 2,028,878 | ||||||
Nationstar Mortgage Holdings, Inc. | 4,551,000 | 4,957,791 | ||||||
6.00%, 1/15/27, 144A | 3,121,000 | 3,314,596 | ||||||
5.50%, 8/15/28, 144A | 4,900,000 | 5,167,417 | ||||||
Navient Corp. | 4,307,000 | 4,531,933 | ||||||
6.50%, 6/15/22 | 5,451,000 | 5,696,295 | ||||||
5.50%, 1/25/23 | 5,811,000 | 5,996,574 | ||||||
7.25%, 9/25/23 | 2,545,000 | 2,696,109 | ||||||
Series MTN, 6.125%, 3/25/24 | 4,127,000 | 4,325,571 | ||||||
5.875%, 10/25/24 | 3,150,000 | 3,248,437 | ||||||
6.75%, 6/25/25 | 2,547,000 | 2,659,514 | ||||||
6.75%, 6/15/26 | 3,042,000 | 3,169,384 | ||||||
5.00%, 3/15/27 | 4,169,000 | 4,018,416 | ||||||
NFP Corp., 144A | 7,000,000 | 7,327,950 | ||||||
OneMain Finance Corp. | 3,626,000 | 3,806,484 | ||||||
6.125%, 5/15/22 | 5,199,000 | 5,475,197 | ||||||
5.625%, 3/15/23 | 4,705,000 | 5,002,003 | ||||||
6.125%, 3/15/24 | 7,419,000 | 8,053,473 | ||||||
6.875%, 3/15/25 | 7,132,000 | 8,001,213 | ||||||
8.875%, 6/1/25 | 3,281,000 | 3,705,397 | ||||||
7.125%, 3/15/26 | 9,146,000 | 10,506,468 | ||||||
6.625%, 1/15/28 | 4,483,000 | 5,124,966 | ||||||
5.375%, 11/15/29 | 3,936,000 | 4,201,680 | ||||||
Quicken Loans LLC | 7,308,000 | 7,531,807 | ||||||
5.25%, 1/15/28, 144A | 5,550,000 | 5,933,838 | ||||||
|
| |||||||
(Cost $140,441,979) | 143,306,193 | |||||||
|
| |||||||
Insurance — 0.7% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | 4,963,000 | 5,247,107 | ||||||
7.00%, 11/15/25, 144A | 5,560,000 | 5,653,825 | ||||||
10.125%, 8/1/26, 144A | 2,036,000 | 2,295,264 | ||||||
AssuredPartners, Inc., 144A | 3,209,000 | 3,307,244 | ||||||
Genworth Holdings, Inc. | 3,891,000 | 3,989,501 | ||||||
HUB International Ltd., 144A | 9,024,000 | 9,371,469 | ||||||
MGIC Investment Corp. | 3,600,000 | 3,789,000 | ||||||
Radian Group, Inc. | 2,831,000 | 2,852,232 | ||||||
6.625%, 3/15/25 | 2,585,000 | 2,783,722 | ||||||
4.875%, 3/15/27 | 2,371,000 | 2,384,040 | ||||||
|
| |||||||
(Cost $40,919,457) | 41,673,404 | |||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
Howard Hughes Corp. | 5,603,000 | 5,689,370 | ||||||
5.375%, 8/1/28, 144A | 4,200,000 | 4,276,125 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Real Estate (Continued) | ||||||||
Kennedy-Wilson, Inc. | $ | 6,731,000 | $ | 6,821,397 | ||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | 2,212,000 | 2,177,438 | ||||||
7.625%, 6/15/25, 144A | 3,183,000 | 3,352,924 | ||||||
9.375%, 4/1/27, 144A | 3,279,000 | 3,418,030 | ||||||
|
| |||||||
(Cost $25,525,952) | 25,735,284 | |||||||
|
| |||||||
Real Estate Investment Trusts — 3.7% | ||||||||
CBL & Associates LP | 2,500,000 | 1,018,750 | ||||||
5.95%, 12/15/26 | 3,500,000 | 1,427,317 | ||||||
Diversified Healthcare Trust | 6,291,000 | 7,023,021 | ||||||
4.75%, 2/15/28 | 2,503,000 | 2,337,710 | ||||||
ESH Hospitality, Inc. | 7,773,000 | 7,901,060 | ||||||
4.625%, 10/1/27, 144A | 3,864,000 | 3,868,753 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC | 2,000,000 | 2,098,360 | ||||||
6.00%, 4/15/25, 144A | 2,500,000 | 2,684,375 | ||||||
Iron Mountain, Inc. | 5,920,000 | 6,159,198 | ||||||
5.25%, 3/15/28, 144A | 4,748,000 | 5,006,837 | ||||||
5.00%, 7/15/28, 144A | 3,178,000 | 3,301,179 | ||||||
4.875%, 9/15/29, 144A | 5,938,000 | 6,166,613 | ||||||
5.25%, 7/15/30, 144A | 7,531,000 | 8,006,696 | ||||||
4.50%, 2/15/31, 144A | 5,300,000 | 5,449,699 | ||||||
5.625%, 7/15/32, 144A | 3,061,000 | 3,294,753 | ||||||
iStar, Inc. | 3,737,000 | 3,734,291 | ||||||
4.25%, 8/1/25 | 3,078,000 | 3,001,050 | ||||||
5.50%, 2/15/26 | 700,000 | 694,022 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 3,214,000 | 3,191,872 | ||||||
5.25%, 10/1/25, 144A | 2,121,000 | 2,018,927 | ||||||
4.25%, 2/1/27, 144A | 4,326,000 | 3,979,920 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 144A | 5,070,000 | 5,328,570 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 6,138,000 | 6,645,029 | ||||||
4.50%, 9/1/26 | 2,347,000 | 2,471,168 | ||||||
5.75%, 2/1/27 | 2,891,000 | 3,202,693 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 2,328,000 | 2,407,303 | ||||||
5.25%, 8/1/26 | 3,559,000 | 3,747,289 | ||||||
5.00%, 10/15/27 | 7,851,000 | 8,316,368 | ||||||
4.625%, 8/1/29 | 4,787,000 | 5,118,165 |
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
RHP Hotel Properties LP / RHP Finance Corp. | $ | 2,200,000 | $ | 2,173,336 | ||||
4.75%, 10/15/27 | 3,944,000 | 3,595,705 | ||||||
SBA Communications Corp. | 4,407,000 | 4,446,597 | ||||||
4.875%, 9/1/24 | 5,838,000 | 6,004,091 | ||||||
3.875%, 2/15/27, 144A | 8,917,000 | 9,270,381 | ||||||
Service Properties Trust | 2,731,000 | 2,737,828 | ||||||
4.50%, 6/15/23 | 2,579,000 | 2,540,508 | ||||||
4.35%, 10/1/24 | 3,276,000 | 3,086,614 | ||||||
7.50%, 9/15/25 | 5,816,000 | 6,332,651 | ||||||
4.75%, 10/1/26 | 2,158,000 | 1,985,360 | ||||||
4.95%, 2/15/27 | 2,223,000 | 2,039,603 | ||||||
3.95%, 1/15/28 | 2,293,000 | 1,978,400 | ||||||
4.95%, 10/1/29 | 2,185,000 | 1,958,306 | ||||||
4.375%, 2/15/30 | 2,550,000 | 2,212,125 | ||||||
Starwood Property Trust, Inc. | 3,895,000 | 3,964,000 | ||||||
4.75%, 3/15/25 | 2,931,000 | 2,831,771 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | 4,557,000 | 4,394,702 | ||||||
7.875%, 2/15/25, 144A | 12,266,000 | 12,983,009 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 2,452,000 | 2,483,018 | ||||||
8.25%, 10/15/23 (a) | 5,185,000 | 5,120,187 | ||||||
VICI Properties LP / VICI Note Co., Inc. | 5,539,000 | 5,561,184 | ||||||
4.25%, 12/1/26, 144A | 6,191,000 | 6,340,048 | ||||||
3.75%, 2/15/27, 144A | 4,095,000 | 4,091,806 | ||||||
4.625%, 12/1/29, 144A | 5,459,000 | 5,686,586 | ||||||
4.125%, 8/15/30, 144A | 5,702,000 | 5,709,128 | ||||||
Washington Prime Group LP | 4,062,000 | 2,132,977 | ||||||
|
| |||||||
(Cost $229,233,237) | 231,260,909 | |||||||
|
| |||||||
Venture Capital — 0.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 6,575,000 | 6,663,598 | ||||||
6.75%, 2/1/24 | 2,887,000 | 2,984,133 | ||||||
4.75%, 9/15/24 | 6,256,000 | 6,469,111 | ||||||
6.375%, 12/15/25 | 4,047,000 | 4,209,305 | ||||||
6.25%, 5/15/26 | 7,151,000 | 7,650,426 | ||||||
5.25%, 5/15/27 | 5,272,000 | 5,617,975 | ||||||
|
| |||||||
(Cost $32,879,387) | 33,594,548 | |||||||
|
| |||||||
Industrial — 8.5% | ||||||||
Aerospace/Defense — 2.4% | ||||||||
Bombardier, Inc. | 6,108,000 | 5,843,310 | ||||||
5.75%, 3/15/22, 144A (a) | 2,608,000 | 2,330,248 | ||||||
6.00%, 10/15/22, 144A | 6,465,000 | 5,527,575 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Aerospace/Defense (Continued) | ||||||||
6.125%, 1/15/23, 144A | $ | 7,059,000 | $ | 5,724,849 | ||||
7.50%, 12/1/24, 144A | 6,706,000 | 5,046,299 | ||||||
7.50%, 3/15/25, 144A | 7,345,000 | 5,407,756 | ||||||
7.875%, 4/15/27, 144A | 11,124,000 | 8,078,582 | ||||||
Howmet Aerospace, Inc. | 2,833,000 | 3,005,954 | ||||||
5.125%, 10/1/24 | 6,345,000 | 6,809,387 | ||||||
6.875%, 5/1/25 | 7,277,000 | 8,279,805 | ||||||
Rolls-Royce PLC, 144A | 5,407,000 | 5,232,142 | ||||||
Signature Aviation US Holdings, Inc. | 2,217,000 | 2,289,950 | ||||||
4.00%, 3/1/28, 144A | 3,627,000 | 3,552,211 | ||||||
Spirit AeroSystems, Inc. | 6,699,000 | 6,774,364 | ||||||
4.60%, 6/15/28 | 3,968,000 | 3,124,800 | ||||||
TransDigm, Inc. | 6,369,000 | 6,416,385 | ||||||
6.50%, 5/15/25 | 4,548,000 | 4,593,480 | ||||||
8.00%, 12/15/25, 144A | 6,100,000 | 6,639,850 | ||||||
6.25%, 3/15/26, 144A | 24,542,000 | 25,939,790 | ||||||
6.375%, 6/15/26 | 5,158,000 | 5,234,442 | ||||||
7.50%, 3/15/27 | 3,311,000 | 3,465,591 | ||||||
5.50%, 11/15/27 | 14,638,000 | 14,317,428 | ||||||
Triumph Group, Inc. | 3,500,000 | 3,703,437 | ||||||
6.25%, 9/15/24, 144A | 2,897,000 | 2,366,791 | ||||||
7.75%, 8/15/25 | 2,998,000 | 1,791,305 | ||||||
|
| |||||||
(Cost $157,688,736) | 151,495,731 | |||||||
|
| |||||||
Building Materials — 0.8% | ||||||||
Builders FirstSource, Inc. | 4,360,000 | 4,765,197 | ||||||
5.00%, 3/1/30, 144A | 3,103,000 | 3,319,419 | ||||||
Cornerstone Building Brands, Inc., 144A | 3,477,000 | 3,678,996 | ||||||
Griffon Corp. | 5,382,000 | 5,724,564 | ||||||
JELD-WEN, Inc. | 2,047,000 | 2,064,697 | ||||||
4.875%, 12/15/27, 144A | 2,386,000 | 2,489,934 | ||||||
Standard Industries, Inc. | 4,726,000 | 4,948,571 | ||||||
4.75%, 1/15/28, 144A | 5,612,000 | 5,920,660 | ||||||
4.375%, 7/15/30, 144A | 6,761,000 | 7,174,232 | ||||||
3.375%, 1/15/31, 144A | 5,500,000 | 5,484,490 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 144A | 4,000,000 | 4,205,320 | ||||||
|
| |||||||
(Cost $48,886,705) | 49,776,080 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer Holdings, Inc. | 4,139,000 | 4,397,729 | ||||||
7.75%, 1/15/27, 144A | 3,392,000 | 3,722,601 | ||||||
4.75%, 6/15/28, 144A | 3,296,000 | 3,443,661 |
Principal | Value | |||||||
Electrical Components & Equipment (Continued) | ||||||||
WESCO Distribution, Inc. | $ | 8,217,000 | $ | 9,049,588 | ||||
7.25%, 6/15/28, 144A | 7,523,000 | 8,402,363 | ||||||
|
| |||||||
(Cost $28,394,670) | 29,015,942 | |||||||
|
| |||||||
Electronics — 0.3% | ||||||||
Sensata Technologies BV | 3,325,000 | 3,518,232 | ||||||
5.625%, 11/1/24, 144A | 2,296,000 | 2,522,489 | ||||||
5.00%, 10/1/25, 144A | 3,966,000 | 4,322,524 | ||||||
Sensata Technologies, Inc. | 2,700,000 | 2,855,331 | ||||||
3.75%, 2/15/31, 144A | 3,730,000 | 3,754,282 | ||||||
|
| |||||||
(Cost $16,806,296) | 16,972,858 | |||||||
|
| |||||||
Engineering & Construction — 0.4% | ||||||||
AECOM | 4,518,000 | 5,043,692 | ||||||
5.125%, 3/15/27 | 5,477,000 | 6,025,303 | ||||||
Brand Industrial Services, Inc., 144A | 5,445,000 | 5,298,611 | ||||||
Fluor Corp. | 3,387,000 | 2,637,626 | ||||||
4.25%, 9/15/28 | 3,108,000 | 2,491,621 | ||||||
MasTec, Inc., 144A | 3,300,000 | 3,370,125 | ||||||
|
| |||||||
(Cost $24,981,913) | 24,866,978 | |||||||
|
| |||||||
Environmental Control — 0.5% | ||||||||
Advanced Disposal Services, Inc., 144A | 2,702,000 | 2,803,041 | ||||||
Clean Harbors, Inc., 144A | 3,351,000 | 3,521,264 | ||||||
Covanta Holding Corp. | 2,027,000 | 2,115,469 | ||||||
6.00%, 1/1/27 | 1,881,000 | 1,972,341 | ||||||
5.00%, 9/1/30 | 2,400,000 | 2,463,720 | ||||||
GFL Environmental, Inc. | 2,413,000 | 2,462,768 | ||||||
3.75%, 8/1/25, 144A | 4,470,000 | 4,509,135 | ||||||
7.00%, 6/1/26, 144A | 2,231,000 | 2,348,128 | ||||||
5.125%, 12/15/26, 144A | 2,903,000 | 3,069,015 | ||||||
Stericycle, Inc., 144A | 3,366,000 | 3,525,885 | ||||||
|
| |||||||
(Cost $28,662,816) | 28,790,766 | |||||||
|
| |||||||
Hand/Machine Tools — 0.1% | ||||||||
Colfax Corp. | 3,503,000 | 3,643,488 | ||||||
6.375%, 2/15/26, 144A | 2,119,000 | 2,291,836 | ||||||
|
| |||||||
(Cost $5,897,506) | 5,935,324 | |||||||
|
| |||||||
Machinery-Diversified — 0.3% | ||||||||
Maxim Crane Works Holdings Capital LLC, 144A | 3,085,000 | 3,097,973 | ||||||
Vertical Holdco GmbH, 144A | 2,591,000 | 2,738,363 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Machinery-Diversified (Continued) | ||||||||
Vertical US Newco, Inc., 144A | $ | 9,228,000 | $ | 9,631,725 | ||||
Welbilt, Inc. | 2,747,000 | 2,796,789 | ||||||
|
| |||||||
(Cost $18,454,565) | 18,264,850 | |||||||
|
| |||||||
Miscellaneous Manufacturing — 0.0% | ||||||||
Hillenbrand, Inc. | 2,201,000 | 2,363,093 | ||||||
|
| |||||||
Packaging & Containers — 2.6% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 4,925,000 | 5,141,700 | ||||||
5.25%, 4/30/25, 144A | 4,160,000 | 4,418,960 | ||||||
4.125%, 8/15/26, 144A | 6,628,000 | 6,922,615 | ||||||
5.25%, 8/15/27, 144A | 5,353,000 | 5,574,507 | ||||||
5.25%, 8/15/27, 144A | 4,775,000 | 4,972,589 | ||||||
Ball Corp. | 3,750,000 | 3,988,781 | ||||||
4.00%, 11/15/23 | 5,663,000 | 6,031,095 | ||||||
5.25%, 7/1/25 | 5,344,000 | 6,067,364 | ||||||
4.875%, 3/15/26 | 3,910,000 | 4,385,730 | ||||||
2.875%, 8/15/30 | 7,600,000 | 7,601,900 | ||||||
Berry Global, Inc. | 4,239,000 | 4,297,286 | ||||||
4.50%, 2/15/26, 144A | 2,203,000 | 2,251,246 | ||||||
4.875%, 7/15/26, 144A | 7,005,000 | 7,450,133 | ||||||
5.625%, 7/15/27, 144A | 3,051,000 | 3,227,241 | ||||||
Cascades, Inc./Cascades USA, Inc., 144A | 3,300,000 | 3,524,977 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 5,486,000 | 5,777,389 | ||||||
Flex Acquisition Co., Inc. | 3,891,000 | 3,978,217 | ||||||
7.875%, 7/15/26, 144A (a) | 2,230,000 | 2,346,172 | ||||||
Graphic Packaging International LLC, 144A | 2,524,000 | 2,574,228 | ||||||
LABL Escrow Issuer LLC | 3,371,000 | 3,623,302 | ||||||
10.50%, 7/15/27, 144A | 4,033,000 | 4,435,413 | ||||||
Mauser Packaging Solutions Holding Co. | 8,294,000 | 8,430,519 | ||||||
7.25%, 4/15/25, 144A | 7,589,000 | 7,387,588 | ||||||
Owens-Brockway Glass Container, Inc. | 3,935,000 | 4,196,107 | ||||||
6.625%, 5/13/27, 144A | 3,861,000 | 4,254,339 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 8,052,000 | 8,180,429 | ||||||
7.00%, 7/15/24, 144A | 3,328,000 | 3,417,423 |
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
Sealed Air Corp. | $ | 2,466,000 | $ | 2,610,298 | ||||
5.25%, 4/1/23, 144A | 2,175,000 | 2,335,613 | ||||||
5.125%, 12/1/24, 144A | 2,265,000 | 2,498,578 | ||||||
5.50%, 9/15/25, 144A | 2,147,000 | 2,412,466 | ||||||
4.00%, 12/1/27, 144A | 2,559,000 | 2,731,733 | ||||||
Silgan Holdings, Inc. | 3,373,000 | 3,503,704 | ||||||
Trivium Packaging Finance BV | 5,807,000 | 6,138,696 | ||||||
8.50%, 8/15/27, 144A | 4,686,000 | 5,162,918 | ||||||
|
| |||||||
(Cost $159,633,227) | 161,851,256 | |||||||
|
| |||||||
Transportation — 0.5% | ||||||||
Cargo Aircraft Management, Inc., 144A | 2,898,000 | 2,984,940 | ||||||
Kenan Advantage Group, Inc., 144A | 2,178,000 | 2,082,070 | ||||||
XPO Logistics, Inc. | 6,723,000 | 6,758,632 | ||||||
6.125%, 9/1/23, 144A | 2,953,000 | 3,013,758 | ||||||
6.75%, 8/15/24, 144A | 6,353,000 | 6,771,345 | ||||||
6.25%, 5/1/25, 144A | 6,661,000 | 7,123,107 | ||||||
|
| |||||||
(Cost $28,543,590) | 28,733,852 | |||||||
|
| |||||||
Trucking & Leasing — 0.1% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | 4,095,000 | 4,074,750 | ||||||
6.50%, 10/1/25, 144A | 1,871,000 | 1,821,690 | ||||||
9.75%, 8/1/27, 144A | 2,868,000 | 3,068,817 | ||||||
|
| |||||||
(Cost $8,943,726) | 8,965,257 | |||||||
|
| |||||||
Technology — 4.1% | ||||||||
Computers — 1.2% | ||||||||
Banff Merger Sub, Inc., 144A | 8,027,000 | 8,562,401 | ||||||
Dell International LLC / EMC Corp., 144A | 8,145,000 | 8,458,583 | ||||||
Diebold Nixdorf, Inc. | 2,258,000 | 2,166,303 | ||||||
9.375%, 7/15/25, 144A | 3,785,000 | 4,087,800 | ||||||
EMC Corp. | 6,283,000 | 6,506,769 | ||||||
Exela Intermediate LLC / Exela Finance, Inc., 144A | 5,575,000 | 1,644,625 | ||||||
NCR Corp. | 2,301,000 | 2,579,904 | ||||||
5.75%, 9/1/27, 144A | 3,175,000 | 3,340,989 | ||||||
5.00%, 10/1/28, 144A | 3,656,000 | 3,694,607 | ||||||
6.125%, 9/1/29, 144A | 2,555,000 | 2,744,555 | ||||||
5.25%, 10/1/30, 144A | 2,500,000 | 2,538,775 | ||||||
Presidio Holdings, Inc. | 1,923,000 | 1,974,383 | ||||||
8.25%, 2/1/28, 144A | 2,042,000 | 2,140,271 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Computers (Continued) | ||||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A | $ | 7,260,000 | $ | 7,409,665 | ||||
Vericast Corp., 144A | 4,638,000 | 3,810,047 | ||||||
Western Digital Corp. | 12,951,000 | 14,030,984 | ||||||
|
| |||||||
(Cost $76,652,025) | 75,690,661 | |||||||
|
| |||||||
Office/Business Equipment — 0.6% | ||||||||
CDW LLC / CDW Finance Corp. | 2,980,000 | 3,300,663 | ||||||
4.125%, 5/1/25 | 3,974,000 | 4,151,400 | ||||||
5.00%, 9/1/25 | 3,579,000 | 3,717,704 | ||||||
4.25%, 4/1/28 | 3,460,000 | 3,621,530 | ||||||
3.25%, 2/15/29 | 3,700,000 | 3,788,356 | ||||||
Xerox Corp. | 5,486,000 | 5,647,782 | ||||||
Xerox Holdings Corp. | 4,030,000 | 4,077,856 | ||||||
5.50%, 8/15/28, 144A | 4,200,000 | 4,305,000 | ||||||
|
| |||||||
(Cost $32,511,401) | 32,610,291 | |||||||
|
| |||||||
Semiconductors — 0.4% | ||||||||
ams AG, 144A | 2,753,000 | 2,876,885 | ||||||
Microchip Technology, Inc., 144A | 6,634,000 | 6,912,646 | ||||||
ON Semiconductor Corp., 144A | 4,000,000 | 4,188,920 | ||||||
Qorvo, Inc. | 5,381,000 | 5,717,689 | ||||||
4.375%, 10/15/29 | 4,698,000 | 5,046,686 | ||||||
|
| |||||||
(Cost $24,390,314) | 24,742,826 | |||||||
|
| |||||||
Software — 1.9% | ||||||||
Black Knight InfoServ LLC, 144A | 5,600,000 | 5,685,792 | ||||||
Boxer Parent Co., Inc., 144A | 3,931,000 | 4,275,906 | ||||||
Camelot Finance SA, 144A | 3,836,000 | 3,978,162 | ||||||
CDK Global, Inc. | 2,148,000 | 2,434,500 | ||||||
5.875%, 6/15/26 | 2,729,000 | 2,872,777 | ||||||
4.875%, 6/1/27 | 3,238,000 | 3,425,173 | ||||||
5.25%, 5/15/29, 144A | 3,350,000 | 3,657,731 | ||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A | 7,867,000 | 7,994,839 | ||||||
Dun & Bradstreet Corp. | 3,923,000 | 4,263,811 | ||||||
10.25%, 2/15/27, 144A | 2,735,000 | 3,124,231 | ||||||
MSCI, Inc. | 3,326,000 | 3,468,702 | ||||||
5.375%, 5/15/27, 144A | 2,124,000 | 2,299,485 | ||||||
4.00%, 11/15/29, 144A | 4,852,000 | 5,199,840 | ||||||
3.625%, 9/1/30, 144A | 2,307,000 | 2,423,688 | ||||||
3.875%, 2/15/31, 144A | 6,215,000 | 6,572,362 |
Principal | Value | |||||||
Software (Continued) | ||||||||
Nuance Communications, Inc. | $ | 2,849,000 | $ | 3,028,216 | ||||
Open Text Corp. | 4,711,000 | 4,963,345 | ||||||
3.875%, 2/15/28, 144A | 5,177,000 | 5,333,759 | ||||||
PTC, Inc. | 2,815,000 | 2,899,450 | ||||||
4.00%, 2/15/28, 144A | 2,871,000 | 2,979,524 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 11,359,000 | 11,926,950 | ||||||
SS&C Technologies, Inc., 144A | 11,643,000 | 12,485,371 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd. | 3,080,000 | 3,095,077 | ||||||
10.50%, 2/1/24, 144A (a) | 4,880,000 | 4,891,688 | ||||||
7.50%, 9/1/25, 144A | 5,000,000 | 5,204,675 | ||||||
|
| |||||||
(Cost $116,966,687) | 118,485,054 | |||||||
|
| |||||||
Utilities — 2.4% | ||||||||
Electric — 2.2% | ||||||||
AES Corp. | 2,769,000 | 2,860,931 | ||||||
6.00%, 5/15/26 | 2,860,000 | 3,009,621 | ||||||
5.125%, 9/1/27 | 3,127,000 | 3,382,804 | ||||||
Calpine Corp. | 6,620,000 | 6,910,585 | ||||||
4.50%, 2/15/28, 144A | 7,004,000 | 7,272,393 | ||||||
5.125%, 3/15/28, 144A | 7,846,000 | 8,249,402 | ||||||
4.625%, 2/1/29, 144A | 3,500,000 | 3,587,220 | ||||||
5.00%, 2/1/31, 144A | 4,800,000 | 5,026,056 | ||||||
Clearway Energy Operating LLC | 2,910,000 | 3,092,181 | ||||||
4.75%, 3/15/28, 144A | 4,691,000 | 4,918,232 | ||||||
DPL, Inc., 144A | 2,035,000 | 2,149,469 | ||||||
NextEra Energy Operating Partners LP | 3,989,000 | 4,264,700 | ||||||
4.25%, 9/15/24, 144A | 3,086,000 | 3,290,447 | ||||||
3.875%, 10/15/26, 144A | 2,828,000 | 2,990,158 | ||||||
4.50%, 9/15/27, 144A | 2,888,000 | 3,162,360 | ||||||
NRG Energy, Inc. | 5,951,000 | 6,376,110 | ||||||
6.625%, 1/15/27 | 6,153,000 | 6,593,924 | ||||||
5.75%, 1/15/28 | 4,938,000 | 5,381,506 | ||||||
5.25%, 6/15/29, 144A | 4,159,000 | 4,542,938 | ||||||
PG&E Corp. | 5,689,000 | 5,682,315 | ||||||
5.25%, 7/1/30 | 5,658,000 | 5,639,612 | ||||||
Talen Energy Supply LLC | 2,948,000 | 2,063,290 | ||||||
10.50%, 1/15/26, 144A | 3,610,000 | 2,907,512 | ||||||
7.25%, 5/15/27, 144A | 3,461,000 | 3,553,374 | ||||||
6.625%, 1/15/28, 144A | 2,450,000 | 2,463,108 | ||||||
7.625%, 6/1/28, 144A | 3,030,000 | 3,136,853 | ||||||
TransAlta Corp. | 1,476,000 | 1,515,668 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
Principal | Value | |||||||
Electric (Continued) | ||||||||
Vistra Operations Co. LLC | $ | 6,052,000 | $ | 6,362,165 | ||||
5.625%, 2/15/27, 144A | 7,297,000 | 7,727,231 | ||||||
5.00%, 7/31/27, 144A | 7,028,000 | 7,460,081 | ||||||
|
| |||||||
(Cost $134,773,358) | 135,572,246 | |||||||
|
| |||||||
Gas — 0.2% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 4,214,000 | 4,613,824 | ||||||
5.50%, 5/20/25 | 3,954,000 | 4,351,832 | ||||||
5.875%, 8/20/26 | 4,144,000 | 4,705,553 | ||||||
5.75%, 5/20/27 | 2,271,000 | 2,564,652 | ||||||
|
| |||||||
(Cost $15,617,347) | 16,235,861 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 6,110,374,718 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 2.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) | 134,912,900 | $ | 134,912,900 | |||||
|
| |||||||
CASH EQUIVALENTS — 1.7% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06% (b) | 103,636,616 | 103,636,616 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.3% (Cost $6,306,680,027) | $ | 6,348,924,234 | ||||||
Other assets and liabilities, net — (2.3%) | (140,373,743 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,208,550,491 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2020 | Value ($) at 8/31/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b)(c) |
| |||||||||||||||||||||||||||||||||||
161,595,001 | — | (26,682,101 | )(d) | — | — | 1,513,388 | — | 134,912,900 | 134,912,900 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 0.06%(b) |
| |||||||||||||||||||||||||||||||||||
36,745,383 | 853,967,932 | (787,076,699 | ) | — | — | 237,075 | — | 103,636,616 | 103,636,616 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
198,340,384 | 853,967,932 | (813,758,800 | ) | — | — | 1,750,463 | — | 238,549,516 | 238,549,516 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 August 31, 2020 amounted to $142,667,108, which is 2.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $13,451,281. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2020. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
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. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2020
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 August 31, 2020 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 (e) | $ | — | $ | 6,110,374,718 | $ | — | $ | 6,110,374,718 | ||||||||
Short-Term Investments (e) | 238,549,516 | — | — | 238,549,516 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 238,549,516 | $ | 6,110,374,718 | $ | — | $ | 6,348,924,234 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
August 31, 2020
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | Xtrackers Short Duration High Yield Bond ETF | Xtrackers USD High Yield Corporate Bond ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 6,680,628 | $ | 37,401,493 | $ | 36,039,490 | $ | 6,110,374,718 | ||||||||
Investment in DWS Government Money Market Series | 503,524 | 1,116,381 | 1,670,002 | 103,636,616 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 168,578 | 612,989 | 1,815,630 | 134,912,900 | ||||||||||||
Cash | — | — | — | 129,350 | ||||||||||||
Due from advisor | 2,007 | 3,430 | 3,835 | 5,943 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 588,760 | 2,728,510 | 355,013 | 298,774,553 | ||||||||||||
Capital shares | — | — | — | 46,382,076 | ||||||||||||
Interest | 110,051 | 474,793 | 581,443 | 90,793,524 | ||||||||||||
Securities lending income | 2,387 | 380 | 1,068 | 74,456 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 8,055,935 | $ | 42,337,976 | $ | 40,466,481 | $ | 6,785,084,136 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 168,578 | $ | 612,989 | $ | 1,815,630 | $ | 134,912,900 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 643,197 | 3,835,163 | 1,384,888 | 343,256,803 | ||||||||||||
Capital shares | — | — | — | 97,642,476 | ||||||||||||
Investment advisory fees | 10,047 | 16,115 | 6,238 | 721,466 | ||||||||||||
Other | 252,255 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 1,074,077 | 4,464,267 | 3,206,756 | 576,533,645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 6,981,858 | $ | 37,873,709 | $ | 37,259,725 | $ | 6,208,550,491 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 17,571,448 | $ | 41,330,393 | $ | 36,828,160 | $ | 6,261,766,710 | ||||||||
Distributable earnings (loss) | (10,589,590 | ) | (3,456,684 | ) | 431,565 | (53,216,219 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 6,981,858 | $ | 37,873,709 | $ | 37,259,725 | $ | 6,208,550,491 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 150,001 | 750,001 | 800,001 | 127,150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 46.55 | $ | 50.50 | $ | 46.57 | $ | 48.83 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 6,676,222 | $ | 36,549,106 | $ | 34,500,091 | $ | 6,068,130,511 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 264,689 | $ | 700,686 | $ | 1,955,484 | $ | 142,667,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 503,524 | $ | 1,116,381 | $ | 1,670,002 | $ | 103,636,616 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 168,578 | $ | 612,989 | $ | 1,815,630 | $ | 134,912,900 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 104,830 | $ | 110,490 | $ | 219,713 | $ | 13,451,281 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
For the Year Ended August 31, 2020
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | Xtrackers Short Duration High Yield Bond ETF | Xtrackers USD High Yield Corporate Bond ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 8,990,178 | $ | 6,423,596 | $ | 2,557,554 | $ | 229,894,298 | ||||||||
Income distributions from affiliated funds | 9,579 | 13,006 | 5,751 | 237,075 | ||||||||||||
Affiliated securities lending income | 88,198 | 5,347 | 12,551 | 1,513,388 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 17,093 | — | 9,138 | 28,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 9,105,048 | 6,441,949 | 2,584,994 | 231,673,724 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 475,716 | 375,830 | 81,672 | 8,546,918 | ||||||||||||
Other expenses | 400 | 1,143 | 171 | 6,143 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 476,116 | 376,973 | 81,843 | 8,553,061 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (204,683 | ) | (76,260 | ) | (566 | ) | (2,157,629 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 271,433 | 300,713 | 81,277 | 6,395,432 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 8,833,615 | 6,141,236 | 2,503,717 | 225,278,292 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (8,447,625 | ) | (2,280,051 | ) | (1,047,532 | ) | (128,213,154 | ) | ||||||||
In-kind redemptions | (93,371 | ) | 6,570,070 | 2,253,402 | 43,331,357 | |||||||||||
Foreign currency transactions | (21,119 | ) | 255 | — | — | |||||||||||
Payments by Affiliates (see note 8) | 2,007 | 3,430 | 3,835 | 5,943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (8,560,108 | ) | 4,293,704 | 1,209,705 | (84,875,854 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 2,181,907 | (2,775,645 | ) | 1,585,148 | 18,508,043 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 2,181,907 | (2,775,645 | ) | 1,585,148 | 18,508,043 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (6,378,201 | ) | 1,518,059 | 2,794,853 | (66,367,811 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,455,414 | $ | 7,659,295 | $ | 5,298,570 | $ | 158,910,481 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | |||||||||||||||
Year Ended August 31, 2020 | Year Ended August 31, 2019 | Year Ended August 31, 2020 | Year Ended August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 8,833,615 | $ | 10,122,442 | $ | 6,141,236 | $ | 6,561,539 | ||||||||
Net realized gain (loss) | (8,560,108 | ) | (2,102,427 | ) | 4,293,704 | (873,902 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 2,181,907 | 422,918 | (2,775,645 | ) | 5,099,880 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,455,414 | 8,442,933 | 7,659,295 | 10,787,517 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (9,663,912 | ) | (10,069,325 | ) | (7,126,652 | ) | (6,517,014 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 4,812,681 | 54,342,652 | 7,295,389 | ||||||||||||
Value of shares redeemed | (136,509,024 | ) | — | (161,280,463 | ) | (4,928,829 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (136,509,024 | ) | 4,812,681 | (106,937,811 | ) | 2,366,560 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (143,717,522 | ) | 3,186,289 | (106,405,168 | ) | 6,637,063 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 150,699,380 | 147,513,091 | 144,278,877 | 137,641,814 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 6,981,858 | $ | 150,699,380 | $ | 37,873,709 | $ | 144,278,877 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 3,100,001 | 3,000,001 | 2,850,001 | 2,800,001 | ||||||||||||
Shares sold | — | 100,000 | 1,100,000 | 150,000 | ||||||||||||
Shares redeemed | (2,950,000 | ) | — | (3,200,000 | ) | (100,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 150,001 | 3,100,001 | 750,001 | 2,850,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Short Duration High Yield Bond ETF | Xtrackers USD High Yield Corporate Bond ETF | |||||||||||||||
Year Ended August 31, 2020 | Year Ended August 31, 2019 | Year Ended August 31, 2020 | Year Ended August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,503,717 | $ | 1,944,205 | $ | 225,278,292 | $ | 147,169,295 | ||||||||
Net realized gain (loss) | 1,209,705 | (839,403 | ) | (84,875,854 | ) | (6,584,462 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 1,585,148 | 177,009 | 18,508,043 | 34,976,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,298,570 | 1,281,811 | 158,910,481 | 175,561,157 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (2,545,587 | ) | (2,014,987 | ) | (231,469,345 | ) | (141,405,511 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 175,438,715 | 12,264,827 | 8,095,596,847 | 2,772,020,595 | ||||||||||||
Value of shares redeemed | (163,041,545 | ) | (29,177,886 | ) | (4,876,338,905 | ) | (1,539,942,869 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 12,397,170 | (16,913,059 | ) | 3,219,257,942 | 1,232,077,726 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 15,150,153 | (17,646,235 | ) | 3,146,699,078 | 1,266,233,372 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 22,109,572 | 39,755,807 | 3,061,851,413 | 1,795,618,041 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 37,259,725 | $ | 22,109,572 | $ | 6,208,550,491 | $ | 3,061,851,413 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 450,001 | 800,001 | 60,950,001 | 36,000,001 | ||||||||||||
Shares sold | 4,100,000 | 250,000 | 169,850,000 | 56,450,000 | ||||||||||||
Shares redeemed | (3,750,000 | ) | (600,000 | ) | (103,650,000 | ) | (31,500,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 800,001 | 450,001 | 127,150,001 | 60,950,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2018(a) | ||||||||||
2020 | 2019 | |||||||||||
Net Asset Value, beginning of period | $ | 48.61 | $ | 49.17 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 3.01 | (c) | 3.32 | 2.07 | ||||||||
Net realized and unrealized gain (loss) | (1.95 | )(c) | (0.58 | ) | (1.11 | ) | ||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.06 | 2.74 | 0.96 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (3.12 | ) | (3.30 | ) | (1.79 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (3.12 | ) | (3.30 | ) | (1.79 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 46.55 | $ | 48.61 | $ | 49.17 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 2.46 | (d) | 5.90 | (d) | 2.01 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 7 | 151 | 148 | |||||||||
Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.31 | 0.35 | * | ||||||||
Ratio of net investment income (loss) (%) | 6.50 | (c) | 6.91 | 6.71 | * | |||||||
Portfolio turnover rate (%)(e) | 98 | 51 | 34 | ** | ||||||||
Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2018(a) | ||||||||||
2020 | 2019 | |||||||||||
Net Asset Value, beginning of period | $ | 50.62 | $ | 49.16 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 2.02 | (c) | 2.29 | 1.37 | ||||||||
Net realized and unrealized gain (loss) | 0.12 | (c) | 1.44 | (1.05 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 2.14 | 3.73 | 0.32 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (2.26 | ) | (2.27 | ) | (1.16 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (2.26 | ) | (2.27 | ) | (1.16 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 50.50 | $ | 50.62 | $ | 49.16 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 4.42 | (d) | 7.84 | (d) | 0.68 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 38 | 144 | 138 | |||||||||
Ratio of expenses before fee waiver (%) | 0.25 | 0.25 | 0.25 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.24 | 0.25 | * | ||||||||
Ratio of net investment income (loss) (%) | 4.09 | (c) | 4.66 | 4.44 | * | |||||||
Portfolio turnover rate (%)(e) | 111 | 55 | 52 | ** |
(a) | For the period January 11, 2018 (commencement of operations) through August 31, 2018. |
(b) | Based on average shares outstanding during the period. |
(c) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2018(a) | ||||||||||
2020 | 2019 | |||||||||||
Net Asset Value, beginning of period | $ | 49.13 | $ | 49.69 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 2.69 | (c) | 2.83 | 1.76 | ||||||||
Net realized and unrealized gain (loss) | (2.47 | )(c)(d) | (0.54 | ) | (0.59 | ) | ||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.22 | 2.29 | 1.17 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (2.78 | ) | (2.85 | ) | (1.48 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (2.78 | ) | (2.85 | ) | (1.48 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 46.57 | $ | 49.13 | $ | 49.69 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.61 | (e) | 4.79 | (e) | 2.41 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 37 | 22 | 40 | |||||||||
Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | * | ||||||||
Ratio of net investment income (loss) (%) | 6.13 | (c) | 5.78 | 5.56 | * | |||||||
Portfolio turnover rate (%)(f) | 150 | 45 | 37 | ** |
Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2017(g) | ||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||
Net Asset Value, beginning of period | $ | 50.24 | $ | 49.88 | $ | 51.21 | $ | 50.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 2.54 | (c) | 2.98 | 2.89 | 2.07 | |||||||||||
Net realized and unrealized gain (loss) | (1.19 | )(c) | 0.30 | (1.53 | ) | 1.11 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.35 | 3.28 | 1.36 | 3.18 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: |
| |||||||||||||||
Net investment income | (2.76 | ) | (2.92 | ) | (2.69 | ) | (1.97 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (2.76 | ) | (2.92 | ) | (2.69 | ) | (1.97 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 48.83 | $ | 50.24 | $ | 49.88 | $ | 51.21 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 2.91 | (e) | 6.87 | (e) | 2.76 | (e) | 6.43 | ** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 6,209 | 3,062 | 1,796 | 220 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.25 | * | |||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | 0.17 | 0.20 | 0.25 | * | |||||||||||
Ratio of net investment income (loss) (%) | 5.27 | (c) | 6.06 | 5.86 | 5.57 | * | ||||||||||
Portfolio turnover rate (%)(f) | 54 | 29 | 32 | 36 | ** |
(a) | For the period January 10, 2018 (commencement of operations) through August 31, 2018. |
(b) | Based on average shares outstanding during the period. |
(c) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10 and $0.15, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and $0.15, and decrease to the ratio of net investment income to average net assets of 0.22% and 0.32%, for Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(e) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(g) | For the period December 7, 2016 (commencement of operations) through August 31, 2017. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2020, the Trust consists of thirty-three 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 High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Short Duration High Yield Bond ETF |
Xtrackers USD High Yield Corporate Bond ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index | |
Xtrackers Low Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market Low Beta Index | |
Xtrackers Short Duration High Yield Bond ETF | Solactive USD High Yield Corporates Total Market 0-5 Year Index | |
Xtrackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the U.S. 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 U.S. dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued U.S. dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Xtrackers USD High Yield Corporate Bond ETF, is non-diversified and is not limited by the 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.
65
DBX ETF Trust
Notes to Financial Statements (Continued)
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
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.
66
DBX ETF Trust
Notes to Financial Statements (Continued)
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.
Accounting Standards Update In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables-Nonrefundable fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. Effective September 1, 2019 the Funds adopted ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. The adoption of ASU 2017-08 had no impact on beginning net assets or any prior period information presented in the financial statements. Refer to the Financial Highlights for any current period impacts to the Funds.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2020, the Funds did not incur any interest or penalties.
As of August 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
Xtrackers High Beta High Yield Bond ETF | $ | 222,129 | $ | (10,799,562 | ) | $ | (12,157 | ) | $ | (10,589,590 | ) | |||||
Xtrackers Low Beta High Yield Bond ETF | 303,086 | (4,532,620 | ) | 772,850 | (3,456,684 | ) | ||||||||||
Xtrackers Short Duration High Yield Bond ETF | 288,342 | (1,351,620 | ) | 1,494,843 | 431,565 | |||||||||||
Xtrackers USD High Yield Corporate Bond ETF | 23,763,895 | (93,209,076 | ) | 16,228,962 | (53,216,219 | ) |
67
DBX ETF Trust
Notes to Financial Statements (Continued)
The tax character of dividends and distributions declared for the years ended August 31, 2020 and August 31, 2019 were as follows:
Year Ended August 31, 2020 | ||||
Ordinary Income* | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 9,663,912 | ||
Xtrackers Low Beta High Yield Bond ETF | 7,126,652 | |||
Xtrackers Short Duration High Yield Bond ETF | 2,545,587 | |||
Xtrackers USD High Yield Corporate Bond ETF | 231,469,345 | |||
Year Ended August 31, 2019 | ||||
Ordinary Income* | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 10,069,325 | ||
Xtrackers Low Beta High Yield Bond ETF | 6,517,014 | |||
Xtrackers Short Duration High Yield Bond ETF | 2,014,987 | |||
Xtrackers USD High Yield Corporate Bond ETF | 141,405,511 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2020, 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 | $ | 2,922,464 | $ | 7,877,098 | $ | 10,799,562 | ||||||
Xtrackers Low Beta High Yield Bond ETF | 3,515,042 | 1,017,578 | 4,532,620 | |||||||||
Xtrackers Short Duration High Yield Bond ETF | 629,788 | 721,832 | 1,351,620 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF | 37,668,804 | 55,540,272 | 93,209,076 |
For the fiscal year ended August 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below.These differences are primarily due to premium amortization on debt securities, redemptions-in-kind.
Distributable earnings (loss) | Paid-In Capital | |||||||
Xtrackers High Beta High Yield Bond ETF | $ | 316,483 | $ | (316,483 | ) | |||
Xtrackers Low Beta High Yield Bond ETF | (6,233,682 | ) | 6,233,682 | |||||
Xtrackers Short Duration High Yield Bond ETF | (1,822,510 | ) | 1,822,510 | |||||
Xtrackers USD High Yield Corporate Bond ETF | 1,350,723 | (1,350,723 | ) |
As of August 31, 2020, 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 | $ | 7,364,887 | $ | (12,157 | ) | $ | 259,804 | $ | (271,961 | ) | ||||||
Xtrackers Low Beta High Yield Bond ETF | 38,358,013 | 772,850 | 855,430 | (82,580 | ) | |||||||||||
Xtrackers Short Duration High Yield Bond ETF | 38,030,279 | 1,494,843 | 1,731,280 | (236,437 | ) | |||||||||||
Xtrackers USD High Yield Corporate Bond ETF | 6,332,695,272 | 16,228,962 | 104,583,711 | (88,354,749 | ) |
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
68
DBX ETF Trust
Notes to Financial Statements (Continued)
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 August 31, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of August 31, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
69
DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers High Beta High Yield Bond ETF |
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Corporate Bonds | $ | 168,578 | $ | — | $ | 1,560 | $ | 103,270 | $ | 273,408 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 273,408 | |||||||||||||||||
Xtrackers Low Beta High Yield Bond ETF |
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Corporate Bonds | $ | 612,989 | $ | — | $ | 1,645 | $ | 108,845 | $ | 723,479 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 723,479 | |||||||||||||||||
Xtrackers Short Duration High Yield Bond ETF |
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Corporate Bonds | $ | 1,815,630 | $ | — | $ | 3,271 | $ | 216,442 | $ | 2,035,343 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 2,035,343 | |||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
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Corporate Bonds | $ | 134,912,900 | $ | — | $ | 204,915 | $ | 13,246,366 | $ | 148,364,181 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 148,364,181 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee | ||||
Xtrackers High Beta High Yield Bond ETF | 0.35 | % | ||
Xtrackers Low Beta High Yield Bond ETF | 0.25 | % | ||
Xtrackers Short Duration High Yield Bond ETF | 0.20 | % | ||
Xtrackers USD High Yield Corporate Bond ETF | 0.20 | % |
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Notes to Financial Statements (Continued)
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 19, 2020, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.20% of the Fund’s average daily net assets. For the year ended August 31, 2020, the Advisor waived $203,878 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 19, 2020, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.20% of the Fund’s average daily net assets. For the year ended August 31, 2020, the Advisor waived $75,166 of expenses to the Fund.
The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 19, 2020, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.15% of the Fund’s average daily net assets. For the year ended August 31, 2020, the Advisor waived $2,136,730 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 805 | ||
Xtrackers Low Beta High Yield Bond ETF | 1,094 | |||
Xtrackers Short Duration High Yield Bond ETF | 566 | |||
Xtrackers USD High Yield Corporate Bond ETF | 20,899 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended August 31, 2020, 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 | $ | 128,134,911 | $ | 128,614,080 | ||||
Xtrackers Low Beta High Yield Bond ETF | 161,431,737 | 159,672,697 | ||||||
Xtrackers Short Duration High Yield Bond ETF | 59,004,305 | 55,827,282 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 2,218,868,785 | 2,318,498,779 |
For the year ended August 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF | $ | — | $ | 133,432,427 | ||||
Xtrackers Low Beta High Yield Bond ETF | 51,085,501 | 159,050,478 | ||||||
Xtrackers Short Duration High Yield Bond ETF | 167,406,391 | 159,531,285 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 8,060,569,242 | 4,798,759,518 |
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DBX ETF Trust
Notes to Financial Statements (Continued)
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 year ended August 31, 2020, 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 | $ | 49,860,555 | $ | 81,592,310 | $ | 2,070,349 | ||||||
Xtrackers Low Beta High Yield Bond ETF | 81,810,285 | 50,042,319 | (2,479,756 | ) | ||||||||
Xtrackers Short Duration High Yield Bond ETF | 116,869 | 176,012 | (21,571 | ) | ||||||||
Xtrackers USD High Yield Corporate Bond ETF | 318,264 | 295,331 | (22,388 | ) |
5. Fund Share Transactions
As of August 31, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2020.
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DBX ETF Trust
Notes to Financial Statements (Continued)
8. Payments by Affiliates
During the year ended August 31, 2020, the Advisor agreed to reimburse Xtrackers High Beta High Yield Bond ETF $2,007 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
During the year ended August 31, 2020, the Advisor agreed to reimburse Xtrackers Low Beta High Yield Bond ETF $3,430 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
During the year ended August 31, 2020, the Advisor agreed to reimburse Xtrackers Short Duration High Yield Bond ETF $3,835 for a loss due to a trade executed incorrectly. The amount compensated was 0.01% of the Fund’s average net assets.
During the year ended August 31, 2020, the Advisor agreed to reimburse Xtrackers USD High Yield Corporate Bond ETF $5,943 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
9. Other — COVID-19 Pandemic
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
To the Shareholders of
Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield Corporate Bond ETF, and the Board of Trustees of DBX ETF Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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 (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers High Beta High Yield Bond ETF
Xtrackers Low Beta High Yield Bond ETF | For the year ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 and the period from January 11, 2018 (commencement of operations) through August 31, 2018 | |||
Xtrackers Short Duration High Yield Bond ETF | For the year ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 and the period from January 10, 2018 (commencement of operations) through August 31, 2018 | |||
Xtrackers USD High Yield Corporate Bond ETF | For the year ended August 31, 2020 | For each of the two years in the period ended August 31, 2020 | For each of the three years in the period ended August 31, 2020 and the period from December 7, 2016 (commencement of operations) through August 31, 2017 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
October 26, 2020
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DBX ETF Trust
Identification and Background
The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.
The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.
Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.
Independent Board Members | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(1) | Business Experience and Directorships During the Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016) | Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006). | 33 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015 | Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 33 | — | |||
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015 | Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 33 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Officers(2) | ||
Name, Year of Birth, Position with the Trust and Length of Time Served(4) | Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016- present | Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present | Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012). | |
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019- present | Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018). | |
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present | Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(5) (1978) Vice President, 2016-present | Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |
John Millette(6) (1962) Secretary, 2020-present | Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. |
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DBX ETF Trust
Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(4) | Business Experience and Directorships During the Past 5 Years | |||||
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present | Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017). | |||||
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present | Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present). | |||||
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present | Director(3) in DWS. | |||||
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present | Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present). | |||||
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present | Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |||||
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020 | Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020). |
(1) | The length of time served is represented by the year in which the Board Member joined the Board. |
(2) | As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds. |
(3) | Executive title, not a board directorship. |
(4) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(5) | Address: 875 Third Avenue, New York, New York 10022. |
(6) | Address: 100 Summer Street, Boston, MA 02110. |
(7) | Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286. |
The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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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. 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. With respect to each Fund except HYLB, 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. Each Fund except HYLB, are currently non-diversified and can take larger positions in fewer issues, increasing their potential risk. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
HYUP, HYDW, SHYL, and HYLB are not sponsored, endorsed, issued, sold or promoted in any other manner by Solactive AG (the “Licensor”) nor does the trademark or the Index Price at any time or in any other respect.
Copyright © 2020 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-052201-4 (10/20) DBX004597 (10/21)
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(c) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $284,595 for 2020 and $372,680 for 2019. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2020 and $0 for 2019. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $235,418 for 2020 and $304,417 for 2019. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $0 for 2020 and $0 for 2019. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.
(e)(2) | All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X. |
(f) | Not Applicable. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2020 and $0 for 2019. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.
Item 6. Investments.
(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 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 have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
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 | ||
President and Chief Executive Officer |
Date | November 5, 2020 |
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 | ||
President and Chief Executive Officer |
Date | November 5, 2020 |
By (Signature and Title) | /s/ Diane Kenneally | |
Diane Kenneally | ||
Treasurer and Chief Financial Officer |
Date | November 5, 2020 |