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, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
August 31, 2023
Annual Report
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)
Xtrackers MSCI Kokusai Equity ETF (KOKU)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)
Xtrackers Russell US Multifactor ETF (DEUS)
DBX ETF Trust
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Performance Summary | ||||
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10 | ||||
12 | ||||
14 | ||||
Schedule of Investments | ||||
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29 | ||||
43 | ||||
48 | ||||
58 | ||||
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78 |
To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this annual report on four of our equity ETFs for the period ended August 31, 2023.
Global equities surged during the year, supported by economic resilience and robust corporate earnings, even as the Russia-Ukraine war and interest-rate hikes to contain inflation hurt market sentiment. While inflation cooled somewhat, it remained above most central banks’ targeted range. The last two quarters saw China, Japan, and the U.K. recovering faster than other regions, owing to an inflationary drop, and rebound in consumer confidence. The lifting of COVID-19 induced stringent norms also helped growth. Meanwhile, U.S. equities showed signs of strength over the period despite high inflation levels and the consequent rate hikes by the U.S. Federal Reserve Board. Tight labor-market conditions kept inflation levels high with mild signs of cooling. Meanwhile, the US economy expanded at a decent pace despite looming fears of a recession. By February 2023, the unemployment rate had dipped to its lowest level in 53 years. Q1 2023 saw a brief turmoil with the collapse of Silicon Valley Bank, followed by financial sector disruption in the U.S. and Europe witnessing major selloffs. Despite certain debt-ceiling concerns, the U.S. market stood firm in Q2 2023, with technology stocks driving the surge.
Eurozone equities recovered during the review period on upbeat corporate earnings, strong business activity, falling energy prices, and a milder-than-expected winter, leading to a slowdown in headline inflation. However, the European Central Bank maintained a hawkish stance and reiterated that it would work toward achieving a target inflation rate of 2%. This was followed by the Swiss government brokering the rescue of Credit Suisse by UBS; this timely intervention averted a major global banking crisis. Moreover, Germany’s economy stagnated, weighed down by weak economic indicators; speculations suggest that it is heading toward a recession, with the steepest decline in business activity in three years. The overall PMI1 dropped with reduced input even as supply bottlenecks eased.
U.K. equities rallied in 2022 and continued growing in the first two quarters of 2023, with economically sensitive areas outperforming, boosting consumer confidence. Inflation softened but touched an all-time high in May 2023, which led to a slight dip. Elsewhere, Japan’s stocks also expanded on the back of a surprise adjustment of its yield curve policy and improved corporate earnings. The Chinese economy also recovered on the lifting of the country’s zero-COVID-19 policy, boosting business activities despite property crisis stagnating the growth.
Our analysts believe central banks’ successive rate hikes to curb rising prices will likely weigh on the global economy in 2023 and 2024, considerably slowing its growth compared with 2022. Meanwhile, growth in the U.S. has remained resilient, compared with other major global economies, raising hopes of a soft landing for the economy, thereby skirting a recession. On the other hand, we believe Europe is likely to enter into a recession in 2024, with growth dynamics remaining weak and manufacturing activity expected to contract further. By contrast, growth in emerging and developing markets will likely remain strong over the next year.
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 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
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DBX ETF Trust
Xtrackers FTSE Developed ex-US Multifactor Factor ETF
The Xtrackers FTSE Developed ex-US Multifactor 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 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 DEEF 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). For the 12-month period ended August 31, 2023, DEEF shares returned 11.59%, compared to the DEEF Index return of 11.92%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Financials and Consumer Discretionary. The Real Estate sector was the only negative contributor to performance. From a geographical perspective Israel, Hong Kong and Norway are the most significant detractors. However, Japan, United Kingdom and France contributed positively to the performance.
Xtrackers MSCI Kokusai Equity ETF
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 also known as the MSCI World ex-Japan Index. The KOKU Index is designed to track the performance of equity markets in developed markets (excluding Japan). For the 12-month period ended August 31, 2023, KOKU shares returned 16.02%, compared to the KOKU Index return of 15.62%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Industrials and Financials. The Real Estate and Utilities sectors were the only negative contributors to performance. From a geographical perspective Hong Kong, Israel and Norway are the most significant detractors. However, United States, France and Germany contributed positively to the performance.
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
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 Factor Index (the QARP Index). The QARP 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 QARP Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the Unites States. For the 12-month period ended August 31, 2023, QARP shares returned 17.63%, compared to the QARP Index return of 17.88%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Consumer Discretionary. The Utilities and Health Care sectors were the only negative contributors to performance.
Xtrackers Russell US Multifactor ETF
The Xtrackers Russell US Multifactor 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 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 DEUS Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the Unites States. For the 12-month period ended August 31, 2023, DEUS shares returned 10.12%, compared to the DEUS Index return of 10.27%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Information Technology and Consumer Discretionary. The Utilities, Consumer Staples and Real Estate sectors detracted from performance.
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3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 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
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DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)
Xtrackers FTSE Developed ex US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
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 | 11.59% | 12.10% | 11.92% | 16.13% | ||||
Five Year | 2.43% | 2.42% | 2.77% | 4.38% | ||||
Since Inception1 | 4.54% | 4.51% | 5.03% | 5.72% | ||||
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 | 11.59% | 12.10% | 11.92% | 16.13% | ||||
Five Year | 12.77% | 12.68% | 14.63% | 23.92% | ||||
Since Inception1 | 41.16% | 40.87% | 46.49% | 54.11% |
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 22, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
6
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers FTSE Developed ex US Multifactor 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, 2023 |
Industrials | 22.6% | |||
Materials | 13.7% | |||
Consumer Discretionary | 12.0% | |||
Consumer Staples | 11.9% | |||
Financials | 11.4% | |||
Utilities | 7.1% | |||
Information Technology | 4.8% | |||
Communication Services | 4.6% | |||
Real Estate | 4.6% | |||
Energy | 3.8% | |||
Health Care | 3.5% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (6.8% of Net Assets) |
Description | % of Net Assets | |||
3i Group PLC (United Kingdom) | 1.2% | |||
Fairfax Financial Holdings Ltd. (Canada) | 0.8% | |||
Koninklijke Ahold Delhaize NV (Netherlands) | 0.8% | |||
Woolworths Group Ltd. (Australia) | 0.7% | |||
Repsol SA (Spain) | 0.6% | |||
Brambles Ltd. (Australia) | 0.6% | |||
Yara International ASA (Norway) | 0.6% | |||
Carlsberg A/S (Denmark) | 0.5% | |||
Mitsui & Co. Ltd. (Japan) | 0.5% | |||
Admiral Group PLC (United Kingdom) | 0.5% |
Country Diversification* as of August 31, 2023 |
Japan | 31.7% | |||
United Kingdom | 10.7% | |||
Australia | 10.4% | |||
Canada | 5.4% | |||
South Korea | 5.2% | |||
France | 5.0% | |||
Germany | 3.6% | |||
Switzerland | 3.5% | |||
Singapore | 3.2% | |||
Netherlands | 3.0% | |||
Sweden | 2.5% | |||
Italy | 2.5% | |||
Spain | 2.2% | |||
Other | 11.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
7
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, 2023 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Kokusai Index | MSCI World Index | |||||
One Year | 16.02% | 16.03% | 15.62% | 15.60% | ||||
Since Inception1 | 17.06% | 17.02% | 16.70% | 16.11% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Kokusai Index | MSCI World Index | |||||
One Year | 16.02% | 16.03% | 15.62% | 15.60% | ||||
Since Inception1 | 70.83% | 70.65% | 69.04% | 66.16% |
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 December 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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, 2023 |
Information Technology | 22.8% | |||
Financials | 14.9% | |||
Health Care | 12.9% | |||
Consumer Discretionary | 10.5% | |||
Industrials | 10.1% | |||
Consumer Staples | 7.3% | |||
Communication Services | 7.2% | |||
Energy | 5.1% | |||
Materials | 4.1% | |||
Utilities | 2.7% | |||
Real Estate | 2.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (22.5% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. (United States) | 5.5% | |||
Microsoft Corp. (United States) | 4.3% | |||
Alphabet, Inc. (United States) | 2.9% | |||
Amazon.com, Inc. (United States) | 2.4% | |||
NVIDIA Corp. (United States) | 2.3% | |||
Tesla, Inc. (United States) | 1.4% | |||
Meta Platforms, Inc. (United States) | 1.2% | |||
Berkshire Hathaway, Inc. (United States) | 0.9% | |||
Eli Lilly & Co. (United States) | 0.8% | |||
Exxon Mobil Corp. (United States) | 0.8% |
Country Diversification* as of August 31, 2023 |
United States | 72.9% | |||
United Kingdom | 4.2% | |||
Canada | 3.5% | |||
France | 3.4% | |||
Switzerland | 3.3% | |||
Germany | 2.4% | |||
Australia | 2.1% | |||
Other | 8.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.
9
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, 2023 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 2Qual/Val 5% Capped Factor Index | Russell 1000 Index Total Return | |||||
One Year | 17.63% | 17.71% | 17.88% | 15.40% | ||||
Five Year | 11.46% | 11.47% | 11.71% | 10.77% | ||||
Since Inception1 | 12.43% | 12.44% | 12.68% | 12.00% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 2Qual/Val 5% Capped Factor Index | Russell 1000 Index Total Return | |||||
One Year | 17.63% | 17.71% | 17.88% | 15.40% | ||||
Five Year | 72.06% | 72.11% | 73.99% | 66.78% | ||||
Since Inception1 | 88.43% | 88.56% | 90.78% | 84.65% |
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 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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, 2023 |
Information Technology | 21.1% | |||
Health Care | 12.6% | |||
Consumer Discretionary | 12.4% | |||
Energy | 11.8% | |||
Communication Services | 11.2% | |||
Consumer Staples | 8.8% | |||
Industrials | 8.8% | |||
Financials | 8.8% | |||
Materials | 3.3% | |||
Real Estate | 1.1% | |||
Utilities | 0.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (31.2% of Net Assets) |
Description | % of Net Assets | |||
Alphabet, Inc. | 5.2% | |||
Apple, Inc. | 5.0% | |||
Microsoft Corp. | 4.8% | |||
Exxon Mobil Corp. | 4.0% | |||
Meta Platforms, Inc. | 3.6% | |||
Chevron Corp. | 2.3% | |||
Walmart, Inc. | 2.3% | |||
Costco Wholesale Corp. | 2.0% | |||
Pfizer, Inc. | 2.0% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 43.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Russell US Multifactor ETF (DEUS)
Xtrackers Russell US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of 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, 2023 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 Comprehensive Factor Index | Russell 1000 Index Total Return | |||||
One Year | 10.12% | 10.15% | 10.27% | 15.40% | ||||
Five Year | 7.61% | 7.60% | 7.73% | 10.77% | ||||
Since Inception1 | 9.72% | 9.71% | 9.89% | 12.24% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Russell 1000 Comprehensive Factor Index | Russell 1000 Index Total Return | |||||
One Year | 10.12% | 10.15% | 10.27% | 15.40% | ||||
Five Year | 44.29% | 44.21% | 45.14% | 66.78% | ||||
Since Inception1 | 105.63% | 105.57% | 108.12% | 145.38% |
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 investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated December 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
12
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Russell US Multifactor 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, 2023 |
Industrials | 20.8% | |||
Information Technology | 16.2% | |||
Consumer Discretionary | 15.6% | |||
Health Care | 11.1% | |||
Financials | 9.3% | |||
Materials | 6.9% | |||
Consumer Staples | 6.5% | |||
Energy | 5.0% | |||
Utilities | 3.3% | |||
Real Estate | 3.1% | |||
Communication Services | 2.2% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (8.7% of Net Assets) |
Description | % of Net Assets | |||
Cardinal Health, Inc. | 1.1% | |||
Marathon Petroleum Corp. | 1.0% | |||
McKesson Corp. | 1.0% | |||
NVR, Inc. | 0.9% | |||
Cencora, Inc. | 0.9% | |||
Lennar Corp. | 0.8% | |||
CDW Corp. | 0.8% | |||
Reliance Steel & Aluminum Co. | 0.8% | |||
Jabil, Inc. | 0.7% | |||
Nucor Corp. | 0.7% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 48.
13
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 management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers FTSE Developed ex US Multifactor ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,054.58 | 0.24 | % | $ | 1.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.00 | 0.24 | % | $ | 1.22 | ||||||||
Xtrackers MSCI Kokusai Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,113.10 | 0.09 | % | $ | 0.48 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.75 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,145.20 | 0.19 | % | $ | 1.03 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.25 | 0.19 | % | $ | 0.97 | ||||||||
Xtrackers Russell US Multifactor ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,044.00 | 0.17 | % | $ | 0.88 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.35 | 0.17 | % | $ | 0.87 |
(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 365.
14
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Australia — 10.3% | ||||||||
AGL Energy Ltd. | 28,998 | $ | 208,276 | |||||
ALS Ltd. | 3,243 | 24,805 | ||||||
Altium Ltd. | 868 | 27,214 | ||||||
Alumina Ltd.* | 7,942 | 5,555 | ||||||
AMP Ltd. | 29,798 | 24,413 | ||||||
Ampol Ltd. | 7,469 | 170,757 | ||||||
Ansell Ltd. | 3,720 | 56,786 | ||||||
ANZ Group Holdings Ltd. | 1,777 | 29,152 | ||||||
APA Group (a) | 4,924 | 28,669 | ||||||
Aristocrat Leisure Ltd. | 1,739 | 46,064 | ||||||
ASX Ltd. | 569 | 21,223 | ||||||
Atlas Arteria Ltd. (a) | 1,564 | 6,159 | ||||||
Aurizon Holdings Ltd. | 66,560 | 157,343 | ||||||
Beach Energy Ltd. | 7,137 | 7,188 | ||||||
Bendigo & Adelaide Bank Ltd. | 2,934 | 18,071 | ||||||
BHP Group Ltd. | 2,193 | 63,700 | ||||||
BlueScope Steel Ltd. | 16,813 | 228,777 | ||||||
Boral Ltd.* | 10,325 | 31,563 | ||||||
Brambles Ltd. | 38,214 | 370,497 | ||||||
carsales.com Ltd. | 1,155 | 21,499 | ||||||
Challenger Ltd. | 2,458 | 10,841 | ||||||
Charter Hall Group REIT | 7,610 | 53,426 | ||||||
Cleanaway Waste Management Ltd. | 14,897 | 25,278 | ||||||
Cochlear Ltd. | 655 | 115,169 | ||||||
Coles Group Ltd. | 14,436 | 152,116 | ||||||
Commonwealth Bank of Australia | 145 | 9,596 | ||||||
Computershare Ltd. | 4,936 | 80,495 | ||||||
CSL Ltd. | 148 | 26,218 | ||||||
CSR Ltd. | 19,609 | 74,929 | ||||||
Deterra Royalties Ltd. | 17,291 | 49,833 | ||||||
Dexus REIT | 21,303 | 106,926 | ||||||
Domino’s Pizza Enterprises Ltd. | 188 | 6,581 | ||||||
Downer EDI Ltd. | 5,880 | 16,299 | ||||||
EBOS Group Ltd. | 844 | 19,072 | ||||||
Endeavour Group Ltd. | 13,401 | 47,735 | ||||||
Fortescue Metals Group Ltd. | 1,935 | 26,856 | ||||||
Goodman Group REIT | 6,551 | 99,111 | ||||||
GPT Group REIT | 13,077 | 35,571 | ||||||
Harvey Norman Holdings Ltd. | 9,636 | 25,213 | ||||||
IDP Education Ltd. | 306 | 4,881 | ||||||
IGO Ltd. | 496 | 4,472 | ||||||
Iluka Resources Ltd. | 12,317 | 68,045 | ||||||
Incitec Pivot Ltd. | 41,671 | 79,075 | ||||||
Insurance Australia Group Ltd. | 23,964 | 90,328 | ||||||
JB Hi-Fi Ltd. | 4,455 | 131,771 | ||||||
Lottery Corp. Ltd. | 13,670 | 44,621 | ||||||
Macquarie Group Ltd. | 567 | 65,192 | ||||||
Medibank Pvt Ltd. | 115,935 | 274,812 | ||||||
Metcash Ltd. | 35,913 | 86,756 | ||||||
Mineral Resources Ltd. | 82 | 3,799 | ||||||
Mirvac Group REIT | 58,351 | 91,454 | ||||||
National Australia Bank Ltd. | 724 | 13,579 | ||||||
New Hope Corp. Ltd. | 4,457 | 16,251 | ||||||
Newcrest Mining Ltd. | 892 | 15,038 | ||||||
NEXTDC Ltd.* | 1,103 | 9,672 | ||||||
Northern Star Resources Ltd. | 3,550 | 27,383 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Orica Ltd. | 3,006 | $ | 30,585 | |||||
Origin Energy Ltd. | 2,664 | 15,028 | ||||||
Orora Ltd. (b) | 28,412 | 64,772 | ||||||
Perpetual Ltd. | 522 | 7,123 | ||||||
Platinum Asset Management Ltd. | 26,844 | 24,861 | ||||||
Qantas Airways Ltd.* | 7,520 | 28,784 | ||||||
QBE Insurance Group Ltd. | 16,130 | 156,490 | ||||||
Qube Holdings Ltd. | 31,884 | 63,394 | ||||||
Ramsay Health Care Ltd. | 985 | 32,822 | ||||||
REA Group Ltd. | 262 | 28,011 | ||||||
Reece Ltd. | 723 | 9,552 | ||||||
Region RE Ltd. REIT | 47,202 | 66,032 | ||||||
Rio Tinto Ltd. | 3,257 | 238,151 | ||||||
Santos Ltd. | 7,049 | 35,016 | ||||||
Scentre Group REIT | 7,613 | 13,559 | ||||||
SEEK Ltd. | 802 | 12,004 | ||||||
Seven Group Holdings Ltd. | 2,970 | 53,782 | ||||||
Sims Ltd. | 1,464 | 14,545 | ||||||
Sonic Healthcare Ltd. | 9,179 | 191,184 | ||||||
South32 Ltd. | 73,195 | 161,176 | ||||||
Steadfast Group Ltd. | 32,145 | 117,418 | ||||||
Stockland REIT | 44,589 | 122,443 | ||||||
Suncorp Group Ltd. | 10,550 | 93,130 | ||||||
Tabcorp Holdings Ltd. | 145,946 | 103,502 | ||||||
Telstra Group Ltd. | 15,354 | 39,875 | ||||||
TPG Telecom Ltd. | 1,408 | 5,134 | ||||||
Transurban Group (a) | 1,972 | 16,935 | ||||||
Treasury Wine Estates Ltd. | 5,550 | 41,947 | ||||||
Vicinity Ltd. REIT | 123,402 | 149,453 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 1,586 | 33,907 | ||||||
Wesfarmers Ltd. | 3,805 | 132,752 | ||||||
Westpac Banking Corp. | 1,885 | 26,797 | ||||||
Whitehaven Coal Ltd. | 3,770 | 14,870 | ||||||
Woodside Energy Group Ltd. | 4,224 | 101,275 | ||||||
Woolworths Group Ltd. | 16,224 | 400,650 | ||||||
Worley Ltd. | 1,060 | 11,993 | ||||||
Yancoal Australia Ltd. | 1,475 | 5,053 | ||||||
|
| |||||||
(Cost $6,246,253) | 6,220,110 | |||||||
|
| |||||||
Austria — 0.4% | ||||||||
ANDRITZ AG | 1,295 | 68,984 | ||||||
Erste Group Bank AG | 231 | 8,266 | ||||||
OMV AG | 343 | 15,922 | ||||||
Raiffeisen Bank International AG* | 586 | 8,427 | ||||||
Telekom Austria AG* | 8,729 | 65,560 | ||||||
voestalpine AG | 3,060 | 89,605 | ||||||
|
| |||||||
(Cost $257,164) | 256,764 | |||||||
|
| |||||||
Belgium — 0.9% | ||||||||
Ackermans & van Haaren NV | 433 | 68,238 | ||||||
Ageas SA/NV | 738 | 29,380 | ||||||
Anheuser-Busch InBev SA/NV | 77 | 4,387 | ||||||
D’ieteren Group | 222 | 36,335 | ||||||
Elia Group SA/NV | 979 | 113,162 | ||||||
Groupe Bruxelles Lambert NV | 93 | 7,506 | ||||||
KBC Group NV | 219 | 14,395 | ||||||
Lotus Bakeries NV | 10 | 78,905 | ||||||
Sofina SA | 49 | 11,041 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Belgium (Continued) | ||||||||
Solvay SA | 957 | $ | 111,035 | |||||
UCB SA | 57 | 5,122 | ||||||
Umicore SA | 583 | 15,484 | ||||||
Warehouses De Pauw CVA REIT | 485 | 13,897 | ||||||
|
| |||||||
(Cost $535,844) | 508,887 | |||||||
|
| |||||||
Bermuda — 0.0% | ||||||||
Hiscox Ltd. | 1,236 | 15,623 | ||||||
|
| |||||||
Canada — 5.4% | ||||||||
Alimentation Couche-Tard, Inc. | 4,597 | 240,086 | ||||||
Bank of Montreal | 166 | 14,278 | ||||||
Bank of Nova Scotia | 421 | 19,952 | ||||||
Barrick Gold Corp. | 234 | 3,788 | ||||||
BCE, Inc. | 463 | 19,588 | ||||||
Brookfield Asset Management Ltd., Class A | 4,160 | 143,561 | ||||||
Brookfield Corp. | 270 | 9,204 | ||||||
Canadian Imperial Bank of Commerce | 323 | 12,782 | ||||||
Canadian National Railway Co. | 451 | 50,735 | ||||||
Canadian Pacific Kansas City Ltd. | 523 | 41,463 | ||||||
Canadian Tire Corp. Ltd., Class A | 451 | 53,435 | ||||||
CGI, Inc.* | 2,503 | 260,669 | ||||||
Constellation Software, Inc. | 38 | 77,954 | ||||||
Dollarama, Inc. | 2,499 | 161,822 | ||||||
Enbridge, Inc. | 197 | 6,908 | ||||||
Fairfax Financial Holdings Ltd. | 572 | 471,091 | ||||||
Fortis, Inc. | 2,063 | 80,800 | ||||||
Franco-Nevada Corp. | 279 | 40,142 | ||||||
George Weston Ltd. | 1,231 | 136,343 | ||||||
Great-West Lifeco, Inc. | 714 | 20,492 | ||||||
Hydro One Ltd., 144A | 3,484 | 90,438 | ||||||
IGM Financial, Inc. | 1,280 | 36,443 | ||||||
Imperial Oil Ltd. | 418 | 23,706 | ||||||
Intact Financial Corp. | 1,233 | 173,611 | ||||||
Loblaw Cos. Ltd. | 1,113 | 96,521 | ||||||
Magna International, Inc. | 1,224 | 71,905 | ||||||
Manulife Financial Corp. | 2,238 | 41,321 | ||||||
Metro, Inc. | 3,971 | 204,398 | ||||||
National Bank of Canada | 373 | 25,962 | ||||||
Nutrien Ltd. | 486 | 30,745 | ||||||
Power Corp. of Canada | 1,822 | 49,693 | ||||||
Restaurant Brands International, Inc. | 640 | 44,395 | ||||||
Royal Bank of Canada | 56 | 5,039 | ||||||
Saputo, Inc. | 2,895 | 62,503 | ||||||
Sun Life Financial, Inc. | 994 | 48,423 | ||||||
Suncor Energy, Inc. | 1,447 | 48,952 | ||||||
TC Energy Corp. | 108 | 3,895 | ||||||
Teck Resources Ltd., Class B | 449 | 18,545 | ||||||
TELUS Corp. | 661 | 11,593 | ||||||
Thomson Reuters Corp. | 325 | 41,795 | ||||||
Toronto-Dominion Bank | 99 | 6,031 | ||||||
Tourmaline Oil Corp. | 2,288 | 117,178 | ||||||
Waste Connections, Inc. | 538 | 73,661 | ||||||
Wheaton Precious Metals Corp. | 717 | 31,235 | ||||||
|
| |||||||
(Cost $2,777,824) | 3,223,081 | |||||||
|
|
Number | Value | |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 1,032 | $ | 18,935 | |||||
|
| |||||||
China — 0.1% | ||||||||
Lenovo Group Ltd. | 49,778 | 56,305 | ||||||
|
| |||||||
Denmark — 1.1% | ||||||||
A.P. Moller — Maersk A/S, Class A | 4 | 7,176 | ||||||
A.P. Moller — Maersk A/S, Class B | 1 | 1,821 | ||||||
Carlsberg A/S, Class B | 2,126 | 308,360 | ||||||
Chr Hansen Holding A/S | 502 | 32,853 | ||||||
Coloplast A/S, Class B | 95 | 10,863 | ||||||
Danske Bank A/S | 697 | 15,697 | ||||||
DSV A/S | 446 | 84,921 | ||||||
Genmab A/S* | 216 | 83,041 | ||||||
H Lundbeck A/S | 5,642 | 28,724 | ||||||
H Lundbeck A/S, Class A | 1,562 | 6,988 | ||||||
Novo Nordisk A/S, Class B | 104 | 19,295 | ||||||
Novozymes A/S, Class B | 424 | 18,431 | ||||||
Orsted AS, 144A | 131 | 8,441 | ||||||
Pandora A/S | 130 | 13,513 | ||||||
Royal Unibrew A/S | 138 | 12,122 | ||||||
Tryg A/S | 660 | 12,615 | ||||||
|
| |||||||
(Cost $641,281) | 664,861 | |||||||
|
| |||||||
Finland — 1.1% | ||||||||
Elisa OYJ | 2,220 | 109,077 | ||||||
Huhtamaki OYJ | 3,069 | 105,624 | ||||||
Kesko OYJ, Class B | 2,641 | 51,653 | ||||||
Kone OYJ, Class B | 1,695 | 77,266 | ||||||
Metso Corp. | 546 | 6,296 | ||||||
Neste OYJ | 557 | 20,421 | ||||||
Nokia OYJ | 7,170 | 28,692 | ||||||
Nordea Bank Abp | 768 | 8,434 | ||||||
Orion OYJ, Class B | 2,755 | 112,997 | ||||||
Sampo OYJ, Class A | 959 | 42,186 | ||||||
Stora Enso OYJ, Class R | 1,926 | 24,573 | ||||||
UPM-Kymmene OYJ | 1,956 | 67,128 | ||||||
Valmet OYJ | 128 | 3,265 | ||||||
Wartsila OYJ Abp | 414 | 5,268 | ||||||
|
| |||||||
(Cost $754,932) | 662,880 | |||||||
|
| |||||||
France — 5.0% | ||||||||
Accor SA | 890 | 31,964 | ||||||
Aeroports de Paris | 40 | 5,279 | ||||||
Air Liquide SA | 321 | 58,134 | ||||||
Airbus SE | 38 | 5,583 | ||||||
ALD SA, 144A | 1,948 | 18,891 | ||||||
Alstom SA | 1,113 | 30,816 | ||||||
Amundi SA, 144A | 552 | 32,981 | ||||||
Arkema SA | 354 | 37,130 | ||||||
AXA SA | 437 | 13,174 | ||||||
BioMerieux | 246 | 25,525 | ||||||
BNP Paribas SA | 31 | 2,009 | ||||||
Bollore SE | 14,094 | 83,598 | ||||||
Bouygues SA | 1,282 | 44,386 | ||||||
Bureau Veritas SA | 2,369 | 63,611 | ||||||
Capgemini SE | 141 | 26,375 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
France (Continued) | ||||||||
Carrefour SA | 6,559 | $ | 125,789 | |||||
Cie de L’Odet SE | 14 | 21,881 | ||||||
Cie de Saint-Gobain SA | 1,455 | 95,004 | ||||||
Cie Generale des Etablissements Michelin SCA | 4,619 | 144,933 | ||||||
Credit Agricole SA | 928 | 11,740 | ||||||
Danone SA | 1,108 | 64,734 | ||||||
Dassault Aviation SA | 322 | 63,466 | ||||||
Dassault Systemes SE | 167 | 6,636 | ||||||
Edenred | 1,758 | 112,269 | ||||||
Eiffage SA | 1,263 | 125,181 | ||||||
Engie SA | 14,220 | 229,807 | ||||||
EssilorLuxottica SA | 152 | 28,689 | ||||||
Eurazeo SE | 2,468 | 145,852 | ||||||
Gecina SA REIT | 30 | 3,219 | ||||||
Getlink SE | 3,183 | 53,392 | ||||||
Hermes International SCA | 3 | 6,189 | ||||||
Ipsen SA | 195 | 25,355 | ||||||
JCDecaux SE* | 322 | 5,990 | ||||||
Kering SA | 20 | 10,728 | ||||||
La Francaise des Jeux SAEM, 144A | 583 | 21,134 | ||||||
Legrand SA | 793 | 78,408 | ||||||
L’Oreal SA | 18 | 7,928 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 14 | 11,885 | ||||||
Orange SA | 12,264 | 137,873 | ||||||
Pernod Ricard SA | 219 | 43,070 | ||||||
Publicis Groupe SA | 2,209 | 172,767 | ||||||
Remy Cointreau SA* | 106 | 16,446 | ||||||
Renault SA | 138 | 5,592 | ||||||
Rexel SA | 1,818 | 42,818 | ||||||
Safran SA | 41 | 6,599 | ||||||
Sanofi | 364 | 38,969 | ||||||
Sartorius Stedim Biotech | 14 | 3,983 | ||||||
Schneider Electric SE | 271 | 46,643 | ||||||
SCOR SE | 271 | 8,453 | ||||||
SEB SA | 180 | 19,829 | ||||||
Societe Generale SA | 408 | 11,609 | ||||||
Sodexo SA | 685 | 73,618 | ||||||
Teleperformance SE | 59 | 8,187 | ||||||
Thales SA | 258 | 37,747 | ||||||
TotalEnergies SE | 788 | 49,665 | ||||||
Valeo SE | 290 | 5,666 | ||||||
Veolia Environnement SA | 2,542 | 79,624 | ||||||
Vinci SA | 878 | 98,114 | ||||||
Vivendi SE | 4,490 | 40,984 | ||||||
Wendel SE | 1,700 | 155,818 | ||||||
Worldline SA, 144A* | 141 | 4,603 | ||||||
|
| |||||||
(Cost $2,793,298) | 2,988,342 | |||||||
|
| |||||||
Germany — 3.3% | ||||||||
adidas AG | 42 | 8,407 | ||||||
Allianz SE | 31 | 7,548 | ||||||
BASF SE | 1,587 | 80,593 | ||||||
Bayer AG | 606 | 33,241 | ||||||
Bayerische Motoren Werke AG | 807 | 85,109 | ||||||
Bechtle AG | 239 | 11,657 | ||||||
Beiersdorf AG | 643 | 84,304 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Brenntag SE | 464 | $ | 37,639 | |||||
Carl Zeiss Meditec AG | 36 | 3,584 | ||||||
Continental AG | 539 | 40,143 | ||||||
Covestro AG, 144A* | 2,163 | 115,197 | ||||||
CTS Eventim AG & Co. KGaA | 135 | 8,425 | ||||||
Daimler Truck Holding AG | 1,093 | 38,543 | ||||||
Deutsche Bank AG (c) | 537 | 5,858 | ||||||
Deutsche Boerse AG | 80 | 14,227 | ||||||
Deutsche Telekom AG | 2,993 | 64,131 | ||||||
DHL Group | 1,562 | 73,043 | ||||||
E.ON SE | 13,527 | 167,076 | ||||||
Evonik Industries AG | 1,129 | 21,695 | ||||||
Fielmann Group AG | 161 | 7,570 | ||||||
Fresenius Medical Care AG & Co. KGaA | 73 | 3,530 | ||||||
Fresenius SE & Co. KGaA | 1,378 | 44,285 | ||||||
FUCHS SE | 1,337 | 43,969 | ||||||
GEA Group AG | 1,813 | 71,626 | ||||||
Hannover Rueck SE | 204 | 43,452 | ||||||
Heidelberg Materials AG | 2,166 | 174,623 | ||||||
Hella GmbH & Co. KGaA | 74 | 5,285 | ||||||
Henkel AG & Co. KGaA | 502 | 34,750 | ||||||
HOCHTIEF AG | 329 | 35,226 | ||||||
Infineon Technologies AG | 395 | 14,154 | ||||||
Knorr-Bremse AG | 297 | 20,340 | ||||||
LANXESS AG | 210 | 6,651 | ||||||
LEG Immobilien SE* | 265 | 19,155 | ||||||
Mercedes-Benz Group AG | 524 | 38,412 | ||||||
Merck KGaA | 236 | 42,520 | ||||||
METRO AG* | 3,812 | 30,410 | ||||||
MTU Aero Engines AG | 112 | 26,232 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 106 | 41,210 | ||||||
Puma SE | 55 | 3,701 | ||||||
Rational AG | 13 | 9,926 | ||||||
Rheinmetall AG | 37 | 10,092 | ||||||
RWE AG | 4,021 | 166,101 | ||||||
SAP SE | 114 | 15,939 | ||||||
Scout24 SE, 144A | 887 | 61,247 | ||||||
Siemens AG | 86 | 12,963 | ||||||
Siemens Energy AG* | 286 | 4,085 | ||||||
Symrise AG | 90 | 9,393 | ||||||
Talanx AG | 192 | 12,930 | ||||||
Telefonica Deutschland Holding AG | 32,130 | 61,166 | ||||||
Traton SE | 316 | 6,513 | ||||||
United Internet AG | 185 | 3,564 | ||||||
Wacker Chemie AG | 24 | 3,545 | ||||||
|
| |||||||
(Cost $1,871,100) | 1,984,985 | |||||||
|
| |||||||
Hong Kong — 1.8% | ||||||||
AIA Group Ltd. | 2,713 | 24,633 | ||||||
ASMPT Ltd. | 1,405 | 14,074 | ||||||
Bank of East Asia Ltd. | 9,947 | 14,182 | ||||||
BOC Hong Kong Holdings Ltd. | 2,627 | 7,303 | ||||||
Budweiser Brewing Co. APAC Ltd., 144A | 2,183 | 4,733 | ||||||
Cafe de Coral Holdings Ltd. | 15,479 | 18,752 | ||||||
China Travel International Investment Hong Kong Ltd.* | 32,021 | 6,084 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 6,687 | $ | 10,148 | |||||
CK Asset Holdings Ltd. | 10,819 | 59,740 | ||||||
CK Hutchison Holdings Ltd. | 14,142 | 77,096 | ||||||
CK Infrastructure Holdings Ltd. | 1,846 | 9,346 | ||||||
CLP Holdings Ltd. | 1,893 | 14,846 | ||||||
Dah Sing Banking Group Ltd. | 17,884 | 12,247 | ||||||
Dah Sing Financial Holdings Ltd. | 1,478 | 3,249 | ||||||
DFI Retail Group Holdings Ltd. | 13,600 | 33,592 | ||||||
First Pacific Co. Ltd. | 38,533 | 16,412 | ||||||
Hang Lung Group Ltd. | 8,231 | 11,357 | ||||||
Hang Lung Properties Ltd. | 7,041 | 9,410 | ||||||
Hang Seng Bank Ltd. | 201 | 2,563 | ||||||
Henderson Land Development Co. Ltd. | 1,601 | 4,400 | ||||||
Hong Kong & China Gas Co. Ltd. | 6,228 | 4,583 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 364 | 14,111 | ||||||
Hongkong Land Holdings Ltd. | 1,400 | 4,970 | ||||||
Hutchison Port Holdings Trust, Class U | 80,100 | 13,297 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 51,480 | 7,221 | ||||||
Hysan Development Co. Ltd. | 2,010 | 4,188 | ||||||
Jardine Matheson Holdings Ltd. | 3,100 | 147,436 | ||||||
Kerry Logistics Network Ltd. | 4,847 | 4,555 | ||||||
Kerry Properties Ltd. | 26,608 | 49,200 | ||||||
Link REIT | 3,734 | 18,523 | ||||||
MTR Corp. Ltd. | 2,188 | 9,138 | ||||||
NWS Holdings Ltd. | 53,762 | 61,223 | ||||||
PCCW Ltd. | 43,037 | 20,471 | ||||||
Power Assets Holdings Ltd. | 11,897 | 58,637 | ||||||
Sino Land Co. Ltd. | 30,192 | 34,613 | ||||||
Sun Hung Kai Properties Ltd. | 3,444 | 38,780 | ||||||
Swire Pacific Ltd., Class A | 5,948 | 49,075 | ||||||
Swire Pacific Ltd., Class B | 15,808 | 20,844 | ||||||
Swire Properties Ltd. | 3,032 | 6,341 | ||||||
Techtronic Industries Co. Ltd. | 476 | 4,704 | ||||||
Vitasoy International Holdings Ltd. | 2,544 | 3,277 | ||||||
VTech Holdings Ltd. | 6,000 | 36,650 | ||||||
Want Want China Holdings Ltd. | 11,517 | 7,623 | ||||||
WH Group Ltd., 144A | 174,223 | 89,758 | ||||||
Wharf Real Estate Investment Co. Ltd. | 2,467 | 10,287 | ||||||
Xinyi Glass Holdings Ltd. | 7,019 | 10,365 | ||||||
Yue Yuen Industrial Holdings Ltd. | 12,545 | 15,742 | ||||||
|
| |||||||
(Cost $1,277,302) | 1,099,779 | |||||||
|
| |||||||
Ireland — 1.2% | ||||||||
CRH PLC | 3,333 | 191,870 | ||||||
DCC PLC | 1,435 | 78,681 | ||||||
Experian PLC | 1,614 | 56,488 | ||||||
Flutter Entertainment PLC* | 84 | 15,338 | ||||||
Glanbia PLC | 9,387 | 156,287 | ||||||
James Hardie Industries PLC CDI* | 498 | 15,007 | ||||||
Kerry Group PLC, Class A | 496 | 46,372 | ||||||
Kingspan Group PLC | 96 | 8,135 | ||||||
Smurfit Kappa Group PLC | 4,312 | 181,622 | ||||||
|
| |||||||
(Cost $657,804) | 749,800 | |||||||
|
| |||||||
Israel — 1.0% | ||||||||
Airport City Ltd.* | 646 | 9,924 |
Number | Value | |||||||
Israel (Continued) | ||||||||
Alony Hetz Properties & Investments Ltd. | 161 | $ | 1,227 | |||||
Amot Investments Ltd. | 1,676 | 7,943 | ||||||
Azrieli Group Ltd. | 184 | 9,892 | ||||||
Bank Hapoalim BM | 6,044 | 50,188 | ||||||
Bank Leumi Le-Israel BM | 3,792 | 29,521 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 56,941 | 77,175 | ||||||
Elbit Systems Ltd. | 159 | 31,324 | ||||||
First International Bank Of Israel Ltd. | 275 | 11,142 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 628 | 4,581 | ||||||
ICL Group Ltd. | 11,699 | 70,225 | ||||||
Israel Corp. Ltd. | 11 | 3,064 | ||||||
Israel Discount Bank Ltd., Class A | 6,018 | 30,183 | ||||||
Melisron Ltd. | 133 | 8,351 | ||||||
Mivne Real Estate KD Ltd. | 6,128 | 14,706 | ||||||
Mizrahi Tefahot Bank Ltd. | 738 | 24,326 | ||||||
Nice Ltd.* | 463 | 91,666 | ||||||
Nova Ltd.* | 271 | 35,132 | ||||||
Phoenix Holdings Ltd. | 1,289 | 12,933 | ||||||
Shufersal Ltd.* | 2,614 | 12,188 | ||||||
Strauss Group Ltd.* | 1,088 | 23,655 | ||||||
Teva Pharmaceutical Industries Ltd.* | 15 | 146 | ||||||
Tower Semiconductor Ltd.* | 1,251 | 36,592 | ||||||
|
| |||||||
(Cost $608,820) | 596,084 | |||||||
|
| |||||||
Italy — 2.4% | ||||||||
A2A SpA | 64,883 | 124,610 | ||||||
Assicurazioni Generali SpA | 1,859 | 38,598 | ||||||
Banca Mediolanum SpA | 849 | 7,777 | ||||||
Banco BPM SpA | 1,925 | 9,226 | ||||||
Buzzi SpA | 2,359 | 70,717 | ||||||
Davide Campari-Milano NV | 2,113 | 27,681 | ||||||
De’ Longhi SpA | 857 | 22,714 | ||||||
Enel SpA | 20,474 | 137,995 | ||||||
Eni SpA | 15,477 | 239,942 | ||||||
Ferrari NV | 231 | 73,460 | ||||||
FinecoBank Banca Fineco SpA | 1,412 | 19,402 | ||||||
Hera SpA | 13,668 | 41,477 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 1,638 | 20,294 | ||||||
Interpump Group SpA | 893 | 45,311 | ||||||
Intesa Sanpaolo SpA | 4,287 | 11,502 | ||||||
Italgas SpA | 15,589 | 88,827 | ||||||
Leonardo SpA | 2,036 | 29,423 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 2,096 | 27,458 | ||||||
Moncler SpA | 776 | 52,757 | ||||||
Pirelli & C SpA, 144A | 7,889 | 39,447 | ||||||
Poste Italiane SpA, 144A | 1,533 | 17,063 | ||||||
PRADA SpA | 931 | 6,085 | ||||||
Prysmian SpA | 3,766 | 154,464 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 777 | 39,113 | ||||||
Reply SpA | 48 | 4,920 | ||||||
Snam SpA | 4,969 | 25,693 | ||||||
Telecom Italia SpA* | 21,093 | 6,559 | ||||||
Telecom Italia SpA-RSP* | 18,162 | 5,578 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Italy (Continued) | ||||||||
Terna - Rete Elettrica Nazionale | 7,398 | $ | 61,184 | |||||
UniCredit SpA | 423 | 10,360 | ||||||
UnipolSai Assicurazioni SpA | 4,750 | 12,033 | ||||||
|
| |||||||
(Cost $1,321,699) | 1,471,670 | |||||||
|
| |||||||
Japan — 31.5% | ||||||||
ABC-Mart, Inc. | 2,589 | 47,135 | ||||||
Acom Co. Ltd. | 7,700 | 18,284 | ||||||
Activia Properties, Inc. REIT | 4 | 11,210 | ||||||
Advance Residence Investment Corp. REIT | 6 | 14,445 | ||||||
Advantest Corp. | 200 | 25,154 | ||||||
Aeon Co. Ltd. | 1,549 | 32,122 | ||||||
Aeon Mall Co. Ltd. | 900 | 10,794 | ||||||
AEON REIT Investment Corp. REIT | 9 | 9,106 | ||||||
AGC, Inc. | 1,754 | 61,601 | ||||||
Aica Kogyo Co. Ltd. | 1,514 | 35,930 | ||||||
Ain Holdings, Inc. | 400 | 14,295 | ||||||
Air Water, Inc. | 4,000 | 50,362 | ||||||
Aisin Corp. | 1,493 | 49,912 | ||||||
Ajinomoto Co., Inc. | 1,500 | 63,602 | ||||||
Alfresa Holdings Corp. | 4,600 | 78,802 | ||||||
Alps Alpine Co. Ltd. | 700 | 5,854 | ||||||
Amada Co. Ltd. | 11,443 | 121,359 | ||||||
Amano Corp. | 2,000 | 43,645 | ||||||
Anritsu Corp. | 1,100 | 8,073 | ||||||
Ariake Japan Co. Ltd. | 200 | 7,295 | ||||||
Asahi Group Holdings Ltd. | 992 | 38,676 | ||||||
Asahi Intecc Co. Ltd. | 216 | 4,402 | ||||||
Asahi Kasei Corp. | 6,819 | 44,113 | ||||||
ASKUL Corp. | 900 | 12,154 | ||||||
Astellas Pharma, Inc. | 3,083 | 46,896 | ||||||
Azbil Corp. | 813 | 27,140 | ||||||
Bandai Namco Holdings, Inc. | 2,900 | 67,368 | ||||||
Bank of Kyoto Ltd. | 100 | 5,785 | ||||||
Benesse Holdings, Inc. | 500 | 6,369 | ||||||
Bic Camera, Inc. | 3,500 | 26,012 | ||||||
BIPROGY, Inc. | 500 | 12,951 | ||||||
Bridgestone Corp. | 4,024 | 156,471 | ||||||
Brother Industries Ltd. | 2,642 | 44,797 | ||||||
Calbee, Inc. | 1,780 | 35,524 | ||||||
Canon Marketing Japan, Inc. | 2,100 | 55,203 | ||||||
Canon, Inc. | 5,522 | 136,092 | ||||||
Capcom Co. Ltd. | 1,508 | 63,630 | ||||||
Casio Computer Co. Ltd. | 1,500 | 13,307 | ||||||
Central Japan Railway Co. | 71 | 9,115 | ||||||
Chiba Bank Ltd. | 1,600 | 11,446 | ||||||
Chubu Electric Power Co., Inc. | 5,231 | 69,886 | ||||||
Chugai Pharmaceutical Co. Ltd. | 400 | 12,246 | ||||||
Chugin Financial Group, Inc. | 700 | 4,653 | ||||||
Chugoku Electric Power Co., Inc.* | 583 | 3,846 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 1,200 | 15,649 | ||||||
COMSYS Holdings Corp. | 1,534 | 32,696 | ||||||
Concordia Financial Group Ltd. | 2,200 | 9,768 | ||||||
Cosmo Energy Holdings Co. Ltd. | 1,200 | 43,191 | ||||||
Cosmos Pharmaceutical Corp. | 90 | 10,580 | ||||||
Credit Saison Co. Ltd. | 600 | 9,390 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Dai Nippon Printing Co. Ltd. | 6,707 | $ | 183,494 | |||||
Daicel Corp. | 8,127 | 67,937 | ||||||
Daido Steel Co. Ltd. | 755 | 31,271 | ||||||
Daifuku Co. Ltd. | 978 | 18,094 | ||||||
Dai-ichi Life Holdings, Inc. | 900 | 16,762 | ||||||
Daiichi Sankyo Co. Ltd. | 200 | 5,906 | ||||||
Daiichikosho Co. Ltd. | 1,400 | 27,080 | ||||||
Daikin Industries Ltd. | 125 | 21,658 | ||||||
Daito Trust Construction Co. Ltd. | 1,334 | 147,204 | ||||||
Daiwa House Industry Co. Ltd. | 4,502 | 125,178 | ||||||
Daiwa House REIT Investment Corp. REIT | 3 | 5,692 | ||||||
Daiwa Securities Living Investments Corp. REIT | 10 | 7,659 | ||||||
DeNA Co. Ltd. | 500 | 5,186 | ||||||
Denka Co. Ltd. | 700 | 13,211 | ||||||
Denso Corp. | 444 | 30,373 | ||||||
Dentsu Group, Inc. | 500 | 14,957 | ||||||
DIC Corp. | 1,700 | 29,327 | ||||||
Disco Corp. | 546 | 107,805 | ||||||
DMG Mori Co. Ltd. | 1,400 | 25,584 | ||||||
Dowa Holdings Co. Ltd. | 600 | 19,296 | ||||||
East Japan Railway Co. | 400 | 22,618 | ||||||
Ebara Corp. | 300 | 14,958 | ||||||
Eisai Co. Ltd. | 200 | 12,718 | ||||||
Electric Power Development Co. Ltd. | 8,076 | 126,034 | ||||||
ENEOS Holdings, Inc. | 61,220 | 229,725 | ||||||
EXEO Group, Inc. | 3,672 | 78,164 | ||||||
Ezaki Glico Co. Ltd. | 400 | 10,556 | ||||||
Fancl Corp. | 200 | 3,507 | ||||||
FANUC Corp. | 1,480 | 42,219 | ||||||
Fast Retailing Co. Ltd. | 59 | 13,568 | ||||||
Food & Life Cos. Ltd. | 300 | 5,705 | ||||||
FP Corp. | 800 | 15,386 | ||||||
Frontier Real Estate Investment Corp. REIT | 5 | 16,159 | ||||||
Fuji Electric Co. Ltd. | 488 | 23,045 | ||||||
Fuji Media Holdings, Inc. | 800 | 8,361 | ||||||
Fuji Oil Holdings, Inc. | 200 | 3,215 | ||||||
FUJIFILM Holdings Corp. | 951 | 56,269 | ||||||
Fujikura Ltd. | 1,500 | 12,436 | ||||||
Fujitsu Ltd. | 442 | 55,271 | ||||||
Fukuoka Financial Group, Inc. | 500 | 11,838 | ||||||
Furukawa Electric Co. Ltd. | 900 | 15,486 | ||||||
Fuyo General Lease Co. Ltd. | 500 | 41,385 | ||||||
GLP J REIT | 3 | 2,829 | ||||||
Goldwin, Inc. | 400 | 28,616 | ||||||
GS Yuasa Corp. | 638 | 12,117 | ||||||
GungHo Online Entertainment, Inc. | 300 | 4,945 | ||||||
H.U. Group Holdings, Inc. | 1,200 | 21,744 | ||||||
Hachijuni Bank Ltd. | 2,100 | 11,328 | ||||||
Hakuhodo DY Holdings, Inc. | 569 | 5,407 | ||||||
Hamamatsu Photonics KK | 1,550 | 71,823 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,467 | 52,701 | ||||||
Haseko Corp. | 9,497 | 118,007 | ||||||
Heiwa Corp. | 1,100 | 16,796 | ||||||
Hikari Tsushin, Inc. | 176 | 29,328 | ||||||
Hirogin Holdings, Inc. | 1,300 | 8,129 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Japan (Continued) | ||||||||
Hirose Electric Co. Ltd. | 440 | $ | 53,359 | |||||
Hisamitsu Pharmaceutical Co., Inc. | 700 | 23,762 | ||||||
Hitachi Construction Machinery Co. Ltd. | 600 | 18,715 | ||||||
Hitachi Ltd. | 1,246 | 82,967 | ||||||
Honda Motor Co. Ltd. | 4,045 | 130,670 | ||||||
Horiba Ltd. | 800 | 41,664 | ||||||
Hoshizaki Corp. | 1,026 | 39,423 | ||||||
House Foods Group, Inc. | 857 | 18,513 | ||||||
Hoya Corp. | 300 | 33,290 | ||||||
Hulic Co. Ltd. | 5,448 | 48,947 | ||||||
Ibiden Co. Ltd. | 200 | 12,078 | ||||||
Idemitsu Kosan Co. Ltd. | 4,525 | 96,197 | ||||||
IHI Corp. | 1,000 | 24,941 | ||||||
Iida Group Holdings Co. Ltd. | 1,300 | 21,319 | ||||||
Industrial & Infrastructure Fund Investment Corp. REIT | 3 | 3,009 | ||||||
Information Services International-Dentsu Ltd. | 300 | 12,014 | ||||||
INFRONEER Holdings, Inc. | 684 | 7,151 | ||||||
Inpex Corp. | 8,899 | 124,391 | ||||||
Internet Initiative Japan, Inc. | 1,500 | 26,108 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 900 | 10,330 | ||||||
Isuzu Motors Ltd. | 2,600 | 33,396 | ||||||
ITOCHU Corp. | 4,136 | 155,457 | ||||||
Itochu Techno-Solutions Corp. | 1,100 | 32,679 | ||||||
Itoham Yonekyu Holdings, Inc. | 3,800 | 21,142 | ||||||
Iwatani Corp. | 1,600 | 84,349 | ||||||
Iyogin Holdings, Inc. | 1,000 | 6,951 | ||||||
Izumi Co. Ltd. | 800 | 20,881 | ||||||
J. Front Retailing Co. Ltd. | 2,365 | 24,936 | ||||||
Japan Aviation Electronics Industry Ltd. | 1,000 | 21,087 | ||||||
Japan Exchange Group, Inc. | 100 | 1,747 | ||||||
Japan Logistics Fund, Inc. REIT | 3 | 6,285 | ||||||
Japan Metropolitan Fund Invest REIT | 15 | 10,077 | ||||||
Japan Post Holdings Co. Ltd. | 3,700 | 28,388 | ||||||
Japan Post Insurance Co. Ltd. | 700 | 11,287 | ||||||
Japan Prime Realty Investment Corp. REIT | 4 | 10,138 | ||||||
Japan Real Estate Investment Corp. REIT | 4 | 16,623 | ||||||
Japan Tobacco, Inc. | 3,364 | 73,734 | ||||||
JFE Holdings, Inc. | 4,400 | 69,618 | ||||||
JGC Holdings Corp. | 200 | 2,675 | ||||||
JTEKT Corp. | 3,300 | 29,909 | ||||||
Kadokawa Corp. | 100 | 2,354 | ||||||
Kagome Co. Ltd. | 265 | 6,185 | ||||||
Kajima Corp. | 6,200 | 103,635 | ||||||
Kaken Pharmaceutical Co. Ltd. | 347 | 8,533 | ||||||
Kamigumi Co. Ltd. | 5,432 | 122,456 | ||||||
Kandenko Co. Ltd. | 6,492 | 59,531 | ||||||
Kaneka Corp. | 1,622 | 45,601 | ||||||
Kansai Electric Power Co., Inc. | 14,911 | 212,422 | ||||||
Kansai Paint Co. Ltd. | 488 | 8,008 | ||||||
Kao Corp. | 1,453 | 56,280 | ||||||
Kawasaki Heavy Industries Ltd. | 2,043 | 52,470 | ||||||
KDDI Corp. | 1,629 | 48,394 | ||||||
Keihan Holdings Co. Ltd. | 900 | 25,705 | ||||||
Keikyu Corp. | 2,800 | 25,839 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Keio Corp. | 400 | $ | 13,848 | |||||
Keisei Electric Railway Co. Ltd. | 600 | 22,989 | ||||||
Kenedix Office Investment Corp. REIT | 1 | 2,363 | ||||||
Kewpie Corp. | 1,559 | 25,984 | ||||||
Keyence Corp. | 29 | 12,055 | ||||||
Kikkoman Corp. | 173 | 10,013 | ||||||
Kinden Corp. | 3,700 | 50,880 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,500 | 47,488 | ||||||
Kirin Holdings Co. Ltd. | 3,212 | 45,140 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 126 | 6,233 | ||||||
Kobe Bussan Co. Ltd. | 300 | 7,468 | ||||||
Kobe Steel Ltd. | 5,700 | 71,649 | ||||||
Koei Tecmo Holdings Co. Ltd. | 1,624 | 25,238 | ||||||
Koito Manufacturing Co. Ltd. | 1,100 | 18,704 | ||||||
Kokuyo Co. Ltd. | 3,100 | 48,230 | ||||||
Komatsu Ltd. | 3,370 | 96,064 | ||||||
Konami Group Corp. | 682 | 39,613 | ||||||
Konica Minolta, Inc. | 1,500 | 4,642 | ||||||
Kose Corp. | 200 | 16,609 | ||||||
Kotobuki Spirits Co. Ltd. | 100 | 7,851 | ||||||
K’s Holdings Corp. | 4,111 | 37,895 | ||||||
Kubota Corp. | 900 | 14,435 | ||||||
Kuraray Co. Ltd. | 10,181 | 115,772 | ||||||
Kurita Water Industries Ltd. | 1,128 | 44,032 | ||||||
Kyocera Corp. | 1,572 | 80,746 | ||||||
Kyowa Kirin Co. Ltd. | 800 | 14,675 | ||||||
Kyudenko Corp. | 1,099 | 33,834 | ||||||
Kyushu Electric Power Co., Inc.* | 6,164 | 40,722 | ||||||
Kyushu Financial Group, Inc. | 3,800 | 18,634 | ||||||
Kyushu Railway Co. | 3,000 | 65,384 | ||||||
LaSalle Logiport REIT | 7 | 7,150 | ||||||
Lawson, Inc. | 1,100 | 52,520 | ||||||
Lintec Corp. | 1,613 | 26,624 | ||||||
Lion Corp. | 5,206 | 56,696 | ||||||
Lixil Corp. | 1,411 | 17,683 | ||||||
Mabuchi Motor Co. Ltd. | 1,000 | 30,628 | ||||||
Mani, Inc. | 800 | 10,427 | ||||||
Marubeni Corp. | 13,691 | 224,241 | ||||||
Marui Group Co. Ltd. | 679 | 11,765 | ||||||
Maruichi Steel Tube Ltd. | 1,950 | 50,737 | ||||||
Matsui Securities Co. Ltd. | 1,100 | 6,052 | ||||||
MatsukiyoCocokara & Co. | 297 | 17,493 | ||||||
Mazda Motor Corp. | 13,700 | 144,213 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 1,500 | 59,656 | ||||||
Mebuki Financial Group, Inc. | 4,100 | 11,352 | ||||||
Medipal Holdings Corp. | 2,651 | 45,469 | ||||||
MEIJI Holdings Co. Ltd. | 3,538 | 88,751 | ||||||
MINEBEA MITSUMI, Inc. | 1,371 | 23,312 | ||||||
MISUMI Group, Inc. | 740 | 12,928 | ||||||
Mitsubishi Chemical Group Corp. | 27,902 | 166,797 | ||||||
Mitsubishi Corp. | 3,236 | 159,950 | ||||||
Mitsubishi Electric Corp. | 13,674 | 178,363 | ||||||
Mitsubishi Estate Co. Ltd. | 1,500 | 19,190 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,567 | 35,018 | ||||||
Mitsubishi HC Capital, Inc. | 7,050 | 45,854 | ||||||
Mitsubishi Heavy Industries Ltd. | 3,613 | 205,238 | ||||||
Mitsubishi Logistics Corp. | 1,500 | 39,884 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Japan (Continued) | ||||||||
Mitsubishi Materials Corp. | 3,100 | $ | 52,094 | |||||
Mitsubishi Motors Corp. | 7,700 | 30,290 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,200 | 9,590 | ||||||
Mitsui & Co. Ltd. | 7,525 | 280,769 | ||||||
Mitsui Chemicals, Inc. | 4,900 | 133,148 | ||||||
Mitsui Fudosan Co. Ltd. | 800 | 17,540 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 900 | 23,009 | ||||||
Mitsui OSK Lines Ltd. | 1,474 | 40,863 | ||||||
Miura Co. Ltd. | 1,500 | 34,670 | ||||||
Mizuho Financial Group, Inc. | 2,580 | 42,709 | ||||||
Mori Hills REIT Investment Corp. REIT | 11 | 11,084 | ||||||
Morinaga & Co. Ltd. | 1,400 | 50,899 | ||||||
Morinaga Milk Industry Co. Ltd. | 300 | 12,286 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,500 | 53,989 | ||||||
Murata Manufacturing Co. Ltd. | 617 | 34,689 | ||||||
Nabtesco Corp. | 600 | 11,371 | ||||||
Nagase & Co. Ltd. | 565 | 9,698 | ||||||
Nagoya Railroad Co. Ltd. | 1,400 | 22,493 | ||||||
Nankai Electric Railway Co. Ltd. | 1,518 | 31,906 | ||||||
NEC Corp. | 600 | 31,676 | ||||||
NEC Networks & System Integration Corp. | 800 | 10,677 | ||||||
Nexon Co. Ltd. | 600 | 12,187 | ||||||
NGK Insulators Ltd. | 5,677 | 75,415 | ||||||
NH Foods Ltd. | 300 | 9,310 | ||||||
NHK Spring Co. Ltd. | 7,500 | 58,265 | ||||||
Nichirei Corp. | 1,600 | 37,872 | ||||||
Nifco, Inc. | 1,661 | 49,059 | ||||||
Nihon Kohden Corp. | 1,400 | 37,292 | ||||||
Nikon Corp. | 3,100 | 33,516 | ||||||
Nintendo Co. Ltd. | 1,150 | 49,504 | ||||||
Nippon Accommodations Fund, Inc. REIT | 2 | 9,026 | ||||||
Nippon Building Fund, Inc. REIT | 3 | 12,673 | ||||||
Nippon Electric Glass Co. Ltd. | 900 | 15,894 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 1,936 | 100,653 | ||||||
Nippon Kayaku Co. Ltd. | 5,900 | 52,907 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 5,414 | ||||||
Nippon Prologis REIT, Inc. REIT | 2 | 4,024 | ||||||
Nippon Sanso Holdings Corp. | 959 | 23,167 | ||||||
Nippon Shinyaku Co. Ltd. | 100 | 4,395 | ||||||
Nippon Shokubai Co. Ltd. | 1,500 | 57,152 | ||||||
Nippon Steel Corp. | 7,113 | 168,414 | ||||||
Nippon Telegraph & Telephone Corp. | 14,875 | 17,196 | ||||||
Nippon Yusen KK | 2,000 | 53,385 | ||||||
Nipro Corp. | 600 | 4,979 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,400 | 26,176 | ||||||
Nissan Chemical Corp. | 483 | 20,729 | ||||||
Nissan Motor Co. Ltd. | 8,500 | 36,246 | ||||||
Nisshin Seifun Group, Inc. | 1,478 | 19,497 | ||||||
Nissin Foods Holdings Co. Ltd. | 1,084 | 94,711 | ||||||
Niterra Co. Ltd. | 4,502 | 104,676 | ||||||
Nitori Holdings Co. Ltd. | 462 | 52,742 | ||||||
Nitto Denko Corp. | 1,743 | 119,113 | ||||||
Noevir Holdings Co. Ltd. | 500 | 19,542 | ||||||
NOF Corp. | 1,707 | 77,057 | ||||||
NOK Corp. | 4,800 | 67,408 | ||||||
Nomura Real Estate Holdings, Inc. | 786 | 19,803 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Nomura Real Estate Master Fund, Inc. REIT | 9 | $ | 10,577 | |||||
NS Solutions Corp. | 600 | 16,279 | ||||||
NSK Ltd. | 4,400 | 25,668 | ||||||
NTT Data Group Corp. | 317 | 4,270 | ||||||
Obayashi Corp. | 14,162 | 128,308 | ||||||
OBIC Business Consultants Co. Ltd. | 300 | 12,879 | ||||||
Obic Co. Ltd. | 228 | 39,669 | ||||||
Odakyu Electric Railway Co. Ltd. | 400 | 5,951 | ||||||
Oji Holdings Corp. | 15,088 | 61,768 | ||||||
OKUMA Corp. | 600 | 28,169 | ||||||
Olympus Corp. | 600 | 8,121 | ||||||
Omron Corp. | 300 | 14,503 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,677 | 31,810 | ||||||
Open House Group Co. Ltd. | 380 | 12,858 | ||||||
Oracle Corp. | 300 | 20,957 | ||||||
Oriental Land Co. Ltd. | 190 | 6,850 | ||||||
ORIX Corp. | 3,836 | 71,669 | ||||||
Orix JREIT, Inc. REIT | 15 | 18,659 | ||||||
Osaka Gas Co. Ltd. | 9,029 | 144,504 | ||||||
OSG Corp. | 1,700 | 21,474 | ||||||
Otsuka Corp. | 908 | 40,509 | ||||||
Otsuka Holdings Co. Ltd. | 1,434 | 54,628 | ||||||
PALTAC Corp. | 882 | 29,098 | ||||||
Pan Pacific International Holdings Corp. | 4,799 | 95,743 | ||||||
Panasonic Holdings Corp. | 3,372 | 38,900 | ||||||
Park24 Co. Ltd.* | 200 | 2,824 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,520 | 9,043 | ||||||
Persol Holdings Co. Ltd. | 1,529 | 26,204 | ||||||
Pigeon Corp. | 1,300 | 15,082 | ||||||
Pola Orbis Holdings, Inc. | 1,000 | 12,917 | ||||||
Recruit Holdings Co. Ltd. | 326 | 11,689 | ||||||
Relo Group, Inc. | 1,200 | 14,070 | ||||||
Renesas Electronics Corp.* | 800 | 13,466 | ||||||
Rengo Co. Ltd. | 10,012 | 68,069 | ||||||
Resona Holdings, Inc. | 2,800 | 14,853 | ||||||
Resonac Holdings Corp. | 1,700 | 27,686 | ||||||
Resorttrust, Inc. | 500 | 8,023 | ||||||
Ricoh Co. Ltd. | 1,700 | 13,872 | ||||||
Rinnai Corp. | 2,351 | 45,563 | ||||||
Rohm Co. Ltd. | 714 | 59,686 | ||||||
Rohto Pharmaceutical Co. Ltd. | 1,922 | 50,128 | ||||||
Ryohin Keikaku Co. Ltd. | 1,100 | 14,193 | ||||||
Sankyo Co. Ltd. | 1,809 | 78,841 | ||||||
Sankyu, Inc. | 2,900 | 101,271 | ||||||
Sanrio Co. Ltd. | 300 | 15,644 | ||||||
Santen Pharmaceutical Co. Ltd. | 800 | 7,443 | ||||||
Sanwa Holdings Corp. | 5,200 | 79,240 | ||||||
Sapporo Holdings Ltd. | 500 | 15,331 | ||||||
SBI Holdings, Inc. | 600 | 12,263 | ||||||
SCREEN Holdings Co. Ltd. | 100 | 10,200 | ||||||
SCSK Corp. | 1,000 | 17,351 | ||||||
Secom Co. Ltd. | 1,335 | 93,487 | ||||||
Sega Sammy Holdings, Inc. | 3,600 | 71,921 | ||||||
Seibu Holdings, Inc. | 1,700 | 17,988 | ||||||
Seiko Epson Corp. | 2,351 | 36,859 | ||||||
Seino Holdings Co. Ltd. | 8,700 | 126,838 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Japan (Continued) | ||||||||
Sekisui Chemical Co. Ltd. | 8,001 | $ | 122,885 | |||||
Sekisui House Ltd. | 4,936 | 100,714 | ||||||
Sekisui House Reit, Inc. REIT | 16 | 9,243 | ||||||
Seven & i Holdings Co. Ltd. | 1,800 | 73,949 | ||||||
Seven Bank Ltd. | 6,400 | 13,619 | ||||||
SG Holdings Co. Ltd. | 2,160 | 31,216 | ||||||
Shikoku Electric Power Co., Inc.* | 2,300 | 16,588 | ||||||
Shimadzu Corp. | 1,496 | 44,042 | ||||||
Shimamura Co. Ltd. | 946 | 97,534 | ||||||
Shimano, Inc. | 130 | 19,109 | ||||||
Shimizu Corp. | 6,946 | 46,742 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,535 | 49,123 | ||||||
Shionogi & Co. Ltd. | 300 | 13,223 | ||||||
Ship Healthcare Holdings, Inc. | 600 | 10,206 | ||||||
Shiseido Co. Ltd. | 200 | 8,127 | ||||||
Shizuoka Financial Group, Inc. | 1,500 | 12,209 | ||||||
SHO-BOND Holdings Co. Ltd. | 649 | 26,159 | ||||||
Skylark Holdings Co. Ltd.* | 3,200 | 44,785 | ||||||
SMC Corp. | 61 | 29,581 | ||||||
SMS Co. Ltd. | 300 | 5,790 | ||||||
SoftBank Corp. | 2,905 | 33,323 | ||||||
Sohgo Security Services Co. Ltd. | 3,835 | 24,464 | ||||||
Sojitz Corp. | 9,420 | 202,654 | ||||||
Sompo Holdings, Inc. | 1,500 | 65,395 | ||||||
Sony Group Corp. | 141 | 11,763 | ||||||
Sotetsu Holdings, Inc. | 700 | 13,689 | ||||||
Square Enix Holdings Co. Ltd. | 1,200 | 45,582 | ||||||
Stanley Electric Co. Ltd. | 3,231 | 56,781 | ||||||
Subaru Corp. | 5,564 | 107,374 | ||||||
Sugi Holdings Co. Ltd. | 635 | 28,521 | ||||||
SUMCO Corp. | 1,400 | 18,723 | ||||||
Sumitomo Bakelite Co. Ltd. | 400 | 18,939 | ||||||
Sumitomo Chemical Co. Ltd. | 16,300 | 45,166 | ||||||
Sumitomo Corp. | 6,632 | 136,617 | ||||||
Sumitomo Electric Industries Ltd. | 9,326 | 114,377 | ||||||
Sumitomo Forestry Co. Ltd. | 4,383 | 123,616 | ||||||
Sumitomo Heavy Industries Ltd. | 3,049 | 76,505 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,169 | 36,294 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 200 | 9,178 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 400 | 14,977 | ||||||
Sumitomo Realty & Development Co. Ltd. | 471 | 12,064 | ||||||
Sumitomo Rubber Industries Ltd. | 4,000 | 42,243 | ||||||
Sundrug Co. Ltd. | 1,888 | 55,803 | ||||||
Suntory Beverage & Food Ltd. | 1,574 | 50,966 | ||||||
Suzuken Co. Ltd. | 2,184 | 64,777 | ||||||
Suzuki Motor Corp. | 2,042 | 80,440 | ||||||
Sysmex Corp. | 227 | 12,086 | ||||||
Taiheiyo Cement Corp. | 1,500 | 28,792 | ||||||
Taisei Corp. | 4,534 | 152,696 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 8,287 | ||||||
Takara Holdings, Inc. | 800 | 6,910 | ||||||
Takashimaya Co. Ltd. | 3,900 | 58,586 | ||||||
Takeda Pharmaceutical Co. Ltd. | 500 | 15,482 | ||||||
TDK Corp. | 530 | 19,346 | ||||||
TechnoPro Holdings, Inc. | 387 | 9,506 | ||||||
Teijin Ltd. | 5,720 | 58,149 | ||||||
Terumo Corp. | 516 | 15,641 |
Number | Value | |||||||
Japan (Continued) | ||||||||
THK Co. Ltd. | 1,200 | $ | 21,971 | |||||
TIS, Inc. | 3,200 | 75,546 | ||||||
Tobu Railway Co. Ltd. | 1,500 | 41,141 | ||||||
Toda Corp. | 4,000 | 22,511 | ||||||
Toho Co. Ltd. | 1,259 | 48,039 | ||||||
Toho Gas Co. Ltd. | 1,200 | 21,513 | ||||||
Tohoku Electric Power Co., Inc.* | 5,719 | 39,990 | ||||||
Tokai Carbon Co. Ltd. | 1,800 | 14,243 | ||||||
Tokio Marine Holdings, Inc. | 1,800 | 39,898 | ||||||
Tokyo Century Corp. | 500 | 19,229 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 23,104 | 101,567 | ||||||
Tokyo Electron Ltd. | 48 | 7,113 | ||||||
Tokyo Gas Co. Ltd. | 9,859 | 228,690 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 500 | 33,870 | ||||||
Tokyo Tatemono Co. Ltd. | 500 | 6,577 | ||||||
Tokyu Corp. | 1,500 | 18,963 | ||||||
Tokyu Fudosan Holdings Corp. | 1,522 | 9,477 | ||||||
TOPPAN, Inc. | 5,765 | 139,428 | ||||||
Toray Industries, Inc. | 21,100 | 113,931 | ||||||
Toshiba Corp. | 2,800 | 88,509 | ||||||
Toshiba TEC Corp. | 91 | 2,216 | ||||||
Tosoh Corp. | 10,541 | 136,555 | ||||||
TOTO Ltd. | 1,080 | 29,636 | ||||||
Toyo Seikan Group Holdings Ltd. | 7,121 | 128,984 | ||||||
Toyo Suisan Kaisha Ltd. | 1,300 | 53,684 | ||||||
Toyo Tire Corp. | 1,400 | 21,122 | ||||||
Toyoda Gosei Co. Ltd. | 1,484 | 32,099 | ||||||
Toyota Boshoku Corp. | 3,000 | 56,822 | ||||||
Toyota Industries Corp. | 498 | 35,233 | ||||||
Toyota Motor Corp. | 1,000 | 17,275 | ||||||
Toyota Tsusho Corp. | 2,023 | 120,823 | ||||||
Trend Micro, Inc. | 639 | 27,165 | ||||||
TS Tech Co. Ltd. | 4,558 | 53,975 | ||||||
Tsuruha Holdings, Inc. | 728 | 53,305 | ||||||
UBE Corp. | 3,093 | 52,210 | ||||||
Ulvac, Inc. | 200 | 7,767 | ||||||
Unicharm Corp. | 1,477 | 58,964 | ||||||
United Urban Investment Corp. REIT | 14 | 15,050 | ||||||
Ushio, Inc. | 1,201 | 15,154 | ||||||
USS Co. Ltd. | 4,500 | 78,650 | ||||||
Welcia Holdings Co. Ltd. | 400 | 7,357 | ||||||
West Japan Railway Co. | 100 | 4,330 | ||||||
Workman Co. Ltd. | 300 | 10,839 | ||||||
Yakult Honsha Co. Ltd. | 1,500 | 78,655 | ||||||
Yamada Holdings Co. Ltd. | 19,257 | 60,581 | ||||||
Yamaha Corp. | 781 | 24,135 | ||||||
Yamaha Motor Co. Ltd. | 3,600 | 93,446 | ||||||
Yamato Holdings Co. Ltd. | 5,700 | 107,141 | ||||||
Yamato Kogyo Co. Ltd. | 1,400 | 67,584 | ||||||
Yamazaki Baking Co. Ltd. | 2,553 | 48,391 | ||||||
Yaoko Co. Ltd. | 200 | 10,548 | ||||||
Yaskawa Electric Corp. | 800 | 31,437 | ||||||
Yokogawa Electric Corp. | 2,000 | 39,681 | ||||||
Yokohama Rubber Co. Ltd. | 3,200 | 65,161 | ||||||
Zenkoku Hosho Co. Ltd. | 1,538 | 53,318 | ||||||
Zensho Holdings Co. Ltd. | 1,800 | 84,891 | ||||||
Zeon Corp. | 3,859 | 42,557 | ||||||
|
| |||||||
(Cost $17,554,966) | 18,999,422 | |||||||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | ||||||||
(Cost $28,466) | 1,088 | $ | 30,179 | |||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal SA | 353 | 9,398 | ||||||
Eurofins Scientific SE | 119 | 7,341 | ||||||
L’Occitane International SA | 2,138 | 7,580 | ||||||
RTL Group SA | 1,472 | 54,479 | ||||||
Tenaris SA | 2,726 | 43,670 | ||||||
|
| |||||||
(Cost $136,382) | 122,468 | |||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | ||||||||
(Cost $5,502) | 656 | 4,783 | ||||||
|
| |||||||
Netherlands — 3.0% | ||||||||
Aalberts NV | 543 | 22,637 | ||||||
ABN AMRO Bank NV, 144A | 370 | 5,459 | ||||||
Adyen NV, 144A* | 4 | 3,354 | ||||||
Akzo Nobel NV | 530 | 43,166 | ||||||
ASM International NV | 15 | 7,248 | ||||||
ASML Holding NV | 10 | 6,598 | ||||||
ASR Nederland NV | 892 | 39,083 | ||||||
BE Semiconductor Industries NV | 79 | 9,097 | ||||||
CTP NV, 144A | 1,597 | 22,706 | ||||||
Euronext NV, 144A | 77 | 5,570 | ||||||
EXOR NV | 86 | 7,630 | ||||||
Heineken Holding NV | 1,300 | 104,270 | ||||||
Heineken NV | 410 | 39,969 | ||||||
IMCD NV | 468 | 64,636 | ||||||
ING Groep NV | 480 | 6,825 | ||||||
JDE Peet’s NV | 1,029 | 28,680 | ||||||
Koninklijke Ahold Delhaize NV | 14,020 | 459,161 | ||||||
Koninklijke KPN NV | 48,000 | 168,116 | ||||||
Koninklijke Vopak NV | 889 | 32,121 | ||||||
NN Group NV | 1,157 | 44,654 | ||||||
OCI NV* | 1,326 | 33,619 | ||||||
QIAGEN NV* | 870 | 39,838 | ||||||
Randstad NV | 4,686 | 275,557 | ||||||
Signify NV, 144A | 574 | 16,285 | ||||||
Stellantis NV | 5,880 | 109,615 | ||||||
Universal Music Group NV | 572 | 14,211 | ||||||
Wolters Kluwer NV | 1,536 | 185,381 | ||||||
|
| |||||||
(Cost $1,768,224) | 1,795,486 | |||||||
|
| |||||||
New Zealand — 1.2% | ||||||||
a2 Milk Co. Ltd.* | 9,010 | 26,825 | ||||||
Auckland International Airport Ltd.* | 6,801 | 31,628 | ||||||
Contact Energy Ltd. | 15,151 | 75,511 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 5,050 | 68,289 | ||||||
Fletcher Building Ltd. | 10,136 | 29,151 | ||||||
Infratil Ltd. | 6,356 | 38,187 | ||||||
Kiwi Property Group Ltd. | 68,762 | 36,236 | ||||||
Mainfreight Ltd. | 2,414 | 94,237 | ||||||
Mercury NZ Ltd. | 10,530 | 38,906 | ||||||
Meridian Energy Ltd. | 15,240 | 48,686 | ||||||
Ryman Healthcare Ltd. | 2,290 | 9,054 | ||||||
Spark New Zealand Ltd. | 74,197 | 224,217 | ||||||
|
| |||||||
(Cost $813,419) | 720,927 | |||||||
|
|
Number | Value | |||||||
Norway — 1.2% | ||||||||
Aker ASA, Class A | 126 | $ | 7,771 | |||||
Aker BP ASA | 270 | 7,325 | ||||||
DNB Bank ASA | 539 | 10,671 | ||||||
Equinor ASA | 1,684 | 51,958 | ||||||
Gjensidige Forsikring ASA | 455 | 7,079 | ||||||
Kongsberg Gruppen ASA | 862 | 35,721 | ||||||
Leroy Seafood Group ASA | 549 | 2,272 | ||||||
Mowi ASA | 1,254 | 22,753 | ||||||
Norsk Hydro ASA | 17,760 | 98,675 | ||||||
Orkla ASA | 11,121 | 84,977 | ||||||
Telenor ASA | 3,502 | 37,499 | ||||||
TOMRA Systems ASA | 350 | 4,809 | ||||||
Var Energi ASA | 2,413 | 7,000 | ||||||
Yara International ASA | 9,388 | 343,230 | ||||||
|
| |||||||
(Cost $820,713) | 721,740 | |||||||
|
| |||||||
Poland — 0.2% | ||||||||
Dino Polska SA, 144A* | 399 | 36,683 | ||||||
KGHM Polska Miedz SA | 530 | 14,673 | ||||||
LPP SA | 3 | 10,104 | ||||||
ORLEN SA | 1,392 | 21,296 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 892 | 8,084 | ||||||
Powszechny Zaklad Ubezpieczen SA | 4,023 | 40,345 | ||||||
Santander Bank Polska SA* | 88 | 7,935 | ||||||
|
| |||||||
(Cost $119,406) | 139,120 | |||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 14,750 | 67,333 | ||||||
Galp Energia SGPS SA | 8,755 | 120,726 | ||||||
Jeronimo Martins SGPS SA | 4,627 | 118,015 | ||||||
|
| |||||||
(Cost $266,422) | 306,074 | |||||||
|
| |||||||
Russia — 0.0% | ||||||||
Evraz PLC*(b) | ||||||||
(Cost $35,071) | 4,559 | 0 | ||||||
|
| |||||||
Singapore — 3.2% | ||||||||
BOC Aviation Ltd., 144A | 2,031 | 15,242 | ||||||
CapitaLand Ascendas REIT | 46,236 | 94,834 | ||||||
CapitaLand Ascott Trust (a) | 27,655 | 19,863 | ||||||
CapitaLand Integrated Commercial Trust REIT | 24,774 | 35,038 | ||||||
CapitaLand Investment Ltd. | 10,100 | 24,231 | ||||||
City Developments Ltd. | 18,400 | 91,012 | ||||||
ComfortDelGro Corp. Ltd. | 108,544 | 102,074 | ||||||
DBS Group Holdings Ltd. | 1,026 | 25,299 | ||||||
Frasers Logistics & Commercial Trust REIT | 91,700 | 81,481 | ||||||
Genting Singapore Ltd. | 181,700 | 117,725 | ||||||
Jardine Cycle & Carriage Ltd. | 6,505 | 160,975 | ||||||
Keppel REIT | 18,600 | 11,913 | ||||||
Keppel Corp. Ltd. | 5,762 | 29,610 | ||||||
Keppel DC REIT | 23,000 | 37,468 | ||||||
Mapletree Industrial Trust REIT | 30,978 | 52,758 | ||||||
Mapletree Logistics Trust REIT | 62,867 | 78,205 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 18,991 | 21,374 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Singapore (Continued) | ||||||||
NETLINK NBN TRUST | 40,100 | $ | 25,684 | |||||
Olam Group Ltd. | 15,364 | 14,221 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 8,762 | 81,424 | ||||||
Seatrium Ltd.* | 72,300 | 7,763 | ||||||
Sembcorp Industries Ltd. | 49,453 | 195,908 | ||||||
SIA Engineering Co. Ltd. | 6,600 | 11,729 | ||||||
Singapore Airlines Ltd. | 15,100 | 76,814 | ||||||
Singapore Exchange Ltd. | 20,580 | 146,750 | ||||||
Singapore Post Ltd. | 34,600 | 12,682 | ||||||
Singapore Technologies Engineering Ltd. | 9,128 | 25,752 | ||||||
Singapore Telecommunications Ltd. | 27,866 | 49,108 | ||||||
StarHub Ltd. | 7,900 | 5,967 | ||||||
Suntec Real Estate Investment Trust REIT | 24,200 | 21,682 | ||||||
United Overseas Bank Ltd. | 1,700 | 35,800 | ||||||
UOL Group Ltd. | 5,229 | 25,709 | ||||||
Venture Corp. Ltd. | 14,262 | 138,449 | ||||||
Wilmar International Ltd. | 21,300 | 59,618 | ||||||
|
| |||||||
(Cost $1,925,333) | 1,934,162 | |||||||
|
| |||||||
South Korea — 5.1% | ||||||||
Amorepacific Corp. | 64 | 6,484 | ||||||
AMOREPACIFIC Group | 514 | 13,086 | ||||||
BGF retail Co. Ltd. | 168 | 19,879 | ||||||
BNK Financial Group, Inc. | 3,856 | 19,896 | ||||||
Celltrion, Inc. | 54 | 5,879 | ||||||
Cheil Worldwide, Inc. | 2,620 | 37,365 | ||||||
CJ CheilJedang Corp. | 160 | 36,194 | ||||||
CJ Corp. | 557 | 29,625 | ||||||
CJ ENM Co. Ltd.* | 51 | 2,246 | ||||||
Coway Co. Ltd. | 212 | 6,929 | ||||||
DB Insurance Co. Ltd. | 1,046 | 64,655 | ||||||
DGB Financial Group, Inc. | 2,164 | 12,279 | ||||||
DL Holdings Co. Ltd. | 466 | 13,468 | ||||||
Doosan Bobcat, Inc. | 370 | 15,060 | ||||||
E-MART, Inc. | 136 | 7,594 | ||||||
F&F Co. Ltd. / New | 61 | 4,754 | ||||||
Fila Holdings Corp. | 824 | 23,627 | ||||||
GS Holdings Corp. | 2,154 | 61,194 | ||||||
GS Retail Co. Ltd. | 502 | 8,982 | ||||||
Hana Financial Group, Inc. | 1,935 | 57,900 | ||||||
Hankook Tire & Technology Co. Ltd. | 2,540 | 74,466 | ||||||
Hanon Systems | 952 | 6,562 | ||||||
Hanwha Aerospace Co. Ltd. | 166 | 14,342 | ||||||
Hanwha Corp. | 937 | 17,723 | ||||||
HD Hyundai Co. Ltd. | 1,379 | 61,660 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.* | 62 | 5,802 | ||||||
HL Mando Co. Ltd. | 299 | 9,478 | ||||||
Hotel Shilla Co. Ltd. | 347 | 23,155 | ||||||
Hyundai Department Store Co. Ltd. | 232 | 12,181 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 244 | 6,553 | ||||||
Hyundai Glovis Co. Ltd. | 365 | 47,636 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,539 | 35,222 | ||||||
Hyundai Mobis Co. Ltd. | 716 | 125,134 | ||||||
Hyundai Motor Co. | 202 | 28,900 | ||||||
Hyundai Steel Co. | 243 | 6,655 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Industrial Bank of Korea | 3,604 | $ | 29,339 | |||||
Kangwon Land, Inc. | 212 | 2,488 | ||||||
KB Financial Group, Inc. | 912 | 37,329 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 192 | 4,874 | ||||||
Kia Corp. | 3,322 | 201,569 | ||||||
Korea Aerospace Industries Ltd. | 240 | 9,188 | ||||||
Korea Electric Power Corp.* | 711 | 9,586 | ||||||
Korea Investment Holdings Co. Ltd. | 398 | 15,658 | ||||||
Korea Zinc Co. Ltd. | 91 | 36,283 | ||||||
Korean Air Lines Co. Ltd. | 201 | 3,467 | ||||||
KT&G Corp. | 3,610 | 237,344 | ||||||
Kumho Petrochemical Co. Ltd. | 184 | 17,373 | ||||||
LG Chem Ltd. | 20 | 8,822 | ||||||
LG Corp. | 2,129 | 132,242 | ||||||
LG Display Co. Ltd.* | 1,939 | 19,658 | ||||||
LG Electronics, Inc. | 510 | 38,006 | ||||||
LG H&H Co. Ltd. | 14 | 4,920 | ||||||
LG Innotek Co. Ltd. | 22 | 4,494 | ||||||
LG Uplus Corp. | 3,670 | 29,016 | ||||||
Lotte Chemical Corp. | 288 | 29,764 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 115 | 11,302 | ||||||
Lotte Corp. | 225 | 4,247 | ||||||
LOTTE Fine Chemical Co. Ltd. | 120 | 5,484 | ||||||
Lotte Shopping Co. Ltd. | 208 | 11,173 | ||||||
LS Corp. | 398 | 32,249 | ||||||
Meritz Financial Group, Inc.* | 193 | 7,987 | ||||||
Mirae Asset Securities Co. Ltd. | 2,863 | 14,426 | ||||||
NAVER Corp. | 11 | 1,785 | ||||||
NCSoft Corp. | 39 | 7,421 | ||||||
NH Investment & Securities Co. Ltd. | 2,906 | 22,646 | ||||||
NongShim Co. Ltd. | 132 | 45,789 | ||||||
Orion Corp. | 562 | 51,789 | ||||||
Ottogi Corp. | 47 | 13,086 | ||||||
Pan Ocean Co. Ltd. | 2,192 | 7,396 | ||||||
POSCO Holdings, Inc. | 618 | 270,718 | ||||||
Posco International Corp. | 888 | 53,209 | ||||||
S-1 Corp. | 511 | 21,573 | ||||||
Samsung C&T Corp. | 1,051 | 83,253 | ||||||
Samsung Card Co. Ltd. | 1,101 | 24,948 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 275 | 28,171 | ||||||
Samsung Electronics Co. Ltd. | 242 | 12,249 | ||||||
Samsung Engineering Co. Ltd.* | 1,591 | 40,926 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 639 | 119,170 | ||||||
Samsung Life Insurance Co. Ltd. | 586 | 29,971 | ||||||
Samsung SDI Co. Ltd. | 56 | 26,014 | ||||||
Samsung SDS Co. Ltd. | 535 | 57,477 | ||||||
Samsung Securities Co. Ltd. | 1,043 | 29,473 | ||||||
Shinhan Financial Group Co. Ltd. | 3,329 | 89,537 | ||||||
Shinsegae, Inc. | 75 | 11,519 | ||||||
SK Hynix, Inc. | 261 | 24,051 | ||||||
SK Networks Co. Ltd. | 3,818 | 20,827 | ||||||
SK, Inc. | 54 | 5,904 | ||||||
S-Oil Corp. | 730 | 40,318 | ||||||
Woori Financial Group, Inc. | 3,696 | 33,304 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
South Korea (Continued) | ||||||||
Yuhan Corp. | 238 | $ | 13,109 | |||||
|
| |||||||
(Cost $2,827,009) | 3,066,486 | |||||||
|
| |||||||
Spain — 2.2% | ||||||||
Acciona SA | 471 | 67,402 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,224 | 78,184 | ||||||
Aena SME SA, 144A | 58 | 9,128 | ||||||
Amadeus IT Group SA | 375 | 25,764 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,989 | 15,686 | ||||||
Banco Santander SA | 2,370 | 9,265 | ||||||
Bankinter SA | 862 | 5,535 | ||||||
Corp ACCIONA Energias Renovables SA | 1,033 | 30,765 | ||||||
EDP Renovaveis SA | 282 | 5,174 | ||||||
Enagas SA | 1,472 | 25,155 | ||||||
Endesa SA | 5,213 | 108,519 | ||||||
Ferrovial SE | 998 | 31,683 | ||||||
Grifols SA* | 550 | 7,548 | ||||||
Iberdrola SA | 11,667 | 138,784 | ||||||
Industria de Diseno Textil SA | 1,080 | 41,448 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 970 | 5,906 | ||||||
Mapfre SA | 15,576 | 32,982 | ||||||
Merlin Properties Socimi SA REIT | 2,723 | 24,441 | ||||||
Naturgy Energy Group SA | 2,042 | 59,263 | ||||||
Redeia Corp. SA | 4,604 | 74,979 | ||||||
Repsol SA | 24,902 | 384,330 | ||||||
Telefonica SA | 31,179 | 129,405 | ||||||
|
| |||||||
(Cost $1,278,504) | 1,311,346 | |||||||
|
| |||||||
Sweden — 2.5% | ||||||||
Alfa Laval AB | 1,447 | 50,903 | ||||||
Assa Abloy AB, Class B | 3,371 | 76,010 | ||||||
Atlas Copco AB, Class B | 1,461 | 16,858 | ||||||
Axfood AB | 3,595 | 86,905 | ||||||
Beijer Ref AB | 362 | 4,159 | ||||||
Boliden AB | 5,073 | 135,073 | ||||||
Electrolux AB, Class B | 654 | 7,206 | ||||||
Epiroc AB, Class A | 1,627 | 31,292 | ||||||
Epiroc AB, Class B | 1,148 | 18,830 | ||||||
Essity AB, Class B | 5,955 | 139,060 | ||||||
H & M Hennes & Mauritz AB, Class B | 1,611 | 24,640 | ||||||
Hexagon AB, Class B | 1,432 | 12,803 | ||||||
Holmen AB, Class B | 875 | 33,202 | ||||||
Husqvarna AB, Class B | 444 | 3,832 | ||||||
Indutrade AB | 1,398 | 26,901 | ||||||
L E Lundbergforetagen AB, Class B | 163 | 6,636 | ||||||
Lifco AB, Class B | 583 | 10,691 | ||||||
Nibe Industrier AB, Class B | 2,811 | 21,097 | ||||||
Saab AB, Class B | 477 | 25,205 | ||||||
Sagax AB, Class B | 138 | 2,875 | ||||||
Sagax AB, Class D | 1,391 | 3,366 | ||||||
Sandvik AB | 2,682 | 50,799 | ||||||
Securitas AB, Class B | 2,057 | 16,768 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 4,584 | 53,229 | ||||||
Skanska AB, Class B | 2,053 | 30,111 | ||||||
SKF AB, Class B | 4,060 | 65,906 | ||||||
SSAB AB, Class A | 2,724 | 15,648 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
SSAB AB, Class B | 9,688 | $ | 53,687 | |||||
Svenska Cellulosa AB SCA, Class B | 1,653 | 22,040 | ||||||
Svenska Handelsbanken AB, Class A | 1,850 | 15,435 | ||||||
Sweco AB, Class B | 1,726 | 16,835 | ||||||
Swedbank AB, Class A | 3,861 | 68,459 | ||||||
Swedish Orphan Biovitrum AB* | 1,233 | 23,827 | ||||||
Tele2 AB, Class B | 6,743 | 47,626 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 4,463 | 22,959 | ||||||
Telia Co. AB | 3,062 | 6,183 | ||||||
Trelleborg AB, Class B | 5,052 | 128,447 | ||||||
Volvo AB, Class A | 617 | 12,644 | ||||||
Volvo AB, Class B | 5,320 | 107,470 | ||||||
|
| |||||||
(Cost $1,582,985) | 1,495,617 | |||||||
|
| |||||||
Switzerland — 3.4% | ||||||||
ABB Ltd. | 1,389 | 52,981 | ||||||
Adecco Group AG | 464 | 20,031 | ||||||
Alcon, Inc. | 271 | 22,680 | ||||||
Baloise Holding AG | 251 | 39,273 | ||||||
Banque Cantonale Vaudoise | 88 | 9,545 | ||||||
Barry Callebaut AG | 26 | 45,391 | ||||||
Belimo Holding AG | 124 | 65,394 | ||||||
BKW AG | 207 | 35,623 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 5 | 59,836 | ||||||
Cie Financiere Richemont SA, Class A | 414 | 58,872 | ||||||
Clariant AG* | 2,582 | 43,089 | ||||||
Coca-Cola HBC AG* | 3,561 | 102,791 | ||||||
DKSH Holding AG | 601 | 45,998 | ||||||
DSM-Firmenich AG | 236 | 21,811 | ||||||
Emmi AG | 15 | 16,168 | ||||||
EMS-Chemie Holding AG | 16 | 12,037 | ||||||
Flughafen Zurich AG | 71 | 14,638 | ||||||
Geberit AG | 162 | 84,113 | ||||||
Georg Fischer AG | 1,706 | 110,482 | ||||||
Givaudan SA | 6 | 20,026 | ||||||
Glencore PLC | 20,100 | 107,342 | ||||||
Helvetia Holding AG | 160 | 24,383 | ||||||
Holcim AG* | 3,656 | 242,395 | ||||||
Julius Baer Group Ltd. | 253 | 17,605 | ||||||
Kuehne + Nagel International AG | 249 | 74,961 | ||||||
Logitech International SA | 506 | 35,095 | ||||||
Lonza Group AG | 19 | 10,517 | ||||||
Nestle SA | 77 | 9,276 | ||||||
Novartis AG | 253 | 25,582 | ||||||
Partners Group Holding AG | 32 | 34,607 | ||||||
PSP Swiss Property AG | 344 | 41,829 | ||||||
Roche Holding AG | 13 | 3,831 | ||||||
Schindler Holding AG | 73 | 15,364 | ||||||
Schindler Holding AG Participation Certificates | 179 | 39,954 | ||||||
SGS SA | 573 | 52,146 | ||||||
SIG Group AG* | 1,105 | 29,125 | ||||||
Sika AG | 112 | 31,752 | ||||||
Sonova Holding AG | 23 | 6,086 | ||||||
STMicroelectronics NV | 253 | 11,990 | ||||||
Straumann Holding AG | 63 | 9,558 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Swatch Group AG — Bearer | 365 | $ | 102,774 | |||||
Swatch Group AG — Registered | 587 | 31,335 | ||||||
Swiss Life Holding AG | 26 | 16,326 | ||||||
Swiss Prime Site AG | 321 | 30,855 | ||||||
Swiss Re AG | 248 | 24,119 | ||||||
Swisscom AG | 150 | 91,367 | ||||||
Tecan Group AG | 21 | 8,393 | ||||||
UBS Group AG | 839 | 22,323 | ||||||
VAT Group AG, 144A | 59 | 23,673 | ||||||
Zurich Insurance Group AG | 19 | 8,927 | ||||||
|
| |||||||
(Cost $1,909,490) | 2,064,269 | |||||||
|
| |||||||
United Kingdom — 10.6% | ||||||||
3i Group PLC | 28,811 | 727,785 | ||||||
Admiral Group PLC | 8,868 | 279,804 | ||||||
Amcor PLC CDI | 18,387 | 179,816 | ||||||
Anglo American PLC | 391 | 10,407 | ||||||
Ashtead Group PLC | 249 | 17,429 | ||||||
Associated British Foods PLC | 1,800 | 45,446 | ||||||
AstraZeneca PLC | 102 | 13,781 | ||||||
Auto Trader Group PLC, 144A | 7,860 | 60,396 | ||||||
Aviva PLC | 7,080 | 33,661 | ||||||
B&M European Value Retail SA | 7,214 | 52,800 | ||||||
BAE Systems PLC | 13,495 | 172,284 | ||||||
Barclays PLC | 4,588 | 8,567 | ||||||
Barratt Developments PLC | 9,172 | 52,684 | ||||||
Beazley PLC | 9,714 | 67,208 | ||||||
Berkeley Group Holdings PLC | 441 | 22,693 | ||||||
BP PLC | 8,077 | 49,895 | ||||||
British American Tobacco PLC | 1,121 | 37,252 | ||||||
British Land Co. PLC REIT | 18,360 | 75,285 | ||||||
BT Group PLC | 15,314 | 22,432 | ||||||
Bunzl PLC | 4,797 | 172,022 | ||||||
Burberry Group PLC | 4,253 | 117,700 | ||||||
Centrica PLC | 86,876 | 167,054 | ||||||
CNH Industrial NV | 5,287 | 73,335 | ||||||
Compass Group PLC | 4,237 | 107,003 | ||||||
ConvaTec Group PLC, 144A | 8,088 | 23,818 | ||||||
Croda International PLC | 1,004 | 70,252 | ||||||
Dechra Pharmaceuticals PLC | 190 | 9,163 | ||||||
Diageo PLC | 545 | 22,399 | ||||||
Direct Line Insurance Group PLC* | 6,495 | 13,345 | ||||||
Dowlais Group PLC* | 1,031 | 1,484 | ||||||
DS Smith PLC | 40,805 | 161,478 | ||||||
Endeavour Mining PLC | 1,201 | 24,547 | ||||||
Ferguson PLC | 927 | 150,884 | ||||||
GSK PLC | 8,873 | 156,149 | ||||||
Haleon PLC | 8,959 | 36,611 | ||||||
Halma PLC | 1,583 | 43,006 | ||||||
Hargreaves Lansdown PLC | 2,722 | 26,255 | ||||||
Howden Joinery Group PLC | 8,323 | 78,023 | ||||||
HSBC Holdings PLC | 1,864 | 13,773 | ||||||
IMI PLC | 2,787 | 53,044 | ||||||
Imperial Brands PLC | 10,671 | 241,972 | ||||||
Informa PLC | 4,389 | 40,644 | ||||||
InterContinental Hotels Group PLC | 1,047 | 78,992 | ||||||
Intermediate Capital Group PLC | 382 | 6,547 | ||||||
Intertek Group PLC | 1,218 | 63,896 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
ITV PLC | 26,086 | $ | 23,403 | |||||
J Sainsbury PLC | 26,225 | 89,757 | ||||||
Johnson Matthey PLC | 9,663 | 199,585 | ||||||
Kingfisher PLC | 27,427 | 81,325 | ||||||
Land Securities Group PLC REIT | 11,309 | 86,354 | ||||||
Legal & General Group PLC | 3,214 | 8,907 | ||||||
Lloyds Banking Group PLC | 4,018 | 2,156 | ||||||
Melrose Industries PLC | 1,031 | 6,697 | ||||||
Mondi PLC | 11,194 | 186,384 | ||||||
National Grid PLC | 5,025 | 63,050 | ||||||
NatWest Group PLC | 1,777 | 5,188 | ||||||
Next PLC | 1,938 | 171,607 | ||||||
Pearson PLC | 5,690 | 60,493 | ||||||
Pepco Group NV* | 532 | 4,177 | ||||||
Persimmon PLC | 310 | 4,187 | ||||||
Reckitt Benckiser Group PLC | 916 | 66,184 | ||||||
RELX PLC | 2,653 | 86,666 | ||||||
Renishaw PLC | 218 | 10,050 | ||||||
Rentokil Initial PLC | 6,253 | 47,684 | ||||||
Rightmove PLC | 5,539 | 39,305 | ||||||
Rio Tinto PLC | 1,369 | 84,525 | ||||||
Rolls-Royce Holdings PLC* | 3,209 | 9,039 | ||||||
RS GROUP PLC | 7,824 | 75,368 | ||||||
Sage Group PLC | 5,135 | 63,181 | ||||||
Schroders PLC | 2,067 | 10,786 | ||||||
Severn Trent PLC | 1,368 | 41,603 | ||||||
Shell PLC | 877 | 26,799 | ||||||
Smith & Nephew PLC | 1,209 | 16,392 | ||||||
Smiths Group PLC | 10,389 | 215,897 | ||||||
Spirax-Sarco Engineering PLC | 452 | 58,048 | ||||||
SSE PLC | 8,381 | 172,734 | ||||||
Standard Chartered PLC | 4,247 | 38,295 | ||||||
Tate & Lyle PLC | 2,061 | 18,451 | ||||||
Taylor Wimpey PLC | 35,257 | 51,065 | ||||||
Tesco PLC | 38,326 | 129,037 | ||||||
Unilever PLC | 1,157 | 59,259 | ||||||
UNITE Group PLC REIT | 1,826 | 21,761 | ||||||
United Utilities Group PLC | 4,323 | 51,876 | ||||||
Vodafone Group PLC | 57,179 | 53,044 | ||||||
Weir Group PLC | 775 | 18,016 | ||||||
Whitbread PLC | 443 | 19,310 | ||||||
Wise PLC, Class A* | 888 | 7,204 | ||||||
WPP PLC | 3,118 | 30,257 | ||||||
|
| |||||||
(Cost $5,984,707) | 6,398,127 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $56,868,015) | 59,628,312 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 145 | 13,967 | ||||||
FUCHS SE | 1,781 | 74,035 | ||||||
Henkel AG & Co. KGaA | 872 | 66,931 | ||||||
Sartorius AG | 11 | 4,506 | ||||||
Volkswagen AG | 102 | 12,514 | ||||||
|
| |||||||
(Cost $169,820) | 171,953 | |||||||
|
| |||||||
South Korea — 0.1% | ||||||||
CJ CheilJedang Corp. | 53 | 5,453 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hanwha Corp. | 1,230 | $ | 12,833 | |||||
Hyundai Motor Co. | 203 | 15,988 | ||||||
Hyundai Motor Co. | 120 | 9,242 | ||||||
Mirae Asset Securities Co. Ltd. | 2,996 | 8,070 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 86 | 11,803 | ||||||
|
| |||||||
(Cost $64,716) | 63,389 | |||||||
|
| |||||||
Spain — 0.0% | ||||||||
Grifols SA, Class B* | 767 | 7,288 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 242,630 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Canada — 0.0% | ||||||||
Constellation Software, Inc.*, expires 10/6/23 | ||||||||
(Cost $0) | 38 | 21 | ||||||
|
| |||||||
Sweden — 0.0% | ||||||||
Swedish Orphan Biovitrum AB*, expires 9/18/23 | 1,233 | 1,114 | ||||||
|
|
Number | Value | |||||||
Sweden (Continued) | ||||||||
TOTAL RIGHTS | $ | 1,135 | ||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Canada — 0.0% | ||||||||
Constellation Software Inc/Canada*(b), expires 8/22/28 | 38 | 0 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, expires 11/22/23 | 826 | 790 | ||||||
|
| |||||||
TOTAL WARRANTS | 790 | |||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) | 24,747 | 24,747 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% | $ | 59,897,614 | ||||||
Other assets and liabilities, net — 0.7% | 417,501 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 60,315,115 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.0% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||||||
4,101 | 6,554 | (5,656 | ) | (1,465 | ) | 2,324 | 211 | — | 537 | 5,858 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) |
| |||||||||||||||||||||||||||||||||||
731,962 | — | (731,962 | ) (f) | — | — | 13,305 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) |
| |||||||||||||||||||||||||||||||||||
101,059 | 6,754,684 | (6,830,996 | ) | — | — | 4,373 | — | 24,747 | 24,747 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
837,122 | 6,761,238 | (7,568,614 | ) | (1,465 | ) | 2,324 | 17,889 | — | 25,284 | 30,605 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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) | Investment was valued using significant unobservable inputs. |
(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. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
CDI: | Chess Depositary Interests |
CVA: | Credit Valuation Adjustment |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF (Continued)
August 31, 2023
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, 2023, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
MINI TOPIX Index Futures | JPY | 2 | $ | 31,437 | $32,016 | 9/07/2023 | $ | 579 | ||||||||||
MSCI EAFE Futures | USD | 3 | 320,220 | 316,395 | 9/15/2023 | (3,825 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized depreciation | $ | (3,246 | ) | |||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
JPY | Japanese Yen |
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 59,563,540 | $ | — | $ | 64,772 | $ | 59,628,312 | ||||||||
Preferred Stocks (a) | 242,630 | — | — | 242,630 | ||||||||||||
Rights (a) | 1,135 | — | — | 1,135 | ||||||||||||
Warrants (a) | 790 | — | 0 | 790 | ||||||||||||
Short-Term Investments (a) | 24,747 | — | — | 24,747 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 579 | — | — | 579 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 59,833,421 | $ | — | $ | 64,772 | $ | 59,898,193 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | $ | (3,825 | ) | $ | — | $ | — | $ | (3,825 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (3,825 | ) | $ | — | $ | — | $ | (3,825 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $ 153,534. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.2% |
| |||||||
Australia — 2.1% | ||||||||
Ampol Ltd. | 2,251 | $ | 51,462 | |||||
ANZ Group Holdings Ltd. | 28,505 | 467,624 | ||||||
APA Group (a) | 10,360 | 60,320 | ||||||
Aristocrat Leisure Ltd. | 6,268 | 166,032 | ||||||
ASX Ltd. | 2,001 | 74,634 | ||||||
Atlassian Corp., Class A* | 1,469 | 299,764 | ||||||
Aurizon Holdings Ltd. | 14,853 | 35,111 | ||||||
BHP Group Ltd. | 48,244 | 1,401,349 | ||||||
BlueScope Steel Ltd. | 4,719 | 64,212 | ||||||
Brambles Ltd. | 13,647 | 132,312 | ||||||
Cochlear Ltd. | 722 | 126,950 | ||||||
Coles Group Ltd. | 12,115 | 127,659 | ||||||
Commonwealth Bank of Australia | 16,305 | 1,079,014 | ||||||
Computershare Ltd. | 5,212 | 84,996 | ||||||
CSL Ltd. | 4,714 | 835,093 | ||||||
Dexus REIT | 10,953 | 54,976 | ||||||
EBOS Group Ltd. | 1,906 | 43,071 | ||||||
Endeavour Group Ltd. | 12,656 | 45,082 | ||||||
Fortescue Metals Group Ltd. | 16,493 | 228,909 | ||||||
Goodman Group REIT | 15,942 | 241,188 | ||||||
GPT Group REIT | 20,339 | 55,325 | ||||||
IDP Education Ltd. | 2,095 | 33,419 | ||||||
IGO Ltd. | 6,416 | 57,842 | ||||||
Insurance Australia Group Ltd. | 22,337 | 84,195 | ||||||
Lendlease Corp. Ltd. (a) | 6,893 | 34,866 | ||||||
Lottery Corp. Ltd. | 25,624 | 83,641 | ||||||
Macquarie Group Ltd. | 3,459 | 397,707 | ||||||
Medibank Pvt Ltd. | 28,350 | 67,201 | ||||||
Mineral Resources Ltd. | 1,766 | 81,812 | ||||||
Mirvac Group REIT | 40,289 | 63,146 | ||||||
National Australia Bank Ltd. | 30,984 | 581,134 | ||||||
Newcrest Mining Ltd. | 7,712 | 130,011 | ||||||
Northern Star Resources Ltd. | 10,778 | 83,136 | ||||||
Orica Ltd. | 4,702 | 47,841 | ||||||
Origin Energy Ltd. | 18,133 | 102,289 | ||||||
Pilbara Minerals Ltd. | 24,127 | 72,973 | ||||||
Qantas Airways Ltd.* | 7,637 | 29,231 | ||||||
QBE Insurance Group Ltd. | 14,578 | 141,433 | ||||||
Ramsay Health Care Ltd. | 1,876 | 62,511 | ||||||
REA Group Ltd. | 580 | 62,010 | ||||||
Reece Ltd. | 1,197 | 15,815 | ||||||
Rio Tinto Ltd. | 3,648 | 266,741 | ||||||
Santos Ltd. | 32,247 | 160,186 | ||||||
Scentre Group REIT | 48,235 | 85,908 | ||||||
SEEK Ltd. | 3,320 | 49,691 | ||||||
Sonic Healthcare Ltd. | 3,377 | 70,338 | ||||||
South32 Ltd. | 39,831 | 87,708 | ||||||
Stockland REIT | 17,173 | 47,158 | ||||||
Suncorp Group Ltd. | 12,085 | 106,680 | ||||||
Telstra Group Ltd. | 34,734 | 90,207 | ||||||
Transurban Group (a) | 30,657 | 263,277 | ||||||
Treasury Wine Estates Ltd. | 8,193 | 61,923 | ||||||
Vicinity Ltd. REIT | 46,940 | 56,849 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 2,052 | 43,870 | ||||||
Wesfarmers Ltd. | 10,860 | 378,894 | ||||||
Westpac Banking Corp. | 33,544 | 476,859 |
Number | Value | |||||||
Australia (Continued) | ||||||||
WiseTech Global Ltd. | 1,313 | $ | 59,100 | |||||
Woodside Energy Group Ltd. | 18,338 | 439,672 | ||||||
Woolworths Group Ltd. | 11,614 | 286,807 | ||||||
|
| |||||||
(Cost $11,681,360) | 10,939,164 | |||||||
|
| |||||||
Austria — 0.0% | ||||||||
Erste Group Bank AG | 3,274 | 117,157 | ||||||
OMV AG | 1,124 | 52,176 | ||||||
Verbund AG | 545 | 44,719 | ||||||
voestalpine AG | 1,050 | 30,747 | ||||||
|
| |||||||
(Cost $249,828) | 244,799 | |||||||
|
| |||||||
Belgium — 0.2% | ||||||||
Ageas SA/NV | 1,409 | 56,093 | ||||||
Anheuser-Busch InBev SA/NV | 8,442 | 481,033 | ||||||
D’ieteren Group | 265 | 43,373 | ||||||
Elia Group SA/NV | 280 | 32,365 | ||||||
Groupe Bruxelles Lambert NV | 800 | 64,565 | ||||||
KBC Group NV | 2,428 | 159,590 | ||||||
Lotus Bakeries NV | 4 | 31,562 | ||||||
Sofina SA | 121 | 27,264 | ||||||
Solvay SA | 748 | 86,786 | ||||||
UCB SA | 1,305 | 117,276 | ||||||
Umicore SA | 2,015 | 53,515 | ||||||
Warehouses De Pauw CVA REIT | 1,441 | 41,289 | ||||||
|
| |||||||
(Cost $1,362,204) | 1,194,711 | |||||||
|
| |||||||
Bermuda — 0.1% | ||||||||
Arch Capital Group Ltd.* | 3,329 | 255,867 | ||||||
Everest Group Ltd. | 347 | 125,156 | ||||||
|
| |||||||
(Cost $217,887) | 381,023 | |||||||
|
| |||||||
Canada — 3.5% | ||||||||
Agnico Eagle Mines Ltd. | 4,590 | 222,588 | ||||||
Air Canada* | 1,399 | 23,597 | ||||||
Algonquin Power & Utilities Corp. | 6,844 | 51,749 | ||||||
Alimentation Couche-Tard, Inc. | 7,797 | 407,211 | ||||||
AltaGas Ltd. | 3,455 | 67,468 | ||||||
ARC Resources Ltd. | 6,597 | 100,495 | ||||||
Bank of Montreal | 6,785 | 583,592 | ||||||
Bank of Nova Scotia | 11,793 | 558,903 | ||||||
Barrick Gold Corp. | 17,596 | 284,824 | ||||||
BCE, Inc. | 702 | 29,700 | ||||||
Brookfield Asset Management Ltd., Class A | 3,408 | 117,609 | ||||||
Brookfield Corp. | 13,570 | 462,581 | ||||||
BRP, Inc. | 334 | 25,509 | ||||||
CAE, Inc.* | 2,699 | 65,014 | ||||||
Cameco Corp. | 3,947 | 145,866 | ||||||
Canadian Apartment Properties REIT | 780 | 27,944 | ||||||
Canadian Imperial Bank of Commerce | 8,696 | 344,125 | ||||||
Canadian National Railway Co. | 5,395 | 606,910 | ||||||
Canadian Natural Resources Ltd. | 10,947 | 707,333 | ||||||
Canadian Pacific Kansas City Ltd. | 8,936 | 708,434 | ||||||
Canadian Tire Corp. Ltd., Class A | 590 | 69,904 | ||||||
Canadian Utilities Ltd., Class A | 1,244 | 29,442 | ||||||
CCL Industries, Inc., Class B | 1,419 | 63,338 | ||||||
Cenovus Energy, Inc. | 13,369 | 266,204 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Canada (Continued) | ||||||||
CGI, Inc.* | 2,113 | $ | 220,054 | |||||
Constellation Software, Inc. | 195 | 400,026 | ||||||
Descartes Systems Group, Inc.* | 787 | 58,931 | ||||||
Dollarama, Inc. | 2,574 | 166,679 | ||||||
Element Fleet Management Corp. | 3,480 | 53,424 | ||||||
Emera, Inc. | 2,597 | 97,223 | ||||||
Empire Co. Ltd., Class A | 1,289 | 33,536 | ||||||
Enbridge, Inc. | 19,701 | 690,798 | ||||||
Fairfax Financial Holdings Ltd. | 217 | 178,718 | ||||||
First Quantum Minerals Ltd. | 5,610 | 150,518 | ||||||
FirstService Corp. | 409 | 61,769 | ||||||
Fortis, Inc. | 4,483 | 175,582 | ||||||
Franco-Nevada Corp. | 1,856 | 267,038 | ||||||
George Weston Ltd. | 754 | 83,512 | ||||||
GFL Environmental, Inc. | 1,713 | 55,443 | ||||||
Gildan Activewear, Inc. | 2,051 | 61,093 | ||||||
Great-West Lifeco, Inc. | 2,352 | 67,503 | ||||||
Hydro One Ltd., 144A | 3,340 | 86,700 | ||||||
iA Financial Corp., Inc. | 1,003 | 62,844 | ||||||
IGM Financial, Inc. | 1,121 | 31,916 | ||||||
Imperial Oil Ltd. | 2,143 | 121,536 | ||||||
Intact Financial Corp. | 1,690 | 237,958 | ||||||
Ivanhoe Mines Ltd., Class A* | 5,803 | 51,556 | ||||||
Keyera Corp. | 1,963 | 48,431 | ||||||
Kinross Gold Corp. | 12,931 | 65,565 | ||||||
Loblaw Cos. Ltd. | 1,561 | 135,372 | ||||||
Lululemon Athletica, Inc.* | 1,054 | 401,848 | ||||||
Lundin Mining Corp. | 5,818 | 45,066 | ||||||
Magna International, Inc. | 2,610 | 153,326 | ||||||
Manulife Financial Corp. | 18,599 | 343,400 | ||||||
Metro, Inc. | 2,056 | 105,828 | ||||||
National Bank of Canada | 3,250 | 226,211 | ||||||
Northland Power, Inc. | 2,506 | 47,325 | ||||||
Nutrien Ltd. | 4,955 | 313,462 | ||||||
Nuvei Corp., 144A | 599 | 10,798 | ||||||
Onex Corp. | 663 | 40,913 | ||||||
Open Text Corp. | 2,340 | 94,174 | ||||||
Pan American Silver Corp. | 3,633 | 59,988 | ||||||
Parkland Corp. | 1,697 | 44,841 | ||||||
Pembina Pipeline Corp. | 4,907 | 152,329 | ||||||
Power Corp. of Canada | 5,675 | 154,778 | ||||||
Quebecor, Inc., Class B | 1,437 | 32,809 | ||||||
RB Global, Inc. | 1,721 | 106,291 | ||||||
Restaurant Brands International, Inc. | 2,756 | 191,175 | ||||||
RioCan Real Estate Investment Trust REIT | 1,430 | 20,410 | ||||||
Rogers Communications, Inc., Class B | 3,094 | 125,708 | ||||||
Royal Bank of Canada | 13,535 | 1,217,895 | ||||||
Saputo, Inc. | 2,229 | 48,124 | ||||||
Shopify, Inc., Class A* | 11,647 | 773,827 | ||||||
Stantec, Inc. | 1,071 | 71,450 | ||||||
Sun Life Financial, Inc. | 5,615 | 273,539 | ||||||
Suncor Energy, Inc. | 12,960 | 438,434 | ||||||
TC Energy Corp. | 9,665 | 348,610 | ||||||
Teck Resources Ltd., Class B | 4,686 | 193,543 | ||||||
TELUS Corp. | 4,397 | 77,121 | ||||||
TFI International, Inc. | 767 | 104,379 |
Number | Value | |||||||
Canada (Continued) | ||||||||
Thomson Reuters Corp. | 1,508 | $ | 193,930 | |||||
TMX Group Ltd. | 2,930 | 64,753 | ||||||
Toromont Industries Ltd. | 806 | 66,031 | ||||||
Toronto-Dominion Bank | 17,909 | 1,090,994 | ||||||
Tourmaline Oil Corp. | 3,040 | 155,691 | ||||||
Waste Connections, Inc. | 2,453 | 336,036 | ||||||
West Fraser Timber Co. Ltd. | 404 | 30,500 | ||||||
Wheaton Precious Metals Corp. | 4,311 | 187,805 | ||||||
WSP Global, Inc. | 1,251 | 174,999 | ||||||
|
| |||||||
(Cost $18,199,213) | 18,152,406 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC |
| 3,802 |
|
| 69,760 |
| ||
|
| |||||||
Denmark — 0.9% | ||||||||
A.P. Moller — Maersk A/S, Class A | 33 | 59,205 | ||||||
A.P. Moller — Maersk A/S, Class B | 55 | 100,157 | ||||||
Carlsberg A/S, Class B | 894 | 129,668 | ||||||
Chr Hansen Holding A/S | 1,145 | 74,933 | ||||||
Coloplast A/S, Class B | 1,135 | 129,781 | ||||||
Danske Bank A/S | 5,843 | 131,590 | ||||||
Demant A/S* | 819 | 33,597 | ||||||
DSV A/S | 1,829 | 348,250 | ||||||
Genmab A/S* | 595 | 228,748 | ||||||
Novo Nordisk A/S, Class B | 15,803 | 2,931,873 | ||||||
Novozymes A/S, Class B | 1,910 | 83,026 | ||||||
Orsted AS, 144A | 1,869 | 120,437 | ||||||
Pandora A/S | 1,074 | 111,639 | ||||||
ROCKWOOL A/S, Class B | 134 | 34,315 | ||||||
Tryg A/S | 3,475 | 66,419 | ||||||
Vestas Wind Systems A/S* | 9,822 | 227,394 | ||||||
|
| |||||||
(Cost $3,589,280) | 4,811,032 | |||||||
|
| |||||||
Finland — 0.3% | ||||||||
Elisa OYJ | 1,147 | 56,357 | ||||||
Fortum OYJ | 4,532 | 60,993 | ||||||
Kesko OYJ, Class B | 2,203 | 43,086 | ||||||
Kone OYJ, Class B | 3,250 | 148,150 | ||||||
Metso Corp. | 6,796 | 78,371 | ||||||
Neste OYJ | 4,054 | 148,632 | ||||||
Nokia OYJ | 53,921 | 215,775 | ||||||
Nordea Bank Abp | 32,586 | 357,646 | ||||||
Orion OYJ, Class B | 1,130 | 46,347 | ||||||
Sampo OYJ, Class A | 4,597 | 202,219 | ||||||
Stora Enso OYJ, Class R | 4,901 | 62,528 | ||||||
UPM-Kymmene OYJ | 5,376 | 184,498 | ||||||
Wartsila OYJ Abp | 4,586 | 58,360 | ||||||
|
| |||||||
(Cost $1,955,473) | 1,662,962 | |||||||
|
| |||||||
France — 3.4% | ||||||||
Accor SA | 1,856 | 66,657 | ||||||
Aeroports de Paris | 312 | 41,177 | ||||||
Air Liquide SA | 4,978 | 901,523 | ||||||
Airbus SE | 5,607 | 823,863 | ||||||
Alstom SA | 3,214 | 88,987 | ||||||
Amundi SA, 144A | 450 | 26,887 | ||||||
Arkema SA | 592 | 62,094 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
France (Continued) | ||||||||
AXA SA | 18,051 | $ | 544,158 | |||||
BioMerieux | 490 | 50,842 | ||||||
BNP Paribas SA | 10,040 | 650,655 | ||||||
Bollore SE | 9,104 | 54,000 | ||||||
Bouygues SA | 2,513 | 87,007 | ||||||
Bureau Veritas SA | 3,149 | 84,556 | ||||||
Capgemini SE | 1,540 | 288,073 | ||||||
Carrefour SA | 6,609 | 126,748 | ||||||
Cie de Saint-Gobain SA | 4,734 | 309,105 | ||||||
Cie Generale des Etablissements Michelin SCA | 6,963 | 218,481 | ||||||
Covivio SA REIT | 641 | 31,349 | ||||||
Credit Agricole SA | 11,018 | 139,387 | ||||||
Danone SA | 6,358 | 371,462 | ||||||
Dassault Aviation SA | 202 | 39,814 | ||||||
Dassault Systemes SE | 6,338 | 251,838 | ||||||
Edenred | 2,369 | 151,289 | ||||||
Eiffage SA | 795 | 78,796 | ||||||
Engie SA | 18,779 | 303,485 | ||||||
EssilorLuxottica SA | 2,823 | 532,820 | ||||||
Eurazeo SE | 439 | 25,944 | ||||||
Gecina SA REIT | 503 | 53,965 | ||||||
Getlink SE | 4,623 | 77,547 | ||||||
Hermes International SCA | 305 | 629,225 | ||||||
Ipsen SA | 330 | 42,908 | ||||||
Kering SA | 725 | 388,876 | ||||||
Klepierre SA REIT | 1,697 | 44,941 | ||||||
La Francaise des Jeux SAEM, 144A | 786 | 28,493 | ||||||
Legrand SA | 2,495 | 246,694 | ||||||
L’Oreal SA | 2,279 | 1,003,752 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,653 | 2,252,294 | ||||||
Orange SA | 19,091 | 214,622 | ||||||
Pernod Ricard SA | 1,973 | 388,021 | ||||||
Publicis Groupe SA | 2,227 | 174,174 | ||||||
Remy Cointreau SA* | 246 | 38,167 | ||||||
Renault SA | 1,832 | 74,235 | ||||||
Safran SA | 3,397 | 546,772 | ||||||
Sanofi | 10,945 | 1,171,760 | ||||||
Sartorius Stedim Biotech | 294 | 83,634 | ||||||
Schneider Electric SE | 5,238 | 901,538 | ||||||
SEB SA | 129 | 14,211 | ||||||
Societe Generale SA | 6,478 | 184,315 | ||||||
Sodexo SA | 924 | 99,304 | ||||||
Teleperformance SE | 591 | 82,008 | ||||||
Thales SA | 993 | 145,281 | ||||||
TotalEnergies SE | 21,742 | 1,370,318 | ||||||
Unibail-Rodamco-Westfield REIT* | 1,146 | 61,432 | ||||||
Valeo SE | 2,056 | 40,167 | ||||||
Veolia Environnement SA | 6,694 | 209,678 | ||||||
Vinci SA | 5,062 | 565,667 | ||||||
Vivendi SE | 6,824 | 62,288 | ||||||
Wendel SE | 286 | 26,214 | ||||||
Worldline SA, 144A* | 2,331 | 76,101 | ||||||
|
| |||||||
(Cost $15,528,103) | 17,649,599 | |||||||
|
| |||||||
Germany — 2.2% | ||||||||
adidas AG | 1,626 | 325,461 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Allianz SE | 3,838 | $ | 934,547 | |||||
BASF SE | 8,826 | 448,216 | ||||||
Bayer AG | 9,536 | 523,084 | ||||||
Bayerische Motoren Werke AG | 2,903 | 306,161 | ||||||
Bechtle AG | 688 | 33,558 | ||||||
Beiersdorf AG | 930 | 121,933 | ||||||
Brenntag SE | 1,582 | 128,330 | ||||||
Carl Zeiss Meditec AG | 407 | 40,516 | ||||||
Commerzbank AG | 10,221 | 112,598 | ||||||
Continental AG | 1,028 | 76,562 | ||||||
Covestro AG, 144A* | 1,866 | 99,380 | ||||||
Daimler Truck Holding AG | 4,042 | 142,533 | ||||||
Delivery Hero SE, 144A* | 1,430 | 52,343 | ||||||
Deutsche Bank AG (b) | 19,404 | 211,696 | ||||||
Deutsche Boerse AG | 1,819 | 323,481 | ||||||
Deutsche Lufthansa AG* | 5,057 | 45,265 | ||||||
Deutsche Telekom AG | 31,933 | 684,228 | ||||||
DHL Group | 9,658 | 451,630 | ||||||
E.ON SE | 20,428 | 252,312 | ||||||
Evonik Industries AG | 2,018 | 38,778 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,877 | 90,757 | ||||||
Fresenius SE & Co. KGaA | 3,867 | 124,275 | ||||||
GEA Group AG | 1,490 | 58,865 | ||||||
Hannover Rueck SE | 536 | 114,168 | ||||||
Heidelberg Materials AG | 1,414 | 113,996 | ||||||
HelloFresh SE* | 1,412 | 45,700 | ||||||
Henkel AG & Co. KGaA | 1,050 | 72,685 | ||||||
Infineon Technologies AG | 12,710 | 455,435 | ||||||
Knorr-Bremse AG | 583 | 39,927 | ||||||
LEG Immobilien SE* | 612 | 44,238 | ||||||
Mercedes-Benz Group AG | 7,982 | 585,117 | ||||||
Merck KGaA | 1,233 | 222,147 | ||||||
MTU Aero Engines AG | 579 | 135,613 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,371 | 533,007 | ||||||
Nemetschek SE | 525 | 36,320 | ||||||
Puma SE | 1,051 | 70,724 | ||||||
Rational AG | 34 | 25,960 | ||||||
Rheinmetall AG | 392 | 106,917 | ||||||
RWE AG | 6,230 | 257,352 | ||||||
SAP SE | 9,974 | 1,394,513 | ||||||
Scout24 SE, 144A | 522 | 36,044 | ||||||
Siemens AG | 7,379 | 1,112,262 | ||||||
Siemens Energy AG* | 4,973 | 71,030 | ||||||
Siemens Healthineers AG, 144A | 2,701 | 135,583 | ||||||
Symrise AG | 1,305 | 136,199 | ||||||
Talanx AG | 363 | 24,447 | ||||||
Telefonica Deutschland Holding AG | 9,758 | 18,576 | ||||||
Volkswagen AG | 259 | 37,078 | ||||||
Vonovia SE | 7,465 | 179,138 | ||||||
Zalando SE, 144A* | 1,970 | 61,429 | ||||||
|
| |||||||
(Cost $12,402,208) | 11,692,114 | |||||||
|
| |||||||
Hong Kong — 0.7% | ||||||||
AIA Group Ltd. | 113,490 | 1,030,444 | ||||||
BOC Hong Kong Holdings Ltd. | 32,919 | 91,515 | ||||||
Budweiser Brewing Co. APAC Ltd., 144A | 18,886 | 40,943 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
CK Asset Holdings Ltd. | 19,619 | $ | 108,331 | |||||
CK Hutchison Holdings Ltd. | 25,351 | 138,203 | ||||||
CK Infrastructure Holdings Ltd. | 6,087 | 30,816 | ||||||
CLP Holdings Ltd. | 15,539 | 121,867 | ||||||
ESR Group Ltd., 144A | 24,841 | 37,317 | ||||||
Futu Holdings Ltd., ADR* | 598 | 35,641 | ||||||
Galaxy Entertainment Group Ltd.* | 19,441 | 128,669 | ||||||
Hang Lung Properties Ltd. | 26,122 | 34,910 | ||||||
Hang Seng Bank Ltd. | 6,543 | 83,438 | ||||||
Henderson Land Development Co. Ltd. | 16,287 | 44,759 | ||||||
HKT Trust & HKT Ltd. (a) | 29,812 | 31,782 | ||||||
Hong Kong & China Gas Co. Ltd. | 94,221 | 69,328 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 11,821 | 458,263 | ||||||
Hongkong Land Holdings Ltd. | 12,100 | 42,955 | ||||||
Jardine Matheson Holdings Ltd. | 1,651 | 78,522 | ||||||
Link REIT | 24,576 | 121,912 | ||||||
MTR Corp. Ltd. | 16,168 | 67,523 | ||||||
New World Development Co. Ltd. | 14,640 | 31,103 | ||||||
Power Assets Holdings Ltd. | 13,458 | 66,331 | ||||||
Prudential PLC | 26,310 | 322,119 | ||||||
Sino Land Co. Ltd. | 35,354 | 40,531 | ||||||
SITC International Holdings Co. Ltd. | 14,223 | 26,517 | ||||||
Sun Hung Kai Properties Ltd. | 13,669 | 153,916 | ||||||
Swire Pacific Ltd., Class A | 3,052 | 25,181 | ||||||
Swire Properties Ltd. | 12,355 | 25,839 | ||||||
Techtronic Industries Co. Ltd. | 13,492 | 133,341 | ||||||
WH Group Ltd., 144A | 101,287 | 52,182 | ||||||
Wharf Real Estate Investment Co. Ltd. | 13,040 | 54,377 | ||||||
Xinyi Glass Holdings Ltd. | 15,637 | 23,091 | ||||||
|
| |||||||
(Cost $4,877,497) | 3,751,666 | |||||||
|
| |||||||
Ireland — 1.1% | ||||||||
Accenture PLC, Class A | 6,020 | 1,949,095 | ||||||
AerCap Holdings NV* | 1,560 | 95,971 | ||||||
AIB Group PLC | 9,317 | 42,491 | ||||||
Allegion PLC | 867 | 98,673 | ||||||
Aptiv PLC* | 2,635 | 267,321 | ||||||
Bank of Ireland Group PLC | 9,861 | 98,443 | ||||||
CRH PLC | 7,303 | 421,046 | ||||||
DCC PLC | 1,055 | 57,845 | ||||||
Experian PLC | 8,533 | 298,644 | ||||||
Flutter Entertainment PLC* | 1,562 | 284,644 | ||||||
James Hardie Industries PLC CDI* | 3,965 | 119,486 | ||||||
Kerry Group PLC, Class A | 1,379 | 128,926 | ||||||
Kingspan Group PLC | 1,498 | 126,947 | ||||||
Medtronic PLC | 12,742 | 1,038,473 | ||||||
Smurfit Kappa Group PLC | 1,960 | 82,496 | ||||||
Trane Technologies PLC | 2,200 | 451,572 | ||||||
|
| |||||||
(Cost $5,503,474) | 5,562,073 | |||||||
|
| |||||||
Israel — 0.2% | ||||||||
Azrieli Group Ltd. | 497 | 26,719 | ||||||
Bank Hapoalim BM | 12,160 | 100,973 | ||||||
Bank Leumi Le-Israel BM | 13,362 | 104,024 | ||||||
Check Point Software Technologies Ltd.* | 956 | 128,668 | ||||||
CyberArk Software Ltd.* | 432 | 71,729 | ||||||
Elbit Systems Ltd. | 283 | 55,753 | ||||||
Global-e Online Ltd.* | 871 | 34,518 |
Number | Value | |||||||
Israel (Continued) | ||||||||
ICL Group Ltd. | 6,991 | $ | 41,965 | |||||
Israel Discount Bank Ltd., Class A | 11,372 | 57,035 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,585 | 52,245 | ||||||
Monday.com Ltd.* | 227 | 40,279 | ||||||
Nice Ltd.* | 656 | 129,877 | ||||||
SolarEdge Technologies, Inc.* | 503 | 81,773 | ||||||
Teva Pharmaceutical Industries Ltd., | 11,103 | 108,365 | ||||||
Wix.com Ltd.* | 580 | 57,287 | ||||||
|
| |||||||
(Cost $1,237,775) | 1,091,210 | |||||||
|
| |||||||
Italy — 0.6% | ||||||||
Amplifon SpA | 1,147 | 37,397 | ||||||
Assicurazioni Generali SpA | 10,565 | 219,358 | ||||||
Davide Campari-Milano NV | 5,056 | 66,235 | ||||||
DiaSorin SpA | 193 | 20,436 | ||||||
Enel SpA | 78,145 | 526,699 | ||||||
Eni SpA | 21,752 | 337,224 | ||||||
Ferrari NV | 1,243 | 395,283 | ||||||
FinecoBank Banca Fineco SpA | 6,028 | 82,828 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 2,610 | 32,336 | ||||||
Intesa Sanpaolo SpA | 158,398 | 424,980 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 5,138 | 67,309 | ||||||
Moncler SpA | 1,961 | 133,321 | ||||||
Nexi SpA, 144A* | 6,183 | 44,506 | ||||||
Poste Italiane SpA, 144A | 3,529 | 39,279 | ||||||
Prysmian SpA | 2,700 | 110,742 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 1,215 | 61,161 | ||||||
Snam SpA | 19,319 | 99,891 | ||||||
Telecom Italia SpA* | 48,341 | 15,032 | ||||||
Terna — Rete Elettrica Nazionale | 11,717 | 96,904 | ||||||
UniCredit SpA | 18,433 | 451,441 | ||||||
|
| |||||||
(Cost $2,814,153) | 3,262,362 | |||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | ||||||||
(Cost $59,483) | 1,861 | 51,620 | ||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
ArcelorMittal SA | 4,748 | 126,409 | ||||||
Eurofins Scientific SE | 1,315 | 81,124 | ||||||
Tenaris SA | 4,504 | 72,153 | ||||||
|
| |||||||
(Cost $285,399) | 279,686 | |||||||
|
| |||||||
Macau — 0.0% | ||||||||
Sands China Ltd.* | ||||||||
(Cost $91,320) | 24,099 | 81,593 | ||||||
|
| |||||||
Netherlands — 1.5% | ||||||||
ABN AMRO Bank NV, 144A | 2,611 | 38,526 | ||||||
Adyen NV, 144A* | 231 | 193,678 | ||||||
Aegon NV | 17,926 | 92,221 | ||||||
Akzo Nobel NV | 1,787 | 145,542 | ||||||
Argenx SE* | 529 | 266,865 | ||||||
ASM International NV | 427 | 206,326 | ||||||
ASML Holding NV | 3,867 | 2,551,386 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Netherlands (Continued) | ||||||||
ASR Nederland NV | 1,400 | $ | 61,342 | |||||
BE Semiconductor Industries NV | 743 | 85,561 | ||||||
Euronext NV, 144A | 840 | 60,764 | ||||||
EXOR NV | 1,231 | 109,210 | ||||||
Heineken Holding NV | 1,272 | 102,024 | ||||||
Heineken NV | 2,776 | 270,622 | ||||||
IMCD NV | 604 | 83,419 | ||||||
ING Groep NV | 33,546 | 476,960 | ||||||
JDE Peet’s NV | 676 | 18,841 | ||||||
Koninklijke Ahold Delhaize NV | 9,157 | 299,896 | ||||||
Koninklijke KPN NV | 34,155 | 119,625 | ||||||
Koninklijke Philips NV* | 9,300 | 209,950 | ||||||
NN Group NV | 2,888 | 111,463 | ||||||
NXP Semiconductors NV | 2,448 | 503,603 | ||||||
OCI NV* | 979 | 24,821 | ||||||
Prosus NV* | 6,782 | 469,475 | ||||||
QIAGEN NV* | 2,178 | 99,733 | ||||||
Randstad NV | 1,313 | 77,210 | ||||||
Stellantis NV | 20,988 | 391,258 | ||||||
Universal Music Group NV | 7,898 | 196,215 | ||||||
Wolters Kluwer NV | 2,517 | 303,779 | ||||||
|
| |||||||
(Cost $6,937,992) | 7,570,315 | |||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd.* | 11,676 | 54,299 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 5,072 | 68,587 | ||||||
Mercury NZ Ltd. | 6,566 | 24,260 | ||||||
Meridian Energy Ltd. | 12,350 | 39,453 | ||||||
Spark New Zealand Ltd. | 20,432 | 61,744 | ||||||
Xero Ltd.* | 1,397 | 113,186 | ||||||
|
| |||||||
(Cost $426,774) | 361,529 | |||||||
|
| |||||||
Norway — 0.2% | ||||||||
Adevinta ASA* | 1,694 | 12,071 | ||||||
Aker BP ASA | 2,947 | 79,956 | ||||||
DNB Bank ASA | 8,831 | 174,841 | ||||||
Equinor ASA | 9,020 | 278,304 | ||||||
Gjensidige Forsikring ASA | 1,709 | 26,590 | ||||||
Kongsberg Gruppen ASA | 880 | 36,467 | ||||||
Mowi ASA | 3,892 | 70,616 | ||||||
Norsk Hydro ASA | 14,952 | 83,073 | ||||||
Orkla ASA | 7,885 | 60,251 | ||||||
Salmar ASA | 556 | 27,180 | ||||||
Telenor ASA | 7,163 | 76,700 | ||||||
Yara International ASA | 1,305 | 47,712 | ||||||
|
| |||||||
(Cost $1,097,082) | 973,761 | |||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 34,500 | 157,492 | ||||||
Galp Energia SGPS SA | 5,392 | 74,353 | ||||||
Jeronimo Martins SGPS SA | 3,182 | 81,159 | ||||||
|
| |||||||
(Cost $304,849) | 313,004 | |||||||
|
| |||||||
Singapore — 0.4% | ||||||||
CapitaLand Ascendas REIT | 28,579 | 58,618 | ||||||
CapitaLand Integrated Commercial Trust REIT | 41,756 | 59,055 | ||||||
CapitaLand Investment Ltd. | 27,702 | 66,460 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
City Developments Ltd. | 3,300 | $ | 16,323 | |||||
DBS Group Holdings Ltd. | 17,307 | 426,748 | ||||||
Genting Singapore Ltd. | 82,000 | 53,128 | ||||||
Grab Holdings Ltd., Class A* | 19,894 | 75,000 | ||||||
Jardine Cycle & Carriage Ltd. | 1,300 | 32,170 | ||||||
Keppel Corp. Ltd. | 15,500 | 79,652 | ||||||
Mapletree Logistics Trust REIT | 27,728 | 34,493 | ||||||
Mapletree Pan Asia Commercial Trust REIT | 14,100 | 15,870 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 32,385 | 300,949 | ||||||
Sea Ltd., ADR* | 3,460 | 130,200 | ||||||
Seatrium Ltd.* | 483,318 | 51,893 | ||||||
Sembcorp Industries Ltd. | 8,600 | 34,069 | ||||||
Singapore Airlines Ltd. | 14,250 | 72,490 | ||||||
Singapore Exchange Ltd. | 9,131 | 65,110 | ||||||
Singapore Technologies Engineering Ltd. | 10,502 | 29,628 | ||||||
Singapore Telecommunications Ltd. | 80,800 | 142,395 | ||||||
United Overseas Bank Ltd. | 12,601 | 265,363 | ||||||
UOL Group Ltd. | 2,801 | 13,772 | ||||||
Wilmar International Ltd. | 20,400 | 57,099 | ||||||
|
| |||||||
(Cost $2,399,798) | 2,080,485 | |||||||
|
| |||||||
Spain — 0.8% | ||||||||
Acciona SA | 263 | 37,636 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,226 | 78,254 | ||||||
Aena SME SA, 144A | 674 | 106,071 | ||||||
Amadeus IT Group SA | 4,296 | 295,147 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 58,152 | 458,596 | ||||||
Banco Santander SA | 156,853 | 613,206 | ||||||
CaixaBank SA | 42,478 | 172,150 | ||||||
Cellnex Telecom SA, 144A* | 5,214 | 199,763 | ||||||
Corp ACCIONA Energias Renovables SA | 628 | 18,703 | ||||||
EDP Renovaveis SA | 2,665 | 48,897 | ||||||
Enagas SA | 2,520 | 43,064 | ||||||
Endesa SA | 3,074 | 63,992 | ||||||
Ferrovial SE | 4,777 | 151,653 | ||||||
Grifols SA* | 3,250 | 44,604 | ||||||
Iberdrola SA | 57,463 | 683,548 | ||||||
Industria de Diseno Textil SA | 10,400 | 399,131 | ||||||
Naturgy Energy Group SA | 951 | 27,600 | ||||||
Redeia Corp. SA | 3,790 | 61,723 | ||||||
Repsol SA | 12,692 | 195,884 | ||||||
Telefonica SA | 52,084 | 216,168 | ||||||
|
| |||||||
(Cost $3,600,715) | 3,915,790 | |||||||
|
| |||||||
Sweden — 0.8% | ||||||||
Alfa Laval AB | 3,157 | 111,058 | ||||||
Assa Abloy AB, Class B | 9,488 | 213,937 | ||||||
Atlas Copco AB, Class A | 25,905 | 342,919 | ||||||
Atlas Copco AB, Class B | 15,172 | 175,069 | ||||||
Beijer Ref AB | 2,978 | 34,213 | ||||||
Boliden AB | 2,626 | 69,919 | ||||||
Epiroc AB, Class A | 6,524 | 125,476 | ||||||
Epiroc AB, Class B | 4,326 | 70,955 | ||||||
EQT AB | 2,980 | 60,090 | ||||||
Essity AB, Class B | 5,396 | 126,006 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Sweden (Continued) | ||||||||
Evolution AB, 144A | 1,695 | $ | 183,619 | |||||
Fastighets AB Balder, Class B* | 7,506 | 35,988 | ||||||
Getinge AB, Class B | 2,375 | 41,286 | ||||||
H & M Hennes & Mauritz AB, Class B | 5,327 | 81,477 | ||||||
Hexagon AB, Class B | 18,397 | 164,482 | ||||||
Holmen AB, Class B | 927 | 35,176 | ||||||
Husqvarna AB, Class B | 3,202 | 27,634 | ||||||
Industrivarden AB, Class A | 1,381 | 36,033 | ||||||
Industrivarden AB, Class C | 1,694 | 44,122 | ||||||
Indutrade AB | 2,622 | 50,453 | ||||||
Investment AB Latour, Class B | 1,227 | 22,350 | ||||||
Investor AB, Class B | 17,788 | 342,930 | ||||||
L E Lundbergforetagen AB, Class B | 597 | 24,306 | ||||||
Lifco AB, Class B | 2,504 | 45,919 | ||||||
Nibe Industrier AB, Class B | 14,875 | 111,638 | ||||||
Saab AB, Class B | 773 | 40,846 | ||||||
Sagax AB, Class B | 1,822 | 37,955 | ||||||
Sandvik AB | 10,302 | 195,128 | ||||||
Securitas AB, Class B | 6,120 | 49,888 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 15,607 | 181,228 | ||||||
Skanska AB, Class B | 2,605 | 38,207 | ||||||
SKF AB, Class B | 3,072 | 49,868 | ||||||
Svenska Cellulosa AB SCA, Class B | 5,563 | 74,174 | ||||||
Svenska Handelsbanken AB, Class A | 13,013 | 108,573 | ||||||
Swedbank AB, Class A | 8,906 | 157,910 | ||||||
Swedish Orphan Biovitrum AB* | 1,584 | 30,610 | ||||||
Tele2 AB, Class B | 5,149 | 36,368 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 28,990 | 149,134 | ||||||
Telia Co. AB | 23,889 | 48,237 | ||||||
Volvo AB, Class A | 1,484 | 30,412 | ||||||
Volvo AB, Class B | 14,423 | 291,360 | ||||||
Volvo Car AB, Class B* | 5,701 | 21,721 | ||||||
|
| |||||||
(Cost $5,014,913) | 4,118,674 | |||||||
|
| |||||||
Switzerland — 3.3% | ||||||||
ABB Ltd. | 15,531 | 592,402 | ||||||
Adecco Group AG | 1,319 | 56,941 | ||||||
Alcon, Inc. | 4,747 | 397,281 | ||||||
Bachem Holding AG | 205 | 19,183 | ||||||
Baloise Holding AG | 492 | 76,982 | ||||||
Banque Cantonale Vaudoise | 280 | 30,370 | ||||||
Barry Callebaut AG | 38 | 66,341 | ||||||
BKW AG | 222 | 38,204 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 117,973 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 11 | 131,639 | ||||||
Chubb Ltd. | 4,050 | 813,524 | ||||||
Cie Financiere Richemont SA, Class A | 5,071 | 721,107 | ||||||
Clariant AG* | 1,476 | 24,632 | ||||||
Coca-Cola HBC AG* | 1,410 | 40,701 | ||||||
DSM-Firmenich AG | 1,666 | 153,968 | ||||||
Dufry AG* | 850 | 37,878 | ||||||
EMS-Chemie Holding AG | 75 | 56,425 | ||||||
Garmin Ltd. | 1,468 | 155,637 | ||||||
Geberit AG | 311 | 161,477 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Givaudan SA | 89 | $ | 297,053 | |||||
Glencore PLC | 101,881 | 544,086 | ||||||
Helvetia Holding AG | 271 | 41,298 | ||||||
Holcim AG* | 5,330 | 353,382 | ||||||
Julius Baer Group Ltd. | 1,891 | 131,583 | ||||||
Kuehne + Nagel International AG | 507 | 152,631 | ||||||
Logitech International SA | 1,487 | 103,135 | ||||||
Lonza Group AG | 721 | 399,091 | ||||||
Nestle SA | 25,819 | 3,110,265 | ||||||
Novartis AG | 19,710 | 1,992,981 | ||||||
Partners Group Holding AG | 241 | 260,632 | ||||||
Roche Holding AG | 6,776 | 1,996,935 | ||||||
Roche Holding AG | 284 | 88,809 | ||||||
Schindler Holding AG | 250 | 52,618 | ||||||
Schindler Holding AG Participation Certificates | 330 | 73,659 | ||||||
SGS SA | 1,572 | 143,060 | ||||||
SIG Group AG* | 2,897 | 76,357 | ||||||
Sika AG | 1,374 | 389,527 | ||||||
Sonova Holding AG | 500 | 132,295 | ||||||
STMicroelectronics NV | 6,456 | 305,962 | ||||||
Straumann Holding AG | 1,044 | 158,388 | ||||||
Swatch Group AG — Bearer | 308 | 86,725 | ||||||
Swatch Group AG — Registered | 687 | 36,674 | ||||||
Swiss Life Holding AG | 264 | 165,768 | ||||||
Swiss Prime Site AG | 663 | 63,729 | ||||||
Swiss Re AG | 2,984 | 290,207 | ||||||
Swisscom AG | 276 | 168,115 | ||||||
Temenos AG | 586 | 46,615 | ||||||
UBS Group AG | 31,609 | 840,998 | ||||||
VAT Group AG, 144A | 287 | 115,157 | ||||||
Zurich Insurance Group AG | 1,450 | 681,291 | ||||||
|
| |||||||
(Cost $16,658,005) | 16,991,691 | |||||||
|
| |||||||
United Kingdom — 4.1% | ||||||||
3i Group PLC | 9,942 | 251,141 | ||||||
abrdn PLC | 16,035 | 33,546 | ||||||
Admiral Group PLC | 1,959 | 61,810 | ||||||
Amcor PLC | 13,354 | 130,068 | ||||||
Anglo American PLC | 12,096 | 321,953 | ||||||
Ashtead Group PLC | 4,122 | 288,529 | ||||||
Associated British Foods PLC | 3,892 | 98,265 | ||||||
AstraZeneca PLC | 14,855 | 2,006,964 | ||||||
Auto Trader Group PLC, 144A | 9,718 | 74,673 | ||||||
Aviva PLC | 26,625 | 126,585 | ||||||
BAE Systems PLC | 30,131 | 384,669 | ||||||
Barclays PLC | 160,411 | 299,531 | ||||||
Barratt Developments PLC | 9,020 | 51,811 | ||||||
Berkeley Group Holdings PLC | 1,146 | 58,972 | ||||||
BP PLC | 167,793 | 1,036,518 | ||||||
British American Tobacco PLC | 20,641 | 685,922 | ||||||
BT Group PLC | 66,526 | 97,449 | ||||||
Bunzl PLC | 3,234 | 115,972 | ||||||
Burberry Group PLC | 3,340 | 92,433 | ||||||
Centrica PLC | 59,097 | 113,638 | ||||||
Clarivate PLC* | 3,323 | 24,690 | ||||||
CNH Industrial NV | 9,027 | 125,212 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Coca-Cola Europacific Partners PLC | 1,882 | $ | 120,655 | |||||
Compass Group PLC | 16,684 | 421,343 | ||||||
Croda International PLC | 1,328 | 92,923 | ||||||
Diageo PLC | 21,625 | 888,788 | ||||||
Endeavour Mining PLC | 2,476 | 50,607 | ||||||
Entain PLC | 6,110 | 89,617 | ||||||
Ferguson PLC | 2,000 | 323,120 | ||||||
GSK PLC | 38,536 | 678,164 | ||||||
Haleon PLC | 48,166 | 196,833 | ||||||
Halma PLC | 3,343 | 90,822 | ||||||
Hargreaves Lansdown PLC | 3,229 | 31,145 | ||||||
HSBC Holdings PLC | 192,930 | 1,425,513 | ||||||
Imperial Brands PLC | 8,610 | 195,237 | ||||||
Informa PLC | 12,253 | 113,467 | ||||||
InterContinental Hotels Group PLC | 1,876 | 141,537 | ||||||
Intertek Group PLC | 1,575 | 82,625 | ||||||
J Sainsbury PLC | 17,230 | 58,971 | ||||||
JD Sports Fashion PLC | 30,248 | 55,673 | ||||||
Johnson Matthey PLC | 1,780 | 36,765 | ||||||
Kingfisher PLC | 16,492 | 48,901 | ||||||
Land Securities Group PLC REIT | 6,714 | 51,267 | ||||||
Legal & General Group PLC | 54,478 | 150,973 | ||||||
Liberty Global PLC, Class C* | 2,623 | 52,040 | ||||||
Lloyds Banking Group PLC | 630,591 | 338,439 | ||||||
London Stock Exchange Group PLC | 3,861 | 400,106 | ||||||
M&G PLC | 26,790 | 64,839 | ||||||
Melrose Industries PLC | 13,028 | 84,622 | ||||||
Mondi PLC | 5,197 | 86,532 | ||||||
National Grid PLC | 35,760 | 448,692 | ||||||
NatWest Group PLC | 49,964 | 145,871 | ||||||
Next PLC | 1,084 | 95,987 | ||||||
Ocado Group PLC* | 4,761 | 52,583 | ||||||
Pearson PLC | 4,875 | 51,828 | ||||||
Pentair PLC | 1,687 | 118,529 | ||||||
Persimmon PLC | 3,071 | 41,483 | ||||||
Phoenix Group Holdings PLC | 7,195 | 47,500 | ||||||
Reckitt Benckiser Group PLC | 6,945 | 501,797 | ||||||
RELX PLC | 18,068 | 590,230 | ||||||
Rentokil Initial PLC | 23,968 | 182,773 | ||||||
Rio Tinto PLC | 10,742 | 663,232 | ||||||
Rolls-Royce Holdings PLC* | 82,710 | 232,984 | ||||||
Sage Group PLC | 8,753 | 107,697 | ||||||
Schroders PLC | 9,687 | 50,548 | ||||||
Segro PLC REIT | 11,877 | 110,978 | ||||||
Severn Trent PLC | 2,608 | 79,314 | ||||||
Shell PLC | 65,390 | 1,998,145 | ||||||
Smith & Nephew PLC | 8,433 | 114,339 | ||||||
Smiths Group PLC | 3,131 | 65,066 | ||||||
Spirax-Sarco Engineering PLC | 619 | 79,496 | ||||||
SSE PLC | 10,021 | 206,535 | ||||||
St James’s Place PLC | 5,204 | 58,346 | ||||||
Standard Chartered PLC | 23,185 | 209,060 | ||||||
Taylor Wimpey PLC | 30,785 | 44,588 | ||||||
Tesco PLC | 77,063 | 259,457 | ||||||
Unilever PLC | 24,538 | 1,256,793 | ||||||
United Utilities Group PLC | 7,627 | 91,523 | ||||||
Vodafone Group PLC | 212,118 | 196,778 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Whitbread PLC | 1,957 | $ | 85,306 | |||||
Willis Towers Watson PLC | 1,001 | 206,967 | ||||||
Wise PLC, Class A* | 6,473 | 52,511 | ||||||
WPP PLC | 11,685 | 113,389 | ||||||
|
| |||||||
(Cost $20,859,882) | 21,412,200 | |||||||
|
| |||||||
United States — 72.4% | ||||||||
3M Co. | 5,264 | 561,511 | ||||||
A O Smith Corp. | 1,256 | 91,060 | ||||||
Abbott Laboratories | 16,632 | 1,711,433 | ||||||
AbbVie, Inc. | 16,909 | 2,484,947 | ||||||
Activision Blizzard, Inc. | 7,579 | 697,192 | ||||||
Adobe, Inc.* | 4,401 | 2,461,655 | ||||||
Advanced Micro Devices, Inc.* | 15,533 | 1,642,149 | ||||||
AECOM | 1,122 | 98,455 | ||||||
AES Corp. | 6,523 | 116,957 | ||||||
Aflac, Inc. | 5,534 | 412,670 | ||||||
Agilent Technologies, Inc. | 2,841 | 343,960 | ||||||
Air Products and Chemicals, Inc. | 2,146 | 634,122 | ||||||
Airbnb, Inc., Class A* | 3,996 | 525,674 | ||||||
Akamai Technologies, Inc.* | 1,564 | 164,361 | ||||||
Albemarle Corp. | 1,103 | 219,177 | ||||||
Albertsons Cos., Inc., Class A | 2,185 | 48,944 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 1,475 | 171,601 | ||||||
Align Technology, Inc.* | 683 | 252,806 | ||||||
Alliant Energy Corp. | 2,502 | 125,525 | ||||||
Allstate Corp. | 2,600 | 280,306 | ||||||
Ally Financial, Inc. | 3,074 | 85,119 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,122 | 221,954 | ||||||
Alphabet, Inc., Class A* | 57,480 | 7,827,052 | ||||||
Alphabet, Inc., Class C* | 51,122 | 7,021,607 | ||||||
Altria Group, Inc. | 17,414 | 770,047 | ||||||
Amazon.com, Inc.* | 89,019 | 12,285,512 | ||||||
Ameren Corp. | 2,585 | 204,913 | ||||||
American Electric Power Co., Inc. | 5,127 | 401,957 | ||||||
American Express Co. | 6,055 | 956,629 | ||||||
American Financial Group, Inc. | 683 | 79,173 | ||||||
American Homes 4 Rent, Class A REIT | 2,974 | 107,183 | ||||||
American International Group, Inc. | 7,205 | 421,637 | ||||||
American Tower Corp. REIT | 4,463 | 809,231 | ||||||
American Water Works Co., Inc. | 1,920 | 266,381 | ||||||
Ameriprise Financial, Inc. | 1,036 | 349,733 | ||||||
AMETEK, Inc. | 2,181 | 347,891 | ||||||
Amgen, Inc. | 5,131 | 1,315,281 | ||||||
Amphenol Corp., Class A | 5,872 | 518,967 | ||||||
Analog Devices, Inc. | 4,886 | 888,177 | ||||||
Annaly Capital Management, Inc. REIT | 4,670 | 94,661 | ||||||
ANSYS, Inc.* | 857 | 273,272 | ||||||
Aon PLC, Class A | 2,028 | 676,115 | ||||||
APA Corp. | 3,336 | 146,250 | ||||||
Apollo Global Management, Inc. | 3,826 | 334,163 | ||||||
Apple, Inc. | 151,690 | 28,498,000 | ||||||
Applied Materials, Inc. | 8,230 | 1,257,215 | ||||||
Aramark | 2,037 | 75,736 | ||||||
Archer-Daniels-Midland Co. | 5,253 | 416,563 | ||||||
Ares Management Corp., Class A | 1,505 | 155,677 | ||||||
Arista Networks, Inc.* | 2,511 | 490,223 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
United States (Continued) | ||||||||
Arrow Electronics, Inc.* | 546 | $ | 72,853 | |||||
Arthur J Gallagher & Co. | 1,972 | 454,507 | ||||||
Aspen Technology, Inc.* | 300 | 58,200 | ||||||
Assurant, Inc. | 584 | 81,369 | ||||||
AT&T, Inc. | 68,551 | 1,013,869 | ||||||
Atmos Energy Corp. | 1,436 | 166,504 | ||||||
Autodesk, Inc.* | 2,102 | 466,518 | ||||||
Automatic Data Processing, Inc. | 4,043 | 1,029,388 | ||||||
AutoZone, Inc.* | 176 | 445,514 | ||||||
AvalonBay Communities, Inc. REIT | 1,299 | 238,782 | ||||||
Avantor, Inc.* | 5,851 | 126,674 | ||||||
Avery Dennison Corp. | 794 | 149,574 | ||||||
Axon Enterprise, Inc.* | 684 | 145,630 | ||||||
Baker Hughes Co. | 9,149 | 331,102 | ||||||
Ball Corp. | 3,066 | 166,944 | ||||||
Bank of America Corp. | 69,515 | 1,992,995 | ||||||
Bank of New York Mellon Corp. | 7,477 | 335,493 | ||||||
Bath & Body Works, Inc. | 2,038 | 75,141 | ||||||
Baxter International, Inc. | 4,697 | 190,698 | ||||||
Becton Dickinson and Co. | 2,746 | 767,370 | ||||||
Bentley Systems, Inc., Class B | 1,783 | 88,990 | ||||||
Berkshire Hathaway, Inc., Class B* | 12,484 | 4,496,737 | ||||||
Best Buy Co., Inc. | 2,129 | 162,762 | ||||||
BILL Holdings, Inc.* | 921 | 106,191 | ||||||
Biogen, Inc.* | 1,401 | 374,571 | ||||||
BioMarin Pharmaceutical, Inc.* | 1,745 | 159,458 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 238 | 95,248 | ||||||
Bio-Techne Corp. | 1,516 | 118,854 | ||||||
Black Knight, Inc.* | 1,510 | 114,398 | ||||||
BlackRock, Inc. | 1,451 | 1,016,484 | ||||||
Blackstone, Inc. | 6,671 | 709,594 | ||||||
Block, Inc.* | 5,188 | 299,088 | ||||||
Boeing Co.* | 5,407 | 1,211,330 | ||||||
Booking Holdings, Inc.* | 356 | 1,105,391 | ||||||
Booz Allen Hamilton Holding Corp. | 1,419 | 160,787 | ||||||
BorgWarner, Inc. | 1,945 | 79,259 | ||||||
Boston Properties, Inc. REIT | 1,318 | 88,003 | ||||||
Boston Scientific Corp.* | 13,929 | 751,330 | ||||||
Bristol-Myers Squibb Co. | 20,324 | 1,252,975 | ||||||
Broadcom, Inc. | 3,991 | 3,683,254 | ||||||
Broadridge Financial Solutions, Inc. | 1,133 | 210,976 | ||||||
Brookfield Renewable Corp., Class A | 1,232 | 34,348 | ||||||
Brown & Brown, Inc. | 2,484 | 184,064 | ||||||
Brown-Forman Corp., Class B | 2,941 | 194,488 | ||||||
Builders FirstSource, Inc.* | 1,337 | 193,918 | ||||||
Bunge Ltd. | 1,411 | 161,306 | ||||||
Burlington Stores, Inc.* | 584 | 94,760 | ||||||
C.H. Robinson Worldwide, Inc. | 1,223 | 110,596 | ||||||
Cadence Design Systems, Inc.* | 2,712 | 652,073 | ||||||
Caesars Entertainment, Inc.* | 1,972 | 108,973 | ||||||
Camden Property Trust REIT | 918 | 98,795 | ||||||
Campbell Soup Co. | 1,769 | 73,767 | ||||||
Capital One Financial Corp. | 3,568 | 365,328 | ||||||
Cardinal Health, Inc. | 2,663 | 232,560 | ||||||
Carlisle Cos., Inc. | 480 | 126,250 | ||||||
Carlyle Group, Inc. | 1,820 | 58,877 | ||||||
CarMax, Inc.* | 1,415 | 115,577 |
Number | Value | |||||||
United States (Continued) | ||||||||
Carnival Corp.* | 9,711 | $ | 153,628 | |||||
Carrier Global Corp. | 8,179 | 469,884 | ||||||
Catalent, Inc.* | 1,598 | 79,852 | ||||||
Caterpillar, Inc. | 4,983 | 1,400,871 | ||||||
Cboe Global Markets, Inc. | 939 | 140,578 | ||||||
CBRE Group, Inc., Class A* | 2,924 | 248,686 | ||||||
CDW Corp. | 1,272 | 268,583 | ||||||
Celanese Corp. | 1,108 | 140,007 | ||||||
Cencora, Inc. | 1,638 | 288,255 | ||||||
Centene Corp.* | 5,328 | 328,471 | ||||||
CenterPoint Energy, Inc. | 6,048 | 168,679 | ||||||
Ceridian HCM Holding, Inc.* | 1,236 | 89,635 | ||||||
CF Industries Holdings, Inc. | 1,950 | 150,286 | ||||||
Charles River Laboratories International, Inc.* | 508 | 105,065 | ||||||
Charles Schwab Corp. | 14,367 | 849,808 | ||||||
Charter Communications, Inc., Class A* | 913 | 400,004 | ||||||
Cheniere Energy, Inc. | 2,226 | 363,283 | ||||||
Chesapeake Energy Corp. | 919 | 81,065 | ||||||
Chevron Corp. | 17,471 | 2,814,578 | ||||||
Chewy, Inc., Class A* | 665 | 15,947 | ||||||
Chipotle Mexican Grill, Inc.* | 267 | 514,413 | ||||||
Church & Dwight Co., Inc. | 2,298 | 222,377 | ||||||
Cigna Group | 2,882 | 796,181 | ||||||
Cincinnati Financial Corp. | 1,479 | 156,463 | ||||||
Cintas Corp. | 922 | 464,845 | ||||||
Cisco Systems, Inc. | 39,225 | 2,249,554 | ||||||
Citigroup, Inc. | 18,980 | 783,684 | ||||||
Citizens Financial Group, Inc. | 4,696 | 132,098 | ||||||
Cleveland-Cliffs, Inc.* | 5,012 | 76,633 | ||||||
Clorox Co. | 1,167 | 182,577 | ||||||
Cloudflare, Inc., Class A* | 2,560 | 166,477 | ||||||
CME Group, Inc. | 3,378 | 684,653 | ||||||
CMS Energy Corp. | 2,573 | 144,577 | ||||||
Coca-Cola Co. | 39,512 | 2,364,003 | ||||||
Cognex Corp. | 2,065 | 97,220 | ||||||
Cognizant Technology Solutions Corp., Class A | 5,267 | 377,170 | ||||||
Coinbase Global, Inc., Class A* | 1,557 | 123,937 | ||||||
Colgate-Palmolive Co. | 7,551 | 554,772 | ||||||
Comcast Corp., Class A | 40,221 | 1,880,734 | ||||||
Conagra Brands, Inc. | 4,781 | 142,856 | ||||||
Confluent, Inc., Class A* | 1,578 | 52,216 | ||||||
ConocoPhillips | 11,748 | 1,398,364 | ||||||
Consolidated Edison, Inc. | 3,411 | 303,443 | ||||||
Constellation Brands, Inc., Class A | 1,543 | 402,044 | ||||||
Constellation Energy Corp. | 3,210 | 334,354 | ||||||
Cooper Cos., Inc. | 478 | 176,855 | ||||||
Copart, Inc.* | 7,956 | 356,667 | ||||||
Corning, Inc. | 7,818 | 256,587 | ||||||
Corteva, Inc. | 6,954 | 351,247 | ||||||
CoStar Group, Inc.* | 3,939 | 322,959 | ||||||
Costco Wholesale Corp. | 4,272 | 2,346,524 | ||||||
Coterra Energy, Inc. | 7,804 | 219,995 | ||||||
Crowdstrike Holdings, Inc., Class A* | 2,207 | 359,807 | ||||||
Crown Castle, Inc. REIT | 4,102 | 412,251 | ||||||
Crown Holdings, Inc. | 1,262 | 116,937 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
United States (Continued) | ||||||||
CSX Corp. | 20,083 | $ | 606,507 | |||||
Cummins, Inc. | 1,299 | 298,822 | ||||||
CVS Health Corp. | 12,401 | 808,173 | ||||||
D.R. Horton, Inc. | 2,887 | 343,611 | ||||||
Danaher Corp. | 6,671 | 1,767,815 | ||||||
Darden Restaurants, Inc. | 1,222 | 190,033 | ||||||
Darling Ingredients, Inc.* | 1,484 | 91,652 | ||||||
Datadog, Inc., Class A* | 2,382 | 229,815 | ||||||
DaVita, Inc.* | 626 | 64,115 | ||||||
Deckers Outdoor Corp.* | 263 | 139,151 | ||||||
Deere & Co. | 2,686 | 1,103,785 | ||||||
Dell Technologies, Inc., Class C | 2,462 | 138,463 | ||||||
Delta Air Lines, Inc. | 1,228 | 52,657 | ||||||
DENTSPLY SIRONA, Inc. | 1,987 | 73,698 | ||||||
Devon Energy Corp. | 5,888 | 300,818 | ||||||
Dexcom, Inc.* | 3,702 | 373,828 | ||||||
Diamondback Energy, Inc. | 1,581 | 239,964 | ||||||
Dick’s Sporting Goods, Inc. | 565 | 65,732 | ||||||
Digital Realty Trust, Inc. REIT | 2,742 | 361,176 | ||||||
Discover Financial Services | 2,500 | 225,175 | ||||||
DocuSign, Inc.* | 1,878 | 94,463 | ||||||
Dollar General Corp. | 2,181 | 302,068 | ||||||
Dollar Tree, Inc.* | 2,131 | 260,749 | ||||||
Dominion Energy, Inc. | 7,769 | 377,107 | ||||||
Domino’s Pizza, Inc. | 352 | 136,365 | ||||||
DoorDash, Inc., Class A* | 2,508 | 210,998 | ||||||
Dover Corp. | 1,392 | 206,434 | ||||||
Dow, Inc. | 6,954 | 379,410 | ||||||
DraftKings, Inc., Class A* | 4,012 | 118,956 | ||||||
Dropbox, Inc., Class A* | 2,502 | 69,531 | ||||||
DTE Energy Co. | 1,951 | 201,694 | ||||||
Duke Energy Corp. | 7,332 | 651,082 | ||||||
DuPont de Nemours, Inc. | 4,704 | 361,691 | ||||||
Dynatrace, Inc.* | 2,037 | 98,183 | ||||||
Eastman Chemical Co. | 1,027 | 87,305 | ||||||
Eaton Corp. PLC | 3,843 | 885,312 | ||||||
eBay, Inc. | 5,120 | 229,274 | ||||||
Ecolab, Inc. | 2,506 | 460,628 | ||||||
Edison International | 3,713 | 255,640 | ||||||
Edwards Lifesciences Corp.* | 5,990 | 458,055 | ||||||
Electronic Arts, Inc. | 2,686 | 322,266 | ||||||
Elevance Health, Inc. | 2,283 | 1,009,109 | ||||||
Eli Lilly & Co. | 7,832 | 4,340,494 | ||||||
Emerson Electric Co. | 5,672 | 557,274 | ||||||
Enphase Energy, Inc.* | 1,302 | 164,742 | ||||||
Entegris, Inc. | 1,497 | 151,601 | ||||||
Entergy Corp. | 1,945 | 185,261 | ||||||
EOG Resources, Inc. | 5,588 | 718,729 | ||||||
EPAM Systems, Inc.* | 554 | 143,480 | ||||||
EQT Corp. | 3,250 | 140,465 | ||||||
Equifax, Inc. | 1,184 | 244,733 | ||||||
Equinix, Inc. REIT | 894 | 698,554 | ||||||
Equitable Holdings, Inc. | 3,800 | 109,440 | ||||||
Equity LifeStyle Properties, Inc. REIT | 1,863 | 124,746 | ||||||
Equity Residential REIT | 3,616 | 234,425 | ||||||
Erie Indemnity Co., Class A | 270 | 75,257 | ||||||
Essential Utilities, Inc. | 2,037 | 75,165 |
Number | Value | |||||||
United States (Continued) | ||||||||
Essex Property Trust, Inc. REIT | 648 | $ | 154,477 | |||||
Estee Lauder Cos., Inc., Class A | 2,189 | 351,400 | ||||||
Etsy, Inc.* | 1,212 | 89,167 | ||||||
Evergy, Inc. | 2,172 | 119,395 | ||||||
Eversource Energy | 3,160 | 201,671 | ||||||
Exact Sciences Corp.* | 1,697 | 141,988 | ||||||
Exelon Corp. | 9,605 | 385,353 | ||||||
Expedia Group, Inc.* | 1,312 | 142,208 | ||||||
Expeditors International of Washington, Inc. | 1,589 | 185,452 | ||||||
Extra Space Storage, Inc. REIT | 1,992 | 256,331 | ||||||
Exxon Mobil Corp. | 38,953 | 4,331,184 | ||||||
F5, Inc.* | 581 | 95,086 | ||||||
FactSet Research Systems, Inc. | 331 | 144,452 | ||||||
Fair Isaac Corp.* | 242 | 218,911 | ||||||
Fastenal Co. | 5,485 | 315,826 | ||||||
FedEx Corp. | 2,207 | 576,071 | ||||||
Fidelity National Financial, Inc. | 2,386 | 98,780 | ||||||
Fidelity National Information Services, Inc. | 5,883 | 328,624 | ||||||
Fifth Third Bancorp | 6,562 | 174,221 | ||||||
First Citizens BancShares, Inc., Class A | 110 | 149,644 | ||||||
First Horizon Corp. | 4,843 | 60,780 | ||||||
First Solar, Inc.* | 950 | 179,664 | ||||||
FirstEnergy Corp. | 5,674 | 204,661 | ||||||
Fiserv, Inc.* | 5,802 | 704,305 | ||||||
FleetCor Technologies, Inc.* | 645 | 175,266 | ||||||
FMC Corp. | 1,195 | 103,045 | ||||||
Ford Motor Co. | 38,160 | 462,881 | ||||||
Fortinet, Inc.* | 6,640 | 399,794 | ||||||
Fortive Corp. | 3,375 | 266,119 | ||||||
Fortune Brands Innovations, Inc. | 1,325 | 91,451 | ||||||
Fox Corp., Class A | 2,602 | 86,022 | ||||||
Fox Corp., Class B | 1,435 | 43,796 | ||||||
Franklin Resources, Inc. | 3,064 | 81,931 | ||||||
Freeport-McMoRan, Inc. | 14,376 | 573,746 | ||||||
Gaming and Leisure Properties, Inc. REIT | 2,868 | 135,943 | ||||||
Gartner, Inc.* | 733 | 256,315 | ||||||
GE HealthCare Technologies, Inc. | 3,945 | 277,925 | ||||||
Gen Digital, Inc. | 5,173 | 104,753 | ||||||
Generac Holdings, Inc.* | 592 | 70,336 | ||||||
General Dynamics Corp. | 2,201 | 498,835 | ||||||
General Electric Co. | 10,435 | 1,194,390 | ||||||
General Mills, Inc. | 5,646 | 382,008 | ||||||
General Motors Co. | 13,196 | 442,198 | ||||||
Genuine Parts Co. | 1,418 | 217,989 | ||||||
Gilead Sciences, Inc. | 12,018 | 919,137 | ||||||
Global Payments, Inc. | 2,715 | 343,963 | ||||||
Globe Life, Inc. | 933 | 104,095 | ||||||
GoDaddy, Inc., Class A* | 1,565 | 113,478 | ||||||
Goldman Sachs Group, Inc. | 3,263 | 1,069,318 | ||||||
Graco, Inc. | 1,532 | 120,936 | ||||||
Halliburton Co. | 8,921 | 344,529 | ||||||
Hartford Financial Services Group, Inc. | 3,115 | 223,719 | ||||||
Hasbro, Inc. | 1,228 | 88,416 | ||||||
HCA Healthcare, Inc. | 2,056 | 570,129 | ||||||
Healthcare Realty Trust, Inc. REIT | 3,606 | 63,177 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
United States (Continued) | ||||||||
Healthpeak Properties, Inc. REIT | 5,583 | $ | 114,898 | |||||
HEICO Corp. | 410 | 69,171 | ||||||
HEICO Corp., Class A | 750 | 101,572 | ||||||
Henry Schein, Inc.* | 1,227 | 93,915 | ||||||
Hershey Co. | 1,411 | 303,167 | ||||||
Hess Corp. | 2,596 | 401,082 | ||||||
Hewlett Packard Enterprise Co. | 12,418 | 210,982 | ||||||
HF Sinclair Corp. | 1,566 | 86,271 | ||||||
Hilton Worldwide Holdings, Inc. | 2,577 | 383,071 | ||||||
Hologic, Inc.* | 2,226 | 166,371 | ||||||
Home Depot, Inc. | 9,697 | 3,202,919 | ||||||
Honeywell International, Inc. | 6,444 | 1,211,085 | ||||||
Horizon Therapeutics PLC* | 2,019 | 227,622 | ||||||
Hormel Foods Corp. | 3,060 | 118,085 | ||||||
Host Hotels & Resorts, Inc. REIT | 6,549 | 103,409 | ||||||
Howmet Aerospace, Inc. | 3,866 | 191,251 | ||||||
HP, Inc. | 8,021 | 238,304 | ||||||
Hubbell, Inc. | 494 | 161,069 | ||||||
HubSpot, Inc.* | 500 | 273,260 | ||||||
Humana, Inc. | 1,205 | 556,264 | ||||||
Huntington Bancshares, Inc. | 14,292 | 158,498 | ||||||
Huntington Ingalls Industries, Inc. | 354 | 77,993 | ||||||
Hyatt Hotels Corp., Class A | 339 | 38,107 | ||||||
IDEX Corp. | 769 | 174,102 | ||||||
IDEXX Laboratories, Inc.* | 825 | 421,913 | ||||||
Illinois Tool Works, Inc. | 2,974 | 735,619 | ||||||
Illumina, Inc.* | 1,583 | 261,543 | ||||||
Incyte Corp.* | 1,856 | 119,768 | ||||||
Ingersoll Rand, Inc. | 3,886 | 270,504 | ||||||
Insulet Corp.* | 673 | 129,021 | ||||||
Intel Corp. | 39,532 | 1,389,154 | ||||||
Intercontinental Exchange, Inc. | 5,252 | 619,683 | ||||||
International Business Machines Corp. | 8,579 | 1,259,655 | ||||||
International Flavors & Fragrances, Inc. | 2,457 | 173,096 | ||||||
International Paper Co. | 3,620 | 126,410 | ||||||
Interpublic Group of Cos., Inc. | 3,764 | 122,744 | ||||||
Intuit, Inc. | 2,713 | 1,469,931 | ||||||
Intuitive Surgical, Inc.* | 3,451 | 1,079,059 | ||||||
Invesco Ltd. | 3,892 | 61,961 | ||||||
Invitation Homes, Inc. REIT | 5,872 | 200,176 | ||||||
IQVIA Holdings, Inc.* | 1,727 | 384,482 | ||||||
Iron Mountain, Inc. REIT | 2,930 | 186,172 | ||||||
J M Smucker Co. | 1,055 | 152,922 | ||||||
Jabil, Inc. | 1,262 | 144,398 | ||||||
Jack Henry & Associates, Inc. | 631 | 98,928 | ||||||
Jacobs Solutions, Inc. | 1,316 | 177,423 | ||||||
Jazz Pharmaceuticals PLC* | 582 | 83,436 | ||||||
JB Hunt Transport Services, Inc. | 736 | 138,280 | ||||||
Johnson & Johnson | 23,170 | 3,746,126 | ||||||
Johnson Controls International PLC | 6,553 | 387,020 | ||||||
JPMorgan Chase & Co. | 28,298 | 4,140,846 | ||||||
Juniper Networks, Inc. | 2,604 | 75,828 | ||||||
Kellogg Co. | 2,635 | 160,788 | ||||||
Kenvue, Inc. | 14,660 | 337,913 | ||||||
Keurig Dr Pepper, Inc. | 8,586 | 288,919 | ||||||
KeyCorp | 7,679 | 87,003 | ||||||
Keysight Technologies, Inc.* | 1,731 | 230,742 |
Number | Value | |||||||
United States (Continued) | ||||||||
Kimberly-Clark Corp. | 3,250 | $ | 418,697 | |||||
Kimco Realty Corp. REIT | 6,466 | 122,466 | ||||||
Kinder Morgan, Inc. | 19,936 | 343,298 | ||||||
KKR & Co., Inc. | 5,758 | 361,660 | ||||||
KLA Corp. | 1,347 | 676,019 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,416 | 77,625 | ||||||
Kraft Heinz Co. | 7,528 | 249,102 | ||||||
Kroger Co. | 6,896 | 319,905 | ||||||
L3Harris Technologies, Inc. | 1,841 | 327,864 | ||||||
Laboratory Corp. of America Holdings | 922 | 191,868 | ||||||
Lam Research Corp. | 1,304 | 915,930 | ||||||
Lamb Weston Holdings, Inc. | 1,320 | 128,581 | ||||||
Las Vegas Sands Corp. | 3,155 | 173,083 | ||||||
Lattice Semiconductor Corp.* | 1,334 | 129,745 | ||||||
Lear Corp. | 578 | 83,284 | ||||||
Leidos Holdings, Inc. | 1,132 | 110,381 | ||||||
Lennar Corp., Class A | 2,601 | 309,753 | ||||||
Lennox International, Inc. | 280 | 105,507 | ||||||
Liberty Broadband Corp., Class C* | 1,116 | 104,413 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 2,033 | 139,850 | ||||||
Liberty Media Corp.-Liberty SiriusXM* | 1,787 | 43,674 | ||||||
Linde PLC | 4,773 | 1,847,342 | ||||||
Live Nation Entertainment, Inc.* | 1,701 | 143,786 | ||||||
LKQ Corp. | 2,307 | 121,187 | ||||||
Lockheed Martin Corp. | 2,209 | 990,405 | ||||||
Loews Corp. | 1,929 | 119,772 | ||||||
Lowe’s Cos., Inc. | 5,777 | 1,331,483 | ||||||
LPL Financial Holdings, Inc. | 781 | 180,091 | ||||||
Lucid Group, Inc.* | 8,650 | 54,322 | ||||||
LyondellBasell Industries NV, Class A | 2,634 | 260,160 | ||||||
M&T Bank Corp. | 1,604 | 200,580 | ||||||
Manhattan Associates, Inc.* | 598 | 121,167 | ||||||
Marathon Oil Corp. | 6,660 | 175,491 | ||||||
Marathon Petroleum Corp. | 4,141 | 591,211 | ||||||
Markel Group, Inc.* | 122 | 180,428 | ||||||
MarketAxess Holdings, Inc. | 331 | 79,748 | ||||||
Marriott International, Inc., Class A | 2,493 | 507,350 | ||||||
Marsh & McLennan Cos., Inc. | 4,780 | 932,052 | ||||||
Martin Marietta Materials, Inc. | 561 | 250,436 | ||||||
Marvell Technology, Inc. | 8,241 | 480,038 | ||||||
Masco Corp. | 2,095 | 123,626 | ||||||
Mastercard, Inc., Class A | 8,164 | 3,368,793 | ||||||
Match Group, Inc.* | 2,605 | 122,096 | ||||||
McCormick & Co., Inc. | 2,459 | 201,835 | ||||||
McDonald’s Corp. | 7,039 | 1,979,015 | ||||||
McKesson Corp. | 1,360 | 560,755 | ||||||
Merck & Co., Inc. | 24,461 | 2,665,760 | ||||||
Meta Platforms, Inc., Class A* | 21,334 | 6,312,517 | ||||||
MetLife, Inc. | 6,000 | 380,040 | ||||||
Mettler-Toledo International, Inc.* | 213 | 258,471 | ||||||
MGM Resorts International | 3,400 | 149,532 | ||||||
Microchip Technology, Inc. | 5,300 | 433,752 | ||||||
Micron Technology, Inc. | 10,468 | 732,132 | ||||||
Microsoft Corp. | 68,094 | 22,318,489 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,138 | 165,272 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
United States (Continued) | ||||||||
Moderna, Inc.* | 3,120 | $ | 352,778 | |||||
Mohawk Industries, Inc.* | 352 | 35,689 | ||||||
Molina Healthcare, Inc.* | 591 | 183,281 | ||||||
Molson Coors Beverage Co., Class B | 1,775 | 112,695 | ||||||
Mondelez International, Inc., Class A | 13,086 | 932,508 | ||||||
MongoDB, Inc.* | 692 | 263,860 | ||||||
Monolithic Power Systems, Inc. | 399 | 207,963 | ||||||
Monster Beverage Corp.* | 7,464 | 428,508 | ||||||
Moody’s Corp. | 1,559 | 525,071 | ||||||
Morgan Stanley | 12,240 | 1,042,236 | ||||||
Mosaic Co. | 3,216 | 124,942 | ||||||
Motorola Solutions, Inc. | 1,576 | 446,906 | ||||||
MSCI, Inc. | 794 | 431,634 | ||||||
Nasdaq, Inc. | 3,310 | 173,709 | ||||||
NetApp, Inc. | 2,126 | 163,064 | ||||||
Netflix, Inc.* | 4,224 | 1,831,864 | ||||||
Neurocrine Biosciences, Inc.* | 908 | 98,872 | ||||||
Newmont Corp. | 7,372 | 290,604 | ||||||
News Corp., Class A | 3,867 | 83,102 | ||||||
NextEra Energy, Inc. | 19,462 | 1,300,062 | ||||||
NIKE, Inc., Class B | 12,035 | 1,224,080 | ||||||
NiSource, Inc. | 3,887 | 104,016 | ||||||
Nordson Corp. | 438 | 106,933 | ||||||
Norfolk Southern Corp. | 2,174 | 445,692 | ||||||
Northern Trust Corp. | 2,008 | 152,749 | ||||||
Northrop Grumman Corp. | 1,414 | 612,389 | ||||||
NRG Energy, Inc. | 2,414 | 90,646 | ||||||
Nucor Corp. | 2,446 | 420,957 | ||||||
NVIDIA Corp. | 23,788 | 11,740,567 | ||||||
NVR, Inc.* | 33 | 210,452 | ||||||
Occidental Petroleum Corp. | 6,467 | 406,063 | ||||||
Okta, Inc.* | 1,454 | 121,424 | ||||||
Old Dominion Freight Line, Inc. | 897 | 383,351 | ||||||
Omnicom Group, Inc. | 1,947 | 157,726 | ||||||
ON Semiconductor Corp.* | 4,348 | 428,104 | ||||||
ONEOK, Inc. | 4,264 | 278,013 | ||||||
Oracle Corp. | 15,646 | 1,883,622 | ||||||
O’Reilly Automotive, Inc.* | 600 | 563,820 | ||||||
Otis Worldwide Corp. | 3,902 | 333,816 | ||||||
Ovintiv, Inc. | 2,343 | 110,027 | ||||||
Owens Corning | 912 | 131,246 | ||||||
PACCAR, Inc. | 4,843 | 398,530 | ||||||
Packaging Corp. of America | 924 | 137,768 | ||||||
Palantir Technologies, Inc., Class A* | 17,700 | 265,146 | ||||||
Palo Alto Networks, Inc.* | 2,928 | 712,382 | ||||||
Paramount Global, Class B | 4,038 | 60,933 | ||||||
Parker-Hannifin Corp. | 1,262 | 526,128 | ||||||
Paychex, Inc. | 3,155 | 385,636 | ||||||
Paycom Software, Inc. | 515 | 151,843 | ||||||
Paylocity Holding Corp.* | 353 | 70,776 | ||||||
PayPal Holdings, Inc.* | 10,468 | 654,355 | ||||||
PepsiCo, Inc. | 13,256 | 2,358,508 | ||||||
Pfizer, Inc. | 53,882 | 1,906,345 | ||||||
PG&E Corp.* | 17,280 | 281,664 | ||||||
Philip Morris International, Inc. | 14,769 | 1,418,710 | ||||||
Phillips 66 | 4,597 | 524,794 | ||||||
Pinterest, Inc., Class A* | 5,096 | 140,089 |
Number | Value | |||||||
United States (Continued) | ||||||||
Pioneer Natural Resources Co. | 2,178 | $ | 518,212 | |||||
PNC Financial Services Group, Inc. | 3,944 | 476,159 | ||||||
Pool Corp. | 356 | 130,154 | ||||||
PPG Industries, Inc. | 2,227 | 315,700 | ||||||
PPL Corp. | 7,043 | 175,512 | ||||||
Principal Financial Group, Inc. | 2,282 | 177,334 | ||||||
Procter & Gamble Co. | 22,724 | 3,507,222 | ||||||
Progressive Corp. | 5,642 | 753,038 | ||||||
Prologis, Inc. REIT | 9,000 | 1,117,800 | ||||||
Prudential Financial, Inc. | 3,575 | 338,445 | ||||||
PTC, Inc.* | 1,040 | 153,057 | ||||||
Public Service Enterprise Group, Inc. | 4,585 | 280,052 | ||||||
Public Storage REIT | 1,585 | 438,062 | ||||||
PulteGroup, Inc. | 2,075 | 170,274 | ||||||
Qorvo, Inc.* | 1,012 | 108,679 | ||||||
QUALCOMM, Inc. | 10,880 | 1,246,086 | ||||||
Quanta Services, Inc. | 1,388 | 291,300 | ||||||
Quest Diagnostics, Inc. | 1,014 | 133,341 | ||||||
Raymond James Financial, Inc. | 1,873 | 195,897 | ||||||
Realty Income Corp. REIT | 6,305 | 353,332 | ||||||
Regency Centers Corp. REIT | 1,499 | 93,238 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,040 | 859,550 | ||||||
Regions Financial Corp. | 8,289 | 152,020 | ||||||
Reliance Steel & Aluminum Co. | 522 | 148,749 | ||||||
Repligen Corp.* | 472 | 82,086 | ||||||
Republic Services, Inc. | 2,036 | 293,449 | ||||||
ResMed, Inc. | 1,414 | 225,660 | ||||||
Revvity, Inc. | 1,153 | 134,936 | ||||||
Rivian Automotive, Inc., Class A* | 6,137 | 139,494 | ||||||
Robert Half, Inc. | 927 | 68,561 | ||||||
Robinhood Markets, Inc., Class A* | 4,112 | 44,780 | ||||||
ROBLOX Corp., Class A* | 4,117 | 116,470 | ||||||
Rockwell Automation, Inc. | 1,094 | 341,416 | ||||||
Roku, Inc.* | 1,151 | 93,461 | ||||||
Rollins, Inc. | 2,058 | 81,435 | ||||||
Roper Technologies, Inc. | 981 | 489,578 | ||||||
Ross Stores, Inc. | 3,403 | 414,519 | ||||||
Royal Caribbean Cruises Ltd.* | 2,128 | 210,544 | ||||||
Royalty Pharma PLC, Class A | 3,227 | 96,229 | ||||||
RPM International, Inc. | 1,228 | 122,481 | ||||||
RTX Corp. | 14,349 | 1,234,588 | ||||||
S&P Global, Inc. | 3,112 | 1,216,356 | ||||||
Salesforce, Inc.* | 9,419 | 2,085,932 | ||||||
SBA Communications Corp. REIT | 1,015 | 227,898 | ||||||
Schlumberger NV | 13,850 | 816,596 | ||||||
Seagate Technology Holdings PLC | 1,855 | 131,315 | ||||||
Seagen, Inc.* | 1,374 | 283,140 | ||||||
Sealed Air Corp. | 1,434 | 53,144 | ||||||
SEI Investments Co. | 1,153 | 71,555 | ||||||
Sempra | 6,006 | 421,741 | ||||||
Sensata Technologies Holding PLC | 1,419 | 53,383 | ||||||
ServiceNow, Inc.* | 1,976 | 1,163,528 | ||||||
Sherwin-Williams Co. | 2,290 | 622,239 | ||||||
Simon Property Group, Inc. REIT | 3,280 | 372,247 | ||||||
Sirius XM Holdings, Inc. | 7,250 | 31,900 | ||||||
Skyworks Solutions, Inc. | 1,591 | 173,005 | ||||||
Snap, Inc., Class A* | 10,223 | 105,808 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
United States (Continued) | ||||||||
Snap-on, Inc. | 497 | $ | 133,494 | |||||
Snowflake, Inc., Class A* | 2,545 | 399,183 | ||||||
Southern Co. | 10,267 | 695,384 | ||||||
Southwest Airlines Co. | 1,418 | 44,809 | ||||||
Splunk, Inc.* | 1,547 | 187,589 | ||||||
SS&C Technologies Holdings, Inc. | 2,421 | 139,014 | ||||||
Stanley Black & Decker, Inc. | 1,591 | 150,159 | ||||||
Starbucks Corp. | 11,029 | 1,074,666 | ||||||
State Street Corp. | 3,447 | 236,947 | ||||||
Steel Dynamics, Inc. | 1,623 | 172,996 | ||||||
STERIS PLC | 923 | 211,912 | ||||||
Stryker Corp. | 3,250 | 921,537 | ||||||
Sun Communities, Inc. REIT | 1,145 | 140,171 | ||||||
Super Micro Computer, Inc.* | 455 | 125,161 | ||||||
Synchrony Financial | 4,363 | 140,838 | ||||||
Synopsys, Inc.* | 1,487 | 682,369 | ||||||
Sysco Corp. | 4,830 | 336,409 | ||||||
T. Rowe Price Group, Inc. | 2,132 | 239,274 | ||||||
Take-Two Interactive Software, Inc.* | 1,577 | 224,249 | ||||||
Targa Resources Corp. | 2,094 | 180,607 | ||||||
Target Corp. | 4,352 | 550,746 | ||||||
TE Connectivity Ltd. | 3,078 | 407,496 | ||||||
Teledyne Technologies, Inc.* | 405 | 169,411 | ||||||
Teleflex, Inc. | 485 | 103,179 | ||||||
Teradyne, Inc. | 1,586 | 171,082 | ||||||
Tesla, Inc.* | 27,457 | 7,086,103 | ||||||
Texas Instruments, Inc. | 8,637 | 1,451,534 | ||||||
Texas Pacific Land Corp. | 65 | 122,509 | ||||||
Textron, Inc. | 2,045 | 158,917 | ||||||
Thermo Fisher Scientific, Inc. | 3,735 | 2,080,769 | ||||||
TJX Cos., Inc. | 11,147 | 1,030,875 | ||||||
T-Mobile US, Inc.* | 5,221 | 711,361 | ||||||
Toast, Inc., Class A* | 3,244 | 71,919 | ||||||
Toro Co. | 971 | 99,353 | ||||||
Tractor Supply Co. | 997 | 217,845 | ||||||
Trade Desk, Inc., Class A* | 4,286 | 343,009 | ||||||
Tradeweb Markets, Inc., Class A | 1,049 | 90,665 | ||||||
TransDigm Group, Inc.* | 506 | 457,348 | ||||||
TransUnion | 1,972 | 160,166 | ||||||
Travelers Cos., Inc. | 2,177 | 350,998 | ||||||
Trimble, Inc.* | 2,504 | 137,194 | ||||||
Truist Financial Corp. | 12,838 | 392,201 | ||||||
Twilio, Inc., Class A* | 1,614 | 102,828 | ||||||
Tyler Technologies, Inc.* | 369 | 147,021 | ||||||
Tyson Foods, Inc., Class A | 2,674 | 142,444 | ||||||
Uber Technologies, Inc.* | 17,553 | 829,028 | ||||||
UDR, Inc. REIT | 3,031 | 120,937 | ||||||
U-Haul Holding Co. | 872 | 46,425 | ||||||
Uipath, Inc., Class A* | 3,569 | 56,426 | ||||||
Ulta Beauty, Inc.* | 474 | 196,724 | ||||||
Union Pacific Corp. | 5,983 | 1,319,670 | ||||||
United Parcel Service, Inc., Class B | 6,987 | 1,183,598 | ||||||
United Rentals, Inc. | 680 | 324,047 | ||||||
United Therapeutics Corp.* | 442 | 99,167 | ||||||
UnitedHealth Group, Inc. | 9,025 | 4,301,135 | ||||||
Unity Software, Inc.* | 2,498 | 92,601 | ||||||
Universal Health Services, Inc., Class B | 575 | 77,453 |
Number | Value | |||||||
United States (Continued) | ||||||||
US Bancorp | 14,195 | $ | 518,543 | |||||
Vail Resorts, Inc. | 359 | 81,249 | ||||||
Valero Energy Corp. | 3,487 | 452,961 | ||||||
Veeva Systems, Inc., Class A* | 1,315 | 274,441 | ||||||
Ventas, Inc. REIT | 3,823 | 166,989 | ||||||
VeriSign, Inc.* | 913 | 189,712 | ||||||
Verisk Analytics, Inc. | 1,382 | 334,748 | ||||||
Verizon Communications, Inc. | 40,704 | 1,423,826 | ||||||
Vertex Pharmaceuticals, Inc.* | 2,524 | 879,210 | ||||||
VF Corp. | 3,258 | 64,378 | ||||||
Viatris, Inc. | 11,483 | 123,442 | ||||||
VICI Properties, Inc. REIT | 9,249 | 285,239 | ||||||
Visa, Inc., Class A | 15,604 | 3,833,591 | ||||||
Vistra Corp. | 3,140 | 98,659 | ||||||
VMware, Inc., Class A* | 2,280 | 384,818 | ||||||
Vulcan Materials Co. | 1,215 | 265,174 | ||||||
W.R. Berkley Corp. | 1,827 | 113,018 | ||||||
W.W. Grainger, Inc. | 418 | 298,511 | ||||||
Walgreens Boots Alliance, Inc. | 6,889 | 174,361 | ||||||
Walmart, Inc. | 14,394 | 2,340,608 | ||||||
Walt Disney Co.* | 17,407 | 1,456,618 | ||||||
Warner Bros Discovery, Inc.* | 22,436 | 294,809 | ||||||
Waste Management, Inc. | 3,980 | 623,984 | ||||||
Waters Corp.* | 595 | 167,076 | ||||||
Watsco, Inc. | 301 | 109,730 | ||||||
Webster Financial Corp. | 1,782 | 75,575 | ||||||
WEC Energy Group, Inc. | 3,001 | 252,444 | ||||||
Wells Fargo & Co. | 35,378 | 1,460,758 | ||||||
Welltower, Inc. REIT | 4,900 | 406,112 | ||||||
West Pharmaceutical Services, Inc. | 699 | 284,423 | ||||||
Western Digital Corp.* | 3,226 | 145,170 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,702 | 191,509 | ||||||
Westlake Corp. | 338 | 44,271 | ||||||
Westrock Co. | 2,516 | 82,298 | ||||||
Weyerhaeuser Co. REIT | 7,160 | 234,490 | ||||||
Whirlpool Corp. | 581 | 81,317 | ||||||
Williams Cos., Inc. | 12,278 | 423,959 | ||||||
Wolfspeed, Inc.* | 1,146 | 54,802 | ||||||
Workday, Inc., Class A* | 2,000 | 489,000 | ||||||
WP Carey, Inc. REIT | 1,815 | 118,066 | ||||||
Wynn Resorts Ltd. | 1,055 | 106,956 | ||||||
Xcel Energy, Inc. | 5,285 | 301,932 | ||||||
Xylem, Inc. | 2,276 | 235,657 | ||||||
Yum! Brands, Inc. | 2,698 | 349,067 | ||||||
Zebra Technologies Corp., Class A* | 467 | 128,430 | ||||||
Zillow Group, Inc., Class C* | 1,324 | 69,060 | ||||||
Zimmer Biomet Holdings, Inc. | 1,951 | 232,403 | ||||||
Zoetis, Inc. | 4,455 | 848,722 | ||||||
Zoom Video Communications, Inc., Class A* | 2,122 | 150,726 | ||||||
ZoomInfo Technologies, Inc.* | 2,504 | 45,122 | ||||||
Zscaler, Inc.* | 911 | 142,162 | ||||||
|
| |||||||
(Cost $336,835,941) | 376,303,098 | |||||||
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Uruguay — 0.1% | ||||||||
MercadoLibre, Inc.* | 436 | $ | 598,349 | |||||
|
| |||||||
TOTAL COMMON STOCKS | 515,516,676 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.1% | ||||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG | 494 | 47,585 | ||||||
Dr Ing hc F Porsche AG, 144A | 1,070 | 118,281 | ||||||
Henkel AG & Co. KGaA | 1,683 | 129,180 | ||||||
Porsche Automobil Holding SE | 1,487 | 80,002 | ||||||
Sartorius AG | 259 | 106,089 | ||||||
Volkswagen AG | 1,981 | 243,045 | ||||||
|
| |||||||
(Cost $865,152) | 724,182 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Canada — 0.0% | ||||||||
Constellation Software, Inc.*, | 214 | 118 | ||||||
|
| |||||||
Sweden — 0.0% | ||||||||
Swedish Orphan Biovitrum AB*, | 1,584 | 1,431 | ||||||
|
|
Number | Value | |||||||
TOTAL RIGHTS | $ | 1,549 | ||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Canada — 0.0% | ||||||||
Constellation Software, Inc.*(c), expires 8/22/28 | 214 | 0 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, expires 11/22/23 | 19,824 | 18,966 | ||||||
|
| |||||||
TOTAL WARRANTS | 18,966 | |||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) | 820,287 | 820,287 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% (Cost $476,436,478) | $ | 517,081,660 | ||||||
Other assets and liabilities, net — 0.5% | 2,624,653 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 519,706,313 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.0% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||||||
178,464 | — | (20,826 | ) | 2,962 | 51,096 | 6,841 | — | 19,404 | 211,696 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) |
| |||||||||||||||||||||||||||||||||||
339,649 | — | (339,649 | ) (f) | — | — | 34,025 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) |
| |||||||||||||||||||||||||||||||||||
995,448 | 12,750,370 | (12,925,531 | ) | — | 48,511 | — | 820,287 | 820,287 | ||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||
1,513,561 | 12,750,370 | (13,286,006 | ) | 2,962 | 51,096 | 89,377 | — | 839,691 | 1,031,983 | |||||||||||||||||||||||||||
|
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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) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(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. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Kokusai Equity ETF (Continued)
August 31, 2023
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interests |
CVA: | Credit Valuation Adjustment |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At August 31, 2023, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
S&P 500 E-Mini Futures | USD | 8 | $ | 1,761,506 | $1,806,400 | 9/15/2023 | $ | 44,894 | ||||||||||||
S&P Mid 400 E-Mini Futures | USD | 1 | 268,840 | 264,870 | 9/15/2023 | (3,970 | ) | |||||||||||||
MINI S&P/TSX 60 Futures | CAD | 2 | 88,583 | 89,885 | 9/14/2023 | 1,302 | ||||||||||||||
MSCI EAFE Futures | USD | 10 | 1,070,880 | 1,054,650 | 9/15/2023 | (16,230 | ) | |||||||||||||
|
| |||||||||||||||||||
Total net unrealized appreciation | $ | 25,996 | ||||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
CAD | Canadian Dollar |
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 515,516,676 | $ | — | $ | — | $ | 515,516,676 | ||||||||
Preferred Stocks | 724,182 | — | — | 724,182 | ||||||||||||
Rights (a) | 1,549 | — | — | 1,549 | ||||||||||||
Warrants (a) | 18,966 | — | 0 | 18,966 | ||||||||||||
Short-Term Investments (a) | 820,287 | — | — | 820,287 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 46,196 | — | — | 46,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 517,127,856 | $ | — | $ | 0 | $ | 517,127,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | $ | (20,200 | ) | $ | — | $ | — | $ | (20,200 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (20,200 | ) | $ | — | $ | — | $ | (20,200 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.5% |
| |||||||
Communication Services — 11.2% | ||||||||
Activision Blizzard, Inc. | 209 | $ | 19,226 | |||||
Alphabet, Inc., Class A* | 5,824 | 793,054 | ||||||
Alphabet, Inc., Class C* | 5,277 | 724,796 | ||||||
AT&T, Inc. | 9,306 | 137,636 | ||||||
Charter Communications, Inc., Class A* | 130 | 56,955 | ||||||
Comcast Corp., Class A | 4,718 | 220,614 | ||||||
Electronic Arts, Inc. | 341 | 40,913 | ||||||
Interpublic Group of Cos., Inc. | 270 | 8,805 | ||||||
Live Nation Entertainment, Inc.* | 264 | 22,316 | ||||||
Meta Platforms, Inc., Class A* | 3,519 | 1,041,237 | ||||||
New York Times Co., Class A | 218 | 9,651 | ||||||
News Corp., Class A | 483 | 10,379 | ||||||
Nexstar Media Group, Inc. | 46 | 7,489 | ||||||
Omnicom Group, Inc. | 74 | 5,995 | ||||||
Verizon Communications, Inc. | 4,122 | 144,187 | ||||||
|
| |||||||
(Cost $2,606,674) | 3,243,253 | |||||||
|
| |||||||
Consumer Discretionary — 12.3% | ||||||||
Advance Auto Parts, Inc. | 176 | 12,112 | ||||||
Airbnb, Inc., Class A* | 429 | 56,435 | ||||||
Amazon.com, Inc.* | 655 | 90,397 | ||||||
Aramark | 189 | 7,027 | ||||||
AutoNation, Inc.* | 83 | 13,038 | ||||||
AutoZone, Inc.* | 37 | 93,659 | ||||||
Bath & Body Works, Inc. | 473 | 17,440 | ||||||
Best Buy Co., Inc. | 866 | 66,206 | ||||||
Booking Holdings, Inc.* | 54 | 167,672 | ||||||
BorgWarner, Inc. | 365 | 14,874 | ||||||
Brunswick Corp. | 86 | 6,804 | ||||||
Capri Holdings Ltd.* | 383 | 20,104 | ||||||
Chipotle Mexican Grill, Inc.* | 31 | 59,726 | ||||||
D.R. Horton, Inc. | 110 | 13,092 | ||||||
Darden Restaurants, Inc. | 245 | 38,100 | ||||||
Deckers Outdoor Corp.* | 52 | 27,513 | ||||||
Dick’s Sporting Goods, Inc. | 144 | 16,753 | ||||||
Domino’s Pizza, Inc. | 52 | 20,145 | ||||||
eBay, Inc. | 168 | 7,523 | ||||||
Expedia Group, Inc.* | 311 | 33,709 | ||||||
Five Below, Inc.* | 69 | 11,865 | ||||||
Floor & Decor Holdings, Inc., Class A* | 124 | 12,363 | ||||||
Garmin Ltd. | 259 | 27,459 | ||||||
General Motors Co. | 1,043 | 34,951 | ||||||
Gentex Corp. | 433 | 14,142 | ||||||
Genuine Parts Co. | 214 | 32,898 | ||||||
Grand Canyon Education, Inc.* | 96 | 11,256 | ||||||
H&R Block, Inc. | 484 | 19,350 | ||||||
Home Depot, Inc. | 1,455 | 480,586 | ||||||
Lear Corp. | 105 | 15,129 | ||||||
Lennar Corp., Class A | 676 | 80,505 | ||||||
LKQ Corp. | 526 | 27,631 | ||||||
Lowe’s Cos., Inc. | 1,612 | 371,534 | ||||||
Lululemon Athletica, Inc.* | 138 | 52,614 | ||||||
Macy’s, Inc. | 710 | 8,683 | ||||||
MGM Resorts International | 425 | 18,692 | ||||||
Mohawk Industries, Inc.* | 82 | 8,314 | ||||||
Murphy USA, Inc. | 81 | 25,729 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
NIKE, Inc., Class B | 325 | $ | 33,056 | |||||
NVR, Inc.* | 10 | 63,773 | ||||||
O’Reilly Automotive, Inc.* | 112 | 105,246 | ||||||
Penske Automotive Group, Inc. | 56 | 9,201 | ||||||
Phinia, Inc.* | 73 | 2,029 | ||||||
Polaris, Inc. | 82 | 9,191 | ||||||
Pool Corp. | 45 | 16,452 | ||||||
PulteGroup, Inc. | 368 | 30,198 | ||||||
Ralph Lauren Corp. | 80 | 9,330 | ||||||
Ross Stores, Inc. | 554 | 67,483 | ||||||
Skechers U.S.A., Inc., Class A* | 203 | 10,213 | ||||||
Starbucks Corp. | 1,435 | 139,826 | ||||||
Tapestry, Inc. | 668 | 22,258 | ||||||
Tesla, Inc.* | 2,110 | 544,549 | ||||||
Texas Roadhouse, Inc. | 112 | 11,659 | ||||||
Thor Industries, Inc. | 242 | 25,366 | ||||||
TJX Cos., Inc. | 2,291 | 211,872 | ||||||
Toll Brothers, Inc. | 161 | 13,191 | ||||||
TopBuild Corp.* | 58 | 16,825 | ||||||
Tractor Supply Co. | 244 | 53,314 | ||||||
Ulta Beauty, Inc.* | 126 | 52,294 | ||||||
Williams-Sonoma, Inc. | 314 | 44,337 | ||||||
Yum! Brands, Inc. | 338 | 43,730 | ||||||
|
| |||||||
(Cost $3,278,067) | 3,571,423 | |||||||
|
| |||||||
Consumer Staples — 8.8% | ||||||||
Albertsons Cos., Inc., Class A | 1,363 | 30,531 | ||||||
Altria Group, Inc. | 2,515 | 111,213 | ||||||
Archer-Daniels-Midland Co. | 1,578 | 125,135 | ||||||
BJ’s Wholesale Club Holdings, Inc.* | 493 | 33,223 | ||||||
Casey’s General Stores, Inc. | 88 | 21,508 | ||||||
Clorox Co. | 47 | 7,353 | ||||||
Colgate-Palmolive Co. | 272 | 19,984 | ||||||
Costco Wholesale Corp. | 1,078 | 592,124 | ||||||
Dollar General Corp. | 125 | 17,313 | ||||||
Dollar Tree, Inc.* | 198 | 24,227 | ||||||
Estee Lauder Cos., Inc., Class A | 322 | 51,691 | ||||||
Hershey Co. | 130 | 27,932 | ||||||
Kroger Co. | 1,581 | 73,343 | ||||||
Monster Beverage Corp.* | 779 | 44,722 | ||||||
Philip Morris International, Inc. | 636 | 61,094 | ||||||
Procter & Gamble Co. | 2,561 | 395,265 | ||||||
Sysco Corp. | 984 | 68,536 | ||||||
Target Corp. | 1,004 | 127,056 | ||||||
Tyson Foods, Inc., Class A | 558 | 29,725 | ||||||
US Foods Holding Corp.* | 502 | 20,296 | ||||||
Walgreens Boots Alliance, Inc. | 375 | 9,491 | ||||||
Walmart, Inc. | 4,046 | 657,920 | ||||||
|
| |||||||
(Cost $2,434,292) | 2,549,682 | |||||||
|
| |||||||
Energy — 11.8% | ||||||||
Antero Resources Corp. * | 562 | 15,551 | ||||||
APA Corp. | 834 | 36,563 | ||||||
Cheniere Energy, Inc. | 303 | 49,450 | ||||||
Chesapeake Energy Corp. | 312 | 27,521 | ||||||
Chevron Corp. | 4,085 | 658,093 | ||||||
ConocoPhillips | 3,133 | 372,921 | ||||||
Coterra Energy, Inc. | 1,697 | 47,838 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2023
Number | Value | |||||||
Energy (Continued) | ||||||||
Devon Energy Corp. | 1,444 | $ | 73,774 | |||||
Diamondback Energy, Inc. | 292 | 44,320 | ||||||
EOG Resources, Inc. | 1,324 | 170,293 | ||||||
EQT Corp. | 426 | 18,412 | ||||||
Exxon Mobil Corp. | 10,438 | 1,160,601 | ||||||
HF Sinclair Corp. | 356 | 19,612 | ||||||
Marathon Oil Corp. | 1,264 | 33,306 | ||||||
Marathon Petroleum Corp. | 1,410 | 201,306 | ||||||
Occidental Petroleum Corp. | 1,001 | 62,853 | ||||||
ONEOK, Inc. | 115 | 7,498 | ||||||
Ovintiv, Inc. | 569 | 26,720 | ||||||
Phillips 66 | 817 | 93,269 | ||||||
Pioneer Natural Resources Co. | 450 | 107,068 | ||||||
Range Resources Corp. | 416 | 13,470 | ||||||
Southwestern Energy Co.* | 2,020 | 13,696 | ||||||
Targa Resources Corp. | 105 | 9,056 | ||||||
Texas Pacific Land Corp. | 5 | 9,424 | ||||||
Valero Energy Corp. | 1,113 | 144,579 | ||||||
|
| |||||||
(Cost $3,034,971) | 3,417,194 | |||||||
|
| |||||||
Financials — 8.7% | ||||||||
Affiliated Managers Group, Inc. | 268 | 35,915 | ||||||
Allstate Corp. | 105 | 11,320 | ||||||
Aon PLC, Class A | 341 | 113,686 | ||||||
Apollo Global Management, Inc. | 113 | 9,869 | ||||||
Arch Capital Group Ltd.* | 110 | 8,455 | ||||||
Berkshire Hathaway, Inc., Class B* | 1,187 | 427,557 | ||||||
Blackstone, Inc. | 297 | 31,592 | ||||||
Cincinnati Financial Corp. | 125 | 13,224 | ||||||
Coinbase Global, Inc., Class A * | 164 | 13,054 | ||||||
Credit Acceptance Corp.* | 25 | 12,544 | ||||||
Discover Financial Services | 59 | 5,314 | ||||||
Evercore, Inc., Class A | 257 | 35,993 | ||||||
FactSet Research Systems, Inc. | 90 | 39,277 | ||||||
Franklin Resources, Inc. | 530 | 14,172 | ||||||
Houlihan Lokey, Inc. | 86 | 9,059 | ||||||
Jack Henry & Associates, Inc. | 107 | 16,775 | ||||||
Janus Henderson Group PLC | 244 | 6,703 | ||||||
Lazard Ltd., Class A | 323 | 11,221 | ||||||
LPL Financial Holdings, Inc. | 295 | 68,024 | ||||||
MarketAxess Holdings, Inc. | 80 | 19,274 | ||||||
Marsh & McLennan Cos., Inc. | 1,027 | 200,255 | ||||||
Mastercard, Inc., Class A | 1,066 | 439,874 | ||||||
MGIC Investment Corp. | 2,065 | 36,303 | ||||||
Moody’s Corp. | 307 | 103,398 | ||||||
MSCI, Inc. | 166 | 90,241 | ||||||
PayPal Holdings, Inc.* | 1,199 | 74,950 | ||||||
Progressive Corp. | 191 | 25,493 | ||||||
RLI Corp. | 139 | 18,281 | ||||||
S&P Global, Inc. | 124 | 48,467 | ||||||
SEI Investments Co. | 415 | 25,755 | ||||||
Synchrony Financial | 554 | 17,883 | ||||||
T. Rowe Price Group, Inc. | 976 | 109,536 | ||||||
Visa, Inc., Class A | 1,741 | 427,729 | ||||||
Willis Towers Watson PLC | 79 | 16,334 | ||||||
|
| |||||||
(Cost $2,285,179) | 2,537,527 | |||||||
|
|
Number | Value | |||||||
Health Care — 12.5% | ||||||||
Abbott Laboratories | 1,640 | $ | 168,756 | |||||
AbbVie, Inc. | 110 | 16,166 | ||||||
Align Technology, Inc.* | 29 | 10,734 | ||||||
Amgen, Inc. | 81 | 20,764 | ||||||
Biogen, Inc.* | 82 | 21,924 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 20 | 8,004 | ||||||
Bio-Techne Corp. | 124 | 9,722 | ||||||
Bristol-Myers Squibb Co. | 417 | 25,708 | ||||||
Cardinal Health, Inc. | 946 | 82,614 | ||||||
Cencora, Inc. | 580 | 102,068 | ||||||
Centene Corp.* | 1,501 | 92,537 | ||||||
Chemed Corp. | 21 | 10,740 | ||||||
Cigna Group | 514 | 141,998 | ||||||
CVS Health Corp. | 2,872 | 187,168 | ||||||
Edwards Lifesciences Corp.* | 745 | 56,970 | ||||||
Elevance Health, Inc. | 341 | 150,725 | ||||||
Eli Lilly & Co. | 42 | 23,276 | ||||||
Enovis Corp.* | 122 | 6,837 | ||||||
Fortrea Holdings, Inc.* | 55 | 1,515 | ||||||
GE HealthCare Technologies, Inc. | 504 | 35,507 | ||||||
Gilead Sciences, Inc. | 322 | 24,627 | ||||||
HCA Healthcare, Inc. | 272 | 75,426 | ||||||
Henry Schein, Inc.* | 249 | 19,058 | ||||||
Hologic, Inc.* | 514 | 38,416 | ||||||
Humana, Inc. | 341 | 157,416 | ||||||
IDEXX Laboratories, Inc.* | 23 | 11,762 | ||||||
Incyte Corp.* | 265 | 17,100 | ||||||
Intuitive Surgical, Inc.* | 278 | 86,925 | ||||||
Johnson & Johnson | 943 | 152,464 | ||||||
Laboratory Corp. of America Holdings | 55 | 11,446 | ||||||
McKesson Corp. | 693 | 285,738 | ||||||
Medpace Holdings, Inc.* | 33 | 8,919 | ||||||
Merck & Co., Inc. | 2,884 | 314,298 | ||||||
Mettler-Toledo International, Inc.* | 24 | 29,124 | ||||||
Moderna, Inc.* | 1,107 | 125,168 | ||||||
Molina Healthcare, Inc.* | 176 | 54,581 | ||||||
Pfizer, Inc. | 16,330 | 577,755 | ||||||
Premier, Inc., Class A | 206 | 4,435 | ||||||
Quest Diagnostics, Inc. | 170 | 22,355 | ||||||
Regeneron Pharmaceuticals, Inc.* | 80 | 66,119 | ||||||
Shockwave Medical, Inc.* | 28 | 6,171 | ||||||
Thermo Fisher Scientific, Inc. | 25 | 13,928 | ||||||
United Therapeutics Corp.* | 70 | 15,705 | ||||||
UnitedHealth Group, Inc. | 313 | 149,170 | ||||||
Universal Health Services, Inc., Class B | 74 | 9,968 | ||||||
Vertex Pharmaceuticals, Inc.* | 381 | 132,718 | ||||||
Waters Corp.* | 68 | 19,094 | ||||||
West Pharmaceutical Services, Inc. | 80 | 32,552 | ||||||
|
| |||||||
(Cost $3,678,474) | 3,636,171 | |||||||
|
| |||||||
Industrials — 8.8% | ||||||||
3M Co. | 785 | 83,736 | ||||||
A O Smith Corp. | 263 | 19,068 | ||||||
Acuity Brands, Inc. | 71 | 11,451 | ||||||
Advanced Drainage Systems, Inc. | 96 | 12,303 | ||||||
AGCO Corp. | 143 | 18,523 | ||||||
Alaska Air Group, Inc.* | 408 | 17,124 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
American Airlines Group, Inc.* | 1,069 | $ | 15,746 | |||||
Automatic Data Processing, Inc. | 618 | 157,349 | ||||||
Avis Budget Group, Inc.* | 38 | 8,109 | ||||||
Builders FirstSource, Inc.* | 533 | 77,306 | ||||||
C.H. Robinson Worldwide, Inc. | 499 | 45,125 | ||||||
Carlisle Cos., Inc. | 91 | 23,935 | ||||||
Carrier Global Corp. | 198 | 11,375 | ||||||
Caterpillar, Inc. | 397 | 111,609 | ||||||
Cintas Corp. | 76 | 38,317 | ||||||
Clean Harbors, Inc.* | 55 | 9,314 | ||||||
CNH Industrial NV | 1,491 | 20,546 | ||||||
Copart, Inc.* | 1,052 | 47,161 | ||||||
CSX Corp. | 1,611 | 48,652 | ||||||
Cummins, Inc. | 89 | 20,474 | ||||||
Delta Air Lines, Inc. | 1,161 | 49,784 | ||||||
Donaldson Co., Inc. | 176 | 11,241 | ||||||
EMCOR Group, Inc. | 118 | 26,461 | ||||||
Emerson Electric Co. | 81 | 7,958 | ||||||
Expeditors International of Washington, Inc. | 599 | 69,909 | ||||||
Fastenal Co. | 878 | 50,555 | ||||||
FedEx Corp. | 492 | 128,422 | ||||||
Fortune Brands Innovations, Inc. | 253 | 17,462 | ||||||
FTI Consulting, Inc.* | 46 | 8,548 | ||||||
Genpact Ltd. | 198 | 7,391 | ||||||
Graco, Inc. | 233 | 18,393 | ||||||
Hubbell, Inc. | 45 | 14,672 | ||||||
Illinois Tool Works, Inc. | 295 | 72,968 | ||||||
ITT, Inc. | 76 | 7,773 | ||||||
JB Hunt Transport Services, Inc. | 233 | 43,776 | ||||||
Knight-Swift Transportation Holdings, Inc. | 453 | 24,833 | ||||||
Landstar System, Inc. | 136 | 25,814 | ||||||
Lockheed Martin Corp. | 353 | 158,268 | ||||||
ManpowerGroup, Inc. | 122 | 9,622 | ||||||
Masco Corp. | 458 | 27,027 | ||||||
Nordson Corp. | 59 | 14,404 | ||||||
Old Dominion Freight Line, Inc. | 172 | 73,508 | ||||||
Oshkosh Corp. | 134 | 13,913 | ||||||
Otis Worldwide Corp. | 410 | 35,075 | ||||||
Owens Corning | 275 | 39,575 | ||||||
PACCAR, Inc. | 490 | 40,322 | ||||||
Paychex, Inc. | 428 | 52,314 | ||||||
Paycom Software, Inc. | 37 | 10,909 | ||||||
Quanta Services, Inc. | 150 | 31,481 | ||||||
RB Global, Inc. | 194 | 11,974 | ||||||
Robert Half, Inc. | 395 | 29,214 | ||||||
Rollins, Inc. | 186 | 7,360 | ||||||
Ryder System, Inc. | 98 | 9,869 | ||||||
Saia, Inc.* | 34 | 14,491 | ||||||
Snap-on, Inc. | 81 | 21,757 | ||||||
Southwest Airlines Co. | 1,124 | 35,518 | ||||||
Tetra Tech, Inc. | 85 | 13,375 | ||||||
Textron, Inc. | 223 | 17,329 | ||||||
Trane Technologies PLC | 161 | 33,047 | ||||||
Trex Co., Inc.* | 133 | 9,492 | ||||||
Union Pacific Corp. | 450 | 99,257 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
United Airlines Holdings, Inc.* | 289 | $ | 14,395 | |||||
United Parcel Service, Inc., Class B | 1,343 | 227,504 | ||||||
United Rentals, Inc. | 61 | 29,069 | ||||||
W.W. Grainger, Inc. | 65 | 46,419 | ||||||
Waste Management, Inc. | 82 | 12,856 | ||||||
Watsco, Inc. | 70 | 25,519 | ||||||
|
| |||||||
(Cost $2,384,077) | 2,548,046 | |||||||
|
| |||||||
Information Technology — 21.0% | ||||||||
Accenture PLC, Class A | 1,060 | 343,196 | ||||||
Adobe, Inc.* | 597 | 333,926 | ||||||
Advanced Micro Devices, Inc.* | 452 | 47,786 | ||||||
Amdocs Ltd. | 245 | 21,854 | ||||||
Analog Devices, Inc. | 356 | 64,714 | ||||||
Apple, Inc. | 7,664 | 1,439,836 | ||||||
Applied Materials, Inc. | 1,496 | 228,529 | ||||||
Arista Networks, Inc.* | 295 | 57,593 | ||||||
Autodesk, Inc.* | 181 | 40,171 | ||||||
Cadence Design Systems, Inc.* | 79 | 18,995 | ||||||
CDW Corp. | 98 | 20,693 | ||||||
Cirrus Logic, Inc.* | 107 | 8,778 | ||||||
Cisco Systems, Inc. | 8,766 | 502,730 | ||||||
Cognex Corp. | 164 | 7,721 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,307 | 93,594 | ||||||
Dropbox, Inc., Class A* | 286 | 7,948 | ||||||
EPAM Systems, Inc.* | 71 | 18,388 | ||||||
F5, Inc.* | 71 | 11,620 | ||||||
Fair Isaac Corp.* | 28 | 25,329 | ||||||
Fortinet, Inc.* | 691 | 41,605 | ||||||
Gartner, Inc.* | 20 | 6,994 | ||||||
HP, Inc. | 1,921 | 57,073 | ||||||
Intel Corp. | 2,904 | 102,047 | ||||||
Intuit, Inc. | 24 | 13,003 | ||||||
Keysight Technologies, Inc.* | 198 | 26,393 | ||||||
KLA Corp. | 231 | 115,932 | ||||||
Lam Research Corp. | 203 | 142,587 | ||||||
Lattice Semiconductor Corp.* | 108 | 10,504 | ||||||
Manhattan Associates, Inc.* | 49 | 9,928 | ||||||
Microchip Technology, Inc. | 504 | 41,247 | ||||||
Micron Technology, Inc. | 3,086 | 215,835 | ||||||
Microsoft Corp. | 4,215 | 1,381,508 | ||||||
NVIDIA Corp. | 106 | 52,316 | ||||||
ON Semiconductor Corp.* | 572 | 56,319 | ||||||
Oracle Corp. | 220 | 26,486 | ||||||
Pure Storage, Inc., Class A* | 259 | 9,477 | ||||||
QUALCOMM, Inc. | 1,379 | 157,937 | ||||||
Salesforce, Inc.* | 46 | 10,187 | ||||||
Skyworks Solutions, Inc. | 239 | 25,989 | ||||||
Teradyne, Inc. | 246 | 26,536 | ||||||
Texas Instruments, Inc. | 1,597 | 268,392 | ||||||
VeriSign, Inc.* | 99 | 20,571 | ||||||
|
| |||||||
(Cost $5,237,107) | 6,112,267 | |||||||
|
| |||||||
Materials — 3.3% | ||||||||
Albemarle Corp. | 195 | 38,748 | ||||||
Berry Global Group, Inc. | 132 | 8,625 | ||||||
Celanese Corp. | 61 | 7,708 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2023
Number | Value | |||||||
Materials (Continued) | ||||||||
CF Industries Holdings, Inc. | 948 | $ | 73,062 | |||||
Cleveland-Cliffs, Inc.* | 1,119 | 17,109 | ||||||
Corteva, Inc. | 360 | 18,184 | ||||||
Dow, Inc. | 1,328 | 72,456 | ||||||
DuPont de Nemours, Inc. | 259 | 19,914 | ||||||
Eagle Materials, Inc. | 71 | 13,442 | ||||||
Freeport-McMoRan, Inc. | 769 | 30,691 | ||||||
Graphic Packaging Holding Co. | 451 | 10,030 | ||||||
Huntsman Corp. | 410 | 11,427 | ||||||
International Paper Co. | 662 | 23,117 | ||||||
Louisiana-Pacific Corp. | 340 | 21,243 | ||||||
LyondellBasell Industries NV, Class A | 962 | 95,017 | ||||||
Mosaic Co. | 1,470 | 57,109 | ||||||
Nucor Corp. | 987 | 169,863 | ||||||
Olin Corp. | 558 | 32,375 | ||||||
Packaging Corp. of America | 199 | 29,671 | ||||||
Reliance Steel & Aluminum Co. | 260 | 74,090 | ||||||
Steel Dynamics, Inc. | 830 | 88,470 | ||||||
United States Steel Corp. | 798 | 24,810 | ||||||
Westlake Corp. | 77 | 10,085 | ||||||
Westrock Co. | 365 | 11,939 | ||||||
|
| |||||||
(Cost $861,329) | 959,185 | |||||||
|
| |||||||
Real Estate — 1.1% | ||||||||
Apartment Income REIT Corp. REIT | 432 | 14,714 | ||||||
Camden Property Trust REIT | 90 | 9,686 | ||||||
CBRE Group, Inc., Class A* | 636 | 54,092 | ||||||
Extra Space Storage, Inc. REIT | 104 | 13,382 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Jones Lang LaSalle, Inc.* | 71 | $ | 12,269 | |||||
Lamar Advertising Co., Class A REIT | 73 | 6,659 | ||||||
Public Storage REIT | 327 | 90,376 | ||||||
Simon Property Group, Inc. REIT | 357 | 40,516 | ||||||
Weyerhaeuser Co. REIT | 2,213 | 72,476 | ||||||
|
| |||||||
(Cost $310,127) | 314,170 | |||||||
|
| |||||||
Utilities — 0.0% | ||||||||
DTE Energy Co. | 68 | 7,030 | ||||||
UGI Corp. | 324 | 8,158 | ||||||
|
| |||||||
(Cost $17,456) | 15,188 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 28,904,106 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
iShares Russell 1000 ETF | 350 | 86,727 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | 14,718 | 14,718 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 29,005,551 | ||||||
Other assets and liabilities, net — 0.1% | 36,133 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 29,041,684 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
|
| |||||||||||||||||||||||||||||||||||
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b) |
| |||||||||||||||||||||||||||||||||||
4,995 | — | (4,995 | ) (c) | — | — | 416 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
4,206 | 422,712 | (412,200 | ) | — | — | 365 | — | 14,718 | 14,718 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
9,201 | 422,712 | (417,195 | ) | — | — | 781 | — | 14,718 | 14,718 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 28,904,106 | $ | — | $ | — | $ | 28,904,106 | ||||||||
Exchange-Traded Funds | 86,727 | — | — | 86,727 | ||||||||||||
Short-Term Investments (a) | 14,718 | — | — | 14,718 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 29,005,551 | $ | — | $ | — | $ | 29,005,551 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Communication Services — 2.2% | ||||||||
Activision Blizzard, Inc. | 951 | $ | 87,482 | |||||
Alphabet, Inc., Class A* | 740 | 100,766 | ||||||
Alphabet, Inc., Class C* | 733 | 100,678 | ||||||
AT&T, Inc. | 7,208 | 106,606 | ||||||
Charter Communications, Inc., Class A* | 301 | 131,874 | ||||||
Comcast Corp., Class A | 3,945 | 184,468 | ||||||
Electronic Arts, Inc. | 1,363 | 163,533 | ||||||
Fox Corp., Class A | 3,337 | 110,321 | ||||||
Fox Corp., Class B | 1,345 | 41,049 | ||||||
Frontier Communications Parent, Inc.* | 837 | 13,409 | ||||||
Interpublic Group of Cos., Inc. | 7,742 | 252,467 | ||||||
Iridium Communications, Inc. | 841 | 41,167 | ||||||
Liberty Broadband Corp., Class A* | 172 | 16,106 | ||||||
Liberty Broadband Corp., Class C* | 433 | 40,511 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A* | 188 | 11,402 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 1,189 | 81,791 | ||||||
Liberty Media Corp.-Liberty Live, Class A* | 86 | 2,865 | ||||||
Liberty Media Corp.-Liberty Live, Class C* | 207 | 6,966 | ||||||
Liberty Media Corp.-Liberty SiriusXM* | 629 | 15,373 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A* | 312 | 7,497 | ||||||
Live Nation Entertainment, Inc.* | 2,143 | 181,148 | ||||||
Madison Square Garden Sports Corp. | 502 | 89,356 | ||||||
Meta Platforms, Inc., Class A* | 73 | 21,600 | ||||||
Netflix, Inc.* | 28 | 12,143 | ||||||
New York Times Co., Class A | 2,935 | 129,932 | ||||||
News Corp., Class A | 10,239 | 220,036 | ||||||
News Corp., Class B | 3,452 | 75,944 | ||||||
Nexstar Media Group, Inc. | 876 | 142,613 | ||||||
Omnicom Group, Inc. | 3,686 | 298,603 | ||||||
Pinterest, Inc., Class A* | 516 | 14,185 | ||||||
Spotify Technology SA* | 131 | 20,170 | ||||||
T-Mobile US, Inc.* | 209 | 28,476 | ||||||
TripAdvisor, Inc.* | 828 | 12,511 | ||||||
Verizon Communications, Inc. | 1,321 | 46,209 | ||||||
Walt Disney Co.* | 384 | 32,133 | ||||||
World Wrestling Entertainment, Inc., Class A | 1,307 | 126,191 | ||||||
ZoomInfo Technologies, Inc.* | 492 | 8,866 | ||||||
|
| |||||||
(Cost $2,851,196) | 2,976,447 | |||||||
|
| |||||||
Consumer Discretionary — 15.5% | ||||||||
Advance Auto Parts, Inc. | 485 | 33,378 | ||||||
Airbnb, Inc., Class A* | 475 | 62,486 | ||||||
Amazon.com, Inc.* | 103 | 14,215 | ||||||
Aptiv PLC* | 448 | 45,450 | ||||||
Aramark | 2,795 | 103,918 | ||||||
AutoNation, Inc.* | 688 | 108,078 | ||||||
AutoZone, Inc.* | 240 | 607,519 | ||||||
Best Buy Co., Inc. | 3,917 | 299,455 | ||||||
Booking Holdings, Inc.* | 135 | 419,179 | ||||||
BorgWarner, Inc. | 13,136 | 535,292 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Boyd Gaming Corp. | 3,604 | $ | 240,999 | |||||
Bright Horizons Family Solutions, Inc.* | 374 | 35,313 | ||||||
Brunswick Corp. | 1,706 | 134,979 | ||||||
Burlington Stores, Inc.* | 135 | 21,905 | ||||||
Capri Holdings Ltd.* | 1,634 | 85,769 | ||||||
CarMax, Inc.* | 598 | 48,845 | ||||||
Carter’s, Inc. | 522 | 37,360 | ||||||
Chipotle Mexican Grill, Inc.* | 136 | 262,023 | ||||||
Choice Hotels International, Inc. | 410 | 52,029 | ||||||
Churchill Downs, Inc. | 267 | 33,450 | ||||||
Columbia Sportswear Co. | 1,179 | 86,468 | ||||||
Coupang, Inc.* | 759 | 14,406 | ||||||
D.R. Horton, Inc. | 2,767 | 329,328 | ||||||
Darden Restaurants, Inc. | 467 | 72,623 | ||||||
Deckers Outdoor Corp.* | 868 | 459,250 | ||||||
Dick’s Sporting Goods, Inc. | 2,336 | 271,770 | ||||||
Domino’s Pizza, Inc. | 328 | 127,067 | ||||||
eBay, Inc. | 2,954 | 132,280 | ||||||
Etsy, Inc.* | 141 | 10,373 | ||||||
Expedia Group, Inc.* | 1,425 | 154,456 | ||||||
Five Below, Inc.* | 1,064 | 182,965 | ||||||
Floor & Decor Holdings, Inc., Class A* | 778 | 77,567 | ||||||
Ford Motor Co. | 25,236 | 306,113 | ||||||
Garmin Ltd. | 2,673 | 283,391 | ||||||
General Motors Co. | 7,552 | 253,068 | ||||||
Gentex Corp. | 7,381 | 241,063 | ||||||
Genuine Parts Co. | 3,831 | 588,940 | ||||||
Grand Canyon Education, Inc.* | 1,751 | 205,305 | ||||||
H&R Block, Inc. | 3,569 | 142,689 | ||||||
Harley-Davidson, Inc. | 873 | 29,464 | ||||||
Hasbro, Inc. | 118 | 8,496 | ||||||
Hilton Worldwide Holdings, Inc. | 1,079 | 160,393 | ||||||
Home Depot, Inc. | 187 | 61,766 | ||||||
Hyatt Hotels Corp., Class A | 1,305 | 146,695 | ||||||
Las Vegas Sands Corp. | 750 | 41,145 | ||||||
Lear Corp. | 2,182 | 314,404 | ||||||
Leggett & Platt, Inc. | 1,842 | 51,944 | ||||||
Lennar Corp., Class A | 9,072 | 1,080,384 | ||||||
Lennar Corp., Class B | 518 | 55,250 | ||||||
Lithia Motors, Inc. | 48 | 14,785 | ||||||
LKQ Corp. | 11,451 | 601,521 | ||||||
Lowe’s Cos., Inc. | 1,507 | 347,333 | ||||||
Lululemon Athletica, Inc.* | 562 | 214,268 | ||||||
Macy’s, Inc. | 424 | 5,186 | ||||||
Marriott International, Inc., Class A | 864 | 175,833 | ||||||
Marriott Vacations Worldwide Corp. | 758 | 82,387 | ||||||
Mattel, Inc.* | 953 | 21,118 | ||||||
McDonald’s Corp. | 262 | 73,661 | ||||||
MGM Resorts International | 10,224 | 449,652 | ||||||
Mohawk Industries, Inc.* | 161 | 16,324 | ||||||
Murphy USA, Inc. | 1,288 | 409,120 | ||||||
NIKE, Inc., Class B | 894 | 90,929 | ||||||
NVR, Inc.* | 189 | 1,205,315 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 780 | 60,122 | ||||||
O’Reilly Automotive, Inc.* | 694 | 652,152 | ||||||
Penn Entertainment, Inc.* | 528 | 12,508 | ||||||
Penske Automotive Group, Inc. | 1,311 | 215,397 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Phinia, Inc.* | 2,627 | $ | 73,031 | |||||
Polaris, Inc. | 2,329 | 261,058 | ||||||
Pool Corp. | 669 | 244,586 | ||||||
PulteGroup, Inc. | 9,777 | 802,301 | ||||||
PVH Corp. | 89 | 7,440 | ||||||
Ralph Lauren Corp. | 2,113 | 246,439 | ||||||
RH* | 171 | 62,447 | ||||||
Ross Stores, Inc. | 3,512 | 427,797 | ||||||
Royal Caribbean Cruises Ltd.* | 140 | 13,852 | ||||||
Service Corp. International | 1,638 | 103,374 | ||||||
Skechers U.S.A., Inc., Class A* | 6,847 | 344,473 | ||||||
Starbucks Corp. | 2,889 | 281,504 | ||||||
Tapestry, Inc. | 7,046 | 234,773 | ||||||
Tempur Sealy International, Inc. | 4,454 | 208,091 | ||||||
Texas Roadhouse, Inc. | 2,400 | 249,840 | ||||||
Thor Industries, Inc. | 3,341 | 350,204 | ||||||
TJX Cos., Inc. | 5,329 | 492,826 | ||||||
Toll Brothers, Inc. | 7,201 | 589,978 | ||||||
TopBuild Corp.* | 535 | 155,193 | ||||||
Tractor Supply Co. | 2,204 | 481,574 | ||||||
Travel + Leisure Co. | 1,845 | 74,169 | ||||||
Ulta Beauty, Inc.* | 1,408 | 584,362 | ||||||
Vail Resorts, Inc. | 455 | 102,976 | ||||||
Valvoline, Inc. | 73 | 2,514 | ||||||
Wendy’s Co. | 3,207 | 63,467 | ||||||
Whirlpool Corp. | 264 | 36,949 | ||||||
Williams-Sonoma, Inc. | 1,705 | 240,746 | ||||||
Wingstop, Inc. | 144 | 23,132 | ||||||
Wyndham Hotels & Resorts, Inc. | 357 | 26,914 | ||||||
Wynn Resorts Ltd. | 128 | 12,977 | ||||||
YETI Holdings, Inc.* | 416 | 20,779 | ||||||
Yum! Brands, Inc. | 3,332 | 431,094 | ||||||
|
| |||||||
(Cost $19,290,314) | 20,969,176 | |||||||
|
| |||||||
Consumer Staples — 6.5% | ||||||||
Albertsons Cos., Inc., Class A | 11,379 | 254,890 | ||||||
Altria Group, Inc. | 6,547 | 289,508 | ||||||
Archer-Daniels-Midland Co. | 7,063 | 560,096 | ||||||
BJ’s Wholesale Club Holdings, Inc.* | 6,101 | 411,146 | ||||||
Boston Beer Co., Inc., Class A* | 165 | 60,296 | ||||||
Brown-Forman Corp., Class A | 325 | 21,850 | ||||||
Brown-Forman Corp., Class B | 683 | 45,167 | ||||||
Bunge Ltd. | 240 | 27,437 | ||||||
Campbell Soup Co. | 2,642 | 110,171 | ||||||
Casey’s General Stores, Inc. | 2,424 | 592,450 | ||||||
Church & Dwight Co., Inc. | 1,898 | 183,669 | ||||||
Clorox Co. | 1,310 | 204,950 | ||||||
Coca-Cola Co. | 687 | 41,103 | ||||||
Colgate-Palmolive Co. | 2,213 | 162,589 | ||||||
Conagra Brands, Inc. | 5,309 | 158,633 | ||||||
Constellation Brands, Inc., Class A | 600 | 156,336 | ||||||
Costco Wholesale Corp. | 278 | 152,700 | ||||||
Coty, Inc., Class A* | 5,949 | 68,770 | ||||||
Darling Ingredients, Inc.* | 1,262 | 77,941 | ||||||
Dollar General Corp. | 771 | 106,784 | ||||||
Dollar Tree, Inc.* | 2,333 | 285,466 | ||||||
Estee Lauder Cos., Inc., Class A | 1,178 | 189,104 | ||||||
Flowers Foods, Inc. | 8,751 | 206,174 | ||||||
General Mills, Inc. | 3,744 | 253,319 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Grocery Outlet Holding Corp.* | 804 | $ | 24,803 | |||||
Hershey Co. | 1,577 | 338,834 | ||||||
Hormel Foods Corp. | 1,839 | 70,967 | ||||||
Ingredion, Inc. | 2,615 | 269,110 | ||||||
J M Smucker Co. | 1,836 | 266,128 | ||||||
Kellogg Co. | 2,576 | 157,188 | ||||||
Keurig Dr Pepper, Inc. | 1,692 | 56,936 | ||||||
Kimberly-Clark Corp. | 2,672 | 344,234 | ||||||
Kraft Heinz Co. | 2,782 | 92,056 | ||||||
Kroger Co. | 11,102 | 515,022 | ||||||
Lamb Weston Holdings, Inc. | 1,365 | 132,965 | ||||||
McCormick & Co., Inc. | 1,015 | 83,311 | ||||||
Molson Coors Beverage Co., Class B | 2,700 | 171,423 | ||||||
Mondelez International, Inc., Class A | 1,914 | 136,392 | ||||||
Monster Beverage Corp.* | 3,971 | 227,975 | ||||||
PepsiCo, Inc. | 448 | 79,708 | ||||||
Philip Morris International, Inc. | 417 | 40,057 | ||||||
Pilgrim’s Pride Corp.* | 417 | 10,492 | ||||||
Post Holdings, Inc.* | 1,602 | 143,715 | ||||||
Procter & Gamble Co. | 464 | 71,614 | ||||||
Reynolds Consumer Products, Inc. | 1,040 | 28,382 | ||||||
Seaboard Corp. | 19 | 71,636 | ||||||
Spectrum Brands Holdings, Inc. | 174 | 14,472 | ||||||
Sysco Corp. | 1,731 | 120,564 | ||||||
Target Corp. | 2,988 | 378,131 | ||||||
Tyson Foods, Inc., Class A | 1,024 | 54,548 | ||||||
US Foods Holding Corp.* | 2,780 | 112,395 | ||||||
Walgreens Boots Alliance, Inc. | 1,495 | 37,838 | ||||||
Walmart, Inc. | 408 | 66,345 | ||||||
|
| |||||||
(Cost $8,434,038) | 8,737,790 | |||||||
|
| |||||||
Energy — 4.9% | ||||||||
Baker Hughes Co. | 605 | 21,895 | ||||||
Cheniere Energy, Inc. | 3,426 | 559,123 | ||||||
Chesapeake Energy Corp. | 5,350 | 471,923 | ||||||
Chevron Corp. | 549 | 88,444 | ||||||
ConocoPhillips | 1,754 | 208,779 | ||||||
Coterra Energy, Inc. | 12,656 | 356,773 | ||||||
Devon Energy Corp. | 3,460 | 176,771 | ||||||
Diamondback Energy, Inc. | 2,313 | 351,067 | ||||||
DT Midstream, Inc. | 569 | 29,753 | ||||||
EOG Resources, Inc. | 2,343 | 301,357 | ||||||
EQT Corp. | 1,320 | 57,050 | ||||||
Exxon Mobil Corp. | 1,082 | 120,308 | ||||||
Hess Corp. | 524 | 80,958 | ||||||
HF Sinclair Corp. | 3,807 | 209,728 | ||||||
Kinder Morgan, Inc. | 5,030 | 86,617 | ||||||
Marathon Oil Corp. | 1,600 | 42,160 | ||||||
Marathon Petroleum Corp. | 9,670 | 1,380,586 | ||||||
Occidental Petroleum Corp. | 251 | 15,760 | ||||||
ONEOK, Inc. | 5,411 | 352,797 | ||||||
Phillips 66 | 5,484 | 626,053 | ||||||
Pioneer Natural Resources Co. | 1,896 | 451,115 | ||||||
Schlumberger NV | 448 | 26,414 | ||||||
Targa Resources Corp. | 1,562 | 134,722 | ||||||
TechnipFMC PLC | 893 | 17,003 | ||||||
Texas Pacific Land Corp. | 42 | 79,160 | ||||||
Valero Energy Corp. | 2,919 | 379,178 | ||||||
Williams Cos., Inc. | 1,021 | 35,255 | ||||||
|
| |||||||
(Cost $5,347,810) | 6,660,749 | |||||||
|
|
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials — 9.3% | ||||||||
Affiliated Managers Group, Inc. | 2,318 | $ | 310,635 | |||||
Aflac, Inc. | 2,984 | 222,517 | ||||||
Allstate Corp. | 411 | 44,310 | ||||||
Ally Financial, Inc. | 246 | 6,812 | ||||||
American Express Co. | 306 | 48,345 | ||||||
American Financial Group, Inc. | 252 | 29,212 | ||||||
American International Group, Inc. | 1,245 | 72,857 | ||||||
Ameriprise Financial, Inc. | 558 | 188,370 | ||||||
Annaly Capital Management, Inc. REIT | 6,041 | 122,451 | ||||||
Aon PLC, Class A | 1,090 | 363,395 | ||||||
Apollo Global Management, Inc. | 101 | 8,821 | ||||||
Arch Capital Group Ltd.* | 5,075 | 390,064 | ||||||
Ares Management Corp., Class A | 360 | 37,238 | ||||||
Arthur J Gallagher & Co. | 968 | 223,105 | ||||||
Assurant, Inc. | 123 | 17,138 | ||||||
Assured Guaranty Ltd. | 743 | 43,718 | ||||||
Axis Capital Holdings Ltd. | 710 | 38,951 | ||||||
Bank of New York Mellon Corp. | 1,892 | 84,894 | ||||||
Bank OZK | 926 | 37,197 | ||||||
BlackRock, Inc. | 128 | 89,669 | ||||||
Blackstone, Inc. | 476 | 50,632 | ||||||
BOK Financial Corp. | 405 | 33,660 | ||||||
Brown & Brown, Inc. | 4,116 | 304,996 | ||||||
Capital One Financial Corp. | 366 | 37,475 | ||||||
Carlyle Group, Inc. | 1,723 | 55,739 | ||||||
Cboe Global Markets, Inc. | 1,235 | 184,892 | ||||||
Charles Schwab Corp. | 438 | 25,908 | ||||||
Chubb Ltd. | 748 | 150,251 | ||||||
Cincinnati Financial Corp. | 75 | 7,934 | ||||||
Citigroup, Inc. | 641 | 26,467 | ||||||
Citizens Financial Group, Inc. | 670 | 18,847 | ||||||
CME Group, Inc. | 124 | 25,132 | ||||||
CNA Financial Corp. | 227 | 8,928 | ||||||
Columbia Banking System, Inc. | 1,752 | 35,881 | ||||||
Comerica, Inc. | 147 | 7,072 | ||||||
Commerce Bancshares, Inc. | 265 | 13,009 | ||||||
Corebridge Financial, Inc. | 1,821 | 32,468 | ||||||
Credit Acceptance Corp.* | 88 | 44,156 | ||||||
Cullen/Frost Bankers, Inc. | 184 | 17,393 | ||||||
Discover Financial Services | 2,733 | 246,161 | ||||||
East West Bancorp, Inc. | 537 | 29,718 | ||||||
Equitable Holdings, Inc. | 930 | 26,784 | ||||||
Euronet Worldwide, Inc.* | 1,172 | 102,386 | ||||||
Evercore, Inc., Class A | 2,318 | 324,636 | ||||||
Everest Group Ltd. | 660 | 238,049 | ||||||
FactSet Research Systems, Inc. | 776 | 338,654 | ||||||
Fidelity National Financial, Inc. | 4,228 | 175,039 | ||||||
Fidelity National Information Services, Inc. | 266 | 14,859 | ||||||
Fifth Third Bancorp | 661 | 17,550 | ||||||
First American Financial Corp. | 1,550 | 95,604 | ||||||
First Hawaiian, Inc. | 504 | 9,531 | ||||||
First Horizon Corp. | 2,201 | 27,623 | ||||||
Fiserv, Inc.* | 1,092 | 132,558 | ||||||
FleetCor Technologies, Inc.* | 370 | 100,540 | ||||||
FNB Corp. | 4,635 | 53,905 | ||||||
Franklin Resources, Inc. | 4,884 | 130,598 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Global Payments, Inc. | 748 | $ | 94,764 | |||||
Globe Life, Inc. | 1,381 | 154,078 | ||||||
Goldman Sachs Group, Inc. | 195 | 63,903 | ||||||
Hanover Insurance Group, Inc. | 162 | 17,289 | ||||||
Hartford Financial Services Group, Inc. | 1,989 | 142,850 | ||||||
Houlihan Lokey, Inc. | 1,548 | 163,066 | ||||||
Huntington Bancshares, Inc. | 4,095 | 45,414 | ||||||
Interactive Brokers Group, Inc., Class A | 1,144 | 104,195 | ||||||
Intercontinental Exchange, Inc. | 460 | 54,275 | ||||||
Invesco Ltd. | 2,836 | 45,149 | ||||||
Jack Henry & Associates, Inc. | 552 | 86,543 | ||||||
Janus Henderson Group PLC | 4,671 | 128,312 | ||||||
Jefferies Financial Group, Inc. | 1,143 | 40,794 | ||||||
JPMorgan Chase & Co. | 93 | 13,609 | ||||||
KeyCorp | 984 | 11,149 | ||||||
Kinsale Capital Group, Inc. | 538 | 214,463 | ||||||
Lazard Ltd., Class A | 2,003 | 69,584 | ||||||
Loews Corp. | 1,371 | 85,125 | ||||||
LPL Financial Holdings, Inc. | 1,661 | 383,010 | ||||||
M&T Bank Corp. | 217 | 27,136 | ||||||
Markel Group, Inc.* | 27 | 39,931 | ||||||
MarketAxess Holdings, Inc. | 618 | 148,895 | ||||||
Marsh & McLennan Cos., Inc. | 1,736 | 338,503 | ||||||
Mastercard, Inc., Class A | 109 | 44,978 | ||||||
MetLife, Inc. | 683 | 43,261 | ||||||
MGIC Investment Corp. | 14,224 | 250,058 | ||||||
Moody’s Corp. | 613 | 206,458 | ||||||
Morgan Stanley | 138 | 11,751 | ||||||
Morningstar, Inc. | 79 | 18,381 | ||||||
MSCI, Inc. | 513 | 278,877 | ||||||
Nasdaq, Inc. | 2,737 | 143,638 | ||||||
New York Community Bancorp, Inc. | 1,314 | 16,136 | ||||||
Northern Trust Corp. | 332 | 25,255 | ||||||
Old Republic International Corp. | 7,625 | 208,544 | ||||||
OneMain Holdings, Inc. | 363 | 15,068 | ||||||
PayPal Holdings, Inc.* | 687 | 42,944 | ||||||
PNC Financial Services Group, Inc. | 212 | 25,595 | ||||||
Popular, Inc. | 267 | 18,231 | ||||||
Primerica, Inc. | 784 | 157,553 | ||||||
Principal Financial Group, Inc. | 2,414 | 187,592 | ||||||
Progressive Corp. | 661 | 88,224 | ||||||
Prosperity Bancshares, Inc. | 394 | 22,383 | ||||||
Prudential Financial, Inc. | 412 | 39,004 | ||||||
Raymond James Financial, Inc. | 568 | 59,407 | ||||||
Regions Financial Corp. | 1,579 | 28,959 | ||||||
Reinsurance Group of America, Inc. | 997 | 138,204 | ||||||
Rithm Capital Corp. REIT | 11,075 | 114,183 | ||||||
RLI Corp. | 2,157 | 283,689 | ||||||
Ryan Specialty Holdings, Inc.* | 892 | 43,485 | ||||||
S&P Global, Inc. | 305 | 119,212 | ||||||
SEI Investments Co. | 3,586 | 222,547 | ||||||
SLM Corp. | 1,940 | 27,626 | ||||||
Starwood Property Trust, Inc. REIT | 1,167 | 23,842 | ||||||
State Street Corp. | 1,512 | 103,935 | ||||||
Stifel Financial Corp. | 987 | 64,175 | ||||||
Synchrony Financial | 3,166 | 102,198 | ||||||
Synovus Financial Corp. | 219 | 6,780 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
T. Rowe Price Group, Inc. | 2,342 | $ | 262,843 | |||||
TPG, Inc. | 487 | 13,694 | ||||||
Tradeweb Markets, Inc., Class A | 1,052 | 90,924 | ||||||
Travelers Cos., Inc. | 1,122 | 180,900 | ||||||
Truist Financial Corp. | 529 | 16,161 | ||||||
Unum Group | 1,936 | 95,232 | ||||||
US Bancorp | 465 | 16,986 | ||||||
Virtu Financial, Inc., Class A | 657 | 12,312 | ||||||
Visa, Inc., Class A | 175 | 42,994 | ||||||
Voya Financial, Inc. | 1,033 | 71,979 | ||||||
W.R. Berkley Corp. | 2,204 | 136,339 | ||||||
Webster Financial Corp. | 460 | 19,509 | ||||||
Wells Fargo & Co. | 807 | 33,321 | ||||||
Western Union Co. | 1,875 | 23,156 | ||||||
WEX, Inc.* | 441 | 86,515 | ||||||
Willis Towers Watson PLC | 806 | 166,649 | ||||||
Wintrust Financial Corp. | 266 | 20,644 | ||||||
|
| |||||||
(Cost $11,092,591) | 12,469,102 | |||||||
|
| |||||||
Health Care — 11.0% | ||||||||
Abbott Laboratories | 735 | 75,631 | ||||||
AbbVie, Inc. | 712 | 104,636 | ||||||
Acadia Healthcare Co., Inc.* | 1,623 | 125,133 | ||||||
Agilent Technologies, Inc. | 1,371 | 165,987 | ||||||
Align Technology, Inc.* | 270 | 99,938 | ||||||
Amgen, Inc. | 361 | 92,539 | ||||||
Avantor, Inc.* | 659 | 14,267 | ||||||
Baxter International, Inc. | 706 | 28,664 | ||||||
Becton Dickinson and Co. | 228 | 63,715 | ||||||
Biogen, Inc.* | 269 | 71,920 | ||||||
BioMarin Pharmaceutical, Inc.* | 730 | 66,707 | ||||||
Bio-Techne Corp. | 877 | 68,757 | ||||||
Boston Scientific Corp.* | 1,562 | 84,254 | ||||||
Bristol-Myers Squibb Co. | 960 | 59,184 | ||||||
Bruker Corp. | 841 | 55,170 | ||||||
Cardinal Health, Inc. | 16,820 | 1,468,891 | ||||||
Cencora, Inc. | 6,664 | 1,172,731 | ||||||
Centene Corp.* | 3,562 | 219,597 | ||||||
Charles River Laboratories International, Inc.* | 445 | 92,035 | ||||||
Chemed Corp. | 514 | 262,880 | ||||||
Cigna Group | 1,069 | 295,322 | ||||||
Cooper Cos., Inc. | 340 | 125,797 | ||||||
CVS Health Corp. | 1,497 | 97,559 | ||||||
Danaher Corp. | 125 | 33,125 | ||||||
DaVita, Inc.* | 1,358 | 139,086 | ||||||
DENTSPLY SIRONA, Inc. | 823 | 30,525 | ||||||
Dexcom, Inc.* | 711 | 71,797 | ||||||
Edwards Lifesciences Corp.* | 2,958 | 226,198 | ||||||
Elevance Health, Inc. | 602 | 266,090 | ||||||
Eli Lilly & Co. | 54 | 29,927 | ||||||
Encompass Health Corp. | 4,014 | 285,155 | ||||||
Enovis Corp.* | 1,783 | 99,919 | ||||||
Envista Holdings Corp.* | 507 | 16,234 | ||||||
Exelixis, Inc.* | 6,129 | 137,228 | ||||||
Fortrea Holdings, Inc.* | 656 | 18,073 | ||||||
GE HealthCare Technologies, Inc. | 2,580 | 181,761 | ||||||
Gilead Sciences, Inc. | 3,362 | 257,126 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Globus Medical, Inc., Class A* | 1,468 | $ | 79,419 | |||||
HCA Healthcare, Inc. | 1,380 | 382,674 | ||||||
Henry Schein, Inc.* | 3,963 | 303,328 | ||||||
Hologic, Inc.* | 5,412 | 404,493 | ||||||
Horizon Therapeutics PLC* | 1,039 | 117,137 | ||||||
Humana, Inc. | 958 | 442,242 | ||||||
ICON PLC* | 332 | 86,300 | ||||||
IDEXX Laboratories, Inc.* | 456 | 233,203 | ||||||
Incyte Corp.* | 1,464 | 94,472 | ||||||
Inspire Medical Systems, Inc.* | 48 | 10,890 | ||||||
Insulet Corp.* | 20 | 3,834 | ||||||
Integra LifeSciences Holdings Corp.* | 306 | 13,017 | ||||||
Intuitive Surgical, Inc.* | 457 | 142,895 | ||||||
IQVIA Holdings, Inc.* | 356 | 79,256 | ||||||
Jazz Pharmaceuticals PLC* | 611 | 87,593 | ||||||
Johnson & Johnson | 109 | 17,623 | ||||||
Laboratory Corp. of America Holdings | 656 | 136,514 | ||||||
Masimo Corp.* | 97 | 11,085 | ||||||
McKesson Corp. | 3,230 | 1,331,794 | ||||||
Medpace Holdings, Inc.* | 314 | 84,865 | ||||||
Medtronic PLC | 1,240 | 101,060 | ||||||
Merck & Co., Inc. | 1,166 | 127,071 | ||||||
Mettler-Toledo International, Inc.* | 135 | 163,820 | ||||||
Molina Healthcare, Inc.* | 2,002 | 620,860 | ||||||
Neurocrine Biosciences, Inc.* | 1,079 | 117,492 | ||||||
Organon & Co. | 687 | 15,087 | ||||||
Perrigo Co. PLC | 447 | 15,645 | ||||||
Pfizer, Inc. | 1,138 | 40,262 | ||||||
Premier, Inc., Class A | 4,465 | 96,131 | ||||||
QIAGEN NV* | 1,761 | 80,108 | ||||||
Quest Diagnostics, Inc. | 1,585 | 208,427 | ||||||
Regeneron Pharmaceuticals, Inc.* | 215 | 177,695 | ||||||
Repligen Corp.* | 137 | 23,826 | ||||||
ResMed, Inc. | 690 | 110,117 | ||||||
Revvity, Inc. | 188 | 22,002 | ||||||
Royalty Pharma PLC, Class A | 1,108 | 33,041 | ||||||
Seagen, Inc.* | 115 | 23,698 | ||||||
Shockwave Medical, Inc.* | 87 | 19,174 | ||||||
STERIS PLC | 438 | 100,560 | ||||||
Stryker Corp. | 318 | 90,169 | ||||||
Syneos Health, Inc.* | 722 | 30,851 | ||||||
Teleflex, Inc. | 268 | 57,014 | ||||||
Tenet Healthcare Corp.* | 2,120 | 164,427 | ||||||
Thermo Fisher Scientific, Inc. | 105 | 58,495 | ||||||
United Therapeutics Corp.* | 545 | 122,276 | ||||||
UnitedHealth Group, Inc. | 32 | 15,251 | ||||||
Universal Health Services, Inc., Class B | 2,229 | 300,246 | ||||||
Veeva Systems, Inc., Class A* | 455 | 94,958 | ||||||
Vertex Pharmaceuticals, Inc.* | 920 | 320,473 | ||||||
Viatris, Inc. | 4,635 | 49,826 | ||||||
Waters Corp.* | 269 | 75,535 | ||||||
West Pharmaceutical Services, Inc. | 873 | 355,224 | ||||||
Zimmer Biomet Holdings, Inc. | 1,318 | 157,000 | ||||||
Zoetis, Inc. | 715 | 136,215 | ||||||
|
| |||||||
(Cost $13,733,369) | 14,890,228 | |||||||
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials — 20.7% | ||||||||
3M Co. | 738 | $ | 78,722 | |||||
A O Smith Corp. | 3,089 | 223,953 | ||||||
Acuity Brands, Inc. | 1,082 | 174,505 | ||||||
Advanced Drainage Systems, Inc. | 1,181 | 151,357 | ||||||
AECOM | 3,498 | 306,950 | ||||||
AGCO Corp. | 2,308 | 298,955 | ||||||
Air Lease Corp. | 1,808 | 73,694 | ||||||
Alaska Air Group, Inc.* | 6,765 | 283,927 | ||||||
Allegion PLC | 509 | 57,929 | ||||||
Allison Transmission Holdings, Inc. | 4,849 | 293,122 | ||||||
American Airlines Group, Inc.* | 2,172 | 31,994 | ||||||
AMETEK, Inc. | 1,665 | 265,584 | ||||||
Armstrong World Industries, Inc. | 326 | 24,968 | ||||||
Automatic Data Processing, Inc. | 693 | 176,445 | ||||||
Avis Budget Group, Inc.* | 270 | 57,615 | ||||||
Axon Enterprise, Inc.* | 77 | 16,394 | ||||||
AZEK Co., Inc.* | 503 | 17,107 | ||||||
Boeing Co.* | 60 | 13,442 | ||||||
Booz Allen Hamilton Holding Corp. | 1,756 | 198,972 | ||||||
Broadridge Financial Solutions, Inc. | 1,144 | 213,024 | ||||||
Builders FirstSource, Inc.* | 5,164 | 748,987 | ||||||
BWX Technologies, Inc. | 1,764 | 130,113 | ||||||
C.H. Robinson Worldwide, Inc. | 3,943 | 356,566 | ||||||
CACI International, Inc., Class A* | 948 | 310,953 | ||||||
Carlisle Cos., Inc. | 955 | 251,184 | ||||||
Carrier Global Corp. | 6,905 | 396,692 | ||||||
Caterpillar, Inc. | 595 | 167,272 | ||||||
Ceridian HCM Holding, Inc.* | 448 | 32,489 | ||||||
Cintas Corp. | 483 | 243,514 | ||||||
Clean Harbors, Inc.* | 2,902 | 491,425 | ||||||
CNH Industrial NV | 16,916 | 233,102 | ||||||
Copart, Inc.* | 8,868 | 397,552 | ||||||
Core & Main, Inc., Class A* | 2,443 | 80,228 | ||||||
CSX Corp. | 5,593 | 168,909 | ||||||
Cummins, Inc. | 756 | 173,910 | ||||||
Curtiss-Wright Corp. | 674 | 140,185 | ||||||
Deere & Co. | 148 | 60,819 | ||||||
Delta Air Lines, Inc. | 5,076 | 217,659 | ||||||
Donaldson Co., Inc. | 4,511 | 288,118 | ||||||
Dover Corp. | 1,170 | 173,511 | ||||||
Driven Brands Holdings, Inc.* | 329 | 4,951 | ||||||
Dun & Bradstreet Holdings, Inc. | 1,540 | 16,786 | ||||||
Eaton Corp. PLC | 902 | 207,794 | ||||||
EMCOR Group, Inc. | 3,057 | 685,532 | ||||||
Emerson Electric Co. | 308 | 30,261 | ||||||
Equifax, Inc. | 388 | 80,200 | ||||||
Esab Corp. | 1,532 | 110,564 | ||||||
Expeditors International of Washington, Inc. | 4,806 | 560,908 | ||||||
Fastenal Co. | 6,684 | 384,865 | ||||||
FedEx Corp. | 1,586 | 413,978 | ||||||
Ferguson PLC | 791 | 127,794 | ||||||
Flowserve Corp. | 1,089 | 43,092 | ||||||
Fortive Corp. | 2,616 | 206,272 | ||||||
Fortune Brands Innovations, Inc. | 4,960 | 342,339 | ||||||
FTI Consulting, Inc.* | 910 | 169,096 | ||||||
Gates Industrial Corp. PLC* | 895 | 10,991 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
General Dynamics Corp. | 628 | $ | 142,330 | |||||
General Electric Co. | 567 | 64,899 | ||||||
Genpact Ltd. | 2,115 | 78,953 | ||||||
Graco, Inc. | 3,438 | 271,396 | ||||||
GXO Logistics, Inc.* | 925 | 59,172 | ||||||
HEICO Corp. | 536 | 90,429 | ||||||
HEICO Corp., Class A | 986 | 133,534 | ||||||
Hexcel Corp. | 1,225 | 89,793 | ||||||
Honeywell International, Inc. | 359 | 67,470 | ||||||
Howmet Aerospace, Inc. | 1,722 | 85,187 | ||||||
Hubbell, Inc. | 1,105 | 360,285 | ||||||
Huntington Ingalls Industries, Inc. | 639 | 140,784 | ||||||
IDEX Corp. | 633 | 143,311 | ||||||
Illinois Tool Works, Inc. | 1,203 | 297,562 | ||||||
Ingersoll Rand, Inc. | 2,123 | 147,782 | ||||||
ITT, Inc. | 1,796 | 183,695 | ||||||
Jacobs Solutions, Inc. | 957 | 129,023 | ||||||
JB Hunt Transport Services, Inc. | 1,682 | 316,014 | ||||||
Johnson Controls International PLC | 4,235 | 250,119 | ||||||
KBR, Inc. | 1,993 | 122,609 | ||||||
Kirby Corp.* | 1,010 | 83,658 | ||||||
Knight-Swift Transportation Holdings, Inc. | 7,592 | 416,193 | ||||||
L3Harris Technologies, Inc. | 147 | 26,179 | ||||||
Landstar System, Inc. | 2,336 | 443,396 | ||||||
Leidos Holdings, Inc. | 2,603 | 253,819 | ||||||
Lennox International, Inc. | 591 | 222,695 | ||||||
Lincoln Electric Holdings, Inc. | 1,107 | 213,053 | ||||||
Lockheed Martin Corp. | 275 | 123,296 | ||||||
ManpowerGroup, Inc. | 1,474 | 116,254 | ||||||
Masco Corp. | 5,832 | 344,146 | ||||||
MasTec, Inc.* | 357 | 35,518 | ||||||
MDU Resources Group, Inc. | 7,295 | 148,526 | ||||||
Middleby Corp.* | 467 | 67,991 | ||||||
MSA Safety, Inc. | 502 | 91,705 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,848 | 188,607 | ||||||
Nordson Corp. | 975 | 238,037 | ||||||
Norfolk Southern Corp. | 689 | 141,252 | ||||||
Northrop Grumman Corp. | 171 | 74,058 | ||||||
nVent Electric PLC | 3,020 | 170,751 | ||||||
Old Dominion Freight Line, Inc. | 683 | 291,894 | ||||||
Oshkosh Corp. | 1,764 | 183,156 | ||||||
Otis Worldwide Corp. | 3,997 | 341,943 | ||||||
Owens Corning | 3,571 | 513,903 | ||||||
PACCAR, Inc. | 6,213 | 511,268 | ||||||
Parker-Hannifin Corp. | 541 | 225,543 | ||||||
Paychex, Inc. | 848 | 103,651 | ||||||
Paycom Software, Inc. | 533 | 157,150 | ||||||
Paylocity Holding Corp.* | 75 | 15,038 | ||||||
Pentair PLC | 977 | 68,644 | ||||||
Quanta Services, Inc. | 2,131 | 447,233 | ||||||
RB Global, Inc. | 4,035 | 249,040 | ||||||
RBC Bearings, Inc.* | 135 | 31,123 | ||||||
Regal Rexnord Corp. | 1,011 | 163,974 | ||||||
Republic Services, Inc. | 1,331 | 191,837 | ||||||
Robert Half, Inc. | 2,487 | 183,939 | ||||||
Rockwell Automation, Inc. | 565 | 176,325 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
Rollins, Inc. | 3,509 | $ | 138,851 | |||||
RTX Corp. | 448 | 38,546 | ||||||
Ryder System, Inc. | 870 | 87,609 | ||||||
Saia, Inc.* | 490 | 208,838 | ||||||
Schneider National, Inc., Class B | 3,363 | 97,224 | ||||||
Science Applications International Corp. | 3,030 | 356,510 | ||||||
Sensata Technologies Holding PLC | 782 | 29,419 | ||||||
SiteOne Landscape Supply, Inc.* | 662 | 113,328 | ||||||
Snap-on, Inc. | 1,105 | 296,803 | ||||||
Southwest Airlines Co. | 4,305 | 136,038 | ||||||
SS&C Technologies Holdings, Inc. | 1,897 | 108,926 | ||||||
Stanley Black & Decker, Inc. | 185 | 17,460 | ||||||
Stericycle, Inc.* | 1,305 | 57,694 | ||||||
Tetra Tech, Inc. | 1,241 | 195,271 | ||||||
Textron, Inc. | 1,903 | 147,882 | ||||||
Timken Co. | 2,225 | 170,035 | ||||||
Toro Co. | 1,285 | 131,481 | ||||||
Trane Technologies PLC | 2,005 | 411,546 | ||||||
TransDigm Group, Inc.* | 100 | 90,385 | ||||||
TransUnion | 238 | 19,330 | ||||||
Trex Co., Inc.* | 1,210 | 86,358 | ||||||
U-Haul Holding Co. | 1,359 | 72,353 | ||||||
U-Haul Holding Co. | 569 | 32,416 | ||||||
Union Pacific Corp. | 233 | 51,393 | ||||||
United Airlines Holdings, Inc.* | 4,155 | 206,961 | ||||||
United Parcel Service, Inc., Class B | 871 | 147,547 | ||||||
United Rentals, Inc. | 864 | 411,731 | ||||||
Valmont Industries, Inc. | 866 | 219,531 | ||||||
Verisk Analytics, Inc. | 1,055 | 255,542 | ||||||
Vertiv Holdings Co. | 677 | 26,667 | ||||||
W.W. Grainger, Inc. | 578 | 412,773 | ||||||
Waste Management, Inc. | 1,692 | 265,272 | ||||||
Watsco, Inc. | 1,100 | 401,005 | ||||||
WESCO International, Inc. | 189 | 30,590 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,646 | 185,208 | ||||||
WillScot Mobile Mini Holdings Corp.* | 2,226 | 91,311 | ||||||
Woodward, Inc. | 716 | 92,629 | ||||||
XPO, Inc.* | 1,356 | 101,198 | ||||||
Xylem, Inc. | 1,309 | 135,534 | ||||||
|
| |||||||
(Cost $23,100,669) | 27,925,607 | |||||||
|
| |||||||
Information Technology — 16.1% | ||||||||
Accenture PLC, Class A | 169 | 54,717 | ||||||
Adobe, Inc.* | 567 | 317,146 | ||||||
Advanced Micro Devices, Inc.* | 62 | 6,555 | ||||||
Akamai Technologies, Inc.* | 2,442 | 256,630 | ||||||
Allegro MicroSystems, Inc.* | 1,821 | 69,653 | ||||||
Amdocs Ltd. | 7,756 | 691,835 | ||||||
Amphenol Corp., Class A | 7,352 | 649,770 | ||||||
Analog Devices, Inc. | 2,225 | 404,461 | ||||||
ANSYS, Inc.* | 797 | 254,139 | ||||||
Apple, Inc. | 2,188 | 411,060 | ||||||
Applied Materials, Inc. | 3,250 | 496,470 | ||||||
Arista Networks, Inc.* | 1,069 | 208,701 | ||||||
Arrow Electronics, Inc.* | 1,128 | 150,509 | ||||||
Atlassian Corp., Class A* | 705 | 143,862 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Autodesk, Inc.* | 2,391 | $ | 530,659 | |||||
Avnet, Inc. | 2,912 | 147,784 | ||||||
Bentley Systems, Inc., Class B | 314 | 15,672 | ||||||
Black Knight, Inc.* | 943 | 71,442 | ||||||
Broadcom, Inc. | 103 | 95,058 | ||||||
Cadence Design Systems, Inc.* | 2,129 | 511,897 | ||||||
CCC Intelligent Solutions Holdings, Inc.* | 1,504 | 16,093 | ||||||
CDW Corp. | 5,162 | 1,089,956 | ||||||
Ciena Corp.* | 193 | 9,646 | ||||||
Cirrus Logic, Inc.* | 3,020 | 247,761 | ||||||
Cisco Systems, Inc. | 2,482 | 142,343 | ||||||
Cognex Corp. | 1,444 | 67,984 | ||||||
Cognizant Technology Solutions Corp., Class A | 9,907 | 709,440 | ||||||
Corning, Inc. | 8,203 | 269,222 | ||||||
Crane NXT Co. | 1,590 | 94,382 | ||||||
Crowdstrike Holdings, Inc., Class A* | 88 | 14,347 | ||||||
Dolby Laboratories, Inc., Class A | 3,149 | 265,996 | ||||||
DoubleVerify Holdings, Inc.* | 931 | 31,477 | ||||||
Dropbox, Inc., Class A* | 12,461 | 346,291 | ||||||
DXC Technology Co.* | 805 | 16,696 | ||||||
Dynatrace, Inc.* | 827 | 39,861 | ||||||
Enphase Energy, Inc.* | 74 | 9,363 | ||||||
EPAM Systems, Inc.* | 196 | 50,762 | ||||||
F5, Inc.* | 1,526 | 249,745 | ||||||
Fair Isaac Corp.* | 153 | 138,402 | ||||||
First Solar, Inc.* | 105 | 19,858 | ||||||
Fortinet, Inc.* | 6,271 | 377,577 | ||||||
Gartner, Inc.* | 1,692 | 591,659 | ||||||
Globant SA* | 158 | 32,306 | ||||||
GoDaddy, Inc., Class A* | 2,032 | 147,340 | ||||||
Guidewire Software, Inc.* | 181 | 15,644 | ||||||
Hewlett Packard Enterprise Co. | 33,150 | 563,219 | ||||||
HP, Inc. | 10,067 | 299,091 | ||||||
HubSpot, Inc.* | 104 | 56,838 | ||||||
Intel Corp. | 865 | 30,396 | ||||||
International Business Machines Corp. | 680 | 99,844 | ||||||
Intuit, Inc. | 47 | 25,465 | ||||||
IPG Photonics Corp.* | 1,336 | 144,769 | ||||||
Jabil, Inc. | 8,427 | 964,217 | ||||||
Juniper Networks, Inc. | 3,054 | 88,933 | ||||||
Keysight Technologies, Inc.* | 1,634 | 217,812 | ||||||
KLA Corp. | 1,612 | 809,014 | ||||||
Kyndryl Holdings, Inc.* | 1,320 | 22,282 | ||||||
Lam Research Corp. | 490 | 344,176 | ||||||
Lattice Semiconductor Corp.* | 2,541 | 247,138 | ||||||
Littelfuse, Inc. | 293 | 78,254 | ||||||
Lumentum Holdings, Inc.* | 220 | 11,909 | ||||||
Manhattan Associates, Inc.* | 2,182 | 442,117 | ||||||
Marvell Technology, Inc. | 212 | 12,349 | ||||||
Microchip Technology, Inc. | 9,511 | 778,380 | ||||||
Micron Technology, Inc. | 5,778 | 404,113 | ||||||
Microsoft Corp. | 978 | 320,549 | ||||||
Monolithic Power Systems, Inc. | 191 | 99,551 | ||||||
Motorola Solutions, Inc. | 1,070 | 303,420 | ||||||
National Instruments Corp. | 1,047 | 62,401 | ||||||
NetApp, Inc. | 4,381 | 336,023 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Information Technology (Continued) | ||||||||
New Relic, Inc.* | 204 | $ | 17,362 | |||||
NVIDIA Corp. | 37 | 18,261 | ||||||
ON Semiconductor Corp.* | 5,114 | 503,524 | ||||||
Oracle Corp. | 525 | 63,205 | ||||||
Palo Alto Networks, Inc.* | 206 | 50,120 | ||||||
PTC, Inc.* | 894 | 131,570 | ||||||
Pure Storage, Inc., Class A* | 2,847 | 104,172 | ||||||
Qorvo, Inc.* | 678 | 72,810 | ||||||
QUALCOMM, Inc. | 738 | 84,523 | ||||||
Roper Technologies, Inc. | 101 | 50,405 | ||||||
Salesforce, Inc.* | 246 | 54,479 | ||||||
ServiceNow, Inc.* | 102 | 60,061 | ||||||
Skyworks Solutions, Inc. | 3,768 | 409,732 | ||||||
Smartsheet, Inc., Class A* | 315 | 13,145 | ||||||
Snowflake, Inc., Class A* | 114 | 17,881 | ||||||
Synopsys, Inc.* | 739 | 339,120 | ||||||
TD SYNNEX Corp. | 2,482 | 252,544 | ||||||
Teledyne Technologies, Inc.* | 308 | 128,836 | ||||||
Teradata Corp.* | 3,796 | 175,641 | ||||||
Teradyne, Inc. | 2,479 | 267,410 | ||||||
Texas Instruments, Inc. | 1,915 | 321,835 | ||||||
Trimble, Inc.* | 418 | 22,902 | ||||||
Tyler Technologies, Inc.* | 435 | 173,317 | ||||||
Universal Display Corp. | 902 | 146,629 | ||||||
VeriSign, Inc.* | 3,303 | 686,330 | ||||||
VMware, Inc., Class A* | 372 | 62,786 | ||||||
Vontier Corp. | 2,947 | 92,565 | ||||||
Western Digital Corp.* | 645 | 29,025 | ||||||
Workday, Inc., Class A* | 372 | 90,954 | ||||||
Zebra Technologies Corp., Class A* | 230 | 63,252 | ||||||
Zoom Video Communications, Inc., Class A* | 189 | 13,425 | ||||||
|
| |||||||
(Cost $18,251,815) | 21,762,252 | |||||||
|
| |||||||
Materials — 6.8% | ||||||||
Air Products and Chemicals, Inc. | 748 | 221,027 | ||||||
Albemarle Corp. | 862 | 171,288 | ||||||
Amcor PLC | 8,494 | 82,732 | ||||||
AptarGroup, Inc. | 1,271 | 168,484 | ||||||
Ashland, Inc. | 488 | 42,275 | ||||||
Avery Dennison Corp. | 1,796 | 338,331 | ||||||
Axalta Coating Systems Ltd.* | 2,907 | 82,268 | ||||||
Ball Corp. | 1,329 | 72,364 | ||||||
Berry Global Group, Inc. | 4,199 | 274,363 | ||||||
Celanese Corp. | 83 | 10,488 | ||||||
CF Industries Holdings, Inc. | 2,259 | 174,101 | ||||||
Chemours Co. | 460 | 15,649 | ||||||
Cleveland-Cliffs, Inc.* | 1,461 | 22,339 | ||||||
Corteva, Inc. | 2,827 | 142,792 | ||||||
Crown Holdings, Inc. | 1,191 | 110,358 | ||||||
Dow, Inc. | 4,052 | 221,077 | ||||||
DuPont de Nemours, Inc. | 2,481 | 190,764 | ||||||
Eagle Materials, Inc. | 1,703 | 322,412 | ||||||
Eastman Chemical Co. | 1,222 | 103,882 | ||||||
Ecolab, Inc. | 769 | 141,350 | ||||||
Element Solutions, Inc. | 1,664 | 34,312 | ||||||
FMC Corp. | 749 | 64,586 | ||||||
Freeport-McMoRan, Inc. | 598 | 23,866 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Graphic Packaging Holding Co. | 17,033 | $ | 378,814 | |||||
Huntsman Corp. | 3,918 | 109,195 | ||||||
International Flavors & Fragrances, Inc. | 255 | 17,965 | ||||||
International Paper Co. | 2,634 | 91,979 | ||||||
Linde PLC | 201 | 77,795 | ||||||
Louisiana-Pacific Corp. | 1,498 | 93,595 | ||||||
LyondellBasell Industries NV, Class A | 6,043 | 596,867 | ||||||
Martin Marietta Materials, Inc. | 296 | 132,137 | ||||||
Mosaic Co. | 694 | 26,962 | ||||||
NewMarket Corp. | 389 | 182,690 | ||||||
Newmont Corp. | 333 | 13,127 | ||||||
Nucor Corp. | 5,363 | 922,972 | ||||||
Olin Corp. | 2,361 | 136,985 | ||||||
Packaging Corp. of America | 1,524 | 227,228 | ||||||
PPG Industries, Inc. | 1,148 | 162,740 | ||||||
Reliance Steel & Aluminum Co. | 3,816 | 1,087,407 | ||||||
Royal Gold, Inc. | 722 | 80,929 | ||||||
RPM International, Inc. | 1,134 | 113,105 | ||||||
Sealed Air Corp. | 874 | 32,390 | ||||||
Sherwin-Williams Co. | 461 | 125,263 | ||||||
Silgan Holdings, Inc. | 4,516 | 203,807 | ||||||
Sonoco Products Co. | 1,923 | 110,476 | ||||||
Southern Copper Corp. | 297 | 23,956 | ||||||
Steel Dynamics, Inc. | 6,087 | 648,813 | ||||||
United States Steel Corp. | 5,878 | 182,747 | ||||||
Vulcan Materials Co. | 710 | 154,958 | ||||||
Westlake Corp. | 1,225 | 160,451 | ||||||
Westrock Co. | 1,201 | 39,285 | ||||||
|
| |||||||
(Cost $7,408,873) | 9,165,746 | |||||||
|
| |||||||
Real Estate — 3.1% | ||||||||
Agree Realty Corp. REIT | 395 | 24,419 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 108 | 12,565 | ||||||
American Homes 4 Rent, Class A REIT | 1,279 | 46,095 | ||||||
American Tower Corp. REIT | 47 | 8,522 | ||||||
Americold Realty Trust, Inc. REIT | 225 | 7,571 | ||||||
Apartment Income REIT Corp. REIT | 4,946 | 168,461 | ||||||
AvalonBay Communities, Inc. REIT | 589 | 108,270 | ||||||
Brixmor Property Group, Inc. REIT | 2,732 | 60,049 | ||||||
Camden Property Trust REIT | 590 | 63,496 | ||||||
CBRE Group, Inc., Class A* | 4,451 | 378,558 | ||||||
CoStar Group, Inc.* | 1,197 | 98,142 | ||||||
Crown Castle, Inc. REIT | 140 | 14,070 | ||||||
CubeSmart REIT | 2,440 | 101,772 | ||||||
EastGroup Properties, Inc. REIT | 545 | 97,898 | ||||||
EPR Properties REIT | 868 | 38,869 | ||||||
Equinix, Inc. REIT | 58 | 45,320 | ||||||
Equity LifeStyle Properties, Inc. REIT | 1,200 | 80,352 | ||||||
Equity Residential REIT | 801 | 51,929 | ||||||
Essex Property Trust, Inc. REIT | 115 | 27,415 | ||||||
Extra Space Storage, Inc. REIT | 1,703 | 219,142 | ||||||
Federal Realty Investment Trust REIT | 802 | 78,548 | ||||||
First Industrial Realty Trust, Inc. REIT | 3,739 | 194,204 | ||||||
Gaming and Leisure Properties, Inc. REIT | 1,205 | 57,117 | ||||||
Healthpeak Properties, Inc. REIT | 1,225 | 25,210 | ||||||
Host Hotels & Resorts, Inc. REIT | 10,719 | 169,253 | ||||||
Howard Hughes Holdings, Inc.* | 207 | 16,281 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Invitation Homes, Inc. REIT | 1,487 | $ | 50,692 | |||||
Iron Mountain, Inc. REIT | 3,139 | 199,452 | ||||||
Jones Lang LaSalle, Inc.* | 407 | 70,330 | ||||||
Kimco Realty Corp. REIT | 1,185 | 22,444 | ||||||
Lamar Advertising Co., Class A REIT | 1,754 | 160,000 | ||||||
Mid-America Apartment Communities, Inc. REIT | 657 | 95,416 | ||||||
National Storage Affiliates Trust REIT | 268 | 9,005 | ||||||
NNN REIT, Inc. REIT | 2,365 | 93,157 | ||||||
Omega Healthcare Investors, Inc. REIT | 4,277 | 136,094 | ||||||
Prologis, Inc. REIT | 554 | 68,807 | ||||||
Public Storage REIT | 815 | 225,250 | ||||||
Rayonier, Inc. REIT | 385 | 11,511 | ||||||
Realty Income Corp. REIT | 586 | 32,839 | ||||||
Regency Centers Corp. REIT | 1,607 | 99,955 | ||||||
Rexford Industrial Realty, Inc. REIT | 408 | 21,816 | ||||||
SBA Communications Corp. REIT | 135 | 30,312 | ||||||
Simon Property Group, Inc. REIT | 591 | 67,073 | ||||||
Spirit Realty Capital, Inc. REIT | 2,163 | 83,513 | ||||||
STAG Industrial, Inc. REIT | 2,001 | 73,097 | ||||||
Sun Communities, Inc. REIT | 98 | 11,997 | ||||||
UDR, Inc. REIT | 565 | 22,543 | ||||||
Ventas, Inc. REIT | 129 | 5,635 | ||||||
VICI Properties, Inc. REIT | 3,193 | 98,472 | ||||||
Welltower, Inc. REIT | 209 | 17,322 | ||||||
Weyerhaeuser Co. REIT | 7,567 | 247,819 | ||||||
WP Carey, Inc. REIT | 542 | 35,257 | ||||||
|
| |||||||
(Cost $4,080,182) | 4,183,336 | |||||||
|
| |||||||
Utilities — 3.3% | ||||||||
AES Corp. | 4,777 | 85,652 | ||||||
Alliant Energy Corp. | 1,431 | 71,793 | ||||||
Ameren Corp. | 2,301 | 182,400 | ||||||
American Electric Power Co., Inc. | 1,942 | 152,253 | ||||||
American Water Works Co., Inc. | 629 | 87,267 | ||||||
Atmos Energy Corp. | 1,230 | 142,618 | ||||||
Avangrid, Inc. | 319 | 11,005 | ||||||
Brookfield Renewable Corp., Class A | 1,335 | 37,313 | ||||||
CenterPoint Energy, Inc. | 4,799 | 133,844 | ||||||
Clearway Energy, Inc., Class A | 699 | 16,385 | ||||||
Clearway Energy, Inc., Class C | 1,005 | 24,894 | ||||||
CMS Energy Corp. | 1,662 | 93,388 | ||||||
Consolidated Edison, Inc. | 3,016 | 268,303 | ||||||
Constellation Energy Corp. | 284 | 29,581 | ||||||
Dominion Energy, Inc. | 421 | 20,435 | ||||||
DTE Energy Co. | 1,189 | 122,919 | ||||||
Duke Energy Corp. | 966 | 85,781 | ||||||
Edison International | 3,701 | 254,814 | ||||||
Entergy Corp. | 1,695 | 161,449 | ||||||
Essential Utilities, Inc. | 1,533 | 56,568 | ||||||
Evergy, Inc. | 2,532 | 139,184 | ||||||
Eversource Energy | 1,779 | 113,536 | ||||||
Exelon Corp. | 4,036 | 161,924 | ||||||
FirstEnergy Corp. | 3,611 | 130,249 | ||||||
Hawaiian Electric Industries, Inc. | 2,242 | 31,433 | ||||||
IDACORP, Inc. | 1,044 | 100,057 | ||||||
National Fuel Gas Co. | 980 | 52,665 | ||||||
NextEra Energy, Inc. | 866 | 57,849 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
NiSource, Inc. | 6,958 | $ | 186,196 | |||||
NRG Energy, Inc. | 2,694 | 101,160 | ||||||
OGE Energy Corp. | 4,996 | 170,114 | ||||||
Pinnacle West Capital Corp. | 3,266 | 252,364 | ||||||
PPL Corp. | 5,087 | 126,768 | ||||||
Public Service Enterprise Group, Inc. | 1,982 | 121,061 | ||||||
Sempra | 1,290 | 90,584 | ||||||
Southern Co. | 2,419 | 163,839 | ||||||
UGI Corp. | 1,697 | 42,730 | ||||||
Vistra Corp. | 625 | 19,638 | ||||||
WEC Energy Group, Inc. | 1,584 | 133,246 | ||||||
Xcel Energy, Inc. | 2,964 | 169,333 | ||||||
|
| |||||||
(Cost $4,500,287) | 4,402,592 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 134,143,025 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.4% | ||||||||
iShares Russell 1000 ETF | 2,000 | 495,580 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | 139,790 | 139,790 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 134,778,395 | ||||||
Other assets and liabilities, net — 0.1% | 186,896 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 134,965,291 | ||||||
|
|
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell US Multifactor ETF (Continued)
August 31, 2023
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b) |
| |||||||||||||||||||||||||||||||||||
304,334 | — | (304,334 | ) (c) | — | — | 3,253 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
657,286 | 4,682,769 | (5,200,265 | ) | — | — | 16,724 | — | 139,790 | 139,790 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
961,620 | 4,682,769 | (5,504,599 | ) | — | — | 19,977 | — | 139,790 | 139,790 | |||||||||||||||||||||||||||
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* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: Real Estate Investment Trust
At August 31, 2023, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
S&P Mid 400 E-Mini Futures | USD | 1 | $ | 219,414 | $ | 225,800 | 9/15/2023 | $ | 6,386 |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 134,143,025 | $ | — | $ | — | $ | 134,143,025 | ||||||||
Exchange-Traded Funds | 495,580 | — | — | 495,580 | ||||||||||||
Short-Term Investments (a) | 139,790 | — | — | 139,790 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 6,386 | — | — | 6,386 | ||||||||||||
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| |||||||||
TOTAL | $ | 134,784,781 | $ | — | $ | — | $ | 134,784,781 | ||||||||
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(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 56 |
This Page is Intentionally Left Blank
DBX ETF Trust
August 31, 2023
Xtrackers FTSE Developed ex US Multifactor ETF | Xtrackers MSCI Kokusai Equity ETF | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | Xtrackers Russell US Multifactor ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 59,867,009 | $ | 516,049,677 | $ | 28,990,833 | $ | 134,638,605 | ||||||||
Investment in affiliated securities at value | 5,858 | 211,696 | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 24,747 | 820,287 | 14,718 | 139,790 | ||||||||||||
Cash | — | — | — | 27 | ||||||||||||
Foreign currency at value | 198,449 | 1,061,491 | — | — | ||||||||||||
Deposit with broker for futures contracts | 12,172 | 155,726 | — | 12,320 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 2,139,761 | — | — | ||||||||||||
Dividends | 157,620 | 976,487 | 55,711 | 193,487 | ||||||||||||
Interest | 88 | 2,990 | 41 | 841 | ||||||||||||
Foreign tax reclaim | 62,560 | 445,863 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 60,328,503 | $ | 521,863,978 | $ | 29,061,303 | $ | 134,985,070 | ||||||||
|
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|
|
| |||||||||
Liabilities | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | $ | — | $ | 2,108,032 | $ | 14,990 | $ | — | ||||||||
Investment advisory fees | 12,205 | 41,001 | 4,629 | 19,366 | ||||||||||||
Variation margin on futures contracts | 1,183 | 8,632 | — | 413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 13,388 | 2,157,665 | 19,619 | 19,779 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 60,315,115 | $ | 519,706,313 | $ | 29,041,684 | $ | 134,965,291 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 78,763,511 | $ | 484,739,145 | $ | 29,687,023 | $ | 155,315,489 | ||||||||
Distributable earnings (loss) | (18,448,396 | ) | 34,967,168 | (645,339 | ) | (20,350,198 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 60,315,115 | $ | 519,706,313 | $ | 29,041,684 | $ | 134,965,291 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 2,200,001 | 6,430,001 | 675,001 | 3,000,001 | ||||||||||||
|
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|
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| |||||||||
Net Asset Value | $ | 27.42 | $ | 80.83 | $ | 43.02 | $ | 44.99 | ||||||||
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|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 57,102,360 | $ | 475,393,360 | $ | 26,209,890 | $ | 118,565,804 | ||||||||
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| |||||||||
Investment in affiliated securities at cost | $ | 5,401 | $ | 222,831 | $ | — | $ | — | ||||||||
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Investment in DWS Government Money Market Series at cost | $ | 24,747 | $ | 820,287 | $ | 14,718 | $ | 139,790 | ||||||||
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Foreign currency at cost | $ | 200,158 | $ | 1,037,339 | $ | — | $ | — | ||||||||
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|
|
See Notes to Financial Statements. | 58 |
DBX ETF Trust
For the Year Ended August 31, 2023
Xtrackers FTSE Developed ex US Multifactor ETF | Xtrackers MSCI Kokusai Equity ETF | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | Xtrackers Russell US Multifactor ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 2,348,300 | $ | 10,895,479 | $ | 290,330 | $ | 2,740,135 | ||||||||
Affiliated dividend income | 211 | 6,841 | — | — | ||||||||||||
Income distributions from affiliated funds | 4,373 | 48,511 | 365 | 16,724 | ||||||||||||
Affiliated securities lending income | 13,305 | 34,025 | 416 | 3,253 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | — | — | 4,024 | ||||||||||||
|
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| |||||||||
Total investment income | 2,366,189 | 10,984,856 | 291,111 | 2,764,136 | ||||||||||||
|
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|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 225,320 | 469,123 | 31,782 | 237,977 | ||||||||||||
Other expenses | 153 | 58 | 195 | 153 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 225,473 | 469,181 | 31,977 | 238,130 | ||||||||||||
|
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|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (70,900 | ) | (860 | ) | (87 | ) | (297 | ) | ||||||||
|
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|
|
|
|
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| |||||||||
Net expenses | 154,573 | 468,321 | 31,890 | 237,833 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 2,211,616 | 10,516,535 | 259,221 | 2,526,303 | ||||||||||||
|
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|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (7,292,143 | ) | (4,627,657 | ) | 72,708 | (5,170,946 | ) | |||||||||
Investments in affiliates | (1,511 | ) | — | — | — | |||||||||||
In-kind redemptions | 1,856,332 | 11,888,245 | 522,181 | 9,084,335 | ||||||||||||
In-kind redemptions in affiliates | 46 | 2,962 | — | — | ||||||||||||
Futures contracts | 68,863 | 177,500 | — | 33,864 | ||||||||||||
Foreign currency transactions | (16,097 | ) | (20,638 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (5,384,510 | ) | 7,420,412 | 594,889 | 3,947,253 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 9,687,227 | 60,406,182 | 2,517,678 | 5,922,804 | ||||||||||||
Investments in affiliates | 2,324 | 51,096 | — | — | ||||||||||||
Futures contracts | 1,454 | 53,555 | — | (14,384 | ) | |||||||||||
Foreign currency translations | 9,084 | 74,934 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 9,700,089 | 60,585,767 | 2,517,678 | 5,908,420 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 4,315,579 | 68,006,179 | 3,112,567 | 9,855,673 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,527,195 | $ | 78,522,714 | $ | 3,371,788 | $ | 12,381,976 | ||||||||
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|
|
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| |||||||||
* Unaffiliated foreign tax withheld | $ | 262,189 | $ | 513,718 | $ | 8 | $ | 754 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF | Xtrackers MSCI Kokusai Equity ETF | |||||||||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,211,616 | $ | 2,378,827 | $ | 10,516,535 | $ | 9,830,418 | ||||||||
Net realized gain (loss) | (5,384,510 | ) | 4,012,437 | 7,420,412 | 108,176,625 | |||||||||||
Net change in net unrealized appreciation (depreciation) | 9,700,089 | (21,730,964 | ) | 60,585,767 | (190,678,220 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 6,527,195 | (15,339,700 | ) | 78,522,714 | (72,671,177 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (2,130,476 | ) | (2,665,644 | ) | (10,244,127 | ) | (10,748,298 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 6,891,035 | 34,320,381 | — | 219,667,883 | ||||||||||||
Value of shares redeemed | (16,975,746 | ) | (21,000,774 | ) | (50,947,243 | ) | (436,629,998 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (10,084,711 | ) | 13,319,607 | (50,947,243 | ) | (216,962,115 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (5,687,992 | ) | (4,685,737 | ) | 17,331,344 | (300,381,590 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of year | 66,003,107 | 70,688,844 | 502,374,969 | 802,756,559 | ||||||||||||
|
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|
|
|
|
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| |||||||||
End of year | $ | 60,315,115 | $ | 66,003,107 | $ | 519,706,313 | $ | 502,374,969 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 2,600,001 | 2,150,001 | 7,070,001 | 9,450,001 | ||||||||||||
Shares sold | 250,000 | 1,100,000 | — | 2,700,000 | ||||||||||||
Shares redeemed | (650,000 | ) | (650,000 | ) | (640,000 | ) | (5,080,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 2,200,001 | 2,600,001 | 6,430,001 | 7,070,001 | ||||||||||||
|
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|
|
|
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|
|
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | Xtrackers Russell US Multifactor ETF | |||||||||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 259,221 | $ | 265,165 | $ | 2,526,303 | $ | 2,754,876 | ||||||||
Net realized gain (loss) | 594,889 | 5,906,029 | 3,947,253 | 19,100,647 | ||||||||||||
Net change in net unrealized appreciation (depreciation) | 2,517,678 | (6,983,389 | ) | 5,908,420 | (35,604,641 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 3,371,788 | (812,195 | ) | 12,381,976 | (13,749,118 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (210,231 | ) | (319,266 | ) | (2,664,258 | ) | (2,701,417 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 18,421,557 | 1,772,590 | 28,235,429 | 38,220,376 | ||||||||||||
Value of shares redeemed | (3,689,886 | ) | (29,229,939 | ) | (48,688,101 | ) | (82,229,358 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 14,731,671 | (27,457,349 | ) | (20,452,672 | ) | (44,008,982 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 17,893,228 | (28,588,810 | ) | (10,734,954 | ) | (60,459,517 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of year | 11,148,456 | 39,737,266 | 145,700,245 | 206,159,762 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 29,041,684 | $ | 11,148,456 | $ | 134,965,291 | $ | 145,700,245 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 300,001 | 950,001 | 3,500,001 | 4,450,001 | ||||||||||||
Shares sold | 475,000 | 50,000 | 700,000 | 850,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (700,000 | ) | (1,200,000 | ) | (1,800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 675,001 | 300,001 | 3,000,001 | 3,500,001 | ||||||||||||
|
|
|
|
|
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|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Xtrackers FTSE Developed ex US Multifactor ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 25.39 | $ | 32.88 | $ | 27.84 | $ | 26.80 | $ | 28.84 | ||||||||||
|
|
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|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.90 | 1.01 | 0.84 | 0.62 | 0.83 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.98 | (7.37 | ) | 5.35 | 1.32 | (2.11 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.88 | (6.36 | ) | 6.19 | 1.94 | (1.28 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.85 | ) | (1.13 | ) | (1.15 | ) | (0.90 | ) | (0.76 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.85 | ) | (1.13 | ) | (1.15 | ) | (0.90 | ) | (0.76 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 27.42 | $ | 25.39 | $ | 32.88 | $ | 27.84 | $ | 26.80 | ||||||||||
|
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|
| |||||||||||
Total Return (%)(b) | 11.59 | (19.75 | ) | 22.69 | 7.49 | (4.51 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 60 | 66 | 71 | 72 | 72 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.24 | 0.24 | 0.24 | 0.24 | 0.29 | |||||||||||||||
Ratio of net investment income (loss) (%) | 3.44 | 3.45 | 2.75 | 2.37 | 3.05 | |||||||||||||||
Portfolio turnover rate (%)(c) | 52 | 56 | 53 | 43 | 51 |
Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2020(d) | ||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||
Net Asset Value, beginning of period | $ | 71.06 | $ | 84.95 | $ | 65.83 | $ | 50.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(a) | 1.50 | 1.53 | 1.28 | 0.49 | ||||||||||||
Net realized and unrealized gain (loss) | 9.72 | (13.73 | ) | 18.91 | 15.34 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 11.22 | (12.20 | ) | 20.19 | 15.83 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: |
| |||||||||||||||
Net investment income | (1.45 | ) | (1.69 | ) | (1.06 | ) | — | |||||||||
Net realized gains | — | — | (0.01 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1.45 | ) | (1.69 | ) | (1.07 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 80.83 | $ | 71.06 | $ | 84.95 | $ | 65.83 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%)(b) | 16.02 | (14.55 | ) | 30.87 | 31.66 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 520 | 502 | 803 | 132 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | * | |||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | * | |||||||||||
Ratio of net investment income (loss) (%) | 2.02 | 1.93 | 1.73 | 2.08 | * | |||||||||||
Portfolio turnover rate (%)(c) | 2 | 4 | 6 | 7 | ** |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(d) | For the period April 8, 2020 (commencement of operations) through August 31, 2020. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 37.16 | $ | 41.83 | $ | 31.43 | $ | 27.08 | $ | 27.29 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.61 | 0.53 | 0.52 | 0.52 | 0.51 | |||||||||||||||
Net realized and unrealized gain (loss) | 5.85 | (4.60 | ) | 10.44 | 4.42 | (0.25 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 6.46 | (4.07 | ) | 10.96 | 4.94 | 0.26 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.60 | ) | (0.60 | ) | (0.56 | ) | (0.59 | ) | (0.47 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.60 | ) | (0.60 | ) | (0.56 | ) | (0.59 | ) | (0.47 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 43.02 | $ | 37.16 | $ | 41.83 | $ | 31.43 | $ | 27.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(b) | 17.63 | (9.84 | ) | 35.25 | 18.72 | 1.03 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 29 | 11 | 40 | 101 | 111 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.55 | 1.29 | 1.51 | 1.85 | 1.93 | |||||||||||||||
Portfolio turnover rate (%)(c) | 34 | 14 | 13 | 22 | 31 |
Xtrackers Russell US Multifactor ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 41.63 | $ | 46.33 | $ | 34.84 | $ | 33.88 | $ | 33.93 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.77 | 0.72 | 0.56 | 0.62 | 0.57 | |||||||||||||||
Net realized and unrealized gain (loss) | 3.38 | (4.76 | ) | 11.47 | 0.96 | (0.09 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 4.15 | (4.04 | ) | 12.03 | 1.58 | 0.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.79 | ) | (0.66 | ) | (0.54 | ) | (0.62 | ) | (0.53 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.79 | ) | (0.66 | ) | (0.54 | ) | (0.62 | ) | (0.53 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 44.99 | $ | 41.63 | $ | 46.33 | $ | 34.84 | $ | 33.88 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(b) | 10.12 | (8.80 | ) | 34.85 | 4.93 | 1.53 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 135 | 146 | 206 | 150 | 203 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.80 | 1.60 | 1.40 | 1.85 | 1.77 | |||||||||||||||
Portfolio turnover rate (%)(c) | 44 | 38 | 39 | 47 | 48 |
(a) | Based on average shares outstanding during the period. |
(b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2023, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers FTSE Developed ex US Multifactor ETF |
Xtrackers MSCI Kokusai Equity ETF |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
Xtrackers Russell US Multifactor ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers FTSE Developed ex US Multifactor ETF | FTSE Developed ex US Comprehensive Factor Index | |
Xtrackers MSCI Kokusai Equity ETF | MSCI Kokusai Index | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | Russell 1000 2Qual/Val 5% Capped Factor Index | |
Xtrackers Russell US Multifactor ETF | Russell 1000 Comprehensive Factor Index |
The FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.
The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.
The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.
64
DBX ETF Trust
Notes to Financial Statements (Continued)
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.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Each Fund is diversified. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
65
DBX ETF Trust
Notes to Financial Statements (Continued)
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
66
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, 2023, the Funds did not incur any interest or penalties.
As of August 31, 2023, 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 FTSE Developed ex US Multifactor ETF | $ | 1,046,536 | $ | (21,372,170 | ) | $ | 1,877,238 | $ | (18,448,396 | ) | ||||||
Xtrackers MSCI Kokusai Equity ETF | 2,122,153 | (7,433,720 | ) | 40,278,735 | 34,967,168 | |||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 89,222 | (3,430,830 | ) | 2,696,269 | (645,339 | ) | ||||||||||
Xtrackers Russell US Multifactor ETF | 403,067 | (36,087,720 | ) | 15,334,455 | (20,350,198 | ) |
The tax character of dividends and distributions declared for the years ended August 31, 2023 and August 31, 2022 were as follows:
Year Ended August 31, 2023 | ||||||||
Ordinary Income* | Long Term Capital Gains | |||||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 2,130,476 | $ | — | ||||
Xtrackers MSCI Kokusai Equity ETF | 10,244,127 | — | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 210,231 | — | ||||||
Xtrackers Russell US Multifactor ETF | 2,664,258 | — | ||||||
Year Ended August 31, 2022 | ||||||||
Ordinary Income* | Long Term Capital Gains | |||||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 2,665,644 | $ | — | ||||
Xtrackers MSCI Kokusai Equity ETF | 10,748,298 | — | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 319,266 | — | ||||||
Xtrackers Russell US Multifactor ETF | 2,701,417 | — |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 11,267,957 | $ | 10,104,213 | $ | 21,372,170 | ||||||
Xtrackers MSCI Kokusai Equity ETF | 2,162,841 | 5,270,305 | 7,433,146 | |||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 267,626 | 3,163,204 | 3,430,830 | |||||||||
Xtrackers Russell US Multifactor ETF | 23,101,573 | 12,985,749 | 36,087,322 |
For the fiscal year ended August 31, 2023, 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 FTSE Developed ex US Multifactor ETF | $ | (1,687,966 | ) | $ | 1,687,966 | |||
Xtrackers MSCI Kokusai Equity ETF | (11,812,071 | ) | 11,812,071 | |||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | (455,519 | ) | 455,519 | |||||
Xtrackers Russell US Multifactor ETF | (8,275,801 | ) | 8,275,801 |
67
DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 58,017,951 | $ | 1,880,242 | $ | 5,336,717 | $ | (3,456,475 | ) | |||||||
Xtrackers MSCI Kokusai Equity ETF | 476,828,382 | 40,254,580 | 78,661,885 | (38,407,305 | ) | |||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 26,309,282 | 2,696,269 | 3,277,626 | (581,357 | ) | |||||||||||
Xtrackers Russell US Multifactor ETF | 119,443,940 | 15,334,455 | 18,227,862 | (2,893,407 | ) |
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, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
68
DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2023, no Funds had securities on loan.
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended August 31, 2023, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the 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, 2023 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers FTSE Developed ex US Multifactor ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 579 | Unrealized depreciation on futures contracts* | $ | 3,825 | ||||||||
Xtrackers MSCI Kokusai Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 46,196 | Unrealized depreciation on futures contracts* | $ | 20,200 | ||||||||
Xtrackers Russell US Multifactor ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 6,386 | 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. |
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Notes to Financial Statements (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts- Equity Contracts | ||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 68,863 | ||
Xtrackers MSCI Kokusai Equity ETF | 177,500 | |||
Xtrackers Russell US Multifactor ETF | 33,864 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts- Equity Contracts | ||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 1,454 | ||
Xtrackers MSCI Kokusai Equity ETF | 53,555 | |||
Xtrackers Russell US Multifactor ETF | (14,384 | ) |
For the year ended August 31, 2023 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 529,488 | ||
Xtrackers MSCI Kokusai Equity ETF | 3,340,013 | |||
Xtrackers Russell US Multifactor ETF | 467,798 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee | ||||
Xtrackers FTSE Developed ex US Multifactor ETF | 0.35 | % | ||
Xtrackers MSCI Kokusai Equity ETF | 0.09 | % | ||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 0.19 | % | ||
Xtrackers Russell US Multifactor ETF | 0.17 | % |
The Advisor for Xtrackers FTSE Developed ex US Multifactor ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation
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DBX ETF Trust
Notes to Financial Statements (Continued)
expenses and other extraordinary expenses) from exceeding 0.24% of the Fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $70,815 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 85 | ||
Xtrackers MSCI Kokusai Equity ETF | 860 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 87 | |||
Xtrackers Russell US Multifactor ETF | 297 |
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, Securities 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, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 32,992,891 | $ | 34,330,838 | ||||
Xtrackers MSCI Kokusai Equity ETF | 12,925,694 | 12,786,373 | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 6,027,392 | 5,982,027 | ||||||
Xtrackers Russell US Multifactor ETF | 61,277,800 | 61,164,496 |
For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers FTSE Developed ex US Multifactor ETF | $ | 6,385,304 | $ | 14,845,847 | ||||
Xtrackers MSCI Kokusai Equity ETF | — | 50,743,825 | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 18,405,508 | 3,689,866 | ||||||
Xtrackers Russell US Multifactor ETF | 28,233,533 | 48,223,540 |
5. Fund Share Transactions
As of August 31, 2023 there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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DBX ETF Trust
To the Shareholders of
Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor 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 Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor 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, 2023, 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, 2023, 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 Multifactor ETF
Xtrackers Russell US Multifactor ETF
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the five years in the period ended August 31, 2023 | |||
Xtrackers MSCI Kokusai Equity ETF | For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the three years in the period ended August 31, 2023 and 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.
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 23, 2023
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DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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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) Chairperson 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). | 42 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 | Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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). | 42 | — | |||
J. David Officer (1948) Board Member since 2011, Chairperson 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). | 42 | (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(3) | Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016- present | Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); 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). | |
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present | AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(4) (1978) Vice President, 2016-present | Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); 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(5) (1962) Secretary, 2020-present | Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020). |
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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(3) | Business Experience and Directorships During the Past 5 Years | |
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present | Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021). | |
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present | Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (1964) Assistant Secretary, 2017-present | Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(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) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) | Address: 875 Third Avenue, New York, New York 10022. |
(5) | Address: 100 Summer Street, Boston, MA 02110. |
(6) | 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, 2023.
Qualified Dividend Income* | Dividends Received Deduction* | |||||||
Xtrackers FTSE Developed ex US Multifactor ETF | 76% | 0% | ||||||
Xtrackers MSCI Kokusai Equity ETF | 100% | 43% | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 100% | 100% | ||||||
Xtrackers Russell US Multifactor ETF | 100% | 94% |
* 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 Multifactor ETF | $2,607,585 | $213,245 |
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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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
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 FTSE Developed ex US Comprehensive Factor Index, 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 © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent, securities lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY |
R-047731-8 (10/23) DBX005645 (10/24)
August 31, 2023
Annual Report
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (HYUP)
Xtrackers Low Beta High Yield Bond ETF (HYDW)
Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)
Xtrackers Short Duration High Yield Bond ETF (SHYL)
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this annual report for five of our ETFs tracking the fixed income market for the period ended August 31, 2023.
The global economy remained resilient throughout the reporting period, buoyed by a steady job market and cooling inflation. Nonetheless, inflation remained above most central banks’ targeted range, prompting them to maintain their hawkish stance as they emphasized on the potential need to hike rates further to effectively manage inflation. In the U.S., the debt ceiling impasse ended after President Biden signed the debt limit bill, avoiding a potential default.
Global bond markets wobbled throughout the reporting period, with yields moving up toward the end of the period, driven by the hawkish stance of major central banks. The banking turmoil, earlier this year, had sparked a rally in government bonds. Financial turbulence rattled the global markets after Silicon Valley Bank was shut down by the California Department of Financial Protection and Innovation. However, the timely intervention by the U.S. Federal Reserve Board (Fed) averted a major global banking crisis. This was followed by the Swiss government’s brokering the rescue of Credit Suisse by UBS. The central banks, however, continued with their rate-hike spree, albeit at a slower pace. The Fed, the European Central Bank, and the Bank of England (BoE) hiked rates twice in the period. Notably, U.S. and European investment-grade bonds outperformed their high-yield counterparts.
Global high-yield bonds outperformed investment-grade bonds in Q2 2023 on abating recessionary fears. Meanwhile, government bonds from the U.K. and Australia underperformed, due to higher-than-expected inflation and subsequent rate hikes. All the major central banks continued raising rates, with the exception of the Bank of Japan (BoJ). The U.S. 10-year yield continued its rally, edging up 3.95% by the end of Q2 2023.
Toward the end of the reporting period, global bond yields started rising to record levels on encouraging macroeconomic data and expectations of continued monetary tightening by the central banks. In the U.S., the benchmark 10-year Treasury yield soared to the highest level since 2007 as investors expected rates to remain high for longer periods. Meanwhile, the BoJ altered its yield curve control policy, introducing a 1% cap on the 10-year Japanese government bond yield while keeping the target range unchanged. This led to a sell-off of Japanese government bonds. Elsewhere, the BoE raised its policy rate by 25bps1 to 5.25% in August 2023. Meanwhile, high-yield credit markets outperformed government bonds in the month of August 2023.
Our analysts believe that successive rate hikes by the central banks to curb rising prices will likely weigh on the global economy in 2023 and 2024, considerably slowing its growth, compared with 2022. Meanwhile, growth in the U.S. has remained resilient, compared with other major global economies’, giving rise to hopes of a soft landing by the economy, thereby skirting a recession. On the other hand, we believe Europe is likely to enter into a recession in 2024, with growth dynamics remaining weak and manufacturing activity expected to contract further. By contrast, growth in the emerging and the developing markets will likely remain strong over the next year.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Basis points (Bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
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2
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF
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 US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2023, HYUP shares returned 8.11%, compared to the HYUP Index return of 8.20%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy. The Communications sector was the only negative contributor to performance.
Xtrackers Low Beta High Yield Bond ETF
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 beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2023, HYDW shares returned 5.44%, compared to the HYDW Index return of 5.57%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Capital Goods.
Xtrackers Risk Managed USD High Yield Strategy ETF
Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The HYRM Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. For the 12-month period ended August 31, 2023, HYRM shares returned 7.27%, compared to the HYRM Index return of 6.92%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.
Xtrackers Short Duration High Yield Bond ETF
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 short-term publicly issued US dollar-denominated below investment grade corporate debt. For the 12-month period ended August 31, 2023, SHYL shares returned 7.65%, compared to the SHYL Index return of 7.46%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
Xtrackers USD High Yield Corporate Bond ETF
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, 2023, HYLB shares returned 6.63%, compared to the HYLB Index return of 6.92%
All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-15 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
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5
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 US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
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 | 8.11% | 8.94% | 8.20% | 6.92% | ||||
Five Year | 2.73% | 2.75% | 2.73% | 2.80% | ||||
Since Inception1 | 2.79% | 2.80% | 2.80% | 2.76% | ||||
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 | 8.11% | 8.94% | 8.20% | 6.92% | ||||
Five Year | 14.44% | 14.54% | 14.43% | 14.79% | ||||
Since Inception1 | 16.81% | 16.85% | 16.87% | 16.59% |
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 22, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
6
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, 2023 |
Communications | 23.6% | |||
Consumer, Cyclical | 20.3% | |||
Consumer, Non-cyclical | 13.4% | |||
Energy | 13.2% | |||
Financial | 11.6% | |||
Industrial | 6.7% | |||
Basic Materials | 4.4% | |||
Technology | 4.2% | |||
Utilities | 2.5% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration to worst as of August 31, 2023: 3.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.
Quality* as of August 31, 2023 |
Description | % of Market Value | |||
BBB | 0.7% | |||
BB | 46.8% | |||
B | 39.8% | |||
CCC | 11.7% | |||
CC | 0.9% | |||
NR | 0.1% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2023 |
United States | 81.5% | |||
Canada | 6.4% | |||
Luxembourg | 2.6% | |||
France | 2.0% | |||
Other | 7.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.
7
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, 2023 |
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 | 5.44% | 6.06% | 5.57% | 6.92% | ||||
Five Year | 2.72% | 2.71% | 2.72% | 2.80% | ||||
Since Inception1 | 2.54% | 2.55% | 2.56% | 2.76% | ||||
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 | 5.44% | 6.06% | 5.57% | 6.92% | ||||
Five Year | 14.33% | 14.33% | 14.36% | 14.79% | ||||
Since Inception1 | 15.16% | 15.25% | 15.31% | 16.59% |
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 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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, 2023 |
Consumer, Cyclical | 27.9% | |||
Consumer, Non-cyclical | 20.0% | |||
Industrial | 12.0% | |||
Communications | 11.0% | |||
Financial | 9.2% | |||
Energy | 8.4% | |||
Technology | 4.8% | |||
Basic Materials | 3.6% | |||
Utilities | 3.1% | |||
|
| |||
Total | 100.0% |
Modified duration to worst as of August 31, 2023: 3.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.
Quality* as of August 31, 2023 |
Description | % of Market Value | |||
BBB | 7.7% | |||
BB | 76.8% | |||
B | 15.4% | |||
CCC | 0.1% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2023 |
United States | 89.8% | |||
Canada | 4.1% | |||
Other | 6.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)
The Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Returns | ||||||||
Net Asset Value | Market Value | Adaptive Wealth Strategies Risk Managed High Yield Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 7.27% | 7.31% | 6.92% | 6.92% | ||||
Since Inception1 | -1.62% | -1.62% | -1.38% | -1.38% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Adaptive Wealth Strategies Risk Managed High Yield Index | Solactive USD High Yield Corporates Total Market Index | |||||
One Year | 7.27% | 7.31% | 6.92% | 6.92% | ||||
Since Inception1 | -2.51% | -2.52% | -2.15% | -2.15% |
1 Total returns are calculated based on the commencement of operations, February 10, 2022 (“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 22, 2022, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. The expense ratio includes net expenses of the underlying funds in which the Fund invests.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, February 10, 2022.
Sector Diversification* as of August 31, 2023 |
Consumer, Cyclical | 24.8% | |||
Communications | 17.4% | |||
Consumer, Non-cyclical | 16.4% | |||
Energy | 10.8% | |||
Financial | 10.2% | |||
Industrial | 9.2% | |||
Technology | 4.5% | |||
Basic Materials | 3.8% | |||
Utilities | 2.8% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration to worst as of August 31, 2023: 3.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.
Quality* as of August 31, 2023 |
Description | % of Market Value | |||
BBB | 3.9% | |||
BB | 61.8% | |||
B | 27.8% | |||
CCC | 6.0% | |||
CC | 0.5% | |||
|
| |||
100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 37.
11
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 US dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
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 | 7.65% | 8.31% | 7.46% | 6.92% | ||||
Five Year | 3.05% | 3.10% | 3.16% | 2.80% | ||||
Since Inception1 | 3.15% | 3.18% | 3.24% | 2.70% | ||||
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 | 7.65% | 8.31% | 7.46% | 6.92% | ||||
Five Year | 16.24% | 16.46% | 16.84% | 14.79% | ||||
Since Inception1 | 19.10% | 19.31% | 19.75% | 16.24% |
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 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
12
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, 2023 |
Consumer, Cyclical | 25.0% | |||
Communications | 16.4% | |||
Consumer, Non-cyclical | 15.4% | |||
Financial | 11.6% | |||
Industrial | 10.9% | |||
Energy | 10.4% | |||
Basic Materials | 4.0% | |||
Utilities | 3.3% | |||
Technology | 2.9% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration to worst as of August 31, 2023: 2.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.
Quality* as of August 31, 2023 |
Description | % of Market Value | |||
BBB | 4.3% | |||
BB | 59.4% | |||
B | 29.2% | |||
CCC | 6.8% | |||
CC | 0.2% | |||
NR | 0.1% | |||
|
| |||
100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification * as of August 31, 2023 |
United States | 83.4% | |||
Canada | 5.9% | |||
Other | 10.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.
13
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, 2023 |
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 | 6.63% | 7.42% | 6.92% | 7.05% | ||||
Five Year | 2.55% | 2.61% | 2.80% | 2.81% | ||||
Since Inception1 | 3.26% | 3.27% | 3.52% | 3.49% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive USD High Yield Corporates Total Market Index | iBoxx USD Liquid High Yield Index | |||||
One Year | 6.63% | 7.42% | 6.92% | 7.05% | ||||
Five Year | 13.40% | 13.75% | 14.79% | 14.89% | ||||
Since Inception1 | 24.08% | 24.21% | 26.26% | 26.02% |
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 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
14
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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, 2023 |
Consumer, Cyclical | 24.8% | |||
Communications | 17.3% | |||
Consumer, Non-cyclical | 16.5% | |||
Energy | 10.7% | |||
Financial | 10.2% | |||
Industrial | 9.3% | |||
Technology | 4.5% | |||
Basic Materials | 3.8% | |||
Utilities | 2.8% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration to worst as of August 31, 2023: 3.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.
Quality* as of August 31, 2023 |
Description | % of Market Value | |||
BBB | 4.0% | |||
BB | 62.2% | |||
B | 27.5% | |||
CCC | 5.9% | |||
CC | 0.4% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of August 31, 2023 |
United States | 85.9% | |||
Canada | 5.1% | |||
Other | 9.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.
15
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (March 1, 2023 to August 31, 2023).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers High Beta High Yield Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,049.60 | 0.21 | % | $ | 1.08 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.15 | 0.21 | % | $ | 1.07 | ||||||||
Xtrackers Low Beta High Yield Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,047.20 | 0.20 | % | $ | 1.03 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.20 | 0.20 | % | $ | 1.02 | ||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF(2) |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,042.90 | 0.15 | % | $ | 0.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
Xtrackers Short Duration High Yield Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,040.60 | 0.20 | % | $ | 1.03 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.20 | 0.20 | % | $ | 1.02 | ||||||||
Xtrackers USD High Yield Corporate Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,042.40 | 0.15 | % | $ | 0.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 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 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
16
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF
August 31, 2023
Principal | Value | |||||||
CORPORATE BONDS — 97.2% | ||||||||
Basic Materials — 4.2% | ||||||||
Chemicals — 1.8% | ||||||||
ASP Unifrax Holdings, Inc. | $ | 23,000 | $ | 15,684 | ||||
144A, 7.50%, 9/30/29 | 10,000 | 5,211 | ||||||
Chemours Co. | 13,000 | 12,232 | ||||||
144A, 5.75%, 11/15/28 | 25,000 | 22,481 | ||||||
144A, 4.625%, 11/15/29 | 18,000 | 14,971 | ||||||
Consolidated Energy Finance SA, 144A, | 13,000 | 10,870 | ||||||
INEOS Finance PLC, 144A, | 15,000 | 14,376 | ||||||
INEOS Quattro Finance 2 PLC, 144A, | 13,000 | 11,896 | ||||||
NOVA Chemicals Corp. | 17,000 | 16,165 | ||||||
144A, 5.25%, 6/1/27 | 35,000 | 31,159 | ||||||
144A, 4.25%, 5/15/29 | 13,000 | 10,553 | ||||||
SCIH Salt Holdings, Inc., 144A, | 19,000 | 16,785 | ||||||
Tronox, Inc., 144A, | 37,000 | 30,407 | ||||||
|
| |||||||
(Cost $246,272) | 212,790 | |||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International, Inc., | ||||||||
(Cost $22,583) | 24,000 | 19,655 | ||||||
|
| |||||||
Iron/Steel — 0.5% | ||||||||
ATI, Inc., | 10,000 | 10,114 | ||||||
Mineral Resources Ltd. | 18,000 | 17,988 | ||||||
144A, 8.00%, 11/1/27 | 18,000 | 17,959 | ||||||
144A, 8.50%, 5/1/30 | 16,000 | 16,077 | ||||||
|
| |||||||
(Cost $63,287) | 62,138 | |||||||
|
| |||||||
Mining — 1.8% | ||||||||
First Quantum Minerals Ltd. | 50,000 | 49,340 | ||||||
144A, 6.875%, 10/15/27 | 54,000 | 52,641 | ||||||
144A, 8.625%, 6/1/31 | 36,000 | 36,704 | ||||||
Hudbay Minerals, Inc., 144A, | 15,000 | 14,117 | ||||||
Kaiser Aluminum Corp. | 15,000 | 13,287 | ||||||
144A, 4.50%, 6/1/31 | 20,000 | 16,179 | ||||||
Vedanta Resources Finance II PLC | 15,000 | 9,823 | ||||||
144A, 9.25%, 4/23/26 | 35,000 | 20,064 | ||||||
|
| |||||||
(Cost $223,294) | 212,155 | |||||||
|
| |||||||
Communications — 23.0% | ||||||||
Advertising — 1.3% | ||||||||
Clear Channel Outdoor Holdings, Inc. | 32,000 | 28,683 |
Principal | Value | |||||||
Advertising (Continued) | ||||||||
144A, 7.75%, 4/15/28 | $ | 20,000 | $ | 15,751 | ||||
144A, 9.00%, 9/15/28 | 25,000 | 25,147 | ||||||
144A, 7.50%, 6/1/29 | 37,000 | 27,645 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 5,000 | 4,508 | ||||||
144A, 4.25%, 1/15/29 | 17,000 | 13,961 | ||||||
144A, 4.625%, 3/15/30 | 20,000 | 16,278 | ||||||
Stagwell Global LLC,144A, | 34,000 | 28,425 | ||||||
|
| |||||||
(Cost $180,692) | 160,398 | |||||||
|
| |||||||
Internet — 0.2% | ||||||||
Rakuten Group, Inc., 144A, | ||||||||
(Cost $16,509) | 17,000 | 17,170 | ||||||
|
| |||||||
Media — 12.7% | ||||||||
Altice Financing SA | 32,000 | 26,046 | ||||||
144A, 5.75%, 8/15/29 | 59,000 | 46,791 | ||||||
AMC Networks, Inc. | 27,000 | 25,336 | ||||||
4.25%, 2/15/29 | 26,000 | 16,608 | ||||||
Cable One, Inc., 144A, | 15,000 | 11,714 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 32,000 | 31,807 | ||||||
144A, 4.75%, 2/1/32 | 35,000 | 28,995 | ||||||
4.50%, 5/1/32 | 80,000 | 64,931 | ||||||
144A, 4.50%, 6/1/33 | 45,000 | 35,555 | ||||||
144A, 4.25%, 1/15/34 | 55,000 | 42,169 | ||||||
CSC Holdings LLC | 38,000 | 32,808 | ||||||
144A, 5.375%, 2/1/28 | 22,000 | 18,018 | ||||||
144A, 7.50%, 4/1/28 | 30,000 | 19,108 | ||||||
144A, 11.25%, 5/15/28 | 20,000 | 19,745 | ||||||
144A, 6.50%, 2/1/29 | 56,000 | 46,319 | ||||||
144A, 5.75%, 1/15/30 | 62,000 | 34,218 | ||||||
144A, 4.125%, 12/1/30 | 31,000 | 22,126 | ||||||
144A, 4.625%, 12/1/30 | 65,000 | 34,072 | ||||||
144A, 3.375%, 2/15/31 | 27,000 | 18,563 | ||||||
144A, 4.50%, 11/15/31 | 41,000 | 29,185 | ||||||
144A, 5.00%, 11/15/31 | 18,000 | 9,637 | ||||||
DISH DBS Corp. | 56,000 | 52,141 | ||||||
7.75%, 7/1/26 | 54,000 | 40,400 | ||||||
144A, 5.25%, 12/1/26 | 81,000 | 68,409 | ||||||
7.375%, 7/1/28 | 25,000 | 15,724 | ||||||
144A, 5.75%, 12/1/28 | 70,000 | 54,300 | ||||||
5.125%, 6/1/29 | 43,000 | 23,245 | ||||||
DISH Network Corp., 144A, | 91,000 | 92,405 | ||||||
Gray Television, Inc. | 27,000 | 24,730 | ||||||
144A, 7.00%, 5/15/27 | 17,000 | 15,276 | ||||||
144A, 4.75%, 10/15/30 | 20,000 | 13,985 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Media (Continued) | ||||||||
iHeartCommunications, Inc. | $ | 12,000 | $ | 10,487 | ||||
8.375%, 5/1/27 | 38,000 | 26,353 | ||||||
144A, 5.25%, 8/15/27 | 19,000 | 15,072 | ||||||
144A, 4.75%, 1/15/28 | 11,000 | 8,489 | ||||||
McGraw-Hill Education, Inc. | 23,000 | 20,433 | ||||||
144A, 8.00%, 8/1/29 | 16,000 | 14,038 | ||||||
Nexstar Media, Inc., 144A, | 22,000 | 19,330 | ||||||
Sinclair Television Group, Inc. | 13,000 | 6,950 | ||||||
144A, 4.125%, 12/1/30 | 21,000 | 13,434 | ||||||
Sirius XM Radio, Inc. | 40,000 | 36,144 | ||||||
144A, 4.125%, 7/1/30 | 50,000 | 40,816 | ||||||
144A, 3.875%, 9/1/31 | 35,000 | 27,273 | ||||||
TEGNA, Inc. | 30,000 | 26,911 | ||||||
5.00%, 9/15/29 | 30,000 | 26,443 | ||||||
Univision Communications, Inc. | 44,000 | 42,641 | ||||||
144A, 8.00%, 8/15/28 | 10,000 | 9,984 | ||||||
144A, 4.50%, 5/1/29 | 35,000 | 30,161 | ||||||
144A, 7.375%, 6/30/30 | 21,000 | 20,340 | ||||||
UPC Broadband Finco BV, 144A, | 32,000 | 26,440 | ||||||
UPC Holding BV, 144A, | 10,000 | 8,910 | ||||||
Virgin Media Finance PLC, 144A, | 25,000 | 20,307 | ||||||
VTR Finance NV, 144A, | 13,000 | 5,991 | ||||||
Ziggo Bond Co. BV | 16,000 | 14,901 | ||||||
144A, 5.125%, 2/28/30 | 13,000 | 10,102 | ||||||
Ziggo BV, 144A, | 30,000 | 25,248 | ||||||
|
| |||||||
(Cost $1,764,402) | 1,521,564 | |||||||
|
| |||||||
Telecommunications — 8.8% | ||||||||
Altice France Holding SA | 38,000 | 20,554 | ||||||
144A, 6.00%, 2/15/28 | 31,000 | 13,719 | ||||||
Altice France SA | 51,000 | 43,148 | ||||||
144A, 5.50%, 1/15/28 | 26,000 | 19,508 | ||||||
144A, 5.125%, 1/15/29 | 15,000 | 10,703 | ||||||
144A, 5.125%, 7/15/29 | 73,000 | 51,668 | ||||||
144A, 5.50%, 10/15/29 | 52,000 | 37,462 | ||||||
C&W Senior Financing DAC, 144A, | 33,000 | 30,658 | ||||||
CommScope Technologies LLC | 37,000 | 33,841 | ||||||
144A, 5.00%, 3/15/27 | 19,000 | 10,584 | ||||||
CommScope, Inc. | 38,000 | 34,571 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
144A, 8.25%, 3/1/27 | $ | 25,000 | $ | 16,589 | ||||
144A, 7.125%, 7/1/28 | 20,000 | 11,162 | ||||||
144A, 4.75%, 9/1/29 | 43,000 | 31,994 | ||||||
Consolidated Communications, Inc. | 12,000 | 8,790 | ||||||
144A, 6.50%, 10/1/28 | 20,000 | 15,404 | ||||||
Frontier Communications Holdings LLC | 38,000 | 34,642 | ||||||
144A, 5.00%, 5/1/28 | 45,000 | 38,600 | ||||||
144A, 6.75%, 5/1/29 | 26,000 | 20,207 | ||||||
5.875%, 11/1/29 | 20,000 | 14,830 | ||||||
144A, 6.00%, 1/15/30 | 30,000 | 22,192 | ||||||
144A, 8.75%, 5/15/30 | 30,000 | 29,187 | ||||||
144A, 8.625%, 3/15/31 | 20,000 | 19,242 | ||||||
Hughes Satellite Systems Corp. | 30,000 | 27,619 | ||||||
6.625%, 8/1/26 | 19,000 | 16,501 | ||||||
Iliad Holding SASU | 31,000 | 29,604 | ||||||
144A, 7.00%, 10/15/28 | 23,000 | 21,418 | ||||||
Intelsat Jackson Holdings SA, 144A, | 86,000 | 79,053 | ||||||
Level 3 Financing, Inc. | 25,000 | 18,806 | ||||||
144A, 4.25%, 7/1/28 | 32,000 | 20,982 | ||||||
144A, 3.625%, 1/15/29 | 22,000 | 13,114 | ||||||
144A, 10.50%, 5/15/30 | 26,000 | 26,405 | ||||||
Lumen Technologies, Inc. | 15,000 | 7,784 | ||||||
144A, 4.00%, 2/15/27 | 35,000 | 22,028 | ||||||
144A, 4.50%, 1/15/29 | 12,000 | 3,973 | ||||||
Millicom International Cellular SA | 13,500 | 12,255 | ||||||
144A, 6.25%, 3/25/29 | 18,000 | 16,483 | ||||||
144A, 4.50%, 4/27/31 | 25,000 | 19,771 | ||||||
Sable International Finance Ltd., 144A, | 12,000 | 11,143 | ||||||
VEON Holdings BV, 144A, | 17,000 | 16,024 | ||||||
Viasat, Inc. | 18,000 | 17,027 | ||||||
144A, 5.625%, 4/15/27 | 16,000 | 14,329 | ||||||
144A, 6.50%, 7/15/28 | 10,000 | 7,822 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, | 40,000 | 32,460 | ||||||
Zayo Group Holdings, Inc. | 38,000 | 28,506 | ||||||
144A, 6.125%, 3/1/28 | 30,000 | 19,529 | ||||||
|
| |||||||
(Cost $1,277,367) | 1,051,891 | |||||||
|
| |||||||
Consumer, Cyclical — 19.8% | ||||||||
Airlines — 0.8% | ||||||||
American Airlines Group, Inc., 144A, | 16,000 | 15,326 | ||||||
American Airlines, Inc., 144A, | 25,000 | 24,583 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Airlines (Continued) | ||||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, | $ | 33,000 | $ | 30,570 | ||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | 15,000 | 15,032 | ||||||
144A, 8.00%, 9/20/25 | 14,000 | 14,029 | ||||||
|
| |||||||
(Cost $102,816) | 99,540 | |||||||
|
| |||||||
Apparel — 0.4% | ||||||||
Hanesbrands, Inc. | 26,000 | 24,310 | ||||||
144A, 9.00%, 2/15/31 | 18,000 | 18,100 | ||||||
|
| |||||||
(Cost $42,645) | 42,410 | |||||||
|
| |||||||
Auto Manufacturers — 1.2% | ||||||||
Aston Martin Capital Holdings Ltd., 144A, | 20,000 | 20,339 | ||||||
Ford Motor Co., | 16,000 | 18,593 | ||||||
Ford Motor Credit Co. LLC | 15,000 | 15,034 | ||||||
6.80%, 5/12/28 | 40,000 | 40,024 | ||||||
7.35%, 3/6/30 | 34,000 | 34,641 | ||||||
7.20%, 6/10/30 | 20,000 | 20,322 | ||||||
|
| |||||||
(Cost $149,445) | 148,953 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.8% | ||||||||
American Axle & Manufacturing, Inc. | 13,000 | 12,335 | ||||||
6.875%, 7/1/28 | 10,000 | 9,181 | ||||||
5.00%, 10/1/29 | 20,000 | 16,484 | ||||||
Clarios Global LP / Clarios US Finance Co., 144A, | 45,000 | 45,537 | ||||||
Dana, Inc. | 10,000 | 9,469 | ||||||
5.625%, 6/15/28 | 10,000 | 9,423 | ||||||
4.25%, 9/1/30 | 10,000 | 8,232 | ||||||
Goodyear Tire & Rubber Co. | 28,000 | 24,933 | ||||||
5.25%, 4/30/31 | 14,000 | 12,294 | ||||||
5.25%, 7/15/31 | 16,000 | 13,795 | ||||||
5.625%, 4/30/33 | 13,000 | 11,168 | ||||||
Tenneco, Inc., 144A, | 55,000 | 45,377 | ||||||
|
| |||||||
(Cost $233,724) | 218,228 | |||||||
|
| |||||||
Entertainment — 2.2% | ||||||||
AMC Entertainment Holdings, Inc. | 36,000 | 24,998 | ||||||
144A, 7.50%, 2/15/29 | 28,000 | 19,140 | ||||||
Caesars Entertainment, Inc., 144A, | 35,000 | 30,667 | ||||||
Cinemark USA, Inc. | 17,000 | 16,336 | ||||||
144A, 5.25%, 7/15/28 | 20,000 | 17,783 |
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
Light & Wonder International, Inc. | $ | 19,000 | $ | 18,947 | ||||
144A, 7.25%, 11/15/29 | 11,000 | 11,037 | ||||||
144A, 7.50%, 9/1/31 | 20,000 | 20,298 | ||||||
Mohegan Tribal Gaming Authority, 144A, | 29,000 | 27,032 | ||||||
Penn Entertainment, Inc. | 10,000 | 9,464 | ||||||
144A, 4.125%, 7/1/29 | 10,000 | 8,154 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | 19,000 | 15,183 | ||||||
144A, 5.875%, 9/1/31 | 26,000 | 20,127 | ||||||
Six Flags Entertainment Corp., 144A, | 25,000 | 23,994 | ||||||
|
| |||||||
(Cost $297,165) | 263,160 | |||||||
|
| |||||||
Food Service — 0.2% | ||||||||
TKC Holdings, Inc. | 11,000 | 9,955 | ||||||
144A, 10.50%, 5/15/29 | 21,000 | 17,449 | ||||||
|
| |||||||
(Cost $31,595) | 27,404 | |||||||
|
| |||||||
Home Builders — 0.6% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, | 10,000 | 8,623 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC | 18,000 | 16,540 | ||||||
144A, 4.875%, 2/15/30 | 15,000 | 12,406 | ||||||
Mattamy Group Corp. | 13,000 | 12,276 | ||||||
144A, 4.625%, 3/1/30 | 18,000 | 15,900 | ||||||
|
| |||||||
(Cost $71,642) | 65,745 | |||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International, Inc., 144A, | ||||||||
(Cost $21,044) | 21,000 | 16,898 | ||||||
|
| |||||||
Housewares — 1.1% | ||||||||
Newell Brands, Inc. | 10,000 | 9,669 | ||||||
4.70%, 4/1/26 | 55,000 | 52,629 | ||||||
6.375%, 9/15/27 | 15,000 | 14,684 | ||||||
6.625%, 9/15/29 | 15,000 | 14,874 | ||||||
Scotts Miracle-Gro Co. | 10,000 | 8,374 | ||||||
4.00%, 4/1/31 | 22,000 | 17,311 | ||||||
4.375%, 2/1/32 | 10,000 | 7,927 | ||||||
|
| |||||||
(Cost $128,343) | 125,468 | |||||||
|
| |||||||
Leisure Time — 4.4% | ||||||||
Carnival Corp. | 42,000 | 41,906 | ||||||
144A, 5.75%, 3/1/27 | 88,000 | 82,754 | ||||||
144A, 6.00%, 5/1/29 | 59,000 | 53,455 | ||||||
144A, 10.50%, 6/1/30 | 29,000 | 30,917 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Leisure Time (Continued) | ||||||||
Life Time, Inc., 144A, | $ | 10,000 | $ | 9,934 | ||||
NCL Corp. Ltd. | 45,000 | 42,390 | ||||||
144A, 8.375%, 2/1/28 | 5,000 | 5,158 | ||||||
144A, 7.75%, 2/15/29 | 17,000 | 16,165 | ||||||
Royal Caribbean Cruises Ltd. | 18,000 | 16,798 | ||||||
144A, 5.50%, 8/31/26 | 29,000 | 27,805 | ||||||
144A, 5.375%, 7/15/27 | 29,000 | 27,295 | ||||||
144A, 11.625%, 8/15/27 | 35,000 | 38,151 | ||||||
3.70%, 3/15/28 | 15,000 | 13,078 | ||||||
144A, 5.50%, 4/1/28 | 34,000 | 31,850 | ||||||
144A, 9.25%, 1/15/29 | 29,000 | 30,915 | ||||||
Viking Cruises Ltd. | 26,000 | 24,335 | ||||||
144A, 7.00%, 2/15/29 | 13,000 | 12,338 | ||||||
144A, 9.125%, 7/15/31 | 22,000 | 22,749 | ||||||
|
| |||||||
(Cost $525,906) | 527,993 | |||||||
|
| |||||||
Lodging — 1.6% | ||||||||
Marriott Ownership Resorts, Inc., 144A, | 13,000 | 10,997 | ||||||
Melco Resorts Finance Ltd. | 26,000 | 24,724 | ||||||
144A, 5.25%, 4/26/26 | 10,000 | 9,271 | ||||||
144A, 5.625%, 7/17/27 | 16,000 | 14,316 | ||||||
144A, 5.75%, 7/21/28 | 23,000 | 20,370 | ||||||
144A, 5.375%, 12/4/29 | 29,000 | 24,351 | ||||||
Station Casinos LLC, 144A, | 13,000 | 10,729 | ||||||
Studio City Finance Ltd. | 25,000 | 23,663 | ||||||
144A, 6.50%, 1/15/28 | 15,000 | 12,716 | ||||||
144A, 5.00%, 1/15/29 | 32,000 | 24,013 | ||||||
Travel + Leisure Co., 144A, | 19,000 | 16,316 | ||||||
|
| |||||||
(Cost $210,981) | 191,466 | |||||||
|
| |||||||
Retail — 5.4% | ||||||||
Asbury Automotive Group, Inc., 144A, | 16,000 | 13,739 | ||||||
Bath & Body Works, Inc. | 14,000 | 14,126 | ||||||
144A, 6.625%, 10/1/30 | 30,000 | 29,283 | ||||||
Carvana Co. | 15,000 | 11,037 | ||||||
144A, 5.875%, 10/1/28 | 15,000 | 9,242 | ||||||
144A, 4.875%, 9/1/29 | 20,000 | 11,956 | ||||||
144A, 10.25%, 5/1/30 | 95,000 | 73,741 | ||||||
eG Global Finance PLC | 20,000 | 19,728 | ||||||
144A, 8.50%, 10/30/25 | 15,000 | 14,865 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 17,000 | 15,995 | ||||||
144A, 5.875%, 4/1/29 | 25,000 | 22,091 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | 20,000 | 17,291 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
144A, 6.75%, 1/15/30 | $ | 36,000 | $ | 29,777 | ||||
Gap, Inc. | 19,000 | 14,481 | ||||||
144A, 3.875%, 10/1/31 | 24,000 | 17,420 | ||||||
Kohl’s Corp., | 15,000 | 11,057 | ||||||
LBM Acquisition LLC, 144A, | 19,000 | 16,601 | ||||||
Macy’s Retail Holdings LLC, 144A, | 13,000 | 11,764 | ||||||
Michaels Cos., Inc. | 15,000 | 12,516 | ||||||
144A, 7.875%, 5/1/29 | 37,000 | 25,682 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, | 32,000 | 30,440 | ||||||
Nordstrom, Inc. | 15,000 | 12,013 | ||||||
4.25%, 8/1/31 | 11,000 | 8,285 | ||||||
PetSmart, Inc. / PetSmart Finance Corp., 144A, | 24,000 | 22,948 | ||||||
QVC, Inc. | 15,000 | 13,498 | ||||||
4.75%, 2/15/27 | 15,000 | 9,917 | ||||||
4.375%, 9/1/28 | 13,000 | 7,369 | ||||||
Rite Aid Corp., 144A, | 25,000 | 15,900 | ||||||
Sonic Automotive, Inc. | 17,000 | 14,523 | ||||||
144A, 4.875%, 11/15/31 | 17,000 | 14,148 | ||||||
SRS Distribution, Inc. | 12,000 | 10,445 | ||||||
144A, 6.00%, 12/1/29 | 25,000 | 21,402 | ||||||
Staples, Inc. | 49,000 | 40,590 | ||||||
144A, 10.75%, 4/15/27 | 28,000 | 15,223 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, | 16,000 | 13,694 | ||||||
|
| |||||||
(Cost $747,465) | 642,787 | |||||||
|
| |||||||
Consumer, Non-cyclical — 13.0% | ||||||||
Agriculture — 0.3% | ||||||||
Vector Group Ltd. | 12,000 | 12,050 | ||||||
144A, 5.75%, 2/1/29 | 29,000 | 25,259 | ||||||
|
| |||||||
(Cost $40,792) | 37,309 | |||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Primo Water Holdings, Inc., 144A, | ||||||||
(Cost $18,989) | 19,000 | 16,690 | ||||||
|
| |||||||
Commercial Services — 3.1% | ||||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, | 10,000 | 9,473 | ||||||
Albion Financing 2SARL, 144A, | 15,000 | 13,984 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | $ | 47,000 | $ | 44,752 | ||||
144A, 9.75%, 7/15/27 | 33,000 | 30,338 | ||||||
144A, 6.00%, 6/1/29 | 25,000 | 19,143 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, | 36,000 | 30,632 | ||||||
APX Group, Inc., 144A, | 23,000 | 19,845 | ||||||
Garda World Security Corp. | 14,000 | 12,963 | ||||||
144A, 9.50%, 11/1/27 | 20,000 | 19,365 | ||||||
144A, 7.75%, 2/15/28 | 10,000 | 9,936 | ||||||
144A, 6.00%, 6/1/29 | 11,000 | 8,974 | ||||||
Hertz Corp., 144A, | 24,000 | 19,756 | ||||||
MPH Acquisition Holdings LLC | 28,000 | 23,809 | ||||||
144A, 5.75%, 11/1/28 | 28,000 | 21,005 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, | 30,000 | 28,540 | ||||||
Sabre GLBL, Inc. | 25,000 | 24,594 | ||||||
144A, 11.25%, 12/15/27 | 17,000 | 16,217 | ||||||
Sotheby’s, 144A, | 20,000 | 18,230 | ||||||
|
| |||||||
(Cost $411,550) | 371,556 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Coty, Inc., 144A, | 14,000 | 13,890 | ||||||
Edgewell Personal Care Co., 144A, | 13,000 | 11,278 | ||||||
|
| |||||||
(Cost $27,118) | 25,168 | |||||||
|
| |||||||
Food — 1.2% | ||||||||
B&G Foods, Inc. | 24,000 | 23,448 | ||||||
5.25%, 9/15/27 | 14,000 | 12,417 | ||||||
Post Holdings, Inc. | 32,000 | 29,654 | ||||||
144A, 4.625%, 4/15/30 | 42,000 | 37,250 | ||||||
144A, 4.50%, 9/15/31 | 33,000 | 28,336 | ||||||
Sigma Holdco BV, 144A, | 19,000 | 16,180 | ||||||
|
| |||||||
(Cost $161,169) | 147,285 | |||||||
|
| |||||||
Healthcare-Services — 4.4% | ||||||||
CHS/Community Health Systems, Inc. | 57,000 | 55,696 | ||||||
144A, 5.625%, 3/15/27 | 50,000 | 44,047 | ||||||
144A, 8.00%, 12/15/27 | 24,000 | 23,097 | ||||||
144A, 6.875%, 4/1/28 | 28,000 | 16,840 | ||||||
144A, 6.00%, 1/15/29 | 16,000 | 13,418 | ||||||
144A, 6.875%, 4/15/29 | 38,000 | 23,030 | ||||||
144A, 6.125%, 4/1/30 | 34,000 | 19,412 |
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
144A, 5.25%, 5/15/30 | $ | 41,000 | $ | 32,374 | ||||
144A, 4.75%, 2/15/31 | 28,000 | 20,885 | ||||||
DaVita, Inc. | 81,000 | 69,552 | ||||||
144A, 3.75%, 2/15/31 | 38,000 | 30,292 | ||||||
Legacy LifePoint Health LLC, 144A, | 22,000 | 18,972 | ||||||
LifePoint Health, Inc. | 13,000 | 9,003 | ||||||
144A, 9.875%, 8/15/30 | 23,000 | 22,759 | ||||||
ModivCare, Inc., 144A, | 13,000 | 12,348 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, | 36,000 | 33,703 | ||||||
Team Health Holdings, Inc., 144A, | 20,000 | 15,424 | ||||||
Tenet Healthcare Corp., | 73,000 | 70,270 | ||||||
|
| |||||||
(Cost $619,191) | 531,122 | |||||||
|
| |||||||
Household Products/Wares — 0.2% | ||||||||
Central Garden & Pet Co., 144A, | 10,000 | 8,499 | ||||||
Spectrum Brands, Inc., 144A, | 13,000 | 10,904 | ||||||
|
| |||||||
(Cost $22,777) | 19,403 | |||||||
|
| |||||||
Pharmaceuticals — 3.5% | ||||||||
AdaptHealth LLC | 11,000 | 8,979 | ||||||
144A, 5.125%, 3/1/30 | 16,000 | 13,139 | ||||||
Bausch Health Americas, Inc. | 22,000 | 20,073 | ||||||
144A, 8.50%, 1/31/27 | 20,000 | 11,149 | ||||||
Bausch Health Cos., Inc. | 49,000 | 44,179 | ||||||
144A, 9.00%, 12/15/25 | 28,000 | 25,654 | ||||||
144A, 6.125%, 2/1/27 | 26,000 | 17,122 | ||||||
144A, 5.75%, 8/15/27 | 13,000 | 8,154 | ||||||
144A, 5.00%, 1/30/28 | 7,000 | 3,050 | ||||||
144A, 4.875%, 6/1/28 | 37,000 | 21,990 | ||||||
144A, 11.00%, 9/30/28 | 52,000 | 37,255 | ||||||
144A, 5.00%, 2/15/29 | 15,000 | 6,293 | ||||||
144A, 6.25%, 2/15/29 | 23,000 | 10,088 | ||||||
144A, 5.25%, 1/30/30 | 24,000 | 10,157 | ||||||
144A, 5.25%, 2/15/31 | 11,000 | 4,639 | ||||||
Cheplapharm Arzneimittel GmbH, 144A, | 13,000 | 11,784 | ||||||
Grifols SA, 144A, | 19,000 | 16,687 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, | 20,000 | 19,264 | ||||||
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, | 16,000 | 11,980 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, | 10,000 | 7,916 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, | $ | 55,000 | $ | 46,885 | ||||
Owens & Minor, Inc. | 11,000 | 9,333 | ||||||
144A, 6.625%, 4/1/30 | 16,000 | 14,571 | ||||||
Teva Pharmaceutical Finance Netherlands III BV, | 34,000 | 33,994 | ||||||
|
| |||||||
(Cost $530,549) | 414,335 | |||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler International AG, 144A, | ||||||||
(Cost $15,264) | 15,000 | 15,069 | ||||||
|
| |||||||
Energy — 12.8% | ||||||||
Oil & Gas — 5.5% | ||||||||
Baytex Energy Corp. | 12,000 | 12,293 | ||||||
144A, 8.50%, 4/30/30 | 20,000 | 20,293 | ||||||
Callon Petroleum Co. | 17,000 | 17,254 | ||||||
144A, 7.50%, 6/15/30 | 15,000 | 14,843 | ||||||
Civitas Resources, Inc. | 35,000 | 36,181 | ||||||
144A, 8.75%, 7/1/31 | 40,000 | 41,362 | ||||||
CNX Resources Corp. | 13,000 | 12,392 | ||||||
144A, 7.375%, 1/15/31 | 11,000 | 10,991 | ||||||
Comstock Resources, Inc. | 32,000 | 29,967 | ||||||
144A, 5.875%, 1/15/30 | 28,000 | 24,742 | ||||||
Crescent Energy Finance LLC | 20,000 | 19,720 | ||||||
144A, 9.25%, 2/15/28 | 22,000 | 22,525 | ||||||
CVR Energy, Inc. | ||||||||
144A, 5.25%, 2/15/25 | 15,000 | 14,564 | ||||||
144A, 5.75%, 2/15/28 | 11,000 | 10,026 | ||||||
Earthstone Energy Holdings LLC | 15,000 | 15,314 | ||||||
144A, 9.875%, 7/15/31 | 14,000 | 15,362 | ||||||
Energean PLC,144A, | 16,000 | 14,709 | ||||||
Kosmos Energy Ltd. | 22,000 | 20,209 | ||||||
144A, 7.75%, 5/1/27 | 14,000 | 12,624 | ||||||
144A, 7.50%, 3/1/28 | 10,000 | 8,845 | ||||||
Leviathan Bond Ltd. | 16,000 | 15,700 | ||||||
144A, REGS, 6.50%, 6/30/27 | 25,000 | 24,250 | ||||||
144A, REGS, 6.75%, 6/30/30 | 14,000 | 13,162 | ||||||
Northern Oil and Gas, Inc. | 19,000 | 19,063 | ||||||
144A, 8.75%, 6/15/31 | 20,000 | 20,455 | ||||||
Parkland Corp. | 33,000 | 29,108 | ||||||
144A, 4.625%, 5/1/30 | 21,000 | 18,536 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
PBF Holding Co. LLC / PBF Finance Corp. | $ | 19,000 | $ | 17,976 | ||||
144A, 7.875%, 9/15/30 | 20,000 | 19,921 | ||||||
SM Energy Co. | 12,000 | 11,960 | ||||||
6.625%, 1/15/27 | 11,000 | 10,872 | ||||||
6.50%, 7/15/28 | 11,000 | 10,762 | ||||||
Transocean, Inc. | 15,000 | 14,774 | ||||||
144A, 11.50%, 1/30/27 | 18,000 | 18,975 | ||||||
144A, 8.00%, 2/1/27 | 14,000 | 13,664 | ||||||
Tullow Oil PLC, 144A, | 16,000 | 11,057 | ||||||
Vital Energy, Inc., | 15,000 | 15,090 | ||||||
|
| |||||||
(Cost $646,427) | 659,541 | |||||||
|
| |||||||
Oil & Gas Services — 1.1% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | 16,000 | 15,745 | ||||||
144A, 6.25%, 4/1/28 | 21,000 | 20,066 | ||||||
CGG SA, 144A, | 16,000 | 13,784 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 19,000 | 18,803 | ||||||
6.875%, 9/1/27 | 19,000 | 18,539 | ||||||
Weatherford International Ltd., 144A, | 41,000 | 41,982 | ||||||
|
| |||||||
(Cost $132,910) | 128,919 | |||||||
|
| |||||||
Pipelines — 6.2% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 18,000 | 17,462 | ||||||
144A, 5.75%, 1/15/28 | 17,000 | 16,295 | ||||||
Buckeye Partners LP | 15,000 | 13,849 | ||||||
144A, 4.50%, 3/1/28 | 13,000 | 11,809 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 15,000 | 14,489 | ||||||
144A, 6.00%, 2/1/29 | 29,000 | 28,500 | ||||||
144A, 8.00%, 4/1/29 | 13,000 | 13,445 | ||||||
144A, 7.375%, 2/1/31 | 10,000 | 10,261 | ||||||
EQM Midstream Partners LP | 13,000 | 13,131 | ||||||
144A, 6.50%, 7/1/27 | 24,000 | 23,868 | ||||||
5.50%, 7/15/28 | 25,000 | 23,909 | ||||||
144A, 4.50%, 1/15/29 | 21,000 | 19,054 | ||||||
144A, 7.50%, 6/1/30 | 13,000 | 13,345 | ||||||
144A, 4.75%, 1/15/31 | 32,000 | 28,312 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 14,000 | 13,804 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
8.00%, 1/15/27 | $ | 25,000 | $ | 24,669 | ||||
7.75%, 2/1/28 | 28,000 | 27,263 | ||||||
8.875%, 4/15/30 | 10,000 | 9,969 | ||||||
ITT Holdings LLC, 144A, | 31,000 | 28,007 | ||||||
New Fortress Energy, Inc. | 32,000 | 30,960 | ||||||
144A, 6.50%, 9/30/26 | 43,000 | 39,971 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, | 60,000 | 59,681 | ||||||
NuStar Logistics LP | 15,000 | 14,717 | ||||||
5.625%, 4/28/27 | 15,000 | 14,564 | ||||||
6.375%, 10/1/30 | 10,000 | 9,635 | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, | 22,000 | 21,250 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 15,000 | 15,018 | ||||||
144A, 6.00%, 3/1/27 | 11,000 | 10,542 | ||||||
144A, 5.50%, 1/15/28 | 22,000 | 20,417 | ||||||
144A, 6.00%, 12/31/30 | 19,000 | 17,015 | ||||||
144A, 6.00%, 9/1/31 | 14,000 | 12,447 | ||||||
Venture Global LNG, Inc. | 63,000 | 63,606 | ||||||
144A, 8.375%, 6/1/31 | 63,000 | 63,603 | ||||||
|
| |||||||
(Cost $770,213) | 744,867 | |||||||
|
| |||||||
Financial — 11.2% | ||||||||
Banks — 0.3% | ||||||||
Freedom Mortgage Corp. | 14,000 | 13,809 | ||||||
144A, 7.625%, 5/1/26 | 15,000 | 13,813 | ||||||
144A, 6.625%, 1/15/27 | 14,000 | 12,269 | ||||||
|
| |||||||
(Cost $40,805) | 39,891 | |||||||
|
| |||||||
Diversified Financial Services — 4.3% | ||||||||
Burford Capital Global Finance LLC, 144A, | 11,000 | 11,137 | ||||||
Coinbase Global, Inc. | 30,000 | 22,100 | ||||||
144A, 3.625%, 10/1/31 | 24,000 | 16,183 | ||||||
Curo Group Holdings Corp., 144A, | 20,000 | 7,970 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, | 26,000 | 22,227 | ||||||
LD Holdings Group LLC | 11,000 | 9,259 | ||||||
144A, 6.125%, 4/1/28 | 16,000 | 10,431 | ||||||
Macquarie Airfinance Holdings Ltd., 144A, | 15,000 | 15,311 | ||||||
Nationstar Mortgage Holdings, Inc. | 25,000 | 22,685 | ||||||
144A, 5.125%, 12/15/30 | 19,000 | 16,122 | ||||||
144A, 5.75%, 11/15/31 | 16,000 | 13,728 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
Navient Corp. | $ | 19,000 | $ | 17,306 | ||||
4.875%, 3/15/28 | 13,000 | 11,335 | ||||||
5.50%, 3/15/29 | 22,000 | 18,828 | ||||||
9.375%, 7/25/30 | 15,000 | 15,083 | ||||||
NFP Corp., 144A, | 59,000 | 52,063 | ||||||
OneMain Finance Corp. | 45,000 | 44,318 | ||||||
6.625%, 1/15/28 | 25,000 | 23,403 | ||||||
3.875%, 9/15/28 | 15,000 | 12,316 | ||||||
9.00%, 1/15/29 | 10,000 | 10,147 | ||||||
5.375%, 11/15/29 | 22,000 | 19,056 | ||||||
4.00%, 9/15/30 | 22,000 | 17,157 | ||||||
Osaic Holdings, Inc., 144A, | 15,000 | 15,089 | ||||||
PennyMac Financial Services, Inc. | 17,000 | 14,087 | ||||||
144A, 5.75%, 9/15/31 | 13,000 | 10,942 | ||||||
PRA Group, Inc., 144A, | 10,000 | 9,136 | ||||||
Synchrony Financial, | 20,000 | 18,415 | ||||||
United Wholesale Mortgage LLC | 11,000 | 10,145 | ||||||
144A, 5.50%, 4/15/29 | 29,000 | 25,186 | ||||||
|
| |||||||
(Cost $566,744) | 511,165 | |||||||
|
| |||||||
Insurance — 0.9% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | 32,000 | 30,958 | ||||||
144A, 10.125%, 8/1/26 | 5,000 | 5,164 | ||||||
144A, 6.00%, 8/1/29 | 13,000 | 11,305 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 38,000 | 35,959 | ||||||
144A, 5.875%, 11/1/29 | 12,000 | 10,520 | ||||||
AssuredPartners, Inc., 144A, | 14,000 | 12,178 | ||||||
|
| |||||||
(Cost $109,461) | 106,084 | |||||||
|
| |||||||
Real Estate — 0.9% | ||||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, | 23,200 | 20,827 | ||||||
Cushman & Wakefield US Borrower LLC | 20,000 | 19,061 | ||||||
144A, 8.875%, 9/1/31 | 10,000 | 10,094 | ||||||
Kennedy-Wilson, Inc. | 17,000 | 13,676 | ||||||
4.75%, 2/1/30 | 12,000 | 9,252 | ||||||
5.00%, 3/1/31 | 24,000 | 18,185 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | 24,000 | 17,304 | ||||||
144A, 5.25%, 4/15/30 | 2,000 | 1,390 | ||||||
|
| |||||||
(Cost $130,848) | 109,789 | |||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Real Estate Investment Trusts — 3.7% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | $ | 28,000 | $ | 25,726 | ||||
144A, 4.50%, 4/1/27 | 19,000 | 15,892 | ||||||
Diversified Healthcare Trust | 25,000 | 24,610 | ||||||
4.75%, 2/15/28 | 13,000 | 9,944 | ||||||
4.375%, 3/1/31 | 10,000 | 7,555 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 15,000 | 13,575 | ||||||
144A, 4.75%, 6/15/29 | 17,000 | 14,310 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 10,000 | 8,509 | ||||||
5.00%, 10/15/27 | 41,000 | 32,439 | ||||||
4.625%, 8/1/29 | 29,000 | 20,991 | ||||||
3.50%, 3/15/31 | 34,000 | 22,113 | ||||||
Office Properties Income Trust | 20,000 | 17,864 | ||||||
3.45%, 10/15/31 | 12,000 | 6,103 | ||||||
Service Properties Trust | 26,000 | 25,715 | ||||||
4.75%, 10/1/26 | 15,000 | 13,039 | ||||||
4.95%, 2/15/27 | 21,000 | 18,201 | ||||||
5.50%, 12/15/27 | 16,000 | 14,177 | ||||||
3.95%, 1/15/28 | 7,000 | 5,578 | ||||||
4.95%, 10/1/29 | 3,000 | 2,369 | ||||||
4.375%, 2/15/30 | 10,000 | 7,612 | ||||||
Starwood Property Trust, Inc. | 15,000 | 13,437 | ||||||
144A, 4.375%, 1/15/27 | 10,000 | 8,941 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, | 20,000 | 13,231 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 73,000 | 72,903 | ||||||
144A, 4.75%, 4/15/28 | 15,000 | 12,653 | ||||||
144A, 6.50%, 2/15/29 | 28,000 | 19,137 | ||||||
|
| |||||||
(Cost $483,199) | 446,624 | |||||||
|
| |||||||
Venture Capital — 1.1% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 31,000 | 29,997 | ||||||
6.375%, 12/15/25 | 25,000 | 23,864 | ||||||
6.25%, 5/15/26 | 30,000 | 27,856 | ||||||
5.25%, 5/15/27 | 35,000 | 30,750 | ||||||
4.375%, 2/1/29 | 25,000 | 19,759 | ||||||
|
| |||||||
(Cost $128,544) | 132,226 | |||||||
|
| |||||||
Industrial — 6.5% | ||||||||
Aerospace/Defense — 2.1% | ||||||||
Bombardier, Inc. | 31,000 | 30,507 | ||||||
144A, 7.875%, 4/15/27 | 55,000 | 54,956 | ||||||
144A, 6.00%, 2/15/28 | 20,000 | 18,713 |
Principal | Value | |||||||
Aerospace/Defense (Continued) | ||||||||
144A, 7.50%, 2/1/29 | $ | 26,000 | $ | 25,496 | ||||
Spirit AeroSystems, Inc. | 31,000 | 30,714 | ||||||
4.60%, 6/15/28 | 21,000 | 17,037 | ||||||
144A, 9.375%, 11/30/29 | 25,000 | 25,979 | ||||||
Triumph Group, Inc. | 11,000 | 10,367 | ||||||
144A, 9.00%, 3/15/28 | 35,000 | 35,141 | ||||||
|
| |||||||
(Cost $256,927) | 248,910 | |||||||
|
| |||||||
Building Materials — 0.3% | ||||||||
Smyrna Ready Mix Concrete LLC, 144A, | ||||||||
(Cost $36,052) | 36,000 | 34,604 | ||||||
|
| |||||||
Electrical Components & Equipment — 0.3% | ||||||||
Energizer Holdings, Inc. | 15,000 | 13,274 | ||||||
144A, 4.375%, 3/31/29 | 21,000 | 18,010 | ||||||
|
| |||||||
(Cost $34,520) | 31,284 | |||||||
|
| |||||||
Engineering & Construction — 0.5% | ||||||||
Brand Industrial Services, Inc., 144A, | 40,000 | 41,301 | ||||||
IHS Holding Ltd. | 7,000 | 6,046 | ||||||
144A, 6.25%, 11/29/28 | 20,000 | 16,163 | ||||||
|
| |||||||
(Cost $64,114) | 63,510 | |||||||
|
| |||||||
Environmental Control — 0.0% | ||||||||
Covanta Holding Corp., | ||||||||
(Cost $8,299) | 8,000 | 6,792 | ||||||
|
| |||||||
Machinery-Diversified — 0.5% | ||||||||
SPX FLOW, Inc., 144A, | 14,000 | 13,273 | ||||||
TK Elevator Holdco GmbH, 144A, | 10,000 | 9,278 | ||||||
TK Elevator US Newco, Inc., 144A, | 46,000 | 43,159 | ||||||
|
| |||||||
(Cost $69,010) | 65,710 | |||||||
|
| |||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Trinity Industries, Inc., 144A, | ||||||||
(Cost $10,183) | 10,000 | 10,181 | ||||||
|
| |||||||
Packaging & Containers — 2.3% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, | 28,000 | 22,788 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 34,000 | 28,958 | ||||||
144A, 5.25%, 8/15/27 | 20,000 | 17,034 | ||||||
LABL, Inc. | 21,000 | 20,549 | ||||||
144A, 10.50%, 7/15/27 | 22,000 | 21,083 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
144A, 5.875%, 11/1/28 | $ | 13,000 | $ | 11,779 | ||||
144A, 8.25%, 11/1/29 | 11,000 | 9,207 | ||||||
Mauser Packaging Solutions Holding Co. | 70,000 | 68,997 | ||||||
144A, 9.25%, 4/15/27 | 38,000 | 34,488 | ||||||
Owens-Brockway Glass Container, Inc. | 16,000 | 15,830 | ||||||
144A, 7.25%, 5/15/31 | 20,000 | 20,077 | ||||||
|
| |||||||
(Cost $290,243) | 270,790 | |||||||
|
| |||||||
Transportation — 0.4% | ||||||||
Cargo Aircraft Management, Inc., 144A, | 18,000 | 16,277 | ||||||
Seaspan Corp., 144A, | 21,000 | 16,352 | ||||||
XPO, Inc., 144A, | 12,000 | 12,074 | ||||||
|
| |||||||
(Cost $47,437) | 44,703 | |||||||
|
| |||||||
Technology — 4.1% | ||||||||
Computers — 1.1% | ||||||||
McAfee Corp., 144A, | 55,000 | 48,142 | ||||||
NCR Corp. | 30,000 | 27,317 | ||||||
144A, 5.25%, 10/1/30 | 11,000 | 9,879 | ||||||
Presidio Holdings, Inc., 144A, | 15,000 | 14,548 | ||||||
Seagate HDD Cayman | 15,000 | 15,732 | ||||||
144A, 9.625%, 12/1/32 | 15,600 | 17,297 | ||||||
|
| |||||||
(Cost $142,428) | 132,915 | |||||||
|
| |||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox Holdings Corp. | 19,000 | 18,145 | ||||||
144A, 5.50%, 8/15/28 | 19,000 | 16,541 | ||||||
|
| |||||||
(Cost $35,964) | 34,686 | |||||||
|
| |||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM AG, 144A, | ||||||||
(Cost $11,279) | 11,000 | 10,096 | ||||||
|
| |||||||
Software — 2.6% | ||||||||
Alteryx, Inc., 144A, | 15,000 | 14,488 | ||||||
AthenaHealth Group, Inc., 144A, | 69,000 | 59,993 | ||||||
Clarivate Science Holdings Corp., 144A, | 23,000 | 20,070 | ||||||
Cloud Software Group, Inc. | 112,000 | 100,279 | ||||||
144A, 9.00%, 9/30/29 | 104,000 | 92,965 | ||||||
MicroStrategy, Inc., 144A, | 16,000 | 14,339 | ||||||
RingCentral, Inc., 144A, | 13,000 | 12,802 | ||||||
|
| |||||||
(Cost $318,344) | 314,936 | |||||||
|
|
Principal | Value | |||||||
Utilities — 2.5% | ||||||||
Electric — 2.1% | ||||||||
Calpine Corp. | $ | 37,000 | $ | 33,732 | ||||
144A, 4.625%, 2/1/29 | 19,000 | 16,552 | ||||||
144A, 5.00%, 2/1/31 | 23,000 | 19,460 | ||||||
Drax Finco PLC, 144A, | 15,000 | 14,764 | ||||||
NRG Energy, Inc. | 21,000 | 19,869 | ||||||
144A, 3.375%, 2/15/29 | 15,000 | 12,379 | ||||||
144A, 5.25%, 6/15/29 | 20,000 | 17,987 | ||||||
144A, 3.625%, 2/15/31 | 30,000 | 23,431 | ||||||
PG&E Corp. | 35,000 | 32,232 | ||||||
5.25%, 7/1/30 | 22,000 | 19,606 | ||||||
Talen Energy Supply LLC, 144A, | 30,000 | 31,269 | ||||||
TransAlta Corp., | 10,000 | 10,337 | ||||||
|
| |||||||
(Cost $274,198) | 251,618 | |||||||
|
| |||||||
Gas — 0.4% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 18,000 | 17,091 | ||||||
5.75%, 5/20/27 | 18,000 | 16,667 | ||||||
144A, 9.375%, 6/1/28 | 10,000 | 10,259 | ||||||
|
| |||||||
(Cost $45,085) | 44,017 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 11,649,608 | |||||||
|
| |||||||
Number | ||||||||
CASH EQUIVALENTS — 1.7% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 203,368 | 203,368 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.9% (Cost $13,061,178) | $ | 11,852,976 | ||||||
Other assets and liabilities, net — 1.1% | 126,081 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 11,979,057 | ||||||
|
|
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF (Continued)
August 31, 2023
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
263,774 | — | (263,774 | )(d) | — | — | 8,240 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS —1.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
35,828 | 1,832,392 | (1,664,852 | ) | — | — | 6,318 | — | 203,368 | 203,368 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
299,602 | 1,832,392 | (1,928,626 | ) | — | — | 14,558 | — | 203,368 | 203,368 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Defaulted security or security for which income has been deemed uncollectible. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 11,649,608 | $ | — | $ | 11,649,608 | ||||||||
Short-Term Investments (a) | 203,368 | — | — | 203,368 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 203,368 | $ | 11,649,608 | $ | — | $ | 11,852,976 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF
August 31, 2023
Principal | Value | |||||||
CORPORATE BONDS — 98.3% | ||||||||
Basic Materials — 3.5% | ||||||||
Chemicals — 1.7% | ||||||||
Ashland, Inc., 144A, | $ | 241,000 | $ | 192,901 | ||||
Avient Corp. | 348,000 | 343,705 | ||||||
144A, 7.125%, 8/1/30 | 388,000 | 387,899 | ||||||
Axalta Coating Systems LLC, 144A, | 375,000 | 318,386 | ||||||
Methanex Corp. | 375,000 | 352,108 | ||||||
5.25%, 12/15/29 | 360,000 | 328,271 | ||||||
Olin Corp. | 268,000 | 256,848 | ||||||
5.625%, 8/1/29 | 359,000 | 343,941 | ||||||
5.00%, 2/1/30 | 276,000 | 252,641 | ||||||
SCIH Salt Holdings, Inc., 144A, | 589,000 | 530,062 | ||||||
Valvoline, Inc. | 322,000 | 316,813 | ||||||
144A, 3.625%, 6/15/31 | 287,000 | 228,416 | ||||||
|
| |||||||
(Cost $4,067,473) | 3,851,991 | |||||||
|
| |||||||
Iron/Steel — 0.6% | ||||||||
Cleveland-Cliffs, Inc. | 444,000 | 444,637 | ||||||
5.875%, 6/1/27 | 297,000 | 286,366 | ||||||
144A, 6.75%, 4/15/30 | 402,000 | 383,714 | ||||||
United States Steel Corp., | 255,000 | 254,248 | ||||||
|
| |||||||
(Cost $1,404,965) | 1,368,965 | |||||||
|
| |||||||
Mining — 1.2% | ||||||||
FMG Resources August 2006 Pty Ltd. | 322,000 | 297,454 | ||||||
144A, 5.875%, 4/15/30 | 375,000 | 348,497 | ||||||
144A, 4.375%, 4/1/31 | 804,000 | 674,532 | ||||||
144A, 6.125%, 4/15/32 | 409,000 | 380,951 | ||||||
Hudbay Minerals, Inc., 144A, | 305,000 | 288,122 | ||||||
Nexa Resources SA | 375,000 | 352,943 | ||||||
144A, 6.50%, 1/18/28 | 268,000 | 259,925 | ||||||
|
| |||||||
(Cost $2,794,456) | 2,602,424 | |||||||
|
| |||||||
Communications — 10.8% | ||||||||
Advertising — 0.4% | ||||||||
Lamar Media Corp. | 319,000 | 290,832 | ||||||
4.00%, 2/15/30 | 295,000 | 258,390 | ||||||
3.625%, 1/15/31 | 295,000 | 246,591 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, | 214,000 | 210,501 | ||||||
|
| |||||||
(Cost $1,128,004) | 1,006,314 | |||||||
|
|
Principal | Value | |||||||
Internet — 3.0% | ||||||||
Gen Digital, Inc. | $ | 589,000 | $ | 577,956 | ||||
144A, 6.75%, 9/30/27 | 482,000 | 483,074 | ||||||
144A, 7.125%, 9/30/30 | 322,000 | 324,322 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. | 322,000 | 308,629 | ||||||
144A, 3.50%, 3/1/29 | 429,000 | 369,108 | ||||||
Match Group Holdings II LLC | 226,000 | 212,368 | ||||||
144A, 4.625%, 6/1/28 | 268,000 | 247,503 | ||||||
144A, 4.125%, 8/1/30 | 268,000 | 230,086 | ||||||
144A, 3.625%, 10/1/31 | 268,000 | 218,718 | ||||||
MercadoLibre, Inc. | 214,000 | 196,293 | ||||||
3.125%, 1/14/31 | 351,000 | 281,105 | ||||||
Uber Technologies, Inc. | 472,000 | 476,921 | ||||||
144A, 8.00%, 11/1/26 | 804,000 | 819,345 | ||||||
144A, 7.50%, 9/15/27 | 643,000 | 656,062 | ||||||
144A, 6.25%, 1/15/28 | 268,000 | 265,616 | ||||||
144A, 4.50%, 8/15/29 | 804,000 | 737,685 | ||||||
Ziff Davis, Inc., 144A, | 247,000 | 212,675 | ||||||
|
| |||||||
(Cost $6,854,548) | 6,617,466 | |||||||
|
| |||||||
Media — 6.5% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 301,000 | 294,231 | ||||||
144A, 5.125%, 5/1/27 | 1,521,000 | 1,434,341 | ||||||
144A, 5.00%, 2/1/28 | 1,340,000 | 1,236,042 | ||||||
144A, 5.375%, 6/1/29 | 702,000 | 640,282 | ||||||
144A, 6.375%, 9/1/29 | 702,000 | 665,253 | ||||||
144A, 4.75%, 3/1/30 | 1,427,000 | 1,231,009 | ||||||
144A, 4.50%, 8/15/30 | 1,286,000 | 1,083,233 | ||||||
144A, 4.25%, 2/1/31 | 1,404,000 | 1,152,830 | ||||||
News Corp. | 536,000 | 471,198 | ||||||
144A, 5.125%, 2/15/32 | 268,000 | 242,781 | ||||||
Nexstar Media, Inc., 144A, | 918,000 | 863,716 | ||||||
Sirius XM Radio, Inc. | 536,000 | 484,115 | ||||||
144A, 5.00%, 8/1/27 | 804,000 | 742,574 | ||||||
144A, 4.00%, 7/15/28 | 1,052,000 | 910,981 | ||||||
TEGNA, Inc., 144A, | 295,000 | 281,354 | ||||||
Telenet Finance Luxembourg Notes SARL, 144A, | 600,000 | 551,400 | ||||||
Univision Communications, Inc., 144A, | 588,000 | 580,444 | ||||||
Videotron Ltd. | 322,000 | 308,605 | ||||||
144A, 3.625%, 6/15/29 | 268,000 | 230,389 | ||||||
Virgin Media Secured Finance PLC | 764,000 | 698,926 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Media (Continued) | ||||||||
144A, 4.50%, 8/15/30 | $ | 490,000 | $ | 414,177 | ||||
|
| |||||||
(Cost $15,804,043) | 14,517,881 | |||||||
|
| |||||||
Telecommunications — 0.9% | ||||||||
Level 3 Financing, Inc. | 405,000 | 374,037 | ||||||
144A, 3.875%, 11/15/29 | 400,000 | 353,671 | ||||||
Vmed O2 UK Financing I PLC | 723,000 | 592,295 | ||||||
144A, 4.75%, 7/15/31 | 730,000 | 610,268 | ||||||
|
| |||||||
(Cost $2,037,881) | 1,930,271 | |||||||
|
| |||||||
Consumer, Cyclical — 27.4% | ||||||||
Airlines — 2.3% | ||||||||
Air Canada, 144A, | 643,000 | 594,452 | ||||||
American Airlines, Inc., 144A, | 1,030,000 | 1,128,257 | ||||||
Delta Air Lines, Inc. | 482,000 | 467,365 | ||||||
7.375%, 1/15/26 | 432,000 | 444,770 | ||||||
4.375%, 4/19/28 | 220,000 | 206,604 | ||||||
3.75%, 10/28/29 | 254,000 | 225,590 | ||||||
United Airlines, Inc. | 1,072,000 | 1,010,658 | ||||||
144A, 4.625%, 4/15/29 | 1,047,000 | 932,285 | ||||||
|
| |||||||
(Cost $5,270,521) | 5,009,981 | |||||||
|
| |||||||
Apparel — 0.1% | ||||||||
Levi Strauss & Co., 144A, | ||||||||
(Cost $228,264) | 268,000 | 217,999 | ||||||
|
| |||||||
Auto Manufacturers — 4.5% | ||||||||
Allison Transmission, Inc. | 214,000 | 201,085 | ||||||
144A, 5.875%, 6/1/29 | 268,000 | 259,141 | ||||||
144A, 3.75%, 1/30/31 | 536,000 | 448,252 | ||||||
Ford Motor Co. | 804,000 | 776,837 | ||||||
3.25%, 2/12/32 | 1,340,000 | 1,047,137 | ||||||
6.10%, 8/19/32 | 938,000 | 897,261 | ||||||
Ford Motor Credit Co. LLC | 413,000 | 400,487 | ||||||
2.30%, 2/10/25 | 344,000 | 323,515 | ||||||
4.687%, 6/9/25 | 165,000 | 158,978 | ||||||
5.125%, 6/16/25 | 482,000 | 469,665 | ||||||
4.134%, 8/4/25 | 385,000 | 367,037 | ||||||
3.375%, 11/13/25 | 578,000 | 538,798 | ||||||
GMTN, 4.389%, 1/8/26 | 330,000 | 311,810 | ||||||
6.95%, 3/6/26 | 358,000 | 359,260 | ||||||
4.542%, 8/1/26 | 207,000 | 195,334 | ||||||
2.70%, 8/10/26 | 413,000 | 369,787 | ||||||
4.271%, 1/9/27 | 248,000 | 229,516 | ||||||
4.95%, 5/28/27 | 413,000 | 387,847 | ||||||
4.125%, 8/17/27 | 344,000 | 312,716 | ||||||
3.815%, 11/2/27 | 207,000 | 184,323 |
Principal | Value | |||||||
Auto Manufacturers (Continued) | ||||||||
7.35%, 11/4/27 | $ | 413,000 | $ | 421,644 | ||||
2.90%, 2/16/28 | 207,000 | 176,835 | ||||||
2.90%, 2/10/29 | 219,000 | 180,951 | ||||||
5.113%, 5/3/29 | 409,000 | 376,614 | ||||||
4.00%, 11/13/30 | 450,000 | 381,163 | ||||||
3.625%, 6/17/31 | 275,000 | 223,057 | ||||||
|
| |||||||
(Cost $11,154,660) | 9,999,050 | |||||||
|
| |||||||
Auto Parts & Equipment — 2.0% | ||||||||
Adient Global Holdings Ltd. | 426,000 | 410,042 | ||||||
144A, 7.00%, 4/15/28 | 268,000 | 271,016 | ||||||
144A, 8.25%, 4/15/31 | 268,000 | 274,999 | ||||||
Clarios Global LP, 144A, | 250,000 | 250,127 | ||||||
Clarios Global LP / Clarios US Finance Co. | 481,000 | 476,780 | ||||||
144A, 6.75%, 5/15/28 | 402,000 | 401,321 | ||||||
Goodyear Tire & Rubber Co. | 376,000 | 384,328 | ||||||
5.00%, 5/31/26 | 482,000 | 465,645 | ||||||
4.875%, 3/15/27 | 375,000 | 353,094 | ||||||
ZF North America Capital, Inc. | 577,000 | 561,127 | ||||||
144A, 6.875%, 4/14/28 | 322,000 | 320,683 | ||||||
144A, 7.125%, 4/14/30 | 322,000 | 326,555 | ||||||
|
| |||||||
(Cost $4,593,046) | 4,495,717 | |||||||
|
| |||||||
Distribution/Wholesale — 0.8% | ||||||||
American Builders & Contractors Supply Co., Inc. | 375,000 | 339,823 | ||||||
144A, 3.875%, 11/15/29 | 214,000 | 184,684 | ||||||
H&E Equipment Services, Inc., 144A, | 670,000 | 585,602 | ||||||
Ritchie Bros Holdings, Inc. | 295,000 | 296,872 | ||||||
144A, 7.75%, 3/15/31 | 429,000 | 441,409 | ||||||
|
| |||||||
(Cost $1,939,584) | 1,848,390 | |||||||
|
| |||||||
Entertainment — 5.4% | ||||||||
Caesars Entertainment, Inc. | 1,772,000 | 1,759,832 | ||||||
144A, 8.125%, 7/1/27 | 863,000 | 877,050 | ||||||
144A, 7.00%, 2/15/30 | 1,072,000 | 1,077,266 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, | 530,000 | 530,857 | ||||||
CDI Escrow Issuer, Inc., 144A, | 643,000 | 598,740 | ||||||
Cedar Fair LP, | 268,000 | 241,586 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | 536,000 | 532,235 | ||||||
5.375%, 4/15/27 | 268,000 | 253,614 | ||||||
Churchill Downs, Inc. | 322,000 | 310,526 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
144A, 4.75%, 1/15/28 | $ | 375,000 | $ | 346,250 | ||||
144A, 6.75%, 5/1/31 | 322,000 | 314,687 | ||||||
International Game Technology PLC | 268,000 | 268,472 | ||||||
144A, 4.125%, 4/15/26 | 402,000 | 381,982 | ||||||
144A, 6.25%, 1/15/27 | 402,000 | 398,424 | ||||||
144A, 5.25%, 1/15/29 | 402,000 | 378,399 | ||||||
Live Nation Entertainment, Inc. | 308,000 | 302,791 | ||||||
144A, 6.50%, 5/15/27 | 643,000 | 644,077 | ||||||
144A, 4.75%, 10/15/27 | 509,000 | 474,643 | ||||||
144A, 3.75%, 1/15/28 | 268,000 | 239,262 | ||||||
Six Flags Entertainment Corp., 144A, | 268,000 | 252,496 | ||||||
Vail Resorts, Inc., 144A, | 322,000 | 321,160 | ||||||
WMG Acquisition Corp. | 289,000 | 250,792 | ||||||
144A, 3.875%, 7/15/30 | 287,000 | 249,306 | ||||||
144A, 3.00%, 2/15/31 | 409,000 | 333,703 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 402,000 | 360,224 | ||||||
144A, 7.125%, 2/15/31 | 311,000 | 305,609 | ||||||
|
| |||||||
(Cost $12,577,937) | 12,003,983 | |||||||
|
| |||||||
Food Service — 0.7% | ||||||||
Aramark Services, Inc. | 296,000 | 292,641 | ||||||
144A, 6.375%, 5/1/25 | 787,000 | 789,150 | ||||||
144A, 5.00%, 2/1/28 | 616,000 | 575,249 | ||||||
|
| |||||||
(Cost $1,687,023) | 1,657,040 | |||||||
|
| |||||||
Home Builders — 0.5% | ||||||||
Meritage Homes Corp. | 245,000 | 244,095 | ||||||
144A, 3.875%, 4/15/29 | 236,000 | 206,194 | ||||||
Taylor Morrison Communities, Inc. | 268,000 | 263,592 | ||||||
144A, 5.75%, 1/15/28 | 250,000 | 241,397 | ||||||
144A, 5.125%, 8/1/30 | 248,000 | 227,692 | ||||||
|
| |||||||
(Cost $1,270,506) | 1,182,970 | |||||||
|
| |||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc., 144A, | ||||||||
(Cost $438,962) | 429,000 | 368,857 | ||||||
|
| |||||||
Leisure Time — 2.5% | ||||||||
Carnival Corp. | 446,000 | 471,335 | ||||||
144A, 4.00%, 8/1/28 | 1,289,000 | 1,154,476 | ||||||
144A, 7.00%, 8/15/29 | 250,000 | 253,885 | ||||||
Carnival Holdings Bermuda Ltd., 144A, | 1,088,000 | 1,184,282 | ||||||
Life Time, Inc., 144A, | 496,000 | 484,341 |
Principal | Value | |||||||
Leisure Time (Continued) | ||||||||
NCL Corp. Ltd. | $ | 303,000 | $ | 290,495 | ||||
144A, 5.875%, 2/15/27 | 536,000 | 519,699 | ||||||
Royal Caribbean Cruises Ltd. | 330,000 | 349,012 | ||||||
144A, 8.25%, 1/15/29 | 496,000 | 518,825 | ||||||
144A, 7.25%, 1/15/30 | 375,000 | 380,543 | ||||||
|
| |||||||
(Cost $5,608,244) | 5,606,893 | |||||||
|
| |||||||
Lodging — 4.0% | ||||||||
Boyd Gaming Corp. | 536,000 | 502,933 | ||||||
144A, 4.75%, 6/15/31 | 482,000 | 425,028 | ||||||
Hilton Domestic Operating Co., Inc. | 268,000 | 265,732 | ||||||
144A, 5.75%, 5/1/28 | 268,000 | 263,169 | ||||||
144A, 3.75%, 5/1/29 | 429,000 | 378,290 | ||||||
4.875%, 1/15/30 | 536,000 | 500,516 | ||||||
144A, 4.00%, 5/1/31 | 589,000 | 511,953 | ||||||
144A, 3.625%, 2/15/32 | 784,000 | 652,025 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | 455,000 | 403,802 | ||||||
144A, 4.875%, 7/1/31 | 268,000 | 226,219 | ||||||
Las Vegas Sands Corp. | 268,000 | 253,019 | ||||||
3.50%, 8/18/26 | 536,000 | 497,823 | ||||||
3.90%, 8/8/29 | 402,000 | 353,765 | ||||||
MGM Resorts International | 386,000 | 386,980 | ||||||
5.75%, 6/15/25 | 362,000 | 357,358 | ||||||
4.625%, 9/1/26 | 214,000 | 201,753 | ||||||
5.50%, 4/15/27 | 362,000 | 346,203 | ||||||
4.75%, 10/15/28 | 402,000 | 365,186 | ||||||
Station Casinos LLC, 144A, | 370,000 | 331,483 | ||||||
Travel + Leisure Co. | 348,000 | 343,550 | ||||||
6.00%, 4/1/27 | 214,000 | 207,839 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 705,000 | 697,102 | ||||||
144A, 5.25%, 5/15/27 | 483,000 | 457,561 | ||||||
|
| |||||||
(Cost $9,378,263) | 8,929,289 | |||||||
|
| |||||||
Retail — 4.4% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 268,000 | 266,227 | ||||||
144A, 3.875%, 1/15/28 | 831,000 | 756,542 | ||||||
144A, 4.375%, 1/15/28 | 402,000 | 369,411 | ||||||
144A, 3.50%, 2/15/29 | 402,000 | 352,340 | ||||||
144A, 4.00%, 10/15/30 | 1,534,000 | 1,300,457 | ||||||
Asbury Automotive Group, Inc. | 217,000 | 198,128 | ||||||
144A, 4.625%, 11/15/29 | 409,000 | 361,246 | ||||||
4.75%, 3/1/30 | 238,000 | 209,225 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Retail (Continued) | ||||||||
Bath & Body Works, Inc., | $ | 268,000 | $ | 257,359 | ||||
Beacon Roofing Supply, Inc., 144A, | 300,000 | 296,700 | ||||||
FirstCash, Inc. | 268,000 | 238,631 | ||||||
144A, 5.625%, 1/1/30 | 295,000 | 268,122 | ||||||
Lithia Motors, Inc. | 214,000 | 197,843 | ||||||
144A, 3.875%, 6/1/29 | 409,000 | 351,549 | ||||||
144A, 4.375%, 1/15/31 | 295,000 | 251,252 | ||||||
Macy’s Retail Holdings LLC | 228,000 | 199,705 | ||||||
144A, 6.125%, 3/15/32 | 228,000 | 195,715 | ||||||
Murphy Oil USA, Inc. | 268,000 | 246,155 | ||||||
144A, 3.75%, 2/15/31 | 268,000 | 225,683 | ||||||
Penske Automotive Group, Inc. | 295,000 | 281,470 | ||||||
3.75%, 6/15/29 | 268,000 | 229,955 | ||||||
PetSmart, Inc. / PetSmart Finance Corp., 144A, | 643,000 | 577,382 | ||||||
SRS Distribution, Inc., 144A, | 348,000 | 310,137 | ||||||
Yum! Brands, Inc. | 429,000 | 395,451 | ||||||
3.625%, 3/15/31 | 543,000 | 460,966 | ||||||
4.625%, 1/31/32 | 589,000 | 527,542 | ||||||
5.375%, 4/1/32 | 536,000 | 503,285 | ||||||
|
| |||||||
(Cost $10,635,180) | 9,828,478 | |||||||
|
| |||||||
Consumer, Non-cyclical — 19.6% | ||||||||
Agriculture — 0.3% | ||||||||
Darling Ingredients, Inc. | 268,000 | 260,743 | ||||||
144A, 6.00%, 6/15/30 | 536,000 | 524,143 | ||||||
|
| |||||||
(Cost $814,283) | 784,886 | |||||||
|
| |||||||
Commercial Services — 4.8% | ||||||||
ADT Security Corp., 144A, | 536,000 | 468,552 | ||||||
APX Group, Inc., 144A, | 322,000 | 311,913 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 268,000 | 243,935 | ||||||
144A, 5.375%, 3/1/29 | 322,000 | 295,897 | ||||||
Block, Inc. | 536,000 | 487,933 | ||||||
3.50%, 6/1/31 | 536,000 | 439,991 | ||||||
Brink’s Co. | 214,000 | 210,619 | ||||||
144A, 4.625%, 10/15/27 | 322,000 | 299,754 | ||||||
Gartner, Inc. | 409,000 | 381,726 | ||||||
144A, 3.625%, 6/15/29 | 322,000 | 283,130 | ||||||
144A, 3.75%, 10/1/30 | 429,000 | 370,843 |
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
Herc Holdings, Inc., 144A, | $ | 643,000 | $ | 617,785 | ||||
Hertz Corp., 144A, | 268,000 | 242,886 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 703,000 | 690,523 | ||||||
144A, 3.375%, 8/31/27 | 536,000 | 477,194 | ||||||
Service Corp. International | 275,000 | 258,747 | ||||||
5.125%, 6/1/29 | 402,000 | 379,388 | ||||||
3.375%, 8/15/30 | 455,000 | 377,785 | ||||||
4.00%, 5/15/31 | 429,000 | 364,114 | ||||||
United Rentals North America, Inc. | 268,000 | 262,864 | ||||||
3.875%, 11/15/27 | 402,000 | 372,675 | ||||||
4.875%, 1/15/28 | 894,000 | 851,478 | ||||||
5.25%, 1/15/30 | 402,000 | 382,459 | ||||||
4.00%, 7/15/30 | 367,000 | 322,103 | ||||||
3.875%, 2/15/31 | 589,000 | 504,303 | ||||||
3.75%, 1/15/32 | 402,000 | 338,412 | ||||||
Williams Scotsman International, Inc. | 282,000 | 279,751 | ||||||
144A, 4.625%, 8/15/28 | 268,000 | 244,791 | ||||||
|
| |||||||
(Cost $11,683,339) | 10,761,551 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.6% | ||||||||
Coty, Inc., 144A, | 482,000 | 463,771 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, | 400,000 | 399,654 | ||||||
Edgewell Personal Care Co., 144A, | 402,000 | 379,251 | ||||||
|
| |||||||
(Cost $1,283,749) | 1,242,676 | |||||||
|
| |||||||
Food — 3.8% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | 402,000 | 373,889 | ||||||
144A, 7.50%, 3/15/26 | 322,000 | 327,012 | ||||||
144A, 4.625%, 1/15/27 | 723,000 | 684,679 | ||||||
144A, 5.875%, 2/15/28 | 402,000 | 390,518 | ||||||
144A, 6.50%, 2/15/28 | 402,000 | 400,560 | ||||||
144A, 3.50%, 3/15/29 | 723,000 | 625,994 | ||||||
144A, 4.875%, 2/15/30 | 516,000 | 473,938 | ||||||
Lamb Weston Holdings, Inc. | 268,000 | 253,360 | ||||||
144A, 4.125%, 1/31/30 | 520,000 | 457,775 | ||||||
144A, 4.375%, 1/31/32 | 360,000 | 312,790 | ||||||
Performance Food Group, Inc. | 568,000 | 547,511 | ||||||
144A, 4.25%, 8/1/29 | 536,000 | 472,192 | ||||||
Pilgrim’s Pride Corp. | 455,000 | 450,315 | ||||||
3.50%, 3/1/32 | 462,000 | 372,469 | ||||||
6.25%, 7/1/33 | 536,000 | 532,644 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Food (Continued) | ||||||||
Post Holdings, Inc. | $ | 246,000 | $ | 240,655 | ||||
144A, 5.625%, 1/15/28 | 504,000 | 483,873 | ||||||
US Foods, Inc. | 497,000 | 498,742 | ||||||
144A, 4.75%, 2/15/29 | 482,000 | 439,930 | ||||||
144A, 4.625%, 6/1/30 | 268,000 | 238,445 | ||||||
|
| |||||||
(Cost $9,010,582) | 8,577,291 | |||||||
|
| |||||||
Healthcare-Products — 2.5% | ||||||||
Avantor Funding, Inc. | 816,000 | 758,257 | ||||||
144A, 3.875%, 11/1/29 | 429,000 | 376,653 | ||||||
Hologic, Inc. | 214,000 | 201,343 | ||||||
144A, 3.25%, 2/15/29 | 509,000 | 442,533 | ||||||
Medline Borrower LP | 2,391,000 | 2,083,066 | ||||||
144A, 5.25%, 10/1/29 | 1,325,000 | 1,177,994 | ||||||
Teleflex, Inc. | 268,000 | 252,994 | ||||||
144A, 4.25%, 6/1/28 | 268,000 | 246,804 | ||||||
|
| |||||||
(Cost $5,742,478) | 5,539,644 | |||||||
|
| |||||||
Healthcare-Services — 5.2% | ||||||||
Catalent Pharma Solutions, Inc. | 268,000 | 250,504 | ||||||
144A, 3.125%, 2/15/29 | 295,000 | 248,532 | ||||||
144A, 3.50%, 4/1/30 | 348,000 | 292,968 | ||||||
Charles River Laboratories International, Inc. | 268,000 | 246,285 | ||||||
144A, 3.75%, 3/15/29 | 268,000 | 236,793 | ||||||
144A, 4.00%, 3/15/31 | 268,000 | 231,678 | ||||||
Encompass Health Corp. | 429,000 | 398,864 | ||||||
4.75%, 2/1/30 | 429,000 | 391,688 | ||||||
4.625%, 4/1/31 | 214,000 | 187,782 | ||||||
IQVIA, Inc. | 563,000 | 544,375 | ||||||
144A, 5.00%, 5/15/27 | 589,000 | 567,567 | ||||||
144A, 6.50%, 5/15/30 | 268,000 | 269,773 | ||||||
Molina Healthcare, Inc. | 429,000 | 394,121 | ||||||
144A, 3.875%, 11/15/30 | 328,000 | 280,391 | ||||||
144A, 3.875%, 5/15/32 | 402,000 | 333,799 | ||||||
Select Medical Corp., 144A, | 630,000 | 624,634 | ||||||
Tenet Healthcare Corp. | 1,125,000 | 1,089,678 | ||||||
6.25%, 2/1/27 | 804,000 | 792,450 | ||||||
5.125%, 11/1/27 | 804,000 | 761,413 | ||||||
4.625%, 6/15/28 | 322,000 | 296,799 | ||||||
4.25%, 6/1/29 | 750,000 | 669,771 | ||||||
4.375%, 1/15/30 | 777,000 | 691,031 | ||||||
6.125%, 6/15/30 | 1,032,000 | 1,001,287 | ||||||
144A, 6.75%, 5/15/31 | 723,000 | 720,208 | ||||||
|
| |||||||
(Cost $12,262,475) | 11,522,391 | |||||||
|
|
Principal | Value | |||||||
Household Products/Wares — 0.1% | ||||||||
Central Garden & Pet Co., | ||||||||
(Cost $245,766) | $ | 268,000 | $ | 230,900 | ||||
|
| |||||||
Pharmaceuticals — 2.3% | ||||||||
Jazz Securities DAC, 144A, | 804,000 | 721,098 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, | 1,105,000 | 1,001,042 | ||||||
Perrigo Finance Unlimited Co. | 375,000 | 362,464 | ||||||
4.375%, 3/15/26 | 375,000 | 356,316 | ||||||
4.65%, 6/15/30 | 402,000 | 356,126 | ||||||
Prestige Brands, Inc. | 214,000 | 203,033 | ||||||
144A, 3.75%, 4/1/31 | 322,000 | 266,745 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 228,000 | 229,563 | ||||||
3.15%, 10/1/26 | 1,780,000 | 1,611,299 | ||||||
|
| |||||||
(Cost $5,433,799) | 5,107,686 | |||||||
|
| |||||||
Energy — 8.2% | ||||||||
Oil & Gas — 4.1% | ||||||||
Antero Resources Corp. | 218,000 | 223,362 | ||||||
144A, 5.375%, 3/1/30 | 322,000 | 301,507 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | 320,000 | 318,439 | ||||||
144A, 5.875%, 6/30/29 | 214,000 | 195,146 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, | 185,000 | 189,858 | ||||||
Chesapeake Energy Corp. | 268,000 | 261,821 | ||||||
144A, 5.875%, 2/1/29 | 268,000 | 256,700 | ||||||
144A, 6.75%, 4/15/29 | 509,000 | 505,810 | ||||||
Civitas Resources, Inc., 144A, | 214,000 | 202,362 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A, | 483,000 | 474,982 | ||||||
Matador Resources Co. | 375,000 | 366,094 | ||||||
144A, 6.875%, 4/15/28 | 268,000 | 267,820 | ||||||
MEG Energy Corp. | 203,000 | 205,424 | ||||||
144A, 5.875%, 2/1/29 | 322,000 | 307,961 | ||||||
Murphy Oil Corp. | 291,000 | 286,370 | ||||||
6.375%, 7/15/28 | 242,000 | 242,070 | ||||||
Parkland Corp., 144A, | 268,000 | 259,143 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., | 358,000 | 358,346 | ||||||
Permian Resources Operating LLC, 144A, | 375,000 | 362,014 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Range Resources Corp. | $ | 369,000 | $ | 361,044 | ||||
8.25%, 1/15/29 | 322,000 | 334,579 | ||||||
144A, 4.75%, 2/15/30 | 268,000 | 242,268 | ||||||
Southwestern Energy Co. | 373,000 | 354,367 | ||||||
5.375%, 3/15/30 | 643,000 | 601,683 | ||||||
4.75%, 2/1/32 | 596,000 | 528,588 | ||||||
Sunoco LP / Sunoco Finance Corp. | 322,000 | 318,951 | ||||||
4.50%, 5/15/29 | 429,000 | 388,387 | ||||||
4.50%, 4/30/30 | 428,000 | 381,920 | ||||||
|
| |||||||
(Cost $9,353,139) | 9,097,016 | |||||||
|
| |||||||
Pipelines — 4.1% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 295,000 | 300,047 | ||||||
144A, 5.375%, 6/15/29 | 402,000 | 376,761 | ||||||
Buckeye Partners LP | 268,000 | 258,333 | ||||||
4.125%, 12/1/27 | 214,000 | 194,781 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, | 750,000 | 684,803 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., | 268,000 | 265,638 | ||||||
DT Midstream, Inc. | 589,000 | 522,467 | ||||||
144A, 4.375%, 6/15/31 | 536,000 | 464,551 | ||||||
EnLink Midstream LLC | 268,000 | 259,483 | ||||||
5.375%, 6/1/29 | 242,000 | 231,004 | ||||||
144A, 6.50%, 9/1/30 | 536,000 | 537,982 | ||||||
EnLink Midstream Partners LP | 226,000 | 218,937 | ||||||
4.85%, 7/15/26 | 263,000 | 252,725 | ||||||
EQM Midstream Partners LP | 214,000 | 211,953 | ||||||
4.125%, 12/1/26 | 268,000 | 251,858 | ||||||
Hess Midstream Operations LP | 426,000 | 415,503 | ||||||
144A, 5.125%, 6/15/28 | 295,000 | 276,994 | ||||||
144A, 4.25%, 2/15/30 | 382,000 | 336,227 | ||||||
144A, 5.50%, 10/15/30 | 214,000 | 200,555 | ||||||
NuStar Logistics LP, | 322,000 | 316,038 | ||||||
Rockies Express Pipeline LLC | 214,000 | 202,053 | ||||||
144A, 4.95%, 7/15/29 | 295,000 | 270,425 | ||||||
Venture Global Calcasieu Pass LLC | 670,000 | 580,257 | ||||||
144A, 6.25%, 1/15/30 | 536,000 | 522,617 | ||||||
144A, 4.125%, 8/15/31 | 645,000 | 547,774 | ||||||
144A, 3.875%, 11/1/33 | 670,000 | 544,844 | ||||||
|
| |||||||
(Cost $10,036,936) | 9,244,610 | |||||||
|
|
Principal | Value | |||||||
Financial — 9.1% | ||||||||
Diversified Financial Services — 2.7% | ||||||||
AG Issuer LLC, 144A, | $ | 268,000 | $ | 257,021 | ||||
AG TTMT Escrow Issuer LLC, 144A, | 268,000 | 276,477 | ||||||
Nationstar Mortgage Holdings, Inc., 144A, | 315,000 | 301,505 | ||||||
Navient Corp. | 268,000 | 264,243 | ||||||
6.75%, 6/25/25 | 268,000 | 266,434 | ||||||
6.75%, 6/15/26 | 260,000 | 255,726 | ||||||
NFP Corp., 144A, | 295,000 | 263,526 | ||||||
OneMain Finance Corp. | 669,000 | 666,254 | ||||||
3.50%, 1/15/27 | 402,000 | 350,202 | ||||||
PennyMac Financial Services, Inc., 144A, | 337,000 | 326,486 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | 616,000 | 548,086 | ||||||
144A, 3.625%, 3/1/29 | 402,000 | 342,670 | ||||||
144A, 3.875%, 3/1/31 | 650,000 | 530,923 | ||||||
144A, 4.00%, 10/15/33 | 455,000 | 360,498 | ||||||
SLM Corp. | 268,000 | 252,295 | ||||||
3.125%, 11/2/26 | 268,000 | 238,793 | ||||||
United Wholesale Mortgage LLC, 144A, | 429,000 | 412,908 | ||||||
|
| |||||||
(Cost $6,406,352) | 5,914,047 | |||||||
|
| |||||||
Insurance — 1.8% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 144A, | 375,000 | 324,680 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 402,000 | 365,395 | ||||||
144A, 6.75%, 4/15/28 | 670,000 | 660,718 | ||||||
AssuredPartners, Inc., 144A, | 268,000 | 265,611 | ||||||
HUB International Ltd. | 895,000 | 894,128 | ||||||
144A, 5.625%, 12/1/29 | 295,000 | 260,551 | ||||||
144A, 7.25%, 6/15/30 | 1,145,000 | 1,160,422 | ||||||
|
| |||||||
(Cost $3,956,953) | 3,931,505 | |||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
Howard Hughes Corp. | 402,000 | 362,488 | ||||||
144A, 4.125%, 2/1/29 | 348,000 | 287,441 | ||||||
144A, 4.375%, 2/1/31 | 348,000 | 277,383 | ||||||
|
| |||||||
(Cost $1,080,736) | 927,312 | |||||||
|
| |||||||
Real Estate Investment Trusts — 4.2% | ||||||||
HAT Holdings I LLC / HAT Holdings II LLC | 214,000 | 210,228 | ||||||
144A, 3.375%, 6/15/26 | 536,000 | 481,710 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
Iron Mountain, Inc. | $ | 536,000 | $ | 503,828 | ||||
144A, 5.25%, 3/15/28 | 442,000 | 414,821 | ||||||
144A, 5.00%, 7/15/28 | 268,000 | 248,478 | ||||||
144A, 7.00%, 2/15/29 | 536,000 | 535,093 | ||||||
144A, 4.875%, 9/15/29 | 536,000 | 484,821 | ||||||
144A, 5.25%, 7/15/30 | 667,000 | 601,691 | ||||||
144A, 4.50%, 2/15/31 | 589,000 | 506,558 | ||||||
144A, 5.625%, 7/15/32 | 322,000 | 289,255 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | 348,000 | 348,709 | ||||||
144A, 5.875%, 10/1/28 | 368,000 | 340,771 | ||||||
144A, 4.875%, 5/15/29 | 402,000 | 349,097 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | 355,000 | 330,376 | ||||||
144A, 7.25%, 7/15/28 | 214,000 | 215,262 | ||||||
144A, 4.50%, 2/15/29 | 322,000 | 282,941 | ||||||
RLJ Lodging Trust LP | 268,000 | 245,796 | ||||||
144A, 4.00%, 9/15/29 | 268,000 | 224,370 | ||||||
SBA Communications Corp. | 802,000 | 742,226 | ||||||
3.125%, 2/1/29 | 804,000 | 688,453 | ||||||
Service Properties Trust, | 442,000 | 425,745 | ||||||
Starwood Property Trust, Inc. | 214,000 | 205,981 | ||||||
4.75%, 3/15/25 | 268,000 | 259,297 | ||||||
XHR LP | 268,000 | 265,023 | ||||||
144A, 4.875%, 6/1/29 | 268,000 | 232,100 | ||||||
|
| |||||||
(Cost $9,972,700) | 9,432,630 | |||||||
|
| |||||||
Industrial — 11.8% | ||||||||
Aerospace/Defense — 3.6% | ||||||||
Howmet Aerospace, Inc., | 554,000 | 548,726 | ||||||
Rolls-Royce PLC | 536,000 | 505,180 | ||||||
144A, 5.75%, 10/15/27 | 536,000 | 520,823 | ||||||
TransDigm, Inc. | 2,053,000 | 2,035,617 | ||||||
6.375%, 6/15/26 | 410,000 | 410,388 | ||||||
7.50%, 3/15/27 | 244,000 | 244,736 | ||||||
5.50%, 11/15/27 | 1,267,000 | 1,203,352 | ||||||
144A, 6.75%, 8/15/28 | 998,000 | 1,002,516 | ||||||
4.625%, 1/15/29 | 572,000 | 512,958 | ||||||
4.875%, 5/1/29 | 351,000 | 316,137 | ||||||
144A, 6.875%, 12/15/30 | 700,000 | 705,411 | ||||||
|
| |||||||
(Cost $8,088,157) | 8,005,844 | |||||||
|
| |||||||
Building Materials — 1.5% | ||||||||
Builders FirstSource, Inc. | 295,000 | 271,283 |
Principal | Value | |||||||
Building Materials (Continued) | ||||||||
144A, 4.25%, 2/1/32 | $ | 697,000 | $ | 593,171 | ||||
144A, 6.375%, 6/15/32 | 360,000 | 351,252 | ||||||
Standard Industries, Inc. | 455,000 | 431,849 | ||||||
144A, 4.75%, 1/15/28 | 536,000 | 494,204 | ||||||
144A, 4.375%, 7/15/30 | 857,000 | 734,946 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 144A, | 375,000 | 351,664 | ||||||
|
| |||||||
(Cost $3,365,187) | 3,228,369 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.7% | ||||||||
WESCO Distribution, Inc. | 804,000 | 808,333 | ||||||
144A, 7.25%, 6/15/28 | 710,000 | 720,846 | ||||||
|
| |||||||
(Cost $1,549,281) | 1,529,179 | |||||||
|
| |||||||
Electronics — 0.8% | ||||||||
Sensata Technologies BV | 214,000 | 212,278 | ||||||
144A, 5.00%, 10/1/25 | 374,000 | 364,856 | ||||||
144A, 4.00%, 4/15/29 | 536,000 | 471,200 | ||||||
144A, 5.875%, 9/1/30 | 268,000 | 253,565 | ||||||
Sensata Technologies, Inc. | 241,000 | 213,385 | ||||||
144A, 3.75%, 2/15/31 | 382,000 | 320,452 | ||||||
|
| |||||||
(Cost $2,062,240) | 1,835,736 | |||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
Fluor Corp., | ||||||||
(Cost $298,775) | 320,000 | 298,704 | ||||||
|
| |||||||
Environmental Control — 1.2% | ||||||||
Clean Harbors, Inc., 144A, | 268,000 | 266,809 | ||||||
GFL Environmental, Inc. | 268,000 | 259,482 | ||||||
144A, 3.75%, 8/1/25 | 402,000 | 383,136 | ||||||
144A, 5.125%, 12/15/26 | 268,000 | 259,580 | ||||||
144A, 4.00%, 8/1/28 | 402,000 | 359,182 | ||||||
144A, 3.50%, 9/1/28 | 382,000 | 338,020 | ||||||
144A, 4.75%, 6/15/29 | 402,000 | 364,543 | ||||||
144A, 4.375%, 8/15/29 | 295,000 | 261,123 | ||||||
Stericycle, Inc., 144A, | 268,000 | 233,695 | ||||||
|
| |||||||
(Cost $2,872,422) | 2,725,570 | |||||||
|
| |||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand, Inc., | ||||||||
(Cost $216,432) | 214,000 | 212,860 | ||||||
|
| |||||||
Packaging & Containers — 3.3% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | 302,000 | 294,785 | ||||||
144A, 3.25%, 9/1/28 | 322,000 | 273,744 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | $ | 375,000 | $ | 365,755 | ||||
144A, 4.125%, 8/15/26 | 651,000 | 608,722 | ||||||
Ball Corp. | 536,000 | 529,016 | ||||||
4.875%, 3/15/26 | 402,000 | 390,503 | ||||||
6.875%, 3/15/28 | 402,000 | 408,173 | ||||||
6.00%, 6/15/29 | 536,000 | 528,688 | ||||||
2.875%, 8/15/30 | 697,000 | 569,100 | ||||||
3.125%, 9/15/31 | 435,000 | 352,592 | ||||||
Berry Global, Inc., 144A, | 268,000 | 262,965 | ||||||
Crown Americas LLC, | 268,000 | 252,804 | ||||||
Graphic Packaging International LLC | 241,000 | 214,944 | ||||||
144A, 3.75%, 2/1/30 | 214,000 | 182,614 | ||||||
OI European Group BV, 144A, | 214,000 | 192,842 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, | 536,000 | 482,122 | ||||||
Sealed Air Corp. | 225,000 | 222,114 | ||||||
144A, 5.50%, 9/15/25 | 214,000 | 210,994 | ||||||
144A, 4.00%, 12/1/27 | 228,000 | 208,161 | ||||||
144A, 5.00%, 4/15/29 | 228,000 | �� | 211,405 | |||||
Sealed Air Corp./Sealed Air Corp., 144A, | 415,000 | 408,083 | ||||||
Silgan Holdings, Inc., | 305,000 | 279,722 | ||||||
|
| |||||||
(Cost $7,999,177) | 7,449,848 | |||||||
|
| |||||||
Trucking & Leasing — 0.5% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | 348,000 | 343,962 | ||||||
144A, 9.75%, 8/1/27 | 214,000 | 222,282 | ||||||
144A, 5.50%, 5/1/28 | 536,000 | 498,408 | ||||||
|
| |||||||
(Cost $1,061,245) | 1,064,652 | |||||||
|
| |||||||
Technology — 4.8% | ||||||||
Computers — 1.5% | ||||||||
NCR Corp. | 271,000 | 273,904 | ||||||
144A, 5.00%, 10/1/28 | 329,000 | 302,209 | ||||||
144A, 6.125%, 9/1/29 | 268,000 | 276,203 | ||||||
Presidio Holdings, Inc., 144A, | 281,000 | 263,005 | ||||||
Seagate HDD Cayman | 257,000 | 251,316 | ||||||
4.875%, 6/1/27 | 271,000 | 259,751 | ||||||
4.091%, 6/1/29 | 265,000 | 232,220 | ||||||
144A, 8.25%, 12/15/29 | 268,000 | 281,418 | ||||||
Western Digital Corp., | 1,232,000 | 1,174,614 | ||||||
|
| |||||||
(Cost $3,402,060) | 3,314,640 | |||||||
|
|
Principal | Value | |||||||
Semiconductors — 0.9% | ||||||||
Entegris Escrow Corp. | $ | 857,000 | $ | 795,662 | ||||
144A, 5.95%, 6/15/30 | 480,000 | 460,143 | ||||||
Entegris, Inc. | 194,000 | 177,049 | ||||||
144A, 3.625%, 5/1/29 | 214,000 | 184,124 | ||||||
ON Semiconductor Corp., 144A, | 375,000 | 334,161 | ||||||
|
| |||||||
(Cost $2,002,461) | 1,951,139 | |||||||
|
| |||||||
Software — 2.4% | ||||||||
Boxer Parent Co., Inc., 144A, | 322,000 | 322,692 | ||||||
Clarivate Science Holdings Corp., 144A, | 494,000 | 436,349 | ||||||
Fair Isaac Corp. | 214,000 | 207,914 | ||||||
144A, 4.00%, 6/15/28 | 482,000 | 441,275 | ||||||
Open Text Corp. | 482,000 | 429,398 | ||||||
144A, 3.875%, 12/1/29 | 455,000 | 386,395 | ||||||
Open Text Holdings, Inc. | 482,000 | 415,797 | ||||||
144A, 4.125%, 12/1/31 | 333,000 | 276,761 | ||||||
PTC, Inc. | 268,000 | 258,934 | ||||||
144A, 4.00%, 2/15/28 | 268,000 | 246,472 | ||||||
ROBLOX Corp., 144A, | 536,000 | 442,686 | ||||||
SS&C Technologies, Inc., 144A, | 1,072,000 | 1,033,034 | ||||||
Twilio, Inc. | 268,000 | 230,171 | ||||||
3.875%, 3/15/31 | 268,000 | 224,691 | ||||||
|
| |||||||
(Cost $5,737,645) | 5,352,569 | |||||||
|
| |||||||
Utilities — 3.1% | ||||||||
Electric — 2.9% | ||||||||
Calpine Corp. | 225,000 | 220,951 | ||||||
144A, 4.50%, 2/15/28 | 670,000 | 621,524 | ||||||
144A, 3.75%, 3/1/31 | 482,000 | 402,882 | ||||||
Clearway Energy Operating LLC | 430,000 | 397,881 | ||||||
144A, 3.75%, 2/15/31 | 496,000 | 408,335 | ||||||
DPL, Inc., | 222,000 | 211,387 | ||||||
FirstEnergy Corp. | 804,000 | 759,302 | ||||||
2.65%, 3/1/30 | 322,000 | 269,035 | ||||||
Series B, 2.25%, 9/1/30 | 241,000 | 193,634 | ||||||
NextEra Energy Operating Partners LP | 268,000 | 247,848 | ||||||
144A, 4.50%, 9/15/27 | 295,000 | 274,110 | ||||||
Vistra Operations Co. LLC | 536,000 | 517,483 | ||||||
144A, 5.625%, 2/15/27 | 697,000 | 671,611 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Electric (Continued) | ||||||||
144A, 5.00%, 7/31/27 | $ | 667,000 | $ | 627,920 | ||||
144A, 4.375%, 5/1/29 | 670,000 | 591,327 | ||||||
|
| |||||||
(Cost $6,970,315) | 6,415,230 | |||||||
|
| |||||||
Gas — 0.2% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp., | ||||||||
(Cost $366,925) | 375,000 | 368,395 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 219,110,839 | |||||||
|
| |||||||
Number | ||||||||
CASH EQUIVALENTS — 1.5% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | 3,360,237 | 3,360,237 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $235,509,406) | $ | 222,471,076 | ||||||
Other assets and liabilities, net — 0.2% | 537,028 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 223,008,104 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
CORPORATE BONDS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Financial — 0.0% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 5.882%, 7/08/31 (b) |
| |||||||||||||||||||||||||||||||||||
1,552,065 | — | (1,467,170 | ) | (398,114 | ) | 313,219 | 15,533 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.729%, 1/14/32 (b) |
| |||||||||||||||||||||||||||||||||||
3,038,749 | — | (2,883,343 | ) | (973,927 | ) | 818,521 | 24,591 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.742%, 1/07/33 (b) |
| |||||||||||||||||||||||||||||||||||
2,794,732 | 46,341 | (2,703,931 | ) | (903,636 | ) | 766,494 | 24,328 | — | — | — | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(c) |
| |||||||||||||||||||||||||||||||||||
9,125,075 | — | (9,125,075 | )(d) | — | — | 135,202 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS —1.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
10,573,885 | 99,268,024 | (106,481,672 | ) | — | — | 211,084 | — | 3,360,237 | 3,360,237 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
27,084,506 | 99,314,365 | (122,661,191 | ) | (2,275,677 | ) | 1,898,234 | 410,738 | — | 3,360,237 | 3,360,237 | ||||||||||||||||||||||||||
|
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|
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|
|
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|
|
|
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
GMTN: | Global 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. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 219,110,839 | $ | — | $ | 219,110,839 | ||||||||
Short-Term Investments (a) | 3,360,237 | — | — | 3,360,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,360,237 | $ | 219,110,839 | $ | — | $ | 222,471,076 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF
August 31, 2023
Number | Value | |||||||
EXCHANGE-TRADED FUNDS — 99.3% | ||||||||
Xtrackers High Beta High Yield Bond | 24,207 | $ | 967,365 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) | 1,232,679 | 42,650,693 | ||||||
|
| |||||||
(Cost $47,510,824) | 43,618,058 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 14.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) | 6,535,150 | 6,535,150 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.7% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | 311,422 | 311,422 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 114.9% (Cost $54,357,396) | $ | 50,464,630 | ||||||
Other assets and liabilities, net — (14.9%) | (6,538,593 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 43,926,037 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 99.3% |
| |||||||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a)(b) |
| |||||||||||||||||||||||||||||||||||
1,090,918 | 36,452 | (169,408 | ) | (7,537 | ) | 16,940 | 77,228 | — | 24,207 | 967,365 | ||||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
| |||||||||||||||||||||||||||||||||||
48,129,309 | 1,784,428 | (7,833,340 | ) | (281,017 | ) | 851,313 | 2,632,251 | — | 1,232,679 | 42,650,693 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 14.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) |
| |||||||||||||||||||||||||||||||||||
— | 6,535,150 (e | ) | — | — | — | 2,638 | — | 6,535,150 | 6,535,150 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) |
| |||||||||||||||||||||||||||||||||||
374,305 | 501,480 | (564,363 | ) | — | — | 16,386 | — | 311,422 | 311,422 | |||||||||||||||||||||||||||
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|
| |||||||||||||||||||
49,594,532 | 8,857,510 | (8,567,111 | ) | (288,554 | ) | 868,253 | 2,728,503 | — | 8,103,458 | 50,464,630 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund advised by DBX Advisors LLC. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2023 amounted to $6,369,617, which is 14.5% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange-Traded Funds | $ | 43,618,058 | $ | — | $ | — | $ | 43,618,058 | ||||||||
Short-Term Investments (a) | 6,846,572 | — | — | 6,846,572 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 50,464,630 | $ | — | $ | — | $ | 50,464,630 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF
August 31, 2023
Principal | Value | |||||||
CORPORATE BONDS — 97.9% | ||||||||
Basic Materials — 3.9% | ||||||||
Chemicals — 1.5% | ||||||||
Avient Corp., 144A, | $ | 170,000 | $ | 167,902 | ||||
Chemours Co., | 91,000 | 85,625 | ||||||
INEOS Finance PLC, 144A, | 74,000 | 70,921 | ||||||
INEOS Quattro Finance 2 PLC, 144A, | 83,000 | 75,954 | ||||||
Methanex Corp., | 115,000 | 107,980 | ||||||
NOVA Chemicals Corp. | 200,000 | 196,927 | ||||||
144A, 5.00%, 5/1/25 | 97,000 | 92,236 | ||||||
144A, 5.25%, 6/1/27 | 179,000 | 159,354 | ||||||
Olin Corp., | 83,000 | 79,546 | ||||||
SCIH Salt Holdings, Inc., 144A, | 191,000 | 171,888 | ||||||
|
| |||||||
(Cost $1,226,367) | 1,208,333 | |||||||
|
| |||||||
Iron/Steel — 0.6% | ||||||||
Cleveland-Cliffs, Inc. | 170,000 | 170,244 | ||||||
5.875%, 6/1/27 | 100,000 | 96,419 | ||||||
Mineral Resources Ltd. | 113,000 | 112,921 | ||||||
144A, 8.00%, 11/1/27 | 126,000 | 125,716 | ||||||
|
| |||||||
(Cost $513,976) | 505,300 | |||||||
|
| |||||||
Mining — 1.8% | ||||||||
First Quantum Minerals Ltd. | 146,000 | 146,109 | ||||||
144A, 6.875%, 3/1/26 | 174,000 | 171,702 | ||||||
144A, 6.875%, 10/15/27 | 250,000 | 243,710 | ||||||
FMG Resources August 2006 Pty Ltd., 144A, | 100,000 | 92,377 | ||||||
Hudbay Minerals, Inc., 144A, | 125,000 | 118,083 | ||||||
Kaiser Aluminum Corp., 144A, | 85,000 | 75,294 | ||||||
Nexa Resources SA 144A, | 119,000 | 112,000 | ||||||
144A, 6.50%, 1/18/28 | 87,000 | 84,379 | ||||||
Vedanta Resources Finance II PLC | 200,000 | 170,853 | ||||||
144A, 8.95%, 3/11/25 | 250,000 | 163,718 | ||||||
144A, 9.25%, 4/23/26 | 100,000 | 57,324 | ||||||
Vedanta Resources Ltd., 144A, | 100,000 | 59,679 | ||||||
|
| |||||||
(Cost $1,538,720) | 1,495,228 | |||||||
|
| |||||||
Communications — 16.1% | ||||||||
Advertising — 0.7% | ||||||||
Clear Channel Outdoor Holdings, Inc. | 202,000 | 181,060 | ||||||
144A, 7.75%, 4/15/28 | 174,000 | 137,030 |
Principal | Value | |||||||
Advertising (Continued) | ||||||||
Lamar Media Corp., | $ | 115,000 | $ | 104,845 | ||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 65,000 | 63,937 | ||||||
144A, 5.00%, 8/15/27 | 104,000 | 93,765 | ||||||
|
| |||||||
(Cost $582,216) | 580,637 | |||||||
|
| |||||||
Internet — 2.0% | ||||||||
Gen Digital, Inc. | 160,000 | 157,000 | ||||||
144A, 6.75%, 9/30/27 | 156,000 | 156,348 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, | 100,000 | 95,848 | ||||||
Match Group Holdings II LLC | 78,000 | 73,295 | ||||||
144A, 4.625%, 6/1/28 | 88,000 | 81,270 | ||||||
MercadoLibre, Inc., | 50,000 | 45,863 | ||||||
Rakuten Group, Inc., 144A, | 185,000 | 186,850 | ||||||
Uber Technologies, Inc. | 225,000 | 227,346 | ||||||
144A, 8.00%, 11/1/26 | 244,000 | 248,657 | ||||||
144A, 7.50%, 9/15/27 | 236,000 | 240,794 | ||||||
144A, 6.25%, 1/15/28 | 80,000 | 79,288 | ||||||
|
| |||||||
(Cost $1,586,919) | 1,592,559 | |||||||
|
| |||||||
Media — 8.4% | ||||||||
Altice Financing SA, 144A, | 208,000 | 169,297 | ||||||
AMC Networks, Inc. | 126,000 | 124,748 | ||||||
4.75%, 8/1/25 | 132,000 | 123,867 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 100,000 | 97,751 | ||||||
144A, 5.125%, 5/1/27 | 565,000 | 532,809 | ||||||
144A, 5.00%, 2/1/28 | 420,000 | 387,416 | ||||||
CSC Holdings LLC | 130,000 | 123,425 | ||||||
144A, 5.50%, 4/15/27 | 225,000 | 194,260 | ||||||
144A, 5.375%, 2/1/28 | 164,000 | 134,318 | ||||||
144A, 7.50%, 4/1/28 | 181,000 | 115,286 | ||||||
144A, 11.25%, 5/15/28 | 175,000 | 172,764 | ||||||
DISH DBS Corp. | 327,000 | 304,465 | ||||||
7.75%, 7/1/26 | 372,000 | 278,312 | ||||||
144A, 5.25%, 12/1/26 | 485,000 | 409,612 | ||||||
7.375%, 7/1/28 | 130,000 | 81,766 | ||||||
DISH Network Corp., 144A, | 622,000 | 631,603 | ||||||
Gray Television, Inc. | 124,000 | 113,575 | ||||||
144A, 7.00%, 5/15/27 | 130,000 | 116,814 | ||||||
iHeartCommunications, Inc. | 137,000 | 119,723 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Media (Continued) | ||||||||
8.375%, 5/1/27 | $ | 172,000 | $ | 119,284 | ||||
144A, 5.25%, 8/15/27 | 133,000 | 105,503 | ||||||
144A, 4.75%, 1/15/28 | 80,000 | 61,735 | ||||||
McGraw-Hill Education, Inc., 144A, | 140,000 | 124,376 | ||||||
Nexstar Media, Inc., 144A, | 295,000 | 277,556 | ||||||
Sirius XM Radio, Inc. | 220,000 | 198,704 | ||||||
144A, 5.00%, 8/1/27 | 228,000 | 210,581 | ||||||
144A, 4.00%, 7/15/28 | 340,000 | 294,424 | ||||||
TEGNA, Inc. | 102,000 | 97,281 | ||||||
4.625%, 3/15/28 | 161,000 | 144,422 | ||||||
Telenet Finance Luxembourg Notes SARL, 144A, | 200,000 | 183,800 | ||||||
Univision Communications, Inc. | 178,000 | 175,713 | ||||||
144A, 6.625%, 6/1/27 | 268,000 | 259,724 | ||||||
144A, 8.00%, 8/15/28 | 80,000 | 79,874 | ||||||
UPC Holding BV, 144A, | 70,000 | 62,370 | ||||||
Videotron Ltd. | 121,000 | 120,192 | ||||||
144A, 5.125%, 4/15/27 | 80,000 | 76,672 | ||||||
VTR Finance NV, 144A, | 85,000 | 39,168 | ||||||
Ziggo Bond Co. BV, 144A, | 106,000 | 98,720 | ||||||
|
| |||||||
(Cost $7,333,526) | 6,961,910 | |||||||
|
| |||||||
Telecommunications — 5.0% | ||||||||
Altice France Holding SA | 270,000 | 146,044 | ||||||
144A, 6.00%, 2/15/28 | 188,000 | 83,196 | ||||||
Altice France SA | 291,000 | 246,197 | ||||||
144A, 5.50%, 1/15/28 | 179,000 | 134,303 | ||||||
C&W Senior Financing DAC, 144A, | 212,000 | 196,956 | ||||||
CommScope Technologies LLC | 215,000 | 196,646 | ||||||
144A, 5.00%, 3/15/27 | 139,000 | 77,432 | ||||||
CommScope, Inc. | 245,000 | 222,892 | ||||||
144A, 8.25%, 3/1/27 | 176,000 | 116,783 | ||||||
144A, 7.125%, 7/1/28 | 104,000 | 58,044 | ||||||
Frontier Communications Holdings LLC | 200,000 | 182,326 | ||||||
144A, 5.00%, 5/1/28 | 257,000 | 220,450 | ||||||
Hughes Satellite Systems Corp. | 124,000 | 114,158 | ||||||
6.625%, 8/1/26 | 137,000 | 118,984 | ||||||
Iliad Holding SASU, 144A, | 201,000 | 191,947 | ||||||
Level 3 Financing, Inc. | 108,000 | 99,743 | ||||||
144A, 4.625%, 9/15/27 | 197,000 | 148,195 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
144A, 4.25%, 7/1/28 | $ | 170,000 | $ | 111,467 | ||||
Lumen Technologies, Inc. | 85,000 | 44,109 | ||||||
144A, 4.00%, 2/15/27 | 214,000 | 134,686 | ||||||
Millicom International Cellular SA, 144A, | 70,200 | 63,726 | ||||||
Sable International Finance Ltd., 144A, | 82,000 | 76,146 | ||||||
Telecom Italia SpA, 144A, | 259,000 | 255,870 | ||||||
VEON Holdings BV, 144A, | 113,000 | 106,514 | ||||||
Viasat, Inc. | 201,000 | 190,134 | ||||||
144A, 5.625%, 4/15/27 | 79,000 | 70,750 | ||||||
144A, 6.50%, 7/15/28 | 50,000 | 39,108 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, | 240,000 | 194,763 | ||||||
Zayo Group Holdings, Inc. | 244,000 | 183,042 | ||||||
144A, 6.125%, 3/1/28 | 190,000 | 123,685 | ||||||
|
| |||||||
(Cost $4,679,520) | 4,148,296 | |||||||
|
| |||||||
Consumer, Cyclical — 24.5% | ||||||||
Airlines — 2.2% | ||||||||
Air Canada, 144A, | 203,000 | 187,673 | ||||||
American Airlines Group, Inc., 144A, | 85,000 | 81,420 | ||||||
American Airlines, Inc. | 299,000 | 327,523 | ||||||
144A, 7.25%, 2/15/28 | 140,000 | 137,662 | ||||||
Delta Air Lines, Inc. | 170,000 | 164,838 | ||||||
7.375%, 1/15/26 | 140,000 | 144,138 | ||||||
4.375%, 4/19/28 | 71,000 | 66,677 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, | 209,252 | 193,845 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | 106,000 | 106,216 | ||||||
144A, 8.00%, 9/20/25 | 70,000 | 70,150 | ||||||
United Airlines, Inc., 144A, | 365,000 | 344,114 | ||||||
|
| |||||||
(Cost $1,889,110) | 1,824,256 | |||||||
|
| |||||||
Apparel — 0.2% | ||||||||
Hanesbrands, Inc., 144A, | ||||||||
(Cost $162,085) | 159,000 | 148,664 | ||||||
|
| |||||||
Auto Manufacturers — 3.6% | ||||||||
Allison Transmission, Inc., 144A, | 61,000 | 57,318 | ||||||
Aston Martin Capital Holdings Ltd., 144A, | 210,000 | 213,553 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Auto Manufacturers (Continued) | ||||||||
Ford Motor Co., | $ | 310,000 | $ | 299,527 | ||||
Ford Motor Credit Co. LLC | 50,000 | 49,565 | ||||||
5.584%, 3/18/24 | 170,000 | 169,237 | ||||||
3.664%, 9/8/24 | 93,000 | 90,310 | ||||||
4.063%, 11/1/24 | 150,000 | 145,455 | ||||||
2.30%, 2/10/25 | 67,000 | 63,010 | ||||||
4.687%, 6/9/25 | 97,000 | 93,460 | ||||||
5.125%, 6/16/25 | 186,000 | 181,240 | ||||||
4.134%, 8/4/25 | 125,000 | 119,168 | ||||||
3.375%, 11/13/25 | 331,000 | 308,551 | ||||||
GMTN, 4.389%, 1/8/26 | 158,000 | 149,291 | ||||||
6.95%, 3/6/26 | 85,000 | 85,299 | ||||||
6.95%, 6/10/26 | 20,000 | 20,046 | ||||||
4.542%, 8/1/26 | 82,000 | 77,379 | ||||||
2.70%, 8/10/26 | 151,000 | 135,200 | ||||||
4.271%, 1/9/27 | 113,000 | 104,578 | ||||||
4.95%, 5/28/27 | 159,000 | 149,316 | ||||||
4.125%, 8/17/27 | 107,000 | 97,269 | ||||||
3.815%, 11/2/27 | 35,000 | 31,166 | ||||||
7.35%, 11/4/27 | 128,000 | 130,679 | ||||||
2.90%, 2/16/28 | 80,000 | 68,342 | ||||||
6.80%, 5/12/28 | 100,000 | 100,060 | ||||||
|
| |||||||
(Cost $3,032,903) | 2,939,019 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.8% | ||||||||
Adient Global Holdings Ltd. | 140,000 | 134,756 | ||||||
144A, 7.00%, 4/15/28 | 84,000 | 84,945 | ||||||
American Axle & Manufacturing, Inc. | 108,000 | 102,475 | ||||||
6.875%, 7/1/28 | 55,000 | 50,498 | ||||||
Clarios Global LP / Clarios US Finance Co. | 165,000 | 166,970 | ||||||
144A, 6.75%, 5/15/28 | 150,000 | 149,747 | ||||||
Dana, Inc. | 86,000 | 81,436 | ||||||
5.625%, 6/15/28 | 67,000 | 63,131 | ||||||
Goodyear Tire & Rubber Co. | 113,000 | 115,503 | ||||||
5.00%, 5/31/26 | 152,000 | 146,842 | ||||||
4.875%, 3/15/27 | 133,000 | 125,231 | ||||||
ZF North America Capital, Inc. | 182,000 | 176,993 | ||||||
144A, 6.875%, 4/14/28 | 115,000 | 114,530 | ||||||
|
| |||||||
(Cost $1,544,427) | 1,513,057 | |||||||
|
| |||||||
Distribution/Wholesale — 0.2% | ||||||||
American Builders & Contractors Supply Co., Inc., 144A, | 130,000 | 117,806 | ||||||
Ritchie Bros Holdings, Inc., 144A, | 65,000 | 65,412 | ||||||
|
| |||||||
(Cost $185,749) | 183,218 | |||||||
|
|
Principal | Value | |||||||
Entertainment — 4.0% | ||||||||
AMC Entertainment Holdings, Inc., 144A, | $ | 243,000 | $ | 168,738 | ||||
Caesars Entertainment, Inc. | 537,000 | 533,313 | ||||||
144A, 8.125%, 7/1/27 | 315,000 | 320,128 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, | 169,000 | 169,273 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, | 192,000 | 190,651 | ||||||
5.375%, 4/15/27 | 97,000 | 91,793 | ||||||
Churchill Downs, Inc. | 102,000 | 98,365 | ||||||
144A, 4.75%, 1/15/28 | 120,000 | 110,800 | ||||||
Cinemark USA, Inc. | 78,000 | 74,953 | ||||||
144A, 5.25%, 7/15/28 | 120,000 | 106,697 | ||||||
International Game Technology PLC | 58,000 | 58,102 | ||||||
144A, 4.125%, 4/15/26 | 127,000 | 120,676 | ||||||
144A, 6.25%, 1/15/27 | 130,000 | 128,844 | ||||||
Light & Wonder International, Inc., 144A, | 90,000 | 89,749 | ||||||
Live Nation Entertainment, Inc. | 137,000 | 134,683 | ||||||
144A, 6.50%, 5/15/27 | 213,000 | 213,357 | ||||||
144A, 4.75%, 10/15/27 | 168,000 | 156,660 | ||||||
144A, 3.75%, 1/15/28 | 80,000 | 71,422 | ||||||
Mohegan Tribal Gaming Authority, 144A, | 204,000 | 190,159 | ||||||
Penn Entertainment, Inc., 144A, | 68,000 | 64,353 | ||||||
Six Flags Entertainment Corp., 144A, | 86,000 | 81,025 | ||||||
Vail Resorts, Inc., 144A, | 100,000 | 99,739 | ||||||
|
| |||||||
(Cost $3,365,273) | 3,273,480 | |||||||
|
| |||||||
Food Service — 0.7% | ||||||||
Aramark Services, Inc. | 96,000 | 94,910 | ||||||
144A, 6.375%, 5/1/25 | 210,000 | 210,574 | ||||||
144A, 5.00%, 2/1/28 | 200,000 | 186,769 | ||||||
TKC Holdings, Inc., 144A, | 70,000 | 63,352 | ||||||
|
| |||||||
(Cost $552,713) | 555,605 | |||||||
|
| |||||||
Home Builders — 0.6% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, | 110,000 | 101,077 | ||||||
Mattamy Group Corp., 144A, | 97,000 | 91,598 | ||||||
Meritage Homes Corp., | 128,000 | 127,527 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Home Builders (Continued) | ||||||||
Taylor Morrison Communities, Inc. | $ | 85,000 | $ | 83,602 | ||||
144A, 5.75%, 1/15/28 | 80,000 | 77,247 | ||||||
|
| |||||||
(Cost $475,548) | 481,051 | |||||||
|
| |||||||
Housewares — 0.6% | ||||||||
Newell Brands, Inc. | 87,000 | 84,115 | ||||||
4.70%, 4/1/26 | 345,000 | 330,129 | ||||||
6.375%, 9/15/27 | 91,000 | 89,085 | ||||||
|
| |||||||
(Cost $531,507) | 503,329 | |||||||
|
| |||||||
Leisure Time — 4.4% | ||||||||
Carnival Corp. | 316,000 | 315,295 | ||||||
144A, 5.75%, 3/1/27 | 603,000 | 567,051 | ||||||
144A, 9.875%, 8/1/27 | 150,000 | 158,521 | ||||||
144A, 4.00%, 8/1/28 | 350,000 | 313,473 | ||||||
Carnival Holdings Bermuda Ltd., 144A, | 300,000 | 326,548 | ||||||
Life Time, Inc. | 173,000 | 168,933 | ||||||
144A, 8.00%, 4/15/26 | 80,000 | 79,472 | ||||||
NCL Corp. Ltd. | 94,000 | 90,121 | ||||||
144A, 5.875%, 3/15/26 | 257,000 | 242,094 | ||||||
144A, 5.875%, 2/15/27 | 175,000 | 169,678 | ||||||
144A, 8.375%, 2/1/28 | 60,000 | 61,898 | ||||||
Royal Caribbean Cruises Ltd. | 77,000 | 81,436 | ||||||
144A, 4.25%, 7/1/26 | 115,000 | 107,323 | ||||||
144A, 5.50%, 8/31/26 | 169,000 | 162,034 | ||||||
144A, 5.375%, 7/15/27 | 165,000 | 155,301 | ||||||
144A, 11.625%, 8/15/27 | 192,000 | 209,287 | ||||||
3.70%, 3/15/28 | 103,000 | 89,802 | ||||||
144A, 5.50%, 4/1/28 | 260,000 | 243,555 | ||||||
Viking Cruises Ltd., 144A, | 140,000 | 131,035 | ||||||
|
| |||||||
(Cost $3,616,939) | 3,672,857 | |||||||
|
| |||||||
Lodging — 3.3% | ||||||||
Boyd Gaming Corp., | 186,000 | 174,525 | ||||||
Hilton Domestic Operating Co., Inc. | 81,000 | 80,314 | ||||||
144A, 5.75%, 5/1/28 | 100,000 | 98,198 | ||||||
Las Vegas Sands Corp. | 353,000 | 340,857 | ||||||
2.90%, 6/25/25 | 62,000 | 58,534 | ||||||
3.50%, 8/18/26 | 180,000 | 167,179 | ||||||
Melco Resorts Finance Ltd. | 236,000 | 224,413 | ||||||
144A, 5.25%, 4/26/26 | 85,000 | 78,806 | ||||||
144A, 5.625%, 7/17/27 | 100,000 | 89,476 | ||||||
144A, 5.75%, 7/21/28 | 120,000 | 106,277 | ||||||
MGM Resorts International | 211,000 | 211,536 | ||||||
5.75%, 6/15/25 | 101,000 | 99,705 |
Principal | Value | |||||||
Lodging (Continued) | ||||||||
4.625%, 9/1/26 | $ | 78,000 | $ | 73,536 | ||||
5.50%, 4/15/27 | 101,000 | 96,593 | ||||||
Station Casinos LLC, 144A, | 118,000 | 105,716 | ||||||
Studio City Finance Ltd. | 80,000 | 75,722 | ||||||
144A, 6.50%, 1/15/28 | 94,000 | 79,690 | ||||||
Travel + Leisure Co. | 110,000 | 108,594 | ||||||
6.00%, 4/1/27 | 73,000 | 70,898 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 285,000 | 281,807 | ||||||
144A, 5.25%, 5/15/27 | 157,000 | 148,731 | ||||||
|
| |||||||
(Cost $2,798,611) | 2,771,107 | |||||||
|
| |||||||
Retail — 2.9% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 90,000 | 89,405 | ||||||
144A, 3.875%, 1/15/28 | 269,000 | 244,897 | ||||||
144A, 4.375%, 1/15/28 | 130,000 | 119,461 | ||||||
Asbury Automotive Group, Inc., | 75,000 | 68,477 | ||||||
Bath & Body Works, Inc., | 80,000 | 76,824 | ||||||
Carvana Co., 144A, | 101,000 | 74,313 | ||||||
eG Global Finance PLC | 62,000 | 61,157 | ||||||
144A, 8.50%, 10/30/25 | 120,000 | 118,922 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 144A, | 113,000 | 106,318 | ||||||
Lithia Motors, Inc., 144A, | 75,000 | 69,337 | ||||||
Michaels Cos., Inc., 144A, | 148,000 | 123,488 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, | 194,000 | 184,544 | ||||||
Penske Automotive Group, Inc., | 70,000 | 66,790 | ||||||
PetSmart, Inc. / PetSmart Finance Corp., 144A, | 210,000 | 188,569 | ||||||
QVC, Inc. | 50,000 | 48,622 | ||||||
4.45%, 2/15/25 | 100,000 | 89,984 | ||||||
4.75%, 2/15/27 | 103,000 | 68,100 | ||||||
Rite Aid Corp., 144A, | 148,000 | 94,131 | ||||||
SRS Distribution, Inc., 144A, | 113,000 | 100,706 | ||||||
Staples, Inc. | 348,000 | 288,273 | ||||||
144A, 10.75%, 4/15/27 | 165,000 | 89,710 | ||||||
|
| |||||||
(Cost $2,553,581) | 2,372,028 | |||||||
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Consumer, Non-cyclical — 15.0% | ||||||||
Agriculture — 0.2% | �� | |||||||
Darling Ingredients, Inc., 144A, | $ | 60,000 | $ | 58,375 | ||||
Vector Group Ltd., 144A, | 94,000 | 94,391 | ||||||
|
| |||||||
(Cost $152,790) | 152,766 | |||||||
|
| |||||||
Commercial Services — 4.5% | ||||||||
Albion Financing 2SARL, 144A, | 123,000 | 114,666 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | 337,000 | 320,881 | ||||||
144A, 9.75%, 7/15/27 | 190,000 | 174,675 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, | 203,000 | 172,733 | ||||||
APX Group, Inc., 144A, | 98,000 | 94,930 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, | 84,000 | 76,457 | ||||||
Block, Inc., | 174,000 | 158,396 | ||||||
Brink’s Co. | 60,000 | 59,052 | ||||||
144A, 4.625%, 10/15/27 | 100,000 | 93,091 | ||||||
Garda World Security Corp. | 96,000 | 88,887 | ||||||
144A, 9.50%, 11/1/27 | 103,000 | 99,731 | ||||||
144A, 7.75%, 2/15/28 | 68,000 | 67,563 | ||||||
Gartner, Inc., 144A, | 139,000 | 129,731 | ||||||
Herc Holdings, Inc., 144A, | 209,000 | 200,804 | ||||||
Hertz Corp., 144A, | 85,000 | 77,035 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 90,000 | 89,283 | ||||||
144A, 5.75%, 4/15/26 | 235,000 | 230,829 | ||||||
144A, 3.375%, 8/31/27 | 174,000 | 154,910 | ||||||
144A, 6.25%, 1/15/28 | 226,000 | 215,005 | ||||||
Sabre GLBL, Inc. | 155,000 | 152,482 | ||||||
144A, 11.25%, 12/15/27 | 93,000 | 88,718 | ||||||
Service Corp. International, | 100,000 | 94,090 | ||||||
Sotheby’s, 144A, | 133,000 | 121,232 | ||||||
United Rentals North America, Inc. | 122,000 | 119,662 | ||||||
3.875%, 11/15/27 | 70,000 | 64,894 | ||||||
4.875%, 1/15/28 | 342,000 | 325,733 | ||||||
Williams Scotsman International, Inc. | 70,000 | 69,442 | ||||||
144A, 4.625%, 8/15/28 | 85,000 | 77,639 | ||||||
|
| |||||||
(Cost $3,806,451) | 3,732,551 | |||||||
|
|
Principal | Value | |||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Coty, Inc. | $ | 149,000 | $ | 143,365 | ||||
144A, 6.50%, 4/15/26 | 93,000 | 92,270 | ||||||
Edgewell Personal Care Co., 144A, | 132,000 | 124,530 | ||||||
|
| |||||||
(Cost $369,057) | 360,165 | |||||||
|
| |||||||
Food — 2.2% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | 137,000 | 127,420 | ||||||
144A, 7.50%, 3/15/26 | 75,000 | 76,167 | ||||||
144A, 4.625%, 1/15/27 | 211,000 | 199,816 | ||||||
144A, 5.875%, 2/15/28 | 130,000 | 126,287 | ||||||
144A, 6.50%, 2/15/28 | 130,000 | 129,534 | ||||||
B&G Foods, Inc. | 159,000 | 155,344 | ||||||
5.25%, 9/15/27 | 95,000 | 84,255 | ||||||
Lamb Weston Holdings, Inc., 144A, | 87,000 | 82,248 | ||||||
Performance Food Group, Inc., 144A, | 161,000 | 155,192 | ||||||
Pilgrim’s Pride Corp., 144A, | 195,000 | 192,992 | ||||||
Post Holdings, Inc. | 80,000 | 78,262 | ||||||
144A, 5.625%, 1/15/28 | 164,000 | 157,451 | ||||||
Sigma Holdco BV, 144A, | 81,000 | 68,977 | ||||||
US Foods, Inc., 144A, | 182,000 | 182,638 | ||||||
|
| |||||||
(Cost $1,842,869) | 1,816,583 | |||||||
|
| |||||||
Healthcare-Products — 0.6% | ||||||||
Avantor Funding, Inc., 144A, | 269,000 | 249,964 | ||||||
Hologic, Inc., 144A, | 85,000 | 79,973 | ||||||
Teleflex, Inc. | 80,000 | 75,521 | ||||||
144A, 4.25%, 6/1/28 | 88,000 | 81,040 | ||||||
|
| |||||||
(Cost $488,148) | 486,498 | |||||||
|
| |||||||
Healthcare-Services — 3.8% | ||||||||
Catalent Pharma Solutions, Inc., 144A, | 77,000 | 71,973 | ||||||
Charles River Laboratories International, Inc., 144A, | 76,000 | 69,842 | ||||||
CHS/Community Health Systems, Inc. | 370,000 | 361,534 | ||||||
144A, 5.625%, 3/15/27 | 320,000 | 281,900 | ||||||
144A, 8.00%, 12/15/27 | 110,000 | 105,859 | ||||||
144A, 6.875%, 4/1/28 | 130,000 | 78,188 | ||||||
Encompass Health Corp., | 130,000 | 120,868 | ||||||
IQVIA, Inc. | 155,000 | 149,872 | ||||||
144A, 5.00%, 5/15/27 | 217,000 | 209,104 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
Legacy LifePoint Health LLC, 144A, | $ | 84,000 | $ | 72,439 | ||||
ModivCare, Inc., 144A, | 79,000 | 75,039 | ||||||
Molina Healthcare, Inc., 144A, | 141,000 | 129,536 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, | 234,000 | 219,071 | ||||||
Select Medical Corp., 144A, | 207,000 | 205,237 | ||||||
Team Health Holdings, Inc., 144A, | 125,000 | 96,399 | ||||||
Tenet Healthcare Corp. | 318,000 | 308,016 | ||||||
6.25%, 2/1/27 | 260,000 | 256,265 | ||||||
5.125%, 11/1/27 | 250,000 | 236,758 | ||||||
4.625%, 6/15/28 | 106,000 | 97,704 | ||||||
|
| |||||||
(Cost $3,240,807) | 3,145,604 | |||||||
|
| |||||||
Pharmaceuticals — 3.3% | ||||||||
Bausch Health Americas, Inc. | 126,000 | 114,962 | ||||||
144A, 8.50%, 1/31/27 | 111,000 | 61,876 | ||||||
Bausch Health Cos., Inc. | 294,000 | 265,073 | ||||||
144A, 9.00%, 12/15/25 | 160,000 | 146,594 | ||||||
144A, 6.125%, 2/1/27 | 173,000 | 113,926 | ||||||
144A, 5.75%, 8/15/27 | 89,000 | 55,825 | ||||||
144A, 5.00%, 1/30/28 | 75,000 | 32,677 | ||||||
144A, 4.875%, 6/1/28 | 265,000 | 157,496 | ||||||
Cheplapharm Arzneimittel GmbH, 144A, | 88,000 | 79,771 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, | 100,000 | 96,321 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, | 88,000 | 69,662 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, | 346,000 | 313,448 | ||||||
Perrigo Finance Unlimited Co. | 150,000 | 144,986 | ||||||
4.375%, 3/15/26 | 125,000 | 118,772 | ||||||
Prestige Brands, Inc., 144A, | 42,000 | 39,848 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 190,000 | 189,014 | ||||||
7.125%, 1/31/25 | 31,000 | 31,212 | ||||||
3.15%, 10/1/26 | 565,000 | 511,452 | ||||||
6.75%, 3/1/28 | 217,000 | 216,963 | ||||||
|
| |||||||
(Cost $2,940,142) | 2,759,878 | |||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler International AG, 144A, | ||||||||
(Cost $91,582) | 90,000 | 90,411 | ||||||
|
|
Principal | Value | |||||||
Energy — 10.2% | ||||||||
Oil & Gas — 4.4% | ||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, | $ | 102,000 | $ | 101,503 | ||||
Baytex Energy Corp., 144A, | 69,000 | 70,683 | ||||||
Callon Petroleum Co., 144A, | 60,000 | 60,897 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, | 78,000 | 80,048 | ||||||
Chesapeake Energy Corp., 144A, | 134,000 | 130,911 | ||||||
Civitas Resources, Inc. | 71,000 | 67,139 | ||||||
144A, 8.375%, 7/1/28 | 235,000 | 242,931 | ||||||
Crescent Energy Finance LLC | 145,000 | 142,973 | ||||||
144A, 9.25%, 2/15/28 | 113,000 | 115,697 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A, | 167,000 | 164,228 | ||||||
CVR Energy, Inc. | 108,000 | 104,862 | ||||||
144A, 5.75%, 2/15/28 | 55,000 | 50,128 | ||||||
Earthstone Energy Holdings LLC, 144A, | 96,000 | 98,007 | ||||||
Energean PLC, 144A, | 78,000 | 71,707 | ||||||
Kosmos Energy Ltd. | 200,000 | 183,718 | ||||||
144A, 7.75%, 5/1/27 | 75,000 | 67,630 | ||||||
144A, 7.50%, 3/1/28 | 30,000 | 26,534 | ||||||
Leviathan Bond Ltd. | 102,000 | 100,088 | ||||||
144A, REGS, 6.50%, 6/30/27 | 108,000 | 104,760 | ||||||
Matador Resources Co. | 117,000 | 114,221 | ||||||
144A, 6.875%, 4/15/28 | 88,000 | 87,941 | ||||||
MEG Energy Corp., 144A, | 100,000 | 101,194 | ||||||
Murphy Oil Corp. | 68,000 | 66,918 | ||||||
6.375%, 7/15/28 | 25,000 | 25,007 | ||||||
Northern Oil and Gas, Inc., 144A, | 124,000 | 124,410 | ||||||
Parkland Corp., 144A, | 85,000 | 82,191 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 55,000 | 55,053 | ||||||
6.00%, 2/15/28 | 145,000 | 137,183 | ||||||
Range Resources Corp., | 111,000 | 108,607 | ||||||
SM Energy Co. | 75,000 | 74,752 | ||||||
6.625%, 1/15/27 | 46,000 | 45,466 | ||||||
6.50%, 7/15/28 | 50,000 | 48,920 | ||||||
Sunoco LP / Sunoco Finance Corp., | 100,000 | 99,053 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Transocean, Inc. | $ | 95,000 | $ | 93,571 | ||||
144A, 11.50%, 1/30/27 | 159,000 | 167,612 | ||||||
144A, 8.00%, 2/1/27 | 105,000 | 102,479 | ||||||
Tullow Oil PLC, 144A, | 112,000 | 77,399 | ||||||
Vital Energy, Inc., | 88,000 | 88,531 | ||||||
|
| |||||||
(Cost $3,662,132) | 3,684,952 | |||||||
|
| |||||||
Oil & Gas Services — 0.7% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | 85,000 | 83,644 | ||||||
144A, 6.25%, 4/1/28 | 134,000 | 128,043 | ||||||
CGG SA, 144A, | 88,000 | 75,811 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 153,000 | 151,415 | ||||||
6.875%, 9/1/27 | 124,000 | 120,993 | ||||||
|
| |||||||
(Cost $570,277) | 559,906 | |||||||
|
| |||||||
Pipelines — 5.1% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 160,000 | 162,738 | ||||||
144A, 5.75%, 3/1/27 | 119,000 | 115,441 | ||||||
144A, 5.75%, 1/15/28 | 90,000 | 86,269 | ||||||
Buckeye Partners LP | 85,000 | 81,934 | ||||||
3.95%, 12/1/26 | 100,000 | 92,326 | ||||||
4.125%, 12/1/27 | 75,000 | 68,264 | ||||||
144A, 4.50%, 3/1/28 | 86,000 | 78,122 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 80,000 | 79,295 | ||||||
144A, 5.625%, 5/1/27 | 110,000 | 106,256 | ||||||
EnLink Midstream LLC, 144A, | 70,000 | 67,775 | ||||||
EnLink Midstream Partners LP | 80,000 | 77,500 | ||||||
4.85%, 7/15/26 | 91,000 | 87,445 | ||||||
EQM Midstream Partners LP | 108,000 | 106,967 | ||||||
4.125%, 12/1/26 | 102,000 | 95,857 | ||||||
144A, 7.50%, 6/1/27 | 70,000 | 70,706 | ||||||
144A, 6.50%, 7/1/27 | 159,000 | 158,126 | ||||||
5.50%, 7/15/28 | 120,000 | 114,765 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 93,000 | 91,700 | ||||||
8.00%, 1/15/27 | 176,000 | 173,668 | ||||||
7.75%, 2/1/28 | 113,000 | 110,025 | ||||||
Hess Midstream Operations LP | 162,000 | 158,008 | ||||||
144A, 5.125%, 6/15/28 | 97,000 | 91,079 | ||||||
New Fortress Energy, Inc. | 232,000 | 224,463 | ||||||
144A, 6.50%, 9/30/26 | 251,000 | 233,320 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, | $ | 361,000 | $ | 359,078 | ||||
NuStar Logistics LP | 110,000 | 107,963 | ||||||
6.00%, 6/1/26 | 106,000 | 104,000 | ||||||
5.625%, 4/28/27 | 69,000 | 66,996 | ||||||
Rockies Express Pipeline LLC, 144A, | 54,000 | 50,985 | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, | 136,000 | 131,362 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 63,000 | 63,074 | ||||||
144A, 6.00%, 3/1/27 | 79,000 | 75,709 | ||||||
144A, 5.50%, 1/15/28 | 132,000 | 122,505 | ||||||
Venture Global LNG, Inc., 144A, | 397,000 | 400,818 | ||||||
|
| |||||||
(Cost $4,268,361) | 4,214,539 | |||||||
|
| |||||||
Financial — 11.4% | ||||||||
Banks — 0.3% | ||||||||
Freedom Mortgage Corp. | 61,000 | 60,169 | ||||||
144A, 7.625%, 5/1/26 | 81,000 | 74,590 | ||||||
144A, 6.625%, 1/15/27 | 99,000 | 86,757 | ||||||
|
| |||||||
(Cost $227,657) | 221,516 | |||||||
|
| |||||||
Diversified Financial Services — 4.4% | ||||||||
AG Issuer LLC, 144A, | 95,000 | 91,108 | ||||||
AG TTMT Escrow Issuer LLC, 144A, | 100,000 | 103,163 | ||||||
Curo Group Holdings Corp., 144A, | 115,000 | 45,825 | ||||||
Home Point Capital, Inc., 144A, | 40,000 | 37,680 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, | 200,000 | 170,974 | ||||||
LD Holdings Group LLC | 83,000 | 69,864 | ||||||
144A, 6.125%, 4/1/28 | 106,000 | 69,103 | ||||||
Macquarie Airfinance Holdings Ltd., 144A, | 100,000 | 102,072 | ||||||
Nationstar Mortgage Holdings, Inc. | 104,000 | 99,545 | ||||||
144A, 5.50%, 8/15/28 | 160,000 | 145,188 | ||||||
Navient Corp. | 150,000 | 149,498 | ||||||
5.875%, 10/25/24 | 101,000 | 99,584 | ||||||
6.75%, 6/25/25 | 92,000 | 91,463 | ||||||
6.75%, 6/15/26 | 91,000 | 89,504 | ||||||
5.00%, 3/15/27 | 118,000 | 107,477 | ||||||
4.875%, 3/15/28 | 88,000 | 76,727 | ||||||
NFP Corp. | 60,000 | 53,598 | ||||||
144A, 6.875%, 8/15/28 | 360,000 | 317,672 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
OneMain Finance Corp. | $ | 205,000 | $ | 204,870 | ||||
6.875%, 3/15/25 | 225,000 | 224,077 | ||||||
7.125%, 3/15/26 | 262,000 | 258,031 | ||||||
3.50%, 1/15/27 | 118,000 | 102,796 | ||||||
6.625%, 1/15/28 | 137,000 | 128,248 | ||||||
Osaic Holdings, Inc., 144A, | 70,000 | 70,418 | ||||||
PennyMac Financial Services, Inc., 144A, | 119,000 | 115,287 | ||||||
PRA Group, Inc., 144A, | 70,000 | 63,955 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, | 210,000 | 186,848 | ||||||
SLM Corp. | 84,000 | 79,078 | ||||||
3.125%, 11/2/26 | 81,000 | 72,173 | ||||||
United Wholesale Mortgage LLC | 146,000 | 140,523 | ||||||
144A, 5.75%, 6/15/27 | 85,000 | 78,394 | ||||||
|
| |||||||
(Cost $3,744,245) | 3,644,743 | |||||||
|
| |||||||
Insurance — 1.4% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | 163,000 | 157,692 | ||||||
144A, 10.125%, 8/1/26 | 70,000 | 72,297 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 132,000 | 119,980 | ||||||
144A, 6.75%, 10/15/27 | 233,000 | 220,487 | ||||||
144A, 6.75%, 4/15/28 | 220,000 | 216,952 | ||||||
AssuredPartners, Inc., 144A, | 97,000 | 96,135 | ||||||
HUB International Ltd., 144A, | 304,000 | 303,704 | ||||||
|
| |||||||
(Cost $1,190,173) | 1,187,247 | |||||||
|
| |||||||
Real Estate — 0.2% | ||||||||
Cushman & Wakefield US Borrower LLC, 144A, | 100,000 | 95,303 | ||||||
Howard Hughes Corp., 144A, | 108,000 | 97,385 | ||||||
|
| |||||||
(Cost $192,734) | 192,688 | |||||||
|
| |||||||
Real Estate Investment Trusts — 4.2% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | 167,000 | 153,435 | ||||||
144A, 4.50%, 4/1/27 | 122,000 | 102,043 | ||||||
Diversified Healthcare Trust | 83,000 | 81,705 | ||||||
4.75%, 2/15/28 | 87,000 | 66,551 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC, 144A, | 193,000 | 173,452 | ||||||
Iron Mountain, Inc. 144A, | 189,000 | 177,656 |
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
144A, 5.25%, 3/15/28 | $ | 149,000 | $ | 139,838 | ||||
144A, 5.00%, 7/15/28 | 60,000 | 55,629 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, | 107,000 | 96,833 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 79,000 | 67,222 | ||||||
5.00%, 10/15/27 | 243,000 | 192,260 | ||||||
Office Properties Income Trust, | 120,000 | 107,182 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, | 92,000 | 92,187 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | 119,000 | 110,746 | ||||||
144A, 7.25%, 7/15/28 | 68,000 | 68,401 | ||||||
RLJ Lodging Trust LP, 144A, | 92,000 | 84,378 | ||||||
SBA Communications Corp., | 264,000 | 244,324 | ||||||
Service Properties Trust | 145,000 | 139,667 | ||||||
7.50%, 9/15/25 | 136,000 | 134,510 | ||||||
4.75%, 10/1/26 | 83,000 | 72,147 | ||||||
4.95%, 2/15/27 | 58,000 | 50,270 | ||||||
5.50%, 12/15/27 | 73,000 | 64,683 | ||||||
3.95%, 1/15/28 | 80,000 | 63,754 | ||||||
Starwood Property Trust, Inc. | 73,000 | 70,265 | ||||||
4.75%, 3/15/25 | 70,000 | 67,727 | ||||||
144A, 3.625%, 7/15/26 | 70,000 | 62,708 | ||||||
144A, 4.375%, 1/15/27 | 88,000 | 78,679 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 452,000 | 451,401 | ||||||
144A, 4.75%, 4/15/28 | 84,000 | 70,858 | ||||||
XHR LP, 144A, | 92,000 | 90,978 | ||||||
|
| |||||||
(Cost $3,553,955) | 3,431,489 | |||||||
|
| |||||||
Venture Capital — 0.9% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 191,000 | 184,818 | ||||||
6.375%, 12/15/25 | 130,000 | 124,094 | ||||||
6.25%, 5/15/26 | 217,000 | 201,487 | ||||||
5.25%, 5/15/27 | 256,000 | 224,916 | ||||||
|
| |||||||
(Cost $778,114) | 735,315 | |||||||
|
| |||||||
Industrial — 10.7% | ||||||||
Aerospace/Defense — 3.9% | ||||||||
Bombardier, Inc. | 209,000 | 205,674 | ||||||
144A, 7.875%, 4/15/27 | 362,000 | 361,711 | ||||||
144A, 6.00%, 2/15/28 | 120,000 | 112,278 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Aerospace/Defense (Continued) | ||||||||
Howmet Aerospace, Inc., | $ | 132,000 | $ | 130,743 | ||||
Rolls-Royce PLC | 241,000 | 227,142 | ||||||
144A, 5.75%, 10/15/27 | 145,000 | 140,894 | ||||||
Spirit AeroSystems, Inc. | 160,000 | 158,524 | ||||||
4.60%, 6/15/28 | 122,000 | 98,979 | ||||||
TransDigm, Inc. | 720,000 | 713,904 | ||||||
7.50%, 3/15/27 | 108,000 | 108,326 | ||||||
5.50%, 11/15/27 | 520,000 | 493,878 | ||||||
144A, 6.75%, 8/15/28 | 150,000 | 150,679 | ||||||
Triumph Group, Inc. | 93,000 | 87,648 | ||||||
144A, 9.00%, 3/15/28 | 209,000 | 209,842 | ||||||
|
| |||||||
(Cost $3,206,162) | 3,200,222 | |||||||
|
| |||||||
Building Materials — 0.4% | ||||||||
InterCement Financial Operations BV, 144A, | 130,000 | 87,311 | ||||||
Standard Industries, Inc. | 100,000 | 94,912 | ||||||
144A, 4.75%, 1/15/28 | 200,000 | 184,404 | ||||||
|
| |||||||
(Cost $395,504) | 366,627 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.7% | ||||||||
Energizer Holdings, Inc., 144A, | 103,000 | 91,146 | ||||||
WESCO Distribution, Inc. | 264,000 | 265,423 | ||||||
144A, 7.25%, 6/15/28 | 200,000 | 203,055 | ||||||
|
| |||||||
(Cost $563,838) | 559,624 | |||||||
|
| |||||||
Electronics — 0.2% | ||||||||
Sensata Technologies BV | 66,000 | 65,469 | ||||||
144A, 5.00%, 10/1/25 | 100,000 | 97,555 | ||||||
|
| |||||||
(Cost $170,215) | 163,024 | |||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
IHS Holding Ltd., 144A, | 87,000 | 75,143 | ||||||
|
| |||||||
Environmental Control — 0.6% | ||||||||
GFL Environmental, Inc. | 54,000 | 52,284 | ||||||
144A, 3.75%, 8/1/25 | 130,000 | 123,900 | ||||||
144A, 5.125%, 12/15/26 | 130,000 | 125,915 | ||||||
144A, 4.00%, 8/1/28 | 80,000 | 71,479 | ||||||
Stericycle, Inc., 144A, | 87,000 | 86,680 | ||||||
|
| |||||||
(Cost $470,225) | 460,258 | |||||||
|
| |||||||
Machinery-Diversified — 0.4% | ||||||||
TK Elevator Holdco GmbH, 144A, | 70,000 | 64,948 | ||||||
TK Elevator US Newco, Inc., 144A, | 271,000 | 254,261 | ||||||
|
| |||||||
(Cost $327,246) | 319,209 | |||||||
|
|
Principal | Value | |||||||
Miscellaneous Manufacturing — 0.2% | ||||||||
Hillenbrand, Inc., | $ | 94,000 | $ | 93,500 | ||||
Trinity Industries, Inc., 144A, | 70,000 | 71,264 | ||||||
|
| |||||||
(Cost $166,341) | 164,764 | |||||||
|
| |||||||
Packaging & Containers — 3.7% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, | 100,000 | 97,611 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 95,000 | 92,658 | ||||||
144A, 4.125%, 8/15/26 | 205,000 | 191,687 | ||||||
144A, 5.25%, 8/15/27 | 174,000 | 148,199 | ||||||
144A, 5.25%, 8/15/27 | 139,000 | 118,389 | ||||||
Ball Corp. | 185,000 | 184,143 | ||||||
5.25%, 7/1/25 | 214,000 | 211,212 | ||||||
4.875%, 3/15/26 | 139,000 | 135,024 | ||||||
6.875%, 3/15/28 | 119,000 | 120,827 | ||||||
Berry Global, Inc., 144A, | 90,000 | 88,309 | ||||||
Graphic Packaging International LLC, 144A, | 74,000 | 65,999 | ||||||
LABL, Inc. | 180,000 | 176,133 | ||||||
144A, 10.50%, 7/15/27 | 105,000 | 100,623 | ||||||
Mauser Packaging Solutions Holding Co. | 478,000 | 471,155 | ||||||
144A, 9.25%, 4/15/27 | 225,000 | 204,206 | ||||||
Owens-Brockway Glass Container, Inc., 144A, | 120,000 | 118,726 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, | 183,000 | 164,605 | ||||||
Sealed Air Corp. | 100,000 | 98,717 | ||||||
144A, 5.50%, 9/15/25 | 60,000 | 59,157 | ||||||
144A, 4.00%, 12/1/27 | 110,000 | 100,429 | ||||||
Sealed Air Corp./Sealed Air Corp., 144A, | 45,000 | 44,250 | ||||||
Silgan Holdings, Inc., | 115,000 | 105,469 | ||||||
|
| |||||||
(Cost $3,134,708) | 3,097,528 | |||||||
|
| |||||||
Transportation — 0.1% | ||||||||
Cargo Aircraft Management, Inc., 144A, | ||||||||
(Cost $72,362) | 80,000 | 72,344 | ||||||
|
| |||||||
Trucking & Leasing — 0.4% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | 141,000 | 139,364 | ||||||
144A, 9.75%, 8/1/27 | 42,000 | 43,626 | ||||||
144A, 5.50%, 5/1/28 | 174,000 | 161,796 | ||||||
|
| |||||||
(Cost $340,622) | 344,786 | |||||||
|
|
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Technology — 2.8% | ||||||||
Computers — 1.0% | ||||||||
NCR Corp., 144A, | $ | 85,000 | $ | 85,911 | ||||
Presidio Holdings, Inc. | 86,000 | 80,492 | ||||||
144A, 8.25%, 2/1/28 | 90,000 | 87,291 | ||||||
Seagate HDD Cayman | 81,000 | 79,208 | ||||||
4.875%, 6/1/27 | 81,000 | 77,638 | ||||||
Western Digital Corp., | 406,000 | 387,089 | ||||||
|
| |||||||
(Cost $801,095) | 797,629 | |||||||
|
| |||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox Holdings Corp. | 130,000 | 124,147 | ||||||
144A, 5.50%, 8/15/28 | 128,000 | 111,436 | ||||||
|
| |||||||
(Cost $240,774) | 235,583 | |||||||
|
| |||||||
Semiconductors — 0.1% | ||||||||
ams-OSRAM AG, 144A, | 77,000 | 70,672 | ||||||
Entegris, Inc., 144A, | 50,000 | 45,631 | ||||||
|
| |||||||
(Cost $122,663) | 116,303 | |||||||
|
| |||||||
Software — 1.4% | ||||||||
Alteryx, Inc., 144A, | 82,000 | 79,203 | ||||||
Boxer Parent Co., Inc., 144A, | 60,000 | 60,129 | ||||||
Clarivate Science Holdings Corp., 144A, | 160,000 | 141,327 | ||||||
Fair Isaac Corp. | 68,000 | 66,066 | ||||||
144A, 4.00%, 6/15/28 | 159,000 | 145,566 | ||||||
MicroStrategy, Inc., 144A, | 88,000 | 78,862 | ||||||
Open Text Corp., 144A, | 164,000 | 146,102 | ||||||
PTC, Inc. | 92,000 | 88,888 | ||||||
144A, 4.00%, 2/15/28 | 80,000 | 73,574 | ||||||
SS&C Technologies, Inc., 144A, | 327,000 | 315,114 | ||||||
|
| |||||||
(Cost $1,197,730) | 1,194,831 | |||||||
|
| |||||||
Utilities — 3.2% | ||||||||
Electric — 2.7% | ||||||||
Calpine Corp. | 73,000 | 71,686 | ||||||
144A, 4.50%, 2/15/28 | 205,000 | 190,168 | ||||||
144A, 5.125%, 3/15/28 | 250,000 | 227,920 | ||||||
Clearway Energy Operating LLC, 144A, | 155,000 | 143,422 | ||||||
DPL, Inc., | 76,000 | 72,367 | ||||||
Drax Finco PLC, 144A, | 50,000 | 49,214 |
Principal | Value | |||||||
Electric (Continued) | ||||||||
FirstEnergy Corp., Series B, | $ | 254,000 | $ | 239,879 | ||||
NextEra Energy Operating Partners LP | 130,000 | 127,663 | ||||||
144A, 3.875%, 10/15/26 | 80,000 | 73,984 | ||||||
144A, 4.50%, 9/15/27 | 102,000 | 94,777 | ||||||
NRG Energy, Inc., | 150,000 | 141,922 | ||||||
PG&E Corp., | 174,000 | 160,242 | ||||||
Vistra Operations Co. LLC | 176,000 | 169,920 | ||||||
144A, 5.625%, 2/15/27 | 200,000 | 192,715 | ||||||
144A, 5.00%, 7/31/27 | 259,000 | 243,825 | ||||||
|
| |||||||
(Cost $2,236,910) | 2,199,704 | |||||||
|
| |||||||
Gas — 0.5% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 175,000 | 171,917 | ||||||
5.875%, 8/20/26 | 161,000 | 152,873 | ||||||
5.75%, 5/20/27 | 46,000 | 42,592 | ||||||
144A, 9.375%, 6/1/28 | 88,000 | 90,282 | ||||||
|
| |||||||
(Cost $473,429) | 457,664 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 80,972,028 | |||||||
|
| |||||||
Number | ||||||||
CASH EQUIVALENTS — 1.4% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 1,126,201 | 1,126,201 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% (Cost $84,410,864) | $ | 82,098,229 | ||||||
Other assets and liabilities, net — 0.7% | 603,050 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 82,701,279 | ||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
August 31, 2023
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
821,382 | — | (821,382 | )(d) | — | — | 25,429 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
589,978 | 14,241,380 | (13,705,157 | ) | — | — | 26,720 | — | 1,126,201 | 1,126,201 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,411,360 | 14,241,380 | (14,526,539 | ) | — | — | 52,149 | — | 1,126,201 | 1,126,201 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Defaulted security or security for which income has been deemed uncollectible. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
REIT: | Real Estate Investment Trust |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 80,972,028 | $ | — | $ | 80,972,028 | ||||||||
Short-Term Investments (a) | 1,126,201 | — | — | 1,126,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,126,201 | $ | 80,972,028 | $ | — | $ | 82,098,229 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF
August 31, 2023
Principal | Value | |||||||
CORPORATE BONDS — 97.8% |
| |||||||
Basic Materials — 3.7% |
| |||||||
Chemicals — 1.6% | ||||||||
Ashland, Inc., 144A, | $ | 2,021,000 | $ | 1,617,646 | ||||
ASP Unifrax Holdings, Inc. | 3,579,000 | 2,440,557 | ||||||
144A, 7.50%, 9/30/29 | 1,797,000 | 936,416 | ||||||
Avient Corp. | 2,952,000 | 2,915,567 | ||||||
144A, 7.125%, 8/1/30 | 3,345,000 | 3,344,132 | ||||||
Axalta Coating Systems LLC, 144A, | 3,096,000 | 2,628,598 | ||||||
Chemours Co. | 2,188,000 | 2,058,767 | ||||||
144A, 5.75%, 11/15/28 | 3,689,000 | 3,317,368 | ||||||
144A, 4.625%, 11/15/29 | 2,757,000 | 2,293,100 | ||||||
Consolidated Energy Finance SA, 144A, | 2,424,000 | 2,026,764 | ||||||
INEOS Finance PLC, 144A, | 1,914,000 | 1,834,350 | ||||||
INEOS Quattro Finance 2 PLC, 144A, | 2,212,000 | 2,024,223 | ||||||
Methanex Corp. | 3,146,000 | 2,953,950 | ||||||
5.25%, 12/15/29 | 3,111,000 | 2,836,807 | ||||||
NOVA Chemicals Corp. | 2,212,000 | 2,103,366 | ||||||
144A, 5.25%, 6/1/27 | 4,669,000 | 4,156,558 | ||||||
144A, 4.25%, 5/15/29 | 2,555,000 | 2,074,162 | ||||||
Olin Corp. | 2,257,000 | 2,163,086 | ||||||
5.625%, 8/1/29 | 3,012,000 | 2,885,651 | ||||||
5.00%, 2/1/30 | 2,340,000 | 2,141,954 | ||||||
SCIH Salt Holdings, Inc. | 4,950,000 | 4,454,677 | ||||||
144A, 6.625%, 5/1/29 | 3,121,000 | 2,757,123 | ||||||
Tronox, Inc., 144A, | 4,915,000 | 4,039,168 | ||||||
Valvoline, Inc. | 2,585,000 | 2,543,359 | ||||||
144A, 3.625%, 6/15/31 | 2,377,000 | 1,891,795 | ||||||
|
| |||||||
(Cost $72,990,289) | 64,439,144 | |||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International, Inc., | ||||||||
(Cost $3,871,202) | 3,907,000 | 3,199,626 | ||||||
|
| |||||||
Iron/Steel — 0.6% | ||||||||
ATI, Inc., | 1,850,000 | 1,871,053 | ||||||
Cleveland-Cliffs, Inc. | 3,800,000 | 3,805,449 | ||||||
5.875%, 6/1/27 | 2,478,000 | 2,389,281 | ||||||
144A, 6.75%, 4/15/30 | 3,342,000 | 3,189,983 | ||||||
Mineral Resources Ltd. | 3,096,000 | 3,093,847 |
Principal | Value | |||||||
Iron/Steel (Continued) | ||||||||
144A, 8.00%, 11/1/27 | $ | 2,771,000 | $ | 2,764,753 | ||||
144A, 8.50%, 5/1/30 | 2,833,000 | 2,846,673 | ||||||
United States Steel Corp., | 2,096,000 | 2,089,817 | ||||||
|
| |||||||
(Cost $22,636,085) | 22,050,856 | |||||||
|
| |||||||
Mining — 1.4% | ||||||||
First Quantum Minerals Ltd. | 4,910,000 | 4,913,678 | ||||||
144A, 6.875%, 3/1/26 | 4,423,000 | 4,364,582 | ||||||
144A, 6.875%, 10/15/27 | 6,696,000 | 6,527,523 | ||||||
144A, 8.625%, 6/1/31 | 5,801,000 | 5,914,514 | ||||||
FMG Resources August 2006 Pty Ltd. | 2,686,000 | 2,481,246 | ||||||
144A, 5.875%, 4/15/30 | 3,270,000 | 3,038,890 | ||||||
144A, 4.375%, 4/1/31 | 6,660,000 | 5,587,538 | ||||||
144A, 6.125%, 4/15/32 | 3,539,000 | 3,296,301 | ||||||
Hudbay Minerals, Inc. | 2,654,000 | 2,507,136 | ||||||
144A, 6.125%, 4/1/29 | 2,654,000 | 2,497,676 | ||||||
Kaiser Aluminum Corp. | 2,212,000 | 1,959,421 | ||||||
144A, 4.50%, 6/1/31 | 2,508,000 | 2,028,831 | ||||||
Nexa Resources SA | 3,096,000 | 2,913,895 | ||||||
144A, 6.50%, 1/18/28 | 2,212,000 | 2,145,353 | ||||||
Vedanta Resources Finance II PLC | 5,130,000 | 3,359,483 | ||||||
144A, 9.25%, 4/23/26 | 1,865,000 | 1,069,100 | ||||||
|
| |||||||
(Cost $58,215,527) | 54,605,167 | |||||||
|
| |||||||
Communications — 16.9% |
| |||||||
Advertising — 0.9% | ||||||||
Clear Channel Outdoor Holdings, Inc. | 5,879,000 | 5,269,563 | ||||||
144A, 7.75%, 4/15/28 | 4,463,000 | 3,514,728 | ||||||
144A, 9.00%, 9/15/28 | 3,300,000 | 3,319,470 | ||||||
144A, 7.50%, 6/1/29 | 4,674,000 | 3,492,186 | ||||||
Lamar Media Corp. | 2,669,000 | 2,433,327 | ||||||
4.00%, 2/15/30 | 2,433,000 | 2,131,065 | ||||||
3.625%, 1/15/31 | 2,433,000 | 2,033,745 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 1,964,000 | 1,931,884 | ||||||
144A, 5.00%, 8/15/27 | 2,899,000 | 2,613,705 | ||||||
144A, 4.25%, 1/15/29 | 2,313,000 | 1,899,513 | ||||||
144A, 4.625%, 3/15/30 | 2,157,000 | 1,755,590 | ||||||
Stagwell Global LLC, 144A, | 4,940,000 | 4,130,026 | ||||||
|
| |||||||
(Cost $39,792,944) | 34,524,802 | |||||||
|
| |||||||
Internet — 1.6% | ||||||||
Gen Digital, Inc. | 4,890,000 | 4,798,312 | ||||||
144A, 6.75%, 9/30/27 | 4,011,000 | 4,019,937 | ||||||
144A, 7.125%, 9/30/30 | 2,681,000 | 2,700,335 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Internet (Continued) | ||||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. | $ | 2,674,000 | $ | 2,562,962 | ||||
144A, 3.50%, 3/1/29 | 3,539,000 | 3,044,923 | ||||||
Match Group Holdings II LLC | 2,020,000 | 1,898,159 | ||||||
144A, 4.625%, 6/1/28 | 2,247,000 | 2,075,149 | ||||||
144A, 4.125%, 8/1/30 | 2,268,000 | 1,947,147 | ||||||
144A, 3.625%, 10/1/31 | 2,223,000 | 1,814,213 | ||||||
MercadoLibre, Inc. | 1,785,000 | 1,637,301 | ||||||
3.125%, 1/14/31 | 2,902,000 | 2,324,119 | ||||||
Rakuten Group, Inc., 144A, | 4,202,000 | 4,244,020 | ||||||
Uber Technologies, Inc. | 4,456,000 | 4,502,461 | ||||||
144A, 8.00%, 11/1/26 | 7,044,000 | 7,178,442 | ||||||
144A, 7.50%, 9/15/27 | 5,353,000 | 5,461,741 | ||||||
144A, 6.25%, 1/15/28 | 2,262,000 | 2,241,881 | ||||||
144A, 4.50%, 8/15/29 | 6,700,000 | 6,147,371 | ||||||
Ziff Davis, Inc., 144A, | 2,035,000 | 1,752,203 | ||||||
|
| |||||||
(Cost $62,777,972) | 60,350,676 | |||||||
|
| |||||||
Media — 9.7% | ||||||||
Altice Financing SA | 5,338,000 | 4,344,737 | ||||||
144A, 5.75%, 8/15/29 | 9,218,000 | 7,310,487 | ||||||
AMC Networks, Inc. | 3,539,000 | 3,320,942 | ||||||
4.25%, 2/15/29 | 4,443,000 | 2,838,097 | ||||||
Cable One, Inc., 144A, | 2,875,000 | 2,245,138 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 3,317,000 | 3,242,405 | ||||||
144A, 5.125%, 5/1/27 | 14,436,000 | 13,613,507 | ||||||
144A, 5.00%, 2/1/28 | 11,083,000 | 10,223,176 | ||||||
144A, 5.375%, 6/1/29 | 6,755,000 | 6,161,117 | ||||||
144A, 6.375%, 9/1/29 | 6,695,000 | 6,344,542 | ||||||
144A, 4.75%, 3/1/30 | 13,789,000 | 11,895,158 | ||||||
144A, 4.50%, 8/15/30 | 12,221,000 | 10,294,081 | ||||||
144A, 4.25%, 2/1/31 | 13,430,000 | 11,027,423 | ||||||
144A, 7.375%, 3/1/31 | 4,866,000 | 4,836,620 | ||||||
144A, 4.75%, 2/1/32 | 5,308,000 | 4,397,227 | ||||||
4.50%, 5/1/32 | 12,824,000 | 10,408,496 | ||||||
144A, 4.50%, 6/1/33 | 7,969,000 | 6,296,335 | ||||||
144A, 4.25%, 1/15/34 | 8,972,000 | 6,878,976 | ||||||
CSC Holdings LLC | 5,824,000 | 5,028,302 | ||||||
144A, 5.375%, 2/1/28 | 4,553,000 | 3,728,975 | ||||||
144A, 7.50%, 4/1/28 | 4,656,000 | 2,965,586 | ||||||
144A, 11.25%, 5/15/28 | 4,623,000 | 4,563,936 | ||||||
144A, 6.50%, 2/1/29 | 7,891,000 | 6,526,879 | ||||||
144A, 5.75%, 1/15/30 | 10,006,000 | 5,522,411 | ||||||
144A, 4.125%, 12/1/30 | 4,866,000 | 3,473,061 | ||||||
144A, 4.625%, 12/1/30 | 10,329,000 | 5,414,232 |
Principal | Value | |||||||
Media (Continued) | ||||||||
144A, 3.375%, 2/15/31 | $ | 4,453,000 | $ | 3,061,568 | ||||
144A, 4.50%, 11/15/31 | 6,680,000 | 4,755,096 | ||||||
144A, 5.00%, 11/15/31 | 2,222,000 | 1,189,646 | ||||||
DISH DBS Corp. | 8,892,000 | 8,279,207 | ||||||
7.75%, 7/1/26 | 8,906,000 | 6,663,024 | ||||||
144A, 5.25%, 12/1/26 | 12,414,000 | 10,484,376 | ||||||
7.375%, 7/1/28 | 4,469,000 | 2,810,867 | ||||||
144A, 5.75%, 12/1/28 | 11,188,000 | 8,678,652 | ||||||
5.125%, 6/1/29 | 6,690,000 | 3,616,456 | ||||||
DISH Network Corp., 144A, | 15,571,000 | 15,811,401 | ||||||
Gray Television, Inc. | 3,078,000 | 2,819,216 | ||||||
144A, 7.00%, 5/15/27 | 3,317,000 | 2,980,558 | ||||||
144A, 4.75%, 10/15/30 | 3,619,000 | 2,530,546 | ||||||
iHeartCommunications, Inc. | 3,564,587 | 3,115,074 | ||||||
8.375%, 5/1/27 | 4,515,151 | 3,131,304 | ||||||
144A, 5.25%, 8/15/27 | 3,317,000 | 2,631,226 | ||||||
144A, 4.75%, 1/15/28 | 2,292,000 | 1,768,718 | ||||||
McGraw-Hill Education, Inc. | 3,690,000 | 3,278,196 | ||||||
144A, 8.00%, 8/1/29 | 3,048,000 | 2,674,185 | ||||||
News Corp. | 4,423,000 | 3,888,259 | ||||||
144A, 5.125%, 2/15/32 | 2,222,000 | 2,012,910 | ||||||
Nexstar Media, Inc. | 7,743,000 | 7,285,131 | ||||||
144A, 4.75%, 11/1/28 | 4,448,000 | 3,908,252 | ||||||
Sinclair Television Group, Inc. | 2,212,000 | 1,182,638 | ||||||
144A, 4.125%, 12/1/30 | 3,319,000 | 2,123,238 | ||||||
Sirius XM Radio, Inc. | 4,423,000 | 3,994,854 | ||||||
144A, 5.00%, 8/1/27 | 6,821,000 | 6,299,876 | ||||||
144A, 4.00%, 7/15/28 | 8,872,000 | 7,682,724 | ||||||
144A, 5.50%, 7/1/29 | 5,770,000 | 5,213,754 | ||||||
144A, 4.125%, 7/1/30 | 6,660,000 | 5,436,625 | ||||||
144A, 3.875%, 9/1/31 | 6,660,000 | 5,189,660 | ||||||
TEGNA, Inc. | 2,433,000 | 2,320,452 | ||||||
4.625%, 3/15/28 | 4,500,000 | 4,036,636 | ||||||
5.00%, 9/15/29 | 4,980,000 | 4,389,571 | ||||||
Telenet Finance Luxembourg Notes SARL, 144A, | 4,400,000 | 4,043,600 | ||||||
Univision Communications, Inc. | 4,900,000 | 4,837,035 | ||||||
144A, 6.625%, 6/1/27 | 6,941,000 | 6,726,659 | ||||||
144A, 8.00%, 8/15/28 | 2,015,000 | 2,011,836 | ||||||
144A, 4.50%, 5/1/29 | 4,737,000 | 4,082,072 | ||||||
144A, 7.375%, 6/30/30 | 4,125,000 | 3,995,403 | ||||||
UPC Broadband Finco BV, 144A, | 5,637,000 | 4,657,571 | ||||||
UPC Holding BV, 144A, | 2,001,000 | 1,782,901 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Media (Continued) | ||||||||
Videotron Ltd. | $ | 2,653,500 | $ | 2,543,114 | ||||
144A, 3.625%, 6/15/29 | 2,222,000 | 1,910,164 | ||||||
Virgin Media Finance PLC, 144A, | 4,191,000 | 3,404,279 | ||||||
Virgin Media Secured Finance PLC | 6,311,000 | 5,773,461 | ||||||
144A, 4.50%, 8/15/30 | 4,047,000 | 3,420,765 | ||||||
VTR Finance NV, 144A, | 2,174,000 | 1,001,792 | ||||||
Ziggo Bond Co. BV | 2,777,000 | 2,586,287 | ||||||
144A, 5.125%, 2/28/30 | 2,222,000 | 1,726,677 | ||||||
Ziggo BV, 144A, | 4,451,000 | 3,745,897 | ||||||
|
| |||||||
(Cost $446,623,448) | 376,395,255 | |||||||
|
| |||||||
Telecommunications — 4.7% | ||||||||
Altice France Holding SA | 6,946,000 | 3,757,126 | ||||||
144A, 6.00%, 2/15/28 | 4,916,000 | 2,175,498 | ||||||
Altice France SA | 7,781,000 | 6,583,022 | ||||||
144A, 5.50%, 1/15/28 | 5,016,000 | 3,763,480 | ||||||
144A, 5.125%, 1/15/29 | 2,201,000 | 1,570,526 | ||||||
144A, 5.125%, 7/15/29 | 11,208,000 | 7,932,806 | ||||||
144A, 5.50%, 10/15/29 | 8,897,000 | 6,409,553 | ||||||
C&W Senior Financing DAC, 144A, | 5,566,000 | 5,171,037 | ||||||
CommScope Technologies LLC | 5,638,000 | 5,156,704 | ||||||
144A, 5.00%, 3/15/27 | 3,316,000 | 1,847,235 | ||||||
CommScope, Inc. | 6,635,000 | 6,036,275 | ||||||
144A, 8.25%, 3/1/27 | 4,350,000 | 2,886,399 | ||||||
144A, 7.125%, 7/1/28 | 3,094,000 | 1,726,803 | ||||||
144A, 4.75%, 9/1/29 | 5,574,000 | 4,147,316 | ||||||
Consolidated Communications, Inc. | 1,778,000 | 1,302,334 | ||||||
144A, 6.50%, 10/1/28 | 3,377,000 | 2,600,965 | ||||||
Frontier Communications Holdings LLC | 5,274,000 | 4,807,935 | ||||||
144A, 5.00%, 5/1/28 | 6,956,000 | 5,966,726 | ||||||
144A, 6.75%, 5/1/29 | 4,457,000 | 3,463,865 | ||||||
5.875%, 11/1/29 | 3,318,189 | 2,460,416 | ||||||
144A, 6.00%, 1/15/30 | 4,477,000 | 3,311,799 | ||||||
144A, 8.75%, 5/15/30 | 5,308,000 | 5,164,065 | ||||||
144A, 8.625%, 3/15/31 | 3,317,000 | 3,191,211 | ||||||
Hughes Satellite Systems Corp. | 3,317,000 | 3,053,713 | ||||||
6.625%, 8/1/26 | 3,360,500 | 2,918,577 | ||||||
Iliad Holding SASU | 5,328,000 | 5,088,025 | ||||||
144A, 7.00%, 10/15/28 | 3,981,000 | 3,707,145 | ||||||
Intelsat Jackson Holdings SA, 144A, | 13,549,000 | 12,454,474 | ||||||
Level 3 Financing, Inc. | 3,317,000 | 3,063,407 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
144A, 4.625%, 9/15/27 | $ | 4,474,000 | $ | 3,365,602 | ||||
144A, 4.25%, 7/1/28 | 5,386,000 | 3,531,549 | ||||||
144A, 3.625%, 1/15/29 | 3,806,000 | 2,268,755 | ||||||
144A, 3.875%, 11/15/29 | 3,317,000 | 2,932,816 | ||||||
144A, 10.50%, 5/15/30 | 4,109,000 | 4,173,059 | ||||||
Lumen Technologies, Inc. | 1,839,000 | 954,322 | ||||||
144A, 4.00%, 2/15/27 | 5,595,000 | 3,521,353 | ||||||
144A, 4.50%, 1/15/29 | 1,827,000 | 604,883 | ||||||
Millicom International Cellular SA | 1,791,000 | 1,625,834 | ||||||
144A, 6.25%, 3/25/29 | 2,687,400 | 2,460,903 | ||||||
144A, 4.50%, 4/27/31 | 3,641,000 | 2,879,408 | ||||||
Sable International Finance Ltd., 144A, | 2,200,000 | 2,042,931 | ||||||
Viasat, Inc. | 3,085,000 | 2,918,225 | ||||||
144A, 5.625%, 4/15/27 | 2,654,000 | 2,376,851 | ||||||
144A, 6.50%, 7/15/28 | 1,849,000 | 1,446,195 | ||||||
Vmed O2 UK Financing I PLC | 6,021,000 | 4,932,512 | ||||||
144A, 4.75%, 7/15/31 | 6,282,000 | 5,251,653 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, | 6,322,000 | 5,130,372 | ||||||
Zayo Group Holdings, Inc. | 6,560,000 | 4,921,120 | ||||||
144A, 6.125%, 3/1/28 | 4,813,000 | 3,133,138 | ||||||
|
| |||||||
(Cost $224,991,984) | 182,189,918 | |||||||
|
| |||||||
Consumer, Cyclical — 24.4% |
| |||||||
Airlines — 1.5% | ||||||||
Air Canada, 144A, | 5,308,000 | 4,907,234 | ||||||
American Airlines Group, Inc., 144A, | 1,037,000 | 993,325 | ||||||
American Airlines, Inc. | 10,264,000 | 11,243,134 | ||||||
144A, 7.25%, 2/15/28 | 3,317,000 | 3,261,612 | ||||||
Delta Air Lines, Inc. | 4,000,000 | 3,878,544 | ||||||
7.375%, 1/15/26 | 3,566,000 | 3,671,407 | ||||||
4.375%, 4/19/28 | 1,885,000 | 1,770,224 | ||||||
3.75%, 10/28/29 | 2,166,000 | 1,923,733 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, | 5,407,858 | 5,009,666 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | 2,653,195 | 2,658,608 | ||||||
144A, 8.00%, 9/20/25 | 2,335,366 | 2,340,375 | ||||||
United Airlines, Inc. | 8,846,000 | 8,339,814 | ||||||
144A, 4.625%, 4/15/29 | 8,846,000 | 7,876,785 | ||||||
|
| |||||||
(Cost $61,341,880) | 57,874,461 | |||||||
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Apparel — 0.2% | ||||||||
Hanesbrands, Inc. | $ | 3,981,000 | $ | 3,722,203 | ||||
144A, 9.00%, 2/15/31 | 2,781,000 | 2,796,490 | ||||||
Levi Strauss & Co., 144A, | 2,222,000 | 1,807,442 | ||||||
|
| |||||||
(Cost $8,799,078) | 8,326,135 | |||||||
|
| |||||||
Auto Manufacturers — 3.9% | ||||||||
Allison Transmission, Inc. | 1,782,000 | 1,674,452 | ||||||
144A, 5.875%, 6/1/29 | 2,222,000 | 2,148,548 | ||||||
144A, 3.75%, 1/30/31 | 4,453,000 | 3,724,002 | ||||||
Aston Martin Capital Holdings Ltd., 144A, | 5,378,000 | 5,468,996 | ||||||
Ford Motor Co. | 6,649,000 | 6,424,362 | ||||||
9.625%, 4/22/30 | 1,959,000 | 2,276,430 | ||||||
3.25%, 2/12/32 | 11,170,000 | 8,728,747 | ||||||
6.10%, 8/19/32 | 7,821,000 | 7,481,318 | ||||||
Ford Motor Credit Co. LLC | 3,114,000 | 3,023,932 | ||||||
4.063%, 11/1/24 | 5,977,000 | 5,795,912 | ||||||
2.30%, 2/10/25 | 4,931,000 | 4,637,364 | ||||||
4.687%, 6/9/25 | 2,407,000 | 2,319,153 | ||||||
5.125%, 6/16/25 | 6,936,000 | 6,758,506 | ||||||
4.134%, 8/4/25 | 5,593,000 | 5,332,041 | ||||||
3.375%, 11/13/25 | 8,394,000 | 7,824,695 | ||||||
GMTN, 4.389%, 1/8/26 | 4,796,000 | 4,531,644 | ||||||
6.95%, 3/6/26 | 5,196,000 | 5,214,290 | ||||||
6.95%, 6/10/26 | 4,150,000 | 4,159,462 | ||||||
4.542%, 8/1/26 | 3,059,000 | 2,886,601 | ||||||
2.70%, 8/10/26 | 6,007,000 | 5,378,470 | ||||||
4.271%, 1/9/27 | 3,598,000 | 3,329,831 | ||||||
4.95%, 5/28/27 | 6,001,000 | 5,635,521 | ||||||
4.125%, 8/17/27 | 4,984,000 | 4,530,748 | ||||||
3.815%, 11/2/27 | 2,992,000 | 2,664,231 | ||||||
7.35%, 11/4/27 | 6,009,000 | 6,134,768 | ||||||
2.90%, 2/16/28 | 3,004,000 | 2,566,248 | ||||||
6.80%, 5/12/28 | 6,009,000 | 6,012,600 | ||||||
2.90%, 2/10/29 | 3,035,000 | 2,507,702 | ||||||
5.113%, 5/3/29 | 6,007,000 | 5,531,349 | ||||||
7.35%, 3/6/30 | 4,537,000 | 4,622,550 | ||||||
7.20%, 6/10/30 | 3,393,000 | 3,447,695 | ||||||
4.00%, 11/13/30 | 6,607,000 | 5,596,314 | ||||||
3.625%, 6/17/31 | 3,995,000 | 3,240,407 | ||||||
|
| |||||||
(Cost $164,717,135) | 151,608,889 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.9% | ||||||||
Adient Global Holdings Ltd. | 3,544,000 | 3,411,239 | ||||||
144A, 7.00%, 4/15/28 | 2,278,000 | 2,303,637 | ||||||
144A, 8.25%, 4/15/31 | 2,222,000 | 2,280,030 | ||||||
American Axle & Manufacturing, Inc. | 2,222,000 | 2,108,335 | ||||||
6.875%, 7/1/28 | 1,818,000 | 1,669,169 | ||||||
5.00%, 10/1/29 | 2,695,000 | 2,221,239 | ||||||
Clarios Global LP, 144A, | 2,005,000 | 2,006,015 |
Principal | Value | |||||||
Auto Parts & Equipment (Continued) | ||||||||
Clarios Global LP / Clarios US Finance Co. | $ | 3,994,000 | $ | 3,958,961 | ||||
144A, 8.50%, 5/15/27 | 7,397,000 | 7,485,335 | ||||||
144A, 6.75%, 5/15/28 | 3,317,000 | 3,311,402 | ||||||
Dana, Inc. | 1,785,000 | 1,690,279 | ||||||
5.625%, 6/15/28 | 1,748,000 | 1,647,070 | ||||||
4.25%, 9/1/30 | 1,815,000 | 1,494,053 | ||||||
Goodyear Tire & Rubber Co. | 3,611,000 | 3,690,980 | ||||||
5.00%, 5/31/26 | 4,000,000 | 3,864,271 | ||||||
4.875%, 3/15/27 | 3,019,000 | 2,842,640 | ||||||
5.00%, 7/15/29 | 3,736,000 | 3,326,796 | ||||||
5.25%, 4/30/31 | 2,433,000 | 2,136,478 | ||||||
5.25%, 7/15/31 | 2,771,000 | 2,389,018 | ||||||
5.625%, 4/30/33 | 2,005,000 | 1,722,476 | ||||||
Tenneco, Inc., 144A, | 8,500,000 | 7,012,755 | ||||||
ZF North America Capital, Inc. | 4,766,000 | 4,634,887 | ||||||
144A, 6.875%, 4/14/28 | 2,694,000 | 2,682,983 | ||||||
144A, 7.125%, 4/14/30 | 2,674,000 | 2,711,829 | ||||||
|
| |||||||
(Cost $76,333,715) | 72,601,877 | |||||||
|
| |||||||
Distribution/Wholesale — 0.4% | ||||||||
American Builders & Contractors Supply Co., Inc. | 3,126,000 | 2,832,767 | ||||||
144A, 3.875%, 11/15/29 | 1,772,000 | 1,529,251 | ||||||
H&E Equipment Services, Inc., 144A, | 5,669,000 | 4,954,894 | ||||||
Ritchie Bros Holdings, Inc. | 2,433,000 | 2,448,436 | ||||||
144A, 7.75%, 3/15/31 | 3,526,000 | 3,627,994 | ||||||
|
| |||||||
(Cost $16,639,510) | 15,393,342 | |||||||
|
| |||||||
Entertainment — 3.7% | ||||||||
AMC Entertainment Holdings, Inc. | 6,432,466 | 4,466,679 | ||||||
144A, 7.50%, 2/15/29 | 4,211,000 | 2,878,565 | ||||||
Caesars Entertainment, Inc. | 15,500,000 | 15,393,567 | ||||||
144A, 8.125%, 7/1/27 | 7,216,000 | 7,333,476 | ||||||
144A, 4.625%, 10/15/29 | 5,354,000 | 4,691,131 | ||||||
144A, 7.00%, 2/15/30 | 8,933,000 | 8,976,879 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, | 4,404,000 | 4,411,120 | ||||||
CDI Escrow Issuer, Inc., 144A, | 5,452,000 | 5,076,723 | ||||||
Cedar Fair LP, | 2,228,000 | 2,008,411 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | 4,463,000 | 4,431,652 | ||||||
5.375%, 4/15/27 | 2,228,000 | 2,108,402 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
Churchill Downs, Inc. | $ | 2,654,000 | $ | 2,559,426 | ||||
144A, 4.75%, 1/15/28 | 3,096,000 | 2,858,643 | ||||||
144A, 6.75%, 5/1/31 | 2,654,000 | 2,593,728 | ||||||
Cinemark USA, Inc. | 1,791,000 | 1,721,024 | ||||||
144A, 5.25%, 7/15/28 | 3,400,000 | 3,023,076 | ||||||
International Game Technology PLC | 2,228,000 | 2,231,921 | ||||||
144A, 4.125%, 4/15/26 | 3,342,000 | 3,175,585 | ||||||
144A, 6.25%, 1/15/27 | 3,333,000 | 3,303,353 | ||||||
144A, 5.25%, 1/15/29 | 3,317,000 | 3,122,266 | ||||||
Light & Wonder International, Inc. | 3,121,000 | 3,112,311 | ||||||
144A, 7.25%, 11/15/29 | 2,237,000 | 2,244,606 | ||||||
144A, 7.50%, 9/1/31 | 2,450,000 | 2,486,567 | ||||||
Live Nation Entertainment, Inc. | 2,555,000 | 2,511,786 | ||||||
144A, 6.50%, 5/15/27 | 5,308,000 | 5,316,891 | ||||||
144A, 4.75%, 10/15/27 | 4,227,000 | 3,941,678 | ||||||
144A, 3.75%, 1/15/28 | 2,222,000 | 1,983,732 | ||||||
Mohegan Tribal Gaming Authority, 144A, | 5,222,000 | 4,867,687 | ||||||
Penn Entertainment, Inc. | 1,785,000 | 1,689,267 | ||||||
144A, 4.125%, 7/1/29 | 1,785,000 | 1,455,411 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | 3,362,000 | 2,686,574 | ||||||
144A, 5.875%, 9/1/31 | 3,301,000 | 2,555,304 | ||||||
Six Flags Entertainment Corp. | 2,222,000 | 2,093,457 | ||||||
144A, 7.25%, 5/15/31 | 3,689,000 | 3,540,589 | ||||||
Vail Resorts, Inc., 144A, | 2,666,000 | 2,659,047 | ||||||
WMG Acquisition Corp. | 2,389,000 | 2,073,153 | ||||||
144A, 3.875%, 7/15/30 | 2,366,000 | 2,055,256 | ||||||
144A, 3.00%, 2/15/31 | 3,539,000 | 2,887,470 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 3,367,000 | 3,017,097 | ||||||
144A, 7.125%, 2/15/31 | 2,632,000 | 2,586,374 | ||||||
|
| |||||||
(Cost $152,866,132) | 142,129,884 | |||||||
|
| |||||||
Food Service — 0.5% | ||||||||
Aramark Services, Inc. | 2,451,000 | 2,423,183 | ||||||
144A, 6.375%, 5/1/25 | 6,765,000 | 6,783,482 | ||||||
144A, 5.00%, 2/1/28 | 5,087,000 | 4,750,472 | ||||||
TKC Holdings, Inc. | 2,101,000 | 1,901,468 | ||||||
144A, 10.50%, 5/15/29 | 2,975,000 | 2,471,927 | ||||||
|
| |||||||
(Cost $19,404,794) | 18,330,532 | |||||||
|
| |||||||
Home Builders — 0.5% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, | 1,803,000 | 1,554,673 |
Principal | Value | |||||||
Home Builders (Continued) | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC | $ | 2,654,000 | $ | 2,438,705 | ||||
144A, 4.875%, 2/15/30 | 2,212,000 | 1,829,516 | ||||||
Mattamy Group Corp. | 2,212,000 | 2,088,815 | ||||||
144A, 4.625%, 3/1/30 | 2,666,000 | 2,355,006 | ||||||
Meritage Homes Corp. | 1,996,000 | 1,988,625 | ||||||
144A, 3.875%, 4/15/29 | 2,053,000 | 1,793,716 | ||||||
Taylor Morrison Communities, Inc. | 2,222,000 | 2,185,448 | ||||||
144A, 5.75%, 1/15/28 | 2,025,000 | 1,955,316 | ||||||
144A, 5.125%, 8/1/30 | 2,253,000 | 2,068,510 | ||||||
|
| |||||||
(Cost $22,443,137) | 20,258,330 | |||||||
|
| |||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc. | 3,569,000 | 3,068,653 | ||||||
144A, 3.875%, 10/15/31 | 3,598,000 | 2,895,245 | ||||||
|
| |||||||
(Cost $7,043,977) | 5,963,898 | |||||||
|
| |||||||
Housewares — 0.5% | ||||||||
Newell Brands, Inc. | 2,232,000 | 2,157,990 | ||||||
4.70%, 4/1/26 | 8,780,000 | 8,401,541 | ||||||
6.375%, 9/15/27 | 2,293,000 | 2,244,737 | ||||||
6.625%, 9/15/29 | 2,328,000 | 2,308,489 | ||||||
Scotts Miracle-Gro Co. | 1,821,000 | 1,524,832 | ||||||
4.00%, 4/1/31 | 2,128,000 | 1,674,481 | ||||||
4.375%, 2/1/32 | 1,829,000 | 1,449,848 | ||||||
|
| |||||||
(Cost $21,740,965) | 19,761,918 | |||||||
|
| |||||||
Leisure Time — 3.4% | ||||||||
Carnival Corp. | 6,444,000 | 6,429,634 | ||||||
144A, 5.75%, 3/1/27 | 15,481,000 | 14,558,085 | ||||||
144A, 9.875%, 8/1/27 | 4,017,000 | 4,245,190 | ||||||
144A, 4.00%, 8/1/28 | 10,796,000 | 9,669,293 | ||||||
144A, 6.00%, 5/1/29 | 8,847,000 | 8,015,502 | ||||||
144A, 7.00%, 8/15/29 | 2,050,000 | 2,081,855 | ||||||
144A, 10.50%, 6/1/30 | 4,423,000 | 4,715,338 | ||||||
Carnival Holdings Bermuda Ltd., 144A, | 8,979,000 | 9,773,590 | ||||||
Life Time, Inc. | 4,092,000 | 3,995,816 | ||||||
144A, 8.00%, 4/15/26 | 2,117,000 | 2,103,028 | ||||||
NCL Corp. Ltd. | 2,509,000 | 2,405,454 | ||||||
144A, 5.875%, 3/15/26 | 6,303,000 | 5,937,430 | ||||||
144A, 5.875%, 2/15/27 | 4,423,000 | 4,288,486 | ||||||
144A, 8.375%, 2/1/28 | 2,684,000 | 2,768,895 | ||||||
144A, 7.75%, 2/15/29 | 2,736,000 | 2,601,668 | ||||||
Royal Caribbean Cruises Ltd. | 1,915,000 | 2,025,325 | ||||||
144A, 4.25%, 7/1/26 | 2,935,000 | 2,739,060 | ||||||
144A, 5.50%, 8/31/26 | 4,423,000 | 4,240,683 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Leisure Time (Continued) | ||||||||
144A, 5.375%, 7/15/27 | $ | 4,423,000 | $ | 4,163,001 | ||||
144A, 11.625%, 8/15/27 | 5,529,000 | 6,026,805 | ||||||
3.70%, 3/15/28 | 2,222,000 | 1,937,281 | ||||||
144A, 5.50%, 4/1/28 | 6,751,000 | 6,323,997 | ||||||
144A, 8.25%, 1/15/29 | 4,448,000 | 4,652,688 | ||||||
144A, 9.25%, 1/15/29 | 4,567,000 | 4,868,509 | ||||||
144A, 7.25%, 1/15/30 | 3,126,000 | 3,172,205 | ||||||
Viking Cruises Ltd. | 3,649,000 | 3,415,336 | ||||||
144A, 7.00%, 2/15/29 | 2,362,000 | 2,241,774 | ||||||
144A, 9.125%, 7/15/31 | 3,190,000 | 3,298,580 | ||||||
|
| |||||||
(Cost $136,343,210) | 132,694,508 | |||||||
|
| |||||||
Lodging — 2.8% | ||||||||
Boyd Gaming Corp. | 4,422,000 | 4,149,194 | ||||||
144A, 4.75%, 6/15/31 | 4,011,000 | 3,536,899 | ||||||
Hilton Domestic Operating Co., Inc. | 2,228,000 | 2,209,142 | ||||||
144A, 5.75%, 5/1/28 | 2,212,000 | 2,172,130 | ||||||
144A, 3.75%, 5/1/29 | 3,564,000 | 3,142,718 | ||||||
4.875%, 1/15/30 | 4,423,000 | 4,130,189 | ||||||
144A, 4.00%, 5/1/31 | 4,886,000 | 4,246,867 | ||||||
144A, 3.625%, 2/15/32 | 6,793,000 | 5,649,499 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | 3,816,000 | 3,386,611 | ||||||
144A, 4.875%, 7/1/31 | 2,212,000 | 1,867,154 | ||||||
Las Vegas Sands Corp. | 1,052,000 | 1,015,812 | ||||||
2.90%, 6/25/25 | 2,222,000 | 2,097,796 | ||||||
3.50%, 8/18/26 | 4,448,000 | 4,131,185 | ||||||
3.90%, 8/8/29 | 3,317,000 | 2,919,004 | ||||||
Marriott Ownership Resorts, Inc., 144A, | 2,222,000 | 1,879,635 | ||||||
Melco Resorts Finance Ltd. | 4,406,000 | 4,189,681 | ||||||
144A, 5.25%, 4/26/26 | 2,222,000 | 2,060,081 | ||||||
144A, 5.625%, 7/17/27 | 2,814,000 | 2,517,855 | ||||||
144A, 5.75%, 7/21/28 | 3,810,000 | 3,374,292 | ||||||
144A, 5.375%, 12/4/29 | 5,087,000 | 4,271,412 | ||||||
MGM Resorts International | 3,471,000 | 3,479,813 | ||||||
5.75%, 6/15/25 | 2,986,000 | 2,947,712 | ||||||
4.625%, 9/1/26 | 1,769,000 | 1,667,762 | ||||||
5.50%, 4/15/27 | 2,986,000 | 2,855,695 | ||||||
4.75%, 10/15/28 | 3,324,000 | 3,019,594 | ||||||
Station Casinos LLC | 3,070,000 | 2,750,413 | ||||||
144A, 4.625%, 12/1/31 | 2,200,000 | 1,815,594 | ||||||
Studio City Finance Ltd. | 2,252,000 | 2,131,563 | ||||||
144A, 6.50%, 1/15/28 | 2,242,000 | 1,900,689 | ||||||
144A, 5.00%, 1/15/29 | 4,886,000 | 3,666,479 | ||||||
Travel + Leisure Co. | 2,875,000 | 2,838,238 | ||||||
6.00%, 4/1/27 | 1,787,000 | 1,735,552 |
Principal | Value | |||||||
Lodging (Continued) | ||||||||
144A, 4.50%, 12/1/29 | $ | 2,889,000 | $ | 2,480,958 | ||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 6,287,000 | 6,216,567 | ||||||
144A, 5.25%, 5/15/27 | 4,247,000 | 4,023,313 | ||||||
|
| |||||||
(Cost $115,805,571) | 106,477,098 | |||||||
|
| |||||||
Retail — 4.9% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 2,228,000 | 2,213,257 | ||||||
144A, 3.875%, 1/15/28 | 6,881,000 | 6,264,458 | ||||||
144A, 4.375%, 1/15/28 | 3,317,000 | 3,048,097 | ||||||
144A, 3.50%, 2/15/29 | 3,357,000 | 2,942,298 | ||||||
144A, 4.00%, 10/15/30 | 12,883,000 | 10,921,637 | ||||||
Asbury Automotive Group, Inc. | 1,769,000 | 1,615,153 | ||||||
144A, 4.625%, 11/15/29 | 3,559,000 | 3,143,462 | ||||||
4.75%, 3/1/30 | 2,038,000 | 1,791,602 | ||||||
144A, 5.00%, 2/15/32 | 2,666,000 | 2,289,333 | ||||||
Bath & Body Works, Inc. | 2,222,000 | 2,133,772 | ||||||
7.50%, 6/15/29 | 2,146,000 | 2,165,256 | ||||||
144A, 6.625%, 10/1/30 | 4,423,000 | 4,317,307 | ||||||
Beacon Roofing Supply, Inc., 144A, | 2,670,000 | 2,640,630 | ||||||
Carvana Co. | 2,654,000 | 1,952,747 | ||||||
144A, 5.875%, 10/1/28 | 2,674,000 | 1,647,572 | ||||||
144A, 4.875%, 9/1/29 | 3,317,000 | 1,982,850 | ||||||
144A, 10.25%, 5/1/30 | 14,501,000 | 11,256,044 | ||||||
eG Global Finance PLC | 3,088,000 | 3,046,034 | ||||||
144A, 8.50%, 10/30/25 | 2,597,000 | 2,573,680 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 2,905,000 | 2,733,217 | ||||||
144A, 5.875%, 4/1/29 | 3,749,000 | 3,312,768 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | 4,613,000 | 3,988,056 | ||||||
144A, 6.75%, 1/15/30 | 5,529,000 | 4,573,294 | ||||||
FirstCash, Inc. | 2,247,000 | 2,000,762 | ||||||
144A, 5.625%, 1/1/30 | 2,433,000 | 2,211,326 | ||||||
Gap, Inc. | 3,467,000 | 2,642,421 | ||||||
144A, 3.875%, 10/1/31 | 3,317,000 | 2,407,589 | ||||||
Kohl’s Corp., | 2,316,000 | 1,707,239 | ||||||
LBM Acquisition LLC, 144A, | 3,742,000 | 3,269,446 | ||||||
Lithia Motors, Inc. | 1,785,000 | 1,650,230 | ||||||
144A, 3.875%, 6/1/29 | 3,517,000 | 3,022,980 | ||||||
144A, 4.375%, 1/15/31 | 2,444,000 | 2,081,559 | ||||||
Macy’s Retail Holdings LLC | 2,327,000 | 2,105,674 | ||||||
144A, 5.875%, 3/15/30 | 1,922,000 | 1,683,480 | ||||||
144A, 6.125%, 3/15/32 | 1,889,000 | 1,621,518 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Retail (Continued) | ||||||||
Michaels Cos., Inc. | $ | 3,821,000 | $ | 3,188,166 | ||||
144A, 7.875%, 5/1/29 | 5,636,000 | 3,911,948 | ||||||
Murphy Oil USA, Inc. | 2,222,000 | 2,040,885 | ||||||
144A, 3.75%, 2/15/31 | 2,212,000 | 1,862,725 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, | 4,886,000 | 4,647,839 | ||||||
Nordstrom, Inc. | 2,291,000 | 1,834,805 | ||||||
4.25%, 8/1/31 | 1,880,000 | 1,415,978 | ||||||
Penske Automotive Group, Inc. | 2,444,000 | 2,331,907 | ||||||
3.75%, 6/15/29 | 2,216,000 | 1,901,421 | ||||||
PetSmart, Inc. / PetSmart Finance Corp. | 5,333,000 | 4,788,766 | ||||||
144A, 7.75%, 2/15/29 | 5,247,000 | 5,017,013 | ||||||
QVC, Inc. | 2,602,000 | 2,341,382 | ||||||
4.75%, 2/15/27 | 2,555,000 | 1,689,268 | ||||||
4.375%, 9/1/28 | 2,291,000 | 1,298,571 | ||||||
Rite Aid Corp., 144A, | 3,759,000 | 2,390,799 | ||||||
Sonic Automotive, Inc. | 2,875,000 | 2,456,032 | ||||||
144A, 4.875%, 11/15/31 | 2,232,000 | 1,857,534 | ||||||
SRS Distribution, Inc. | 2,905,000 | 2,588,933 | ||||||
144A, 6.125%, 7/1/29 | 2,069,000 | 1,800,960 | ||||||
144A, 6.00%, 12/1/29 | 3,840,000 | 3,287,309 | ||||||
Staples, Inc. | 8,887,000 | 7,361,735 | ||||||
144A, 10.75%, 4/15/27 | 4,300,000 | 2,337,890 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, | 2,891,000 | 2,474,424 | ||||||
Yum! Brands, Inc. | 3,539,000 | 3,262,241 | ||||||
3.625%, 3/15/31 | 4,775,000 | 4,053,617 | ||||||
4.625%, 1/31/32 | 4,906,000 | 4,394,089 | ||||||
5.375%, 4/1/32 | 4,553,000 | 4,275,109 | ||||||
|
| |||||||
(Cost $217,615,544) | 189,768,094 | |||||||
|
| |||||||
Consumer, Non-cyclical — 16.1% |
| |||||||
Agriculture — 0.3% | ||||||||
Darling Ingredients, Inc. | 2,212,000 | 2,152,104 | ||||||
144A, 6.00%, 6/15/30 | 4,463,000 | 4,364,273 | ||||||
Vector Group Ltd. | 3,005,000 | 3,017,486 | ||||||
144A, 5.75%, 2/1/29 | 3,890,000 | 3,388,259 | ||||||
|
| |||||||
(Cost $13,608,258) | 12,922,122 | |||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Primo Water Holdings, Inc., 144A, | ||||||||
(Cost $3,249,997) | 3,317,000 | 2,913,653 | ||||||
|
|
Principal | Value | |||||||
Commercial Services — 3.9% | ||||||||
ADT Security Corp., 144A, | $ | 4,423,000 | $ | 3,866,432 | ||||
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, | 2,511,000 | 2,378,570 | ||||||
Albion Financing 2SARL, 144A, | 1,990,000 | 1,855,158 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | 8,581,000 | 8,170,560 | ||||||
144A, 9.75%, 7/15/27 | 4,644,000 | 4,269,433 | ||||||
144A, 6.00%, 6/1/29 | 4,296,000 | 3,289,441 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, | 5,694,000 | 4,845,025 | ||||||
APX Group, Inc. | 2,654,000 | 2,570,860 | ||||||
144A, 5.75%, 7/15/29 | 3,539,000 | 3,053,553 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 2,212,000 | 2,013,375 | ||||||
144A, 5.375%, 3/1/29 | 2,722,000 | 2,501,343 | ||||||
Block, Inc. | 4,423,000 | 4,026,356 | ||||||
3.50%, 6/1/31 | 4,574,000 | 3,754,696 | ||||||
Brink’s Co. | 1,769,000 | 1,741,054 | ||||||
144A, 4.625%, 10/15/27 | 2,655,000 | 2,471,575 | ||||||
Garda World Security Corp. | 2,540,000 | 2,351,806 | ||||||
144A, 9.50%, 11/1/27 | 2,686,000 | 2,600,748 | ||||||
144A, 7.75%, 2/15/28 | 1,761,000 | 1,749,695 | ||||||
144A, 6.00%, 6/1/29 | 2,282,000 | 1,861,625 | ||||||
Gartner, Inc. | 3,539,000 | 3,303,003 | ||||||
144A, 3.625%, 6/15/29 | 2,653,000 | 2,332,742 | ||||||
144A, 3.75%, 10/1/30 | 3,521,000 | 3,043,677 | ||||||
Herc Holdings, Inc., 144A, | 5,338,000 | 5,128,676 | ||||||
Hertz Corp. | 2,374,000 | 2,151,532 | ||||||
144A, 5.00%, 12/1/29 | 4,423,000 | 3,640,878 | ||||||
MPH Acquisition Holdings LLC | 4,705,000 | 4,000,814 | ||||||
144A, 5.75%, 11/1/28 | 4,578,000 | 3,434,301 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 5,967,000 | 5,861,097 | ||||||
144A, 3.375%, 8/31/27 | 4,423,000 | 3,937,740 | ||||||
144A, 6.25%, 1/15/28 | 5,750,500 | 5,470,732 | ||||||
Sabre GLBL, Inc. | 3,856,000 | 3,793,353 | ||||||
144A, 11.25%, 12/15/27 | 2,455,000 | 2,341,976 | ||||||
Service Corp. International | 2,451,000 | 2,306,146 | ||||||
5.125%, 6/1/29 | 3,486,000 | 3,289,912 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
3.375%, 8/15/30 | $ | 3,760,000 | $ | 3,121,915 | ||||
4.00%, 5/15/31 | 3,561,000 | 3,022,399 | ||||||
Sotheby’s, 144A, | 3,384,000 | 3,084,585 | ||||||
United Rentals North America, Inc. | 2,212,000 | 2,169,607 | ||||||
3.875%, 11/15/27 | 3,317,000 | 3,075,036 | ||||||
4.875%, 1/15/28 | 7,448,000 | 7,093,741 | ||||||
5.25%, 1/15/30 | 3,347,000 | 3,184,308 | ||||||
4.00%, 7/15/30 | 3,337,000 | 2,928,770 | ||||||
3.875%, 2/15/31 | 4,991,000 | 4,273,301 | ||||||
3.75%, 1/15/32 | 3,342,000 | 2,813,364 | ||||||
Williams Scotsman International, Inc. | 2,369,000 | 2,350,106 | ||||||
144A, 4.625%, 8/15/28 | 2,262,000 | 2,066,111 | ||||||
|
| |||||||
(Cost $167,772,814) | 152,591,127 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Coty, Inc. | 3,981,000 | 3,830,438 | ||||||
144A, 6.50%, 4/15/26 | 2,092,000 | 2,075,578 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, | 3,350,000 | 3,347,102 | ||||||
Edgewell Personal Care Co. | 3,317,000 | 3,129,291 | ||||||
144A, 4.125%, 4/1/29 | 2,281,000 | 1,978,859 | ||||||
|
| |||||||
(Cost $15,053,112) | 14,361,268 | |||||||
|
| |||||||
Food — 2.5% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | 3,342,000 | 3,108,303 | ||||||
144A, 7.50%, 3/15/26 | 2,647,000 | 2,688,201 | ||||||
144A, 4.625%, 1/15/27 | 6,071,000 | 5,749,218 | ||||||
144A, 5.875%, 2/15/28 | 3,317,000 | 3,222,263 | ||||||
144A, 6.50%, 2/15/28 | 3,387,000 | 3,374,867 | ||||||
144A, 3.50%, 3/15/29 | 5,969,000 | 5,168,127 | ||||||
144A, 4.875%, 2/15/30 | 4,448,000 | 4,085,420 | ||||||
B&G Foods, Inc. | 3,923,000 | 3,832,781 | ||||||
5.25%, 9/15/27 | 2,433,000 | 2,157,807 | ||||||
Lamb Weston Holdings, Inc. | 2,237,000 | 2,114,800 | ||||||
144A, 4.125%, 1/31/30 | 4,291,000 | 3,777,525 | ||||||
144A, 4.375%, 1/31/32 | 3,219,000 | 2,796,860 | ||||||
Performance Food Group, Inc. | 4,689,000 | 4,519,856 | ||||||
144A, 4.25%, 8/1/29 | 4,453,000 | 3,922,890 | ||||||
Pilgrim’s Pride Corp. | 3,909,000 | 3,868,754 | ||||||
3.50%, 3/1/32 | 3,950,000 | 3,184,529 | ||||||
6.25%, 7/1/33 | 4,448,000 | 4,420,148 | ||||||
Post Holdings, Inc. | 2,031,000 | 1,986,875 | ||||||
144A, 5.625%, 1/15/28 | 4,162,000 | 3,995,796 | ||||||
144A, 5.50%, 12/15/29 | 5,480,000 | 5,078,174 | ||||||
144A, 4.625%, 4/15/30 | 6,466,000 | 5,734,793 |
Principal | Value | |||||||
Food (Continued) | ||||||||
144A, 4.50%, 9/15/31 | $ | 4,916,000 | $ | 4,221,273 | ||||
Sigma Holdco BV, 144A, | 2,156,000 | 1,835,970 | ||||||
US Foods, Inc. | 4,707,000 | 4,723,498 | ||||||
144A, 4.75%, 2/15/29 | 4,006,000 | 3,656,348 | ||||||
144A, 4.625%, 6/1/30 | 2,189,000 | 1,947,598 | ||||||
|
| |||||||
(Cost $102,392,732) | 95,172,674 | |||||||
|
| |||||||
Healthcare-Products — 1.2% | ||||||||
Avantor Funding, Inc. | 6,856,000 | 6,370,845 | ||||||
144A, 3.875%, 11/1/29 | 3,539,000 | 3,107,169 | ||||||
Hologic, Inc. | 1,794,000 | 1,687,896 | ||||||
144A, 3.25%, 2/15/29 | 4,216,000 | 3,665,460 | ||||||
Medline Borrower LP | 20,101,000 | 17,512,214 | ||||||
144A, 5.25%, 10/1/29 | 11,156,000 | 9,918,263 | ||||||
Teleflex, Inc. | 2,212,000 | 2,088,150 | ||||||
144A, 4.25%, 6/1/28 | 2,212,000 | 2,037,052 | ||||||
|
| |||||||
(Cost $47,901,978) | 46,387,049 | |||||||
|
| |||||||
Healthcare-Services — 4.7% | ||||||||
Catalent Pharma Solutions, Inc. | 2,292,000 | 2,142,367 | ||||||
144A, 3.125%, 2/15/29 | 2,463,000 | 2,075,028 | ||||||
144A, 3.50%, 4/1/30 | 2,881,000 | 2,425,403 | ||||||
Charles River Laboratories International, Inc. | 2,212,000 | 2,032,773 | ||||||
144A, 3.75%, 3/15/29 | 2,262,000 | 1,998,601 | ||||||
144A, 4.00%, 3/15/31 | 2,206,000 | 1,907,018 | ||||||
CHS/Community Health Systems, Inc. | 9,332,000 | 9,118,474 | ||||||
144A, 5.625%, 3/15/27 | 8,480,000 | 7,470,359 | ||||||
144A, 8.00%, 12/15/27 | 3,096,000 | 2,979,451 | ||||||
144A, 6.875%, 4/1/28 | 3,453,000 | 2,076,781 | ||||||
144A, 6.00%, 1/15/29 | 3,981,000 | 3,338,586 | ||||||
144A, 6.875%, 4/15/29 | 6,202,000 | 3,758,713 | ||||||
144A, 6.125%, 4/1/30 | 5,559,000 | 3,173,800 | ||||||
144A, 5.25%, 5/15/30 | 6,859,000 | 5,415,946 | ||||||
144A, 4.75%, 2/15/31 | 4,679,000 | 3,490,066 | ||||||
DaVita, Inc. | 12,318,000 | 10,577,024 | ||||||
144A, 3.75%, 2/15/31 | 6,635,000 | 5,289,141 | ||||||
Encompass Health Corp. | 3,539,000 | 3,290,396 | ||||||
4.75%, 2/1/30 | 3,539,000 | 3,231,198 | ||||||
4.625%, 4/1/31 | 1,854,000 | 1,626,859 | ||||||
IQVIA, Inc. | 4,644,000 | 4,490,370 | ||||||
144A, 5.00%, 5/15/27 | 4,891,000 | 4,713,020 | ||||||
144A, 6.50%, 5/15/30 | 2,212,000 | 2,226,636 | ||||||
Legacy LifePoint Health LLC, 144A, | 2,654,000 | 2,288,743 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
LifePoint Health, Inc. | $ | 2,298,000 | $ | 1,591,421 | ||||
144A, 9.875%, 8/15/30 | 3,550,000 | 3,512,796 | ||||||
ModivCare, Inc., 144A, | 2,328,000 | 2,211,274 | ||||||
Molina Healthcare, Inc. | 3,555,000 | 3,265,964 | ||||||
144A, 3.875%, 11/15/30 | 2,889,000 | 2,469,667 | ||||||
144A, 3.875%, 5/15/32 | 3,353,000 | 2,784,153 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, | 5,728,000 | 5,362,560 | ||||||
Select Medical Corp., 144A, | 5,419,000 | 5,372,841 | ||||||
Team Health Holdings, Inc., 144A, | 3,160,000 | 2,436,961 | ||||||
Tenet Healthcare Corp. | 9,583,000 | 9,282,119 | ||||||
6.25%, 2/1/27 | 6,695,000 | 6,598,825 | ||||||
5.125%, 11/1/27 | 6,660,000 | 6,307,231 | ||||||
4.625%, 6/15/28 | 2,654,000 | 2,446,287 | ||||||
6.125%, 10/1/28 | 11,223,000 | 10,803,316 | ||||||
4.25%, 6/1/29 | 6,253,000 | 5,584,105 | ||||||
4.375%, 1/15/30 | 6,472,000 | 5,755,926 | ||||||
6.125%, 6/15/30 | 8,927,000 | 8,661,329 | ||||||
144A, 6.75%, 5/15/31 | 6,106,000 | 6,082,420 | ||||||
|
| |||||||
(Cost $202,632,002) | 181,665,948 | |||||||
|
| |||||||
Household Products/Wares — 0.1% | ||||||||
Central Garden & Pet Co. | 2,222,000 | 1,914,404 | ||||||
144A, 4.125%, 4/30/31 | 1,769,000 | 1,503,539 | ||||||
Spectrum Brands, Inc., 144A, | 2,272,000 | 1,905,617 | ||||||
|
| |||||||
(Cost $6,097,011) | 5,323,560 | |||||||
|
| |||||||
Pharmaceuticals — 2.9% | ||||||||
AdaptHealth LLC | 2,222,000 | 1,813,785 | ||||||
144A, 5.125%, 3/1/30 | 2,666,000 | 2,189,283 | ||||||
Bausch Health Americas, Inc. | 3,297,000 | 3,008,173 | ||||||
144A, 8.50%, 1/31/27 | 2,856,000 | 1,592,063 | ||||||
Bausch Health Cos., Inc. | 7,569,000 | 6,824,286 | ||||||
144A, 9.00%, 12/15/25 | 4,291,000 | 3,931,479 | ||||||
144A, 6.125%, 2/1/27 | 4,447,000 | 2,928,483 | ||||||
144A, 5.75%, 8/15/27 | 2,262,000 | 1,418,825 | ||||||
144A, 5.00%, 1/30/28 | 1,934,000 | 842,637 | ||||||
144A, 4.875%, 6/1/28 | 7,137,000 | 4,241,683 | ||||||
144A, 11.00%, 9/30/28 | 7,847,000 | 5,621,883 | ||||||
144A, 5.00%, 2/15/29 | 2,088,000 | 875,989 | ||||||
144A, 6.25%, 2/15/29 | 3,648,000 | 1,599,995 | ||||||
144A, 5.25%, 1/30/30 | 3,549,000 | 1,502,030 | ||||||
144A, 5.25%, 2/15/31 | 2,035,000 | 858,176 | ||||||
Cheplapharm Arzneimittel GmbH, 144A, | 2,222,000 | 2,014,221 |
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
Grifols SA, 144A, | $ | 3,126,000 | $ | 2,745,472 | ||||
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, | 2,654,000 | 2,556,359 | ||||||
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, | 2,736,000 | 2,048,553 | ||||||
Jazz Securities DAC, 144A, | 6,780,000 | 6,080,903 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, | 1,894,000 | 1,499,316 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV | 9,379,000 | 8,496,630 | ||||||
144A, 5.125%, 4/30/31 | 8,977,000 | 7,652,578 | ||||||
Owens & Minor, Inc. | 2,213,000 | 1,877,599 | ||||||
144A, 6.625%, 4/1/30 | 2,533,000 | 2,306,760 | ||||||
Perrigo Finance Unlimited Co. | 3,066,000 | 2,963,505 | ||||||
4.375%, 3/15/26 | 3,096,000 | 2,941,744 | ||||||
4.65%, 6/15/30 | 3,444,000 | 3,050,988 | ||||||
Prestige Brands, Inc. 144A, | 1,778,000 | 1,686,884 | ||||||
144A, 3.75%, 4/1/31 | 2,654,000 | 2,198,574 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 1,890,000 | 1,902,954 | ||||||
3.15%, 10/1/26 | 15,223,000 | 13,780,225 | ||||||
6.75%, 3/1/28 | 5,528,000 | 5,527,059 | ||||||
|
| |||||||
(Cost $135,408,032) | 110,579,094 | |||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Benteler International AG, 144A, | ||||||||
(Cost $2,250,950) | 2,212,000 | 2,222,101 | ||||||
|
| |||||||
Energy — 10.4% | ||||||||
Oil & Gas — 4.7% | ||||||||
Antero Resources Corp. | 1,842,000 | 1,887,311 | ||||||
144A, 5.375%, 3/1/30 | 2,796,000 | 2,618,059 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | 2,661,000 | 2,648,023 | ||||||
144A, 5.875%, 6/30/29 | 1,782,000 | 1,625,000 | ||||||
Baytex Energy Corp. | 1,846,000 | 1,891,029 | ||||||
144A, 8.50%, 4/30/30 | 3,580,000 | 3,632,465 | ||||||
Callon Petroleum Co. | 2,875,000 | 2,917,958 | ||||||
144A, 7.50%, 6/15/30 | 2,660,000 | 2,632,086 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, | 1,829,000 | 1,877,026 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Chesapeake Energy Corp. | $ | 2,222,000 | $ | 2,170,771 | ||||
144A, 5.875%, 2/1/29 | 2,372,000 | 2,271,988 | ||||||
144A, 6.75%, 4/15/29 | 4,410,000 | 4,382,362 | ||||||
Civitas Resources, Inc. | 1,778,000 | 1,681,309 | ||||||
144A, 8.375%, 7/1/28 | 6,026,000 | 6,229,377 | ||||||
144A, 8.75%, 7/1/31 | 6,094,000 | 6,301,489 | ||||||
CNX Resources Corp. | 2,222,000 | 2,118,046 | ||||||
144A, 7.375%, 1/15/31 | 2,222,000 | 2,220,161 | ||||||
Comstock Resources, Inc. | 5,414,000 | 5,070,092 | ||||||
144A, 5.875%, 1/15/30 | 4,318,000 | 3,815,604 | ||||||
Crescent Energy Finance LLC | 3,090,000 | �� | 3,046,801 | |||||
144A, 9.25%, 2/15/28 | 3,092,000 | 3,165,806 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A, | 3,990,000 | 3,923,766 | ||||||
CVR Energy, Inc. | 2,666,000 | 2,588,542 | ||||||
144A, 5.75%, 2/15/28 | 1,782,000 | 1,624,142 | ||||||
Earthstone Energy Holdings LLC | 2,469,000 | 2,520,614 | ||||||
144A, 9.875%, 7/15/31 | 2,222,000 | 2,438,167 | ||||||
Energean PLC, 144A, | 1,990,000 | 1,829,443 | ||||||
Kosmos Energy Ltd. | 2,875,000 | 2,640,946 | ||||||
144A, 7.75%, 5/1/27 | 1,769,000 | 1,595,157 | ||||||
144A, 7.50%, 3/1/28 | 2,065,000 | 1,826,400 | ||||||
Leviathan Bond Ltd. | 2,648,429 | 2,598,771 | ||||||
144A, REGS, 6.50%, 6/30/27 | 2,762,289 | 2,679,420 | ||||||
144A, REGS, 6.75%, 6/30/30 | 2,421,059 | 2,276,093 | ||||||
Matador Resources Co. | 3,118,000 | 3,043,952 | ||||||
144A, 6.875%, 4/15/28 | 2,222,000 | 2,220,509 | ||||||
MEG Energy Corp. | 2,261,000 | 2,287,994 | ||||||
144A, 5.875%, 2/1/29 | 2,654,000 | 2,538,285 | ||||||
Murphy Oil Corp. | 2,403,000 | 2,364,770 | ||||||
6.375%, 7/15/28 | 2,058,000 | 2,058,594 | ||||||
Northern Oil and Gas, Inc. | 3,133,000 | 3,143,370 | ||||||
144A, 8.75%, 6/15/31 | 2,222,000 | 2,272,592 | ||||||
Parkland Corp. | 2,212,000 | 2,138,896 | ||||||
144A, 4.50%, 10/1/29 | 3,539,000 | 3,121,561 | ||||||
144A, 4.625%, 5/1/30 | 3,569,000 | 3,150,214 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 2,978,000 | 2,980,879 | ||||||
6.00%, 2/15/28 | 3,656,000 | 3,458,893 | ||||||
144A, 7.875%, 9/15/30 | 2,240,000 | 2,231,118 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Permian Resources Operating LLC, 144A, | $ | 3,111,000 | $ | 3,003,265 | ||||
Puma International Financing SA, 144A, | 3,569,000 | 3,324,524 | ||||||
Range Resources Corp. | 3,045,000 | 2,979,350 | ||||||
8.25%, 1/15/29 | 2,654,000 | 2,757,679 | ||||||
144A, 4.75%, 2/15/30 | 2,222,000 | 2,008,655 | ||||||
SM Energy Co. | 1,879,000 | 1,872,799 | ||||||
6.625%, 1/15/27 | 1,855,000 | 1,833,482 | ||||||
6.50%, 7/15/28 | 1,774,000 | 1,735,682 | ||||||
Southwestern Energy Co. | 3,102,000 | 2,947,040 | ||||||
5.375%, 3/15/30 | 5,308,000 | 4,966,923 | ||||||
4.75%, 2/1/32 | 5,175,000 | 4,589,666 | ||||||
Sunoco LP / Sunoco Finance Corp. | 2,654,000 | 2,628,870 | ||||||
4.50%, 5/15/29 | 3,555,000 | 3,218,449 | ||||||
4.50%, 4/30/30 | 3,536,000 | 3,155,302 | ||||||
Transocean, Inc. | 2,518,000 | 2,480,130 | ||||||
144A, 11.50%, 1/30/27 | 3,040,000 | 3,204,662 | ||||||
144A, 8.00%, 2/1/27 | 2,708,000 | 2,642,994 | ||||||
Tullow Oil PLC, 144A, | 2,817,000 | 1,946,730 | ||||||
Vital Energy, | 2,015,000 | 2,027,150 | ||||||
|
| |||||||
(Cost $188,909,094) | 183,079,203 | |||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | 2,222,000 | 2,186,559 | ||||||
144A, 6.25%, 4/1/28 | 3,555,000 | 3,396,971 | ||||||
CGG SA, 144A, | 2,228,000 | 1,919,406 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 3,232,000 | 3,198,508 | ||||||
6.875%, 9/1/27 | 3,342,000 | 3,260,941 | ||||||
Weatherford International Ltd., 144A, | 7,147,000 | 7,318,175 | ||||||
|
| |||||||
(Cost $22,039,715) | 21,280,560 | |||||||
|
| |||||||
Pipelines — 5.1% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 2,433,000 | 2,474,629 | ||||||
144A, 5.75%, 3/1/27 | 2,950,000 | 2,861,783 | ||||||
144A, 5.75%, 1/15/28 | 2,875,000 | 2,755,806 | ||||||
144A, 5.375%, 6/15/29 | 3,366,000 | 3,154,671 | ||||||
Buckeye Partners LP | 2,362,000 | 2,276,803 | ||||||
3.95%, 12/1/26 | 2,654,000 | 2,450,332 | ||||||
4.125%, 12/1/27 | 1,763,000 | 1,604,665 | ||||||
144A, 4.50%, 3/1/28 | 2,225,000 | 2,021,190 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, | $ | 6,282,000 | $ | 5,735,909 | ||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 2,246,000 | 2,226,206 | ||||||
144A, 5.625%, 5/1/27 | 2,654,000 | 2,563,658 | ||||||
144A, 6.00%, 2/1/29 | 3,126,000 | 3,072,076 | ||||||
144A, 8.00%, 4/1/29 | 1,990,000 | 2,058,170 | ||||||
144A, 7.375%, 2/1/31 | 2,654,000 | 2,723,150 | ||||||
DT Midstream, Inc. | 4,906,000 | 4,351,822 | ||||||
144A, 4.375%, 6/15/31 | 4,423,000 | 3,833,415 | ||||||
EnLink Midstream LLC | 2,212,000 | 2,141,700 | ||||||
5.375%, 6/1/29 | 2,226,000 | 2,124,852 | ||||||
144A, 6.50%, 9/1/30 | 4,534,000 | 4,550,762 | ||||||
EnLink Midstream Partners LP | 1,865,000 | 1,806,719 | ||||||
4.85%, 7/15/26 | 2,188,000 | 2,102,515 | ||||||
EQM Midstream Partners LP | 1,782,000 | 1,764,954 | ||||||
4.125%, 12/1/26 | 2,232,000 | 2,097,568 | ||||||
144A, 7.50%, 6/1/27 | 2,228,000 | 2,250,483 | ||||||
144A, 6.50%, 7/1/27 | 3,981,000 | 3,959,108 | ||||||
5.50%, 7/15/28 | 3,777,000 | 3,612,222 | ||||||
144A, 4.50%, 1/15/29 | 3,564,000 | 3,233,672 | ||||||
144A, 7.50%, 6/1/30 | 2,270,000 | 2,330,278 | ||||||
144A, 4.75%, 1/15/31 | 4,951,000 | 4,380,316 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 2,366,000 | 2,332,935 | ||||||
8.00%, 1/15/27 | 4,360,000 | 4,302,231 | ||||||
7.75%, 2/1/28 | 3,005,000 | 2,925,880 | ||||||
8.875%, 4/15/30 | 2,239,000 | 2,232,107 | ||||||
Hess Midstream Operations LP | 3,516,000 | 3,429,366 | ||||||
144A, 5.125%, 6/15/28 | 2,433,000 | 2,284,493 | ||||||
144A, 4.25%, 2/15/30 | 3,369,000 | 2,965,310 | ||||||
144A, 5.50%, 10/15/30 | 1,785,000 | 1,672,857 | ||||||
ITT Holdings LLC, 144A, | 5,446,000 | 4,920,134 | ||||||
New Fortress Energy, Inc. | 5,529,000 | 5,349,374 | ||||||
144A, 6.50%, 9/30/26 | 6,787,000 | 6,308,928 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, | 9,108,000 | 9,059,504 | ||||||
NuStar Logistics LP | 2,654,000 | 2,604,859 | ||||||
6.00%, 6/1/26 | 2,430,000 | 2,384,146 | ||||||
5.625%, 4/28/27 | 2,433,000 | 2,362,321 | ||||||
6.375%, 10/1/30 | 2,610,000 | 2,514,618 | ||||||
Rockies Express Pipeline LLC | 1,803,000 | 1,702,344 | ||||||
144A, 4.95%, 7/15/29 | 2,442,000 | 2,238,572 | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, | 3,488,000 | 3,369,059 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | $ | 2,654,000 | $ | 2,657,120 | ||||
144A, 6.00%, 3/1/27 | 1,961,000 | 1,879,315 | ||||||
144A, 5.50%, 1/15/28 | 3,317,000 | 3,078,392 | ||||||
144A, 6.00%, 12/31/30 | 3,243,000 | 2,904,220 | ||||||
144A, 6.00%, 9/1/31 | 2,073,000 | 1,843,115 | ||||||
Venture Global Calcasieu Pass LLC | 5,881,000 | 5,093,267 | ||||||
144A, 6.25%, 1/15/30 | 4,391,000 | 4,281,362 | ||||||
144A, 4.125%, 8/15/31 | 5,590,000 | 4,747,373 | ||||||
144A, 3.875%, 11/1/33 | 5,570,000 | 4,529,522 | ||||||
Venture Global LNG, Inc. | 9,952,000 | 10,047,718 | ||||||
144A, 8.375%, 6/1/31 | 10,066,000 | 10,162,322 | ||||||
|
| |||||||
(Cost $210,739,997) | 198,702,198 | |||||||
|
| |||||||
Financial — 10.0% | ||||||||
Banks — 0.2% | ||||||||
Freedom Mortgage Corp. | 2,423,000 | 2,390,002 | ||||||
144A, 7.625%, 5/1/26 | 2,175,000 | 2,002,885 | ||||||
144A, 6.625%, 1/15/27 | 2,250,000 | 1,971,749 | ||||||
144A, 6.625%, 1/15/27 | 122,000 | 106,913 | ||||||
|
| |||||||
(Cost $6,573,535) | 6,471,549 | |||||||
|
| |||||||
Diversified Financial Services — 3.4% | ||||||||
AG Issuer LLC, 144A, | 2,222,000 | 2,130,974 | ||||||
AG TTMT Escrow Issuer LLC, 144A, | 2,212,000 | 2,281,966 | ||||||
Burford Capital Global Finance LLC, 144A, | 1,840,000 | 1,863,000 | ||||||
Coinbase Global, Inc. | 4,444,000 | 3,273,724 | ||||||
144A, 3.625%, 10/1/31 | 4,350,000 | 2,933,248 | ||||||
Curo Group Holdings Corp., 144A, | 3,038,000 | 1,210,582 | ||||||
Home Point Capital, Inc., 144A, | 2,511,000 | 2,365,364 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, | 4,497,000 | 3,844,355 | ||||||
LD Holdings Group LLC | 2,212,000 | 1,861,923 | ||||||
144A, 6.125%, 4/1/28 | 2,670,000 | 1,740,619 | ||||||
Macquarie Airfinance Holdings Ltd., 144A, | 2,212,000 | 2,257,833 | ||||||
Nationstar Mortgage Holdings, Inc. | 2,666,000 | 2,551,789 | ||||||
144A, 5.50%, 8/15/28 | 3,777,000 | 3,427,339 | ||||||
144A, 5.125%, 12/15/30 | 2,964,000 | 2,515,035 | ||||||
144A, 5.75%, 11/15/31 | 2,654,000 | 2,277,133 | ||||||
Navient Corp. | 2,212,000 | 2,180,988 | ||||||
6.75%, 6/25/25 | 2,216,000 | 2,203,054 | ||||||
6.75%, 6/15/26 | 2,212,000 | 2,175,635 | ||||||
5.00%, 3/15/27 | 3,096,000 | 2,819,914 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
4.875%, 3/15/28 | $ | 2,212,000 | $ | 1,928,643 | ||||
5.50%, 3/15/29 | 3,430,000 | 2,935,413 | ||||||
9.375%, 7/25/30 | 2,292,000 | 2,304,709 | ||||||
NFP Corp. | 2,444,000 | 2,183,243 | ||||||
144A, 6.875%, 8/15/28 | 9,177,000 | 8,097,999 | ||||||
OneMain Finance Corp. | 5,548,000 | 5,525,231 | ||||||
7.125%, 3/15/26 | 7,077,000 | 6,969,803 | ||||||
3.50%, 1/15/27 | 3,342,000 | 2,911,383 | ||||||
6.625%, 1/15/28 | 3,454,000 | 3,233,341 | ||||||
3.875%, 9/15/28 | 2,912,000 | 2,390,883 | ||||||
9.00%, 1/15/29 | 1,930,000 | 1,958,361 | ||||||
5.375%, 11/15/29 | 3,305,000 | 2,862,791 | ||||||
4.00%, 9/15/30 | 3,758,000 | 2,930,695 | ||||||
Osaic Holdings, Inc., 144A, | 1,831,000 | 1,841,927 | ||||||
PennyMac Financial Services, Inc. | 2,875,000 | 2,785,300 | ||||||
144A, 4.25%, 2/15/29 | 2,900,000 | 2,403,019 | ||||||
144A, 5.75%, 9/15/31 | 2,262,000 | 1,903,883 | ||||||
PRA Group, Inc., 144A, | 1,838,000 | 1,679,273 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | 5,087,000 | 4,526,158 | ||||||
144A, 3.625%, 3/1/29 | 3,337,000 | 2,844,506 | ||||||
144A, 3.875%, 3/1/31 | 5,662,000 | 4,624,750 | ||||||
144A, 4.00%, 10/15/33 | 3,764,000 | 2,982,226 | ||||||
SLM Corp. | 2,247,000 | 2,115,326 | ||||||
3.125%, 11/2/26 | 2,222,000 | 1,979,847 | ||||||
Synchrony Financial, | 3,334,000 | 3,069,738 | ||||||
United Wholesale Mortgage LLC | 3,606,000 | 3,470,735 | ||||||
144A, 5.75%, 6/15/27 | 2,222,000 | 2,049,319 | ||||||
144A, 5.50%, 4/15/29 | 3,111,000 | 2,701,904 | ||||||
|
| |||||||
(Cost $147,761,941) | 133,124,881 | |||||||
|
| |||||||
Insurance — 1.3% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | 4,091,000 | 3,957,779 | ||||||
144A, 10.125%, 8/1/26 | 1,799,000 | 1,858,029 | ||||||
144A, 4.25%, 2/15/29 | 3,181,000 | 2,754,154 | ||||||
144A, 6.00%, 8/1/29 | 2,222,000 | 1,932,232 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 3,317,000 | 3,014,963 | ||||||
144A, 6.75%, 10/15/27 | 5,987,000 | 5,665,468 | ||||||
144A, 6.75%, 4/15/28 | 5,569,000 | 5,491,849 | ||||||
144A, 5.875%, 11/1/29 | 2,057,000 | 1,803,316 | ||||||
AssuredPartners, Inc. | 2,232,000 | 2,212,100 | ||||||
144A, 5.625%, 1/15/29 | 2,458,000 | 2,138,069 | ||||||
HUB International Ltd. | 7,421,000 | 7,413,774 |
Principal | Value | |||||||
Insurance (Continued) | ||||||||
144A, 5.625%, 12/1/29 | $ | 2,457,000 | $ | 2,170,079 | ||||
144A, 7.25%, 6/15/30 | 9,621,000 | 9,750,586 | ||||||
|
| |||||||
(Cost $51,461,391) | 50,162,398 | |||||||
|
| |||||||
Real Estate — 0.6% | ||||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, | 1,772,800 | 1,591,443 | ||||||
Cushman & Wakefield US Borrower LLC | 2,900,000 | 2,763,787 | ||||||
144A, 8.875%, 9/1/31 | 1,850,000 | 1,867,408 | ||||||
Howard Hughes Corp. | 3,387,000 | 3,054,094 | ||||||
144A, 4.125%, 2/1/29 | 2,875,000 | 2,374,692 | ||||||
144A, 4.375%, 2/1/31 | 2,875,000 | 2,291,597 | ||||||
Kennedy-Wilson, Inc. | 2,666,000 | 2,144,797 | ||||||
4.75%, 2/1/30 | 2,686,000 | 2,070,893 | ||||||
5.00%, 3/1/31 | 2,664,000 | 2,018,491 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | 2,483,000 | 1,790,265 | ||||||
144A, 5.25%, 4/15/30 | 2,245,000 | 1,560,663 | ||||||
|
| |||||||
(Cost $27,825,075) | 23,528,130 | |||||||
|
| |||||||
Real Estate Investment Trusts — 3.9% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | 4,295,000 | 3,946,130 | ||||||
144A, 4.50%, 4/1/27 | 3,342,000 | 2,795,299 | ||||||
Diversified Healthcare Trust | 2,212,000 | 2,177,490 | ||||||
4.75%, 2/15/28 | 2,332,000 | 1,783,884 | ||||||
4.375%, 3/1/31 | 2,229,000 | 1,684,032 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC | 1,778,000 | 1,746,658 | ||||||
144A, 3.375%, 6/15/26 | 4,423,000 | 3,975,009 | ||||||
Iron Mountain, Inc. | 4,448,000 | 4,181,020 | ||||||
144A, 5.25%, 3/15/28 | 3,816,000 | 3,581,351 | ||||||
144A, 5.00%, 7/15/28 | 2,212,000 | 2,050,869 | ||||||
144A, 7.00%, 2/15/29 | 4,423,000 | 4,415,513 | ||||||
144A, 4.875%, 9/15/29 | 4,448,000 | 4,023,290 | ||||||
144A, 5.25%, 7/15/30 | 5,750,000 | 5,186,991 | ||||||
144A, 4.50%, 2/15/31 | 4,866,000 | 4,184,913 | ||||||
144A, 5.625%, 7/15/32 | 2,693,000 | 2,419,141 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 2,908,000 | 2,631,681 | ||||||
144A, 4.75%, 6/15/29 | 2,889,000 | 2,431,786 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 2,212,000 | 1,882,222 | ||||||
5.00%, 10/15/27 | 6,267,000 | 4,958,402 | ||||||
4.625%, 8/1/29 | 4,001,000 | 2,896,005 | ||||||
3.50%, 3/15/31 | 5,812,000 | 3,780,084 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
Office Properties Income Trust | $ | 2,914,000 | $ | 2,602,724 | ||||
3.45%, 10/15/31 | 1,767,000 | 898,660 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | 2,902,000 | 2,907,911 | ||||||
144A, 5.875%, 10/1/28 | 3,468,000 | 3,211,393 | ||||||
144A, 4.875%, 5/15/29 | 3,317,000 | 2,880,486 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | 3,094,500 | 2,879,852 | ||||||
144A, 7.25%, 7/15/28 | 1,785,000 | 1,795,526 | ||||||
144A, 4.50%, 2/15/29 | 2,650,000 | 2,328,555 | ||||||
RLJ Lodging Trust LP | 2,212,000 | 2,028,736 | ||||||
144A, 4.00%, 9/15/29 | 2,232,000 | 1,868,638 | ||||||
SBA Communications Corp. | 6,616,000 | 6,122,898 | ||||||
3.125%, 2/1/29 | 6,634,000 | 5,680,594 | ||||||
Service Properties Trust | 3,649,000 | 3,514,802 | ||||||
7.50%, 9/15/25 | 3,555,000 | 3,516,057 | ||||||
4.75%, 10/1/26 | 1,990,000 | 1,729,789 | ||||||
4.95%, 2/15/27 | 1,778,000 | 1,541,043 | ||||||
5.50%, 12/15/27 | 2,009,000 | 1,780,117 | ||||||
3.95%, 1/15/28 | 1,817,000 | 1,448,020 | ||||||
4.95%, 10/1/29 | 1,915,000 | 1,512,077 | ||||||
4.375%, 2/15/30 | 1,777,000 | 1,352,607 | ||||||
Starwood Property Trust, Inc. | 1,945,000 | 1,872,121 | ||||||
4.75%, 3/15/25 | 2,211,000 | 2,139,199 | ||||||
144A, 3.625%, 7/15/26 | 1,785,000 | 1,599,057 | ||||||
144A, 4.375%, 1/15/27 | 2,222,000 | 1,986,657 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, | 3,143,000 | 2,079,189 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 11,603,000 | 11,587,611 | ||||||
144A, 4.75%, 4/15/28 | 2,521,000 | 2,126,586 | ||||||
144A, 6.50%, 2/15/29 | 4,958,000 | 3,388,713 | ||||||
XHR LP | 2,212,000 | 2,187,432 | ||||||
144A, 4.875%, 6/1/29 | 2,312,000 | 2,002,292 | ||||||
|
| |||||||
(Cost $167,784,440) | 149,301,112 | |||||||
|
| |||||||
Venture Capital — 0.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 4,797,000 | 4,641,733 | ||||||
6.375%, 12/15/25 | 3,346,000 | 3,193,988 | ||||||
6.25%, 5/15/26 | 5,771,000 | 5,358,434 | ||||||
5.25%, 5/15/27 | 6,425,000 | 5,644,876 | ||||||
4.375%, 2/1/29 | 3,416,000 | 2,699,905 | ||||||
|
| |||||||
(Cost $23,799,565) | 21,538,936 | |||||||
|
|
Principal | Value | |||||||
Industrial — 9.1% | ||||||||
Aerospace/Defense — 2.9% | ||||||||
Bombardier, Inc. | $ | 5,488,000 | $ | 5,400,675 | ||||
144A, 7.875%, 4/15/27 | 8,459,000 | 8,452,240 | ||||||
144A, 6.00%, 2/15/28 | 3,317,000 | 3,103,549 | ||||||
144A, 7.50%, 2/1/29 | 3,353,000 | 3,288,007 | ||||||
Howmet Aerospace, Inc., | 4,084,000 | 4,045,119 | ||||||
Rolls-Royce PLC | 4,423,000 | 4,168,678 | ||||||
144A, 5.75%, 10/15/27 | 4,423,000 | 4,297,760 | ||||||
Spirit AeroSystems, Inc. | 5,296,000 | 5,247,143 | ||||||
4.60%, 6/15/28 | 3,121,000 | 2,532,074 | ||||||
144A, 9.375%, 11/30/29 | 4,027,000 | 4,184,685 | ||||||
TransDigm, Inc. | 19,461,000 | 19,296,224 | ||||||
6.375%, 6/15/26 | 4,529,000 | 4,533,290 | ||||||
7.50%, 3/15/27 | 2,444,000 | 2,451,371 | ||||||
5.50%, 11/15/27 | 11,718,000 | 11,129,342 | ||||||
144A, 6.75%, 8/15/28 | 9,238,000 | 9,279,802 | ||||||
4.625%, 1/15/29 | 5,308,000 | 4,760,108 | ||||||
4.875%, 5/1/29 | 3,352,000 | 3,019,061 | ||||||
144A, 6.875%, 12/15/30 | 6,681,000 | 6,732,644 | ||||||
Triumph Group, Inc. | 2,148,000 | 2,024,393 | ||||||
144A, 9.00%, 3/15/28 | 5,486,000 | 5,508,114 | ||||||
|
| |||||||
(Cost $117,422,082) | 113,454,279 | |||||||
|
| |||||||
Building Materials — 0.8% | ||||||||
Builders FirstSource, Inc. | 2,433,000 | 2,237,396 | ||||||
144A, 4.25%, 2/1/32 | 5,800,000 | 4,935,997 | ||||||
144A, 6.375%, 6/15/32 | 3,105,000 | 3,029,552 | ||||||
Smyrna Ready Mix Concrete LLC, 144A, | 4,886,000 | 4,696,455 | ||||||
Standard Industries, Inc. | 3,777,000 | 3,584,823 | ||||||
144A, 4.75%, 1/15/28 | 4,423,000 | 4,078,101 | ||||||
144A, 4.375%, 7/15/30 | 7,102,000 | 6,090,537 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 144A, | 3,096,000 | 2,903,336 | ||||||
|
| |||||||
(Cost $34,731,133) | 31,556,197 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer Holdings, Inc. | 2,619,000 | 2,317,594 | ||||||
144A, 4.375%, 3/31/29 | 3,500,000 | 3,001,670 | ||||||
WESCO Distribution, Inc. | 6,696,000 | 6,732,085 | ||||||
144A, 7.25%, 6/15/28 | 5,886,000 | 5,975,920 | ||||||
|
| |||||||
(Cost $18,940,604) | 18,027,269 | |||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Sensata Technologies BV | 1,778,000 | 1,763,696 |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Electronics (Continued) | ||||||||
144A, 5.00%, 10/1/25 | $ | 3,090,000 | $ | 3,014,452 | ||||
144A, 4.00%, 4/15/29 | 4,473,000 | 3,932,232 | ||||||
144A, 5.875%, 9/1/30 | 2,252,000 | 2,130,702 | ||||||
Sensata Technologies, Inc. | 2,016,000 | 1,784,996 | ||||||
144A, 3.75%, 2/15/31 | 3,442,000 | 2,887,421 | ||||||
|
| |||||||
(Cost $17,182,273) | 15,513,499 | |||||||
|
| |||||||
Engineering & Construction — 0.3% | ||||||||
Brand Industrial Services, Inc., 144A, | 5,972,000 | 6,166,269 | ||||||
Fluor Corp., | 2,651,000 | 2,474,576 | ||||||
IHS Holding Ltd. | 2,226,000 | 1,922,619 | ||||||
144A, 6.25%, 11/29/28 | 2,212,000 | 1,787,650 | ||||||
|
| |||||||
(Cost $12,423,810) | 12,351,114 | |||||||
|
| |||||||
Environmental Control — 0.6% | ||||||||
Clean Harbors, Inc., 144A, | 2,312,000 | 2,301,726 | ||||||
Covanta Holding Corp., | 1,785,000 | 1,515,525 | ||||||
GFL Environmental, Inc. | 2,212,000 | 2,141,694 | ||||||
144A, 3.75%, 8/1/25 | 3,317,000 | 3,161,350 | ||||||
144A, 5.125%, 12/15/26 | 2,212,000 | 2,142,500 | ||||||
144A, 4.00%, 8/1/28 | 3,367,000 | 3,008,375 | ||||||
144A, 3.50%, 9/1/28 | 3,334,000 | 2,950,153 | ||||||
144A, 4.75%, 6/15/29 | 3,337,000 | 3,026,069 | ||||||
144A, 4.375%, 8/15/29 | 2,433,000 | 2,153,596 | ||||||
Stericycle, Inc., 144A, | 2,222,000 | 1,937,579 | ||||||
|
| |||||||
(Cost $26,469,259) | 24,338,567 | |||||||
|
| |||||||
Machinery-Diversified — 0.3% | ||||||||
SPX FLOW, Inc., 144A, | 2,222,000 | 2,106,609 | ||||||
TK Elevator Holdco GmbH, 144A, | 1,780,000 | 1,651,531 | ||||||
TK Elevator US Newco, Inc., 144A, | 6,899,000 | 6,472,873 | ||||||
|
| |||||||
(Cost $10,702,865) | 10,231,013 | |||||||
|
| |||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand, Inc., | 1,797,000 | 1,787,431 | ||||||
Trinity Industries, Inc., 144A, | 1,785,000 | 1,817,234 | ||||||
|
| |||||||
(Cost $3,631,845) | 3,604,665 | |||||||
|
| |||||||
Packaging & Containers — 2.8% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | 2,666,000 | 2,602,310 | ||||||
144A, 3.25%, 9/1/28 | 2,780,000 | 2,363,376 | ||||||
144A, 4.00%, 9/1/29 | 4,644,000 | 3,779,506 |
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | $ | 3,096,000 | $ | 3,019,673 | ||||
144A, 4.125%, 8/15/26 | 5,374,000 | 5,024,998 | ||||||
144A, 5.25%, 8/15/27 | 4,518,000 | 3,848,056 | ||||||
144A, 5.25%, 8/15/27 | 3,579,000 | 3,048,294 | ||||||
Ball Corp. | 4,668,000 | 4,607,179 | ||||||
4.875%, 3/15/26 | 3,501,000 | 3,400,868 | ||||||
6.875%, 3/15/28 | 3,348,000 | 3,399,409 | ||||||
6.00%, 6/15/29 | 4,448,000 | 4,387,316 | ||||||
2.875%, 8/15/30 | 5,800,000 | 4,735,699 | ||||||
3.125%, 9/15/31 | 3,764,000 | 3,050,935 | ||||||
Berry Global, Inc., 144A, | 2,242,000 | 2,199,876 | ||||||
Crown Americas LLC, | 2,212,000 | 2,086,580 | ||||||
Graphic Packaging International LLC | 2,009,000 | 1,791,794 | ||||||
144A, 3.75%, 2/1/30 | 1,822,000 | 1,554,777 | ||||||
LABL, Inc. | 3,075,000 | 3,008,941 | ||||||
144A, 10.50%, 7/15/27 | 3,110,000 | 2,980,369 | ||||||
144A, 5.875%, 11/1/28 | 2,204,000 | 1,996,950 | ||||||
144A, 8.25%, 11/1/29 | 2,044,000 | 1,710,793 | ||||||
Mauser Packaging Solutions Holding Co. | 12,346,000 | 12,169,197 | ||||||
144A, 9.25%, 4/15/27 | 6,019,000 | 5,462,728 | ||||||
OI European Group BV, 144A, | 1,785,000 | 1,608,517 | ||||||
Owens-Brockway Glass Container, Inc. | 2,719,000 | 2,690,124 | ||||||
144A, 7.25%, 5/15/31 | 3,066,000 | 3,077,791 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, | 4,423,000 | 3,978,402 | ||||||
Sealed Air Corp. | 1,880,000 | 1,855,889 | ||||||
144A, 5.50%, 9/15/25 | 1,769,000 | 1,744,154 | ||||||
144A, 4.00%, 12/1/27 | 1,897,000 | 1,731,939 | ||||||
144A, 5.00%, 4/15/29 | 1,906,000 | 1,767,272 | ||||||
Sealed Air Corp./Sealed Air Corp., 144A, | 3,435,000 | 3,377,750 | ||||||
Silgan Holdings, Inc., | 2,546,000 | 2,334,988 | ||||||
|
| |||||||
(Cost $114,145,512) | 106,396,450 | |||||||
|
| |||||||
Transportation — 0.2% | ||||||||
Cargo Aircraft Management, Inc., 144A, | 2,580,000 | 2,333,094 | ||||||
Seaspan Corp., 144A, | 3,333,000 | 2,595,205 | ||||||
XPO, Inc., 144A, | 1,990,000 | 2,002,318 | ||||||
|
| |||||||
(Cost $7,549,607) | 6,930,617 | |||||||
|
|
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | $ | 2,875,000 | $ | 2,841,639 | ||||
144A, 9.75%, 8/1/27 | 1,799,000 | 1,868,627 | ||||||
144A, 5.50%, 5/1/28 | 4,419,000 | 4,109,073 | ||||||
|
| |||||||
(Cost $9,189,404) | 8,819,339 | |||||||
|
| |||||||
Technology — 4.4% | ||||||||
Computers — 1.3% | ||||||||
McAfee Corp., 144A, | 9,032,000 | 7,905,805 | ||||||
NCR Corp. | 2,197,000 | 2,220,539 | ||||||
144A, 5.00%, 10/1/28 | 2,875,000 | 2,640,888 | ||||||
144A, 5.125%, 4/15/29 | 5,308,000 | 4,833,222 | ||||||
144A, 6.125%, 9/1/29 | 2,213,000 | 2,280,733 | ||||||
144A, 5.25%, 10/1/30 | 2,110,000 | 1,895,073 | ||||||
Presidio Holdings, Inc. | 2,322,000 | 2,173,302 | ||||||
144A, 8.25%, 2/1/28 | 2,432,000 | 2,358,790 | ||||||
Seagate HDD Cayman | 2,139,000 | 2,091,692 | ||||||
4.875%, 6/1/27 | 2,537,000 | 2,431,694 | ||||||
4.091%, 6/1/29 | 2,213,000 | 1,939,252 | ||||||
144A, 8.25%, 12/15/29 | 2,232,000 | 2,343,750 | ||||||
144A, 8.50%, 7/15/31 | 2,222,000 | 2,330,403 | ||||||
144A, 9.625%, 12/1/32 | 3,332,495 | 3,694,937 | ||||||
Western Digital Corp., | 10,223,000 | 9,746,820 | ||||||
|
| |||||||
(Cost $53,745,146) | 50,886,900 | |||||||
|
| |||||||
Office/Business Equipment — 0.2% | ||||||||
Xerox Holdings Corp. | 3,427,000 | 3,272,706 | ||||||
144A, 5.50%, 8/15/28 | 3,447,000 | 3,000,937 | ||||||
|
| |||||||
(Cost $6,910,793) | 6,273,643 | |||||||
|
| |||||||
Semiconductors — 0.5% | ||||||||
ams-OSRAM AG, 144A, | 2,000,000 | 1,835,620 | ||||||
Entegris Escrow Corp. | 7,076,000 | 6,569,548 | ||||||
144A, 5.95%, 6/15/30 | 3,979,000 | 3,814,397 | ||||||
Entegris, Inc. | 1,778,000 | 1,622,646 | ||||||
144A, 3.625%, 5/1/29 | 1,774,000 | 1,526,341 | ||||||
ON Semiconductor Corp., 144A, | 3,096,000 | 2,758,830 | ||||||
|
| |||||||
(Cost $18,772,275) | 18,127,382 | |||||||
|
| |||||||
Software — 2.4% | ||||||||
Alteryx, Inc., 144A, | 2,000,000 | 1,931,781 | ||||||
AthenaHealth Group, Inc., 144A, | 10,505,000 | 9,133,743 | ||||||
Boxer Parent Co., Inc., 144A, | 2,678,000 | 2,683,758 |
Principal | Value | |||||||
Software (Continued) | ||||||||
Clarivate Science Holdings Corp. | $ | 4,094,000 | $ | 3,616,218 | ||||
144A, 4.875%, 7/1/29 | 4,177,000 | 3,644,831 | ||||||
Cloud Software Group, Inc. | 17,718,000 | 15,863,859 | ||||||
144A, 9.00%, 9/30/29 | 17,279,000 | 15,445,556 | ||||||
Fair Isaac Corp. | 1,786,000 | 1,735,206 | ||||||
144A, 4.00%, 6/15/28 | 4,006,000 | 3,667,530 | ||||||
MicroStrategy, Inc., 144A, | 2,222,000 | 1,991,267 | ||||||
Open Text Corp. | 4,000,000 | 3,563,465 | ||||||
144A, 3.875%, 12/1/29 | 3,777,000 | 3,207,503 | ||||||
Open Text Holdings, Inc. | 4,000,000 | 3,450,599 | ||||||
144A, 4.125%, 12/1/31 | 2,969,000 | 2,467,582 | ||||||
PTC, Inc. | 2,207,000 | 2,132,343 | ||||||
144A, 4.00%, 2/15/28 | 2,212,000 | 2,034,310 | ||||||
RingCentral, Inc., 144A, | 1,770,000 | 1,743,070 | ||||||
ROBLOX Corp., 144A, | 4,483,000 | 3,702,536 | ||||||
SS&C Technologies, Inc., 144A, | 8,926,000 | 8,601,552 | ||||||
Twilio, Inc. | 2,312,000 | 1,985,650 | ||||||
3.875%, 3/15/31 | 2,248,000 | 1,884,723 | ||||||
|
| |||||||
(Cost $99,836,666) | 94,487,082 | |||||||
|
| |||||||
Utilities — 2.7% | ||||||||
Electric — 2.4% | ||||||||
Calpine Corp. | 1,858,000 | 1,824,561 | ||||||
144A, 4.50%, 2/15/28 | 5,529,000 | 5,128,965 | ||||||
144A, 5.125%, 3/15/28 | 6,418,000 | 5,851,170 | ||||||
144A, 4.625%, 2/1/29 | 2,889,000 | 2,516,745 | ||||||
144A, 5.00%, 2/1/31 | 3,760,000 | 3,181,265 | ||||||
144A, 3.75%, 3/1/31 | 3,981,000 | 3,327,538 | ||||||
Clearway Energy Operating LLC | 3,777,000 | 3,494,879 | ||||||
144A, 3.75%, 2/15/31 | 4,111,000 | 3,384,409 | ||||||
DPL, Inc., | 1,835,000 | 1,747,278 | ||||||
Drax Finco PLC, 144A, | 2,212,000 | 2,177,202 | ||||||
FirstEnergy Corp. | ||||||||
Series B, 4.15%, 7/15/27 | 6,665,000 | 6,294,465 | ||||||
2.65%, 3/1/30 | 2,840,000 | 2,372,854 | ||||||
Series B, 2.25%, 9/1/30 | 2,000,000 | 1,606,922 | ||||||
NextEra Energy Operating Partners LP | 2,208,000 | 2,041,967 | ||||||
144A, 4.50%, 9/15/27 | 2,433,000 | 2,260,710 | ||||||
NRG Energy, Inc. | 3,649,000 | 3,452,486 | ||||||
144A, 3.375%, 2/15/29 | 2,322,000 | 1,916,256 |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
Principal | Value | |||||||
Electric (Continued) | ||||||||
144A, 5.25%, 6/15/29 | $ | 3,242,000 | $ | 2,915,774 | ||||
144A, 3.625%, 2/15/31 | 4,577,000 | 3,574,803 | ||||||
PG&E Corp. | 4,443,000 | 4,091,701 | ||||||
5.25%, 7/1/30 | 4,536,000 | 4,042,324 | ||||||
Talen Energy Supply LLC, 144A, | 5,308,000 | 5,532,465 | ||||||
TransAlta Corp., | 1,785,000 | 1,845,155 | ||||||
Vistra Operations Co. LLC | 4,423,000 | 4,270,204 | ||||||
144A, 5.625%, 2/15/27 | 5,815,000 | 5,603,182 | ||||||
144A, 5.00%, 7/31/27 | 5,775,000 | 5,436,635 | ||||||
144A, 4.375%, 5/1/29 | 5,672,000 | 5,005,978 | ||||||
|
| |||||||
(Cost $104,302,760) | 94,897,893 | |||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 3,096,000 | 3,041,463 | ||||||
5.875%, 8/20/26 | 3,011,000 | 2,859,002 |
Principal | Value | |||||||
Gas (Continued) | ||||||||
5.75%, 5/20/27 | $ | 2,479,000 | $ | 2,295,327 | ||||
144A, 9.375%, 6/1/28 | 2,202,000 | 2,259,098 | ||||||
|
| |||||||
(Cost $11,095,736) | 10,454,890 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 3,776,622,772 | |||||||
|
| |||||||
Number | ||||||||
CASH EQUIVALENTS — 1.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 49,189,697 | 49,189,697 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.1% (Cost $4,212,497,205) | $ | 3,825,812,469 | ||||||
Other assets and liabilities, net — 0.9% | 33,350,507 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,859,162,976 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
CORPORATE BONDS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Financial — 0.0% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 5.882%, 7/08/31 (c) |
| |||||||||||||||||||||||||||||||||||
1,711,027 | 573,064 | (2,188,899 | ) | (536,171 | ) | 440,979 | 19,503 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.729%, 1/14/32 (c) |
| |||||||||||||||||||||||||||||||||||
3,593,664 | 619,222 | (4,058,837 | ) | (1,424,285 | ) | 1,270,236 | 29,417 | — | — | — | ||||||||||||||||||||||||||
Deutsche Bank AG, 3.742%, 1/07/33 (c) |
| |||||||||||||||||||||||||||||||||||
3,472,027 | 592,104 | (3,923,327 | ) | (1,320,470 | ) | 1,179,666 | 29,725 | — | — | — | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(d) |
| |||||||||||||||||||||||||||||||||||
78,245,816 | — | (78,245,816 | )(e) | — | — | 1,482,026 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
21,909,142 | 416,444,027 | (389,163,472 | ) | — | — | 1,177,512 | — | 49,189,697 | 49,189,697 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
108,931,676 | 418,228,417 | (477,580,351 | ) | (3,280,926 | ) | 2,890,881 | 2,738,183 | — | 49,189,697 | 49,189,697 | ||||||||||||||||||||||||||
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|
(a) | Defaulted security or security for which income has been deemed uncollectible. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
August 31, 2023
GMTN: | Global Medium Term Note |
REIT: | Real Estate Investment Trust |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 3,776,622,772 | $ | — | $ | 3,776,622,772 | ||||||||
Short-Term Investments (a) | 49,189,697 | — | — | 49,189,697 | ||||||||||||
|
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|
| |||||||||
TOTAL | $ | 49,189,697 | $ | 3,776,622,772 | $ | — | $ | 3,825,812,469 | ||||||||
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|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 66 |
This Page is Intentionally Left Blank
67
DBX ETF Trust
August 31, 2023
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | Xtrackers Risk Managed USD High Yield Strategy ETF | Xtrackers Short Duration High Yield Bond ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 11,649,608 | $ | 219,110,839 | $ | — | $ | 80,972,028 | ||||||||
Investment in affiliated securities at value | — | — | 43,618,058 | — | ||||||||||||
Investment in DWS Government Money Market Series | 203,368 | 3,360,237 | 311,422 | 1,126,201 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | 6,535,150 | — | ||||||||||||
Foreign currency at value | 3 | 472 | — | 28 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 321,691 | 3,990,335 | — | 1,626,528 | ||||||||||||
Dividends | — | — | 472 | — | ||||||||||||
Interest | 232,751 | 3,039,906 | 1,414 | 1,394,641 | ||||||||||||
Securities lending income | — | — | 232 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 12,407,421 | $ | 229,501,789 | $ | 50,466,748 | $ | 85,119,426 | ||||||||
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| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | — | $ | — | $ | 6,535,150 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 426,360 | 6,451,105 | — | 2,404,254 | ||||||||||||
Investment advisory fees | 2,004 | 42,580 | 5,561 | 13,893 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 428,364 | 6,493,685 | 6,540,711 | 2,418,147 | ||||||||||||
|
|
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|
|
|
|
| |||||||||
Net Assets, at value | $ | 11,979,057 | $ | 223,008,104 | $ | 43,926,037 | $ | 82,701,279 | ||||||||
|
|
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|
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|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 24,958,877 | $ | 299,643,293 | $ | 47,774,051 | $ | 88,125,259 | ||||||||
Distributable earnings (loss) | (12,979,820 | ) | (76,635,189 | ) | (3,848,014 | ) | (5,423,980 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 11,979,057 | $ | 223,008,104 | $ | 43,926,037 | $ | 82,701,279 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 300,001 | 4,950,001 | 1,950,001 | 1,900,001 | ||||||||||||
|
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|
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|
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| |||||||||
Net Asset Value | $ | 39.93 | $ | 45.05 | $ | 22.53 | $ | 43.53 | ||||||||
|
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| |||||||||
Investment in non-affiliated securities at cost | $ | 12,857,810 | $ | 232,149,169 | $ | — | $ | 83,284,663 | ||||||||
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| |||||||||
Investment in affiliated securities at cost | $ | — | $ | — | $ | 47,510,824 | $ | — | ||||||||
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| |||||||||
Value of securities loaned | $ | — | $ | — | $ | 6,369,617 | $ | — | ||||||||
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| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 203,368 | $ | 3,360,237 | $ | 311,422 | $ | 1,126,201 | ||||||||
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|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | 6,535,150 | $ | — | ||||||||
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|
|
| |||||||||
Foreign currency at cost | $ | 3 | $ | 441 | $ | — | $ | 26 | ||||||||
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|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
August 31, 2023
Xtrackers USD High Yield Corporate Bond ETF | ||||
Assets | ||||
Investment in non-affiliated securities at value | $ | 3,776,622,772 | ||
Investment in DWS Government Money Market Series | 49,189,697 | |||
Foreign currency at value | 5,724 | |||
Receivables: | ||||
Investment securities sold | 24,621,044 | |||
Capital shares | 20,743,875 | |||
Interest | 63,806,293 | |||
|
| |||
Total assets | $ | 3,934,989,405 | ||
|
| |||
Liabilities | ||||
Payables: | ||||
Investment securities purchased | $ | 75,335,751 | ||
Investment advisory fees | 490,678 | |||
|
| |||
Total liabilities | 75,826,429 | |||
|
| |||
Net Assets, at value | $ | 3,859,162,976 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 4,503,549,516 | ||
Distributable earnings (loss) | (644,386,540 | ) | ||
|
| |||
Net Assets, at value | $ | 3,859,162,976 | ||
|
| |||
Number of Common Shares outstanding | 111,587,501 | |||
|
| |||
Net Asset Value | $ | 34.58 | ||
|
| |||
Investment in non-affiliated securities at cost | $ | 4,163,307,508 | ||
|
| |||
Investment in DWS Government Money Market Series at cost | $ | 49,189,697 | ||
|
| |||
Foreign currency at cost | $ | 5,502 | ||
|
|
See Notes to Financial Statements. | 69 |
DBX ETF Trust
For the Year Ended August 31, 2023
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | Xtrackers Risk Managed USD High Yield Strategy ETF | Xtrackers Short Duration High Yield Bond ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 967,622 | $ | 41,635,488 | $ | 10 | $ | 4,865,066 | ||||||||
Affiliated interest income | — | 64,452 | — | — | ||||||||||||
Affiliated dividend income | — | — | 2,709,479 | — | ||||||||||||
Income distributions from affiliated funds | 6,318 | 211,084 | 16,386 | 26,720 | ||||||||||||
Affiliated securities lending income | 8,240 | 135,202 | 2,638 | 25,429 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 982,180 | 42,046,226 | 2,728,513 | 4,917,215 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 45,221 | 2,032,399 | 138,940 | 151,240 | ||||||||||||
Other expenses | 588 | 4,045 | 45 | 242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 45,809 | 2,036,444 | 138,985 | 151,482 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (19,486 | ) | (410,177 | ) | (69,681 | ) | (439 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 26,323 | 1,626,267 | 69,304 | 151,043 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 955,857 | 40,419,959 | 2,659,209 | 4,766,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (856,727 | ) | (28,839,735 | ) | — | (2,277,432 | ) | |||||||||
Investments in affiliates | — | (2,208,152 | ) | (32,893 | ) | — | ||||||||||
In-kind redemptions | (14,767 | ) | (57,926,649 | ) | — | (1,773,235 | ) | |||||||||
In-kind redemptions in affiliates | — | (67,525 | ) | (255,661 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (871,494 | ) | (89,042,061 | ) | (288,554 | ) | (4,050,667 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 981,672 | 88,709,659 | — | 4,643,664 | ||||||||||||
Investments in affiliates | — | 1,898,234 | 868,253 | — | ||||||||||||
Foreign currency translations | — | 31 | — | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 981,672 | 90,607,924 | 868,253 | 4,643,666 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 110,178 | 1,565,863 | 579,699 | 592,999 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,066,035 | $ | 41,985,822 | $ | 3,238,908 | $ | 5,359,171 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended August 31, 2023
Xtrackers USD High Yield Corporate Bond ETF | ||||
Investment Income | ||||
Unaffiliated interest income | $ | 219,419,772 | ||
Affiliated interest income | 78,645 | |||
Income distributions from affiliated funds | 1,177,512 | |||
Affiliated securities lending income | 1,482,026 | |||
|
| |||
Total investment income | 222,157,955 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 7,605,249 | |||
Other expenses | 4,150 | |||
|
| |||
Total expenses | 7,609,399 | |||
|
| |||
Less fees waived (see note 3): | ||||
Waiver | (1,921,118 | ) | ||
|
| |||
Net expenses | 5,688,281 | |||
|
| |||
Net investment income (loss) | 216,469,674 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (129,780,406 | ) | ||
Investments in affiliates | (1,921,217 | ) | ||
In-kind redemptions | (17,953,283 | ) | ||
In-kind redemptions in affiliates | (1,359,709 | ) | ||
Foreign currency transactions | (10 | ) | ||
|
| |||
Net realized gain (loss) | (151,014,625 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 184,928,455 | |||
Investments in affiliates | 2,890,881 | |||
Foreign currency translations | 220 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 187,819,556 | |||
|
| |||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 36,804,931 | |||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 253,274,605 | ||
|
|
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | |||||||||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 955,857 | $ | 1,081,103 | $ | 40,419,959 | $ | 41,041,591 | ||||||||
Net realized gain (loss) | (871,494 | ) | (1,209,094 | ) | (89,042,061 | ) | (42,727,027 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 981,672 | (2,372,970 | ) | 90,607,924 | (114,546,857 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,066,035 | (2,500,961 | ) | 41,985,822 | (116,232,293 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (974,644 | ) | (1,152,992 | ) | (44,403,017 | ) | (42,567,833 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,901,084 | 6,992,436 | 223,270,378 | 1,268,329,518 | ||||||||||||
Value of shares redeemed | (1,965,874 | ) | (10,724,660 | ) | (1,438,511,784 | ) | (419,246,955 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (64,790 | ) | (3,732,224 | ) | (1,215,241,406 | ) | 849,082,563 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 26,601 | (7,386,177 | ) | (1,217,658,601 | ) | 690,282,437 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 11,952,456 | 19,338,633 | 1,440,666,705 | 750,384,268 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 11,979,057 | $ | 11,952,456 | $ | 223,008,104 | $ | 1,440,666,705 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 300,001 | 400,001 | 31,950,001 | 14,700,001 | ||||||||||||
Shares sold | 50,000 | 150,000 | 4,950,000 | 26,250,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (250,000 | ) | (31,950,000 | ) | (9,000,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 300,001 | 300,001 | 4,950,001 | 31,950,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Risk Managed USD High Yield Strategy ETF | Xtrackers Short Duration High Yield Bond ETF | |||||||||||||||
Year Ended August 31, 2023 | For the Period February 10, 2022(1) to August 31, 2022 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,659,209 | $ | 1,028,437 | $ | 4,766,172 | $ | 3,795,682 | ||||||||
Net realized gain (loss) | (288,554 | ) | 128,548 | (4,050,667 | ) | (396,537 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 868,253 | (4,761,019 | ) | 4,643,666 | (8,681,574 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 3,238,908 | (3,604,034 | ) | 5,359,171 | (5,282,429 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (2,798,892 | ) | (844,002 | ) | (4,721,603 | ) | (3,956,845 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,679,445 | 56,938,197 | 25,919,023 | 23,388,169 | ||||||||||||
Value of shares redeemed | (7,782,030 | ) | (2,901,580 | ) | (29,934,486 | ) | (4,697,674 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (6,102,585 | ) | 54,036,617 | (4,015,463 | ) | 18,690,495 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (5,662,569 | ) | 49,588,581 | (3,377,895 | ) | 9,451,221 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 49,588,606 | 25 | 86,079,174 | 76,627,953 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 43,926,037 | $ | 49,588,606 | $ | 82,701,279 | $ | 86,079,174 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 2,225,001 | 1 | 2,000,001 | 1,600,001 | ||||||||||||
Shares sold | 75,000 | 2,350,000 | 600,000 | 500,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (125,000 | ) | (700,000 | ) | (100,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,950,001 | 2,225,001 | 1,900,001 | 2,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers USD High Yield Corporate Bond ETF | ||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 216,469,674 | $ | 222,522,218 | ||||
Net realized gain (loss) | (151,014,625 | ) | (182,677,275 | ) | ||||
Net change in net unrealized appreciation (depreciation) | 187,819,556 | (602,952,647 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 253,274,605 | (563,107,704 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders | (218,918,420 | ) | (242,753,834 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 6,278,010,067 | 4,826,710,036 | ||||||
Value of shares redeemed | (6,068,454,467 | ) | (7,072,094,189 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | 209,555,600 | (2,245,384,153 | ) | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 243,911,785 | (3,051,245,691 | ) | |||||
Net Assets | ||||||||
Beginning of year | 3,615,251,191 | 6,666,496,882 | ||||||
|
|
|
| |||||
End of year | $ | 3,859,162,976 | $ | 3,615,251,191 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of year | 105,187,501 | 165,387,501 | ||||||
Shares sold | 183,900,000 | 129,000,000 | ||||||
Shares redeemed | (177,500,000 | ) | (189,200,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of year | 111,587,501 | 105,187,501 | ||||||
|
|
|
|
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 39.84 | $ | 48.35 | $ | 46.55 | $ | 48.61 | $ | 49.17 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 2.90 | 2.51 | 2.60 | 3.01 | (b) | 3.32 | ||||||||||||||
Net realized and unrealized gain (loss) | 0.15 | (8.37 | ) | 2.65 | (1.95 | )(b) | (0.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 3.05 | (5.86 | ) | 5.25 | 1.06 | 2.74 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (2.96 | ) | (2.65 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.96 | ) | (2.65 | ) | (3.45 | ) | (3.12 | ) | (3.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 39.93 | $ | 39.84 | $ | 48.35 | $ | 46.55 | $ | 48.61 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 8.11 | (12.56 | ) | 11.67 | 2.46 | 5.90 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 12 | 12 | 19 | 7 | 151 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.31 | |||||||||||||||
Ratio of net investment income (loss) (%) | 7.40 | 5.61 | 5.45 | 6.50 | (b) | 6.91 | ||||||||||||||
Portfolio turnover rate (%)(d) | 58 | 55 | 98 | 98 | 51 | |||||||||||||||
Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 45.09 | $ | 51.05 | $ | 50.50 | $ | 50.62 | $ | 49.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 2.24 | 1.69 | 1.45 | 2.02 | (b) | 2.29 | ||||||||||||||
Net realized and unrealized gain (loss) | 0.14 | (5.87 | ) | 1.07 | 0.12 | (b) | 1.44 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.38 | (4.18 | ) | 2.52 | 2.14 | 3.73 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (2.42 | ) | (1.78 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.42 | ) | (1.78 | ) | (1.97 | ) | (2.26 | ) | (2.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 45.05 | $ | 45.09 | $ | 51.05 | $ | 50.50 | $ | 50.62 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 5.44 | (8.36 | ) | 5.12 | 4.42 | 7.84 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 223 | 1,441 | 750 | 38 | 144 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.24 | |||||||||||||||
Ratio of net investment income (loss) (%) | 4.97 | 3.53 | 2.89 | 4.09 | (b) | 4.66 | ||||||||||||||
Portfolio turnover rate (%)(d) | 52 | 68 | 88 | 111 | 55 |
(a) | Based on average shares outstanding during the period. |
(b) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data | Year Ended 8/31/2023 | Period Ended 8/31/2022(a) | ||||||
Net Asset Value, beginning of period | $ | 22.29 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 1.28 | 0.58 | ||||||
Net realized and unrealized gain (loss) | 0.29 | (2.84 | ) | |||||
|
|
|
| |||||
Total from investment operations | 1.57 | (2.26 | ) | |||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (1.33 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Total distributions | (1.33 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 22.53 | $ | 22.29 | ||||
|
|
|
| |||||
Total Return (%)(c) | 7.27 | (9.12 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 44 | 50 | ||||||
Ratio of expenses before fee waiver (%)(d) | 0.30 | 0.30 | * | |||||
Ratio of expenses after fee waiver (%)(d) | 0.15 | 0.15 | * | |||||
Ratio of net investment income (loss) (%) | 5.74 | 4.54 | * | |||||
Portfolio turnover rate (%)(e) | 0 | 0 | ** |
Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Net Asset Value, beginning of year | $ | 43.04 | $ | 47.89 | $ | 46.57 | $ | 49.13 | $ | 49.69 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 2.71 | 2.04 | 2.34 | 2.69 | (f) | 2.83 | ||||||||||||||
Net realized and unrealized gain (loss) | 0.45 | (4.76 | ) | 1.67 | (2.47 | )(f) | (0.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 3.16 | (2.72 | ) | 4.01 | 0.22 | 2.29 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (2.67 | ) | (2.13 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.67 | ) | (2.13 | ) | (2.69 | ) | (2.78 | ) | (2.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 43.53 | $ | 43.04 | $ | 47.89 | $ | 46.57 | $ | 49.13 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 7.65 | (5.84 | ) | 8.86 | 0.61 | 4.79 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 83 | 86 | 77 | 37 | 22 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||
Ratio of net investment income (loss) (%) | 6.30 | 4.48 | 4.95 | 6.13 | (f) | 5.78 | ||||||||||||||
Portfolio turnover rate (%)(e) | 49 | 46 | 52 | 150 | 45 |
(a) | For the period February 10, 2022 (commencement of operations) through August 31, 2022. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data | Years Ended August 31, | |||||||||||||||||||
2023 | 2022 | 2021 | 2020(a) | 2019(a) | ||||||||||||||||
Net Asset Value, beginning of year | $ | 34.37 | $ | 40.31 | 39.06 | (a) | $ | 40.19 | $ | 39.90 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 1.94 | 1.61 | 1.70 | 2.03 | (c) | 2.39 | ||||||||||||||
Net realized and unrealized gain (loss) | 0.25 | (5.80 | ) | 1.79 | (0.95 | )(c) | 0.24 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.19 | (4.19 | ) | 3.49 | 1.08 | 2.63 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (1.98 | ) | (1.75 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.98 | ) | (1.75 | ) | (2.24 | ) | (2.21 | ) | (2.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 34.58 | $ | 34.37 | $ | 40.31 | $ | 39.06 | $ | 40.19 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(d) | 6.63 | (10.67 | ) | 8.31 | 2.91 | 6.87 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 3,859 | 3,615 | 6,666 | 6,209 | 3,062 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.17 | |||||||||||||||
Ratio of net investment income (loss) (%) | 5.69 | 4.24 | 4.27 | 5.27 | (c) | 6.06 | ||||||||||||||
Portfolio turnover rate (%)(e) | 26 | 24 | 37 | 54 | 29 |
(a) | On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly. |
(b) | Based on average shares outstanding during the period. |
(c) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2023, the Trust consists of forty-two 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 Risk Managed USD High Yield Strategy ETF
Xtrackers Short Duration High Yield Bond ETF
Xtrackers USD High Yield Corporate Bond ETF
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index | |
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF | Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index | |
Xtrackers Short Duration High Yield Bond ETF | Solactive USD High Yield Corporates Total Market 0-5 Year Index | |
Xtrackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
78
DBX ETF Trust
Notes to Financial Statements (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers Risk Managed USD High Yield Strategy ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
79
DBX ETF Trust
Notes to Financial Statements (Continued)
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
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, 2023, the Funds did not incur any interest or penalties.
80
DBX ETF Trust
Notes to Financial Statements (Continued)
As of August 31, 2023, 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 | $ | 72,841 | $ | (11,795,350 | ) | $ | (1,257,311 | ) | $ | (12,979,820 | ) | |||||
Xtrackers Low Beta High Yield Bond ETF | 1,905,987 | (64,406,194 | ) | (14,134,982 | ) | (76,635,189 | ) | |||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF | 44,752 | — | (3,892,766 | ) | (3,848,014 | ) | ||||||||||
Xtrackers Short Duration High Yield Bond ETF | 509,294 | (3,197,839 | ) | (2,735,435 | ) | (5,423,980 | ) | |||||||||
Xtrackers USD High Yield Corporate Bond ETF | 19,579,236 | (242,862,261 | ) | (421,103,515 | ) | (644,386,540 | ) |
The tax character of dividends and distributions declared for the years ended August 31, 2023 and August 31, 2022 were as follows:
Year Ended August 31, 2023 | ||||
Ordinary Income* | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 974,644 | ||
Xtrackers Low Beta High Yield Bond ETF | 44,403,017 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF | 2,798,892 | |||
Xtrackers Short Duration High Yield Bond ETF | 4,721,603 | |||
Xtrackers USD High Yield Corporate Bond ETF | 218,918,420 | |||
Year Ended August 31, 2022 | ||||
Ordinary Income* | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 1,152,992 | ||
Xtrackers Low Beta High Yield Bond ETF | 42,567,833 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF | 844,002 | |||
Xtrackers Short Duration High Yield Bond ETF | 3,956,845 | |||
Xtrackers USD High Yield Corporate Bond ETF | 242,753,834 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers High Beta High Yield Bond ETF | $ | 2,996,574 | $ | 8,798,776 | $ | 11,795,350 | ||||||
Xtrackers Low Beta High Yield Bond ETF | 35,194,222 | 29,211,972 | 64,406,194 | |||||||||
Xtrackers Short Duration High Yield Bond ETF | 1,232,714 | 1,965,125 | 3,197,839 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF | 38,381,756 | 204,480,505 | 242,862,261 |
For the fiscal year ended August 31, 2023, 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 High Beta High Yield Bond ETF | $ | 24,402 | $ | (24,402 | ) | |||
Xtrackers Low Beta High Yield Bond ETF | 62,097,456 | (62,097,456 | ) | |||||
Xtrackers Risk Managed USD High Yield Strategy ETF | 291,189 | (291,189 | ) | |||||
Xtrackers Short Duration High Yield Bond ETF | 1,818,720 | (1,818,720 | ) | |||||
Xtrackers USD High Yield Corporate Bond ETF | 29,450,250 | (29,450,250 | ) |
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Notes to Financial Statements (Continued)
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers High Beta High Yield Bond ETF | $ | 13,110,287 | $ | (1,257,311 | ) | $ | 72,690 | $ | (1,330,001 | ) | ||||||
Xtrackers Low Beta High Yield Bond ETF | 236,606,089 | (14,135,013 | ) | 205,631 | (14,340,644 | ) | ||||||||||
Xtrackers Risk Managed USD High Yield Strategy ETF | 54,357,396 | (3,892,766 | ) | — | (3,892,766 | ) | ||||||||||
Xtrackers Short Duration High Yield Bond ETF | 84,833,666 | (2,735,437 | ) | 475,301 | (3,210,738 | ) | ||||||||||
Xtrackers USD High Yield Corporate Bond ETF | 4,246,916,206 | (421,103,737 | ) | 4,824,790 | (425,928,527 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of August 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF. 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 securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and
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purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of August 31, 2023, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2023 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers Risk Managed USD HighYield Strategy ETF |
| |||||||||||||||||||
Exchange-Traded Funds | $ | 6,535,150 | $ | — | $ | — | $ | — | $ | 6,535,150 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 6,535,150 |
As of August 31, 2023, 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 had no securities on loan.
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee | ||||
Xtrackers High Beta High Yield Bond ETF | 0.35 | % | ||
Xtrackers Low Beta High Yield Bond ETF | 0.25 | % | ||
Xtrackers Risk Managed USD High Yield Strategy ETF | 0.30 | % | ||
Xtrackers Short Duration High Yield Bond ETF | 0.20 | % | ||
Xtrackers USD High Yield Corporate Bond ETF | 0.20 | % |
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $19,380 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for
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Notes to Financial Statements (Continued)
interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $406,480 of expenses to the Fund.
The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended August 31, 2023, the Advisor waived $69,404 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the year ended August 31, 2023, the Advisor waived $1,901,312 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 106 | ||
Xtrackers Low Beta High Yield Bond ETF | 3,697 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF | 277 | |||
Xtrackers Short Duration High Yield Bond ETF | 439 | |||
Xtrackers USD High Yield Corporate Bond ETF | 19,806 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF | $ | 7,190,506 | $ | 7,231,680 | ||||
Xtrackers Low Beta High Yield Bond ETF | 409,213,296 | 413,831,267 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF | 171,550 | 302,231 | ||||||
Xtrackers Short Duration High Yield Bond ETF | 35,942,166 | 37,085,784 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 954,929,407 | 971,400,974 |
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Notes to Financial Statements (Continued)
For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF | $ | 1,743,289 | $ | 1,914,594 | ||||
Xtrackers Low Beta High Yield Bond ETF | 217,681,322 | 1,411,991,488 | ||||||
Xtrackers Risk Managed USD High Yield Strategy ETF | 1,649,330 | 7,700,517 | ||||||
Xtrackers Short Duration High Yield Bond ETF | 25,548,248 | 28,808,301 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 6,158,454,717 | 5,951,186,221 |
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, 2023, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:
Securities Purchased | Securities Sold | Net Realized Gain (Loss) on Securities Sold | ||||||||||
Xtrackers High Beta High Yield Bond ETF | $ | 1,587,750 | $ | 2,445,439 | $ | (102,985 | ) | |||||
Xtrackers Low Beta High Yield Bond ETF | 2,445,439 | 1,587,750 | (149,808 | ) |
5. Fund Share Transactions
As of August 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2023.
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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 Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and 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 Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond 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, 2023, 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, 2023, 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
Xtrackers Short Duration High Yield Bond ETF
Xtrackers USD High Yield Corporate Bond ETF | For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the five years in the period ended August 31, 2023 | |||
Xtrackers Risk Managed USD High Yield Strategy ETF | For the year ended August 31, 2023 | For the year ended August 31, 2023 and the period from February 10, 2022 (commencement of operations) through August 31, 2022 |
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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
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 23, 2023
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DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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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) Chairperson 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). | 42 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 | Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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). | 42 | — | |||
J. David Officer (1948) Board Member since 2011, Chairperson 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). | 42 | (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(3) | Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present | Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); 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). | |
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present | AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(4) (1978) Vice President, 2016-present | Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); 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(5) (1962) Secretary, 2020-present | Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020). |
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Board Members and Officers (Unaudited) (Continued)
Name, Year of Birth, Position with the Trust and Length of Time Served(3) | Business Experience and Directorships During the Past 5 Years | |
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present | Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021). | |
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present | Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (1964) Assistant Secretary, 2017-present | Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(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) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) | Address: 875 Third Avenue, New York, New York 10022. |
(5) | Address: 100 Summer Street, Boston, MA 02110. |
(6) | 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.
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This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
HYUP, HYDW, SHYL and HYLB (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.
The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.
Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent & 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 Ernst & Young LLP One Manhattan West New York, NY, 10001 | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-052201-7 (10/23) DBX005646 (10/24)
August 31, 2023
Annual Report
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
Xtrackers MSCI USA Climate Action Equity ETF (USCA)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)
DBX ETF Trust
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Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 6 | |||
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Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 19 | |||
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Board Considerations in Approval of Investment Advisory Contracts | 89 | |||
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To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this annual report on six of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2023.
The global economy faced several headwinds resulting from high inflation, rising interest rates, and increased economic and geopolitical unpredictability. The U.S. Federal Reserve (Fed) and other major central banks, except for the Bank of Japan, raised interest rates in response to elevated inflation that wiped out real incomes in both developed and developing countries. By February 2023, Russia’s invasion of Ukraine had lasted a year and no meaningful steps had been taken to resolve the crisis. The global financial markets have largely remained stable despite the turmoil in the U.S. and European banking sectors. The U.S. labor market performed reasonably well, with the unemployment rate remaining constant and wage growth slowing. As soon as China began trading after the COVID-19-related restrictions were lifted, the mood of the global markets improved. However, worries that U.S. interest rates will continue to climb for a while and China’s economic slowdown because of the worsening real estate crisis, had a negative influence on investor sentiment.
European stocks rose as the rate of inflation started to slow during the reporting period. The outcome was influenced by better-than-expected economic data, lower gas prices, and a larger tilt toward China, where confidence improved for most of the period. Beijing relaxed its zero-COVID policy sooner than the market had anticipated, triggering speculation about a strong economic recovery. To increase corporate responsibility and transparency, several nations have implemented new legislation or made new rule proposals. Germany and the Netherlands have implemented due diligence laws, requiring businesses to disclose ESG risks and consequences in their supply chains.
While the European Union (EU) has enacted explicit conduct-based directives on ESG, the U.K.’s Financial Conduct Authority has made it mandatory for listed firms to disclose information about the environment. The Corporate Sustainability Reporting Directive (CSRD), one of the most significant ESG disclosure regulations, was passed by the European Parliament. The CSRD is part of the European Green Deal, a package of laws and programs intended to move the EU toward a sustainable and digital economy. The European Sustainability Reporting Standards (ESRS) were adopted by the European Commission in July 2023. The ESRS aim to standardize how businesses in the EU report on ESG-related issues such as climate change. Although sustainable themes face challenges from a value perspective, there is a positive competitive atmosphere between significant parts of the world regarding green technology and infrastructure.
Our analysts believe that investor preference will generally continue to shift toward net zero, along with increased demand for disclosures, and global sustainability standards are expected to broaden in scope during 2023 and beyond. Even if concerns surrounding high inflation, Fed rate hikes, and tougher lending rules exist, we maintain a positive outlook on global stocks, as they have returned to a more favorable environment. We anticipate the equity markets to exhibit resilience despite the possibility of volatility in upcoming months. While mega-cap, technology, and AI-related equities saw large returns in H1 2023, a more upbeat narrative of a global economic recovery with inflation more under control may surface in H2 2023. Given deteriorating climate conditions and large tax incentives, we expect green investment capital flows to continue growing despite the market’s shift toward growth equities.
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
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
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DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”). The EMCR Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. For the period ended August 31, 2023, EMCR shares returned 2.01%, compared to the EMCR Index return of 2.27%.
Information Technology, Financials and Consumer Staples were the major positive contributors, while Consumer Discretionary, Utilities and Health Care sectors detracted most from the performance. From a geographical perspective, Hong Kong, China, and Saudi Arabia are the most significant detractors. However, Taiwan, Mexico and South Korea contributed positively to the performance.
Xtrackers MSCI EAFE ESG Leaders Equity ETF
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 is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The EASG Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. For the period ended August 31, 2023, EASG shares returned 17.79%, compared to the EASG Index return of 17.69%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Health Care. From a geographical perspective Hong Kong, Norway and Israel are the most significant detractors. However, France, Japan and United Kingdom contributed positively to the performance.
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
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 is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The EMSG Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. For the period ended August 31, 2023, EMSG shares returned -0.51%, compared to the EMSG Index return of -0.30%.
Information Technology, Financials and Consumer Staples were the major positive contributors, while Consumer Discretionary, Utilities and Health Care sectors detracted most from the performance. From a geographical perspective Hong Kong, China and India are the most significant detractors. However, Mexico, Taiwan and Poland contributed positively to the performance.
Xtrackers MSCI USA Climate Action Equity ETF
Xtrackers MSCI USA Climate Action Equity ETF (USCA) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the USCA Index). The USCA Index consists of large and mid-capitalization companies in the United States that the USCA Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. The USCA Index targets a coverage of 50% of the companies from each Global Industry Classification Standard (“GICS”) sector in the MSCI USA Index (the “Parent Index”). The USCA Index uses MSCI Impact Solutions, MSCI ESG Ratings, MSCI ESG Controversies, MSCI Business Involvement Screening Research and MSCI Climate Change Metrics (collectively, “MSCI ESG Research”) to determine index components for the USCA Index. For the period April 04, 2023 (commencement of operations), to August 31, 2023, USCA shares returned 12.55%, compared to the USCA Index return of 12.60%.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Consumer Discretionary. The Utilities and Consumer Staples sectors were the only negative contributors to performance.
Xtrackers MSCI USA ESG Leaders Equity ETF
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 a capitalization weighted index that provides exposure to companies with high environmental, social and governance (ESG) performance relative to their sector peers. The USSG Index consists of large- and medium- capitalization companies in the U.S. market. For the period ended August 31, 2023, USSG shares returned 18.68%, compared to the USSG Index return of 18.79%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Health Care, and Industrials. The Real Estate and Utilities sectors were the only negative contributors to performance.
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the USNZ Index). The USNZ Index is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ESG”) criteria. The constituents of the USNZ Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. In constructing the USNZ Index, Solactive AG (“Solactive”) begins with the universe of securities comprising the parent index, the Solactive GBS United States Large & Mid Cap Index, which is designed to track the performance of the large and mid-capitalization segment covering approximately the largest 85% of the free-float market capitalization in the United States. From this universe of securities, Solactive first seeks to identify only those companies operating in accordance with certain established standards for responsible ESG conduct. Selected constituents are then weighted in a manner designed to align with the objectives of the Net Zero Investment Framework and such that the resulting portfolio’s greenhouse gas emissions are consistent with the long-term global warming target of the Paris Climate Agreement. For the period ending August 31, 2023, USNZ shares returned 16.60%, compared to the USNZ Index return of 16.71%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Health Care. The Real Estate and Consumer Staples sectors detracted from performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-16 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
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DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)
The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “Underlying Index”). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR2 | MSCI Emerging Markets Index | |||||
One Year | 2.01% | 2.44% | 2.27% | 1.25% | ||||
Since Inception1 | 3.82% | 3.81% | 4.05% | 1.82% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR2 | MSCI Emerging Markets Index | |||||
One Year | 2.01% | 2.44% | 2.27% | 1.25% | ||||
Since Inception1 | 19.46% | 19.40% | 20.74% | 8.91% |
1 Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).
2 On August 18, 2021, the Fund changed its underlying index from MSCI ACWI ex USA ESG Leaders Index to the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. Returns reflect performance for the MSCI ACWI ex USA ESG Leaders Index through August 17, 2021.
Prior to August 18, 2021, the Fund was known as Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ASCG) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.”
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, December 6, 2018.
2 On August 18, 2021, the Fund changed its underlying index from MSCI ACWI ex USA ESG Leaders Index to the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. Returns reflect performance for the MSCI ACWI ex USA ESG Leaders Index through August 17, 2021.
Sector Diversification* as of August 31, 2023 |
Financials | 26.2% | |||
Information Technology | 24.4% | |||
Communication Services | 12.6% | |||
Consumer Discretionary | 12.6% | |||
Industrials | 5.8% | |||
Materials | 5.4% | |||
Consumer Staples | 5.3% | |||
Health Care | 4.6% | |||
Real Estate | 1.6% | |||
Utilities | 1.4% | |||
Energy | 0.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (26.1% of Net Assets) |
Description | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 8.3% | |||
Tencent Holdings Ltd. (China) | 5.1% | |||
Samsung Electronics Co. Ltd. (South Korea) | 3.0% | |||
Alibaba Group Holding Ltd. (China) | 2.5% | |||
Infosys Ltd. (India) | 1.5% | |||
Meituan (China) | 1.5% | |||
PDD Holdings, Inc. (Ireland) | 1.2% | |||
China Construction Bank Corp. (China) | 1.0% | |||
SK Hynix, Inc. (South Korea) | 1.0% | |||
Tata Consultancy Services Ltd. (India) | 1.0% |
Country Diversification* as of August 31, 2023 |
China | 26.5% | |||
Taiwan | 18.8% | |||
India | 14.2% | |||
South Korea | 11.8% | |||
Brazil | 4.6% | |||
South Africa | 3.6% | |||
Mexico | 3.0% | |||
Saudi Arabia | 2.9% | |||
Indonesia | 2.3% | |||
United Arab Emirates | 2.2% | |||
Other | 10.1% | |||
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| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
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DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EAFE ESG Leaders Index | MSCI EAFE Index | |||||
One Year | 17.79% | 18.56% | 17.69% | 17.92% | ||||
Since Inception1 | 4.84% | 4.89% | 4.79% | 4.56% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EAFE ESG Leaders Index | MSCI EAFE Index | |||||
One Year | 17.79% | 18.56% | 17.69% | 17.92% | ||||
Since Inception1 | 26.57% | 26.90% | 26.29% | 24.90% |
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 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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, 2023 |
Financials | 18.5% | |||
Industrials | 16.1% | |||
Health Care | 13.9% | |||
Consumer Discretionary | 12.3% | |||
Consumer Staples | 9.2% | |||
Information Technology | 8.6% | |||
Materials | 7.5% | |||
Communication Services | 4.1% | |||
Energy | 3.9% | |||
Utilities | 3.3% | |||
Real Estate | 2.6% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (24.3% of Net Assets) |
Description | % of Net Assets | |||
Novo Nordisk A/S (Denmark) | 4.0% | |||
ASML Holding NV (Netherlands) | 3.5% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 3.1% | |||
AstraZeneca PLC (United Kingdom) | 2.7% | |||
Novartis AG (Switzerland) | 2.7% | |||
HSBC Holdings PLC (United Kingdom) | 1.9% | |||
TotalEnergies SE (France) | 1.9% | |||
Unilever PLC (United Kingdom) | 1.7% | |||
L’Oreal SA (France) | 1.4% | |||
Sony Group Corp. (Japan) | 1.4% |
Country Diversification* as of August 31, 2023 |
Japan | 24.8% | |||
United Kingdom | 13.7% | |||
France | 13.3% | |||
Switzerland | 9.5% | |||
Netherlands | 6.4% | |||
Australia | 6.1% | |||
Denmark | 6.0% | |||
Germany | 5.0% | |||
Sweden | 2.9% | |||
Hong Kong | 2.5% | |||
Other | 9.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 37.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Emerging Markets ESG Leaders Index | MSCI Emerging Markets Index | |||||
One Year | -0.51% | 0.36% | -0.30% | 1.25% | ||||
Since Inception1 | 1.12% | 1.04% | 1.42% | 1.82% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Emerging Markets ESG Leaders Index | MSCI Emerging Markets Index | |||||
One Year | -0.51% | 0.36% | -0.30% | 1.25% | ||||
Since Inception1 | 5.40% | 5.05% | 6.92% | 8.91% |
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 22, 2022, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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, 2023 |
Financials | 20.7% | |||
Information Technology | 18.8% | |||
Communication Services | 15.8% | |||
Consumer Discretionary | 13.7% | |||
Materials | 6.8% | |||
Industrials | 6.7% | |||
Consumer Staples | 5.8% | |||
Energy | 4.7% | |||
Health Care | 3.5% | |||
Real Estate | 1.9% | |||
Utilities | 1.6% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (34.0% of Net Assets) |
Description | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 11.8% | |||
Tencent Holdings Ltd. (China) | 7.7% | |||
Alibaba Group Holding Ltd. (China) | 5.2% | |||
Reliance Industries Ltd. (India) | 2.5% | |||
China Construction Bank Corp. (China) | 1.4% | |||
NetEase, Inc. (China) | 1.1% | |||
Baidu, Inc. (China) | 1.1% | |||
JD.com, Inc. (China) | 1.1% | |||
Infosys Ltd. (India) | 1.1% | |||
Tata Consultancy Services Ltd. (India) | 1.0% |
Country Diversification * as of August 31, 2023 |
China | 29.7% | |||
Taiwan | 19.6% | |||
India | 13.5% | |||
South Korea | 6.7% | |||
South Africa | 5.0% | |||
Brazil | 4.1% | |||
Mexico | 2.8% | |||
Thailand | 2.7% | |||
Saudi Arabia | 2.3% | |||
Indonesia | 2.3% | |||
Malaysia | 2.1% | |||
United Arab Emirates | 2.0% | |||
Other | 7.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 43.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI USA Climate Action Equity ETF (USCA)
Xtrackers MSCI USA Climate Action Equity ETF, (the Fund”) using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the “Underlying Index”) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI USA Climate Action Index | MSCI USA Index | |||||
Since Inception1 | 12.55% | 12.59% | 12.60% | 10.22% |
1 Total returns are calculated based on the commencement of operations, April 4, 2023 (“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 June 9, 2023, was 0.07%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
12
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI USA Climate Action Equity ETF (USCA) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, April 4, 2023.
Sector Diversification* as of August 31, 2023 |
Information Technology | 27.4% | |||
Health Care | 16.5% | |||
Financials | 13.2% | |||
Communication Services | 11.9% | |||
Consumer Discretionary | 9.1% | |||
Industrials | 7.6% | |||
Energy | 3.8% | |||
Consumer Staples | 3.0% | |||
Utilities | 2.6% | |||
Real Estate | 2.5% | |||
Materials | 2.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (32.0% of Net Assets) |
Description | % of Net Assets | |||
Alphabet, Inc. | 5.1% | |||
Apple, Inc. | 4.9% | |||
NVIDIA Corp. | 4.9% | |||
Microsoft Corp. | 4.7% | |||
Tesla, Inc. | 2.9% | |||
Meta Platforms, Inc. | 2.6% | |||
Eli Lilly & Co. | 1.8% | |||
UnitedHealth Group, Inc. | 1.8% | |||
JPMorgan Chase & Co. | 1.7% | |||
Visa, 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 51.
13
DBX ETF Trust
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. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI USA ESG Leaders Index | MSCI USA Index | |||||
One Year | 18.68% | 18.69% | 18.79% | 15.77% | ||||
Since Inception1 | 13.83% | 13.82% | 13.92% | 13.47% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI USA ESG Leaders Index | MSCI USA Index | |||||
One Year | 18.68% | 18.69% | 18.79% | 15.77% | ||||
Since Inception1 | 78.85% | 78.81% | 79.53% | 76.31% |
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 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
14
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI 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, 2023 |
Information Technology | 28.8% | |||
Health Care | 12.9% | |||
Financials | 11.9% | |||
Consumer Discretionary | 11.3% | |||
Communication Services | 10.6% | |||
Industrials | 9.4% | |||
Consumer Staples | 6.3% | |||
Materials | 2.8% | |||
Real Estate | 2.5% | |||
Energy | 2.4% | |||
Utilities | 1.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (39.5% of Net Assets) |
Description | % of Net Assets | |||
Microsoft Corp. | 11.3% | |||
Alphabet, Inc. | 7.5% | |||
NVIDIA Corp. | 6.0% | |||
Tesla, Inc. | 3.6% | |||
Eli Lilly & Co. | 2.2% | |||
Visa, Inc. | 1.9% | |||
Johnson & Johnson | 1.9% | |||
Procter & Gamble Co. | 1.8% | |||
Mastercard, Inc. | 1.7% | |||
Home Depot, Inc. | 1.6% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.
15
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF , (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “Underlying Index”), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ ESG “) criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive ISS ESG United States Net Zero Pathway Enhanced Index | S&P 500 Index | |||||
One Year | 16.60% | 16.54% | 16.71% | 15.94% | ||||
Since Inception1 | 14.74% | 14.84% | 14.83% | 15.03% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive ISS ESG United States Net Zero Pathway Enhanced Index | S&P 500 Index | |||||
One Year | 16.60% | 16.54% | 16.71% | 15.94% | ||||
Since Inception1 | 17.58% | 17.70% | 17.69% | 17.93% |
1 Total returns are calculated based on the commencement of operations, June 28, 2022 (“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 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
16
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, June 28, 2022.
Sector Diversification* as of August 31, 2023 |
Information Technology | 35.4% | |||
Health Care | 18.4% | |||
Financials | 11.2% | |||
Communication Services | 9.2% | |||
Consumer Discretionary | 6.5% | |||
Consumer Staples | 5.9% | |||
Industrials | 5.5% | |||
Real Estate | 4.7% | |||
Materials | 2.1% | |||
Utilities | 1.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (39.5% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. | 9.3% | |||
Microsoft Corp. | 8.3% | |||
Alphabet, Inc. | 4.0% | |||
NVIDIA Corp. | 3.9% | |||
Meta Platforms, Inc. | 1.7% | |||
Eli Lilly & Co. | 1.4% | |||
Johnson & Johnson | 1.2% | |||
UnitedHealth Group, Inc. | 1.2% | |||
JPMorgan Chase & Co. | 1.1% | |||
Broadcom, Inc. | 1.1% |
* 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 60.
.
17
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 management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023) except Xtrackers MSCI USA Climate Action 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, 2023).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,039.80 | 0.15 | % | $ | 0.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,047.90 | 0.14 | % | $ | 0.72 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.50 | 0.14 | % | $ | 0.71 | ||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.20 | 0.20 | % | $ | 1.01 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.20 | 0.20 | % | $ | 1.02 | ||||||||
Xtrackers MSCI USA Climate Action Equity ETF | ||||||||||||||||
Actual(2) | $ | 1,000.00 | $ | 1,125.50 | 0.07 | % | $ | 0.31 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.26 | 0.07 | % | $ | 0.29 | ||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,165.10 | 0.09 | % | $ | 0.49 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.75 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,141.90 | 0.10 | % | $ | 0.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.70 | 0.10 | % | $ | 0.51 |
(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 365.
(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 150 (the number of days in the period April 4, 2023 (commencement of operations) to August 31, 2023), then divided by 365.
18
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
Brazil — 3.5% | ||||||||
Ambev SA | 436,554 | $ | 1,220,353 | |||||
Atacadao SA | 56,149 | 116,359 | ||||||
B3 SA — Brasil Bolsa Balcao | 561,333 | 1,465,989 | ||||||
Banco Bradesco SA | 140,580 | 375,944 | ||||||
Banco BTG Pactual SA | 149,290 | 979,094 | ||||||
Banco do Brasil SA | 85,463 | 813,037 | ||||||
Banco Santander Brasil SA | 39,436 | 215,940 | ||||||
BB Seguridade Participacoes SA | 70,636 | 433,436 | ||||||
Caixa Seguridade Participacoes S/A | 48,444 | 105,676 | ||||||
CCR SA | 100,859 | 253,831 | ||||||
Centrais Eletricas Brasileiras SA | 118,239 | 842,082 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 21,059 | 246,364 | ||||||
Cia Energetica de Minas Gerais | 19,067 | 75,830 | ||||||
Cia Siderurgica Nacional SA | 12,156 | 29,734 | ||||||
CPFL Energia SA | 2,429 | 16,754 | ||||||
CSN Mineracao SA | 26,255 | 22,697 | ||||||
Energisa SA | 19,907 | 185,361 | ||||||
Engie Brasil Energia SA | 18,815 | 160,068 | ||||||
Equatorial Energia SA | 37,089 | 237,174 | ||||||
Hapvida Participacoes e Investimentos SA, 144A* | 301,047 | 259,033 | ||||||
Hypera SA | 42,276 | 332,934 | ||||||
Itau Unibanco Holding SA | 48,719 | 229,378 | ||||||
Klabin SA | 82,683 | 380,102 | ||||||
Localiza Rent a Car SA | 52,149 | 666,221 | ||||||
Lojas Renner SA | 96,020 | 310,890 | ||||||
Magazine Luiza SA* | 205,832 | 114,745 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 17,634 | 88,118 | ||||||
Natura & Co. Holding SA* | 79,043 | 242,352 | ||||||
Neoenergia SA | 14,300 | 52,683 | ||||||
NU Holdings Ltd., Class A* | 183,351 | 1,255,954 | ||||||
Pagseguro Digital Ltd., Class A* | 18,425 | 165,457 | ||||||
Porto Seguro SA | 13,880 | 73,171 | ||||||
Raia Drogasil SA | 124,592 | 691,542 | ||||||
Rede D’Or Sao Luiz SA, 144A | 110,424 | 639,221 | ||||||
Rumo SA | 120,721 | 544,969 | ||||||
Sendas Distribuidora SA | 77,835 | 182,523 | ||||||
StoneCo Ltd., Class A* | 24,952 | 305,912 | ||||||
Suzano SA | 69,509 | 704,082 | ||||||
Telefonica Brasil SA | 41,245 | 344,475 | ||||||
TIM SA | 85,684 | 249,388 | ||||||
TOTVS SA | 45,231 | 253,428 | ||||||
WEG SA | 86,126 | 624,163 | ||||||
XP, Inc., Series BDR* | 10,295 | 261,339 | ||||||
XP, Inc., Class A* | 20,549 | 520,712 | ||||||
|
| |||||||
(Cost $17,343,441) | 17,288,515 | |||||||
|
| |||||||
Chile — 0.4% | ||||||||
Banco de Chile | 4,429,284 | 480,854 | ||||||
Banco de Credito e Inversiones SA | 8,198 | 234,719 | ||||||
Banco Santander Chile | 6,477,294 | 308,497 | ||||||
Cencosud SA | 120,967 | 257,707 | ||||||
Cia Sud Americana de Vapores SA | 1,454,900 | 96,637 | ||||||
Empresas CMPC SA | 104,193 | 188,281 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Enel Americas SA* | 1,233,149 | $ | 145,850 | |||||
Falabella SA | 73,434 | 180,025 | ||||||
|
| |||||||
(Cost $1,879,947) | 1,892,570 | |||||||
|
| |||||||
China — 26.4% | ||||||||
360 Security Technology, Inc., Class A* | 33,054 | 50,772 | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 9,736 | 33,013 | ||||||
3peak, Inc., Class A | 1,230 | 31,072 | ||||||
Advanced Micro-Fabrication Equipment Inc China, Class A* | 3,681 | 77,044 | ||||||
AECC Aero-Engine Control Co. Ltd., Class A | 7,000 | 21,553 | ||||||
Agricultural Bank of China Ltd., Class A | 554,839 | 263,755 | ||||||
Agricultural Bank of China Ltd., Class H | 2,812,328 | 964,729 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 40,977 | 101,450 | ||||||
Air China Ltd., Class A* | 17,096 | 20,317 | ||||||
Air China Ltd., Class H* | 69,821 | 51,731 | ||||||
Aisino Corp., Class A | 15,000 | 26,523 | ||||||
Akeso, Inc., 144A* | 39,785 | 174,782 | ||||||
Alibaba Group Holding Ltd.* | 139,107 | 1,600,083 | ||||||
Alibaba Group Holding Ltd., ADR* | 114,069 | 10,597,010 | ||||||
Amlogic Shanghai Co. Ltd., Class A* | 2,722 | 32,753 | ||||||
Angang Steel Co. Ltd., Class A | 34,600 | 13,120 | ||||||
Angang Steel Co. Ltd., Class H | 35,410 | 9,076 | ||||||
Angel Yeast Co. Ltd., Class A | 6,112 | 27,846 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 1,537 | 4,273 | ||||||
Anjoy Foods Group Co. Ltd., Class A | 1,900 | 34,066 | ||||||
ANTA Sports Products Ltd. | 76,513 | 862,043 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 6,900 | 16,637 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 3,352 | 61,274 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A | 4,083 | 51,443 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 4,900 | 30,867 | ||||||
Autohome, Inc., ADR | 7,101 | 205,219 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 4,836 | 14,212 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 47,600 | 24,067 | ||||||
Baidu, Inc., ADR* | 27,875 | 3,981,386 | ||||||
Bank of Beijing Co. Ltd., Class A | 91,802 | 56,379 | ||||||
Bank of Changsha Co. Ltd., Class A | 36,400 | 40,658 | ||||||
Bank of Chengdu Co. Ltd., Class A | 16,300 | 30,658 | ||||||
Bank of China Ltd., Class A | 149,013 | 76,774 | ||||||
Bank of China Ltd., Class H | 4,996,482 | 1,694,857 | ||||||
Bank of Communications Co. Ltd., Class A | 259,714 | 198,037 | ||||||
Bank of Communications Co. Ltd., Class H | 757,242 | 433,579 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 35,743 | 55,001 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 62,276 | 61,005 | ||||||
Bank of Nanjing Co. Ltd., Class A | 52,895 | 57,557 | ||||||
Bank of Ningbo Co. Ltd., Class A | 25,655 | 92,243 | ||||||
Bank of Shanghai Co. Ltd., Class A | 65,639 | 53,658 | ||||||
Bank of Zhengzhou Co. Ltd., Class A* | 80,410 | 23,642 | ||||||
Bank of Zhengzhou Co. Ltd., Class H, 144A* | 202,473 | 24,529 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Baoshan Iron & Steel Co. Ltd., Class A | 7,256 | $ | 6,041 | |||||
BBMG Corp., Class A | 45,480 | 13,747 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 19,038 | 16,976 | ||||||
Beijing Easpring Material Technology Co. Ltd., Class A | 2,700 | 16,441 | ||||||
Beijing E-Hualu Information Technology Co. Ltd., Class A* | 6,600 | 27,348 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 20,500 | 26,306 | ||||||
Beijing Kingsoft Office Software, Inc., Class A | 2,364 | 128,163 | ||||||
Beijing New Building Materials PLC, Class A | 1,200 | 4,930 | ||||||
Beijing Roborock Technology Co. Ltd., Class A | 967 | 38,992 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A* | 11,284 | 21,069 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 15,200 | 52,417 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 6,200 | 47,890 | ||||||
Beijing United Information Technology Co. Ltd., Class A | 4,770 | 23,665 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 5,777 | 39,598 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 283,500 | 198,647 | ||||||
Bethel Automotive Safety Systems Co. Ltd., Class A | 2,700 | 27,955 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 2,800 | 19,015 | ||||||
BGI Genomics Co. Ltd., Class A | 3,200 | 23,618 | ||||||
Bilibili, Inc., ADR* | 21,876 | 330,984 | ||||||
Bilibili, Inc., Class Z* | 1,920 | 28,720 | ||||||
Bloomage Biotechnology Corp. Ltd., Class A | 3,223 | 40,987 | ||||||
BOC International China Co. Ltd., Class A | 14,455 | 23,594 | ||||||
BOE Technology Group Co. Ltd., Class A | 146,587 | 80,760 | ||||||
BTG Hotels Group Co. Ltd., Class A* | 11,200 | 26,729 | ||||||
By-health Co. Ltd., Class A | 13,700 | 36,384 | ||||||
Caitong Securities Co. Ltd., Class A | 27,800 | 30,594 | ||||||
Canmax Technologies Co. Ltd., Class A | 4,160 | 15,432 | ||||||
CanSino Biologics, Inc., Class A* | 1,485 | 14,967 | ||||||
CanSino Biologics, Inc., Class H, 144A* | 11,318 | 33,196 | ||||||
CECEP Wind-Power Corp., Class A | 44,100 | 20,358 | ||||||
CETC Cyberspace Security Technology Co. Ltd., Class A | 5,300 | 18,212 | ||||||
CGN Power Co. Ltd., Class A | 122,190 | 52,714 | ||||||
CGN Power Co. Ltd., Class H, 144A | 1,028,586 | 257,089 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 1,512 | 28,564 | ||||||
Changjiang Securities Co. Ltd., Class A | 29,600 | 24,319 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 1,412 | 28,682 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 11,300 | 49,851 | ||||||
Chengxin Lithium Group Co. Ltd., Class A | 5,100 | 16,011 | ||||||
Chifeng Jilong Gold Mining Co. Ltd., Class A* | 15,900 | 33,052 |
Number | Value | |||||||
China (Continued) | ||||||||
China Baoan Group Co. Ltd., Class A | 13,549 | $ | 19,844 | |||||
China Bohai Bank Co. Ltd., Class H, 144A* | 245,802 | 37,928 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 529,076 | 51,951 | ||||||
China CITIC Bank Corp. Ltd., Class A | 34,100 | 25,580 | ||||||
China CITIC Bank Corp. Ltd., Class H | 641,557 | 285,527 | ||||||
China Conch Venture Holdings Ltd. | 94,009 | 92,430 | ||||||
China Construction Bank Corp., Class A | 87,421 | 72,065 | ||||||
China Construction Bank Corp., Class H | 9,287,097 | 4,974,120 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 11,908 | 7,100 | ||||||
China Eastern Airlines Corp. Ltd., Class H* | 105,864 | 37,395 | ||||||
China Energy Engineering Corp. Ltd., Class A | 76,500 | 24,069 | ||||||
China Energy Engineering Corp. Ltd., Class H | 322,106 | 37,379 | ||||||
China Everbright Bank Co. Ltd., Class A | 169,415 | 70,061 | ||||||
China Everbright Bank Co. Ltd., Class H | 466,999 | 134,590 | ||||||
China Evergrande Group* | 185,090 | 6,491 | ||||||
China Feihe Ltd., 144A | 208,628 | 125,575 | ||||||
China Film Co. Ltd., Class A* | 17,600 | 35,884 | ||||||
China Galaxy Securities Co. Ltd., Class A | 18,000 | 28,514 | ||||||
China Galaxy Securities Co. Ltd., Class H | 243,905 | 131,256 | ||||||
China Great Wall Securities Co. Ltd., Class A | 33,500 | 40,411 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 13,749 | 20,571 | ||||||
China Hongqiao Group Ltd. | 1,087 | 1,084 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A* | 1,070,463 | 49,143 | ||||||
China International Capital Corp. Ltd., Class A | 15,088 | 80,845 | ||||||
China International Capital Corp. Ltd., Class H, 144A | 152,514 | 293,291 | ||||||
China Jushi Co. Ltd., Class A | 19,600 | 37,592 | ||||||
China Lesso Group Holdings Ltd. | 31,497 | 17,352 | ||||||
China Life Insurance Co. Ltd., Class A | 13,829 | 67,696 | ||||||
China Life Insurance Co. Ltd., Class H | 734,807 | 1,115,083 | ||||||
China Literature Ltd., 144A* | 37,988 | 152,596 | ||||||
China Merchants Bank Co. Ltd., Class A | 128,460 | 556,834 | ||||||
China Merchants Bank Co. Ltd., Class H | 374,959 | 1,482,288 | ||||||
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 23,900 | 31,884 | ||||||
China Merchants Securities Co. Ltd., Class A | 55,344 | 108,049 | ||||||
China Merchants Securities Co. Ltd., Class H, 144A | 57,061 | 52,610 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 34,643 | 65,017 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 143,963 | 74,765 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 449,954 | 144,596 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 10,701 | �� | 11,438 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
China National Medicines Corp. Ltd., Class A | 6,100 | $ | 27,280 | |||||
China National Nuclear Power Co. Ltd., Class A | 109,672 | 108,489 | ||||||
China National Software & Service Co. Ltd., Class A | 6,300 | 37,392 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2,854 | 8,658 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 29,460 | 112,117 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 147,800 | 338,507 | ||||||
China Railway Group Ltd., Class A | 43,224 | 39,789 | ||||||
China Railway Group Ltd., Class H | 167,526 | 88,658 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A | 35,744 | 27,550 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 89,745 | 29,756 | ||||||
China Rare Earth Resources And Technology Co. Ltd., Class A | 5,900 | 23,175 | ||||||
China Resources Microelectronics Ltd., Class A | 6,121 | 49,222 | ||||||
China Resources Mixc Lifestyle Services Ltd., 144A | 45,989 | 198,518 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 96,281 | 64,337 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 4,300 | 28,109 | ||||||
China Southern Airlines Co. Ltd., Class A* | 22,000 | 19,103 | ||||||
China Southern Airlines Co. Ltd., Class H* | 80,834 | 42,985 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 109,359 | 84,590 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A | 151,000 | 102,070 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 8,400 | 125,703 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class H, 144A | 6,017 | 80,797 | ||||||
China Tower Corp. Ltd., Class H, 144A | 2,595,134 | 251,513 | ||||||
China United Network Communications Ltd., Class A | 198,767 | 142,279 | ||||||
China Vanke Co. Ltd., Class A | 24,452 | 45,823 | ||||||
China Vanke Co. Ltd., Class H | 83,774 | 97,750 | ||||||
China Yangtze Power Co. Ltd., Class A | 140,718 | 426,494 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 3,284 | 41,365 | ||||||
China Zheshang Bank Co. Ltd., Class A | 186,110 | 65,714 | ||||||
Chongqing Brewery Co. Ltd., Class A | 3,100 | 38,920 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 12,870 | 22,173 | ||||||
Chongqing Hongjiu Fruit Co. Ltd., Class H* | 33,128 | 25,939 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A | 48,100 | 24,848 |
Number | Value | |||||||
China (Continued) | ||||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 163,645 | $ | 57,806 | |||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 11,310 | 68,682 | ||||||
CITIC Securities Co. Ltd., Class A | 82,646 | 252,077 | ||||||
CITIC Securities Co. Ltd., Class H | 196,708 | 384,298 | ||||||
CMOC Group Ltd., Class A | 2,800 | 2,204 | ||||||
CMOC Group Ltd., Class H | 72,524 | 43,375 | ||||||
CNGR Advanced Material Co. Ltd., Class A | 2,900 | 21,866 | ||||||
CNPC Capital Co. Ltd., Class A | 22,800 | 21,082 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 24,480 | 795,596 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 68,400 | 22,366 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 13,776 | 18,548 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 103,919 | 106,679 | ||||||
Country Garden Holdings Co. Ltd.* | 822,932 | 93,399 | ||||||
Country Garden Services Holdings Co. Ltd. | 223,570 | 257,162 | ||||||
CRRC Corp. Ltd., Class A | 8,100 | 6,610 | ||||||
CRRC Corp. Ltd., Class H | 132,329 | 65,137 | ||||||
CSC Financial Co. Ltd., Class A | 25,700 | 91,028 | ||||||
CSC Financial Co. Ltd., Class H, 144A | 102,746 | 109,405 | ||||||
Dali Foods Group Co. Ltd., 144A (a) | 140,667 | 67,268 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 6,886 | 25,156 | ||||||
DHC Software Co. Ltd., Class A | 28,000 | 25,851 | ||||||
Do-Fluoride New Materials Co. Ltd., Class A | 6,720 | 15,142 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 5,400 | 38,453 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 65,388 | 24,015 | ||||||
Dongxing Securities Co. Ltd., Class A | 22,800 | 25,969 | ||||||
East Money Information Co. Ltd., Class A | 64,167 | 139,909 | ||||||
Eastroc Beverage Group Co. Ltd., Class A | 1,800 | 48,546 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 4,365 | 31,803 | ||||||
ENN Energy Holdings Ltd. | 74,142 | 581,469 | ||||||
Eve Energy Co. Ltd., Class A | 6,482 | 43,994 | ||||||
Everbright Securities Co. Ltd., Class A | 32,088 | 75,652 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 29,300 | 23,469 | ||||||
First Capital Securities Co. Ltd., Class A | 28,400 | 23,489 | ||||||
Flat Glass Group Co. Ltd., Class A | 14,282 | 60,593 | ||||||
Flat Glass Group Co. Ltd., Class H | 50,873 | 126,376 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 60,942 | 64,471 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 11,110 | 59,683 | ||||||
Founder Securities Co. Ltd., Class A | 65,000 | 64,478 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 39,157 | 117,872 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 8,260 | 22,107 | ||||||
Full Truck Alliance Co. Ltd., ADR* | 65,076 | 436,009 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 7,431 | $ | 38,796 | |||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 41,924 | 189,792 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 7,847 | 51,113 | ||||||
Ganfeng Lithium Group Co. Ltd., Class H, 144A | 23,236 | 111,117 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 500 | 28,694 | ||||||
GDS Holdings Ltd., ADR* | 10,589 | 126,644 | ||||||
GEM Co. Ltd., Class A | 26,341 | 22,655 | ||||||
Gemdale Corp., Class A | 13,396 | 13,252 | ||||||
Genscript Biotech Corp.* | 98,230 | 230,238 | ||||||
GF Securities Co. Ltd., Class A | 40,163 | 83,102 | ||||||
GF Securities Co. Ltd., Class H | 108,675 | 155,215 | ||||||
GigaDevice Semiconductor, Inc., Class A | 3,204 | 41,370 | ||||||
Ginlong Technologies Co. Ltd., Class A | 2,000 | 20,620 | ||||||
GoerTek, Inc., Class A | 10,488 | 22,075 | ||||||
Goldwind Science & Technology Co. Ltd., Class A | 5,487 | 7,162 | ||||||
Goldwind Science & Technology Co. Ltd., Class H | 39,942 | 20,985 | ||||||
GoodWe Technologies Co. Ltd., Class A | 1,173 | 22,308 | ||||||
Gotion High-tech Co. Ltd., Class A* | 2,119 | 7,051 | ||||||
Great Wall Motor Co. Ltd., Class A | 401 | 1,439 | ||||||
Great Wall Motor Co. Ltd., Class H | 57,213 | 67,852 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 14,070 | 69,185 | ||||||
Greenland Holdings Corp. Ltd., Class A* | 57,700 | 23,227 | ||||||
Greentown China Holdings Ltd. | 56,013 | 66,572 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 21,900 | 37,761 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 3,270 | 21,673 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A | 3,171 | 24,833 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 40,662 | 21,415 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A* | 19,400 | 31,425 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 7,832 | 33,271 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 27,363 | 76,941 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 2,871 | 23,533 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 4,300 | 31,483 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 11,210 | 50,563 | ||||||
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 25,700 | 24,293 | ||||||
Guolian Securities Co. Ltd., Class A* | 23,100 | 34,467 | ||||||
Guosen Securities Co. Ltd., Class A | 21,556 | 27,484 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 33,191 | 66,396 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 61,314 | 71,934 | ||||||
Guoyuan Securities Co. Ltd., Class A | 22,400 | 21,389 |
Number | Value | |||||||
China (Continued) | ||||||||
H World Group Ltd., ADR* | 11,635 | $ | 468,658 | |||||
Haidilao International Holding Ltd., 144A | 104,734 | 285,149 | ||||||
Haier Smart Home Co. Ltd., Class A | 23,907 | 77,221 | ||||||
Haier Smart Home Co. Ltd., Class H | 134,225 | 415,080 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* | 226,600 | 48,567 | ||||||
Haitian International Holdings Ltd. | 32,639 | 70,092 | ||||||
Haitong Securities Co. Ltd., Class A | 49,036 | 66,226 | ||||||
Haitong Securities Co. Ltd., Class H | 197,837 | 122,864 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 27,600 | 39,778 | ||||||
Hangzhou Chang Chuan Technology Co. Ltd., Class A | 5,600 | 28,752 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 16,301 | 69,629 | ||||||
Hangzhou Lion Electronics Co. Ltd., Class A | 3,800 | 17,218 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd., Class A | 5,300 | 22,289 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 4,600 | 17,374 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 9,789 | 34,094 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 2,805 | 25,659 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A | 7,661 | 41,765 | ||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A | 114,879 | 149,427 | ||||||
Haohua Chemical Science & Technology Co. Ltd., Class A | 6,100 | 28,151 | ||||||
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 9,900 | 33,392 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 8,200 | 26,396 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 7,800 | 28,784 | ||||||
Hengan International Group Co. Ltd. | 29,960 | 111,179 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 9,500 | 21,419 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 11,400 | 22,147 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 2,642 | 60,746 | ||||||
Hongta Securities Co. Ltd., Class A | 33,500 | 36,775 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 3,100 | 26,304 | ||||||
Hoyuan Green Energy Co. Ltd., Class A | 6,055 | 34,674 | ||||||
Hua Hong Semiconductor Ltd., 144A* | 62,501 | 163,391 | ||||||
Huadong Medicine Co. Ltd., Class A | 6,850 | 35,753 | ||||||
Huafon Chemical Co. Ltd., Class A | 11,000 | 10,579 | ||||||
Huagong Tech Co. Ltd., Class A | 6,100 | 26,358 | ||||||
Hualan Biological Engineering, Inc., Class A | 8,100 | 23,626 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A | 38,942 | 38,790 | ||||||
Huatai Securities Co. Ltd., Class A | 35,679 | 77,843 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 85,391 | 112,377 | ||||||
Huaxi Securities Co. Ltd., Class A | 20,900 | 24,465 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Huaxia Bank Co. Ltd., Class A | 54,452 | $ | 41,446 | |||||
Huayu Automotive Systems Co. Ltd., Class A | 11,706 | 30,220 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 3,670 | 73,370 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 7,800 | 25,034 | ||||||
Hundsun Technologies, Inc., Class A | 8,183 | 40,474 | ||||||
Hygeia Healthcare Holdings Co. Ltd., 144A | 30,285 | 153,129 | ||||||
Iflytek Co. Ltd., Class A | 9,631 | 72,552 | ||||||
Imeik Technology Development Co. Ltd., Class A | 1,200 | 72,295 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 379,592 | 240,945 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 6,840,996 | 3,140,573 | ||||||
Industrial Bank Co. Ltd., Class A | 80,490 | 174,836 | ||||||
Industrial Securities Co. Ltd., Class A | 67,716 | 59,636 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 1,680 | 17,044 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 22,218 | 79,366 | ||||||
Innovent Biologics, Inc., 144A* | 124,983 | 559,429 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 7,671 | 41,240 | ||||||
iQIYI, Inc., ADR* | 29,295 | 147,647 | ||||||
iRay Technology Co. Ltd., Class A | 1,064 | 35,971 | ||||||
JA Solar Technology Co. Ltd., Class A | 21,071 | 80,567 | ||||||
Jafron Biomedical Co. Ltd., Class A | 5,198 | 15,276 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 4,100 | 23,456 | ||||||
JCET Group Co. Ltd., Class A | 8,792 | 39,379 | ||||||
JD Health International, Inc., 144A* | 83,642 | 451,182 | ||||||
JD Logistics, Inc., 144A* | 141,515 | 188,765 | ||||||
JD.com, Inc., ADR | 63,520 | 2,109,499 | ||||||
JD.com, Inc., Class A | 19,475 | 319,875 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 23,742 | 37,545 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 3,900 | 33,302 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 25,012 | 143,574 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 18,100 | 27,180 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 3,380 | 29,683 | ||||||
Jiangsu Yoke Technology Co. Ltd., Class A | 3,700 | 34,532 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 5,500 | 25,624 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 2,925 | 5,855 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A* | 9,000 | 11,228 | ||||||
Joinn Laboratories China Co. Ltd., Class A | 3,920 | 12,926 |
Number | Value | |||||||
China (Continued) | ||||||||
Joinn Laboratories China Co. Ltd., Class H, 144A | 10,189 | $ | 20,399 | |||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A* | 5,489 | 25,490 | ||||||
Juewei Food Co. Ltd., Class A | 3,700 | 18,143 | ||||||
Juneyao Airlines Co. Ltd., Class A* | 11,100 | 24,202 | ||||||
Kanzhun Ltd., ADR* | 22,061 | 326,503 | ||||||
KE Holdings, Inc., ADR* | 53,565 | 921,318 | ||||||
Keda Industrial Group Co. Ltd., Class A | 11,000 | 15,204 | ||||||
Kingdee International Software Group Co. Ltd.* | 177,017 | 273,593 | ||||||
Kingsoft Corp. Ltd. | 59,768 | 238,561 | ||||||
Kuaishou Technology, 144A* | 162,284 | 1,328,611 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A | 9,700 | 19,857 | ||||||
Kunlun Tech Co. Ltd., Class A* | 8,500 | 42,252 | ||||||
LB Group Co. Ltd., Class A | 7,201 | 17,937 | ||||||
Lenovo Group Ltd. | 829,451 | 938,213 | ||||||
Lens Technology Co. Ltd., Class A | 11,938 | 20,174 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 7,400 | 16,460 | ||||||
Li Auto, Inc., ADR* | 53,601 | 2,232,482 | ||||||
Li Auto, Inc., Class A* | 3,600 | 74,188 | ||||||
Li Ning Co. Ltd. | 142,430 | 672,941 | ||||||
Liaoning Port Co. Ltd., Class A | 106,100 | 23,032 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 5,000 | 23,631 | ||||||
Livzon Pharmaceutical Group, Inc., Class H | 14,716 | 46,634 | ||||||
Longfor Group Holdings Ltd., 144A | 113,022 | 238,100 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 59,333 | 216,431 | ||||||
Lufax Holding Ltd., ADR | 67,395 | 81,548 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 20,553 | 93,185 | ||||||
Mango Excellent Media Co. Ltd., Class A | 10,460 | 42,452 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 2,174 | 37,067 | ||||||
MeiHua Holdings Group Co. Ltd., Class A | 27,700 | 34,746 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 26,100 | 24,384 | ||||||
Meituan, Class B, 144A* | 450,641 | 7,384,496 | ||||||
Metallurgical Corp. of China Ltd., Class A | 56,242 | 28,127 | ||||||
Metallurgical Corp. of China Ltd., Class H | 100,722 | 21,964 | ||||||
Microport Scientific Corp.* | 45,063 | 77,119 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 11,834 | 24,274 | ||||||
Montage Technology Co. Ltd., Class A | 6,436 | 45,309 | ||||||
Muyuan Foods Co. Ltd., Class A | 15,550 | 86,696 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 15,500 | 25,193 | ||||||
Nanjing Securities Co. Ltd., Class A | 30,900 | 35,024 | ||||||
NARI Technology Co. Ltd., Class A | 32,083 | 104,997 | ||||||
National Silicon Industry Group Co. Ltd., Class A* | 19,827 | 55,462 | ||||||
NAURA Technology Group Co. Ltd., Class A | 2,163 | 80,612 | ||||||
NavInfo Co. Ltd., Class A* | 11,031 | 15,610 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
NetEase, Inc., ADR | 35,237 | $ | 3,646,325 | |||||
New China Life Insurance Co. Ltd., Class A | 5,580 | 31,049 | ||||||
New China Life Insurance Co. Ltd., Class H | 58,721 | 147,069 | ||||||
New Hope Liuhe Co. Ltd., Class A* | 10,878 | 17,441 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 9,145 | 496,025 | ||||||
Ninestar Corp., Class A | 7,759 | 29,827 | ||||||
Ningbo Deye Technology Co. Ltd., Class A | 2,340 | 29,645 | ||||||
Ningbo Orient Wires & Cables Co. Ltd., Class A | 3,000 | 15,250 | ||||||
Ningbo Ronbay New Energy Technology Co. Ltd., Class A | 2,814 | 19,694 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 13,500 | 25,244 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 3,500 | 37,464 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 77,800 | 36,129 | ||||||
NIO, Inc., ADR* | 132,967 | 1,365,571 | ||||||
Nongfu Spring Co. Ltd., Class H, 144A | 180,207 | 1,012,289 | ||||||
Offcn Education Technology Co. Ltd., Class A* | 26,339 | 15,452 | ||||||
Onewo, Inc., Class H | 12,673 | 44,927 | ||||||
Oppein Home Group, Inc., Class A | 2,766 | 37,208 | ||||||
Orient Securities Co. Ltd., Class A | 41,280 | 56,488 | ||||||
Orient Securities Co. Ltd., Class H, 144A | 82,219 | 45,714 | ||||||
Ovctek China, Inc., Class A | 3,677 | 13,337 | ||||||
People’s Insurance Co. Group of China Ltd., Class A | 71,904 | 57,693 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 901,113 | 306,816 | ||||||
Perfect World Co. Ltd., Class A | 12,100 | 22,991 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 8,257 | 33,806 | ||||||
Pharmaron Beijing Co. Ltd., Class H, 144A | 30,912 | 72,138 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 406,083 | 467,098 | ||||||
Ping An Bank Co. Ltd., Class A | 81,233 | 124,218 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 65,567 | 439,516 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 612,121 | 3,664,881 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 32,388 | 62,208 | ||||||
Poly Property Services Co. Ltd., Class H | 5,802 | 26,969 | ||||||
Pop Mart International Group Ltd., 144A | 60,167 | 195,653 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 173,473 | 115,831 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 1,116,551 | 551,032 | ||||||
Pylon Technologies Co. Ltd., Class A | 839 | 15,954 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* | 28,100 | 69,106 | ||||||
Raytron Technology Co. Ltd., Class A | 4,700 | 33,068 | ||||||
Red Star Macalline Group Corp. Ltd., Class A | 35,800 | 23,413 | ||||||
Remegen Co. Ltd., Class A* | 3,838 | 32,429 |
Number | Value | |||||||
China (Continued) | ||||||||
Remegen Co. Ltd., Class H, 144A* | 11,366 | $ | 53,049 | |||||
Rockchip Electronics Co. Ltd., Class A | 2,300 | 20,692 | ||||||
SAIC Motor Corp. Ltd., Class A | 6,388 | 12,603 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 23,900 | 51,586 | ||||||
Sangfor Technologies, Inc., Class A* | 3,812 | 57,129 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 3,412 | 7,261 | ||||||
Satellite Chemical Co. Ltd., Class A | 14,949 | 31,424 | ||||||
SDIC Capital Co. Ltd., Class A | 49,500 | 49,850 | ||||||
Seazen Holdings Co. Ltd., Class A* | 10,115 | 20,151 | ||||||
Seres Group Co. Ltd., Class A* | 9,600 | 47,535 | ||||||
SF Holding Co. Ltd., Class A | 14,131 | 84,415 | ||||||
SG Micro Corp., Class A | 1,571 | 16,713 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 13,900 | 50,092 | ||||||
Shandong Gold Mining Co. Ltd., Class H, 144A | 49,319 | 99,748 | ||||||
Shandong Hi-speed Co. Ltd., Class A | 28,200 | 26,230 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 10,250 | 46,613 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 4,844 | 14,495 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 6,684 | 2,865 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 148,342 | 147,552 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 8,816 | 58,055 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 39,321 | 89,298 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 21,671 | 83,159 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 58,136 | 136,856 | ||||||
Shanghai Friendess Electronic Technology Corp. Ltd., Class A | 860 | 31,119 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class A | 2,507 | 18,204 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 25,376 | 60,837 | ||||||
Shanghai International Airport Co. Ltd., Class A* | 10,084 | 54,351 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 42,100 | 29,499 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 5,632 | 29,814 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A* | 4,474 | 23,364 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A* | 11,583 | 31,610 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 22,800 | 37,214 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 65,381 | 26,806 | ||||||
Shanghai M&G Stationery, Inc., Class A | 4,400 | 22,790 | ||||||
Shanghai Medicilon, Inc., Class A | 1,041 | 10,484 | ||||||
Shanghai MicroPort MedBot Group Co. Ltd.* | 28,978 | 68,881 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 6,300 | $ | 15,476 | |||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 47,085 | 77,457 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 185,361 | 177,759 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 9,911 | 44,554 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 27,100 | 26,473 | ||||||
Shanghai Rural Commercial Bank Co. Ltd., Class A | 76,800 | 61,410 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 18,885 | 19,096 | ||||||
Shengyi Technology Co. Ltd., Class A | 11,100 | 22,601 | ||||||
Shennan Circuits Co. Ltd., Class A | 2,600 | 23,637 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 74,927 | 44,883 | ||||||
Shenzhen Capchem Technology Co. Ltd., Class A | 3,357 | 22,129 | ||||||
Shenzhen Dynanonic Co. Ltd., Class A | 1,440 | 18,556 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A* | 3,800 | 30,944 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 8,818 | 82,722 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 9,500 | 23,311 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A* | 8,224 | 31,490 | ||||||
Shenzhen Kedali Industry Co. Ltd., Class A | 1,400 | 22,383 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 7,791 | 289,011 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 5,900 | 49,269 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A* | 67,864 | 40,559 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 10,200 | 38,748 | ||||||
Shenzhen SC New Energy Technology Corp., Class A | 3,600 | 43,812 | ||||||
Shenzhen Transsion Holdings Co. Ltd., Class A | 3,965 | 79,981 | ||||||
Shenzhou International Group Holdings Ltd. | 47,056 | 483,056 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 9,800 | 31,331 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 16,000 | 22,378 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 27,600 | 56,728 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 5,800 | 21,595 | ||||||
Sichuan Road & Bridge Group Co. Ltd., Class A | 23,172 | 28,366 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 3,800 | 34,541 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A | 7,000 | 15,070 |
Number | Value | |||||||
China (Continued) | ||||||||
Sinolink Securities Co. Ltd., Class A | 42,700 | $ | 55,087 | |||||
Sinoma Science & Technology Co. Ltd., Class A | 5,182 | 15,628 | ||||||
Sinomine Resource Group Co. Ltd., Class A | 4,200 | 21,466 | ||||||
Sinopharm Group Co. Ltd., Class H | 129,038 | 374,357 | ||||||
Sinotrans Ltd., Class H | 68,376 | 27,728 | ||||||
Skshu Paint Co. Ltd., Class A* | 2,100 | 21,734 | ||||||
Smoore International Holdings Ltd., 144A | 117,772 | 119,097 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 11,400 | 19,422 | ||||||
SooChow Securities Co. Ltd., Class A | 31,000 | 34,882 | ||||||
Spring Airlines Co. Ltd., Class A* | 3,500 | 28,174 | ||||||
StarPower Semiconductor Ltd., Class A | 1,000 | 27,214 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 7,489 | 102,635 | ||||||
Sunny Optical Technology Group Co. Ltd. | 42,016 | 343,447 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 10,172 | 22,137 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 8,700 | 22,472 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A | 2,204 | 46,197 | ||||||
TAL Education Group, ADR* | 27,607 | 194,629 | ||||||
TCL Technology Group Corp., Class A* | 27,024 | 15,223 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 30,327 | 106,875 | ||||||
Tencent Holdings Ltd. | 606,114 | 25,120,292 | ||||||
Tencent Music Entertainment Group, ADR* | 53,224 | 362,988 | ||||||
Thunder Software Technology Co. Ltd., Class A | 2,871 | 31,584 | ||||||
Tianqi Lithium Corp., Class A | 5,700 | 45,085 | ||||||
Tianqi Lithium Corp., Class H | 6,629 | 36,350 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 20,800 | 25,662 | ||||||
Tingyi Cayman Islands Holding Corp. | 68,291 | 100,324 | ||||||
Toly Bread Co. Ltd., Class A | 12,840 | 15,383 | ||||||
Tongcheng Travel Holdings Ltd.* | 102,104 | 228,902 | ||||||
TongFu Microelectronics Co. Ltd., Class A | 8,500 | 23,812 | ||||||
Tongwei Co. Ltd., Class A | 18,550 | 81,759 | ||||||
Topchoice Medical Corp., Class A* | 2,665 | 34,169 | ||||||
Topsports International Holdings Ltd., 144A | 161,124 | 131,090 | ||||||
TravelSky Technology Ltd., Class H | 98,588 | 176,765 | ||||||
Trina Solar Co. Ltd., Class A | 12,114 | 56,555 | ||||||
Trip.com Group Ltd., ADR* | 55,471 | 2,180,565 | ||||||
Tsinghua Tongfang Co. Ltd., Class A* | 27,800 | 27,386 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A* | 3,428 | 43,674 | ||||||
Uni-President China Holdings Ltd. | 48,383 | 35,786 | ||||||
Unisplendour Corp. Ltd., Class A* | 300 | 1,110 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 8,200 | 16,617 | ||||||
Venustech Group, Inc., Class A | 9,100 | 36,483 | ||||||
Vipshop Holdings Ltd., ADR* | 24,814 | 391,813 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 6,070 | 19,740 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Wanda Film Holding Co. Ltd., Class A* | 20,900 | $ | 38,621 | |||||
Wangfujing Group Co. Ltd., Class A | 11,200 | 31,822 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 9,831 | 126,627 | ||||||
Weibo Corp., ADR | 7,202 | 92,906 | ||||||
Weichai Power Co. Ltd., Class A | 29,288 | 47,482 | ||||||
Weichai Power Co. Ltd., Class H | 122,393 | 158,888 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A | 5,280 | 20,290 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 15,686 | 35,904 | ||||||
Western Mining Co. Ltd., Class A | 14,800 | 25,987 | ||||||
Western Securities Co. Ltd., Class A | 44,956 | 41,692 | ||||||
Western Superconducting Technologies Co. Ltd., Class A | 3,719 | 24,235 | ||||||
Will Semiconductor Co. Ltd., Class A | 5,918 | 74,820 | ||||||
Wingtech Technology Co. Ltd., Class A* | 5,401 | 34,268 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 26,600 | 26,350 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 13,600 | 39,482 | ||||||
WuXi AppTec Co. Ltd., Class A | 16,850 | 188,676 | ||||||
WuXi AppTec Co. Ltd., Class H, 144A | 37,321 | 408,821 | ||||||
Wuxi Autowell Technology Co. Ltd., Class A | 1,092 | 25,252 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 363,835 | 2,048,435 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 5,500 | 22,299 | ||||||
Xiamen C & D, Inc., Class A | 24,800 | 37,003 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 1,400 | 21,860 | ||||||
Xiaomi Corp., Class B, 144A* | 932,318 | 1,469,500 | ||||||
Xinyi Solar Holdings Ltd. | 512,893 | 428,406 | ||||||
XPeng, Inc., ADR* | 57,960 | 1,031,108 | ||||||
Yadea Group Holdings Ltd., 144A | 93,620 | 180,035 | ||||||
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 3,400 | 16,686 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 6,346 | 32,277 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 4,753 | 23,221 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 7,184 | 35,197 | ||||||
Yintai Gold Co. Ltd., Class A | 15,400 | 30,574 | ||||||
Yonghui Superstores Co. Ltd., Class A* | 54,200 | 23,978 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 2,080 | 14,246 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 19,000 | 47,379 | ||||||
Youngor Group Co. Ltd., Class A | 42,000 | 40,104 | ||||||
YTO Express Group Co. Ltd., Class A | 14,655 | 30,403 | ||||||
Yunda Holding Co. Ltd., Class A | 8,618 | 11,663 | ||||||
Yunnan Aluminium Co. Ltd., Class A | 5,168 | 10,253 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 14,747 | 110,727 | ||||||
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 2,000 | 27,970 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 4,177 | 38,100 | ||||||
Yunnan Tin Co. Ltd., Class A | 1,600 | 3,078 | ||||||
Yunnan Yuntianhua Co. Ltd., Class A | 8,300 | 19,660 |
Number | Value | |||||||
China (Continued) | ||||||||
Zai Lab Ltd., ADR* | 5,246 | $ | 133,616 | |||||
Zangge Mining Co. Ltd., Class A | 9,300 | 28,711 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 2,356 | 89,449 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 91,199 | 128,860 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* | 34,986 | 26,053 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 39,700 | 44,835 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 14,554 | 49,550 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 19,868 | 58,907 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A | 2,700 | 19,709 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 101,490 | 75,842 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 9,900 | 22,851 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 3,273 | 17,942 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 6,575 | 50,885 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 4,030 | 15,049 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 5,100 | 11,484 | ||||||
Zhejiang NHU Co. Ltd., Class A | 13,516 | 30,232 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 13,700 | 55,903 | ||||||
Zhejiang Supcon Technology Co. Ltd., Class A | 5,022 | 34,802 | ||||||
Zhejiang Supor Co. Ltd., Class A | 2,900 | 18,969 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 9,700 | 23,842 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 9,000 | 24,990 | ||||||
Zheshang Securities Co. Ltd., Class A | 38,622 | 54,655 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 73,167 | 217,399 | ||||||
Zhongji Innolight Co. Ltd., Class A | 3,900 | 61,416 | ||||||
Zhongsheng Group Holdings Ltd. | 30,982 | 94,427 | ||||||
Zhongtai Securities Co. Ltd., Class A | 38,900 | 39,068 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class A | 8,281 | 49,651 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 30,023 | 104,712 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A | 10,180 | 12,210 | ||||||
Zijin Mining Group Co. Ltd., Class A | 72,952 | 123,884 | ||||||
Zijin Mining Group Co. Ltd., Class H | 332,751 | 523,626 | ||||||
ZTE Corp., Class A | 13,712 | 66,784 | ||||||
ZTE Corp., Class H | 43,252 | 139,269 | ||||||
ZTO Express Cayman, Inc., ADR | 24,831 | 624,251 | ||||||
|
| |||||||
(Cost $183,182,932) | 129,974,977 | |||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 24,943 | 177,229 | ||||||
Ecopetrol SA | 29,070 | 16,730 | ||||||
Interconexion Electrica SA ESP | 26,185 | 95,776 | ||||||
|
| |||||||
(Cost $374,310) | 289,735 | |||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 9,501 | $ | 404,322 | |||||
Komercni Banka AS | 7,680 | 240,192 | ||||||
|
| |||||||
(Cost $727,110) | 644,514 | |||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 19,352 | 33,036 | ||||||
Commercial International Bank Egypt SAE | 236,358 | 436,000 | ||||||
EFG Holding S.A.E.* | 90,051 | 46,454 | ||||||
Telecom Egypt Co. | 52,301 | 44,515 | ||||||
|
| |||||||
(Cost $585,384) | 560,005 | |||||||
|
| |||||||
Greece — 0.5% | ||||||||
Alpha Services and Holdings SA* | 201,615 | 340,598 | ||||||
Eurobank Ergasias Services and Holdings SA* | 246,101 | 428,171 | ||||||
Hellenic Telecommunications Organization SA | 17,866 | 267,594 | ||||||
JUMBO SA | 7,006 | 216,865 | ||||||
Mytilineos SA | 4,852 | 197,163 | ||||||
National Bank of Greece SA* | 55,431 | 377,457 | ||||||
Piraeus Financial Holdings SA* | 66,031 | 228,760 | ||||||
Star Bulk Carriers Corp. | 4,606 | 81,020 | ||||||
Terna Energy SA | 6,954 | 125,289 | ||||||
|
| |||||||
(Cost $1,589,045) | 2,262,917 | |||||||
|
| |||||||
Hong Kong — 0.7% | ||||||||
Beijing Enterprises Water Group Ltd. | 149,433 | 34,492 | ||||||
BOC Hong Kong Holdings Ltd. | 356,993 | 992,438 | ||||||
C&D International Investment Group Ltd. | 48,067 | 122,347 | ||||||
China Everbright Environment Group Ltd. | 200,120 | 72,987 | ||||||
China Jinmao Holdings Group Ltd. | 432,031 | 61,154 | ||||||
China Medical System Holdings Ltd. | 131,200 | 189,394 | ||||||
China Merchants Port Holdings Co. Ltd. | 80,561 | 96,364 | ||||||
China Overseas Land & Investment Ltd. | 226,479 | 477,695 | ||||||
China Overseas Property Holdings Ltd. | 68,822 | 82,234 | ||||||
China Resources Land Ltd. | 173,649 | 734,079 | ||||||
China State Construction International Holdings Ltd. | 100,213 | 111,564 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 147,385 | 155,246 | ||||||
Guangdong Investment Ltd. | 127,454 | 99,632 | ||||||
Orient Overseas International Ltd. | 4,242 | 56,908 | ||||||
Want Want China Holdings Ltd. | 261,042 | 172,769 | ||||||
Yuexiu Property Co. Ltd. | 97,143 | 120,411 | ||||||
|
| |||||||
(Cost $4,327,828) | 3,579,714 | |||||||
|
| |||||||
Hungary — 0.3% | ||||||||
OTP Bank Nyrt | 22,655 | 925,314 | ||||||
Richter Gedeon Nyrt | 14,383 | 360,897 | ||||||
|
| |||||||
(Cost $1,717,041) | 1,286,211 | |||||||
|
| |||||||
India — 14.2% | ||||||||
Aarti Industries Ltd. | 16,436 | 97,640 | ||||||
ABB India Ltd. | 3,576 | 189,264 | ||||||
ACC Ltd. | 38 | 921 |
Number | Value | |||||||
India (Continued) | ||||||||
Adani Energy Solutions Ltd.* | 23,635 | $ | 231,807 | |||||
Adani Green Energy Ltd.* | 37,200 | 417,289 | ||||||
Adani Ports & Special Economic Zone Ltd. | 73,103 | 699,539 | ||||||
Adani Wilmar Ltd.* | 13,525 | 58,732 | ||||||
Aditya Birla Capital Ltd.* | 33,756 | 73,864 | ||||||
Alkem Laboratories Ltd. | 2,723 | 119,820 | ||||||
Ambuja Cements Ltd. | 27,739 | 143,543 | ||||||
Apollo Hospitals Enterprise Ltd. | 6,226 | 362,048 | ||||||
Ashok Leyland Ltd. | 76,424 | 169,721 | ||||||
Asian Paints Ltd. | 24,357 | 957,995 | ||||||
Astral Ltd. | 9,985 | 235,682 | ||||||
AU Small Finance Bank Ltd., 144A | 37,761 | 330,030 | ||||||
Aurobindo Pharma Ltd. | 28,825 | 288,994 | ||||||
Avenue Supermarts Ltd., 144A* | 14,662 | 658,908 | ||||||
Axis Bank Ltd., GDR | 5,239 | 308,053 | ||||||
Axis Bank Ltd. | 199,748 | 2,348,877 | ||||||
Bajaj Auto Ltd. | 2,829 | 157,664 | ||||||
Bajaj Finance Ltd. | 15,977 | 1,382,394 | ||||||
Bajaj Finserv Ltd. | 38,534 | 693,029 | ||||||
Bajaj Holdings & Investment Ltd. | 2,291 | 205,829 | ||||||
Balkrishna Industries Ltd. | 2,691 | 75,515 | ||||||
Bandhan Bank Ltd., 144A | 51,352 | 142,420 | ||||||
Bank of Baroda | 84,525 | 191,081 | ||||||
Berger Paints India Ltd. | 17,713 | 153,752 | ||||||
Bharat Forge Ltd. | 15,041 | 194,466 | ||||||
Bharti Airtel Ltd. | 235,794 | 2,439,221 | ||||||
Biocon Ltd. | 52,860 | 165,598 | ||||||
Bosch Ltd. | 576 | 129,231 | ||||||
Britannia Industries Ltd. | 4,769 | 257,370 | ||||||
Canara Bank | 30,287 | 117,217 | ||||||
CG Power & Industrial Solutions Ltd. | 44,974 | 233,246 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 24,854 | 336,801 | ||||||
Cipla Ltd. | 54,130 | 822,285 | ||||||
Colgate-Palmolive India Ltd. | 13,539 | 317,606 | ||||||
Container Corp. Of India Ltd. | 19,022 | 154,499 | ||||||
Cummins India Ltd. | 7,966 | 164,326 | ||||||
Dabur India Ltd. | 36,697 | 245,175 | ||||||
Dalmia Bharat Ltd. | 3,507 | 88,327 | ||||||
Deepak Nitrite Ltd. | 6,063 | 162,586 | ||||||
Delhivery Ltd.* | 25,569 | 135,124 | ||||||
Divi’s Laboratories Ltd. | 12,888 | 559,211 | ||||||
DLF Ltd. | 39,961 | 243,330 | ||||||
Dr. Reddy’s Laboratories Ltd. | 14,601 | 989,056 | ||||||
Eicher Motors Ltd. | 7,712 | 310,823 | ||||||
Embassy Office Parks REIT | 53,703 | 197,962 | ||||||
FSN E-Commerce Ventures Ltd.* | 89,168 | 143,845 | ||||||
Gland Pharma Ltd., 144A* | 5,501 | 115,716 | ||||||
Godrej Consumer Products Ltd.* | 37,838 | 459,410 | ||||||
Godrej Properties Ltd.* | 10,029 | 199,378 | ||||||
Grasim Industries Ltd. | 14,439 | 312,365 | ||||||
Gujarat Fluorochemicals Ltd. | 3,350 | 123,283 | ||||||
Havells India Ltd. | 10,573 | 176,827 | ||||||
HCL Technologies Ltd. | 105,389 | 1,492,177 | ||||||
HDFC Asset Management Co. Ltd., 144A | 5,303 | 161,691 | ||||||
HDFC Life Insurance Co. Ltd., 144A | 59,420 | 462,771 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
India (Continued) | ||||||||
Hero MotoCorp Ltd. | 7,070 | $ | 249,024 | |||||
Hindalco Industries Ltd. | 77,994 | 433,231 | ||||||
Hindustan Unilever Ltd. | 88,587 | 2,680,576 | ||||||
Honeywell Automation India Ltd. | 156 | 74,703 | ||||||
ICICI Bank Ltd. | 307,428 | 3,560,333 | ||||||
ICICI Lombard General Insurance Co. Ltd., 144A | 23,926 | 379,672 | ||||||
ICICI Prudential Life Insurance Co. Ltd., 144A | 40,223 | 273,980 | ||||||
IDBI Bank Ltd. | 62,819 | 45,377 | ||||||
IDFC First Bank Ltd.* | 181,219 | 204,343 | ||||||
Indian Hotels Co. Ltd. | 67,787 | 344,641 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 25,591 | 207,730 | ||||||
Indus Towers Ltd.* | 40,374 | 85,443 | ||||||
IndusInd Bank Ltd. | 57,520 | 957,540 | ||||||
Info Edge India Ltd. | 5,921 | 309,796 | ||||||
Infosys Ltd., ADR | 50,916 | 884,411 | ||||||
Infosys Ltd. | 375,073 | 6,503,478 | ||||||
InterGlobe Aviation Ltd., 144A* | 4,584 | 134,830 | ||||||
Jindal Steel & Power Ltd. | 8,847 | 73,149 | ||||||
JSW Energy Ltd. | 16,395 | 69,502 | ||||||
JSW Steel Ltd. | 53,721 | 505,924 | ||||||
Jubilant Foodworks Ltd. | 25,597 | 158,323 | ||||||
Kotak Mahindra Bank Ltd. | 65,409 | 1,389,580 | ||||||
L&T Technology Services Ltd., 144A | 2,360 | 125,553 | ||||||
Life Insurance Corp. Of India | 19,767 | 154,079 | ||||||
Linde India Ltd. | 2,032 | 153,855 | ||||||
LTIMindtree Ltd., 144A | 7,439 | 466,668 | ||||||
Lupin Ltd. | 24,597 | 326,187 | ||||||
Macrotech Developers Ltd., 144A* | 18,836 | 152,522 | ||||||
Mahindra & Mahindra Ltd. | 49,055 | 933,503 | ||||||
Marico Ltd. | 53,766 | 370,222 | ||||||
Maruti Suzuki India Ltd. | 7,628 | 921,759 | ||||||
Max Financial Services Ltd.* | 18,394 | 207,456 | ||||||
Max Healthcare Institute Ltd.* | 62,111 | 442,314 | ||||||
Mphasis Ltd. | 5,326 | 156,255 | ||||||
Muthoot Finance Ltd. | 7,880 | 119,966 | ||||||
Nestle India Ltd. | 2,179 | 578,700 | ||||||
NHPC Ltd. | 162,103 | 98,296 | ||||||
NMDC Ltd. | 83,477 | 124,077 | ||||||
Oberoi Realty Ltd. | 9,399 | 127,254 | ||||||
One 97 Communications Ltd.* | 17,362 | 179,081 | ||||||
Oracle Financial Services Software Ltd. | 2,341 | 116,201 | ||||||
Page Industries Ltd. | 543 | 263,367 | ||||||
Patanjali Foods Ltd. | 4,658 | 69,040 | ||||||
PB Fintech Ltd.* | 20,920 | 195,753 | ||||||
Persistent Systems Ltd. | 4,301 | 279,024 | ||||||
PI Industries Ltd. | 6,519 | 285,710 | ||||||
Pidilite Industries Ltd. | 9,438 | 286,721 | ||||||
Polycab India Ltd. | 2,679 | 165,784 | ||||||
Power Finance Corp. Ltd. | 75,870 | 238,462 | ||||||
Power Grid Corp. of India Ltd. | 204,059 | 602,789 | ||||||
Punjab National Bank | 198,622 | 151,151 | ||||||
REC Ltd. | 78,838 | 227,268 | ||||||
Samvardhana Motherson International Ltd. | 113,361 | 131,181 |
Number | Value | |||||||
India (Continued) | ||||||||
SBI Cards & Payment Services Ltd. | 17,072 | $ | 168,387 | |||||
SBI Life Insurance Co. Ltd., 144A | 26,650 | 416,089 | ||||||
Schaeffler India Ltd. | 3,207 | 118,241 | ||||||
Shree Cement Ltd. | 502 | 144,326 | ||||||
Shriram Finance Ltd. | 14,941 | 348,013 | ||||||
Siemens Ltd. | 5,717 | 270,850 | ||||||
Sona Blw Precision Forgings Ltd., 144A | 22,601 | 162,601 | ||||||
SRF Ltd. | 11,293 | 321,454 | ||||||
State Bank of India | 177,250 | 1,201,882 | ||||||
Sun Pharmaceutical Industries Ltd. | 107,328 | 1,441,131 | ||||||
Tata Communications Ltd. | 9,401 | 203,166 | ||||||
Tata Consultancy Services Ltd. | 120,302 | 4,877,981 | ||||||
Tata Consumer Products Ltd. | 48,407 | 487,863 | ||||||
Tata Elxsi Ltd. | 3,075 | 269,185 | ||||||
Tata Motors Ltd. | 102,085 | 741,102 | ||||||
Tata Motors Ltd., Class A | 30,661 | 147,960 | ||||||
Tata Power Co. Ltd. | 26,259 | 77,743 | ||||||
Tata Steel Ltd. | 406,589 | 603,600 | ||||||
Tech Mahindra Ltd. | 74,687 | 1,084,359 | ||||||
Titan Co. Ltd. | 22,641 | 849,028 | ||||||
Torrent Pharmaceuticals Ltd. | 10,386 | 231,152 | ||||||
Trent Ltd. | 15,318 | 379,054 | ||||||
Tube Investments of India Ltd. | 7,668 | 268,656 | ||||||
TVS Motor Co. Ltd. | 17,039 | 292,243 | ||||||
UltraTech Cement Ltd. | 6,077 | 609,082 | ||||||
Union Bank of India Ltd. | 96,828 | 100,470 | ||||||
United Spirits Ltd.* | 18,109 | 220,396 | ||||||
UPL Ltd. | 31,452 | 224,589 | ||||||
Varun Beverages Ltd. | 38,626 | 419,684 | ||||||
Vedant Fashions Ltd. | 3,419 | 52,055 | ||||||
Vedanta Ltd. | 31,885 | 89,470 | ||||||
Voltas Ltd. | 18,068 | 189,855 | ||||||
Wipro Ltd. | 178,255 | 879,365 | ||||||
WNS Holdings Ltd., ADR* | 3,513 | 229,575 | ||||||
Yes Bank Ltd.* | 1,324,024 | 268,687 | ||||||
Zomato Ltd.* | 316,170 | 372,745 | ||||||
Zydus Lifesciences Ltd. | 16,558 | 125,176 | ||||||
|
| |||||||
(Cost $69,692,802) | 69,668,333 | |||||||
|
| |||||||
Indonesia — 2.2% | ||||||||
Aneka Tambang Tbk | 180,049 | 23,526 | ||||||
GoTo Gojek Tokopedia Tbk PT* | 61,311,344 | 386,467 | ||||||
PT Bank Central Asia Tbk | 5,176,147 | 3,118,263 | ||||||
PT Bank Jago Tbk* | 391,516 | 59,897 | ||||||
PT Bank Mandiri Persero Tbk | 3,606,070 | 1,426,564 | ||||||
PT Bank Negara Indonesia Persero Tbk | 782,086 | 471,151 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 6,962,347 | 2,537,165 | ||||||
PT Barito Pacific Tbk | 2,024,948 | 142,265 | ||||||
PT Chandra Asri Petrochemical Tbk | 430,154 | 61,572 | ||||||
PT Charoen Pokphand Indonesia Tbk* | 392,413 | 133,338 | ||||||
PT Dayamitra Telekomunikasi | 1,727,020 | 85,047 | ||||||
PT Elang Mahkota Teknologi Tbk | 1,491,098 | 55,806 | ||||||
PT Indah Kiat Pulp & Paper Tbk | 113,331 | 67,716 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 7,289 | 5,121 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 98,928 | 72,751 | ||||||
PT Indofood Sukses Makmur Tbk | 221,804 | 103,402 | ||||||
PT Indosat Tbk | 125,053 | 78,825 | ||||||
PT Kalbe Farma Tbk | 1,230,197 | 146,606 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Merdeka Copper Gold Tbk* | 975,882 | $ | 216,578 | |||||
PT Sarana Menara Nusantara Tbk | 1,693,340 | 114,520 | ||||||
PT Sumber Alfaria Trijaya Tbk | 1,575,748 | 300,044 | ||||||
PT Telkom Indonesia Persero Tbk | 4,734,231 | 1,159,467 | ||||||
PT Tower Bersama Infrastructure Tbk | 536,511 | 73,977 | ||||||
PT Unilever Indonesia Tbk | 570,997 | 137,594 | ||||||
PT Vale Indonesia Tbk | 165,095 | 63,957 | ||||||
|
| |||||||
(Cost $10,081,280) | 11,041,619 | |||||||
|
| |||||||
Ireland — 1.2% | ||||||||
PDD Holdings, Inc., ADR* | 58,928 | 5,832,104 | ||||||
|
| |||||||
Kazakhstan — 0.0% | ||||||||
Polymetal International PLC* (a) | 28,889 | 0 | ||||||
|
| |||||||
Kuwait — 0.8% | ||||||||
Agility Public Warehousing Co. KSC* | 116,136 | 216,636 | ||||||
Boubyan Bank KSCP | 81,430 | 161,143 | ||||||
Gulf Bank KSCP | 190,189 | 155,483 | ||||||
Kuwait Finance House KSCP | 617,296 | 1,491,924 | ||||||
Mabanee Co KPSC | 54,995 | 149,151 | ||||||
Mobile Telecommunications Co. KSCP | 170,221 | 281,631 | ||||||
National Bank of Kuwait SAKP | 445,419 | 1,329,393 | ||||||
|
| |||||||
(Cost $3,879,759) | 3,785,361 | |||||||
|
| |||||||
Malaysia — 1.2% | ||||||||
AMMB Holdings Bhd | 206,500 | 166,001 | ||||||
Axiata Group Bhd | 448,752 | 228,244 | ||||||
Celcomdigi Bhd | 188,300 | 177,749 | ||||||
CIMB Group Holdings Bhd | 673,604 | 817,325 | ||||||
Gamuda Bhd | 117,630 | 114,081 | ||||||
Hong Leong Bank Bhd | 59,200 | 254,662 | ||||||
Hong Leong Financial Group Bhd | 25,600 | 100,524 | ||||||
IHH Healthcare Bhd | 246,900 | 316,607 | ||||||
Inari Amertron Bhd | 189,400 | 128,580 | ||||||
IOI Corp. Bhd | 125,100 | 108,654 | ||||||
Kuala Lumpur Kepong Bhd | 23,900 | 110,950 | ||||||
Malayan Banking Bhd | 484,556 | 951,359 | ||||||
Malaysia Airports Holdings Bhd | 58,162 | 92,382 | ||||||
Maxis Bhd | 143,000 | 123,584 | ||||||
MR DIY Group M Bhd, 144A | 189,350 | 63,253 | ||||||
Nestle Malaysia Bhd | 2,419 | 68,034 | ||||||
Petronas Chemicals Group Bhd | 108,300 | 166,184 | ||||||
PPB Group Bhd | 25,300 | 85,715 | ||||||
Press Metal Aluminium Holdings Bhd | 205,500 | 214,801 | ||||||
Public Bank Bhd | 1,218,100 | 1,110,466 | ||||||
QL Resources Bhd | 35,300 | 41,082 | ||||||
RHB Bank Bhd | 212,575 | 257,014 | ||||||
Sime Darby Bhd | 121,400 | 60,177 | ||||||
Sime Darby Plantation Bhd | 102,400 | 96,883 | ||||||
Telekom Malaysia Bhd | 164,100 | 180,368 | ||||||
TIME dotCom Bhd | 74,700 | 88,545 | ||||||
|
| |||||||
(Cost $6,541,298) | 6,123,224 | |||||||
|
| |||||||
Mexico — 3.0% | ||||||||
Alfa SAB de CV, Class A | 310,609 | 207,974 | ||||||
America Movil SAB de CV, Series B | 3,198,336 | 3,049,789 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Arca Continental SAB de CV | 27,903 | $ | 275,188 | |||||
Cemex SAB de CV, Series CPO* | 751,161 | 600,242 | ||||||
Coca-Cola Femsa SAB de CV | 51,934 | 445,759 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 12,773 | 80,531 | ||||||
Fibra Uno Administracion SA de CV REIT | 190,970 | 281,830 | ||||||
Fomento Economico Mexicano SAB de CV | 128,167 | 1,453,018 | ||||||
Gruma SAB de CV, Class B | 6,395 | 108,141 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 23,195 | 431,688 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 11,154 | 307,866 | ||||||
Grupo Bimbo SAB de CV, Series A | 80,716 | 402,243 | ||||||
Grupo Carso SAB de CV, Series A1 | 30,033 | 242,505 | ||||||
Grupo Comercial Chedraui SA de CV | 35,044 | 198,749 | ||||||
Grupo Elektra SAB DE CV | 4,101 | 285,846 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 286,377 | 2,457,176 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O* | 122,155 | 267,291 | ||||||
Grupo Mexico SAB de CV, Series B | 183,500 | 885,353 | ||||||
Grupo Televisa SAB, Series CPO | 247,504 | 222,481 | ||||||
Industrias Penoles SAB de CV* | 10,447 | 149,681 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 153,607 | 350,074 | ||||||
Operadora De Sites Mexicanos SAB de CV, Class A-1 | 105,536 | 99,819 | ||||||
Orbia Advance Corp. SAB de CV | 2,698 | 6,083 | ||||||
Wal-Mart de Mexico SAB de CV | 495,767 | 1,978,444 | ||||||
|
| |||||||
(Cost $12,880,903) | 14,787,771 | |||||||
|
| |||||||
Philippines — 0.6% | ||||||||
ACEN Corp. | 59,410 | 5,257 | ||||||
Ayala Land, Inc. | 376,800 | 180,680 | ||||||
Bank of the Philippine Islands | 199,174 | 386,951 | ||||||
BDO Unibank, Inc. | 218,298 | 537,070 | ||||||
Globe Telecom, Inc. | 4,004 | 127,432 | ||||||
International Container Terminal Services, Inc. | 51,820 | 189,635 | ||||||
JG Summit Holdings, Inc. | 130,540 | 84,268 | ||||||
Jollibee Foods Corp. | 32,860 | 137,546 | ||||||
Metropolitan Bank & Trust Co. | 109,300 | 106,559 | ||||||
Monde Nissin Corp., 144A | 621,100 | 78,981 | ||||||
PLDT, Inc. | 8,645 | 175,587 | ||||||
SM Investments Corp. | 29,490 | 433,860 | ||||||
SM Prime Holdings, Inc. | 700,500 | 361,261 | ||||||
Universal Robina Corp. | 49,330 | 97,318 | ||||||
|
| |||||||
(Cost $3,379,021) | 2,902,405 | |||||||
|
| |||||||
Qatar — 0.8% | ||||||||
Commercial Bank PSQC | 208,424 | 325,233 | ||||||
Industries Qatar QSC | 82,821 | 281,227 | ||||||
Masraf Al Rayan QSC | 415,275 | 253,272 | ||||||
Mesaieed Petrochemical Holding Co. | 365,594 | 184,806 | ||||||
Ooredoo QPSC | 42,194 | 125,191 | ||||||
Qatar International Islamic Bank QSC | 94,696 | 257,318 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
Qatar (Continued) | ||||||||
Qatar Islamic Bank SAQ | 100,987 | $ | 536,008 | |||||
Qatar National Bank QPSC | 441,868 | 1,893,720 | ||||||
|
| |||||||
(Cost $4,634,975) | 3,856,775 | |||||||
|
| |||||||
Russia — 0.0% | ||||||||
Alrosa PJSC* (a) | 246,725 | 0 | ||||||
MMC Norilsk Nickel PJSC* (a) | 5,593 | 0 | ||||||
Mobile TeleSystems PJSC, ADR* (a) | 25,457 | 0 | ||||||
Mobile TeleSystems PJSC* (a) | 32,151 | 0 | ||||||
Novolipetsk Steel PJSC* (a) | 121,611 | 0 | ||||||
PIK Group PJSC* (a) | 21,692 | 0 | ||||||
Polyus PJSC* (a) | 2,793 | 0 | ||||||
Sberbank of Russia PJSC* (a) | 989,954 | 0 | ||||||
United Co. RUSAL International PJSC* (a) | 255,320 | 0 | ||||||
Yandex NV, Class A* (a) | 28,401 | 0 | ||||||
|
| |||||||
(Cost $9,710,782) | 0 | |||||||
|
| |||||||
Saudi Arabia — 2.9% | ||||||||
Advanced Petrochemical Co. | 10,671 | 121,059 | ||||||
Al Rajhi Bank | 117,019 | 2,252,615 | ||||||
Alinma Bank | 78,613 | 773,418 | ||||||
Almarai Co. JSC | 19,521 | 329,978 | ||||||
Arab National Bank | 54,647 | 375,906 | ||||||
Arabian Internet & Communications Services Co. | 2,069 | 194,728 | ||||||
Bank AlBilad | 41,158 | 470,766 | ||||||
Banque Saudi Fransi | 47,443 | 485,100 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 6,305 | 338,898 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 5,095 | 330,099 | ||||||
Etihad Etisalat Co. | 32,021 | 385,466 | ||||||
Jarir Marketing Co. | 51,950 | 204,440 | ||||||
Mouwasat Medical Services Co. | 6,154 | 180,814 | ||||||
Nahdi Medical Co. | 3,250 | 131,537 | ||||||
Riyad Bank | 88,546 | 718,869 | ||||||
Sahara International Petrochemical Co. | 28,542 | 277,380 | ||||||
Saudi Awwal Bank | 60,022 | 573,711 | ||||||
Saudi Basic Industries Corp. | 86,540 | 2,039,683 | ||||||
Saudi Industrial Investment Group | 26,205 | 180,259 | ||||||
Saudi Kayan Petrochemical Co.* | 54,289 | 176,300 | ||||||
Saudi National Bank | 175,961 | 1,677,204 | ||||||
Saudi Telecom Co. | 177,591 | 1,884,506 | ||||||
Savola Group | 18,751 | 189,477 | ||||||
|
| |||||||
(Cost $14,558,374) | 14,292,213 | |||||||
|
| |||||||
Singapore — 0.0% | ||||||||
BOC Aviation Ltd., 144A | 13,998 | 105,051 | ||||||
|
| |||||||
South Africa — 3.5% | ||||||||
Absa Group Ltd. | 77,280 | 743,986 | ||||||
Anglo American Platinum Ltd. | 3,420 | 119,403 | ||||||
AngloGold Ashanti Ltd. | 25,150 | 428,686 | ||||||
Aspen Pharmacare Holdings Ltd. | 36,579 | 332,659 | ||||||
Bid Corp. Ltd. | 33,134 | 743,402 | ||||||
Bidvest Group Ltd. | 20,944 | 315,183 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Capitec Bank Holdings Ltd. | 9,813 | $ | 821,265 | |||||
Clicks Group Ltd. | 24,730 | 357,204 | ||||||
Discovery Ltd.* | 53,554 | 414,997 | ||||||
FirstRand Ltd. | 492,758 | 1,910,137 | ||||||
Gold Fields Ltd. | 87,286 | 1,119,575 | ||||||
Impala Platinum Holdings Ltd. | 49,612 | 255,357 | ||||||
Investec Ltd. | 22,648 | 132,575 | ||||||
Kumba Iron Ore Ltd. | 1,789 | 39,246 | ||||||
MTN Group Ltd. | 167,232 | 1,062,654 | ||||||
MultiChoice Group | 22,070 | 91,240 | ||||||
Naspers Ltd., Class N | 20,881 | 3,547,609 | ||||||
Nedbank Group Ltd. | 44,934 | 512,131 | ||||||
Northam Platinum Holdings Ltd.* | 20,747 | 136,414 | ||||||
Old Mutual Ltd. | 446,478 | 299,224 | ||||||
OUTsurance Group Ltd. | 88,530 | 187,019 | ||||||
Pepkor Holdings Ltd., 144A | 112,643 | 96,968 | ||||||
Sanlam Ltd. | 164,851 | 593,324 | ||||||
Sasol Ltd. | 24,854 | 320,615 | ||||||
Shoprite Holdings Ltd. | 42,132 | 587,044 | ||||||
Sibanye Stillwater Ltd. | 156,084 | 236,908 | ||||||
Standard Bank Group Ltd. | 134,045 | 1,367,776 | ||||||
Vodacom Group Ltd. | 61,234 | 348,809 | ||||||
Woolworths Holdings Ltd. | 88,863 | 348,131 | ||||||
|
| |||||||
(Cost $19,858,108) | 17,469,541 | |||||||
|
| |||||||
South Korea — 11.3% | ||||||||
Alteogen, Inc.* | 2,685 | 91,921 | ||||||
Amorepacific Corp. | 1,648 | 166,951 | ||||||
AMOREPACIFIC Group | 1,617 | 41,167 | ||||||
BNK Financial Group, Inc. | 30,011 | 154,852 | ||||||
Celltrion Healthcare Co. Ltd. | 5,858 | 286,751 | ||||||
Celltrion Pharm, Inc.* | 1,353 | 70,324 | ||||||
Celltrion, Inc. | 10,984 | 1,195,837 | ||||||
Cheil Worldwide, Inc. | 7,773 | 110,854 | ||||||
Chunbo Co. Ltd. | 379 | 43,183 | ||||||
CJ CheilJedang Corp. | 421 | 95,237 | ||||||
CJ Corp. | 808 | 42,975 | ||||||
CJ ENM Co. Ltd.* | 1,000 | 44,032 | ||||||
CJ Logistics Corp. | 462 | 27,578 | ||||||
CosmoAM&T Co. Ltd.* | 1,766 | 210,704 | ||||||
Coway Co. Ltd. | 3,295 | 107,694 | ||||||
CS Wind Corp. | 1,400 | 67,259 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 2,244 | 7,810 | ||||||
DB HiTek Co. Ltd. | 2,197 | 88,927 | ||||||
DB Insurance Co. Ltd. | 4,323 | 267,213 | ||||||
DL E&C Co. Ltd. | 604 | 14,166 | ||||||
Dongsuh Cos., Inc. | 2,199 | 29,797 | ||||||
Doosan Co. Ltd. | 666 | 59,256 | ||||||
Doosan Enerbility Co. Ltd.* | 24,982 | 344,371 | ||||||
Doosan Fuel Cell Co. Ltd.* | 3,358 | 62,879 | ||||||
Ecopro BM Co. Ltd. | 2,756 | 676,620 | ||||||
Ecopro Co. Ltd. | 1,549 | 1,473,117 | ||||||
E-MART, Inc. | 1,120 | 62,535 | ||||||
F&F Co. Ltd. / New | 1,002 | 78,083 | ||||||
Fila Holdings Corp. | 4,598 | 131,844 | ||||||
Green Cross Corp. | 405 | 35,452 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
South Korea (Continued) | ||||||||
GS Engineering & Construction Corp. | 2,982 | $ | 32,781 | |||||
Hana Financial Group, Inc. | 28,811 | 862,096 | ||||||
Hanjin Kal Corp. | 1,293 | 43,483 | ||||||
Hankook Tire & Technology Co. Ltd. | 47 | 1,378 | ||||||
Hanmi Pharm. Co. Ltd. | 690 | 153,739 | ||||||
Hanmi Science Co. Ltd. | 2,084 | 56,761 | ||||||
Hanon Systems | 11,187 | 77,105 | ||||||
Hansol Chemical Co. Ltd. | 747 | 91,273 | ||||||
Hanssem Co. Ltd. | 940 | 42,102 | ||||||
Hanwha Life Insurance Co. Ltd.* | 28,391 | 54,022 | ||||||
HL Mando Co. Ltd. | 2,686 | 85,147 | ||||||
HLB, Inc.* | 4,741 | 103,482 | ||||||
HMM Co. Ltd. | 14,398 | 181,480 | ||||||
Hugel, Inc.* | 524 | 44,560 | ||||||
HYBE Co. Ltd.* | 1,135 | 216,824 | ||||||
Hyosung Advanced Materials Corp. | 152 | 51,980 | ||||||
Hyosung TNC Corp. | 182 | 45,577 | ||||||
Hyundai Autoever Corp. | 542 | 72,048 | ||||||
Hyundai Department Store Co. Ltd. | 968 | 50,826 | ||||||
Hyundai Doosan Infracore Co. Ltd. | 4,330 | 34,496 | ||||||
Hyundai Elevator Co. Ltd. | 1,580 | 53,792 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 6,315 | 169,610 | ||||||
Hyundai Glovis Co. Ltd. | 1,081 | 141,080 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 3,346 | 76,578 | ||||||
Hyundai Mipo Dockyard Co. Ltd.* | 86 | 5,921 | ||||||
Hyundai Mobis Co. Ltd. | 3,642 | 636,506 | ||||||
Hyundai Motor Co. | 7,942 | 1,136,245 | ||||||
Hyundai Steel Co. | 2,743 | 75,125 | ||||||
Industrial Bank of Korea | 25,974 | 211,447 | ||||||
Kakao Corp. | 30,399 | 1,106,254 | ||||||
Kakao Games Corp.* | 3,327 | 71,612 | ||||||
KakaoBank Corp. | 13,716 | 273,438 | ||||||
Kakaopay Corp.* | 2,370 | 81,137 | ||||||
KB Financial Group, Inc. | 37,054 | 1,516,642 | ||||||
KCC Corp. | 109 | 18,019 | ||||||
KEPCO Engineering & Construction Co., Inc. | 1,355 | 67,865 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 1,770 | 44,928 | ||||||
Kia Corp. | 13,427 | 814,712 | ||||||
KIWOOM Securities Co. Ltd. | 843 | 65,884 | ||||||
Korea Investment Holdings Co. Ltd. | 3,119 | 122,707 | ||||||
Korea Zinc Co. Ltd. | 486 | 193,775 | ||||||
Korean Air Lines Co. Ltd. | 11,271 | 194,423 | ||||||
Krafton, Inc.* | 1,848 | 216,713 | ||||||
KT Corp. | 13,108 | 327,266 | ||||||
KT&G Corp. | 11,262 | 740,433 | ||||||
Kum Yang Co. Ltd.* | 2,485 | 242,531 | ||||||
Kumho Petrochemical Co. Ltd. | 26 | 2,455 | ||||||
L&F Co. Ltd. | 1,969 | 320,284 | ||||||
LEENO Industrial, Inc. | 906 | 115,225 | ||||||
LG Chem Ltd. | 2,780 | 1,226,208 | ||||||
LG Corp. | 8,554 | 531,328 | ||||||
LG Display Co. Ltd.* | 20,061 | 203,380 | ||||||
LG Electronics, Inc. | 9,942 | 740,902 | ||||||
LG Energy Solution Ltd.* | 2,757 | 1,134,714 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
LG H&H Co. Ltd. | 596 | $ | 209,451 | |||||
LG Innotek Co. Ltd. | 1,445 | 295,177 | ||||||
LG Uplus Corp. | 22,570 | 178,443 | ||||||
Lotte Chemical Corp. | 820 | 84,745 | ||||||
Lotte Energy Materials Corp. | 1,265 | 46,609 | ||||||
Lotte Shopping Co. Ltd. | 602 | 32,337 | ||||||
Meritz Financial Group, Inc.* | 8,633 | 357,273 | ||||||
Mirae Asset Securities Co. Ltd. | 27,701 | 139,579 | ||||||
NAVER Corp. | 13,480 | 2,187,600 | ||||||
NCSoft Corp. | 813 | 154,696 | ||||||
Netmarble Corp., 144A* | 1,489 | 48,272 | ||||||
NH Investment & Securities Co. Ltd. | 16,098 | 125,447 | ||||||
OCI Holdings Co. Ltd. | 348 | 24,249 | ||||||
Orion Corp. | 1,385 | 127,628 | ||||||
Pan Ocean Co. Ltd. | 4,830 | 16,298 | ||||||
Pearl Abyss Corp.* | 2,239 | 81,819 | ||||||
POSCO Future M Co. Ltd. | 1,670 | 567,933 | ||||||
S-1 Corp. | 961 | 40,570 | ||||||
Samsung Biologics Co. Ltd., 144A* | 1,794 | 1,000,324 | ||||||
Samsung C&T Corp. | 4,626 | 366,440 | ||||||
Samsung Card Co. Ltd. | 2,740 | 62,087 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 5,527 | 566,186 | ||||||
Samsung Electronics Co. Ltd. | 287,333 | 14,543,278 | ||||||
Samsung Engineering Co. Ltd.* | 9,658 | 248,437 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,074 | 573,286 | ||||||
Samsung Life Insurance Co. Ltd. | 7,072 | 361,693 | ||||||
Samsung SDI Co. Ltd. | 5,083 | 2,361,235 | ||||||
Samsung SDS Co. Ltd. | 3,533 | 379,562 | ||||||
Samsung Securities Co. Ltd. | 6,758 | 190,967 | ||||||
SD Biosensor, Inc. | 4,198 | 39,733 | ||||||
Seegene, Inc. | 2,986 | 50,153 | ||||||
Shinhan Financial Group Co. Ltd. | 45,297 | 1,218,315 | ||||||
Shinsegae, Inc. | 375 | 57,594 | ||||||
SK Biopharmaceuticals Co. Ltd.* | 3,104 | 201,258 | ||||||
SK Bioscience Co. Ltd.* | 2,782 | 154,491 | ||||||
SK Chemicals Co. Ltd. | 193 | 9,185 | ||||||
SK Hynix, Inc. | 53,116 | 4,894,669 | ||||||
SK IE Technology Co. Ltd., 144A* | 2,795 | 190,950 | ||||||
SK Innovation Co. Ltd.* | 2,396 | 321,763 | ||||||
SK Square Co. Ltd.* | 10,250 | 349,745 | ||||||
SK Telecom Co. Ltd. | 5,747 | 208,922 | ||||||
SKC Co. Ltd. | 766 | 53,027 | ||||||
Solus Advanced Materials Co. Ltd. | 1,344 | 33,250 | ||||||
Soulbrain Co. Ltd. | 376 | 64,717 | ||||||
SSANGYONG C&E Co. Ltd. | 5,733 | 23,856 | ||||||
Studio Dragon Corp.* | 733 | 28,616 | ||||||
Wemade Co. Ltd. | 2,333 | 63,720 | ||||||
WONIK IPS Co. Ltd. | 2,298 | 53,636 | ||||||
Woori Financial Group, Inc. | 62,551 | 563,633 | ||||||
Yuhan Corp. | 3,365 | 185,339 | ||||||
|
| |||||||
(Cost $67,801,736) | 55,407,881 | |||||||
|
| |||||||
Taiwan — 18.7% | ||||||||
Accton Technology Corp. | 40,554 | 608,695 | ||||||
Acer, Inc. | 276,579 | 317,862 | ||||||
Advantech Co. Ltd. | 26,008 | 280,934 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Airtac International Group | 9,969 | $ | 287,990 | |||||
Alchip Technologies Ltd. | 6,000 | 465,357 | ||||||
ASE Technology Holding Co. Ltd. | 357,078 | 1,323,072 | ||||||
Asia Cement Corp. | 134,498 | 168,511 | ||||||
ASMedia Technology, Inc. | 2,611 | 80,593 | ||||||
ASPEED Technology, Inc. | 3,000 | 254,345 | ||||||
Asustek Computer, Inc. | 68,533 | 866,172 | ||||||
AUO Corp.* | 566,444 | 316,603 | ||||||
Catcher Technology Co. Ltd. | 25,107 | 142,302 | ||||||
Cathay Financial Holding Co. Ltd.* | 1,228,261 | 1,758,708 | ||||||
Chailease Holding Co. Ltd. | 152,044 | 847,434 | ||||||
Chang Hwa Commercial Bank Ltd. | 602,952 | 327,542 | ||||||
China Airlines Ltd. | 141,772 | 100,609 | ||||||
China Development Financial Holding Corp.* | 1,625,524 | 604,853 | ||||||
China Steel Corp. | 683,259 | 568,551 | ||||||
Chroma ATE, Inc. | 23,496 | 206,581 | ||||||
Chunghwa Telecom Co. Ltd. | 377,883 | 1,376,428 | ||||||
Compal Electronics, Inc. | 367,992 | 368,610 | ||||||
CTBC Financial Holding Co. Ltd. | 1,795,037 | 1,344,312 | ||||||
Delta Electronics, Inc. | 190,634 | 2,071,165 | ||||||
E Ink Holdings, Inc. | 73,000 | 418,335 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,392,090 | 1,068,771 | ||||||
Eclat Textile Co. Ltd. | 23,253 | 371,651 | ||||||
eMemory Technology, Inc. | 5,605 | 319,441 | ||||||
Eva Airways Corp. | 142,224 | 140,677 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 49,968 | 167,101 | ||||||
Far Eastern New Century Corp. | 192,409 | 170,076 | ||||||
Far EasTone Telecommunications Co. Ltd. | 163,364 | 362,159 | ||||||
Feng TAY Enterprise Co. Ltd. | 47,998 | 253,204 | ||||||
First Financial Holding Co. Ltd. | 1,072,561 | 885,760 | ||||||
Formosa Chemicals & Fibre Corp. | 247,640 | 482,115 | ||||||
Formosa Plastics Corp. | 315,624 | 787,908 | ||||||
Formosa Sumco Technology Corp. | 6,070 | 27,447 | ||||||
Formosa Taffeta Co. Ltd. | 36,000 | 28,826 | ||||||
Foxconn Technology Co. Ltd. | 91,613 | 160,232 | ||||||
Fubon Financial Holding Co. Ltd. | 796,698 | 1,591,069 | ||||||
Giant Manufacturing Co. Ltd. | 17,709 | 108,990 | ||||||
Global Unichip Corp. | 7,000 | 320,914 | ||||||
Globalwafers Co. Ltd. | 12,663 | 182,510 | ||||||
Highwealth Construction Corp. | 111,717 | 150,843 | ||||||
Hiwin Technologies Corp. | 11,964 | 77,014 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,158,938 | 3,875,682 | ||||||
Hotai Motor Co. Ltd. | 20,001 | 426,442 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 1,002,480 | 645,309 | ||||||
Innolux Corp.* | 117,571 | 53,347 | ||||||
Inventec Corp. | 316,515 | 560,547 | ||||||
Largan Precision Co. Ltd. | 5,568 | 358,419 | ||||||
Lite-On Technology Corp. | 205,169 | 882,614 | ||||||
Lotes Co. Ltd. | 8,155 | 221,502 | ||||||
Macronix International Co. Ltd. | 88,937 | 94,113 | ||||||
MediaTek, Inc. | 88,881 | 1,967,598 | ||||||
Mega Financial Holding Co. Ltd. | 1,076,533 | 1,213,557 | ||||||
Merida Industry Co. Ltd. | 20,073 | 121,649 | ||||||
Micro-Star International Co. Ltd. | 66,482 | 332,968 | ||||||
momo.com, Inc. | 6,778 | 110,673 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Nan Ya Plastics Corp. | 323,138 | $ | 670,699 | |||||
Nan Ya Printed Circuit Board Corp. | 14,944 | 113,324 | ||||||
Nanya Technology Corp. | 116,457 | 243,544 | ||||||
Nien Made Enterprise Co. Ltd. | 9,562 | 89,776 | ||||||
Novatek Microelectronics Corp. | 57,386 | 719,882 | ||||||
Oneness Biotech Co. Ltd. | 26,849 | 167,350 | ||||||
Pegatron Corp. | 174,548 | 427,511 | ||||||
PharmaEssentia Corp.* | 19,000 | 213,289 | ||||||
Phison Electronics Corp. | 10,051 | 133,660 | ||||||
Polaris Group* | 27,000 | 73,251 | ||||||
Pou Chen Corp. | 215,283 | 193,337 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 242,897 | 212,415 | ||||||
Powertech Technology, Inc. | 68,856 | 215,564 | ||||||
Quanta Computer, Inc. | 228,331 | 1,817,528 | ||||||
Realtek Semiconductor Corp. | 26,578 | 348,849 | ||||||
Ruentex Development Co. Ltd.* | 77,613 | 89,807 | ||||||
Ruentex Industries Ltd.* | 46,838 | 91,627 | ||||||
Shanghai Commercial & Savings Bank Ltd. | 372,996 | 498,944 | ||||||
Shin Kong Financial Holding Co. Ltd.* | 1,349,777 | 401,375 | ||||||
Silicon Motion Technology Corp., ADR* | 2,459 | 133,548 | ||||||
Sino-American Silicon Products, Inc. | 30,611 | 150,429 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,081,056 | 580,474 | ||||||
Synnex Technology International Corp. | 68,635 | 131,682 | ||||||
TA Chen Stainless Pipe | 140,400 | 160,034 | ||||||
Taishin Financial Holding Co. Ltd. | 1,157,137 | 646,760 | ||||||
Taiwan Business Bank | 636,602 | 266,862 | ||||||
Taiwan Cement Corp. | 189,828 | 208,327 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 610,147 | 502,924 | ||||||
Taiwan Fertilizer Co. Ltd. | 33,080 | 61,908 | ||||||
Taiwan High Speed Rail Corp. | 229,877 | 214,744 | ||||||
Taiwan Mobile Co. Ltd. | 207,984 | 608,673 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,362,032 | 40,718,935 | ||||||
Tatung Co. Ltd.* | 123,942 | 196,928 | ||||||
Teco Electric and Machinery Co. Ltd. | 4,051 | 6,347 | ||||||
Tripod Technology Corp. | 25,616 | 152,024 | ||||||
Unimicron Technology Corp. | 103,796 | 604,593 | ||||||
Uni-President Enterprises Corp. | 272,953 | 605,962 | ||||||
United Microelectronics Corp. | 1,139,385 | 1,627,872 | ||||||
Vanguard International Semiconductor Corp. | 90,426 | 193,933 | ||||||
VisEra Technologies Co. Ltd. | 10,000 | 66,726 | ||||||
Voltronic Power Technology Corp. | 5,343 | 243,272 | ||||||
Walsin Lihwa Corp. | 624 | 745 | ||||||
Walsin Technology Corp. | 18,937 | 58,631 | ||||||
Wan Hai Lines Ltd. | 94,509 | 134,434 | ||||||
Win Semiconductors Corp. | 37,837 | 161,582 | ||||||
Winbond Electronics Corp.* | 154,514 | 127,846 | ||||||
Wistron Corp. | 257,505 | 946,041 | ||||||
Wiwynn Corp. | 7,697 | 377,037 | ||||||
WPG Holdings Ltd. | 87,190 | 150,306 | ||||||
Yageo Corp. | 23,754 | 361,757 | ||||||
Yang Ming Marine Transport Corp. | 102,850 | 136,449 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,105,657 | 847,127 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Yulon Finance Corp. | 32,000 | $ | 178,858 | |||||
Yulon Motor Co. Ltd. | 22,176 | 58,075 | ||||||
Zhen Ding Technology Holding Ltd. | 63,962 | 194,217 | ||||||
|
| |||||||
(Cost $105,139,297) | 92,164,486 | |||||||
|
| |||||||
Thailand — 1.9% | ||||||||
Advanced Info Service PCL, NVDR | 114,300 | 705,042 | ||||||
Airports of Thailand PCL, NVDR* | 263,600 | 545,756 | ||||||
Asset World Corp. PCL, NVDR | 820,500 | 102,160 | ||||||
Bangkok Bank PCL | 54,500 | 263,804 | ||||||
Bangkok Bank PCL, NVDR | 53,000 | 256,543 | ||||||
Bangkok Commercial Asset Management PCL, NVDR | 197,200 | 67,014 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 387,100 | 309,525 | ||||||
Bangkok Expressway & Metro PCL | 161,300 | 39,844 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 732,600 | 180,966 | ||||||
Bangkok Life Assurance PCL, NVDR | 43,400 | 30,365 | ||||||
Berli Jucker PCL, NVDR | 59,900 | 57,732 | ||||||
BTS Group Holdings PCL, NVDR | 874,300 | 183,511 | ||||||
Bumrungrad Hospital PCL, NVDR | 36,800 | 272,184 | ||||||
Carabao Group PCL, NVDR | 36,700 | 90,132 | ||||||
Central Pattana PCL, NVDR | 107,100 | 210,270 | ||||||
Central Retail Corp. PCL | 75,100 | 88,466 | ||||||
Central Retail Corp. PCL, NVDR | 183,800 | 216,513 | ||||||
Charoen Pokphand Foods PCL, NVDR | 222,300 | 131,409 | ||||||
Com7 PCL, NVDR | 98,600 | 90,807 | ||||||
CP ALL PCL, NVDR | 541,600 | 1,009,193 | ||||||
CP Axtra PCL | 19,600 | 20,290 | ||||||
CP Axtra PCL, NVDR | 126,200 | 130,642 | ||||||
Delta Electronics Thailand PCL, NVDR | 41,000 | 127,036 | ||||||
Energy Absolute PCL, NVDR | 182,400 | 329,458 | ||||||
Home Product Center PCL, NVDR | 322,000 | 125,977 | ||||||
Indorama Ventures PCL, NVDR | 19,800 | 16,397 | ||||||
Intouch Holdings PCL, Class F | 3,400 | 7,064 | ||||||
Intouch Holdings PCL, NVDR | 83,400 | 173,266 | ||||||
JMT Network Services PCL, NVDR | 64,700 | 85,916 | ||||||
Kasikornbank PCL, NVDR | 152,900 | 569,814 | ||||||
KCE Electronics PCL, NVDR | 48,800 | 71,073 | ||||||
Krung Thai Bank PCL, NVDR | 489,900 | 270,010 | ||||||
Krungthai Card PCL | 59,000 | 81,716 | ||||||
Krungthai Card PCL, NVDR | 37,100 | 51,384 | ||||||
Land & Houses PCL, NVDR | 387,400 | 91,823 | ||||||
Minor International PCL, NVDR | 197,083 | 187,135 | ||||||
Muangthai Capital PCL | 600 | 698 | ||||||
Muangthai Capital PCL, NVDR | 65,400 | 76,106 | ||||||
Ngern Tid Lor PCL, NVDR | 145,700 | 98,194 | ||||||
Osotspa PCL, NVDR | 110,300 | 94,496 | ||||||
PSG Corp. PCL, NVDR* | 790,200 | 22,566 | ||||||
PTT Global Chemical PCL, NVDR | 41,000 | 43,614 | ||||||
SCB X PCL, NVDR | 115,700 | 389,879 | ||||||
SCG Packaging PCL | 38,700 | 45,312 | ||||||
SCG Packaging PCL, NVDR | 58,900 | 68,963 | ||||||
Siam Cement PCL, NVDR | 17,700 | 158,209 | ||||||
Siam Global House PCL, NVDR | 113,659 | 61,021 | ||||||
Srisawad Corp. PCL, NVDR | 71,100 | 103,551 |
Number | Value | |||||||
Thailand (Continued) | ||||||||
Thai Beverage PCL | 557,200 | $ | 235,175 | |||||
Thai Life Insurance PCL | 182,600 | 61,532 | ||||||
Thai Life Insurance PCL, NVDR | 168,700 | 56,848 | ||||||
Thai Union Group PCL, NVDR | 93,200 | 38,060 | ||||||
Thonburi Healthcare Group PCL, NVDR | 28,300 | 52,935 | ||||||
Tisco Financial Group PCL, NVDR | 49,900 | 146,775 | ||||||
TMBThanachart Bank PCL, NVDR | 4,502,677 | 219,878 | ||||||
TOA Paint Thailand PCL | 58,500 | 44,271 | ||||||
True Corp. PCL, NVDR. | 1,222,469 | 240,881 | ||||||
VGI PCL, NVDR | 835,300 | 70,607 | ||||||
|
| |||||||
(Cost $9,930,810) | 9,519,808 | |||||||
|
| |||||||
Turkey — 0.9% | ||||||||
Akbank TAS | 326,899 | 352,926 | ||||||
Aksa Akrilik Kimya Sanayii AS | 5,766 | 17,358 | ||||||
Arcelik AS* | 3,371 | 20,587 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 70,792 | 102,294 | ||||||
Aydem Yenilenebilir Enerji AS* | 38,869 | 26,902 | ||||||
Bera Holding AS* | 62,280 | 31,517 | ||||||
BIM Birlesik Magazalar AS | 43,415 | 410,738 | ||||||
Borusan Mannesmann Boru Sanayi VE Ticaret AS* | 3 | 86 | ||||||
Borusan Yatirim ve Pazarlama AS | 580 | 43,452 | ||||||
Celebi Hava Servisi AS | 820 | 26,746 | ||||||
Coca-Cola Icecek AS | 4,088 | 60,283 | ||||||
Deva Holding AS | 11,651 | 39,204 | ||||||
Dogus Otomotiv Servis Ve Ticaret AS | 3,848 | 41,197 | ||||||
Eczacibasi Yatirim Holding Ortakligi AS | 3,197 | 25,905 | ||||||
Ege Endustri Ve Ticaret AS | 106 | 28,590 | ||||||
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS | 16,850 | 31,731 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 132,971 | 42,848 | ||||||
Eregli Demir Ve Celik Fabrikalari TAS* | 37,603 | 60,684 | ||||||
Ford Otomotiv Sanayi AS | 85 | 2,751 | ||||||
GEN Ilac Ve Saglik Urunleri Sanayi Ve Ticaret AS | 10,054 | 24,515 | ||||||
Girisim Elektrik Taahhut Ticaret VE Sanayi AS* | 10,454 | 36,392 | ||||||
Gubre Fabrikalari TAS* | 4,243 | 56,854 | ||||||
Haci Omer Sabanci Holding AS | 53,009 | 118,913 | ||||||
Hektas Ticaret TAS* | 81,446 | 78,398 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS REIT* | 53,629 | 38,324 | ||||||
Is Yatirim Menkul Degerler AS | 55,242 | 88,114 | ||||||
Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS, Class D | 14,695 | 13,781 | ||||||
Kiler Holding AS* | 49,761 | 41,664 | ||||||
KOC Holding AS | 42,565 | 226,417 | ||||||
Kontrolmatik Enerji Ve Muhendislik AS | 1,486 | 15,330 | ||||||
Koza Altin Isletmeleri AS | 82,887 | 88,491 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS* | 739 | 1,817 | ||||||
Logo Yazilim Sanayi Ve Ticaret AS | 8,139 | 22,639 | ||||||
Migros Ticaret AS | 553 | 7,196 | ||||||
MLP Saglik Hizmetleri AS, 144A* | 8,586 | 40,905 | ||||||
Pegasus Hava Tasimaciligi AS* | 3,558 | 116,773 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
Turkey (Continued) | ||||||||
Penta Teknoloji Urunleri Dagitim Ticaret AS* | 11,533 | $ | 9,985 | |||||
Petkim Petrokimya Holding AS* | 68,019 | 52,154 | ||||||
Qua Granite Hayal* | 91,098 | 23,751 | ||||||
Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS | 36,426 | 51,488 | ||||||
Sasa Polyester Sanayi AS* | 99,158 | 196,214 | ||||||
Selcuk Ecza Deposu Ticaret Ve Sanayi A.S. | 11,953 | 26,500 | ||||||
Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS* | 13,371 | 38,020 | ||||||
Sok Marketler Ticaret AS | 19,937 | 46,482 | ||||||
Tekfen Holding AS | 1,372 | 2,455 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,353 | 44,073 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT | 28,744 | 27,496 | ||||||
Turk Hava Yollari AO* | 39,529 | 363,297 | ||||||
Turk Telekomunikasyon AS* | 59,507 | 57,325 | ||||||
Turkcell Iletisim Hizmetleri AS* | 126,936 | 265,704 | ||||||
Turkiye Halk Bankasi AS* | 87,240 | 43,657 | ||||||
Turkiye Is Bankasi AS, Class C | 361,847 | 285,866 | ||||||
Turkiye Sigorta AS* | 43,289 | 43,845 | ||||||
Turkiye Sinai Kalkinma Bankasi AS* | 137,997 | 36,806 | ||||||
Turkiye Sise Ve Cam Fabrikalari AS | 56,338 | 108,312 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D* | 138,579 | 70,596 | ||||||
Ulker Biskuvi Sanayi AS* | 9,264 | 21,199 | ||||||
Verusa Holding AS | 4,170 | 26,045 | ||||||
Vestel Elektronik Sanayi Ve Ticaret AS* | 8,501 | 21,940 | ||||||
Yapi Ve Kredi Bankasi AS | 153,741 | 91,699 | ||||||
|
| |||||||
(Cost $2,828,130) | 4,337,231 | |||||||
|
| |||||||
United Arab Emirates — 2.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 300,820 | 706,790 | ||||||
Abu Dhabi Islamic Bank PJSC | 116,182 | 329,594 | ||||||
Aldar Properties PJSC | 233,601 | 334,529 | ||||||
Alpha Dhabi Holding PJSC* | 115,151 | 630,140 | ||||||
Borouge PLC | 251,187 | 186,695 | ||||||
Dubai Islamic Bank PJSC | 175,980 | 270,219 | ||||||
Emaar Properties PJSC | 368,451 | 708,203 | ||||||
Emirates NBD Bank PJSC | 243,752 | 1,085,023 | ||||||
Emirates Telecommunications Group Co. PJSC | 345,423 | 1,865,804 | ||||||
First Abu Dhabi Bank PJSC | 439,904 | 1,638,390 | ||||||
International Holding Co. PJSC* | 28,293 | 3,150,471 | ||||||
|
| |||||||
(Cost $9,401,799) | 10,905,858 | |||||||
|
| |||||||
United States — 0.2% | ||||||||
BeiGene Ltd., ADR * | 3,256 | 675,783 | ||||||
Parade Technologies Ltd. | 6,000 | 169,186 | ||||||
|
| |||||||
(Cost $911,422) | 844,969 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 480,823,788 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 1.8% | ||||||||
Brazil — 1.1% | ||||||||
Banco Bradesco SA | 522,652 | $ | 1,578,212 | |||||
Centrais Eletricas Brasileiras SA, Class B | 21,867 | 171,104 | ||||||
Cia Energetica de Minas Gerais | 127,748 | 318,147 | ||||||
Gerdau SA | 51,509 | 268,940 | ||||||
Itau Unibanco Holding SA | 477,405 | 2,644,991 | ||||||
Itausa SA | 297,849 | 555,878 | ||||||
|
| |||||||
(Cost $5,349,183) | 5,537,272 | |||||||
|
| |||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 8,340 | 514,040 | ||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 44,019 | 292,349 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Sberbank of Russia PJSC *(a) | 71,636 | 0 | ||||||
|
| |||||||
South Korea — 0.5% | ||||||||
Hyundai Motor Co. | 1,139 | 87,725 | ||||||
Hyundai Motor Co. — 2nd Preferred | 1,914 | 150,745 | ||||||
LG Chem Ltd. | 521 | 134,611 | ||||||
Samsung Electronics Co. Ltd. | 48,828 | 1,994,864 | ||||||
Samsung SDI Co. Ltd. | 188 | 42,671 | ||||||
|
| |||||||
(Cost $3,319,936) | 2,410,616 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 8,754,277 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS — 0.0% | ||||||||
India — 0.0% | ||||||||
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 | INR | 2,494 | 30 | |||||
|
| |||||||
Number | ||||||||
RIGHTS — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Itausa SA* , expires 10/6/23 | 4,142 | 2,317 | ||||||
|
| |||||||
South Korea — 0.0% | ||||||||
SK Innovation Co. Ltd.* , expires 9/26/23 | 177 | 5,069 | ||||||
|
| |||||||
TOTAL RIGHTS | 7,386 | |||||||
|
|
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
Number | Value | |||||||
WARRANTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, expires 11/22/23 | 746 | $ | 714 | |||||
|
| |||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL*, expires 11/7/24 | 400 | 1 | ||||||
BTS Group Holdings PCL*, expires 11/20/26 | 800 | 4 | ||||||
|
| |||||||
(Cost $0) | 5 | |||||||
|
| |||||||
TOTAL WARRANTS | 719 | |||||||
|
|
Number | Value | |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 1,488,084 | $ | 1,488,084 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $579,685,616) | $ | 491,074,284 | ||||||
Other assets and liabilities, net — 0.2% | 1,170,552 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 492,244,836 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
1,366,731 | — | (1,366,731 | )(d) | — | — | 64,464 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
1,859,521 | 20,144,248 | (20,515,685 | ) | — | — | 56,357 | — | 1,488,084 | 1,488,084 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,226,252 | 20,144,248 | (21,882,416 | ) | — | — | 120,821 | — | 1,488,084 | 1,488,084 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
KSC: | Kuwait Shareholding Company |
KSCP: | Kuwait Shareholding Company Public |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
PSQC: | Public Shareholders Qatari Company |
QPSC: | Qatari Public Shareholders Company |
QSC: | Qatari Shareholders Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
SAQ: | Societe Anonyme Qatar |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)
August 31, 2023
At August 31, 2023, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
MSCI Emerging Markets Index Future | USD | 58 | $ | 2,882,958 | $ | 2,839,970 | 9/15/2023 | $ | (42,988 | ) |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 480,756,520 | $ | — | $ | 67,268 | $ | 480,823,788 | ||||||||
Preferred Stocks (a) | 8,754,277 | — | 0 | 8,754,277 | ||||||||||||
Corporate Bonds | — | 30 | — | 30 | ||||||||||||
Rights (a) | 7,386 | — | — | 7,386 | ||||||||||||
Warrants (a) | 719 | — | — | 719 | ||||||||||||
Short-Term Investments (a) | 1,488,084 | — | — | 1,488,084 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 491,006,986 | $ | 30 | $ | 67,268 | $ | 491,074,284 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | $ | (42,988 | ) | $ | — | $ | — | $ | (42,988 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (42,988 | ) | $ | — | $ | — | $ | (42,988 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $ 64,340. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Australia — 6.1% | ||||||||
ANZ Group Holdings Ltd. | 16,955 | $ | 278,146 | |||||
APA Group (a) | 6,625 | 38,573 | ||||||
Aristocrat Leisure Ltd. | 3,353 | 88,817 | ||||||
ASX Ltd. | 1,078 | 40,207 | ||||||
Aurizon Holdings Ltd. | 10,168 | 24,036 | ||||||
BlueScope Steel Ltd. | 2,614 | 35,569 | ||||||
Brambles Ltd. | 7,854 | 76,147 | ||||||
Cochlear Ltd. | 371 | 65,233 | ||||||
Coles Group Ltd. | 7,666 | 80,779 | ||||||
Computershare Ltd. | 3,180 | 51,859 | ||||||
Dexus REIT | 6,181 | 31,024 | ||||||
EBOS Group Ltd. | 858 | 19,389 | ||||||
Endeavour Group Ltd. | 8,246 | 29,373 | ||||||
Fortescue Metals Group Ltd. | 9,570 | 132,823 | ||||||
Goodman Group REIT | 9,422 | 142,546 | ||||||
GPT Group REIT | 10,254 | 27,892 | ||||||
IDP Education Ltd. | 1,463 | 23,337 | ||||||
IGO Ltd. | 3,838 | 34,601 | ||||||
Lendlease Corp. Ltd. (a) | 3,662 | 18,523 | ||||||
Macquarie Group Ltd. | 2,030 | 233,404 | ||||||
Mineral Resources Ltd. | 978 | 45,307 | ||||||
Mirvac Group REIT | 21,343 | 33,451 | ||||||
Newcrest Mining Ltd. | 5,077 | 85,590 | ||||||
Northern Star Resources Ltd. | 6,539 | 50,439 | ||||||
Orica Ltd. | 2,515 | 25,589 | ||||||
Pilbara Minerals Ltd. | 15,208 | 45,997 | ||||||
QBE Insurance Group Ltd. | 8,449 | 81,971 | ||||||
Ramsay Health Care Ltd. | 1,015 | 33,821 | ||||||
REA Group Ltd. | 305 | 32,609 | ||||||
Scentre Group REIT | 28,190 | 50,208 | ||||||
SEEK Ltd. | 1,985 | 29,710 | ||||||
Sonic Healthcare Ltd. | 2,522 | 52,529 | ||||||
Stockland REIT | 14,078 | 38,659 | ||||||
Suncorp Group Ltd. | 7,184 | 63,417 | ||||||
Telstra Group Ltd. | 22,935 | 59,564 | ||||||
Transurban Group (a) | 16,851 | 144,714 | ||||||
Vicinity Ltd. REIT | 20,849 | 25,250 | ||||||
Woodside Energy Group Ltd. | 10,568 | 253,379 | ||||||
|
| |||||||
(Cost $2,650,735) | 2,624,482 | |||||||
|
| |||||||
Austria — 0.2% | ||||||||
OMV AG | 838 | 38,900 | ||||||
Verbund AG | 395 | 32,411 | ||||||
|
| |||||||
(Cost $77,744) | 71,311 | |||||||
|
| |||||||
Belgium — 0.3% | ||||||||
KBC Group NV | 1,410 | 92,678 | ||||||
Umicore SA | 1,193 | 31,684 | ||||||
|
| |||||||
(Cost $147,018) | 124,362 | |||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC | 2,163 | 39,687 | ||||||
|
| |||||||
Denmark — 5.9% | ||||||||
A.P. Moller — Maersk A/S, Class A | 19 | 34,088 | ||||||
A.P. Moller — Maersk A/S, Class B | 28 | 50,989 |
Number | Value | |||||||
Denmark (Continued) | ||||||||
Chr Hansen Holding A/S | 593 | $ | 38,808 | |||||
Coloplast A/S, Class B | 668 | 76,382 | ||||||
DSV A/S | 1,029 | 195,927 | ||||||
Genmab A/S* | 370 | 142,247 | ||||||
Novo Nordisk A/S, Class B | 9,208 | 1,708,326 | ||||||
Novozymes A/S, Class B | 1,155 | 50,207 | ||||||
Orsted AS, 144A | 1,073 | 69,143 | ||||||
Pandora A/S | 461 | 47,920 | ||||||
ROCKWOOL A/S, Class B | 53 | 13,572 | ||||||
Vestas Wind Systems A/S* | 5,703 | 132,033 | ||||||
|
| |||||||
(Cost $1,818,631) | 2,559,642 | |||||||
|
| |||||||
Finland — 1.6% | ||||||||
Elisa OYJ | 762 | 37,440 | ||||||
Kesko OYJ, Class B | 1,574 | 30,784 | ||||||
Metso Corp. | 3,692 | 42,576 | ||||||
Neste OYJ | 2,391 | 87,662 | ||||||
Nokia OYJ | 30,437 | 121,799 | ||||||
Nordea Bank Abp | 18,430 | 202,277 | ||||||
Stora Enso OYJ, Class R | 3,208 | 40,929 | ||||||
UPM-Kymmene OYJ | 2,996 | 102,819 | ||||||
Wartsila OYJ Abp | 2,709 | 34,474 | ||||||
|
| |||||||
(Cost $731,911) | 700,760 | |||||||
|
| |||||||
France — 13.2% | ||||||||
Aeroports de Paris | 164 | 21,645 | ||||||
AXA SA | 10,315 | 310,952 | ||||||
BNP Paribas SA | 5,937 | 384,755 | ||||||
Bouygues SA | 1,114 | 38,570 | ||||||
Carrefour SA | 3,344 | 64,132 | ||||||
Cie Generale des Etablissements Michelin SCA | 3,821 | 119,893 | ||||||
Credit Agricole SA | 6,736 | 85,216 | ||||||
Danone SA | 3,607 | 210,737 | ||||||
Dassault Systemes SE | 3,771 | 149,839 | ||||||
Eiffage SA | 389 | 38,555 | ||||||
Gecina SA REIT | 257 | 27,573 | ||||||
Getlink SE | 1,988 | 33,347 | ||||||
Hermes International SCA | 178 | 367,220 | ||||||
Kering SA | 419 | 224,743 | ||||||
Klepierre SA REIT | 1,250 | 33,103 | ||||||
L’Oreal SA | 1,359 | 598,551 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,557 | 1,321,832 | ||||||
Orange SA | 10,359 | 116,456 | ||||||
Schneider Electric SE | 3,069 | 528,221 | ||||||
Societe Generale SA | 4,082 | 116,143 | ||||||
Teleperformance SE | 332 | 46,069 | ||||||
TotalEnergies SE | 12,728 | 802,199 | ||||||
Valeo SE | 1,159 | 22,643 | ||||||
Worldline SA, 144A* | 1,338 | 43,682 | ||||||
|
| |||||||
(Cost $5,325,686) | 5,706,076 | |||||||
|
| |||||||
Germany — 4.8% | ||||||||
adidas AG | 918 | 183,747 | ||||||
Bayerische Motoren Werke AG | 1,698 | 179,077 | ||||||
Beiersdorf AG | 559 | 73,291 | ||||||
Brenntag SE | 868 | 70,411 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Germany (Continued) | ||||||||
Commerzbank AG | 6,017 | $ | 66,285 | |||||
Covestro AG, 144A* | 1,099 | 58,531 | ||||||
Deutsche Boerse AG | 1,071 | 190,461 | ||||||
Deutsche Lufthansa AG* | 3,399 | 30,424 | ||||||
DHL Group | 5,546 | 259,344 | ||||||
Evonik Industries AG | 1,187 | 22,810 | ||||||
GEA Group AG | 841 | 33,225 | ||||||
Heidelberg Materials AG | 829 | 66,834 | ||||||
HelloFresh SE* | 933 | 30,197 | ||||||
Henkel AG & Co. KGaA | 586 | 40,565 | ||||||
Knorr-Bremse AG | 401 | 27,463 | ||||||
LEG Immobilien SE* | 416 | 30,070 | ||||||
Merck KGaA | 729 | 131,343 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 772 | 300,132 | ||||||
Puma SE | 601 | 40,442 | ||||||
Symrise AG | 750 | 78,275 | ||||||
Telefonica Deutschland Holding AG | 4,911 | 9,349 | ||||||
Vonovia SE | 4,150 | 99,588 | ||||||
Zalando SE, 144A* | 1,270 | 39,601 | ||||||
|
| |||||||
(Cost $2,001,212) | 2,061,465 | |||||||
|
| |||||||
Hong Kong — 2.5% | ||||||||
AIA Group Ltd. | 64,967 | 589,875 | ||||||
BOC Hong Kong Holdings Ltd. | 20,863 | 57,999 | ||||||
Hang Seng Bank Ltd. | 4,281 | 54,592 | ||||||
HKT Trust & HKT Ltd. (a) | 20,672 | 22,038 | ||||||
Hong Kong & China Gas Co. Ltd. | 63,476 | 46,706 | ||||||
MTR Corp. Ltd. | 8,940 | 37,337 | ||||||
Prudential PLC | 15,118 | 185,093 | ||||||
Sino Land Co. Ltd. | 18,803 | 21,556 | ||||||
Swire Pacific Ltd., Class A | 2,163 | 17,846 | ||||||
Swire Properties Ltd. | 5,685 | 11,890 | ||||||
WH Group Ltd., 144A | 47,870 | 24,662 | ||||||
|
| |||||||
(Cost $1,258,844) | 1,069,594 | |||||||
|
| |||||||
Ireland — 1.3% | ||||||||
CRH PLC | 4,068 | 234,536 | ||||||
DCC PLC | 539 | 29,553 | ||||||
James Hardie Industries PLC CDI* | 2,513 | 75,730 | ||||||
Kerry Group PLC, Class A | 902 | 84,330 | ||||||
Kingspan Group PLC | 871 | 73,812 | ||||||
Smurfit Kappa Group PLC | 1,450 | 61,030 | ||||||
|
| |||||||
(Cost $500,645) | 558,991 | |||||||
|
| |||||||
Israel — 0.1% | ||||||||
Bank Leumi Le-Israel BM | 8,621 | 67,115 | ||||||
|
| |||||||
Italy — 1.8% | ||||||||
Assicurazioni Generali SpA | 5,735 | 119,074 | ||||||
Enel SpA | 45,142 | 304,258 | ||||||
FinecoBank Banca Fineco SpA | 3,438 | 47,240 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 3,075 | 40,283 | ||||||
Moncler SpA | 1,111 | 75,533 | ||||||
Nexi SpA, 144A* | 3,297 | 23,732 | ||||||
Poste Italiane SpA, 144A | 2,990 | 33,280 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Prysmian SpA | 1,434 | $ | 58,816 | |||||
Terna—Rete Elettrica Nazionale | 7,996 | 66,130 | ||||||
|
| |||||||
(Cost $757,964) | 768,346 | |||||||
|
| |||||||
Japan — 24.6% | ||||||||
Advantest Corp. | 1,100 | 138,345 | ||||||
Aeon Co. Ltd. | 3,700 | 76,727 | ||||||
Ajinomoto Co., Inc. | 2,600 | 110,243 | ||||||
ANA Holdings, Inc.* | 800 | 18,079 | ||||||
Asahi Kasei Corp. | 7,000 | 45,283 | ||||||
Astellas Pharma, Inc. | 10,100 | 153,632 | ||||||
Azbil Corp. | 600 | 20,030 | ||||||
Bridgestone Corp. | 3,200 | 124,430 | ||||||
Brother Industries Ltd. | 1,400 | 23,738 | ||||||
Dai Nippon Printing Co. Ltd. | 1,165 | 31,873 | ||||||
Daifuku Co. Ltd. | 1,748 | 32,340 | ||||||
Daiichi Sankyo Co. Ltd. | 10,300 | 304,150 | ||||||
Daikin Industries Ltd. | 1,471 | 254,875 | ||||||
Daiwa House Industry Co. Ltd. | 3,300 | 91,757 | ||||||
Daiwa Securities Group, Inc. | 7,600 | 43,276 | ||||||
Eisai Co. Ltd. | 1,408 | 89,537 | ||||||
FANUC Corp. | 5,425 | 154,755 | ||||||
Fast Retailing Co. Ltd. | 992 | 228,129 | ||||||
Fuji Electric Co. Ltd. | 700 | 33,056 | ||||||
FUJIFILM Holdings Corp. | 2,150 | 127,212 | ||||||
Fujitsu Ltd. | 1,001 | 125,172 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,400 | 50,294 | ||||||
Hirose Electric Co. Ltd. | 221 | 26,801 | ||||||
Hitachi Construction Machinery Co. Ltd. | 600 | 18,715 | ||||||
Hitachi Ltd. | 5,300 | 352,909 | ||||||
Hoya Corp. | 2,049 | 227,370 | ||||||
Hulic Co. Ltd. | 2,200 | 19,766 | ||||||
Ibiden Co. Ltd. | 600 | 36,234 | ||||||
Inpex Corp. | 5,500 | 76,879 | ||||||
Isuzu Motors Ltd. | 3,200 | 41,103 | ||||||
ITOCHU Corp. | 6,600 | 248,070 | ||||||
Itochu Techno-Solutions Corp. | 500 | 14,854 | ||||||
JFE Holdings, Inc. | 2,800 | 44,303 | ||||||
JSR Corp. | 900 | 25,161 | ||||||
Kao Corp. | 2,684 | 103,960 | ||||||
KDDI Corp. | 8,302 | 246,634 | ||||||
Keio Corp. | 539 | 18,660 | ||||||
Kikkoman Corp. | 800 | 46,301 | ||||||
Komatsu Ltd. | 5,300 | 151,080 | ||||||
Kubota Corp. | 5,800 | 93,025 | ||||||
Kurita Water Industries Ltd. | 500 | 19,518 | ||||||
Kyowa Kirin Co. Ltd. | 1,600 | 29,349 | ||||||
Lixil Corp. | 1,800 | 22,558 | ||||||
Marubeni Corp. | 8,300 | 135,944 | ||||||
MatsukiyoCocokara & Co. | 600 | 35,340 | ||||||
Mazda Motor Corp. | 3,100 | 32,632 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 500 | 19,885 | ||||||
MEIJI Holdings Co. Ltd. | 1,400 | 35,119 | ||||||
Mitsubishi Chemical Group Corp. | 6,800 | 40,650 | ||||||
Mitsubishi Estate Co. Ltd. | 6,300 | 80,597 | ||||||
Mitsui Chemicals, Inc. | 900 | 24,456 | ||||||
Mitsui Fudosan Co. Ltd. | 5,100 | 111,819 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Japan (Continued) | ||||||||
Mizuho Financial Group, Inc. | 13,600 | $ | 225,133 | |||||
MS&AD Insurance Group Holdings, Inc. | 2,400 | 86,383 | ||||||
NEC Corp. | 1,400 | 73,911 | ||||||
Nintendo Co. Ltd. | 5,820 | 250,534 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 350 | 18,197 | ||||||
Nippon Paint Holdings Co. Ltd. | 5,350 | 41,379 | ||||||
Nippon Prologis REIT, Inc. REIT | 14 | 28,166 | ||||||
Nissin Foods Holdings Co. Ltd. | 350 | 30,580 | ||||||
Nitori Holdings Co. Ltd. | 442 | 50,459 | ||||||
Nitto Denko Corp. | 750 | 51,254 | ||||||
Nomura Holdings, Inc. | 16,600 | 64,332 | ||||||
Nomura Real Estate Holdings, Inc. | 700 | 17,636 | ||||||
Nomura Research Institute Ltd. | 2,200 | 63,241 | ||||||
NTT Data Group Corp. | 3,400 | 45,797 | ||||||
Omron Corp. | 913 | 44,137 | ||||||
Ono Pharmaceutical Co. Ltd. | 2,200 | 41,730 | ||||||
Open House Group Co. Ltd. | 400 | 13,534 | ||||||
Oriental Land Co. Ltd. | 6,125 | 220,834 | ||||||
ORIX Corp. | 6,600 | 123,309 | ||||||
Osaka Gas Co. Ltd. | 2,200 | 35,210 | ||||||
Pan Pacific International Holdings Corp. | 2,200 | 43,891 | ||||||
Panasonic Holdings Corp. | 12,500 | 144,203 | ||||||
Rakuten Group, Inc. | 8,500 | 33,180 | ||||||
Recruit Holdings Co. Ltd. | 8,200 | 294,014 | ||||||
Renesas Electronics Corp.* | 7,000 | 117,825 | ||||||
Ricoh Co. Ltd. | 3,100 | 25,297 | ||||||
SCSK Corp. | 800 | 13,881 | ||||||
Secom Co. Ltd. | 1,200 | 84,033 | ||||||
Seiko Epson Corp. | 1,700 | 26,653 | ||||||
Sekisui Chemical Co. Ltd. | 2,100 | 32,253 | ||||||
Sekisui House Ltd. | 3,500 | 71,414 | ||||||
Seven & i Holdings Co. Ltd. | 4,200 | 172,547 | ||||||
SG Holdings Co. Ltd. | 1,900 | 27,459 | ||||||
Sharp Corp.* | 1,500 | 9,241 | ||||||
Shimadzu Corp. | 1,340 | 39,449 | ||||||
Shimizu Corp. | 3,000 | 20,188 | ||||||
Shin-Etsu Chemical Co. Ltd. | 10,175 | 325,620 | ||||||
Shionogi & Co. Ltd. | 1,400 | 61,708 | ||||||
SoftBank Corp. | 16,100 | 184,682 | ||||||
Sompo Holdings, Inc. | 1,640 | 71,498 | ||||||
Sony Group Corp. | 7,083 | 590,878 | ||||||
Sumitomo Chemical Co. Ltd. | 7,900 | 21,890 | ||||||
Sumitomo Electric Industries Ltd. | 4,000 | 49,057 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,453 | 45,112 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 7,153 | 328,256 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,900 | 71,140 | ||||||
Suntory Beverage & Food Ltd. | 700 | 22,666 | ||||||
Sysmex Corp. | 900 | 47,916 | ||||||
T&D Holdings, Inc. | 2,800 | 44,495 | ||||||
TDK Corp. | 2,225 | 81,215 | ||||||
Terumo Corp. | 3,750 | 113,671 | ||||||
TIS, Inc. | 1,400 | 33,051 | ||||||
Tobu Railway Co. Ltd. | 1,000 | 27,427 | ||||||
Tokio Marine Holdings, Inc. | 10,100 | 223,874 | ||||||
Tokyo Electron Ltd. | 2,625 | 389,012 | ||||||
Tokyo Gas Co. Ltd. | 2,300 | 53,351 | ||||||
Tokyu Corp. | 3,100 | 39,191 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Toray Industries, Inc. | 8,000 | $ | 43,197 | |||||
TOTO Ltd. | 700 | 19,209 | ||||||
Unicharm Corp. | 2,300 | 91,820 | ||||||
USS Co. Ltd. | 1,100 | 19,226 | ||||||
West Japan Railway Co. | 1,150 | 49,796 | ||||||
Yamaha Corp. | 719 | 22,219 | ||||||
Yamaha Motor Co. Ltd. | 1,800 | 46,723 | ||||||
Yamato Holdings Co. Ltd. | 1,700 | 31,954 | ||||||
Yaskawa Electric Corp. | 1,372 | 53,915 | ||||||
Yokogawa Electric Corp. | 1,279 | 25,376 | ||||||
Z Holdings Corp. | 15,300 | 46,010 | ||||||
ZOZO, Inc. | 900 | 17,986 | ||||||
|
| |||||||
(Cost $10,179,965) | 10,631,050 | |||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
Tenaris SA | 2,647 | 42,404 | ||||||
|
| |||||||
Netherlands — 6.4% | ||||||||
Akzo Nobel NV | 970 | 79,001 | ||||||
ASML Holding NV | 2,275 | 1,501,010 | ||||||
ING Groep NV | 20,175 | 286,850 | ||||||
JDE Peet’s NV | 716 | 19,956 | ||||||
Koninklijke Ahold Delhaize NV | 5,525 | 180,946 | ||||||
Koninklijke KPN NV | 18,081 | 63,327 | ||||||
NN Group NV | 1,423 | 54,921 | ||||||
Prosus NV* | 3,966 | 274,541 | ||||||
Universal Music Group NV | 4,622 | 114,828 | ||||||
Wolters Kluwer NV | 1,453 | 175,364 | ||||||
|
| |||||||
(Cost $2,273,541) | 2,750,744 | |||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Mercury NZ Ltd. | 3,640 | 13,449 | ||||||
Meridian Energy Ltd. | 6,932 | 22,145 | ||||||
Spark New Zealand Ltd. | 10,388 | 31,391 | ||||||
Xero Ltd.* | 798 | 64,655 | ||||||
|
| |||||||
(Cost $133,449) | 131,640 | |||||||
|
| |||||||
Norway — 1.2% | ||||||||
Aker BP ASA | 1,770 | 48,023 | ||||||
DNB Bank ASA | 5,061 | 100,201 | ||||||
Equinor ASA | 5,167 | 159,423 | ||||||
Gjensidige Forsikring ASA | 1,105 | 17,192 | ||||||
Mowi ASA | 2,535 | 45,995 | ||||||
Norsk Hydro ASA | 7,610 | 42,281 | ||||||
Orkla ASA | 4,149 | 31,703 | ||||||
Salmar ASA | 416 | 20,336 | ||||||
Telenor ASA | 3,972 | 42,531 | ||||||
|
| |||||||
(Cost $542,720) | 507,685 | |||||||
|
| |||||||
Portugal — 0.2% | ||||||||
Galp Energia SGPS SA | 2,777 | 38,293 | ||||||
Jeronimo Martins SGPS SA | 1,638 | 41,779 | ||||||
|
| |||||||
(Cost $67,845) | 80,072 | |||||||
|
| |||||||
Singapore — 0.7% | ||||||||
CapitaLand Integrated Commercial Trust REIT | 28,565 | 40,399 | ||||||
CapitaLand Investment Ltd. | 14,600 | 35,027 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Singapore (Continued) | ||||||||
City Developments Ltd. | 2,800 | $ | 13,850 | |||||
Keppel Corp. Ltd. | 8,400 | 43,166 | ||||||
Singapore Exchange Ltd. | 4,900 | 34,941 | ||||||
United Overseas Bank Ltd. | 7,100 | 149,518 | ||||||
|
| |||||||
(Cost $313,410) | 316,901 | |||||||
|
| |||||||
Spain — 1.8% | ||||||||
ACS Actividades de Construccion y Servicios SA | 1,245 | 43,767 | ||||||
Amadeus IT Group SA | 2,543 | 174,711 | ||||||
Iberdrola SA | 34,406 | 409,275 | ||||||
Naturgy Energy Group SA | 678 | 19,677 | ||||||
Redeia Corp. SA | 2,259 | 36,789 | ||||||
Repsol SA | 7,098 | 109,548 | ||||||
|
| |||||||
(Cost $743,756) | 793,767 | |||||||
|
| |||||||
Sweden — 2.9% | ||||||||
Alfa Laval AB | 1,628 | 57,270 | ||||||
Assa Abloy AB, Class B | 5,683 | 128,141 | ||||||
Atlas Copco AB, Class A | 15,202 | 201,237 | ||||||
Atlas Copco AB, Class B | 8,731 | 100,746 | ||||||
Beijer Ref AB | 1,908 | 21,920 | ||||||
Boliden AB | 1,537 | 40,924 | ||||||
Epiroc AB, Class A | 3,712 | 71,393 | ||||||
Epiroc AB, Class B | 2,195 | 36,002 | ||||||
EQT AB | 2,004 | 40,410 | ||||||
Essity AB, Class B | 3,455 | 80,681 | ||||||
H & M Hennes & Mauritz AB, Class B | 3,724 | 56,959 | ||||||
Holmen AB, Class B | 520 | 19,732 | ||||||
Husqvarna AB, Class B | 2,294 | 19,798 | ||||||
Nibe Industrier AB, Class B | 8,591 | 64,476 | ||||||
Sandvik AB | 6,027 | 114,156 | ||||||
SKF AB, Class B | 1,926 | 31,265 | ||||||
Svenska Cellulosa AB SCA, Class B | 3,448 | 45,974 | ||||||
Svenska Handelsbanken AB, Class A | 8,243 | 68,775 | ||||||
Tele2 AB, Class B | 3,052 | 21,557 | ||||||
Telia Co. AB | 13,937 | 28,142 | ||||||
|
| |||||||
(Cost $1,335,164) | 1,249,558 | |||||||
|
| |||||||
Switzerland — 9.5% | ||||||||
ABB Ltd. | 9,097 | 346,989 | ||||||
Baloise Holding AG | 264 | 41,307 | ||||||
Banque Cantonale Vaudoise | 168 | 18,222 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 11 | 131,639 | ||||||
Clariant AG* | 1,187 | 19,809 | ||||||
Coca-Cola HBC AG* | 1,263 | 36,457 | ||||||
DSM-Firmenich AG | 1,072 | 99,072 | ||||||
Geberit AG | 195 | 101,248 | ||||||
Givaudan SA | 52 | 173,559 | ||||||
Julius Baer Group Ltd. | 1,217 | 84,684 | ||||||
Kuehne + Nagel International AG | 310 | 93,325 | ||||||
Logitech International SA | 932 | 64,641 | ||||||
Lonza Group AG | 415 | 229,712 | ||||||
Novartis AG | 11,569 | 1,169,802 | ||||||
SGS SA | 851 | 77,445 | ||||||
SIG Group AG* | 1,737 | 45,782 | ||||||
Sika AG | 837 | 237,288 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Sonova Holding AG | 296 | $ | 78,319 | |||||
STMicroelectronics NV | 3,870 | 183,406 | ||||||
Swiss Life Holding AG | 174 | 109,256 | ||||||
Swiss Re AG | 1,710 | 166,305 | ||||||
Swisscom AG | 146 | 88,931 | ||||||
Temenos AG | 365 | 29,035 | ||||||
VAT Group AG, 144A | 152 | 60,989 | ||||||
Zurich Insurance Group AG | 852 | 400,317 | ||||||
|
| |||||||
(Cost $3,899,693) | 4,087,539 | |||||||
|
| |||||||
United Kingdom — 13.6% | ||||||||
3i Group PLC | 5,460 | 137,923 | ||||||
abrdn PLC | 11,376 | 23,799 | ||||||
Admiral Group PLC | 1,193 | 37,642 | ||||||
Anglo American PLC | 7,159 | 190,548 | ||||||
Ashtead Group PLC | 2,473 | 173,104 | ||||||
Associated British Foods PLC | 2,010 | 50,748 | ||||||
AstraZeneca PLC | 8,753 | 1,182,562 | ||||||
Auto Trader Group PLC, 144A | 5,079 | 39,027 | ||||||
Barratt Developments PLC | 5,506 | 31,626 | ||||||
Berkeley Group Holdings PLC | 616 | 31,699 | ||||||
BT Group PLC | 39,371 | 57,672 | ||||||
Burberry Group PLC | 2,150 | 59,500 | ||||||
CNH Industrial NV | 5,787 | 80,270 | ||||||
Coca-Cola Europacific Partners PLC | 1,159 | 74,303 | ||||||
Croda International PLC | 787 | 55,068 | ||||||
Endeavour Mining PLC | 1,001 | 20,460 | ||||||
HSBC Holdings PLC | 111,533 | 824,090 | ||||||
Informa PLC | 7,797 | 72,203 | ||||||
Intertek Group PLC | 908 | 47,634 | ||||||
J Sainsbury PLC | 9,385 | 32,121 | ||||||
Johnson Matthey PLC | 1,074 | 22,183 | ||||||
Kingfisher PLC | 10,755 | 31,890 | ||||||
Legal & General Group PLC | 33,916 | 93,990 | ||||||
Lloyds Banking Group PLC | 363,686 | 195,191 | ||||||
Mondi PLC | 2,746 | 45,722 | ||||||
National Grid PLC | 20,808 | 261,085 | ||||||
Ocado Group PLC* | 3,467 | 38,291 | ||||||
Phoenix Group Holdings PLC | 4,249 | 28,051 | ||||||
Reckitt Benckiser Group PLC | 4,000 | 289,012 | ||||||
RELX PLC | 10,536 | 344,181 | ||||||
Sage Group PLC | 5,826 | 71,683 | ||||||
Schroders PLC | 3,961 | 20,669 | ||||||
Segro PLC REIT | 6,648 | 62,119 | ||||||
Spirax-Sarco Engineering PLC | 412 | 52,911 | ||||||
St James’s Place PLC | 3,021 | 33,871 | ||||||
Taylor Wimpey PLC | 20,407 | 29,557 | ||||||
Tesco PLC | 40,372 | 135,925 | ||||||
Unilever PLC | 14,208 | 727,709 | ||||||
Vodafone Group PLC | 129,657 | 120,280 | ||||||
WPP PLC | 6,080 | 58,999 | ||||||
|
| |||||||
(Cost $5,959,971) | 5,885,318 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 42,828,509 | |||||||
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 328 | $ | 31,594 | |||||
Henkel AG & Co. KGaA | 956 | 73,379 | ||||||
|
| |||||||
(Cost $108,963) | 104,973 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA*, | 1,880 | 1,799 | ||||||
|
|
Number | Value | |||||||
EXCHANGE-TRADED FUNDS — 0.1% | ||||||||
iShares ESG Aware MSCI EAFE ETF | 600 | $ | 43,098 | |||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 11,252 | 11,252 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% | $ | 42,989,631 | ||||||
Other assets and liabilities, net — 0.4% | 193,924 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 43,183,555 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||
112,126 | — | (112,126 | ) (d) | — | — | 5,064 | — | — | — | |||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||
29,931 | 1,349,956 | (1,368,635 | ) | — | — | 1,183 | — | 11,252 | 11,252 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
142,057 | 1,349,956 | (1,480,761 | ) | — | — | 6,247 | — | 11,252 | 11,252 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Stapled Security—A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
CDI: | Chess Depositary Interests |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At August 31, 2023, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
EURO STOXX 50 Futures | EUR | 3 | $ | 141,506 | $ | 140,433 | 9/15/2023 | $ | (1,073 | ) | ||||||||
MINI TOPIX Index Futures | JPY | 4 | 61,303 | 64,031 | 9/07/2023 | 2,728 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 1,655 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
EUR | Euro |
JPY | Japanese Yen |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 42,828,509 | $ | — | $ | — | $ | 42,828,509 | ||||||||
Preferred Stocks | 104,973 | — | — | 104,973 | ||||||||||||
Warrants | 1,799 | — | — | 1,799 | ||||||||||||
Exchange-Traded Funds | 43,098 | — | — | 43,098 | ||||||||||||
Short-Term Investments (a) | 11,252 | — | — | 11,252 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 2,728 | — | — | 2,728 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 42,992,359 | $ | — | $ | — | $ | 42,992,359 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | $ | (1,073 | ) | $ | — | $ | — | $ | (1,073 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,073 | ) | $ | — | $ | — | $ | (1,073 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
Brazil — 2.7% | ||||||||
Atacadao SA | 4,126 | $ | 8,550 | |||||
Banco Santander Brasil SA | 2,487 | 13,618 | ||||||
CCR SA | 7,060 | 17,768 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,443 | 28,580 | ||||||
Cia Siderurgica Nacional SA | 4,500 | 11,007 | ||||||
Cosan SA | 8,349 | 29,545 | ||||||
Energisa SA | 1,404 | 13,073 | ||||||
Equatorial Energia SA | 7,217 | 46,151 | ||||||
Hapvida Participacoes e Investimentos SA, 144A* | 34,150 | 29,384 | ||||||
Klabin SA | 5,472 | 25,155 | ||||||
Localiza Rent a Car SA | 6,219 | 79,450 | ||||||
Lojas Renner SA | 6,576 | 21,292 | ||||||
Natura & Co. Holding SA* | 6,237 | 19,123 | ||||||
PRIO SA* | 5,193 | 48,689 | ||||||
Raia Drogasil SA | 9,006 | 49,987 | ||||||
Rede D’Or Sao Luiz SA, 144A | 4,083 | 23,636 | ||||||
Rumo SA | 9,072 | 40,954 | ||||||
Telefonica Brasil SA | 2,834 | 23,669 | ||||||
TIM SA | 5,043 | 14,678 | ||||||
TOTVS SA | 3,923 | 21,980 | ||||||
Ultrapar Participacoes SA | 4,964 | 18,208 | ||||||
WEG SA | 11,735 | 85,045 | ||||||
|
| |||||||
(Cost $629,285) | 669,542 | |||||||
|
| |||||||
Chile — 0.3% | ||||||||
Cencosud SA | 8,783 | 18,711 | ||||||
Empresas CMPC SA | 7,977 | 14,415 | ||||||
Empresas Copec SA | 2,896 | 20,818 | ||||||
Enel Americas SA* | 161,583 | 19,111 | ||||||
Falabella SA | 5,724 | 14,033 | ||||||
|
| |||||||
(Cost $90,423) | 87,088 | |||||||
|
| |||||||
China — 29.7% | ||||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,000 | 3,391 | ||||||
3SBio, Inc., 144A* | 11,138 | 9,317 | ||||||
AAC Technologies Holdings, Inc. | 4,879 | 9,457 | ||||||
Agricultural Bank of China Ltd., Class A | 35,800 | 17,018 | ||||||
Agricultural Bank of China Ltd., Class H | 202,144 | 69,343 | ||||||
Air China Ltd., Class A* | 2,300 | 2,733 | ||||||
Air China Ltd., Class H* | 13,956 | 10,340 | ||||||
Alibaba Group Holding Ltd.* | 113,405 | 1,304,445 | ||||||
Angel Yeast Co. Ltd., Class A | 200 | 911 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,700 | 5,998 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 7,471 | 20,769 | ||||||
Anjoy Foods Group Co. Ltd., Class A | 100 | 1,793 | ||||||
Baidu, Inc., Class A* | 15,534 | 276,142 | ||||||
Beijing Capital International Airport Co. Ltd., Class H* | 12,614 | 6,611 | ||||||
Beijing Easpring Material Technology Co. Ltd., Class A | 200 | 1,218 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 600 | 4,634 | ||||||
BYD Co. Ltd., Class A | 777 | 26,624 | ||||||
BYD Co. Ltd., Class H | 7,164 | 224,556 |
Number | Value | |||||||
China (Continued) | ||||||||
By-health Co. Ltd., Class A | 300 | $ | 797 | |||||
CECEP Solar Energy Co. Ltd., Class A | 1,600 | 1,326 | ||||||
China Baoan Group Co. Ltd., Class A | 900 | 1,318 | ||||||
China Communications Services Corp. Ltd., Class H | 16,044 | 7,222 | ||||||
China Conch Venture Holdings Ltd. | 9,969 | 9,802 | ||||||
China Construction Bank Corp., Class H | 665,772 | 356,584 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 4,800 | 2,862 | ||||||
China Feihe Ltd., 144A | 27,466 | 16,532 | ||||||
China Jushi Co. Ltd., Class A | 1,828 | 3,506 | ||||||
China Literature Ltd., 144A* | 2,801 | 11,252 | ||||||
China Mengniu Dairy Co. Ltd.* | 22,102 | 74,409 | ||||||
China Merchants Bank Co. Ltd., Class A | 8,134 | 35,258 | ||||||
China Merchants Bank Co. Ltd., Class H | 27,268 | 107,796 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 11,070 | 7,397 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 400 | 2,615 | ||||||
China Southern Airlines Co. Ltd., Class A* | 3,674 | 3,190 | ||||||
China Southern Airlines Co. Ltd., Class H* | 12,905 | 6,863 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A | 12,810 | 8,659 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 800 | 11,972 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class H, 144A | 569 | 7,641 | ||||||
China Vanke Co. Ltd., Class A | 4,385 | 8,218 | ||||||
China Vanke Co. Ltd., Class H | 15,367 | 17,931 | ||||||
CITIC Ltd. | 40,649 | 40,381 | ||||||
CMOC Group Ltd., Class A | 8,624 | 6,789 | ||||||
CMOC Group Ltd., Class H | 25,630 | 15,329 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 1,895 | 61,587 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 5,600 | 7,540 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 23,486 | 24,110 | ||||||
Country Garden Services Holdings Co. Ltd. | 15,205 | 17,490 | ||||||
CSPC Pharmaceutical Group Ltd. | 62,144 | 46,756 | ||||||
Dali Foods Group Co. Ltd., 144A (a) | 15,813 | 7,562 | ||||||
East Buy Holding Ltd., 144A* | 2,796 | 14,173 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 200 | 1,457 | ||||||
ENN Energy Holdings Ltd. | 5,489 | 43,048 | ||||||
ENN Natural Gas Co. Ltd., Class A | 1,200 | 2,879 | ||||||
Fosun International Ltd. | 19,653 | 12,305 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 664 | 4,325 | ||||||
Ganfeng Lithium Group Co. Ltd., Class H, 144A | 2,798 | 13,380 | ||||||
GEM Co. Ltd., Class A | 1,200 | 1,032 | ||||||
Genscript Biotech Corp.* | 7,910 | 18,540 | ||||||
Ginlong Technologies Co. Ltd., Class A | 200 | 2,062 | ||||||
Goldwind Science & Technology Co. Ltd., Class A | 1,700 | 2,219 | ||||||
Greentown China Holdings Ltd. | 6,985 | 8,302 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 300 | 1,274 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 200 | $ | 1,639 | |||||
Haier Smart Home Co. Ltd., Class A | 2,700 | 8,721 | ||||||
Haier Smart Home Co. Ltd., Class H | 16,975 | 52,494 | ||||||
Haitian International Holdings Ltd. | 3,835 | 8,236 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 400 | 1,511 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 200 | 1,830 | ||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A | 7,839 | 10,196 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 1,642 | 6,060 | ||||||
Huadong Medicine Co. Ltd., Class A | 600 | 3,132 | ||||||
Huatai Securities Co. Ltd., Class A | 3,356 | 7,322 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 9,778 | 12,868 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 26,500 | 16,821 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 443,104 | 203,421 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2,650 | 9,466 | ||||||
JD Logistics, Inc., 144A* | 13,209 | 17,619 | ||||||
JD.com, Inc., Class A | 16,175 | 265,673 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 1,600 | 2,530 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 7,064 | 6,378 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2,700 | 15,499 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 1,500 | 3,003 | ||||||
Jiumaojiu International Holdings Ltd., 144A | 6,524 | 10,466 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 800 | 1,253 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 1,192 | 1,692 | ||||||
Kanzhun Ltd., ADR* | 1,249 | 18,485 | ||||||
Kingdee International Software Group Co. Ltd.* | 19,946 | 30,828 | ||||||
Kuaishou Technology, 144A* | 16,208 | 132,694 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A | 1,100 | 2,252 | ||||||
Lenovo Group Ltd. | 50,276 | 56,868 | ||||||
Li Auto, Inc., Class A* | 7,854 | 161,852 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 300 | 1,418 | ||||||
Longfor Group Holdings Ltd., 144A | 13,294 | 28,006 | ||||||
Microport Scientific Corp.* | 4,949 | 8,469 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 900 | 1,846 | ||||||
MINISO Group Holding Ltd., ADR* | 657 | 17,016 | ||||||
NetEase, Inc. | 13,319 | 278,210 | ||||||
NIO, Inc., ADR* | 9,477 | 97,329 | ||||||
Nongfu Spring Co. Ltd., Class H, 144A | 12,158 | 68,296 | ||||||
Perfect World Co. Ltd., Class A | 1,000 | 1,900 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 750 | 3,071 | ||||||
Ping An Healthcare and Technology Co. Ltd., 144A* | 4,153 | 10,359 |
Number | Value | |||||||
China (Continued) | ||||||||
Pop Mart International Group Ltd., 144A | 2,626 | $ | 8,539 | |||||
Postal Savings Bank of China Co. Ltd., Class A | 12,284 | 8,202 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 55,065 | 27,175 | ||||||
SF Holding Co. Ltd., Class A | 2,188 | 13,071 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 4,300 | 1,843 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 17,011 | 16,920 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 4,200 | 2,579 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 826 | 3,170 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 3,817 | 8,985 | ||||||
Shanghai M&G Stationery, Inc., Class A | 400 | 2,072 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,278 | 3,139 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 5,091 | 8,375 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1,052 | 4,729 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 1,600 | 1,618 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 624 | 5,854 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 548 | 20,328 | ||||||
Sinopharm Group Co. Ltd., Class H | 9,458 | 27,439 | ||||||
Sinotruk Hong Kong Ltd. | 4,708 | 8,729 | ||||||
Skshu Paint Co. Ltd., Class A* | 196 | 2,029 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 670 | 9,182 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 800 | 1,741 | ||||||
TCL Technology Group Corp., Class A* | 7,900 | 4,450 | ||||||
Tencent Holdings Ltd. | 46,258 | 1,917,155 | ||||||
Tianqi Lithium Corp., Class A | 600 | 4,746 | ||||||
Titan Wind Energy Suzhou Co. Ltd., Class A* | 700 | 1,251 | ||||||
Tongcheng Travel Holdings Ltd.* | 8,927 | 20,013 | ||||||
Topchoice Medical Corp., Class A* | 100 | 1,282 | ||||||
Uni-President China Holdings Ltd. | 9,964 | 7,370 | ||||||
Vipshop Holdings Ltd., ADR* | 2,456 | 38,780 | ||||||
Weichai Power Co. Ltd., Class A | 2,700 | 4,377 | ||||||
Weichai Power Co. Ltd., Class H | 13,000 | 16,876 | ||||||
WuXi AppTec Co. Ltd., Class A | 1,088 | 12,183 | ||||||
WuXi AppTec Co. Ltd., Class H, 144A | 2,489 | 27,265 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 26,349 | 148,348 | ||||||
XPeng, Inc., Class A* | 7,134 | 66,912 | ||||||
Yadea Group Holdings Ltd., 144A | 8,450 | 16,250 | ||||||
Yihai International Holding Ltd.* | 3,141 | 5,888 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 700 | 3,430 | ||||||
Yum China Holdings, Inc. | 2,922 | 156,882 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 806 | 6,052 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 358 | 3,265 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
China (Continued) | ||||||||
Zai Lab Ltd., ADR* | 645 | $ | 16,428 | |||||
Zangge Mining Co. Ltd., Class A | 800 | 2,470 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 300 | 11,390 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 912 | 3,105 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 8,654 | 6,467 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 699 | 3,832 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 300 | 1,120 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 800 | 2,221 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 3,800 | 3,373 | ||||||
ZTO Express Cayman, Inc., ADR | 2,954 | 74,264 | ||||||
|
| |||||||
(Cost $9,010,646) | 7,410,883 | |||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,897 | 13,479 | ||||||
Interconexion Electrica SA ESP | 2,679 | 9,799 | ||||||
|
| |||||||
(Cost $33,177) | 23,278 | |||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
Komercni Banka AS | 454 | 14,199 | ||||||
Moneta Money Bank AS, 144A | 2,257 | 8,416 | ||||||
|
| |||||||
(Cost $22,282) | 22,615 | |||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 17,245 | 31,811 | ||||||
|
| |||||||
Greece — 0.5% | ||||||||
Alpha Services and Holdings SA* | 14,485 | 24,470 | ||||||
Eurobank Ergasias Services and Holdings SA* | 17,815 | 30,995 | ||||||
Hellenic Telecommunications Organization SA | 1,363 | 20,415 | ||||||
Motor Oil Hellas Corinth Refineries SA | 446 | 11,375 | ||||||
Mytilineos SA | 739 | 30,030 | ||||||
|
| |||||||
(Cost $76,367) | 117,285 | |||||||
|
| |||||||
Hong Kong — 1.6% | ||||||||
Alibaba Health Information Technology Ltd.* | 34,090 | 20,128 | ||||||
Beijing Enterprises Water Group Ltd. | 28,772 | 6,641 | ||||||
Bosideng International Holdings Ltd. | 26,391 | 10,365 | ||||||
China Everbright Environment Group Ltd. | 21,059 | 7,680 | ||||||
China Jinmao Holdings Group Ltd. | 40,771 | 5,771 | ||||||
China Medical System Holdings Ltd. | 9,958 | 14,375 | ||||||
China Overseas Land & Investment Ltd. | 26,559 | 56,019 | ||||||
China Resources Cement Holdings Ltd. | 17,635 | 5,847 | ||||||
China Resources Gas Group Ltd. | 6,347 | 17,847 | ||||||
China Resources Land Ltd. | 22,268 | �� | 94,135 | |||||
China Ruyi Holdings Ltd.* | 41,857 | 11,102 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 13,756 | 20,875 | ||||||
Far East Horizon Ltd. | 10,270 | 7,020 | ||||||
Geely Automobile Holdings Ltd. | 41,613 | 51,686 | ||||||
Kunlun Energy Co. Ltd. | 26,615 | 19,482 | ||||||
Shenzhen International Holdings Ltd. | 8,929 | 6,354 | ||||||
Sino Biopharmaceutical Ltd. | 71,983 | 27,355 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Vinda International Holdings Ltd. | 2,496 | $ | 5,780 | |||||
Want Want China Holdings Ltd. | 32,681 | 21,630 | ||||||
|
| |||||||
(Cost $538,743) | 410,092 | |||||||
|
| |||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 2,959 | 22,396 | ||||||
OTP Bank Nyrt | 1,674 | 68,372 | ||||||
Richter Gedeon Nyrt | 973 | 24,415 | ||||||
|
| |||||||
(Cost $115,993) | 115,183 | |||||||
|
| |||||||
India — 13.4% | ||||||||
ABB India Ltd. | 366 | 19,371 | ||||||
Adani Green Energy Ltd.* | 2,144 | 24,050 | ||||||
Ashok Leyland Ltd. | 9,600 | 21,320 | ||||||
Asian Paints Ltd. | 2,680 | 105,408 | ||||||
Astral Ltd. | 795 | 18,765 | ||||||
AU Small Finance Bank Ltd., 144A | 1,191 | 10,409 | ||||||
Axis Bank Ltd. | 15,872 | 186,642 | ||||||
Bajaj Finance Ltd. | 1,867 | 161,540 | ||||||
Berger Paints India Ltd. | 1,796 | 15,590 | ||||||
Bharti Airtel Ltd. | 15,526 | 160,612 | ||||||
Britannia Industries Ltd. | 747 | 40,314 | ||||||
Colgate-Palmolive India Ltd. | 919 | 21,558 | ||||||
Cummins India Ltd. | 884 | 18,236 | ||||||
Dabur India Ltd. | 4,232 | 28,274 | ||||||
DLF Ltd. | 4,313 | 26,263 | ||||||
Eicher Motors Ltd. | 942 | 37,966 | ||||||
GAIL India Ltd. | 14,638 | 20,334 | ||||||
Grasim Industries Ltd. | 1,865 | 40,346 | ||||||
Havells India Ltd. | 1,700 | 28,432 | ||||||
HCL Technologies Ltd. | 6,623 | 93,773 | ||||||
Hero MotoCorp Ltd. | 824 | 29,023 | ||||||
Hindalco Industries Ltd. | 8,530 | 47,381 | ||||||
Hindustan Unilever Ltd. | 5,624 | 170,178 | ||||||
ICICI Prudential Life Insurance Co. Ltd., 144A | 2,296 | 15,639 | ||||||
Indian Hotels Co. Ltd. | 5,952 | 30,261 | ||||||
Indraprastha Gas Ltd. | 2,296 | 12,971 | ||||||
Info Edge India Ltd. | 483 | 25,271 | ||||||
Infosys Ltd., ADR | 7,818 | 135,799 | ||||||
Infosys Ltd. | 15,255 | 264,510 | ||||||
Kotak Mahindra Bank Ltd. | 7,627 | 162,032 | ||||||
Lupin Ltd. | 1,463 | 19,401 | ||||||
Mahindra & Mahindra Ltd. | 6,405 | 121,885 | ||||||
Marico Ltd. | 3,537 | 24,355 | ||||||
Nestle India Ltd. | 238 | 63,208 | ||||||
PI Industries Ltd. | 528 | 23,141 | ||||||
Pidilite Industries Ltd. | 1,000 | 30,379 | ||||||
Reliance Industries Ltd. | 21,133 | 614,439 | ||||||
Shree Cement Ltd. | 63 | 18,113 | ||||||
Shriram Finance Ltd. | 1,899 | 44,233 | ||||||
Siemens Ltd. | 617 | 29,231 | ||||||
Supreme Industries Ltd. | 429 | 23,100 | ||||||
Tata Consultancy Services Ltd. | 6,303 | 255,573 | ||||||
Torrent Pharmaceuticals Ltd. | 733 | 16,314 | ||||||
TVS Motor Co. Ltd. | 1,672 | 28,677 | ||||||
UPL Ltd. | 3,228 | 23,050 | ||||||
Vedanta Ltd. | 5,089 | 14,280 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
India (Continued) | ||||||||
Zomato Ltd.* | 29,494 | $ | 34,772 | |||||
|
| |||||||
(Cost $2,997,028) | 3,356,419 | |||||||
|
| |||||||
Indonesia — 2.3% | ||||||||
Aneka Tambang Tbk | 64,114 | 8,377 | ||||||
PT Bank Central Asia Tbk | 381,796 | 230,005 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 476,719 | 173,722 | ||||||
PT Barito Pacific Tbk | 202,106 | 14,199 | ||||||
PT Kalbe Farma Tbk | 142,363 | 16,966 | ||||||
PT Merdeka Copper Gold Tbk* | 73,258 | 16,258 | ||||||
PT Sarana Menara Nusantara Tbk | 140,658 | 9,513 | ||||||
PT Telkom Indonesia Persero Tbk | 343,306 | 84,080 | ||||||
PT Unilever Indonesia Tbk | 51,759 | 12,473 | ||||||
|
| |||||||
(Cost $544,953) | 565,593 | |||||||
|
| |||||||
Kazakhstan — 0.0% | ||||||||
Polymetal International PLC* (a) | 2,070 | 0 | ||||||
|
| |||||||
Kuwait — 0.5% | ||||||||
Kuwait Finance House KSCP | 56,735 | 137,121 | ||||||
|
| |||||||
Malaysia — 2.1% | ||||||||
AMMB Holdings Bhd | 11,100 | 8,923 | ||||||
Axiata Group Bhd | 20,983 | 10,672 | ||||||
Celcomdigi Bhd | 24,900 | 23,505 | ||||||
CIMB Group Holdings Bhd | 44,273 | 53,719 | ||||||
Dialog Group Bhd | 22,400 | 9,897 | ||||||
Gamuda Bhd | 12,688 | 12,305 | ||||||
Hong Leong Financial Group Bhd | 1,600 | 6,283 | ||||||
IHH Healthcare Bhd | 15,200 | 19,491 | ||||||
Kuala Lumpur Kepong Bhd | 3,500 | 16,248 | ||||||
Malayan Banking Bhd | 37,653 | 73,926 | ||||||
Malaysia Airports Holdings Bhd | 4,428 | 7,033 | ||||||
Maxis Bhd | 17,000 | 14,692 | ||||||
MISC Bhd | 7,600 | 11,793 | ||||||
MR DIY Group M Bhd, 144A | 23,100 | 7,717 | ||||||
Nestle Malaysia Bhd | 500 | 14,062 | ||||||
Petronas Chemicals Group Bhd | 18,300 | 28,081 | ||||||
Petronas Dagangan Bhd | 1,900 | 9,091 | ||||||
Petronas Gas Bhd | 5,300 | 19,555 | ||||||
PPB Group Bhd | 4,700 | 15,923 | ||||||
Press Metal Aluminium Holdings Bhd | 25,400 | 26,550 | ||||||
Public Bank Bhd | 101,775 | 92,782 | ||||||
QL Resources Bhd | 7,400 | 8,612 | ||||||
RHB Bank Bhd | 11,057 | 13,368 | ||||||
Sime Darby Bhd | 20,200 | 10,013 | ||||||
Telekom Malaysia Bhd | 8,500 | 9,343 | ||||||
|
| |||||||
(Cost $535,449) | 523,584 | |||||||
|
| |||||||
Mexico — 2.8% | ||||||||
America Movil SAB de CV, Series B | 130,929 | 124,848 | ||||||
Arca Continental SAB de CV | 3,394 | 33,473 | ||||||
Cemex SAB de CV, Series CPO* | 105,016 | 83,917 | ||||||
Fomento Economico Mexicano SAB de CV | 13,587 | 154,035 | ||||||
Gruma SAB de CV, Class B | 1,247 | 21,087 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,277 | $ | 35,247 | |||||
Grupo Bimbo SAB de CV, Series A | 8,796 | 43,834 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 18,139 | 155,636 | ||||||
Grupo Televisa SAB, Series CPO | 17,939 | 16,125 | ||||||
Industrias Penoles SAB de CV* | 1,366 | 19,572 | ||||||
Orbia Advance Corp. SAB de CV | 7,389 | 16,660 | ||||||
|
| |||||||
(Cost $580,469) | 704,434 | |||||||
|
| |||||||
Netherlands — 0.1% | ||||||||
NEPI Rockcastle NV | 3,448 | 20,639 | ||||||
|
| |||||||
Peru — 0.3% | ||||||||
Credicorp Ltd. | 466 | 65,906 | ||||||
|
| |||||||
Philippines — 0.5% | ||||||||
Ayala Corp. | 1,710 | 18,604 | ||||||
JG Summit Holdings, Inc. | 17,770 | 11,471 | ||||||
PLDT, Inc. | 515 | 10,460 | ||||||
SM Investments Corp. | 1,632 | 24,010 | ||||||
SM Prime Holdings, Inc. | 69,500 | 35,843 | ||||||
Universal Robina Corp. | 6,530 | 12,882 | ||||||
|
| |||||||
(Cost $141,829) | 113,270 | |||||||
|
| |||||||
Poland — 1.1% | ||||||||
Allegro.eu SA, 144A* | 3,390 | 27,161 | ||||||
CD Projekt SA | 496 | 17,758 | ||||||
KGHM Polska Miedz SA | 926 | 25,637 | ||||||
mBank SA* | 103 | 10,722 | ||||||
ORLEN SA | 4,057 | 62,067 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 6,004 | 54,413 | ||||||
Powszechny Zaklad Ubezpieczen SA | 4,227 | 42,390 | ||||||
Santander Bank Polska SA* | 250 | 22,542 | ||||||
|
| |||||||
(Cost $253,049) | 262,690 | |||||||
|
| |||||||
Qatar — 0.7% | ||||||||
Qatar Fuel QSC | 4,285 | 18,835 | ||||||
Qatar Gas Transport Co. Ltd. | 17,822 | 18,150 | ||||||
Qatar National Bank QPSC | 32,169 | 137,867 | ||||||
|
| |||||||
(Cost $204,119) | 174,852 | |||||||
|
| |||||||
Russia — 0.0% | ||||||||
Gazprom PJSC* (a) | 68,905 | 0 | ||||||
LUKOIL PJSC* (a) | 2,408 | 0 | ||||||
Mobile TeleSystems PJSC, ADR* (a) | 2,662 | 0 | ||||||
Moscow Exchange MICEX-RTS PJSC* (a) | 8,602 | 0 | ||||||
Novatek PJSC* (a) | 5,300 | 0 | ||||||
Novolipetsk Steel PJSC* (a) | 8,462 | 0 | ||||||
PhosAgro PJSC* (a) | 267 | 0 | ||||||
PhosAgro PJSC, GDR* (a) | 300 | 0 | ||||||
PhosAgro PJSC, GDR* (a) | 4 | 0 | ||||||
Polyus PJSC* (a) | 193 | 0 | ||||||
|
| |||||||
(Cost $634,818) | 0 | |||||||
|
|
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Saudi Arabia — 2.3% | ||||||||
ACWA Power Co. | 590 | $ | 30,360 | |||||
Alinma Bank | 6,806 | 66,959 | ||||||
Bank AlBilad | 3,183 | 36,407 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 611 | 39,586 | ||||||
National Industrialization Co.* | 2,220 | 7,541 | ||||||
Sahara International Petrochemical Co. | 2,442 | 23,732 | ||||||
Saudi Arabian Oil Co., 144A | 18,543 | 172,544 | ||||||
Saudi Basic Industries Corp. | 6,269 | 147,756 | ||||||
Saudi Electricity Co. | 5,739 | 31,674 | ||||||
Savola Group | 1,773 | 17,916 | ||||||
|
| |||||||
(Cost $569,654) | 574,475 | |||||||
|
| |||||||
Singapore — 0.0% | ||||||||
BOC Aviation Ltd., 144A | 1,457 | 10,934 | ||||||
|
| |||||||
South Africa — 5.0% | ||||||||
Absa Group Ltd. | 5,881 | 56,617 | ||||||
Anglo American Platinum Ltd. | 454 | 15,851 | ||||||
Aspen Pharmacare Holdings Ltd. | 2,580 | 23,463 | ||||||
Bid Corp. Ltd. | 2,334 | 52,366 | ||||||
Bidvest Group Ltd. | 2,117 | 31,858 | ||||||
Capitec Bank Holdings Ltd. | 600 | 50,215 | ||||||
Clicks Group Ltd. | 1,683 | 24,309 | ||||||
Discovery Ltd.* | 3,532 | 27,370 | ||||||
FirstRand Ltd. | 35,031 | 135,795 | ||||||
Gold Fields Ltd. | 6,199 | 79,512 | ||||||
Growthpoint Properties Ltd. REIT | 21,296 | 13,283 | ||||||
Impala Platinum Holdings Ltd. | 5,889 | 30,311 | ||||||
Kumba Iron Ore Ltd. | 500 | 10,969 | ||||||
MTN Group Ltd. | 11,771 | 74,797 | ||||||
Naspers Ltd., Class N | 1,346 | 228,681 | ||||||
Nedbank Group Ltd. | 3,039 | 34,637 | ||||||
Northam Platinum Holdings Ltd.* | 2,561 | 16,839 | ||||||
Old Mutual Ltd. | 35,509 | 23,798 | ||||||
Sanlam Ltd. | 12,433 | 44,748 | ||||||
Sasol Ltd. | 3,929 | 50,684 | ||||||
Shoprite Holdings Ltd. | 3,426 | 47,736 | ||||||
Sibanye Stillwater Ltd. | 19,424 | 29,482 | ||||||
Standard Bank Group Ltd. | 9,400 | 95,916 | ||||||
Vodacom Group Ltd. | 4,310 | 24,551 | ||||||
Woolworths Holdings Ltd. | 6,649 | 26,048 | ||||||
|
| |||||||
(Cost $1,428,243) | 1,249,836 | |||||||
|
| |||||||
South Korea — 6.6% | ||||||||
Amorepacific Corp. | 202 | 20,464 | ||||||
BGF retail Co. Ltd. | 55 | 6,508 | ||||||
Celltrion Healthcare Co. Ltd. | 744 | 36,419 | ||||||
CJ CheilJedang Corp. | 47 | 10,632 | ||||||
Coway Co. Ltd. | 411 | 13,433 | ||||||
Doosan Bobcat, Inc. | 313 | 12,740 | ||||||
Doosan Enerbility Co. Ltd.* | 3,022 | 41,658 | ||||||
Hana Financial Group, Inc. | 2,109 | 63,106 | ||||||
Hanon Systems | 1,245 | 8,581 | ||||||
Hanwha Solutions Corp.* | 701 | 19,332 | ||||||
HD Hyundai Co. Ltd. | 305 | 13,638 | ||||||
HMM Co. Ltd. | 1,658 | 20,898 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 524 | $ | 14,074 | |||||
Hyundai Glovis Co. Ltd. | 144 | 18,793 | ||||||
Hyundai Mipo Dockyard Co. Ltd.* | 143 | 9,845 | ||||||
Kakao Corp. | 2,209 | 80,388 | ||||||
KB Financial Group, Inc. | 2,695 | 110,308 | ||||||
Korea Zinc Co. Ltd. | 55 | 21,929 | ||||||
Korean Air Lines Co. Ltd. | 1,331 | 22,960 | ||||||
Kumho Petrochemical Co. Ltd. | 119 | 11,236 | ||||||
LG Chem Ltd. | 345 | 152,173 | ||||||
LG Corp. | 651 | 40,437 | ||||||
LG Display Co. Ltd.* | 1,750 | 17,742 | ||||||
LG Electronics, Inc. | 736 | 54,848 | ||||||
LG H&H Co. Ltd. | 67 | 23,546 | ||||||
LG Uplus Corp. | 1,461 | 11,551 | ||||||
Lotte Chemical Corp. | 154 | 15,916 | ||||||
Mirae Asset Securities Co. Ltd. | 1,883 | 9,488 | ||||||
NAVER Corp. | 917 | 148,815 | ||||||
NCSoft Corp. | 98 | 18,647 | ||||||
Netmarble Corp., 144A* | 150 | 4,863 | ||||||
POSCO Future M Co. Ltd. | 215 | 73,117 | ||||||
Samsung Engineering Co. Ltd.* | 992 | 25,518 | ||||||
Samsung SDI Co. Ltd. | 384 | 178,382 | ||||||
Samsung SDS Co. Ltd. | 270 | 29,007 | ||||||
Samsung Securities Co. Ltd. | 477 | 13,479 | ||||||
Shinhan Financial Group Co. Ltd. | 2,981 | 80,177 | ||||||
SK Biopharmaceuticals Co. Ltd.* | 211 | 13,681 | ||||||
SK Bioscience Co. Ltd.* | 184 | 10,218 | ||||||
SK IE Technology Co. Ltd., 144A* | 164 | 11,204 | ||||||
SK Innovation Co. Ltd.* | 385 | 51,702 | ||||||
SK Square Co. Ltd.* | 688 | 23,476 | ||||||
SK, Inc. | 243 | 26,566 | ||||||
SKC Co. Ltd. | 130 | 8,999 | ||||||
Woori Financial Group, Inc. | 4,215 | 37,980 | ||||||
Yuhan Corp. | 359 | 19,773 | ||||||
|
| |||||||
(Cost $1,913,872) | 1,658,247 | |||||||
|
| |||||||
Taiwan — 19.6% | ||||||||
Acer, Inc. | 21,941 | 25,216 | ||||||
Airtac International Group | 1,106 | 31,951 | ||||||
AUO Corp.* | 43,513 | 24,321 | ||||||
Cathay Financial Holding Co. Ltd.* | 66,095 | 94,639 | ||||||
China Airlines Ltd. | 21,022 | 14,918 | ||||||
China Steel Corp. | 81,930 | 68,175 | ||||||
Chunghwa Telecom Co. Ltd. | 26,058 | 94,915 | ||||||
CTBC Financial Holding Co. Ltd. | 123,403 | 92,417 | ||||||
Delta Electronics, Inc. | 13,377 | 145,336 | ||||||
E.Sun Financial Holding Co. Ltd. | 95,725 | 73,492 | ||||||
Eva Airways Corp. | 19,784 | 19,569 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 6,987 | 23,366 | ||||||
Far Eastern New Century Corp. | 20,050 | 17,723 | ||||||
Far EasTone Telecommunications Co. Ltd. | 11,313 | 25,080 | ||||||
First Financial Holding Co. Ltd. | 72,930 | 60,228 | ||||||
Fubon Financial Holding Co. Ltd. | 51,846 | 103,541 | ||||||
Hotai Motor Co. Ltd. | 2,140 | 45,627 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 62,065 | 39,952 | ||||||
Lite-On Technology Corp. | 14,000 | 60,226 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Taiwan (Continued) | ||||||||
MediaTek, Inc. | 10,034 | $ | 222,127 | |||||
Mega Financial Holding Co. Ltd. | 77,897 | 87,812 | ||||||
momo.com, Inc. | 465 | 7,593 | ||||||
Nan Ya Plastics Corp. | 33,034 | 68,565 | ||||||
President Chain Store Corp. | 4,406 | 37,009 | ||||||
SinoPac Financial Holdings Co. Ltd. | 73,005 | 39,200 | ||||||
Taishin Financial Holding Co. Ltd. | 77,541 | 43,340 | ||||||
Taiwan Cement Corp. | 40,314 | 44,243 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 71,274 | 58,749 | ||||||
Taiwan High Speed Rail Corp. | 13,623 | 12,726 | ||||||
Taiwan Mobile Co. Ltd. | 12,023 | 35,186 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 170,722 | 2,943,067 | ||||||
Uni-President Enterprises Corp. | 33,748 | 74,921 | ||||||
United Microelectronics Corp. | 78,869 | 112,682 | ||||||
Voltronic Power Technology Corp. | 425 | 19,351 | ||||||
Wan Hai Lines Ltd. | 5,523 | 7,856 | ||||||
Yang Ming Marine Transport Corp. | 13,041 | 17,301 | ||||||
|
| |||||||
(Cost $4,197,495) | 4,892,420 | |||||||
|
| |||||||
Thailand — 2.6% | ||||||||
Advanced Info Service PCL, NVDR | 8,200 | 50,580 | ||||||
Airports of Thailand PCL, NVDR* | 28,400 | 58,799 | ||||||
Asset World Corp. PCL, NVDR | 57,700 | 7,184 | ||||||
B Grimm Power PCL, NVDR | 6,200 | 6,020 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 78,000 | 62,369 | ||||||
Bangkok Expressway & Metro PCL | 51,100 | 12,623 | ||||||
Berli Jucker PCL, NVDR | 8,000 | 7,710 | ||||||
BTS Group Holdings PCL, NVDR | 46,900 | 9,844 | ||||||
Bumrungrad Hospital PCL, NVDR | 4,100 | 30,325 | ||||||
Central Retail Corp. PCL, NVDR | 12,600 | 14,843 | ||||||
Charoen Pokphand Foods PCL, NVDR | 21,200 | 12,532 | ||||||
CP ALL PCL, NVDR | 40,900 | 76,211 | ||||||
Delta Electronics Thailand PCL, NVDR | 21,700 | 67,236 | ||||||
Energy Absolute PCL, NVDR | 12,200 | 22,036 | ||||||
Home Product Center PCL, NVDR | 44,000 | 17,214 | ||||||
Indorama Ventures PCL, NVDR | 12,500 | 10,352 | ||||||
Intouch Holdings PCL, NVDR | 7,300 | 15,166 | ||||||
Kasikornbank PCL, NVDR | 4,200 | 15,652 | ||||||
Minor International PCL, NVDR | 21,054 | 19,991 | ||||||
Muangthai Capital PCL, NVDR | 5,200 | 6,051 | ||||||
Osotspa PCL | 2,600 | 2,228 | ||||||
Osotspa PCL, NVDR | 6,200 | 5,312 | ||||||
PTT Exploration & Production PCL, NVDR | 9,200 | 41,642 | ||||||
PTT Global Chemical PCL, NVDR | 17,000 | 18,084 | ||||||
PTT Oil & Retail Business PCL, NVDR | 20,200 | 11,768 | ||||||
SCG Packaging PCL, NVDR | 8,900 | 10,421 | ||||||
Siam Cement PCL, NVDR | 5,500 | 49,161 | ||||||
|
| |||||||
(Cost $688,130) | 661,354 | |||||||
|
| |||||||
Turkey — 0.5% | ||||||||
Haci Omer Sabanci Holding AS | 7,273 | 16,315 | ||||||
KOC Holding AS | 5,324 | 28,320 | ||||||
Turk Hava Yollari AO* | 3,870 | 35,568 | ||||||
Turkiye Is Bankasi AS, Class C | 23,133 | 18,275 |
Number | Value | |||||||
Turkey (Continued) | ||||||||
Turkiye Sise ve Cam Fabrikalari AS | 8,198 | $ | 15,761 | |||||
Yapi ve Kredi Bankasi AS | 20,980 | 12,514 | ||||||
|
| |||||||
(Cost $71,997) | 126,753 | |||||||
|
| |||||||
United Arab Emirates — 2.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 20,564 | 48,316 | ||||||
Abu Dhabi Islamic Bank PJSC | 9,395 | 26,652 | ||||||
Aldar Properties PJSC | 26,719 | 38,263 | ||||||
Emaar Properties PJSC | 46,322 | 89,036 | ||||||
Emirates NBD Bank PJSC | 13,300 | 59,203 | ||||||
Emirates Telecommunications Group Co. PJSC | 24,295 | 131,230 | ||||||
First Abu Dhabi Bank PJSC | 30,997 | 115,446 | ||||||
|
| |||||||
(Cost $491,081) | 508,146 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 24,494,450 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.9% | ||||||||
Brazil — 1.5% | ||||||||
Banco Bradesco SA | 37,129 | 112,116 | ||||||
Cia Energetica de Minas Gerais | 9,478 | 23,604 | ||||||
Gerdau SA | 8,124 | 42,417 | ||||||
Itau Unibanco Holding SA | 33,227 | 184,089 | ||||||
|
| |||||||
(Cost $357,097) | 362,226 | |||||||
|
| |||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 998 | 61,512 | ||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 3,336 | 22,156 | ||||||
|
| |||||||
South Korea — 0.1% | ||||||||
LG Chem Ltd. | 53 | 13,694 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 459,588 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS — 0.0% | ||||||||
India — 0.0% | ||||||||
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 | INR 12,383 | 147 | ||||||
|
| |||||||
Number | ||||||||
RIGHTS — 0.0% | ||||||||
South Korea — 0.0% | ||||||||
SK Innovation Co. Ltd.*, expires 9/26/23 | 28 | 802 | ||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
WARRANTS — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL*, | 3,050 | $ | 13 | |||||
BTS Group Holdings PCL*, | 6,100 | 30 | ||||||
|
| |||||||
TOTAL WARRANTS | 43 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (b) | 100 | 2,689 | ||||||
|
|
Number | Value | |||||||
CASH EQUIVALENTS — 0.8% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) | 191,969 | $ | 191,969 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% (Cost $26,713,553) | $ | 25,149,688 | ||||||
Other assets and liabilities, net — (0.7%) | (162,684 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,987,004 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (b) |
| |||||||||||||||||||||||||||||||||||
— | 157,419 | (151,810 | ) | (2,951 | ) | 31 | 665 | — | 100 | 2,689 | ||||||||||||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF (b) |
| |||||||||||||||||||||||||||||||||||
— | 20,190 | (20,364 | ) | 174 | — | 346 | — | — | — | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) |
| |||||||||||||||||||||||||||||||||||
43,257 | — | (43,257 | ) (e) | — | — | 1,748 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) |
| |||||||||||||||||||||||||||||||||||
— | 5,614,648 | (5,422,679 | ) | — | — | 1,946 | — | 191,969 | 191,969 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
43,257 | 5,792,257 | (5,638,110 | ) | (2,777 | ) | 31 | 4,705 | — | 192,069 | 194,658 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
KSCP: | Kuwait Shareholding Company Public |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
QPSC: | Qatari Public Shareholders Company |
QSC: | Qatari Shareholders Company |
REIT: | Real Estate Investment Trust |
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.
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
August 31, 2023
At August 31, 2023, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
MSCI Emerging Markets Index Future | USD | 1 | $ | 48,430 | $ | 48,965 | 9/15/2023 | $ | 535 |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 24,486,888 | $ | — | $ | 7,562 | $ | 24,494,450 | ||||||||
Preferred Stocks (a) | 459,588 | �� | — | — | 459,588 | |||||||||||
Corporate Bonds | — | 147 | — | 147 | ||||||||||||
Rights | 802 | — | — | 802 | ||||||||||||
Warrants | 43 | — | — | 43 | ||||||||||||
Exchange-Traded Funds | 2,689 | — | — | 2,689 | ||||||||||||
Short-Term Investments (a) | 191,969 | — | — | 191,969 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 535 | — | — | 535 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 25,142,514 | $ | 147 | $ | 7,562 | $ | 25,150,223 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $6,542. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA Climate Action Equity ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Communication Services — 11.9% | ||||||||
Activision Blizzard, Inc. | 72,668 | $ | 6,684,729 | |||||
Alphabet, Inc., Class A* | 444,281 | 60,497,744 | ||||||
Alphabet, Inc., Class C* | 396,472 | 54,455,429 | ||||||
AT&T, Inc. | 646,180 | 9,557,002 | ||||||
Charter Communications, Inc., Class A* | 8,906 | 3,901,897 | ||||||
Comcast Corp., Class A | 378,810 | 17,713,156 | ||||||
Electronic Arts, Inc. | 23,928 | 2,870,881 | ||||||
Liberty Global PLC, Class C* | 20,638 | 409,458 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 17,445 | 1,200,042 | ||||||
Match Group, Inc.* | 26,165 | 1,226,354 | ||||||
Meta Platforms, Inc., Class A* | 201,355 | 59,578,931 | ||||||
Netflix, Inc.* | 40,362 | 17,504,192 | ||||||
Snap, Inc., Class A* | 90,214 | 933,715 | ||||||
T-Mobile US, Inc.* | 49,911 | 6,800,374 | ||||||
Verizon Communications, Inc. | 380,635 | 13,314,612 | ||||||
Walt Disney Co.* | 165,562 | 13,854,228 | ||||||
|
| |||||||
(Cost $228,813,888) | 270,502,744 | |||||||
|
| |||||||
Consumer Discretionary — 9.1% | ||||||||
Airbnb, Inc., Class A* | 37,466 | 4,928,652 | ||||||
Aramark | 21,248 | 790,001 | ||||||
Best Buy Co., Inc. | 17,785 | 1,359,663 | ||||||
Booking Holdings, Inc.* | 3,376 | 10,482,581 | ||||||
Caesars Entertainment, Inc.* | 19,189 | 1,060,384 | ||||||
Carnival Corp.* | 92,452 | 1,462,591 | ||||||
Chipotle Mexican Grill, Inc.* | 2,506 | 4,828,160 | ||||||
Darden Restaurants, Inc. | 10,957 | 1,703,923 | ||||||
Deckers Outdoor Corp.* | 2,387 | 1,262,938 | ||||||
Domino’s Pizza, Inc. | 3,210 | 1,243,554 | ||||||
eBay, Inc. | 48,657 | 2,178,860 | ||||||
Etsy, Inc.* | 11,297 | 831,120 | ||||||
Ford Motor Co. | 356,096 | 4,319,445 | ||||||
Garmin Ltd. | 13,957 | 1,479,721 | ||||||
General Motors Co. | 126,396 | 4,235,530 | ||||||
Hilton Worldwide Holdings, Inc. | 24,090 | 3,580,979 | ||||||
Home Depot, Inc. | 91,437 | 30,201,641 | ||||||
Hyatt Hotels Corp., Class A | 4,304 | 483,813 | ||||||
Las Vegas Sands Corp. | 31,397 | 1,722,439 | ||||||
Lucid Group, Inc.* (a) | 81,760 | 513,453 | ||||||
Lululemon Athletica, Inc.* | 10,464 | 3,989,505 | ||||||
Marriott International, Inc., Class A | 23,797 | 4,842,928 | ||||||
McDonald’s Corp. | 66,164 | 18,602,009 | ||||||
MercadoLibre, Inc.* | 4,122 | 5,656,868 | ||||||
MGM Resorts International | 27,038 | 1,189,131 | ||||||
NIKE, Inc., Class B | 111,665 | 11,357,447 | ||||||
Starbucks Corp. | 104,159 | 10,149,253 | ||||||
Tesla, Inc.* | 259,616 | 67,001,697 | ||||||
Vail Resorts, Inc. | 3,654 | 826,973 | ||||||
VF Corp. | 31,397 | 620,405 | ||||||
Wynn Resorts Ltd. | 9,274 | 940,198 | ||||||
Yum! Brands, Inc. | 25,388 | 3,284,699 | ||||||
|
| |||||||
(Cost $185,864,479) | 207,130,561 | |||||||
|
| |||||||
Consumer Staples — 3.0% | ||||||||
Bunge Ltd. | 13,587 | 1,553,266 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Campbell Soup Co. | 17,642 | $ | 735,671 | |||||
Church & Dwight Co., Inc. | 22,120 | 2,140,552 | ||||||
Clorox Co. | 11,196 | 1,751,614 | ||||||
Conagra Brands, Inc. | 43,610 | 1,303,067 | ||||||
Constellation Brands, Inc., Class A | 15,048 | 3,920,907 | ||||||
Estee Lauder Cos., Inc., Class A | 20,933 | 3,360,375 | ||||||
General Mills, Inc. | 53,233 | 3,601,745 | ||||||
Hershey Co. | 13,339 | 2,866,018 | ||||||
J M Smucker Co. | 9,664 | 1,400,797 | ||||||
Kellogg Co. | 24,421 | 1,490,169 | ||||||
Keurig Dr Pepper, Inc. | 82,852 | 2,787,970 | ||||||
Kimberly-Clark Corp. | 30,584 | 3,940,137 | ||||||
McCormick & Co., Inc. | 22,677 | 1,861,328 | ||||||
Molson Coors Beverage Co., Class B | 17,445 | 1,107,583 | ||||||
Sysco Corp. | 46,002 | 3,204,039 | ||||||
Target Corp. | 41,866 | 5,298,142 | ||||||
Tyson Foods, Inc., Class A | 25,885 | 1,378,894 | ||||||
Walgreens Boots Alliance, Inc. | 66,466 | 1,682,254 | ||||||
Walmart, Inc. | 134,369 | 21,849,743 | ||||||
|
| |||||||
(Cost $70,340,576) | 67,234,271 | |||||||
|
| |||||||
Energy — 3.8% | ||||||||
Baker Hughes Co. | 92,452 | 3,345,838 | ||||||
Chevron Corp. | 165,614 | 26,680,415 | ||||||
ConocoPhillips | 109,834 | 13,073,541 | ||||||
Devon Energy Corp. | 59,274 | 3,028,309 | ||||||
Diamondback Energy, Inc. | 15,701 | 2,383,098 | ||||||
EOG Resources, Inc. | 53,271 | 6,851,716 | ||||||
Halliburton Co. | 81,830 | 3,160,275 | ||||||
Hess Corp. | 25,043 | 3,869,143 | ||||||
Kinder Morgan, Inc. | 183,315 | 3,156,684 | ||||||
Marathon Oil Corp. | 56,450 | 1,487,457 | ||||||
ONEOK, Inc. | 40,551 | 2,643,925 | ||||||
Pioneer Natural Resources Co. | 21,183 | 5,040,071 | ||||||
Schlumberger NV | 128,709 | 7,588,683 | ||||||
Williams Cos., Inc. | 110,435 | 3,813,321 | ||||||
|
| |||||||
(Cost $81,104,132) | 86,122,476 | |||||||
|
| |||||||
Financials — 13.1% | ||||||||
American Express Co. | 57,318 | 9,055,671 | ||||||
American International Group, Inc. | 66,492 | 3,891,112 | ||||||
Ameriprise Financial, Inc. | 9,530 | 3,217,137 | ||||||
Annaly Capital Management, Inc. REIT | 43,610 | 883,975 | ||||||
Aon PLC, Class A | 18,590 | 6,197,720 | ||||||
Arch Capital Group Ltd.* | 33,762 | 2,594,947 | ||||||
Ares Management Corp., Class A | 14,358 | 1,485,191 | ||||||
Bank of America Corp. | 652,478 | 18,706,544 | ||||||
Bank of New York Mellon Corp. | 72,884 | 3,270,305 | ||||||
BlackRock, Inc. | 13,583 | 9,515,435 | ||||||
Blackstone, Inc. | 64,021 | 6,809,914 | ||||||
Block, Inc.* | 48,842 | 2,815,741 | ||||||
Capital One Financial Corp. | 34,130 | 3,494,571 | ||||||
Cboe Global Markets, Inc. | 9,584 | 1,434,821 | ||||||
Charles Schwab Corp. | 136,184 | 8,055,284 | ||||||
Chubb Ltd. | 37,533 | 7,539,254 | ||||||
CME Group, Inc. | 32,602 | 6,607,773 | ||||||
Discover Financial Services | 23,508 | 2,117,366 | ||||||
FactSet Research Systems, Inc. | 3,488 | 1,522,198 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
Fidelity National Information Services, Inc. | 54,074 | $ | 3,020,574 | |||||
Fiserv, Inc.* | 56,477 | 6,855,743 | ||||||
Global Payments, Inc. | 23,908 | 3,028,904 | ||||||
Goldman Sachs Group, Inc. | 30,253 | 9,914,211 | ||||||
Intercontinental Exchange, Inc. | 50,725 | 5,985,043 | ||||||
Invesco Ltd. | 31,397 | 499,840 | ||||||
Jack Henry & Associates, Inc. | 6,615 | 1,037,100 | ||||||
JPMorgan Chase & Co. | 265,181 | 38,803,936 | ||||||
KeyCorp | 85,476 | 968,443 | ||||||
Mastercard, Inc., Class A | 77,142 | 31,831,875 | ||||||
Moody’s Corp. | 14,948 | 5,034,486 | ||||||
Morgan Stanley | 113,674 | 9,679,341 | ||||||
Nasdaq, Inc. | 31,397 | 1,647,715 | ||||||
Northern Trust Corp. | 18,870 | 1,435,441 | ||||||
PayPal Holdings, Inc.* | 96,673 | 6,043,029 | ||||||
PNC Financial Services Group, Inc. | 36,160 | 4,365,597 | ||||||
Progressive Corp. | 53,056 | 7,081,384 | ||||||
S&P Global, Inc. | 29,720 | 11,616,359 | ||||||
SEI Investments Co. | 10,464 | 649,396 | ||||||
State Street Corp. | 30,494 | 2,096,158 | ||||||
T. Rowe Price Group, Inc. | 20,350 | 2,283,880 | ||||||
Tradeweb Markets, Inc., Class A | 10,464 | 904,403 | ||||||
US Bancorp | 138,827 | 5,071,350 | ||||||
Visa, Inc., Class A | 147,270 | 36,181,294 | ||||||
W.R. Berkley Corp. | 19,189 | 1,187,031 | ||||||
Willis Towers Watson PLC | 9,649 | 1,995,027 | ||||||
|
| |||||||
(Cost $279,560,255) | 298,432,519 | |||||||
|
| |||||||
Health Care — 16.4% | ||||||||
Abbott Laboratories | 157,509 | 16,207,676 | ||||||
AbbVie, Inc. | 159,886 | 23,496,846 | ||||||
Agilent Technologies, Inc. | 26,802 | 3,244,918 | ||||||
Alnylam Pharmaceuticals, Inc.* | 11,223 | 2,220,134 | ||||||
Amgen, Inc. | 48,416 | 12,410,957 | ||||||
Biogen, Inc.* | 13,094 | 3,500,812 | ||||||
Boston Scientific Corp.* | 130,261 | 7,026,278 | ||||||
Bristol-Myers Squibb Co. | 190,624 | 11,751,970 | ||||||
Catalent, Inc.* | 15,701 | 784,579 | ||||||
Charles River Laboratories International, Inc.* | 4,510 | 932,758 | ||||||
Cigna Group | 26,922 | 7,437,472 | ||||||
CVS Health Corp. | 115,993 | 7,559,264 | ||||||
Danaher Corp. | 64,154 | 17,000,810 | ||||||
DaVita, Inc.* | 5,232 | 535,861 | ||||||
Edwards Lifesciences Corp.* | 54,931 | 4,200,573 | ||||||
Elevance Health, Inc. | 21,502 | 9,504,099 | ||||||
Eli Lilly & Co. | 73,545 | 40,758,639 | ||||||
Gilead Sciences, Inc. | 113,181 | 8,656,083 | ||||||
Humana, Inc. | 11,335 | 5,232,576 | ||||||
Illumina, Inc.* | 14,403 | 2,379,664 | ||||||
Incyte Corp.* | 17,445 | 1,125,726 | ||||||
IQVIA Holdings, Inc.* | 16,868 | 3,755,323 | ||||||
Johnson & Johnson | 219,530 | 35,493,610 | ||||||
McKesson Corp. | 12,412 | 5,117,716 | ||||||
Merck & Co., Inc. | 231,654 | 25,245,653 | ||||||
Mettler-Toledo International, Inc.* | 2,018 | 2,448,803 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Pfizer, Inc. | 511,553 | $ | 18,098,745 | |||||
Regeneron Pharmaceuticals, Inc.* | 9,743 | 8,052,492 | ||||||
Repligen Corp.* | 4,791 | 833,203 | ||||||
Revvity, Inc. | 11,456 | 1,340,696 | ||||||
Seagen, Inc.* | 12,719 | 2,621,004 | ||||||
STERIS PLC | 9,000 | 2,066,310 | ||||||
Thermo Fisher Scientific, Inc. | 34,958 | 19,475,102 | ||||||
UnitedHealth Group, Inc. | 84,543 | 40,291,503 | ||||||
Vertex Pharmaceuticals, Inc.* | 23,343 | 8,131,301 | ||||||
Waters Corp.* | 5,232 | 1,469,146 | ||||||
West Pharmaceutical Services, Inc. | 6,730 | 2,738,437 | ||||||
Zimmer Biomet Holdings, Inc. | 18,761 | 2,234,810 | ||||||
Zoetis, Inc. | 41,922 | 7,986,560 | ||||||
|
| |||||||
(Cost $366,025,279) | 373,368,109 | |||||||
|
| |||||||
Industrials — 7.6% | ||||||||
3M Co. | 49,980 | 5,331,367 | ||||||
A O Smith Corp. | 11,329 | 821,353 | ||||||
AECOM | 11,961 | 1,049,578 | ||||||
Allegion PLC | 7,964 | 906,383 | ||||||
AMETEK, Inc. | 20,933 | 3,339,023 | ||||||
Automatic Data Processing, Inc. | 37,552 | 9,561,115 | ||||||
Booz Allen Hamilton Holding Corp. | 12,213 | 1,383,855 | ||||||
Broadridge Financial Solutions, Inc. | 10,464 | 1,948,501 | ||||||
Ceridian HCM Holding, Inc.* | 13,267 | 962,123 | ||||||
Cintas Corp. | 8,295 | 4,182,090 | ||||||
Clarivate PLC* | 33,678 | 250,228 | ||||||
Copart, Inc.* | 77,748 | 3,485,443 | ||||||
CSX Corp. | 185,651 | 5,606,660 | ||||||
Cummins, Inc. | 12,828 | 2,950,953 | ||||||
Deere & Co. | 25,514 | 10,484,723 | ||||||
Dover Corp. | 12,668 | 1,878,664 | ||||||
Eaton Corp. PLC | 36,069 | 8,309,216 | ||||||
Emerson Electric Co. | 51,786 | 5,087,974 | ||||||
Equifax, Inc. | 11,115 | 2,297,470 | ||||||
Expeditors International of Washington, Inc. | 13,957 | 1,628,921 | ||||||
FedEx Corp. | 21,639 | 5,648,212 | ||||||
Fortive Corp. | 32,011 | 2,524,067 | ||||||
Graco, Inc. | 15,223 | 1,201,704 | ||||||
Hubbell, Inc. | 4,866 | 1,586,559 | ||||||
IDEX Corp. | 6,847 | 1,550,161 | ||||||
Ingersoll Rand, Inc. | 36,634 | 2,550,093 | ||||||
JB Hunt Transport Services, Inc. | 7,584 | 1,424,882 | ||||||
Johnson Controls International PLC | 62,280 | 3,678,257 | ||||||
Norfolk Southern Corp. | 20,631 | 4,229,561 | ||||||
Old Dominion Freight Line, Inc. | 8,971 | 3,833,936 | ||||||
Owens Corning | 8,232 | 1,184,667 | ||||||
PACCAR, Inc. | 47,358 | 3,897,090 | ||||||
Paychex, Inc. | 29,734 | 3,634,387 | ||||||
Quanta Services, Inc. | 13,155 | 2,760,840 | ||||||
Republic Services, Inc. | 20,061 | 2,891,392 | ||||||
Robert Half, Inc. | 9,773 | 722,811 | ||||||
Rockwell Automation, Inc. | 10,464 | 3,265,605 | ||||||
Stanley Black & Decker, Inc. | 13,873 | 1,309,334 | ||||||
Trane Technologies PLC | 20,933 | 4,296,708 | ||||||
TransUnion | 17,445 | 1,416,883 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
Uber Technologies, Inc.* | 165,763 | $ | 7,828,986 | |||||
Union Pacific Corp. | 55,306 | 12,198,844 | ||||||
United Parcel Service, Inc., Class B | 65,955 | 11,172,777 | ||||||
Verisk Analytics, Inc. | 13,092 | 3,171,144 | ||||||
Waste Connections, Inc. | 23,339 | 3,197,210 | ||||||
Waste Management, Inc. | 36,867 | 5,780,008 | ||||||
Westinghouse Air Brake Technologies Corp. | 16,312 | 1,835,426 | ||||||
Xylem, Inc. | 21,690 | 2,245,783 | ||||||
|
| |||||||
(Cost $153,434,793) | 172,502,967 | |||||||
|
| |||||||
Information Technology — 27.3% | ||||||||
Accenture PLC, Class A | 57,234 | 18,530,652 | ||||||
Adobe, Inc.* | 41,574 | 23,254,001 | ||||||
Advanced Micro Devices, Inc.* | 145,947 | 15,429,517 | ||||||
Akamai Technologies, Inc.* | 13,957 | 1,466,741 | ||||||
Amphenol Corp., Class A | 53,946 | 4,767,748 | ||||||
Analog Devices, Inc. | 45,844 | 8,333,522 | ||||||
ANSYS, Inc.* | 7,868 | 2,508,869 | ||||||
Apple, Inc. | 592,326 | 111,280,286 | ||||||
Aspen Technology, Inc.* | 2,673 | 518,562 | ||||||
Autodesk, Inc.* | 19,466 | 4,320,284 | ||||||
BILL Holdings, Inc.* | 8,720 | 1,005,416 | ||||||
Broadcom, Inc. | 37,596 | 34,696,972 | ||||||
Cadence Design Systems, Inc.* | 24,759 | 5,953,054 | ||||||
Cisco Systems, Inc. | 371,203 | 21,288,492 | ||||||
Cloudflare, Inc., Class A* | 24,421 | 1,588,098 | ||||||
Cognizant Technology Solutions Corp., Class A | 46,160 | 3,305,518 | ||||||
Datadog, Inc., Class A* | 22,677 | 2,187,877 | ||||||
Dell Technologies, Inc., Class C | 23,445 | 1,318,547 | ||||||
Dropbox, Inc., Class A* | 23,755 | 660,151 | ||||||
Enphase Energy, Inc.* | 12,414 | 1,570,743 | ||||||
EPAM Systems, Inc.* | 5,232 | 1,355,036 | ||||||
Fortinet, Inc.* | 60,400 | 3,636,684 | ||||||
Gartner, Inc.* | 7,163 | 2,504,758 | ||||||
Gen Digital, Inc. | 52,131 | 1,055,653 | ||||||
Hewlett Packard Enterprise Co. | 118,739 | 2,017,376 | ||||||
HubSpot, Inc.* | 4,254 | 2,324,896 | ||||||
International Business Machines Corp. | 82,212 | 12,071,188 | ||||||
Intuit, Inc. | 25,427 | 13,776,603 | ||||||
Marvell Technology, Inc. | 77,763 | 4,529,695 | ||||||
Microsoft Corp. | 327,122 | 107,217,507 | ||||||
NVIDIA Corp. | 224,675 | 110,888,346 | ||||||
Okta, Inc.* | 13,957 | 1,165,549 | ||||||
Oracle Corp. | 148,019 | 17,820,007 | ||||||
Palo Alto Networks, Inc.* | 28,265 | 6,876,875 | ||||||
PTC, Inc.* | 10,181 | 1,498,338 | ||||||
Roper Technologies, Inc. | 9,629 | 4,805,449 | ||||||
Salesforce, Inc.* | 89,064 | 19,724,113 | ||||||
ServiceNow, Inc.* | 18,463 | 10,871,568 | ||||||
Snowflake, Inc., Class A* | 23,566 | 3,696,327 | ||||||
Splunk, Inc.* | 14,250 | 1,727,955 | ||||||
Texas Instruments, Inc. | 82,234 | 13,820,246 | ||||||
Trimble, Inc.* | 22,677 | 1,242,473 | ||||||
Tyler Technologies, Inc.* | 3,777 | 1,504,870 | ||||||
VeriSign, Inc.* | 8,509 | 1,768,085 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
VMware, Inc., Class A* | 21,357 | $ | 3,604,634 | |||||
Wolfspeed, Inc.* (a) | 11,276 | 539,218 | ||||||
Workday, Inc., Class A* | 18,491 | 4,521,050 | ||||||
Zscaler, Inc.* | 7,988 | 1,246,527 | ||||||
|
| |||||||
(Cost $508,176,977) | 621,796,076 | |||||||
|
| |||||||
Materials — 2.3% | ||||||||
Avery Dennison Corp. | 7,353 | 1,385,158 | ||||||
Ball Corp. | 28,496 | 1,551,607 | ||||||
Crown Holdings, Inc. | 10,887 | 1,008,789 | ||||||
DuPont de Nemours, Inc. | 41,602 | 3,198,778 | ||||||
Ecolab, Inc. | 23,218 | 4,267,701 | ||||||
FMC Corp. | 11,342 | 978,021 | ||||||
International Paper Co. | 30,082 | 1,050,463 | ||||||
Linde PLC | 44,437 | 17,198,896 | ||||||
Newmont Corp. | 72,009 | 2,838,595 | ||||||
Nucor Corp. | 22,833 | 3,929,559 | ||||||
Packaging Corp. of America | 8,146 | 1,214,569 | ||||||
PPG Industries, Inc. | 21,330 | 3,023,741 | ||||||
Reliance Steel & Aluminum Co. | 5,331 | 1,519,122 | ||||||
RPM International, Inc. | 11,682 | 1,165,163 | ||||||
Sealed Air Corp. | 13,085 | 484,930 | ||||||
Sherwin-Williams Co. | 22,253 | 6,046,585 | ||||||
Steel Dynamics, Inc. | 14,772 | 1,574,547 | ||||||
Westrock Co. | 22,677 | 741,765 | ||||||
|
| |||||||
(Cost $49,570,027) | 53,177,989 | |||||||
|
| |||||||
Real Estate — 2.5% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 14,895 | 1,732,884 | ||||||
American Tower Corp. REIT | 42,236 | 7,658,231 | ||||||
AvalonBay Communities, Inc. REIT | 12,863 | 2,364,477 | ||||||
Boston Properties, Inc. REIT | 13,957 | 931,909 | ||||||
CBRE Group, Inc., Class A* | 28,165 | 2,395,433 | ||||||
Digital Realty Trust, Inc. REIT | 26,165 | 3,446,454 | ||||||
Equinix, Inc. REIT | 8,474 | 6,621,414 | ||||||
Equity Residential REIT | 33,141 | 2,148,531 | ||||||
Essex Property Trust, Inc. REIT | 5,898 | 1,406,024 | ||||||
Healthpeak Properties, Inc. REIT | 50,586 | 1,041,060 | ||||||
Kimco Realty Corp. REIT | 56,166 | 1,063,784 | ||||||
Prologis, Inc. REIT | 83,694 | 10,394,795 | ||||||
Realty Income Corp. REIT | 63,171 | 3,540,103 | ||||||
Regency Centers Corp. REIT | 13,957 | 868,125 | ||||||
Simon Property Group, Inc. REIT | 29,653 | 3,365,319 | ||||||
UDR, Inc. REIT | 28,344 | 1,130,926 | ||||||
VICI Properties, Inc. REIT | 91,009 | 2,806,718 | ||||||
Welltower, Inc. REIT | 44,980 | 3,727,942 | ||||||
|
| |||||||
(Cost $54,657,206) | 56,644,129 | |||||||
|
| |||||||
Utilities — 2.6% | ||||||||
AES Corp. | 61,055 | 1,094,716 | ||||||
Alliant Energy Corp. | 22,677 | 1,137,705 | ||||||
American Electric Power Co., Inc. | 46,622 | 3,655,165 | ||||||
American Water Works Co., Inc. | 17,445 | 2,420,319 | ||||||
Consolidated Edison, Inc. | 31,396 | 2,792,988 | ||||||
Dominion Energy, Inc. | 75,700 | 3,674,478 | ||||||
Duke Energy Corp. | 69,843 | 6,202,058 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Utilities (Continued) | ||||||||
Edison International | 34,890 | $ | 2,402,177 | |||||
Eversource Energy | 31,397 | 2,003,757 | ||||||
Exelon Corp. | 90,115 | 3,615,414 | ||||||
FirstEnergy Corp. | 49,318 | 1,778,900 | ||||||
NextEra Energy, Inc. | 183,378 | 12,249,650 | ||||||
Public Service Enterprise Group, Inc. | 45,354 | 2,770,222 | ||||||
Sempra | 57,038 | 4,005,208 | ||||||
Southern Co. | 98,924 | 6,700,123 | ||||||
Xcel Energy, Inc. | 49,868 | 2,848,959 | ||||||
|
| |||||||
(Cost $65,360,676) | 59,351,839 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,266,263,680 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | 565,175 | $ | 565,175 | |||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 6,190,253 | 6,190,253 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 2,273,019,108 | ||||||
Other assets and liabilities, net — 0.1% | 2,105,345 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,275,124,453 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:
Value ($) at 4/5/2023 (Commencement of Operations) | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 565,175 | (d) | — | — | — | 41,859 | — | 565,175 | 565,175 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
— | 14,261,951 | (8,071,698 | ) | — | — | 40,591 | — | 6,190,253 | 6,190,253 | |||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
— | 14,827,126 | (8,071,698 | ) | — | — | 82,450 | — | 6,755,428 | 6,755,428 | |||||||||||||||||||||||||||
|
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* | 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, 2023 amounted to $546,550, which is 0.0% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
At August 31, 2023, 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 | 34 | $ | 6,700,039 | $ | 6,818,700 | 9/15/2023 | $ | 118,661 | |||||||||
S&P 500 E-Mini Futures | USD | 8 | 1,781,873 | 1,806,400 | 9/15/2023 | 24,527 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 143,188 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA Climate Action Equity ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 2,266,263,680 | $ | — | $ | — | $ | 2,266,263,680 | ||||||||
Short-Term Investments (a) | 6,755,428 | — | — | 6,755,428 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 143,188 | — | — | 143,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,273,162,296 | $ | — | $ | — | $ | 2,273,162,296 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Communication Services — 10.5% | ||||||||
Alphabet, Inc., Class A* | 372,385 | $ | 50,707,665 | |||||
Alphabet, Inc., Class C* | 332,006 | 45,601,024 | ||||||
Comcast Corp., Class A | 261,200 | 12,213,712 | ||||||
Electronic Arts, Inc. | 16,370 | 1,964,073 | ||||||
Fox Corp., Class A | 18,363 | 607,081 | ||||||
Fox Corp., Class B | 8,897 | 271,536 | ||||||
Interpublic Group of Cos., Inc. | 24,907 | 812,217 | ||||||
Liberty Global PLC, Class C* | 16,109 | 319,603 | ||||||
Omnicom Group, Inc. | 12,580 | 1,019,106 | ||||||
Sirius XM Holdings, Inc. | 48,744 | 214,474 | ||||||
Snap, Inc., Class A* | 61,548 | 637,022 | ||||||
Take-Two Interactive Software, Inc.* | 10,728 | 1,525,522 | ||||||
Verizon Communications, Inc. | 262,580 | 9,185,048 | ||||||
Walt Disney Co.* | 114,235 | 9,559,185 | ||||||
ZoomInfo Technologies, Inc.* | 16,176 | 291,491 | ||||||
|
| |||||||
(Cost $128,881,914) | 134,928,759 | |||||||
|
| |||||||
Consumer Discretionary — 11.2% | ||||||||
Aptiv PLC* | 17,935 | 1,819,506 | ||||||
Aramark | 14,492 | 538,813 | ||||||
AutoZone, Inc.* | 1,146 | 2,900,904 | ||||||
Best Buy Co., Inc. | 12,293 | 939,800 | ||||||
Booking Holdings, Inc.* | 2,321 | 7,206,775 | ||||||
BorgWarner, Inc. | 15,148 | 617,281 | ||||||
Burlington Stores, Inc.* | 4,266 | 692,201 | ||||||
CarMax, Inc.* | 9,906 | 809,122 | ||||||
Deckers Outdoor Corp.* | 1,621 | 857,655 | ||||||
eBay, Inc. | 33,361 | 1,493,906 | ||||||
Genuine Parts Co. | 8,818 | 1,355,591 | ||||||
Hasbro, Inc. | 7,500 | 540,000 | ||||||
Hilton Worldwide Holdings, Inc. | 16,706 | 2,483,347 | ||||||
Home Depot, Inc. | 63,107 | 20,844,242 | ||||||
Lear Corp. | 3,827 | 551,432 | ||||||
LKQ Corp. | 16,328 | 857,710 | ||||||
Lowe’s Cos., Inc. | 36,817 | 8,485,582 | ||||||
Lululemon Athletica, Inc.* | 7,255 | 2,766,041 | ||||||
McDonald’s Corp. | 45,630 | 12,828,875 | ||||||
MercadoLibre, Inc.* | 2,815 | 3,863,193 | ||||||
NIKE, Inc., Class B | 77,026 | 7,834,314 | ||||||
NVR, Inc.* | 212 | 1,351,994 | ||||||
Pool Corp. | 2,447 | 894,623 | ||||||
PulteGroup, Inc. | 13,863 | 1,137,598 | ||||||
Rivian Automotive, Inc., Class A* | 40,327 | 916,633 | ||||||
Tesla, Inc.* | 178,952 | 46,183,932 | ||||||
TJX Cos., Inc. | 72,051 | 6,663,276 | ||||||
Tractor Supply Co. | 6,889 | 1,505,247 | ||||||
Ulta Beauty, Inc.* | 3,143 | 1,304,439 | ||||||
Vail Resorts, Inc. | 2,616 | 592,053 | ||||||
VF Corp. | 21,245 | 419,801 | ||||||
Whirlpool Corp. | 3,352 | 469,146 | ||||||
Yum! Brands, Inc. | 17,491 | 2,262,986 | ||||||
|
| |||||||
(Cost $145,065,727) | 143,988,018 | |||||||
|
| |||||||
Consumer Staples — 6.3% | ||||||||
Bunge Ltd. | 9,442 | 1,079,409 | ||||||
Campbell Soup Co. | 12,189 | 508,281 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Church & Dwight Co., Inc. | 15,260 | $ | 1,476,710 | |||||
Clorox Co. | 7,805 | 1,221,092 | ||||||
Coca-Cola Co. | 256,955 | 15,373,618 | ||||||
Colgate-Palmolive Co. | 49,725 | 3,653,296 | ||||||
Conagra Brands, Inc. | 29,816 | 890,902 | ||||||
Darling Ingredients, Inc.* | 9,894 | 611,053 | ||||||
General Mills, Inc. | 36,951 | 2,500,105 | ||||||
Hormel Foods Corp. | 18,476 | 712,989 | ||||||
J M Smucker Co. | 6,703 | 971,600 | ||||||
Kellogg Co. | 16,412 | 1,001,460 | ||||||
Keurig Dr Pepper, Inc. | 57,134 | 1,922,559 | ||||||
Kimberly-Clark Corp. | 21,191 | 2,730,036 | ||||||
Kroger Co. | 42,681 | 1,979,972 | ||||||
Lamb Weston Holdings, Inc. | 9,221 | 898,218 | ||||||
McCormick & Co., Inc. | 15,701 | 1,288,738 | ||||||
PepsiCo, Inc. | 86,101 | 15,319,090 | ||||||
Procter & Gamble Co. | 148,047 | 22,849,574 | ||||||
Target Corp. | 28,783 | 3,642,489 | ||||||
|
| |||||||
(Cost $80,813,574) | 80,631,191 | |||||||
|
| |||||||
Energy — 2.4% | ||||||||
Baker Hughes Co. | 63,285 | 2,290,284 | ||||||
Cheniere Energy, Inc. | 15,226 | 2,484,883 | ||||||
Halliburton Co. | 55,339 | 2,137,192 | ||||||
HF Sinclair Corp. | 10,456 | 576,021 | ||||||
Kinder Morgan, Inc. | 126,716 | 2,182,050 | ||||||
Marathon Petroleum Corp. | 26,630 | 3,801,965 | ||||||
ONEOK, Inc. | 28,368 | 1,849,594 | ||||||
Phillips 66 | 28,999 | 3,310,526 | ||||||
Schlumberger NV | 88,753 | 5,232,877 | ||||||
Targa Resources Corp. | 13,463 | 1,161,184 | ||||||
Valero Energy Corp. | 23,128 | 3,004,327 | ||||||
Williams Cos., Inc. | 76,210 | 2,631,531 | ||||||
|
| |||||||
(Cost $25,270,820) | 30,662,434 | |||||||
|
| |||||||
Financials — 11.9% | ||||||||
Aflac, Inc. | 36,500 | 2,721,805 | ||||||
Allstate Corp. | 16,534 | 1,782,531 | ||||||
Ally Financial, Inc. | 16,579 | 459,073 | ||||||
American Express Co. | 39,530 | 6,245,345 | ||||||
Ameriprise Financial, Inc. | 6,600 | 2,228,028 | ||||||
Annaly Capital Management, Inc. REIT | 30,895 | 626,242 | ||||||
Arch Capital Group Ltd.* | 23,334 | 1,793,451 | ||||||
Assurant, Inc. | 3,064 | 426,907 | ||||||
Bank of New York Mellon Corp. | 48,822 | 2,190,643 | ||||||
BlackRock, Inc. | 9,380 | 6,571,065 | ||||||
Cboe Global Markets, Inc. | 6,867 | 1,028,059 | ||||||
Charles Schwab Corp. | 93,990 | 5,559,508 | ||||||
Citizens Financial Group, Inc. | 28,800 | 810,144 | ||||||
Discover Financial Services | 16,063 | 1,446,794 | ||||||
Equitable Holdings, Inc. | 22,481 | 647,453 | ||||||
FactSet Research Systems, Inc. | 2,398 | 1,046,511 | ||||||
Fidelity National Information Services, Inc. | 37,038 | 2,068,943 | ||||||
Fiserv, Inc.* | 39,050 | 4,740,279 | ||||||
Franklin Resources, Inc. | 19,673 | 526,056 | ||||||
Hartford Financial Services Group, Inc. | 19,538 | 1,403,219 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
Huntington Bancshares, Inc. | 92,588 | $ | 1,026,801 | |||||
Intercontinental Exchange, Inc. | 35,181 | 4,151,006 | ||||||
Invesco Ltd. | 22,060 | 351,195 | ||||||
LPL Financial Holdings, Inc. | 4,926 | 1,135,886 | ||||||
MarketAxess Holdings, Inc. | 2,310 | 556,548 | ||||||
Marsh & McLennan Cos., Inc. | 30,849 | 6,015,247 | ||||||
Mastercard, Inc., Class A | 53,125 | 21,921,500 | ||||||
Moody’s Corp. | 10,341 | 3,482,849 | ||||||
Morgan Stanley | 78,422 | 6,677,633 | ||||||
Nasdaq, Inc. | 21,905 | 1,149,574 | ||||||
Northern Trust Corp. | 13,006 | 989,366 | ||||||
PNC Financial Services Group, Inc. | 25,093 | 3,029,478 | ||||||
Principal Financial Group, Inc. | 15,206 | 1,181,658 | ||||||
Progressive Corp. | 36,616 | 4,887,138 | ||||||
Prudential Financial, Inc. | 22,976 | 2,175,138 | ||||||
Raymond James Financial, Inc. | 12,568 | 1,314,487 | ||||||
Regions Financial Corp. | 60,116 | 1,102,527 | ||||||
S&P Global, Inc. | 20,471 | 8,001,295 | ||||||
State Street Corp. | 21,126 | 1,452,201 | ||||||
Synchrony Financial | 26,559 | 857,325 | ||||||
T. Rowe Price Group, Inc. | 14,042 | 1,575,934 | ||||||
Travelers Cos., Inc. | 14,503 | 2,338,319 | ||||||
Truist Financial Corp. | 82,732 | 2,527,463 | ||||||
US Bancorp | 95,783 | 3,498,953 | ||||||
Visa, Inc., Class A | 101,593 | 24,959,368 | ||||||
Webster Financial Corp. | 11,838 | 502,050 | ||||||
Willis Towers Watson PLC | 6,583 | 1,361,101 | ||||||
|
| |||||||
(Cost $149,816,408) | 152,544,096 | |||||||
|
| |||||||
Health Care — 12.8% | ||||||||
Agilent Technologies, Inc. | 18,502 | 2,240,037 | ||||||
Align Technology, Inc.* | 4,584 | 1,696,722 | ||||||
Amgen, Inc. | 33,387 | 8,558,424 | ||||||
Avantor, Inc.* | 41,756 | 904,017 | ||||||
Biogen, Inc.* | 9,073 | 2,425,757 | ||||||
Bio-Techne Corp. | 9,828 | 770,515 | ||||||
Bristol-Myers Squibb Co. | 131,495 | 8,106,667 | ||||||
Cencora, Inc. | 10,772 | 1,895,657 | ||||||
Cigna Group | 18,580 | 5,132,911 | ||||||
Cooper Cos., Inc. | 3,093 | 1,144,379 | ||||||
Danaher Corp. | 44,025 | 11,666,625 | ||||||
DaVita, Inc.* | 3,396 | 347,818 | ||||||
DENTSPLY SIRONA, Inc. | 14,167 | 525,454 | ||||||
Dexcom, Inc.* | 24,259 | 2,449,674 | ||||||
Edwards Lifesciences Corp.* | 38,128 | 2,915,648 | ||||||
Elevance Health, Inc. | 14,840 | 6,559,428 | ||||||
Eli Lilly & Co. | 50,522 | 27,999,292 | ||||||
Gilead Sciences, Inc. | 78,112 | 5,974,006 | ||||||
HCA Healthcare, Inc. | 13,026 | 3,612,110 | ||||||
Hologic, Inc.* | 15,448 | 1,154,584 | ||||||
Humana, Inc. | 7,862 | 3,629,335 | ||||||
IDEXX Laboratories, Inc.* | 5,153 | 2,635,296 | ||||||
Illumina, Inc.* | 9,887 | 1,633,530 | ||||||
Insulet Corp.* | 4,489 | 860,586 | ||||||
Jazz Pharmaceuticals PLC* | 3,981 | 570,716 | ||||||
Johnson & Johnson | 151,322 | 24,465,741 | ||||||
Laboratory Corp. of America Holdings | 5,542 | 1,153,290 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Merck & Co., Inc. | 158,664 | $ | 17,291,203 | |||||
Mettler-Toledo International, Inc.* | 1,394 | 1,691,591 | ||||||
Molina Healthcare, Inc.* | 3,666 | 1,136,900 | ||||||
Quest Diagnostics, Inc. | 7,007 | 921,420 | ||||||
Repligen Corp.* | 3,278 | 570,077 | ||||||
STERIS PLC | 6,246 | 1,434,019 | ||||||
Teleflex, Inc. | 2,936 | 624,605 | ||||||
Waters Corp.* | 3,697 | 1,038,118 | ||||||
West Pharmaceutical Services, Inc. | 4,641 | 1,888,423 | ||||||
Zimmer Biomet Holdings, Inc. | 13,133 | 1,564,403 | ||||||
Zoetis, Inc. | 28,926 | 5,510,692 | ||||||
|
| |||||||
(Cost $151,657,982) | 164,699,670 | |||||||
|
| |||||||
Industrials — 9.4% | ||||||||
3M Co. | 34,636 | 3,694,622 | ||||||
AECOM | 8,173 | 717,181 | ||||||
Allegion PLC | 5,315 | 604,900 | ||||||
Automatic Data Processing, Inc. | 25,917 | 6,598,727 | ||||||
Axon Enterprise, Inc.* | 4,281 | 911,468 | ||||||
Broadridge Financial Solutions, Inc. | 7,411 | 1,380,002 | ||||||
Builders FirstSource, Inc.* | 7,967 | 1,155,534 | ||||||
C.H. Robinson Worldwide, Inc. | 7,317 | 661,676 | ||||||
Carrier Global Corp. | 52,309 | 3,005,152 | ||||||
Caterpillar, Inc. | 32,275 | 9,073,471 | ||||||
Ceridian HCM Holding, Inc.* | 9,048 | 656,161 | ||||||
Cintas Corp. | 5,729 | 2,888,390 | ||||||
Clarivate PLC* | 23,216 | 172,495 | ||||||
CSX Corp. | 130,200 | 3,932,040 | ||||||
Cummins, Inc. | 8,880 | 2,042,755 | ||||||
Delta Air Lines, Inc. | 9,384 | 402,386 | ||||||
Dover Corp. | 8,762 | 1,299,405 | ||||||
Eaton Corp. PLC | 25,000 | 5,759,250 | ||||||
Emerson Electric Co. | 35,715 | 3,508,999 | ||||||
Expeditors International of Washington, Inc. | 9,700 | 1,132,087 | ||||||
Fastenal Co. | 35,729 | 2,057,276 | ||||||
Ferguson PLC | 12,821 | 2,071,361 | ||||||
Fortive Corp. | 21,680 | 1,709,468 | ||||||
Fortune Brands Innovations, Inc. | 8,076 | 557,405 | ||||||
Generac Holdings, Inc.* | 3,775 | 448,508 | ||||||
Graco, Inc. | 10,389 | 820,108 | ||||||
IDEX Corp. | 4,719 | 1,068,382 | ||||||
Illinois Tool Works, Inc. | 19,069 | 4,716,717 | ||||||
Ingersoll Rand, Inc. | 25,836 | 1,798,444 | ||||||
JB Hunt Transport Services, Inc. | 5,500 | 1,033,340 | ||||||
Johnson Controls International PLC | 43,160 | 2,549,030 | ||||||
Knight-Swift Transportation Holdings, Inc. | 10,131 | 555,381 | ||||||
L3Harris Technologies, Inc. | 11,880 | 2,115,709 | ||||||
Lennox International, Inc. | 2,076 | 782,258 | ||||||
Masco Corp. | 14,118 | 833,103 | ||||||
Norfolk Southern Corp. | 14,326 | 2,936,973 | ||||||
Old Dominion Freight Line, Inc. | 6,078 | 2,597,555 | ||||||
Otis Worldwide Corp. | 25,854 | 2,211,810 | ||||||
Owens Corning | 5,800 | 834,678 | ||||||
Paychex, Inc. | 20,277 | 2,478,458 | ||||||
Paylocity Holding Corp.* | 2,593 | 519,896 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
Pentair PLC | 10,710 | $ | 752,485 | |||||
Quanta Services, Inc. | 9,015 | 1,891,978 | ||||||
Robert Half, Inc. | 6,743 | 498,712 | ||||||
Rockwell Automation, Inc. | 7,182 | 2,241,359 | ||||||
Toro Co. | 6,437 | 658,634 | ||||||
Trane Technologies PLC | 14,355 | 2,946,507 | ||||||
TransUnion | 11,932 | 969,117 | ||||||
Union Pacific Corp. | 38,164 | 8,417,833 | ||||||
United Parcel Service, Inc., Class B | 45,217 | 7,659,760 | ||||||
United Rentals, Inc. | 4,347 | 2,071,519 | ||||||
W.W. Grainger, Inc. | 2,832 | 2,022,444 | ||||||
Waste Management, Inc. | 25,484 | 3,995,381 | ||||||
Xylem, Inc. | 15,011 | 1,554,239 | ||||||
|
| |||||||
(Cost $109,847,151) | 119,972,529 | |||||||
|
| |||||||
Information Technology — 28.6% | ||||||||
Accenture PLC, Class A | 39,505 | 12,790,534 | ||||||
Adobe, Inc.* | 28,674 | 16,038,515 | ||||||
Akamai Technologies, Inc.* | 9,661 | 1,015,274 | ||||||
ANSYS, Inc.* | 5,425 | 1,729,870 | ||||||
Applied Materials, Inc. | 52,847 | 8,072,908 | ||||||
Autodesk, Inc.* | 13,433 | 2,981,320 | ||||||
Black Knight, Inc.* | 9,692 | 734,266 | ||||||
Cadence Design Systems, Inc.* | 17,166 | 4,127,393 | ||||||
DocuSign, Inc.* | 12,499 | 628,700 | ||||||
Fair Isaac Corp.* | 1,561 | 1,412,065 | ||||||
Gartner, Inc.* | 4,945 | 1,729,168 | ||||||
Gen Digital, Inc. | 37,123 | 751,741 | ||||||
Hewlett Packard Enterprise Co. | 83,629 | 1,420,857 | ||||||
HP, Inc. | 55,418 | 1,646,469 | ||||||
HubSpot, Inc.* | 2,933 | 1,602,943 | ||||||
Intel Corp. | 260,806 | 9,164,723 | ||||||
International Business Machines Corp. | 56,703 | 8,325,701 | ||||||
Intuit, Inc. | 17,577 | 9,523,394 | ||||||
Keysight Technologies, Inc.* | 11,199 | 1,492,827 | ||||||
Lam Research Corp. | 8,430 | 5,921,232 | ||||||
Marvell Technology, Inc. | 53,698 | 3,127,908 | ||||||
Microsoft Corp. | 443,148 | 145,246,188 | ||||||
NetApp, Inc. | 13,218 | 1,013,821 | ||||||
NVIDIA Corp. | 154,959 | 76,480,014 | ||||||
NXP Semiconductors NV | 16,250 | 3,342,950 | ||||||
PTC, Inc.* | 6,958 | 1,024,009 | ||||||
Salesforce, Inc.* | 61,191 | 13,551,359 | ||||||
Seagate Technology Holdings PLC | 11,487 | 813,165 | ||||||
ServiceNow, Inc.* | 12,740 | 7,501,694 | ||||||
Splunk, Inc.* | 9,849 | 1,194,290 | ||||||
Synopsys, Inc.* | 9,534 | 4,375,057 | ||||||
Texas Instruments, Inc. | 56,718 | 9,532,027 | ||||||
Trimble, Inc.* | 16,176 | 886,283 | ||||||
Twilio, Inc., Class A* | 10,986 | 699,918 | ||||||
VMware, Inc., Class A* | 14,725 | 2,485,285 | ||||||
Western Digital Corp.* | 19,755 | 888,975 | ||||||
Workday, Inc., Class A* | 12,742 | 3,115,419 | ||||||
Zscaler, Inc.* | 5,379 | 839,393 | ||||||
|
| |||||||
(Cost $286,112,684) | 367,227,655 | |||||||
|
|
Number | Value | |||||||
Materials — 2.8% | ||||||||
Amcor PLC | 96,835 | $ | 943,173 | |||||
Avery Dennison Corp. | 5,021 | 945,856 | ||||||
Ball Corp. | 19,695 | 1,072,393 | ||||||
Ecolab, Inc. | 16,052 | 2,950,518 | ||||||
International Flavors & Fragrances, Inc. | 15,282 | 1,076,617 | ||||||
International Paper Co. | 20,823 | 727,139 | ||||||
Linde PLC | 30,638 | 11,858,132 | ||||||
LyondellBasell Industries NV, Class A | 16,272 | 1,607,185 | ||||||
Martin Marietta Materials, Inc. | 3,885 | 1,734,303 | ||||||
Newmont Corp. | 49,770 | 1,961,933 | ||||||
Nucor Corp. | 15,824 | 2,723,310 | ||||||
PPG Industries, Inc. | 14,743 | 2,089,968 | ||||||
Sherwin-Williams Co. | 15,430 | 4,192,640 | ||||||
Steel Dynamics, Inc. | 10,570 | 1,126,656 | ||||||
Westrock Co. | 16,822 | 550,248 | ||||||
|
| |||||||
(Cost $35,259,574) | 35,560,071 | |||||||
|
| |||||||
Real Estate — 2.5% | ||||||||
American Tower Corp. REIT | 29,126 | 5,281,126 | ||||||
Boston Properties, Inc. REIT | 9,322 | 622,430 | ||||||
CBRE Group, Inc., Class A* | 19,891 | 1,691,729 | ||||||
Crown Castle, Inc. REIT | 27,230 | 2,736,615 | ||||||
Digital Realty Trust, Inc. REIT | 18,205 | 2,397,963 | ||||||
Equinix, Inc. REIT | 5,864 | 4,582,012 | ||||||
Healthpeak Properties, Inc. REIT | 34,750 | 715,155 | ||||||
Iron Mountain, Inc. REIT | 18,222 | 1,157,826 | ||||||
Prologis, Inc. REIT | 57,744 | 7,171,805 | ||||||
SBA Communications Corp. REIT | 6,786 | 1,523,661 | ||||||
Welltower, Inc. REIT | 31,279 | 2,592,403 | ||||||
Weyerhaeuser Co. REIT | 45,901 | 1,503,258 | ||||||
|
| |||||||
(Cost $36,844,001) | 31,975,983 | |||||||
|
| |||||||
Utilities — 1.2% | ||||||||
American Water Works Co., Inc. | 12,188 | 1,690,963 | ||||||
Atmos Energy Corp. | 9,264 | 1,074,161 | ||||||
CMS Energy Corp. | 18,408 | 1,034,345 | ||||||
Consolidated Edison, Inc. | 21,753 | 1,935,147 | ||||||
Edison International | 23,936 | 1,647,994 | ||||||
Essential Utilities, Inc. | 16,726 | 617,189 | ||||||
Eversource Energy | 21,794 | 1,390,893 | ||||||
Exelon Corp. | 62,472 | 2,506,377 | ||||||
Sempra | 39,552 | 2,777,341 | ||||||
|
| |||||||
(Cost $15,698,634) | 14,674,410 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,276,864,816 | |||||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | 4,273,305 | 4,273,305 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 1,281,138,121 | ||||||
Other assets and liabilities, net — 0.1% | 1,753,970 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,282,892,091 | ||||||
|
|
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
August 31, 2023
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b) |
| |||||||||||||||||||||||||||||||
804,200 | — | (804,200 | ) (c) | — | — | 17,836 | — | — | — | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||
8,312,422 | 51,245,673 | (55,284,790 | ) | — | — | 229,238 | — | 4,273,305 | 4,273,305 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
9,116,622 | 51,245,673 | (56,088,990 | ) | — | — | 247,074 | — | 4,273,305 | 4,273,305 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
At August 31, 2023, 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 | 26 | $ | 5,119,064 | $ | 5,214,300 | 9/15/2023 | $ | 95,236 | |||||||||
MSCI USA ESG Leaders GTR Index Futures | USD | 2 | 97,400 | 101,320 | 9/15/2023 | 3,920 | ||||||||||||
S&P 500 E-Mini Futures | USD | 1 | 219,414 | 225,800 | 9/15/2023 | 6,386 | ||||||||||||
S&P Mid 400 E-Mini Futures | USD | 1 | 258,145 | 264,870 | 9/15/2023 | 6,725 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 112,267 | ||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 1,276,864,816 | $ | — | $ | — | $ | 1,276,864,816 | ||||||||
Short-Term Investments (a) | 4,273,305 | — | — | 4,273,305 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 112,267 | — | — | 112,267 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,281,250,388 | $ | — | $ | — | $ | 1,281,250,388 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Communication Services — 9.1% | ||||||||
Activision Blizzard, Inc. | 2,954 | $ | 271,738 | |||||
Alphabet, Inc., Class A* | 23,324 | 3,176,029 | ||||||
Alphabet, Inc., Class C* | 20,062 | 2,755,516 | ||||||
AT&T, Inc. | 28,778 | 425,627 | ||||||
Charter Communications, Inc., Class A* | 410 | 179,629 | ||||||
Comcast Corp., Class A | 16,189 | 756,998 | ||||||
Electronic Arts, Inc. | 1,153 | 138,337 | ||||||
Fox Corp., Class A | 1,163 | 38,449 | ||||||
Fox Corp., Class B | 504 | 15,382 | ||||||
Liberty Broadband Corp., Class A* | 193 | 18,072 | ||||||
Liberty Broadband Corp., Class C* | 609 | 56,978 | ||||||
Live Nation Entertainment, Inc.* | 660 | 55,790 | ||||||
Match Group, Inc.* | 1,339 | 62,759 | ||||||
Meta Platforms, Inc., Class A* | 8,645 | 2,557,969 | ||||||
Netflix, Inc.* | 1,719 | 745,496 | ||||||
Omnicom Group, Inc. | 802 | 64,970 | ||||||
Paramount Global, Class B (a) | 2,380 | 35,914 | ||||||
Pinterest, Inc., Class A* | 2,442 | 67,130 | ||||||
ROBLOX Corp., Class A* | 1,686 | 47,697 | ||||||
Sirius XM Holdings, Inc. (a) | 4,094 | 18,014 | ||||||
Snap, Inc., Class A* | 4,663 | 48,262 | ||||||
Spotify Technology SA* | 598 | 92,074 | ||||||
Take-Two Interactive Software, Inc.* | 717 | 101,957 | ||||||
T-Mobile US, Inc.* | 2,229 | 303,701 | ||||||
Trade Desk, Inc., Class A* | 1,851 | 148,135 | ||||||
Verizon Communications, Inc. | 16,617 | 581,263 | ||||||
Walt Disney Co.* | 7,200 | 602,496 | ||||||
Warner Bros Discovery, Inc.* | 9,347 | 122,820 | ||||||
Warner Music Group Corp., Class A | 696 | 23,177 | ||||||
|
| |||||||
(Cost $11,295,539) | 13,512,379 | |||||||
|
| |||||||
Consumer Discretionary — 6.5% | ||||||||
Airbnb, Inc., Class A* | 1,637 | 215,347 | ||||||
Aptiv PLC* | 2,404 | 243,886 | ||||||
AutoZone, Inc.* | 129 | 326,542 | ||||||
Best Buy Co., Inc. | 2,122 | 162,227 | ||||||
Booking Holdings, Inc.* | 149 | 462,649 | ||||||
Chipotle Mexican Grill, Inc.* | 109 | 210,004 | ||||||
D.R. Horton, Inc. | 2,305 | 274,341 | ||||||
Domino’s Pizza, Inc. | 155 | 60,047 | ||||||
DoorDash, Inc., Class A* | 1,138 | 95,740 | ||||||
eBay, Inc. | 5,282 | 236,528 | ||||||
Etsy, Inc.* | 2,235 | 164,429 | ||||||
Expedia Group, Inc.* | 628 | 68,069 | ||||||
Ford Motor Co. | 21,078 | 255,676 | ||||||
Garmin Ltd. | 2,007 | 212,782 | ||||||
General Motors Co. | 7,888 | 264,327 | ||||||
Genuine Parts Co. | 1,408 | 216,452 | ||||||
Hasbro, Inc. | 2,731 | 196,632 | ||||||
Home Depot, Inc. | 4,344 | 1,434,823 | ||||||
Lennar Corp., Class A | 2,037 | 242,586 | ||||||
Lennar Corp., Class B | 1,014 | 108,153 | ||||||
LKQ Corp. | 3,463 | 181,911 | ||||||
Lowe’s Cos., Inc. | 2,902 | 668,853 | ||||||
Lululemon Athletica, Inc.* | 839 | 319,877 | ||||||
McDonald’s Corp. | 2,851 | 801,559 | ||||||
MercadoLibre, Inc.* | 296 | 406,219 | ||||||
NIKE, Inc., Class B | 6,143 | 624,805 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
NVR, Inc.* | 35 | $ | 223,207 | |||||
PulteGroup, Inc. | 2,484 | 203,837 | ||||||
Tractor Supply Co. | 1,032 | 225,492 | ||||||
Ulta Beauty, Inc.* | 504 | 209,175 | ||||||
Whirlpool Corp. | 201 | 28,132 | ||||||
Yum China Holdings, Inc. | 1,767 | 94,870 | ||||||
Yum! Brands, Inc. | 961 | 124,334 | ||||||
|
| |||||||
(Cost $8,492,453) | 9,563,511 | |||||||
|
| |||||||
Consumer Staples — 5.9% | ||||||||
Archer-Daniels-Midland Co. | 2,087 | 165,499 | ||||||
Campbell Soup Co. | 3,740 | 155,958 | ||||||
Church & Dwight Co., Inc. | 2,447 | 236,796 | ||||||
Clorox Co. | 1,412 | 220,907 | ||||||
Coca-Cola Co. | 17,623 | 1,054,384 | ||||||
Colgate-Palmolive Co. | 4,936 | 362,648 | ||||||
Conagra Brands, Inc. | 5,729 | 171,183 | ||||||
Estee Lauder Cos., Inc., Class A | 1,605 | 257,651 | ||||||
General Mills, Inc. | 4,186 | 283,225 | ||||||
Hershey Co. | 1,175 | 252,460 | ||||||
Hormel Foods Corp. | 4,450 | 171,725 | ||||||
J M Smucker Co. | 1,302 | 188,725 | ||||||
Kellogg Co. | 3,088 | 188,430 | ||||||
Keurig Dr Pepper, Inc. | 8,206 | 276,132 | ||||||
Kimberly-Clark Corp. | 2,342 | 301,720 | ||||||
Kraft Heinz Co. | 6,839 | 226,302 | ||||||
McCormick & Co., Inc. | 2,803 | 230,070 | ||||||
Mondelez International, Inc., Class A | 7,269 | 517,989 | ||||||
PepsiCo, Inc. | 6,142 | 1,092,785 | ||||||
Procter & Gamble Co. | 10,158 | 1,567,786 | ||||||
Sysco Corp. | 3,989 | 277,834 | ||||||
Target Corp. | 2,757 | 348,898 | ||||||
Tyson Foods, Inc., Class A | 2,637 | 140,473 | ||||||
|
| |||||||
(Cost $9,007,925) | 8,689,580 | |||||||
|
| |||||||
Financials — 11.2% | ||||||||
Aflac, Inc. | 2,329 | 173,674 | ||||||
Allstate Corp. | 1,061 | 114,386 | ||||||
Ally Financial, Inc. | 1,242 | 34,391 | ||||||
American Express Co. | 2,350 | 371,276 | ||||||
American International Group, Inc. | 2,936 | 171,815 | ||||||
Ameriprise Financial, Inc. | 440 | 148,535 | ||||||
Aon PLC, Class A | 815 | 271,713 | ||||||
Apollo Global Management, Inc. | 1,752 | 153,020 | ||||||
Arch Capital Group Ltd.* | 1,540 | 118,364 | ||||||
Arthur J Gallagher & Co. | 870 | 200,518 | ||||||
Bank of America Corp. | 27,359 | 784,383 | ||||||
Bank of New York Mellon Corp. | 3,139 | 140,847 | ||||||
BlackRock, Inc. | 588 | 411,917 | ||||||
Block, Inc.* | 2,287 | 131,846 | ||||||
Capital One Financial Corp. | 1,559 | 159,626 | ||||||
Cboe Global Markets, Inc. | 440 | 65,872 | ||||||
Charles Schwab Corp. | 5,575 | 329,761 | ||||||
Chubb Ltd. | 1,641 | 329,628 | ||||||
Cincinnati Financial Corp. | 645 | 68,235 | ||||||
Citigroup, Inc. | 7,518 | 310,418 | ||||||
Citizens Financial Group, Inc. | 2,188 | 61,548 | ||||||
CME Group, Inc. | 1,462 | 296,318 | ||||||
Discover Financial Services | 1,049 | 94,483 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
Everest Group Ltd. | 182 | $ | 65,644 | |||||
Fidelity National Financial, Inc. | 1,067 | 44,174 | ||||||
Fidelity National Information Services, Inc. | 2,432 | 135,852 | ||||||
Fifth Third Bancorp | 2,956 | 78,482 | ||||||
Fiserv, Inc.* | 2,462 | 298,862 | ||||||
FleetCor Technologies, Inc.* | 319 | 86,682 | ||||||
Franklin Resources, Inc. | 1,437 | 38,425 | ||||||
Global Payments, Inc. | 1,147 | 145,313 | ||||||
Globe Life, Inc. | 417 | 46,525 | ||||||
Goldman Sachs Group, Inc. | 1,321 | 432,905 | ||||||
Hartford Financial Services Group, Inc. | 1,272 | 91,355 | ||||||
Huntington Bancshares, Inc. | 6,263 | 69,457 | ||||||
Interactive Brokers Group, Inc., Class A | 465 | 42,352 | ||||||
Intercontinental Exchange, Inc. | 2,241 | 264,416 | ||||||
JPMorgan Chase & Co. | 11,386 | 1,666,113 | ||||||
KeyCorp | 4,553 | 51,585 | ||||||
KKR & Co., Inc. | 2,705 | 169,901 | ||||||
M&T Bank Corp. | 709 | 88,660 | ||||||
Markel Group, Inc.* | 59 | 87,256 | ||||||
Marsh & McLennan Cos., Inc. | 1,970 | 384,130 | ||||||
Mastercard, Inc., Class A | 3,304 | 1,363,363 | ||||||
MetLife, Inc. | 2,558 | 162,024 | ||||||
Moody’s Corp. | 640 | 215,552 | ||||||
Morgan Stanley | 5,137 | 437,416 | ||||||
MSCI, Inc. | 324 | 176,133 | ||||||
Nasdaq, Inc. | 1,534 | 80,504 | ||||||
Northern Trust Corp. | 912 | 69,376 | ||||||
PayPal Holdings, Inc.* | 4,481 | 280,107 | ||||||
PNC Financial Services Group, Inc. | 1,618 | 195,341 | ||||||
Principal Financial Group, Inc. | 1,018 | 79,109 | ||||||
Progressive Corp. | 2,331 | 311,119 | ||||||
Prudential Financial, Inc. | 1,481 | 140,206 | ||||||
Raymond James Financial, Inc. | 852 | 89,111 | ||||||
Regions Financial Corp. | 3,998 | 73,323 | ||||||
Rocket Cos., Inc., Class A*(a) | 1,273 | 13,596 | ||||||
S&P Global, Inc. | 1,280 | 500,301 | ||||||
State Street Corp. | 1,417 | 97,405 | ||||||
Synchrony Financial | 2,017 | 65,109 | ||||||
T. Rowe Price Group, Inc. | 944 | 105,945 | ||||||
Travelers Cos., Inc. | 923 | 148,815 | ||||||
Truist Financial Corp. | 5,468 | 167,047 | ||||||
US Bancorp | 5,985 | 218,632 | ||||||
Visa, Inc., Class A | 6,371 | 1,565,227 | ||||||
W.R. Berkley Corp. | 925 | 57,220 | ||||||
Wells Fargo & Co. | 14,758 | 609,358 | ||||||
Willis Towers Watson PLC | 452 | 93,456 | ||||||
|
| |||||||
(Cost $15,532,856) | 16,545,458 | |||||||
|
| |||||||
Health Care — 18.3% | ||||||||
Abbott Laboratories | 8,145 | 838,120 | ||||||
AbbVie, Inc. | 8,029 | 1,179,942 | ||||||
Agilent Technologies, Inc. | 2,406 | 291,294 | ||||||
Align Technology, Inc.* | 725 | 268,352 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,270 | 251,231 | ||||||
Amgen, Inc. | 2,744 | 703,397 | ||||||
Avantor, Inc.* | 9,525 | 206,216 | ||||||
Baxter International, Inc. | 5,209 | 211,485 | ||||||
Becton Dickinson and Co. | 1,703 | 475,903 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Biogen, Inc.* | 1,089 | $ | 291,155 | |||||
BioMarin Pharmaceutical, Inc.* | 2,442 | 223,150 | ||||||
Boston Scientific Corp.* | 8,512 | 459,137 | ||||||
Bristol-Myers Squibb Co. | 10,501 | 647,387 | ||||||
Cardinal Health, Inc. | 1,661 | 145,055 | ||||||
Catalent, Inc.* | 4,031 | 201,429 | ||||||
Cencora, Inc. | 1,309 | 230,358 | ||||||
Centene Corp.* | 2,007 | 123,732 | ||||||
Cigna Group | 1,173 | 324,053 | ||||||
Cooper Cos., Inc. | 586 | 216,814 | ||||||
CVS Health Corp. | 7,134 | 464,923 | ||||||
Danaher Corp. | 3,298 | 873,970 | ||||||
Dexcom, Inc.* | 2,697 | 272,343 | ||||||
Edwards Lifesciences Corp.* | 4,016 | 307,104 | ||||||
Elevance Health, Inc. | 937 | 414,163 | ||||||
Eli Lilly & Co. | 3,636 | 2,015,071 | ||||||
Gilead Sciences, Inc. | 6,831 | 522,435 | ||||||
HCA Healthcare, Inc. | 819 | 227,109 | ||||||
Henry Schein, Inc.* | 2,294 | 175,583 | ||||||
Hologic, Inc.* | 2,826 | 211,215 | ||||||
Horizon Therapeutics PLC* | 2,399 | 270,463 | ||||||
Humana, Inc. | 514 | 237,278 | ||||||
IDEXX Laboratories, Inc.* | 627 | 320,654 | ||||||
Illumina, Inc.* | 1,427 | 235,769 | ||||||
Incyte Corp.* | 3,091 | 199,462 | ||||||
Intuitive Surgical, Inc.* | 1,816 | 567,827 | ||||||
IQVIA Holdings, Inc.* | 738 | 164,301 | ||||||
Johnson & Johnson | 11,111 | 1,796,426 | ||||||
Laboratory Corp. of America Holdings | 343 | 71,378 | ||||||
McKesson Corp. | 701 | 289,036 | ||||||
Medtronic PLC | 7,019 | 572,049 | ||||||
Merck & Co., Inc. | 11,242 | 1,225,153 | ||||||
Mettler-Toledo International, Inc.* | 201 | 243,909 | ||||||
Moderna, Inc.* | 2,487 | 281,205 | ||||||
Pfizer, Inc. | 26,172 | 925,965 | ||||||
Quest Diagnostics, Inc. | 441 | 57,992 | ||||||
Regeneron Pharmaceuticals, Inc.* | 619 | 511,597 | ||||||
ResMed, Inc. | 1,252 | 199,807 | ||||||
Royalty Pharma PLC, Class A | 6,432 | 191,802 | ||||||
Seagen, Inc.* | 1,332 | 274,485 | ||||||
STERIS PLC | 1,067 | 244,973 | ||||||
Stryker Corp. | 1,748 | 495,645 | ||||||
Teleflex, Inc. | 805 | 171,256 | ||||||
Thermo Fisher Scientific, Inc. | 1,795 | 999,995 | ||||||
UnitedHealth Group, Inc. | 3,636 | 1,732,845 | ||||||
Veeva Systems, Inc., Class A* | 621 | 129,603 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,447 | 504,048 | ||||||
Viatris, Inc. | 19,156 | 205,927 | ||||||
Waters Corp.* | 782 | 219,586 | ||||||
West Pharmaceutical Services, Inc. | 684 | 278,320 | ||||||
Zimmer Biomet Holdings, Inc. | 1,874 | 223,231 | ||||||
Zoetis, Inc. | 2,705 | 515,330 | ||||||
|
| |||||||
(Cost $26,361,486) | 27,129,443 | |||||||
|
| |||||||
Industrials — 5.5% | ||||||||
A O Smith Corp. | 929 | 67,353 | ||||||
Automatic Data Processing, Inc. | 1,658 | 422,143 | ||||||
Broadridge Financial Solutions, Inc. | 441 | 82,119 | ||||||
C.H. Robinson Worldwide, Inc. | 1,753 | 158,524 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
Carrier Global Corp. | 6,060 | $ | 348,147 | |||||
Cintas Corp. | 358 | 180,493 | ||||||
Copart, Inc.* | 6,744 | 302,334 | ||||||
Deere & Co. | 1,364 | 560,522 | ||||||
Delta Air Lines, Inc. | 5,030 | 215,686 | ||||||
Dover Corp. | 1,397 | 207,175 | ||||||
Equifax, Inc. | 509 | 105,210 | ||||||
Expeditors International of Washington, Inc. | 1,721 | 200,858 | ||||||
Fastenal Co. | 4,842 | 278,802 | ||||||
FedEx Corp. | 1,447 | 377,696 | ||||||
JB Hunt Transport Services, Inc. | 1,121 | 210,614 | ||||||
Johnson Controls International PLC | 3,282 | 193,835 | ||||||
Masco Corp. | 3,059 | 180,512 | ||||||
Old Dominion Freight Line, Inc. | 785 | 335,485 | ||||||
Otis Worldwide Corp. | 3,200 | 273,760 | ||||||
PACCAR, Inc. | 3,040 | 250,162 | ||||||
Paychex, Inc. | 1,345 | 164,399 | ||||||
Paycom Software, Inc. | 223 | 65,749 | ||||||
Rollins, Inc. | 1,150 | 45,506 | ||||||
Snap-on, Inc. | 689 | 185,065 | ||||||
Southwest Airlines Co. | 5,486 | 173,358 | ||||||
SS&C Technologies Holdings, Inc. | 942 | 54,090 | ||||||
Stanley Black & Decker, Inc. | 1,995 | 188,288 | ||||||
Trane Technologies PLC | 5 | 1,026 | ||||||
TransUnion | 864 | 70,174 | ||||||
Uber Technologies, Inc.* | 10,980 | 518,585 | ||||||
United Airlines Holdings, Inc.* | 3,506 | 174,634 | ||||||
United Parcel Service, Inc., Class B | 3,661 | 620,173 | ||||||
Verisk Analytics, Inc. | 606 | 146,785 | ||||||
W.W. Grainger, Inc. | 322 | 229,953 | ||||||
Waste Management, Inc. | 2,424 | 380,035 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,642 | 184,758 | ||||||
|
| |||||||
(Cost $7,165,522) | 8,154,008 | |||||||
|
| |||||||
Information Technology — 35.3% | ||||||||
Accenture PLC, Class A | 2,622 | 848,925 | ||||||
Adobe, Inc.* | 1,801 | 1,007,371 | ||||||
Advanced Micro Devices, Inc.* | 7,575 | 800,829 | ||||||
Akamai Technologies, Inc.* | 725 | 76,190 | ||||||
Amdocs Ltd. | 561 | 50,041 | ||||||
Analog Devices, Inc. | 2,670 | 485,353 | ||||||
Apple, Inc. | 73,220 | 13,755,841 | ||||||
Applied Materials, Inc. | 4,327 | 660,993 | ||||||
Arista Networks, Inc.* | 1,881 | 367,228 | ||||||
Atlassian Corp., Class A* | 647 | 132,027 | ||||||
Autodesk, Inc.* | 927 | 205,738 | ||||||
Broadcom, Inc. | 1,755 | 1,619,672 | ||||||
Cadence Design Systems, Inc.* | 1,101 | 264,724 | ||||||
CDW Corp. | 545 | 115,077 | ||||||
Cisco Systems, Inc. | 18,765 | 1,076,173 | ||||||
Cloudflare, Inc., Class A* | 1,267 | 82,393 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,070 | 148,233 | ||||||
Corning, Inc. | 6,815 | 223,668 | ||||||
Crowdstrike Holdings, Inc., Class A* | 908 | 148,031 | ||||||
Datadog, Inc., Class A* | 1,215 | 117,223 | ||||||
DocuSign, Inc.* | 943 | 47,433 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Enphase Energy, Inc.* | 1,424 | $ | 180,179 | |||||
EPAM Systems, Inc.* | 257 | 66,560 | ||||||
Fair Isaac Corp.* | 103 | 93,173 | ||||||
Fortinet, Inc.* | 2,768 | 166,661 | ||||||
Gartner, Inc.* | 312 | 109,100 | ||||||
Gen Digital, Inc. | 2,959 | 59,920 | ||||||
GLOBALFOUNDRIES, Inc.* | 2,445 | 135,086 | ||||||
HP, Inc. | 7,726 | 229,539 | ||||||
HubSpot, Inc.* | 203 | 110,944 | ||||||
Intel Corp. | 20,859 | 732,985 | ||||||
Intuit, Inc. | 1,091 | 591,115 | ||||||
Keysight Technologies, Inc.* | 1,595 | 212,613 | ||||||
KLA Corp. | 855 | 429,099 | ||||||
Lam Research Corp. | 762 | 535,229 | ||||||
Marvell Technology, Inc. | 5,913 | 344,432 | ||||||
Microchip Technology, Inc. | 3,775 | 308,946 | ||||||
Micron Technology, Inc. | 6,608 | 462,164 | ||||||
Microsoft Corp. | 37,306 | 12,227,415 | ||||||
MongoDB, Inc.* | 291 | 110,958 | ||||||
Motorola Solutions, Inc. | 1,173 | 332,628 | ||||||
NetApp, Inc. | 2,811 | 215,604 | ||||||
NVIDIA Corp. | 11,756 | 5,802,174 | ||||||
Okta, Inc.* | 736 | 61,463 | ||||||
ON Semiconductor Corp.* | 3,131 | 308,278 | ||||||
Oracle Corp. | 6,161 | 741,723 | ||||||
Palo Alto Networks, Inc.* | 1,216 | 295,853 | ||||||
QUALCOMM, Inc. | 5,630 | 644,804 | ||||||
Salesforce, Inc.* | 3,727 | 825,381 | ||||||
Seagate Technology Holdings PLC | 2,895 | 204,937 | ||||||
ServiceNow, Inc.* | 812 | 478,130 | ||||||
Skyworks Solutions, Inc. | 1,963 | 213,457 | ||||||
Snowflake, Inc., Class A* | 1,151 | 180,534 | ||||||
Splunk, Inc.* | 685 | 83,063 | ||||||
Synopsys, Inc.* | 612 | 280,841 | ||||||
TE Connectivity Ltd. | 2,358 | 312,176 | ||||||
Teradyne, Inc. | 1,973 | 212,828 | ||||||
Texas Instruments, Inc. | 4,381 | 736,271 | ||||||
Twilio, Inc., Class A* | 778 | 49,566 | ||||||
Unity Software, Inc.* | 1,190 | 44,113 | ||||||
VeriSign, Inc.* | 401 | 83,324 | ||||||
VMware, Inc., Class A* | 925 | 156,121 | ||||||
Western Digital Corp.* | 4,107 | 184,815 | ||||||
Workday, Inc., Class A* | 837 | 204,646 | ||||||
Zoom Video Communications, Inc., Class A* | 1,106 | 78,559 | ||||||
Zscaler, Inc.* | 419 | 65,385 | ||||||
|
| |||||||
(Cost $41,046,841) | 52,135,955 | |||||||
|
| |||||||
Materials — 2.1% | ||||||||
Ball Corp. | 3,676 | 200,158 | ||||||
Corteva, Inc. | 5,336 | 269,521 | ||||||
Ecolab, Inc. | 1,786 | 328,285 | ||||||
FMC Corp. | 1,907 | 164,441 | ||||||
International Flavors & Fragrances, Inc. | 2,767 | 194,935 | ||||||
International Paper Co. | 4,205 | 146,839 | ||||||
Martin Marietta Materials, Inc. | 549 | 245,079 | ||||||
Mosaic Co. | 4,732 | 183,838 | ||||||
Nucor Corp. | 1,480 | 254,708 | ||||||
Packaging Corp. of America | 1,385 | 206,504 |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
August 31, 2023
Number | Value | |||||||
Materials (Continued) | ||||||||
PPG Industries, Inc. | 1,840 | $ | 260,838 | |||||
Sherwin-Williams Co. | 1,470 | 399,428 | ||||||
Southern Copper Corp. | 2,348 | 189,390 | ||||||
|
| |||||||
(Cost $3,000,660) | 3,043,964 | |||||||
|
| |||||||
Real Estate — 4.7% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 1,948 | 226,630 | ||||||
American Tower Corp. REIT | 2,574 | 466,718 | ||||||
AvalonBay Communities, Inc. REIT | 1,352 | 248,525 | ||||||
CBRE Group, Inc., Class A* | 1,578 | 134,209 | ||||||
CoStar Group, Inc.* | 1,697 | 139,137 | ||||||
Crown Castle, Inc. REIT | 2,962 | 297,681 | ||||||
Digital Realty Trust, Inc. REIT | 2,490 | 327,983 | ||||||
Equinix, Inc. REIT | 557 | 435,229 | ||||||
Equity Residential REIT | 3,726 | 241,557 | ||||||
Essex Property Trust, Inc. REIT | 894 | 213,121 | ||||||
Extra Space Storage, Inc. REIT | 1,542 | 198,424 | ||||||
Healthpeak Properties, Inc. REIT | 9,224 | 189,830 | ||||||
Invitation Homes, Inc. REIT | 6,606 | 225,198 | ||||||
Iron Mountain, Inc. REIT | 3,722 | 236,496 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,426 | 207,098 | ||||||
Prologis, Inc. REIT | 4,815 | 598,023 | ||||||
Public Storage REIT | 1,137 | 314,244 | ||||||
Realty Income Corp. REIT | 5,088 | 285,131 | ||||||
SBA Communications Corp. REIT | 1,071 | 240,472 | ||||||
Simon Property Group, Inc. REIT | 2,531 | 287,243 | ||||||
UDR, Inc. REIT | 5,006 | 199,739 | ||||||
Ventas, Inc. REIT | 4,625 | 202,020 | ||||||
VICI Properties, Inc. REIT | 8,734 | 269,357 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Welltower, Inc. REIT | 3,888 | $ | 322,237 | |||||
Weyerhaeuser Co. REIT | 7,156 | 234,359 | ||||||
WP Carey, Inc. REIT | 3,005 | 195,475 | ||||||
|
| |||||||
(Cost $7,384,305) | 6,936,136 | |||||||
|
| |||||||
Utilities — 1.1% | ||||||||
American Water Works Co., Inc. | 6,150 | 853,251 | ||||||
Edison International | 11,721 | 806,991 | ||||||
|
| |||||||
(Cost $1,672,220) | 1,660,242 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 147,370,676 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
Vanguard Russell 1000 ETF | 300 | 61,467 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | 67,850 | 67,850 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 334,935 | 334,935 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 147,834,928 | ||||||
Other assets and liabilities, net — 0.0% | 61,036 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 147,895,964 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||
— | 67,850 (d | ) | — | — | — | 2,972 | — | 67,850 | 67,850 | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||
349,061 | 2,600,936 | (2,615,062 | ) | — | — | 6,721 | — | 334,935 | 334,935 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
349,061 | 2,668,786 | (2,615,062 | ) | — | — | 9,693 | — | 402,785 | 402,785 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2023 amounted to $65,123, which is 0.0% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)
August 31, 2023
At August 31, 2023, 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 | 2 | $ | 399,870 | $ | 401,100 | 9/15/2023 | $ | 1,230 |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 147,370,676 | $ | — | $ | — | $ | 147,370,676 | ||||||||
Exchange-Traded Funds | 61,467 | — | — | 61,467 | ||||||||||||
Short-Term Investments (a) | 402,785 | — | — | 402,785 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 1,230 | — | — | 1,230 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 147,836,158 | $ | — | $ | — | $ | 147,836,158 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
August 31, 2023
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA Climate Action Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 489,586,200 | $ | 42,978,379 | $ | 24,955,030 | $ | 2,266,263,680 | ||||||||
Investment in affiliated securities at value | — | — | 2,689 | — | ||||||||||||
Investment in DWS Government Money Market Series | 1,488,084 | 11,252 | 191,969 | 6,190,253 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | — | 565,175 | ||||||||||||
Foreign currency at value | 1,057,353 | 89,291 | 50,681 | — | ||||||||||||
Deposit with broker for futures contracts | 90,788 | 12,466 | 1,721 | 472,560 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 199,459 | 236,027 | 2,643,112 | ||||||||||||
Variation margin on futures contracts | — | 97 | 3,594 | — | ||||||||||||
Dividends | 498,456 | 84,199 | 22,332 | 3,210,150 | ||||||||||||
Interest | 4,394 | 58 | 311 | 13,722 | ||||||||||||
Securities lending income | — | 4 | — | 1,805 | ||||||||||||
Foreign tax reclaim | 4,151 | 65,664 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 492,729,426 | $ | 43,440,869 | $ | 25,464,354 | $ | 2,279,360,457 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | — | $ | — | $ | — | $ | 565,175 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 1,498 | 252,178 | 448,271 | 3,518,661 | ||||||||||||
Investment advisory fees | 63,356 | 5,136 | 4,373 | 132,888 | ||||||||||||
Variation margin on futures contracts | 36,777 | — | — | 19,280 | ||||||||||||
Deferred foreign tax payable | 382,959 | — | 24,706 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 484,590 | 257,314 | 477,350 | 4,236,004 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 492,244,836 | $ | 43,183,555 | $ | 24,987,004 | $ | 2,275,124,453 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 636,268,497 | $ | 43,609,663 | $ | 29,794,589 | $ | 2,043,278,750 | ||||||||
Distributable earnings (loss) | (144,023,661 | ) | (426,108 | ) | (4,807,585 | ) | 231,845,703 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 492,244,836 | $ | 43,183,555 | $ | 24,987,004 | $ | 2,275,124,453 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 18,400,001 | 1,550,001 | 1,050,001 | 81,100,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 26.75 | $ | 27.86 | $ | 23.80 | $ | 28.05 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 578,197,532 | $ | 41,016,076 | $ | 26,518,926 | $ | 2,042,908,288 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | — | $ | — | $ | 2,658 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | — | $ | — | $ | 546,550 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 1,488,084 | $ | 11,252 | $ | 191,969 | $ | 6,190,253 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | — | $ | 565,175 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 1,100,104 | $ | 89,464 | $ | 79,956 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
August 31, 2023
Xtrackers MSCI USA ESG Leaders Equity ETF | Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | |||||||
Assets | ||||||||
Investment in non-affiliated securities at value | $ | 1,276,864,816 | $ | 147,432,143 | ||||
Investment in DWS Government Money Market Series | 4,273,305 | 334,935 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | — | 67,850 | ||||||
Deposit with broker for futures contracts | 317,791 | 22,000 | ||||||
Receivables: | ||||||||
Investment securities sold | 2,138,700 | — | ||||||
Dividends | 1,875,851 | 179,977 | ||||||
Interest | 10,801 | 1,414 | ||||||
Securities lending income | — | 181 | ||||||
|
|
|
| |||||
Total assets | $ | 1,285,481,264 | $ | 148,038,500 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | — | $ | 67,850 | ||||
Payables: | ||||||||
Investment securities purchased | 2,480,641 | 61,500 | ||||||
Investment advisory fees | 95,770 | 12,246 | ||||||
Variation margin on futures contracts | 12,762 | 940 | ||||||
|
|
|
| |||||
Total liabilities | 2,589,173 | 142,536 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 1,282,892,091 | $ | 147,895,964 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 1,253,246,682 | $ | 131,756,547 | ||||
Distributable earnings (loss) | 29,645,409 | 16,139,417 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 1,282,892,091 | $ | 147,895,964 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 30,650,001 | 5,100,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 41.86 | $ | 29.00 | ||||
|
|
|
| |||||
Investment in non-affiliated securities at cost | $ | 1,165,268,469 | $ | 131,021,307 | ||||
|
|
|
| |||||
Value of securities loaned | $ | — | $ | 65,123 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series at cost | $ | 4,273,305 | $ | 334,935 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | 67,850 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
For the Year Ended August 31, 2023
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA Climate Action Equity ETF(1) | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 9,985,196 | $ | 1,088,972 | $ | 405,444 | $ | 14,255,030 | ||||||||
Affiliated dividend income | — | — | 1,011 | — | ||||||||||||
Income distributions from affiliated funds | 56,357 | 1,183 | 1,946 | 40,591 | ||||||||||||
Affiliated securities lending income | 64,464 | 5,064 | 1,748 | 41,859 | ||||||||||||
Unaffiliated non-cash dividend income | 1,727,969 | — | 178,573 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 4,670 | — | — | 7,424 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 11,838,656 | 1,095,219 | 588,722 | 14,344,904 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 724,132 | 50,145 | 48,872 | 612,669 | ||||||||||||
Other expenses | 153 | 115 | 58 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 724,285 | 50,260 | 48,930 | 612,669 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (1,110 | ) | (27 | ) | (77 | ) | (761 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 723,175 | 50,233 | 48,853 | 611,908 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 11,115,481 | 1,044,986 | 539,869 | 13,732,996 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments** | (18,489,716 | ) | (1,480,961 | ) | (1,942,509 | ) | 1,549,476 | |||||||||
Investments in affiliates | — | — | (2,777 | ) | — | |||||||||||
In-kind redemptions | — | 718,241 | 4,986 | 22,960,654 | ||||||||||||
Futures contracts | 50,975 | 35,580 | (5,919 | ) | 213,403 | |||||||||||
Foreign currency transactions | (48,314 | ) | (8,166 | ) | 6,876 | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (18,487,055 | ) | (735,306 | ) | (1,939,343 | ) | 24,723,533 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments*** | 17,295,655 | 5,015,024 | 1,436,858 | 223,355,392 | ||||||||||||
Investments in affiliates | — | — | 31 | — | ||||||||||||
Futures contracts | (843 | ) | 4,243 | 2,970 | 143,188 | |||||||||||
Foreign currency translations | 14,491 | 7,427 | (28,038 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 17,309,303 | 5,026,694 | 1,411,821 | 223,498,580 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (1,177,752 | ) | 4,291,388 | (527,522 | ) | 248,222,113 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,937,729 | $ | 5,336,374 | $ | 12,347 | $ | 261,955,109 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 1,821,352 | $ | 131,598 | $ | 91,241 | $ | 893 | ||||||||
** Including foreign taxes | $ | 20,453 | $ | — | $ | 16,648 | $ | — | ||||||||
*** Including (Net of) change in deferred foreign taxes | $ | 382,667 | $ | — | $ | (24,239 | ) | $ | — |
(1) | For the period April 4, 2023 (commencement of operations) through August 31, 2023. |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended August 31, 2023
Xtrackers MSCI USA ESG Leaders Equity ETF | Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 37,947,336 | $ | 1,563,899 | ||||
Income distributions from affiliated funds | 229,238 | 6,721 | ||||||
Affiliated securities lending income | 17,836 | 2,972 | ||||||
Unaffiliated securities lending income, net of borrower rebates | 56,199 | 1,778 | ||||||
|
|
|
| |||||
Total investment income | 38,250,609 | 1,575,370 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 2,318,895 | 99,299 | ||||||
Other expenses | 58 | 30 | ||||||
|
|
|
| |||||
Total expenses | 2,318,953 | 99,329 | ||||||
|
|
|
| |||||
Less fees waived (see note 3): | ||||||||
Waiver | (235,968 | ) | (120 | ) | ||||
|
|
|
| |||||
Net expenses | 2,082,985 | 99,209 | ||||||
|
|
|
| |||||
Net investment income (loss) | 36,167,624 | 1,476,161 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (38,742,237 | ) | (655,983 | ) | ||||
In-kind redemptions | 541,836,218 | 2,086,391 | ||||||
Futures contracts | (358,699 | ) | (13,869 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | 502,735,282 | 1,416,539 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (225,781,091 | ) | 14,846,153 | |||||
Futures contracts | 167,736 | 13,960 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (225,613,355 | ) | 14,860,113 | |||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments and futures | 277,121,927 | 16,276,652 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 313,289,551 | $ | 17,752,813 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 21,304 | $ | 33 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | |||||||||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 11,115,481 | $ | 12,906,765 | $ | 1,044,986 | $ | 775,286 | ||||||||
Net realized gain (loss) | (18,487,055 | ) | (47,552,026 | ) | (735,306 | ) | (828,340 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 17,309,303 | (122,838,645 | ) | 5,026,694 | (6,754,362 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 9,937,729 | (157,483,906 | ) | 5,336,374 | (6,807,416 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (12,833,632 | ) | (9,660,140 | ) | (957,399 | ) | (738,856 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,359,527 | 304,205,924 | 13,833,465 | 17,576,378 | ||||||||||||
Value of shares redeemed | — | (140,382,770 | ) | (4,135,077 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,359,527 | 163,823,154 | 9,698,388 | 17,576,378 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (536,376 | ) | (3,320,892 | ) | 14,077,363 | 10,030,106 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 492,781,212 | 496,102,104 | 29,106,192 | 19,076,086 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 492,244,836 | $ | 492,781,212 | $ | 43,183,555 | $ | 29,106,192 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 18,300,001 | 14,300,001 | 1,200,001 | 600,001 | ||||||||||||
Shares sold | 100,000 | 9,050,000 | 500,000 | 600,000 | ||||||||||||
Shares redeemed | — | (5,050,000 | ) | (150,000 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 18,400,001 | 18,300,001 | 1,550,001 | 1,200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA Climate Action Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | ||||||||||||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | For the Period April 4, 2023(1) to August 31, 2023 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | ||||||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 539,869 | $ | 494,259 | $ | 13,732,996 | $ | 36,167,624 | $ | 45,489,454 | ||||||||||
Net realized gain (loss) | (1,939,343 | ) | (879,835 | ) | 24,723,533 | 502,735,282 | 502,947,305 | |||||||||||||
Net change in net unrealized appreciation (depreciation) | 1,411,821 | (6,114,670 | ) | 223,498,580 | (225,613,355 | ) | (947,734,755 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | 12,347 | (6,500,246 | ) | 261,955,109 | 313,289,551 | (399,297,996 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to Shareholders | (495,191 | ) | (519,666 | ) | (6,700,040 | ) | (41,345,101 | ) | (45,094,920 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fund Shares Transactions | ||||||||||||||||||||
Proceeds from shares sold | 4,573,005 | 9,159,408 | 2,206,770,268 | 240,179,457 | 858,929,738 | |||||||||||||||
Value of shares redeemed | (2,277,610 | ) | (4,168,383 | ) | (186,900,909 | ) | (2,288,923,620 | ) | (1,244,247,484 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,295,395 | 4,991,025 | 2,019,869,359 | (2,048,744,163 | ) | (385,317,746 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net increase (decrease) in Net Assets | 1,812,551 | (2,028,887 | ) | 2,275,124,428 | (1,776,799,713 | ) | (829,710,662 | ) | ||||||||||||
Net Assets | ||||||||||||||||||||
Beginning of year | 23,174,453 | 25,203,340 | 25 | 3,059,691,804 | 3,889,402,466 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of year | $ | 24,987,004 | $ | 23,174,453 | $ | 2,275,124,453 | $ | 1,282,892,091 | $ | 3,059,691,804 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Changes in Shares Outstanding | ||||||||||||||||||||
Shares outstanding, beginning of year | 950,001 | 750,001 | 1 | 85,300,001 | 92,850,001 | |||||||||||||||
Shares sold | 200,000 | 350,000 | 88,350,000 | 6,650,000 | 21,800,000 | |||||||||||||||
Shares redeemed | (100,000 | ) | (150,000 | ) | (7,250,000 | ) | (61,300,000 | ) | (29,350,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding, end of year | 1,050,001 | 950,001 | 81,100,001 | 30,650,001 | 85,300,001 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | ||||||||
Year Ended August 31, 2023 | For the Period June 28, 2022(1) to August 31, 2022 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 1,476,161 | $ | 196,738 | ||||
Net realized gain (loss) | 1,416,539 | 830,386 | ||||||
Net change in net unrealized appreciation (depreciation) | 14,860,113 | 1,551,953 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 17,752,813 | 2,579,077 | ||||||
|
|
|
| |||||
Distributions to Shareholders | (1,268,208 | ) | — | |||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 64,054,316 | 77,058,253 | ||||||
Value of shares redeemed | (8,280,393 | ) | (3,999,919 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | 55,773,923 | 73,058,334 | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 72,258,528 | 75,637,411 | ||||||
Net Assets | ||||||||
Beginning of period | 75,637,436 | 25 | ||||||
|
|
|
| |||||
End of period | $ | 147,895,964 | $ | 75,637,436 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 3,000,001 | 1 | ||||||
Shares sold | 2,400,000 | 3,150,000 | ||||||
Shares redeemed | (300,000 | ) | (150,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 5,100,001 | 3,000,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2019(a) | ||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 26.93 | $ | 34.69 | $ | 27.90 | $ | 25.42 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.60 | 0.70 | 0.57 | 0.68 | 0.60 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.08 | ) | (7.88 | ) | 6.86 | 2.53 | 0.27 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.52 | (7.18 | ) | 7.43 | 3.21 | 0.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.70 | ) | (0.58 | ) | (0.64 | ) | (0.73 | ) | (0.45 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.70 | ) | (0.58 | ) | (0.64 | ) | (0.73 | ) | (0.45 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 26.75 | $ | 26.93 | $ | 34.69 | $ | 27.90 | $ | 25.42 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 2.01 | (20.81 | ) | 26.80 | 12.74 | 3.44 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 492 | 493 | 496 | 8 | 8 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.30 | 2.30 | 1.97 | 2.61 | 3.17 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 16 | 33 | 17 | 13 | 10 | ** | ||||||||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2019(e) | ||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 24.26 | $ | 31.79 | $ | 25.96 | $ | 24.10 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.78 | 0.85 | 0.72 | 0.59 | 0.78 | |||||||||||||||
Net realized and unrealized gain (loss) | 3.51 | (7.57 | ) | 5.80 | 1.83 | (1.01 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 4.29 | (6.72 | ) | 6.52 | 2.42 | (0.23 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.69 | ) | (0.81 | ) | (0.69 | ) | (0.56 | ) | (0.66 | ) | ||||||||||
Net realized gains | — | — | — | — | (0.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.69 | ) | (0.81 | ) | (0.69 | ) | (0.56 | ) | (0.67 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 27.86 | $ | 24.26 | $ | 31.79 | $ | 25.96 | $ | 24.10 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 17.79 | (21.40 | ) | 25.28 | 10.12 | (0.91 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 43 | 29 | 19 | 12 | 7 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.92 | 3.04 | 2.45 | 2.39 | 3.25 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 25 | 22 | 22 | 16 | 10 | ** |
(a) | For the period December 6, 2018 (commencement of operations) through August 31, 2019. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | For the period September 6, 2018 (commencement of operations) through August 31, 2019. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2019(a) | ||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 24.39 | $ | 33.60 | $ | 28.57 | $ | 24.70 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.53 | 0.64 | 0.49 | 0.86 | 0.50 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.65 | ) | (9.14 | ) | 4.77 | 4.07 | (0.53 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.12 | ) | (8.50 | ) | 5.26 | 4.93 | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.47 | ) | (0.71 | ) | (0.23 | ) | (1.06 | ) | (0.27 | ) | ||||||||||
Net realized gains | — | — | — | (0.00 | )(c) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.47 | ) | (0.71 | ) | (0.23 | ) | (1.06 | ) | (0.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 23.80 | $ | 24.39 | $ | 33.60 | $ | 28.57 | $ | 24.70 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(d) | (0.51 | ) | (25.55 | ) | 18.43 | 20.32 | (0.17 | )** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 25 | 23 | 25 | 9 | 7 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.21 | 2.22 | 1.48 | 3.38 | 2.68 | * | ||||||||||||||
Portfolio turnover rate (%)(e) | 23 | 24 | 26 | 17 | 16 | ** | ||||||||||||||
Xtrackers MSCI USA Climate Action Equity ETF Selected Per Share Data | Period Ended 8/31/2023(f) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||||||||||||||
|
| |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.17 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 2.96 | |||||||||||||||||||
|
| |||||||||||||||||||
Total from investment operations | 3.13 | |||||||||||||||||||
|
| |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.08 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Total distributions | (0.08 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 28.05 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Return (%)(d) | 12.55 | ** | ||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 2,275 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.07 | * | ||||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.07 | * | ||||||||||||||||||
Ratio of net investment income (loss) (%) | 1.57 | * | ||||||||||||||||||
Portfolio turnover rate (%)(e) | 7 | ** |
(a) | For the period December 6, 2018 (commencement of operations) through August 31, 2019. |
(b) | Based on average shares outstanding during the period. |
(c) | Amount represents less than $0.005. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | For the period April 4, 2023 (commencement of operations) through August 31, 2023. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI USA ESG Leaders Equity ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2019(a) | ||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 35.87 | $ | 41.89 | $ | 31.84 | $ | 26.69 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.57 | 0.53 | 0.50 | 0.51 | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.04 | (6.04 | ) | 10.05 | 5.10 | 1.57 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 6.61 | (5.51 | ) | 10.55 | 5.61 | 1.81 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.62 | ) | (0.51 | ) | (0.50 | ) | (0.46 | ) | (0.12 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.62 | ) | (0.51 | ) | (0.50 | ) | (0.46 | ) | (0.12 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 41.86 | $ | 35.87 | $ | 41.89 | $ | 31.84 | $ | 26.69 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 18.68 | (13.29 | ) | 33.48 | 21.42 | 7.23 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 1,283 | 3,060 | 3,889 | 2,666 | 1,341 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 1.56 | 1.32 | 1.39 | 1.83 | 1.89 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 6 | 6 | 12 | 9 | 5 | ** | ||||||||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF Selected Per Share Data | Year Ended 8/31/2023 | Period Ended 8/31/2022(e) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.21 | $ | 25.00 | ||||||||||||||||
|
|
|
| |||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.39 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.74 | 0.14 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
Total from investment operations | 4.13 | 0.21 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.34 | ) | — | |||||||||||||||||
Net realized gains | (0.00 | )(f) | — | |||||||||||||||||
|
|
|
| |||||||||||||||||
Total distributions | (0.34 | ) | — | |||||||||||||||||
|
|
|
| |||||||||||||||||
Net Asset Value, end of period | $ | 29.00 | $ | 25.21 | ||||||||||||||||
|
|
|
| |||||||||||||||||
Total Return (%)(c) | 16.60 | 0.84 | ** | |||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 148 | 76 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.10 | 0.10 | * | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.10 | 0.10 | * | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.49 | 1.50 | * | |||||||||||||||||
Portfolio turnover rate (%)(d) | 8 | 11 | ** |
(a) | For the period March 7, 2019 (commencement of operations) through August 31, 2019. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | For the period June 28, 2022 (commencement of operations) through August 31, 2022. |
(f) | Amount represents less than $0.005. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2023, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF |
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
Xtrackers MSCI USA Climate Action Equity ETF |
Xtrackers MSCI USA ESG Leaders Equity ETF |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF |
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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | MSCI EAFE ESG Leaders Index | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | MSCI Emerging Markets ESG Leaders Index | |
Xtrackers MSCI USA Climate Action Equity ETF | MSCI USA Climate Action Index | |
Xtrackers MSCI USA ESG Leaders Equity ETF | MSCI USA ESG Leaders Index | |
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | Solactive ISS ESG United States Net Zero Pathway Enhanced Index |
The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. The EMCR Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
75
DBX ETF Trust
Notes to Financial Statements (Continued)
The MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
The MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.
The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between its respective index provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values
76
DBX ETF Trust
Notes to Financial Statements (Continued)
under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
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.
77
DBX ETF Trust
Notes to Financial Statements (Continued)
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2023, the Funds did not incur any interest or penalties.
As of August 31, 2023, 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 Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 5,257,480 | $ | — | $ | (54,601,369 | ) | $ | (94,679,772 | ) | $ | (144,023,661 | ) | |||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 190,744 | — | (1,639,615 | ) | 1,022,763 | (426,108 | ) | |||||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 361,011 | — | (2,573,902 | ) | (2,594,694 | ) | (4,807,585 | ) | ||||||||||||
Xtrackers MSCI USA Climate Action Equity ETF | 9,593,277 | 218,687 | — | 222,033,739 | 231,845,703 | |||||||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 3,535,199 | — | (65,280,983 | ) | 91,391,193 | 29,645,409 | ||||||||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 416,084 | — | (473,338 | ) | 16,196,671 | 16,139,417 |
The tax character of dividends and distributions declared for the period ended August 31, 2023 and year ended August 31, 2022 were as follows:
Period Ended August 31, 2023 | ||||
Ordinary Income* | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 12,833,632 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 957,399 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 495,191 | |||
Xtrackers MSCI USA Climate Action Equity ETF | 6,700,040 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 41,345,101 | |||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 1,268,208 |
78
DBX ETF Trust
Notes to Financial Statements (Continued)
Year Ended August 31, 2022 | ||||
Ordinary Income* | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 9,660,140 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 738,856 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 519,666 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 45,094,920 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 36,954,462 | $ | 17,646,907 | $ | 54,601,369 | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 564,063 | 1,075,552 | 1,639,615 | |||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 883,141 | 1,690,761 | 2,573,902 | |||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 16,442,851 | 48,838,132 | 65,280,983 | |||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 327,541 | 145,797 | 473,338 |
For the period ended August 31, 2023, 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 MSCI EAFE ESG Leaders Equity ETF | $ | (637,860 | ) | $ | 637,860 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 17,456 | (17,456 | ) | |||||
Xtrackers MSCI USA Climate Action Equity ETF | (23,409,366 | ) | 23,409,366 | |||||
Xtrackers MSCI USA ESG Leaders Equity ETF | (528,529,100 | ) | 528,529,100 | |||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | (2,071,106 | ) | 2,071,106 |
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 585,327,607 | $ | (94,253,323 | ) | $ | 30,786,427 | $ | (125,039,750 | ) | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 41,969,941 | 1,022,418 | 3,464,406 | (2,441,988 | ) | |||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 27,678,329 | (2,528,641 | ) | 1,978,563 | (4,507,204 | ) | ||||||||||
Xtrackers MSCI USA Climate Action Equity ETF | 2,050,985,369 | 222,033,739 | 273,621,602 | (51,587,863 | ) | |||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 1,189,746,928 | 91,391,193 | 172,814,725 | (81,423,532 | ) | |||||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 131,638,257 | 16,196,671 | 20,425,088 | (4,228,417 | ) |
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, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
79
DBX ETF Trust
Notes to Financial Statements (Continued)
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 Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF. 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 securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of August 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2023 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers MSCI USA Climate Action Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 565,175 | $ | — | $ | — | $ | — | $ | 565,175 | ||||||||||
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|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 565,175 | |||||||||||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 67,850 | $ | — | $ | — | $ | — | $ | 67,850 | ||||||||||
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| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 67,850 |
As of August 31, 2023, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF had no securities on loan.
80
DBX ETF Trust
Notes to Financial Statements (Continued)
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, 2023, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of August 31, 2023 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 42,988 | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 2,728 | Unrealized depreciation on futures contracts* | $ | 1,073 | ||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 535 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI USA Climate Action Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 143,188 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 112,267 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 1,230 | 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.
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Notes to Financial Statements (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 50,975 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 35,580 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | (5,919 | ) | ||
Xtrackers MSCI USA Climate Action Equity ETF | 213,403 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | (358,699 | ) | ||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | (13,869 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | (843 | ) | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 4,243 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 2,970 | |||
Xtrackers MSCI USA Climate Action Equity ETF | 143,188 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 167,736 | |||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 13,960 |
For the period ended August 31, 2023 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 2,967,514 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 197,638 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 75,794 | |||
Xtrackers MSCI USA Climate Action Equity ETF | 3,800,193 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 7,275,575 | |||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 194,595 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
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DBX ETF Trust
Notes to Financial Statements (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 0.15 | % | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 0.14 | % | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 0.20 | % | ||
Xtrackers MSCI USA Climate Action Equity ETF | 0.07 | % | ||
Xtrackers MSCI USA ESG Leaders Equity ETF | 0.10 | % | ||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 0.10 | % |
The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the year ended August 31, 2023, the Advisor waived $231,889 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 1,110 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 27 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 77 | |||
Xtrackers MSCI USA Climate Action Equity ETF | 761 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 4,079 | |||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 120 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
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DBX ETF Trust
Notes to Financial Statements (Continued)
4. Investment Portfolio Transactions
For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 79,480,104 | $ | 77,487,878 | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 10,006,375 | 8,788,223 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 8,652,849 | 5,639,674 | ||||||
Xtrackers MSCI USA Climate Action Equity ETF | 131,406,711 | 133,156,870 | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 148,079,325 | 146,477,543 | ||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 7,777,306 | 7,509,280 |
For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $ | 470,446 | $ | — | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 12,796,391 | 4,128,186 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 851,332 | 982,966 | ||||||
Xtrackers MSCI USA Climate Action Equity ETF | 2,206,791,352 | 186,614,716 | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 240,080,910 | 2,288,122,639 | ||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 64,054,339 | 8,294,124 |
5. Fund Share Transactions
As of August 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in Emerging Markets
Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform
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DBX ETF Trust
Notes to Financial Statements (Continued)
programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, the President of the United States issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at August 31, 2023.
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DBX ETF Trust
To the Shareholders of
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action 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 Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF, and Xtrackers MSCI USA Climate Action Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, 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 (six of the funds constituting DBX ETF Trust) at August 31, 2023, 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 Emerging Markets Carbon Reduction and Climate Improvers ETF
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the four years in the period ended August 31, 2023 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, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the four years in the period ended August 31, 2023 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, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the four years in the period ended August 31, 2023 and the period from March 7, 2019 (commencement of operations) through August 31, 2019 | |||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | For the year ended August 31, 2023 | For the year ended August 31, 2023 and the period from June 28, 2022 (commencement of operations) through August 31, 2022 | ||||
Xtrackers MSCI USA Climate Action Equity ETF | For the period from April 4, 2023 (commencement of operations) through August 31, 2023 |
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 23, 2023
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DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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DBX ETF Trust
Xtrackers MSCI USA Climate Action Equity ETF
Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) of DBX ETF Trust (the “Trust”) or its service providers, unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers MSCI USA Climate Action 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 the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.
The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser 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 Adviser, including portfolio management.
The Board considered that the Adviser 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 Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser 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 Adviser 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 Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fee to be paid to the Adviser, 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 Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser 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 Adviser’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Fund).
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory
Contracts (Unaudited) (Continued)
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer groups 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 Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolios will be managed on a day-to-day basis by the Adviser and that the Adviser 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 Adviser 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 Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser 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. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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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) Chairperson 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). | 42 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 | Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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). | 42 | — |
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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(1) | Business Experience and Directorships During the Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Board Member | |||
J. David Officer (1948) Board Member since 2011, Chairperson 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). | 42 | (Chairman of) Ilex Management Ltd; Old Westbury Funds |
Officers(2) | ||||||
Name, Year of Birth, Position with the Trust and Length of Time Served(3) | Business Experience and Directorships During the Past 5 Years | |||||
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016- present | Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); 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). | |||||
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present | AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||
Bryan Richards(4) (1978) Vice President, 2016-present | Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). |
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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(3) | Business Experience and Directorships During the Past 5 Years | |||||
John Millette(5) (1962) Secretary, 2020-present | Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020). | |||||
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present | Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021). | |||||
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present | Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |||||
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (1964) Assistant Secretary, 2017-present | Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |||||
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(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) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) | Address: 875 Third Avenue, New York, New York 10022. |
(5) | Address: 100 Summer Street, Boston, MA 02110. |
(6) | 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 period ended August 31, 2023.
Qualified Dividend Income* | Dividends Received Deduction* | |||||||
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 76% | 0% | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 90% | 0% | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 69% | 0% | ||||||
Xtrackers MSCI USA Climate Action Equity ETF | 82% | 79% | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 100% | 98% | ||||||
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 100% | 94% |
* 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 Emerging Markets Carbon Reduction and Climate Improvers ETF | $15,111,149 | $1,776,209 | ||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 1,215,294 | 103,805 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 851,328 | 87,210 |
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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. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on a fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. EMSG, USCA and USNZ are currently non-diversified and can take larger positions in fewer issues, increasing its 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. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The 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.
EMCR and USNZ (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.
Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-070013-5 (10/23) DBX005647 (10/24)
August 31, 2023
Annual Report
DBX ETF Trust
Xtrackers S&P 500 ESG ETF (SNPE)
Xtrackers S&P 500 Growth ESG ETF (SNPG)
Xtrackers S&P 500 Value ESG ETF (SNPV)
Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)
Xtrackers S&P MidCap 400 ESG ETF (MIDE)
Xtrackers S&P SmallCap 600 ESG ETF (SMLE)
DBX ETF Trust
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To our Shareholders: (Unaudited)
We are pleased to provide this annual report on six of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2023.
The global economy faced several headwinds resulting from high inflation, rising interest rates, and increased economic and geopolitical unpredictability. The U.S. Federal Reserve (Fed) and other major central banks, except for the Bank of Japan, raised interest rates in response to elevated inflation that wiped out real incomes in both developed and developing countries. By February 2023, Russia’s invasion of Ukraine had lasted a year and no meaningful steps had been taken to resolve the crisis. The global financial markets have largely remained stable despite the turmoil in the U.S. and European banking sectors. The U.S. labor market performed reasonably well, with the unemployment rate remaining constant and wage growth slowing. As soon as China began trading after the COVID-19-related restrictions were lifted, the mood of the global markets improved. However, worries that U.S. interest rates will continue to climb for a while and China’s economic slowdown because of the worsening real estate crisis, had a negative influence on investor sentiment.
The U.S. economy maintained its growth trajectory as inflation moderated and productivity increased. Markets saw little instability despite the banking crisis in Europe and the U.S. as the Fed assured depositors their money would be safe at Silicon Valley Bank and Signature Bank. U.S. equity markets recovered on encouraging economic data that pointed to the country’s economic growth, while investor optimism strengthened as industrial activity improved and jobless claims decreased. Equity markets exhibited resilience, supported by factors such as stronger-than-expected U.S. economic data, a resolution of the U.S. debt ceiling issue, and policy support in China and Japan. During the latter half of the reporting period, stocks rallied, driven by gains in the information technology sector, as the hype around artificial intelligence (AI) and large language models (LLMs) and their prospects became a hot topic.
In the U.S., the transition of ESG disclosure from voluntary reporting to a regulatory-driven program is currently underway, reflecting the Securities and Exchange Commission’s delayed disclosure requirements for public companies. Contrast that with the European Union, which has enacted explicit directives on ESG, and the U.K., where the Financial Conduct Authority has made it mandatory for listed firms to disclose information about the environment. The Biden administration and new state legislation have all spearheaded a flurry of ESG efforts and ideas that have transformed the U.S. regulatory environment. ESG-focused investments outperformed the broader market amid a volatile macroeconomic backdrop. The COP27 summit in November 2022 resulted in a global climate agreement. To reduce carbon emissions in the U.S. by around 40% by 2030, the Biden administration passed the Inflation Reduction Act, providing billions of dollars of federal funding delivered through a mix of tax incentives, grants and loan guarantees.
Our analysts believe that investor preference will generally continue to shift toward net zero, along with increased demand for disclosures, and global sustainability standards are expected to broaden in scope during 2023 and beyond. Even if concerns surrounding high inflation, Fed rate hikes, and tougher lending rules exist, we maintain a positive outlook on global stocks, as they have returned to a more favorable environment. We anticipate the equity markets to exhibit resilience despite the possibility of volatility in the upcoming months. While mega-cap, technology, and AI- related equities saw large returns in H1 2023, a more upbeat narrative of a global economic recovery with inflation more under control may surface in H2 2023. Given deteriorating climate conditions and large tax incentives, we expect green investment capital flows to continue growing despite the market’s shift toward growth equities.
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
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Xtrackers S&P 500 ESG ETF
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 is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. For the period ended August 31, 2023, SNPE shares returned 17.99%, compared to the SNPE Index return of 18.12%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Consumer Discretionary and Industrials. The Utilities and Real Estate sectors were the only negative contributors to performance.
Xtrackers S&P 500 Growth ESG ETF
Xtrackers S&P 500 Growth ESG ETF (SNPG) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Growth ESG Index (the SNPG Index). The SNPG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPG shares returned 32.23%, compared to the SNPG Index return of 32.41%.
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Consumer Discretionary and Communication Services. The Energy and Utilities sectors were the only negative contributors to performance.
Xtrackers S&P 500 Value ESG ETF
Xtrackers S&P 500 Value ESG ETF (SNPV) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value ESG Index (the SNPV Index). The SNPV Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPV shares returned 7.91%, compared to the SNPV Index return of 8.05%.
Information Technology, Industrials and Consumer Discretionary were the major positive contributors, while Financials, Energy and Health Care sectors detracted most from the performance.
Xtrackers S&P ESG Dividend Aristocrats ETF
Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P ESG High Yield Dividend Aristocrats Index (the SNPD Index). The SNPD Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPD shares returned 1.99%, compared to the SNPD Index return of 2.10%.
Industrials, Information Technology and Health Care were the major positive contributors, while Consumer Staples, Consumer Discretionary and Utilities sectors detracted most from the performance.
Xtrackers S&P MidCap 400 ESG ETF
Xtrackers S&P MidCap 400 ESG ETF (MIDE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the MIDE Index). The MIDE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of securities meeting environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. For the period ending August 31, 2023, MIDE shares returned 10.18%, compared to the MIDE Index return of 10.39%.
2
DBX ETF Trust
Management’s Discussion of Fund Performance (Continued)
The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Consumer Discretionary and Information Technology. The Utilities, Real Estate and Communication Services sectors detracted from performance.
Xtrackers S&P SmallCap 600 ESG ETF
Xtrackers S&P SmallCap 600 ESG ETF (SMLE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the SMLE Index). The SMLE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of securities meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. For the period ending August 31, 2023, SMLE shares returned 5.95%, compared to the SMLE Index return of 6.09%.
Information Technology, Industrials and Consumer Discretionary were the major positive contributors, while Financials, Health Care and Real Estate sectors detracted most from the performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-15 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.
3
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 is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | S&P 500 ESG Index | S&P 500 Index | |||||
One Year | 17.99% | 18.02% | 18.12% | 15.94% | ||||
Since Inception1 | 14.57% | 14.57% | 14.68% | 12.83% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P 500 ESG Index | S&P 500 Index | |||||
One Year | 17.99% | 18.02% | 18.12% | 15.94% | ||||
Since Inception1 | 76.65% | 76.69% | 77.46% | 65.75% |
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 22, 2022, 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.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
4
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, 2023 |
Information Technology | 30.8% | |||
Health Care | 13.2% | |||
Financials | 12.1% | |||
Consumer Discretionary | 12.1% | |||
Communication Services | 8.7% | |||
Industrials | 6.8% | |||
Consumer Staples | 6.3% | |||
Energy | 3.9% | |||
Real Estate | 2.4% | |||
Materials | 2.3% | |||
Utilities | 1.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (40.5% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. | 9.7% | |||
Microsoft Corp. | 8.5% | |||
Alphabet, Inc. | 5.3% | |||
Amazon.com, Inc. | 4.3% | |||
NVIDIA Corp. | 4.3% | |||
Tesla, Inc. | 2.4% | |||
UnitedHealth Group, Inc. | 1.6% | |||
Eli Lilly & Co. | 1.5% | |||
JPMorgan Chase & Co. | 1.5% | |||
Visa, Inc. | 1.4% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.
5
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P Growth ESG ETF (SNPG)
Xtrackers S&P 500 Growth ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Growth ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P 500 Growth ESG Index | S&P 500 Index | |||||
Since Inception1 | 32.23% | 32.23% | 32.41% | 19.45% |
1 Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 11, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
6
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P Growth ESG ETF (SNPG) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, November 9, 2022.
Sector Diversification* as of August 31, 2023 |
Information Technology | 31.3% | |||
Health Care | 17.0% | |||
Consumer Discretionary | 12.1% | |||
Communication Services | 10.2% | |||
Energy | 8.3% | |||
Financials | 7.3% | |||
Consumer Staples | 6.8% | |||
Industrials | 4.2% | |||
Materials | 2.0% | |||
Real Estate | 0.6% | |||
Utilities | 0.2% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (54.1% of Net Assets) |
Description | % of Net Assets | |||
Alphabet, Inc. | 9.8% | |||
Apple, Inc. | 8.6% | |||
Microsoft Corp. | 8.3% | |||
NVIDIA Corp. | 8.0% | |||
Tesla, Inc. | 4.5% | |||
Amazon.com, Inc. | 3.7% | |||
Exxon Mobil Corp. | 2.9% | |||
UnitedHealth Group, Inc. | 2.9% | |||
Eli Lilly & Co. | 2.8% | |||
Visa, Inc. | 2.6% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.
7
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P Value ESG ETF (SNPV)
Xtrackers S&P 500 Value ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P 500 Value ESG Index | S&P 500 Index | |||||
Since Inception1 | 7.91% | 7.91% | 8.05% | 19.45% |
1 Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 11, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P Value ESG ETF (SNPV) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, November 9, 2022.
Sector Diversification* as of August 31, 2023 |
Information Technology | 19.8% | |||
Financials | 19.1% | |||
Consumer Discretionary | 12.9% | |||
Industrials | 10.9% | |||
Health Care | 8.5% | |||
Communication Services | 8.2% | |||
Consumer Staples | 7.5% | |||
Real Estate | 4.9% | |||
Materials | 3.2% | |||
Utilities | 3.1% | |||
Energy | 1.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (29.9% of Net Assets) |
Description | % of Net Assets | |||
Microsoft Corp. | 8.6% | |||
Amazon.com, Inc. | 5.6% | |||
JPMorgan Chase & Co. | 3.6% | |||
Cisco Systems, Inc. | 2.0% | |||
Walmart, Inc. | 1.9% | |||
Salesforce, Inc. | 1.8% | |||
Bank of America Corp. | 1.7% | |||
Comcast Corp. | 1.7% | |||
Netflix, Inc. | 1.6% | |||
Procter & Gamble Co. | 1.4% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)
Xtrackers S&P ESG Dividend Aristocrats ETF (the “Fund”) using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P ESG High Yield Dividend Aristocrats Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P ESG High Yield Dividend Aristocrats Index | S&P Composite 1500 Index | |||||
Since Inception1 | 1.99% | 2.03% | 2.10% | 18.55% |
1 Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 24, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, November 9, 2022.
Sector Diversification* as of August 31, 2023 |
Consumer Staples | 21.1% | |||
Industrials | 21.1% | |||
Materials | 12.6% | |||
Financials | 11.3% | |||
Health Care | 7.5% | |||
Consumer Discretionary | 7.1% | |||
Utilities | 5.6% | |||
Information Technology | 5.2% | |||
Real Estate | 4.6% | |||
Energy | 3.4% | |||
Communication Services | 0.5% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (22.1% of Net Assets) |
Description | % of Net Assets | |||
International Business Machines Corp. | 2.8% | |||
Stanley Black & Decker, Inc. | 2.6% | |||
Essex Property Trust, Inc. | 2.5% | |||
T. Rowe Price Group, Inc. | 2.2% | |||
Federal Realty Investment Trust | 2.1% | |||
Franklin Resources, Inc. | 2.1% | |||
Amcor PLC | 2.0% | |||
Walgreens Boots Alliance, Inc. | 2.0% | |||
AbbVie, Inc. | 1.9% | |||
Medtronic PLC | 1.9% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P MidCap 400 ESG ETF (MIDE)
Xtrackers S&P MidCap 400 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | S&P MidCap 400 ESG Index | S&P MidCap 400 Index | |||||
One Year | 10.18% | 10.18% | 10.39% | 10.71% | ||||
Since Inception1 | 3.64% | 3.64% | 3.81% | 3.35% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P MidCap 400 ESG Index | S&P MidCap 400 Index | |||||
One Year | 10.18% | 10.18% | 10.39% | 10.71% | ||||
Since Inception1 | 9.43% | 9.43% | 9.88% | 8.64% |
1 Total returns are calculated based on the commencement of operations, February 24, 2021 (“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 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
12
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P MidCap 400 ESG ETF (MIDE) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, February 24, 2021.
Sector Diversification* as of August 31, 2023 |
Industrials | 22.8% | |||
Consumer Discretionary | 16.1% | |||
Financials | 15.2% | |||
Health Care | 10.4% | |||
Information Technology | 10.1% | |||
Real Estate | 7.0% | |||
Materials | 6.6% | |||
Energy | 4.4% | |||
Consumer Staples | 3.8% | |||
Communication Services | 1.9% | |||
Utilities | 1.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (8.6 of Net Assets) |
Description | % of Net Assets | |||
Hubbell, Inc. | 1.1% | |||
Jabil, Inc. | 1.0% | |||
Deckers Outdoor Corp. | 0.9% | |||
Carlisle Cos., Inc. | 0.9% | |||
Owens Corning | 0.8% | |||
RPM International, Inc. | 0.8% | |||
Manhattan Associates, Inc. | 0.8% | |||
AECOM | 0.8% | |||
Lennox International, Inc. | 0.8% | |||
Saia, Inc. | 0.7% |
* 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 31.
13
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P SmallCap 600 ESG ETF (SMLE)
Xtrackers S&P SmallCap 600 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.
Performance as of August 31, 2023 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | S&P SmallCap 600 ESG Index | S&P SmallCap 600 Index | |||||
One Year | 5.95% | 5.82% | 6.09% | 5.53% | ||||
Since Inception1 | 0.61% | 0.58% | 0.76% | -0.41% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | S&P SmallCap 600 ESG Index | S&P SmallCap 600 Index | |||||
One Year | 5.95% | 5.82% | 6.09% | 5.53% | ||||
Since Inception1 | 1.55% | 1.47% | 1.94% | -1.02% |
1 Total returns are calculated based on the commencement of operations, February 24, 2021 (“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 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price��) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
14
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers S&P SmallCap 600 ESG ETF (SMLE) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, February 24, 2021.
Sector Diversification* as of August 31, 2023 |
Industrials | 17.7% | |||
Financials | 16.8% | |||
Information Technology | 14.6% | |||
Consumer Discretionary | 14.1% | |||
Health Care | 9.9% | |||
Real Estate | 7.7% | |||
Materials | 5.5% | |||
Energy | 5.4% | |||
Consumer Staples | 4.7% | |||
Utilities | 2.0% | |||
Communication Services | 1.6% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of August 31, 2023 (9.0% of Net Assets) |
Description | % of Net Assets | |||
elf Beauty, Inc. | 1.0% | |||
Onto Innovation, Inc. | 1.0% | |||
SPS Commerce, Inc. | 1.0% | |||
Comfort Systems USA, Inc. | 1.0% | |||
Axcelis Technologies, Inc. | 0.9% | |||
Rambus, Inc. | 0.9% | |||
Applied Industrial Technologies, Inc. | 0.9% | |||
Fabrinet | 0.8% | |||
Ensign Group, Inc. | 0.8% | |||
SM Energy Co. | 0.7% |
* 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 35.
15
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 management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers S&P 500 ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,165.10 | 0.10 | % | $ | 0.55 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.70 | 0.10 | % | $ | 0.51 | ||||||||
Xtrackers S&P 500 Growth ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,245.50 | 0.15 | % | $ | 0.85 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
Xtrackers S&P 500 Value ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,049.00 | 0.15 | % | $ | 0.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
Xtrackers S&P ESG Dividend Aristocrats ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.40 | 0.15 | % | $ | 0.76 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
Xtrackers S&P MidCap 400 ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,008.30 | 0.15 | % | $ | 0.76 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
Xtrackers S&P SmallCap 600 ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 996.20 | 0.15 | % | $ | 0.75 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 |
(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 365.
16
DBX ETF Trust
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Communication Services — 8.7% | ||||||||
Alphabet, Inc., Class A* | 184,347 | $ | 25,102,531 | |||||
Alphabet, Inc., Class C* | 158,617 | 21,786,045 | ||||||
AT&T, Inc. | 220,369 | 3,259,257 | ||||||
Charter Communications, Inc., Class* | 3,278 | 1,436,157 | ||||||
Comcast Corp., Class A | 130,088 | 6,082,915 | ||||||
Electronic Arts, Inc. | 8,073 | 968,599 | ||||||
Fox Corp., Class A | 8,867 | 293,143 | ||||||
Fox Corp., Class B | 4,129 | 126,017 | ||||||
Interpublic Group of Cos., Inc. | 12,787 | 416,984 | ||||||
Match Group, Inc.* | 8,225 | 385,506 | ||||||
Netflix, Inc.* | 13,751 | 5,963,534 | ||||||
News Corp., Class A | 11,838 | 254,399 | ||||||
News Corp., Class B | 3,641 | 80,102 | ||||||
Omnicom Group, Inc. | 6,286 | 509,229 | ||||||
Paramount Global, Class B | 14,894 | 224,750 | ||||||
Verizon Communications, Inc. | 129,755 | 4,538,830 | ||||||
Walt Disney Co.* | 56,484 | 4,726,581 | ||||||
Warner Bros Discovery, Inc.* | 68,307 | 897,554 | ||||||
|
| |||||||
(Cost $80,617,985) | 77,052,133 | |||||||
|
| |||||||
Consumer Discretionary — 12.0% | ||||||||
Amazon.com, Inc.* | 276,983 | 38,226,424 | ||||||
Aptiv PLC* | 8,363 | 848,426 | ||||||
Best Buy Co., Inc. | 6,013 | 459,694 | ||||||
BorgWarner, Inc. | 7,083 | 288,632 | ||||||
Caesars Entertainment, Inc.* | 6,949 | 384,002 | ||||||
Darden Restaurants, Inc. | 3,780 | 587,828 | ||||||
eBay, Inc. | 16,781 | 751,453 | ||||||
Etsy, Inc.* | 3,807 | 280,081 | ||||||
Ford Motor Co. | 120,740 | 1,464,576 | ||||||
General Motors Co. | 42,878 | 1,436,842 | ||||||
Hasbro, Inc. | 4,242 | 305,424 | ||||||
Hilton Worldwide Holdings, Inc. | 8,236 | 1,224,281 | ||||||
Home Depot, Inc. | 31,519 | 10,410,726 | ||||||
Las Vegas Sands Corp. | 10,195 | 559,298 | ||||||
Lowe’s Cos., Inc. | 18,705 | 4,311,128 | ||||||
Marriott International, Inc., Class A | 8,005 | 1,629,098 | ||||||
McDonald’s Corp. | 22,679 | 6,376,201 | ||||||
MGM Resorts International | 9,357 | 411,521 | ||||||
Mohawk Industries, Inc.* | 1,803 | 182,806 | ||||||
Newell Brands, Inc. | 12,363 | 130,800 | ||||||
NIKE, Inc., Class B | 38,536 | 3,919,497 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 12,361 | 204,822 | ||||||
PulteGroup, Inc. | 6,902 | 566,378 | ||||||
Ralph Lauren Corp. | 1,224 | 142,755 | ||||||
Royal Caribbean Cruises Ltd.* | 6,533 | 646,375 | ||||||
Starbucks Corp. | 35,594 | 3,468,279 | ||||||
Tapestry, Inc. | 7,297 | 243,136 | ||||||
Tesla, Inc.* | 83,621 | 21,580,908 | ||||||
TJX Cos., Inc. | 35,785 | 3,309,397 | ||||||
Tractor Supply Co. | 3,417 | 746,614 | ||||||
VF Corp. | 10,430 | 206,097 | ||||||
Whirlpool Corp. | 1,688 | 236,252 | ||||||
Yum! Brands, Inc. | 8,687 | 1,123,924 | ||||||
|
| |||||||
(Cost $104,338,695) | 106,663,675 | |||||||
|
|
Number | Value | |||||||
Consumer Staples — 6.3% | ||||||||
Archer-Daniels-Midland Co. | 16,941 | $ | 1,343,421 | |||||
Brown-Forman Corp., Class B | 6,002 | 396,912 | ||||||
Campbell Soup Co. | 6,557 | 273,427 | ||||||
Coca-Cola Co. | 120,324 | 7,198,985 | ||||||
Colgate-Palmolive Co. | 25,708 | 1,888,767 | ||||||
Conagra Brands, Inc. | 14,486 | 432,842 | ||||||
Constellation Brands, Inc., Class A | 5,099 | 1,328,595 | ||||||
Dollar General Corp. | 6,899 | 955,511 | ||||||
Dollar Tree, Inc.* | 6,421 | 785,674 | ||||||
Estee Lauder Cos., Inc., Class A | 7,174 | 1,151,642 | ||||||
General Mills, Inc. | 18,245 | 1,234,457 | ||||||
Hershey Co. | 4,561 | 979,976 | ||||||
Hormel Foods Corp. | 9,479 | 365,795 | ||||||
J M Smucker Co. | 3,295 | 477,610 | ||||||
Kellogg Co. | 7,781 | 474,797 | ||||||
Keurig Dr Pepper, Inc. | 26,287 | 884,557 | ||||||
Kraft Heinz Co. | 24,408 | 807,661 | ||||||
Kroger Co. | 20,080 | 931,511 | ||||||
McCormick & Co., Inc. | 7,709 | 632,755 | ||||||
Molson Coors Beverage Co., Class B | 6,152 | 390,590 | ||||||
Mondelez International, Inc., Class A | 42,135 | 3,002,540 | ||||||
PepsiCo, Inc. | 42,592 | 7,577,969 | ||||||
Procter & Gamble Co. | 73,003 | 11,267,283 | ||||||
Sysco Corp. | 15,648 | 1,089,883 | ||||||
Target Corp. | 14,212 | 1,798,529 | ||||||
Tyson Foods, Inc., Class A | 8,665 | 461,585 | ||||||
Walgreens Boots Alliance, Inc. | 21,877 | 553,707 | ||||||
Walmart, Inc. | 43,413 | 7,059,388 | ||||||
|
| |||||||
(Cost $57,505,640) | 55,746,369 | |||||||
|
| |||||||
Energy — 3.9% | ||||||||
APA Corp. | 9,838 | 431,298 | ||||||
Baker Hughes Co. | 31,016 | 1,122,469 | ||||||
Chevron Corp. | 55,216 | 8,895,298 | ||||||
ConocoPhillips | 37,835 | 4,503,500 | ||||||
Devon Energy Corp. | 19,939 | 1,018,684 | ||||||
EOG Resources, Inc. | 18,076 | 2,324,935 | ||||||
EQT Corp. | 10,882 | 470,320 | ||||||
Halliburton Co. | 27,836 | 1,075,026 | ||||||
Hess Corp. | 8,544 | 1,320,048 | ||||||
Kinder Morgan, Inc. | 61,178 | 1,053,485 | ||||||
Marathon Oil Corp. | 19,310 | 508,818 | ||||||
Marathon Petroleum Corp. | 13,174 | 1,880,852 | ||||||
ONEOK, Inc. | 13,723 | 894,740 | ||||||
Phillips 66 | 14,437 | 1,648,128 | ||||||
Pioneer Natural Resources Co. | 7,315 | 1,740,458 | ||||||
Schlumberger NV | 43,893 | 2,587,931 | ||||||
Valero Energy Corp. | 11,229 | 1,458,647 | ||||||
Williams Cos., Inc. | 37,471 | 1,293,874 | ||||||
|
| |||||||
(Cost $29,648,707) | 34,228,511 | |||||||
|
| |||||||
Financials — 12.1% | ||||||||
Aflac, Inc. | 17,318 | 1,291,403 | ||||||
Allstate Corp. | 8,076 | 870,674 | ||||||
American Express Co. | 18,360 | 2,900,697 | ||||||
American International Group, Inc. | 22,729 | 1,330,101 | ||||||
Ameriprise Financial, Inc. | 3,273 | 1,104,899 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
Arch Capital Group Ltd.* | 11,453 | $ | 880,278 | |||||
Arthur J Gallagher & Co. | 6,534 | 1,505,956 | ||||||
Assurant, Inc. | 1,843 | 256,785 | ||||||
Bank of America Corp. | 215,353 | 6,174,171 | ||||||
Bank of New York Mellon Corp. | 22,308 | 1,000,960 | ||||||
BlackRock, Inc. | 4,621 | 3,237,195 | ||||||
Capital One Financial Corp. | 11,824 | 1,210,659 | ||||||
Cboe Global Markets, Inc. | 3,423 | 512,457 | ||||||
Charles Schwab Corp. | 46,123 | 2,728,176 | ||||||
Chubb Ltd. | 12,830 | 2,577,162 | ||||||
Citigroup, Inc. | 59,892 | 2,472,941 | ||||||
CME Group, Inc. | 11,121 | 2,254,004 | ||||||
Discover Financial Services | 8,230 | 741,276 | ||||||
Everest Group Ltd. | 1,321 | 476,458 | ||||||
FactSet Research Systems, Inc. | 1,237 | 539,839 | ||||||
Fidelity National Information Services, Inc. | 18,353 | 1,025,199 | ||||||
Fifth Third Bancorp | 20,525 | 544,939 | ||||||
Franklin Resources, Inc. | 9,034 | 241,569 | ||||||
Globe Life, Inc. | 2,928 | 326,677 | ||||||
Goldman Sachs Group, Inc. | 10,440 | 3,421,292 | ||||||
Hartford Financial Services Group, Inc. | 9,768 | 701,538 | ||||||
Intercontinental Exchange, Inc. | 17,264 | 2,036,979 | ||||||
Invesco Ltd. | 14,921 | 237,542 | ||||||
JPMorgan Chase & Co. | 90,725 | 13,275,789 | ||||||
Lincoln National Corp. | 5,418 | 139,026 | ||||||
M&T Bank Corp. | 5,220 | 652,761 | ||||||
MarketAxess Holdings, Inc. | 1,226 | 295,380 | ||||||
Mastercard, Inc., Class A | 25,972 | 10,717,086 | ||||||
MetLife, Inc. | 20,393 | 1,291,693 | ||||||
Moody’s Corp. | 4,809 | 1,619,671 | ||||||
Morgan Stanley | 40,223 | 3,424,989 | ||||||
MSCI, Inc. | 2,480 | 1,348,178 | ||||||
Nasdaq, Inc. | 10,196 | 535,086 | ||||||
Northern Trust Corp. | 6,427 | 488,902 | ||||||
PayPal Holdings, Inc.* | 34,949 | 2,184,662 | ||||||
PNC Financial Services Group, Inc. | 12,396 | 1,496,569 | ||||||
Principal Financial Group, Inc. | 7,359 | 571,868 | ||||||
Progressive Corp. | 18,043 | 2,408,199 | ||||||
Prudential Financial, Inc. | 11,336 | 1,073,179 | ||||||
Raymond James Financial, Inc. | 5,895 | 616,558 | ||||||
Regions Financial Corp. | 31,352 | 574,996 | ||||||
S&P Global, Inc. | 10,157 | 3,969,965 | ||||||
State Street Corp. | 10,660 | 732,768 | ||||||
Synchrony Financial | 13,110 | 423,191 | ||||||
T. Rowe Price Group, Inc. | 6,974 | 782,692 | ||||||
Travelers Cos., Inc. | 7,085 | 1,142,315 | ||||||
Truist Financial Corp. | 40,562 | 1,239,169 | ||||||
Visa, Inc., Class A | 50,297 | 12,356,967 | ||||||
W R Berkley Corp. | 6,812 | 421,390 | ||||||
Willis Towers Watson PLC | 3,281 | 678,380 | ||||||
|
| |||||||
(Cost $111,428,134) | 107,063,255 | |||||||
|
| |||||||
Health Care — 13.1% | ||||||||
Abbott Laboratories | 53,955 | 5,551,969 | ||||||
AbbVie, Inc. | 54,730 | 8,043,121 | ||||||
Agilent Technologies, Inc. | 9,110 | 1,102,948 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Amgen, Inc. | 16,525 | $ | 4,236,018 | |||||
Baxter International, Inc. | 15,502 | 629,381 | ||||||
Becton Dickinson and Co. | 8,816 | 2,463,631 | ||||||
Biogen, Inc.* | 4,430 | 1,184,405 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 614 | 245,723 | ||||||
Boston Scientific Corp.* | 44,461 | 2,398,226 | ||||||
Bristol-Myers Squibb Co. | 65,736 | 4,052,624 | ||||||
Cardinal Health, Inc. | 7,975 | 696,457 | ||||||
Cencora, Inc. | 5,015 | 882,540 | ||||||
Centene Corp.* | 16,977 | 1,046,632 | ||||||
Cigna Group | 9,263 | 2,558,996 | ||||||
CVS Health Corp. | 39,675 | 2,585,620 | ||||||
DaVita, Inc.* | 2,011 | 205,967 | ||||||
Edwards Lifesciences Corp.* | 19,145 | 1,464,018 | ||||||
Elevance Health, Inc. | 7,364 | 3,254,962 | ||||||
Eli Lilly & Co. | 24,401 | 13,523,034 | ||||||
Gilead Sciences, Inc. | 38,641 | 2,955,264 | ||||||
Henry Schein, Inc.* | 4,363 | 333,944 | ||||||
Hologic, Inc.* | 7,661 | 572,583 | ||||||
Humana, Inc. | 3,867 | 1,785,123 | ||||||
IDEXX Laboratories, Inc.* | 2,564 | 1,311,255 | ||||||
Illumina, Inc.* | 4,839 | 799,500 | ||||||
Laboratory Corp. of America Holdings | 2,699 | 561,662 | ||||||
Medtronic PLC | 41,108 | 3,350,302 | ||||||
Merck & Co., Inc. | 78,498 | 8,554,712 | ||||||
Mettler-Toledo International, Inc.* | 715 | 867,638 | ||||||
Moderna, Inc.* | 10,237 | 1,157,498 | ||||||
Organon & Co. | 8,413 | 184,749 | ||||||
Pfizer, Inc. | 175,324 | 6,202,963 | ||||||
Quest Diagnostics, Inc. | 3,419 | 449,598 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,341 | 2,761,303 | ||||||
Teleflex, Inc. | 1,370 | 291,454 | ||||||
Thermo Fisher Scientific, Inc. | 11,983 | 6,675,729 | ||||||
UnitedHealth Group, Inc. | 28,923 | 13,784,123 | ||||||
Vertex Pharmaceuticals, Inc.* | 7,981 | 2,780,102 | ||||||
Viatris, Inc. | 39,386 | 423,400 | ||||||
Waters Corp.* | 1,817 | 510,214 | ||||||
Zimmer Biomet Holdings, Inc. | 6,477 | 771,540 | ||||||
Zoetis, Inc. | 14,433 | 2,749,631 | ||||||
|
| |||||||
(Cost $114,093,076) | 115,960,559 | |||||||
|
| |||||||
Industrials — 6.8% | ||||||||
Alaska Air Group, Inc.* | 3,702 | 155,373 | ||||||
American Airlines Group, Inc.* | 21,294 | 313,661 | ||||||
Automatic Data Processing, Inc. | 12,798 | 3,258,499 | ||||||
Broadridge Financial Solutions, Inc. | 3,655 | 680,598 | ||||||
C.H. Robinson Worldwide, Inc. | 3,461 | 312,978 | ||||||
Carrier Global Corp. | 25,784 | 1,481,291 | ||||||
Caterpillar, Inc. | 16,084 | 4,521,695 | ||||||
Cintas Corp. | 2,643 | 1,332,521 | ||||||
CSX Corp. | 63,164 | 1,907,553 | ||||||
Cummins, Inc. | 4,395 | 1,011,026 | ||||||
Deere & Co. | 8,381 | 3,444,088 | ||||||
Dover Corp. | 4,317 | 640,211 | ||||||
Eaton Corp. PLC | 12,311 | 2,836,085 | ||||||
Emerson Electric Co. | 17,660 | 1,735,095 | ||||||
Expeditors International of Washington, Inc. | 4,724 | 551,338 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
Fortive Corp. | 10,918 | $ | 860,884 | |||||
Generac Holdings, Inc.* | 2,052 | 243,798 | ||||||
General Electric Co. | 33,707 | 3,858,103 | ||||||
IDEX Corp. | 2,462 | 557,397 | ||||||
Illinois Tool Works, Inc. | 8,579 | 2,122,016 | ||||||
Ingersoll Rand, Inc. | 12,315 | 857,247 | ||||||
JB Hunt Transport Services, Inc. | 2,543 | 477,779 | ||||||
Johnson Controls International PLC | 21,022 | 1,241,559 | ||||||
Nordson Corp. | 1,669 | 407,470 | ||||||
Norfolk Southern Corp. | 7,010 | 1,437,120 | ||||||
Otis Worldwide Corp. | 12,667 | 1,083,662 | ||||||
PACCAR, Inc. | 16,153 | 1,329,230 | ||||||
Parker-Hannifin Corp. | 3,906 | 1,628,411 | ||||||
Paychex, Inc. | 9,907 | 1,210,933 | ||||||
Pentair PLC | 5,300 | 372,378 | ||||||
Quanta Services, Inc. | 4,398 | 923,008 | ||||||
Republic Services, Inc. | 6,315 | 910,181 | ||||||
Robert Half, Inc. | 3,543 | 262,040 | ||||||
Rockwell Automation, Inc. | 3,488 | 1,088,535 | ||||||
Stanley Black & Decker, Inc. | 5,215 | 492,192 | ||||||
Trane Technologies PLC | 6,993 | 1,435,383 | ||||||
Union Pacific Corp. | 18,897 | 4,168,111 | ||||||
United Parcel Service, Inc., Class B | 22,596 | 3,827,762 | ||||||
United Rentals, Inc. | 2,135 | 1,017,413 | ||||||
Verisk Analytics, Inc. | 4,495 | 1,088,779 | ||||||
Waste Management, Inc. | 11,474 | 1,798,894 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,614 | 631,687 | ||||||
Xylem, Inc. | 7,374 | 763,504 | ||||||
|
| |||||||
(Cost $54,383,278) | 60,277,488 | |||||||
|
| |||||||
Information Technology — 30.7% | ||||||||
Adobe, Inc.* | 14,168 | 7,924,729 | ||||||
Advanced Micro Devices, Inc.* | 49,912 | 5,276,697 | ||||||
Apple, Inc. | 458,786 | 86,192,126 | ||||||
Applied Materials, Inc. | 26,101 | 3,987,189 | ||||||
Arista Networks, Inc.* | 7,653 | 1,494,095 | ||||||
Autodesk, Inc.* | 6,704 | 1,487,886 | ||||||
Cisco Systems, Inc. | 126,774 | 7,270,489 | ||||||
Corning, Inc. | 23,108 | 758,405 | ||||||
F5, Inc.* | 1,778 | 290,987 | ||||||
Fortinet, Inc.* | 20,048 | 1,207,090 | ||||||
Gen Digital, Inc. | 18,677 | 378,209 | ||||||
Hewlett Packard Enterprise Co. | 42,607 | 723,893 | ||||||
HP, Inc. | 26,454 | 785,948 | ||||||
Intel Corp. | 129,543 | 4,552,141 | ||||||
Intuit, Inc. | 8,677 | 4,701,285 | ||||||
Juniper Networks, Inc. | 10,555 | 307,362 | ||||||
Keysight Technologies, Inc.* | 5,503 | 733,550 | ||||||
KLA Corp. | 4,279 | 2,147,502 | ||||||
Lam Research Corp. | 4,190 | 2,943,056 | ||||||
Micron Technology, Inc. | 33,744 | 2,360,055 | ||||||
Microsoft Corp. | 230,711 | 75,617,837 | ||||||
Motorola Solutions, Inc. | 5,169 | 1,465,773 | ||||||
NVIDIA Corp. | 76,741 | 37,875,520 | ||||||
NXP Semiconductors NV | 8,026 | 1,651,109 | ||||||
ON Semiconductor Corp.* | 13,343 | 1,313,752 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
QUALCOMM, Inc. | 34,507 | $ | 3,952,087 | |||||
Salesforce, Inc.* | 30,393 | 6,730,834 | ||||||
Seagate Technology Holdings PLC | 5,882 | 416,387 | ||||||
SolarEdge Technologies, Inc.* | 1,672 | 271,817 | ||||||
TE Connectivity Ltd. | 9,695 | 1,283,521 | ||||||
Texas Instruments, Inc. | 28,063 | 4,716,268 | ||||||
Tyler Technologies, Inc.* | 1,332 | 530,709 | ||||||
Zebra Technologies Corp., Class A* | 1,601 | 440,291 | ||||||
|
| |||||||
(Cost $227,490,906) | 271,788,599 | |||||||
|
| |||||||
Materials — 2.3% | ||||||||
Air Products and Chemicals, Inc. | 6,863 | 2,027,948 | ||||||
Albemarle Corp. | 3,547 | 704,824 | ||||||
Amcor PLC | 45,668 | 444,806 | ||||||
Ball Corp. | 9,685 | 527,348 | ||||||
CF Industries Holdings, Inc. | 6,029 | 464,655 | ||||||
Corteva, Inc. | 21,922 | 1,107,280 | ||||||
Dow, Inc. | 21,568 | 1,176,750 | ||||||
Ecolab, Inc. | 7,659 | 1,407,801 | ||||||
FMC Corp. | 4,150 | 357,855 | ||||||
Freeport-McMoRan, Inc. | 44,151 | 1,762,066 | ||||||
International Flavors & Fragrances, Inc. | 7,792 | 548,946 | ||||||
International Paper Co. | 10,751 | 375,425 | ||||||
Linde PLC | 15,240 | 5,898,490 | ||||||
LyondellBasell Industries NV, Class A | 7,706 | 761,122 | ||||||
Mosaic Co. | 10,240 | 397,824 | ||||||
Newmont Corp. | 24,673 | 972,610 | ||||||
PPG Industries, Inc. | 7,248 | 1,027,476 | ||||||
Westrock Co. | 7,336 | 239,961 | ||||||
|
| |||||||
(Cost $21,216,942) | 20,203,187 | |||||||
|
| |||||||
Real Estate — 2.4% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 4,818 | 560,526 | ||||||
American Tower Corp. REIT | 14,427 | 2,615,904 | ||||||
AvalonBay Communities, Inc. REIT | 4,273 | 785,463 | ||||||
Boston Properties, Inc. REIT | 4,589 | 306,408 | ||||||
CBRE Group, Inc., Class A* | 9,746 | 828,897 | ||||||
Digital Realty Trust, Inc. REIT | 8,908 | 1,173,362 | ||||||
Equinix, Inc. REIT | 2,888 | 2,256,625 | ||||||
Equity Residential REIT | 11,234 | 728,300 | ||||||
Essex Property Trust, Inc. REIT | 2,107 | 502,288 | ||||||
Extra Space Storage, Inc. REIT | 6,548 | 842,597 | ||||||
Federal Realty Investment Trust REIT | 2,299 | 225,164 | ||||||
Healthpeak Properties, Inc. REIT | 17,363 | 357,331 | ||||||
Host Hotels & Resorts, Inc. REIT | 23,181 | 366,028 | ||||||
Iron Mountain, Inc. REIT | 8,815 | 560,105 | ||||||
Kimco Realty Corp. REIT | 19,607 | 371,357 | ||||||
Prologis, Inc. REIT | 28,586 | 3,550,381 | ||||||
Regency Centers Corp. REIT | 4,585 | 285,187 | ||||||
SBA Communications Corp. REIT | 3,351 | 752,400 | ||||||
Simon Property Group, Inc. REIT | 10,086 | 1,144,660 | ||||||
UDR, Inc. REIT | 9,808 | 391,339 | ||||||
Ventas, Inc. REIT | 12,857 | 561,594 | ||||||
Welltower, Inc. REIT | 15,432 | 1,279,004 | ||||||
Weyerhaeuser Co. REIT | 22,554 | 738,643 | ||||||
|
| |||||||
(Cost $23,935,728) | 21,183,563 | |||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Utilities — 1.4% | ||||||||
American Water Works Co., Inc. | 5,972 | $ | 828,555 | |||||
CenterPoint Energy, Inc. | 19,498 | 543,799 | ||||||
Constellation Energy Corp. | 10,077 | 1,049,620 | ||||||
Edison International | 11,801 | 812,499 | ||||||
Entergy Corp. | 6,564 | 625,221 | ||||||
Eversource Energy | 10,708 | 683,385 | ||||||
Exelon Corp. | 30,653 | 1,229,798 | ||||||
NextEra Energy, Inc. | 62,857 | 4,198,848 | ||||||
Public Service Enterprise Group, Inc. | 15,321 | 935,807 | ||||||
Sempra | 19,407 | 1,362,759 | ||||||
|
| |||||||
(Cost $13,336,155) | 12,270,291 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 882,437,630 | |||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series | 1,432,502 | 1,432,502 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $839,427,748) | $ | 883,870,132 |
| |||||
Other assets and liabilities, net — 0.1% | 1,283,550 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 885,153,682 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b) |
| |||||||||||||||||||||||||||||||||||
— | – | 0 (c | ) | — | — | 2 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
1,156,171 | 15,672,483 | (15,396,152 | ) | — | — | 64,810 | — | 1,432,502 | 1,432,502 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,156,171 | 15,672,483 | (15,396,152 | ) | — | — | 64,812 | — | 1,432,502 | 1,432,502 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
At August 31, 2023, 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 | 13 | $ | 2,584,627 | $ | 2,607,150 | 9/15/2023 | $ | 22,523 |
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 882,437,630 | $ | — | $ | — | $ | 882,437,630 | ||||||||
Short-Term Investments (a) | 1,432,502 | — | — | 1,432,502 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 22,523 | — | — | 22,523 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 883,892,655 | $ | — | $ | — | $ | 883,892,655 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Growth ESG ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Communication Services — 10.2% | ||||||||
Alphabet, Inc., Class A* | 2,542 | $ | 346,144 | |||||
Alphabet, Inc., Class C* | 2,184 | 299,973 | ||||||
T-Mobile US, Inc.* | 169 | 23,026 | ||||||
|
| |||||||
(Cost $461,784) | 669,143 | |||||||
|
| |||||||
Consumer Discretionary — 12.1% | ||||||||
Amazon.com, Inc.* | 1,757 | 242,484 | ||||||
Etsy, Inc.* | 31 | 2,281 | ||||||
Hilton Worldwide Holdings, Inc. | 54 | 8,027 | ||||||
Home Depot, Inc. | 229 | 75,639 | ||||||
Lowe’s Cos., Inc. | 176 | 40,564 | ||||||
McDonald’s Corp. | 195 | 54,824 | ||||||
Starbucks Corp. | 247 | 24,068 | ||||||
Tesla, Inc.* | 1,152 | 297,308 | ||||||
TJX Cos., Inc. | 322 | 29,779 | ||||||
Tractor Supply Co. | 46 | 10,051 | ||||||
Yum! Brands, Inc. | 75 | 9,703 | ||||||
|
| |||||||
(Cost $617,718) | 794,728 | |||||||
|
| |||||||
Consumer Staples — 6.8% | ||||||||
Archer-Daniels-Midland Co. | 113 | 8,961 | ||||||
Bunge Ltd. | 26 | 2,972 | ||||||
Campbell Soup Co. | 50 | 2,085 | ||||||
Coca-Cola Co. | 1,088 | 65,095 | ||||||
Colgate-Palmolive Co. | 193 | 14,180 | ||||||
Constellation Brands, Inc., Class A | 38 | 9,901 | ||||||
Costco Wholesale Corp. | 125 | 68,660 | ||||||
Dollar General Corp. | 94 | 13,019 | ||||||
Dollar Tree, Inc.* | 87 | 10,645 | ||||||
General Mills, Inc. | 169 | 11,435 | ||||||
Hershey Co. | 62 | 13,321 | ||||||
Kellogg Co. | 59 | 3,600 | ||||||
Keurig Dr Pepper, Inc. | 179 | 6,024 | ||||||
McCormick & Co., Inc. | 54 | 4,432 | ||||||
Mondelez International, Inc., Class A | 323 | 23,017 | ||||||
PepsiCo, Inc. | 591 | 105,151 | ||||||
Procter & Gamble Co. | 555 | 85,659 | ||||||
|
| |||||||
(Cost $461,220) | 448,157 | |||||||
|
| |||||||
Energy — 8.3% | ||||||||
APA Corp. | 135 | 5,918 | ||||||
Chevron Corp. | 761 | 122,597 | ||||||
ConocoPhillips | 516 | 61,420 | ||||||
Devon Energy Corp. | 275 | 14,050 | ||||||
EOG Resources, Inc. | 255 | 32,798 | ||||||
EQT Corp. | 154 | 6,656 | ||||||
Exxon Mobil Corp. | 1,728 | 192,136 | ||||||
Hess Corp. | 117 | 18,077 | ||||||
Marathon Oil Corp. | 267 | 7,035 | ||||||
Marathon Petroleum Corp. | 92 | 13,135 | ||||||
ONEOK, Inc. | 188 | 12,258 | ||||||
Pioneer Natural Resources Co. | 100 | 23,793 | ||||||
Schlumberger NV | 317 | 18,690 | ||||||
Williams Cos., Inc. | 512 | 17,679 | ||||||
|
| |||||||
(Cost $542,571) | 546,242 | |||||||
|
|
Number | Value | |||||||
Financials — 7.3% | ||||||||
American Express Co. | 123 | $ | 19,433 | |||||
Arch Capital Group Ltd.* | 156 | 11,990 | ||||||
Arthur J Gallagher & Co. | 60 | 13,829 | ||||||
Cboe Global Markets, Inc. | 30 | 4,491 | ||||||
Chubb Ltd. | 100 | 20,087 | ||||||
Everest Group Ltd. | 10 | 3,607 | ||||||
FactSet Research Systems, Inc. | 10 | 4,364 | ||||||
Globe Life, Inc. | 27 | 3,012 | ||||||
MarketAxess Holdings, Inc. | 8 | 1,927 | ||||||
Mastercard, Inc., Class A | 358 | 147,725 | ||||||
Moody’s Corp. | 31 | 10,441 | ||||||
MSCI, Inc. | 19 | 10,329 | ||||||
Nasdaq, Inc. | 91 | 4,776 | ||||||
Principal Financial Group, Inc. | 58 | 4,507 | ||||||
Progressive Corp. | 250 | 33,368 | ||||||
Travelers Cos., Inc. | 58 | 9,351 | ||||||
Visa, Inc., Class A | 693 | 170,256 | ||||||
W.R. Berkley Corp. | 86 | 5,320 | ||||||
|
| |||||||
(Cost $441,383) | 478,813 | |||||||
|
| |||||||
Health Care — 16.9% | ||||||||
Abbott Laboratories | 390 | 40,131 | ||||||
AbbVie, Inc. | 755 | 110,955 | ||||||
Agilent Technologies, Inc. | 75 | 9,080 | ||||||
Amgen, Inc. | 229 | 58,702 | ||||||
Biogen, Inc.* | 30 | 8,021 | ||||||
Bristol-Myers Squibb Co. | 894 | 55,115 | ||||||
Cigna Group | 62 | 17,128 | ||||||
Elevance Health, Inc. | 102 | 45,085 | ||||||
Eli Lilly & Co. | 337 | 186,765 | ||||||
Gilead Sciences, Inc. | 538 | 41,146 | ||||||
Hologic, Inc.* | 104 | 7,773 | ||||||
IDEXX Laboratories, Inc.* | 17 | 8,694 | ||||||
IQVIA Holdings, Inc.* | 37 | 8,237 | ||||||
Merck & Co., Inc. | 1,086 | 118,352 | ||||||
Mettler-Toledo International, Inc.* | 6 | 7,281 | ||||||
Moderna, Inc.* | 139 | 15,717 | ||||||
Quest Diagnostics, Inc. | 31 | 4,076 | ||||||
Regeneron Pharmaceuticals, Inc.* | 46 | 38,019 | ||||||
ResMed, Inc. | 33 | 5,266 | ||||||
Thermo Fisher Scientific, Inc. | 165 | 91,922 | ||||||
UnitedHealth Group, Inc. | 398 | 189,679 | ||||||
Vertex Pharmaceuticals, Inc.* | 111 | 38,666 | ||||||
Waters Corp.* | 25 | 7,020 | ||||||
|
| |||||||
(Cost $1,060,964) | 1,112,830 | |||||||
|
| |||||||
Industrials — 4.2% | ||||||||
Automatic Data Processing, Inc. | 177 | 45,066 | ||||||
Broadridge Financial Solutions, Inc. | 24 | 4,469 | ||||||
C.H. Robinson Worldwide, Inc. | 27 | 2,442 | ||||||
Caterpillar, Inc. | 131 | 36,828 | ||||||
Cintas Corp. | 23 | 11,596 | ||||||
CSX Corp. | 424 | 12,805 | ||||||
Cummins, Inc. | 30 | 6,901 | ||||||
Deere & Co. | 116 | 47,669 | ||||||
IDEX Corp. | 18 | 4,075 | ||||||
Illinois Tool Works, Inc. | 60 | 14,841 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Growth ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Industrials (Continued) | ||||||||
JB Hunt Transport Services, Inc. | 35 | $ | 6,576 | |||||
Paychex, Inc. | 77 | 9,412 | ||||||
Quanta Services, Inc. | 65 | 13,641 | ||||||
Republic Services, Inc. | 48 | 6,918 | ||||||
Union Pacific Corp. | 129 | 28,453 | ||||||
Verisk Analytics, Inc. | 30 | 7,267 | ||||||
Waste Management, Inc. | 92 | 14,424 | ||||||
|
| |||||||
(Cost $243,733) | 273,383 | |||||||
|
| |||||||
Information Technology — 31.2% | ||||||||
Adobe, Inc.* | 93 | 52,019 | ||||||
Advanced Micro Devices, Inc.* | 375 | 39,645 | ||||||
Apple, Inc. | 2,998 | 563,234 | ||||||
Applied Materials, Inc. | 362 | 55,299 | ||||||
Arista Networks, Inc.* | 107 | 20,890 | ||||||
Autodesk, Inc.* | 50 | 11,097 | ||||||
Fortinet, Inc.* | 279 | 16,798 | ||||||
Keysight Technologies, Inc.* | 41 | 5,465 | ||||||
Lam Research Corp. | 57 | 40,037 | ||||||
Microsoft Corp. | 1,669 | 547,031 | ||||||
Motorola Solutions, Inc. | 39 | 11,059 | ||||||
NVIDIA Corp. | 1,058 | 522,176 | ||||||
ON Semiconductor Corp.* | 182 | 17,920 | ||||||
QUALCOMM, Inc. | 477 | 54,631 | ||||||
ServiceNow, Inc.* | 87 | 51,228 | ||||||
Texas Instruments, Inc. | 245 | 41,175 | ||||||
|
| |||||||
(Cost $1,440,951) | 2,049,704 | |||||||
|
| |||||||
Materials — 2.0% | ||||||||
Air Products and Chemicals, Inc. | 96 | 28,367 | ||||||
Albemarle Corp. | 49 | 9,737 | ||||||
CF Industries Holdings, Inc. | 83 | 6,397 | ||||||
Corteva, Inc. | 207 | 10,455 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Freeport-McMoRan, Inc. | 623 | $ | 24,864 | |||||
Linde PLC | 128 | 49,541 | ||||||
|
| |||||||
(Cost $125,217) | 129,361 | |||||||
|
| |||||||
Real Estate — 0.6% | ||||||||
American Tower Corp. REIT | 109 | 19,764 | ||||||
Extra Space Storage, Inc. REIT | 45 | 5,791 | ||||||
Iron Mountain, Inc. REIT | 77 | 4,892 | ||||||
SBA Communications Corp. REIT | 25 | 5,613 | ||||||
Weyerhaeuser Co. REIT | 176 | 5,764 | ||||||
|
| |||||||
(Cost $44,506) | 41,824 | |||||||
|
| |||||||
Utilities — 0.2% | ||||||||
Sempra | ||||||||
(Cost $12,284) | 158 | 11,095 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 6,555,280 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.1% | ||||||||
SPDR Portfolio S&P 500 Growth ETF | 18 | 1,125 | ||||||
Vanguard S&P 500 Growth ETF | 1,561 | |||||||
|
| |||||||
(Cost $2,397) | 6 | 2,686 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series | 1,630 | 1,630 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $5,456,358) | $ | 6,559,596 | ||||||
Other assets and liabilities, net — 0.1% | 7,533 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,567,129 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:
Value ($) at 11/9/2022 (Commencement of Operations) | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b) |
| |||||||||||||||||||||||||||||||||||
— | — | 0 | (c) | — | — | 1 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
— | 81,207 | (79,577 | ) | — | — | 109 | — | 1,630 | 1,630 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
— | 81,207 | (79,577 | ) | — | — | 110 | — | 1,630 | 1,630 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023. |
REIT: Real Estate Investment Trust |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Growth ESG ETF (Continued)
August 31, 2023
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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 6,555,280 | $ | — | $ | — | $ | 6,555,280 | ||||||||
Exchange-Traded Funds | 2,686 | — | — | 2,686 | ||||||||||||
Short-Term Investments (a) | 1,630 | — | — | 1,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 6,559,596 | $ | — | $ | — | $ | 6,559,596 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Value ESG ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Communication Services — 8.1% | ||||||||
AT&T, Inc. | 3,185 | $ | 47,106 | |||||
Charter Communications, Inc., Class A* | 47 | 20,592 | ||||||
Comcast Corp., Class A | 1,880 | 87,909 | ||||||
Electronic Arts, Inc. | 37 | 4,439 | ||||||
Fox Corp., Class A | 133 | 4,397 | ||||||
Fox Corp., Class B | 62 | 1,892 | ||||||
Interpublic Group of Cos., Inc. | 174 | 5,674 | ||||||
Live Nation Entertainment, Inc.* | 64 | 5,410 | ||||||
Match Group, Inc.* | 125 | 5,859 | ||||||
Netflix, Inc.* | 199 | 86,302 | ||||||
News Corp., Class A | 171 | 3,675 | ||||||
News Corp., Class B | 53 | 1,166 | ||||||
Omnicom Group, Inc. | 91 | 7,372 | ||||||
Paramount Global, Class B | 226 | 3,410 | ||||||
Verizon Communications, Inc. | 1,877 | 65,658 | ||||||
Walt Disney Co.* | 816 | 68,283 | ||||||
Warner Bros Discovery, Inc.* | 987 | 12,969 | ||||||
|
| |||||||
(Cost $401,435) | 432,113 | |||||||
|
| |||||||
Consumer Discretionary — 12.8% | ||||||||
Amazon.com, Inc.* | 2,162 | 298,378 | ||||||
Aptiv PLC* | 121 | 12,275 | ||||||
Best Buy Co., Inc. | 88 | 6,728 | ||||||
BorgWarner, Inc. | 105 | 4,279 | ||||||
Caesars Entertainment, Inc.* | 96 | 5,305 | ||||||
Carnival Corp.* | 448 | 7,087 | ||||||
Darden Restaurants, Inc. | 54 | 8,398 | ||||||
eBay, Inc. | 242 | 10,837 | ||||||
Etsy, Inc.* | 24 | 1,766 | ||||||
General Motors Co. | 623 | 20,877 | ||||||
Hasbro, Inc. | 58 | 4,176 | ||||||
Hilton Worldwide Holdings, Inc. | 62 | 9,216 | ||||||
Home Depot, Inc. | 214 | 70,684 | ||||||
Las Vegas Sands Corp. | 147 | 8,064 | ||||||
Lowe’s Cos., Inc. | 84 | 19,360 | ||||||
Marriott International, Inc., Class A | 56 | 11,397 | ||||||
McDonald’s Corp. | 124 | 34,863 | ||||||
MGM Resorts International | 141 | 6,201 | ||||||
Mohawk Industries, Inc.* | 24 | 2,433 | ||||||
Newell Brands, Inc. | 168 | 1,777 | ||||||
NIKE, Inc., Class B | 552 | 56,144 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 188 | 3,115 | ||||||
PulteGroup, Inc. | 101 | 8,288 | ||||||
Ralph Lauren Corp. | 19 | 2,216 | ||||||
Royal Caribbean Cruises Ltd.* | 98 | 9,696 | ||||||
Starbucks Corp. | 252 | 24,555 | ||||||
Tapestry, Inc. | 105 | 3,499 | ||||||
TJX Cos., Inc. | 186 | 17,201 | ||||||
VF Corp. | 148 | 2,924 | ||||||
Whirlpool Corp. | 24 | 3,359 | ||||||
Yum! Brands, Inc. | 45 | 5,822 | ||||||
|
| |||||||
(Cost $585,041) | 680,920 | |||||||
|
| |||||||
Consumer Staples — 7.4% | ||||||||
Archer-Daniels-Midland Co. | 125 | 9,913 | ||||||
Brown-Forman Corp., Class B | 37 | 2,447 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Bunge Ltd. | 39 | $ | 4,458 | |||||
Campbell Soup Co. | 37 | 1,543 | ||||||
Coca-Cola Co. | 609 | 36,436 | ||||||
Colgate-Palmolive Co. | 168 | 12,343 | ||||||
Conagra Brands, Inc. | 213 | 6,364 | ||||||
Constellation Brands, Inc., Class A | 32 | 8,338 | ||||||
Estee Lauder Cos., Inc., Class A | 104 | 16,695 | ||||||
General Mills, Inc. | 84 | 5,683 | ||||||
Hormel Foods Corp. | 42 | 1,621 | ||||||
J M Smucker Co. | 48 | 6,958 | ||||||
Kellogg Co. | 51 | 3,112 | ||||||
Keurig Dr Pepper, Inc. | 190 | 6,394 | ||||||
Kraft Heinz Co. | 356 | 11,780 | ||||||
Kroger Co. | 291 | 13,500 | ||||||
McCormick & Co., Inc. | 55 | 4,514 | ||||||
Molson Coors Beverage Co., Class B | 84 | 5,333 | ||||||
Mondelez International, Inc., Class A | 280 | 19,953 | ||||||
Procter & Gamble Co. | 474 | 73,157 | ||||||
Target Corp. | 206 | 26,069 | ||||||
Tyson Foods, Inc., Class A | 128 | 6,819 | ||||||
Walgreens Boots Alliance, Inc. | 320 | 8,099 | ||||||
Walmart, Inc. | 632 | 102,770 | ||||||
|
| |||||||
(Cost $398,265) | 394,299 | |||||||
|
| |||||||
Energy — 1.9% | ||||||||
Baker Hughes Co. | 450 | 16,286 | ||||||
Halliburton Co. | 404 | 15,603 | ||||||
Kinder Morgan, Inc. | 884 | 15,222 | ||||||
Marathon Petroleum Corp. | 99 | 14,134 | ||||||
Phillips 66 | 208 | 23,745 | ||||||
Schlumberger NV | 298 | 17,570 | ||||||
|
| |||||||
(Cost $93,186) | 102,560 | |||||||
|
| |||||||
Financials — 19.0% | ||||||||
Aflac, Inc. | 250 | 18,642 | ||||||
Allstate Corp. | 118 | 12,722 | ||||||
American Express Co. | 136 | 21,487 | ||||||
American International Group, Inc. | 323 | 18,902 | ||||||
Arthur J Gallagher & Co. | 34 | 7,836 | ||||||
Assurant, Inc. | 24 | 3,344 | ||||||
Bank of America Corp. | 3,104 | 88,992 | ||||||
Bank of New York Mellon Corp. | 329 | 14,762 | ||||||
BlackRock, Inc. | 67 | 46,936 | ||||||
Capital One Financial Corp. | 170 | 17,406 | ||||||
Cboe Global Markets, Inc. | 16 | 2,395 | ||||||
Charles Schwab Corp. | 279 | 16,503 | ||||||
Chubb Ltd. | 80 | 16,070 | ||||||
Citigroup, Inc. | 866 | 35,757 | ||||||
CME Group, Inc. | 161 | 32,631 | ||||||
Discover Financial Services | 50 | 4,503 | ||||||
FactSet Research Systems, Inc. | 7 | 3,055 | ||||||
Fidelity National Information Services, Inc. | 265 | 14,803 | ||||||
Fifth Third Bancorp | 305 | 8,098 | ||||||
Fiserv, Inc.* | 88 | 10,682 | ||||||
Franklin Resources, Inc. | 127 | 3,396 | ||||||
Global Payments, Inc. | 118 | 14,949 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Value ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
Globe Life, Inc. | 14 | $ | 1,562 | |||||
Goldman Sachs Group, Inc. | 149 | 48,829 | ||||||
Hartford Financial Services Group, Inc. | 141 | 10,127 | ||||||
Intercontinental Exchange, Inc. | 250 | 29,498 | ||||||
Invesco Ltd. | 203 | 3,232 | ||||||
JPMorgan Chase & Co. | 1,311 | 191,839 | ||||||
Lincoln National Corp. | 60 | 1,540 | ||||||
M&T Bank Corp. | 76 | 9,504 | ||||||
MarketAxess Holdings, Inc. | 9 | 2,168 | ||||||
MetLife, Inc. | 285 | 18,052 | ||||||
Moody’s Corp. | 37 | 12,462 | ||||||
Morgan Stanley | 584 | 49,728 | ||||||
MSCI, Inc. | 15 | 8,154 | ||||||
Nasdaq, Inc. | 55 | 2,886 | ||||||
Northern Trust Corp. | 93 | 7,075 | ||||||
PayPal Holdings, Inc.* | 500 | 31,255 | ||||||
PNC Financial Services Group, Inc. | 179 | 21,611 | ||||||
Principal Financial Group, Inc. | 40 | 3,108 | ||||||
Prudential Financial, Inc. | 160 | 15,147 | ||||||
Regions Financial Corp. | 417 | 7,648 | ||||||
S&P Global, Inc. | 147 | 57,456 | ||||||
State Street Corp. | 149 | 10,242 | ||||||
Synchrony Financial | 195 | 6,295 | ||||||
T. Rowe Price Group, Inc. | 100 | 11,223 | ||||||
Travelers Cos., Inc. | 48 | 7,739 | ||||||
Truist Financial Corp. | 593 | 18,116 | ||||||
Willis Towers Watson PLC | 48 | 9,924 | ||||||
|
| |||||||
(Cost $1,049,084) | 1,010,291 | |||||||
|
| |||||||
Health Care — 8.5% | ||||||||
Abbott Laboratories | 374 | 38,485 | ||||||
Agilent Technologies, Inc. | 53 | 6,417 | ||||||
Baxter International, Inc. | 226 | 9,176 | ||||||
Becton Dickinson and Co. | 127 | 35,490 | ||||||
Biogen, Inc.* | 34 | 9,090 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 10 | 4,002 | ||||||
Bio-Techne Corp. | 37 | 2,901 | ||||||
Boston Scientific Corp.* | 301 | 16,236 | ||||||
Cardinal Health, Inc. | 115 | 10,043 | ||||||
Catalent, Inc.* | 80 | 3,998 | ||||||
Cencora, Inc. | 72 | 12,671 | ||||||
Centene Corp.* | 246 | 15,166 | ||||||
Cigna Group | 68 | 18,786 | ||||||
CVS Health Corp. | 574 | 37,408 | ||||||
DaVita, Inc.* | 24 | 2,458 | ||||||
Edwards Lifesciences Corp.* | 276 | 21,106 | ||||||
Henry Schein, Inc.* | 61 | 4,669 | ||||||
Humana, Inc. | 20 | 9,233 | ||||||
IDEXX Laboratories, Inc.* | 19 | 9,717 | ||||||
Illumina, Inc.* | 70 | 11,565 | ||||||
IQVIA Holdings, Inc.* | 43 | 9,573 | ||||||
Medtronic PLC | 594 | 48,411 | ||||||
Mettler-Toledo International, Inc.* | 3 | 3,640 | ||||||
Organon & Co. | 114 | 2,503 | ||||||
Quest Diagnostics, Inc. | 17 | 2,235 | ||||||
Stryker Corp. | 151 | 42,816 | ||||||
Teleflex, Inc. | 21 | 4,467 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Viatris, Inc. | 542 | $ | 5,826 | |||||
Zimmer Biomet Holdings, Inc. | 94 | 11,197 | ||||||
Zoetis, Inc. | 208 | 39,626 | ||||||
|
| |||||||
(Cost $467,764) | 448,911 | |||||||
|
| |||||||
Industrials — 10.9% | ||||||||
Alaska Air Group, Inc.* | 57 | 2,392 | ||||||
American Airlines Group, Inc.* | 291 | 4,286 | ||||||
Broadridge Financial Solutions, Inc. | 27 | 5,028 | ||||||
C.H. Robinson Worldwide, Inc. | 24 | 2,170 | ||||||
Carrier Global Corp. | 373 | 21,429 | ||||||
Caterpillar, Inc. | 93 | 26,145 | ||||||
Cintas Corp. | 16 | 8,067 | ||||||
CSX Corp. | 489 | 14,768 | ||||||
Cummins, Inc. | 31 | 7,131 | ||||||
Dover Corp. | 62 | 9,195 | ||||||
Eaton Corp. PLC | 178 | 41,006 | ||||||
Emerson Electric Co. | 255 | 25,054 | ||||||
Fortive Corp. | 158 | 12,458 | ||||||
Generac Holdings, Inc.* | 28 | 3,327 | ||||||
General Electric Co. | 487 | 55,742 | ||||||
IDEX Corp. | 14 | 3,170 | ||||||
Illinois Tool Works, Inc. | 61 | 15,088 | ||||||
Ingersoll Rand, Inc. | 190 | 13,226 | ||||||
Johnson Controls International PLC | 307 | 18,131 | ||||||
Nordson Corp. | 24 | 5,859 | ||||||
Norfolk Southern Corp. | 102 | 20,911 | ||||||
Otis Worldwide Corp. | 185 | 15,827 | ||||||
PACCAR, Inc. | 233 | 19,174 | ||||||
Parker-Hannifin Corp. | 57 | 23,763 | ||||||
Paychex, Inc. | 62 | 7,578 | ||||||
Pentair PLC | 74 | 5,199 | ||||||
Republic Services, Inc. | 41 | 5,909 | ||||||
Robert Half, Inc. | 48 | 3,550 | ||||||
Rockwell Automation, Inc. | 51 | 15,916 | ||||||
Stanley Black & Decker, Inc. | 66 | 6,229 | ||||||
Trane Technologies PLC | 102 | 20,937 | ||||||
Union Pacific Corp. | 137 | 30,218 | ||||||
United Parcel Service, Inc., Class B | 326 | 55,224 | ||||||
United Rentals, Inc. | 31 | 14,773 | ||||||
Verisk Analytics, Inc. | 35 | 8,478 | ||||||
Waste Management, Inc. | 68 | 10,661 | ||||||
Westinghouse Air Brake Technologies Corp. | 81 | 9,114 | ||||||
Xylem, Inc. | 105 | 10,872 | ||||||
|
| |||||||
(Cost $491,841) | 578,005 | |||||||
|
| |||||||
Information Technology — 19.7% | ||||||||
Adobe, Inc.* | 108 | 60,409 | ||||||
Advanced Micro Devices, Inc.* | 331 | 34,993 | ||||||
Akamai Technologies, Inc.* | 70 | 7,356 | ||||||
Analog Devices, Inc. | 120 | 21,814 | ||||||
Autodesk, Inc.* | 43 | 9,543 | ||||||
Cisco Systems, Inc. | 1,836 | 105,295 | ||||||
Corning, Inc. | 340 | 11,159 | ||||||
Gen Digital, Inc. | 119 | 2,410 | ||||||
Hewlett Packard Enterprise Co. | 573 | 9,735 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Value ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Information Technology (Continued) | ||||||||
HP, Inc. | 386 | $ | 11,468 | |||||
Intel Corp. | 1,875 | 65,888 | ||||||
Intuit, Inc. | 59 | 31,967 | ||||||
Keysight Technologies, Inc.* | 37 | 4,932 | ||||||
Microchip Technology, Inc. | 125 | 10,230 | ||||||
Micron Technology, Inc. | 488 | 34,131 | ||||||
Microsoft Corp. | 1,401 | 459,192 | ||||||
Motorola Solutions, Inc. | 34 | 9,641 | ||||||
NXP Semiconductors NV | 47 | 9,669 | ||||||
Salesforce, Inc.* | 439 | 97,221 | ||||||
TE Connectivity Ltd. | 141 | 18,667 | ||||||
Teradyne, Inc. | 35 | 3,775 | ||||||
Texas Instruments, Inc. | 150 | 25,209 | ||||||
Tyler Technologies, Inc.* | 10 | 3,984 | ||||||
|
| |||||||
(Cost $905,371) | 1,048,688 | |||||||
|
| |||||||
Materials — 3.2% | ||||||||
Amcor PLC | 664 | 6,467 | ||||||
Ball Corp. | 140 | 7,623 | ||||||
Corteva, Inc. | 99 | 5,001 | ||||||
Dow, Inc. | 315 | 17,186 | ||||||
Ecolab, Inc. | 111 | 20,403 | ||||||
International Flavors & Fragrances, Inc. | 114 | 8,031 | ||||||
Linde PLC | 86 | 33,285 | ||||||
LyondellBasell Industries NV, Class A | 113 | 11,161 | ||||||
Newmont Corp. | 355 | 13,994 | ||||||
PPG Industries, Inc. | 105 | 14,885 | ||||||
Sherwin-Williams Co. | 105 | 28,531 | ||||||
Westrock Co. | 114 | 3,729 | ||||||
|
| |||||||
(Cost $155,673) | 170,296 | |||||||
|
| |||||||
Real Estate — 4.9% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 70 | 8,144 | ||||||
American Tower Corp. REIT | 98 | 17,769 | ||||||
AvalonBay Communities, Inc. REIT | 63 | 11,581 | ||||||
Boston Properties, Inc. REIT | 64 | 4,273 | ||||||
CBRE Group, Inc., Class A* | 141 | 11,992 | ||||||
Digital Realty Trust, Inc. REIT | 128 | 16,860 | ||||||
Equinix, Inc. REIT | 42 | 32,818 | ||||||
Equity Residential REIT | 152 | 9,854 | ||||||
Essex Property Trust, Inc. REIT | 29 | 6,913 | ||||||
Extra Space Storage, Inc. REIT | 47 | 6,048 | ||||||
Federal Realty Investment Trust REIT | 33 | 3,232 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Healthpeak Properties, Inc. REIT | 244 | $ | 5,022 | |||||
Host Hotels & Resorts, Inc. REIT | 320 | 5,053 | ||||||
Iron Mountain, Inc. REIT | 52 | 3,304 | ||||||
Kimco Realty Corp. REIT | 276 | 5,227 | ||||||
Prologis, Inc. REIT | 412 | 51,170 | ||||||
Regency Centers Corp. REIT | 69 | 4,292 | ||||||
SBA Communications Corp. REIT | 21 | 4,715 | ||||||
Simon Property Group, Inc. REIT | 146 | 16,570 | ||||||
UDR, Inc. REIT | 138 | 5,506 | ||||||
Ventas, Inc. REIT | 179 | 7,819 | ||||||
Welltower, Inc. REIT | 223 | 18,482 | ||||||
Weyerhaeuser Co. REIT | 141 | 4,618 | ||||||
|
| |||||||
(Cost $251,078) | 261,262 | |||||||
|
| |||||||
Utilities — 3.1% | ||||||||
American Water Works Co., Inc. | 86 | 11,932 | ||||||
CenterPoint Energy, Inc. | 281 | 7,837 | ||||||
Constellation Energy Corp. | 146 | 15,207 | ||||||
Edison International | 171 | 11,773 | ||||||
Entergy Corp. | 95 | 9,049 | ||||||
Eversource Energy | 156 | 9,956 | ||||||
Exelon Corp. | 444 | 17,813 | ||||||
NextEra Energy, Inc. | 910 | 60,788 | ||||||
Public Service Enterprise Group, Inc. | 223 | 13,621 | ||||||
Sempra | 112 | 7,865 | ||||||
|
| |||||||
(Cost $174,030) | 165,841 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,293,186 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
SPDR Portfolio S&P 500 Value ETF | 350 | 15,215 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series | 493 | 493 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $4,988,464) | $ | 5,308,894 | ||||||
Other assets and liabilities, net — 0.2% | 8,665 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,317,559 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:
Value ($) at 11/9/2022 (Commencement of Operations) | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b) |
| |||||||||||||||||||||||||||||||||||
— | — | 0 | (c) | — | — | 3 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
— | 145,924 | (145,431 | ) | — | — | 107 | — | 493 | 493 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
— | 145,924 | (145,430 | ) | — | — | 110 | — | 493 | 493 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 Value ESG ETF (Continued)
August 31, 2023
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023. |
REIT: Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 5,293,186 | $ | — | $ | — | $ | 5,293,186 | ||||||||
Exchange-Traded Funds | 15,215 | — | 15,215 | |||||||||||||
Short-Term Investments (a) | 493 | — | — | 493 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,308,894 | $ | — | $ | — | $ | 5,308,894 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P ESG Dividend Aristocrats ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Communication Services — 0.5% | ||||||||
John Wiley & Sons, Inc., Class A | 639 | $ | 23,745 | |||||
|
| |||||||
Consumer Discretionary — 7.1% | ||||||||
Genuine Parts Co. | 403 | 61,953 | ||||||
Leggett & Platt, Inc. | 2,269 | 63,986 | ||||||
Lowe’s Cos., Inc. | 277 | 63,843 | ||||||
McDonald’s Corp. | 239 | 67,195 | ||||||
NIKE, Inc., Class B | 267 | 27,156 | ||||||
Polaris, Inc. | 644 | 72,186 | ||||||
|
| |||||||
(Cost $368,485) | 356,319 | |||||||
|
| |||||||
Consumer Staples — 21.0% | ||||||||
Archer-Daniels-Midland Co. | 521 | 41,315 | ||||||
Brown-Forman Corp., Class B | 530 | 35,049 | ||||||
Church & Dwight Co., Inc. | 460 | 44,514 | ||||||
Coca-Cola Co. | 1,250 | 74,787 | ||||||
Colgate-Palmolive Co. | 907 | 66,637 | ||||||
Flowers Foods, Inc. | 3,376 | 79,539 | ||||||
Hormel Foods Corp. | 1,565 | 60,393 | ||||||
J M Smucker Co. | 502 | 72,765 | ||||||
Kimberly-Clark Corp. | 724 | 93,273 | ||||||
McCormick & Co., Inc. | 681 | 55,896 | ||||||
PepsiCo, Inc. | 417 | 74,193 | ||||||
Procter & Gamble Co. | 482 | 74,392 | ||||||
Sysco Corp. | 966 | 67,282 | ||||||
Target Corp. | 512 | 64,794 | ||||||
Walgreens Boots Alliance, Inc. | 3,863 | 97,773 | ||||||
Walmart, Inc. | 318 | 51,710 | ||||||
|
| |||||||
(Cost $1,141,276) | 1,054,312 | |||||||
|
| |||||||
Energy — 3.4% | ||||||||
Chevron Corp. | 485 | 78,133 | ||||||
Exxon Mobil Corp. | 819 | 91,065 | ||||||
|
| |||||||
(Cost $181,445) | 169,198 | |||||||
|
| |||||||
Financials — 11.3% | ||||||||
Aflac, Inc. | 882 | 65,771 | ||||||
Chubb Ltd. | 182 | 36,558 | ||||||
Cincinnati Financial Corp. | 743 | 78,602 | ||||||
Commerce Bancshares, Inc. | 648 | 31,810 | ||||||
FactSet Research Systems, Inc. | 56 | 24,439 | ||||||
Franklin Resources, Inc. | 3,911 | 104,580 | ||||||
S&P Global, Inc. | 74 | 28,924 | ||||||
SEI Investments Co. | 620 | 38,477 | ||||||
T. Rowe Price Group, Inc. | 1,005 | 112,791 | ||||||
UMB Financial Corp. | 454 | 28,698 | ||||||
W R Berkley Corp. | 213 | 13,176 | ||||||
|
| |||||||
(Cost $568,616) | 563,826 | |||||||
|
| |||||||
Health Care — 7.5% | ||||||||
Abbott Laboratories | 417 | 42,909 | ||||||
AbbVie, Inc. | 661 | 97,141 | ||||||
Becton Dickinson and Co. | 156 | 43,594 | ||||||
Cardinal Health, Inc. | 942 | 82,265 | ||||||
Medtronic PLC | 1,169 | 95,273 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
West Pharmaceutical Services, Inc. | 33 | $ | 13,428 | |||||
|
| |||||||
(Cost $352,367) | 374,610 | |||||||
|
| |||||||
Industrials — 21.0% | ||||||||
ABM Industries, Inc. | 856 | 38,880 | ||||||
Automatic Data Processing, Inc. | 242 | 61,616 | ||||||
Brady Corp., Class A | 488 | 24,615 | ||||||
C.H. Robinson Worldwide, Inc. | 814 | 73,610 | ||||||
Carlisle Cos., Inc. | 152 | 39,979 | ||||||
Caterpillar, Inc. | 222 | 62,411 | ||||||
Cintas Corp. | 67 | 33,779 | ||||||
Dover Corp. | 310 | 45,973 | ||||||
Emerson Electric Co. | 709 | 69,659 | ||||||
Expeditors International of Washington, Inc. | 333 | 38,864 | ||||||
Fastenal Co. | 1,571 | 90,458 | ||||||
Franklin Electric Co., Inc. | 342 | 33,075 | ||||||
Illinois Tool Works, Inc. | 310 | 76,678 | ||||||
Lincoln Electric Holdings, Inc. | 325 | 62,550 | ||||||
MSA Safety, Inc. | 293 | 53,525 | ||||||
Nordson Corp. | 141 | 34,424 | ||||||
Pentair PLC | 1,169 | 82,134 | ||||||
Stanley Black & Decker, Inc. | 1,379 | 130,150 | ||||||
|
| |||||||
(Cost $924,592) | 1,052,380 | |||||||
|
| |||||||
Information Technology — 5.1% | ||||||||
Badger Meter, Inc. | 197 | 32,718 | ||||||
International Business Machines Corp. | 960 | 140,957 | ||||||
Microchip Technology, Inc. | 785 | 64,245 | ||||||
Roper Technologies, Inc. | 40 | 19,962 | ||||||
|
| |||||||
(Cost $231,761) | 257,882 | |||||||
|
| |||||||
Materials — 12.5% | ||||||||
Air Products and Chemicals, Inc. | 196 | 57,916 | ||||||
Albemarle Corp. | 92 | 18,281 | ||||||
Amcor PLC | 10,282 | 100,147 | ||||||
AptarGroup, Inc. | 341 | 45,203 | ||||||
Ecolab, Inc. | 275 | 50,548 | ||||||
HB Fuller Co. | 442 | 32,058 | ||||||
International Flavors & Fragrances, Inc. | 721 | 50,794 | ||||||
Linde PLC | 122 | 47,219 | ||||||
Nucor Corp. | 301 | 51,802 | ||||||
PPG Industries, Inc. | 409 | 57,980 | ||||||
Sherwin-Williams Co. | 114 | 30,976 | ||||||
Sonoco Products Co. | 1,142 | 65,608 | ||||||
Stepan Co. | 200 | 17,454 | ||||||
|
| |||||||
(Cost $647,692) | 625,986 | |||||||
|
| |||||||
Real Estate — 4.6% | ||||||||
Essex Property Trust, Inc. REIT | 516 | 123,009 | ||||||
Federal Realty Investment Trust REIT | 1,086 | 106,363 | ||||||
|
| |||||||
(Cost $231,510) | 229,372 | |||||||
|
| |||||||
Utilities — 5.5% | ||||||||
California Water Service Group | 563 | 28,291 | ||||||
Consolidated Edison, Inc. | 936 | 83,266 | ||||||
Essential Utilities, Inc. | 1,414 | 52,177 | ||||||
Eversource Energy | 1,051 | 67,075 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)
August 31, 2023
Number | Value | |||||||
Utilities (Continued) | ||||||||
NextEra Energy, Inc. | 701 | $ | 46,827 | |||||
|
| |||||||
(Cost $320,337) | 277,636 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,985,266 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
ProShares S&P 500 Dividend Aristocrats ETF | 150 | 14,169 | ||||||
|
|
Number | Value | |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) | 1,971 | $ | 1,971 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $5,011,401) | $ | 5,001,406 | ||||||
Other assets and liabilities, net — 0.2% | 9,544 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,010,950 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:
Value ($) at 11/9/2022 (Commencement of Operations) | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.0% Xtrackers S&P 500 ESG ETF (b) |
| |||||||||||||||||||||||||||||||||||
— | 24,714 | (25,559 | ) | 845 | — | 45 | — | — | — | |||||||||||||||||||||||||||
Xtrackers S&P 500 Value ESG ETF (b) |
| |||||||||||||||||||||||||||||||||||
— | 10,114 | (10,276 | ) | 162 | — | 73 | — | — | — | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(c) |
| |||||||||||||||||||||||||||||||||||
— | — | 0 | (d) | — | — | 5 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) |
| |||||||||||||||||||||||||||||||||||
— | 162,132 | (160,161 | ) | — | — | 163 | — | 1,971 | 1,971 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
— | 196,960 | (195,996) | 1,007 | — | 286 | — | 1,971 | 1,971 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 4,985,266 | $ | — | $ | — | $ | 4,985,266 | ||||||||
Exchange-Traded Funds | 14,169 | — | — | 14,169 | ||||||||||||
Short-Term Investments (a) | 1,971 | — | — | 1,971 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,001,406 | $ | — | $ | — | $ | 5,001,406 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P MidCap 400 ESG ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Communication Services — 1.9% | ||||||||
Cable One, Inc. | 36 | $ | 23,420 | |||||
Iridium Communications, Inc. | 958 | 46,894 | ||||||
New York Times Co., Class A | 1,247 | 55,205 | ||||||
Nexstar Media Group, Inc. | 277 | 45,096 | ||||||
TEGNA, Inc. | 1,713 | 28,316 | ||||||
Ziff Davis, Inc.* | 363 | 24,194 | ||||||
|
| |||||||
(Cost $282,804) | 223,125 | |||||||
|
| |||||||
Consumer Discretionary — 16.0% | ||||||||
Adient PLC* | 729 | 28,555 | ||||||
Aramark | 2,002 | 74,434 | ||||||
Autoliv, Inc. | 585 | 57,096 | ||||||
AutoNation, Inc.* | 241 | 37,859 | ||||||
Boyd Gaming Corp. | 587 | 39,253 | ||||||
Brunswick Corp. | 537 | 42,488 | ||||||
Capri Holdings Ltd.* | 959 | 50,338 | ||||||
Carter’s, Inc. | 283 | 20,254 | ||||||
Choice Hotels International, Inc. | 205 | 26,015 | ||||||
Columbia Sportswear Co. | 275 | 20,169 | ||||||
Deckers Outdoor Corp.* | 202 | 106,876 | ||||||
Dick’s Sporting Goods, Inc. | 467 | 54,331 | ||||||
Five Below, Inc.* | 428 | 73,599 | ||||||
Foot Locker, Inc. | 587 | 11,517 | ||||||
Gap, Inc. | 1,660 | 19,223 | ||||||
Goodyear Tire & Rubber Co.* | 2,158 | 27,860 | ||||||
Grand Canyon Education, Inc.* | 237 | 27,788 | ||||||
H&R Block, Inc. | 1,157 | 46,257 | ||||||
Harley-Davidson, Inc. | 985 | 33,244 | ||||||
Helen of Troy Ltd.* | 186 | 22,863 | ||||||
KB Home | 604 | 30,683 | ||||||
Kohl’s Corp. | 853 | 22,724 | ||||||
Lear Corp. | 450 | 64,841 | ||||||
Leggett & Platt, Inc. | 1,017 | 28,679 | ||||||
Lithia Motors, Inc. | 210 | 64,684 | ||||||
Macy’s, Inc. | 2,075 | 25,377 | ||||||
Marriott Vacations Worldwide Corp. | 280 | 30,433 | ||||||
Nordstrom, Inc. | 873 | 14,160 | ||||||
Papa John’s International, Inc. | 227 | 17,184 | ||||||
Polaris, Inc. | 411 | 46,069 | ||||||
PVH Corp. | 482 | 40,295 | ||||||
RH* | 136 | 49,666 | ||||||
Service Corp. International | 1,162 | 73,334 | ||||||
Taylor Morrison Home Corp.* | 838 | 39,721 | ||||||
Tempur Sealy International, Inc. | 1,311 | 61,250 | ||||||
Texas Roadhouse, Inc. | 511 | 53,195 | ||||||
Thor Industries, Inc. | 408 | 42,767 | ||||||
Toll Brothers, Inc. | 784 | 64,233 | ||||||
Topgolf Callaway Brands Corp.* | 1,076 | 18,765 | ||||||
Travel + Leisure Co. | 585 | 23,517 | ||||||
Valvoline, Inc. | 1,046 | 36,024 | ||||||
Visteon Corp.* | 216 | 30,082 | ||||||
Wendy’s Co. | 1,308 | 25,885 | ||||||
Williams-Sonoma, Inc. | 505 | 71,306 | ||||||
Wingstop, Inc. | 230 | 36,947 | ||||||
Wyndham Hotels & Resorts, Inc. | 654 | 49,305 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
YETI Holdings, Inc.* | 661 | $ | 33,017 | |||||
|
| |||||||
(Cost $1,793,724) | 1,914,162 | |||||||
|
| |||||||
Consumer Staples — 3.8% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 1,023 | 68,940 | ||||||
Coca-Cola Consolidated, Inc. | 36 | 25,160 | ||||||
Coty, Inc., Class A* | 2,794 | 32,299 | ||||||
Darling Ingredients, Inc.* | 1,214 | 74,977 | ||||||
Energizer Holdings, Inc. | 508 | 17,450 | ||||||
Flowers Foods, Inc. | 1,462 | 34,445 | ||||||
Ingredion, Inc. | 503 | 51,764 | ||||||
Pilgrim’s Pride Corp.* | 333 | 8,378 | ||||||
Post Holdings, Inc.* | 409 | 36,691 | ||||||
Sprouts Farmers Market, Inc.* | 784 | 31,979 | ||||||
US Foods Holding Corp.* | 1,721 | 69,580 | ||||||
|
| |||||||
(Cost $398,208) | 451,663 | |||||||
|
| |||||||
Energy — 4.4% | ||||||||
Antero Midstream Corp. | 2,569 | 31,136 | ||||||
Antero Resources Corp.* | 2,100 | 58,107 | ||||||
ChampionX Corp. | 1,502 | 54,207 | ||||||
CNX Resources Corp.* | 1,260 | 28,161 | ||||||
Equitrans Midstream Corp. | 3,315 | 31,824 | ||||||
HF Sinclair Corp. | 980 | 53,988 | ||||||
Murphy Oil Corp. | 1,127 | 51,166 | ||||||
NOV, Inc. | 3,020 | 63,813 | ||||||
Range Resources Corp. | 1,857 | 60,130 | ||||||
Southwestern Energy Co.* | 8,349 | 56,606 | ||||||
Valaris Ltd.* | 459 | 34,572 | ||||||
|
| |||||||
(Cost $398,566) | 523,710 | |||||||
|
| |||||||
Financials — 15.0% | ||||||||
Affiliated Managers Group, Inc. | 274 | 36,719 | ||||||
Annaly Capital Management, Inc. REIT | 3,748 | 75,972 | ||||||
Associated Banc-Corp. | 1,167 | 20,224 | ||||||
Bank OZK | 815 | 32,738 | ||||||
Brighthouse Financial, Inc.* | 505 | 25,078 | ||||||
Cadence Bank | 1,399 | 32,009 | ||||||
Cathay General Bancorp | 565 | 20,131 | ||||||
CNO Financial Group, Inc. | 888 | 20,779 | ||||||
Columbia Banking System, Inc. | 1,595 | 32,666 | ||||||
Commerce Bancshares, Inc. | 865 | 42,463 | ||||||
East West Bancorp, Inc. | 1,087 | 60,155 | ||||||
Evercore, Inc., Class A | 273 | 38,234 | ||||||
Federated Hermes, Inc. | 656 | 22,803 | ||||||
First American Financial Corp. | 785 | 48,419 | ||||||
First Horizon Corp. | 4,100 | 51,455 | ||||||
FNB Corp. | 2,770 | 32,215 | ||||||
Glacier Bancorp, Inc. | 851 | 25,709 | ||||||
Hanover Insurance Group, Inc. | 275 | 29,348 | ||||||
Janus Henderson Group PLC | 1,021 | 28,047 | ||||||
Jefferies Financial Group, Inc. | 1,425 | 50,858 | ||||||
Kinsale Capital Group, Inc. | 166 | 66,173 | ||||||
MGIC Investment Corp. | 2,173 | 38,201 | ||||||
New York Community Bancorp, Inc. | 5,548 | 68,129 | ||||||
Old National Bancorp. | 2,239 | 34,167 | ||||||
Pinnacle Financial Partners, Inc. | 595 | 39,603 | ||||||
Primerica, Inc. | 278 | 55,867 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P MidCap 400 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials (Continued) | ||||||||
Reinsurance Group of America, Inc. | 506 | $ | 70,142 | |||||
RenaissanceRe Holdings Ltd. | 387 | 72,713 | ||||||
SEI Investments Co. | 771 | 47,848 | ||||||
Selective Insurance Group, Inc. | 464 | 46,033 | ||||||
SLM Corp. | 1,844 | 26,259 | ||||||
Stifel Financial Corp. | 809 | 52,601 | ||||||
Synovus Financial Corp. | 1,130 | 34,985 | ||||||
Texas Capital Bancshares, Inc.* | 373 | 23,290 | ||||||
UMB Financial Corp. | 337 | 21,302 | ||||||
United Bankshares, Inc. | 1,015 | 30,531 | ||||||
Unum Group | 1,408 | 69,259 | ||||||
Valley National Bancorp | 3,230 | 29,651 | ||||||
Voya Financial, Inc. | 748 | 52,121 | ||||||
Webster Financial Corp. | 1,325 | 56,193 | ||||||
Western Union Co. | 2,848 | 35,173 | ||||||
WEX, Inc.* | 329 | 64,543 | ||||||
Wintrust Financial Corp. | 470 | 36,477 | ||||||
|
| |||||||
(Cost $1,785,670) | 1,797,283 | |||||||
|
| |||||||
Health Care — 10.3% | ||||||||
Acadia Healthcare Co., Inc.* | 701 | 54,047 | ||||||
Amedisys, Inc.* | 252 | 23,625 | ||||||
Azenta, Inc.* | 505 | 28,497 | ||||||
Encompass Health Corp. | 766 | 54,417 | ||||||
Enovis Corp.* | 368 | 20,623 | ||||||
Envista Holdings Corp.* | 1,243 | 39,801 | ||||||
Exelixis, Inc.* | 2,480 | 55,527 | ||||||
Haemonetics Corp.* | 385 | 34,546 | ||||||
Halozyme Therapeutics, Inc.* | 1,001 | 42,602 | ||||||
HealthEquity, Inc.* | 654 | 44,178 | ||||||
Inari Medical, Inc.* | 397 | 26,448 | ||||||
Integra LifeSciences Holdings Corp.* | 538 | 22,886 | ||||||
Jazz Pharmaceuticals PLC* | 487 | 69,816 | ||||||
Lantheus Holdings, Inc.* | 524 | 35,862 | ||||||
LivaNova PLC* | 415 | 23,053 | ||||||
Neurocrine Biosciences, Inc.* | 749 | 81,559 | ||||||
Omnicell, Inc.* | 344 | 19,560 | ||||||
Option Care Health, Inc.* | 1,272 | 44,304 | ||||||
Patterson Cos., Inc. | 670 | 20,127 | ||||||
Penumbra, Inc.* | 294 | 77,763 | ||||||
Perrigo Co. PLC | 1,028 | 35,980 | ||||||
Progyny, Inc.* | 582 | 21,732 | ||||||
QuidelOrtho Corp.* | 416 | 34,262 | ||||||
R1 RCM, Inc.* | 1,074 | 18,516 | ||||||
Repligen Corp.* | 394 | 68,520 | ||||||
Shockwave Medical, Inc.* | 281 | 61,930 | ||||||
Syneos Health, Inc.* | 789 | 33,714 | ||||||
Tenet Healthcare Corp.* | 776 | 60,186 | ||||||
United Therapeutics Corp.* | 360 | 80,770 | ||||||
|
| |||||||
(Cost $1,251,009) | 1,234,851 | |||||||
|
| |||||||
Industrials — 22.7% | ||||||||
Acuity Brands, Inc. | 244 | 39,352 | ||||||
Advanced Drainage Systems, Inc. | 475 | 60,876 | ||||||
AECOM | 1,068 | 93,717 | ||||||
AGCO Corp. | 473 | 61,268 | ||||||
ASGN, Inc.* | 382 | 31,385 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Avis Budget Group, Inc.* | 181 | $ | 38,624 | |||||
Carlisle Cos., Inc. | 391 | 102,841 | ||||||
Chart Industries, Inc.* | 322 | 58,147 | ||||||
Clean Harbors, Inc.* | 383 | 64,857 | ||||||
Concentrix Corp. | 328 | 26,184 | ||||||
Donaldson Co., Inc. | 921 | 58,824 | ||||||
EMCOR Group, Inc. | 363 | 81,403 | ||||||
EnerSys | 311 | 32,649 | ||||||
ExlService Holdings, Inc.* | 1,280 | 37,414 | ||||||
Flowserve Corp. | 999 | 39,530 | ||||||
Fortune Brands Innovations, Inc. | 972 | 67,087 | ||||||
FTI Consulting, Inc.* | 261 | 48,499 | ||||||
Genpact Ltd. | 1,291 | 48,193 | ||||||
GXO Logistics, Inc.* | 906 | 57,957 | ||||||
Hubbell, Inc. | 411 | 134,007 | ||||||
Insperity, Inc. | 277 | 28,068 | ||||||
JetBlue Airways Corp.* | 2,516 | 14,895 | ||||||
Kirby Corp.* | 456 | 37,770 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,231 | 67,483 | ||||||
Lennox International, Inc. | 248 | 93,449 | ||||||
Lincoln Electric Holdings, Inc. | 442 | 85,067 | ||||||
ManpowerGroup, Inc. | 386 | 30,444 | ||||||
MasTec, Inc.* | 455 | 45,268 | ||||||
Maximus, Inc. | 462 | 37,339 | ||||||
Middleby Corp.* | 407 | 59,255 | ||||||
MSA Safety, Inc. | 280 | 51,150 | ||||||
MSC Industrial Direct Co., Inc., Class A | 360 | 36,742 | ||||||
nVent Electric PLC | 1,259 | 71,184 | ||||||
Owens Corning | 691 | 99,442 | ||||||
Paylocity Holding Corp.* | 315 | 63,158 | ||||||
Regal Rexnord Corp. | 509 | 82,555 | ||||||
Ryder System, Inc. | 351 | 35,346 | ||||||
Saia, Inc.* | 204 | 86,945 | ||||||
Simpson Manufacturing Co., Inc. | 324 | 51,762 | ||||||
Stericycle, Inc.* | 704 | 31,124 | ||||||
Terex Corp. | 516 | 31,275 | ||||||
Tetra Tech, Inc. | 405 | 63,727 | ||||||
Timken Co. | 501 | 38,286 | ||||||
Toro Co. | 793 | 81,140 | ||||||
Trex Co., Inc.* | 829 | 59,166 | ||||||
Valmont Industries, Inc. | 162 | 41,067 | ||||||
Watts Water Technologies, Inc., Class A | 208 | 39,264 | ||||||
XPO, Inc.* | 880 | 65,674 | ||||||
|
| |||||||
(Cost $2,089,483) | 2,710,859 | |||||||
|
| |||||||
Information Technology — 10.0% | ||||||||
ACI Worldwide, Inc.* | 832 | 20,201 | ||||||
Amkor Technology, Inc. | 778 | 21,753 | ||||||
Arrow Electronics, Inc.* | 431 | 57,508 | ||||||
Avnet, Inc. | 697 | 35,373 | ||||||
Belden, Inc. | 328 | 30,799 | ||||||
Blackbaud, Inc.* | 343 | 26,106 | ||||||
Calix, Inc.* | 441 | 20,511 | ||||||
Ciena Corp.* | 1,140 | 56,977 | ||||||
Cirrus Logic, Inc.* | 425 | 34,867 | ||||||
Coherent Corp.* | 1,055 | 39,700 | ||||||
CommVault Systems, Inc.* | 330 | 22,542 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P MidCap 400 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Crane NXT Co. | 371 | $ | 22,022 | |||||
Envestnet, Inc.* | 410 | 22,398 | ||||||
IPG Photonics Corp.* | 238 | 25,790 | ||||||
Jabil, Inc. | 1,018 | 116,480 | ||||||
Littelfuse, Inc. | 189 | 50,478 | ||||||
Lumentum Holdings, Inc.* | 526 | 28,472 | ||||||
Manhattan Associates, Inc.* | 477 | 96,650 | ||||||
MKS Instruments, Inc. | 440 | 44,101 | ||||||
National Instruments Corp. | 1,008 | 60,077 | ||||||
NCR Corp.* | 1,089 | 33,498 | ||||||
Novanta, Inc.* | 274 | 45,752 | ||||||
Power Integrations, Inc. | 438 | 36,801 | ||||||
Qualys, Inc.* | 256 | 39,846 | ||||||
Silicon Laboratories, Inc.* | 243 | 32,771 | ||||||
Synaptics, Inc.* | 304 | 26,612 | ||||||
Teradata Corp.* | 777 | 35,952 | ||||||
Universal Display Corp. | 334 | 54,295 | ||||||
Wolfspeed, Inc. *(a) | 952 | 45,525 | ||||||
Xerox Holdings Corp. | 830 | 13,189 | ||||||
|
| |||||||
(Cost $1,081,135) | 1,197,046 | |||||||
|
| |||||||
Materials — 6.5% | ||||||||
Alcoa Corp. | 1,360 | 40,909 | ||||||
AptarGroup, Inc. | 499 | 66,147 | ||||||
Ashland, Inc. | 370 | 32,053 | ||||||
Avient Corp. | 659 | 26,432 | ||||||
Axalta Coating Systems Ltd.* | 1,687 | 47,742 | ||||||
Cabot Corp. | 431 | 31,230 | ||||||
Chemours Co. | 1,135 | 38,613 | ||||||
Cleveland-Cliffs, Inc.* | 3,922 | 59,967 | ||||||
Commercial Metals Co. | 890 | 50,098 | ||||||
Greif, Inc., Class A | 198 | 14,373 | ||||||
Louisiana-Pacific Corp. | 547 | 34,177 | ||||||
Royal Gold, Inc. | 500 | 56,045 | ||||||
RPM International, Inc. | 988 | 98,543 | ||||||
Scotts Miracle-Gro Co. | 316 | 17,905 | ||||||
Sensient Technologies Corp. | 326 | 20,085 | ||||||
Sonoco Products Co. | 750 | 43,088 | ||||||
United States Steel Corp. | 1,721 | 53,506 | ||||||
Westlake Corp. | 263 | 34,448 | ||||||
Worthington Industries, Inc. | 224 | 16,860 | ||||||
|
| |||||||
(Cost $794,034) | 782,221 | |||||||
|
| |||||||
Real Estate — 7.0% | ||||||||
Agree Realty Corp. REIT | 719 | 44,449 | ||||||
Apartment Income REIT Corp. REIT | 1,134 | 38,624 | ||||||
Brixmor Property Group, Inc. REIT | 2,285 | 50,224 | ||||||
Corporate Office Properties Trust REIT | 872 | 22,567 | ||||||
Cousins Properties, Inc. REIT | 1,167 | 27,424 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
CubeSmart REIT | 1,705 | $ | 71,116 | |||||
EastGroup Properties, Inc. REIT | 342 | 61,433 | ||||||
Healthcare Realty Trust, Inc. REIT | 2,904 | 50,878 | ||||||
Highwoods Properties, Inc. REIT | 820 | 19,541 | ||||||
Jones Lang LaSalle, Inc.* | 364 | 62,899 | ||||||
Kilroy Realty Corp. REIT | 810 | 29,929 | ||||||
Medical Properties Trust, Inc. REIT (a) | 4,551 | 32,858 | ||||||
NNN REIT, Inc. REIT | 1,402 | 55,225 | ||||||
Park Hotels & Resorts, Inc. REIT | 1,665 | 21,362 | ||||||
Physicians Realty Trust REIT | 1,836 | 25,539 | ||||||
PotlatchDeltic Corp. REIT | 617 | 29,159 | ||||||
Rayonier, Inc. REIT | 1,129 | 33,757 | ||||||
Rexford Industrial Realty, Inc. REIT | 1,544 | 82,558 | ||||||
Spirit Realty Capital, Inc. REIT | 1,075 | 41,506 | ||||||
Vornado Realty Trust REIT | 1,236 | 29,689 | ||||||
|
| |||||||
(Cost $957,993) | 830,737 | |||||||
|
| |||||||
Utilities — 1.7% | ||||||||
Hawaiian Electric Industries, Inc. | 837 | 11,735 | ||||||
National Fuel Gas Co. | 699 | 37,564 | ||||||
ONE Gas, Inc. | 424 | 30,727 | ||||||
Ormat Technologies, Inc. | 405 | 30,756 | ||||||
Southwest Gas Holdings, Inc. | 508 | 31,461 | ||||||
Spire, Inc. | 408 | 23,831 | ||||||
UGI Corp. | 1,591 | 40,061 | ||||||
|
| |||||||
(Cost $249,906) | 206,135 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 11,871,792 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.5% | ||||||||
iShares ESG Screened S&P Mid-Cap ETF | 1,400 | 50,336 | ||||||
SPDR S&P MidCap 400 ETF Trust | 24 | 11,606 | ||||||
|
| |||||||
(Cost $59,078) | 61,942 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.7% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | 77,625 | 77,625 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) | 9,093 | 9,093 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.6% | $ | 12,020,452 | ||||||
Other assets and liabilities, net — (0.6%) | (67,527 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 11,952,925 | ||||||
|
|
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P MidCap 400 ESG ETF (Continued)
August 31, 2023
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 77,625 | (d) | — | — | — | 374 | — | 77,625 | 77,625 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) |
| |||||||||||||||||||||||||||||||||||
5,679 | 525,116 | (521,702 | ) | — | — | 317 | — | 9,093 | 9,093 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
5,679 | 602,741 | (521,702 | ) | — | — | 691 | — | 86,718 | 86,718 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2023 amounted to $75,528, 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. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 11,871,792 | $ | — | $ | — | $ | 11,871,792 | ||||||||
Exchange-Traded Funds | 61,942 | — | — | 61,942 | ||||||||||||
Short-Term Investments (a) | 86,718 | — | — | 86,718 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 12,020,452 | $ | — | $ | — | $ | 12,020,452 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P SmallCap 600 ESG ETF
August 31, 2023
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Communication Services — 1.6% | ||||||||
Cars.com, Inc.* | 1,087 | $ | 20,316 | |||||
Cinemark Holdings, Inc.* | 1,933 | 31,469 | ||||||
Consolidated Communications Holdings, Inc.* | 1,254 | 4,953 | ||||||
EW Scripps Co., Class A* | 1,018 | 7,778 | ||||||
Lumen Technologies, Inc.* | 16,694 | 26,543 | ||||||
QuinStreet, Inc.* | 887 | 8,781 | ||||||
Scholastic Corp. | 519 | 22,551 | ||||||
TechTarget, Inc.* | 469 | 13,484 | ||||||
Thryv Holdings, Inc.* | 538 | 10,970 | ||||||
Yelp, Inc.* | 1,224 | 52,448 | ||||||
|
| |||||||
(Cost $218,590) | 199,293 | |||||||
|
| |||||||
Consumer Discretionary — 14.1% | ||||||||
Aaron’s Co., Inc. | 529 | 6,385 | ||||||
Abercrombie & Fitch Co., Class A* | 899 | 48,321 | ||||||
Academy Sports & Outdoors, Inc. | 1,372 | 74,870 | ||||||
Adtalem Global Education, Inc.* | 798 | 34,992 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 2,138 | 16,142 | ||||||
American Eagle Outfitters, Inc. | 3,288 | 55,764 | ||||||
America’s Car-Mart, Inc.* | 101 | 11,242 | ||||||
BJ’s Restaurants, Inc.* | 410 | 12,058 | ||||||
Bloomin’ Brands, Inc. | 1,541 | 43,240 | ||||||
Boot Barn Holdings, Inc.* | 534 | 48,995 | ||||||
Brinker International, Inc.* | 801 | 26,217 | ||||||
Caleres, Inc. | 625 | 17,919 | ||||||
Cavco Industries, Inc.* | 142 | 39,692 | ||||||
Century Communities, Inc. | 511 | 37,942 | ||||||
Cheesecake Factory, Inc. | 839 | 26,722 | ||||||
Chico’s FAS, Inc.* | 2,194 | 11,255 | ||||||
Chuy’s Holdings, Inc.* | 316 | 12,040 | ||||||
Cracker Barrel Old Country Store, Inc. | 390 | 32,148 | ||||||
Dine Brands Global, Inc. | 275 | 15,065 | ||||||
Dorman Products, Inc.* | 508 | 41,915 | ||||||
Ethan Allen Interiors, Inc. | 399 | 12,521 | ||||||
Frontdoor, Inc.* | 1,459 | 47,884 | ||||||
Gentherm, Inc.* | 582 | 35,042 | ||||||
Green Brick Partners, Inc.* | 476 | 23,543 | ||||||
Group 1 Automotive, Inc. | 256 | 67,692 | ||||||
Guess?, Inc. (a) | 535 | 12,872 | ||||||
Hanesbrands, Inc. | 6,297 | 33,059 | ||||||
Haverty Furniture Cos., Inc. | 231 | 7,230 | ||||||
Hibbett, Inc. | 223 | 10,327 | ||||||
iRobot Corp.* | 478 | 18,589 | ||||||
Jack in the Box, Inc. | 361 | 29,014 | ||||||
La-Z-Boy, Inc. | 756 | 23,323 | ||||||
LCI Industries | 447 | 56,000 | ||||||
Leslie’s, Inc.* | 2,611 | 16,345 | ||||||
LGI Homes, Inc.* | 370 | 45,547 | ||||||
MDC Holdings, Inc. | 1,046 | 49,633 | ||||||
Meritage Homes Corp. | 653 | 90,793 | ||||||
Mister Car Wash, Inc.* | 1,389 | 10,056 | ||||||
Monro, Inc. | 550 | 18,007 | ||||||
Movado Group, Inc. | 275 | 7,521 | ||||||
ODP Corp.* | 613 | 30,233 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Oxford Industries, Inc. | 260 | $ | 26,257 | |||||
Sally Beauty Holdings, Inc.* | 1,883 | 19,131 | ||||||
Shake Shack, Inc., Class A* | 668 | 46,760 | ||||||
Signet Jewelers Ltd. | 798 | 59,850 | ||||||
Sleep Number Corp.* | 386 | 9,874 | ||||||
Sonos, Inc.* | 2,303 | 31,735 | ||||||
Standard Motor Products, Inc. | 329 | 12,183 | ||||||
Steven Madden Ltd. | 1,285 | 44,333 | ||||||
Strategic Education, Inc. | 403 | 31,233 | ||||||
Stride, Inc.* | 719 | 30,550 | ||||||
Tri Pointe Homes, Inc.* | 1,771 | 55,078 | ||||||
Upbound Group, Inc. | 879 | 26,915 | ||||||
Urban Outfitters, Inc.* | 1,052 | 34,937 | ||||||
Winnebago Industries, Inc. | 536 | 34,760 | ||||||
Wolverine World Wide, Inc. | 1,383 | 11,175 | ||||||
|
| |||||||
(Cost $1,744,354) | 1,732,926 | |||||||
|
| |||||||
Consumer Staples — 4.8% | ||||||||
Andersons, Inc. | 568 | 29,172 | ||||||
B&G Foods, Inc. (a) | 1,258 | 16,090 | ||||||
Calavo Growers, Inc. | 312 | 10,284 | ||||||
Cal-Maine Foods, Inc. | 685 | 32,736 | ||||||
Edgewell Personal Care Co. | 903 | 34,820 | ||||||
elf Beauty, Inc.* | 905 | 125,533 | ||||||
Fresh Del Monte Produce, Inc. | 537 | 13,720 | ||||||
Hain Celestial Group, Inc.* | 1,571 | 16,637 | ||||||
Hostess Brands, Inc.* | 2,351 | 66,956 | ||||||
John B Sanfilippo & Son, Inc. | 157 | 15,755 | ||||||
MGP Ingredients, Inc. | 270 | 32,373 | ||||||
National Beverage Corp.* | 410 | 21,037 | ||||||
PriceSmart, Inc. | 441 | 35,051 | ||||||
Simply Good Foods Co.* | 1,510 | 54,481 | ||||||
SpartanNash Co. | 620 | 13,491 | ||||||
TreeHouse Foods, Inc.* | 916 | 42,612 | ||||||
United Natural Foods, Inc.* | 1,050 | 21,137 | ||||||
|
| |||||||
(Cost $473,824) | 581,885 | |||||||
|
| |||||||
Energy — 5.4% | ||||||||
Archrock, Inc. | 2,348 | 30,031 | ||||||
Bristow Group, Inc.* | 414 | 11,468 | ||||||
Callon Petroleum Co.* | 898 | 35,229 | ||||||
Civitas Resources, Inc. | 874 | 71,860 | ||||||
Comstock Resources, Inc. (a) | 1,607 | 19,702 | ||||||
Core Laboratories, Inc. | 819 | 19,689 | ||||||
Dril-Quip, Inc.* | 596 | 16,438 | ||||||
Green Plains, Inc.* | 1,071 | 33,244 | ||||||
Helix Energy Solutions Group, Inc.* | 2,506 | 25,411 | ||||||
Helmerich & Payne, Inc. | 1,822 | 72,862 | ||||||
Nabors Industries Ltd.* | 158 | 17,489 | ||||||
Oil States International, Inc.* | 1,122 | 8,796 | ||||||
Par Pacific Holdings, Inc.* | 1,001 | 34,384 | ||||||
Patterson-UTI Energy, Inc. | 5,677 | 80,273 | ||||||
SM Energy Co. | 2,156 | 91,220 | ||||||
Talos Energy, Inc.* | 1,947 | 33,527 | ||||||
US Silica Holdings, Inc.* | 1,401 | 17,274 | ||||||
Vital Energy, Inc.* | 342 | 20,619 | ||||||
World Kinect Corp. | 1,087 | 23,805 | ||||||
|
| |||||||
(Cost $549,896) | 663,321 | |||||||
|
|
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Financials — 16.7% | ||||||||
Ambac Financial Group, Inc.* | 788 | $ | 10,149 | |||||
American Equity Investment Life Holding Co. | 1,128 | 60,551 | ||||||
Ameris Bancorp | 1,167 | 47,555 | ||||||
AMERISAFE, Inc. | 336 | 17,405 | ||||||
Assured Guaranty Ltd. | 1,054 | 62,017 | ||||||
Atlantic Union Bankshares Corp. | 1,342 | 39,844 | ||||||
Avantax, Inc.* | 699 | 14,623 | ||||||
Axos Financial, Inc.* | 938 | 40,418 | ||||||
Banc of California, Inc. | 965 | 12,091 | ||||||
BancFirst Corp. | 306 | 29,247 | ||||||
Bancorp, Inc.* | 977 | 35,866 | ||||||
BankUnited, Inc. | 1,329 | 34,886 | ||||||
Banner Corp. | 620 | 27,001 | ||||||
Berkshire Hills Bancorp, Inc. | 777 | 16,239 | ||||||
Bread Financial Holdings, Inc. | 899 | 33,784 | ||||||
Brightsphere Investment Group, Inc. | 567 | 11,743 | ||||||
Central Pacific Financial Corp. | 472 | 8,010 | ||||||
City Holding Co. | 272 | 24,850 | ||||||
Community Bank System, Inc. | 962 | 45,743 | ||||||
Customers Bancorp, Inc.* | 535 | 18,800 | ||||||
Donnelley Financial Solutions, Inc.* | 439 | 21,630 | ||||||
Encore Capital Group, Inc.* | 411 | 19,259 | ||||||
Enova International, Inc.* | 548 | 27,647 | ||||||
EVERTEC, Inc. | 1,144 | 45,268 | ||||||
FB Financial Corp. | 617 | 18,744 | ||||||
First BanCorp | 3,209 | 44,477 | ||||||
First Commonwealth Financial Corp. | 1,805 | 23,591 | ||||||
First Financial Bancorp | 1,665 | 34,599 | ||||||
First Hawaiian, Inc. | 2,285 | 43,209 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 1,438 | 20,333 | ||||||
Genworth Financial, Inc., Class A* | 8,473 | 49,059 | ||||||
Green Dot Corp., Class A* | 821 | 12,184 | ||||||
Hanmi Financial Corp. | 535 | 9,266 | ||||||
Heritage Financial Corp. | 616 | 10,608 | ||||||
Hilltop Holdings, Inc. | 807 | 24,525 | ||||||
Hope Bancorp, Inc. | 2,098 | 20,288 | ||||||
Horace Mann Educators Corp. | 718 | 20,578 | ||||||
Independent Bank Group, Inc. | 643 | 27,135 | ||||||
Mr Cooper Group, Inc.* | 1,216 | 68,899 | ||||||
National Bank Holdings Corp., Class A | 660 | 20,816 | ||||||
NBT Bancorp, Inc. | 834 | 28,706 | ||||||
Northfield Bancorp, Inc. | 731 | 7,705 | ||||||
Northwest Bancshares, Inc. | 2,228 | 24,508 | ||||||
OFG Bancorp | 836 | 25,214 | ||||||
Pacific Premier Bancorp, Inc. | 1,723 | 39,663 | ||||||
Park National Corp. | 253 | 25,745 | ||||||
Pathward Financial, Inc. | 484 | 23,847 | ||||||
PennyMac Mortgage Investment Trust REIT | 1,556 | 20,866 | ||||||
Piper Sandler Cos. | 265 | 39,480 | ||||||
PRA Group, Inc.* | 684 | 13,324 | ||||||
ProAssurance Corp. | 947 | 16,743 | ||||||
PROG Holdings, Inc.* | 842 | 28,881 | ||||||
Provident Financial Services, Inc. | 1,375 | 22,660 | ||||||
Radian Group, Inc. | 2,758 | 74,687 | ||||||
Redwood Trust, Inc. REIT | 1,981 | 15,868 | ||||||
Renasant Corp. | 983 | 27,377 |
Number | Value | |||||||
Financials (Continued) | ||||||||
S&T Bancorp, Inc. | 684 | $ | 19,378 | |||||
Safety Insurance Group, Inc. | 271 | 18,664 | ||||||
Seacoast Banking Corp. of Florida | 1,506 | 35,557 | ||||||
Simmons First National Corp., Class A | 2,281 | 40,647 | ||||||
Southside Bancshares, Inc. | 526 | 15,833 | ||||||
Stewart Information Services Corp. | 476 | 22,048 | ||||||
StoneX Group, Inc.* | 308 | 28,915 | ||||||
Tompkins Financial Corp. | 220 | 11,425 | ||||||
Triumph Financial, Inc.* | 397 | 25,499 | ||||||
Trupanion, Inc.*(a) | 617 | 18,343 | ||||||
TrustCo Bank Corp. NY | 333 | 9,480 | ||||||
Trustmark Corp. | 1,070 | 24,653 | ||||||
Two Harbors Investment Corp. REIT | 1,760 | 24,235 | ||||||
United Fire Group, Inc. | 380 | 7,513 | ||||||
Universal Insurance Holdings, Inc. | 481 | 6,089 | ||||||
Veritex Holdings, Inc. | 949 | 17,851 | ||||||
Virtus Investment Partners, Inc. | 124 | 25,680 | ||||||
Walker & Dunlop, Inc. | 554 | 47,278 | ||||||
WisdomTree, Inc. | 1,960 | 14,308 | ||||||
World Acceptance Corp.* | 59 | 7,954 | ||||||
WSFS Financial Corp. | 1,082 | 42,523 | ||||||
|
| |||||||
(Cost $2,182,962) | 2,052,084 | |||||||
|
| |||||||
Health Care — 9.9% | ||||||||
Addus HomeCare Corp.* | 292 | 25,608 | ||||||
AMN Healthcare Services, Inc.* | 705 | 62,308 | ||||||
Amphastar Pharmaceuticals, Inc.* | 663 | 35,345 | ||||||
AngioDynamics, Inc.* | 685 | 5,501 | ||||||
Anika Therapeutics, Inc.* | 256 | 4,570 | ||||||
Arcus Biosciences, Inc.* | 916 | 18,778 | ||||||
Avid Bioservices, Inc.* | 1,094 | 12,909 | ||||||
Catalyst Pharmaceuticals, Inc.* | 1,731 | 24,303 | ||||||
Certara, Inc.* | 1,850 | 29,896 | ||||||
Coherus Biosciences, Inc.* | 1,134 | 6,044 | ||||||
Community Health Systems, Inc.* | 2,199 | 7,433 | ||||||
Computer Programs and Systems, Inc.* | 248 | 4,035 | ||||||
CONMED Corp. | 544 | 60,634 | ||||||
Cross Country Healthcare, Inc.* | 621 | 15,997 | ||||||
Cytokinetics, Inc.* | 1,704 | 59,538 | ||||||
Dynavax Technologies Corp.* | 2,146 | 30,817 | ||||||
Embecta Corp. | 1,004 | 18,403 | ||||||
Enanta Pharmaceuticals, Inc.* | 345 | 5,123 | ||||||
Ensign Group, Inc. | 994 | 99,619 | ||||||
Fulgent Genetics, Inc.* | 346 | 11,335 | ||||||
Glaukos Corp.* | 859 | 64,545 | ||||||
HealthStream, Inc. | 424 | 8,917 | ||||||
Innoviva, Inc.* | 1,103 | 14,063 | ||||||
Integer Holdings Corp.* | 595 | 50,759 | ||||||
Ironwood Pharmaceuticals, Inc.* | 2,493 | 21,938 | ||||||
iTeos Therapeutics, Inc.* | 430 | 5,188 | ||||||
Ligand Pharmaceuticals, Inc.* | 297 | 19,534 | ||||||
Merit Medical Systems, Inc.* | 1,021 | 66,651 | ||||||
ModivCare, Inc.* | 243 | 7,800 | ||||||
Myriad Genetics, Inc.* | 1,476 | 26,347 | ||||||
NextGen Healthcare, Inc.* | 940 | 17,117 | ||||||
OraSure Technologies, Inc.* | 1,273 | 8,224 | ||||||
Orthofix Medical, Inc.* | 600 | 12,696 | ||||||
Owens & Minor, Inc.* | 1,338 | 22,612 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Health Care (Continued) | ||||||||
Pediatrix Medical Group, Inc.* | 1,498 | $ | 21,167 | |||||
Phibro Animal Health Corp., Class A | 341 | 4,757 | ||||||
Prestige Consumer Healthcare, Inc.* | 873 | 50,922 | ||||||
RadNet, Inc.* | 1,012 | 33,811 | ||||||
REGENXBIO, Inc.* | 661 | 11,700 | ||||||
Select Medical Holdings Corp. | 1,859 | 54,301 | ||||||
uniQure NV* | 723 | 6,297 | ||||||
US Physical Therapy, Inc. | 258 | 26,014 | ||||||
Vanda Pharmaceuticals, Inc.* | 996 | 5,169 | ||||||
Varex Imaging Corp.* | 701 | 13,789 | ||||||
Veradigm, Inc.* | 1,918 | 25,663 | ||||||
Vericel Corp.* | 857 | 28,135 | ||||||
Vir Biotechnology, Inc.* | 1,332 | 16,863 | ||||||
Xencor, Inc.* | 1,092 | 24,002 | ||||||
|
| |||||||
(Cost $1,303,736) | 1,207,177 | |||||||
|
| |||||||
Industrials — 17.6% | ||||||||
AAON, Inc. | 1,143 | 72,078 | ||||||
ABM Industries, Inc. | 1,181 | 53,641 | ||||||
Alamo Group, Inc. | 180 | 30,897 | ||||||
Allegiant Travel Co. | 275 | 24,431 | ||||||
American Woodmark Corp.* | 291 | 22,602 | ||||||
Applied Industrial Technologies, Inc. | 687 | 106,052 | ||||||
ArcBest Corp. | 426 | 44,981 | ||||||
Arcosa, Inc. | 862 | 67,426 | ||||||
Astec Industries, Inc. | 399 | 21,873 | ||||||
AZZ, Inc. | 437 | 21,457 | ||||||
Barnes Group, Inc. | 912 | 35,842 | ||||||
Boise Cascade Co. | 703 | 76,887 | ||||||
Brady Corp., Class A | 810 | 40,856 | ||||||
Comfort Systems USA, Inc. | 633 | 116,833 | ||||||
CSG Systems International, Inc. | 545 | 29,599 | ||||||
Deluxe Corp. | 756 | 15,286 | ||||||
Dycom Industries, Inc.* | 519 | 51,864 | ||||||
Encore Wire Corp. | 316 | 52,080 | ||||||
Enerpac Tool Group Corp. | 999 | 26,174 | ||||||
EnPro Industries, Inc. | 373 | 50,873 | ||||||
Enviri Corp.* | 1,395 | 10,393 | ||||||
Federal Signal Corp. | 1,084 | 66,070 | ||||||
Forward Air Corp. | 456 | 32,294 | ||||||
GEO Group, Inc.* | 2,179 | 15,776 | ||||||
Gibraltar Industries, Inc.* | 544 | 40,816 | ||||||
Granite Construction, Inc. | 767 | 31,669 | ||||||
Greenbrier Cos., Inc. | 576 | 24,515 | ||||||
Griffon Corp. | 833 | 34,878 | ||||||
Heartland Express, Inc. | 817 | 12,329 | ||||||
Heidrick & Struggles International, Inc. | 348 | 9,219 | ||||||
Hillenbrand, Inc. | 1,241 | 60,114 | ||||||
HNI Corp. | 836 | 27,387 | ||||||
Hub Group, Inc., Class A* | 586 | 45,731 | ||||||
Interface, Inc. | 1,020 | 10,537 | ||||||
John Bean Technologies Corp. | 568 | 62,429 | ||||||
Kelly Services, Inc., Class A | 607 | 11,223 | ||||||
Kennametal, Inc. | 1,415 | 37,455 | ||||||
Korn Ferry | 925 | 47,156 | ||||||
Lindsay Corp. | 193 | 23,951 | ||||||
Liquidity Services, Inc.* | 421 | 7,683 | ||||||
Matson, Inc. | 640 | 56,243 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Matthews International Corp., Class A | 534 | $ | 22,524 | |||||
MillerKnoll, Inc. | 1,326 | 25,327 | ||||||
MYR Group, Inc.* | 300 | 42,621 | ||||||
NOW, Inc.* | 1,941 | 21,681 | ||||||
OPENLANE, Inc.* | 1,973 | 30,799 | ||||||
Pitney Bowes, Inc. | 2,841 | 9,347 | ||||||
Powell Industries, Inc. | 160 | 13,435 | ||||||
Proto Labs, Inc.* | 476 | 14,042 | ||||||
Quanex Building Products Corp. | 584 | 15,756 | ||||||
Resideo Technologies, Inc.* | 2,629 | 44,325 | ||||||
Resources Connection, Inc. | 557 | 8,639 | ||||||
SkyWest, Inc.* | 800 | 36,080 | ||||||
SPX Technologies, Inc.* | 810 | 64,006 | ||||||
Standex International Corp. | 210 | 32,262 | ||||||
Tennant Co. | 327 | 26,955 | ||||||
Trinity Industries, Inc. | 1,430 | 35,850 | ||||||
TrueBlue, Inc.* | 575 | 8,700 | ||||||
TTEC Holdings, Inc. | 331 | 9,851 | ||||||
Veritiv Corp. | 243 | 40,904 | ||||||
Viad Corp.* | 362 | 10,277 | ||||||
Wabash National Corp. | 837 | 18,874 | ||||||
|
| |||||||
(Cost $1,829,640) | 2,161,855 | |||||||
|
| |||||||
Information Technology — 14.6% | ||||||||
8x8, Inc.* | 1,984 | 6,448 | ||||||
A10 Networks, Inc. | 1,126 | 16,766 | ||||||
Adeia, Inc. | 1,932 | 19,436 | ||||||
ADTRAN Holdings, Inc. | 1,341 | 11,466 | ||||||
Agilysys, Inc.* | 349 | 24,620 | ||||||
Alarm.com Holdings, Inc.* | 892 | 52,245 | ||||||
Arlo Technologies, Inc.* | 1,682 | 16,433 | ||||||
Axcelis Technologies, Inc.* | 582 | 111,831 | ||||||
Badger Meter, Inc. | 518 | 86,030 | ||||||
Benchmark Electronics, Inc. | 617 | 15,882 | ||||||
Cohu, Inc.* | 836 | 31,258 | ||||||
Consensus Cloud Solutions, Inc.* | 310 | 9,898 | ||||||
CTS Corp. | 559 | 24,959 | ||||||
Digi International, Inc.* | 627 | 20,929 | ||||||
Digital Turbine, Inc.* | 1,585 | 14,122 | ||||||
Diodes, Inc.* | 813 | 66,544 | ||||||
Ebix, Inc. | 412 | 6,881 | ||||||
ePlus, Inc.* | 472 | 31,331 | ||||||
Extreme Networks, Inc.* | 2,301 | 63,163 | ||||||
Fabrinet* | 643 | 103,375 | ||||||
FormFactor, Inc.* | 1,382 | 48,812 | ||||||
Harmonic, Inc.* | 1,997 | 21,328 | ||||||
Insight Enterprises, Inc.* | 514 | 82,286 | ||||||
InterDigital, Inc. | 472 | 40,927 | ||||||
Itron, Inc.* | 810 | 55,412 | ||||||
Kulicke & Soffa Industries, Inc. | 1,014 | 52,454 | ||||||
LiveRamp Holdings, Inc.* | 1,136 | 36,738 | ||||||
Methode Electronics, Inc. | 634 | 20,447 | ||||||
NETGEAR, Inc.* | 508 | 6,696 | ||||||
NetScout Systems, Inc.* | 1,184 | 33,898 | ||||||
OneSpan, Inc.* | 620 | 7,595 | ||||||
Onto Innovation, Inc.* | 869 | 120,774 | ||||||
OSI Systems, Inc.* | 275 | 37,496 | ||||||
Plexus Corp.* | 486 | 49,353 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
August 31, 2023
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Progress Software Corp. | 776 | $ | 47,212 | |||||
Rambus, Inc.* | 1,929 | 108,931 | ||||||
Rogers Corp.* | 330 | 47,688 | ||||||
ScanSource, Inc.* | 445 | 14,587 | ||||||
Semtech Corp.* | 1,156 | 30,229 | ||||||
SPS Commerce, Inc.* | 648 | 120,612 | ||||||
Veeco Instruments, Inc.* | 903 | 26,359 | ||||||
Viavi Solutions, Inc.* | 3,947 | 41,246 | ||||||
|
| |||||||
(Cost $1,384,650) | 1,784,697 | |||||||
|
| |||||||
Materials — 5.5% | ||||||||
AdvanSix, Inc. | 485 | 16,044 | ||||||
American Vanguard Corp. | 488 | 6,744 | ||||||
Balchem Corp. | 577 | 81,069 | ||||||
Carpenter Technology Corp. | 853 | 53,423 | ||||||
Century Aluminum Co.* | 898 | 6,681 | ||||||
Clearwater Paper Corp.* | 295 | 11,296 | ||||||
Compass Minerals International, Inc. | 599 | 18,060 | ||||||
Hawkins, Inc. | 332 | 20,647 | ||||||
Haynes International, Inc. | 221 | 10,787 | ||||||
HB Fuller Co. | 968 | 70,209 | ||||||
Innospec, Inc. | 444 | 47,694 | ||||||
Kaiser Aluminum Corp. | 280 | 21,258 | ||||||
Koppers Holdings, Inc. | 367 | 14,052 | ||||||
Livent Corp.*(a) | 3,194 | 68,575 | ||||||
Materion Corp. | 369 | 40,144 | ||||||
Minerals Technologies, Inc. | 570 | 34,827 | ||||||
Quaker Chemical Corp. | 247 | 43,838 | ||||||
Stepan Co. | 371 | 32,377 | ||||||
SunCoke Energy, Inc. | 1,461 | 13,587 | ||||||
TimkenSteel Corp.* | 695 | 15,227 | ||||||
Trinseo PLC | 614 | 6,465 | ||||||
Warrior Met Coal, Inc. | 930 | 36,791 | ||||||
|
| |||||||
(Cost $648,923) | 669,795 | |||||||
|
| |||||||
Real Estate — 7.7% | ||||||||
Acadia Realty Trust REIT | 1,709 | 25,447 | ||||||
Alexander & Baldwin, Inc. REIT | 1,278 | 23,017 | ||||||
American Assets Trust, Inc. REIT | 919 | 19,676 | ||||||
Anywhere Real Estate, Inc.* | 1,955 | 12,825 | ||||||
Armada Hoffler Properties, Inc. REIT | 1,186 | 13,508 | ||||||
Brandywine Realty Trust REIT | 3,022 | 15,110 | ||||||
CareTrust REIT, Inc. REIT | 1,740 | 35,061 | ||||||
Centerspace REIT | 261 | 16,897 | ||||||
Chatham Lodging Trust REIT | 865 | 8,460 | ||||||
Cushman & Wakefield PLC* | 2,851 | 26,201 | ||||||
DiamondRock Hospitality Co. REIT | 3,666 | 29,548 | ||||||
Easterly Government Properties, Inc. REIT | 1,688 | 22,569 | ||||||
Elme Communities REIT | 1,583 | 24,347 | ||||||
Four Corners Property Trust, Inc. REIT | 1,557 | 39,174 | ||||||
Getty Realty Corp. REIT | 811 | 24,346 | ||||||
Hudson Pacific Properties, Inc. REIT | 2,251 | 15,329 | ||||||
Innovative Industrial Properties, Inc. REIT | 502 | 43,815 | ||||||
JBG SMITH Properties REIT | 1,734 | 27,189 | ||||||
Kennedy-Wilson Holdings, Inc. | 2,126 | 33,952 | ||||||
LTC Properties, Inc. REIT | 748 | 24,579 | ||||||
LXP Industrial Trust REIT | 5,218 | 51,241 | ||||||
Office Properties Income Trust REIT | 856 | 6,334 | ||||||
Pebblebrook Hotel Trust REIT | 2,215 | 32,051 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Retail Opportunity Investments Corp. REIT | 2,203 | $ | 29,652 | |||||
RPT Realty REIT | 1,577 | 17,883 | ||||||
SITE Centers Corp. REIT | 3,198 | 42,693 | ||||||
SL Green Realty Corp. REIT (a) | 1,156 | 45,385 | ||||||
St Joe Co. | 600 | 37,044 | ||||||
Summit Hotel Properties, Inc. REIT | 1,869 | 10,859 | ||||||
Sunstone Hotel Investors, Inc. REIT | 3,690 | 33,136 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 1,883 | 43,780 | ||||||
Uniti Group, Inc. REIT | 4,149 | 22,280 | ||||||
Urban Edge Properties REIT | 2,083 | 34,078 | ||||||
Veris Residential, Inc. REIT* | 1,402 | 26,091 | ||||||
Whitestone REIT | 834 | 8,340 | ||||||
Xenia Hotels & Resorts, Inc. REIT | 1,905 | 22,479 | ||||||
|
| |||||||
(Cost $1,035,863) | 944,376 | |||||||
|
| |||||||
Utilities — 2.0% | ||||||||
American States Water Co. | 648 | 54,568 | ||||||
Avista Corp. | 1,351 | 44,975 | ||||||
California Water Service Group | 999 | 50,200 | ||||||
Middlesex Water Co. | 309 | 23,255 | ||||||
Northwest Natural Holding Co. | 648 | 25,453 | ||||||
SJW Group | 496 | 32,617 | ||||||
Unitil Corp. | 280 | 13,670 | ||||||
|
| |||||||
(Cost $270,114) | 244,738 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 12,242,147 | |||||||
|
| |||||||
OTHER INVESTMENTS — 0.0% | ||||||||
Health Care — 0.0% | ||||||||
Omniab, Inc. $12.50 Earnout*(b)(c) | 105 | 0 | ||||||
Omniab, Inc. $15.00 Earnout*(b)(c) | 105 | 0 | ||||||
|
| |||||||
(Cost $0) | 0 | |||||||
|
| |||||||
TOTAL OTHER INVESTMENTS | 0 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.1% | ||||||||
iShares ESG Screened S&P Small-Cap ETF | 20 | 707 | ||||||
SPDR Portfolio S&P 600 Small Cap ETF | 63 | 2,475 | ||||||
|
| |||||||
(Cost $2,877) | 3,182 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) | 145,100 | 145,100 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) | 4,613 | 4,613 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.2% (Cost $11,795,142) | $ | 12,395,042 | ||||||
Other assets and liabilities, net — (1.2%) | (141,560 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 12,253,482 | ||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P SmallCap 600 ESG ETF (Continued)
August 31, 2023
A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:
Value ($) at 8/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 8/31/2023 | Value ($) at 8/31/2023 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) |
| |||||||||||||||||||||||||||||||||||
22,525 | 122,575 | (f) | — | — | — | 508 | — | 145,100 | 145,100 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) |
| |||||||||||||||||||||||||||||||||||
33,982 | 398,587 | (427,956 | ) | — | — | 248 | — | 4,613 | 4,613 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
56,507 | 521,162 | (427,956 | ) | — | — | 756 | — | 149,713 | 149,713 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2023 amounted to $140,371, which is 1.1% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb, Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023. |
REIT: | Real Estate Investment Trust |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 12,242,147 | $ | — | $ | — | $ | 12,242,147 | ||||||||
Other Investments | — | — | 0 | 0 | ||||||||||||
Exchange-Traded Funds | 3,182 | — | — | 3,182 | ||||||||||||
Short-Term Investments (a) | 149,713 | — | — | 149,713 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 12,395,042 | $ | — | $ | 0 | $ | 12,395,042 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
August 31, 2023
Xtrackers S&P 500 ESG ETF | Xtrackers S&P 500 Growth ESG ETF | Xtrackers S&P 500 Value ESG ETF | Xtrackers S&P ESG Dividend Aristocrats ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 882,437,630 | $ | 6,557,966 | $ | 5,308,401 | $ | 4,999,435 | ||||||||
Investment in DWS Government Money Market Series | 1,432,502 | 1,630 | 493 | 1,971 | ||||||||||||
Deposit with broker for futures contracts | 143,000 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 1,235,921 | 8,344 | 9,324 | 13,747 | ||||||||||||
Interest | 4,918 | 6 | 16 | 12 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 885,253,971 | $ | 6,567,946 | $ | 5,318,234 | $ | 5,015,165 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | $ | — | $ | — | $ | — | $ | 3,574 | ||||||||
Investment advisory fees | 72,993 | 817 | 675 | 641 | ||||||||||||
Variation margin on futures contracts | 27,296 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 100,289 | 817 | 675 | 4,215 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 885,153,682 | $ | 6,567,129 | $ | 5,317,559 | $ | 5,010,950 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 856,250,174 | $ | 5,513,707 | $ | 5,000,025 | $ | 5,074,580 | ||||||||
Distributable earnings (loss) | 28,903,508 | 1,053,422 | 317,534 | (63,630 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 885,153,682 | $ | 6,567,129 | $ | 5,317,559 | $ | 5,010,950 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 21,400,001 | 200,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 41.36 | $ | 32.84 | $ | 26.59 | $ | 25.05 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 837,995,246 | $ | 5,454,728 | $ | 4,987,971 | $ | 5,009,430 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 1,432,502 | $ | 1,630 | $ | 493 | $ | 1,971 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
August 31, 2023
Xtrackers S&P MidCap 400 ESG ETF | Xtrackers S&P SmallCap 600 ESG ETF | |||||||
Assets | ||||||||
Investment in non-affiliated securities at value | $ | 11,933,734 | $ | 12,245,329 | ||||
Investment in DWS Government Money Market Series | 9,093 | 4,613 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | 77,625 | 145,100 | ||||||
Receivables: | ||||||||
Investment securities sold | — | 20,712 | ||||||
Dividends | 11,557 | 12,291 | ||||||
Interest | 50 | 19 | ||||||
Securities lending income | 7 | 32 | ||||||
|
|
|
| |||||
Total assets | $ | 12,032,066 | $ | 12,428,096 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | 77,625 | $ | 145,100 | ||||
Payables: | ||||||||
Investment securities purchased | — | 27,955 | ||||||
Investment advisory fees | 1,516 | 1,559 | ||||||
|
|
|
| |||||
Total liabilities | 79,141 | 174,614 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 11,952,925 | $ | 12,253,482 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 11,668,515 | $ | 12,731,023 | ||||
Distributable earnings (loss) | 284,410 | (477,541 | ) | |||||
|
|
|
| |||||
Net Assets, at value | $ | 11,952,925 | $ | 12,253,482 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 450,001 | 500,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 26.56 | $ | 24.51 | ||||
|
|
|
| |||||
Investment in non-affiliated securities at cost | $ | 11,141,610 | $ | 11,645,429 | ||||
|
|
|
| |||||
Value of securities loaned | $ | 75,528 | $ | 140,371 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series at cost | $ | 9,093 | $ | 4,613 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 77,625 | $ | 145,100 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
For the Year Ended August 31, 2023
Xtrackers S&P 500 ESG ETF | Xtrackers S&P 500 Growth ESG ETF(1) | Xtrackers S&P 500 Value ESG ETF(1) | Xtrackers S&P ESG Dividend Aristocrats ETF(1) | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 12,503,674 | $ | 58,511 | $ | 99,482 | $ | 117,717 | ||||||||
Affiliated dividend income | — | — | — | 118 | ||||||||||||
Income distributions from affiliated funds | 64,810 | 109 | 107 | 163 | ||||||||||||
Affiliated securities lending income | 2 | 1 | 3 | 5 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 8,867 | 103 | — | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 12,577,353 | 58,724 | 99,592 | 118,004 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 801,959 | 6,976 | 6,271 | 6,133 | ||||||||||||
Other expenses | 58 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 802,017 | 6,976 | 6,271 | 6,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (74,020 | ) | (1 | ) | (1 | ) | (3 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 727,997 | 6,975 | 6,270 | 6,130 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 11,849,356 | 51,749 | 93,322 | 111,874 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (13,583,521 | ) | (67,505 | ) | (23,756 | ) | (79,500 | ) | ||||||||
Investments in affiliates | — | — | — | 1,007 | ||||||||||||
In-kind redemptions | 38,801,871 | 524,991 | — | 87,740 | ||||||||||||
Futures contracts | 6,841 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 25,225,191 | 457,486 | (23,756 | ) | 9,247 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 83,739,141 | 1,103,238 | 320,430 | (9,995 | ) | |||||||||||
Futures contracts | 60,342 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 83,799,483 | 1,103,238 | 320,430 | (9,995 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and futures | 109,024,674 | 1,560,724 | 296,674 | (748 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 120,874,030 | $ | 1,612,473 | $ | 389,996 | $ | 111,126 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 1,154 | $ | — | $ | 7 | $ | — |
(1) | For the period November 9, 2022 (commencement of operations) through August 31, 2023. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended August 31, 2023
Xtrackers S&P MidCap 400 ESG ETF | Xtrackers S&P SmallCap 600 ESG ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 180,432 | $ | 180,231 | ||||
Income distributions from affiliated funds | 317 | 248 | ||||||
Affiliated securities lending income | 374 | 508 | ||||||
Unaffiliated securities lending income, net of borrower rebates | 287 | 890 | ||||||
|
|
|
| |||||
Total investment income | 181,410 | 181,877 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 17,036 | 16,088 | ||||||
Other expenses | 58 | 58 | ||||||
|
|
|
| |||||
Total expenses | 17,094 | 16,146 | ||||||
|
|
|
| |||||
Less fees waived (see note 3): | ||||||||
Waiver | (5 | ) | (4 | ) | ||||
|
|
|
| |||||
Net expenses | 17,089 | 16,142 | ||||||
|
|
|
| |||||
Net investment income (loss) | 164,321 | 165,735 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (229,076 | ) | (666,285 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | (229,076 | ) | (666,285 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 1,170,609 | 1,194,348 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 1,170,609 | 1,194,348 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments | 941,533 | 528,063 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,105,854 | $ | 693,798 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | — | $ | 196 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Xtrackers S&P 500 ESG ETF | Xtrackers S&P 500 Growth ESG ETF | Xtrackers S&P 500 Value ESG ETF | ||||||||||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | For the Period November 9, 2022(1) to August 31, 2023 | For the Period November 9, 2022(1) to August 31, 2023 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 11,849,356 | $ | 11,009,626 | $ | 51,749 | $ | 93,322 | ||||||||
Net realized gain (loss) | 25,225,191 | 82,828,583 | 457,486 | (23,756 | ) | |||||||||||
Net change in net unrealized appreciation (depreciation) | 83,799,483 | (185,980,755 | ) | 1,103,238 | 320,430 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 120,874,030 | (92,142,546 | ) | 1,612,473 | 389,996 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (11,480,600 | ) | (10,676,805 | ) | (37,566 | ) | (72,462 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 315,559,828 | 454,290,442 | 7,802,232 | 5,000,000 | ||||||||||||
Value of shares redeemed | (287,664,724 | ) | (348,358,077 | ) | (2,810,035 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 27,895,104 | 105,932,365 | 4,992,197 | 5,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 137,288,534 | 3,113,014 | 6,567,104 | 5,317,534 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 747,865,148 | 744,752,134 | 25 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 885,153,682 | $ | 747,865,148 | $ | 6,567,129 | $ | 5,317,559 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 21,000,001 | 18,650,001 | 1 | 1 | ||||||||||||
Shares sold | 8,450,000 | 11,650,000 | 300,000 | 200,000 | ||||||||||||
Shares redeemed | (8,050,000 | ) | (9,300,000 | ) | (100,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 21,400,001 | 21,000,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers S&P ESG Dividend Aristocrats ETF | Xtrackers S&P MidCap 400 ESG ETF | Xtrackers S&P SmallCap 600 ESG ETF | ||||||||||||||||||
For the Period November 9, 2022(1) to August 31, 2023 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | Year Ended August 31, 2023 | Year Ended August 31, 2022 | ||||||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 111,874 | $ | 164,321 | $ | 134,537 | $ | 165,735 | $ | 125,129 | ||||||||||
Net realized gain (loss) | 9,247 | (229,076 | ) | (119,108 | ) | (666,285 | ) | (145,350 | ) | |||||||||||
Net change in net unrealized appreciation (depreciation) | (9,995 | ) | 1,170,609 | (1,161,848 | ) | 1,194,348 | (1,080,165 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | 111,126 | 1,105,854 | (1,146,419 | ) | 693,798 | (1,100,386 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to Shareholders | (87,024 | ) | (160,493 | ) | (125,672 | ) | (153,399 | ) | (182,588 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fund Shares Transactions | ||||||||||||||||||||
Proceeds from shares sold | 6,282,907 | — | 2,580,181 | 2,320,499 | 1,210,311 | |||||||||||||||
Value of shares redeemed | (1,296,084 | ) | — | (1,257,281 | ) | — | (1,205,460 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 4,986,823 | — | 1,322,900 | 2,320,499 | 4,851 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net increase (decrease) in Net Assets | 5,010,925 | 945,361 | 50,809 | 2,860,898 | (1,278,123 | ) | ||||||||||||||
Net Assets | ||||||||||||||||||||
Beginning of period | 25 | 11,007,564 | 10,956,755 | 9,392,584 | 10,670,707 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of period | $ | 5,010,950 | $ | 11,952,925 | $ | 11,007,564 | $ | 12,253,482 | $ | 9,392,584 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Changes in Shares Outstanding | ||||||||||||||||||||
Shares outstanding, beginning of period | 1 | 450,001 | 400,001 | 400,001 | 400,001 | |||||||||||||||
Shares sold | 250,000 | — | 100,000 | 100,000 | 50,000 | |||||||||||||||
Shares redeemed | (50,000 | ) | — | (50,000 | ) | — | (50,000 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding, end of period | 200,001 | 450,001 | 450,001 | 500,001 | 400,001 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Xtrackers S&P 500 ESG ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2019(a) | ||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||
Net Asset Value, beginning of period | $ | 35.61 | $ | 39.93 | $ | 31.08 | $ | 25.30 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.60 | 0.53 | 0.49 | 0.50 | 0.10 | |||||||||||||||
Net realized and unrealized gain (loss) | 5.72 | (4.32 | ) | 8.79 | 5.85 | 0.20 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 6.32 | (3.79 | ) | 9.28 | 6.35 | 0.30 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.57 | ) | (0.53 | ) | (0.43 | ) | (0.57 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.57 | ) | (0.53 | ) | (0.43 | ) | (0.57 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 41.36 | $ | 35.61 | $ | 39.93 | $ | 31.08 | $ | 25.30 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(c) | 17.99 | (9.59 | ) | 30.16 | 25.71 | 1.20 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 885 | 748 | 745 | 270 | 11 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 1.63 | 1.37 | 1.41 | 1.86 | 2.08 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 9 | 6 | 13 | 11 | 0 | ** |
Xtrackers S&P 500 Growth ESG ETF Selected Per Share Data | Period Ended 8/31/2023(e) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||||||||||||||
|
| |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.26 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 7.77 | |||||||||||||||||||
|
| |||||||||||||||||||
Total from investment operations | 8.03 | |||||||||||||||||||
|
| |||||||||||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.19 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Total distributions | (0.19 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 32.84 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Return (%)(c) | 32.23 | ** | ||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 7 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | * | ||||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | ||||||||||||||||||
Ratio of net investment income (loss) (%) | 1.11 | * | ||||||||||||||||||
Portfolio turnover rate (%)(d) | 57 | ** |
(a) | For the period June 26, 2019 (commencement of operations) through August 31, 2019. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | For the period November 9, 2022 (commencement of operations) through August 31, 2023. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers S&P 500 Value ESG ETF Selected Per Share Data | Period Ended 8/31/2023(a) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||||||||||||||
|
| |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.47 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 1.48 | |||||||||||||||||||
|
| |||||||||||||||||||
Total from investment operations | 1.95 | |||||||||||||||||||
|
| |||||||||||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.36 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Total distributions | (0.36 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 26.59 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Return (%)(c) | 7.91 | ** | ||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 5 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | * | ||||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | ||||||||||||||||||
Ratio of net investment income (loss) (%) | 2.23 | * | ||||||||||||||||||
Portfolio turnover rate (%)(d) | 66 | ** |
Xtrackers S&P ESG Dividend Aristocrats ETF Selected Per Share Data | Period Ended 8/31/2023(a) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||||||||||||||
|
| |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.56 | |||||||||||||||||||
Net realized and unrealized gain (loss) | (0.07 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Total from investment operations | 0.49 | |||||||||||||||||||
|
| |||||||||||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.44 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Total distributions | (0.44 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, end of period | $ | 25.05 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Return (%)(c) | 1.99 | ** | ||||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 5 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | * | ||||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | ||||||||||||||||||
Ratio of net investment income (loss) (%) | 2.74 | * | ||||||||||||||||||
Portfolio turnover rate (%)(d) | 29 | ** |
(a) | For the period November 9, 2022 (commencement of operations) through August 31, 2023. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers S&P MidCap 400 ESG ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2021(a) | ||||||||||
2023 | 2022 | |||||||||||
Net Asset Value, beginning of period | $ | 24.46 | $ | 27.39 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.37 | 0.32 | 0.14 | |||||||||
Net realized and unrealized gain (loss) | 2.09 | (2.94 | ) | 2.33 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 2.46 | (2.62 | ) | 2.47 | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (0.36 | ) | (0.31 | ) | (0.08 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.36 | ) | (0.31 | ) | (0.08 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 26.56 | $ | 24.46 | $ | 27.39 | ||||||
|
|
|
|
|
| |||||||
Total Return (%)(c) | 10.18 | (9.64 | ) | 9.92 | ** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 12 | 11 | 11 | |||||||||
Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 | * | ||||||||
Ratio of net investment income (loss) (%) | 1.45 | 1.24 | 1.00 | * | ||||||||
Portfolio turnover rate (%)(d) | 39 | 41 | 27 | ** |
Xtrackers S&P SmallCap 600 ESG ETF Selected Per Share Data | Years Ended August 31, | Period Ended 8/31/2021(a) | ||||||||||
2023 | 2022 | |||||||||||
Net Asset Value, beginning of period | $ | 23.48 | $ | 26.68 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.36 | 0.31 | 0.16 | |||||||||
Net realized and unrealized gain (loss) | 1.01 | (3.05 | ) | 1.59 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.37 | (2.74 | ) | 1.75 | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (0.34 | ) | (0.34 | ) | (0.07 | ) | ||||||
Net realized gains | — | (0.12 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.34 | ) | (0.46 | ) | (0.07 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 24.51 | $ | 23.48 | $ | 26.68 | ||||||
|
|
|
|
|
| |||||||
Total Return (%)(c) | 5.95 | (10.43 | ) | 7.01 | ** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 12 | 9 | 11 | |||||||||
Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 | * | ||||||||
Ratio of net investment income (loss) (%) | 1.55 | 1.22 | 1.19 | * | ||||||||
Portfolio turnover rate (%)(d) | 31 | 43 | 25 | ** |
(a) | For the period February 24, 2021 (commencement of operations) through August 31, 2021. |
(b) | Based on average shares outstanding during the period. |
(c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of August 31, 2023, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers S&P 500 ESG ETF |
Xtrackers S&P 500 Growth ESG ETF |
Xtrackers S&P 500 Value ESG ETF |
Xtrackers S&P ESG Dividend Aristocrats ETF |
Xtrackers S&P MidCap 400 ESG ETF |
Xtrackers S&P SmallCap 600 ESG ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers S&P 500 ESG ETF | S&P 500 ESG Index | |
Xtrackers S&P 500 Growth ESG ETF | S&P 500 Growth ESG Index | |
Xtrackers S&P 500 Value ESG ETF | S&P 500 Value ESG Index | |
Xtrackers S&P ESG Dividend Aristocrats ETF | S&P ESG High Yield Dividend Aristocrats Index | |
Xtrackers S&P MidCap 400 ESG ETF | S&P MidCap 400 ESG Index | |
Xtrackers S&P SmallCap 600 ESG ETF | S&P SmallCap 600 ESG Index |
S&P 500 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
S&P 500 Growth ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.
49
DBX ETF Trust
Notes to Financial Statements (Continued)
S&P 500 Value ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.
S&P ESG High Yield Dividend Aristocrats Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. Constituent weights are updated quarterly after the close of the last business day in April, July and October. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between its respective index provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. 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
50
DBX ETF Trust
Notes to Financial Statements (Continued)
qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
51
DBX ETF Trust
Notes to Financial Statements (Continued)
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2023, the Funds did not incur any interest or penalties.
As of August 31, 2023 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 S&P 500 ESG ETF | $ | 2,593,173 | $ | (5,501,586 | ) | $ | 31,811,921 | $ | 28,903,508 | |||||||
Xtrackers S&P 500 Growth ESG ETF | 14,183 | (25,585 | ) | 1,064,824 | 1,053,422 | |||||||||||
Xtrackers S&P 500 Value ESG ETF | 20,860 | (23,434 | ) | 320,108 | 317,534 | |||||||||||
Xtrackers S&P ESG Dividend Aristocrats ETF | 24,850 | (60,249 | ) | (28,231 | ) | (63,630 | ) | |||||||||
Xtrackers S&P MidCap 400 ESG ETF | 34,272 | (310,016 | ) | 560,154 | 284,410 | |||||||||||
Xtrackers S&P SmallCap 600 ESG ETF | 40,178 | (931,058 | ) | 413,339 | (477,541 | ) |
The tax character of dividends and distributions declared for the period ended August 31, 2023 and year ended August 31, 2022 were as follows:
Period Ended August 31, 2023 | ||||
Ordinary Income* | ||||
Xtrackers S&P 500 ESG ETF | $ | 11,480,600 | ||
Xtrackers S&P 500 Growth ESG ETF | 37,566 | |||
Xtrackers S&P 500 Value ESG ETF | 72,462 | |||
Xtrackers S&P ESG Dividend Aristocrats ETF | 87,024 | |||
Xtrackers S&P MidCap 400 ESG ETF | 160,493 | |||
Xtrackers S&P SmallCap 600 ESG ETF | 153,399 | |||
Year Ended August 31, 2022 | ||||
Ordinary Income* | ||||
Xtrackers S&P 500 ESG ETF | $ | 10,676,805 | ||
Xtrackers S&P MidCap 400 ESG ETF | 125,672 | |||
Xtrackers S&P SmallCap 600 ESG ETF | 182,588 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
52
DBX ETF Trust
Notes to Financial Statements (Continued)
At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers S&P 500 ESG ETF | $ | 4,198,330 | $ | 1,301,855 | $ | 5,500,185 | ||||||
Xtrackers S&P 500 Growth ESG ETF | 25,585 | — | 25,585 | |||||||||
Xtrackers S&P 500 Value ESG ETF | 23,406 | — | 23,406 | |||||||||
Xtrackers S&P ESG Dividend Aristocrats ETF | 60,249 | — | 60,249 | |||||||||
Xtrackers S&P MidCap 400 ESG ETF | 101,872 | 208,144 | 310,016 | |||||||||
Xtrackers S&P SmallCap 600 ESG ETF | 204,598 | 726,460 | 931,058 |
For the period ended August 31, 2023, 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 S&P 500 ESG ETF | $ | (35,888,734 | ) | $ | 35,888,734 | |||
Xtrackers S&P 500 Growth ESG ETF | (521,485 | ) | 521,485 | |||||
Xtrackers S&P ESG Dividend Aristocrats ETF | (87,732 | ) | 87,732 |
As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers S&P 500 ESG ETF | $ | 852,058,211 | $ | 31,811,921 | $ | 91,642,695 | $ | (59,830,774 | ) | |||||||
Xtrackers S&P 500 Growth ESG ETF | 5,494,772 | $ | 1,064,824 | 1,195,207 | (130,383 | ) | ||||||||||
Xtrackers S&P 500 Value ESG ETF | 4,988,786 | $ | 320,108 | 553,331 | (233,223 | ) | ||||||||||
Xtrackers S&P ESG Dividend Aristocrats ETF | 5,029,637 | $ | (28,231 | ) | 288,332 | (316,563 | ) | |||||||||
Xtrackers S&P MidCap 400 ESG ETF | 11,460,298 | $ | 560,154 | 1,615,342 | (1,055,188 | ) | ||||||||||
Xtrackers S&P SmallCap 600 ESG ETF | 11,981,703 | $ | 413,339 | 1,874,526 | (1,461,187 | ) |
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, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its security lending agreement. Effective August 1, 2023, National Financial
53
DBX ETF Trust
Notes to Financial Statements (Continued)
Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF. 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 securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of August 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of August 31, 2023 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers S&P MidCap 400 ESG ETF |
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Common Stocks | $ | 77,625 | $ | — | $ | — | $ | — | $ | 77,625 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 77,625 | |||||||||||||||||
Xtrackers S&P SmallCap 600 ESG ETF |
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Common Stocks | $ | 145,100 | $ | — | $ | — | $ | — | $ | 145,100 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 145,100 |
As of August 31, 2023, Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF had no securities on loan.
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended August 31, 2023, 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).
54
DBX ETF Trust
Notes to Financial Statements (Continued)
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, 2023 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers S&P 500 ESG ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 22,523 | Unrealized depreciation on futures contracts* | $ | — |
* | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers S&P 500 ESG ETF | $ | 6,841 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers S&P 500 ESG ETF | $ | 60,342 |
For the period ended August 31, 2023 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers S&P 500 ESG ETF | $ | 1,870,683 |
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.
55
DBX ETF Trust
Notes to Financial Statements (Continued)
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Advisory Fee | ||||
Xtrackers S&P 500 ESG ETF | 0.11 | % | ||
Xtrackers S&P 500 Growth ESG ETF | 0.15 | % | ||
Xtrackers S&P 500 Value ESG ETF | 0.15 | % | ||
Xtrackers S&P ESG Dividend Aristocrats ETF | 0.15 | % | ||
Xtrackers S&P MidCap 400 ESG ETF | 0.15 | % | ||
Xtrackers S&P SmallCap 600 ESG ETF | 0.15 | % |
The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 21, 2023 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, 2023, the Advisor waived $72,905 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers S&P 500 ESG ETF | $ | 1,115 | ||
Xtrackers S&P 500 Growth ESG ETF | 1 | |||
Xtrackers S&P 500 Value ESG ETF | 1 | |||
Xtrackers S&P ESG Dividend Aristocrats ETF | 3 | |||
Xtrackers S&P MidCap 400 ESG ETF | 5 | |||
Xtrackers S&P SmallCap 600 ESG ETF | 4 |
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers S&P 500 ESG ETF | $ | 67,565,274 | $ | 67,564,792 | ||||
Xtrackers S&P 500 Growth ESG ETF | 3,399,858 | 3,407,448 | ||||||
Xtrackers S&P 500 Value ESG ETF | 3,413,677 | 3,430,048 | ||||||
Xtrackers S&P ESG Dividend Aristocrats ETF | 1,500,505 | 1,523,664 | ||||||
Xtrackers S&P MidCap 400 ESG ETF | 4,472,022 | 4,467,723 | ||||||
Xtrackers S&P SmallCap 600 ESG ETF | 3,325,327 | 3,306,903 |
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DBX ETF Trust
Notes to Financial Statements (Continued)
For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers S&P 500 ESG ETF | $ | 315,413,013 | $ | 287,351,345 | ||||
Xtrackers S&P 500 Growth ESG ETF | 7,833,088 | 2,827,866 | ||||||
Xtrackers S&P 500 Value ESG ETF | 5,029,282 | — | ||||||
Xtrackers S&P ESG Dividend Aristocrats ETF | 6,303,911 | 1,279,430 | ||||||
Xtrackers S&P MidCap 400 ESG ETF | — | — | ||||||
Xtrackers S&P SmallCap 600 ESG ETF | 2,316,147 | — |
5. Fund Share Transactions
As of August 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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, 2023, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers S&P 500 Growth ESG ETF | 95 | % | ||
Xtrackers S&P 500 Value ESG ETF | 95 | % | ||
Xtrackers S&P ESG Dividend Aristocrats ETF | 93 | % | ||
Xtrackers S&P MidCap 400 ESG ETF | 49 | % | ||
Xtrackers S&P SmallCap 600 ESG ETF | 71 | % |
57
DBX ETF Trust
To the Shareholders of
Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P SmallCap 600 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF and Xtrackers S&P 500 Value 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 S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P SmallCap 600 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF, and Xtrackers S&P 500 Value ESG ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, 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 (six of the funds constituting DBX ETF Trust) at August 31, 2023, 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 S&P 500 ESG ETF | For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the four years in the period ended August 31, 2023 and the period from June 26, 2019 (commencement of operations) through August 31, 2019 | |||
Xtrackers S&P MidCap 400 ESG ETF
Xtrackers S&P SmallCap 600 ESG ETF | For the year ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 | For each of the two years in the period ended August 31, 2023 and the period from February 24, 2021 (commencement of operations) through August 31, 2021 | |||
Xtrackers S&P ESG Dividend Aristocrats ETF
Xtrackers S&P 500 Growth ESG ETF
Xtrackers S&P 500 Value ESG ETF | For the period from November 9, 2022 (commencement of operations) through August 31, 2023 |
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
58
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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 23, 2023
59
DBX ETF Trust
Regulatory Update — Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.
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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 Fund Complex Overseen | Other Directorships Held by Board Member | |||
Stephen R. Byers (1953) Chairperson 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). | 42 | The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum | |||
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015 | Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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). | 42 | — | |||
J. David Officer (1948) Board Member since 2011, Chairperson 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). | 42 | (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(3) | Business Experience and Directorships During the Past 5 Years | |
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present | Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); 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). | |
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present | AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |
Bryan Richards(4) (1978) Vice President, 2016-present | Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); 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(5) (1962) Secretary, 2020-present | Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020). |
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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(3) | Business Experience and Directorships During the Past 5 Years | |
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present | Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021). | |
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present | Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc. | |
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present | Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (1964) Assistant Secretary, 2017-present | Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014). | |
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO. |
(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) | The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity. |
(4) | Address: 875 Third Avenue, New York, New York 10022. |
(5) | Address: 100 Summer Street, Boston, MA 02110. |
(6) | 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 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, 2023.
Qualified Dividend Income* | Dividends Received Deduction* | |||||||
Xtrackers S&P 500 ESG ETF | 100% | 98% | ||||||
Xtrackers S&P 500 Growth ESG ETF | 100% | 100% | ||||||
Xtrackers S&P 500 Value ESG ETF | 100% | 90% | ||||||
Xtrackers S&P ESG Dividend Aristocrats ETF | 100% | 95% | ||||||
Xtrackers S&P MidCap 400 ESG ETF | 93% | 90% | ||||||
Xtrackers S&P SmallCap 600 ESG ETF | 92% | 89% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
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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. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Stocks may decline in value. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. Small company stocks tend to be more volatile than medium-sized or large company stocks. Each Fund is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by DBX Advisors LLC. S&P®, S&P 400®, S&P 500® and S&P 600®, 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 Indexes are calculated by SAM. DBX Advisors LLC 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 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index.
Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001 | Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019 |
R-097578-1 (10/23) DBX005648 (10/24)
(b) | Not applicable |
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 $476,661 for 2023 and $376,343 for 2022. |
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 2023 and $0 for 2022. |
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 $118,250 for 2023 and $160,644 for 2022. |
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 2023 and $0 for 2022. |
(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 2023 and $0 for 2022. |
(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. |
(i) | Not applicable. |
(j) | Not applicable. |
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Funds’ Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the Xtrackers ETFs, or persons in financial reporting oversight roles at DWS that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Funds and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Funds.
• | EY advised the Funds’ Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the Xtrackers ETFs “investment company complex” (as defined in Regulation S-X). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Funds ETFs or in the position to influence the audit engagement team for the Funds. |
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(a) of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
(b) | There 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.
(a)(1) |
(a)(2) |
(b) |
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 2, 2023 |
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 2, 2023 | ||
By (Signature and Title) | /s/ Diane Kenneally | |
Diane Kenneally | ||
Treasurer and Chief Financial Officer | ||
Date November 2, 2023 |